MIRA INFORM REPORT

 

 

Report No. :

302237

Report Date :

07.01.2015

 

IDENTIFICATION DETAILS

 

Name :

G.N.P. DIAMONDS NV

 

 

Registered Office :

Grétrystraat 1-BUS 8, 2018 Antwerpen

 

 

Country :

Belgium

 

 

Financials (as on) :

31.12.2010

 

 

Date of Incorporation :

01.09.2004

 

 

Com. Reg. No.:

867058749

 

 

Legal Form :

Public Limited Liability Company (BE)

 

 

Line of Business :

Wholesale of Diamonds and Other Precious Stones.

 

 

No. of Employees :

From 1 to 4 Employees

           

 

RATING & COMMENTS

 

MIRA’s Rating :

Ca

 

RATING

STATUS

PROPOSED CREDIT LINE

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

 

 

Status :

Moderate

 

 

Payment Behaviour :

Unknown

 

 

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

A1

 

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                       867058749

Company name                         G.N.P. DIAMONDS NV

Address                                    GRÉTRYSTRAAT 1-BUS 8

2018 ANTWERPEN

Number of staff                                    From 1 to 4 Employees

Date of establishment               01/09/2004

Telephone number                     032308336

 

 

Accounts

DATE OF LATEST ACCOUNTS

TURNOVER

PROFIT BEFORE TAX

NET WORTH

WORKING CAPITAL

31/12/2010

 

1,528

-81,228

-81,538

31/12/2009

 

-3,562

-82,756

-83,291

31/12/2008

 

1,639

-79,193

-81,883

Accounts

DATE OF LATEST ACCOUNTS

BALANCE TOTAL

NUMBER OF EMPLOYEES

CAPITAL

CASHFLOW

31/12/2010

293,934

0

62,000

1,754

31/12/2009

245,850

0

62,000

-2,909

31/12/2008

325,242

0

62,000

2,292

 

 

Payment expectations

 

Past payments

 

Payment expectation days

-

Industry average payment expectation days

124.14

Industry average day sales outstanding

140.29

Day sales outstanding

-

Court data summary

 

 

BANKRUPTCY DETAILS

 

Court action type

no

 

 

Company information

 

Business number

867058749

Company name

G.N.P. DIAMONDS NV

Fax number

 

Date founded

01/09/2004

Company status

active

Company type

Public Limited Liability Company (BE)

Currency

Euro (€)

Date of latest accounts

31/12/2010

Activity code

46761

liable for VAT

yes

Activity description

Wholesale of diamonds and other precious stones

VAT Number

BE.0867.058.749 Check VAT Number

Belgian Bullettin of Acts Publications

moniteur belge

 

 

 

 

Personnel (NSSO classification)

 

Code

-

Description

FROM 1 TO 4 EMPLOYEES

 

 

Accounts

 

Annual accounts

31-12-2010

% 31-12-2009

%

31-12-2008 %

31-12-2007

%

31-12-2006

Weeks

52

52

 

52

 

52

 

52

Currency

EUR

EUR

 

EUR

 

EUR

 

EUR

Total fixed assets

310

-42.12 536

-80.08

2,689

-19.54

3,342

16.24

2,875

Intangible fixed assets

0

- 0

-

0

-

0

-

0

Tangible fixed assets

-

- 226

-74.33

879

-42.62

1,532

43.85

1,065

Land & building                     

-

-

-

-

-

-

-

-

Plant & machinery

-

- -

-

355

-50.0

710

-33.33

1,065

Furniture & Vehicles

-

- 226

-56.95

524

-36.25

822

-

-

Leasing & Other Similar Rights  

-

-

-

-

-

-

-

-

Other tangible assets

0

- 0

-

0

-

0

-

0

Financial fixed assets

310

0 310

-82.87

1,810

0

1,810

0

1,810

Total current assets

293,624

19.69 245,315

-23.95

322,553

-16.22

384,994

-19.73

479,635

Inventories

271,660

22.19 222,325

-3.51

230,403

-24.16

303,784

100

151,647

Raw materials & consumables   

-

-

-

-

-

-

-

-

Work in progress

0

- 0

-

0

-

0

-

0

Finished goods

0

- 0

-

0

-

0

-

0

Other stocks

271,660

22.19 222,325

-3.51

230,403

-24.16

303,784

100

151,647

Trade debtors

30

0 30

-99

70,103

58.65

44,188

-85.30

300,522

Other amounts receivable

16,940

-7.78 18,370

11.26

16,510

-3.67

17,139

34.84

12,711

Cash

4,994

8.79 4,590

35.08

3,398

-81.32

18,194

43.78

12,654

Miscellaneous current assets

0

- 0

-100

2,139

26.64

1,689

-19.61

2,101

Total Assets

293,934

19.56 245,850

-24.41

325,242

-16.25

388,336

-19.52

482,510

Liabilities

Total shareholders equity

 

-81,228    98.15

-82,756

-4.50

-79,193    97.97   -80,832    98.53      -82,037

Issued share capital

 

62,000     0

62,000

0

62,000     0

62,000

    0

62,000

Share premium account                              

 

- -

-

-

- -

-

-

-

Revaluation reserve

 

- -

-

-

- -

-

-

 

Reserves

 

-143,228     98.94

-144,756

-2.52

-141,193   98.85   -142,832  99

-144,037

Provisions for Liabilities & Charges

0 -

0

-

0 -

0

-

0

Deffered taxes                                        

--

-

-

- -

-

-

-

Creditors

 

375,162 14.17

328,606

-18.75

404,436   -13.80  469,168   -16.89 564,547

Other Long Term Loans

--

-

-

-

-

-

-

Long term Group Loans

--

-

-

-

-

-

-

 

Other long term liabilities

 

0

-

0

0

-1

- 0

-

0

Total long term debts

 

0

-

0

0

-1

- 0

-

0

Current portion of long term debt

 

-

-

-

-

-

- -

-

-

Financial debts

 

-

-

-

-

-

- -

-

-

Trade creditors

 

365,705

11.50

327,978

-18.86

404,226

-13.73 468,540

-16.82

563,311

Amounts Payable for Taxes, Remuneration & Social Security

 

9,257

1373

628

200

209

-66.72 628

0

628

Miscellaneous current liabilities

 

200

-

0

-100

1

- 0

-100

608

Total current liabilities

 

375,162

14.17

328,606

-18.75

404,436

-13.80 469,168

-16.89

564,547

Total Liabilities

 

293,934

19.56

245,850

-24.41

325,242

-16.25 388,336

-19.52

482,510

 

RATIO ANALYSIS

 

Trading Performance

 

 

 

 

 

 

 

 

 

Profit Before Tax

-

-

-

-

-

-

-

-

0.77

Return on capital employed

-1.88

-143

4.30

207

-2.07      

-38.93

-1.49

34.65

-4.30

Return on total assets employed

0.52

35.86

-1.45

-390

0.50       

61.29

0.31

-57.53

0.73

Return on net assets employed

-1.88

-143

4.30

207

-2.07

-38.93  

-1.49

-34.65

-4.30

Sales / net working capital

-

-

-

-

-

-

-

-

-5.42

Stock turnover ratio

-

-

-

-

-

-

-

-

32.98

Creditor days

-

-

-

-

-

-

-

-

452.10

Debtor days

-

-

-

-

-

-

-

-

238.53

Short Term Stability

 

 

 

 

 

 

 

 

 

Current ratio

0.78

4.00

0.75

-6.25

0.80

-2.44

0.82

-3.53

0.85

Liquidity ratio / acid ratio

0.06

-14.29

0.07

-69.57

0.23

35.29

0.17

-70.69

0.58

Current debt ratio

-4.62

-16.37

-.397

77.69

-5.11

88.10

 -5.80

84.30

-6.88

Liquidity ratio reprocessed

-

-

-

-

-

-

-

-

-

Cash Flow

1,754

60.29

-2,909

-226

2,292

40.44

1,632

-57.97

3,883

Net worth

-81.228

98.15

-82,756

-4.50

-79.193

97.97

-80,832

98.53

-82,037

Long Term stability

 

 

 

 

 

 

 

 

 

Gearing

-

-

-

-

-

-

-

-

-

Equity ion Percentage

-27.63

82.09

-33.66

-38.23

-24.35

-17.01

-20.81

-22.41

-17.00

Total Debt Ratio

-4.62

-16.37

-3.97

77.69

-5.11

88.10

-5.80

84.30

-6.88

Working Capital

-81,538

97.89

-83,291

-1.72

-81,883

97.28

-84,174

99

-84,912

 

Profit and Loss

 

Operating Income

-

-

-

-

-

-

-

-

-

Turnover

-

-

-

-

-

-

-

-

459,870

Total Operating Expenses

-

-

-

-

-

-

-

-

454,781

Gross Operating Margin

3,109

9.85

2,830

-34.51

4,321

14.13

3,786

-42.15

6,545

Operating Charges

-

-

-

-

-

-

-

-

-

Employee costs

-

-

-

-

97

-34.46

148

-

-

Wages and salary

-

-

-

-

-

-

-

-

-

Employee pension costs

-

-

-

-

-

-

-

-

-

Social security contributions

-

-

-

-

-

-

-

-

-

Other employee costs

0

-

0

-100

97

-34.46

148

-

0

Director remuneration

-

-

-

-

-

-

-

-

-

Amortization and depreciation

226

-65.47

653

0.06

653

52.57

428

20.56

355

 

 

 

 

 

 

 

 

 

 

Operating result

1,639

62.13

-2,639

-199

2,657

10.48

2,405

-52.74

5,089

Total financial income

-

-

30

655

4

-84.62

26

-87.44

207

 

 

 

 

 

 

 

 

 

 

Total financial expenses

111

-88.33

954

-6.67

1,022

-16.71

1,227

69.40

-1,768

Results on ordinary operations before taxation

1,528

42.90

-3,562

-317

1,639

36.13

1,204

-65.87

3,528

Extraordinary Income

-

-

-

-

-

-

-

-

-

Extraordinary Charges

-

-

-

-

-

-

-

-

-

Extraordinary items

0

-

0

-

0

-

0

-

0

Results for the Year Before Taxation

1,528

42.90

-3,562

-317

1,639

36.13

1,204

-65.87

3,528

 

 

 

 

 

 

 

 

 

 

Other appropriations

-

-

-

-

-

-

-

-

-

Taxation

-

-

-

-

-

-

-

-

-

Results on ordinary operations after taxation

1,528

42.90

-3,562

-317

1,639

36.13

1,204

-65.87

3,528

Net result

1,528

42.90

-3,562

-317

1,639

36.13

1,204

-65.87

3,528

Profit (Loss) for the Year to be appropiated

1,528

42.90

-3,562

-317

1,639

36.13

1,204

-65.87

3,528

Dividends

-

-

-

-

-

-

-

-

-

 

 

Industry comparison

 

Activity code

46761

Activity description

Wholesale of diamonds and other precious stones

Industry average credit rating

64.48

Industry average credit limit

140177.31

 

 

Payment information

 

Suspension of payments / moratorium history

Amount                                     -

Details                                      -

 

Payment expectations

Payment expectation days        -

Day sales outstanding -

 

Activity code

46761

Activity description

Wholesale 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

Company result

-

Lower

122.25

Median

74.61

Upper

45.81

 

 

Day sales outstanding

 

Company result

-

Lower

102.27

Median

54.08

Upper

24.07

 

 

Shareholder Details

 

Group Structure

No group structure for this company.

 

Minority Shareholders

No minority shareholders found

 

Minority Interests

No Minority Interests Found

 

 

Individual Shareholders

 

SHAREHOLDER NAME

Forename

Hiren

Middle name

-

Surname

Gogri

 

SHAREHOLDER DETAILS

Start date

01/09/2004

End date

-

Percentage owned

-

 

SHAREHOLDER ADDRESS

Street name

Belgielei

House number

18

Minor town

-

Postal town

Antwerpen

Post code

2018

Country

Belgium

 

 

Companies that match this address

No companies match this address

 

 

Linked companies

 

Summons

There is no for this company

 

Protested Bills

There is no for this company

 

Bankruptcy and other legal events

There is no for this company

 

 

Director details

 

Current director details

Name

HIREN JADAVIJ GOGRI

Position

Director

Start Date

01/09/2004

Street

18 BELGIELEI ANTWERPEN

Post code

2018

Country

Belgium

 

Name

HIREN JADAVIJ GOGRI

Position

Managing Director

Start Date

29/11/2005

Street

18 BELGIELEI ANTWERPEN

Post code

2018

Country

Belgium

 

Name

ANDRIY GOLOVAN

Position

Director

Start Date

01/10/2010

Street

7 RUBENSLEI 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.63.39

UK Pound

1

Rs.96.72

Euro

1

Rs.75.80

 

INFORMATION DETAILS

 

Analysis Done by :

DIV

 

 

Report Prepared by :

NIT

 

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%)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.