MIRA INFORM REPORT

 

 

Report No. :

257895.2

Report Date :

03.07.2015

 

IDENTIFICATION DETAILS

 

Name :

BLUE GEMS

 

 

Registered Office :

Hoveniersstraat 30 B.161, Antwerpen, 2018

 

 

Country :

Belgium

 

 

Financials (as on) :

31.12.2012

 

 

Date of Incorporation :

1994

 

 

Com. Reg. No.:

452299419

 

 

Legal Form :

Private Independent

 

 

LINE OF BUSINESS :

·         WHOLESALE OF FURNITURE, FLOOR COVERING AND OTHER GOODS

·         WHOLESALE OF WASTE AND SCRAP AND OTHER PRODUCTS

·         WHOLESALE OF OTHER INTERMEDIATE PRODUCTS

·         WHOLESALE OF DIAMONDS AND OTHER PRECIOUS STONES.

 

 

No. of Employees :

6

 

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Status :

Moderate

 

 

Payment Behaviour :

No complaints

 

 

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 – March 31, 2015

 

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

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 shifts in foreign demand, particularly in Belgium’s EU trade partners. Roughly three-quarters of Belgium's trade is with other EU countries. In 2014 Belgian GDP grew by 0.9%, the unemployment rate stabilized at 8.5%, and the the budget deficit was 3.2% of GDP. Prime Minister Charles MICHEL’s center-right government has pledged to further reduce the deficit in response to EU pressure to reduce Belgium’s high public debt, which remains above 100% of GDP, but such efforts could also dampen economic growth. In addition to restrained public spending, low wage growth and high unemployment promise to curtail a more robust recovery in private consumption. The government has pledged to pursue an reform program to improve Belgium’s competitiveness, including changes to tax policy, labor market rules, and welfare benefits. These changes risk worsening tensions with trade unions and triggering extended strikes.

 

 

Source : CIA

 

Company name and address

 

BLUE GEMS

 

 

Hoveniersstraat 30 B.161

Antwerpen, 2018

Belgium

 

Tel:

03 227 22 07

Fax:

03 226 28 65

 

Employees:

6

Company Type:

Private Independent

Incorporation Date:

1994

Financials in:

 

Fiscal Year End:

31-Dec-2012

Reporting Currency:

Euro

Annual Sales:

114.1  1

Total Assets:

65.2

                                         

 

Business Description   

 

 

Wholesale of other intermediate products

 

 

Industry

     

 

Industry

Miscellaneous Wholesale

ANZSIC 2006:

373 - Furniture, Floor Covering and Other Goods Wholesaling

ISIC Rev 4:

4669 - Wholesale of waste and scrap and other products n.e.c.

NACE Rev 2:

4676 - Wholesale of other intermediate products

NAICS 2012:

4239 - Miscellaneous Durable Goods Merchant Wholesalers

UK SIC 2007:

4676 - Wholesale of other intermediate products

US SIC 1987:

509 - Miscellaneous Durable Goods

 

 

Key Executives   

   

Name

Title

Mihir Chinubhai Shah

Partner

Mitesh Naresh Shah

Managing Director

Naresh Kumar Maneklal Shah

Chairman/Managing Director

Surekhaben Nareshkumar Shah

Administrator

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

 

 

Corporate Overview

 

Location
Hoveniersstraat 30 B.161
Antwerpen, 2018
Belgium

 

Tel:

03 227 22 07

Fax:

03 226 28 65

 

Sales EUR(mil):

88.8

Assets EUR(mil):

49.4

Employees:

6

Fiscal Year End:

31-Dec-2012

 

 

 

Industry:

Retail (Department and Discount)

Incorporation Date:

1994

Company Type:

Private Independent

Quoted Status:

Not Quoted

Registered No.(VAT):

452299419

 

Chairman/Managing Director:

Naresh Kumar Maneklal Shah

 

 

Industry Codes

 

ANZSIC 2006 Codes:

373

-

Furniture, Floor Covering and Other Goods Wholesaling

 

ISIC Rev 4 Codes:

4669

-

Wholesale of waste and scrap and other products n.e.c.

 

NACE Rev 2 Codes:

4676

-

Wholesale of other intermediate products

 

NAICS 2012 Codes:

4239

-

Miscellaneous Durable Goods Merchant Wholesalers

 

US SIC 1987:

509

-

Miscellaneous Durable Goods

 

UK SIC 2007:

4676

-

Wholesale of other intermediate products

 

 

Business Description

 

Wholesale of other intermediate products

 

 

Financial Data

 

Financials in:

EUR(mil)

Revenue:

88.8

Assets:

49.4

Current Assets:

47.9

Fixed Assets:

1.5

Total Liabilities:

49.4

Issued Capital:

8.4

Net Worth:

8.4

Date of Financial Data:

31-Dec-2012

1 Year Growth

NA

NA

 

 

Executives Report

 

Board of Directors

 

Name

Title

Function

 

Naresh Kumar Maneklal Shah

Chairman/Managing Director

Chairman

 

Age: 58

Mitesh Naresh Shah

Managing Director

Director/Board Member

 

Age: 48

 

Executives

 

Name

Title

Function

 

Naresh Kumar Maneklal Shah

Chairman/Managing Director

Managing Director

 

Age: 58

Mitesh Naresh Shah

Managing Director

Managing Director

Age: 48

Surekhaben Nareshkumar Shah

Administrator

Administration Executive

 

Lucas Alfons Ida Toelen

Representative/Auditor

Accounting Executive

 

Age: 59

Mihir Chinubhai Shah

Partner

Partner

 

Age: 48

 

 

Annual Profit & Loss

 

 

31-Dec-2012

31-Dec-2011

31-Dec-2010

Period Length

52 Weeks

52 Weeks

52 Weeks

Filed Currency

EUR

EUR

EUR

Exchange Rate (Period Average)

0.778237

0.71919

0.755078

Consolidated

No

No

No

 

 

 

 

    Turnover

114.1

148.3

91.2

    Other Operating Income

0.1

0.0

0.1

Operating Income

114.2

148.4

91.4

        Purchases

119.1

146.0

88.2

        Increase or Decrease in Stocks

-8.5

-0.3

0.2

    Raw Materials, Consumables, and Goods for Release

110.7

145.6

88.4

    Services and Sundry Goods

0.6

0.6

0.6

    Remuneration, Social Security Charges, and Pensions

0.3

0.3

0.3

    Depreciation of and Other Amounts Written Off of Formation Expense, Intangible and Tangible Fixed Assets

0.1

0.1

0.1

    Other Operating Charges

1.0

0.8

0.0

Operating Charges

112.7

147.3

89.4

    Income From Financial Fixed Assets

-

-

0.0

    Income From Current Assets

0.1

0.0

-

    Other Financial Income

0.1

0.5

-

Financial Income

0.2

0.6

0.0

    Interest and Other Debt Charges

1.2

1.1

1.0

    Other Financial Charges

0.2

0.2

0.5

Financial Charges

1.4

1.4

1.5

    Other Extraordinary Income

-

-

0.0

Extraordinary Income

-

-

0.0

    Income Taxes

0.0

0.0

0.0

    Adjustment of Income Taxes and Write-Back of Tax Provisions

0.0

0.0

0.0

Income Taxes

0.0

0.0

0.0

        To the Legal Reserve

0.0

0.0

0.0

    Transfers to Capital and Reserves

0.0

0.0

0.0

    Employees

6

3

4

 

 

Annual Balance Sheet

Financials in: USD (mil)

 

31-Dec-2012

31-Dec-2011

31-Dec-2010

Filed Currency

EUR

EUR

EUR

Exchange Rate

0.7566

0.770327

0.745406

Consolidated

No

No

No

 

 

 

 

        Land & Buildings

1.9

2.0

1.9

        Plant, Machinery, and Equipment

0.0

0.0

0.0

        Furniture and Vehicles

0.0

0.1

0.0

    Tangible Assets

2.0

2.0

1.9

        Amounts Receivable and Cash Guarantees

0.0

0.0

0.0

        Other Capital Assets

0.0

0.0

0.0

    Capital Assets

0.0

0.0

0.0

Fixed Assets

2.0

2.0

1.9

        Goods Purchased for Resale

18.0

9.1

9.1

        Stocks

18.0

9.1

9.1

    Inventory and Orders in Progress

18.0

9.1

9.1

        Trade Debtors

42.9

41.7

33.3

        Other Amounts Receivable

2.1

0.4

0.6

    Amounts Receivable Within One Year

45.0

42.1

33.9

    Liquid Assets

0.2

1.1

0.2

    Adjustment Accounts

0.1

0.0

0.1

Current Assets

63.3

52.3

43.2

Total Assets

65.2

54.3

45.2

        Issued Capital

11.1

10.9

11.3

    Capital

11.1

10.9

11.3

        Legal Reserve

0.1

0.1

0.1

    Reserves

0.1

0.1

0.1

Capital and Reserves

13.8

13.3

13.5

        Subordinated Loans

2.5

-

-

        Credit Institutions

1.0

1.1

1.1

        Financial Debts

3.5

1.1

1.1

    Amounts Due After More Than One Year

3.5

1.1

1.1

        Current Portion of Amounts Payable After More Than One Year

5.1

7.7

7.7

        Credit Institutions

24.4

17.5

15.7

        Financial Debts

24.4

17.5

15.7

        Suppliers

18.1

14.6

6.5

        Trade Debts

18.1

14.6

6.5

        Advances Received on Orders in Progress

0.2

-

-

        Taxes

0.0

0.0

0.0

        Remuneration and Social Security

0.1

0.0

0.1

        Taxes, Wages, and Social Security

0.1

0.1

0.1

        Other Amounts Payable

0.0

0.0

0.6

    Amounts Payable Within One Year

47.9

39.9

30.6

    Adjustment Accounts

0.1

0.1

0.0

Creditors

51.5

41.1

31.7

Total Liabilities + Shareholders' Equity

65.2

54.3

45.2

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.63.57

UK Pound

1

Rs.99.20

Euro

1

Rs.70.35

 

INFORMATION DETAILS

 

Report Prepared by :

VNT

 

               

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%)

 

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.