|
Report No. : |
309493 |
|
Report Date : |
25.02.2015 |
IDENTIFICATION DETAILS
|
Name : |
GEMBLUE
BVBA |
|
|
|
|
Registered Office : |
Hoveniersstraat
30 2018 Antwerpen |
|
|
|
|
Country : |
Belgium |
|
|
|
|
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.62.28 |
|
UK Pound |
1 |
Rs.96.21 |
|
Euro |
1 |
Rs.70.60 |
INFORMATION DETAILS
|
Analysis Done by
: |
SUM |
|
|
|
|
Report Prepared
by : |
ASH |
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.