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3decades

 

MIRA INFORM REPORT

 

 

Report No. :

492022

Report Date :

13.02.2018

 

 

 

IDENTIFICATION DETAILS

 

Name :

AJARI GEMS BVBA

 

 

Registered Office :

Hoveniersstraat 30-Bus 1712018 Antwerpen

 

 

Country :

Belgium

 

 

Financials (as on) :

31.12.2016

 

 

Date of Incorporation :

08.09.1997

 

 

Com. Reg. No.:

461487891

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Wholesale of diamonds and other precious stones.

 

 

No. of Employees :

1

 

RATING & COMMENTS

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

 

MIRA’s Rating :

A

 

Credit Rating

Explanation

Rating Comments

A

Acceptable Risk

Business dealings permissible with moderate risk of default

 

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

 

Country Name

Previous Rating

(30.06.2017)

Current Rating

(30.09.2017)

Belgium

A2

A2

 

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. Industry is concentrated mainly in the more heavily-populated region of Flanders in the north. Belgium is 100% 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.

Belgium’s GDP grew by 1.4% in 2016, unemployment at yearend was 8.4%, and the budget deficit was 2.7% of GDP. The economy largely recovered from the March 2016 terrorist attacks, which 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 107% 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 tax policy, 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.

 

Source : CIA

 


Company  summary                       

 

Business  number

461487891

Branche  Unit  Number

2083591375

Company  name

AJARI  GEMS  BVBA

Address

HOVENIERSSTRAAT  30-BUS  171

 

2018 ANTWERPEN

Date  of  establishment

08/09/1997

Telephone  number

3232333664

Mobile  number

-

Fax  number

032331908

Liable  for  VAT

yes

VAT  Number

BE.0461.487.891  Check  VAT  number

 

 

Commentary

 

The  business  was  established  over  20  years  ago.

The  business  has  1  employees.

The  business  has  been  at  the  address  for  over  2  months.

Operating  Result  in  the  latest  trading  period  increased  138470%  on  the  previous  trading  period.

Net  Worth  increased  by  2400%  during  the  latest  trading  period.

A  644%  growth  in  Total  Assets  occurred  during  the  latest  trading  period.

Pre-tax  profits  increased  by  286423%  compared  to  the  previous  trading  period.

Turnover  in  the  latest  trading  period  increased  455%  on  the  previous  trading  period.

 

 

Annual  accounts

 

DATE  OF  LATEST  ACCOUNTS

TURNOVER

PROFIT  BEFORE  TAX

NET  WORTH

WORKING  CAPITAL

31/12/2016

254,612,938

39,439,707

39,786,371

39,237,670

31/12/2015

45,838,346

13,765

1,590,932

1,022,995

31/12/2014

36,535,068

44,830

1,580,002

1,047,221

Accounts

 

 

 

 

DATE  OF  LATEST  ACCOUNTS

BALANCE  TOTAL

NUMBER  OF  EMPLOYEES

CAPITAL

CASHFLOW

31/12/2016

100,160,035

1

18,600

38,275,735

31/12/2015

13,447,277

1

18,600

61,681

31/12/2014

19,934,771

1

18,600

84,987

 

 

 

 

Payment  expectations

 

Past  payments

 

Payment  expectation  days

98.10

Industry  average  payment

200.28

Industry  average  day  sales

211.50

expectation  days

 

outstanding

 

Day  sales  outstanding

81.10

 

 

 

 

Court  data  summary

 

BANKRUPTCY  DETAILS

 

Court  action  type

no

PROTESTED  BILLS

 

Bill  amount

-

NSSO  DETAILS

 

Date  of  summons

-

 

 

Company  information

 

Business  number

461487891

Company  name

AJARI  GEMS  BVBA

Fax  number

032331908

Date  founded

08/09/1997

Company  status

active

Company  type

Private  limited  liability

 

 

 

company

Currency

Euro  (€)

Date  of  latest  accounts

31/12/2016

Activity  code

46761

Number  of  staff

1

Activity  description

Wholesale  of  diamonds  and other  precious  stones

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)       

JIC  Code

200

Description

Additional  joint  committee  for  the  employees

category

 

JIC  Code

218

Description

Additional  national  joint  committee  for  the  employees

category

 

JIC  Code

324

Description

Joint  committee  for  the  industry  and  the  trade  in  diamant

category

 

 

Significant  Events

Event  Date

07/05/2012

Event  Description

re-appointment  of  director(s)

Event  Details

Commentaar  07-05-2012:  Herbenoemd  als  zaakvoerder  :  Sanghvi  Bharat  en  Golchna  Manish.

Event  Date

08/09/1997

Event  Description

Legal  creation

Event  Details

 

 

 

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

770,740

-2.38

789,544

1.18

780,318

-6.29

832,653

-5.34

879,670

Intangible  fixed  assets

26,329

-

0

-

0

-

0

-

0

Tangible  fixed  assets

744,411

-5.72

789,544

1.18

780,318

-6.29

832,653

-5.34

879,670

Land  &  building

674,989

-3.96

702,838

-3.81

730,688

-3.67

758,537

-3.54

786,387

Plant  &  machinery

47,587

-16.29

56,846

1867

2,890

-57.40

6,784

3.20

6,573

Furniture  &  Vehicles

21,835

-26.88

29,861

-36.11

46,741

-30.58

67,332

-22.35

86,710

Leasing  &  Other  Similar  Rights

0

-

0

-

0

-

0

-

0

Other  tangible  assets

0

-

0

-

0

-

0

-

0

Financial  fixed  assets

0

-

0

-

0

-

0

-

0

Total  current  assets

99,389,295

685

12,657,732

-33.92

19,154,453

0.58

19,043,866

77.90

10,704,751

Inventories

41,783,577

1081

3,535,119

-56.60

8,145,452

-31.57

11,902,926

262

3,286,932

Raw  materials  &  consumables

0

-

0

-

0

-

0

-

0

Work  in  progress

0

-

0

-

0

-

0

-

0

Finished  goods

41,783,577

1081

3,535,119

-56.60

8,145,452

-31.57

11,902,926

262

3,286,932

Other  stocks

0

-

0

-

0

-

0

-

0

Trade  debtors

56,574,219

587

8,234,872

-17.85

10,024,789

52.37

6,579,147

-3.04

6,785,169

Other  amounts  receivable

179,827

23.62

145,466

-50.11

291,576

233

87,455

1217

6,639

Cash

815,340

11.47

731,452

7.10

682,962

69.41

403,140

-31.40

587,676

Miscellaneous  current  assets

36,332

235

10,823

11.87

9,674

-86.41

71,198

85.72

38,335

Total  Assets

100,160,035

644

13,447,277

-32.54

19,934,771

0.29

19,876,519

71.58

11,584,421

 

Liabilities                                                                                                                                         

Total  shareholders  equity

39,812,700

2402

1,590,932

0.69

1,580,002

2.11

1,547,350

1.59

1,523,080

Issued  share  capital

18,600

0

18,600

0

18,600

0

18,600

0

18,600

Share  premium  account

0

-

0

-

0

-

0

-

0

Revaluation  reserve

0

-

0

-

0

-

0

-

0

Reserves

39,794,100

2430

1,572,332

0.70

1,561,402

2.14

1,528,750

1.61

1,504,480

Provisions  for  Liabilities  & Charges

0

-

0

-

0

-

0

-

0

Deffered  taxes

32,852

-3.77

34,140

-3.64

35,428

-3.51

36,717

-3.39

38,005

Creditors

60,314,483

410

11,822,205

-35.47

18,319,341

0.15

18,292,452

82.50

10,023,335

Other  long  term  loans

162,858

-13.13

187,468

-11.62

212,109

-10.84

237,898

-12.82

272,884

Other  long  term  liabilities

0

-

0

-

0

-

0

-

0

Total  long  term  debts

195,710

-11.69

221,608

-10.47

247,537

-9.86

274,615

-11.67

310,889

Current  portion  of  long  term  debt

26,214

6.38

24,641

-4.45

25,789

-26.29

34,986

11.54

31,367

Financial  debts

0

-100

1,496

-

0

-

0

-100

1,485

Trade  creditors

57,824,167

398

11,593,334

-35.75

18,044,953

0.28

17,995,123

101

8,928,373

Amounts  Payable  for  Taxes,

1,242,586

8561

14,347

-60.58

36,396

52.09

23,931

-21.91

30,645

Remuneration  &  Social  Security

 

 

 

 

 

 

 

 

 

Miscellaneous  current  liabilities

1,058,659

115069

919

879

94

-81.79

515

-99

758,581

Total  current  liabilities

60,151,625

417

11,634,737

-35.75

18,107,232

0.29

18,054,554

85.17

9,750,452

Total  Liabilities

100,160,035

644

13,447,277

-32.54

19,934,771

0.29

19,876,519

71.58

11,584,421

 

RATIO  ANALYSIS

 

TRADING PERFORMANCE

Profit  Before  Tax

15.49

51533

0.03

-75.00

0.12

50.0

0.08

-42.86

0.14

Return  on  capital  employed

98.58

12871

0.76

-68.98

2.45

32.43

1.85

-9.76

2.05

Return  on  total  assets  employed

39.38

39280

0.10

-54.55

0.22

29.41

0.17

-46.88

0.32

Return  on  net  assets  employed

99.06

11286

0.87

-69.37

2.84

30.28

2.18

-11.38

2.46

Sales  /  net  working  capital

6.49

-85.52

44.81

28.43

34.89

-18.14

42.62

56.17

27.29

Stock  turnover  ratio

16.41

112

7.71

-65.41

22.29

-21.04

28.23

123

12.62

Creditor  days

98.10

6.20

92.37

-48.85

180.57

15.73

156.03

24.39

125.44

Debtor  days

81.10

23.68

65.57

-34.53

100.15

75.83

56.96

-40.10

95.09

SHORT  TERM  STABILITY

 

 

 

 

 

 

 

 

 

Current  ratio

1.65

51.38

1.09

2.83

1.06

0.95

1.05

-4.55

1.10

Liquidity  ratio  /  acid  ratio

0.96

23.08

0.78

27.87

0.61

52.50

0.40

-47.37

0.76

Current  debt  ratio

1.51

-79.34

7.31

-36.21

11.46

-1.80

11.67

82.34

6.40

Cashflow

38,275,735

61954

61,681

-27.42

84,987

10.71

76,766

1.24

75,828

Net  worth

39,786,371

2400

1,590,932

0.69

1,580,002

2.11

1,547,350

1.59

1,523,080

LONG  TERM  STABILITY

 

 

 

 

 

 

 

 

 

Gearing

0.47

-96.50

13.43

-10.82

15.06

-14.63

17.64

-12.11

20.07

Equity  in  percentage

39.76

236

11.83

49.18

7.93

1.93

7.78

-40.84

13.15

Total  debt  ratio

1.52

-79.60

7.45

-35.89

11.62

-1.94

11.85

79.27

6.61

Working  capital

39,237,670

3735

1,022,995

-2.31

1,047,221

5.85

989,312

3.67

954,299

 

 

PROFIT  &  LOSS                

                                                                                                                                           

Operating  Income

254,617,898

442

46,948,711

27.79

36,739,077

-13.81

42,627,245

63.66

26,046,378

Turnover

254,612,938

455

45,838,346

25.46

36,535,068

-13.34

42,159,542

61.87

26,044,774

Total  operating  expenses

215,142,192

369

45,809,862

25.59

36,476,591

-13.35

42,096,067

62.04

25,979,433

Gross  Operating  Margin

-

-

-

-

-

-

-

-

-

Operating  Charges

254,619,038

442

46,920,227

27.92

36,680,600

-13.82

42,563,770

63.83

25,981,037

Employee  costs

42,217

22.63

34,426

-14.28

40,161

22.60

32,758

-36.12

51,281

Wages  and  salary

33,303

20.72

27,587

-13.05

31,727

26.69

25,044

-39.96

41,709

Employee  pension  costs

-

-

-

-

-

-

-

-

-

Social  security  contributions

6,906

34.64

5,129

-23.06

6,667

7.12

6,224

-20.87

7,865

Other  employee  costs

2,008

17.44

1,710

-3.24

1,767

18.56

1,491

-12.72

1,708

Director  remuneration

105,947

-0.75

106,743

5.00

101,664

10.94

91,638

13.99

80,390

Amortization  and  depreciation

53,966

6.33

50,752

-3.03

52,335

-0.31

52,496

12.86

46,513

Operating  result

39,470,746

138470

28,484

-51.29

58,477

-7.87

63,475

-2.85

65,340

Total  financial  income

12,818

-29.60

18,208

12.23

16,224

334

3,737

1276

271

Total  financial  expenses

42,717

29.73

32,927

10.23

29,872

-10.63

33,425

19.04

28,078

Results  on  ordinary  operations before  taxation

39,439,707

286423

13,765

-69.30

44,830

32.68

33,787

-9.98

37,534

Extraordinary  Income

1,140

68.74

676

-55.73

1,527

-

-

-

1,553

Extraordinary  Charges

-

-

-

-

-

-

-

-

-

Extraordinary  items

1,140

68.74

676

-55.73

1,527

-

0

-100

1,553

Extraordinary  Income

1,140

68.74

676

-55.73

1,527

-

-

-

1,553

Extraordinary  Charges

-

-

-

-

-

-

-

-

-

Extraordinary  items

1,140

68.74

676

-55.73

1,527

-

0

-100

1,553

Results  for  the  Year  Before Taxation

39,440,847

273022

14,441

-68.85

46,356

37.20

33,787

-13.56

39,087

Taxation

1,220,367

25326

4,800

-67.99

14,993

38.75

10,806

-2.31

11,061

Results  on  ordinary  operations after  taxation

38,219,340

426197

8,965

-69.95

29,837

29.83

22,981

-13.19

26,473

Net  result

38,221,769

349610

10,930

-66.53

32,652

34.54

24,270

-17.21

29,315

Profit  (Loss)  for  the  Year  to  be appropiated

38,224,271

284485

13,432

-61.79

35,154

31.31

26,772

-15.86

31,817

Dividends

-

-

-

-

-

-

-

-

-

 

 

Social  Balance  Sheet  Details

                                                                                                        

Social  Balance  Sheet  Details

 

Social  Balance  Sheet

Total

During  the  reporting  year

 

ended  31-12-2016

 

Full-time  Employees

1

Part-time  Employees

-

Total  Fte  Employees

1

Number  of  hours  worked

 

Full-time  Employees

2,221

Part-time  Employees

-

Total

2,221

Personnel  Charges

 

Full-time  Employees

42,217

Part-time  Employees

-

Total

42,217

Benefits  In  Addition  To  Wages

-

During  the  previous  reporting  year

 

Average  number  employees  in  Fte

1

Actual  working  hours

1,771

Personnel  Charges

34,426

Benefits  In  Addition  To  Wages

-

 

Type  of  Contract

Full-Time

Part-Time

Total  Fte

Unlimited  Duration

1

-

1

Contracts

 

 

 

Limited  Duration  Contracts

1

-

1

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

2

-

2

Secondairy  education

-

-

-

Higher  education  (non

-

-

-

university)

 

 

 

Higher  education

-

-

-

(university)

 

 

 

 

Working  Category

Full-Time

Part-Time

Total  Fte

Management

-

-

-

White  collar  worker

2

-

2

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

2

-

2

Leavers

1

-

1

 

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

98.10

Day  sales  outstanding

81.10

 

Industry  comparison                              

Activity  code

46761

Activity  description

Wholesale  of  diamonds  and  other  precious  stones

Industry  average  payment

200.28

expectation  days

 

Industry  average  day  sales outstanding

211.50

 

Industry  quartile  analysis

 

Payment  expectations

 

 

 

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

 

 

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

01/07/2017

Street

91 Groenenborgerlaan  Wilrijk  (Antwerpen)

Post  code

2610

Country

Belgium

Name

Shripal  Bhandari

Name

Manish  Shah

Position

Manager

Start  Date

01/07/2012

Street

34 JACOB  JORDAENSSTRAAT  ANTWERPEN

Post  code

2018

Country

Belgium

Name

Manish  Golchha

Position

Manager

Start  Date

01/07/2010

Street

25 SNEEUWBESLAAN  ANTWERPEN

Post  code

2610

Country

Belgium

Name

Bharat  Sanghvi

Position

Manager

Start  Date

08/09/1997

Street

118 LANGE  HERENTALSESTRAAT  ANTWERPEN

Post  code

2018

Country

Belgium

 


 

FOREIGN EXCHANGE RATES

 

Currency

Unit

Indian Rupees

US Dollar

1

INR 64.28

UK Pound

1

INR 89.02

Euro

1

INR 78.89

Euro

1

INR 79.26

 

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

 

 

INFORMATION DETAILS

 

Analysis Done by :

NIS

 

 

Report Prepared by :

TRU

 


 

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.