MIRA
INFORM REPORT
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Report Date : |
08.10.2008 |
IDENTIFICATION
DETAILS
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Name : |
DIMINCO NV |
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Registered Office : |
Hoveniersstraat 30 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 : |
24.05.1983 |
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Legal Form : |
NV Public Limited Company |
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Line of Business : |
Wholesale Business,
Import and Export in Unpolished and Polished Diamonds and Precious Stones. |
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
Diminco NV
Hoveniersstraat 30
2018 ANTWERPEN
Tel.:+32
(0)3-2021630
Fax.:+32
(0)3-2260023
summary
Legal status NV Public limited
company [nat. law]
Founded 24/05/1983 as
P.l.c.
Trade register 52235289
Capital nominal EUR 3.022.212,--
Issued and paid up EUR 3.022.212,--
Management
Nimish Shah, Haesaertlaan 60, 2650 Edegem
Ajen
Madhu, Perckhoevelaan 34, 2610 Wilrijk
Rajandrakumar Soni, Mechelsesteenweg 181, 2018 Antwerpen
Rakesh Varma, Mechelsesteenweg 257, 2018 Antwerpen
Activity
Wholesale business,
import and export in unpolished and polished diamonds and precious stones.
Staff
12 employees
Turnover
Net turnover:
2007 Euro 258.816.121
2006 Euro 230.825.814
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 923.852
2006 Euro 618.817
The
shareholders equity was as of:
31/12/2007 Euro 32.561.511
31/12/2006 Euro 31.637.659
The working
capital was as of:
31/12/2007 Euro 52.536.968
31/12/2006 Euro 32.871.368
The subject
is established in the building Antwerp
Diamond
House 12.
Other
bankers:
Antwerpse
Diamantbank
Shareholders:
Digico
Holdings ltd. ; 3.781 shares
Chetan
Choksi : 1.000 shares
Smita
Kothari : 300 shares
Sachin
Awashti : 230 shares
Anjama Gandhi :
204 shares
Ajen Madhu : 50
shares
Nimish Shah : 50
shares
Participations:
Beurs voor Diamanthandel
CVBA, Antwerpen : 1 %
Antwerpsche
Diamantkring CVBA, Antwerpen : 1 %
Accountants:
KPMG
Bedrijfsrevisoren BV, Kontich
Banks
Under remarks
VAT-nr.
BE424006004
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 :
Diminco NV
BALANCE SHEET
Corporate in Euro(x
1) Euro(x 1)
---31-12-2006--- ------31-12-2007---
Intangible assets 0 0
Tangible assets 2.468.603 2.246.185
Financial assets 4.947 4.947
Miscellaneous fixed assets 0 0
Total fixed assets 2.473.550 2.251.132
Stock 32.199.506 32.616.915
Receivables 80.303.690 97.829.836
Shares 2.000.000 6.621.356
Liquid assets 2.322.522 1.736.490
Miscellaneous current assets 1.925.983 4.293.971
Total current assets 118.751.701 143.098.568
Shareholders
equity 31.637.659 32.561.511
Provisions 0 0
Long-term liabilities 2.812.700 13.990.391
Current liabilities 85.880.333 90.561.600
Minority interests 0 0
Miscellaneous
liabilities 894.559 8.236.198
Total liabilities 121.225.251 145.349.700
PROFIT
& LOSS ACCOUNT
Corporate in Euro(x
1) Euro(x 1)
---31-12-2006--- ------31-12-2007---
Turnover 230.825.814 258.816.121
Other income 758.414 688.648
Total expenses 226.382.357 251.499.012
Operating profit 5.201.871 8.005.757
Balance financial P/L -4.481.088 -7.030.498
Net profit/loss 1] 720.783 975.259
Taxation 102.378 59.537
Share in P/L of subsidiaries 0 0
Net profit/loss 2] 618.405 915.722
Balance extraordinary P/L 412 8.130
Taxation 0 0
Extraordinary P/L 2] 412 8.130
Res. sub. companies 2] 0 0
Minority interests 0 0
Miscellaneous P/L 0 0
Net result 618.817 923.852
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Legend : 1]
= Before tax
2]
= After tax
FINANCIAL RATIOS
-----2006----- -----2007-----
EQUITY %
Equity gearing 26,1 22,4
Equity/outside
capital 35,3 28,9
LIQUIDITY
Current ratio 1,4 1,6
Acid test 1 1,2
RATES OF RETURN %
Total assets 0,6 0,7
Shareholders equity 2,3 3
Pre tax
margin % 0,3 0,4
Turnover rate 190,4 178,1
(x
1) (x 1)
-------------------- --------------------
Working capital 32.871.368 52.536.968
Shareholders equity + Equalization acc. 31.637.659 32.561.511
FOREIGN EXCHANGE
RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.48.72 |
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UK Pound |
1 |
Rs.82.17 |
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Euro |
1 |
Rs.65.90 |
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%)