MIRA INFORM REPORT

 

 

Report Date :

25.10.2007

 

IDENTIFICATION DETAILS

 

Name :

INDIGEMS

 

 

Registered Office :

Hoveniersstraat 30 B.147, 2018 Antwerpen

 

 

Country :

Belgium

 

 

Financials (as on) :

31.12.2006

 

 

Date of Incorporation :

03.07.1975

 

 

Com. Reg. No.:

201953, Antwerpen,

 

 

Legal Form :

Private company limited by shares

 

 

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 :

Regular

 

 

Litigation :

Clear

 

COMPANY NAME & ADDRESS

 

INDIGEMS

HOVENIERSSTRAAT 30 B.147

2018 ANTWERPEN BE

Tel. Number +32-3-2343930

Fax number +32-3-2338506

 

 

 

Business founded

03 July 1975

Business registered

01 September 1975 - Private company limited by shares

Business last updated

31 December 2006

Registration number,

201953, ANTWERPEN,

VAT number,

BE414936997,

Legal form

Private company limited by shares

Activities

Wholesale of miscellaneous intermediate products

Payment experience

Payment regular

Credit opinion

Normal creditworthiness

 

Maximum credit limit 190500 EUR is advised

 

Cash situation (balance sheet analysis) : Normal 

 

Profitability (balance sheet analysis) : Good 

 

Commitments (regarding contractual obligations) : Fulfilled („respectés“) 

 

Payment defaults : None 

Employees (Business)

 15

Total share capital31 December 2006

EUR 8200000,00

Boardmembers

SHAH SHAILESH DINKERRAI    Boardmember

 

JASANI ADITYA KIRT    Boardmember

 

JASANI KIRIT RATILAL    Boardmember

 

SHAH MALINI    Boardmember

Management

FRANCOIS PHILIPPE ANNA RICHARD    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) 

 

Turnover for the period: 00 0000 - 31 December 2006  in  EUR 38.357.594,00

 Not consolidated profit and loss turnover of the business: 

 

Corporate balance sheet for the year: 00 0000 - 31 December 2006  in  EUR 

Total assets incl. prepaid expenses and accrued income

23.721.751,-

Total fixed assets

915.152,-

Total tangible fixed assets

681.839,-

Land and buildings

530.213,-

Plant, machinery and equipment

98.780,-

Total financial fixed assets

233.313,-

Loans, shares and participations

220.000,-

Investments (long-term)

13.313,-

Total Current assets

22.806.599,-

Inventories and work in progress (incl. prepayments)

13.194.700,-

Accounts receivable (trade)

9.513.432,-

Cash in hand and at bank

22.081,-

Total accrued income and prepaid expenses

76.386,-

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

23.721.751,-

Total equity (Shareholders' funds)

9.188.786,-

Issued (subscribed) capital

8.200.000,-

Profit reserves

849.558,-

Legal reserves

120.799,-

Profit or loss carried forward

18.429,-

Total liabilities

14.532.965,-

Total long-term liabilities

473.593,-

Long-term Loans, Mortgage debts

362.373,-

Long-term liabilities to credit institutions

111.220,-

Total current liabilities

14.022.595,-

Current accounts payable (trade)

2.708.083,-

Current liabilities to credit institutions

11.196.975,-

Income and social tax liabilities

74.696,-

Total accrued expenses and deferred income

36.777,-

 

Corporate profit and loss account for the year: 00 0000 - 31 December 2006  in  EUR 

Total operating income/revenue

38.474.364,-

Main revenue (sales/turnover)

38.357.594,-

Total operating expenses

37.103.514,-

Cost of materials (type of expenditure format)

35.762.902,-

Cost of goods sold (operational format)

37.103.514,-

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

1.370.850,-

Personnel costs

416.079,-

Depreciation

86.430,-

Operating profit or loss

1.370.850,-

Financial income

2.559,-

Financial expenses

1.071.438,-

Result of ordinary operations

301.971,-

Extraordinary income

408,-

Extraordinary expenses

6.820,-

Extraordinary result

295.559,-

Taxes

7.035,-

Net profit or loss

288.524,-

Borrowing ratio

158,16 %

Current ratio

162,21 %

Debt gearing

5,15 %

Profit margin.

3,78 %

Quick ratio

68,00 %

Return on assets

5,60 %

Return on equity.

3,13 %

Solidity or equity ratio

38,73 %

 

Turnover for the period: 00 0000 - 31 December 2005  in  EUR 41.961.000,00

 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

28.465.000,-

Total fixed assets

989.000,-

Total tangible fixed assets

756.000,-

Land and buildings

554.000,-

Plant, machinery and equipment

120.000,-

Total financial fixed assets

233.000,-

Loans, shares and participations

220.000,-

Investments (long-term)

13.000,-

Total Current assets

27.476.000,-

Inventories and work in progress (incl. prepayments)

17.115.000,-

Accounts receivable (trade)

10.171.000,-

Cash in hand and at bank

37.000,-

Total accrued income and prepaid expenses

153.000,-

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

28.465.000,-

Total equity (Shareholders' funds)

8.901.000,-

Issued (subscribed) capital

8.200.000,-

Profit reserves

594.000,-

Legal reserves

107.000,-

Total liabilities

19.564.000,-

Total long-term liabilities

953.000,-

Long-term Loans, Mortgage debts

799.000,-

Long-term liabilities to credit institutions

154.000,-

Total current liabilities

18.577.000,-

Current accounts payable (trade)

3.702.000,-

Current liabilities to credit institutions

14.768.000,-

Income and social tax liabilities

64.000,-

Total accrued expenses and deferred income

34.000,-

 

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

Total operating income/revenue

42.029.000,-

Main revenue (sales/turnover)

41.961.000,-

Total operating expenses

-40.965.000,-

Cost of materials (type of expenditure format)

39.549.000,-

Cost of goods sold (operational format)

40.965.000,-

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

1.064.000,-

Personnel costs

583.000,-

Depreciation

89.000,-

Operating profit or loss

1.064.000,-

Financial income

3.198.000,-

Financial expenses

-4.281.000,-

Result of ordinary operations

-19.000,-

Extraordinary income

24.000,-

Extraordinary result

5.000,-

Taxes

9.000,-

Net profit or loss

14.000,-

Borrowing ratio

219,80 %

Current ratio

147,63 %

Debt gearing

10,71 %

Profit margin.

2,88 %

Quick ratio

54,94 %

Return on assets

3,36 %

Return on equity.

0,15 %

Solidity or equity ratio

31,26 %

 

Turnover for the period: 00 0000 - 31 December 2004  in  EUR 42.898.000,00

 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

22.341.000,-

Total fixed assets

984.000,-

Total tangible fixed assets

751.000,-

Land and buildings

578.000,-

Plant, machinery and equipment

123.000,-

Total financial fixed assets

233.000,-

Loans, shares and participations

220.000,-

Investments (long-term)

13.000,-

Total Current assets

21.357.000,-

Inventories and work in progress (incl. prepayments)

13.857.000,-

Accounts receivable (trade)

7.462.000,-

Cash in hand and at bank

10.000,-

Total accrued income and prepaid expenses

28.000,-

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

22.341.000,-

Total equity (Shareholders' funds)

8.886.000,-

Issued (subscribed) capital

8.200.000,-

Profit reserves

563.000,-

Legal reserves

105.000,-

Profit or loss carried forward

18.000,-

Total liabilities

13.455.000,-

Total long-term liabilities

946.000,-

Long-term Loans, Mortgage debts

795.000,-

Long-term liabilities to credit institutions

151.000,-

Total current liabilities

12.410.000,-

Current accounts payable (trade)

3.384.000,-

Current liabilities to credit institutions

8.794.000,-

Income and social tax liabilities

181.000,-

Total accrued expenses and deferred income

99.000,-

 

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

Total operating income/revenue

42.917.000,-

Main revenue (sales/turnover)

42.898.000,-

Total operating expenses

-41.697.000,-

Cost of materials (type of expenditure format)

40.544.000,-

Cost of goods sold (operational format)

41.697.000,-

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

1.220.000,-

Personnel costs

366.000,-

Depreciation

79.000,-

Operating profit or loss

1.220.000,-

Financial income

1.783.000,-

Financial expenses

-2.621.000,-

Result of ordinary operations

382.000,-

Extraordinary income

41.000,-

Extraordinary result

423.000,-

Taxes

-142.000,-

Net profit or loss

281.000,-

Borrowing ratio

151,42 %

Current ratio

170,73 %

Debt gearing

10,65 %

Profit margin.

3,02 %

Quick ratio

60,20 %

Return on assets

5,15 %

Return on equity.

3,16 %

Solidity or equity ratio

39,77 %

 

 

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.

 

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