MIRA INFORM REPORT

 

Report Date :

14th March, 2007

                                                         

IDENTIFICATION DETAILS

 

Name :

SOLITAIRE THE DIAMOND COMPANY

 

 

Registered Office :

Hoveniersstraat 30, 2018 Antwerpen Belgium

 

 

Country :

Belgium

 

 

Financials (as on) :

31.12.2005

 

 

Date of Incorporation :

22.02.1990

 

 

Com. Reg. No.:

275257, 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

 

Status :

Satisfactory

 

 

Payment Behaviour :

Usually Correct

 

 

Litigation :

Clear

 

 

Company Name & Address

 

SOLITAIRE THE DIAMOND COMPANY

HOVENIERSSTRAAT 30

2018 ANTWERPEN BE

Tel. Number                                     +32-3-2263400

Fax number                                     +32-3-2339856

                                                     

 

Business founded    

 

29 January 1990

 

 

Business registered

 

22 February 1990 - Private company with limited liability

 

 

Business last updated 

 

31 December 2005

 

 

Registration number   

 

275257, ANTWERPEN

 

 

Value Added Tax number  

 

BE439745837

 

 

Judicial form 

 

Private company with limited lability

 

 

Activities  

 

Wholesale of miscellaneous intermediate products

 

 

 

 

Payment experience

 

No complaints have been registered

 

 

Credit opinion

 

Cash situation (balance sheet analysis)                           : Limited

Profitability (balance sheet analysis)                                : Low

Commitments (regarding contractual obligations)  : Currently fulfilled

Payment defaults                                                           : None

 

 

Employees (Business)   

 

 1

 

 

Total share capital

 

31 December 2005         EUR 19000,00

 

 

Branch office(s) 

 

HOVENIERSSTRAAT 30,2018 ANTWERPEN   

 

 

Bank 

 

DEXIA BANK BELGIUM   

 

 

Boardmembers    

 

KOTHARI NISHIL PARESHBHAI             Manager

KOTHARI PARESH                                Manager

 

 

Management   

 

PARIKH VIJAY MAHENDRAKUMAR       Partner

CHOKSI VIRAT                                      Partner

FRANCOIS PHILIPPE                            Representative and auditor

VANGEEL HUGO                                  Representative and auditor

Auditor 

 

WESTEN, FRANCOIS & CO, BEDRIJFSREVISOREN                  Auditors´ president

FIDUCIAIRE VANGEEL EN CO                                                   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 30.832.000,00

 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

15.381.000,-

Total fixed assets

165.000,-

Total tangible fixed assets

158.000,-

Land and buildings

70.000,-

Plant, machinery and equipment

13.000,-

Total financial fixed assets

7.000,-

Investments (long-term)

7.000,-

Total Current assets

15.216.000,-

Inventories and work in progress (incl. prepayments)

5.704.000,-

Accounts receivable (trade)

9.485.000,-

Cash in hand and at bank

15.000,-

Total accrued income and prepaid expenses

12.000,-

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

15.381.000,-

Total equity (Shareholders' funds)

249.000,-

Issued (subscribed) capital

19.000,-

Profit reserves

228.000,-

Legal reserves

2.000,-

Total liabilities

15.132.000,-

Total long-term liabilities

1.800.000,-

Long-term Loans, Mortgage debts

1.753.000,-

Long-term liabilities to credit institutions

47.000,-

Total current liabilities

13.332.000,-

Current accounts payable (trade)

7.372.000,-

Current liabilities to credit institutions

4.682.000,-

Income and social tax liabilities

54.000,-

 

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

30.848.000,-

Main revenue (sales/turnover)

30.832.000,-

Total operating expenses

-29.929.000,-

Cost of materials (type of expenditure format)

29.677.000,-

Cost of goods sold (operational format)

29.929.000,-

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

919.000,-

Personnel costs

24.000,-

Depreciation

40.000,-

Operating profit or loss

919.000,-

Financial income

2.799.000,-

Financial expenses

-3.680.000,-

Result of ordinary operations

38.000,-

Extraordinary result

38.000,-

Taxes

-18.000,-

Net profit or loss

20.000,-

Borrowing ratio

6077,11 %

Current ratio

114,13 %

Debt gearing

722,89 %

Profit margin.

3,16 %

Quick ratio

71,25 %

Return on assets

2,65 %

Return on equity.

8,03 %

Solidity or equity ratio

1,61 %

 

PER, period regarding TUn, TRn, TXn, CPI or CPN: 00 0000 - 31 December 2004  in  EUR 36.118.000,00

 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

10.740.000,-

Total fixed assets

128.000,-

Total tangible fixed assets

121.000,-

Land and buildings

73.000,-

Plant, machinery and equipment

19.000,-

Total financial fixed assets

7.000,-

Investments (long-term)

7.000,-

Total Current assets

10.612.000,-

Inventories and work in progress (incl. prepayments)

2.454.000,-

Accounts receivable (trade)

8.093.000,-

Cash in hand and at bank

15.000,-

Total accrued income and prepaid expenses

50.000,-

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

10.740.000,-

Total equity (Shareholders' funds)

229.000,-

Issued (subscribed) capital

19.000,-

Profit reserves

208.000,-

Legal reserves

2.000,-

Total liabilities

10.511.000,-

Total long-term liabilities

1.628.000,-

Long-term liabilities to credit institutions

16.000,-

Total current liabilities

8.882.000,-

Current accounts payable (trade)

4.455.000,-

Current liabilities to credit institutions

3.320.000,-

Income and social tax liabilities

56.000,-

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

36.118.000,-

Main revenue (sales/turnover)

36.118.000,-

Total operating expenses

-35.910.000,-

Cost of materials (type of expenditure format)

35.587.000,-

Cost of goods sold (operational format)

35.910.000,-

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

208.000,-

Personnel costs

24.000,-

Depreciation

29.000,-

Operating profit or loss

208.000,-

Financial income

3.241.000,-

Financial expenses

-3.372.000,-

Result of ordinary operations

77.000,-

Extraordinary result

77.000,-

Taxes

-27.000,-

Net profit or loss

50.000,-

Borrowing ratio

4589,96 %

Current ratio

119,46 %

Debt gearing

710,92 %

Profit margin.

0,65 %

Quick ratio

91,28 %

Return on assets

2,92 %

Return on equity.

21,83 %

Solidity or equity ratio

2,13 %

 

PER, period regarding TUn, TRn, TXn, CPI or CPN: 00 0000 - 31 December 2003  in  EUR 27.630.000,00

 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

8.860.000,-

Total fixed assets

154.000,-

Total tangible fixed assets

147.000,-

Land and buildings

76.000,-

Plant, machinery and equipment

30.000,-

Total financial fixed assets

7.000,-

Investments (long-term)

7.000,-

Total Current assets

8.706.000,-

Inventories and work in progress (incl. prepayments)

3.671.000,-

Accounts receivable (trade)

4.957.000,-

Cash in hand and at bank

26.000,-

Total accrued income and prepaid expenses

52.000,-

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

8.860.000,-

Total equity (Shareholders' funds)

167.000,-

Issued (subscribed) capital

19.000,-

Profit reserves

158.000,-

Legal reserves

2.000,-

Total liabilities

8.693.000,-

Total long-term liabilities

1.710.000,-

Long-term liabilities to credit institutions

27.000,-

Total current liabilities

6.983.000,-

Current accounts payable (trade)

4.222.000,-

Current liabilities to credit institutions

2.067.000,-

Income and social tax liabilities

50.000,-

 

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

27.645.000,-

Main revenue (sales/turnover)

27.630.000,-

Total operating expenses

-27.843.000,-

Cost of materials (type of expenditure format)

27.540.000,-

Cost of goods sold (operational format)

27.843.000,-

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

-198.000,-

Personnel costs

18.000,-

Depreciation

30.000,-

Operating profit or loss

-198.000,-

Financial income

4.199.000,-

Financial expenses

-3.938.000,-

Result of ordinary operations

63.000,-

Extraordinary result

63.000,-

Taxes

-22.000,-

Net profit or loss

41.000,-

Borrowing ratio

5205,39 %

Current ratio

124,67 %

Debt gearing

1023,95 %

Profit margin.

-0,60 %

Quick ratio

71,35 %

Return on assets

2,67 %

Return on equity.

24,55 %

Solidity or equity ratio

1,88 %

 

 

 

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