MIRA INFORM REPORT

 

 

Report Date :

29.05.2007

 

IDENTIFICATION DETAILS

 

Name :

ARJAV ASSOCIATES

 

 

Registered Office :

Schupstraat 18 20 2018 Antwerpen Be

 

 

Country :

Belgium

 

 

Financials (as on) :

31.12.2005

 

 

Date of Incorporation :

18 December 1995

 

 

Com. Reg. No.:

314085

 

 

Legal Form :

Private company limited by shares

 

 

Line of Business :

Wholesale of miscellaneous intermediate products

 

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average/normal.

Small

 

Maximum Credit Limit :

183500 EUR

 

 

Status :

Moderate

 

 

Payment Behaviour :

Usually correct

 

 

Litigation :

Clear

 

name & address

 

ARJAV ASSOCIATES

SCHUPSTRAAT 18 20

2018 ANTWERPEN BE

Tel. Number       +32-3-2322066

Fax number       +32-3-2261321

 

 

Business founded

18 December 1995

Business registered

19 January 1996 - Private company limited by shares

Registration number,

314085, ANTWERPEN,

VAT number,

BE456697378,

Legal form

Private company limited by shares

Activities

Wholesale of miscellaneous intermediate products

Payment experience

no complaints have been registered

Credit opinion

Credit opinion

 

Maximum credit limit 183500 EUR is advised

 

Cash situation (balance sheet analysis) : Normal 

 

Profitability (balance sheet analysis) : Very good 

 

Commitments (regarding contractual obligations) : Currently fulfilled 

 

Payment defaults : None 

Employees (Business)

 1

Total share capital31 December 2005

EUR 248000,00

Branch office(s)

SCHUPSTRAAT 18 20,2018 ANTWERPEN   

Bank

ABN AMRO BANK   

Boardmembers

MEHTA ASHIT VASANTLAL    Deputy boardmember

 

RAINBOW INVESTMENTS    Boardmember

 

SOLITAIRE JEWELLERY (S) PTE    Boardmember

Management

TOELEN LUC    Representative and auditor

Auditor

TCLM TOELEN CATS MORLIE & CO    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 93.740.000,00

 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

48.587.000,-

Total fixed assets

516.000,-

Total tangible fixed assets

516.000,-

Land and buildings

516.000,-

Total Current assets

48.071.000,-

Inventories and work in progress (incl. prepayments)

3.775.000,-

Accounts receivable (trade)

44.277.000,-

Cash in hand and at bank

6.000,-

Total accrued income and prepaid expenses

13.000,-

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

48.587.000,-

Total equity (Shareholders' funds)

759.000,-

Issued (subscribed) capital

248.000,-

Profit reserves

244.000,-

Legal reserves

25.000,-

Profit or loss carried forward

242.000,-

Total liabilities

47.828.000,-

Total long-term liabilities

18.649.000,-

Total current liabilities

28.805.000,-

Current accounts payable (trade)

5.375.000,-

Current liabilities to credit institutions

23.286.000,-

Income and social tax liabilities

142.000,-

Total accrued expenses and deferred income

374.000,-

 

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

Total operating income/revenue

93.857.000,-

Main revenue (sales/turnover)

93.740.000,-

Total operating expenses

-90.597.000,-

Cost of materials (type of expenditure format)

90.051.000,-

Cost of goods sold (operational format)

90.597.000,-

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

3.260.000,-

Personnel costs

24.000,-

Depreciation

23.000,-

Operating profit or loss

3.260.000,-

Financial income

8.092.000,-

Financial expenses

-11.180.000,-

Result of ordinary operations

172.000,-

Extraordinary expenses

-2.000,-

Extraordinary result

170.000,-

Taxes

-72.000,-

Net profit or loss

98.000,-

Borrowing ratio

6301,45 %

Current ratio

164,74 %

Debt gearing

2457,05 %

Profit margin.

3,49 %

Quick ratio

153,73 %

Return on assets

5,10 %

Return on equity.

12,91 %

Solidity or equity ratio

1,56 %

 

Turnover for the period: 00 0000 - 31 December 2004  in  EUR 89.929.000,00

 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

38.238.000,-

Total fixed assets

539.000,-

Total tangible fixed assets

539.000,-

Land and buildings

539.000,-

Total Current assets

37.699.000,-

Inventories and work in progress (incl. prepayments)

5.214.000,-

Accounts receivable (trade)

32.382.000,-

Cash in hand and at bank

2.000,-

Total accrued income and prepaid expenses

101.000,-

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

38.238.000,-

Total equity (Shareholders' funds)

661.000,-

Issued (subscribed) capital

248.000,-

Profit reserves

244.000,-

Legal reserves

25.000,-

Profit or loss carried forward

144.000,-

Total liabilities

37.577.000,-

Total long-term liabilities

8.076.000,-

Total current liabilities

29.338.000,-

Current accounts payable (trade)

1.187.000,-

Current liabilities to credit institutions

19.908.000,-

Income and social tax liabilities

167.000,-

Total accrued expenses and deferred income

163.000,-

 

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

Total operating income/revenue

89.997.000,-

Main revenue (sales/turnover)

89.929.000,-

Total operating expenses

-88.592.000,-

Cost of materials (type of expenditure format)

88.192.000,-

Cost of goods sold (operational format)

88.592.000,-

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

1.405.000,-

Personnel costs

23.000,-

Depreciation

30.000,-

Operating profit or loss

1.405.000,-

Financial income

7.111.000,-

Financial expenses

-8.349.000,-

Result of ordinary operations

167.000,-

Extraordinary income

54.000,-

Extraordinary result

221.000,-

Taxes

-79.000,-

Net profit or loss

142.000,-

Borrowing ratio

5684,87 %

Current ratio

127,78 %

Debt gearing

1221,79 %

Profit margin.

1,59 %

Quick ratio

110,38 %

Return on assets

4,04 %

Return on equity.

21,48 %

Solidity or equity ratio

1,72 %

 

Turnover for the period: 00 0000 - 31 December 2003  in  EUR 123.408.000,00

 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

41.713.000,-

Total fixed assets

570.000,-

Total tangible fixed assets

570.000,-

Land and buildings

563.000,-

Total Current assets

41.143.000,-

Inventories and work in progress (incl. prepayments)

12.555.000,-

Accounts receivable (trade)

28.299.000,-

Cash in hand and at bank

275.000,-

Total accrued income and prepaid expenses

14.000,-

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

41.713.000,-

Total equity (Shareholders' funds)

519.000,-

Issued (subscribed) capital

248.000,-

Profit reserves

244.000,-

Legal reserves

25.000,-

Profit or loss carried forward

2.000,-

Total liabilities

41.194.000,-

Total long-term liabilities

8.709.000,-

Total current liabilities

31.531.000,-

Current accounts payable (trade)

642.000,-

Current liabilities to credit institutions

21.874.000,-

Income and social tax liabilities

306.000,-

Total accrued expenses and deferred income

954.000,-

 

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

Total operating income/revenue

123.638.000,-

Main revenue (sales/turnover)

123.408.000,-

Total operating expenses

-123.007.000,-

Cost of materials (type of expenditure format)

122.214.000,-

Cost of goods sold (operational format)

123.007.000,-

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

631.000,-

Personnel costs

117.000,-

Depreciation

54.000,-

Operating profit or loss

631.000,-

Financial income

17.463.000,-

Financial expenses

-17.866.000,-

Result of ordinary operations

228.000,-

Extraordinary result

228.000,-

Taxes

-302.000,-

Net profit or loss

-74.000,-

Borrowing ratio

7937,19 %

Current ratio

126,65 %

Debt gearing

1678,03 %

Profit margin.

0,55 %

Quick ratio

90,62 %

Return on assets

5,58 %

Return on equity.

-14,25 %

Solidity or equity ratio

1,24 %

 

 

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