MIRA INFORM REPORT

 

 

Report No. :

309476

Report Date :

21.02.2015

 

IDENTIFICATION DETAILS

 

Name :

JEWELS ERA BVBA

 

 

Registered Office :

Hoveniersstraat 30-Bus 225, 2018 Antwerpen

 

 

Country :

Belgium

 

 

Financials (as on) :

31.12.2013

 

 

Date of Incorporation :

31.12.2003

 

 

Com. Reg. No.:

862455308

 

 

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 :

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 – September 30, 2014

 

Country Name

 

Previous Rating

(30.06.2014)

Current Rating

(30.09.2014)

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                     862455308

Branche Unit Number               2135992755

Company name                        JEWELS ERA BVBA

Address                                   HOVENIERSSTRAAT 30-BUS 225

2018 ANTWERPEN

Number of staff                        0

Date of establishment               31/12/2003

Telephone number                   032275603

Fax number                              032275603

 

 

Commentary

 

The business was established over 11 years ago.

The business has 1 employees.

The business has been at the address for over 10 years.

A 28% growth in Total Assets occurred during the latest trading period.

Pre-tax profits increased by 27% compared to the previous trading period.

The business saw an increase in their Cash Balance of 12267% during the latest trading period.

Turnover in the latest trading period increased 32% on the previous trading period.

 

 

Accounts

 

DATE OF LATEST ACCOUNTS

TURNOVER

PROFIT BEFORE TAX            

NET WORTH

WORKING CAPITAL

31/12/2013

60,447,251

89,234

3,632,075

6,014,510

31/12/2012

45,460,320

69,851

3,548,730

6,320,622

31/12/2011

41,973,966

94,981

3,476,816

5,340,594

 

 

DATE OF LATEST ACCOUNTS

BALANCE TOTAL

NUMBER OF EMPLOYEES

CAPITAL

CASHFLOW

31/12/2013

21,848,784

0

2,347,191

101,071

31/12/2012

16,984,387

0

2,347,191

87,459

31/12/2011

20,038,394

0

2,347,191

115,623

 

 

Payment Expectations

 

Payment expectations

Past payments Payment expectation days        49.23

Industry average payment

expectation days                                              123.45

Industry average day sales

Outstanding                                                     140.25

Day sales outstanding                          60.67

 

 

Court data summary

 

BANKRUPTCY DETAILS

Court action type                                              No

PROTESTED BILLS

Bill amount                                                      -

NSSO DETAILS

Date of summons                                             -

 

 

Company Information

 

Business number

862455308

 

Company name

JEWELS ERA BVBA

Fax number

032275603

 

Date founded

31/12/2003

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.0862.455.308 Check VAT number

Belgian Bullettin of Acts Publications

moniteur belge

 

 

 

 

 

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

876,645

546

135,640

-5.05

142,858

-10.67

159,929

-12.44

182,651

 

Intangible fixed assets

0

-

0

-

0

-

0

-

0

Tangible fixed assets

876,199

548

135,194

-5.07

142,412

-10.70

159,482

-12.47

182,204

Land & building

855,866

680

109,657

-3.72

113,892

-3.59

118,127

-3.46

122,363

Plant & machinery

16,011

-21.72

20,454

-7.05

22,006

-7.83

23,874

-20.92

30,192

Furniture & Vehicles

4,321

-14.99

5,083

-21.96

6,514

-62.74

17,480

-41.04

29,649

Leasing & Other Similar Rights

-

-

-

-

-

-

-

-

-

Other tangible assets

0

-

0

-

0

-

0

-

0

 

Financial fixed assets

446

0

446

0.09

446

-0.09

446

0.09

446

 

Total current assets

20,972,139

24.47

16,848,747

-15.31

19,895,536

26.84

15,686,029

6.77

14,691,280

Inventories

10,032,785

103

4,927,201

-13.97

5,727,017

-3.41

5,929,112

15.70

5,124,448

Raw materials & consumables

-

-

-

-

-

-

-

-

-

Work in progress

0

-

0

-

0

-

0

-

0

Finished goods

10,032,785

103

4,927,201

-13.97

5,727,017

-3.41

5,929,112

15.70

5,124,448

Other stocks

0

-

0

-

0

-

0

-

0

 

 

 

 

 

 

 

 

 

 

Trade debtors

10,046,885

-13.20

11,574,136

-17.90

14,097,312

45.00

9,722,393

1.83

9,548,013

Other amounts receivable

367,702

10.32

333,314

503

55,238

123

24,769

566

3,714

Cash

515,183

12267

4,166

-30.35

5,981

218

1,880

-85.96

13,387

Miscellaneous current assets

9,583

-3.50

9,930

-0.58

9,988

26.82

7,876

358

1,717

Total Assets

21,848,784

28.64

16,984,387

-15.24

20,038,394

26.46

15,845,958

6.54

14,873,931

Liabilities

Total shareholders equity

3,632,075

i 2.35

3,548,730

2.07

3,476,816

2.75

3,383,855

69.36

1,997,970

Issued share capital

2,347,191

0

2,347,191

0.00

2,347,191

0.00

2,347,191

130

1,018,600

 

Share premium account

-

-

-

-

-

-

-

-

-

 

Revaluation reserve

-

-

-

-

-

-

-

-

-

Reserves

1,284,884

6.94

1,201,539

6.37

1,129,625

8.97

1,036,664

5.85

979,370

Provisions for Liabilities & Charges

0

-

0

-

0

-

0

-

0

Deffered taxes

-

-

-

-

-

-

-

-

-

 

 

 

 

 

 

 

 

 

 

Creditors

18,216,709

35.58

13,435,657

-18.87

16,561,578

32.90

12,462,103

-3.21

12,875,960

 

Other long term loans

3,259,080

12.09

2,907,532

44.90

2,006,636

2.68

1,954,229

1922

96,612

Long term group loans                

-

-

-

-

-

 

-

-

-

Other long term liabilities

0

-

0

-

0

-

0

-100

1

Total long term debts

3,259,080

12.09

2,907,532

44.90

2,006,636

2.68

1,954,229

1922

96,613

 

 

 

 

 

 

 

 

 

 

Current portion of long term debt

44,582

386

9,161

4.59

8,759

-32.94

13,061

-38.59

21,268

Financial debts

6,803,007

46.41

4,646,505

-20.44

5,839,960

25.29

4,661,225

-14.28

5,437,556

Trade creditors

8,086,693

37.99

5,860,554

-32.59

8,694,211

49.24

5,825,643

-5.60

6,171,407

Amounts Payable for Taxes,

8,499

89.78

4,478

96.08

2,284

312

554

-42.41

962

Remuneration & Social Security

 

 

 

 

 

 

 

 

 

 

Miscellaneous current liabilities

14,847

99

7,427

-23.66

9,728

31.61

7,391

-99

1,148,155

Total current liabilities

14,957,629

42.07

10,528,125

-27.67

14,554,942

38.51

10,507,874

-17.77

12,779,348

 

 

 

 

 

 

 

 

 

 

Total Liabilities

21,848,784

28.64

16,984,387

-15.24

20,038,394

26.46

15,845,958

6.54

14,873,931

 

 

 

 

 

 

 

 

 

 

Ratio Analysis

 

TRADING PERFORMANCE

Profit Before Tax

0.15

0

0.15

-34.78

0.23

9.52

0.21

110

0.10

 

Return on capital employed

1.29

19.44

1.08

-37.57

1.73

61.68

1.07

0.94

1.06

 

Return on total assets employed

0.41

0

0.41

-12.77

0.47

30.56

0.36

140

0.15

 

Return on net assets employed

2.46

24.87

1.97

-27.84

2.73

61.54

1.69

50.89

1.12

Sales / net working capital

10.05

39.78

7.19

-8.52

7.86

48.30

5.30

-53.26

11.34

Stock turnover ratio

16.60

53.14

10.84

-20.53

13.64

-36.82

21.59

-8.67

23.64

Creditor days

49.23

3.66

47.49

-37.86

76.42

-2.76

78.59

-25.39

105.33

Debtor days

60.67

-34.71

92.93

-24.19

122.59

-5.14

129.23

-19.61

160.76

SHORT TERM STABILITY

 

 

 

 

 

 

 

 

 

Current ratio

1.40

-12.50

1.60

16.79

1.37

-8.05

1.49

29.57

1.15

 

Liquidity ratio / acid ratio

0.73

-35.40

1.13

16.49

0.97

4.30

0.93

24.00

0.75

 

Current debt ratio

4.12

38.72

2.97

-29.12

4.19

34.73

3.11

-51.41

6.40

 

 

 

 

 

 

 

 

 

 

Liquidity ratio reprocessed           

-

-

-

-

-

-

-

-

-

 

Cashflow

101,071

15.56

87,459

-24.36

115,623

42.60

81,080

74.91

46,354

 

 

 

 

 

 

 

 

 

 

Net worth

3,632,075

2.35

3,548,730

2.07

3,476,816

2.75

3,383,855

69.36

1,997,970

LONG TERM STABILITY

 

 

 

 

 

 

 

 

 

Gearing

278.26

30.56

213.12

-5.67

225.94

15.34

195.89

-29.55

278.05

 

Equity in percentage

16.62

-20.44

20.89

20.40

17.35

-18.74

21.35

58.97

13.43

Total debt ratio

5.02

32.45

3.79

-20.38

4.76

29.35

3.68

-42.86

6.44

 

Working capital

6,014,510

-4.84

6,320,622

18.35

5,340,594

3.14

5,178,155

170

1,911,932

Profit & loss

 

 

 

 

 

 

 

 

 

Operating Income

60,447,375

32.96

45,463,985

8.31

41,975,531

52.86

27,459,498

26.64

21,682,758

Turnover

60,447,251

32.97

45,460,320

8.31

41,973,966

52.86

27,459,498

26.67

21,678,710

Total operating expenses

59,955,532

33.11

45,041,607

8.47

41,525,542

53.47

27,057,982

26.52

21,385,530

Gross Operating Margin

-

-

-

-

-

-

-

-

-

 

Operating Charges

59,955,656

33.10

45,045,272

8.47

41,527,107

53.47

27,057,982

26.50

21,389,579

Employee costs

1,522

-

-

-

-

-

-

-

-

Wages and salary

1,190

-

-

-

-

-

-

-

-

Employee pension costs

-

-

-

-

-

-

-

-

-

Social security contributions

332

-

-

-

-

-

-

-

-

Other employee costs

0

-

0

-

0

-

0

-

0

Director remuneration

-

-

-

-

-

-

-

-

-

Amortization and depreciation

17,726

14.03

15,545

-31.40

22,662

-4.73

23,786

-1.56

24,163

 

Operating result

491,719

17.44

418,713

-6.63

448,424

11.68

401,517

36.95

293,180

Total financial income

31,619

94.42

16,263

366

3,489

970

326

-82.14

1,826

 

Total financial expenses

434,104

18.89

365,125

2.30

356,932

3.59

344,549

26.33

272,728

 

Results on ordinary operations before taxation

89,234

27.75

69,851

-26.46

94,981

65.78

57,293

157

22,278

 

Extraordinary Income

-

-

1,524

-

-

-

-

-

-

 

Extraordinary Charges

-

-

-

-

-

-

-

-

-

 

Extraordinary items

0

-100

1,524

-

0

-

0

-

0

 

Results for the Year Before Taxation

89,234

25.02

71,375

-24.85

94,981

65.78

57,293

157

22,278

 

Other appropriations

-

-

-

-

-

-

-

-

-

Taxation

5,889

1092

-539

-126

2,020

-

-

-

87

Results on ordinary operations after taxation

83,345

18.41

70,390

-24.28

92,961

62.25

57,293

158

22,191

 

Net result

83,345

15.90

71,914

-22.64

92,961

62.25

57,293

158

22,191

 

Profit (Loss) for the Year to be appropiated

83,345

15.90

71,914

-22.64

92,961

62.25

57,293

158

22,191

Dividends

-

-

-

-

-

-

-

-

 

 

 

Social Balance Sheet Details

 

Social Balance Sheet

Total

 

 

During the reporting year ended 31-12-2013

Full-time Employees

-

 

 

Part-time Employees

0

 

 

Total Fte Employees

0

 

 

 

Number of hours worked

Full-time Employees

-

 

 

Part-time Employees

91

 

 

Total

91

 

 

 

Personnel Charges

Full-time Employees

-

 

 

Part-time Employees

-

 

 

Total

-

 

 

Benefits In Addition To Wages

-

 

 

 

During the previous reporting year

Average number employees in Fte

-

 

 

Actual working hours

-

 

 

Personnel Charges

-

 

 

Benefits In Addition To Wages

-

 

 

 

 

 

 

 

Type of Contract

Full-Time

Part-Time

Total Fte

Unlimited Duration Contracts

-

1

0

Limited Duration Contracts

-

-

-

Contracts For Specific Work

-

-

-

Contracts Regarding Substitution

-

-

-

 

 

 

 

 

Gender and Education Level

 

 

 

Men

Full-Time

Part-Time

Total Fte

Primary education

-

-

-

Secondairy education

-

-

-

Higher education (non university)

-

-

-

Higher education (university)

-

-

-

Women

Full-Time

Part-Time

Total Fte

Primary education

-

1

0

Secondairy education

-

-

-

Higher education (non university)

-

-

-

Higher education (university)

-

-

-

 

 

 

 

Working Category

Full-Time

Part-Time

Total Fte

Management

-

-

-

White Collar Worker

-

1

0

Blue Collar Worker

             -

-

-

Other

             -

-

-

 

 

New Staff and Leavers

Full-Time

Part-Time

Total Fte

New Starters

-

1

0

Leavers

             -

-

-

 

 

Industry comparison

 

Activity code

46761

 

 

Activity description

Wholesale of diamonds and other precious stones

 

industry average credit rating

64.48

 

 

Industry average credit limit

140177.31

 

 

 

 

Payment Information

 

Suspension of payments / moratorium history

Amount

-

 

 

Details

-

 

 

 

Payment expectations

Payment expectation days

49.23

 

 

Day sales outstanding

60.67

 

 

 

 

Industry comparison

 

 

 

Activity code

46761

 

 

Activity description

Wholesale of diamonds and other precious stones

 

Industry average payment expectation days

123.45

 

 

Industry average day sales outstanding

140.25

 

 

 

 

Industry quartile analysis

Payment expectations

Company result                                                                        49.23

Lower                                                                                       120.92

Median                                                                                     74.63

Upper                                                                                       45.88

 

 

Day sales outstanding

Company result

60.67

Lower

102.27

Median

54.07

Upper

24.07

 

 

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

 

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                           HARESH MANGUKIYA

Position                       Principal Manager

Start Date                     06/09/2011

Street                           48 VAN EYCKLEI 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.62.26

UK Pound

1

Rs.96.01

Euro

1

Rs.70.72

 

INFORMATION DETAILS

 

Analysis Done by :

KAR

 

 

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.