MIRA INFORM REPORT

Report Date :

20.12.2013

IDENTIFICATION DETAILS

Name :	BALLIU MACHINE TOOL CORPORATION NV
Registered Office :	Industriepark E17⁄2030, Wolfsakker 8, 9160 Lokeren
Country :	belgium
Financials (as on) :	31.12.2012
Date of Incorporation :	14.04.1992
Com. Reg. No.:	447191774
Legal Form :	Public Limited Liability Company (BE)
Line of Business :	Manufacturer of metal forming machinery
No. of Employees :	20

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 – September 30th, 2013

Country Name	Previous Rating (30.06.2013)	Current Rating (30.09.2013)
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 2011 Belgian GDP grew by 1.8%, the unemployment rate decreased slightly to 7.2% 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 and 3.3% in 2012. Fourth quarter GDP growth in 2012 was at -0.1%, the third consecutive quarter of negative growth. This brought economic growth for the whole of 2012 to negative 0.2%. It also left Belgium on the brink of a possible recession at the end of 2012. However, at year's end, the government appeared close to meeting its 2012 budget deficit goal of 3% of GDP. 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

REGISTERED NAME & COMPANY SUMMARY

Business number	447191774
Company name	BALLIU MACHINE TOOL CORPORATION NV
Address	Industriepark E17⁄2030 Wolfsakker 8
	9160 LOKEREN
Number of staff	20
Date of establishment	14/04/1992
Telephone number	093406620
Fax number	093406630

Business number	447191774	Company name	BALLIU MACHINE TOOL CORPORATION NV
Fax number	093406630	Date founded	14/04/1992
Company status	active	Company type	Public Limited Liability Company (BE)
Currency	Euro (€)	Date of latest accounts	31/12/2012
Activity code	28410	liable for VAT	yes
Activity description	Manufacture of metal forming machinery	VAT Number	BE.0447.191.774
Belgian Bullettin of Acts Publications	moniteur belge

DIRECTORS/MANAGEMENT

Current director details

Name	DELTA T BVBA
Position	Legal Representative
Start Date	01/03/2011
Date of birth	20/12/2010
Street	85 BRUISBEKE SINT-LIEVENS-HOUTEM
Post code	9520
Country	Belgium

Name	DIEDERIK DE LENTDECKER
Position	Director
Start Date	01/03/2011
Street	68 MOLZELEBILK GENT
Post code	9041
Country	Belgium

Name	DIEDERIK DE LENTDECKER
Position	Managing Director
Start Date	01/03/2011
Street	68 MOLZELEBILK GENT
Post code	9041
Country	Belgium

Name	CLAUDE FROIDBISE
Position	Director
Start Date	25/06/2013
Date of birth	01/01/1943
Street	8938 BP
Post code	1
Country	Congo

Name	CLAUDE FROIDBISE
Position	Chairman of the Board
Start Date	31/07/2008
Date of birth	01/01/1943
Street	8938 BP
Post code	1
Country	Congo

Former director details

Name	INSIGN SPRL
Position	Director
Start Date	24/06/2008
End Date	-
Date of birth	04/01/2008
Street	423 CHAUSSÉE DE BRUXELLES WATERLOO
Post code	1410
Country	Belgium

Name	INSIGN SPRL
Position	Legal Representative
Start Date	24/06/2008
End Date	-
Date of birth	04/01/2008
Street	423 CHAUSSÉE DE BRUXELLES WATERLOO
Post code	1410
Country	Belgium

Name	LUC DUYCK
Position	Managing Director
Start Date	24/06/2008
End Date	31/12/2011
Date of birth	01/01/1958
Street	70 LANGELEDE WACHTEBEKE
Post code	9185
Country	Belgium

Name	LUC DUYCK
Position	Director
Start Date	25/06/2002
End Date	-
Date of birth	01/01/1958
Street	70 LANGELEDE WACHTEBEKE
Post code	9185
Country	Belgium

Name	DELTA T BVBA
Position	Director
Start Date	01/03/2011
End Date	25/06/2013
Date of birth	20/12/2010
Street	85 BRUISBEKE SINT-LIEVENS-HOUTEM
Post code	9520
Country	Belgium

NEGATIVE INFORMATION

Court data summary

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

Personnel (NSSO classification)

Description

20 EMPLOYEES

Joint Industrial Committee (JIC)

Significant Events

Event Date	28/06/2013
Event Description	re-appointment of director(s)
Event Details	Commentaar 28-06-2013: Worden herbenoemd als bestuurder voor 6 jaar: Claude Froidbise (tevens als voorzitter van de raad van bestuur), Emmanuel Froidbise, Delta T en Diederik De Lentdecker.

Bankruptcy details

There is no bankruptcy data against this company

court data

there is no data for this company

SHARE & SHARE CAPITAL INFORMATION

Minority Shareholders

Business number	Company name	%	Date of accounts
432136582	TP Industries SA	-	-
B23628	Ogepar S.A.	-	31/12/2012
432136582	TP Industries SA	-	-
420246659	Anglo Belgian Corporation NV	24	31/12/2012
420246659	Anglo Belgian Corporation NV	24	31/12/2012
420246659	Anglo Belgian Corporation NV	24	31/12/2012

Minority Interests

No minority interests found

PAYMENT INFORMATION

Payment expectations

Past payments		Payment expectation days	70.66
Industry average payment expectation days	73.57	Industry average day sales outstanding	371.88
Day sales outstanding	123.90

Industry comparison

Activity code	28410
Activity description	Manufacture of metal forming machinery

Payment Information Summary

Total number of Invoices available	7
Total number of Invoices paid within or up to 30 days after the due date	3
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

Payment expectations

Payment expectation days	70.66
Day sales outstanding	123.90

Industry comparison

Activity code	28410
Activity description	Manufacture of metal forming machinery
Industry average payment expectation days	73.57
Industry average day sales outstanding	371.88

Industry quartile analysis

Payment expectations
Company result	70.66
Lower	123.90
Median	82.20
Upper	49.68
Day sales outstanding
Company result	123.90
Lower	81.08
Median	52.53
Upper	33.64

GROUP STRUCTURE & AFFILIATED COMPANIES

Ultimate holding company

Company name	Company Number
Balliu Machine Tool Corporation NV	447191774

Summary

Group - Number of Companies	2
Linkages - Number of Companies	32
Number of Countries	19

Group Structure

Company name	Number	Latest financials
- BALLIU MACHINE TOOL CORPORATION NV	447191774	31-12-2012
- - PEGARD PRODUCTICS INC SOC.ETR. E.P.B.

Linked Companies

Name	number	Latest Key financials	Turnover
OGEPAR S.A.	B23628	31.12.2012	-
FOCAST SAINT DIZIER	494260896	31.12.2012	€36.073.283
FOCAST HOLDING	332692185	31.12.2012	€423.100
TECNOMATIX TECHNOLOGIES SWEDEN AB	5565598561	30.09.2010	-
TECNOMATIX UNICAM UK LIMITED	03600481	31.12.2001	£1.166.563
TECNOMATIX TECHNOLOGIES	-	-	-
ANGLO BELGIAN CORPORATION NV	420246659	31.12.2012	€58.642.672
TP INDUSTRIES SA	432136582	-	-
TECNOMATIX TECHNOLOGIES GMBH & CO. KG	HRA 12617	-	-
TECHNOMATIX TECHNOLOGYIES	-	-	$4.926.000
TECNOMATIX UNICAM INC	-	-	$15.000.000
FABMASTER CHINA	-	-	-
NIHON TECNOMATIX	-	-	-
ROBCAD	-	-	-
ROBCAD TECHNOLOGIES LTD	-	-	-
ROBCAD TECHNOLOGIES(1980)	-	-	-
TECNOMATIC TECHNOLOGIES		-	-
TECNOMATIX	-	-	-
TECNOMATIX	-	-	-
TECNOMATIX EUROPE	-	-	-

FINANCIAL INFORMATION

Accounts

Date of latest accounts	Turnover	Profit Before Tax	Net worth	Working capital
31/12/2012	7,527,176	270,866	3,958,551	4,000,187
31/12/2011	6,437,368	354,362	3,774,886	3,902,868
31/12/2010	8,762,354	248,913	3,513,345	3,541,689

Accounts

Date of latest accounts	Balance Total	Number of Employees	Capital	Cashflow
31/12/2012	7,399,429	20	1,665,076	232,673
31/12/2011	6,724,858	28	1,665,076	318,401
31/12/2010	7,385,656	31	1,665,076	324,387

Social Balance Sheet Details

Social Balance Sheet	Total
During the reporting year ended 31-12-2012
Full-time Employees	22
Part-time Employees	6
Total Fte Employees	27
Number of hours worked
Full-time Employees	33,341
Part-time Employees	7,735
Total	41,076
Personnel Charges
Full-time Employees	1,461,578
Part-time Employees	339,074
Total	1,800,652
Benefits In Addition To Wages	32,127
During the previous reporting year
Average number employees in Fte	29
Actual working hours	41,313
Personnel Charges	1,768,900
Benefits In Addition To Wages	-

Type of Contract	Full-Time	Part-Time	Total Fte
Unlimited Duration Contracts	20	6	25
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)	19	4	22
Higher education (university)	-	-	-
Women	Full-Time	Part-Time	Total Fte
Primary education	-	-	-
Secondairy education	-	-	-
Higher education (non university)	1	2	3
Higher education (university)	-	-	-

Working Category	Full-Time	Part-Time	Total Fte
Management	-	-	-
White collar worker	7	4	10
Blue collar worker	13	2	15
Other	-	-	-

Temporary personnel	Total
Average number of temporary staff	1
Actual working hours	1,345
Cost of temporary staff	42,687

New staff and leavers	Full-Time	Part-Time	Total Fte
New Starters	-	-	-
Leavers	3	1	4

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	15	-
Number of training hours	524	-
Net costs for enterprise	23,580	-

Profit & loss

Annual accounts	31-12-2012	%	31-12-2011	%	31-12-2010	Industry average 2012	%
Weeks	52		52		52
Currency	EUR		EUR		EUR
Turnover	7,527,176	16.93	6,437,368	-26.53	8,762,354	32,094,253	-76.55
Total operating expenses	7,251,597	19.88	6,049,266	-28.80	8,496,587	29,779,580	-75.65
Operating result	275,579	-28.99	388,102	46.03	265,767	689,456	-60.03
Total financial income	17,184	24.13	13,843	-7.02	14,888	148,013	-88.39
Total financial expenses	21,897	-53.98	47,583	49.91	31,742	197,306	-88.90
Results on ordinary operations before taxation	270,866	-23.56	354,362	42.36	248,913	634,156	-57.29
Taxation	90,249	1.52	88,900	3403	2,538	214,506	-57.93
Results on ordinary operations after taxation	180,617	-31.96	265,462	7.75	246,375	458,821	-60.63
Extraordinary items	-90	-138	231	-92.96	3,283	3,077	-102
Other appropriations	0	-	0	-	0.00	-	-
Net result	180,527	-32.05	265,693	6.42	249,659	462,870	-61.00
other information
Dividends	-	-	-	-	-	1,021,231	-
Director remuneration	-	-	-	-	-	116,475	-
Employee costs	1,800,652	1.80	1,768,900	-3.10	1,825,504	2,778,875	-35.20
Wages and salary	1,287,239	1.56	1,267,456	-3.77	1,317,174	2,054,149	-37.33
Employee pension costs	-	-	-	-	-	115,324	-
Social security contributions	419,200	0.73	416,155	3.52	402,015	659,346	-36.42
Other employee costs	94,213	10.46	85,289	-19.78	106,316	178,481	-47.21
Amortization and depreciation	52,146	-1.07	52,708	-29.47	74,728	134,805	-61.32

Balance sheet

Annual accounts	31-12-2012	%	31-12-2011	%	31-12-2010	Industry average 2012	%
Weeks	52		52		52
Currency	EUR		EUR		EUR
Intangible fixed assets	16,056	-	19,194	-	15,042	113,702	-85.88
Tangible fixed assets	761,008	-4.78	799,247	-3.94	832,067	784,376	-2.98
Land & building	715,996	0	715,996	0	715,996	544,616	31.47
Plant & machinery	16,668	-55.57	37,514	-25.21	50,158	290,232	-94.26
Furniture & Vehicles	28,344	-38.03	45,737	-30.61	65,913	64,343 19,649	-55.95
Leasing & Other Similar Rights	-	-	-	-	-	350,438 52,593	-
Other tangible assets	0	-	0	-	0	56,878	-100
Financial fixed assets	1	0	1	0	1	3,107,846	-99
Total fixed assets	777,065	-5.06	818,442	-3.38	847,110	2,421,785	-67.91
Inventories	2,981,197	-6.57	3,190,707	-1.70	3,246,042	1,783,651	67.14
Raw materials & consumables	98,710	64.76	59,910	-94.61	1,110,973	2,206,643	-95.53
Work in progress	686,987	-67.73	2,128,547	-0.31	2,135,069	639,261	7.47
Finished goods	2,116,300	115	980,950	-	0	116,909	1710
Other stocks	79,200	271	21,300	-	0	89,034	-11.05
Trade debtors	2,555,122	24.54	2,051,686	-25.40	2,750,342	2,516,519	1.53
Cash	821,959	34.83	609,609	220	190,043	426,079	92.91
other amounts receivable	226,099	315	54,414	-81.11	288,060	1,313,914	-82.79
Miscellaneous current assets	37,987	-	0	-100	64,060	172,283	-77.95
Total current assets	6,622,364	12.12	5,906,416	-9.67	6,538,546	5,623,756	17.76
Total Assets	7,399,429	10.03	6,724,858	-8.95	7,385,656	7,940,245 975,124	-6.81
current liabilities
Trade creditors	1,403,855	59.19	881,872	-26.34	1,197,172	2,018,274	-30.44
Short term group loans	-	-	-	-	-	-	-
Financial debts	-	-	-	-	300,000	503,268 125,000	-
Current portion of long term debt	59,862	-43.77	106,463	13.79	93,563	277,298 39,538	-78.41
Amounts Payable for Taxes, Remuneration & Social Security	323,033	-4.25	337,377	-7.72	365,613	26,990 -	-45.19
Miscellaneous current liabilities	835,427	23.25	677,836	-34.86	1,040,509	-49.40	- -
Total current liabilities	2,622,177	30.88	2,003,548	-33.15	2,996,857	4,488,594	-41.58
Long term debts and liabilities
Long term group loans	-	-	-	-	-	-	- -
Other long term loans	-	-	59,862	-62.20	158,357	-	- -
Deffered taxes	-	-	-	-	-	34,367 8,539	-
Provisions for Liabilities & Charges	802,645	-7.46	867,368	23.55	702,055	191,578 0	318
Other long term liabilities	0	-	0	-	0	31,146	-100
Total long term debts	802,645	-13.44	927,230	7.77	860,412	653,898	22.75
shareholders equity
Issued share capital	1,665,076	0	1,665,076	0.00	1,665,076	798,206	108
Share premium account	-	-	-	-	-	11,833	-
Reserves	2,309,531	8.48	2,129,004	14.26	1,863,310	1,957,598	17.98
Revaluation reserve	-	-	-	-	-	474,142	-
Total shareholders equity	3,974,607	4.76	3,794,080	7.53	3,528,387	2,797,753	42.06
Working capital	4,000,187	2.49	3,902,868	10.20	3,541,689	1,135,162	252
Cashflow	232,673	-26.92	318,401	-1.85	324,387	591,814	-60.68
Net worth	3,958,551	4.87	3,774,886	7.44	3,513,345	2,684,052	47.48

ratio analysis

Annual accounts	31-12-2012	change(%)	31-12-2011	change(%)	31-12-2010	Industry average 2012	%
Trading performance
Profit Before Tax	3.60	-34.55	5.50	93.66	2.84	-44,00	8.18
Return on capital employed	5.67	-24.50	7.51	32.45	5.67	-27,00	21.00
Return on total assets employed	3.66	-30.55	5.27	56.38	3.37	3,00	22.00
Return on net assets employed	6.81	-27.09	9.34	32.48	7.05	15,00	-54.60
Sales / net working capital	1.88	13.94	1.65	-33.20	2.47	6,00	-99
Stock turnover ratio	39.61	-20.09	49.57	33.79	37.05	49,00	-19.16
Debtor days	123.90	6.51	116.33	1.54	114.57	532,00	-76.71
Creditor days	70.66	32.79	53.21	3.46	51.43	82,00	-13.83
short term stability
Current ratio	2.53	-14.24	2.95	35.32	2.18	11,00	153
Liquidity ratio / acid ratio	1.39	2.21	1.36	23.64	1.10	11,00	-87.36
Current debt ratio	0.66	24.53	0.53	-37.65	0.85	1,00	-34.00
Liquidity ratio reprocessed	-	-	-	-	-	-	-
long term stability
Gearing	1.51	-65.53	4.38	-71.99	15.64	104,00	-98.55
Equity in percentage	53.83	-4.86	56.58	18.20	47.87	-35,00	153
Total debt ratio	0.86	11.69	0.77	-29.36	1.09	2,00	-57.00

NOTES & COMMENTS

Commentary

The business was established over 21 years ago.
The business has 20 employees.
The business is part of a group.
This business has a foreign parent business.
The business has been at the address for over 10 years.
Operating Result in the latest trading period decreased 28% on the previous trading period.
Pre-tax profits decreased by 23% compared to the previous trading period.
The business saw an increase in their Cash Balance of 34% during the latest trading period.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.62.38
UK Pound	1	Rs.102.15
Euro	1	Rs.85.29

INFORMATION DETAILS

Report Prepared by :

MNL

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%)

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