MIRA INFORM REPORT

Report No. :	304208
Report Date :	23.01.2015

IDENTIFICATION DETAILS

Name :	TRANSPORTBANDEN BRUYNOOGHE NV

Registered Office :	Hillemolenstraat 1, 8830 Hooglede

Country :	Belgium

Financials (as on) :	31.12.2013

Date of Incorporation :	19.01.1983

Com. Reg. No.:	423502691

Legal Form :	Public Limited Liability Company (BE)

Line of Business :	Manufacture of other rubber products

No. of Employee :	22

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Status :	Satisfactory

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 – September 30, 2014

Country Name

Previous Rating

(30.06.2014)

Current Rating

(30.09.2014)

Belgium

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	423502691
Company name	TRANSPORTBANDEN BRUYNOOGHE NV
Address	HILLEMOLENSTRAAT 1
	8830 HOOGLEDE
Number of staff	22
Date of establishment	19/01/1983
Telephone number	051703535
Fax number	051703538

Ultimate holding company
Company name	Company Number
Brupas(454007213) BVBA	454007213

Commentary

The business was established over 31 years ago.

The business has 20 employees.

The business is part of a group.

The business has been at the address for over 19 years.

The business saw a decrease in their Cash Balance of 26% during the latest trading period.

Accounts

DATE OF LATEST ACCOUNTS	TURNOVER	PROFIT BEFORE TAX	NET WORTH	WORKING CAPITAL
31/12/2013		420,704	4,540,522	2,883,408
31/12/2012		402,231	4,210,304	3,025,961
31/12/2011		666,917	3,999,352	3,084,710
Accounts
DATE OF LATEST ACCOUNTS	BALANCE TOTAL	NUMBER OF EMPLOYEES	CAPITAL	CASHFLOW
31/12/2013	5,416,695	22	65,000	657,465
31/12/2012	5,275,435	22	65,000	451,855
31/12/2011	4,829,292	22	65,000	822,756
Trends
Profitability
Liquidity
Net worth

Payment expectations

Past payments		Payment expectation days	-
Industry average payment	69.66	Industry average day sales	91.75
expectation days		outstanding
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	31-12-2013	%	31-12-2012	%	31-12-2011	%	31-12-2010	%	31-12-2009
Weeks	52		52		52		52		52
Currency	EUR		EUR		EUR		EUR		EUR
Total fixed assets	1,879,781	26.50	1,486,010	34.85	1,101,944	10.75	994,983	2.94	966,607
Intangible fixed assets	0	-	0	-	0	-	0	-	0
Tangible fixed assets	1,545,987	34.18	1,152,216	50.00	768,150	16.18	661,189	4.48	632,813
Land & building	1,313,369	38.54	947,997	66.82	568,279	32.99	427,318	-5.54	452,363
Plant & machinery	67,433	-27.84	93,446	81.55	51,471	-24.37	68,055	48.43	45,849
Furniture & Vehicles	165,185	49.12	110,773	-15.45	131,012	-20.99	165,816	23.19	134,601
Leasing & Other Similar Rights	-	-	-	-	-	-	-	-	-
Other tangible assets	0	-	0	-100	17,388	-	0	-	0
Financial fixed assets	333,794	0	333,794	0	333,794	0	333,794	0	333,794
Total current assets	3,536,914	-6.66	3,789,425	1.67	3,727,348	6.14	3,511,750	13.05	3,106,459
Inventories	849,014	1.17	839,162	24.46	674,259	13.87	592,115	-0.70	596,312
Raw materials & consumables	-	-	-	-	-	-	-	-	-
Work in progress	0	-	0	-	0	-	0	-	0
Finished goods	0	-	0	-	0	-	0	-	0
Other stocks	849,014	1.17	839,162	24.46	674,259	13.87	592,115	-0.70	596,312
Trade debtors	1,119,089	0.86	1,109,570	-11.36	1,251,834	14.61	1,092,248	19.02	917,736
Other amounts receivable	19,793	-	-	-	1,209	-	-	-	15,000
Cash	834,131	-26.16	1,129,635	13.43	995,872	-9.17	1,096,427	22.56	894,625
Miscellaneous current assets	714,887	0.54	711,057	-11.58	804,174	10.02	730,959	7.06	682,786
Total Assets	5,416,695	2.68	5,275,435	9.24	4,829,292	7.16	4,506,733	10.65	4,073,066

Liabilities
Total shareholders equity	4,540,522	7.84	4,210,304	5.27	3,999,352	19.24	3,354,076	11.45	3,009,487
Issued share capital	65,000	0	65,000	0	65,000	0	65,000	0	65,000
Share premium account	-	-	-	-	-	-	-	-	-
Revaluation reserve	-	-	-	-	-	-	-	-	-
Reserves	4,475,522	7.97	4,145,304	5.36	3,934,352	19.62	3,289,076	11.70	2,944,487
Provisions for Liabilities & Charges	21,000	-	0	-	0	-	0	-	0
Deffered taxes	-	-	-	-	-	-	-	-	-
Creditors	855,173	-19.71	1,065,131	28.34	829,940	-28.00	1,152,656	8.38	1,063,580
Other long term loans	201,667	-33.15	301,667	61.06	187,302	105	90,960	-35.62	141,285
Long term group loans	-	-	-	-	-	-	-	-	-
Other long term liabilities	0	-	0	-	0	-	0	-	0
Total long term debts	222,667	-26.19	301,667	61.06	187,302	105	90,960	-35.62	141,285
Current portion of long term debt	100,000	-28.89	140,635	55.70	90,325	79.48	50,325	0	50,325
Financial debts	16,661	-33.36	25,000	0.00	25,000	7.15	23,332	-37.50	37,333
Trade creditors	12,576	-83.37	75,629	-37.92	121,817	3.43	117,779	88.69	62,421
Amounts Payable for Taxes, Remuneration & Social Security	56,513	-53.65	121,936	107	58,819	-32.07	86,583	53.14	56,539
Miscellaneous current liabilities	467,756	16.86	400,264	15.46	346,677	-55.76	783,677	9.50	715,677
Total current liabilities	653,506	-14.40	763,464	18.80	642,638	-39.47	1,061,696	15.11	922,294
Total Liabilities	5,416,695	2.68	5,275,435	9.24	4,829,292	7.16	4,506,733	10.65	4,073,066

ratio analysis
TRADING PERFORMANCE
Profit Before Tax	-	-	-	-	-	-	-	-	-
Return on capital employed	8.83	-0.90	8.91	-44.07	15.93	32.86	11.99	51.77	7.90
Return on total assets employed	7.77	1.97	7.62	-44.82	13.81	50.76	9.16	49.92	6.11
Return on net assets employed	9.27	-2.93	9.55	-42.75	16.68	35.50	12.31	48.85	8.27
Sales / net working capital	-	-	-	-	-	-	-	-	-
Stock turnover ratio	-	-	-	-	-	-	-	-	-
Creditor days	-	-	-	-	-	-	-	-	-
Debtor days	-	-	-	-	-	-	-	-	-

SHORT TERM STABILITY
Current ratio	5.41	9.07	4.96	-14.48	5.80	75.23	3.31	-1.78	3.37

Liquidity ratio / acid ratio	4.11	6.48	3.86	-18.74	4.75	72.73	2.75	1.10	2.72
Current debt ratio	0.14	-22.22	0.18	12.50	0.16	-50.0	0.32	3.23	0.31
Liquidity ratio reprocessed	-	-	-	-	-	-	-	-	-
Cashflow	657,465	45.50	451,855	-45.08	822,756	61.23	510,307	76.36	289,348
Net worth	4,540,522	7.84	4,210,304	5.27	3,999,352	19.24	3,354,076	11.45	3,009,487

LONG TERM STABILITY
Gearing	7.01	-36.85	11.10	46.63	7.57	54.18	4.91	-35.48	7.61
Equity in percentage	83.82	5.02	79.81	-3.62	82.81	11.27	74.42	0.72	73.89
Total debt ratio	0.19	-24.00	0.25	19.05	0.21	-38.24	0.34	-2.86	0.35
Working capital	2,883,408	-4.71	3,025,961	-1.90	3,084,710	25.90	2,450,054	12.17	2,184,165

Profit & loss
Operating Income	-	-	-	-	-	-	-	-	-
Turnover	-	-	-	-	-	-	-	-	-
Total operating expenses	-	-	-	-	-	-	-	-	-
Gross Operating Margin	2,110,393	7.24	1,967,837	-0.79	1,983,513	14.56	1,731,451	11.84	1,548,082
Operating Charges	-	-	-	-	-	-	-	-	-
Employee costs	1,377,583	2.58	1,342,969	2.80	1,306,418	9.60	1,191,971	2.52	1,162,681
Wages and salary	1,286,112	2.25	1,257,868	1.77	1,236,039	10.39	1,119,693	1.41	1,104,173
Employee pension costs	-	-	-	-	-	-	-	-	-
Social security contributions	-	-	-	-	-	-	-	-	-
Other employee costs	91,471	7.49	85,101	20.92	70,379	-2.63	72,278	23.53	58,508
Director remuneration	-	-	-	-	-	-	-	-	-
Amortization and depreciation	327,248	35.84	240,903	35.74	177,480	7.10	165,717	-9.13	182,359
Operating result	364,829	2.34	356,471	-27.42	491,118	34.11	366,213	92.83	189,913
Total financial income	90,735	-11.28	102,274	-51.67	211,616	180	75,446	-13.10	86,824
Total financial expenses	34,860	-38.32	56,514	57.79	35,817	24.65	28,733	3.55	27,749
Results on ordinary operations before taxation	420,704	4.59	402,231	-39.69	666,917	61.51	412,925	65.84	248,988

Extraordinary Income	1,535	-91.88	18,894	15.33	16,383	361	3,550	-4.57	3,720

Extraordinary Charges	235	-73.27	878	-	-	-	-	-	-

Extraordinary items	1,300	-92.78	18,016	9.97	16,383	361	3,550	-4.57	3,720

Results for the Year Before Taxation	422,005	0.42	420,247	-38.50	683,300	64.07	416,475	64.81	252,708

Other appropriations	-	-	-	-	-	-	-	-	-

Taxation	91,787	-56.14	209,295	450	38,024	-47.10	71,886	-50.67	145,719
Results on ordinary operations after taxation	328,917	70.48	192,936	-69.32	628,893	84.40	341,040	230	103,269

Net result	330,218	56.54	210,952	-67.31	645,276	87.26	344,590	222	106,989

Profit (Loss) for the Year to be appropriated	330,218	56.54	210,952	-67.31	645,276	87.26	344,590	222	106,989

Dividends	-	-	-	-	-	-	-	-	-

Social Balance Sheet Details

Social Balance Sheet Details
Social Balance Sheet	Total
During the reporting year
ended 31-12-2013
Full-time Employees	21
Part-time Employees	3
Total Fte Employees	22
Number of hours worked
Full-time Employees	35,272
Part-time Employees	2,417
Total	37,689
Personnel Charges
Full-time Employees	1,281,152
Part-time Employees	96,431
Total	1,377,583
Benefits In Addition To Wages	-
During the previous reporting year
Average number employees in Fte	23
Actual working hours	37,708
Personnel Charges	1,342,969
Benefits In Addition To Wages	-

Type of Contract	Full-Time	Part-Time	Total Fte
Unlimited Duration	21	3	22
Contracts
Limited Duration Contracts	-		-
Contracts For Specific Work	-		-
Contracts Regarding Substitution	-		-

Gender and Education Level
Men	Full-Time	Part-Time	Total Fte
Primary education	20	1	21
Secondairy education	-	-	-
Higher education (non university)	-	-	-
Higher education (university)	-	-	-
Women	Full-Time	Part-Time	Total Fte
Primary education	1	2	2
Secondairy education	-	-	-
Higher education (non university)	-	-	-
Higher education (university)	-	-	-

Working Category	Full-Time	Part-Time	Total Fte
Management	-	-	-
White collar worker	4	1	5
Blue collar worker	17	2	18
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	6	-	6
Leavers	6	-	6

Total of formal continuing vocational training initiatives
for workers paid by the employer	Male	Female
Number of employees	8	1
Number of training hours	40	4
Net costs for enterprise	2,011	274
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 22190

Activity description Manufacture of other rubber products

Payment Information

Payment Information Summary

Total number of Invoices available 10

Total number of Invoices paid within or up to 30 days after the due date 5

Total number of Invoices paid more than 30 days after the due date 4

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 22190

Activity description Manufacture of other rubber products

Industry average payment

expectation days 69.66

Industry average day sales outstanding 91.75

Industry quartile analysis

Payment expectations

Company result -

Lower 94.41

Median 65

Upper 43.96

Day sales outstanding

Company result -

Lower 81.98

Median 42.92

Upper 22.52

Shareholder Details

Summary

Group - Number of Companies 2

Linkages - Number of Companies 0

Number of Countries 0

Group Structure

Company name	Number	Latest financials
- BRUPAS(454007213) BVBA	454007213	30-06-2014
- - TRANSPORTBANDEN BRUYNOOGHE NV	423502691	31-12-2013

Minority Shareholders

No minority shareholders found

Minority Interests

No minority interests found

Companies that match this address

Business number	Company name
413531685	CONSTRUCTIE BRUYNOOGHE
530052045	VAN GELDER ANGELA WWE GUNST ROGÉ

Linked Companies

Summary

Group - Number of Companies 2

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

Name	JOZEF GERARD BRUYNOOGHE
Position	Managing Director
Start Date	24/10/2011
Date of birth	19/11/1961
Street	1 GALGESTRAAT KORTEMARK
Post code	8610
Country	Belgium

Position	Director
Start Date	15/07/2005
Date of birth	19/11/1961
Street	1 GALGESTRAAT KORTEMARK
Post code	8610
Country	Belgium

Name	BRUPAS(454007213) BVBA
Position	Director
Start Date	27/02/1995
Date of birth	19/12/1994
Street	1 HILLEMOMLENSTRAAT HOOGSTRATEN
Post code	2320
Country	Belgium

Former director details

Name	JURGEN BRUYNOOGHE
Position	Managing Director
Start Date	21/05/2005
End Date	21/05/2011
Street	9 MEIBOOMSTRAAT HOUTHULST
Post code	8650
Country	Belgium

Name	BRUPAS(454007213) BVBA
Position	Managing Director
Start Date	21/05/2005
End Date	21/05/2011
Date of birth	19/12/1994
Street	1 HILLEMOMLENSTRAAT HOOGSTRATEN
Post code	2320
Country	Belgium

Name	DANIEL BRUYNOOGHE
Position	Managing Director
Start Date	20/05/1997
End Date	Unknown date
Date of birth	13/11/1944
Street	150 AMERSVELDESTRAAT HOOGLEDE
Post code	8830
Country	Belgium

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.69
UK Pound	1	Rs.93.32
Euro	1	Rs.71.48

INFORMATION DETAILS

Analysis Done by :	SUB

Report Prepared by :	DPT

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.

Business number	423502691	Company name	TRANSPORTBANDEN BRUYNOOGHE NV
Fax number	051703538	Date founded	19/01/1983
Company status	active	Company type	Public Limited Liability Company (BE)
Currency	Euro (€)	Date of latest accounts	31/12/2013
Activity code	22190	Liable for VAT	yes
Activity description	Manufacture of other rubber products	VAT Number	BE.0423.502.691 Check VAT number
Belgian Bullettin of Acts Publications	moniteur belge

MIRA INFORM REPORT

Company summary

Commentary

Company information

Company accounts

Social Balance Sheet Details

Payment Information

Shareholder Details

Linked Companies

Director details

Unit