MIRA INFORM REPORT

 

 

Report Date :

7th March, 2007

                                                         

IDENTIFICATION DETAILS

 

Name :

STAR ASIA GEMS

 

 

Registered Office :

Belgielei 40, 2018 Antwerpen Be

 

 

Country :

Belgium

 

 

Financials (as on) :

31.12.2005

 

 

Date of Incorporation :

08.12.2000

 

 

Com. Reg. No.:

341880, ANTWERPENs

 

 

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 :

5500 EUR

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Usually Correct

 

 

Litigation :

Clear

 

 

 

Company Name & Address

 

STAR ASIA GEMS

BELGIELEI 40

2018 ANTWERPEN BE

 

 

Business founded    

 

25 October 2000

 

 

Business registered

 

08 December 2000 - Private company with limited liability

 

 

Business last updated 

 

31 December 2005

 

 

Registration number

 

341880, ANTWERPEN

 

 

Value Added Tax number

 

BE473191338

 

 

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                                                                  : 5500 EUR is advised

Cash situation (balance sheet analysis)                           : Very good

Profitability (balance sheet analysis)                                : Medium

Commitments (regarding contractual obligations)  : Currently fulfilled

Payment defaults                                                                       : None

 

 

Total share capital

 

31 December 2005                     EUR 19000,00

 

 

Bank 

 

BANQUE DIAMANTAIRE ANVERSOISE

 

 

Boardmembers    

 

KOTHARI NISHIL PARESHBHAI                         Manager

KOTHARI PARESH BAGMAILBHAI                     Manager

PARIKH VIJAY MAHENDRAKUMAR                   Manager

 

 

Management   

 

KOTHARI NISHIL PARESHBHAI                         Partner

KOTHARI PARESH BAGMAILBHAI                     Partner

PARIKH VIJAY MAHENDRAKUMAR                   Partner

KOTHARI PARESH BAGMAILBHAI                     Director

KOTHARI NISHIL PARESHBHAI                         Director

 

 

 

 

 

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 2.546.535,00

 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

769.105,-

Total Current assets

769.105,-

Accounts receivable (trade)

764.676,-

Cash in hand and at bank

4.429,-

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

769.105,-

Total equity (Shareholders' funds)

21.313,-

Issued (subscribed) capital

19.000,-

Profit reserves

2.133,-

Legal reserves

180,-

Total liabilities

747.792,-

Total current liabilities

747.792,-

Current accounts payable (trade)

373.592,-

Income and social tax liabilities

1.847,-

 

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

00 0000 - 31 December 2005  in  EUR 

 

Main revenue (sales/turnover)

2.546.535,-

Cost of goods sold (operational format)

2.550.832,-

Operating profit or loss

-4.297,-

Financial income

300.973,-

Financial expenses

-290.269,-

Result of ordinary operations

6.407,-

Extraordinary result

6.407,-

Taxes

-1.200,-

Net profit or loss

5.207,-

Borrowing ratio

3508,62 %

Current ratio

102,85 %

Profit margin.

-0,16 %

Quick ratio

102,85 %

Return on assets

38,57 %

Return on equity.

24,43 %

Solidity or equity ratio

2,77 %

 

PER, period regarding TUn, TRn, TXn, CPI or CPN: 00 0000 - 31 December 2004  in  EUR 1.590.364,00

 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

477.409,-

Total Current assets

477.409,-

Accounts receivable (trade)

475.081,-

Cash in hand and at bank

2.328,-

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

477.409,-

Total equity (Shareholders' funds)

16.106,-

Issued (subscribed) capital

19.000,-

Profit or loss carried forward

-2.894,-

Total liabilities

461.303,-

Total current liabilities

461.303,-

Current accounts payable (trade)

137.660,-

 

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

00 0000 - 31 December 2004  in  EUR 

 

Main revenue (sales/turnover)

1.590.364,-

Cost of goods sold (operational format)

1.591.698,-

Operating profit or loss

-1.334,-

Financial income

167.391,-

Financial expenses

-163.542,-

Result of ordinary operations

2.515,-

Extraordinary result

2.515,-

Net profit or loss

2.515,-

Borrowing ratio

2864,17 %

Current ratio

103,49 %

Profit margin.

-0,08 %

Quick ratio

103,49 %

Return on assets

34,78 %

Return on equity.

15,61 %

Solidity or equity ratio

3,37 %

 

PER, period regarding TUn, TRn, TXn, CPI or CPN: 00 0000 - 31 December 2003  in  EUR 510.865,00

 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

362.613,-

Total Current assets

362.613,-

Accounts receivable (trade)

359.710,-

Cash in hand and at bank

2.903,-

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

362.613,-

Total equity (Shareholders' funds)

13.590,-

Issued (subscribed) capital

19.000,-

Profit or loss carried forward

-5.410,-

Total liabilities

349.023,-

Total current liabilities

349.023,-

 

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

 00 0000 - 31 December 2003  in  EUR 

 

Main revenue (sales/turnover)

510.865,-

Cost of goods sold (operational format)

509.093,-

Operating profit or loss

1.772,-

Financial income

280.875,-

Financial expenses

-283.274,-

Result of ordinary operations

-627,-

Extraordinary result

-627,-

Net profit or loss

-627,-

Borrowing ratio

2568,23 %

Current ratio

103,89 %

Profit margin.

0,34 %

Quick ratio

103,89 %

Return on assets

77,94 %

Return on equity.

-4,61 %

Solidity or equity ratio

3,74 %

 

 

 

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