MIRA INFORM REPORT

 

 

Report No. :

307425

Report Date :

11.02.2015

 

IDENTIFICATION DETAILS

 

Name :

MERU GEMS BVBA

 

 

Registered Office :

Schupstraat 1-/7, 2018 Antwerpen

 

 

Country :

Belgium

 

 

Date of Incorporation :

13.11.2014

 

 

Com. Reg. No.:

567963605

 

 

Legal Form :

Private Limited Company

 

 

Line of Business :

Wholesaler of diamonds and Other Precious Stones

 

 

No of Employees :

Not Available

 

[We tried to confirm the number of employees but no one is ready to part any information from the company management.]

 

 

RATING & COMMENTS

 

MIRA’s Rating :

NB

 

RATING

STATUS

PROPOSED CREDIT LINE

--

NB

                                       New Business

--

 

Status :

New business

Payment Behaviour :

Unknown

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 – December 31, 2014

 

Country Name

Previous Rating

(30.09.2014)

Current Rating

(31.12.2014)

Belgium

A2

A2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

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.

 

Source : CIA

 

 

Company summary

 

Business number                     567963605

Branche Unit Number               2236657771

Company name                        MERU GEMS BVBA

Address                                   SCHUPSTRAAT 1-/7

2018 ANTWERPEN

Date of establishment               13/11/2014

 

 

Commentary

 

No employees are recorded for this business.                                        Description: http://app.creditsafeuk.com/CSUKlive/Images/arrow_down.gif

The business has been at the address for over 2 months.                       Description: http://app.creditsafeuk.com/CSUKlive/Images/arrow_nochange.gif

The business has been at the address for less than 6 months.                 Description: http://app.creditsafeuk.com/CSUKlive/Images/arrow_nochange.gif

 

 

Accounts

 

No key Financials Registered

 

 

Payment expectations

 

Industry average payment expectation days                 125.17

Industry average day sales outstanding                       186.86

 

 

Court data summary

 

BANKRUPTCY DETAILS

Court action type                                  no

 

 

Company information

 

Business number                     567963605

Company name                        MERU GEMS BVBA

Fax number                              –

Date founded                            13/11/2014

Company status                       active

Company type                          Private Limited Company (BL/LX)

Currency                                  Euro (€)

Date of latest accounts             ---

Liable for VAT                          yes

Activity code                            46761

Activity description                  Wholesaler of diamonds and other precious stones

VAT Number                            BE.0567.963.605

Belgian Bullettin of Acts

Publications                             moniteur belge

 

 

Annual accounts

 

there is no data for this company

 

 

Industry comparison

 

Activity code                            46761

Activity description                  Wholesaler of diamonds and other precious stones

Industry average payment

expectation days                      125.17

Industry average day sales

Outstanding                             186.86

 

Industry quartile analysis

 

Payment expectations

Lower                                       121.21

Median                                     74.93

Upper                                       46.53

 

Day sales outstanding

Lower                                       102.33

Median                                     54.26

Upper                                       24.38

 

 

Group Structure

 

No group structure for this company.

 

Minority Shareholders

 

No minority shareholders found

Minority Interests

 

No minority interests found

 

 

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

Name               HIREN SURESH CHANDRA PARIKH

Position           Principal Manager

Start Date         13/11/2014

Street               21 VAN EYCKLEI ANTWERPEN

Post code         2018

Country            Belgium

DIAMOND INDUSTRY – INDIA

 

-            From time immemorial, India is well known in the world as the birthplace for diamonds.  It is difficult to trace the origin of diamonds but history says that in the remote past, diamonds were mined only in India. Diamond production in India can be traced back to almost 8th Century B.C.  India, in fact, remained undisputed leader till 18th Century when Brazilian fields were discovered in 1725 followed by emergence of S. Africa, Russia and Australia.

-            The achievement of the Indian diamond industry was possible only due to combination of the manufacturing skills of the Indian workforce and the untiring and unflagging efforts of the Indian diamantaires, supported by progressive Government policies.

-            The area of study of family owned diamond businesses derives its importance from the huge conglomerate of family run organizations which operate in the diamond industry since many generations.

-            Some of the basic traits of family run business enterprises include spirit of entrepreneurship, mutual trust lowers transaction costs, small, nimble and quick to react, information as a source of advantage and philanthropy.

-            Family owned diamond businesses need to improve on many fronts including higher standard of corporate governance, long-term performance – focused strategies, modern management and technology.

-            Utmost caution is to be exercised while dealing with some medium and large diamond traders which are usually engaged in fictitious import – export, inter-company transactions, financially assisted by banks. In the process, several public sector banks lost several hundred million rupees. They mostly diverted borrowed money for diamond business into real estate and capital markets.

-            Excerpts from Times of India dated 30th October 2010 is as under –

 

-            Gem & Jewellery Export Promotion Council in its statistical data has shown the export of polished diamonds to have increase by 28 % in February 2013. Compared to $ 1.4 bn worth of polished diamond export in February, 2012, India exported $ 1.84 billion worth of polished diamonds in February 2013. A senior executive of GJEPC said, “Export of cut and polished diamonds started falling month-wise after the imposition of 2 % of import duty on the polished diamonds. But February, 2013 has given a new ray of hope to the industry as the export of polished diamonds has actually increased by 28 %. It means the industry  is on the track of recovery and round tripping of diamonds has stopped completely.” Demand has started coming from the US, the UK, Japan and China. India’s polished diamond export is expected to cross $ 21 bn in 2013-14.

 

-            The banking sector has started exercising restraint while following prudent risk management norms when lending money to gems and jewellery sector. This follows the implementation of Basel III accord – a global voluntary regulatory standard on bank capital adequacy, stress testing and market liquidity.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.61.96

UK Pound

1

Rs.94.41

Euro

1

Rs.70.20

 

INFORMATION DETAILS

 

Analysis Done by :

RAS

 

 

Report Prepared by :

MNL

 

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

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

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

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

 

Satisfactory

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

 

Small

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

<10

C

Absolute credit risk exists. Caution needed to be exercised

 

Credit not recommended

--

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%)

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