MIRA INFORM REPORT

 

 

Report Date :

30.09.2014

 

IDENTIFICATION DETAILS

 

Name :

TIME STAR BVBA

 

 

Registered Office :

Pelikaanstraat 62 2018 Antwerpen

 

 

Country :

Belgium

 

 

Financials (as on) :

31.12.2013

 

 

Date of Incorporation :

30/10/2006

 

 

Com. Reg. No.:

884871909

 

 

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 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

A1

 

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 and address

 

Business number

884871909

Company name

TIME STAR BVBA

Address

PELIKAANSTRAAT 62

 

2018 ANTWERPEN

Number of staff

0

Date of establishment

30/10/2006

Telephone number

032323361

 

 

Commentary

 

The business was established over 7 years ago.

No employees are recorded for this business.

The business has been at the address for over 6 years.

A 43% growth in Total Assets occurred during the latest trading period.

Pre-tax profits increased by 69% compared to the previous trading period.

The business saw an increase in their Cash Balance of 24% during the latest trading period.

 

 

Accounts

 

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

31/12/2013                                                        104,280                         16,706              13,610

31/12/2012                                                        61,575                          -87,573             -90,892

31/12/2011                                                        66,097                          212,235             204,849

 

 

Accounts

 

DATE OF LATEST ACCOUNTS BALANCE TOTAL          NUMBER OF EMPLOYEES        CAPITAL  CASHFLOW

31/12/2013                                5,290,002                     0                                              62,000          105,030

31/12/2012                                3,690,751                      0                                              62,000          -295,741

31/12/2011                                3,945,605                      0                                              62,000          53,639

 

 

Payment expectations

 

Past payments

Payment expectation days

-

 

Industry average payment 125.39 expectation days

Industry average day sales outstanding

143.75

 

 

Company information

 

Business number

884871909

Company name

TIME STAR BVBA

Fax number

 

Date founded

30/10/2006

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.0884.871.909 Check

Belgian Bullettin of Acts

moniteur beige

 

 

Publications

 

 

 

 

 

Significant Events

 

Event Date

18/06/2012

Event Description

resignation-appointment of director(s)

Event Details

Commentaar 14-07-2010: De benoeming van Maniyar Harshil werd bevestigd als zaakvoerder.

 

 

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

-

-

-

-

-

61,217,629

-

Total operating expenses

-

-

-

-

-

60,656,546

-

Operating result

28,238

-2.94

29,094

85.63

-33,976

175,767

-83.93

Total financial income

80,801

131

34,841

-66.55

104,149

61,879

30.58

Total financial expenses

4,759

101

2,360

-42.09

4,075

185,304

-97.43

Results on ordinary operations before taxation

104,280

69.35

61,575

-6.84

66,097

53,706

94.17

Taxation

-

-

-

-

17,135

23,544

-

Results on ordinary operations after taxation

104,280

69.35

61,575

25.76

48,961

36,697

184

Extraordinary items

0

0

-361,384

-

0

7,204

-100

Other appropriations

0.00

-

0.00

-

0.00

-

-

Net result

104,280

34.78

-299,809

-712

48,961

44,127

136

Gross Operating Margin

31,339

-10.76

35,117

129

-27,060

36,411

-13.93

Dividends

-

-

-

-

-

221,730

-

Director remuneration

-

-

-

-

-

128,969

-

Employee costs

-

-

-

-

-

147,671

-

Wages and salary

-

-

-

-

-

116,217

-

Employee pension costs

-

-

-

-

-

1,459

-

Annual accounts

31-12-2013

%

31-12-2012

%

' 31-12-2011

Industry average 2013

%

Weeks

52

 

52

 

52

 

 

Currency

EUR

 

EUR

 

EUR

 

 

Turnover

-

-

-

-

-

61,217,629

-

Total operating expenses

-

-

-

-

-

60,656,546

-

Operating result

28,238

-2.94

29,094

85.63

-33,976

175,767

-83.93

Total financial income

80,801

131

34,841

-66.55

104,149

61,879

30.58

Total financial expenses

4,759

101

2,360

-42.09

4,075

185,304

-97.43

Results on ordinary operations before taxation

104,280

69.35

61,575

-6.84

66,097

53,706

94.17

Taxation

-

-

-

-

17,135

23,544

-

Results on ordinary operations after taxation

104,280

69.35

61,575

25.76

48,961

36,697

184

Extraordinary items

0

0

-361,384

-

0

7,204

-100

Other appropriations

0.00

-

0.00

-

0.00

-

-

Net result

104,280

34.78

-299,809

-712

48,961

44,127

136

Gross Operating Margin

31,339

-10.76

35,117

129

-27,060

36,411

-13.93

Dividends

-

-

-

-

-

221,730

-

Director remuneration

-

-

-

-

-

128,969

-

Employee costs

-

-

-

-

-

147,671

-

Wages and salary

-

-

-

-

-

116,217

-

Employee pension costs

-

-

-

-

-

1,459

-

 

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

1,540

-100

Tangible fixed assets

2,129

-9.46

2,352

-63.36

6,419

198,193

-98.93

Land & building

-

-

-

-

-

395,520

-

Plant & machinery

1,861

-6.68

1,995

-27.49

2,751

28,625

-93.50

Furniture & Vehicles

268

-24.99

357

-90.26

3,669

15,434 4,223

-98.26

Leasing & Other Similar Rights

-

-

-

-

-

41,563 20,725

 

Other tangible assets

0

-

0

-

0

9,102

-100

Financial fixed assets

967

0

967

0

967

247,915

-99

Total fixed assets

3,096

-6.70

3,318

-55.07

7,386

356,103

-99

Inventories

1,871,634

256

525,601

159

202,386

3,139,189

-40.38

Raw materials & consumables

-

-

-

-

-

7,018,384

-

Work in progress

0

-

0

-

0

1,400

-100

Finished goods

0

-

0

-

0

2,100,276

-100

Other stocks

1,871,634

256

525,601

159

202,386

444,782

320

Trade debtors

2,940,660

6.11

2,771,450

-20.43

3,483,134

4,165,782

-29.41

Cash

472,403

24.88

378,295

51.36

249,931

569,451,485

-99

other amounts receivable

797

-92.66

10,867

712

1,337

211,311

-99

Miscellaneous current assets

1,411

15.69

1,220

-14.80

1,432

-560,142,592

0.00

Total current assets

5,286,906

43.38

3,687,433

-6.37

3,938,219

7,204,123

-26.61

Total Assets

5,290,002

43.33

3,690,751

-6.46

3,945,605

7,520,084 1,174,471

-29.66

 

 

CURRENT LIABILITIES

 

Trade creditors

4,583,728

49.16

3,072,928

2.12

3,009,265

2,942,333

55.79

 

Short term group loans

-

-

-

-

-

-

-

 

Financial debts

-

-

36

-

-

4,564,426 121,204

-

 

Current portion of long term debt

-

-

-

-

-

84,620 14,135

-

 

Amounts Payable for Taxes, Remuneration & Social Security

-

-

-

-

3,500

7,759 -

-

 

Miscellaneous current liabilities

689,568

-2.24

705,360

-2.12

720,605

201

--

 

Total current liabilities

5,273,296

39.57

3,778,325

1.20

3,733,370

5,144,357

2.51

 

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

5,303 0

-100

 

Other long term liabilities

0

-

0

-

0

239,187

-100

 

Total long term debts

0

-

0

-

0

664,109

-100

SHAREHOLDERS EQUITY

 

Issued share capital

62,000

0

62,000

0

62,000

1,033,828

-94.00

 

Share premium account

-

-

-

-

-

86,926

-

 

Reserves

-45,294

30.28

-149,573

-199

150,235

644,445

-107

 

Revaluation reserve

-

-

-

-

-

907,399

-

 

Total shareholders equity

16,706

19.08

-87,573

-141

212,235

1,701,631

-99

 

Working capital

13,610

14.97

-90,892

-144

204,849

2,059,766

-99

 

Cashflow

105,030

35.51

-295,741

-651

53,639

58,572

79.32

 

Net worth

16,706

19.08

-87,573

-141

212,235

1,700,090

-99

 

 

ratio analysis

 

 

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

624.19

887

-70.31

-325

31.14

-14,00

4458

 

Return on total assets employed

1.97

17.96

1.67

-0.60

1.68

-5,00

39.40

 

Return on net assets employed

624.19

887

-70.31

-325

31.14

-15,00

4161

 

Sales / net working capital

-

-

-

-

-

169,00

-

 

Stock turnover ratio

-

-

-

-

-

50,00

-

 

Debtor days

-

-

-

-

-

143,75

-

 

Creditor days

-

-

-

-

-

125,39

-

SHORT TERM STABILITY

 

Current ratio

1

2.04

0.98

-6.67

1.05

4,00

-93.33

 

Liquidity ratio / acid ratio

0.65

-22.62

0.84

-16.00

1

3,00

-78.33

 

Current debt ratio

315.65

731

-43.14

-345

17.59

15,00

2004

 

Liquidity ratio reprocessed

-

-

-

-

-

-

-

LONG TERM STABILITY

 

Gearing

-

-

-0.04

-

-

251,00

-

 

Equity in percentage

0.32

13.50

-2.37

-144

5.38

-258,00

0.12

 

Total debt ratio

315.65

731

-43.14

-345

17.59

16,00

1872

 

 

Industry comparison

Activity code

46761

Activity description

Wholesale of diamonds and other precious stones

 

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

 

 

Shareholder Details

 

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          Paras                Middle name -

Surname Shah

 

SHAREHOLDER DETAILS

Start date          30/10/2006       End date -

Percentage owned 100%

 

SHAREHOLDER ADDRESS

Street name      -          House number -

Minor town        -          Postal town Stekene

Post code         -           Country Belgium

 

 

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                PARAS JAYANTILAL SHAH

Position            Principal Manager

Start Date         16/08/2010

Street               123 BELGIËLEI 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.61.42

UK Pound

1

Rs.99.72

Euro

1

Rs.77.93

 

INFORMATION DETAILS

 

Analysis Done by :

RAS

 

 

Report Prepared by :

NIS

 

               

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.