MIRA INFORM REPORT

 

 

Report No. :

354960

Report Date :

19.12.2015

 

IDENTIFICATION DETAILS

 

Name :

SAVANI GEMS BVBA

 

 

Registered Office :

Quinten Matsijslei 11-Bus 44 2018 Antwerpen

 

 

Country :

Belgium

 

 

Financials (as on) :

31.12.2014

 

 

Date of Incorporation :

18.11.2004

 

 

Com. Reg. No.:

870280436

 

 

Legal Form :

Private limited liability company

 

 

LINE OF BUSINESS :

WHOLESALE OF DIAMONDS AND OTHER PRECIOUS STONES.

 

 

No. of Employee :

Not Available

 

 

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 :

Exist

 

 

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 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 a 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                                 870280436

Branche Unit Number                           2143692674

Company name                                    SAVANI GEMS BVBA

Address                                               QUINTEN MATSIJSLEI 11-BUS 44

2018 ANTWERPEN

Number of staff                                    --

Date of establishment                           18/11/2004

Telephone number                               0472639551

Fax number                                          034751525

 

 

Commentary

 

The business was established over 11 years ago.

No employees are recorded for this business.

The business has been at the address for over 11 years.

Operating Result in the latest trading period increased 116% on the previous trading period.

Net Worth increased by 23% during the latest trading period.

A 49% decline in Total Assets occurred during the latest trading period.

Pre-tax profits increased by 185% compared to the previous trading period.

The business saw a decrease in their Cash Balance of 70% during the latest trading period.

 

 

Accounts

 

DATE  OF  LATEST  ACCOUNTS

TURNOVER

PROFIT  BEFORE  TAX

NET  WORTH

WORKING  CAPITAL

31/12/2014

 

13,651

62,935

58,131

31/12/2013

 

4,787

51,044

45,093

31/12/2012

 

15,005

47,917

41,205

 

 

ACCOUNTS

 

 

 

 

 

DATE  OF  LATEST  ACCOUNTS

BALANCE  TOTAL

NUMBER  OF  EMPLOYEES

CAPITAL

CASHFLOW

31/12/2014

1,735,519

-

18,600

16,800

31/12/2013

3,435,914

-

18,600

7,938

31/12/2012

3,086,922

-

18,600

16,263

 

 

Trends

 

Profitability

Liquidity

Net worth

 

 

Payment expectations

 

Past  payments

 

Payment  expectation  days

-

Industry  average  payment

187.64

Industry  average  day  sales

194.53

expectation  days

 

outstanding

 

Day  sales  outstanding

-

 

 

 

 

Court data summary

 

BANKRUPTCY DETAILS

Court action type                       No

 

PROTESTED BILLS

Bill amount                                --

 

NSSO DETAILS

Date of summons                     10/09/2013

 

 

Company information

 

Business  number

870280436

Company  name

SAVANI  GEMS  BVBA

Fax  number

034751525

Date  founded

18/11/2004

Company  status

active

Company  type

Private  limited  liability

 

 

 

company

Currency

Euro  (€)

Date  of  latest  accounts

31/12/2014

Activity  code

46761

Liable  for  VAT

yes

Activity  description

Wholesale  of  diamonds  and other  precious  stones

VAT  Number

BE.0870.280.436  Check  VAT number

Belgian  Bullettin  of  Acts

moniteur  belge

 

 

 

 

Contractor details

 

Registered  contractor

-

number

 

Contractor  description

-

Date  struck  off  register

 

 

 

PERSONNEL  (NSSO  CLASSIFICATION)

 

Code

-

Description

-

 

 

JOINT  INDUSTRIAL  COMMITTEE  (JIC)

 

JIC  Code

324

Description

Joint  committee  for  the  industry  and  the  trade  in  diamant

category

 

 

 

SIGNIFICANT  EVENTS

 

Event  Date

14/10/2008

Event  Description

 

Event  Details

Rechtzetting  :  de  benoeming  tot  zaakvoerder  van  Ketan  Savani  wordt  nietig  verklaard.

 

 

Event  Date

18/11/2004

Event  Description

Legal  creation

Event  Details

 

 

 

Company accounts

 

ASSETS

 

Annual  accounts

31-12-2014

%

31-12-2013

%

31-12-2012

%

31-12-2011

%

31-12-2010

Weeks

52

 

52

 

52

 

52

 

52

Currency

EUR

 

EUR

 

EUR

 

EUR

 

EUR

Total  fixed  assets

7,133

-40.76

12,041

-26.09

16,291

-4.87

17,125

6439

262

Intangible  fixed  assets

0

-

0

-

0

-

0

-

0

Tangible  fixed  assets

7,133

-40.76

12,041

-26.09

16,291

-4.87

17,125

6439

262

Land  &  building

0

-

0

-

0

-

0

-

0

Plant  &  machinery

739

-32.49

1,095

-24.52

1,450

297

365

-

0

Furniture  &  Vehicles

6,394

-41.59

10,947

-26.24

14,841

-11.46

16,761

6300

262

Leasing  &  Other  Similar  Rights

0

-

0

-

0

-

0

-

0

Other  tangible  assets

0

-

0

-

0

0

-1

-

0

Financial  fixed  assets

0

-

0

-

0

-

0

-

0

Total  current  assets

1,728,386

-49.52

3,423,872

11.50

3,070,632

151

1,219,855

-0.40

1,224,764

Inventories

1,075,745

-64.63

3,041,486

199

1,015,196

181

360,345

424

68,678

Raw  materials  &  consumables

0

-

0

-

0

-

0

-

0

Work  in  progress

0

-

0

-

0

-

0

-

0

Finished  goods

0

-

0

-

0

-

0

-

0

Other  stocks

1,075,745

-64.63

3,041,486

199

1,015,196

181

360,345

424

68,678

Trade  debtors

517,056

121

233,809

-88.42

2,019,428

146

820,608

-26.28

1,113,160

Other  amounts  receivable

126,607

6.06

119,374

971

11,141

-43.95

19,876

2772

692

Cash

8,580

-70.62

29,204

100

14,585

-15.92

17,347

-58.93

42,233

Miscellaneous  current  assets

398

-

0

-100

10,283

512

1,679

-

0

Total  Assets

1,735,519

-49.49

3,435,914

11.31

3,086,922

149

1,236,980

0.98

1,225,025

 

 

LIABILITIES

 

Total  shareholders  equity

62,935

23.30

51,044

6.53

47,917

33.72

35,835

18.05

30,356

Issued  share  capital

18,600

0

18,600

0

18,600

0

18,600

0

18,600

Share  premium  account

0

-

0

-

0

-

0

-

0

Revaluation  reserve

0

-

0

-

0

-

0

-

0

Reserves

44,335

36.65

32,444

10.67

29,317

70.10

17,235

46.61

11,756

Provisions  for  Liabilities  &  Charges

0

-

0

-

0

-

0

-

0

Deffered  taxes

0

-

0

-

0

-

0

-

0

Creditors

1,672,584

-50.59

3,384,870

11.38

3,039,006

153

1,201,145

0.54

1,194,670

Other  long  term  loans

2,329

-61.76

6,090

-36.42

9,579

-25.25

12,814

-

0

Long  term  group  loans

-

-

-

-

-

-

-

-

-

Other  long  term  liabilities

0

-

0

-

0

-

0

-

0

Total  long  term  debts

2,329

-61.76

6,090

-36.42

9,579

-25.25

12,814

-

0

Current  portion  of  long  term  debt

3,762

7.84

3,488

7.83

3,235

7.84

3,000

-

0

Financial  debts

0

-

0

-100

1,186

-

0

-

0

Trade  creditors

370,135

-59.37

910,956

-67.22

2,778,647

135

1,180,774

-0.42

1,185,785

Amounts  Payable  for  Taxes,

4,866

-32.01

7,157

3.97

6,884

51.10

4,556

-44.34

8,185

Remuneration  &  Social  Security

 

 

 

 

 

 

 

 

 

Miscellaneous  current  liabilities

1,291,492

-47.44

2,457,178

926

239,474

23947301

1

-99

700

Total  current  liabilities

1,670,255

-50.57

3,378,780

11.53

3,029,427

154

1,188,331

-0.53

1,194,670

Total  Liabilities

1,735,519

-49.49

3,435,914

11.31

3,086,922

149

1,236,980

0.98

1,225,025

 

 

RATIO ANALYSIS

 

 

TRADING  PERFORMANCE

 

Profit  Before  Tax

-

-

-

-

-

-

-

-

-

Return  on  capital  employed

20.92

149

8.38

-67.89

26.10

71.94

15.18

-56.73

35.08

Return  on  total  assets  employed

0.79

464

0.14

-71.43

0.49

-18.33

0.60

-31.03

0.87

Return  on  net  assets  employed

21.69

131

9.38

-70.05

31.32

51.97

20.61

-41.25

35.08

Sales  /  net  working  capital

-

-

-

-

-

-

-

-

-

Stock  turnover  ratio

-

-

-

-

-

-

-

-

-

Creditor  days

-

-

-

-

-

-

-

-

-

Debtor  days

-

-

-

-

-

-

-

-

-

 

SHORT  TERM  STABILITY

 

Current  ratio

1.03

1.98

1.01

0

1.01

-1.94

1.03

0

1.03

Liquidity  ratio  /  acid  ratio

0.39

254

0.11

-83.82

0.68

-5.56

0.72

-25.77

0.97

Current  debt  ratio

26.54

-59.90

66.19

4.70

63.22

90.65

33.16

-15.75

39.36

Liquidity  ratio  reprocessed

-

-

-

-

-

-

-

-

-

Cashflow

16,800

111

7,938

-51.19

16,263

124

7,257

-1.66

7,380

Net  worth

62,935

23.30

51,044

6.53

47,917

33.72

35,835

18.05

30,356

 

LONG  TERM  STABILITY

 

Gearing

9.68

-48.43

18.77

-35.76

29.22

-33.79

44.13

-

-

Equity  in  percentage

3.63

143

1.49

-3.87

1.55

-46.55

2.90

16.94

2.48

Total  debt  ratio

26.58

-59.92

66.31

4.56

63.42

89.20

33.52

-14.84

39.36

Working  capital

58,131

28.91

45,093

9.44

41,205

30.71

31,524

4.75

30,094

 

 

PROFIT & LOSS

 

Operating  Income

-

-

-

-

-

-

-

-

-

Turnover

-

-

-

-

-

-

-

-

-

Total  operating  expenses

-

-

-

-

-

-

-

-

-

Gross  Operating  Margin

31,459

120

14,275

-63.58

39,194

230

11,849

-40.34

19,861

Operating  Charges

-

-

-

-

-

-

-

-

-

Employee  costs

537

-

-

-

12,840

-

-

-

6,788

Wages  and  salary

-

-

-

-

12,173

-

-

-

5,731

Employee  pension  costs

-

-

-

-

-

-

-

-

-

Social  security  contributions

537

-

-

-

586

-

-

-

1,057

Other  employee  costs

0

-

0

-100

82

-

0

-

0

Director  remuneration

-

-

-

-

-

-

-

-

-

Amortization  and  depreciation

4,908

2.02

4,811

15.05

4,181

135

1,778

3056

56

Operating  result

17,163

116

7,929

-60.26

19,949

125

8,838

-25.28

11,828

Total  financial  income

1,316

306

324

13.36

286

224

88

-62.71

236

Total  financial  expenses

4,828

39.32

3,465

-33.74

5,230

239

1,541

8.88

1,415

Results  on  ordinary  operations  before  taxation

13,651

185

4,787

-68.10

15,005

103

7,385

-30.65

10,648

Extraordinary  Income

-

-

-

-

836

-

-

-

-

Extraordinary  Charges

-

-

-

-

-

-

-

-

-

Extraordinary  items

-

-

0

-100

836

-

0

-

0

Results  for  the  Year  Before  Taxation

13,651

185

4,787

-69.78

15,841

114

7,385

-30.65

10,648

Other  appropriations

-

-

-

-

-

-

-

-

-

Taxation

1,759

5.96

1,660

-55.84

3,759

97.23

1,906

-42.68

3,325

Results  on  ordinary  operations  after  taxation

11,892

280

3,127

-72.20

11,246

105

5,479

-25.18

7,323

Net  result

11,892

280

3,127

-74.12

12,082

120

5,479

-25.18

7,323

Profit  (Loss)  for  the  Year  to  be  appropiated

11,892

280

3,127

-74.12

12,082

120

5,479

-25.18

7,323

Dividends

-

-

-

-

-

-

-

-

-

 

 

Industry comparison

 

Activity code                            46761

Activity description                  Wholesale of diamonds and other precious stones

industry average credit

rating                                       68.12

Industry average credit limit     214907.90

 

 

Payment Information

 

SUSPENSION OF PAYMENTS / MORATORIUM HISTORY

 

Amount

-

Details

-

 

PAYMENT  EXPECTATIONS

 

Payment  expectation  days

-

Day  sales  outstanding

-

 

INDUSTRY  COMPARISON

 

Activity  code

46761

Activity  description

Wholesale  of  diamonds  and  other  precious  stones

Industry  average  payment

187.64

expectation  days

 

Industry  average  day  sales

194.53

outstanding

 

 

 

Industry quartile analysis

 

PAYMENT EXPECTATIONS

 

Company result            -

Lower                           132.91

Median                         60.30

Upper                           28.62

 

 

DAY SALES OUTSTANDING

 

Company result            -

Lower                           131.59

Median                         84.67

Upper                           46.95

 

 

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

 

 

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

 

Legal  event  type

Social  Security  Summons

 

Event  date

10/09/2013

 

Court  type

Court  name

Antwerpen

Creditor's  name

3rd  party  type

 

Legal  event  type

Social  Security  Summons

 

 

 

Event  date

08/03/2011

 

 

Court  type

 

Court  name

Antwerpen

Creditor's  name

Rijksdienst  voor  Sociale  Zekerheid

3rd  party  type

Summoning  Party

Legal  event  type

Social  Security  Summons

 

 

Event  date

08/02/2011

 

 

Court  type

Court  name

Antwerpen

 

Creditor's  name

3rd  party  type

 

 

 

 

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

 

Position

Manager

Start  Date

01/07/2010

Street

11 QUINTEN  MATSIJSLEI  ANTWERPEN

Post  code

2018

Country

Belgium

Name

Nikhil  Savani

Name

Mavjibhai  Savani

Position

Manager

Start  Date

01/07/2010

Street

120 LANGE  HERENTALSESTRAAT  ANTWERPEN

Post  code

2018

Country

Belgium

 

 

FORMER DIRECTOR DETAILS

 

Name

Ketan  Savani

Position

Permanent  representative  legal  entity

Start  Date

01/09/2008

End  Date

30/06/2010

Street

 

Post  code

 

Country

 

Position

Manager

Start  Date

01/09/2008

End  Date

01/09/2008

Street

 

Post  code

 

Country

 

Name

SAVANI  JEWELS  EBVBA

Position

Manager

Start  Date

01/09/2008

End  Date

30/06/2010

Street

 

Post  code

 

Country

 

Name

David  Cypers

Position

Manager

Start  Date

18/11/2004

End  Date

31/08/2008

Street

 

Post  code

 

Country

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.66.42

UK Pound

1

Rs.99.17

Euro

1

Rs.72.14

EUR

1

Rs.72.06

Note : Above are approximate rates obtained from sources believed to be correct

 

 

INFORMATION DETAILS

 

Analysis Done by :

KIN

 

 

Report Prepared by :

ANK

 

 

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.