. MIRA INFORM REPORT

Report Date :

24.01.2014

IDENTIFICATION DETAILS

Name :	FANCY NV
Registered Office :	Parc Paysager De Tyberchamps, 7180 Seneffe
Country :	Belgium
Financials (as on) :	29.02.2012
Date of Incorporation :	01.10.1996
Com. Reg. No.:	459008651
Legal Form :	Public Limited Liability Company (BE)
Line of Business :	Wholesale of other household goods, n.e.c.
No. of Employees :	13

RATING & COMMENTS

MIRA’s Rating :

B

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

Status :	Moderate
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	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 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	459008651
Company name	FANCY NV
Address	PARC PAYSAGER DE TYBERCHAMPS
	7180 SENEFFE
Number of staff	13
Date of establishment	01/10/1996
Telephone number
Fax number	035412581

DIRECTORS/MANAGEMENT

Current director details

Name	ALEXANDRE OLIVIER GOLDBLATT
Position	Director
Start Date	30/08/2012
Date of birth	10/11/1972
Street	103 VIEUX CHEMIN DE WAVRE LASNE
Post code	1380
Country	Belgium

Name	ANITA FERNANDE JOSEPHA OPSTAELE
Position	Director
Start Date	22/09/1996
Date of birth	20/02/1946
Street	42 DRÈVE DES PINS EIGENBRAKEL
Post code	1420
Country	Belgium

Name	ANITA FERNANDE JOSEPHA OPSTAELE
Position	Managing Director
Start Date	22/09/1996
Date of birth	20/02/1946
Street	42 DRÈVE DES PINS EIGENBRAKEL
Post code	1420
Country	Belgium

Name	LÉON GOLDBLATT
Position	Chairman of the Board
Start Date	25/08/2010
Date of birth	10/02/1944
Street	42 DRÈVE DES PINS EIGENBRAKEL
Post code	1420
Country	Belgium

Name	LÉON GOLDBLATT
Position	Managing Director
Start Date	04/11/2009
Date of birth	10/02/1944
Street	42 DRÈVE DES PINS EIGENBRAKEL
Post code	1420
Country	Belgium

Name	LÉON GOLDBLATT
Position	Director
Start Date	22/09/1996
Date of birth	10/02/1944
Street	42 DRÈVE DES PINS EIGENBRAKEL
Post code	1420
Country	Belgium

NEGATIVE INFORMATION

Court data summary

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

Business number	459008651	Company name	FANCY NV
Fax number	035412581	Date founded	01/10/1996
Company status	Active	Company type	Public Limited Liability Company (BE)
Currency	Euro (€)	Date of latest accounts	29/02/2012
Activity code	46499	liable for VAT	yes
Activity description	Wholesale of other household goods, n.e.c.	VAT Number	BE.0459.008.651
Belgian Bullettin of Acts Publications	moniteur belge

NSSO details

Business number	459008651
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.

PAYMENT INFORMATION

Payment expectations

Past payments		Payment expectation days	-
Industry average payment expectation days	88.63	Industry average day sales outstanding	118.94
Day sales outstanding	-

Industry comparison

Activity code	46499
Activity description	Wholesale of other household goods, n.e.c.
Industry average payment expectation days	88.63
Industry average day sales outstanding	118.94

Industry quartile analysis

Payment expectations
Company result	-
Lower	85.67
Median	45.78
Upper	16.80

Day sales outstanding
Company result	-
Lower	82.31
Median	38.49
Upper	16.02

GROUP STRUCTURE & AFFILIATED COMPANIES

Group Structure

No group structure for this company.

FINANCIAL INFORMATION

Accounts

Date of latest accounts	Turnover	Profit Before Tax	Net worth	Working capital
29/02/2012		72,190	4,341,154	2,255,763
28/02/2011		113,695	4,361,891	2,199,147
28/02/2010		9,197	4,238,196	2,068,094

Accounts

Date of latest accounts	Balance Total	Number of Employees	Capital	Cashflow
29/02/2012	9,828,314	13	232,028	405,351
28/02/2011	10,221,451	15	232,028	621,025
28/02/2010	10,450,327	14	232,028	437,828

Trends

Profitability
Liquidity
Net worth

Social Balance Sheet Details

Social Balance Sheet	Total
During the reporting year ended 29-02-2012
Full-time Employees	12
Part-time Employees	2
Total Fte Employees	13
Number of hours worked
Full-time Employees	17,625
Part-time Employees	2,088
Total	19,713
Personnel Charges
Full-time Employees	401,899
Part-time Employees	47,612
Total	449,511
Benefits In Addition To Wages	-
During the previous reporting year
Average number employees in Fte	16
Actual working hours	24,502
Personnel Charges	458,870
Benefits In Addition To Wages	-

Type of Contract	Full-Time	Part-Time	Total Fte
Unlimited Duration Contracts	12	2	14
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	8	-	8
Higher education (non university)	-	-	-
Higher education (university)	-	-	-
Women	Full-Time	Part-Time	Total Fte
Primary education	-	-	-
Secondairy education	4	2	6
Higher education (non university)	-	-	-
Higher education (university)	-	-	-

Working Category	Full-Time	Part-Time	Total Fte
Management	-	-	-
White collar worker	2	2	4
Blue collar worker	10	-	10
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	7	1	8
Leavers	10	-	10

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	29-02-2012	%	28-02-2011	%	28-02-2010	Industry average 2012	%
Weeks	52		52		52
Currency	EUR		EUR		EUR
Turnover	-	-	-	-	-	13,869,920	-
Total operating expenses	-	-	-	-	-	13,677,917	-
Operating result	190,383	-58.49	458,642	551	70,405	60,717	213
Total financial income	222,172	247	63,970	-74.17	247,626	21,577	929
Total financial expenses	340,365	-16.76	408,917	32.41	308,834	24,682	1279
Results on ordinary operations before taxation	72,190	-36.51	113,695	1136	9,197	55,381	30.35
Taxation	174	-	-	-	-	23,884	-99
Results on ordinary operations after taxation	72,016	-36.66	113,695	1136	9,197	38,308	87.99
Extraordinary items	-19,020	-150	38,000	9100	413	6,581	-389
Other appropriations	0	-	0	-	0	-	-
Net result	52,996	-65.06	151,695	1478	9,610	44,491	19.12
other information
Dividends	33,333	19.05	28,000	5.00	26,667	189,130	-82.38
Director remuneration	-	-	-	-	-	290,050	-
Employee costs	449,511	-2.04	458,870	15.54	397,155	305,666	47.06
Wages and salary	337,580	2.00	330,975	20.02	275,765	232,306	45.32
Employee pension costs	-	-	-	-	-	5,352	-
Social security contributions	96,197	-15.11	113,313	4.22	108,726	70,412	36.62
Other employee costs	15,734	7.90	14,582	15.15	12,664	8,221	91.39
Amortization and depreciation	352,355	-24.92	469,330	9.60	428,218	35,260	899

Balance sheet

Annual accounts	29-02-2012	%	28-02-2011	%	28-02-2010	Industry average 2012	%
Weeks	52		52		52
Currency	EUR		EUR		EUR
Intangible fixed assets	0	-	0	-	0	6,571	-100
Tangible fixed assets	6,737,611	-4.85	7,081,265	-4.44	7,409,962	261,772	2473
Land & building	6,684,454	-4.45	6,996,056	-5.35	7,391,217	410,470	1528
Plant & machinery	1,787	-32.84	2,661	-5.30	2,810	32,687	-94.53
Furniture & Vehicles	51,370	-37.77	82,548	418	15,935	25,328 11,639	102
Leasing & Other Similar Rights	-	-	-	-	-	69,381 17,714	-
Other tangible assets	0	-	0	-	0	7,427	-100
Financial fixed assets	20,910	-18.02	25,506	-25.48	34,227	351,811	-94.06
Total fixed assets	6,758,521	-4.90	7,106,771	-4.53	7,444,189	455,125	1384
Inventories	1,448,830	14.32	1,267,303	22.49	1,034,650	376,317	285
Raw materials & consumables	-	-	-	-	-	373,052	-
Work in progress	0	-	0	-	0	2,714	-100
Finished goods	0	-	0	-	0	95,259	-100
Other stocks	1,448,830	14.32	1,267,303	22.49	1,034,650	154,958	834
Trade debtors	392,136	-19.38	486,387	146	197,587	223,993	75.07
Cash	607,795	-33.91	919,686	-43.27	1,621,179	114,355	431
other amounts receivable	459,153	161	175,631	16.84	150,322	183,150	150
Miscellaneous current assets	161,879	-39.07	265,673	10969	2,400	28,606	465
Total current assets	3,069,793	-1.44	3,114,680	3.61	3,006,138	802,594	282
Total Assets	9,828,314	-3.85	10,221,451	-2.19	10,450,327	1,220,436 267,831	705
current liabilities
Trade creditors	102,445	-51.93	213,130	-17.22	257,459	222,032	-53.86
Short term group loans	-	-	-	-	-	-	-
Financial debts	-	-	-	-	-	282,106 26,560	-
Current portion of long term debt	270,897	6.21	255,059	-3.08	263,172	59,630 21,467	354
Amounts Payable for Taxes, Remuneration & Social Security	35,349	-43.69	62,774	-56.05	142,822	11,686 -	-18.83
Miscellaneous current liabilities	405,339	5.40	384,570	40.05	274,591	119	- -
Total current liabilities	814,030	-11.09	915,533	-2.40	938,044	554,626	46.77
Long term debts and liabilities
Long term group loans	-	-	-	-	-	-	- -
Other long term loans	4,673,130	-5.48	4,944,027	-4.91	5,199,087	1397	- -
Deffered taxes	-	-	-	-	-	47,104 22,750	-
Provisions for Liabilities & Charges	0	-	0	-100	75,000	9,034 0	-100
Other long term liabilities	0	-	0	-	0	20,655	-100
Total long term debts	4,673,130	-5.48	4,944,027	-6.26	5,274,087	182,668	2458
shareholders equity
Issued share capital	232,028	0	232,028	0	232,028	124,468	86.42
Share premium account	-	-	-	-	-	452,656	-
Reserves	4,109,126	-0.50	4,129,863	3.09	4,006,168	314,362	1207
Revaluation reserve	-	-	-	-	-	832,519	-
Total shareholders equity	4,341,154	-0.48	4,361,891	2.92	4,238,196	476,616	810
Working capital	2,255,763	2.57	2,199,147	6.34	2,068,094	247,968	809
Cashflow	405,351	-34.73	621,025	41.84	437,828	75,037	440
Net worth	4,341,154	-0.48	4,361,891	2.92	4,238,196	470,045	823

Ratio analysis

Annual accounts	29-02-2012	change(%)	28-02-2011	change(%)	28-02-2010	Industry average 2012	%
Trading performance
Profit Before Tax	-	-	-	-	-	-5,00	-
Return on capital employed	0.80	-34.43	1.22	1120	0.10	15,00	-94.67
Return on total assets employed	0.73	-34.23	1.11	1133	0.09	-9,00	8.11
Return on net assets employed	1.66	-36.40	2.61	1086	0.22	8,00	-79.25
Sales / net working capital	-	-	-	-	-	-19,00	-
Stock turnover ratio	-	-	-	-	-	24,00	-
Debtor days	-	-	-	-	-	112,00	-
Creditor days	-	-	-	-	-	4.920,00	-
short term stability
Current ratio	3.77	10.88	3.40	6.25	3.20	7,00	277
Liquidity ratio / acid ratio	1.99	-1.49	2.02	-3.81	2.10	6,00	-66.83
Current debt ratio	0.19	-9.52	0.21	-4.55	0.22	1,00	-81.00
Liquidity ratio reprocessed	-	-	-	-	-	-	-
long term stability
Gearing	113.89	-4.45	119.19	-7.52	128.88	179,00	-36.37
Equity in percentage	44.17	3.52	42.67	5.20	40.56	-276,00	16.00
Total debt ratio	1.26	-5.97	1.34	-8.84	1.47	2,00	-37.00

FOREIGN EXCHANGE RATES

N/a

ADDITIONAL INFORMATION

Personnel (NSSO classification)

Code	-
Description	FROM 10 TO 19 EMPLOYEES

Joint Industrial Committee (JIC)

JIC Code	113
Description	Joint committee for the pottery industry
category

Significant Events

Event Date	23/06/2011
Event Description	re-appointment of director(s)
Event Details	Commentaar 23-06-2011: Renouvellement des mandats d'administrateurs pour une durée de 6 ans, à compter du 23/11/10: Opstaele Anita, Goldblatt Léon et Goldblatt Alexandre.

Event Date	23/06/2011
Event Description	new co-ordinated text of the statutes filed
Event Details	Commentaar 23-06-2011: Adoption du texte français et refonte des statuts.

Industry comparison

Activity code	46499
Activity description	Wholesale of other household goods, n.e.c.

Companies that match this address

No Companies Match this address.

NOTES & COMMENTS

Commentary

The business was established over 17 years ago.
The business has 10 employees.
The business has been at the address for over 4 years.
Operating Result in the latest trading period decreased 58% on the previous trading period.
Pre-tax profits decreased by 36% compared to the previous trading period.
The business saw a decrease in their Cash Balance of 33% during the latest trading period.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.99
UK Pound	1	Rs.102.67
Euro	1	Rs.83.98

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%)

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