MIRA INFORM REPORT

 

 

Report Date :

14.05.2014

 

IDENTIFICATION DETAILS

 

Name :

PRIMIL NV

 

 

Registered Office :

Belgiëlei 130-A, 2018 Antwerpen

 

 

Country :

Belgium

 

 

Financials (as on) :

31.12.2012

 

 

Date of Incorporation :

09.02.2001

 

 

Legal Form :

Public Limited Liability Company (BE)

 

 

Line of Business :

Wholesale of diamonds and other precious stones

 

 

No. of Employees

Not Available

 

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         474115907

Company name           PRIMIL NV

Address                        BELGIËLEI 130-A

2018 ANTWERPEN

Number of staff            0

Date of establishment  09/02/2001

Telephone number      032813288

 

 

Commentary

 

The business was established over 13 years ago.

No employees are recorded for this business.

The business has been at the address for over 5 years.

Operating Result in the latest trading period decreased 63% on the previous trading period.

Pre-tax profits decreased by 27% compared to the previous trading period.

Turnover in the latest trading period decreased 36% on the previous trading period

 

Accounts

DATE OF LATEST ACCOUNTS

TURNOVER

PROFIT BEFORE TAX

NET WORTH

WORKING CAPITAL

31/12/2012

8,269,224

79,484

1,333,293

2,207,967

31/12/2011

12,952,179

109,569

1,266,524

2,130,846

 

Accounts

DATE OF LATEST ACCOUNTS

BALANCE TOTAL

NUMBER OF EMPLOYEES

CAPITAL

CASHFLOW

31/12/2012

4,984,991

0

905,000

66,866

31/12/2011

4,273,771

0

905,000

89,448

31/12/2010

5,115,361

0

905,000

83,075

 

Trends

Profitability

 

Liquidity

 

Net worth

 

 

Payment expectations

Past payments

 

Payment expectation days

55.32

Industry average payment expectation days

165.12

Industry average day sales outstanding

126.94

Day sales outstanding

129.28

Court data summary

BANKRUPTCY DETAILS

Court action type

no

Court data summary

 

BANKRUPTCY DETAILS

Court action type                     no

PROTESTED BILLS

Bill amount                              -

NSSO DETAILS

Date of summons                     –

 

 

Company information

 

Business number

474115907

Company name

PRIMIL NV

Fax number

 

Date founded

09/02/2001

Company status

active

Company type

Public Limited Liability Company (BE)

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.0474.115.907

Belgian Bullettin of Acts Publications

moniteur belge

 

 

Contractor details

 

 

 

Registered contractor number

-

 

 

Contractor description

-

Date struck off register

 

 

Social Balance Sheet details

 

Social Balance Sheet

Total

During the reporting year ended 31-12-2012

 

Full-time Employees

-

Part-time Employees

-

Total Fte Employees

-

 

 

Number of hours worked

 

Full-time Employees

-

Part-time Employees

-

Total

-

 

 

Personnel Charges

 

Full-time Employees

-

Part-time Employees

-

Total

-

Benefits In Addition To Wages

-

 

 

During the previous reporting year

 

Average number employees in Fte

-

Actual working hours

-

Personnel Charges

-

Benefits In Addition To Wages

-

 

Type of Contract

Full-Time

Part-Time

Total Fte

Unlimited Duration Contracts

-

-

-

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

-

-

-

Higher education (non university)

-

-

-

Higher education (university)

-

-

-

 

Working Category

Full-Time

Part-Time

Total Fte

Management

-

-

-

White collar worker

-

-

-

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

-

-

-

 

 

Total of formal continuing vocational training initiatives

Male

Female

Number of employees

-

-

Number of training hours

-

-

Net costs for enterprise

-

-

Total of less formal and informal continuing vocational training initiatives for workers paid by the employer

Male

Female

Number of employees

-

-

Number of training hours

-

-

Net costs for enterprise

-

-

Total of initial training initiatives at the expense of the employer

Male

Female

Number of employees

-

-

Number of training hours

-

-

Net costs for enterprise

-

-

 

Personal (NSSO Classification)

Code

-

Description

-

Joint Industrial Committee (JIC)

Significant Events

 

Event Date

12/05/2006

Event Description

resignation-appointment of director(s)

Event Details

Commentaar 12-05-2006: Benoeming tot gedelegeerd bestuurder: Rupani Vimesh Hasmukh

 

 

Profit and loss

 

Annual accounts

31-12­2012

%

31-12-2011

%

31-12-2010

Industry average 2012

%

Weeks

52

 

52

 

52

 

 

Currency

EUR

 

EUR

 

EUR

 

 

Turnover

8,269,224

36.16

12,952,179

15.09

11,254,261

46,485,458

82.21

Total operating expenses

8,147,645

35.41

12,614,899

12.59

11,204,314

46,114,879

82.33

Operating result

121,579

63.95

337,280

575

49,947

140,644

13.56

Total financial income

45,204

-

-

-

81,832

97,700

53.73

Total financial expenses

87,299

61.66

227,711

442

41,973

205,052

57.43

Results on ordinary operations before taxation

79,484

27.46

109,569

22.01

89,806

25,212

215

Taxation

12,716

43.18

22,379

92.66

11,616

20,811

38.90

Results on ordinary operations after taxation

66,769

23.42

87,190

11.51

78,190

10,416

541

Extraordinary items

0

-100

1,937

-

0

-3,982

0

Other appropriations

0.00

-

0.00

-

0

-

-

Net result

66,769

25.09

89,127

13.99

78,190

6,453

934

OTHER INFORMATION

Dividends

-

-

-

-

-

172,177

-

Director remuneration

-

-

-

-

-

112,544

-

Employee costs

-

-

-

-

-

126,172

-

Wages and salary

-

-

-

-

-

105,771

-

Employee pension costs

-

-

-

-

-

14,428

-

Social security contributions

-

-

-

-

-

26,708

-

Other employee costs

0

-

0

-

0

4,356

-100

Amortization and depreciation

97

69.81

321

93.43

4,885

17,866

-99

back to top

 

 

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

327

22.86

424

97.16

14,925

184,536

-99

Land & building

-

-

-

-

-

362,988

-

Plant & machinery

327

22.86

424

27.37

333

22,615

98.55

Furniture & Vehicles

-

-

-

-

14,592

17,300 5,364

-

Leasing & Other Similar Rights

-

-

-

-

-

142,153 32,369

-

Other tangible assets

0

-

0

-

0

7,611

-100

Financial fixed assets

740

0

740

0

740

306,761

-99

Total fixed assets

1,067

-8.33

1,164

92.57

15,665

395,576

-99

Inventories

2,047,455

15.11

2,411,988

253

683,138

3,111,766

34.20

Raw materials & consumables

-

-

-

-

-

7,209,884

-

Work in progress

0

-

0

-

0

2,392

-100

Finished goods

2,047,455

15.11

2,411,988

253

683,138

2,000,677

2.34

Other stocks

0

-

0

-

0

570,162

-100

Trade debtors

2,928,974

58.43

1,848,765

55.15

4,122,405

4,249,443

31.07

Cash

1,605

16.16

1,914

-99

288,344

225,558

-99

other amounts receivable

3,218

55.34

7,205

24.04

5,809

209,360

98.46

Miscellaneous current assets

2,672

-2.28

2,734

-

0

18,289

85.39

Total current assets

4,983,923

16.65

4,272,607

16.22

5,099,696

7,337,366

32.07

Total Assets

4,984,991

16.64

4,273,771

16.45

5,115,361

7,692,885

1,451,744

35.20

CURRENT LIABILITIES

Trade creditors

1,234,913

40.03

2,059,236

33.20

3,082,678

3,151,222

60.81

Short term group loans

-

-

-

-

-

-

-

Financial debts

1,490,420

3580

40,494

4291

922

4,297,815 189,666

65.32

Current portion of long term debt

-

-

-

-

-

110,204 15,373

-

Amounts Payable for Taxes, Remuneration & Social Security

19,162

56.86

12,216

1.36

12,052

9,727 -

43.58

Miscellaneous current liabilities

31,461

5.52

29,816

-9.04

32,779

-89.39

- -

Total current liabilities

2,775,956

29.61

2,141,761

31.54

3,128,431

5,468,297

49.24

LONG TERM DEBTS AND LIABILITIES

Long term group loans

-

-

-

-

-

-

- -

Other long term loans

875,742

1.19

865,486

6.91

809,533

-21.39

- -

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

875,742

1.19

865,486

6.91

809,533

563,937

55.29

SHAREHOLDERS EQUITY

Issued share capital

905,000

0

905,000

0

905,000

967,079

-6.42

 

Share premium account

-

-

-

-

-

109,362

-

Reserves

428,293

18.47

361,524

32.72

272,397

657,910

34.90

Revaluation reserve

-

-

-

-

-

939,206

-

Total shareholders equity

1,333,293

5.27

1,266,524

7.57

1,177,397

1,654,570

19.42

Working capital

2,207,967

3.62

2,130,846

8.10

1,971,265

1,869,068

18.13

Cashflow

66,866

25.25

89,448

7.67

83,075

21,225

215

Net worth

1,333,293

5.27

1,266,524

7.57

1,177,397

1,651,328

19.26

 

 

 

 

 

 

back to top

 

Ratio analysis

 

Annual accounts

31-12-2012

change(%)

31-12-2011

change(%)

31-12-2010

Industry average 2012

 

TRADING PERFORMANCE

 

 

 

 

 

 

 

Profit Before Tax

0.96

12.94

0.85

6.25

0.80

-29,00

3.31

Return on capital employed

3.60

-29.96

5.14

13.72

4.52

29,00

-87.59

Return on total assets employed

1.59

-37.89

2.56

45.45

1.76

-201,00

0.79

Return on net assets employed

5.96

-31.10

8.65

13.37

7.63

19,00

-68.63

Sales / net working capital

3.75

-38.32

6.08

6.48

5.71

44,00

-99

Stock turnover ratio

24.76

32.98

18.62

206

6.07

116,00

-78.66

Debtor days

129.28

148

52.10

-61.03

133.70

143,00

-9.59

Creditor days

55.32

-7.15

59.58

-40.67

100.42

125,00

-55.74

SHORT TERM STABILITY

Current ratio

1.80

-9.55

1.99

22.09

1.63

6,00

-80.00

Liquidity ratio / acid ratio

1.06

21.84

0.87

-38.30

1.41

4,00

-73.50

Current debt ratio

2.08

23.08

1.69

-36.47

2.66

9,00

-76.89

Liquidity ratio reprocessed

-

-

-

-

-

-

-

LONG TERM STABILITY

Gearing

177.47

148

71.53

3.92

68.83

358,00

-50.43

Equity in percentage

26.75

-9.72

29.63

28.71

23.02

-3.198,00

0.84

Total debt ratio

2.74

15.61

2.37

-29.04

3.34

10,00

-72.60

 

 

Payment information

 

Amount

-

Details

-

Payment expectations

Payment expectation days

55.32

Day sales outstanding

129.28

Industry comparison

Activity code

46761

Activity description

Wholesale of diamonds and other precious stones

Industry average payment expectation days

165.12

Industry average day sales outstanding

126.94

Industry quartile analysis

Payment expectations

Company result

55.32

Lower

134.36

Median

84.93

Upper

45.55

 

Day sales outstanding

Company result

129.28

Lower

112.48

Median

58.70

Upper

28.09

 

 

Shareholder details

 

Group - Number of Companies

0

Linkages - Number of Companies

0

Number of Countries

0

 

Group structure

Click the company to view / order a report.

No group structure for this company

 

Minority Shareholders

No minority shareholders found

 

Minority Interests

No minority interests found

 

Companies that match this address

no Companies Match this address

 

linked companies

 

Group - Number of Companies

0

Linkages - Number of Companies

0

Number of Countries

0

 

 

Court data

 

Drawee name

-

Address

-

Bill amount

-

Bill currency

-

Maturity of bill

-

Name of drawer

-

City of drawer

-

NSSO details

Business number

474115907

Name of defendant

-

Legal form of defendant

-

Date of summons

-

Labour court

-

Bankruptcy details

 

 

Director details

 

Name

VIMESH HASMUKH RUPANI

Position

Director

Start Date

10/09/2013

End Date

02/06/2014

Street

406 BORIVALI WEST

Post code

 

Country

India

 

Name

VIMESH HASMUKH RUPANI

Position

Managing Director

Start Date

10/09/2013

End Date

02/06/2014

Street

406 BORIVALI WEST

Post code

 

Country

India

 

 

 

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.59.87

UK Pound

1

Rs.100.98

Euro

1

Rs.82.40

 

INFORMATION DETAILS

 

Analysis Done by :

DIV

 

 

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.