|
Report Date : |
10.09.2014 |
IDENTIFICATION DETAILS
|
Name : |
ELITE JEWELS EBVBA |
|
|
|
|
Registered Office : |
Hoveniersstraat 30, 2018 Antwerpen |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
09.11.1988 |
|
|
|
|
Com. Reg. No.: |
435745477 |
|
|
|
|
Legal Form : |
One Person Private Limited Company (BE) |
|
|
|
|
LINE OF BUSINESS : |
WHOLESALE
OF WATCHES AND JEWELLERY |
|
|
|
|
No. of Employees : |
3 |
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 – June 01, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
Belgium |
A1 |
A2 |
|
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 |
Business number 435745477
Company name ELITE JEWELS EBVBA
Address HOVENIERSSTRAAT 30
2018 ANTWERPEN
Number of staff 3
Date of establishment 09/11/1988
Telephone number 032015170
Fax number 032316700
The business was established over 25 years ago.
The business has 1 employees.
The business has been at the address for over 16 years.
Pre-tax profits decreased by 26% compared to the previous
trading period.
|
Date of latest accounts |
Turnover |
Profit Before Tax |
Net worth |
Working capital |
|
31/12/2012 |
3,951,582 |
41,049 |
188,857 |
130,566 |
|
31/12/2011 |
3,981,185 |
55,737 |
164,029 |
108,296 |
|
31/12/2010 |
2,652,735 |
45,648 |
128,353 |
71,643 |
Accounts
|
Date of latest accounts |
Balance Total |
Number of Employees |
Capital |
Cashflow |
|
31/12/2012 |
6,898,863 |
3 |
18,592 |
42,609 |
|
31/12/2011 |
6,458,629 |
3 |
18,592 |
59,628 |
|
31/12/2010 |
6,544,691 |
3 |
18,592 |
59,027 |
Past payments
Payment expectation days 110.67
Industry average payment expectation days 272.82
Day sales outstanding 136.90
Industry average day sales outstanding 326.27
Business number 435745477
Company name ELITE JEWELS EBVBA
Fax number 032316700
Date founded 09/11/1988
Company status active
Company type One Person Private
Limited Company (BE)
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.0435.745.477
Social Balance Sheet Total
During the reporting year
ended 31-12-2012
Full-time Employees 3
Part-time Employees 0
Total Fte Employees 3
Number of hours worked
Full-time Employees 4,598
Part-time Employees 366
Total 4,964
Personnel Charges
Full-time Employees 85,628
Part-time Employees 6,816
Total 92,444
Benefits In Addition To Wages -
During the previous reporting year
Average number employees in Fte 3
Actual working hours 5,062
Personnel Charges -
Benefits In Addition To Wages -
Code -
Description FROM 1 TO 4
EMPLOYEES
JIC Code 218
Description Additional
national joint committee for the employees category
JIC Code 324
Description Joint committee
for the industry and the trade in diamant Category
|
Annual accounts |
31.12.2012 |
%
31.12.2011 |
% 31.12.2010 |
industry average 2012 |
% |
|
Weeks |
52 |
52 |
52 |
|
|
|
Currency |
EUR |
EUR |
EUR |
|
|
|
Turnover |
3,951,582 |
-0.74
3,981,185 |
50.08
2,652,735 |
36,526,260 |
-89.18 |
|
Total operating expenses |
3,771,525 |
-0.79
3,801,447 |
53.00
2,484,659 |
36,234,572 |
-89.59 |
|
Operating result |
180,057 |
0.18 179,738 |
6.94 168,076 |
84,290 |
113 |
|
Total financial income |
951 |
61.28 590 |
-95.64 13,512 |
67,484 |
-98.59 |
|
Total financial expenses |
139,959 |
12.33 124,591 |
-8.35 135,940 |
228,454 |
-38.74 |
|
Results on ordinary operations
before |
41,049 |
-26.35 55,737 |
22.10 45,648 |
-80,875 |
50.76 |
|
taxation |
|
|
|
|
|
|
Taxation |
16,220 |
-19.15 20,062 |
28.24 15,644 |
14,874 |
9.05 |
|
Results on ordinary operations after |
24,829 |
-30.40 35,675 |
18.90 30,004 |
-90,607 |
27.40 |
|
taxation |
|
|
|
|
|
|
Extraordinary items |
0 |
0 |
0 |
-22,113 |
0 |
|
Other appropriations |
0.00 |
0.00 |
0.00 |
- |
- |
|
Net result |
24,829 |
-30.40 35,675 |
18.90 30,004 |
-112,668 |
22.04 |
|
|
other |
information |
|
|
|
|
Gross Operating Margin |
294,289 |
-10.47 328,720 |
3.56 317,432 |
59,625 |
393 |
|
Dividends |
- |
- |
- |
133,479 |
- |
|
Director remuneration |
- |
- |
- |
119,496 |
- |
|
Employee costs |
92,444 |
-6.73 99,115 |
-11.15 111,548 |
202,571 |
-54.36 |
|
Wages and
salary |
75,172 |
-6.46 80,367 |
-12.09 91,419 |
156,138 |
-51.86 |
|
Employee
pension costs |
- |
- |
- |
3,154 |
- |
|
Social
security contributions |
14,470 |
-8.09 15,745 |
-6.75 16,885 |
41,992 |
-65.54 |
|
Other
employee costs |
2,801 |
-6.70 3,002 |
-7.46 3,244 |
5,554 |
-49.56 |
|
Amortization and depreciation |
17,781 |
-25.77 23,953 |
-17.47 29,023 |
21,724 |
-18.15 |
INDUSTRY
Annual accounts 31-12-2012 % 31-12-2011 % 31-12-2010 average %
Weeks 52 52 52
Currency EUR EUR EUR
Intangible fixed assets 0 - 0 - 0 3,649 -100
Tangible fixed assets 39,247 -15.86 46,646 -20.88 58,953 195,912 -79.97
Land & building - - - - - 379,286 -
Plant & machinery 21,901 1.75 21,525 16.54 18,470 21,721 0.83
Furniture & Vehicles 17,347 -30.24 24,864 -37.59 39,842 20,151 8,314 -13.92
Other tangible assets 0 -100 257 -60.0 641 6,246 -100
Financial fixed assets 24,744 9.41 22,617 11.44 20,294 590,353 -95.81
Total fixed assets 63,992 -7.61 69,263 -12.60 79,247 553,673 -88.44
Inventories 4,795,500 12.17 4,275,020 -9.71 4,734,931 1,589,203 201
Raw materials & consumables - - - - - 5,256,220 -
Work in progress 0 - 0 - 0 352 -100
Finished goods 0 - 0 - 0 906,972 -100
Other stocks 4,795,500 12.17 4,275,020 -9.71 4,734,931 294,336 1529
Trade debtors 1,482,133 -8.85 1,625,984 26.20 1,288,370 2,491,888 -40.52
Cash 121,161 0.12 121,018 -30.42 173,914 174,115 -30.41
other amounts receivable 365,331 23.21 296,502 49.77 197,970 382,389 -4.46
Miscellaneous current assets 70,747 -0.13 70,842 0.83 70,259 56,655 24.87
Total current assets 6,834,871 6.97 6,389,366 -1.18 6,465,444 4,347,439 57.22
Current
liabilities
|
Trade
creditors |
1,143,580 |
7.09
1,067,897 |
16.09
919,854 |
1,266,942 |
-9.74 |
|
Short term
group loans |
- |
- |
- |
- |
- |
|
Financial
debts |
5,503,173 |
6.73
5,156,012 |
-3.60
5,348,519 |
4,726,005 33,865 |
16.44 |
|
Current
portion of long term debt |
7,830 |
-13.08
9,008 |
- |
100,335 17,129 |
-92.20 |
|
Amounts Payable for Taxes.
Remuneration & Social Security |
49,723 |
13.67
43,744 |
-64.01
121,560 |
10,438 - |
32.75 |
|
Miscellaneous
current liabilities |
0 |
-100 4,409 |
14.02
3,867 |
-100 |
-- |
|
Total
current liabilities |
6,704,306 |
6.74
6,281,070 |
-1.76
6,393,800 |
3,447,889 |
94.45 |
|
|
Long term
debts and liabilities |
|
|
|
|
|
Long term
group loans |
- |
- |
- |
- |
-- |
|
Other long
term loans |
- |
7,830 |
-53.50
16,837 |
- |
-- |
|
Deffered
taxes |
- |
- |
- |
42,467
17,158 |
- |
|
Provisions
for Liabilities & Charges |
0 |
0 |
0 |
15,062 0 |
-100 |
|
Other long
term liabilities |
5,700 |
0 5,700 |
0 5,700 |
56,633 |
-89.94 |
|
Total long
term debts |
5,700 |
-57.87
13,530 |
-39.97
22,537 |
451,070 |
-98.74 |
|
|
shareholders equity |
|
|
|
|
|
Issued
share capital |
18,592 |
0 18,592 |
0 18,592 |
603,648 |
-96.92 |
|
Share
premium account |
- |
- |
- |
255,692 |
- |
|
Reserves |
170,265 |
17.07
145,437 |
32.50
109,761 |
309,507 |
-44.99 |
|
Revaluation
reserve |
- |
- |
- |
515,416 |
- |
|
Total
shareholders equity |
188,857 |
15.14
164,029 |
27.79
128,353 |
930,489 |
-79.70 |
|
Working
capital |
130,566 |
20.56
108,296 |
51.16
71,643 |
899,550 |
-85.49 |
|
Cashflow |
42,609 |
-28.54
59,628 |
1.02
59,027 |
-95,066 |
44.82 |
|
Net worth |
188,857 |
15.14
164,029 |
27.79
128,353 |
926,841 |
-79.62 |
|
Annual
Accounts |
31.12.2012 |
Change (%) |
31.12.2011 |
Change (%) |
31.12.2010 |
Industry
average |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Trading performance |
|
|
|
|
|
|
Profit
Before Tax |
1.04 |
-25.71 |
1.40 |
-18.60 |
1.72 |
-126,00 |
0.83 |
|
Return on
capital employed |
21.10 |
-32.78 |
31.39 |
3.77 |
30.25 |
333,00 |
-93.66 |
|
Return
on total assets employed |
0.60 |
-30.23 |
0.86 |
22.86 |
0.70 |
-11,00 |
5.45 |
|
Return on
net assets employed |
21.74 |
-36.02 |
33.98 |
-4.44 |
35.56 |
335,00 |
-93.51 |
|
Sales /
net working capital |
30.27 |
-17.66 |
36.76 |
-0.73 |
37.03 |
0,00 |
-99 |
|
Stock turnover ratio |
121.36 |
13.02 |
107.38 |
-39.84 |
178.49 |
647,00 |
-81.24 |
|
Debtor
days |
136.90 |
-8.16 |
149.07 |
-15.91 |
177.27 |
326,27 |
-58.04 |
|
Creditor
days |
110.67 |
7.93 |
102.54 |
-24.12 |
135.13 |
272,82 |
-59.43 |
|
|
|
short term stability |
|
|
|
|
|
|
Current
ratio |
1.02 |
0 |
1.02 |
0.99 |
1.01 |
66,00 |
-98.81 |
|
Liquidity
ratio / acid ratio |
0.30 |
-11.76 |
0.34 |
25.93 |
0.27 |
59,00 |
-99 |
|
Current
debt ratio |
35.50 |
-7.29 |
38.29 |
-23.13 |
49.81 |
86,00 |
-58.72 |
|
Liquidity ratio reprocessed |
: |
- |
- |
- |
- |
- |
- |
|
|
|
long term stability |
|
|
|
|
|
|
Gearing |
2918.08 |
-7.47 |
3153.63 |
-24.56 |
4180.15 |
278,00 |
949 |
|
Equity in percentage |
2.74 |
7.87 |
2.54 |
29.59 |
1.96 |
-133,00 |
2.06 |
|
Total debt
ratio |
35.53 |
-7.43 |
38.38 |
-23.22 |
49.99 |
87,00 |
-59.16 |
Activity code 46480
Activity description Wholesale
of watches and jewellery
industry average credit
rating 61.07
Industry average credit
limit 7967.53
Payment expectations
Payment expectation days 110.67
Day sales outstanding 136.90
Industry comparison
Activity code 46480
Activity description Wholesale
of watches and jewellery
Industry average payment
expectation days 272.82
Industry average day sales
outstanding 326.27
Payment expectations
Company result 110.67
Lower 125.80
Median 60.39
Upper 18.68
Company result 136.90
Lower 127.59
Median 58.26
Upper 23.16
Shareholder
Details
Group - Number of Companies 0
Linkages - Number of Companies 0
Number of countries 0
Minority Shareholders
No minority shareholders found
Minority Interests
No minority interests found
Name AJIT
SHANTILAL MEHTA
Position Principal
Manager
Start Date 01/01/2012
Street 90
DESGUINLEI ANTWERPEN
Post code 2018
Country Belgium
Name PARIKH
SWATI
Position Principal
Manager
Start Date 12/09/2010
Street 90
DESGUINLEI ANTWERPEN
Post code
2018
Country Belgium
Name ASHIT
VASANTIAL METHA
Position Principal
Manager
Start Date 17/09/1999
End Date Unknown
date
Street 19
DELLA FAILLELAAN ANTWERPEN
Post code 2610
Country Belgium
Name PARIKH
SWATI MAHENDRABHAI,
Position Principal
Manager
Start Date 25/02/2008
End Date 31/12/2009
Street 90
DESGUINLEI ANTWERPEN
Post code 2018
Country Belgium
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.42 |
|
|
1 |
Rs.97.24 |
|
Euro |
1 |
Rs.77.92 |
INFORMATION DETAILS
|
Analysis Done by
: |
SUB |
|
|
|
|
Report Prepared
by : |
PDT |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.