MIRA INFORM REPORT

 

 

Report No. :

335504

Report Date :

10.08.2015

 

IDENTIFICATION DETAILS

 

Name :

SHEETAL EUROPE B.V.B.A. BVBA

 

 

Registered Office :

Hoveniersstraat  30-Bus  135 2018 Antwerpen

 

 

Country :

Belgium

 

 

Financials (as on) :

31.03.2014

 

 

Date of Incorporation :

24.12.2004

 

 

Com. Reg. No.:

870784539

 

 

Legal Form :

Private  Limited  Company

 

 

Line of Business :

Preparation  of  precious stones  (except  diamonds and  semi-precious  stones

 

 

No. of Employees :

1

 

 

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 :

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, 2015

 

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

Belgium

A2

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 shifts in foreign demand, particularly in Belgium’s EU trade partners. Roughly three-quarters of Belgium's trade is with other EU countries. In 2014 Belgian GDP grew by 0.9%, the unemployment rate stabilized at 8.5%, and the the budget deficit was 3.2% of GDP. Prime Minister Charles MICHEL’s center-right government has pledged to further reduce the deficit in response to EU pressure to reduce Belgium’s high public debt, which remains above 100% of GDP, but such efforts could also dampen economic growth. In addition to restrained public spending, low wage growth and high unemployment promise to curtail a more robust recovery in private consumption. The government has pledged to pursue an reform program to improve Belgium’s competitiveness, including changes to tax policy, labor market rules, and welfare benefits. These changes risk worsening tensions with trade unions and triggering extended strikes.

 

Source : CIA

Company summary

 

Business  number

870784539

Branche  Unit  Number

2144631594

Company  name

SHEETAL  EUROPE  B.V.B.A.  BVBA

Address

HOVENIERSSTRAAT  30-BUS  135

 

2018 ANTWERPEN

Number  of  staff

1

Date  of  establishment

24/12/2004

Telephone  number

0483048211

Fax  number

032299543

 

 

Commentary

 

The  business  was  established  over  10  years  ago.

The  business  has  1  employees.

The  business  has  changed  its  registered  name  recently.

The  business  has  been  at  the  address  for  over  10  years.

A  23%  growth  in  Total  Assets  occurred  during  the  latest  trading  period.

The  business  saw  a  decrease  in  their  Cash  Balance  of  79%  during  the  latest  trading  period.

 

Accounts

 

DATE  OF  LATEST  ACCOUNTS

TURNOVER

PROFIT  BEFORE  TAX

NET  WORTH

WORKING  CAPITAL

31/03/2014

116,216,853

557,651

5,763,295

5,727,421

31/03/2013

97,046,731

481,982

5,767,785

6,510,854

31/03/2012

68,566,895

719,474

2,966,889

3,698,754

 

Accounts

 

DATE  OF  LATEST  ACCOUNTS

BALANCE  TOTAL

NUMBER  OF  EMPLOYEES

CAPITAL

CASHFLOW

31/03/2014

27,458,587

1

3,731,018

414,153

31/03/2013

22,260,758

1

4,017,030

338,314

31/03/2012

24,319,580

1

2,358,405

501,884

 

 

Trends

 

Profitability

Liquidity

Net worth

 

 

Payment expectations

 

Past  payments

 

Payment  expectation  days

14.84

Industry  average  payment

109.26

Industry  average  day  sales

114.35

expectation  days

 

outstanding

 

Day  sales  outstanding

68.77

 

 

 

 

Court data summary

 

BANKRUPTCY  DETAILS

Court  action  type                     no

PROTESTED  BILLS

Bill  amount                               -

NSSO  DETAILS

Date  of  summons                   -

 

 

Company information

 

Business  number

870784539

Company  name

SHEETAL  EUROPE

 

 

 

B.V.B.A.  BVBA

Fax  number

032299543

Date  founded

24/12/2004

Company  status

active

Company  type

Private  Limited  Company

 

 

 

(BL/LX)

Currency

Euro  (€)

Date  of  latest  accounts

31/03/2014

Activity  code

32122

Liable  for  VAT

yes

Activity  description

Preparation  of  precious

VAT  Number

BE.0870.784.539  Check  VAT

 

stones  (except  diamonds) and  semi-precious  stones

 

number

Belgian  Bullettin  of  Acts Publications

moniteur  belge

 

 

 

 

Contractor  details

 

Registered  contractor

-

number

 

Contractor  description

-

Date  struck  off  register

 

 

 

Personnel  (NSSO  classification)

 

Code

-

Description

-

 

Joint  Industrial  Committee  (JIC)

 

Significant  Events

 

Event  Date

17/02/2015

Event  Description

Registered  as  a  basic  management  company

Event  Details

 

 

 

Company accounts

 

Assets

 

 

 

 

 

 

 

 

 

Annual  accounts

31-03-2014

%

31-03-2013

%

31-03-2012

%

31-03-2011

%

31-03-2010

Weeks

52

 

52

 

52

 

52

 

65

Currency

EUR

 

EUR

 

EUR

 

EUR

 

EUR

Total  fixed  assets

35,874

-5.17

37,831

124

16,835

164

6,376

-

-

Intangible  fixed  assets

0

-

0

-

0

-

0

-

0

Tangible  fixed  assets

35,874

-5.17

37,831

124

16,835

164

6,376

-

-

Land  &  building

-

-

-

-

-

-

-

-

-

Plant  &  machinery

2,681

-

-

-

-

-

-

-

-

Furniture  &  Vehicles

31,700

-16.21

37,831

124

16,835

164

6,376

-

-

Leasing  &  Other  Similar  Rights

-

-

-

-

-

-

-

-

-

Other  tangible  assets

1,493

-

0

-

0

-

0

-

0

Financial  fixed  assets

-

-

-

-

-

-

-

-

-

Total  current  assets

27,422,713

23.40

22,222,927

-8.56

24,302,745

305

5,996,450

64.15

3,652,931

Inventories

4,632,339

476

803,702

-50.11

1,611,009

-

-

-

-

Raw  materials  &  consumables

-

-

-

-

-

-

-

-

-

Work  in  progress

0

-

0

-

0

-

0

-

0

Finished  goods

4,632,339

476

803,702

-50.11

1,611,009

-

0

-

0

Other  stocks

0

-

0

-

0

-

0

-

0

Trade  debtors

21,895,306

27.17

17,217,806

-23.63

22,544,040

277

5,975,844

70.24

3,510,188

Other  amounts  receivable

19,928

-39.01

32,673

747

3,855

171

1,420

-3.69

1,474

Cash

875,140

-79.01

4,168,745

2798

143,842

649

19,186

-86.42

141,269

Miscellaneous  current  assets

-1

-200

1

100

-1

-

0

-

0

Total  Assets

27,458,587

23.35

22,260,758

-8.47

24,319,580

305

6,002,826

64.33

3,652,931

 

 

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

 

Total  shareholders  equity

5,763,295

-0.08

5,767,785

94.41

2,966,889

224

913,453

618

127,153

Issued  share  capital

3,731,018

-7.12

4,017,030

70.33

2,358,405

191

809,485

709

100,000

Share  premium  account

729,578

-7.12

785,505

-

-

-

-

-

-

Revaluation  reserve

-

-

-

-

-

-

-

-

-

Reserves

1,302,699

34.96

965,250

58.63

608,484

485

103,968

282

27,153

Provisions  for  Liabilities  &  Charges

0

-

0

-

0

-

0

-

0

Deffered  taxes

-

-

-

-

-

-

-

-

-

Creditors

21,695,292

31.54

16,492,973

-22.76

21,352,691

319

5,089,373

44.35

3,525,778

Other  long  term  loans

-

-

780,900

4.30

748,700

6.36

703,900

-

-

Long  term  group  loans

-

-

-

-

-

-

-

-

-

Other  long  term  liabilities

0

-

0

-

0

-100

1,407,800

-

0

Total  long  term  debts

0

-100

780,900

4.30

748,700

-64.55

2,111,700

-

0

Current  portion  of  long  term  debt

-

-

-

-

-

-

-

-

-

Financial  debts

16,768,985

96.56

8,531,333

-37.68

13,688,951

1100

1,140,363

-

-

Trade  creditors

4,670,726

-32.95

6,965,613

4.66

6,655,187

271

1,793,723

-49.08

3,522,878

Amounts  Payable  for  Taxes,

178,369

14.86

155,293

-34.74

237,958

445

43,587

1403

2,900

Remuneration  &  Social  Security

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Miscellaneous  current  liabilities

77,212

29.04

59,834

173

21,895

-

0

-

0

Total  current  liabilities

21,695,292

38.08

15,712,073

-23.74

20,603,991

591

2,977,673

-15.55

3,525,778

Total  Liabilities

27,458,587

23.35

22,260,758

-8.47

24,319,580

305

6,002,826

64.33

3,652,931

 

 

Ratio  analysis

 

 

 

 

 

 

 

 

 

TRADING  PERFORMANCE

 

 

 

 

 

 

 

 

 

Profit  Before  Tax

0.48

-4.00

0.50

-52.38

1.05

45.83

0.72

1700

0.04

Return  on  capital  employed

9.68

31.52

7.36

-61.98

19.36

352

4.28

-61.85

11.22

Return  on  total  assets  employed

2.03

-6.45

2.17

-26.69

2.96

37.04

2.16

453

0.39

Return  on  net  assets  employed

9.68

15.79

8.36

-65.53

24.25

71.26

14.16

26.20

11.22

Sales  /  net  working  capital

20.29

36.08

14.91

-19.58

18.54

213

5.91

-97.80

269.17

Stock  turnover  ratio

3.99

380

0.83

-64.68

2.35

-

-

-

-

Creditor  days

14.84

-44.02

26.51

-26.24

35.94

-2.81

36.98

-1.68

37.61

Debtor  days

68.77

6.19

64.76

-46.04

120.01

-1.81

122.22

226

37.44

SHORT  TERM  STABILITY

 

 

 

 

 

 

 

 

 

Current  ratio

1.26

-10.64

1.41

19.49

1.18

-41.29

2.01

93.27

1.04

Liquidity  ratio  /  acid  ratio

1.05

-22.79

1.36

23.64

1.10

-45.27

2.01

93.27

1.04

Current  debt  ratio

3.76

38.24

2.72

-60.81

6.94

112

3.26

-88.24

27.73

Liquidity  ratio  reprocessed

-

-

-

-

-

-

-

-

-

Cashflow

414,153

22.42

338,314

-32.59

501,884

477

86,839

678

11,159

Net  worth

5,763,295

-0.08

5,767,785

94.41

2,966,889

224

913,453

618

127,153

LONG  TERM  STABILITY

 

 

 

 

 

 

 

 

 

Gearing

290.96

80.22

161.45

-66.82

486.63

141

201.90

-

-

Equity  in  percentage

20.99

-18.99

25.91

112

12.20

-19.84

15.22

337

3.48

Total  debt  ratio

3.76

31.47

2.86

-60.28

7.20

29.26

5.57

-79.91

27.73

Working  capital

5,727,421

-12.03

6,510,854

76.03

3,698,754

22.52

3,018,777

2274

127,153

 

 

Profit  &  loss

 

 

 

 

 

 

 

 

 

Operating  Income

116,217,286

19.75

97,047,229

41.54

68,567,263

284

17,846,629

-

 

Turnover

116,216,853

19.75

97,046,731

41.54

68,566,895

284

17,846,603

-47.86

34,225,067

Total  operating  expenses

114,903,711

19.82

95,896,478

41.88

67,589,016

281

17,703,276

-48.22

34,190,668

Gross  Operating  Margin

-

-

-

-

-

-

-

-

36,101

Operating  Charges

114,904,144

19.82

95,896,976

41.88

67,589,384

281

17,703,301

-

-

Employee  costs

54,284

-13.42

62,699

20.05

52,227

1142

4,204

-

-

Wages  and  salary

44,664

-10.34

49,814

13.92

43,726

1020

3,901

-

-

Employee  pension  costs

-

-

-

-

-

-

-

-

-

Social  security  contributions

8,749

-25.48

11,741

51.15

7,768

25793

30

-

-

Other  employee  costs

870

-24.02

1,145

56.21

733

167

274

-

0

Director  remuneration

101,132

-

-

-

-

-

-

-

-

Amortization  and  depreciation

7,977

3.36

7,718

93.68

3,985

614

558

-

-

Operating  result

1,313,142

14.16

1,150,253

17.63

977,879

582

143,327

316

34,399

Total  financial  income

2,564

218

805

-37.98

1,298

64800

2

-98.18

110

Total  financial  expenses

758,055

13.30

669,076

157

259,704

1759

13,963

-31.00

20,236

Results  on  ordinary  operations

before  taxation

557,651

15.70

481,982

-33.01

719,474

456

129,367

806

14,272

Extraordinary  Income

0

-

0

-

0

-

0

-

-

Extraordinary  Charges

-

-

-

-

-

-

-

-

-

Extraordinary  items

0

-

0

-

0

-

0

-

0

Results  for  the  Year  Before Taxation

557,651

15.70

481,982

-33.01

719,474

456

129,367

806

14,272

Other  appropriations

-

-

-

-

-

-

-

-

-

Taxation

151,475

0.06

151,386

-31.68

221,575

414

43,086

1283

3,114

Results  on  ordinary  operations after  taxation

406,176

22.86

330,596

-33.60

497,899

477

86,281

673

11,159

Net  result

406,176

22.86

330,596

-33.60

497,899

477

86,281

673

11,159

Profit  (Loss)  for  the  Year  to  be appropiated

406,176

22.86

330,596

-33.60

497,899

477

86,281

673

11,159

Dividends

-

-

-

-

-

-

-

-

-

 

                                               

Social Balance Sheet Details

 

Social Balance Sheet Details

 

Social  Balance  Sheet

Total

 

During  the  reporting  year

 

 

ended  31-03-2014

 

 

Full-time  Employees

1

 

Part-time  Employees

-

 

Total  Fte  Employees

1

 

 

 

 

Number  of  hours  worked

 

 

Full-time  Employees

1,292

 

Part-time  Employees

-

 

Total

1,292

 

 

 

 

Personnel  Charges

 

 

Full-time  Employees

54,284

 

Part-time  Employees

-

 

Total

54,284

 

Benefits  In  Addition  To  Wages

-

 

 

 

 

During  the  previous  reporting  year

 

 

Average  number  employees  in  Fte

1

 

Actual  working  hours

1,763

 

Personnel  Charges

58,235

 

Benefits  In  Addition  To  Wages

181

 

 

Type  of  Contract

Full-Time

Part-Time

Total  Fte

Unlimited  Duration

1

-

1

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)

1

-

1

Higher  education (university)

-

-

-

 

 

 

Working  Category

Full-Time

Part-Time

Total  Fte

Management

-

-

-

White  collar  worker

1

-

1

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

-

-

 

 

Payment Information

 

Suspension  of  payments  /  moratorium  history

Amount

-

Details

-

 

 

Payment  expectations

 

Payment  expectation  days

14.84

Day  sales  outstanding

68.77

 

 

Industry  comparison

 

Activity  code

32122

Activity  description

Preparation  of  precious  stones  (except  diamonds)  and  semi-precious  stones

Industry  average  payment expectation  days

109.26

Industry  average  day  sales outstanding

114.35

 

 

Industry quartile  analysis Payment  expectations

 

Company  result

14.84

Lower

131.45

Median

74.39

Upper

33.79

 

 

Day  sales  outstanding

 

Company  result

68.77

Lower

100.92

Median

59.68

Upper

20.28

 

 

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

 

Business

Company  name

%

Date  of

number

 

 

accounts

-

SHEETAL  MANUFACTURING COMPANY

-

-

 

SHEETAL  GOLDEN  WORKS   (INDIA)  PRIVATE  LIMITED

-

-

 

Minority Interests

No  minority  interests  found

 

Companies that  match  this  address

no Companies  Match  this  address

 

 

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

HITESH  KAKADIYA

Position

Principal  Manager

Start  Date

07/07/2015

Street

 

Post  code

 

Country

India

 

 

Name

SHEETAL  GOLDEN  WORKS  PRIVATE  LIMITED

Position

Principal  Manager

Start  Date

12/10/2010

Street

0 1001 PRASAD  CHAMBERS,  OPERA  HOUSE

Post  code

400004

Country

India

 

 

Former  director  details

 

Name

JITENDRA  ODHAVAJI  BAGADIA

Position

Principal  Manager

Start  Date

17/12/2004

End  Date

01/06/2013

Street

30 HOVENIERSSTRAAT  ANTWERPEN

Post  code

2018

Country

Belgium

Position

Non  Statutory  Partner

Start  Date

17/12/2004

End  Date

01/06/2013

Street

30 HOVENIERSSTRAAT  ANTWERPEN

Post  code

2018

Country

Belgium

Name

SHEETAL  GOLDEN  WORKS  (INDIA)  PRIVATE  LIMITED

Position

Non  Statutory  Partner

Start  Date

17/12/2004

End  Date

31/03/2015

Street

 

Post  code

 

Country

India

Name

GOVINDBHAI  KAKADIA

Position

Legal  Representative

Start  Date

17/12/2004

End  Date

31/03/2015

Street

 

Post code

 

Country

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.63.81

UK Pound

1

Rs.98.93

Euro

1

Rs.69.66

 

INFORMATION DETAILS

 

Analysis Done by :

RAS

 

 

Report Prepared by :

TRU

 

               

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.