MIRA INFORM REPORT

 

 

Report No. :

346016

Report Date :

16.10.2015

 

IDENTIFICATION DETAILS

 

Name :

CHINTAN  GEMS  BVBA

 

 

Registered Office :

Hoveniersstraat  30-Bus  196 2018 Antwerpen

 

 

Country :

Belgium

 

 

Financials (as on) :

30.06.2014

 

 

Date of Incorporation :

09.10.2002

 

 

Com. Reg. No.:

478554943

 

 

Legal Form :

Private  limited  liability

 

 

LINE OF BUSINESS :

WHOLESALE OF DIAMONDS AND OTHER PRECIOUS STONES

 

 

No. of Employees :

1

 

 

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 :

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 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

478554943

Branche  Unit  Number

2114607225

Company  name

CHINTAN  GEMS  BVBA

Address

HOVENIERSSTRAAT  30-BUS  196

 

2018 ANTWERPEN

Number  of  staff

1

Date  of  establishment

09/10/2002

Telephone  number

0488685054

Fax  number

032312331

 

 

Commentary

 

The  business  was  established  over  13  years  ago.

The  business  has  1  employees.

The  business  has  been  at  the  address  for  over  3  years.

The  business  saw  a  decrease  in  their  Cash  Balance  of  93%  during  the  latest  trading  period.

 

 

Accounts

 

DATE  OF  LATEST  ACCOUNTS

TURNOVER

PROFIT  BEFORE  TAX

NET  WORTH

WORKING  CAPITAL

30/06/2014

105,714,474

290,823

6,103,344

7,754,087

30/06/2013

102,321,759

268,206

6,090,515

7,810,570

30/06/2012

88,196,148

233,917

4,941,058

6,890,549

Accounts

 

 

 

 

DATE  OF  LATEST  ACCOUNTS

BALANCE  TOTAL

NUMBER  OF  EMPLOYEES

CAPITAL

CASHFLOW

30/06/2014

31,487,647

1

5,125,201

279,178

30/06/2013

37,549,065

1

5,320,000

264,883

30/06/2012

28,057,439

1

4,369,405

264,210

 

 

Trends

 

Profitability

Liquidity

Net  worth

 

 

 

Payment  expectations

 

Past  payments

 

Payment  expectation  days

37.22

Industry  average  payment

192.91

Industry  average  day  sales

194.90

expectation  days

 

outstanding

 

Day  sales  outstanding

93.42

 

 

 

 

Court  data  summary

 

BANKRUPTCY  DETAILS

Court  action  type

no

PROTESTED  BILLS

Bill  amount

-

NSSO  DETAILS

Date  of  summons

-

 

 

Company  information

 

Business  number

478554943

Company  name

CHINTAN  GEMS  BVBA

Fax  number

032312331

Date  founded

09/10/2002

Company  status

active

Company  type

Private  limited  liability

 

 

 

company

Currency

Euro  (€)

Date  of  latest  accounts

30/06/2014

Activity  code

46761

Liable  for  VAT

yes

Activity  description

Wholesale  of  diamonds  and other  precious  stones

VAT  Number

BE.0478.554.943  Check  VAT number

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)

 

Significant  Events

 

Event  Date

12/05/2011

Event  Description

 

Event  Details

Rechtzetting  betreffende  bekendmaking  akte  kapitaalverhoging  dd  12/05/11.

Event  Date

12/05/2011

Event  Description

 

Event  Details

Rechtzetting  betreffende  bekendmaking  akte  kapitaalverhoging  dd  12/05/11.

Event  Date

22/01/2010

Event  Description

resignation-appointment  of  director(s)

Event  Details

Commentaar  22-01-2010:  Benoeming  van  Chintankumar  Goti  als  zaakvoerrder  onder  opschortende

 

voorwaarde  tot  het  bekomen  van  de  beroepskaart.

Event  Date

22/01/2010

Event  Description

resignation-appointment  of  director(s)

Event  Details

Commentaar  22-01-2010:  Benoeming  van  Chintankumar  Goti  als  zaakvoerrder  onder  opschortende

 

voorwaarde  tot  het  bekomen  van  de  beroepskaart.

Event  Date

09/10/2002

Event  Description

Legal  creation

Event  Details

 

 

 

Company  accounts

 

Assets

 

 

 

 

 

 

 

 

 

Annual  accounts

30-06-2014

%

30-06-2013

%

30-06-2012

%

30-06-2011

%

30-06-2010

Weeks

52

 

52

 

52

 

52

 

52

Currency

EUR

 

EUR

 

EUR

 

EUR

 

EUR

Total  fixed  assets

865,349

-7.79

938,405

5.56

888,977

251

253,118

-19.25

313,460

Intangible  fixed  assets

0

-

0

-

0

-

0

-

0

Tangible  fixed  assets

863,333

-7.79

936,312

5.58

886,790

253

251,214

-19.28

311,217

Land  &  building

829,192

-6.70

888,745

5.33

843,795

305

208,137

-17.43

252,079

Plant  &  machinery

7,754

-6.34

8,279

151

3,298

-6.84

3,540

200

1,178

Furniture  &  Vehicles

26,387

-32.84

39,288

-1.03

39,697

0.41

39,536

-31.79

57,960

Leasing  &  Other  Similar  Rights

0

-

0

-

0

-

0

-

0

Other  tangible  assets

0

-

0

-

0

-100

1

-

0

Financial  fixed  assets

2,016

-3.63

2,092

-4.34

2,187

14.80

1,905

-15.07

2,243

Total  current  assets

30,622,298

-16.36

36,610,660

34.75

27,168,462

43.85

18,886,410

76.24

10,716,155

Inventories

3,528,712

-15.84

4,192,642

46.84

2,855,288

-10.25

3,181,394

193

1,084,615

Raw  materials  &  consumables

0

-

0

-

0

-

0

-

0

Work  in  progress

0

-

0

-

0

-

0

-

0

Finished  goods

3,528,712

-15.84

4,192,642

46.84

2,855,288

-10.25

3,181,394

193

1,084,615

Other  stocks

0

-

0

-

0

-

0

-

0

Trade  debtors

27,057,393

-15.37

31,970,968

32.20

24,183,411

54.99

15,603,298

62.61

9,595,666

Other  amounts  receivable

5,565

-0.47

5,591

-88.49

48,593

1903

2,426

41.71

1,712

Cash

30,628

-93.06

441,459

443

81,170

-18.25

99,292

190

34,162

Miscellaneous  current  assets

0

-

0

-

0

-

0

-

0

Total  Assets

31,487,647

-16.14

37,549,065

33.83

28,057,439

46.59

19,139,528

73.53

11,029,615

 

Liabilities

 

 

 

 

 

 

 

 

 

Total  shareholders  equity

6,103,344

0.21

6,090,515

23.26

4,941,058

30.11

3,797,503

260

1,054,731

Issued  share  capital

5,125,201

-3.66

5,320,000

21.76

4,369,405

26.30

3,459,500

324

814,900

Share  premium  account

0

-

0

-

0

-

0

-

0

Revaluation  reserve

0

-

0

-

0

-

0

-

0

Reserves

978,143

26.95

770,515

34.79

571,653

69.13

338,003

40.93

239,831

Provisions  for  Liabilities  &

0

-

0

-

0

-

0

-

0

Charges

 

 

 

 

 

 

 

 

 

Deffered  taxes

0

-

0

-

0

-

0

-

0

Creditors

25,384,303

-19.31

31,458,549

36.09

23,116,381

50.67

15,342,025

53.81

9,974,884

Other  long  term  loans

2,516,092

-5.36

2,658,459

-6.34

2,838,468

2033

133,051

-27.94

184,636

Long  term  group  loans

-

-

-

-

-

-

-

-

-

Other  long  term  liabilities

0

-100

1

-

0

-

0

-

0

Total  long  term  debts

2,516,092

-5.36

2,658,460

-6.34

2,838,468

2033

133,051

-27.94

184,636

Current  portion  of  long  term  debt

43,288

-3.19

44,714

43.47

31,167

121

14,063

3.16

13,632

Financial  debts

11,894,151

-21.81

15,212,644

29.39

11,757,234

210

3,783,923

54.41

2,450,585

Trade  creditors

10,655,221

-20.33

13,373,546

61.37

8,287,690

-20.42

10,413,954

105

5,067,472

Amounts  Payable  for  Taxes, Remuneration  &  Social  Security

82,657

104

40,408

-44.00

72,153

42.32

50,698

198

17,011

Miscellaneous  current  liabilities

192,894

49.79

128,778

-0.69

129,669

-86.30

946,336

-57.78

2,241,548

Total  current  liabilities

22,868,211

-20.60

28,800,090

42.03

20,277,913

33.33

15,208,974

55.35

9,790,248

Total  Liabilities

31,487,647

-16.14

37,549,065

33.83

28,057,439

46.59

19,139,528

73.53

11,029,615

 

ratio  analysis

 

 

 

 

 

 

 

 

 

TRADING  PERFORMANCE

 

 

 

 

 

 

 

 

 

Profit  Before  Tax

0.28

7.69

0.26

-3.70

0.27

8.00

0.25

66.67

0.15

Return  on  capital  employed

3.37

9.77

3.07

1.99

3.01

-30.0

4.30

-40.61

7.24

Return  on  total  assets  employed

0.92

29.58

0.71

-14.46

0.83

-5.68

0.88

8.64

0.81

Return  on  net  assets  employed

4.76

8.18

4.40

-6.98

4.73

6.29

4.45

-47.71

8.51

Sales  /  net  working  capital

13.63

4.05

13.10

2.34

12.80

-29.59

18.18

-72.53

66.18

Stock  turnover  ratio

3.34

-18.54

4.10

26.54

3.24

-31.93

4.76

168

1.77

Creditor  days

37.22

-22.83

48.23

39.19

34.65

-39.49

57.26

88.79

30.33

Debtor  days

93.42

-18.09

114.05

13.96

100.08

17.48

85.19

49.04

57.16

SHORT  TERM  STABILITY

 

 

 

 

 

 

 

 

 

Current  ratio

1.34

5.51

1.27

-5.22

1.34

8.06

1.24

13.76

1.09

Liquidity  ratio  /  acid  ratio

1.18

4.42

1.13

-5.83

1.20

16.50

1.03

5.10

0.98

Current  debt  ratio

3.75

-20.72

4.73

15.37

4.10

2.50

4.00

-56.90

9.28

Liquidity  ratio  reprocessed

-

-

-

-

-

-

-

-

-

Cashflow

279,178

5.40

264,883

0.25

264,210

72.58

153,091

90.80

80,236

Net  worth

6,103,344

0.21

6,090,515

23.26

4,941,058

30.11

3,797,503

260

1,054,731

LONG  TERM  STABILITY

 

 

 

 

 

 

 

 

 

Gearing

236.81

-19.50

294.16

-0.63

296.03

185

103.52

-58.78

251.14

Equity  in  percentage

19.38

19.48

16.22

-7.89

17.61

-11.24

19.84

107

9.56

Total  debt  ratio

4.16

-19.54

5.17

10.47

4.68

15.84

4.04

-57.29

9.46

Working  capital

7,754,087

-0.72

7,810,570

13.35

6,890,549

87.37

3,677,436

297

925,907

 

Profit  &  loss

 

 

 

 

 

 

 

 

 

Operating  Income

105,714,653

3.32

102,321,952

16.02

88,196,174

31.93

66,852,454

9.10

61,275,787

Turnover

105,714,474

3.32

102,321,759

16.02

88,196,148

31.93

66,852,454

9.10

61,275,787

Total  operating  expenses

104,502,707

3.24

101,218,858

15.95

87,297,852

31.51

66,383,594

8.84

60,989,269

Gross  Operating  Margin

-

-

-

-

-

-

-

-

-

Operating  Charges

104,502,886

3.24

101,219,052

15.95

87,297,877

31.51

66,383,593

8.84

60,989,269

Employee  costs

26,261

0.71

26,076

785

2,945

-

-

-

-

Wages  and  salary

24,759

-2.19

25,313

889

2,558

-

-

-

-

Employee  pension  costs

-

-

-

-

-

-

-

-

-

Social  security  contributions

1,334

124

593

114

276

-

-

-

-

Other  employee  costs

168

-0.59

169

52.25

111

-

0

-

0

Director  remuneration

113,129

117

51,940

-45.99

96,175

24.60

77,188

43.85

53,660

Amortization  and  depreciation

43,337

4.84

41,336

-48.70

80,583

330

18,714

31.36

14,246

Operating  result

1,211,767

9.87

1,102,901

22.78

898,296

91.59

468,860

63.64

286,518

Total  financial  income

30

-98.94

2,839

12804

22

-99

5,925

13679

43

Total  financial  expenses

920,974

9.96

837,534

26.06

664,401

117

305,836

55.40

196,804

Results  on  ordinary  operations before  taxation

290,823

8.43

268,206

14.66

233,917

38.45

168,950

88.23

89,757

Extraordinary  Income

-

-

-

-

-

-

-

-

-

Extraordinary  Charges

-

-

-

-

-

-

-

-

-

Extraordinary  items

0

-

0

-

0

-

0

-

0

Results  for  the  Year  Before

290,823

8.43

268,206

14.66

233,917

38.45

168,950

88.23

89,757

Taxation

 

 

 

 

 

 

 

 

 

Other  appropriations

-

-

-

-

-

-

-

-

-

Taxation

54,982

23.12

44,658

-11.20

50,290

45.46

34,572

45.46

23,767

Results  on  ordinary  operations after  taxation

235,841

5.50

223,548

21.74

183,627

36.65

134,378

103

65,990

Net  result

235,841

5.50

223,547

21.74

183,627

36.65

134,377

103

65,990

Profit  (Loss)  for  the  Year  to  be appropiated

235,841

5.50

223,547

21.74

183,627

36.65

134,377

103

65,990

Dividends

-

-

-

-

-

-

-

-

-

 

 

Social  Balance  Sheet  Details

 

Social  Balance  Sheet  Details

 

 

 

Social  Balance  Sheet

Total

 

 

During  the  reporting  year

 

 

 

ended  30-06-2014

 

 

 

Full-time  Employees

1

 

 

Part-time  Employees

-

 

 

Total  Fte  Employees

1

 

 

Number  of  hours  worked

 

 

 

Full-time  Employees

1,801

 

 

Part-time  Employees

-

 

 

Total

1,801

 

 

Personnel  Charges

 

 

 

Full-time  Employees

-

 

 

Part-time  Employees

-

 

 

Total

-

 

 

Benefits  In  Addition  To  Wages

-

 

 

During  the  previous  reporting  year

 

 

 

Average  number  employees  in  Fte

1

 

 

Actual  working  hours

1,763

 

 

Personnel  Charges

25,121

 

 

Benefits  In  Addition  To  Wages

-

 

 

 

Type  of  Contract

Full-Time

 

 

Part-Time

 

 

Total  Fte

 

 

Unlimited  Duration

1

 

 

-

 

 

1

 

 

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

-

-

-

Higher  education  (non university)

-

-

-

Higher  education (university)

-

-

-

 

 

 

 

Women

Full-Time

Part-Time

Total  Fte

Primary  education

-

-

-

Secondairy  education

-

-

-

Higher  education  (non university)

-

-

-

Higher  education (university)

-

-

-

 

Working  Category

Full-Time

Part-Time

Total  Fte

Management

-

-

-

White  collar  worker

-

-

-

Blue  collar  worker

-

-

-

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

46761

Activity  description

Wholesale  of  diamonds  and  other  precious  stones

 

 

Payment Information

 

Suspension  of  payments  /  moratorium  history

 

Amount

-

Details

-

Payment  expectations

 

 

 

Payment  expectation  days

37.22

Day  sales  outstanding

93.42

 

Industry  comparison

 

Activity  code

46761

Activity  description

Wholesale  of  diamonds  and  other  precious  stones

Industry  average  payment expectation  days

192.91

Industry  average  day  sales outstanding

194.90

 

 

Industry  quartile  analysis

Payment  expectations

Company  result

37.22

Lower

134.78

Median

60.30

Upper

28.46

 

Day  sales  outstanding

 

Company  result

93.42

Lower

131.59

Median

85.12

Upper

47.22

 

 

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

Jignesh

Middle  name

Vitthal

Surname

Patel

 

 

SHAREHOLDER  DETAILS

 

 

 

Start  date

27/05/2011(estimated)

End  date

-

Percentage  owned

-

 

 

SHAREHOLDER  ADDRESS

 

 

 

Street  name

Quinten  Matsijslei

House  number

38

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

Manager

Start  Date

16/07/2013

Street

38 QUINTEN  MATSIJSLEI  ANTWERPEN

Post  code

2018

Country

Belgium

 

 

Name

Chetan  Goti

Name

Jignesh  Patel

Position

Manager

Start  Date

04/04/2005

Street

38 QUINTEN  MATSIJSLEI  ANTWERPEN

Post  code

2018

Country

Belgium

 

 

Former  director  details

 

Name

Chintankumar  Goti

Position

Manager

Start  Date

16/03/2011

End  Date

17/10/2012

Street

38 QUINTEN  MATSIJSLEI  ANTWERPEN

Post  code

2018

Country

Belgium

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.64.82

UK Pound

1

Rs.100.41

Euro

1

Rs.74.50

 

INFORMATION DETAILS

 

Analysis Done by :

DIV

 

 

Report Prepared by :

TRU

 

               

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.