MIRA INFORM REPORT

 

 

Report No. :

349546

Report Date :

18.11.2015

 

IDENTIFICATION DETAILS

 

Name :

RATNA GEMS BVBA

 

 

Registered Office :

Belgiëlei  143, 2018 Antwerpen

 

 

Country :

Belgium

 

 

Financials (as on) :

31.12.2013

 

 

Date of Incorporation :

09.12.2005

 

 

Com. Reg. No.:

878255024

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Wholesale of Diamonds and Other Precious Stones.

 

 

No. of Employees :

Not Available

 

 

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 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 a 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

878255024

Branche  Unit  Number

2151290843

Company  Name

RATNA  GEMS  BVBA

Address

Belgiëlei  143, 2018 Antwerpen

Number  of  Staff

-

Date  of  Establishment

09/12/2005

Telephone  Number

032189273

Fax  Number

-

 

 

Commentary

 

The business was established over 9 years ago.

No employees are recorded for this business.

The business has been at the address for over 3 years.

Operating Result in the latest trading period increased 199% on the previous trading period.

A 47% decline in Total Assets occurred during the latest trading period.

Pre-tax profits increased by 1051% compared to the previous trading period.

The business saw an increase in their Cash Balance of 1326% during the latest trading period.

 

ACCOUNTS

 

DATE  OF  LATEST  ACCOUNTS

TURNOVER

PROFIT  BEFORE  TAX

NET  WORTH

WORKING  CAPITAL

31/12/2013

 

92,866

77,413

76,131

31/12/2012

 

8,068

-12,453

-13,895

31/12/2011

 

-77,912

-9,525

-9,665

 

 

 

 

 

ACCOUNTS

 

 

 

 

DATE  OF  LATEST  ACCOUNTS

BALANCE  TOTAL

NUMBER  OF  EMPLOYEES

CAPITAL

CASHFLOW

31/12/2013

2,083,445

-

18,600

90,865

31/12/2012

3,980,455

-

18,600

-2,076

31/12/2011

1,086,884

-

18,600

-77,613

 

 

Payment expectations

 

Past payments

 

Payment expectation days

--

 

Industry average payment expectation days

194.15

Industry average day sales outstanding

194.59

 

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

878255024

Company  Name

RATNA  GEMS  BVBA

Fax  Number

-

Date  Founded

09/12/2005

Company  Status

active

Company  Type

Private  limited  liability

 

 

 

company

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.0878.255.024  Check  VAT Number

Belgian  Bullettin  Of  Acts Publications

moniteur  belge

 

 

 

 

Joint INDUSTRIAL Committee (JIC)

 

Significant Events

Event Date                   09/12/2005

Event Description         Legal creation

 

 

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

1,282

-11.10

1,442

932

140

-68.12

438

28.63

341

Intangible  fixed  assets

0

-

0

-

0

-

0

-

0

Tangible  fixed  assets

1,282

-11.10

1,442

932

140

-68.12

438

28.63

341

Land  &  building

0

-

0

-

0

-

0

-

0

Plant  &  machinery

1,282

-11.10

1,442

932

140

-68.12

438

28.63

341

Furniture  &  Vehicles

0

-

0

-

0

-

0

-

0

Leasing  &  Other  Similar  Rights

0

-

0

-

0

-

0

-

0

Other  tangible  assets

0

-

0

-

0

-

0

-

0

Financial  fixed  assets

0

-

0

-

0

-

0

-

0

Total  current  assets

2,082,164

-47.67

3,979,013

266

1,086,744

6.04

1,024,845

63.70

626,060

Inventories

135,779

53.46

88,480

-52.72

187,135

603562

31

-99

51,979

Raw  materials  &  consumables

0

-

0

-

0

-

0

-

0

Work  in  progress

0

-

0

-

0

-

0

-

0

Finished  goods

0

-

0

-

0

-

0

-

0

Other  stocks

135,779

53.46

88,480

-52.72

187,135

603562

31

-99

51,979

Trade  debtors

1,904,437

-51.01

3,887,124

336

891,043

16.38

765,648

73.49

441,321

Other  amounts  receivable

3,172

359

691

-57.28

1,616

0.81

1,603

154

630

Cash

38,776

1326

2,718

-60.89

6,950

-97.30

257,562

94.93

132,130

Miscellaneous  current  assets

0

-

0

-

0

-

0

-

0

Total  Assets

2,083,445

-47.66

3,980,455

266

1,086,884

6.01

1,025,283

63.68

626,400

Liabilities

 

 

 

 

 

 

 

 

 

Total  shareholders  equity

77,413

621

-12,453

-30.74

-9,525

-113

68,387

99

34,239

Issued  share  capital

18,600

0

18,600

0

18,600

0

18,600

0

18,600

Share  premium  account

0

-

0

-

0

-

0

-

0

Revaluation  reserve

0

-

0

-

0

-

0

-

0

Reserves

58,813

189

-31,053

-10.41

-28,125

-156

49,787

218

15,639

Provisions  for  Liabilities  &  Charges

0

-

0

-

0

-

0

-

0

Deffered  taxes

0

-

0

-

0

-

0

-

0

Creditors

2,006,032

-49.76

3,992,907

264

1,096,409

14.58

956,897

61.59

592,161

Other  long  term  loans

0

-

0

-

0

-

0

-

0

Long  term  group  loans

-

-

-

-

-

-

-

-

-

Other  long  term  liabilities

0

-

0

-

0

-

0

-

0

Total  long  term  debts

0

-

0

-

0

-

0

-

0

Current  portion  of  long  term  debt

0

-

0

-

0

-

0

-

0

Financial  debts

28,858

1156

2,296

-

0

-

0

-100

5,354

Trade  creditors

1,762,190

-53.22

3,767,241

328

879,183

18.91

739,349

98.94

371,641

Amounts  Payable  for  Taxes,  Remuneration &  Social  Security

313

-83.23

1,866

0.75

1,852

-

0

-

0

Miscellaneous  current  liabilities

214,671

-3.08

221,504

2.85

215,374

-1.00

217,548

1.11

215,166

Total  current  liabilities

2,006,032

-49.76

3,992,907

264

1,096,409

14.58

956,897

61.59

592,161

Total  Liabilities

2,083,445

-47.66

3,980,455

266

1,086,884

6.01

1,025,283

63.68

626,400

 

RATIO  ANALYSIS

 

 

 

 

 

 

 

 

 

 

TRADING  PERFORMANCE

 

 

 

 

 

 

 

 

 

Profit  Before  Tax

-

-

-

-

-

-

-

-

-

Return  on  capital  employed

119.96

185

-64.79

-107

817.98

2250

-36.34

-2315

1.64

Return  on  total  assets  employed

4.46

2130

0.20

2.79

-7.17

-196

-2.42

-2788

0.09

Return  on  net  assets  employed

119.96

185

-64.79

-107

817.98

2250

-36.34

-2315

1.64

Sales  /  net  working  capital

-

-

-

-

-

-

-

-

-

Stock  turnover  ratio

-

-

-

-

-

-

-

-

-

Creditor  days

-

-

-

-

-

-

-

-

-

Debtor  days

-

-

-

-

-

-

-

-

-

SHORT  TERM  STABILITY

 

 

 

 

 

 

 

 

 

Current  ratio

1.04

4.00

1.00

1.01

0.99

-7.48

1.07

0.94

1.06

Liquidity  ratio  /  acid  ratio

0.97

0

0.97

18.29

0.82

-23.36

1.07

10.31

0.97

Current  debt  ratio

25.91

8.08

-320.64

-178

-115.11

-922

13.99

-19.09

17.29

Liquidity  ratio  reprocessed

-

-

-

-

-

-

-

-

-

Cashflow

90,865

4376

-2,076

2.68

-77,613

-325

34,446

14011

244

Net  worth

77,413

621

-12,453

-30.74

-9,525

-113

68,387

99

34,239

LONG  TERM  STABILITY

 

 

 

 

 

 

 

 

 

Gearing

37.28

202

-18.44

-

-

-

-

-

15.64

Equity  in  percentage

3.72

1200

-0.31

35.23

-0.88

-113

6.67

21.94

5.47

Total  debt  ratio

25.91

8.08

-320.64

-178

-115.11

-922

13.99

-19.09

17.29

Working  capital

76,131

547

-13,895

-43.77

-9,665

-114

67,949

100

33,899

 

 

PROFIT  &  LOSS

 

 

 

 

 

 

 

 

 

 

Operating  Income

-

-

-

-

-

-

-

-

-

Turnover

-

-

-

-

-

-

-

-

-

Total  operating  expenses

-

-

-

-

-

-

-

-

-

Gross  Operating  Margin

27,910

169

10,355

-86.66

77,646

337

-22,977

-294

11,817

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

1,000

17.39

851

185

298

0

298

77.89

168

Operating  result

25,428

199

8,480

-88.77

75,537

307

-24,530

-342

10,122

Total  financial  income

191,290

343

43,103

-

-

-

3,460

-39.59

5,728

Total  financial  expenses

123,852

184

43,516

-71.64

153,449

3956

3,783

-75.25

15,288

Results  on  ordinary  operations  before  taxation

92,866

1051

8,068

10.36

-77,912

-213

-24,853

-4523

562

Extraordinary  Income

-

-

-

-

-

-

59,000

-

-

Extraordinary  Charges

-

-

-

-

-

-

-

-

-

Extraordinary  items

0

-

0

-

0

-100

59,000

-

0

Results  for  the  Year  Before  Taxation

92,866

1051

8,068

10.36

-77,912

-328

34,147

5977

562

Other  appropriations

-

-

-

-

-

-

-

-

-

Taxation

3,000

-72.72

10,996

-

-

-

-

-

486

Results  on  ordinary  operations  after  taxation

89,866

3069

-2,928

3.76

-77,912

-213

-24,853

-32646

76

Net  result

89,866

3069

-2,928

3.76

-77,912

-328

34,147

44618

76

Profit  (Loss)  for  the  Year  to  be  appropiated

89,866

3069

-2,928

3.76

-77,912

-328

34,147

44618

76

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

194.15

Industry average day sales outstanding

194.59

 

Industry quartile analysis

 

Payment expectations

 

Company result

--

Lower

134.75

Median

59.68

Upper

28.62

 

 

Day sales outstanding

 

Company result

--

Lower

131.43

Median

85.12

Upper

47.22

 

 

Shareholder details

 

Group Structure

No group structure for this company.

 

Minority Shareholders

No minority shareholders found

 

Minority Interests

No minority interest found

 

 

Companies That Match This Address

 

Business  Number

 

Company  Name

Date  of  accounts

404978661

AUTONUOVA  NV

-

506550331

BEIGEL  ISIDORE

-

506612390

CLARK,  ANNE

-

452928830

NEW  LOOK  DIFFUSION  BVBA

31/12/2014

404913236

SHOW  BUSINESS  OFFICE  BVBA

-

463206474

FASHION  DEAL  NV

31/12/2014

443374528

ELITE  GEMS  BVBA

31/12/2014

822694810

ANTWERP  FASHION  AGENTS  VZW

-

456977589

LOCAL  IMPACT  TRANSLATIONS  BVBA

31/12/2000

 

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

 

Position

Manager

Start  Date

01/07/2015

 

 

Name

Jimeet  Mehta

Name

Nilesh  Mehta

Position

Manager

Start  Date

01/07/2007

Street

143 BELGIËLEI  ANTWERPEN

Post  code

2018

Country

Belgium

 

FORMER DIRECTOR DETAILS

 

Name

Manojkumar  Mehta

Position

Manager

Start  Date

09/12/2005

End  Date

20/02/2012

 

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.65.98

UK Pound

1

Rs.100.11

Euro

1

Rs.70.35

 

 

INFORMATION DETAILS

 

Analysis Done by :

KIN

 

 

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.