MIRA INFORM REPORT

 

 

Report Date :

15.03.2007

 

IDENTIFICATION DETAILS

 

Name :

KARP IMPEX

 

 

Registered Office :

Hoveniersstraat 30 B.120, 2018 Antwerpen Be

 

 

Country :

Belgium

 

 

Financials (as on) :

31.12.2005

 

 

Date of Incorporation :

22 June 1988

 

 

Com. Reg. No.:

264147

 

 

Legal Form :

Public Limited Company

 

 

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 :

206000 EUR

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

 

NAME & ADDRESS

 

KARP IMPEX

HOVENIERSSTRAAT 30 B.120

2018 ANTWERPEN BE

Tel. Number : +32-3-2265820

Fax number : +32-3-2333668

 

 

Business founded

22 June 1988

Business registered

11 July 1988 - Public limited company (no information regarding quotation)

Business last updated

31 December 2005

Registration number,

264147, ANTWERPEN,

Value Added Tax number,

BE434647003,

Judicial form

Public limited company (no information regarding quotation)

Activities

Wholesale of miscellaneous intermediate products

Payment experience

no complaints have been registered

Credit opinion

Credit opinion

 

Maximum credit limit 206000 EUR is advised

 

Cash situation (balance sheet analysis) : Normal 

 

Profitability (balance sheet analysis) : Low 

 

Commitments (regarding contractual obligations) : Currently fulfilled 

 

Payment defaults : None 

Employees (Business)

 3

Total share capital31 December 2005

EUR 280000,00

Branch office(s)

HOVENIERSSTRAAT 30 B.120,2018 ANTWERPEN   

Bank

ABN AMRO BANK   

Boardmembers

VIRANI PANKAJBHAI BHIKHABHAI    Deputy boardmember

 

VIRANI RASILA RAMESH    Boardmember

 

KARP IMPEX    Boardmember

Management

FRANCOIS PHILIPPE    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) 

 

PER, period regarding TUn, TRn, TXn, CPI or CPN: 00 0000 - 31 December 2005  in  EUR 102.236.000,00

 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

28.480.000,-

Total fixed assets

387.000,-

Total tangible fixed assets

387.000,-

Land and buildings

339.000,-

Plant, machinery and equipment

35.000,-

Total Current assets

28.093.000,-

Inventories and work in progress (incl. prepayments)

10.940.000,-

Accounts receivable (trade)

17.136.000,-

Cash in hand and at bank

4.000,-

Total accrued income and prepaid expenses

13.000,-

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

28.480.000,-

Total equity (Shareholders' funds)

602.000,-

Issued (subscribed) capital

280.000,-

Profit reserves

22.000,-

Legal reserves

28.000,-

Profit or loss carried forward

272.000,-

Total liabilities

27.878.000,-

Total long-term liabilities

3.838.000,-

Long-term Loans, Mortgage debts

364.000,-

Long-term liabilities to credit institutions

130.000,-

Total current liabilities

23.808.000,-

Current accounts payable (trade)

9.042.000,-

Current liabilities to credit institutions

14.550.000,-

Income and social tax liabilities

102.000,-

Total accrued expenses and deferred income

232.000,-

 

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

102.240.000,-

Main revenue (sales/turnover)

102.236.000,-

Total operating expenses

-99.816.000,-

Cost of materials (type of expenditure format)

99.096.000,-

Cost of goods sold (operational format)

99.816.000,-

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

2.424.000,-

Personnel costs

111.000,-

Depreciation

50.000,-

Operating profit or loss

2.424.000,-

Financial income

4.039.000,-

Financial expenses

-6.325.000,-

Result of ordinary operations

138.000,-

Extraordinary income

31.000,-

Extraordinary result

169.000,-

Taxes

-71.000,-

Net profit or loss

98.000,-

Borrowing ratio

4630,90 %

Current ratio

116,85 %

Debt gearing

637,54 %

Profit margin.

2,41 %

Quick ratio

71,99 %

Return on assets

3,00 %

Return on equity.

16,27 %

Solidity or equity ratio

2,11 %

 

PER, period regarding TUn, TRn, TXn, CPI or CPN: 00 0000 - 31 December 2004  in  EUR 53.313.000,00

 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

25.412.000,-

Total fixed assets

419.000,-

Total tangible fixed assets

419.000,-

Land and buildings

368.000,-

Plant, machinery and equipment

49.000,-

Total Current assets

24.993.000,-

Inventories and work in progress (incl. prepayments)

11.243.000,-

Accounts receivable (trade)

11.650.000,-

Cash in hand and at bank

2.095.000,-

Total accrued income and prepaid expenses

5.000,-

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

25.412.000,-

Total equity (Shareholders' funds)

519.000,-

Issued (subscribed) capital

280.000,-

Profit reserves

22.000,-

Legal reserves

28.000,-

Profit or loss carried forward

189.000,-

Total liabilities

24.893.000,-

Total long-term liabilities

3.358.000,-

Long-term Loans, Mortgage debts

315.000,-

Long-term liabilities to credit institutions

147.000,-

Total current liabilities

21.491.000,-

Current accounts payable (trade)

15.760.000,-

Current liabilities to credit institutions

5.504.000,-

Income and social tax liabilities

55.000,-

Total accrued expenses and deferred income

44.000,-

 

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

53.318.000,-

Main revenue (sales/turnover)

53.313.000,-

Total operating expenses

-53.524.000,-

Cost of materials (type of expenditure format)

52.766.000,-

Cost of goods sold (operational format)

53.524.000,-

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

-206.000,-

Personnel costs

102.000,-

Depreciation

66.000,-

Operating profit or loss

-206.000,-

Financial income

4.023.000,-

Financial expenses

-3.743.000,-

Result of ordinary operations

74.000,-

Extraordinary income

20.000,-

Extraordinary result

94.000,-

Taxes

-29.000,-

Net profit or loss

65.000,-

Borrowing ratio

4796,34 %

Current ratio

116,05 %

Debt gearing

647,01 %

Profit margin.

-0,26 %

Quick ratio

63,95 %

Return on assets

2,32 %

Return on equity.

12,52 %

Solidity or equity ratio

2,04 %

 

PER, period regarding TUn, TRn, TXn, CPI or CPN: 00 0000 - 31 December 2003  in  EUR 31.564.000,00

 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

23.084.000,-

Total fixed assets

451.000,-

Total tangible fixed assets

451.000,-

Land and buildings

368.000,-

Plant, machinery and equipment

63.000,-

Total Current assets

22.633.000,-

Inventories and work in progress (incl. prepayments)

8.773.000,-

Accounts receivable (trade)

13.833.000,-

Cash in hand and at bank

9.000,-

Total accrued income and prepaid expenses

18.000,-

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

23.084.000,-

Total equity (Shareholders' funds)

469.000,-

Issued (subscribed) capital

280.000,-

Profit reserves

22.000,-

Legal reserves

28.000,-

Profit or loss carried forward

139.000,-

Total liabilities

22.615.000,-

Total long-term liabilities

3.625.000,-

Long-term Loans, Mortgage debts

3.625.000,-

Total current liabilities

18.966.000,-

Current accounts payable (trade)

9.634.000,-

Current liabilities to credit institutions

4.820.000,-

Income and social tax liabilities

48.000,-

Total accrued expenses and deferred income

24.000,-

 

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

31.586.000,-

Main revenue (sales/turnover)

31.564.000,-

Total operating expenses

-32.262.000,-

Cost of materials (type of expenditure format)

31.771.000,-

Cost of goods sold (operational format)

32.262.000,-

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

-676.000,-

Personnel costs

27.000,-

Depreciation

66.000,-

Operating profit or loss

-676.000,-

Financial income

6.162.000,-

Financial expenses

-5.420.000,-

Result of ordinary operations

66.000,-

Extraordinary result

66.000,-

Taxes

-18.000,-

Net profit or loss

48.000,-

Borrowing ratio

4821,96 %

Current ratio

119,18 %

Debt gearing

772,92 %

Profit margin.

-1,93 %

Quick ratio

72,98 %

Return on assets

2,29 %

Return on equity.

10,23 %

Solidity or equity ratio

2,03 %

 

 

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