MIRA INFORM REPORT

Report Date :

21.11.2012

IDENTIFICATION DETAILS

Name :	BEL-TUFT BVBA
Registered Office :	Drieskouter 5 Anzegem, 8573
Country :	Belgium
Financials (as on) :	31.12.2011
Date of Incorporation :	13.01.1987
Com. Reg. No.:	430339510
Legal Form :	Private Limited Company
Line of Business :	Manufacture of carpets and rugs
No. of Employees :	6

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

Maximum Credit Limited :	34.000
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 – June 30^th, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
Belgium	A1	A1

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

Company name

BEL-TUFT BVBA

Business number	430339510	Company name	BEL-TUFT BVBA
		Telephone number	056680586
Address	DRIESKOUTER 5 ANZEGEM	Fax number	056680586
Post code	8573	Number of staff	6
Date of establishment	13/01/1987

Credit information

Credit limit

34.000

Ultimate holding company

Safe number	Company name	Company Number	View linked companies from outside this company's group structure
-	-	-	No linked companies have been found.

Accounts & ratios

Date of latest accounts	Turnover	Profit Before Tax	Net worth
31/12/2011		779	194,004
31/12/2010		8,332	189,629
31/12/2009		10,044	186,338

Accounts & ratios

Date of latest accounts	Balance Total	Investments	Capital	Cash Flow	Number of Employees
31/12/2011	1,386,570	140	62,000	34,937	6
31/12/2010	1,259,882	140	62,000	3,346	6
31/12/2009	1,235,091	140	62,000	75,913	5

Trends

Profitability
Liquidity
Net worth

Payment expectations

Past payments		Payment expectation days	-
Industry average payment expectation days	103.72	Industry average day sales outstanding	78.59
Day sales outstanding	-

Hav

e you got a back in return.

Court data summary

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

Business number	430339510	Company name	BEL-TUFT BVBA
Fax number	056680586	Date founded	13/01/1987
Company status	active	Company type	Private Limited Company (BL/LX)
Currency	Euro (€)	Date of latest accounts	31/12/2011
Activity code	13930	liable for VAT	yes
Activity description	Manufacture of carpets and rugs	VAT Number	BE.0430.339.510
Belgian Bullettin of Acts Publications	moniteur belge

Contractor details Check Article 30 Bis

Registered contractor number	-
Contractor description	-
Date struck off register

Personnel limit NSSO

Code	-
Description	FROM 5 TO 9 EMPLOYEES

Joint Industrial Committee (JIC)

JIC Code	120
Description	Joint committee for the textile industry and knitting
category

JIC Code	214
Description	JC for the employees in the textile industry and the knitting
category

Export accounts to CSV file

comparison mode

average

median

Profit & loss

	Annual accounts	31-12-2011	%	31-12-2010	%	31-12-2009	Industry average 2011	%
	Weeks	52		52		52
	Currency	EUR		EUR		EUR
	Turnover	-	-	-	-	-	38,847,854	-
	Total operating expenses	-	-	-	-	-	37,854,926	-
	Operating result	25,463	-23.61	33,333	-21.30	42,357	381,025	-93.32
	Total financial income	6,396	-13.47	7,392	39.53	5,298	244,023	-97.38
	Total financial expenses	31,081	-4.05	32,393	-13.87	37,611	592,066	-94.75
	Results on ordinary operations before taxation	779	-90.66	8,332	-17.04	10,044	26,885	-97.10
	Taxation	412	-	-	-	-	34,295	-98.80
	Results on ordinary operations after taxation	366	-95.61	8,332	-17.04	10,044	9,904	-96.30
	Extraordinary items	4,009	79.53	-5,041	-85.32	-2,720	-6,681	60.00
	Other appropriations	0.00	-	0.00	-	0	-	-
	Net result	4,375	32.92	3,292	-55.06	7,324	2,647	65.28
	other information
	Dividends	-	-	-	-	-	1,235,150	-
	Director remuneration	-	-	-	-	-	126,176	-
	Employee costs	202,500	-18.27	247,782	7.45	230,600	3,862,292	-94.76
	Wages and salary	127,848	-17.32	154,621	10.83	139,508	2,785,923	-95.41
	Employee pension costs	-	-	-	-	-	53,516	-
	Social security contributions	66,198	-20.22	82,978	3.74	79,988	995,334	-93.35
	Other employee costs	8,454	-16.98	10,183	-8.30	11,104	179,503	-95.29
	Amortization and depreciation	114,032	2.52	111,225	-4.63	116,625	431,307	-73.56
	back to top

balance sheet

	Annual accounts	31-12-2011	%	31-12-2010	%	31-12-2009	Industry average 2011	%
	Weeks	52		52		52
	Currency	EUR		EUR		EUR
	Intangible fixed assets	0	-	0	-	0	32,054	-100
	Tangible fixed assets	484,523	-17.21	585,217	-15.97	696,442	1,596,014	-69.64
	Land & building	459,817	-9.55	508,367	-8.72	556,917	1,074,276	-57.20
	Plant & machinery	22,702	-70.46	76,850	-44.92	139,525	674,749	-96.64
	Other tangible assets	2,004	-	0	-	0	231,894	-99
	Financial fixed assets	140	0	140	0.21	140	6,596,021	-99
	Total fixed assets	484,664	-17.20	585,357	-15.97	696,582	6,327,599	-92.34
	Inventories	316,315	34.24	235,628	93.37	121,851	4,121,059	-92.32
	Raw materials & consumables	-	-	-	-	-	3,505,151	-
	Work in progress	0	-	0	-	0	467,533	-100
	Finished goods	0	-	0	-	0	1,150,267	-100
	Other stocks	316,315	34.24	235,628	93.37	121,851	162,001	95.25
	Trade debtors	340,581	17.60	289,617	-9.99	321,778	2,783,842	-87.77
	Cash	34,937	944	3,346	-95.59	75,913	223,110	-84.34
	other amounts receivable	192,531	73.29	111,101	3842	2,818	529,993	-63.67
	Miscellaneous current assets	17,542	-49.64	34,833	115	16,149	666,096	-97.37
	Total current assets	901,906	33.71	674,525	25.26	538,509	6,995,095	-87.11
	current liabilities
	Trade creditors	560,284	67.68	334,133	54.58	216,158	2,239,380	-74.98
	Short term group loans	-	-	-	-	-	-	-
	Other short term loans	109,484	1.15	108,237	1.79	106,334	1,741,759	-93.71
	Miscellaneous current liabilities	137,464	3.68	132,586	7.39	123,460	-86.73	- -
	Total current liabilities	807,232	40.40	574,956	28.93	445,952	4,952,060	-83.70
	Long term debts
	Long term group loans	-	-	-	-	-	-	- -
	Other long term loans	385,333	-22.20	495,297	-17.83	602,802	-94.36	- -
	Other long term liabilities	0	-	0	0	-1	237,471	-100
	Total long term debts	385,333	-22.20	495,297	-17.83	602,801	3,555,112	-89.16
	shareholders equity
	Issued share capital	62,000	0	62,000	0	62,000	3,056,226	-97.97
	Share premium account	-	-	-	-	-	212,739	-
	Reserves	132,004	3.43	127,629	2.65	124,338	1,454,536	-90.92
	Revaluation reserve	-	-	-	-	-	510,101	-
	Total shareholders equity	194,004	2.31	189,629	1.77	186,338	4,569,791	-95.75
	Working capital	94,674	-4.92	99,569	7.58	92,557	2,043,035	-95.37
	Net worth	194,004	2.31	189,629	1.77	186,338	4,537,737	-95.72
	back to top

ratio analysis

	Annual accounts	31-12-2011	change(%)	31-12-2010	change(%)	31-12-2009	Industry average 2011	%
	Trading performance
	Profit Before Tax	-	-	-	-	-	0,00	-
	Return on capital employed	0.13	-89.34	1.22	-3.94	1.27	5,00	-97.40
	Return on total assets employed	0.06	-90.91	0.66	-18.52	0.81	9,00	-99
	Return on net assets employed	0.40	-90.89	4.39	-18.55	5.39	-2,00	20.00
	Sales / net working capital	-	-	-	-	-	2,00	-
	Stock turnover ratio	-	-	-	-	-	21,00	-
	Debtor days	-	-	-	-	-	78,00	-
	Creditor days	-	-	-	-	-	57,00	-
	short term stability
	Current ratio	1.12	-4.27	1.17	-3.31	1.21	36,00	56.00
	Liquidity ratio / acid ratio	0.73	-3.95	0.76	-18.28	0.93	35,00	-97.91
	Current debt ratio	4.16	37.29	3.03	26.78	2.39	-2,00	208
	Liquidity ratio reprocessed	-	-	-	-	-	-	-
	long term stability
	Gearing	255.05	-19.86	318.27	-16.37	380.56	-218,00	116
	Equity in percentage	13.99	-7.04	15.05	-0.27	15.09	-165,00	8.48
	Total debt ratio	6.15	9.04	5.64	0.18	5.63	-2,00	307

Rating History

Date	Rating	Description
10/10/2012	43	caution - credit at your discretion
10/10/2012	43	caution - credit at your discretion

Limit History

date	Credit limit
10/10/2012	0

Industry comparison

Activity code	13930
Activity description	Manufacture of carpets and rugs
industry average credit rating	75.62
Industry average credit limit	189728.95

Suspension of payments / moratorium history

Amount	-
Details	-

Payment expectations

Payment expectation days	-
Day sales outstanding	-

Industry comparison

Activity code	13930
Activity description	Manufacture of carpets and rugs
Industry average payment expectation days	103.72
Industry average day sales outstanding	78.59

Industry quartile analysis

Payment expectations
Company result	-
Lower	85.61
Median	68.37
Upper	49.01
Day sales outstanding
Company result	-
Lower	78.79
Median	55.69
Upper	37.23

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Summary

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

Group Structure

Click the company to view / order a report.

No group structure for this company.

Minority Shareholders

Business number	Company name	%	Rating	Limit	Date of accounts
447976286	Ambel Projects NV	24.8	74	€2.500	31/12/2011
447976286	Ambel Projects NV	24.8	74	€2.500	31/12/2011

Minority Interests

No minority interests found

Companies that match this address

no Companies Match this address

Protested bills

Drawee name	-
Address	-
Bill amount	-
Bill currency	-
Maturity of bill	-
Name of drawer	-
City of drawer	-

NSSO details

Business number	430339510
Name of defendant	-
Legal form of defendant	-
Date of summons	-
Labour court	-

Bankruptcy details

There is no bankruptcy data against this company

court data

there is no data for this company

Current director details

Name	LOUIS MARIE GABRIEL VAN PARIJS
Position	Non Statutory Partner
Date of birth	18/04/1959
Street	3 STERRESTRAAT TIELT
Post code	8700
Country	Belgium
Name	LOUIS MARIE GABRIEL VAN PARYS
Position	Principal Manager
Date of birth	18/04/1959
Street	3 STERRESTRAAT TIELT
Post code	8700
Country	Belgium

Former director details

Name	GEERT DE FOER
Position	Principal Manager
Date of birth	13/04/1960
Street	16 WIELSBEKESTRAAT OOSTROZEBEKE
Post code	8780
Country	Belgium
Name		MIA RAFAÈLLA CÉCILE ISERBYT
Position		Principal Manager
Date of birth		11/05/1950
Street		2 JULIUS HOSTESTRAAT KNOKKE-HEIST
Post code		8300
Country		Belgium

Name		HARRY PIJNENBORG
Position		Principal Manager
Street		2 JULIUS HOSTESTRAAT KNOKKE-HEIST
Post code		8300
Country		Belgium
Name	LOUIS MARIE GABRIEL VAN PARIJS
Position	Principal Manager
Date of birth	18/04/1959
Street	3 STERRESTRAAT TIELT
Post code	8700
Country	Belgium

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.54.91
UK Pound	1	Rs.87.38
Euro	1	Rs.70.23

INFORMATION DETAILS

Report Prepared by :

PDT

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.