MIRA INFORM REPORT

 

 

Report Date :

05.07.2007

                                                         

IDENTIFICATION DETAILS

 

Name :

ULTIMATE DIAMONDS

 

 

Registered Office :

Hoveniersstraat 53 B.16, 2018 Antwerpen Be

 

 

Country :

Belgium

 

 

Financials (as on) :

31.12.2005

 

 

Date of Incorporation :

20.01.1994

 

 

Com. Reg. No.:

300868, 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 :

44000 EUR

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Usually Correct

 

 

Litigation :

Clear

 

 

 

Company name & Address

 

ULTIMATE DIAMONDS

HOVENIERSSTRAAT 53 B.16

2018 ANTWERPEN BE

Tel. Number                                  +32-3-2326026

Fax number                                  +32-3-2326026

 

 

Business founded    

 

17 December 1993

 

 

Business registered

 

20 January 1994 - Private company with limited liability

 

 

Business last updated 

 

31 December 2005

 

 

Registration number

 

300868, ANTWERPEN

 

 

Value Added Tax number

 

BE451653279

 

 

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                                                      : 44000 EUR is advised

Cash situation (balance sheet analysis)                           : Good

Profitability (balance sheet analysis)                                : Nil

Commitments (regarding contractual obligations)  : Currently fulfilled

Payment defaults                                                           : None

 

 

Employees (Business)   

 

 0

 

 

Total share capital

 

31 December 2005                        EUR 19000,00

 

 

Branch office(s) 

 

HOVENIERSSTRAAT 12,2018 ANTWERPEN

 

 

Bank 

 

ABN AMRO BANK

 

 

Boardmembers    

 

LAYAZAWALA TUSHAR VIJAYSINH    Manager

 

 

Management   

 

FRANCOIS PHILIPPE    Representative and auditor

 

 

Auditor 

 

WESTEN, FRANCOIS & CO, BEDRIJFSREVISOREN    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 8.714.000,00

 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

5.487.000,-

Total fixed assets

163.000,-

Total tangible fixed assets

161.000,-

Land and buildings

135.000,-

Plant, machinery and equipment

7.000,-

Total financial fixed assets

2.000,-

Investments (long-term)

2.000,-

Total Current assets

5.324.000,-

Inventories and work in progress (incl. prepayments)

2.049.000,-

Accounts receivable (trade)

3.061.000,-

Cash in hand and at bank

211.000,-

Total accrued income and prepaid expenses

3.000,-

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

5.487.000,-

Total equity (Shareholders' funds)

118.000,-

Issued (subscribed) capital

19.000,-

Profit reserves

97.000,-

Legal reserves

2.000,-

Total liabilities

5.369.000,-

Total long-term liabilities

45.000,-

Long-term liabilities to credit institutions

45.000,-

Total current liabilities

5.324.000,-

Current accounts payable (trade)

3.671.000,-

Current liabilities to credit institutions

1.167.000,-

Income and social tax liabilities

39.000,-

 

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

8.720.000,-

Main revenue (sales/turnover)

8.714.000,-

Total operating expenses

-8.426.000,-

Cost of materials (type of expenditure format)

8.276.000,-

Cost of goods sold (operational format)

8.426.000,-

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

294.000,-

Personnel costs

5.000,-

Depreciation

10.000,-

Operating profit or loss

294.000,-

Financial income

858.000,-

Financial expenses

-1.135.000,-

Result of ordinary operations

17.000,-

Extraordinary result

17.000,-

Taxes

-7.000,-

Net profit or loss

10.000,-

Borrowing ratio

4550,00 %

Current ratio

100,00 %

Debt gearing

38,14 %

Profit margin.

3,48 %

Quick ratio

61,45 %

Return on assets

1,20 %

Return on equity.

8,47 %

Solidity or equity ratio

2,15 %

 

PER, period regarding TUn, TRn, TXn, CPI or CPN: 00 0000 - 31 December 2004  in  EUR 8.501.000,00

 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

4.715.000,-

Total fixed assets

172.000,-

Total tangible fixed assets

170.000,-

Land and buildings

138.000,-

Plant, machinery and equipment

9.000,-

Total financial fixed assets

2.000,-

Investments (long-term)

2.000,-

Total Current assets

4.543.000,-

Inventories and work in progress (incl. prepayments)

1.734.000,-

Accounts receivable (trade)

2.634.000,-

Cash in hand and at bank

168.000,-

Total accrued income and prepaid expenses

7.000,-

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

4.715.000,-

Total equity (Shareholders' funds)

108.000,-

Issued (subscribed) capital

19.000,-

Profit reserves

87.000,-

Legal reserves

2.000,-

Total liabilities

4.607.000,-

Total long-term liabilities

52.000,-

Long-term liabilities to credit institutions

52.000,-

Total current liabilities

4.554.000,-

Current accounts payable (trade)

3.458.000,-

Current liabilities to credit institutions

672.000,-

Income and social tax liabilities

8.000,-

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 2004  in  EUR 

 

Total operating income/revenue

8.501.000,-

Main revenue (sales/turnover)

8.501.000,-

Total operating expenses

-8.602.000,-

Cost of materials (type of expenditure format)

8.435.000,-

Cost of goods sold (operational format)

8.602.000,-

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

-101.000,-

Personnel costs

14.000,-

Depreciation

14.000,-

Operating profit or loss

-101.000,-

Financial income

1.204.000,-

Financial expenses

-1.088.000,-

Result of ordinary operations

15.000,-

Extraordinary income

37.000,-

Extraordinary result

52.000,-

Taxes

-7.000,-

Net profit or loss

45.000,-

Borrowing ratio

4265,74 %

Current ratio

99,73 %

Debt gearing

48,15 %

Profit margin.

-1,02 %

Quick ratio

61,52 %

Return on assets

2,37 %

Return on equity.

41,66 %

Solidity or equity ratio

2,29 %

 

PER, period regarding TUn, TRn, TXn, CPI or CPN: 00 0000 - 31 December 2003  in  EUR 9.990.000,00

 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

3.848.000,-

Total fixed assets

285.000,-

Total tangible fixed assets

283.000,-

Land and buildings

243.000,-

Plant, machinery and equipment

10.000,-

Total financial fixed assets

2.000,-

Investments (long-term)

2.000,-

Total Current assets

3.563.000,-

Inventories and work in progress (incl. prepayments)

1.504.000,-

Accounts receivable (trade)

2.008.000,-

Cash in hand and at bank

42.000,-

Total accrued income and prepaid expenses

9.000,-

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

3.848.000,-

Total equity (Shareholders' funds)

63.000,-

Issued (subscribed) capital

19.000,-

Profit reserves

75.000,-

Legal reserves

2.000,-

Profit or loss carried forward

-33.000,-

Total liabilities

3.785.000,-

Total long-term liabilities

59.000,-

Long-term liabilities to credit institutions

59.000,-

Total current liabilities

3.726.000,-

Current accounts payable (trade)

2.651.000,-

Current liabilities to credit institutions

583.000,-

Income and social tax liabilities

12.000,-

 

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

10.019.000,-

Main revenue (sales/turnover)

9.990.000,-

Total operating expenses

-10.132.000,-

Cost of materials (type of expenditure format)

9.886.000,-

Cost of goods sold (operational format)

10.132.000,-

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

-113.000,-

Personnel costs

16.000,-

Depreciation

17.000,-

Operating profit or loss

-113.000,-

Financial income

1.529.000,-

Financial expenses

-1.450.000,-

Result of ordinary operations

-34.000,-

Extraordinary result

-34.000,-

Taxes

1.000,-

Net profit or loss

-33.000,-

Borrowing ratio

6007,94 %

Current ratio

95,62 %

Debt gearing

93,65 %

Profit margin.

-0,95 %

Quick ratio

55,01 %

Return on assets

1,06 %

Return on equity.

-52,38 %

Solidity or equity ratio

1,63 %

 

 

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

 

 

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