MIRA INFORM REPORT

Report No. :	497280
Report Date :	10.03.2018

IDENTIFICATION DETAILS

Name :	BERG TOYS B.V.
Registered Office :	Stevinlaan 2, 6716WB EDE
Country :	Netherlands
Financials (as on) :	31.12.2016
Date of Incorporation :	01.01.1997
Com. Reg. No.:	09094642
Legal Form :	Private Limited Company
Line of Business :	Manufacture of games and toys
No. of Employees :	73

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23^rd January 2017)

MIRA’s Rating :

A+

Credit Rating	Explanation	Rating Comments
A+	Low Risk	Business dealings permissible with low risk of default

Status :	Good
Payment Behaviour :	Regular
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

Country Name	Previous Rating (30.09.2017)	Current Rating (31.12.2017)
Netherlands	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderately Low Risk	B1
Moderate Risk	B2
Moderately High Risk	C1
High Risk	C2
Very High Risk	D

NETHERLANDS - ECONOMIC OVERVIEW

The Netherlands, the sixth-largest economy in the European Union, plays an important role as a European transportation hub, with a consistently high trade surplus, stable industrial relations, and low unemployment. Industry focuses on food processing, chemicals, petroleum refining, and electrical machinery. A highly mechanized agricultural sector employs only 2% of the labor force but provides large surpluses for food-processing and underpins the country’s status as the world’s second largest agricultural exporter.

The Netherlands is part of the euro zone, and as such, its monetary policy is controlled by the European Central Bank. The Dutch financial sector is highly concentrated, with four commercial banks possessing over 80% of banking assets, and is four times the size of Dutch GDP.

In 2008, during the financial crisis, the government budget deficit hit 5.3% of GDP. Following a protracted recession from 2009 to 2013, during which unemployment doubled to 7.4% and household consumption contracted for four consecutive years, economic growth began inching forward in 2014. Since 2010, Prime Minister Mark RUTTE’s government has implemented significant austerity measures to improve public finances and has instituted broad structural reforms in key policy areas, including the labor market, the housing sector, the energy market, and the pension system. In 2017, the government budget returned to a surplus of 0.7% of GDP, with economic growth of 3.2%, and GDP per capita finally surpassed pre-crisis levels. The fiscal policy announced by the new government in the 2018-2021 coalition plans for increases in government consumption and public investment, fueling domestic demand and household consumption and investment. The new government’s policy also plans to increase demand for workers in the public and private sector, forecasting a further decline in the unemployment rate, which hit 4.8% in 2017.

Source : CIA

COMPANY NAME

Name	Berg Toys B.V.

Summary

Company name	Berg Toys B.V.
Operative address	Stevinlaan 2 6716WB EDE Netherlands
Status	Active

Legal form	Private Limited Company
Registration number	KvK-nummer: 09094642
VAT-number	806218290
European VAT-number	NL806218290B01

Year	2016	Mutation	2015	Mutation	2014
Fixed assets	3	50,00	2		2
Total receivables	1.709.461	-14,04	1.988.641	-13,60	2.301.630
Total equity	2.348.280	1,36	2.316.882	-16,24	2.766.151
Short term liabilities	3.883.392	80,10	2.156.271	-60,25	5.424.894
Net result	2.531.398	216,14	800.731	-47,82	1.534.548
Working capital	2.688.491	-28,39	3.754.182	22,95	3.053.347
Quick ratio	0,44	-53,19	0,94	28,77	0,73

Contact information

Company name	Berg Toys B.V.
Trade names	Berg Toys B.V. BERG
Operative address	Stevinlaan 2 6716WB EDE Netherlands
Correspondence address	Postbus 73 6710BB EDE Netherlands

Telephone number	0318-467171
Fax number	0318462223
Email address	info@bergtoys.nl
Website	www.bergtoys.nl

Registration

Registration number	KvK-nummer: 09094642
Branch number	000020296932
VAT-number	806218290
European VAT-number	NL806218290B01
Status	Active
First registration company register	1997-05-30
Memorandum	1997-05-30
Establishment date	1997-01-01

Legal form	Private Limited Company
Legal person since	1997-05-30
Last proposed admendment	2014-11-17
Issued placed capital	EUR 18.151
Paid up share capital	EUR 18.151

Activities

SBI	3240: Manufacture of games and toys
Exporter	Yes
Importer	No

Goal	Imports and exports for wholesale and retail trade in relation to a construction company, including go-karts and other toy items, as well as the development of these articles.

Relations

Shareholders	Berg Beheer B.V. Stevinlaan 2 6716WB EDE GLD Netherlands Registration number: 09178735 Percentage: 100%
Companies on same address	Berg Toys Beheer B.V. Registration number: 09073683 AxBeVa B.V. Registration number: 09168593 Berg Beheer B.V. Registration number: 09178735 Mabro Vastgoed B.V. Registration number: 09180231

Real Estate

Details operative address

Surface area: 9830 m2 Purpose: Industrial function, Office function Construction year: 2009 Status: Building in use Under investigation: No

Management

Active management

Berg Beheer B.V. Stevinlaan 2 6716WB EDE GLD Netherlands Registration number: 09178735 Competence: Fully authorized Function: Manager Starting date: 2011-12-28 J. van den Berg Jacob Netherlands Competence: Limited authorization Function: Proxy Starting date: 1998-08-07 Date of birth: 1972-08-29, Ede, NL Involved with the following companies: Berg Factory B.V. Oud Willinkhuizerweg 9 6733AK WEKEROM Netherlands Registration number: 09094641 Status: Dissolved Function: Proxy Starting date: 2000-11-01 P.E. Andeweg Peter Edwin Netherlands Competence: Limited authorization Function: Proxy Starting date: 2011-10-01 Date of birth: 1958-06-22, Rotterdam, NL Involved with the following companies: Berg Factory B.V. Oud Willinkhuizerweg 9 6733AK WEKEROM Netherlands Registration number: 09094641 Status: Dissolved Function: Proxy Starting date: 2011-10-01 H. van den Berg Hendrik Netherlands Competence: Limited authorization Function: Proxy Starting date: 1998-08-07 Date of birth: 1970-04-08, Barneveld, NL T.C.M. Lammers - Huf Theodora Christina Maria Netherlands Competence: Limited authorization Function: Proxy Starting date: 2011-10-01 Date of birth: 1978-04-30, Delft, NL

Employees

Year	2018	2017	2016	2015	2014
Annual			68	71	70
Chamber of Commerce	73	68		67	69

Payments

Description	Regular
Payments within industry	Last quarter	Last year
Average payment period (days)	34	31
Average delay (days)	16	14

Quarter	Not overdue	1-30	31-60	61-90	91-120	121+
2018 Q1	52,00%	39,00%	8,00%	0,00%	0,00%	1,00%
2017 Q4	52,00%	43,00%	3,00%	1,00%	0,00%	1,00%
2017 Q3	54,00%	38,00%	6,00%	0,00%	1,00%	1,00%
2017 Q2	51,00%	39,00%	5,00%	3,00%	1,00%	2,00%
2017 Q1	53,00%	38,00%	5,00%	1,00%	1,00%	2,00%

The above data is an indication of the average payment behaviour of the client. the payment experieneces can be affected by disputes, payment arrangements, etc.

Key figures

Year	2016	2015	2014	2013	2012
Quick ratio	0,44	0,94	0,73	0,97	1,13
Current ratio	1,69	2,74	1,56	2,12	2,24
Working capital/ balance total	0,41	0,64	0,36	0,53	0,55
Equity / balance total	0,36	0,39	0,33	0,48	0,50
Equity / Fixed assets	782.760,00	1.158.441,00	1.383.075,50	910.534,33	1.003.231,67
Equity / liabilities	0,56	0,64	0,48	0,94	1,01
Balance total / liabilities	1,56	1,64	1,48	1,94	2,01
Working capital	2.688.491	3.754.182	3.053.347	2.978.424	3.306.622
Equity	2.348.280	2.316.882	2.766.151	2.731.603	3.009.695
Mutation equity	1,36	-16,24	1,26	-9,24	28,96
Mutation short term liabilities	80,10	-60,25	103,54	-0,13	-31,10
Return on total assets (ROA)	48,16	17,54	22,94	15,83	15,18
Return on equity (ROE)	134,78	44,74	70,31	32,71	30,13
Gross margin	12.301.650	10.426.367	10.781.314	8.776.311	8.503.846
Operating result	3.197.055	1.103.778	1.992.378	971.713	961.336
Net result after taxes	2.531.398	800.731	1.534.548	691.908	665.045
Cashflow	2.957.393	1.174.436	1.907.622	1.085.836	1.012.558
EBIT	3.197.055	1.103.778	1.992.378	971.713	961.336
EBITDA	3.623.050	1.477.483	2.365.452	1.365.641	1.308.849

Summary

The 2016 financial result structure is a postive working captial of 2.688.491 euro, which is in agreement with 41 % of the total assets of the company. The working capital has diminished with -28.39 % compared to previous year. The ratio, with respect to the total assets of the company has however, declined. The deterioration between 2015 and 2016 has mainly been caused by a change of the current liabilities. The current ratio of the company in 2016 was 1.69. A company with a current ratio between 1.5 and 3.0 generally indicates good short-term financial strength. The quick ratio in 2016 of the company was 0.44. A company with a Quick Ratio of less than 1 cannot currently pay back its current liabilities. The 2015 financial result structure is a postive working captial of 3.754.182 euro, which is in agreement with 64 % of the total assets of the company. The working capital has increased with 22.95 % compared to previous year. The ratio, with respect to the total assets of the company has however, increased. The improvement between 2014 and 2015 has mainly been caused by a change of the current assets. The current ratio of the company in 2015 was 2.74. A company with a current ratio between 1.5 and 3.0 generally indicates good short-term financial strength. The quick ratio in 2015 of the company was 0.94. A company with a Quick Ratio of less than 1 cannot currently pay back its current liabilities.

Financial statement

Last annual account	2016
Remark annual account	The company is obliged to file its financial statements.
Type of annual account	Corporate
Annual account	Berg Toys B.V. Stevinlaan 2 6716WB EDE Netherlands Registration number: 09094642

Balance

Year	2016	2015	2014	2013	2012
End date	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31
Type of annual account	Corporate	Corporate	Corporate	Corporate	Corporate
Financial fixed assets	3	2	2	3	3
Fixed assets	3	2	2	3	3
Total stock	4.851.982	3.894.023	4.503.989	3.069.962	2.946.924
Accounts receivable					2.106.691
Other receivables					882.229
Total receivables	1.709.461	1.988.641	2.301.630	2.573.094	2.988.920
Liquid funds	10.440	27.789	1.672.622	666	39.547
Current assets	6.571.883	5.910.453	8.478.241	5.643.722	5.975.391
Total assets	6.571.886	5.910.455	8.478.243	5.643.725	5.975.394
Issued capital	18.151	18.151	18.151	18.151	18.151
Share premium reserve	154.471	154.471	154.471	154.471	154.471
Other reserves	2.175.658	2.144.260	2.593.529	2.558.981	2.837.073
Total reserves	2.330.129	2.298.731	2.748.000	2.713.452	2.991.544
Total equity	2.348.280	2.316.882	2.766.151	2.731.603	3.009.695
Provisions	340.214	331.088	287.198	246.824	296.930
Financial debts		1.106.214
Long term liabilities		1.106.214
Short term liabilities	3.883.392	2.156.271	5.424.894	2.665.298	2.668.769
Total short and long term liabilities	4.223.606	3.593.573	5.712.092	2.912.122	2.965.699
Total liabilities	6.571.886	5.910.455	8.478.243	5.643.725	5.975.394

Summary

The total assets of the company increased with 11.19 % between 2015 and 2016. The total asset increase is retrievable in the fixed asset growth of 50 %. The asset growth has mainly been financed by a debt increase of 17.53 %. The Net Worth, however, grew with 1.36 %. In 2016 the assets of the company were 0 % composed of fixed assets and 100 % by current assets. The assets are being financed by an equity of 35.73 %, and total debt of 64.27 %. The total assets of the company decreased with -30.29 % between 2014 and 2015. The total assets are entirely composed of current assets. Assets reduction is explained by a Net Worth decrease of -16.24 %, and an indebtedness reduction of -37.09 %. In 2015 the assets of the company were 0 % composed of fixed assets and 100 % by current assets. The assets are being financed by an equity of 39.2 %, and total debt of 60.8 %.

Profit and loss

Year	2016	2015	2014	2013	2012
Gross margin	12.301.650	10.426.367	10.781.314	8.776.311	8.503.846
Wages and salaries	4.709.960	4.865.331	4.730.122	4.112.135	3.876.865
Amorization and depreciation	425.995	373.705	373.074	393.928	347.513
other operating costs	3.968.640	4.083.553	3.685.740	3.298.535	3.318.132
Operating expenses	9.104.595	9.322.589	8.788.936	7.804.598	7.542.510
Operating result	3.197.055	1.103.778	1.992.378	971.713	961.336
Financial income			955
Financial expenses			48.543		54.513
Financial result	-31.932	-67.263	-47.588	-78.130	-54.513
Result on ordinary operations before taxes	3.165.123	1.036.515	1.944.790	893.583	906.823
Taxation on the result of ordinary activities	633.725	197.664	409.679	181.594	213.285
Result of ordinary activities after taxes	2.531.398	838.851	1.535.111	711.989	693.538
Extraordinary income			9.786	4.922
Extraordinary result after taxation			9.786	4.922
Result subsidiaries after taxes		-38.120	-10.349	-25.003	-28.493
Net result	2.531.398	800.731	1.534.548	691.908	665.045

Summary

The gross profit of the company grew with 17.99 % between 2015 and 2016. The operating result of the company grew with 189.65 % between 2015 and 2016. This evolution implies an increase of the company's economic profitability. The result of these changes is an increase of the company's Economic Profitability of 174.57 % of the analysed period, being equal to 48.16 in the year 2016. The Net Result of the company increased by 216.14 % between 2015 and 2016. The company's Financial Profitability has been positively affected by the financial activities in comparison to the EBITs behaviour. The result of these variations is a profitability increase of 201.25 % of the analysed period, being 134.78 in the year 2016. The company's financial structure has slowed down its financial profitability. The gross profit of the company decreased by -3.29 % between 2014 and 2015. The operating result of the company declined with -44.6 % between 2014 and 2015. This evolution implies an decrease of the company's economic profitability. The result of these changes is a reduction of the company's Economic Profitability of -23.54 % of the analysed period, being equal to 17.54 in the year 2015. The Net Result of the company decreased by -47.82 % between 2014 and 2015. The company's Financial Profitability has been negatively affected by the financial activities in comparison to the EBITs behaviour. The result of these variations is a profitability reduction of -36.37 % of the analysed period, being 44.74 in the year 2015. The company's financial profitability has been positively affected by its financial structure.

Analysis

Branch (SBI)	Manufacture of games and toys (SBI code 3240)
Region	Veluwe
Summary	In the Netherlands 9060 of the companies are registered with the SBI code 3240 In the region Veluwe 305 of the companies are registered with the SBI code 3240 In the Netherlands 75 of the bankrupcties are published within this sector In the region Veluwe 2 of the bankruptcies are published within this sector The risk of this specific sector in the Netherlands is normal The risk of this specific sector in the region Veluwe is normal

Year	2016	Company	2015	Company	2014
Equity	74.799	2.348.280	68.490	2.316.882	71.648
Working capital	85.144	2.688.491	58.602	3.754.182	48.564
Balance total	293.840	6.571.886	301.281	5.910.455	321.879
Quick ratio	1,38	0,44	1,24	0,94	1,23
Current ratio	1,00	1,69	1,48	2,74	1,52
Equity / balance total	0,41	0,36	0,39	0,39	0,37
Turnover	14.369.209	12.301.650	13.086.991	10.426.367	10.309.000
Net result	483.000	2.531.398	391.957	800.731	216.139

Publications

Deposits	01-06-2017: De jaarrekening over 2016 is gepubliceerd. 18-05-2016: De jaarrekening over 2015 is gepubliceerd. 13-05-2016: De jaarrekening over 2015 is gepubliceerd. 11-05-2015: De jaarrekening over 2014 is gepubliceerd. 29-04-2014: De jaarrekening over 2013 is gepubliceerd. 15-05-2013: De jaarrekening over 2012 is gepubliceerd.
Other	19-11-2014: Per 17-11-2014 statuten gewijzigd. Zetel gewijzigd in: Ede.

Company structure

Relations	3
Company	Registration number
AxBeVa B.V. (EDE GLD)	09168593
| - - Berg Beheer B.V. (EDE GLD)	09178735
| - - | - - Berg Toys B.V. (EDE)	09094642

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	INR 65.08
UK Pound	1	INR 89.85
Euro	1	INR 80.16
Euro	1	INR 80.00

Note : Above are approximate rates obtained from sources believed to be correct

INFORMATION DETAILS

Analysis Done by :	PRI
Report Prepared by :	SYL

RATING EXPLANATIONS

Credit Rating	Explanation	Rating Comments
A++	Minimum Risk	Business dealings permissible with minimum risk of default
A+	Low Risk	Business dealings permissible with low risk of default
A	Acceptable Risk	Business dealings permissible with moderate risk of default
B	Medium Risk	Business dealings permissible on a regular monitoring basis
C	Medium High Risk	Business dealings permissible preferably on secured basis
D	High Risk	Business dealing not recommended or on secured terms only
NB	New Business	No recommendation can be done due to business in infancy stage
NT	No Trace	No recommendation can be done as the business is not traceable

NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.

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 are as follows:

· Financial condition covering various ratios

· Company background and operations size

· Promoters / Management background

· Payment record

· Litigation against the subject

· Industry scenario / competitor analysis

· Supplier / Customer / Banker review (wherever available)

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