MIRA INFORM REPORT

 

 

Report Date :

27.12.2014

 

IDENTIFICATION DETAILS

 

Name :

SILVER INTERNATIONAL NV

 

 

Registered Office :

Kasteelstraat 29-A 8500 Kortrijk

 

 

Country :

Belgium

 

 

Financials (as on) :

31.12.2013

 

 

Date of Incorporation :

23.06.1982

 

 

Com. Reg. No.:

422837351

 

 

Legal Form :

Public Limited Liability Company

 

 

Line of Business :

Wholesale of household textiles and bedding

 

 

No. of Employees :

Not Available

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Status :

Moderate

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 – September 30, 2014

 

Country Name

Previous Rating

(30.06.2014)

Current Rating

(30.09.2014)

Belgium

A1

A1

 

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 name and address

 

Business number         422837351

Company name            SILVER INTERNATIONAL NV

Address                       KASTEELSTRAAT 29-A

8500 KORTRIJK

Number of staff            0

Date of establishment 23/06/1982

Telephone number       056594400

Fax number                  056594401

 

 

Commentary

 

The business was established over 32 years ago.

 

No employees are recorded for this business.

 

The business has been at the address for over 20 months.

 

A 46% growth in Total Assets occurred during the latest trading period.

The business saw a decrease in their Cash Balance of 58% during the latest trading period.

 

 

Accounts

 

DATE OF LATEST ACCOUNTS

TURNOVER

PROFIT BEFORE TAX             NET WORTH

WORKING CAPITAL

31/12/2013

 

33,606 391,722

640,979

31/12/2012

 

-8,814 358,117

598,575

31/12/2011

 

4,638 366,931

613,574

 

 

Accounts

 

DATE OF LATEST ACCOUNTS

BALANCE TOTAL

NUMBER OF EMPLOYEES CAPITAL

CASHFLOW

31/12/2013

1,745,400

0 62,000

33,606

31/12/2012

1,189,389

0 62,000

-8,814

31/12/2011

927,769

0 62,000

4,638

 

 

Payment expectations

 

Past payments

 

Payment expectation days

-

Industry average payment

expectation days

83.92

Industry average day sales outstanding

93.06

 

 

Company information

 

Business number

422837351

Company name

SILVER INTERNATIONAL NV

Fax number

056594401

Date founded

23/06/1982

 

Company status

active

Company type

Public Limited Liability

Company (BE)

 

Currency

Euro (€)

Date of latest accounts

31/12/2013

 

Activity code

46412

Liable for VAT

yes

 

Activity description

Wholesale of household textiles and bedding

VAT Number

BE.0422.837.351 Check VAT

number

 

 

Joint Industrial Committee (JIC)

 

Significant Events

Event Date 08/04/2013

Event Description re-appointment of director(s)

Event Details Commentaar 08-04-2013: Herbenoemd als bestuurders tot de jaarvergadering van 2018 : Josiane

Grivel (tevens gedelegeerd bestuurder) en Cécile Grivel.

 

 

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

744

-92.21

9,542

184

3,357

14.23

2,939

-52.68

6,211

 

Intangible fixed assets

0

-

0

-

0

-

0

-

0

 

Tangible fixed assets

-

-

-

-

-

-

-

-

-

Land & building

-

-

-

-

-

-

-

-

-

Plant & machinery

-

-

-

-

-

-

-

-

-

Furniture & Vehicles

-

-

-

-

-

-

-

-

-

Leasing & Other Similar Rights

-

-

-

-

-

-

-

-

-

Other tangible assets

0

-

0

-

0

-

0

-

0

 

Financial fixed assets

744

-92.21

9,542

184

3,357

14.23

2,939

-52.68

6,211

 

Total current assets

1,744,657

47.87

1,179,847

27.63

924,412

-2.78

950,813

38.14

688,313

Inventories

766,923

143

315,190

18.56

265,840

74.36

152,469

-47.84

292,333

Raw materials & consumables

-

-

-

-

-

-

-

-

-

Work in progress

0

-

0

-

0

-

0

-

0

Finished goods

0

-

0

-

0

-

0

-

0

Other stocks

766,923

143

315,190

18.56

265,840

74.36

152,469

-47.84

292,333

 

Trade debtors

840,212

45.87

576,001

66.23

346,498

74.17

198,939

83.62

108,340

Other amounts receivable

16,477

35372

46

-98.50

3,091

3033

99

126

44

 

 

 

 

 

 

 

 

 

 

Cash

120,379

-58.21

288,060

-6.61

308,433

-48.54

599,306

108

287,597

 

Miscellaneous current assets

667

21.21

550

0

550

-

0

-

0

Total Assets

1,745,400

46.75

1,189,389

28.20

927,769

-2.72

953,752

37.32

694,524

 

 

Gearing -

-

0.05

66.67

0.03

50.0

0.02

100

0.01

 

Equity in percentage 22.44

-25.47

30.11

-23.87

39.55

4.11

37.99

-5.64

40.26

 

Total debt ratio 3.46

49.14

2.32

51.63

1.53

-6.13 1.63

10.14

1.48

 

Working capital 640,979

7.08

598,575

-2.44

613,574 0.69

609,354

-3.21

629,557

 

Liabilities                                                                                                                                      

Total shareholders equity

391,722

9.38

358,117

-2.40

366,931

1.28

362,293

29.58

279,595

 

Issued share capital

62,000

0

62,000

0

62,000     0         62,000 0

62,000

 

Share premium account                              -             -        -             -        -           -         -           - -

Revaluation reserve

=

-

-

-

-           -         - -

 

Reserves

329,722

11.35

296,117

-2.89

304,931   1.54     300,293 38.01

217,595

Provisions for Liabilities & Charges

0

—

0

—

0           -         0 -

0

Deffered taxes                                         -             -        -             -        -           -         -           - -

Creditors

1,353,678

62.84

831,272

48.22

560,838   -5.18    591,459 42.54

414,929

Other long term loans                                 -             -        -             -        -           -         -           - -

Long term group loans                                -             -        -             -        -           -         -           - -

Other long term liabilities

250,000

0

250,000

0

250,000   0         250,000 -29.81

356,173

Total long term debts

250,000

0

250,000

0

250,000   0         250,000 -29.81

356,173

Current portion of long term debt

-

-

-

-

 

 

Financial debts

-

-

169

54.62

110         34.20          82

37

Trade creditors

1,002,166

88.69

531,125

100

265,510   1.75     260,942   410

51,085

Amounts Payable for Taxes, Remuneration & Social Security

62,544

720

7,625

-

-                -          15,815     237

4,681

 

 

 

 

 

 

 

Miscellaneous current liabilities

38,968

-7.99

42,353

-6.34

45,219   -30.02  64,621    2089

2,952

Total current liabilities

1,103,678

89.87

581,272

87.00

310,838  -8.97    341,459    481

58,756

Total Liabilities

1,745,400

46.75

1,189,389

28.20

927,769  -2.72    953,752  37.32

694,524

 

ratio analysis

 

Profit Before Tax

 

-

-

-

-

-           - -

-----------

Return on capital employed

5.24

361

-1.45

-293

0.75

-94.45    13.51     153

-8.82

Return on total assets employed        1.93

1.93

260

-0.74

-248

0.50

-94.23     8.67      107

-8.07

Return on net assets employed 8.58

8.58

348

-2.46

-295

1.26

-94.48     22.83    113

-20.05

Sales / net working capital

-

-

-

-

-

-           - -

-

Stock turnover ratio -

-

-

__

-

_____

-           - -

-

Creditor days

-

_

_

_

_

_

-

Debtor days                         

-

-

-

-

-

-

-

Current ratio                               

1.58

-22.17

2.03

-31.65

2.97

 6.83      2.78   -76.26

11.71

Liquidity ratio / acid ratio

0.89

-40.27

1.49

-29.72

2.12

-9.40     2.34 -65.28

6.74

Current debt ratio

2.82

74.07

1.62

90.59

0.85

-9.57     0.94    347

0.21

 

 

 

Liquidity ratio reprocessed                -            -          -            -          -            -          -             - -

 

 

 

 

 

 

 

 

Cashflow

33,606

381

-8,814

-290

4,638

-94.39    82,698   155

-53,230

 

Profit & loss

                                                                                                    

Operating Income

-

-

-

-

-

- -

-

-

Turnover

-

-

-

-

-

- -

-

-

Total operating expenses

-

-

-

-

-

- -

-

-

Gross Operating Margin

59,085

166

-35,453

-1670

2,258

-96.57 65,872

111

-59,238

 

Operating Charges

-

-

-

-

-

- -

-

-

Employee costs

-

-

-

-

-

- -

-

-

Wages and salary

-

-

-

-

-

- -

-

-

Employee pension costs

-

-

-

-

-

- -

-

-

Social security contributions

-

-

-

-

-

- -

-

-

Other employee costs

0

-

0

-

0

- 0

-

0

Director remuneration

-

-

-

-

-

- -

-

-

Amortization and depreciation

-

-

-

-

-

- -

-

-

 

 

 

 

 

 

 

 

 

Operating result

54,121

147

-36,605

-372

-7,753

-111 64,862

105

-61,394

Total financial income

37,945

-52.71

80,236

55.34

51,651

56.74 32,953

6.76

30,866

Total financial expenses

58,460

11.47

52,446

33.59

39,260

159 15,117

-40.80

25,535

Results on ordinary operations before taxation

33,606

381

-8,814

-290

4,638

-94.39 82,698

147

-56,063

Extraordinary Income

-

-

-

-

-

--

-

2,833

 

Extraordinary Charges

-

-

-

-

-

- -

-

-

 

 

 

 

 

 

 

 

 

Extraordinary items

0

-

0

-

0

- 0

-100

2,833

 

Results for the Year Before Taxation

33,606

381

-8,814

-290

4,638

-94.39 82,698

155

-53,230

 

Other appropriations

-

-

-

-

-

- -

-

-

 

 

 

 

 

 

 

 

 

Taxation

-

-

-

-

-

- -

-

-

Results on ordinary operations after taxation

33,606

381

-8,814

-290

4,638

-94.39 82,698

147

-56,063

 

Net result

33,606

381

-8,814

-290

4,638

-94.39 82,698

155

-53,230

 

 

 

 

 

 

 

 

 

Profit (Loss) for the Year to be appropiated

33,606

381

-8,814

-290

4,638

-94.39 82,698

155

-53,230

Dividends

 

 

 

 

 

 

 

 

 

 

Industry comparison

 

Activity code

46412

 

Activity description

Wholesale of household textiles and bedding

 

 

Industry quartile analysis

 

Payment expectations

Lower

85.74

Median

48.71

Upper

19.11

 

 

 

 

Day sales outstanding

 

Company result

 

Lower

99.49

Median

42.61

Upper

17.14

 

 

Minority Shareholders

No minority shareholders found

 

Minority Interests

No minority interests found

 

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               JOSIANE GRIVEL

Position           Chairman of the Board

Start Date         16/06/2010

Street

Post code

Country            Switzerland

Position           Managing Director

Start Date         16/06/2010

Street

Post code

Country            Switzerland

 

Name               JOSIANE MORENO

Position           Managing Director

Start Date         16/06/2010

Street

Post code

Country

 

 

Former director details

 

Name               VIOLA COHEN

Position           Director

Start Date         31/12/1997

End Date          31/12/2009

Street               11 RIDGE HILL LONDEN

Post code

Country

 

Name               ELIE-MOSES COHEN

Position           Chairman of the Board

Start Date         17/06/1997

End Date          16/06/2010

Street

Post code

Country            United Kingdom

 

Position           Director

Start Date         30/11/2009

End Date          16/06/2010

Street

Post code

Country            United Kingdom

 

Name               KETTY COHEN

Position           Director

Start Date         30/11/2009

End Date          16/06/2010

Street

Post code

Country            United Kingdom

 

 

Name               JOSIANE GRIVEL

Position           Director

Start Date         16/06/2009

End Date          31/12/2010

Street

Post code

Country            Switzerland

 

Name               ALBERT GRIVEL

Position           Director

Start Date         16/06/2010

End Date          06/07/2012

Street               14 CHEMIN DE FONTENAY

Post code         1007

Country            Switzerland

 

Name               CÉCILE GRIVEL

Position           irector

Start Date         16/06/2010

End Date          Unknown date

Street               14 CHEMIN DE FONTENAY

Post code         1007

Country            Switzerland

 

Name               DIRK DE KEYSER

Position           Commissioner

Start Date         21/11/1997

End Date          Unknown date

Street               31 PRESIDENT KENNEDYPARK KORTRIJK

Post code         8500

Country            Belgium

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.63.64

UK Pound

1

Rs.98.98

Euro

1

Rs.77.74

 

INFORMATION DETAILS

 

Analysis Done by :

KAR

 

 

Report Prepared by :

NIS

 

               

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.