MIRA INFORM REPORT

 

 

Report No. :

491740

Report Date :

14.02.2018

 

 

 

IDENTIFICATION DETAILS

 

Name :

MINDA  BROTHERS  BVBA

 

 

Registered Office :

Hoveniersstraat  2, 2018 Antwerpen

 

 

Country :

Belgium

 

 

Financials (as on) :

31.12.2016

 

 

Date of Incorporation :

01.10.2008

 

 

Com. Reg. No.:

806940129

 

 

Legal Form :

Private  limited  liability company

 

 

Line of Business :

Wholesale  of  diamonds  and other  precious  stones

 

 

No. of Employees :

Not available

 

 

RATING & COMMENTS

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

 

MIRA’s Rating :

A

 

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

A2

A2

 

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 NAME

 

MINDA  BROTHERS  BVBA 

 

 

Company summary                        

 

Business  number

806940129

Branche  Unit  Number

2174125732

Company  name

MINDA  BROTHERS  BVBA

Address

HOVENIERSSTRAAT  2

 

2018 ANTWERPEN

Date  of  establishment

01/10/2008

Telephone  number

3232881078

Mobile  number

-

Fax  number

-

Liable  for  VAT

yes

VAT  Number

BE.0806.940.129  Check  VAT  number

 

 

Commentary

 

The  business  was  established  over  9  years  ago.

No  employees  are  recorded  for  this  business.

The  business  has  been  at  the  address  for  over  8  years.

Operating  Result  in  the  latest  trading  period  increased  351%  on  the  previous  trading  period.

Net  Worth  increased  by  99%  during  the  latest  trading  period.

A  25%  decline  in  Total  Assets  occurred  during  the  latest  trading  period.

Pre-tax  profits  increased  by  1154%  compared  to  the  previous  trading  period.

The  business  saw  an  increase  in  their  Cash  Balance  of  31%  during  the  latest  trading  period.

Turnover  in  the  latest  trading  period  decreased  22%  on  the  previous  trading  period.

 

 

Annual  accounts

 

DATE  OF  LATEST  ACCOUNTS

TURNOVER

PROFIT  BEFORE  TAX

NET  WORTH

WORKING  CAPITAL

31/12/2016

16,288,846

547,246

936,423

1,326,607

31/12/2015

21,071,141

43,626

470,088

854,872

31/12/2014

 

40,311

436,515

780,155

Accounts

 

 

 

 

DATE  OF  LATEST  ACCOUNTS

BALANCE  TOTAL

NUMBER  OF  EMPLOYEES

CAPITAL

CASHFLOW

31/12/2016

6,351,711

-

309,087

509,717

31/12/2015

8,493,580

-

309,087

38,331

31/12/2014

4,727,281

-

309,087

42,976

 

 

Payment  expectations

 

Past  payments

 

Payment  expectation  days

89.13

Industry  average  payment

200.93

Industry  average  day  sales

212.08

expectation  days

 

outstanding

 

Day  sales  outstanding

96.63

 

 

 

 

Court  data  summary

 

BANKRUPTCY  DETAILS

Court  action  type

no

 

 

PROTESTED  BILLS

Bill  amount

-

 

 

NSSO  DETAILS

Date  of  summons

-

 

 

Company  information

 

Business  number

806940129

Company  name

MINDA  BROTHERS  BVBA

Fax  number

-

Date  founded

01/10/2008

Company  status

active

Company  type

Private  limited  liability

 

 

 

company

Currency

Euro  (€)

Date  of  latest  accounts

31/12/2016

Activity  code

46761

Number  of  staff

-

Activity  description

Wholesale  of  diamonds  and other  precious  stones

 

 

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)

 

 

 

Company  accounts 

 

Assets

 

 

 

 

 

 

 

 

 

Annual  accounts

31-12-2016

%

31-12-2015

%

31-12-2014

%

31-12-2013

%

31-12-2012

Weeks

52

 

52

 

52

 

52

 

52

Currency

EUR

 

EUR

 

EUR

 

EUR

 

EUR

Total  fixed  assets

153,681

-1.53

156,066

-2.96

160,824

-3.11

165,993

3747

4,314

Intangible  fixed  assets

0

-

0

-

0

-

0

-

0

Tangible  fixed  assets

153,371

-1.53

155,756

-2.96

160,514

-3.12

165,683

4037

4,004

Land  &  building

151,852

-2.43

155,632

-2.37

159,412

-2.32

163,192

-

0

Plant  &  machinery

1,519

1129

124

-83.99

772

-51.32

1,586

-37.19

2,525

Furniture  &  Vehicles

0

-

0

-100

329

-63.57

904

-38.86

1,479

Leasing  &  Other  Similar  Rights

0

-

0

-

0

-

0

-

0

Other  tangible  assets

0

-

0

-

0

-

0

-

0

Financial  fixed  assets

310

0

310

0

310

0

310

0

310

Total  current  assets

6,198,030

-25.66

8,337,514

82.58

4,566,458

84.98

2,468,640

-2.23

2,524,851

Inventories

1,774,186

258

495,473

-64.84

1,409,274

119

643,460

12.97

569,599

Raw  materials  &  consumables

0

-

0

-

0

-

0

-

0

Work  in  progress

0

-

0

-

0

-

0

-

0

Finished  goods

1,774,186

258

495,473

-

0

-

0

-

0

Other  stocks

0

-

0

-100

1,409,274

119

643,460

12.97

569,599

Trade  debtors

4,312,222

-43.20

7,592,268

174

2,762,891

71.58

1,610,242

-11.83

1,826,208

Other  amounts  receivable

51,272

-74.96

204,792

15.94

176,637

33.86

131,960

56.95

84,080

Cash

59,023

31.22

44,980

-79.26

216,906

163

82,259

82.95

44,963

Miscellaneous  current  assets

1,328

-

0

-100

749

4.14

720

-

0

Total  Assets

6,351,711

-25.22

8,493,580

79.67

4,727,281

79.43

2,634,633

4.17

2,529,165

Liabilities

 

 

 

 

 

 

 

 

 

Total  shareholders  equity

936,423

99

470,088

7.69

436,515

9.48

398,708

6.57

374,144

Issued  share  capital

309,087

0

309,087

0

309,087

0

309,087

0

309,087

Share  premium  account

0

-

0

-

0

-

0

-

0

Revaluation  reserve

0

-

0

-

0

-

0

-

0

Reserves

627,337

289

161,001

26.35

127,429

42.18

89,622

37.76

65,057

Provisions  for  Liabilities  &  Charges

0

-

0

-

0

-

0

-

0

Deffered  taxes

0

-

0

-

0

-

0

-

0

Creditors

5,415,288

-32.51

8,023,492

86.99

4,290,766

91.90

2,235,925

3.75

2,155,021

Other  long  term  loans

69,527

-14.78

81,586

-11.93

92,635

-10.28

103,252

-

0

Other  long  term  liabilities

474,338

3.28

459,263

11.52

411,828

89.32

217,533

-

0

Total  long  term  debts

543,865

0.56

540,850

7.21

504,463

57.26

320,785

-

0

Current  portion  of  long  term  debt

11,790

6.71

11,049

4.07

10,616

4.17

10,191

-

0

Financial  debts

949,201

-31.11

1,377,790

11.50

1,235,651

70.24

725,840

6.31

682,782

Trade  creditors

3,815,275

-37.22

6,076,804

139

2,532,612

116

1,169,741

-20.12

1,464,341

Amounts  Payable  for  Taxes,

52,351

362

11,321

56.85

7,218

-20.58

9,088

16.56

7,797

Remuneration  &  Social  Security

 

 

 

 

 

 

 

 

 

Miscellaneous  current  liabilities

42,806

653

5,679

2652

206

-26.31

280

174

102

Total  current  liabilities

4,871,423

-34.90

7,482,642

97.62

3,786,303

97.70

1,915,140

-11.13

2,155,021

Total  Liabilities

6,351,711

-25.22

8,493,580

79.67

4,727,281

79.43

2,634,633

4.17

2,529,165

ratio  analysis

 

 

 

 

 

 

 

 

 

TRADING  PERFORMANCE

 

 

 

 

 

 

 

 

 

Profit  Before  Tax

3.36

1500

0.21

-

-

-

-

-

-

Return  on  capital  employed

36.97

755

4.32

0.93

4.28

6.47

4.02

-31.63

5.88

Return  on  total  assets  employed

8.62

1590

0.51

-40.0

0.85

-22.73

1.10

26.44

0.87

Return  on  net  assets  employed

58.44

529

9.28

0.54

9.23

27.31

7.25

23.30

5.88

Sales  /  net  working  capital

12.28

-50.18

24.65

-

-

-

-

-

-

Stock  turnover  ratio

10.89

363

2.35

-

-

-

-

-

-

Creditor  days

89.13

-15.92

106.01

-

-

-

-

-

-

Debtor  days

96.63

-26.53

131.52

-

-

-

-

-

-

SHORT  TERM  STABILITY

 

 

 

 

 

 

 

 

 

Current  ratio

1.27

14.41

1.11

-8.26

1.21

-6.20

1.29

10.26

1.17

Liquidity  ratio  /  acid  ratio

0.91

-13.33

1.05

26.51

0.83

-12.63

0.95

4.40

0.91

Current  debt  ratio

5.20

-67.34

15.92

83.62

8.67

80.62

4.80

-16.67

5.76

Cashflow

509,717

1229

38,331

-10.81

42,976

47.15

29,206

42.08

20,556

Net  worth

936,423

99

470,088

7.69

436,515

9.48

398,708

6.57

374,144

LONG  TERM  STABILITY

 

 

 

 

 

 

 

 

 

Gearing

110.05

-64.82

312.80

1.98

306.73

45.71

210.50

15.35

182.49

Equity  in  percentage

14.74

166

5.53

-40.09

9.23

-39.00

15.13

2.30

14.79

Total  debt  ratio

5.78

-66.14

17.07

73.65

9.83

75.22

5.61

-2.60

5.76

Working  capital

1,326,607

55.18

854,872

9.58

780,155

40.95

553,501

49.66

369,829

Profit  &  loss

 

 

 

 

 

 

 

 

 

Operating  Income

16,299,065

-22.65

21,072,201

-

-

-

-

-

-

Turnover

16,288,846

-22.70

21,071,141

-

-

-

-

-

-

Total  operating  expenses

15,623,316

-25.33

20,923,600

-

-

-

-

-

-

Gross  Operating  Margin

-

-

-

-

107,969

28.70

83,894

29.53

64,770

Operating  Charges

16,299,065

-22.11

20,924,660

-

-

-

-

-

-

Employee  costs

158

197

53

-

-

-

401

23.10

326

Wages  and  salary

-

-

-

-

-

-

-

-

-

Employee  pension  costs

-

-

-

-

-

-

-

-

-

Social  security  contributions

-

-

-

-

-

-

-

-

-

Other  employee  costs

158

197

53

-

-

-

401

23.10

326

Director  remuneration

-

-

-

-

-

-

-

-

-

Amortization  and  depreciation

3,971

-16.53

4,758

-7.95

5,169

11.36

4,641

490

786

Operating  result

665,530

351

147,541

46.88

100,448

36.21

73,747

19.45

61,737

Total  financial  income

10,817

-25.25

14,471

13.62

12,737

285

3,304

-26.80

4,513

Total  financial  expenses

129,101

9.05

118,387

62.45

72,874

51.32

48,161

8.86

44,241

Results  on  ordinary  operations  before  taxation

547,246

1154

43,626

8.22

40,311

39.53

28,890

31.26

22,009

Extraordinary  Income

-

-

-

-

-

-

-

-

-

Extraordinary  Charges

-

-

-

-

-

-

-

-

-

Extraordinary  items

-

-

-

-

-

-

0

-

0

Results  for  the  Year  Before  Taxation

547,246

1154

43,626

8.22

40,311

39.53

28,890

31.26

22,009

Taxation

41,500

312

10,053

301

2,504

-42.11

4,325

93.18

2,239

Results  on  ordinary  operations  after  taxation

505,745

1406

33,573

-11.20

37,807

53.91

24,565

24.25

19,770

Net  result

505,745

1406

33,573

-11.20

37,807

53.91

24,565

24.25

19,770

Profit  (Loss)  for  the  Year  to  be  appropiated

505,745

1406

33,573

-11.20

37,807

53.91

24,565

24.25

19,770

Dividends

-

-

-

-

-

-

-

-

-

 

 

Social  Balance  Sheet  Details

 

Social  Balance  Sheet  Details

Social  Balance  Sheet

 

Total

 

During  the  reporting  year

 

 

 

ended  31-12-2016

 

 

 

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)

-

-

-

Working  Category

Full-Time

Part-Time

Total  Fte

Management

-

-

-

White  collar  worker

-

-

-

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

 

 

Payment  Information

 

Suspension  of  payments  /  moratorium  history

Amount

-

Details

-

Payment  expectations

 

Payment  expectation  days

89.13

Day  sales  outstanding

96.63

Industry  comparison

 

Activity  code

46761

Activity  description

Wholesale  of  diamonds  and  other  precious  stones

Industry  average  payment expectation  days

200.93

Industry  average  day  sales outstanding

212.08

 

 

Industry  quartile  analysis

 

Payment  expectations

Company  result

89.13

Lower

131.18

Median

58.79

Upper

26.55

 

 

Day  sales  outstanding

 

Company  result

96.63

Lower

134.36

Median

82.06

Upper

44.92

 

 

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

Kirtiveer

Middle  name

-

Surname

Minda

 

 

SHAREHOLDER  DETAILS

 

 

 

Start  date

01/10/2008(estimated)

End  date

-

Percentage  owned

98.92%

 

 

SHAREHOLDER  ADDRESS

 

 

 

Street  name

-

House  number

-

Postal  town

-

 

 

Post  code

-

Country

India

SHAREHOLDER  NAME

 

 

 

Forename

Om

Middle  name

-

Surname

Agrawal

 

 

SHAREHOLDER  DETAILS

 

 

 

Start  date

01/10/2008(estimated)

End  date

-

Percentage  owned

1.07%

 

 

SHAREHOLDER  ADDRESS

 

 

 

Street  name

Prins  Boudewijnlaan

House  number

343

Postal  town

Edegem

 

 

Post  code

2650

Country

Belgium

 

 

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

Manager

Start  Date

01/10/2008

Date  of  birth

27/04/1963

Street

49 QUINTEN  MATSIJSLEI  ANTWERPEN

Post  code

2018

Country

Belgium

Name

Kirtiveer  Minda

 

 

Former  director  details

Name

Om  Agrawal

Position

Manager

Start  Date

01/10/2008

End  Date

31/03/2010

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

INR 64.28

UK Pound

1

INR 89.02

Euro

1

INR 78.93

Euro

1

INR 79.38 

 

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

 

 

INFORMATION DETAILS

 

Analysis Done by :

PRA

 

 

Report Prepared by :

SYL

                                                


 

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.