MIRA INFORM REPORT

 

 

Report No. :

355388

Report Date :

21.12.2015

 

IDENTIFICATION DETAILS

 

Name :

SHUBH DIAM BVBA

 

 

Registered Office :

Pelikaanstraat 62 2018 Antwerpen

 

 

Country :

Belgium

 

 

Financials (as on) :

31.12.2014

 

 

Date of Incorporation :

06.04.2006

 

 

Com. Reg. No.:

880934697

 

 

Legal Form :

Private limited liability company

 

 

Line of Business :

Wholesale of diamonds and other precious stones.

 

 

No. of Employee :

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 – 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 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 a 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                                 880934697

Branche Unit Number                           2153350015

Company name                                    SHUBH DIAM BVBA

Address                                               PELIKAANSTRAAT 62

2018 ANTWERPEN

Number of staff                                    --

Date of establishment                           06/04/2006

Telephone number                               032323299

Fax number                                          032209480

 

 

Commentary

 

The business was established over 9 years ago.

No employees are recorded for this business.

The business has been at the address for over 9 years.

Pre-tax profits decreased by 121% compared to the previous trading period.

The business saw an increase in their Cash Balance of 33% during the latest trading period.

 

 

Accounts

 

DATE  OF  LATEST  ACCOUNTS

TURNOVER

PROFIT  BEFORE  TAX

NET  WORTH

WORKING  CAPITAL

31/12/2014

 

-3,672

75,264

68,762

31/12/2013

 

17,332

74,638

68,477

31/12/2012

 

18,123

74,307

65,040

 

ACCOUNTS

 

 

 

 

 

DATE  OF  LATEST  ACCOUNTS

BALANCE  TOTAL

NUMBER  OF  EMPLOYEES

CAPITAL

CASHFLOW

31/12/2014

1,588,889

-

18,600

4,285

31/12/2013

1,975,282

-

18,600

21,219

31/12/2012

1,440,696

-

18,600

22,106

 

 

Trends

 

Profitability

Liquidity

Net worth

 

Payment expectations

 

Past  payments

 

Payment  expectation  days

-

Industry  average  payment

188.05

Industry  average  day  sales

194.92

expectation  days

 

outstanding

 

Day  sales  outstanding

-

 

 

 

 

Court data summary

 

BANKRUPTCY DETAILS

Court action type                       No

 

PROTESTED BILLS

Bill amount                                --

 

NSSO DETAILS

Date of summons                     –

 

 

Company information

 

Business  number

880934697

Company  name

SHUBH  DIAM  BVBA

Fax  number

032209480

Date  founded

06/04/2006

Company  status

active

Company  type

Private  limited  liability

 

 

 

company

Currency

Euro  (€)

Date  of  latest  accounts

31/12/2014

Activity  code

46761

Liable  for  VAT

yes

Activity  description

Wholesale  of  diamonds  and

VAT  Number

BE.0880.934.697  Check  VAT

 

other  precious  stones

 

number

Belgian  Bullettin  of  Acts Publications

moniteur  belge

 

 

 

 

Contractor details

 

Registered  contractor

-

number

 

Contractor  description

-

Date  struck  off  register

 

 

 

PERSONNEL  (NSSO  CLASSIFICATION)

 

Code

-

Description

-

 

 

JOINT  INDUSTRIAL  COMMITTEE  (JIC)

 

----

 

 

SIGNIFICANT  EVENTS

 

Event  Date

06/04/2006

Event  Description

Legal  creation

Event  Details

 

 

 

Company accounts

 

ASSETS

 

Annual  accounts

31-12-2014

%

31-12-2013

%

31-12-2012

%

31-12-2011

%

31-12-2010

Weeks

52

 

52

 

52

 

52

 

52

Currency

EUR

 

EUR

 

EUR

 

EUR

 

EUR

Total  fixed  assets

6,502

5.53

6,162

-33.50

9,266

-19.54

11,517

-23.41

15,038

Intangible  fixed  assets

0

-

0

-

0

-

0

-

0

Tangible  fixed  assets

1,187

-75.51

4,846

-39.05

7,951

-22.06

10,202

-25.66

13,723

Land  &  building

0

-

0

-

0

-

0

-

0

Plant  &  machinery

5

-97.06

160

-49.25

315

841

33

-86.73

252

Furniture  &  Vehicles

1,182

-74.78

4,687

-38.63

7,636

-24.90

10,168

-24.52

13,471

Leasing  &  Other  Similar  Rights

0

-

0

-

0

-

0

-

0

Other  tangible  assets

0

-

0

-

0

-

0

-

0

Financial  fixed  assets

5,316

304

1,316

0

1,316

0

1,316

0

1,316

Total  current  assets

1,582,386

-19.64

1,969,120

37.56

1,431,429

29.23

1,107,643

2.97

1,075,724

Inventories

1,011,584

-10.38

1,128,797

108

541,903

-12.31

617,994

174

225,260

Raw  materials  &  consumables

0

-

0

-

0

-

0

-

0

Work  in  progress

0

-

0

-

0

-

0

-

0

Finished  goods

0

-

0

-

0

-

0

-

0

Other  stocks

1,011,584

-10.38

1,128,797

108

541,903

-12.31

617,994

174

225,260

Trade  debtors

425,907

-41.62

729,559

54.76

471,414

87.32

251,669

-59.22

617,153

Other  amounts  receivable

2,167

2133

97

-84.97

645

-68.21

2,030

134

867

Cash

141,685

33.17

106,392

-74.31

414,115

78.80

231,606

0.89

229,556

Miscellaneous  current  assets

1,043

-75.61

4,275

27.52

3,352

-22.82

4,344

50.36

2,889

Total  Assets

1,588,889

-19.56

1,975,282

37.11

1,440,696

28.73

1,119,160

2.60

1,090,762

 

 

LIABILITIES

 

Total  shareholders  equity

75,264

0.84

74,638

0.45

74,307

1.18

73,443

24.25

59,110

Issued  share  capital

18,600

0

18,600

0

18,600

0

18,600

0

18,600

Share  premium  account

0

-

0

-

0

-

0

-

0

Revaluation  reserve

0

-

0

-

0

-

0

-

0

Reserves

56,664

1.12

56,038

0.60

55,707

1.58

54,843

35.38

40,510

Provisions  for  Liabilities  &  Charges

0

-

0

-

0

-

0

-

0

Deffered  taxes

0

-

0

-

0

-

0

-

0

Creditors

1,513,624

-20.36

1,900,644

39.10

1,366,389

30.67

1,045,717

1.36

1,031,652

Other  long  term  loans

0

-

0

-

0

-

0

-

0

Long  term  group  loans

-

-

-

-

-

-

-

-

-

Other  long  term  liabilities

0

-

0

-

0

-

0

-

0

Total  long  term  debts

0

-

0

-

0

-

0

-

0

Current  portion  of  long  term  debt

0

-

0

-

0

-

0

-

0

Financial  debts

0

-

0

-

0

-

0

-

0

Trade  creditors

1,090,298

-29.19

1,539,780

52.48

1,009,845

47.92

682,708

0.74

677,701

Amounts  Payable  for  Taxes,

58

-

0

-100

447

-92.20

5,739

4152

135

Remuneration  &  Social  Security

 

 

 

 

 

 

 

 

 

Miscellaneous  current  liabilities

423,268

17.29

360,864

1.34

356,097

-0.33

357,270

0.98

353,816

Total  current  liabilities

1,513,624

-20.36

1,900,644

39.10

1,366,389

30.67

1,045,717

1.36

1,031,652

Total  Liabilities

1,588,889

-19.56

1,975,282

37.11

1,440,696

28.73

1,119,160

2.60

1,090,762

 

 

RATIO ANALYSIS

 

TRADING  PERFORMANCE

 

Profit  Before  Tax

-

-

-

-

-

-

-

-

-

Return  on  capital  employed

-4.88

-121

23.22

-4.80

24.39

-48.73

47.57

26.72

37.54

Return  on  total  assets  employed

-0.23

-126

0.88

-30.16

1.26

-59.62

3.12

53.69

2.03

Return  on  net  assets  employed

-4.88

-121

23.22

-4.80

24.39

-48.73

47.57

26.72

37.54

Sales  /  net  working  capital

-

-

-

-

-

-

-

-

-

Stock  turnover  ratio

-

-

-

-

-

-

-

-

-

Creditor  days

-

-

-

-

-

-

-

-

-

Debtor  days

-

-

-

-

-

-

-

-

-

 

SHORT  TERM  STABILITY

 

Current  ratio

1.05

0.96

1.04

-0.95

1.05

-0.94

1.06

1.92

1.04

Liquidity  ratio  /  acid  ratio

0.38

-13.64

0.44

-32.31

0.65

38.30

0.47

-42.68

0.82

Current  debt  ratio

20.11

-21.01

25.46

38.44

18.39

29.14

14.24

-18.40

17.45

Liquidity  ratio  reprocessed

-

-

-

-

-

-

-

-

-

Cashflow

4,285

-79.80

21,219

-4.01

22,106

-27.17

30,353

37.69

22,045

Net  worth

75,264

0.84

74,638

0.45

74,307

1.18

73,443

24.25

59,110

 

LONG  TERM  STABILITY

 

Gearing

-

-

-

-

-

-

-

-

-

Equity  in  percentage

4.74

25.40

3.78

-26.74

5.16

-21.34

6.56

21.03

5.42

Total  debt  ratio

20.11

-21.01

25.46

38.44

18.39

29.14

14.24

-18.40

17.45

Working  capital

68,762

0.42

68,477

5.28

65,040

5.03

61,925

40.51

44,072

 

 

PROFIT & LOSS

 

Operating  Income

-

-

-

-

-

-

-

-

-

Turnover

-

-

-

-

-

-

-

-

-

Total  operating  expenses

-

-

-

-

-

-

-

-

-

Gross  Operating  Margin

29,916

2473

-1,209

-109

12,756

-76.58

54,475

184

19,147

Operating  Charges

-

-

-

-

-

-

-

-

-

Employee  costs

689

77.69

388

-50.46

783

146

318

45.28

219

Wages  and  salary

-

-

-

-

-

-

-

-

-

Employee  pension  costs

-

-

-

-

-

-

-

-

-

Social  security  contributions

-

-

-

-

-

-

-

-

-

Other  employee  costs

689

77.69

388

-50.46

783

146

318

45.28

219

Director  remuneration

-

-

-

-

-

-

-

-

-

Amortization  and  depreciation

3,660

-5.85

3,887

3.88

3,742

6.28

3,521

178

1,266

Operating  result

2,017

28.50

-7,078

-209

6,455

-86.77

48,783

210

15,724

Total  financial  income

1,275

-98.55

88,000

-41.59

150,663

-50.65

305,323

13.29

269,515

Total  financial  expenses

6,965

-89.05

63,590

-54.25

138,994

-56.45

319,166

21.33

263,050

Results  on  ordinary  operations  before  taxation

-3,672

-121

17,332

-4.37

18,123

-48.13

34,940

57.47

22,188

Extraordinary  Income

4,298

-

-

-

-

-

-

-

-

Extraordinary  Charges

-

-

-

-

-

-

-

-

9

Extraordinary  items

4,298

-

0

-

0

-

0

0

-9

Results  for  the  Year  Before  Taxation

626

-96.39

17,332

-4.37

18,123

-48.13

34,940

57.53

22,180

Other  appropriations

-

-

-

-

-

-

-

-

-

Taxation

-

-

-

-

-241

-102

8,107

478

1,401

Results  on  ordinary  operations  after  taxation

-3,672

-121

17,332

-5.62

18,364

-31.56

26,833

29.08

20,788

Net  result

626

-96.39

17,332

-5.62

18,364

-31.56

26,833

29.13

20,779

Profit  (Loss)  for  the  Year  to  be  appropiated

626

-96.39

17,332

-5.62

18,364

-31.56

26,833

29.13

20,779

Dividends

-

-

-

-

-

-

-

-

-

 

 

 

Industry comparison

 

Activity  code

46761

Activity  description

Wholesale  of  diamonds  and  other  precious  stones

industry  average  credit

68.15

rating

 

Industry  average  credit  limit

216717.15

 

 

Payment Information

 

 

Suspension  of  payments  /  moratorium  history

Amount

-

Details

-

 

 

PAYMENT  EXPECTATIONS

 

Payment  expectation  days

-

Day  sales  outstanding

-

 

 

INDUSTRY  COMPARISON

 

Activity  code

46761

Activity  description

Wholesale  of  diamonds  and  other  precious  stones

Industry  average  payment

188.05

Industry average day sales

outstanding

194.92

 

 

Industry quartile analysis

 

PAYMENT EXPECTATIONS

 

Company result            --

Lower                           132.91

Median                         60.64

Upper                           29.07

 

 

DAY SALES OUTSTANDING

 

Company result            -

Lower                           132.02

Median                         85.12

Upper                           47.22

 

 

Shareholder Details

 

SUMMARY

 

Group  -  Number  of  Companies

0

Linkages  -  Number  of  Companies

0

Number  of  Countries

0

 

 

GROUP STRUCTURE

No group structure for this company.

 

MINORITY SHAREHOLDERS

No minority shareholders found

 

MINORITY INTERESTS

No minority interests found

 

 

Linked Companies

 

SUMMARY

 

Group - Number of Companies             0

Linkages - Number of Companies        0

Number of Countries                            0

 

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

 

Position

Manager

Start  Date

01/10/2007

Street

8 KORTE  HERENTALSESTRAAT  ANTWERPEN

Post  code

2018

Country

Belgium

Name

Tanveer  Sadhani

 

 

FORMER DIRECTOR DETAILS

 

Name

Hasmukh  Sanghvi

Position

Manager

Start  Date

06/04/2006

End  Date

30/09/2007

Street

 

Post  code

 

Country

 

 

 

 

 

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.66.42

UK Pound

1

Rs.99.17

Euro

1

Rs.72.14

EUR

1

Rs.72.11

Note : Above are approximate rates obtained from sources believed to be correct

 

 

INFORMATION DETAILS

 

Analysis Done by :

KAR

 

 

Report Prepared by :

ANK

 

 

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.