|
Report Date : |
13.08.2014 |
IDENTIFICATION DETAILS
|
Name : |
SAURAJ DIAMONDS NV |
|
|
|
|
Registered Office : |
Hoveniersstraat 2 2018
Antwerpen |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
05.03.1983 |
|
|
|
|
Com. Reg. No.: |
423731731 |
|
|
|
|
Legal Form : |
Public Limited Liability
Company |
|
|
|
|
Line of Business : |
Wholesale of diamonds and other precious stones |
|
|
|
|
No. of Employees |
03 |
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 – June 01, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
Belgium |
A1 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderate Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderate High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
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 2013 Belgian GDP grew by 0.1%, the unemployment rate increased to 8.8% from 7.6% the previous year, and the government reduced the budget deficit from a peak of 6% of GDP in 2009 to 3.2%. 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 |
|
Business number |
423731731 |
|
Company name |
SAURAJ DIAMONDS NV |
|
Address |
HOVENIERSSTRAAT 2 |
|
|
2018 ANTWERPEN |
|
Number of staff |
3 |
|
Date of establishment |
08/03/1 983 |
|
Telephone number |
032337891 |
|
Fax number |
032314968 |
The business was
established over 31 years ago.
The business has 1
employees.
The business is part of a
group.
This business has a foreign
parent business.
The business has been at
the address for over 27 years.
Operating Result in the
latest trading period increased 153% on the previous trading period.
Pre-tax profits decreased
by 24% compared to the previous trading period.
The business saw an increase in their Cash Balance of 4038% during the latest trading period
|
DATE OF LATEST ACCOUNTS |
TURNOVER |
PROFIT BEFORE TAX |
NET WORTH |
WORKING CAPITAL |
|
31/12/2012 |
74,440,429 |
129,127 |
5,550,810 |
11,052,963 |
|
31/12/2011 |
93,774,360 |
1 71,702 |
5,445,521 |
10,423,536 |
|
31/12/2010 |
69,647,11 7 |
109,805 |
5,309,472 |
8,632,498 |
|
Accounts |
||||
|
DATE OF LATEST ACCOUNTS |
BALANCE TOTAL |
NUMBER OF EMPLOYEES |
CAPITAL |
CASHFLOW |
|
31/12/2012 |
36,491,289 |
3 |
4,900,000 |
121,654 |
|
31/12/2011 |
43,439,853 |
4 |
4,900,000 |
152,879 |
|
31/12/2010 |
28,280,788 |
2 |
4,900,000 |
125,931 |
|
Trends |
||||
|
Profitability |
|
|
|
|
|
Liquidity |
|
|
|
|
|
Net worth |
|
|
|
|
|
Payment expectations |
||||
|
Past payments |
|
Payment expectation days |
30.77 |
|
|
Industry average payment
expectation days |
165.08 |
Industry average day sales
outstanding |
126.18 |
|
|
Day sales outstanding |
165.01 |
|
|
|
|
Business number |
423731731 |
Company name |
SAURAJ DIAMONDS NV |
|
|
Fax number |
032314968 |
Date founded |
08/03/1983 |
|
|
Company status |
active |
Company type |
Public Limited Liability
Company (BE) |
|
|
Currency |
Euro (€) |
Date of latest accounts |
31/12/2012 |
|
|
Activity code |
46761 |
Liable for VAT |
yes |
|
|
Activity description |
Wholesale of diamonds and
other precious stones |
VAT Number |
BE.0423.731.731 Check VAT
number |
|
|
Belgian Bullettin of Acts
Publications |
moniteur belge |
|
|
|
|
Contractor details |
||||
|
Registered contractor
number |
- |
|
|
|
|
Contractor description |
- |
|
|
|
|
Date struck off register |
||||
|
Social Balance Sheet |
Total |
|
|
During the reporting year |
|
|
|
ended 31-12-2012 |
|
|
|
Full-time Employees |
3 |
|
|
Part-time Employees - |
||
|
Total Fte Employees |
3 |
|
|
|
||
|
Number of hours worked |
||
|
Full-time Employees |
5,328 |
|
|
Part-time Employees - |
||
|
Total |
5,328 |
|
|
|
||
|
Personnel Charges |
||
|
Full-time Employees |
109,731 |
|
|
Part-time Employees - |
||
|
Total |
109,731 |
|
|
Benefits In Addition To Wages - |
||
|
|
||
|
During the previous
reporting year |
||
|
Average number employees
in Fte |
4 |
|
|
Actual working hours |
6,296 |
|
|
Personnel Charges |
1 27,469 |
|
|
Benefits In Addition To Wages - |
||
|
|
|
|
|
Men |
Full-Time |
Part-Time |
Total Fte |
|
Primary education |
1 |
- |
1 |
|
Secondairy education |
- |
- |
- |
|
Higher education (non
university) |
1 |
- |
1 |
|
Higher education
(university) |
- |
- |
- |
|
Women |
Full-Time |
Part-Time |
Total Fte |
|
Primary education |
- |
- |
- |
|
Secondairy education |
1 |
- |
1 |
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
Event Date 17/05/2010
Event Description re-appointment
of director(s)
Event Details Commentaar 17-05-2010: Herbenoeming van Jhaveri Sohil
als gedelegeerd bestuurder tot de AV van 2014.
Event Date 31/12/2008
Event Description re-appointment
of director(s)
Event Details Commentaar : Herbenoeming van volgende bestuurders,
tot in het jaar 2014: Shah Apama en Jhaveri Sohil.
|
Annual
accounts |
31-12-2012 |
% |
31-12-2011 |
% |
31-12-2010 |
Industry
average 2012 |
% |
|
Weeks |
52 |
|
52 |
|
52 |
|
|
|
Currency |
EUR |
|
EUR |
|
EUR |
|
|
|
Turnover |
74,440,429 |
-20.62 |
93,774,360 |
34.64 |
69,647,117 |
46,485,458 |
60.14 |
|
Total
operating expenses |
73,035,721 |
-21.65 |
93,221,126 |
36.16 |
68,465,277 |
46,114,879 |
58.38 |
|
Operating
result |
1,404,708 |
153 |
553,233 |
-53.19 |
1,181,840 |
140,970 |
896 |
|
Total
financial income |
5 |
-99 |
599,536 |
105452 |
568 |
98,884 |
-99 |
|
Total
financial expenses |
1,275,586 |
30.02 |
981,067 |
-8.53 |
1,072,603 |
206,312 |
518 |
|
Results
on ordinary operations before taxation |
129,127 |
-24.80 |
171,702 |
56.37 |
109,805 |
25,266 |
411 |
|
Taxation |
23,839 |
-33.14 |
35,653 |
143 |
14,618 |
20,807 |
14.57 |
|
Results
on ordinary operations after taxation |
105,289 |
-22.61 |
136,049 |
42.93 |
95,187 |
10,475 |
905 |
|
Extraordinary
items |
0 |
- |
0 |
- |
0 |
-3,969 |
0 |
|
Other
appropriations |
0.00 |
- |
0.00 |
- |
0 |
- |
- |
|
Net
result OTHER
INFORMATION |
105,289 |
-22.61 |
136,049 |
42.93 |
95,187 |
6,525 |
1513 |
|
Gross
Operating Margin |
- |
- |
- |
- |
- |
56,835 |
- |
|
Dividends |
- |
- |
- |
- |
- |
172,177 |
- |
|
Director
remuneration |
75,000 |
0 |
75,000 |
0 |
75,000 |
112,544 |
-33.36 |
|
Employee
costs |
109,731 |
-13.92 |
127,469 |
39.35 |
91,476 |
125,946 |
-12.87 |
|
Wages
and salary |
85,669 |
-11.17 |
96,440 |
37.79 |
69,991 |
105,550 |
-18.84 |
|
Employee
pension costs |
- |
- |
- |
- |
- |
14,428 |
- |
|
Social
security contributions |
22,050 |
-22.89 |
28,595 |
46.43 |
19,528 |
26,656 |
-17.28 |
|
Other
employee costs |
2,012 |
-17.35 |
2,435 |
24.41 |
1,957 |
4,344 |
-53.68 |
|
Amortization
and depreciation |
16,365 |
-2.76 |
16,830 |
-45.26 |
30,744 |
1 7,811 |
-8.12 |
|
Annual
accounts |
31-12-2012 |
% |
31-12-2011 |
% |
31-12-2010 |
Industry
average 2012 |
% |
|
Weeks |
52 |
|
52 |
|
52 |
|
|
|
Currency |
EUR |
|
EUR |
|
EUR |
|
|
|
Intangible
fixed assets |
0 |
- |
0 |
- |
0 |
1,571 |
-100 |
|
Tangible
fixed assets |
1 45,246 |
-8.53 |
158,785 |
-6.91 |
170,574 |
184,11 7 |
-21.11 |
|
Land
& building |
1 25,979 |
-4.96 |
132,554 |
-4.73 |
139,130 |
362,988 |
-65.29 |
|
Plant
& machinery |
7,521 |
14.75 |
6,554 |
196 |
2,207 |
22,615 |
-66.74 |
|
Furniture
& Vehicles |
11,746 |
-40.30 |
19,676 |
-29.41 |
27,874 |
17,295
5,364 |
-32.08 |
|
Leasing
& Other Similar Rights |
- |
- |
- |
- |
- |
142,153
32,369 |
- |
|
Other
tangible assets |
0 |
- |
0 |
-100 |
1,363 |
7,588 |
-100 |
|
Financial
fixed assets |
- |
- |
- |
- |
- |
306,282 |
- |
|
Total
fixed assets |
145,246 |
-8.53 |
158,785 |
-6.91 |
170,574 |
394,259 |
-63.16 |
|
Inventories |
2,676,082 |
-28.74 |
3,755,584 |
-19.72 |
4,678,246 |
3,102,024 |
-13.73 |
|
Raw
materials & consumables |
- |
- |
- |
- |
- |
7,209,884 |
- |
|
Work in
progress |
0 |
- |
0 |
- |
0 |
2,384 |
-100 |
|
Finished
goods |
2,676,082 |
-28.74 |
3,755,584 |
-19.72 |
4,678,246 |
1,994,651 |
34.16 |
|
Other
stocks |
0 |
- |
0 |
- |
0 |
569,553 |
-100 |
|
Trade
debtors |
33,652,703 |
-14.82 |
39,505,888 |
69.23 |
23,343,982 |
4,239,087 |
693 |
|
Cash |
3,428 |
4038 |
83 |
-97.50 |
3,312 |
227,241 |
-98.49 |
|
other
amounts receivable |
5,346 |
-54.91 |
11,855 |
-84.16 |
74,863 |
209,025 |
-97.44 |
|
Miscellaneous
current assets |
8,484 |
10.77 |
7,659 |
-21.94 |
9,811 |
18,235 |
-53.48 |
|
Total
current assets |
36,346,043 |
-16.02 |
43,281,068 |
53.97 |
28,110,214 |
7,321,447 |
396 |
|
Total
Assets |
36,491,289 |
-16.00 |
43,439,853 |
53.60 |
28,280,788 |
7,675,911
1,453,566 |
375 |
|
Trade
creditors |
6,156,924 |
-43.69 |
10,933,237 |
76.25 |
6,203,349 |
3,144,774 |
95.78 |
|
Short
term group loans |
- |
- |
- |
- |
- |
- |
- |
|
Financial
debts |
18,849,951 |
-12.68 |
21,587,365 |
66.47 |
12,967,332 |
4,280,807
189,666 |
340 |
|
Current
portion of long term debt |
- |
- |
- |
- |
- |
110,204
15,373 |
- |
|
Amounts
Payable for Taxes, Remuneration & Social Security |
39,381 |
-24.60 |
52,228 |
90.55 |
27,409 |
9,740 - |
15.72 |
|
Miscellaneous
current liabilities |
246,824 |
-13.30 |
284,703 |
1.82 |
279,626 |
-17.09 |
- - |
|
Total
current liabilities |
25,293,080 |
-23.02 |
32,857,532 |
68.69 |
1
9,477,716 |
5,457,561 |
363 |
|
LONG TERM
DEBTS AND LIABILITIES |
|
|
|
|
|
|
|
|
Long
term group loans |
- |
- |
- |
- |
- |
- |
- - |
|
Other
long term loans |
5,647,400 |
9.94 |
5,136,800 |
47.03 |
3,493,600 |
406 |
- - |
|
Deffered
taxes |
- |
- |
- |
- |
- |
37,626
26,358 |
- |
|
Provisions
for Liabilities & Charges |
0 |
- |
0 |
- |
0 |
3,165 0 |
-100 |
|
Other
long term liabilities |
0 |
- |
0 |
- |
0 |
1 27,897 |
-100 |
|
Total
long term debts SHAREHOLDERS
EQUITY |
5,647,400 |
9.94 |
5,136,800 |
47.03 |
3,493,600 |
562,239 |
904 |
|
Issued
share capital |
4,900,000 |
0 |
4,900,000 |
0 |
4,900,000 |
967,416 |
406 |
|
Share
premium account |
- |
- |
- |
- |
- |
109,362 |
- |
|
Reserves |
650,810 |
19.30 |
545,521 |
33.23 |
409,472 |
653,158 |
-0.36 |
|
Revaluation
reserve |
- |
- |
- |
- |
- |
939,206 |
- |
|
Total
shareholders equity |
5,550,810 |
1.93 |
5,445,521 |
2.56 |
5,309,472 |
1,650,062 |
236 |
|
Working
capital |
11,052,963 |
6.04 |
10,423,536 |
20.75 |
8,632,498 |
1,863,886 |
493 |
|
Cashflow |
121,654 |
-20.42 |
152,879 |
21.40 |
125,931 |
21,260 |
472 |
|
Net
worth |
5,550,810 |
1.93 |
5,445,521 |
2.56 |
5,309,472 |
1,646,834 |
237 |
|
Annual
accounts TRADING
PERFORMANCE |
31-12-2012 |
change(%) |
31-12-2011 |
change(%) |
31-12-2010 |
Industry
average 2012 |
% |
|
Profit
Before Tax |
0.17 |
-5.56 |
0.18 |
12.50 |
0.16 |
-29,00 |
0.59 |
|
Return
on capital employed |
1.15 |
-29.01 |
1.62 |
29.60 |
1.25 |
29,00 |
-96.03 |
|
Return
on total assets employed |
0.35 |
-12.50 |
0.40 |
2.56 |
0.39 |
-200,00 |
0.18 |
|
Return
on net assets employed |
2.33 |
-26.03 |
3.15 |
52.17 |
2.07 |
19,00 |
-87.74 |
|
Sales /
net working capital |
6.73 |
-25.22 |
9 |
11.52 |
8.07 |
44,00 |
-99 |
|
Stock
turnover ratio |
3.59 |
-10.25 |
4 |
-40.48 |
6.72 |
116,00 |
-96.91 |
|
Debtor
days |
165.01 |
7.31 |
153.77 |
25.69 |
122.34 |
143,00 |
15.39 |
|
Creditor
days SHORT
TERM STABILITY |
30.77 |
-28.12 |
42.81 |
29.45 |
33.07 |
125,00 |
-75.38 |
|
Current
ratio |
1.44 |
9.09 |
1.32 |
-8.33 |
1.44 |
6,00 |
-84.00 |
|
Liquidity
ratio / acid ratio |
1.33 |
10.83 |
1.20 |
0 |
1.20 |
4,00 |
-66.75 |
|
Current
debt ratio |
4.56 |
-24.38 |
6.03 |
64.31 |
3.67 |
9,00 |
-49.33 |
|
Liquidity
ratio reprocessed |
- |
- |
- |
- |
- |
- |
- |
|
LONG
TERM STABILITY |
|
|
|
|
|
|
|
|
Gearing |
441.33 |
-10.07 |
490.75 |
58.29 |
310.03 |
357,00 |
23.62 |
|
Equity
in percentage |
15.21 |
21.29 |
12.54 |
-33.19 |
18.77 |
-3.189,00 |
0.48 |
|
Total
debt ratio |
5.57 |
-20.20 |
6.98 |
61.20 |
4.33 |
11,00 |
-49.36 |
Industry
comparison
|
|
|
Activity code |
46761 |
|
Activity description |
Wholesale of diamonds and
other precious stones |
|
industry average credit |
64.48 |
|
rating |
|
|
Industry average credit |
140177.31 |
|
limit |
|
|
Suspension of payments /
moratorium history |
|
|
Amount |
- |
|
Details |
|
|
Payment expectations |
|
|
Payment expectation days |
30.77 |
|
Day sales outstanding |
165.01 |
|
Industry comparison |
|
|
Activity code |
46761 |
|
Activity description |
Wholesale of diamonds and
other precious stones |
|
Industry average payment |
165.08 |
|
expectation days |
|
|
Industry average day
sales |
126.18 |
|
outstanding |
|
|
Industry quartile
analysis |
|
|
Payment expectations |
|
|
Company result |
30.77 |
|
Lower |
134.13 |
|
Median |
84.93 |
Company result 165.01
Lower 110.17
Median 59.01
Upper 28.11
Summary
Group - Number of Companies 2
Linkages - Number of
Companies 0
Number of Countries 0
Company name Number
- SAURAJ DIAMONDS NV
423731731
- - IMMO GOLD NV
437262538
Minority Shareholders
No minority shareholders
found
Minority Interests
No minority interests found
|
Forename |
Sohil |
Middle name |
- |
|
Surname |
Jhaveri |
|
|
|
SHAREHOLDER DETAILS |
|||
|
Start date |
03/02/2009(estimated) |
End date |
- |
|
Percentage owned |
- |
|
|
|
SHAREHOLDER ADDRESS |
|||
|
Street name |
Belgielei |
House number |
119 |
|
Minor town |
- |
Postal town |
Antwerpen |
|
Post code |
2018 |
Country |
Belgium |
|
SHAREHOLDER NAME |
|||
|
Forename |
Suisha |
Middle name |
- |
|
Surname |
Jhaveri |
|
|
|
SHAREHOLDER DETAILS |
|||
|
Start date |
03/02/2009(estimated) |
End date |
- |
|
Percentage owned |
- |
|
|
|
SHAREHOLDER ADDRESS |
|||
|
Street name |
- |
House number |
- |
|
Minor town |
- |
Postal town |
- |
|
Post code |
- |
Country |
India |
Business number 423731731
Name of defendant -
Legal form of defendant -
Date of summons -
Labour court -
Bankruptcy details
There is no bankruptcy data
against this company
court data
there is no data for this company
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. 61.18 |
|
|
1 |
Rs. 102.55 |
|
Euro |
1 |
Rs. 81.77 |
INFORMATION DETAILS
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
DPT |
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.