MIRA INFORM REPORT

Report No. :	509131
Report Date :	14.05.2018

IDENTIFICATION DETAILS

Name :	LINEA VERDE SA

Registered Office :	Chaussée De Waterloo 458-460 1050 Ixelles

Country :	Belgium

Financials (as on) :	31.12.2016

Date of Incorporation :	31.10.1983

Com. Reg. No.:	424870787

Legal Form :	Public Limited Company

Line of Business :	Subject is engaged in Wholesale of household textiles and bedding.

No. of Employees :	5

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 :	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 summary

Business number	424870787
Branche Unit Number	2023429797
Company name	LINEA VERDE SA
Address	CHAUSSÉE DE WATERLOO 458-460
	1050 IXELLES
Date of establishment	31/10/1983
Telephone number	-
Mobile number	-
Fax number	025371544
Liable for VAT	yes
VAT Number	BE.0424.870.787 Check VAT number

Commentary

The business was established over 34 years ago.

The business has 5 employees.

The business has been at the address for over 27 years. tax profits increased by 21% compared to the previous trading period. The business saw an increase in their Cash Balance of 180% during the latest trading period.

Annual accounts

DATE OF LATEST ACCOUNTS	TURNOVER	PROFIT BEFORE TAX	NET WORTH	WORKING CAPITAL
31/12/2016		67,548	393,747	53,996
31/12/2015		55,425	358,555	57,264
31/12/2014		90,180	337,503	120,183

Accounts

DATE OF LATEST ACCOUNTS	BALANCE TOTAL	NUMBER OF EMPLOYEES	CAPITAL	CASHFLOW
31/12/2016	2,034,078	5	62,000	86,088
31/12/2015	2,042,460	5	62,000	69,369
31/12/2014	1,973,603	5	62,000	114,891

Payment expectations

Past payments		Payment expectation days	-
Industry average payment expectation days	103.68	Industry average day sales outstanding	108.07
Day sales outstanding	-

Court data summary

BANKRUPTCY DETAILS
Court action type	no
PROTESTED BILLS
Bill amount	-
NSSO DETAILS
Date of summons	-

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	656,611	5.26	623,822	-1.75	634,922	-4.64	665,805	1.99	652,794
Intangible fixed assets	0	-	0	-	0	-	0	-	0
Tangible fixed assets	585,729	1.56	576,740	-1.89	587,840	-4.99	618,724	2.05	606,307
Land & building	501,530	-3.21	518,169	-3.32	535,977	-3.23	553,856	-3.13	571,734
Plant & machinery	0	-	0	-100	617	-49.96	1,233	-	0
Furniture & Vehicles	18,605	-3.90	19,361	253	5,474	-60.85	13,981	-6.63	14,974
Leasing & Other Similar Rights	0	-	0	-	0	-	0	-	0
Other tangible assets	65,594	67.29	39,210	-14.34	45,772	-7.82	49,654	153	19,599
Financial fixed assets	70,882	50.55	47,082	0	47,082	0.00	47,081	1.28	46,487
Total current assets	1,377,467	-2.90	1,418,638	5.97	1,338,681	88.85	708,854	-19.58	881,492
Inventories	19,037	13.28	16,805	-2.40	17,218	530	2,730	569	408
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	19,037	13.28	16,805	-2.40	17,218	530	2,730	569	408
Trade debtors	1,097,787	-8.42	1,198,674	10.58	1,083,975	94.39	557,642	-10.39	622,317
Other amounts receivable	115,254	30.89	88,056	-6.70	94,378	11.00	85,025	-54.11	185,281

Cash	107,607	180	38,422	-56.72	88,773	729	10,703	1.05	10,592
Miscellaneous current assets	37,782	-50.73	76,681	41.12	54,337	3.00	52,754	-16.12	62,894
Total Assets	2,034,078	-0.41	2,042,460	3.49	1,973,603	43.57	1,374,659	-10.40	1,534,286

Liabilities

Total shareholders equity	393,747	9.81	358,555	6.24	337,503	22.45	275,620	10.64	249,110
Issued share capital	62,000	0	62,000	0	62,000	0	62,000	0	62,000
Share premium account	0	-	0	-	0	-	0	-	0
Revaluation reserve	0	-	0	-	0	-	0	-	0
Reserves	331,747	11.87	296,555	7.64	275,503	28.97	213,620	14.17	187,110
Provisions for Liabilities & Charges	17,910	-	0	-100	71,957	22.64	58,672	-17.17	70,831
Deffered taxes	0	-	0	-	0	-	0	-	0
Creditors	1,622,421	-3.65	1,683,905	7.66	1,564,143	50.35	1,040,367	-14.33	1,214,345
Other long term loans	298,950	-7.31	322,531	-6.69	345,645	-5.67	366,414	-5.19	386,465
Other long term liabilities	0	-	0	-	0	-	0	-	0
Total long term debts	316,860	-1.76	322,531	-22.77	417,602	-1.76	425,086	-7.04	457,296
Current portion of long term debt	23,581	2.59	22,985	10.67	20,769	-49.53	41,155	88.22	21,865
Financial debts	796,156	14.54	695,105	24.12	560,029	1931034	29	-99	286,068
Trade creditors	251,555	-1.55	255,511	-10.77	286,342	-38.34	464,370	56.84	296,074
Amounts Payable for Taxes,	57,438	-21.96	73,601	12.33	65,520	51.01	43,389	-45.32	79,356
Remuneration & Social Security

Miscellaneous current liabilities	194,741	-38.01	314,172	9.91	285,838	128	125,010	-13.50	144,517
Total current liabilities	1,323,471	-2.78	1,361,374	11.73	1,218,498	80.80	673,953	-18.59	827,880
Total Liabilities	2,034,078	-0.41	2,042,460	3.49	1,973,603	43.57	1,374,659	-10.40	1,534,286

ratio analysis

TRADING PERFORMANCE
Profit Before Tax	-	-	-	-	-	-	-	-	-
Return on capital employed	9.51	16.83	8.14	-31.83	11.94	27.16	9.39	4.68	8.97
Return on total assets employed	3.32	22.51	2.71	-40.70	4.57	-4.59	4.79	15.98	4.13
Return on net assets employed	17.16	11.00	15.46	-42.14	26.72	11.94	23.87	-6.17	25.44
Sales / net working capital	-	-	-	-	-	-	-	-	-
Stock turnover ratio	-	-	-	-	-	-	-	-	-
Creditor days	-	-	-	-	-	-	-	-	-
Debtor days	-	-	-	-	-	-	-	-	-
SHORT TERM STABILITY
Current ratio	1.04	0	1.04	-5.45	1.10	4.76	1.05	-0.94	1.06
Liquidity ratio / acid ratio	1.03	0	1.03	-4.63	1.08	2.86	1.05	-0.94	1.06
Current debt ratio	3.36	-11.58	3.80	5.26	3.61	47.35	2.45	-26.20	3.32
Cashflow	86,088	24.10	69,369	-39.62	114,891	47.37	77,961	23.69	63,031
Net worth	393,747	9.81	358,555	6.24	337,503	22.45	275,620	10.64	249,110
LONG TERM STABILITY
Gearing	284.11	-2.11	290.23	5.73	274.50	85.62	147.88	-46.95	278.75
Equity in percentage	19.36	10.25	17.56	2.69	17.10	-14.71	20.05	23.46	16.24
Total debt ratio	4.17	-11.28	4.70	-3.09	4.85	21.55	3.99	-22.67	5.16
Working capital	53,996	-5.71	57,264	-52.35	120,183	244	34,901	-34.90	53,612

Profit & loss

Operating Income	-	-	-	-	-	-	-	-	-
Turnover	-	-	-	-	-	-	-	-	-
Total operating expenses	-	-	-	-	-	-	-	-	-
Gross Operating Margin	543,217	22.86	442,144	-22.56	570,966	18.62	481,333	68.82	285,111
Operating Charges	0	-	-	-	-	-	-	-	-
Employee costs	293,241	-1.84	298,734	3.16	289,570	27.89	226,422	25.31	180,687
Wages and salary	-	-	233,275	8.12	215,764	25.93	171,335	29.75	132,053
Employee pension costs	-	-	-	-	-	-	-	-	-
Social security contributions	-	-	56,603	7.04	52,879	17.17	45,132	37.08	32,924
Other employee costs	293,241	3211	8,856	-57.68	20,927	110	9,955	-36.63	15,710
Director remuneration	-	-	-	-	-	-	-	-	-
Amortization and depreciation	50,896	5.34	48,317	-8.85	53,008	3.03	51,451	57.78	32,610
Operating result	142,731	-4.46	149,401	-11.15	168,145	29.34	130,002	26.87	102,466
Total financial income	16,955	99	8,498	5.54	8,052	4.59	7,699	11.94	6,878
Total financial expenses	92,138	-10.09	102,474	19.13	86,017	19.62	71,907	56.40	45,977
Results on ordinary operations before taxation	67,548	21.87	55,425	-38.54	90,180	37.06	65,794	3.83	63,367
Extraordinary Income	-	-	-	-	6,001	17045	35	-	-
Extraordinary Charges	2,500	-	-	-	-	-	-	-	-
Extraordinary items	-2,500	-	-	-	6,001	17045	35	-	0
Results for the Year Before Taxation	65,048	17.36	55,425	-42.37	96,181	46.11	65,829	3.89	63,367
Taxation	29,856	-13.14	34,373	0.22	34,298	-12.77	39,319	19.34	32,946
Results on ordinary operations after taxation	37,692	79.04	21,052	-62.33	55,882	111	26,475	-12.97	30,421
Net result	35,192	67.17	21,052	-65.98	61,883	133	26,510	-12.86	30,421
Profit (Loss) for the Year to be appropiated	35,192	67.17	21,052	-65.98	61,883	133	26,510	-12.86	30,421
Dividends	-	-	-	-	-	-	-	-	-

Social Balance Sheet Details

Social Balance Sheet Details

Social Balance Sheet	Total
During the reporting year
ended 31-12-2016
Full-time Employees	4
Part-time Employees	1
Total Fte Employees	5
Number of hours worked
Full-time Employees	7,063
Part-time Employees	1,112
Total	8,175
Personnel Charges
Full-time Employees	-
Part-time Employees	-
Total	293,241
Benefits In Addition To Wages	-

During the previous reporting year
Average number employees in Fte	5
Actual working hours	8,249
Personnel Charges	298,734
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	-	-	-
Secondairy education	-	-	-
Higher education (non	-	-	-
university)
Higher education	-	-	-
(university)
Women	Full-Time	Part-Time	Total Fte
Primary education	-	-	-
Secondairy education	1	-	1
Higher education (non university)	2	1	3
Higher education (university)	1	-	1
Working Category	Full-Time	Part-Time	Total Fte
Management	-	-	-
White collar worker	4	1	5
Blue collar worker	-	-	-
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	46412
Activity description	Wholesale of household textiles and bedding

Payment Information

Payment Information Summary
Total number of Invoices available	111
Total number of Invoices paid within or up to 30 days after the due date	110
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	46412
Activity description	Wholesale of household textiles and bedding
Industry average payment expectation days	103.68
Industry average day sales outstanding	108.07

Industry quartile analysis

Payment expectations

Company result	-
Lower	120.35
Median	56.34
Upper	23.09

Day sales outstanding
Company result	-
Lower	103.46
Median	50.46
Upper	17.30

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

Business number	Company name	%	Date of accounts
447080027	ELMER NV	0.44	31/12/2016

Companies that match this address

no Companies Match this address

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	Managing Director
Start Date	26/05/2008
Street	6 AVENUE DE LA RÉSERVE RHODE-SAINT-GENESE
Post code	1640
Country	Belgium
Name	Alain Eaton
Name	Pierre Van Doornick
Position	Director
Start Date	26/05/2008
Street	10 AVENUE EMILE DE MOT BRUXELLES
Post code	1000
Country	Belgium
Name	Michel Eaton
Position	Director
Start Date	26/05/2008
Date of birth	20/12/1956
Street	21 AVENUE DES TOURISTES RHODE-SAINT-GENESE
Post code	1640
Country	Belgium

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	INR 67.22
UK Pound	1	INR 90.87
Euro	1	INR 80.87
Euro	1	INR 80.89

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

INFORMATION DETAILS

Analysis Done by :	VAR

Report Prepared by :	DNS

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

JIC Code	100
Description category	Additional joint committee for labourers

JIC Code	218
Description category	Additional national joint committee for the employees

Significant Events
Event Date	26/05/2008
Event Description	re-appointment of director(s)
Event Details	Commentaire 26-05-2008: Renouvellement du mandat d'administrateur et administrateur délégué de M. Alain Eaton et mandats d'administrateurs de Messrs. Pierre Van Doornick et de Michel Eaton jusqu'en 2014.

MIRA INFORM REPORT

Company name and summary

Commentary

Payment expectations

Court data summary

Company information

Company accounts

Social Balance Sheet Details

Payment Information

Shareholder Details

Summary

Summons

Protested Bills

Bankruptcy and other legal events

Director details

Unit