MIRA INFORM REPORT

Report Date :

11.01.2014

IDENTIFICATION DETAILS

Name :	TOPCUIR SPRL

Registered Office :	Rue Van Soust 262, 1070 Bruxelles

Country :	Belgium

Financials (as on) :	31.12.2012

Date of Incorporation :	18.08.2008

Com. Reg. No.:	899889982

Legal Form :	Private Limited Company (BL/LX)

Line of Business :	Subject is engaged in 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
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, 2013

Country Name

Previous Rating

(30.06.2013)

Current Rating

(30.09.2013)

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 1.8%, the unemployment rate decreased slightly to 7.2% 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 and 3.3% in 2012. Fourth quarter GDP growth in 2012 was at -0.1%, the third consecutive quarter of negative growth. This brought economic growth for the whole of 2012 to negative 0.2%. It also left Belgium on the brink of a possible recession at the end of 2012. However, at year's end, the government appeared close to meeting its 2012 budget deficit goal of 3% of GDP. 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

REGISTERED NAME & COMPANY SUMMARY

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

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	31/12/2012
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
Start Date	18/08/2010
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	-

Contractor details Check Article 30 Bis

Registered contractor number	-
Contractor description	-
Date struck off register

Personnel (NSSO classification)

Code	-
Description	FROM 5 TO 9 EMPLOYEES

Joint Industrial Committee (JIC)

Protested bills

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

NSSO details

Business number	899889982
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

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	76.05	Industry average day sales outstanding	188.46
Day sales outstanding	-

Industry comparison

Suspension of payments / moratorium history

Amount	-
Details	-

Payment expectations

Payment expectation days	-
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	76.05
Industry average day sales outstanding	188.46

Industry quartile analysis

Payment expectations
Company result	-
Lower	40.53
Median	9.07
Upper	1.82

Day sales outstanding
Company result	-
Lower	76.21
Median	29.88
Upper	11.35

GROUP STRUCTURE & AFFILIATED COMPANIES

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.

FINANCIAL INFORMATION

Accounts

Date of latest accounts	Turnover	Profit Before Tax	Net worth	Working capital
31/12/2012		47,176	244,787	267,847
31/12/2011		145,459	217,013	325,644
31/12/2010		142,070	169,584	241,110

Accounts

Date of latest accounts	Balance Total	Number of Employees	Capital	Cashflow
31/12/2012	686,123	4	50,000	57,183
31/12/2011	855,096	5	50,000	112,834
31/12/2010	919,880	4	50,000	112,275

Social Balance Sheet Details

Social Balance Sheet	Total
During the reporting year ended 31-12-2012
Full-time Employees	5
Part-time Employees	1
Total Fte Employees	5

Number of hours worked
Full-time Employees	7,789
Part-time Employees	760
Total	8,549

Personnel Charges
Full-time Employees	196,853
Part-time Employees	19,208
Total	216,061
Benefits In Addition To Wages	-

During the previous reporting year
Average number employees in Fte	5
Actual working hours	7,829
Personnel Charges	212,111
Benefits In Addition To Wages	-

Type of Contract	Full-Time	Part-Time	Total Fte
Unlimited Duration Contracts	4	1	5
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	3	-	3
Higher education (non university)	-	-	-
Higher education (university)	-	-	-
Women	Full-Time	Part-Time	Total Fte
Primary education	-	-	-
Secondairy education	1	1	2
Higher education (non university)	-	-	-
Higher education (university)	-	-	-

Working Category	Full-Time	Part-Time	Total Fte
Management	-	-	-
White collar worker	2	1	3
Blue collar worker	2	-	2
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	2	-	2
Leavers	3	-	3

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	-	-
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	-	-

Profit & loss

Annual accounts	31-12-2012	%	31-12-2011	%	31-12-2010	Industry average 2012	%
Weeks	52		52		52
Currency	EUR		EUR		EUR
Turnover	-	-	-	-	-	1,910,531	-
Total operating expenses	-	-	-	-	-	1,708,937	-
Operating result	82,059	-56.48	188,574	9.00	173,004	58,760	39.65
Total financial income	-	-	-	-	4,692	10,857	-
Total financial expenses	34,883	-19.09	43,116	21.02	35,625	16,031	117
Results on ordinary operations before taxation	47,176	-67.57	145,459	2.38	142,070	52,482	-10.11
Taxation	13,752	-74.24	53,379	1.10	52,799	28,538	-51.81
Results on ordinary operations after taxation	33,424	-63.70	92,079	3.15	89,271	34,164	-2.17
Extraordinary items	0	-	0	-	0	-8,480	0
Other appropriations	0.00	-	0.00	-	0.00	-	-
Net result	33,424	-63.70	92,079	3.15	89,271	25,879	29.16
other information
Dividends	-	-	45,000	0	45,000	600,961	-
Director remuneration	-	-	-	-	-	-	-
Employee costs	216,061	1.86	212,111	3.99	203,974	217,508	-0.67
Wages and salary	216,061	1.86	212,111	36.52	155,376	169,060	27.80
Employee pension costs	-	-	-	-	-	7,995	-
Social security contributions	-	-	-	-	45,377	39,902	-
Other employee costs	0	-	0	-100	3,221	8,013	-100
Amortization and depreciation	23,759	14.48	20,754	-9.78	23,003	39,890	-40.44

Balance Sheet

Annual accounts	31-12-2012	%	31-12-2011	%	31-12-2010	Industry average 2012	%
Weeks	52		52		52
Currency	EUR		EUR		EUR
Intangible fixed assets	1,970	-	2,320	-	2,670	26,311	-92.51
Tangible fixed assets	203,079	7.84	188,311	-6.13	200,615	205,886	-1.36
Land & building	150,245	-2.61	154,279	-2.62	158,436	338,750	-55.65
Plant & machinery	-	-	-	-	-	15,705	-
Furniture & Vehicles	35,648	146	14,478	-44.74	26,198	19,842 6,101	79.66
Leasing & Other Similar Rights	-	-	-	-	-	9,073 8,381	-
Other tangible assets	17,185	-12.12	19,555	22.37	15,980	79,276	-78.32
Financial fixed assets	171	0	171	0	171	177,683	-99
Total fixed assets	205,219	7.56	190,802	-6.22	203,455	341,077	-39.83
Inventories	189,336	19.96	157,836	-0.85	159,191	211,145	-10.33
Raw materials & consumables	-	-	-	-	-	-	-
Work in progress	0	-	0	-	0	998	-100
Finished goods	0	-	0	-	0	50,228	-100
Other stocks	189,336	19.96	157,836	-0.85	159,191	122,827	54.15
Trade debtors	287,861	-24.88	383,182	1.81	376,371	75,172	282
Cash	-	-	119,776	-33.60	180,387	106,356	-
other amounts receivable	0	-100	3,500	-	0	48,303	-100
Miscellaneous current assets	3,707	-	0	-100	477	10,568	-64.92
Total current assets	480,904	-27.61	664,294	-7.28	716,425	413,733	16.24
Total Assets	686,123	-19.76	855,096	-7.04	919,880	738,678 181,856	-7.11
current liabilities
Trade creditors	65,481	-60.49	165,753	-37.69	266,017	132,733	-50.67
Short term group loans	-	-	-	-	-	-	-
Financial debts	75,000	-	-	-	-	125,062 30,003	-40.03
Current portion of long term debt	7,554	-36.24	11,849	17.96	10,045	34,908 11,606	-78.36
Amounts Payable for Taxes, Remuneration & Social Security	54,530	-51.52	112,469	0.59	111,813	11,952 -	26.00
Miscellaneous current liabilities	10,492	-78.40	48,579	-44.44	87,440	-91.97	- -
Total current liabilities	213,057	-37.09	338,650	-28.75	475,315	361,567	-41.07
Long term debts and liabilities
Long term group loans	-	-	-	-	-	-	- -
Other long term loans	121,309	-5.86	128,863	-8.42	140,712	-37.54	- -
Deffered taxes	-	-	-	-	-	78,709 3,348	-
Provisions for Liabilities & Charges	0	-	0	-	0	1,398 0	-100
Other long term liabilities	105,000	-37.59	168,250	27.85	131,600	41,671	151
Total long term debts	226,309	-23.83	297,113	9.11	272,312	140,744	60.79
shareholders equity
Issued share capital	50,000	0	50,000	0	50,000	157,368	-68.23
Share premium account	-	-	-	-	-	3,351	-
Reserves	196,757	16.20	169,333	38.51	122,253	78,900	149
Revaluation reserve	-	-	-	-	-	645	-
Total shareholders equity	246,757	12.50	219,333	27.33	172,253	236,367	4.40
Working capital	267,847	-17.75	325,644	35.06	241,110	52,166	413
Cashflow	57,183	-49.32	112,834	0.50	112,275	63,882	-10.49
Net worth	244,787	12.80	217,013	27.97	169,584	210,056	16.53

Ratio Analysis

Annual accounts	31-12-2012	change(%)	31-12-2011	change(%)	31-12-2010	Industry average 2012	%
Trading performance
Profit Before Tax	-	-	-	-	-	-106,00	-
Return on capital employed	9.97	-64.61	28.17	-11.86	31.96	-5,00	199
Return on total assets employed	6.88	-59.55	17.01	10.17	15.44	-48,00	14.33
Return on net assets employed	19.12	-71.17	66.32	-19.59	82.48	7,00	173
Sales / net working capital	-	-	-	-	-	39,00	-
Stock turnover ratio	-	-	-	-	-	31,00	-
Debtor days	-	-	-	-	-	1.973,00	-
Creditor days	-	-	-	-	-	78,00	-
short term stability
Current ratio	2.26	15.31	1.96	29.80	1.51	5,00	113
Liquidity ratio / acid ratio	1.37	-8.67	1.50	28.21	1.17	3,00	-54.33
Current debt ratio	0.86	-44.16	1.54	-44.20	2.76	-2,00	43.00
Liquidity ratio reprocessed	-	-	-	-	-	-	-
long term stability
Gearing	82.62	28.79	64.15	-26.70	87.52	-503,00	16.43
Equity in percentage	36.07	40.24	25.72	36.95	18.78	-938,00	3.85
Total debt ratio	1.78	-38.62	2.90	-33.18	4.34	-5,00	35.60

FOREIGN EXCHANGE RATES

ADDITIONAL INFORMATION

Commentary

The business was established over 5 years ago.

The business has 5 employees.

The business has been at the address for over 5 years.

Operating Result in the latest trading period decreased 56% on the previous trading period.

Pre-tax profits decreased by 67% compared to the previous trading period.

Trends

Profitability
Liquidity
Net worth

Companies that match this address

Business number	Company name	Date of accounts
419742952	IMMO ACCES EN LIQUIDATION SA	31/12/2009
563202685	NISAR MOHAMAD	-
867218602	EL KAJJAL RACHID	-

NOTES & COMMENTS

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.94
UK Pound	1	Rs.102.06
Euro	1	Rs.84.31

INFORMATION DETAILS

Report Prepared by :

NNA

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.