MIRA INFORM REPORT

 

 

Report Date :

29.03.2014

 

IDENTIFICATION DETAILS

 

Name :

GORIS ROGER BVBA

 

 

Registered Office :

Velodroomstraat 3, 2220 Heist-Op-Denberg

 

 

Country :

Belgium

 

 

Financials (as on) :

31.12.2012

 

 

Date of Incorporation :

26.01.1999

 

 

Com. Reg. No.:

465392835

 

 

Legal Form :

Private Limited Company (BL/LX)

 

 

LINE OF BUSINESS :

WHOLESALE OF DIAMONDS AND OTHER PRECIOUS STONES

 

 

No. of Employees :

1

 

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 :

No complaints

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 – September 30, 2013

 

Country Name

Previous Rating

(30.06.2013)

Current Rating

(30.09.2013)

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 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           465392835

Company name             GORIS ROGER BVBA

Address                        VELODROOMSTRAAT

3

2220 HEIST-OP-DENBERG

Number of staff                        1

Date of establishment   26/01/1999

Telephone number         015240648

Fax number                   032253343

 

 

Office address

 

Hoveniersstraat 40, Bus 34, 2018 Antwerpen, Belgium

 

 

Commentary

 

The business was established over 15 years ago.

The business has 1 employees.

The business has been at the address for over 6 years.

A 26% growth in Total Assets occurred during the latest trading period.

Pre-tax profits increased by 221% compared to the previous trading period.

The business saw a decrease in their Cash Balance of 38% during the latest trading period

 

 

Accounts

 

DATE OF LATEST ACCOUNTS

TURNOVER

PROFIT BEFORE TAX

NET WORTH

WORKING CAPITAL

31/12/2012

4,371,865

20,799

133,931

129,202

31/12/2011

 

6,460

116,598

113,041

31/12/2006

 

24,426

86,343

67,334

 

 

Accounts

 

DATE OF LATEST ACCOUNTS

BALANCE TOTAL

NUMBER OF EMPLOYEES

CAPITAL

CASHFLOW

31/12/2012

898,450

0

20,005

18,507

31/12/2011

708,160

1

20,005

16,323

31/12/2006

1,387,468

0

20,005

27,026

Payment expectations

 

Past payments

 

Payment expectation days

62.54

Industry average payment expectation days

168.35

Industry average day sales outstanding

120.21

Day sales outstanding

36.81

Court data summary

BANKRUPTCY DETAILS

Court action type

no

 

 

Company information

 

Business number

465392835

Company name

GORIS ROGER BVBA

Fax number

032253343

Date founded

26/01/1999

Company status

active

Company type

Private Limited Company (BL/LX)

Currency

Euro (€)

Date of latest accounts

31/12/2012

Activity code

46761

liable for VAT

yes

Activity description

Wholesale of diamonds and other precious stones

VAT Number

BE.0465.392.835

Belgian Bullettin of Acts Publications

moniteur belge

 

 

 

 

Personnel (NSSO classification)

 

Code

-

Description

FROM 1 TO 4 EMPLOYEES

 

 

Profit & loss

 

Annual accounts

31-12­2012

%

31-12­2011

%

31-12­2006

Industry average 2012

%

Weeks

52

 

52

 

52

 

 

Currency

EUR

 

EUR

 

EUR

 

 

Turnover

4,371,865

-

-

-

-

46,788,819

-90.66

Total operating expenses

4,228,364

-

-

-

-

46,394,806

-90.89

Operating result

143,501

743

-19,300

-138

50,776

148,098

-3.10

Total financial income

184,726

29.55

142,589

14258758

1

98,058

88.38

Total financial expenses

307,428

163

116,829

443

-26,351

204,982

49.98

Results on ordinary operations before taxation

20,799

221

6,460

-73.55

24,426

32,874

-36.73

Taxation

6,250

63.56

3,821

31.47

-12,142

20,907

-70.11

Results on ordinary operations after taxation

14,549

451

2,639

-92.78

36,568

17,996

-19.15

Extraordinary items

2,784

-77.89

12,590

-

0

-4,526

61.51

Other appropriations

0

-

0.00

0.00

-24284

-

-

Net result

17,333

13.82

15,229

23.98

12,284

13,489

28.50

OTHER INFORMATION

Dividends

-

-

-

-

-

172,177

-

Director remuneration

-

-

-

-

-

114,302

-

Employee costs

-

-

9,611

-30.38

13,806

126,363

-

Wages and salary

-

-

5,373

-61.08

13,806

105,854

-

Employee pension costs

-

-

-

-

-

14,428

-

Social security contributions

-

-

3,291

-

-

26,598

-

Other employee costs

0

-100

947

-

0

4,380

-100

Amortization and depreciation

1,174

7.33

1,094

-92.58

14,742

17,934

-93.45

 

 

balance sheet

 

Annual accounts

31-12­2012

%

31-12­2011

%

31-12­2006

Industry average 2012

%

Weeks

52

 

52

 

52

 

 

Currency

EUR

 

EUR

 

EUR

 

 

Intangible fixed assets

0

-

0

-

0

1,561

-100

Tangible fixed assets

1,885

164

713

98.06

36,807

185,388

98.98

Land & building

-

-

713

-

-

362,952

-

Plant & machinery

-

-

-

-

295

22,760

-

Furniture & Vehicles

1,885

-

-

-

36,512

17,415 5,433

89.18

Leasing & Other Similar Rights

-

-

-

-

-

142,153 32,369

-

Other tangible assets

0

-

0

-

0

7,664

-100

Financial fixed assets

2,844

0.00

2,844

0.00

2,844

309,151

-99

Total fixed assets

4,729

32.96

3,557

91.03

39,651

398,254

98.81

Inventories

436,211

84.68

236,203

85.02

127,665

3,108,260

85.97

Raw materials & consumables

-

-

-

-

-

7,209,884

-

Work in progress

0

-

0

-

0

2,411

-100

Finished goods

0

-

0

-

0

1,992,265

-100

Other stocks

436,211

84.68

236,203

85.02

127,665

574,368

24.05

Trade debtors

440,930

-0.75

444,248

62.23

1,176,327

4,189,589

89.48

Cash

14,785

38.79

24,154

22.45

31,146

226,840

93.48

other amounts receivable

994

-

0

-100

12,679

186,814

-99

Miscellaneous current assets

801

-

0

-

0

18,076

95.57

Total current assets

893,721

26.84

704,604

47.72

1,347,817

7,252,094

87.68

Total Assets

898,450

26.87

708,160

48.96

1,387,468

7,617,297

1,454,678

88.21

CURRENT LIABILITIES

Trade creditors

724,476

30.36

555,764

52.65

1,173,841

3,057,888

76.31

Short term group loans

-

-

-

-

-

-

-

Financial debts

-

-

-

-

-

4,287,536 192,320

-

Current portion of long term debt

-

-

-

-

-

107,941 15,359

-

Amounts Payable for Taxes, Remuneration & Social Security

6,250

9.02

5,733

5.60

5,429

9,445 -

81.62

Miscellaneous current liabilities

33,793

12.40

30,065

70.29

101,213

-88.71

- -

Total current liabilities

764,519

29.24

591,562

53.80

1,280,483

5,370,007

85.76

LONG TERM DEBTS AND LIABILITIES

Long term group loans

-

-

-

-

-

-

- -

Other long term loans

-

-

-

-

20,642

-

- -

Deffered taxes

-

-

-

-

-

37,626 26,358

-

Provisions for Liabilities & Charges

0

-

0

-

0

3,200 0

-100

Other long term liabilities

0

-

0

-

0

129,533

-100

Total long term debts

0

-

0

-100

20,642

562,172

-100

SHAREHOLDERS EQUITY

Issued share capital

20,005

0

20,005

0

20,005

948,360

-

 

 

 

 

 

 

 

97.89

Share premium account

-

-

-

-

-

109,362

-

Reserves

113,926

17.94

96,593

45.61

66,338

693,149

83.56

Revaluation reserve

-

-

-

-

-

939,206

-

Total shareholders equity

133,931

14.87

116,598

35.04

86,343

1,671,347

91.99

Working capital

129,202

14.30

113,041

67.88

67,334

1,882,087

93.14

Cashflow

18,507

13.38

16,323

39.60

27,026

28,291

34.58

Net worth

133,931

14.87

116,598

35.04

86,343

1,668,090

91.97

 

 

ratio analysis

 

Annual accounts

31-12-2012

Change (%)

31-12-2011

change (%)

31-12-2006

Industry average 2012

%

TRADING PERFORMANCE

 

 

 

 

 

 

 

Profit Before Tax

0.48

-

-

-

-

-26,00

1.85

Return on capital employed

15.53

180

5.54

-75.73

22.83

29,00

-46.45

Return on total assets employed

2.31

153

0.91

-48.30

1.76

-202,00

1.14

Return on net assets employed

15.53

180

5.54

-80.42

28.29

19,00

-18.26

Sales / net working capital

33.84

-

-

-

-

45,00

-99

Stock turnover ratio

9.98

-

-

-

-

111,00

-91.01

Debtor days

36.81

-

-

-

-

133,00

-72.32

Creditor days

62.54

-

-

-

-

122,00

-48.74

SHORT TERM STABILITY

Current ratio

1.17

-1.68

1.19

13.33

1.05

7,00

-87.00

Liquidity ratio / acid ratio

0.60

-24.05

0.79

-16.84

0.95

4,00

-85.00

Current debt ratio

5.71

12.62

5.07

-65.81

14.83

9,00

-36.56

Liquidity ratio reprocessed

-

-

-

-

-

-

-

LONG TERM STABILITY

Gearing

-

-

-

-

23.91

361,00

-

Equity in percentage

14.91

-9.42

16.46

164

6.22

-3.228,00

0.46

Total debt ratio

5.71

12.62

5.07

-66.36

15.07

10,00

-42.90

 

 

Payment expectations

Payment expectation days

62.54

Day sales outstanding

36.81

Industry comparison

Activity code

46761

Activity description

Wholesale of diamonds and other precious stones

Industry average payment expectation days

168.35

Industry average day sales outstanding

120.21

Industry quartile analysis

Payment expectations

Company result

62.54

Lower

134.36

Median

84.62

Upper

45.29

 

Day sales outstanding

Company result

36.81

Lower

112.48

Median

58.56

Upper

28.58

 

Group Structure

No group structure for this company.

 

Minority Shareholders

No minority shareholders found

 

Minority Interests

No minority interests found

 

Individual Shareholders

 

SHAREHOLDER NAME

Forename

Edith

Middle name

-

Surname

Goris

 

SHAREHOLDER DETAILS

Start date

26/01/1999

End date

-

Percentage owned

0.50%

 

SHAREHOLDER ADDRESS

Street name

Louis Carrestraat

House number

22H

Minor town

Hallaar

Postal town

Heist-op-den-Berg

Post code

2220

Country

Belgium

 

 

SHAREHOLDER NAME

Forename

Luc

Middle name

-

Surname

Goris

 

SHAREHOLDER DETAILS

Start date

26/01/1999

End date

-

Percentage owned

0.50%

 

SHAREHOLDER ADDRESS

Street name

Velodroomstraat

House number

3

Minor town

-

Postal town

Heist-op-den-Berg

Post code

2220

Country

Belgium

 

 

SHAREHOLDER NAME

Forename

Roger

Middle name

-

Surname

Goris

 

SHAREHOLDER DETAILS

Start date

26/01/1999

End date

-

Percentage owned

99%

 

SHAREHOLDER ADDRESS

Street name

Louis Carrestraat

House number

79

Minor town

Hallaar

Postal town

Heist-op-den-Berg

Post code

2220

Country

Belgium

 

 

NSSO details

Business number

465392835

Name of defendant

-

Legal form of defendant

-

Date of summons

-

Labour court

-

 

Bankruptcy details

There is no bankruptcy data against this company

 

Bankruptcy Data

 

Court data

there is no data for this company

 

 

Director details

 

Current director details

Name

LUC EMMA REMY GORIS

Position

Principal Manager

Start Date

24/07/2013

Date of birth

30/03/1963

Street

3 VELODROOMSTRAAT HEIST-OP-DEN-BERG

Post code

2220

Country

Belgium

 

Name

EDITH GORIS

Position

Principal Manager

Start Date

24/06/2013

Date of birth

21/06/1961

Street

22 LOUIS CARRESTRAAT HEIST-OP-DEN-BERG

Post code

2220

Country

Belgium

 

 

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.60.10

UK Pound

1

Rs.99.85

Euro

1

Rs.82.58

 

 

INFORMATION DETAILS

 

Report Prepared by :

NNA

 

 

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%)

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.