MIRA INFORM REPORT

 

 

Report Date :

22.11.2014

 

IDENTIFICATION DETAILS

 

Name :

DIAMSTONES BVBA

 

 

Registered Office :

Hoveniersstraat 53-Bus 8, 2018 Antwerpen

 

 

Country :

Belgium

 

 

Financials (as on) :

31.12.2013

 

 

Date of Incorporation :

16.05.1990

 

 

Com. Reg. No.:

440710095

 

 

Legal Form :

Private Limited Company (BL/LX)

 

 

Line of Business :

Wholesale of diamonds and other precious stones

 

 

No of Employees :

7

 

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 :

No Complaints

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 – June 1, 2014

 

Country Name

Previous Rating

(31.03.2014)

Current Rating

(01.06.2014)

Belgium

A1

A2

 

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

Company summary

 

Business number                                             440710095

Company name                                                DIAMSTONES BVBA

Address                                                           HOVENIERSSTRAAT 53-BUS 8

2018 ANTWERPEN

Number of staff                                                7

Date of establishment                                       16/05/1990

Telephone number                                           032329093

Fax number                                                      32329560

 

 

Commentary

 

The business was established over 24 years ago.

The business has 7 employees.

The business has been at the address for over 13 years.

Pre-tax profits decreased by 33% compared to the previous trading period.

The business saw an increase in their Cash Balance of 27% during the latest trading period.

 

 

ACCOUNTS

 

DATE OF LATEST ACCOUNTS

TURNOVER

PROFIT BEFORE TAX

NET WORTH

WORKING CAPITAL

31/12/2013

31,460,117

71,819

2,785,175

1,746,594

31/12/2012

31,085,031

108,187

3,186,930

1,540,484

31/12/2011

40,896,694

228,712

3,103,711

1,232,579

 

 

Accounts

 

DATE OF LATEST ACCOUNTS

BALANCE TOTAL

NUMBER OF EMPLOYEES

CAPITAL

CASHFLOW

31/12/2013

13,184,442

7

1,123,143

122,156

31/12/2012

13,217,009

6

1,516,980

139,604

31/12/2011

12,937,927

7

1,516,980

227,050

 

 

Payment expectations

 

Past payments

 

Payment expectation days

63.12

 

Industry average payment expectation days

124.87

Industry average day sales outstanding

141.76

 

Day sales outstanding

87.15

 

 

 

 

 

Court data summary

 

BANKRUPTCY DETAILS

Court action type                      no

PROTESTED BILLS

Bill amount                              -

NSSO DETAILS

Date of summons                     -

 

 

Company information

 

Business number

440710095

Company name

DIAMSTONES BVBA

Fax number

32329560

Date founded

16/05/1990

Company status

active

Company type

Private Limited Company (BL/LX)

Currency

Euro(€)

Date of latest accounts

31/12/2013

Activity code

46761

Liable for VAT

yes

Activity description

Wholesale of diamonds and other precious stones

VAT Number

BE.0440.710.095 Check VAT number

Belgian Bullettin of Acts

moniteur beige

 

 

Publications

 

 

 

 

 

Social Balance Sheet Details

 

Social Balance Sheet                                                   Total

During the reporting year

ended 31-12-2013

Full-time Employees                                                    7

Part-time Employees                                                    1

Total Fte Employees                                                    8

Number of hours worked

Full-time Employees                                                    10,943

Part-time Employees                                                    1,469

Total                                                                            12,412

Personnel Charges

Full-time Employees                                                    359,366

Part-time Employees                                                    48,217

Total                                                                            407,584

Benefits In Addition To Wages                                     -

During the previous reporting year

Average number employees in Fte                               8

Actual working hours                                                   13,161

Personnel Charges                                                       408,172

Benefits In Addition To Wages                                     -

 

 

 

Type of Contract

Full-Time

Part-Time

Total Fte

Unlimited Duration Contracts

7

1

8

 

 

 

 

Gender and Education Level

 

 

 

Men

Full-Time

Part-Time

Total Fte

Primary education

1

-

1

Secondairy education

3

-

3

 

 

 

 

Women

Full-Time

Part-Time

Total Fte

Primary education

1

-

1

Secondairy education

2

1

3

 

 

 

 

Working Category

Full-Time

Part-Time

Total Fte

White collar worker

7

1

8

 

 

 

 

New staff and leavers

Full-Time

Part-Time

Total Fte

New Starters

1

1

2

Leavers

-

1

1

 

 

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

category

 

 

Significant Events

 

Event Date                    06/03/2013

Event Description         resignation-appointment of director(s)

Event Details                Commentaar 06-03-2013: Benoemd als zaakvoerder-directeur Kothari Rajiv.

 

 

Profit & loss

 

Annual accounts

31-12-2013

%

31-12-2012

%

31-12-2011

Industry

average 2013

%

Weeks

52

 

52

 

52

 

 

Currency

EUR

 

EUR

 

EUR

 

 

Turnover

31,460,117

1.21

31,085,031

-23.99

40,896,694

55,715,604

-43.53

Total operating expenses

31,167,888

1.22

30,791,186

-23.89

40,454,713

55,253,388

-43.59

Operating result

292,229

-0.55

293,846

-33.52

441,981

149,463

95.52

Total financial income

19,816

11468

171

-92.39

2,250

64,508

-69.28

Total financial expenses

240,226

29.27

185,830

-13.78

215,520

175,765

36.67

Results on ordinary operations before taxation

71,819

-33.62

108,187

-52.70

228,712

33,576

113

Taxation

13,403

-49.62

26,606

-58.33

63,853

20,406

-34.32

Results on ordinary operations after taxation

58,416

-28.40

81,581

-50.51

164,858

18,603

214

Extraordinary items

4,364

8309

-53

-

0

5,146

-15.20

Other appropriations

0

-

0.00

-

0.00

-

-

Net result

62,780

-23.00

81,529

-50.55

164,858

23,887

162

OTHER INFORMATION

 

 

 

 

 

 

 

Gross Operating Margin

-

-

-

-

-

32,106

-

Dividends

-

-

-

-

-

229,930

-

Director remuneration

89,707

-

-

-

-

124,122

-27.73

Employee costs

407,584

-4.47

426,647

14.63

372,191

139,039

193

Wages and salary

320,559

-4.71

336,406

14.94

292,691

120,390

166

Employee pension costs

-

-

-

-

-

23,129

-

Social security contributions

78,828

-2.28

80,670

16.48

69,260

29,758

164

Other employee costs

8,197

-14.35

9,570

-6.54

10,240

3,985

105

Amortization and depreciation

59,376

2.24

58,075

-6.62

62,191

17,981

230

 

balance sheet

 

Annual accounts

31-12-2013

%

31-12-2012

%

31-12-2011

Industry

average 2013

%

Weeks

52

 

52

 

52

 

 

Currency

EUR

 

EUR

 

EUR

 

 

Intangible fixed assets

674

-

2,394

-

4,084

1,301

-48.19

Tangible fixed assets

1,931,753

-4.41

2,020,772

-2.44

2,071,395

189,256

920

Land & building

1,827,185

-5.68

1,937,137

-1.39

1,964,386

369,659

394

Plant & machinery

57,207

73.00

33,067

-18.13

40,391

27,120

110

Furniture & Vehicles

47,361

-6.34

50,568

-24.09

66,618

15,707 4,508

201

Leasing & Other Similar Rights

-

-

-

-

-

107,517 34,551

-

Other tangible assets

0

-

0

-

0

9,253

-100

Financial fixed assets

7,010

-3.14

7,237

-17.96

8,821

172,343

-95.93

Total fixed assets

1,939,436

-4.48

2,030,403

-2.59

2,084,299

293,711

560

Inventories

3,612,975

24.08

2,911,740

-7.66

3,153,317

2,909,269

24.19

Raw materials & consumables

-

-

-

-

-

6,545,857

-

Work in progress

0

-

0

-

0

1,160

-100

Finished goods

3,612,975

24.08

2,911,740

-7.66

3,153,317

1,939,393

86.29

Other stocks

0

-

0

-

0

435,830

-100

Trade debtors

7,511,754

-7.41

8,112,974

13.00

7,179,466

4,229,769

77.59

Cash

80,758

27.23

63,473

-83.28

379,533

471,509,303

-99

other amounts receivable

10,862

-75.54

44,414

-55.24

99,236

203,567

-94.66

Miscellaneous current assets

28,657

-46.94

54,006

28.35

42,075

-464,010,815

0.01

Total current assets

11,245,006

0.52

11,186,606

3.07

10,853,628

7,089,446

58.62

Total Assets

13,184,442

-0.25

13,217,009

2.16

12,937,927

7,351,501

1,276,583

79.34

CURRENT LIABILITIES

 

 

 

 

 

 

 

Trade creditors

5,389,813

-12.23

6,140,678

-25.48

8,240,315

2,876,064

87.40

Short term group loans

-

-

-

-

-

-

-

Financial debts

3,988,050

18.15

3,375,487

188

1,168,617

4,400,592 129,710

-9.37

Current portion of long term debt

16,999

-0.01

17,000

0

17,000

76,428 13,806

-77.76

Amounts Payable for Taxes, Remuneration & Social Security

91,890

-10.64

102,833

-46.93

193,769

8,174-

199

Miscellaneous current liabilities

11,660

15.18

10,124

650

1,348

-95.16

--

Total current liabilities

9,498,412

-1.53

9,646,122

0.26

9,621,049

5,054,731

87.91

LONG TERM DEBTS AND LIABILITIES

 

 

 

 

 

 

 

Long term group loans

-

-

-

-

-

-

--

Other long term loans

800,182

184

281,563

158

109,083

-31.41

--

Deffered taxes

-

-

-

-

-

46,266 28,377

-

Provisions for Liabilities & Charges

0

-

0

-

0

4,052 0

-100

Other long term liabilities

99,999

0.00

100,000

0

100,000

249,909

-59.99

Total long term debts

900,181

135

381,563

82.49

209,083

688,337

30.78

SHAREHOLDERS EQUITY

 

 

 

 

 

 

 

Issued share capital

1,123,143

-25.96

1,516,980

0

1,516,980

972,464

15.49

Share premium account

-

-

-

-

-

124,160

-

Reserves

669,397

5.57

634,074

14.76

552,545

608,222

10.06

Revaluation reserve

993,309

-4.33

1,038,270

0

1,038,270

872,766

13.81

Total shareholders equity

2,785,849

-12.65

3,189,324

2.62

3,107,795

1,601,941

73.90

Working capital

1,746,594

13.38

1,540,484

24.98

1,232,579

2,034,715

-14.16

Cashflow

122,156

-12.50

139,604

-38.51

227,050

38,525

217

Net worth

2,785,175

-12.61

3,186,930

2.68

3,103,711

1,600,641

74.00

 

 

ratio analysis

 

Annual accounts

31-12-2013

change(%)

31-12-2012

change(%)

31-12-2011

Industry average 2013

%

TRADING PERFORMANCE

 

 

 

 

 

 

 

Profit Before Tax

0.23

-34.29

0.35

-37.50

0.56

-8,00

2.88

Return on capital employed

1.95

-35.64

3.03

-56.09

6.90

-8,00

24.38

Return on total assets employed

0.54

-34.15

0.82

-53.67

1.77

-8,00

6.75

Return on net assets employed

2.58

-23.89

3.39

-53.94

7.36

-8,00

32.25

Sales / net working capital

18.01

-10.75

20.18

-39.18

33.18

137,00

-99

Stock turnover ratio

11.48

22.52

9.37

21.53

7.71

74,00

-84.49

Debtor days

87.15

-8.51

95.26

48.66

64.08

141,76

-38.52

Creditor days

63.12

-13.28

72.79

-2.10

74.35

124,87

-49.45

SHORT TERM STABILITY

 

 

 

 

 

 

 

Current ratio

1.18

1.72

1.16

2.65

1.13

4,00

-88.20

Liquidity ratio / acid ratio

0.80

-6.98

0.86

7.50

0.80

3,00

-73.33

Current debt ratio

3.41

12.91

3.02

-2.58

3.10

10,00

-65.90

Liquidity ratio reprocessed

-

-

-

-

-

-

-

LONG TERM STABILITY

 

 

 

 

 

 

 

Gearing

172.49

49.73

115.20

176

41.66

231,00

-25.33

Equity in percentage

21.13

-12.43

24.13

0.42

24.03

-218,00

9.69

Total debt ratio

3.73

18.79

3.14

-0.63

3.16

11,00

-66.09

 

 

Industry comparison

 

Activity code                            46761

Activity description                  Wholesale of diamonds and other precious stones

industry average credit 64.48
rating

Industry average credit limit     140177.31

 

 

Payment Information

 

Suspension of payments / moratorium history

Amount                                     -

Details                                      -

 

Payment expectations

Payment expectation days        63.12

Day sales outstanding 87.15

 

 

Industry comparison

Activity code                            46761

Activity description                  Wholesale of diamonds and other precious stones

Industry average payment

expectation days                      124.87

Industry average day sales

Outstanding                             141.76

 

 

Industry quartile analysis

Payment expectations

Company result                        63.12

Lower                                       123.48

Median                                     76.58

Upper                                       46.98

 

Day sales outstanding

Company result                        87.15

Lower                                       101.92

Median                                     54.26

Upper                                       24.60

 

 

Shareholder Details

 

Summary

Group - Number of Companies             0

Linkages - Number of Companies        0

Number of Countries                            0

 

 

Group Structure

No group structure for this company.

 

Minority Shareholders

No minority shareholders found

 

Minority Interests

No minority interests found

 

SHAREHOLDER NAME

 

Forename

Shaishav

Middle name

Chandra

Surname

SHAREHOLDER DETAILS

Mehta

 

 

Start date

04/02/2010

(estimated)

End date

-

Percentage owned SHAREHOLDER ADDRESS

-

 

 

Street name

Van Eycklei

House number

41

Minor town

-

Postal town

Antwerpen

Post code

2018

Country

Belgium

 

Companies that match this address

No Companies Match this address

 

 

Linked Companies

 

Summary

Group - Number of Companies                         0

Linkages - Number of Companies                    0

Number of Countries                                        0

 

Summons

There is no data for this company

 

Protested Bills

There is no data for this company

 

Bankruptcy and other legal events

There is no data for this company

 

 

Director details

 

Current director details

Name                                       VIRAL KOTHARI

Position                                   Principal Manager

Start Date                                 01/10/2013

Street                                       26 ARENDSNESTLAAN EDEGEM

Post code                                 2650

Country                                    Belgium

 

Name                                       SHREYENSH MEHTA

Position                                   Principal Manager

Start Date                                 06/03/2013

Street                                       45 QUINTEN MATSIJSLEI ANTWERPEN

Post code                                 2018

Country                                    Belgium

 

Name                                       RAJIV SHASHIKANT KOTHARI

Position                                   Principal Manager

Start Date                                 14/11/2013

Street                                       26 ARENDSNESTLAAN EDEGEM

Post code                                 2650

Country                                    Belgium

 

Name                                       NARESH JAIN

Position                                   Principal Manager

Start Date                                 06/03/2013

Street

Post code

Country

Former director details

Name                                       SHAISHAV RAMESH CHANDRA MEHTA

Position                                   Principal Manager

Start Date                                 26/06/1995

End Date                                  31/12/2010

Street                                       41 VAN EYCKLEI ANTWERPEN

Post code                                 2018

Country                                    Belgium

 

Name                                       FIGURAD BEDRIJFSREVISOREN B.V. BVBA

Position                                   Commissioner

Start Date                                 03/12/2009

End Date                                  Unknown date

Date of birth                             01/10/1982

Street                                       1126 KORTRIJKSESTEENWEG GENT

Post code                                 9051

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.61.85

UK Pound

1

Rs.97.01

Euro

1

Rs.77.62

 

INFORMATION DETAILS

 

Analysis Done by :

SUM

 

 

Report Prepared by :

NIS

 

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.