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MIRA INFORM REPORT

 

 

Report No. :

332611

Report Date :

20.07.2015

 

IDENTIFICATION DETAILS

 

Name :

DHARMA  DIAMONDS  BVBA

 

 

Registered Office :

HOVENIERSSTRAAT  12 2018 ANTWERPEN

 

 

Country :

Belgium

 

 

Financials (as on) :

31.12.2013

 

 

Date of Incorporation :

31.03.2006

 

 

Com. Reg. No.:

880557981

 

 

Legal Form :

Private  Limited  Company (BL/LX)

 

 

Line of Business :

Wholesale  of  diamonds  and other  precious  stones

 

 

No. of Employee :

Not Available

 

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 :

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

880557981

Branche  Unit  Number

2152996558

Company  name

DHARMA  DIAMONDS  BVBA

Address

HOVENIERSSTRAAT  12

2018 ANTWERPEN

Number  of  staff

0

Date  of  establishment

31/03/2006

Telephone  number

0483421931

Fax  number

 

 

 

Commentary

 

The  business  was  established  over  9  years  ago. No  employees  are  recorded  for  this  business. The  business  has  been  at  the  address  for  over  9  years. There  has  been  no  significant  change  in  the  business's  credit  rating. The  credit  limit  for  this  business  has  decreased  from  €35500  to  €0. A  34%  decline  in  Total  Assets  occurred  during  the  latest  trading  period. The  business  saw  a  decrease  in  their  Cash  Balance  of  57%  during  the  latest  trading  period.

 

 

Accounts

 

DATE  OF  LATEST  ACCOUNTS

TURNOVER

PROFIT  BEFORE  TAX

NET  WORTH

WORKING  CAPITAL

31/12/2013

 

5,265

82,171

81,587

31/12/2012

 

5,594

77,597

76,517

31/12/2011

 

25,292

72,756

72,404

 

 

Accounts

                                                                                                                                        

DATE  OF  LATEST  ACCOUNTS

BALANCE  TOTAL

NUMBER  OF  EMPLOYEES

CAPITAL

CASHFLOW

31/12/2013

778,769

0

18,600

5,070

31/12/2012

1,187,052

0

18,600

5,107

31/12/2011

950,958

0

18,600

17,441

 

 

Payment expectations

 

Past  payments

 

Payment  expectation  days

-

Industry  average  payment

104.58

Industry  average  day  sales

182.55

expectation  days

 

outstanding

 

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

880557981

Company  name

DHARMA  DIAMONDS  BVBA

Fax  number

 

Date  founded

31/03/2006

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.0880.557.981  Check  VATnumber

Belgian  Bullettin  of  Acts

moniteur  belge

 

 

 

 

Contractor  details

 

Registered  contractor

-

number

 

Contractor  description

-

Date  struck  off  register

 

Personnel  (NSSO  classification)

 

Code

-

Description

-

Joint  Industrial  Committee  (JIC)

 

 

 

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

584

-45.97

1,080

 

206

352

-34.71

539

 

645

72

 

Intangible  fixed  assets

0

-

0

 

-

0

-

0

 

-

0

 

Tangible  fixed  assets

584

-45.97

1,080

 

206

352

-34.71

539

 

645

72

 

Land  &  building

-

-

-

 

-

-

-

-

 

-

-

 

Plant  &  machinery

-

-

165

 

-53.12

352

-34.71

539

 

645

72

 

Furniture  &  Vehicles

584

-36.22

915

 

-

-

-

-

 

-

-

 

Leasing  &  Other  Similar  Rights

-

-

-

 

-

-

-

-

 

-

-

 

Other  tangible  assets

0

-

0

 

-

0

-

0

 

-

0

 

Financial  fixed  assets

-

-

-

 

-

-

-

-

 

-

-

 

Total  current  assets

778,186

-34.38

 

1,185,972

24.76

950,606

14.07

833,332

 

26.46

658,980

 

Inventories

431,143

-29.52

 

611,725

-6.32

652,964

102

322,109

 

-3.01

332,116

 

Raw  materials  &  consumables

-

-

-

 

-

-

-

-

 

-

-

 

Work  in  progress

0

-

0

 

-

0

-

0

 

-

0

 

Finished  goods

0

-

0

 

-

0

-

0

 

-

0

 

Other  stocks

431,143

-29.52

 

611,725

-6.32

652,964

102

322,109

 

-3.01

332,116

 

Trade  debtors

307,337

-36.76

 

485,962

137

204,986

-44.33

368,241

 

41.73

259,818

 

Other  amounts  receivable

1,404

-15.74

1,666

 

-91.88

20,512

1482

1,296

 

-12.33

1,479

 

Cash

36,863

-57.37

 

86,464

22.01

70,869

-49.98

141,686

 

116

65,568

 

Miscellaneous  current  assets

1,439

822

156

 

-87.76

1,274

-

0

 

-

0

 

Total  Assets

778,769

-34.39

 

1,187,052

24.83

950,958

14.04

833,871

 

26.53

659,052

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

Total  shareholders  equity

 

 

82,171

5.89

77,597

6.65

72,756

31.09

 

55,502

32.95

41,747

Issued  share  capital

 

 

18,600

0

18,600

0

18,600

0

 

18,600

0

18,600

Share  premium  account

 

-

 

-

-

-

-

-

-

 

-

-

 

Revaluation  reserve

-

-

-

-

-

-

-

-

-

Reserves

63,571

7.75

58,997

8.94

54,156

46.76

36,902

59.42

23,147

Provisions  for  Liabilities  &  Charges

0

-

0

-

0

-

0

-

0

Deffered  taxes

-

-

-

-

-

-

-

-

-

Creditors

696,599

-37.21

1,109,455

26.33

878,202

12.83

778,370

26.09

617,305

Other  long  term  loans

-

-

-

-

-

-

-

-

-

Long  term  group  loans

-

-

-

-

-

-

-

-

-

Other  long  term  liabilities

0

-

0

-

0

-

0

-

0

Total  long  term  debts

0

-

0

-

0

-

0

-

0

Current  portion  of  long  term  debt

-

-

-

-

-

-

-

-

-

Financial  debts

-

-

-

-

-

-

-

-

-

Trade  creditors

550,365

-42.74

961,167

37.16

700,771

15.30

607,770

31.84

460,981

Amounts  Payable  for  Taxes,  Remuneration  &

5,677

437

1,057

-87.35

8,357

31.14

6,372

70.38

3,740

Social  Security

 

 

 

 

 

 

 

 

 

 

Miscellaneous  current  liabilities

140,558

-4.53

147,231

-12.92

169,074

2.95

164,228

7.63

152,584

Total  current  liabilities

696,599

-37.21

1,109,455

26.33

878,202

12.83

778,370

26.09

617,305

Total  Liabilities

778,769

-34.39

1,187,052

24.83

950,958

14.04

833,871

26.53

659,052

 

ratio  analysis

 

 

 

 

 

 

 

 

 

TRADING  PERFORMANCE

 

 

 

 

 

 

 

 

 

Profit  Before  Tax

-

-

-

-

-

-

-

-

-

Return  on  capital  employed

6.41

-11.10

7.21

-79.26

34.76

-4.14

36.26

25.60

28.87

Return  on  total  assets  employed

0.68

44.68

0.47

-82.33

2.66

10.37

2.41

31.69

1.83

Return  on  net  assets  employed

6.41

-11.10

7.21

-79.26

34.76

-4.14

36.26

25.60

28.87

Sales  /  net  working  capital

-

-

-

-

-

-

-

-

-

Stock  turnover  ratio

-

-

-

-

-

-

-

-

-

Creditor  days

-

-

-

-

-

-

-

-

-

Debtor  days

-

-

-

-

-

-

-

-

-

SHORT  TERM  STABILITY

 

 

 

 

 

 

 

 

 

Current  ratio

1.12

4.67

1.07

-0.93

1.08

0.93

1.07

0

1.07

Liquidity  ratio  /  acid  ratio

0.50

-3.85

0.52

52.94

0.34

-48.48

0.66

24.53

0.53

Current  debt  ratio

8.48

-40.70

14.30

18.48

12.07

-13.91

14.02

-5.21

14.79

Liquidity  ratio  reprocessed

-

-

-

-

-

-

-

-

-

Cashflow

5,070

-0.73

5,107

-70.72

17,441

25.94

13,849

107

6,673

Net  worth

82,171

5.89

77,597

6.65

72,756

31.09

55,502

32.95

41,747

 

LONG  TERM  STABILITY

 

Equity  in  percentage

10.55

61.31

6.54

 

-14.51

7.65

14.86

6.66

5.21

6.33

Total  debt  ratio

8.48

-40.70

14.30

 

18.48

12.07

-13.91

14.02

-5.21

14.79

Working  capital

81,587

6.63

76,517

 

5.68

72,404

31.73

54,962

31.88

41,675

Profit  &  loss

 

 

 

 

 

 

 

 

 

 

Operating  Income

 

-

-

-

-

-

-

-

-

-

Turnover

 

-

-

-

-

-

-

-

-

-

Total  operating  expenses

 

-

-

-

-

-

-

-

-

-

Gross  Operating  Margin

 

7,330

-21.16

9,297

-67.22

28,364

29.49

21,905

52.56

14,358

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

 

496

86.52

266

42.25

187

98.18

94

-47.09

178

Operating  result

 

5,549

-19.77

6,917

-73.45

26,051

26.53

20,588

53.31

13,430

Total  financial  income

 

295

-

-

-

2

153

1

75.56

0

Total  financial  expenses

 

579

-56.18

1,322

73.72

761

63.86

464

-66.25

1,376

Results  on  ordinary  operations  before  taxation

 

5,265

-5.89

5,594

-77.88

25,292

25.68

20,125

66.95

12,054

Extraordinary  Income

 

-

-

-

-

-

-

-

-

-

Extraordinary  Charges

 

-

-

-

-

-

-

-

-

-

Extraordinary  items

 

0

-

0

-

0

-

0

-

0

Results  for  the  Year  Before  Taxation

 

5,265

-5.89

5,594

-77.88

25,292

25.68

20,125

66.95

12,054

Other  appropriations

 

-

-

-

-

-

-

-

-

-

Taxation

 

691

-8.19

753

-90.63

8,038

26.19

6,370

14.58

5,560

Results  on  ordinary  operations  after  taxation

 

4,573

-5.53

4,841

-71.94

17,254

25.44

13,755

111

6,495

Net  result

 

4,573

-5.53

4,841

-71.94

17,254

25.44

13,755

111

6,495

Profit  (Loss)  for  the  Year  to  be  appropiated

 

4,573

-5.53

4,841

-71.94

17,254

25.44

13,755

111

6,495

Dividends

 

-

-

-

-

-

-

-

-

-

 

 

Industry comparison   

           

Activity  code

46761

 

Activity  description

 

Wholesale  of  diamonds  and  other  precious  stones

industry  average  credit

64.48

 

rating

 

 

Industry  average  credit  limit

140177.31

 

Payment  Information

 

 

 

 

Suspension  of  payments  /  moratorium  history

 

Amount

-

 

Details

-

 

Payment  expectations

 

 

Payment  expectation  days

-

 

Day  sales  outstanding

-

 

Industry  comparison

 

 

Activity  code

46761

 

Activity  description

Wholesale  of  diamonds  and  other  precious  stones

 

Industry  average  payment expectation  days

104.58

 

Industry  average  day  sales outstanding 

182.55

 

Industry  quartile  analysis

Payment  expectations

 

Company  result

-

Lower

118.32

Median

75.64

Upper

44.92

 

 

Day  sales  outstanding

 

Company  result

-

Lower

102.33

Median

54.86

Upper

25.06

 

 

Group Structure

No  group  structure  for  this  company.

 

Minority Shareholders

No  minority  shareholders  found

 

Minority Interests

No  minority  interests  found

 

Companies  that  match  this  address

 

Business  number

Company  name

Date  of  accounts

427399420

WHITE  GEMS  IN  VEREFFENING  BVBA

-

430729290

NATIONAL  GEMS  CORP  IN  VEREFFENING

-

432216063

OM  CORPORATION  BVBA

31/12/2014

434805963

TRANSLLOYD  REIZEN  NV

31/12/2013

434835855

PATHY'S  JEWELS  BVBA  IN  VEREFFENING

-

439576482

ROOTSDIAM  BVBA

31/12/2013

451058314

SOHAMDIAM  EBVBA

31/12/2013

451565385

SEGA  DIAM  BVBA

31/12/2013

460205117

K.  VIJAY  BVBA

31/12/2013

460934991

SIDDHI  GEMS  BVBA

31/12/2013

463048603

VISHAL  JEWELS  IN  VEREFFENING  BVBA

31/12/1999

464983752

VAMA-GEMS  BVBA

31/12/2013

465467564

MINESTAR  BVBA

31/12/2014

477644727

JIGDIAM  NV

31/12/2014

506473919

BLINDER  MARCEL

-

836780594

MADHAV  DIAM  BVBA

30/06/2014

846748335

DD  DIAMONDS  BVBA

31/12/2013

864728769

LASER  EDGE  SERVICES  BVBA

31/12/2013

873988410

DEV  GEMS  BVBA

31/12/2013

880206209

VS  DIAMOND  BVBA

31/12/2013

882990109

PRIME  INTERNATIONAL  BVBA

31/12/2013

 

Linked Companies

 

Summary

 

Group  -  Number  of  Companies

0

Linkages  -  Number  of  Companies

0

Number  of  Countries

0

 

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

MANISHKUMAR  MANGALDAS  DOSHI

Position

Principal  Manager

Start  Date

01/11/2011

Street

11 QUINTEN  MATSIJSLEI  ANTWERPEN

Post  code

2018

Country

Belgium

Former  director  details

 

Name

UDAYAN  KIRITILAL  SHETH

Position

Principal  Manager

Start  Date

31/03/2006

End  Date

17/10/2011

Street

35 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.63.49

UK Pound

1

Rs.99.43

Euro

1

Rs.69.14

 

INFORMATION DETAILS

 

Analysis Done by :

RAS

 

 

Report Prepared by :

SDA

 

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

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NB

                                       New Business

 

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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.