MIRA INFORM REPORT

Report No. :	357357
Report Date :	28.12.2015

IDENTIFICATION DETAILS

Name :	PASSION JEWELS BVBA

Registered Office :	Hoveniersstraat 53-Bus 49, 2018 Antwerpen

Country :	Belgium

Financials (as on) :	31.12.2013

Date of Incorporation :	14.02.2001

Com. Reg. No.:	474131743

Legal Form :	Private Limited Company

Line of Business :	Subject is engaged in wholesale of watches and jewellery

No. of Employee :	1

RATING & COMMENTS

MIRA’s Rating :

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 – March 31, 2015

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

Belgium

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 trade partners. 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 the budget deficit was 3.2% of GDP. 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 name

PASSION JEWELS BVBA

Company summary

Business number	474131743
Branche Unit Number	2095105275
Company name	PASSION JEWELS BVBA
Address	HOVENIERSSTRAAT 53-BUS 49
	2018 ANTWERPEN
Number of staff	0
Date of establishment	14/02/2001
Telephone number	032275381
Fax number	032275381

Commentary

The business was established over 14 years ago. The business has 1 employees.

The business has been at the address for over 11 years. Operating Result in the latest trading period increased 362% on the previous trading period. Net Worth increased by 28% during the latest trading period.

Pre-tax profits increased by 395% compared to the previous trading period. The business saw an increase in their Cash Balance of 62% during the latest trading period.

Accounts

DATE OF LATEST ACCOUNTS	TURNOVER	PROFIT BEFORE TAX	NET WORTH	WORKING CAPITAL
31/12/2013	4,473,381	95,250	269,730	267,418
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
31/12/2013	2,238,335	0	18,600	62,139
31/12/2012	2,134,854	0	18,600	17,148
31/12/2011	1,869,301	0	18,600	18,575

Payment expectations

Past payments		Payment expectation days	151.35
Industry average payment	318.11	Industry average day sales	506.96
expectation days		outstanding
Day sales outstanding	125.80

Court data summary

BANKRUPTCY DETAILS

Court action type

PROTESTED BILLS

Bill amount

NSSO DETAILS

Date of summons

Contractor details

Registered contractor	-
number
Contractor description	-
Date struck off register
Personnel (NSSO classification)
Code	-
Description	FROM 1 TO 4 EMPLOYEES
Joint Industrial Committee (JIC)

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	2,312	-92.10	29,262	-15.77	34,741	15.73	30,020	3.45	29,020
Intangible fixed assets	0	-	0	-	0	-	0	-	0
Tangible fixed assets	2,062	93.86	1,064	2.47	1,038	-34.45	1,583	33.73	1,184
Land & building	-	-	-	-	-	-	-	-	-
Plant & machinery	-	-	-	-	-	-	-	-	-
Furniture & Vehicles	2,062	93.86	1,064	2.47	1,038	-34.45	1,583	33.73	1,184
Leasing & Other Similar Rights	-	-	-	-	-	-	-	-	-
Other tangible assets	0	-	0	-	0	-	0	-	0
Financial fixed assets	250	-99	28,198	-16.33	33,703	18.52	28,436	2.16	27,836
Total current assets	2,236,023	6.19	2,105,592	14.77	1,834,560	-1.33	1859329	53.01	1,215,135
Inventories	37,201	-68.17	116,890	547	18,043	-95.20	375648	6.42	352,987
Raw materials & consumables	-	-	-	-	-	-	-	-	-
Work in progress	0	-	0	-	0	-	0	-	0
Finished goods	0	-	0	-	0	-	0	-	0
Other stocks	37,201	-68.17	116,890	547	18,043	-95.20	375648	6.42	352,987
Trade debtors	1,541,782	1.21	1,523,297	7.53	1,416,560	28.89	1099077	43.71	764,781
Other amounts receivable	4,045	-93.55	62,738	335	14,394	-81.70	78,634	3741	2,047
Cash	652,324	62.22	402,112	5.29	381,921	24.82	305970	220	95,320
Miscellaneous current assets	672	21.00	555	-84.76	3,642	-	0	-	0
Total Assets	2,238,335	4.85	2,134,854	14.21	1,869,301	-1.06	1889348	51.86	1,244,155

Liabilities
Total shareholders equity	269,730	28.94	209,198	8.39	193,000	9.84	175,715	46.82	119,678
Issued share capital	18,600	0	18,600	0	18,600	0	18,600	0	18,600
Share premium account	-	-	-	-	-	-	-	-	-
Revaluation reserve	-	-	-	-	-	-	-	-	-
Reserves	251,130	31.76	190,598	9.29	174,400	11.00	157,115	55.44	101,078
Provisions for Liabilities & Charges	0	-	0	-	0	-	0	-	0
Deffered taxes	-	-	-	-	-	-	-	-	-
Creditors	1,968,605	2.23	1,925,656	14.88	1,676,301	-2.18	1,713,634	52.39	1,124,477
Other long term loans	-	-	-	-	-	-	-	-	-
Long term group loans	-	-	-	-	-	-	-	-	-
Other long term liabilities	0	-	0	-	0	-	0	-	0
Total long term debts	0	-	0	-	0	-	0	-	0
Current portion of long term debt	-	-	-	-	-	-	-	-	-
Financial debts	911	26072	3	2.96	3	-	-	-	6
Trade creditors	1,802,776	-2.45	1,847,966	15.81	1,595,652	-2.52	1,636,885	54.81	1,057,363
Amounts Payable for Taxes,	32,275	538	5,055	-82.64	29,125	17.39	24,810	175	9,000
Remuneration & Social Security
Miscellaneous current liabilities	132,643	82.63	72,631	40.98	51,521	-0.80	51,939	-10.62	58,108
Total current liabilities	1,968,605	2.23	1,925,656	14.88	1,676,301	-2.18	1,713,634	52.39	1,124,477
Total Liabilities	2,238,335	4.85	2,134,854	14.21	1,869,301	-1.06	1,889,348	51.86	1,244,155

ratio analysis
TRADING PERFORMANCE
Profit Before Tax	2.13	363	0.46	-14.81	0.54	-68.05	1.69	218	0.53
Return on capital employed	35.31	284	9.18	-17.74	11.16	-75.30	45.19	178	16.24
Return on total assets employed	4.26	373	0.90	-21.74	1.15	-72.62	4.20	169	1.56
Return on net assets employed	35.31	284	9.18	-17.74	11.16	-75.30	45.19	178	16.24
Sales / net working capital	16.73	-28.66	23.45	-6.39	25.05	-22.40	32.28	-20.57	40.64
Stock turnover ratio	0.83	-70.04	2.77	502	0.46	-94.24	7.99	-16.60	9.58
Creditor days	151.35	-5.94	160.90	8.67	148.06	14.20	129.65	22.72	105.65
Debtor days	125.80	-4.54	131.78	1.03	130.44	52.92	85.30	12.58	75.77
SHORT TERM STABILITY
Current ratio	1.14	4.59	1.09	0	1.09	0	1.09	0.93	1.08
Liquidity ratio / acid ratio	1.12	8.74	1.03	-4.63	1.08	24.14	0.87	12.99	0.77
Current debt ratio	7.30	-20.65	9.20	5.87	8.69	-10.87	9.75	3.72	9.40
Liquidity ratio reprocessed	-	-	-	-	-	-	-	-	-
Cashflow	62,139	262	17,148	-7.68	18,575	-67.56	57,263	259	15,912
Net worth	269,730	28.94	209,198	8.39	193,000	9.84	175,715	46.82	119,678
LONG TERM STABILITY
Gearing	0.34	-	0.00	-	0.00	-	-	-	0.01
Equity in percentage	12.05	22.96	9.80	-5.04	10.32	10.97	9.30	-3.33	9.62
Total debt ratio	7.30	-20.65	9.20	5.87	8.69	-10.87	9.75	3.72	9.40
Working capital	267,418	48.62	179,936	13.70	158,260	8.62	145,695	60.71	90,658

Profit & loss
Operating Income	-	-	-	-	-	-	-	-	-
Turnover	4,473,381	6.02	4,219,300	6.44	3,963,943	-15.71	4,702,855	27.66	3,684,027
Total operating expenses	4,347,653	3.71	4,192,111	6.57	3,933,525	-14.64	4,608,237	26.14	3,653,128
Gross Operating Margin	162,281	435	30,304	-8.63	33,165	-78.19	152,089	10.90	137,140
Operating Charges	-	-	-	-	-	-	-	-	-
Employee costs	-	-	-	-	-	-	-	-	1,189
Wages and salary	-	-	-	-	-	-	-	-	-
Employee pension costs	-	-	-	-	-	-	-	-	-
Social security contributions	-	-	-	-	-	-	-	-	902
Other employee costs	0	-	0	-	0	-	0	-100	287
Director remuneration	-	-	-	-	-	-	-	-	-
Amortization and depreciation	1,607	69.18	950	-26.34	1,289	5.16	1,226	31.69	931
Operating result	125,728	362	27,190	-10.62	30,419	-67.85	94,618	206	30,899
Total financial income	520	-82.60	2,990	331	692	352	153	-84.01	956
Total financial expenses	30,998	182	10,976	14.63	9,575	-37.68	15,365	23.69	12,422
Results on ordinary operations before	95,250	395	19,204	-10.83	21,537	-72.88	79,406	308	19,433
taxation
Extraordinary Income	-	-	155	0	155	-0.31	156	-	-
Extraordinary Charges	-	-	-	-	-	-	-	-	-
Extraordinary items	0	-100	155	0	155	-0.31	156	-	0
Results for the Year Before Taxation	95,250	392	19,359	-10.75	21,692	-72.74	79,562	309	19,433
Other appropriations	-	-	-	-	-	-	-	-	-
Taxation	34,718	998	3,161	-28.26	4,406	-81.27	23,525	428	4,451
Results on ordinary operations after	60,532	277	16,043	-6.35	17,130	-69.35	55,881	272	14,982
taxation
Net result	60,532	273	16,198	-6.29	17,285	-69.15	56,037	274	14,981
Profit (Loss) for the Year to be appropiated	60,532	273	16,198	-6.29	17,285	-69.15	56,037	274	14,981

Social Balance Sheet Details

Social Balance Sheet		Total
During the reporting year
ended 31-12-2013
Full-time Employees		-
Part-time Employees		-
Total Fte Employees		-

Number of hours worked
Full-time Employees		-
Part-time Employees		-
Total		-

Personnel Charges
Full-time Employees		-
Part-time Employees		-
Total		-

Benefits In Addition To Wages		-
During the previous reporting year
Average number employees in Fte		-
Actual working hours		-
Personnel Charges		-
Benefits In Addition To Wages		-

Type of Contract	Full-Time	Part-Time	Total Fte
Unlimited Duration	-	-	-
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)	-	-	-

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	-	-	-
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	151.35
Day sales outstanding	125.80

Industry comparison
Activity code	46480
Activity description	Wholesale of watches and jewellery
Industry average payment expectation days	318.11
Industry average day sales outstanding	506.96

Industry quartile analysis Payment expectations

Company result	151.35
Lower	127.87
Median	63.15
Upper	19.84

Day sales outstanding
Company result	125.80
Lower	120.17
Median	55.17
Upper	21.03

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

Linked Companies

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	SONIK SNILBHAI JHAVERI
Position	Principal Manager
Start Date	25/04/2007
Street	1 EGLANTIERLAAN ANTWERPEN
Post code	2020
Country	Belgium

Name	SHROWEN SHAH
Position	Principal Manager
Start Date	18/01/2005
Street	21 MEERLENLAAN ANTWERPEN
Post code	2610
Country	Belgium

Name	HARSHAD JAYANTILAL SHAH
Position	Principal Manager
Start Date	14/02/2001
Street	147 BELGIËLEI ANTWERPEN
Post code	2018
Country	Belgium

Position	Non Statutory Partner
Start Date	14/02/2001
Street	147 BELGIËLEI ANTWERPEN
Post code	2018
Country	Belgium

Name	GAURAV SHAH
Position	Principal Manager
Start Date	11/06/2002

Street

Post code Country

Former director details

Name	BHAVIN KOTHARI
Position	Principal Manager
Start Date	01/09/2006
End Date	01/07/2014
Street	6 KORTE HERENTALSESTRAAT ANTWERPEN
Post code	2018
Country	Belgium

Name	SUBODCHANDRA SHAH
Position	Principal Manager
Start Date	18/01/2005
End Date	31/12/2013
Street	31 DENNENLAAN ANTWERPEN
Post code	2610
Country	Belgium

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.66.20
UK Pound	1	Rs.98.30
Euro	1	Rs.72.41
EUR	1	Rs.72.52

Note : Above are approximate rates obtained from sources believed to be correct

INFORMATION DETAILS

Analysis Done by :	RAS

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	--

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.

MIRA INFORM REPORT

Company name

Company summary

Commentary

Accounts

Payment expectations

Court data summary

Company information

Contractor details

Company accounts

Social Balance Sheet Details

Payment Information

Shareholder Details

Linked Companies

Summons

Director details

Unit