MIRA INFORM REPORT

Report No. :	511612
Report Date :	28.05.2018

IDENTIFICATION DETAILS

Name :	M.P. JEWELS NV

Registered Office :	Vestingstraat 72/74-Bus 25 2018 Antwerpen

Country :	Belgium

Financials (as on) :	31.12.2016

Date of Incorporation :	27.10.1997

Com. Reg. No.:	461876386

Legal Form :	Public limited company

Line of Business :	Wholesale of diamonds and other precious stones

No. of Employees :	No Available

RATING & COMMENTS

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

MIRA’s Rating :

Credit Rating	Explanation	Rating Comments
B	Medium Risk	Business dealings permissible on a regular monitoring basis

Status :	Moderate

Payment Behaviour :	Slow

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

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	461876386
Branche Unit Number	2084355794
Company name	M.P. JEWELS NV
Address	VESTINGSTRAAT 72/74-BUS 25
	2018 ANTWERPEN
Date of establishment	27/10/1997
Telephone number	-
Mobile number	-
Fax number	032349026
Liable for VAT	yes
VAT Number	BE.0461.876.386 Check VAT number

Commentary

The business was established over 20 years ago.

No employees are recorded for this business.

The business has been at the address for over 4 years.

Operating Result in the latest trading period decreased 58% on the previous trading period.

A 107% growth in Total Assets occurred during the latest trading period.

Pre-tax profits decreased by 39% compared to the previous trading period.

The business saw an increase in their Cash Balance of 48% during the latest trading period.

Turnover in the latest trading period decreased 32% on the previous trading period.

Annual accounts

DATE OF LATEST ACCOUNTS	TURNOVER	PROFIT BEFORE TAX	NET WORTH	WORKING CAPITAL
31/12/2016	23,892,821	81,295	237,999	1,186,676
31/12/2015	35,336,199	133,799	196,977	1,115,504
31/12/2014	40,620,034	95,677	127,941	951,664
Accounts
DATE OF LATEST ACCOUNTS	BALANCE TOTAL	NUMBER OF EMPLOYEES	CAPITAL	CASHFLOW
31/12/2016	20,663,408	-	61,973	41,022
31/12/2015	-	-	61,973	69,036
31/12/2014	-	-	61,973	60,677

Payment expectations

Past payments		Payment expectation days	306.80
Industry average payment	202.92	Industry average day sales	211.44
expectation days		outstanding
Day sales outstanding	3.68

Court data summary

BANKRUPTCY DETAILS

Court action type

PROTESTED BILLS

Bill amount

NSSO DETAILS

Date of summons

01/02/2005

Contractor details

Registered contractor	-
number
Contractor description	-
Date struck off register
Personnel (NSSO classification)
Code	-
Description	-
Joint Industrial Committee (JIC)
Significant Events
Event Date	02/10/2013
Event Description
Event Details	Vaststelling dat het correcte adres van de zetel is : 2018 Antwerpen, Vestigingstaat 72/74 bus 25.
	Vaststelling dat de aandelen de facto op naam zijn.
Event Date	27/10/1997
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	0	-	0	-	0	-	0	-	0
Intangible fixed assets	0	-	0	-	0	-	0	-	0
Tangible fixed assets	0	-	0	-	0	-	0	-	0
Land & building	0	-	0	-	0	-	0	-	0
Plant & machinery	0	-	0	-	0	-	0	-	0
Furniture & Vehicles	0	-	0	-	0	-	0	-	0
Leasing & Other Similar Rights	0	-	0	-	0	-	0	-	0
Other tangible assets	0	-	0	-	0	-	0	-	0
Financial fixed assets	0	-	0	-	0	-	0	-	0
Total current assets	20,663,408	107	9,955,373	-56.58	22,930,357	34.72	17,020,238	3646208	467
Inventories	20,378,318	229	6,181,853	-69.09	19,999,168	318	4,774,779	-	0
Raw materials & consumables	0	-	0	-	0	-	0	-	0
Work in progress	0	-	0	-	0	-	0	-	0
Finished goods	20,378,318	229	6,181,853	-69.09	19,999,168	-	0	-	0
Other stocks	0	-	0	-	0	-100	4,774,779	-	0
Trade debtors	240,598	-93.57	3,743,567	29.08	2,900,284	-76.29	12,230,137	-	0
Other amounts receivable	1,129	50.38	751	-68.85	2,409	156	939	101	467
Cash	43,363	48.49	29,203	2.48	28,496	98.12	14,383	-	0
Miscellaneous current assets	0	-	0	-	0	-	0	-	0
Total Assets	20,663,408	107	9,955,373	-56.58	22,930,357	34.72	17,020,238	3646208	467
Liabilities
Total shareholders equity	237,999	20.83	196,977	53.96	127,941	90.21	67,264	33.13	-203,021
Issued share capital	61,973	0	61,973	0	61,973	0	61,973	0	61,973
Share premium account	0	-	0	-	0	-	0	-	0
Revaluation reserve	0	-	0	-	0	-	0	-	0
Reserves	176,026	30.39	135,004	104	65,968	1146	5,291	2.00	-264,994
Provisions for Liabilities & Charges	0	-	0	-	0	-	0	-	0
Deffered taxes	0	-	0	-	0	-	0	-	0
Creditors	20,425,408	109	9,758,396	-57.20	22,802,416	34.50	16,952,973	8231	203,488
Other long term loans	948,677	3.28	918,527	11.51	823,723	13.60	725,111	-	0
Other long term liabilities	0	-	0	-	0	-	0	-	0
Total long term debts	948,677	3.28	918,527	11.51	823,723	13.60	725,111	-	0
Current portion of long term debt	0	-	0	-	0	-	0	-	0
Financial debts	0	-	0	-	0	-	0	-	0
Trade creditors	19,154,053	124	8,512,990	-60.76	21,694,587	35.55	16,004,375	-	0
Amounts Payable for Taxes,	43,066	-10.28	48,000	37.14	35,000	-	0	-	0
Remuneration & Social Security
Miscellaneous current liabilities	279,612	0.26	278,879	11.95	249,105	11.46	223,488	9.83	203,488
Total current liabilities	19,476,732	120	8,839,869	-59.78	21,978,693	35.44	16,227,863	7874	203,488
Total Liabilities	20,663,408	107	9,955,373	-56.58	22,930,357	34.72	17,020,238	3646208	467

Ratio analysis

TRADING PERFORMANCE
Profit Before Tax	0.34	-10.53	0.38	58.33	0.24	-	-	-	-
Return on capital employed	6.85	-42.87	11.99	19.30	10.05	-70.55	34.12	4992	0.67
Return on total assets employed	0.39	-70.90	1.34	219	0.42	-73.58	1.59	0.54	-292.22
Return on net assets employed	34.16	-49.71	67.93	-9.16	74.78	-81.39	401.91	59886	0.67
Sales / net working capital	20.13	-36.46	31.68	-25.77	42.68	-	-	-	-
Stock turnover ratio	85.29	387	17.49	-64.47	49.23	-	-	-	-
Creditor days	306.80	222	95.06	-54.00	206.66	-	-	-	-
Debtor days	3.68	-90.48	38.67	48.39	26.06	-	-	-	-
SHORT TERM STABILITY
Current ratio	1.06	-6.19	1.13	8.65	1.04	-0.95	1.05	-	0.00
Liquidity ratio / acid ratio	0.01	-97.67	0.43	230	0.13	-82.67	0.75	-	0.00
Current debt ratio	81.84	82.35	44.88	-73.88	171.79	-28.79	241.25	24125	-1.00
Cashflow	41,022	-40.58	69,036	13.78	60,677	-77.55	270,285	363433	-74
Net worth	237,999	20.83	196,977	53.96	127,941	90.21	67,264	33.13	-203,021
LONG TERM STABILITY
Gearing	398.61	-14.52	466.31	-27.57	643.83	-40.28	1,078.00	-	-
Equity in percentage	1.15	-41.92	1.98	253	0.56	40.0	0.40	0.00	-43,493.88
Total debt ratio	85.82	73.23	49.54	-72.20	178.23	-29.28	252.03	25203	-1.00
Working capital	1,186,676	6.38	1,115,504	17.22	951,664	20.10	792,375	390	-203,021

Profit & loss

Operating Income	23,892,821	-32.38	35,336,199	-13.01	40,620,034	-	-	-	-
Turnover	23,892,821	-32.38	35,336,199	-13.01	40,620,034	-	-	-	-
Total operating expenses	22,787,562	-30.28	32,686,584	-14.69	38,317,281	-	-	-	-
Gross Operating Margin	-	-	-	-	-	-	128,132	172290	-74
Operating Charges	23,892,821	-26.90	32,686,584	-14.69	38,317,281	-	-	-	-
Employee costs	-	-	-	-	-	-	-	-	-
Wages and salary	-	-	-	-	-	-	-	-	-
Employee pension costs	-	-	-	-	-	-	-	-	-
Social security contributions	-	-	-	-		-	-	-	-
Other employee costs	-	-	-	-	-	-	0	-	0
Director remuneration	-	-	-	-	-	-	-	-	-
Amortization and depreciation	-	-	-	-	-	-	-	-	1,290
Operating result	1,105,260	-58.29	2,649,615	15.06	2,302,752	1712	127,049	9314	-1,364
Total financial income	488,761	-67.05	1,483,282	-48.59	2,885,384	607	407,690	-	-
Total financial expenses	1,512,725	-62.17	3,999,097	-21.47	5,092,460	1826	264,396	-	-
Results on ordinary operations before	81,295	-39.24	133,799	39.84	95,677	-64.61	270,343	19819	-1,364
taxation
Extraordinary Income	-	-	-	-	-	-	-	-	-
Extraordinary Charges	-	-	-	-	-	-	-	-	-
Extraordinary items	-	-	-	-	-	-	0	-	0
Results for the Year Before Taxation	81,295	-39.24	133,799	39.84	95,677	-64.61	270,343	19819	-1,364
Taxation	40,273	-37.81	64,763	85.04	35,000	60506	58	-	-
Results on ordinary operations after	41,022	-40.58	69,036	13.78	60,677	-77.55	270,285	19815	-1,364
taxation
Net result	41,022	-40.58	69,036	13.78	60,677	-77.55	270,285	19815	-1,364
Profit (Loss) for the Year to be appropiated	41,022	-40.58	69,036	13.78	60,677	-77.55	270,285	19815	-1,364

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	306.80
Day sales outstanding	3.68

Industry comparison

Activity code	46761
Activity description	Wholesale of diamonds and other precious stones
Industry average payment expectation days	202.92
Industry average day sales outstanding	211.44

Industry quartile analysis

Payment expectations

Company result	306.80
Lower	133.45
Median	58.70
Upper	25.03

Day sales outstanding
Company result	3.68
Lower	135.55
Median	81.10
Upper	44.49

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

Legal event type	Social Security Summons
Event date	01/02/2005
Court type	Court name	Antwerpen
Creditor's name	3rd party type
Legal event type	Social Security Summons
Event date	07/09/2004
Court type	Court name	Antwerpen
Creditor's name	3rd party type
Legal event type	Social Security Summons
Event date	04/09/2000
Court type		Court name
Creditor's name		3rd party type

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	26/10/2015
Street	25 Belgiëlei Antwerpen
Post code	2018
Country	Belgium
Name	Kalpesh Patel
Position	Director
Start Date	02/10/2013
Street	25 BELGIËLEI ANTWERPEN
Post code	2018
Country	Belgium
Name	HARIKRISHNA PATEL
Position	Director
Start Date	26/10/2015
Street
Post code
Country

Former director details

Name	Mansukhlal Patel
Position	Managing Director
Start Date	02/10/2013
End Date	26/10/2015
Street	80 INGENIEUR HAESAERTSLAAN ANTWERPEN
Post code	2610
Country	Belgium
Position	Director
Start Date	27/10/1997
End Date	26/10/2015
Street	80 INGENIEUR HAESAERTSLAAN ANTWERPEN
Post code	2610
Country	Belgium

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	INR 68.26
UK Pound	1	INR 91.22
Euro	1	INR 79.88
Euro	1	INR 79.00

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

INFORMATION DETAILS

Analysis Done by :	NIY

Report Prepared by :	TRU

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)

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.