MIRA INFORM REPORT

 

 

Report No. :

502380

Report Date :

07.04.2018

 

 

 

IDENTIFICATION DETAILS

 

Name :

MERU GEMS BVBA

 

 

Registered Office :

Schupstraat  1/7-Bus  52 2018 Antwerpen

 

 

Country :

Belgium

 

 

Financials (as on) :

31.12.2016

 

 

Date of Incorporation :

13.11.2014

 

 

Com. Reg. No.:

567963605

 

 

Legal Form :

Private  limited  liability company

 

 

Line of Business :

Subject is engaged in Wholesale  of  diamonds  and other  precious  stones.

 

 

No. of Employees :

Not Available

 

 

RATING & COMMENTS

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

 

MIRA’s Rating :

B

 

Credit Rating

Explanation

Rating Comments

B

Medium Risk

Business dealings permissible on a regular monitoring basis

 

Status :

Moderate

 

 

Payment Behaviour :

Slow but Correct

 

 

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

A2

A2

 

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 name and address

 

Business  number

567963605

Branche  Unit  Number

2236657771

Company  name

MERU  GEMS  BVBA

Address

SCHUPSTRAAT  1/7-BUS  52

 

2018 ANTWERPEN

Date  of  establishment

13/11/2014

Telephone  number

-

Mobile  number

-

Fax  number

-

Liable  for  VAT

yes

VAT  Number

BE.0567.963.605  Check  VAT  number

 

Ultimate  holding  company                              

Company  name

Company  Number

-

-

 

Commentary

 

The  business  was  established  over  3  years  ago.

No  employees  are  recorded  for  this  business.

The  business  has  been  at  the  address  for  over  3  years.

Operating  Result  in  the  latest  trading  period  increased  658%  on  the  previous  trading  period. Net  Worth  increased  by  381%  during  the  latest  trading  period.

Pre-tax  profits  increased  by  1088%  compared  to  the  previous  trading  period. The  business  saw  a  decrease  in  their  Cash  Balance  of  57%  during  the  latest  trading  period.

 

Annual  accounts

 

DATE  OF  LATEST  ACCOUNTS

TURNOVER

PROFIT  BEFORE  TAX

NET  WORTH

WORKING  CAPITAL

31/12/2016

 

143,476

132,310

132,235

31/12/2015

 

12,068

27,451

27,451

 

Accounts                                             

DATE  OF  LATEST  ACCOUNTS

BALANCE  TOTAL

NUMBER  OF  EMPLOYEES

CAPITAL

CASHFLOW

31/12/2016

3,369,813

-

18,600

128,422

31/12/2015

-

-

18,600

8,851

 

 

Trends

 

Profitability

Liquidity

Net  worth

Payment  expectations

 

Past  payments

 

Payment  expectation  days

-

Industry  average  payment

202.01

Industry  average  day  sales outstanding

210.87

expectation  days

 

 

 

Day  sales  outstanding

-

 

 

 

Court  data  summary

 

BANKRUPTCY  DETAILS

 

Court  action  type

no

PROTESTED  BILLS

 

Bill  amount

-

NSSO  DETAILS

 

Date  of  summons

-

 

 

Company  information

 

Business  number

567963605

Company  name

MERU  GEMS  BVBA

Fax  number

-

Date  founded

13/11/2014

Company  status

active

Company  type

Private  limited  liability company

Currency

Euro  (€)

Date  of  latest  accounts

31/12/2016

Activity  code

46761

Number  of  staff

-

Activity  description

Wholesale  of  diamonds  and other  precious  stones

 

 

Belgian  Bullettin  of  Acts Publications

moniteur  belge

 

 

 

 

Contractor  details

 

Registered  contractor

-

number

 

Contractor  description

-

Date  struck  off  register

 

 

Personnel  (NSSO  classification)          

Code

-

Description

-

 

Joint  Industrial  Committee  (JIC)          

 

Significant  Events       

Event  Date

27/11/2014

Event  Description

Registered  as  a  Diamond  Trader

Event  Details

 

 

 

Company accounts

 

Assets                         

Annual  accounts

31-12-2016

%

31-12-2015

Weeks

52

 

59

Currency

EUR

 

EUR

Total  fixed  assets

75

-

0

Intangible  fixed  assets

0

-

0

Tangible  fixed  assets

0

-

0

Land  &  building

0

-

0

Plant  &  machinery

0

-

0

Furniture  &  Vehicles

0

-

0

Leasing  &  Other  Similar  Rights

0

-

0

Other  tangible  assets

0

-

0

Financial  fixed  assets

75

-

0

Total  current  assets

3,369,738

11.99

3,008,831

Inventories

1,482,744

-7.40

1,601,257

Raw  materials  &  consumables

0

-

0

Work  in  progress

0

-

0

Finished  goods

0

-

0

Other  stocks

1,482,744

-7.40

1,601,257

Trade  debtors

1,832,330

42.20

1,288,561

Other  amounts  receivable

1,887

607

267

Cash

48,457

-57.70

114,545

Miscellaneous  current  assets

4,321

2.86

4,201

Total  Assets

3,369,813

12.00

3,008,831

 

 

Liabilities

 

Total  shareholders  equity

132,310

381

27,451

Issued  share  capital

18,600

0

18,600

Share  premium  account

0

-

0

Revaluation  reserve

0

-

0

Reserves

113,710

1184

8,851

Provisions  for  Liabilities  &  Charges

0

-

0

Deffered  taxes

0

-

0

Creditors

3,237,503

8.59

2,981,380

Other  long  term  loans

0

-

0

Other  long  term  liabilities

0

-

0

Total  long  term  debts

0

-

0

Current  portion  of  long  term  debt

0

-

0

Financial  debts

0

-

0

Trade  creditors

2,957,028

-0.41

2,969,331

Amounts  Payable  for  Taxes,  Remuneration  &  Social  Security

20,509

88.55

10,877

Miscellaneous  current  liabilities

259,966

22090

1,172

Total  current  liabilities

3,237,503

8.59

2,981,380

Total  Liabilities

3,369,813

12.00

3,008,831

 

 

ratio  analysis                           

TRADING  PERFORMANCE

 

 

 

Profit  Before  Tax

-

-

-

Return  on  capital  employed

108.44

146

43.96

Return  on  total  assets  employed

4.26

965

0.40

Return  on  net  assets  employed

108.44

146

43.96

Sales  /  net  working  capital

-

-

-

Stock  turnover  ratio

-

-

-

Creditor  days

-

-

-

Debtor  days

-

-

-

SHORT  TERM  STABILITY

 

 

 

Current  ratio

1.04

2.97

1.01

Liquidity  ratio  /  acid  ratio

0.58

23.40

0.47

Current  debt  ratio

24.47

-77.47

108.61

Cashflow

128,422

1350

8,851

Net  worth

132,310

381

27,451

LONG  TERM  STABILITY

 

 

 

Gearing

-

-

-

Equity  in  percentage

3.93

331

0.91

Total  debt  ratio

24.47

-77.47

108.61

Working  capital

132,235

381

27,451

 

 

Profit  &  loss                          

Operating  Income

-

-

-

Turnover

-

-

-

Total  operating  expenses

-

-

-

Gross  Operating  Margin

161,765

594

23,306

Operating  Charges

0

-

-

Employee  costs

-

-

-

Wages  and  salary

-

-

-

Employee  pension  costs

-

-

-

Social  security  contributions

-

-

-

Other  employee  costs

-

-

-

Director  remuneration

-

-

-

Amortization  and  depreciation

-

-

-

Operating  result

160,683

658

21,182

Total  financial  income

0

-100

54

Total  financial  expenses

13,731

49.77

9,168

Results  on  ordinary  operations  before  taxation

143,476

1088

12,068

Extraordinary  Income

3,476

24.48

2,793

Extraordinary  Charges

-

-

-

Extraordinary  items

3,476

24.48

2,793

Results  for  the  Year  Before  Taxation

146,952

888

14,861

Taxation

18,530

208

6,010

Results  on  ordinary  operations  after  taxation

124,946

1962

6,058

Net  result

128,422

1350

8,851

Profit  (Loss)  for  the  Year  to  be  appropiated

128,422

1350

8,851

Dividends

-

-

-

 

 

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

-

-

 

 

Limit  History                

no  limit  history  data  found

 

Industry  comparison                

Activity  code

46761

Activity  description

Wholesale  of  diamonds  and  other  precious  stones

industry  average  credit

69.47

 

 

Payment  Information

 

Suspension  of  payments  /  moratorium  history

 

Amount

-

Details

-

 

Payment  expectations 

Payment  expectation  days

-

Day  sales  outstanding

-

 

Industry  comparison    

Activity  code

46761

Activity  description

Wholesale  of  diamonds  and  other  precious  stones

Industry  average  payment expectation  days

202.01

Industry  average  day  sales outstanding

210.87

 

 

Industry  quartile  analysis

Payment  expectations

 

Company  result

-

Lower

132.04

Median

58.70

Upper

25.82

 

Day  sales  outstanding

 

Company  result

-

Lower

136.36

Median

81.15

Upper

44.21

 

 

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

 

 

Companies  that  match  this  address

 

no  Companies  Match  this  address

 

 

Linked  Companies

 

Summary

 

Group  -  Number  of  Companies

0

Linkages  -  Number  of  Companies

0

Number  of  Countries

0

 

 

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

 

Position

Manager

Start  Date

13/11/2014

Street

21 VAN  EYCKLEI  ANTWERPEN

Post  code

2018

Country

Belgium

Name

Hiren  Parikh

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

INR 64.98

UK Pound

1

INR 90.95

Euro

1

INR 79.51

Euro

1

INR 79.84

 

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

 

 

INFORMATION DETAILS

 

Analysis Done by :

VAR

 

 

Report Prepared by :

DNS

 

 

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)

 

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.