MIRA INFORM REPORT
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Report No. : |
302255 |
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Report Date : |
07.01.2015 |
IDENTIFICATION DETAILS
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Name : |
AKASH DIAMONDS BVBA |
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Registered Office : |
Hoveniersstraat 2-Bus 242, 2018 Antwerpen |
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Country : |
Belgium |
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Financials (as on) : |
31.12.2013 |
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Date of Incorporation : |
20.11.2012 |
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Com. Reg. No.: |
500940167 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Wholesaler of diamonds
and Other Precious Stones |
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No of Employees : |
Not Available [We tried to confirm the number of employees but no one is ready to
part any information from the company management.] |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but Correct |
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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) |
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Belgium |
A2 |
A2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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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.
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Source : CIA |
Company
summary
Business number 500940167
Branche Unit Number 2214276606
Company name AKASH DIAMONDS
BVBA
Address HOVENIERSSTRAAT
2-BUS 242
2018 ANTWERPEN
Number of staff 0
Date of establishment 20/11/2012
Commentary
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No employees are recorded for this
business. |
|
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The business has been at the address for
over 2 years. |
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Accounts
DATE OF LATEST
ACCOUNTS PROFIT
BEFORE TAX NET WORTH WORKING CAPITAL
31/12/2013 60,101
58,041
58,041
Accounts
DATE OF LATEST
ACCOUNTS NUMBER
OF EMPLOYEES CAPITAL CASHFLOW
31/12/2013 0
18,600
39,441
Payment
expectations
Industry average payment expectation days 124.14
Industry average day sales outstanding 140.29
Company
information
|
Business number |
500940167 |
Company name |
AKASH DIAMONDS BVBA |
|
Fax number |
---- |
Date founded |
20/11/2012 |
|
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 |
Wholesaler of diamonds and other precious stones |
VAT Number |
BE.0500.940.167 |
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Belgian Bullettin of Acts Publications |
moniteur belge |
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Company
accounts
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Assets |
|||
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Annual accounts |
31-12-2013 |
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Weeks |
58 |
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Currency |
EUR |
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Total current assets |
19,869,277 |
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|
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Inventories |
7,606,412 |
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Other stocks |
7,606,412 |
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Trade debtors |
12,238,751 |
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Other amounts receivable |
3,065 |
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Cash |
21,049 |
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Total Assets |
19,869,277 |
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|
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Liabilities |
|
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Total shareholders equity |
58,041 |
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Issued share capital |
18,600 |
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Reserves |
39,441 |
|
Creditors |
19,811,236 |
Financial debts 158
Trade creditors
19,789,169
Amounts Payable for Taxes,
Remuneration & Social Security
20,660
Miscellaneous current liabilities
1,248
Total current liabilities 19,811,236
Total Liabilities 19,869,277
ratio
analysis
|
Annual accounts |
31-12-2013 |
|
Weeks |
58 |
|
Currency |
EUR |
TRADING PERFORMANCE
Return on capital employed 103.55
Return on total assets employed 0.30
Return on net assets employed 103.55
SHORT TERM STABILITY
Current ratio 1.00
Liquidity ratio / acid ratio 0.62
Current debt ratio 341.33
Cashflow 39,441
Net worth 58,041
LONG TERM STABILITY
Gearing 0.27
Equity in percentage 0.29
Total debt ratio 341.33
Working capital 58,041
Profit
& loss
|
Annual accounts |
31-12-2013 |
|
Weeks |
58 |
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Currency |
EUR |
Gross Operating Margin 69,555
Operating result 65,948
Total financial income 962
Total financial expenses 6,809
Results on ordinary operations
before taxation 60,101
Results for the Year
Before Taxation 60,101
Taxation 20,660
Results on ordinary operations
after taxation 39,441
Net result 39,441
Profit (Loss) for the Year to be
appropriated 39,441
Industry
comparison
Activity code 46761
Activity description Wholesaler of
diamonds and other precious stones
Industry average payment
expectation days 124.14
Industry average day sales
Outstanding 140.29
Industry
quartile analysis
Payment expectations
Lower 122.25
Median 74.61
Upper 45.81
Day sales outstanding
Lower 102.27
Median 54.08
Upper 24.07
Group
Structure
No group structure for this company.
Minority Shareholders
No minority shareholders found
Minority
Interests
No minority interests found
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 ANANDKUMAR
UMMEDMAL DUGAR
Position Principal Manager
Start Date 21/11/2012
Street 83 DELLA
FAILLELAAN ANTWERPEN
Post code 2020
Country Belgium
DIAMOND INDUSTRY – INDIA
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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.
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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.
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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.
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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.
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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.
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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.
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Excerpts from Times of India dated 30th
October 2010 is as under –
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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.
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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.63.39 |
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UK Pound |
1 |
Rs.96.72 |
|
Euro |
1 |
Rs.75.80 |
INFORMATION DETAILS
|
Analysis Done by
: |
RAS |
|
|
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Report Prepared
by : |
MNL |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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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 |
-- |
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.