MIRA INFORM REPORT

Report No. :	339303
Report Date :	01.09.2015

IDENTIFICATION DETAILS

Name :	PGB-EUROPE NV

Registered Office :	Gontrode Heirweg 170 9090 Melle

Country :	Belgium

Financials (as on) :	31.12.2014

Date of Incorporation :	23.06.1984

Com. Reg. No.:	425888396

Legal Form :	Public Limited Liability

Line of Business :	Wholesale of hardware

No. of Employees :	60

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 – March 31, 2015

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

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 shifts in foreign demand, particularly in Belgium’s EU trade partners. Roughly three-quarters of Belgium's trade is with other EU countries. In 2014 Belgian GDP grew by 0.9%, the unemployment rate stabilized at 8.5%, and the the budget deficit was 3.2% of GDP. Prime Minister Charles MICHEL’s center-right government has pledged to further reduce the deficit in response to EU pressure to reduce Belgium’s high public debt, which remains above 100% of GDP, but such efforts could also dampen economic growth. In addition to restrained public spending, low wage growth and high unemployment promise to curtail a more robust recovery in private consumption. The government has pledged to pursue an reform program to improve Belgium’s competitiveness, including changes to tax policy, labor market rules, and welfare benefits. These changes risk worsening tensions with trade unions and triggering extended strikes.

Source : CIA

Company summary

Business number	425888396
Branche Unit Number	2024881730
Company name	PGB-EUROPE NV
Address	GONTRODE HEIRWEG 170
	9090 MELLE
Safe number	BE00142914
Number of staff	60
Date of establishment	23/06/1984
Telephone number	092727070
Fax number	092727099

Commentary

The business was established over 31 years ago.

The business has 60 employees.

The business is part of a group.

The business has been at the address for over 17 years.

The business saw a decrease in their Cash Balance of 84% during the latest trading period.

Accounts

DATE OF LATEST ACCOUNTS	TURNOVER	PROFIT BEFORE TAX	NET WORTH	WORKING CAPITAL
31/12/2014	26,560,248	2,400,140	7,344,385	10,767,683
31/12/2013	24,041,550	2,100,891	7,054,937	8,867,577
31/12/2012	23,685,482	992,615	7,930,633	8,262,920

Accounts
DATE OF LATEST ACCOUNTS	BALANCE TOTAL	NUMBER OF EMPLOYEES	CAPITAL	CASHFLOW
31/12/2014	24,112,231	60	620,000	615,544
31/12/2013	21,530,601	60	620,000	355,955
31/12/2012	18,389,028	59	620,000	896,328

Trends

Profitability

Liquidity

Net worth

Payment expectations

Past payments		Payment expectation days	25.80
Industry average payment	218.92	Industry average day sales	70.81
expectation days		outstanding
Day sales outstanding	37.48

Court data summary

BANKRUPTCY DETAILS

Court action type no

PROTESTED BILLS

Bill amount -

NSSO DETAILS -

Date of summons -

Company accounts

Assets

Annual accounts	31-12-2014	%	31-12-2013	%	31-12-2012	%	31-12-2011	%	31-12-2010
Weeks	52		52		52		52		52
Currency	EUR		EUR		EUR		EUR		EUR
Total fixed assets	1,176,611	36.25	863,567	62.77	530,552	-7.97	576,512	-53.06	1,228,318
Intangible fixed assets	0	-	0	-100	22,284	-75.30	90,226	-42.96	158,167
Tangible fixed assets	1,166,056	36.98	851,235	71.59	496,086	4.64	474,104	-29.51	672,561
Land & building	217,778	-25.51	292,377	-15.19	344,735	0.10	344,390	-13.53	398,263
Plant & machinery	794,397	59.09	499,324	720	60,874	-38.02	98,210	-25.75	132,271
Furniture & Vehicles	49,366	-17.08	59,534	-34.20	90,477	187	31,503	-74.98	125,916
Leasing & Other Similar Rights	104,516	-	-	-	-	-	0	-99	16,112
Other tangible assets	-1	-	0	-	0	-	0	-	0
Financial fixed assets	10,555	-14.40	12,331	1.22	12,182	0	12,182	-96.94	397,590
Total current assets	22,935,620	10.98	20,667,034	15.73	17,858,476	-9.70	19,776,475	24.32	15,908,249
Inventories	15,769,956	22.21	12,904,105	1.32	12,736,505	-9.72	14,107,490	25.31	11,257,827
Raw materials & consumables	-	-	-	-	-	-	-	-	-
Work in progress	0	-	0	-	0	-	0	-	0
Finished goods	15,769,956	22.21	12,904,105	1.32	12,736,505	-9.72	14,107,490	25.31	11,257,827
Other stocks	0	-	0	-	0	-	0	-	0
Trade debtors	2,727,684	3.23	2,642,219	6.74	2,475,379	-12.78	2,838,074	21.58	2,334,415
Other amounts receivable	197,206	-95.17	4,086,525	1278	296,440	-44.79	536,906	50.14	357,603
Cash	142,818	-84.59	926,995	-15.60	1,098,333	7.19	1,024,662	130	444,598
Miscellaneous current assets	117,219	9.35	107,191	-28.48	149,882	-18.46	183,818	-1.34	186,309
Total Assets	24,112,231	11.99	21,530,601	17.08	18,389,028	-9.65	20,352,987	18.77	17,136,567

Liabilities

Total shareholders equity	7,344,385	4.10	7,054,937	-11.29	7,952,917	-4.01	8,285,060	26.76	6,535,852
Issued share capital	620,000	0	620,000	0	620,000	0	620,000	0	620,000
Share premium account	-	-	-	-	-	-	-	-	-
Revaluation reserve	-	-	-	-	-	-	-	-	-
Reserves	6,724,385	4.50	6,434,937	-12.25	7,332,917	-4.33	7,665,060	29.57	5,915,852
Provisions for Liabilities &	4,002,486	98.00	2,021,451	4846	40,863	-22.15	52,489	405	10,377
Charges

Deffered taxes	-	-	-	-	-	-	-	-	-
Creditors	12,765,359	2.50	12,454,213	19.81	10,395,249	-13.48	12,015,438	13.46	10,590,339
Other long term loans	597,422	-8.76	654,755	-18.12	799,692	-	-	-	23,278
Long term group loans	-	-	-	-	-	-	-	-	-
Other long term liabilities	1	-	0	-	0	-	0	-	0
Total long term debts	4,599,909	71.88	2,676,206	218	840,555	1501	52,489	55.96	33,655
Current portion of long term debt	161,452	11.39	144,937	0.00	144,937	522	23,278	-33.33	34,916
Financial debts	9,800,325	15.30	8,500,000	34.92	6,300,000	-30.58	9,075,469	3.12	8,801,084
Trade creditors	1,656,948	0.87	1,642,582	9.41	1,501,354	-28.44	2,098,169	49.15	1,406,723
Amounts Payable for Taxes,	468,688	7.85	434,571	-27.30	597,731	-21.64	762,780	183	268,750
Remuneration & Social Security

Miscellaneous current liabilities	80,524	-92.53	1,077,368	2.46	1,051,535	1786	55,743	0.28	55,587
Total current liabilities	12,167,937	3.12	11,799,458	22.97	9,595,557	-20.14	12,015,438	13.71	10,567,061
Total Liabilities	24,112,231	11.99	21,530,601	17.08	18,389,028	-9.65	20,352,987	18.77	17,136,567

ratio analysis
TRADING PERFORMANCE
Profit Before Tax	9.04	3.43	8.74	108	4.19	-52.33	8.79	108	4.22
Return on capital employed	20.09	-6.95	21.59	91.23	11.29	-55.67	25.47	99	12.75
Return on total assets employed	9.95	1.95	9.76	80.74	5.40	-48.28	10.44	113	4.89
Return on net assets employed	32.68	9.74	29.78	138	12.48	-51.31	25.63	99	12.82
Sales / net working capital	2.47	-8.86	2.71	-5.57	2.87	-7.72	3.11	-16.40	3.72
Stock turnover ratio	59.37	10.62	53.67	-0.19	53.77	-7.90	58.38	3.02	56.67
Creditor days	25.80	-8.38	28.16	13.69	24.77	-27.42	34.13	22.02	27.97
Debtor days	37.48	-6.56	40.11	5.14	38.15	-11.01	42.87	-0.05	42.89
SHORT TERM STABILITY
Current ratio	1.88	7.43	1.75	-5.91	1.86	12.73	1.65	9.27	1.51
Liquidity ratio / acid ratio	0.59	-10.61	0.66	24.53	0.53	12.77	0.47	6.82	0.44
Current debt ratio	1.66	-0.60	1.67	38.02	1.21	-16.55	1.45	-10.49	1.62
Liquidity ratio reprocessed	-	-	-	-	-	-	-	-	-

Cashflow	615,544	72.93	355,955	-60.29	896,328	-55.08	1,995,534	128	872,377
Net worth	7,344,385	4.10	7,054,937	-11.04	7,930,633	-3.22	8,194,835	28.49	6,377,685
LONG TERM STABILITY
Gearing	143.77	9.07	131.82	44.71	91.09	-17.06	109.82	-18.98	135.55
Equity in percentage	30.46	-7.05	32.77	-24.32	43.30	5.89	40.89	6.21	38.50
Total debt ratio	2.28	11.22	2.05	56.49	1.31	-10.27	1.46	-9.88	1.62
Working capital	10,767,683	21.43	8,867,577	7.32	8,262,920	6.47	7,761,038	45.31	5,341,188

Profit & loss
Operating Income	26,927,329	10.41	24,389,366	2.22	23,860,492	-1.94	24,332,340	21.71	19,992,787
Turnover	26,560,248	10.48	24,041,550	1.50	23,685,482	-1.99	24,166,375	21.66	19,864,197
Total operating expenses	23,436,863	10.07	21,292,072	-3.76	22,123,430	-1.40	22,437,192	22.22	18,357,718
Gross Operating Margin	-	-	-	-	-	-	-	-	-
Operating Charges	23,803,944	10.00	21,639,888	-2.95	22,298,440	-1.35	22,603,158	22.27	18,486,308
Employee costs	3,399,449	1.32	3,355,159	-5.05	3,533,468	4.61	3,377,740	16.89	2,889,600
Wages and salary	2,356,773	1.03	2,332,801	-6.10	2,484,259	4.48	2,377,819	19.93	1,982,695
Employee pension costs	-	-	-	-	-	-	-	-	-
Social security contributions	816,495	2.42	797,236	-5.67	845,178	7.28	787,800	15.31	683,199
Other employee costs	226,181	0.47	225,122	10.34	204,032	-3.81	212,121	-5.18	223,706
Director remuneration	-	-	-	-	-	-	-	-	-
Amortization and depreciation	326,096	28.42	253,935	11.15	228,471	-7.25	246,326	-18.97	304,004
Operating result	3,123,385	13.60	2,749,478	76.02	1,562,052	-9.67	1,729,183	14.78	1,506,479
Total financial income	80,480	-62.98	217,394	-29.25	307,288	-74.33	1,197,168	911	118,313
Total financial expenses	803,725	-7.19	865,981	-1.23	876,725	9.25	802,502	1.94	787,199
Results on ordinary operations	2,400,140	14.24	2,100,891	111	992,615	-53.26	2,123,849	153	837,593
before taxation
Extraordinary Income	500	-	-	-	-	-	-	-	-
Extraordinary Charges	1,995,120	0.24	1,990,369	646606	308	-2.84	317	103	155
Extraordinary items	-1,994,620	-0.21	-1,990,369	-646606	-308	97.16	-317	-103	-155
Results for the Year Before	405,520	266	110,522	-88.86	992,307	-53.27	2,123,532	153	837,438
Taxation
Other appropriations	-	-	-	-	-	-	-	-	-
Taxation	116,071	1265	8,502	-97.38	324,450	-13.32	374,324	39.12	269,065
Results on ordinary operations	2,284,069	9.16	2,092,388	213	668,164	-61.81	1,749,525	207	568,528
after taxation
Net result	289,448	183	102,020	-84.72	667,857	-61.82	1,749,208	207	568,373
Profit (Loss) for the Year to be appropiated	288,191	182	102,020	-84.72	667,857	-61.82	1,749,208	207	568,373
Dividends	-	-	1,000,000	0	1,000,000	-	-	-	-

Social Balance Sheet Details

Social Balance Sheet Details
Social Balance Sheet		Total
During the reporting year
ended 31-12-2014
Full-time Employees		60
Part-time Employees		1
Total Fte Employees		61
Number of hours worked
Full-time Employees		97,648
Part-time Employees		1,922
Total		99,570
Personnel Charges
Full-time Employees		3,333,829
Part-time Employees		65,620
Total		3,399,449
Benefits In Addition To Wages		-
During the previous reporting year
Average number employees in Fte		62
Actual working hours		99,433
Personnel Charges		3,355,159
Benefits In Addition To Wages		-

Type of Contract	Full-Time	Part-Time	Total Fte
Unlimited Duration	59	1	60
Contracts
Limited Duration Contracts	1	-	1
Contracts For Specific Work	-	-	-
Contracts Regarding	-	-	-
Substitution

Gender and Education
Level
Men	Full-Time	Part-Time	Total Fte
Primary education	41	-	41
Secondairy education	11	-	11
Higher education (non	1	-	1
university)
Higher education	2	-	2
(university)

Women	Full-Time	Part-Time	Total Fte
Primary education	4	-	4
Secondairy education	1	1	2
Higher education (non university)	-	-	-
Higher education (university)	-	-	-

Working Category	Full-Time	Part-Time	Total Fte
Management	-	-	-
White collar worker	34	1	35
Blue collar worker	26	-	26
Other	-	-	-

Temporary personnel	Total
Average number of temporary staff	0
Actual working hours	440
Cost of temporary staff	12,024

New staff and leavers	Full-Time	Part-Time	Total Fte
New Starters	13	-	13
Leavers	13	1	14

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	46741
Activity description	Wholesale of hardware

Payment Information

Suspension of payments / moratorium history
Amount	-
Details	-

Payment Information Summary

Total number of Invoices available	84
Total number of Invoices paid within or up to 30 days after the due date	62
Total number of Invoices paid more than 30 days after the due date	22
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

Payment expectations
Payment expectation days	25.80
Day sales outstanding	37.48

Industry comparison
Activity code	46741
Activity description	Wholesale of hardware
Industry average payment	218.92
expectation days
Industry average day sales	70.81
outstanding

Industry quartile analysis
Payment expectations
Company result	25.80
Lower	79.97
Median	52.84
Upper	27.14

Day sales outstanding

Company result	37.48
Lower	71.22
Median	36.75
Upper	18.55

Shareholder Details

Summary
Group - Number of Companies	4
Linkages - Number of Companies	0
Number of Countries	0

Group Structure
Company name	Number	Latest
		financials
- PENGRO NV	428923508	31-12-2014
- - PGB-EUROPE NV	425888396	31-12-2014
- - PGB AZIE
- - PGB POLEN

Minority Shareholders

No minority shareholders found

Minority Interests

No minority interests found

Individual Shareholders

SHAREHOLDER NAME

Forename	Luc	Middle name	Emile
Surname	Pennoit
SHAREHOLDER DETAILS
Start date	05/04/1997(estimated)	End date	-
Percentage owned	50%
SHAREHOLDER ADDRESS
Street name	Tineke van Heulestraat	House number	21
Minor town	Gentbrugge	Postal town	Gent
Post code	9050	Country	Belgium
SHAREHOLDER NAME
Forename	Marc	Middle name	Rachel

Surname	Pennoit
SHAREHOLDER DETAILS
Start date	05/04/1997(estimated)	End date	-
Percentage owned	50%
SHAREHOLDER ADDRESS
Street name	Stratem	House number	8
Minor town	-	Postal town	Aalter
Post code	9880	Country	Belgium

Companies that match this address
Business number	Company name	Date of accounts
428923508	PENGRO NV	31/12/2014

Linked Companies

Summary
Group - Number of Companies	4
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	24/08/2012
Date of birth	15/04/1957
Street	8 STRATEM AALTER
Post code	9880
Country	Belgium

Name	MARC RAYMOND RACHEL PENNOIT
Position	Director
Start Date	24/08/2012
Date of birth	15/04/1957
Street	8 STRATEM AALTER
Post code	9880
Country	Belgium

Name	F.O.S.M. BVBA
Position	Managing Director
Start Date	29/04/2008
Date of birth	31/03/2004
Street	21 TINEKE VAN HEULESTRAAT GENT
Post code	9050
Country	Belgium

Position	Legal Representative
Start Date	29/04/2008
Date of birth	31/03/2004
Street	21 TINEKE VAN HEULESTRAAT GENT
Post code	9050
Country	Belgium

Name	VINCRI NV
Position	Managing Director
Start Date	29/04/2008
Date of birth	24/10/2000
Street	8 STRATEM AALTER
Post code	9880
Country	Belgium

Position	Legal Representative
Start Date	29/04/2008
Date of birth	24/10/2000
Street	8 STRATEM AALTER
Post code	9880
Country	Belgium

Name	LUC FERNAND EMILE PENNOIT
Position	Managing Director
Start Date	04/09/2006
Date of birth	02/12/1958
Street	21 TINEKE VAN HEULESTRAAT GENT
Post code	9050
Country	Belgium

Position	Director
Start Date	25/08/2008
Date of birth	02/12/1958
Street	21 TINEKE VAN HEULESTRAAT GENT
Post code	9050
Country	Belgium

Name	LUC PENNOIT
Position	Managing Director
Start Date	28/06/2006
Street	21 TINEKE VAN HEULESTRAAT GENT
Post code	9050
Country	Belgium

Name	JES BVBA
Position	Director
Start Date	01/01/2014
End Date	23/06/2018
Date of birth	19/12/2013
Street	85 GONTRODE HEIRWEG MELLE
Post code	9090
Country	Belgium

Position	Legal Representative
Start Date	01/01/2014
Date of birth	19/12/2013
Street	85 GONTRODE HEIRWEG MELLE
Post code	9090
Country	Belgium

Name	PROFESSIONAL FINANCIAL MANAGEMENT BVBA
Position	Director
Start Date	10/07/2014
Date of birth	20/12/2013
Street	14 DRIELEIENSTRAAT GENT
Post code	9031
Country	Belgium

Position	Legal Representative
Start Date	01/01/2014
Date of birth	20/12/2013
Street	14 DRIELEIENSTRAAT GENT
Post code	9031
Country	Belgium

Name	PENGRO NV
Position	Legal Representative
Start Date	01/07/2008
Date of birth	30/04/1986
Street	170 GONTRODE HEIRWEG MELLE
Post code	9090
Country	Belgium

Former director details
Name	F.O.S.M. BVBA
Position	Director
Start Date	29/04/2008
End Date	29/04/2014
Date of birth	31/03/2004
Street	21 TINEKE VAN HEULESTRAAT GENT
Post code	9050
Country	Belgium

Name	VINCRI NV
Position	Director
Start Date	29/04/2008
End Date	29/04/2014
Date of birth	24/10/2000
Street	8 STRATEM AALTER
Post code	9880
Country	Belgium

Name	PENGRO NV
Position	Director
Start Date	01/07/2008
End Date	01/07/2014
Date of birth	30/04/1986
Street	170 GONTRODE HEIRWEG MELLE
Post code	9090
Country	Belgium

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.66.26
UK Pound	1	Rs.101.99
Euro	1	Rs.74.79

INFORMATION DETAILS

Analysis Done by :	TRI

Report Prepared by :	TRU

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.

Registered contractor	-
number
Contractor description	-
Date struck off register

Personnel (NSSO classification)
Code	-
Description	-

Joint Industrial Committee (JIC)

Significant Events
Event Date	23/06/2012
Event Description	re-appointment of director(s)
Event Details	Commentaar 23-06-2012: Herbenoemd als bestuurders voor een periode van 6 jaar: Pennoit Luc,

MIRA INFORM REPORT

Company summary

Commentary

Company information

Company accounts

Social Balance Sheet Details

Payment Information

Shareholder Details

Linked Companies

Summons

Protested Bills

Bankruptcy and other legal events

Director details

Unit