MIRA INFORM REPORT

Report No. :	310057
Report Date :	11.03.2015

IDENTIFICATION DETAILS

Name :	CAPSUGEL BELGIUM NV

Registered Office :	Rijksweg 11, 2880 Bornem

Country :	Belgium

Financials (as on) :	31.12.2013

Date of Incorporation :	01.10.1961

Com. Reg. No.:	400767772

Legal Form :	Public Limited Liability Company

Line of Business :	Manufacture of Other Organic Basic Chemicals

No. of Employees :	440

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 – December 31, 2014

Country Name

Previous Rating

(30.09.2014)

Current Rating

(31.12.2014)

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 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 400767772

Branche Unit Number 2006675028

Company name CAPSUGEL BELGIUM NV

Address RIJKSWEG 11

2880 BORNEM

Number of staff 440

Date of establishment 01/10/1961

Telephone number 038900511

Fax number 038892622

Commentary

The business was established over 53 years ago.

The business has 200 employees.

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

The credit rating for this business has decreased from 99 to 97.

The credit limit for this business has decreased from €9500000 to €9300000.

Operating Result in the latest trading period increased 52% on the previous trading period.

Net Worth decreased by 41% during the latest trading period.

Pre-tax profits increased by 6688% compared to the previous trading period.

The business saw a decrease 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	398,920,583	60,432,395	29,284,742	56,268,665
31/12/2012	419,514,323	890,236	50,261,103	10,992,237
30/11/2011	234,304,215	14,737,850	53,189,142	44,150,297

ACCOUNTS
DATE OF LATEST ACCOUNTS	BALANCE TOTAL	NUMBER OF EMPLOYEES	CAPITAL	CASHFLOW
31/12/2013	955,404,404	440	236,921,555	3,719,100
31/12/2012	1,097,425,184	435	233,272,452	21,599,913
30/11/2011	1,078,938,420	446	233,272,452	13,810,965

Payment expectations

Past payments		Payment expectation days	58.13
Industry average payment expectation days	655.82	Industry average day sales outstanding	84.25
Day sales outstanding	78.37

COURT DATA SUMMARY
BANKRUPTCY DETAILS
Court action type	no

Joint Industrial Committee (JIC)

Significant Events

Event Date 20/08/2014

Event Description

Event Details Neerlegging van de schriftelijke besluitvorming van de aandeelhouders dd. 20.08.2014 houdende de wijziging van controle.

Company accounts

Assets
Annual accounts	31-12-2013	%	31-12-2012	%	30-11-2011	%	30-11-2010	%	30-11-2009
Weeks	52		57		52		52		52
Currency	EUR		EUR		EUR		EUR		EUR
Total fixed assets	820,278,082	-7.48	886,559,622	-3.96	923,160,754	2024	43,453,168	-7.58	47,017,524
Intangible fixed assets	241,463,031	2.38	235,860,839	-0.73	237,604,895	8927	2,632,015	627	362,032
Tangible fixed assets	35,377,680	-8.02	38,464,084	-1.10	38,892,904	-4.55	40,747,203	-12.44	46,538,204
Land & building	10,230,262	-9.00	11,241,599	-4.00	11,710,167	-0.60	11,781,209	29.54	9,094,687
Plant & machinery	23,054,583	-6.21	24,582,185	-0.26	24,646,633	-2.22	25,206,226	-4.71	26,451,829
Furniture & Vehicles	928,640	-23.28	1,210,488	8.05	1,120,329	17.45	953,870	-11.63	1,079,373
Leasing & Other	-	-	40,384	-48.78	78,845	-31.72	115,474	-23.20	150,359
Similar Rights
Other tangible assets	1,164,195	-16.21	1,389,428	3.93	1,336,930	-50.31	2,690,424	-72.44	9,761,956
Financial fixed assets	543,437,371	-11.24	612,234,699	-5.32	646,662,955	874359	73,950	-36.95	117,288
Total current assets	135,126,322	-35.92	210,865,562	35.36	155,777,666	42.41	109,388,206	38.69	78,870,859
Inventories	19,492,474	-5.86	20,705,409	-10.81	23,214,510	16.34	19,953,327	-15.47	23,604,094
Raw materials & consumables	5,007,435	-37.23	7,977,641	-2.02	8,142,244	29.35	6,294,921	3.52	6,081,066
Work in progress	742,985	69.93	437,234	-27.13	600,046	56.53	383,354	-69.42	1,253,769
Finished goods	13,742,054	11.81	12,290,534	-15.07	14,472,220	9.02	13,275,052	-18.40	16,269,259
Other stocks	0	-	0	-	0	-	0	-	0
Trade debtors	85,657,579	-44.87	155,381,727	63.53	95,015,167	165	35,821,894	-7.51	38,729,437
Other amounts receivable	15,660,974	0.32	15,610,485	-6.42	16,681,966	54.46	10,800,249	63.25	6,615,661
Cash	12,828,972	-30.43	18,439,319	16.46	15,833,644	966	1,484,978	195	502,477
Miscellaneous current	1,486,323	103	728,622	-85.52	5,032,379	-87.82	41,327,758	338	9,419,190
Total Assets	955,404,404	-12.94	1,097,425,184	1.71	1,078,938,420	605	152,841,374	21.41	125,888,383

Liabilities

Total shareholders equity	270,747,773	-5.37	286,121,942	-1.61	290,794,037	143	119,627,338	28.22	93,296,086
Issued share capital	236,921,555	1.56	233,272,452	0	233,272,452	3108	7,271,206	0	7,271,206
Share premium account	-	-	-	-	-	-	-	-	-
Revaluation reserve	-	-	-	-	-	-	-	-	-
Revaluation reserve	-	-	-	-	-	-	-	-	-
Reserves	33,826,218	-36.00	52,849,490	-8.12	57,521,585	-48.80	112,356,132	30.61	86,024,880
Provisions for Liabilities & Charges	1,911,708	-20.10	2,392,760	5.95	2,258,442	-65.34	6,515,496	6.69	6,106,882
Deffered taxes	-	-	-	-	-	-	-	-	-
Creditors	682,744,923	-15.60	808,910,482	2.93	785,885,941	2843	26,698,540	0.80	26,485,415
Other long term loans	603,887,266	-0.85	609,037,157	-9.67	674,258,572	855069	78,845	-31.66	115,370
Long term group loans	-	-	-	-	-	-	-	-	-
Other long term	0	-	0	-	0	-	0	-	0
liabilities
Total long term debts	605,798,974	-0.92	611,429,917	-9.62	676,517,014	10159	6,594,341	5.98	6,222,252
Current portion of long	-	-	29,778	2.62	29,019	-20.78	36,629	5.00	34,885
term debt
Financial debts	-	-	-	-	-	-	-	-	-
Trade creditors	49,680,996	-69.97	165,446,967	106	80,050,434	536	12,572,162	19.82	10,492,109
Amounts Payable for Taxes, Remuneration & Social Security	7,530,886	20.25	6,262,849	-24.75	8,322,787	-4.98	8,759,238	-7.25	9,443,715

Miscellaneous current	21,645,775	-23.06	28,133,731	21.13	23,225,129	342	5,251,666	-17.93	6,399,336
liabilities
Total current liabilities	78,857,657	-60.55	199,873,325	79.05	111,627,369	319	26,619,695	0.95	26,370,045
Total Liabilities	955,404,404	-12.94	1,097,425,184	1.71	1,078,938,420	605	152,841,374	21.41	125,888,383

Ratio Analysis
TRADING PERFORMANCE
Profit Before Tax	15.15	7114	0.21	-96.66	6.29	-73.49			23.73	5.56	22.48
Return on capital employed	6.89	6790	0.10	-93.42	1.52	-95.00			30.40	-11.16	34.22
Return on total assets employed	6.33	7812	0.08	-94.16	1.37	-94.54			25.11	-7.17	27.05
Return on net assets employed	22.32	7100	0.31	-93.89	5.07		-84.20	32.08		-12.11	36.50
Sales / net working capital	7.09	-81.42	38.16	618	5.31		172	1.95		-32.53	2.89
Stock turnover ratio	4.89	-1.01	4.94	-50.15	9.91		-19.69	12.34		-20.80	15.58
Creditor days	58.13	-65.12	166.67	7.21	155.46		319	37.03		14.15	32.44
Debtor days	78.37	-42.03	135.19	-8.66	148.01		83.04	80.86		-13.33	93.30
Short Term Stability
Current ratio	1.71	62.86	1.05	-25.00	1.40	-65.94			4.11	37.46	2.99
Liquidity ratio / acid ratio	1.47	54.74	0.95	-20.17	1.19	-64.58			3.36	60.0	2.10
Current debt ratio	0.29	-58.57	0.70	84.21	0.38	72.73			0.22	-21.43	0.28
Liquidity ratio reprocessed	-	-	-	-	-	-			-	-	-
Cashflow	3,719,100	-82.78	21,599,913	56.40	13,810,965	-59.27			33,910,788	6.76	31,764,208
Net worth	29,284,742	-41.73	50,261,103	-5.50	53,189,142	-54.54			116,995,323	25.89	92,934,054
LONG TERM STABILITY
Gearing	223.04	4.78	212.87	-8.20	231.88	231780			0.10	-37.50	0.16
Equity in percentage	37.92	14.18	33.21	-3.91	34.56	-56.60			79.64	7.16	74.32
Total debt ratio	2.53	-10.92	2.84	4.80	2.71	867			0.28	-20.0	0.35
Working capital	56,268,665	411	10,992,237	-75.10	44,150,297	-46.66			82,768,511	57.65	52,500,814

Profit & Loss
Operating Income	441,051,520	-3.45	456,802,465	81.73	251,358,094	48.57	169,182,446	2.68	164,761,045
Turnover	398,920,583	-4.91	419,514,323	79.05	234,304,215	44.91	161,690,916	6.71	151,520,718
Total operating expenses	311,948,526	-13.90	362,318,279	92.77	187,949,544	51.67	123,919,433	4.96	118,064,894
Gross Operating Margin	-	-	-	-	-	-	-	-	-
Operating Charges	354,079,463	-11.39	399,606,421	94.93	205,003,423	56.00	131,410,963	0.08	131,305,221
Employee costs	46,188,624	-10.74	51,743,925	13.18	45,716,326	4.85	43,601,864	-0.47	43,805,803
Wages and salary	32,235,824	-13.75	37,373,935	16.98	31,950,350	1.55	31,461,840	-0.17	31,516,187
Employee pension costs	294,044	4.51	281,364	133	120,754	-72.14	433,361	-4.11	451,937
Social security	10,191,521	-7.99	11,076,488	14.97	9,634,382	4.67	9,204,476	3.84	8,864,520
contributions
Other employee costs	3,467,235	15.11	3,012,138	-24.90	4,010,840	60.29	2,502,187	-15.84	2,973,159
Director remuneration	-	-	-	-	-	-	-	-	-
Amortization and depreciation	22,742,371	9.49	20,772,008	95.12	10,645,512	40.45	7,579,536	7.36	7,060,020
Operating result	86,972,057	52.06	57,196,044	23.39	46,354,671	22.72	37,771,483	12.90	33,455,824
Total financial income	29,476,213	35.09	21,819,998	313	5,275,528	372	1,116,782	-28.80	1,568,432
Total financial expenses	56,015,875	-28.30	78,125,806	111	36,892,349	7106	511,904	-47.05	966,802
Results on ordinary operations before taxation	60,432,395	6688	890,236	-93.96	14,737,850	-61.60	38,376,361	12.68	34,057,454
Extraordinary Income	71,825	-	-	-	-	-	-	-	-
Extraordinary Charges	75,989,269	-	-	-	10,622,048	-	-	-	-
Extraordinary items	-75,917,444	-	0	0	-10,622,048	-	0	-	0
Results for the Year Before	-15,485,049	-1839	890,236	-78.37	4,115,802	-89.28	38,376,361	12.68	34,057,454
Taxation	3,538,222	5576	62,331	-93.44	950,349	-92.11	12,045,109	28.78	9,353,266
Results on ordinary operations after taxation	56,894,173	6772	827,905	-94.00	13,787,501	-47.64	26,331,252	6.59	24,704,188
Net result	-19,023,271	-2397	827,905	-73.85	3,165,453	-87.98	26,331,252	6.59	24,704,188
Profit (Loss) for the Year to be appropriated	-19,023,271	-2397	827,905	-73.85	3,165,453	-87.98	26,331,252	6.59	24,704,188
Dividends	-	-	5,500,000	-90.52	58,000,000	-	-	-	115,000,000

Social balance sheet details

Social Balance Sheet	Total
During the reporting year ended 31-12-2013
Full-time Employees	367
Part-time Employees	99
Total Fte Employees	440
Number of hours worked
Full-time Employees	553,238
Part-time Employees	108,034
Total	661,272
Personnel Charges
Full-time Employees	39,316,119
Part-time Employees	6,578,461
Total	45,894,580
Benefits In Addition To Wages	651,128
During the previous reporting year
Average number employees in Fte	443
Actual working hours	719,849
Personnel Charges	51,462,561
Benefits In Addition To Wages	685,532

Type of Contract	Full-Time	Part-Time	Total Fte
Unlimited Duration Contracts	360	99	434
Limited Duration Contracts	7	-	7

Men	Full-Time	Part-Time	Total Fte
Primary education	1	-	1
Secondairy education	232	58	275
Higher education (non university)	33	10	41

Higher education (university)	44	1	45

Women	Full-Time	Part-Time	Total Fte
Primary education	1	4	4
Secondairy education	17	14	27
Higher education (non university)	22	11	30
Higher education (university)	17	1	18

Working Category	Full-Time	Part-Time	Total Fte
Management	33	-	33
White collar worker	110	31	133
Blue collar worker	224	68	274
Other	-	-	-

Temporary personnel		Total
Average number of temporary staff		35
Actual working hours		66,502
Cost of temporary staff		2,561,277

New staff and leavers	Full-Time	Part-Time	Total Fte
New Starters	21	-	21
Leavers	13	4	16

Total of formal continuing vocational training initiatives for workers paid by the employer	Male	Female
Number of employees	380	88
Number of training hours	5,343	1,261
Net costs for enterprise	540,933	120,922

Total of less formal and informal continuing vocational training initiatives for workers paid by the employer	Male	Female
Number of employees	368	83
Number of training hours	6,196	593
Net costs for enterprise	218,382	19,407

Total of initial training initiatives at the expense of the employer	Male	Female
Number of employees	1	-
Number of training hours	331	-
Net costs for enterprise	10,322	-

Industry comparison

Activity code

20140

Activity description

Manufacture of other organic basic chemicals

Payment Information

Payment Information Summary

Total number of Invoices available 158

Total number of Invoices paid within or up to 30 days after the due date 80

Total number of Invoices paid more than 30 days after the due date 7

Total number of Invoices currently outstanding where the due date has not yet been reached 71

Total number of Invoices currently outstanding beyond the due date 0

Payment expectations
Payment expectation days	58.13
Day sales outstanding	78.37

Industry comparison
Activity code	20140
Activity description	Manufacture of other organic basic chemicals
Industry average payment expectation days	655.82
Industry average day sales outstanding	84.25

Industry Quartile analysis

Payment Expectations

Company result	58.13
Lower	78.37
Median	55.24
Upper	37

Day sales outstanding

Company result	78.37
Lower	68.22
Median	50.09
Upper	28.94

Group Structure

No group structure for this company.

Minority Shareholders

BUSINESS NUMBER	COMPANY NAME	%	DATE OF ACCOUNTS
-	CAPSUGEL FINANCECO S.A.	0.1	-

Minority Interests

No minority interests found

Companies that match this address

BUSINESS NUMBER

COMPANY NAME

DATE OF ACCOUNTS

400799248

CAPSUGEL NV IN VEREFFENING

454658202

WARNER LAMBERT=PARKE DAVIS CO . BTW

Linked Companies

NAME	NUMBER	LATEST KEY FINANCIALS	TURNOVER
PFIZER PHARMACEUTICALS	51581175	30.11.2011	-
GLOBAL COÖPERATIEF U.A.
PFIZER INTERNATIONAL	B79433	30.11.2013	-
LUXEMBOURG SÀRL
CSL	-	30.06.2014	€3.702.408.217
PFIZER LUXEMBOURG S.À R.L.	B84125	30.11.2013	€22.807.941
PFIZER SHAREHOLDINGS	B93997	30.11.2013	-
PFIZER FINANCE GMBH & CO. KG	HRA 1512	30.11.2013	-
	HU
PFIZER ITALY GROUP HOLDING	12425871006	-	-
S.R.L.
PFIZER ITALIA S.R.L.	06954380157	30.11.2012	€1.716.781.257
PFIZER EUROPE HOLDINGS SÀRL	B135006	30.11.2011	€2.166.187.347
PFIZER AS	915213596	30.11.2013	1.071.514
			KNOK
PFIZER HEALTH AB	5561319608	30.11.2013	4.628.000
			KSEK
PFIZER HOLDING FRANCE	612009936	30.11.2013	€107.003.730
PHARMACIA & UPJOHN S.P.A.IN	07089990159	30.11.2012	€122.777
LIQUIDAZIONE
PFIZER CONTINENTAL HOLDINGS	B135007	30.11.2013	-
SÀRL
PFIZER S.R.L.	02774840595	-	-
PHARMACIA INTERNATIONAL B.V.	30122862	30.11.2009	-
PFIZER HOLDING ITALY S.R.L.	09810140153	30.11.2011	€102.450
AMERICAN HOME PRODUCTS	02043321	30.11.2011	-
PFIZER PHARMA GMB	HRB 114620	30.11.2013	€1.495.159.644
PFIZER CONSUMER MANUFACTURING ITALY S.R.L.	02774830596	-	-

SUMMONS

Legal event type	Social Security Summons
Event date	21/02/2007
Court type	Court name	Mechelen
Creditor's name	3rd party type

Legal event type	Social Security Summons
Event date	15/11/2006
Court type	Court name	Mechelen
Creditor's name	3rd party type

Legal event type	Social Security Summons
Event date	20/09/2006
Court type	Court name	Mechelen
Creditor's name	3rd party type

Legal event type	Social Security Summons
Event date	10/05/2006
Court type	Court name	Mechelen
Creditor's name	3rd party type

Legal event type	Social Security Summons
Event date	10/09/2003
Court type	Court name	Mechelen
Creditor's name	3rd party type

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	JOSHUA WEISENBECK
Position	Director
Start Date	27/10/2011
Date of birth	17/02/1982
Street
Post code
Country	United States

Name	GUIDO DRIESEN
Position	Director
Start Date	27/10/2011
Street
Post code
Country	United States

Name	KEITH HUTCHISON
Position	Managing Director
Start Date	21/06/2012

Position	Director
Start Date	21/05/2012
Street
Post code
Country

Name	OLIVIER VAN HOOREBEKE
Position	Managing Director
Start Date	21/05/2012

FORMER DIRECTOR DETAILS

Name	ALAIN FERNAND JOSÉ DE MOL
Position	Principal Manager
Start Date	15/07/2011
End Date	Unknown date
Date of birth	21/06/1972
Street	362 HUBERT FRÈRE-ORBANLAAN GENT
Post code	9000
Country	Belgium

Name	ANJA ANTHONIS
Position	Principal Manager
Start Date	24/09/2008
End Date	Unknown date
Street	98 VERBONDSTRAAT ANTWERPEN
Post code	2000
Country	Belgium

Name	OLIVIER VAN HOOREBEKE
Position	Principal Manager
Start Date	03/08/2011
End Date	27/10/2011
Street
Post code
Country

Position	Director
Start Date	21/05/2012
End Date	Unknown date
Street
Post code
Country

Name	CARL MOURISSE
Position	Managing Director
Start Date	14/12/2011
End Date	Unknown date

Position	Director
Start Date	27/10/2011
End Date	Unknown date

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.62.70
UK Pound	1	Rs.94.55
Euro	1	Rs.67.65

INFORMATION DETAILS

Analysis Done by :	RAS

Report Prepared by :	TPT

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.

MIRA INFORM REPORT

Company summary

Commentary

Payment expectations

Company information

Joint Industrial Committee (JIC)

Company accounts

Social balance sheet details

Industry comparison

Payment Information

Payment expectations

Industry comparison

Industry Quartile analysis

Day sales outstanding

SUMMONS

Director Details

Unit