MIRA INFORM REPORT

 

 

Report No. :

343741

Report Date :

03.10.2015

 

IDENTIFICATION DETAILS

 

Name :

VINESSA BVBA

 

 

Registered Office :

Schupstraat 1-/7, 2018 Antwerpen

 

 

Country :

Belgium

 

 

Financials (as on) :

31.12.2014

 

 

Date of Incorporation :

19.03.2003

 

 

Com. Reg. No.:

479872460

 

 

Legal Form :

Private Limited Company

 

 

Line of Business :

Wholesale of Diamonds and Other Precious Stones.

 

 

No. of Employees :

3

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ca

 

RATING

STATUS

PROPOSED CREDIT LINE

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

 

 

Status :

Moderate

 

 

Payment Behaviour :

Slow

 

 

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

479872460

Branche  Unit  Number

2126259103

Company  name

VINESSA  BVBA

Address

SCHUPSTRAAT  1-/7

 

2018 ANTWERPEN

Number  of  staff

3

Date  of  establishment

19/03/2003

Telephone  number

032263854

Fax  number

032263854

 

 

Commentary

 

The business was established over 12 years ago.

The business has 3 employees.

The business  has  been  at  the  address  for  over  5  months.

The business  has  been  at  the  address  for  less  than  6  months.

The business  has  changed  address  1  times  in  the  last  year.

A 246436% growth in Total  Assets  occurred during  the  latest  trading  period.

Pre-tax  profits  decreased  by  95%  compared  to  the  previous  trading  period.

The business saw an increase in their Cash Balance of 863% during the latest trading period.

Net Worth is a negative amount during the latest trading period.

Working  Capital  is  a  negative  amount  during  the  latest  trading  period.

 

 

Accounts

 

DATE  OF  LATEST 

ACCOUNTS

TURNOVER

PROFIT  BEFORE  TAX

NET  WORTH

WORKING  CAPITAL

31/12/2014

 

856

-182,688

-182,688

31/12/2013

 

19,981

-183,544

-183,544

31/12/2012

 

146,000

-203,525

-207,261

 

 

 

 

 

ACCOUNTS

 

 

 

 

DATE  OF  LATEST 

ACCOUNTS

BALANCE  TOTAL

NUMBER  OF 

EMPLOYEES

CAPITAL

CASHFLOW

31/12/2014

-

3

18,600

856

31/12/2013

-

0

18,600

19,981

31/12/2012

10,131

0

18,600

146,000

 

 

Payment expectations

 

Past  payments

 

Payment  expectation  days

-

Industry  average  payment

expectation  days

110.56

Industry  average  day  sales

outstanding

171.27

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

479872460

Company  name

VINESSA  BVBA

Fax  number

032263854

Date  founded

19/03/2003

Company  status

active

Company  type

Private  Limited  Company

(BL/LX)

Currency

Euro  (€)

Date  of  latest  accounts

31/12/2014

Activity  code

46761

Liable  for  VAT

yes

Activity  description

Wholesale  of  diamonds 

And other precious 

stones

VAT  Number

BE.0479.872.460  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

 

 

Significant  Events

 

Event  Date

28/08/2013

Event  Description

Registered  as  a  Diamond  Trader

Event  Details

-

 

 

Company accounts

 

ASSETS

 

 

 

 

 

 

 

 

 

 

Annual  accounts

31-12-2014

%

31-12-2013

%

31-12-2012

%

31-12-2011

%

31-12-2010

Weeks

52

 

52

 

52

 

52

 

52

Currency

EUR

 

EUR

 

EUR

 

EUR

 

EUR

Total  fixed  assets

-

-

-

-

3,736

0

3,736

0

3,736

Intangible  fixed  assets

0

-

0

-

0

-

0

-

0

Tangible  fixed  assets

-

-

-

-

-

-

-

-

-

Land  &  building

-

-

-

-

-

-

-

-

-

Plant  &  machinery

-

-

-

-

-

-

-

-

-

Furniture  &  Vehicles

-

-

-

-

-

-

-

-

-

Leasing  &  Other  Similar  Rights

-

-

-

-

-

-

-

-

-

Other  tangible  assets

0

-

0

-

0

-

0

-

0

Financial  fixed  assets

-

-

-

-

3,736

0

3,736

0

3,736

Total  current  assets

2,532,789

246436

1,027

-83.93

6,395

-94.89

125,173

-82.22

703,868

Inventories

1,191,882

-

-

-

-

-

28,177

-95.20

587,170

Raw  materials  &  consumables

-

-

-

-

-

-

-

-

-

Work  in  progress

0

-

0

-

0

-

0

-

0

Finished  goods

0

-

0

-

0

-

0

-

0

Other  stocks

1,191,882

-

0

-

0

-100

28,177

-95.20

587,170

Trade  debtors

1,202,533

190778

630

-

0

-

0

-100

29,681

Other  amounts  receivable

157

-

-

-

1,000

-98.95

95,631

13.89

83,971

Cash

3,828

863

397

-92.63

5,395

295

1,365

-55.17

3,045

Miscellaneous  current  assets

134,390

-

0

-

0

-

0

-

0

Total  Assets

2,532,789

246436

1,027

-89.86

10,131

-92.14

128,909

-81.78

707,604

 

 

LIABILITIES

 

Total  shareholders  equity

-182,688

99

-183,544

90.18

-203,525

58.23

-349,524

-1944

18,954

Issued  share  capital

18,600

0

18,600

0

18,600

0

18,600

0

18,600

Share  premium  account

-

-

-

-

-

-

-

-

-

Revaluation  reserve

-

-

-

-

-

-

-

-

-

Reserves

-201,288

99

-202,144

91.00

-222,125

60.34

-368,124

-104098

354

Provisions  for  Liabilities  &  Charges

0

-

0

-

0

-

0

-

0

Deffered  taxes

-

-

-

-

-

-

-

-

-

Creditors

2,715,477

1371

184,571

-13.61

213,656

-55.34

478,434

-30.53

688,650

Other  long  term  loans

-

-

-

-

-

-

-

-

-

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

-

-

-

-

-

-

-

-

-

Financial  debts

200

93.93

103

-98.26

5,918

-97.49

236,091

10.81

213,062

Trade  creditors

2,538,334

42371

5,977

-80.98

31,422

-42.46

54,612

-74.57

214,738

Amounts  Payable  for  Taxes,  Remuneration

&  Social  Security

14,581

593

2,104

-52.94

4,470

126

1,978

-81.27

10,558

Miscellaneous  current  liabilities

162,363

-7.95

176,388

2.64

171,846

-7.49

185,753

-25.79

250,291

Total  current  liabilities

2,715,477

1371

184,571

-13.61

213,656

-55.34

478,434

-30.53

688,650

Total  Liabilities

2,532,789

246436

1,027

-89.86

10,131

-92.14

128,909

-81.78

707,604

 

 

RATIO ANALYSIS

 

TRADING  PERFORMANCE

 

 

 

 

 

 

 

 

 

Profit  Before  Tax

-

-

-

-

-

-

-

-

-

Return  on  capital  employed

-0.47

4.32

-10.89

15.18

-71.74

-168

105.42

55.53

-189.85

Return  on  total  assets  employed

0.03

-99

1,944.88

34.96

1,441.09

504

-285.84

-5515

-5.09

Return  on  net  assets  employed

-0.47

4.32

-10.89

15.18

-71.74

-168

105.42

55.53

-189.85

Sales  /  net  working  capital

-

-

-

-

-

-

-

-

-

Stock  turnover  ratio

-

-

-

-

-

-

-

-

-

Creditor  days

-

-

-

-

-

-

-

-

-

Debtor  days

-

-

-

-

-

-

-

-

-

SHORT  TERM  STABILITY

 

 

 

 

 

 

 

 

 

Current  ratio

0.93

9200

0.01

-66.67

0.03

-88.46

0.26

-74.51

1.02

Liquidity  ratio  /  acid  ratio

0.49

4800

0.01

-66.67

0.03

-85.00

0.20

17.65

0.17

Current  debt  ratio

-14.86

-1371

-1.01

96.19

-1.05

76.64

-1.37

-103

36.33

Liquidity  ratio  reprocessed

-

-

-

-

-

-

-

-

-

Cashflow

856

-95.72

19,981

-86.31

146,000

39.62

-368,478

-924

-35,984

Net  worth

-182,688

99

-183,544

90.18

-203,525

58.23

-349,524

-1944

18,954

LONG  TERM  STABILITY

 

 

 

 

 

 

 

 

 

Gearing

-0.11

-83.33

-0.06

2.06

-2.91

4.31

-67.55

-106

1,124.10

Equity  in  percentage

-7.21

0.04

-17,865.76

-789

-2,008.89

-640

-271.14

-10217

2.68

Total  debt  ratio

-14.86

-1371

-1.01

96.19

-1.05

76.64

-1.37

-103

36.33

Working  capital

-182,688

99

-183,544

88.56

-207,261

58.67

-353,261

-2421

15,218

 

 

PROFIT & LOSS

 

Operating  Income

-

-

-

-

-

-

-

-

-

Turnover

-

-

-

-

-

-

-

-

-

Total  operating  expenses

-

-

-

-

-

-

-

-

-

Gross  Operating  Margin

129,960

3938

-3,299

-193

3,544

1.05

-336,428

-614

65,427

Operating  Charges

-

-

-

-

-

-

-

-

-

Employee  costs

115,726

-

-

-

-

-

4,884

-92.16

62,307

Wages  and  salary

93,849

-

-

-

-

-

3,626

-92.63

49,212

Employee  pension  costs

-

-

-

-

-

-

-

-

-

Social  security  contributions

20,329

-

-

-

-

-

1,047

-90.10

10,575

Other  employee  costs

1,548

-

0

-

0

-100

211

-91.63

2,520

Director  remuneration

-

-

-

-

-

-

-

-

-

Amortization  and  depreciation

-

-

-

-

-

-

-

-

-

Operating  result

12,234

202

-6,056

-548

1,350

0.39

-346,960

-5886

-5,795

Total  financial  income

9

-99

29,367

-85.53

202,981

3008

6,530

4441

144

Total  financial  expenses

11,388

241

3,330

-94.29

58,331

107

28,049

-7.53

30,332

Results  on  ordinary  operations  before  taxation

856

-95.72

19,981

-86.31

146,000

39.62

-368,478

-924

-35,984

Extraordinary  Income

-

-

-

-

-

-

-

-

-

Extraordinary  Charges

-

-

-

-

-

-

-

-

-

Extraordinary  items

0

-

0

-

0

-

0

-

0

Results  for  the  Year  Before  Taxation

856

-95.72

19,981

-86.31

146,000

39.62

-368,478

-924

-35,984

Other  appropriations

-

-

-

-

-

-

-

-

-

Taxation

0

-

-

-

-

-

-

-

-

Results  on  ordinary  operations  after  taxation

856

-95.72

19,981

-86.31

146,000

39.62

-368,478

-924

-35,984

Net  result

856

-95.72

19,981

-86.31

146,000

39.62

-368,478

-924

-35,984

Profit  (Loss)  for  the  Year  to  be  appropiated

856

-95.72

19,981

-86.31

146,000

39.62

-368,478

-924

-35,984

Dividends

-

-

-

-

-

-

-

-

-

 

 

Social Balance Sheet Details

 

Social  Balance  Sheet  Details

 

Social  Balance  Sheet

Total

During  the  reporting  year ended  31-12-2014

 

Full-time  Employees

2

Part-time  Employees

-

Total  Fte  Employees

2

Number  of  hours  worked

 

Full-time  Employees

3,996

Part-time  Employees

-

Total

3,996

Personnel  Charges

 

Full-time  Employees

115,726

Part-time  Employees

-

Total

115,726

Benefits  In  Addition  To  Wages

-

During  the  previous  reporting  year

 

Average  number  employees  in  Fte

-

Actual  working  hours

-

Personnel  Charges

-

Benefits  In  Addition  To  Wages

-

 

 

Type  of  Contract

Full-Time

Part-Time

Total  Fte

Unlimited  Duration

3

-

3

Contracts

 

 

 

Limited  Duration  Contracts

-

-

-

Contracts  For  Specific  Work

-

-

-

Contracts  Regarding Substitution

-

-

-

 

 

Gender  and  Education Level

 

Men

Full-Time

Part-Time

Total  Fte

Primary  education

2

-

2

Secondairy  education

-

-

-

Higher  education  (non university)

-

-

-

Higher  education (university)

-

-

-

 

 

 

 

Women

Full-Time

Part-Time

Total  Fte

Primary  education

1

-

1

Secondairy  education

-

-

-

Higher  education  (non university)

-

-

-

Higher  education (university)

-

-

-

 

 

Working  Category

Full-Time

Part-Time

Total  Fte

Management

-

-

-

White  collar  worker

2

-

2

Blue  collar  worker

1

-

1

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

3

-

3

Leavers

-

-

-

 

 

Industry Comparison

 

Activity  code

46761

Activity  description

Wholesale  of  diamonds  and  other  precious  stones

Industry  average  credit rating

64.48

Industry  average  credit  limit

140177.31

 

 

Payment Information

 

Suspension of payments/ moratorium history

 

Amount

-

Details

-

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

110.56

Industry  average  day  sales

outstanding

171.27

 

 

Industry  quartile  analysis

 

Payment  expectations

 

Company  result

-

Lower

120.34

Median

74.61

Upper

45.40

 

 

Day sales outstanding

 

Company  result

-

Lower

107.56

Median

54.52

Upper

24.84

 

 

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

 

Business  number

Company  name

Date  of  accounts

473669905

ARSLANIAN  CUTTING  WORKS  INTERNATIONAL  IN  VEREFFENI

31/12/2004

478020354

IMAGE  BVBA

31/12/2014

500940860

SRS  DIAMONDS  BVBA

31/12/2013

864821316

IMPERIAL  GEMS  IN  VEREFFENING  BVBA

31/12/2007

889295505

ANTWERP  CUT  BVBA

31/12/2014

898193274

NEMIDEEP  BVBA

31/03/2014

 

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

 

Position

Principal  Manager

Start  Date

09/10/2010

Street

23 EGLANTIERLAAN  ANTWERPEN

Post  code

2020

Country

Belgium

Name

PIYUSH  BABUBHAI  GANDHI

Name

PIYUSH  BABUBHAI  GHANDI

Position

Principal  Manager

Start  Date

19/03/2003

Street

23 EGLANTIERLAAN  ANTWERPEN

Post  code

2020

Country

Belgium

 

 

FORMER DIRECTOR DETAILS

 

Name

NITA  GHANDI

Position

Principal  Manager

Start  Date

16/03/2009

End  Date

30/11/2011

Street

23 EGLANTIERLAAN  ANTWERPEN

Post  code

2020

Country

Belgium

Name

NITA  GANDHI

Position

Principal  Manager

Start  Date

16/03/2009

End  Date

Unknown  date

Street

23 EGLANTIERLAAN  ANTWERPEN

Post  code

2020

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.65.55

UK Pound

1

Rs.99.17

Euro

1

Rs.73.08

 

INFORMATION DETAILS

 

Analysis Done by :

KIN

 

 

Report Prepared by :

NIT

 

               

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%)

 

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