MIRA INFORM REPORT

 

 

Report Date :

05.05.2014

 

IDENTIFICATION DETAILS

 

Name :

DOMINION DIAMOND MARKETING NV

 

 

Registered Office :

Hoveniersstraat 30, 2018 Antwerpen

 

 

Country :

Belgium

 

 

Financials (as on) :

30.06.2012

 

 

Date of Incorporation :

08.04.1998

 

 

Com. Reg. No.:

463100863

 

 

Legal Form :

Public Limited Liability Company (BE)

 

 

Line of Business :

Wholesale of diamonds and other precious stones

 

 

No. of Employees :

22

 

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

Moderately Low Risk

 

B1

Moderate Risk

 

B2

Moderately 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                       463100863

Company name                         DOMINION DIAMOND MARKETING NV

Address                                    HOVENIERSSTRAAT 30

2018 ANTWERPEN

Number of staff                          22

Date of establishment                 08/04/1998

Telephone number                      032342475

Fax number                               032130846

 

 

Commentary

 

The business was established over 16 years ago.

The business has 20 employees.

The business has been at the address for over 11 years.

Operating Result in the latest trading period decreased 56% on the previous trading period.

Pre-tax profits decreased by 42% compared to the previous trading period.

The business saw an increase in their Cash Balance of 46% during the latest trading period.

 

Accounts

 

DATE OF LATEST ACCOUNTS

TURNOVER

PROFIT BEFORE TAX

NET WORTH

WORKING CAPITAL

30/06/2012

16,235,830

2,607,818

8,468,593

7,319,845

30/06/2011

17,781,151

4,552,298

7,181,795

5,616,751

30/06/2010       

16,133,849

1,158,267

2,970,863

1,608,594

 

Accounts

 

DATE OF LATEST ACCOUNTS

BALANCE TOTAL

NUMBER OF EMPLOYEES

CAPITAL

CASHFLOW

30/06/2012

12,804,634

22

7,121,654

1,580,995

30/06/2011

12,273,396

26

7,121,654

4,582,298

30/06/2010

7,975,724

29

7,121,654

1,813,385

 

Payment expectations

Past payments

 

Payment expectation days

52.10

Industry average payment expectation days

164.26

Industry average day sales outstanding

120.92

Day sales outstanding

64.64

Court data summary

BANKRUPTCY DETAILS

Court action type

no

 

Company information

 

Business number

463100863

Company name

DOMINION DIAMOND MARKETING NV

Fax number

032130846

Date founded

08/04/1998

Company status

active

Company type

Public Limited Liability Company (BE)

Currency

Euro (€)

Date of latest accounts

30/06/2012

Activity code

46761

liable for VAT

yes

Activity description

Wholesale of diamonds and other precious stones

VAT Number

BE.0463.100.863

Belgian Bullettin of Acts Publications

moniteur belge

 

 

 

 

Social Balance Sheet Details

 

Social Balance Sheet

Total

During the reporting year ended 30-06-2012

 

Full-time Employees

19

Part-time Employees

6

Total Fte Employees

24

 

 

Number of hours worked

 

Full-time Employees

29,325

Part-time Employees

5,987

Total

35,312

 

 

Personnel Charges

 

Full-time Employees

4,202,926

Part-time Employees

858,079

Total

5,061,005

Benefits In Addition To Wages

-

 

 

During the previous reporting year

 

Average number employees in Fte

28

Actual working hours

42,638

Personnel Charges

5,265,412

Benefits In Addition To Wages

-

 

Type of Contract

Full-Time

Part-Time

Total Fte

Unlimited Duration Contracts

18

6

23

Limited Duration Contracts

-

-

-

Contracts For Specific Work

-

-

-

Contracts Regarding Substitution

-

-

-

Gender and Education Level

 

Men

Full-Time

Part-Time

Total Fte

Primary education

-

-

-

Secondairy education

-

-

-

Higher education (non university)

7

1

8

Higher education (university)

-

-

-

Women

Full-Time

Part-Time

Total Fte

Primary education

-

-

-

Secondairy education

-

-

-

Higher education (non university)

11

5

15

Higher education (university)

-

-

-

 

Working Category

Full-Time

Part-Time

Total Fte

Management

-

-

-

White collar worker

18

6

23

Blue collar worker

-

-

-

Other

-

-

-

 

Temporary personnel

Total

Average number of temporary staff

1

Actual working hours

2,611

Cost of temporary staff

83,453

 

New staff and leavers

Full-Time

Part-Time

Total Fte

New Starters

2

-

2

Leavers

4

1

5

 

Personnel (NSSO classification)

 

Code

-

Description

FROM 20 TO 49 EMPLOYEES

Joint Industrial Committee (JIC)

JIC Code

218

Description

Additional national joint committee for the employees

category

 

 

JIC Code

324.01

Description

Joint subcommittee for the diamant-cutting

category

 

Significant Events

 

Event Date

10/04/2013

Event Description

authority appointed

Event Details

Commentaar 10-04-2013: Heeft besloten om alle bestaande volmachten die voor 10 april 2013 werden toegekend door de vennootschap, met ingang van vandaag in te trekken.

 

 

Profit & loss

 

Annual accounts

30-06-2012

%

30-06-2011

%

30-06-2010

Industry average 2012

%

Weeks

52

 

52

 

52

 

 

Currency

EUR

 

EUR

 

EUR

 

 

Turnover

16,235,830

-8.69

17,781,151

10.21

16,133,849

46,612,575

65.17

Total operating expenses

14,063,575

9.54

12,838,605

13.69

14,875,001

46,221,128

69.57

Operating result

2,172,254

56.05

4,942,546

292

1,258,848

147,887

1368

Total financial income

1,317,640

103

647,850

21.46

533,392

97,526

1251

Total financial expenses

882,076

15.03

1,038,098

63.75

633,972

204,266

331

Results on ordinary operations before taxation

2,607,818

42.71

4,552,298

293

1,158,267

33,065

7786

Taxation

1,143,050

174

416,599

33390

1,244

20,877

5375

Results on ordinary operations after taxation

1,464,768

64.58

4,135,699

257

1,157,023

18,249

7926

Extraordinary items

-177,971

-564

38,356

-

0

-4,342

-3998

Other appropriations

0.00

-

0.00

-

0.00

-

-

Net result

1,286,797

69.17

4,174,055

260

1,157,023

13,926

9140

OTHER INFORMATION

Dividends

-

-

-

-

-

172,177

-

Director remuneration

-

-

-

-

-

112,544

-

Employee costs

5,061,005

-3.88

5,265,412

24.60

6,982,882

126,172

3911

Wages and salary

3,817,468

-7.61

4,132,078

28.41

5,772,216

105,771

3509

Employee pension costs

-

-

-

-

-

14,428

-

Social security contributions

820,213

3.49

792,527

-2.76

815,029

26,708

2971

Other employee costs

423,324

24.21

340,807

13.86

395,637

4,361

9607

Amortization and depreciation

294,198

27.94

408,243

37.80

656,361

17,886

1544

 

 

balance sheet

 

Annual accounts

30-06-2012

%

30-06-2011

%

30-06­2010

Industry average 2012

%

Weeks

52

 

52

 

52

 

 

Currency

EUR

 

EUR

 

EUR

 

 

Intangible fixed assets

0

-

0

-

36,877

1,577

-100

Tangible fixed assets

1,148,067

26.59

1,563,864

14.85

1,361,669

184,763

521

Land & building

-

-

-

-

873,723

362,988

-

Plant & machinery

206,377

27.82

285,902

31.73

418,783

22,646

811

Furniture & Vehicles

6,546

84.48

42,180

39.01

69,164

17,300 5,364

62.16

Leasing & Other Similar Rights

-

-

-

-

-

142,153 32,369

-

Other tangible assets

935,144

24.33

1,235,782

-

0

7,619

12173

Financial fixed assets

680

42.37

1,180

96.67

600

306,761

-99

Total fixed assets

1,148,747

26.60

1,565,044

11.86

1,399,147

396,027

190

Inventories

-

-

-

-

-

3,105,555

-

Raw materials & consumables

-

-

-

-

-

7,209,884

-

Work in progress

0

-

0

-

0

2,394

-100

Finished goods

0

-

0

-

0

1,991,166

-100

Other stocks

0

-

0

-

0

570,732

-100

Trade debtors

2,875,381

37.61

4,608,909

164

1,743,072

4,248,295

32.32

Cash

8,658,929

46.16

5,924,480

25.91

4,705,307

225,847

3733

other amounts receivable

121,577

42.84

85,112

20.88

70,413

187,129

35.03

Miscellaneous current assets

0

-100

89,851

55.49

57,786

17,998

-100

Total current assets

11,655,886

8.85

10,708,352

62.83

6,576,578

7,304,875

59.56

Total Assets

12,804,634

4.33

12,273,396

53.88

7,975,724

7,668,456

1,451,744

66.98

CURRENT LIABILITIES

Trade creditors

2,007,428

22.85

1,634,097

23.50

1,323,177

3,137,713

36.02

Short term group loans

-

-

-

-

-

-

-

Financial debts

-

-

-

-

-

4,243,670 187,578

-

Current portion of long term debt

-

-

-

-

-

110,204 15,373

-

Amounts Payable for Taxes, Remuneration & Social Security

2,042,599

17.86

1,733,129

44.66

3,131,859

9,727 -

5914

Miscellaneous current liabilities

286,014

83.41

1,724,374

236

512,948

-3.55

- -

Total current liabilities

4,336,041

14.84

5,091,601

2.49

4,967,984

5,430,989

20.16

LONG TERM DEBTS AND LIABILITIES

Long term group loans

-

-

-

-

-

-

- -

Other long term loans

-

-

-

-

-

-

- -

Deffered taxes

-

-

-

-

-

37,626 26,358

-

Provisions for Liabilities & Charges

0

-

0

-

0

3,178 0

-100

Other long term liabilities

0

-

0

-

0

128,413

-100

Total long term debts

0

-

0

-

0

558,087

-100

SHAREHOLDERS EQUITY

Issued share capital

7,121,654

0

7,121,654

0

7,121,654

944,106

654

Share premium account

-

-

-

-

-

109,362

-

Reserves

1,346,939

2139

60,141

1.46

-4,113,914

691,870

94.68

Revaluation reserve

-

-

-

-

-

939,206

-

Total shareholders equity

8,468,593

17.92

7,181,795

138

3,007,741

1,665,598

408

Working capital

7,319,845

30.32

5,616,751

249

1,608,594

1,873,885

290

Cashflow

1,580,995

65.50

4,582,298

152

1,813,385

28,711

5406

Net worth

8,468,593

17.92

7,181,795

141

2,970,863

1,662,342

409

 

 

ratio analysis

 

Annual accounts

30-06-2012

Change

(%)

30-06-2011

Change

(%)

30-06-2010

Industry average

2012

%

TRADING PERFORMANCE

 

 

 

 

 

 

 

Profit Before Tax

16.06

-37.27

25.60

256

7.18

-25,00

64.24

Return on capital employed

30.79

-51.43

63.39

64.61

38.51

29,00

6.17

Return on total assets employed

20.37

-45.08

37.09

155

14.52

-201,00

10.13

Return on net assets employed

30.79

-51.43

63.39

64.61

38.51

19,00

62.05

Sales / net working capital

2.22

-29.97

3.17

-68.39

10.03

44,00

-99

Stock turnover ratio

-

-

-

-

-

110,00

-

Debtor days

64.64

-31.68

94.61

139

39.43

134,00

-51.76

Creditor days

52.10

12.14

46.46

43.09

32.47

123,00

-57.64

SHORT TERM STABILITY

Current ratio

2.69

28.10

2.10

59.09

1.32

6,00

-70.11

Liquidity ratio / acid ratio

2.69

28.10

2.10

59.09

1.32

4,00

-32.75

Current debt ratio

0.51

-28.17

0.71

-56.97

1.65

9,00

-94.33

Liquidity ratio reprocessed

-

-

-

-

-

-

-

LONG TERM STABILITY

Gearing

-

-

-

-

-

358,00

-

Equity in percentage

66.14

13.02

58.52

54.45

37.89

-3.205,00

2.06

Total debt ratio

0.51

-28.17

0.71

-56.97

1.65

10,00

-94.90

 

 

Payment expectations

Payment expectation days

52.10

Day sales outstanding

64.64

Industry comparison

Activity code

46761

Activity description

Wholesale of diamonds and other precious stones

Industry average payment expectation days

164.26

Industry average day sales outstanding

120.92

Industry quartile analysis

Payment expectations

Company result

52.10

Lower

134.13

Median

83.75

Upper

45.33

 

 

Day sales outstanding

Company result

64.64

Lower

112.48

Median

58.70

Upper

27.62

 

Group Structure

No group structure for this company.

 

Minority Shareholders

No minority shareholders found

 

Minority Interests

No minority interests found

 

 

NSSO details

Business number

463100863

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

DALAL B. HARSH

Position

Director

Start Date

25/06/2013

Street

23 VAN EYCKLEI ANTWERPEN

Post code

2018

Country

Belgium

 

Name

DALAL B. HARSH

Position

Vice Chairperson

Start Date

26/06/2013

Street

23 VAN EYCKLEI ANTWERPEN

Post code

2018

Country

Belgium

 

Name

DALAL B. HARSH

Position

Managing Director

Start Date

26/06/2013

Street

23 VAN EYCKLEI ANTWERPEN

Post code

2018

Country

Belgium

 

Name

IAN ROSE

Position

Managing Director

Start Date

27/09/2000

Street

145 HOOGBOOMSTEENWEG BRASSCHAAT

Post code

2930

Country

Belgium

 

Name

ROBERT A. GANNICOTT

Position

Chairman of the Board

Start Date

10/04/2013

Country

Canada

 

Name

ROBERT A. GANNICOTT

Position

Director

Start Date

10/04/2013

Country

Canada

 

Name

ROBERT A. GANNICOTT

Position

Managing Director

Start Date

10/04/2013

Country

Canada

 

Name

JAMES RICHARD ROTHWELL

Position

Director

Start Date

30/03/1998

Street

1630 WESTERN PARKWAY, VANCOUVER

Country

Canada

 

Name

JAMES R. W. POUNDS

Position

Vice Chairperson

Start Date

10/04/2013

Street

 

Country

United Kingdom

Name

JAMES R. W. POUNDS

Position

Director

Start Date

10/04/2013

Country

United Kingdom

 

Name

JAMES R. W. POUNDS

Position

Managing Director

Start Date

26/06/2013

Country

United Kingdom

 

 

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.60.22

UK Pound

1

Rs.101.68

Euro

1

Rs.83.45

 

INFORMATION DETAILS

 

Report Prepared by :

PDT

 

 

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.