|
Report Date : |
20.09.2013 |
IDENTIFICATION DETAILS
|
Name : |
SIMONI GEMS BVBA |
|
|
|
|
Registered Office : |
Schupstraat 1 Antwerpen 2018 |
|
|
|
|
Country : |
Belgium |
|
|
|
|
Financials (as on) : |
2012 |
|
|
|
|
Date of Incorporation : |
14.02.2001 |
|
|
|
|
Com. Reg. No.: |
474128575 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Wholesale of diamonds and other precious stones. |
|
|
|
|
No. of Employees : |
02 |
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 – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
Belgium |
A1 |
A1 |
|
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 volatility in world markets. Roughly three-quarters of Belgium's
trade is with other EU countries, and Belgium has benefited most from its
proximity to Germany. In 2011 Belgian GDP grew by 1.8%, the unemployment rate
decreased slightly to 7.2% from 8.3% the previous year, and the government
reduced the budget deficit from a peak of 6% of GDP in 2009 to 4.2% in 2011 and
3.3% in 2012. Fourth quarter GDP growth in 2012 was at -0.1%, the third
consecutive quarter of negative growth. This brought economic growth for the
whole of 2012 to negative 0.2%. It also left Belgium on the brink of a possible
recession at the end of 2012. However, at year's end, the government appeared
close to meeting its 2012 budget deficit goal of 3% of GDP. Despite the
relative improvement in Belgium's budget deficit, public debt hovers around
100% of GDP, a factor that has contributed to investor perceptions that the
country is increasingly vulnerable to spillover from the euro-zone crisis.
Belgian banks were severely affected by the international financial crisis in
2008 with three major banks receiving capital injections from the government,
and the nationalization of the Belgian retail arm of a Franco-Belgian bank
Source
: CIA
SIMONI GEMS BVBA
|
Company Name SIMONI GEMS BVBA Company Registration 474128575 |
|
|
Country BE Number |
|
|
Activity Code 46761 Activity Description Wholesale of diamonds and other precious stones |
|
|
Company Status Active Latest Turnover 20,130,268.00 (EUR) |
Activities
Activity Code 46761
Activity Description Wholesale of diamonds and other precious stones
Basic Information
Company Name SIMONI GEMS BVBA
Registered Company Name SIMONI GEMS BVBA
Company Registration Number 474128575
Country BE
VAT Registration Number BE.0474.128.575
Date of Company Registration 14/02/2001
Date of Starting Operations 14/02/2001
Legal Form Private Limited Company (BL/LX)
Company Status Active
Principal Activity Code 46761
Principal Activity Description Wholesale of diamonds and other precious stones
Contact Address SCHUPSTRAAT 1 ANTWERPEN 2018
Contact Telephone Number 03/2313657
Main Address
Address SCHUPSTRAAT 1 ANTWERPEN 2018
Country BE
Telephone 03/2313657
Other Addresses
Address 165 MECHELSESTEENWEG, ANTWERPEN 2018
Country BE
Current Directors
Managers
Name MAYUR DINESHCHANDRA SHAH ]
Address 18 QUINTEN MATSIJSLEI ANTWERPEN
Position Principal Manager
Date Appointed 25/12/2010
Share Capital
Structure
Issued Share capital 1,018,600.00 (EUR)
Name Mayur Shah
Share Percent 87.29 %
Employee
Information
Year 2012
Number of Employees 2
Profit & Loss
Financial Year
2012 2011 2010
Number of Weeks 52 52 52
Currency EUR EUR EUR
Revenue 20,130,268.00 21,738,011.00 14,587,840.00
Operating Costs 19,890,231.00 21,505,986.00 14,409,969.00
Operating Profit 240,037.00 232,026.00 177,871.00
Wages & Salaries 87,320.00 67,417.00
67,354.00
Pension Costs 0.00 0.00 0.00
Depreciation 13,506.00 18,023.00
17,422.00
Financial Income 38.00 294.00
4.00
Financial Expenses 179,830.00 142,701.00 144,980.00
Profit Before Tax 60,246.00 89,619.00
32,895.00
Tax 3,595.00 5,000.00
-13.00
Profit After Tax 56,651.00 84,619.00
32,908.00
Dividends 0.00 0.00 0.00
Other Appropriations 0.00 0.00 0.00
Retained Profit 56,651.00 84,619.00
32,908.00
Financial Year
2012 2011 2010
Number of Weeks 52 52 52
Currency EUR EUR EUR
Land & Buildings 158,722.00 163,882.00 169,042.00
Plant & Machinery 6,263.00 3,708.00
5,857.00
Other Tangible
Assets 6,523.00 12,444.00
19,615.00
Total Tangible Assets 171,508.00 180,033.00 194,514.00
Other Intangible
Assets 0.00 0.00 0.00
|
Total Intangible Assets |
0.00 |
0.00 |
0.00 |
|
Miscellaneous Fixed Assets |
473.00 |
473.00 |
473.00 |
|
Total Other Fixed Assets |
473.00 |
473.00 |
473.00 |
|
Total Fixed Assets |
171,980.00 |
180,506.00 |
194,987.00 |
|
Raw Materials |
0.00 |
0.00 |
0.00 |
|
Work in Progress |
0.00 |
0.00 |
0.00 |
|
Finished Goods |
2,595,153.00 |
2,191,511.00 |
1,889,751.00 |
|
Other Inventories |
0.00 |
0.00 |
0.00 |
|
Total Inventories |
2,595,153.00 |
2,191,511.00 |
1,889,751.00 |
|
Trade Receivables |
6,409,041.00 |
5,787,210.00 |
6,112,664.00 |
|
Miscellaneous Receivables |
7,237.00 |
3,756.00 |
2,188.00 |
|
Total Receivables |
6,416,278.00 |
5,790,965.00 |
6,114,852.00 |
|
Cash |
375,869.00 |
77,995.00 |
98,465.00 |
|
Other Current Assets |
0.00 |
0.00 |
0.00 |
|
Total Current Assets |
9,387,299.00 |
8,060,472.00 |
8,103,068.00 |
|
Total Assets |
9,559,280.00 |
8,240,978.00 |
8,298,055.00 |
|
Trade Payables |
4,135,902.00 |
3,721,731.00 |
3,174,824.00 |
|
Other Loans/Finance |
2,790,943.00 |
1,816,742.00 |
2,328,048.00 |
|
Miscellaneous Liabilities |
128,343.00 |
178,603.00 |
186,777.00 |
|
Total Current Liabilities |
7,055,188.00 |
5,717,076.00 |
5,689,649.00 |
|
Other Loans/Finance due after 1 year |
1,121,225.00 |
1,197,686.00 |
1,366,810.00 |
|
Miscellaneous Liabilities due after 1 year |
0.00 |
0.00 |
0.00 |
|
Total Long Term Liabilities |
1,121,225.00 |
1,197,686.00 |
1,366,810.00 |
|
Total Liabilities |
8,176,413.00 |
6,914,762.00 |
7,056,459.00 |
|
Called Up Share Capital |
1,018,600.00 |
1,018,600.00 |
1,018,600.00 |
|
Share Premium |
0.00 |
0.00 |
0.00 |
|
Revenue Reserves |
364,267.00 |
307,616.00 |
222,996.00 |
|
Other Reserves |
0.00 |
0.00 |
0.00 |
|
Total Shareholders Equity |
1,382,867.00 |
1,326,216.00 |
1,241,596.00 |
|
Other Financials |
|
|
|
|
Working Capital |
2,332,111.00 |
2,343,396.00 |
2,413,419.00 |
|
Net Worth |
1,382,867.00 |
1,326,216.00 |
1,241,596.00 |
|
Ratios |
|
|
|
|
Pre-Tax Profit Margin |
0.30 |
0.41 |
0.23 |
|
Return on Capital Employed |
2.41 |
3.55 |
1.26 |
|
Return on Total Assets Employed |
0.63 |
1.09 |
0.40 |
|
Return on Net Assets Employed |
4.36 |
6.76 |
2.65 |
|
Sales/Net Working Capital |
8.63 |
9.28 |
6.04 |
|
Stock Turnover Ratio |
12.89 |
10.08 |
12.95 |
|
Debtor Days |
116.21 |
97.17 |
152.94 |
|
Creditor Days |
75.90 |
63.17 |
80.42 |
|
Current Ratio |
1.33 |
1.41 |
1.42 |
|
Liquidity Ratio/Acid Test |
0.96 |
1.03 |
1.09 |
|
Current Debt Ratio |
5.10 |
4.31 |
4.58 |
|
Gearing |
282.90 |
227.30 |
297.59 |
|
Equity in Percentage |
14.47 |
16.09 |
14.96 |
|
Total Debt Ratio |
5.91 |
5.21 |
5.68 |
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.61.75 |
|
|
1 |
Rs.99.56 |
|
Euro |
1 |
Rs.83.55 |
INFORMATION DETAILS
|
Report
Prepared by : |
NIS |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.