MIRA INFORM REPORT

 

 

Report Date :

11.12.2014

 

IDENTIFICATION DETAILS

 

Name :

SHAMAS BVBA

 

 

Registered Office :

Hoveniersstraat 51-Bus 121, 2018 Antwerpen

 

 

Country :

Belgium

 

 

Financials (as on) :

31.12.2013

 

 

Date of Incorporation :

01.02.1980

 

 

Com. Reg. No.:

420259824

 

 

Legal Form :

Private Limited Company

 

 

Line of Business :

Wholesalers of Diamonds and Other Precious Stones

 

 

No. of Employees :

Not Available

 

 

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 Summary

 

Business number                     420259824

Company name                       SHAMAS BVBA

Address                                    HOVENIERSSTRAAT 51-BUS 121

2018 ANTWERPEN

Number of staff                        0

Date of establishment              01/02/1980

Telephone number                  036085822

Fax number                             --

 

 

Commentary

 

The business was established over 34 years ago.

The business has 1 employees.

The business has been at the address for over 23 months.

Operating Result in the latest trading period increased 164% on the previous trading period.

Net Worth increased by 25% during the latest trading period.

Pre-tax profits increased by 189% compared to the previous trading period.

The business saw a decrease in their Cash Balance of 43% during the latest trading period.

 

 

Accounts

 

DATE OF LATEST ACCOUNTS

TURNOVER

PROFIT BEFORE TAX

NET WORTH

Working Capital

31/12/2013

19,724,197

38,681

131,035

111,070

31/12/2012

16,476,065

13,377

104,220

80,370

31/12/2011

 

18,748

94,770

81,251

 

DATE OF LATEST ACCOUNTS

BALANCE TOTAL

NUMBER OF EMPLOYEES

CAPITAL

CASHFLOW

31/12/2013

3,913,711

0

18,600

31,739

31/12/2012

4,266,763

0

18,600

18,255

31/12/2011

3,099,175

0

18,600

21,059

 

 

Payment expectations

 

Past payments

 

Payment expectation days

69.09

Industry average payment expectation days

124.16

Industry average day sales outstanding

141.16

Day Sales Outstanding

38.54

 

 

 

 

Court data Summary

 

BANKRUPTCY DETAILS

Court action type                     No

PROTESTED BILLS

Bill amount                              -

NSSO DETAILS

Date of summons                     -

 

 

Company Information

 

Business number

420259824

Company name

SHAMAS BVBA

-- S

Fax number

 

Date founded

01/02/1980

 

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.0420.259.824 Check VAT number

 

Belgian Bullettin of Acts Publications

moniteur belge

 

 

 

 

 

Personnel (NSSO Classification)

 

Code

-

Description

-

 

 

Joint Industrial Committee (JIC)

 

JIC Code

218

Description category

Additional national joint committee for the employees

 

JIC Code

324

Description category

Joint committee for the industry and the trade in diamant

 

 

Company Accounts

 

Assets

 

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

19,966

-16.29

23,850

54.93

15,394

-25.30

20,609

-24.37

27,249

Intangible fixed assets

0

-

0

-

0

-

0

-

0

 

Tangible fixed assets

14,334

-17.13

17,296

95.68

8,839

-37.11

14,054

-32.09

20,695

Land & building

-

-

-

-

-

-

-

-

-

Plant & machinery

12,368

-13.00

14,217

621

1,971

126

870

-27.14

1,194

Furniture & Vehicles

1,965

-36.17

3,079

-55.17

6,868

-47.91

13,184

-32.39

19,501

Leasing & Other Similar Rights

-

-

-

-

-

-

-

-

-

Other tangible assets

0

-

0

-

0

-

0

-

0

 

Financial fixed assets

5,632

-14.07

6,555

-0.01

6,555

0.01

6,555

0

6,555

Total current assets

3,893,745

-8.23

4,242,913

37.59

3,083,781

-6.67

3,304,139

130

1,432,402

Inventories

1,786,688

3.70

1,722,876

553

263,450

-33.22

394,521

273

105,488

Raw materials & consumables

-

-

-

-

-

-

-

-

-

Work in progress

0

-

0

-

0

-

0

-

0

Finished goods

1,786,688

3.70

1,722,876

-

0

-

0

-

0

Other stocks

0

-

0

-100

263,450

-33.22

394,521

273

105,488

Trade debtors

2,082,412

-15.64

2,468,341

-6.70

2,645,525

-4.37

2,766,282

125

1,228,358

Other amounts receivable

-

-

8,599

-78.35

39,720

7.70

36,881

3.64

35,586

Cash

23,327

-43.51

41,297

-69.05

133,428

26.45

105,522

70.62

61,846

Miscellaneous current assets

1,319

-26.67

1,799

8.52

1,658

77.71

933

-16.94

1,123

Total Assets

3,913,711

-8.27

4,266,763

37.67

3,099,175

-6.78

3,324,748

127

1,459,651

 

Liabilities

 

Total shareholders equity

131,035

25.73

104,220

9.97

94,770

17.13

80,910

11.42

72,618

 

 

 

 

 

 

 

 

 

 

Issued share capital

18,600

0

18,600

0

18,600

0

18,600

0

18,600

 

 

 

 

 

 

 

 

 

 

Share premium account                     

-

-

-

-

-

-

-

-

-

 

 

 

 

 

 

 

 

 

 

Revaluation reserve                          

-

-

-

-

-

-

-

-

-

 

 

 

 

 

 

 

 

 

 

Reserves

112,435

31.32

85,620

12.41

76,170

22.24

62,310

15.35

54,018

 

Provisions for Liabilities & Charges

0

-

0

-

0

-

0

-

0

 

 

 

 

 

 

 

 

 

 

Deffered taxes                                

-

-

-

-

-

-

-

-

-

 

Creditors

3,782,676

-9.13

4,162,543

38.55

3,004,405

-7.38

3,243,838

133

1,387,032

 

Other long term loans

-

-

-

-

1,875

-74.35

7,310

-41.39

12,471

Long term group loans                       

-

-

-

-

-

-

-

-

-

Other long term liabilities

0

-

0

-

0

-

0

-

0

Total long term debts

0

-

0

-100

1,875

-74.35

7,310

-41.39

12,471

Current portion of long term debt Financial debts

-

-

1,875

-54.29

4,102

-13.48

4,741 730

5.30 -62.21

4,503 1,933

Trade creditors

3,724,554

-9.26

4,104,428

41.63

2,898,027

-6.36

3,094,749

150

1,234,890

Amounts Payable for Taxes, Remuneration & Social Security

13,176

-62.40

35,047

444

6,442

-65.41

18,623

129

8,101

 

 

 

 

 

 

 

 

 

 

Miscellaneous current liabilities Total current liabilities

44,946 3,782,676

112 -9.13

21,193 4,162,543

-77.44 38.63

93,959 3,002,530

-20.16 -7.23

117,685 3,236,529

-5.95 135

125,134 1,374,561

Total Liabilities

3,913,711

-8.27

4,266,763

37.67

3,099,175

-6.78

3,324,748

127

1,459,651

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio Analysis

 

TRADING PERFORMANCE

Profit Before Tax

0.20

150

0.08

-

-

-

-

-

 

Return on capital employed

29.52

129

12.84

-33.81

19.40

50.27

12.91

-59.58

31.94

 

 

 

 

 

 

 

 

 

 

Return on total assets employed

0.99

219

0.31

-48.33

0.60

76.47

0.34

-81.72

1.86

Return on net assets employed

29.52

129

12.84

-35.09

19.78

40.48

14.08

-62.38

37.43

 

 

 

 

 

 

 

 

 

 

Sales / net working capital

177.58

-13.38

205.00

-

-

-

-

-

-

 

Stock turnover ratio

9.06

-13.38

10.46

-

-

-

-

-

-

 

Creditor days

69.09

-24.10

91.03

-

-

-

-

-

-

Debtor days

38.54

-29.52

54.68

-

-

-

-

-

-

SHORT TERM STABILITY

 

 

 

 

 

 

 

 

 

Current ratio

1.03

0.98

1.02

-0.97

1.03

0.98

1.02

-1.92

1.04

 

Liquidity ratio / acid ratio

0.56

-8.20

0.61

-35.11

0.94

4.44

0.90

-7.22

0.97

 

Current debt ratio

28.87

-27.72

39.94

26.07

31.68

-20.80

40.00

111

18.93

 

 

 

 

 

 

 

 

 

 

Liquidity ratio reprocessed

-

-

-

-

-

-

-

-

-

 

 

 

 

 

 

 

 

 

 

Cashflow

31,739

73.86

18,255

-13.31

21,059

34.40

15,669

-51.76

32,479

 

 

Net worth

131,035         25.73

104,220 9.97

94,770

17.13

80,910

11.42

72,618

LONG TERM STABILITY

 

 

 

 

 

 

 

 

 

Gearing

-

-

1.80

-71.47

6.31

-60.06

15.80

-39.32

26.04

 

Equity in percentage

3.35

37.30

2.44

-20.26

3.06

25.93

2.43

-51.20

4.98

 

Total debt ratio

28.87

-27.72

39.94

25.99

31.70

-20.93

40.09

109

19.10

 

Working capital

111,070            38.20

80,370

-1.08

81,251

20.17

67,611

16.89

57,840

Profit & loss

Operating Income

 

19,758,417

19.92

16,476,843

-

-

- -

-

-

Turnover

 

19,724,197

19.71

16,476,065

-

-

- -

-

-

Total operating expenses

 

19,675,503

19.55

16,457,627

-

-

- -

-

-

Gross Operating Margin

 

-

-

-

-

34,352

53.47  22,383 -57.34

52,466

 

Operating Charges

 

19,709,723

19.75

16,458,405

-

-

- -

-

-

Employee costs

 

17,700

429

3,343

-

-

- -

-

-

Wages and salary

 

13,779

354

3,034

-

-

- -

-

-

Employee pension costs

 

-

-

-

-

-

- -

-

-

Social security contributions

 

272

1378

18

-

-

- -

-

-

Other employee costs

 

3,649

1157

290

-

0

- 0

-

0

Director remuneration

 

-

-

-

-

-

- -

-

-

Amortization and depreciation

 

4,924

-44.09

8,806

22.32

7,199

-2.42 7,377

1.79

7,248

 

Operating result

 

48,694

164

18,438

-26.32

25,026

81.83   13,763 -68.47

43,654

Total financial income

 

35

-63.20

96

-96.93

3,131

146 1,271

28.21

991

Total financial expenses

 

10,048

94.84

5,157

-45.19

9,409

158 3,642

-79.14

17,464

Results on ordinary operations before taxation

38,681

189

13,377

-28.65

18,748

64.58 11,392 -58.09

27,181

 

 

 

 

 

 

 

 

 

 

Extraordinary Income

 

-

-

90

-

-

--

-

-

 

Extraordinary Charges

 

-

-

-

-

-

--

-

-

 

Extraordinary items

 

0

-100

90

-

0

-0

-

0

 

Results for the Year Before Taxation

 

38,681

187

13,468

-28.17

18,748

64.58 11,392 -58.09

27,181

 

Other appropriations

 

-

-

-

-

-

--

-

-

 

Taxation

 

11,866

195

4,018

-17.80

4,888

57.68 3,100

58.97

1,950

Results on ordinary operations after taxation

26,815

186

9,359

-32.47

13,860

67.15 8,292

-67.14

25,231

 

Net result

 

26,815

183

9,450

-31.82

13,860

67.15 8,292

-67.14

25,231

 

Profit (Loss) for the Year to be appropiated

26,815

183

9,450

-31.82

13,860

67.15 8,292

-67.14

25,231

 

Dividends

 

-

-

-

-

-

-               -

-

-

 

 

Social balance Sheet Details

 

Social Balance Sheet

Total

 

During the reporting year ended 31-12-2013

Full-time Employees

-

 

Part-time Employees

1

 

Total Fte Employees

1

 

 

Number of hours worked

Full-time Employees

-

 

Part-time Employees

940

 

Total

940

 

 

Personnel Charges

Full-time Employees

-

 

Part-time Employees

17,700

 

Total

17,700

 

Benefits In Addition To Wages

-

 

 

During the previous reporting year

Average number employees in Fte

0

 

Actual working hours

156

 

Personnel Charges

3,217

 

Benefits In Addition To Wages

-

 

 

 

Type of Contract

Full-Time

Part-Time

Total Fte

Unlimited Duration Contracts

-

1

1

Limited Duration Contracts

-

-

-

Contracts For Specific Work

-

-

-

Contracts Regarding

Substitution

-

-

-

 

Gender and Education Level

Men

Full-Time

Part-Time

Total Fte

Primary education

-

-

-

Secondairy education

-

-

-

Higher education (non university)

-

-

-

Higher education (university)

-

-

-

 

 

 

 

Women

Full-Time

Part-Time

Total Fte

Primary education

-

-

-

Secondairy education

-

1

1

Higher education (non university)

-

-

-

Higher education (university)

-

-

-

 

 

 

 

Working Category

Full-Time

Part-Time

Total Fte

Management

-

-

-

White collar worker

-

1

1

Blue collar worker

-

-

-

Other

-

-

-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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 Information

 

Suspension of payments / moratorium history

Amount

-

 

Details

-

 

 

 

Payment expectations

 

Payment expectation days

69.09

 

Day sales outstanding

38.54

 

 

 

Industry comparison

 

Activity code

46761

 

Activity description

Wholesale of diamonds and other precious stones

 

Industry average payment expectation days

124.16

 

Industry average day sales outstanding

141.16

 

 

 

Industry quartile analysis

Payment expectations

Company result                       69.09

Lower                                      122.34

Median                                    75.64

Upper                                       46.53

 

Day sales outstanding

Company result                       38.54

Lower                                      102.84

Median                                    54.51

Upper                                       24.07

 

 

Shareholders Details

 

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

 

Companies that match this address

No Companies Match this address

 

 

Linked Companies

 

Summary

Group - Number of Companies            0

Linkages - Number of Companies        0

Number of Countries                            0

 

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                           ANUJ SANHY

Position                       Principal Manager

Start Date                    11/06/2013

Street                           191 MECHELSESTEENWEG ANTWERPEN

Post code                     2018

Country                        Belgium

 

Name                           AJIT SAHNY

Position                       Principal Manager

Start Date                    24/07/2010

Street                           29 SMOLDERS BLOCKSTRAAT EDEGEM

Post code                     2650

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.61.95

UK Pound

1

Rs.97.16

Euro

1

Rs.76.75

 

INFORMATION DETAILS

 

Analysis Done by :

DIV

 

 

Report Prepared by :

NIT

 

               

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%)

 

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.