MIRA INFORM REPORT

 

 

Report No. :

494070

Report Date :

26.02.2018

 

 

 

IDENTIFICATION DETAILS

 

Name :

SANGHAVI JEWELS BVBA

 

 

Registered Office :

Hoveniersstraat 30, Box 169 3rd Floor Suite 348/349, 2018 Antwerpern

 

 

Country :

Belgium

 

 

Financials (as on) :

31.12.2016

 

 

Date of Incorporation :

27.07.2001

 

 

Com. Reg. No.:

475439956

 

 

Legal Form :

Private  limited  liability company

 

 

Line of Business :

Wholesale  of  watches  and jewellery

 

 

No. of Employees :

Not available

 

 

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

(30.09.2017)

Current Rating

(31.12.2017)

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. 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 name

 

SANGHAVI  JEWELS  BVBA 

 

 

Company summary                        

 

Business  number

475439956

Branche  Unit  Number

2116416769

Company  name

SANGHAVI  JEWELS  BVBA

Address

HOVENIERSSTRAAT  30-BUS  169

 

2018 ANTWERPEN

Date  of  establishment

27/07/2001

Telephone  number

3232561641

Mobile  number

-

Fax  number

-

Liable  for  VAT

yes

VAT  Number

BE.0475.439.956  Check  VAT  number

 

 

Commentary

 

The  business  was  established  over  16  years  ago.

No  employees  are  recorded  for  this  business.

The  business  has  been  at  the  address  for  over  13  years.

Operating  Result  in  the  latest  trading  period  decreased  32%  on  the  previous  trading  period.

Pre-tax  profits  decreased  by  25%  compared  to  the  previous  trading  period.

The  business  saw  an  increase  in  their  Cash  Balance  of  55%  during  the  latest  trading  period.

Turnover  in  the  latest  trading  period  decreased  60%  on  the  previous  trading  period.

 

 

Annual  accounts

 

DATE  OF  LATEST  ACCOUNTS

TURNOVER

PROFIT  BEFORE  TAX

NET  WORTH

WORKING  CAPITAL

31/12/2016

875,297

5,124

91,032

90,669

31/12/2015

2,211,105

6,840

86,809

86,809

31/12/2014

653,192

5,004

79,968

79,968

Accounts

 

 

 

 

DATE  OF  LATEST  ACCOUNTS

BALANCE  TOTAL

NUMBER  OF  EMPLOYEES

CAPITAL

CASHFLOW

31/12/2016

2,835,315

-

18,600

4,405

31/12/2015

-

-

18,600

6,840

31/12/2014

-

-

18,600

5,288

 

 

Payment  expectations

 

Past  payments

 

Payment  expectation  days

1136.27

Industry  average  payment

230.35

Industry  average  day  sales

957.19

expectation  days

 

outstanding

 

Day  sales  outstanding

795.99

 

 

 

 

Court  data  summary

 

BANKRUPTCY  DETAILS

Court  action  type

no

 

 

PROTESTED  BILLS

Bill  amount

-

 

 

NSSO  DETAILS

Date  of  summons

-

 

 

Company  information

 

Business  number

475439956

Company  name

SANGHAVI  JEWELS  BVBA

Fax  number

-

Date  founded

27/07/2001

Company  status

active

Company  type

Private  limited  liability

 

 

 

company

Currency

Euro  (€)

Date  of  latest  accounts

31/12/2016

Activity  code

46480

Number  of  staff

-

Activity  description

Wholesale  of  watches  and jewellery

 

 

Belgian  Bullettin  of  Acts Publications

moniteur  belge

 

 

 

 

Contractor  details

 

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

10/02/2012

Event  Description

re-appointment  of  director(s)

Event  Details

Commentaar  10-02-2012:  Herbenoemd  als  zaakvoerder  :  Shah  Ishan.

Event  Date

27/07/2001

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

364

-

0

-

0

-100

284

-94.21

4,912

Intangible  fixed  assets

0

-

0

-

0

-

0

-

0

Tangible  fixed  assets

364

-

0

-

0

-100

284

-50.00

568

Land  &  building

0

-

0

-

0

-

0

-

0

Plant  &  machinery

0

-

0

-

0

-

0

-

0

Furniture  &  Vehicles

364

-

0

-

0

-100

284

-50.00

568

Leasing  &  Other  Similar  Rights

0

-

0

-

0

-

0

-

0

Other  tangible  assets

0

-

0

-

0

-

0

-

0

Financial  fixed  assets

0

-

0

-

0

-

0

-100

4,343

Total  current  assets

2,834,952

15.95

2,444,962

3.50

2,362,248

38.17

1,709,677

17.03

1,460,894

Inventories

742,350

79.07

414,547

151

164,969

49.64

110,242

-1.09

111,461

Raw  materials  &  consumables

0

-

0

-

0

-

0

-

0

Work  in  progress

0

-

0

-

0

-

0

-

0

Finished  goods

0

-

0

-

0

-

0

-

0

Other  stocks

742,350

79.07

414,547

151

164,969

49.64

110,242

-1.09

111,461

Trade  debtors

1,908,853

1.42

1,882,170

-6.87

2,021,034

47.10

1,373,941

15.80

1,186,445

Other  amounts  receivable

109,816

9.17

100,590

1.39

99,215

-6.10

105,664

35.97

77,711

Cash

73,933

55.14

47,655

-38.13

77,030

-35.72

119,830

40.52

85,278

Miscellaneous  current  assets

0

-

0

-

0

-

0

-

0

Total  Assets

2,835,315

15.97

2,444,962

3.50

2,362,248

38.15

1,709,961

16.66

1,465,806

Liabilities

 

 

 

 

 

 

 

 

 

Total  shareholders  equity

91,032

4.87

86,809

8.55

79,968

6.68

74,964

-4.77

78,722

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

72,432

6.19

68,209

11.15

61,368

8.88

56,364

-6.25

60,122

Provisions  for  Liabilities  &  Charges

0

-

0

-

0

-

0

-

0

Deffered  taxes

0

-

0

-

0

-

0

-

0

Creditors

2,744,283

16.37

2,358,154

3.32

2,282,280

39.59

1,634,996

17.87

1,387,084

Other  long  term  loans

0

-

0

-

0

-

0

-

0

Other  long  term  liabilities

0

-

0

-

0

-

0

-

0

Total  long  term  debts

0

-

0

-

0

-

0

-

0

Current  portion  of  long  term  debt

0

-

0

-

0

-

0

-

0

Financial  debts

0

-

0

-100

7,453

-70.42

25,199

108

12,076

Trade  creditors

2,700,712

17.18

2,304,675

3.47

2,227,361

43.04

1,557,181

18.07

1,318,822

Amounts  Payable  for  Taxes,

1,485

197

500

0

500

-86.67

3,750

212

1,200

Remuneration  &  Social  Security

 

 

 

 

 

 

 

 

 

Miscellaneous  current  liabilities

42,086

-20.56

52,978

12.80

46,966

-3.89

48,866

-11.13

54,986

Total  current  liabilities

2,744,283

16.37

2,358,154

3.32

2,282,280

39.59

1,634,996

17.87

1,387,084

Total  Liabilities

2,835,315

15.97

2,444,962

3.50

2,362,248

38.15

1,709,961

16.66

1,465,806

ratio  analysis

 

 

 

 

 

 

 

 

 

TRADING  PERFORMANCE

 

 

 

 

 

 

 

 

 

Profit  Before  Tax

0.59

90.32

0.31

-59.74

0.77

84.62

-0.91

22.92

-3.97

Return  on  capital  employed

5.63

-28.55

7.88

25.88

6.26

124

-5.01

24.78

-20.22

Return  on  total  assets  employed

0.18

-35.71

0.28

33.33

0.21

95.45

-0.22

20.18

-1.09

Return  on  net  assets  employed

5.63

-28.55

7.88

25.88

6.26

124

-5.01

24.78

-20.22

Sales  /  net  working  capital

9.65

-62.11

25.47

211

8.17

48.01

5.52

1.66

5.43

Stock  turnover  ratio

84.81

352

18.75

-25.77

25.26

-5.50

26.73

-3.88

27.81

Creditor  days

1,136.27

197

382.43

-69.61

1,258.53

-8.31

1,372.60

18.26

1,160.70

Debtor  days

795.99

156

310.70

-72.49

1,129.34

-7.12

1,215.97

12.53

1,080.62

SHORT  TERM  STABILITY

 

 

 

 

 

 

 

 

 

Current  ratio

1.03

-0.96

1.04

0

1.04

-0.95

1.05

0

1.05

Liquidity  ratio  /  acid  ratio

0.76

-11.63

0.86

-10.42

0.96

-2.04

0.98

1.03

0.97

Current  debt  ratio

30.15

11.01

27.16

-4.84

28.54

30.86

21.81

23.78

17.62

Cashflow

4,405

-35.60

6,840

29.35

5,288

152

-3,474

22.91

-15,164

Net  worth

91,032

4.87

86,809

8.55

79,968

6.68

74,964

-4.77

78,722

LONG  TERM  STABILITY

 

 

 

 

 

 

 

 

 

Gearing

-

-

-

-

9.32

-72.27

33.61

119

15.34

Equity  in  percentage

3.21

-9.58

3.55

4.72

3.39

-22.60

4.38

-18.44

5.37

Total  debt  ratio

30.15

11.01

27.16

-4.84

28.54

30.86

21.81

23.78

17.62

Working  capital

90,669

4.45

86,809

8.55

79,968

7.08

74,680

1.18

73,811

Profit  &  loss

 

 

 

 

 

 

 

 

 

Operating  Income

-

-

-

-

-

-

-

-

-

Turnover

875,297

-60.41

2,211,105

238

653,192

58.38

412,419

2.91

400,743

Total  operating  expenses

867,541

-60.56

2,199,628

240

645,981

56.00

414,083

-0.15

414,724

Gross  Operating  Margin

9,189

-27.29

12,638

45.77

8,670

7208

-120

-101

6,143

Operating  Charges

0

-

-

-

-

-

-

-

-

Employee  costs

-

-

-

-

-

-

-

-

-

Wages  and  salary

-

-

-

-

-

-

-

-

-

Employee  pension  costs

-

-

-

-

-

-

-

-

-

Social  security  contributions

-

-

-

-

-

-

-

-

-

Other  employee  costs

-

-

-

-

-

-

0

-

0

Director  remuneration

-

-

-

-

-

-

-

-

-

Amortization  and  depreciation

182

-

-

-

284

0.00

284

-63.83

786

Operating  result

7,756

-32.42

11,477

59.16

7,211

433

-1,664

11.90

-13,980

Total  financial  income

22

-90.74

233

216

74

2638

3

-

-

Total  financial  expenses

2,654

-45.50

4,869

113

2,280

8.75

2,097

8.38

1,935

Results  on  ordinary  operations  before  taxation

5,124

-25.10

6,840

36.70

5,004

133

-3,758

23.61

-15,915

Extraordinary  Income

-

-

-

-

-

-

-

-

-

Extraordinary  Charges

-

-

-

-

-

-

-

-

-

Extraordinary  items

-

-

-

-

-

-

0

-

0

Results  for  the  Year  Before  Taxation

5,124

-25.10

6,840

36.70

5,004

133

-3,758

23.61

-15,915

Taxation

900

-

-

-

-

-

0

-99

35

Results  on  ordinary  operations  after  taxation

4,224

-38.25

6,840

36.70

5,004

133

-3,758

23.56

-15,950

Net  result

4,224

-38.25

6,840

36.70

5,004

133

-3,758

23.56

-15,950

Profit  (Loss)  for  the  Year  to  be  appropiated

4,224

-38.25

6,840

36.70

5,004

133

-3,758

23.56

-15,950

Dividends

-

-

-

-

-

-

-

-

-

 

 

Social  Balance  Sheet  Details

 

Social  Balance  Sheet  Details

Social  Balance  Sheet

 

Total

 

During  the  reporting  year

 

 

 

ended  31-12-2016

 

 

 

Full-time  Employees

 

-

 

Part-time  Employees

 

-

 

Total  Fte  Employees

 

-

 

Number  of  hours  worked

 

 

 

Full-time  Employees

 

-

 

Part-time  Employees

 

-

 

Total

 

-

 

Personnel  Charges

 

 

 

Full-time  Employees

 

-

 

Part-time  Employees

 

-

 

Total

 

-

 

Benefits  In  Addition  To  Wages

 

-

 

During  the  previous  reporting  year

 

 

 

Average  number  employees  in  Fte

 

-

 

Actual  working  hours

 

-

 

Personnel  Charges

 

-

 

Benefits  In  Addition  To  Wages

 

-

 

Type  of  Contract

Full-Time

Part-Time

Total  Fte

Unlimited  Duration

-

-

-

Contracts

 

 

 

Limited  Duration  Contracts

-

-

-

Contracts  For  Specific  Work

-

-

-

Contracts  Regarding

-

-

-

Substitution

 

 

 

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

46480

Activity  description

Wholesale  of  watches  and  jewellery

 

 

Payment  Information

 

Suspension  of  payments  /  moratorium  history

Amount

-

Details

-

Payment  expectations

 

Payment  expectation  days

1136.27

Day  sales  outstanding

795.99

Industry  comparison

 

Activity  code

46480

Activity  description

Wholesale  of  watches  and  jewellery

Industry  average  payment expectation  days

230.35

Industry  average  day  sales outstanding

957.19

 

 

Industry  quartile  analysis

 

Payment  expectations

Company  result

1136.27

Lower

164.32

Median

48.32

Upper

18.53

 

 

Day  sales  outstanding

 

Company  result

795.99

Lower

181.39

Median

62.32

Upper

13.07

 

 

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

10/02/2012

Street

15 VAN  EYCKLEI  ANTWERPEN

Post  code

2018

Country

Belgium

Name

Ishan  Shah

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

INR 64.82

UK Pound

1

INR 90.40

Euro

1

INR 79.76

Euro

1

INR 79.71 

 

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

 

 

INFORMATION DETAILS

 

Analysis Done by :

NIS

 

 

Report Prepared by :

SYL

                                                


 

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.