MIRA INFORM REPORT

 

 

Report Date :

22.03.2007

 

IDENTIFICATION DETAILS

 

Name :

Horizon Diamonds Bvba

 

 

Registered Office :

Schupstraat 1-7, B-2018 Antwerpen

 

 

Country :

Belgium

 

 

Financials (as on) :

31.12.2004

 

 

Date of Incorporation :

16.06.1977

 

 

Legal Form :

Private Limited Company

 

 

Line of Business :

Import and export of, trade in unpolished and polished diamonds.

 

 

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 :

EUR 320000

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

 

NAME

 

Horizon Diamonds Bvba

 

 

ADDRESS

 

Schupstraat 1-7

B-2018  ANTWERPEN

Phone no.         : 03-2343464

Fax                   : 03-2343976

 

 

Legal status

 

Private limited company

 

 

Founded 

 

16.06.1977

 

 

Trade register

 

209970, Antwerpen

 

 

Capital 

 

nominal                          EUR 99.000,-

issued and paid up         EUR 99.000,-

 

 

Management

 

Kshitij Shah, Belgielei 35, 2018 ANTWERPEN

Mehta Girish, Belgielei 35, 2018 ANTWERPEN

Shah Jitendra, Belgielei 35, 2018 ANTWERPEN

 

 

Activity

 

Import and export of, trade in unpolished and polished diamonds.

 

 

Staff  

 

1 employee.

 

 

Turnover

 

Net turnover:

2001 EUR       11.883.991,-

2002 EUR       20.617.999,-

2003 EUR       20.376.996,-

2004 EUR       20.238.003,-

 

 

Real estate 

 

The business premises at the mentioned address has been rented by the company, as far as we know.

 

 

Finances 

 

See balance sheet

 

 

Remarks  

 

Net result:

2001 EUR       11.006,-

2002 EUR       26.996,-

2003 EUR       20.997,-

2004 EUR       24.988,-

 

The shareholders' equity was as of:

31.12.2001 EUR       212.990,-

31.12.2002 EUR       241.002,-

31.12.2003 EUR       261.999,-

31.12.2004 EUR       287.011,-

 

The working capital was as of:

31.12.2001 EUR       188.003,-

31.12.2002 EUR       209.990,-

31.12.2003 EUR       222.013,-

31.12.2004 EUR       564.007,-

 

Import  (ca. 90%):

- India

 

Export  (ca. 95%):

- India

 

Other bankers:

Antwerpse Diamantbank, account nr. 640-0858000-78

 

Full address:

SCHUPSTRAAT 1-7 ROOM 507-150

2018 ANTWERPEN

 

 

Bankers  

 

Fortis Bank, 639-0190457-13.

 

 

VAT-nr.  

 

BE417418813

 

 

Mode of payment  

 

Within terms

 

 

Credit demand 

 

No objections against entering into a business relationship.

 

A maximum credit limit of EUR 320.000,- is advised.

 

 

 

 

 

 

 

 

 

 

The following financial data is retrieved

from the corporate balance sheet of

 

     Horizon Diamonds Bvba

     Schupstraat 1-7, 2018  ANTWERPEN

     Trade register   209970, Antwerpen

 

     ------------------------------------------------------------------------

     Horizon Diamonds Bvba            ***          BALANCE SHEET         ***

                                             Corporate in

                                  Euro                   Euro

                                          (x 1)                  (x 1)

                                  -----31-12-2003-----   -----31-12-2004-----

 

     Intangible assets                         0                      0

     Tangible assets                      40.010                253.000

     Financial assets                          0                      0

     Miscellaneous fixed assets                0                      0

         Total fixed assets                     40.010                253.000

 

     Stock                             1.724.992              3.256.007

     Receivables                       4.276.014              4.352.986

     Shares                                    0                      0

     Liquid assets                         5.999                  8.007

     Miscellaneous current assets              0                      0

         Total current assets                6.007.005              7.617.000

 

     Shareholders' equity                261.999                287.011

     Provisions                                0                      0

     Long-term liabilities                     0                529.996

     Current liabilities               5.784.992              7.052.993

     Minority interests                        0                      0

     Miscellaneous liabilities                 0                      0

         Total liabilities                   6.046.991              7.870.000

     ------------------------------------------------------------------------

 

 

 

 

 

 

                                  

     ------------------------------------------------------------------------

     Horizon Diamonds Bvba            ***      PROFIT & LOSS ACCOUNT     ***

                                             Corporate in

                                  Euro                   Euro

                                          (x 1)                  (x 1)

                                  -----31-12-2003-----   -----31-12-2004-----

 

     Turnover                         20.376.996             20.238.003

     Other income                          5.007                      0

     Total expenses                   20.172.013             19.943.010

        Operating profit                       209.991                294.993

 

     Balance financial P/L              -171.989               -258.999

        Net profit/loss 1)                      38.002                 35.994

 

     Taxation                             17.005                 11.006

     Share in P/L of subsidiaries              0                      0

        Net profit/loss 2)                      20.997                 24.988

 

     Balance extraordinary P/L                 0                      0

     Taxation                                  0                      0

        Extraordinary P/L 2)                         0                      0

 

     Res. sub. companies 2)                    0                      0

     Minority interests                        0                      0

     Miscellaneous P/L                         0                      0

        Net result                              20.997                 24.988

     ------------------------------------------------------------------------

     Legend : 1) = Before tax

              2) = After tax

 

 

 

 

 

 

 

 

 

 

 

 

     ------------------------------------------------------------------------

     Horizon Diamonds Bvba            ***        FINANCIAL RATIOS        ***

 

                                  --------2003--------   --------2004--------

 

     EQUITY         %

     Equity gearing                                4.3                    3.6

     Equity/outside capital                        4.5                    3.8

 

     LIQUIDITY

     Current ratio                                 1.0                    1.1

     Acid test                                      .7                     .6

 

     RATES OF RETURN %

     Total assets                                   .6                     .5

     Shareholders' equity                         14.5                   12.5

 

     Pre tax margin  %                              .2                     .2

     Turnover rate                               337.0                  257.2

 

                                          (x 1)                  (x 1)

                                  --------------------   --------------------

     Working capital                           222.013                564.007

     Shareholders' equity + Equalization       261.999                287.011

     ------------------------------------------------------------------------

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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