MIRA INFORM REPORT

 

 

Report No. :

342179

Report Date :

21.09.2015

 

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 (BL/LX)

 

 

Line of Business :

Wholesale of diamonds and other precious stones.

 

 

No. of Employee :

1

 

 

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

 

 

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                     433686802

Company name                        SWATI GEMS BVBA

Address                                   SCHUPSTRAAT 1-BUS 24

2018 ANTWERPEN

Number of staff                        0

Date of establishment               08/03/1988

Telephone number                   032319827

Fax number                              032250978

 

 

Commentary

 

The business was established over 27 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

 

Past  payments

 

Payment  expectation  days

534.01

Industry  average  payment

110.58

Industry  average  day  sales

172.59

expectation  days

 

outstanding

 

Day  sales  outstanding

362.56

 

 

 

 

Court data summary

 

BANKRUPTCY DETAILS

Court action type                       No

 

PROTESTED BILLS

Bill amount                                --

 

NSSO DETAILS

Date of summons                     –

 

 

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

Wholesale  of  diamonds  and other  precious  stones

VAT  Number

BE.0433.686.802  Check  VAT number

Belgian  Bullettin  of  Acts

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

18/03/2014

Event Description

 

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

Intangible  fixed  assets

0

-

0

-

0

-

0

-

0

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

Plant  &  machinery

-

-

-

-

-

-

-

-

-

Furniture  &  Vehicles

13,893

-27.61

19,192

1110

1,585

-88.08

13,304

-23.73

17,442

Leasing  &  Other  Similar  Rights

-

-

-

-

-

-

-

-

-

Other  tangible  assets

0

-

0

-

0

-

0

-

0

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

Raw  materials  &  consumables

-

-

-

-

-

-

-

-

-

Work  in  progress

0

-

0

-

0

-

0

-

0

Finished  goods

0

-

0

-

0

-

0

-

0

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

Share  premium  account

-

-

-

-

-

-

-

-

-

Revaluation  reserve

-

-

-

-

-

-

-

-

-

Reserves

-38,089

-0.33

-37,964

-182

46,108

62.20

28,426

212

9,087

Provisions  for  Liabilities  &  Charges

0

-

0

-

0

-

0

-

0

Deffered  taxes

-

-

-

-

-

-

-

-

-

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

Long  term  group  loans

-

-

-

-

-

-

-

-

-

Other  long  term  liabilities

0

-

0

-

0

-

0

-

0

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,

18,642

1134

1,510

-92.44

19,984

215

6,335

-

-

Remuneration  &  Social  Security

 

 

 

 

 

 

 

 

 

Miscellaneous  current  liabilities

938,904

0.48

934,387

0.61

928,738

0.27

926,274

0.61

920,646

Total  current  liabilities

5,210,374

6.32

4,900,522

-11.55

5,540,385

32.98

4,166,366

19.48

3,487,165

Total  Liabilities

5,320,456

7.83

4,934,332

-12.96

5,668,732

32.23

4,287,002

19.16

3,597,805

 

 

RATIO ANALYSIS

 

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

Liquidity  ratio  reprocessed

-

-

-

-

-

-

-

-

-

Cashflow

19,684

30.79

-63,930

-290

33,541

-13.97

38,985

52.64

25,540

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

 

Operating  Income

-

-

-

-

-

-

-

-

-

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

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

19,809

-1.65

20,142

27.00

15,859

-19.27

19,646

-15.63

23,284

Operating  result

1,233

2.02

-61,036

-287

32,496

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

509

0.73

-69,475

-327

30,519

17.37

26,002

869

2,683

taxation

 

 

 

 

 

 

 

 

 

Extraordinary  Income

-

-

-

-

-

-

-

-

-

Extraordinary  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

Other  appropriations

-

-

-

-

-

-

-

-

-

Taxation

635

-95.65

14,597

139

6,082

-8.71

6,663

1462

427

Results  on  ordinary  operations  after

-125

0.15

-84,071

-444

24,437

26.36

19,339

757

2,256

taxation

 

 

 

 

 

 

 

 

 

Net  result

-125

0.15

-84,071

-575

17,681

-8.57

19,339

757

2,256

Profit  (Loss)  for  the  Year  to  be appropiated

-125

0.15

-84,071

-575

17,681

-8.57

19,339

757

2,256

 

 

Industry comparison

 

Activity code                            46761

Activity description                  Wholesale of diamonds and other precious stones

industry average credit

rating                                       64.48

Industry average credit limit     140177.31

 

 

Payment Information

 

SUSPENSION  OF  PAYMENTS  /  MORATORIUM  HISTORY

 

Amount

-

Details

-

 

 

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

110.58

Industry average day sales

outstanding

172.59

 

 

Industry quartile analysis

 

PAYMENT EXPECTATIONS

 

Company result            534.01

Lower                           120.34

Median                         74.93

Upper                           45.40

 

 

DAY SALES OUTSTANDING

 

Company result            362.56

Lower                           106.72

Median                         54.51

Upper                           24.79

 

 

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

 

CURRENTDIRECTORDETAILS

 

Position

Principal  Manager

Start  Date

06/10/2010

Street

7 PINKSTERBLOEMLAAN  ANTWERPEN

Post  code

2180

Country

Belgium

Name

KWANG  CHO

 

 

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.65.92

UK Pound

1

Rs.102.75

Euro

1

Rs.75.13

 

 

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.