MIRA INFORM REPORT

 

 

Report Date :

15.05.2014

 

IDENTIFICATION DETAILS

 

Name :

SKD INTERNATIONAL BVBA

 

 

Registered Office :

Hoveniersstraat 2, 2018 Antwerpen

 

 

Country :

Belgium

 

 

Financials (as on) :

30.06.2013

 

 

Date of Incorporation :

27.03.2006

 

 

Com. Reg. No.:

880292618

 

 

Legal Form :

Private Limited Company (BL/LX)

 

 

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 – 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

Moderately Low Risk

 

B1

Moderate Risk

 

B2

Moderately  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         880292618

Company name           SKD INTERNATIONAL BVBA

Address                        HOVENIERSSTRAAT 2

2018 ANTWERPEN

Number of staff            0

Date of establishment 27/03/2006

Telephone number      0484942777

Fax number                 032264213

 

 

Commentary

 

The business was established over 8 years ago.

No employees are recorded for this business.

The business has been at the address for over 5 years.

Operating Result in the latest trading period increased 43% on the previous trading period.

A 29% growth in Total Assets occurred during the latest trading period.

Pre-tax profits increased by 37% compared to the previous trading period.

The business saw a decrease in their Cash Balance of 76% during the latest trading period.

Turnover in the latest trading period increased 26% on the previous trading period.

 

Accounts

DATE OF LATEST ACCOUNTS

TURNOVER

PROFIT BEFORE TAX

NET WORTH

WORKING CAPITAL

30/06/2013

8,752,544

16,014

391,743

387,262

30/06/2012

6,931,767

11,651

376,854

370,817

30/06/2011

8,154,424

12,093

365,203

358,453

 

Accounts

DATE OF LATEST ACCOUNTS

BALANCE TOTAL

NUMBER OF EMPLOYEES

CAPITAL

CASHFLOW

30/06/2013

2,836,210

0

350,000

19,061

30/06/2012

2,186,479

0

350,000

14,951

30/06/2011

2,820,967

0

350,000

15,372

 

Trends

Profitability

♦

Liquidity

 

Net worth

 

Payment expectations

 

 

 

Past payments

 

Payment expectation days

94.04

Industry average payment

165.12

Industry average day sales

126.96

expectation days

 

outstanding

 

Day sales outstanding

97.57

Court data summary

BANKRUPTCY DETAILS

Court action type

no

PROTESTED BILLS

Bill amount

-

NSSO DETAILS

Date of summons

-

 

 

Company information

 

Business number

880292618

Company name

SKD INTERNATIONAL BVBA

Fax number

032264213

Date founded

27/03/2006

Company status

active

Company type

Private Limited Company (BL/LX)

Currency

Euro (€)

Date of latest accounts

30/06/2013

Activity code

46761

liable for VAT

 

Activity description

Wholesale of diamonds and other precious stones

VAT Number

BE.0880.292.618

Belgian Bullettin of Acts Publications

moniteur belge

 

 

Contractor details

 

 

Check Article 30 Bis

Registered contractor number

-

 

 

Contractor description

-

Date struck off register

 

 

Social balance sheet details

Social Balance Sheet

Total

During the reporting year ended 30-06-2013

 

Full-time Employees

-

Part-time Employees

-

Total Fte Employees

-

 

 

Number of hours worked

 

Full-time Employees

-

Part-time Employees

-

Total

-

 

 

Personnel Charges

 

Full-time Employees

-

Part-time Employees

-

Total

-

Benefits In Addition To Wages

-

 

 

During the previous reporting year

 

Average number employees in Fte

-

Actual working hours

-

Personnel Charges

-

Benefits In Addition To Wages

-

 

 

Type of Contract

Full-Time

Part-Time

Total Fte

Unlimited Duration Contracts

-

-

-

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

-

-

-

Higher education (non university)

-

-

-

Higher education (university)

-

-

-

 

Working Category

Full-Time

Part-Time

Total Fte

Management

-

-

-

White collar worker

-

-

-

Blue collar worker

-

-

-

Other

-

-

-

 

Temporary personnel

Total

Average number of temporary staff

-

Actual working hours

-

Cost of temporary staff

-

 

New staff and leavers

Full-Time

Part-Time

Total Fte

New Starters

-

-

-

Leavers

-

-

-

 

Total of formal continuing vocational training initiatives for workers paid by the employer

Male

Female

Number of employees

-

-

Number of training hours

-

-

Net costs for enterprise

-

-

Total of less formal and informal continuing vocational training initiatives for workers paid by the employer

Male

Female

Number of employees

-

-

Number of training hours

-

-

Net costs for enterprise

-

-

Total of initial training initiatives at the expense of the employer

Male

Female

Number of employees

-

-

Number of training hours

-

-

Net costs for enterprise

-

-

 

Personnel (NSSO Classification)

Code

-

Description

-

Joint Industrial Committee (JIC)

Significant Events

 

Event Date

09/01/2007

Event Description

resignation-appointment of director(s)

Event Details

Commentaar 09-01-2007: Het mandaat van Jhaveri Saumil is aangevangen op 09.01.07

Profit and loss

 

Annual accounts

30-06­2013

%

30-06­2012

%

30-06­2011

Industry average 2013

%

Weeks

52

 

52

 

52

 

 

Currency

EUR

 

EUR

 

EUR

 

 

 

Turnover

8,752,544

26.27

6,931,767

14.99

8,154,424

60,168,578

85.45

Total operating expenses

8,726,235

26.22

6,913,402

15.05

8,137,883

59,466,895

85.33

 

Operating result

26,310

43.26

18,365

11.03

16,541

410,672

93.59

Total financial income

88

44.90

160

47.65

109

194,605

-99

Total financial expenses

10,384

51.07

6,874

50.87

4,556

490,857

97.88

Results on ordinary operations before taxation

16,014

37.45

11,651

-3.65

12,093

96,454

83.40

Taxation

1,125

-

-

-

-

22,949

95.10

Results on ordinary operations after taxation

14,889

27.79

11,651

-3.65

12,093

78,236

80.97

Extraordinary items

0

-

0

-

0

2,560

-100

Other appropriations

0.00

-

0.00

-

0.00

-

-

Net result

14,889

27.79

11,651

-3.65

12,093

80,796

81.57

OTHER INFORMATION

Dividends

-

-

-

-

-

38,889

-

Director remuneration

-

-

-

-

-

128,145

-

Employee costs

-

-

-

-

-

140,539

-

Wages and salary

-

-

-

-

-

121,488

-

Employee pension costs

-

-

-

-

-

0

-

Social security contributions

-

-

-

-

-

28,866

-

Other employee costs

0

-

0

-

0

3,533

-100

Amortization and depreciation

4,172

26.42

3,300

0.64

3,279

27,213

84.67

back to top

 

 

Balance sheet

 

Annual accounts

30-06­2013

%

30-06­2012

%

30-06­2011

Industry average 2013

%

Weeks

52

 

52

 

52

 

 

Currency

EUR

 

EUR

 

EUR

 

 

Intangible fixed assets

0

-

0

-

0

1,052

-100

Tangible fixed assets

4,481

25.77

6,038

31.78

8,850

290,494

98.46

Land & building

-

-

-

-

-

589,446

-

Plant & machinery

-

-

230

-50.0

460

37,875

-

Furniture & Vehicles

4,481

22.83

5,808

30.78

8,390

18,572 6,882

75.87

Leasing & Other Similar Rights

-

-

-

-

-

153,494 20,215

-

Other tangible assets

0

-

0

-

0

5,956

-100

Financial fixed assets

-

-

-

-

-

43,170

-

Total fixed assets

4,481

25.77

6,038

31.78

8,850

300,924

98.51

Inventories

463,539

113

216,856

72.52

789,187

6,242,086

92.57

Raw materials & consumables

-

-

-

-

-

-

-

Work in progress

0

-

0

-

0

10,871

-100

Finished goods

0

-

0

-

0

4,831,808

-100

Other stocks

463,539

113

216,856

72.52

789,187

498,487

-7.01

Trade debtors

2,339,785

25.45

1,865,125

15.25

1,618,299

12,424,300

81.17

Cash

22,338

76.46

94,899

76.46

403,212

592,426

96.23

other amounts receivable

2,917

18.10

3,562

150

1,420

355,119

-99

Miscellaneous current assets

3,150

-

0

-

0

33,678

90.65

 

Total current assets

2,831,729

29.87

2,180,442

22.46

2,812,118

18,740,582

84.89

Total Assets

2,836,210

29.72

2,186,479

22.49

2,820,967

19,013,586

3,200,253

85.08

 

CURRENT LIABILITIES

Trade creditors

2,248,336

39.34

1,613,543

29.17

2,277,915

6,921,041

67.51

Short term group loans

-

-

-

-

-

-

-

Financial debts

160,550

-3.75

166,799

-

-

11,033,649 573,354

98.54

Current portion of long term debt

-

-

2,100

56.68

4,848

59,593 12,016

-

 

Amounts Payable for Taxes, Remuneration & Social Security

4,760

280

1,250

0

1,250

12,369 -

87.55

 

Miscellaneous current liabilities

30,821

18.85

25,933

84.71

169,651

-95.40

- -

Total current liabilities

2,444,467

35.08

1,809,625

26.25

2,453,664

13,589,726

82.01

 

LONG TERM DEBTS AND LIABILITIES

Long term group loans

-

-

-

-

-

-

- -

Other long term loans

-

-

-

-

2,100

-

- -

Deffered taxes

-

-

-

-

-

0 0

-

Provisions for Liabilities & Charges

0

-

0

-

0

3,197 0

-100

Other long term liabilities

0

-

0

-

0

184,633

-100

Total long term debts

0

-

0

-100

2,100

1,549,993

-100

SHAREHOLDERS EQUITY

 

Issued share capital

350,000

0

350,000

0

350,000

2,845,540

87.70

Share premium account

-

-

-

-

-

273,462

-

Reserves

41,743

55.44

26,854

76.64

15,203

914,193

95.43

Revaluation reserve

-

-

-

-

-

1,662,858

-

Total shareholders equity

391,743

3.95

376,854

3.19

365,203

3,873,866

89.89

Working capital

387,262

4.43

370,817

3.45

358,453

5,150,856

92.48

Cashflow

19,061

27.49

14,951

-2.74

15,372

103,800

81.64

Net worth

391,743

3.95

376,854

3.19

365,203

3,872,814

89.88

 

 

 

Ratio analysis

 

Annual accounts

30-06-2013

change(%)

30-06-2012

change(%)

30-06-2011

Industry average 2013

%

TRADING PERFORMANCE

 

 

 

 

 

 

 

Profit Before Tax

0.18

5.88

0.17

13.33

0.15

13,00

-98.62

Return on capital employed

4.09

32.36

3.09

-6.08

3.29

-4,00

102

Return on total assets employed

0.56

5.66

0.53

23.26

0.43

0,00

-

Return on net assets employed

4.09

32.36

3.09

-6.65

3.31

8,00

-48.88

Sales / net working capital

22.60

20.92

18.69

-17.85

22.75

33,00

-99

Stock turnover ratio

5.30

69.33

3.13

-67.67

9.68

19,00

-72.11

Debtor days

97.57

-0.65

98.21

35.57

72.44

177,00

-44.88

Creditor days

94.04

10.39

85.19

-16.62

102.17

88,00

6.86

 

SHORT TERM STABILITY

Current ratio

1.16

-3.33

1.20

4.35

1.15

5,00

-93.56

Liquidity ratio / acid ratio

0.97

-11.01

1.09

32.93

0.82

4,00

-75.75

Current debt ratio

6.24

30.0

4.80

-28.57

6.72

18,00

-65.33

Liquidity ratio reprocessed

-

-

-

-

-

-

-

LONG TERM STABILITY

Gearing

40.98

-8.57

44.82

2258

1.90

190,00

-78.43

Equity in percentage

13.81

-19.90

17.24

33.13

12.95

19,00

-27.32

Total debt ratio

6.24

30.0

4.80

-28.57

6.72

19,00

-67.16

 

 

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

 

Amount

-

Details

-

Payment expectations

Payment expectation days

94.04

Day sales outstanding

97.57

Industry comparison

Activity code

46761

Activity description

Wholesale of diamonds and other precious stones

Industry average payment expectation days

165.12

Industry average day sales outstanding

126.96

Industry quartile analysis

Payment expectations

Company result

94.04

Lower

134.34

Median

84.93

Upper

45.55

 

Day sales outstanding

Day sales outstanding

Company result

97.57

Lower

111.41

Median

58.70

Upper

28.09

 

 

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

 

 

Linked companies

 

Group - Number of Companies

0

Linkages - Number of Companies

0

Number of Countries

0

 

 

Court data

 

Drawee name

-

Address

-

Bill amount

-

Bill currency

-

Maturity of bill

-

Name of drawer

-

City of drawer

-

NSSO details

Business number

880292618

Name of defendant

-

Legal form of defendant

-

Date of summons

-

Labour court

-

Bankruptcy details

 

 

Current director details

 

Name

SAUMIL YOGESH JHAVERI

Position

Principal Manager

Start Date

09/01/2007

Street

168 BELGIELEI 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.59.87

UK Pound

1

Rs.100.98

Euro

1

Rs.82.40

 

INFORMATION DETAILS

 

Analysis Done by :

KAR

 

 

Report Prepared by :

PDT

 

               

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.