MIRA INFORM REPORT

Report Date :

07.09.2012

IDENTIFICATION DETAILS

Name :	CHIYODA EUROPA NV
Registered Office :	Henry Fordlaan 37 Genk, Post Code 3600
Country :	Belgium
Financials (as on) :	31.07.2011
Date of Incorporation :	15.07.1983
Com. Reg. No.:	424426666
Legal Form :	Public Limited Liability Company
Line of Business :	Manufacture of other articles of paper and paperboard
No. of Employees :	245

RATING & COMMENTS

MIRA’s Rating :

Ba

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^st, 2012

Country Name	Previous Rating (31.12.2011)	Current Rating (31.03.2012)
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 2.0%, the unemployment rate decreased slightly to 7.7% 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. Despite the relative improvement in Belgium's budget deficit, public debt hovers near 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 arm of a Franco-Belgian bank. An ageing population and rising social expenditures are mid- to long-term challenges to public finances.

Source : CIA

Company summary

Top of Form

Business number	424426666	Company name	CHIYODA EUROPA NV
		Telephone number	089610711
Address	HENRY FORDLAAN 37 GENK	Fax number	089613020
Post code	3600	Number of staff	245
Date of establishment	15/07/1983

Accounts & ratios

Date of latest accounts	Turnover	Profit Before Tax	Net worth
31/07/2011	55,039,170	-3,751,935	14,148,843
31/07/2010	56,908,250	-879,496	17,898,841
31/07/2009	51,340,387	-557,818	18,792,844

Accounts & ratios

Date of latest accounts	Balance Total	Investments	Capital	Cash Flow	Number of Employees
31/07/2011	28,808,932	25,529	3,967,000	1,959,533	245
31/07/2010	29,224,659	26,394	3,967,000	1,778,815	255
31/07/2009	28,933,774	26,389	3,967,000	4,037,369	243

Trends

Profitability
Liquidity
Net worth

Payment expectations

Past payments		Payment expectation days	46.61
Industry average payment expectation days	63.06	Industry average day sales outstanding	141.13
Day sales outstanding	41

Court data summary

Bankruptcy details
Court action type	no
Protested bills
Bill amount	-
NSSO details
Date of summons	-

Business number	424426666	Company name	CHIYODA EUROPA NV
Fax number	089613020	Date founded	15/07/1983
Company status	active	Company type	Public Limited Liability Company (BE)
Currency	Euro (€)	Date of latest accounts	31/07/2011
Activity code	17290	liable for VAT	yes
Activity description	Manufacture of other articles of paper and paperboard	VAT Number	BE.0424.426.666
Belgian Bullettin of Acts Publications	moniteurbelge

Contractor details

Registered contractor number	-
Contractor description	-
Date struck off register

Personnel limit NSSO

Code	-
Description	-

Joint Industrial Committee (JIC)

JIC Code	136
Description	Joint committee for the transformation of paper and cardboard
category

JIC Code	222
Description	JC for the employees in the paper and cardboard production
category

Significant Events

Event Date	17/02/2011
Event Description
Event Details	Goedkeuringminnelijkeonteigening en bijzonderevolmacht.

Export accounts to CSV file

comparison mode

average

median

Profit & loss

Annual accounts	31-07-2011	%	31-07-2010	%	31-07-2009	Industry average 2011	%
Weeks	52		52		52
Currency	EUR		EUR		EUR
Turnover	55,039,170	-3.28	56,908,250	10.84	51,340,387	186,288,810	-70.45
Total operating expenses	57,842,122	1.63	56,913,685	12.73	50,486,213	173,559,148	-66.67
Operating result	-2,802,952	-51472	-5,435	-100	854,174	7,073,141	-139
Total financial income	520,582	-22.57	672,302	532	106,264	213,120	144
Total financial expenses	1,469,565	-4.97	1,546,363	1.85	1,518,256	324,139	353
Results on ordinary operations before taxation	-3,751,935	-326	-879,496	-57.67	-557,818	6,962,122	-153
Taxation	4,113	-	-	-	-31,740	3,490,580	-99
Results on ordinary operations after taxation	-3,756,047	-327	-879,496	-67.18	-526,078	4,635,069	-181
Extraordinary items	-628	1.58	-39,860	-896	5,006	-54,074	1.16
Other appropriations	-8628.44	-21.22	-7118	-123	30545	-	-
Net result	-3,765,304	-306	-926,474	-88.87	-490,527	4,580,554	-182
other information
Dividends	-	-	-	-	-	175,000,136	-
Director remuneration	-	-	-	-	-	-	-
Employee costs	14,562,533	-0.72	14,668,359	11.92	13,106,291	6,857,670	112
Wages and salary	9,506,029	0.51	9,457,864	9.34	8,649,871	5,495,225	72.99
Employee pension costs	-	-	347,143	-	326,888	36,059	-
Social security contributions	3,936,701	-5.89	4,182,910	18.52	3,529,417	1,815,332	116
Other employee costs	1,119,803	64.57	680,442	13.39	600,115	405,711	176
Amortization and depreciation	2,218,151	-14.12	2,582,834	-1.15	2,612,822	731,566	203

balance sheet

Annual accounts	31-07-2011	%	31-07-2010	%	31-07-2009	Industry average 2011	%
Weeks	52		52		52
Currency	EUR		EUR		EUR
Intangible fixed assets	34,460	-	43,750	-	62,399	33,889	1.68
Tangible fixed assets	11,215,081	-1.72	11,411,425	-5.25	12,043,829	3,384,944	231
Land & building	2,588,175	-5.41	2,736,227	-9.26	3,015,386	1,461,998	77.03
Plant & machinery	8,502,192	5.01	8,096,487	37.92	5,870,262	2,850,722	198
Other tangible assets	124,714	-78.45	578,711	-81.68	3,158,181	355,495	-64.92
Financial fixed assets	25,529	-3.28	26,394	0.02	26,389	135,837,724	-99
Total fixed assets	11,275,070	-1.80	11,481,569	-5.37	12,132,617	93,977,316	-88.00
Inventories	8,879,787	15.04	7,718,728	9.22	7,067,321	5,466,620	62.44
Raw materials & consumables	5,280,520	20.76	4,372,817	14.70	3,812,489	5,068,280	4.19
Work in progress	44,011	-42.14	76,069	-23.88	99,930	306,231	-85.63
Finished goods	3,555,256	8.73	3,269,842	3.64	3,154,902	2,811,337	26.46
Other stocks	0	-	0	-	0	52,223	-100
Trade debtors	6,182,257	-19.85	7,713,232	47.06	5,244,834	4,434,460	39.41
Cash	1,959,533	10.16	1,778,815	-55.94	4,037,369	558,279	250
other amounts receivable	39,307	-48.17	75,834	17.48	64,552	1,629,563	-97.59
Miscellaneous current assets	472,978	3.61	456,481	17.93	387,081	102,463	361
Total current assets	17,533,862	-1.18	17,743,090	5.61	16,801,157	11,583,984	51.36
current liabilities
Trade creditors	7,386,847	-10.41	8,245,065	38.87	5,937,381	5,064,180	45.86
Short term group loans	-	-	-	-	-	-	-
Other short term loans	3,999,729	38068	10,479	-98.87	929,980	627,198	537
Miscellaneous current liabilities	2,256,102	2.13	2,208,996	0.81	2,191,248	-59.08	- -
Total current liabilities	13,642,678	30.37	10,464,540	15.52	9,058,609	11,204,304	21.76
Long term debts
Long term group loans	-	-	-	-	-	-	- -
Other long term loans	469,072	1943	22,950	-31.35	33,429	53.90	- -
Other long term liabilities	513,879	-35.33	794,578	-19.45	986,493	149,470	243
Total long term debts	982,951	20.23	817,528	-19.84	1,019,922	352,660	178
shareholders equity
Issued share capital	3,967,000	0	3,967,000	0	3,967,000	6,381,771	-37.84
Share premium account	-	-	-	-	-	509,809	-
Reserves	10,216,303	-26.90	13,975,591	-6.13	14,888,243	87,565,918	-88.33
Revaluation reserve	-	-	-	-	-	-	-
Total shareholders equity	14,183,303	-20.95	17,942,591	-4.84	18,855,243	94,004,335	-84.91
Working capital	3,891,184	-46.54	7,278,550	-5.99	7,742,548	379,680	924
Net worth	14,148,843	-20.95	17,898,841	-4.76	18,792,844	93,970,446	-84.94

ratio analysis

Annual accounts	31-07-2011	change(%)	31-07-2010	change(%)	31-07-2009	Industry average 2011	%
Trading performance
Profit Before Tax	-6.82	-340	-1.55	-42.20	-1.09	4,00	-270
Return on capital employed	-24.74	-427	-4.69	-66.90	-2.81	-4,00	-518
Return on total assets employed	-13.02	-332	-3.01	-55.96	-1.93	-10,00	-30.20
Return on net assets employed	-26.45	-439	-4.90	-65.54	-2.96	0,00	-
Sales / net working capital	14.14	80.82	7.82	17.95	6.63	-35,00	-99
Stock turnover ratio	16.13	18.95	13.56	-1.53	13.77	8,00	101
Debtor days	41	-17.12	49.47	32.66	37.29	59,00	-30.51
Creditor days	46.61	-11.86	52.88	23.18	42.93	44,00	5.93
short term stability
Current ratio	1.29	-24.12	1.70	-8.11	1.85	3,00	29.00
Liquidity ratio / acid ratio	0.63	-34.38	0.96	-10.28	1.07	2,00	-68.50
Current debt ratio	0.96	65.52	0.58	20.83	0.48	1,00	-4.00
Liquidity ratio reprocessed	-	-	-	-	-	-	-
long term stability
Gearing	31.51	16484	0.19	-96.28	5.11	131,00	-75.95
Equity in percentage	49.29	-19.84	61.49	-5.85	65.31	-22,00	224
Total debt ratio	1.03	63.49	0.63	18.87	0.53	2,00	-48.50

Industry comparison

Activity code	17290
Activity description	Manufacture of other articles of paper and paperboard
Industry average credit limit	218489.01

Suspension of payments / moratorium history

Amount	-
Details	-

Payment expectations

Payment expectation days	46.61
Day sales outstanding	41

Industry comparison

Activity code	17290
Activity description	Manufacture of other articles of paper and paperboard
Industry average payment expectation days	63.06
Industry average day sales outstanding	141.13

Industry quartile analysis

Payment expectations
Company result	46.61
Lower	94.49
Median	62.43
Upper	42.84
Day sales outstanding
Company result	41
Lower	66.49
Median	53.37
Upper	31.98

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

No minority shareholders found

Minority Interests

No minority interests found

Companies that match this address

no Companies Match this address

Protested bills

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

NSSO details

Business number	424426666
Name of defendant	-
Legal form of defendant	-
Date of summons	-
Labour court	-

Bankruptcy details

There is no bankruptcy data against this company

Court Data

there is no data for this company

Current director details

Name	HIROYHOSHI SATO
Position	Director
Street	TOKYO
Post code	157-0066
Country	Japan
Name	CHIYODA EXPRESS CO LTD
Position	Director
Street	5 OSAKI 1-CHOME TOKYO
Post code	141
Country	Japan

Name	CHIYODA GRAVURE CORPORATION
Position	Director
Street	18 OSAKI 1-CHOME SHINAGAWA-KU
Post code
Country	Japan
Name	CHIYODA EXPRESS CORPORATION
Position	Director
Street	18 OSAKI 1-CHOME SHINAGAWA-KU
Post code
Country	Japan

Name	SHINKO KIGYO CORPORATION
Position	Director
Street	18 OSAKI 1-CHOME SHINAGAWA-KU
Post code
Country	Japan
Name	CHIYODA GRAVURE CORP. SOC. ETRANGERE
Position	Chairman of the Board
Date of birth	01/08/2004
Street	CHIYODA GURABIYA HONSHA BLDG. TOKYO
Post code
Country	Japan

Name	CHIYODA GRAVURE CORP. SOC. ETRANGERE
Position	Director
Date of birth	01/08/2004
Street	CHIYODA GURABIYA HONSHA BLDG. TOKYO
Post code
Country	Japan
Name	CHIYODA GRAVURE CORPORATION
Position	Legal Representative
Street
Post code
Country

Former director details

Name	JOHN S. SATO
Position	Director
Street
Post code
Country	United States
Name	JOHN S. SATO
Position	Chairman of the Board
Street
Post code
Country	United States

Name	HIROSHI MIZUMOTO
Position	Director
Street	20 DORAL DRIVE READING
Post code	PA19807
Country	United States
Name	CHIYODA EXPRESS CORPORATION
Position	Legal Representative
Street
Post code
Country

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.55.97
UK Pound	1	Rs.89.02
Euro	1	Rs.70.61

INFORMATION DETAILS

Report Prepared by :

PRL

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.