MIRA
INFORM REPORT
|
Report Date : |
26.07.2008 |
IDENTIFICATION
DETAILS
|
Name : |
VEEDIAM BVBA |
|
|
|
|
Registered Office : |
Hoveniersstraat 30/194 2018
Antwerpen |
|
|
|
|
Country : |
Belgium |
|
|
|
|
Financials (as on) : |
31.12.2006 |
|
|
|
|
Date of Incorporation : |
19.05.2004 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Processing
of and trade, includuing import/export, in polished and raw diamonds,
precious stones and metals, etc. |
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 : |
No Complaints |
|
|
|
|
Litigation : |
Clear |
name & address
Veediam BVBA
Hoveniersstraat
30/194
2018 ANTWERPEN
Tel.:+32
(0)3-2270360
Fax.:+32
(0)3-2250360
Legal
status
Private limited company
Founded
19/05/2004 as BVBA
Trade
register
99865620
Capital
Nominal EUR 1.381.530,--
Issued and paid up EUR 1.381.530,--
Management
Prakash Bhagwanbhai Patel, Belgielei, 2018
Antwerpen
Activity
Processing
of and trade, includuing import/export, in polished and raw diamonds, precious
stones and metals, etc.
Staff
One employee
Turnover
Net turnover:
2006 Euro 19.749.000
2005 Euro 14.166.000
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 2.000
2005 Euro 29.000
The
shareholders equity was as of:
31/12/2006 Euro 660.000
31/12/2005 Euro 96.000
The working
capital was as of:
31/12/2006 Euro 1.112.000
31/12/2005 Euro 647.000
former address:
Schupstraat 1/7, bus 18, 2018 Antwerpen
Accountants:
Francois
Westen & Co BVBA, 9051 Gent
Since
set-up the nominal and issued/paid up
capital was
raised a few times; last raise was
done on
14.12.2007 from EUR 58.600,- to the
present
amount.
The company
was set-up by the current manager together with
Manish
Ravjibhai Patel (Mumbai, India) and Sanjiv Sevantibhai
Mehta, Fredinand
Verbiestlaan 24, Edegem. The latter was also
on record
as manager till 07.07.2005 - at that point the current
manager was
appointed.
Banks
not known
VAT-nr.
BE865620278
Mode
of payment
No complaints have been
registered
Credit
demand
No objections against
entering into a business relationship.
The following financial data is retrieved from
the corporate balance sheet of :
Veediam BVBA
BALANCE SHEET
Corporate in Euro(x
1) Euro(x 1)
---31-12-2005--- ------31-12-2006---
Intangible assets 0 0
Tangible assets 211.000 235.000
Financial assets 0 0
Miscellaneous fixed assets 0 0
Total fixed assets 211.000 235.000
Stock 823.000 1.334.000
Receivables 5.123.000 5.947.000
Shares 0 0
Liquid assets 43.000 132.000
Miscellaneous current assets 5.000 5.000
Total current assets 5.994.000 7.418.000
Shareholders
equity 96.000 660.000
Provisions 0 0
Long-term liabilities 762.000 687.000
Current liabilities 5.347.000 6.306.000
Minority interests 0 0
Miscellaneous
liabilities 0 0
Total liabilities 6.205.000 7.653.000
PROFIT
& LOSS ACCOUNT
Corporate in Euro(x
1) Euro(x 1)
---31-12-2005--- ------31-12-2006---
Turnover 14.166.000 19.749.000
Other income 0 0
Total expenses 14.040.000 19.540.000
Operating profit 126.000 209.000
Balance financial P/L -81.000 -165.000
Net profit/loss 1] 45.000 44.000
Taxation 16.000 36.000
Share in P/L of subsidiaries 0 0
Net profit/loss 2] 29.000 8.000
Balance extraordinary P/L 0 -6.000
Taxation 0 0
Extraordinary P/L 2] 0 -6.000
Res. sub. companies 2] 0 0
Minority interests 0 0
Miscellaneous P/L 0 0
Net result 29.000 2.000
----------------------------------------------------------------------------------------------------------------
Legend : 1]
= Before tax
2]
= After tax
FINANCIAL RATIOS
-----2005----- -----2006-----
EQUITY %
Equity gearing 1,5 8,6
Equity/outside
capital 1,6 9,4
LIQUIDITY
Current ratio 1,1 1,2
Acid test 1 1
RATES OF RETURN %
Total assets 0,7 0,6
Shareholders equity 46,9 6,7
Pre tax
margin % 0,3 0,2
Turnover rate 228,3 258,1
(x
1) (x 1)
-------------------- --------------------
Working capital 647.000 1.112.000
Shareholders equity + Equalization acc. 96.000 660.000
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.42.33 |
|
UK Pound |
1 |
Rs.83.88 |
|
Euro |
1 |
Rs.66.41 |
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%)