MIRA INFORM REPORT

 

 

Report Date :

30.09.2014

 

IDENTIFICATION DETAILS

 

Name :

PETRA DIAMONDS BELGIUM BVBA

 

 

Registered Office :

Hoveniersstraat 50, 2018 Antwerpen

 

 

Country :

Belgium

 

 

Financials (as on) :

30.06.2013

 

 

Date of Incorporation :

13.03.2009

 

 

Com. Reg. No.:

810466672

 

 

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 :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

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

 

 

Company summary

 

Company name           PETRA DIAMONDS BELGIUM BVBA

Address                        HOVENIERSSTRAAT 50

2018 ANTWERPEN

Number of staff            0

Date of establishment 13/03/2009

Telephone number      032255620

Fax number

 

 

Commentary

 

The business was established over 5 years ago.

No employees are recorded for this business.

The business has been at the address for over 5 years.

Operating Result in the latest trading period increased 64% on the previous trading period.

A 57% growth in Total Assets occurred during the latest trading period.

Pre-tax profits increased by 80% compared to the previous trading period.

The business saw an increase in their Cash Balance of 293% during the latest trading period.

Turnover in the latest trading period increased 75% on the previous trading period.

 

 

Accounts

 

DATE OF LATEST ACCOUNTS                     TURNOVER                PROFIT BEFORE TAX             NET WORTH              WORKING CAPITAL

30/06/2013                                    34,566,504           8,623                           53,803                 32,230

30/06/2012                                    19,670,935           4,767                           48,142                 23,304

30/06/2011                                    7,591,572             -852                             43,575                 17,056

 

 

Accounts

 

DATE OF LATEST ACCOUNTS                     BALANCE TOTAL         NUMBER OF EMPLOYEES        CAPITAL                   CASHFLOW

30/06/2013                                    5,816,013             0                                   18,600               9,621

30/06/2012                                    3,692,910             0                                   18,600               8,148

30/06/2011                                    3,136,456             0                                   18,600              2,893

 

Payment expectations

 

Past payments

 

Payment expectation days

57.30

Industry average payment expectation days

125.38

Industry average day sales outstanding

143.79

Day sales outstanding

30.60

Court data summary

BANKRUPTCY DETAILS

Court action type

no

PROTESTED BILLS

Bill amount

-

NSSO DETAILS

Date of summons

-

 

 

Company information

 

Business number

810466672

Company name

PETRA DIAMONDS BELGIUM BVBA

 

Fax number

 

Date founded

13/03/2009

Company status

active

Company type

Private Limited Company (BL/LX)

Currency

Euro (€)

Date of latest accounts

30/06/2013

Activity code

46761

Liable for VAT

yes

Activity description

Wholesale of diamonds and other precious stones

VAT Number

BE.0810.466.672 Check VAT number

Belgian Bullettin ofActs Publications

moniteur beige

 

 

 

Contractor details

Registered contractor number

-

 

 

 

Contractor description

-

 

 

 

Date struck off register

 

Profit & loss

 

Annual accounts

30-06-2013

%

30-06-2012

%

30-06-2011

Industry average 2013

%

Weeks

52

 

52

 

52

 

 

Currency

EUR

 

EUR

 

EUR

 

 

Turnover

34,566,504

75.72

1 9,670,935

159

7,591,572

60,297,713

-42.67

Total operating expenses

34,541,838

75.73

1 9,655,914

159

7,588,243

59,739,491

-42.18

Operating result

24,665

64.21

15,021

351

3,330

175,271

-85.93

Total financial income

0

-

-

-

-

62,326

-99

Total financial expenses

16,042

56.44

10,254

145

4,182

1 85,726

-91.36

Results on ordinary operations before taxation

8,623

80.91

4,767

559

-852

53,280

-83.82

Taxation

2,962

1381

200

54.30

-368

23,303

-87.29

Results on ordinary operations after taxation

5,661

23.96

4,567

943

-484

36,451

-84.47

Extraordinary items

0

-

0

-

0

7,296

-100

Other appropriations

0.00

-

0.00

-

0.00

-

-

Net result

5,661

23.96

4,567

943

-484

43,976

-87.13

OTHER INFORMATION

 

 

 

 

 

 

 

Gross Operating Margin

-

-

-

-

-

36,581

-

Dividends

-

-

-

-

-

221,730

-

Director remuneration

-

-

-

-

-

128,969

-

Employee costs

-

-

-

-

321

145,646

-

Wages and salary

-

-

-

-

-

114,405

-

Employee pension costs

-

-

-

-

-

1,459

-

Social security contributions

-

-

-

-

-

28,519

-

Other employee costs

0

-

0

-100

321

2,716

-100

Amortization and depreciation

3,960

10.59

3,581

6.05

3,377

17,463

-77.32

 

Balance sheet

 

Annual accounts

30-06-2013

%

30-06-2012

%

30-06-2011

Industry average 2013

%

Weeks

52

 

52

 

52

 

 

Currency

EUR

 

EUR

 

EUR

 

 

Intangible fixed assets

0

-

0

-

0

1,072

-100

Tangible fixed assets

21,573

-13.15

24,838

-6.34

26,519

198,920

-89.16

Land & building

-

-

-

-

-

400,113

-

Plant & machinery

14,848

-14.53

17,372

-12.69

19,896

27,608

-46.22

Furniture & Vehicles

6,725

-9.93

7,466

12.73

6,623

15,267 4,171

-55.95

Leasing & Other Similar Rights

-

-

-

-

-

44,547 27,638

-

Other tangible assets

0

-

0

-

0

9,199

-100

Financial fixed assets

-

-

-

-

-

250,422

-

Total fixed assets

21,573

-13.15

24,838

-6.34

26,519

357,904

-93.97

Inventories

-

-

-

-

-

3,155,662

-

Raw materials & consumables

-

-

-

-

-

7,018,384

-

Work in progress

0

-

0

-

0

1,415

-100

Finished goods

0

-

0

-

0

2,111,769

-100

Other stocks

0

-

0

-

0

444,722

-100

Trade debtors

2,897,843

-0.93

2,925,091

2004

1 38,988

4,107,372

-29.45

Cash

2,892,278

293

734,520

-75.09

2,949,085

575,664,562

-99

other amounts receivable

4,319

-47.72

8,261

-58.77

20,036

212,208

-97.96

Miscellaneous current assets

0

-100

201

-89.03

1,828

-566,157,647

0

Total current assets

5,794,440

57.97

3,668,072

17.95

3,109,937

7,159,054

-19.06

Total Assets

5,816,013

57.49

3,692,910

17.74

3,136,456

7,476,070 1,165,529

-22.20

CURRENT LIABILITIES

 

 

 

 

 

 

 

Trade creditors

5,422,949

63.31

3,320,605

12.43

2,953,482

2,917,880

85.85

Short term group loans

-

-

-

-

-

-

-

Financial debts

-

-

-

-

-

4,476,090 118,514

-

Current portion of long term debt

-

-

-

-

-

85,283 14,135

-

Amounts Payable for Taxes, Remuneration & Social Security

3,022

-6.02

3,216

7.20

3,000

7,713 -

-89.64

Miscellaneous current liabilities

336,238

4.76

320,948

135

1 36,399

46.53

- -

Total current liabilities

5,762,210

58.10

3,644,769

17.84

3,092,881

5,084,038

13.34

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

5,359 0

-100

Other long term liabilities

0

-

0

-

0

241,551

-100

Total long term debts

SHAREHOLDERS EQUITY

0

 

0

 

0

667,878

-100

Issued share capital

18,600

0

18,600

0

18,600

1,043,967

-98.22

Share premium account

-

-

-

-

-

86,926

-

Reserves

35,203

19.16

29,542

18.28

24,975

646,544

-94.56

Revaluation reserve

-

-

-

-

-

907,399

-

Total shareholders equity

53,803

11.76

48,142

10.48

43,575

1,714,120

-96.86

Working capital

32,230

38.30

23,304

36.63

17,056

2,075,016

-98.45

Cashflow

9,621

18.08

8,148

181

2,893

58,205

-83.47

Net worth

53,803

11.76

48,142

10.48

43,575

1,713,047

-96.86

 

 

ratio analysis

 

Annual accounts

30-06-2013

change(%)

30-06-2012

change(%)

30-06-2011

Industry average 2013

%

TRADING PERFORMANCE

 

 

 

 

 

 

 

Profit Before Tax

0.02

0

0.02

200

-0.01

-8,00

0.25

Return on capital employed

16.03

61.92

9.90

505

-1.96

-14,00

114

Return on total assets employed

0.15

15.38

0.13

433

-0.03

-5,00

3.00

Return on net assets employed

16.03

61.92

9.90

505

-1.96

-15,00

106

Sales / net working capital

1072.49

27.06

844.10

89.65

445.09

170,00

-99

Stock turnover ratio

-

-

-

-

-

51,00

-

Debtor days

30.60

-43.63

54.28

712

6.68

143,79

-78.72

Creditor days

SHORT TERM STABILITY

57.30

-7.07

61.66

-56.60

142.06

125,38

-54.30

Current ratio

1.01

0

1.01

0

1.01

4,00

-93.27

Liquidity ratio / acid ratio

1.01

0

1.01

0

1.01

3,00

-66.33

Current debt ratio

107.10

41.46

75.71

6.66

70.98

15,00

614

Liquidity ratio reprocessed

-

-

-

-

-

-

-

LONG TERM STABILITY

 

 

 

 

 

 

 

Gearing

-

-

-

-

-

249,00

-

Equity in percentage

0.93

-28.46

1.30

-6.47

1.39

-261,00

0.36

Total debt ratio

107.10

41.46

75.71

6.66

70.98

16,00

569

 

 

Industry comparison

 

Activity code                            46761

Activity description                  Wholesale of diamonds and other precious stones

Industry quartile analysis

 

Payment expectations Company result           57.30

Lower                                                              126.42

Median                                                            78.01

Upper                                                               48.73

 

 

Day sales outstanding

 

Company result                                               30.60

Lower                                                              103.77

Median                                                                        54.50

Upper                                                               25.06

 

 

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

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               JESCHIE ELIEZER WIDAWSKI

Position           Principal Manager

Start Date        01/01/2011

Street               42 QUINTEN MATSIJSLEI 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.61.43

UK Pound

1

Rs.99.73

Euro

1

Rs.77.93

 

INFORMATION DETAILS

 

Analysis Done by :

SUB

 

 

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%)

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.