MIRA INFORM REPORT

 

 

Report No. :

346133

Report Date :

23.10.2015

 

IDENTIFICATION DETAILS

 

Name :

ALOK INTERNATIONAL NV

 

 

Registered Office :

Hoveniersstraat 2-Bus 303 2018 Antwerpen

 

 

Country :

Belgium

 

 

Financials (as on) :

31.12.2013

 

 

Date of Incorporation :

17.02.1983

 

 

Com. Reg. No.:

424004222

 

 

Legal Form :

Public limited company

 

 

Line of Business :

Wholesale of diamonds and other precious stones.

 

 

No. of Employee :

Not Available

 

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 – 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                     424004222

Branche Unit Number               2023340816

Company name                        ALOK INTERNATIONAL NV

Address                                   HOVENIERSSTRAAT 2-BUS 303

2018 ANTWERPEN

Safe number                            BE00131560

Number of staff                        --

Date of establishment               17/02/1983

Telephone number                   032266099

Fax number                              032318665

 

 

Commentary

 

The business was established over 32 years ago.

No employees are recorded for this business.

The business has been at the address for over 7 years.

There has been no significant change in the business's credit rating.

Pre-tax profits increased by 80% compared to the previous trading period.

The business saw an increase in their Cash Balance of 134% during the latest trading period.

 

 

Accounts

 

DATE  OF  LATEST  ACCOUNTS

TURNOVER

PROFIT  BEFORE  TAX

NET  WORTH

WORKING  CAPITAL

31/12/2013

 

19,965

813,462

2,090,149

31/12/2011

9,581,649

11,077

802,497

2,079,946

31/12/2010

 

21,049

791,420

2,068,870

 

ACCOUNTS

 

 

 

 

 

DATE  OF  LATEST  ACCOUNTS

BALANCE  TOTAL

NUMBER  OF  EMPLOYEES

CAPITAL

CASHFLOW

31/12/2013

4,733,179

-

62,000

19,965

31/12/2011

4,012,901

-

62,000

11,077

31/12/2010

5,542,177

-

62,000

23,501

 

 

Trends

 

Profitability

Liquidity

Net worth

 

 

Payment expectations

 

Past  payments

 

Payment  expectation  days

-

Industry  average  payment

192.91

Industry  average  day  sales

194.90

expectation  days

 

outstanding

 

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

424004222

Company  name

ALOK  INTERNATIONAL  NV

Fax  number

032318665

Date  founded

17/02/1983

Company  status

active

Company  type

Public  limited  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.0424.004.222  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

FROM  1  TO  4  EMPLOYEES

 

 

JOINT  INDUSTRIAL  COMMITTEE  (JIC)

 

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

 

 

 

SIGNIFICANT  EVENTS

 

Event  Date

28/12/2011

Event  Description

 

Event  Details

Er  werd  besloten  om  de  aard  van  de  aandelen  te  wijzigen,  De  huidige  aandelen  aan  toonder  worden omgezet  in  aandelen  op  naam.  Alle  bestaande  aandelen  aan  toonder  worden  vernietigd.

 

 

Company accounts

 

ASSETS

 

Annual  accounts

31-12-2013

%

31-12-2011

%

31-12-2010

%

31-12-2009

%

31-12-2008

Weeks

52

 

52

 

52

 

52

 

52

Currency

EUR

 

EUR

 

EUR

 

EUR

 

EUR

Total  fixed  assets

12,682

6.37

11,923

0.01

11,922

-23.11

15,505

-25.91

20,927

Intangible  fixed  assets

0

-

0

-

0

-

0

-

0

Tangible  fixed  assets

1,998

61.35

1,238

0.04

1,238

-74.32

4,820

-68.18

15,150

Land  &  building

0

-

0

-

0

-

0

-

0

Plant  &  machinery

1,238

-0.04

1,238

0.04

1,238

-38.86

2,024

-28.12

2,816

Furniture  &  Vehicles

760

-

0

-100

0

-99

2,796

-77.33

12,334

Leasing  &  Other  Similar  Rights

0

-

0

-

0

-

0

-

0

Other  tangible  assets

0

-

0

-

0

-

0

-

0

Financial  fixed  assets

10,685

0.00

10,685

0.00

10,685

0.00

10,685

84.96

5,777

Total  current  assets

4,720,497

17.98

4,000,978

-27.65

5,530,255

50.33

3,678,653

-23.16

4,787,652

Inventories

3,075,191

67.56

1,835,262

-57.18

4,285,635

54.30

2,777,414

-7.40

2,999,488

Raw  materials  &  consumables

0

-

0

-

0

-

0

-

0

Work  in  progress

0

-

0

-

0

-

0

-

0

Finished  goods

0

-

0

-

0

-100

2,777,414

-7.40

2,999,488

Other  stocks

3,075,191

67.56

1,835,262

-57.18

4,285,635

-

0

-

0

Trade  debtors

1,475,806

-29.09

2,081,236

88.12

1,106,344

37.94

802,054

-53.46

1,723,279

Other  amounts  receivable

22,475

0.00

22,475

0.50

22,363

-3.64

23,208

-49.38

45,851

Cash

117,322

134

50,117

-55.31

112,140

51.03

74,250

358

16,185

Miscellaneous  current  assets

29,703

149

11,888

215

3,772

118

1,727

-39.38

2,849

Total  Assets

4,733,179

17.95

4,012,901

-27.59

5,542,177

50.03

3,694,158

-23.18

4,808,579

 

 

LIABILITIES

 

Total  shareholders  equity

813,462

1.37

802,497

1.40

791,420

2.58

771,502

0.78

765,496

Issued  share  capital

62,000

0.00

62,000

0.00

62,000

0.00

62,000

0

62,000

Share  premium  account

0

-

0

-

0

-

0

-

0

Revaluation  reserve

0

-

0

-

0

-

0

-

0

Reserves

751,462

1.48

740,497

1.52

729,420

2.81

709,502

0.85

703,496

Provisions  for  Liabilities  &  Charges

0

-

0

-

0

-

0

-

0

Deffered  taxes

125,726

0.00

125,729

0.00

125,729

0.00

125,729

0

125,729

Creditors

3,793,991

22.99

3,084,675

-33.30

4,625,028

65.36

2,796,927

-28.60

3,917,354

Other  long  term  loans

1,163,643

0.23

1,160,943

0.00

1,160,943

-17.72

1,411,036

-3.39

1,460,615

Long  term  group  loans

-

-

-

-

-

-

-

-

-

Other  long  term  liabilities

0

-100

2,700

0

2,700

0

2,700

-

0

Total  long  term  debts

1,289,369

0.00

1,289,372

0.00

1,289,372

-16.25

1,539,465

-2.96

1,586,344

Current  portion  of  long  term  debt

0

-

0

-

0

-

0

-

0

Financial  debts

0

-

0

-100

37,249

-

0

-100

1,451,424

Trade  creditors

2,132,798

50.57

1,416,455

-51.80

2,938,549

233

879,911

-12.32

1,003,506

Amounts  Payable  for  Taxes,

2,367

78.93

1,323

1996

63

-54.59

139

-92.31

1,808

Remuneration  &  Social  Security

 

 

 

 

 

 

 

 

 

Miscellaneous  current  liabilities

495,183

-1.60

503,254

3.65

485,524

-3.50

503,141

50314000

1

Total  current  liabilities

2,630,348

36.92

1,921,032

-44.50

3,461,385

150

1,383,191

-43.70

2,456,739

Total  Liabilities

4,733,179

17.95

4,012,901

-27.59

5,542,177

50.03

3,694,158

-23.18

4,808,579

 

 

RATIO ANALYSIS

 

TRADING  PERFORMANCE

 

Profit  Before  Tax

-

-

0.12

-

-

-

0.32

146

0.13

Return  on  capital  employed

0.95

79.25

0.53

-47.52

1.01

288

0.26

-48.00

0.50

Return  on  total  assets  employed

0.42

50.0

0.28

-26.32

0.38

137

0.16

-36.00

0.25

Return  on  net  assets  employed

2.45

77.54

1.38

-48.12

2.66

241

0.78

-49.68

1.55

Sales  /  net  working  capital

-

-

4.61

-

-

-

0.82

-78.59

3.83

Stock  turnover  ratio

-

-

19.15

-

-

-

147.83

339

33.62

Creditor  days

-

-

53.46

-

-

-

174.65

317

41.79

Debtor  days

-

-

79.28

-

-

-

155.81

120

70.51

 

SHORT TERM STABILITY

 

Current  ratio

1.79

-13.94

2.08

30.0

1.60

-39.85

2.66

36.41

1.95

Liquidity  ratio  /  acid  ratio

0.63

-44.25

1.13

213

0.36

-44.62

0.65

-10.96

0.73

Current  debt  ratio

3.23

35.15

2.39

-45.31

4.37

144

1.79

-44.24

3.21

Liquidity  ratio  reprocessed

-

-

-

-

-

-

-

-

-

Cashflow

19,965

80.24

11,077

-52.87

23,501

43.86

16,336

-43.35

28,839

Net  worth

813,462

1.37

802,497

1.40

791,420

2.58

771,502

0.78

765,496

 

LONG  TERM  STABILITY

 

Gearing

143.05

-1.12

144.67

-4.45

151.40

-17.22

182.89

-51.92

380.41

Equity  in  percentage

17.19

-14.05

20.00

40.06

14.28

-31.61

20.88

31.16

15.92

Total  debt  ratio

4.82

20.50

4.00

-33.33

6.00

58.31

3.79

-28.22

5.28

Working  capital

2,090,149

0.49

2,079,946

0.54

2,068,870

-9.87

2,295,462

-1.52

2,330,913

 

 

PROFIT & LOSS

 

Operating  Income

-

-

-

-

-

-

1,884,423

-78.88

8,920,923

Turnover

-

-

9,581,649

-

-

-

1,878,851

-78.94

8,920,717

Total  operating  expenses

-

-

9,671,076

-

-

-

1,838,919

-79.02

8,765,362

Gross  Operating  Margin

-18,944

21.62

-87,607

-367

32,769

-

-

-

-

Operating  Charges

-

-

-

-

-

-

1,844,491

-78.96

8,765,568

Employee  costs

3,183

-

-

-

-

-

10,997

-30.79

15,890

Wages  and  salary

-

-

-

-

-

-

9,086

-29.90

12,961

Employee  pension  costs

-

-

-

-

-

-

-

-

-

Social  security  contributions

-

-

-

-

-

-

1,683

-31.33

2,451

Other  employee  costs

3,183

-

0

-

0

-100

228

-52.30

478

Director  remuneration

-

-

-

-

-

-

16,898

-67.19

51,504

Amortization  and  depreciation

-

-

-

-

3,582

-65.32

10,330

-24.14

13,618

Operating  result

-22,674

25.35

-89,427

-460

24,823

-37.84

39,932

-74.30

155,355

Total  financial  income

101,409

-32.56

150,365

37853

396

26.58

313

-39.69

519

Total  financial  expenses

58,770

17.87

49,861

1095

4,170

-87.82

34,239

-76.23

144,039

Results  on  ordinary  operations  before

19,965

80.24

11,077

-47.38

21,049

250

6,006

-49.25

11,835

taxation

 

 

 

 

 

 

 

 

 

Extraordinary  Income

-

-

-

-

-

-

-

-

3,633

Extraordinary  Charges

-

-

-

-

-

-

-

-

-

Extraordinary  items

0

-

0

-

0

-

0

-100

3,633

Results  for  the  Year  Before  Taxation

19,965

80.24

11,077

-47.38

21,049

250

6,006

-61.17

15,468

Other  appropriations

-

-

-

-

-

-

-

-

-

Taxation

-

-

-

-

1,131

-

-

-

247

Results  on  ordinary  operations  after  taxation

19,965

80.24

11,077

-44.39

19,918

231

6,006

-48.17

11,588

Net  result

19,965

80.24

11,077

-44.39

19,918

231

6,006

-60.54

15,221

Profit  (Loss)  for  the  Year  to  be  appropiated

19,965

80.24

11,077

-44.39

19,918

231

6,006

-60.54

15,221

Dividends

-

-

-

-

-

-

-

-

-

 

 

Industry comparison

 

Activity  code

46761

Activity  description

Wholesale  of  diamonds  and  other  precious  stones

industry  average  credit

68.90

Industry average credit limit

224889.24

 

 

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                      192.91

Industry average day sales

Outstanding                             194.90

 

 

 

Industry quartile analysis

 

PAYMENT EXPECTATIONS

 

Company result            --

Lower                           134.78

Median                         60.30

Upper                           28.46

 

 

DAY SALES OUTSTANDING

 

Company result            --

Lower                           131.59

Median                         85.12

Upper                           47.22

 

 

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

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

 

Position

Managing  Director

Start  Date

29/06/2005

Street

14 FAZANTENLAAN  ANTWERPEN

Post  code

2610

Country

Belgium

Name

Bakulchandra  Mehta

Position

Director

Start  Date

29/06/2005

Street

14 FAZANTENLAAN  ANTWERPEN

Post  code

2610

Country

Belgium

Name

Surekha  Mehta

Position

Director

Start  Date

29/06/2005

Street

14 FAZANTENLAAN  ANTWERPEN

Post  code

2610

Country

Belgium

 

 

FORMER DIRECTOR DETAILS

 

-----

 

 

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.65.15

UK Pound

1

Rs.100.53

Euro

1

Rs.73.97

 

 

INFORMATION DETAILS

 

Analysis Done by :

DIV

 

 

Report Prepared by :

ANK

 

 

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.