MIRA INFORM REPORT

Report No. :	341082
Report Date :	23.09.2015

IDENTIFICATION DETAILS

Name :	GERARD DEKONINCK SA

Registered Office :	Rue Phocas Lejeune 22 5032 Gembloux

Country :	Belgium

Financials (as on) :	31.12.2014

Date of Incorporation :	28.06.1984

Com. Reg. No.:	425908489

Legal Form :	Public Limited Liability Company (BE)

Line of Business :	Subject is engaged in Electrical installation works to buildings

No. of Employee :	16

RATING & COMMENTS

MIRA’s Rating :

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 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 EUTRADE 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 425908489

Branche Unit Number 2129974401

Company name GERARD DEKONINCK SA

Address RUE PHOCAS LEJEUNE 22

5032 GEMBLOUX

Number of staff 16

Date of establishment 28/06/1984

Telephone number 081253120

Fax number 081743499

Commentary

The business was established over 31 years ago.

The business has 16 employees.

The business is part of a group.

This business has a foreign parent business.

The business has been at the address for over 5 years.

Net Worth decreased by 240% 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
31/12/2014		-425,305	-263,764	-784,502
31/12/2013		-255,984	187,776	-244,557
31/12/2012		8,290	452,783	53,501
ACCOUNTS
DATE OF LATEST ACCOUNTS	BALANCE TOTAL	NUMBER OF EMPLOYEES	CAPITAL	CASHFLOW
31/12/2014	2,726,041	16	120,000	-366,560
31/12/2013	2,982,477	17	120,000	-177,344
31/12/2012	2,424,171	17	120,000	96,274

Trends

Profitability

Liquidity

Net worth

Payment expectations

Past payments		Payment expectation days	-
Industry average payment	76.78	Industry average day sales	140.17
expectation days		outstanding
Day sales outstanding	-

Court data summary

BANKRUPTCY DETAILS

Court action type No

PROTESTED BILLS

Bill amount –

NSSO DETAILS

Date of summons 06/05/2015

Contractor details

Registered contractor	122601
number
Contractor description	Electro-technical installations
Date struck off register	11/07/2009 00:00:00
PERSONNEL (NSSO CLASSIFICATION)
Code	-
Description	-
JOINT INDUSTRIAL COMMITTEE (JIC)
JIC Code	149.01
Description	JSC for the electricians: installation and distribution
category
JIC Code	218
Description	Additional national joint committee for the employees
category
SIGNIFICANT EVENTS
Event Date	31/05/2014
Event Description	re-appointment of director(s)
Event Details	Commentaire 31-05-2014: Renouvellement du mandat d'administrateur de Nicolas Dekoninck (ainsi comme administrateur délégué), de Jacques Dekoninck, de Jacques-Henri Dekoninck et de la sprl SGD pour une durée de 6 ans.

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	1,492,660	-5.19	1,574,448	16.64	1,349,873	-5.98	1,435,706	-5.16	1,513,794
Intangible fixed assets	0	-	0	-	0	-100	442	-53.77	956
Tangible fixed assets	1,181,085	-6.28	1,260,253	-5.62	1,335,232	-6.04	1,421,027	-5.16	1,498,297
Land & building	1,171,875	-5.71	1,242,787	-5.41	1,313,855	-5.13	1,384,923	-3.85	1,440,324
Plant & machinery	2,057	-49.18	4,047	-13.75	4,693	-53.63	10,120	-36.40	15,912
Furniture & Vehicles	7,154	-46.69	13,418	-19.58	16,684	-35.79	25,983	-38.23	42,061
Leasing & Other Similar Rights	-	-	-	-	-	-	-	-	-
Other tangible assets	0	-	0	-	0	-	0	-	0
Financial fixed assets	311,575	-0.83	314,195	2045	14,641	2.84	14,237	-2.09	14,542
Total current assets	1,233,381	-12.40	1,408,029	31.07	1,074,297	-56.17	2,451,266	69.80	1,443,596
Inventories	650,406	-12.79	745,790	49.70	498,205	-20.83	629,296	2.64	613,089
Raw materials & consumables	-	-	-	-	-	-	-	-	-
Work in progress	0	-	0	-	0	-	0	-	0
Finished goods	0	-	0	-	0	-	0	-	0
Other stocks	650,406	-12.79	745,790	49.70	498,205	-20.83	629,296	2.64	613,089
Trade debtors	543,574	-11.39	613,448	32.35	463,503	-56.17	1,057,392	61.21	655,911
Other amounts receivable	1,371	-89.75	13,384	129	5,827	-38.49	9,474	124	4,213
Cash	20,187	-1.58	20,510	-73.50	77,408	-76.84	334,176	165	125,902
Miscellaneous current assets	17,843	19.77	14,897	-49.25	29,354	-93.03	420,927	846	44,482
Total Assets	2,726,041	-8.60	2,982,477	23.03	2,424,171	-37.63	3,886,971	31.43	2,957,391

LIABILITIES

Total shareholders equity	-263,764	-240	187,776	-58.53	452,783	-0.28	454,044	57.78	287,765
Issued share capital	120,000	0	120,000	0	120,000	0	120,000	0	120,000
Share premium account	12,093	0	12,093	0	12,093	0	12,093	0	12,093
Revaluation reserve	-	-	-	-	-	-	-	-	-
Reserves	-395,857	-810	55,683	-82.64	320,690	-0.39	321,951	106	155,672
Provisions for Liabilities & Charges	13,850	0	13,850	0	13,850	0	13,850	0	13,850
Deffered taxes	-	-	-	-	-	-	-	-	-
Creditors	2,975,954	7.02	2,780,851	42.06	1,957,538	-42.75	3,419,077	28.74	2,655,776
Other long term loans	958,072	-15.08	1,128,265	20.45	936,742	-12.43	1,069,664	-7.22	1,152,883
Long term group loans	-	-	-	-	-	-	-	-	-
Other long term liabilities	0	-	0	-	0	-	0	-	0
Total long term debts	971,922	-14.90	1,142,115	20.15	950,592	-12.27	1,083,514	-7.13	1,166,733
Current portion of long term debt	325,897	50.27	216,874	63.16	132,922	59.72	83,219	-15.97	99,039
Financial debts	314,181	8.04	290,793	2.34	284,143	-23.58	371,839	-24.85	494,773
Trade creditors	865,841	4.14	831,425	86.84	445,000	-37.78	715,225	0.61	710,866
Amounts Payable for Taxes,	502,510	60.71	312,687	100	156,162	-3.49	161,817	13.05	143,137
Remuneration & Social Security
Miscellaneous current liabilities	9,453	1072	806	-68.62	2,569	-99	1,017,313	1747	55,078
Total current liabilities	2,017,882	22.10	1,652,586	61.89	1,020,796	-56.55	2,349,414	56.33	1,502,893
Total Liabilities	2,726,041	-8.60	2,982,477	23.03	2,424,171	-37.63	3,886,971	31.43	2,957,391

RATIO ANALYSIS

TRADING PERFORMANCE
Profit Before Tax	-	-	-	-	-	-	-	-	-
Return on capital employed	-60.06	-212	-19.25	-3362	0.59	8.39	-7.03	-332	3.02
Return on total assets employed	-15.60	-81.82	-8.58	-2623	0.34	12.23	-2.78	-286	1.49
Return on net assets employed	161.24	118	-136.32	-7549	1.83	7.69	-23.81	-255	15.29
Sales / net working capital	-	-	-	-	-	-	-	-	-
Stock turnover ratio	-	-	-	-	-	-	-	-	-
Creditor days	-	-	-	-	-	-	-	-	-
Debtor days	-	-	-	-	-	-	-	-	-
SHORT TERM STABILITY
Current ratio	0.61	-28.24	0.85	-19.05	1.05	0.96	1.04	8.33	0.96
Liquidity ratio / acid ratio	0.29	-27.50	0.40	-28.57	0.56	-28.21	0.78	41.82	0.55
Current debt ratio	-7.65	-186	8.80	291	2.25	-56.48	5.17	-0.96	5.22
Liquidity ratio reprocessed	-	-	-	-	-	-	-	-	-
Cashflow	-366,560	-106	-177,344	-284	96,274	-44.56	173,656	52.28	114,035
Net worth	-263,764	-240	187,776	-58.53	452,783	-0.18	453,602	58.15	286,809
LONG TERM STABILITY
Gearing	-605.90	-169	871.21	191	299.00	-10.96	335.81	-44.68	606.99
Equity in percentage	-9.68	-253	6.30	-66.27	18.68	59.93	11.68	20.04	9.73
Total debt ratio	-11.34	-176	14.88	242	4.35	-42.46	7.56	-18.53	9.28
Working capital	-784,502	-220	-244,557	-557	53,501	-47.47	101,852	171	-59,296

PROFIT & LOSS

Operating Income	-	-	-	-	-	-	-	-	-
Turnover	-	-	-	-	-	-	-	-	-
Total operating expenses	-	-	-	-	-	-	-	-	-
Gross Operating Margin	737,799	-13.35	851,470	-20.85	1,075,779	11.01	969,112	-18.21	1,184,841
Operating Charges	-	-	-	-	-	-	-	-	-
Employee costs	945,305	5.00	900,277	2.76	876,094	2.62	853,698	-10.46	953,391
Wages and salary	925,872	7.65	860,044	1.15	850,290	4.14	816,504	-10.44	911,686
Employee pension costs	-	-	-	-	-	-	-	-	-
Social security contributions	-	-		-	-	-	-	-	-
Other employee costs	19,433	-51.70	40,233	55.92	25,804	-30.62	37,194	-10.82	41,705
Director remuneration	-	-	-	-	-	-	-	-	-
Amortization and depreciation	79,167	-3.28	81,850	-10.76	91,723	-6.15	97,738	24.83	78,298
Operating result	-321,895	-107	-155,022	-263	94,622	8861	-1,068	-100	114,390
Total financial income	11,386	63.03	6,984	-55.15	15,572	-9.53	17,212	8.11	15,921
Total financial expenses	114,796	6.35	107,946	5.93	101,905	-18.00	124,272	43.98	86,315
Results on ordinary operations before taxation	-425,305	-66.15	-255,984	-3187	8,290	7.67	-108,128	-345	43,996
Extraordinary Income	-	-	-	-	1,031	-99	212,293	-	-
Extraordinary Charges	20,386	528	3,245	-	-	-	-	-	1,340
Extraordinary items	-20,386	-528	-3,245	-414	1,031	-99	212,293	15848	-1,340
Results for the Year Before Taxation	-445,692	-71.93	-259,228	-2881	9,321	-91.05	104,165	144	42,657
Other appropriations	-	-	-	-	-	-	-	-	-
Taxation	35	103	-34	-100	4,769	-83.12	28,247	308	6,920
Results on ordinary operations after	-425,341	-66.18	-255,949	-7369	3,521	2.58	-136,375	-467	37,076
taxation
Net result	-445,727	-71.97	-259,194	-5794	4,551	-94.00	75,918	112	35,737
Profit (Loss) for the Year to be appropiated	-445,727	-71.97	-259,194	-5794	4,551	-94.00	75,918	112	35,737
Dividends	-	-	-	-	-	-	17,172	218	5,390

Social Balance Sheet Details

Social Balance Sheet	Total
During the reporting year
ended 31-12-2014
Full-time Employees	16
Part-time Employees	2
Total Fte Employees	18
Number of hours worked
Full-time Employees	24,812
Part-time Employees	2,478
Total	27,290
Personnel Charges
Full-time Employees	859,469
Part-time Employees	85,836
Total	945,305
Benefits In Addition To Wages	-
During the previous reporting year
Average number employees in Fte	18
Actual working hours	27,573
Personnel Charges	900,277
Benefits In Addition To Wages	-

Type of Contract	Full-Time	Part-Time	Total Fte
Unlimited Duration	14	2	15
Contracts
Limited Duration Contracts	1	-	1
Contracts For Specific Work	-	-	-
Contracts Regarding	-	-	-

Gender and Education Level

Men	Full-Time	Part-Time	Total Fte
Primary education	-	-	-
Secondairy education	12	-	12
Higher education (non university)	3	-	3
Higher education (university)	-	-	-
Women	Full-Time	Part-Time	Total Fte
Primary education	-	-	-
Secondairy education	-	1	1
Higher education (non university)	-	1	1
Higher education (university)	-	-	-

Working Category	Full-Time	Part-Time	Total Fte
Management	-	-	-
White collar worker	5	2	6
Blue collar worker	10	-	10
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	9	2
Number of training hours	2,208	172
Net costs for enterprise	2,304	228
Total of less formal and informal continuing vocational
training initiatives for workers paid by the employer	Male	Female
Number of employees	13	1
Number of training hours	141	15
Net costs for enterprise	5,781	615
Total of initial training initiatives at the expense of the
employer	Male	Female
Number of employees	3	-
Number of training hours	2,025	-
Net costs for enterprise	12,361	-

Industry comparison

Activity code 43211

Activity description Electrical installation works to buildings

industry average credit

rating 75.21

Industry average credit

limit 5789.90

Payment Information

SUSPENSION OF PAYMENTS / MORATORIUM HISTORY

Amount	-
Details	-

PAYMENT INFORMATION SUMMARY

Total number of Invoices available	117
Total number of Invoices paid within or up to 30 days after the due date	35
Total number of Invoices paid more than 30 days after the due date	81
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	1

PAYMENT EXPECTATIONS


Payment expectation days	-
Day sales outstanding	-

INDUSTRY COMPARISON


Activity code	43211
Activity description	Electrical installation works to buildings
Industry average payment	76.78
expectation days
Industry average day sales	140.17
outstanding

Industry quartile analysis

PAYMENT EXPECTATIONS

Company result -

Lower 105.22

Median 63

Upper 31.36

DAY SALES OUTSTANDING

Company result -

Lower 76.47

Median 40.38

Upper 17.59

Shareholder Details

SUMMARY

Group - Number of Companies	3
Linkages - Number of Companies	0
Number of Countries	0

GROUP STRUCTURE

Company name	Number	Latest
		financials
- GERARD DEKONINCK SA	425908489	31-12-2014
- - J. VAN DROOGENBROECK "L'AIGRETTE SA	406292814	31-12-2007
- - R G CONSULTANT	409733995	30-09-2014

MINORITY SHAREHOLDERS

No minority shareholders found

MINORITY INTERESTS

No minority interests found

COMPANIES THAT MATCH THIS ADDRESS

No Companies Match this address

Linked Companies

SUMMARY

Group - Number of Companies	3
Linkages - Number of Companies	0
Number of Countries	0

SUMMONS

Legal event type	Social Security Summons
Event date	06/05/2015
Court type		Court name	Namur
Creditor's name	Office National de Sécurité Sociale	3rd party type	Summoning Party
Legal event type	Social Security Summons
Event date	24/04/2015
Court type		Court name	Namur
Creditor's name	Hôtelet Serge Eric	3rd party type	Affected Party
Legal event type	Social Security Summons
Event date	12/02/2015
Court type	Court name	Namur
Creditor's name	3rd party type

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	30/06/2012
Street	14 ALLÉE DES ROSES PHILIPPEVILLE
Post code	5600
Country	Belgium
Name	NICOLAS DEKONINCK
Name	SOCIÉTÉ DE GALVANISATION DE DINANT SPRL
Position	Director
Start Date	01/04/2012
Date of birth	28/07/1995
Street	18 RUE DE QUINÇAY ANHÉE
Post code	5537
Country	Belgium
Position	Legal Representative
Start Date	01/04/2012
Date of birth	28/07/1995
Street	18 RUE DE QUINÇAY ANHÉE
Post code	5537
Country	Belgium
Name	JACQUES DEKONINCK
Position	Director
Start Date	10/07/2014
Street	148 ROUTE DE SAINT-GÉRARD NAMUR
Post code	5100
Country	Belgium
Name	JACQUES-HENRI DEKONINCK
Position	Director
Start Date	15/06/2010
Street	76 AVENUE WALCKIERS BRUXELLES
Post code	1160
Country	Belgium

FORMER DIRECTOR DETAILS

Name	NICOLAS DEKONINCK
Position	Director
Start Date	15/06/2010
End Date	31/12/2010
Street	14 ALLÉE DES ROSES PHILIPPEVILLE
Post code	5600
Country	Belgium
Name	LEON DEKONINCK
Position	Director
Start Date	25/05/1996
End Date	01/01/1900
Street	29 RUE DE QUICAY ANHÉE
Post code	5537
Country	Belgium
Name	JOSEPH MAQUET
Position	Director
Start Date	21/05/1997
End Date	Unknown date
Street	10 RUE DES COMBATTANTS BERLOZ
Post code	4257
Country	Belgium
Name	GÉRARD DEKONINCK
Position	Chairman of the Board
Start Date	18/04/2008
End Date	09/02/2012
Date of birth	12/03/1952
Street	18 RUE DE QUINÇAY ANHÉE
Post code	5537
Country	Belgium
Position	Managing Director
Start Date	11/03/2008
End Date	09/02/2012
Date of birth	12/03/1952
Street	18 RUE DE QUINÇAY ANHÉE
Post code	5537
Country	Belgium

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.65.62
UK Pound	1	Rs.101.73
Euro	1	Rs.73.26

INFORMATION DETAILS

Analysis Done by :	RAS

Report Prepared by :	ANK

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	425908489	Company name	GERARD DEKONINCK SA
Fax number	081743499	Date founded	28/06/1984
Company status	active	Company type	Public Limited Liability
			Company (BE)
Currency	Euro (€)	Date of latest accounts	31/12/2014
Activity code	43211	Liable for VAT	yes
Activity description	Electrical installation works to buildings	VAT Number	BE.0425.908.489 Check VAT number
Belgian Bullettin of Acts Publications	moniteur belge