MIRA INFORM REPORT

 

 

Report No. :

344753

Report Date :

10.10.2015

 

IDENTIFICATION DETAILS

 

Name :

SONAL GEMS BVBA

 

 

Registered Office :

Hoveniersstraat 2-Bus 418 2018 Antwerpen

 

 

Country :

Belgium

 

 

Financials (as on) :

31.12.2014

 

 

Date of Incorporation :

03.04.2003

 

 

Com. Reg. No.:

479945112

 

 

Legal Form :

Private Limited Company (BL/LX)

 

 

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 EUTRADE 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 summary

 

Business number                     479945112

Branche Unit Number               2131635574

Company name                        SONAL GEMS BVBA

Address                                   HOVENIERSSTRAAT 2-BUS 418

2018 ANTWERPEN

Number of staff                        0

Date of establishment               03/04/2003

Telephone number                   032255952

Fax number

 

 

Commentary

 

The business was established over 12 years ago.

No employees are recorded for this business.

The business has been at the address for over 17 months.

Pre-tax profits decreased by 62% compared to the previous trading period.

The business saw a decrease in their Cash Balance of 34% during the latest trading period.

 

 

Accounts

 

DATE  OF  LATEST  ACCOUNTS

TURNOVER

PROFIT  BEFORE  TAX

NET  WORTH

WORKING  CAPITAL

31/12/2014

 

7,662

677,713

1,000,534

31/12/2013

 

20,238

670,117

982,185

31/12/2012

 

19,699

649,961

979,412

 

ACCOUNTS

 

 

 

 

 

DATE  OF  LATEST  ACCOUNTS

BALANCE  TOTAL

NUMBER  OF  EMPLOYEES

CAPITAL

CASHFLOW

31/12/2014

1,706,292

0

468,600

18,866

31/12/2013

1,444,393

0

468,600

27,817

31/12/2012

1,438,361

0

468,600

26,885

 

 

Trends

 

Profitability

Liquidity

Net worth

 

Payment expectations

 

Past  payments

 

Payment  expectation  days

-

Industry  average  payment

117.35

Industry  average  day  sales

119.90

expectation  days

 

outstanding

 

Day  sales  outstanding

-

 

 

 

 

Court data summary

 

BANKRUPTCY DETAILS

Court action type                       No

 

PROTESTED BILLS

Bill amount                                --

 

NSSO DETAILS

Date of summons                     –

 

 

Company information

 

Business  number

479945112

Company  name

SONAL  GEMS  BVBA

Fax  number

-

Date  founded

03/04/2003

Company  status

active

Company  type

Private  Limited  Company

 

 

 

(BL/LX)

Currency

Euro  (€)

Date  of  latest  accounts

31/12/2014

Activity  code

32123

Liable  for  VAT

yes

Activity  description

Wholesale of diamonds and other precious stones.

VAT  Number

BE.0479.945.112  Check  VAT

Belgian Bullettin of Acts

Publications

moniteur belge

 

 

 

 

Contractor details

 

 

Registered  contractor

-

number

 

Contractor  description

-

Date  struck  off  register

 

 

 

PERSONNEL  (NSSO  CLASSIFICATION)

 

Code

-

Description

-

 

 

JOINT  INDUSTRIAL  COMMITTEE  (JIC)

 

---

 

 

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

48,308

136

20,387

-12.06

23,183

-13.89

26,922

1000

2,447

Intangible  fixed  assets

0

-

0

-

0

-

0

-

0

Tangible  fixed  assets

48,308

136

20,387

-12.06

23,183

-13.89

26,922

1000

2,447

Land  &  building

-

-

-

-

-

-

-

-

-

Plant  &  machinery

35,881

687

4,557

-5.63

4,829

59.79

3,022

68.15

1,797

Furniture  &  Vehicles

12,427

-21.49

15,830

-13.75

18,354

-23.21

23,900

3575

650

Leasing  &  Other  Similar  Rights

-

-

-

-

-

-

-

-

-

Other  tangible  assets

0

-

0

-

0

-

0

-

0

Financial  fixed  assets

-

-

-

-

-

-

-

-

-

Total  current  assets

1,657,984

16.43

1,424,006

0.62

1,415,179

-37.88

2,278,271

15.31

1,975,846

Inventories

657,646

0.66

653,334

-33.04

975,710

111

461,944

31.26

351,940

Raw  materials  &  consumables

-

-

-

-

-

-

-

-

-

Work  in  progress

0

-

0

-

0

-

0

-

0

Finished  goods

0

-

0

-

0

-

0

-

0

Other  stocks

657,646

0.66

653,334

-33.04

975,710

111

461,944

31.26

351,940

Trade  debtors

950,042

47.92

642,280

67.36

383,775

-77.23

1,685,621

6.83

1,577,830

Other  amounts  receivable

3,278

-94.48

59,426

958

5,616

114

2,621

147

1,060

Cash

42,913

-34.22

65,234

40.86

46,310

-63.84

128,081

184

45,015

Miscellaneous  current  assets

4,105

10.01

3,732

-0.96

3,768

94092

4

-

0

Total  Assets

1,706,292

18.13

1,444,393

0.42

1,438,361

-37.60

2,305,193

16.52

1,978,293

 

 

LIABILITIES

 

Total  shareholders  equity

677,713

1.13

670,117

3.10

649,961

3.11

630,341

2.43

615,358

Issued  share  capital

468,600

0

468,600

0

468,600

0

468,600

0

468,600

Share  premium  account

-

-

-

-

 

-

-

-

-

Revaluation  reserve

-

-

-

-

-

-

-

-

-

Reserves

209,113

3.77

201,517

11.11

181,361

12.13

161,741

10.21

146,758

Provisions  for  Liabilities  &  Charges

0

-

0

-

0

-

0

-

0

Deffered  taxes

-

-

-

-

-

-

-

-

-

Creditors

1,028,579

32.84

774,276

-1.79

788,401

-52.93

1,674,851

22.89

1,362,935

Other  long  term  loans

485

-92.13

6,155

-46.80

11,569

-30.88

16,738

-

-

Long  term  group  loans

-

-

-

-

-

-

-

-

-

Other  long  term  liabilities

370,645

13.59

326,300

-4.33

341,064

-11.74

386,430

3.27

374,195

Total  long  term  debts

371,129

11.63

332,455

-5.72

352,633

-12.53

403,168

7.74

374,195

Current  portion  of  long  term  debt

5,671

4.74

5,414

4.74

5,169

4.74

4,935

-

-

Financial  debts

358

-

-

-

17,833

-

-

-

6,189

Trade  creditors

586,185

36.41

429,716

7.76

398,777

-67.64

1,232,191

27.84

963,838

Amounts  Payable  for  Taxes,

6,824

1.99

6,690

-8.90

7,344

-49.89

14,656

85.72

7,892

Remuneration  &  Social  Security

 

 

 

 

 

 

 

 

 

Miscellaneous  current  liabilities

58,413

-

0

-100

6,645

-66.61

19,902

83.92

10,821

Total  current  liabilities

657,450

48.80

441,821

1.39

435,767

-65.73

1,271,684

28.62

988,740

Total  Liabilities

1,706,292

18.13

1,444,393

0.42

1,438,361

-37.60

2,305,193

16.52

1,978,293

 

 

RATIO ANALYSIS

 

TRADING  PERFORMANCE

 

Profit  Before  Tax

-

-

-

-

-

-

-

-

-

Return  on  capital  employed

0.73

-63.86

2.02

3.06

1.96

35.17

1.45

-70.29

4.88

Return  on  total  assets  employed

0.45

-67.86

1.40

2.19

1.37

110

0.65

-73.36

2.44

Return  on  net  assets  employed

1.13

-62.58

3.02

-0.33

3.03

27.31

2.38

-69.68

7.85

Sales  /  net  working  capital

-

-

-

-

-

-

-

-

-

Stock  turnover  ratio

-

-

-

-

-

-

-

-

-

Creditor  days

-

-

-

-

-

-

-

-

-

Debtor  days

-

-

-

-

-

-

-

-

-

 

SHORT TERM STABILITY

 

Current  ratio

2.52

-21.74

3.22

-0.92

3.25

81.56

1.79

-10.50

2.00

Liquidity  ratio  /  acid  ratio

1.52

-12.64

1.74

72.28

1.01

-29.37

1.43

-12.80

1.64

Current  debt  ratio

0.97

46.97

0.66

-1.49

0.67

-66.83

2.02

25.47

1.61

Liquidity  ratio  reprocessed

-

-

-

-

-

-

-

-

-

Cashflow

18,866

-32.18

27,817

3.47

26,885

23.81

21,715

-52.91

46,113

Net  worth

677,713

1.13

670,117

3.10

649,961

3.11

630,341

2.43

615,358

 

LONG TERM STABILITY

 

Gearing

0.96

-44.51

1.73

-67.48

5.32

54.65

3.44

240

1.01

Equity  in  percentage

39.72

-14.38

46.39

2.66

45.19

65.29

27.34

-12.12

31.11

Total  debt  ratio

1.52

31.03

1.16

-4.13

1.21

-54.51

2.66

20.36

2.21

Working  capital

1,000,534

1.87

982,185

0.28

979,412

-2.70

1,006,587

1.97

987,106

PROFIT & LOSS

 

Operating  Income

-

-

-

-

-

-

-

-

-

Turnover

-

-

-

-

-

-

-

-

-

Total  operating  expenses

-

-

-

-

-

-

-

-

-

Gross  Operating  Margin

54,045

-9.78

59,900

-4.84

62,945

6.93

58,867

-1.78

59,935

Operating  Charges

-

-

-

-

-

-

-

-

-

Employee  costs

-

-

-

-

-

-

-

-

-

Wages  and  salary

-

-

-

-

-

-

-

-

-

Employee  pension  costs

-

-

-

-

-

-

-

-

-

Social  security  contributions

-

-

-

-

-

-

-

-

-

Other  employee  costs

0

-

0

-

0

-

0

-

0

Director  remuneration

-

-

-

-

-

-

-

-

-

Amortization  and  depreciation

11,270

47.11

7,661

5.44

7,266

7.93

6,732

380

1,402

Operating  result

40,557

-17.88

49,390

-9.71

54,700

9.94

49,755

-12.79

57,050

Total  financial  income

7

-95.21

146

1465

9

-82.78

54

-33.22

81

Total  financial  expenses

32,902

12.30

29,297

-16.32

35,010

0.67

34,776

294

8,816

Results  on  ordinary  operations  before  taxation

7,662

-62.14

20,238

2.73

19,699

31.04

15,033

-68.89

48,314

Extraordinary  Income

-

-

-

-

-

-

-

-

1,076

Extraordinary  Charges

-

-

-

-

-

-

-

-

-

Extraordinary  items

0

-

0

-

0

-

0

-100

1,076

Results  for  the  Year  Before  Taxation

7,662

-62.14

20,238

2.73

19,699

31.04

15,033

-69.56

49,390

Other  appropriations

-

-

-

-

-

-

-

-

-

Taxation

66

-19.78

82

2.39

80

63.27

49

-98.95

4,680

Results  on  ordinary  operations  after  taxation

7,596

-62.31

20,156

2.73

19,619

30.94

14,984

-65.66

43,634

Net  result

7,596

-62.31

20,156

2.73

19,619

30.94

14,983

-66.49

44,710

Profit  (Loss)  for  the  Year  to  be  appropiated

7,596

-62.31

20,156

2.73

19,619

30.94

14,983

-66.49

44,710

Dividends

-

-

-

-

-

-

-

-

-

 

 

Industry comparison

 

Activity code                            32123

Activity description                  Wholesale of diamonds and other precious stones.

industry average credit

rating                                       78.30

Industry average credit limit     9475.63

 

 

Payment Information

 

SUSPENSION OF PAYMENTS / MORATORIUM HISTORY

 

Amount                         --

Details                          –

           

 

PAYMENT EXPECTATIONS

 

Payment expectation days        --

Day sales outstanding –

 

 

INDUSTRY COMPARISON

 

Activity code                            32123

Activity description                  Wholesale of diamonds and other precious stones.

Industry average payment

expectation days                      117.35

Industry average day sales

Outstanding                             119.90

 

 

Industry quartile analysis

 

PAYMENT EXPECTATIONS

 

Company result            -

Lower                           127.94

Median                         74.08

Upper                           35.34

 

DAY SALES OUTSTANDING

 

Company result            -

Lower                           99.31

Median                         54.64

Upper                           18.94

 

 

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

 

INDIVIDUAL SHAREHOLDERS

 

SHAREHOLDER NAME

Forename

Shailesh

Middle  name

-

Surname

Patel

 

 

SHAREHOLDER  DETAILS

 

 

 

Start  date

15/02/2008(estimated)

End  date

-

Percentage  owned

-

 

 

SHAREHOLDER  ADDRESS

 

 

 

Street  name

Van  Eycklei

House  number

48

Minor  town

-

Postal  town

Antwerpen

Post  code

2018

Country

Belgium

 

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

Principal  Manager

Start  Date

05/08/2011

Street

48 VAN  EYCKLEI  ANTWERPEN

Post  code

2018

Country

Belgium

Name

SHAILESH  VITALBHAR  PATEL

 

 

FORMER DIRECTOR DETAILS

 

------

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.64.78

UK Pound

1

Rs.99.54

Euro

1

Rs.73.08

 

 

INFORMATION DETAILS

 

Analysis Done by :

DIV

 

 

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.