MIRA INFORM REPORT
|
Report Date : |
16.10.2014 |
IDENTIFICATION DETAILS
|
Name : |
AAROHI DIAMONDS
NV |
|
|
|
|
Registered Office : |
Hoveniersstraat 30, Box 143, 2018 Antwerpen |
|
|
|
|
Country : |
Belgium |
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
18.09.1986 |
|
|
|
|
Com. Reg. No.: |
429469280 |
|
|
|
|
Legal Form : |
Public Limited Liability Company |
|
|
|
|
Line of Business : |
Wholesaler of diamonds and other precious stones |
|
|
|
|
No of Employees : |
01 (31.12.2012) |
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
name & address
Business number 429469280
Company name AAROHI DIAMONDS NV
Address HOVENIERSSTRAAT
30, Box 143
2018 ANTWERPEN
Number of staff 1 (31.12.2012)
Date of establishment 18/09/1986
Telephone number 032341773
Fax number 032334638
Commentary
The business was established over 27 years ago. 
The business has 1 employees.
The business has been at the address for over 17 years.
Operating Result in the latest trading
period decreased 24% on the previous trading period. 
A 130% growth in Total Assets occurred
during the latest trading period. 
The business saw an increase in their Cash
Balance of 814% during the latest trading period.
Working Capital is a negative amount during
the latest trading period.
Turnover in the latest trading period
increased 142% on the previous trading period.
ACCOUNTS
|
Date of latest
accounts |
Turnover |
Profit Before Tax |
Net worth |
Working capital |
|
31/12/2012 |
17,397,820 |
71,288 |
919,542 |
-75,701 |
|
31/12/2011 |
7,165,428 |
75,671 |
875,562 |
-46,895 |
|
31/12/2010 |
75,250 |
55,718 |
799,890 |
-77,182 |
Accounts
|
Date of latest
accounts |
Balance Total |
Number of Employees |
Capital |
Cashflow |
|
31/12/2012 |
14,876,941 |
1 |
30,987 |
67,517 |
|
31/12/2011 |
6,454,084 |
0 |
30,987 |
93,796 |
|
31/12/2010 |
1,606,468 |
0 |
30,987 |
80,715 |
TRENDS
|
Profitability |
|
|
Liquidity |
|
|
Net worth |
|
Payment
expectations
Payment expectation days 252.92
Industry average payment expectation days 172.58
Industry average day sales outstanding 139.87
Day sales outstanding 196.76
Company
information
Business number 429469280
Company name AAROHI DIAMONDS NV
Fax number 032334638
Date founded 18/09/1986
Company status active
Company type Public Limited
Liability Company (BE)
Currency Euro (€)
Date of latest accounts 31/12/2012
Activity code 46761
Activity description Wholesaler of
diamonds and other precious stones
Liable for VAT yes
VAT NUMBER BE.0429.469.280
Check VAT number
Social
Balance Sheet Details
Social Balance Sheet Total
During the reporting year ended 31-12-2012
Full-time Employees 3
Part-time Employees -
Total Fte Employees 3
Type of Contract Full-Time
Part-Time Total Fte
Unlimited Duration
Contracts 1 -- 1
Women Full-Time Part-Time Total Fte
Primary education
-
- -
Secondary education 1 - 1
Working Category Full-Time
Part-Time Total Fte
White collar worker 1 - 1
New staff and leavers Full-Time
Part-Time Total Fte
New Starters 1 - 1
Personnel
(NSSO classification)
Description 01 (31.12.2012)
Joint
Industrial Committee
(JIC)
Significant Events
Event Date 28/05/2014
Event Description Rechtzetting akte
dd. 12 mei 2014. Er dient gelezen te worden: 'Neerlegging van
het
Event Details besluit van de
aandeelhouders genomen op 24 april 2014 overeenkomstig artikel
556 v an het
Wetboek van Vennootschappen' i.p.v. 'Neerlegging van het besluit v
Event Date 28/05/2014
Event Details an de aandeelhouders
genomen op 23 april 2014 overeenkomstig artikel 556 van
het Wetboek van
Vennootschappen'
COMPANY
ACCOUNTS
Comparison Mode
·
Average Median Export
accounts to CSV File
Profit & Loss
|
Annual
accounts |
31-12-2012 |
% |
31-12-2011 |
% |
31-12-2010 |
Industry average 2012 |
% |
|
Weeks |
52 |
|
52 |
52 |
|
|
|
|
Currency |
EUR |
|
EUR |
|
EUR |
|
|
|
Turnover |
17,397,820 |
142 |
7,165,428 |
9422 |
75,250 |
46,373,024 |
-62.48 |
|
Total operating expenses |
17,309,118 |
145 |
7,047,714 |
22348 |
31,395 |
46,006,445 |
-62.38 |
|
Operating result |
88,703 |
-24.65 |
117,715 |
168 |
43,855 |
139,491 |
-36.41 |
|
Total financial income |
0 |
-99 |
1 |
-99 |
27,539 |
98,549 |
-99 |
|
Total financial expenses |
17,415 |
-58.58 |
42,044 |
168 |
15,676 |
205,697 |
-91.53 |
|
Results on ordinary operations before
taxation |
71,288 |
-5.79 |
75,671 |
35.81 |
55,718 |
24,121 |
195 |
|
Taxation |
27,307 |
- |
- |
- |
- |
20,777 |
31.43 |
|
Results on ordinary operations after
taxation |
43,980 |
-41.88 |
75,671 |
35.81 |
55,718 |
9,375 |
369 |
|
Extraordinary items |
0 |
- |
0 |
- |
0 |
-3,964 |
0 |
|
Other appropriations |
0.00 |
- |
0.00 |
- |
0.00 |
- |
- |
|
Net result |
43,980 |
-41.88 |
75,671 |
35.81 |
55,718 |
5,431 |
709 |
|
Other Information |
|
|
|
|
|
|
|
|
Gross Operating Margin |
128,514 |
-9.29 |
141,672 |
90.89 |
74,215 |
56,748 |
126 |
|
Dividends |
- |
- |
- |
- |
- |
172,177 |
- |
|
Director remuneration |
- |
- |
- |
- |
- |
112,544 |
- |
|
Employee costs |
6,042 |
- |
- |
- |
- |
126,291 |
-95.22 |
|
Wages and salary |
4,391 |
- |
- |
- |
- |
105,826 |
-95.85 |
|
Employee pension costs |
826 |
- |
- |
- |
- |
14,428 |
-94.28 |
|
Social security contributions |
720 |
- |
- |
- |
- |
26,744 |
-97.31 |
|
Other employee costs |
105 |
- |
0 |
- |
0 |
4,336 |
-97.58 |
|
Amortization and depreciation |
23,537 |
29.86 |
18,125 |
-27.49 |
24,997 |
17,824 |
32.05 |
Balance Sheets
|
Annual accounts |
31-12-2012 |
% |
31-12-2011 |
% |
31-12-2010 |
Industry Average 2012 |
% |
|
Weeks |
52 |
|
52 |
|
52 |
|
|
|
Currency |
EUR |
|
EUR |
|
EUR |
|
|
|
Intangible fixed assets |
0 |
-- |
0 |
-- |
0 |
1,566 |
-100 |
|
Tangible fixed assets |
1,124,741 |
-0.49 |
1,130,254 |
-1.58 |
1,148,380 |
184,577 |
509 |
|
Land & building |
1,106,532 |
-1.54 |
1,123,889 |
-1.57 |
1,141,842 |
362,984 |
204 |
|
Plant & machinery |
10,278 |
--- |
--- |
--- |
--- |
22,566 |
-54.45 |
|
Furniture & Vehicles |
1,737 |
-- |
-- |
-- |
--- |
17,273 5,325 |
-89.94 |
|
Leasing & Other Similar
Rights |
-- |
--- |
--- |
-- |
-- |
142,153 32,369 |
--- |
|
Other tangible assets |
6,193 |
-2.70 |
6,365 |
-2.63 |
6,537 |
7,566 |
-18.14 |
|
Financial fixed assets |
12,000 |
-- |
--- |
--- |
-- |
305,813 |
96.08 |
|
Total fixed assets |
1,136,741 |
0.57 |
1,130,254 |
-1.58 |
1,148,380 |
394,212 |
188 |
|
Inventories |
4,073,987 |
52.31 |
2,674,712 |
--- |
0 |
3,093,438 |
31.70 |
|
Raw materials &
consumables |
-- |
--- |
-- |
--- |
--- |
7,209,884 |
--- |
|
Work in progress |
0 |
-- |
0 |
--- |
0 |
2,377 |
-100 |
|
Finished goods |
0 |
-- |
0 |
--- |
0 |
1,990,614 |
-100- |
|
Other stocks |
4,073,987 |
52.31 |
2,674,712 |
-- |
0 |
567,916 |
617 |
|
Trade debtors |
9,378,553 |
259 |
2,609,422 |
483 |
446,831 |
4,226,975 |
121 |
|
Cash |
278,099 |
814 |
30,400 |
1449 |
1,962 |
226,786 |
22.63 |
|
other amounts receivable |
3,347 |
0 |
3,347 |
0 |
3,347 |
208,481 |
-98.39 |
|
Miscellaneous current assets |
6,214 |
4.45 |
5,949 |
0 |
5,949 |
18,265 |
-65.98 |
|
Total current assets |
13,740,199 |
158 |
5,323,829 |
1062 |
458,089 |
7,302,509 |
88.16 |
|
Total Assets |
14,876,941 |
130 |
6,454,084 |
301 |
1,606,468 |
7,656,638 1,451,744 |
94.30 |
|
current liabilities |
|
|
|
|
|
|
|
|
Trade creditors |
11,994,249 |
201 |
3,977,032 |
-- |
-- |
3,136,128 |
282 |
|
Financial debts |
1,247,794 |
49.49 |
834,686 |
13444 |
6,163 |
4,271,981 189,481 |
-70.79 |
|
Current portion of long term debt |
66,299 |
4.39 |
63,509 |
4.39 |
60,836 |
110,204 15,373 |
-39.84 |
|
Amounts Payable for Taxes. Remuneration
& Social Security |
26,860 |
-- |
-- |
-- |
-- |
9,740 |
-20.91 |
|
Miscellaneous current liabilities |
480,699 |
-2.99 |
495,497 |
5.81 |
468,272 |
61.33 |
-- |
|
Total current liabilities |
13,815,901 |
157 |
5,370,724 |
903 |
535,271 |
5,443,493 |
153 |
|
Long term debts and
liabilities |
|
|
|
|
|
|
|
|
Other long term loans |
141,498 |
-31.91 |
207,798 |
-23.41 |
271,307 |
-87.30 |
-- |
|
Deffered taxes |
-- |
-- |
-- |
-- |
-- |
32,626 26,358 |
--- |
|
Provisions for Liabilities & Charges |
0 |
-- |
0 |
-- |
0 |
3,155 |
-100 |
|
Other long term liabilities |
0 |
-- |
0 |
-- |
0 |
127,553 |
-100 |
|
Total long term debts |
141,498 |
-31.91 |
207,798 |
-23.41 |
271,307 |
560,590 |
-74.76 |
|
Shareholders Equity |
|
|
|
|
|
|
|
|
Issued share capital |
30987 |
0 |
30987 |
0 |
30987 |
967312 |
-96.80 |
|
Share premium account |
-- |
-- |
-- |
-- |
-- |
109,362 |
-- |
|
Reserves |
-15,128 |
25.59 |
-59,109 |
43.86 |
-134,780 |
649,831 |
-102 |
|
Revaluation reserve |
903,684 |
0 |
903,684 |
0 |
903,684 |
939,206 |
-3.78 |
|
Total shareholders equity |
919,542 |
-5.02 |
875,562 |
9.46 |
799,890 |
1,646,538 |
-44.15 |
|
Working capital |
-75,701 |
-61.43 |
-46,895 |
60.76 |
-77,182 |
1,859,016 |
-104 |
|
Cashflow |
67,517 |
-28.02 |
93,796 |
16.21 |
80,715 |
20,168 |
234 |
|
Net worth |
919,542 |
5.02 |
875,562 |
9.46 |
799,890 |
1,643,323 |
-44.04 |
Ratio Analysis
|
Annual
accounts |
31-12-2012 |
change(%) |
31-12-2011 |
change(%) |
31-12-2010 |
Industry average 2012 |
% |
|
TRADING PERFORMANCE |
|
|
|
|
|
|
|
|
Profit Before Tax |
0.41 |
-61.32 |
1.06 |
-98.57 |
74.04 |
-29,00 |
1.41 |
|
Return on capital employed |
6.72 |
-3.72 |
6.98 |
34.23 |
5.20 |
29,00 |
-76.83 |
|
Return on total assets employed |
0.48 |
-58.97 |
1.17 |
-66.28 |
3.47 |
-199,00 |
0.24 |
|
Return on net assets employed |
7.75 |
-10.30 |
8.64 |
23.96 |
6.97 |
19,00 |
-59.21 |
|
Sales / net working capital |
-229.82 |
-50.41 |
-152.80 |
-15652 |
-0.97 |
44,00 |
-100 |
|
Stock turnover ratio |
23.42 |
-37.26 |
37.33 |
- |
- |
115,00 |
-79.63 |
|
Debtor days |
196.76 |
48.03 |
132.92 |
-93.87 |
2167.35 |
143,00 |
37.59 |
|
Creditor days |
252.92 |
22.79 |
205.97 |
- |
- |
124,00 |
103 |
|
Short Term Stability |
|
|
|
|
|
|
|
|
Current ratio |
0.99 |
0 |
0.99 |
15.12 |
0.86 |
6,00 |
-89.00 |
|
Liquidity ratio / acid ratio |
0.70 |
42.86 |
0.49 |
-43.02 |
0.86 |
4,00 |
-82.50 |
|
Current debt ratio |
15.02 |
145 |
6.13 |
814 |
0.67 |
9,00 |
66.89 |
|
Liquidity ratio reprocessed |
|
|
- |
- |
- |
- |
|
|
Gearing |
158.30 |
25.32 |
126.32 |
198 |
42.29 |
356,00 |
-55.53 |
|
Equity in percentage |
6.18 |
-54.46 |
13.57 |
-72.75 |
49.79 |
-3.179,00 |
0.19 |
|
Total debt ratio |
15.18 |
138 |
6.37 |
530 |
1.01 |
10,00 |
51.80 |
Payment
Information
Payment expectation days 252.92
Day sales outstanding 196.76
Industry
comparison
Activity code 46761
Activity description Wholesaler of
diamonds and other precious stones
Industry average payment expectation days 172.58
Industry average day sales outstanding 139.87
Industry
quartile analysis
Payment
expectations
Company result 252.92
Lower 134.13
Median 84.97
Upper 45.33
Day sales
outstanding
Company result 196.76
Lower 111.41
Median 58.49
Upper 28.58
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 Chirag
Surname Ashar
Shareholder
Details
Start date 1 3/06/2014(estimated)
Shareholder
Address
Street name Prins
Boudewijnlaan
House number 191
Minor town Wilrijk
Postal town Antwerpen
Post code 2610
Country Belgium
nsso
details
Business Number 429469280
Bankruptcy
details
There is no bankruptcy data against this company
Bankruptcy
Data
Court Data
there is no data for this company
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.61.11 |
|
UK Pound |
1 |
Rs.98.15 |
|
Euro |
1 |
Rs.77.68 |
INFORMATION DETAILS
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared by
: |
NIT |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or
its officials.