MIRA INFORM REPORT

 

 

Report Date :

28th June 2006

 

IDENTIFICATION DETAILS

 

Name :

STAR GEM DIAMONDS

 

 

Registered Office :

Hoveniersstraat 40 B.32, 2018 Antwerpen Be

 

 

Country :

Belgium

 

 

Financials (as on) :

31/12/2004

 

 

Date of Incorporation :

11 January 1989

 

 

Com. Reg. No.:

267587, Antwerpen

 

 

Legal Form :

Partnership limited by shares

 

 

Line of Business :

Wholesalers of miscellaneous intermediate products

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

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

Satisfactory

 

Status :

Satisfactory 

 

 

Payment Behaviour :

Usually Correct

 

 

Litigation :

Clear

 

Name & address


 

 

 
 

STAR GEM DIAMONDS

 

 

HOVENIERSSTRAAT 40 B.32

 

 

2018 ANTWERPEN BE

 

Tel. Number

+32-3-2328848

 

Fax number

+32-3-2328956

 

 

 

 

 

 

 summery

 

Business founded

11 January 1989

 

Business registered

24 January 1989 - Partnership limited by shares

 

Business last updated

31 December 2004

 

Registration number,

267587, ANTWERPEN,

 

Value Added Tax number,

BE436360834,

 

Judicial form

Partnership limited by shares

 

Activities

Wholesale of miscellaneous intermediate products

 

Payment experience

Nothing to report

 

Credit opinion

Credit opinion

 

 

Maximum credit limit 20500 EUR is advised

 

 

Cash situation (balance sheet analysis) : Good 

 

 

Profitability (balance sheet analysis) : Nil 

 

 

Commitments (regarding contractual obligations) : Completely fulfilled 

 

 

Payment defaults : None 

 

Employees (Business)

 1

 

Total share capital31 December 2004

EUR 338000,00

 

Bank

BANQUE DIAMANTAIRE ANVERSOISE   

 

Boardmembers

GMTR    Manager

 

Management

BORRE WERNER    Auditors´ president

 

 

 

 

 

 

 

 

 

 

The business owns or partly owns one or more pieces of land and buildings?  Yes(Property) 

 

PER, period regarding TUn, TRn, TXn, CPI or CPN: 00 0000 - 31 December 2004  in  EUR 4.329.000,00

 Not consolidated profit and loss turnover of the business: 

 

PER, period that the financial account covers for not consolidated balance sheet.: 00 0000 - 31 December 2004  in  EUR 

Total assets incl. prepaid expenses and accrued income

2.685.000,-

Total fixed assets

66.000,-

Total tangible fixed assets

62.000,-

Plant, machinery and equipment

18.000,-

Total financial fixed assets

4.000,-

Investments (long-term)

4.000,-

Total Current assets

2.619.000,-

Inventories and work in progress (incl. prepayments)

280.000,-

Accounts receivable (trade)

2.206.000,-

Cash in hand and at bank

133.000,-

Total equity, provisions, liabilities, accrued expenses and deferred income

2.685.000,-

Total equity (Shareholders' funds)

342.000,-

Issued (subscribed) capital

350.000,-

Legal reserves

6.000,-

Profit or loss carried forward

-2.000,-

Total liabilities

2.343.000,-

Total current liabilities

2.331.000,-

Current accounts payable (trade)

1.127.000,-

Current liabilities to credit institutions

1.061.000,-

Income and social tax liabilities

8.000,-

Total accrued expenses and deferred income

12.000,-

 

PER, period that the financial account covers for not consolidated profit and loss account.: 00 0000 - 31 December 2004  in  EUR 

Total operating income/revenue

4.334.000,-

Main revenue (sales/turnover)

4.329.000,-

Total operating expenses

-3.812.000,-

Cost of materials (type of expenditure format)

3.609.000,-

Cost of goods sold (operational format)

3.812.000,-

Gross profit or loss after cost of materials or after cost of goods sold

522.000,-

Personnel costs

14.000,-

Depreciation

13.000,-

Operating profit or loss

522.000,-

Financial income

1.686.000,-

Financial expenses

-2.218.000,-

Result of ordinary operations

-10.000,-

Extraordinary result

-10.000,-

Taxes

6.000,-

Net profit or loss

-4.000,-

Borrowing ratio

685,09 %

Current ratio

111,77 %

Profit margin.

12,34 %

Quick ratio

100,34 %

Return on assets

2,01 %

Return on equity.

-1,16 %

Solidity or equity ratio

12,73 %

 

PER, period regarding TUn, TRn, TXn, CPI or CPN: 00 0000 - 31 December 2003  in  EUR 5.056.000,00

 Not consolidated profit and loss turnover of the business: 

 

PER, period that the financial account covers for not consolidated balance sheet.: 00 0000 - 31 December 2003  in  EUR 

Total assets incl. prepaid expenses and accrued income

5.171.000,-

Total fixed assets

25.000,-

Total tangible fixed assets

21.000,-

Plant, machinery and equipment

17.000,-

Total financial fixed assets

4.000,-

Investments (long-term)

4.000,-

Total Current assets

5.146.000,-

Inventories and work in progress (incl. prepayments)

417.000,-

Accounts receivable (trade)

4.021.000,-

Cash in hand and at bank

707.000,-

Total accrued income and prepaid expenses

1.000,-

Total equity, provisions, liabilities, accrued expenses and deferred income

5.171.000,-

Total equity (Shareholders' funds)

346.000,-

Issued (subscribed) capital

350.000,-

Legal reserves

6.000,-

Profit or loss carried forward

2.000,-

Total liabilities

4.825.000,-

Total current liabilities

4.786.000,-

Current accounts payable (trade)

809.000,-

Current liabilities to credit institutions

773.000,-

Income and social tax liabilities

18.000,-

Total accrued expenses and deferred income

39.000,-

 

PER, period that the financial account covers for not consolidated profit and loss account.: 00 0000 - 31 December 2003  in  EUR 

Total operating income/revenue

5.059.000,-

Main revenue (sales/turnover)

5.056.000,-

Total operating expenses

-5.536.000,-

Cost of materials (type of expenditure format)

5.349.000,-

Cost of goods sold (operational format)

5.536.000,-

Gross profit or loss after cost of materials or after cost of goods sold

-477.000,-

Personnel costs

19.000,-

Depreciation

7.000,-

Operating profit or loss

-477.000,-

Financial income

714.000,-

Financial expenses

-413.000,-

Result of ordinary operations

-176.000,-

Extraordinary income

192.000,-

Extraordinary result

16.000,-

Taxes

-12.000,-

Net profit or loss

4.000,-

Borrowing ratio

1394,51 %

Current ratio

106,65 %

Profit margin.

-9,29 %

Quick ratio

98,78 %

Return on assets

2,01 %

Return on equity.

1,15 %

Solidity or equity ratio

6,69 %

 

PER, period regarding TUn, TRn, TXn, CPI or CPN: 00 0000 - 31 December 2002  in  EUR 6.235.000,00

 Not consolidated profit and loss turnover of the business: 

 

PER, period that the financial account covers for not consolidated balance sheet.: 00 0000 - 31 December 2002  in  EUR 

Total assets incl. prepaid expenses and accrued income

6.938.000,-

Total fixed assets

104.000,-

Total tangible fixed assets

101.000,-

Land and buildings

92.000,-

Plant, machinery and equipment

2.000,-

Total financial fixed assets

3.000,-

Investments (long-term)

3.000,-

Total Current assets

6.834.000,-

Inventories and work in progress (incl. prepayments)

2.030.000,-

Accounts receivable (trade)

4.767.000,-

Cash in hand and at bank

36.000,-

Total accrued income and prepaid expenses

1.000,-

Total equity, provisions, liabilities, accrued expenses and deferred income

6.938.000,-

Total equity (Shareholders' funds)

342.000,-

Issued (subscribed) capital

350.000,-

Legal reserves

2.000,-

Profit or loss carried forward

2.000,-

Total liabilities

6.596.000,-

Total current liabilities

6.596.000,-

Current accounts payable (trade)

3.218.000,-

Current liabilities to credit institutions

1.716.000,-

Income and social tax liabilities

45.000,-

 

PER, period that the financial account covers for not consolidated profit and loss account.: 00 0000 - 31 December 2002  in  EUR 

Total operating income/revenue

6.239.000,-

Main revenue (sales/turnover)

6.235.000,-

Total operating expenses

-6.332.000,-

Cost of materials (type of expenditure format)

6.128.000,-

Cost of goods sold (operational format)

6.332.000,-

Gross profit or loss after cost of materials or after cost of goods sold

-93.000,-

Personnel costs

25.000,-

Depreciation

10.000,-

Operating profit or loss

-93.000,-

Financial income

624.000,-

Financial expenses

-511.000,-

Result of ordinary operations

20.000,-

Extraordinary result

20.000,-

Taxes

-10.000,-

Net profit or loss

10.000,-

Borrowing ratio

1928,65 %

Current ratio

103,60 %

Profit margin.

-1,33 %

Quick ratio

72,81 %

Return on assets

1,93 %

Return on equity.

2,92 %

Solidity or equity ratio

4,92 %

 

 

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

Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average/normal.

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

 

 

 

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