MIRA INFORM REPORT

 

 

Report Date :

12.05.2014

 

IDENTIFICATION DETAILS

 

Name :

FRUCHTER GAD DIAMONDS BELGIUM BVBA

 

 

Registered Office :

Hoveniersstraat 30, 2018 Antwerpen

 

 

Country :

Belgium

 

 

Financials (as on) :

31.12.2012

 

 

Date of Incorporation :

15.06.2004

 

 

Com. Reg. No.:

866078158

 

 

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 :

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 – 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                       866078158

Company name                                     FRUCHTER GAD DIAMONDS BELGIUM BVBA

Address                                    HOVENIERSSTRAAT 30

2018 ANTWERPEN

Number of staff                          1

Date of establishment                 15/06/2004

Telephone number                      032330373

Fax number                               032330373

 

 

Commentary

 

The business was established over 9 years ago.

The business has 1 employees.

The business has been at the address for over 9 years.

Operating Result in the latest trading period increased 70% on the previous trading period.

Net Worth increased by 65% during the latest trading period.

Pre-tax profits increased by 436% compared to the previous trading period.

The business saw a decrease in their Cash Balance of 54% during the latest trading period.

Working Capital is a negative amount during the latest trading period.

Turnover in the latest trading period decreased 33% on the previous trading period.

 

Accounts

 

DATE OF LATEST ACCOUNTS

TURNOVER

PROFIT BEFORE TAX

NET WORTH

WORKING CAPITAL

31/12/2012

14,165,456

26,267

65,243

-147,840

31/12/2011

21,327,263

4,893

39,493

-183,949

31/12/2010

10,954,961       

9,683

34,600

-202,896

 

Accounts

 

DATE OF LATEST ACCOUNTS

BALANCE TOTAL

NUMBER OF EMPLOYEES

CAPITAL

CASHFLOW

31/12/2012

4,666,183

1

139,448

42,482

31/12/2011

5,157,840

0

139,448

20,993

31/12/2010

2,276,203

0

139,448

26,288

 

Payment expectations

 

Past payments

 

Payment expectation days

113.11

Industry average payment expectation days

165.10

Industry average day sales outstanding

126.92

Day sales outstanding

95.59

Court data summary

BANKRUPTCY DETAILS

Court action type

no

 

 

Company information

 

Business number

866078158

Company name

FRUCHTER GAD DIAMONDS BELGIUM BVBA

Fax number

032330373

Date founded

15/06/2004

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

 

Activity description

Wholesale of diamonds and other precious stones

VAT Number

BE.0866.078.158

Belgian Bullettin of Acts Publications

moniteur belge

 

 

 

 

Social Balance Sheet Details

 

Social Balance Sheet

Total

During the reporting year ended 31-12-2012

 

Full-time Employees

0

Part-time Employees

1

Total Fte Employees

1

 

 

Number of hours worked

 

Full-time Employees

114

Part-time Employees

789

Total

903

 

 

Personnel Charges

 

Full-time Employees

3,209

Part-time Employees

21,475

Total

24,684

Benefits In Addition To Wages

-

 

 

During the previous reporting year

 

Average number employees in Fte

1

Actual working hours

838

Personnel Charges

20,796

Benefits In Addition To Wages

-

 

 

Type of Contract

Full-Time

Part-Time

Total Fte

Unlimited Duration Contracts

1

-

1

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)

-

-

-

Higher education (university)

-

-

-

Women

Full-Time

Part-Time

Total Fte

Primary education

-

-

-

Secondairy education

1

-

1

Higher education (non university)

-

-

-

Higher education (university)

-

-

-

 

Working Category

Full-Time

Part-Time

Total Fte

Management

-

-

-

White collar worker

1

-

1

Blue collar worker

-

-

-

Other

-

-

-

 

Temporary personnel

Total

Average number of temporary staff

-

Actual working hours

-

Cost of temporary staff

-

 

New staff and leavers

Full-Time

Part-Time

Total Fte

New Starters

-

-

-

Leavers

-

-

-

 

Personnel (NSSO classification)

Code

-

Description

FROM 1 TO 4 EMPLOYEES

Joint Industrial Committee (JIC)

JIC Code

218

Description

Additional national joint committee for the employees

category

 

 

JIC Code

324

Description

Joint committee for the industry and the trade in diamant

 

 

Profit & loss

 

Annual accounts

31-12-2012

%

31-12-2011

%

31-12-2010

Industry average 2012

%

Weeks

52

 

52

 

52

 

 

Currency

EUR

 

EUR

 

EUR

 

 

Turnover

14,165,456

33.58

21,327,263

94.68

10,954,961

46,485,458

69.53

Total operating expenses

14,132,749

33.67

21,308,048

94.81

10,937,788

46,114,879

69.35

Operating result

32,707

70.22

19,215

11.89

17,173

140,644

76.74

Total financial income

1,693

119

770

122

346

97,700

98.27

Total financial expenses

8,133

46.11

15,091

92.60

7,836

205,052

96.03

Results on ordinary operations before taxation

26,267

436

4,893

49.47

9,683

25,212

4.18

Taxation

516

-

-

-

-567

20,811

97.52

Results on ordinary operations after taxation

25,751

426

4,893

52.27

10,250

10,416

147

Extraordinary items

0

-

0

-

0

-3,982

0

Other appropriations

0.00

-

0.00

-

0.00

-

-

Net result

25,751

426

4,893

52.27

10,250

6,453

299

OTHER INFORMATION

Dividends

-

-

-

-

-

172,177

-

Director remuneration

-

-

-

-

-

112,544

-

Employee costs

24,684

18.70

20,796

24.58

16,693

126,172

80.44

Wages and salary

18,923

12.94

16,756

29.17

12,972

105,771

82.11

Employee pension costs

-

-

-

-

-

14,428

-

Social security contributions

3,378

28.01

2,639

-0.85

2,662

26,708

87.35

Other employee costs

2,382

70.08

1,401

32.15

1,060

4,356

45.31

Amortization and depreciation

16,731

3.91

16,101

0.39

16,038

17,866

-6.35

 

 

balance sheet

 

Annual accounts

31-12­2012

%

31-12­2011

%

31-12­2010

Industry average 2012

%

Weeks

52

 

52

 

52

 

 

Currency

EUR

 

EUR

 

EUR

 

 

Intangible fixed assets

0

-

0

-

0

1,576

-100

Tangible fixed assets

211,663

-4.67

222,021

-5.95

236,075

184,536

14.70

Land & building

201,841

-6.87

216,720

-6.42

231,599

362,988

44.39

Plant & machinery

8,354

100

4,165

-6.95

4,476

22,615

63.06

Furniture & Vehicles

1,468

29.29

1,136

-

-

17,300 5,364

91.51

Leasing & Other Similar Rights

-

-

-

-

-

142,153 32,369

-

Other tangible assets

0

-

0

-

0

7,611

-100

Financial fixed assets

1,421

0

1,421

0

1,421

306,761

-99

Total fixed assets

213,084

-4.64

223,441

-5.92

237,496

395,576

46.13

Inventories

-

-

-

-

-

3,111,766

-

Raw materials & consumables

-

-

-

-

-

7,209,884

-

Work in progress

0

-

0

-

0

2,392

-100

Finished goods

0

-

0

-

0

2,000,677

-100

Other stocks

0

-

0

-

0

570,162

-100

Trade debtors

3,709,676

11.80

3,318,078

69.34

1,959,469

4,249,443

12.70

Cash

736,981

54.32

1,613,179

1970

77,908

225,558

226

other amounts receivable

6,079

158

2,348

76.51

1,330

209,360

97.10

Miscellaneous current assets

363

54.22

793

-

0

18,289

98.01

Total current assets

4,453,099

-9.75

4,934,398

142

2,038,707

7,337,366

39.31

Total Assets

4,666,183

-9.53

5,157,840

126

2,276,203

7,692,885

1,451,744

39.34

CURRENT LIABILITIES

Trade creditors

4,379,531

10.53

4,895,116

141

2,029,122

3,151,222

38.98

Short term group loans

-

-

-

-

-

-

-

Financial debts

-

-

-

-

-

4,297,815 189,666

-

Current portion of long term debt

-

-

-

-

-

110,204 15,373

-

Amounts Payable for Taxes, Remuneration & Social Security

7,199

75.71

4,097

-7.77

4,442

9,727 -

78.80

Miscellaneous current liabilities

214,209

-2.25

219,135

5.33

208,039

-27.78

- -

Total current liabilities

4,600,939

10.11

5,118,347

128

2,241,603

5,468,297

15.86

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

3,174 0

-100

Other long term liabilities

0

-

0

-

0

128,284

-100

Total long term debts

0

-

0

-

0

563,937

-100

SHAREHOLDERS EQUITY

Issued share capital

139,448

0

139,448

0

139,448

967,079

85.58

Share premium account

-

-

-

-

-

109,362

-

Reserves

-74,205

74.24

-99,955

95.33

-104,848

657,910

-111

Revaluation reserve

-

-

-

-

-

939,206

-

Total shareholders equity

65,243

65.20

39,493

14.14

34,600

1,654,570

96.06

Working capital

-147,840

80.37

-183,949

90.66

-202,896

1,869,068

-107

Cashflow

42,482

102

20,993

20.14

26,288

21,225

100

Net worth

65,243

65.20

39,493

14.14

34,600

1,651,328

96.05

 

 

ratio analysis

 

Annual accounts

31-12-2012

change(%)

31-12-2011

change(%)

31-12-2010

Industry average 2012

%

TRADING PERFORMANCE

 

 

 

 

 

 

 

Profit Before Tax

0.19

850

0.02

-77.78

0.09

-29,00

0.66

Return on capital employed

40.26

224

12.39

-55.73

27.99

29,00

38.83

Return on total assets employed

0.56

522

0.09

-79.07

0.43

-201,00

0.28

Return on net assets employed

40.26

224

12.39

-55.73

27.99

19,00

111

Sales / net working capital

-95.82

82.65

-115.94

-114

-53.99

44,00

-100

Stock turnover ratio

-

-

-

-

-

116,00

-

Debtor days

95.59

68.32

56.79

-13.02

65.29

143,00

-33.15

Creditor days

113.11

34.90

83.85

23.84

67.71

125,00

-9.51

SHORT TERM STABILITY

Current ratio

0.97

1.04

0.96

5.49

0.91

6,00

-89.22

Liquidity ratio / acid ratio

0.97

1.04

0.96

5.49

0.91

4,00

-75.75

Current debt ratio

70.52

-45.59

129.60

100

64.79

9,00

683

Liquidity ratio reprocessed

-

-

-

-

-

-

-

LONG TERM STABILITY

Gearing

-

-

-

-

-

358,00

-

Equity in percentage

1.40

81.82

0.77

-49.34

1.52

-3.198,00

0.04

Total debt ratio

70.52

-45.59

129.60

100

64.79

10,00

605

 

 

Payment expectations

 

Payment expectation days

113.11

 

Day sales outstanding

95.59

 

Industry comparison

 

Activity code

46761

 

Activity description

Wholesale of diamonds and other precious stones

 

Industry average payment expectation days

165.10

 

Industry average day sales outstanding

126.92

 

Industry quartile analysis

 

Payment expectations

 

Company result

113.11

 

Lower

134.36

 

Median

84.93

 

Upper

45.55

 

Day sales outstanding

Company result

95.59

Lower

112.48

Median

58.70

Upper

28.09

 

Group Structure

No group structure for this company.

 

Minority Shareholders

No minority shareholders found

 

Minority Interests

No minority interests found

 

NSSO details

Business number

866078158

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

FRUCHTER GAD DIAMONDS LTD SOC. ETRANGERE

Position

Principal Manager

Start Date

15/08/2010

Street

1 MACCABI BLD, DABOTINSKY STREET

Post code

57521

Country

Israel

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.60.05

UK Pound

1

Rs.101.65

Euro

1

Rs.83.07

 

INFORMATION DETAILS

 

Analysis Done by :

DIV

 

 

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.