MIRA
INFORM REPORT
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Report Date : |
23.12.2008 |
IDENTIFICATION DETAILS
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Name : |
ARJAV DIAMONDS NV |
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Registered Office : |
Schupstraat 1820 2018
Antwerpen |
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Country : |
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Financials (as on) : |
31.12.2007 |
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Date of Incorporation : |
01.01.1981 |
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Legal Form : |
NV Public Limited Company |
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Line of Business : |
Trade in Financial Products, Import and Export of and Trade in Rough
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 : |
Average 15 days beyond terms |
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Litigation : |
Clear |
name & address
Arjav Diamonds Nv
Schupstraat 1820
2018 ANTWERPEN
Tel.:+32
(0)3-2338090
Fax.:+32
(0)3-2261321
Legal status
NV Public limited company [nat. law]
Founded
01/01/1981, Ltd. since 27/06/1996
Trade register
99233003
Capital
Nominal EUR 3.594.000,--
Issued and paid up EUR 3.594.000,--
Management
-Ashit Vasantlal Mehta, Della Faillelaan 19,
2060 Antwerpen
-Arjav Akshay Mehta, Mumbai (
Activity
Trade in financial products, import and
export of and trade in rough diamonds.
Staff
11 employees
Turnover
Net turnover:
2007
Euro 358.362.352
2006
Euro 262.864.713
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:
2007 Euro 261.963
2006 Euro (2.209.363)
The shareholders equity was as of:
31/12/2007 Euro 52.912.454
31/12/2006 Euro 52.650.490
The working capital was as of:
31/12/2007 Euro 88.810.678
31/12/2006 Euro 120.121.757
Website: www.arjavdiamonds.com
Banks
VAT-nr.
BE421848545
Mode of payment
On average 15 days beyond terms.
Credit demand
No objections against entering into a business relationship.
The
following financial data is retrieved from the corporate balance sheet of :
Arjav
Diamonds Nv
BALANCE SHEET
Corporate in Euro(x
1) Euro(x 1)
---31-12-2006--- ------31-12-2007---
Intangible assets 0 0
Tangible assets 1.255.912 1.250.043
Financial assets 1.254.338 28.120.845
Miscellaneous
fixed assets 0 0
Total fixed assets 2.510.250 29.370.888
Stock 92.661.674 55.161.791
Receivables 153.583.139 169.310.180
Shares 379.564 6.996.807
Liquid assets 671.276 4.494.627
Miscellaneous
current assets 20.578 1.812.842
Total current
assets 247.316.231 237.776.247
Shareholders equity 52.650.490 52.912.454
Provisions 0 0
Long-term
liabilities 67.562.438 60.457.849
Current
liabilities 127.194.474 148.965.569
Minority interests 0 0
Miscellaneous
liabilities 2.419.079 4.811.263
Total liabilities 249.826.481 267.147.135
PROFIT & LOSS ACCOUNT
Corporate in Euro(x
1) Euro(x 1)
---31-12-2006--- ------31-12-2007---
Turnover 262.864.713 358.362.352
Other income 208.880 337.818
Total expenses 257.833.359 348.344.090
Operating profit 5.240.234 10.356.080
Balance financial
P/L -5.063.502 -10.107.176
Net profit/loss 1] 176.732 248.904
Taxation 158.704 -13.059
Share in P/L of
subsidiaries 0 0
Net profit/loss 2] 18.028 261.963
Balance
extraordinary P/L 47.776.209 0
Taxation 0 0
Extraordinary P/L
2] 47.776.209 0
Res. sub.
companies 2] 0 0
Minority interests 0 0
Miscellaneous P/L -50.003.600 0
Net result -2.209.363 261.963
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Legend : 1]
= Before tax
2]
= After tax
FINANCIAL RATIOS
-----2006----- -----2007-----
EQUITY %
Equity gearing 21,1 19,8
Equity/outside
capital 26,7 24,7
LIQUIDITY
Current ratio 1,9 1,6
Acid test 1,2 1,2
RATES OF RETURN %
Total assets 0,1 0,1
Shareholders equity 0,3 0,5
Pre tax
margin % 0,1 0,1
Turnover rate 105,2 134,1
(x
1) (x 1)
-------------------- --------------------
Working capital 120.121.757 88.810.678
Shareholders equity + Equalization acc. 52.650.490 52.912.454
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.48.49 |
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1 |
Rs.71.89 |
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Euro |
1 |
Rs.67.86 |
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%)