MIRA INFORM REPORT

Report No. :	506469
Report Date :	30.04.2018

IDENTIFICATION DETAILS

Name :	TOPCUIR SPRL

Registered Office :	Rue Van Soust 262A 1070 Anderlecht

Country :	Belgium

Financials (as on) :	31.12.2016

Date of Incorporation :	18.08.2008

Com. Reg. No.:	899889982

Legal Form :	Private limited liability company

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

No. of Employees :	4

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23^rd January 2017)

MIRA’s Rating :

Credit Rating	Explanation	Rating Comments
A	Acceptable Risk	Business dealings permissible with moderate risk of default

Status :	Satisfactory

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

Country Name

Previous Rating

(30.09.2017)

Current Rating

(31.12.2017)

Belgium

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderately Low Risk	B1
Moderate Risk	B2
Moderately High Risk	C1
High Risk	C2
Very High Risk	D

BELGIUM - ECONOMIC OVERVIEW

Belgium’s central geographic location and highly developed transport network have helped develop a well-diversified economy, with a broad mix of transport, services, manufacturing, and high tech. Service and high-tech industries are concentrated in the northern Flanders region while the southern region of Wallonia is home to industries like coal and steel manufacturing. Belgium is completely reliant on foreign sources of fossil fuels, and the planned closure of its seven nuclear plants by 2025 should increase its dependence on foreign energy. Its role as a regional logistical hub makes its economy vulnerable to shifts in foreign demand, particularly with EU trading partners. Roughly three-quarters of Belgium's trade is with other EU countries, and the port of Zeebrugge conducts almost half its trade with the United Kingdom alone, leaving Belgium’s economy vulnerable to the outcome of negotiations on the UK’s exit from the EU.

Belgium’s GDP grew by 1.7% in 2017 and the budget deficit was 1.5% of GDP. Unemployment stood at 7.3%, however the unemployment rate is lower in Flanders than Wallonia, 4.4% compared to 9.4%, because of industrial differences between the regions. The economy largely recovered from the March 2016 terrorist attacks that mainly impacted the Brussels region tourist and hospitality industry. Prime Minister Charles MICHEL's center-right government has pledged to further reduce the deficit in response to EU pressure to decrease Belgium's high public debt of about 104% of GDP, but such efforts could also dampen economic growth. In addition to restrained public spending, low wage growth and higher inflation promise to curtail a more robust recovery in private consumption.

The government has pledged to pursue a reform program to improve Belgium’s competitiveness, including changes to labor market rules and welfare benefits. These changes have generally made Belgian wages more competitive regionally, but risk worsening tensions with trade unions and triggering extended strikes. In 2017, Belgium approved a tax reform plan to ease corporate rates from 33% to 29% by 2018 and down to 25% by 2020. The tax plan also included benefits for innovation and SMEs, intended to spur competitiveness and private investment.

Source : CIA

Company summary

Business number	899889982
Branche Unit Number	2172550867
Company name	TOPCUIR SPRL
Address	RUE VAN SOUST 262A 1070 ANDERLECHT
Date of establishment	18/08/2008
Telephone number	3225227332
Mobile number	-
Fax number	025239632
Liable for VAT	yes
VAT Number	BE.0899.889.982 Check VAT number

Commentary

The business was established over 9 years ago.

The business has 4 employees.

The business has been at the address for over 9 years.

Operating Result in the latest trading period decreased 44% on the previous trading period.

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

The business saw an increase in their Cash Balance of 154% during the latest trading period.

Annual accounts

DATE OF LATEST ACCOUNTS	TURNOVER	PROFIT BEFORE TAX	NET WORTH	WORKING CAPITAL
31/12/2016		20,731	331,295	205,659
31/12/2015		64,457	316,678	215,352
31/12/2014		44,190	283,914	38,719
Accounts
DATE OF LATEST ACCOUNTS	BALANCE TOTAL	NUMBER OF EMPLOYEES	CAPITAL	CASHFLOW
31/12/2016	932,385	4	197,600	37,434
31/12/2015	941,915	4	197,600	51,437
31/12/2014	1,015,036	5	197,600	107,330

Payment expectations

Past payments		Payment expectation days	-
Industry average payment	90.82	Industry average day sales	103.33
expectation days		outstanding
Day sales outstanding	-

Court data summary

BANKRUPTCY DETAILS

Court action type

PROTESTED BILLS

Bill amount

NSSO DETAILS

Date of summons

Contractor details

Registered contractor	-
number
Contractor description	-
Date struck off register
Personnel (NSSO classification)
Code	-
Description	-
Joint Industrial Committee (JIC)
JIC Code	218
Description	Additional national joint committee for the employees
category
JIC Code	12803
Description	Joint subcommittee for moroccoworks
category
Significant Events
Event Date	18/08/2008
Event Description	Legal creation
Event Details

Company accounts

Assets
Annual accounts	31-12-2016	%	31-12-2015	%	31-12-2014	%	31-12-2013	%	31-12-2012
Weeks	52		52		52		52		52
Currency	EUR		EUR		EUR		EUR		EUR
Total fixed assets	364,557	-1.53	370,220	-2.63	380,207	102	187,337	-8.71	205,219
Intangible fixed assets	570	-38.06	920	-27.53	1,269	-21.67	1,620	-17.75	1,970
Tangible fixed assets	363,816	-1.44	369,130	-2.54	378,767	104	185,546	-8.63	203,079
Land & building	324,317	-2.96	334,208	-2.87	344,098	135	146,088	-2.77	150,245
Plant & machinery	0	-	0	-	0	-	0	-	0
Furniture & Vehicles	23,234	-6.49	24,847	11.80	22,224	-9.82	24,643	-30.87	35,648
Leasing & Other Similar Rights	0	-	0	-	0	-	0	-	0
Other tangible assets	16,265	61.44	10,075	-19.05	12,445	-16.00	14,815	-13.79	17,185
Financial fixed assets	171	0	171	0	171	0	171	0	171
Total current assets	567,828	-0.68	571,695	-9.95	634,829	37.11	463,003	-3.72	480,904
Inventories	263,836	-2.91	271,737	10.19	246,608	31.99	186,837	-1.32	189,336
Raw materials & consumables	0	-	0	-	0	-	0	-	0
Work in progress	0	-	0	-	0	-	0	-	0
Finished goods	0	-	0	-	0	-	0	-	0
Other stocks	263,836	-2.91	271,737	10.19	246,608	31.99	186,837	-1.32	189,336
Trade debtors	232,721	-17.84	283,241	-18.36	346,935	32.08	262,666	-8.75	287,861
Other amounts receivable	0	-	0	-	0	-	0	-	0
Cash	29,483	154	11,597	-67.89	36,119	2784	1,252	-	0
Miscellaneous current assets	41,789	716	5,119	-0.93	5,167	-57.81	12,248	230	3,707
Total Assets	932,385	-1.01	941,915	-7.20	1,015,036	56.08	650,340	-5.22	686,123
Liabilities
Total shareholders equity	331,865	4.49	317,598	11.37	285,183	10.98	256,962	4.14	246,757
Issued share capital	197,600	0	197,600	0	197,600	0	197,600	295	50,000
Share premium account	0	-	0	-	0	-	0	-	0
Revaluation reserve	0	-	0	-	0	-	0	-	0
Reserves	134,265	11.89	119,998	37.01	87,583	47.54	59,362	-69.83	196,757
Provisions for Liabilities & Charges	0	-	0	-	0	-	0	-	0
Deffered taxes	0	-	0	-	0	-	0	-	0
Creditors	600,520	-3.81	624,317	-14.46	729,853	85.53	393,378	-10.47	439,366
Other long term loans	238,350	-11.05	267,975	157	104,243	-8.03	113,347	-6.56	121,309
Other long term liabilities	0	-	0	-100	29,500	-43.27	52,000	-50.48	105,000
Total long term debts	238,350	-11.05	267,975	100	133,743	-19.11	165,347	-26.94	226,309
Current portion of long term debt	19,623	122	8,830	-3.00	9,103	14.32	7,963	5.41	7,554
Financial debts	50,000	-66.67	150,000	100	75,000	-3.29	77,548	3.40	75,000
Trade creditors	208,388	57.05	132,686	-70.47	449,386	506	74,071	13.12	65,481
Amounts Payable for Taxes, Remuneration &	39,222	-39.50	64,826	4.23	62,197	-6.38	66,435	21.83	54,530
Social Security
Miscellaneous current liabilities	44,937	-	0	-100	424	-78.95	2,014	-80.81	10,492
Total current liabilities	362,169	1.64	356,342	-40.22	596,110	161	228,031	7.03	213,057
Total Liabilities	932,385	-1.01	941,915	-7.20	1,015,036	56.08	650,340	-5.22	686,123

Ratio analysis

TRADING PERFORMANCE
Profit Before Tax	-	-	-	-	-	-	-	-	-
Return on capital employed	3.64	-66.94	11.01	4.36	10.55	-4.18	11.01	10.43	9.97
Return on total assets employed	2.22	-67.54	6.84	57.24	4.35	-39.16	7.15	3.92	6.88
Return on net assets employed	6.25	-69.21	20.30	30.97	15.50	-14.32	18.09	-5.39	19.12
Sales / net working capital	-	-	-	-	-	-	-	-	-
Stock turnover ratio	-	-	-	-	-	-	-	-	-
Creditor days	-	-	-	-	-	-	-	-	-
Debtor days	-	-	-	-	-	-	-	-	-
SHORT TERM STABILITY
Current ratio	1.57	-1.88	1.60	50.94	1.06	-47.78	2.03	-10.18	2.26
Liquidity ratio / acid ratio	0.84	0	0.84	29.23	0.65	-46.28	1.21	-11.68	1.37
Current debt ratio	1.09	-2.68	1.12	-46.41	2.09	134	0.89	3.49	0.86
Cashflow	37,434	-27.22	51,437	-52.08	107,330	120	48,733	-14.78	57,183
Net worth	331,295	4.62	316,678	11.54	283,914	11.19	255,342	4.31	244,787
LONG TERM STABILITY
Gearing	92.80	-30.95	134.39	103	66.04	-14.67	77.39	-6.33	82.62
Equity in percentage	35.61	5.51	33.75	19.98	28.13	-28.98	39.61	9.81	36.07
Total debt ratio	1.81	-8.12	1.97	-23.05	2.56	67.32	1.53	-14.04	1.78
Working capital	205,659	-4.50	215,352	456	38,719	-83.52	234,972	-12.27	267,847

Profit & loss

Operating Income	-	-	-	-	-	-	-	-	-
Turnover	-	-	-	-	-	-	-	-	-
Total operating expenses	-	-	-	-	-	-	-	-	-
Gross Operating Margin	236,382	-16.63	283,531	-26.02	383,263	16.17	329,917	0.41	328,566
Operating Charges	0	-	-	-	-	-	-	-	-
Employee costs	152,005	-4.64	159,397	-21.00	201,766	-5.97	214,569	-0.69	216,061
Wages and salary	-	-	159,397	-21.00	201,766	-5.97	214,569	-0.69	216,061
Employee pension costs	-	-	-	-	-	-	-	-	-
Social security contributions	-	-	-	-	-	-	-	-	-
Other employee costs	152,005	-	0	-	0	-	0	-	0
Director remuneration	-	-	-	-	-	-	-	-	-
Amortization and depreciation	23,167	21.79	19,022	-75.95	79,109	257	22,128	-6.86	23,759
Operating result	56,916	-44.47	102,501	15.44	88,788	0.79	88,095	7.36	82,059
Total financial income	0	-100	360	-	-	-	-	-	-
Total financial expenses	36,185	-5.78	38,403	-13.89	44,598	7.20	41,602	19.26	34,883
Results on ordinary operations before taxation	20,731	-67.84	64,457	45.86	44,190	-4.95	46,493	-1.45	47,176
Extraordinary Income	-	-	-	-	-	-	-	-	-
Extraordinary Charges	-	-	-	-	-	-	-	-	-
Extraordinary items	-	-	-	-	-	-	0	-	0
Results for the Year Before Taxation	20,731	-67.84	64,457	45.86	44,190	-4.95	46,493	-1.45	47,176
Taxation	6,464	-79.83	32,042	100	15,969	-19.71	19,888	44.62	13,752
Results on ordinary operations after taxation	14,267	-55.99	32,415	14.86	28,221	6.07	26,605	-20.40	33,424
Net result	14,267	-55.99	32,415	14.86	28,221	6.07	26,605	-20.40	33,424
Profit (Loss) for the Year to be appropiated	14,267	-55.99	32,415	14.86	28,221	6.07	26,605	-20.40	33,424
Dividends	-	-	-	-	-	-	164,000	-	-

Social Balance Sheet Details

Social Balance Sheet Details

Social Balance Sheet	Total
During the reporting year
ended 31-12-2016
Full-time Employees	3
Part-time Employees	1
Total Fte Employees	4
Number of hours worked
Full-time Employees	5,134
Part-time Employees	815
Total	5,949
Personnel Charges
Full-time Employees	-
Part-time Employees	-
Total	152,005
Benefits In Addition To Wages	-
During the previous reporting year
Average number employees in Fte	4
Actual working hours	6,436
Personnel Charges	159,397
Benefits In Addition To Wages	-

Type of Contract	Full-Time	Part-Time	Total Fte
Unlimited Duration	3	1	3
Contracts
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	1	-	1
Higher education (non	-	-	-
university)
Higher education	-	-	-
(university)

Women	Full-Time	Part-Time	Total Fte
Primary education	-	-	-
Secondairy education	2	1	2
Higher education (non university)	-	-	-
Higher education (university)	-	-	-

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

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	47722
Activity description	Retail sale of leather goods and travel articles in specialised stores

Payment Information

Payment Information Summary
Total number of Invoices available	21
Total number of Invoices paid within or up to 30 days after the due date	20
Total number of Invoices paid more than 30 days after the due date	1
Total number of Invoices currently outstanding where the due date has not yet been reached	0
Total number of Invoices currently outstanding beyond the due date	0

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	90.82
Industry average day sales outstanding	103.33

Industry quartile analysis

Payment expectations

Company result	-
Lower	91.49
Median	31.27
Upper	11.65

Day sales outstanding
Company result	-
Lower	51.48
Median	13.37
Upper	5.09

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	Isabelle	Middle name	-
Surname	Weimberg
SHAREHOLDER DETAILS
Start date	18/08/2008(estimated)	End date	-
Percentage owned	74%
SHAREHOLDER ADDRESS
Street name	Avenue du Chili	House number	5
Postal town	Bruxelles
Post code	1000	Country	Belgium
SHAREHOLDER NAME
Forename	Ariel	Middle name	-
Surname	Rubinstein
SHAREHOLDER DETAILS
Start date	18/08/2008(estimated)	End date	-
Percentage owned	26%
SHAREHOLDER ADDRESS
Street name	Avenue du Chili	House number	5
Postal town	Bruxelles
Post code	1050	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

Position	Manager
Start Date	18/08/2008
Date of birth	22/08/1960
Street	5 AVENUE DU CHILI BRUXELLES
Post code	1000
Country	Belgium
Name	Isabelle Weimberg

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	INR 66.78
UK Pound	1	INR 92.89
Euro	1	INR 80.74
Euro	1	INR 80.47

Note : Above are approximate rates obtained from sources believed to be correct

INFORMATION DETAILS

Analysis Done by :	VAR

Report Prepared by :	TRU

RATING EXPLANATIONS

Credit Rating	Explanation	Rating Comments
A++	Minimum Risk	Business dealings permissible with minimum risk of default
A+	Low Risk	Business dealings permissible with low risk of default
A	Acceptable Risk	Business dealings permissible with moderate risk of default
B	Medium Risk	Business dealings permissible on a regular monitoring basis
C	Medium High Risk	Business dealings permissible preferably on secured basis
D	High Risk	Business dealing not recommended or on secured terms only
NB	New Business	No recommendation can be done due to business in infancy stage
NT	No Trace	No recommendation can be done as the business is not traceable

NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.

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 are as follows:

· Financial condition covering various ratios

· Company background and operations size

· Promoters / Management background

· Payment record

· Litigation against the subject

· Industry scenario / competitor analysis

· Supplier / Customer / Banker review (wherever available)

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.

MIRA INFORM REPORT

Company summary

Commentary

Annual accounts

Payment expectations

Court data summary

Company information

Contractor details

Company accounts

Social Balance Sheet Details

Payment Information

Shareholder Details

Linked Companies

Summons

Protested Bills

Bankruptcy and other legal events

Director details

Unit