MIRA INFORM REPORT

Report No. :	308947
Report Date :	18.02.2015

IDENTIFICATION DETAILS

Name :	DE TOLEDO DIAMONDS INTERNATIONAL BVBA

Registered Office :	Hoveniersstraat 30-Bus 140 2018 Antwerpen

Country :	Belgium

Financials (as on) :	31.12.2013

Date of Incorporation :	13.12.2005

Com. Reg. No.:	878308769

Legal Form :	Private Limited Company (BL/LX)

Line of Business :	Wholesale of Diamonds and Other Precious Stones

No. of Employee :	1

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Status :	Satisfactory

Payment Behaviour :	No complaints

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

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 summary

Business number	878308769
Company name	DE TOLEDO DIAMONDS INTERNATIONAL BVBA
Address	HOVENIERSSTRAAT 30-BUS 140
	2018 ANTWERPEN
Safe number	BE01212937
Number of staff	1
Date of establishment	13/12/2005
Telephone number	032341717
Fax number	032253311

Commentary

The business was established over 9 years ago.

The business has 1 employees.

The business has been at the address for over 9 years.

Operating Result in the latest trading period increased 260% on the previous trading period.

Net Worth increased by 48% during the latest trading period.

A 142% growth in Total Assets occurred during the latest trading period.

Pre-tax profits increased by 725% compared to the previous trading period.

The business saw an increase in their Cash Balance of 98% during the latest trading period.

Turnover in the latest trading period increased 263% on the previous trading period.

ACCOUNTS

DATE OF LATEST ACCOUNTS	TURNOVER	PROFIT BEFORE TAX	NET WORTH	WORKING CAPITAL
31/12/2013	33,864,424	64,368	137,261	282,534
31/12/2012	9,315,068	7,799	92,607	257,351
31/12/2011	20,021,621	26,472	81,836	239,905
ACCOUNTS
DATE OF LATEST ACCOUNTS	BALANCE TOTAL	NUMBER OF EMPLOYEES	CAPITAL	CASHFLOW
31/12/2013	2,375,681	1	18,600	51,417
31/12/2012	979,191	1	18,600	42,044

TRENDS

Profitability

Liquidity

Net worth

PAYMENT EXPECTATIONS

Past payments		Payment expectation days	21.87
Industry average payment	124.23	Industry average day sales	181.39
expectation days		outstanding
Day sales outstanding	10.58

COURT DATA SUMMARY

BANKRUPTCY DETAILS

Court action type No

PROTESTED BILLS

Bill amount -

NSSO DETAILS

Date of summons -

Company accounts

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	11,820	-31.04	17,139	-64.15	47,808	-11.09	53,773	-34.26	81,791
Intangible fixed assets	0	-	0	-	0	-	0	-	0
Tangible fixed assets	11,700	-31.25	17,019	-64.31	47,688	-11.32	53,773	-34.26	81,791
Land & building	-	-	-	-	-	-	-	-	-
Plant & machinery	-	-	-	-	-	-	-	-	-
Furniture & Vehicles	11,700	-31.25	17,019	-64.31	47,688	-10.05	53,016	-33.96	80,277
Leasing & Other Similar Rights	-	-	-	-	-	-	-	-	-
Other tangible assets	0	-	0	-	0	-100	757	-50.0	1,514
Financial fixed assets	120	0	120	0	120	-	-	-	-
Total current assets	2,363,861	145	962,052	-68.22	3,027,699	280	795,026	108	381,150
Inventories	1,290,900	378	269,605	20.54	223,661	-62.66	599,017	9710	6,106
Raw materials & consumables	-	-	-	-	-	-	-	-	-
Work in progress	0	-	0	-	0	-	0	-	0
Finished goods	0	-	0	-	0	-	0	-	0
Other stocks	1,290,900	378	269,605	20.54	223,661	-62.66	599,017	9710	6,106
Trade debtors	981,828	53.85	638,152	-76.82	2,752,637	1606	161,269	-28.41	225,263
Other amounts receivable	12,105	15.10	10,517	259	2,924	168	1,089	-25.27	1,457
Cash	70,937	98.78	35,686	-11.63	40,385	58.01	25,559	-81.79	140,345
Miscellaneous current assets	8,092	0	8,092	0	8,092	0	8,092	1.41	7,979
Total Assets	2,375,681	142	979,191	-68.16	3,075,507	262	848,798	83.35	462,941

LIABILITIES

Total shareholders equity	137,261	48.22	92,607	13.16	81,836	29.15	63,364	200	21,111
Issued share capital	18,600	0	18,600	0	18,600	0	18,600	0	18,600
Share premium account	-	-	-	-	-	-	-	-	-
Revaluation reserve	-	-	-	-	-	-	-	-	-
Reserves	118,661	60.34	74,007	17.03	63,236	41.26	44,764	1682	2,511
Provisions for Liabilities & Charges	0	-	0	-	0	-	0	-	0
Deffered taxes	-	-	-	-	-	-	-	-	-
Creditors	2,238,420	152	886,584	-70.38	2,993,671	281	785,434	77.77	441,830
Other long term loans	157,093	-13.63	181,882	-11.65	205,877	-1.94	209,951	-10.31	234,079
Long term group loans	-	-	-	-	-	-	-	-	-
Other long term liabilities	0	-	0	-	0	-	0	-	0
Total long term debts	157,093	-13.63	181,882	-11.65	205,877	-1.94	209,951	-10.31	234,079
Current portion of long term debt	25,546	4.81	24,373	6.67	22,849	-5.30	24,127	5.03	22,973
Financial debts	7,830	369	1,667	-8.38	1,820	24.57	1,461	-37.16	2,325
Trade creditors	2,023,902	201	671,450	-75.38	2,726,886	417	526,737	192	180,099
Amounts Payable for Taxes, Remuneration & Social Security	24,049	263	6,617	-79.46	32,220	39.13	23,158	883	2,355
Miscellaneous current liabilities	0	-100	595	-85.21	4,019	-	0	-	0
Total current liabilities	2,081,327	195	704,701	-74.72	2,787,794	384	575,483	177	207,752
Total Liabilities	2,375,681	142	979,191	-68.16	3,075,507	262	848,798	83.35	462,941

RATIO ANALYSIS
TRADING PERFORMANCE
Profit Before Tax	0.19	137	0.08	-38.46	0.13	-31.58	0.19	27.94	-0.68
Return on capital employed	21.87	670	2.84	-69.13	9.20	-59.61	22.78	463	-4.91
Return on total assets employed	2.71	238	0.80	-6.98	0.86	-88.27	7.33	270	-2.71
Return on net assets employed	46.89	456	8.42	-73.97	32.35	-67.07	98.25	165	-59.34
Sales / net working capital	119.86	231	36.20	-56.63	83.46	-45.47	153.05	1330	10.70
Stock turnover ratio	3.81	31.83	2.89	158	1.12	-37.08	1.78	439	0.33
Creditor days	21.87	-17.10	26.38	-47.05	49.82	767	5.74	-83.77	35.37
Debtor days	10.58	-57.70	25.01	-50.16	50.18	2767	1.75	-96.05	44.31
SHORT TERM STABILITY
Current ratio	1.14	-16.79	1.37	25.69	1.09	-21.01	1.38	-24.59	1.83
Liquidity ratio / acid ratio	0.52	-46.94	0.98	-2.97	1.01	197	0.34	-81.22	1.81
Current debt ratio	15.16	99	7.61	-77.66	34.07	275	9.08	-7.72	9.84
Liquidity ratio reprocessed	-	-	-	-	-	-	-	-	-
Cashflow	51,417	22.29	42,044	-10.69	47,075	-33.31	70,585	328	16,470
Net worth	137,261	48.22	92,607	13.16	81,836	29.15	63,364	200	21,111
LONG TERM STABILITY
Gearing	138.76	-38.20	224.52	-20.30	281.72	-24.21	371.72	-69.75	1,228.65
Equity in percentage	5.78	-38.90	9.46	255	2.66	-64.39	7.47	63.82	4.56
Total debt ratio	16.31	70.43	9.57	-73.84	36.58	195	12.40	-40.75	20.93
Working capital	282,534	9.79	257,351	7.27	239,905	9.28	219,543	26.61	173,398

PROFIT & LOSS
Operating Income	-	-	-	-	-	-	-	-	-
Turnover	33,864,424	263	9,315,068	-53.47	20,021,621	-40.42	33,601,907	1710	1,855,784
Total operating expenses	33,775,526	263	9,290,378	-53.49	19,977,059	-40.40	33,517,917	1703	1,858,542
Gross Operating Margin	135,271	45.08	93,241	-15.17	109,918	-22.96	142,675	161	54,658
Operating Charges	-	-	-	-	-	-	-	-	-
Employee costs	34,011	3.36	32,905	1.18	32,520	32.68	24,509	16.54	21,030
Wages and salary	27,978	2.15	27,389	4.45	26,224	27.82	20,517	19.11	17,224
Employee pension costs	-	-	-	-	1,062	-	-	-	-
Social security contributions	5,479	6.60	5,140	5.61	4,867	34.14	3,628	14.00	3,183
Other employee costs	554	47.36	376	2.35	367	0.79	364	-41.54	623
Director remuneration	-	-	-	-	-	-	-	-	-
Amortization and depreciation	6,763	-78.37	31,272	9.33	28,603	0.96	28,332	-1.67	28,813
Operating result	88,898	260	24,689	-44.60	44,562	-46.94	83,990	3046	-2,757
Total financial income	18	493	3	124	1	-99	163	-97.82	7,482
Total financial expenses	24,548	45.32	16,893	-6.62	18,091	-17.39	21,900	26.93	17,253
Results on ordinary operations	64,368	725	7,799	-70.54	26,472	-57.48	62,253	496	-12,528
before taxation
Extraordinary Income	-	-	-	-	-	-	-	-	-
Extraordinary Charges	-	-	-	-	-	-	-	-	-
Extraordinary items	0	-	0	-	0	-	0	-	0
Results for the Year Before Taxation	64,368	725	7,799	-70.54	26,472	-57.48	62,253	496	-12,528
Other appropriations	-	-	-	-	-	-	-	-	-
Taxation	19,714	663	-2,972	-137	8,000	-60.0	20,000	10842	-184
Results on ordinary operations after taxation	44,654	314	10,771	-41.69	18,472	-56.28	42,253	342	-12,343
Net result	44,654	314	10,771	-41.69	18,472	-56.28	42,253	342	-12,343
Profit (Loss) for the Year to be appropiated	44,654	314	10,771	-41.69	18,472	-56.28	42,253	342	-12,343

Social Balance Sheet Details

Social Balance Sheet	Total
During the reporting year
ended 31-12-2013
Full-time Employees	-
Part-time Employees	2
Total Fte Employees	1
Number of hours worked
Full-time Employees	-
Part-time Employees	1,848
Total	1,848
Personnel Charges
Full-time Employees	-
Part-time Employees	34,011
Total	34,011
Benefits In Addition To Wages	-
During the previous reporting year
Average number employees in Fte	1
Actual working hours	1,848
Personnel Charges	31,813
Benefits In Addition To Wages	-

Type of Contract	Full-Time	Part-Time	Total Fte
Unlimited Duration	-	2	1
Contracts
Limited Duration Contracts	-	-	-
Contracts For Specific Work	-	-	-
Contracts Regarding	-	-	-
Substitution

Gender and Education
Level
Men	Full-Time	Part-Time	Total Fte
Primary education	-	-	-
Secondairy education	-	-	-
Higher education (non	-	-	-
university)
Higher education	-	-	-
(university)
Women	Full-Time	Part-Time	Total Fte
Primary education	-	-	-
Secondairy education	-	2	1
Higher education (non university)	-	-	-

Working Category	Full-Time	Part-Time	Total Fte
Management	-	-	-
White collar worker	-	2	1
Blue collar worker	-	-	-
Other	-	-	-

Temporary personnel	Total
Average number of temporary staff	-
Actual working hours	-
Cost of temporary staff	-

New staff and leavers	Full-Time	Part-Time	Total Fte
New Starters	-	-	-
Leavers	-	-	-

Total of formal continuing vocational training initiatives for workers paid by the employer	Male	Female
Number of employees	-	-
Number of training hours	-	-
Net costs for enterprise	-	64
Total of less formal and informal continuing vocational
training initiatives for workers paid by the employer	Male	Female
Number of employees	-	-
Number of training hours	-	-
Net costs for enterprise	-	-
Total of initial training initiatives at the expense of the employer	Male	Female
Number of employees	-	-
Number of training hours	-	-
Net costs for enterprise	-	-

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

Payment Information

Suspension of payments / moratorium history
Amount	-
Details	-

PAYMENT EXPECTATIONS
Payment expectation days	21.87
Day sales outstanding	10.58

INDUSTRY COMPARISON
Activity code	46761
Activity description	Wholesale of diamonds and other precious stones
Industry average payment	124.23
Industry average day sales	181.39

INDUSTRY QUARTILE ANALYSIS

Payment expectations

Company result	21.87
Lower	120.76
Median	74.93
Upper	46.53

DAY SALES OUTSTANDING
Company result	10.58
Lower	102.27
Median	54.07
Upper	24.18

Shareholder Details

Summary
Group - Number of Companies	0
Linkages - Number of Companies	0
Number of Countries	0

GROUP STRUCTURE

No group structure for this company.

MINORITY SHAREHOLDERS

No minority shareholders found

MINORITY INTERESTS

No minority interests found

COMPANIES THAT MATCH THIS ADDRESS

No Companies Match this address

Linked Companies

Summary

Group - Number of Companies	0
Linkages - Number of Companies	0
Number of Countries	0

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

CURRENT DIRECTOR DETAILS

Name	SHAI MORDECHAI DE TOLEDO
Position	Principal Manager
Start Date	22/10/2010
Street	43 EUGENIO PACELLILAAN EDEGEM
Post code	2650
Country	Belgium
Name	DAVID DE TOLEDO
Position	Principal Manager
Start Date	22/10/2010
Street
Post code	Israel

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.62.20
UK Pound	1	Rs.96.00
Euro	1	Rs.71.00

INFORMATION DETAILS

Analysis Done by :	RAS

Report Prepared by :	SDA

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.

Registered contractor	-
number
Contractor description	-
Date struck off register

JOINT INDUSTRIAL COMMITTEE (JIC)
JIC Code	218
Description	Additional national joint committee for the employees
category

PERSONNEL (NSSO CLASSIFICATION)
Code	-
Description	-

MIRA INFORM REPORT

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