MIRA INFORM REPORT

 

 

Report Date :

03.06.2014

 

IDENTIFICATION DETAILS

 

Name :

SONAL GEMS BVBA

 

 

Registered Office :

Van Eycklei 48-- 2018 Antwerpen

 

 

Country :

Belgium

 

 

Financials (as on) :

31.12.2012

 

 

Date of Incorporation :

03.04.2003

 

 

Com. Reg. No.:

479945112

 

 

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 :

No complaints

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 – March 31, 2014

 

Country Name

Previous Rating

(31.12.2013)

Current Rating

(31.03.2014)

Belgium

A1

A1

 

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 name and address

 

Business number                                                          479945112

Company name                                                             SONAL GEMS BVBA

Address                                                                      VAN EYCKLEI 48--

2018 ANTWERPEN

Safe number                                                                BE00514113

Number of staff                                                            0

Date of establishment                                                    03/04/2003

Telephone number                                                         032187906

Fax number

 

 

Commentary

 

The business was established over 11 years ago.

No employees are recorded for this business.

The business has been at the address for over 4 years.

A 37% decline in Total Assets occurred during the latest trading period.

Pre-tax profits increased by 31% compared to the previous trading period.

The business saw a decrease in their Cash Balance of 63% during the latest trading period.

 

 

Accounts

 

DATE OF LATEST ACCOUNTS TURNOVER

PROFIT BEFORE TAX

NET WORTH

WORKING CAPITAL

31/12/2012

1 9,699

649,961

979,412

31/12/2011

1 5,033

630,341

1,006,587

31/12/2010

48,314

615,358

987,106

 

Accounts

 

DATE OF LATEST ACCOUNTS               BALANCE TOTAL

NUMBER OF EMPLOYEES

CAPITAL

CASHFLOW

31/12/2012 1,438,361

0

468,600

26,885

31/12/2011 2,305,193 31/12/2010 1,978,293

0 0

468,600 468,600

21,715 46,113

 

Payment expectations

 

Past payments                                                             Payment expectation days -

Industry average payment

expectation days                      165.24                          Industry average day sales

Outstanding                                         126.31

Day sales outstanding -

 

 

Company information

 

Business number

479945112

Company name

SONAL GEMS BVBA

 

Fax number

 

Date founded

03/04/2003

 

Company status

active

Company type

Private Limited Company (BL/LX)

 

Currency

Euro (€)

Date of latest accounts

31/12/2012

 

Activity code

46761

Liable for VAT

yes

 

Activity description

Wholesale of diamonds and other precious stones

VAT Number

BE.0479.945.11 2 Check VAT number

 

Belgian Bullettin of Acts Publications

moniteur belge

 

 

 

 

 

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

-

-

-

-

-

46,485,458

-

Total operating expenses

-

-

-

-

-

46,114,879

-

Operating result

54,700

9.94

49,755

-12.79

57,050

141,119

-61.24

Total financial income

9

-82.78

54

-33.22

81

98,884

-99

Total financial expenses

35,010

0.67

34,776

294

8,816

206,523

-83.05

Results on ordinary operations before taxation

19,699

31.04

15,033

-68.89

48,314

25,299

-22.13

Taxation

80

63.27

49

-98.95

4,680

20,807

-99

Results on ordinary operations after taxation

19,619

30.94

14,984

-65.66

43,634

10,494

86.96

Extraordinary items

0

-

0

-100

1,076

-3,973

0

Other appropriations

0.00

0.00

-1

-

0.00

-

-

Net result

OTHER INFORMATION

19,619

30.94

14,983

-66.49

44,710

6,539

200

Gross Operating Margin

62,945

6.93

58,867

-1.78

59,935

56,922

10.58

Dividends

-

-

-

-

-

172,177

-

Director remuneration

-

-

-

-

-

11 2,544

-

Employee costs

-

-

-

-

-

125,946

-

Wages and salary

-

-

-

-

-

105,550

-

Employee pension costs

-

-

-

-

-

14,428

-

Social security contributions

-

-

-

-

-

26,656

-

Other employee costs

0

-

0

-

0

4,349

-100

Amortization and depreciation

7,266

7.93

6,732

380

1,402

17,831

-59.25

 

 

balance sheet

 

Annual accounts

31-12-2012

%

31-12-2011

%

31-12-2010

Industry average 2012

%

Weeks

52

 

52

 

52

 

 

Currency

EUR

 

EUR

 

EUR

 

 

Intangible fixed assets

0

-

0

-

0

1,573

-100

Tangible fixed assets

23,183

-13.89

26,922

1000

2,447

184,117

-87.41

Land & building

-

-

-

-

-

362,988

-

Plant & machinery

4,829

59.79

3,022

68.15

1,797

22,615

-78.65

Furniture & Vehicles

18,354

-23.21

23,900

3575

650

17,295 5,364

6.12

Leasing & Other Similar Rights

-

-

-

-

-

142,153 32,369

-

Other tangible assets

0

-

0

-

0

7,596

-100

Financial fixed assets

-

-

-

-

-

306,761

-

Total fixed assets

23,183

-13.89

26,922

1000

2,447

394,708

-94.13

Inventories

975,710

111

461,944

31.26

351,940

3,105,524

-68.58

Raw materials & consumables

-

-

-

-

-

7,209,884

-

Work in progress

0

-

0

-

0

2,387

-100

Finished goods

0

-

0

-

0

1,996,655

-100

Other stocks

975,710

111

461,944

31.26

351,940

569,977

71.18

Trade debtors

383,775

-77.23

1,685,621

6.83

1,577,830

4,243,347

-90.96

Cash

46,310

-63.84

128,081

184

45,015

227,473

-79.64

other amounts receivable

5,616

114

2,621

147

1,060

209,176

-97.32

Miscellaneous current assets

3,768

94092

4

-

0

18,254

-79.36

Total current assets

1,415,1 79

-37.88

2,278,271

15.31

1,975,846

7,328,597

-80.69

Total Assets

1,438,361

-37.60

2,305,193

16.52

1,978,293

7,683,424 1,454,122

-81.28

 

 

CURRENT LIABILITIES

 

Trade creditors

398,777

-67.64

1,232,191

27.84

963,838

3,148,030

-87.33

Short term group loans

-

-

-

-

-

-

-

Financial debts

17,833

-

-

-

6,189

4,280,807 189,666

-99

Current portion of long term debt

5,169

4.74

4,935

-

-

110,204 15,373

-95.31

Amounts Payable for Taxes, Remuneration & Social Security

7,344

-49.89

14,656

85.72

7,892

9,740 -

-78.42

Miscellaneous current liabilities

6,645

-66.61

19,902

83.92

10,821

-97.77

- -

Total current liabilities

435,767

-65.73

1,271,684

28.62

988,740

5,462,976

-92.02

LONG TERM DEBTS AND LIABILITIES

 

 

 

 

 

 

Long term group loans

-

-

-

-

-

-

- -

Other long term loans

11,569

-30.88

16,738

-

-

-98.96

- -

Deffered taxes

-

-

-

-

-

37,626 26,358

-

Provisions for Liabilities & Charges

0

-

0

-

0

3,168 0

-100

Other long term liabilities

341,064

-11.74

386,430

3.27

374,195

128,026

166

Total long term debts

SHAREHOLDERS EQUITY

352,633

-12.53

403,168

7.74

374,195

562,804

-37.34

Issued share capital

468,600

0

468,600

0

468,600

967,968

-51.59

Share premium account

-

-

-

-

-

109,362

-

Reserves

181,361

12.13

161,741

10.21

146,758

654,096

-72.27

Revaluation reserve

-

-

-

-

-

939,206

-

Total shareholders equity

649,961

3.11

630,341

2.43

615,358

1,651,582

-60.65

Working capital

979,412

-2.70

1,006,587

1.97

987,106

1,865,621

-47.50

Cashflow

26,885

23.81

21,715

-52.91

46,113

21,288

26.29

Net worth

649,961

3.11

630,341

2.43

615,358

1,648,350

-60.57

 

 

ratio analysis

 

Annual accounts

TRADING PERFORMANCE

31-12-2012

change(%)

31-12-2011

change(%)

31-12-2010

Industry average 2012

 

Profit Before Tax

-

-

-

-

-

-29,00

-

Return on capital employed

1.96

35.17

1.45

-70.29

4.88

29,00

-93.24

Return on total assets employed

1.37

110

0.65

-73.36

2.44

-200,00

0.68

Return on net assets employed

3.03

27.31

2.38

-69.68

7.85

19,00

-84.05

Sales / net working capital

-

-

-

-

-

44,00

-

Stock turnover ratio

-

-

-

-

-

116,00

-

Debtor days

-

-

-

-

-

143,00

-

Creditor days

SHORT TERM STABILITY

 

 

 

 

 

125,00

 

Current ratio

3.25

81.56

1.79

-10.50

2

6,00

-63.89

Liquidity ratio / acid ratio

1.01

-29.37

1.43

-12.80

1.64

4,00

-74.75

Current debt ratio

0.67

-66.83

2.02

25.47

1.61

9,00

-92.56

Liquidity ratio reprocessed

-

-

-

-

-

-

-

LONG TERM STABILITY

 

 

 

 

 

 

 

Gearing

5.32

54.65

3.44

240

1.01

357,00

-98.51

Equity in percentage

45.19

65.29

27.34

-12.12

31.11

-3.192,00

1.42

Total debt ratio

1.21

-54.51

2.66

20.36

2.21

11,00

-89.00

 

 

Industry comparison

 

Activity code

46761

Activity description

Wholesale of diamonds and other precious stones

industry average credit

64.48

rating

 

Industry average credit

1401 77.31

limit

 

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

165.24

expectation days

 

Industry average day sales

126.31

outstanding

 

Industry quartile analysis

Payment expectations

 

Company result

-

Lower

134.13

Median

84.97

Upper

45.81

 

 

Day sales outstanding

 

Company result -

Lower                           110.17

Median                         59.01

Upper                           28.11

 

 

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

 

 

Individual Shareholders

 

SHAREHOLDER NAME

Forename                                 Shailesh                               Middle name                              -

Surname                                  Patel

SHAREHOLDER DETAILS

Start date                                 15/02/2008(estimated)               End date                                  -

Percentage owned                        -

SHAREHOLDER ADDRESS

Street name                               Van Eycklei                           House number                            48

Minor town                               -                                          Postal town                               Antwerpen

Post code                                           2018                                                Country                                              Belgium

 

 

Companies that match this address

no Companies Match this address

 

Bankruptcy details

There is no bankruptcy data against this company

 

 

Bankruptcy data

 

Court data

There is no data for this company

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.59.14

UK Pound

1

Rs.99.02

Euro

1

Rs.80.63

 

INFORMATION DETAILS

 

Analysis Done by :

SUM

 

 

Report Prepared by :

NIS

 

               

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.