MIRA INFORM REPORT

 

 

Report Date :

12.07.2007

 

IDENTIFICATION DETAILS

 

Name :

SYGMA DIAMONDS

 

 

Registered Office :

Pelikaanstraat 78, 2018 Antwerpen Be

 

 

Country :

Belgium

 

 

Financials (as on) :

31.12.2006

 

 

Date of Incorporation :

11 May 1979

 

 

Com. Reg. No.:

218090

 

 

Legal Form :

Private company with limited liability

 

 

Line of Business :

Manufacture of jewellery and related articles.

 

 

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 :

107000 EUR

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

 

name & address

 

SYGMA DIAMONDS

PELIKAANSTRAAT 78

2018 ANTWERPEN BE

Tel. Number       + 32-3-2316643

Fax number       + 32-3-2310254

 

 

Business founded

11 May 1979

Business registered

01 August 1979 - Private company with limited liability

Registration number,

218090, ANTWERPEN,

VAT number,

BE419510449,

Legal form

Private company with limited liability

Activities

Manufacture of jewellery and related articles

Payment experience

no complaints have been registered

Credit opinion

Credit opinion

 

Maximum credit limit 107000 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)

 4

Total share capital31 December 2006

EUR 18600,00

Bank

ABN AMRO BANK   

Boardmembers

KNOLL ZIV    Manager

Management

VANGEEL HUGO    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) 

 

Turnover for the period: 00 0000 - 31 December 2006  in  EUR 19.279.954,00

 Not consolidated profit and loss turnover of the business: 

 

Corporate balance sheet for the year: 00 0000 - 31 December 2006  in  EUR 

Total assets incl. prepaid expenses and accrued income

13.653.835,-

Total fixed assets

51.284,-

Total intangible fixed assets

687,-

Total tangible fixed assets

43.557,-

Plant, machinery and equipment

4.551,-

Total financial fixed assets

7.040,-

Investments (long-term)

7.040,-

Total Current assets

13.602.551,-

Inventories and work in progress (incl. prepayments)

6.127.922,-

Accounts receivable (trade)

7.391.038,-

Cash in hand and at bank

72.934,-

Total accrued income and prepaid expenses

10.657,-

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

13.653.835,-

Total equity (Shareholders' funds)

1.135.282,-

Issued (subscribed) capital

18.600,-

Profit reserves

304.983,-

Statutory reserves

826.074,-

Legal reserves

1.860,-

Profit or loss carried forward

-16.234,-

Total liabilities

12.518.553,-

Total long-term liabilities

2.534.549,-

Long-term Loans, Mortgage debts

2.534.549,-

Total current liabilities

9.984.004,-

Current accounts payable (trade)

8.053.207,-

Current liabilities to credit institutions

1.813,-

Income and social tax liabilities

24.906,-

 

Corporate profit and loss account for the year: 00 0000 - 31 December 2006  in  EUR 

Total operating income/revenue

19.608.781,-

Main revenue (sales/turnover)

19.279.954,-

Total operating expenses

20.178.713,-

Cost of materials (type of expenditure format)

19.394.095,-

Cost of goods sold (operational format)

20.178.713,-

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

-569.932,-

Personnel costs

159.804,-

Depreciation

31.598,-

Operating profit or loss

-569.932,-

Financial income

1.494.637,-

Financial expenses

897.390,-

Result of ordinary operations

27.315,-

Extraordinary expenses

25,-

Extraordinary result

27.290,-

Taxes

43.525,-

Net profit or loss

-16.234,-

Borrowing ratio

1103,35 %

Current ratio

136,24 %

Debt gearing

223,39 %

Profit margin.

-2,74 %

Quick ratio

74,75 %

Return on assets

0,83 %

Return on equity.

-1,42 %

Solidity or equity ratio

8,31 %

 

Turnover for the period: 00 0000 - 31 December 2005  in  EUR 34.266.000,00

 Not consolidated profit and loss turnover of the business: 

 

Corporate balance sheet for the year: 00 0000 - 31 December 2005  in  EUR 

Total assets incl. prepaid expenses and accrued income

14.935.000,-

Total fixed assets

77.000,-

Total intangible fixed assets

3.000,-

Total tangible fixed assets

67.000,-

Plant, machinery and equipment

6.000,-

Total financial fixed assets

7.000,-

Investments (long-term)

7.000,-

Total Current assets

14.858.000,-

Inventories and work in progress (incl. prepayments)

6.481.000,-

Accounts receivable (trade)

7.469.000,-

Cash in hand and at bank

896.000,-

Total accrued income and prepaid expenses

12.000,-

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

14.935.000,-

Total equity (Shareholders' funds)

325.000,-

Issued (subscribed) capital

19.000,-

Profit reserves

304.000,-

Legal reserves

2.000,-

Total liabilities

14.610.000,-

Total long-term liabilities

3.270.000,-

Long-term liabilities to credit institutions

3.270.000,-

Total current liabilities

11.340.000,-

Current accounts payable (trade)

9.326.000,-

Income and social tax liabilities

52.000,-

 

Corporate profit and loss account for the year: 00 0000 - 31 December 2005  in  EUR 

Total operating income/revenue

34.334.000,-

Main revenue (sales/turnover)

34.266.000,-

Total operating expenses

-33.108.000,-

Cost of materials (type of expenditure format)

32.356.000,-

Cost of goods sold (operational format)

33.108.000,-

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

1.226.000,-

Personnel costs

168.000,-

Depreciation

34.000,-

Operating profit or loss

1.226.000,-

Financial income

953.000,-

Financial expenses

-2.153.000,-

Result of ordinary operations

26.000,-

Extraordinary income

24.000,-

Extraordinary result

50.000,-

Taxes

-21.000,-

Net profit or loss

29.000,-

Borrowing ratio

4537,27 %

Current ratio

131,02 %

Debt gearing

1015,53 %

Profit margin.

3,67 %

Quick ratio

73,76 %

Return on assets

0,87 %

Return on equity.

8,92 %

Solidity or equity ratio

2,17 %

 

Turnover for the period: 00 0000 - 31 December 2004  in  EUR 17.758.000,00

 Not consolidated profit and loss turnover of the business: 

 

Corporate balance sheet for the year: 00 0000 - 31 December 2004  in  EUR 

Total assets incl. prepaid expenses and accrued income

13.866.000,-

Total fixed assets

109.000,-

Total intangible fixed assets

6.000,-

Total tangible fixed assets

96.000,-

Plant, machinery and equipment

10.000,-

Total financial fixed assets

7.000,-

Investments (long-term)

7.000,-

Total Current assets

13.757.000,-

Inventories and work in progress (incl. prepayments)

5.179.000,-

Accounts receivable (trade)

7.662.000,-

Cash in hand and at bank

899.000,-

Total accrued income and prepaid expenses

17.000,-

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

13.866.000,-

Total equity (Shareholders' funds)

293.000,-

Issued (subscribed) capital

19.000,-

Profit reserves

272.000,-

Legal reserves

2.000,-

Total liabilities

13.573.000,-

Total long-term liabilities

6.000,-

Long-term liabilities to credit institutions

6.000,-

Total current liabilities

13.567.000,-

Current accounts payable (trade)

12.097.000,-

Income and social tax liabilities

47.000,-

 

Corporate profit and loss account for the year: 00 0000 - 31 December 2004  in  EUR 

Total operating income/revenue

17.777.000,-

Main revenue (sales/turnover)

17.758.000,-

Total operating expenses

-17.430.000,-

Cost of materials (type of expenditure format)

16.790.000,-

Cost of goods sold (operational format)

17.430.000,-

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

347.000,-

Personnel costs

164.000,-

Depreciation

29.000,-

Operating profit or loss

347.000,-

Financial income

1.426.000,-

Financial expenses

-1.753.000,-

Result of ordinary operations

20.000,-

Extraordinary income

7.000,-

Extraordinary result

27.000,-

Taxes

-10.000,-

Net profit or loss

17.000,-

Borrowing ratio

4729,27 %

Current ratio

101,40 %

Debt gearing

2,09 %

Profit margin.

2,11 %

Quick ratio

63,10 %

Return on assets

0,72 %

Return on equity.

5,80 %

Solidity or equity ratio

2,11 %

 

 

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