MIRA INFORM REPORT

 

 

Report No. :

327537

Report Date :

24.06.2015

 

IDENTIFICATION DETAILS

 

Name :

ATLASS & CO BVBA

 

 

Registered Office :

Pelikaanstraat 62 2018 Antwerpen

 

 

Country :

Belgium

 

 

Financials (as on) :

31.12.2013

 

 

Date of Incorporation :

05.12.1988

 

 

Com. Reg. No.:

435937103

 

 

Legal Form :

Private Limited Company (BL/LX)

 

 

Line of Business :

Preparation of diamonds.

 

 

No. of Employee :

1

 

 

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 – 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                     435937103

Company name                        ATLASS & CO BVBA

Address                                   PELIKAANSTRAAT 62

2018 ANTWERPEN

Number of staff                        1

Date of establishment               05/12/1988

Telephone number                   033372310

Fax number                              032326666

 

 

Commentary

 

The business was established over 27 years ago.

The business has 1 employees.

The business has been at the address for over 6 years.

Operating Result in the latest trading period decreased 764% on the previous trading period.

Net Worth decreased by 21% during the latest trading period.

The business saw an increase in their Cash Balance of 79% during the latest trading period.

 

 

Accounts

 

DATE  OF  LATEST  ACCOUNTS

TURNOVER

PROFIT  BEFORE  TAX

NET  WORTH

WORKING  CAPITAL

31/12/2013

 

-104,959

380,974

1,334,833

31/12/2012

 

-1,189

485,463

1,447,036

31/12/2011

 

1,194

489,147

1,448,379

 

ACCOUNTS

 

 

 

 

 

DATE  OF  LATEST  ACCOUNTS

BALANCE  TOTAL

NUMBER  OF  EMPLOYEES

CAPITAL

CASHFLOW

31/12/2013

4,864,027

2

6,197

-95,055

31/12/2012

5,350,728

2

6,197

7,918

31/12/2011

6,432,098

2

6,197

3,748

 

 

Trends

 

Profitability

Liquidity

Net worth

 

Payment expectations

 

Past  payments

 

Payment  expectation  days

-

Industry  average  payment

108.55

Industry  average  day  sales

111.01

expectation  days

 

outstanding

 

Day  sales  outstanding

-

 

 

 

 

Court data summary

 

BANKRUPTCY DETAILS

Court action type                       No

 

PROTESTED BILLS

Bill amount                                –

 

NSSO DETAILS

Date of summons                     14/04/2008

 

 

Company information

 

Business  number

435937103

Company  name

ATLASS  &  CO  BVBA

Fax  number

032326666

Date  founded

05/12/1988

Company  status

active

Company  type

Private  Limited  Company

 

 

 

(BL/LX)

Currency

Euro  (€)

Date  of  latest  accounts

31/12/2013

Activity  code

32121

Liable  for  VAT

yes

Activity  description

Preparation  of  diamonds

VAT  Number

BE.0435.937.103  Check  VAT number

Belgian Bullettin of Acts Publications

moniteur belge

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Contractor details

 

Registered  contractor

-

number

 

Contractor  description

-

Date  struck  off  register

 

 

 

PERSONNEL  (NSSO  CLASSIFICATION)

 

Code

-

Description

-

 

 

JOINT  INDUSTRIAL  COMMITTEE  (JIC)

 

JIC  Code

218

Description category

Additional  national  joint  committee  for  the  employees

 

 

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

765,690

-1.12

774,380

-1.25

784,190

-3.11

809,375

5.59

766,504

Intangible  fixed  assets

0

-

0

-

0

-

0

-

0

Tangible  fixed  assets

22,378

-27.97

31,068

-23.90

40,828

-38.83

66,750

179

23,880

Land  &  building

-

-

-

-

-

-

-

-

-

Plant  &  machinery

22,187

-27.88

30,763

-23.87

40,407

-8.78

44,297

88.51

23,498

Furniture  &  Vehicles

191

-37.55

306

-27.30

421

-98.13

22,453

5777

382

Leasing  &  Other  Similar  Rights

-

-

-

-

-

-

-

-

-

Other  tangible  assets

0

-

0

-

0

-

0

-

0

Financial  fixed  assets

743,312

0

743,312

-0.01

743,362

0.10

742,625

0.00

742,625

Total  current  assets

4,098,337

-10.45

4,576,348

-18.97

5,647,908

29.51

4,361,102

26.81

3,439,001

Inventories

1,919,039

-26.98

2,628,189

-29.03

3,703,457

46.10

2,534,883

39.52

1,816,849

Raw  materials  &  consumables

-

-

-

-

-

-

-

-

-

Work  in  progress

0

-

0

-

0

-

0

-

0

Finished  goods

0

-

0

-

0

-

0

-

0

Other  stocks

1,919,039

-26.98

2,628,189

-29.03

3,703,457

46.10

2,534,883

39.52

1,816,849

Trade  debtors

405,752

28.76

315,118

5.34

299,144

-4.77

314,135

21.02

259,579

Other  amounts  receivable

1,712,920

7.15

1,598,640

2.85

1,554,280

3.51

1,501,575

11.06

1,352,054

Cash

57,847

79.36

32,251

-63.06

87,316

989

8,017

-10.98

9,006

Miscellaneous  current  assets

2,780

29.35

2,149

-42.09

3,711

48.89

2,493

64.74

1,513

Total  Assets

4,864,027

-9.10

5,350,728

-16.81

6,432,098

24.40

5,170,476

22.95

4,205,505

 

 

LIABILITIES

 

Total  shareholders  equity

380,974

-21.52

485,463

-0.75

489,147

-1.73

497,761

1.21

491,810

Issued  share  capital

6,197

0

6,197

0

6,197

0

6,197

0.01

6,197

Share  premium  account

-

-

-

-

-

-

-

-

-

Revaluation  reserve

-

-

-

-

-

-

-

-

-

Reserves

374,777

-21.80

479,266

-0.76

482,949

-1.75

491,564

1.23

485,613

Provisions  for  Liabilities  &  Charges

0

-

0

-

0

-

0

-

0

Deffered  taxes

-

-

-

-

-

-

-

-

-

Creditors

4,483,053

-7.86

4,865,265

-18.13

5,942,951

27.18

4,672,715

25.82

3,713,695

Other  long  term  loans

362,555

-4.33

378,960

-1.93

386,429

-0.15

387,009

11.50

347,078

Long  term  group  loans

-

-

-

-

-

-

-

-

-

Other  long  term  liabilities

1,356,993

0

1,356,993

0

1,356,993

0

1,356,993

0.00

1,356,993

Total  long  term  debts

1,719,549

-0.95

1,735,953

-0.43

1,743,422

-0.03

1,744,002

2.34

1,704,071

Current  portion  of  long  term  debt

-

-

-

-

-

-

6,817

-

-

Financial  debts

979

-92.99

13,976

-76.14

58,586

140

24,400

-57.83

57,865

Trade  creditors

2,682,135

-11.61

3,034,311

-26.41

4,123,325

43.27

2,877,972

48.87

1,933,223

Amounts  Payable  for  Taxes,

28,221

5.68

26,704

51.57

17,618

-8.83

19,324

4.25

18,536

Remuneration  &  Social  Security

 

 

 

 

 

 

 

 

 

Miscellaneous  current  liabilities

52,169

-3.96

54,320

-

0

-100

200

-

0

Total  current  liabilities

2,763,504

-11.69

3,129,311

-25.48

4,199,529

43.39

2,928,712

45.73

2,009,624

Total  Liabilities

4,864,027

-9.10

5,350,728

-16.81

6,432,098

24.40

5,170,476

22.95

4,205,505

 

 

RATIO ANALYSIS

 

TRADING  PERFORMANCE

 

Profit  Before  Tax

-

-

-

-

-

-

-

-

-

Return  on  capital  employed

-5.00

-9900

-0.05

-200

0.05

-75.00

0.20

53.85

0.13

Return  on  total  assets  employed

-2.16

-10700

-0.02

-200

0.02

-77.78

0.09

28.57

0.07

Return  on  net  assets  employed

-27.55

-10920

-0.25

-204

0.24

-73.03

0.89

50.85

0.59

Sales  /  net  working  capital

-

-

-

-

-

-

-

-

-

Stock  turnover  ratio

-

-

-

-

-

-

-

-

-

Creditor  days

-

-

-

-

-

-

-

-

-

Debtor  days

-

-

-

-

-

-

-

-

-

 

SHORT  TERM  STABILITY

 

Current  ratio

1.48

1.37

1.46

8.96

1.34

-10.07

1.49

-12.87

1.71

Liquidity  ratio  /  acid  ratio

0.79

27.42

0.62

34.78

0.46

-25.81

0.62

-23.46

0.81

Current  debt  ratio

7.25

12.40

6.45

-24.91

8.59

46.09

5.88

43.77

4.09

Liquidity  ratio  reprocessed

-

-

-

-

-

-

-

-

-

Cashflow

-95,055

-1300

7,918

111

3,748

-76.62

16,035

77.63

9,027

Net  worth

380,974

-21.52

485,463

-0.75

489,147

-1.73

497,761

1.21

491,810

 

LONG  TERM  STABILITY

 

Gearing

95.42

17.89

80.94

-11.04

90.98

8.28

84.02

2.04

82.34

Equity  in  percentage

7.83

-13.67

9.07

19.34

7.60

-21.08

9.63

-17.62

11.69

Total  debt  ratio

11.77

17.47

10.02

-17.53

12.15

29.39

9.39

24.37

7.55

Working  capital

1,334,833

-7.75

1,447,036

-0.09

1,448,379

1.12

1,432,389

0.21

1,429,377

 

 

PROFIT & LOSS

 

Operating  Income

-

-

-

-

-

-

-

-

-

Turnover

-

-

-

-

-

-

-

-

-

Total  operating  expenses

-

-

-

-

-

-

-

-

-

Gross  Operating  Margin

111,227

-2.30

113,848

-3.67

118,185

5.63

111,883

2.86

108,775

Operating  Charges

-

-

-

-

-

-

-

-

-

Employee  costs

99,542

14.45

86,973

3.90

83,707

-1.13

84,664

-4.32

88,484

Wages  and  salary

79,162

18.92

66,568

3.45

64,346

-4.45

67,339

-2.94

69,380

Employee  pension  costs

-

-

-

-

-

-

-

-

-

Social  security  contributions

15,646

4.40

14,986

4.05

14,403

1.32

14,216

-9.60

15,725

Other  employee  costs

4,734

-12.64

5,419

9.27

4,959

59.48

3,109

-8.01

3,380

Director  remuneration

-

-

-

-

-

-

-

-

-

Amortization  and  depreciation

9,434

-18.69

11,602

-6.15

12,363

22.61

10,083

12.32

8,977

Operating  result

-100,662

-764

15,143

-22.73

19,599

29.50

15,134

67.45

9,038

Total  financial  income

65

568

10

2.32

9

100

5

-81.04

25

Total  financial  expenses

4,361

-73.31

16,342

-11.25

18,414

71.82

10,717

73.78

6,167

Results  on  ordinary  operations  before  taxation

-104,959

-8724

-1,189

-199

1,194

-72.99

4,422

52.69

2,896

Extraordinary  Income

2,019

-

-

-

-

-

6,437

-

-

Extraordinary  Charges

-

-

-

-

7,868

-

-

-

-

Extraordinary  items

2,019

-

0

0

-7,868

-222

6,437

-

0

Results  for  the  Year  Before  Taxation

-102,940

-8554

-1,189

17.82

-6,674

-161

10,858

274

2,896

Other  appropriations

-

-

-

-

-

-

-

-

-

Taxation

1,549

-37.91

2,494

28.54

1,941

-60.45

4,907

72.41

2,846

Results  on  ordinary  operations  after  taxation

-106,507

-2791

-3,684

-393

-746

-53.94

-485

-1069

50

Net  result

-104,489

-2736

-3,684

42.76

-8,615

-244

5,952

11803

50

Profit  (Loss)  for  the  Year  to  be  appropiated

-104,489

-2736

-3,684

42.76

-8,615

-244

5,952

11803

50

Dividends

-

-

-

-

-

-

-

-

-

 

 

Social Balance Sheet Details

 

Social  Balance  Sheet

Total

During  the  reporting  year

 

ended  31-12-2013

 

Full-time  Employees

2

Part-time  Employees

-

Total  Fte  Employees

2

Number  of  hours  worked

 

Full-time  Employees

3,481

Part-time  Employees

-

Total

3,481

Personnel  Charges

 

Full-time  Employees

99,542

Part-time  Employees

-

Total

99,542

Benefits  In  Addition  To  Wages

-

During  the  previous  reporting  year

 

Average  number  employees  in  Fte

2

Actual  working  hours

3,542

Personnel  Charges

86,973

Benefits  In  Addition  To  Wages

-

 

 

Gender  and  Education Level

 

 

 

Men

Full-Time

Part-Time

Total  Fte

Primary  education

-

-

-

Secondairy  education

1

-

1

Higher  education  (non university)

-

-

-

Higher education (university)

-

-

-

 

 

 

 

Women

Full-Time

Part-Time

Total  Fte

Primary  education

-

-

-

Secondairy  education

1

-

1

Higher  education  (non university)

-

-

-

Higher education (university)

-

-

-

 

Working  Category

Full-Time

Part-Time

Total  Fte

Management

-

-

-

White  collar  worker

2

-

2

Blue  collar  worker

-

-

-

Other

-

-

-

 

 

Temporary  personnel

Total

Average  number  of  temporary  staff

-

Actual  working  hours

-

Cost  of  temporary  staff

-

 

 

Industry comparison

 

Activity code                            32121

Activity description                  Preparation of diamonds

industry average credit

rating                                       78.30

Industry average credit limit     9475.63

 

 

Payment Information

 

SUSPENSION OF PAYMENTS / MORATORIUM HISTORY

 

Amount                        –

Details                          –

 

PAYMENT EXPECTATIONS

 

Payment expectation days        –

Day sales outstanding  –

 

 

INDUSTRY COMPARISON

 

Activity code                            32121

Activity description                  Preparation of diamonds

Industry average payment

expectation days                      108.55

Industry average day sales

Outstanding                             111.01

 

 

INDUSTRY QUARTILE ANALYSIS

 

Payment expectations

Company result            -

Lower                           131.45

Median                         74.23

Upper                           35.34

 

 

DAY SALES OUTSTANDING

 

Company result            -

Lower                           106.11

Median                         58.66

Upper                           19.69

 

 

Shareholder Details

 

SUMMARY

 

Group - Number of Companies             0

Linkages - Number of Companies        0

Number of Countries                            0

 

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

no Companies Match this address

 

 

Linked Companies

 

SUMMARY

 

Group - Number of Companies             0

Linkages - Number of Companies        0

Number of Countries                            0

 

 

SUMMONS

 

Legal  event  type

Social  Security  Summons

 

Event  date

14/04/2008

 

Court  type

Court  name

ANTWERPEN

Creditor's  name

3rd  party  type

 

Legal  event  type

Social  Security  Summons

 

Event  date

11/09/2006

 

Court  type

Court  name

ANTWERPEN

Creditor's  name

3rd  party  type

 

Legal  event  type

Social  Security  Summons

 

Event  date

02/02/2004

 

Court  type

Court  name

Antwerpen

Creditor's  name

3rd  party  type

 

 

 

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

 

--

 

 

FORMER DIRECTOR DETAILS

 

Name

RENÉ  JOSEPH  ATLASS

Position

Principal  Manager

Start  Date

02/09/1997

End  Date

Unknown  date

Street

20 MAGERE  SCHORRE  KNOKKE-HEIST

Post  code

8300

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.63.64

UK Pound

1

Rs.100.41

Euro

1

Rs.71.63

 

 

INFORMATION DETAILS

 

Analysis Done by :

RAS

 

 

Report Prepared by :

ANK

 

 

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%)

 

 

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