3decades

MIRA INFORM REPORT

Report No. :	489938
Report Date :	05.02.2018

IDENTIFICATION DETAILS

Name :	CRYSTAL GEMS BVBA

Registered Office :	Hoveniersstraat 2-Bus 229, 2018 Antwerpen

Country :	Belgium

Financials (as on) :	31.12.2016

Date of Incorporation :	17.06.1982

Com. Reg. No.:	422952068

Legal Form :	Private limited liability company

Line of Business :	Wholesale of diamonds and other precious stones

No. of Employees :	Not available

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23^rd January 2017)

MIRA’s Rating :

Credit Rating	Explanation	Rating Comments
A	Acceptable Risk	Business dealings permissible with moderate risk of default

Status :	Good

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

Country Name

Previous Rating

(30.06.2017)

Current Rating

(30.09.2017)

Belgium

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderately Low Risk	B1
Moderate Risk	B2
Moderately High Risk	C1
High Risk	C2
Very High Risk	D

BELGIUM - ECONOMIC OVERVIEW

Belgium’s central geographic location and highly developed transport network have helped develop a well-diversified economy, with a broad mix of transport, services, manufacturing, and high tech. Service and high-tech industries are concentrated in the northern Flanders region while the southern region of Wallonia is home to industries like coal and steel manufacturing. Belgium is completely reliant on foreign sources of fossil fuels, and the planned closure of its seven nuclear plants by 2025 should increase its dependence on foreign energy. Its role as a regional logistical hub makes its economy vulnerable to shifts in foreign demand, particularly with EU trading partners. Roughly three-quarters of Belgium's trade is with other EU countries, and the port of Zeebrugge conducts almost half its trade with the United Kingdom alone, leaving Belgium’s economy vulnerable to the outcome of negotiations on the UK’s exit from the EU.

Belgium’s GDP grew by 1.7% in 2017 and the budget deficit was 1.5% of GDP. Unemployment stood at 7.3%, however the unemployment rate is lower in Flanders than Wallonia, 4.4% compared to 9.4%, because of industrial differences between the regions. The economy largely recovered from the March 2016 terrorist attacks that mainly impacted the Brussels region tourist and hospitality industry. Prime Minister Charles MICHEL's center-right government has pledged to further reduce the deficit in response to EU pressure to decrease Belgium's high public debt of about 104% of GDP, but such efforts could also dampen economic growth. In addition to restrained public spending, low wage growth and higher inflation 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 labor market rules and welfare benefits. These changes have generally made Belgian wages more competitive regionally, but risk worsening tensions with trade unions and triggering extended strikes. In 2017, Belgium approved a tax reform plan to ease corporate rates from 33% to 29% by 2018 and down to 25% by 2020. The tax plan also included benefits for innovation and SMEs, intended to spur competitiveness and private investment.

Source : CIA

Company summary

Business number	422952068
Branche Unit Number	2020684994
Company name	CRYSTAL GEMS BVBA
Address	HOVENIERSSTRAAT 2-BUS 229
	2018 ANTWERPEN
Date of establishment	17/06/1982
Telephone number	3234406157
Mobile number	32488860830
Fax number	032328176
Liable for VAT	yes
VAT Number	BE.0422.952.068 Check VAT number

Commentary

The business was established over 35 years ago. No employees are recorded for this business. The business has been at the address for over 8 years. Operating Result in the latest trading period increased 239% on the previous trading period. Pre-tax profits increased by 888% compared to the previous trading period. The business saw a decrease in their Cash Balance of 85% during the latest trading perid.

Annual accounts

DATE OF LATEST ACCOUNTS	TURNOVER	PROFIT BEFORE TAX	NET WORTH	WORKING CAPITAL
31/12/2016	15,567,040	331,611	1,502,270	1,956,534
31/12/2015	15,148,192	33,531	1,259,610	1,720,051
31/12/2014	21,207,833	44,090	1,234,363	1,738,458
Accounts
DATE OF LATEST ACCOUNTS	BALANCE TOTAL	NUMBER OF EMPLOYEES	CAPITAL	CASHFLOW
31/12/2016	5,012,581	-	739,567	313,645
31/12/2015	4,458,728	-	739,567	31,534
31/12/2014	4,033,422	-	739,567	36,982

Payment expectations

Past payments		Payment expectation days	39.93
Industry average payment	200.93	Industry average day sales	212.08
expectation days		outstanding
Day sales outstanding	62.95

Court data summary

BANKRUPTCY DETAILS

Court action type

PROTESTED BILLS

Bill amount

NSSO DETAILS

Date of summons

Financials

Company accounts

Assets

Annual accounts	31-12-2016	%	31-12-2015	%	31-12-2014	%	31-12-2013	%	31-12-2012
Weeks	52		52		52		52		52
Currency	EUR		EUR		EUR		EUR		EUR
Total fixed assets	320,901	-3.95	334,098	16.09	287,787	-1.08	290,920	-0.48	292,335
Intangible fixed assets	0	-	0	-	0	-	0	-	0
Tangible fixed assets	320,195	-3.96	333,393	16.13	287,081	-1.08	290,214	-0.48	291,629
Land & building	278,435	-0.49	279,801	-0.49	281,167	-0.48	282,532	-0.48	283,898
Plant & machinery	2,826	-21.09	3,581	-24.14	4,721	-19.75	5,883	-8.45	6,426
Furniture & Vehicles	38,933	-22.15	50,010	4090	1,193	-33.68	1,800	37.86	1,305
Leasing & Other Similar Rights	0	-	0	-	0	-	0	-	0
Other tangible assets	0	-	0	-	0	-	0	-	0
Financial fixed assets	706	0	706	0	706	0	706	0	706
Total current assets	4,691,680	13.75	4,124,630	10.12	3,745,635	-12.89	4,299,811	-19.31	5,329,031
Inventories	1,723,387	14.11	1,510,226	18.36	1,275,969	18.13	1,080,127	-30.76	1,560,077
Raw materials & consumables	0	-	0	-	0	-	0	-	0
Work in progress	0	-	0	-	0	-	0	-	0
Finished goods	1,723,387	14.11	1,510,226	18.36	1,275,969	18.13	1,080,127	-30.76	1,560,077
Other stocks	0	-	0	-	0	-	0	-	0
Trade debtors	2,684,604	42.72	1,881,039	-21.01	2,381,317	-24.77	3,165,333	-12.24	3,606,625
Other amounts receivable	189,501	93.08	98,146	38.26	70,986	73.72	40,863	-72.25	147,263
Cash	89,323	-85.82	629,856	4382	14,050	33.92	10,492	-9.90	11,645
Miscellaneous current assets	4,866	-9.25	5,361	61.85	3,313	10.56	2,996	-12.41	3,421
Total Assets	5,012,581	12.42	4,458,728	10.54	4,033,422	-12.14	4,590,731	-18.33	5,621,366
Liabilities
Total shareholders equity	1,502,270	19.26	1,259,610	2.05	1,234,363	14.33	1,079,644	2.03	1,058,201
Issued share capital	739,567	0	739,567	0	739,567	3877	18,592	0	18,592
Share premium account	0	-	0	-	0	-	0	-	0
Revaluation reserve	261,327	0	261,327	0	261,327	0	261,327	0	261,327
Reserves	501,376	93.79	258,716	10.81	233,469	-70.81	799,725	2.76	778,283
Provisions for Liabilities & Charges	0	-	0	-	0	-	0	-	0
Deffered taxes	0	-	0	-	0	-	0	-	0
Creditors	3,510,311	9.73	3,199,118	14.29	2,799,059	-20.28	3,511,087	-23.06	4,563,164
Other long term loans	727,731	-2.79	748,613	-0.28	750,699	9.68	684,473	4.15	657,170
Other long term liabilities	47,434	3.28	45,926	11.52	41,183	13.59	36,256	-4.33	37,896
Total long term debts	775,165	-2.44	794,539	0.34	791,882	9.87	720,728	3.69	695,066
Current portion of long term debt	14,970	0.99	14,823	-	0	-	0	-	0
Financial debts	945,329	26.04	750,000	-38.81	1,225,751	-28.09	1,704,485	-8.44	1,861,655
Trade creditors	1,659,288	5.20	1,577,223	121	711,609	-33.35	1,067,731	-41.89	1,837,515
Amounts Payable for Taxes,	32,705	175	11,875	-49.48	23,506	164	8,883	-38.26	14,387
Remuneration & Social Security
Miscellaneous current liabilities	82,855	63.56	50,657	9.38	46,311	400	9,260	-94.01	154,542
Total current liabilities	2,735,146	13.75	2,404,579	19.80	2,007,177	-28.07	2,790,359	-27.86	3,868,098
Total Liabilities	5,012,581	12.42	4,458,728	10.54	4,033,422	-12.14	4,590,731	-18.33	5,621,366

ratio analysis
TRADING PERFORMANCE
Profit Before Tax	2.13	868	0.22	4.76	0.21	16.67	0.18	0	0.18
Return on capital employed	14.56	793	1.63	-25.23	2.18	44.37	1.51	2.03	1.48
Return on total assets employed	6.62	782	0.75	-31.19	1.09	84.75	0.59	28.26	0.46
Return on net assets employed	22.07	729	2.66	-25.49	3.57	41.67	2.52	2.86	2.45
Sales / net working capital	7.96	-9.65	8.81	-27.79	12.20	20.08	10.16	3.25	9.84
Stock turnover ratio	11.07	11.03	9.97	65.61	6.02	-14.49	7.04	-35.12	10.85
Creditor days	39.93	4.26	38.30	210	12.34	-51.87	25.64	-45.11	46.71
Debtor days	62.95	38.90	45.32	10.59	40.98	-45.60	75.33	-17.72	91.55
SHORT TERM STABILITY
Current ratio	1.72	0	1.72	-8.02	1.87	21.43	1.54	11.59	1.38
Liquidity ratio / acid ratio	1.09	0	1.09	-11.38	1.23	6.96	1.15	18.56	0.97
Current debt ratio	1.82	-4.71	1.91	17.18	1.63	-36.82	2.58	-29.51	3.66
Cashflow	313,645	894	31,534	-14.73	36,982	54.89	23,877	7.98	22,112
Net worth	1,502,270	19.26	1,259,610	2.05	1,234,363	14.33	1,079,644	2.03	1,058,201
LONG TERM STABILITY
Gearing	112.37	-6.48	120.15	-24.96	160.12	-27.64	221.27	-7.04	238.03
Equity in percentage	29.97	6.09	28.25	-7.68	30.60	30.10	23.52	24.97	18.82
Total debt ratio	2.34	-7.87	2.54	11.89	2.27	-30.15	3.25	-24.59	4.31
Working capital	1,956,534	13.75	1,720,051	-1.06	1,738,458	15.17	1,509,452	3.32	1,460,933

Profit & loss
Operating Income	15,575,904	2.79	15,152,936	-28.56	21,210,627	38.30	15,337,173	6.65	14,380,791
Turnover	15,567,040	2.77	15,148,192	-28.57	21,207,833	38.28	15,336,867	6.66	14,379,815
Total operating expenses	15,166,985	0.91	15,030,265	-28.60	21,049,864	38.49	15,199,946	5.87	14,357,520
Gross Operating Margin	-	-	-	-	-	-	-	-	-
Operating Charges	15,575,904	3.60	15,035,009	-28.58	21,052,659	38.50	15,200,252	5.86	14,358,495
Employee costs	429	-	-	-	-	-	-	-	-
Wages and salary	-	-	-	-	-	-	-	-	-
Employee pension costs	-	-	-	-	-	-	-	-	-
Social security contributions	-	-	-	-	-	-	-	-	-
Other employee costs	429	-	-	-	-	-	0	-	0
Director remuneration	-	-	48,819	0.08	48,781	-	-	-	50,151
Amortization and depreciation	13,198	109	6,287	100	3,134	28.71	2,435	-5.55	2,578
Operating result	400,055	239	117,928	-25.35	157,969	15.37	136,921	514	22,295
Total financial income	6,746	92.78	3,499	-12.81	4,013	21855	18	-99	105,646
Total financial expenses	75,190	-14.46	87,896	-25.44	117,893	7.47	109,698	7.56	101,989
Results on ordinary operations	331,611	888	33,531	-23.95	44,090	61.85	27,241	4.97	25,952
before taxation
Extraordinary Income	-	-	2,620	-42.65	4,569	68.29	2,715	-	-
Extraordinary Charges	-	-	-	-	-	-	-	-	-
Extraordinary items	-	-	2,620	-42.65	4,569	68.29	2,715	-	0
Results for the Year Before	331,611	817	36,151	-25.70	48,659	62.43	29,956	15.43	25,952
Taxation
Taxation	31,163	185	10,904	-26.37	14,810	73.94	8,514	32.66	6,418
Results on ordinary operations	300,447	1227	22,627	-22.72	29,280	56.35	18,727	-4.13	19,534
after taxation
Net result	300,447	1090	25,247	-25.41	33,849	57.86	21,442	9.77	19,534
Profit (Loss) for the Year to be appropiated	300,447	1090	25,247	-25.41	33,849	57.86	21,442	9.77	19,534

Industry comparison
Activity code	46761
Activity description	Wholesale of diamonds and other precious stones
industry average credit	69.48

Payment Information

Payment Information Summary
Total number of Invoices available	1
Total number of Invoices paid within or up to 30 days after the due date	1
Total number of Invoices paid more than 30 days after the due date	0
Total number of Invoices currently outstanding where the due date has not yet been reached	0
Total number of Invoices currently outstanding beyond the due date	0

Suspension of payments / moratorium history
Amount	-
Details	-

Payment expectations
Payment expectation days	39.93
Day sales outstanding	62.95

Industry comparison
Activity code	46761
Activity description	Wholesale of diamonds and other precious stones
Industry average payment expectation days	200.93
Industry average day sales outstanding	212.08

Industry quartile analysis Payment expectations

Company result	39.93
Lower	131.18
Median	58.79
Upper	26.55

Day sales outstanding
Company result	62.95
Lower	134.36
Median	82.06
Upper	44.92

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

Position	Manager
Start Date	01/07/2009
Street	16 KWIKSTAARTLAAN ANTWERPEN
Post code	2610
Country	Belgium
Name	Sachin Shah

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	INR 63.08
UK Pound	1	INR 91.34
Euro	1	INR 80.03
Euro	1	INR 79.81

Note : Above are approximate rates obtained from sources believed to be correct

INFORMATION DETAILS

Analysis Done by :	NIS

Report Prepared by :	KET

RATING EXPLANATIONS

Credit Rating	Explanation	Rating Comments
A++	Minimum Risk	Business dealings permissible with minimum risk of default
A+	Low Risk	Business dealings permissible with low risk of default
A	Acceptable Risk	Business dealings permissible with moderate risk of default
B	Medium Risk	Business dealings permissible on a regular monitoring basis
C	Medium High Risk	Business dealings permissible preferably on secured basis
D	High Risk	Business dealing not recommended or on secured terms only
NB	New Business	No recommendation can be done due to business in infancy stage
NT	No Trace	No recommendation can be done as the business is not traceable

NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.

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 are as follows:

· Financial condition covering various ratios

· Company background and operations size

· Promoters / Management background

· Payment record

· Litigation against the subject

· Industry scenario / competitor analysis

· Supplier / Customer / Banker review (wherever available)

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.

Registered contractor	-
number
Contractor description	-
Date struck off register

Personnel (NSSO classification)
Code	-
Description	FROM 1 TO 4 EMPLOYEES

Joint Industrial Committee (JIC)
Significant Events
Event Date	16/03/2015
Event Description
Event Details	g geplaatst en verdeeld in tweehonderd achtenzeventig aandelen zonder nominale waarde.
Event Date	16/03/2015
Event Description
Event Details	Rechtzetting 12-3-2015 inhoudende rechtzetting van een materiële vergissing met betrekking tot het vierde resolutie, welke alsvolgt dient te luiden : Het kapitaal van de vennootschap bedraagt 739567 Euro. Het is volledi

MIRA INFORM REPORT

Company summary

Company information

Financials

Shareholder Details

Linked Companies

Director details

Unit