|
Report No. : |
351022 |
|
Report Date : |
23.11.2015 |
IDENTIFICATION DETAILS
|
Name : |
SAACHI GEMS BVBA |
|
|
|
|
Registered Office : |
Schupstraat 1/7 2018 Antwerpen |
|
|
|
|
Country : |
Belgium |
|
|
|
|
Financials (as on) : |
31.12.2014 |
|
|
|
|
Date of Incorporation : |
17.10.2012 |
|
|
|
|
Com. Reg. No.: |
849886086 |
|
|
|
|
Legal Form : |
Private limited liability |
|
|
|
|
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 : |
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 |
Business number 849886086
Branche
Unit Number 2213871283
Company
name SAACHI GEMS BVBA
Address
SCHUPSTRAAT 1/7
2018 ANTWERPEN
Number
of staff --
Date
of establishment 17/10/2012
Telephone
number 033366411
Fax
number --
The business was established over 3 years ago.
No employees are recorded for this business.
The business has been at the address for over 3 years.
Operating Result in the latest trading period increased 83% on the previous trading period.
A 37% growth in Total Assets occurred during the latest trading period.
Turnover in the latest trading period increased 27% on the previous trading period.
|
DATE
OF LATEST ACCOUNTS |
TURNOVER |
PROFIT
BEFORE TAX |
NET
WORTH |
WORKING
CAPITAL |
|
31/12/2014 |
6,238,691 |
2,973 |
23,496 |
7,250 |
|
31/12/2013 |
4,898,956 |
2,480 |
21,480 |
6,330 |
|
ACCOUNTS |
|
|
|
|
|
DATE
OF LATEST ACCOUNTS |
BALANCE
TOTAL |
NUMBER
OF EMPLOYEES |
CAPITAL |
CASHFLOW |
|
31/12/2014 |
4,952,010 |
- |
20,000 |
9,281 |
|
31/12/2013 |
3,604,046 |
- |
20,000 |
9,014 |
Profitability
Liquidity
Net worth
|
Past payments |
|
Payment expectation days |
273.99 |
|
Industry average payment |
194.06 |
Industry average day sales |
194.73 |
|
expectation days |
|
outstanding |
|
|
Day sales outstanding |
157.99 |
|
|
BANKRUPTCY
DETAILS
Court action type No
PROTESTED
BILLS
Bill amount --
NSSO
DETAILS
Date of summons –
|
Business number |
849886086 |
Company name |
SAACHI GEMS BVBA |
|
Fax number |
- |
Date founded |
17/10/2012 |
|
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.0849.886.086 Check VAT |
|
Belgian Bullettin of Acts |
moniteur belge |
|
|
|
Registered contractor |
- |
|
number |
|
|
Contractor description |
- |
|
Date struck off register |
|
|
PERSONNEL
(NSSO CLASSIFICATION) |
|
|
Code |
- |
|
Description |
- |
|
JOINT
INDUSTRIAL COMMITTEE (JIC) --- |
|
ASSETS
|
Annual accounts |
31-12-2014 |
% |
31-12-2013 |
|
Weeks |
52 |
|
63 |
|
Currency |
EUR |
|
EUR |
|
Total fixed assets |
21,066 |
-20.32 |
26,437 |
|
Intangible fixed assets |
0 |
- |
0 |
|
Tangible fixed assets |
18,066 |
-22.92 |
23,437 |
|
Land & building |
0 |
- |
0 |
|
Plant & machinery |
2,423 |
-25.00 |
3,230 |
|
Furniture & Vehicles |
15,644 |
-22.58 |
20,207 |
|
Leasing & Other Similar Rights |
0 |
- |
0 |
|
Other tangible assets |
0 |
- |
0 |
|
Financial fixed assets |
3,000 |
0 |
3,000 |
|
Total current assets |
4,930,944 |
37.83 |
3,577,609 |
|
Inventories |
1,594,915 |
7.52 |
1,483,365 |
|
Raw materials & consumables |
0 |
- |
0 |
|
Work in progress |
0 |
- |
0 |
|
Finished goods |
0 |
- |
0 |
|
Other stocks |
1,594,915 |
7.52 |
1,483,365 |
|
Trade debtors |
2,700,394 |
73.34 |
1,557,887 |
|
Other amounts receivable |
1,917 |
89.01 |
1,014 |
|
Cash |
633,717 |
18.38 |
535,342 |
|
Miscellaneous current assets |
0 |
- |
0 |
|
Total Assets |
4,952,010 |
37.40 |
3,604,046 |
LIABILITIES
|
Total shareholders equity |
23,496 |
9.38 |
21,480 |
|
Issued share capital |
20,000 |
0 |
20,000 |
|
Share premium account |
0 |
- |
0 |
|
Revaluation reserve |
0 |
- |
0 |
|
Reserves |
3,496 |
136 |
1,480 |
|
Provisions for Liabilities & Charges |
0 |
- |
0 |
|
Deffered taxes |
0 |
- |
0 |
|
Creditors |
4,928,514 |
37.57 |
3,582,565 |
|
Other long term loans |
4,821 |
-57.29 |
11,286 |
|
Long term group loans |
- |
- |
- |
|
Other long term liabilities |
0 |
- |
0 |
|
Total long term debts |
4,821 |
-57.29 |
11,286 |
|
Current portion of long term debt |
6,466 |
4.99 |
6,158 |
|
Financial debts |
0 |
-100 |
128,367 |
|
Trade creditors |
4,675,388 |
46.51 |
3,191,250 |
|
Amounts Payable for Taxes, Remuneration
& Social Security |
1,270 |
-19.87 |
1,585 |
|
Miscellaneous current liabilities |
240,570 |
-1.37 |
243,919 |
|
Total current liabilities |
4,923,694 |
37.87 |
3,571,279 |
|
Total Liabilities |
4,952,010 |
37.40 |
3,604,046 |
RATIO ANALYSIS
|
TRADING
PERFORMANCE |
|||
|
Profit Before Tax |
0.05 |
0 |
0.05 |
|
Return on capital employed |
10.50 |
38.71 |
7.57 |
|
Return on total assets employed |
0.06 |
-14.29 |
0.07 |
|
Return on net assets employed |
12.65 |
9.52 |
11.55 |
|
Sales / net working capital |
860.46 |
11.17 |
773.98 |
|
Stock turnover ratio |
25.56 |
-15.59 |
30.28 |
|
Creditor days |
273.99 |
15.10 |
238.04 |
|
Debtor days |
157.99 |
36.12 |
116.07 |
|
SHORT
TERM STABILITY |
|||
|
Current ratio |
1.00 |
0 |
1.00 |
|
Liquidity ratio / acid ratio |
0.68 |
15.25 |
0.59 |
|
Current debt ratio |
209.55 |
26.04 |
166.26 |
|
Liquidity ratio reprocessed |
- |
- |
- |
|
Cashflow |
9,281 |
2.96 |
9,014 |
|
Net worth |
23,496 |
9.38 |
21,480 |
|
LONG TERM
STABILITY |
|||
|
Gearing |
48.03 |
-92.92 |
678.81 |
|
Equity in percentage |
0.47 |
-21.67 |
0.60 |
|
Total debt ratio |
209.76 |
25.77 |
166.78 |
|
Working capital |
7,250 |
14.55 |
6,330 |
PROFIT & LOSS
|
Operating Income |
- |
- |
- |
|
Turnover |
6,238,691 |
27.35 |
4,898,956 |
|
Total operating expenses |
6,228,439 |
27.28 |
4,893,364 |
|
Gross Operating Margin |
18,640 |
28.81 |
14,472 |
|
Operating Charges |
- |
- |
- |
|
Employee costs |
- |
- |
- |
|
Wages and salary |
- |
- |
- |
|
Employee pension costs |
- |
- |
- |
|
Social security contributions |
- |
- |
- |
|
Other employee costs |
- |
- |
0 |
|
Director remuneration |
- |
- |
- |
|
Amortization and depreciation |
7,265 |
-3.56 |
7,534 |
|
Operating result |
10,252 |
83.34 |
5,592 |
|
Total financial income |
23 |
173 |
8 |
|
Total financial expenses |
7,301 |
134 |
3,120 |
|
Results on ordinary operations before
taxation |
2,973 |
19.87 |
2,480 |
|
Extraordinary Income |
- |
- |
- |
|
Extraordinary Charges |
- |
- |
- |
|
Extraordinary items |
- |
- |
0 |
|
Results for the Year Before Taxation |
2,973 |
19.87 |
2,480 |
|
Other appropriations |
- |
- |
- |
|
Taxation |
958 |
-4.22 |
1,000 |
|
Results on ordinary operations after
taxation |
2,016 |
36.15 |
1,480 |
|
Net result |
2,016 |
36.15 |
1,480 |
|
Profit (Loss) for the Year to
be appropiated |
2,016 |
36.15 |
1,480 |
|
Dividends |
- |
- |
- |
Activity
code 46761
Activity
description Wholesale of diamonds and
other precious stones
Industry
average payment
expectation
days 194.06
Industry
average day sales
Outstanding 194.73
PAYMENT
EXPECTATIONS
Company
result 273.99
Lower
134.75
Median 60.71
Upper
28.62
DAY SALES
OUTSTANDING
Company
result 157.99
Lower
131.59
Median
86.08
Upper
48.13
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
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
CURRENT
DIRECTOR DETAILS
|
Position |
Manager |
|
Start Date |
17/10/2012 |
|
Street |
45 QUINTEN MATSIJSLEI ANTWERPEN |
|
Post code |
2018 |
|
Country |
Belgium |
|
Name |
Himanshu Mehta |
FORMER DIRECTOR DETAILS
------
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.66.09 |
|
|
1 |
Rs.101.04 |
|
Euro |
1 |
Rs.70.86 |
INFORMATION DETAILS
|
Analysis Done by
: |
HNA |
|
|
|
|
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.