|
Report Date : |
20.10.2014 |
IDENTIFICATION DETAILS
|
Name : |
S. VINODKUMAR (EUROPE) SALES BVBA |
|
|
|
|
Registered Office : |
Hoveniersstraat 30,
2018 Antwerpen |
|
|
|
|
Country : |
Belgium |
|
|
|
|
Financials (as on) : |
31.12.2013 |
|
|
|
|
Date of Incorporation : |
30.07.2008 |
|
|
|
|
Com. Reg. No.: |
899851479 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Wholesale
of Diamonds and Other Precious Stones |
|
|
|
|
No of Employees : |
2 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
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 – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
Belgium |
A1 |
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 |
|
Business number |
899851479 |
|
Company name |
S. VINODKUMAR (EUROPE)
SALES BVBA |
|
Address |
HOVENIERSSTRAAT 30 |
|
|
2018 ANTWERPEN |
|
Number of staff |
2 |
|
Date of establishment |
30/07/2008 |
|
Telephone number |
0478670176 |
COMMENTARY
The
business was established over 6 years ago. The business has 2 employees. The
business is part of a group.
The
business has been at the address for over 6 years.
Operating
Result in the latest trading period increased 40% on the previous trading
period
Pre-tax
profits increased by 54% compared to the previous trading period.
The
business saw an increase in their Cash Balance of 90% during the latest trading
period
Turnover
in the latest trading period increased 31 % on the previous trading period.
|
Accounts |
||||
|
DATE
OF LATEST ACCOUNTS |
TURNOVER |
PROFIT
BEFORE TAX |
NET
WORTH |
WORKING
CAPITAL |
|
31/12/2013 |
19,723,864 |
38,684 |
132,997 |
9,214,272 |
|
31/12/2012 |
14,996,807 |
25,057 |
110,184 |
9,567,679 |
|
31/12/2011 |
16,954,781 |
30,693 |
94,632 |
8,671,802 |
|
|
|
|
|
|
|
Accounts |
||||
|
DATE
OF LATEST ACCOUNTS |
BALANCE
TOTAL |
NUMBER
OF EMPLOYEES |
CAPITAL |
CASHFLOW |
|
31/12/2013 |
20,897,313 |
2 |
18,600 |
23,436 |
|
31/12/2012 |
19,502,429 |
2 |
18,600 |
16,024 |
|
31/12/2011 |
17,328,934 |
4 |
18,600 |
20,257 |
|
Payment expectations |
||||
|
Past payments |
|
Payment expectation days |
216.03 |
|
|
Industry average payment expectation days |
124.55 |
Industry average day sales outstanding |
142.27 |
|
|
Day sales outstanding |
169.28 |
|
|
|
|
Court data summary |
||||
|
BANKRUPTCY DETAILS |
||||
|
Court action type |
no |
|
|
|
|
PROTESTED BILLS |
||||
|
Bill amount |
||||
|
NSSO DETAILS |
||||
|
Date of summons |
17/01/2011 |
|
|
|
COMPANY INFORMATION
|
|||
|
|
|||
|
Business number |
899851479 |
Company name |
S. VINODKUMAR (EUROPE) SALES BVBA |
|
Fax number |
|
Date founded |
30/07/2008 |
|
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.0899.851.479 Check VAT number |
|
Belgian Bullettin of Acts Publications |
Moniteur beige |
|
|
|
Social Balance Sheet |
Total |
|
|
During the reporting year ended 31-12-2013 |
|
|
|
Full-time Employees |
2 |
|
|
Part-time Employees |
||
|
Total Fte Employees |
2 |
|
|
|
||
|
Number of hours worked |
|
|
|
Full-time Employees |
3,541 |
|
|
Part-time Employees |
- |
|
|
Total |
3,541 |
|
|
|
||
|
Personnel Charges |
||
|
Full-time Employees |
98,683 |
|
|
Part-time Employees |
- |
|
|
Total |
98,683 |
|
|
Benefits In Addition To
Wages |
- |
|
|
|
||
|
During the previous reporting year |
|
|
|
Average number employees in Fte |
3 |
|
|
Actual working hours |
4,780 |
|
|
Personnel Charges |
119,011 |
|
|
Benefits In Addition To
Wages
-- |
||
Type of Contract Full-Time
Part-Time Total Fte
Unlimited Duration 2 - 2
Contracts
Higher education
(university) Full-Time Part-Time Total Fte
1
- 1
Women Full-Time
Part-Time Total Fte
Primary education 1 - 1
Working Category Full-Time
Part-Time Total Fte
Management - - -
White collar worker 1 - 1
Blue collar worker 1 – 1
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 14/05/2012
Event Description Resignation-appointment
of director(s)
Event Details Commentaar
14-05-2012: Benoemd als zaakvoerder-directeur : Shah Premal.
PROFIT & LOSS
|
Annual accounts |
31-12-2013 |
% |
31-12-2012 |
% |
31-12-2011 |
Industry average 2012 |
% |
|
Weeks |
52 |
|
52 |
|
52 |
|
|
|
Currency |
EUR |
|
EUR |
|
EUR |
|
|
|
Turnover |
19,723,864 |
31.52 |
14,996,807 |
-11.55 |
16,954,781 |
58,816,045 |
-66.47 |
|
Total operating expenses |
19,648,837 |
31.49 |
14,943,258 |
-11.50 |
16,885,885 |
58,328,802 |
-66.31 |
|
Operating result |
75,027 |
40.11 |
53,549 |
-22.28 |
68,896 |
156,100 |
-51.94 |
|
Total financial income |
2,471 |
285 |
641 |
-32.13 |
944 |
63,398 |
-96.10 |
|
Total financial expenses |
38,814 |
33.23 |
29,132 |
-25.58 |
39,147 |
177,003 |
-78.07 |
|
Results on ordinary
operations before taxation |
38,684 |
54.38 |
25,057 |
-18.36 |
30,693 |
42,653 |
-9.31 |
|
Taxation |
12,680 |
33.41 |
9,505 |
-11.02 |
10,682 |
22,378 |
-43.34 |
|
Results on ordinary
operations after taxation |
26,004 |
67.20 |
15,553 |
-22.28 |
20,012 |
26,429 |
-1.61 |
|
Extraordinary items |
-3,192 |
- |
0 |
-- |
0 |
5,585 |
-157 |
|
Other appropriations |
0.00 |
-- |
0.00 |
-- |
0.00 |
-- |
-- |
|
Net result |
22,812 |
46.68 |
15,553 |
22.28 |
20,012 |
32,159 |
-29.06 |
|
OTHER INFORMATION-- |
|||||||
|
Gross Operating Margin |
-- |
-- |
-- |
-- |
-- |
34,457 |
-- |
|
Dividends |
-- |
-- |
-- |
-- |
-- |
208,119 |
-- |
|
Director remuneration |
106,192 |
14.34 |
92,872 |
-- |
-- |
121,590 |
-12.66 |
|
Employee costs |
98,683 |
-17.08 |
119,011 |
-31.80 |
174,505 |
145,312 |
-32.09 |
|
Wages and salary |
79,415 |
-12.25 |
90,505 |
-34.18 |
137,509 |
113,529 |
-30.05 |
|
Employee pension costs |
-- |
-- |
-- |
-- |
-- |
23,129 |
-- |
|
Social security
contributions |
17,630 |
-34.07 |
26,741 |
-23.95 |
35,161 |
27,799 |
-36.58 |
|
Other employee costs |
1,638 |
-7.21 |
1,765 |
-3.85 |
1,836 |
3,751 |
-56.34 |
|
Amortization and depreciation |
624 |
32.27 |
472 |
92.50 |
245 |
17,940 |
-96.52 |
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 |
1,380 |
-100 |
|
Tangible fixed assets |
531 |
-54.02 |
1,155 |
0.88 |
1,145 |
192,410 |
-99 |
|
Land & building |
- |
- |
- |
- |
- |
384,802 |
- |
|
Plant & machinery |
531 |
-54.02 |
1,155 |
0.88 |
1,145 |
27,043 |
-98.04 |
|
Furniture & Vehicles |
- |
- |
- |
- |
- |
15,324 4,382 |
- |
|
Leasing
& Other Similar Rights |
- |
- |
- |
- |
- |
39,639 19,911 |
|
|
Other tangible assets |
0 |
- |
0 |
- |
0 |
9,782 |
-100 |
|
Financial fixed assets |
400 |
0 |
400 |
0 |
400 |
222,036 |
-99 |
|
Total fixed assets |
931 |
-40.12 |
1,555 |
0.65 |
1,545 |
329,472 |
-99 |
|
Inventories |
11,130,024 |
-1.45 |
11,293,543 |
19.57 |
9,445,473 |
3,051,600 |
264 |
|
Raw
materials & consumables |
- |
- |
- |
- |
- |
7,018,384 |
|
|
Work in progress |
0 |
- |
0 |
- |
0 |
1,239 |
-100 |
|
Finished goods |
11,130,024 |
-1.45 |
11,293,543 |
19.57 |
9,445,473 |
2,047,120 |
443 |
|
Other stocks |
0 |
- |
0 |
- |
0 |
442,049 |
-100 |
|
Trade debtors |
9,147,383 |
16.42 |
7,857,313 |
3.00 |
7,628,470 |
4,121,462 |
121 |
|
Cash |
599,457 |
90.06 |
315,410 |
30.49 |
241,712 |
504,165,239 |
-99 |
|
other amounts receivable |
12,926 |
-51.64 |
26,730 |
131 |
11,569 |
223,188 |
-94.21 |
|
Miscellaneous current assets |
6,592 |
-16.32 |
7,878 |
4660 |
166 |
-495,635,177 |
0.00 |
|
Total current assets |
20,896,381 |
7.16 |
19,500,873 |
12.54 |
17,327,389 |
7,112,216 |
193 |
|
Total Assets |
20,897,313 |
7.15 |
19,502,429 |
12.54 |
17,328,934 |
7,405,092 1,234,562 |
182 |
CURRENT LIABILITIES
|
Trade
creditors |
11,629,208 |
17.42 |
9,904,269 |
15.48 |
8,576,502 |
2,977,986 |
290 |
|
Short
term group loans |
- |
- |
- |
- |
- |
- |
- |
|
Financial
debts |
- |
- |
- |
- |
- |
4,295,961 121,774 |
- |
|
Current
portion of long term debt - |
|
- |
- |
- |
- |
79,445 13,785 |
- |
|
Amounts
Payable for Taxes, Remuneration & Social Security |
44,416 |
85.14 |
23,990 |
-69.50 |
78,658 |
7,950 - |
47.38 |
|
Miscellaneous
current liabilities |
8,486 |
71.96 |
4,935 |
1055 |
427 |
-96.47 |
-- |
|
Total
current liabilities |
11,682,110 |
17.61 |
9,933,194 |
14.76 |
8,655,587 |
5,073,796 |
130 |
|
LONG TERM DEBTS AND
LIABILITIES |
|
|
|
|
|
|
|
|
Long
term group loans |
- |
- |
- |
- |
- |
- |
-- |
|
Other
long term loans |
9,082,206 |
-3.98 |
9,459,050 |
10.26 |
8,578,716 |
730 |
-- |
|
Deffered
taxes |
- |
- |
- |
- |
- |
49,453 32,109 |
- |
|
Provisions
for Liabilities & Charges |
0 |
- |
0 |
- |
0 |
4,692 0 |
-100 |
|
Other
long term liabilities |
0 |
- |
0 |
- |
0 |
229,158 |
-100 |
|
Total
long term debts |
9,082,206 |
-3.98 |
9,459,050 |
10.26 |
8,578,716 |
635,558 |
1329 |
|
SHAREHOLDERS
EQUITY |
|
|
|
|
|
|
|
|
Issued
share capital |
18,600 |
0 |
18,600 |
0 |
18,600 |
985,766 |
-98.11 |
|
Share
premium account |
- |
- |
- |
- |
- |
72,018 |
- |
|
Reserves |
114,397 |
24.91 |
91,584 |
20.46 |
76,032 |
681,327 |
-83.21 |
|
Revaluation
reserve |
- |
- |
- |
- |
- |
899,530 |
- |
|
Total
shareholders equity |
132,997 |
20.70 |
110,184 |
16.43 |
94,632 |
1,688,741 |
-92.12 |
|
Working
capital |
9,214,272 |
-3.69 |
9,567,679 |
10.33 |
8,671,802 |
2,038,420 |
352 |
|
Cashflow |
23,436 |
46.25 |
16,024 |
-20.89 |
20,257 |
46,663 |
-49.78 |
|
Net
worth |
132,997 |
20.70 |
110,184 |
16.43 |
94,632 |
1,687,361 |
-92.12 |
RATIO ANALYSIS
|
Annual
accounts |
31-12-2013 |
change(%) |
31-12-2012 |
change(%) |
31-12-2011 |
Industry
average 2013 |
% |
|
TRADING
PERFORMANCE |
|
|
|
|
|
|
|
|
Profit
Before Tax |
0.20 |
17.65 |
0.17 |
-5.56 |
0.18 |
-8,00 |
2.50 |
|
Return
on capital employed |
0.42 |
61.54 |
0.26 |
-25.71 |
0.35 |
-8,00 |
5.25 |
|
Return on total
assets employed |
0.19 |
46.15 |
0.13 |
-27.78 |
0.18 |
-5,00 |
3.80 |
|
Return on net
assets employed |
29.09 |
27.92 |
22.74 |
-29.88 |
32.43 |
-9,00 |
323 |
|
Sales
/ net working capital |
2.14 |
36.31 |
1.57 |
-19.90 |
1.96 |
150,00 |
-99 |
|
Stock
turnover ratio |
56.43 |
-25.07 |
75.31 |
35.18 |
55.71 |
80,00 |
-29.46 |
|
Debtor
days |
169.28 |
-11.48 |
191.24 |
16.45 |
164.22 |
142,27 |
18.99 |
|
Creditor
days |
216.03 |
-10.70 |
241.92 |
30.49 |
185.39 |
124,55 |
73.45 |
|
SHORT
TERM STABILITY |
|
|
|
|
|
|
|
|
Current
ratio |
1.79 |
-8.67 |
1.96 |
-2.00 |
2 |
4,00 |
-82.10 |
|
Liquidity
ratio / acid ratio |
0.84 |
1.20 |
0.83 |
-8.79 |
0.91 |
3,00 |
-72.00 |
|
Current
debt ratio |
87.84 |
-2.56 |
90.15 |
-1.44 |
91.47 |
10,00 |
778 |
|
Liquidity
ratio reprocessed |
- |
- |
- |
- |
- |
- |
- |
|
LONG
TERMS TABILITY |
|
|
|
|
|
|
|
|
Gearing |
6828.90 |
-20.45 |
8584.74 |
-5.30 |
9065.36 |
235,00 |
2805 |
|
Equity
in percentage |
0.64 |
14.29 |
0.56 |
1.82 |
0.55 |
-230,00 |
0.28 |
|
Total
debt ratio |
156.13 |
-11.29 |
176 |
-3.36 |
182.12 |
11,00 |
1319 |
|
Payment
expectations |
|
|
Payment
expectation days |
216.03 |
|
Day
sales outstanding |
169.28 |
|
Industry
comparison |
|
|
Activity
code |
46761 |
|
Activity
description |
Wholesale
of diamonds and other precious stones |
|
Industry
average payment expectation days |
124.55 |
|
Industry
average day sales outstanding |
142.27 |
|
Industry
quartile analysis |
|
|
Payment
expectations |
|
|
Company
result |
216.03 |
|
Lower |
123.59 |
|
Median |
76.80 |
|
Upper |
48.13 |
|
Day
sales outstanding |
|
|
Company
result |
169.28 |
|
Lower |
102.84 |
|
Median |
54.07 |
|
Upper |
24.84 |
SHAREHOLDER DETAILS
|
Company
name |
Number |
Latest
financials |
|
- S.V. GEMS NV |
460857886 |
31-12-2013 |
|
- - INDIGO JEWELLERY (BELGIUM) BVBA |
874131435 |
31-12-2013 |
|
-
- S. VINODKUMAR (EUROPE) SALES BVBA |
899851479 |
31-12-2013 |
Minority Shareholders
No minority shareholders found
Minority Interests
No minority interest found
Protested Bills
There is no data for this company
Bankruptcy and other legal events
There is no data for this company
CURRENT DIRECTOR DETAILS
Name NISHIT PRAKASHCHANDRA VARIA
Position Principal Manager
Start Date 01/05/2012
Street 105 BELGIËLEI ANTWERPEN
Post code 2018
Country Belgium
Name CHIRAG MOTANI
Position Principal Manager
Start Date 14/05/2012
Street 106 BELGIËLEI ANTWERPEN
Post code 2018
Country Belgium
FORMER DIRECTOR DETAILS
Name PREMAL JAYANTILAL SHAH
Position Principal Manager
Start Date 01/07/2011
End Date 14/05/2012
Street 16 QUINTEN MATSIJSLEI ANTWERPEN
Post code 2018
Country Belgium
Name ABHAYKUMAR SUMATILAL SHAH
Position Principal Manager
Start Date 30/07/2008
End Date 30/06/2011
Date of birth 04/07/1973
Street 4 SORBENLAAN ANTWERPEN
Post code 2610
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.61.62 |
|
|
1 |
Rs.99.12 |
|
Euro |
1 |
Rs.78.89 |
INFORMATION DETAILS
|
Analysis Done by
: |
SUB |
|
|
|
|
Report Prepared
by : |
TPT |
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.