|
Report Date : |
30.10.2014 |
IDENTIFICATION DETAILS
|
Name : |
SHRENUJ NV |
|
|
|
|
Registered Office : |
Pelikaanstraat 62 2018 Antwerpen |
|
|
|
|
Country : |
Belgium |
|
|
|
|
Financials (as on) : |
31.03.2013 |
|
|
|
|
Date of Incorporation : |
23.09.2005 |
|
|
|
|
Com. Reg. No.: |
876762313 |
|
|
|
|
Legal Form : |
Public Limited Liability Company |
|
|
|
|
Line of Business : |
Wholesale of diamonds and other precious
stones |
|
|
|
|
No. of Employees |
01 |
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 876762313
Company name SHRENUJ NV
Address PELIKAANSTRAAT 62
2018 ANTWERPEN
Number of staff 4
Date of establishment 23/09/2005
Telephone number 032316373
Fax number 032323236
|
The business was established over 8 years ago. |
|
The business has 1 employees. |
|
The business has been at the address for over 8
years. |
|
Operating Result in the latest trading period
increased 87% on the previous trading period. |
|
Net Worth increased by 65% during the latest trading
period. |
|
A 84% growth in Total Assets occurred during the
latest trading period. |
|
Pre-tax profits increased by 81% compared to the
previous trading period. |
|
The business saw a decrease in their Cash Balance of
39% during the latest trading period. |
|
date of latest accounts |
turnover |
profit before tax networth |
working capital |
|
31/03/2013 |
231,071,977 |
557,103 30,117,940 |
30,684,610 |
|
31/03/2012 |
166,669,691 |
306,876 18,160,590 |
18,713,263 |
|
31/03/2011 |
151,041,888 |
374,855 5,272,195 |
9,846,066 |
|
date of latest accounts |
balance total |
number of employees capital |
cash flow |
|
31/03/2013 |
139,926,336 |
4 28,524,425 |
596,206 |
|
31/03/2012 |
75,939,562 |
3
17,165,916 |
314,508 |
|
31/03/2011 |
68,264,720 |
4
4,594,657 |
317,701 |
|
Past payments |
|
Payment expectation days |
64.13 |
|
Industry average payment |
125.22 |
Industry average day sales |
142.22 |
|
expectation days |
|
outstanding |
|
|
Day sales outstanding |
196.20 |
|
|
|
Business number |
876762313 |
Company name |
SHRENUJ NV |
|
Fax number |
032323236 |
Date founded |
23/09/2005 |
|
Company status |
active |
Company type |
Public Limited Liability
Company (BE) |
|
Currency |
Euro (€) |
Date of latest accounts |
31/03/2013 |
|
Activity code |
46761 |
Liable for VAT |
yes |
|
Activity description |
Wholesale of diamonds and
other precious stones |
VAT Number |
BE.0876.762.313 Check |
Social Balance Sheet
Total
During the reporting year
ended 31-03-2013
Full-time Employees 3
Part-time Employees
-
Total Fte Employees 3
Number of hours worked
Full-time Employees 5,548
Part-time Employees -
Total 5,548
Personnel Charges
Full-time Employees 145,945
Part-time Employees
-
Total 145,945
Benefits In Addition ToWages -
During the previous reporting year
Average number employees in Fte
4
Actual working hours 6,532
Personnel Charges 142,688
Code -
Description FROM 1 TO 4 EMPLOYEES
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
Event Date 30/06/2011
Event Description re-appointment of
director(s)
Event Details Commentaar 30-06-2011: Herbenoemd als bestuurder
tot na de jaarvergadering van 2017:
Doshi Apoorva (tevens als gedelegeerd bestuurder), Shah Jamir, Shah
Kalpit en Van
Binitkumar.
|
|
Annual accounts |
31-03-2013 |
% |
31-03-2012 |
% |
31-03-2011 |
Industry average 2013 |
% |
|
|
Weeks |
52 |
|
52 |
|
52 |
|
|
|
|
Currency |
EUR |
|
EUR |
|
EUR |
|
|
|
|
Turnover |
231,071,977 |
38.64 |
166,669,691 |
10.35 |
151,041,888 |
47,116,700 |
390 |
|
|
Total operating expenses |
227,452,220 |
38.06 |
164,743,803 |
10.41 |
149,216,673 |
46,697,423 |
387 |
|
|
Operating result |
3,619,757 |
87.95 |
1,925,888 |
5.52 |
1,825,215 |
134,643 |
2588 |
|
|
Total financial income |
55,878 |
67.42 |
33,375 |
209 |
10,767 |
65,151 |
-14.23 |
|
|
Total financial expenses |
3,118,532 |
88.73 |
1,652,388 |
13.09 |
1,461,126 |
151,179 |
1962 |
|
|
Results on ordinary
operations before taxation |
557,103 |
81.54 |
306,876 |
-18.13 |
374,855 |
43,103 |
1192 |
|
|
Taxation |
12,298 |
-62.60 |
32,884 |
-61.37 |
85,136 |
18,863 |
-34.80 |
|
|
Results on ordinary
operations after taxation |
544,805 |
98.84 |
273,992 |
-5.43 |
289,719 |
29,580 |
1741 |
|
|
Extraordinary items |
11,257 |
- |
0 |
-100 |
52 |
2,347 |
379 |
|
|
Other appropriations |
0 |
- |
0 |
- |
0.00 |
- |
- |
|
|
Net result |
556,062 |
102 |
273,992 |
-5.45 |
289,771 |
32,216 |
1626 |
|
OTHER INFORMATION |
||||||||
|
|
Gross Operating Margin |
- |
- |
- |
- |
- |
40,559 |
- |
|
|
Dividends |
- |
- |
- |
- |
- |
207,593 |
- |
|
|
Director remuneration |
107,424 |
-1.97 |
109,585 |
- |
- |
131,411 |
-18.25 |
|
|
Employee costs |
145,945 |
6.68 |
136,805 |
17.59 |
116,344 |
143,169 |
1.94 |
|
|
Wages
and salary |
116,073 |
7.92 |
107,555 |
15.56 |
93,071 |
126,655 |
-8.35 |
|
|
Employee
pension costs |
- |
- |
- |
- |
- |
1,459 |
- |
|
|
Social
security contributions |
23,920 |
7.31 |
22,290 |
25.96 |
17,695 |
31,543 |
-24.17 |
|
|
Other employee
costs |
5,952 |
-14.48 |
6,960 |
24.78 |
5,578 |
2,941 |
102 |
|
|
Amortization and
depreciation |
40,144 |
-0.92 |
40,516 |
45.06 |
27,930 |
17,922 |
123 |
|
|
Annual
accounts |
31-03-2013 |
% |
31-03-2012 |
% |
31-03-2011 |
Industry average 2013 |
% |
|
|
Weeks |
52 |
|
52 |
|
52 |
|
|
|
|
Currency |
EUR |
|
EUR |
|
EUR |
|
|
|
|
Intangible
fixed assets |
0 |
- |
0 |
- |
0 |
1,251 |
-100 |
|
|
Tangible
fixed assets |
200,042 |
1.78 |
196,547 |
34.05 |
146,622 |
188,977 |
5.86 |
|
|
Land & building |
- |
- |
- |
- |
- |
373,751 |
- |
|
|
Plant & machinery |
56,992 |
3.72 |
54,947 |
-7.70 |
59,532 |
28,667 |
98.81 |
|
|
Furniture & Vehicles |
143,050 |
1.02 |
141,600 |
62.59 |
87,090 |
15,297
3,995 |
835 |
|
|
Leasing & Other Similar Rights |
- |
- |
- |
- |
- |
42,007
20,215 - |
|
|
|
Other tangible assets |
0 |
- |
0 |
- |
0 |
10,346 |
-100 |
|
|
Financial
fixed assets |
15,541 |
227 |
4,746 |
6.36 |
4,462 |
40,002 |
-61.15 |
|
|
Total
fixed assets |
215,583 |
7.10 |
201,293 |
33.23 |
151,084 |
201,306 |
7.09 |
|
|
Inventories |
13,348,445 |
63.20 |
8,178,995 |
-49.29 |
16,129,116 |
2,531,396 |
427 |
|
|
Raw materials & consumables |
- |
- |
- |
- |
- |
113,995
- |
|
|
|
Work in progress |
0 |
- |
0 |
- |
0 |
1,766 |
-100 |
|
|
Finished goods |
13,348,445 |
63.20 |
8,178,995 |
-49.29 |
16,129,116 |
1,612,091 |
728 |
|
|
Other stocks |
0 |
- |
0 |
- |
0 |
459,407 |
-100 |
|
|
Trade
debtors |
124,210,677 |
85.22 |
67,059,665 |
29.83 |
51,649,927 |
3,963,552 |
3033 |
|
|
Cash |
278,251 |
-39.56 |
460,403 |
56.49 |
294,199 |
721,246,392 |
-99 |
|
|
other
amounts receivable |
22,470 |
102 |
11,105 |
-20.49 |
13,967 |
146,073 |
-84.62 |
|
|
Miscellaneous
current assets |
1,850,910 |
6486 |
28,101 |
6.33 |
26,428 |
-706,515,457 |
0.26 |
|
|
Total
current assets |
139,710,753 |
84.47 |
75,738,269 |
11.19 |
68,113,637 |
6,416,601 |
2077 |
|
|
Total
Assets |
139,926,336 |
84.26 |
75,939,562 |
11.24 |
68,264,720 |
6,600,301 1,066,670 |
2019 |
|
CURRENT LIABILITIES |
||||||||
|
|
Trade creditors |
39,960,302 |
84.95 |
21,606,441 |
-24.52 |
28,624,659 |
2,707,908 |
1375 |
|
Short
term group loans - - - - - - - |
||||||||
|
|
Financial debts |
68,841,166 |
95.34 |
35,241,395 |
19.59 |
29,468,907 |
3,821,286 113,934 |
1701 |
|
|
Current portion of long term debt |
3,913 |
5.67 |
3,703 |
-56.86 |
8,584 |
101,621 13,680 |
-96.15 |
|
|
Amounts Payable for Taxes, Remuneration
& Social Security |
50,680 |
-31.31 |
73,784 |
-23.92 |
96,976 |
7,508 - |
72.27 |
|
|
Miscellaneous current
liabilities |
170,082 |
70.62 |
99,683 |
45.64 |
68,444 |
-24.11 |
-- |
|
|
Total current liabilities |
109,026,143 |
91.19 |
57,025,006 |
-2.13 |
58,267,571 |
4,592,042 |
2274 |
|
|
LONG TERM DEBTS AND LIABILITIES |
|
|
|
|
|
|
|
|
|
Long term group loans |
- |
- |
- |
- |
- |
- |
-- |
|
|
Other long term loans |
782,253 |
3.75 |
753,966 |
-84.04 |
4,724,955 |
-40.99 |
-- |
|
|
Deffered taxes |
- |
- |
- |
- |
- |
58,297 69,470 |
- |
|
|
Provisions for Liabilities
& Charges |
0 |
- |
0 |
- |
0 |
4,802 0 |
-100 |
|
|
Other long term liabilities |
0 |
- |
0 |
- |
0 |
97,846 |
-100 |
|
|
Total long term debts |
782,253 |
3.75 |
753,966 |
-84.04 |
4,724,955 |
585,144 |
33.69 |
|
SHAREHOLDERS EQUITY |
||||||||
|
|
Issued share capital |
28,524,425 |
66.17 |
17,165,916 |
273 |
4,594,657 |
874,642 |
3161 |
|
|
Share premium account |
- |
- |
- |
- |
- |
115,228 |
- |
|
|
Reserves |
1,593,515 |
60.20 |
994,674 |
46.81 |
677,539 |
508,759 |
213 |
|
|
Revaluation reserve |
- |
- |
- |
- |
- |
1,047,738 |
- |
|
|
Total shareholders equity |
30,117,940 |
65.84 |
18,160,590 |
244 |
5,272,195 |
1,412,059 |
2032 |
|
|
Working capital |
30,684,610 |
63.97 |
18,713,263 |
90.06 |
9,846,066 |
1,824,559 |
1581 |
|
|
Cashflow |
596,206 |
89.57 |
314,508 |
-1.00 |
317,701 |
46,745 |
1175 |
|
|
Net worth |
30,117,940 |
65.84 |
18,160,590 |
244 |
5,272,195 |
1,410,808 |
2034 |
|
|
Annual accounts |
31-03-2013 |
change(%) |
31-03-2012 |
change(%) |
31-03-2011 |
Industry
average 2013 |
% |
|
TRADING PERFORMANCE |
||||||||
|
|
Profit Before Tax |
0.24 |
33.33 |
0.18 |
-28.00 |
0.25 |
-5,00 |
4.80 |
|
|
Return on capital employed |
1.80 |
11.11 |
1.62 |
-56.80 |
3.75 |
8,00 |
-77.50 |
|
|
Return on total assets employed |
0.40 |
0 |
0.40 |
-27.27 |
0.55 |
-2,00 |
20.00 |
|
|
Return on net assets employed |
1.85 |
9.47 |
1.69 |
-76.23 |
7. 11 |
4,00 |
-53.75 |
|
|
Sales / net working capital |
7.53 |
-15.49 |
8.91 |
-41.92 |
15.34 |
201,00 |
-99 |
|
|
Stock turnover ratio |
5.78 |
17.72 |
4.91 |
-54.03 |
10.68 |
57,00 |
-89.86 |
|
|
Debtor days |
196.20 |
33.60 |
146.86 |
17.67 |
124.81 |
142,22 |
37.96 |
|
|
Creditor days |
64.13 |
33.97 |
47.87 |
-31.63 |
70.02 |
125,22 |
-48.79 |
|
SHORT TERM STABILITY |
||||||||
|
|
Current ratio |
1.28 |
-3.76 |
1.33 |
13.68 |
1.17 |
4,00 |
-91.47 |
|
|
Liquidity ratio / acid ratio |
1.16 |
-1.69 |
1.18 |
32.58 |
0.89 |
3,00 |
-61.33 |
|
|
Current debt ratio |
3.62 |
15.29 |
3.14 |
-71.58 |
11.05 |
15,00 |
-75.87 |
|
|
Liquidity ratio reprocessed |
- |
- |
- |
- |
- |
- |
- |
|
LONG TERM STABILITY |
||||||||
|
|
Gearing |
231.18 |
16.62 |
198.23 |
-69.44 |
648.73 |
259,00 |
-10.74 |
|
|
Equity in percentage |
21.52 |
-10.00 |
23.91 |
209 |
7.72 |
-296,00 |
7.27 |
|
|
Total debt ratio |
3.65 |
14.78 |
3.18 |
-73.39 |
11.95 |
16,00 |
-77.19 |
|
Activity code |
46761 |
|
Activity description |
Wholesale of diamonds and other precious stones |
Payment expectations
Payment expectation days 64.13
Day sales outstanding 196.20
|
Company result |
64.13 |
|
Lower |
127.58 |
|
Median |
76.66 |
|
Upper |
47.13 |
|
Day sales outstanding |
|
|
Company result |
196.20 |
|
Lower |
103.77 |
|
Median |
54.98 |
|
Upper |
25.26 |
Group Structure
No group structure for this company.
Minority Shareholders
No minority shareholders found
Minority Interests
No minority interests found
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
|
Current director details |
|
|
Position |
Director |
|
Start Date |
23/09/2005 |
|
Date of birth |
09/12/1949 |
|
Street |
65 GROENENBORGERLAAN
ANTWERPEN |
|
Post code |
2610 |
|
Country |
Belgium |
|
|
|
|
Name |
SHAILESH CHAMPAKLAL MEHTA |
|
Name |
APOORVA PRAKASH DOSHI |
|
Position |
Managing Director |
|
Start Date |
09/10/2010 |
|
Street |
12 VAN EYCKLEI ANTWERPEN |
|
Post code |
2018 |
|
Country |
Belgium |
|
|
|
|
Position |
Director |
|
Start Date |
01/10/2006 |
|
Street |
12 VAN EYCKLEI ANTWERPEN |
|
Post code |
2018 |
|
Country |
Belgium |
|
|
|
|
Position |
Legal Representative |
|
Start Date |
23/09/2005 |
|
Street |
12 VAN EYCKLEI ANTWERPEN |
|
Post code |
2018 |
|
Country |
Belgium |
|
|
|
|
Name |
KALPIT SHAH |
|
Position |
Director |
|
Start Date |
01/01/2010 |
|
Street |
75 BELGIELEI ANTWERPEN |
|
Post code |
2018 |
|
Country |
Belgium |
|
|
|
|
Name |
SHREYAS DOSHI |
|
Position |
Legal Representative |
|
Start Date |
01/10/2006 |
|
Street |
37 NEELAMBER 16TH FLOOR |
|
Post code |
400026 |
|
Country |
India |
|
Name |
VISHAL DOSHI |
|
Position |
Legal Representative |
|
Start Date |
23/09/2005 |
|
|
|
Former director details
|
Name |
VAN BINITKUMAR, |
|
Position |
Director |
|
Start Date |
23/09/2011 |
|
End Date |
30/04/2014 |
|
Street |
40 CHARLOTTALEI ANTWERPEN |
|
Post code |
2018 |
|
Country |
Belgium |
|
|
|
|
Name |
JAMIR SEVANTILAL SHAH |
|
Position |
Director |
|
Start Date |
23/09/2011 |
|
End Date |
01/10/2013 |
|
Street |
40 CHARLOTTALEI ANTWERPEN |
|
Post code |
2018 |
|
Country |
Belgium |
|
|
|
|
Name |
SHRENUJ U.K. LIMITED VENN.
BRITS RECHT |
|
Position |
Director |
|
Start Date |
09/10/2010 |
|
End Date |
31/03/2011 |
|
Street |
150 STRAND |
|
Post code |
WC2E1JA |
|
Country |
United Kingdom |
|
|
|
|
Name |
SHRENUJ UK LIMITED SOC. ETRANGERE |
|
Position |
Director |
|
Start Date |
15/09/2006 |
|
End Date |
04/12/2009 |
|
Country |
United Kingdom |
Name Avnina Gems BVBA
Business number 479202566
Position Principal Manager
Start Date 16/11/2011
End Date 31/03/2012
Business number 479202566
Position Legal
Representative
Start Date 01/04/2008
End Date Unknown date
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.61.32 |
|
|
1 |
Rs.99.00 |
|
Euro |
1 |
Rs.78.14 |
INFORMATION DETAILS
|
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.