MIRA
INFORM REPORT
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Report Date : |
18.09.2008 |
IDENTIFICATION
DETAILS
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Name : |
SUSHANG EXPORTS NV |
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Registered Office : |
Hoveniersstraat 2 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 : |
10.12.2002 |
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Legal Form : |
NV Public Limited Company |
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Line of Business : |
Import and Export, Purchase and Selling of Raw and Polished 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
Sushang Exports NV
Hoveniersstraat 2
2018 ANTWERPEN
Tel.:+32
(0)3-2310404
Fax.:+32
(0)3-2252234
Legal status
NV Public limited company [nat. law]
Founded
10/12/2002 as P.l.c.
Trade register
52245147
Capital
Nominal EUR 485.000,--
Issued and paid up EUR 485.000,--
Management
Shila Mehul Kothari, Belgielei 30, 2018,
Antwerpen.
Mehul Kothari, Belgielei 30, 2018 Antwerpen.
Activity
Import and export, purchase and selling of
raw and polished diamonds.
Staff
1 employee.
Turnover
Net turnover:
2007
Euro 26.171.068
2006
Euro 40.512.862
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 66.027
2006 Euro (54.902)
The shareholders equity was as of:
31/12/2007 Euro 3.888.715
31/12/2006 Euro 3.822.687
The working capital was as of:
31/12/2007 Euro 3.814.610
31/12/2006 Euro 3.706.505
Parent company:
Kunal Enterprises, Mumbai - India
Import : India and the USA
Export : India and the USA
Full address:
Hoveniersstraat 2 ADC Building Office 546
2018 Antwerpen.
Banks
ABN-AMRO Bank NV
VAT-nr.
BE426932236
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 :
Sushang
Exports NV
BALANCE SHEET
Corporate in Euro(x
1) Euro(x 1)
---31-12-2006--- ------31-12-2007---
Intangible assets 0 0
Tangible assets 128.449 112.085
Financial assets 2.490 2.490
Miscellaneous
fixed assets 0 0
Total fixed assets 130.939 114.575
Stock 6.593.359 3.388.485
Receivables 7.978.328 7.456.675
Shares 0 0
Liquid assets 432.594 159.689
Miscellaneous
current assets 0 0
Total current
assets 15.004.281 11.004.849
Shareholders equity 3.822.687 3.888.715
Provisions 0 0
Long-term
liabilities 14.757 4.426
Current
liabilities 11.297.776 7.190.239
Minority interests 0 0
Miscellaneous
liabilities 0 36.044
Total liabilities 15.135.220 11.119.424
PROFIT & LOSS ACCOUNT
Corporate in Euro(x
1) Euro(x 1)
---31-12-2006--- ------31-12-2007---
Turnover 40.512.862 26.171.068
Other income 6.000 6.000
Total expenses 36.892.140 25.384.054
Operating profit 3.626.722 793.014
Balance financial
P/L -527.785 -709.446
Net profit/loss 1] 3.098.937 83.568
Taxation 159.839 17.541
Share in P/L of
subsidiaries 0 0
Net profit/loss 2] 2.939.098 66.027
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 -2.994.000 0
Net result -54.902 66.027
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Legend : 1]
= Before tax
2]
= After tax
FINANCIAL RATIOS
-----2006----- -----2007-----
EQUITY %
Equity gearing 25,3 35
Equity/outside
capital 33,8 53,8
LIQUIDITY
Current ratio 1,3 1,5
Acid test 0,7 1,1
RATES OF RETURN %
Total assets 20,5 0,8
Shareholders equity 81,1 2,1
Pre tax
margin % 7,6 0,3
Turnover rate 267,7 235,4
(x
1) (x 1)
-------------------- --------------------
Working capital 3.706.505 3.814.610
Shareholders equity + Equalization acc. 3.822.687 3.888.715
FOREIGN EXCHANGE
RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.46.71 |
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UK Pound |
1 |
Rs.83.57 |
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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%)