MIRA INFORM REPORT

 

 

Report No. :

306819

Report Date :

05.02.2015

 

IDENTIFICATION DETAILS

 

Name :

N.G. DIAM BVBA

 

 

Registered Office :

Pelikaanstraat 62, 2018 Antwerpen

 

 

Country :

Belgium

 

 

Financials (as on) :

31.12.2013

 

 

Date of Incorporation :

19.02.2009

 

 

Com. Reg. No.:

809929709

 

 

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 – December 31, 2014

 

Country Name

Previous Rating

(30.09.2014)

Current Rating

(31.12.2014)

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 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

809929709

Company  Name

N.G.  DIAM  BVBA

Address

PELIKAANSTRAAT  62

 

2018 ANTWERPEN

Number  of  Staff

0

Date  of  Establishment

19/02/2009

Telephone  Number

032333724

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 4 years.

Operating Result in the latest trading period decreased 80% on the previous trading period.

Pre-tax profits decreased by 106% compared to the previous trading period.

The business saw an increase in their Cash Balance of 228% during the latest trading period.

 

 

Accounts

 

DATE  OF  LATEST  ACCOUNTS

TURNOVER

PROFIT  BEFORE  TAX

NET  WORTH

WORKING  CAPITAL

31/12/2013

 

-654

76,976

59,383

31/12/2012

 

10,730

77,630

66,548

31/12/2011

 

59,558

69,120

60,808

 

Accounts

 

 

 

 

 

DATE  OF  LATEST  ACCOUNTS

BALANCE  TOTAL

NUMBER  OF  EMPLOYEES

CAPITAL

CASHFLOW

31/12/2013

1,674,241

0

21,000

6,387

31/12/2012

1,605,281

0

21,000

10,661

31/12/2011

2,721,849

0

21,000

43,625

 

 

Payment expectations

 

Past  payments

 

Payment  expectation  days

-

Industry  average  payment

expectation  days

124.20

Industry  average  day  sales

outstanding

181.51

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

809929709

Company  name

N.G.  DIAM  BVBA

Fax  number

-

Date  founded

19/02/2009

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.0809.929.709  Check 

VAT number

Belgian  Bullettin  of  Acts

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

10/12/2010

Event  Description

Proposal  to  Change  Address  Filed

Event  Details

Commentaar  01-01-2011:  De  Maatschappelijke  Zetel  zal  per  01/01/2011  verplaatst  worden  naar  de Pelikaanstraat  62,  office  Nr.  435,  2018  Antwerpen.

 

 

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

28,494

157

11,082

33.32

8,312

377

1,742

-4.44

1,823

Intangible  fixed  assets

0

-

0

-

0

-

0

-

0

Tangible  fixed  assets

24,794

235

7,382

60.05

4,612

1805

242

-25.08

323

Land  &  building

-

-

-

-

-

-

-

-

-

Plant  &  machinery

7,494

4.98

7,139

54.78

4,612

1805

242

-25.08

323

Furniture  &  Vehicles

17,300

7019

243

-

-

-

-

-

-

Leasing  &  Other  Similar  Rights

-

-

-

-

-

-

-

-

-

Other  tangible  assets

0

-

0

-

0

-

0

-

0

Financial  fixed  assets

3,700

0

3,700

0

3,700

146

1,500

0

1,500

Total  current  assets

1,645,747

3.23

1,594,199

-41.25

2,713,537

142

1,120,325

221

348,692

Inventories

899,842

-14.49

1,052,330

-34.73

1,612,388

368

344,077

105

167,676

Raw  materials  &  consumables

-

-

-

-

-

-

-

-

-

Work  in  progress

0

-

0

-

0

-

0

-

0

Finished  goods

0

-

0

-

0

-

0

-

0

Other  stocks

899,842

-14.49

1,052,330

-34.73

1,612,388

368

344,077

105

167,676

Trade  debtors

630,365

32.48

475,829

-54.29

1,041,003

66.29

626,003

370

133,038

Other  amounts  receivable

1,250

-

-

-

-

-

7,484

-49.22

14,738

Cash

37,720

228

11,494

-79.83

56,977

-60.09

142,761

338

32,563

Miscellaneous  current  assets

76,572

40.38

54,546

1621

3,168

-

0

-100

677

Total  Assets

1,674,241

4.30

1,605,281

-41.02

2,721,849

142

1,122,067

220

350,515

 

 

LIBERALITIES

 

Total Shareholders enquiry

76,976

-0.84

77,630

12.31

69,120

158

26,688

17.00

22,811

Issued  share  capital

21,000

0

21,000

0

21,000

0

21,000

0

21,000

Share  premium  account

-

-

-

-

-

-

-

-

-

Revaluation  reserve

-

-

-

-

-

-

-

-

-

Reserves

55,976

-1.16

56,630

17.69

48,120

745

5,688

214

1,811

Provisions  for  Liabilities  &  Charges

0

-

0

-

0

-

0

-

0

Deffered  taxes

-

-

-

-

-

-

-

-

-

Creditors

1,597,265

4.56

1,527,651

-42.41

2,652,729

142

1,095,379

234

327,704

Other  long  term  loans

10,901

-

-

-

-

-

-

-

-

Long  term  group  loans

-

-

-

-

-

-

-

-

-

Other  long  term  liabilities

0

-

0

-

0

-

0

-

0

Total  long  term  debts

10,901

-

0

-

0

-

0

-

0

Current  portion  of  long  term  debt

3,050

-

-

-

-

-

-

-

-

Financial  debts

1

-

-

-

-

-

-

-

-

Trade  creditors

832,287

10.08

756,103

-59.36

1,860,476

471

325,335

83.74

177,060

Amounts  Payable  for  Taxes,  Remuneration  & Social  Security

-

-

7,249

-51.67

15,000

633

2,045

309

500

Miscellaneous  current  liabilities

751,026

-1.74

764,299

-1.67

777,253

1.20

767,999

411

150,144

Total  current  liabilities

1,586,364

3.84

1,527,651

-42.41

2,652,729

142

1,095,379

234

327,704

Total  Liabilities

1,674,241

4.30

1,605,281

-41.02

2,721,849

142

1,122,067

220

350,515

 

RATIO ANALYSIS

 

TRADING  PERFORMANCE

 

 

 

 

 

 

 

 

 

Profit  Before  Tax

-

-

-

-

-

-

-

-

-

Return  on  capital  employed

-0.74

-105

13.82

-83.96

86.17

335

19.79

95.36

10.13

Return  on  total  assets  employed

-0.04

-105

0.67

-69.41

2.19

365

0.47

-28.79

0.66

Return  on  net  assets  employed

-0.85

-106

13.82

-83.96

86.17

335

19.79

95.36

10.13

Sales  /  net  working  capital

-

-

-

-

-

-

-

-

-

Stock  turnover  ratio

-

-

-

-

-

-

-

-

-

Creditor  days

-

-

-

-

-

-

-

-

-

Debtor  days

-

-

-

-

-

-

-

-

-

SHORT  TERM  STABILITY

 

 

 

 

 

 

 

 

 

Current  ratio

1.04

0

1.04

1.96

1.02

0

1.02

-3.77

1.06

Liquidity  ratio  /  acid  ratio

0.47

34.29

0.35

-16.67

0.42

-40.85

0.71

29.09

0.55

Current  debt  ratio

20.61

4.73

19.68

-48.72

38.38

-6.48

41.04

185

14.37

Liquidity  ratio  reprocessed

-

-

-

-

-

-

-

-

-

Cashflow

6,387

-40.09

10,661

-75.56

43,625

1002

3,958

109

1,892

Net  worth

76,976

-0.84

77,630

12.31

69,120

158

26,688

17.00

22,811

LONG  TERM  STABILITY

 

 

 

 

 

 

 

 

 

Gearing

18.13

-

-

-

-

-

-

-

-

Equity  in  percentage

4.60

-4.96

4.84

90.55

2.54

6.72

2.38

-63.44

6.51

Total  debt  ratio

20.75

5.44

19.68

-48.72

38.38

-6.48

41.04

185

14.37

Working  capital

59,383

-10.77

66,548

9.44

60,808

143

24,946

18.86

20,988

 

 

PROFIT AND LOSS 

 

Profit  &  loss

 

 

 

 

 

 

 

 

 

Operating  Income

-

-

-

-

-

-

-

-

-

Turnover

-

-

-

-

-

-

-

-

-

Total  operating  expenses

-

-

-

-

-

-

-

-

-

Gross  Operating  Margin

10,840

-26.15

14,679

-84.58

95,224

665

12,440

-14.61

14,569

Operating  Charges

-

-

-

-

-

-

-

-

-

Employee  costs

-

-

-

-

-

-

-

-

-

Wages  and  salary

-

-

-

-

-

-

-

-

-

Employee  pension  costs

-

-

-

-

-

-

-

-

-

Social  security  contributions

-

-

-

-

-

-

-

-

-

Other  employee  costs

0

-

0

-

0

-

0

-

0

Director  remuneration

-

-

-

-

-

-

-

-

-

Amortization  and  depreciation

7,041

227

2,151

80.19

1,193

1373

81

0

81

Operating  result

2,185

-80.84

11,404

-87.79

93,429

694

11,757

-16.85

14,140

Total  financial  income

2,436

-27.19

3,345

-

-

-

-

-

-

Total  financial  expenses

5,275

31.22

4,020

-88.13

33,871

423

6,476

-45.25

11,829

Results  on  ordinary  operations  before  taxation

-654

-106

10,730

-81.98

59,558

1027

5,281

128

2,311

Extraordinary  Income

-

-

-

-

-

-

-

-

-

Extraordinary  Charges

-

-

-

-

-

-

-

-

-

Extraordinary  items

0

-

0

-

0

-

0

-

0

Results  for  the  Year  Before  Taxation

-654

-106

10,730

-81.98

59,558

1027

5,281

128

2,311

Other  appropriations

-

-

-

-

-

-

-

-

-

Taxation

-

-

2,220

-87.04

17,127

1119

1,404

180

500

Results  on  ordinary  operations  after  taxation

-654

-107

8,510

-79.94

42,432

994

3,877

114

1,811

Net  result

-654

-107

8,510

-79.94

42,432

994

3,877

114

1,811

Profit  (Loss)  for  the  Year  to  be  appropiated

-654

-107

8,510

-79.94

42,432

994

3,877

114

1,811

Dividends

-

-

-

-

-

-

-

-

-

 

 

Industry comparison

 

Activity  code

46761

Activity  description

Wholesale  of  diamonds  and  other  precious  stones

industry  average  credit rating

64.48

Industry  average  credit  limit Payment  Information

140177.31

 

 

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

Expectation days

124.20

Industry average day sales outstanding

181.51

 

 

Industry quartile analysis

 

Payment expectations

Company  result

-

Lower

120.76

Median

74.63

Upper

46.13

 

Day Sales Outstanding

Company  result

-

Lower

102.27

Median

54.08

Upper

24.18

 

 

Shareholders 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

 

Individual Shareholders

 

SHAREHOLDER NAME

Forename

Rahul

Middle  name

-

Surname

Shah

 

 

SHAREHOLDER  DETAILS

 

 

 

Start  date

16/02/2009

End  date

-

Percentage  owned

100%

 

 

SHAREHOLDER  ADDRESS

 

 

 

Street  name

-

House  number

-

Minor  town

-

Postal  town

-

Post  code

-

Country

India

 

Companies that match this address

No Companies Match this address

 

 

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

 

Name

RAHUL  BIMLESH  SHAH

Position

Principal  Manager

Start  Date

14/07/2010

Street

92 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.61.68

UK Pound

1

Rs.93.53

Euro

1

Rs.70.75

 

INFORMATION DETAILS

 

Analysis Done by :

RAS

 

 

Report Prepared by :

NIT

 

               

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.