MIRA INFORM REPORT

 

 

Report No. :

324253

Report Date :

01.06.2015

 

IDENTIFICATION DETAILS

 

Name :

DIAROUGH SOURCING SA

 

 

Registered Office :

20, Rue Eugene Ruppert 2453 Luxembourg

 

 

Country :

Luxembourg

 

 

Financials (as on) :

2013

 

 

Date of Incorporation :

18.11.2004

 

 

Com. Reg. No.:

B 104.283

 

 

Legal Form :

Limited company by shares - SA

 

 

Line of Business :

Wholesale of household goods.

 

 

No. of Employee :

Not Available

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Status :

Satisfactory

 

 

Payment Behaviour :

Slow but correct

 

 

Litigation :

Clear

 

 

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

 

 

ECGC Country Risk Classification List – December 31, 2014

 

Country Name

Previous Rating

(30.09.2014)

Current Rating

(31.12.2014)

Luxembourg

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

LUXEMBOURG ECONOMIC OVERVIEW

 

This small, stable, high-income economy has historically featured solid growth, low inflation, and low unemployment. The industrial sector, initially dominated by steel, has become increasingly diversified to include chemicals, machinery and equipment, rubber, automotive components, and other products. The financial sector, which accounts for about 36% of GDP, is the leading sector in the economy. The economy depends on foreign and cross-border workers for about 39% of its labor force. Luxembourg experienced uneven economic growth in the aftermath of the global economic crisis that began in late 2008. Luxembourg's GDP contracted 3.6% in 2009, rebounded in 2010-12, fell again in 2013, but recovered in 2014. Unemployment has remained below the EU average despite having increased from a historically-low rate of 4% in the 2000s to 7% in 2014. The country continues to enjoy an extraordinarily high standard of living - GDP per capita ranks among the highest in the world and is the highest in the euro zone. Luxembourg has one of the highest current account surpluses as a share of GDP in the euro zone, and it maintains a healthy budgetary position and the lowest public debt levels in the region. Luxembourg has lost some of its advantage as a favorable tax location because of OECD and EU pressure. In 2015 the government’s compliance with EU requirements to implement automatic exchange of tax information on savings accounts - thus ending banking secrecy - has depressed banking activity and dampened GDP growth. Likewise, changes to the way EU members are permitted to collect taxes from e-Commerce has cut Luxembourg’s tax revenues, requiring the government to raise additional levies and to reduce some social benefits.

 

Source : CIA

 

 

 

 

Summary

 

Company name

DIAROUGH SOURCING SA

Operative address

20, Rue Eugene Ruppert
2453 Luxembourg
Luxembourg

 

Status

Active

 

Legal form

Limited company by shares - SA

Registration number

Trade register number: B 104.283 (Luxembourg)

VAT-number

LU21452838

 

 

 

Contact information

 

Company name

DIAROUGH SOURCING SA

 

Operative address

20, Rue Eugene Ruppert
2453 Luxembourg
Luxembourg

Correspondence address

20, Rue Eugene Ruppert
2453 Luxembourg
Luxembourg

 

 

Registration

 

Registration number

Trade register number: B 104.283 (Luxembourg)

VAT-number

LU21452838

 

Status

Active

Establishment date

2004-11-18

 

Legal form

Limited company by shares - SA

 

Subscribed share capital

EUR 77.179

 

 

Activities

 

NACE

Wholesale of household goods (4649)

 

 

Relations

 

Shareholders

SHAREHOLDERS
Name: EGON DIAMOND SARL
National id number: B 55.785
Address: 20, Rue Eugene Ruppert
Zipcode: 2453
City: LUXEMBOURG
Country: LU
Type: Industrial company
Share direct: 99.00%
Total assets: 45.61 mil. USD
Shareholders funds: 12.74657 mil. USD
Number of employees: 0

Name: EGON FINANCE SA
National id number: B 55.468 (Luxembourg)
Address: 20, Rue Eugene Ruppert
Zipcode: 2453
City: LUXEMBOURG
Country: LU
Phone: +352 26270421
Fax: +352 26270637
Type: Financial company
Share direct: 1.00%
Total assets: 41.74 mil. USD
Shareholders funds: 6.47765 mil. USD
Number of employees: 0

 

 

Management

 

Management

Fullname: Mr Nishit Mahendra Kuma Parikh
Type: Individual
Gender: Male
Address: 2020, Antwerpen, Belgium
Number of involvements: 1
Function: Administrative Board (AG)
Level of responsibility: Member

Fullname: Mr Saurin Sonu Parikh
Type: Individual
Gender: Male
date of birth: 1970/06/18
Age: 44
Country of nationality: Belgium
Address: 340560, Dubai, United Arab Emirates
Country: Belgium
Number of involvements: 4
Function: Administrative Board (AG)
Level of responsibility: Member

Fullname: Mr Jeffrey A. Sacks
Type: Individual
Gender: Male
Address: 60091, Wilmette, IL, United States
Number of involvements: 6
Function: Administrative Board (AG)
Level of responsibility: Member

Fullname: Mr Pradeep L. Taksali
Type: Individual
Gender: Male
Address: Anvers, Belgium
Country: India
Number of involvements: 2
Function: Administrative Board (AG)
Level of responsibility: Member

 

 

Financials

 

PROFIT AND LOSS

Financial Year

2013

2012

2011

Number of Weeks

52

52

52

Currency

EUR

EUR

EUR

Consolidated Accounts

No

No

No

Revenue

649.457.002

681.903.825

859.343.022

Operating Costs

655.871.998

690.726.713

868.666.568

Operating Profit

82.295

259.273

493.842

Wages & Salaries

23.659

22.461

-

Financial Income

2.873.807

2.953.861

2.807.563

Financial Expenses

2.012.520

2.824.864

3.159.941

Profit before Tax

943.583

388.270

141.464

Tax

27.576

184.125

40.529

Profit after Tax

916.007

204.144

100.935

 

 

 

BALANCE SHEET

Financial Year

2013

2012

2011

Number of Weeks

52

52

52

Currency

EUR

EUR

EUR

Consolidated Accounts

No

No

No

Land & Buildings

-

-

-

Plant & Machinery

-

-

-

Other Tangible Assets

-

-

-

Total Tangible Assets

-

-

-

Goodwill

-

-

-

Other Intangible Assets

-

-

-

Total Intangible Assets

-

-

-

Investments

-

-

-

Loans To Group

12.354.288

11.915.414

42.482.469

Other Loans

30.902.121

30.902.121

-

Miscellaneous Fixed Assets

-

-

-

Total Other Fixed Assets

43.256.409

42.817.536

42.482.469

TOTAL FIXED ASSETS

43.256.409

42.817.536

42.482.469

Raw Materials

-

-

-

Work In Progress

-

-

-

Finished Goods

3.171

16.257

-

Other Inventories

-

-

-

Total Inventories

3.171

16.257

-

Trade Receivables

-

-

-

Group Receivables

5.301.801

6.553.271

59.399.721

Receivables Due After 1 Year

-

-

-

Miscellaneous Receivables

35.626.194

40.672.829

2.001.727

Total Receivables

40.927.995

47.226.100

61.401.448

Cash

5.171.297

11.766.965

1.727.872

Other Current Assets

-

-

-

TOTAL CURRENT ASSETS

46.102.464

59.009.322

63.129.321

TOTAL ASSETS

89.358.873

101.826.858

105.611.790

Trade Payables

48.055.101

44.546.339

57.039.322

Bank Liabilities

-

439.781

-

Other Loans Or Finance

-

-

-

Group Payables

7.746.328

17.599.652

9.790.627

Miscellaneous Liabilities

443.781

1.707.745

1.520.253

TOTAL CURRENT LIABILITIES

56.245.210

64.293.516

68.350.202

Trade Payables Due After 1 Year

-

-

-

Bank Liabilities Due After 1 Year

-

-

-

Other Loans Or Finance Due After 1 Year

-

-

-

Group Payables Due After 1 Year

31.581.117

36.837.711

36.842.787

Miscellaneous Liabilities Due After 1 Year

88.864

167.955

108.131

TOTAL LONG TERM LIABILITIES

31.669.981

37.005.666

36.950.918

TOTAL LIABILITIES

87.915.191

101.299.182

105.301.120

Called Up Share Capital

75.089

75.089

75.089

Share Premium

-

-

-

Revenue Reserves

1.361.084

445.078

228.072

Other Reserves

7.509

7.509

7.509

TOTAL SHAREHOLDERS EQUITY

1.443.682

527.676

310.670

 

 

 

OTHER FINANCIALS

Working Capital

-10.142.746

-5.284.194

-5.220.881

Net Worth

1.443.682

527.676

310.670

 

 

 

RATIOS

Pre-Tax Profit Margin

0.15 %

0.06 %

0.02 %

Return On Capital Employed

2.85 %

1.03 %

0.38 %

Return On Total Assets Employed

1.06 %

0.38 %

0.13 %

Return On Net Assets Employed

65.36 %

73.58 %

45.54 %

Sales/Net Working Capital

-64.03

-129.05

-164.60

Stock Turnover Ratio

0

0

0

Creditor Days

27.01

23.84

24.23

Current Ratio

0.82

0.92

0.92

Liquidity Ratio/Acid Test

0.82

0.92

0.92

Current Debt Ratio

38.96

121.84

220.01

Gearing

2193.70 %

7096.30 %

11893.94 %

Equity In Percentage

1.62 %

0.52 %

0.29 %

Total Debt Ratio

60.90

191.97

338.95

 

 

Remarks

 

Bankers

ABN AMRO

Auditor

RSM Audit Luxembourg Sarl

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.63.76

UK Pound

1

Rs.97.80

Euro

1

Rs.69.91

 

 

INFORMATION DETAILS

 

Analysis Done by :

DIV

 

 

Report Prepared by :

ANK

 

 

RATING EXPLANATIONS

 

RATING

STATUS

 

 

PROPOSED CREDIT LINE

>86

Aaa

Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums

 

Unlimited

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

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

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

 

Satisfactory

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

 

Small

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

<10

C

Absolute credit risk exists. Caution needed to be exercised

 

 

Credit not recommended

--

NB

                                       New Business

 

--

 

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%)

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.