MIRA INFORM REPORT

 

 

Report Date :

20.12.2014

 

IDENTIFICATION DETAILS

 

Name :

VARUNDIAM BVBA

 

 

Registered Office :

Hoveniersstraat 2-Bus 1212 2018 Antwerpen

 

 

Country :

Belgium

 

 

Financials (as on) :

31.12.2013

 

 

Date of Incorporation :

28.06.1988

 

 

Com. Reg. No.:

434488239

 

 

Legal Form :

Private Limited Company

 

 

LINE OF BUSINESS :

WHOLESALE OF WATCHES AND JEWELLERY.

 

 

No of Employees :

01

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Status :

Satisfactory

Payment Behaviour :

No Complaints

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 – September 30, 2014

 

Country Name

Previous Rating

(30.06.2014)

Current Rating

(30.09.2014)

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 volatility in world markets. Roughly three-quarters of Belgium's trade is with other EU countries, and Belgium has benefited most from its proximity to Germany. In 2013 Belgian GDP grew by 0.1%, the unemployment rate increased to 8.8% from 7.6% the previous year, and the government reduced the budget deficit from a peak of 6% of GDP in 2009 to 3.2%. Despite the relative improvement in Belgium's budget deficit, public debt hovers around 100% of GDP, a factor that has contributed to investor perceptions that the country is increasingly vulnerable to spillover from the euro-zone crisis. Belgian banks were severely affected by the international financial crisis in 2008 with three major banks receiving capital injections from the government, and the nationalization of the Belgian retail arm of a Franco-Belgian bank.

 

Source : CIA

Company summary

 

Business number                     434488239

Company name                       VARUNDIAM BVBA

Address                                    HOVENIERSSTRAAT 2-BUS 1212 2018 ANTWERPEN

Number of staff                        0

Date of establishment              28/06/1988

Telephone number                  032342469

Fax number                             032325394

 

 

 

 

Commentary

 

The business was established over 26 years ago.

The business has 1 employees.

The business has been at the address for over 16 years.

The business saw an increase in their Cash Balance of 112% during the latest trading period.

 

 

ACCOUNTS

DATE  OF  LATEST  ACCOUNTS

TURNOVER

PROFIT  BEFORE  TAX

NET  WORTH

WORKING  CAPITAL

31/12/2013

 

43,104

1,190,345

1,176,496

31/12/2012

 

49,173

1,190,213

1,203,686

31/12/2011

 

44,698

1,181,566

1,226,378

 

 

 

 

 

ACCOUNTS

 

 

 

 

DATE  OF  LATEST  ACCOUNTS

BALANCE  TOTAL

NUMBER  OF  EMPLOYEES

CAPITAL

CASHFLOW

31/12/2013

2,422,907

0

18,592

61,943

31/12/2012

2,121,049

0

18,592

69,182

31/12/2011

3,014,448

0

18,592

56,628

 

 

Payment Expectations

 

Past payments

Payment expectation days

--

Industry average payment            243.31 expectation days

Industry average day sales outstanding

356.62

Day Sales Outstanding                  --

 

 

 

 

Court data summary

 

BANKRUPTCY DETAILS

Court action type PROTESTED BILLS

No

 

 

 

Bill amount

-

 

 

 

NSSO DETAILS

Date of summons

-

 

 

 

 

 

Company information

 

Business  number

434488239

Company  name

VARUNDIAM  BVBA

Fax  number

032325394

Date  founded

28/06/1988

Company  status

active

Company  type

Private  Limited  Company (BL/LX)           

Currency

Euro  (€)

Date  of  latest  accounts

31/12/2013

Activity  code

46480

Liable  for  VAT

yes

Activity  description

Wholesale  of  watches  and jewellery

VAT  Number

BE.0434.488.239  Check  VAT Number

Belgian  Bullettin  of  Acts

moniteur  belge

 

 

 

 

Joint Industrial Committee (JIC)

 

JIC Code                      218

Description                  Additional national joint committee for the employees

category

 

 

company accounts

 

ASSETS

 

 

 

 

 

 

 

 

 

Annual  accounts

31-12-2013

%

31-12-2012

%

31-12-2011

%

31-12-2010

%

31-12-2009

Weeks

52

 

52

 

52

 

52

 

52

Currency

EUR

 

EUR

 

EUR

 

EUR

 

EUR

Total  fixed  assets

240,572

35.01

178,189

18.68

150,145

-6.61

160,775

23.13

130,575

Intangible  fixed  assets

0

-

0

-

0

-

0

-

0

Tangible  fixed  assets

233,372

36.48

170,989

13.88

150,145

-6.61

160,775

23.13

130,575

Land  &  building

199,697

65.32

120,796

-2.38

123,747

-2.33

126,698

-0.08

126,805

Plant  &  machinery

1,390

-28.04

1,932

14.68

1,684

37.04

1,229

-37.98

1,982

Furniture  &  Vehicles

32,285

-33.10

48,261

95.29

24,713

-24.76

32,848

1737

1,788

Leasing  &  Other  Similar  Rights

-

-

-

-

-

-

-

-

-

Other  tangible  assets

0

-

0

-

0

-

0

-

0

Financial  fixed  assets

7,200

0

7,200

-

-

-

-

-

-

Total  current  assets

2,182,334

12.33

1,942,860

-32.17

2,864,303

-2.29

2,931,511

62.14

1,807,994

Inventories

1,155,002

-1.42

1,171,627

-28.57

1,640,173

33.03

1,232,973

-15.94

1,466,790

Raw  materials  &  consumables

-

-

-

-

-

-

-

-

-

Work  in  progress

0

-

0

-

0

-

0

-

0

Finished  goods

0

-

0

-

0

-

0

-

0

Other  stocks

1,155,002

-1.42

1,171,627

-28.57

1,640,173

33.03

1,232,973

-15.94

1,466,790

Trade  debtors

667,553

13.97

585,736

-47.61

1,118,021

-27.78

1,548,097

502

256,787

Other  amounts  receivable

48,303

22.37

39,472

136

16,677

420

3,206

-74.61

12,628

Cash

308,435

112

144,884

62.00

89,432

-39.26

147,235

111

69,466

Miscellaneous  current  assets

3,041

166

1,142

-

0

-

0

-100

2,323

Total  Assets

2,422,907

14.23

2,121,049

-29.64

3,014,448

-2.52

3,092,286

59.51

1,938,569

LIABILITIES

 

 

 

 

 

 

 

 

 

Total  shareholders  equity

 

1,190,345

0.01

1,190,213

0.73

1,181,566

0.48

1,175,867

0.07

1,175,090

Issued  share  capital

 

18,592

0

18,592

0

18,592

0

18,592

0.00

18,592

Share  premium  account

-

-

-

-

-

-

-

-

-

Revaluation  reserve

-

-

-

-

-

-

-

-

-

Reserves

1,171,753

0.01

1,171,621

0.74

1,162,974

0.49

1,157,275

0.07

1,156,498

Provisions  for  Liabilities  &  Charges

0

-

0

-

0

-

0

-

0

Deffered  taxes

-

-

-

-

-

-

-

-

-

Creditors

1,232,562

32.41

930,836

-49.21

1,832,882

-4.36

1,916,419

151

763,479

Other  long  term  loans

222,224

15.95

191,662

-1.69

194,957

-6.78

209,137

10.89

188,603

Long  term  group  loans

-

-

-

-

-

-

-

-

-

Other  long  term  liabilities

4,500

-

0

-

0

-

0

-

0

Total  long  term  debts

226,724

18.29

191,662

-1.69

194,957

-6.78

209,137

10.89

188,603

Current  portion  of  long  term  debt

34,806

29.27

26,925

46.25

18,411

9.00

16,891

72.92

9,768

Financial  debts

206,931

20.44

171,816

72.03

99,874

115

46,452

-33.77

70,142

Trade  creditors

719,707

45.65

494,149

-66.47

1,473,704

-8.35

1,607,977

247

462,734

Amounts  Payable  for  Taxes,

4,394

-24.20

5,796

-16.42

6,935

39.77

4,962

53.53

3,232

Remuneration  &  Social  Security

 

 

 

 

 

 

 

 

 

Miscellaneous  current  liabilities

40,000

-1.20

40,487

3.81

39,000

25.81

31,000

6.90

29,000

Total  current  liabilities

1,005,838

36.08

739,174

-54.87

1,637,925

-4.06

1,707,282

196

574,876

Total  Liabilities

2,422,907

14.23

2,121,049

-29.64

3,014,448

-2.52

3,092,286

59.51

1,938,569

 

 

RATIO  ANALYSIS

 

 

 

 

 

 

 

 

 

TRADING  PERFORMANCE

 

 

 

 

 

 

 

 

 

Profit  Before  Tax

-

-

-

-

-

-

-

-

-

Return  on  capital  employed

3.04

-14.61

3.56

9.54

3.25

40.69

2.31

5.00

2.20

Return  on  total  assets  employed

1.78

-23.28

2.32

56.76

1.48

43.69

1.03

-33.55

1.55

Return  on  net  assets  employed

3.62

-12.35

4.13

9.26

3.78

38.97

2.72

6.67

2.55

Sales  /  net  working  capital

-

-

-

-

-

-

-

-

-

Stock  turnover  ratio

-

-

-

-

-

-

-

-

-

Creditor  days

-

-

-

-

-

-

-

-

-

Debtor  days

-

-

-

-

-

-

-

-

-

SHORT  TERM  STABILITY

 

 

 

 

 

 

 

 

 

Current  ratio

2.17

-17.49

2.63

50.29

1.75

1.74

1.72

-45.40

3.15

Liquidity  ratio  /  acid  ratio

1.02

-1.92

1.04

38.67

0.75

-24.24

0.99

67.80

0.59

Current  debt  ratio

0.84

35.48

0.62

-55.40

1.39

-4.14

1.45

195

0.49

Liquidity  ratio  reprocessed

-

-

-

-

-

-

-

-

-

Cashflow

61,943

-10.46

69,182

22.17

56,628

28.89

43,933

27.11

34,564

Net  worth

1,190,345

0.01

1,190,213

0.73

1,181,566

0.48

1,175,867

0.07

1,175,090

 

LONG TERM STABILITY

Gearing

38.98

18.84

32.80

23.73

26.51

 

14.42

23.17

1.40

22.85

Equity  in  percentage

49.13

-12.44

56.11

43.14

39.20

 

3.08

38.03

-37.26

60.62

Total  debt  ratio

1.04

33.33

0.78

-49.68

1.55

 

-4.91

1.63

150

0.65

Working  capital

1,176,496

-2.26

1,203,686

-1.85

 

1,226,378

0.18

1,224,229

-0.72

1,233,118

 

PROFIT  &  LOSS

 

 

 

 

 

 

 

 

 

Operating  Income

-

-

-

-

-

-

-

-

-

Turnover

-

-

-

-

-

-

-

-

-

Total  operating  expenses

-

-

-

-

-

-

-

-

-

Gross  Operating  Margin

45,751

1208

-3,785

-103

97,782

-42.34

169,574

315

40,800

Operating  Charges

-

-

-

-

-

-

-

-

-

Employee  costs

24,390

2.06

23,898

3.35

23,124

3.28

22,389

-1.97

22,839

Wages  and  salary

19,939

2.33

19,486

4.55

18,638

2.49

18,185

0.81

18,039

Employee  pension  costs

-

-

-

-

-

-

-

-

-

Social  security  contributions

4,155

0.75

4,125

4.61

3,943

3.89

3,795

-3.48

3,932

Other  employee  costs

295

2.63

288

-47.09

544

32.83

409

-52.80

867

Director  remuneration

-

-

-

-

-

-

-

-

-

Amortization  and  depreciation

21,811

6.21

20,535

72.14

11,929

-1.86

12,156

173

4,449

Operating  result

-3,224

6.26

-51,513

-185

60,585

-54.33

132,657

1043

11,603

Total  financial  income

183,228

-46.25

340,882

-5.39

360,314

97.87

182,099

163

68,996

Total  financial  expenses

136,901

-43.00

240,195

-36.15

376,201

33.05

282,753

458

50,638

Results  on  ordinary  operations  before  taxation

43,104

-12.34

49,173

10.01

44,698

39.67

32,002

6.82

29,960

Extraordinary  Income

-

-

500

-

-

-

1,500

874

154

Extraordinary  Charges

-

-

-

-

-

-

-

-

-

Extraordinary  items

0

-100

500

-

0

-100

1,500

874

154

Results  for  the  Year  Before  Taxation

43,104

-13.22

49,673

11.13

44,698

33.42

33,502

11.25

30,115

Other  appropriations

-

-

-

-

-

-

-

-

-

Taxation

2,972

189

1,026

-

-

-

1,725

-

-

Results  on  ordinary  operations  after  taxation

40,132

-16.65

48,147

7.72

44,698

47.63

30,277

1.06

29,960

Net  result

40,132

-17.50

48,647

8.83

44,698

40.66

31,777

5.52

30,115

Profit  (Loss)  for  the  Year  to  be  appropiated

40,132

-17.50

48,647

8.83

44,698

40.66

31,777

5.52

30,115

Dividends

-

-

-

-

-

-

-

-

-

 

Social Balance sheet details

 

Social  Balance  Sheet

Total

During  the  reporting  year

 

ended  31-12-2013

 

Full-time  Employees

-

Part-time  Employees

1

Total  Fte  Employees

1

Number  of  hours  worked

 

Full-time  Employees

-

Part-time  Employees

1,095

Total

1,095

Personnel  Charges

 

Full-time  Employees

-

Part-time  Employees

24,390

Total

24,390

Benefits  In  Addition  To  Wages

-

During  the  previous  reporting  year

 

Average  number  employees  in  Fte

1

Actual  working  hours

1,097

Personnel  Charges

23,898

Benefits  In  Addition  To  Wages

-

 

 

Type  of  Contract

Full-Time

Part-Time

Total  Fte

Unlimited  Duration Contracts

-

1

1

 

 

Gender  and  Education

 

 

 

Women

Full-Time

Part-Time

Total  Fte

Secondairy  education

-

1

1

 

Working  Category

Full-Time

Part-Time

Total  Fte

White  collar  worker

-

1

1

 

 

INDUSTRY COMPARISON

 

Activity code

46480

Activity description

Wholesale of watches and jewellery.

 

 

Payment INFORMATION

 

Industry  comparison

 

Activity  code

46480

Activity  description

Wholesale  of  watches  and  jewellery

Industry  average  payment expectation days

243.31

Industry average day sales outstanding

356.62

 

 

Industry quartile analysis

 

Payment Expectations

 

Company  result

-

Lower

127.92

Median

63.15

Upper

18.68

 

Day  Sales  Outstanding

 

Company  result

-

Lower

120.17

Median

55.41

Upper

21.01

 

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

 

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

 

Name

KAMLESHKUMAR  DOSHI

Position

Principal  Manager

Start  Date

12/08/2010

Street

98 FRUITHOFLAAN  ANTWERPEN

Post  code

2600

Country

Belgium

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.63.07

UK Pound

1

Rs.98.73

Euro

1

Rs.77.46

 

 

INFORMATION DETAILS

 

Analysis Done by :

KAR

 

 

Report Prepared by :

TPT

 

 

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.