MIRA INFORM REPORT

 

 

Report Date :

02.05.2014              

 

IDENTIFICATION DETAILS

 

Name :

PASSION JEWELS BVBA

 

 

Registered Office :

Hoveniersstraat 53 2018 Antwerpen

 

 

Country :

Belgium

 

 

Financials (as on) :

31.12.2012

 

 

Date of Incorporation :

14.02.2001

 

 

Com. Reg. No.:

474131743

 

 

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 :

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 – March 31, 2014

 

Country Name

Previous Rating

(31.12.2013)

Current Rating

(31.03.2014)

Belgium

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low Risk

 

A2

Moderate Low Risk

 

B1

Moderate Risk

 

B2

Moderate High Risk

 

C1

High Risk

 

C2

Very High Risk

 

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         474131743

Company name            PASSION JEWELS BVBA

Address                       HOVENIERSSTRAAT

53 2018 ANTWERPEN

Number of staff            0

Date of establishment 14/02/2001

Telephone number       032275381

Fax number                  032275381

 

 

Commentary

 

The business was established over 13 years ago.

 

The business has 1 employees.

 

The business has been at the address for over 10 years.

 

 

 

Accounts

 

DATE OF LATEST ACCOUNTS

TURNOVER

PROFIT BEFORE TAX

NET WORTH

WORKING CAPITAL

31/12/2012

4,219,300

19,204

209,198

179,936

31/12/2011

3,963,943

21,537

193,000

158,260

 

 

Accounts

 

DATE OF LATEST ACCOUNTS

BALANCE TOTAL

NUMBER OF EMPLOYEES

CAPITAL

CASHFLOW

31/12/2012

2,134,854

0

18,600

17,148

31/12/2011

1,869,301

0

18,600

18,575

31/12/2010

1,889,348

0

18,600

57,263

 

 

Payment expectations

 

Past payments

 

Payment expectation days 160.90

Industry average payment expectation days

168.12

Industry average day sales 573.20 outstanding

Day sales outstanding

131.78

Court data summary

 

BANKRUPTCY DETAILS

Court action type

no

 

 

Company information

 

Business number

474131743

Company name

PASSION JEWELS BVBA

Office Address

Hoveniersstrat 53 Post Box 49 Antwerp 2018 Belgium

 

 

Fax number

032275381

Date founded

14/02/2001

Company status

active

Company type

Private Limited Company (BL/LX)

Currency

Euro (€)

Date of latest accounts

31/12/2012

Activity code

46480

liable for VAT

yes

Activity description

Wholesale of watches and jewellery

VAT Number

BE.0474.131.743

Belgian Bullettin of Acts Publications

moniteur belge

 

 

Contractor details

 

 

Check Article 30 Bis

Registered contractor number

-

 

 

Contractor description

-

Date struck off register

 

 

 

Personnel (NSSO classification)

 

Code

-

Description

FROM 1 TO 4 EMPLOYEES

 

 

Profit & loss

 

 

Annual accounts

31-12­2012

%

31-12­2011

%

31-12­2010

Industry average 2012

%

 

Weeks

52

 

52

 

52

 

 

 

Currency

EUR

 

EUR

 

EUR

 

 

 

Turnover

4,219,300

6.44

3,963,943

15.71

4,702,855

1,626,730

159

 

Total operating expenses

4,192,111

6.57

3,933,525

14.64

4,608,237

1,541,750

171

 

Operating result

27,190

10.62

30,419

67.85

94,618

27,766

-2.08

 

Total financial income

2,990

331

692

352

153

21,460

86.07

 

Total financial expenses

10,976

14.63

9,575

37.68

15,365

17,837

38.47

 

Results on ordinary operations before taxation

19,204

10.83

21,537

72.88

79,406

27,885

31.13

 

Taxation

3,161

28.26

4,406

81.27

23,525

17,878

82.32

 

Results on ordinary operations after taxation

16,043

-6.35

17,130

69.35

55,881

17,010

-5.69

 

Extraordinary items

155

0

155

-0.31

156

-18,204

0.85

 

Other appropriations

0.00

-

0.00

-

0.00

-

-

 

Net result

16,198

-6.29

17,285

69.15

56,037

-1,121

1444

 

OTHER INFORMATION

 

Dividends

-

-

-

-

-

263,413

-

 

Director remuneration

-

-

-

-

-

160,802

-

 

Employee costs

-

-

-

-

-

198,150

-

 

Wages and salary

-

-

-

-

-

152,397

-

 

Employee pension costs

-

-

-

-

-

405

-

 

Social security contributions

-

-

-

-

-

44,561

-

 

Other employee costs

0

-

0

-

0

5,577

-100

 

Amortization and depreciation

950

26.34

1,289

5.16

1,226

19,218

95.06

 

back to top

 

 

balance sheet

 

 

Annual accounts

31-12­2012

%

31-12­2011

%

31-12­2010

Industry average 2012

%

 

Weeks

52

 

52

 

52

 

 

 

Currency

EUR

 

EUR

 

EUR

 

 

 

Intangible fixed assets

0

-

0

-

0

2,871

-100

 

Tangible fixed assets

1,064

2.47

1,038

34.45

1,583

158,034

-99

 

Land & building

-

-

-

-

-

325,317

-

 

Plant & machinery

-

-

-

-

-

15,897

-

 

Furniture & Vehicles

1,064

2.47

1,038

34.45

1,583

19,021 7,018

94.41

 

Leasing & Other Similar Rights

-

-

-

-

-

25,266 11,978

-

 

Other tangible assets

0

-

0

-

0

6,867

-100

 

Financial fixed assets

28,198

16.33

33,703

18.52

28,436

254,084

88.90

 

Total fixed assets

29,262

15.77

34,741

15.73

30,020

293,671

90.04

 

Inventories

116,890

547

18,043

95.20

375,648

379,613

69.21

 

Raw materials & consumables

-

-

-

-

-

318,586

-

 

Work in progress

0

-

0

-

0

54

-100

 

Finished goods

0

-

0

-

0

60,510

-100

 

Other stocks

116,890

547

18,043

95.20

375,648

217,548

46.27

 

Trade debtors

1,523,297

7.53

1,416,560

28.89

1,099,077

191,980

693

 

Cash

402,112

5.29

381,921

24.82

305,970

75,853

430

 

other amounts receivable

62,738

335

14,394

81.70

78,634

64,803

-3.19

 

Miscellaneous current assets

555

84.76

3,642

-

0

12,686

95.63

 

Total current assets

2,105,592

14.77

1,834,560

-1.33

1,859,329

621,777

238

 

Total Assets

2,134,854

14.21

1,869,301

-1.06

1,889,348

876,069

227,721

143

 

CURRENT LIABILITIES

 

Trade creditors

1,847,966

15.81

1,595,652

-2.52

1,636,885

234,136

689

 

Short term group loans

-

-

-

-

-

-

-

 

Financial debts

3

2.96

3

-

-

206,137 16,291

-99

 

Current portion of long term debt

-

-

-

-

-

53,920 13,910

-

 

Amounts Payable for Taxes, Remuneration & Social Security

5,055

82.64

29,125

17.39

24,810

7,843 -

84.90

 

Miscellaneous current liabilities

72,631

40.98

51,521

-0.80

51,939

-47.33

- -

 

Total current liabilities

1,925,656

14.88

1,676,301

-2.18

1,713,634

466,606

312

 

LONG TERM DEBTS AND LIABILITIES

 

Long term group loans

-

-

-

-

-

-

- -

 

Other long term loans

-

-

-

-

-

-

- -

 

Deffered taxes

-

-

-

-

-

58,570 29,464

-

 

Provisions for Liabilities & Charges

0

-

0

-

0

7,088 0

-100

 

Other long term liabilities

0

-

0

-

0

27,969

-100

 

Total long term debts

0

-

0

-

0

150,647

-100

 

SHAREHOLDERS EQUITY

 

Issued share capital

18,600

0

18,600

0

18,600

170,614

89.10

 

Share premium account

-

-

-

-

-

228,155

-

 

Reserves

190,598

9.29

174,400

11.00

157,115

79,000

141

 

Revaluation reserve

-

-

-

-

-

110,754

-

 

Total shareholders equity

209,198

8.39

193,000

9.84

175,715

255,204

18.03

 

Working capital

179,936

13.70

158,260

8.62

145,695

155,171

15.96

 

Cashflow

17,148

-7.68

18,575

67.56

57,263

13,818

24.10

 

Net worth

209,198

8.39

193,000

9.84

175,715

252,333

17.09

 

back to top

 

 

ratio analysis

 

 

Annual accounts

31-12-2012

change(%)

31-12-2011

change(%)

31-12-2010

Industry average 2012

%

 

TRADING PERFORMANCE

 

 

 

 

 

 

 

 

Profit Before Tax

0.46

-14.81

0.54

-68.05

1.69

-188,00

0.24

 

Return on capital employed

9.18

-17.74

11.16

-75.30

45.19

397,00

-97.69

 

Return on total assets employed

0.90

-21.74

1.15

-72.62

4.20

-6,00

15.00

 

Return on net assets employed

9.18

-17.74

11.16

-75.30

45.19

401,00

-97.71

 

Sales / net working capital

23.45

-6.39

25.05

-22.40

32.28

22,00

-99

 

Stock turnover ratio

2.77

502

0.46

-94.24

7.99

1.155,00

-99

 

Debtor days

131.78

1.03

130.44

52.92

85.30

930,00

-85.83

 

Creditor days

160.90

8.67

148.06

14.20

129.65

308,00

-47.76

 

SHORT TERM STABILITY

 

Current ratio

1.09

0

1.09

0

1.09

47,00

-98.92

 

Liquidity ratio / acid ratio

1.03

-4.63

1.08

24.14

0.87

44,00

-97.66

 

Current debt ratio

9.20

5.87

8.69

-10.87

9.75

101,00

-90.89

 

Liquidity ratio reprocessed

-

-

-

-

-

-

-

 

LONG TERM STABILITY

 

Gearing

0

-

0

-

-

235,00

-100

 

Equity in percentage

9.80

-5.04

10.32

10.97

9.30

-166,00

5.90

 

Total debt ratio

9.20

5.87

8.69

-10.87

9.75

102,00

-90.98

 

 

Industry comparison

 

Activity code

46480

Activity description

Wholesale of watches and jewellery

industry average credit rating

61.07

Industry average credit limit

7967.53

 

Payment Information

 

Amount

-

Details

-

Payment expectations

Payment expectation days

160.90

Day sales outstanding

131.78

Industry comparison

Activity code

46480

Activity description

Wholesale of watches and jewellery

Industry average payment expectation days

168.12

Industry average day sales outstanding

573.20

Industry quartile analysis

Payment expectations

Company result

160.90

Lower

116.19

Median

44.37

Upper

13.72

 

 

Day sales outstanding

Company result

131.78

Lower

108.82

Median

48.06

Upper

14.90

 

 

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

 

 

Protested bills

 

Drawee name

-

Address

-

Bill amount

-

Bill currency

-

Maturity of bill

-

Name of drawer

-

City of drawer

-

NSSO details

Business number

474131743

Name of defendant

-

Legal form of defendant

-

Date of summons

-

Labour court

-

Bankruptcy details

 

Bankruptcy detail

There is no bankruptcy data against this company

 

Court Data

There is no data for this company

 

 

Director details

 

Current director details

Name

SONIK SNILBHAI JHAVERI

Position

Principal Manager

Start Date

25/04/2007

Street

1 EGLANTIERLAAN ANTWERPEN

Post code

2020

Country

Belgium

 

Name

BHAVIN KOTHARI

Position

Principal Manager

Start Date

01/09/2006

Street

6 KORTE HERENTALSESTRAAT ANTWERPEN

Post code

2018

Country

Belgium

 

Name

SUBODCHANDRASHAH

Position

Principal Manager

Start Date

18/01/2005

Street

31 DENNENLAAN ANTWERPEN

Post code

2610

Country

Belgium

 

Name

HARSHAD JAYANTILAL SHAH

Position

Principal Manager

Start Date

14/02/2001

Street

147 BELGIELEI ANTWERPEN

Post code

2018

Country

Belgium

 

Name

HARSHAD JAYANTILAL SHAH

Position

Non Statutory Partner

Start Date

14/02/2001

Street

147 BELGIELEI ANTWERPEN

Post code

2018

Country

Belgium

 

Name

GAURAV SHAH

Position

Principal Manager

Start Date

11/06/2002

Street

 

Post code

 

Country

 

 

DIAMOND INDUSTRY – INDIA

 

-            From time immemorial, India is well known in the world as the birthplace for diamonds.  It is difficult to trace the origin of diamonds but history says that in the remote past, diamonds were mined only in India. Diamond production in India can be traced back to almost 8th Century B.C.  India, in fact, remained undisputed leader till 18th Century when Brazilian fields were discovered in 1725 followed by emergence of S. Africa, Russia and Australia.

-            The achievement of the Indian diamond industry was possible only due to combination of the manufacturing skills of the Indian workforce and the untiring and unflagging efforts of the Indian diamantaires, supported by progressive Government policies.

-            The area of study of family owned diamond businesses derives its importance from the huge conglomerate of family run organizations which operate in the diamond industry since many generations.

-            Some of the basic traits of family run business enterprises include spirit of entrepreneurship, mutual trust lowers transaction costs, small, nimble and quick to react, information as a source of advantage and philanthropy.

-            Family owned diamond businesses need to improve on many fronts including higher standard of corporate governance, long-term performance – focused strategies, modern management and technology.

-            Utmost caution is to be exercised while dealing with some medium and large diamond traders which are usually engaged in fictitious import – export, inter-company transactions, financially assisted by banks. In the process, several public sector banks lost several hundred million rupees. They mostly diverted borrowed money for diamond business into real estate and capital markets.

-            Excerpts from Times of India dated 30th October 2010 is as under –

 

-            Gem & Jewellery Export Promotion Council in its statistical data has shown the export of polished diamonds to have increase by 28 % in February 2013. Compared to $ 1.4 bn worth of polished diamond export in February, 2012, India exported $ 1.84 billion worth of polished diamonds in February 2013. A senior executive of GJEPC said, “Export of cut and polished diamonds started falling month-wise after the imposition of 2 % of import duty on the polished diamonds. But February, 2013 has given a new ray of hope to the industry as the export of polished diamonds has actually increased by 28 %. It means the industry  is on the track of recovery and round tripping of diamonds has stopped completely.” Demand has started coming from the US, the UK, Japan and China. India’s polished diamond export is expected to cross $ 21 bn in 2013-14.

 

-            The banking sector has started exercising restraint while following prudent risk management norms when lending money to gems and jewellery sector. This follows the implementation of Basel III accord – a global voluntary regulatory standard on bank capital adequacy, stress testing and market liquidity.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.60.34

UK Pound

1

Rs.101.45

Euro

1

Rs.83.31

 

INFORMATION DETAILS

 

Analysis Done by :

DIV

 

 

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.