MIRA INFORM REPORT

 

 

Report Date :

18.04.2014

 

IDENTIFICATION DETAILS

 

Name :

PHARMACEUTICAL ENTERPRISES BELGIUM NV

 

 

Registered Office :

Molenberglei 20 2627 Schelle

 

 

Country :

Belgium

 

 

Financials (as on) :

31.12.2012

 

 

Date of Incorporation :

25.04.1995

 

 

Com. Reg. No.:

455014924

 

 

Legal Form :

Public Limited Liability Company (BE)

 

 

Line of Business :

Wholesale of pharmaceutical goods

 

 

No. of Employees

1

 

RATING & COMMENTS

 

MIRA’s Rating :

Ca

 

RATING

STATUS

PROPOSED CREDIT LINE

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

 

Status :

Moderate

Payment Behaviour :

Slow

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 31st, 2014

 

Country Name

Previous Rating

(30.09.2013)

Current Rating

(01.12.2013)

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 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         455014924

Company name            PHARMACEUTICAL ENTERPRISES BELGIUM NV

Address                       MOLENBERGLEI 20

2627 SCHELLE

Number of staff            1

Date of establishment   25/04/1995

Telephone number       038808770

Fax number                  038441648

 

 

Commentary

 

The business was established over 18 years ago.

 

The business has 1 employees.

 

The business has been at the address for over 18 years.

 

There has been no significant change in the business's credit limit.

 

The credit rating for this business has decreased from 53 to 34.

 

Operating Result in the latest trading period increased 955% on the previous trading period.

 

A 22% growth in Total Assets occurred during the latest trading period.

 

The business saw an increase in their Cash Balance of 411% during the latest trading period.

 

Net Worth is a negative amount during the latest trading period.

 

Working Capital is a negative amount during the latest trading period.

 

 

 

Accounts

DATE OF LATEST ACCOUNTS

TURNOVER

PROFIT BEFORE TAX

NET WORTH

WORKING CAPITAL

31/12/2012

 

-8,203

-957,642

-140,892

31/12/2011

 

-80,510

-951,124

-38,647

31/12/2010

 

7,698

-881,171

42,684

Accounts

DATE OF LATEST ACCOUNTS

BALANCE TOTAL

NUMBER OF EMPLOYEES

CAPITAL

CASHFLOW

31/12/2012

1,348,442

1

332,772

771

31/12/2011

1,097,970

2

332,772

-66,965

31/12/2010

539,922

2

332,772

16,767

 

 

Payment expectations

 

Past payments

 

Payment expectation days

-

Industry average payment expectation days

75.44

Industry average day sales outstanding

115.08

Day sales outstanding

-

Court data summary

BANKRUPTCY DETAILS

Court action type

no

 

PROTESTED BILLS

 

Bill amount                   

 

NSSO DETAILS

 

Date of summons         29/03/2043

 

 

Company information

 

Business number

455014924

Company name

PHARMACEUTICAL ENTERPRISES BELGIUM NV

Fax number

038441648

Date founded

25/04/1995

Company status

active

Company type

Public Limited Liability Company (BE)

Currency

Euro (€)

Date of latest accounts

31/12/2012

Activity code

46460

liable for VAT

yes

Activity description

Wholesale of pharmaceutical goods

VAT Number

BE.0455.014.924

Belgian Bullettin of Acts Publications

moniteur belge

 

 

Contractor details

 

 

Check Article 30 Bis

Registered contractor number

-

 

 

Contractor description

-

Date struck off register

 

 

 

Social Balance Sheet Details

 

Social Balance Sheet

Total

During the reporting year ended 31-12-2012

 

Full-time Employees

2

Part-time Employees

1

Total Fte Employees

2

 

 

Number of hours worked

 

Full-time Employees

1,622

Part-time Employees

866

Total

2,488

 

 

Personnel Charges

 

Full-time Employees

60,882

Part-time Employees

32,497

Total

93,380

Benefits In Addition To Wages

-

 

 

During the previous reporting year

 

Average number employees in Fte

3

Actual working hours

3,182

Personnel Charges

123,886

Benefits In Addition To Wages

-

Type of Contract

Full-Time

Part-Time

Total Fte

Unlimited Duration Contracts

1

1

2

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

2

Higher education (non university)

-

-

-

Higher education (university)

-

-

-

 

Working Category

Full-Time

Part-Time

Total Fte

Management

-

-

-

White collar worker

1

1

2

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

1

-

1

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

-

-

 

 

Personnel (NSSO classification)

 

Code

-

Description

FROM 1 TO 4 EMPLOYEES

Joint Industrial Committee (JIC)

JIC Code

116

Description

Joint committee for the chemical industry

category

 

 

JIC Code

207

Description

Joint committee for the employees off he chemical industry

category

 

Significant Events

 

Event Date

17/06/2011

Event Description

re-appointment of director(s)

Event Details

Commentaar 17-06-2011: Herbenoemd als bestuurders voor een periode van zes jaar: Marc Waeterschoot (tevens gedelegeerd bestuurder) en Patrick Swolfs.

 

 

Company accounts

 

Profit & loss

 

 

Annual accounts

31-12­2012

%

31-12­2011

%

31-12­2010

Industry average 2012

%

 

Weeks

52

 

52

 

52

 

 

 

Currency

EUR

 

EUR

 

EUR

 

 

 

Turnover

-

-

-

-

-

37,945,127

-

 

Total operating expenses

-

-

-

-

-

37,723,402

-

 

Operating result

50,855

955

4,817

-94.04

80,831

134,193

-62.10

 

Total financial income

32,809

85.92

17,647

23.49

14,291

782,494

-95.81

 

Total financial expenses

91,867

-10.79

102,974

17.79

87,424

695,657

-86.79

 

Results on ordinary operations before taxation

-8,203

10.19

-80,510

-1145

7,698

149,993

-105

 

Taxation

-

-

-

-

-

173,383

-

 

Results on ordinary operations after taxation

-8,203

10.19

-80,510

-1145

7,698

17,545

-146

 

Extraordinary items

1,685

-84.04

10,557

79.03

5,897

-1,049

160

 

Other appropriations

0.00

-

0.00

-

0.00

-

-

 

Net result

-6,518

9.32

-69,954

-614

13,595

17,318

-137

 

OTHER INFORMATION

 

Dividends

-

-

-

-

-

1,415,985

-

 

Director remuneration

-

-

-

-

-

270,927

-

 

Employee costs

93,380

-24.62

123,886

-19.84

154,543

2,665,389

-96.50

 

Wages and salary

70,958

-25.89

95,740

-16.23

114,291

1,933,710

-96.33

 

Employee pension costs

-

-

-

-

-

267,189

-

 

Social security contributions

18,920

-26.25

25,653

-15.36

30,307

527,954

-96.42

 

Other employee costs

3,502

40.51

2,492

-74.94

9,946

155,569

-97.75

 

Amortization and depreciation

7,288

143

2,988

-5.80

3,172

1,066,658

-99

 

balance sheet

 

 

Annual accounts

31-12­2012

%

31-12­2011

%

31-12­2010

Industry average 2012

%

 

Weeks

52

 

52

 

52

 

 

 

Currency

EUR

 

EUR

 

EUR

 

 

 

Intangible fixed assets

0

-

0

-

0

1,849,857

-100

 

Tangible fixed assets

21,665

290

5,543

41.35

3,922

1,021,826

97.88

 

Land & building

-

-

-

-

-

923,797

-

 

Plant & machinery

152

33.33

228

25.00

304

391,507

-99

 

Furniture & Vehicles

10,731

101

5,315

46.93

3,617

60,536 13,370

82.27

 

Leasing & Other Similar Rights

-

-

-

-

-

699,547 17,295

-

 

Other tangible assets

10,782

-

0

-

0

172,874

93.76

 

Financial fixed assets

14,599

-7.65

15,808

7.37

14,722

18,032,608

-99

 

Total fixed assets

36,263

69.84

21,351

14.52

18,644

14,632,407

-99

 

Inventories

498,226

46.27

340,612

112

160,654

3,247,117

84.66

 

Raw materials & consumables

-

-

-

-

-

1,933,944

-

 

Work in progress

0

-

0

-

0

7,566

-100

 

Finished goods

0

-

0

-

0

1,832,403

-100

 

Other stocks

498,226

46.27

340,612

112

160,654

88,693

461

 

Trade debtors

477,208

29.37

675,636

272

181,382

2,915,234

83.63

 

Cash

275,112

411

53,825

52.23

112,678

495,643

44.49

 

other amounts receivable

61,429

842

6,516

89.36

61,267

1,640,541

96.26

 

Miscellaneous current assets

204

597

29

-99

5,297

353,786

-99

 

Total current assets

1,312,179

21.88

1,076,619

106

521,278

7,368,450

82.19

 

Total Assets

1,348,442

22.81

1,097,970

103

539,922

20,866,405

588,918

93.54

 

CURRENT LIABILITIES

 

Trade creditors

1,438,960

32.32

1,087,450

147

439,453

2,647,405

45.65

 

Short term group loans

-

-

-

-

-

-

-

 

Financial debts

-

-

-

-

-

2,281,352 38,045

-

 

Current portion of long term debt

2,719

-

-

-

-

263,891 20,340

98.97

 

Amounts Payable for Taxes, Remuneration & Social Security

11,392

24.38

15,065

24.65

19,994

23,596 -

97.48

 

Miscellaneous current liabilities

0

-100

12,751

33.40

19,147

-100

- -

 

Total current liabilities

1,453,071

30.29

1,115,266

133

478,594

5,888,995

75.33

 

LONG TERM DEBTS AND LIABILITIES

 

Long term group loans

-

-

-

-

-

-

- -

 

Other long term loans

853,013

-8.65

933,828

-0.92

942,498

-92.35

- -

 

Deffered taxes

-

-

-

-

-

130,387 23,096

-

 

Provisions for Liabilities & Charges

0

-

0

-

0

279,005 0

-100

 

Other long term liabilities

0

-

0

-

0

98,346

-100

 

Total long term debts

853,013

-8.65

933,828

-0.92

942,498

5,476,091

84.42

 

SHAREHOLDERS EQUITY

 

Issued share capital

332,772

0

332,772

0

332,772

7,051,437

95.28

 

Share premium account

-

-

-

-

-

15,915,742

-

 

Reserves

-1,290,414

-0.51

-1,283,896

-5.76

-1,213,943

1,667,139

-177

 

Revaluation reserve

-

-

-

-

-

938,993

-

 

Total shareholders equity

-957,642

-0.69

-951,124

-7.94

-881,171

9,435,604

-110

 

Working capital

-140,892

-264

-38,647

-190

42,684

1,479,455

-109

 

Cashflow

771

1.15

-66,965

-499

16,767

954,764

-99

 

Net worth

-957,642

-0.69

-951,124

-7.94

-881,171

7,574,083

-112

 

 

 

ratio analysis

 

 

Annual accounts

31-12-2012

change(%)

31-12-2011

change(%)

31-12-2010

Industry average 2012

%

 

TRADING PERFORMANCE

 

 

 

 

 

 

 

 

Profit Before Tax

-

-

-

-

-

27,00

-

 

Return on capital employed

7.84

-98.32

465.48

3609

12.55

3,00

161

 

Return on total assets employed

-0.61

8.32

-7.33

-612

1.43

-48,00

1.27

 

Return on net assets employed

0.86

-89.83

8.46

972

-0.87

9,00

-90.44

 

Sales / net working capital

-

-

-

-

-

6,00

-

 

Stock turnover ratio

-

-

-

-

-

17,00

-

 

Debtor days

-

-

-

-

-

129,00

-

 

Creditor days

-

-

-

-

-

86,00

-

 

SHORT TERM STABILITY

 

Current ratio

0.90

-7.22

0.97

-11.01

1.09

175,00

-55.00

 

Liquidity ratio / acid ratio

0.56

-15.15

0.66

-12.00

0.75

175,00

-99

 

Current debt ratio

-1.52

-29.91

-1.17

-116

-0.54

2,00

-176

 

Liquidity ratio reprocessed

-

-

-

-

-

-

-

 

LONG TERM STABILITY

 

Gearing

-89.36

91.02

-98.18

91.79

-106.96

157,00

-156

 

Equity in percentage

-71.02

81.98

-86.63

53.08

-163.20

-232,00

30.61

 

Total debt ratio

-2.41

-12.09

-2.15

-33.54

-1.61

3,00

-180

 

 

Industry comparison

 

Activity code

46460

Activity description

Wholesale of pharmaceutical goods

industry average credit rating

61.92

Industry average credit limit

125496.30

 

Payment Information

 

Payment Information Summary

Total number of Invoices available                                                                                                       1

Total number of Invoices paid within or up to 30 days after the due date                                             0

Total number of Invoices paid more than 30 days after the due date                                                   0

Total number of Invoices currently outstanding where the due date has not yet been reached             1

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

46460

Activity description

Wholesale of pharmaceutical goods

Industry average payment expectation days

75.44

Industry average day sales outstanding

115.08

Industry quartile analysis

Payment expectations

Company result

-

Lower

107.35

Median

68.18

Upper

39.50

 

 

Day sales outstanding

 

Company result

-

Lower

89.27

Median

49.37

Upper

24.33

 

 

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

 

Business number

Company name

 

Date of accounts

-

PHARE

-

-

450625970

Wolfs Pharmaceuticals p/a BTW_Ka NV

20.6

31/07/2003

 

Minority Interests

 

Individual Shareholders

 

SHAREHOLDER NAME

Forename

Patrick

Middle name

Emmanuel

Surname

Swolfs

 

SHAREHOLDER DETAILS

Start date

25/04/1995

End date

-

Percentage owned

-

 

SHAREHOLDER ADDRESS

Street name

Leliestraat

House number

67

Minor town

-

Postal town

Hove

Post code

2540

Country

Belgium

 

 

SHAREHOLDER NAME

Forename

Frank

Middle name

-

Surname

Peeters

 

SHAREHOLDER DETAILS

Start date

25/04/1995

End date

-

Percentage owned

-

 

SHAREHOLDER ADDRESS

Street name

Den Heuvel

House number

52

Minor town

-

Postal town

Schilde

Post code

2970

Country

Belgium

 

Companies that match this address

 

Business number

Company name

Rating

Limit

Date of accounts

843002254

GLOBIPHARM BVBA

-

-

-

843493885

GLOBIFER INTL BVBA

-

-

-

874870516

KINGFISHER HEALTHCARE NV

-

-

31/12/2011

 

Linked Companies

 

Summary

 

Group - Number of Companies

0

Linkages - Number of Companies

0

Number of Countries

0

 

 

Court data

 

Protested bills

Drawee name

PHARMACEUTICAL ENTERPRISES BELGIUM NV

Address

MOLENBERGLEI 20, SCHELLE, 2627

Bill amount

36.712,12

Bill currency

EUR

Maturity of bill

110

Name of drawer

CENTRE EUROPEEN DE REPARTITION PHARMACEUTIQUE SA

City of drawer

ANDERLECHT

View more

NSSO details

Business number

455014924

Name of defendant

PHARMACEUTICAL ENTERPRISES BELGIUM

Legal form of defendant

Limited company

Date of summons

06/03/2006

Labour court

ANTWERPEN

View more

 

Bankruptcy details

 

Bankruptcy type

compulsory composition, end of final suspension

Company name

PHARMACEUTICAL ENTERPRISES BELGIUM NV

Street of registered office

MOLENBERGLEI 20

Postcode of registered office

2627

City of registered office

SCHELLE

Trade name

PHARE BELGIUM

NACeBEL code

51460

NACeBEL description

Wholesale of pharmaceutical goods

Commercial court

ANTWERPEN

Source date

28/11/2007

Source

Moniteur Belge (MB)

Judgement date end of final suspension

20/11/2007

 

Legal events

 

Legal event type

Social Security Summons

Legal event sub type

 

Event date

29/03/2043

Secondary event date

 

Court number

 

Registry body identfier

 

Court type

Employment Court

Court name

Antwerpen

3rd party name

Rijksdienst voor Sociale Zekerheid

3rd party type

Summoning Party

3rd party address

 

 

Legal event type

Social Security Summons

Legal event sub type

 

Event date

14/01/2008

Secondary event date

 

Court number

 

Registry body identfier

 

Court type

Employment Court

Court name

Antwerpen

3rd party name

Rijksdienst voor Sociale Zekerheid

3rd party type

Summoning Party

3rd party address

 

 

Legal event type

Social Security Summons

Legal event sub type

 

Event date

03/12/2007

Secondary event date

 

Court number

 

Registry body identfier

 

Court type

Employment Court

Court name

Antwerpen

3rd party name 3rd party address

 

Rijksdienst voor Sociale Zekerheid

3rd party type

Summoning Party

 

Legal event type

Judicial Reorganization Plan: Rejected by Court

 

 

 

Legal event sub type

 

Legal event type

Social Security Summons

Legal event sub type

 

Event date

05/11/2007

Secondary event date

 

Court number

 

Registry body identfier

 

Court type

Employment Court

Court name

Antwerpen

3rd party name

Rijksdienst voor Sociale Zekerheid

3rd party type

Summoning Party

3rd party address

 

 

Legal event type                       Social Security Summons

 

Legal event sub type

 

Event date

06/03/2006

Secondary event date

 

Court number

 

Registry body identfier

 

Court type

Employment Court

Court name

Antwerpen

3rd party name

Rijksdienst voor Sociale Zekerheid

3rd party type

Summoning Party

3rd party address

 

 

 

Director details

 

Current director details

Name

PATRICK MARIE EMMANUEL SWOLFS

Position

Chairman of the Board

Start Date

25/04/1995

Street

67 LELIESTRAAT HOVE

Post code

2540

Country

Belgium

 

Name

PATRICK MARIE EMMANUEL SWOLFS

Position

Managing Director

Start Date

25/04/1995

Street

67 LELIESTRAAT HOVE

Post code

2540

Country

Belgium

 

Name

PATRICK MARIE EMMANUEL SWOLFS

Position

Director

Start Date

03/10/2011

Street

67 LELIESTRAAT HOVE

Post code

2540

Country

Belgium

 

Name

MARC JAN WAETERSCHOOT

Position

Director

Start Date

29/06/2005

Date of birth

07/11/1949

Street

51 HULSTLEI SCHELLE

Post code

2627

Country

Belgium

 

Name

MARC JAN WAETERSCHOOT

Position

Managing Director

Start Date

09/09/2011

End Date

16/06/2017

Date of birth

07/11/1949

Street

51 HULSTLEI SCHELLE

Post code

2627

Country

Belgium

 

 

 


 

FOREIGN EXCHANGE RATES

 

Currency

Unit

Indian Rupees

US Dollar

1

Rs.60.38

UK Pound

1

Rs.101.63

Euro

1

Rs.83.57

                

INFORMATION DETAILS

 

Analysis Done by :

SUB

 

 

Report Prepared by :

SDA

               

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%)

 

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.