MIRA
INFORM REPORT
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Report Date : |
27.06.2008 |
IDENTIFICATION
DETAILS
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Name : |
STEINMETZ-ASCOT DIAMONDS NV |
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Registered Office : |
Steinmetz-Ascot Diamonds Nv , Schupstraat 17, 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 : |
09.07.1993 |
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Legal Form : |
NV Public Limited Company [nat. law] |
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Line of Business : |
Wholesale Business in 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
STEINMETZ-ASCOT
DIAMONDS NV
Schupstraat 17
2018 ANTWERPEN
Tel.:+32
(0)3-2339886
Fax.:+32
(0)3-2339886
Legal status
NV Public limited company [nat. law]
Founded
09/07/1993 as P.l.c.
Trade register
52297356
Capital
nominal EUR 62.000,--
issued and paid up EUR 62.000,--
Management
Orry Mordechai Temkin, Presidentstraat 209,
2000 Johannesburg - RSA
Activity
Wholesale business in diamonds.
Staff
11 employees
Turnover
Net
turnover:
2006
Euro 59.615.000
2005
Euro 61.214.000
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
107.000
2005 Euro
58.832.177
The shareholders equity was as of
31/12/2006 Euro 607.000
31/12/2005 Euro 500.000
The working capital
was as of
31/12/2006 Euro 463.000
31/12/2005 Euro 330.000
Auditors
BVBA Westen-Francois & Co.
Octaaf Soudanstraat 22
9051 GENT (St. Denijs-Westrem)
Representated by Patrick Van Bourgognie
Banks
ABN-AMRO NV, 674-52043
VAT-nr.
BE450354172
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 :
Steinmetz-Ascot
Diamonds NV
Schupstraat
17, 2018 ANTWERPEN
Trade
register 52297356
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Steinmetz-Ascot
Diamonds NV *** BALANCE SHEET ***
Corporate in Euro(x
1) Euro(x 1)
---31-12-2005--- ------31-12-2006---
Intangible assets 0 0
Tangible assets 170.000 144.000
Financial assets 0 0
Miscellaneous
fixed assets 0 0
Total fixed assets 170.000 144.000
Stock 15.196.000 8.423.000
Receivables 18.312.000 8.823.000
Shares 0 0
Liquid assets 9.000 30.000
Miscellaneous
current assets 10.000 4.000
Total current assets 33.527.000 17.280.000
Shareholders equity 500.000 607.000
Provisions 0 0
Long-term
liabilities 0 0
Current
liabilities 33.197.000 16.817.000
Minority interests 0 0
Miscellaneous
liabilities 0 0
Total liabilities 33.697.000 17.424.000
PROFIT & LOSS ACCOUNT
Corporate in Euro(x
1) Euro(x 1)
---31-12-2005--- ------31-12-2006---
Turnover 61.214.000 59.615.000
Other income 121.000 0
Total expenses 58.823 59.227.000
Operating profit 61.276.177 388.000
Balance financial
P/L -2.397.000 -239.000
Net profit/loss 1] 58.879.177 149.000
Taxation 53.000 54.000
Share in P/L of
subsidiaries 0 0
Net profit/loss 2] 58.826.177 95.000
Balance
extraordinary P/L 6.000 12.000
Taxation 0 0
Extraordinary P/L
2] 6.000 12.000
Res. sub.
companies 2] 0 0
Minority interests 0 0
Miscellaneous P/L 0 0
Net result 58.832.177 107.000
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Legend : 1]
= Before tax
2]
= After tax
FINANCIAL RATIOS
-----2005----- -----2006-----
EQUITY %
Equity gearing 1,5 3,5
Equity/outside
capital 1,5 3,6
LIQUIDITY
Current ratio 1 1
Acid test 0,6 0,5
RATES OF RETURN %
Total assets 174,7 0,9
Shareholders equity 11775,8 24,5
Pre tax
margin % 96,2 0,2
Turnover rate 181,7 342,1
(x
1) (x 1)
-------------------- --------------------
Working capital 330.000 463.000
Shareholders equity + Equalization acc. 500.000 607.000
FOREIGN EXCHANGE
RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.42.79 |
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UK Pound |
1 |
Rs.85.04 |
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Euro |
1 |
Rs.67.34 |
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%)