MIRA INFORM REPORT

 

 

Report No. :

308081

Report Date :

16.02.2015

 

IDENTIFICATION DETAILS

 

Name :

SHAH IMEXPORT EBVBA

 

 

Registered Office :

Hoveniersstraat 53-Bus 11, 2018 Antwerpen

 

 

Country :

Belgium

 

 

Financials (as on) :

31.12.2013

 

 

Date of Incorporation :

06.01.1989

 

 

Com. Reg. No.:

436310354

 

 

Legal Form :

Private Limited Company

 

 

Line of Business :

Wholesale of Diamonds and Other Precious Stones.

 

 

No. of Employee :

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 – December 31, 2014

 

Country Name

Previous Rating

(30.09.2014)

Current Rating

(31.12.2014)

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 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

 

 

COMPANY SUMMARY

 

 

Business number                     436310354

Company name                       SHAH IMEXPORT EBVBA

Address                                    HOVENIERSSTRAAT 53-BUS 11

2018 ANTWERPEN

Number of staff                        0

Date of establishment              06/01/1989

Telephone number                  032335816

Fax number                             032263035

 

 

Commentary

 

The business was established over 26 years ago.

The business has 1 employees.

The business has changed its registered name recently.

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

Operating Result in the latest trading period increased 53% on the previous trading period.

The business saw an increase in their Cash Balance of 987% during the latest trading period.

 

 

ACCOUNTS

 

DATE  OF  LATEST  ACCOUNTS

TURNOVER

PROFIT  BEFORE  TAX

NET  WORTH

WORKING  CAPITAL

31/12/2013

39,366,952

128,231

1,268,743

4,425,107

31/12/2012

32,920,236

123,234

1,178,272

3,792,332

31/12/2011

35,569,869

163,294

1,092,453

2,987,746

 

 

 

 

 

ACCOUNTS

 

 

 

 

DATE  OF  LATEST  ACCOUNTS

BALANCE  TOTAL

NUMBER  OF  EMPLOYEES

CAPITAL

CASHFLOW

31/12/2013

12,178,624

0

890,000

115,082

31/12/2012

12,456,686

1

890,000

110,247

31/12/2011

9,915,622

1

890,000

133,183

 

Payment Expectations

 

Past  payments

 

Payment  expectation  days

28.27

Industry  average  payment expectation  days

124.18

Industry  average  day  sales outstanding

181.50

Day  sales  outstanding

79.68

 

 

Court data summary

 

BANKRUPTCY DETAILS

Court action type PROTESTED BILLS

No

 

 

 

Bill amount

-

 

 

 

NSSO DETAILS

Date of summons

-

 

 

 

 

 

Company information

 

Business  number

436310354

Company  name

SHAH  IMEXPORT  EBVBA

Fax  number

032263035

Date  founded

06/01/1989

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.0436.310.354  Check  VAT Number

Belgian  Bullettin  of  Acts

moniteur  belge

 

 

 

 

Joint Industrial Committee (JIC)

 

JIC Code                      218

Description                  Additional national joint committee for the employees

category

 

Significant Events

Event Date                   12/12/2014

Event Description

Event Details                De 300 nieuwe aandelen worden toegekend aan Shonam Diamond DMCC naar het recht

van Dubai.

 

 

Company Accounts

 

Assets

 

 

 

 

 

 

 

 

 

Annual  accounts

31-12-2013

%

31-12-2012

%

31-12-2011

%

31-12-2010

%

31-12-2009

Weeks

52

 

52

 

52

 

52

 

52

Currency

EUR

 

EUR

 

EUR

 

EUR

 

EUR

Total  fixed  assets

199,878

-10.37

222,998

-0.73

224,630

46.83

152,989

-7.29

165,020

Intangible  fixed  assets

0

-

0

-

0

-

0

-

0

Tangible  fixed  assets

199,268

-10.40

222,388

-0.73

224,020

47.02

152,379

-7.32

164,410

Land  &  building

151,729

-4.39

158,689

5.30

150,703

-0.23

151,057

-7.36

163,066

Plant  &  machinery

10,437

-14.38

12,190

21.57

10,027

658

1,322

-1.64

1,344

Furniture  &  Vehicles

37,102

-27.97

51,509

-18.62

63,291

-

-

-

-

Leasing  &  Other  Similar  Rights

-

-

-

-

-

-

-

-

-

Other  tangible  assets

0

-

0

-

0

-

0

-

0

Financial  fixed  assets

610

0

610

0

610

0

610

0

610

Total  current  assets

11,978,746

-2.08

12,233,688

26.24

9,690,991

99

4,852,808

0.20

4,843,044

Inventories

3,273,611

45.70

2,246,755

-35.75

3,497,108

238

1,034,163

-13.44

1,194,692

Raw  materials  &  consumables

-

-

-

-

-

-

-

-

-

Work  in  progress

0

-

0

-

0

-

0

-

0

Finished  goods

3,273,611

45.70

2,246,755

-35.75

3,497,108

238

1,034,163

-13.44

1,194,692

Other  stocks

0

-

0

-

0

-

0

-

0

Trade  debtors

8,593,515

-13.35

9,917,202

61.71

6,132,540

78.52

3,435,248

38.77

2,475,542

Other  amounts  receivable

74,309

18.69

62,608

11.26

56,272

9.31

51,479

23.71

41,611

Cash

31,956

987

2,938

53.89

1,909

-99

331,325

-70.71

1,131,199

Miscellaneous  current  assets

5,355

27.94

4,185

32.35

3,162

433

593

-

0

Total  Assets

12,178,624

-2.23

12,456,686

25.63

9,915,622

98.08

5,005,797

-0.05

5,008,064

 

Liabilities

Total  shareholders  equity

1,268,743

7.68

1,178,272

7.86

1,092,453

11.53

979,536

3.40

947,311

Issued  share  capital

890,000

0

890,000

0

890,000

0

890,000

0

890,000

Share  premium  account

-

-

-

-

-

-

-

-

-

Revaluation  reserve

-

-

-

-

-

-

-

-

-

Reserves

378,743

31.38

288,272

42.39

202,453

126

89,536

56.23

57,311

Provisions  for  Liabilities  &  Charges

0

-

0

-

0

-

0

-

0

Deffered  taxes

-

-

-

-

-

-

-

-

-

Creditors

10,909,881

-3.27

11,278,414

27.83

8,823,169

119

4,026,261

-0.85

4,060,753

Other  long  term  loans

3,356,242

18.30

2,837,058

33.83

2,119,924

74.22

1,216,781

11.75

1,088,830

Long  term  group  loans

-

-

-

-

-

-

-

-

-

Other  long  term  liabilities

0

-

0

-

0

-

0

-

0

Total  long  term  debts

3,356,242

18.30

2,837,058

33.83

2,119,924

74.22

1,216,781

11.75

1,088,830

Current  portion  of  long  term  debt

14,135

13.26

12,480

4.75

11,914

-

-

-

-

Financial  debts

4,238,025

40.83

3,009,279

541

469,381

32.04

355,490

-

-

Trade  creditors

3,007,894

-42.89

5,267,221

-13.00

6,054,401

163

2,298,405

-17.77

2,795,125

Amounts  Payable  for  Taxes, Remuneration  &  Social  Security

74,314

17.88

63,041

39.99

45,032

150

17,966

38.17

13,003

Miscellaneous  current  liabilities

219,271

145

89,336

-27.08

122,517

-10.97

137,619

-15.98

163,795

Total  current  liabilities

7,553,639

-10.52

8,441,356

25.93

6,703,245

138

2,809,480

-5.47

2,971,923

Total  Liabilities

12,178,624

-2.23

12,456,686

25.63

9,915,622

98.08

5,005,797

-0.05

5,008,064

 

 

ratio ANALYSIS

 

 

TRADING  PERFORMANCE

 

 

 

 

 

 

 

 

 

 

Profit  Before  Tax

0.33

-10.81

0.37

-19.57

0.46

84.00

0.25

108

0.12

 

Return  on  capital  employed

2.77

-9.77

3.07

-39.57

5.08

152

2.01

548

0.31

 

Return  on  total  assets  employed

1.05

6.06

0.99

-40.0

1.65

87.50

0.88

576

0.13

 

Return  on  net  assets  employed

10.11

-3.35

10.46

-30.03

14.95

231

4.51

583

0.66

 

Sales  /  net  working  capital

8.90

2.53

8.68

-27.12

11.91

38.97

8.57

213

2.73

 

Stock  turnover  ratio

8.32

21.99

6.82

-30.62

9.83

66.33

5.91

-74.72

23.38

 

Creditor  days

28.27

-52.09

59.01

-5.95

62.74

30.38

48.12

-75.79

198.79

 

Debtor  days

79.68

-27.54

109.96

74.73

62.93

-12.15

71.63

-59.49

176.80

 

SHORT  TERM  STABILITY

 

 

 

 

 

 

 

 

 

 

Current  ratio

1.59

9.66

1.45

0

1.45

-16.18

1.73

6.13

1.63

 

Liquidity  ratio  /  acid  ratio

1.15

-2.54

1.18

28.26

0.92

-32.35

1.36

10.57

1.23

 

Current  debt  ratio

5.95

-16.90

7.16

16.61

6.14

113

2.87

-8.60

3.14

 

Liquidity  ratio  reprocessed

-

-

-

-

-

-

-

-

-

 

Cashflow

115,082

4.39

110,247

-17.22

133,183

197

44,842

140

18,645

Net  worth

1,268,743

7.68

1,178,272

7.86

1,092,453

11.53

979,536

3.40

947,311

LONG  TERM  STABILITY

 

 

 

 

 

 

 

 

 

Gearing

599.68

20.60

497.24

108

238.11

48.35

160.51

39.65

114.94

Equity  in  percentage

10.42

10.15

9.46

-14.16

11.02

-43.69

19.57

3.44

18.92

Total  debt  ratio

8.60

-10.14

9.57

18.44

8.08

96.59

4.11

-4.20

4.29

Working  capital

4,425,107

16.69

3,792,332

26.93

2,987,746

46.22

2,043,328

9.20

1,871,121

 

 

PROFIT  &  LOSS

 

Operating  Income

39,367,200

19.58

32,920,453

-7.45

35,569,869

103

17,518,505

242

5,110,716

Turnover

39,366,952

19.58

32,920,236

-7.45

35,569,869

103

17,505,138

242

5,110,716

Total  operating  expenses

38,839,986

19.22

32,577,667

-7.52

35,225,085

102

17,434,648

239

5,132,214

Gross  Operating  Margin

-

-

-

-

-

-

-

-

-

Operating  Charges

38,840,234

19.22

32,577,883

-7.52

35,225,085

101

17,448,015

239

5,132,214

Employee  costs

26,115

35.86

19,221

-70.60

65,385

48.84

43,930

4.16

42,177

Wages  and  salary

24,826

14.46

21,690

-56.50

49,858

39.10

35,842

13.87

31,475

Employee  pension  costs

-

-

-

-

-

-

-

-

-

Social  security  contributions

4,757

23.10

3,864

-74.70

15,277

105

7,424

-3.51

7,694

Other  employee  costs

-3,468

54.77

-6,333

-2633

250

-62.35

664

-77.93

3,008

Director  remuneration

-

-

-

-

-

-

-

-

-

Amortization  and  depreciation

24,611

0.75

24,428

20.54

20,266

60.62

12,617

-0.77

12,715

Operating  result

526,966

53.83

342,570

-0.64

344,784

389

70,490

327

-21,498

Total  financial  income

595

-80.65

3,076

-

-

-

43,089

-56.83

99,823

Total  financial  expenses

399,330

79.54

222,413

22.55

181,490

161

69,375

-3.69

72,032

Results  on  ordinary  operations before  taxation

128,231

4.06

123,234

-24.53

163,294

269

44,204

602

6,293

 

Extraordinary  Income

-

-

-

-

-

-

-

-

-

 

Extraordinary  Charges

-

-

-

-

-

-

-

-

-

 

Extraordinary  items

0

-

0

-

0

-

0

-

0

 

Results  for  the  Year  Before Taxation

128,231

4.06

123,234

-24.53

163,294

269

44,204

602

6,293

Other  appropriations

-

-

-

-

-

-

-

-

-

Taxation

37,760

0.92

37,415

-25.73

50,377

320

11,979

3200

363

Results  on  ordinary  operations  after taxation

90,471

5.42

85,819

-24.00

112,917

250

32,225

443

5,930

Net  result

90,471

5.42

85,819

-24.00

112,917

250

32,225

443

5,930

 

Profit (Loss) for the year to be appropriated

90,471

5.42

85,819

-24.00

112,917

250

32,225

443

5,930

 

Dividends

-

-

-

-

-

-

-

-

-

 

 

 

Social BALANCE SHEET DETAILS

 

Social  Balance  Sheet

 

Total

During  the  reporting  year

 

ended  31-12-2013

 

Full-time  Employees

0

Part-time  Employees

1

Total  Fte  Employees

1

Number  of  hours  worked

 

Full-time  Employees

167

Part-time  Employees

1,289

Total

1,456

Personnel  Charges

 

Full-time  Employees

2,995

Part-time  Employees

23,120

Total

26,115

Benefits  In  Addition  To  Wages

-

During  the  previous  reporting  year

 

Average  number  employees  in  Fte

1

Actual  working  hours

1,695

Personnel  Charges

31,449

Benefits  In  Addition  To  Wages

-

 

Type  of  Contract

 

Full-Time

Part-Time

Total  Fte

Unlimited  Duration Contracts

-

1

1

 

 

Women

Full-Time

Part-Time

Total  Fte

Secondairy  education

-

1

1

 

 

Industry comparison

 

Activity code                46761

Activity description      Wholesale of diamonds and other precious stones

 

 

Payment Information

 

PAYMENT EXPECTATIONS

 

Payment expectation days      28.27

Day sales outstanding 79.68

 

 

Industry comparison

 

Activity code                            46761

Activity description                  Wholesale of diamonds and other precious stones

Industry average payment

expectation days                     124.18

Industry average day sales

Outstanding                             181.50

 

 

Industry quartile analysis

 

PAYMENT EXPECTATIONS

 

Company result                       28.27

Lower                                      120.76

Median                                    74.63

Upper                                       45.88

 

 

Shareholder Details

 

Group Structure

No group structure for this company.

 

Minority Interests

No minority interests found

 

Companies that match this address

No companies match this address

 

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

 

Name

Tushar  Navinchandra  Shah

Position

Principal  Manager

Start  Date

01/01/2012

Street

10 Elsdonklaan  Antwerpen

Post  code

2610

Country

Belgium

 

 

Former  Director  Details

 

Name

Shefali  Tushar  Shah

Position

Principal  Manager

Start  Date

01/07/2008

End  Date

Unknown  date

Street

10 Elsdonklaan  Antwerpen

Post  code

2610

Country

Belgium

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.62.14

UK Pound

1

Rs.95.78

Euro

1

Rs.71.05

 

 

INFORMATION DETAILS

 

Analysis Done by :

RAS

 

 

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.