MIRA INFORM REPORT

 

 

Report Date :

14.01.2008

 

IDENTIFICATION DETAILS

 

Name :

STARGEMS

 

 

Registered Office :

Hoveniersstraat 30 B.111, 2018 Antwerpen Be

 

 

Country :

Belgium

 

 

Financials (as on) :

31.12.2006

 

 

Date of Incorporation :

22.02.1990

 

 

Com. Reg. No.:

275258, ANTWERPEN

 

 

Legal Form :

Private company with limited liability

 

 

Line of Business :

Wholesale business in and processing of polished and unpolished diamonds and precious stones.

 

 

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

 

STARGEMS

HOVENIERSSTRAAT 30 B.111

2018 ANTWERPEN BE

Tel. Number                                         +32-3-2336804

Fax number                                         +32-3-2334450

 

 

Business founded    

 

02 February 1990

 

 

Business registered

 

22 February 1990 - Private company with limited liability

 

 

Registration number

 

275258, ANTWERPEN,

 

 

VAT number

 

BE440106618,

 

 

Legal form

 

Private company with limited liability

 

 

Activities

 

Wholesale business in and processing of polished and unpolished diamonds and precious stones.

 

 

Payment experience

 

No complaints have been registered

Credit opinion

 

Credit opinion

Cash situation (balance sheet analysis) : Limited 

Profitability (balance sheet analysis) : Very good 

Commitments (regarding contractual obligations) : Currently fulfilled 

Payment defaults : None 

 

 

Employees (Business)     

 

1

 

 

Total share capital

 

31 December 2006                              EUR 7000,00

 

 

Branch office(s) 

 

HOVENIERSSTRAAT 2,2018 ANTWERPEN   

 

 

Bank 

 

BANQUE DIAMANTAIRE ANVERSOISE   

 

 

Boardmembers    

 

JAVERI SHAILESH    Manager

 

 

Management   

 

SHAH MEENA    Partner

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 44.965.000,00

 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

18.460.000,-

Total fixed assets

95.000,-

Total tangible fixed assets

95.000,-

Land and buildings

92.000,-

Plant, machinery and equipment

2.000,-

Total Current assets

18.365.000,-

Inventories and work in progress (incl. prepayments)

2.686.000,-

Accounts receivable (trade)

15.670.000,-

Cash in hand and at bank

9.000,-

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

18.460.000,-

Total equity (Shareholders' funds)

139.000,-

Issued (subscribed) capital

19.000,-

Profit reserves

130.000,-

Legal reserves

2.000,-

Total liabilities

18.321.000,-

Total long-term liabilities

61.000,-

Long-term liabilities to credit institutions

61.000,-

Total current liabilities

18.260.000,-

Current accounts payable (trade)

4.311.000,-

Current liabilities to credit institutions

11.108.000,-

Income and social tax liabilities

8.000,-

 

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

Total operating income/revenue

45.007.000,-

Main revenue (sales/turnover)

44.965.000,-

Total operating expenses

43.897.000,-

Cost of materials (type of expenditure format)

43.747.000,-

Cost of goods sold (operational format)

43.897.000,-

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

1.110.000,-

Depreciation

6.000,-

Operating profit or loss

1.110.000,-

Financial expenses

1.083.000,-

Result of ordinary operations

27.000,-

Extraordinary result

27.000,-

Taxes

10.000,-

Net profit or loss

17.000,-

Borrowing ratio

13180,58 %

Current ratio

100,57 %

Debt gearing

43,88 %

Profit margin.

2,58 %

Quick ratio

85,86 %

Return on assets

5,65 %

Return on equity.

12,23 %

Solidity or equity ratio

0,75 %

 

Turnover for the period: 00 0000 - 31 December 2005  in  EUR 42.257.000,00

 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

19.100.000,-

Total fixed assets

101.000,-

Total tangible fixed assets

101.000,-

Land and buildings

96.000,-

Plant, machinery and equipment

2.000,-

Total Current assets

18.999.000,-

Inventories and work in progress (incl. prepayments)

2.062.000,-

Accounts receivable (trade)

16.882.000,-

Cash in hand and at bank

15.000,-

Total accrued income and prepaid expenses

40.000,-

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

19.100.000,-

Total equity (Shareholders' funds)

122.000,-

Issued (subscribed) capital

19.000,-

Profit reserves

115.000,-

Legal reserves

2.000,-

Profit or loss carried forward

-2.000,-

Total liabilities

18.978.000,-

Total long-term liabilities

70.000,-

Long-term liabilities to credit institutions

70.000,-

Total current liabilities

18.896.000,-

Current accounts payable (trade)

2.644.000,-

Current liabilities to credit institutions

13.036.000,-

Income and social tax liabilities

3.000,-

Total accrued expenses and deferred income

12.000,-

 

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

Total operating income/revenue

42.314.000,-

Main revenue (sales/turnover)

42.257.000,-

Total operating expenses

-41.529.000,-

Cost of materials (type of expenditure format)

41.289.000,-

Cost of goods sold (operational format)

41.529.000,-

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

785.000,-

Depreciation

6.000,-

Operating profit or loss

785.000,-

Financial income

4.297.000,-

Financial expenses

-5.078.000,-

Result of ordinary operations

4.000,-

Extraordinary result

4.000,-

Taxes

-1.000,-

Net profit or loss

3.000,-

Borrowing ratio

15555,74 %

Current ratio

100,48 %

Debt gearing

57,38 %

Profit margin.

2,09 %

Quick ratio

89,42 %

Return on assets

4,20 %

Return on equity.

2,45 %

Solidity or equity ratio

0,63 %

 

Turnover for the period: 00 0000 - 31 December 2004  in  EUR 44.589.000,00

 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

14.172.000,-

Total fixed assets

104.000,-

Total tangible fixed assets

104.000,-

Land and buildings

98.000,-

Plant, machinery and equipment

1.000,-

Total Current assets

14.068.000,-

Inventories and work in progress (incl. prepayments)

791.000,-

Accounts receivable (trade)

13.254.000,-

Cash in hand and at bank

23.000,-

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

14.172.000,-

Total equity (Shareholders' funds)

120.000,-

Issued (subscribed) capital

19.000,-

Profit reserves

115.000,-

Legal reserves

2.000,-

Profit or loss carried forward

-4.000,-

Total liabilities

14.052.000,-

Total long-term liabilities

78.000,-

Long-term liabilities to credit institutions

78.000,-

Total current liabilities

13.968.000,-

Current accounts payable (trade)

4.829.000,-

Current liabilities to credit institutions

7.768.000,-

Income and social tax liabilities

7.000,-

Total accrued expenses and deferred income

6.000,-

 

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

Total operating income/revenue

44.621.000,-

Main revenue (sales/turnover)

44.589.000,-

Total operating expenses

-43.915.000,-

Cost of materials (type of expenditure format)

43.634.000,-

Cost of goods sold (operational format)

43.915.000,-

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

706.000,-

Depreciation

6.000,-

Operating profit or loss

706.000,-

Financial income

3.983.000,-

Financial expenses

-4.687.000,-

Result of ordinary operations

2.000,-

Extraordinary result

2.000,-

Taxes

-1.000,-

Net profit or loss

1.000,-

Borrowing ratio

11710,00 %

Current ratio

100,67 %

Debt gearing

65,00 %

Profit margin.

1,80 %

Quick ratio

95,05 %

Return on assets

3,76 %

Return on equity.

0,83 %

Solidity or equity ratio

0,84 %

 

 

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