MIRA INFORM REPORT

 

 

Report No. :

308413

Report Date :

18.02.2015

 

IDENTIFICATION DETAILS

 

Name :

AAROHI  DIAMONDS  NV

 

 

Registered Office :

Hoveniersstraat 30-Bus 143, 2018 Antwerpen

 

 

Country :

Belgium

 

 

Financials (as on) :

31.12.2013

 

 

Date of Incorporation :

18.09.1986

 

 

Com. Reg. No.:

429469280

 

 

Legal Form :

Public Limited Liability Company

 

 

Line of Business :

Wholesaler of diamonds and other precious stones

 

 

No. of Employee :

01 (31.12.2013)

 

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 summary

 

Business  number

429469280

Branche  Unit  Number

2035078806

Company  name

AAROHI  DIAMONDS  NV

Address

HOVENIERSSTRAAT  30-BUS  143

 

2018 ANTWERPEN

Number  of  staff

01 (31.12.2013)

Date  of  establishment

18/09/1986

Telephone  number

032341773

Fax  number

032334638

 

 

Commentary

 

The  business  was  established  over  28  years  ago. The  business  has  1  employees.

The  business  has  been  at  the  address  for  over  17  years.

Operating  Result  in  the  latest  trading  period  increased  61%  on  the  previous  trading  period.

Net  Worth  increased  by  52%  during  the  latest  trading  period.

The  business  saw  a  decrease  in  their  Cash  Balance  of  41%  during  the  latest  trading  period.

Working  Capital  is  a  negative  amount  during  the  latest  trading  period.

Turnover  in  the  latest  trading  period  increased  24%  on  the  previous  trading  period.

 

 

Accounts

 

DATE  OF  LATEST  ACCOUNTS

TURNOVER

PROFIT  BEFORE  TAX

NET  WORTH

WORKING  CAPITAL

31/12/2013

21,724,406

71,497

1,403,306

-180,547

31/12/2012

17,397,820

71,288

919,542

-75,701

31/12/2011

7,165,428

75,671

875,562

-46,895

 

Accounts

 

DATE  OF  LATEST  ACCOUNTS

BALANCE  TOTAL

NUMBER  OF  EMPLOYEES

CAPITAL

CASHFLOW

31/12/2013

13,061,907

1

30,987

48,731

31/12/2012

14,876,941

1

30,987

67,517

31/12/2011

6,454,084

0

30,987

93,796

 

 

Past  payments

 

Payment  expectation  days

168.42

Industry  average  payment

124.07

Industry  average  day  sales

140.43

expectation  days

 

outstanding

 

Day  sales  outstanding

155.40

 

 

 

 

Court data summary

BANKRUPTCY DETAILS

Court action type                                 no

 

PROTESTED BILLS

Bill amount                                          -

NSSO DETAILS

Date of summons                                 23/02/1999

 

 

Company information

 

Business  number

429469280

Company  name

AAROHI  DIAMONDS  NV

Fax  number

032334638

Date  founded

18/09/1986

Company  status

active

Company  type

Public  Limited  Liability

 

 

 

Company  (BE)

Currency

Euro  (€)

Date  of  latest  accounts

31/12/2013

Activity  code

46761

Liable  for  VAT

yes

Activity  description

Wholesaler  of  diamonds  and

VAT  Number

BE.0429.469.280 

 

other  precious  stones

 

 

Belgian  Bullettin  of  Acts

moniteur  belge

 

 

 

 

Joint  Industrial  Committee 

(JIC)    

 

JIC  Code

218

Description

Additional  national  joint  committee  for  the  employees

 

Significant Events

 

Event Date                               28/05/2014

Event Description

Event Details                            Rechtzetting akte dd. 12 mei 2014. Er dient gelezen te worden: 'Neerlegging van het besluit van de aandeelhouders genomen op 24 april 2014 overeenkomstig artikel 556 van het Wetboek van

Vennootschappen' i.p.v. 'Neerlegging van het besluit v

 

Event Date                               28/05/2014

Event Description

Event Details                            an de aandeelhouders genomen op 23 april 2014 overeenkomstig artikel 556 van het Wetboek van Vennootschappen'

 

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

1,583,852

39.33

1,136,741

0.57

1,130,254

-1.58

1,148,380

-2.13

1,173,377

Intangible  fixed  assets

0

-

0

-

0

-

0

-

0

Tangible  fixed  assets

1,571,852

39.75

1,124,741

-0.49

1,130,254

-1.58

1,148,380

-2.13

1,173,377

Land  &  building

1,550,000

40.08

1,106,532

-1.54

1,123,889

-1.57

1,141,842

-2.13

1,166,668

Plant  &  machinery

11,927

16.04

10,278

-

-

-

-

-

-

Furniture  &  Vehicles

3,904

124

1,737

-

-

-

-

-

-

Leasing  &  Other  Similar  Rights

-

-

-

-

-

-

-

-

-

Other  tangible  assets

6,021

-2.78

6,193

-2.70

6,365

-2.63

6,537

-2.56

6,709

Financial  fixed  assets

12,000

0

12,000

-

-

-

-

-

-

Total  current  assets

11,478,054

-16.46

13,740,199

158

5,323,829

1062

458,089

6.66

429,486

Inventories

2,052,094

-49.63

4,073,987

52.31

2,674,712

-

-

-

-

Raw  materials  &  consumables

-

-

-

-

-

-

-

-

-

Work  in  progress

0

-

0

-

0

-

0

-

0

Finished  goods

0

-

0

-

0

-

0

-

0

Other  stocks

2,052,094

-49.63

4,073,987

52.31

2,674,712

-

0

-

0

Trade  debtors

9,249,478

-1.38

9,378,553

259

2,609,422

483

446,831

7.26

416,597

 

 

 

 

 

 

 

 

 

 

Other  amounts  receivable

8,900

165

3,347

0

3,347

0

3,347

0

3,347

Cash

161,633

-41.88

278,099

814

30,400

1449

1,962

-45.39

3,593

Miscellaneous  current  assets

5,949

-4.26

6,214

4.45

5,949

0

5,949

0

5,949

Total  Assets

13,061,907

-12.20

14,876,941

130

6,454,084

301

1,606,468

0.22

1,602,863

 

 

Liabilities

 

 

 

 

 

 

 

 

 

Total  shareholders  equity

1,403,306

52.61

919,542

5.02

875,562

9.46

799,890

7.49

744,173

Issued  share  capital

30,987

0

30,987

0

30,987

0

30,987

0

30,987

Share  premium  account

-

-

-

-

-

-

-

-

-

Revaluation  reserve

1,369,648

51.56

903,684

0

903,684

0

903,684

0

903,684

Reserves

2,671

17.66

-15,128

25.59

-59,109

43.86

-134,780

70.75

-190,498

Provisions  for  Liabilities  &  Charges

0

-

0

-

0

-

0

-

0

Deffered  taxes

-

-

-

-

-

-

-

-

-

Creditors

11,658,601

-16.47

13,957,398

150

5,578,522

591

806,578

-6.07

858,690

Other  long  term  loans

-

-

141,498

-31.91

207,798

-23.41

271,307

-18.32

332,143

Long  term  group  loans

-

-

-

-

-

-

-

-

-

Other  long  term  liabilities

0

-

0

-

0

-

0

-

0

Total  long  term  debts

0

-100

141,498

-31.91

207,798

-23.41

271,307

-18.32

332,143

Current  portion  of  long  term  debt

-

-

66,299

4.39

63,509

4.39

60,836

4.39

58,275

Financial  debts

1,158,245

-7.18

1,247,794

49.49

834,686

13444

6,163

-

-

Trade  creditors

9,958,192

-16.98

11,994,249

201

3,977,032

-

-

-

-

Amounts  Payable  for  Taxes, Remuneration  &  Social  Security

28,758

7.07

26,860

-

-

-

-

-

-

 

 

 

 

 

 

 

 

 

 

Miscellaneous  current  liabilities

513,406

6.80

480,699

-2.99

495,497

5.81

468,272

0

468,272

Total  current  liabilities

11,658,601

-15.61

13,815,901

157

5,370,724

903

535,271

1.66

526,547

Total  Liabilities

13,061,907

-12.20

14,876,941

130

6,454,084

301

1,606,468

0.22

1,602,863

 

 

ratio  analysis

 

 

 

 

 

 

 

 

 

TRADING  PERFORMANCE

 

 

 

 

 

 

 

 

 

Profit  Before  Tax

0.33

-19.51

0.41

-61.32

1.06

-98.57

74.04

107

-69.15

Return  on  capital  employed

5.09

-24.26

6.72

-3.72

6.98

34.23

5.20

107

-4.82

Return  on  total  assets  employed

0.55

14.58

0.48

-58.97

1.17

-66.28

3.47

107

-3.24

Return  on  net  assets  employed

5.09

-34.32

7.75

-10.30

8.64

23.96

6.97

100

-6.97

Sales  /  net  working  capital

-120.33

52.36

-229.82

-50.41

-152.80

-15652

-0.97

-25.97

-0.77

Stock  turnover  ratio

9.45

-59.65

23.42

-37.26

37.33

-

-

-

-

Creditor  days

168.42

-33.41

252.92

22.79

205.97

-

-

-

-

Debtor  days

155.40

-21.02

196.76

48.03

132.92

-93.87

2,167.35

6.90

2,027.44

 

SHORT  TERM  STABILITY

 

Current  ratio

0.98

-1.01

0.99

0

0.99

15.12

0.86

4.88

0.82

Liquidity  ratio  /  acid  ratio

0.81

15.71

0.70

42.86

0.49

-43.02

0.86

4.88

0.82

Current  debt  ratio

8.31

-44.67

15.02

145

6.13

814

0.67

-5.63

0.71

Liquidity  ratio  reprocessed

-

-

-

 

-

-

-

-

 

Cashflow

48,731

-27.82

67,517

-28.02

93,796

16.21

80,715

264

-30,500

Net  worth

1,403,306

52.61

919,542

5.02

875,562

9.46

799,890

7.49

744,173

LONG  TERM  STABILITY

 

 

 

 

 

 

 

 

 

Gearing

82.54

-47.86

158.30

25.32

126.32

198

42.29

-19.39

52.46

Equity  in  percentage

10.74

73.79

6.18

-54.46

13.57

-72.75

49.79

7.24

46.43

Total  debt  ratio

8.31

-45.26

15.18

138

6.37

530

1.01

-12.17

1.15

Working  capital

-180,547

-138

-75,701

-61.43

-46,895

60.76

-77,182

79.52

-97,061

Profit  &  loss

 

 

 

 

 

 

 

 

 

Operating  Income

-

-

-

-

-

-

-

-

-

Turnover

21,724,406

24.87

17,397,820

142

7,165,428

9422

75,250

0.33

75,000

Total  operating  expenses

21,581,563

24.68

17,309,118

145

7,047,714

22348

31,395

-69.81

104,000

Gross  Operating  Margin

207,007

61.08

128,514

-9.29

141,672

90.89

74,215

1.65

73,009

Operating  Charges

-

-

-

-

-

-

-

-

-

Employee  costs

 

26,258

334

6,042

-

-

-

-

-

Wages  and  salary

 

23,198

428

4,391

-

-

-

-

-

Employee  pension  costs

-

 

-

826

-

-

-

-

-

Social  security  contributions

 

2,711

276

720

-

-

-

-

-

Other  employee  costs

349

233

105

-

0

-

0

-

0

Director  remuneration

-

-

-

-

-

-

-

-

-

Amortization  and  depreciation

30,931

31.41

23,537

29.86

18,125

-27.49

24,997

16.95

21,375

Operating  result

142,843

61.04

88,703

-24.65

117,715

168

43,855

151

-29,000

Total  financial  income

22

224700

0

-99

1

-99

27,539

24699

111

Total  financial  expenses

71,368

309

17,415

-58.58

42,044

168

15,676

-31.75

22,970

Results  on  ordinary  operations  before taxation

71,497

0.29

71,288

-5.79

75,671

35.81

55,718

107

-51,859

 

 

 

 

 

 

 

 

 

 

Extraordinary  Income

-

-

-

-

-

-

-

-

-

Extraordinary  Charges

-

-

-

-

-

-

-

-

-

Extraordinary  items

0

-

0

-

0

-

0

-

0

Results  for  the  Year  Before  Taxation

71,497

0.29

71,288

-5.79

75,671

35.81

55,718

107

-51,859

Other  appropriations

-

-

-

-

-

-

-

-

-

 

 

 

 

 

 

 

 

 

 

Taxation

53,697

96.64

27,307

-

-

-

-

-

17

 

 

 

 

 

 

 

 

 

 

Results  on  ordinary  operations  after taxation

 

17,800

-59.53

43,980

-41.88

75,671

35.81

55,718

107

-51,876

 

 

 

 

 

 

 

 

 

 

Net  result

17,800

-59.53

43,980

-41.88

75,671

35.81

55,718

107

-51,876

 

 

 

 

 

 

 

 

 

 

Profit  (Loss)  for  the  Year  to  be appropriated

17,800

-59.53

43,980

-41.88

75,671

35.81

55,718

107

-51,876

 

 

 

 

 

 

 

 

 

 

Dividend

-

-

-

-

-

-

-

-

-

 

Social  Balance  Sheet  Details

 

Social  Balance  Sheet  Details

 

 

 

Social  Balance  Sheet

 

 

Total

During  the  reporting  year

 

 

 

ended  31-12-2013

 

 

 

Full-time  Employees

 

 

1

Part-time  Employees

 

 

-

Total  Fte  Employees

 

 

1

Number  of  hours  worked

 

 

 

Full-time  Employees

 

 

1,679

Part-time  Employees

 

 

-

Total

 

 

1,679

Personnel  Charges

 

 

 

Full-time  Employees

 

 

26,258

Part-time  Employees

 

 

-

Total

 

 

26,258

Benefits  In  Addition  To  Wages

 

 

-

During  the  previous  reporting  year

 

 

 

Average  number  employees  in  Fte

 

 

3

Actual  working  hours

 

 

-

Personnel  Charges

 

 

-

Benefits  In  Addition  To  Wages

 

 

-

 

 

Type  of  Contract

Full-Time

Part-Time

Total  Fte

Unlimited  Duration

1

-

1

Contracts

 

 

 

Limited  Duration  Contracts

-

-

-

Contracts  For  Specific  Work

-

-

-

Contracts  Regarding

-

-

-

 

Gender and Education Level

 

Men

Full-Time

Part-Time

Total  Fte

Primary education

-

-

-

Secondary education

-

-

-

Higher education (non

university)

-

-

-

Higher education

(university)

-

-

-

Women

Full-Time

Part-Time

Total  Fte

Primary education

-

-

-

Secondary education

1

-

1

Higher education (non

university)

-

-

-

Higher education

(university)

-

-

-

 

 

Working  Category

Full-Time

Part-Time

Total  Fte

Management

-

-

-

White  collar  worker

1

-

1

 

Industry  comparison

Activity  code

46761

 

Activity  description

Wholesaler  of  diamonds  and  other  precious  stones

 

 

 

Payment  Information

 

Suspension of payments / moratorium history

Amount                                                 -

Details                                                             -

Payment expectations

Payment expectation days 1               68.42

Day sales outstanding              155.40

 

Industry  comparison

 

Activity  code

46761

Activity  description

Wholesaler  of  diamonds  and  other  precious  stones

Industry  average  payment

124.07

expectation  days

 

Industry  average  day  sales

140.43

outstanding

 

 

Industry quartile analysis

 

Payment expectations

Company result                       168.42

Lower                                      121.21

Median                                    74.61

Upper                                       45.81

 

Day sales outstanding

 

Company result                       155.40

Lower                                      101.92

Median                                    54.07

Upper                                       24.07

 

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

 

Individual  Shareholders

 

SHAREHOLDER  NAME

 

Forename

Chirag

Middle  name

-

Surname

Ashar

 

 

SHAREHOLDER  DETAILS

 

 

 

Start  date

13/06/2014(estimated)

End  date

-

Percentage  owned

-

 

 

SHAREHOLDER  ADDRESS

 

 

 

Street  name

Prins  Boudewijnlaan

House  number

191

Minor  town

Wilrijk

Postal  town

Antwerpen

Post  code

2610

Country

Belgium

 

 

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

 

Legal event type                                                          Social Security Summons

Event date                                                                   23/02/1999

 

Court type                                                                                            Court name

Creditor's name                                                                                   3rd party type

 

 

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                                       KAUSHIK CHANDRAKANT BHANSALI

Position                                   Managing Director

Start Date                                09/06/2006

Street                                       18 EEKHOORNLAAN ANTWERPEN

Post code                                 2610

Country                                    Belgium

Position                                   Director

Start Date                                13/04/2006

 

Street                                       18 EEKHOORNLAAN ANTWERPEN

Post code                                 2610

Country                                    Belgium

 

Name                                       CHIRAG ASHOK ASHAR

Position                                   Managing Director

Start Date                                13/04/2006

Street                                       191 PRINS BOUDEWIJNLAAN ANTWERPEN

Post code                                 2610

Country                                    Belgium

Position                                   Director

Start Date                                13/04/2006

Street                                       191 PRINS BOUDEWIJNLAAN ANTWERPEN

Post code                                 2610

Country                                    Belgium

 

Name                                       BHAVANA ASHAR

Position                                   Director

Start Date                                09/06/2006

Street                                       18 EEKHOORNLAAN ANTWERPEN

Post code                                 2610

Country                                    Belgium

 

Former director details

 

Name                                       H SHAH SUJAL

Position                                   Director

Start Date                                05/08/1997

End Date                                  Unknown date

Street

Post code

Country                                    India

 

Name                                       RAJNIKANT SHANTILAL MEHTA

Position                                   Director

Start Date                                25/08/1999

End Date                                  Unknown date

Street                                       37 ZINKHOEVELAAN ANTWERPEN

Post code                                 2610

Country                                    Belgium

 

Name                                       BART FILIP GERARD MEYNENDONCKX

Position

Commissioner

Start  Date

21/08/1998

End  Date

Unknown  date

Date  of  birth

31/08/1957

Street

40 BREDEHEIDE  SINT-KATELIJNE-WAVER

Post  code

2860

Country

Belgium

 

 

Name

RAJEN  SURESH  PARIKH

Position

Director

Start  Date

05/04/1997

End  Date

24/08/1994

Street

26 BEUKENLAAN  ANTWERPEN

Post  code

2020

Country

Belgium

 

 

Name

ASHOK  ASHAR  CHIRAG

Position

Managing  Director

Start  Date

28/02/1999

End  Date

Unknown  date

Street

191 PRINS  BOUDEWIJNLAAN  ANTWERPEN

Post  code

2610

Country

Belgium

 

 

Position

Director

Start  Date

27/10/1994

End  Date

Unknown  date

Street

191 PRINS  BOUDEWIJNLAAN  ANTWERPEN

Post  code

2610

Country

Belgium

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.62.20

UK Pound

1

Rs.95.99

Euro

1

Rs.71.00

 

INFORMATION DETAILS

 

Analysis Done by :

DIV

 

 

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.