MIRA INFORM REPORT

 

 

Report No. :

356544

Report Date :

25.12.2015

 

IDENTIFICATION DETAILS

 

Name :

SANGHAVI JEWELS BVBA

 

 

Registered Office :

Hoveniersstraat 30-Bus 169 2018 Antwerpen

 

 

Country :

Belgium

 

 

Financials (as on) :

31.12.2014

 

 

Date of Incorporation :

27.07.2001

 

 

Com. Reg. No.:

475439956

 

 

Legal Form :

Private limited liability company

 

 

Line of Business :

Wholesale of watches and jewellery.

 

 

No. of Employee :

Not Available

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ca

 

RATING

STATUS

PROPOSED CREDIT LINE

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

 

Status :

Moderate

 

 

Payment Behaviour :

Slow

 

 

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 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                     475439956

Branche Unit Number               2116416769

Company name                        SANGHAVI JEWELS BVBA

Address                                   HOVENIERSSTRAAT 30-BUS 169

2018 ANTWERPEN

Number of staff                        --

Date of establishment               27/07/2001

Telephone number                   --

Fax number                              --

 

 

Commentary

 

The business was established over 14 years ago.

No employees are recorded for this business.

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

A 38% growth in Total Assets occurred during the latest trading period.

The business saw a decrease in their Cash Balance of 35% during the latest trading period.

Turnover in the latest trading period increased 58% on the previous trading period.

 

 

Accounts

 

DATE  OF  LATEST  ACCOUNTS

TURNOVER

PROFIT  BEFORE  TAX

NET  WORTH

WORKING  CAPITAL

31/12/2014

653,192

5,004

79,968

79,968

31/12/2013

412,419

-3,758

74,964

74,680

31/12/2012

400,743

-15,915

78,722

73,811

 

ACCOUNTS

 

 

 

 

 

DATE  OF  LATEST  ACCOUNTS

BALANCE  TOTAL

NUMBER  OF  EMPLOYEES

CAPITAL

CASHFLOW

31/12/2014

-

-

18,600

5,288

31/12/2013

1,709,961

-

18,600

-3,474

31/12/2012

1,465,806

-

18,600

-15,164

 

 

Trends

 

Profitability

Liquidity

Net worth

 

 

Payment expectations

 

Past  payments

 

Payment  expectation  days

1258.53

Industry  average  payment

251.80

Industry  average  day  sales

980.84

expectation  days

 

outstanding

 

Day  sales  outstanding

1129.34

 

 

 

 

Court data summary

 

BANKRUPTCY DETAILS

Court action type                       No

 

PROTESTED BILLS

Bill amount                                --

 

NSSO DETAILS

Date of summons                     –

 

 

Company information

 

Business  number

475439956

Company  name

SANGHAVI  JEWELS  BVBA

Fax  number

-

Date  founded

27/07/2001

Company  status

active

Company  type

Private  limited  liability

 

 

 

company

Currency

Euro  (€)

Date  of  latest  accounts

31/12/2014

Activity  code

46480

Liable  for  VAT

yes

Activity  description

Wholesale  of  watches  and jewellery

VAT  Number

BE.0475.439.956  Check  VAT number

Belgian  Bullettin  of  Acts Publications

moniteur  belge

 

 

 

Contractor details

 

Registered  contractor

-

number

 

Contractor  description

-

Date  struck  off  register

 

 

 

PERSONNEL  (NSSO  CLASSIFICATION)

 

Code

-

Description

FROM  1  TO  4  EMPLOYEES

 

 

JOINT  INDUSTRIAL  COMMITTEE  (JIC)

 

Significant  Events

 

Event  Date

10/02/2012

Event  Description

re-appointment  of  director(s)

Event  Details

Commentaar  10-02-2012:  Herbenoemd  als  zaakvoerder  :  Shah  Ishan.

 

 

Event  Date

27/07/2001

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

0

-100

284

-94.21

4,912

1.38

4,845

-23.05

6,296

Intangible  fixed  assets

0

-

0

-

0

-

0

-

0

Tangible  fixed  assets

0

-100

284

-50.00

568

13.31

502

-50.0

1,003

Land  &  building

0

-

0

-

0

-

0

-

0

Plant  &  machinery

0

-

0

-

0

-

0

-

0

Furniture  &  Vehicles

0

-100

284

-50.00

568

13.31

502

-50.0

1,003

Leasing  &  Other  Similar  Rights

0

-

0

-

0

-

0

-

0

Other  tangible  assets

0

-

0

-

0

-

0

-

0

Financial  fixed  assets

0

-

0

-100

4,343

0

4,343

-17.94

5,293

Total  current  assets

2,362,248

38.17

1,709,677

17.03

1,460,894

-5.26

1,541,943

-5.25

1,627,332

Inventories

164,969

49.64

110,242

-1.09

111,461

216

35,165

2.31

34,370

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

164,969

49.64

110,242

-1.09

111,461

216

35,165

2.31

34,370

Trade  debtors

2,021,034

47.10

1,373,941

15.80

1,186,445

-11.45

1,339,910

-2.94

1,380,476

Other  amounts  receivable

99,215

-6.10

105,664

35.97

77,711

-11.52

87,832

-5.32

92,764

Cash

77,030

-35.72

119,830

40.52

85,278

7.90

79,036

-33.98

119,722

Miscellaneous  current  assets

0

-

0

-

0

-

0

-

0

Total  Assets

2,362,248

38.15

1,709,961

16.66

1,465,806

-5.24

1,546,788

-5.32

1,633,628

 

 

LIABILITIES

 

Total  shareholders  equity

79,968

6.68

74,964

-4.77

78,722

-16.85

94,672

36.16

69,531

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

61,368

8.88

56,364

-6.25

60,122

-20.97

76,072

49.36

50,931

Provisions  for  Liabilities  &  Charges

0

-

0

-

0

-

0

-

0

Deffered  taxes

0

-

0

-

0

-

0

-

0

Creditors

2,282,280

39.59

1,634,996

17.87

1,387,084

-4.48

1,452,116

-7.16

1,564,096

Other  long  term  loans

0

-

0

-

0

-

0

-

0

Long  term  group  loans

-

-

-

-

-

-

-

-

-

Other  long  term  liabilities

0

-

0

-

0

-

0

-

0

Total  long  term  debts

0

-

0

-

0

-

0

-

0

Current  portion  of  long  term  debt

0

-

0

-

0

-

0

-

0

Financial  debts

7,453

-70.42

25,199

108

12,076

9102

131

442

24

Trade  creditors

2,227,361

43.04

1,557,181

18.07

1,318,822

-4.65

1,383,206

-8.25

1,507,664

Amounts  Payable  for  Taxes,

500

-86.67

3,750

212

1,200

-95.53

26,843

85.12

14,500

Remuneration  &  Social  Security

 

 

 

 

 

 

 

 

 

Miscellaneous  current  liabilities

46,966

-3.89

48,866

-11.13

54,986

31.12

41,936

0.06

41,909

Total  current  liabilities

2,282,280

39.59

1,634,996

17.87

1,387,084

-4.48

1,452,116

-7.16

1,564,096

Total  Liabilities

2,362,248

38.15

1,709,961

16.66

1,465,806

-5.24

1,546,788

-5.32

1,633,628

 

 

RATIO ANALYSIS

 

TRADING  PERFORMANCE

 

Profit  Before  Tax

0.77

84.62

-0.91

22.92

-3.97

-146

8.52

-6.99

9.16

Return  on  capital  employed

6.26

124

-5.01

24.78

-20.22

-151

39.59

-48.66

77.11

Return  on  total  assets  employed

0.21

95.45

-0.22

20.18

-1.09

-145

2.42

-26.22

3.28

Return  on  net  assets  employed

6.26

124

-5.01

24.78

-20.22

-151

39.59

-48.66

77.11

Sales  /  net  working  capital

8.17

48.01

5.52

1.66

5.43

10.82

4.90

-47.08

9.26

Stock  turnover  ratio

25.26

-5.50

26.73

-3.88

27.81

248

7.99

36.12

5.87

Creditor  days

1,258.53

-8.31

1,372.60

18.26

1,160.70

-7.66

1,256.93

20.76

1,040.88

Debtor  days

1,129.34

-7.12

1,215.97

12.53

1,080.62

-2.79

1,111.62

29.12

860.89

 

SHORT  TERM  STABILITY

 

Current  ratio

1.04

-0.95

1.05

0

1.05

-0.94

1.06

1.92

1.04

Liquidity  ratio  /  acid  ratio

0.96

-2.04

0.98

1.03

0.97

-6.73

1.04

1.96

1.02

Current  debt  ratio

28.54

30.86

21.81

23.78

17.62

14.86

15.34

-31.79

22.49

Liquidity  ratio  reprocessed

-

-

-

-

-

-

-

-

-

Cashflow

5,288

152

-3,474

22.91

-15,164

-159

25,643

-35.49

39,750

Net  worth

79,968

6.68

74,964

-4.77

78,722

-16.85

94,672

36.16

69,531

 

LONG  TERM  STABILITY

 

Gearing

9.32

-72.27

33.61

119

15.34

10857

0.14

366

0.03

Equity  in  percentage

3.39

-22.60

4.38

-18.44

5.37

-12.25

6.12

43.66

4.26

Total  debt  ratio

28.54

30.86

21.81

23.78

17.62

14.86

15.34

-31.79

22.49

Working  capital

79,968

7.08

74,680

1.18

73,811

-17.83

89,827

42.05

63,236

 

 

PROFIT & LOSS

 

Operating  Income

-

-

-

-

-

-

-

-

-

Turnover

653,192

58.38

412,419

2.91

400,743

-8.91

439,959

-24.83

585,293

Total  operating  expenses

645,981

56.00

414,083

-0.15

414,724

3.25

401,670

-24.02

528,683

Gross  Operating  Margin

8,670

7208

-120

-101

6,143

-85.25

41,639

-32.49

61,680

Operating  Charges

-

-

-

-

-

-

-

-

-

Employee  costs

-

-

-

-

-

-

-

-

-

Wages  and  salary

-

-

-

-

-

-

-

-

-

Employee  pension  costs

-

-

-

-

-

-

-

-

-

Social  security  contributions

-

-

-

-

-

-

-

-

-

Other  employee  costs

-

-

0

-

0

-

0

-

0

Director  remuneration

-

-

-

-

-

-

-

-

-

Amortization  and  depreciation

284

0.00

284

-63.83

786

56.66

502

-20.79

633

Operating  result

7,211

433

-1,664

11.90

-13,980

-136

38,289

-32.36

56,610

Total  financial  income

74

2638

3

-

-

-

2,467

822276

0

Total  financial  expenses

2,280

8.75

2,097

8.38

1,935

-40.88

3,272

9.33

2,993

Results  on  ordinary  operations  before  taxation

5,004

133

-3,758

23.61

-15,915

-142

37,484

-30.09

53,617

Extraordinary  Income

-

-

-

-

-

-

-

-

-

Extraordinary  Charges

-

-

-

-

-

-

-

-

-

Extraordinary  items

-

-

0

-

0

-

0

-

0

Results  for  the  Year  Before  Taxation

5,004

133

-3,758

23.61

-15,915

-142

37,484

-30.09

53,617

Other  appropriations

-

-

-

-

-

-

-

-

-

Taxation

-

-

0

-99

35

-99

12,343

-14.88

14,500

Results  on  ordinary  operations  after  taxation

5,004

133

-3,758

23.56

-15,950

-163

25,141

-35.73

39,117

Net  result

5,004

133

-3,758

23.56

-15,950

-163

25,141

-35.73

39,117

Profit  (Loss)  for  the  Year  to  be  appropiated

5,004

133

-3,758

23.56

-15,950

-163

25,141

-35.73

39,117

Dividends

-

-

-

-

-

-

-

-

-

 

 

Industry comparison

 

Activity  code

46480

Activity  description

Wholesale  of  watches  and  jewellery

industry  average  credit

59.85

rating

 

Industry  average  credit  limit

8278.59

 

 

Payment Information

 

SUSPENSION  OF  PAYMENTS  /  MORATORIUM  HISTORY

 

Amount

-

Details

-

 

 

PAYMENT  EXPECTATIONS

 

Payment  expectation  days

1258.53

Day  sales  outstanding

1129.34

 

 

INDUSTRY  COMPARISON

 

Activity  code

46480

Activity  description

Wholesale  of  watches  and  jewellery

Industry  average  payment expectation days

251.80

Industry average day sales

outstanding

980.84

 

 

Industry quartile analysis

 

PAYMENT EXPECTATIONS

 

Company result            1258.53

Lower                           163.56

Median                         67.41

Upper                           25.42

 

 

 

DAY SALES OUTSTANDING

 

Company result            1129.34

Lower                           144.36

Median                         64.85

Upper                           14.29

 

 

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

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

 

Position

Manager

Start  Date

10/02/2012

Street

15 VAN  EYCKLEI  ANTWERPEN

Post  code

2018

Country

Belgium

Name

Ishan  Shah

 

 

FORMER DIRECTOR DETAILS

 

-------

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.66.20

UK Pound

1

Rs.98.30

Euro

1

Rs.72.41

EUR

1

Rs.72.21

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

 

 

INFORMATION DETAILS

 

Analysis Done by :

TRI

 

 

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.