MIRA INFORM REPORT

Report Date :

07.11.2012

IDENTIFICATION DETAILS

Name :	TOPCUIR SPRL
Registered Office :	Rue Van Soust 262 Bus A Bruxelles 1070

Country :	Belgium

Financials (as on) :	31.12.2010

Date of Incorporation :	18.08.2008

Com. Reg. No.:	899889982

Legal Form :	Private Limited Company (BL/LX)

Line of Business :	Retail sale of leather goods and travel articles in specialised stores

No. of Employees :	4

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Moderate
Payment Behaviour :	Unknown
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 – June 30^th, 2012

Country Name

Previous Rating

(31.03.2011)

Current Rating

(30.06.2012)

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 2011 Belgian GDP grew by 2.0%, the unemployment rate decreased slightly to 7.7% from 8.3% the previous year, and the government reduced the budget deficit from a peak of 6% of GDP in 2009 to 4.2% in 2011. Despite the relative improvement in Belgium's budget deficit, public debt hovers near 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 arm of a Franco-Belgian bank. An ageing population and rising social expenditures are mid- to long-term challenges to public finances.

Source : CIA

REGISTERED NAME & COMPANY SUMMARY

Business number	899889982	Company name	TOPCUIR SPRL
		Telephone number	025227332
Address	RUE VAN SOUST 262 BUS A BRUXELLES	Fax number	025239632
Post code	1070	Number of staff	4
Date of establishment	18/08/2008

Business number	899889982	Company name	TOPCUIR SPRL
Fax number	025239632	Date founded	18/08/2008
Company status	active	Company type	Private Limited Company (BL/LX)
Currency	Euro (€)	Date of latest accounts	31/12/2010
Activity code	47722	liable for VAT	yes
Activity description	Retail sale of leather goods and travel articles in specialised stores	VAT Number	BE.0899.889.982
Belgian Bullettin of Acts Publications	moniteur belge

DIRECTORS/MANAGEMENT

Current director details

Name	ISABELLE PERLA WEIMBERG
Position	Principal Manager
Date of birth	22/08/1960
Street	5 AVENUE DU CHILI BRUXELLES
Post code	1000
Country	Belgium

NEGATIVE INFORMATION

Court data summary

Bankruptcy details
Court action type	no
Protested bills
Bill amount	-
NSSO details
Date of summons	-

Bankruptcy details

There is no bankruptcy data against this company

court data

there is no data for this company

SHARE & SHARE CAPITAL INFORMATION

Minority Shareholders

No minority shareholders found

Minority Interests

No minority interests found

Individual Shareholders

Shareholder Name
Forename	Ariel	Middle name	-
Surname	Rubinstein
Shareholder Details
Start date	18/08/2008	End date	-
Percentage owned	26%
Shareholder Address
Street name	Avenue du Chili	House number	5
Minor town	-	Postal town	Bruxelles
Post code	1050	Country	Belgium

Shareholder Name
Forename	Isabelle	Middle name	-
Surname	Weimberg
Shareholder Details
Start date	18/08/2008	End date	-
Percentage owned	74%
Shareholder Address
Street name	Avenue du Chili	House number	5
Minor town	-	Postal town	Bruxelles
Post code	1000	Country	Belgium

PAYMENT INFORMATION

Payment expectations

Past payments		Payment expectation days	-
Industry average payment expectation days	83.56	Industry average day sales outstanding	42.26
Day sales outstanding	-

Industry comparison

Activity code	47722
Activity description	Retail sale of leather goods and travel articles in specialised stores
Industry average payment expectation days	83.56
Industry average day sales outstanding	42.26

Industry quartile analysis

Payment expectations
Company result	-
Lower	47.12
Median	11.75
Upper	3.31

GROUP STRUCTURE & AFFILIATED COMPANIES

Summary

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

Group Structure

No group structure for this company.

FINANCIAL INFORMATION

Accounts & ratios

Date of latest accounts	Turnover	Profit Before Tax	Net worth
31/12/2010		142,070	169,584
31/12/2009		290,562	124,962

Accounts & ratios

Date of latest accounts	Balance Total	Investments	Capital	Cash Flow	Number of Employees
31/12/2010	919,880	171	50,000	180,387	4
31/12/2009	884,470	171	50,000	228,016	4

Profit & loss

Annual accounts	31-12-2010	%	31-12-2009	%		Industry average	%
Weeks	52		52		-
Currency	EUR		EUR		-
Turnover	-	-	-	-	-	-	-
Total operating expenses	-	-	-	-	-	-	-
Operating result	173,004	-47.66	330,570	-	-	-	-
Total financial income	4,692	252	1,330	-	-	-	-
Total financial expenses	35,625	-13.82	41,338	-	-	-	-
Results on ordinary operations before taxation	142,070	-51.10	290,562	-	-	-	-
Taxation	52,799	-53.10	112,580	-	-	-	-
Results on ordinary operations after taxation	89,271	-49.84	177,982	-	-	-	-
Extraordinary items	0	-	0	-	-	-	-
Other appropriations	0.00	-	0.00	-	-	-	-
Net result	89,271	-49.84	177,982	-	-	-	-
other information
Dividends	45,000	-55.00	100,000	-	-	-	-
Director remuneration	-	-	-	-	-	-	-
Employee costs	203,974	-27.84	282,669	-	-	-	-
Wages and salary	155,376	-45.03	282,669	-	-	-	-
Employee pension costs	-	-	-	-	-	-	-
Social security contributions	45,377	-	-	-	-	-	-
Other employee costs	3,221	-	0	-	-	-	-
Amortization and depreciation	23,003	-55.00	51,120	-	-	-	-

Balance Sheet

Annual accounts	31-12-2010	%	31-12-2009	%		Industry average	%
Weeks	52		52		-
Currency	EUR		EUR		-
Intangible fixed assets	2,670	-	3,020	-	-	-	-
Tangible fixed assets	200,615	12.61	178,152	-	-	-	-
Land & building	158,436	-2.56	162,594	-	-	-	-
Plant & machinery	-	-	-	-	-	-	-
Other tangible assets	42,178	171	15,559	-	-	-	-
Financial fixed assets	171	0	171	-	-	-	-
Total fixed assets	203,455	12.19	181,343	-	-	-	-
Inventories	159,191	81.24	87,835	-	-	-	-
Raw materials & consumables	-	-	-	-	-	-	-
Work in progress	0	-	0	-	-	-	-
Finished goods	0	-	0	-	-	-	-
Other stocks	159,191	81.24	87,835	-	-	-	-
Trade debtors	376,371	-1.85	383,453	-	-	-	-
Cash	180,387	-20.89	228,016	-	-	-	-
other amounts receivable	0	-100	1,140	-	-	-	-
Miscellaneous current assets	477	-82.24	2,684	-	-	-	-
Total current assets	716,425	1.89	703,127	-	-	-	-
current liabilities
Trade creditors	266,017	-22.44	342,978	-	-	-	-
Short term group loans	-	-	-	-	-	-	-
Other short term loans	10,045	163	3,815	-	-	-	-
Miscellaneous current liabilities	199,253	-24.27	263,116	-	-	-	- -
Total current liabilities	475,315	-22.07	609,909	-	-	-	-
Long term debts
Long term group loans	-	-	-	-	-	-	- -
Other long term loans	140,712	748	16,579	-	-	-	- -
Other long term liabilities	131,600	1.23	130,000	-	-	-	-
Total long term debts	272,312	85.78	146,579	-	-	-	-
shareholders equity
Issued share capital	50,000	0	50,000	-	-	-	-
Share premium account	-	-	-	-	-	-	-
Reserves	122,253	56.77	77,982	-	-	-	-
Revaluation reserve	-	-	-	-	-	-	-
Total shareholders equity	172,253	34.59	127,982	-	-	-	-
Working capital	241,110	158	93,218	-	-	-	-
Net worth	169,584	35.71	124,962	-	-	-	-

Ratio Analysis

Annual accounts	31-12-2010	change(%)	31-12-2009	change(%)		Industry average	%
Trading performance
Profit Before Tax	-	-	-	-	-	-	-
Return on capital employed	31.96	-69.80	105.83	-	-	-	-
Return on total assets employed	15.44	-53.00	32.85	-	-	-	-
Return on net assets employed	82.48	-63.67	227.03	-	-	-	-
Sales / net working capital	-	-	-	-	-	-	-
Stock turnover ratio	-	-	-	-	-	-	-
Debtor days	-	-	-	-	-	-	-
Creditor days	-	-	-	-	-	-	-
short term stability
Current ratio	1.51	31.30	1.15	-	-	-	-
Liquidity ratio / acid ratio	1.17	15.84	1.01	-	-	-	-
Current debt ratio	2.76	-42.14	4.77	-	-	-	-
Liquidity ratio reprocessed	-	-	-	-	-	-	-
long term stability
Gearing	87.52	449	15.94	-	-	-	-
Equity in percentage	18.78	29.34	14.52	-	-	-	-
Total debt ratio	4.34	-26.57	5.91	-	-	-	-

FOREIGN EXCHANGE RATES

N/a

ADDITIONAL INFORMATION

Personnel limit NSSO

Code	-
Description	FROM 5 TO 9 EMPLOYEES

NSSO details

Business number

899889982

NOTES & COMMENTS

N/a

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.54.59
UK Pound	1	Rs.87.31
Euro	1	Rs.69.86

INFORMATION DETAILS

Report Prepared by :

PRL

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.