MIRA INFORM REPORT

 

 

Report Date :

20.12.2014

 

IDENTIFICATION DETAILS

 

Name :

SHWEDIAM BVBA

 

 

Registered Office :

Hoveniersstraat 30-Bus 107, 2018 Antwerpen

 

 

Country :

Belgium

 

 

Financials (as on) :

31.12.2013

 

 

Date of Incorporation :

11.04.1989

 

 

Com. Reg. No.:

437233141

 

 

Legal Form :

Private Limited Company

 

 

Line of Business :

Wholesale of Diamonds and Other Precious Stones.

 

 

No. of Employees :

Not Available

 

 

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 :

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                     437233141

Branche Unit Number               2043190182

Company name                        SHWEDIAM BVBA

Address                                   HOVENIERSSTRAAT 30-BUS 107

2018 ANTWERPEN

Number of staff                        0

Date of establishment               11/04/1989

Telephone number                   032268145

Fax number                              032268148

 

 

Commentary

 

The business was established over 25 years ago.

No employees are recorded for this business.

The business has changed its registered name recently.

The business has been at the address for over 3 years.

Pre-tax profits increased by 349% compared to the previous trading period.

The business saw a decrease in their Cash Balance of 75% during the latest trading period.

 

 

Accounts

 

DATE OF LATEST ACCOUNTS

TURNOVER

PROFIT BEFORE TAX

NET WORTH

WORKING CAPITAL

31/12/2013

--

21,189

567,639

892,392

31/12/2012

7,835,045

4,718

553,311

892,125

31/12/2011

--

6,354

543,112

880,706

 

 

DATE OF LATEST ACCOUNTS                     

BALANCE TOTAL

NUMBER OF EMPLOYEES

CAPITAL

CASHFLOW

31/12/2013

4,974,067

0

18,600

25,258

31/12/2012

4,119,336

0

18,600

21,344

31/12/2011

4,482,452

0

18,600

15,817

 

 

Payment expectations

Past payments

Payment expectation days

-

Industry average payment expectation days            123.77

Industry average day sales

outstanding

140.64

Day sales outstanding      -

 

 

 

 

Court Data Summary

BANKRUPTCY DETAILS

Court action type                      No

PROTESTED BILLS

Bill amount                              -

NSSO DETAILS

Date of summons                     -

 

 

Company information

 

Business number

437233141

Company name

SHWEDIAM BVBA

 

Fax number

032268148

Date founded

11/04/1989

 

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.0437.233.141 Check VAT number

 

Belgian Bullettin of Acts Publications

moniteur belge

 

 

 

 

 

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

110,312

-4.85

115,939

-8.07

126,120

2.56

122,969

-5.74

130,459

Intangible fixed assets

0

-

0

-

0

-

0

-

0

 

Tangible fixed assets

110,312

-4.85

115,939

-8.07

126,120

2.56

122,969

-5.74

130,459

Land & building

99,278

-4.76

104,242

-4.55

109,206

-4.35

114,170

-4.17

119,133

Plant & machinery

4,846

29.40

3,745

50.22

2,493

-18.77

3,069

-46.06

5,690

Furniture & Vehicles

6,189

-22.18

7,952

-44.86

14,422

151

5,731

1.67

5,636

Leasing & Other Similar Rights

-

-

-

-

-

-

-

-

-

Other tangible assets

0

-

0

0

-1

-

0

-

0

 

Financial fixed assets

-

-

-

-

-

-

-

-

-

 

Total current assets

4,863,754

21.49

4,003,397

-8.10

4,356,332

16.39

3,742,728

8.24

3,457,927

Inventories

2,687,179

1.20

2,655,273

-28.19

3,697,590

49.16

2,478,962

16.04

2,136,349

Raw materials & consumables

-

-

-

-

-

-

-

-

-

Work in progress

0

-

0

-

0

-

0

-

0

Finished goods

0

-100

2,655,273

-

0

-

0

-

0

Other stocks

2,687,179

-

0

-100

3,697,590

49.16

2,478,962

16.04

2,136,349

Trade debtors

2,142,790

66.34

1,288,185

111

610,189

-48.90

1,194,102

18.52

1,007,531

Other amounts receivable

12,595

310

3,067

-31.45

4,474

16.68

3,835

-53.43

8,234

 

 

 

 

 

 

 

 

 

 

Cash

11,657

-75.60

47,770

52.64

31,296

-46.06

58,017

-80.59

298,826

 

Miscellaneous current assets

9,532

4.73

9,102

-28.79

12,782

63.60

7,813

11.81

6,988

 

Total Assets

4,974,067

20.75

4,119,336

-8.10

4,482,452

15.95

3,865,697

7.73

3,588,386

Liabilities

Total shareholders equity

                567,639

2.59     553,311      1.88     543,112     0.73 539,183

1.31

532,198

 

Issued share capital

18,600

0      18,600             0

18,600

0

18,600

0

18,600

Share premium account

-

-

-

-

-

-

-

-

 

 

Revaluation Reserves

549,039

2.68

534,711

1.94

524,512

0.75

520,583

1.36

513,598

Provisions for Liabilities & Charges

0

-

0

-

0

-

0

-

0

Deffered taxes                                 

-

-

-

-

-

-

-

-

-

Creditors

4,406,428

23.57

3,566,024

-9.48

3,939,340

18.42

3,326,514

8.85

3,056,188

 

Other long term loans

-

-

-

-

-

-

449,035

7.81

416,493

Long term group loans

-

-

-

-

-

-

-

-

-

Other long term liabilities

435,066

-4.33

454,752

-1.93

463,714

-

0

-

0

Total long term debts

435,066

-4.33

454,752

-1.93

463,714

3.27

449,035

7.81

416,493

Current portion of long term debt            

-

-

-

-

-

-

-

-

-

 

 

 

 

 

 

 

 

 

 

Financial debts

1,301,391

9.40

1,189,579

12.03

1,061,857

27.93

830,000

-15.11

977,717

Trade creditors

2,647,917

40.29

1,887,527

-19.53

2,345,559

18.48

1,979,728

26.94

1,559,585

Amounts Payable for Taxes, Remuneration & Social Security

13,299

-16.99

16,020

79.36

8,932

-0.32

8,961

577

1,323

 

 

 

 

 

 

 

 

 

 

Miscellaneous current liabilities

8,755

-51.75

18,147

-69.39

59,278

0.83

58,790

-41.83

101,070

Total current liabilities

3,971,362

27.64

3,111,272

-10.48

3,475,626

20.79

2,877,480

9.01

2,639,695

 

 

 

 

 

 

 

 

 

 

Total Liabilities

4,974,067

20.75

4,119,336

-8.10

4,482,452

15.95

3,865,697

7.73

3,588,386

 

 

Ratio Analysis

 

Trading Performance

 

 

 

 

 

 

 

 

 

Profit Before Tax

-

-

0.06

-

-

-

-

-

-

Return on capital employed

2.11

348

0.47

-25.40

0.63

-44.74

1.14

1325

0.08

 

Return on total assets employed

0.43

290

0.11

-21.43

0.14

-51.72

0.29

1350

0.02

 

Return on net assets employed

3.73

338

0.85

-27.35

1.17

-44.02

2.09

1392

0.14

Sales / net working capital

-

-

8.78

-

-

-

-

-

—-----------

Stock turnover ratio

-

-

33.89

-

-

-

-

-

-

Creditor days

 

 

89.18

 

 

 

 

 

 

Debtor days

-

-

60.01

-

-

-

-

-

-

SHORT TERM STABILITY

 

 

 

 

 

 

 

 

 

Current ratio

1.22

-5.43

1.29

3.20

1.25

-3.85

1.30

-0.76

1.31

 

 

27.91 24.56

 

 

 

 

 

 

 

Liquidity ratio / acid ratio

0.55

 

0.43

126

0.19

-56.82

0.44

-12.00

0.50

 

 

 

 

 

 

 

 

 

 

Current debt ratio

7.00

 

5.62

-12.19

6.40

19.85

5.34

7.66

4.96

 

 

 

 

 

 

 

 

 

 

Liquidity ratio reprocessed               

-

-

-

-

-

-

-

-

-

 

Cashflow

25,258

18.34

21,344 553,311

34.94

15,817

-8.32

17,253 539,183

60.27

10,765 532,198

 

 

 

 

 

 

 

 

 

 

Net worth

567,639

2.59

 

1.88

543,112

0.73

 

1.31

 

LONG TERM STABILITY

 

 

 

 

 

 

 

 

 

Gearing

229.26

6.64

214.99

9.96

195.51

-17.58

237.22

-9.45

261.97

 

 

 

 

 

 

 

 

 

 

Equity in Percentage

11.41

-15.04

13.43

 

10.81

12.12

-13.12

13.95

-5.93

14.83

Total Debt Ratio

7.76

20.50

6.44

-11.17

7.25

17.50

6.17

7.49

5.74

Working Capital

892,392

0.03

892,125

1.30

880,706

1.79

865,249

5.75

818,231

 

PROFIT & LOSS

Operating Income

 

-

-

7,835,774

-

-

-

-

-

-

Turnover

 

-

-

7,835,045

-

-

-

-

-

-

Total operating expenses

 

-

-

7,725,087

-

-

-

-

-

-

Gross Operating Margin

 

113,812

-

-

-

100,319

12.64

89,059

-0.52

89,529

 

 

 

 

 

 

 

 

 

 

 

Operating Charges

 

-

-

7,725,817

-

-

-

-

-

-

Employee costs                                     

 

-

-

-

-

-

-

-

-

-

Wages and salary                                   

 

-

-

-

-

-

-

-

-

-

Employee pension costs Social security contributions Other employee costs

 

0

-

0

-

0

-

0

-

0

Director remuneration

 

-

-

-

-

-

-

-

-

-

Amortization and depreciation

 

10,931

-1.92

11,145

-6.25

11,888

15.78

10,268

2.36

10,031

 

 

 

 

 

 

 

 

 

 

 

Operating result

 

99,385

-9.61

109,957

27.43

86,287

13.14

76,267

4.54

72,958

Total financial income

 

12,898

23131

56

-80.03

278

357

61

-74.45

238

 

 

 

 

 

 

 

 

 

 

 

Total financial expenses

 

91,094

-13.49

105,294

31.27

80,211

23.28

65,064

-10.21

72,462

 

 

 

 

 

 

 

 

 

 

 

Results on ordinary operations before taxation

21,189

349

4,718

-25.74

6,354

-43.59

11,264

1434

734

 

 

 

 

 

 

 

 

 

 

 

Extraordinary Income

 

-

-

9,717

2955

318

-

-

-

-

 

Extraordinary Charges

 

679

37.06

496

-

-

-

-

-

-

 

Extraordinary items

 

-679

-107

9,222

2799

318

-

0

-

0

 

Results for the Year Before Taxation

 

20,510

47.13

13,940

108

6,672

-40.77

11,264

1434

734

Other appropriations

 

-

-

-

-

-

-

-

-

 

 

 

 

 

 

 

 

 

 

 

 

Taxation

 

6,183

65.27

3,741

36.38

2,743

-35.88

4,278

2376694 0

Results on ordinary operations after taxation

15,007

1435

977

-72.93

3,611

-48.31

6,985

851

734

 

 

 

 

 

 

 

 

 

 

 

Net result

 

14,327

40.48

10,199

159

3,929

-43.75

6,985

851

734

 

Profit (Loss) for the Year to be appropiated

14,327

40.48

10,199

159

3,929

-43.75

6,985

851

734

Dividend

-

-

-

-

-

-

-

-

-

 

Industry comparison

 

Activity code                            46761

Activity description                  Wholesale of diamonds and other precious stones

industry average credit 64.48

rating

Industry average credit limit     140177.31

 

 

Payment Information

 

Suspension of payments / moratorium history

 

Amount

-

Details

-

 

 

Payment expectations

Payment expectation days

-

Day sales outstanding

-

 

 

Industry comparison

Activity code

46761

Activity description

Wholesale of diamonds and other precious stones

Industry average payment expectation days

123.77

Industry average day sales outstanding

140.64

 

 

Industry quartile analysis

Payment expectations

Company result                        -

Lower                                       122.25

Median                                     75

Upper                                       46.13

 

 

Day sales outstanding

Company result                        -

Lower                                       102.58

Median                                     54.08

Upper                                       24.07

 

 

Shareholder 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

 

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                           SHAILESHKUMAR ANOPCHAND SHAH

Position                       Principal Manager

Start Date                     19/08/2010

Street                           158 BELGIËLEI 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.63.07

UK Pound

1

Rs.98.73

Euro

1

Rs.77.46

 

INFORMATION DETAILS

 

Analysis Done by :

SUM

 

 

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

 

--

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.