MIRA INFORM REPORT
|
Report No. : |
302633 |
|
Report Date : |
09.01.2015 |
IDENTIFICATION DETAILS
|
Name : |
SWATI GEMS BVBA |
|
|
|
|
Registered Office : |
Schupstraat 1-Bus 24, 2018 Antwerpen |
|
|
|
|
Country : |
Belgium |
|
|
|
|
Financials (as on) : |
31.03.2014 |
|
|
|
|
Date of Incorporation : |
08.03.1988 |
|
|
|
|
Com. Reg. No.: |
433686802 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Wholesaler of diamonds and other Precious Stones |
|
|
|
|
No of Employees : |
01 (31.03.2014) |
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 – September 30, 2014
|
Country Name |
Previous Rating (30.06.2014) |
Current Rating (30.09.2014) |
|
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 433686802
Company name SWATI GEMS BVBA
Address SCHUPSTRAAT 1-BUS
24
2018 ANTWERPEN
Number of staff 01 (31.03.2014)
Date of establishment 08/03/1988
Telephone number 032319827
Fax number 032250978
Commentary
|
The business was established over 26 years ago. |
|
|
The business has 1 employees. |
|
|
The business has been at the address for over 10 years. |
|
|
Net Worth increased by 264% during the latest trading period. |
|
|
Turnover in the latest trading period decreased 46% on the previous
trading period. |
|
Accounts
DATE OF LATEST
ACCOUNTS TURNOVER
PROFIT BEFORE TAX NET WORTH WORKING CAPITAL
31/03/2014 2,904,977
509 110,082 6,328
31/03/2013 5,451,400
-69,475 30,207 -89,754
31/03/2012 4,741,769
30,519 114,279 7,880
Accounts
DATE OF LATEST
ACCOUNTS BALANCE
TOTAL NUMBER OF EMPLOYEES CAPITAL CASHFLOW
31/03/2014 5,320,456
1 148,171
19,684
31/03/2013 4,934,332
0 68,171
-63,930
31/03/2012 5,668,732 0 68,171 33,541
TRENDS
|
Profitability |
|
|
Liquidity |
|
|
Net worth |
|
Payment
expectations
Payment expectation days 534.01
Industry average payment expectation days 124.14
Industry average day sales outstanding 140.29
Day sales outstanding 362.56
Company
information
|
Business number |
433686802 |
Company name |
SWATI GEMS BVBA |
|
Fax number |
032250978 |
Date founded |
08/03/1988 |
|
Company status |
active |
Company type |
Private Limited Company (BL/LX) |
|
Currency |
Euro (€) |
Date of latest accounts |
31/03/2014 |
|
Activity code |
46761 |
Liable for VAT |
yes |
|
Activity
description |
Wholesaler of diamonds and other precious
stones |
VAT Number |
BE.0433.686.802 |
|
Belgian
Bullettin of Acts Publications |
moniteur belge |
|
|
Joint
Industrial Committee
(JIC)
Significant Events
Event Date 18/03/2014
Event Details De vergadering
heeft besloten de nominale waarde van de aandelen af te
schaffen.
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 |
|
52 |
|
Currency |
EUR |
|
EUR |
|
EUR |
|
EUR |
|
EUR |
|
Total
fixed assets |
103,754 |
-16.03 |
123,563 |
2.57 |
120,466 |
-17.88 |
146,695 |
-11.28 |
165,343 |
|
Tangible
fixed assets |
103,359 |
-16.08 |
123,168 |
2.58 |
120,071 |
-17.93 |
146,300 |
-11.31 |
164,948 |
|
Land & building |
89,466 |
-13.96 |
103,976 |
-12.25 |
118,486 |
-10.91 |
132,996 |
-9.84 |
147,506 |
|
Furniture & Vehicles |
13,893 |
-27.61 |
19,192 |
1110 |
1,585 |
-88.08 |
13,304 |
-23.73 |
17,442 |
|
Financial
fixed assets |
395 |
0 |
395 |
0 |
395 |
0 |
395 |
0 |
395 |
|
Total
Current assets |
5,216,702 |
8.44 |
4,810,769 |
-13.29 |
5,548,265 |
34.01 |
4,140,307 |
20.62 |
3,432,462 |
|
Inventories |
1,659,238 |
3.99 |
1,595,502 |
-42.26 |
2,763,017 |
32.67 |
2,082,609 |
50.35 |
1,385,165 |
|
Other
Stocks |
1,659,238 |
3.99 |
1,595,502 |
-42.26 |
2,763,017 |
32.67 |
2,082,609 |
50.35 |
1,385,165 |
|
Trade debtors |
2,885,525 |
8.98 |
2,647,780 |
23.29 |
2,147,628 |
10.25 |
1,947,909 |
0.39 |
1,940,257 |
|
Other amounts receivable |
-- |
--- |
1,270 |
--- |
--- |
--- |
1,129 |
205 |
370 |
|
Cash |
671,939 |
18.67 |
566,217 |
-11.20 |
637,621 |
486 |
108,659 |
1.86 |
106,670 |
|
Miscellaneous current assets |
0 |
--- |
0 |
-- |
0 |
-100 |
1 |
--- |
0 |
|
Total Assets |
5,320,456 |
7.83 |
4,934,332 |
-12.96 |
5,668,732 |
32.23 |
4,287,002 |
19.16 |
3,597,805 |
|
Liabilities |
|
|
|
|
|
|
|
|
|
|
Total shareholders equity |
110,082 |
264 |
30,207 |
-73.57 |
114,279 |
18.30 |
96,597 |
25.03 |
77,258 |
|
Issued share capital |
148,171 |
117 |
68,171 |
0 |
68,171 |
0.00 |
68,171 |
0.00 |
68,171 |
|
Reserves |
-38,089 |
-0.33 |
-37,964 |
-182 |
46,108 |
62.20 |
28,426 |
212 |
9,087 |
|
Creditors |
5,210,374 |
6.24 |
4,904,125 |
-11.71 |
5,554,453 |
32.55 |
4,190,405 |
19.03 |
3,520,547 |
|
Other long
Term Loans |
--- |
--- |
3,602 |
-74.39 |
14,068 |
-41.48 |
24,039 |
-27.99 |
33,382 |
|
Total long term debts |
0 |
-100 |
3,602 |
-74.39 |
14,068 |
-41.48 |
24,039 |
-27.99 |
33,382 |
|
Current portion of long term debt |
3,602 |
-65.58 |
10,466 |
4.96 |
9,971 |
4.96 |
9,500 |
3.19 |
9,207 |
|
Financial debts |
910 |
0 |
910 |
0 |
910 |
-0.03 |
910 |
0.03 |
910 |
|
Trade creditors |
4,248,315 |
7.46 |
3,953,250 |
-13.70 |
4,580,783 |
42.11 |
3,223,347 |
26.09 |
2,556,402 |
|
Amounts Payable for Taxes, Remuneration
& Social Security |
18,642 |
1134 |
1510 |
-92.44 |
19,984 |
215 |
6,335 |
--- |
---- |
|
Miscellaneous current liabilities |
938,904 |
0.48 |
934387 |
0.61 |
928,738 |
0.27 |
926,274 |
0.61 |
920,646 |
|
Total current liabilities |
5,210,374 |
6.32 |
4900522 |
-11.55 |
5,540,385 |
32.98 |
4,166,366 |
19.48 |
3,487,165 |
|
Total Liabilities |
5,320,456 |
7.83 |
4934332 |
-12.96 |
5,668,732 |
32.23 |
4,287,002 |
19.16 |
3,597,805 |
Ratio Analysis
|
Annual
accounts |
31.03.2014 |
% |
31.03.2013 |
% |
31.03.2012 |
% |
31.03.2011 |
% |
31.03.2010 |
|
Weeks |
52 |
|
52 |
|
52 |
|
52 |
|
52 |
|
Currency |
EUR |
|
EUR |
|
EUR |
|
EUR |
|
EUR |
|
TRADING PERFORMANCE |
||||||||
|
Profit Before Tax |
0.02 1.57 |
-1.27 |
-298 |
0.64 |
20.75 |
0.53 |
783 |
0.06 |
|
Return on capital employed |
0.46 0.22 |
-205.49 |
-964 |
23.78 |
10.35 |
21.55 |
790 |
2.42 |
|
Return on total assets employed |
0.01 0.71 |
-1.41 |
-361 |
0.54 |
-11.48 |
0.61 |
771 |
0.07 |
|
Return on net assets employed |
0.46 0.20 |
-229.99 |
-961 |
26.71 |
-0.78 |
26.92 |
675 |
3.47 |
|
Sales / net working capital |
459.08 755 |
-60.74 |
-110 |
601.74 |
322 |
-186.60 |
-132 |
-80.39 |
|
Stock turnover ratio |
57.12 95.15 |
29.27 |
-49.77 |
58.27 |
36.05 |
42.83 |
35.97 |
31.50 |
|
Creditor days |
534.01 104 |
261.76 |
-26.27 |
355.04 |
45.90 |
243.35 |
14.55 |
212.44 |
|
Debtor days |
362.56 104 |
177.28 |
7.24 |
165.31 |
13.06 |
146.21 |
-9.21 |
161.05 |
|
SHORT TERM STABILITY |
|
|
|
|
|
|
|
|
|
Current ratio |
1.00 2.04 |
0.98 |
-2.00 |
1.00 |
1.01 |
0.99 |
1.02 |
0.98 |
|
Liquidity ratio / acid ratio |
0.68 3.03 |
0.66 |
32.00 |
0.50 |
2.04 |
0.49 |
-16.95 |
0.59 |
|
Current debt ratio |
47.33 -70.83 |
162.23 |
234 |
48.48 |
12.40 |
43.13 |
-4.45 |
45.14 |
|
Cashflow |
19,684 30.79 |
|
|
|
|
|
|
|
|
Net worth |
110,082 264 |
30,207 |
-73.57 |
114,279 |
18.30 |
96,597 |
25.03 |
77,258 |
|
LONG TERM STABILITY |
|
|
|
|
|
|
|
|
|
Gearing |
4.10 -91.73 |
49.58 |
127 |
21.83 |
-38.78 |
35.66 |
-36.66 |
56.30 |
|
Equity in percentage |
2.07 239 |
0.61 |
-69.80 |
2.02 |
-10.22 |
2.25 |
4.65 |
2.15 |
|
Total debt ratio |
47.33 -70.85 |
162.35 |
234 |
48.60 |
12.03 |
43.38 |
-4.81 |
45.57 |
|
Working capital |
6,328 7.05 |
-89,754 |
-1238 |
7,880 |
30.24 |
-26,059 |
47.64 |
-54,703 |
Profit & Loss
|
Annual
accounts |
31.03.2014 |
% |
31.03.2013 |
% |
31.03.2012 |
% |
31.03.2011 |
% |
31.03.2010 |
|
Weeks |
52 |
|
52 |
|
52 |
|
52 |
|
52 |
|
Currency |
EUR |
|
EUR |
|
EUR |
|
EUR |
|
EUR |
|
Turnover |
2,904,977 |
-46.71 |
5,451,400 |
14.97 |
4,741,769 |
-2.49 |
4,862,697 |
10.58 |
4,397,334 |
|
Total operating expenses |
2,903,744 |
-47.32 |
5,512,436 |
17.05 |
4,709,273 |
-2.59 |
4,834,647 |
10.07 |
4,392,284 |
|
Gross Operating Margin |
24,891 |
-30.80 |
35,969 |
-31.28 |
52,344 |
2.88 |
50,880 |
53.30 |
33,189 |
|
Amortization &
Depreciation |
19,809 |
-1.65 |
20,142 |
27.00 |
158,59 |
-19.27 |
19,646 |
-15.63 |
23,284 |
|
Operating result |
1,233 |
2.02 |
-61,036 |
-287 |
324,96 |
15.85 |
28,050 |
455 |
5,050 |
|
Total financial income |
25 |
35.56 |
18 |
184100 |
0 |
-99 |
59 |
-68.52 |
187 |
|
Total financial expenses |
749 |
-91.15 |
8,457 |
327 |
1,977 |
-6.19 |
2,107 |
-17.53 |
2,555 |
|
Results on ordinary
operations Before taxation |
509 |
0.73 |
-69,475 |
-327 |
30,519 |
17.37 |
26,002 |
869 |
2,683 |
|
Extra ordinary Charges |
-- |
--- |
-- |
--- |
6,755 |
-- |
--- |
--- |
--- |
|
Extraordinary Items |
0 |
-- |
0 |
0 |
-6,755 |
-- |
0 |
-- |
0 |
|
Results for the year Before
Taxation |
509 |
0.73 |
-69,475 |
-392 |
23,764 |
-8.61 |
26,002 |
869 |
2,683 |
|
Taxation |
635 |
-95.65 |
14,597 |
139 |
6,082 |
-8.71 |
6,663 |
1,462 |
427 |
|
Result on ordinary
Operations after taxation |
-125 |
0.15 |
-84,071 |
-444 |
24,437 |
26.36 |
19,339 |
757 |
2,256 |
|
Net result |
-125 |
0.15 |
-84,071 |
-444 |
24,437 |
26.36 |
19,339 |
757 |
2,256 |
|
Profit (Loss) for the year
to be appropriated |
-125 |
0.15 |
-84,071 |
-444 |
24,437 |
26.36 |
19,339 |
757 |
2,256 |
Payment
expectations
Payment expectation days 534.01
Day sales outstanding 362.56
Industry
comparison
Activity code 46761
Activity description Wholesale of diamonds
and other precious stones
Industry average payment
expectation days 124.14
Industry average day sales
Outstanding 140.29
Industry
quartile analysis
Payment expectations
Company result 534.01
Lower 122.25
Median 74.61
Upper
45.81
Day sales outstanding
Company result 362.56
Lower 102.27
Median 54.08
Upper 24.07
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
Director
details
Current Director Details
Name KWANG CHO
Position Principal Manager
Start Date 06/10/2010
Street 7
PINKSTERBLOEMLAAN ANTWERPEN
Post code 2180
Country Belgium
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.62.97 |
|
UK Pound |
1 |
Rs.94.97 |
|
Euro |
1 |
Rs.74.43 |
INFORMATION DETAILS
|
Analysis Done by
: |
SUB |
|
|
|
|
Report Prepared by
: |
MNL |
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.