|
Report No. : |
308011 |
|
Report Date : |
16.02.2015 |
IDENTIFICATION DETAILS
|
Name : |
GEMBLUE BVBA |
|
|
|
|
Registered Office : |
Hoveniersstraat
30 2018 Antwerpen |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
30.06.2013 |
|
|
|
|
Date of Incorporation : |
26.07.1994 |
|
|
|
|
Com. Reg. No.: |
453084327 |
|
|
|
|
Legal Form : |
Private
Limited Company |
|
|
|
|
Line of Business : |
Wholesaler
of diamonds and other precious stones |
|
|
|
|
No. of Employees |
01 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
|
|
|
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 |
|
Business
number |
453084327 |
|
Company
name |
GEMBLUE
BVBA |
|
Address |
HOVENIERSSTRAAT
30 |
|
|
2018
ANTWERPEN |
|
Number
of staff |
1 |
|
Date of
establishment |
26/07/1994 |
|
Telephone
number |
032269543 |
|
Fax
number |
032269543 |
The business was established over 20 years ago.
The business has 1 employees.
The business has been at the address for over 9 years.
Operating Result in the latest trading period increased 27% on the
previous trading period.
The business saw a decrease in their Cash Balance of 67% during the
latest trading period
|
DATE OF LATEST
ACCOUNTS |
TURNOVER |
PROFIT BEFORE
TAX NET WORTH |
WORKING
CAPITAL |
|
30/06/2013 |
11
9,489,712 |
209,711 5,582,973 |
9,326,544 |
|
30/06/2012 |
11
4,059,846 |
179,701 5,443,542 |
9,342,226 |
|
30/06/2011 |
1
22,019,674 |
179,640 5,326,782 |
8,815,422 |
DATE OF LATEST
ACCOUNTS BALANCE TOTAL NUMBER OF EMPLOYEES CAPITAL CASHFLOW
30/06/2013 49,850,946 1 5,000,000 199,837
30/06/2012 49,130,095 1 5,000,000 175,333
30/06/2011 30,644,070 1 5,000,000 175,657
|
Past
payments |
|
Payment expectation days |
19.59 |
|
Industry average payment expectation days |
1 25.22 |
Industry
average day sales outstanding |
142.22 |
|
Day
sales outstanding |
145.67 |
|
|
|
Business
number |
453084327 |
Company
name |
GEMBLUE
BVBA |
|
Fax
number |
032269543 |
Date
founded |
26/07/1994 |
|
Company
status |
active |
Company
type |
Private Limited Company (BL/LX) |
|
Currency |
Euro
(€) |
Date
of latest accounts |
30/06/2013 |
|
Activity
code |
46761 |
Liable
for VAT |
yes |
|
Activity
description |
Wholesaler of diamonds and other precious
stones |
VAT
Number |
BE.0453.084.327
Check VAT
number |
|
Social
Balance Sheet |
Total |
|
|
During
the reporting year |
|
|
|
ended
30-06-2013 |
|
|
|
Full-time
Employees |
1 |
|
|
Part-time
Employees - |
||
|
Total
Fte Employees |
1 |
|
|
|
||
|
Number
of hours worked |
||
|
Full-time
Employees |
1,71 7 |
|
|
Part-time
Employees - |
||
|
Total |
1,71 7 |
|
|
|
||
|
Personnel
Charges |
||
|
Full-time
Employees |
30,326 |
|
|
Part-time
Employees - |
||
|
Total |
30,326 |
|
|
Benefits
In Addition To Wages - |
||
|
|
||
|
During
the previous reporting year |
||
|
Average
number employees in Fte |
1 |
|
|
Actual
working hours |
1,627 |
|
|
Personnel
Charges |
29,798 |
|
|
Benefits
In Addition To Wages - |
||
|
|
|
|
JIC Code 218
Description Additional national joint committee for the
employees
Event Date 30/06/2014
Event Description
Event Details Belmark Diam
Company krijgt de 1530 nieuwe aandelen
|
Annual
accounts |
30-06-2013 |
% |
30-06-2012 |
% |
30-06-2011 |
Industry average 2013 |
% |
|
Weeks |
52 |
|
52 |
|
52 |
|
|
|
Currency |
EUR |
|
EUR |
|
EUR |
|
|
|
Turnover |
119,489,712 |
4.76 |
114,059,846 |
-6.52 |
122,019,674 |
47,116,700 |
153 |
|
Total
operating expenses |
11
7,811,11 7 |
4.50 |
112,740,102 |
-6.71 |
120,851,670 |
46,697,423 |
152 |
|
Operating
result |
1,678,595 |
27.19 |
1,319,744 |
12.99 |
1,168,005 |
134,643 |
1146 |
|
Total
financial income |
237 |
-27.77 |
328 |
-99 |
51,793 |
65,151 |
-99 |
|
Total
financial expenses |
1,469,120 |
28.83 |
1,140,371 |
9.63 |
1,040,157 |
151,179 |
871 |
|
Results on ordinary operations before
taxation |
209,711 |
16.70 |
179,701 |
0.03 |
179,640 |
43,103 |
386 |
|
Taxation |
70,280 |
11.66 |
62,941 |
1.92 |
61,753 |
18,863 |
272 |
|
Results on ordinary operations after
taxation |
139,431 |
19.42 |
116,760 |
-0.96 |
117,887 |
29,580 |
371 |
|
Extraordinary
items |
0 |
- |
0 |
- |
0 |
2,347 |
-100 |
|
Other
appropriations |
0 |
- |
0.00 |
- |
0.00 |
- |
- |
|
Net
result OTHER INFORMATION |
139,431 |
19.42 |
116,760 |
-0.96 |
117,887 |
32,216 |
332 |
|
Gross
Operating Margin |
- |
- |
- |
- |
- |
40,559 |
- |
|
Dividends |
- |
- |
- |
- |
- |
207,593 |
- |
|
Director
remuneration |
88,786 |
1.07 |
87,847 |
36.62 |
64,299 |
1
31,411 |
-32.44 |
|
Employee
costs |
30,326 |
1.77 |
29,798 |
22.94 |
24,238 |
143,169 |
-78.82 |
|
Wages and salary |
24,329 |
0.90 |
24,111 |
31.00 |
18,405 |
126,655 |
-80.79 |
|
Employee pension costs |
- |
- |
- |
- |
- |
1,459 |
- |
|
Social security contributions |
4,952 |
16.33 |
4,257 |
-9.80 |
4,719 |
31,543 |
-84.30 |
|
Other employee costs |
1,045 |
-26.92 |
1,430 |
28.45 |
1,113 |
2,941 |
-64.47 |
|
Amortization
and depreciation |
60,406 |
3.13 |
58,573 |
1.39 |
57,770 |
17,922 |
237 |
ASSETS
|
Annual
accounts |
30-06-2013 |
% |
30-06-2012 |
% |
30-06-2011 |
Industry
average 2013 |
% |
|
Weeks |
52 |
|
52 |
|
52 |
|
|
|
Currency |
EUR |
|
EUR |
|
EUR |
|
|
|
Intangible
fixed assets |
0 |
-0 |
-0 |
1,251 |
-100 |
||
|
Tangible
fixed assets |
428,101 |
-0.96 |
432,266 |
-11.85 |
490,391 |
188,977 |
126 |
|
Land & building |
346,888 |
-9.18 |
381,962 |
-9.70 |
423,006 |
373,751 |
-7.19 |
|
Plant & machinery |
4,909 |
379 |
1,024 |
-26.97 |
1,402 |
28,667 |
-82.88 |
|
Furniture & Vehicles |
76,304 |
54.84 |
49,280 |
-25.31 |
65,982 |
15,297
3,995 |
398 |
|
Leasing
& Other Similar Rights |
- |
- |
- |
- |
- |
42,007
20,215 |
- |
|
Other tangible assets |
0 |
-0 |
-0 |
10,346 |
-100 |
||
|
Financial
fixed assets |
2,380 |
0.01 |
2,380 |
0 |
2,380 |
40,002 |
-94.05 |
|
Total fixed
assets |
430,481 |
-0.96 |
434,646 |
-11.80 |
492,770 |
201,306 |
113 |
|
Inventories |
1,461,301 |
-63.81 |
4,038,101 |
71.79 |
2,350,564 |
2,531,396 |
-42.27 |
|
Raw
materials & consumables |
- |
- |
- |
- |
- |
113,995 |
- |
|
Work in progress |
0 |
-0 |
-0 |
1,766 |
-100 |
||
|
Finished goods |
1,461,301 |
-63.81 |
4,038,101 |
71.79 |
2,350,564 |
1,612,091 |
-9.35 |
|
Other stocks |
0 |
-0 |
-0 |
459,407 |
-100 |
||
|
Trade
debtors |
47,687,644 |
9.01 |
43,745,920 |
69.46 |
25,814,548 |
3,963,552 |
1103 |
|
Cash |
182,151 |
-67.24 |
556,091 |
-68.24 |
1,750,796 |
721,246,392 |
-99 |
|
other
amounts receivable |
89,369 |
-74.85 |
355,336 |
50.96 |
235,391 |
146,073 |
-38.82 |
|
Miscellaneous
current assets |
0 |
-0 |
-0 |
-706,515,457 |
0 |
||
|
Total
current assets |
49,420,465 |
1.49 |
48,695,449 |
61.50 |
30,151,300 |
6,416,601 |
670 |
|
Total
Assets |
49,850,946 |
1.47 |
49,130,095 |
60.32 |
30,644,070 |
6,600,301 1,066,670 |
655 |
CURRENT
LIABILITIES
|
|
Trade
creditors |
6,322,174 |
11.58 |
5,666,206 |
36.76 |
4,143,224 |
2,707,908 |
133 |
|
|
Short
term group loans |
- |
- |
- |
- |
- |
- |
- |
|
|
Financial
debts |
33,603,505 |
0.26 |
33,517,039 |
96.93 |
17,019,972 |
3,821,286
113,934 |
779 |
|
|
Current
portion of long term debt |
44,495 |
4.58 |
42,548 |
6.73 |
39,865 |
101,621
13,680 |
-56.21 |
|
|
Amounts Payable for Taxes, Remuneration
& Social Security |
84,355 |
21.84 |
69,234 |
-17.81 |
84,234 |
7,508
- |
186 |
|
|
Miscellaneous
current liabilities |
39,392 |
-32.31 |
58,195 |
19.79 |
48,583 |
-82.42 |
-
- |
|
|
Total
current liabilities |
40,093,921 |
1.88 |
39,353,223 |
84.45 |
21,335,878 |
4,592,042 |
773 |
|
|
LONG TERM DEBTS
AND LIABILITIES |
|
|
|
|
|
|
|
|
|
Long
term group loans |
- |
- |
- |
- |
- |
- |
-
- |
|
|
Other
long term loans |
4,174,052 |
-3.68 |
4,333,331 |
8.84 |
3,981,410 |
214 |
-
- |
|
|
Deffered
taxes |
- |
- |
- |
- |
- |
58,297
69,470 |
- |
|
|
Provisions for Liabilities & Charges |
0 |
- |
0 |
- |
0 |
4,802
0 |
-100 |
|
|
Other
long term liabilities |
0 |
- |
0 |
- |
0 |
97,846 |
-100 |
|
|
Total
long term debts SHAREHOLDERS
EQUITY |
4,174,052 |
-3.68 |
4,333,331 |
8.84 |
3,981,410 |
585,144 |
613 |
|
|
Issued
share capital |
5,000,000 |
0 |
5,000,000 |
0 |
5,000,000 |
874,642 |
471 |
|
|
Share
premium account |
- |
- |
- |
- |
- |
115,228 |
- |
|
|
Reserves |
582,973 |
31.44 |
443,542 |
35.73 |
326,782 |
508,759 |
14.59 |
|
|
Revaluation
reserve |
- |
- |
- |
- |
- |
1,047,738 |
- |
|
|
Total
shareholders equity |
5,582,973 |
2.56 |
5,443,542 |
2.19 |
5,326,782 |
1,412,059 |
295 |
|
|
Working
capital |
9,326,544 |
-0.17 |
9,342,226 |
5.98 |
8,815,422 |
1,824,559 |
411 |
|
|
Cashflow |
199,837 |
13.98 |
175,333 |
-0.18 |
175,657 |
46,745 |
327 |
|
|
Net
worth |
5,582,973 |
2.56 |
5,443,542 |
2.19 |
5,326,782 |
1,410,808 |
295 |
|
Annual
accounts TRADING
PERFORMANCE |
30-06-2013 |
change(%) |
30-06-2012 |
change(%) |
30-06-2011 |
Industry average 2013 |
% |
|
Profit
Before Tax |
0.18 |
12.50 |
0.16 |
6.67 |
0.15 |
-5,00 |
3.60 |
|
Return on capital employed |
2.15 |
16.85 |
1.84 |
-4.66 |
1.93 |
8,00 |
-73.12 |
|
Return on total assets employed |
0.42 |
13.51 |
0.37 |
-37.29 |
0.59 |
-2,00 |
21.00 |
|
Return on net assets employed |
3.76 |
13.94 |
3.30 |
-2.08 |
3.37 |
4,00 |
-6.00 |
|
Sales
/ net working capital |
12.81 |
4.91 |
12.21 |
-11.78 |
13.84 |
201,00 |
-99 |
|
Stock
turnover ratio |
1.22 |
-65.54 |
3.54 |
83.42 |
1.93 |
57,00 |
-97.86 |
|
Debtor
days |
145.67 |
4.06 |
139.99 |
81.29 |
77.22 |
142,22 |
2.43 |
|
Creditor
days SHORT TERM
STABILITY |
19.59 |
6.82 |
18.34 |
46.60 |
12.51 |
125,22 |
-84.36 |
|
Current
ratio |
1.23 |
-0.81 |
1.24 |
-12.06 |
1.41 |
4,00 |
-91.80 |
|
Liquidity
ratio / acid ratio |
1.20 |
6.19 |
1.13 |
-13.08 |
1.30 |
3,00 |
-60.00 |
|
Current
debt ratio |
7.18 |
-0.69 |
7.23 |
80.30 |
4.01 |
15,00 |
-52.13 |
|
Liquidity
ratio reprocessed |
- |
- |
- |
- |
- |
- |
- |
|
LONG TERM
STABILITY |
|
|
|
|
|
|
|
|
Gearing |
677.45 |
-2.68 |
696.11 |
76.23 |
395.01 |
259,00 |
161 |
|
Equity
in percentage |
11.20 |
1.08 |
11.08 |
-36.25 |
17.38 |
-296,00 |
3.78 |
|
Total
debt ratio |
7.93 |
-1.25 |
8.03 |
69.05 |
4.75 |
16,00 |
-50.44 |
Payment
Information
|
|
|
Payment
expectations |
|
|
Payment
expectation days |
19.59 |
|
Day sales
outstanding |
145.67 |
|
Activity code |
46761 |
|
Activity
description |
Wholesale of
diamonds and other precious stones |
|
outstanding |
|
|
Payment
expectations |
|
|
Company result |
19.59 |
|
Lower |
127.58 |
|
Median |
76.66 |
|
Upper |
47.13 |
Company result 145.67
Lower 103.77
Median 54.98
Upper 25.26
Group Structure
No group
structure for this company
|
Minority
Interests |
|
No minority
interests found |
|
SHAREHOLDER
NAME |
||||
|
Forename |
Jitendra |
Middle name |
- |
|
|
Surname SHAREHOLDER
DETAILS |
Bagadia |
|
|
|
|
Start date Percentage owned SHAREHOLDER
ADDRESS |
19/11/2013(estimated) |
End date |
|
|
|
Street
name |
Hoveniersstraat |
House number |
30 |
|
|
Minor
town |
- |
Postal town |
Antwerpen |
|
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
|
Current director
details |
||
|
Position |
Principal Manager |
|
|
Start Date |
29/12/2012 |
|
|
Street |
42 VAN EYCKLEl
ANTWERPEN |
|
|
Post code |
2018 |
|
|
Country |
Belgium |
|
|
|
|
|
|
Name |
BAGADIA JITANDRA
ODHAVAJl |
|
|
Name |
DHARMESH
KUVARJIBHAl DONDA |
|
|
Position |
Principal Manager |
|
|
Start Date |
19/01/2012 |
|
|
Street |
59 BELGlELEl
ANTWERPEN |
|
|
Post code |
2018 |
|
|
Country |
Belgium |
|
Name JITENDRA ODHAVAJl BAGADIA
Position Principal Manager
Start Date 20/09/1994
End Date Unknown date
Street 30 HOVENlERSSTRAAT
ANTWERPEN
Post code 2018
Country Belgium
Name BAGADIA
RAMYAVADAM ODHAVJl
Position Principal Manager
Start Date 10/12/2009
End Date 30/06/2010
Street 42 VAN EYCKLEl 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.62.14 |
|
|
1 |
Rs.95.78 |
|
Euro |
1 |
Rs.71.05 |
INFORMATION DETAILS
|
Analysis Done by
: |
SUM |
|
|
|
|
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.