MIRA
INFORM REPORT
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Report Date : |
26th
June 2006 |
IDENTIFICATION
DETAILS
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Name : |
SUSHANG EXPORTS NV |
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Registered Office : |
Hoveniersstraat 2, B-2018 Antwerpen, Belgium |
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Country : |
Belgium |
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Financials (as on) : |
31/12/2003 |
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Date of Incorporation : |
10.12.2002 |
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Legal Form : |
Public Limited Company |
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Line of Business : |
Import and export, purchase and selling of raw and polished diamonds. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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41-55 |
Ba |
Overall operation is considered normal.
Capable to meet normal commitments. |
Satisfactory |
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Maximum Credit Limit : |
EUR 450000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
Identification
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Legal
status |
NV
Public limited company (nat. law) |
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Founded |
10.12.2002
as NV |
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Trade
register |
245147,
Antwerpen |
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Capital |
nominal EUR 485.000,- |
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issued
and paid up EUR 485.000,- |
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Management |
Kothari
Mehul A. |
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Shah
Paras |
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Activity |
Import
and export, purchase and selling of raw and polished diamonds. |
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Staff |
1
employee. |
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Turnover |
Net turnover |
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2001 EUR
19.781.953,- |
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2002 EUR
36.372.995,- |
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2003 EUR
31.658.011,- |
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Real
estate |
The
business premises at the mentioned address has been rented by the company, as
far as we know. |
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Finances |
See
balance sheet |
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Remarks |
Net result |
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2001 EUR
61.750,- |
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2002 EUR
82.003,- |
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2003 EUR
82.995,- |
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The shareholders' equity was as of |
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31.12.2001 EUR
(172.460,-) |
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31.12.2002 EUR
612.000,- |
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31.12.2003 EUR
696.011,- |
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The working capital was as of |
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31.12.2001 EUR
(297.200,-) |
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31.12.2002 EUR
471.989,- |
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31.12.2003 EUR
596.011,- |
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Subsidiary
company of (100%): |
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- Kunal Enterprises, Bombay |
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Import
: |
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-
United States |
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Export
: |
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-
United States |
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Bankers |
ABN-AMRO
NV. |
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VAT-nr. |
BE426932236 |
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Mode
of payment |
Within
terms |
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Credit
demand |
No
objections against entering into a business relationship. |
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A
maximum credit limit of EUR 450.000,- is advised. |
The
following financial data is retrieved from the corporate balance sheet of
Sushang Exports NV
Hoveniersstraat 2, 2018 ANTWERPEN
Trade register 245147, Antwerpen
------------------------------------------------------------------------
Sushang
Exports NV *** BALANCE SHEET ***
Corporate in
Euro Euro
(x 1) (x 1)
-----31-12-2002----- -----31-12-2003-----
Intangible
assets 0 0
Tangible
assets 138.002 97.992
Financial
assets 2.008 2.008
Miscellaneous
fixed assets 0 0
Total
fixed assets
140.010 100.000
Stock 2.462.996 2.209.996
Receivables
10.502.008 6.531.003
Shares 0 0
Liquid
assets 992 347.001
Miscellaneous current assets 0 0
Total
current assets
12.965.996 9.088.000
Shareholders' equity
612.000 696.011
Provisions 0 0
Long-term
liabilities 0 0
Current
liabilities 12.494.007 8.491.989
Minority
interests 0 0
Miscellaneous liabilities 0 0
Total
liabilities
13.106.007 9.188.000
------------------------------------------------------------------------
------------------------------------------------------------------------
Sushang
Exports NV *** PROFIT & LOSS ACCOUNT ***
Corporate in
Euro Euro
(x 1) (x 1)
-----31-12-2002----- -----31-12-2003-----
Turnover 36.372.995 31.658.011
Other
income
0 0
Total
expenses
35.769.994 31.446.012
Operating profit
603.001 211.999
Balance
financial P/L -520.998 -189.985
Net profit/loss 1) 82.003 21.988
Taxation 0 5.007
Share in
P/L of subsidiaries 0 0
Net profit/loss 2) 82.003 16.981
Balance extraordinary P/L 0 65.989
Taxation 0 0
Extraordinary P/L 2) 0 65.989
Res. sub.
companies 2) 0 0
Minority
interests 0 0
Miscellaneous P/L 0 0
Net
result
82.003 82.995
------------------------------------------------------------------------
Legend :
1) = Before tax
2) = After tax
------------------------------------------------------------------------
Sushang
Exports NV *** FINANCIAL RATIOS ***
--------2002-------- --------2003--------
EQUITY %
Equity
gearing
4.7 7.6
Equity/outside capital 4.9 8.2
LIQUIDITY
Current
ratio 1.0 1.1
Acid
test
.8 .8
RATES OF
RETURN %
Total
assets
.6 .2
Shareholders' equity 13.4 3.2
Pre tax
margin % .2 .1
Turnover
rate
277.5 344.6
(x 1) (x 1)
-------------------- --------------------
Working
capital
471.989 596.011
Shareholders' equity + Equalization 612.000
696.011
------------------------------------------------------------------------
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>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 |
Unfavourable & favourable factors
carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
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 |