MIRA INFORM REPORT

Report Date :

08.12.2014

IDENTIFICATION DETAILS

Name :	EXELCO SOURCING BVBA
Registered Office :	Pelikaanstraat 62 2018 Antwerpen
Country :	Belgium
Financials (as on) :	31.12.2013
Date of Incorporation :	25.10.2007
Com. Reg. No.:	893075337
Legal Form :	Private Limited Company
Line of Business :	Wholesale of diamonds and other precious stones
No. of Employees :	02

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 – September 30, 2014

Country Name	Previous Rating (30.06.2014)	Current Rating (30.09.2014)
Belgium	A2	A2

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

BELGIUM - ECONOMIC OVERVIEW

This modern, open, and private-enterprise-based economy has capitalized on its central geographic location, highly developed transport network, and diversified industrial and commercial base. Industry is concentrated mainly in the more heavily-populated region of Flanders in the north. With few natural resources, Belgium imports substantial quantities of raw materials and exports a large volume of manufactures, making its economy vulnerable to volatility in world markets. Roughly three-quarters of Belgium's trade is with other EU countries, and Belgium has benefited most from its proximity to Germany. In 2013 Belgian GDP grew by 0.1%, the unemployment rate increased to 8.8% from 7.6% the previous year, and the government reduced the budget deficit from a peak of 6% of GDP in 2009 to 3.2%. Despite the relative improvement in Belgium's budget deficit, public debt hovers around 100% of GDP, a factor that has contributed to investor perceptions that the country is increasingly vulnerable to spillover from the euro-zone crisis. Belgian banks were severely affected by the international financial crisis in 2008 with three major banks receiving capital injections from the government, and the nationalization of the Belgian retail arm of a Franco-Belgian bank.

Source : CIA

Company name and address

Business number 893075337

Company name EXELCO SOURCING BVBA

Address PELIKAANSTRAAT 62

2018 ANTWERPEN

Number of staff 2

Date of establishment 25/10/2007

Telephone number 032322804

Commentary

The business was established over 7 years ago.

The business has 1 employees.

The business has been at the address for over 22 months.

Net Worth increased by 62% during the latest trading period.

Pre-tax profits decreased by 30% compared to the previous trading period.

The business saw a decrease in their Cash Balance of 21% during the latest trading period.

Accounts

DATE OF LATEST ACCOUNTS	TURNOVER	PROFIT BEFORE TAX	NET WORTH	WORKING CAPITAL
31/12/2013	21,686,210	18,840	1,795,620	2,333,454
31/12/2012	23,548,321	26,946	1,104,653	1,663,905
31/12/2011	34,323,946	57,018	148,565	1,680,408

Accounts

DATE OF LATEST ACCOUNTS	TURNOVER	PROFIT BEFORE TAX	NET WORTH	WORKING CAPITAL
31/12/2013	21,686,210	18,840	1,795,620	2,333,454
31/12/2012	23,548,321	26,946	1,104,653	1,663,905
31/12/2011	34,323,946	57,018	148,565	1,680,408

Payment expectations

Past payments		Payment expectation days	69.67
Industry average payment expectation days	124.45	Industry average day sales outstanding	141.74
Day sales outstanding	104.02

Company information

Business number	893075337	Company name	EXELCO SOURCING BVBA
Fax number		Date founded	25/10/2007
Company status	active	Company type	Private Limited Company (BL/LX)
Currency	Euro (€)	Date of latest accounts	31/12/2013
Activity code	46761	Liable for VAT	yes
Activity description	Wholesale of diamonds and other precious stones	VAT Number	BE.0893.075.337 Check VAT number
Belgian Bullettin of Acts Publications	moniteur belge

Assets

Assets
Annual accounts	31-12-2013	%	31-12-2012	%	31-12-2011	%	31-12-2010	%	31-12-2009
Weeks	52		52		52		52		52
Currency	EUR		EUR		EUR		EUR		EUR
Total fixed assets	5,990	-34.70	9,173	-34.28	13,957	-6.97	15,002	620	2,081
Intangible fixed assets	0	-	0	-	0	-	0	-	0
Tangible fixed assets	5,015	-38.49	8,153	-36.88	12,917	-11.55	14,603	768	1,681
Land & building - - - - - - - - -
Plant & machinery	4,712	-37.09	7,490	28.45	5,831	-14.51	6,821	305	1,681
Furniture & Vehicles	303	-54.30	663	-90.64	7,087	-8.93	7,782	-	-
Leasing & Other Similar Rights Other tangible assets	0	-	0	0	-1	-	0	-	0
Financial fixed assets	975	-4.32	1,019	-2.02	1,040	160	400	0	400
Total current assets	9,193,188	5.42	8,720,132	-31.58	12,744,412	27.63	9,985,202	16.69	8,556,845
Inventories	2,901,768	-3.29	3,000,462	47.59	2,032,950	-22.80	2,633,373	34.51	1,957,715
Raw materials & consumables - - - - - - - - -
Work in progress	0	-	0	-	0	-	0	-	0
Finished goods	2,901,768	-3.29	3,000,462	47.59	2,032,950	-22.80	2,633,373	34.51	1,957,715
Other stocks	0	-	0	-	0	-	0	-	0
Trade debtors	6,180,085	10.30	5,602,814	-46.44	10,460,817	43.78	7,275,734	10.81	6,566,133
Other amounts receivable	39,013	48.69	26,237	175	9,511	97.20	4,823	1.41	4,756
Cash	70,356	-21.27	89,362	-62.34	237,283	249	67,981	145	27,731

Miscellaneous current assets 1,967 56.48 1,257 -67.35 3,850 17.02 3,290 546 509

Total Assets 9,199,178 5.38 8,729,305 -31.58 12,758,369 27.58 10,000,204 16.84 8,558,926

Liabilities

Total shareholders equity 1,795,620 62.55 1,104,653 643 148,565 34.73 110,269 78.91 61,634

Issued share capital 1,650,904 70.60 967,683 4572 20,710 3.28 20,053 7.81 18,600

Reserves	144,716	5.66	136,970	7.13	127,855	41.72	90,216	109	43,034
Provisions for Liabilities & Charges	0	-	0	-	0	-	0	-	0
Deffered taxes - - - - - - - - -
Creditors	7,403,559	-2.90	7,624,652	-39.53	12,609,804	27.50	9,889,935	16.39	8,497,292
Other long term loans	-	-	-	-	-	-	-	-	1,041,233
Long term group loans	-	-	-	-	-	-	-	-	-
Other long term liabilities	543,824	-4.33	568,425	-63.23	1,545,800	37.70	1,122,600	-	0
Total long term debts	543,824	-4.33	568,425	-63.23	1,545,800	37.70	1,122,600	7.81	1,041,233
Current portion of long term debt	-	-	-	-	-	-	-	-	-
Financial debts	2,710,150	0.74	2,690,362	-1.58	2,733,587	35.10	2,023,400	6.22	1,904,978
Trade creditors	4,102,851	-5.38	4,336,155	-47.68	8,288,276	23.35	6,719,185	21.84	5,514,916
Amounts Payable for Taxes, Remuneration & Social Security	15,867	-3.42	16,429	-20.37	20,631	19.10	17,322	-36.55	27,301
Miscellaneous current liabilities Total current liabilities	30,866 6,859,734	132 -2.78	13,281 7,056,227	-38.26 -36.22	21,510 11,064,004	189 26.20	7,428 8,767,335	-16.21 17.59	8,865 7,456,059
Total Liabilities	9,199,178	5.38	8,729,305	-31.58	12,758,369	27.58	10,000,204	16.84	8,558,926

ratio analysis

TRADING PERFORMANCE

Profit Before Tax 0.09 -18.18 0.11 -35.29 0.17 -34.62 0.26 13.04 0.23

Return on capital employed 0.81 -49.69 1.61 -52.23 3.37 -28.45 4.71 29.04 3.65

Return on total assets employed 0.20 -35.48 0.31 -31.11 0.45 -22.41 0.58 23.40 0.47

Return on net assets employed 1.05 -56.97 2.44 -93.64 38.38 -27.15 52.68 -19.33 65.30

Sales / net working capital 9.29 -34.35 14.15 -30.74 20.43 10.19 18.54 18.39 15.66

Stock turnover ratio 13.38 5.02 12.74 115 5.92 -49.23 11.66 2.64 11.36

Creditor days 69.67 2.80 67.77 -23.67 88.78 -19.05 109.67 -7.01 117.94

Debtor days 104.02 19.78 86.84 -21.93 111.24 -5.40 117.59 -15.45 139.07

SHORT TERM STABILITY

Current ratio 1.34 8.06 1.24 7.83 1.15 0.88 1.14 -0.87 1.15

Liquidity ratio / acid ratio 0.92 13.58 0.81 -16.49 0.97 15.48 0.84 -5.62 0.89

Current debt ratio	3.82	-40.22	6.39	-91.42	74.47	-6.34	79.51	-34.27	120.97
Liquidity ratio reprocessed	-	-	-	-	-	-	-	-
Cashflow	16,459	14.98	14,315	-63.03	38,720	-15.81	45,993	70.54	26,969
Net worth	1,795,620	62.55	1,104,653	643	148,565	34.73	110,269	78.91	61,634
LONG TERM STABILITY
Gearing	150.93	-38.03	243.55	-86.76	1,839.99	0.27	1,834.97	-61.61	4,780.19
Equity in percentage	19.52	54.31	12.65	990	1.16	5.45	1.10	52.78	0.72
Total debt ratio	4.12	-40.29	6.90	-91.87	84.88	-5.36	89.69	-34.95	137.87
Working capital	2,333,454	40.24	1,663,905	-0.98	1,680,408	37.98	1,217,867	10.64	1,100,786

Profit & loss

Operating Income	21,687,872	-7.98	23,569,892	-31.37	34,345,504	52.00	22,595,648	31.10	17,235,429
Turnover	21,686,210	-7.91	23,548,321	-31.39	34,323,946	51.98	22,584,361	31.05	17,233,749
Total operating expenses	21,495,583	-7.96	23,353,412	-31.47	34,075,479	52.38	22,362,364	31.03	17,066,951
Gross Operating Margin - - - - - - - - -
Operating Charges	21,497,244	-8.03	23,374,983	-31.45	34,097,037	52.40	22,373,651	31.08	17,068,631
Employee costs	67,736	0.97	67,086	-11.23	75,572	320	17,963	-52.73	37,999
Wages and salary	53,553	0.52	53,274	-14.93	62,627	318	14,967	-55.42	33,573
Employee pension costs - - - - - - - - -
Social security contributions	11,086	-1.37	11,240	14.92	9,781	506	1,614	-35.95	2,520
Other employee costs	3,097	20.46	2,571	-18.72	3,163	128	1,382	-27.52	1,907
Director remuneration	-	-	29,514	-	-	-	29,146	-2.25	29,818
Amortization and depreciation	2,786	2.46	2,719	-32.61	4,035	85.69	2,173	435	406
Operating result	190,627	-2.20	194,909	-21.56	248,467	11.92	221,997	33.09	166,798
Total financial income	10,916	-28.41	15,249	-36.90	24,165	5.32	22,944	8083	280
Total financial expenses	182,704	-0.28	183,212	-15.03	215,614	15.39	186,855	47.33	126,830
Results on ordinary operations	18,840	-30.08	26,946	-52.74	57,018	-1.84	58,086	44.32	40,248
before taxation
Extraordinary Income - - - - - - - - -
Extraordinary Charges	-	-	1,858	-	-	-	293	-	-
Extraordinary items	0	0	-1,858	-	0	0	-293	-	0
Results for the Year Before	18,840	-24.90	25,088	-56.00	57,018	-1.34	57,792	43.59	40,248
Taxation
Other appropriations - - - - - - - - -
Taxation	5,166	-61.71	13,492	-39.58	22,332	59.82	13,973	2.11	13,685
Results on ordinary operations	13,674	1.64	13,454	-61.21	34,686	-21.37	44,113	66.07	26,564
after taxation
Net result	13,673	17.91	11,596	-66.57	34,685	-20.85	43,820	64.96	26,564

Profit (Loss) for the Year to be 13,673 17.91 11,596 -66.57 34,685 -20.85 43,820 64.96 26,564

appropiated

Social Balance Sheet Details

Social Balance Sheet	Total
During the reporting year ended 31-12-2013
Full-time Employees	2
Part-time Employees -
Total Fte Employees	2
Number of hours worked
Full-time Employees	3,542
Part-time Employees	-
Total	3,542
Personnel Charges
Full-time Employees	67,736
Part-time Employees -
Total	67,736
Benefits In Addition To Wages -
During the previous reporting year
Average number employees in Fte	2
Actual working hours	3,572
Personnel Charges	64,182
Benefits In Addition To Wages -
Type of Contract Full-Time	Part-Time	Total Fte
Unlimited Duration 2 Contracts	-	2
Limited Duration Contracts -	-	-
Contracts For Specific Work -	-	-

Men	Full-Time	Part-Time	Total Fte
Primary education - - -
Secondairy education	1	-	1
Higher education (non	-	-	-
university)
Higher education	-	-	-
(university)
Women	Full-Time	Part-Time	Total Fte
Primary education	1	-	1

Industry comparison
Activity code	46761
Activity description	Wholesale of diamonds and other precious stones
industry average credit	64.48
rating
Industry average credit limit	140177.31

Industry comparison

Activity code 46761

Activity description Wholesale of diamonds and other precious stones

Payment expectations

Payment expectation days 69.67

Day sales outstanding 104.02

Industry comparison

Activity code 46761

Activity description Wholesale of diamonds and other precious stones

Industry quartile analysis

Payment expectations

Company result 69.67

Lower 122.66

Median 75.69

Upper 46.98

Day sales outstanding

Company result 104.02

Lower 102.58

Median 54.52

Upper 24.07

Shareholder Details

Group Structure

No group structure for this company.

Minority Interests

No minority interests found

Companies that match this address

no Companies Match this address

Summons

there is no data for this company

Protested Bills

there is no data for this company

Bankruptcy and other legal events

there is no data for this company

Director details

Name	EMMANUEL LANDAU
Position	Principal Manager
Start Date	25/10/2007
Street	6 CHARLOTTALEI ANTWERPEN
Post code	2018
Country	Belgium
Name	LIOR KUNSTLER
Position	Principal Manager
Start Date	01/01/2011
Street
Post code
Country	Israel

DIAMOND INDUSTRY – INDIA

- From time immemorial, India is well known in the world as the birthplace for diamonds.  It is difficult to trace the origin of diamonds but history says that in the remote past, diamonds were mined only in India. Diamond production in India can be traced back to almost 8^th Century B.C.  India, in fact, remained undisputed leader till 18^th Century when Brazilian fields were discovered in 1725 followed by emergence of S. Africa, Russia and Australia.

- The achievement of the Indian diamond industry was possible only due to combination of the manufacturing skills of the Indian workforce and the untiring and unflagging efforts of the Indian diamantaires, supported by progressive Government policies.

- The area of study of family owned diamond businesses derives its importance from the huge conglomerate of family run organizations which operate in the diamond industry since many generations.

- Some of the basic traits of family run business enterprises include spirit of entrepreneurship, mutual trust lowers transaction costs, small, nimble and quick to react, information as a source of advantage and philanthropy.

- Family owned diamond businesses need to improve on many fronts including higher standard of corporate governance, long-term performance – focused strategies, modern management and technology.

- Utmost caution is to be exercised while dealing with some medium and large diamond traders which are usually engaged in fictitious import – export, inter-company transactions, financially assisted by banks. In the process, several public sector banks lost several hundred million rupees. They mostly diverted borrowed money for diamond business into real estate and capital markets.

- Excerpts from Times of India dated 30^th October 2010 is as under –

- Gem & Jewellery Export Promotion Council in its statistical data has shown the export of polished diamonds to have increase by 28 % in February 2013. Compared to $ 1.4 bn worth of polished diamond export in February, 2012, India exported $ 1.84 billion worth of polished diamonds in February 2013. A senior executive of GJEPC said, “Export of cut and polished diamonds started falling month-wise after the imposition of 2 % of import duty on the polished diamonds. But February, 2013 has given a new ray of hope to the industry as the export of polished diamonds has actually increased by 28 %. It means the industry  is on the track of recovery and round tripping of diamonds has stopped completely.” Demand has started coming from the US, the UK, Japan and China. India’s polished diamond export is expected to cross $ 21 bn in 2013-14.

- The banking sector has started exercising restraint while following prudent risk management norms when lending money to gems and jewellery sector. This follows the implementation of Basel III accord – a global voluntary regulatory standard on bank capital adequacy, stress testing and market liquidity.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.85
UK Pound	1	Rs.96.73
Euro	1	Rs.76.53

INFORMATION DETAILS

Analysis Done by :	RAS
Report Prepared by :	NIS

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%)

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