MIRA INFORM REPORT

 

 

Report Date :

2nd March, 2007

                                                         

 

IDENTIFICATION DETAILS

 

Name :

STEINMETZ - ASCOT DIAMONDS

 

 

Registered Office :

Schupstraat 17, 2018 Antwerpen Be

 

 

Country :

Belgium

 

 

Financials (as on) :

31.12.2005

 

 

Date of Incorporation :

09.07.1993

 

 

Com. Reg. No.:

297356, ANTWERPEN

 

 

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 :

248000 EUR

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Usually Correct

 

 

Litigation :

Clear

 

Company Name & Address

 

STEINMETZ - ASCOT DIAMONDS

SCHUPSTRAAT 17

2018 ANTWERPEN BE

Tel. Number                                          +32-3-2339886

Fax number                                          +32-3-2339886

 

 

Business founded    

 

15 June 1993

 

 

Business registered

 

09 July 1993 - Private company limited by shares

 

 

Business last updated 

 

31 December 2005

 

 

Registration number

 

297356, ANTWERPEN

 

 

Value Added Tax number

 

BE450354172

 

 

Judicial form 

 

Private company limited by shares

 

 

Activities  

 

Wholesale of miscellaneous intermediate products

 

 

Payment experience

 

No complaints have been registered

 

 

Credit opinion

 

Maximum credit limit                                                      : 248000 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)   

 

5

 

 

Total share capital

 

31 December 2005                                EUR 62000,00

 

 

Bank 

 

ABN AMRO BANK

 

 

Boardmembers    

 

TEMKIN ORRY MORDECHAI    Deputy boardmember

MANSORI ODED    Boardmember

 

 

Management   

 

ASHMILL LIMITED                                 Partner

R. STEINMETZ AND SONS                   Partner

VAN HERCK THEODOOR                     Representative and auditor

VAN BOURGOGNIE PATRICK               Representative and auditor

 

 

Auditor 

 

WESTEN, FRANCOIS & CO, BEDRIJFSREVISOREN                  Auditors´ president

THEO VAN HERCK BEDRIJFSREVISOR                                    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 61.214.000,00

 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

33.697.000,-

Total fixed assets

170.000,-

Total tangible fixed assets

170.000,-

Plant, machinery and equipment

101.000,-

Total Current assets

33.527.000,-

Inventories and work in progress (incl. prepayments)

15.196.000,-

Accounts receivable (trade)

18.312.000,-

Cash in hand and at bank

9.000,-

Total accrued income and prepaid expenses

10.000,-

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

33.697.000,-

Total equity (Shareholders' funds)

500.000,-

Issued (subscribed) capital

62.000,-

Profit reserves

432.000,-

Legal reserves

6.000,-

Total liabilities

33.197.000,-

Total current liabilities

33.197.000,-

Current accounts payable (trade)

32.491.000,-

Current liabilities to credit institutions

218.000,-

Income and social tax liabilities

488.000,-

 

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

61.335.000,-

Main revenue (sales/turnover)

61.214.000,-

Total operating expenses

-58.823.000,-

Cost of materials (type of expenditure format)

58.137.000,-

Cost of goods sold (operational format)

58.823.000,-

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

2.512.000,-

Personnel costs

360.000,-

Depreciation

45.000,-

Operating profit or loss

2.512.000,-

Financial income

5.828.000,-

Financial expenses

-8.225.000,-

Result of ordinary operations

115.000,-

Extraordinary income

6.000,-

Extraordinary result

121.000,-

Taxes

-53.000,-

Net profit or loss

68.000,-

Borrowing ratio

6639,40 %

Current ratio

100,99 %

Profit margin.

4,16 %

Quick ratio

55,18 %

Return on assets

0,50 %

Return on equity.

13,60 %

Solidity or equity ratio

1,48 %

 

PER, period regarding TUn, TRn, TXn, CPI or CPN: 00 0000 - 31 December 2004  in  EUR 65.934.000,00

 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

31.591.000,-

Total fixed assets

208.000,-

Total tangible fixed assets

189.000,-

Plant, machinery and equipment

122.000,-

Total financial fixed assets

19.000,-

Loans, shares and participations

19.000,-

Total Current assets

31.383.000,-

Inventories and work in progress (incl. prepayments)

12.888.000,-

Accounts receivable (trade)

18.480.000,-

Cash in hand and at bank

2.000,-

Total accrued income and prepaid expenses

13.000,-

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

31.591.000,-

Total equity (Shareholders' funds)

432.000,-

Issued (subscribed) capital

62.000,-

Profit reserves

364.000,-

Legal reserves

6.000,-

Total liabilities

31.159.000,-

Total current liabilities

31.159.000,-

Current accounts payable (trade)

30.127.000,-

Current liabilities to credit institutions

859.000,-

Income and social tax liabilities

173.000,-

 

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

65.938.000,-

Main revenue (sales/turnover)

65.934.000,-

Total operating expenses

-66.820.000,-

Cost of materials (type of expenditure format)

66.173.000,-

Cost of goods sold (operational format)

66.820.000,-

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

-882.000,-

Personnel costs

284.000,-

Depreciation

40.000,-

Operating profit or loss

-882.000,-

Financial income

11.866.000,-

Financial expenses

-10.817.000,-

Result of ordinary operations

167.000,-

Extraordinary income

40.000,-

Extraordinary result

207.000,-

Taxes

-79.000,-

Net profit or loss

128.000,-

Borrowing ratio

7212,73 %

Current ratio

100,71 %

Profit margin.

-1,27 %

Quick ratio

59,31 %

Return on assets

0,81 %

Return on equity.

29,62 %

Solidity or equity ratio

1,36 %

 

PER, period regarding TUn, TRn, TXn, CPI or CPN: 00 0000 - 31 December 2003  in  EUR 72.286.000,00

 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

29.929.000,-

Total fixed assets

149.000,-

Total tangible fixed assets

149.000,-

Plant, machinery and equipment

113.000,-

Total Current assets

29.780.000,-

Inventories and work in progress (incl. prepayments)

9.400.000,-

Accounts receivable (trade)

19.388.000,-

Cash in hand and at bank

985.000,-

Total accrued income and prepaid expenses

7.000,-

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

29.929.000,-

Total equity (Shareholders' funds)

305.000,-

Issued (subscribed) capital

62.000,-

Profit reserves

237.000,-

Legal reserves

6.000,-

Total liabilities

29.624.000,-

Total current liabilities

29.624.000,-

Current accounts payable (trade)

29.235.000,-

Current liabilities to credit institutions

272.000,-

Income and social tax liabilities

117.000,-

 

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

72.289.000,-

Main revenue (sales/turnover)

72.286.000,-

Total operating expenses

-74.134.000,-

Cost of materials (type of expenditure format)

73.587.000,-

Cost of goods sold (operational format)

74.134.000,-

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

-1.845.000,-

Personnel costs

214.000,-

Depreciation

36.000,-

Operating profit or loss

-1.845.000,-

Financial income

11.177.000,-

Financial expenses

-9.162.000,-

Result of ordinary operations

170.000,-

Extraordinary expenses

-12.000,-

Extraordinary result

158.000,-

Taxes

-59.000,-

Net profit or loss

99.000,-

Borrowing ratio

9712,79 %

Current ratio

100,52 %

Profit margin.

-2,51 %

Quick ratio

68,77 %

Return on assets

0,77 %

Return on equity.

32,45 %

Solidity or equity ratio

1,01 %

 

 

 

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