MIRA INFORM REPORT

 

 

Report Date :

22.11.2014

 

IDENTIFICATION DETAILS

 

Name :

UNIVERSAL CORPORATION BVBA

 

 

Registered Office :

Hoveniersstraat 53 2018 Antwerpen

 

 

Country :

Belgium

 

 

Financials (as on) :

30.09.2013

 

 

Date of Incorporation :

14/07/1998

 

 

Com. Reg. No.:

463862215

 

 

Legal Form :

Private Limited Company

 

 

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 :

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

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

Company name and address

 

Business number

463862215

Company name

UNIVERSAL CORPORATION BVBA

Address

HOVENIERSSTRAAT 53

 

2018 ANTWERPEN

Number of staff

0

Date of establishment

14/07/1 998

Telephone number

032132396

Fax number

022030137

 

 

Commentary

 

The business was established over 16 years ago.

No employees are recorded for this business. ^

The business has been at the address for over 6 years.

The business saw an increase in their Cash Balance of 160% during the latest trading period.

Turnover in the latest trading period decreased 37% on the previous trading period

 

 

Accounts

 

DATE OF LATEST ACCOUNTS

TURNOVER

PROFIT BEFORE TAX             NET WORTH              WORKING CAPITAL

30/09/2013

5,207,578

9,413 139,475

133,586

30/09/201 2

8,287,844

8,523 132,876

126,130

30/09/2011

1 3,503,11 4

24,130 126,667

114,847

 

 

Accounts

 

DATE OF LATEST ACCOUNTS

BALANCE TOTAL

NUMBER OF EMPLOYEES CAPITAL

CASHFLOW

30/09/2013

2,639,384

0 18,592

18,831

30/09/2012

2,509,263

0 18,592

20,955

30/09/2011

6,918,886

0 18,592

31,985

 

 

Payment expectations

 

Past payments

 

Payment expectation days

95.84

Industry average payment expectation days

1 25.38

Industry average day sales outstanding

143.79

Day sales outstanding

111.84

 

 

 

 

Company information

 

Business number

463862215

Company name

UNIVERSAL CORPORATION BVBA

Fax number

022030137

Date founded

14/07/1998

Company status

active

Company type

Private Limited Company

(BL/LX)

Currency

Euro (€)

Date of latest accounts

30/09/2013

Activity code

46761

Liable for VAT

yes

Activity description

Wholesale of diamonds

and other precious stones

VAT Number

BE.0463.862.215 Check

VAT number

 

 

Profit & loss

 

Annual accounts

30-09-2013

%

30-09-2012

%

30-09-2011

Industry average 2013

%

Weeks

52

 

52

 

52

 

 

Currency

EUR

 

EUR

 

EUR

 

 

Turnover

5,207,578

-37.17

8,287,844

-38.62

13,503,114

60,297,713

-91.36

Total operating expenses

5,169,149

-37.31

8,246,016

-38.74

13,460,233

59,739,491

-91.35

Operating result

38,429

-8.13

41,828

-2.46

42,881

175,271

-78.07

Total financial income

-

-

33

14.57

29

62,326

-

Total financial expenses

29,016

-12.97

33,339

77.53

18,780

185,726

-84.38

Results on ordinary operations before taxation

9,413

10.45

8,523

-64.68

24,130

53,280

-82.33

Taxation

2,815

21.70

2,313

-66.14

6,830

23,303

-87.92

Results on ordinary operations after taxation

6,599

6.26

6,210

-64.10

17,300

36,451

-81.90

Extraordinary items

0

-

0

-

0

7,296

-100

Other appropriations

0.00

-

0.00

-

0.00

-

-

Net result

6,599

6.26

6,210

-64.10

17,300

43,976

-84.99

OTHER INFORMATION

 

 

 

 

 

 

 

Gross Operating Margin

54,580

-20.06

68,278

4.22

65,515

36,581

49.20

Dividends

-

-

-

-

-

221,730

-

Director remuneration

-

-

-

-

-

128,969

-

Employee costs

-

-

-

-

-

145,646

-

Wages and salary

-

-

-

-

-

114,405

-

Employee pension costs

-

-

-

-

-

1,459

-

Social security contributions

-

-

-

-

-

28,519

-

Other employee costs

0

-

0

-

0

2,716

-100

Amortization and depreciation

12,233

-17.04

14,746

0.42

14,685

17,463

-29.95

 

 

balance sheet

 

Annual accounts

30-09-2013

%

30-09-2012

%

30-09-2011

Industry average 2013

%

Weeks

52

 

52

 

52

 

 

Currency

EUR

 

EUR

 

EUR

 

 

Intangible fixed assets

0

-0

-0

1,072

-100

Tangible fixed assets

22,593

-32.48

33,464

-30.01

47,814

198,920

-88.64

Land & building

-

-

-

-

-

400,113

-

Plant & machinery

-

-

-

-

840

27,608

-

Furniture & Vehicles

22,593

-32.48

33,464

-28.76

46,974

15,267 4,171

47.99

Leasing & Other Similar Rights

-

-

-

-

-

44,547 27,638

-

Other tangible assets

0

-0

-0

9,199

-100

Financial fixed assets

800

0

800

0

800

250,422

-99

Total fixed assets

23,393

-31.73

34,264

-29.52

48,614

357,904

-93.46

Inventories

667,401

-23.41

871,406

-23.75

1,142,790

3,155,662

-78.85

Raw materials & consumables

-

-

-

-

-

7,018,384

-

Work in progress

0

-0

-0

1,415

-100

Finished goods

0

-0

-0

2,111,769

-100

Other stocks

667,401

-23.41

871,406

-23.75

1,142,790

444,722

50.07

Trade debtors

1,595,607

8.69

1,468,049

-70.71

5,012,860

4,107,372

-61.15

Cash

349,166

160

134,275

-81.13

711,589

575,664,562

-99

other amounts receivable

3,816

200

1,269

-58.19

3,034

212,208

-98.20

Miscellaneous current assets

0

-0

-0

-566,157,647

0

Total current assets

2,615,991

5.70

2,474,999

-63.98

6,870,272

7,159,054

-63.46

Total Assets

2,639,384

5.19

2,509,263

-63.73

6,918,886

7,476,070 1,165,529

-64.70

 

 

CURRENT LIABILITIES

 

 

Trade creditors

1,357,357

11.32

1,219,334

-78.42

5,649,376

2,917,880

-53.48

 

Short term group loans

-

-

-

-

-

-

-

 

Financial debts

370,233

-4.26

386,698

4.43

370,288

4,476,090 118,514

-91.73

 

Current portion of long term debt

10,013

7.94

9,277

8.05

8,586

85,283 14,135

-88.26

 

Amounts Payable for Taxes, Remuneration & Social Security

3,585

15.65

3,100

-55.71

7,000

7,713 -

-87.71

 

Miscellaneous current liabilities

741,216

1.47

730,459

1.43

720,175

223

- -

 

Total current liabilities

2,482,404

5.69

2,348,868

-65.23

6,755,425

5,084,038

-51.17

 

LONG TERM DEBTS AND LIABILITIES

 

 

 

 

 

 

 

Long term group loans

-

-

-

-

-

-

- -

 

Other long term loans

17,505

-36.39

27,518

-25.21

36,795

-98.45

- -

 

Deffered taxes

-

-

-

-

-

58,297 69,470

-

 

Provisions for Liabilities & Charges

0

-

0

-

0

5,359 0

-100

 

Other long term liabilities

0

-

0

-

0

241,551

-100

 

Total long term debts

SHAREHOLDERS EQUITY

17,505

-36.39

27,518

-25.21

36,795

667,878

-97.38

 

Issued share capital

18,592

0

18,592

0

18,592

1,043,967

-98.22

 

Share premium account

-

-

-

-

-

86,926

-

 

Reserves

120,883

5.77

114,284

5.75

108,075

646,544

-81.30

 

Revaluation reserve

-

-

-

-

-

907,399

-

 

Total shareholders equity

139,475

4.97

132,876

4.90

126,667

1,714,1 20

-91.86

 

Working capital

133,586

5.91

126,130

9.82

114,847

2,075,016

-93.56

 

Cashflow

18,831

-10.14

20,955

-34.48

31,985

58,205

-67.65

 

Net worth

139,475

4.97

132,876

4.90

126,667

1,713,047

-91.86

 

 

ratio analysis

 

 

Annual accounts

TRADING PERFORMANCE

30-09-2013

change(%)

30-09-2012

change(%)

30-09-2011

Industry average 2013

%

 

Profit Before Tax

0.18

80.0

0.10

-44.44

0.18

-8,00

2.25

 

Return on capital employed

6

12.99

5.31

-64.02

14.76

-14,00

42.86

 

Return on total assets employed

0.36

5.88

0.34

-2.86

0.35

-5,00

7.20

 

Return on net assets employed

6.75

5.30

6.41

-66.35

19.05

-15,00

45.00

 

Sales / net working capital

38.98

-40.68

65.71

-44.11

117.57

170,00

-99

 

Stock turnover ratio

12.82

21.98

10.51

24.23

8.46

51,00

-74.86

 

Debtor days

111.84

72.99

64.65

-52.29

135.50

143,79

-22.22

 

Creditor days

SHORT TERM STABILITY

95.84

77.58

53.97

-64.77

153.19

125,38

-23.56

 

Current ratio

1.05

0

1.05

2.94

1.02

4,00

-93.00

 

Liquidity ratio / acid ratio

0.78

14.71

0.68

-20.0

0.85

3,00

-74.00

 

Current debt ratio

17.80

0.68

17.68

-66.85

53.33

15,00

18.67

 

Liquidity ratio reprocessed

-

-

-

-

-

-

-

 

LONG TERM STABILITY

 

 

 

 

 

 

 

 

Gearing

285.18

-10.52

318.71

-2.88

328.16

249,00

14.53

 

Equity in percentage

5.28

-0.38

5.30

189

1.83

-261,00

2.02

 

Total debt ratio

17.92

0.22

17.88

-66.65

53.62

16,00

12.00

 

 

Industry comparison

 

Activity code                46761

Activity description      Wholesale of diamonds and other precious stones

 

 

Payment expectations

 

Payment expectation days        95.84

Day sales outstanding               111.84

 

 

Industry quartile analysis

 

Payment expectations

Company result            95.84

Lower                           126.42

Median                         78.01

Upper                           48.73

 

 

Day sales outstanding

 

Company result            111.84

Lower                           103.77

Median                        54.50

Upper                           25.06

 

Shareholder Details

 

Group Structure

No group structure for this company.

 

Minority Shareholders

No minority shareholders found

 

Minority Interests

No minority interests found

 

 

Individual Shareholders

 

SHAREHOLDER NAME

Forename         Sunil                 Middle name    -

Surname          Shah

SHAREHOLDER DETAILS

Start date         14/07/1998        End date -

Percentage owned -

SHAREHOL      DER ADDRESS

Street name      Mechelsesteenweg        House number             195

Minor town       -                                   Postal town                 Antwerpen

Post code         2018                            Country                        Belgium

 

 

SHAREHOLDER NAME

Forename         Nimish                          Middle name    -

Surname          Mody

SHAREHOLDER DETAILS

Start date         14/07/1998                    End date -

Percentage owned -

SHAREHOLDER ADDRESS

Street name      Belgiëlei                        House number            96

Minor town       -                                   Postal town                 Antwerpen

Post code 2018 Country Belgium

 

 

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               NIMISH MODY

Position           Principal Manager

Start Date         17/06/2010

Street               96 BELGIËLEI ANTWERPEN

Post code         2018

Country            Belgium

 

Position           Non Statutory Partner

Start Date         14/07/1998

Street               96 BELGIËLEI 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.61.85

UK Pound

1

Rs.97.01

Euro

1

Rs.77.62

 

INFORMATION DETAILS

 

Analysis Done by :

RAS

 

 

Report Prepared by :

SDA

 

               

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.