|
Report Date : |
27.10.2014 |
IDENTIFICATION DETAILS
|
Name : |
UNIGLO
BVBA |
|
|
|
|
Registered Office : |
Hoveniersstraat
30, 2018 Antwerpen |
|
|
|
|
Country : |
Belgium |
|
|
|
|
Financials (as on) : |
31.12.2013 |
|
|
|
|
Date of Incorporation : |
28.12.2000 |
|
|
|
|
Com. Reg. No.: |
473753542 |
|
|
|
|
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 : |
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 |
473753542 |
|
Company
name |
UNIGLO
BVBA |
|
Address |
HOVENIERSSTRAAT
30 2018
ANTWERPEN |
|
Number of
staff |
0 |
|
Date of establishment |
28/12/2000 |
|
Telephone
number |
037072595 |
|
Fax number |
037072596 |
The business was established over 13 years ago.
The
business has 1 employees.
The
business has been at the address for over 10 years.
Operating
Result in the latest trading period increased 25% on the previous trading
period.
The
business saw a decrease in their Cash Balance of 41% during the latest trading
period.
|
DATE OF
LATEST ACCOUNTS |
TURNOVER |
PROFIT
BEFORE TAX |
NET WORTH |
WORKING
CAPITAL |
|
31/12/2013 |
24,207,518 |
68,307 |
2,371,808 |
3,350,396 |
|
31/12/2012 |
21,042,925 |
70,851 |
2,326,506 |
3,108,525 |
|
31/12/2011 |
23,283,003 |
77,612 |
2,277,465 |
2,517,182 |
|
DATE OF LATEST
ACCOUNTS |
BALANCE
TOTAL |
NUMBER OF
EMPLOYEES |
CAPITAL |
CASHFLOW |
|
31/12/2013 |
12,362,141 |
0 |
350,000 |
47,088 |
|
31/12/2012 |
11,236,776 |
0 |
350,000 |
50,967 |
|
31/12/2011 |
7,750,031 |
0 |
350,000 |
54,447 |
Payment
expectations
|
||||
|
Past
payments |
|
Payment
expectation days |
72.63 |
|
|
Industry
average payment |
125.12 |
Industry
average day sales |
142.36 |
|
|
expectation days |
|
outstanding |
|
|
|
Day sales
outstanding |
132.44 |
|
|
|
|
BANKRUPTCY DETAILS |
|
|
Court action type |
no |
|
PROTESTED BILLS |
|
|
Bill amount |
- |
|
NSSO DETAILS |
|
|
Date of summons |
- |
|
Business
number |
473753542 |
Company
name |
UNIGLO BVBA |
|
Fax
number |
037072596 |
Date
founded |
28/12/2000 |
|
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.0473.753.542 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 |
|||
|
Part-time
Employees |
1 |
|
|
|
Total Fte
Employees |
0 |
|
|
|
|
|||
|
Number of
hours worked |
|
|
|
|
Full-time
Employees |
|||
|
Part-time
Employees |
185 |
|
|
|
Total |
185 |
|
|
|
|
|||
|
Personnel
Charges |
|||
|
Full-time
Employees |
- |
|
|
|
Part-time
Employees |
4,102 |
|
|
|
Total |
4,102 |
|
|
|
Benefits
In Addition To Wages |
|||
|
|
|||
|
During the
previous reporting year |
|||
|
Average
number employees in Fte |
0 |
|
|
|
Actual
working hours |
172 |
|
|
|
Personnel
Charges |
3,983 |
|
|
|
Benefits
In Addition To Wages |
|||
|
Type of
Contract |
Full-Time |
Part-Time |
Total Fte |
|
Unlimited
Duration Contracts |
- |
1 |
0 |
Gender and Education Level
|
Men |
Full-Time |
Part-Time |
Total Fte |
|
Secondairy
education |
- |
1 |
0 |
|
|
|
|
|
|
Working
Category |
Full-Time |
Part-Time |
Total Fte |
|
White
collar worker |
- |
1 |
0 |
Joint
Industrial Committee (JIC)
|
JIC
Code |
218 |
|
Description
category |
Additional national joint committee for the
employees |
|
|
|
|
Significant Events |
|
|
Event
Date |
15/11/2010 |
|
Event
Description |
resignation-appointment of director(s) |
|
Event
Details |
Commentaar 15-11-2010:
Bevestiging van ontslag van Gandhi Dharmesh
Rasmesh per 28/12/00 en
Shah Shalin Ajit per 23/10/08. |
|
Annual
accounts |
31-12-2013 |
% |
31-12-2012 |
% |
31-12-2011 |
Industry average 2013 |
% |
|
Weeks |
52 |
|
52 |
|
52 |
|
|
|
Currency |
EUR |
|
EUR |
|
EUR |
|
|
|
Turnover |
24,207,518 |
15.04 |
21,042,925 |
-9.62 |
23,283,003 |
59,370,600 |
-59.23 |
|
Total
operating expenses |
23,766,365 |
14.86 |
20,692,271 |
-11.12 |
23,280,746 |
58,883,130 |
-59.64 |
|
Operating
result |
441,153 |
25.81 |
350,654 |
15438 |
2,257 |
156,526 |
181 |
|
Total
financial income |
21,667 |
-37.59 |
34,714 |
-86.71 |
261,151 |
62,455 |
-65.31 |
|
Total
financial expenses |
394,513 |
25.43 |
314,518 |
69.28 |
185,795 |
181,319 |
117 |
|
Results on
ordinary operations before taxation |
68,307 |
-3.59 |
70,851 |
-8.71 |
77,612 |
37,961 |
79.94 |
|
Taxation |
18,907 |
7.01 |
17,668 |
-26.79 |
24,132 |
21,933 |
-13.80 |
|
Results on
ordinary operations after taxation |
49,400 |
-7.11 |
53,183 |
-0.56 |
53,481 |
21,877 |
125 |
|
Extraordinary
items |
-4,098 |
98.97 |
-4,141 |
-620 |
-575 |
6,727 |
-160 |
|
Other
appropriations |
0.00 |
- |
0.00 |
- |
0.00 |
- |
- |
|
Net result |
45,301 |
-7.63 |
49,041 |
-7.30 |
52,906 |
28,746 |
57.59 |
|
OTHER
INFORMATION |
|
|
|
|
|
|
|
|
Gross Operating
Margin |
- |
- |
- |
- |
- |
33,424 |
- |
|
Dividends |
- |
- |
- |
- |
- |
231,279 |
- |
|
Director
remuneration |
- |
- |
- |
- |
- |
125,568 |
- |
|
Employee
costs |
4,102 |
3.66 |
3,957 |
- |
- |
143,780 |
-97.15 |
|
Wages and
salary |
3,061 |
19.49 |
2,562 |
- |
- |
113,720 |
-97.31 |
|
Employee
pension costs |
- |
- |
- |
- |
- |
23,129 |
- |
|
Social
security contributions |
851 |
-0.10 |
852 |
- |
- |
27,897 |
-96.95 |
|
Other
employee costs |
190 |
-65.07 |
543 |
- |
0 |
3,671 |
-94.83 |
|
Amortization
and depreciation |
1,787 |
-7.21 |
1,925 |
24.96 |
1,541 |
18,045 |
-90.10 |
|
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 |
1,336 |
-100 |
|
Tangible
fixed assets |
7,633 |
28.14 |
5,957 |
55.94 |
3,820 |
191,777 |
-96.02 |
|
Land &
building |
- |
- |
- |
- |
- |
380,729 |
- |
|
Plant
& machinery |
7,413 |
31.68 |
5,629 |
84.42 |
3,052 |
27,253 |
-72.80 |
|
Furniture
& Vehicles |
220 |
-32.67 |
327 |
-57.34 |
768 |
15,470 4,430 |
-98.57 |
|
Leasing
& Other Similar Rights |
- |
- |
- |
- |
- |
68,636 20,725 |
|
|
Other
tangible assets |
0 |
- |
0 |
- |
0 |
9,406 |
-100 |
|
Financial
fixed assets |
65,483 |
-16.87 |
78,774 |
13.83 |
69,201 |
226,079 |
-71.04 |
|
Total
fixed assets |
73,116 |
-13.71 |
84,731 |
16.04 |
73,021 |
331,930 |
-77.97 |
|
Inventories |
2,767,459 |
62.25 |
1,705,726 |
82.97 |
932,219 |
3,046,202 |
-9.15 |
|
Raw
materials & consumables |
- |
- |
- |
- |
- |
7,018,384 |
- |
|
Work in
progress |
0 |
- |
0 |
- |
0 |
1,191 |
-100 |
|
Finished
goods |
2,767,459 |
62.25 |
1,705,726 |
82.97 |
932,219 |
2,052,814 |
34.81 |
|
Other
stocks |
0 |
- |
0 |
- |
0 |
436,239 |
-100 |
|
Trade
debtors |
8,783,952 |
-5.67 |
9,311,988 |
41.57 |
6,577,547 |
4,274,877 |
105 |
|
Cash |
36,412 |
-41.90 |
62,676 |
-11.69 |
70,974 |
484,495,203 |
-99 |
|
other
amounts receivable |
695,357 |
988 |
63,856 |
-27.81 |
88,451 |
222,433 |
212 |
|
Miscellaneous
current assets |
5,845 |
-25.06 |
7,799 |
-0.25 |
7,819 |
-476,594,383 |
0.00 |
|
Total
current assets |
12,289,025 |
10.20 |
11,152,045 |
45.27 |
7,677,010 |
7,263,696 |
69.18 |
|
Total
Assets |
12,362,141 |
10.02 |
11,236,776 |
44.99 |
7,750,031 |
7,559,160 1,239,862 |
63.54 |
|
CURRENT
LIABILITIES |
|
|
|
|
|
|
|
|
Trade
creditors |
4,729,452 |
29.56 |
3,650,301 |
113 |
1,707,179 |
2,966,573 |
59.42 |
|
Short term
group loans |
- |
- |
- |
- |
- |
- |
- |
|
Financial debts |
3,345,557 |
7.90 |
3,100,598 |
29.11 |
2,401,530 |
4,549,768 126,094 |
-26.47 |
|
Current
portion of long term debt |
5,087 |
-0.06 |
5,090 |
0.13 |
5,084 |
77,682 13,763 |
-93.45 |
|
Amounts
Payable for Taxes, Remuneration & Social Security |
4,499 |
15.01 |
3,912 |
-56.53 |
9,000 |
8,066 - |
-84.90 |
|
Miscellaneous
current liabilities |
854,035 |
-33.47 |
1,283,618 |
23.78 |
1,037,036 |
249 |
-- |
|
Total
current liabilities |
8,938,629 |
11.13 |
8,043,520 |
55.89 |
5,159,828 |
5,193,727 |
72.10 |
|
LONG TERM
DEBTS AND LIABILITIES |
|
|
|
|
|
|
|
|
Long term
group loans |
- |
- |
- |
- |
- |
- |
-- |
|
Other long
term loans |
1,051,704 |
21.34 |
866,750 |
177 |
312,738 |
-9.71 |
-- |
|
Deffered
taxes |
- |
- |
- |
- |
- |
46,266 28,377 |
- |
|
Provisions
for Liabilities & Charges |
0 |
- |
0 |
- |
0 |
4,512 0 |
-100 |
|
Other long
term liabilities |
0 |
- |
0 |
- |
0 |
238,935 |
-100 |
|
Total long
term debts |
1,051,704 |
21.34 |
866,750 |
177 |
312,738 |
675,775 |
55.63 |
|
SHAREHOLDERS
EQUITY |
|
|
|
|
|
|
|
|
Issued
share capital |
350,000 |
0 |
350,000 |
0 |
350,000 |
994,237 |
-64.80 |
|
Share
premium account |
- |
- |
- |
- |
- |
103,298 |
- |
|
Reserves |
2,021,808 |
2.29 |
1,976,506 |
2.54 |
1,927,465 |
667,373 |
202 |
|
Revaluation
reserve |
- |
- |
- |
- |
- |
899,530 |
- |
|
Total
shareholders equity |
2,371,808 |
1.95 |
2,326,506 |
2.15 |
2,277,465 |
1,682,756 |
40.95 |
|
Working
capital |
3,350,396 |
7.78 |
3,108,525 |
23.49 |
2,517,182 |
2,069,969 |
61.86 |
|
Cashflow |
47,088 |
-7.61 |
50,967 |
-6.39 |
54,447 |
43,406 |
8.48 |
|
Net worth |
2,371,808 |
1.95 |
2,326,506 |
2.15 |
2,277,465 |
1,681,420 |
41.06 |
|
Annual
accounts |
31-12-2013 |
change(%) |
31-12-2012 |
change(%) |
31-12-2011 |
Industry average 2013 |
% |
|
TRADING
PERFORMANCE |
|
|
|
|
|
|
|
|
Profit
Before Tax |
0.28 |
-17.65 |
0.34 |
3.03 |
0.33 |
-8,00 |
3.50 |
|
Return on
capital employed |
2 |
-9.91 |
2.22 |
-26.00 |
3 |
-8,00 |
25.00 |
|
Return on
total assets employed |
0.55 |
-12.70 |
0.63 |
-37.00 |
1 |
-8,00 |
6.88 |
|
Return on
net assets employed |
2.88 |
-5.57 |
3.05 |
-10.56 |
3.41 |
-8,00 |
36.00 |
|
Sales /
net working capital |
7.23 |
6.79 |
6.77 |
-26.81 |
9.25 |
143,00 |
-99 |
|
Stock
turnover ratio |
11.43 |
40.94 |
8.11 |
102 |
4 |
77,00 |
-85.16 |
|
Debtor
days |
132.44 |
-18.00 |
161.52 |
56.65 |
103.11 |
142,36 |
-6.97 |
|
Creditor
days |
72.63 |
12.80 |
64.39 |
140 |
26.77 |
125,12 |
-41.95 |
|
SHORT TERM
STABILITY |
|
|
|
|
|
|
|
|
Current
ratio |
1.37 |
-1.44 |
1.39 |
-6.71 |
1.49 |
4,00 |
-86.30 |
|
Liquidity
ratio / acid ratio |
1.07 |
-8.55 |
1.17 |
-10.69 |
1.31 |
3,00 |
-64.33 |
|
Current
debt ratio |
3.77 |
8.96 |
3.46 |
52.42 |
2.27 |
10,00 |
-62.30 |
|
Liquidity
ratio reprocessed |
- |
- |
- |
- |
- |
- |
- |
|
LONG TERM
STABILITY |
|
|
|
|
|
|
|
|
Gearing |
185.61 |
8.70 |
170.75 |
43.01 |
119.40 |
234,00 |
-20.68 |
|
Equity in
percentage |
19.19 |
-7.29 |
20.70 |
-29.57 |
29.39 |
-223,00 |
8.61 |
|
Total debt
ratio |
4.21 |
9.92 |
3.83 |
59.58 |
2.40 |
11,00 |
-61.73 |
Activity code 46761
Activity description Wholesale
of diamonds and other precious stones
industry average credit
rating 64.48
Industry average credit
limit 140177.31
Suspension of payments / moratorium history
Amount -
Details -
Payment expectations
Payment expectation days 72.63
Day sales outstanding 132.44
Industry comparison
Activity code 46761
Activity description Wholesale
of diamonds and other precious stones
Industry average payment
expectation days 125.12
Industry average day sales
Outstanding 142.36
Industry quartile analysis
Payment expectations
Company result 72.63
Lower 123.48
Median 76.66
Upper 48.07
Day sales outstanding
Company result 132.44
Lower 101.92
Median 54.08
Upper 24.84
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
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
|
Name |
DARSHIT
AJIT SHAH |
|
Position |
Principal
Manager |
|
Start
Date |
01/11/2011 |
|
Street |
134
BELGIELEI ANTWERPEN |
|
Post
code |
2018 |
|
Country |
Belgium |
|
|
|
|
Name |
SURAJ
RAMNIWAS PODDAR |
|
Position |
Principal
Manager |
|
Start Date |
09/09/2010 |
|
Street |
31 QUINTEN
MATSIJSLEI ANTWERPEN |
|
Post code |
2018 |
|
Country |
Belgium |
|
|
|
|
Former director
details |
|
|
Name |
GIRISHA
MEHTA |
|
Position |
Principal
Manager |
|
Start Date |
28/12/2000 |
|
End Date |
Unknown
date |
|
Street |
25 ZENOBE
GRAMMESTRAAT ANTWERPEN |
|
Post code |
2018 |
|
Country |
Belgium |
|
|
|
|
Name |
DHARMESH
RAMESH GANDHI |
|
Position |
Principal
Manager |
|
Start Date |
28/12/2000 |
|
End Date |
Unknown
date |
|
Street |
|
|
Post code |
|
|
Country |
|
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.61.24 |
|
|
1 |
Rs.98.67 |
|
Euro |
1 |
Rs.77.97 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
SMN |
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.