MIRA INFORM REPORT

 

 

Report No. :

338464

Report Date :

24.08.2015

 

IDENTIFICATION DETAILS

 

Name :

ASIAN-DIAMONDS BVBA

 

 

Registered Office :

Hoveniersstraat  2-Bus  510, 2018 Antwerpen

 

 

Country :

Belgium

 

 

Financials (as on) :

31.12.2013

 

 

Date of Incorporation :

17.02.1992

 

 

Com. Reg. No.:

446607992

 

 

Legal Form :

Private Limited Company

 

 

Line of Business :

Wholesale of Diamonds and Other Precious Stones.

 

 

No. of Employees :

01

 

 

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

446607992

Branches  Unit  Number

2056758108

Company  name

ASIAN-DIAMONDS  BVBA

Address

HOVENIERSSTRAAT  2-BUS  510

 

2018 ANTWERPEN

Number  of  staff

0

Date  of  establishment

17/02/1992

Telephone  number

032338454

Fax  number

032338454

 

 

Commentary

 

The business was established over 23 years ago.

The business has 1 employees.

The business has been at the address for over 13 years.

Pre-tax profits decreased by 41% compared to the previous trading period.

 

ACCOUNTS

 

DATE  OF  LATEST  ACCOUNTS

TURNOVER

PROFIT  BEFORE  TAX

NET  WORTH

WORKING  CAPITAL

31/12/2013

20,972,341

18,384

755,652

1,521,526

31/12/2012

22,298,328

31,359

736,603

1,551,175

31/12/2011

27,602,329

45,178

710,450

1,294,326

 

 

 

 

 

ACCOUNTS

 

 

 

 

 

DATE  OF  LATEST  ACCOUNTS

BALANCE  TOTAL

NUMBER  OF  EMPLOYEES

CAPITAL

CASHFLOW

31/12/2013

7,607,458

0

518,600

39,028

31/12/2012

6,400,660

0

518,600

44,317

31/12/2011

7,481,973

0

518,600

53,929

 

 

Payment expectations

 

Past payments

 

Payment expectation days

79.10

 

Industry average payment expectation days

106.77

Industry average day sales outstanding

171.14

 

Day sales outstanding

90.36

 

 

 

 

Court data summary

 

BANKRUPTCY DETAILS

 

Court action type

No

 

 

 

PROTESTED BILLS

Bill amount

NSSO DETAILS

Date of summons

--

 

 

 

 

 

Company information

 

Business  Number

446607992

Company  Name

ASIAN-DIAMONDS  BVBA

Fax  Number

032338454

Date  Founded

17/02/1992

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.0446.607.992  Check  VAT Number

Belgian  Bullettin  Of  Acts Publications

moniteur  belge

 

 

 

 

Company accounts

 

ASSETS

 

 

 

 

 

 

 

 

 

 

Annual  accounts

31-12-2013

%

31-12-2012

%

31-12-2011

%

31-12-2010

%

31-12-2009

Weeks

52

 

52

 

52

 

52

 

52

Currency

EUR

 

EUR

 

EUR

 

EUR

 

EUR

Total  fixed  assets

368,027

0.01

368,006

68.24

218,743

-6.93

235,025

11.33

211,114

Intangible  fixed  assets

0

-

0

-

0

-

0

-

0

Tangible  fixed  assets

366,342

0.01

366,322

67.99

218,059

-6.95

234,341

11.36

210,430

Land  &  building

322,638

-2.27

330,126

92.31

171,661

-2.00

175,156

-1.96

178,651

Plant  &  machinery

28,073

151

11,165

-5.55

11,820

-21.51

15,061

-18.58

18,498

Furniture  &  Vehicles

15,631

-37.55

25,031

-27.61

34,578

-21.64

44,124

232

13,282

Leasing  &  Other  Similar  Rights

-

-

-

-

-

-

-

-

-

Other  tangible  assets

0

-

0

-

0

-

0

0

-1

Financial  fixed  assets

1,684

0

1,684

146

684

0

684

0.03

684

Total  current  assets

7,239,432

20.00

6,032,654

-16.94

7,263,230

-4.45

7,601,132

51.53

5,016,294

Inventories

2,013,885

71.24

1,176,077

28.93

912,174

-48.07

1,756,394

45.15

1,210,047

Raw  materials  &  consumables

-

-

-

-

-

-

-

-

-

Work  in  progress

0

-

0

-

0

-

0

-

0

Finished  goods

2,013,885

71.24

1,176,077

28.93

912,174

-48.07

1,756,394

45.15

1,210,047

Other  stocks

0

-

0

-

0

-

0

-

0

Trade  debtors

5,191,746

7.41

4,833,519

-23.71

6,335,546

8.68

5,829,593

53.68

3,793,217

Other  amounts  receivable

24,439

85.30

13,189

144

5,395

-28.05

7,498

-2.66

7,703

Cash

5,090

-4.35

5,321

-3.99

5,543

120

2,510

75.37

1,431

Miscellaneous  current  assets

4,273

-6.03

4,547

-0.55

4,572

-11.00

5,137

31.86

3,896

Total  Assets

7,607,458

18.85

6,400,660

-14.45

7,481,973

-4.52

7,836,157

49.91

5,227,408

Liabilities

 

 

 

 

 

 

 

 

 

Total  shareholders’  equity

755,652

2.59

736,603

3.68

710,450

5.60

672,803

6.56

631,392

Issued  share  capital

518,600

0

518,600

0

518,600

0

518,600

0

518,600

Share  premium  account

-

-

-

-

-

-

-

-

-

Revaluation  reserve

-

-

-

-

-

-

-

-

-

Reserves

237,052

8.74

218,003

13.63

191,850

24.41

154,203

36.71

112,792

Provisions  for  Liabilities  &  Charges

0

-

0

-

0

-

0

-

0

Deffered  taxes

-

-

-

-

-

-

-

-

-

Creditors

6,851,807

20.97

5,664,056

-16.35

6,771,523

-5.47

7,163,355

55.86

4,596,016

Other  long  term  loans

1,133,901

-4.12

1,182,577

47.34

802,619

-1.19

812,277

4.00

781,014

Long  term  group  loans

-

-

-

-

-

-

-

-

-

Other  long  term  liabilities

0

-

0

-

0

-

0

-

0

Total  long  term  debts

1,133,901

-4.12

1,182,577

47.34

802,619

-1.19

812,277

4.00

781,014

Current  portion  of  long  term  debt

23,987

-9.03

26,369

39.51

18,901

4.41

18,102

54.83

11,691

Financial  debts

1,172,803

332

271,203

-59.44

668,572

-3.61

693,625

13.52

611,017

Trade  creditors

4,511,615

8.30

4,165,925

-20.93

5,268,591

-5.17

5,555,935

80.33

3,081,013

Amounts  Payable  for  Taxes, Remuneration  &  Social  Security

9,392

-47.46

17,876

54.68

11,557

-12.28

13,175

62.97

8,084

Miscellaneous  current  liabilities

109

2.74

106

-91.74

1,283

-98.17

70,242

-31.93

103,197

Total  current  liabilities

5,717,905

27.59

4,481,479

-24.92

5,968,903

-6.02

6,351,078

66.48

3,815,002

Total  Liabilities

7,607,458

18.85

6,400,660

-14.45

7,481,973

-4.52

7,836,157

49.91

5,227,408

 

RATIO ANALYSIS

 

TRADING  PERFORMANCE

 

 

 

 

 

 

 

 

 

Profit  Before  Tax

0.09

-35.71

0.14

-12.50

0.16

0

0.16

-

0.00

Return  on  capital  employed

0.97

-40.49

1.63

-45.48

2.99

20.56

2.48

6100

0.04

Return  on  total  assets  employed

0.24

-51.02

0.49

-18.33

0.60

27.66

0.47

4600

0.01

Return  on  net  assets  employed

2.43

-42.96

4.26

-33.02

6.36

16.27

5.47

5977

0.09

Sales  /  net  working  capital

13.78

-4.17

14.38

-32.58

21.33

17.59

18.14

75.95

10.31

Stock  turnover  ratio

9.60

82.16

5.27

59.70

3.30

-57.42

7.75

-20.68

9.77

Creditor  days

79.10

15.05

68.75

-2.01

70.16

-22.08

90.04

-1.23

91.16

Debtor  days

90.36

14.21

79.12

-5.56

83.78

-10.72

93.84

-16.01

111.73

SHORT  TERM  STABILITY

 

 

 

 

 

 

 

 

 

Current  ratio

1.27

-5.93

1.35

10.66

1.22

1.67

1.20

-8.40

1.31

Liquidity  ratio  /  acid  ratio

0.91

-15.74

1.08

1.89

1.06

15.22

0.92

-8.00

1.00

Current  debt  ratio

7.57

24.51

6.08

-27.62

8.40

-11.02

9.44

56.29

6.04

Liquidity  ratio  reprocessed

-

-

-

-

-

-

-

-

-

Cashflow

39,028

-11.93

44,317

-17.82

53,929

2.31

52,710

290

13,491

Net  worth

755,652

2.59

736,603

3.68

710,450

5.60

672,803

6.56

631,392

LONG TERM STABILITY

 

 

 

 

 

 

 

 

 

Gearing

308.43

53.49

200.94

-4.20

209.74

-7.41

226.52

1.89

222.32

Equity  in  percentage

9.93

-13.73

11.51

21.16

9.50

10.59

8.59

-28.89

12.08

Total  debt  ratio

9.07

17.95

7.69

-19.31

9.53

-10.52

10.65

46.29

7.28

Working  capital

1,521,526

-1.91

1,551,175

19.84

1,294,326

3.54

1,250,055

4.06

1,201,292

 

PROFIT & LOSS

 

Operating  Income

20,973,581

-5.95

22,299,413

-19.22

27,603,978

21.74

22,674,922

82.98

12,391,767

Turnover

20,972,341

-5.95

22,298,328

-19.22

27,602,329

21.73

22,674,922

82.99

12,391,148

Total  operating  expenses

20,817,408

-5.88

22,118,513

-19.30

27,409,686

21.70

22,522,140

82.56

12,336,756

Gross  Operating  Margin

-

-

-

-

-

-

-

-

-

Operating  Charges

20,818,648

-5.88

22,119,599

-19.30

27,411,336

21.71

22,522,140

82.55

12,337,375

Employee  costs

-

-

-

-

-

-

469

444

86

Wages  and  salary

-

-

-

-

-

-

-

-

-

Employee  pension  costs

-

-

-

-

-

-

-

-

-

Social  security  contributions

-

-

-

-

-

-

-

-

-

Other  employee  costs

0

-

0

-

0

-100

469

444

86

Director  remuneration

-

-

66,855

2.42

65,275

6.98

61,016

4.10

58,616

Amortization  and  depreciation

19,979

10.00

18,163

11.56

16,282

44.10

11,299

-3.41

11,698

Operating  result

154,932

-13.84

179,814

-6.66

192,643

26.09

152,782

180

54,392

Total  financial  income

865

50.13

576

-42.76

1,007

371

214

-69.58

702

Total  financial  expenses

137,413

-7.80

149,031

0.38

148,472

27.75

116,224

113

54,548

Results  on  ordinary  operations before  taxation

18,384

-41.38

31,359

-30.59

45,178

22.86

36,772

6634

546

Extraordinary  Income

3,230

-24.75

4,293

-

-

-

15,196

836

1,623

Extraordinary  Charges

-

-

-

-

-

-

10,557

-

-

Extraordinary  items

3,230

-24.75

4,293

-

0

-100

4,639

185

1,623

Results  for  the  Year  Before Taxation

21,614

-39.37

35,652

-21.08

45,178

9.10

41,411

1809

2,169

Other  appropriations

-

-

-

-

-

-

-

-

-

Taxation

2,566

-72.99

9,499

26.15

7,530

-

-

-

376

Results  on  ordinary  operations after  taxation

15,818

-27.64

21,860

-41.93

37,648

2.38

36,772

21530

170

Net  result

19,048

-27.17

26,153

-30.53

37,648

-9.09

41,411

2209

1,793

Profit  (Loss)  for  the  Year  to  be appropriated

19,048

-27.17

26,153

-30.53

37,648

-9.09

41,411

2209

1,793

Dividends

-

-

-

-

-

-

-

-

-

 

 

Industry comparison

 

Activity code

46761

Activity description

Whole of diamonds and other precious stones

 

 

Payment expectations

 

 

Payment  expectation  days

79.10

Day  sales  outstanding

90.36

 

Industry comparison

 

Activity code

46761

Activity description

Whole of diamonds and other precious stones

Industry average payment expectation days

106.77

 

 

Industry average day sales outstanding

171.14

 

Industry quartile analysis

 

Payment expectations

 

Company result

79.10

Lower

118.91

Median

75.33

Upper

45.73

 

 

Day sales outstanding

 

Company result

90.36

Lower

102.70

Median

55.21

Upper

25.16

 

 

Shareholder details

 

Group Structure

No group structure for this company.

 

Minority Shareholders

No minority shareholders found

 

Minority Interests

No minority interest found

 

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

 

Companies that match this address

No companies match this address

 

 

Director details

 

CURRENT DIRECTOR DETAILS

 

Position

Principal  Manager

Start  Date

12/09/2014

Street

30 BELGIËLEI  ANTWERPEN

Post  code

2018

Country

Belgium

 

 

Name

HASMUKH  PRAKASHRAJ  SANGHVI

Name

RAKESH  POPATLAL  SANGHVI

Position

Principal  Manager

Start  Date

12/09/2014

Street

30 BELGIËLEI  ANTWERPEN

Post  code

2018

Country

Belgium

 

 

FORMER  DIRECTOR  DETAILS

 

 

Name

SANGHVI  HASMUKH

Position

Principal  Manager

Start  Date

04/02/1999

End  Date

Unknown  date

Street

58 PLANTIN  EN  MORETUSLEI  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.65.83

UK Pound

1

Rs.103.39

Euro

1

Rs.74.27

 

 

INFORMATION DETAILS

 

Analysis Done by :

DIV

 

 

Report Prepared by :

TPT

 

               

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.