MIRA INFORM REPORT

Report Date :

03.11.2014

IDENTIFICATION DETAILS

Name :	NIPRO EUROPE NV
Registered Office :	Weihoek 3-H 1930 Zaventem
Country :	Belgium
Financials (as on) :	31.12.2013
Date of Incorporation :	27.05.1991
Com. Reg. No.:	444276727
Legal Form :	Public Limited Liability Company
Line of Business :	Wholesale of pharmaceutical goods
No. of Employees :	42

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 – June 1, 2014

Country Name	Previous Rating (31.03.2014)	Current Rating (01.06.2014)
Belgium	A1	A2

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 name and address

Company Number 444276727

Company name NIPRO EUROPE NV

Address WEIHOEK 3-H

1930 ZAVENTEM

Number of staff 42

Date of establishment 27/05/1991

Telephone number 027255533

Fax number 027257041

Commentary

The business was established over 23 years ago.

The business has 42 employees.

The business is part of a group.

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

Operating Result in the latest trading period increased 142% on the previous trading period.

Pre-tax profits increased by 105% compared to the previous trading period.

The business saw an increase in their Cash Balance of 30% during the latest trading period.

Accounts

DATE OF LATEST ACCOUNTS	TURNOVER	PROFIT BEFORE TAX NET WORTH	WORKING CAPITAL
31/12/2013	168,929,606	10,200,912 25,813,715	32,818,654
31/12/2012	146,270,064	4,959,893 21,569,987	28,049,719
31/12/2011	130,859,441	1,152,322 17,036,367	22,751,533

Accounts

DATE OF LATEST ACCOUNTS	BALANCE TOTAL	NUMBER OF EMPLOYEES CAPITAL	CASHFLOW
31/12/2013	159,413,740	42 23,500,000	8,024,488
31/12/2012	140,005,560	41 23,500,000	5,376,477
31/12/2011	121,011,423	35 23,500,000	1,455,801

Payment expectations

Past payments		Payment expectation days	139.28
Industry average payment expectation days	123.62	Industry average day sales outstanding	115.24
Day sales outstanding	207.33

NSSO DETAILS

Date of summons 12/11/1999

Company information

Business number	444276727	Company name	NIPRO EUROPE NV
Fax number	027257041	Date founded	27/05/1991
Company status	active	Company type	Public Limited Liability Company (BE)
Currency	Euro (€)	Date of latest accounts	31/12/2013
Activity code	46460	Liable for VAT	yes
Activity description	Wholesale of pharmaceutical goods	VAT Number	BE.0444.276.727 Check VAT number

Social Balance Sheet Details

Social Balance Sheet	Total
During the reporting year
ended 31-12-2013
Full-time Employees	41
Part-time Employees	1
Total Fte Employees	42
Number of hours worked
Full-time Employees	66,886
Part-time Employees	1,635
Total	68,521
Personnel Charges
Full-time Employees	3,574,892
Part-time Employees	40,114
Total	3,615,006
Benefits In Addition To Wages	43,370
During the previous reporting year
Average number employees in Fte	39

Type of Contract	Full-Time	Part-Time	Total Fte	------------- S
Unlimited Duration Contracts	42	1	43
Limited Duration Contracts	-	-	-
Contracts For Specific Work	-	-	-
Contracts Regarding Substitution	-	-	-
Gender and Education Level
Men	Full-Time	Part-Time	Total Fte
Primary education	8	-	8
Secondairy education	1	-	1
Higher education (non university)	9	-	9
Higher education (university)	4	-	4
Women	Full-Time	Part-Time	Total Fte
Primary education	12	-	12
Secondairy education	1	-	1
Higher education (non university)	5	-	5
Higher education (university)	2	1	3

Working Category	Full-Time	Part-Time	Total Fte
Management	-	-	-
White collar worker	42	1	43
Blue collar worker	-	-	-
Other	-	-	-

Significant Events

Event Date 29/05/2012

Event Description re-appointment of director(s)

Event Details Commentaar 29-05-2012: Herbenoemd als bestuurder voor 6 jaar : Kurt Van Dal.

Profit & loss

Annual accounts	31-12-2013	%	31-12-2012	%	31-12-2011	Industry average 2013	%
Weeks	52		52		52
Currency	EUR		EUR		EUR
Turnover	168,929,606	15.49	146,270,064	11.78	130,859,441	36,161,404	367
Total operating expenses	159,015,268	11.84	142,177,899	10.67	128,468,888	35,593,744	346
Operating result	9,914,338	142	4,092,166	71.18	2,390,553	240,842	4016
Total financial income	2,806,496	-12.35	3,202,033	116	1,482,307	698,799	301
Total financial expenses	2,519,922	7.95	2,334,305	-14.20	2,720,538	485,939	418
Results on ordinary operations before taxation	10,200,912	105	4,959,893	330	1,152,322	394,176	2487
Taxation	3,119,428	595	448,676	-0.59	451,339	133,077	2244
Results on ordinary operations after taxation	7,081,484	56.98	4,511,216	543	700,983	284,928	2385
Extraordinary items	0	-	0	-100	17,865	8,334	-100
Other appropriations	0.00	-	0.00	-	0.00	-	-
Net result	7,081,484	56.98	4,511,216	527	718,847	293,747	2310
OTHER INFORMATION
Gross Operating Margin	-	-	-	-	-	231,696	-
Dividends	-	-	-	-	-	2,755,698	-
Director remuneration	-	-	-	-	-	255,512	-
Employee costs	6,513,851	9.96	5,924,010	20.90	4,899,783	2,439,057	167
Wages and salary	4,829,998	10.76	4,360,800	20.13	3,630,049	1,749,093	176
Employee pension costs	-	-	-	-	-	182,866	-
Social security contributions	1,309,608	12.15	1,167,763	18.76	983,326	486,950	168
Other employee costs	374,245	-5.36	395,447	38.07	286,408	161,681	131
Amortization and depreciation	943,003	8.98	865,261	17.41	736,953	978,114	-3.59

balance sheet

Annual accounts	31-12-2013	%	31-12-2012	%	31-12-2011	Industry average 2013	%
Weeks	52		52		52
Currency	EUR		EUR		EUR
Intangible fixed assets	3,268,762	-	431,006	-	453,409	1,710,210	91.13
Tangible fixed assets	2,092,830	-41.42	3,572,729	83.82	1,943,610	1,010,208	107
Land & building	-	-	-	-	-	802,402	-
Plant & machinery	1,457,542	-3.28	1,506,971	6.65	1,413,049	424,151	243
Furniture & Vehicles	201,852	-0.78	203,446	-12.89	233,559	54,160 16,239	272
Leasing & Other Similar Rights	3,225	-44.44	5,805	-30.77	8,385	733,915 13,926	-99
Other tangible assets	430,212	-76.83	1,856,507	543	288,617	216,310	98.89
Financial fixed assets	8,494,604	16.05	7,319,682	61.07	4,544,392	10,017,578	-15.20
Total fixed assets	13,856,197	22.37	11,323,416	63.13	6,941,411	9,377,601	47.76
Inventories	13,468,155	-6.28	14,370,358	-24.75	19,096,855	3,024,017	345
Raw materials & consumables	-	-	-	-	-	1,522,289	-
Work in progress	0	-	0	-	0	15,144	-100
Finished goods	13,468,155	-6.28	14,370,358	-24.75	19,096,855	1,852,625	626
Other stocks	0	-	0	-	0	101,477	-100
Trade debtors	95,957,322	20.32	79,751,765	17.63	67,799,337	2,746,373	3393
Cash	9,299,979	30.95	7,101,859	100	3,537,229	2,743,342	239
other amounts receivable	26,364,996	-1.69	26,818,721	16.61	22,998,401	2,016,279	1207
Miscellaneous current assets	467,092	-26.95	639,440	0.20	638,190	357,174	30.77
Total current assets	145,557,544	13.11	128,682,144	12.81	114,070,012	9,716,496	1398
Total Assets	159,413,740	13.86	140,005,560	15.70	121,011,423	18,513,990 620,420	761

CURRENT LIABILITIES

Annual accounts	31-12-2013	change(%)	31-12-2012	change(%)	31-12-2011	Industry average 2013	%
TRADING PERFORMANCE
Profit Before Tax	6.04	78.17	3.39	285	0.88	1,00	504
Return on capital employed	21.86	73.49	12.60	224	3.88	-84,00	26.02
Return on total assets employed	6.40	80.79	3.54	272	0.95	-96,00	6.67
Return on net assets employed	35.08	55.63	22.54	242	6.59	56,00	-37.36
Sales / net working capital	5.15	-1.15	5.21	-9.39	5.75	7,00	-99
Stock turnover ratio	7.97	-18.84	9.82	-32.69	14.59	15,00	-46.87
Debtor days	207.33	4.18	199.01	5.24	189.11	115,24	79.91
Creditor days	139.28	-0.68	140.23	-1.19	141.92	123,62	12.67
SHORT TERM STABILITY
Current ratio	1.29	0.78	1.28	2.40	1.25	13,00	-83.88
Liquidity ratio / acid ratio	1.17	2.63	1.14	9.62	1.04	12,00	-90.25
Current debt ratio	3.88	-15.10	4.57	-12.45	5.22	8,00	-51.50
Liquidity ratio reprocessed	-	-	-	-	-	-	-
LONG TERM STABILITY
Gearing	219.29	-20.30	275.13	-5.95	292.53	1.133,00	-80.65
Equity in percentage	18.63	18.21	15.76	8.61	14.51	-580,00	3.21
Total debt ratio	4.48	-16.42	5.36	-9.46	5.92	11,00	-59.27

Payment Information

Payment Information Summary

Total number of Invoices available 9

Total number of Invoices paid within or up to 30 days after the due date 1

Total number of Invoices paid more than 30 days after the due date 0

Total number of Invoices currently outstanding where the due date has not yet been reached 2

Total number of Invoices currently outstanding beyond the due date 6

Payment expectations

Payment expectation days 139.28

Day sales outstanding 207.33

Industry comparison

Activity code 46460

Activity description Wholesale of pharmaceutical goods

Industry quartile analysis

Payment expectations

Company result 139.28

Lower 108.39

Median 70.52

Upper 38.19

Minority Shareholders

No minority shareholders found

Minority Interests

No minority interests found

Companies that match this address

no Companies Match this address

Protested Bills

there is no data for this company

Bankruptcy and other legal events

there is no data for this company

Director details

Name	KEIICHI KISAKIBARU
Position	Chairman of the Board
Start Date	12/12/2011
Street	52 AVENUE MARCEL THIRY BRUSSELS
Post code	1200
Country	Belgium
Name	KURT LEOPOLD CAROLINE VAN DAL
Position	Managing Director
Start Date	01/01/2007
Date of birth	14/05/1969
Street	2 HEIDEBERGSTRAAT TREMELO
Post code	3120
Country	Belgium
Position	Director
Start Date	01/01/2007
Date of birth	14/05/1969
Street	2 HEIDEBERGSTRAAT TREMELO
Post code	3120
Country	Belgium
Name	YOSHIHIKO SANO
Position	Director
Start Date	29/05/2012
End Date	27/05/2018
Street	20 KAMISHINDEN-2
Post code	25-901
Country	Japan
Former director details
Name	KEIICHI KISAKIBARU
Position	Director
Start Date	15/03/2011
End Date	27/05/2011
Street	52 AVENUE MARCEL THIRY BRUSSELS
Post code	1200
Country	Belgium
Name	HIROKI FURUKAWA

Position	Director
Start Date	27/05/2009
End Date	31/12/2012
Street	12 RUE GODECHARLE BRUSSELS
Post code	1050
Country	Belgium
Name	TSUGUO TAKANO
Position	Director
Start Date	28/11/1997
End Date	Unknown date
Street	1 RUE JULIEN VERMEERSCH BRUSSELS
Post code	1150
Country	Belgium
Name	YOSHIO UJIHARA
Position	Managing Director
Start Date	20/10/1994
End Date	10/06/2004
Street	34 AVENUE LEO ERRERA BRUSSELS
Post code	1180
Country	Belgium
Position	Director
Start Date	19/09/2003
End Date	Unknown date
Street	34 AVENUE LEO ERRERA BRUSSELS
Post code	1180
Country	Belgium
Name	MINORU SANO
Position	Chairman of the Board
Start Date	12/12/2011
End Date	08/05/2012
Street	14 SENYUJI HIGASHIYAMAKU
Post code	605
Country	Japan

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.41
UK Pound	1	Rs.98.06
Euro	1	Rs.77.19

INFORMATION DETAILS

Analysis Done by :	RAS
Report Prepared by :	NIS

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.