MIRA INFORM REPORT

 

 

Report No. :

326313

Report Date :

05.06.2015

 

IDENTIFICATION DETAILS

 

Name :

TRISTAR BVBA

 

 

Registered Office :

Hoveniersstraat 2-Bus 542, 2018 Antwerpen

 

 

Country :

Belgium

 

 

Financials (as on) :

31.12.2013

 

 

Date of Incorporation :

22.02.2005

 

 

Com. Reg. No.:

872383554

 

 

Legal Form :

Private  Limited  Company

 

 

Line of Business :

Wholesale of diamonds and other precious stones

 

 

No. of Employees :

01

 

 

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 – December 31, 2014

 

Country Name

Previous Rating

(30.09.2014)

Current Rating

(31.12.2014)

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 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                     872383554

Branche Unit Number               2146068877

Company name                        TRISTAR BVBA

Address                                   HOVENIERSSTRAAT 2-BUS 542

2018 ANTWERPEN

Number of staff                        0

Date of establishment               22/02/2005

 

 

Commentary

 

The business was established over 10 years ago.

The business has 1 employees.

The business has been at the address for over 5 years.

Operating Result in the latest trading period increased 107% on the previous trading period.

A 40% growth in Total Assets occurred during the latest trading period.

Pre-tax profits increased by 219% compared to the previous trading period.

The business saw a decrease in their Cash Balance of 39% during the latest trading period.

 

ACCOUNTS

 

DATE  OF  LATEST  ACCOUNTS

TURNOVER

PROFIT  BEFORE  TAX

NET  WORTH

WORKING  CAPITAL

31/12/2013

 

10,035

71,995

219,672

31/12/2012

 

3,137

65,376

59,117

31/12/2011

 

15,090

64,163

62,818

 

 

 

 

 

ACCOUNTS\

 

 

 

 

 

DATE  OF  LATEST  ACCOUNTS

BALANCE  TOTAL

NUMBER  OF  EMPLOYEES

CAPITAL

CASHFLOW

31/12/2013

2,743,517

0

18,600

8,282

31/12/2012

1,955,290

1

18,600

1,994

31/12/2011

1,107,350

1

18,600

12,076

 

 

Payment expectations

 

Past payments

 

Payment expectation days

--

 

Industry average payment expectation days

126.79

Industry average day sales outstanding

184.55

 

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

872383554

Company  name

TRISTAR  BVBA

Fax  number

 

Date  founded

22/02/2005

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.0872.383.554  Check  VAT number

Belgian  Bullettin  of  Acts

moniteur  belge

 

 

 

 

Joint Industrial Committee (JIC)

 

JIC Code                                  218

Description                              Additional national joint committee for the employees

category

JIC Code                                  324

Description                              Joint committee for the industry and the trade in diamant

category

 

 

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

4,596

-26.57

6,259

365

1,345

51.34

889

-38.82

1,453

Intangible  fixed  assets

0

-

0

-

0

-

0

-

0

Tangible  fixed  assets

3,496

-32.24

5,159

1059

445

135

189

-74.92

753

Land  &  building

-

-

-

-

-

-

-

-

-

Plant  &  machinery

3,496

-32.24

5,159

1059

445

135

189

-74.92

753

Furniture  &  Vehicles

-

-

-

-

-

-

-

-

-

Leasing  &  Other  Similar  Rights

-

-

-

-

-

-

-

-

-

Other  tangible  assets

0

-

0

-

0

-

0

-

0

Financial  fixed  assets

1,100

0

1,100

22.22

900

28.57

700

0

700

Total  current  assets

2,738,922

40.53

1,949,031

76.22

1,106,005

5.52

1,048,125

1.53

1,032,286

Inventories

628,684

272

168,974

-60.21

424,646

-29.33

600,871

-19.27

744,336

Raw  materials  &  consumables

-

-

-

-

-

-

-

-

-

Work  in  progress

0

-

0

-

0

-

0

-

0

Finished  goods

0

-

0

-

0

-

0

-

0

Other  stocks

628,684

272

168,974

-60.21

424,646

-29.33

600,871

-19.27

744,336

Trade  debtors

2,014,351

24.01

1,624,296

142

670,706

66.80

402,092

324

94,785

Other  amounts  receivable

3,603

1.24

3,558

-23.46

4,649

126

2,054

-22.04

2,635

Cash

89,772

-39.82

149,179

3815

3,810

-90.68

40,863

-78.19

187,366

Miscellaneous  current  assets

2,513

-16.93

3,025

37.85

2,194

-2.27

2,245

-29.08

3,166

Total  Assets

2,743,517

40.31

1,955,290

76.57

1,107,350

5.56

1,049,013

1.48

1,033,739

 

Total  shareholders  equity

71,995

10.12

65,376

1.89

64,163

22.62

52,326

19.04

43,958

Issued  share  capital

18,600

0

18,600

0

18,600

0

18,600

0

18,600

Share  premium  account

-

-

-

-

-

-

-

-

-

Revaluation  reserve

-

-

-

-

-

-

-

-

-

Reserves

53,395

14.15

46,776

2.66

45,563

35.10

33,726

33.00

25,358

Provisions  for  Liabilities  &  Charges

0

-

0

-

0

-

0

-

0

Deffered  taxes

-

-

-

-

-

-

-

-

-

Creditors

2,671,523

41.36

1,889,914

81.17

1,043,187

4.67

996,687

0.70

989,781

Other  long  term  loans

-

-

-

-

-

-

-

-

-

Long  term  group  loans

-

-

-

-

-

-

-

-

-

Other  long  term  liabilities

152,273

-

0

-

0

-

0

-

0

Total  long  term  debts

152,273

-

0

-

0

-

0

-

0

Current  portion  of  long  term  debt

-

-

-

-

-

-

-

-

-

Financial  debts

-

-

95,007

1760

5,107

-84.46

32,855

-82.36

186,270

Trade  creditors

2,240,682

50.49

1,488,937

103

732,828

13.25

647,084

36.62

473,631

Amounts  Payable  for  Taxes, Remuneration  &  Social  Security

7,545

-31.04

10,941

62.07

6,751

173

2,464

-8.39

2,690

Miscellaneous  current  liabilities

271,022

-8.14

295,028

-1.16

298,501

-5.02

314,283

-3.94

327,190

Total  current  liabilities

2,519,249

33.30

1,889,914

81.17

1,043,187

4.67

996,687

0.70

989,781

Total  Liabilities

2,743,517

40.31

1,955,290

76.57

1,107,350

5.56

1,049,013

1.48

1,033,739

 

 

RATIO  ANALYSIS

 

 

 

 

 

 

 

 

 

 

TRADING  PERFORMANCE

 

 

 

 

 

 

 

 

 

Profit  Before  Tax

-

-

-

-

-

-

-

-

-

Return  on  capital  employed

4.47

-6.88

4.80

-79.59

23.52

16.72

20.15

153

7.96

Return  on  total  assets  employed

0.37

131

0.16

-88.24

1.36

34.65

1.01

197

0.34

Return  on  net  assets  employed

13.94

190

4.80

-79.59

23.52

16.72

20.15

153

7.96

Sales  /  net  working  capital

-

-

-

-

-

-

-

-

-

Stock  turnover  ratio

-

-

-

-

-

-

-

-

-

Creditor  days

-

-

-

-

-

-

-

-

-

Debtor  days

-

-

-

-

-

-

-

-

-

SHORT  TERM  STABILITY

 

 

 

 

 

 

 

 

 

Current  ratio

1.09

5.83

1.03

-2.83

1.06

0.95

1.05

0.96

1.04

Liquidity  ratio  /  acid  ratio

0.84

-10.64

0.94

44.62

0.65

44.44

0.45

55.17

0.29

Current  debt  ratio

34.99

21.03

28.91

77.80

16.26

-14.65

19.05

-15.41

22.52

Liquidity  ratio  reprocessed

-

-

-

-

-

-

-

-

-

Cashflow

8,282

315

1,994

-83.49

12,076

35.20

8,932

139

3,731

Net  worth

71,995

10.12

65,376

1.89

64,163

22.62

52,326

19.04

43,958

LONG  TERM  STABILITY

 

 

 

 

 

 

 

 

 

Gearing

-

-

145.32

1725

7.96

-87.32

62.79

-85.18

423.74

Equity  in  percentage

2.62

-21.56

3.34

-42.31

5.79

16.03

4.99

17.41

4.25

Total  debt  ratio

37.11

28.36

28.91

77.80

16.26

-14.65

19.05

-15.41

22.52

Working  capital

219,672

271

59,117

-5.89

62,818

22.12

51,438

21.01

42,506

 

 

PROFIT  &  LOSS

 

 

 

 

 

 

 

 

 

 

Operating  Income

-

-

-

-

-

-

-

-

-

Turnover

-

-

-

-

-

-

-

-

-

Total  operating  expenses

-

-

-

-

-

-

-

-

-

Gross  Operating  Margin

60,708

27.84

47,488

-4.86

49,913

164

18,887

35.31

13,959

Operating  Charges

-

-

-

-

-

-

-

-

-

Employee  costs

28,783

-6.41

30,756

92.50

15,977

-

-

-

-

Wages  and  salary

23,232

-8.63

25,427

94.26

13,089

-

-

-

-

Employee  pension  costs

-

-

-

-

-

-

-

-

-

Social  security  contributions

5,350

4.11

5,138

82.99

2,808

-

-

-

-

Other  employee  costs

202

5.89

190

138

80

-

0

-

0

Director  remuneration

-

-

-

-

-

-

-

-

-

Amortization  and  depreciation

1,663

113

780

226

239

-57.61

564

-7.82

612

Operating  result

28,338

107

13,653

-57.47

32,105

86.51

17,214

41.97

12,125

Total  financial  income

0

-99

33

3180

1

-98.66

75

11922

1

Total  financial  expenses

18,304

73.51

10,549

-38.01

17,017

152

6,744

-21.81

8,625

Results  on  ordinary  operations  before  taxation

10,035

219

3,137

-79.21

15,090

43.11

10,544

201

3,500

Extraordinary  Income

-

-

727

-

-

-

-

-

-

Extraordinary  Charges

-

-

-

-

-

-

-

-

-

Extraordinary  items

0

-100

727

-

0

-

0

-

0

Results  for  the  Year  Before  Taxation

10,035

159

3,863

-74.40

15,090

43.11

10,544

201

3,500

Other  appropriations

-

-

-

-

-

-

-

-

-

Taxation

3,416

28.91

2,650

-18.54

3,253

49.46

2,176

471

381

Results  on  ordinary  operations  after  taxation

6,619

1260

487

-95.89

11,837

41.46

8,368

168

3,119

Net  result

6,619

445

1,213

-89.75

11,837

41.46

8,368

168

3,119

Profit  (Loss)  for  the  Year  to  be  appropiated

6,619

445

1,213

-89.75

11,837

41.46

8,368

168

3,119

Dividends

-

-

-

-

-

-

-

-

-

 

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

1,056

Part-time  Employees

-

Total

1,056

 

 

Personnel  Charges

 

Full-time  Employees

28,783

Part-time  Employees

-

Total

28,783

 

 

Benefits  In  Addition  To  Wages

-

During  the  previous  reporting  year

 

Average  number  employees  in  Fte

1

 

 

Actual  working  hours

1,839

Personnel  Charges

30,396

Benefits  In  Addition  To  Wages

-

 

 

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

126.79

Industry average day sales outstanding

184.55

 

Industry quartile analysis

 

Payment expectations

 

Company result

--

Lower

118.95

Median

74.61

Upper

45.68

 

 

Day sales outstanding

 

Company result

--

Lower

102.58

Median

54.08

Upper

24.31

 

 

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

MUKESH  SHAH

Position

Principal  Manager

Start  Date

19/08/2010

Street

50 BELGIËLEI  ANTWERPEN

Post  code

2018

Country

Belgium

 

 

Name

BHAVIK  HITENDRA  SHAH

Position

Principal  Manager

Start  Date

19/08/2010

Street

50 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.64.17

UK Pound

1

Rs.98.30

Euro

1

Rs.72.25

 

 

INFORMATION DETAILS

 

Analysis Done by :

KAR

 

 

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.