MIRA INFORM REPORT

 

 

Report No. :

310486

Report Date :

13.03.2015

 

IDENTIFICATION DETAILS

 

Name :

RKAIN DIAMOND BVBA

 

 

Registered Office :

Hoveniersstraat 30-Bus 174, 2018 Antwerpen

 

 

Country :

Belgium

 

 

Financials (as on) :

31.12.2013

 

 

Date of Incorporation :

14.11.1983

 

 

Com. Reg. No.:

424767552

 

 

Legal Form :

Private Limited Company

 

 

LINE OF BUSINESS :

WHOLESALE OF DIAMONDS AND OTHER PRECIOUS STONES

 

 

No of Employees :

2

 

 

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 – 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 Risk

 

A2

Moderate Low Risk

 

B1

Moderate Risk

B2

Moderate High Risk

 

C1

High Risk

C2

Very High Risk

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 volatility in world markets. Roughly three-quarters of Belgium's trade is with other EU countries, and Belgium has benefited most from its proximity to Germany. In 2013 Belgian GDP grew by 0.1%, the unemployment rate increased to 8.8% from 7.6% the previous year, and the government reduced the budget deficit from a peak of 6% of GDP in 2009 to 3.2%. Despite the relative improvement in Belgium's budget deficit, public debt hovers around 100% of GDP, a factor that has contributed to investor perceptions that the country is increasingly vulnerable to spillover from the euro-zone crisis. Belgian banks were severely affected by the international financial crisis in 2008 with three major banks receiving capital injections from the government, and the nationalization of the Belgian retail arm of a Franco-Belgian bank.

Source : CIA

Company summary

 

Business number                                             424767552

Branche Unit Number                                       2023307261

Company name                                                RKAIN DIAMOND BVBA

Address                                                           HOVENIERSSTRAAT 30-BUS 174

2018 ANTWERPEN

Number of staff                                                2

Date of establishment                                       14/11/1983

Telephone number                                           032335403

Fax number                                                      032250988

 

 

Commentary

 

The business was established over 31 years ago.

The business has 1 employees.

The business has been at the address for over 12 years.

The credit rating for this business has decreased from 99 to 97.

The credit limit for this business has increased from €230000 to €265000.

Operating Result in the latest trading period decreased 70% on the previous trading period.

Pre-tax profits decreased by 50% compared to the previous trading period.

The business saw a decrease in their Cash Balance of 43% during the latest trading period.

Turnover in the latest trading period decreased 51% on the previous trading period.

 

 

Accounts

 

DATE OF LATEST ACCOUNTS

TURNOVER

PROFIT BEFORE TAX        NET WORTH

WORKING CAPITAL

31/12/2013

32,878,025

307,589                                   1,874,797

1,763,610

31/12/2012

67,145,710

615,869                                   1,668,657

1,555,513

31/12/2011

46,809,252

513,556                                   1,419,269

1,312,071

 

 

Accounts

 

DATE OF LATEST ACCOUNTS

BALANCE TOTAL

NUMBER OF EMPLOYEES                 CAPITAL

      CASHFLOW

31/12/2013

6,862,346

2                                                              62,000

243,094

31/12/2012

6,195,498

2                                                              62,000

440,708

31/12/2011

5,267,270

1                                                              62,000

356,344

 

 

Trends

 

Profitability

Liquidity

Net worth

 

 

Payment expectations

 

Past payments

 

Payment expectation days

54.88

Industry average payment expectation days

126.69

Industry average day sales outstanding

185.99

Day sales outstanding

4.91

 

 

 

 

Court data summary

 

BANKRUPTCY DETAILS

Court action type                                  no

 

PROTESTED BILLS

Bill amount                                          -

 

NSSO DETAILS

Date of summons                                 –

 

 

Company information

 

Business number

424767552

Company name

RKAIN DIAMOND BVBA

Fax number

032250988

Date founded

14/11/1983

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        VAT Number

other precious stones

BE.0424.767.552 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)

 

 

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

111,187

-24.21

146,696

-17.05

176,857

1625

10,249

16.81

8,774

 

Intangible fixed assets

0

-

0

-

0

-

0

-

0

Tangible fixed assets

109,936

-24.41

145,446

-17.17

175,606

1851

8,998

19.60

7,524

Land & building

-

-

-

-

-

-

-

-

-

Plant & machinery

29,788

-14.68

34,914

-10.15

38,856

818

4,230

-4.86

4,446

Furniture & Vehicles

7,398

-16.46

8,856

44.02

6,149

28.95

4,768

54.92

3,078

Leasing & Other Similar Rights

72,750

-28.45

101,676

-22.15

130,601

-

-

-

-

Other tangible assets

0

-

0

-

0

-

0

-

0

 

Financial fixed assets

1,251

-0.04

1,251

0

1,251

0.04

1,251

-0.04

1,251

 

Total current assets

6,751,159

11.61

6,048,802

18.83

5,090,413

77.04

2,875,293

175

1,045,475

Inventories

6,183,606

5.83

5,842,740

115

2,708,183

21.73

2,224,836

141

921,705

Raw materials & consumables

6,183,606

5.83

5,842,740

115

2,708,183

-

-

-

921,705

Work in progress

0

-

0

-

0

-

0

-

0

Finished goods

0

-

0

-

0

-100

2,224,836

-

0

Other stocks

0

-

0

-

0

-

0

-

0

 

Trade debtors

441,885

874

45,334

-97.90

2,159,560

834

231,136

278

61,115

Other amounts receivable

72,742

15.33

63,071

7.94

58,433

11.82

52,256

16.31

44,927

Cash

52,926

-43.58

93,814

-41.63

160,712

-56.17

366,666

1968

17,727

Miscellaneous current assets

0

-100

3,843

9.02

3,525

783

399

39781

1

Total Assets

6,862,346

10.76

6,195,498

17.62

5,267,270

82.54

2,885,542

173

1,054,249

 

Liabilities

 

Total  shareholders  equity

1,874,797

12.35

1,668,657

17.57

1,419,269

45.27

977,005

3.36

945,233

Issued  share  capital

62,000

0

62,000

0

62,000

0

62,000

0

62,000

Share  premium  account

-

-

-

-

-

-

-

-

-

Revaluation  reserve

-

-

-

-

-

-

-

-

-

Reserves

1,812,797

12.83

1,606,657

18.37

1,357,269

48.33

915,005

3.60

883,233

Provisions  for  Liabilities  &  Charges

0

-

0

-

0

-

0

-

0

 

 

 

 

 

 

 

 

 

 

Deffered  taxes

-

-

-

-

-

-

-

-

-

 

 

 

 

 

 

 

 

 

 

Creditors

4,987,549

10.18

4,526,841

17.64

3,848,000

101

1,908,537

1650

109,015

 

 

 

 

 

 

 

 

 

 

Other  long  term  loans

-

-

33,552

-51.83

69,658

-

-

-

-

Long  term  group  loans

-

-

-

-

-

-

-

-

-

Other  long  term  liabilities

0

-

0

-100

1

-

0

-100

1

Total  long  term  debts

0

-100

33,552

-51.83

69,659

-

0

-100

1

 

 

 

 

 

 

 

 

 

 

Current  portion  of  long  term  debt

33,552

-7.07

36,106

7.75

33,510

-

-

-

-

Financial  debts

-

-

-

-

-

-

-

-

-

Trade  creditors

4,922,939

23.82

3,976,043

11.29

3,572,717

88.58

1,894,575

1901

94,656

Amounts  Payable  for  Taxes, Remuneration  &  Social  Security

31,058

-77.52

138,132

-19.74

172,115

1621

9,996

-30.38

14,359

Miscellaneous  current  liabilities

0

-100

343,008

-

0

-100

3,966

-

0

Total  current  liabilities

4,987,549

11.00

4,493,289

18.92

3,778,342

97.97

1,908,537

1650

109,015

 

 

 

 

 

 

 

 

 

 

Total  Liabilities

6,862,346

10.76

6,195,498

17.62

5,267,270

82.54

2,885,542

173

1,054,249

 

 

Ratio Analysis

 

TRADING  PERFORMANCE

 

Profit  Before  Tax

0.94

2.17

0.92

-16.36

1.10

478

0.19

375

0.04

Return  on  capital  employed

16.41

-54.64

36.18

4.90

34.49

764

3.99

1230

0.30

Return  on  total  assets  employed

4.48

-54.93

9.94

1.95

9.75

622

1.35

400

0.27

Return  on  net  assets  employed

16.41

-55.54

36.91

2.02

36.18

806

3.99

1230

0.30

Sales  /  net  working  capital

18.64

-56.82

43.17

20.99

35.68

72.28

20.71

183

7.30

Stock  turnover  ratio

18.81

116

8.70

50.26

5.79

-47.88

11.11

-17.58

13.48

Creditor  days

54.88

152

21.76

-22.95

28.24

-18.57

34.68

584

5.07

Debtor  days

4.91

1864

0.25

-98.52

16.84

300

4.21

29.14

3.26

 

SHORT  TERM  STABILITY

 

Current  ratio

1.35

0

1.35

0

1.35

-10.60

1.51

-84.25

9.59

Liquidity  ratio  /  acid  ratio

0.11

120

0.05

-92.06

0.63

85.29

0.34

-70.18

1.14

Current  debt  ratio

2.66

-1.12

2.69

1.13

2.66

36.41

1.95

1525

0.12

Liquidity  ratio  reprocessed

-

-

-

-

-

-

-

-

-

Cashflow

243,094

-44.84

440,708

23.67

356,344

932

34,525

2043

1,611

Net  worth

1,874,797

12.35

1,668,657

17.57

1,419,269

45.27

977,005

3.36

945,233

 

LONG TERM STABILITY

 

Gearing

1.79

-57.07

4.17

-42.64

7.27

-

-

-

-

 

 

 

 

 

 

 

 

 

 

Equity  in  percentage

27.32

1.45

26.93

-0.07

26.95

-20.41

33.86

-62.24

89.66

 

 

 

 

 

 

 

 

 

 

Total  debt  ratio

2.66

-1.85

2.71

0

2.71

38.97

1.95

1525

0.12

 

 

 

 

 

 

 

 

 

 

Working  capital

1,763,610

13.38

1,555,513

18.55

1,312,071

35.72

966,756

3.24

936,460

 

 

Profit  &  loss

 

Operating  Income

32,911,334

-51.01

67,182,171

43.50

46,816,711

133

20,021,717

192

6,854,134

Turnover

32,878,025

-51.03

67,145,710

43.45

46,809,252

133

20,017,314

192

6,839,867

Total  operating  expenses

32,741,209

-50.90

66,679,975

44.38

46,182,103

131

19,937,385

192

6,813,009

Gross  Operating  Margin

-

-

-

-

-

-

-

-

-

 

 

 

 

 

 

 

 

 

 

Operating  Charges

32,774,518

-50.87

66,716,435

44.44

46,189,562

131

19,941,788

192

6,827,276

Employee  costs

81,940

-6.32

87,470

159

33,694

-10.00

37,438

7.05

34,973

Wages  and  salary

59,397

2.39

58,009

168

21,617

-2.78

22,235

0.81

22,057

Employee  pension  costs

-

-

-

-

-

-

-

-

-

Social  security  contributions

12,112

-13.45

13,993

269

3,787

-22.17

4,866

8.20

4,497

Other  employee  costs

10,431

-32.56

15,468

86.56

8,291

-19.80

10,337

22.79

8,419

Director  remuneration

-

-

-

-

-

-

-

-

-

Amortization  and  depreciation

36,954

1.74

36,321

102

17,926

551

2,753

29.88

2,120

 

 

 

 

 

 

 

 

 

 

Operating  result

136,816

-70.62

465,735

-25.74

627,149

684

79,929

197

26,858

Total  financial  income

187,533

3.05

181,987

220

56,753

-87.94

470,558

379382

124

 

 

 

 

 

 

 

 

 

 

Total  financial  expenses

16,761

-47.38

31,853

-81.30

170,346

-66.70

511,551

2021

24,117

 

 

 

 

 

 

 

 

 

 

Results  on  ordinary  operations before  taxation

307,589

-50.06

615,869

19.92

513,556

1218

38,935

1258

2,866

 

 

 

 

 

 

 

 

 

 

Extraordinary  Income

-

-

-

-

-

-

-

-

-

 

 

 

 

 

 

 

 

 

 

Extraordinary  Charges

-

-

-

-

-

-

-

-

-

 

 

 

 

 

 

 

 

 

 

Extraordinary  items

0

-

0

-

0

-

0

-

0

 

 

 

 

 

 

 

 

 

 

Results  for  the  Year  Before Taxation

307,589

-50.06

615,869

19.92

513,556

1218

38,935

1258

2,866

 

 

 

 

 

 

 

 

 

 

Other  appropriations

-

-

-

-

-

-

-

-

-

 

 

 

 

 

 

 

 

 

 

Taxation

101,449

-52.03

211,482

20.75

175,138

2344

7,164

112

3,375

Results  on  ordinary  operations after  taxation

206,140

-49.02

404,387

19.49

338,418

965

31,772

6241

-509

 

 

 

 

 

 

 

 

 

 

Net  result

206,140

-49.02

404,387

19.49

338,418

965

31,772

6241

-509

 

 

 

 

 

 

 

 

 

 

Profit  (Loss)  for  the  Year  to  be Appropriated

206,140

-49.02

404,387

19.49

338,418

965

31,772

6241

-509

 

 

 

 

 

 

 

 

 

 

Dividends

-

-

155,000

-

-

-

-

-

-

 

 

Social Balance Sheet Details

 

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                                                                            3,222

Part-time Employees                                                                            -

Total                                                                                                    3,222

 

Personnel Charges

Full-time Employees                                                                            81,940

Part-time Employees                                                                            -

Total                                                                                                    81,940

Benefits In Addition To Wages                                                             -

 

During the previous reporting year

Average number employees in Fte                                                       2

Actual working hours                                                                           2,892

Personnel Charges                                                                               87,470

Benefits In Addition To Wages                                                             –

 

 

Type  of  Contract

Full-Time

Part-Time

Total  Fte

Unlimited  Duration Contracts

2

-

2

Limited  Duration  Contracts

-

-

-

Contracts  For  Specific  Work

-

-

-

Contracts  Regarding Substitution

-

-

-

 

 

Gender  and  Education Level

 

 

 

Men

Full-Time

Part-Time

Total  Fte

Primary  education

-

-

-

Secondairy  education

-

-

-

Higher  education  (non university)

-

-

-

Higher  education (university)

-

-

-

 

 

 

 

Women

Full-Time

Part-Time

Total  Fte

Primary  education

-

-

-

Secondairy  education

2

-

2

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

-

 

 

New  staff  and  leavers

Full-Time

Part-Time

Total  Fte

New  Starters

-

-

-

Leavers

-

-

-

 

 

 

Total  of  formal  continuing  vocational  training  initiatives for  workers  paid  by  the  employer

Male     

Female

Number  of  employees

-

-

Number  of  training  hours

-

-

Net  costs  for  enterprise

-

-

Total  of  less  formal  and  informal  continuing  vocational training  initiatives  for  workers  paid  by  the  employer

Male

Female

Number  of  employees

-

-

Number  of  training  hours

-

-

Net  costs  for  enterprise

-

-

Total  of  initial  training  initiatives  at  the  expense  of  the employer

Male

Female

Number  of  employees

-

-

Number  of  training  hours

-

-

Net  costs  for  enterprise

-

-

 

 

Industry comparison

 

Activity code                                        46761

Activity description                              Wholesale of diamonds and other precious stones

 

 

Payment Information

 

Payment Information Summary

Total number of Invoices available                                                                                                         1

Total number of Invoices paid within or up to 30 days after the due date                                               1

Total number of Invoices paid more than 30 days after the due date                                                      0

Total number of Invoices currently outstanding where the due date has not yet been reached   0

Total number of Invoices currently outstanding beyond the due date                                                     0

 

 

Suspension of payments / moratorium history

Amount                                                                                     -

Details                                                                                      –

 

Payment expectations

Payment expectation days                                            54.88

Day sales outstanding                                      4.91

 

Industry comparison

Activity code                                                                46761

Activity description                                                      Wholesale of diamonds and other precious stones

Industry average payment expectation days                 126.69

Industry average day sales outstanding                       185.99

 

Industry quartile analysis

Payment expectations

Company result                                    54.88

Lower                                                   120.34

Median                                                 74.63

Upper                                                   46.53

 

 

Day sales outstanding

 

Company result                                    4.91

Lower                                                   102.27

Median                                                 53.45

Upper                                                   24.18

 

 

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

 

 

Forename

Ahmad

Middle  name

-

Surname

Mroue

 

 

SHAREHOLDER  DETAILS

 

 

 

Start  date

08/04/1997(estimated)

End  date

-

Percentage  owned

99%

 

 

SHAREHOLDER  ADDRESS

 

 

 

Street  name

Rik  Sauterstraat

House  number

14

Minor  town

Borgerhout

Postal  town

Antwerpen

Post  code

2140

Country

Belgium

 

 

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

 

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                                       AHMED RKAIN

Position                                   Principal Manager

Start Date                                 03/09/2011

Street                                       32 QUINTEN MATSIJSLEI ANTWERPEN

Post code                                 2018

Country                                    Belgium

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs. 62.56

UK Pound

1

Rs. 93.56

Euro

1

Rs. 65.94

 

INFORMATION DETAILS

 

Analysis Done by :

KRN

 

 

Report Prepared by :

DPT

 

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.