MIRA INFORM REPORT

 

 

Report No. :

319089

Report Date :

25.04.2015

 

IDENTIFICATION DETAILS

 

Name :

ELITE JEWELS EBVBA

 

 

Registered Office :

Hoveniersstraat 30-Bus 256 2018 Antwerpen

 

 

Country :

Belgium

 

 

Financials (as on) :

31.12.2013

 

 

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 Employee :

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 – December 31, 2014

 

Country Name

Previous Rating

(30.09.2014)

Current Rating

(31.12.2014)

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 shifts in foreign demand, particularly in Belgium’s EU TRADEhttps://cdncache-a.akamaihd.net/items/it/img/arrow-10x10.pngpartners. Roughly three-quarters of Belgium's trade is with other EU countries. In 2014 Belgian GDP grew by 0.9%, the unemployment rate stabilized at 8.5%, and the government maintained the budget deficit below the euro-zone threshold of 3% of GDP for a second year in a row. Prime Minister Charles MICHEL’s center-right government has pledged to further reduce the deficit in response to EU pressure to reduce Belgium’s high public debt, which remains above 100% of GDP, but such efforts could also dampen economic growth. In addition to restrained public spending, low wage growth and high unemployment promise to curtail a more robust recovery in private consumption. The government has pledged to pursue an reform program to improve Belgium’s competitiveness, including changes to tax policy, labor market rules, and welfare benefits. These changes risk worsening tensions with trade unions and triggering extended strikes.

 

Source : CIA

 

 

Company summary

 

Business number                     435745477

Company name                        ELITE JEWELS EBVBA

Address                                   HOVENIERSSTRAAT 30-BUS 256

2018 ANTWERPEN

Number of staff                        3

Date of establishment               09/11/1988

Telephone number                   032015170

Fax number                              032316700

 

 

Commentary

 

The business was established over 26 years ago.

The business has 1 employees.

The business has been at the address for over 17 years.

Pre-tax profits decreased by 39% compared to the previous trading period.

The business saw a decrease in their Cash Balance of 86% during the latest trading period.

 

 

Accounts

 

DATE  OF  LATEST  ACCOUNTS

TURNOVER

PROFIT  BEFORE  TAX

NET  WORTH

WORKING  CAPITAL

31/12/2013

3,965,109

25,024

201,410

164,724

31/12/2012

3,951,582

41,049

188,857

130,566

31/12/2011

3,981,185

55,737

164,029

108,296

 

ACCOUNTS

 

 

 

 

 

DATE  OF  LATEST  ACCOUNTS

BALANCE  TOTAL

NUMBER  OF  EMPLOYEES

CAPITAL

CASHFLOW

31/12/2013

6,746,958

3

18,592

30,266

31/12/2012

6,898,863

3

18,592

42,609

31/12/2011

6,458,629

3

18,592

59,628

 

 

Trends

 

Profitability

Liquidity

Net worth

 

Payment expectations

 

Past  payments

 

Payment  expectation  days

89.06

Industry  average  payment

248.82

Industry  average  day  sales

507.05

expectation  days

 

outstanding

 

Day  sales  outstanding

152.43

 

 

 

 

Court data summary

 

BANKRUPTCY DETAILS

Court action type                       no

 

PROTESTED BILLS

Bill amount                                -

 

NSSO DETAILS

Date of summons                     –

 

 

Company information

 

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

31/12/2013

Activity  code

46480

Liable  for  VAT

yes

Activity  description

Wholesale  of  watches  and

VAT  Number

BE.0435.745.477  Check  VAT

 

jewellery

 

number

Belgian  Bullettin  of  Acts Publications

moniteur  belge

 

 

 

 

Contractor details

 

Registered  contractor

-

number

 

Contractor  description

-

Date  struck  off  register

 

 

PERSONNEL  (NSSO  CLASSIFICATION)

 

Code

-

Description

-

 

JOINT  INDUSTRIAL  COMMITTEE  (JIC)

 

JIC  Code

218

Description category

Additional  national  joint  committee  for  the  employees

 

 

JIC  Code

324

Description category

Joint  committee  for  the  industry  and  the  trade  in  diamant

 

 

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

42,386

-33.76

63,992

-7.61

69,263

-12.60

79,247

-2.40

81,196

Intangible  fixed  assets

0

-

0

-

0

-

0

-100

4,000

Tangible  fixed  assets

25,180

-35.84

39,247

-15.86

46,646

-20.88

58,953

3.61

56,901

Land  &  building

-

-

-

-

-

-

-

-

-

Plant  &  machinery

16,513

-24.60

21,901

1.75

21,525

16.54

18,470

167

6,915

Furniture  &  Vehicles

8,667

-50.03

17,347

-30.24

24,864

-37.59

39,842

-18.62

48,960

Leasing  &  Other  Similar  Rights

-

-

-

-

-

-

-

-

-

Other  tangible  assets

0

-

0

-100

257

-60.0

641

-37.50

1,026

Financial  fixed  assets

17,206

-30.46

24,744

9.41

22,617

11.44

20,294

0

20,294

Total  current  assets

6,704,572

-1.91

6,834,871

6.97

6,389,366

-1.18

6,465,444

19.76

5,398,456

Inventories

4,520,194

-5.74

4,795,500

12.17

4,275,020

-9.71

4,734,931

18.54

3,994,345

Raw  materials  &  consumables

-

-

-

-

-

-

-

-

-

Work  in  progress

0

-

0

-

0

-

0

-

0

Finished  goods

0

-

0

-

0

-

0

-

0

Other  stocks

4,520,194

-5.74

4,795,500

12.17

4,275,020

-9.71

4,734,931

18.54

3,994,345

Trade  debtors

1,655,916

11.73

1,482,133

-8.85

1,625,984

26.20

1,288,370

15.07

1,119,600

Other  amounts  receivable

441,823

20.94

365,331

23.21

296,502

49.77

197,970

-3.31

204,738

Cash

16,117

-86.70

121,161

0.12

121,018

-30.42

173,914

1692

9,704

Miscellaneous  current  assets

70,522

-0.32

70,747

-0.13

70,842

0.83

70,259

0.27

70,069

Total  Assets

6,746,958

-2.20

6,898,863

6.82

6,458,629

-1.31

6,544,691

19.44

5,479,651

 

LIABILITIES

 

Total  shareholders  equity

201,410

6.65

188,857

15.14

164,029

27.79

128,353

30.51

98,349

Issued  share  capital

18,592

0

18,592

0

18,592

0

18,592

0

18,592

Share  premium  account

-

-

-

-

-

-

-

-

-

Revaluation  reserve

-

-

-

-

-

-

-

-

-

Reserves

182,818

7.37

170,265

17.07

145,437

32.50

109,761

37.62

79,757

Provisions  for  Liabilities  &  Charges

0

-

0

-

0

-

0

-

0

Deffered  taxes

-

-

-

-

-

-

-

-

-

Creditors

6,545,548

-2.45

6,710,006

6.60

6,294,600

-1.90

6,416,338

19.23

5,381,302

Other  long  term  loans

-

-

-

-

7,830

-53.50

16,837

-33.83

25,444

Long  term  group  loans

-

-

-

-

-

-

-

-

-

Other  long  term  liabilities

5,700

0

5,700

0

5,700

0

5,700

0

5,700

Total  long  term  debts

5,700

0

5,700

-57.87

13,530

-39.97

22,537

-27.64

31,144

Current  portion  of  long  term  debt

-

-

7,830

-13.08

9,008

-

-

-

-

Financial  debts

5,590,158

1.58

5,503,173

6.73

5,156,012

-3.60

5,348,519

13.82

4,698,909

Trade  creditors

917,463

-19.77

1,143,580

7.09

1,067,897

16.09

919,854

55.38

591,988

Amounts  Payable  for  Taxes,

25,661

-48.39

49,723

13.67

43,744

-64.01

121,560

125

53,991

Remuneration  &  Social  Security

 

 

 

 

 

 

 

 

 

Miscellaneous  current  liabilities

6,566

-

0

-100

4,409

14.02

3,867

-26.62

5,270

Total  current  liabilities

6,539,848

-2.45

6,704,306

6.74

6,281,070

-1.76

6,393,800

19.51

5,350,158

Total  Liabilities

6,746,958

-2.20

6,898,863

6.82

6,458,629

-1.31

6,544,691

19.44

5,479,651

 

RATIO ANALYSIS

 

TRADING  PERFORMANCE

 

 

 

 

 

 

 

 

 

Profit  Before  Tax

0.63

-39.42

1.04

-25.71

1.40

-18.60

1.72

175

-0.98

Return  on  capital  employed

12.08

-42.75

21.10

-32.78

31.39

3.77

30.25

158

-19.09

Return  on  total  assets  employed

0.37

-38.33

0.60

-30.23

0.86

22.86

0.70

155

-0.45

Return  on  net  assets  employed

12.42

-42.87

21.74

-36.02

33.98

-4.44

35.56

141

-25.14

Sales  /  net  working  capital

24.07

-20.48

30.27

-17.66

36.76

-0.73

37.03

-28.80

52.01

Stock  turnover  ratio

114.00

-6.06

121.36

13.02

107.38

-39.84

178.49

12.25

159.01

Creditor  days

89.06

-19.53

110.67

7.93

102.54

-24.12

135.13

45.68

92.76

Debtor  days

152.43

11.34

136.90

-8.16

149.07

-15.91

177.27

8.97

162.68

SHORT  TERM  STABILITY

 

 

 

 

 

 

 

 

 

Current  ratio

1.03

0.98

1.02

0

1.02

0.99

1.01

0

1.01

Liquidity  ratio  /  acid  ratio

0.33

10.0

0.30

-11.76

0.34

25.93

0.27

3.85

0.26

Current  debt  ratio

32.47

-8.54

35.50

-7.29

38.29

-23.13

49.81

-8.44

54.40

Liquidity  ratio  reprocessed

-

-

-

-

-

-

-

-

-

Cashflow

30,266

-28.97

42,609

-28.54

59,628

1.02

59,027

1498

3,694

Net  worth

201,410

6.65

188,857

15.14

164,029

27.79

128,353

36.04

94,349

LONG  TERM  STABILITY

 

 

 

 

 

 

 

 

 

Gearing

2,775.51

-4.89

2,918.08

-7.47

3,153.63

-24.56

4,180.15

-12.98

4,803.64

Equity  in  percentage

2.99

9.12

2.74

7.87

2.54

29.59

1.96

8.89

1.80

Total  debt  ratio

32.50

-8.53

35.53

-7.43

38.38

-23.22

49.99

-8.64

54.72

Working  capital

164,724

26.16

130,566

20.56

108,296

51.16

71,643

48.34

48,298

 

 

PROFIT & LOSS

 

Operating  Income

-

-

-

-

-

-

-

-

-

Turnover

3,965,109

0.34

3,951,582

-0.74

3,981,185

50.08

2,652,735

5.60

2,512,016

Total  operating  expenses

3,759,980

-0.31

3,771,525

-0.79

3,801,447

53.00

2,484,659

6.66

2,329,488

Gross  Operating  Margin

338,336

14.97

294,289

-10.47

328,720

3.56

317,432

-2.15

324,416

Operating  Charges

-

-

-

-

-

-

-

-

-

Employee  costs

108,877

17.78

92,444

-6.73

99,115

-11.15

111,548

10.17

101,251

Wages  and  salary

89,507

19.07

75,172

-6.46

80,367

-12.09

91,419

10.99

82,365

Employee  pension  costs

-

-

-

-

-

-

-

-

-

Social  security  contributions

14,793

2.23

14,470

-8.09

15,745

-6.75

16,885

6.56

15,845

Other  employee  costs

4,576

63.36

2,801

-6.70

3,002

-7.46

3,244

6.71

3,040

Director  remuneration

-

-

-

-

-

-

-

-

-

Amortization  and  depreciation

17,714

-0.38

17,781

-25.77

23,953

-17.47

29,023

0.62

28,845

Operating  result

205,129

13.92

180,057

0.18

179,738

6.94

168,076

-7.92

182,528

Total  financial  income

27

-97.20

951

61.28

590

-95.64

13,512

191

4,628

Total  financial  expenses

180,131

28.70

139,959

12.33

124,591

-8.35

135,940

-35.84

211,879

Results  on  ordinary  operations  before

25,024

-39.04

41,049

-26.35

55,737

22.10

45,648

184

-24,723

taxation

 

 

 

 

 

 

 

 

 

Extraordinary  Income

-

-

-

-

-

-

-

-

-

Extraordinary  Charges

-

-

-

-

-

-

-

-

-

Extraordinary  items

0

-

0

-

0

-

0

-

0

Results  for  the  Year  Before  Taxation

25,024

-39.04

41,049

-26.35

55,737

22.10

45,648

184

-24,723

Other  appropriations

-

-

-

-

-

-

-

-

-

Taxation

12,472

-23.11

16,220

-19.15

20,062

28.24

15,644

3552

428

Results  on  ordinary  operations  after

12,553

-49.44

24,829

-30.40

35,675

18.90

30,004

119

-25,151

taxation

 

 

 

 

 

 

 

 

 

Net  result

12,553

-49.44

24,829

-30.40

35,675

18.90

30,004

119

-25,151

Profit  (Loss)  for  the  Year  to  be appropiated

12,553

-49.44

24,829

-30.40

35,675

18.90

30,004

119

-25,151

Dividends

--

--

--

--

--

--

--

--

--

 

 

Social Balance Sheet Details

 

Social  Balance  Sheet

Total

During  the  reporting  year

 

ended  31-12-2013

 

Full-time  Employees

2

Part-time  Employees

2

Total  Fte  Employees

3

Number  of  hours  worked

 

Full-time  Employees

3,359

Part-time  Employees

2,368

Total

5,727

Personnel  Charges

 

Full-time  Employees

63,858

Part-time  Employees

45,018

Total

108,877

 

 

Benefits  In  Addition  To  Wages

-

During  the  previous  reporting  year

 

Average  number  employees  in  Fte

3

Actual  working  hours

4,964

Personnel  Charges

92,444

Benefits  In  Addition  To  Wages

-

 

 

Type  of  Contract

Full-Time

Part-Time

Total  Fte

Unlimited  Duration

2

3

4

Contracts

 

 

 

Limited  Duration  Contracts

-

-

-

Contracts  For  Specific  Work

-

-

-

Contracts  Regarding

-

-

-

Substitution

 

 

 

 

 

Gender  and  Education Level

 

 

 

Men

Full-Time

Part-Time

Total  Fte

Primary  education

-

-

-

Secondairy  education

-

-

-

Higher  education  (non university)

-

-

-

Higher  education (university)

-

-

-

Women

Full-Time

Part-Time

Total  Fte

Primary  education

-

-

-

Secondairy  education

-

-

-

Higher  education  (non university)

-

-

-

Higher  education (university)

-

-

-

 

 

Working  Category

Full-Time

Part-Time

Total  Fte

Management

-

-

-

White  collar  worker

1

3

3

Blue  collar  worker

1

-

1

Other

-

-

-

 

 

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

-

1

1

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

industry average credit

rating                                       61.07

Industry average credit limit     7967.53

 

 

Payment Information

 

SUSPENSION  OF  PAYMENTS  /  MORATORIUM  HISTORY

 

Amount

-

Details

-

 

PAYMENT  EXPECTATIONS

 

Payment  expectation  days

89.06

Day  sales  outstanding

152.43

 

INDUSTRY  COMPARISON

 

Activity  code

46480

Activity  description

Wholesale  of  watches  and  jewellery

Industry  average  payment expectation  days

248.82

Industry  average  day  sales outstanding

507.05

 

 

INDUSTRY QUARTILE ANALYSIS

 

Payment expectations

Company result            89.06

Lower                           127.87

Median                         63.15

Upper                           19.14

 

 

DAY SALES OUTSTANDING

 

Company result            152.43

Lower                           120.17

Median                         55.17

Upper                           20.56

 

 

Shareholder Details

 

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

 

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

 

 

FORMER DIRECTOR DETAILS

 

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

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.63.00

UK Pound

1

Rs.95.42

Euro

1

Rs.68.49

 

 

INFORMATION DETAILS

 

Analysis Done by :

SUB

 

 

Report Prepared by :

ANK

 

 

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

 

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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.