|
Report No. : |
302393 |
|
Report Date : |
07.01.2015 |
IDENTIFICATION DETAILS
|
Name : |
BLUE GEMS NV |
|
|
|
|
Registered Office : |
Hoveniersstraat 30 2018 Antwerpen |
|
|
|
|
Country : |
Belgium |
|
|
|
|
Financials (as on) : |
31.12.2013 |
|
|
|
|
Date of Incorporation : |
17.03.1994 |
|
|
|
|
Com. Reg. No.: |
452299419 |
|
|
|
|
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 : |
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) |
|
|
|
|
|
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 452299419
Company name BLUE GEMS NV
Address HOVENIERSSTRAAT
30
2018 ANTWERPEN
Number of staff 5 (31.12.2013)
Date of establishment 17/03/1994
Telephone number 032272207
Fax number 032262865
The business was established over 20 years ago.
The business has 5 employees.
The business has been at the address for over 15 years.
The business saw an increase in their Cash Balance of 235% during the
latest trading period
|
Date
of latest accounts |
Turnover |
Profit
Before Tax |
Net worth |
Working
capital |
|
31/12/2013 |
90,909,509 |
229,157 |
10,597,928 |
11,573,414 |
|
31/12/2012 |
88,801,462 |
222,021 |
10,439,459 |
11,543,868 |
|
31/12/2011 |
106,664,445 |
163,268 |
10,217,435 |
9,477,652 |
Accounts
|
Date of latest accounts |
Balance
Total |
Number
of Employees |
Capital |
Cashflow |
|
31/12/2013 |
45,056,520 |
5 |
8,403,000 |
300,497 |
|
31/12/2012 |
49,366,535 |
4 |
8,403,000 |
286,084 |
|
31/12/2011 |
41,848,015 |
3 |
8,403,000 |
223,123 |
Past payments
Payment expectation days 40.65
Industry average payment expectation days 127.74
Day sales outstanding 122.66
Court action type no
Industry average day sales outstanding 143.61
Business number 452299419
Company name BLUE
GEMS NV
Fax number 032262865
Date founded 17/03/1994
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
Social Balance Sheet Total
During the reporting year
ended 31-12-2013
Full-time Employees 4
Part-time Employees 3
Total Fte Employees 5
Number of hours worked
Full-time Employees 6,179
Part-time Employees 3,431
Total 9,610
Personnel Charges
Full-time Employees 199,256
Part-time Employees 110,644
Total 309,901
Benefits In Addition To Wages -
During the previous reporting year
Average number employees in Fte 4
Actual working hours 7,405
Personnel Charges 263,013
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
Event Date 26/05/2014
Event Description re-appointment of
director(s)
Commentaar 26-05-2014: Herbenoemd als
bestuurders voor een periode van 6 jaar: Shah
Event Details
Company accounts
Profit & loss
Mitesh (tevens
gedelegeerd bestuurder), Shah Nareshkumar (tevens gedelegeerd
bestuurder) en
Shah Surekhaben.
Annual accounts 31.12.2013% 31.12.2012% 31.12.2011%
Weeks 52 52 52
Currency EUR EUR EUR
Turnover 90,909,509 2.37 88,801,462 -16.75 106,664,445 49,179,845 84.85
Total operating expenses 89,523,260 2.15 87,641,000 -17.27 105,931,777 48,734,962 83.69
Operating result 1,386,249 19.46 1,160,462 58.39 732,667 142,499 872
Total financial income 94,936 -44.67 171,590 -58.23 410,797 66,370 43.04
Total financial expenses 1,252,028 12.79 1,110,031 13.25 980,196 156,181 701
Taxation 688 26578 -3 -185 3 19,329 -96.44
Results on ordinary operations before 229,157 3.21 222,021
35.99 163,268 45,989
398
Taxation
Taxatin 688 26578 – 3 -185
3 19,329 -96.44
Results on ordinary operations after
Taxation 228,469 2.90
222,024 35.99 163,265
31,833 617
Extraordinary items 0 - 0 - 0 2,592 -100
Other appropriations 0.00 - 0.00 - 0.00 - -
Net result 228,469 2.90 222,024 35.99 163,265 34,736 557
other information
Gross Operating Margin - - - - - 43,643 -
Dividends - - - - - 216,234 -
Director remuneration 194,867 -3.23 201,381 7.67 187,030 139,796 39.39
Employee costs 309,901 17.83 263,013 36.72 192,369 144,790 114
Wages and salary 243,504 18.31 205,826 37.06 150,174 127,968 90.29
Employee pension costs - - - - - 1,459 -
Social security contributions 64,480 16.13 55,523 35.10 41,099 31,664 103
Other employee costs 1,916 15.17 1,664 51.75 1,096 3,044 -37.05
Amortization and depreciation 72,028 12.44 64,060 7.02 59,858 18,069 298
|
Annual accounts |
31-12-2013 |
% |
31-12-2012 |
% 31-12-2011 industry
average |
% |
|
|
Weeks |
52 |
|
52 |
52 |
|
|
|
Currency |
EUR |
|
EUR |
EUR |
|
|
|
Assets
|
|
|
|
|
|
|
|
Intangible
fixed assets |
0 |
- |
0 |
0 |
1,350 |
-100 |
|
Tangible
fixed assets |
1,491,227 |
-1.34 |
1,511,441 |
-4.00
1,574,338 |
190,398 |
683 |
|
Land & building |
1,421,748 |
-3.57 |
1,474,377 |
-3.45
1,527,006 |
372,677 |
281 |
|
Plant & machinery |
6,004 |
325 |
1,411 |
78.21
792 |
29,905 |
-79.92 |
|
Furniture & Vehicles |
63,476 |
78.03 |
35,654 |
-23.39
46,540 |
15,727
4,224 |
303 |
|
Leasing & Other Similar Rights |
- |
- |
- |
- |
42,007
20,215 |
- |
|
Other tangible assets |
0 |
- |
0 |
0 |
11,122 |
-100 |
|
Financial
fixed assets |
124 |
0 |
124 |
0
124 |
40,537 |
-99 |
|
Total
fixed assets |
1,491,351 |
-1.34 |
1,511,565 |
-3.99
1,574,462 |
203,814 |
631 |
|
Inventories |
11,915,903 |
-12.34
13,593,514 94.27 6,997,213 |
2,596,151 |
358 |
||
|
Raw materials & consumables |
- |
- |
- |
- |
113,995 |
- |
|
Work in progress |
0 |
- |
0 |
0 |
1,907 |
-100 |
|
Finished goods |
11,915,903 |
-12.34 13,593,514 94.27
6,997,213 |
1,668,987 |
613 |
||
|
Other stocks |
0 |
- |
0 |
0 |
460,279 |
-100 |
|
Trade debtors |
30,550,148 |
-5.85 |
32,447,907
1.13 32,084,546 4,142,761 |
637 |
||
|
Cash |
610,835 |
235 |
182,315 |
-77.89
824,731 |
775,601,743 |
-99 |
|
other
amounts receivable |
437,251 |
-72.32
1,579,614 |
374
333,037 |
153,656 |
184 |
|
|
Miscellaneous
current assets |
51,032 |
-1.14 |
51,619 |
51.70
34,026 |
-762,730,407 |
0.01 |
|
Total
current assets |
43,565,169 |
-8.96 |
47,854,969
18.82 40,273,553 6,676,319 |
552 |
||
|
Total
Assets |
45,056,520 |
-8.73 |
49,366,535
17.97 41,848,015 |
6,864,166 1,130,848 |
556 |
|
Current
liabilities
Trade creditors 9,969,943 -27.27 13,708,241 21.56 11,277,270 2,789,953 257
Short term group loans - - - - - - -
Financial 18,104,384
-1.85 18,445,946 36.47 13,516,463 3,917,566
362
current portion of long term debt 3,737,803 -3.47 3,872,065 -34.34 5,897,447 104,458 13,701 3478
Miscellaneous current liabilities 111,903 -48.90 218,974 252 62,050 -50.45 --
Total current liabilities 31,991,755 -11.90 36,311,102 17.91 30,795,901 4,757,152 572
Long term debts and liabilities
Long term group loans - - - - - - --
Other long term loans 2,466,838 -5.70 2,615,974 213 834,679 79.30 --
Deffered taxes - - - - - 47,059 41,554 -
Provisions for Liabilities & Charges 0 - 0 - 0 5,184 0 -100
Other long term liabilities 0 - 0 - 0 102,495 -100
Total long term debts 2,466,838 -5.70 2,615,974 213 834,679 620,712 297
shareholders equity
Issued share capital 8,403,000 0 8,403,000 0 8,403,000 923,185 810
Share premium account - - - - - 90,761 -
Reserves 2,194,928 7.78 2,036,459 12.24 1,814,435 522,194 320
Revaluation reserve - - - - - 1,100,228 -
Total shareholders equity 10,597,928 1.52 10,439,459 2.17 10,217,435 1,473,890 619
Working capital 11,573,414 0.26 11,543,868 21.80 9,477,652 1,919,167 503
Cashflow 300,497 5.04 286,084 28.22 223,123 49,603 505
Net worth 10,597,928 1.52 10,439,459 2.17 10,217,435 1,472,540 619
|
Trading Performance |
|
|
|
|
|
|
|
Profit Before Tax |
0.25 |
0 |
0.25 |
66.67 |
0.15 |
-5,00 |
|
Return on capital
employed |
1.75 |
2.94 |
1.70 |
14.86 |
1.48 |
8,00 |
|
Return on total
assets |
0.51 |
13.33 |
0.45 |
15.38 |
0.39 |
-2,00 |
|
employed |
|
|
|
|
|
|
|
Return on net
assets employed |
2.16 |
1.41 |
2.13 |
33.12 |
1.60 |
4,00 |
|
Sales / net working
capital |
7.86 |
2.21 |
7.69 |
-31.64 |
11.25 |
215,00 |
|
Stock turnover
ratio |
13.11 |
-14.37 |
15.31 |
133 |
6.56 |
55,00 |
|
Debtor days |
122.66 |
-8.03 |
133.37 |
21.48 |
109.79 |
143,61 |
|
Creditor days |
40.65 |
-28.80 |
57.09 |
46.91 |
38.86 |
127,74 |
|
short term stability |
|
|
|
|||
|
Current ratio |
1.36 |
3.03 |
1.32 |
0.76 |
1.31 |
4,00 |
|
Liquidity ratio /
acid ratio |
0.99 |
5.32 |
0.94 |
-12.96 |
1.08 |
3,00 |
|
Current debt ratio |
3.02 |
-13.22 |
3.48 |
15.61 |
3.01 |
16,00 |
|
Liquidity ratio
reprocessed |
: |
- |
- |
- |
- |
- |
|
long term stability |
|
|
|
|||
|
Gearing |
229.38 |
-3.96 |
238.84 |
20.52 |
198.18 |
254,00 |
|
Equity in
percentage |
23.52 |
11.21 |
21.15 |
-13.39 |
24.42 |
-318,00 |
|
Total debt ratio |
3.25 |
-12.87 |
3.73 |
20.32 |
3.10 |
17,00 |
Activity code 46761
Activity description Wholesale
of diamonds and other precious stones
Amount -
Details -
Payment expectations
Payment expectation days 40.65
Day sales outstanding 122.66
Activity code 46761
Activity description Wholesale
of diamonds and other precious stones
Industry average payment
expectation days 127.74
Industry average day sales
outstanding 143.61
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
Name MITESH NARESH SHAH
Position Managing Director
Start Date 26/06/2014
Street 31 DENNENLAAN ANTWERPEN
Post code 2610
Country Belgium
Name MIHIR SHAH Show all 3 [+]
Position Principal Manager
Start Date 01/07/2002
Street 31 DENNENLAAN ANTWERPEN
Post code 2610
Country Belgium
Position Managing Director
Start Date 11/08/2010
End Date 25/05/2020
Street 31 DENNENLAAN ANTWERPEN
Post code 2610
Country Belgium
Position Director
Start Date 26/01/2009
Street 31 DENNENLAAN ANTWERPEN
Post code 2610
Country Belgium
Name NARESHKUMAR MANEKLAL SHAH
Position Managing Director
Start Date 29/08/2011
End Date 25/05/2020
Street 31 DENNENLAAN ANTWERPEN
Post code 2610
Country Belgium
Position Director
Position Director
Start Date 26/01/2009
Street 31 DENNENLAAN ANTWERPEN
Post code 2610
Country Belgium
Name SUREKHABEN NARESHKUMAR SHAH
Position Director
Start Date 16/08/2014
End Date 25/05/2020
Street 31 DENNENLAAN ANTWERPEN
Post code 2610
Country Belgium
Former director details
Name NARESHKUMAR MANEKLAL SHAH
Position Principal Manager
Start Date 25/02/1999
End Date 26/01/2009
Street 31 DENNENLAAN ANTWERPEN
Post code 2610
Country Belgium
Name SUBODCHANDRA SHAH
Position Director
Start Date 11/08/2010
End Date 31/12/2013
Street 31 DENNENLAAN ANTWERPEN
Post code 2610
Country Belgium
Name CHODHARI MIHIR
Position Principal Manager
Start Date 14/12/1999
End Date Unknown date
Street 7 QUINTEN MATSIJSDOORGANG ANTWERPEN
Post code 2000
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.63.39 |
|
|
1 |
Rs.96.72 |
|
Euro |
1 |
Rs.75.80 |
INFORMATION DETAILS
|
Report Prepared
by : |
TPT |
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.