MIRA INFORM REPORT

Report Date :

18.05.2013

IDENTIFICATION DETAILS

Name :	CP BOURG SA
Registered Office :	Rue Des Technologies 22, 1490 Court-Saint-Etienne
Country :	France
Financials (as on) :	31.03.2012
Date of Incorporation :	01.01.1961
Com. Reg. No.:	400357305
Legal Form :	Public Limited Liability Company (BE)
Line of Business :	Wholesaler of office machinery and equipment, except computers and peripherals
No. of Employees :	312

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 – March 31^st 2013

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
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	400357305
Company name	CP BOURG SA
Address	RUE DES TECHNOLOGIES 22
	1490 COURT-SAINT-ETIENNE
Number of staff	312
Date of establishment	01/01/1961

DIRECTORS/MANAGEMENT

Current director details

Name	CHARLES DE WOOT DE TRIXHE DE JANNEE
Position	Director
Start Date	24/09/2007
End Date
Date of birth	11/11/1937
Street	4 CHEMIN DE LA POMPE CINEY
Post code	5590
Country	Belgium

Name	CARINE BOURG
Position	Director
Start Date	30/09/2008
End Date	30/09/2014
Street	202 AVENUE COGHEN BRUXELLES
Post code	1180
Country	Belgium

Name	SOGEPA SA
Position	Legal Representative
Start Date	30/09/2009
End Date
Date of birth	28/05/1984
Street	38 BOULEVARD D'AVROY LIÈGE
Post code	4000
Country	Belgium

Name	SOGEPA SA
Position	Director
Start Date	30/09/2009
End Date	30/09/2015
Date of birth	28/05/1984
Street	38 BOULEVARD D'AVROY LIÈGE
Post code	4000
Country	Belgium

Name	SOPHIE TRINON
Position	Legal Representative
Start Date	21/09/2011
End Date
Street	5 RUE VALLÉE OUPEYE
Post code	4681
Country	Belgium

Name	EAGLE MANAGEMENT SPRL
Position	Managing Director
Start Date	21/11/2011
End Date
Date of birth	09/11/1994
Street	80 VAL DES SEIGNEURS BRUXELLES
Post code	1150
Country	Belgium

Name	EAGLE MANAGEMENT SPRL
Position	Director
Start Date	30/09/2009
End Date
Date of birth	09/11/1994
Street	80 VAL DES SEIGNEURS BRUXELLES
Post code	1150
Country	Belgium

Name	EAGLE MANAGEMENT SPRL
Position	Legal Representative
Start Date	30/09/2009
End Date
Date of birth	09/11/1994
Street	80 VAL DES SEIGNEURS BRUXELLES
Post code	1150
Country	Belgium

Name	MARIE ANTOINETTE (JOHANNE) BOURG-THIBAULT
Position	Managing Director
Start Date	30/09/2011
End Date	30/09/2017
Date of birth	15/12/1950
Street	5 RUE DE BLANMONT MONT-SAINT-GUIBERT
Post code	1435
Country	Belgium

Name	MARIE ANTOINETTE (JOHANNE) BOURG-THIBAULT
Position	Director
Start Date	08/11/2005
End Date
Date of birth	15/12/1950
Street	5 RUE DE BLANMONT MONT-SAINT-GUIBERT
Post code	1435
Country	Belgium

Name	CHRISTIAN-PIERRE AUGUSTE BOURG
Position	Chairman of the Board
Start Date	26/11/2010
End Date
Date of birth	30/07/1925
Street	5 RUE DE BLANMONT MONT-SAINT-GUIBERT
Post code	1435
Country	Belgium

Name	CHRISTIAN-PIERRE AUGUSTE BOURG
Position	Director
Start Date	24/09/2007
End Date
Date of birth	30/07/1925
Street	5 RUE DE BLANMONT MONT-SAINT-GUIBERT
Post code	1435
Country	Belgium

Name	JOËL TOURNEIX
Position	Director
Start Date	21/11/2011
End Date
Street	LES ORMEAUX
Post code	77320
Country	France

Name	DANIEL VANDE POEL
Position	Deputy Managing Director
Start Date	27/10/2009

Name	CHRISTIAN BOURG
Position	Director
Start Date	08/07/2003

Former director details

Name	SPARAXIS SA
Position	Director
Start Date	30/09/1994
End Date	-
Date of birth	27/01/1994
Street	13 AVENUE MAURICE DESTENAY LIÈGE
Post code	4000
Country	Belgium

Name	ERIC MALRAIN
Position	Director
Start Date	30/09/1999
End Date	-
Street	22 BOULEVARD GÉNÉRAL JACQUES BRUXELLES
Post code	1050
Country	Belgium

Name	MICHEL DE GREEF
Position	Director
Start Date	30/09/2002
End Date	30/09/2009
Date of birth	27/12/1951
Street	7 AVENUE DE L'URUGUAY BRUXELLES
Post code	1000
Country	Belgium

Name	PIERRE PARAIRE
Position	Legal Representative
Start Date	21/02/2011
End Date	-
Date of birth	25/11/1957
Street	2 HAUTGNÉ SPRIMONT
Post code	4140
Country	Belgium

Name	MICHEL ISRALSON
Position	Director
Start Date	30/09/1998
End Date	-
Street	14 AVENUE DE LA RENAISSANCE BRUXELLES
Post code	1000
Country	Belgium

Name	CHRISTIAN-PIERRE AUGUSTE BOURG
Position	Managing Director
Start Date	22/10/2008
End Date	30/09/2009
Date of birth	30/07/1925
Street	5 RUE DE BLANMONT MONT-SAINT-GUIBERT
Post code	1435
Country	Belgium

Name	SABINE COLSON
Position	Director
Start Date	27/10/2009
End Date	31/03/2010

Name	SOGEPA SA
Position	Director
Start Date	18/10/2010

Name	FONDU PYL SRASSIN & CO
Position	Director
Start Date	18/10/2010
End Date	31/03/2011

Name	CHRISTIAN BOURG
Position	Managing Director
Start Date	30/09/2002

NEGATIVE INFORMATION

Commentary

The business was established over 52 years ago.
The business has 312 employees.
The business is part of a group.
This business has a foreign parent business.
The business has been at the address for over 25 years.
The credit limit for this business has decreased from €650000 to €605000.
Sales in the latest trading period decreased 199% on the previous trading period.
Net Worth decreased by 36% during the latest trading period.
Pre-tax profits decreased by 525% compared to the previous trading period.
The business saw a decrease in their Cash Balance of 75% during the latest trading period.

Court data summary

Bankruptcy details
Court action type	No
Protested bills
Bill amount	-
NSSO details
Date of summons	06/10/2006

Business number	400357305	Company name	CP BOURG SA
Fax number	-	Date founded	01/01/1961
Company status	Active	Company type	Public Limited Liability Company (BE)
Currency	Euro (€)	Date of latest accounts	31/03/2012
Activity code	46660	liable for VAT	yes
Activity description	Wholesale of office machinery and equipment, except computers and peripherals	VAT Number	BE.0400.357.305
Belgian Bullettin of Acts Publications	moniteur belge

Contractor details

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	149.04
Description	Joint subcommittee for the trade in metals
category

JIC Code	209
Description	Joint committee for the employees off the metal industry
category

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

Significant Events

Event Date	30/09/2011
Event Description	re-appointment of director(s)
Event Details	Commentaire 30-09-2011: L'Assemblée reconduit, pour un nouveau terme de six années les mandats d'Administrateur de Johanne Bourg-Thibault et de Joël Tourneix.

Protested bills

Drawee name	-
Address	-
Bill amount	-
Bill currency	-
Maturity of bill	-
Name of drawer	-
City of drawer	-

NSSO details

Business number	400357305
Name of defendant	C.P. BOURG
Legal form of defendant	Limited company
Date of summons	01/09/2006
Labour court	NIVELLES

Bankruptcy details

There is no bankruptcy data against this company

SHARE & SHARE CAPITAL INFORMATION

Minority Shareholders

Business number	Company name	%	Date of accounts
864972853	CPB Holding SCA	-	31/03/2012

PAYMENT INFORMATION

Payment expectations

Past payments		Payment expectation days	52.64
Industry average payment expectation days	68.33	Industry average day sales outstanding	128.36
Day sales outstanding	75.28

Payment Information Summary

Total number of Invoices available	32
Total number of Invoices paid within or up to 30 days after the due date	16
Total number of Invoices paid more than 30 days after the due date	14
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	2

Suspension of payments / moratorium history

Amount	-
Details	-

Payment expectations

Payment expectation days	52.64
Day sales outstanding	75.28

Industry comparison

Activity code	46660
Activity description	Wholesale of office machinery and equipment, except computers and peripherals
Industry average payment expectation days	68.33
Industry average day sales outstanding	128.36

Industry quartile analysis

Payment expectations
Company result	52.64
Lower	97.45
Median	63.05
Upper	36.27

Day sales outstanding
Company result	75.28
Lower	72.43
Median	39.12
Upper	17.43

GROUP STRUCTURE & AFFILIATED COMPANIES

Ultimate holding company

Company name	Company Number
CP Bourg SA	400357305

Summary

Group - Number of Companies	5
Linkages - Number of Companies	1
Number of Countries	1

Group Structure

Company name	Number	Latest financials
- CP BOURG SA	400357305	31-03-2012
- - EDBIMO SA	420831134	31-03-2012
- - LOUIS VERBOVEN SA	403042819	31-03-2012
- - CP BOURG FRANCE SA
- - CP BOURG GMBH SPRL

Linked Companies

Name	Number	Latest Key financials	Turnover
CPB HOLDING SCA	864972853	31.03.2012	€98.587

FINANCIAL INFORMATION

Accounts

Date of latest accounts	Turnover	Profit Before Tax	Net worth	Working capital
31/03/2012	29,085,070	-1,532,182	770,256	1,451,076
31/03/2011	36,208,895	360,478	1,212,624	829,970
31/03/2010	32,601,314	-974,483	2,331,325	2,790,624

Accounts

Date of latest accounts	Balance Total	Number of Employees	Capital	Cashflow
31/03/2012	28,728,892	312	5,000,000	1,973,952
31/03/2011	29,071,732	331	5,000,000	2,172,232
31/03/2010	29,608,596	342	5,000,000	-496,844

Profit & loss

Annual accounts	31-03-2012	%	31-03-2011	%	31-03-2010	Industry average 2012	%
Weeks	52		52		52
Currency	EUR		EUR		EUR
Turnover	29,085,070	-19.67	36,208,895	11.07	32,601,314	13,294,725	118
Total operating expenses	30,164,533	-14.13	35,127,326	6.64	32,939,925	13,353,743	125
Operating result	-1,079,463	-199	1,081,569	319	-338,611	9,809	-11104
Total financial income	590,029	-4.78	619,650	36.10	455,300	30,828	1813
Total financial expenses	1,042,748	-22.23	1,340,741	22.87	1,091,172	45,127	2210
Results on ordinary operations before taxation	-1,532,182	-525	360,478	36.99	-974,483	-5,912	-25816
Taxation	18,261	153	7,190	1594	-451	28,321	-35.52
Results on ordinary operations after taxation	-1,550,443	-538	353,287	36.27	-974,032	-26,741	-5697
Extraordinary items	1,645,392	827	-198,820	12.76	-1,558,490	23,249	6977
Other appropriations	0.00	-	0.00	-	0.00	-	-
Net result	94,949	-38.53	154,467	6.10	-2,532,522	-3,261	2911
other information
Dividends	-	-	-	-	-	365,842	-
Director remuneration	-	-	-	-	-	-	-
Employee costs	14,813,086	-10.47	16,544,945	9.46	15,115,448	1,120,754	1221
Wages and salary	10,688,820	-9.82	11,852,950	8.17	10,957,373	839,305	1173
Employee pension costs	-	-	-	-	-	6,663	-
Social security contributions	3,439,518	-11.40	3,882,186	10.89	3,500,829	212,868	1515
Other employee costs	684,747	-15.44	809,809	23.21	657,245	39,272	1643
Amortization and depreciation	1,879,003	-6.88	2,017,765	-0.88	2,035,678	55,862	3263

balance sheet

Annual accounts	31-03-2012	%	31-03-2011	%	31-03-2010	Industry average 2012	%
Weeks	52		52		52
Currency	EUR		EUR		EUR
Intangible fixed assets	3,946,600	-	3,409,284	-	2,136,116	48,883	7973
Tangible fixed assets	4,312,132	-8.94	4,735,584	-8.22	5,159,679	305,192	1312
Land & building	3,293,589	-5.31	3,478,405	-5.12	3,666,245	491,848	569
Plant & machinery	162,727	-29.77	231,698	-22.74	299,906	29,575	450
Other tangible assets	855,815	-16.54	1,025,481	-14.08	1,193,528	39,721	2054
Financial fixed assets	2,344,529	-11.27	2,642,304	-7.23	2,848,174	101,073	2219
Total fixed assets	10,603,260	-1.70	10,787,172	6.34	10,143,968	395,779	2579
Inventories	9,997,272	-3.94	10,407,185	1.80	10,223,108	546,469	1729
Raw materials & consumables	612,145	-2.40	627,198	-5.41	663,085	612,145	0.00
Work in progress	1,564,499	36.84	1,143,310	-31.30	1,664,274	11,415	13605
Finished goods	7,820,629	-9.45	8,636,677	9.38	7,895,749	206,236	3692
Other stocks	0	-	0	-	0	28,717	-100
Trade debtors	5,999,084	0.73	5,955,580	-20.05	7,449,527	475,717	1161
Cash	145,564	-75.96	605,445	9.41	553,377	117,805	23.56
other amounts receivable	1,347,286	24.23	1,084,467	26.25	858,950	208,198	547
Miscellaneous current assets	636,426	174	231,883	-38.92	379,666	50,407	1162
Total current assets	18,125,632	-0.87	18,284,560	-6.06	19,464,628	1,099,405	1548
current liabilities
Trade creditors	4,349,898	-7.26	4,690,424	7.15	4,377,562	372,234	1068
Short term group loans	-	-	-	-	-	-	-
Other short term loans	7,676,746	-12.00	8,723,493	9.23	7,986,369	231,603	3214
Miscellaneous current liabilities	4,647,911	15.03	4,040,673	-6.25	4,310,073	1479	- -
Total current liabilities	16,674,555	-4.47	17,454,590	4.68	16,674,004	878,822	1797
Long term debts
Long term group loans	-	-	-	-	-	-	- -
Other long term loans	5,723,164	9.74	5,215,080	-12.33	5,948,220	2088	- -
Other long term liabilities	1,614,316	-9.32	1,780,155	-29.33	2,518,931	33,990	4649
Total long term debts	7,337,480	4.89	6,995,234	-17.38	8,467,151	175,695	4076
shareholders equity
Issued share capital	5,000,000	0	5,000,000	0	5,000,000	142,639	3405
Share premium account	-	-	-	-	-	9,372,348	-
Reserves	-2,952,504	92.20	-3,202,453	91.19	-3,511,920	51,605	-5821
Revaluation reserve	2,669,360	-5.49	2,824,360	-5.20	2,979,360	864,056	208
Total shareholders equity	4,716,856	2.05	4,621,907	3.46	4,467,441	420,240	1022
Working capital	1,451,076	74.83	829,970	-70.26	2,790,624	220,583	557
Cashflow	1,973,952	-9.13	2,172,232	437	-496,844	46,474	4147
Net worth	770,256	-36.48	1,212,624	-47.99	2,331,325	371,358	107

ratio analysis

Annual accounts	31-03-2012	change(%)	31-03-2011	change(%)	31-03-2010	Industry average 2012	%
Trading performance
Profit Before Tax	-5.27	-627	1	33.44	-2.99	4,00	-231
Return on capital employed	-12.71	-510	3.10	41.17	-7.53	4,00	-417
Return on total assets employed	-5.33	-529	1.24	37.69	-3.29	-1.040,00	0.51
Return on net assets employed	-32.48	-516	7.80	35.76	-21.81	22,00	-247
Sales / net working capital	20.04	-54.07	43.63	273	11.68	10,00	-99
Stock turnover ratio	34.37	19.59	28.74	-8.35	31.36	9,00	281
Debtor days	75.28	25.40	60.03	-28.02	83.40	82,00	-8.20
Creditor days	52.64	8.00	48.74	0.47	48.51	-105,00	50.13
short term stability
Current ratio	1.09	3.81	1.05	-10.26	1.17	5,00	-45.50
Liquidity ratio / acid ratio	0.49	8.89	0.45	-18.18	0.55	5,00	-90.20
Current debt ratio	3.54	-6.35	3.78	1.34	3.73	2,00	77.00
Liquidity ratio reprocessed	-	-	-	-	-	-	-
Long term stability
Gearing	284.09	-5.80	301.58	-3.31	311.91	342,00	-16.93
Equity in percentage	19.03	5.66	18.01	10.76	16.26	-40.140,00	0.05
Total debt ratio	5.09	-3.78	5.29	-6.04	5.63	4,00	27.25

ADDITIONAL INFORMATION

Trends

Profitability
Liquidity
Net worth

Industry comparison

Activity code	46660
Activity description	Wholesale of office machinery and equipment, except computers and peripherals

Minority Interests

No minority interests found

Legal events

Legal event type	Social Security Summons
Legal event sub type
Event date	06/10/2006	Secondary event date
Court number		Registry body identfier
Court type	Employment Court	Court name	Wavre
3rd party name	Office National de Sécurité Sociale	3rd party type	Summoning Party

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.54.89
UK Pound	1	Rs.83.66
Euro	1	Rs.70.58

INFORMATION DETAILS

Report Prepared by :

MNL

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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