MIRA INFORM REPORT

 

 

Report Date :

28.03.2012

 

IDENTIFICATION DETAILS

 

Name :

SIMONI GEMS BVBA

 

 

Registered Office :

Schupstraat 1 Antwerpen 2018

 

 

Country :

Belgium

 

 

Financials (as on) :

30.06.2011

 

 

Date of Incorporation :

14.02.2001

 

 

Com. Reg. No.:

474128575

 

 

Legal Form :

Private Limited Company (BL/LX)

 

 

Line of Business :

Wholesale of diamonds and other precious stones

 

 

No. of Employees :

2

 

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 :

No Complaints

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 – September 30, 2011

 

Country Name

Previous Rating

(30.06.2011)

Current Rating

(30.09.2011)

Belgium

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

Company name and address

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Business number

474128575

Company name

SIMONI GEMS BVBA

Telephone number

032313657

 

Address

SCHUPSTRAAT 1 ANTWERPEN

Fax number

032260461

Post code

2018

Number of staff

2

Date of establishment

14/02/2001

 

 

 

Accounts & ratios

 

Date of latest accounts

Turnover

Profit Before Tax

Net worth

30/06/2011

21,738,011

89,619

1,326,216

30/06/2010

14,587,840

32,895

1,241,596

30/06/2009

11,456,980

24,936

1,208,688

 

Accounts & ratios

 

Date of latest accounts

Balance Total

Investments

Capital

Cash Flow

Number of Employees

30/06/2011

8,240,978

473

1,018,600

77,995

2

30/06/2010

8,298,055

473

1,018,600

98,465

2

30/06/2009

7,203,056

472

1,018,600

47,029

2

 

Trends

 

Profitability

 

http://app.creditsafe.be/CSBELive/Images/arrow_up.gif

 

Liquidity

 

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Net worth

 

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Payment expectations

 

Past payments

 

Payment expectation days

63.17

Industry average payment expectation days

190.60

Industry average day sales outstanding

144.65

Day sales outstanding

97.17

 

Court data summary

 

Bankruptcy details

Court action type

no

Protested bills

Bill amount

-

NSSO details

Date of summons

-

 

Business number

474128575

Company name

SIMONI GEMS BVBA

Fax number

032260461

Date founded

14/02/2001

Company status

active

Company type

Private Limited Company (BL/LX)

Currency

Euro (€)

Date of latest accounts

30/06/2011

Activity code

46761

liable for VAT

yes

Activity description

Wholesale of diamonds and other precious stones

VAT Number

BE.0474.128.575

Belgian Bullettin of Acts Publications

moniteur belge

 

 

 

 

Joint Industrial Committee (JIC)

 

JIC Code

218

Description

Additional national joint committee for the employees

category

 

 

Export accounts to CSV file

comparison mode

average

median

 

 

Profit & loss

 

Annual accounts

30-06-2011

%

30-06-2010

%

30-06-2009

Industry average
2011

%

Weeks

52

 

52

 

52

 

 

Currency

EUR

 

EUR

 

EUR

 

 

Turnover

21,738,011

49.01

14,587,840

27.33

11,456,980

52,268,221

-58.41

Total operating expenses

21,505,986

49.24

14,409,969

28.64

11,201,959

51,699,632

-58.40

Operating result

232,026

30.45

177,871

-30.25

255,021

283,058

-18.03

Total financial income

294

7260

4

-95.70

93

125,682

-99

Total financial expenses

142,701

-1.57

144,980

-37.01

230,178

306,098

-53.38

Results on ordinary operations before taxation

89,619

172

32,895

31.92

24,936

92,245

-2.85

Taxation

5,000

38461

-13

20.0

-65

35,146

-85.77

Results on ordinary operations after taxation

84,619

157

32,908

31.63

25,001

70,703

19.68

Extraordinary items

0

-

0

-

0

-4,644

0

Other appropriations

0.00

-

0

-

0

-

-

Net result

84,619

157

32,908

31.63

25,001

66,224

27.78

other information

Dividends

-

-

-

-

-

39,179

-

Director remuneration

67,995

1.88

66,737

-

-

103,749

-34.46

Employee costs

86,397

4.55

82,640

-4.26

86,316

143,806

-39.92

      Wages and salary

67,417

0.09

67,354

-5.29

71,118

119,196

-43.44

      Employee pension costs

-

-

-

-

-

0

-

      Social security contributions

17,282

28.33

13,466

-2.60

13,825

30,192

-42.76

      Other employee costs

1,699

-6.67

1,820

32.56

1,373

3,484

-51.24

Amortization and depreciation

18,023

3.45

17,422

1.62

17,145

28,829

-37.48

 

balance sheet

 

Annual accounts

30-06-2011

%

30-06-2010

%

30-06-2009

Industry average
2011

%

Weeks

52

 

52

 

52

 

 

Currency

EUR

 

EUR

 

EUR

 

 

Intangible fixed assets

0

-

0

-

0

7,490

-100

Tangible fixed assets

180,033

-7.44

194,514

-7.53

210,359

276,474

-34.88

      Land & building

163,882

-3.05

169,042

-2.96

174,202

609,458

-73.11

      Plant & machinery

3,708

-36.70

5,857

-26.85

8,007

40,022

-90.74

      Other tangible assets

12,444

-36.56

19,615

-30.32

28,150

33,172

-62.49

Financial fixed assets

473

-0.07

473

0.21

472

36,199

-98.69

Total fixed assets

180,506

-7.43

194,987

-7.52

210,831

297,149

-39.25

Inventories

2,191,511

15.97

1,889,751

-28.43

2,640,534

3,538,607

-38.07

      Raw materials & consumables

-

-

-

-

-

-

-

      Work in progress

0

-

0

-

0

0

-

      Finished goods

2,191,511

15.97

1,889,751

-28.43

2,640,534

2,170,009

0.99

      Other stocks

0

-

0

-

0

531,508

-100

Trade debtors

5,787,210

-5.32

6,112,664

42.09

4,302,010

7,488,220

-22.72

Cash

77,995

-20.79

98,465

109

47,029

385,255

-79.75

other amounts receivable

3,756

71.66

2,188

-17.50

2,652

196,190

-98.09

Miscellaneous current assets

0

-

0

-

0

13,278

-100

Total current assets

8,060,472

-0.53

8,103,068

15.89

6,992,225

10,780,317

-25.23

current liabilities

Trade creditors

3,721,731

17.23

3,174,824

8.15

2,935,599

3,463,667

7.45

Short term group loans

-

-

-

-

-

-

-

Other short term loans

1,816,742

-21.96

2,328,048

45.44

1,600,717

3,691,036

-50.78

Miscellaneous current liabilities

178,603

-4.38

186,777

57.93

118,264

-79.41

- -

Total current liabilities

5,717,076

0.48

5,689,649

22.24

4,654,580

7,873,357

-27.39

Long term debts

Long term group loans

-

-

-

-

-

-

- -

Other long term loans

1,197,686

-12.37

1,366,810

2.02

1,339,788

-35.66

- -

Other long term liabilities

0

-

0

-

0

246,462

-100

Total long term debts

1,197,686

-12.37

1,366,810

2.02

1,339,788

1,147,134

4.41

shareholders equity

Issued share capital

1,018,600

0

1,018,600

0

1,018,600

1,415,889

-28.06

Share premium account

-

-

-

-

-

131,145

-

Reserves

307,616

37.95

222,996

17.31

190,088

542,182

-43.26

Revaluation reserve

-

-

-

-

-

1,268,236

-

Total shareholders equity

1,326,216

6.82

1,241,596

2.72

1,208,688

2,015,438

-34.20

Working capital

2,343,396

-2.90

2,413,419

3.24

2,337,645

2,906,960

-19.39

Net worth

1,326,216

6.82

1,241,596

2.72

1,208,688

2,007,949

-33.95

 

ratio analysis

 

Annual accounts

30-06-2011

change(%)

30-06-2010

change(%)

30-06-2009

Industry average
2011

%

Trading performance

Profit Before Tax

0.41

78.26

0.23

4.55

0.22

0,00

-

Return on capital employed

3.55

181

1.26

28.57

0.98

-2,00

177

Return on total assets employed

1.09

172

0.40

14.29

0.35

-17,00

6.41

Return on net assets employed

6.76

155

2.65

28.64

2.06

-2,00

338

Sales / net working capital

9.28

53.64

6.04

23.27

4.90

28,00

-99

Stock turnover ratio

10.08

-22.16

12.95

-43.82

23.05

22,00

-54.18

Debtor days

97.17

-36.47

152.94

11.59

137.05

111,00

-12.46

Creditor days

63.17

-21.45

80.42

-15.92

95.65

63,00

0.27

short term stability

Current ratio

1.41

-0.70

1.42

-5.33

1.50

4,00

-89.93

Liquidity ratio / acid ratio

1.03

-5.50

1.09

17.20

0.93

3,00

-65.67

Current debt ratio

4.31

-5.90

4.58

18.96

3.85

14,00

-69.21

Liquidity ratio reprocessed

-

-

-

-

-

-

-

long term stability

Gearing

227.30

-23.62

297.59

22.32

243.28

383,00

-40.65

Equity in percentage

16.09

7.55

14.96

-10.85

16.78

-283,00

5.69

Total debt ratio

5.21

-8.27

5.68

14.52

4.96

16,00

-67.44

 

 

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 expectations

 

Payment expectation days

63.17

Day sales outstanding

97.17

 

Industry comparison

 

Activity code

46761

Activity description

Wholesale of diamonds and other precious stones

Industry average payment expectation days

190.60

Industry average day sales outstanding

144.65

 

Industry quartile analysis

 

Company result

63.17

Lower

135.11

Median

89.39

Upper

47.10

 

Company result

97.17

Lower

118.09

Median

62.44

Upper

27.38

 

 

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

                                                 

Individual Shareholders

 

Shareholder Name

Forename

Mayur

Middle name

-

Surname

Shah

 

 

Shareholder Details

Start date

13/12/2007

End date

-

Percentage owned

87.29%

 

 

Shareholder Address

Street name

Hanvant Bhuvan Walkeshwar Nepensea Road

House number

80

Minor town

-

Postal town

-

Post code

400006

Country

India

 

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NSSO details

 

Business number

474128575

 

Bankruptcy details

 

There is no bankruptcy data against this company

 

 

 

court data

 

there is no data for this company

 

Current director details

 

Name

MAYUR DINESHCHANDRA SHAH

Position

Principal Manager

Street

18 QUINTEN MATSIJSLEI ANTWERPEN

Post code

2018

Country

Belgium

 

Former director details

 

Name

MAYUR DINESHCHANDRA SHAH

Position

Non Statutory Partner

Street

18 QUINTEN MATSIJSLEI ANTWERPEN

Post code

2018

Country

Belgium

 

Name

SHAH MILAN DINESHCHANDRA

Position

Principal Manager

 

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.

-          The diamond jewellery industry in India today may be more than Rs 60000 mil and is rated amongst the fastest growing  in the world. Indi ranks third in the world in domestic diamond consumption.

-          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 –

 

DIAMOND SAGA – DIRTY DOZEN STUCK WITH 2K CR DEBT

This could be the biggest credibility crisis the Indian diamond industry has ever faced. Fifteen banks run the risk of losing Rs 2000 crore lent to a dozen diamond firms in Surat. Until about two months ago, they had not repaid  these dues. Bankers believe many diamantaires borrowed money during the economic downturn two years ago and diverted funds to businesses like real estate and capital markets. Many of themselves made money from these businesses but their diamond companies have gone sick and declared insolvency.

-          Most of the money borrowed from the banks in the name of their diamond business has been diverted in real estate and the share market. The banks are not in a position to seize their properties because in many cases, these were purchased in the name of their relatives and friends.

 

 

FOREIGN EXCHANGE RATES

 

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.50.91

UK Pound

1

Rs.81.27

Euro

1

Rs.67.98

 

 

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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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.