MIRA
INFORM REPORT
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Report Date : |
31.10.2008 |
IDENTIFICATION
DETAILS
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Name : |
MODCA BVBA |
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Registered Office : |
Hoveniersstraat 30B 224 2018
Antwerpen |
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Country : |
Belgium |
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Financials (as on) : |
31.12.2007 |
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Date of Incorporation : |
27.01.2006 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Processing of Diamonds. |
RATING &
COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Status : |
Moderate |
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Payment Behaviour : |
Average 40 days beyond terms |
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Litigation : |
Clear |
name & address
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Modca Bvba |
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Hoveniersstraat
30B 224 |
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2018 ANTWERPEN |
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Tel.:+32
(0)3-2312624 |
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Fax.:+32
(0)3-2133413 |
Legal
status
Private limited company
Founded
27/01/2006 as BVBA
Trade
register
879146038000
Capital
Nominal EUR 150.000,--
Issued and paid up EUR 150.000,--
Management
Jad Murad, Alfred Coolsstraat 6, 2020
Antwerpen.
Mohamad Murad, Alfred Coolsstraat 6, 2020
Antwerpen.
Activity
Processing of diamonds.
Staff
2 employees
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 14.666
2006 Euro 7.388
The
shareholders equity was as of:
31/12/2007 Euro 172.054
31/12/2006 Euro 157.387
The working
capital was as of:
31/12/2007 Euro 171.408
31/12/2006 Euro 157.387
Other bankers:
Antwerpse
Diamantbank
Full
adress:
Hoveniersstraat
30 Bus 224
Antwerp
Diamond House Office 163
2018 Antwerpen
Banks
Under remarks
VAT-nr.
BE879146038
Mode
of payment
On average 40 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 :
Modca Bvba
BALANCE
SHEET
Corporate in Euro(x
1) Euro(x 1)
---31-12-2006--- ------31-12-2007---
Intangible assets 0 0
Tangible assets 0 646
Financial assets 0 0
Miscellaneous fixed assets 0 0
Total fixed assets 0 646
Stock 261.021 333.418
Receivables 315.519 1.364.707
Shares 0 0
Liquid assets 24.864 10.194
Miscellaneous current assets 0 0
Total current assets 601.404 1.708.319
Shareholders
equity 157.387 172.054
Provisions 0 0
Long-term liabilities 0 0
Current liabilities 444.017 1.536.911
Minority interests 0 0
Miscellaneous
liabilities 0 0
Total liabilities 601.404 1.708.965
PROFIT
& LOSS ACCOUNT
Corporate in Euro(x
1) Euro(x 1)
---31-12-2006--- ------31-12-2007---
Turnover 0 0
Other income 0 0
Total expenses 0 0
Operating profit 12.835 13.244
Balance financial P/L -5.447 4.845
Net profit/loss 1] 7.388 18.089
Taxation 0 3.423
Share in P/L of subsidiaries 0 0
Net profit/loss 2] 7.388 14.666
Balance extraordinary P/L 0 0
Taxation 0 0
Extraordinary P/L 2] 0 0
Res. sub. companies 2] 0 0
Minority interests 0 0
Miscellaneous P/L 0 0
Net result 7.388 14.666
----------------------------------------------------------------------------------------------------------------
Legend : 1]
= Before tax
2]
= After tax
FINANCIAL RATIOS
-----2006----- -----2007-----
EQUITY %
Equity gearing 26,2 10,1
Equity/outside
capital 35,4 11,2
LIQUIDITY
Current ratio 1,4 1,1
Acid test 0,8 0,9
RATES OF RETURN %
Total assets 1,2 1,1
Shareholders equity 4,7 10,5
Pre tax
margin % 0 0
Turnover rate 0 0
(x
1) (x 1)
-------------------- --------------------
Working capital 157.387 171.408
Shareholders equity + Equalization acc. 157.387 172.054
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.49.25 |
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UK Pound |
1 |
Rs.80.36 |
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Euro |
1 |
Rs.62.84 |
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%)