MIRA INFORM REPORT

Report Date :

29.08.2007

IDENTIFICATION DETAILS

Name :	RHODIA UK LIMITED
Registered Office :	Oak House, Reeds Crescent, Watford, Hertfordshire WD24 4QP
Country :	United Kingdom
Financials (as on) :	31.12.2005
Date of Incorporation :	01/10/1892
Com. Reg. No.:	00036833
Legal Form :	Private Limited Liability Company (GB)
Line of Business :	Chemical and allied products manufacturers.

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 :	Regular
Litigation :	Clear

Company Identification Details

Subject Reported on	RHODIA UK LIMITED
Ultimate Holding Company	RHODIA UK LTD
Trading Address	PO BOX 46 ST ANDREWS ROAD,BRISTOL,BS11 9YF
Telephone	01179-484234

Credit Limit	GBP   66,600
	Selling to this company? The Credit Limit is the recommended maximum outstanding debtor exposure at any one time.
Contract Limit	GBP   66,600
	Buying from this company? The Contract Limit is the recommended aggregate annual value for supply contracts.

Official Company Data

Legal Form	Private Limited Liability Company (GB)
Registration Number	00036833
Date of Incorporation	01/10/1892
Registered Office	Oak House, Reeds Crescent, Watford, Hertfordshire WD24 4QP
Date of Last Annual Return to Registry	28/02/2007
Activities	Chemical and allied products manufacturers.
Accounts	The last filed accounts cover the period to 31/12/2005 and were filed on 22/01/2007

Recently Filed Documents

Details of the most recent documents

Date Received	Description
28/02/2007	Annual Return
31/12/2005	Financial Statement / Set of Accounts

It should be noted that there is no legal requirement to file satisfaction details of mortgages/charges at Companies House.

Known Directors

DIRECTOR	JOHN MICHAEL SCOTT  (One or more of this director's other companies has adverse information related to it)
Occupation	CHARTERED CHEMICAL ENGINEER
Address	KINGZETT HOUSE ,  CROWLE ROAD TIBBERTON , DROITWICH , WORCS , WR9 7NT
Country of Origin	BRITISH
Date of Birth	06/02/1960
Appointment Date	12/06/2000
Other Appointments	RHODIA LIMITED, RHODIA UK LIMITED, RHODIA INTERNATIONAL HOLDINGS LIMITED, RHODIA HOLDINGS LIMITED, HOLMES CHAPEL TRADING LIMITED, RHODIA OVERSEAS LIMITED
DIRECTOR	ROBERT WILLIAM TYLER  (One or more of this director's other companies has adverse information related to it)
Occupation	H R DIRECTOR
Address	58,  THRUPP LANE , STROUD , GLOS , GL5 2ER
Country of Origin	BRITISH
Date of Birth	27/02/1947
Appointment Date	07/02/2001
Other Appointments	RHODIA PHARMA SOLUTIONS LIMITED, CHEMICAL INDUSTRIES ASSOCIATION LIMITED, RHODIA NO. 1 LIMITED, I.S.C. CHEMICALS LIMITED, RHODIA REORGANISATION, RHODIA ECO SERVICES LIMITED, PROBAN LIMITED, RHODIA LIMITED, RHODIA PINAX LIMITED, RHODIA UK LIMITED, RHODIA PHOSPHORUS AND PERFORMANCE DERIVATIVES LIMITED, RHODIA INTERNATIONAL HOLDINGS LIMITED, RHODIA NO. 2 LIMITED, RHODIA TEXEL LIMITED, IMPERIAL BIOTECHNOLOGY LIMITED,  RHODIA HOLDINGS LIMITED, RHODIA PHARMA SOLUTIONS (HOLDINGS) LIMITED, RHODIA PHARMA SOLUTIONS (ANNAN) LIMITED, RHODIA INDUSTRIAL SPECIALTIES LIMITED, RHODIA ORGANIQUE FINE LIMITED, HOLMES CHAPEL TRADING LIMITED, RHODIA PENSIONS TRUST LIMITED, RHODIA HPCII UK LIMITED, RHODIA FOOD UK LIMITED,  RHODIA OVERSEAS LIMITED, RHODIA CORPRO LIMITED, DANUBE CHEMICALS LIMITED
DIRECTOR	STEPHEN  HAMPSON  (One or more of this director's other companies has adverse information related to it)
Occupation	SITE DIRECTOR CHEMICAL MANUFAC
Address	29,  BECKETT ROAD NORTHWICK , WORCESTER , WR3 7NH
Country of Origin	BRITISH
Date of Birth	04/07/1965
Appointment Date	24/04/2006
Other Appointments	RHODIA PHARMA SOLUTIONS LIMITED, RHODIA LIMITED, RHODIA UK LIMITED, RHODIA HOLDINGS LIMITED, RHODIA PHARMA SOLUTIONS (HOLDINGS) LIMITED
DIRECTOR	ALISON  MURPHY
Occupation	FINANCIAL CONTROLLER
Address	WIGHTWICK MILL ,  BRIDGNORTH ROAD , WOLVERHAMPTON , WV6 8BD
Country of Origin	BRITISH
Date of Birth	01/12/1965
Appointment Date	01/06/2007
Other Appointments	RHODIA UK LIMITED, RHODIA HOLDINGS LIMITED, RHODIA PENSIONS TRUST LIMITED
SECRETARY	MS  JANE PALMER
Address	38 MANOR ROAD,  , TEDDINGTON , MIDDLESEX
Country of Origin	BRITISH
Date of Birth	11/11/1959
Appointment Date	29/02/2004

Recently Resigned Directors (last 3)

DIRECTOR	GRAHAM FREDERICK MERFIELD
Occupation	DIRECTOR
Address	2 , ROSEMOUNT ROAD , BRISTOL , - -
Country of Origin	BRITISH
Date of Birth	26/11/1962
Resignation Date	27/07/2006
DIRECTOR	LANCE DOMINIC GILLETT
Occupation	ACCOUNTANT
Address	24 , KNIGHTLOW ROAD , BIRMINGHAM , - -
Country of Origin	BRITISH
Date of Birth	30/11/1966
Resignation Date	31/03/2006
DIRECTOR	MR ALISTAIR JAMES STEEL
Occupation	DIRECTOR
Address	BADGER'S RETREAT , ROUNDHEADS END , BEACONSFIELD , BUCKS , - -
Country of Origin	BRITISH
Date of Birth	10/04/1951
Resignation Date	16/12/2005

Share Summary

Priniciple Shareholders:	Type Of Share	No. of Shares	Value	%age
RHODIA HOLDINGS LTD				50.00

Mortgages and Charges

Total Registered	5
Total Outstanding	0
Total Satisfied	5
Most Recent Mortgage	01/09/1966

Date Registered	16/09/1966
Date Created	01/09/1966
Lender	PRUDENTIAL ASSURANCE CO. LTD
Details	UNDERTAKING AND ALL PROPERTY AND ASSETS PRESENT AND FUTURE INCLUDING UNCALLED CAPITAL
Satisfied?	Fully
Date Registered	09/09/1965
Date Created	31/08/1965
Lender	PRUDENTIAL ASSURANCE CO. LTD
Details	UNDERTAKING AND ASSETS PRESENT AND FUTURE INCLUDING UNCALLED CAPITAL.
Satisfied?	Fully
Date Created	25/04/1901
Satisfied?	Fully
Date Created	02/08/1965
Satisfied?	Fully
Date Created	02/08/1965
Satisfied?	Fully

Public Record Information

Summary of CCJ's/Scottish Decrees

There are 1 exact unsatisfied CCJs totaling GBP 181 in the last 72 months

Details of most recent CCJ's/Scottish Decrees

23/06/2003, a Judgment of "GBP" 181 was made in NORTHAMPTON court (Case No. XJ317039 ) against Rhodia Consumer Specialties Ltd, Avonmouth Wks, Avonmouth, Bristol, Avon, BS11 0YT

Operations

Activities	Chemical and allied products manufacturers.
Sic Code	Description
2466	Manufacture of other chemical products not elsewhere classified
2414	Manufacture of other organic basic chemicals
Staff Employed	1065
Auditors	PricewaterhouseCoopers LLP
Auditors Notes	No Qualification. The Auditors have expressed a clean opinion (i.e. unqualified with no referrals) on the latest accounts.
Bankers	Barclays Bank PLC
Sort Codes	200782

Financial Data

The following figures are shown in units of 000

Profit and Loss

Number of Weeks	52	52	52	52
Accounts Date	31/12/2005	31/12/2004	31/12/2003	31/12/2002
Currency	GBP	GBP	GBP	GBP
Consolidated?	No	No	No	No
SALES	166,959	144,246	158,153	178,257
Export Sales	83,539	72,078	103,820	116,025
Cost of goods sold	140,899	125,435	156,014	152,816
GROSS PROFIT	26,060	18,811	2,139	25,441
Other Expenses	4,433	-	5,718	4,561
General administration costs (-)	125,994	-	22,650	16,296
Wages and Salaries	40,046	37,433	33,845	35,468
Depreciation	10,656	6,648	6,946	6,741
Net Operating Profit(Loss)	-104,367	93,661	-26,229	4,584
Non Trading Income	396	354	21	374
Group Non Trading Income	1,925	-	3,815	13,297
Other financial income	44,169	2,352	29,309	4,466
Total Non Trading Income	46,490	2,706	33,145	18,137
Interest expenses & similar (-)	32,472	120	42	256
Other financial charges	1,190	28,036	1,946	-
Financial Expenses	33,662	28,156	1,988	256
PRE TAX PROFIT	-91,539	68,211	4,928	22,465
Other Taxation	1,330	15,224	-13,093	576
Taxation	0	0	0	0
PROFIT AFTER TAX	-92,869	52,987	18,021	21,889
Net Loss	92,869	-	-	-
Dividends Payable	0	0	0	0
RETAINED PROFITS	-	52,987	18,021	21,889

Balance Sheet

Number of Weeks	52	52	52	52
Accounts Date	31/12/2005	31/12/2004	31/12/2003	31/12/2002
Currency	GBP	GBP	GBP	GBP
Consolidated?	No	No	No	No
TOTAL FIXED ASSETS	111,199	100,606	43,617	80,175
Land & buildings	25,931	13,984	10,937	16,467
Plant, machinery & equipment	26,626	25,680	29,009	59,138
Intermediate Assets	2,852	2,860	3,671	4,570
Intangible Assets	55,790	58,082	-	-
TOTAL CURRENT ASSETS	274,036	201,698	143,457	411,961
Stocks	11,636	10,358	15,960	21,040
Trade Debtors	14,629	22,047	17,415	21,559
Other Receivables	5,077	5,742	2,273	998
Prepaid expenses	2,654	14,630	14,290	22,918
Group Loans	224,697	114,370	78,290	342,077
Cash	15,343	34,551	1,776	3,369
TOTAL ASSETS	385,235	302,304	187,074	492,136
TOTAL CURRENT LIABILITIES	279,303	241,771	222,683	535,244
Trade Creditors	17,720	17,050	15,403	19,087
Taxes	1,464	1,351	167	323
Other Current Liabilities	12,466	3,348	12,515	9,114
Due From Group	242,953	213,155	185,833	502,221
Accruals & deferred income	4,700	5,045	4,874	4,434
WORKING CAPITAL	-5,267	-40,073	-79,226	-123,283
TOTAL LONG TERM LIABS	194,168	60,277	17,122	27,644
Debts to group companies	60,747	4,793	5,065	5,468
Other Long Term Liabilities	133,421	55,484	12,057	22,176
NET ASSETS/(LIABILITIES)	105,932	60,533	-35,609	-43,108
SHARE CAPITAL + RESERVES	-88,236	256	-52,731	-70,752
Issued Share Capital	33,304	33,304	33,304	33,304
Share Premium Accounts	9,048	9,048	9,048	9,048
Reserves	1,065	1,065	1,065	1,065
Profit and Loss account	-132,226	-43,161	-96,148	-114,169
Investment grants	573	-	-	-
SHAREHOLDERS FUNDS	-88,236	256	-52,731	-70,752
CAPITAL EMPLOYED	105,932	60,533	-35,609	-43,108
TANGIBLE NET WORTH	-144,026	-57,826	-52,731	-70,752

Key Credit Ratios

Accounts Date	31/12/2005	31/12/2004	31/12/2003	31/12/2002
Current Ratio	0.98	0.83	0.64	0.77
Profit Before Tax	-0.55	0.47	0.03	0.13
Creditors Days (D.P.O)	45.90	49.61	36.04	45.59
Quick Ratio	-	-	-	-
Return on Assets	-28.03	28.26	2.69	4.61
T.N.W/Total Assets	-0.37	-0.19	-0.28	-0.14
Return on Capital	-86.41	112.68	-13.84	-52.11
Working Capital/Sales	0.00	0.00	-0.01	-0.01
Equity Gearing	-0.01	-0.01	-0.03	-0.03
Stock Turnover	0.00	0.00	0.00	0.00

Financial Summary

Turnover	Turnover increased by more than 16% in the period. Turnover totaled GBP  166,959,000 for the period.
Operating Loss	Totaled GBP  -104,367,000 In the period prior a profit of GBP   93,661,000 was achieved.
Pre Tax	The subject made a loss of GBP  91,539,000 compared with a profit of GBP  68,211,000 in the previous period.
Working Capital	The company's working capital deficiency decreased in the period and now stands at GBP  5,267,000
Tangible Net Worth	Net worth reduced by 86,200,000 during the period and now stands at GBP  -144,026,000
Fixed Assets	The subjects fixed assets increased during the period by GBP  12,893,000 to GBP  52,557,000 and are now 14% of total assets compared with 13% in the previous period
Long Term Liabilities	The company's long term liabilities increased during the period by 204% and are now -138% of net worth compared with -113% in the previous period
Long Term Liabilities	Long term liabilities are now 52% of total assets compared with 22% in the previous period

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	Unfavourable & favourable factors carry similar weight in credit consideration. 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
NR		In view of the lack of information, we have no basis upon which to recommend credit dealings	No Rating

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