MIRA INFORM REPORT
|
Report Date : |
18.06.2014 |
IDENTIFICATION DETAILS
|
Name : |
TACHE-HSK BVBA |
|
|
|
|
Registered Office : |
Hoveniersstraat, 53, 2018 Antwerpen |
|
|
|
|
Country : |
Belgium |
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
13.03.2006 |
|
|
|
|
Com. Reg. No.: |
879919563 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Wholesaler of diamonds and other precious stones |
|
|
|
|
No of Employees : |
03 (31.12.2013) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Slow But Correct |
|
|
|
|
Litigation : |
Clear |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
Belgium |
a1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderate Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderate High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
D |
BELGIUM - ECONOMIC OVERVIEW
This modern, open, and private-enterprise-based economy has capitalized
on its central geographic location, highly developed transport network, and
diversified industrial and commercial base. Industry is concentrated mainly in
the more heavily-populated region of Flanders in the north. With few natural
resources, Belgium imports substantial quantities of raw materials and exports
a large volume of manufactures, making its economy vulnerable to volatility in
world markets. Roughly three-quarters of Belgium's trade is with other EU
countries, and Belgium has benefited most from its proximity to Germany. In
2013 Belgian GDP grew by 0.1%, the unemployment rate increased to 8.8% from
7.6% the previous year, and the government reduced the budget deficit from a
peak of 6% of GDP in 2009 to 3.2%. Despite the relative improvement in
Belgium's budget deficit, public debt hovers around 100% of GDP, a factor that
has contributed to investor perceptions that the country is increasingly
vulnerable to spillover from the euro-zone crisis. Belgian banks were severely
affected by the international financial crisis in 2008 with three major banks
receiving capital injections from the government, and the nationalization of
the Belgian retail arm of a Franco-Belgian bank
|
Source
: CIA |
Company
summary
Business number 879919563
Company name TACHE-HSK BVBA
Address HOVENIERSSTRAAT
53
2018 ANTWERPEN
Number of staff 3 (31.12.2012)
Date of establishment 13/03/2006
Telephone number 032250250
Fax number 032132667
Commentary
|
The business was established over 8 years
ago. |
|
|
|
The business has 3 employees. |
|
|
|
The business has been at the address for
over 8 years. |
|
|
|
Operating Result in the latest trading
period increased 43% on the previous trading period. |
|
|
|
A 54% growth in Total Assets occurred
during the latest trading period. |
|
|
|
Pre-tax profits decreased by 39% compared
to the previous trading period. |
|
|
|
The business saw an increase in their Cash
Balance of 185% during the latest trading period. |
|
|
|
Turnover in the latest trading period
decreased 35% on the previous trading period. |
|
|
Accounts
|
Date of latest accounts |
Turnover |
Profit Before
Tax |
Net worth |
Working capital |
|
31/12/2012 |
112,939,955 |
133,877 |
567,290 |
9,643,146 |
|
31/12/2011 |
175,952,914 |
222,057 |
498,756 |
9,750,956 |
|
31/12/2010 |
129,268,397 |
278,941 |
341,270 |
4,051,362 |
Accounts
|
Date of latest
accounts |
Balance Total |
Number of
Employees |
Capital |
Cashflow |
|
31/12/2012 |
40,446,004 |
3 |
6,572 |
92,139 |
|
31/12/2011 |
26,123,130 |
2 |
6,702 |
160,839 |
|
31/12/2010 |
13,676,731 |
2 |
6,489 |
199,880 |
TRENDS
|
Profitability |
|
|
Liquidity |
|
|
Net worth |
|
Payment
expectations
Past payments Payment expectation days 24.02
Industry average payment expectation days 164.77
Industry average day sales outstanding 125.70
Day sales outstanding 79.51
Court
data summary
Bankruptcy details
Court action type no
Company
information
Business number 879919563
Company name TACHE-HSK BVBA
Fax number 032132667
Date founded 13/03/2006
Company status active
Company type Private Limited Company
(BL/LX)
Currency Euro (€)
Date of latest accounts 31/12/2012
Activity code 46761
Activity description Wholesaler of diamonds and
other precious stones
Liable for VAT yes
Belgian Bullettin of Acts
Publications moniteur belge
VAT Number BE.0879.919.563
Check VAT number
Social Balance Sheet Details
Social Balance Sheet Total
During the reporting year
ended 31-12-2012
Full-time Employees 3
Part-time Employees 1
Total Fte Employees 3
Number of hours worked
Full-time Employees 3,753
Part-time Employees 893
Total 4,646
Personnel Charges
Full-time Employees 88,123
Part-time Employees 25,991
Total 114,114
Benefits In Addition To Wages -
During the previous reporting year
Average number employees in Fte 3
Actual working hours 4,415
Personnel Charges 107,593
Benefits In Addition To Wages -
Type of Contract Full-Time Part-Time Total Fte
Unlimited Duration 3 1 4
Contracts
Gender and Education
Level
Men Full-Time Part-Time Total Fte
Primary education - - -
Secondary education 2 - 2
Higher education (non
university) -
Higher education
(university) -
Women Full-Time Part-Time Total Fte
Primary education 1 - 1
Secondary education - 1 1
Working Category Full-Time Part-Time Total Fte
Management - - -
White collar worker 2 1 3
Blue collar worker 1 - 1
Other - - -
New staff and leavers Full-Time Part-Time Total Fte
New Starters 1 - 1
Personnel
(NSSO classification)
Code -
Description FROM 1 TO 4 EMPLOYEES
Joint Industrial Committee
(JIC)
JIC Code 218
Description Additional national joint committee for the employees
category
JIC Code 324
Description Joint committee for the industry and the trade in diamant
Category
COMPANY
ACCOUNTS
Comparison Mode
·
Average Median Export
accounts to CSV File
Profit & Loss
|
Annual accounts |
31-12-2012 % |
31-12-2011 % |
31-12-2010 |
Industry Average 2012 |
& |
|
Weeks |
52 |
|
|
|
|
|
Currency |
EUR |
EUR |
EUR |
|
|
|
Turnover |
112,939,955
-35.81 |
175,952,914 36.11 |
129,268,397 |
46,485,458 |
142 |
|
Total Operating Expenses |
111,883,477 -36.15 |
175,215,450 36.26 |
128,588,756 |
46,114,879 |
142 |
|
Operating result |
1,056,478 |
43.26 737,464 |
8.51 679,641 |
140,820 |
650 |
|
Total financial income |
16,818 |
-25.99 22,723 |
-36.97 36,053 |
98,771 |
-82.97 |
|
Total financial expenses |
939,419 |
74.57 538,130 |
23.21 436,754 |
206,101 |
355 |
|
Results on ordinary operations before
taxation |
133,877 |
-39.71 222,057 |
-20.39 278,941 |
25,231 |
430 |
|
Taxation |
55,664 |
-27.67 76,956 |
-17.82 93,645 |
20,807 |
167 |
|
Results on ordinary operations after
taxation |
78,213 |
-46.10 145,101 |
-21.69 185,296 |
10,456 |
648 |
|
Extraordinary items |
0 |
-100 1,213 |
-27.23 1,667 |
-3,965 |
0 |
|
Other appropriations |
0 |
0 |
0 |
- |
- |
|
Net result |
78,213 |
-46.54 146,314 |
-21.74
186,963 |
6,510 |
1101 |
|
other
information |
|||||
|
Gross Operating Margin |
- |
- |
- |
56,746 |
- |
|
Dividends |
- |
- |
- |
172,177 |
- |
|
Director remuneration |
- |
- |
- |
112,544 |
- |
|
Employee costs |
114,114 |
4.00 109,722 |
25.81 87,211 |
125,946 |
-9.39 |
|
Wages and salary |
90,956 |
3.62 87,777 |
23.59 71,022 |
105,550 |
-13.83 |
|
Employee pension costs |
- |
- |
- |
14,428 |
- |
|
Social security contributions |
19,531 |
0.35 19,462 |
40.81 13,821 |
26,656 |
-26.73 |
|
Other employee costs |
3,627 |
46.07 2,483 |
4.86 2,368 |
4,340 |
-16.43 |
|
Amortization and depreciation |
13,926 |
-4.12 14,525 |
12.45 12,917 |
17,811 |
-21.81 |
Balance Sheet
|
Annual accounts |
31/12/2012 % |
31/12/2011 % |
31/12/2010 |
Industry Average |
% |
|
Weeks |
52 |
52 |
52 |
||
|
Currency |
EUR |
EUR |
EUR |
||
|
Intangible fixed assets |
0 |
0 |
0 |
1,570 |
-100 |
|
Tangible fixed assets |
9,670 |
-57.21 22,601 |
-29.17 31,909 |
184,117 |
-94.75 |
|
Land & building |
- |
- |
- |
362,988 |
- |
|
Plant & machinery |
2,194 |
-43.57 3,888 |
-42.73 6,789 |
22,615 |
-90.30 |
|
Furniture & Vehicles |
7,476 |
-60.05 18,713 |
-25.50
25,119 |
17,295 5,364 |
-56.77 |
|
Leasing & Other Similar Rights |
- |
- |
- |
142,153 32,369 |
- |
|
Other tangible assets |
0 |
0 |
-100 1 |
7,581 |
-100 |
|
Financial fixed assets |
9,273 |
- |
- |
306,282 |
-96.97 |
|
Total fixed assets |
18,943 |
-16.19 22,601 |
-29.17 31,909 |
394,259 |
-95.20 |
|
Inventories |
13,415,722 123 |
6,004,046 |
3.65 5,792,793 |
3,098,414 |
332 |
|
Raw materials & consumables |
- |
- |
- |
7,209,884 |
- |
|
Work in progress |
0 |
0 |
0 |
2,382 |
-100 |
|
Finished goods |
13,415,722 123 |
6,004,046 |
3.65 5,792,793 |
1,992,650 |
573 |
|
Other stocks |
0 |
0 |
0 |
569,029 |
-100 |
|
Trade debtors |
24,602,684
27.92 |
19,233,280 353 |
4,245,525 |
4,234,849 |
480 |
|
Cash |
2,383,351 185 |
835,742 |
-76.72 3,590,568 |
227,014 |
949 |
|
other amounts receivable |
15,458 |
-4.68 16,217 |
128 7,108 |
208,818 |
-92.60 |
|
Miscellaneous current assets |
9,846 |
-12.43 11,244 |
27.37 8,828 |
18,217 |
-45.95 |
|
Total current assets |
40,427,061 54.89 |
26,100,529 91.29 |
13,644,822 |
7,314,172 |
452 |
|
Total
Assets |
40,446,004 54.83 |
26,123,130 91.00 |
13,676,731 |
7,668,273 1,451,744 |
427 |
|
CURRENT LIABILITIES |
|
|
|
|
|
|
Trade
creditors |
7,361,369 15.46 |
6,375,608 133 |
2,726,125 |
3,141,505 |
134 |
|
Financial
debts |
23,339,919 136 |
9,857,032 45.44 |
6,777,213 |
4,280,807 189,666 |
445 |
|
Current
portion of long term debt |
-- |
-- |
-- |
110,204 15,373 |
-- |
|
Amounts
Payable for Taxes, Remuneration & Social Security |
35,265 -55.22 |
78,759 9.92 |
71,653 |
9,727 |
3.75 |
|
Miscellaneous
current liabilities |
47,362 24.07 |
38,174 106 |
18,469 |
-84.08 |
-- |
|
Total
current liabilities |
30,783,915 88.29 |
16,349,573 70.42 |
9,593,460 |
5452181 |
464 |
|
LONG TERM DEBTS AND LIABILITIES |
|
|
|
|
|
|
Deffered
taxes |
-- |
-- |
-- |
37,626 26,358 |
--- |
|
Provisions
for Liabilities & Charges |
0 -- |
0 --- |
-- 0 |
3,162 0 |
-100 |
|
Other
long term liabilities |
9,094,799 -1.94 |
9,274,801 147 |
3,742,001 |
127,769 |
7,018 |
|
Total
long term debts |
9,094,799 -1.94 |
9,274,801 147 |
3742001 |
561675 |
1519 |
|
SHAREHOLDERS EQUITY |
|
|
|
|
|
|
Issued
share capital |
6,572 -1.94 |
6,702 3.28 |
6,489 |
966,465 |
-99 |
|
Share
premium account |
-- |
-- |
-- |
109,362 |
-- |
|
Reserves |
560,718 13.95 |
492,054 46.98 |
334,781 |
652,459 |
-14.06 |
|
Revaluation
reserve |
--- |
-- |
-- |
939,206 |
--- |
|
Total
shareholders equity |
567,290 13.74 |
498,756 46.15 |
341,270 |
1,648,380 |
-65.58 |
|
Working
capital |
9,643,146 -1.11 |
9,750,956 140 |
4,051,362 |
1,861,991 |
417 |
|
Cashflow |
92,139 -42.71 |
160,839 -19.53 |
199,880 |
21,230 |
334 |
|
Net
worth |
567,290 13.74 |
498,756 46.15 |
341,270 |
1,645,157 |
-65.52 |
Ratio Analysis
|
Annual accounts |
31/12/2010 |
Change (%) |
31/12/2011 |
Change (%) |
31/12/2010 |
Industry Average |
% |
|
Trading
performance |
|
|
|
|
|
|
|
|
Profit Before Tax |
0.12 |
-7.69 |
0.13 |
-40.91 |
0.22 |
-29,00 |
0.41 |
|
Return on capital employed |
1.39 |
-38.77 |
2.27 |
-66.76 |
6.83 |
29,00 |
-95.21 |
|
Return on total assets employed |
0.33 |
-61.18 |
0.85 |
-58.33 |
2.04 |
-200,00 |
0.16 |
|
Return on net assets employed |
23.60 |
-46.99 |
44.52 |
-45.53 |
81.74 |
19,00 |
24.21 |
|
Sales / net working capital |
11.71 |
-35.09 |
18.04 |
-43.47 |
31.91 |
44,00 |
-99 |
|
Stock turnover ratio |
11.88 |
248 |
3.41 |
-23.88 |
4.48 |
116,00 |
-89.76 |
|
Debtor days |
79.51 |
99 |
39.90 |
232 |
11.99 |
143,00 |
-44.40 |
|
Creditor days |
24.02 |
80.87 |
13.28 |
71.58 |
7.74 |
125,00 |
-80.78 |
|
short
term stability |
|||||||
|
Current ratio |
1.31 |
-18.12 |
1.60 |
12.68 |
1.42 |
6,00 |
-85.44 |
|
Liquidity ratio / acid ratio |
0.88 |
-28.46 |
1.23 |
50.0 |
0.82 |
4,00 |
-78.00 |
|
Current debt ratio |
54.26 |
65.53 |
32.78 |
16.61 |
28.11 |
9,00 |
502 |
|
long
term stability |
|||||||
|
Gearing |
4114.28 |
108 |
1976.32 |
-0.48 |
1985.88 |
357,00 |
1052 |
|
Equity in percentage |
1.40 |
-26.70 |
1.91 |
-23.60 |
2.50 |
-3.185,00 |
0.04 |
|
Total debt ratio |
70.30 |
36.82 |
51.38 |
31.47 |
39.08 |
11,00 |
539 |
Industry
comparison
Activity code 46761
Activity
description Wholesaler of diamonds and other precious stones
Payment
expectations
Payment expectation days 24.02
Day sales outstanding 79.51
Industry
comparison
Activity code 46761
Activity description Wholesaler of diamonds and other precious stones
Industry
quartile analysis
Payment
expectations
Company result
24.02
Lower 133.74
Median 84.93
Upper 45.33
Day sales
outstanding
Company result 79.51
Lower 110.17
Median 59.01
Upper 28.11
Group
Structure
No group structure for this company.
Minority
Shareholders
No minority shareholders found
Minority
Interests
No minority interests found
NSSO
details
Business number 879919563
Bankruptcy
details
There is no bankruptcy data against this company
Bankruptcy
Data
there is no data for this company
DIAMOND INDUSTRY – INDIA
-
From time immemorial, India is well known in the world
as the birthplace for diamonds. It is difficult to trace the origin of
diamonds but history says that in the remote past, diamonds were mined only in
India. Diamond production in India can be traced back to almost 8th
Century B.C. India, in fact, remained undisputed leader till 18th
Century when Brazilian fields were discovered in 1725 followed by emergence of
S. Africa, Russia and Australia.
-
The achievement of the Indian diamond industry was
possible only due to combination of the manufacturing skills of the Indian
workforce and the untiring and unflagging efforts of the Indian diamantaires,
supported by progressive Government policies.
-
The area of study of family owned diamond businesses
derives its importance from the huge conglomerate of family run organizations
which operate in the diamond industry since many generations.
-
Some of the basic traits of family run business
enterprises include spirit of entrepreneurship, mutual trust lowers transaction
costs, small, nimble and quick to react, information as a source of advantage
and philanthropy.
-
Family owned diamond businesses need to improve on
many fronts including higher standard of corporate governance, long-term
performance – focused strategies, modern management and technology.
-
Utmost caution is to be exercised while dealing with
some medium and large diamond traders which are usually engaged in fictitious
import – export, inter-company transactions, financially assisted by banks. In
the process, several public sector banks lost several hundred million rupees.
They mostly diverted borrowed money for diamond business into real estate and
capital markets.
-
Excerpts from Times of India dated 30th
October 2010 is as under –
-
Gem & Jewellery Export Promotion Council in its
statistical data has shown the export of polished diamonds to have increase by
28 % in February 2013. Compared to $ 1.4 bn worth of polished diamond export in
February, 2012, India exported $ 1.84 billion worth of polished diamonds in
February 2013. A senior executive of GJEPC said, “Export of cut and polished
diamonds started falling month-wise after the imposition of 2 % of import duty
on the polished diamonds. But February, 2013 has given a new ray of hope to the
industry as the export of polished diamonds has actually increased by 28 %. It
means the industry is on the track of recovery and round tripping of
diamonds has stopped completely.” Demand has started coming from the US, the
UK, Japan and China. India’s polished diamond export is expected to cross $ 21
bn in 2013-14.
-
The banking sector has started exercising restraint
while following prudent risk management norms when lending money to gems and
jewellery sector. This follows the implementation of Basel III accord – a
global voluntary regulatory standard on bank capital adequacy, stress testing
and market liquidity.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.37 |
|
UK Pound |
1 |
Rs.102.48 |
|
Euro |
1 |
Rs.81.87 |
INFORMATION DETAILS
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
MNL |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General unfavourable
factors will not cause fatal effect. Satisfactory capability for payment of
interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with full
security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
-- |
NB |
New Business |
-- |
This score serves as a reference to assess SC’s
credit risk and to set the amount of credit to be extended. It is calculated
from a composite of weighted scores obtained from each of the major sections of
this report. The assessed factors and their relative weights (as indicated
through %) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend (10%) Operational size
(10%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or
its officials.