MIRA INFORM REPORT
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Report Date : |
08.05.2014 |
IDENTIFICATION DETAILS
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Name : |
IGC GROUP |
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Registered Office : |
Hoveniersstraat 2, Box 248 Room 708, 2018 Antwerp |
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Country : |
Belgium |
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Financials (as on) : |
31.12.2012 |
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Year of Establishment : |
1978 |
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Com. Reg. No.: |
418800864 |
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Legal Form : |
Private Independent Company |
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Line of Business : |
Wholesale trader of diamonds |
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No. of Employees : |
34 (31.12.2012) |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
No complaints |
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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 31, 2014
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Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
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Belgium |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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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
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Source
: CIA |
Company
name and address
IGC GROUP
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Business
Description
Wholesale trader of diamonds
Industry
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Industry |
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ANZSIC 2006: |
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ISIC Rev 4: |
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NACE Rev 2: |
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NAICS 2012: |
423940 - Jewelry, Watch, Precious Stone, and Precious
Metal Merchant Wholesalers |
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UK SIC 2007: |
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US SIC 1987: |
5094 - Jewelry, Watches, Precious Stones, and
Precious Metals |
Key
Executives
|
Name |
Title |
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Jacques Cornelis Pierre Claes |
Managing Director |
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Hans Clement |
Sales Manager |
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Dirk De Nys |
Purchasing Manager |
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Johan Muyshondt |
IT Manager |
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Marc Marissen |
Representative/Auditor |
Registered No.(VAT): 418800864
1 - Profit & Loss Item Exchange Rate: USD
1 = EUR 0.7782366
2 - Balance Sheet Item Exchange Rate: USD 1 =
EUR 0.7566
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ANZSIC 2006 Codes: |
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3732 |
- |
Jewellery and Watch Wholesaling |
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ISIC Rev 4 Codes: |
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4649 |
- |
Wholesale of other household goods |
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NACE Rev 2 Codes: |
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4648 |
- |
Wholesale of watches and jewellery |
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NAICS 2012 Codes: |
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423940 |
- |
Jewelry, Watch, Precious Stone, and Precious Metal Merchant
Wholesalers |
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US SIC 1987: |
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5094 |
- |
Jewelry, Watches, Precious Stones, and Precious Metals |
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UK SIC 2007: |
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4648 |
- |
Wholesale of watches and jewellery |
Wholesale trader of diamonds
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Executives
Report
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Board of
Directors |
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Managing Director |
Director/Board Member |
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Managing Director |
Director/Board Member |
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Executives |
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Managing Director |
Managing Director |
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Managing Director |
Managing Director |
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Representative/Auditor |
Accounting Executive |
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Representative/Auditor |
Accounting Executive |
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Sales Manager |
Sales Executive |
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Sales Manager |
Sales Executive |
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Marketing/Logistics Manager |
Marketing Executive |
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IT Manager |
Engineering/Technical Executive |
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Purchasing Manager |
Purchasing Executive |
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Annual Profit
& Loss
|
31-Dec-2012 |
31-Dec-2011 |
31-Dec-2010 |
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Period Length |
52 Weeks |
52 Weeks |
52 Weeks |
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Filed Currency |
EUR |
EUR |
EUR |
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Exchange Rate (Period Average) |
0.778237 |
0.71919 |
0.755078 |
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Consolidated |
No |
No |
No |
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Turnover |
262.1 |
330.5 |
167.3 |
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Other Operating Income |
0.0 |
0.1 |
0.1 |
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Operating Income |
262.1 |
330.6 |
167.3 |
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Purchases |
271.7 |
324.7 |
165.3 |
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Increase or Decrease
in Stocks |
-15.9 |
-3.7 |
-4.4 |
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Raw Materials, Consumables, and Goods for
Release |
255.8 |
320.9 |
160.9 |
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Services and Sundry Goods |
1.9 |
2.3 |
2.0 |
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Remuneration, Social Security Charges, and
Pensions |
1.8 |
1.9 |
1.7 |
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Depreciation of and Other Amounts Written Off of
Formation Expense, Intangible and Tangible Fixed Assets |
0.4 |
0.4 |
0.5 |
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Increase or Decrease in Amounts Written Off
Stocks, Orders, and Trade Debtors |
0.1 |
-0.4 |
0.7 |
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Other Operating Charges |
0.0 |
0.0 |
0.0 |
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Operating Charges |
260.0 |
325.2 |
165.8 |
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Income From Financial Fixed Assets |
- |
0.0 |
- |
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Income From Current Assets |
0.3 |
0.4 |
0.3 |
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Financial Income |
0.3 |
0.4 |
0.3 |
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Interest and Other Debt Charges |
0.9 |
1.3 |
0.8 |
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Other Financial Charges |
0.1 |
0.2 |
0.2 |
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Financial Charges |
1.0 |
1.5 |
1.0 |
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Gain on Disposal of Fixed Assets |
- |
- |
0.0 |
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Extraordinary Income |
- |
- |
0.0 |
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Loss on Disposal of Fixed Assets |
- |
0.0 |
- |
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Other Extraordinary Charges |
- |
- |
0.0 |
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Extraordinary Charges |
- |
0.0 |
0.0 |
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Income Taxes |
0.1 |
1.0 |
- |
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Adjustment of Income Taxes and Write-Back of
Tax Provisions |
- |
- |
0.0 |
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Income Taxes |
0.1 |
1.0 |
0.0 |
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To Other Reserves |
1.3 |
3.2 |
0.9 |
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Transfers to Capital and Reserves |
1.3 |
3.2 |
0.9 |
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Employees |
34 |
31 |
29 |
Annual Balance
Sheet
Financials in: USD (mil)
|
31-Dec-2012 |
31-Dec-2011 |
31-Dec-2010 |
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Filed Currency |
EUR |
EUR |
EUR |
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Exchange Rate |
0.7566 |
0.770327 |
0.745406 |
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Consolidated |
No |
No |
No |
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Intangible Assets |
0.0 |
0.1 |
0.1 |
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Land & Buildings |
0.4 |
0.4 |
0.4 |
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Plant, Machinery, and
Equipment |
0.0 |
0.0 |
0.1 |
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Furniture and Vehicles |
0.1 |
0.0 |
0.2 |
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Assets Under
Construction and Advance Payments |
2.8 |
3.0 |
3.4 |
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Tangible Assets |
3.3 |
3.5 |
4.0 |
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Participating
Interests |
1.4 |
1.4 |
1.4 |
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Amounts Receivable |
- |
- |
4.0 |
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Affiliated Enterprises |
1.4 |
1.4 |
5.5 |
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Shares |
0.0 |
0.0 |
0.0 |
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Amounts Receivable and
Cash Guarantees |
0.0 |
0.0 |
0.0 |
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Other Capital Assets |
0.1 |
0.1 |
0.1 |
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Capital Assets |
1.5 |
1.4 |
5.5 |
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Fixed Assets |
4.8 |
5.0 |
9.7 |
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Goods Purchased for
Resale |
67.4 |
50.2 |
48.3 |
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Stocks |
67.4 |
50.2 |
48.3 |
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Inventory and Orders in Progress |
67.4 |
50.2 |
48.3 |
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Trade Debtors |
40.9 |
43.5 |
42.8 |
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Other Amounts
Receivable |
3.8 |
2.8 |
1.9 |
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Amounts Receivable Within One Year |
44.8 |
46.2 |
44.8 |
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Liquid Assets |
1.8 |
1.6 |
3.3 |
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Adjustment Accounts |
0.5 |
0.5 |
0.7 |
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Current Assets |
114.6 |
98.5 |
97.0 |
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Total Assets |
119.4 |
103.5 |
106.7 |
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Issued Capital |
14.9 |
14.6 |
15.1 |
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Capital |
14.9 |
14.6 |
15.1 |
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Paid-In Capital |
0.1 |
0.1 |
0.1 |
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Legal Reserve |
1.5 |
1.5 |
1.5 |
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Untaxed Reserves |
0.0 |
0.0 |
0.0 |
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Reserves Available for
Distribution |
15.1 |
13.5 |
10.9 |
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Reserves |
16.7 |
15.0 |
12.4 |
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Capital and Reserves |
31.6 |
29.7 |
27.6 |
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Credit Institutions |
1.2 |
1.5 |
1.8 |
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Financial Debts |
1.2 |
1.5 |
1.8 |
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Other Amounts Payable |
8.2 |
8.9 |
13.2 |
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Amounts Due After More Than One Year |
9.4 |
10.3 |
14.9 |
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Current Portion of
Amounts Payable After More Than One Year |
0.3 |
0.3 |
0.3 |
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Credit Institutions |
22.4 |
21.3 |
26.8 |
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Financial Debts |
22.4 |
21.3 |
26.8 |
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Suppliers |
55.1 |
41.3 |
36.2 |
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Trade Debts |
55.1 |
41.3 |
36.2 |
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Taxes |
0.0 |
0.1 |
- |
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Remuneration and
Social Security |
0.2 |
0.2 |
0.2 |
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Taxes, Wages, and
Social Security |
0.2 |
0.3 |
0.2 |
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Amounts Payable Within One Year |
78.0 |
63.1 |
63.4 |
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Adjustment Accounts |
0.3 |
0.2 |
0.7 |
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Creditors |
87.7 |
73.7 |
79.1 |
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Total Liabilities + Shareholders' Equity |
119.4 |
103.5 |
106.7 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.40 |
|
|
1 |
Rs.101.97 |
|
Euro |
1 |
Rs.83.58 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
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Report Prepared
by : |
MNL |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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-- |
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.