MIRA
INFORM REPORT
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Report Date : |
03.10.2008 |
IDENTIFICATION
DETAILS
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Name : |
KAY DIAMONDS NV |
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Registered Office : |
Vestingstraat 74, 2018
Antwerpen |
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Country : |
Belgium |
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Date of Incorporation : |
29.07.1998 |
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Legal Form : |
NV Public Limited Company |
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Line of Business : |
The trade in and Processing of Diamonds, both Polished and Unpolished. |
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 40 days beyond terms |
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Litigation : |
Clear |
name & address
Kay Diamonds NV
Vestingstraat 74
2018 ANTWERPEN
Tel.:+32
(0)3-2325675
Fax.:+32
(0)3-2275474
Legal status
NV Public limited company [nat. law]
Founded
29/07/1998 as P.l.c.
Trade register
52330507
Capital
Nominal EUR 350.000,--
Issued and paid up EUR 350.000,--
Management
Chetan Mehta, born 06/02/1965, Berkenlaan
33, ANTWERPEN
Bhavin Mehta, born 27/09/1971, Berkenlaan
27, ANTWERPEN
Rashmi Mehta, born 04/09/1943, Berkenlaan
27, ANTWERPEN
Activity
The trade in and processing of diamonds,
both polished and unpolished.
Staff
5 employees
Turnover
Net turnover:
2007
Euro 34.404.615
2006
Euro 31.733.843
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 46.705
2006 Euro (161.481)
The shareholders equity was as of:
31/12/2007 Euro 5.169.678
31/12/2006 Euro 5.122.972
The working capital was as of:
31/12/2007 Euro 3.458.258
31/12/2006 Euro 3.399.014
The capital was raised on 04.05.2005 from
EUR 61.973,- to EUR 350.000,-
Website : www.geskay.com
Accountants :
TCLM, Toelen, Cats, Morlie& Co., Antwerp
Bankers:
Antwerpse Diamantbank
Banks
Under remarks
VAT-nr.
BE463947634
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 :
Kay Diamonds NV
BALANCE SHEET
Corporate in Euro(x
1) Euro(x 1)
---31-12-2006--- ------31-12-2007---
Intangible assets 0 0
Tangible assets 192.142 145.729
Financial assets 1.611.121 1.607.430
Miscellaneous
fixed assets 3.585 2.515
Total fixed assets 1.806.848 1.755.674
Stock 15.055.937 14.555.098
Receivables 13.665.901 13.987.801
Shares 0 0
Liquid assets 31.481 35.404
Miscellaneous
current assets 0 0
Total current
assets 28.753.319 28.578.303
Shareholders equity 5.122.972 5.169.678
Provisions 0 0
Long-term
liabilities 0 0
Current
liabilities 25.354.305 25.120.045
Minority interests 0 0
Miscellaneous
liabilities 82.890 44.254
Total liabilities 30.560.167 30.333.977
PROFIT & LOSS ACCOUNT
Corporate in Euro(x
1) Euro(x 1)
---31-12-2006--- ------31-12-2007---
Turnover 31.733.843 34.404.615
Other income 13.325 11.951
Total expenses 26.527.612 34.805.219
Operating profit 5.219.556 -388.653
Balance financial
P/L -453.506 507.741
Net profit/loss 1] 4.766.050 119.088
Taxation 260.933 72.383
Share in P/L of
subsidiaries 0 0
Net profit/loss 2] 4.505.117 46.705
Balance
extraordinary P/L 34.402 0
Taxation 0 0
Extraordinary P/L
2] 34.402 0
Res. sub.
companies 2] 0 0
Minority interests 0 0
Miscellaneous P/L -4.701.000 0
Net result -161.481 46.705
----------------------------------------------------------------------------------------------------------------
Legend : 1]
= Before tax
2] = After tax
FINANCIAL RATIOS
-----2006----- -----2007-----
EQUITY %
Equity gearing 16,8 17
Equity/outside
capital 20,1 20,5
LIQUIDITY
Current ratio 1,1 1,1
Acid test 0,5 0,6
RATES OF RETURN %
Total assets 15,6 0,4
Shareholders equity 93 2,3
Pre tax
margin % 15 0,3
Turnover rate 103,8 113,4
(x
1) (x 1)
-------------------- --------------------
Working capital 3.399.014 3.458.258
Shareholders equity + Equalization acc. 5.122.972 5.169.678
FOREIGN EXCHANGE
RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.46.88 |
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UK Pound |
1 |
Rs.82.97 |
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Euro |
1 |
Rs.64.99 |
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%)