MIRA INFORM REPORT

 

 

Report Date :

16.09.2014

 

IDENTIFICATION DETAILS

 

Name :

BONAS COUZYN (ANTWERP) NV

 

 

Registered Office :

Pelikaanstraat 62 2018 Antwerpen

 

 

Country :

Belgium

 

 

Date of Incorporation :

07.09.1966

 

 

Com. Reg. No.:

404935507

 

 

Legal Form :

Public Limited Liability Company (BE)

 

 

Line of Business :

Wholesale of diamonds and other precious stones

 

 

No. of Employees

6

 

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 :

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 – March 31, 2014

 

Country Name

Previous Rating

(31.12.2013)

Current Rating

(31.03.2014)

Belgium

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low Risk

 

A2

Moderately Low Risk

 

B1

Moderate Risk

 

B2

Moderately  High Risk

C1

High Risk

 

C2

Very High Risk

 

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      404935507

Company name          BONAS COUZYN (ANTWERP) NV

Address                      PELIKAANSTRAAT 62 2018 ANTWERPEN

Number of staff        6

Date of establishment 07/09/1966

Telephone number    032337080

Fax number             032251534

 

 

Commentary

 

The business was established over 47 years ago.

 

The business has 5 employees.

 

The business is part of a group.

 

The business has been at the address for over 31 years.

 

Operating Result in the latest trading period decreased 70% on the previous trading period.

 

Pre-tax profits decreased by 67% compared to the previous trading period.

 

The business saw an increase in their Cash Balance of 34% during the latest trading period.

 

Turnover in the latest trading period increased 118% on the previous trading period.

 

 

 

Accounts

 

DATE OF LATEST ACCOUNTS

TURNOVER

PROFIT BEFORE TAX

NET WORTH

WORKING CAPITAL

31/12/2012

39,844,814

360,177

3,482,527

3,302,530

31/12/2011

18,261,237

1,114,579

3,454,285

3,226,632

31/12/2010

11,808,949

426,713

3,232,900

3,082,308

 

Accounts

DATE OF LATEST ACCOUNTS

BALANCE TOTAL

NUMBER OF EMPLOYEES

CAPITAL

CASHFLOW

31/12/2012

5,954,563

6

125,000

285,976

31/12/2011

5,157,605

7

125,000

980,113

31/12/2010

4,804,357

7

125,000

456,092

 

Trends

Profitability

+

Liquidity

 

Net worth

 

Payment expectations

 

 

 

Past payments

 

Payment expectation days

19.92

Industry average payment

164.01

Industry average day sales

119.76

expectation days

 

outstanding

 

Day sales outstanding

12.64

Court data summary

BANKRUPTCY DETAILS

Court action type

no

PROTESTED BILLS

Bill amount

-

NSSO DETAILS

Date of summons

-

 

 

Company information

 

Business number

404935507

Company name

BONAS COUZYN (ANTWERP) NV

Fax number

032251534

Date founded

07/09/1966

Company status

active

Company type

Public Limited Liability Company (BE)

Currency

Euro (€)

Date of latest accounts

31/12/2012

Activity code

46761

liable for VAT

yes

Activity description

Wholesale of diamonds and other precious stones

VAT Number

BE.0404.935.507

Belgian Bullettin of Acts Publications

moniteur belge

 

 

Contractor details

 

 

Check Article 30 Bis

Registered contractor number

-

 

 

Contractor description

-

Date struck off register

 

 

Social balance sheet details

 

Social Balance Sheet

Total

During the reporting year ended 31-12-2012

 

Full-time Employees

5

Part-time Employees

2

Total Fte Employees

7

 

 

Number of hours worked

 

Full-time Employees

9,690

Part-time Employees

2,101

Total

11,791

 

 

Personnel Charges

 

Full-time Employees

1,124,610

Part-time Employees

124,090

Total

1,248,700

Benefits In Addition To Wages

-

 

 

During the previous reporting year

 

Average number employees in Fte

8

Actual working hours

12,554

Personnel Charges

835,910

Benefits In Addition To Wages

-

 

Gender and education

 

Type of Contract

Full-Time

Part-Time

Total Fte

Unlimited Duration Contracts

5

2

6

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

0

0

0

Higher education (non university)

1

-

1

Higher education (university)

2

1

2

Women

Full-Time

Part-Time

Total Fte

Primary education

-

-

-

Secondairy education

-

-

-

Higher education (non university)

1

-

1

Higher education (university)

1

1

2

 

Working Category

Full-Time

Part-Time

Total Fte

Management

-

-

-

White collar worker

5

2

6

Blue collar worker

-

-

-

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

2

-

2

Leavers

3

-

3

 

Total of formal continuing vocational training initiatives for workers paid by the employes

 

Number of employees

-

-

Number of training hours

-

-

Net costs for enterprise

-

-

Total of less formal and informal continuing vocational training initiatives for workers paid by the employer

Male

Female

Number of employees

-

-

Number of training hours

-

-

Net costs for enterprise

-

-

Total of initial training initiatives at the expense of the employer

Male

Female

Number of employees

-

-

Number of training hours

-

-

Net costs for enterprise

-

-

 

Personnel (NSSO Classification)

Code

-

Description

FROM 5 TO 9 EMPLOYEES

Joint Industrial Committee (JIC)

Significant Events

 

Event Date

11/05/2012

Event Description

re-appointment of director(s)

Event Details

Commentaar 11-05-2001: Herbenoemd als bestuurders voor een periode van drie jaar: Navinchandra Mody, Philip Hoymans en NV BC Holding.

 

 

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

39,844,814

118

18,261,237

54.64

11,808,949

46,537,630

-14.38

 

Total operating expenses

39,543,792

129

17,246,909

50.72

11,443,004

46,145,645

-14.31

 

Operating result

301,022

-70.32

1,014,328

177

365,945

147,590

103

 

Total financial income

918,697

160

352,580

76.06

200,263

97,743

839

 

Total financial expenses

859,542

240

252,329

80.89

139,495

204,361

320

 

Results on ordinary operations before taxation

360,177

-67.68

1,114,579

161

426,713

32,848

996

 

Taxation

150,785

-36.12

236,052

534

37,192

20,918

620

 

Results on ordinary operations after taxation

209,392

-76.17

878,527

125

389,521

18,016

1062

 

Extraordinary items

0

-100

20,302

-

0

-4,395

0

 

Other appropriations

0

-

0

-

0

-

-

 

Net result

209,392

-76.70

898,829

130

389,521

13,640

1435

 

OTHER INFORMATION

 

Dividends

157,044

-76.70

674,121

130

292,141

172,177

-8.79

 

Director remuneration

197,570

-

-

-

-

114,302

72.85

 

Employee costs

1,251,675

49.21

838,885

0.99

830,677

125,948

893

 

Wages and salary

550,467

4.62

526,164

-4.29

549,757

105,678

420

 

Employee pension costs

2,975

-

2,975

-

2,975

14,428

-79.38

 

Social security contributions

153,918

1.95

150,968

-2.82

155,347

26,585

478

 

Other employee costs

544,315

242

158,778

29.51

122,598

4,360

12384

 

Amortization and depreciation

76,584

-5.78

81,284

22.10

66,571

17,895

327

 

 

 

 

Balance sheet

 

 

Annual accounts

31-12­2012

%

31-12­2011

%

31-12­2010

Industry average 2012

%

 

Weeks

52

 

52

 

52

 

 

 

Currency

EUR

 

EUR

 

EUR

 

 

 

Intangible fixed assets

30,988

-

6,882

-

3,559

1,553

1895

 

Tangible fixed assets

161,065

22.83

208,721

58.53

131,660

185,189

13.03

 

Land & building

-

-

-

-

-

362,988

-

 

Plant & machinery

145,018

20.34

182,050

127

79,916

22,664

539

 

Furniture & Vehicles

16,047

39.83

26,671

48.46

51,744

17,327 5,364

-7.39

 

Leasing & Other Similar Rights

-

-

-

-

-

142,153 32,369

-

 

Other tangible assets

0

-

0

-

0

7,634

-100

 

Financial fixed assets

18,932

0

18,932

0

18,932

307,703

93.85

 

Total fixed assets

210,985

10.04

234,535

52.15

154,151

396,856

46.84

 

Inventories

75,105

210

24,201

0

24,201

3,093,934

97.57

 

Raw materials & consumables

-

-

-

-

-

7,209,884

-

 

Work in progress

0

-

0

-

0

2,399

-100

 

Finished goods

75,105

210

24,201

0

24,201

1,982,203

96.21

 

Other stocks

0

-

0

-

0

571,885

-100

 

Trade debtors

1,379,988

39.99

985,801

24.24

1,301,171

4,167,122

66.88

 

Cash

2,089,009

34.42

1,554,047

21.41

1,977,332

226,208

823

 

other amounts receivable

28,974

40.45

20,629

11.50

23,309

185,906

84.41

 

Miscellaneous current assets

2,170,502

-7.18

2,338,392

76.59

1,324,193

18,028

11939

 

Total current assets

5,743,578

16.67

4,923,070

5.87

4,650,206

7,215,183

20.40

 

Total Assets

5,954,563

15.45

5,157,605

7.35

4,804,357

7,579,247

1,446,080

21.44

 

CURRENT LIABILITIES

 

Trade creditors

2,158,060

130

937,581

20.75

1,183,011

3,040,360

29.02

 

Short term group loans

-

-

-

-

-

-

-

 

Financial debts

-

-

-

-

-

4,261,350 189,666

-

 

Current portion of long term debt

-

-

-

-

-

110,204 15,373

-

 

Amounts Payable for Taxes, Remuneration & Social Security

120,710

62.41

74,323

2.98

72,175

9,709 -

255

 

Miscellaneous current liabilities

162,278

76.29

684,534

118

312,712

-45.38

- -

 

Total current liabilities

2,441,048

43.89

1,696,438

8.20

1,567,898

5,342,128

54.31

 

LONG TERM DEBTS AND LIABILITIES

 

Long term group loans

-

-

-

-

-

-

- -

 

Other long term loans

-

-

-

-

-

-

- -

 

Deffered taxes

-

-

-

-

-

37,626 26,358

-

 

Provisions for Liabilities & Charges

0

-

0

-

0

3,184 0

-100

 

Other long term liabilities

0

-

0

-

0

128,672

-100

 

Total long term debts

0

-

0

-

0

559,214

-100

 

SHAREHOLDERS EQUITY

 

Issued share capital

125,000

0

125,000

0

125,000

943,974

86.76

 

Share premium account

-

-

-

-

-

109,362

-

 

Reserves

3,388,515

1.57

3,336,167

7.22

3,111,459

690,619

390

 

Revaluation reserve

-

-

-

-

-

939,206

-

 

Total shareholders equity

3,513,515

1.51

3,461,167

6.94

3,236,459

1,664,274

111

 

Working capital

3,302,530

2.35

3,226,632

4.68

3,082,308

1,873,055

76.32

 

Cashflow

285,976

70.82

980,113

114

456,092

28,425

906

 

Net worth

3,482,527

0.82

3,454,285

6.85

3,232,900

1,661,040

109

 

 

 

 

Ratio analysis

 

 

Annual accounts

31-12-2012

change(%)

31-12-2011

change(%)

31-12-2010

Industry average 2012

 

 

TRADING PERFORMANCE

 

 

 

 

 

 

 

 

Profit Before Tax

0.90

-85.25

6.10

68.98

3.61

-25,00

3.60

 

Return on capital employed

10.25

-68.17

32.20

144

13.18

29,00

-64.66

 

Return on total assets employed

6.05

-72.00

21.61

143

8.88

-201,00

3.01

 

Return on net assets employed

10.25

-68.17

32.20

144

13.18

19,00

-46.05

 

Sales / net working capital

12.06

113

5.66

47.78

3.83

45,00

-99

 

Stock turnover ratio

0.19

46.15

0.13

-35.00

0.20

111,00

-99

 

Debtor days

12.64

-35.84

19.70

-51.02

40.22

133,00

-90.50

 

Creditor days

19.92

0.40

19.84

-47.42

37.73

122,00

-83.67

 

SHORT TERM STABILITY

 

Current ratio

2.35

-18.97

2.90

-2.36

2.97

7,00

-73.89

 

Liquidity ratio / acid ratio

2.32

-19.72

2.89

-2.03

2.95

4,00

-42.00

 

Current debt ratio

0.69

40.82

0.49

2.08

0.48

9,00

-92.33

 

Liquidity ratio reprocessed

-

-

-

-

-

-

-

 

LONG TERM STABILITY

 

Gearing

-

-

-

-

-

360,00

-

 

Equity in percentage

59.31

-11.74

67.20

-0.33

67.42

-3.211,00

1.85

 

Total debt ratio

0.69

40.82

0.49

2.08

0.48

10,00

-93.10

 

 

Payment information

 

Industry comparison

Activity code

46761

Activity description

Wholesale of diamonds and other precious stones

industry average credit rating

64.48

 

Amount

-

Details

-

Payment expectations

Payment expectation days

19.92

Day sales outstanding

12.64

Industry comparison

Activity code

46761

Activity description

Wholesale of diamonds and other precious stones

Industry average payment expectation days

164.01

Industry average day sales outstanding

119.76

Industry quartile analysis

Payment expectations

Company result

19.92

Lower

134.34

Median

84.60

Upper

45.33

 

Day sales outstanding

Company result

12.64

Lower

112.48

Median

58.56

Upper

28.09

 

 

Summary

 

Group - Number of Companies

2

Linkages - Number of Companies

0

Number of Countries

0

 

 

Group structure

 

Click the company to view / order a report.

Company name

 

Number

Safe

Latest

Rating

 

 

 

number

financials

 

- BC HOLDING NV

 

886017497

BE01285472

31-12-2012

66

- - BONAS COUZYN (ANTWERP) NV

 

404935507

BE00028967

31-12-2012

99

 

Business number

Company name

 

Safe number

%

Rating

Limit

Date of accounts

888486346

Jewellers Of Europe NV

 

BE01309157

30

N/R

-

31/03/2011

 

 

Summary

 

Group - Number of Companies

2

Linkages - Number of Companies

0

Number of Countries

0

 

 

Court date

 

Drawee name

-

Address

-

Bill amount

-

Bill currency

-

Maturity of bill

-

Name of drawer

-

City of drawer

-

NSSO details

Business number

404935507

Name of defendant

-

Legal form of defendant

-

Date of summons

-

Labour court

-

Bankruptcy details

 

 

Current director details

 

Name

BC HOLDING NV

Position

Legal Representative

Start Date

20/04/2007

Date of birth

15/12/2006

Street

62 PELIKAANSTRAAT ANTWERPEN

Post code

2018

Country

Belgium

 

Name

BC HOLDING NV

Position

Director

Start Date

18/06/2010

End Date

15/04/2016

Date of birth

15/12/2006

Street

62 PELIKAANSTRAAT ANTWERPEN

Post code

2018

Country

Belgium

 

Name

JOHAN ZONNEKEYN

Position

Director

Start Date

11/05/2012

End Date

17/04/2015

Street

23 FRUITHOFLAAN ANTWERPEN

Post code

2600

Country

Belgium

 

Name

NAVIN MODY

Position

Director

Start Date

30/06/2006

Street

7 HEILIG-KRUISSTRAAT MORTSEL

Post code

2640

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.60.99

UK Pound

1

Rs.99.10

Euro

1

Rs.79.03

 

INFORMATION DETAILS

 

Analysis Done by :

DIV

 

 

Report Prepared by :

SDA

 

               

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.