|
Report Date : |
28.10.2014 |
IDENTIFICATION DETAILS
|
Name : |
DIMEXON ANTWERP NV |
|
|
|
|
Registered Office : |
Hoveniersstraat 53 , 2018 Antwerpen |
|
|
|
|
Country : |
Belgium |
|
|
|
|
Financials (as on) : |
31.12.2013 |
|
|
|
|
Date of Incorporation : |
21.06.2005 |
|
|
|
|
Com. Reg. No.: |
874584266 |
|
|
|
|
Legal Form : |
Public Limited Liability Company (BE) |
|
|
|
|
Line of Business : |
Wholesale of Watches and Jewellery. |
|
|
|
|
No. of Employees : |
15 |
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 : |
Slow but correct |
|
|
|
|
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 |
874584266 |
|
Company
name |
DIMEXON ANTWERP NV |
|
Address |
HOVENIERSSTRAAT 53 |
|
|
2018 ANTWERPEN |
|
Number
of staff |
15 |
|
Date
of establishment |
21/06/2005 |
|
Telephone
number |
037708927 |
|
Fax
number |
032066200 |
|
The
business was established over 9 years ago. |
|
The
business has 10 employees. |
|
The
business has been at the address for over 2 years. |
|
Net
Worth decreased by 25% during the latest trading period. |
|
A
44% decline in Total Assets occurred during the latest trading period. |
|
The
business saw a decrease in their Cash Balance of 50% during the latest
trading period. |
|
Turnover
in the latest trading period decreased 41% on the previous trading period. |
|
DATE
OF LATEST ACCOUNTS |
TURNOVER |
PROFIT
BEFORE TAX |
NET
WORTH |
WORKING
CAPITAL |
|
31/12/2013 |
11 3,585,969 |
296,012 |
13,595,726 |
11,876,895 |
|
31/12/2012 |
195,548,142 |
-9,266,306 |
18,342,952 |
16,188,553 |
|
31/12/2011 |
173,266,196 |
-1,531,923 |
21,339,333 |
19,842,178 |
|
Accounts |
||||
|
DATE
OF LATEST ACCOUNTS |
BALANCE TOTAL |
NUMBER
OF EMPLOYEES |
CAPITAL |
CASHFLOW |
|
31/12/2013 |
32,987,929 |
15 |
19,237,224 |
437,563 |
|
31/12/2012 |
59,870,129 |
16 |
26,530,443 |
-9,091,003 |
|
31/12/2011 |
70,074,956 |
12 |
20,505,379 |
-1,489,227 |
Past payments
Payment expectation days 55.66
Industry average payment
expectation days 245.39
Industry average day sales
Outstanding 354.63
Day sales outstanding 52.69
Business number 874584266
Company name DIMEXON ANTWERP NV
Fax number 032066200
Date founded 21/06/2005
Company status active
Company type Public Limited
Liability Company (BE)
Currency Euro (€)
Date of latest accounts 31/12/2013
Activity code 46480
Liable for VAT yes
Activity description Wholesale of
watches and jewellery
VAT Number BE.0874.584.266
Check VAT number
Belgian Bullettin of Acts
Publications moniteur belge
|
Social Balance Sheet |
Total |
|
|
|
|
|
|
|
|
During the reporting year
ended 31-12-2013 |
|||
|
Full-time Employees |
16 |
|
|
|
Part-time Employees |
- |
|
|
|
Total Fte Employees |
16 |
|
|
|
|
|||
|
Number of hours worked |
|||
|
Full-time Employees |
27,384 |
|
|
|
Part-time Employees |
- |
|
|
|
Total |
27,384 |
|
|
|
|
|||
|
Personnel Charges |
|||
|
Full-time Employees |
1,297,980 |
|
|
|
Part-time Employees |
- |
|
|
|
Total |
1,297,980 |
|
|
|
Benefits In Addition To
Wages |
- |
|
|
|
|
|||
|
During the previous reporting year |
|||
|
Average number employees in Fte |
14 |
|
|
|
Actual working hours |
24,828 |
|
|
|
Personnel Charges |
1,010,407 |
|
|
|
Benefits In Addition To
Wages |
- |
|
|
|
Type of Contract |
Full-Time |
Part-Time |
Total Fte |
|
Unlimited Duration
Contracts |
15 |
- |
15 |
|
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 |
6 |
- |
6 |
|
Higher education (non |
- |
- |
- |
|
university) |
|
|
|
|
Higher education |
- |
- |
- |
|
(university) |
|
|
|
|
Women |
Full-Time |
Part-Time |
Total Fte |
|
Primary education |
- |
- |
- |
|
Secondairy education |
9 |
- |
9 |
|
Higher education
(non-university) |
- |
- |
- |
|
Higher education (university) |
- |
- |
- |
|
|
|
|
|
|
Working Category |
Full-Time |
Part-Time |
Total Fte |
|
Management |
- |
- |
- |
|
White collar
worker |
15 |
- |
15 |
|
Blue collar
worker |
- |
- |
- |
|
Other |
- |
- |
- |
|
|
|
|
|
|
Temporary
personnel |
Total
|
|
|
|
Average number
of temporary staff |
1 |
|
|
|
Actual working
hours |
2,506 |
|
|
|
Cost of
temporary staff |
75,932 |
|
|
|
|
|
|
|
|
|
|
|
|
|
New staff and
leavers |
Full-Time |
Part-Time |
Total Fte |
|
New Starters |
2 |
- |
2 |
|
Leavers |
3 |
- |
3 |
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
Significant Events
Event Date 11/01/2012
Event Description proposal to change
address filed
Event Details
PROFIT AND LOSS
|
Annual accounts |
31-12-2013 |
% |
31-12-2012 |
% |
31-12-2011 |
Industry average 2013 |
% |
|
Weeks |
52 |
|
52 |
|
52 |
|
|
|
Currency |
EUR |
|
EUR |
|
EUR |
|
|
|
Turnover |
113,585,969 |
-41.91 |
195,548,142 |
12.86 |
173,266,196 |
42,823,956 |
165 |
|
Total operating
expenses |
112,801,153 |
-44.52 |
203,302,910 |
17.00 |
173,768,471 |
42,725,006 |
164 |
|
Operating result |
784,816 |
10.12 |
-7,754,768 |
-1443 |
-502,275 |
26,812 |
2827 |
|
Total financial income |
67,508 |
-41.63 |
11 5,652 |
-49.72 |
230,029 |
61,937 |
8.99 |
|
Total financial
expenses |
556,312 |
-65.81 |
1,627,190 |
29.18 |
1,259,676 |
129,911 |
328 |
|
Results on ordinary operations before taxation |
296,012 |
3.19 |
-9,266,306 |
-504 |
-1,531,923 |
-47,424 |
624 |
|
Taxation |
761 |
327 |
178 |
0.44 |
-40,692 |
72,229 |
-98.95 |
|
Results on ordinary
operations after taxation |
295,251 |
3.19 |
-9,266,484 |
-521 |
-1,491,231 |
-98,427 |
299 |
|
Extraordinary items |
0 |
- |
0 |
- |
0 |
1 33,541 |
-100 |
|
Other appropriations |
0 |
- |
0.00 |
-100 |
1 |
- |
- |
|
Net result |
295,251 |
3.19 |
-9,266,484 |
-521 |
-1,491,230 |
35,167 |
739 |
|
OTHER INFORMATION |
|
|
|
|
|
|
|
|
Gross Operating Margin |
- |
- |
- |
- |
- |
56,682 |
- |
|
Dividends |
- |
- |
- |
- |
- |
1 90,216 |
- |
|
Director remuneration |
- |
- |
- |
- |
- |
114,333 |
- |
|
Employee costs |
1,297,980 |
-6.85 |
1,393,472 |
43.14 |
973,489 |
203,338 |
538 |
|
Wages and
salary |
970,547 |
-4.93 |
1,020,879 |
46.25 |
698,051 |
156,835 |
518 |
|
Employee
pension costs |
- |
- |
- |
- |
- |
2,674 |
- |
|
Social
security contributions |
246,957 |
-15.96 |
293,862 |
52.43 |
192,779 |
41,955 |
488 |
|
Other
employee costs |
80,475 |
2.22 |
78,730 |
-4.75 |
82,659 |
6,245 |
1188 |
|
Amortization and depreciation |
142,312 |
-18.90 |
175,481 |
8660 |
2,003 |
22,491 |
532 |
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 |
0 |
- |
0 |
- |
0 |
3,802 |
-100 |
|
Tangible fixed assets |
3,430,525 |
-30.13 |
4,910,074 |
35.50 |
3,623,543 |
204,342 |
1578 |
|
Land
& building |
3,302,652 |
-29.58 |
4,690,087 |
31.21 |
3,574,537 |
407,514 |
710 |
|
Plant
& machinery |
87,844 |
-35.22 |
135,598 |
176 |
49,006 |
20,438 |
329 |
|
Furniture
& Vehicles |
40,029 |
-52.57 |
84,389 |
- |
- |
19,939 7,115 |
100 |
|
Leasing & Other Similar
Rights |
- |
- |
- |
- |
- |
310,656 28,177 |
- |
|
Other
tangible assets |
0 |
- |
0 |
- |
0 |
6,414 |
-100 |
|
Financial fixed assets |
4,932 |
-30.29 |
7,075 |
61.79 |
4,373 |
597,167 |
-99 |
|
Total fixed assets |
3,435,457 |
-30.13 |
4,917,150 |
35.54 |
3,627,916 |
551,143 |
523 |
|
Inventories |
6,908,383 |
-49.19 |
13,597,61 3 |
-32.81 |
20,238,281 |
1,512,498 |
356 |
|
Raw materials &
consumables |
- |
- |
- |
- |
- |
4,202,606 |
- |
|
Work in
progress |
0 |
- |
0 |
- |
0 |
56 |
-100 |
|
Finished
goods |
6,908,383 |
-49.19 |
13,597,61 3 |
-32.81 |
20,238,281 |
845,394 |
717 |
|
Other
stocks |
0 |
- |
0 |
- |
0 |
287,711 |
-100 |
|
Trade debtors |
16,397,166 |
-47.40 |
31,171,391 |
-5.11 |
32,849,480 |
1,971,657 |
731 |
|
Cash |
2,394,497 |
-50.79 |
4,866,230 |
-45.59 |
8,944,401 |
159,729 |
1399 |
|
other amounts receivable |
3,739,238 |
-26.40 |
5,080,553 |
21.68 |
4,175,175 |
326,089 |
1046 |
|
Miscellaneous current assets |
113,188 |
-52.28 |
237,193 |
-1.05 |
239,703 |
58,591 |
93.18 |
|
Total current assets |
29,552,472 |
-46.22 |
54,952,980 |
-17.30 |
66,447,040 |
3,687,221 |
701 |
|
Total Assets |
32,987,929 |
-44.90 |
59,870,129 |
-14.56 |
70,074,956 |
4,156,255 323,863 |
693 |
Current
Liabilities
|
Trade creditors |
17,202,245 |
-28.47 |
24,048,812 |
73.03 |
13,898,726 |
1,013,576 |
1597 |
|
Short term group loans |
- |
- |
- |
- |
- |
- |
- |
|
Financial debts |
- |
- |
13,739,665 |
-57.65 |
32,440,908 |
2,964,820
27,836 |
- |
|
Current portion of long term
debt |
362,404 |
-23.68 |
474,820 |
177 |
170,801 |
158,732
17,607 |
128 |
|
Amounts
Payable for Taxes, Remuneration & Social Security |
110,929 |
-44.84 |
201,107 |
112 |
94,428 |
9,351 - |
27.09 |
|
Miscellaneous current
liabilities |
-1 |
-100 |
300,023 |
30002250 |
-1 |
-100 |
- - |
|
Total current liabilities |
17,675,577 |
-54.40 |
38,764,426 |
-16.82 |
46,604,862 |
2,435,250 |
625 |
|
LONG TERM DEBTS AND LIABILITIES |
|
|
|
|
|
|
|
|
Long term group loans |
- |
- |
- |
- |
- |
- |
- - |
|
Other long term loans |
1,716,626 |
-37.87 |
2,762,751 |
29.66 |
2,130,762 |
0.23 |
- - |
|
Deffered taxes |
- |
- |
- |
- |
- |
43,829
21,654 |
- |
|
Provisions
for Liabilities & Charges |
0 |
- |
0 |
- |
0 |
18,514 0 |
-100 |
|
Other long term liabilities |
0 |
- |
0 |
- |
0 |
48,570 |
-100 |
|
Total long term debts |
1,716,626 |
-37.87 |
2,762,751 |
29.66 |
2,130,762 |
676,340 |
153 |
|
SHAREHOLDERS EQUITY |
|
|
|
|
|
|
|
|
Issued share capital |
19,237,224 |
-27.49 |
26,530,443 |
29.38 |
20,505,379 |
643,162 |
2891 |
|
Share premium account |
- |
- |
- |
- |
- |
291,370 |
- |
|
Reserves |
-5,641,498 |
68.90 |
-8,187,491 |
-1081 |
833,954 |
380,350 |
-1583 |
|
Revaluation reserve |
- |
- |
- |
- |
- |
520,321 |
- |
|
Total shareholders equity |
13,595,726 |
-25.88 |
18,342,952 |
-14.04 |
21,339,333 |
1,044,665 |
1201 |
|
Working capital |
11,876,895 |
-26.63 |
16,188,553 |
-18.41 |
19,842,178 |
1,251,971 |
848 |
|
Cashflow |
437,563 |
4.81 |
-9,091,003 |
-510 |
-1,489,227 |
53,160 |
723 |
|
Net worth |
13,595,726 |
-25.88 |
18,342,952 |
-14.04 |
21,339,333 |
1,040,863 |
1206 |
RATIO ANALYSIS
|
Annual accounts |
31-12-2013 |
change(%) |
31-12-2012 |
change(%) |
31-12-2011 |
Industry
average 2013 |
% |
|
TRADING PERFORMANCE |
|
|
|
|
|
|
|
|
Profit Before Tax |
0.26 |
5.49 |
-4.74 |
-438 |
-0.88 |
-13,00 |
2.00 |
|
Return on capital employed |
1.93 |
4.40 |
-43.90 |
-572 |
-6.53 |
390,00 |
-99 |
|
Return on total assets
employed |
0.90 |
5.81 |
-15.48 |
-606 |
-2.19 |
-1,00 |
90.00 |
|
Return on net assets employed |
2.18 |
4.32 |
-50.52 |
-603 |
-7.18 |
381,00 |
-99 |
|
Sales / net working capital |
9.56 |
-20.86 |
12.08 |
38.37 |
8.73 |
-44,00 |
-99 |
|
Stock turnover ratio |
6.08 |
-12.52 |
6.95 |
-40.50 |
11.68 |
52,00 |
-88.31 |
|
Debtor days |
52.69 |
-9.44 |
58.18 |
-15.92 |
69.20 |
354,63 |
-85.14 |
|
Creditor days SHORT TERM STABILITY |
55.66 |
28.90 |
43.18 |
47.93 |
29.19 |
245,39 |
-77.32 |
|
Current ratio |
1.67 |
17.61 |
1.42 |
-0.70 |
1.43 |
17,00 |
-98.28 |
|
Liquidity ratio / acid ratio |
1.28 |
19.63 |
1.07 |
8.08 |
0.99 |
14,00 |
-90.86 |
|
Current debt ratio |
1.30 |
-38.39 |
2.11 |
-3.21 |
2.18 |
97,00 |
-98.66 |
|
Liquidity ratio reprocessed |
- |
- |
- |
- |
- |
- |
- |
|
LONG TERM STABILITY |
|
|
|
|
|
|
|
|
Gearing |
15.29 |
-83.48 |
92.55 |
-43.15 |
162.81 |
74,00 |
-79.34 |
|
Equity in percentage |
41.21 |
34.50 |
30.64 |
0.62 |
30.45 |
-248,00 |
16.62 |
|
Total debt ratio |
1.43 |
-36.73 |
2.26 |
-0.88 |
2.28 |
97,00 |
-98.53 |
Activity code 46480
Activity description Wholesale of
watches and jewellery
Payment expectations
Payment expectation days 55.66
Day sales outstanding 52.69
Industry comparison
Activity code 46480
Activity description Wholesale of
Watches and Jewellery
Industry average payment
expectation days 245.39
Industry average day sales
Outstanding 354.63
Industry quartile analysis
Payment expectations
Company result 55.66
Lower 132.19
Median 63.15
Upper 19.84
Day sales outstanding
Company result 52.69
Lower 123.34
Median 55.41
Upper 22.11
Summary
Group - Number of Companies 0
Linkages - Number of Companies 0
Number of Countries 0
Group Structure
No group structure for this company.
Minority Shareholders
Business number Company
name % Date of accounts
24374126 Dimexon
International Holding B.V. 0.18 31/12/2012
Minority Interests
No minority interests found
Individual Shareholders
SHAREHOLDER NAME
Forename Rajiv
Middle name -
Surname Mehta
SHAREHOLDER DETAILS
Start date 30/10/2008(estimated)
End date
-
Percentage owned 59.61%
SHAREHOLDER ADDRESS
Street name Beukenlaan
House number 70
Minor town -
Postal town Antwerpen
Post code 2020
Country Belgium
SHAREHOLDER NAME
Forename Pankaj
Middle name -
Surname Mehta
SHAREHOLDER DETAILS
Start date 30/10/2008(estimated)
End date -
Percentage owned 40.20%
SHAREHOLDER ADDRESS
Street name -
House number -
Minor town -
Postal town -
Post code -
Country United
Arab Emirates
Summary
Group - Number of Companies 0
Linkages - Number of Companies 0
Number of Countries 0
There is no data for this company
There is no data for this company
There is no data for this company
CURRENT DIRECTOR DETAILS
Name MIHIR
RAMESHCHANDRA DIWAN
Position Managing Director
Start Date 01/01/2011
Date of birth 25/01/1971
Street 93 RINGLAAN
ANTWERPEN
Post code 2610
Country Belgium
Position Director
Start Date 25/09/2008
Date of birth 25/01/1971
Street 93 RINGLAAN
ANTWERPEN
Post code 2610
Country Belgium
Name VISHAL PANKAJ
MEHTA
Position Director
Start Date 01/01/2011
Street 1 LEAF 23, VILLA
NO 1, PLOT 246, AL BARARI
Post code PO BOX
Country United Arab
Emirates
Name PANKAJ KIRTILAL
MEHTA
Position Chairman of the
Board
Start Date 04/05/2011
Street --
Post code --
Country --
Position Director
Start Date 04/05/2011
Street --
Post code --
Country --
FORMER DIRECTOR DETAILS
Name RAJ PRAVIN KOTHARI
Position Managing Director
Start Date 25/09/2008
End Date 01/01/2011
Date of birth 20/05/1966
Street 97 INGENIEUR
HAESAERTSLAAN ANTWERPEN
Post code 2610
Country Belgium
Position Director
Start Date 25/09/2008
End Date 01/01/2011
Date of birth 20/05/1966
Street 97 INGENIEUR
HAESAERTSLAAN ANTWERPEN
Post code 2610
Country Belgium
Name RAJIV PANKAJ MEHTA
Position Chairman of the
Board
Start Date 25/09/2008
End Date 04/05/2011
Street 70 BEUKENLAAN
ANTWERPEN
Post code 2020
Country Belgium
Position Managing Director
Start Date 25/09/2008
End Date 04/05/2011
Street 70 BEUKENLAAN
ANTWERPEN
Post code 2020
Country Belgium
Position Director
Start Date 25/09/2008
End Date 04/05/2011
Street 70 BEUKENLAAN
ANTWERPEN
Post code 2020
Country Belgium
Name VISHAL PANKAJ
MEHTA
Position Managing Director
Start Date 01/01/2011
End Date 28/06/2014
Street 1 LEAF 23, VILLA
NO 1, PLOT 246, AL BARARI
Post code PO BOX
Country United Arab
Emirates
Name PANKAJ KIRTILAL
MEHTA
Position Managing Director
Start Date 04/05/2011
End Date 28/06/2014
Street --
Post code --
Country --
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.48 |
|
|
1 |
Rs.98.24 |
|
Euro |
1 |
Rs.78.66 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
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.