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Fashion changes due to social and economic changes. Store owners are privileged witnesses of this change. If in the early 2000s colorful accessories were the order of the day, today it is accessories with an “oxidized” style that are in vogue.

Yannish Hunnea with his wife Nandita, manage two stores of beauty accessories – false nails, gel polish and jewellery – chains, rings, earrings. 15 years ago, the couple took over the management of the in-laws store in the Evershine Galleries in Rose-Hill. They import jewellery from India and China and also source from local suppliers. The second store is located in St-Pierre where they have specialised, for 7 years, in the sale of jewellery for weddings.

The variety of accessories and the competitive prices place Fashion Jewellery as a one-stop-shop for everything related to feminine beauty accessories.



For a store to operate, it is important to have stock that allows it to meet demand. The funds requested will allow Fashion Jewellery to replenish their stock.


Amount: MUR250,000

Interest Rate: 11%

Duration: 24 months

Profile: Monthly Amortizing

For an investment of MUR25,000, monthly repayment to lenders will be MUR1,165.20.


Income Statement Analysis:

The latest financials available for Fashion Jewellery Ltd related for the year ended 30 June 2020.

Turnover declined slightly by 2.3% yoy to MUR5.7Million for FY20. It could be noted that turnover saw a major jump as from 2018 where it stood at MUR2.6Million. Direct expenses stood at MUR3.2Million for both FY19 & FY20, resulting in a gross profit of MUR2.6Million in FY20. Gross profit remained favourable at 45.0% in FY20.

The level of expenses increased slightly from MUR1.8Million to MUR1.9Million for the reviewing period. The major expenses related to rental and salaries which stood at MUR1.0Million and MUR0.6Million for the same period. Hence, operating profit declined by 20.7% yoy to stand at MUR0.6Million for FY20.

Net finance cost fell by 6.3% yoy to MUR105k for FY20. Most of them related to bank charges that stood at MUR77k for FY20. Nevertheless, this led to a favourable PBT of MUR0.5Million for FY20 (FY19: MUR0.7Million).

After taxation of MUR41k, the company ended with a bottom-line profit at MUR0.5Million for FY20. Favourable EBITDA was noted at MUR0.6Million for FY20.

Balance Sheet Analysis:

On the balance sheet side, non-current assets went up to stand at MUR1.4Million in FY20 as opposed to MUR13k last FY19, following purchase of vehicle during the year 2020.

In terms of liquidity, current assets grew exponentially by more than 50.0% yoy to MUR1.2Million for FY20. Most of them consisted of inventories that stood at MUR0.9Million in FY20 against MUR0.6Million in FY19. On the other hand, current liabilities surged by 66.7% yoy to MUR0.3Million for the reviewing period following lease facility taken for the vehicle. As such, working capital increased by 64.6% yoy to stand at MUR0.8Million in FY20.

Leverage wise, total interest-bearing debt, consisting of lease facility, stood at MUR1.1Million in FY20 as opposed to the previous year where it stood atMUR0.1Million. Shareholders’ equity improved to MUR1.4Million for the reviewing period, out of which MUR1.0Million related to additional capital contribution.

Financial ratios analysis:


– Gross profit margin was favourable at 45.0% for the FY20.
– Operating profit margin fell marginally from 13.8% to 11.2% for FY20.
– Net profit margin also decreased from 11.8% in FY19 to 8.6% in FY20.


– Current ratio was quite stable at 3.64 times in FY20 (FY19: 3.67 times).
– Acid test ratio fell mildly to stand at 0.68 times in FY20.


– Debt-to-equity stood at 0.77 times in FY20 compared to 0.23 times last FY19.
– Debt-to-total assets and debt-to-fixed assets were however satisfactory at 0.4 times and 0.8 times respectively.


  • Stable turnover level for the past 2 years..
  • Satisfactory margin averaging 45%.
  • Owner has over 12 years of experience in business.
  • Favourable bank balance


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MUR 30/06/2019 30/06/2020
Non-Current Assets 12,800 1,383,200
Current Assets
Inventories 555,000 926,700
Trade and Other Receivables 51,096 55,986
Cash and Cash Equivalent 84,558 158,225
Total Current Assets 690,654 1,140,911
Total Assets 703,454 2,524,111
Stated Capital 10,000 10,000
Retained earnings (186,989) 308,269
(176,989) 318,269
Non-Current Liabilities
Shareholders Loan 692,399 1,042,399
Borrowings 0 849,923
Total Non-Current Liabilities 692,399 1,892,322
Current Liabilities
Borrowings 116,912 204,349
Trade and Other Payables 65,000 68,087
Taxation 6,133 40,266
CSR 0 818
Total Current Liabilities 188,045 313,520
Total Liabilities 880,444 2,205,842
Total Equity & Liabilities 703,455 2,524,111
Turnover 5,875,952 5,738,967
Expenses (5,065,323) (4,998,081)
EBITDA 810,629 740,886
Depreciation (1,600) (99,600)
EBIT 809,029 641,286
Finance Cost (111,949) (104,943)
EBT 697,080 536,343
Taxation (6,133) (40,266)
Profit After Tax 690,947 496,077
CSR (0) (818)
Retained profit for the year 690,947 495,259
Gross Profit Margin 44.9% 45.0%
Operating Profit Margin 13.8% 11.2%
Net Profit Margin 11.8% 8.6%
Interest bearing debt-to-Equity Ratio (times) 0.23 0.77
Gearing ratio (times) 0.36 0.86
Current Ratio (times) 3.67 3.64
Acid test (times) 0.72 0.68
Stock turnover (days) 63 107
Debtors’ Turnover (days) – average DSO 3 4
Creditors’ Turnover (days) 7 8
DSCR (times) 3.5 2.1
Interest cover 7.2 6.1
Cash ratio 0.4 0.5
Debt to fixed assets (times) 9.1 0.8
Debt to total assets (times) 0.2 0.4


Yannish and Nandita Hunnea are a couple who have fun working together. They run both stores and together manage their 8 employees.


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