MIRA INFORM REPORT

 

 

Report Date :

13th November, 2006

 

IDENTIFICATION DETAILS

 

Name :

HORIZON DIAMONDS

 

 

Registered Office :

Schupstraat 1/7 B.58 2018 Antwerpen Be

 

 

Country :

Belgium

 

 

Financials (as on) :

31.12.2005

 

 

Date of Incorporation :

16.06.1977

 

 

Com. Reg. No.:

209970, ANTWERPEN

 

 

Legal Form :

Private company with limited liability

 

 

Line of Business :

Wholesale 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

 

Maximum Credit Limit :

87500 EUR

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Usually Correct

 

 

Litigation :

Clear

 

 

Company Name & Address

 

HORIZON DIAMONDS

SCHUPSTRAAT 1/7 B.58

2018 ANTWERPEN BE

Tel. Number                                     :+32-3-2343464

Fax number                                     :+32-3-2343976

 

                                                      

Business founded    

 

16 June 1977

 

 

Business registered

 

16 June 1977 - Private company with limited liability

 

 

Business last updated 

 

31 December 2005

 

 

Registration number   

 

209970, ANTWERPEN,

 

 

Value Added Tax number  

 

BE417418813,

 

 

Judicial form 

 

Private company with limited liability

 

 

Activities  

 

Wholesale of miscellaneous intermediate products

 

 

Payment experience

 

No complaints have been registered

 

 

Credit opinion

 

Credit opinion

Maximum credit limit 87500 EUR is advised

Cash situation (balance sheet analysis)                 : Limited

Profitability (balance sheet analysis)                      : Low

Commitments (regarding contractual obligations)  : Currently fulfilled

Payment defaults                                                    : None

 

 

Employees (Business)     

 

1

 

 

Total share capital

 

31 December 2005EUR 99000,00

 

 

Branch office(s) 

 

SCHUPSTRAAT 1 7 B.507,2018 ANTWERPEN

 

 

Bank 

 

GENERALE DE BANQUE (EXPIRED)

 

 

Boardmembers    

 

SHAH KSITIJ JITENDRA                   Manager

SHAH JITENDRA                             Manager

KSHITIJ SHAH                                 Sole manager

 

 

Management   

 

MEYNENDONCKX BART FILIP GERARD    Representative and auditor

 

 

Auditor 

 

LUYTEN-MEYNENDONCKX & PARTNERS

BEDRIJFREVISOREN/REVISEURS D'ENTREPRISE   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 2005  in  EUR 25.823.000,00

 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 2005  in  EUR 

 

Total assets incl. prepaid expenses and accrued income

10.550.000,-

Total fixed assets

241.000,-

Total tangible fixed assets

236.000,-

Land and buildings

224.000,-

Plant, machinery and equipment

2.000,-

Total financial fixed assets

5.000,-

Investments (long-term)

5.000,-

Total Current assets

10.309.000,-

Inventories and work in progress (incl. prepayments)

3.186.000,-

Accounts receivable (trade)

7.107.000,-

Cash in hand and at bank

15.000,-

Total accrued income and prepaid expenses

1.000,-

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

10.550.000,-

Total equity (Shareholders' funds)

330.000,-

Issued (subscribed) capital

99.000,-

Profit reserves

150.000,-

Legal reserves

10.000,-

Profit or loss carried forward

71.000,-

Total liabilities

10.220.000,-

Total long-term liabilities

567.000,-

Long-term liabilities to credit institutions

143.000,-

Total current liabilities

9.627.000,-

Current accounts payable (trade)

4.702.000,-

Current liabilities to credit institutions

3.851.000,-

Income and social tax liabilities

45.000,-

Total accrued expenses and deferred income

26.000,-

 

PER, period that the financial account covers for not consolidated profit and loss account.: 

00 0000 - 31 December 2005  in  EUR 

 

Total operating income/revenue

25.823.000,-

Main revenue (sales/turnover)

25.823.000,-

Total operating expenses

-25.407.000,-

Cost of materials (type of expenditure format)

25.110.000,-

Cost of goods sold (operational format)

25.407.000,-

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

416.000,-

Personnel costs

50.000,-

Depreciation

17.000,-

Operating profit or loss

416.000,-

Financial expenses

-361.000,-

Result of ordinary operations

55.000,-

Extraordinary income

8.000,-

Extraordinary result

63.000,-

Taxes

-20.000,-

Net profit or loss

43.000,-

Borrowing ratio

3096,97 %

Current ratio

106,79 %

Debt gearing

171,82 %

Profit margin.

1,67 %

Quick ratio

73,97 %

Return on assets

4,10 %

Return on equity.

13,03 %

Solidity or equity ratio

3,12 %

 

PER, period regarding TUn, TRn, TXn, CPI or CPN: 00 0000 - 31 December 2004  in  EUR 20.238.000,00

 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

7.870.000,-

Total fixed assets

253.000,-

Total tangible fixed assets

253.000,-

Land and buildings

232.000,-

Plant, machinery and equipment

3.000,-

Total Current assets

7.617.000,-

Inventories and work in progress (incl. prepayments)

3.256.000,-

Accounts receivable (trade)

4.353.000,-

Cash in hand and at bank

8.000,-

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

7.870.000,-

Total equity (Shareholders' funds)

287.000,-

Issued (subscribed) capital

99.000,-

Profit reserves

120.000,-

Legal reserves

10.000,-

Profit or loss carried forward

58.000,-

Total liabilities

7.583.000,-

Total long-term liabilities

530.000,-

Long-term liabilities to credit institutions

163.000,-

Total current liabilities

7.046.000,-

Current accounts payable (trade)

3.407.000,-

Current liabilities to credit institutions

2.726.000,-

Income and social tax liabilities

29.000,-

Total accrued expenses and deferred income

7.000,-

 

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

20.238.000,-

Main revenue (sales/turnover)

20.238.000,-

Total operating expenses

-19.943.000,-

Cost of materials (type of expenditure format)

19.719.000,-

Cost of goods sold (operational format)

19.943.000,-

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

295.000,-

Personnel costs

50.000,-

Depreciation

17.000,-

Operating profit or loss

295.000,-

Financial expenses

-259.000,-

Result of ordinary operations

36.000,-

Extraordinary result

36.000,-

Taxes

-11.000,-

Net profit or loss

25.000,-

Borrowing ratio

2642,16 %

Current ratio

107,99 %

Debt gearing

184,67 %

Profit margin.

1,54 %

Quick ratio

61,89 %

Return on assets

3,96 %

Return on equity.

8,71 %

Solidity or equity ratio

3,64 %

 

 

PER, period regarding TUn, TRn, TXn, CPI or CPN: 00 0000 - 31 December 2003  in  EUR 20.377.000,00

 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

6.047.000,-

Total fixed assets

40.000,-

Total tangible fixed assets

40.000,-

Land and buildings

11.000,-

Plant, machinery and equipment

5.000,-

Total Current assets

6.007.000,-

Inventories and work in progress (incl. prepayments)

1.725.000,-

Accounts receivable (trade)

4.274.000,-

Cash in hand and at bank

6.000,-

Total accrued income and prepaid expenses

2.000,-

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

6.047.000,-

Total equity (Shareholders' funds)

262.000,-

Issued (subscribed) capital

99.000,-

Profit reserves

100.000,-

Legal reserves

10.000,-

Profit or loss carried forward

53.000,-

Total liabilities

5.785.000,-

Total current liabilities

5.784.000,-

Current accounts payable (trade)

2.671.000,-

Current liabilities to credit institutions

2.334.000,-

Income and social tax liabilities

29.000,-

Total accrued expenses and deferred income

1.000,-

 

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

20.382.000,-

Main revenue (sales/turnover)

20.377.000,-

Total operating expenses

-20.172.000,-

Cost of materials (type of expenditure format)

19.951.000,-

Cost of goods sold (operational format)

20.172.000,-

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

210.000,-

Personnel costs

40.000,-

Depreciation

11.000,-

Operating profit or loss

210.000,-

Financial expenses

-172.000,-

Result of ordinary operations

38.000,-

Extraordinary result

38.000,-

Taxes

-17.000,-

Net profit or loss

21.000,-

Borrowing ratio

2208,02 %

Current ratio

103,83 %

Profit margin.

1,08 %

Quick ratio

73,99 %

Return on assets

3,57 %

Return on equity.

8,01 %

Solidity or equity ratio

4,33 %

 

 

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

NR

In view of the lack of information, we have no basis upon which to recommend credit dealings

No Rating

 

 

 

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