MIRA INFORM REPORT

 

           

Report No. :

314572

Report Date :

25.03.2015

 

IDENTIFICATION DETAILS

 

Name :

STARLITE DIAMONDS BVBA

 

 

Registered Office :

Hoveniersstraat 30-Bus 131, 2018 Antwerpen

 

 

Country :

Belgium

 

 

Financials (as on) :

31.12.2013

 

 

Date of Incorporation :

20.04.1982

 

 

Com. Reg. No.:

422656417

 

 

Legal Form :

Private Limited Company

 

 

Line of Business :

Wholesale of Diamonds and Other Precious Stones.

 

 

No. of Employees :

1

 

 

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

 

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 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                     422656417

Company name                        STARLITE DIAMONDS BVBA

Address                                   HOVENIERSSTRAAT 30-BUS 131

2018 ANTWERPEN

Number of staff                        0

Date of establishment               20/04/1982

Telephone number                   032338766

 

 

 

Commentary

 

The business was established over 32 years ago.

The business has 1 employees.

The business has been at the address for over 8 years.

Operating Result in the latest trading period increased 167% on the previous trading period.

A 103% growth in Total Assets occurred during the latest trading period.

Pre-tax profits increased by 69% compared to the previous trading period.

The business saw a decrease in their Cash Balance of 72% during the latest trading period.

 

 

ACCOUNTS

 

DATE  OF  LATEST  ACCOUNTS

TURNOVER

PROFIT  BEFORE  TAX

NET  WORTH

WORKING  CAPITAL

31/12/2013

 

34,115

135,093

240,057

31/12/2012

 

20,137

118,202

222,488

31/12/2011

 

40,257

98,175

184,554

 

 

 

 

 

ACCOUNTS

 

 

 

 

 

DATE  OF  LATEST  ACCOUNTS

BALANCE  TOTAL

NUMBER  OF  EMPLOYEES

CAPITAL

CASHFLOW

31/12/2013

2,219,561

0

88,394

25,325

31/12/2012

1,091,226

0

18,592

25,896

31/12/2011

1,463,589

0

18,592

40,879

 

 

Payment expectations

 

Past payments

 

Payment expectation days

--

Industry average payment expectation days

126.83

Industry average day sales outstanding

185.78

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

422656417

Company  name

STARLITE  DIAMONDS BVBA

Fax  number

 

Date  founded

20/04/1982

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.0422.656.417  Check  VAT Number

Belgian  Bullettin  of  Acts

moniteur  belge

 

 

 

 

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

5,585

-10.82

6,262

-75.21

25,264

-34.00

38,277

10.25

34,717

Intangible  fixed  assets

0

-

0

-

0

-

0

-

0

Tangible  fixed  assets

2,550

-20.99

3,227

-85.37

22,053

-37.11

35,066

11.30

31,506

Land  &  building

-

-

-

-

-

-

-

-

-

Plant  &  machinery

270

-33.33

405

-25.00

540

-

-

-

901

Furniture  &  Vehicles

84

-50.00

167

-99

19,305

-40.58

32,490

17.46

27,661

Leasing  &  Other  Similar  Rights

-

-

-

-

-

-

-

-

-

Other  tangible  assets

2,196

-17.27

2,655

20.22

2,208

-14.29

2,576

-12.50

2,944

Financial  fixed  assets

3,035

0

3,035

-5.45

3,210

0

3,210

0

3,210

Total  current  assets

2,213,975

104

1,084,963

-24.57

1,438,326

37.19

1,048,392

34.92

777,025

Inventories

507,578

43.71

353,191

15.62

305,486

-15.14

359,969

17.46

306,469

Raw  materials  &  consumables

-

-

-

-

-

-

-

-

-

Work  in  progress

0

-

0

-

0

-

0

-

0

Finished  goods

0

-

0

-

0

-

0

-

0

Other  stocks

507,578

43.71

353,191

15.62

305,486

-15.14

359,969

17.46

306,469

Trade  debtors

1,615,533

218

507,852

-41.49

867,985

70.57

508,878

89.01

269,236

Other  amounts  receivable

33,259

-22.77

43,063

30.75

32,937

-3.43

34,105

7.49

31,728

Cash

48,499

-72.48

176,200

-21.95

225,762

60.49

140,674

-14.65

164,820

Miscellaneous  current  assets

9,106

95.56

4,657

-24.36

6,156

29.15

4,767

-0.08

4,770

Total  Assets

2,219,561

103

1,091,226

-25.44

1,463,589

34.69

1,086,669

33.87

811,741

Liabilities

 

 

 

 

 

 

 

 

 

Total  shareholders  equity

135,093

14.29

118,202

20.40

98,175

38.31

70,984

11.48

63,674

Issued  share  capital

88,394

375

18,592

0

18,592

0

18,592

0

18,592

Share  premium  account

-

-

-

-

-

-

-

-

 

 

Revaluation  reserve

-

-

-

-

-

-

-

-

-

Reserves

46,699

-53.12

99,610

25.16

79,583

51.90

52,392

16.21

45,082

Provisions  for  Liabilities  &  Charges

110,549

0

110,549

0

110,549

5.96

104,329

6.34

98,109

Deffered  taxes

-

-

-

-

-

-

-

-

-

Creditors

1,973,919

128

862,475

-31.27

1,254,866

37.69

911,357

40.22

649,958

Other  long  term  loans

-

-

-

-

1,094

-85.39

7,488

-54.25

16,368

Long  term  group  loans

-

-

-

-

-

-

-

-

-

Other  long  term  liabilities

0

-

0

-

0

-

0

-

0

Total  long  term  debts

110,549

0

110,549

-0.98

111,643

-0.16

111,817

-2.32

114,478

Current  portion  of  long  term  debt

-

-

1,094

-82.89

6,394

-28.00

8,880

-28.88

12,486

Financial  debts

-

-

10,682

1692

596

-96.76

18,370

253

5,190

Trade  creditors

1,957,012

138

820,517

-32.66

1,218,551

39.38

874,264

42.57

613,211

Amounts  Payable  for  Taxes, Remuneration  &  Social  Security

9,603

-50.11

19,250

41.60

13,595

477

2,354

677

303

Miscellaneous  current  liabilities

7,304

-33.18

10,932

-25.31

14,636

-

0

-100

2,400

 

Total  current  liabilities

1,973,919

128

862,475

-31.21

1,253,772

38.71

903,868

42.66

633,590

 

Total  Liabilities

2,219,561

103

1,091,226

-25.44

1,463,589

34.69

1,086,669

33.87

811,741

 

 

Ratio  Analysis

 

 

 

 

 

 

 

 

 

 

TRADING  PERFORMANCE

 

 

 

 

 

 

 

 

 

Profit  Before  Tax

-

-

-

-

-

-

-

-

-

Return  on  capital  employed

13.89

57.84

8.80

-54.14

19.19

502

-3.82

-59.17

-2.40

Return  on  total  assets  employed

1.54

-16.76

1.85

-32.73

2.75

429

-0.64

-20.75

-0.53

Return  on  net  assets  employed

25.25

48.18

17.04

-58.45

41.01

416

-9.84

-46.87

-6.70

Sales  /  net  working  capital

-

-

-

-

-

-

-

-

-

Stock  turnover  ratio

-

-

-

-

-

-

-

-

-

Creditor  days

-

-

-

-

-

-

-

-

-

Debtor  days

-

-

-

-

-

-

-

-

-

SHORT  TERM  STABILITY

 

 

 

 

 

 

 

 

 

Current  ratio

1.12

-11.11

1.26

9.57

1.15

-0.86

1.16

-5.69

1.23

Liquidity  ratio  /  acid  ratio

0.86

1.18

0.85

-5.56

0.90

18.42

0.76

2.70

0.74

Current  debt  ratio

14.61

100

7.30

-42.83

12.77

0.31

12.73

27.94

9.95

Liquidity  ratio  reprocessed

-

-

-

-

-

-

-

-

-

Cashflow

25,325

-2.21

25,896

-36.65

40,879

87.83

21,764

88.39

11,553

Net  worth

135,093

14.29

118,202

20.40

98,175

38.31

70,984

11.48

63,674

Gearing

-

-

9.96

21.02

8.23

-83.18

48.94

-8.47

53.47

 

Equity  in  percentage

6.09

-43.77

10.83

61.40

6.71

2.76

6.53

-16.71

7.84

 

Total  debt  ratio

15.43

87.48

8.23

-40.83

13.91

-2.80

14.31

21.79

11.75

 

Working  capital

240,057

7.90

222,488

20.55

184,554

27.70

144,524

0.76

143,435

 

 

 

 

Profit  &  Loss

 

 

 

 

 

 

 

 

 

 

Operating  Income

-

-

-

-

-

-

-

-

-

Turnover

-

-

-

-

-

-

-

-

-

Total  operating  expenses

-

-

-

-

-

-

-

-

-

Gross  Operating  Margin

63,470

150

25,360

-60.45

64,117

20.85

53,056

111

25,073

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

677

-22.06

869

-93.65

13,688

-5.30

14,454

-8.64

15,821

Operating  result

60,669

167

22,699

-45.04

41,298

50.74

27,396

1892

1,375

Total  financial  income

126,280

-45.56

231,958

-31.97

340,973

80.87

188,519

335

43,256

Total  financial  expenses

152,834

-34.83

234,519

-31.43

342,014

53.44

222,902

355

48,900

Results  on  ordinary  operations  before  taxation

34,115

69.41

20,137

-49.98

40,257

576

-6,986

-63.67

-4,269

Extraordinary  Income

-

-

24,119

-

-

-

16,318

-

-

Extraordinary  Charges

-

-

14,113

-

-

-

-

-

-

Extraordinary  items

0

-100

10,005

-

0

-100

16,318

-

0

Results  for  the  Year  Before  Taxation

34,115

13.18

30,142

-25.13

40,257

331

9,332

218

-4,269

Other  appropriations

-

-

-

-

-

-

-

-

-

Taxation

9,467

85.08

5,115

-60.85

13,066

546

2,022

-

-

Results  on  ordinary  operations  after  taxation

24,647

64.08

15,022

-44.76

27,191

301

-9,008

-111

-4,269

Net  result

24,647

-1.52

25,027

-7.96

27,191

271

7,310

171

-4,269

Profit  (Loss)  for  the  Year  to  be  appropiated

24,647

-1.52

25,027

-7.96

27,191

271

7,310

171

-4,269

Dividends

77,558

-

-

-

-

-

-

-

-

 

 

Industry Comparison

 

Activity  code

46761

Activity  description

Wholesale  of  diamonds  and  other  precious  stones

 

 

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

126.83

Industry average day sales outstanding

185.78

 

 

Industry quartile analysis

 

Payment expectations

Company result                        -

Lower                                       120.34

Median                                     74.63

Upper                                       46.13

 

Day sales outstanding

Company result                        -

Lower                                       102.27

Median                                     53.69

Upper                                       24.18

 

 

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

 

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

PRADIPL  SANGHVI

Position

Principal  Manager

Start  Date

10/07/2010

Street

47 JACHTLAAN  EDEGEM

Post  code

2650

Country

Belgium

 

 

FORMER  DIRECTOR  DETAILS

 

 

Name

SAMVEG  SHAH

Position

Principal  Manager

Start  Date

20/05/1997

End  Date

Unknown  date

Street

6 SIMON  STEVINLAAN  EDEGEM

Post  code

2650

Country

Belgium

 

 

Name

BHAILAL  SANGHVI  PEADIP

Position

Principal  Manager

Start  Date

20/05/1997

End  Date

Unknown  date

Street

11 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.62.20

UK Pound

1

Rs.92.93

Euro

1

Rs.68.03

 

 

INFORMATION DETAILS

 

Analysis Done by :

SUB

 

 

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.