MIRA INFORM REPORT

 

 

Report No. :      301823

 

Report Date :    05.01.2015

 

 

IDENTIFICATION DETAILS

 

Name :

CHORON DIAMONDS NV

 

 

Registered Office :

Hoveniersstraat 2-Bus 302, 2018 Antwerpen

 

 

Country :

Belgium

 

 

Financials (as on) :

31.12.2013

 

 

Date of Incorporation :

08.10.1985

 

 

Com. Reg. No.:

427939452

 

 

Legal Form :

Public Limited Liability Company

 

 

Line of Business :

Wholesaler  of  Diamonds  and Other  Precious  Stones

 

 

No of Employees :               

05 (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 – 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                     427939452

Company name                        CHORON DIAMONDS NV

Address                                   HOVENIERSSTRAAT 2-BUS 302

2018 ANTWERPEN

Number of staff                       05

Date of establishment               08/10/1985

Telephone number                   0475465219

Fax number                              032014699

 

 

Commentary

 

The business was established over 29 years ago.

The business has 5 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 10 years.

Operating Result in the latest trading period decreased 71% on the previous trading period.

Net Worth increased by 32% during the latest trading period.

A 29% decline in Total Assets occurred during the latest trading period.

Pre-tax profits decreased by 166% compared to the previous trading period.

The business saw an increase in their Cash Balance of 4884% during the latest trading period.

 

 

Accounts

DATE  OF  LATEST  ACCOUNTS

TURNOVER

PROFIT  BEFORE  TAX

NET  WORTH

WORKING  CAPITAL

31/12/2013

70,260,597

-316,344

11,869,113

10,194,807

31/12/2012

78,660,658

472,939

8,947,613

7,351,540

31/12/2011

96,432,877

494,611

3,412,106

1,932,047

 

 

 

 

 

Accounts

 

 

 

 

DATE  OF  LATEST  ACCOUNTS

BALANCE  TOTAL

NUMBER  OF  EMPLOYEES

CAPITAL

CASHFLOW

31/12/2013

24,199,554

5

11,471,082

-240,134

31/12/2012

34,115,386

4

8,200,478

454,222

31/12/2011

27,831,493

3

3,031,030

420,537

 

 

Payment expectations

Past payments

 

Payment expectation days

25.31

 

Industry average payment expectation days

123.97

Industry average day sales outstanding

140.86

 

Day sales outstanding

43.08

 

 

 

Court data summary

BANKRUPTCY DETAILS

Court action type

no

 

 

 

PROTESTED BILLS

Bill amount

NSSO DETAILS

Date of summons

--

 

 

 

 

 

Company information

 

Business  number

427939452

Company  name

CHORON  DIAMONDS  NV

Fax  number

032014699

Date  founded

08/10/1985

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 other  precious  stones

VAT  Number

BE.0427.939.452  Check  VAT Number

Belgian  Bullettin  of  Acts

moniteur  belge

 

 

 

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

 

 

Significant Events

 

Event Date

10/04/2012

Event Details

Choron Finance naar Luxemburgs  recht  schrijft  in op de 7006 nieuwe aandelen

 

 

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

1,679,592

3.14

1,628,463

5.62

1,541,794

1035

135,792

-7.62

146,987

Intangible  fixed  assets

5,286

-16.51

6,331

-13.01

7,278

-7.20

7,843

-

0

Tangible  fixed  assets

1,487,554

4.25

1,426,932

-7.00

1,534,387

1100

127,820

-12.96

146,858

Land  &  building

1,237,640

-7.13

1,332,684

-4.73

1,398,892

-

-

-

-

Plant  &  machinery

232,496

485

39,710

-20.01

49,646

161

18,998

22.16

15,552

Furniture  &  Vehicles

17,418

-68.06

54,538

-36.47

85,849

-21.11

108,822

-17.12

131,306

Leasing  &  Other  Similar  Rights

-

-

-

-

-

-

-

-

-

Other  tangible  assets

0

-

0

-

0

-

0

-

0

Financial  fixed  assets

186,752

-4.33

195,199

152399

128

-0.78

129

0

129

Total  current  assets

22,519,962

-30.68

32,486,923

23.57

26,289,699

147

10,628,977

-16.53

12,734,492

Inventories

11,980,025

-35.38

18,539,826

32.81

13,959,207

168

5,203,846

31.26

3,964,588

Raw  materials  &  consumables

-

-

-

-

-

-

-

-

-

Work  in  progress

0

-

0

-

0

-

0

-

0

Finished  goods

11,980,025

-35.38

18,539,826

32.81

13,959,207

168

5,203,846

31.26

3,964,588

Other  stocks

0

-

0

-

0

-

0

-

0

Trade  debtors

8,292,671

-40.26

13,882,076

13.60

12,220,657

134

5,208,425

-40.04

8,685,995

Other  amounts  receivable

20,583

82.81

11,259

-37.16

17,917

57.39

11,384

-32.21

16,793

Cash

2,199,781

4884

44,136

-47.87

84,670

-57.61

199,740

234

59,744

Miscellaneous  current  assets

7,901

-17.92

9,626

32.81

7,248

29.85

5,582

-24.28

7,372

Total  Assets

24,199,554

-29.07

34,115,386

22.58

27,831,493

158

10,764,769

-16.43

12,881,479

Liabilities

 

 

 

 

 

 

 

 

 

Total  shareholders  equity

11,874,399

32.62

8,953,944

161

3,419,384

17.71

2,905,003

16.77

2,487,885

Issued  share  capital

11,471,082

39.88

8,200,478

170

3,031,030

37.69

2,201,356

7.81

2,041,800

Share  premium  account

-

-

-

-

-

-

-

-

-

Revaluation  reserve

-

-

-

-

-

-

-

-

-

Reserves

403,317

-46.47

753,466

94.02

388,354

-44.81

703,647

57.74

446,085

Provisions  for  Liabilities  & Charges

0

-

0

-

0

-

0

-

0

Deffered  taxes

-

-

-

-

-

-

-

-

-

Creditors

12,325,155

-51.02

25,161,442

3.07

24,412,109

210

7,859,766

-24.38

10,393,594

Other  long  term  loans

-

-

26,059

-52.15

54,457

-96.94

1,781,386

1505

110,934

Long  term  group  loans

-

-

-

-

-

-

-

-

-

Other  long  term  liabilities

0

-

0

-

0

-

0

-

0

Total  long  term  debts

0

-100

26,059

-52.15

54,457

-96.94

1,781,386

1505

110,934

Current  portion  of  long  term  debt

12,981

-54.28

28,393

5.50

26,912

-11.93

30,559

7.63

28,392

Financial  debts

7,417,224

-25.95

10,016,200

19.90

8,353,963

1245

620,652

-

-

Trade  creditors

4,854,110

-67.52

14,942,820

17.14

12,756,303

145

5,205,966

-38.61

8,479,709

Amounts  Payable  for  Taxes, Remuneration  &  Social  Security

28,781

-79.09

137,626

-31.69

201,466

149

80,896

50.92

53,602

Miscellaneous  current  liabilities

12,059

16.58

10,344

-99

3,019,008

2051

140,307

-91.85

1,720,957

Total  current  liabilities

12,325,155

-50.96

25,135,383

3.19

24,357,652

300

6,078,380

-40.89

10,282,660

Total  Liabilities

24,199,554

-29.07

34,115,386

22.58

27,831,493

158

10,764,769

-16.43

12,881,479

 

RATIO  ANALYSIS

 

 

 

 

 

 

 

 

 

TRADING  PERFORMANCE

 

 

 

 

 

 

 

 

 

Profit  Before  Tax

-0.45

-175

0.60

17.65

0.51

21.43

0.42

5.00

0.40

Return  on  capital  employed

-2.66

-150

5.27

-62.99

14.24

98.05

7.19

4.96

6.85

Return  on  total  assets  employed

-1.31

-194

1.39

-21.91

1.78

-43.13

3.13

126

1.38

Return  on  net  assets  employed

-2.66

-150

5.28

-63.49

14.46

24.66

11.60

62.24

7.15

Sales  /  net  working  capital

6.89

-35.61

10.70

-78.56

49.91

182

17.67

-1.89

18.01

Stock  turnover  ratio

17.05

-27.66

23.57

62.78

14.48

123

6.47

-27.95

8.98

Creditor  days

25.31

-63.92

70.14

44.05

48.69

105

23.75

-66.26

70.40

Debtor  days

43.08

-33.13

64.42

39.26

46.26

95.69

23.64

-67.08

71.80

 

SHORT TERM STABILITY

Current  ratio

1.83

41.86

1.29

19.44

1.08

-38.29

1.75

41.13

1.24

Liquidity  ratio  /  acid  ratio

0.86

56.36

0.55

7.84

0.51

-42.70

0.89

4.71

0.85

Current  debt  ratio

1.04

-62.99

2.81

-60.53

7.12

240

2.09

-49.39

4.13

Liquidity  ratio  reprocessed

-

-

-

-

-

-

-

-

-

Cashflow

-240,134

-152

454,222

8.01

420,537

59.80

263,169

73.36

151,803

Net  worth

11,869,113

32.65

8,947,613

162

3,412,106

17.77

2,897,160

16.45

2,487,885

LONG  TERM  STABILITY

Gearing

62.57

-44.37

112.47

-54.41

246.69

194

83.74

1395

5.60

Equity  in  percentage

49.08

86.97

26.25

113

12.29

-54.50

27.01

39.88

19.31

Total  debt  ratio

1.04

-62.99

2.81

-60.64

7.14

163

2.71

-35.17

4.18

Working  capital

10,194,807

38.68

7,351,540

280

1,932,047

-57.54

4,550,597

85.60

2,451,832

 

 

 

 

 

 

 

 

 

 

PROFIT  &  LOSS

Operating  Income

70,263,602

-10.69

78,674,980

-18.42

96,435,556

19.91

80,423,411

82.13

44,156,743

Turnover

70,260,597

-10.68

78,660,658

-18.43

96,432,877

19.91

80,422,590

82.13

44,156,743

Total  operating  expenses

70,000,594

-9.97

77,755,536

-18.69

95,626,223

19.52

80,005,519

81.98

43,962,717

Gross  Operating  Margin

-

-

-

-

-

-

-

-

-

Operating  Charges

70,003,598

-9.99

77,769,858

-18.68

95,628,902

19.53

80,006,340

81.99

43,962,717

Employee  costs

164,881

27.48

129,336

157

50,225

60.83

31,229

18.34

26,390

Wages  and  salary

130,585

25.91

103,717

156

40,433

70.36

23,734

14.73

20,687

Employee  pension  costs

-

-

-

-

-

-

-

-

-

Social  security  contributions

29,349

38.13

21,248

207

6,913

110

3,288

-2.81

3,383

Other  employee  costs

4,947

13.18

4,371

51.88

2,878

-31.61

4,208

81.30

2,321

Director  remuneration

-

-

-

-

-

-

-

-

-

Amortization  and  depreciation

77,407

-5.11

81,572

22.46

66,613

64.61

40,467

147

16,363

Operating  result

260,003

-71.27

905,122

12.21

806,654

93.41

417,071

114

194,026

Total  financial  income

85,282

-37.36

136,145

2.55

132,763

1251

9,823

28791

34

Total  financial  expenses

661,629

16.42

568,329

27.77

444,805

394

89,940

459

16,061

Results  on  ordinary  operations before  taxation

-316,344

-166

472,939

-4.38

494,611

46.79

336,954

89.30

177,999

Extraordinary  Income

8,017

-

-

-

2,850

-51.10

5,828

-

-

Extraordinary  Charges

9,260

-

-

-

-

-

-

-

-

Extraordinary  items

-1,243

-

0

-100

2,850

-51.10

5,828

-

0

Results for the year before taxation

-317,587

-167

472,939

-4.93

497,462

45.12

342,782

92.58

177,999

Other appropriations

-

-

-

-

-

-

-

-

-

Taxation

-46

-100

100,289

-30.13

143,538

19.54

120,080

182

42,559

Results  on  ordinary  operations after  taxation

-316,298

-184

372,650

6.15

351,073

61.88

216,874

60.13

135,440

Net results

-317,541

-185

372,650

5.29

353,924

58.92

222,702

64.43

135,440

Profit (Loss) for the year to be appropriated

-317,541

-185

372,650

5.29

353,924

58.92

222,702

64.43

135,440

Dividends

-

-

-

-

-

-

-

-

-

 

 

Social Balance sheet details

 

Social  Balance  Sheet  Details

 

Social  Balance  Sheet

Total

During  the  reporting  year

 

ended  31-12-2013

 

Full-time  Employees

5

Part-time  Employees

-

Total  Fte  Employees

5

Number  of  hours  worked

 

Full-time  Employees

8,688

Part-time  Employees

-

Total

8,688

Personnel  Charges

 

Full-time  Employees

164,881

Part-time  Employees

-

Total

164,881

Benefits  In  Addition  To  Wages

-

During  the  previous  reporting  year

 

Average  number  employees  in  Fte

4

Actual  working  hours

7,072

Personnel  Charges

123,739

Benefits  In  Addition  To  Wages

-

 

Type  of  Contract

Full-Time

Part-Time

Total  Fte

Unlimited  Duration Contracts

5

-

5

 

Men

Full-Time

Part-Time

Total  Fte

Primary  education

1

-

1

Secondairy  education

2

-

2

 

 

 

 

Women

Full-Time

Part-Time

Total  Fte

Primary  education

1

-

1

Secondairy  education

1

-

1

 

Working  Category

Full-Time

Part-Time

Total  Fte

Management

-

-

-

White  collar  worker

3

-

3

Blue  collar  worker

2

-

2

Other

-

-

-

 

 

 

 

New  staff  and  leavers

Full-Time

Part-Time

Total  Fte

New  Starters

1

-

1

Leavers

1

-

1

 

Industry Comparison

 

Activity  code

46761

Activity  description

Wholesale  of  diamonds  and  other  precious  stones

 

Payment  expectations

 

Payment  expectation  days

25.31

Day  sales  outstanding

43.08

 

 

Industry  comparison

 

Activity  code

46761

Activity  description

Wholesale  of  diamonds  and  other  precious  stones

Industry  average  payment

123.97

expectation  days

 

Industry  average  day  sales outstanding

140.86

 

Industry  quartile  analysis

 

Payment  expectations

 

Company  result

25.31

Lower

122.34

Median

75.38

Upper

46.32

 

Day Sales Outstanding

Company  result

43.08

Lower

102.84

Median

54.50

Upper

24.07

 

 

Shareholder Details

 

Group  Structure

 

 

Company  name

Number

Latest Financials

- CHORON  FINANCE  (LUXEMBOURG)  S.A.

B102190

 

- - CHORON  (BELGIUM)  CVA

877760918

31-12-2010

- - CHORON  DIAMONDS  NV

427939452

31-12-2013

 

Minority Shareholder

 

No minority shareholders found

 

Minority Interest

 

No minority interest found

 

Companies That Match This Address

 

No companies match this address

 

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

PARAG  RAJANIKANT  GANDHI

Position

Chairman  of  the  Board

Start  Date

07/05/2012

Street

177 BELGIËLEI  ANTWERPEN

Post  code

2018

Country

Belgium

 

 

Position

Managing  Director

Start  Date

07/09/2007

Street

177 BELGIËLEI  ANTWERPEN

Post  code

2018

Country

Belgium

 

 

Position

Director

Start  Date

07/09/2007

Street

177 BELGIËLEI  ANTWERPEN

Post  code

2018

Country

Belgium

 

 

Name

CHORON  FINANCE  (LUXEMBOURG)  SA

Position

Director

Start  Date

20/07/2010

Date  of  birth

28/07/2004

Street

12 AVENUE  MARIE-THÉRÈSE  LUXEMBOURG

Post  code

L-2132

Country

Luxembourg

 

 

Current  mandates  in  other  companies

 

Name

Dinsa  NV

Business  number

431792728

Position

Director

Start  Date

12/03/2012

End  Date

12/06/2017

 

 

FORMER  DIRECTOR  DETAILS

 

Name

CHORON  (BELGIUM)  CVA

Position

Director

Start  Date

31/08/2006

End  Date

Unknown  date

Date  of  birth

06/12/2005

Street

2 HOVENIERSSTRAAT  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.63.32

UK Pound

1

Rs.98.64

Euro

1

Rs.76.60

 

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

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NB

                                       New Business

 

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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%)

 

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