MIRA INFORM REPORT

Report No. :	354899
Report Date :	21.12.2015

IDENTIFICATION DETAILS

Name :	AXALTA COATING SYSTEMS BELGIUM BVBA

Registered Office :	Antoon Spinoystraat 6 B 2800 Mechelen

Country :	Belgium

Financials (as on) :	31.12.2014

Date of Incorporation :	29.02.2012

Com. Reg. No.:	844220989

Legal Form :	Private limited liability

Line of Business :	Manufacture of paints, varnishes and similar

No. of Employee :	526

RATING & COMMENTS

MIRA’s Rating :

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, 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

Company summary

Business number	844220989
Branche Unit Number	2207659820
Company name	AXALTA COATING SYSTEMS BELGIUM BVBA
Address	ANTOON SPINOYSTRAAT 6 B
	2800 MECHELEN
Number of staff	526
Date of establishment	29/02/2012
Telephone number	015421413
Fax number	-

Ultimate holding company

Company name	Company Number
DPNL B.V.	20000477

Commentary

The business was established over 3 years ago.

The business has 526 employees.

The business is part of a group.

This business has a foreign parent business.

The business has been at the address for over 3 years.

A 25% growth in Total Assets occurred during the latest trading period.

Pre-tax profits decreased by 49% compared to the previous trading period.

The business saw a decrease in their Cash Balance of 99% during the latest trading period.

Accounts

DATE OF LATEST ACCOUNTS	TURNOVER	PROFIT BEFORE TAX	NET WORTH	WORKING CAPITAL
31/12/2014	282,810,303	10,402,252	130,850,668	40,660,396
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	CASHFLOW
31/12/2014	441,799,043	526	71,589,283	18,142,904
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

Trends

Profitability

Liquidity

Net worth

Payment expectations

Past payments		Payment expectation days	34.12
Industry average payment	52.51	Industry average day sales	82.57
expectation days		outstanding
Day sales outstanding	98.54

Court data summary

BANKRUPTCY DETAILS

Court action type

PROTESTED BILLS

Bill amount

NSSO DETAILS

Date of summons

Company accounts

Assets
Annual accounts	31-12-2014	%	31-12-2013	%	31-12-2012
Weeks	52		52		44
Currency	EUR		EUR		EUR
Total fixed assets	324,474,949	33.07	243,838,453	855	25,510,093
Intangible fixed assets	300,429	-17.19	362,794	-76.66	1,554,462
Tangible fixed assets	22,056,990	0.35	21,980,886	-8.24	23,955,631
Land & building	5,305,087	-7.27	5,720,962	-1.82	5,826,827
Plant & machinery	12,058,896	-9.00	13,251,469	-16.35	15,840,922
Furniture & Vehicles	6,414	-33.88	9,700	-41.91	16,698
Leasing & Other Similar Rights	0	-	0	-	0
Other tangible assets	4,686,593	56.28	2,998,755	32.03	2,271,184
Financial fixed assets	302,117,530	36.40	221,494,773	-	0
Total current assets	117,324,094	7.90	108,730,956	-1.87	110,807,176
Inventories	23,368,583	14.81	20,353,275	-9.52	22,494,549
Raw materials & consumables	5,366,020	0.30	5,350,221	4.52	5,118,750
Work in progress	4,831,419	0.42	4,811,253	-18.63	5,913,058
Finished goods	13,171,144	29.23	10,191,802	-11.09	11,462,741
Other stocks	0	-	0	-	0
Trade debtors	76,351,771	71.20	44,598,925	-14.69	52,279,961
Other amounts receivable	12,584,202	440	2,328,907	35.41	1,719,863
Cash	235,746	-99	41,141,109	21.89	33,753,860
Miscellaneous current assets	262,549	-14.96	308,740	-44.76	558,942
Total Assets	441,799,043	25.31	352,569,409	158	136,317,269
Liabilities
Total shareholders equity	131,151,097	11.56	117,564,487	35.59	86,708,796
Issued share capital	71,589,283	0.00	71,589,283	312	17,345,900
Share premium account	0	-	0	-	0
Revaluation reserve	0	-	0	-	0
Reserves	59,561,814	29.55	45,975,205	-33.72	69,362,896
Provisions for Liabilities & Charges	4,293,100	-59.39	10,571,248	2851	358,174
Deffered taxes	0	-	0	-	0
Creditors	306,354,846	36.50	224,433,674	355	49,250,299
Other long term loans	229,691,148	41.15	162,730,148	-	0
Long term group loans	-	-	-	-	-
Other long term liabilities	0	-	0	-	0
Total long term debts	233,984,248	35.02	173,301,395	48284	358,174
Current portion of long term debt	0	-	0	-	0
Financial debts	1,930,781	-	0	-	0
Trade creditors	23,994,815	4.24	23,019,170	3.77	22,181,939
Amounts Payable for Taxes, Remuneration & Social Security	12,026,136	29.41	9,293,084	-34.70	14,231,627
Miscellaneous current liabilities	38,711,966	31.71	29,391,272	128	12,836,733
Total current liabilities	76,663,698	24.25	61,703,526	25.29	49,250,299
Total Liabilities	441,799,043	25.31	352,569,409	158	136,317,269

Ratio analysis
TRADING PERFORMANCE
Profit Before Tax	3.68	-50.0	7.36	-34.87	11.30
Return on capital employed	2.85	-59.92	7.11	-74.27	27.63
Return on total assets employed	2.35	-59.97	5.87	-66.74	17.65
Return on net assets employed	7.93	-54.92	17.59	-36.61	27.75
Sales / net working capital	6.96	16.58	5.97	72.54	3.46
Stock turnover ratio	8.26	13.93	7.25	-31.34	10.56
Creditor days	34.12	1.10	33.75	-21.33	42.90
Debtor days	98.54	70.04	57.95	-35.34	89.62
SHORT TERM STABILITY
Current ratio	1.53	-13.07	1.76	-21.78	2.25
Liquidity ratio / acid ratio	1.23	-13.99	1.43	-20.11	1.79
Current debt ratio	0.58	11.54	0.52	-8.77	0.57
Liquidity ratio reprocessed	-	-	-	-	-
Cashflow	18,142,904	2.31	17,734,121	-41.23	30,176,235
Net worth	130,850,668	11.65	117,201,693	37.63	85,154,334
LONG TERM STABILITY
Gearing	176.61	27.59	138.42	-	-
Equity in percentage	29.71	-10.99	33.38	-48.12	64.34
Total debt ratio	2.37	18.50	2.00	250	0.57
Working capital	40,660,396	-13.54	47,027,430	-23.60	61,556,877

Profit & loss
Operating Income	288,338,616	0.84	285,944,111	22.19	234,016,259
Turnover	282,810,303	0.68	280,898,146	31.93	212,921,449
Total operating expenses	256,654,939	3.08	248,983,498	31.93	188,722,983
Gross Operating Margin	-	-	-	-	-
Operating Charges	262,183,252	3.21	254,029,463	21.07	209,817,793
Employee costs	52,715,981	8.41	48,624,527	10.44	44,028,383
Wages and salary	36,347,896	9.89	33,076,878	30.23	25,399,486
Employee pension costs	-	-	-	-	-
Social security contributions	10,848,886	7.42	10,099,786	-8.89	11,085,724
Other employee costs	5,519,199	1.31	5,447,863	-27.78	7,543,173
Director remuneration	-	-	-	-	-
Amortization and depreciation	4,546,991	-27.21	6,246,641	2.11	6,117,364
Operating result	26,155,364	-18.05	31,914,648	31.89	24,198,466
Total financial income	1,535,536	162	584,150	-74.95	2,331,759
Total financial expenses	17,288,648	46.28	11,819,239	378	2,471,354
Results on ordinary operations before taxation	10,402,252	-49.70	20,679,558	-14.05	24,058,871
Extraordinary Income	3,880,929	-	-	-	-
Extraordinary Charges	-1,649,499	-117	9,171,441	-	-
Extraordinary items	5,530,428	60.30	-9,171,441	-	0
Results for the Year Before Taxation	15,932,680	38.45	11,508,117	-52.17	24,058,871
Other appropriations	-	-	-	-	-
Taxation	2,336,767	11223	20,637	-	-
Results on ordinary operations after taxation	8,065,485	-60.96	20,658,922	-14.13	24,058,871
Net result	13,595,913	18.35	11,487,480	-52.25	24,058,871
Profit (Loss) for the Year to be appropiated	13,595,913	18.35	11,487,480	-52.25	24,058,871
Dividends	-	-	35,000,001	-	-

Social Balance Sheet Details

Social Balance Sheet Details
Social Balance Sheet		Total
During the reporting year
ended 31-12-2014
Full-time Employees		508
Part-time Employees		43
Total Fte Employees		541
Number of hours worked
Full-time Employees		772,301
Part-time Employees		53,319
Total		825,620
Personnel Charges
Full-time Employees		49,711,578
Part-time Employees		3,004,403
Total		52,715,981
Benefits In Addition To Wages		-
During the previous reporting year
Average number employees in Fte		555
Actual working hours		843,474
Personnel Charges		48,624,527
Benefits In Addition To Wages		-

Type of Contract	Full-Time	Part-Time	Total Fte
Unlimited Duration	486	44	520
Contracts
Limited Duration Contracts	6	-	6
Contracts For Specific Work	-	-	-
Contracts Regarding Substitution	-	-	-

Gender and Education Level

Men	Full-Time	Part-Time	Total Fte
Primary education	19	-	19
Secondairy education	213	-	213
Higher education (non	87	2	89
university)
Higher education	50	1	51
(university)

Women	Full-Time	Part-Time	Total Fte
Primary education	1	-	1
Secondairy education	20	3	22
Higher education (non	62	34	89
university)
Higher education	40	4	43
(university)

Working Category	Full-Time	Part-Time	Total Fte
Management	20	-	20
White collar worker	355	44	389
Blue collar worker	117	-	117
Other	-	-	-

Temporary personnel	Total
Average number of temporary staff	12
Actual working hours	25,383
Cost of temporary staff	862,490

New staff and leavers	Full-Time	Part-Time	Total Fte
New Starters	9	-	9
Leavers	30	-	30

Total of formal continuing vocational training initiatives
for workers paid by the employer	Male	Female
Number of employees	342	136
Number of training hours	2,948	1,152
Net costs for enterprise	212,029	106,014
Total of less formal and informal continuing vocational
training initiatives for workers paid by the employer	Male	Female
Number of employees	367	183
Number of training hours	5,351	2,586
Net costs for enterprise	159,022	79,511
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	20300
Activity description	Manufacture of paints, varnishes and similar coatings, printing ink and mastics

Payment Information

Payment Information Summary
Total number of Invoices available	334
Total number of Invoices paid within or up to 30 days after the due date	273
Total number of Invoices paid more than 30 days after the due date	52
Total number of Invoices currently outstanding where the due date has not yet been reached	3
Total number of Invoices currently outstanding beyond the due date	6

Suspension of payments / moratorium history
Amount	-
Details	-
Payment expectations
Payment expectation days	34.12
Day sales outstanding	98.54
Industry comparison
Activity code	20300
Activity description	Manufacture of paints, varnishes and similar coatings, printing ink and mastics
Industry average payment expectation days	52.51
Industry average day sales outstanding	82.57

Industry quartile analysis Payment expectations

Company result	34.12
Lower	58.37
Median	45.67
Upper	21.87

Day sales outstanding
Company result	98.54
Lower	94.24
Median	58.75
Upper	46.06

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.66.42
UK Pound	1	Rs.99.17
Euro	1	Rs.72.14
Eur	1	Rs.72.11

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

INFORMATION DETAILS

Analysis Done by :	KIN

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	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	27/02/2015
Event Description	new co-ordinated text of the statutes filed
Event Details	Commentaar 27-02-2015: Statutenwijziging. Toevoeging van een clausule betreffende een audit comité.