MIRA INFORM REPORT
|
Report Date : |
19.12.2014 |
IDENTIFICATION DETAILS
|
Name : |
SIMONI GEMS BVBA |
|
|
|
|
Registered Office : |
Schupstraat 1, 2018 Antwerpen |
|
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|
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Country : |
|
|
|
|
|
Financials (as on) : |
30.06.2013 |
|
|
|
|
Date of Incorporation : |
14.02.2001 |
|
|
|
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Com. Reg. No.: |
474128575 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Wholesaler of diamonds such as Marquise, Pear, Ovals & Fancy
Shaped Diamonds as well as other precious stones |
|
|
|
|
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 |
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 & address
Business number 474128575
Branch Unit Number 2096975395
Company name SIMONI GEMS BVBA
Address SCHUPSTRAAT 1
2018 ANTWERPEN
Number of staff from 1 to 4 Employees
Date of establishment 14/02/2001
Telephone number 032313657
Fax number 032260461
Commentary
|
The business was established over 13 years
ago. |
|
|
|
The business has been at the address for
over 12 years. |
|
|
|
The business saw a decrease in their Cash
Balance of 76% during the latest trading period. |
|
|
accounts
|
DATE OF LATEST
ACCOUNTS |
TURNOVER |
PROFIT BEFORE
TAX NET
WORTH |
WORKING CAPITAL |
|
|
30/06/2013 |
20,899,446 |
53,821 1,431,479 |
2,540,852 |
|
|
30/06/2012 |
20,130,268 |
60,246 1,382,867 |
2,332,111 |
|
|
30/06/2011 |
21,738,011 |
89,619 1,326,216 |
2,343,396 |
|
Accounts
DATE OF LATEST
ACCOUNTS BALANCE
TOTAL NUMBER OF EMPLOYEES CAPITAL CASHFLOW
30/06/2013 8,614,324 from 1 to 4 Employees 1,018,600 57,373
30/06/2012 9,559,280
2 1,018,600
70,157
30/06/2011 8,240,978
2 1,018,600
102,642
Payment expectations
|
Industry average
payment expectation days |
123.77 |
Payment
expectation days |
51.67 |
|
Day sales
outstanding |
99.59 |
Industry average
day sales outstanding |
140.64 |
Company information
|
Business number |
474128575 |
Company name |
SIMONI GEMS BVBA |
|
Fax number |
032260461 |
Date founded |
14/02/2001 |
|
Company status |
active |
Company type |
Private Limited Company (BL/LX) |
|
Currency |
Euro (€) |
Date of latest accounts |
30/06/2013 |
|
Belgian
Bullettin of Acts Publications |
Moniteur Belge |
Liable for VAT |
yes |
|
VAT Number |
BE.0474.128.575 |
||
|
Activity
description |
Wholesaler of diamonds such as Marquise, Pear, Ovals & Fancy Shaped Diamonds as well as other precious stones |
||
Personnel
(NSSO
classification)
Description
FROM 1 TO 4
EMPLOYEES
Joint Industrial Committee
(JIC)
JIC Code 218
Description Additional national
joint committee for the employees
Company accounts
|
Annual accounts |
30-06-2013 |
% |
30-06-2012 |
% |
30-06-2011 |
% |
30-06-2010 |
% |
30-06-2009 |
|
Weeks |
52 |
|
52 |
|
52 |
|
52 |
|
52 |
|
Currency |
EUR |
|
EUR |
|
EUR |
|
EUR |
|
EUR |
|
Assets |
|
|
|
|
|
|
|
|
|
|
Total fixed assets |
163,220 |
-5.09 |
171,980 |
-4.72 |
180,506 |
-7.43 |
194,987 |
-7.52 |
210,831 |
|
Tangible fixed assets |
162,748 |
-5.11 |
171,508 |
-4.74 |
180,033 |
-7.44 |
194,514 |
-7.53 |
210,359 |
|
Land & building |
153,562 |
-3.25 |
158,722 |
-3.15 |
163,882 |
-3.05 |
169,042 |
-2.96 |
174,202 |
|
Plant & machinery |
5,248 |
-16.21 |
6,263 |
68.91 |
3,708 |
-36.70 |
5,857 |
-26.85 |
8,007 |
|
Furniture & Vehicles |
3,939 |
-39.62 |
6,523 |
-47.58 |
12,444 |
-36.56 |
19,615 |
-30.32 |
28,150 |
|
Financial fixed assets |
473 |
0 |
473 |
0 |
473 |
-0.07 |
473 |
0.21 |
472 |
|
Total current assets |
8,451,104 |
-9.97 |
9,387,299 |
16.46 |
8,060,472 |
-0.53 |
8,103,068 |
15.89 |
6,992,225 |
|
Inventories |
2,660,336 |
2.51 |
2,595,153 |
18.42 |
2,191,511 |
15.97 |
1,889,751 |
-28.43 |
2,640,534 |
|
Finished goods |
2,660,336 |
2.51 |
2,595,153 |
18.42 |
2,191,511 |
15.97 |
1,889,751 |
-28.43 |
2,640,534 |
|
Trade debtors |
5,702,371 |
-11.03 |
6,409,041 |
10.74 |
5,787,210 |
-5.32 |
6,112,664 |
42.09 |
4,302,010 |
|
Other amounts receivable |
1,804 |
-75.07 |
7,237 |
92.68 |
3,756 |
71.66 |
2,188 |
-17.50 |
2,652 |
|
Cash |
86,593 |
-76.96 |
375,869 |
381 |
77,995 |
-20.79 |
98,465 |
109 |
47,029 |
|
Total Assets |
8,614,324 |
-9.89 |
9,559,280 |
16.00 |
8,240,978 |
-0.69 |
8,298,055 |
15.20 |
7,203,056 |
|
Liabilities |
|
|
|
|
|
|
|
|
|
|
Total shareholders equity |
1431479 |
3.52 |
1382867 |
4.27 |
1326216 |
6.82 |
1241596 |
2.72 |
1208688 |
|
Issued share capital |
1018600 |
0 |
1018600 |
0 |
1018600 |
0 |
1018600 |
0 |
1018600 |
|
Reserves |
412879 |
13.35 |
364267 |
18.42 |
307616 |
37.95 |
222996 |
17.31 |
190088 |
|
Creditors |
7182845 |
-12.15 |
8176413 |
18.25 |
6914762 |
-2.01 |
7056459 |
17.72 |
5994368 |
|
Other Long Term Loans |
1272593 |
13.50 |
1121225 |
-6.38 |
1197686 |
-12.37 |
1366810 |
2.02 |
1339788 |
|
Total long term debts |
1272593 |
13.50 |
1121225 |
-6.38 |
1197686 |
-12.37 |
1366810 |
2.02 |
1339788 |
|
Current portion of long term
debt |
9951 |
13.37 |
8777 |
-4.42 |
9183 |
-31.17 |
13341 |
-19.93 |
16661 |
|
Financial debts |
2826248 |
1.58 |
2782166 |
53.92 |
1807559 |
-21.91 |
2314707 |
46.13 |
1584056 |
|
Trade creditors |
2926984 |
-29.23 |
4135902 |
11.13 |
3721731 |
17.23 |
3174824 |
8.15 |
2935599 |
|
Amounts Payable for Taxes, Remuneration
& Social Security |
29093 |
36.86 |
21257 |
-26.05 |
28746 |
78.70 |
16086 |
-30.05 |
22996 |
|
Miscellaneous current
liabilities |
117977 |
10.17 |
107086 |
-28.54 |
149858 |
-12.21 |
170691 |
79.17 |
95268 |
|
Total current liabilities |
5910252 |
-16.23 |
7055188 |
23.41 |
5717076 |
0.48 |
5689649 |
22.24 |
4654580 |
|
Total Liabilities |
8614324 |
-9.89 |
9559280 |
16.00 |
8240978 |
-0.69 |
8298055 |
15.20 |
7203056 |
Ratio Analysis
|
|
31.12.2013 |
% |
31.12.2012 |
% |
31.12.2011 |
% |
31.12.2010 |
% |
31.12.2009 |
|
TRADING PERFORMANCE |
|
|
|
|
|
|
|
|
|
|
Profit Before Tax |
0.26 |
-13.33 |
0.30 |
-26.83 |
0.41 |
78.26 |
0.23 |
4.55 |
0.22 |
|
Return on capital employed |
1.99 |
-17.43 |
2.41 |
-32.11 |
3.55 |
181 |
1.26 |
28.57 |
0.98 |
|
Return on total assets employed |
0.62 |
-1.59 |
0.63 |
-42.20 |
1.09 |
172 |
0.40 |
14.29 |
0.35 |
|
Return on net assets employed |
3.76 |
-13.76 |
4.36 |
-35.50 |
6.76 |
155 |
2.65 |
28.64 |
2.06 |
|
Sales / net working capital |
8.23 |
-4.63 |
8.63 |
-7.00 |
.928 |
53.64 |
6.04 |
23.27 |
4.90 |
|
Stock turnover ratio |
12.73 |
-1.24 |
12.89 |
27.88 |
10.08 |
-22.16 |
12.95 |
-43.82 |
23.05 |
|
Creditor
days |
51.67 |
-31.92 |
75.90 |
20.15 |
63.17 |
-21.45 |
80.42 |
-15.92 |
95.65 |
|
Debtor
days |
99.59 |
-14.30 |
116.21 |
19.59 |
97.17 |
-36.47 |
152.94 |
11.59 |
137.05 |
|
SHORT TERM STABILITY |
|
|
|
|
|
|
|
|
|
|
Current
ratio |
1.43 |
7.52 |
1.33 |
-5.67 |
1.41 |
-0.70 |
1.42 |
-5.33 |
1.50 |
|
Liquidity
ratio / acid ratio |
0.98 |
2.08 |
0.96 |
-6.80 |
1.03 |
-5.50 |
1.09 |
17.20 |
0.93 |
|
Current
debt ratio |
4.13 |
19.02 |
5.10 |
18.33 |
4.31 |
-5.90 |
4.58 |
18.96 |
3.85 |
|
Cashflow |
57373 |
-18.22 |
70157 |
-31.65 |
102642 |
103 |
50330 |
19.42 |
42146 |
|
Net
worth |
1,431,479 |
3.52 |
1,382,867 |
4.27 |
1,326,216 |
6.82 |
1,241,596 |
2.72 |
1,208,688 |
|
LONG TERM STABILITY |
|
|
|
|
|
|
|
|
|
|
Gearing |
287.03 |
1.46 |
282.90 |
24.46 |
227.30 |
-23.62 |
297.59 |
22.32 |
243.28 |
|
Equity
in percentage |
16.62 |
14.86 |
14.47 |
-10.07 |
16.09 |
7.55 |
14.96 |
-10.85 |
16.78 |
|
Total
debt ratio |
5.02 |
-15.06 |
5.91 |
13.44 |
5.21 |
-8.27 |
5.68 |
14.52 |
4.96 |
|
Working
Capital |
2,540,852 |
8.95 |
2,332,111 |
-0.48 |
2,343,396 |
-2.90 |
2,413,419 |
3.24 |
2,337,645 |
Profit & Loss
|
|
31.12.2013 |
% |
31.12.2012 |
% |
31.12.2011 |
% |
31.12.2010 |
% |
31.12.2009 |
|
Operating Income |
20,900,298 |
3.82 |
20,131,114 |
-7.40 |
21,740,370 |
49.01 |
14,590,201 |
27.35 |
11,457,154 |
|
Turnover |
20,899,446 |
3.82 |
20,130,268 |
-7.40 |
21,738,011 |
49.01 |
14,587,840 |
27.33 |
11,456,980 |
|
Total operating expenses |
20,676,838 |
3.95 |
19,890,231 |
-7.51 |
21,505,986 |
49.24 |
14,409,969 |
28.64 |
11,201,959 |
|
Operating Charges |
20,677,690 |
3.95 |
19,891,077 |
-7.52 |
21,508,344 |
49.24 |
14,412,330 |
28.66 |
11,202,133 |
|
Employee costs |
106,937 |
-0.04 |
106,985 |
23.83 |
86,397 |
4.55 |
82,640 |
-4.26 |
86,316 |
|
Wages and salary |
85,263 |
-2.36 |
87,320 |
29.52 |
67,417 |
0.09 |
67,354 |
-5.29 |
71,118 |
|
Social security
contributions |
19,639 |
9.16 |
17,991 |
4.11 |
17,282 |
28.33 |
13,466 |
-2.60 |
13,825 |
|
Other employee costs |
2,036 |
21.57 |
1,674 |
-1.42 |
1,699 |
-6.67 |
1,820 |
32.56 |
1,373 |
|
Director remuneration |
- |
- |
71,467 |
5.11 |
67,995 |
1.88 |
66,737 |
- |
- |
|
Amortization and
depreciation |
8,760 |
-35.14 |
13,506 |
-25.06 |
18,023 |
3.45 |
17,422 |
1.62 |
17,145 |
|
Operating result |
222,608 |
-7.26 |
240,037 |
3.45 |
232,026 |
30.45 |
177,871 |
-30.25 |
255,021 |
|
Total financial income |
2,926 |
7510 |
38 |
-86.94 |
294 |
7260 |
4 |
-95.70 |
93 |
|
Total financial expenses |
171,713 |
-4.51 |
179,830 |
26.02 |
142,701 |
-1.57 |
144,980 |
-37.01 |
230,178 |
|
Results on ordinary operations
before taxation |
53,821 |
-10.67 |
60,246 |
-32.78 |
89,619 |
172 |
32,895 |
31.92 |
24,936 |
|
Results for the Year Before
Taxation |
53,821 |
-10.67 |
60,246 |
-32.78 |
89,619 |
172 |
32,895 |
31.92 |
24,936 |
|
Taxation |
5,208 |
44.87 |
3,595 |
-28.10 |
5,000 |
38461 |
-13 |
20.0 |
-65 |
|
Results on ordinary
operations after taxation |
48,613 |
-14.19 |
56,651 |
-33.05 |
84,619 |
157 |
32,908 |
31.63 |
25,001 |
|
Net result |
48,613 |
-14.19 |
56,651 |
-33.05 |
84,619 |
157 |
32,908 |
31.63 |
25,001 |
|
Profit (Loss) for the Year
to be appropiated |
48,613 |
-14.19 |
56,651 |
-33.05 |
84,619 |
157 |
32,908 |
31.63 |
25,001 |
Social
Balance Sheet Details
|
Social Balance
Sheet Details |
|
|
|
Social Balance Sheet |
Total |
|
|
During the reporting year ended 30-06-2013 |
||
|
Full-time Employees |
2 |
|
|
Part-time Employees |
1 |
|
|
Total Fte Employees |
2 |
|
|
|
||
|
Number of hours worked |
||
|
Full-time Employees |
3,480 |
|
|
Part-time Employees |
705 |
|
|
Total |
4,185 |
|
|
|
||
|
Personnel Charges |
||
|
Full-time Employees |
88,923 |
|
|
Part-time Employees |
18,015 |
|
|
Total |
106,937 |
|
|
Benefits In Addition To Wages |
- |
|
|
|
||
|
During the previous reporting year |
||
|
Average number employees in Fte |
3 |
|
|
Actual working hours |
4,407 |
|
|
Personnel Charges |
106,985 |
|
|
Benefits In Addition To Wages |
- |
|
|
Type of Contract |
Full-Time |
Part-Time |
Total Fte |
|
|
Unlimited
Duration Contracts |
2 |
1 |
2 |
|
|
|
||||
|
Gender and Education
Level |
||||
|
Men |
Full-Time |
Part-Time |
Total Fte |
|
|
Primary
education |
- |
- |
- |
|
|
Secondary
education |
1 |
1 |
1 |
|
|
Women |
Full-Time |
Part-Time |
Total Fte |
|
Primary
education |
- |
- |
- |
|
Secondary
education |
1 |
- |
1 |
Working Category Full-Time
Part-Time Total Fte
White collar worker 2
1
2
Payment expectations
|
Payment
expectation days |
51.67 |
|
|
|
Day sales
outstanding |
99.59 |
|
|
Industry comparison
|
Activity
description |
Wholesaler of diamonds such as Marquise, Pear, Ovals & Fancy Shaped Diamonds as well as other precious stones |
|
|
|
Industry average
payment expectation days |
123.77 |
|
|
|
Industry average
day sales outstanding |
140.64 |
|
|
Industry quartile analysis
Payment
expectations
Company result 51.67
Lower 122.25
Median 75
Upper 46.13
Day sales
outstanding
Company result 99.59
Lower 102.58
Median 54.08
Upper 24.07
Group Structure
No group structure for this company.
Minority Shareholders
No minority shareholders found
Minority Interests
No minority interests found
Individual Shareholders
|
SHAREHOLDER NAME |
|
|
|
|
|
Forename |
Mayur |
|
|
|
|
Surname |
Shah |
|
|
|
|
SHAREHOLDER
DETAILS |
||||
|
Start date |
13/12/2007 |
|
|
|
|
Percentage owned
SHAREHOLDER ADDRESS |
87.29% |
|
|
|
|
Street name Post code |
Hanvant Bhuvan Walkeshwar Nepensea Road 400006 |
House number Country |
80 India |
|
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 MAYUR DINESHCHANDRA SHAH
Position Principal Manager
Start Date 25/12/2010
Street 18 QUINTEN MATSIJSLEI
ANTWERPEN
Post code 2018
Country Belgium
Former director details
Name SHAH MILAN DINESHCHANDRA
Position Principal Manager
Start Date 16/09/2010
End Date 30/06/2011
Name MAYUR DINESHCHANDRA SHAH
Position Non Statutory Partner
Start Date 14/02/2001
End Date 09/11/2004
Street 18 QUINTEN MATSIJSLEI
ANTWERPEN
Post code 2018
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.63.58 |
|
UK Pound |
1 |
Rs.99.98 |
|
Euro |
1 |
Rs.79.39 |
INFORMATION DETAILS
|
Analysis Done by
: |
SUM |
|
|
|
|
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.