MIRA INFORM REPORT
|
Report No. : |
302715 |
|
Report Date : |
09.01.2015 |
IDENTIFICATION DETAILS
|
Correct Name : |
VITRAAG BVBA |
|
|
|
|
Registered Office : |
Hoveniersstraat 30-Bus 33, 2018 Antwerpen |
|
|
|
|
Country : |
Belgium |
|
|
|
|
Financials (as on) : |
31.12.2013 |
|
|
|
|
Date of Incorporation : |
01.11.1987 |
|
|
|
|
Com. Reg. No.: |
432303066 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Wholesaler of diamonds and Other
Precious Stones |
|
|
|
|
No of Employees : |
01 (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 432303066
Branche Unit Number 2030984119
Company name VITRAAG BVBA
Address HOVENIERSSTRAAT
30-BUS 33
2018 ANTWERPEN
Number of staff 01 (31.12.2013)
Date of establishment 01/11/1987
Telephone number 032318783
Fax number 032267727
Ultimate
holding company
Company name Company
Number
Vitraag BVBA 432303066
Commentary
|
The business was established over 27 years
ago. |
|
|
The business has 1 employees. |
|
|
The business is part of a group. |
|
|
This business has a foreign parent
business. |
|
|
The business has been at the address for
over 2 years. |
|
|
Operating Result in the latest trading
period decreased 34% on the previous trading period. |
|
|
Pre-tax profits decreased by 196% compared
to the previous trading period. |
|
|
The business saw a decrease in their Cash
Balance of 38% during the latest trading period. |
|
|
Turnover in the latest trading period
increased 31% on the previous trading period. |
|
Accounts
|
DATE OF LATEST ACCOUNTS |
TURNOVER |
PROFIT BEFORE TAX |
NET WORTH |
WORKING CAPITAL |
|
31/12/2013 |
55,239,506 |
-63,870 |
22,863,705 |
22,265,907 |
|
31/12/2012 |
42,105,369 |
66,431 |
22,863,705 |
22,354,520 |
|
31/12/2011 |
93,676,739 |
-223,853 |
22,856,962 |
22,464,694 |
Accounts
|
DATE OF LATEST ACCOUNTS |
BALANCE TOTAL |
NUMBER OF EMPLOYEES |
CAPITAL |
CASHFLOW |
|
31/12/2013 |
48,187,698 |
1 |
23,354,209 |
-162,440 |
|
31/12/2012 |
40,161,449 |
1 |
23,354,209 |
35,354 |
|
31/12/2011 |
70,042,092 |
1 |
23,354,209 |
-128,121 |
TRENDS
|
Profitability |
|
|
Liquidity |
|
|
Net worth |
|
Payment
expectations
Payment expectation days 63.03
Industry average payment expectation days 124.14
Industry average day sales Outstanding 140.29
Day sales outstanding 158.71
Company
information
Business number 432303066
Company name VITRAAG
BVBA
Fax number 032267727
Date founded 01/11/1987
Company status active
Company type Private
Limited Company (BL/LX)
Currency Euro
(€)
Date of latest accounts 31/12/2013
Activity code 46761
Activity description Wholesaler
of diamonds and other precious stones
Liable for VAT yes
VAT Number BE.0432.303.066
Belgian Bullettin of Acts
Publications Moniteur
Belge
Joint
Industrial Committee
(JIC)
JIC Code 218
Description Additional national
joint committee for the employees
Company
accounts
|
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 |
|
Assets |
|
|
|
|
|
|
|
|
|
|
Total fixed assets |
1,040,719 |
-35.71 |
1,618,670 |
-10.45 |
1,807,657 |
9.48 |
1,651,115 |
53.66 |
1,074,547 |
|
Tangible fixed assets |
389,219 |
-59.76 |
967,170 |
-16.35 |
1,156,157 |
15.66 |
999,615 |
-6.84 |
1,073,047 |
|
Land & building |
369,513 |
-58.88 |
898,534 |
-17.06 |
1,083,347 |
18.73 |
912,426 |
-7.62 |
987,705 |
|
Plant & machinery |
16,692 |
-70.76 |
57,094 |
-5.71 |
60,554 |
-14.48 |
70,804 |
2.66 |
68,972 |
|
Furniture & Vehicles |
3,014 |
-73.88 |
11,541 |
-5.83 |
12,256 |
-25.20 |
16,384 |
0.09 |
16,370 |
|
Other tangible assets |
0 |
-100 |
1 |
- |
0 |
- |
0 |
- |
0 |
|
Financial fixed assets |
651,500 |
0 |
651,500 |
0 |
651,500 |
0 |
651,500 |
43333 |
1,500 |
|
Total current assets |
47,146,979 |
22.32 |
38,542,779 |
-43.51 |
68,234,435 |
58.49 |
43,052,891 |
-16.40 |
51,501,669 |
|
Inventories |
22,787,460 |
-8.58 |
24,926,852 |
-10.23 |
27,768,401 |
43.55 |
19,343,558 |
-9.23 |
21,309,603 |
|
Finished goods |
22,787,460 |
-8.58 |
24,926,852 |
-10.23 |
27,768,401 |
43.55 |
19,343,558 |
-9.23 |
21,309,603 |
|
Other stocks |
0 |
- |
0 |
- |
0 |
- |
0 |
- |
0 |
|
Trade debtors |
24,019,104 |
78.80 |
13,433,581 |
-65.84 |
39,324,214 |
68.33 |
23,360,704 |
-22.24 |
30,042,348 |
|
Other amounts receivable |
246,758 |
836 |
26,351 |
-97.40 |
1,013,065 |
795 |
113,101 |
-2.12 |
115,549 |
|
Cash |
83,209 |
-38.29 |
134,836 |
5.59 |
127,701 |
-41.19 |
217,149 |
1119 |
17,810 |
|
Miscellaneous current assets |
10,448 |
-50.62 |
21,159 |
1905 |
1,055 |
-94.26 |
18,379 |
12.35 |
16,359 |
|
Total Assets |
48,187,698 |
19.98 |
40,161,449 |
-42.66 |
70,042,092 |
56.68 |
44,704,006 |
-14.97 |
52,576,216 |
|
Total Shareholders Equity |
22,863,705 |
0.00 |
22,863,705 |
0.03 |
22,856,962 |
-0.97 |
23,080,817 |
0.12 |
23,052,186 |
|
Issued Share Capital |
23,354,209 |
0.00 |
23,354,209 |
0.00 |
23,354,209 |
125460 |
18,600 |
0 |
18,600 |
|
Reserves |
-490,504 |
99 |
-490,504 |
98.64 |
-497,246 |
-102 |
230,622,017 |
0.12 |
23,033,586 |
|
Other long term loans |
43,220 |
-29.75 |
61,523 |
-64.62 |
173,884 |
-78.76 |
818,830 |
-8.46 |
894,476 |
|
Other long term liabilities |
399,702 |
-61.86 |
1,047,962 |
-15.59 |
1,241,504 |
0 |
1,241,504 |
-44.07 |
2,219,933 |
|
Total long term debts |
442,921 |
-60.08 |
1,109,485 |
-21.61 |
1,415,388 |
-31.30 |
2,060,334 |
-33.85 |
3,114,409 |
|
Current portion of long term
debt |
- |
- |
- |
- |
- |
- |
75,646 |
2.85 |
73,546 |
|
Financial debts |
15,319,768 |
125 |
6,808,603 |
15.63 |
5,888,424 |
-21.30 |
7,481,941 |
-45.83 |
13,811,618 |
|
Trade creditors |
9,499,079 |
2.23 |
9,292,268 |
-76.68 |
39,840,647 |
234 |
11,901,104 |
-4.09 |
12,408,982 |
|
Amounts Payable for Taxes,
Remuneration & Social Security |
34,422 |
-54.49 |
75,629 |
284 |
19,674 |
-77.00 |
85,544 |
26.23 |
67,767 |
|
Miscellaneous current
liabilities |
27,803 |
136 |
11,759 |
-44.00 |
20,997 |
12.76 |
18,621 |
-60.97 |
47,708 |
|
Total current liabilities |
24,881,072 |
53.70 |
16,188,259 |
-64.63 |
45,769,742 |
133 |
19,562,854 |
-25.93 |
26,409,621 |
|
Total Liabilities |
48,187,698 |
19.98 |
40,161,449 |
-42.66 |
70,042,092 |
56.68 |
44,704,006 |
-14.97 |
52,576,216 |
Ratio Analysis
|
TRADING PERFORMANCE |
|||||||||
|
Profit Before Tax |
-0.12 |
-175 |
0.16 |
66.67 |
-0.24 |
-442 |
0.07 |
-72.00 |
0.25 |
|
Return on capital employed |
-0.27 |
-196 |
0.28 |
30.43 |
-0.92 |
-675 |
0.16 |
-57.89 |
0.38 |
|
Return on total assets employed |
-0.13 |
-176 |
0.17 |
53.12 |
-0.32 |
-455 |
0.09 |
-52.63 |
0.19 |
|
Return on net assets employed |
-0.28 |
-196 |
0.29 |
29.59 |
-0.98 |
-676 |
0.17 |
-61.36 |
0.44 |
|
Sales / net working capital |
2.48 |
31.91 |
1.88 |
-54.92 |
4.17 |
82.10 |
2.29 |
41.36 |
1.62 |
|
Stock turnover ratio |
41.25 |
-30.32 |
59.20 |
99 |
29.64 |
-17.64 |
35.99 |
-31.43 |
52.49 |
|
Creditor days |
63.03 |
-22.41 |
81.23 |
-47.76 |
155.50 |
90.82 |
81.49 |
-28.15 |
113.41 |
|
Debtor days |
158.71 |
36.29 |
116.45 |
-24.00 |
153.22 |
-3.40 |
158.62 |
-41.28 |
270.12 |
|
SHORT TERM STABILITY |
|
|
|
|
|
|
|
|
|
|
Current ratio |
1.89 |
-20.59 |
2.38 |
59.73 |
1.49 |
-32.27 |
2.20 |
12.82 |
1.95 |
|
Liquidity ratio / acid ratio |
0.98 |
16.67 |
0.84 |
-4.55 |
0.88 |
-27.27 |
1.21 |
6.14 |
1.14 |
|
Current debt ratio |
1.09 |
53.52 |
0.71 |
-64.50 |
2.00 |
135 |
0.85 |
-26.09 |
1.15 |
|
Cashflow |
-162,440 |
-559 |
35,354 |
27.59 |
-128,121 |
-206 |
120,741 |
-38.76 |
197,165 |
|
Net
worth |
22,863,705 |
0.00 |
22,863,705 |
0.03 |
22,856,962 |
-0.97 |
23,080,817 |
0.12 |
23,052,186 |
|
LONG TERM STABILITY |
|
|
|
|
|
|
|
|
|
|
Gearing |
37.19 |
123 |
30.05 |
13.31 |
26.52 |
-26.92 |
36.29 |
-43.39 |
64.11 |
|
Equity
in percentage |
47.45 |
-16.65 |
56.93 |
74.47 |
32.63 |
-36.80 |
51.63 |
17.74 |
43.85 |
|
Total
debt ratio |
1.11 |
46.05 |
0.76 |
-63.11 |
2.06 |
119 |
0.94 |
-26.56 |
1.28 |
|
Working
Capital |
22,265,907 |
-0.40 |
22,354,520 |
-0.49 |
22,464,694 |
-4.37 |
23,490,037 |
-6.38 |
25,092,048 |
Profit & Loss
|
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 |
|
Operating Income |
55,376,001 |
31.02 |
42,265,903 |
-54.90 |
93,720,820 |
74.24 |
53,789,757 |
32.39 |
40,630,374 |
|
Turnover |
55,239,506 |
31.19 |
42,105,369 |
-55.05 |
93,676,739 |
74.27 |
53,754,091 |
32.42 |
40,594,804 |
|
Total Operating
Expense |
55,008,016 |
31.75 |
41,751,672 |
-55.35 |
93,517,041 |
75.43 |
53,308,638 |
33.48 |
39,936,690 |
|
Operating Charges
|
551,455,511 |
31.57 |
41,912,206 |
-55.20 |
93,561,121 |
75.39 |
53,344,304 |
33.45 |
39,972,261 |
|
Employees Costs |
38,028 |
3.02 |
36,912 |
17.32 |
31,463 |
-20.11 |
39,382 |
11.09 |
35,452 |
|
Wages &
Salary |
28,823 |
2.43 |
28,140 |
22.84 |
22,908 |
-26.19 |
31,036 |
15.79 |
26,803 |
|
Social security Contribution |
6,230 |
0.09 |
6,224 |
7.16 |
5,808 |
5.97 |
5,481 |
-1.53 |
5,566 |
|
Other Employees
Costs |
2,976 |
16.73 |
2,549 |
-7.20 |
2,747 |
-4.14 |
2,865 |
-7.09 |
3,084 |
|
Director
remuneration |
---- |
---- |
--- |
--- |
60,000 |
0 |
60,000 |
188 |
20,807 |
|
Amortization
& Depreciation |
21,863 |
-23.58 |
28,611 |
-70.11 |
957,347 |
3.94 |
92,110 |
1.89 |
90,397 |
|
Operating result |
231,490 |
-34.55 |
353,697 |
121 |
159,699 |
-64.15 |
445,453 |
-32.31 |
658,114 |
|
Total financial
income |
6,560 |
-42.75 |
11,458 |
133 |
4,899 |
498 |
818 |
3173 |
25 |
|
Total financial
expenses |
301,920 |
1.07 |
298,724 |
-23.10 |
388,450 |
-4.39 |
406,266 |
-27.13 |
557,486 |
|
Results on
ordinary operations |
-63,870 |
-196 |
66,431 |
29.68 |
-223,853 |
-659 |
40,006 |
-60.25 |
100,652 |
|
Extra ordinary
Income |
195,813 |
1633 |
11,295 |
--- |
--- |
--- |
2,015 |
--- |
--- |
|
Extra ordinary
Charges |
251,983 |
--- |
--- |
--- |
--- |
--- |
--- |
--- |
--- |
|
Extraordinary
Items |
-56,170 |
-597 |
11,295 |
--- |
0 |
-100 |
2012 |
--- |
0 |
|
Results for the year
Before Taxation |
-120,040 |
-254 |
77,725 |
34.72 |
-223,853 |
-632 |
42,018 |
-58.25 |
100,652 |
|
Taxation |
64,263 |
-9.47 |
70,983 |
3,878,752 |
2 |
-99 |
13,386 |
218 |
-6,116 |
|
Result on
ordinary Operations after taxation |
-128,133 |
-2714 |
-4,552 |
2.03 |
-223,855 |
-940 |
26,619 |
-75.07 |
106,768 |
|
Net result |
-184,303 |
-2,833 |
6,743 |
3.01 |
-223,855 |
-881 |
28,632 |
-73.18 |
106,768 |
|
Profit (Loss) for
the year to be appropriated |
-184,303 |
-2,833 |
6,743 |
3.01 |
-223,855 |
-881 |
28,632 |
-73.18 |
106,768 |
Social
Balance Sheet Details
Social Balance Sheet Total
During the reporting year
ended 31-12-2013
Full-time Employees 1
Part-time Employees -
Total Fte Employees 1
Number of hours worked
Full-time Employees 1,915
Part-time Employees
-
Total 1,915
Personnel Charges
Full-time Employees 38,028
Part-time Employees
-
Total 38,028
Benefits In Addition To Wages -
During the previous reporting year
Average number employees in Fte 1
Actual working hours 1,930
Personnel Charges 36,912
Type of Contract Full-Time Total
Fte
Unlimited Duration
Contracts 1
1
Gender and Education
Level
Men Full Time Total
Fte
Secondary education 1 1
Working Category Full-Time Total
Fte
White collar worker 1
1
Payment
expectations
|
Payment
expectation days |
63.03 |
|
|
Day sales
outstanding |
158.71 |
|
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
Company result 63.03
Lower 122.25
Median 74.61
Upper 45.81
Day sales outstanding
Company result 158.71
Lower 102.27
Median 54.08
Upper 24.07
Group
Structure
Company name Number Latest financials
VITRAAG BVBA 432303066
31-12-2013
B.K.INVEST
NV 425795257 31-12-2013
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 RAJIV RAKYAN
Position Principal Manager
Start Date 05/08/2011
Street 174 BELGIËLEI
ANTWERPEN
Post code 2018
Country Belgium
Current mandates
in other companies
Name B.K.Invest NV
Business number 425795257
Position Managing Director
Start Date 07/07/2010
Business number 425795257
Position Legal
Representative
Start Date 07/07/2010
Former director
details
Name MAYANK PANDYA
Position Principal Manager
Start Date 19/10/1995
End Date Unknown date
Street QUEENS ROAD
Post code 400004
Country India
Name DIRK WINNEFRIEDA
VICTOR WOUTERS
Position Commissioner
Start Date 04/01/1999
End Date Unknown date
Street 8 D'OULTREMONTLEI
BRASSCHAAT
Post code 2930
Country Belgium
Former mandates in
other companies
Name B.K.Invest NV
Business number 425795257
Position Director
Start Date 07/07/2010
End Date 31/12/2011
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.62.97 |
|
UK Pound |
1 |
Rs.94.97 |
|
Euro |
1 |
Rs.74.43 |
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 |
|
-- |
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.