MIRA INFORM REPORT

 

 

Report Date :

29.03.2014

 

IDENTIFICATION DETAILS

 

Name :

YAEL STAR

 

 

Registered Office :

30 Hoveniersstraat, Box 154, Suite # 807, 8th Floor, B - 2018, Antwerp

 

 

Country :

Belgium

 

 

Financials (as on) :

31.12.2012

 

 

Year of Establishments:

1992

 

 

Com. Reg. No.:

448419023

 

 

Legal Form :

Private Subsidiary Company

 

 

Line of Business :

Wholesale trader of rough diamonds

 

 

No. of Employees :

03 (31.12.2012)

 

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

 

 

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 – december 01, 2013

 

Country Name

Previous Rating

(30.09.2013)

Current Rating

(01.12.2013)

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 & address

 

Yael Star

30 Hoveniersstraat,
Box 154, Suite # 807,
8th Floor, B - 2018, Antwerp,
Belgium.

 

Tel:       03 231 00 22

Fax:      03 231 56 23

Web:     www.yaelstar.com

 

 

Synthesis  

 

Employees:                 3

Company Type:            Private Subsidiary

Corporate Family:          2 Companies

Ultimate Parent:            J B & Brothers

Incorporation Date:        1992    

Financials in:                 USD (Millions)

Fiscal Year End:            31-Dec-2012

Reporting Currency:       Euro

Annual Sales:               236.9  1

Total Assets:                77.5

 

 

Business Description     

 

Wholesale trader of rough diamonds

 

Industry            

Industry           Miscellaneous Wholesale

ANZSIC 2006:   3732 - Jewellery and Watch Wholesaling

ISIC Rev 4:        4649 - Wholesale of other household goods

NACE Rev 2:     4648 - Wholesale of watches and jewellery

NAICS 2012:     423940 - Jewelry, Watch, Precious Stone, and Precious Metal Merchant Wholesalers

UK SIC 2007:    4648 - Wholesale of watches and jewellery

US SIC 1987:    5094 - Jewelry, Watches, Precious Stones, and Precious Metals

 

           

Key Executives   

  

Name

Title

Stefaan Paul Maria Beirens

Representative/Auditor

Dirk Blanckaert

Representative/Auditor

Theodoor Theo Van Herck

Representative/Auditor

Miten Jitendrakumar Shah

Manager

Jitendrakumar Babulal Shah

Manager



1 - Profit & Loss Item Exchange Rate: USD 1 = EUR 0.7782366

2 - Balance Sheet Item Exchange Rate: USD 1 = EUR 0.7566

 

 

Corporate Overview

 

Location

Hoveniersstraat 30 B.154

Antwerpen, 2018

Belgium

Tel:       03 231 00 22

Fax:      03 231 56 23

Web:    www.yaelstar.com

           

Sales EUR(mil):             184.3

Assets EUR(mil):           58.7

Employees:                  3

Fiscal Year End:            31-Dec-2012

Industry:                       Jewelry and Silverware

Incorporation Date:        1992

Company Type:             Private Subsidiary

Quoted Status:              Not Quoted

Registered No.(VAT):     448419023

Manager:                      Miten Jitendrakumar Shah

 

 

Industry Codes

 

ANZSIC 2006 Codes:

3732     -          Jewellery and Watch Wholesaling

 

ISIC Rev 4 Codes:

4649     -          Wholesale of other household goods

 

NACE Rev 2 Codes:

4648     -          Wholesale of watches and jewellery

 

NAICS 2012 Codes:

423940  -          Jewelry, Watch, Precious Stone, and Precious Metal Merchant Wholesalers

 

US SIC 1987:

5094     -          Jewelry, Watches, Precious Stones, and Precious Metals

 

UK SIC 2007:

4648     -          Wholesale of watches and jewellery

 

More Business Descriptions

Wholesale trader of rough diamonds

 

Brand/Trade Names

Yaelstar

 

 

Financial Data

Financials in:

EUR(mil)

Revenue:

184.3

Assets:

58.7

Current Assets:

56.2

Fixed Assets:

2.4

Total Liabilities:

58.7

Issued Capital:

20.3

Net Worth:

20.3

Date of Financial Data:

31-Dec-2012

1 Year Growth

NA

NA

 

 

 

 

Corporate Family

Corporate Structure News:

Yael Star

Yael Star 
Total Corporate Family Members: 2 

 

Company Name

Company Type

Location

Country

Industry

Sales
(USD mil)

Employees

 

J B & Brothers

Parent

 

Yael Star

Subsidiary

Antwerpen

Belgium

Miscellaneous Wholesale

236.9

3

 

 

 

Executive report

 

 

Executives

 

Name

Title

Function

 

Stefaan Paul Maria Beirens

Representative/Auditor

Accounting Executive

 

Age: 38

Dirk Blanckaert

Representative/Auditor

Accounting Executive

Age: 66

Theodoor Theo Van Herck

Representative/Auditor

Accounting Executive

Miten Jitendrakumar Shah

Manager

Other

Age: 36

Jitendrakumar Babulal Shah

Manager

Other

 

Jb Smam

Manager

Other

 


Annual Profit & Loss

 

 

31-Dec-2012

31-Dec-2011

31-Dec-2010

Period Length

52 Weeks

52 Weeks

52 Weeks

Filed Currency

EUR

EUR

EUR

Exchange Rate (Period Average)

0.778237

0.71919

0.755078

Consolidated

No

No

No

 

 

 

 

    Turnover

236.9

339.7

322.2

    Other Operating Income

0.1

0.1

0.0

Operating Income

237.0

339.7

322.2

        Purchases

232.9

341.3

317.6

        Increase or Decrease in Stocks

2.1

-4.0

2.4

    Raw Materials, Consumables, and Goods for Release

234.9

337.3

320.0

    Services and Sundry Goods

0.8

0.9

0.9

    Remuneration, Social Security Charges, and Pensions

0.1

0.1

0.2

    Depreciation of and Other Amounts Written Off of Formation Expense, Intangible and Tangible Fixed Assets

0.2

0.3

0.3

    Increase or Decrease in Amounts Written Off Stocks, Orders, and Trade Debtors

0.0

-

-

    Other Operating Charges

0.0

0.1

0.0

Operating Charges

236.2

338.7

321.3

    Income From Current Assets

-

-

0.0

    Other Financial Income

0.0

0.0

0.0

Financial Income

0.0

0.0

0.0

    Interest and Other Debt Charges

0.4

0.5

0.2

    Other Financial Charges

0.1

0.1

0.2

Financial Charges

0.5

0.6

0.5

    Gain on Disposal of Fixed Assets

0.0

0.0

-

    Other Extraordinary Income

0.0

-

-

Extraordinary Income

0.0

0.0

-

    Income Taxes

0.1

0.1

0.1

    Adjustment of Income Taxes and Write-Back of Tax Provisions

0.0

-

-

Income Taxes

0.1

0.1

0.1

        To the Legal Reserve

0.0

0.0

-

        To Other Reserves

0.2

0.2

-

    Transfers to Capital and Reserves

0.2

0.2

-

    Employees

3

2

2

 

 

 

Annual Balance Sheet

 

Financials in: USD (mil)

 

 

31-Dec-2012

31-Dec-2011

31-Dec-2010

Filed Currency

EUR

EUR

EUR

Exchange Rate

0.7566

0.770327

0.745406

Consolidated

No

No

No

 

 

 

 

        Land & Buildings

2.1

2.1

2.2

        Plant, Machinery, and Equipment

0.9

1.0

1.2

        Furniture and Vehicles

0.2

0.2

0.1

    Tangible Assets

3.2

3.3

3.5

        Amounts Receivable and Cash Guarantees

0.0

0.0

0.0

        Other Capital Assets

0.0

0.0

0.0

    Capital Assets

0.0

0.0

0.0

Fixed Assets

3.2

3.3

3.6

        Goods Purchased for Resale

9.5

11.4

7.9

        Stocks

9.5

11.4

7.9

    Inventory and Orders in Progress

9.5

11.4

7.9

        Trade Debtors

63.7

73.2

41.8

        Other Amounts Receivable

0.9

2.7

2.7

    Amounts Receivable Within One Year

64.7

75.9

44.5

    Liquid Assets

0.1

0.2

1.0

    Adjustment Accounts

0.0

0.0

0.0

Current Assets

74.3

87.4

53.4

Total Assets

77.5

90.8

56.9

        Issued Capital

26.8

26.3

27.2

    Capital

26.8

26.3

27.2

    Gain From Revaluation of Assets

0.7

0.7

0.7

        Legal Reserve

0.0

0.0

0.0

        Reserves Available for Distribution

1.5

1.3

1.1

    Reserves

1.5

1.3

1.1

Capital and Reserves

29.0

28.3

29.0

        Credit Institutions

0.5

0.6

0.7

        Other Loans

2.5

-

-

        Financial Debts

2.9

0.6

0.7

        Other Amounts Payable

3.1

7.5

7.5

    Amounts Due After More Than One Year

6.0

8.0

8.2

        Current Portion of Amounts Payable After More Than One Year

0.1

0.1

0.1

        Credit Institutions

3.8

9.8

2.5

        Financial Debts

3.8

9.8

2.5

        Suppliers

38.4

44.5

17.1

        Trade Debts

38.4

44.5

17.1

        Taxes

0.0

0.0

0.0

        Remuneration and Social Security

0.0

0.0

0.0

        Taxes, Wages, and Social Security

0.1

0.0

0.1

        Other Amounts Payable

0.2

-

-

    Amounts Payable Within One Year

42.5

54.5

19.8

    Adjustment Accounts

0.0

0.0

0.0

Creditors

48.5

62.5

28.0

Total Liabilities + Shareholders' Equity

77.5

90.8

56.9

 

 

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.60.09

UK Pound

1

Rs.99.85

Euro

1

Rs.82.58

 

INFORMATION DETAILS

 

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%)

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.