MIRA INFORM REPORT

 

 

Report Date :

10.12.2014

 

IDENTIFICATION DETAILS

 

Name :

SORADIAM NV

 

 

Registered Office :

Hoveniersstraat 2, Box 223 Room 448, 2018 Antwerpen

 

 

Country :

Belgium

 

 

Financials (as on) :

31.12.2012

 

 

Date of Incorporation :

31.05.1977

 

 

Com. Reg. No.:

417844821

 

 

Legal Form :

Public Limited Liability Company

 

 

Line of Business :

Wholesaler of diamonds and other precious

 

 

No. of Employees

From 1 To 4 Employees

 

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 :

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 – 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 name and address

 

Business number

417844821

Company name

SORADIAM NV

Address

                       Hoveniersstraat 2, Box

                       223 Room 448, 2018 Antwerpen

Number of staff

                          From 1 To 4 Employees

Date of establishment

31/05/1977

Telephone number

032330515

Fax number

032319729

 

 

Commentary

 

The business was established over 36 years ago.   

The business has been at the address for over 18 years.           

Operating Result in the latest trading period increased 154% on the previous trading period.

The business saw a decrease in their Cash Balance of 99% during the latest trading period.

 

 

Accounts

 

DATE OF LATEST ACCOUNTS

TURNOVER

PROFIT BEFORE TAX             NET WORTH

WORKING CAPITAL

31/12/2012

1 09,042,871

254,526 5,416,476

13,234,305

31/12/2011

1 04,767,273

283,206 5,243,394

10,501,557

31/12/2010

80,421,587

179,193 5,053,986

7,965,774

 

 

Accounts

 

DATE OF LATEST ACCOUNTS

BALANCE TOTAL

NUMBER OF EMPLOYEES

CAPITAL

CASHFLOW

31/12/2012

42,664,141

From 1 To 4 Employees

4,650,000

229,186

31/12/2011

41,542,499

1

4,650,000

250,874

31/12/2010

34,036,128

1

4,650,000

184,090

 

 

Payment expectations

 

Past payments                                                 Payment expectation days                    29.49

Industry average payment

expectation days                      129.58              Industry average day sales

outstanding                                          131.83

Day sales outstanding              122.68

 

 

Company information

 

Business number

417844821

Company name

SORADIAM NV

Fax number

032319729

Date founded

31/05/1977

 

Company status

active

Company type

Public Limited Liability Company

 

 

Date of latest accounts

31/12/2012

Activity code

46761

 

 

Currency

Euro(€)

 

 

Activity description

Wholesaler of diamonds and other precious

 

 

 

 

Social Balance Sheet Details

 

 

Social Balance Sheet

 

Total

 

 

During the reporting year ended 31-12-2012

Full-time Employees

 

-

 

 

Part-time Employees

 

3

 

 

Total Fte Employees

 

2

 

 

 

Number of hours worked

Full-time Employees

 

-

 

 

Part-time Employees

 

3,096

 

 

Total

 

3,096

 

 

 

Personnel Charges

Full-time Employees

 

-

 

 

Part-time Employees

 

111,944

 

 

Total

 

111,944

 

 

Benefits In Addition To Wages

-

 

 

 

During the previous reporting year

Average number employees in Fte

2

 

 

Actual working hours

 

3,065

 

 

Personnel Charges

 

93,484

 

 

Benefits In Addition To Wages

-

 

 

 

 

 

 

 

Type of Contract

Full-Time

Part-Time

Total Fte

Unlimited Duration Contracts

-

3

2

Limited Duration Contracts

-

-

-

Contracts For Specific Work

-

-

-

Contracts Regarding Substitution

-

-

-

 

 

 

 

Gender and Education

Level

 

 

 

Men

Full-Time

Part-Time

Total Fte

Primary education

-

-

-

Secondary education

-

-

-

Higher education (non university)

-

-

-

Higher education (university)

-

-

-

Women

Full-Time

Part-Time

Total Fte

Primary education

-

-

-

Secondary education

-

3

2

Higher education (non university)

-

-

-

Higher education (university)

-

-

-

 

 

 

 

Working Category

Full-Time

Part-Time

Total Fte

Management

-

-

-

White collar worker

-

2

2

Blue collar worker

-

1

0

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

-

-

-

 

 

 

 

Personnel (NSSO classification)

 

Code -

Description                  FROM 1 TO 4 EMPLOYEES

 

 

Joint Industrial Committee (JIC)

 

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

 

 

Significant Events

 

Event Date                    29/06/2012

Event Description         re-appointment of director(s)

Event Details                Commentaar 29-06-2012: Herbenoemd als bestuurders tot de jaarvergadering 2018 : Zaveri Shehul (tevens als gedelegeerd bestuurder), Jhaveri Sohil en Shah Sivani.

 

 

Profit & loss

 

Annual accounts

31-12-2012

%

31-12-2011

%

31-12-2010

Industry average 2012

%

Weeks

52

 

52

 

52

 

 

Currency

EUR

 

EUR

 

EUR

 

 

Turnover

109,042,871

4.08

104,767,273

30.27

80,421,587

40,445,514

169

Total operating expenses

107,41 8,800

3.16

104,129,749

31.51

79,178,569

40,129,325

167

Operating result

1,624,071

154

637,524

-48.71

1,243,01 8

128,804

1160

Total financial income

146

-99

645,822

2306405

28

92,610

-99

Total financial expenses

1,369,691

36.95

1,000,139

-5.99

1,063,853

183,719

645

Results on ordinary operations before taxation

254,526

-10.13

283,206

58.05

179,193

28,651

788

Taxation

84,455

-12.76

96,810

53.46

63,083

21,126

299

Results on ordinary operations after taxation

170,070

-8.76

186,396

60.53

116,110

13,941

1119

Extraordinary items

2,400

0

2,400

0

2,400

-3,844

62.43

Other appropriations

611.53

0

611.53

-0.08

612

-

-

Net result

OTHER INFORMATION

173,082

-8.62

189,408

59.00

119,122

10,119

1610

Gross Operating Margin

-

-

-

-

-

50,531

-

Dividends

-

-

-

-

-

168,887

-

Director remuneration

144,000

0

144,000

0

144,000

108,143

33.16

Employee costs

111,944

19.75

93,484

13.58

82,305

137,902

-18.82

Wages and salary

83,123

5.98

78,435

19.97

65,380

11 8,594

-29.91

Employee pension costs

-

-

-

-

-

12,737

-

Social security contributions

28,465

96.17

14,510

-10.26

16,170

29,295

-2.83

Other employee costs

356

-33.80

538

-28.71

755

4,861

-92.67

Amortization and depreciation

56,104

-8.72

61,466

-5.39

64,968

18,054

210

 

 

 

balance sheet

 

Annual accounts

31-12-2012

%

31-12-2011

%

31-12-2010

Industry average 2012

%

Weeks

52

 

52

 

52

 

 

Currency

EUR

 

EUR

 

EUR

 

 

ASSETS

 

 

 

 

 

 

 

Intangible fixed assets

0

-

0

-

0

1,197

-100

Tangible fixed assets

999,542

-3.24

1,032,969

-5.62

1,094,436

188,724

429

Land & building

957,927

-4.84

1,006,632

-4.62

1,055,337

372,714

157

Plant & machinery

21,878

455

3,941

-24.87

5,245

25,397

-13.85

Furniture & Vehicles

19,736

-11.88

22,397

-33.84

33,854

16,918 5,029

16.66

Leasing & Other Similar Rights

-

-

-

-

-

139,170 30,812

-

Other tangible assets

0

-

0

-

0

11,599

-100

Financial fixed assets

502

0

502

18.92

422

234,444

-99

Total fixed assets

1,000,043

-3.23

1,033,471

-5.61

1,094,858

343,083

191

Inventories

4,982,329

131

2,154,135

2.47

2,102,216

2,721,405

83.08

Raw materials & consumables

-

-

-

-

-

7,018,491

-

Work in progress

0

-

0

-

0

2,513

-100

Finished goods

4,982,329

131

2,154,135

2.47

2,102,216

1,752,867

184

Other stocks

0

-

0

-

0

456,148

-100

Trade debtors

36,649,640

0.27

36,550,015

19.45

30,599,088

3,673,672

897

Cash

8,943

-99

1,785,222

946

170,545

207,138

-95.68

other amounts receivable

16,439

55.64

10,562

-84.79

69,421

211,968

-92.24

Miscellaneous current assets

6,747

-25.81

9,094

-

0

14,803

-54.42

Total current assets

41,664,097

2.85

40,509,028

22.97

32,941,270

6,367,592

554

Total Assets

42,664,141

2.70

41,542,499

22.05

34,036,128

6,672,355 1,217,713

539

 

 

CURRENT LIABILITIES

 

Trade creditors

8,679,382

-4.94

9,130,282

43.80

6,349,174

2,800,774

209

Short term group loans

-

-

-

-

-

-

-

Financial debts

19,456,078

-6.22

20,746,054

13.31

18,309,256

3,614,307 150,000

438

Current portion of long term debt

-

-

-

-

-

90,305 14,039

-

Amounts Payable for Taxes, Remuneration & Social Security

42,432

18.92

35,681

14.07

31,279

8,598-

20.32

Miscellaneous current liabilities

251,900

163

95,453

-66.60

285,787

-14.65

- -

Total current liabilities

28,429,792

-5.26

30,007,471

20.15

24,975,496

4,732,803

500

LONG TERM DEBTS AND LIABILITIES

Long term group loans

-

-

-

-

-

-

- -

Other long term loans

8,806,050

40.24

6,279,200

57.23

3,993,600

748

- -

Deffered taxes

11,823

-4.92

12,434

-4.69

13,046

40,313 31,040

-70.67

Provisions for Liabilities & Charges

0

-0

-0

3,964 0

-100

Other long term liabilities

0

-0

-0

92,747

-100

Total long term debts

8,817,873

40.15

6,291,634

57.03

4,006,646

497,055

1674

SHAREHOLDERS EQUITY

Issued share capital

4,650,000

0

4,650,000

0

4,650,000

869,039

435

Share premium account

-

-

-

-

-

89,810

-

Reserves

766,476

29.17

593,394

46.88

403,986

541,892

41.44

Revaluation reserve

-

-

-

-

-

927,466

-

Total shareholders equity

5,416,476

3.30

5,243,394

3.75

5,053,986

1,436,956

276

Working capital

13,234,305

26.02

10,501,557

31.83

7,965,774

1,634,789

709

Cashflow

229,186

-8.65

250,874

36.28

184,090

24,792

824

Net worth

5,416,476

3.30

5,243,394

3.75

5,053,986

1,434,239

277

 

 

ratio analysis

 

Annual accounts

31-12-2012

change(%)

31-12-2011

change(%)

31-12-2010

Industry average 2012

%

TRADING PERFORMANCE

 

 

 

 

 

 

 

Profit Before Tax

0.23

-14.81

0.27

22.73

0.22

-10,00

2.30

Return on capital employed

1.79

-27.24

2.46

24.24

1.98

39,00

-95.41

Return on total assets employed

0.60

-11.76

0.68

28.30

0.53

-292,00

0.21

Return on net assets employed

4.70

-12.96

5.40

52.11

3.55

26,00

-81.92

Sales / net working capital

8.24

-17.43

9.98

-1.19

10.10

64,00

-99

Stock turnover ratio

4.57

121

2.06

-21.07

2.61

88,00

-94.81

Debtor days

122.68

-3.66

127.34

-8.31

138.88

148,00

-17.11

Creditor days

SHORT TERM STABILITY

29.49

-7.84

32

9.33

29.27

192,00

-84.64

Current ratio

1.47

8.89

1.35

2.27

1.32

6,00

-86.64

Liquidity ratio / acid ratio

1.29

0.78

1.28

4.07

1.23

4,00

-67.75

Current debt ratio

5.25

-8.22

5.72

15.79

4.94

11,00

-52.27

Liquidity ratio reprocessed

-

-

-

-

-

-

-

LONG TERM STABILITY

 

 

 

 

 

 

 

Gearing

521.78

1.23

515.42

16.80

441.29

259,00

101

Equity in percentage

12.70

0.63

12.62

-15.02

14.85

-3.364,00

0.38

Total debt ratio

6.88

-0.58

6.92

20.77

5.73

12,00

-42.67

 

 

Industry comparison

 

Activity code

46761

Activity description

Wholesaler of diamonds and other precious stones

industry average credit rating

64.48

Industry average credit limit

140177.31

 

 

Payment Information   

 

Payment expectations

Payment expectation days

29.49

Day sales outstanding

122.68

 

 

Industry comparison

 

Activity code

46761

Activity description

Wholesaler of diamonds and other precious stones

Industry average payment expectation days

129.58

Industry average day sales outstanding

131.83

 

 

Industry quartile analysis

 

Payment expectations

 

Company result

29.49

Lower

127.33

Median

76.80

Upper

45.69

 

 

Day sales outstanding

 

Company result            122.68

Lower                           106.72

Median                         55.71

Upper                           26.51

 

 

Shareholder Details

 

Group Structure

No group structure for this company.

 

Minority Shareholders

No minority shareholders found

 

Minority Interests

No minority interests found

 

 

COURT DATA

 

There is no data for this company

 

 

Director details

 

Current director details

 

Name               SHEHULZAVERI

Position           Director

Start Date         18/03/1998

Date of birth     23/05/1974

Street               5 DELLA FAILLELAAN ANTWERPEN

Post code         2020

Country            Belgium

 

 

Former director details

 

Name               SHEHUL ZAVERI

Position           Managing Director

Start Date         16/08/2010

End Date          28/04/2012

Date of birth     23/05/1974

Street               5 DELLA FAILLELAAN ANTWERPEN

Post code         2020

Country            Belgium

 

Name               SOHIL RAJNIKANT JHAVERI

Position           Director

Start Date         16/08/2010

End Date          28/04/2012

Date of birth     25/05/1957

Street               119 BELGIËLEI ANTWERPEN

Post code         2018

Country            Belgium

 

Name               SIVANI KUMARPAL SHAH

Position           Director

Start Date         16/08/2010

End Date          28/04/2012

Street               5 DELLA FAILLELAAN ANTWERPEN

Post code         2020

Country            Belgium

 

 

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.61.88

UK Pound

1

Rs.96.90

Euro

1

Rs.76.29

 

INFORMATION DETAILS

 

Analysis Done by :

RAS

 

 

Report Prepared by :

MNL

 

               

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.