MIRA INFORM REPORT

 

 

Report Date :

24.11.2014

 

IDENTIFICATION DETAILS

 

Name :

ASPECO BELGIUM NV

 

 

Registered Office :

Hoveniersstraat 30-Bus 153, 2018 Antwerpen

 

 

Country :

Belgium

 

 

Financials (as on) :

31.12.2013

 

 

Date of Incorporation :

02.02.1999

 

 

Com. Reg. No.:

465442820

 

 

Legal Form :

Public Limited Liability Company

 

 

Line of Business :

Wholesale of diamonds and other precious stones

 

 

No. of Employees :

08

 

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                     465442820

Company name                       ASPECO BELGIUM NV

Address                                    HOVENIERSSTRAAT 30-BUS 153

2018 ANTWERPEN

Number of staff                        8

Date of establishment              02/02/1999

Telephone number                  034011000

Fax number                             --

 

 

Ultimate holding company

 

Company name                       Company Number

Aspeco Belgium                        NV 465442820

 

 

Commentary

 

The business was established over 15 years ago.

The business has 8 employees.

The business is part of a group.

This business has a foreign parent business.

The business has changed its registered name recently.

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

The business has changed address 1 times in the last year.

A 26% decline in Total Assets occurred during the latest trading period.

The business saw a decrease in their Cash Balance of 49% 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

31/12/2013                                    

115,765,125

142,051

9,186,339

26,435,242

31/03/2013                                    

174,874,575

156,537

9,788,168

28,251,633

31/03/2012                                    

187,990,869

58,573

9,264,871

26,891,344

 

 

 

 

Accounts

 

 

DATE OF LATEST ACCOUNTS

BALANCE TOTAL

NUMBER OF EMPLOYEES

CAPITAL

CASHFLOW

31/12/2013

72,543,820

8

7,689,646

279,440

31/03/2013

98,448,211

9

8,281,402

372,412

31/03/2012

112,570,042

10

7,939,923

295,693

 

 

Court data summary

 

BANKRUPTCY DETAILS

 

Court action type                     No

 

 

Company information

 

Business number                                 465442820

Company name                                   ASPECO BELGIUM NV

Fax number Date founded                   02/02/1999

Company status                                   active

Company type                                                 Public Limited Liability Company (BE)

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.0465.442.820

Belgian Bullettin of Acts                      moniteur belge

Publications

 

 

Contractor details

 

Registered contractor number                         -

Contractor description                                     -

Date struck off register                                     -

 

 

 

 

Social Balance Sheet Details

 

Social Balance Sheet

Total

 

 

During the reporting year ended 31-12-2013

Full-time Employees

8

 

 

Part-time Employees

2

 

 

Total Fte Employees

9

 

 

 

Number of hours worked

Full-time Employees

9,696

 

 

Part-time Employees

1,866

 

 

Total

11,562

 

 

 

Personnel Charges

Full-time Employees

284,039

 

 

Part-time Employees

46,285

 

 

Total

330,324

 

 

Benefits In Addition To Wages

4,293

 

 

 

During the previous reporting year

Average number employees in Fte

11

 

 

Actual working hours

16,888

 

 

Personnel Charges

461,353

 

 

Benefits In Addition To Wages

5,708

 

 

 

Type of Contract Full-Time

Part-Time

Total Fte

 

Unlimited Duration                                    7

Contracts

2

8

 

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

5

-

5

 

Higher education (non

-

-

-

 

university)

 

 

 

 

Higher education

-

-

-

 

(university)

 

 

 

 

Women

Full-Time

Part-Time

Total Fte

 

Primary education              -                                    - -

Secondairy education

2

2

3

 

Higher education (non

-

-

-

 

university)

 

 

 

 

Higher education

-

-

-

 

(university)

 

 

 

 

 

 

 

*—

Working Category

Full-Time

Part-Time

Total Fte

 

 

Management

-

-

-

 

 

White collar worker

5

2

6

 

 

Blue collar worker

2

-

2

 

 

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

-

2

1

 

 

Personnel (NSSO classification) Code             -

Description                                                      -

Joint Industrial Committee (JIC)                      JIC Code 218

Description                                                      Additional national joint committee for the employees

Category                                                          --

 

Personnel (NSSO classification) Code             -

Description                                                      -

Joint Industrial Committee (JIC) JIC Code       218

Description                                                      Additional national joint committee for the employees

Category

 

 

Significant Events

 

Event Date                               23/07/2013

Event Description                     re-appointment of director(s)

Event Details                            Commentaar 23-07-2013: Herbenoemd als bestuurders tot de jaarvergadering

van 2018 : Shah Nitin,

Shah Bela (tevens voorzitter en gedelegeerd bestuurder), Shah Yogesh en Shah Rashmikant.

 

 

PROFIT & LOSS

 

Annual accounts

31-12-2013

%

31-03-2013

%

31-03-2012

Industry average 2013

%

Weeks

39

 

52

 

52

 

 

Currency

EUR

 

EUR

 

EUR

 

 

Turnover

115,765,125

-33.80

174,874,575

-6.98

187,990,869

54,844,489

111

Total operating expenses

113,015,921

-34.33

172,100,603

-7.51

186,067,062

54,388,766

107

Operating result

2,749,204

-0.89

2,773,972

44.19

1,923,807

149,720

1736

Total financial income

93,204

-80.67

482,157

-21.91

617,421

80,212

16.20

Total financial expenses

2,700,357

-12.88

3,099,592

24.85

2,482,655

188,629

1331

Results on ordinary operations before taxation

142,051

-9.25

156,537

167

58,573

35,110

304

Taxation

44,457

17.14

37,952

-18.07

46,324

21,826

103

Results on ordinary operations after taxation

97,594

-17.70

118,585

868

12,249

19,092

411

Extraordinary items

0

-100

6,250

-82.32

35,342

5,359

-100

Other appropriations

0

-

0

0

-1

-

-

Net result

97,594

-21.82

124,835

162

47,590

24,586

296

 

OTHER INFORMATION

 

 

 

 

 

 

 

 

 

Gross Operating Margin

-

-

-

-

-

33,386

-

Dividends

-

-

-

-

-

234,766

-

Director remuneration

-

-

-

-

-

125,886

-

Employee costs

330,324

-33.52

496,856

-8.12

540,755

139,463

136

Wages and salary

250,071

-34.35

380,918

-6.85

408,950

120,523

107

Employee pension costs

-

-

-

-

-

23,129

-

Social security contributions

69,188

-31.40

100,860

-8.05

109,694

29,804

132

Other employee costs

11,065

-26.61

15,078

-31.81

22,111

3,981

177

Amortization and depreciation

181,846

-26.55

247,577

-0.21

248,103

17,911

915

 

 

BALANCE SHEET

 

Annual accounts

31-12-2013

%

31-03-2013

%

31-03-2012

Industry average 2013

%

Weeks

39

 

52

 

52

 

 

Currency

EUR

 

EUR

 

EUR

 

 

Intangible fixed assets

0

-

0

-

0

1,303

-100

Tangible fixed assets

1,003,095

-16.58

1,202,408

-12.90

1,380,503

187,897

433

Land & building

-

-

-

-

-

367,237

-

Plant & machinery

496,363

-20.93

627,758

-10.81

703,822

26,714

1758

Furniture & Vehicles

50,997

4510

1,106

-94.74

21,018

15,817 4,605

222

Leasing & Other Similar Rights

455,735

-20.54

573,544

-12.52

655,664

107,517 34,551

323

Other tangible assets

0

-

0

0

-1

9,063

-100

Financial fixed assets

5,615

-10.29

6,259

-83.15

37,150

181,302

-96.90

Total fixed assets

1,008,710

-16.54

1,208,667

-14.74

1,417,654

299,199

237

Inventories

17,412,049

-26.42

23,664,079

-21.41

30,112,310

2,921,477

496

Raw materials & consumables

-

-

-

-

-

6,545,857

-

Work in progress

0

-

0

-

0

1,131

-100

Finished goods

17,412,049

-26.42

23,664,079

-21.41

30,112,310

1,936,680

799

Other stocks

0

-

0

-

0

449,387

-100

Trade debtors

50,779,560

-25.06

67,757,769

-14.28

79,047,059

4,233,539

1099

Cash

2,628,279

-49.37

5,191,222

408

1,021,431

459,715,559

-99

other amounts receivable

638,570

13.76

561,351

-37.73

901,516

199,435

220

Miscellaneous current assets

76,652

17.70

65,123

-7.06

70,072

-452,557,856

0.02

Total current assets

71,535,110

-26.43

97,239,544

-12.52

111,152,388

7,114,418

905

Total Assets

72,543,820

-26.31

98,448,211

-12.54

112,570,042

7,380,766 1,283,898

882

 

 

 

Current liabilities

 

Annual accounts

31-12-2013

%

31-03-2013

%

31-03-2012

Industry average 2013

%

Trade creditors

4,120,476

-55.19

9,196,247

-71.76

32,563,021

2,902,416

41.97

Short term group loans                              

 

 

 

 

 

 

 

Financial debts

40,654,035

-31.61

59,446,862

15.70

51,378,787

4,398,237 146,879

824

Current portion of long term debt

159,429

5.43

151,217

0.06

151,130

76,213 13,806

109

Amounts Payable for Taxes, Remuneration & Social Security

113,667

-14.62

133,136

4.42

127,502

8,317 -

259

Miscellaneous current liabilities

52,261

-13.55

60,449

48.87

40,604

-78.25

--

Total current liabilities

45,099,868

-34.63

68,987,911

-18.13

84,261,044

5,069,616

789

Long term group loans                               

 

 

 

 

 

 

 

Other long term loans

5,785,893

-7.29

6,240,651

574

925,588

399

--

Deffered taxes

-

-

-

-

-

46,266 28,377

-

Provisions for Liabilities & Charges

0

-

0

-

0

3,952 0

-100

Other long term liabilities

12,471,720

-7.15

13,431,481

-25.87

18,118,539

244,411

5002

Total long term debts

18,257,613

-7.19

19,672,132

3.30

19,044,127

675,434

2603

Issued share capital

7,689,646

-7.15

8,281,402

4.30

7,939,923

963,180

698

Share premium account

270,190

-7.15

290,982

4.30

278,984

124,160

117

Reserves

1,226,503

0.88

1,215,784

16.24

1,045,964

643,435

90.62

Revaluation reserve

-

-

-

-

-

852,199

-

Total shareholders equity

9,186,339

-6.15

9,788,168

5.65

9,264,871

1,627,797

464

Working capital

26,435,242

-6.43

28,251,633

5.06

26,891,344

2,044,802

1192

Cashflow

279,440

-24.96

372,412

25.95

295,693

39,114

614

Net worth

9,186,339

-6.15

9,788,168

5.65

9,264,871

1,626,493

464

 

 

ratio

 

 

Annual accounts

31-12-2013

change(%)

31-03-2013

change(%)

31-03-2012

Industry average 2013

%

 

TRADING PERFORMANCE

 

 

 

 

 

 

 

 

Profit Before Tax

0.12

33.33

0.09

200

0.03

-7,00

1.71

 

Return on capital employed

0.52

-1.89

0.53

152

0.21

-8,00

6.50

 

Return on total assets employed

0.20

25.00

0.16

220

0.05

-8,00

2.50

 

Return on net assets employed

1.55

-3.12

1.60

153

0.63

-8,00

19.38

 

Sales / net working capital

4.38

-29.24

6.19

-11.44

6.99

134,00

-99

 

Stock turnover ratio

15.04

11.16

13.53

-15.54

16.02

76,00

-80.21

 

Debtor days

160.10

13.21

141.42

-7.86

153.48

140,65

13.83

 

Creditor days

13.31

-31.74

19.50

-69.47

63.88

123,06

-89.18

 

SHORT TERM STABILITY

 

 

 

 

 

 

 

 

Current ratio

1.59

12.77

1.41

6.82

1.32

4,00

-84.10

 

Liquidity ratio / acid ratio

1.20

12.15

1.07

11.46

0.96

3,00

-60.00

 

Current debt ratio

4.91

-30.35

7.05

-22.44

9.09

10,00

-50.90

 

Liquidity ratio reprocessed

-

-

-

-

-

-

-

 

LONG TERM STABILITY

 

 

 

 

 

 

 

 

Gearing

507.27

-24.59

672.64

18.80

566.18

231,00

119

 

Equity in percentage

12.66

27.36

9.94

20.78

8.23

-212,00

5.97

 

Total debt ratio

6.90

-23.84

9.06

-18.74

11.15

11,00

-37.27

 

 

Industry comparison

 

Activity code 46761

Activity description Wholesale of diamonds and other precious stones

 

 

Payment Information

 

Payment expectations

Payment expectation days      13.31

Day sales outstanding 160.10

 

Industry comparison

Activity code                            46761

Activity description                  Wholesale of diamonds and other precious stones

 

 

Industry quartile analysis

 

Payment expectations

Company result           13.31

Lower                          122.66

Median                        75.38

Upper                           46.73

 

Day sales outstanding

 

Company result           160.10

Lower                          101.92

Median                        54.34

Upper                           24.45

 

Minority Shareholders

No minority shareholders found

 

Minority Interests

No minority interests found

 

Companies that match this address

no Companies Match this address

 

 

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                           BELA NITINKUMAR SHAH

Position                       Chairman of the Board

Start Date                    17/12/2004

Street                           9 DENNENLAAN ANTWERPEN

Post code                     2020

Country                        Belgium

 

Position                           Managing Director

Start Date                        01/07/2011

Street                              9 DENNENLAAN ANTWERPEN

Post code                        2020

Country                           Belgium

 

Position                           Director

Start Date                        17/12/2004

Street                               9 DENNENLAAN ANTWERPEN

Post code                        2020

Country                            Belgium

 

Name                              NITIN KUMAR NATWARLAL SHAH

Position                           Director

Start Date                        01/04/2008

Street                              9 DENNENLAAN ANTWERPEN

Post code                        2020

Country                           Belgium

 

Name                               YOGESH NATWARLAL SHAH

Position                           Director

Start Date                        01/01/2008

Street

Post code

Country                            India

 

Name                           RASHMIKANT NATWARLAL SHAH

Position                       Director

Start Date                    01/04/2007

Street

Post code

Country                        India

 

Name                           BELA SHAH BELA

Position                       Managing Director

Start Date                    01/07/2011

 

Former director details

Name                           NITIN KUMAR NATWARLAL SHAH

Position                       Principal Manager

Start Date                    02/02/1999

End Date                      17/12/2004

Street                           9 DENNENLAAN ANTWERPEN

Post code                     2020

Country                        Belgium

Position                       Managing Director

Start Date                    01/09/2009

End Date                      30/06/2011

Street                           9 DENNENLAAN ANTWERPEN

Post code                     2020

Country                        Belgium

 

Name                           BELA SHAH BELA

Position                       Director

Start Date                    17/12/2004

End Date                      01/09/2009

 

 

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 :

SUB

 

 

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.