MIRA INFORM REPORT

Report No. :	348026
Report Date :	01.11.2015

IDENTIFICATION DETAILS

Name :	AGFA GRAPHICS NV

Registered Office :	Septestraat 27 2640 Mortsel

Country :	Belgium

Financials (as on) :	31.12.2014

Date of Incorporation :	22.11.1995

Com. Reg. No.:	456366588

Legal Form :	Public limited company

Line of Business :	Manufacture of other chemical products

No. of Employee :	501

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 456366588

Branche Unit Number 2175469280

Company name AGFA GRAPHICS NV

Address SEPTESTRAAT 27

2640 MORTSEL

Number of staff 501

Date of establishment 22/11/1995

Telephone number 034442111

Fax number 034447094

Commentary

The business was established over 19 years ago.

The business has 501 employees.

The business is part of a group.

The business has been at the address for over 11 years.

Pre-tax profits increased by 93% compared to the previous trading period.

Accounts

DATE OF LATEST ACCOUNTS	TURNOVER	PROFIT BEFORE TAX	NET WORTH	WORKING CAPITAL
31/12/2014	847,758,383	5,044,753	917,373,857	696,928,137
31/12/2013	924,265,415	2,600,465	842,448,886	619,387,529
31/12/2012	1,047,052,064	-33,626,796	806,260,496	541,793,696
ACCOUNTS
DATE OF LATEST ACCOUNTS	BALANCE TOTAL	NUMBER OF EMPLOYEES	CAPITAL	CASHFLOW
31/12/2014	1,451,391,924	501	1,268,268,344	90,832,673
31/12/2013	1,431,792,280	514	1,239,004,798	78,262,219
31/12/2012	1,458,369,175	541	1,230,327,797	-19,545,950

Payment expectations

Past payments		Payment expectation days	52.46
Industry average payment	98.26	Industry average day sales	129.69
expectation days		outstanding
Day sales outstanding	47.72

Court data summary

BANKRUPTCY DETAILS

Court action type No

PROTESTED BILLS

Bill amount --

NSSO DETAILS

Date of summons –

Contractor details

Registered contractor	-
number
Contractor description	-
Date struck off register
PERSONNEL (NSSO CLASSIFICATION)
Code	-
Description	-
JOINT INDUSTRIAL COMMITTEE (JIC)
JIC Code	207
Description	Joint committee for the employees off he chemical industry
category
SIGNIFICANT EVENTS
Event Date	25/08/2015
Event Description
Event Details	ad van bestuur van Agfa Graphics NV gehouden op 25/08/2015

Event Date	25/08/2015
Event Description
Event Details	De clausules van de wijziging van controle, opgenoen in de Autonomous First Demand Guarantee met de Europese Investeringsbank en de andere bijkomende documenten en de transacties zoals gedefinieerd in de notulen van de vergadering van de ra

Event Date	28/11/2003
Event Description	Closure of Liquidation
Event Details

Company accounts

ASSETS

Annual accounts	31-12-2014	%	31-12-2013	%	31-12-2012	%	31-12-2011	%	31-12-2010
Weeks	52		52		52		52		52
Currency	EUR		EUR		EUR		EUR		EUR
Total fixed assets	450,572,703	-7.85	488,957,072	-13.81	567,305,399	0.20	566,188,770	-12.22	645,028,194
Intangible fixed	206,993,417	-14.57	242,305,921	-13.16	279,030,631	-3.13	288,042,832	-6.61	308,428,124
assets
Tangible fixed	4,674,457	29.92	3,597,848	-13.40	4,154,488	-18.53	5,099,113	-23.03	6,625,116
assets
Land & building	99,167	0	99,167	0	99,167	-	0	-	0
Plant & machinery	2,048,182	54.75	1,323,575	-22.37	1,705,063	-32.63	2,530,809	22.56	2,065,025
Furniture & Vehicles	582,568	26.01	462,315	-33.93	699,765	-7.21	754,172	-34.21	1,146,416
Leasing & Other Similar Rights	0	-	0	-	0	-	0	-	0
Other tangible assets	1,944,540	13.53	1,712,791	3.77	1,650,492	-9.02	1,814,131	-46.86	3,413,674
Financial fixed assets	238,904,829	-1.71	243,053,303	-14.45	284,120,280	4.06	273,046,825	-17.25	329,974,954
Total current assets	1,000,819,221	6.15	942,835,208	5.81	891,063,777	-28.25	1,241,818,081	7.92	1,150,640,431
Inventories	80,091,933	-5.50	84,749,132	-21.52	107,987,711	3.50	104,333,578	-5.99	110,982,849
Raw materials &	0	-	0	-	0	-	0	-	0
consumables
Work in progress	5,195,608	132	2,236,239	-59.95	5,582,998	-4.78	5,863,091	97.00	2,976,185
Finished goods	74,896,325	-9.23	82,512,893	-19.42	102,404,713	4.00	98,470,487	-8.83	108,006,664
Other stocks	0	-	0	-	0	-	0	-	0
Trade debtors	110,835,096	4.30	106,264,683	-37.97	171,298,433	-19.21	212,033,089	-4.40	221,800,856
Other amounts	787,046,693	7.93	729,231,226	23.91	588,503,389	-35.01	905,582,247	13.23	799,807,256
receivable
Cash	7,071,017	0.63	7,026,525	6.98	6,568,056	67.16	3,929,320	-42.61	6,846,752
Miscellaneous	15,774,483	1.35	15,563,642	-6.84	16,706,144	4.86	15,931,590	42.22	11,202,224
Total Assets	1,451,391,924	1.37	1,431,792,280	-1.82	1,458,369,175	-19.34	1,808,006,851	0.69	1,795,668,625

LIABILITIES

Total shareholders	1,124,367,274	3.65	1,084,754,807	-0.05	1,085,291,127	-3.24	1,121,639,892	-6.48	1,199,366,493
Issued share	1,268,268,344	2.36	1,239,004,798	0.71	1,230,327,797	5.24	1,169,102,930	0	1,169,102,930
Share premium account	0	-	0	-	0	-	0	-	0
Revaluation reserve	0	-	0	-	0	-	0	-	0
Reserves	-143,901,070	93.29	-154,249,991	-6.35	-145,036,670	-205	-47,463,038	-256	30,263,563
Provisions for Liabilities & Charges	23,133,566	-1.93	23,589,794	-0.92	23,807,967	-10.64	26,642,899	85.47	14,365,400
Deffered taxes	0	-	0	-	0	-	0	-	0
Creditors	303,891,084	-6.05	323,447,679	-7.39	349,270,081	-47.06	659,724,060	13.37	581,936,732
Other long term	0	-	0	-	0	-	0	-	0
Other long term	0	-	0	-	0	-	0	-	0
Total long term debts	23,133,566	-1.93	23,589,794	-0.92	23,807,967	-10.64	26,642,899	85.47	14,365,400
Current portion of long term debt	58,488	-44.13	104,683	-75.10	420,483	19.78	351,048	-10.41	391,834
Financial debts	21,183,721	7.04	19,791,292	-2.11	20,218,111	-93.80	326,347,212	3.56	315,141,836
Trade creditors	124,526,867	-12.87	142,922,660	-9.95	158,709,532	-7.69	171,939,106	11.15	154,691,063
Amounts Payable for Taxes, Remuneration & Social Security	26,133,855	-4.45	27,351,381	25.04	21,874,695	19.12	18,363,070	-14.79	21,551,621
Miscellaneous current liabilities	131,988,154	-0.97	133,277,663	-9.98	148,047,260	3.73	142,723,624	58.30	90,160,376
Total current liabilities	303,891,084	-6.05	323,447,679	-7.39	349,270,081	-47.06	659,724,060	13.37	581,936,732
Total Liabilities	1,451,391,924	1.37	1,431,792,280	-1.82	1,458,369,175	-19.34	1,808,006,851	0.69	1,795,668,625

RATIO ANALYSIS

TRADING PERFORMANCE
Profit Before Tax	0.60	114	0.28	8.72	-3.21	-23.46	-2.60	-145	5.67
Return on capital employed	0.44	91.30	0.23	7.59	-3.03	-26.25	-2.40	-144	5.40
Return on total assets	0.35	94.44	0.18	7.79	-2.31	-51.97	-1.52	-141	3.65
employed
Return on net assets	0.45	87.50	0.24	7.74	-3.10	-26.53	-2.45	-144	5.47
employed
Sales / net working capital	1.22	-18.12	1.49	-22.80	1.93	6.04	1.82	-10.34	2.03
Stock turnover ratio	9.45	3.05	9.17	-11.06	10.31	4.67	9.85	2.71	9.59
Creditor days	52.46	-3.74	54.50	3.75	52.53	-8.29	57.28	13.90	50.29
Debtor days	47.72	13.73	41.96	-29.73	59.71	-18.26	73.05	4.39	69.98
SHORT TERM STABILITY
Current ratio	3.29	13.06	2.91	14.12	2.55	35.64	1.88	-5.05	1.98
Liquidity ratio / acid ratio	3.03	14.34	2.65	18.30	2.24	30.23	1.72	-3.91	1.79
Current debt ratio	0.27	-10.0	0.30	-6.25	0.32	-45.76	0.59	20.41	0.49
Liquidity ratio reprocessed	-	-	-	-	-	-	-	-	-
Cashflow	90,832,673	16.06	78,262,219	400	-19,545,950	-874	-2,006,604	-101	179,618,365
Net worth	917,373,857	8.89	842,448,886	4.49	806,260,496	-3.28	833,597,061	-6.44	890,938,369
LONG TERM STABILITY
Gearing	1.89	3.28	1.83	-3.68	1.90	-93.48	29.13	10.72	26.31
Equity in percentage	90.35	-0.93	91.20	-0.90	92.03	24.72	73.79	-8.49	80.64
Total debt ratio	0.29	-9.38	0.32	-5.88	0.34	-44.26	0.61	22.00	0.50
Working capital	696,928,137	12.52	619,387,529	14.32	541,793,696	-6.92	582,094,022	2.35	568,703,699

PROFIT & LOSS

Operating Income	909,168,009	-7.03	977,919,431	-11.99	1,111,105,241	-1.63	1,129,476,889	-6.89	1,213,070,662
Turnover	847,758,383	-8.28	924,265,415	-11.73	1,047,052,064	-1.17	1,059,429,334	-8.42	1,156,800,180
Total operating	866,494,386	-9.48	957,256,519	-13.19	1,102,697,458	0.65	1,095,556,160	-2.41	1,122,623,375
expenses
Gross Operating	-	-	-	-		-	-	-	-
Margin
Operating Charges	927,904,012	-8.21	1,010,910,535	-13.36	1,166,750,636	0.10	1,165,603,715	-1.13	1,178,893,856
Employee costs	112,905,894	7.34	105,185,137	27.96	82,201,430	37.47	59,795,169	8.04	55,345,398
Wages and salary	84,129,394	2.69	81,925,000	33.68	61,284,062	36.86	44,779,012	6.46	42,061,754
Employee pension costs	6,111,554	14.27	5,348,144	-17.60	6,490,371	64.51	3,945,370	46.49	2,693,356
Social security contributions	19,728,208	28.52	15,349,725	19.39	12,856,824	28.30	10,020,868	7.79	9,296,782
Other employee costs	2,936,739	14.61	2,562,270	63.18	1,570,174	49.55	1,049,918	-18.83	1,293,506
Director	-	-	-	-	-	-	-	-	-
remuneration
Amortization and	80,483,753	-1.89	82,036,370	5.14	78,027,682	3.05	75,719,997	-5.56	80,174,626
depreciation
Operating result	-18,736,003	56.79	-32,991,104	59.29	-55,645,395	-54.03	-36,126,826	-205	34,176,805
Total financial income	46,402,685	-32.66	68,912,686	-4.15	71,897,025	-23.47	93,948,552	-44.40	168,978,746
Total financial expenses	22,621,928	-32.11	33,321,117	-33.20	49,878,426	-41.56	85,346,033	-37.98	137,603,423
Results on ordinary operations before taxation	5,044,753	93.99	2,600,465	7.73	-33,626,796	-22.17	-27,524,308	-141	65,552,129
Extraordinary	2,948,304	5200	55,628	-99	11,737,445	2161	519,044	-98.38	32,019,320
Income
Extraordinary	515,510	-92.32	6,714,413	-91.37	77,837,126	44.84	53,739,034	3315	1,573,595
Charges
Extraordinary items	2,432,794	36.54	-6,658,785	10.07	-66,099,682	-24.20	-53,219,989	-274	30,445,725
Results for the Year	7,477,547	184	-4,058,320	4.07	-99,726,478	-23.51	-80,744,297	-184	95,997,854
Before Taxation
Other appropriations	-	-	-	-	-	-	-	-	-
Taxation	-2,871,373	-910	-284,169	13.20	-2,152,846	71.34	-3,017,697	87.57	-3,445,885
Results on ordinary	7,916,126	174	2,884,634	9.17	-31,473,951	-28.43	-24,506,611	-135	68,998,014
operations after
taxation
Net result	10,348,920	274	-3,774,151	3.87	-97,573,632	-25.53	-77,726,600	-178	99,443,739
Profit (Loss) for the Year to be appropiated	10,348,920	274	-3,774,151	3.87	-97,573,632	-25.53	-77,726,600	-178	99,443,739
Dividends	-	-	-	-	-	-	-	-	-

Social Balance Sheet Details

Social Balance Sheet	Total
During the reporting year
ended 31-12-2014
Full-time Employees	434
Part-time Employees	94
Total Fte Employees	501
Number of hours worked
Full-time Employees	674,351
Part-time Employees	94,351
Total	768,702
Personnel Charges
Full-time Employees	50,386,900
Part-time Employees	6,380,022
Total	56,766,922
Benefits In Addition To Wages	-
During the previous reporting year
Average number employees in Fte	528
Actual working hours	817,452
Personnel Charges	53,679,867
Benefits In Addition To Wages	-

Type of Contract	Full-Time	Part-Time	Total Fte
Unlimited Duration	422	100	493
Contracts
Limited Duration Contracts	-	-	-
Contracts For Specific Work	-	-	-
Contracts Regarding	-	-	-
Substitution

Gender and Education
Level
Men	Full-Time	Part-Time	Total Fte
Primary education	-	-	-
Secondairy education	94	19	108
Higher education (non university)	137	11	145
Higher education (university)	131	12	140
Women	Full-Time	Part-Time	Total Fte
Primary education	-	-	-
Secondairy education	11	23	27
Higher education (non university)	29	28	48
Higher education (university)	20	7	25

Working Category	Full-Time	Part-Time	Total Fte
Management	12	1	13
White collar worker	410	99	480
Blue collar worker	-	-	-
Other	-	-	-

Temporary personnel	Total
Average number of temporary staff	0
Actual working hours	328
Cost of temporary staff	10,187

New staff and leavers

Full-Time

Part-Time

Total Fte

New Starters

Leavers

Total of formal continuing vocational training initiatives
for workers paid by the employer	Male	Female
Number of employees	225	74
Number of training hours	4,539	639
Net costs for enterprise	342,300	46,084
Total of less formal and informal continuing vocational
training initiatives for workers paid by the employer	Male	Female
Number of employees	404	118
Number of training hours	16,160	4,720
Net costs for enterprise	961,004	253,164
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 20590

Activity description Manufacture of other chemical products n.e.c.

industry average credit

rating 76.43

Industry average credit limit 349171.25

Payment Information

PAYMENT INFORMATION SUMMARY
Total number of Invoices available	2157
Total number of Invoices paid within or up to 30 days after the due date	2120
Total number of Invoices paid more than 30 days after the due date	22
Total number of Invoices currently outstanding where the due date has not yet been reached	6
Total number of Invoices currently outstanding beyond the due date	9

SUSPENSION OF PAYMENTS / MORATORIUM HISTORY
Amount	-
Details	-
PAYMENT EXPECTATIONS
Payment expectation days	52.46
Day sales outstanding	47.72
INDUSTRY COMPARISON
Activity code	20590
Activity description	Manufacture of other chemical products n.e.c.
Industry average payment expectation days	98.26
Industry average day sales outstanding	129.69

Industry quartile analysis

PAYMENT EXPECTATIONS

Company result 52.46

Lower 78.17

Median 52.46

Upper 27.98

DAY SALES OUTSTANDING

Company result 47.72

Lower 91.47

Median 54.70

Upper 33.91

Shareholder Details

SUMMARY

Group - Number of Companies	13
Linkages - Number of Companies	396
Number of Countries	50

GROUP STRUCTURE

Company name	Number	Latest financials
- AGFA GRAPHICS NV	456366588	31-12-2014
- - AGFA-DOTRIX NV	862335641	31-12-2012
- - GANDI INNOVATIONS BVBA	862048106	31-12-2010
- - AGFA GRAPHICS ARGENTINIA SOC.ETR. E.P.B.
- - AGFA GRAPHICS ASIA LTD SOC.ETR. E.P.B.
- - AGFA GRAPHICS ECUADOR CIA.LTDA SOC.ETR. ...
- - AGFA GRAPHICS LIMITED	05991659	31-12-2014
- - AGFA GRAPHICS MIDDLE EAST FZCO SOC.ETR. ...
- - AGFA GRAPHICS S.R.L.	01767520172	31-12-2014
- - AGFA INC. SOC.ETR. E.P.B.
- - AGFA INDUSTRIES KOREA LTD SOC.ETR. E.P.B...
- - NEW PRO IMAGE LTD SOC.ETR. E.P.B.
- - OOO AGFA GRAPHICS SOC.ETR. E.P.B.

MINORITY SHAREHOLDERS

No minority shareholders found

MINORITY INTERESTS

Business number	Company name	%	Date of accounts

--	DIGITAL ILLUSTRATE INC. SOC.ETR. E.P.B.	14.99	--
--	AGFA GEVAERT GRAPHIC SYSTEMS GMBH SOC.ETR. E.P.B.	10	--
--	AGFA GEVAERT MEXICO SOC.ETR. E.P.B.	0.2	--

Linked Companies

SUMMARY

Group - Number of Companies 13

Linkages - Number of Companies 396

Number of Countries 50

LINKED COMPANIES

NAME	NUMBER	LATEST KEY FINANCIALS	TURNOVER
DEXIA INVESTMENT COMPANY NV	878760909	30.06.2011	-
BAYER AKTIENGESELLSCHAFT	HRB	31.12.2014	€42.955.000.000
SOCIETE FEDERALE DE PARTICIPATIONS ET D'INVESTISSEMENT – FEDERALE PARTICIPATIE- EN INVESTERINGSMAATSCHAPPIJ	253445063	31.12.2014	--
DEXIA PARTICIPATION LUXEMBOURG	B95732	31.12.2011	--
AGFA HEALTHCARE NV	403003524	31.12.2014	€645.127.016
PROXIMUS	202239951	31.12.2014	€3.964.134.311
BELGACOM FINANCE S.A.	B56822	31.12.2013	--
DEXIA NV	458548296	31.12.2014	--
CONNECTIMMO NV	477931965	31.12.2014	€58.444.613
BAYER PHARMA AKTIENGESELLSCHAFT	HRB 283 B	31.12.2013	€6.551.620.000
AGFA-GEVAERT NV	404021727	31.12.2014	€509.489.105
DELP INVEST SCRL	890583427	31.12.2013	--
FIF-FSI NV	867095371	31.12.2014	€3.249.712
TELINDUS GROUP NV	422674035	31.12.2011	€7.899.699
COVESTRO DEUTSCHLAND AG	HRB 49892	31.12.2012	€5.366.169.000
AGFA FINANCE NV	436501879	31.12.2014	--
BAYER GESELLSCHAFT FÜR BETEILIGUNGEN MBH	HRB 49460	31.12.2012	--
BAYER BITTERFELD GMBH	HRB 10914	31.12.2013	€59.425.563
CORONA INVEST NV	441221920	30.06.2014	€294.688
PALAIS DES CONGRES SA	867141297	31.12.2014	€2.227.545

SUMMONS

There is no data for this company

PROTESTED BILLS

There is no data for this company

BANKRUPTCY AND OTHER LEGAL EVENTS

Legal event type Closure of Liquidation

Event date 28/11/2003

Director details

CURRENT DIRECTOR DETAILS

Position	Director
Start Date	27/04/2010
Street	15 FONDATIEDREEF SCHILDE
Post code	2970
Country	Belgium
Name	Christian Reinaudo
Name	Kris Hoornaert
Position	Director
Start Date	29/04/2008
Date of birth	09/05/1964
Street	84 LEUVENSESTRAAT TIENEN
Post code	3300
Country	Belgium
Name	Stefaan Vanhooren
Position	Director
Start Date	15/11/2006
Street
Post code
Country

FORMER DIRECTOR DETAILS

Name	Ludovicus Vanreusel
Position	Managing Director
Start Date	28/02/2005
End Date	15/11/2006
Street
Post code
Country
Position	Director
Start Date	28/02/2005
End Date	15/11/2006
Street
Post code
Country
Name	Jozef Cornu
Position	Director
Start Date	01/01/2008
End Date	27/04/2010
Date of birth	15/11/1944
Street	13 GROUWESTEENSTRAAT SINT-GILLIS-WAAS
Post code	9170
Country	Belgium
Name	Anne Vleminckx-Huybens
Position	Director
Start Date	15/11/2006
End Date	29/04/2008
Street
Post code
Country
Name	Werner Vanderhaeghe
Position	Director
Start Date	01/07/2007
End Date	31/12/2007
Street
Post code
Country
Name	Marc Olivié
Position	Director
Start Date	15/11/2006
End Date	01/07/2007
Street
Post code
Country
Name	Marc Op de Beeck
Position	Director
Start Date	15/11/2006
End Date	01/01/2007
Street
Post code
Country
Name	Frederik Dehing
Position	Director
Start Date	15/11/2006
End Date	01/01/2007
Street
Post code
Country
Name	Pierre Cottenie
Position	Director
Start Date	22/08/2003
End Date	28/11/2003
Date of birth	21/09/1954
Street	54 DRIESSTRAAT MELLE
Post code	9090
Country	Belgium
Position	Person responsible for day-to-day management
Start Date	01/09/2003
End Date	28/11/2003
Date of birth	21/09/1954
Street	54 DRIESSTRAAT MELLE
Post code	9090
Country	Belgium

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.65.22
UK Pound	1	Rs.99.93
Euro	1	Rs.71.67

INFORMATION DETAILS

Analysis Done by :	DIV

Report Prepared by :	ASH

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.

Business number	456366588	Company name	AGFA GRAPHICS NV
Fax number	034447094	Date founded	22/11/1995
Company status	active	Company type	Public limited company
Currency	Euro (€)	Date of latest accounts	31/12/2014
Activity code	20590	Liable for VAT	yes
Activity description	Manufacture of other chemical products n.e.c.	VAT Number	BE.0456.366.588 Check VAT number
Belgian Bullettin of Acts	moniteur belge