MIRA INFORM REPORT

 

 

Report Date :

28.06.2007

 

IDENTIFICATION DETAILS

 

Name :

KOMAL GEMS

 

 

Registered Office :

Hoveniersstraat 2 619 B.347, 2018 Antwerpen Be

 

 

Country :

Belgium

 

 

Financials (as on) :

31.12.2005

 

 

Date of Incorporation :

17 February 1989

 

 

Com. Reg. No.:

268283

 

 

Legal Form :

Private Company Limited by shares

 

 

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 :

240000 EUR

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

 

name & address

 

KOMAL GEMS

HOVENIERSSTRAAT 2 619 B.347

2018 ANTWERPEN BE

Tel. Number       +32-3-2302674

Fax number       +32-3-2269673

 

 

Business founded

17 February 1989

Business registered

27 February 1989 - Private company limited by shares

Registration number,

268283, ANTWERPEN,

VAT number,

BE436733986,

Legal form

Private company limited by shares

Activities

Wholesale of miscellaneous intermediate products

Payment experience

no complaints have been registered

Credit opinion

Credit opinion

 

Maximum credit limit 240000 EUR is advised

 

Cash situation (balance sheet analysis) : Limited 

 

Profitability (balance sheet analysis) : Nil 

 

Commitments (regarding contractual obligations) : Currently fulfilled 

 

Payment defaults : None 

Employees (Business)

 0

Total share capital31 December 2005

EUR 1721000,00

Branch office(s)

HOVENIERSSTRAAT 2 542 B.403,2018 ANTWERPEN   

Bank

ABN AMRO BANK   

Boardmembers

GAJERA GIRDHARBHAI    Deputy boardmember

 

GAJERA KASTURBEN    Boardmember

Management

VAN VLAENDEREN FRANS    Representative and auditor

Auditor

F VAN VLAENDEREN BEDRIJFSREVISOR & CO    Auditors´ president

Subsidiary company.

862915067   LAXMI JEWEL (BELGIUM)   80,00 %   

 

 

 

 

 

 

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

 

Turnover for the period: 00 0000 - 31 December 2005  in  EUR 66.516.000,00

 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

42.650.000,-

Total fixed assets

604.000,-

Total tangible fixed assets

589.000,-

Land and buildings

568.000,-

Plant, machinery and equipment

21.000,-

Total financial fixed assets

15.000,-

Loans, shares and participations

15.000,-

Total Current assets

42.046.000,-

Inventories and work in progress (incl. prepayments)

9.947.000,-

Accounts receivable (trade)

28.255.000,-

Cash in hand and at bank

3.839.000,-

Total accrued income and prepaid expenses

5.000,-

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

42.650.000,-

Total equity (Shareholders' funds)

2.144.000,-

Issued (subscribed) capital

1.721.000,-

Profit reserves

251.000,-

Legal reserves

172.000,-

Total liabilities

40.506.000,-

Total long-term liabilities

162.000,-

Long-term liabilities to credit institutions

162.000,-

Total current liabilities

40.344.000,-

Current accounts payable (trade)

23.293.000,-

Current liabilities to credit institutions

15.340.000,-

Income and social tax liabilities

10.000,-

 

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

Total operating income/revenue

66.530.000,-

Main revenue (sales/turnover)

66.516.000,-

Total operating expenses

-65.114.000,-

Cost of materials (type of expenditure format)

64.631.000,-

Cost of goods sold (operational format)

65.114.000,-

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

1.416.000,-

Personnel costs

32.000,-

Depreciation

35.000,-

Operating profit or loss

1.416.000,-

Financial income

1.000,-

Financial expenses

-1.272.000,-

Result of ordinary operations

145.000,-

Extraordinary result

145.000,-

Taxes

-45.000,-

Net profit or loss

100.000,-

Borrowing ratio

1889,27 %

Current ratio

104,21 %

Debt gearing

7,56 %

Profit margin.

2,18 %

Quick ratio

79,55 %

Return on assets

2,86 %

Return on equity.

4,66 %

Solidity or equity ratio

5,02 %

 

Turnover for the period: 00 0000 - 31 December 2004  in  EUR 51.809.000,00

 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

28.929.000,-

Total fixed assets

638.000,-

Total tangible fixed assets

623.000,-

Land and buildings

585.000,-

Plant, machinery and equipment

28.000,-

Total financial fixed assets

15.000,-

Loans, shares and participations

15.000,-

Total Current assets

28.291.000,-

Inventories and work in progress (incl. prepayments)

9.835.000,-

Accounts receivable (trade)

18.010.000,-

Cash in hand and at bank

442.000,-

Total accrued income and prepaid expenses

4.000,-

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

28.929.000,-

Total equity (Shareholders' funds)

2.044.000,-

Issued (subscribed) capital

1.721.000,-

Profit reserves

151.000,-

Legal reserves

172.000,-

Total liabilities

26.885.000,-

Total long-term liabilities

228.000,-

Long-term liabilities to credit institutions

228.000,-

Total current liabilities

26.657.000,-

Current accounts payable (trade)

17.070.000,-

Current liabilities to credit institutions

7.480.000,-

Income and social tax liabilities

4.000,-

 

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

Total operating income/revenue

51.825.000,-

Main revenue (sales/turnover)

51.809.000,-

Total operating expenses

-51.533.000,-

Cost of materials (type of expenditure format)

51.146.000,-

Cost of goods sold (operational format)

51.533.000,-

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

292.000,-

Personnel costs

31.000,-

Depreciation

37.000,-

Operating profit or loss

292.000,-

Financial income

511.000,-

Financial expenses

-562.000,-

Result of ordinary operations

241.000,-

Extraordinary income

19.000,-

Extraordinary expenses

-191.000,-

Extraordinary result

69.000,-

Taxes

-41.000,-

Net profit or loss

28.000,-

Borrowing ratio

1315,31 %

Current ratio

106,12 %

Debt gearing

11,15 %

Profit margin.

0,63 %

Quick ratio

69,22 %

Return on assets

2,08 %

Return on equity.

1,36 %

Solidity or equity ratio

7,06 %

 

Turnover for the period: 00 0000 - 31 December 2003  in  EUR 49.519.000,00

 Not consolidated profit and loss turnover of the business: 

 

Corporate balance sheet for the year: 00 0000 - 31 December 2003  in  EUR 

Total assets incl. prepaid expenses and accrued income

26.262.000,-

Total fixed assets

655.000,-

Total tangible fixed assets

655.000,-

Land and buildings

601.000,-

Plant, machinery and equipment

34.000,-

Total Current assets

25.607.000,-

Inventories and work in progress (incl. prepayments)

6.519.000,-

Accounts receivable (trade)

19.045.000,-

Cash in hand and at bank

43.000,-

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

26.262.000,-

Total equity (Shareholders' funds)

2.017.000,-

Issued (subscribed) capital

1.721.000,-

Profit reserves

123.000,-

Legal reserves

173.000,-

Total liabilities

24.245.000,-

Total long-term liabilities

292.000,-

Long-term liabilities to credit institutions

292.000,-

Total current liabilities

23.953.000,-

Current accounts payable (trade)

15.294.000,-

Current liabilities to credit institutions

7.650.000,-

Income and social tax liabilities

4.000,-

 

Corporate profit and loss account for the year: 00 0000 - 31 December 2003  in  EUR 

Total operating income/revenue

49.535.000,-

Main revenue (sales/turnover)

49.519.000,-

Total operating expenses

-49.182.000,-

Cost of materials (type of expenditure format)

48.741.000,-

Cost of goods sold (operational format)

49.182.000,-

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

353.000,-

Personnel costs

41.000,-

Depreciation

38.000,-

Operating profit or loss

353.000,-

Financial income

341.000,-

Financial expenses

-582.000,-

Result of ordinary operations

112.000,-

Extraordinary result

112.000,-

Taxes

-43.000,-

Net profit or loss

69.000,-

Borrowing ratio

1202,03 %

Current ratio

106,90 %

Debt gearing

14,48 %

Profit margin.

0,78 %

Quick ratio

79,68 %

Return on assets

2,47 %

Return on equity.

3,42 %

Solidity or equity ratio

7,68 %

 

 

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