MIRA INFORM REPORT

 

 

Report No. :

343305

Report Date :

02.10.2015

 

IDENTIFICATION DETAILS

 

Name :

MISHAL MANUFACTURING NV

 

 

Registered Office :

Hoveniersstraat 2-Bus 148 2018 Antwerpen

 

 

Country :

Belgium

 

 

Financials (as on) :

31.12.2014

 

 

Date of Incorporation :

07.12.2001

 

 

Com. Reg. No.:

476307810

 

 

Legal Form :

Public Limited Liability Company (BE)

 

 

Line of Business :

Wholesale of diamonds and other precious stones.

 

 

No. of Employee :

2

 

 

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 – March 31, 2015

 

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

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 EUTRADE 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 summary

 

 Business number                    476307810

Branche Unit Number               2095694007

Company name                        MISHAL MANUFACTURING NV

Address                                   HOVENIERSSTRAAT 2-BUS 148

2018 ANTWERPEN

Number of staff                        2

Date of establishment               07/12/2001

Telephone number                   032251588

Fax number                              032260127

 

 

Commentary

 

The business was established over 13 years ago.

The business has 2 employees.

The business has been at the address for over 13 years.

A 47% decline in Total Assets occurred during the latest trading period.

Pre-tax profits decreased by 49% compared to the previous trading period.

Turnover in the latest trading period decreased 30% on the previous trading period.

 

 

Accounts

 

DATE  OF  LATEST  ACCOUNTS

TURNOVER

PROFIT  BEFORE  TAX

NET  WORTH

WORKING  CAPITAL

31/12/2014

37,179,570

71,905

3,592,809

4,459,716

31/12/2013

53,516,934

142,805

3,517,224

3,168,332

31/12/2012

26,511,589

99,963

3,414,416

3,047,288

 

 

ACCOUNTS

 

 

 

 

 

DATE  OF  LATEST  ACCOUNTS

BALANCE  TOTAL

NUMBER  OF  EMPLOYEES

CAPITAL

CASHFLOW

31/12/2014

13,320,252

2

3,162,000

75,956

31/12/2013

25,167,300

2

3,162,000

103,180

31/12/2012

8,584,640

2

3,162,000

101,824

 

 

Trends

 

Profitability

Liquidity

Net worth

 

 

Payment expectations

 

Past  payments

 

Payment  expectation  days

59.68

Industry  average  payment

110.78

Industry  average  day  sales

171.21

expectation  days

 

outstanding

 

Day  sales  outstanding

68.82

 

 

 

 

Court data summary

 

BANKRUPTCY DETAILS

Court action type                       No

 

PROTESTED BILLS

Bill amount                                --

 

NSSO DETAILS

Date of summons                     –

 

 

Company information

 

Business  number

476307810

Company  name

MISHAL  MANUFACTURING

 

 

 

NV

Fax  number

032260127

Date  founded

07/12/2001

Company  status

active

Company  type

Public  Limited  Liability

 

 

 

Company  (BE)

Currency

Euro  (€)

Date  of  latest  accounts

31/12/2014

Activity  code

46761

Liable  for  VAT

yes

Activity  description

Wholesale  of  diamonds  and other  precious  stones

VAT  Number

BE.0476.307.810  Check  VAT number

Belgian  Bullettin  of  Acts

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

Additional  national  joint  committee  for  the  employees

category

 

JIC  Code

324

Description

Joint  committee  for  the  industry  and  the  trade  in  diamant

category

 

 

 

SIGNIFICANT EVENTS

 

Event  Date

09/06/2012

Event  Description

re-appointment  of  director(s)

Event  Details

Commentaar  09-06-2012:  Herbenoemd  als  bestuurder  tot  na  de  jaarvergadering  van  2018:  Ramesh

 

Patel  (tevens  als  gedelegeerd  bestuurder)  en  Saroj  Patel.

 

 

Company accounts

 

ASSETS

 

Annual  accounts

31-12-2014

%

31-12-2013

%

31-12-2012

%

31-12-2011

%

31-12-2010

Weeks

52

 

52

 

52

 

52

 

52

Currency

EUR

 

EUR

 

EUR

 

EUR

 

EUR

Total  fixed  assets

335,419

-5.13

353,546

-5.50

374,108

0.70

371,492

-19.36

460,654

Intangible  fixed  assets

2,327

-50.00

4,653

-33.33

6,980

-25.00

9,307

-20.00

11,633

Tangible  fixed  assets

525

-41.43

896

-29.29

1,268

-22.66

1,639

-

-

Land  &  building

-

-

-

-

-

-

-

-

-

Plant  &  machinery

-

-

-

-

-

-

-

-

-

Furniture  &  Vehicles

525

-41.43

896

-29.29

1,268

-22.66

1,639

-

-

Leasing  &  Other  Similar  Rights

-

-

-

-

-

-

-

-

-

Other  tangible  assets

0

-

0

-

0

-

0

-

0

Financial  fixed  assets

332,567

-4.43

347,996

-4.88

365,860

1.47

360,546

-19.70

449,021

Total  current  assets

12,984,833

-47.67

24,813,754

202

8,210,532

-29.79

11,694,625

-23.69

15,324,430

Inventories

5,913,513

-54.58

13,018,350

658

1,715,522

-85.22

11,603,164

9.05

10,640,651

Raw  materials  &  consumables

-

-

-

-

-

-

-

-

-

Work  in  progress

0

-

0

-

0

-

0

-

0

Finished  goods

5,913,513

-54.58

13,018,350

658

1,715,522

-85.22

11,603,164

9.05

10,640,651

Other  stocks

0

-

0

-

0

-

0

-

0

Trade  debtors

7,010,039

-40.25

11,731,371

82.11

6,441,903

178994

3,597

-99

4,630,032

Other  amounts  receivable

3,508

-7.33

3,785

11.93

3,381

-74.85

13,445

59.12

8,450

Cash

42,770

-12.45

48,851

32.04

36,998

-36.43

58,199

94.31

29,952

Miscellaneous  current  assets

15,004

31.64

11,398

-10.44

12,726

-21.54

16,220

5.70

15,346

Total  Assets

13,320,252

-47.07

25,167,300

193

8,584,640

-28.85

12,066,117

-23.56

15,785,085

 

 

LIABILITIES

 

Total  shareholders  equity

3,595,135

2.08

3,521,877

2.94

3,421,396

2.98

3,322,270

0.95

3,291,058

Issued  share  capital

3,162,000

0

3,162,000

0

3,162,000

0

3,162,000

0

3,162,000

Share  premium  account

-

-

-

-

-

-

-

-

-

Revaluation  reserve

-

-

-

-

-

-

-

-

-

Reserves

433,135

20.36

359,877

38.74

259,396

61.85

160,270

24.18

129,058

Provisions  for  Liabilities  &  Charges

0

-

0

-

0

-

0

-

0

Deffered  taxes

-

-

-

-

-

-

-

-

-

Creditors

9,725,117

-55.07

21,645,422

319

5,163,244

-40.95

8,743,847

-30.02

12,494,026

Other  long  term  loans

1,200,000

-

-

-

-

-

7,600,000

0

7,600,000

Long  term  group  loans

-

-

-

-

-

-

-

-

-

Other  long  term  liabilities

0

-

0

-

0

-

0

-

0

Total  long  term  debts

1,200,000

-

0

-

0

-100

7,600,000

0

7,600,000

Current  portion  of  long  term  debt

-

-

-

-

-

-

-

-

-

Financial  debts

2,453,739

-32.27

3,622,992

-3.89

3,769,788

86032

4,377

-99

3,058,297

Trade  creditors

6,034,718

-66.46

17,994,259

1494

1,128,602

44181

2,549

-99

1,165,757

Amounts  Payable  for  Taxes,

16,393

-30.53

23,598

59.93

14,756

48.67

9,925

-28.74

13,929

Remuneration  &  Social  Security

 

 

 

 

 

 

 

 

 

Miscellaneous  current  liabilities

20,266

343

4,573

-98.17

250,099

-77.81

1,126,996

71.79

656,044

Total  current  liabilities

8,525,117

-60.61

21,645,422

319

5,163,244

351

1,143,847

-76.63

4,894,026

Total  Liabilities

13,320,252

-47.07

25,167,300

193

8,584,640

-28.85

12,066,117

-23.56

15,785,085

 

 

RATIO ANALYSIS

 

TRADING  PERFORMANCE

 

Profit  Before  Tax

0.19

-29.63

0.27

-28.95

0.38

-36.67

0.60

-57.75

1.42

Return  on  capital  employed

1.50

-62.96

4.05

38.70

2.92

183

1.03

-60.08

2.58

Return  on  total  assets  employed

0.54

-5.26

0.57

-50.86

1.16

24.73

0.93

-47.75

1.78

Return  on  net  assets  employed

2.00

-50.62

4.05

38.70

2.92

-13.86

3.39

-60.30

8.54

Sales  /  net  working  capital

8.34

-50.62

16.89

94.14

8.70

388

1.78

-5.82

1.89

Stock  turnover  ratio

15.91

-34.61

24.33

276

6.47

-89.54

61.84

14.75

53.89

Creditor  days

59.68

-51.61

123.34

678

15.84

31580

0.05

-99

22.47

Debtor  days

68.82

-13.99

80.01

-9.79

88.69

126600

0.07

-99

85.59

 

 

SHORT  TERM  STABILITY

 

Current  ratio

1.52

32.17

1.15

-27.67

1.59

-84.44

10.22

226

3.13

Liquidity  ratio  /  acid  ratio

0.83

53.70

0.54

-57.14

1.26

1475

0.08

-91.67

0.96

Current  debt  ratio

2.37

-61.46

6.15

307

1.51

344

0.34

-77.18

1.49

Liquidity  ratio  reprocessed

-

-

-

-

-

-

-

-

-

Cashflow

75,956

-26.38

103,180

1.33

101,824

201

33,756

-86.09

242,603

Net  worth

3,592,809

2.15

3,517,224

3.01

3,414,416

3.06

3,312,963

1.02

3,279,425

 

 

LONG  TERM  STABILITY

 

Gearing

101.63

-1.21

102.87

-6.63

110.18

-51.86

228.89

-29.32

323.86

Equity  in  percentage

26.99

92.79

14.00

-64.90

39.89

44.74

27.56

32.12

20.86

Total  debt  ratio

2.71

-55.93

6.15

307

1.51

-42.59

2.63

-30.79

3.80

Working  capital

4,459,716

40.76

3,168,332

3.97

3,047,288

-71.12

10,550,778

1.15

10,430,404

 

 

PROFIT & LOSS

 

Operating  Income

37,181,956

-30.53

53,524,034

101

26,516,723

41.27

18,770,319

-4.94

19,746,145

Turnover

37,179,570

-30.53

53,516,934

101

26,511,589

41.29

18,763,703

-4.97

19,745,180

Total  operating  expenses

36,905,408

-30.69

53,248,603

104

26,012,653

44.20

18,038,972

-4.74

18,936,768

Gross  Operating  Margin

-

-

-

-

-

-

-

-

-

Operating  Charges

36,907,793

-30.70

53,255,703

104

26,017,787

44.18

18,045,589

-4.71

18,937,733

Employee  costs

69,630

1.71

68,460

0.60

68,050

3.81

65,554

7.09

61,211

Wages  and  salary

58,053

0.81

57,586

2.17

56,360

3.64

54,384

7.18

50,740

Employee  pension  costs

-

-

-

-

-

-

-

-

-

Social  security  contributions

11,190

1.33

11,043

-5.53

11,690

4.65

11,170

6.67

10,472

Other  employee  costs

387

230

-168

-

0

-

0

-

0

Director  remuneration

26,175

21.18

21,600

100

10,800

-

-

-

-

Amortization  and  depreciation

2,698

0

2,698

0

2,698

6.04

2,544

1152

203

Operating  result

274,162

2.17

268,331

-46.22

498,936

-31.16

724,730

-10.35

808,413

Total  financial  income

27

-99

10,960

71.81

6,379

63790700

0

-99

218,006

Total  financial  expenses

202,285

48.21

136,486

-66.33

405,352

-33.77

612,017

-17.88

745,312

Results  on  ordinary  operations

71,905

-49.65

142,805

42.86

99,963

-11.31

112,714

-59.90

281,106

before  taxation

 

 

 

 

 

 

 

 

 

Extraordinary  Income

8,281

-

-

-

-

-

-

-

-

Extraordinary  Charges

-

-

28,824

2606

1,065

-98.80

88,475

834

9,465

Extraordinary  items

8,281

28.73

-28,824

-2606

-1,065

1.20

-88,475

-834

-9,465

Results  for  the  Year  Before

80,186

-29.65

113,982

15.25

98,898

308

24,239

-91.08

271,641

Taxation

 

 

 

 

 

 

 

 

 

Other  appropriations

-

-

-

-

-

-

-

-

-

Taxation

6,928

-48.68

13,500

5929

-228

3.26

-6,973

-123

29,241

Results  on  ordinary  operations after  taxation

64,977

-49.75

129,305

29.06

100,191

-16.29

119,686

-52.48

251,865

Net  result

73,258

-27.09

100,482

1.37

99,126

217

31,212

-87.12

242,400

Profit  (Loss)  for  the  Year  to  be appropiated

73,258

-27.09

100,482

1.37

99,126

217

31,212

-87.12

242,400

Dividends

-

-

-

-

-

-

-

-

-

 

 

Social Balance Sheet Details

 

Social  Balance  Sheet

Total

During  the  reporting  year

 

ended  31-12-2014

 

Full-time  Employees

2

Part-time  Employees

-

Total  Fte  Employees

2

Number  of  hours  worked

 

Full-time  Employees

3,511

Part-time  Employees

-

Total

3,511

Personnel  Charges

 

Full-time  Employees

69,630

Part-time  Employees

-

Total

69,630

Benefits  In  Addition  To  Wages

-

During  the  previous  reporting  year

 

Average  number  employees  in  Fte

2

Actual  working  hours

3,511

Personnel  Charges

68,460

Benefits  In  Addition  To  Wages

-

 

 

Type  of  Contract

 

Full-Time

Part-Time

Total  Fte

Unlimited  Duration

2

-

2

Contracts

 

 

 

Limited  Duration  Contracts

-

-

-

Contracts  For  Specific  Work

-

-

-

Contracts  Regarding

-

-

-

 

 

 

Gender and Education Level

 

 

 

Men

Full-Time

Part-Time

Total  Fte

Primary education

-

-

-

Secondairy education

-

-

-

Higher education (non university)

-

-

-

Higher education (university)

2

-

2

 

 

 

 

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

2

-

2

Blue  collar  worker

-

-

-

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

-

-

-

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                            46761

Activity description                  Wholesale of diamonds and other precious stones

industry average credit

rating                                       64.48

Industry average credit limit     140177.31

 

 

Payment Information

 

SUSPENSION OF PAYMENTS / MORATORIUM HISTORY

 

Amount

-

Details

-

 

 

PAYMENT  EXPECTATIONS

 

Payment  expectation  days

59.68

Day  sales  outstanding

68.82

 

 

INDUSTRY  COMPARISON

 

Activity  code

46761

Activity  description

Wholesale  of  diamonds  and  other  precious  stones

Industry  average  payment

110.78

expectation  days

 

Industry  average  day  sales

171.21

outstanding

 

 

 

Industry quartile analysis

 

PAYMENT  EXPECTATIONS

 

Company  result

59.68

Lower

120.34

Median

74.93

Upper

45.40

 

 

DAY SALES OUTSTANDING

 

Company result            68.82

Lower                           107.56

Median                         54.63

Upper                           24.79

 

 

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

 

Position

Managing  Director

Start  Date

13/06/2009

Date  of  birth

01/06/1959

Street

9 BERKENLAAN  ANTWERPEN

Post  code

2610

Country

Belgium

Name

RAMESH  HARJIBHAI  GADHIAALIAS  PATEL

Name

SAROJ  RAMESH  PATEL

Position

Director

Start  Date

05/08/2010

End  Date

09/06/2018

Street

9 BERKENLAAN  ANTWERPEN

Post  code

2610

Country

Belgium

 

 

FORMER DIRECTOR DETAILS

 

Name

RAMESH  HARJIBHAI  GADHIAALIAS  PATEL

Position

Director

Start  Date

15/06/2004

End  Date

Unknown  date

Date  of  birth

01/06/1959

Street

9 BERKENLAAN  ANTWERPEN

Post  code

2610

Country

Belgium

Name

JAGDISH  PATEL

Position

Director

Start  Date

15/09/2009

End  Date

10/12/2010

Street

9 BERKENLAAN  ANTWERPEN

Post  code

2610

Country

Belgium

Name

MAHESH  PATEL

Position

Director

Start  Date

10/06/2006

End  Date

31/12/2010

Date  of  birth

07/06/1981

Street

401 P.M.  ROAD

Post  code

400054

Country

India

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.65.55

UK Pound

1

Rs.99.17

Euro

1

Rs.73.08

 

 

INFORMATION DETAILS

 

Analysis Done by :

TRI

 

 

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.