MIRA INFORM REPORT
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Report Date : |
10.03.2014 |
IDENTIFICATION DETAILS
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Name : |
BLUE GEMS |
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Registered Office : |
Hoveniersstraat 30 B.161, Antwerpen, 2018 |
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Country : |
Belgium |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
1994 |
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Com. Reg. No.: |
452299419 |
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Legal Form : |
Private Independent |
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LINE OF BUSINESS : |
·
WHOLESALE OF FURNITURE, FLOOR COVERING AND OTHER GOODS ·
WHOLESALE OF WASTE AND SCRAP AND OTHER PRODUCTS ·
WHOLESALE
OF OTHER INTERMEDIATE PRODUCTS |
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No. of Employees : |
6 |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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Payment Behaviour : |
No complaints |
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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 – September 30, 2013
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Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
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Belgium |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
BELGIUM - ECONOMIC OVERVIEW
This modern, open, and private-enterprise-based
economy has capitalized on its central geographic location, highly developed
transport network, and diversified industrial and commercial base. Industry is
concentrated mainly in the more heavily-populated region of Flanders in the
north. With few natural resources, Belgium imports substantial quantities of
raw materials and exports a large volume of manufactures, making its economy
vulnerable to volatility in world markets. Roughly three-quarters of Belgium's
trade is with other EU countries, and Belgium has benefited most from its
proximity to Germany. In 2013 Belgian GDP grew by 0.1%, the unemployment rate
increased to 8.8% from 7.6% the previous year, and the government reduced the
budget deficit from a peak of 6% of GDP in 2009 to 3.2%. Despite the relative
improvement in Belgium's budget deficit, public debt hovers around 100% of GDP,
a factor that has contributed to investor perceptions that the country is
increasingly vulnerable to spillover from the euro-zone crisis. Belgian banks
were severely affected by the international financial crisis in 2008 with three
major banks receiving capital injections from the government, and the
nationalization of the Belgian retail arm of a Franco-Belgian bank.
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Source
: CIA |
Company
name and address
BLUE GEMS
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Business
Description
Wholesale of other intermediate products
Industry
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Industry |
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ANZSIC 2006: |
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ISIC Rev 4: |
4669 -
Wholesale of waste and scrap and other products n.e.c. |
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NACE Rev 2: |
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NAICS 2012: |
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UK SIC 2007: |
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US SIC 1987: |
Key
Executives
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Name |
Title |
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Mihir Chinubhai Shah |
Partner |
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Mitesh Naresh Shah |
Managing Director |
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Naresh Kumar Maneklal Shah |
Chairman/Managing Director |
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Surekhaben Nareshkumar Shah |
Administrator |
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Lucas Alfons Ida Toelen |
Representative/Auditor |
Registered No.(VAT): 452299419
1 - Profit & Loss Item Exchange Rate: USD
1 = EUR 0.7782366
2 - Balance Sheet Item Exchange Rate: USD 1 =
EUR 0.7566
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ANZSIC 2006 Codes: |
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373 |
- |
Furniture, Floor Covering and Other Goods Wholesaling |
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ISIC Rev 4 Codes: |
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4669 |
- |
Wholesale of waste and scrap and other products n.e.c. |
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NACE Rev 2 Codes: |
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4676 |
- |
Wholesale of other intermediate products |
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NAICS 2012 Codes: |
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4239 |
- |
Miscellaneous Durable Goods Merchant Wholesalers |
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US SIC 1987: |
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509 |
- |
Miscellaneous Durable Goods |
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UK SIC 2007: |
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4676 |
- |
Wholesale of other intermediate products |
Wholesale of other intermediate products
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Executives
Report
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Board of
Directors |
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Chairman/Managing Director |
Chairman |
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Managing Director |
Director/Board Member |
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Executives |
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Chairman/Managing Director |
Managing Director |
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Managing Director |
Managing Director |
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Administrator |
Administration Executive |
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Representative/Auditor |
Accounting Executive |
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Partner |
Partner |
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Annual Profit & Loss
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31-Dec-2012 |
31-Dec-2011 |
31-Dec-2010 |
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Period Length |
52 Weeks |
52 Weeks |
52 Weeks |
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Filed Currency |
EUR |
EUR |
EUR |
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Exchange Rate (Period Average) |
0.778237 |
0.71919 |
0.755078 |
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Consolidated |
No |
No |
No |
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Turnover |
114.1 |
148.3 |
91.2 |
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Other Operating Income |
0.1 |
0.0 |
0.1 |
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Operating Income |
114.2 |
148.4 |
91.4 |
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Purchases |
119.1 |
146.0 |
88.2 |
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Increase or Decrease
in Stocks |
-8.5 |
-0.3 |
0.2 |
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Raw Materials, Consumables, and Goods for
Release |
110.7 |
145.6 |
88.4 |
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Services and Sundry Goods |
0.6 |
0.6 |
0.6 |
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Remuneration, Social Security Charges, and
Pensions |
0.3 |
0.3 |
0.3 |
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Depreciation of and Other Amounts Written Off
of Formation Expense, Intangible and Tangible Fixed Assets |
0.1 |
0.1 |
0.1 |
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Other Operating Charges |
1.0 |
0.8 |
0.0 |
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Operating Charges |
112.7 |
147.3 |
89.4 |
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Income From Financial Fixed Assets |
- |
- |
0.0 |
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Income From Current Assets |
0.1 |
0.0 |
- |
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Other Financial Income |
0.1 |
0.5 |
- |
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Financial Income |
0.2 |
0.6 |
0.0 |
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Interest and Other Debt Charges |
1.2 |
1.1 |
1.0 |
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Other Financial Charges |
0.2 |
0.2 |
0.5 |
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Financial Charges |
1.4 |
1.4 |
1.5 |
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Other Extraordinary Income |
- |
- |
0.0 |
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Extraordinary Income |
- |
- |
0.0 |
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Income Taxes |
0.0 |
0.0 |
0.0 |
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Adjustment of Income Taxes and Write-Back of
Tax Provisions |
0.0 |
0.0 |
0.0 |
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Income Taxes |
0.0 |
0.0 |
0.0 |
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To the Legal Reserve |
0.0 |
0.0 |
0.0 |
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Transfers to Capital and Reserves |
0.0 |
0.0 |
0.0 |
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Employees |
6 |
3 |
4 |
Annual Balance Sheet
Financials in: USD (mil)
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31-Dec-2012 |
31-Dec-2011 |
31-Dec-2010 |
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Filed Currency |
EUR |
EUR |
EUR |
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Exchange Rate |
0.7566 |
0.770327 |
0.745406 |
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Consolidated |
No |
No |
No |
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Land & Buildings |
1.9 |
2.0 |
1.9 |
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Plant, Machinery, and
Equipment |
0.0 |
0.0 |
0.0 |
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Furniture and Vehicles |
0.0 |
0.1 |
0.0 |
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Tangible Assets |
2.0 |
2.0 |
1.9 |
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Amounts Receivable and
Cash Guarantees |
0.0 |
0.0 |
0.0 |
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Other Capital Assets |
0.0 |
0.0 |
0.0 |
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Capital Assets |
0.0 |
0.0 |
0.0 |
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Fixed Assets |
2.0 |
2.0 |
1.9 |
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Goods Purchased for
Resale |
18.0 |
9.1 |
9.1 |
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Stocks |
18.0 |
9.1 |
9.1 |
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Inventory and Orders in Progress |
18.0 |
9.1 |
9.1 |
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Trade Debtors |
42.9 |
41.7 |
33.3 |
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Other Amounts
Receivable |
2.1 |
0.4 |
0.6 |
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Amounts Receivable Within One Year |
45.0 |
42.1 |
33.9 |
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Liquid Assets |
0.2 |
1.1 |
0.2 |
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Adjustment Accounts |
0.1 |
0.0 |
0.1 |
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Current Assets |
63.3 |
52.3 |
43.2 |
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Total Assets |
65.2 |
54.3 |
45.2 |
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Issued Capital |
11.1 |
10.9 |
11.3 |
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Capital |
11.1 |
10.9 |
11.3 |
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Legal Reserve |
0.1 |
0.1 |
0.1 |
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Reserves |
0.1 |
0.1 |
0.1 |
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Capital and Reserves |
13.8 |
13.3 |
13.5 |
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Subordinated Loans |
2.5 |
- |
- |
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Credit Institutions |
1.0 |
1.1 |
1.1 |
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Financial Debts |
3.5 |
1.1 |
1.1 |
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Amounts Due After More Than One Year |
3.5 |
1.1 |
1.1 |
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Current Portion of
Amounts Payable After More Than One Year |
5.1 |
7.7 |
7.7 |
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Credit Institutions |
24.4 |
17.5 |
15.7 |
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Financial Debts |
24.4 |
17.5 |
15.7 |
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Suppliers |
18.1 |
14.6 |
6.5 |
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Trade Debts |
18.1 |
14.6 |
6.5 |
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Advances Received on
Orders in Progress |
0.2 |
- |
- |
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Taxes |
0.0 |
0.0 |
0.0 |
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Remuneration and
Social Security |
0.1 |
0.0 |
0.1 |
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Taxes, Wages, and
Social Security |
0.1 |
0.1 |
0.1 |
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Other Amounts Payable |
0.0 |
0.0 |
0.6 |
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Amounts Payable Within One Year |
47.9 |
39.9 |
30.6 |
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Adjustment Accounts |
0.1 |
0.1 |
0.0 |
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Creditors |
51.5 |
41.1 |
31.7 |
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Total Liabilities + Shareholders' Equity |
65.2 |
54.3 |
45.2 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.99 |
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|
1 |
Rs.102.07 |
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Euro |
1 |
Rs.84.53 |
INFORMATION DETAILS
|
Report Prepared
by : |
NNA |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
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56-70 |
A |
Financial & operational base are regarded healthy. General unfavourable
factors will not cause fatal effect. Satisfactory capability for payment of
interest and principal sums |
Fairly Large |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Capability to
overcome financial difficulties seems comparatively below average. |
Small |
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11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with full
security |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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-- |
NB |
New Business |
-- |
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 and their relative weights (as indicated
through %) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend (10%) Operational size
(10%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.