Company summary

Commentary

Accounts

Trends

Payment expectations

Court data summary

Company accounts

Social Balance Sheet Details

Payment Information

Shareholder Details

Linked Companies

Summons

Protested Bills

Bankruptcy and other legal events

Director details

Company summary

Commentary

Accounts

Trends

Payment expectations

Court data summary

Company information

Company accounts

Social Balance Sheet Details

Payment Information

Shareholder Details

Linked Companies

Summons

Protested Bills

Bankruptcy and other legal events

Director details

MIRA INFORM REPORT

MIRA INFORM REPORT

Unit

Report No. :	352680
Report Date :	01.12.2015

IDENTIFICATION DETAILS

Name :	CHIYODA EUROPA NV

Registered Office :	Henry Fordlaan 37 3600 Genk

Country :	Belgium

Financials (as on) :	31.12.2014

Date of Incorporation :	15.07.1983

Com. Reg. No.:	424426666

Legal Form :	Public limited company

Line of Business :	Manufacture of other articles of paper and paperboard

No. of Employee :	200

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Moderate

Payment Behaviour :	Slow but correct

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 EU trade 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 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 a 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

Business number	424426666
Branche Unit Number	2022859675
Company name	CHIYODA EUROPA NV
Address	HENRY FORDLAAN 37
	3600 GENK
Number of staff	200
Date of establishment	15/07/1983
Telephone number	089610711
Fax number	089613020

The business was established over 32 years ago.

The business has 200 employees.

The business has been at the address for over 18 years.

Net Worth decreased by 26% during the latest trading period.

The business saw a decrease in their Cash Balance of 37% during the latest trading period.

Working Capital is a negative amount during the latest trading period.

Turnover in the latest trading period decreased 40% on the previous trading period.

DATE OF LATEST ACCOUNTS	TURNOVER	PROFIT BEFORE TAX	NET WORTH	WORKING CAPITAL
31/12/2014	38,672,216	-1,164,925	5,943,057	-302,282
31/12/2013	64,939,309	-2,841,822	8,127,654	935,084
31/07/2012	55,507,812	-2,271,593	11,096,793	2,626,070
Accounts
DATE OF LATEST ACCOUNTS	BALANCE TOTAL	NUMBER OF EMPLOYEES	CAPITAL	CASHFLOW
31/12/2014	18,164,836	200	3,967,000	-1,034,156
31/12/2013	19,904,967	206	3,967,000	-93,546
31/07/2012	25,153,303	220	3,967,000	-1,057,305

Profitability

Liquidity

Net worth

Past payments		Payment expectation days	34.73
Industry average payment	69.27	Industry average day sales	143.98
expectation days		outstanding
Day sales outstanding	23.07

BANKRUPTCY DETAILS

Court action type

PROTESTED BILLS

Bill amount

NSSO DETAILS

Date of summons

Assets
Annual accounts	31-12-2014	%	31-12-2013	%	31-07-2012	%	31-07-2011	%	31-07-2010
Weeks	52		74		52		52		52
Currency	EUR		EUR		EUR		EUR		EUR
Total fixed assets	8,358,377	-7.04	8,990,900	-21.44	11,444,844	1.51	11,275,070	-1.80	11,481,569
Intangible fixed assets	15,080	-6.48	16,124	-18.27	19,728	-42.75	34,460	-21.23	43,750
Tangible fixed assets	8,294,854	-7.16	8,934,932	-21.61	11,397,645	1.63	11,215,081	-1.72	11,411,425
Land & building	1,707,770	-12.97	1,962,187	-14.34	2,290,599	-11.50	2,588,175	-5.41	2,736,227
Plant & machinery	5,284,084	-8.17	5,754,367	-24.77	7,648,593	-10.04	8,502,192	5.01	8,096,487
Furniture & Vehicles	64,325	-34.21	97,776	-10.11	108,770	-12.78	124,714	-14.54	145,941
Leasing & Other Similar Rights	1,016,738	-9.27	1,120,601	-16.97	1,349,683	-	0	-100	13,346
Other tangible assets	221,937	-	0	-	0	-	0	-100	419,424
Financial fixed assets	48,444	21.58	39,844	45.04	27,471	7.61	25,529	-3.28	26,394
Total current assets	9,806,458	-10.15	10,914,067	-20.38	13,708,459	-21.82	17,533,862	-1.18	17,743,090
Inventories	6,854,721	5.58	6,492,335	-14.12	7,560,146	-14.86	8,879,787	15.04	7,718,728
Raw materials & consumables	2,682,724	-0.26	2,689,745	-36.31	4,223,191	-20.02	5,280,520	20.76	4,372,817
Work in progress	214,731	122	96,346	-57.98	229,313	421	44,011	-42.14	76,069
Finished goods	3,957,267	6.77	3,706,244	19.26	3,107,642	-12.59	3,555,256	8.73	3,269,842
Other stocks	0	-	0	-	0	-	0	-	0
Trade debtors	2,443,947	-40.90	4,135,225	-15.31	4,882,593	-21.02	6,182,257	-19.85	7,713,232
Other amounts receivable	35,050	-8.66	38,372	-88.51	333,846	749	39,307	-48.17	75,834
Cash	61,591	-37.09	97,910	-77.47	434,617	-77.82	1,959,533	10.16	1,778,815
Miscellaneous current assets	411,149	173	150,225	-69.79	497,258	5.13	472,978	3.61	456,481
Total Assets	18,164,836	-8.74	19,904,967	-20.87	25,153,303	-12.69	28,808,932	-1.42	29,224,659
Liabilities
Total shareholders equity	5,958,137	-26.84	8,143,778	-26.74	11,116,521	-21.62	14,183,303	-20.95	17,942,591
Issued share capital	3,967,000	0	3,967,000	0	3,967,000	0	3,967,000	0	3,967,000
Share premium account	0	-	0	-	0	-	0	-	0
Revaluation reserve	0	-	0	-	0	-	0	-	0
Reserves	1,991,137	-52.33	4,176,778	-41.58	7,149,521	-30.02	10,216,303	-26.90	13,975,591
Provisions for Liabilities &	908,436	116	419,167	-43.91	747,286	52.58	489,761	-36.69	773,557
Charges
Deffered taxes	10,941	-17.26	13,223	-19.65	16,456	-31.77	24,118	14.73	21,021
Creditors	11,287,322	-0.37	11,328,798	-14.65	13,273,039	-5.94	14,111,750	34.56	10,487,490
Other long term loans	1,178,581	-12.69	1,349,815	-38.38	2,190,650	367	469,072	1943	22,950
Long term group loans	-	-	-	-	-	-	-	-	-
Other long term liabilities	0	-	0	-100	1	-	0	-	0
Total long term debts	2,097,958	17.72	1,782,206	-39.68	2,954,393	200	982,951	20.23	817,528
Current portion of long term debt	877,946	55.84	563,373	0.23	562,079	265	153,879	1368	10,479
Financial debts	2,828,562	-23.01	3,674,148	20.69	3,044,185	-20.84	3,845,851	-	0
Trade creditors	3,710,864	11.49	3,328,409	-28.33	4,644,289	-37.13	7,386,847	-10.41	8,245,065
Amounts Payable for Taxes,	2,350,839	7.37	2,189,484	-21.93	2,804,553	26.05	2,224,984	1.16	2,199,471
Remuneration & Social Security
Miscellaneous current liabilities	340,530	52.32	223,569	719	27,283	-12.32	31,117	226	9,525
Total current liabilities	10,108,741	1.30	9,978,983	-9.96	11,082,389	-18.77	13,642,678	30.37	10,464,540
Total Liabilities	18,164,836	-8.74	19,904,967	-20.87	25,153,303	-12.69	28,808,932	-1.42	29,224,659

Ratio analysis
TRADING PERFORMANCE
Profit Before Tax	-3.01	68.72	-4.38	-7.09	-4.09	59.97	-6.82	-340	-1.55
Return on capital employed	-14.46	50.51	-28.63	-77.39	-16.14	65.24	-24.74	-427	-4.69
Return on total assets employed	-6.41	44.89	-14.28	-58.14	-9.03	69.35	-13.02	-332	-3.01
Return on net assets employed	-19.55	56.02	-34.90	-70.83	-20.43	77.24	-26.45	-439	-4.90
Sales / net working capital	-127.93	-284	69.45	228	21.14	49.50	14.14	80.82	7.82
Stock turnover ratio	17.73	77.30	10.00	-26.58	13.62	-15.56	16.13	18.95	13.56
Creditor days	34.73	91.24	18.16	-39.35	29.94	-35.76	46.61	-11.86	52.88
Debtor days	23.07	-0.73	23.24	-27.62	32.11	-21.68	41.00	-17.12	49.47
SHORT TERM STABILITY
Current ratio	0.97	-11.01	1.09	-12.10	1.24	-3.88	1.29	-24.12	1.70
Liquidity ratio / acid ratio	0.29	-34.09	0.44	-20.0	0.55	-12.70	0.63	-34.38	0.96
Current debt ratio	1.70	38.21	1.23	23.00	1.00	4.17	0.96	65.52	0.58
Liquidity ratio reprocessed	-	-	-	-	-	-	-	-	-
Cashflow	-1,034,156	-1005	-93,546	8.85	-1,057,305	68.34	-1,547,153	-193	1,656,360
Net worth	5,943,057	-26.88	8,127,654	-26.76	11,096,793	-21.57	14,148,843	-20.95	17,898,841
LONG TERM STABILITY
Gearing	81.99	19.50	68.61	31.56	52.15	65.50	31.51	16484	0.19
Equity in percentage	32.83	-19.83	40.95	-7.42	44.23	-10.27	49.29	-19.84	61.49
Total debt ratio	2.05	42.36	1.44	14.29	1.26	22.33	1.03	63.49	0.63
Working capital	-302,282	-132	935,084	-64.39	2,626,070	-32.51	3,891,184	-46.54	7,278,550

Profit & loss
Operating Income	39,555,266	-40.11	66,050,531	18.87	55,565,905	-0.03	55,583,104	-3.15	57,392,741
Turnover	38,672,216	-40.45	64,939,309	16.99	55,507,812	0.85	55,039,170	-3.28	56,908,250
Total operating expenses	39,000,174	-41.70	66,893,352	18.13	56,628,045	-2.10	57,842,122	1.63	56,913,685
Gross Operating Margin	-	-	-	-	-	-	-	-	-
Operating Charges	39,883,224	-41.35	68,004,575	19.97	56,686,139	-2.91	58,386,056	1.72	57,398,176
Employee costs	11,512,337	-33.33	17,267,970	33.31	12,953,266	-11.05	14,562,533	-0.72	14,668,359
Wages and salary	7,299,284	-33.28	10,940,048	24.54	8,784,266	-7.59	9,506,029	0.51	9,457,864
Employee pension costs	-	-	-	-	-	-	-	-	347,143
Social security contributions	3,079,100	-36.69	4,863,897	40.06	3,472,624	-11.79	3,936,701	-5.89	4,182,910
Other employee costs	1,133,952	-22.55	1,464,026	110	696,376	-37.81	1,119,803	64.57	680,442
Director remuneration	-	-	-	-	-	-	-	-	-
Amortization and depreciation	1,147,053	-60.07	2,872,918	44.04	1,994,597	-10.08	2,218,151	-14.12	2,582,834
Operating result	-327,958	16.78	-1,954,043	-74.43	-1,120,233	39.97	-2,802,952	-51472	-5,435
Total financial income	551,755	-50.10	1,105,635	155	432,060	-17.00	520,582	-22.57	672,302
Total financial expenses	1,388,721	-30.33	1,993,414	25.89	1,583,420	7.75	1,469,565	-4.97	1,546,363
Results on ordinary operations	-1,164,925	40.99	-2,841,822	-25.10	-2,271,593	60.54	-3,751,935	-326	-879,496
before taxation
Extraordinary Income	871	-	-	-	1,524	-	-	-	333
Extraordinary Charges	1,019,437	697	127,876	-83.80	789,495	125567	628	-98.44	40,193
Extraordinary items	-1,018,566	-696	-127,876	16.23	-787,971	-125325	-628	1.58	-39,860
Results for the Year Before	-2,183,491	73.53	-2,969,698	97.06	-3,059,564	81.53	-3,752,563	-308	-919,356
Taxation
Other appropriations	-	-	-	-	-	-	-	-	-
Taxation	-	-	-	-	-	-	4,113	-	-
Results on ordinary operations after taxation	-1,164,925	40.99	-2,841,822	-25.10	-2,271,593	60.48	-3,756,047	-327	-879,496
Net result	-2,181,209	73.53	-2,966,464	97.20	-3,051,902	81.05	-3,765,304	-306	-926,474
Profit (Loss) for the Year to be appropiated	-2,181,209	73.53	-2,966,464	97.20	-3,051,902	81.05	-3,765,304	-306	-926,474
Dividends	-	-	-	-	-	-	-	-	-

Social Balance Sheet Details
Social Balance Sheet	Total
During the reporting year
ended 31-12-2014
Full-time Employees	183
Part-time Employees	24
Total Fte Employees	200
Number of hours worked
Full-time Employees	266,418
Part-time Employees	26,052
Total	292,470
Personnel Charges
Full-time Employees	10,432,317
Part-time Employees	1,080,019
Total	11,512,337
Benefits In Addition To Wages	-
During the previous reporting year
Average number employees in Fte	213
Actual working hours	442,114
Personnel Charges	17,267,970
Benefits In Addition To Wages	-

Type of Contract	Full-Time	Part-Time	Total Fte
Unlimited Duration	173	21	189
Contracts
Limited Duration Contracts	1	-	1
Contracts For Specific Work	-	-	-
Contracts Regarding Substitution	-	-	-

Gender and Education Level

Men	Full-Time	Part-Time	Total Fte
Primary education	20	3	22
Secondairy education	129	12	138
Higher education (non	9	-	9
university)
Higher education	3	-	3
(university)

Women	Full-Time	Part-Time	Total Fte
Primary education	-	-	-
Secondairy education	5	1	6
Higher education (non	8	5	11
university)
Higher education	-	-	-
(university)

Working Category	Full-Time	Part-Time	Total Fte
Management	2	-	2
White collar worker	37	7	42
Blue collar worker	135	14	146
Other	-	-	-
Temporary personnel		Total
Average number of temporary staff		2
Actual working hours		4,409
Cost of temporary staff		128,795

New staff and leavers	Full-Time	Part-Time	Total Fte
New Starters	1	-	1
Leavers	13	6	18

Total of formal continuing vocational training initiatives
for workers paid by the employer	Male	Female
Number of employees	7	1
Number of training hours	455	97
Net costs for enterprise	10,669	1,994
Total of less formal and informal continuing vocational
training initiatives for workers paid by the employer	Male	Female
Number of employees	121	7
Number of training hours	6,161	66
Net costs for enterprise	264,124	2,829
Total of initial training initiatives at the expense of the
employer	Male	Female
Number of employees	-	-
Number of training hours	-	-
Net costs for enterprise	-	-

Industry comparison
Activity code	17290
Activity description	Manufacture of other articles of paper and paperboard

Payment Information Summary

Total number of Invoices available	112
Total number of Invoices paid within or up to 30 days after the due date	90
Total number of Invoices paid more than 30 days after the due date	14
Total number of Invoices currently outstanding where the due date has not yet been reached	7
Total number of Invoices currently outstanding beyond the due date	1

Suspension of payments / moratorium history
Amount	-
Details	-
Payment expectations
Payment expectation days	34.73
Day sales outstanding	23.07
Industry comparison
Activity code	17290
Activity description	Manufacture of other articles of paper and paperboard
Industry average payment	69.27
expectation days
Industry average day sales	143.98
outstanding

Industry quartile analysis
Payment expectations
Company result	34.73
Lower	77.71
Median	54.17
Upper	43.32

Day sales outstanding

Company result	23.07
Lower	114.97
Median	71.71
Upper	58.19

Group Structure
No group structure for this company.

Minority Shareholders
Business	Company name	%	Date of
number			accounts
-	SHINKO KIGYO CORPORATION	0.01	-

Minority Interests

No minority interests found

Companies that match this address

no Companies Match this address

Summary

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

There is no data for this company

There is no data for this company

There is no data for this company

Current director details

Position	Permanent representative legal entity
Start Date	31/01/2013
Street
Post code
Country

Name	KUNIHIRO MURATA
Name	HIROYOSHI SATO
Position	Permanent representative legal entity
Start Date	30/05/2008
Street	TOKYO
Post code	157-0066
Country	Japan

Former director details
Name	CHIKARA SUZUKI
Position	Permanent representative legal entity
Start Date	30/05/2008
End Date	04/01/2012
Street
Post code
Country

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.66.81
UK Pound	1	Rs.100.37
Euro	1	Rs.70.68
EUR	1	Rs.70.41

Note : Above are approximate rates obtained from sources believed to be correct

INFORMATION DETAILS

Analysis Done by :	DIV

Report Prepared by :	TRU

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.

Registered contractor	-
number
Contractor description	-
Date struck off register
Personnel (NSSO classification)
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	04/01/2012
Event Description	re-appointment of director(s)
Event Details	Commentaar 04-01-2012: Herbenoemd als bestuurder voor een periode van 6 jaar : Chiyoda Gravure Corporation.

Summary

Group - Number of Companies

Linkages - Number of Companies

Number of Countries