|
Report No. : |
303850 |
|
Report Date : |
15.01.2015 |
IDENTIFICATION DETAILS
|
Name : |
GEMBLUE BVBA |
|
|
|
|
Registered Office : |
Hoveniersstraat
30 2018 Antwerpen |
|
|
|
|
Country : |
Belgium |
|
|
|
|
Financials (as on) : |
30.06.2013 |
|
|
|
|
Date of Incorporation : |
26.07.1994 |
|
|
|
|
Com. Reg. No.: |
453084327 |
|
|
|
|
Legal Form : |
Private
Limited Company |
|
|
|
|
Line of Business : |
Wholesale
of diamonds and other precious stones |
|
|
|
|
No. of Employees |
01 |
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) |
|
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 |
|
Business
number |
453084327 |
|
Company
name |
GEMBLUE
BVBA |
|
Address |
HOVENIERSSTRAAT
30 |
|
|
2018
ANTWERPEN |
|
Number
of staff |
1 |
|
Date
of establishment |
26/07/1994 |
|
Telephone
number |
032269543 |
|
Fax
number |
032269543 |
The business was established over 20 years ago.
The business has 1 employees.
The business has been at the address for over 9 years.
Operating Result in the latest trading period increased 27% on the
previous trading period.
The business saw a decrease in their Cash Balance of 67% during the
latest trading period
|
DATE
OF LATEST ACCOUNTS |
TURNOVER |
PROFIT
BEFORE TAX NET WORTH |
WORKING CAPITAL |
|
30/06/2013 |
11 9,489,712 |
209,711
5,582,973 |
9,326,544 |
|
30/06/2012 |
11 4,059,846 |
179,701
5,443,542 |
9,342,226 |
|
30/06/2011 |
1 22,019,674 |
179,640
5,326,782 |
8,815,422 |
|
DATE
OF LATEST ACCOUNTS |
BALANCE TOTAL |
NUMBER
OF EMPLOYEES CAPITAL |
CASHFLOW |
|
30/06/2013 |
49,850,946 |
1
5,000,000 |
199,837 |
|
30/06/2012 |
49,130,095 |
1
5,000,000 |
175,333 |
|
30/06/2011 |
30,644,070 |
1
5,000,000 |
175,657 |
|
Past payments |
|
Payment expectation days |
19.59 |
|
Industry average payment
expectation days |
1 25.22 |
Industry average day sales outstanding |
142.22 |
|
Day sales outstanding |
145.67 |
|
|
|
Business number |
453084327 |
Company name |
GEMBLUE BVBA |
|
Fax number |
032269543 |
Date founded |
26/07/1994 |
|
Company status |
active |
Company type |
Private Limited Company
(BL/LX) |
|
Currency |
Euro (€) |
Date of latest accounts |
30/06/2013 |
|
Activity code |
46761 |
Liable for VAT |
yes |
|
Activity description |
Wholesale of diamonds and
other precious stones |
VAT Number |
BE.0453.084.327 Check VAT number |
|
Social Balance Sheet |
Total |
|
|
During the reporting year |
|
|
|
ended 30-06-2013 |
|
|
|
Full-time Employees |
1 |
|
|
Part-time Employees - |
||
|
Total Fte Employees |
1 |
|
|
|
||
|
Number of hours worked |
||
|
Full-time Employees |
1,71 7 |
|
|
Part-time Employees - |
||
|
Total |
1,71 7 |
|
|
|
||
|
Personnel Charges |
||
|
Full-time Employees |
30,326 |
|
|
Part-time Employees - |
||
|
Total |
30,326 |
|
|
Benefits In Addition To
Wages - |
||
|
|
||
|
During the previous reporting year |
||
|
Average number employees in Fte |
1 |
|
|
Actual working hours |
1,627 |
|
|
Personnel Charges |
29,798 |
|
|
Benefits In Addition To
Wages - |
||
|
|
|
|
JIC Code 218
Description Additional national joint committee for the
employees
Event Date 30/06/2014
Event Description
Event Details Belmark Diam
Company krijgt de 1530 nieuwe aandelen
|
Annual accounts |
30-06-2013 |
% |
30-06-2012 |
% |
30-06-2011 |
Industry average 2013 |
% |
|
Weeks |
52 |
|
52 |
|
52 |
|
|
|
Currency |
EUR |
|
EUR |
|
EUR |
|
|
|
Turnover |
119,489,712 |
4.76 |
114,059,846 |
-6.52 |
122,019,674 |
47,116,700 |
153 |
|
Total operating expenses |
11 7,811,11 7 |
4.50 |
112,740,102 |
-6.71 |
120,851,670 |
46,697,423 |
152 |
|
Operating result |
1,678,595 |
27.19 |
1,319,744 |
12.99 |
1,168,005 |
134,643 |
1146 |
|
Total financial income |
237 |
-27.77 |
328 |
-99 |
51,793 |
65,151 |
-99 |
|
Total financial expenses |
1,469,120 |
28.83 |
1,140,371 |
9.63 |
1,040,157 |
151,179 |
871 |
|
Results on ordinary
operations before taxation |
209,711 |
16.70 |
179,701 |
0.03 |
179,640 |
43,103 |
386 |
|
Taxation |
70,280 |
11.66 |
62,941 |
1.92 |
61,753 |
18,863 |
272 |
|
Results on ordinary
operations after taxation |
139,431 |
19.42 |
116,760 |
-0.96 |
117,887 |
29,580 |
371 |
|
Extraordinary items |
0 |
- |
0 |
- |
0 |
2,347 |
-100 |
|
Other appropriations |
0 |
- |
0.00 |
- |
0.00 |
- |
- |
|
Net result OTHER
INFORMATION |
139,431 |
19.42 |
116,760 |
-0.96 |
117,887 |
32,216 |
332 |
|
Gross Operating Margin |
- |
- |
- |
- |
- |
40,559 |
- |
|
Dividends |
- |
- |
- |
- |
- |
207,593 |
- |
|
Director remuneration |
88,786 |
1.07 |
87,847 |
36.62 |
64,299 |
1 31,411 |
-32.44 |
|
Employee costs |
30,326 |
1.77 |
29,798 |
22.94 |
24,238 |
143,169 |
-78.82 |
|
Wages and salary |
24,329 |
0.90 |
24,111 |
31.00 |
18,405 |
126,655 |
-80.79 |
|
Employee pension costs |
- |
- |
- |
- |
- |
1,459 |
- |
|
Social security
contributions |
4,952 |
16.33 |
4,257 |
-9.80 |
4,719 |
31,543 |
-84.30 |
|
Other employee costs |
1,045 |
-26.92 |
1,430 |
28.45 |
1,113 |
2,941 |
-64.47 |
|
Amortization and depreciation |
60,406 |
3.13 |
58,573 |
1.39 |
57,770 |
17,922 |
237 |
|
Annual
accounts |
30-06-2013 |
% |
30-06-2012 |
% |
30-06-2011 |
Industry
average 2013 |
% |
|
Weeks |
52 |
|
52 |
|
52 |
|
|
|
Currency |
EUR |
|
EUR |
|
EUR |
|
|
|
Intangible
fixed assets |
0 |
-0 |
-0 |
1,251 |
-100 |
||
|
Tangible
fixed assets |
428,101 |
-0.96 |
432,266 |
-11.85 |
490,391 |
188,977 |
126 |
|
Land & building |
346,888 |
-9.18 |
381,962 |
-9.70 |
423,006 |
373,751 |
-7.19 |
|
Plant & machinery |
4,909 |
379 |
1,024 |
-26.97 |
1,402 |
28,667 |
-82.88 |
|
Furniture & Vehicles |
76,304 |
54.84 |
49,280 |
-25.31 |
65,982 |
15,297 3,995 |
398 |
|
Leasing
& Other Similar Rights |
- |
- |
- |
- |
- |
42,007 20,215 |
- |
|
Other tangible assets |
0 |
-0 |
-0 |
10,346 |
-100 |
||
|
Financial
fixed assets |
2,380 |
0.01 |
2,380 |
0 |
2,380 |
40,002 |
-94.05 |
|
Total fixed
assets |
430,481 |
-0.96 |
434,646 |
-11.80 |
492,770 |
201,306 |
113 |
|
Inventories |
1,461,301 |
-63.81 |
4,038,101 |
71.79 |
2,350,564 |
2,531,396 |
-42.27 |
|
Raw
materials & consumables |
- |
- |
- |
- |
- |
113,995 |
- |
|
Work in progress |
0 |
-0 |
-0 |
1,766 |
-100 |
||
|
Finished goods |
1,461,301 |
-63.81 |
4,038,101 |
71.79 |
2,350,564 |
1,612,091 |
-9.35 |
|
Other stocks |
0 |
-0 |
-0 |
459,407 |
-100 |
||
|
Trade
debtors |
47,687,644 |
9.01 |
43,745,920 |
69.46 |
25,814,548 |
3,963,552 |
1103 |
|
Cash |
182,151 |
-67.24 |
556,091 |
-68.24 |
1,750,796 |
721,246,392 |
-99 |
|
other
amounts receivable |
89,369 |
-74.85 |
355,336 |
50.96 |
235,391 |
146,073 |
-38.82 |
|
Miscellaneous
current assets |
0 |
-0 |
-0 |
-706,515,457 |
0 |
||
|
Total
current assets |
49,420,465 |
1.49 |
48,695,449 |
61.50 |
30,151,300 |
6,416,601 |
670 |
|
Total
Assets |
49,850,946 |
1.47 |
49,130,095 |
60.32 |
30,644,070 |
6,600,301 1,066,670 |
655 |
|
|
Trade creditors |
6,322,174 |
11.58 |
5,666,206 |
36.76 |
4,143,224 |
2,707,908 |
133 |
|
|
Short term group loans |
- |
- |
- |
- |
- |
- |
- |
|
|
Financial debts |
33,603,505 |
0.26 |
33,517,039 |
96.93 |
17,019,972 |
3,821,286 113,934 |
779 |
|
|
Current portion of long term debt |
44,495 |
4.58 |
42,548 |
6.73 |
39,865 |
101,621 13,680 |
-56.21 |
|
|
Amounts Payable for Taxes,
Remuneration & Social Security |
84,355 |
21.84 |
69,234 |
-17.81 |
84,234 |
7,508 - |
186 |
|
|
Miscellaneous current liabilities |
39,392 |
-32.31 |
58,195 |
19.79 |
48,583 |
-82.42 |
- - |
|
|
Total current liabilities |
40,093,921 |
1.88 |
39,353,223 |
84.45 |
21,335,878 |
4,592,042 |
773 |
|
|
LONG
TERM DEBTS AND LIABILITIES |
|
|
|
|
|
|
|
|
|
Long term group loans |
- |
- |
- |
- |
- |
- |
- - |
|
|
Other long term loans |
4,174,052 |
-3.68 |
4,333,331 |
8.84 |
3,981,410 |
214 |
- - |
|
|
Deffered taxes |
- |
- |
- |
- |
- |
58,297 69,470 |
- |
|
|
Provisions for Liabilities
& Charges |
0 |
- |
0 |
- |
0 |
4,802 0 |
-100 |
|
|
Other long term liabilities |
0 |
- |
0 |
- |
0 |
97,846 |
-100 |
|
|
Total long term debts SHAREHOLDERS
EQUITY |
4,174,052 |
-3.68 |
4,333,331 |
8.84 |
3,981,410 |
585,144 |
613 |
|
|
Issued share capital |
5,000,000 |
0 |
5,000,000 |
0 |
5,000,000 |
874,642 |
471 |
|
|
Share premium account |
- |
- |
- |
- |
- |
115,228 |
- |
|
|
Reserves |
582,973 |
31.44 |
443,542 |
35.73 |
326,782 |
508,759 |
14.59 |
|
|
Revaluation reserve |
- |
- |
- |
- |
- |
1,047,738 |
- |
|
|
Total shareholders equity |
5,582,973 |
2.56 |
5,443,542 |
2.19 |
5,326,782 |
1,412,059 |
295 |
|
|
Working capital |
9,326,544 |
-0.17 |
9,342,226 |
5.98 |
8,815,422 |
1,824,559 |
411 |
|
|
Cashflow |
199,837 |
13.98 |
175,333 |
-0.18 |
175,657 |
46,745 |
327 |
|
|
Net worth |
5,582,973 |
2.56 |
5,443,542 |
2.19 |
5,326,782 |
1,410,808 |
295 |
|
Annual accounts TRADING
PERFORMANCE |
30-06-2013 |
change(%) |
30-06-2012 |
change(%) |
30-06-2011 |
Industry average 2013 |
% |
|
Profit Before Tax |
0.18 |
12.50 |
0.16 |
6.67 |
0.15 |
-5,00 |
3.60 |
|
Return on capital employed |
2.15 |
16.85 |
1.84 |
-4.66 |
1.93 |
8,00 |
-73.12 |
|
Return on total assets
employed |
0.42 |
13.51 |
0.37 |
-37.29 |
0.59 |
-2,00 |
21.00 |
|
Return on net assets
employed |
3.76 |
13.94 |
3.30 |
-2.08 |
3.37 |
4,00 |
-6.00 |
|
Sales / net working capital |
12.81 |
4.91 |
12.21 |
-11.78 |
13.84 |
201,00 |
-99 |
|
Stock turnover ratio |
1.22 |
-65.54 |
3.54 |
83.42 |
1.93 |
57,00 |
-97.86 |
|
Debtor days |
145.67 |
4.06 |
139.99 |
81.29 |
77.22 |
142,22 |
2.43 |
|
Creditor days SHORT
TERM STABILITY |
19.59 |
6.82 |
18.34 |
46.60 |
12.51 |
125,22 |
-84.36 |
|
Current ratio |
1.23 |
-0.81 |
1.24 |
-12.06 |
1.41 |
4,00 |
-91.80 |
|
Liquidity ratio / acid ratio |
1.20 |
6.19 |
1.13 |
-13.08 |
1.30 |
3,00 |
-60.00 |
|
Current debt ratio |
7.18 |
-0.69 |
7.23 |
80.30 |
4.01 |
15,00 |
-52.13 |
|
Liquidity ratio reprocessed |
- |
- |
- |
- |
- |
- |
- |
|
LONG
TERM STABILITY |
|
|
|
|
|
|
|
|
Gearing |
677.45 |
-2.68 |
696.11 |
76.23 |
395.01 |
259,00 |
161 |
|
Equity in percentage |
11.20 |
1.08 |
11.08 |
-36.25 |
17.38 |
-296,00 |
3.78 |
|
Total debt ratio |
7.93 |
-1.25 |
8.03 |
69.05 |
4.75 |
16,00 |
-50.44 |
Industry
comparison
|
|
|
Activity
code |
46761 |
|
Activity
description |
Wholesale
of diamonds and other precious stones |
|
industry
average credit |
64.48 |
|
rating |
|
|
Industry
average credit |
1401
77.31 |
|
limit |
|
Payment
Information
|
|
|
Payment
expectations |
|
|
Payment
expectation days |
19.59 |
|
Day
sales outstanding |
145.67 |
|
Activity
code |
46761 |
|
Activity
description |
Wholesale
of diamonds and other precious stones |
|
outstanding |
|
|
Payment
expectations |
|
|
Company
result |
19.59 |
|
Lower |
127.58 |
|
Median |
76.66 |
|
Upper |
47.13 |
Company result 145.67
Lower 103.77
Median 54.98
Upper 25.26
Group Structure
No
group structure for this company
|
Minority Interests |
|
No
minority interests found |
|
SHAREHOLDER NAME |
||||
|
Forename |
Jitendra |
Middle name |
- |
|
|
Surname SHAREHOLDER DETAILS |
Bagadia |
|
|
|
|
Start date Percentage
owned SHAREHOLDER ADDRESS |
19/11/2013(estimated) |
End date |
|
|
|
Street name |
Hoveniersstraat |
House number |
30 |
|
|
Minor town |
- |
Postal town |
Antwerpen |
|
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
|
Current
director details |
||
|
Position |
Principal
Manager |
|
|
Start
Date |
29/12/2012 |
|
|
Street |
42
VAN EYCKLEl ANTWERPEN |
|
|
Post
code |
2018 |
|
|
Country |
Belgium |
|
|
|
|
|
|
Name |
BAGADIA
JITANDRA ODHAVAJl |
|
|
Name |
DHARMESH
KUVARJIBHAl DONDA |
|
|
Position |
Principal
Manager |
|
|
Start
Date |
19/01/2012 |
|
|
Street |
59
BELGlELEl ANTWERPEN |
|
|
Post
code |
2018 |
|
|
Country |
Belgium |
|
Name JITENDRA ODHAVAJl BAGADIA
Position Principal Manager
Start Date 20/09/1994
End Date Unknown date
Street 30 HOVENlERSSTRAAT ANTWERPEN
Post code 2018
Country Belgium
Name BAGADIA RAMYAVADAM ODHAVJl
Position Principal Manager
Start
Date 10/12/2009
End
Date 30/06/2010
Street 42 VAN EYCKLEl 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.62.15 |
|
|
1 |
Rs.94.24 |
|
Euro |
1 |
Rs.73.30 |
INFORMATION DETAILS
|
Analysis Done by
: |
SUM |
|
|
|
|
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.