MIRA INFORM REPORT

 

 

Report Date :

26.11.2014

 

IDENTIFICATION DETAILS

 

Name :

HARMONY GEMS BVBA

 

 

Registered Office :

Hoveniersstraat 51-Bus 94, 2018 Antwerpen

 

 

Country :

Belgium

 

 

Financials (as on) :

31.12.2013

 

 

Date of Incorporation :

27.10.2005

 

 

Com. Reg. No.:

877298781

 

 

Legal Form :

Private Limited Company (BL/LX)

 

 

LINE OF BUSINESS :

WHOLESALE OF DIAMONDS AND OTHER PRECIOUS STONES

 

 

No of Employees :

Not Available

 

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Status :

Moderate

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                     877298781

Company name                       HARMONY GEMS BVBA

Address                                    HOVENIERSSTRAAT 51-BUS 94

2018 ANTWERPEN

Number of staff                        0

Date of establishment              27/10/2005

Telephone number                  032269297

Fax number                             032130900

 

 

Commentary

 

The business was established over 9 years ago.

The business has 1 employees.

The business has been at the address for over 23 months.

A 22% growth in Total Assets occurred during the latest trading period.

Turnover in the latest trading period increased 63% on the previous trading period.

 

 

Accounts

 

DATE OF LATEST ACCOUNTS

TURNOVER

PROFIT BEFORE TAX

NET WORTH

WORKING CAPITAL

31/12/2013

35,813,059

69,465

2,342,435

7,165,641

31/12/2012

21,867,990

65,547

2,261,218

7,302,954

31/12/2011

 

40,010

2,195,539

7,335,825

 

 

Accounts

 

DATE OF LATEST ACCOUNTS

BALANCE TOTAL

NUMBER OF EMPLOYEES

CAPITAL

CASHFLOW

31/12/2013

13,214,212

0

2,103,671

82,478

31/12/2012

10,782,871

0

2,103,671

67,140

31/12/2011

9,123,571

0

2,103,671

37,365

 

 

Court data summary

 

BANKRUPTCY DETAILS

Court action type                     no

PROTESTED BILLS

Bill amount                              -

NSSO DETAILS

Date of summons                     26/03/2013

 

 

Company information

 

Business number

877298781

Company name

HARMONY GEMS BVBA

Fax number

032130900

Date founded

27/10/2005

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.0877.298.781 Check VAT number

Belgian Bullettin of Acts

Publications

moniteur belge

 

 

 

 

Social Balance Sheet Details

 

Social Balance Sheet                                                  Total

During the reporting year

ended 31-12-2013

Full-time Employees                                                    -

Part-time Employees                                                   1

Total Fte Employees                                                    1

Number of hours worked

Full-time Employees                                                    -

Part-time Employees                                                   932

Total                                                                            932

Personnel Charges

Full-time Employees                                                    -

Part-time Employees                                                   24,487

Total                                                                            24,487

Benefits In Addition To Wages                                    -

During the previous reporting year

Average number employees in Fte                             1

Actual working hours                                                   940

Personnel Charges                                                      28,551

Benefits In Addition To Wages                                    -

 

 

Type of Contract                      Full-Time                                 Part-Time                                 Total Fte

Unlimited Duration

Contracts                                 -                                               1                                              1

 

Gender and Education

Level

Women                                    Full-Time                                 Part-Time                                 Total Fte

Primary Education                   -                                               1                                              1

 

Working Category                    Full-Time                                 Part-Time                                 Total Fte

White collar worker                 -                                               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

 

 

Profits loss

 

Annual accounts

31-12-2013

%

31-12-2012

%

31-12­2011

Industry average 2013

%

Weeks

52

 

52

 

52

 

 

Currency

EUR

 

EUR

 

EUR

 

 

Turnover

35,813,059

63.77

21,867,990

-

-

54,328,773

-34.08

Total operating expenses

35,734,512

64.02

21,786,945

-

-

53,874,825

-33.67

Operating result

78,547

-3.08

81,045

41.00

57,479

149,823

-47.57

Total financial income

32,643

98.69

16,430

2378

663

83,179

-60.76

Total financial expenses

41,726

30.69

31,928

76.09

18,131

191,543

-78.22

Results on ordinary operations before taxation

69,465

5.98

65,547

63.83

40,010

34,909

98.99

Taxation

14,900

11279

-132

-103

3,717

21,734

-31.44

Results on ordinary operations after taxation

54,565

-16.92

65,679

80.97

36,293

18,939

188

Extraordinary items

26,652

-

0

-

0

5,365

396

Other appropriations

0.00

-

0.00

-

0

-

-

Net result

81,217

23.66

65,679

80.97

36,293

24,438

232

Gross Operating Margin

-

-

-

-

83,714

33,409

-

Dividends

-

-

-

-

-

234,766

-

Director remuneration

-

-

-

-

-

126,036

-

Employee costs

24,487

-14.23

28,551

19.29

23,934

139,048

-82.39

Wages and salary

20,342

-11.42

22,964

19.83

19,164

119,968

-83.04

Employee pension costs

-

-

-

-

-

23,129

-

Social security contributions

3,663

-5.64

3,882

5.78

3,670

29,614

-87.63

Other employee costs

482

-71.72

1,705

55.15

1,099

3,979

-87.88

Amortization and depreciation

1,261

-13.70

1,461

36.25

1,072

17,896

-92.96

 

 

Balance Sheet

 

Annual accounts

31-12-2013

%

31-12-2012

%

31-12­2011

Industry average 2013

%

Weeks

52

 

52

 

52

 

 

Currency

EUR

 

EUR

 

EUR

 

 

Intangible fixed assets

0

-

0

-

0

1,298

-100

Tangible fixed assets

2,792

-3.27

2,886

-25.38

3,868

189,680

-98.53

Land & building

-

-

-

-

-

369,885

-

Plant & machinery

1,043

-5.54

1,104

-37.64

1,771

26,893

-96.12

Furniture & Vehicles

1,310

-26.46

1,782

-15.03

2,097

15,771 4,585

-91.69

Leasing & Other Similar Rights

-

-

-

-

-

107,517 34,551

-

Other tangible assets

438

-

0

-

0

9,057

-95.16

Financial fixed assets

5,713

0

5,713

-0.01

5,713

179,439

-96.82

Total fixed assets

8,505

-1.10

8,599

-10.24

9,580

299,919

-97.16

Inventories

7,799,318

4.49

7,464,111

32.38

5,638,440

2,927,814

166

Raw materials & consumables

-

-

-

-

-

6,545,857

-

Work in progress

0

-

0

-

0

1,123

-100

Finished goods

7,799,318

4.49

7,464,111

-

0

1,943,728

301

Other stocks

0

-

0

-100

5,638,440

451,609

-100

Trade debtors

4,781,620

69.33

2,823,839

-12.29

3,219,453

4,241,844

12.73

Cash

35,153

-4.85

36,944

-41.51

63,162

456,237,237

-99

other amounts receivable

587,378

30.71

449,377

132

192,936

181,821

223

Miscellaneous current assets

2,239

-

0

-

0

-449,184,062

0.00

Total current assets

13,205,708

22.57

10,774,272

18.22

9,113,991

7,131,127

85.18

Total Assets

13,214,212

22.55

10,782,871

18.19

9,123,571

7,398,361 1,291,835

78.61

Trade creditors

5,612,075

87.49

2,993,327

106

1,446,730

2,898,098

93.65

Short term group loans

-

-

-

-

-

-

-

Financial debts

397,070

-14.25

463,052

48.12

312,616

4,392,180 148,601

-90.96

Current portion of long term debt

6,671

-4.33

6,973

-1.93

7,110

81,130 14,053

-91.78

Amounts Payable for Taxes, Remuneration & Social Security

23,707

205

7,757

40.22

5,532

8,507 -

-25.07

Miscellaneous current liabilities

543

158

210

-96.60

6,178

-99

--

Total current liabilities

6,040,067

74.00

3,471,318

95.22

1,778,166

5,071,474

19.10

Long term group loans

-

-

-

-

-

-

--

Other long term loans

4,831,710

-4.33

5,050,335

-1.93

5,149,866

311

--

Deffered taxes

-

-

-

-

-

46,266 28,377

-

Provisions for Liabilities & Charges

0

-

0

-

0

3,923 0

-100

Other long term liabilities

0

-

0

-

0

243,305

-100

Total long term debts

4,831,710

-4.33

5,050,335

-1.93

5,149,866

679,953

610

Issued share capital

2,103,671

0

2,103,671

0.00

2,103,671

963,005

118

Share premium account

-

-

-

-

-

124,160

-

Reserves

238,764

51.55

157,547

71.49

91,868

653,401

-63.46

Revaluation reserve

-

-

-

-

-

881,530

-

Total shareholders equity

2,342,435

3.59

2,261,218

2.99

2,195,539

1,639,055

42.91

Working capital

7,165,641

-1.88

7,302,954

-0.45

7,335,825

2,059,653

247

Cashflow

82,478

22.84

67,140

79.69

37,365

38,980

111

Net worth

2,342,435

3.59

2,261,218

2.99

2,195,539

1,637,757

43.03

 

 

ratio analysis

 

Annual accounts

31-12-2013

change(%)

31-12-2012

change(%)

31-12-2011

Industry average 2013

%

TRADING PERFORMANCE

 

 

 

 

 

 

 

Profit Before Tax

0.19

-36.67

0.30

-

-

-7,00

2.71

Return on capital employed

0.97

7.78

0.90

66.67

0.54

-7,00

13.86

Return on total assets employed

0.53

-13.11

0.61

38.64

0.44

-8,00

6.62

Return on net assets employed

2.97

2.41

2.90

59.34

1.82

-6,00

49.50

Sales / net working capital

5

67.22

2.99

-

-

132,00

-99

Stock turnover ratio

21.78

-36.19

34.13

-

-

76,00

-71.34

Debtor days

48.73

3.39

47.13

-

-

141,43

-65.54

Creditor days

57.32

14.30

50.15

-

-

123,17

-53.46

SHORT TERM STABILITY

 

 

 

 

 

 

 

Current ratio

2.19

-29.35

3.10

-39.57

5.13

4,00

-78.10

Liquidity ratio / acid ratio

0.90

-5.26

0.95

-51.28

1.95

3,00

-70.00

Current debt ratio

2.58

67.53

1.54

90.12

0.81

10,00

-74.20

Liquidity ratio reprocessed

-

-

-

-

-

-

-

LONG TERM STABILITY

 

 

 

 

 

 

 

Gearing

223.50

-8.45

244.13

-2.00

249.12

229,00

-2.40

Equity in percentage

17.73

-15.45

20.97

-12.84

24.06

-210,00

8.44

Total debt ratio

4.64

23.08

3.77

19.30

3.16

11,00

-57.82

 

 

Industry comparison

 

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 Information

 

Payment expectations

 

Payment expectation days      57.32

Day sales outstanding 48.73

 

Industry comparison

 

Activity code                            46761

Activity description                  Wholesale of diamonds and other precious stones

Industry average payment

expectation days                     123.17

Industry average day sales

outstanding                              141.43

 

Industry quartile analysis

 

Payment expectations

Company result                       57.32

Lower                                      122.66

Median                                    75.38

Upper                                       46.73

 

Day sales outstanding

 

Company result                       48.73

Lower                                      101.92

Median                                    54.50

Upper                                       24.07

 

Shareholder Details

 

Group Structure

No group structure for this company

 

Minority Shareholders

No minority shareholders found

 

Minority Interests

No minority interests found

 

 

Linked Companies

 

Summons

Legal event type

Social Security Summons

 

 

Event date

26/03/2013

 

 

Court type

Court name

Antwerpen

 

Creditor's name

3rd party type

 

 

Legal event type

Social Security Summons

 

 

Event date

22/01/2013

 

 

Court type

Court name

Antwerpen

 

Creditor's name

3rd party type

 

 

Legal event type

Social Security Summons

 

 

Event date

20/11/2012

 

 

Court type

 

Court name

Antwerpen

Creditor's name

Rijksdienst voor Sociale Zekerheid

3rd party type

Summoning Party

Legal event type

Social Security Summons

 

 

Event date

23/10/2012

 

 

Court type

Court name

Antwerpen

 

Creditor's name

3rd party type

 

 

Legal event type

Social Security Summons

 

 

Event date

26/06/2012

 

 

Court type

Court name

Antwerpen

 

Creditor's name

3rd party type

 

 

Legal event type

Social Security Summons

 

 

Event date

28/02/2012

 

 

Court type

Court name

Antwerpen

 

Creditor's name

3rd party type

 

 

Legal event type

Social Security Summons

 

 

Event date

20/12/2011

 

 

Court type

Court name

Antwerpen

 

Creditor's name

3rd party type

 

 

Legal event type

Social Security Summons

 

 

Event date

27/09/2011

 

 

Court type

Court name

Antwerpen

 

Creditor's name

3rd party type

 

 

Legal event type

Social Security Summons

 

 

Event date

21/06/2011

 

 

Court type

 

Court name

Antwerpen

Creditor's name

Rijksdienst voor Sociale Zekerheid

3rd party type

Summoning Party

Legal event type

Social Security Summons

 

 

Event date

24/05/2011

 

 

Court type

Court name

Antwerpen

 

Creditor's name

3rd party type

 

 

Legal event type

Social Security Summons

 

 

Event date

22/03/2011

 

 

Court type

 

Court name

Antwerpen

Creditor's name

Rijksdienst voor Sociale Zekerheid

3rd party type

Summoning Party

Legal event type

Social Security Summons

 

 

Event date

22/02/2011

 

 

Court type

Court name

Antwerpen

 

Creditor's name

3rd party type

 

 

Legal event type

Social Security Summons

 

 

Event date

25/01/2011

 

 

Court type

Court name

Antwerpen

 

Creditor's name

3rd party type

 

 

Legal event type

Social Security Summons

 

 

Event date

21/12/2010

 

 

Court type

 

Court name

Antwerpen

Creditor's name

Rijksdienst voor Sociale Zekerheid

3rd party type

Summoning Party

Legal event type

Social Security Summons

 

 

Event date

23/11/2010

 

 

Court type

Court name

Antwerpen

 

Creditor's name

3rd party type

 

 

Legal event type

Social Security Summons

 

 

Event date

26/10/2010

 

 

Court type

 

Court name

Antwerpen

Creditor's name

Rijksdienst voor Sociale Zekerheid

3rd party type

Summoning Party

Legal event type

Social Security Summons

 

 

Event date

28/09/2010

 

 

Court type

Court name

Antwerpen

 

Creditor's name

3rd party type

 

 

 

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                                       ABHAY NANAVATI

Position                                   Principal Manager

Start Date                                07/11/2010

Street                                       7 KWIKSTAARTLAAN ANTWERPEN

Post code                                 2610

Country                                    Belgium

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.61.92

UK Pound

1

Rs.97.12

Euro

1

Rs.76.93                           

 

INFORMATION DETAILS

 

Analysis Done by :

KAR

 

 

Report Prepared by :

SMN

 

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.