MIRA INFORM REPORT

Report No. :	349501
Report Date :	09.11.2015

IDENTIFICATION DETAILS

Name :	SIMPLEX DIAM NV

Registered Office :	Hoveniersstraat 30-Bus 208, 2018 Antwerpen

Country :	Belgium

Financials (as on) :	31.12.2013

Date of Incorporation :	31.01.1992

Com. Reg. No.:	446464868

Legal Form :	Public Limited Liability

LINE OF BUSINESS :	SUBJECT IS ENGAGED IN WHOLESALE OF WATCHES AND JEWELLERY.

No. of Employee :	3

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Moderate

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 – March 31, 2015

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

Belgium

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 name

SIMPLEX DIAM NV

Company summary

Business number	446464868
Company name	SIMPLEX DIAM NV
Address	HOVENIERSSTRAAT 30-BUS 208
	2018 ANTWERPEN
Number of staff	3
Date of establishment	31/01/1992
Telephone number	032337131
Fax number	032337605

Commentary

The business was established over 23 years ago.

The business has 3 employees.

The business has been at the address for over 15 years.

The credit rating for this business has decreased from 95 to 87.

The credit limit for this business has decreased from €2250000 to €2050000.

Operating Result in the latest trading period increased 47% on the previous trading period.

The business saw an increase in their Cash Balance of 173% during the latest trading period.

Accounts

DATE OF LATEST ACCOUNTS	TURNOVER	PROFIT BEFORE TAX	NET WORTH	WORKING CAPITAL
31/12/2013	51,553,919	210,893	15,956,738	15,863,417
31/12/2012	60,810,603	209,671	15,746,133	19,428,524
31/12/2011	55,195,391	473,392	15,536,453	19,312,047
Accounts
DATE OF LATEST ACCOUNTS	BALANCE TOTAL	NUMBER OF EMPLOYEES	CAPITAL	CASHFLOW
31/12/2013	38,718,413	3	14,700,000	270,736
31/12/2012	40,602,198	3	14,700,000	274,177
31/12/2011	42,480,486	3	14,700,000	594,203

Payment expectations

Past payments		Payment expectation days	73.12
Industry average payment	325.82	Industry average day sales	502.93
expectation days		outstanding
Day sales outstanding	165.27

Court data summary

BANKRUPTCY DETAILS

Court action type

PROTESTED BILLS

Bill amount	-
NSSO DETAILS
Date of summons	-

Contractor details

Registered contractor	-
number
Contractor description	-
Date struck off register
PERSONNEL (NSSO CLASSIFICATION)
Code	-
Description	-
JOINT INDUSTRIAL COMMITTEE (JIC)
JIC Code	218
Description	Additional national joint committee for the employees
category
JIC Code	324
Description	Joint committee for the industry and the trade in diamant
category
SIGNIFICANT EVENTS
Event Date	25/05/2012
Event Description	re-appointment of director(s)
Event Details	Commentaar 25-05-2012: Herbenoemd als bestuurders voor een periode van 6 jaar: Shah Chetankumar Amratlal en Shah Milan Amratlan. Herbenoemd als gedelegeerd bestuurder: Shah Chetankumar Amratlal.

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	770,828	-6.99	828,718	-9.43	915,016	-5.39	967,103	-7.94	1,050,478
Intangible fixed assets	0	-	0	-	0	-	0	-	0
Tangible fixed assets	770,704	-6.99	828,594	-9.43	914,891	-5.39	966,979	-7.94	1,050,354
Land & building	619,410	-4.29	647,168	-4.27	676,022	-4.96	711,338	-5.55	753,103
Plant & machinery	1,062	-47.49	2,022	332	468	-54.82	1,036	-61.83	2,714
Furniture & Vehicles	16,778	-24.12	22,112	-61.39	57,271	-26.59	78,016	-17.10	94,109
Leasing & Other Similar Rights	-	-	-	-	-	-	-	-	-
Other tangible assets	133,454	-15.16	157,292	-13.16	181,130	2.57	176,589	-11.89	200,428
Financial fixed assets	124	-0.30	124	0	124	0.30	124	0	124
Total current assets	37,947,585	-4.59	39,773,480	-4.31	41,565,470	-5.25	43,870,865	-5.17	46,260,724
Inventories	13,904,568	102	6,858,132	-19.51	8,520,106	-36.10	13,332,971	-3.68	13,842,200
Raw materials & consumables	-	-	-	-	-	-	-	-	-
Work in progress	0	-	0	-	0	-	0	-	0
Finished goods	13,904,568	102	6,858,132	-19.51	8,520,106	-36.10	13,332,971	-3.68	13,842,200
Other stocks	0	-	0	-	0	-	0	-	0
Trade debtors	23,342,658	-27.00	31,976,902	0.49	31,820,129	20.67	26,368,734	-2.55	27,059,005
Other amounts receivable	80,655	-84.09	507,062	396	102,059	330	23,719	-51.65	49,057
Cash	315,657	173	115,575	-85.54	799,400	-79.14	3,832,453	-22.06	4,917,452
Miscellaneous current assets	304,047	-3.72	315,808	-2.46	323,776	3.45	312,988	-20.36	393,010
Total Assets	38,718,413	-4.64	40,602,198	-4.42	42,480,486	-5.26	44,837,968	-5.23	47,311,202

Liabilities
Total shareholders equity	15,956,738	1.34	15,746,133	1.35	15,536,453	3.37	15,029,756	5.07	14,304,770
Issued share capital	14,700,000	0	14,700,000	0	14,700,000	0	14,700,000	0	14,700,000
Share premium account	-	-	-	-	-	-	-	-	-
Revaluation reserve	-	-	-	-	-	-	-	-	-
Reserves	1,256,738	20.13	1,046,133	25.07	836,453	153	329,756	83.43	-395,230
Provisions for Liabilities &	0	-	0	-	0	-	0	-	0
Charges
Deffered taxes	-	-	-	-	-	-	-	-	-
Creditors	22,761,675	-8.43	24,856,065	-7.75	26,944,032	-9.61	29,808,212	-9.69	33,006,432
Other long term loans	677,507	-84.98	4,511,109	-3.83	4,690,609	0.90	4,648,668	4.36	4,454,306
Long term group loans	-	-	-	-	-	-	-	-	-
Other long term liabilities	0	-	0	-	0	-	0	-	0
Total long term debts	677,507	-84.98	4,511,109	-3.83	4,690,609	0.90	4,648,668	4.36	4,454,306
Current portion of long term debt	64,569	-23.36	84,247	4.80	80,390	4.65	76,817	4.72	73,352
Financial debts	11,951,344	-14.23	13,934,502	2.19	13,635,614	-5.65	14,451,424	-6.83	15,511,360
Trade creditors	10,033,150	60.54	6,249,507	-26.27	8,476,230	-19.51	10,530,340	-18.50	12,920,979
Amounts Payable for Taxes,	26,539	5.35	25,192	5.91	23,786	8.14	21,997	15.82	18,992
Remuneration & Social Security
Miscellaneous current liabilities	8,566	-83.37	51,506	37.71	37,402	-52.63	78,966	187	27,443
Total current liabilities	22,084,168	8.55	20,344,955	-8.58	22,253,423	-11.55	25,159,544	-11.88	28,552,126
Total Liabilities	38,718,413	-4.64	40,602,198	-4.42	42,480,486	-5.26	44,837,968	-5.23	47,311,202

ratio analysis
TRADING PERFORMANCE
Profit Before Tax	0.41	20.59	0.34	-60.47	0.86	-49.71	1.71	42.96	-3.98
Return on capital employed	1.27	22.12	1.04	-55.56	2.34	-37.10	3.72	98.67	-3.77
Return on total assets employed	0.54	3.85	0.52	-53.15	1.11	-31.90	1.63	108	-1.50
Return on net assets employed	1.32	-0.75	1.33	-56.39	3.05	-37.37	4.87	98.38	-4.95
Sales / net working capital	3.25	3.83	3.13	9.44	2.86	24.35	2.30	130	1.00
Stock turnover ratio	26.97	139	11.28	-26.94	15.44	-50.26	31.04	-60.10	77.80
Creditor days	73.12	91.71	38.14	-34.07	57.85	-38.66	94.31	-65.55	273.77
Debtor days	165.27	-13.89	191.93	-8.79	210.42	-6.09	224.07	-59.64	555.12
SHORT TERM STABILITY
Current ratio	1.72	-11.79	1.95	4.28	1.87	7.47	1.74	7.41	1.62
Liquidity ratio / acid ratio	1.09	-32.72	1.62	9.46	1.48	22.31	1.21	6.14	1.14
Current debt ratio	1.38	6.98	1.29	-9.79	1.43	-14.37	1.67	-16.50	2.00
Liquidity ratio reprocessed	-	-	-	-	-	-	-	-	-
Cashflow	270,736	-1.25	274,177	-53.86	594,203	-26.58	809,265	126	-638,744
Net worth	15,956,738	1.34	15,746,133	1.35	15,536,453	3.37	15,029,756	5.07	14,304,770
LONG TERM STABILITY
Gearing	79.55	-32.40	117.68	-0.67	118.47	-7.15	127.59	-8.92	140.09
Equity in percentage	41.21	6.27	38.78	6.04	36.57	9.10	33.52	10.85	30.24
Total debt ratio	1.43	-9.49	1.58	-8.67	1.73	-12.63	1.98	-14.29	2.31
Working capital	15,863,417	-18.35	19,428,524	0.60	19,312,047	3.21	18,711,321	5.66	17,708,598

Profit & loss
Operating Income	51,588,055	-15.21	60,844,700	10.17	55,229,244	28.57	42,955,115	141	17,793,549
Turnover	51,553,919	-15.22	60,810,603	10.17	55,195,391	28.50	42,954,405	141	17,791,810
Total operating expenses	50,081,203	-16.27	59,813,169	11.85	53,477,870	31.22	40,753,905	136	17,226,818
Gross Operating Margin	-	-	-	-	-	-	-	-	-
Operating Charges	50,115,339	-16.26	59,847,266	11.84	53,511,723	31.30	40,754,615	136	17,228,557
Employee costs	150,156	4.47	143,726	30.46	110,173	29.21	85,269	-6.56	91,254
Wages and salary	117,533	10.26	106,593	27.60	83,534	17.32	71,203	0.47	70,867
Employee pension costs	-	-	-	-	-	-	-	-	-
Social security contributions	29,542	8.90	27,129	23.30	22,002	65.53	13,292	-32.11	19,579
Other employee costs	3,081	-69.20	10,005	115	4,637	499	774	-4.21	808
Director remuneration	74,400	10.12	67,563	-4.71	70,901	-	-	-	-
Amortization and depreciation	60,131	-6.77	64,497	-26.29	87,506	3.83	84,279	-3.38	87,226
Operating result	1,472,716	47.65	997,434	-41.93	1,717,521	-21.95	2,200,500	289	564,992
Total financial income	357	-51.91	742	234	222	-37.96	358	118	164
Total financial expenses	1,262,180	60.07	788,506	-36.63	1,244,351	-15.25	1,468,262	15.35	1,272,891
Results on ordinary operations	210,893	0.58	209,671	-55.71	473,392	-35.38	732,596	103	-707,735
before taxation
Extraordinary Income	-	-	-	-	33,307	45.44	22,901	-	-
Extraordinary Charges	-	-	-	-	-	-	-	-	-
Extraordinary items	0	-	0	-100	33,307	45.44	22,901	-	0
Results for the Year Before	210,893	0.58	209,671	-58.62	506,699	-32.93	755,497	106	-707,735
Taxation
Other appropriations	-	-	-	-	-	-	-	-	-
Taxation	288	3225	-9	-560	2	-99	30,511	67.32	18,235
Results on ordinary operations after taxation	210,605	0.44	209,680	-55.71	473,390	-32.57	702,085	96.71	-725,970
Net result	210,605	0.44	209,680	-58.62	506,697	-30.11	724,986	99	-725,970
Profit (Loss) for the Year to be appropiated	210,605	0.44	209,680	-58.62	506,697	-30.11	724,986	99	-725,970
Dividends	-	-	-	-	-	-	-	-	-

Social Balance Sheet Details
Social Balance Sheet Details
Social Balance Sheet		Total
During the reporting year
ended 31-12-2013
Full-time Employees		3
Part-time Employees		-
Total Fte Employees		3
Number of hours worked
Full-time Employees		5,225
Part-time Employees		-
Total		5,225
Personnel Charges
Full-time Employees		150,156
Part-time Employees		-
Total		150,156
Benefits In Addition To Wages		-
During the previous reporting year
Average number employees in Fte		3
Actual working hours		5,245
Personnel Charges		143,726
Benefits In Addition To Wages		-
Type of Contract	Full-Time	Part-Time	Total Fte
Unlimited Duration	3	-	3
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	1	-	1
Higher education (non	1	-	1
university)
Higher education	-	-	-
(university)
Women	Full-Time	Part-Time	Total Fte
Primary education	-	-	-
Secondairy education	-	-	-
Higher education (non	1	-	1
university)
Higher education	-	-	-
(university)
Working Category	Full-Time	Part-Time	Total Fte
Management	-	-	-
White collar worker	2	-	2
Blue collar worker	1	-	1
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	-	-

Industry comparison

Activity code	46480
Activity description	Wholesale of watches and jewellery
industry average credit	61.07
rating
Industry average credit limit	7967.53

Payment Information

Suspension of payments / moratorium history
Amount	-
Details	-
Payment expectations
Payment expectation days	73.12
Day sales outstanding	165.27

Industry comparison

Activity code	46480
Activity description	Wholesale of watches and jewellery
Industry average payment	325.82
expectation days
Industry average day sales	502.93
outstanding

Industry quartile analysis
Payment expectations
Company result	73.12
Lower	127.92
Median	62.32
Upper	18.49

Day sales outstanding
Company result	165.27
Lower	120.17
Median	56.97
Upper	21.56

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

Name	CHETANKUMAR AMRATLAL SHAH
Position	Chairman of the Board
Start Date	31/05/2000
Street	3 FLAMINGOLAAN ANTWERPEN
Post code	2610
Country	Belgium
Position	Director
Start Date	05/10/2012
Street	3 FLAMINGOLAAN ANTWERPEN
Post code	2610
Country	Belgium

Former director details

----

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.65.79
UK Pound	1	Rs.99.95
Euro	1	Rs.71.55

INFORMATION DETAILS

Analysis Done by :	KAS

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.

MIRA INFORM REPORT

Company name

Company summary

Commentary

Accounts

Payment expectations

Court data summary

Company information

Contractor details

Company accounts

Industry comparison

Payment Information

Industry comparison

Shareholder Details

Linked Companies

Director details

Unit