MIRA INFORM REPORT

 

 

Report No. :

331235

Report Date :

08.07.2015

 

IDENTIFICATION DETAILS

 

Name :

PANNADIAM BVBA

 

 

Registered Office :

Hoveniersstraat 2, 2018 Antwerpen

 

 

Country :

Belgium

 

 

Financials (as on) :

31.12.2013

 

 

Date of Incorporation :

01.12.1986

 

 

Com. Reg. No.:

429946560

 

 

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 – March 31, 2015

 

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

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 shifts in foreign demand, particularly in Belgium’s EU trade partners. Roughly three-quarters of Belgium's trade is with other EU countries. In 2014 Belgian GDP grew by 0.9%, the unemployment rate stabilized at 8.5%, and the the budget deficit was 3.2% of GDP. Prime Minister Charles MICHEL’s center-right government has pledged to further reduce the deficit in response to EU pressure to reduce Belgium’s high public debt, which remains above 100% of GDP, but such efforts could also dampen economic growth. In addition to restrained public spending, low wage growth and high unemployment promise to curtail a more robust recovery in private consumption. The government has pledged to pursue an reform program to improve Belgium’s competitiveness, including changes to tax policy, labor market rules, and welfare benefits. These changes risk worsening tensions with trade unions and triggering extended strikes.

 

Source : CIA

 

Company summary

 

Business number                     429946560

Company name                        PANNADIAM BVBA

Address                                   HOVENIERSSTRAAT 22018 ANTWERPEN

Number of staff                        0

Date of establishment               01/12/1986

Telephone number                   032264774

Fax number                              032133183

 

 

Commentary

 

The business was established over 28 years ago.

The business has 1 employees.

The business has been at the address for over 16 years.

A 100% growth in Total Assets occurred during the latest trading period.

Pre-tax profits increased by 369% compared to the previous trading period.

The business saw an increase in their Cash Balance of 1010% during the latest trading period.

 

ACCOUNTS

 

DATE  OF  LATEST  ACCOUNTS

TURNOVER

PROFIT  BEFORE  TAX

NET  WORTH

WORKING  CAPITAL

31/12/2013

 

19,292

156,979

5,135,741

31/12/2012

 

4,111

140,282

2,311,175

31/12/2011

 

2,938

136,640

126,756

 

 

 

 

 

ACCOUNTS

 

 

 

 

 

DATE  OF  LATEST  ACCOUNTS

BALANCE  TOTAL

NUMBER  OF  EMPLOYEES

CAPITAL

CASHFLOW

31/12/2013

7,079,959

0

18,600

18,452

31/12/2012

3,536,015

0

18,600

5,397

31/12/2011

1,641,592

0

18,600

7,509

 

 

Payment expectations

 

Past payments

 

Payment expectation days

--

 

Industry average payment expectation days

103.11

Industry average day sales outstanding

181.54

 

Day sales outstanding

--

 

 

 

 

Court data summary

 

BANKRUPTCY DETAILS

 

Court action type

no

 

 

 

PROTESTED BILLS

Bill amount

NSSO DETAILS

Date of summons

--

 

 

 

 

 

Company information

 

Business  number

429946560

Company  name

PANNADIAM  BVBA

Fax  number

032133183

Date  founded

01/12/1986

Company  status

active

Company  type

Private  Limited  Company (BL/LX)

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

VAT  Number

BE.0429.946.560  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

6,373

-21.59

8,128

-17.77

9,884

279

2,603

0

2,603

Intangible  fixed  assets

0

-

0

-

0

-

0

-

0

Tangible  fixed  assets

3,770

-31.77

5,526

-24.10

7,281

-

-

-

-

Land  &  building

-

-

-

-

-

-

-

-

-

Plant  &  machinery

-

-

-

-

-

-

-

-

-

Furniture  &  Vehicles

3,770

-31.77

5,526

-24.10

7,281

-

-

-

-

Leasing  &  Other  Similar  Rights

-

-

-

-

-

-

-

-

-

Other  tangible  assets

0

-

0

-

0

-

0

-

0

Financial  fixed  assets

2,603

0.00

2,603

0

2,603

0.00

2,603

0

2,603

Total  current  assets

7,073,586

100

3,527,887

116

1,631,708

15.45

1,413,341

-23.09

1,837,550

Inventories

3,430,587

49.08

2,301,237

267

626,835

-13.61

725,570

-34.37

1,105,582

Raw  materials  &  consumables

-

-

-

-

-

-

-

-

-

Work  in  progress

0

-

0

-

0

-

0

-

0

Finished  goods

0

-

0

-

0

-

0

-

0

Other  stocks

3,430,587

49.08

2,301,237

267

626,835

-13.61

725,570

-34.37

1,105,582

Trade  debtors

3,568,067

219

1,118,099

22.62

911,837

49.89

608,340

22.94

494,838

Other  amounts  receivable

1,458

-98.56

101,551

29.74

78,271

102

38,641

34.17

28,799

Cash

73,033

1010

6,578

-47.26

12,472

-66.47

37,200

-82.00

206,628

Miscellaneous  current  assets

441

4.45

422

-81.60

2,294

-36.10

3,590

110

1,702

Total  Assets

7,079,959

100

3,536,015

115

1,641,592

15.94

1,415,944

-23.05

1,840,153

Liabilities

 

 

 

 

 

 

 

 

 

Total  shareholders  equity

156,979

11.90

140,282

2.67

136,640

4.60

130,627

0.04

130,576

Issued  share  capital

18,600

0

18,600

0

18,600

0

18,600

0

18,600

Share  premium  account

-

-

-

-

-

-

-

-

-

Revaluation  reserve

-

-

-

-

-

-

-

-

-

Reserves

138,379

13.72

121,682

3.09

118,040

5.37

112,027

0.05

111,976

Provisions  for  Liabilities  &  Charges

0

-

0

-

0

-

0

-

0

Deffered  taxes

-

-

-

-

-

-

-

-

-

Creditors

6,922,980

103

3,395,733

125

1,504,952

17.09

1,285,317

-24.82

1,709,576

Other  long  term  loans

4,985,135

128

2,179,021

-

-

-

-

-

-

Long  term  group  loans

-

-

-

-

-

-

-

-

-

Other  long  term  liabilities

0

-

0

-

0

-

0

-

0

Total  long  term  debts

4,985,135

128

2,179,021

-

0

-

0

-

0

Current  portion  of  long  term  debt

-

-

-

-

-

-

-

-

-

Financial  debts

-

-

-

-

-

-

13,494

24.05

10,878

Trade  creditors

1,488,662

133

636,998

-30.63

918,243

30.58

703,221

-29.76

1,001,154

Amounts  Payable  for  Taxes, Remuneration  &  Social  Security

5,692

30.85

4,350

363

939

-22.32

1,209

-54.31

2,645

Miscellaneous  current  liabilities

443,491

-22.92

575,364

-1.78

585,770

3.24

567,392

-18.35

694,898

Total  current  liabilities

1,937,845

59.27

1,216,712

-19.15

1,504,952

17.09

1,285,317

-24.82

1,709,576

Total  Liabilities

7,079,959

100

3,536,015

115

1,641,592

15.94

1,415,944

-23.05

1,840,153

 

RATIO ANALYSIS

 

TRADING  PERFORMANCE

 

 

 

 

 

 

 

 

 

Profit  Before  Tax

-

-

-

-

-

-

-

-

-

Return  on  capital  employed

0.38

111

0.18

-91.63

2.15

-13.65

2.49

128

1.09

Return  on  total  assets  employed

0.27

125

0.12

-33.33

0.18

-21.74

0.23

187

0.08

Return  on  net  assets  employed

12.29

319

2.93

36.28

2.15

-13.65

2.49

128

1.09

Sales  /  net  working  capital

-

-

-

-

-

-

-

-

-

Stock  turnover  ratio

-

-

-

-

-

-

-

-

-

Creditor  days

-

-

-

-

-

-

-

-

-

Debtor  days

-

-

-

-

-

-

-

-

-

SHORT  TERM  STABILITY

 

 

 

 

 

 

 

 

 

Current  ratio

3.65

25.86

2.90

168

1.08

-1.82

1.10

2.80

1.07

Liquidity  ratio  /  acid  ratio

1.88

86.14

1.01

50.75

0.67

24.07

0.54

25.58

0.43

Current  debt  ratio

12.34

42.33

8.67

-21.25

11.01

11.89

9.84

-24.83

13.09

Liquidity  ratio  reprocessed

-

-

-

-

-

-

-

-

-

Cashflow

18,452

241

5,397

-28.13

7,509

14725

51

-96.30

1,371

Net  worth

156,979

11.90

140,282

2.67

136,640

4.60

130,627

0.04

130,576

LONG TERM STABILITY

 

 

 

 

 

 

 

 

 

GEARING

3,175.67

104

1,553.31

-

-

-

10.33

24.01

8.33

Equity  in  percentage

2.22

-44.08

3.97

-52.28

8.32

-9.86

9.23

30.0

7.10

Total  debt  ratio

44.10

82.16

24.21

119

11.01

11.89

9.84

-24.83

13.09

Working  capital

5,135,741

122

2,311,175

1723

126,756

-0.99

128,024

0.04

127,973

PROFIT & LOSS

 

Operating  Income

-

-

-

-

-

-

-

-

-

Turnover

-

-

-

-

-

-

-

-

-

Total  operating  expenses

-

-

-

-

-

-

-

-

-

Gross  Operating  Margin

26,905

1217

2,042

-37.76

3,281

-65.91

9,623

-21.97

12,334

Operating  Charges

-

-

-

-

-

-

-

-

-

Employee  costs

-

-

-

-

-

-

-

-

-

Wages  and  salary

-

-

-

-

-

-

-

-

-

Employee  pension  costs

-

-

-

-

-

-

-

-

-

Social  security  contributions

-

-

-

-

-

-

-

-

-

Other  employee  costs

0

-

0

-

0

-

0

-

0

Director  remuneration

-

-

-

-

-

-

-

-

-

Amortization  and  depreciation

1,755

0.02

1,755

17.31

1,496

-

-

-

-

Operating  result

22,701

1502

-1,511

-536

346

-95.61

7,890

73.79

4,540

Total  financial  income

200

-97.28

7,357

45.65

5,051

2265

214

2424

8

Total  financial  expenses

3,610

108

1,735

-29.44

2,459

-49.36

4,856

55.64

3,120

Results  on  ordinary  operations  before  taxation

19,292

369

4,111

39.93

2,938

-9.53

3,248

127

1,428

Extraordinary  Income

2,467

-

-

-

4,307

-

-

-

-

Extraordinary  Charges

-

-

-

-

-

-

-

-

-

Extraordinary  items

2,467

-

0

-100

4,307

-

0

-

0

Results  for  the  Year  Before  Taxation

21,759

429

4,111

-43.26

7,245

123

3,248

127

1,428

Other  appropriations

-

-

-

-

-

-

-

-

-

Taxation

5,062

979

469

-61.93

1,232

-61.46

3,197

5446

58

Results  on  ordinary  operations  after  taxation

14,230

290

3,642

113

1,706

3268

51

-96.30

1,371

Net  result

16,697

358

3,642

-39.43

6,013

11771

51

-96.30

1,371

Profit  (Loss)  for  the  Year  to  be  appropiated

16,697

358

3,642

-39.43

6,013

11771

51

-96.30

1,371

Dividends

-

-

-

-

-

-

-

-

-

 

 

Industry comparison

 

Activity code

46761

Activity description

Whole of diamonds and other precious stones

 

 

Payment expectations

 

 

Industry comparison

 

Activity code

46761

Activity description

Whole of diamonds and other precious stones

Industry average payment expectation days

103.11

Industry average day sales outstanding

181.54

 

Industry quartile analysis

 

Payment expectations

 

Company result

--

Lower

117.11

Median

74.61

Upper

45.68

 

 

Day sales outstanding

 

Company result

--

Lower

101.25

Median

53.69

Upper

24.60

 

 

Shareholder details

 

Group Structure

No group structure for this company.

 

Minority Shareholders

No minority shareholders found

 

Minority Interests

No minority interest found

 

Protested Bills

There is no data for this company

 

Summons

There is no data for this company

 

Bankruptcy and other legal events

There is no data for this company

 

Companies that match this address

No companies match this address

 

 

Director details

 

CURRENT DIRECTOR DETAILS

 

Name

CHARTURBHAI  THESIA

Position

Principal  Manager

Start  Date

19/08/2010

Street

31 VAN  EYCKLEI  ANTWERPEN

Post  code

2018

Country

Belgium

 

 

FORMER  DIRECTOR  DETAILS

 

Name

NAGJIBHAI  THESIA

Position

Principal  Manager

Start  Date

23/08/1997

End  Date

Unknown  date

Street

31 VAN  EYCKLEI  ANTWERPEN

Post  code

2018

Country

Belgium

 

 

Name

THESIA  NAGJISHAI

Position

Principal  Manager

Start  Date

23/05/1997

End  Date

Unknown  date

Street

31 VAN  EYCKLEI  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.63.37

UK Pound

1

Rs.98.86

Euro

1

Rs.69.97

 

 

INFORMATION DETAILS

 

Analysis Done by :

RAS

 

 

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.