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Report Date : |
19.03.2014 |
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Tel No.: |
3236088343 |
IDENTIFICATION DETAILS
|
Name : |
FIRE STONE BVBA |
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|
|
|
Registered Office : |
Hoveniersstraat 30 Antwerpen 2018 |
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|
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Country : |
Belgium |
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|
|
Financials (as on) : |
2012 |
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|
|
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Date of Incorporation : |
30.09.2009 |
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Com. Reg. No.: |
819437885 |
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Legal Form : |
Private Limited Company (BL/LX) |
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LINE OF BUSINESS : |
WHOLESALE
OF DIAMONDS AND OTHER PRECIOUS STONES |
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|
|
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No. of Employees : |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
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Payment Behaviour : |
Slow but Correct |
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|
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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, 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
Belgium |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
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 2011 Belgian GDP grew by 1.8%, the unemployment rate
decreased slightly to 7.2% from 8.3% the previous year, and the government
reduced the budget deficit from a peak of 6% of GDP in 2009 to 4.2% in 2011 and
3.3% in 2012. Fourth quarter GDP growth in 2012 was at -0.1%, the third
consecutive quarter of negative growth. This brought economic growth for the
whole of 2012 to negative 0.2%. It also left Belgium on the brink of a possible
recession at the end of 2012. However, at year's end, the government appeared
close to meeting its 2012 budget deficit goal of 3% of GDP. 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 Name FIRE STONE BVBA
Company Registration 819437885
Country BE
Activity Code 46761
Activity Description Wholesale of
diamonds and other precious stones
Company Status Active
Latest Turnover 23,733,837.00
(EUR)
Latest Shareholders Equity 68,708.00 (EUR)
Activities
Activity Code 46761
Activity Description Wholesale of
diamonds and other precious stones
Company Name FIRE STONE BVBA
Registered Company Name FIRE STONE BVBA
Company Registration Number 819437885
Country BE
VAT Registration Number BE.0819.437.885
Date of Company Registration 30/09/2009
Date of Starting Operations 30/09/2009
Commercial Court Legal Form Private Limited
Company (BL/LX)
Type of Ownership Company Status Active
Principal Activity Code 46761
Principal Activity Description Wholesale of
diamonds and other precious stones
Contact Address HOVENIERSSTRAAT 30
ANTWERPEN 2018
Contact Telephone Number 036/088343
Address HOVENIERSSTRAAT 30
ANTWERPEN 2018
Country BE
Telephone 036/088343
Name KARAN RAJESH SHAH
Address 31 VAN EYCKLEI
ANTWERPEN
Position Principal Manager
Date Appointed 15/02/2011
Name AJIT BARMECHA
Position Principal Manager
Date Appointed 30/09/2009
Issued Share capital 18,600.00 (EUR)
Year 2012
Number of Employees 0
Profit & Loss
Financial Year
2012 2011 2010
Number of Weeks 52 52 64
Currency EUR EUR EUR
Revenue 23,733,837.00 0.00 0.00
Operating Costs 23,674,661.00 0.00 0.00
Operating Profit 59,176.00 54,989.00
-9,425.00
Wages & Salaries 0.00 0.00 0.00
Pension Costs 0.00 0.00 0.00
Depreciation 13,896.00 6,123.00
440.00
Financial Income 35.00 14.00
0.00
Financial Expenses
13,977.00 12,742.00
414.00
Profit Before Tax 45,234.00 42,262.00
-9,839.00
Tax 16,934.00 11,612.00
0.00
Profit After Tax 28,300.00 30,650.00
-9,839.00
Dividends 0.00 0.00 0.00
Other Appropriations 996.00 0.00 0.00
Retained Profit 29,297.00 30,650.00
-9,839.00
Balance Sheet
Financial Year
2012 2011 2010
Number of Weeks 52 52 64
Currency EUR EUR EUR
Land & Buildings 236,318.00 241,452.00 0.00
Plant & Machinery 15,702.00 10,052.00
6,897.00
Other Tangible
Assets 19,066.00 24,765.00
1,123.00
Total Tangible Assets 271,086.00 276,269.00 8,020.00
Other Intangible
Assets 0.00 0.00 0.00
Total Intangible Assets 0.00 0.00 0.00
Miscellaneous Fixed
Assets 275.00 275.00
0.00
Total Other Fixed Assets 275.00 275.00
0.00
Total Fixed Assets 271,361.00 276,544.00 8,020.00
Raw Materials
0.00 0.00 0.00
Work in Progress
0.00 0.00 0.00
Finished Goods 654,999.00 0.00 0.00
Other Inventories 0.00 245,690.00 0.00
Total Inventories 654,999.00 245,690.00 0.00
Trade Receivables
6,854,660.00 2,944,542.00 244,659.00
Miscellaneous Receivables 8,431.00 13,148.00
1,998.00
Total Receivables 6,863,091.00 2,957,690.00 246,657.00
Cash 23,544.00 89,198.00
14,675.00
Other Current Assets
2,121.00 4,591.00
92.00
Total Current Assets 7,543,755.00 3,297,169.00 261,425.00
Total Assets 7,815,115.00 3,573,713.00 269,445.00
Trade Payables
7,010,001.00 2,769,263.00 256,112.00
Other Loans/Finance 0.00 0.00 277.00
Miscellaneous Liabilities 736,406.00 765,039.00 4,295.00
Total Current Liabilities 7,746,408.00 3,534,302.00 260,683.00
Other Loans/Finance
due after 1 year 0.00 0.00 0.00
Miscellaneous Liabilities
due after 1 year 0.00 0.00 0.00
Total Long Term Liabilities
0.00 0.00 0.00
Total Liabilities 7,746,408.00 3,534,302.00 260,683.00
Called Up Share Capital
18,600.00 18,600.00
18,600.00
Share Premium 0.00 0.00 0.00
Revenue Reserves 50,108.00 20,811.00
-9,839.00
Other Reserves 0.00 0.00 0.00
Total Shareholders Equity 68,708.00 39,411.00
8,761.00
Other Financials
Working Capital -202,653.00 -237,133.00 741.00
Net Worth 68,708.00 39,411.00
8,761.00
Ratios
Pre-Tax Profit Margin 0.19 0.00 0.00
Return on Capital Employed 65.84 107.23
-112.30
Return on Total Assets
Employed 0.58 1.18 -3.65
Return on Net Assets Employed 65.84 107.23 -112.30
Sales/Net Working Capital -117.12 0.00 0.00
Stock Turnover
Ratio 2.76 0.00 0.00
Debtor Days 105.42 0.00 0.00
Creditor Days 108.08 0.00 0.00
Current Ratio 0.97 0.93 1.00
Liquidity Ratio/Acid
Test 0.89 0.86 1.00
Current Debt Ratio 112.74 89.68
29.75
Gearing 0.00 0.00 3.16
Equity in Percentage
0.88 1.10 3.25
Total Debt Ratio 112.74 89.68
29.75
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.
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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.
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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.
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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.
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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.60.95 |
|
|
1 |
Rs.101.37 |
|
Euro |
1 |
Rs.84.89 |
INFORMATION DETAILS
|
Report Prepared
by : |
NIS |
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 |
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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.