MIRA INFORM REPORT

 

 

Report No. :

336328

Report Date :

12.08.2015

 

IDENTIFICATION DETAILS

 

Name :

FORTUNE JEWEL BVBA

 

 

Registered Office :

Hoveniersstraat 30-Bus 117, 2018 Antwerpen

 

 

Country :

Belgium

 

 

Financials (as on) :

31.12.2013

 

 

Date of Incorporation :

15.07.2011

 

 

Com. Reg. No.:

838169278

 

 

Legal Form :

Private Limited Company

 

 

Line of Business :

Subject is engaged in 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 – March 31, 2015

 

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

Belgium

A2

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 shifts in foreign demand, particularly in Belgium’s EU trade partners. Roughly three-quarters of Belgium's trade is with other EU countries. In 2014 Belgian GDP grew by 0.9%, the unemployment rate stabilized at 8.5%, and the the budget deficit was 3.2% of GDP. Prime Minister Charles MICHEL’s center-right government has pledged to further reduce the deficit in response to EU pressure to reduce Belgium’s high public debt, which remains above 100% of GDP, but such efforts could also dampen economic growth. In addition to restrained public spending, low wage growth and high unemployment promise to curtail a more robust recovery in private consumption. The government has pledged to pursue an reform program to improve Belgium’s competitiveness, including changes to tax policy, labor market rules, and welfare benefits. These changes risk worsening tensions with trade unions and triggering extended strikes.

 

Source : CIA

 

Company summary

 

Business number                     838169278

Branche Unit Number               2200853487

Company name                        FORTUNE JEWEL BVBA

Address                                   HOVENIERSSTRAAT 30-BUS 117

2018 ANTWERPEN

Number of staff                        0

Date of establishment               15/07/2011

Telephone number                   032333444

 

 

Commentary

 

No employees are recorded for this business.

The business has been at the address for over 19 months.

Operating Result in the latest trading period increased 156% on the previous trading period.

Net Worth increased by 152% during the latest trading period.

A 83% growth in Total Assets occurred during the latest trading period.

Pre-tax profits increased by 235% compared to the previous trading period.

The business saw an increase in their Cash Balance of 516% during the latest trading period.

Turnover in the latest trading period increased 80% on the previous trading period.

 

ACCOUNTS

 

DATE  OF  LATEST  ACCOUNTS

TURNOVER

PROFIT  BEFORE  TAX

NET  WORTH

WORKING  CAPITAL

31/12/2013

40,085,934

70,899

82,542

3,441,420

31/12/2012

22,247,004

21,102

32,672

898,689

 

 

 

 

 

ACCOUNTS

 

 

 

 

 

DATE  OF  LATEST  ACCOUNTS

BALANCE  TOTAL

NUMBER  OF  EMPLOYEES

CAPITAL

CASHFLOW

31/12/2013

15,569,127

0

18,600

51,867

31/12/2012

8,503,365

0

18,600

15,127

 

 

Payment expectations

 

Past payments

 

Payment expectation days

107.48

 

Industry average payment expectation days

125.71

Industry average day sales outstanding

182.11

 

Day sales outstanding

128.14

 

 

 

 

 

Court data summary

 

BANKRUPTCY DETAILS

 

Court action type

no

 

 

 

PROTESTED BILLS

Bill amount

NSSO DETAILS

Date of summons

--

 

 

 

 

 

Company information

 

Business  number

838169278

Company  name

FORTUNE  JEWEL  BVBA

Fax  number

--

Date  founded

15/07/2011

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.0838.169.278  Check  VAT number

Belgian  Bullettin  of  Acts

moniteur  belge

 

 

 

 

Company accounts

 

ASSETS

 

 

 

 

Annual  accounts

31-12-2013

%

31-12-2012

Weeks

52

 

75

Currency

EUR

 

EUR

Total  fixed  assets

3,333

-31.06

4,834

Intangible  fixed  assets

0

-

0

Tangible  fixed  assets

3,333

-31.06

4,834

Land  &  building

-

-

-

Plant  &  machinery

1,829

-23.21

2,381

Furniture  &  Vehicles

1,504

-38.69

2,453

Leasing  &  Other  Similar  Rights

-

-

-

Other  tangible  assets

0

-

0

Financial  fixed  assets

-

-

-

Total  current  assets

15,565,795

83.16

8,498,531

Inventories

1,172,770

-44.92

2,129,242

Raw  materials  &  consumables

-

-

-

Work  in  progress

0

-

0

Finished  goods

1,172,770

-44.92

2,129,242

Other  stocks

0

-

0

Trade  debtors

14,073,222

122

6,313,529

Other  amounts  receivable

1,771

-57.58

4,175

Cash

318,031

516

51,585

Miscellaneous  current  assets

0

-

0

Total  Assets

15,569,127

83.09

8,503,365

Liabilities

 

 

 

Total  shareholders  equity

82,542

152

32,672

Issued  share  capital

18,600

0

18,600

Share  premium  account

-

-

-

 

Revaluation  reserve

-

-

-

Reserves

63,942

354

14,072

Provisions  for  Liabilities  &  Charges

0

-

0

Deffered  taxes

-

-

-

Creditors

15,486,585

82.83

8,470,692

Other  long  term  loans

3,362,211

286

870,850

Long  term  group  loans

-

-

-

Other  long  term  liabilities

0

-

0

Total  long  term  debts

3,362,211

286

870,850

Current  portion  of  long  term  debt

-

-

-

Financial  debts

120,845

1006

10,921

Trade  creditors

11,775,502

59.50

7,382,793

Amounts  Payable  for  Taxes,  Remuneration  &  Social  Security

83,912

1093

7,030

Miscellaneous  current  liabilities

144,116

-27.62

199,099

Total  current  liabilities

12,124,374

59.53

7,599,842

Total  Liabilities

15,569,127

83.09

8,503,365

 

 

RATIO  ANALYSIS

 

 

 

 

TRADING  PERFORMANCE

 

 

 

Profit  Before  Tax

0.18

100

0.09

Return  on  capital  employed

2.06

-11.97

2.34

Return  on  total  assets  employed

0.46

84.00

0.25

Return  on  net  assets  employed

85.90

32.99

64.59

Sales  /  net  working  capital

11.65

-52.93

24.75

Stock  turnover  ratio

2.93

-69.38

9.57

Creditor  days

107.48

-11.42

121.34

Debtor  days

128.14

23.71

103.58

SHORT  TERM  STABILITY

 

 

 

Current  ratio

1.28

14.29

1.12

Liquidity  ratio  /  acid  ratio

1.19

41.67

0.84

Current  debt  ratio

146.89

-36.85

232.61

Liquidity  ratio  reprocessed

-

-

-

Cashflow

51,867

242

15,127

Net  worth

82,542

152

32,672

LONG TERM STABILITY

 

 

 

Gearing

4,219.74

56.35

2,698.82

Equity  in  percentage

0.53

39.47

0.38

Total  debt  ratio

187.62

-27.63

259.26

Working  capital

3,441,420

282

898,689

 

 

PROFIT  &  LOSS

 

 

 

 

Operating  Income

40,105,541

80.27

22,247,617

Turnover

40,085,934

80.19

22,247,004

Total  operating  expenses

39,988,008

80.05

22,208,852

Gross  Operating  Margin

-

-

-

Operating  Charges

40,007,614

80.14

22,209,464

Employee  costs

-

-

-

Wages  and  salary

-

-

-

Employee  pension  costs

-

-

-

Social  security  contributions

-

-

-

Other  employee  costs

0

-

0

Director  remuneration

-

-

-

Amortization  and  depreciation

1,997

89.40

1,055

Operating  result

97,927

156

38,152

Total  financial  income

63

1325

4

Total  financial  expenses

27,091

58.85

17,054

Results  on  ordinary  operations  before  taxation

70,899

235

21,102

Extraordinary  Income

-

-

-

Extraordinary  Charges

-

-

-

Extraordinary  items

0

-

0

Results  for  the  Year  Before  Taxation

70,899

235

21,102

Other  appropriations

-

-

-

Taxation

21,030

199

7,030

Results  on  ordinary  operations  after  taxation

49,869

254

14,072

Net  result

49,869

254

14,072

Profit  (Loss)  for  the  Year  to  be  appropriated

49,869

254

14,072

Dividends

-

-

-

 

 

Industry comparison

 

Activity code

46761

Activity description

Whole of diamonds and other precious stones

 

Payment expectations

 

 

Industry comparison

 

Activity code

46761

Activity description

Whole of diamonds and other precious stones

Industry average payment expectation days

125.71

Industry average day sales outstanding

182.11

 

Industry quartile analysis

 

Payment expectations

 

Company result

107.48

Lower

118.32

Median

74.35

Upper

45.49

 

 

Day sales outstanding

 

Company result

128.14

Lower

101.92

Median

53.45

Upper

24.31

 

Shareholder details

 

Group Structure

No group structure for this company.

 

Minority Shareholders

 

Business

Number

Company  name

%

Date  of

Accounts

-

SHREE  INVESTMENT  (HK)

-

-

 

Protested Bills

There is no data for this company

 

Summons

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

URVESHKUMAR  MAGANLAL  ZADAFIYA

Position

Principal  Manager

Start  Date

01/01/2014

Street

47 QUINTEN  MATSIJSLEI  ANTWERPEN

Post  code

2018

Country

Belgium

 

 

Name

DARSHIT  AJIT  SHAH

Position

Principal  Manager

Start  Date

28/07/2011

Street

134 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.64.17

UK Pound

1

Rs.99.84

Euro

1

Rs.70.36

 

INFORMATION DETAILS

 

Analysis Done by :

DIV

 

 

Report Prepared by :

ASH

               

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.