3decades

MIRA INFORM REPORT

Report No. :	489709
Report Date :	01.02.2018

IDENTIFICATION DETAILS

Name :	HULCHI BELLUNI NV

Registered Office :	BURGGRAVENLAAN 275 9000 GENT

Country :	Belgium

Financials (as on) :	31.12.2016

Date of Incorporation :	15.10.2001

Com. Reg. No.:	475969595

Legal Form :	Public Limited Company

Line of Business :	Subject is engaged in Retail sale of watches and jewellery in specialised stores.

No. of Employees :	5

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23^rd January 2017)

MIRA’s Rating :

Credit Rating	Explanation	Rating Comments
A	Acceptable Risk	Business dealings permissible with moderate risk of default

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

Country Name

Previous Rating

(30.06.2017)

Current Rating

(30.09.2017)

Belgium

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderately Low Risk	B1
Moderate Risk	B2
Moderately High Risk	C1
High Risk	C2
Very High Risk	D

BELGIUM - ECONOMIC OVERVIEW

Belgium’s central geographic location and highly developed transport network have helped develop a well-diversified economy, with a broad mix of transport, services, manufacturing, and high tech. Service and high-tech industries are concentrated in the northern Flanders region while the southern region of Wallonia is home to industries like coal and steel manufacturing. Belgium is completely reliant on foreign sources of fossil fuels, and the planned closure of its seven nuclear plants by 2025 should increase its dependence on foreign energy. Its role as a regional logistical hub makes its economy vulnerable to shifts in foreign demand, particularly with EU trading partners. Roughly three-quarters of Belgium's trade is with other EU countries, and the port of Zeebrugge conducts almost half its trade with the United Kingdom alone, leaving Belgium’s economy vulnerable to the outcome of negotiations on the UK’s exit from the EU.

Belgium’s GDP grew by 1.7% in 2017 and the budget deficit was 1.5% of GDP. Unemployment stood at 7.3%, however the unemployment rate is lower in Flanders than Wallonia, 4.4% compared to 9.4%, because of industrial differences between the regions. The economy largely recovered from the March 2016 terrorist attacks that mainly impacted the Brussels region tourist and hospitality industry. Prime Minister Charles MICHEL's center-right government has pledged to further reduce the deficit in response to EU pressure to decrease Belgium's high public debt of about 104% of GDP, but such efforts could also dampen economic growth. In addition to restrained public spending, low wage growth and higher inflation promise to curtail a more robust recovery in private consumption.

The government has pledged to pursue a reform program to improve Belgium’s competitiveness, including changes to labor market rules and welfare benefits. These changes have generally made Belgian wages more competitive regionally, but risk worsening tensions with trade unions and triggering extended strikes. In 2017, Belgium approved a tax reform plan to ease corporate rates from 33% to 29% by 2018 and down to 25% by 2020. The tax plan also included benefits for innovation and SMEs, intended to spur competitiveness and private investment.

Source : CIA

Company summary

Business number	475969595
Branche Unit Number	2095359455
Company name	HULCHI BELLUNI NV
Address	BURGGRAVENLAAN 275
	9000 GENT
Date of establishment	15/10/2001
Telephone number	3292800666
Mobile number	-
Fax number	092800666
Liable for VAT	yes
VAT Number	BE.0475.969.595 Check VAT number

Commentary

The business was established over 16 years ago.

The business has 5 employees.

Number of employees in the latest trading period increased 70% on the previous trading period.

The business has been at the address for over 14 years.

Operating Result in the latest trading period decreased 61% on the previous trading period. A 70% decline in Total Assets occurred during the latest trading period. Pre-tax profits decreased by 68% compared to the previous trading period. The business saw a decrease in their Cash Balance of 92% during the latest trading period.

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

Annual accounts

DATE OF LATEST ACCOUNTS	TURNOVER	PROFIT BEFORE TAX	NET WORTH	WORKING CAPITAL
31/12/2016	11,965,218	78,608	1,235,535	1,225,355
30/06/2015	17,103,294	248,352	1,186,295	1,248,026
30/06/2014		52,104	1,037,161	1,227,503

Accounts

DATE OF LATEST ACCOUNTS	BALANCE TOTAL	NUMBER OF EMPLOYEES	CAPITAL	CASHFLOW
31/12/2016	5,699,092	5	602,000	95,631
30/06/2015	19,634,560	3	602,000	180,802
30/06/2014	12,778,478	2	602,000	239,257

Payment expectations

Past payments		Payment expectation days	136.20
Industry average payment	88.73	Industry average day sales	37.35
expectation days		outstanding
Day sales outstanding	123.06

Court data summary

BANKRUPTCY DETAILS
Court action type	no
PROTESTED BILLS
Bill amount	-
NSSO DETAILS
Date of summons	-

Financials

Company accounts

Assets

Annual accounts	31-12-2016	%	30-06-2015	%	30-06-2014	%	30-06-2013	%	30-06-2012
Weeks	78		52		52		52		52
Currency	EUR		EUR		EUR		EUR		EUR
Total fixed assets	75,180	-10.35	83,860	40.90	59,519	-25.30	79,673	52.88	52,113
Intangible fixed assets	0	-	0	-	0	-	0	-	0
Tangible fixed assets	31,500	-54.07	68,587	54.64	44,353	-9.26	48,879	53.83	31,774
Land & building	0	-	0	-	0	-	0	-	0
Plant & machinery	31,443	-52.56	66,276	66.33	39,845	-5.52	42,174	79.91	23,441
Furniture & Vehicles	57	-97.17	2,011	-48.54	3,908	-32.68	5,805	-18.61	7,133
Leasing & Other Similar Rights	0	-	0	-	0	-	0	-	0
Other tangible assets	0	-100	300	-50.0	600	-33.33	900	-25.00	1,200

Financial fixed assets	43,680	185	15,273	0.71	15,166	-50.75	30,793	51.40	20,339
Total current assets	5,623,912	-71.23	19,550,699	53.71	12,718,958	15.44	11,017,971	31.85	8,356,687
Inventories	945,643	14.08	828,925	-19.74	1,032,757	-	0	-	0
Raw materials & consumables	0	-	0	-	0	-	0	-	0
Work in progress	0	-	0	-	0	-	0	-	0
Finished goods	945,643	14.08	828,925	-	0	-	0	-	0
Other stocks	0	-	0	-100	1,032,757	-	0	-	0
Trade debtors	4,034,097	-64.01	11,208,580	37.12	8,174,223	10.68	7,385,643	56.71	4,712,861
Other amounts receivable	50,253	-60.80	128,202	9.47	117,116	-43.96	208,988	1494	13,111
Cash	586,589	-92.06	7,383,852	117	3,393,726	-0.83	3,422,214	-4.79	3,594,234
Miscellaneous current assets	7,331	542	1,140	0.43	1,136	0.73	1,127	-96.91	36,481
Total Assets	5,699,092	-70.97	19,634,560	53.65	12,778,478	15.15	11,097,644	31.98	8,408,800

Liabilities

Total shareholders equity	1,235,535	4.15	1,186,295	14.38	1,037,161	17.61	881,873	25.60	702,109
Issued share capital	602,000	0	602,000	0	602,000	870	62,000	0	62,000
Share premium account	0	-	0	-	0	-	0	-	0
Revaluation reserve	0	-	0	-	0	-	0	-	0
Reserves	633,535	8.43	584,295	34.27	435,161	-46.92	819,873	28.08	640,109
Provisions for Liabilities & Charges	65,000	0	65,000	0	65,000	0	65,000	0	65,000
Deffered taxes	0	-	0	-	0	-	0	-	0
Creditors	4,398,557	-76.07	18,383,264	57.44	11,676,317	15.03	10,150,771	32.83	7,641,690
Other long term loans	0	-100	80,591	-56.40	184,862	-35.27	285,606	-37.29	455,408
Other long term liabilities	0	-	0	-	0	-	0	-	0
Total long term debts	65,000	-55.35	145,591	-41.73	249,862	-28.73	350,606	-32.63	520,408
Current portion of long term debt	27,095	-74.01	104,271	3.50	100,745	-40.67	169,802	-4.55	177,890
Financial debts	0	-100	8,012,440	124	3,563,480	-6.99	3,831,200	-2.31	3,921,810
Trade creditors	4,240,529	-57.91	10,074,530	30.91	7,695,584	33.48	5,765,193	94.44	2,965,062
Amounts Payable for Taxes, Remuneration & Social Security	75,124	-31.91	110,333	-15.74	130,939	32.97	98,474	63.11	60,374

Miscellaneous current liabilities	55,809	4974	1,100	55.44	708	42.60	496	-99	61,147
Total current liabilities	4,398,557	-75.97	18,302,673	59.27	11,491,455	16.49	9,865,165	37.28	7,186,282
Total Liabilities	5,699,092	-70.97	19,634,560	53.65	12,778,478	15.15	11,097,644	31.98	8,408,800

ratio analysis

TRADING PERFORMANCE
Profit Before Tax	0.66	-54.48	1.45	-	-	-	-	-	-
Return on capital employed	6.04	-67.61	18.65	360	4.05	-81.72	22.15	403	4.40

Return on total assets employed	1.38	9.52	1.26	207	0.41	-83.33	2.46	284	0.64
Return on net assets employed	6.36	-69.63	20.94	317	5.02	-83.79	30.96	304	7.66
Sales / net working capital	9.76	-28.76	13.70	-	-	-	-	-	-
Stock turnover ratio	7.90	62.89	4.85	-	-	-	-	-	-
Creditor days	136.20	-42.41	236.51	-	-	-	-	-	-
Debtor days	123.06	-48.55	239.20	-	-	-	-	-	-
SHORT TERM STABILITY
Current ratio	1.28	19.63	1.07	-3.60	1.11	-0.89	1.12	-3.45	1.16
Liquidity ratio / acid ratio	1.06	3.92	1.02	0	1.02	-8.93	1.12	-3.45	1.16
Current debt ratio	3.56	-76.93	15.43	39.26	11.08	-0.98	11.19	9.28	10.24
Cashflow	95,631	-47.11	180,802	-24.43	239,257	129	104,324	85.22	56,325
Net worth	1,235,535	4.15	1,186,295	14.38	1,037,161	17.61	881,873	25.60	702,109
LONG TERM STABILITY
Gearing	2.19	-99	691.00	86.19	371.12	-23.65	486.08	-25.08	648.77
Equity in percentage	21.68	258	6.04	-25.62	8.12	2.14	7.95	-4.79	8.35
Total debt ratio	3.61	-76.78	15.55	37.37	11.32	-2.25	11.58	5.46	10.98
Working capital	1,225,355	-1.82	1,248,026	1.67	1,227,503	6.48	1,152,806	-1.50	1,170,405

Profit & loss

Operating Income	11,980,552	-30.02	17,119,819	-	-	-	-	-	-
Turnover	11,965,218	-30.04	17,103,294	-	-	-	-	-	-
Total operating expenses	11,364,478	-26.91	15,547,815	-	-	-	-	-	-
Gross Operating Margin	-	-	-	-	234,086	-59.00	570,955	20.46	473,988
Operating Charges	11,994,082	-22.94	15,564,339	-	-	-	-	-	-
Employee costs	298,723	160	114,608	29.17	88,724	21.45	73,052	93.21	37,809
Wages and salary	258,065	166	96,730	32.74	72,871	24.93	58,330	90.94	30,548
Employee pension costs	-	-	-	-	-	-	-	-	-
Social security contributions	37,011	133	15,833	2.88	15,389	32.00	11,658	83.15	6,365
Other employee costs	3,647	78.32	2,045	340	464	-84.85	3,064	242	896
Director remuneration	-	-	-	-	-	-	-	-	-
Amortization and depreciation	46,391	46.49	31,668	32.12	23,969	-21.75	30,633	59.32	19,227
Operating result	600,739	-61.38	1,555,479	1639	89,441	-72.16	321,322	-23.06	417,629
Total financial income	283,009	-47.38	537,817	17.72	456,858	-12.79	523,872	187	181,967
Total financial expenses	791,610	-57.09	1,844,944	273	494,195	-13.63	572,197	4.83	545,843

Results on ordinary operations before	78,608	-68.35	248,352	376	52,104	-80.91	272,996	407	53,753
taxation

Extraordinary Income	247,350	2712	8,794	-97.07	300,000	-	-	-	655
Extraordinary Charges	233,820	1309	16,590	-52.33	34,801	-51.21	71,322	50063	142

Extraordinary items	13,530	173	-7,796	-102	265,199	371	-71,322	-13994	513
Results for the Year Before Taxation	92,138	-61.70	240,557	-24.19	317,304	57.34	201,674	271	54,267
Taxation	42,899	-53.08	91,422	-10.38	102,016	-20.29	127,982	645	17,169
Results on ordinary operations after	35,709	-77.25	156,930	314	-49,911	-134	145,014	296	36,584
taxation

Net result	49,240	-66.98	149,135	-30.73	215,288	192	73,691	98.64	37,098
Profit (Loss) for the Year to be appropiated	49,240	-66.98	149,135	-30.73	215,288	192	73,691	98.64	37,098
Dividends	-	-	-	-	600,000	-	-	-	-

Social Balance Sheet Details

Social Balance Sheet	Total
During the reporting year
ended 31-12-2016
Full-time Employees	4
Part-time Employees	2
Total Fte Employees	5
Number of hours worked
Full-time Employees	10,178
Part-time Employees	3,214
Total	13,392
Personnel Charges
Full-time Employees	227,032
Part-time Employees	71,692
Total	298,723
Benefits In Addition To Wages	-
During the previous reporting year
Average number employees in Fte	3
Actual working hours	5,393
Personnel Charges	114,608
Benefits In Addition To Wages	-

Type of Contract	Full-Time	Part-Time		Total Fte
Unlimited Duration	3	1	3
Contracts
Limited Duration Contracts	2	-	2
Contracts For Specific Work	-	-	-
Contracts Regarding Substitution	-	-	-

Gender and Education Level

Men	Full-Time	Part-Time	Total Fte
Primary education	1	-	1
Secondairy education	3	-	3
Higher education (non	-	-	-
university)
Higher education	-	-	-
(university)
Women	Full-Time	Part-Time	Total Fte
Primary education	-	-	-
Secondairy education	-	-	-
Higher education (non	-	1	0
university)
Higher education	1	-	1
(university)

Working Category	Full-Time	Part-Time	Total Fte
Management	-	-	-
White collar worker	5	1	5
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	6	3	8
Leavers	5	2	6

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	47770
Activity description	Retail sale of watches and jewellery in specialised stores
industry average credit	68.26

Payment Information

Payment Information Summary

Total number of Invoices available	1
Total number of Invoices paid within or up to 30 days after the due date	1
Total number of Invoices paid more than 30 days after the due date	0
Total number of Invoices currently outstanding where the due date has not yet been reached	0
Total number of Invoices currently outstanding beyond the due date	0

Suspension of payments / moratorium history

Amount	-
Details	-

Payment expectations
Payment expectation days	136.20
Day sales outstanding	123.06

Industry comparison
Activity code	47770
Activity description	Retail sale of watches and jewellery in specialised stores
Industry average payment	88.73
expectation days
Industry average day sales	37.35
outstanding

Industry quartile analysis
Payment expectations
Company result	136.20
Lower	104.33
Median	41.47
Upper	15.16

Day sales outstanding

Company result	123.06
Lower	25.26
Median	8.60
Upper	2.91

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

Individual Shareholders

SHAREHOLDER NAME

Forename	Martine	Middle name	-
Surname	Hul
SHAREHOLDER DETAILS
Start date	11/07/2014(estimated)	End date	-
Percentage owned	-
SHAREHOLDER ADDRESS
Street name	Guldenberg	House number	4
Postal town	Antwerpen
Post code	2000	Country	Belgium
SHAREHOLDER NAME
Forename	Baruch	Middle name	-
Surname	Reichman
SHAREHOLDER DETAILS
Start date	11/07/2014(estimated)	End date	-
Percentage owned	-

SHAREHOLDER ADDRESS

Street name	Van den Nestlei	House number	14
Postal town	Antwerpen
Post code	2018	Country	Belgium

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	Director
Start Date	19/08/2015
Street	195 Bredestraat Hemiksem
Post code	2620
Country	Belgium
Name	Noël Hul

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	INR 63.68
UK Pound	1	INR 90.35
Euro	1	INR 79.21
EURO	1	INR 79.43

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

INFORMATION DETAILS

Analysis Done by :	NIY

Report Prepared by :	DNS

RATING EXPLANATIONS

Credit Rating	Explanation	Rating Comments
A++	Minimum Risk	Business dealings permissible with minimum risk of default
A+	Low Risk	Business dealings permissible with low risk of default
A	Acceptable Risk	Business dealings permissible with moderate risk of default
B	Medium Risk	Business dealings permissible on a regular monitoring basis
C	Medium High Risk	Business dealings permissible preferably on secured basis
D	High Risk	Business dealing not recommended or on secured terms only
NB	New Business	No recommendation can be done due to business in infancy stage
NT	No Trace	No recommendation can be done as the business is not traceable

NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.

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 are as follows:

· Financial condition covering various ratios

· Company background and operations size

· Promoters / Management background

· Payment record

· Litigation against the subject

· Industry scenario / competitor analysis

· Supplier / Customer / Banker review (wherever available)

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.

Registered contractor	-
number
Contractor description	-
Date struck off register

JIC Code	218
Description	Additional national joint committee for the employees
category

Event Date	26/09/2013
Event Description	re-appointment of director(s)
Event Details	Commentaar 26-09-2013: Herbenoemd als bestuurders tot de jaarvergadering van 2019 : Hul
	Martine (tevens gedelegeerd bestuurder) en Reichman Baruch.

Event Date	15/10/2001
Event Description	Legal creation
Event Details