MIRA INFORM REPORT

 

 

Report No. :

306858

Report Date :

07.02.2015

 

IDENTIFICATION DETAILS

 

Name :

V3-GEMS BVBA

 

 

Registered Office :

Hoveniersstraat 30 2018 Antwerpen

 

 

Country :

Belgium

 

 

Financials (as on) :

31.12.2013

 

 

Date of Incorporation :

30.08.2005

 

 

Com. Reg. No.:

876095189

 

 

Legal Form :

Private Limited Company

 

 

Line of Business :

Wholesaler of diamonds and other precious stones

 

 

No. of Employees

Not Available

 

[We tried to confirm the number of employees but no one is ready to part any information from the company management.]

 

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 :

No Complaints

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 summary

 

Business number

876095189

Company name

V3-GEMS BVBA

Address

HOVENIERSSTRAAT 30

 

2018 ANTWERPEN

Number of staff

0

Date of establishment

30/08/2005

 

 

Commentary

 

The business was established over 8 years ago.

 

 

 

No employees are recorded for this business.

 

 

 

The business has been at the address for over 8 years.

 

 

 

Net Worth increased by 26% during the latest trading period

 

 

 

The business saw an increase in their Cash Balance of 363% during the latest trading period.

 

 

 

Accounts

 

DATE OF LATEST ACCOUNTS TURNOVER

PROFIT BEFORE TAX

NET WORTH

WORKING CAPITAL

 

31/12/2013

41,952

134,556

134,556

 

31/12/2012 8,030,771

49,259

106,111

106,111

 

31/12/2011

49,941

73,082

73,082

 

 

 

Accounts

 

DATE OF LATEST ACCOUNTS                           BALANCE TOTAL

NUMBER OF EMPLOYEES

CAPITAL

CASHFLOW

 

31/12/2013

0

18,600

28,445

 

31/12/2012

0

18,600

33,030

 

31/12/2011

0

18,600

33,101

 

 

 

Payment expectations

 

Industry average payment  expectation days              128.43

Industry average day sales outstanding

143.37

 

 

 

Company information

 

Business number

876095189

Company name

V3-GEMS BVBA

Fax number

 

Date founded

30/08/2005

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.0876.095.189

Belgian Bullettin of Acts

moniteur beige

 

 

Publications

 

 

 

 

 

Financials

 

Profit and Loss

Annual accounts

31-12-2013

%

31-12-2012

%

31-12-2011

Industry

%

 

 

 

 

 

 

 

average 2013

 

 

Weeks

52

 

52

 

52

 

 

 

Currency

EUR

 

EUR

 

EUR

 

 

 

Turnover

-

-

8,030,771

-

-

48,416,363

-

 

Total operating expenses

-

-

7,974,296

-

-

47,967,530

-

 

Operating result

50,010

-11.45

56,474

-6.74

60,555

145,360

-65.60

 

Total financial income

-

-

0

-99

125

67,947

-

 

Total financial expenses

8,058

11.67

7,215

-32.81

10,739

156,981

-94.87

 

Results on ordinary operations before taxation

41,952

-14.83

49,259

-1.37

49,941

48,036

-12.67

 

Taxation

13,508

-16.77

16,229

-3.63

16,840

19,980

-32.39

 

Results on ordinary operations after taxation

28,445

-13.88

33,030

-0.21

33,101

33,339

-14.68

 

Extraordinary items

0

-

0

-

0

2,980

-100

 

Other appropriations

0.00

-

0.00

-

0.00

-

-

 

Net result

28,445

-13.88

33,030

-0.21

33,101

36,446

-21.95

 

Gross Operating Margin

52,204

-

-

-

61,877

42,417

23.07

 

Dividends

-

-

-

-

-

216,234

-

 

Director remuneration

-

-

-

-

-

142,035

-

 

Employee costs

-

-

-

-

-

158,518

-

 

Wages and salary

-

-

-

-

-

139,605

-

 

Employee pension costs

-

-

-

-

-

1,459

-

 

Social security contributions

-

-

-

-

-

35,714

-

Other employee costs

0

-

0

-

0

3,424

-100

 

Amortization and depreciation

-

-

-

-

-

18,970

-

 

 

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

1,476

-100

Tangible fixed assets

-

-

-

-

-

195,846

-

Land & building

-

-

-

-

-

375,827

-

Plant & machinery

-

-

-

-

-

32,373

-

Furniture & Vehicles

-

-

-

-

-

15,967 4,344

-

Leasing & Other Similar Rights

-

-

-

-

-

42,007 20,215

 

Other tangible assets

0

-

0

-

0

11,728

-100

Financial fixed assets

-

-

-

-

-

39,955

-

Total fixed assets

-

-

-

-

-

209,582

-

Inventories

573,626

56.48

366,577

489

62,197

2,623,422

-78.13

Raw materials & consumables

-

-

-

-

-

113,995

-

Work in progress

0

-

0

-

0

1,964

-100

Finished goods

0

-100

366,577

-

0

1,701,625

-100

Other stocks

573,626

-

0

-100

62,197

460,401

24.59

Trade debtors

2,952,093

-14.47

3,451,722

838

367,667

4,114,017

-28.24

Cash

13,583

363

2,929

-50.50

5,917

797,584,986

-99

other amounts receivable

1,920

-40.16

3,209

106

1,556

149,498

-98.72

Miscellaneous current assets

0

-

0

-

0

-785,458,944

0

Total current assets

3,541,222

-7.41

3,824,437

774

437,338

6,671,673

-46.92

Total Assets

3,541,222

-7.41

3,824,437

774

437,338

6,864,376 1,189,274

-48.41

 

CURRENT LIABILITIES

 

Trade creditors

3,373,890

-8.36

3,681,718

1003

333,566

2,728,756

23.64

 

Short term group loans

-

-

-

-

-

-

-

 

Financial debts

-

-

-

-

-

3,846,072 113,647

-

 

Current portion of long term debt

-

-

-

-

-

81,655 13,806

-

 

Amounts Payable for Taxes, Remuneration & Social Security

29,740

-10.13

33,093

22.23

27,076

8,101 -

-7.93

 

Miscellaneous current liabilities

3,036

-13.61

3,514

-2.75

3,614

-99

--

 

Total current liabilities

3,406,666

-8.38

3,718,325

920

364,256

4,772,892

-28.62

 

LONG TERM DEBTS AND LIABILITIES

 

 

 

 

 

 

 

 

Long term group loans

-

-

-

-

-

-

--

 

Other long term loans

-

-

-

-

-

-

--

 

Deffered taxes

-

-

-

-

-

47,059 41,554

-

 

Provisions for Liabilities & Charges

0

-

0

-

0

5,825 0

-100

 

Other long term liabilities

0

-

0

-

0

98,258

-100

 

Total long term debts

0

-

0

-

0

617,822

-100

 

SHAREHOLDERS EQUITY

Issued share capital

18,600

0

18,600

0

18,600

924,177

-97.99

 

Share premium account

-

-

-

-

-

146,653

-

 

Reserves

115,956

32.50

87,511

60.63

54,482

506,652

-77.11

 

Revaluation reserve

-

-

-

-

-

1,100,228

-

 

Total shareholders equity

134,556

26.81

106,111

45.20

73,082

1,460,879

-90.79

 

Working capital

134,556

26.81

106,111

45.20

73,082

1,898,781

-92.91

 

Cashflow

28,445

-13.88

33,030

-0.21

33,101

52,096

-45.40

 

Net worth

134,556

26.81

106,111

45.20

73,082

1,459,403

-90.78

 

 

ratio analysis

 

Annual accounts

31-12-2013

change(%)

31-12-2012

change(%)

31-12-2011

Industry average 2013

%

 

TRADING PERFORMANCE

 

 

 

 

 

 

 

 

Profit Before Tax

-

-

0.61

-

-

-5,00

-

 

Return on capital employed

31.18

-32.83

46.42

-32.07

68.34

8,00

289

 

Return on total assets employed

1.18

-8.53

1.29

-88.70

11.42

-2,00

59.00

 

Return on net assets employed

31.18

-32.83

46.42

-32.07

68.34

4,00

679

 

Sales / net working capital

-

-

75.68

-

-

216,00

-

 

Stock turnover ratio

-

-

4.56

-

-

55,00

-

 

Debtor days

-

-

156.88

-

-

143,37

-

 

Creditor days

-

-

168.52

-

-

128,43

-

 

SHORT TERM STABILITY

Current ratio

1.04

0.97

1.03

-14.17

1.20

4,00

-93.88

 

Liquidity ratio / acid ratio

0.87

-6.45

0.93

-9.71

1.03

3,00

-71.00

 

Current debt ratio

25.32

-27.74

35.04

603

4.98

17,00

48.94

 

Liquidity ratio reprocessed

-

-

-

-

-

-

-

 

LONG TERM STABILITY

 

 

 

 

 

 

 

 

Gearing

-

-

-

-

-

257,00

-

 

Equity in percentage

3.80

37.18

2.77

-83.42

16.71

-328,00

1.16

 

Total debt ratio

25.32

-27.74

35.04

603

4.98

18,00

40.67

 

 

Industry comparison

 

Activity code

46761

Activity description

Wholesale of diamonds and other precious stones

 

 

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

128.43

Industry average day sales

143.37

outstanding

 

 

 

Company result

 

Lower

127.58

Median

76.58

Upper

45.69

 

 

Day sales outstanding

 

Company result

Lower

105.38

Median

55.21

Upper

25.72

 

 

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

 

 

Director details

 

Current director details

Name

HIREN SURESCHANDRA PARIKH

 

Position

Principal Manager

 

Start Date

03/08/2010

 

Street

21 VAN EYCKLEI ANTWERPEN

 

Post code

2018

 

Country

Belgium

 

Former director details

 

 

 

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.61.74

UK Pound

1

Rs.94.65

Euro

1

Rs.70.79

                

INFORMATION DETAILS

 

Analysis Done by :

SUB

 

 

Report Prepared by :

MNL

               

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.