MIRA INFORM REPORT

 

 

Report No. :

303445

Report Date :

20.01.2015

 

IDENTIFICATION DETAILS

 

Name :

B.S. GEMS BVBA

 

 

Registered Office :

Hoveniersstraat 30 2018 Antwerpen

 

 

Country :

Belgium

 

 

Financials (as on) :

31.12.2013

 

 

Date of Incorporation :

16.09.1996

 

 

Com. Reg. No.:

458912245

 

 

Legal Form :

Private  Limited  Company

 

 

Line of Business :

Wholesale of watches and jewellery

 

 

No. of Employee :

Not Available

 

 

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

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                     458912245

Branche Unit Number               2078614978

Company name                        B.S. GEMS BVBA

Address                                   HOVENIERSSTRAAT 30 2018 ANTWERPEN

Number of staff                        0

Date of establishment               16/09/1996

Telephone number                   032250029

Fax number                              032260945

 

 

Commentary

 

The business was established over 18 years ago.

No employees are recorded for this business.

The business has been at the address for over 18 years.

Operating Result in the latest trading period increased 32% on the previous trading period.

Net Worth increased by 24% during the latest trading period.

A 33% decline in Total Assets occurred during the latest trading period.

Pre-tax profits increased by 54% compared to the previous trading period.

The business saw an increase in their Cash Balance of 1132% during the latest trading period.

 

ACCOUNTS

 

DATE  OF  LATEST  ACCOUNTS

TURNOVER

PROFIT  BEFORE  TAX

NET  WORTH

WORKING  CAPITAL

31/12/2013

12,420,061

31,533

110,192

107,815

31/12/2012

 

20,419

88,635

85,496

31/12/2011

 

13,658

72,886

70,514

 

 

 

 

 

ACCOUNTS

 

 

 

 

 

DATE  OF  LATEST  ACCOUNTS

BALANCE  TOTAL

NUMBER  OF  EMPLOYEES

CAPITAL

CASHFLOW

31/12/2013

4,787,197

0

18,600

22,319

31/12/2012

7,248,186

0

18,600

16,264

31/12/2011

6,770,860

0

18,600

11,032

 

 

Payment Expectations

 

Past  payments

 

Payment  expectation  days

118.84

Industry  average  payment expectation  days

241.88

Industry  average  day  sales outstanding

422.17

Day  sales  outstanding

16.60

 

 

 

Court data summary

 

BANKRUPTCY DETAILS

Court action type PROTESTED BILLS

No

 

 

 

Bill amount

-

 

 

 

NSSO DETAILS

Date of summons

-

 

 

 

 

 

Company information

 

Business  number

458912245

Company  name

B.S.  GEMS  BVBA

Fax  number

032260945

Date  founded

16/09/1996

Company  status

active

Company  type

Private  Limited  Company (BL/LX)

Currency

Euro  (€)

Date  of  latest  accounts

31/12/2013

Activity  code

46480

Liable  for  VAT

Yes

Activity  description

Wholesale  of  watches  and jewellery

VAT  Number

BE.0458.912.245  Check  VAT number

Belgian  Bullettin  of  Acts

moniteur  belge

 

 

 

 

Company accounts

 

Assets

 

 

 

 

 

 

 

 

 

 

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

 

Total  fixed  assets

2,377

-24.29

3,139

32.28

2,373

14.31

2,076

36.71

1,518

 

Intangible  fixed  assets

0

-

0

-

0

-

0

-

0

 

Tangible  fixed  assets

889

-46.16

1,652

86.42

886

50.53

589

1792

31

 

Land  &  building

-

-

-

-

-

-

-

-

-

 

Plant  &  machinery

889

-46.16

1,652

86.42

886

50.53

589

1792

31

 

Furniture  &  Vehicles

-

-

-

-

-

-

-

-

-

 

Leasing  &  Other  Similar  Rights

-

-

-

-

-

-

-

-

-

 

Other  tangible  assets

0

-

0

-

0

-

0

-

0

 

Financial  fixed  assets

1,487

0

1,487

0.02

1,487

-0.02

1,487

0

1,487

 

Total  current  assets

4,784,820

-33.96

7,245,047

7.04

6,768,487

9.93

6,156,836

6.94

5,757,313

 

Inventories

3,967,224

13.34

3,500,144

-10.51

3,911,379

204

1,282,661

-41.89

2,207,398

 

Raw  materials  &  consumables

-

-

-

-

-

-

-

-

-

 

Work  in  progress

0

-

0

-

0

-

0

-

0

 

Finished  goods

3,967,224

-

0

-

0

-

0

-

0

 

Other  stocks

0

-100

3,500,144

-10.51

3,911,379

204

1,282,661

-41.89

2,207,398

 

Trade  debtors

564,731

-84.83

3,723,301

43.98

2,586,027

-46.34

4,819,709

38.45

3,481,158

 

Other  amounts  receivable

498

-55.69

1,125

-91.72

13,587

-1.35

13,773

2.17

13,481

 

Cash

252,368

1132

20,476

-92.05

257,494

532

40,693

-26.38

55,275

 

Miscellaneous  current  assets

0

-

0

-

0

-

0

-

0

 

Total  Assets

4,787,197

-33.95

7,248,186

7.05

6,770,860

9.94

6,158,912

6.95

5,758,831

 

Liabilities

 

 

 

 

 

 

 

 

 

 

Total  shareholders  equity

110,192

24.32

88,635

21.61

72,886

17.33

62,118

21.83

50,987

 

Issued  share  capital

18,600

0

18,600

0

18,600

0

18,600

0

18,600

 

Share  premium  account

-

-

-

-

-

-

-

-

-

 

Revaluation  reserve

-

-

-

-

-

-

-

-

-

Reserves

91,592

30.78

70,035

29.01

54,286

24.74

43,518

34.37

32,387

Provisions  for  Liabilities  &  Charges

0

-

0

-

0

-

0

-

0

Deffered  taxes

-

-

-

-

-

-

-

-

-

Creditors

4,677,005

-34.67

7,159,550

6.89

6,697,973

9.86

6,096,794

6.81

5,707,845

Other  long  term  loans

-

-

-

-

-

-

-

-

-

Long  term  group  loans

-

-

-

-

-

-

-

-

-

Other  long  term  liabilities

0

-

0

-100

1

-

0

-

0

Total  long  term  debts

0

-

0

-100

1

-

0

-

0

Current  portion  of  long  term  debt

-

-

-

-

-

-

-

-

-

Financial  debts

3,226

-

-

-

82,529

208

26,721

-39.82

44,405

Trade  creditors

4,032,875

-37.68

6,470,950

9.64

5,902,112

9.86

5,372,355

7.19

5,011,996

Amounts  Payable  for  Taxes, Remuneration  &  Social  Security

10,799

122

4,853

58.45

3,063

-68.32

9,670

-28.38

13,501

Miscellaneous  current  liabilities

630,105

-7.85

683,747

-3.73

710,269

3.23

688,048

7.85

637,942

Total  current  liabilities

4,677,005

-34.67

7,159,550

6.89

6,697,973

9.86

6,096,794

6.81

5,707,845

Total  Liabilities

4,787,197

-33.95

7,248,186

7.05

6,770,860

9.94

6,158,912

6.95

5,758,831

 

 

Ratio  Analysis

 

 

 

 

 

 

 

 

 

Trading  Performance

 

 

 

 

 

 

 

 

 

Profit  Before  Tax

0.25

-

-

-

-

-

-

-

-

Return  on  capital  employed

28.62

24.22

23.04

22.95

18.74

-18.66

23.04

83.59

12.55

Return  on  total  assets  employed

0.66

135

0.28

40.0

0.20

-13.04

0.23

109

0.11

Return  on  net  assets  employed

28.62

24.22

23.04

22.95

18.74

-18.66

23.04

83.59

12.55

Sales  /  net  working  capital

115.20

-

-

-

-

-

-

-

-

Stock  turnover  ratio

31.94

-

-

-

-

-

-

-

-

Creditor  days

118.84

-

-

-

-

-

-

-

-

Debtor  days

16.60

-

-

-

-

-

-

-

-

SHORT  TERM  STABILITY

 

 

 

 

 

 

 

 

 

Current  ratio

1.02

0.99

1.01

0

1.01

0

1.01

0

1.01

Liquidity  ratio  /  acid  ratio

0.17

-67.31

0.52

20.93

0.43

-46.25

0.80

29.03

0.62

Current  debt  ratio

42.44

-47.46

80.78

-12.10

91.90

-6.37

98.15

-12.33

111.95

Liquidity  ratio  reprocessed

-

-

-

-

-

-

-

-

-

Cashflow

22,319

37.23

16,264

47.43

11,032

-1.80

11,235

108

5,390

Net  worth

110,192

24.32

88,635

21.61

72,886

17.33

62,118

21.83

50,987

Gearing

2.93

-

-

-

113.23

163

43.02

-50.60

87.09

 

Equity  in  percentage

2.30

88.52

1.22

12.96

1.08

6.93

1.01

13.48

0.89

 

Total  debt  ratio

42.44

-47.46

80.78

-12.10

91.90

-6.37

98.15

-12.33

111.95

 

Working  capital

107,815

26.11

85,496

21.25

70,514

17.44

60,042

21.38

49,468

 

 

 

Profit  &  Loss

 

 

 

 

 

 

 

 

 

Operating  Income

12,420,309

-

-

-

-

-

-

-

-

Turnover

12,420,061

-

-

-

-

-

-

-

-

Total  operating  expenses

12,386,732

-

-

-

-

-

-

-

-

Gross  Operating  Margin

-

-

26,975

20.61

22,365

-4.41

23,396

61.60

14,478

Operating  Charges

12,386,980

-

-

-

-

-

-

-

-

Employee  costs

-

-

-

-

-

-

-

-

-

Wages  and  salary

-

-

-

-

-

-

-

-

-

Employee  pension  costs

-

-

-

-

-

-

-

-

-

Social  security  contributions

-

-

-

-

-

-

-

-

-

Other  employee  costs

0

-

0

-

0

-

0

-

0

Director  remuneration

-

-

-

-

-

-

-

-

-

Amortization  and  depreciation

762

47.93

515

95.22

264

156

103

-51.97

214

Operating  result

33,329

32.71

25,114

20.30

20,876

-4.83

21,936

68.50

13,019

Total  financial  income

251

31667

1

-

-

-

0

100

0

Total  financial  expenses

2,047

-56.41

4,695

-34.95

7,218

-5.36

7,627

15.25

6,618

Results  on  ordinary  operations  before  taxation

31,533

54.43

20,419

49.51

13,658

-4.55

14,309

123

6,401

Extraordinary  Income

-

-

-

-

-

-

-

-

-

Extraordinary  Charges

-

-

-

-

-

-

-

-

-

Extraordinary  items

0

-

0

-

0

-

0

-

0

Results  for  the  Year  Before  Taxation

31,533

54.43

20,419

49.51

13,658

-4.55

14,309

123

6,401

Other  appropriations

-

-

-

-

-

-

-

-

-

Taxation

9,977

113

4,670

61.60

2,890

-9.05

3,178

159

1,225

Results  on  ordinary  operations  after  taxation

21,557

36.87

15,749

46.26

10,768

-3.27

11,132

115

5,176

Net  result

21,557

36.87

15,749

46.26

10,768

-3.27

11,132

115

5,176

Profit  (Loss)  for  the  Year  to  be  appropriated

21,557

36.87

15,749

46.26

10,768

-3.27

11,132

115

5,176

Dividends

-

-

-

-

-

-

-

-

-

 

 

Industry comparison

 

Activity code                46480

Activity description      Wholesale of watches and jewellery

 

 

Payment Information

 

Payment expectations

 

Payment expectation days        118.84

Day sales outstanding 16.60

 

Industry comparison

 

Activity code                            46480

Activity description                  Wholesale of watches and jewellery

Industry average payment

expectation days                      241.88

Industry average day sales

Outstanding                             422.17

 

 

Industry quartile analysis

 

Payment expectations

 

Company result            118.84

Lower                           127.92

Median                         63.15

Upper                           18.68

 

Day sales outstanding

Company result            16.60

Lower                           118.53

Median                         55.17

Upper                           21.01

 

 

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

Bankim

Middle  name

-

Surname

Shah

 

 

 

 

 

 

SHAREHOLDER  DETAILS

 

 

 

Start  date

16/09/1996

End  date

-

Percentage  owned

-

 

 

 

 

 

 

SHAREHOLDER  ADDRESS

 

 

 

Street  name

Belgiëlei

House  number

102

Minor  town

-

Postal  town

Antwerpen

Post  code

2000

Country

Belgium

 

 

 

 

SHAREHOLDER  NAME

 

 

 

Forename

Nirajkumar

Middle  name

-

Surname

DESAI

 

 

 

 

 

 

SHAREHOLDER  DETAILS

 

 

 

Start  date

16/09/1996

End  date

-

Percentage  owned

-

 

 

 

 

 

 

SHAREHOLDER  ADDRESS

 

 

 

Street  name

Belgiëlei

House  number

106

Minor  town

-

Postal  town

Antwerpen

Post  code

2018

Country

Belgium

 

Companies that match this address

No companies match this address

 

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

 

Name

NIRAJKUMAR  RAMESHCHANDRA  DESAI

Position

Principal  Manager

Start  Date

31/08/2010

Street

106 BELGIËLEI  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.61.70

UK Pound

1

Rs.93.41

Euro

1

Rs.71.33

 

 

INFORMATION DETAILS

 

Analysis Done by :

SUB

 

 

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%)

 

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.