MIRA INFORM REPORT

 

 

Report Date :

21.11.2014

 

IDENTIFICATION DETAILS

 

Name :

SWADIP GEMS BVBA

 

 

Registered Office :

Hoveniersstraat 2 2018 Antwerpen

 

 

Country :

Belgium

 

 

Financials (as on) :

31.12.2013

 

 

Date of Incorporation :

20.06.1985

 

 

Com. Reg. No.:

427397836

 

 

Legal Form :

Private Limited Company

 

 

LINE OF BUSINESS :

WHOLESALE OF DIAMONDS AND OTHER PRECIOUS STONES

 

 

No of Employees :

2

 

 

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 1, 2014

 

Country Name

Previous Rating

(31.03.2014)

Current Rating

(01.06.2014)

Belgium

A1

A1

 

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                     427397836

Company name                        SWADIP GEMS BVBA

Address                                   HOVENIERSSTRAAT 2

2018 ANTWERPEN

Number of staff                        2

Date of establishment               20/06/1985

Telephone number                   032313851

Fax number                              032326589

 

 

Commentary

 

The business was established over 29 years ago.                                                                                  

The business has 2 employees.                                                                                                            

Number of employees in the latest trading period increased 100% on the previous trading period.           

The business has been at the address for over 15 years.                                                                       

A 26% decline in Total Assets occurred during the latest trading period.                                                 

The business saw a decrease in their Cash Balance of 91% during the latest trading period.                    

Turnover in the latest trading period decreased 22% on the previous trading period.                               

 

 

Accounts

 

DATE OF LATEST ACCOUNTS

TURNOVER

PROFIT BEFORE TAX

NET WORTH

WORKING CAPITAL

31/12/2013

35,225,076

59,001

4,103,309

6,529,422

31/12/2012

45,474,618

61,244

4,063,496

6,599,816

31/12/2011

42,383,696

58,176

4,019,389

6,750,557

 

Accounts

 

DATE OF LATEST ACCOUNTS

BALANCE TOTAL

NUMBER OF EMPLOYEES

CAPITAL

CASHFLOW

31/12/2013

17,465,265

2

3,766,631

47,308

31/12/2012

23,685,122

1

3,766,631

51,498

31/12/2011

20,687,257

1

3,766,631

42,852

 

Payment expectations

 

Past payments

 

Payment expectation days

33.35

Industry average payment expectation days

123.06

Industry average day sales outstanding

140.65

Day sales outstanding

135.35

 

 

 

 

Court data summary

 

BANKRUPTCY DETAILS

 

Court action type

no

PROTESTED BILLS

 

Bill amount

-

NSSO DETAILS

 

Date of summons

-

 

 

Company information

 

Business number         427397836

Company name            SWADIP GEMS BVBA

Fax number                  032326589

Date founded                20/06/1985

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.0427.397.836 Check VAT number

Belgian Bullettin of Acts

Publications                 moniteur belge

 

 

Contractor details

 

Registered contractor number

-

Contractor description

-

Date struck off register

 

 

 

Social Balance Sheet Details

 

Social Balance Sheet                                               Total

During the reporting year ended 31-12-2013

Full-time Employees                                                1

Part-time Employees                                                -

Total Fte Employees                                                 1

 

Number of hours worked

Full-time Employees                                                1,954

Part-time Employees                                                -

Total                                                                       1,954

Personnel Charges

Full-time Employees                                                33,361

Part-time Employees                                                -

Total                                                                       33,361

Benefits In Addition To Wages                                 -

 

During the previous reporting year

Average number employees in Fte                           1

Actual working hours                                              1,421

Personnel Charges                                                  31,070

Benefits In Addition To Wages                                 -

 

Type of Contract              Full-Time                         Part-Time                         Total Fte

Unlimited Duration            2                                      -                                       2

Contracts

Contracts For Specific Work                                     -                                       -           -

Contracts Regarding         -                                       -                                       -

Substitution

 

Gender and Education Level

Men                                 Full-Time                         Part-Time                         Total Fte

Primary education            -                                       -                                       -

Secondairy education       1                                      -                                       1

Higher education (non            -           -           university)

Women                            Full-Time                         Part-Time                         Total Fte

Primary education            -                                       -                                       -

Secondairy education       1                                      -                                       1

Higher education (non            -           -           university)

Higher education              -                                       -                                       -

(university)

Working Category            Full-Time                         Part-Time                         Total Fte

Management                     -                                       -                                       -

 

White collar worker                1                                         --                               1 

Blue collar worker             1                                      -                                       1

Other                                -                                       -                                       -

 

 

 

 

 

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 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)

 

 

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

 

 

 

Company accounts

 

Profit & loss

 

Annual accounts

 

31-12-2013

 

%

31.12.2012

%

31-12-2011

Industry average b

2013

%

Weeks

52

 

52

 

52

 

 

Currency

EUR

 

EUR

 

EUR

 

 

   Turnover

35,225,076

-22.54

45,474,618

7.29

42,383,696

54,683,986

-35.58

Total operating expenses

34,710,462

-22.69

44,898,297

6.99

41,963,329

54,229,444

-35.99

Operating result

514,614

-10.71

576,321

37.10

420,367

149,665

243

Total financial income

2,272

20.44

1,886

-88.26

16,067

80,146

-97.17

Total financial expenses

457,885

-11.43

516,964

36.67

378,259

188,437

142

Results on ordinary operations before taxation

59,001

-3.66

61,244

5.27

58,176

35,192

67.65

Taxation

19,188

-9.78

21,269

-6.68

22,790

21,872

-12.27

Results on ordinary operations after taxation

39,813

-0.41

39,975

12.97

35,386

19,134

108

Extraordinary items

0

-100

4,132

-

0

5,377

-100

Other appropriations

0.00

-

0.00

-

0.00

-

-

Net result

39,813

-9.74

44,107

24.65

35,386

24,645

61.55

OTHER INFORMATION

 

 

 

 

 

 

 

Gross Operating Margin

-

-

-

-

-

33,386

-

Dividends

-

-

-

-

-

234,766

-

Director remuneration

-

-

-

-

-

125,886

-

Employee costs

33,361

7.38

31,070

52.88

20,323

139,237

-76.04

      Wages and salary

27,125

11.15

24,404

56.82

15,561

120,283

-77.45

      Employee pension costs

-

-

-

-

-

23,129

-

      Social security contributions

4,513

-16.76

5,422

59.74

3,394

29,738

-84.82

      Other employee costs

1,723

38.50

1,244

-9.03

1,368

3,980

-56.71

Amortization and depreciation

7,495

1.41

7,390

-1.01

7,466

17,900

-58.13

 

 

Annual accounts

31-12-2013

%

31-12-2012

%

31-12-2011

Industry average 2013

%

Weeks

52

 

52

 

52

 

 

Currency

EUR

 

EUR

 

EUR

 

 

   Turnover

35,225,076

-22.54

45,474,618

7.29

42,383,696

54,683,986

-35.58

Total operating expenses

34,710,462

-22.69

44,898,297

6.99

41,963,329

54,229,444

-35.99

 

 

 

 

 

 

 

 

 

 

 

 

balance sheet

 

Annual accounts

31-12-2013

%

31-12-2012

%

31-12-2011

Industry average 2013

%

Weeks

52

 

52

 

52

 

 

Currency

EUR

 

EUR

 

EUR

 

 

Intangible fixed assets

0

-

0

-

0

1,302

-100

Tangible fixed assets

175,115

-4.10

182,610

-2.39

187,075

187,893

-6.80

      Land & building

171,413

-3.34

177,336

-3.23

183,259

366,558

-53.24

      Plant & machinery

1,731

-27.30

2,381

-22.86

3,087

26,683

-93.51

      Furniture & Vehicles

1,971

-31.86

2,893

296

729

15,790 4,605

-87.52

      Leasing & Other Similar Rights

-

-

-

-

-

107,517

34,551

-

      Other tangible assets

0

-

0

-

0

9,053

-100

Financial fixed assets

50

0

50

0

50

181,018

-99

Total fixed assets

175,165

-4.10

182,660

-2.39

187,125

299,085

-41.43

  Inventories

4,104,045

-27.76

5,681,477

-14.39

6,636,469

2,918,261

40.63

      Raw materials & consumables

-

-

-

-

-

6,545,857

-

      Work in progress

0

-

0

-

0

1,130

-100

      Finished goods

4,104,045

-27.76

5,681,477

-14.39

6,636,469

1,935,062

112

        Other stocks

0

-

0

-

0

448,905

-100

  Trade debtors

13,062,032

-23.66

17,110,990

27.78

13,390,520

4,230,323

208

   Cash

61,988

-91.07

693,898

1430

45,352

459,215,604

-99

other amounts receivable

54,061

556

8,241

-97.91

395,169

200,558

-73.04

Miscellaneous current assets

7,973

1.50

7,856

-75.92

32,623

-452,072,752

0.00

Total current assets

17,290,100

-26.43

23,502,462

14.65

20,500,132

7,110,230

143

  Total Assets

17,465,265

-26.26

23,685,122

14.49

20,687,257

7,376,509

1,285,756

136

 

CURRENT LIABILITIES

 

 

 

 

 

 

 

Trade creditors

3,171,132

-61.95

8,334,965

13.83

7,322,356

2,899,893

9.35

Short term group loans

-

-

-

-

-

-

-

Financial debts

7,543,767

-11.39

8,513,830

39.24

6,114,487

4,398,237

146,879

71.52

Current portion of long term debt

-

-

-

-

-

76,213

13,806

-

Amounts Payable for Taxes, Remuneration & Social Security

23,434

-28.81

32,917

-31.67

48,171

8,335 -

-26.10

Miscellaneous current liabilities

22,346

6.74

20,934

-92.09

264,561

-90.69

- -

Total current liabilities

10,760,678

-36.34

16,902,646

22.93

13,749,575

5,064,975

112

LONG TERM DEBTS AND LIABILITIES

 

 

 

 

 

 

 

Long term group loans

-

-

-

-

-

-

- -

Other long term loans

-

-

-

-

-

-

- -

Deffered taxes

-

-

-

-

-

46,266

28,377

-

Provisions for Liabilities & Charges

0

-

0

-

0

3,948 0

-100

Other long term liabilities

2,601,278

-4.33

2,718,980

-6.83

2,918,294

244,149

965

Total long term debts

2,601,278

-4.33

2,718,980

-6.83

2,918,294

674,710

285

SHAREHOLDERS EQUITY

 

 

 

 

 

 

 

Issued share capital

3,766,631

0

3,766,631

0

3,766,631

962,167

291

Share premium account

-

-

-

-

-

124,160

-

Reserves

336,678

13.41

296,865

17.45

252,758

645,592

-47.85

Revaluation reserve

-

-

-

-

-

852,199

-

Total shareholders equity

4,103,309

0.98

4,063,496

1.10

4,019,389

1,628,919

151

Working capital

6,529,422

-1.07

6,599,816

-2.23

6,750,557

2,045,255

219

Cashflow

47,308

-8.14

51,498

20.18

42,852

39,169

20.78

Net worth

4,103,309

0.98

4,063,496

1.10

4,019,389

1,627,617

152

 

Ratio Analysis

 

Annual accounts

31-12-2013

change(%)

31-12-2012

change(%)

31-12-2011

Industry average 2013

%

TRADING PERFORMANCE

 

 

 

 

 

 

 

Profit Before Tax

0.17

30.77

0.13

-7.14

0.14

-7,00

2.43

Return on capital employed

0.88

-2.22

0.90

7.14

0.84

-8,00

11.00

Return on total assets employed

0.34

30.77

0.26

-7.14

0.28

-8,00

4.25

Return on net assets employed

1.44

-4.64

1.51

4.14

1.45

-8,00

18.00

Sales / net working capital

5.39

-21.77

6.89

9.71

6.28

133,00

-99

Stock turnover ratio

11.65

-6.73

12.49

-20.24

15.66

76,00

-84.67

  Debtor days

135.35

-1.45

137.34

19.09

115.32

140,65

-3.77

  Creditor days

33.35

-50.78

67.76

6.39

63.69

123,06

-72.90

SHORT TERM STABILITY

 

 

 

 

 

 

 

  Current ratio

1.61

15.83

1.39

-6.71

1.49

4,00

-83.90

Liquidity ratio / acid ratio

1.23

17.14

1.05

3.96

1.01

3,00

-59.00

  Current debt ratio

2.62

-37.02

4.16

21.64

3.42

10,00

-73.80

Liquidity ratio reprocessed

-

-

-

-

-

-

-

LONG TERM STABILITY

 

 

 

 

 

 

 

   Gearing

183.85

-12.25

209.52

37.73

152.12

231,00

-20.41

Equity in percentage

23.49

36.89

17.16

-11.68

19.43

-211,00

11.13

Total debt ratio

3.26

-32.51

4.83

16.39

4.15

11,00

-70.36

 

 

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

-

Suspension of payments / moratorium history

 

 

 

 

 

 

Payment expectations

 

 

Payment expectation days

33.35

Day sales outstanding

135.35

 

 

Industry comparison

 

 

Activity code

46761

Activity description

Wholesale of diamonds and other precious stones

Industry average payment expectation days

123.06

Industry average day sales outstanding

140.65

 

 

Industry quartile analysis

 

Payment expectations

 

Company result

33.35

Lower

122.66

Median

75.38

Upper

46.73

 

 

Day sales outstanding

 

 

Company result

135.35

Lower

101.92

Median

54.34

Upper

24.45

 

 

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

 

Summary

 

Group - Number of Companies

0

Linkages - Number of Companies

0

Number of Countries

0

 

 

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                           RAJESH VRAJLAL SHAH

Position                       Principal Manager

Start Date                     15/11/2007

Street                           8 BLAUWMEERSLAAN ANTWERPEN

Post code                     2610

Country                        Belgium

 

Name                           RAJESH SHAH RAJESH

Position                       Principal Manager

Start Date                     20/03/1986

 

 

Former director details

 

Name                           L. DISCRY

Position                       Partner

Start Date                     17/02/1998

DIAMOND INDUSTRY

 

-            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 and 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.62.10

UK Pound

1

Rs.97.32

Euro

1

Rs.77.91

 

 

INFORMATION DETAILS

 

Analysis Done by :

DIV

 

 

Report Prepared by :

SNT

 

 

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.