MIRA INFORM REPORT

 

 

Report No. :

495622

Report Date :

03.03.2018

 

 

 

IDENTIFICATION DETAILS

 

Name :

PASSION  JEWELS  BVBA

 

 

Registered Office :

Hoveniersstraat  53-Bus  49 2018 Antwerpen

 

 

Country :

Belgium

 

 

Financials (as on) :

31.12.2016

 

 

Date of Incorporation :

14.02.2001

 

 

Com. Reg. No.:

474131743

 

 

Legal Form :

Private  limited  liability company

 

 

Line of Business :

Wholesale  of  watches  and jewellery

 

 

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

(30.09.2017)

Current Rating

(31.12.2017)

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  summary                       

 

Business  number

474131743

Branche  Unit  Number

2095105275

Company  name

PASSION  JEWELS  BVBA

Address

HOVENIERSSTRAAT  53-BUS  49

 

2018 ANTWERPEN

Date  of  establishment

14/02/2001

Telephone  number

3234010193

Mobile  number

-

Fax  number

032275381

Liable  for  VAT

yes

VAT  Number

BE.0474.131.743  Check  VAT  number

 

 

Commentary

 

The  business  was  established  over  16  years  ago.

No  employees  are  recorded  for  this  business.

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

Operating  Result  in  the  latest  trading  period  decreased  26%  on  the  previous  trading  period.

A  70%  growth  in  Total  Assets  occurred  during  the  latest  trading  period.

Pre-tax  profits  decreased  by  59%  compared  to  the  previous  trading  period.

The  business  saw  an  increase  in  their  Cash  Balance  of  51%  during  the  latest  trading  period.

Turnover  in  the  latest  trading  period  increased  42%  on  the  previous  trading  period.

 

 

Annual  accounts

 

DATE  OF  LATEST  ACCOUNTS

TURNOVER

PROFIT  BEFORE  TAX

NET  WORTH

WORKING  CAPITAL

31/12/2016

9,662,272

101,964

576,753

522,261

31/12/2015

6,761,300

253,538

507,932

437,722

31/12/2014

6,363,708

82,026

328,756

326,628

 

Accounts

 

 

 

 

DATE  OF  LATEST  ACCOUNTS

BALANCE  TOTAL

NUMBER  OF  EMPLOYEES

CAPITAL

CASHFLOW

31/12/2016

5,361,938

-

18,600

87,885

31/12/2015

3,143,637

-

18,600

198,160

31/12/2014

3,283,286

-

18,600

60,724

 

 

 

Payment  expectations

 

Past  payments

 

Payment  expectation  days

173.91

Industry  average  payment

223.02

Industry  average  day  sales

937.96

expectation  days

 

outstanding

 

Day  sales  outstanding

101.51

 

 

 

 

Court  data  summary

 

BANKRUPTCY  DETAILS

Court  action  type

no

 

PROTESTED  BILLS

Bill  amount

-

 

NSSO  DETAILS

Date  of  summons

-

 

 

Company  information

 

Business  number

474131743

Company  name

PASSION  JEWELS  BVBA

Fax  number

032275381

Date  founded

14/02/2001

Company  status

active

Company  type

Private  limited  liability

company

Currency

Euro  (€)

Date  of  latest  accounts

31/12/2016

Activity  code

46480

Number  of  staff

-

Activity  description

Wholesale  of  watches  and jewellery

 

 

Belgian  Bullettin  of  Acts Publications

moniteur  belge

 

 

 

 

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)

 

Significant  Events

 

Event  Date

14/02/2001

Event  Description

Legal  creation

Event  Details

 

 

 

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

54,493

-22.39

70,211

3199

2,128

-7.96

2,312

-92.10

29,262

Intangible  fixed  assets

0

-

0

-

0

-

0

-

0

Tangible  fixed  assets

54,293

-22.45

70,011

3628

1,878

-8.92

2,062

93.86

1,064

Land  &  building

0

-

0

-

0

-

0

-

0

Plant  &  machinery

0

-

0

-

0

-

0

-

0

Furniture  &  Vehicles

54,293

-22.45

70,011

3628

1,878

-8.92

2,062

93.86

1,064

Leasing  &  Other  Similar  Rights

0

-

0

-

0

-

0

-

0

Other  tangible  assets

0

-

0

-

0

-

0

-

0

Financial  fixed  assets

200

0

200

-20.0

250

0

250

-99

28,198

Total  current  assets

5,307,445

72.69

3,073,426

-6.33

3,281,158

46.74

2,236,023

6.19

2,105,592

Inventories

1,361,939

277

361,129

749

42,500

14.24

37,201

-68.17

116,890

Raw  materials  &  consumables

0

-

0

-

0

-

0

-

0

Work  in  progress

0

-

0

-

0

-

0

-

0

Finished  goods

0

-

0

-

0

-

0

-

0

Other  stocks

1,361,939

277

361,129

749

42,500

14.24

37,201

-68.17

116,890

Trade  debtors

2,687,102

42.20

1,889,710

-31.69

2,766,367

79.43

1,541,782

1.21

1,523,297

Other  amounts  receivable

13,533

545

2,097

-95.23

43,983

987

4,045

-93.55

62,738

Cash

1,244,466

51.71

820,306

91.82

427,636

-34.44

652,324

62.22

402,112

Miscellaneous  current  assets

405

118

185

-72.45

672

0

672

21.00

555

Total  Assets

5,361,938

70.56

3,143,637

-4.25

3,283,286

46.68

2,238,335

4.85

2,134,854

Liabilities

 

 

 

 

 

 

 

 

 

Total  shareholders  equity

576,753

13.55

507,932

54.50

328,756

21.88

269,730

28.94

209,198

Issued  share  capital

18,600

0

18,600

0

18,600

0

18,600

0

18,600

Share  premium  account

0

-

0

-

0

-

0

-

0

Revaluation  reserve

0

-

0

-

0

-

0

-

0

Reserves

558,153

14.06

489,332

57.77

310,156

23.50

251,130

31.76

190,598

Provisions  for  Liabilities  &  Charges

0

-

0

-

0

-

0

-

0

Deffered  taxes

0

-

0

-

0

-

0

-

0

Creditors

4,785,185

81.55

2,635,704

-10.79

2,954,530

50.08

1,968,605

2.23

1,925,656

Other  long  term  loans

0

-

0

-

0

-

0

-

0

Other  long  term  liabilities

0

-

0

-

0

-

0

-

0

Total  long  term  debts

0

-

0

-

0

-

0

-

0

Current  portion  of  long  term  debt

0

-

0

-

0

-

0

-

0

Financial  debts

0

-

0

-100

4

-99

911

26072

3

Trade  creditors

4,539,148

90.02

2,388,780

-13.15

2,750,541

52.57

1,802,776

-2.45

1,847,966

Amounts  Payable  for  Taxes,

40,400

-49.17

79,485

46.22

54,360

68.43

32,275

538

5,055

Remuneration  &  Social  Security

 

 

 

 

 

 

 

 

 

Miscellaneous  current  liabilities

205,637

22.81

167,440

11.91

149,625

12.80

132,643

82.63

72,631

Total  current  liabilities

4,785,185

81.55

2,635,704

-10.79

2,954,530

50.08

1,968,605

2.23

1,925,656

Total  Liabilities

5,361,938

70.56

3,143,637

-4.25

3,283,286

46.68

2,238,335

4.85

2,134,854

Ratio  analysis

                                                                                                                                                          

TRADING  PERFORMANCE

 

 

 

 

 

 

 

 

 

Profit  Before  Tax

1.06

-71.73

3.75

190

1.29

-39.44

2.13

363

0.46

Return  on  capital  employed

17.68

-64.58

49.92

100

24.95

-29.34

35.31

284

9.18

Return  on  total  assets  employed

1.90

-76.46

8.07

222

2.50

-41.31

4.26

373

0.90

Return  on  net  assets  employed

17.68

-64.58

49.92

100

24.95

-29.34

35.31

284

9.18

Sales  /  net  working  capital

18.50

19.74

15.45

-20.69

19.48

16.44

16.73

-28.66

23.45

Stock  turnover  ratio

14.10

164

5.34

697

0.67

-19.28

0.83

-70.04

2.77

Creditor  days

173.91

31.16

132.59

-16.48

158.76

4.90

151.35

-5.94

160.90

Debtor  days

101.51

-0.49

102.01

-35.71

158.67

26.13

125.80

-4.54

131.78

SHORT  TERM  STABILITY

 

 

 

 

 

 

 

 

 

Current  ratio

1.11

-5.13

1.17

5.41

1.11

-2.63

1.14

4.59

1.09

Liquidity  ratio  /  acid  ratio

0.82

-20.39

1.03

-6.36

1.10

-1.79

1.12

8.74

1.03

Current  debt  ratio

8.30

59.92

5.19

-42.27

8.99

23.15

7.30

-20.65

9.20

Cashflow

87,885

-55.65

198,160

226

60,724

-2.28

62,139

262

17,148

Net  worth

576,753

13.55

507,932

54.50

328,756

21.88

269,730

28.94

209,198

LONG  TERM  STABILITY

 

 

 

 

 

 

 

 

 

Gearing

-

-

-

-

0.00

-100

0.34

-

0.00

Equity  in  percentage

10.76

-33.42

16.16

61.44

10.01

-16.93

12.05

22.96

9.80

Total  debt  ratio

8.30

59.92

5.19

-42.27

8.99

23.15

7.30

-20.65

9.20

Working  capital

522,261

19.31

437,722

34.01

326,628

22.14

267,418

48.62

179,936

 

 

Profit  &  loss

                                                                                                                                                        

Operating  Income

-

-

-

-

-

-

-

-

-

Turnover

9,662,272

42.91

6,761,300

6.25

6,363,708

42.26

4,473,381

6.02

4,219,300

Total  operating  expenses

9,526,674

44.87

6,576,174

3.99

6,323,778

45.45

4,347,653

3.71

4,192,111

Gross  Operating  Margin

156,296

-24.11

205,943

369

43,872

-72.97

162,281

435

30,304

Operating  Charges

0

-

-

-

-

-

-

-

-

Employee  costs

-

-

-

-

-

-

-

-

-

Wages  and  salary

-

-

-

-

-

-

-

-

-

Employee  pension  costs

-

-

-

-

-

-

-

-

-

Social  security  contributions

-

-

-

-

-

-

-

-

-

Other  employee  costs

-

-

-

-

-

-

0

-

0

Director  remuneration

-

-

-

-

-

-

-

-

-

Amortization  and  depreciation

19,064

0.42

18,983

1017

1,698

5.69

1,607

69.18

950

Operating  result

135,598

-26.75

185,126

363

39,929

-68.24

125,728

362

27,190

Total  financial  income

18,843

-79.17

90,467

40.93

64,194

12236

520

-82.60

2,990

Total  financial  expenses

52,477

137

22,054

-0.19

22,097

-28.71

30,998

182

10,976

Results  on  ordinary  operations  before

101,964

-59.78

253,538

209

82,026

-13.88

95,250

395

19,204

taxation

 

 

 

 

 

 

 

 

 

Extraordinary  Income

-

-

-

-

-

-

-

-

155

Extraordinary  Charges

-

-

-

-

-

-

-

-

-

Extraordinary  items

-

-

-

-

-

-

0

-100

155

Results  for  the  Year  Before  Taxation

101,964

-59.78

253,538

209

82,026

-13.88

95,250

392

19,359

Taxation

33,143

-55.43

74,362

223

23,000

-33.75

34,718

998

3,161

Results  on  ordinary  operations  after taxation

68,821

-61.59

179,176

203

59,026

-2.49

60,532

277

16,043

Net  result

68,821

-61.59

179,176

203

59,026

-2.49

60,532

273

16,198

Profit  (Loss)  for  the  Year  to  be appropiated

68,821

-61.59

179,176

203

59,026

-2.49

60,532

273

16,198

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

46480

Activity  description

Wholesale  of  watches  and  jewellery

 

 

Payment  Information

 

Suspension  of  payments  /  moratorium  history

Amount

-

Details

-

Payment  expectations

 

Payment  expectation  days

173.91

Day  sales  outstanding

101.51

 

Industry  comparison

                                             

Activity  code

46480

Activity  description

Wholesale  of  watches  and  jewellery

Industry  average  payment

223.02

expectation  days

 

Industry  average  day  sales

937.96

outstanding

 

 

 

Industry  quartile  analysis

 

Payment  expectations

 

Company  result

173.91

Lower

164.32

Median

47.58

Upper

18.53

 

 

Day  sales  outstanding

 

Company  result

101.51

Lower

181.39

Median

59.08

Upper

13.07

 

 

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

 

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

18/01/2005

Street

21 MEERLENLAAN  ANTWERPEN

Post  code

2610

Country

Belgium

Name

Shrowen  Shah

Name

Himanshu  Shah

Position

Manager

Start  Date

20/02/2001

Street

6 AHORNENLAAN  Wilrijk  (Antwerpen)

Post  code

2610

Country

Belgium

 

 

 

Former  director  details

 

Name

Sonik  Jhaveri

Position

Manager

Start  Date

25/04/2007

End  Date

31/03/2017

Street

1 EGLANTIERLAAN  ANTWERPEN

Post  code

2020

Country

Belgium

Name

Bhavin  Kothari

Position

Manager

Start  Date

01/09/2006

End  Date

01/07/2014

Street

6 KORTE  HERENTALSESTRAAT  ANTWERPEN

Post  code

2018

Country

Belgium

 

 

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

INR 64.10

UK Pound

1

INR 94.44

Euro

1

INR 79.59

Euro

1

INR 80.31

 

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

 

 

INFORMATION DETAILS

 

Analysis Done by :

NIS

 

 

Report Prepared by :

KET

 

 

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.