MIRA INFORM REPORT

 

 

Report No. :

309617

Report Date :

28.02.2015

 

IDENTIFICATION DETAILS

 

Name :

TOPCUIR SPRL

 

 

Registered Office :

Rue  Van  Soust  262-A 1070 Bruxelles

 

 

Country :

Belgium

 

 

Financials (as on) :

31.12.2013

 

 

Date of Incorporation :

18.08.2008

 

 

Com. Reg. No.:

899889982

 

 

Legal Form :

Private  Limited  Company (BL/LX)

 

 

Line of Business :

Manufacture of luggage, handbags and the like, saddlery and harness

 

 

No. of Employee :

4

 

 

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 :

Slow but correct

 

 

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 – December 31, 2014

 

Country Name

Previous Rating

(30.09.2014)

Current Rating

(31.12.2014)

Belgium

A2

A2

 

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 2013 Belgian GDP grew by 0.1%, the unemployment rate increased to 8.8% from 7.6% the previous year, and the government reduced the budget deficit from a peak of 6% of GDP in 2009 to 3.2%. 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

Company summary

 

Business number                     899889982

Branche Unit Number               2172550867

Company name                        TOPCUIR SPRL

Address                                   RUE VAN SOUST 262-A

1070 BRUXELLES

Number of staff                        4

Date of establishment               18/08/2008

Telephone number                   025227332

Fax number                              025239632

 

 

Commentary

 

The business was established over 6 years ago.

The business has 4 employees.

The business has been at the address for over 6 years.

 

 

Accounts

 

DATE  OF  LATEST  ACCOUNTS

TURNOVER

PROFIT  BEFORE  TAX

NET  WORTH

WORKING  CAPITAL

31/12/2013

 

46,493

255,342

234,972

31/12/2012

 

47,176

244,787

267,847

31/12/2011

 

145,459

217,013

325,644

 

ACCOUNTS

 

 

 

 

 

DATE  OF  LATEST  ACCOUNTS

BALANCE  TOTAL

NUMBER  OF  EMPLOYEES

CAPITAL

CASHFLOW

31/12/2013

650,340

4

197,600

48,733

31/12/2012

686,123

4

50,000

57,183

31/12/2011

855,096

5

50,000

112,834

 

 

Trends

 

Profitability

Liquidity

Net worth

 

Payment expectations

 

Past  payments

 

Payment  expectation  days

-

Industry  average  payment

122.41

Industry  average  day  sales

15886.57

expectation  days

 

outstanding

 

Day  sales  outstanding

-

 

 

 

 

Court data summary

 

BANKRUPTCY DETAILS

Court action type                      No

 

PROTESTED BILLS

Bill amount                              -

 

NSSO DETAILS

Date of summons                     -

 

 

Company information

 

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

31/12/2013

Activity  code

15120

Liable  for  VAT

yes

Activity  description

Manufacture  of  luggage,

VAT  Number

BE.0899.889.982  Check  VAT

 

handbags  and  the  like, saddlery and harness

 

number

 

 

Contractor details

 

Registered  contractor number

-

Contractor  description

-

Date  struck  off  register

 

 

 

PERSONNEL  (NSSO  CLASSIFICATION)

Code

-

Description

-

 

 

JOINT  INDUSTRIAL  COMMITTEE  (JIC)

JIC  Code

128.03

Description category

Joint  subcommittee  for  moroccoworks

 

 

JIC  Code

218

Description

Additional  national  joint  committee  for  the  employees

category

 

 

 

Company accounts

 

ASSETS

 

 

 

 

 

 

 

 

 

Annual  accounts

31-12-2013

%

31-12-2012

%

31-12-2011

%

31-12-2010

%

31-12-2009

Weeks

52

 

52

 

52

 

52

 

71

Currency

EUR

 

EUR

 

EUR

 

EUR

 

EUR

Total  fixed  assets

187,337

-8.71

205,219

7.56

190,802

-6.22

203,455

12.19

181,343

Intangible  fixed  assets

1,620

-17.75

1,970

-15.09

2,320

-13.11

2,670

-11.59

3,020

Tangible  fixed  assets

185,546

-8.63

203,079

7.84

188,311

-6.13

200,615

12.61

178,152

Land  &  building

146,088

-2.77

150,245

-2.61

154,279

-2.62

158,436

-2.56

162,594

Plant  &  machinery

-

-

-

-

-

-

-

-

-

Furniture  &  Vehicles

24,643

-30.87

35,648

146

14,478

-44.74

26,198

68.38

15,559

Leasing  &  Other  Similar  Rights

-

-

-

-

-

-

-

-

-

Other  tangible  assets

14,815

-13.79

17,185

-12.12

19,555

22.37

15,980

-

0

Financial  fixed  assets

171

0

171

0

171

0

171

0

171

Total  current  assets

463,003

-3.72

480,904

-27.61

664,294

-7.28

716,425

1.89

703,127

Inventories

186,837

-1.32

189,336

19.96

157,836

-0.85

159,191

81.24

87,835

Raw  materials  &  consumables

-

-

-

-

-

-

-

-

-

Work  in  progress

0

-

0

-

0

-

0

-

0

Finished  goods

0

-

0

-

0

-

0

-

0

Other  stocks

186,837

-1.32

189,336

19.96

157,836

-0.85

159,191

81.24

87,835

Trade  debtors

262,666

-8.75

287,861

-24.88

383,182

1.81

376,371

-1.85

383,453

Other  amounts  receivable

-

-

-

-

3,500

-

-

-

1,140

Cash

1,252

-

-

-

119,776

-33.60

180,387

-20.89

228,016

Miscellaneous  current  assets

12,248

230

3,707

-

0

-100

477

-82.24

2,684

Total  Assets

650,340

-5.22

686,123

-19.76

855,096

-7.04

919,880

4.00

884,470

 

LIABILITIES

 

Total  shareholders  equity

256,962

4.14

246,757

12.50

219,333

27.33

172,253

34.59

127,982

Issued  share  capital

197,600

295

50,000

0

50,000

0

50,000

0

50,000

Share  premium  account

-

-

-

-

-

-

-

-

-

Revaluation  reserve

-

-

-

-

-

-

-

-

-

Reserves

59,362

-69.83

196,757

16.20

169,333

38.51

122,253

56.77

77,982

Provisions  for  Liabilities  &  Charges

0

-

0

-

0

-

0

-

0

Deffered  taxes

-

-

-

-

-

-

-

-

-

Creditors

393,378

-10.47

439,366

-30.89

635,764

-14.96

747,627

-1.17

756,488

Other  long  term  loans

113,347

-6.56

121,309

-5.86

128,863

-8.42

140,712

748

16,579

Long  term  group  loans

-

-

-

-

-

-

-

-

-

Other  long  term  liabilities

52,000

-50.48

105,000

-37.59

168,250

27.85

131,600

1.23

130,000

Total  long  term  debts

165,347

-26.94

226,309

-23.83

297,113

9.11

272,312

85.78

146,579

Current  portion  of  long  term  debt

7,963

5.41

7,554

-36.24

11,849

17.96

10,045

-

-

Financial  debts

77,548

3.40

75,000

-

-

-

-

-

3,815

Trade  creditors

74,071

13.12

65,481

-60.49

165,753

-37.69

266,017

-22.44

342,978

Amounts  Payable  for  Taxes,  Remuneration  &

66,435

21.83

54,530

-51.52

112,469

0.59

111,813

-31.52

163,277

Social  Security

 

 

 

 

 

 

 

 

 

Miscellaneous  current  liabilities

2,014

-80.81

10,492

-78.40

48,579

-44.44

87,440

-12.42

99,838

Total  current  liabilities

228,031

7.03

213,057

-37.09

338,650

-28.75

475,315

-22.07

609,909

Total  Liabilities

650,340

-5.22

686,123

-19.76

855,096

-7.04

919,880

4.00

884,470

 

 

RATIO  ANALYSIS

 

 

 

 

 

 

 

 

 

TRADING  PERFORMANCE

 

 

 

 

 

 

 

 

 

Profit  Before  Tax

-

-

-

-

-

-

-

-

-

Return  on  capital  employed

11.01

10.43

9.97

-64.61

28.17

-11.86

31.96

-69.80

105.83

Return  on  total  assets  employed

7.15

3.92

6.88

-59.55

17.01

10.17

15.44

-53.00

32.85

Return  on  net  assets  employed

18.09

-5.39

19.12

-71.17

66.32

-19.59

82.48

-63.67

227.03

Sales  /  net  working  capital

-

-

-

-

-

-

-

-

-

Stock  turnover  ratio

-

-

-

-

-

-

-

-

-

Creditor  days

-

-

-

-

-

-

-

-

-

Debtor  days

-

-

-

-

-

-

-

-

-

SHORT  TERM  STABILITY

 

 

 

 

 

 

 

 

 

Current  ratio

2.03

-10.18

2.26

15.31

1.96

29.80

1.51

31.30

1.15

Liquidity  ratio  /  acid  ratio

1.21

-11.68

1.37

-8.67

1.50

28.21

1.17

15.84

1.01

Current  debt  ratio

0.89

3.49

0.86

-44.16

1.54

-44.20

2.76

-42.14

4.77

Liquidity  ratio  reprocessed

-

-

-

-

-

-

-

-

-

Cashflow

48,733

-14.78

57,183

 

-49.32

112,834

0.50

112,275

-50.99

Net  worth

255,342

4.31

 

244,787

12.80

217,013

27.97

169,584

35.71

LONG  TERM  STABILITY

 

 

 

 

 

 

 

 

 

Gearing

77.39

-6.33

82.62

 

28.79

64.15

-26.70

87.52

449

Equity  in  percentage

39.61

9.81

36.07

 

40.24

25.72

36.95

18.78

29.34

Total  debt  ratio

1.53

-14.04

1.78

 

-38.62

2.90

-33.18

4.34

-26.57

Working  capital

234,972

-12.27

 

267,847

-17.75

325,644

35.06

241,110

158

 

 

PROFIT  &  LOSS

 

 

 

 

 

 

 

 

 

Operating  Income

-

-

-

-

-

-

-

-

-

Turnover

-

-

-

-

-

-

-

-

-

Total  operating  expenses

-

-

-

-

-

-

-

-

-

Gross  Operating  Margin

329,917

0.41

328,566

-22.91

426,202

4.50

407,831

-40.91

690,188

Operating  Charges

-

-

-

-

-

-

-

-

-

Employee  costs

214,569

-0.69

216,061

1.86

212,111

3.99

203,974

-27.84

282,669

Wages  and  salary

214,569

-0.69

216,061

1.86

212,111

36.52

155,376

-45.03

282,669

Employee  pension  costs

-

-

-

-

-

-

-

-

-

Social  security  contributions

-

-

-

-

-

-

45,377

-

-

Other  employee  costs

0

-

0

-

0

-100

3,221

-

0

Director  remuneration

-

-

-

-

-

-

-

-

-

Amortization  and  depreciation

22,128

-6.86

23,759

14.48

20,754

-9.78

23,003

-55.00

51,120

Operating  result

88,095

7.36

82,059

-56.48

188,574

9.00

173,004

-47.66

330,570

Total  financial  income

-

-

-

-

-

-

4,692

252

1,330

Total  financial  expenses

41,602

19.26

34,883

-19.09

43,116

21.02

35,625

-13.82

41,338

Results  on  ordinary  operations  before  taxation

46,493

-1.45

47,176

-67.57

145,459

2.38

142,070

-51.10

290,562

Extraordinary  Income

-

-

-

-

-

-

-

-

-

Extraordinary  Charges

-

-

-

-

-

-

-

-

-

Extraordinary  items

0

-

0

-

0

-

0

-

0

Results  for  the  Year  Before  Taxation

46,493

-1.45

47,176

-67.57

145,459

2.38

142,070

-51.10

290,562

Other  appropriations

-

-

-

-

-

-

-

-

-

Taxation

19,888

44.62

13,752

-74.24

53,379

1.10

52,799

-53.10

112,580

Results  on  ordinary  operations  after  taxation

26,605

-20.40

33,424

-63.70

92,079

3.15

89,271

-49.84

177,982

Net  result

26,605

-20.40

33,424

-63.70

92,079

3.15

89,271

-49.84

177,982

Profit  (Loss)  for  the  Year  to  be  appropiated

26,605

-20.40

33,424

-63.70

92,079

3.15

89,271

-49.84

177,982

Dividends

164,000

-

-

-

45,000

0

45,000

-55.00

100,000

 

 

Social Balance Sheet Details

 

Social  Balance  Sheet

Total

During  the  reporting  year

 

ended  31-12-2013

 

Full-time  Employees

5

Part-time  Employees

1

Total  Fte  Employees

5

Number  of  hours  worked

 

Full-time  Employees

7,339

Part-time  Employees

880

Total

8,219

Personnel  Charges

 

Full-time  Employees

182,075

Part-time  Employees

32,494

Total

214,569

Benefits  In  Addition  To  Wages

-

During  the  previous  reporting  year

 

Average  number  employees  in  Fte

5

Actual  working  hours

8,549

Personnel  Charges

216,061

Benefits  In  Addition  To  Wages

-

 

 

Type  of  Contract

Full-Time

Part-Time

Total  Fte

Unlimited  Duration

4

1

5

Contracts

 

 

 

Limited  Duration  Contracts

-

-

-

Contracts  For  Specific  Work

-

-

-

Contracts  Regarding

-

-

-

Substitution

 

 

 

 

 

Gender  and  Education Level

 

 

 

Men

Full-Time

Part-Time

Total  Fte

Primary  education

2

-

2

Secondairy  education

-

-

-

Higher  education  (non university)

-

-

-

Higher  education (university)

-

-

-

Women

Full-Time

Part-Time

Total  Fte

Primary  education

1

1

2

Secondairy  education

1

-

1

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

3

-

3

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

-

-

 

 

INDUSTRY COMPARISON

 

Activity code                             15120

Activity                                     description Manufacture of luggage, handbags and the like, saddlery and harness

industry average credit

rating                                        74.38

Industry average credit limit       4107.14

 

 

Payment Information

 

Suspension of payments / moratorium history

Amount             -

Details              –

 

Payment expectations

Payment expectation days         -

Day sales outstanding               -

 

INDUSTRY COMPARISON

Activity code                             15120

Activity                                     description Manufacture of luggage, handbags and the like, saddlery and harness

Industry average payment

expectation days                       122.41

Industry average day sales

Outstanding                              15886.57

 

INDUSTRY QUARTILE ANALYSIS

 

Payment expectations

Company result                         -

Lower                                       131.30

Median                                                 58.53

Upper                                       16.12

 

DAY SALES OUTSTANDING

 

Company result                         -

Lower                                       94.46

Median                                     45.02

Upper                                       12.42

 

 

Shareholder Details

 

Summary

 

Group - Number of Companies              0

Linkages - Number of Companies           0

Number of Countries                             0

GROUP STRUCTURE

No group structure for this company.

 

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

 

 

Linked Companies

 

Summary

 

Group  -  Number  of  Companies

0

Linkages  -  Number  of  Companies

0

Number  of  Countries

0

 

 

SUMMONS

There is no data for this company

 

PROTESTED BILLS

There is no data for this company

 

BANKRUPTCY AND OTHER LEGAL EVENTS

There is no data for this company

 

 

Director details

 

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

 

 

FORMER DIRECTOR DETAILS

 

--

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.61.79

UK Pound

1

Rs.95.42

Euro

1

Rs.69.28

 

 

INFORMATION DETAILS

 

Analysis Done by :

DIV

 

 

Report Prepared by :

ANK

 

 

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

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NB

                                       New Business

 

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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.