MIRA INFORM REPORT

Report No. :	494258
Report Date :	24.02.2018

IDENTIFICATION DETAILS

Name :	TELEVIC RAIL NV

Registered Office :	Leo Bekaertlaan 1, 8870 Izegem

Country :	Belgium

Financials (as on) :	31.12.2016

Date of Incorporation :	29.04.2010

Com. Reg. No.:	825539581

Legal Form :	Public limited company

Line of Business :	Wholesale of electronic and telecommunications equipment and parts

No. of Employees :	68

RATING & COMMENTS

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

MIRA’s Rating :

A+

Credit Rating	Explanation	Rating Comments
A+	Low Risk	Business dealings permissible with low risk of default

Status :	Good

Payment Behaviour :	Regular

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 name and address

Business number	825539581
Branche Unit Number	2187432350
Company name	TELEVIC RAIL NV
Address	LEO BEKAERTLAAN 1
	8870 IZEGEM
Date of establishment	29/04/2010
Telephone number	3224532110
Mobile number	-
Fax number	051310670
Liable for VAT	yes
VAT Number	BE.0825.539.581 Check VAT number

Commentary

The business was established over 7 years ago.

The business has 68 employees.

The business is part of a group.

The business has been at the address for over 7 years.

Operating Result in the latest trading period increased 76% on the previous trading period.

Net Worth increased by 55% during the latest trading period.

A 32% growth in Total Assets occurred during the latest trading period.

Pre-tax profits increased by 93% compared to the previous trading period.

The business saw an increase in their Cash Balance of 1641% during the latest trading period.

Turnover in the latest trading period increased 47% on the previous trading period.

Annual accounts

DATE OF LATEST ACCOUNTS	TURNOVER	PROFIT BEFORE TAX	NET WORTH	WORKING CAPITAL
31/12/2016	29,812,468	4,031,203	8,014,153	10,161,615
31/12/2015	20,247,157	2,084,886	5,159,630	6,247,293
31/12/2014	13,048,548	758,182	4,095,000	4,700,731
Accounts
DATE OF LATEST ACCOUNTS	BALANCE TOTAL	NUMBER OF EMPLOYEES	CAPITAL	CASHFLOW
31/12/2016	19,635,225	68	665,000	3,613,051
31/12/2015	14,826,253	57	665,000	1,605,878
31/12/2014	9,763,460	54	665,000	738,265

Payment expectations

Past payments		Payment expectation days	70.64
Industry average payment	101.39	Industry average day sales	274
expectation days		outstanding
Day sales outstanding	86.89

Court data summary

BANKRUPTCY DETAILS

Court action type

PROTESTED BILLS

Bill amount

NSSO DETAILS

Date of summons

Financials

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	529,965	40.02	378,489	4.32	362,827	21.29	299,138	2.88	290,768
Intangible fixed assets	0	-	0	-	0	-	0	-	0
Tangible fixed assets	516,748	36.56	378,409	4.29	362,827	21.29	299,138	2.88	290,768
Land & building	0	-	0	-	0	-	0	-	0
Plant & machinery	24,568	-20.86	31,042	-36.35	48,771	5356	894	-90.24	9,155
Furniture & Vehicles	492,181	41.69	347,367	10.61	314,056	5.30	298,244	5.91	281,613
Leasing & Other Similar Rights	0	-	0	-	0	-	0	-	0
Other tangible assets	0	-	0	-	0	-	0	-	0
Financial fixed assets	13,217	16342	80	-	0	-	0	-	0
Total current assets	19,105,260	32.24	14,447,764	53.69	9,400,632	26.20	7,448,744	4.45	7,131,502
Inventories	8,573,968	22.74	6,985,373	113	3,269,724	43.49	2,278,684	-31.82	3,342,034
Raw materials & consumables	2,917,748	20.25	2,426,406	106	1,174,969	-7.50	1,270,280	-16.15	1,514,996
Work in progress	3,919,430	-2.63	4,025,206	122	1,811,035	101	900,637	-44.33	1,617,909
Finished goods	1,736,791	225	533,761	88.13	283,720	163	107,768	-48.47	209,129
Other stocks	0	-	0	-	0	-	0	-	0
Trade debtors	7,097,374	-1.87	7,232,708	38.69	5,215,072	22.44	4,259,286	33.41	3,192,650
Other amounts receivable	2,011	-93.92	33,053	-57.30	77,406	273	20,731	2265	877
Cash	3,424,807	1641	196,631	-76.55	838,429	-5.70	889,112	70.67	520,941
Miscellaneous current assets	7,100	-	0	-	0	-100	931	-97.93	45,000
Total Assets	19,635,225	32.44	14,826,253	51.85	9,763,460	26.01	7,747,882	4.39	7,422,270
Liabilities
Total shareholders equity	8,014,153	55.32	5,159,630	26.00	4,095,000	10.27	3,713,610	2.49	3,623,410
Issued share capital	665,000	0	665,000	0	665,000	0	665,000	0	665,000
Share premium account	0	-	0	-	0	-	0	-	0
Revaluation reserve	0	-	0	-	0	-	0	-	0
Reserves	7,349,153	63.51	4,494,630	31.04	3,430,000	12.51	3,048,610	3.05	2,958,410
Provisions for Liabilities & Charges	2,676,860	82.67	1,465,397	51.44	967,615	0.18	965,895	3.51	933,100
Deffered taxes	567	-24.88	755	-19.92	942	-16.61	1,130	-14.25	1,318
Creditors	8,943,645	9.06	8,200,472	74.48	4,699,901	53.23	3,067,247	7.08	2,864,442
Other long term loans	0	-	0	-	0	-	0	-	0
Other long term liabilities	0	-	0	-	0	-	0	-	0
Total long term debts	2,677,427	82.62	1,466,152	51.37	968,558	0.16	967,025	3.49	934,418
Current portion of long term debt	0	-	0	-	0	-	0	-	0
Financial debts	0	-100	300,000	-	0	-	0	-100	106,354
Trade creditors	4,986,560	-7.29	5,378,626	126	2,374,401	19.85	1,981,226	46.89	1,348,814
Amounts Payable for Taxes,	1,895,810	55.46	1,219,452	56.06	781,408	8.73	718,675	29.53	554,839
Remuneration & Social Security
Miscellaneous current liabilities	2,061,275	58.27	1,302,393	-15.65	1,544,093	320	367,346	-57.01	854,434
Total current liabilities	8,943,645	9.06	8,200,472	74.48	4,699,901	53.23	3,067,247	7.08	2,864,442
Total Liabilities	19,635,225	32.44	14,826,253	51.85	9,763,460	26.01	7,747,882	4.39	7,422,270

ratio analysis
TRADING PERFORMANCE
Profit Before Tax	13.52	31.26	10.30	77.28	5.81	99	2.91	-62.60	7.78
Return on capital employed	37.70	19.80	31.47	110	14.97	97.23	7.59	-51.47	15.64
Return on total assets employed	20.53	46.02	14.06	80.95	7.77	69.28	4.59	-52.24	9.61
Return on net assets employed	50.30	24.47	40.41	118	18.51	93.42	9.57	-51.37	19.68
Sales / net working capital	2.93	-9.57	3.24	16.55	2.78	0	2.78	29.30	2.15
Stock turnover ratio	28.76	-16.64	34.50	37.67	25.06	34.15	18.68	-48.81	36.49
Creditor days	70.64	-35.42	109.38	55.95	70.14	14.65	61.18	4.96	58.29
Debtor days	86.89	-33.36	130.39	-10.62	145.88	14.45	127.46	0.19	127.22
SHORT TERM STABILITY
Current ratio	2.14	21.59	1.76	-12.00	2.00	-17.70	2.43	-2.41	2.49
Liquidity ratio / acid ratio	1.18	29.67	0.91	-30.0	1.30	-23.08	1.69	28.03	1.32
Current debt ratio	1.12	-29.56	1.59	38.26	1.15	38.55	0.83	5.06	0.79
Cashflow	3,613,051	124	1,605,878	117	738,265	70.92	431,947	-45.26	789,136
Net worth	8,014,153	55.32	5,159,630	26.00	4,095,000	10.27	3,713,610	2.49	3,623,410
LONG TERM STABILITY
Gearing	-	-	5.81	-	-	-	-	-	2.94
Equity in percentage	40.82	17.30	34.80	-17.02	41.94	-12.50	47.93	-1.82	48.82
Total debt ratio	1.45	-22.46	1.87	35.51	1.38	26.61	1.09	3.81	1.05
Working capital	10,161,615	62.66	6,247,293	32.90	4,700,731	7.29	4,381,497	2.68	4,267,060

Profit & loss
Operating Income	31,438,579	38.23	22,744,215	50.67	15,095,764	23.01	12,271,788	15.26	10,647,232
Turnover	29,812,468	47.24	20,247,157	55.17	13,048,548	6.98	12,197,025	33.16	9,159,754
Total operating expenses	25,765,749	43.56	17,948,250	45.25	12,356,463	4.53	11,820,898	39.97	8,445,310
Gross Operating Margin	-	-	-	-	-	-	-	-	-
Operating Charges	31,435,705	53.76	20,445,308	41.95	14,403,678	21.08	11,895,661	19.76	9,932,788
Employee costs	5,055,633	21.10	4,174,618	5.56	3,954,628	0.91	3,918,798	17.09	3,346,849
Wages and salary	3,421,199	18.86	2,878,238	4.81	2,746,036	4.57	2,626,124	15.01	2,283,320
Employee pension costs	-	-	-	-	-	-	-	-	-
Social security contributions	1,135,676	8.54	1,046,356	3.77	1,008,339	5.00	960,279	14.45	839,028
Other employee costs	498,757	99	250,023	24.85	200,253	-39.75	332,395	48.06	224,501
Director remuneration	91,200	2.70	88,800	0	88,800	2.78	86,400	2.86	84,000
Amortization and depreciation	158,163	12.26	140,884	32.27	106,510	16.55	91,382	18.06	77,403
Operating result	4,046,720	76.03	2,298,907	232	692,086	84.00	376,127	-47.35	714,444
Total financial income	191,916	576	28,371	-65.62	82,527	162	31,485	61.02	19,553
Total financial expenses	210,306	-13.24	242,393	1375	16,430	-68.51	52,175	148	20,956
Results on ordinary operations before taxation	4,031,203	93.35	2,084,886	174	758,182	113	355,437	-50.15	713,041
Extraordinary Income	-	-	27,386	128	12,011	-	-	-	-
Extraordinary Charges	2,874	139	1,203	-92.39	15,806	-	-	-	-
Extraordinary items	-2,874	-110	26,184	689	-3,795	-	0	-	0
Results for the Year Before Taxation	4,028,329	90.82	2,111,070	179	754,387	112	355,437	-50.15	713,041
Taxation	573,629	-11.24	646,263	426	122,820	715	15,060	904	1,500
Results on ordinary operations after taxation	3,457,574	140	1,438,622	126	635,362	86.66	340,377	-52.16	711,541
Net result	3,454,888	135	1,464,994	131	631,755	85.50	340,564	-52.15	711,732
Profit (Loss) for the Year to be appropiated	2,704,888	106	1,309,994	107	631,755	85.50	340,564	-43.17	599,232
Dividends	300,000	-25.00	400,000	60.0	250,000	0	250,000	-	-

Social Balance Sheet Details

Social Balance Sheet Details
Social Balance Sheet	Total
During the reporting year
ended 31-12-2016
Full-time Employees	63
Part-time Employees	8
Total Fte Employees	68
Number of hours worked
Full-time Employees	103,652
Part-time Employees	8,440
Total	112,092
Personnel Charges
Full-time Employees	4,675,674
Part-time Employees	379,959
Total	5,055,633
Benefits In Addition To Wages	-
During the previous reporting year
Average number employees in Fte	57
Actual working hours	95,367
Personnel Charges	4,174,618
Benefits In Addition To Wages	-

Type of Contract	Full-Time	Part-Time	Total Fte
Unlimited Duration	70	7	75
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	3	-	3
Higher education (non	12	2	13
university)
Higher education	39	-	39
(university)
Women	Full-Time	Part-Time	Total Fte
Primary education	-	-	-
Secondairy education	9	5	13
Higher education (non university)	2	-	2
Higher education (university)	5	-	5
Working Category	Full-Time	Part-Time	Total Fte
Management	-	-	-
White collar worker	58	1	58
Blue collar worker	12	6	17
Other	-	-	-
Temporary personnel		Total
Average number of temporary staff		2
Actual working hours		4,190
Cost of temporary staff		112,054
New staff and leavers	Full-Time	Part-Time	Total Fte
New Starters	25	2	27
Leavers	13	1	14

Total of formal continuing vocational training initiatives
for workers paid by the employer	Male	Female
Number of employees	46	16
Number of training hours	1,153	323
Net costs for enterprise	83,304	23,406
Total of less formal and informal continuing vocational
training initiatives for workers paid by the employer	Male	Female
Number of employees	24	5
Number of training hours	108	133
Net costs for enterprise	3,497	8,897
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	46520
Activity description	Wholesale of electronic and telecommunications equipment and parts
industry average credit	63.70

Payment Information

Payment Information Summary

Total number of Invoices available	654
Total number of Invoices paid within or up to 30 days after the due date	621
Total number of Invoices paid more than 30 days after the due date	28
Total number of Invoices currently outstanding where the due date has not yet been reached	4
Total number of Invoices currently outstanding beyond the due date	1

Suspension of payments / moratorium history

Amount	-
Details	-
Payment expectations
Payment expectation days	70.64
Day sales outstanding	86.89

Industry comparison
Activity code	46520
Activity description	Wholesale of electronic and telecommunications equipment and parts

Industry average payment expectation days	101.39
Industry average day sales	274
outstanding

Industry quartile analysis
Payment expectations
Company result	70.64
Lower	132.88
Median	48.79
Upper	33.05

Day sales outstanding

Company result	86.89
Lower	105.97
Median	73.52
Upper	48.10

Shareholder Details

Summary
Group - Number of Companies	2
Linkages - Number of Companies	2
Number of Countries	1

Group Structure
Company name	Latest
	financials
- TELEVIC RAIL NV	31-12-2016
- - TELEVIC US CORP

Minority Shareholders
Business	Company name	%	Date of
number			accounts
464456289	DANINVEST NV	50	30/06/2016
464446688	VERTEC NV	50	30/06/2017

Minority Interests

No minority interests found

Linked Companies

Summary

Group - Number of Companies	2
Linkages - Number of Companies	2
Number of Countries	1

Linked Companies

NAME	NUMBER	LATEST KEY	TURNOVER
		FINANCIALS
DANINVEST NV	464456289	30.06.2016	-
VERTEC NV	464446688	30.06.2017	-

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	Managing Director
Start Date	29/04/2010
Street
Post code
Country
Name	VERTEC NV
Position	Director
Start Date	29/04/2010
Street
Post code
Country
Position	Member of the executive committee
Start Date	01/09/2011
Street
Post code
Country
Name	DANINVEST NV
Position	Managing Director
Start Date	29/04/2010
Street
Post code
Country
Position	Director
Start Date	29/04/2010
Street
Post code
Country
Position	Member of the executive committee
Start Date	01/09/2011
Street
Post code
Country
Name	Patrick Geladi
Position	Permanent representative legal entity
Start Date	01/09/2011
Street
Post code
Country
Name	Lieven Danneels
Position	Permanent representative legal entity
Start Date	29/04/2010
Street	18 Modest Huyslaan Kortrijk
Post code	8500
Country	Belgium
Name	Thomas Verstraeten
Position	Permanent representative legal entity
Start Date	29/04/2010
Street	48 Warschaustraat Oostende
Post code	8400
Country	Belgium
Name	GEPACON BVBA
Position	Member of the executive committee
Start Date	01/09/2011
Street
Post code
Country
Current mandates in other companies
Name	TIFS BTWE
Business number	831204480
Position	Partner or member
Start Date	02/01/2011

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	INR 65.82
UK Pound	1	INR 90.40
Euro	1	INR 79.76
Euro	1	INR 79.70

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

INFORMATION DETAILS

Analysis Done by :	VIV

Report Prepared by :	KET

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.

Registered contractor	-
number
Contractor description	-
Date struck off register
Personnel (NSSO classification)
Code	-
Description	-
Joint Industrial Committee (JIC)
JIC Code	111
Description	JC for the metal, machinery and electrical construction
category
JIC Code	209
Description	Joint committee for the employees off the metal industry
category

MIRA INFORM REPORT

Company name and address

Commentary

Company information

Financials

Social Balance Sheet Details

Payment Information

Shareholder Details

Linked Companies

Linked Companies

Director details

Unit