MIRA
INFORM REPORT
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Report Date : |
23.04.2008 |
IDENTIFICATION
DETAILS
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Name : |
SIMPLEX DIAM NV |
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Registered Office : |
Hoveniersstraat 30 2018
ANTWERPEN |
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Country : |
Belgium |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
31.01.1992 |
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Legal Form : |
NV Public Limited Company |
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Line of Business : |
Wholesale business,
including import/export, of raw and polished diamonds |
RATING &
COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
name & address
Simplex Diam Nv
Hoveniersstraat 30
2018 ANTWERPEN
Tel.:+32
(0)3-2337131
Fax.:+32
(0)3-2337605
Legal
status
NV Public limited company
[nat. law]
Founded
31/01/1992 as BVBA
Trade
register
52288148
Capital
Nominal EUR 4.617.000,--
Issued and paid up EUR 4.617.000,--
Management
-Chetankumar Shah
Amratlal, Flamingolaan 3, 2610 Wilrijk
-Milan Amratlal
Shah, Hong Kong
Activity
Wholesale business,
including import/export, of raw and polished diamonds.
Staff
1 employee.
Turnover
Net turnover:
2006 Euro 65.800.000
2005 Euro 93.817.000
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:
2006 Euro 7.368.000
2005 Euro 143.000
The
shareholders equity was as of:
31/12/2006 Euro 12.759.000
31/12/2005 Euro 2.204.000
The working
capital was as of:
31/12/2006 Euro 12.199.000
31/12/2005 Euro 2.044.000
Main
shareholder:
Shah Chetan
Kumar
Other
bankers:
Antwerpse
Diamantbank
Full
address:
Hoveniersstraat 30, bus 208,
room 823,
2018 ANTWERPEN
Banks
ABN-AMRO NV, 674-5254254-63
VAT-nr.
BE446464868
Mode
of payment
Within terms
Credit
demand
No objections against
entering into a business relationship.
The following financial data is retrieved from the corporate balance
sheet of :
SIMPLEX DIAM NV
BALANCE SHEET
Corporate in Euro(x
1.000) Euro(x 1.000)
---31-12-2005--- ------31-12-2006---
Intangible assets 0 0
Tangible assets 1.672 1.619
Financial assets 372 372
Miscellaneous fixed assets 0 0
Total fixed assets 2.044 1.991
Stock 17.372 21.069
Receivables 38.049 31.141
Shares 0 0
Liquid assets 714 1.782
Miscellaneous current assets 0 351
Total current
assets 56.135 54.343
Shareholders
equity 2.204 12.759
Provisions 0 0
Long-term liabilities 1.339 1.243
Current liabilities 54.091 42.144
Minority interests 0 0
Miscellaneous
liabilities 545 188
Total liabilities 58.179 56.334
PROFIT & LOSS ACCOUNT
Corporate in Euro(x
1.000) Euro(x 1.000)
---31-12-2005--- ------31-12-2006---
Turnover 93.817 65.800
Other income 0 0
Total expenses 92.468 64.260
Operating profit 1.349 1.540
Balance financial P/L -1.197 -1.383
Net profit/loss 1] 152 157
Taxation 25 340
Share in P/L of subsidiaries 0 0
Net profit/loss 2] 127 -183
Balance extraordinary P/L 16 7.551
Taxation 0 0
Extraordinary P/L 2] 16 7.551
Res. sub. companies 2] 0 0
Minority interests 0 0
Miscellaneous P/L 0 0
Net result 143 7.368
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Legend : 1]
= Before tax
2]
= After tax
FINANCIAL
RATIOS
-----2005----- -----2006-----
EQUITY
%
Equity gearing 3,8 22,6
Equity/outside capital 3,9 29,3
LIQUIDITY
Current ratio 1 1,3
Acid test 0,7 0,8
RATES OF RETURN %
Total assets 0,3 0,3
Shareholders
equity 6,9 1,2
Pre tax margin
% 0,2 0,2
Turnover rate 161,3 116,8
(x
1.000) (x 1.000)
-------------------- --------------------
Working capital 2.044 12.199
Shareholders
equity + Equalization acc. 2.204 12.759
RATING
EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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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%)