3decades

MIRA INFORM REPORT

Report No. :	493103
Report Date :	23.02.2018

IDENTIFICATION DETAILS

Name :	SUNNEX BVBA

Registered Office :	Hoveniersstraat 2-bus 540, 2018 Antwerpen

Country :	Belgium

Financials (as on) :	31.12.2016

Date of Incorporation :	09.11.1995

Com. Reg. No.:	456455769

Legal Form :	Private limited liability company

Line of Business :	Subject is engaged in Wholesale of diamonds and other precious stones

No. of Employees :	2

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 :	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

(30.09.2017)

Current Rating

(31.12.2017)

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	456455769
Branche Unit Number	2074088840
Company name	SUNNEX BVBA
Address	HOVENIERSSTRAAT 2-BUS 540
	2018 ANTWERPEN
Date of establishment	09/11/1995
Telephone number	3232984709
Mobile number	-
Fax number	-
Liable for VAT	yes
VAT Number	BE.0456.455.769 Check VAT number

Commentary

The business was established over 22 years ago. The business has 2 employees.

The business has been at the address for over 5 years. Operating Result in the latest trading period increased 38% on the previous trading period. Pre-tax profits increased by 166% compared to the previous trading period. The business saw a decrease in their Cash Balance of 64% during the latest trading perid.

Annual accounts

DATE OF LATEST ACCOUNTS	TURNOVER	PROFIT BEFORE TAX	NET WORTH	WORKING CAPITAL
31/12/2016	36,515,153	213,622	4,178,410	8,518,512
31/12/2015	40,325,800	80,212	4,075,217	8,259,558
31/12/2014	53,004,101	123,481	4,001,893	7,744,335
Accounts
DATE OF LATEST ACCOUNTS	BALANCE TOTAL	NUMBER OF EMPLOYEES	CAPITAL	CASHFLOW
31/12/2016	20,368,788	2	3,492,016	120,265
31/12/2015	18,512,796	2	3,492,016	93,718
31/12/2014	25,739,809	3	3,492,016	115,864

Payment expectations

Past payments		Payment expectation days	55.10
Industry average payment	200.93	Industry average day sales	212.08
expectation days		outstanding
Day sales outstanding	124

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	23,810	-41.76	40,882	-31.00	59,248	-24.14	78,101	-5.89	82,989
Intangible fixed assets	0	-	0	-	0	-	0	-	0
Tangible fixed assets	23,610	-41.96	40,682	-27.03	55,748	-25.27	74,601	-6.38	79,689
Land & building	0	-	0	-	0	-	0	-	0
Plant & machinery	23,505	-22.18	30,204	-6.39	32,268	-15.26	38,079	25.01	30,461
Furniture & Vehicles	105	-98.99	10,477	-55.38	23,480	-35.71	36,522	-25.81	49,227
Leasing & Other Similar Rights	0	-	0	-	0	-	0	-	0
Other tangible assets	0	-	0	-	0	-	0	-	0
Financial fixed assets	200	0	200	-94.29	3,500	0	3,500	6.06	3,300
Total current assets	20,344,978	10.14	18,471,914	-28.07	25,680,561	11.29	23,074,425	-0.46	23,182,206
Inventories	7,692,512	4.18	7,383,638	-31.47	10,773,553	85.25	5,815,728	9.91	5,291,528
Raw materials & consumables	0	-	0	-	0	-	0	-	0
Work in progress	0	-	0	-	0	-	0	-	0
Finished goods	7,692,512	4.18	7,383,638	-31.47	10,773,553	85.25	5,815,728	9.91	5,291,528
Other stocks	0	-	0	-	0	-	0	-	0
Trade debtors	12,405,496	17.60	10,549,294	-25.68	14,195,034	-10.09	15,787,393	-9.61	17,466,378
Other amounts receivable	57,934	31.32	44,118	7.43	41,065	15.50	35,553	-40.40	59,650
Cash	171,577	-64.32	480,829	-26.68	655,781	-53.95	1,423,990	300	355,288
Miscellaneous current assets	17,460	24.40	14,035	-7.23	15,128	28.63	11,761	25.62	9,362
Total Assets	20,368,788	10.03	18,512,796	-28.08	25,739,809	11.17	23,152,527	-0.48	23,265,195
Liabilities
Total shareholders equity	4,178,410	2.53	4,075,217	1.83	4,001,893	77.26	2,257,617	4.70	2,156,358
Issued share capital	3,492,016	0	3,492,016	0	3,492,016	89.29	1,844,750	0	1,844,750
Share premium account	0	-	0	-	0	-	0	-	0
Revaluation reserve	0	-	0	-	0	-	0	-	0
Reserves	686,394	17.69	583,201	14.38	509,877	23.50	412,866	32.50	311,607
Provisions for Liabilities & Charges	0	-	0	-	0	-	0	-	0
Deffered taxes	0	-	0	-	0	-	0	-	0
Creditors	16,190,378	12.14	14,437,579	-33.58	21,737,916	4.03	20,894,910	-1.01	21,108,837
Other long term loans	4,363,912	3.28	4,225,223	11.14	3,801,690	13.04	3,363,223	7923	41,915
Other long term liabilities	0	-	0	-	0	-	0	-	0
Total long term debts	4,363,912	3.28	4,225,223	11.14	3,801,690	13.04	3,363,223	7923	41,915
Current portion of long term debt	0	-100	12,875	-19.77	16,047	4.50	15,356	13.00	13,589
Financial debts	5,425,545	21.66	4,459,598	-27.16	6,122,851	-14.71	7,178,554	-3.72	7,455,891
Trade creditors	5,405,516	10.82	4,877,806	-55.59	10,983,890	30.32	8,428,226	-11.25	9,496,275
Amounts Payable for Taxes,	133,587	364	28,789	-56.02	65,464	39.78	46,834	76.49	26,536
Remuneration & Social Security
Miscellaneous current liabilities	861,818	3.42	833,289	11.41	747,976	-59.84	1,862,717	-54.29	4,074,632
Total current liabilities	11,826,466	15.81	10,212,356	-43.06	17,936,227	2.31	17,531,687	-16.78	21,066,922
Total Liabilities	20,368,788	10.03	18,512,796	-28.08	25,739,809	11.17	23,152,527	-0.48	23,265,195
ratio analysis
TRADING PERFORMANCE
Profit Before Tax	0.59	195	0.20	-13.04	0.23	4.55	0.22	15.79	0.19
Return on capital employed	2.50	157	0.97	-38.61	1.58	-30.70	2.28	-49.78	4.54
Return on total assets employed	1.05	144	0.43	-10.42	0.48	-12.73	0.55	27.91	0.43
Return on net assets employed	5.11	159	1.97	-36.25	3.09	-45.69	5.69	22.89	4.63
Sales / net working capital	4.29	-12.09	4.88	-28.65	6.84	-34.04	10.37	-57.95	24.66
Stock turnover ratio	21.07	15.07	18.31	-9.94	20.33	101	10.11	-0.30	10.14
Creditor days	55.10	23.21	44.72	-41.59	76.56	41.59	54.07	-19.60	67.25
Debtor days	124.00	29.87	95.48	-2.32	97.75	-2.45	100.21	-18.00	122.21
SHORT TERM STABILITY
Current ratio	1.72	-4.97	1.81	26.57	1.43	8.33	1.32	20.0	1.10
Liquidity ratio / acid ratio	1.07	-1.83	1.09	31.33	0.83	-15.31	0.98	15.29	0.85
Current debt ratio	2.83	12.75	2.51	-43.97	4.48	-42.34	7.77	-20.47	9.77
Cashflow	120,265	28.33	93,718	-19.11	115,864	-2.87	119,286	20.88	98,682
Net worth	4,178,410	2.53	4,075,217	1.83	4,001,893	77.26	2,257,617	4.70	2,156,358
LONG TERM STABILITY
Gearing	234.29	9.77	213.43	-14.08	248.40	-46.88	467.62	34.24	348.34
Equity in percentage	20.51	-6.82	22.01	41.54	15.55	59.49	9.75	5.18	9.27
Total debt ratio	3.87	9.32	3.54	-34.81	5.43	-41.36	9.26	-5.41	9.79
Working capital	8,518,512	3.14	8,259,558	6.65	7,744,335	39.72	5,542,738	162	2,115,284

Profit & loss
Operating Income	36,518,548	-9.44	40,327,476	-23.92	53,005,841	-7.82	57,502,254	10.23	52,166,230
Turnover	36,515,153	-9.45	40,325,800	-23.92	53,004,101	-7.82	57,500,845	10.23	52,165,261
Total operating expenses	35,810,765	-10.06	39,816,457	-23.96	52,364,398	-7.96	56,895,216	10.39	51,540,667
Gross Operating Margin	-	-	-	-	-	-	-	-	-
Operating Charges	36,518,548	-8.29	39,818,133	-23.96	52,366,138	-7.96	56,896,625	10.39	51,541,636
Employee costs	98,783	3.78	95,187	-6.87	102,209	43.22	71,366	120	32,421
Wages and salary	81,023	4.89	77,243	-9.13	85,002	31.19	64,791	125	28,735
Employee pension costs	-	-	-	-	-	-	-	-	-
Social security contributions	16,188	-5.61	17,150	6.59	16,089	236	4,786	43.04	3,346
Other employee costs	1,572	97.88	794	-28.97	1,119	-37.47	1,789	425	341
Director remuneration	-	-	-	-	-	-	-	-	-
Amortization and depreciation	17,072	-16.29	20,394	8.17	18,853	4.58	18,027	7.49	16,771
Operating result	704,387	38.29	509,343	-20.38	639,703	5.63	605,629	-3.04	624,594
Total financial income	825	-11.67	934	-73.26	3,495	1033	308	-94.74	5,861
Total financial expenses	491,591	14.31	430,066	-17.25	519,716	8.83	477,545	-10.02	530,710
Results on ordinary operations	213,622	166	80,212	-35.04	123,481	-3.83	128,393	28.72	99,745
before taxation
Extraordinary Income	-	-	4,549	-93.33	68,172	1850	3,495	-	-
Extraordinary Charges	-	-	-	-	82,773	2505	3,177	-	-
Extraordinary items	-	-	4,549	31.15	-14,601	-4695	318	-	0
Results for the Year Before	213,622	152	84,760	-22.15	108,881	-15.41	128,710	29.04	99,745
Taxation
Taxation	110,429	865	11,436	-3.66	11,870	-56.76	27,452	53.93	17,834
Results on ordinary operations	103,193	50.04	68,776	-38.38	111,611	10.57	100,941	23.23	81,911
after taxation
Net result	103,193	40.73	73,324	-24.42	97,011	-4.20	101,259	23.62	81,911
Profit (Loss) for the Year to be appropiated	103,193	40.73	73,324	-24.42	97,011	-4.20	101,259	23.62	81,911

Social Balance Sheet Details

Social Balance Sheet Details

Social Balance Sheet	Total
During the reporting year
ended 31-12-2016
Full-time Employees	2
Part-time Employees	-
Total Fte Employees	2
Number of hours worked
Full-time Employees	3,967
Part-time Employees	-
Total	3,967
Personnel Charges
Full-time Employees	98,783
Part-time Employees	-
Total	98,783
Benefits In Addition To Wages	-
During the previous reporting year
Average number employees in Fte	2
Actual working hours	3,762
Personnel Charges	95,187
Benefits In Addition To Wages	-

Type of Contract	Full-Time	Part-Time	Total Fte
Unlimited Duration	2	-	2
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	2	-	2
Secondairy education	-	-	-
Higher education (non	-	-	-
university)
Higher education (university)	-	-	-
Women	Full-Time	Part-Time	Total Fte
Primary education	-	-	-
Secondairy education	1	-	1
Higher education (non (university)	-	-	-
Higher education (university)	-	-	-
Working Category	Full-Time	Part-Time	Total Fte
Management	-	-	-
White collar worker	2	-	2
Blue collar worker	1	-	1
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	1	-	1
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
industry average credit	69.50

Payment Information

Payment Information Summary
Total number of Invoices available	7
Total number of Invoices paid within or up to 30 days after the due date	6
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	1

Suspension of payments / moratorium history
Amount	-
Details	-

Payment expectations
Payment expectation days	55.10
Day sales outstanding	124

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	55.10
Lower	131.18
Median	58.79
Upper	26.55

Day sales outstanding
Company result	124
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

Business	Company name	%	Date of
number			accounts
550865869	SUNDIAM DMCC, BO	-	-

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	Permanent representative legal entity
Start Date	01/07/2016
Street	48 FAZANTENLAAN Wilrijk (Antwerpen)
Post code	2610
Country	Belgium
Name	PARINKUMAR SHAH
Name	Nikunjkumar Doshi
Position	Person responsible for day-to-day management
Start Date	17/07/2016
Street
Post code
Country
Name	SUNDIAM DMCC, BO
Position	Manager
Start Date	01/07/2016
Street
Post code
Country
Former director details
Name	Kaushal Shah
Position	Manager
Start Date	31/10/2008
End Date	30/06/2016
Street	48 FAZANTENLAAN ANTWERPEN
Post code	2610
Country	Belgium
Name	Rajesh Shah
Position	Manager
Start Date	01/07/2007
End Date	01/06/2009
Street	48 FAZANTENLAAN Wilrijk (Antwerpen)
Post code	2610
Country	Belgium

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	INR 65.05
UK Pound	1	INR 90.41
Euro	1	INR 79.82
Euro	1	INR 79.83

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

INFORMATION DETAILS

Analysis Done by :	PRA

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	-
Joint Industrial Committee (JIC)
Significant Events
Event Date	27/03/2014
Event Description
Event Details	De 76 nieuwe aandelen worden toegekend aan de vennootschap Sundiam DMCC.

MIRA INFORM REPORT

Company summary

Company information

Financials

Social Balance Sheet Details

Payment Information

Shareholder Details

Linked Companies

Director details

Unit