MIRA INFORM REPORT

 

 

Report Date :

08.12.2014

 

IDENTIFICATION DETAILS

 

Name :

SUNNEX BVBA

 

 

Registered Office :

Hoveniersstraat 2-Bus 540, 2018 Antwerpen

 

 

Country :

Belgium

 

 

Financials (as on) :

31.12.2013

 

 

Date of Incorporation :

09.11.1995

 

 

Com. Reg. No.:

456455769

 

 

Legal Form :

Private Limited Company

 

 

Line of Business :

Wholesale of diamonds and other precious stones

 

 

No of Employees :

02

 

 

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 :

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, 2014

 

Country Name

Previous Rating

(30.06.2014)

Current Rating

(30.09.2014)

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 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

Company summary

 

Business number                     456455769

Company name                        SUNNEX BVBA

Address                                   HOVENIERSSTRAAT 2-BUS 540

2018 ANTWERPEN

Number of staff                        2

Date of establishment               09/11/1995

Telephone number                   --

Fax number                              --

 

 

 

Commentary

 

The business was established over 19 years ago.

The business has 1 employees.

The business has been at the address for over 2 years.

Pre-tax profits increased by 28% compared to the previous trading period.

The business saw an increase in their Cash Balance of 300% during the latest trading period.

 

 

ACCOUNTS

DATE OF LATEST ACCOUNTS

TURNOVER

PROFIT BEFORE TAX

NET WORTH

WORKING CAPITAL

31/12/2013

57,500,845

128,393

2,257,617

5,542,738

31/12/2012

52,165,261

99,745

2,156,358

2,115,284

31/12/2011

54,621,177

118,394

2,074,447

2,032,040

 

 

 

 

 

ACCOUNTS

DATE OF LATEST ACCOUNTS

BALANCE TOTAL

NUMBER OF EMPLOYEES

CAPITAL

CASHFLOW

31/12/2013

23,152,527

2

1,844,750

119,286

31/12/2012

23,265,195

2

1,844,750

98,682

31/12/2011

19,730,973

0

1,844,750

104,377

 

 

Payment expectations

Past payments

 

Payment expectation days

54.07

 

Industry average payment expectation days

124.39

Industry average day sales outstanding

141.74

 

Day sales outstanding

100.21

 

 

 

Court data summary

BANKRUPTCY DETAILS

Court action type

no

 

 

 

PROTESTED BILLS

Bill amount

NSSO DETAILS

Date of summons

--

 

 

 

 

 

Company information

 

Business number

456455769

Company name

SUNNEX BVBA

 

Fax number

 

Date founded

09/11/1995

 

Company status

active

Company type

Private Limited Company (BL/LX)

 

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.0456.455.769 Check VAT

number

 

Belgian Bullettin of Acts Publications

moniteur belge

 

 

 

 

 

Joint Industrial Committee (JIC)

Significant Events

Event Date                        27/03/2014
Event Description

Event Details                    De 76 nieuwe aandelen worden toegekend aan de vennootschap Sundiam DMCC.

 

 

Company accounts

 

Annual accounts

31-12-2013

%

31-12-2012

%

31-12-2011

%

31-12-2010

%

31-12-2009

Weeks

52

 

52

 

52

 

52

 

52

Currency

EUR

 

EUR

 

EUR

 

EUR

 

EUR

Total fixed assets

78,101

-5.89

82,989

-15.24

97,911

1525

6,025

664

788

Intangible fixed assets

0

-

0

-

0

-

0

-

0

Tangible fixed assets

74,601

-6.38

79,689

-15.77

94,611

3372

2,725

245

788

Land & building                     

-

-

-

-

-

-

-

-

-

Plant & machinery

38,079

25.01

30,461

-5.99

32,401

1562

1,949

-

-

Furniture & Vehicles

36,522

-25.81

49,227

-20.87

62,210

7915

776

-1.54

788

Leasing & Other Similar Rights

-

-

-

-

-

-

-

-

-

Other tangible assets

0

-

0

-

0

-

0

-

0

Financial fixed assets

3,500

6.06

3,300

0

3,300

0

3,300

-

-

Total current assets

23,074,425

-0.46

23,182,206

18.08

19,633,062

12.62

17,433,598

33.37

13,071,596

Inventories

5,815,728

9.91

5,291,528

110

2,515,092

-50.71

5,102,938

11.17

4,590,318

Raw materials & consumables   

-

-

-

-

-

-

-

-

-

Work in progress

0

-

0

-

0

-

0

-

0

Finished goods

5,815,728

9.91

5,291,528

110

2,515,092

-50.71

5,102,938

11.17

4,590,318

Other stocks

0

-

0

-

0

-

0

-

0

Trade debtors

15,787,393

-9.61

17,466,378

3.24

16,918,736

44.40

11,716,926

67.73

6,985,637

Other amounts receivable

35,553

-40.40

59,650

-16.86

71,744

75.42

40,900

31.05

31,208

Cash

1,423,990

300

355,288

203

117,189

-79.05

559,242

-61.70

1,460,150

Miscellaneous current assets

11,761

25.62

9,362

-9.11

10,301

-24.22

13,593

217

4,283

Total Assets

23,152,527

-0.48

23,265,195

17.91

19,730,973

13.14

17,439,623

33.41

13,072,384

Liabilities

Total shareholders equity

2,257,617 4.70

2,156,358 3.95

2,074,447

5.09

1,974,028

3.41

1,908,886

 

 

Issued share capital

1,844,750

0

1,844,750

0

1,844,750

0

1,844,750

0

1,844,750

Share premium account

-

-

-

-

 

-

-

-

-

Revaluation reserve

-

-

-

-

 

-

-

-

-

Reserves

412,866

32.50

311,607

35.66

229,696

77.68

129,277

101

64,136

Provisions for Liabilities & Charges

0

-

0

-

0

-

0

-

0

Deffered taxes

-

-

-

-

-

-

-

-

 

Creditors

20,894,910

-1.01

21,108,837

19.55

17,656,526

14.17

15,465,595

38.54

11,163,498

Other long term loans

3,363,223

7923

41,915

-24.48

55,504

 

 

 

 

Long term group loans

-

-

-

-

-

-

-

-

-

Other long term liabilities

0

-

0

-

0

-

0

-

0

Total long term debts

3,363,223

7923

41,915

-24.48

55,504

-

0

-

0

Current portion of long term debt

15,356

13.00

13,589

-3.36

14,062

-

-

-

 

Financial debts

7,178,554

-3.72

7,455,891

17.00

6,372,576

20.21

5,301,263

23.22

4,302,226

Trade creditors

8,428,226

-11.25

9,496,275

33.68

7,103,914

-9.63

7,860,584

65.94

4,736,874

Amounts Payable for Taxes,

46,834

76.49

26,536

-28.56

37,143

547

5,738

208

1,860

Remuneration & Social Security

 

 

 

 

 

 

 

 

 

Miscellaneous current liabilities

1,862,717

-54.29

4,074,632

0.03

4,073,328

77.25

2,298,009

8.27

2,122,538

Total current liabilities

17,531,687

-16.78

21,066,922

19.69

17,601,022

13.81

15,465,595

38.54

11,163,498

Total Liabilities

23,152,527

-0.48

23,265,195

17.91

19,730,973

13.14

17,439,623

33.41

13,072,384

Ratio Analysis

Profit Before Tax

0.22

15.79

0.19

-13.64

0.22

4.76

0.21

5.00

0.20

Return on capital employed

2.28

-49.78

4.54

-18.35

5.56

33.98

4.15

105

2.02

Return on total assets employed

0.55

27.91

0.43

-28.33

0.60

27.66

0.47

56.67

0.30

Return on net assets employed

5.69

22.89

4.63

-18.91

5.71

37.59

4.15

105

2.02

Sales / net working capital

10.37

-57.95

24.66

-8.26

26.88

36.03

19.76

98.39

9.96

 

 

Net worth                               2,257,617 4.70     2,156,358 3.95     2,074,447 5.09     1,974,028 3.41     1,908,886

LONG TERM STABILITY

Gearing                                                 467.62 34.24        348.34 12.17        310.55 15.64        268.55 19.15        225.38

Equity in percentage           9.75 5.18               9.27 -11.80           10.51 -7.16           11.32 -22.47         14.60

Total debt ratio                     9.26 -5.41              9.79 15.04             8.51 8.68               7.83 33.85             5.85

Working capital                    5,542,738 162      2,115,284 4.10     2,032,040 3.25     1,968,003 3.14     1,908,098

Profit & loss

Operating Income               57,502,254 10.23 52,166,230 -4.50                54,622,485 40.45 38,890,153 104 19,005,028

Turnover                                57,500,845 10.23 52,165,261 -4.50 54,621,177 40.47 38,885,593 104                 19,005,028

Total operating expenses                  56,895,216 10.39 51,540,667 -4.67                54,067,592 40.59 38,456,392 103 18,861,775

Gross Operating Margin                     -                  -         -                  -        -                  -          -                   -      -

Operating Charges                             56,896,625 10.39 51,541,636 -4.67                54,068,900 40.58 38,460,952 103 18,861,775

Employee costs                                   71,366 120           32,421 535           5,098           -            -                  -         -

Wages and salary                               64,791 125           28,735 498           4,801           -          -                   -      -

Employee pension costs                   -            -               -             -              -                 -          -                   -      -

Social security contributions             4,786 43.04         3,346 1166           264               -         -                  -       -

Other employee costs                        1,789 425              341 923                                 33                 -        0                  -       0

Director remuneration                        -          -                -      -                    22,320           -         -                 -        -

Amortization and depreciation         18,027 7.49          16,771 323           3,958 725              479           21.63    394

Operating result                                   605,629 -3.04       624,594 12.83      553,585 28.98      429,200     199     143,253

Total financial income                        308 -94.74            5,861 -25.08         7,823 46.86          5,326         6370   82

Total financial expenses                    477,545 -10.02    530,710 19.80      443,013 25.61      352,698     236     104,756

Results on ordinary operations

before taxation                                     128,393 28.72      99,745 -15.75       118,394 44.68      81,829       112     38,579

Extraordinary Income                         3,495      -             -             -               -            -             -                 -           -

Extraordinary Charges                       3,177      -            -              -               -            -              -                -           -

Extraordinary items                             318         -            0             -               0            -              0               -           0

Results for the Year Before Taxation 128,710 29.04   99,745 -15.75       118,394 44.68      81,829 112           38,579

Other appropriations                           -             -               -          -              -            -              -           -                 -

Taxation                                                27,452 53.93        17,834 -0.79         17,975 7.72          16,688 769           1,919

Results on ordinary operations after

Taxation                                                100,941 23.23      81,911 -18.43       100,419 54.16      65,141 77.69        36,660

Net result                                               101,259 23.62      81,911 -18.43       100,419 54.16      65,141 77.69        36,660

Profit (Loss) for the Year to be

Appropriated                                        101,259 23.62      81,911 -18.43       100,419 54.16      65,141 77.69        36,660

Dividends                                              -               -               -               -               -               -               -               -               -

 

 

Social Balance sheet details

 

Social Balance Sheet Details

 

Social Balance Sheet

Total

 

During the reporting year ended 31-12-2013

Full-time Employees

2

 

Part-time Employees

-

 

Total Fte Employees

2

 

 

Number of hours worked

Full-time Employees

3,542

 

Part-time Employees

-

 

Total

3,542

 

 

Personnel Charges

Full-time Employees

71,366

 

Part-time Employees

-

 

Total

71,366

 

Benefits In Addition To Wages

-

 

 

During the previous reporting year

Average number employees in Fte

1

 

Actual working hours

1,946

 

Personnel Charges

32,421

 

Benefits In Addition To Wages

-

 

 

 

Type of Contract

Full-Time

Part-Time

Total Fte

Unlimited Duration Contracts

2

-

2

Limited Duration Contracts

-

-

-

Contracts For Specific Work

-

-

-

Contracts Regarding

Substitution

-

-

-

 

Gender and Education Level

Men

Full-Time

Part-Time

Total Fte

Primary education

1

-

1

Secondairy education

-

-

-

Higher education (non university)

-

-

-

Higher education (university)

-

-

-

Women

Full-Time

Part-Time

Total Fte

Primary education

1

-

1

Secondairy education

-

-

-

Higher education (non university)

-

-

-

Higher education (university)

-

-

-

 

 

 

 

Working Category

Full-Time

Part-Time

Total Fte

White collar worker

2

-

2

 

Industry comparison

Activity code

46761

Activity description

Wholesaler of diamonds and other precious stones

 

Payment expectations

Payment expectation days

54.07

Day sales outstanding

100.21

 

 

Industry comparison

Activity code

46761

Activity description

Wholesaler of diamonds and other precious stones

Industry average payment expectation days

124.39

Industry average day sales outstanding

141.74

 

 

Industry quartile analysis

Payment expectations

Company result

54.07

Lower

122.66

Median

76.39

Upper

46.98

Day sales outstanding

Company result

100.21

Lower

102.84

Median

54.50

Upper

24.07

 

Group Structure

No group structure for this company

 

Minority Shareholders

No minority shareholders found

 

Minority Interests

No minority interest found

 

Companies that match this address

No companies match this address

 

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

Name                           KAUSHAL ASHVINKUMAR SHAH

Position                       Principal Manager

Start Date                     10/07/2010

Street                           48 FAZANTENLAAN ANTWERPEN

Post code                     2610

Country                        Belgium

Former director details

Name                           NIRAJ MAHENDRA SHAH

Position                       Principal Manager

Start Date                     02/04/2002

End Date                      Unknown date

Street                           CHANDANBALA APTS, B WING FLAT, 404 RATILAL, R.THAKKAR MARG BOMBAY

Post code

Country                        India

 

Name                           PIYUSH JAYNTITILAL SHAH

Position                       Principal Manager

Start Date                     31/12/2009

End Date                      Unknown date

Street                           48 FAZANTENLAAN ANTWERPEN

Post code                     2610

Country                        Belgium

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.61.85

UK Pound

1

Rs.96.73

Euro

1

Rs.76.53

 

 

INFORMATION DETAILS

 

Analysis Done by :

KAR

 

 

Report Prepared by :

TPT

 

 

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.