|
Report No. : |
323899 |
|
Report Date : |
21.05.2015 |
IDENTIFICATION DETAILS
|
Name : |
GENESIS DIAMONDS BVBA |
|
|
|
|
Registered Office : |
Hoveniersstraat 2 2018 Antwerpen |
|
|
|
|
Country : |
Belgium |
|
|
|
|
Financials (as on) : |
31.12.2013 |
|
|
|
|
Date of Incorporation : |
02.04.1991 |
|
|
|
|
Com. Reg. No.: |
443767872 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Wholesale of Watches and Jewellery (Diamonds & Other Precious Stones) |
|
|
|
|
No. of Employees : |
01 |
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 : |
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 |
A1 |
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 |
|
Business number |
443767872 |
|
Company name |
GENESIS DIAMONDS BVBA |
|
Address |
HOVENIERSSTRAAT 2 |
|
|
2018 ANTWERPEN |
|
Number of staff |
1 |
|
Date of establishment |
02/04/1991 |
|
Telephone number |
032343160 |
|
Fax number |
32343184 |
The business was established over 23 years ago.
The business has 1 employees.
The business is part of a group.
This business has a foreign parent business.
The business has been at the address for over 23 years.
Turnover in the latest trading period increased 27% on the previous trading period.
DATE OF LATEST ACCOUNTS TURNOVER PROFIT BEFORE TAX NET WORTH WORKING CAPITAL
31/12/2013 101,251,294 247,477 4,099,506 12,280,716
31/12/2012 79,688,871 253,432 3,930,273 8,542,188
31/12/2011 127,502,349 338,139 3,762,951 8,508,115
DATE OF LATEST ACCOUNTS TURNOVER PROFIT BEFORE TAX NET WORTH WORKING CAPITAL
31/12/2013 101,251,294 247,477 4,099,506 12,280,716
31/12/2012 79,688,871 253,432 3,930,273 8,542,188
31/12/2011 127,502,349 338,139 3,762,951 8,508,115
Court action type no
Past payments Payment
expectation days 4 2.05
Industry average payment
expectation days 246.53 Industry
average day sales
outstanding 354.40
Day sales outstanding 67.72
Business number 443767872
Company name GENESIS DIAMONDS
BVBA
Fax number 32343184
Date founded 02/04/1991
Company status active
Company type Private Limited Company
(BL/LX)
Currency Euro (€)
Date of latest accounts 31/12/2013
Activity code 46480
Liable for VAT yes
Activity description Wholesale of
watches and jewellery (Diamonds & Other Precious Stones.)
VATNumber BE.0443.767.872
Check
Social Balance Sheet Total
During the reporting year
ended 31-12-2013
Full-time Employees 1
Part-time Employees 1
Total Fte Employees 2
Number of hours worked
Full-time Employees 1,870
Part-time Employees 1,266
Total 3,136
Personnel Charges
Full-time Employees -
Part-time Employees -
Total 67,189
Benefits In Addition To Wages -
During the previous reporting year
Average number employees in Fte 2
Actual working hours 4,114
Personnel Charges 80,160
Benefits In Addition To Wages -
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
|
Annual
accounts |
31-12-2013 |
% |
31-12-2012 |
% |
31-12-2011 |
Industry
average 2013 |
% |
|
Weeks |
52 |
|
52 |
|
52 |
|
|
|
Currency |
EUR |
|
EUR |
|
EUR |
|
|
|
Turnover |
101,251,294 |
27.06 |
79,688,871 |
-37.50 |
127,502,349 |
43,407,828 |
133 |
|
Total
operating expenses |
100,538,880 |
27.17 |
79,061,144 |
-37.58 |
126,661,764 |
43,309,357 |
132 |
|
Operating
result |
712,414 |
13.49 |
627,727 |
-25.32 |
840,585 |
25,680 |
2674 |
|
Total
financial income |
30,041 |
223 |
9,291 |
38.87 |
6,690 |
60,595 |
-50.42 |
|
Total
financial expenses |
494,978 |
29.04 |
383,585 |
-24.66 |
509,136 |
128,224 |
286 |
|
Results
on ordinary operations before taxation |
247,477 |
-2.35 |
253,432 |
-25.05 |
338,139 |
-48,004 |
515 |
|
Taxation |
84,035 |
-4.35 |
87,858 |
-24.28 |
116,032 |
71,796 |
17.05 |
|
Results
on ordinary operations after taxation |
163,442 |
-1.29 |
165,574 |
-25.45 |
222,107 |
-98,684 |
165 |
|
Extraordinary
items |
5,162 |
361 |
1,120 |
- |
0 |
132,729 |
-96.11 |
|
Other
appropriations |
628.51 |
0 |
628.51 |
0 |
628.51 |
- |
- |
|
Net
result |
169,232 |
1.14 |
167,322 |
-24.88 |
222,735 |
34,098 |
396 |
|
Gross
Operating Margin |
- |
- |
- |
- |
- |
56,641 |
- |
|
Dividends |
- |
- |
- |
- |
- |
190,216 |
- |
|
Director
remuneration |
123,456 |
-7.20 |
133,040 |
- |
- |
114,333 |
7.98 |
|
Employee
costs |
67,189 |
-16.18 |
80,160 |
8.41 |
73,941 |
202,143 |
-66.76 |
|
Wages and salary |
53,688 |
-14.73 |
62,966 |
9.03 |
57,748 |
155,828 |
-65.55 |
|
Employee pension costs |
- |
- |
- |
- |
- |
2,674 |
- |
|
Social security
contributions |
8,878 |
-28.19 |
12,364 |
6.48 |
11,612 |
41,634 |
-78.68 |
|
Other employee costs |
4,623 |
-4.29 |
4,830 |
5.46 |
4,580 |
6,266 |
-26.22 |
|
Amortization and
depreciation |
48,574 |
2.63 |
47,331 |
1.91 |
46,443 |
22,329 |
117 |
|
Annual accounts |
31-12-2013 |
% |
31-12-2012 |
% |
31-12-2011 |
Industry
average 2013 |
% |
|
Weeks |
52 |
|
52 |
|
52 |
|
|
|
Currency |
EUR |
|
EUR |
|
EUR |
|
|
|
Intangible fixed assets |
0 |
- |
0 |
- |
0 |
3,779 |
-100 |
|
Tangible fixed assets |
966,987 |
-2.77 |
994,503 |
-3.81 |
1,033,870 |
202,086 |
378 |
|
Land & building |
892,341 |
-1.17 |
902,866 |
-1.15 |
913,392 |
407,961 |
118 |
|
Plant & machinery |
54,487 |
-20.97 |
68,942 |
-25.75 |
92,852 |
20,430 |
166 |
|
Furniture & Vehicles |
20,158 |
-11.17 |
22,694 |
-17.85 |
27,627 |
20,189 7,140 |
-0.15 |
|
Leasing & Other Similar Rights |
- |
- |
- |
- |
- |
310,656 28,177 |
- |
|
Other tangible assets |
0 |
- |
0 |
- |
0 |
6,631 |
-100 |
|
Financial fixed assets |
1,802 |
0.55 |
1,792 |
-9.59 |
1,982 |
590,149 |
-99 |
|
Total fixed assets |
968,789 |
-2.76 |
996,295 |
-3.82 |
1,035,853 |
545,801 |
77.50 |
|
Inventories |
15,312,381 |
-13.90 |
17,783,696 |
13.18 |
15,712,613 |
1,496,843 |
922 |
|
Raw materials & consumables |
- |
- |
- |
- |
- |
4,202,606 |
- |
|
Work in progress |
0 |
- |
0 |
- |
0 |
56 |
-100 |
|
Finished goods |
15,312,381 |
-13.90 |
17,783,696 |
13.18 |
15,712,613 |
838,207 |
1726 |
|
Other stocks |
0 |
- |
0 |
- |
0 |
285,013 |
-100 |
|
Trade debtors |
18,785,815 |
8.84 |
17,260,739 |
0.02 |
17,258,045 |
1,949,075 |
863 |
|
Cash |
466,952 |
-11.88 |
529,912 |
-22.42 |
683,012 |
158,853 |
193 |
|
other amounts receivable |
8,044 |
-18.82 |
9,909 |
-23.64 |
12,978 |
324,048 |
-97.52 |
|
Miscellaneous current assets |
18,528 |
-21.36 |
23,559 |
6.23 |
22,179 |
58,257 |
-68.20 |
|
Total current assets |
34,591,719 |
-2.85 |
35,607,815 |
5.70 |
33,688,826 |
3,651,297 |
847 |
|
Total Assets |
35,560,508 |
-2.85 |
36,604,110 |
5.41 |
34,724,679 |
4,117,387
317,342 |
763 |
|
|
Trade
creditors |
11,583,173 |
-41.85 |
19,919,045 |
-7.58 |
21,552,640 |
1,001,529 |
1056 |
|
Short term group loans - - - - - - - |
||||||||
|
|
Financial
debts |
10,387,737 |
53.13 |
6,783,533 |
107 |
3,273,143 |
2,942,830 27,487 |
252 |
|
|
Current
portion of long term debt |
61,221 |
-3.08 |
63,168 |
6.04 |
59,571 |
157,532 16,861 |
-61.14 |
|
|
Amounts Payable for
Taxes, Remuneration & Social Security |
72,056 |
-27.13 |
98,877 |
8.60 |
91,045 |
9,364
- |
-16.98 |
|
|
Miscellaneous
current liabilities |
206,816 |
2.89 |
201,005 |
-1.62 |
204,312 |
-21.91 |
-- |
|
|
Total
current liabilities |
22,311,003 |
-17.57 |
27,065,627 |
7.49 |
25,180,712 |
2,413,705 |
824 |
|
|
LONG TERM DEBTS AND
LIABILITIES |
|
|
|
|
|
|
|
|
|
Long
term group loans |
- |
- |
- |
- |
- |
- |
-- |
|
|
Other
long term loans |
8,917,434 |
59.45 |
5,592,549 |
-2.99 |
5,764,728 |
424 |
-- |
|
|
Deffered
taxes |
15,032 |
-4.01 |
15,660 |
-3.86 |
16,289 |
43,829 21,654 |
-65.70 |
|
|
Provisions
for Liabilities & Charges |
0 |
- |
0 |
- |
0 |
18,434
0 |
-100 |
|
|
Other
long term liabilities |
217,533 |
- |
0 |
- |
0 |
48,727 |
346 |
|
|
Total
long term debts |
9,149,999 |
63.15 |
5,608,209 |
-2.99 |
5,781,016 |
671,225 |
1263 |
|
SHAREHOLDERS
EQUITY |
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
Issued
share capital |
2,649,160 |
0 |
2,649,160 |
0 |
2,649,160 |
634,950 |
317 |
|
|
Share
premium account |
- |
- |
- |
- |
- |
291,370 |
- |
|
|
Reserves |
925,510 |
22.38 |
756,278 |
28.41 |
588,955 |
377,168 |
145 |
|
|
Revaluation
reserve |
524,835 |
0 |
524,835 |
0 |
524,835 |
532,509 |
-1.44 |
|
|
Total
shareholders equity |
4,099,506 |
4.31 |
3,930,273 |
4.45 |
3,762,951 |
1,032,457 |
297 |
|
|
Working
capital |
12,280,716 |
43.77 |
8,542,188 |
0.40 |
8,508,115 |
1,237,592 |
892 |
|
|
Cashflow |
217,806 |
1.47 |
214,654 |
-20.26 |
269,178 |
52,034 |
318 |
|
|
Net
worth |
4,099,506 |
4.31 |
3,930,273 |
4.45 |
3,762,951 |
1,028,678 |
298 |
|
|
||||||||
|
|
Annual accounts |
31-12-2013 |
change(%) |
31-12-2012 |
change(%) |
31-12-2011 |
Industry
average 2013 |
% |
|
TRADING
PERFORMANCE |
||||||||
|
|
||||||||
|
|
Profit Before Tax |
0.24 |
-25.00 |
0.32 |
18.52 |
0.27 |
-13,00 |
1.85 |
|
|
Return
on capital employed |
1.87 |
-29.70 |
2.66 |
-24.86 |
3.54 |
388,00 |
-99 |
|
|
Return
on total assets employed |
0.70 |
1.45 |
0.69 |
-28.87 |
0.97 |
-1,00 |
70.00 |
|
|
Return
on net assets employed |
6.04 |
-6.36 |
6.45 |
-28.25 |
8.99 |
379,00 |
-98.41 |
|
|
Sales / net working
capital |
8.24 |
-11.68 |
9.33 |
-37.76 |
14.99 |
-45,00 |
-99 |
|
|
Stock turnover ratio |
15.12 |
-32.26 |
22.32 |
81.17 |
12.32 |
53,00 |
-71.47 |
|
|
Debtor days |
67.72 |
-14.34 |
79.06 |
60.04 |
49.40 |
354,40 |
-80.89 |
|
|
Creditor days |
42.05 |
-54.27 |
91.96 |
48.06 |
62.11 |
246,53 |
-82.94 |
|
SHORT
TERM STABILITY |
||||||||
|
|
Current ratio |
1.55 |
17.42 |
1.32 |
-1.49 |
1.34 |
17,00 |
-98.40 |
|
|
Liquidity ratio / acid
ratio |
0.86 |
30.30 |
0.66 |
-7.04 |
0.71 |
14,00 |
-93.86 |
|
|
Current debt ratio |
5.44 |
-21.04 |
6.89 |
2.99 |
6.69 |
97,00 |
-94.39 |
|
|
Liquidity ratio
reprocessed |
- |
- |
- |
- |
- |
- |
- |
|
LONG
TERM STABILITY |
||||||||
|
|
Gearing |
472.41 |
49.26 |
316.50 |
30.91 |
241.76 |
74,00 |
538 |
|
|
Equity in percentage |
11.53 |
7.36 |
10.74 |
-0.92 |
10.84 |
-247,00 |
4.67 |
|
|
Total debt ratio |
7.67 |
-7.70 |
8.31 |
0.97 |
8.23 |
97,00 |
-92.09 |
Activity code 46480
Activity description Wholesale of watches and jewellery
Payment expectation days 42.05
Day sales outstanding 67.72
Industry comparison
Activity code 46480
Activity description Wholesale of watches and jewellery
Payment expectations
Company result 42.05
Lower 131.10
Median 63.03
Upper 19.84
Company result 67.72
Lower 123.40
Median 56.14
Upper 21.99
Minority Shareholders
No minority shareholders found
Minority Interests
No minority interests found
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
Current director details
Name RONIL MAYANK MEHTA
Position Principal Manager
Start Date 09/08/2010
Street 24 VAN EYCKLEI ANTWERPEN
Post code 2018
Country Belgium
Name NILANG RAJNINKANT MEHTA
Position Principal Manager
Start Date 09/08/2010
Street 3 DE LANNOYLEI BRASSCHAAT
Post code 2930
Country Belgium
Name ALKESH PRATAPCHANDRA BHANSALI
Position Principal Manager
Start Date 09/08/2010
Street 24 VAN EYCKLEI ANTWERPEN
Post code 2018
Country Belgium
Name TEJPAL JAYANTILAL MEHTA
Position Principal Manager
Start Date 14/01/2000
End Date Unknown date
Street 25 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.63.87 |
|
|
1 |
Rs.98.89 |
|
Euro |
1 |
Rs.70.73 |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or
its officials.