MIRA
INFORM REPORT
|
Report Date : |
31.07.2014 |
IDENTIFICATION DETAILS
|
Name : |
SUR JEWEL NV |
|
|
|
|
Registered Office : |
Hoveniersstraat, 2, 2018 Antwerpen |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
09.12.1985 |
|
|
|
|
Com. Reg. No.: |
428105045 |
|
|
|
|
Legal Form : |
Public Limited Liability Company (BE) |
|
|
|
|
Line of Business : |
Wholesaler of diamonds and other precious stones |
|
|
|
|
No of Employees : |
02 (31.12.2012) |
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 – June 01, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
Belgium |
A1 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderate Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderate High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
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 428105045
Company name SUR JEWEL NV
Address HOVENIERSSTRAAT
2
2018 ANTWERPEN
Number of staff 2 (31.12.2012)
Date of establishment 09/12/1985
Telephone number 032332346
Fax number 032318934
Commentary
The business was established over 28 years ago.
The business has 2 employees.
The business has been at the address for over 7 years.
Operating Result in the latest trading period decreased 83% on the
previous trading period.
The business saw a decrease in their Cash Balance of 48% during the
latest trading period.
Turnover in the latest trading period decreased 47% on the previous
trading period.
Accounts
|
Date of latest
accounts |
Turnover |
Profit Before Tax |
Net worth |
Working capital |
|
31/12/2012 |
7,009,587 |
-17,855 |
728,283 |
4,924,368 |
|
31/12/2011 |
13,441,875 |
-4,086 |
725,209 |
3,775,600 |
|
31/12/2010 |
17,758,190 |
6,334 |
724,865 |
2,749,037 |
Accounts
|
Date of latest
accounts |
Balance Total |
Number of Employees |
Capital |
Cashflow |
|
31/12/2012 |
11,870,892 |
2 |
375,000 |
22,943 |
|
31/12/2011 |
11,236,415 |
2 |
375,000 |
28,616 |
|
31/12/2010 |
14,587,797 |
1 |
375,000 |
25,244 |
TRENDS
|
Profitability |
|
|
Liquidity |
|
|
Net worth |
|
Payment expectations
Payment expectation days 149.76
Industry average payment expectation days 131.36
Industry average day sales outstanding 132.64
Day sales outstanding 100.93
Court data summary
Bankruptcy details
Court action type no
Date of summons 21/12/2009
Company information
Business number 428105045
Company name SUR
JEWEL NV
Date founded 09/12/1985
Company status active
Company type Public
Limited Liability Company (BE)
Fax number 032318934
Currency Euro
(€)
Date of latest accounts 31/12/2012
Activity code 46761
Activity description Wholesaler
of diamonds and other precious stones
Liable for VAT yes
VAT Number BE.0428.105.045
Belgian Bullettin of Acts
Publications moniteur
belge
Social Balance Sheet Details
Social Balance Sheet Total
During the reporting year ended 31-12-2012
Full-time Employees 1
Part-time Employees 2
Total Fte Employees 3
Number of hours worked
Full-time Employees 1,444
Part-time Employees
1,664
Total 3,108
Personnel Charges
Full-time Employees 15,159
Part-time Employees 36,209
Total 51,368
Benefits In Addition To Wages -
During the previous reporting year
Average number employees in Fte 2
Actual working hours 3,609
Personnel Charges 57,155
Type of Contract Full-Time
Part-Time Total Fte
Unlimited Duration
Contracts 1 2 3
Gender and Education
Level
Men Full-Time
Part-Time Total Fte
Primary education 1 - 1
Women Full-Time
Part-Time Total Fte
Secondary education - 2 2
Working Category Full-Time
Part-Time Total Fte
White collar worker - 2 2
Blue collar worker 1 -
1
Personnel
(NSSO classification)
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 30/12/2013
Event Details Besluit dat het
mandaat van Mehta Manoj vanaf 31/12/2013 onbezoligd zal zijn.
Company accounts
Profit & Loss
|
|
31.12.2012 % |
31.12.2011% |
31.12.2010 |
Industry Average |
% |
|
Weeks |
52 |
52 |
52 |
|
|
|
Currency |
EUR |
EUR |
EUR |
|
|
|
Turnover |
7,009,587 -47.85 |
13,441,875 -24.31 |
17,758,190 |
40,228,780 |
-82.58 |
|
Total operating expenses |
7,001,689 -47.72 |
13,392,922 -24.20 |
17,667,616 |
39,912,413 |
-82.46 |
|
Operating result |
7,899 -83.87 |
48,954 -45.95 |
90,574 |
128,596 |
-93.86 |
|
Total financial income |
27,472 158 |
10,624 |
621 |
86,950 |
-68.40 |
|
Total financial expenses |
53,226 -16.39 |
63,663 -24.98 |
84,861 |
178,366 |
-70.16 |
|
Results on ordinary operations before taxation |
-17,855 -337 |
-4,086 -164 |
6,334 |
28,783 |
-162 |
|
Taxation |
980 2.08 |
960 9600000 |
|
21,139 |
-95.36 |
|
Results on ordinary operations after
taxation |
-18,835 -273 |
-5,046 -179 |
6,334 |
14,077 |
-233 |
|
Extraordinary items |
21,909 295 |
5,537 |
0 |
-3,861 |
567 |
|
Other appropriations |
0.00 |
- 0.00 |
0.00 |
- |
- |
|
Net result |
3,074 525 |
491 -92.24 |
6,334 |
10,237 |
-69.97 |
|
Other Information |
|
|
|
||
|
Gross Operating Margin |
- |
-- |
- |
51,758 |
- |
|
Dividends |
- |
-- |
- |
168,887 |
- |
|
Director remuneration |
- |
-- |
- |
107,304 |
- |
|
Employee costs |
51,368 |
-10.12 57,155 |
40,475 |
138,824 |
-63.00 |
|
Wages and salary |
38,160 |
-10.02 42,407 |
28,908 |
118,970 |
-67.92 |
|
Employee pension costs |
- |
-- |
- |
12,737 |
- |
|
Social security contributions |
10,018 |
1.72 9,848 |
7,902 |
29,460 |
-66.00 |
|
Other employee costs |
3,190 |
-34.89 4,900 |
3,665 |
4,918 |
-35.13 |
|
Amortization and depreciation |
19,869 |
-29.35 28,125 |
18,910 |
18,224 |
9.03 |
Balance Sheet
|
Annual accounts |
31.12.2012 |
% |
31.12.2011 % |
31.12.2010 |
Industry Average |
% |
|
Weeks |
52 |
|
52 |
52 |
|
|
|
Currency |
EUR |
|
EUR |
EUR |
|
|
|
Intangible fixed assets |
0 |
- |
0 |
0 |
1,201 |
-100 |
|
Tangible fixed assets |
210,619 |
-16.56 |
252,406 23.57 |
204,254 |
189,840 |
10.95 |
|
Land & building |
159,376 |
0 |
159,376 0 |
159,376 |
374,349 |
-57.43 |
|
Plant & machinery |
1,747 |
-65.89 |
5,122 -63.10 |
13,881 |
25,342 |
-93.11 |
|
Furniture & Vehicles |
49,496 |
-43.70 |
87,908 183 |
30,997 |
17,033 5,083 |
190 |
|
Leasing & Other Similar
Rights |
- |
- |
- |
-- |
140,142 28,266 |
- |
|
Other tangible assets |
0 |
- |
0 |
-0 |
11,907 |
-100 |
|
Financial fixed assets |
2,615 |
0 |
2,615 0 |
2,615 |
235,657 |
-98.89 |
|
Total fixed assets |
213,234 |
-16.39 |
255,021 23.28 |
206,869 |
344,728 |
-38.14 |
|
Inventories |
9,529,844 |
45.15 |
6,565,487 3.68 |
6,332,496 |
2,725,864 |
249 |
|
Raw materials &
consumables |
- |
- |
- |
-- |
7,018,491 |
- |
|
Work in progress |
0 |
- |
0 |
-0 |
2,518 |
-100 |
|
Finished goods |
9,529,844 |
45.15 |
6,565,487 3.68 |
6,332,496 |
1,758,062 |
442 |
|
Other stocks |
0 |
- |
0 |
-0 |
459,356 |
-100 |
|
Trade debtors |
1,938,212 |
-53.93 |
4,206,728 -46.35 |
7,840,615 |
3,680,793 |
-47.34 |
|
Cash |
17,972 |
-48.33 |
34,783 -3.43 |
36,020 |
205,688 |
-91.26 |
|
other amounts receivable |
166,153 |
2.34 |
162,355 2.03 |
159,125 |
212,634 |
-21.86 |
|
Miscellaneous current assets |
5,477 |
-54.52 |
12,041 -4.97 |
12,672 |
15,302 |
-64.21 |
|
Total current assets |
11,657,657 |
6.16 |
-23.64 |
14,380,928 |
6,382,962 |
82.64 |
|
Total Assets |
11,870,892 |
5.65 |
-22.97 |
14,587,797 |
6,689,088 1,221,676 |
77.47 |
Current liabilities
|
Annual
accounts |
31.12.2012
(%) |
31.12.2011 (%) |
31.12.2010 |
Industry
Average |
% |
|
|
Trade creditors |
2,872,879 11.56 |
2,575,094 -63.02 |
6,963,834 |
2,806,977 |
2.35 |
|
|
Short term group loans |
- |
-- |
|
- |
- |
- |
|
Financial debts |
1,239,582 60.68 |
771,481 -32.30 |
1,139,490 |
3,615,885
147,688 |
-65.72 |
|
|
Current portion of long term debt |
- |
-- |
|
88,901
14,229 |
- |
|
|
Amounts Payable for Taxes, Remuneration & Social
Security |
19,653 -38.31 |
31,858 51.22 |
21,067 |
8,508 - |
-44.54 |
|
|
Miscellaneous current liabilities |
2,601,175 -32.04 |
3,827,360 9.12 |
3,507,499 |
777 |
- - |
|
|
Total current liabilities |
6,733,289 -6.56 |
7,205,794 -38.05 |
-
11,631,891 4,743,812 |
41.94 |
||
Long terms debts & Liabilities
|
Annual accounts |
31.12.2012 (%) |
31.12.2011 (%) |
31.12.2010 |
Industry
Average |
% |
|
|
|
|
|
|
|
|
|
|
Other long term loans |
3,789,586 41.10 |
2,685,679 |
|
- |
265 |
- - |
|
Deffered taxes |
- |
-- |
|
- |
38,865
26,358 |
- |
|
Provisions for Liabilities & Charges |
0 |
- |
|
0 |
3,975 0 |
-100 |
|
Other long term liabilities |
619,734 0 |
619,734 -7.22 |
|
2,231,042 |
81,571 |
659 |
|
Total long term debts |
4,409,320 33.40 |
3,305,413 48.16 |
|
2,231,042 |
488,448 |
802 |
Shareholders
Equity
|
Annual accounts |
31.12.2012 |
% |
31.12.2011 |
31.12.2010 |
Industry Average |
% |
|||
|
Issued share capital |
375,000 |
0 |
375,000 |
375,000 |
880,723 |
-57.42 |
|||
|
Share premium account |
- |
-- |
- |
- |
89,810 |
- |
|||
|
Reserves |
353,283 |
0.88 |
350,209 0.10 |
349,865 |
544,456 |
-35.11 |
|||
|
Revaluation reserve |
- |
-- |
- |
- |
927,466 |
- |
|||
|
Total shareholders equity |
728,283 |
0.42 |
725,209 0.05 |
724,865 |
1,451,274 |
-49.82 |
|||
|
Working capital |
4,924,368 |
30.43 |
3,775,600 37.34 |
2,749,037 |
1,639,150 |
200 |
|||
|
Cashflow |
22,943 |
-19.83 28,616 |
13.36 |
25,244 |
25,060 |
-8.45 |
|||
|
Net worth |
728,283 |
0.42 725,209 |
0.05 |
724,865 |
1,448,534 |
-49.72 |
|||
Ratio Analysis
|
Annual accounts |
31.12.2012 |
Change (%) |
31.12.2011 |
Change (%) |
31.12.2010 |
Industry Average |
% |
|
Trading performance |
|
|
|
|
|
|
|
|
Profit Before Tax |
-0.25 |
-733 |
-0.03 |
-175 |
0.04 |
-10,00 |
2.50 |
|
Return on capital employed |
-0.35 |
-250 |
-0.10 |
-147 |
0.21 |
38,00 |
-100 |
|
Return on total assets employed |
-0.15 |
-275 |
-0.04 |
-200 |
0.04 |
-292,00 |
0.05 |
|
Return on net assets employed |
-2.45 |
-337 |
-0.56 |
-164 |
0.87 |
26,00 |
-109 |
|
Sales / net working capital |
1.42 |
-60.11 |
3.56 |
-44.89 |
6.46 |
63,00 |
-99 |
|
Stock turnover ratio |
135.95 |
178 |
48.84 |
36.96 |
35.66 |
89,00 |
52.75 |
|
Debtor days |
100.93 |
-11.64 |
114.23 |
-29.12 |
161.16 |
149,00 |
-32.26 |
|
Creditor days |
149.76 |
113 |
70.18 |
-51.22 |
143.87 |
195,00 |
-23.20 |
|
short
term stability |
|
|
|
||||
|
Current ratio |
1.73 |
13.82 |
1.52 |
22.58 |
1.24 |
6,00 |
-82.70 |
|
Liquidity ratio / acid ratio |
0.32 |
-47.54 |
0.61 |
-11.59 |
0.69 |
4,00 |
-92.00 |
|
Current debt ratio |
9.25 |
-6.94 |
9.94 |
-38.07 |
16.05 |
10,00 |
-7.50 |
|
Liquidity ratio reprocessed |
- |
- |
- |
- |
- |
- |
- |
|
long
term stability |
|
|
|
|
|||
|
Gearing |
690.55 |
44.86 |
476.71 |
203 |
157.20 |
259,00 |
166 |
|
Equity in percentage |
6.14 |
-4.81 |
6.45 |
29.78 |
4.97 |
-3.371,00 |
0.18 |
|
Total debt ratio |
15.30 |
5.59 |
14.49 |
-24.22 |
19.12 |
11,00 |
39.09 |
Industry comparison
Activity code 46761
Activity description Wholesaler of
diamonds and other precious stones
Payment expectations
Payment expectation days 149.76
Day sales outstanding
100.93
Industry comparison
Activity code 46761
Activity description Wholesaler of
diamonds and other precious stones
Industry average payment
expectation days 131.36
Industry average day sales
Outstanding 132.64
Industry quartile analysis
Payment
expectations
Company result 149.76
Lower 127.62
Median
76.94
Upper 45.68
Day sales
outstanding
Company result 100.93
Lower 106.89
Median 55.41
Upper 26.51
Group Structure
No group structure for this company.
Minority Shareholders
No minority shareholders found
Minority Interests
No minority interests found
Individual Shareholders
Shareholder Name 1
Forename Pankaj
Surname NAHATA
Shareholder
Details
Start date 16/01/1996
Shareholder
Address
Street name JAIN STREET SARAFA
BAZAR JODHPUR
Postal town Bevekom
Country Belgium
Shareholder Name 2
Forename Manoj
Middle name Rasiklal
Surname Mehta
Shareholder
Details
Start date 08/04/1997(estimated)
-
Percentage owned 4%
Shareholder
Address
Street name Berkenlaan
House number 14
Minor town Wilrijk
Postal town Antwerpen
Post code 2610
Country Belgium
NSSO details
Business number 428105045
Name of defendant SUR
JEWEL
Legal form of defendant Limited
company
Date of summons 23/11/2009
Labour court ANTWERPEN
Bankruptcy details
There is no bankruptcy data against this company
Bankruptcy Data
Legal events
Legal event type Social
Security Summons
Legal event sub
type
Event date 21/12/2009
Court type Employment Court
Court name Antwerpen
3rd party name Rijksdienst voor
Sociale Zekerheid
3rd party type Summoning Party
Legal event type Social Security
Summons
Legal event sub
type
Event date 23/11/2009
Court type Employment Court
Court name Antwerpen
3rd party name Rijksdienst voor
Sociale Zekerheid
3rd party type Summoning Party
3rd party address
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.60.15 |
|
UK Pound |
1 |
Rs.101.92 |
|
Euro |
1 |
Rs.80.64 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
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.