MIRA INFORM REPORT

 

 

Report Date :

13.10.2014

 

IDENTIFICATION DETAILS

 

Name :

G.R. FANCIES BVBA

 

 

Registered Office :

Schupstraat 9, 2018 Antwerpen

 

 

Country :

Belgium

 

 

Financials (as on) :

31.12.2013

 

 

Date of Incorporation :

04.08.2006

 

 

Com. Reg. No.:

882972489

 

 

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 :

Ca

 

RATING

STATUS

PROPOSED CREDIT LINE

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

 

Status :

Moderate

Payment Behaviour :

Slow

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

 

 

 

 

 

Business number

882972489

Company name

G.R. FANCIES BVBA

Address

Schupstraat 9

 

2018 Antwerpen

Number of staff

0

Date of establishment

04/08/2006

Telephone number

032325088

 

COMMENTARY

 

The business was established over 8 years ago.

No employees are recorded for this business.

The business has been at the address for over 8 years.

A 31% decline in Total Assets occurred during the latest trading period.

The business saw a decrease in their Cash Balance of 32% during the latest trading period.

 

DATE OF LATEST ACCOUNTS

TURNOVER

PROFIT BEFORE TAX              

NET WORTH

WORKING CAPITAL

31.12.2013

--

-1,141

11,653

11,653

31.12.2012

--

-2,093

12,714

12,714

31.12.2011

--

-1,104

14,727

14,727

 

 

 

 

 

Accounts

DATE OF LATEST ACCOUNTS

BALANCE TOTAL

NUMBER OF EMPLOYEES CAPITAL

CAPITAL

CASHFLOW

31.12.2013

11,860

0

20,000

-1,061

31.12.2012

17,298

0

20,000

-2,013

31.12.2011

28,517

0

20,000

-1,024

 

 

 

Payment expectations

Past payments

 

Payment expectation days

--

Industry average payment expectation days

125.36

Industry average day sales outstanding

143.67

Day sales outstanding

--

 

 

Court data summary

BANKRUPTCY DETAILS

Court action type

No

 

 

PROTESTED BILLS

Bill amount

-

 

 

NSSO DETAILS

 

 

 

Date of summons

-

 

 

 

Company information

 

Business number

882972489

Company name

G.R. Fancies BVBA

Fax number

--

Date founded

04/08/2006

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.0882.972.489 Check

Belgian Bullettin of Acts Publications

moniteur beige

 

 

 

 

Company accounts

 

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

-

-

-

-

-

61,431,217

-

Total operating expenses

-

-

-

-

-

60,869,062

-

Operating result

-1,141

65.29

-1,747

-74.63

-1,001

176,440

-100

Total financial income

-

-

-

-

-

62,358

-

Total financial expenses

-

-

345

235

103

186,452

-

Results on ordinary operations before taxation

-1,141

54.52

-2,093

-89.61

-1,104

53,574

-102

Taxation

-

-

-

-

-

23,512

-

Results on ordinary operations after taxation

-1,141

54.52

-2,093

-89.61

-1,104

36,582

-103

Extraordinary items

0

-

0

-

0

7,195

-100

Other appropriations

0.00

-

0.00

-

0.00

-

-

Net result

-1,141

54.52

-2,093

-89.61

-1,104

43,936

-102

OTHER INFORMATION

 

 

 

 

 

 

 

Gross Operating Margin

-623

38.69

-1,611

-210

-519

36,147

-101

Dividends

-

-

-

-

-

221,730

-

Director remuneration

-

-

-

-

-

128,969

-

Employee costs

-

-

-

-

-

147,787

-

Wages and salary

-

-

-

-

-

115,593

-

Employee pension costs

-

-

-

-

-

1,459

-

Social security contributions

-

-

-

-

-

28,801

-

Other employee costs

0

-

0

-

0

2,721

-100

Amortization and depreciation

80

0

80

0

80

17,621

-99

 

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

207

-

287

-

367

1,524

-86.44

Tangible fixed assets

-

-

-

-

-

196,728

-

Land & building

-

-

-

-

-

392,235

-

Plant & machinery

-

-

-

-

-

28,340

-

Furniture & Vehicles

-

-

-

-

-

15,321 4,196

-

Leasing & Other Similar Rights

-

-

-

-

-

41,563 20,725

 

Other tangible assets

0

-

0

-

0

9,006

-100

Financial fixed assets

-

-

-

-

-

245,756

-

Total fixed assets

207

-27.91

287

-21.82

367

353,085

-99

Inventories

-

-

-

-

-

3,143,201

-

Raw materials & consumables

-

-

-

-

-

7,018,384

-

Work in progress

0

-

0

-

0

1,386

-100

Finished goods

0

-

0

-

0

2,109,524

-100

Other stocks

0

-

0

-

0

445,102

-100

Trade debtors

0

-

0

-

0

4,217,723

-100

Cash

11,138

-32.93

16,606

-40.51

27,913

563,374,375

-99

other amounts receivable

515

27.28

405

70.76

237

212,395

-99

Miscellaneous current assets

0

-

0

-

0

-554,254,084

0

Total current assets

11,653

-31.50

17,011

-39.57

28,150

7,268,838

-99

Total Assets

11,860

-31.44

17,298

-39.34

28,517

7,582,241 1,199,700

-99

 

CURRENT LIABILITIES

 

Trade creditors

-

-

-

-

13,423

2,994,881

-

Short term group loans

-

-

-

-

-

-

-

Financial debts

-

-

-

-

-

4,593,055 122,063

-

Current portion of long term debt

-

-

-

-

-

83,922 13,806

-

Amounts Payable for Taxes, Remuneration & Social Security

-

-

-

-

-

7,922 -

-

Miscellaneous current liabilities

0

-100

4,297

-

0

-100

--

Total current liabilities

0

-100

4,297

-67.99

13,423

5,210,818

-100

LONG TERM DEBTS AND LIABILITIES

 

 

 

 

 

 

 

Long term group loans

-

-

-

-

-

-

--

Other long term loans

-

-

-

-

-

-

--

Deffered taxes

-

-

-

-

-

58,297 69,470

-

Provisions for Liabilities & Charges

0

-

0

-

0

5,247 0

-100

Other long term liabilities

0

-

0

-

0

244,443

-100

Total long term debts

0

-

0

-

0

665,421

-100

SHAREHOLDERS EQUITY

 

 

 

 

 

 

 

Issued share capital

20,000

0

20,000

0

20,000

1,025,880

-98.05

Share premium account

-

-

-

-

-

86,926

-

Reserves

-8,140

-16.30

-6,999

-42.65

-4,906

647,046

-101

Revaluation reserve

-

-

-

-

-

907,399

-

Total shareholders’ equity

11,860

-8.78

13,001

-13.86

15,094

1,696,038

-99

Working capital

11,653

-8.34

12,714

-13.67

14,727

2,058,019

-99

Cashflow

-1,061

52.71

-2,013

-96.61

-1,024

58,315

-101

Net worth

11,653

-8.34

12,714

-13.67

14,727

1,694,514

-99

 

 

RATIO

 

Annual accounts

31-12-2013

change(%)

31-12-2012

change(%)

31-12-2011

Industry average 2013

%

TRADING PERFORMANCE

 

 

 

 

 

 

 

Profit Before Tax

-

-

-

-

-

-8,00

-

Return on capital employed

-9.62

59.75

-16.10

-120

-7.31

-14,00

68.71

Return on total assets employed

-9.62

79.50

-12.10

-212

-3.87

-5,00

-92.40

Return on net assets employed

-9.62

59.75

-16.10

-120

-7.31

-15,00

64.13

Sales / net working capital

-

-

-

-

-

167,00

-

Stock turnover ratio

-

-

-

-

-

50,00

-

Debtor days

-

-

-

-

-

143,67

-

Creditor days

-

-

-

-

-

125,36

-

SHORT TERM STABILITY

 

 

 

 

 

 

 

Current ratio

-

-

3.96

88.57

2.10

4,00

-

Liquidity ratio / acid ratio

-

-

3.96

88.57

2.10

3,00

-

Current debt ratio

-

-

0.33

-62.92

0.89

15,00

-

Liquidity ratio reprocessed

-

-

-

-

-

-

-

LONG TERM STABILITY

 

 

 

 

 

 

 

Gearing

-

-

-

-

-

251,00

-

Equity in percentage

101.77

33.15

76.43

42.54

53.62

-256,00

39.75

Total debt ratio

-

-

0.33

-62.92

0.89

16,00

-

 

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

 

 

 

INDUSTRY COMPARISON

 

Activity code                            46761

Activity description                  Wholesale of diamonds and other precious stones

Industry average payment        125.36

expectation days

Industry average day sales       143.67

outstanding

 

INDUSTRY QUARTILE ANALYSIS

PAYMENT EXPECTATIONS

Company result                        -

Lower                                       125.63

Median                                     77.57

Upper                                       48.73

 

DAY SALES OUTSTANDING

Company result                        -

Lower                                       105.23

Median                                     54.34

Upper                                       25.06

 

 

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                                 Joel                              Middle name -

Surname                                  Storfer

 

SHAREHOLDER DETAILS

Start date                                 21/06/2012                    End date -

Percentage owned                    100%

 

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                                       ISAAC WIEDEKEHR

Position                                   Principal Manager

Start Date                                 08/07/2014

Street                                       18 HELENALEI ANTWERPEN

Post code                                 2018

Country                                    Belgium

 

FORMER DIRECTOR DETAILS

 

Name                                       DAVID ISAAC WIEDERKEHR

Position                                   Principal Manager

Start Date                                 11/09/2013

End Date                                  31/12/2013

Date of birth                             28/09/1929

Street                                       18 HELENALEI ANTWERPEN

Post code                                 2018

Country                                    Belgium

 

Position                                   Non Statutory Partner

Start Date                                 04/08/2006

End Date                                  Unknown date

Date of birth                             28/09/1929

Street                                       18 HELENALEI ANTWERPEN

Post code                                 2018

Country                                    Belgium

 

Name                                       DAVID ISAAC WIEDERKERKEHR

Position                                   Principal Manager

Start Date                                 09/08/2012

End Date                                  31/12/2012

Street                                       18 HELENALEI ANTWERPEN

Post code                                 2018

Country                                    Belgium

 

Name                                       DAVID ISAAC WIEDEKEHR

Position                                   Principal Manager

Start Date                                 27/07/2011

End Date                                  31/12/2011

Street                                       18 HELENALEI 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.61.16

UK Pound

1

Rs.98.62

Euro

1

Rs.77.67

 

 

INFORMATION DETAILS

 

Analysis Done by :

SUB

 

 

Report Prepared by :

TPT

 

 

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.