MIRA INFORM REPORT

 

 

Report No. :

343463

Report Date :

29.09.2015

 

IDENTIFICATION DETAILS

 

Name :

WEINBERG BERNARD BVBA

 

 

Registered Office :

Pelikaanstraat 62 2018 Antwerpen

 

 

Country :

Belgium

 

 

Financials (as on) :

31.12.2014

 

 

Date of Incorporation :

01.02.1993

 

 

Com. Reg. No.:

449313007

 

 

Legal Form :

Private Limited Company

 

 

Line of Business :

Wholesale of diamonds and other precious stones

 

 

No. of Employees :

1 (2014)

 

 

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 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

449313007

Branche  Unit  Number

2060866156

Company  name

WEINBERG  BERNARD  BVBA

Address

PELIKAANSTRAAT  62

 

2018 ANTWERPEN

Number  of  staff

1

Date  of  establishment

01/02/1993

Telephone  number

032330637

Fax  number

032330637

 

 

Commentary

 

The business was established over 22 years ago.

The business has 1 employees.

The business has been at the address for over 19 years.

Operating Result in the latest trading period decreased 33% on the previous trading period.

Pre-tax profits decreased by 30% compared to the previous trading period.

The business saw an increase in their Cash Balance of 93% during the latest trading period.

Turnover in the latest trading period decreased 62% on the previous trading period.

 

 

Accounts

 

DATE  OF  LATEST  ACCOUNTS

TURNOVER

PROFIT  BEFORE  TAX

NET  WORTH

WORKING  CAPITAL

31/12/2014

20,967,293

70,353

507,110

487,207

31/12/2013

56,141,839

101,278

459,557

404,372

31/12/2012

16,529,198

22,768

391,255

318,384

 

 

Accounts

 

 

DATE  OF  LATEST  ACCOUNTS

BALANCE  TOTAL

NUMBER  OF  EMPLOYEES

CAPITAL

CASHFLOW

31/12/2014

25,052,888

1

18,592

62,448

31/12/2013

28,833,292

1

18,592

92,675

31/12/2012

17,759,220

1

18,592

31,401

 

 

Payment  expectations

 

Past  payments

 

Payment  expectation  days

428.70

Industry  average  payment expectation  days

110.55

Industry  average  day  sales outstanding

171.26

Day  sales  outstanding

382.49

 

 

 

Court data summary

BANKRUPTCY DETAILS

Court action type                      No

PROTESTED BILLS

Bill amount                              -

NSSO DETAILS

Date of summons

 

 

Company  information

 

Business  number

449313007

Company  name

WEINBERG  BERNARD BVBA

Fax  number

032330637

Date  founded

01/02/1993

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.0449.313.007  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)

 

 

 

Significant  Events

 

Event  Date

18/10/2006

Event  Description

 

Event  Details

Abolition of nominal value of shares

 

 

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

22,547

-62.78

60,578

-22.52

78,190

111

36,941

93.63

19,078

Intangible  fixed  assets

2,644

-50.97

5,393

1.40

5,318

-

0

-100

260

Tangible  fixed  assets

16,184

-68.55

51,466

-25.58

69,153

108

33,222

120

15,100

Land  &  building

-

-

-

-

-

-

-

-

-

Plant  &  machinery

4,883

-4.92

5,136

-15.92

6,108

17.80

5,185

0.97

5,135

Furniture  &  Vehicles

10,289

-77.20

45,134

-26.81

61,663

133

26,408

226

8,088

Leasing  &  Other  Similar  Rights

-

-

-

-

-

-

-

-

-

Other  tangible  assets

1,012

-15.46

1,197

-13.39

1,382

-15.18

1,629

-13.18

1,876

Financial  fixed  assets

3,719

0

3,719

0

3,719

0

3,719

0

3,719

Total  current  assets

25,030,341

-13.01

28,772,714

62.73

17,681,030

26.84

13,940,154

-21.22

17,693,953

Inventories

1,856,181

390

378,299

-87.07

2,925,381

-9.41

3,229,253

-65.64

9,397,860

Raw  materials  &  consumables

-

-

-

-

-

-

-

-

-

Work  in  progress

0

-

0

-

0

-

0

-

0

Finished  goods

1,856,181

390

378,299

-87.07

2,925,381

-9.41

3,229,253

-65.64

9,397,860

Other  stocks

0

-

0

-

0

-

0

-

0

Trade  debtors

21,972,169

-20.93

27,786,509

90.75

14,566,597

43.65

10,140,512

30.88

7,747,660

Other  amounts  receivable

12,960

142

5,342

-16.93

6,430

57.23

4,090

-65.93

12,004

Cash

1,153,162

93.64

595,508

250

169,911

-69.76

561,922

5.70

531,595

Miscellaneous  current  assets

4,571

-35.22

7,056

-44.48

12,710

190

4,376

-9.47

4,833

Total  Assets

25,052,888

-13.11

28,833,292

62.36

17,759,220

27.06

13,977,095

-21.09

17,713,031

Liabilities

 

 

 

 

 

 

 

 

 

Total  shareholders  equity

509,754

9.64

464,950

17.24

396,573

4.25

380,391

4.03

365,660

Issued  share  capital

18,592

0

18,592

0

18,592

0

18,592

0

18,592

Share  premium  account

-

-

-

-

-

-

-

-

-

Revaluation  reserve

-

-

-

-

-

-

-

-

-

Reserves

491,162

10.04

446,358

18.09

377,981

4.47

361,799

4.24

347,068

Provisions  for  Liabilities  &  Charges

0

-

0

-

0

-

0

-

0

Deffered  taxes

-

-

-

-

-

-

-

-

-

Creditors

24,543,134

-13.48

28,368,342

63.39

17,362,646

27.70

13,596,704

-21.62

17,347,371

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

-

-

-

-

-

-

-

-

-

Trade  creditors

24,527,483

-13.47

28,345,873

63.77

17,308,846

27.77

13,546,802

-21.62

17,284,126

Amounts  Payable  for  Taxes,

5,486

-25.95

7,409

-2.17

7,573

-3.54

7,850

31.89

5,952

Remuneration  &  Social  Security

 

 

 

 

 

 

 

 

 

Miscellaneous  current  liabilities

10,165

-32.51

15,061

-67.42

46,228

9.93

42,051

-26.60

57,293

Total  current  liabilities

24,543,134

-13.48

28,368,342

63.39

17,362,646

27.70

13,596,704

-21.62

17,347,371

Total  Liabilities

25,052,888

-13.11

28,833,292

62.36

17,759,220

27.06

13,977,095

-21.09

17,713,031

ratio  analysis

 

 

 

 

 

 

 

 

 

TRADING  PERFORMANCE

 

 

 

 

 

 

 

 

 

Profit  Before  Tax

0.34

88.89

0.18

28.57

0.14

7.69

0.13

-7.14

0.14

Return  on  capital  employed

13.80

-36.64

21.78

279

5.74

12.55

5.10

-15.42

6.03

Return  on  total  assets  employed

0.28

-20.0

0.35

169

0.13

-7.14

0.14

16.67

0.12

Return  on  net  assets  employed

13.80

-36.64

21.78

279

5.74

12.55

5.10

-15.42

6.03

Sales  /  net  working  capital

43.04

-69.00

138.84

167

51.92

16.52

44.56

-4.44

46.63

Stock  turnover  ratio

8.85

1220

0.67

-96.21

17.70

-16.11

21.10

-63.71

58.15

Creditor  days

428.70

132

184.71

-51.77

383.00

18.29

323.77

-17.26

391.29

Debtor  days

382.49

111

180.65

-43.84

321.66

33.01

241.84

38.22

174.97

SHORT  TERM  STABILITY

 

 

 

 

 

 

 

 

 

Current  ratio

1.02

0.99

1.01

-0.98

1.02

-0.97

1.03

0.98

1.02

Liquidity  ratio  /  acid  ratio

0.94

-6.00

1.00

17.65

0.85

7.59

0.79

64.58

0.48

Current  debt  ratio

48.15

-21.08

61.01

39.36

43.78

22.50

35.74

-24.66

47.44

Liquidity  ratio  reprocessed

-

-

-

-

-

-

-

-

-

Cashflow

62,448

-32.62

92,675

195

31,401

15.53

27,179

7.60

25,258

Net  worth

507,110

10.35

459,557

17.46

391,255

2.86

380,391

4.10

365,400

LONG  TERM  STABILITY

 

 

 

 

 

 

 

 

 

Gearing

-

-

-

-

-

-

-

-

-

Equity  in  percentage

2.03

26.09

1.61

-27.80

2.23

-18.01

2.72

32.04

2.06

Total  debt  ratio

48.15

-21.08

61.01

39.36

43.78

22.50

35.74

-24.66

47.44

Working  capital

487,207

20.48

404,372

27.01

318,384

-7.30

343,450

-0.90

346,582

Profit  &  loss

 

 

 

 

 

 

 

 

 

Operating  Income

21,447,217

-62.12

56,618,706

227

17,307,045

7.19

16,146,177

-3.91

16,802,339

Turnover

20,967,293

-62.65

56,141,839

239

16,529,198

8.00

15,304,644

-5.31

16,162,497

Total  operating  expenses

20,883,125

-62.72

56,014,564

239

16,495,331

8.01

15,272,012

-5.28

16,123,021

Gross  Operating  Margin

-

-

-

-

-

-

-

-

-

Operating  Charges

21,363,049

-62.18

56,491,431

227

17,273,178

7.20

16,113,545

-3.87

16,762,863

Employee  costs

39,599

0.22

39,512

-3.32

40,867

-9.58

45,199

3.94

43,484

Wages  and  salary

35,001

1.02

34,648

-5.56

36,689

-10.70

41,084

10.66

37,126

Employee  pension  costs

-

-

-

-

-

-

-

-

-

Social  security  contributions

2,387

-10.62

2,670

-31.40

3,892

-30.94

5,636

46.79

3,840

Other  employee  costs

2,211

0.76

2,194

668

286

18.78

-1,521

-160

2,519

Director  remuneration

-

-

81,900

13.75

72,000

-

-

-

-

Amortization  and  depreciation

17,644

-27.39

24,299

59.67

15,218

22.25

12,448

68.31

7,396

Operating  result

84,168

-33.87

127,275

275

33,867

3.79

32,632

-17.34

39,476

Total  financial  income

529

6852

8

4.97

7

-66.12

21

-85.60

149

Total  financial  expenses

14,344

-44.84

26,005

134

11,106

-16.25

13,260

-24.56

17,578

Results  on  ordinary  operations

70,353

-30.54

101,278

344

22,768

17.41

19,393

-12.04

22,046

before  taxation

 

 

 

 

 

 

 

 

 

Extraordinary  Income

-

-

-

-

-

-

-

-

-

Extraordinary  Charges

6,823

-

-

-

-

-

-

-

-

Extraordinary  items

-6,823

-

0

-

0

-

0

-

0

Results  for  the  Year  Before Taxation

63,530

-37.27

101,278

344

22,768

17.41

19,393

-12.04

22,046

Other  appropriations

-

-

-

-

-

-

-

-

-

Taxation

18,726

-43.08

32,901

399

6,585

41.26

4,662

11.43

4,184

Results  on  ordinary  operations

51,627

-24.50

68,377

322

16,183

9.86

14,731

-17.53

17,862

after  taxation

 

 

 

 

 

 

 

 

 

Net  result

44,804

-34.47

68,377

322

16,183

9.86

14,731

-17.53

17,862

Profit  (Loss)  for  the  Year  to  be appropiated

44,804

-34.47

68,377

322

16,183

9.86

14,731

-17.53

17,862

Dividends

-

-

-

-

-

-

-

-

-

 

 

Social BALANCE SHEET DETAILS

 

Social  Balance  Sheet

 

Total

 

During  the  reporting  year

 

 

 

ended  31-12-2013

 

 

 

Full-time  Employees

 

-

 

Part-time  Employees

 

2

 

Total  Fte  Employees

 

1

 

Number  of  hours  worked

 

 

 

Full-time  Employees

 

-

 

Part-time  Employees

 

2,342

 

Total

 

2,342

 

Personnel  Charges

 

 

 

Full-time  Employees

 

-

 

Part-time  Employees

 

39,599

 

Total

 

39,599

 

Benefits  In  Addition  To  Wages

 

-

 

During  the  previous  reporting  year

 

 

 

Average  number  employees  in  Fte

 

1

 

Actual  working  hours

 

2,330

 

Personnel  Charges

 

39,512

 

Benefits  In  Addition  To  Wages

 

-

 

Type  of  Contract

Full-Time

Part-Time

Total  Fte

Unlimited  Duration

-

2

1

Contracts

 

 

 

Limited  Duration  Contracts

-

-

-

Contracts  For  Specific  Work

-

-

-

Contracts  Regarding

-

-

-

Substitution

 

 

 

 

Gender  and  Education

 

 

 

Level

 

 

 

Men

Full-Time

Part-Time

Total  Fte

Primary  education

-

-

-

Secondairy  education

-

-

-

Higher  education  (non university)

-

-

-

Higher  education (university)

-

-

-

 

 

 

 

Women

Full-Time

Part-Time

Total  Fte

Primary  education

-

-

-

Secondairy  education

-

2

1

Higher  education  (non university)

-

-

-

Higher  education (university)

-

-

-

 

Working  Category

Full-Time

Part-Time

Total  Fte

Management

-

-

-

White  collar  worker

-

2

1

Blue  collar  worker

-

-

-

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

-

-

-

Leavers

-

-

-

 

Total  of  formal  continuing  vocational  training  initiatives

 

 

for  workers  paid  by  the  employer

Male

Female

Number  of  employees

-

-

Number  of  training  hours

-

-

Net  costs  for  enterprise

-

-

Total  of  less  formal  and  informal  continuing  vocational

 

 

training  initiatives  for  workers  paid  by  the  employer

Male

Female

Number  of  employees

-

-

Number  of  training  hours

-

-

Net  costs  for  enterprise

-

-

Total  of  initial  training  initiatives  at  the  expense  of  the

 

 

employer

Male

Female

Number  of  employees

-

-

Number  of  training  hours

-

-

Net  costs  for  enterprise

-

-

 

 

Industry  comparison

 

Activity  code

46761

Activity  description

Wholesale  of  diamonds  and  other  precious  stones

 

 

Payment Information

 

Suspension  of  payments  /  moratorium  history

 

Amount

-

Details

-

 

 

Payment  expectations

 

Payment  expectation  days

428.70

Day  sales  outstanding

382.49

 

 

Industry  comparison

 

Activity  code

46761

Activity  description

Wholesale  of  diamonds  and  other  precious  stones

industry  average  credit rating

110.55

Industry  average  credit  limit

171.26

 

 

Industry  Quartile  Analysis

 

Payment  expectations

Company  result

428.70

Lower

120.34

Median

74.61

Upper

45.40

 

 

Day  sales  outstanding

 

Company  result

382.49

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

 

 

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

22/02/2012

Date  of  birth

12/09/1954

Street

239 MECHELSESTEENWEG  ANTWERPEN

Post  code

2018

Country

Belgium

 

 

Name

BERNARD  WEINBERG

Name

KEVIN  WEINBERG

Position

Principal  Manager

Start  Date

01/01/2012

Street

24 MARIANNESTRAAT  BRUSSEL

Post  code

1180

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.66.08

UK Pound

1

Rs.100.32

Euro

1

Rs.73.81

 

INFORMATION DETAILS

 

Analysis Done by :

KAS

 

 

Report Prepared by :

VNT

 

               

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

 

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NB

New Business

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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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