MIRA INFORM REPORT

 

 

Report No. :

327518

Report Date :

22.06.2015

 

IDENTIFICATION DETAILS

 

Name :

PG DIAM BVBA

 

 

Registered Office :

Pelikaanstraat 62, 2018 Antwerpen

 

 

Country :

Belgium

 

 

Financials (as on) :

31.12.2013

 

 

Date of Incorporation :

15.09.2006

 

 

Com. Reg. No.:

883899731

 

 

Legal Form :

Private Limited Company

 

 

Line of Business :

Wholesale of diamonds and other precious stones.

 

 

No. of Employees :

Not Available

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ca

 

RATING

STATUS

PROPOSED CREDIT LINE

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

 

 

Status :

Moderate

Payment Behaviour :

Slow

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                     883899731

Branche Unit Number               2156507859

Company name                        PG DIAM BVBA

Address                                   PELIKAANSTRAAT 62

2018 ANTWERPEN

Number of staff                        0

Date of establishment               15/09/2006

Telephone number                   032340755

 

 

Commentary

 

The business was established over 8 years ago.

No employees are recorded for this business.

The business has been at the address for over 0 months.

The business has been at the address for less than 6 months.

The business has changed address 1 times in the last year.

Net Worth increased by 95% during the latest trading period.

A 73% growth in Total Assets occurred during the latest trading period.

The business saw a decrease in their Cash Balance of 40% during the latest trading period.

 

 

ACCOUNTS

 

DATE  OF  LATEST  ACCOUNTS

TURNOVER

PROFIT  BEFORE  TAX

NET  WORTH

WORKING  CAPITAL

31/12/2013

 

5,276

48,484

48,183

31/12/2012

 

5,067

24,756

24,290

31/12/2011

 

-6,591

19,689

19,689

 

 

 

 

 

ACCOUNTS

 

 

 

 

DATE  OF  LATEST  ACCOUNTS

BALANCE  TOTAL

NUMBER  OF  EMPLOYEES

CAPITAL

CASHFLOW

31/12/2013

2,903,985

0

18,600

23,892

31/12/2012

1,677,028

0

18,600

5,096

31/12/2011

-

0

18,600

-6,591

 

 

Payment expectations

 

Past payments

 

Payment expectation days

--

 

Industry average payment expectation days

125.71

Industry average day sales outstanding

182.11

 

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

883899731

Company  name

PG  DIAM  BVBA

Fax  number

 

Date  founded

15/09/2006

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.0883.899.731  Check  VAT number

Belgian  Bullettin  of  Acts

moniteur  belge

 

 

 

Joint Industrial Committee (JIC)

 

Significant Events

Event Date                    28/09/2012

Event Description         resignation-appointment of director(s)

Event Details                Commentaar 01-10-2013: Ontslag als zaakvoerder met ingang van 30/09/2013 van PG International (HK) LTD. Benoeming als zaakvoerder met ingang van 01/10/2013 van Rakesh Nayani.

 

 

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

301

-35.37

466

-

-

-

-

-

-

Intangible  fixed  assets

0

-

0

-

0

-

0

-

0

Tangible  fixed  assets

301

-35.37

466

-

-

-

-

-

-

Land  &  building

-

-

-

-

-

-

-

-

-

Plant  &  machinery

301

-35.37

466

-

-

-

-

-

-

Furniture  &  Vehicles

-

-

-

-

-

-

-

-

-

Leasing  &  Other  Similar  Rights

-

-

-

-

-

-

-

-

-

Other  tangible  assets

0

-

0

-

0

-

0

-

0

Financial  fixed  assets

-

-

-

-

-

-

-

-

-

Total  current  assets

2,903,684

73.19

1,676,562

1382

113,080

-1.18

114,430

-54.75

252,868

Inventories

2,795,071

68.68

1,656,987

1555

100,105

3.27

96,936

7.81

89,911

Raw  materials  &  consumables

-

-

-

-

-

-

-

-

-

Work  in  progress

0

-

0

-

0

-

0

-

0

Finished  goods

0

-

0

-

0

-

0

-

0

Other  stocks

2,795,071

68.68

1,656,987

1555

100,105

3.27

96,936

7.81

89,911

Trade  debtors

101,106

1278

7,334

-

0

-

0

-100

146,766

Other  amounts  receivable

834

-18.00

1,017

-76.95

4,413

3.24

4,274

51.84

2,815

Cash

6,673

-40.55

11,224

31.09

8,562

-35.16

13,205

-1.27

13,375

Miscellaneous  current  assets

0

-

0

-

0

-100

14

-

0

Total  Assets

2,903,985

73.16

1,677,028

1383

113,080

-1.18

114,430

-54.75

252,868

LIABILITIES

 

 

 

 

 

 

 

 

 

 

Total  shareholders  equity

48,484

95.85

24,756

25.73

19,689

-25.08

26,281

-6.11

27,990

Issued  share  capital

18,600

0

18,600

0

18,600

0

18,600

0

18,600

Share  premium  account

-

-

-

-

-

-

-

-

-

Revaluation  reserve

-

-

-

-

-

-

-

-

-

Reserves

29,884

385

6,156

465

1,089

-85.82

7,681

-18.20

9,390

Provisions  for  Liabilities  &  Charges

0

-

0

-

0

-

0

-

0

Deffered  taxes

-

-

-

-

-

-

-

-

-

Creditors

2,855,501

72.82

1,652,272

1669

93,391

5.95

88,149

-60.80

224,877

Other  long  term  loans

-

-

-

-

-

-

-

-

-

Long  term  group  loans

-

-

-

-

-

-

-

-

-

Other  long  term  liabilities

0

-

0

-

0

-

0

-100

1

Total  long  term  debts

0

-

0

-

0

-

0

-100

1

Current  portion  of  long  term  debt

-

-

-

-

-

-

-

-

-

Financial  debts

-

-

-

-

-

-

-

-

-

Trade  creditors

2,631,842

61.62

1,628,438

2250

69,287

7.22

64,622

-68.20

203,241

Amounts  Payable  for  Taxes,  Remuneration  & Social  Security

7,628

3549

209

1381

14

-

-

-

-

Miscellaneous  current  liabilities

216,031

814

23,625

-1.93

24,090

2.39

23,527

8.74

21,636

Total  current  liabilities

2,855,501

72.82

1,652,272

1669

93,391

5.95

88,149

-60.80

224,877

Total  Liabilities

2,903,985

73.16

1,677,028

1383

113,080

-1.18

114,430

-54.75

252,868

 

RATIO  ANALYSIS

 

 

 

 

 

 

 

 

 

 

TRADING  PERFORMANCE

 

 

 

 

 

 

 

 

 

Profit  Before  Tax

-

-

-

-

-

-

-

-

-

Return  on  capital  employed

10.88

-46.85

20.47

61.14

-33.48

-415

-6.50

25.56

-25.43

Return  on  total  assets  employed

0.18

-40.0

0.30

5.15

-5.83

-291

-1.49

53.02

-2.81

Return  on  net  assets  employed

10.88

-46.85

20.47

61.14

-33.48

-415

-6.50

25.56

-25.43

Sales  /  net  working  capital

-

-

-

-

-

-

-

-

-

Stock  turnover  ratio

-

-

-

-

-

-

-

-

-

Creditor  days

-

-

-

-

-

-

-

-

-

Debtor  days

-

-

-

-

-

-

-

-

-

SHORT  TERM  STABILITY

 

 

 

 

 

 

 

 

 

Current  ratio

1.02

0.99

1.01

-16.53

1.21

-6.92

1.30

16.07

1.12

Liquidity  ratio  /  acid  ratio

0.04

300

0.01

-92.86

0.14

-30.0

0.20

-72.22

0.72

Current  debt  ratio

58.90

-11.75

66.74

1308

4.74

41.49

3.35

-58.28

8.03

Liquidity  ratio  reprocessed

-

-

-

-

-

-

-

-

-

Cashflow

23,892

368

5,096

77.31

-6,591

-285

-1,710

17.82

-9,592

Net  worth

48,484

95.85

24,756

25.73

19,689

-25.08

26,281

-6.11

27,990

LONG  TERM  STABILITY

 

 

 

 

 

 

 

 

 

Gearing

-

-

-

-

-

-

-

-

-

Equity  in  percentage

1.67

12.84

1.48

-91.50

17.41

-24.21

22.97

107

11.07

Total  debt  ratio

58.90

-11.75

66.74

1308

4.74

41.49

3.35

-58.28

8.03

Working  capital

48,183

98.36

24,290

23.37

19,689

-25.08

26,281

-6.11

27,991

 

 

PROFIT  &  LOSS

 

 

 

 

 

 

 

 

 

 

Operating  Income

-

-

-

-

-

-

-

-

-

Turnover

-

-

-

-

-

-

-

-

-

Total  operating  expenses

-

-

-

-

-

-

-

-

-

Gross  Operating  Margin

7,327

29.46

5,660

91.76

-6,168

-2252

-262

4.95

-5,300

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

165

469

29

-

-

-

-

-

-

Operating  result

5,671

15.84

4,895

72.31

-6,770

-338

-1,543

24.55

-6,284

Total  financial  income

0

-99

331

49.62

221

-

-

-

-

Total  financial  expenses

395

149

158

267

43

-74.18

167

-80.01

834

Results  on  ordinary  operations  before  taxation

5,276

4.12

5,067

76.87

-6,591

-285

-1,710

24.02

-7,118

Extraordinary  Income

22,601

-

-

-

-

-

-

-

-

Extraordinary  Charges

-

-

-

-

-

-

-

-

-

Extraordinary  items

22,601

-

0

-

0

-

0

-

0

Results  for  the  Year  Before  Taxation

27,877

450

5,067

76.87

-6,591

-285

-1,710

24.02

-7,118

Other  appropriations

-

-

-

-

-

-

-

-

-

Taxation

4,150

-

-

-

-

-

-

-

2,473

Results  on  ordinary  operations  after  taxation

1,126

-77.78

5,067

76.87

-6,591

-285

-1,710

17.82

-9,591

Net  result

23,727

368

5,067

76.87

-6,591

-285

-1,710

17.82

-9,592

Profit  (Loss)  for  the  Year  to  be  appropriated

23,727

368

5,067

76.87

-6,591

-285

-1,710

17.82

-9,592

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

125.71

Industry average day sales outstanding

182.11

 

Industry quartile analysis

 

Payment expectations

 

Company result

--

Lower

118.32

Median

74.35

Upper

45.49

 

 

Day sales outstanding

 

Company result

--

Lower

101.92

Median

53.45

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

RAKESH  NAYANI

Position

Principal  Manager

Start  Date

01/10/2013

Street

60 LANGE  HERENTALSESTRAAT  ANTWERPEN

Post  code

2018

Country

Belgium

 

 

Name

PG INTERNATIONAL (HK) LIMITED SOC.  ETRANGERE

Position

Principal  Manager

Start  Date

01/09/2007

Country

Hong  Kong

 

 

FORMER  DIRECTOR  DETAILS

 

 

Name

PG  INTERNATIONAL  (HK)  LTD

Position

Principal  Manager

Start  Date

30/08/2012

End  Date

31/12/2013

Street

48 UNIT  B  2/F  KING'S  COURT  FORT  STREET

Country

Hong  Kong

 

 

Name

VINUBHAI  GADHIYA

Position

Legal  Representative

Start  Date

01/09/2007

End  Date

30/09/2013

 

 

Name

PG  INTERNATIONAL  LIMITED

Position

Principal  Manager

Start  Date

01/09/2007

End  Date

30/09/2013

 

 

Position

Legal  Representative

Start  Date

01/09/2007

End  Date

30/09/2013

 

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.63.82

UK Pound

1

Rs.101.26

Euro

1

Rs.72.36

 

 

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.