MIRA INFORM REPORT

 

 

Report Date :

01.10.2014

 

IDENTIFICATION DETAILS

 

Name :

AXALTA COATING SYSTEMS BELGIUM BVBA

 

 

Registered Office :

Antoon Spinoystraat 6-B, 2800 Mechelen

 

 

Country :

Belgium

 

 

Financials (as on) :

31.12.2013

 

 

Date of Incorporation :

29.02.2012

 

 

Com. Reg. No.:

844220989

 

 

Legal Form :

Private Limited Company (BL/LX)

 

 

Line of Business :

Not Available

 

[We tried to confirm / obtain the detailed activity but the same is not available from any sources]

 

 

No of Employees :

547

 

 

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 summary

 

Business number

844220989

Company name

AXALTA COATING SYSTEMS BELGIUM BVBA

Address

ANTOON SPINOYSTRAAT 6-B

 

2800 MECHELEN

Number of staff

547

Date of establishment

29/02/2012

Telephone number

 

Fax number

 

 

 

COMMENTARY

 

The business has 500 employees.

The business is part of a group.

The business has been at the address for over 2 years.

Operating Result in the latest trading period increased 31% on the previous trading period.

Net Worth increased by 37% during the latest trading period.

A 158% growth in Total Assets occurred during the latest trading period.

The business saw an increase in their Cash Balance of 21% during the latest trading period.

Turnover in the latest trading period increased 31% on the previous trading period.

 

 

Accounts

 

date of latest accounts

turnover

profit before tax               

net worth

working capital

31/12/2013

280,898,146

20,679,558

117,201,693

47,027,430

31/12/2012

212,921,449

24,058,871

85,154,334

61,556,877

 

 

Accounts

 

date of latest accounts

balance total

number of employees

capital

cash flow

31/12/2013

352,569,409

547

71,589,283

17,734,121

31/12/2012

136,317,269

549

17,345,900

30,176,235

 

 

Payment expectations

 

Past payments

 

Payment expectation days

33.75

Industry average payment expectation days

-

Industry average day sales outstanding

-

Day sales outstanding

57.95

 

 

 

 

Company information

 

Business number

844220989

Company name

AXALTA COATING SYSTEMS BELGIUM BVBA

Fax number

 

Date founded

29/02/2012

Company status

active

Company type

Private Limited Company (BL/LX)

Currency

Euro (€)

Date of latest accounts

31/12/2013

Activity code

-

Liable for VAT

yes

Activity description

-

VAT Number

BE.0844.220.989 Check

VAT number

Belgian Bullettin of Acts Publications

moniteur beige

 

 

 

Contractor details

Registered contractor number                          -

Contractor description                                                 -

Date struck off register

 

Social Balance Sheet Details

 

Social Balance Sheet

Total

 

 

During the reporting year ended 31-12-2013

 

 

 

Full-time Employees

522

 

 

Part-time Employees

42

 

 

Total Fte Employees

555

 

 

 

Number of hours worked

Full-time Employees

791,032

 

 

Part-time Employees

52,442

 

 

Total

843,474

 

 

 

Personnel Charges

Full-time Employees

45,828,009

 

 

Part-time Employees

2,796,517

 

 

Total

48,624,527

 

 

Benefits In Addition To Wages

-

 

 

 

During the previous reporting year

 

 

 

Average number employees in Fte

558

 

 

Actual working hours

621,894

 

 

Personnel Charges

44,028,383

 

 

Benefits In Addition To Wages

 

 

Type of Contract

Full-Time

Part-Time

Total Fte

Unlimited Duration Contracts

513

42

546

Limited Duration Contracts

2

-

2

Contracts For Specific Work

-

-

-

Contracts Regarding Substitution

-

 

-

 

Gender and Education Level

 

Men

Full-Time

Part-Time

Total Fte

 

Primary education

-

-

-

 

Secondairy education

131

-

131

 

Higher education (non university)

129

-

129

 

Higher education (university)

131

2

133

 

Women

Full-Time

Part-Time

Total Fte

 

Primary education

-

-

-

 

Secondairy education

-

-

-

 

Higher education (non university)

55

25

74

 

Higher education                                    69                                    15 82

(university)

69

15

82

 

 

 

 

Working Category

Full-Time

Part-Time

Total Fte

 

Management

18

-

18

 

White collar worker

366

42

399

 

Blue collar worker

131

-

131

 

Other

-

-

-

 

 

Temporary personnel

 

Total

 

 

Average number of temporary staff

 

15

 

 

Actual working hours

 

29,226

 

 

Cost of temporary staff

 

1,025,460

 

 

 

 

 

 

 

 

 

 

 

New staff and leavers

Full-Time

Part-Time

Total Fte

 

New Starters

14

-

14

 

Leavers

14

1

15

 

 

 

 

 

 

 

Total of formal continuing vocational training initiatives for workers paid by the employer

Male

Female

 

 

Number of employees

346

173

 

 

Number of training hours

3,471

1,736

 

 

Net costs for enterprise

281,612

140,806

 

 

Total of less formal and informal continuing vocational training initiatives for workers paid by the employer

Male

Female

 

 

Number of employees

346

173

 

 

Number of training hours

5,207

2,603

 

 

Net costs for enterprise

158,657

79,328

 

 

Total of initial training initiatives at the expense of the employer

Male

Female

 

 

Number of employees

370

185

 

 

Number of training hours

8,678

4,339

 

 

Net costs for enterprise

440,269

220,134

 

 

Personnel (NSSO classification)

Code                            -

Description                  -

 

Joint Industrial Committee (JIC)

JIC Code                      116

Description                  Joint committee for the chemical industry

category

 

JIC Code                      207

Description                  Joint committee for the employees off he chemical industry

category

 

Significant Events

Event Date                    10/02/2014

Event Description         new co-ordinated text of the statutes filed

Event Details                Commentaar 10-02-2014: Statutenwijziging.

 

 

 

 

Profit & Loss

 

Annual Accounts

31-12.2013

%

31-12.2012

%

Industry average 2013

%

Weeks

52

 

44

 

-

 

Currency

EUR

 

EUR

 

-

 

Turnover

280,898,146

31.93

212,921,449

-

- -

-

Total operating expenses

248,983,498

31.93

188,722,983

-

- -

-

Operating result

31,914,648

31.89

24,198,466

-

- -

-

Total financial income

584,150

-74.95

2,331,759

-

- -

-

Total financial expenses

11,819,239

378

2,471,354

-

- -

-

Results on ordinary operations before taxation

20,679,558

-14.05

24,058,871

-

- -

-

Taxation

20,637

-

-

-

- -

-

Results on ordinary operations after taxation

20,658,922

-14.13

24,058,871

-

- -

-

Extraordinary items

-9,171,441

-

0

-

- -

-

Other appropriations

0.00

-

0.00

-

- -

-

Net result

11,487,480

-52.25

24,058,871

-

- -

-

OTHER INFORMATION

 

 

 

 

 

 

Gross Operating Margin

-

-

-

-

- -

-

Dividends

35,000,001

-

-

-

- -

-

Director remuneration

-

-

-

-

- -

-

Employee costs

48,624,527

10.44

44,028,383

-

- -

-

Wages and salary

33,076,878

30.23

25,399,486

-

- -

-

Employee pension costs

-

-

-

-

- -

-

Social security contributions

10,099,786

-8.89

11,085,724

-

- -

-

Other employee costs

5,447,863

-27.78

7,543,173

-

- -

-

Amortization and depreciation

6,246,641

2.11

6,117,364

-

- -

-

 

 

Balance Sheet

 

Annual Accounts

31-12.2013

%

31-12.2012

%

Industry average 2013

%

Weeks

52

 

44

 

-

 

Currency

EUR

 

EUR

 

-

 

Intangible fixed assets

362,794

-

1,554,462

-

- -

-

Tangible fixed assets

21,980,886

-8.24

23,955,631

-

- -

-

Land & building

5,720,962

-1.82

5,826,827

-

- -

-

Plant & machinery

13,251,469

-16.35

15,840,922

-

- -

-

Furniture & Vehicles

9,700

-41.91

16,698

-

- -

-

Leasing & Other Similar Rights

-

-

-

-

- -

-

Other tangible assets

2,998,755

32.03

2,271,184

-

- -

-

Financial fixed assets

221,494,773

-

-

-

- -

-

Total fixed assets

243,838,453

855

25,510,093

-

- -

-

Inventories

20,353,275

-9.52

22,494,549

-

- -

-

Raw materials & consumables

5,350,221

4.52

5,118,750

-

- -

-

Work in progress

4,811,253

-18.63

5,913,058

-

- -

-

Finished goods

10,191,802

-11.09

11,462,741

-

- -

-

Other stocks

0

-

0

-

- -

-

Trade debtors

44,598,925

-14.69

52,279,961

-

- -

-

Cash

41,141,109

21.89

33,753,860

-

- -

-

other amounts receivable

2,328,907

35.41

1,719,863

-

- -

-

Miscellaneous current assets

308,740

-44.76

558,942

-

- -

-

Total current assets

108,730,956

-1.87

110,807,176

-

- -

-

Total Assets

352,569,409

158

136,317,269

-

- -

-

CURRENT LIABILITIES

 

 

 

 

 

 

Trade creditors

23,019,170

3.77

22,181,939

-

- -

-

Short term group loans

-

-

-

-

- -

-

Financial debts

-

-

-

-

- -

-

Current portion of long term debt

-

-

-

-

- -

-

Amounts Payable for Taxes, Remuneration & Social Security

9,293,084

-34.70

14,231,627

-

- -

-

Miscellaneous current liabilities

29,391,272

128

12,836,733

-

- -

-

Total current liabilities

61,703,526

25.29

49,250,299

-

- -

-

LONG TERM DEBTS AND LIABILITIES

 

 

 

 

 

 

Long term group loans

-

-

-

-

- -

-

Other long term loans

162,730,148

-

-

-

- -

-

Deffered taxes

-

-

-

-

- -

-

Provisions for Liabilities & Charges

10,571,248

2851

358,174

-

- -

-

Other long term liabilities

0

-

0

-

 

-

Total long term debts

173,301,395

48284

358,174

-

- -

-

SHAREHOLDERS EQUITY

 

 

 

 

- -

 

Issued share capital

71,589,283

312

17,345,900

-

- -

-

Share premium account

-

-

-

-

- -

-

Reserves

45,975,205

-33.72

69,362,896

-

- -

-

Revaluation reserve

-

-

-

-

- -

-

Total shareholders equity

117,564,487

35.59

86,708,796

-

- -

-

Working capital

47,027,430

-23.60

61,556,877

-

- -

-

Cashflow

17,734,121

-41.23

30,176,235

-

- -

-

Net worth

117,201,693

37.63

85,154,334

-

- -

-

 

 

Ratio Analysis

 

Annual Accounts

31-12.2013

Change (%)

31-12.2012

Change (%)

Industry average 2013

%

TRADING PERFORMANCE

 

 

 

 

 

 

Profit Before Tax

7.36

-34.87

11.30

-

- -

-

Return on capital employed

7.11

-74.27

27.63

-

- -

-

Return on total assets employed

5.87

-66.74

17.65

-

- -

-

Return on net assets employed

17.59

-36.61

27.75

-

- -

-

Sales / net working capital

5.97

72.54

3.46

-

- -

-

Stock turnover ratio

7.25

-31.34

10.56

-

- -

-

Debtor days

57.95

-35.34

89.62

-

- -

-

Creditor days

33.75

-21.33

42.90

-

- -

-

SHORT TERM STABILITY

 

 

 

 

- -

 

Current ratio

1.76

-21.78

2.25

-

- -

-

Liquidity ratio / acid ratio

1.43

-20.11

1.79

-

- -

-

Current debt ratio

0.52

-8.77

0.57

-

- -

-

Liquidity ratio reprocessed

-

-

-

-

- -

-

LONG TERM STABILITY

 

 

 

 

- -

 

Gearing

138.42

-

-

-

- -

-

Equity in percentage

33.38

-48.12

64.34

-

- -

-

Total debt ratio

2

250

0.57

-

- -

-

 

Suspension of payments / moratorium history

Amount                                     -

Details                                      -

 

Payment expectations

Payment expectation days        33.75

Day sales outstanding 57.95

 

 

Shareholder Details

 

Group Structure

 

Group - Number of Companies

8

 

 

 

 

Linkages - Number of Companies

149

 

 

 

 

Number of Countries

32

 

 

 

 

 

Group Structure

 

Company name

Number

Latest financials

- DPNL B.V.

20000477

31-12-2012

- - AXALTACOATING SYSTEMS BELGIUM BVBA

844220989

31-12-2013

- - - AXALTA COATING SYSTEMS UK (2) LIMITED

 

 

- - DU PONT DE NEMOURS (BELGIUM) BVBA

400837058

31-12-2013

- - - DANISCO INGREDIENTS BELGIUM NV

890448617

31-12-2013

- - - GENENCOR INTERNATIONAL BVBA

421466186

31-12-2013

- - - IBIS

 

 

- - - DU PONT HELLAS SOC.ETR. E.P.B

 

 

 

 

Minority Shareholders

 

 

 

Business number

Company name

%

Date of

accounts

20045766           

Teodur B.V.

-

31/12/2012

 

 

Minority Interests

No minority interests found

Companies that match this address

No Companies Match this address

 

 

Linked Companies

 

Summary

Group - Number of Companies

8

Linkages - Number of Companies

149

Number of Countries

32

 

Linked Companies

NAME

NUMBER

LATEST KEY FINANCIALS

TURNOVER

DUPONT NUTRITION BIOSCIENCES

-

30.04.2010

€1.838.325.040

DUPONT HOLDING NETHERLANDS B.V.

23026458

31.12.2011

€424.879.000

DUPONT NLCO B.V.

31015274

31.12.2011

-

DU PONT DE NEMOURS GROUPE SAS

433427572

31.12.2013

-

DUPONT DE NEMOURS (DEUTSCHLAND) GMBH

HRB 43585

31.12.2013

-

AXALTA COATING SYSTEMS GERMANY GMBH

HRB 20552

31.12.2013

-

DU PONT (U.K.) LIMITED

04556216

31.12.2013

£237.109.000

DUPONT DE NEMOURS (LUXEMBOURG) S.A R.L

B9529

31.12.2012

€590.710.141

SUCROS OY

07628271

28.02.2013

€68.177.669

AXALTA COATING SYSTEMS UK LIMITED

02238419

31.12.2013

£38.902.000

DANISCO FRANCE

402674329

31.12.2013

€227.874.999

SUOMEN SOKERI OY

09870301

28.02.2013

€195.760.801

DU PONT (U.K.) INDUSTRIAL LIMITED

03911468

31.12.2013

£27.752.000

AXALTA COATING SYSTEMS FRANCE SAS

778150706

31.03.2013

€48.693.008

DANISCO SWEETENERS OY

16572783

31.12.2012

€103.177.055

DU PONT DE NEMOURS ITALIANA S.R.L.

09865280151

31.12.2013

€172.865.024

CULTOR OY

14581360

31.12.2012

-

GENENCOR INTERNATIONAL OY

07617652

31.12.2011

€29.771.000

DANISCO HOLDINGS (UK) LIMITED

01798759

31.12.2013

£62.628.000

DU PONT DE NEMOURS FRANCE SAS

592059182

31.12.2013

€202.516.848

 

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

Name                            LUCAS (LUC) JACOBUS MARIE VAN DEN HEMEL

Position            Principal           Manager

Start Date                     25/01/2013

Street                           DRÈVE DU MÉREAULT WATERLOO

Post code                     1410

Country                         Belgium

 

Position                                    Non Statutory Partner

Start Date                     25/01/2013

Street                           DRÈVE DU MÉREAULT WATERLOO

Post code                     1410

Country                         Belgium

 

Name                            JOHANNES JACOBUS (JAAP) MENDEL

Position            Principal           Manager

Start Date                     25/01/2013

Street

Post code

Country                         Germany

 

Position            Non Statutory    Partner

Start Date                     25/01/2013

Street

Post code

Country                         Germany

 

Name                            ROBERT BRYANT

Position            Principal           Manager

Start Date                     11/04/2013

Street                           454 BOXWOOD ROAD

Post code                     PA19010

Country                         United States

 

Name                            CHARLES SHAVER

Position            Principal           Manager

Start Date                     11/04/2013

Street                           63 NORTH ROYAL FERN DRIVE

Post code                     TX77380

Country                         United States

 

Former director details

Name                            BERNARD ROBERT VICTOR DELHAYE

Position                        Principal Manager

Start Date                     29/02/2012

End Date                      31/12/2013

Date of birth                 10/08/1966

Street                           21 DANIEL BOONLAAN BRUSSEL

Post code                     1160

Country                         Belgium

 

Position                                    Non Statutory Partner

Start Date                     29/02/2012

End Date                      25/01/2013

Date of birth                 10/08/1966

Street                           21 DANIEL BOONLAAN BRUSSEL

Post code                     1160

Country                         Belgium

 

Name                            EDITH JOSEPH GHISLAINE HAMELRYCKX

Position                                    Principal Manager

Start Date                     29/02/2012

End Date                      31/12/2013

Date of birth                 25/04/1974

Street                           14 VLEUGTSTRAAT LUMMEN

Post code                     3560

Country                         Belgium

 

Position                                    Non Statutory Partner

Start Date                     29/02/2012

End Date                      25/01/2013

Date of birth                 25/04/1974

Street                           14 VLEUGTSTRAAT LUMMEN

Post code                     3560

Country                         Belgium

 

Name                            GEERT JAN LIEVEN VERHAEGHE

Position                                    Principal Manager

Start Date                     29/02/2012

End Date                      31/12/2013

Date of birth                 21/05/1965

Street                           51 ROBERT MOLSSTRAAT ANTWERPEN

Post code                     2018

Country                         Belgium

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.61.61

UK Pound

1

Rs.100.28

Euro

1

Rs.78.21

 

INFORMATION DETAILS

 

Analysis Done by :

DIV

 

 

Report Prepared by :

SMN

 

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.