|
Report Date : |
02.01.2015 |
IDENTIFICATION DETAILS
|
Name : |
DIACORE BELGIUM NV |
|
|
|
|
Registered Office : |
Schupstraat 17, 2018 Antwerpen |
|
|
|
|
Country : |
Belgium |
|
|
|
|
Financials (as on) : |
31.12.2013 |
|
|
|
|
Date of Incorporation : |
07.12.1977 |
|
|
|
|
Com. Reg. No.: |
418101870 |
|
|
|
|
Legal Form : |
Public Limited Liability Company |
|
|
|
|
Line of Business : |
Wholesale of Diamonds and Other Precious Stones |
|
|
|
|
No of Employees : |
9 |
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 |
A1 |
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 418101870
Company name DIACORE BELGIUM NV
Address SCHUPSTRAAT 17
2018 ANTWERPEN
Number of staff 9
Date of establishment 07/12/1977
Telephone number 037271950
The business was
established over 36 years ago.
The business has 10
employees.
The business is
part of a group.
The business has
changed its registered name recently.
The business has
been at the address for over 19 years.
Pre-tax profits
increased by 33% compared to the previous trading period.
The business saw a
decrease in their Cash Balance of 56% during the latest trading period.
Turnover in the
latest trading period increased 30% on the previous trading period.
|
Accounts |
||||
|
DATE
OF LATEST ACCOUNTS |
TURNOVER |
PROFIT
BEFORE TAX |
NET
WORTH |
WORKING CAPITAL |
|
31/12/2013 |
305,011,810 |
315,490 |
2,950,3723 |
2,434,718 |
|
31/12/2012 |
234,125,824 |
236,216 |
2,725,927 |
2,176,214 |
|
31/12/2011 |
220,578,847 |
242,571 |
2,538,379 |
1,977,684 |
|
|
|
|
|
|
|
Accounts |
||||
|
DATE
OF LATEST ACCOUNTS |
BALANCE
TOTAL |
NUMBER
OF EMPLOYEES |
CAPITAL |
CASHFLOW |
|
31/12/2013 |
78,493,987 |
9 |
500,000 |
271,168 |
|
31/12/2012 |
75,528,328 |
9 |
500,000 |
219,871 |
|
31/12/2011 |
52,047,719 |
9 |
500,000 |
228,825 |
|
Payment expectations |
||||
|
Past payments |
|
Payment expectation days |
38.98 |
|
|
Industry average payment expectation days |
123.11 |
Industry average day sales outstanding |
141.36 |
|
|
Day sales outstanding |
84.40 |
|
|
|
|
Court data summary |
||||
|
BANKRUPTCY DETAILS |
||||
|
Court action type |
no |
|
|
|
|
PROTESTED BILLS |
||||
|
Bill amount |
||||
|
NSSO DETAILS |
||||
|
Date of summons |
-- |
|
|
|
|
Business
number |
418101870 |
Company
name |
DIACORE BELGIUM NV |
|
|
Fax
number |
-- |
Date
founded |
07/12/1977 |
|
|
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 |
Wholesale of diamonds and other precious stones |
VAT
Number |
BE.0418.101.870 Check VAT number |
|
|
Belgian
Bullettin of Acts Publications |
|
|
|
Social Balance Sheet Total
During the reporting year ended 31-12-2013
Full-time Employees 8
Part-time Employees 2
Total Fte Employees 9
Number of hours worked
Full-time Employees 14,166
Part-time Employees 1,953
Total 16,119
Personnel Charges
Full-time Employees 676,706
Part-time Employees 49,153
Total 725,859
Benefits In Addition To Wages -
During the previous reporting year
Average number employees in Fte 9
Actual working hours 16,253
Personnel Charges 702,421
Benefits In Addition To Wages -
Type of Contract Full-Time
Part-Time Total Fte
Unlimited Duration
Contracts 8 2 9
Gender and Education
Level
Men Full-Time
Part-Time Total Fte
Primary education 2 - 2
Secondairy education 4 - 4
Women Full-Time
Part-Time Total Fte
Secondairy education 2 2 3
Working Category Full-Time
Part-Time Total Fte
White collar worker 6 2 7
Blue collar worker 2 - 2
Joint Industrial Committee (JIC)
JIC Code 218
Description Additional national
joint committee for the employees
category
JIC Code 324
Description Joint committee for
the industry and the trade in diamant
category
Significant Events
Event Date 19/07/2013
Event Description re-appointment of director(s)
Event Details Commentaar
19-07-2013: Worden herbenoemd als bestuurders tot na de jaarvergadering van
2019: Bouaziz Franck (tevens als gedelegeerd bestuurder) en NV STIMO.
|
PROFIT & LOSS |
|||||||||
|
Annual accounts |
31-12-2013 |
% |
31-12-2012 |
% |
31-12-2011 |
Industry average 2013 |
% |
||
|
Weeks |
52 |
|
52 |
|
52 |
|
|
|
|
|
Currency |
EUR |
|
EUR |
|
EUR |
|
|
|
|
|
Turnover |
305,011,810 |
30.28 |
234,125,824 |
6.14 |
220,578,847 |
54,328,773 |
461 |
|
|
|
Total
operating expenses |
303,802,250 |
30.32 |
233,114,744 |
6.01 |
219,902,044 |
53,874,825 |
463 |
|
|
|
Operating
result |
1,209,559 |
19.63 |
1,011,080 |
49.39 |
676,802 |
149,823 |
707 |
|
|
|
Total
financial income |
88,285 |
306 |
21,720 |
-9.60 |
24,027 |
83,179 |
6.14 |
|
|
|
Total
financial expenses |
982,354 |
23.32 |
796,584 |
73.83 |
458,259 |
191,543 |
412 |
|
|
|
Results on ordinary
operations before taxation |
315,490 |
33.56 |
236,216 |
-2.62 |
242,571 |
34,909 |
803 |
|
|
|
Taxation |
92,476 |
34.41 |
68,800 |
11.73 |
61,576 |
21,734 |
325 |
|
|
|
Results on ordinary
operations after taxation |
223,014 |
33.21 |
167,416 |
-7.50 |
180,995 |
18,939 |
1077 |
|
|
|
Extraordinary
items |
1,432 |
-92.89 |
20,132 |
- |
0 |
5,365 |
-73.32 |
|
|
|
Other
appropriations |
0.00 |
- |
0.00 |
- |
0.00 |
- |
- |
|
|
|
Net result |
224,445 |
19.67 |
187,548 |
3.62 |
180,995 |
24,438 |
818 |
|
|
|
Gross
Operating Margin |
- |
- |
- |
- |
- |
33,409 |
- |
|
|
|
Dividends |
- |
- |
- |
- |
- |
234,766 |
- |
|
|
|
Director
remuneration |
- |
- |
- |
- |
- |
126,036 |
- |
|
|
|
Employee
costs |
725,859 |
3.34 |
702,421 |
4.23 |
673,898 |
139,048 |
422 |
|
|
|
Wages and
salary |
566,747 |
2.05 |
555,348 |
4.44 |
531,747 |
119,968 |
372 |
|
|
|
Employee
pension costs |
- |
- |
- |
- |
- |
23,129 |
- |
|
|
|
Social
security contributions |
153,659 |
7.77 |
142,575 |
3.91 |
137,215 |
29,614 |
418 |
|
|
|
Other
employee costs |
5,453 |
21.24 |
4,498 |
-8.88 |
4,936 |
3,979 |
37.05 |
|
|
|
Amortization
and depreciation |
46,723 |
44.55 |
32,324 |
-32.42 |
47,830 |
17,896 |
161 |
|
|
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 |
1,298 |
-100 |
|
Tangible fixed assets |
159,401 |
29.11 |
123,459 |
91.58 |
64,441 |
189,680 |
-15.96 |
|
Land & building |
6,269 |
-9.69 |
6,941 |
-8.83 |
7,613 |
369,885 |
-98.31 |
|
Plant & machinery |
36,942 |
-12.96 |
42,443 |
-15.93 |
50,485 |
26,893 |
37.37 |
|
Furniture & Vehicles |
116,190 |
56.86 |
74,074 |
1067 |
6,343 |
15,771 4,585 |
636 |
|
Leasing & Other Similar Rights |
- |
- |
- |
- |
- |
107,517 34,551 |
- |
|
Other tangible assets |
0 |
- |
0 |
- |
0 |
9,057 |
-100 |
|
Financial fixed assets |
356,254 |
-16.42 |
426,254 |
-14.11 |
496,254 |
179,439 |
98.54 |
|
Total fixed assets |
515,655 |
-6.20 |
549,713 |
-1.96 |
560,695 |
299,919 |
71.93 |
|
Inventories |
7,390,593 |
-49.68 |
14,688,595 |
28.82 |
11,402,401 |
2,927,814 |
152 |
|
Raw materials & consumables |
- |
- |
- |
- |
- |
6,545,857 |
- |
|
Work in progress |
0 |
- |
0 |
- |
0 |
1,123 |
-100 |
|
Finished goods |
7,390,593 |
-49.68 |
14,688,595 |
28.82 |
11,402,401 |
1,943,728 |
280 |
|
Other stocks |
0 |
- |
0 |
- |
0 |
451,609 |
-100 |
|
Trade debtors |
70,527,828 |
17.06 |
60,247,856 |
50.83 |
39,944,433 |
4,241,844 |
1562 |
|
Cash |
512 |
-56.20 |
1,169 |
-87.94 |
9,692 |
456,237,237 |
-99 |
|
other amounts receivable |
21,951 |
-32.38 |
32,461 |
-16.91 |
39,065 |
181,821 |
-87.93 |
|
Miscellaneous current assets |
37,448 |
338 |
8,535 |
-90.67 |
91,433 |
-449,184,062 |
0.01 |
|
Total current assets |
77,978,333 |
4.00 |
74,978,616 |
45.63 |
51,487,024 |
7,131,127 |
993 |
|
Total Assets |
78,493,987 |
3.93 |
75,528,328 |
45.11 |
52,047,719 |
7,398,361 1,291,835 |
960 |
CURRENT LIABILITIES
|
Trade
creditors |
32,444,585 |
1.33 |
32,018,848 |
17.61 |
27,224,329 |
2,898,098 |
1019 |
|
Short
term group loans |
- |
- |
- |
- |
- |
- |
- |
|
Financial
debts |
42,953,060 |
5.69 |
40,640,334 |
83.48 |
22,149,756 |
4,392,180 148,601 |
877 |
|
Current
portion of long term debt |
- |
- |
- |
- |
- |
81,130 14,053 |
- |
|
Amounts
Payable for Taxes, Remuneration & Social Security |
145,532 |
|
136,874 |
|
128,445 |
8,507 - |
359 |
|
Miscellaneous
current liabilities |
438 |
-93.09 |
6,346 |
-6.81 |
6,810 |
-99 |
-- |
|
Total
current liabilities |
75,543,615 |
3.77 |
72,802,402 |
47.05 |
49,509,340 |
5,071,474 |
1389 |
|
Long
term group loans |
- |
- |
- |
- |
- |
- |
- |
|
Other
long term loans |
- |
- |
- |
- |
- |
- |
-- |
|
Deffered
taxes |
- |
- |
- |
- |
- |
46,266 28,377 |
- |
|
Provisions
for Liabilities & Charges |
0 |
- |
0 |
- |
0 |
3,923 0 |
-100 |
|
Other
long term liabilities |
0 |
- |
0 |
- |
0 |
243,305 |
-100 |
|
Total
long term debts |
0 |
— |
0 |
— |
0 |
679,953 |
-100 |
|
Issued
share capital |
500,000 |
0 |
500,000 |
0 |
500,000 |
963,005 |
-48.08 |
|
Share
premium account |
- |
- |
- |
- |
- |
124,160 |
- |
|
Reserves |
2,450,372 |
10.08 |
2,225,927 |
9.20 |
2,038,379 |
653,401 |
275 |
|
Revaluation
reserve |
- |
- |
- |
- |
- |
881,530 |
- |
|
Total
shareholders equity |
2,950,372 |
8.23 |
2,725,927 |
7.39 |
2,538,379 |
1,639,055 |
80.00 |
|
Working
capital |
2,434,718 |
11.88 |
2,176,214 |
10.04 |
1,977,684 |
2,059,653 |
18.21 |
|
Cashflow |
271,168 |
23.33 |
219,871 |
-3.91 |
228,825 |
38,980 |
595 |
|
Net
worth |
2,950,372 |
8.23 |
2,725,927 |
7.39 |
2,538,379 |
1,637,757 |
80.15 |
RATIO ANALYSIS
|
Annual accounts |
31-12-2013 |
Change(%) |
31-12-2012 |
Change(%) |
31-12-2011 |
Industry
average 2013 |
% |
|
TRADING PERFORMANCE |
|
|
|
|
|
|
|
|
Profit Before Tax |
0.10 |
0 |
0.10 |
-9.09 |
0.11 |
-7,00 |
1.43 |
|
Return on capital employed |
10.69 |
23.30 |
8.67 |
-9.31 |
9.56 |
-7,00 |
152 |
|
Return on total assets
employed |
0.40 |
29.03 |
0.31 |
-34.04 |
0.47 |
-8,00 |
5.00 |
|
Return on net assets
employed |
10.69 |
23.30 |
8.67 |
-9.31 |
9.56 |
-6,00 |
178 |
|
Sales / net working
capital |
125.28 |
16.45 |
107.58 |
-3.54 |
111.53 |
132,00 |
-99 |
|
Stock turnover ratio |
2.42 |
-61.40 |
6.27 |
21.28 |
5.17 |
76,00 |
-96.82 |
|
Debtor days |
84.40 |
-10.15 |
93.93 |
42.10 |
66.10 |
141,36 |
-40.29 |
|
Creditor days |
38.98 |
-22.24 |
50.13 |
10.93 |
45.19 |
123,11 |
-68.34 |
|
SHORT TERM STABILITY |
|
|
|
|
|
|
|
|
Current ratio |
1.03 |
0 |
1.03 |
-0.96 |
1.04 |
4,00 |
-89.70 |
|
Liquidity ratio / acid
ratio |
0.93 |
12.05 |
0.83 |
2.47 |
0.81 |
3,00 |
-69.00 |
|
Current debt ratio |
25.60 |
-4.16 |
26.71 |
36.97 |
19.50 |
10,00 |
156 |
|
Liquidity ratio
reprocessed |
- |
- |
- |
- |
- |
- |
|
|
LONG TERM STABILITY |
|
|
|
|
|
|
|
|
Gearing |
1455.85 |
-2.35 |
1490.88 |
70.86 |
872.59 |
229,00 |
535 |
|
Equity in percentage |
3.76 |
4.16 |
3.61 |
-26.02 |
4.88 |
-210,00 |
1.79 |
|
Total debt ratio |
25.60 |
-4.16 |
26.71 |
36.97 |
19.50 |
11,00 |
132 |
|
Industry
comparison |
|
|
Activity
code |
46761 |
|
Activity
description |
Whole
of diamonds and other precious stones |
|
Payment
expectations |
|
|
Payment
expectation days |
38.98 |
|
Day
sales outstanding |
84.40 |
|
Industry
comparison |
|
|
Activity
code |
46761 |
|
Activity
description |
Whole
of diamonds and other precious stones |
|
Industry
average payment expectation days |
123.11 |
|
Industry
average day sales outstanding |
141.36 |
|
Industry
quartile analysis |
|
|
Payment
expectations |
|
|
Company
result |
38.98 |
|
Lower |
122.34 |
|
Median |
75.38 |
|
Upper |
46.73 |
|
Day
sales outstanding |
|
|
Company
result |
84.40 |
|
Lower |
101.92 |
|
Median |
54.50 |
|
Upper |
24.07 |
Minority Shareholders
No minority shareholders found
Group Structure
|
Business Number |
Company Name |
% |
Date of Accounts |
|
444499233 |
S.E.D. NV |
50 |
31/12.2013 |
|
450354172 |
Ascot Diamonds Belgium NV |
20 |
31/12.2013 |
INDIVIDUAL
SHAREHOLDERS
|
Shareholder Name |
|
Middle Name |
|
|
Forename |
Benjamin |
-- |
-- |
|
Surname |
Steinmetz |
-- |
-- |
SHAREHOLDER DETAILS
|
Start Date |
24/03/1997 |
End Date |
|
|
Percentage Owned |
20% |
-- |
-- |
SHAREHOLDER ADDRESS
|
Street Name |
-- |
House Number |
-- |
|
Minor Town |
-- |
Postal Town |
-- |
|
Post Code |
46920 |
Country |
Israel |
Summons
There is no date 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
Name FRANK BOUAZIZ
Position Managing Director
Start Date 18/08/2014
Street 10 MEZENLAAN
ANTWERPEN
Post code 2610
Country Belgium
Name STIMO NV
Position Director
Start Date 09/08/2010
Date of birth 01/09/1989
Street 12 SCHUPSTRAAT
ANTWERPEN
Post code 2018
Country Belgium
Position Legal
Representative
Start Date 20/05/2008
Date of birth 01/09/1989
Street 12 SCHUPSTRAAT
ANTWERPEN
Post code 2018
Country Belgium
CURRENT MANDATES IN OTHER COMPANIES
Name Stimo NV
Business number 438262133
Position Director
Start Date 04/08/2011
Business number 438262133
Position Legal
Representative
Start Date 20/05/2008
FORMER DIRECTOR DETAILS
Name CHRISTOPHER DUNDAS
Position Director
Start Date 24/03/1997
End Date 01/01/2002
Street 56 LOWTHER ROAD
LONDEN
Post code
Country
Name FRANK BOUAZIZ
Position Director
Start Date 24/03/1997
End Date 01/01/2002
Street 10 MEZENLAAN
ANTWERPEN
Post code 2610
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.63.32 |
|
|
1 |
Rs.98.63 |
|
Euro |
1 |
Rs.76.59 |
INFORMATION DETAILS
|
Report Prepared
by : |
DPT |
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.