|
Report Date : |
12.05.2014 |
IDENTIFICATION DETAILS
|
Name : |
YASH GEMS BVBA |
|
|
|
|
Registered Office : |
Hoveniersstraat 2, Room 416, Box 402, 2018, Antwerpen |
|
|
|
|
Country : |
Belgium |
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
27.05.2003 |
|
|
|
|
Com. Reg. No.: |
480721904 |
|
|
|
|
Legal Form : |
Private
Limited Company |
|
|
|
|
Line of Business : |
Wholesaler
of diamonds and other precious stones |
|
|
|
|
No. of Employees : |
01 (31.12.2012) |
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 |
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 |
Business number 480721904
Company name YASH GEMS BVBA
Address Hoveniersstraat 2,
Room 416, Box 402,
2018, Antwerpen,
Belgium
Number of staff 1 (31.12.2012)
Date of establishment 27/05/2003
Telephone number 032321733
Fax number 022321744
|
The
business was established over 10 years ago. |
|
|
The
business has 1 employees. |
|
|
The
business has been at the address for over 10 years. |
|
|
Pre-tax
profits decreased by 67% compared to the previous trading period. |
|
|
The
business saw an increase in their Cash Balance of 224% during the latest
trading period. |
|
|
DATE OF LATEST
ACCOUNTS |
TURNOVER |
PROFIT BEFORE TAX |
NET WORTH |
WORKING CAPITAL |
|
31/12/2012 |
30,047,356 |
51,831 |
1,376,857 |
1,778,385 |
|
31/12/2011 |
34,691,347 |
161,908 |
1,346,489 |
1,748,928 |
|
31/12/2010 |
22,709,165 |
104,478 |
1,235,488 |
1,639,183 |
Accounts
|
DATE OF LATEST
ACCOUNTS |
BALANCE TOTAL |
NUMBER OF EMPLOYEES |
CAPITAL |
CASHFLOW |
|
31/12/2012 |
9,651,654 |
1 |
1,025,100 |
45,812 |
|
31/12/2011 |
8,560,623 |
0 |
1,025,100 |
126,326 |
|
31/12/2010 |
5,557,323 |
1 |
1,025,100 |
95,232 |
|
Payment
expectations |
|
|
|
Past
payments |
|
Payment
expectation days 32.18 |
|
Industry
average payment expectation days |
168.35 |
Industry
average day sales 120.21 outstanding |
|
Day
sales outstanding |
69.85 |
|
|
Court
data summary |
||
|
BANKRUPTCY
DETAILS |
||
|
Court
action type |
no |
|
|
Business
number |
480721904 |
Company
name |
YASH
GEMS BVBA |
|
Office
address |
Hoveniersstraat 2, Room 416, Box 402,
2018, Antwerpen, Belgium |
|
|
|
Fax
number |
022321744 |
Date
founded |
27/05/2003 |
|
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 |
Wholesaler of
diamonds and other precious stones |
VAT
Number |
BE.0480.721.904 |
|
Belgian Bullettin
of Acts Publications |
moniteur belge |
|
|
|
Social
Balance Sheet |
Total |
|
During
the reporting year ended 31-12-2012 |
|
|
Full-time
Employees |
- |
|
Part-time
Employees |
1 |
|
Total
Fte Employees |
1 |
|
|
|
|
Number
of hours worked |
|
|
Full-time
Employees |
- |
|
Part-time
Employees |
878 |
|
Total |
878 |
|
|
|
|
Personnel
Charges |
|
|
Full-time
Employees |
- |
|
Part-time
Employees |
12,573 |
|
Total |
12,573 |
|
Benefits
In Addition To Wages |
- |
|
|
|
|
During
the previous reporting year |
|
|
Average
number employees in Fte |
1 |
|
Actual
working hours |
1,682 |
|
Personnel
Charges |
40,214 |
|
Benefits
In Addition To Wages |
- |
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 |
|
Annual accounts |
31-12-2012 |
% |
31-12-2011 |
% |
31-12-2010 |
Industry average 2012 |
% |
|
Weeks |
52 |
|
52 |
|
52 |
|
|
|
Currency |
EUR |
|
EUR |
|
EUR |
|
|
|
Turnover |
30,047,356 |
13.39 |
34,691,347 |
52.76 |
22,709,165 |
46,788,819 |
35.78 |
|
Total operating expenses |
29,715,852 |
13.31 |
34,280,116 |
52.94 |
22,414,399 |
46,394,806 |
35.95 |
|
Operating result |
331,503 |
19.39 |
411,230 |
39.51 |
294,766 |
148,098 |
123 |
|
Total financial income |
1,642 |
4.61 |
1,570 |
67.94 |
4,897 |
98,058 |
98.33 |
|
Total financial expenses |
281,314 |
12.13 |
250,892 |
28.54 |
195,185 |
204,982 |
37.24 |
|
Results on ordinary
operations before taxation |
51,831 |
67.99 |
161,908 |
54.97 |
104,478 |
32,874 |
57.67 |
|
Taxation |
21,463 |
57.84 |
50,907 |
101 |
25,227 |
20,907 |
2.66 |
|
Results on ordinary
operations after taxation |
30,368 |
72.64 |
111,001 |
40.06 |
79,251 |
17,996 |
68.75 |
|
Extraordinary items |
0 |
- |
0 |
- |
0 |
-4,526 |
0 |
|
Other appropriations |
0.00 |
- |
0.00 |
- |
0 |
- |
- |
|
Net result |
30,368 |
72.64 |
111,001 |
40.06 |
79,251 |
13,489 |
125 |
|
OTHER INFORMATION |
|||||||
|
Dividends |
- |
- |
- |
- |
- |
172,177 |
- |
|
Director remuneration |
- |
- |
- |
- |
- |
114,302 |
- |
|
Employee costs |
12,573 |
68.74 |
40,214 |
16.69 |
34,461 |
126,363 |
90.05 |
|
Wages and salary |
13,328 |
56.87 |
30,900 |
11.77 |
27,647 |
105,854 |
87.41 |
|
Employee pension costs |
- |
- |
- |
- |
- |
14,428 |
- |
|
Social security
contributions |
2,603 |
61.32 |
6,732 |
12.06 |
6,007 |
26,598 |
90.21 |
|
Other employee costs |
-3,359 |
-230 |
2,582 |
219 |
807 |
4,380 |
-176 |
|
Amortization and
depreciation |
15,444 |
0.77 |
15,325 |
-4.11 |
15,981 |
17,934 |
13.89 |
|
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 |
1,561 |
-100 |
|
Tangible fixed assets |
203,898 |
-5.75 |
216,347 |
-5.02 |
227,773 |
185,388 |
9.98 |
|
Land & building |
196,449 |
-3.64 |
203,872 |
-3.51 |
211,296 |
362,952 |
45.87 |
|
Plant & machinery |
7,141 |
13.54 |
6,289 |
48.30 |
4,241 |
22,760 |
68.62 |
|
Furniture & Vehicles |
308 |
95.02 |
6,185 |
49.45 |
12,236 |
17,415 5,433 |
98.23 |
|
Leasing & Other Similar
Rights |
- |
- |
- |
- |
- |
142,153 32,369 |
- |
|
Other tangible assets |
0 |
- |
0 |
- |
0 |
7,664 |
-100 |
|
Financial fixed assets |
- |
- |
- |
- |
- |
309,151 |
- |
|
Total fixed assets |
203,898 |
-5.75 |
216,347 |
-5.02 |
227,773 |
398,254 |
48.80 |
|
Inventories |
3,166,451 |
28.98 |
2,455,053 |
90.94 |
1,285,746 |
3,108,260 |
1.87 |
|
Raw materials &
consumables |
- |
- |
- |
- |
- |
7,209,884 |
- |
|
Work in progress |
0 |
- |
0 |
- |
0 |
2,411 |
-100 |
|
Finished goods |
3,166,451 |
28.98 |
2,455,053 |
90.94 |
1,285,746 |
1,992,265 |
58.94 |
|
Other stocks |
0 |
- |
0 |
- |
0 |
574,368 |
-100 |
|
Trade debtors |
5,749,792 |
0.61 |
5,714,825 |
45.95 |
3,915,680 |
4,189,589 |
37.24 |
|
Cash |
510,153 |
224 |
157,117 |
63.62 |
96,027 |
226,840 |
124 |
|
other amounts receivable |
17,858 |
19.92 |
14,891 |
39.23 |
24,503 |
186,814 |
90.44 |
|
Miscellaneous current
assets |
3,502 |
46.55 |
2,389 |
68.54 |
7,594 |
18,076 |
80.63 |
|
Total current assets |
9,447,756 |
13.22 |
8,344,275 |
56.57 |
5,329,550 |
7,252,094 |
30.28 |
|
Total Assets |
9,651,654 |
12.74 |
8,560,623 |
54.04 |
5,557,323 |
7,617,297 1,454,678 |
26.71 |
|
CURRENT LIABILITIES |
|||||||
|
Trade creditors |
2,620,258 |
20.10 |
3,279,494 |
144 |
1,339,063 |
3,057,888 |
14.31 |
|
Short term group loans |
- |
- |
- |
- |
- |
- |
- |
|
Financial debts |
4,706,524 |
44.16 |
3,264,821 |
46.23 |
2,232,696 |
4,287,536 192,320 |
9.77 |
|
Current portion of long
term debt |
13,360 |
5.34 |
12,683 |
5.03 |
12,075 |
107,941 15,359 |
87.62 |
|
Amounts Payable for Taxes,
Remuneration & Social Security |
8,717 |
75.78 |
35,993 |
104 |
17,589 |
9,445 - |
74.37 |
|
Miscellaneous current
liabilities |
320,512 |
13498 |
2,357 |
97.35 |
88,944 |
7.12 |
- - |
|
Total current liabilities |
7,669,370 |
16.28 |
6,595,348 |
78.72 |
3,690,367 |
5,370,007 |
42.82 |
|
LONG TERM DEBTS AND
LIABILITIES |
|
|
|
|
|
|
|
|
Long term group loans |
- |
- |
- |
- |
- |
- |
- - |
|
Other long term loans |
605,426 |
-2.16 |
618,786 |
-2.01 |
631,468 |
-45.11 |
- - |
|
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 |
605,426 |
-2.16 |
618,786 |
-2.01 |
631,468 |
562,172 |
7.69 |
|
SHAREHOLDERS EQUITY |
|
|
|
|
|
|
|
|
Issued share capital |
1,025,100 |
0 |
1,025,100 |
0 |
1,025,100 |
948,360 |
8.09 |
|
Share premium account |
4,900 |
0 |
4,900 |
0 |
4,900 |
109,362 |
- |
|
Reserves |
346,857 |
9.60 |
316,489 |
54.02 |
205,488 |
693,149 |
49.96 |
|
Revaluation reserve |
- |
- |
- |
- |
- |
939,206 |
- |
|
Total shareholders equity |
1,376,857 |
2.26 |
1,346,489 |
8.98 |
1,235,488 |
1,671,347 |
17.62 |
|
Working capital |
1,778,385 |
1.68 |
1,748,928 |
6.70 |
1,639,183 |
1,882,087 |
-5.51 |
|
Cashflow |
45,812 |
63.74 |
126,326 |
32.65 |
95,232 |
28,291 |
61.93 |
|
Net worth |
1,376,857 |
2.26 |
1,346,489 |
8.98 |
1,235,488 |
1,668,090 |
17.46 |
|
Annual accounts |
31-12-2012 |
change(%) |
31-12-2011 |
change(%) |
31-12-2010 |
Industry average 2012 |
% |
|
TRADING PERFORMANCE |
|
|
|
|
|
|
|
|
Profit Before Tax |
0.17 |
-63.83 |
0.47 |
2.17 |
0.46 |
-26,00 |
0.65 |
|
Return on capital employed |
2.61 |
-68.33 |
8.24 |
47.14 |
5.60 |
29,00 |
-91.00 |
|
Return on total assets
employed |
0.54 |
-71.43 |
1.89 |
0.53 |
1.88 |
-202,00 |
0.27 |
|
Return on net assets
employed |
3.76 |
-68.72 |
12.02 |
42.08 |
8.46 |
19,00 |
-80.21 |
|
Sales / net working
capital |
16.90 |
-14.82 |
19.84 |
43.25 |
13.85 |
45,00 |
-99 |
|
Stock turnover ratio |
10.54 |
48.87 |
7.08 |
25.09 |
5.66 |
111,00 |
-90.50 |
|
Debtor days |
69.85 |
16.16 |
60.13 |
-4.46 |
62.94 |
133,00 |
-47.48 |
|
Creditor days |
32.18 |
-7.85 |
34.92 |
60.11 |
21.81 |
122,00 |
-73.62 |
|
SHORT TERM STABILITY |
|||||||
|
Current ratio |
1.23 |
-3.15 |
1.27 |
-11.81 |
1.44 |
7,00 |
-86.33 |
|
Liquidity ratio / acid
ratio |
0.82 |
-7.87 |
0.89 |
-19.09 |
1.10 |
4,00 |
-79.50 |
|
Current debt ratio |
5.57 |
13.67 |
4.90 |
63.88 |
2.99 |
9,00 |
-38.11 |
|
Liquidity ratio
reprocessed |
- |
- |
- |
- |
- |
- |
- |
|
LONG TERM STABILITY |
|||||||
|
Gearing |
386.77 |
33.66 |
289.37 |
24.30 |
232.80 |
361,00 |
7.14 |
|
Equity in percentage |
14.27 |
-9.28 |
15.73 |
-29.24 |
22.23 |
-3.228,00 |
0.44 |
|
Total debt ratio |
6.01 |
12.13 |
5.36 |
53.14 |
3.50 |
10,00 |
-39.90 |
|
Activity
code |
46761 |
|
Activity
description |
Wholesale
of diamonds and other precious stones |
|
industry
average credit rating |
64.48 |
|
Industry
average credit limit |
140177.31 |
|
Payment
expectations |
|
|
Payment
expectation days |
32.18 |
|
Day
sales outstanding |
69.85 |
|
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 |
32.18 |
|
Lower |
134.36 |
|
Median |
84.62 |
|
Upper |
45.29 |
|
Day
sales outstanding |
|
|
Company
result |
69.85 |
|
Lower |
112.48 |
|
Median |
58.56 |
|
Upper |
28.58 |
|
Group
- Number of Companies |
0 |
|
Linkages
- Number of Companies |
0 |
|
Number
of Countries |
0 |
Group Structure
Group structure for this company
Minority
Shareholders
No minority shareholders found
Minority
Interests
No minority interests found
|
SHAREHOLDER
NAME |
|||
|
Forename |
Sohil |
Middle
name |
- |
|
Surname |
Jhaveri |
|
|
|
SHAREHOLDER
DETAILS |
|||
|
Start
date |
31/12/2008 |
End
date |
- |
|
Percentage
owned |
13.07% |
|
|
|
SHAREHOLDER
ADDRESS |
|||
|
Street
name |
Belgielei |
House
number |
119 |
|
Minor
town |
- |
Postal
town |
Antwerpen |
|
Post
code |
2018 |
Country |
Belgium |
|
|
|||
|
|
|||
|
SHAREHOLDER
NAME |
|||
|
Forename |
Samir |
Middle
name |
- |
|
Surname |
Shah |
|
|
|
SHAREHOLDER
DETAILS |
|||
|
Start
date |
31/12/2008 |
End
date |
- |
|
Percentage
owned |
34.64% |
|
|
|
SHAREHOLDER
ADDRESS |
|||
|
Street
name |
Belgielei |
House
number |
50 |
|
Minor
town |
- |
Postal
town |
Antwerpen |
|
Post
code |
2018 |
Country |
Belgium |
|
|
|||
|
|
|||
|
SHAREHOLDER
NAME |
|||
|
Forename |
Ashit |
Middle
name |
- |
|
Surname |
Sanghvi |
|
|
|
SHAREHOLDER
DETAILS |
|||
|
Start
date |
31/12/2008 |
End
date |
- |
|
Percentage
owned |
52.28% |
|
|
|
SHAREHOLDER
ADDRESS |
|||
|
Street
name |
Bajaj
Road |
House
number |
- |
|
Minor
town |
- |
Postal
town |
- |
|
Post
code |
- |
Country |
India |
|
Drawee
name |
- |
|
Address |
- |
|
Bill
amount |
- |
|
Bill
currency |
- |
|
Maturity
of bill |
- |
|
Name
of drawer |
- |
|
City
of drawer |
- |
|
NSSO
details |
|
|
Business
number |
480721904 |
|
Name
of defendant |
- |
|
Legal
form of defendant |
- |
|
Date
of summons |
- |
|
Labour
court |
- |
|
Bankruptcy
details |
|
Bankruptcy detail
There is no bankruptcy data against this company
Court
data
There
is no data for this company
|
Name |
SAMIR
YOGENDRAKUMAR SHAH |
|
Position |
Principal
Manager |
|
Start
Date |
09/09/2010 |
|
Street |
50
BELGIELEI ANTWERPEN |
|
Post
code |
2018 |
|
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.60.05 |
|
|
1 |
Rs.101.65 |
|
Euro |
1 |
Rs.83.08 |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.