MIRA INFORM REPORT

 

Report Date :

23.05.2007

 

IDENTIFICATION DETAILS

 

Name :

N SHAH & CO

 

 

Registered Office :

Hoveniersstraat 53 B.6, 2018 Antwerpen Be

 

 

Country :

Belgium

 

 

Financials (as on) :

31.12.2005

 

 

Date of Incorporation :

23 November 1982

 

 

Com. Reg. No.:

233335

 

 

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 :

153000 EUR

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

name & address

 

N SHAH & CO

HOVENIERSSTRAAT 53 B.6

2018 ANTWERPEN BE

Tel. Number       +32-3-4480254

Fax number       +32-3-2337159

 

 

Business founded

23 November 1982

Business registered

01 January 1983 - Private company with limited liability

Registration number,

233335, ANTWERPEN,

VAT number,

BE423306119,

Legal 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 153000 EUR is advised

 

Cash situation (balance sheet analysis) : Limited 

 

Profitability (balance sheet analysis) : Low 

 

Commitments (regarding contractual obligations) : Currently fulfilled 

 

Payment defaults : None 

Employees (Business)

 0

Total share capital31 December 2005

EUR 19000,00

Boardmembers

SHAH NARESH BABUBHAI    Manager

Management

BLANCKAERT DIRK    Representative and auditor

Auditor

BLANCKAERT, MISSORTEN, SPAENHOVEN & CO BEDRYFSREVISOREN REVISEURS D EN   Auditors´ president

 

 

 

 

 

 

The business owns or partly owns one or more pieces of land and buildings?  Yes(Property) 

 

Turnover for the period: 00 0000 - 31 December 2005  in  EUR 36.020.000,00

 Not consolidated profit and loss turnover of the business: 

 

Corporate balance sheet for the year: 00 0000 - 31 December 2005  in  EUR 

Total assets incl. prepaid expenses and accrued income

17.964.000,-

Total fixed assets

505.000,-

Total tangible fixed assets

505.000,-

Land and buildings

451.000,-

Plant, machinery and equipment

16.000,-

Total Current assets

17.459.000,-

Inventories and work in progress (incl. prepayments)

1.344.000,-

Accounts receivable (trade)

16.099.000,-

Cash in hand and at bank

11.000,-

Total accrued income and prepaid expenses

5.000,-

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

17.964.000,-

Total equity (Shareholders' funds)

509.000,-

Issued (subscribed) capital

19.000,-

Profit reserves

485.000,-

Legal reserves

2.000,-

Profit or loss carried forward

3.000,-

Total liabilities

17.455.000,-

Total long-term liabilities

44.000,-

Long-term Loans, Mortgage debts

39.000,-

Long-term liabilities to credit institutions

5.000,-

Total current liabilities

17.310.000,-

Current accounts payable (trade)

9.448.000,-

Current liabilities to credit institutions

7.230.000,-

Income and social tax liabilities

27.000,-

Total accrued expenses and deferred income

101.000,-

 

Corporate profit and loss account for the year: 00 0000 - 31 December 2005  in  EUR 

Total operating income/revenue

36.102.000,-

Main revenue (sales/turnover)

36.020.000,-

Total operating expenses

-35.517.000,-

Cost of materials (type of expenditure format)

35.328.000,-

Cost of goods sold (operational format)

35.517.000,-

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

585.000,-

Personnel costs

16.000,-

Depreciation

25.000,-

Operating profit or loss

585.000,-

Financial income

1.487.000,-

Financial expenses

-1.899.000,-

Result of ordinary operations

173.000,-

Extraordinary income

8.000,-

Extraordinary result

181.000,-

Taxes

-44.000,-

Net profit or loss

137.000,-

Borrowing ratio

3429,27 %

Current ratio

100,27 %

Debt gearing

8,64 %

Profit margin.

1,68 %

Quick ratio

93,06 %

Return on assets

3,99 %

Return on equity.

26,91 %

Solidity or equity ratio

2,83 %

 

Turnover for the period: 00 0000 - 31 December 2004  in  EUR 33.700.000,00

 Not consolidated profit and loss turnover of the business: 

 

Corporate balance sheet for the year: 00 0000 - 31 December 2004  in  EUR 

Total assets incl. prepaid expenses and accrued income

16.828.000,-

Total fixed assets

530.000,-

Total tangible fixed assets

530.000,-

Land and buildings

466.000,-

Plant, machinery and equipment

20.000,-

Total Current assets

16.298.000,-

Inventories and work in progress (incl. prepayments)

3.460.000,-

Accounts receivable (trade)

12.789.000,-

Cash in hand and at bank

6.000,-

Total accrued income and prepaid expenses

43.000,-

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

16.828.000,-

Total equity (Shareholders' funds)

422.000,-

Issued (subscribed) capital

19.000,-

Profit reserves

398.000,-

Legal reserves

2.000,-

Profit or loss carried forward

3.000,-

Total liabilities

16.406.000,-

Total long-term liabilities

103.000,-

Long-term Loans, Mortgage debts

38.000,-

Long-term liabilities to credit institutions

65.000,-

Total current liabilities

16.254.000,-

Current accounts payable (trade)

7.119.000,-

Current liabilities to credit institutions

6.166.000,-

Income and social tax liabilities

7.000,-

Total accrued expenses and deferred income

49.000,-

 

Corporate profit and loss account for the year: 00 0000 - 31 December 2004  in  EUR 

Total operating income/revenue

33.807.000,-

Main revenue (sales/turnover)

33.700.000,-

Total operating expenses

-33.011.000,-

Cost of materials (type of expenditure format)

32.817.000,-

Cost of goods sold (operational format)

33.011.000,-

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

796.000,-

Personnel costs

16.000,-

Depreciation

23.000,-

Operating profit or loss

796.000,-

Financial income

1.282.000,-

Financial expenses

-1.986.000,-

Result of ordinary operations

92.000,-

Extraordinary income

21.000,-

Extraordinary result

113.000,-

Taxes

-22.000,-

Net profit or loss

91.000,-

Borrowing ratio

3887,68 %

Current ratio

99,96 %

Debt gearing

24,41 %

Profit margin.

2,42 %

Quick ratio

78,71 %

Return on assets

3,38 %

Return on equity.

21,56 %

Solidity or equity ratio

2,50 %

 

Turnover for the period: 00 0000 - 31 December 2003  in  EUR 36.907.000,00

 Not consolidated profit and loss turnover of the business: 

 

Corporate balance sheet for the year: 00 0000 - 31 December 2003  in  EUR 

Total assets incl. prepaid expenses and accrued income

14.003.000,-

Total fixed assets

524.000,-

Total tangible fixed assets

524.000,-

Land and buildings

482.000,-

Plant, machinery and equipment

23.000,-

Total Current assets

13.479.000,-

Inventories and work in progress (incl. prepayments)

1.050.000,-

Accounts receivable (trade)

12.335.000,-

Cash in hand and at bank

94.000,-

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

14.003.000,-

Total equity (Shareholders' funds)

371.000,-

Issued (subscribed) capital

19.000,-

Profit reserves

348.000,-

Legal reserves

2.000,-

Profit or loss carried forward

2.000,-

Total liabilities

13.632.000,-

Total long-term liabilities

159.000,-

Long-term Loans, Mortgage debts

38.000,-

Long-term liabilities to credit institutions

121.000,-

Total current liabilities

13.450.000,-

Current accounts payable (trade)

5.453.000,-

Current liabilities to credit institutions

6.157.000,-

Income and social tax liabilities

20.000,-

Total accrued expenses and deferred income

23.000,-

 

Corporate profit and loss account for the year: 00 0000 - 31 December 2003  in  EUR 

Total operating income/revenue

37.045.000,-

Main revenue (sales/turnover)

36.907.000,-

Total operating expenses

-36.013.000,-

Cost of materials (type of expenditure format)

35.782.000,-

Cost of goods sold (operational format)

36.013.000,-

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

1.032.000,-

Personnel costs

16.000,-

Depreciation

22.000,-

Operating profit or loss

1.032.000,-

Financial income

2.151.000,-

Financial expenses

-3.062.000,-

Result of ordinary operations

121.000,-

Extraordinary result

121.000,-

Taxes

-25.000,-

Net profit or loss

96.000,-

Borrowing ratio

3674,39 %

Current ratio

100,04 %

Debt gearing

42,86 %

Profit margin.

2,84 %

Quick ratio

92,40 %

Return on assets

4,22 %

Return on equity.

25,87 %

Solidity or equity ratio

2,64 %

 

 

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