MIRA INFORM REPORT

Report Date :

13.12.2008

IDENTIFICATION DETAILS

Name :	INEOS VINYLS UK LTD

Formerly Known as :	EUROPEAN VINYLS CORPORATION (UK) LIMITED

Registered Office :	Runcorn Site Hq, South Parade Po Box 9, Runcorn, Cheshire WA7 4JE

Country :	United Kingdom

Financials (as on) :	31.12.2007

Date of Incorporation :	13.04.1955

Legal Form :	Private Limited with Share Capital

Line of Business :	Manufacture, Distribution and Sale of Vinyl and Polyvinyl Products.

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Moderate

Payment Behaviour :	Unknown

Litigation :	Clear

Name of the company

INEOS VINYLS UK LTD

Number 00547640

company summary

Phone		Type	Private limited with Share Capital
Address	RUNCORN SITE HQ, SOUTH PARADE PO BOX 9, RUNCORN, CHESHIRE WA7 4JE	Company Status	Active - Accounts Filed
Postcode	WA7 4JE	Incorporated Date	13/04/1955

	Active CCJ's	0
	Value of CCJ's [£]	£0
	Number Of Writs	0

	Current Directors	7
	Total Directorships	96

Trading to Date	31/12/07	31/12/06	31/12/05
Turnover	£596,800,000	£589,600,000	£208,400,000
Shareholder Funds	£-8,000,000	£-6,800,000	£-6,700,000
Employees	253	303	329

	Trends
	Profitability
	Liquidity
	Shareholders Funds

Previous Names Details

Previous Name(s)
Changed :	30/06/2005	European Vinyls Corporation (uk) Limited
Changed :	12/06/1986	Atlas Chemical Industries (uk) Limited
Changed :	31/12/1979	Honeywill-atlas Limited

Secondary Industry Code Details

	SIC Code	Description
	2416	Manufacture Of Plastics In Primary Forms

Mortgage Details

Mortgage Type:	bank account pledge agreement
Date Charge Created:	22/12/2005	Date Charge Registered:	11/01/2006
Date Charge Satisfied:	28/07/2006	Status:	Satisfied
Person(s) Entitled:	DEUTSCHE BANK AG LONDON (THE SECURITY AGENT)
Amount Secured:	all monies due or to become due from any obligor to the chargee or any of the ot her pledgees under the terms of the aforementioned instrument creating or evidencing the charge
Details:	all present and future credit balances, including all interest payable from time to time standing to the credit on each of its accounts

Mortgage Type:	debenture
Date Charge Created:	25/11/2003	Date Charge Registered:	04/12/2003
Date Charge Satisfied:	28/07/2006	Status:	Satisfied
Person(s) Entitled:	DEUTSCHE BANK AG LONDON (SECURITY AGENT)
Amount Secured:	all monies due or to become due from the company to the security agent (whether for its own account or as security agent for the senior finance parties) or any of the senior finance parties under the terms of the aforementioned instrument creating or evidencing the charge
Details:	01 fixed and floating charges over the undertaking and all property and assets present and future including goodwill bookdebts uncalled capital buildings fixturesfixed plant and machinery.

Mortgage Type:	share charge
Date Charge Created:	25/11/2003	Date Charge Registered:	05/12/2003
Date Charge Satisfied:	28/07/2006	Status:	Satisfied
Person(s) Entitled:	DEUTSCHE BANK AG LONDON (THE SECURITY AGENT)
Amount Secured:	all monies due or to become due from the company to the secured creditors under the terms of the aforementioned instrument creating or evidencing the charge
Details:	the shares all dividends monies and othe r proceeds assets or benefits from time to time ascribed or ascribable thereto o r otherwise received or receivable in re lation thereto

Mortgage Type:	a supplemental debenture
Date Charge Created:	25/10/2001	Date Charge Registered:	02/11/2001
Date Charge Satisfied:	28/01/2004	Status:	Satisfied
Person(s) Entitled:	UBS AG,LONDON BRANCH,AS SECURITY AGENT FOR THE SECURED PARTIES
Amount Secured:	all obligations due or to become due fro m the company and evc compounds limited to the chargee or to any of the other se cured parties (as defined) under or purs uant to the relevant documents (as defi ned) including the debenture dated 4 may 2001 (as defined),the supplemental debe nture and the security agency and priori ty agreement dated 15 march 2001 (as def ined)
Details:	01 fixed and floating charges over the undertaking and all property and assets present and future including goodwill bookdebts uncalled capital buildings fixturesfixed plant and machinery.

Mortgage Type:	a supplemental debenture
Date Charge Created:	05/07/2001	Date Charge Registered:	17/07/2001
Date Charge Satisfied:	28/01/2004	Status:	Satisfied
Person(s) Entitled:	UBS AG, LONDON BRANCH AS SECURITY AGENT WHICH EXPRESSION SHALL INCLUDE ANY
Amount Secured:	all obligations which the company may at any time owe to the security agent (whe ther for its own account or as security agent for the secured parties) or any of the other secured parties under or purs uant to the relevant documents
Details:	the real property k/a leasehold property k/a land at runcorn layby by runcorn t/ n ch440452 together with all rights and claims

Mortgage Type:	a debenture between the company,evc compounds limited and ubs ag london branch (the "security agent") as security agentfor the secured parties
Date Charge Created:	04/05/2001	Date Charge Registered:	15/05/2001
Date Charge Satisfied:	28/01/2004	Status:	Satisfied
Person(s) Entitled:	UBS AG LONDON BRANCH AS SECURITY AGENT
Amount Secured:	all obligations due or to become due fro m the company to the chargee (whether fo r its own account or as security agent f or the secured parties) or any of the ot her secured parties under or pursuant to the relevant documents (including,for t he avoidance of doubt,the debenture and the security agency and priority agreeme nt) all terms as defined
Details:	01 fixed and floating charges over the undertaking and all property and assets present and future including goodwill bookdebts uncalled capital buildings fixturesfixed plant and machinery.

Shareholders Details

	Name	Shares
	Ineos Vinyls Limited	214,140,301 Ordinary Gbp 1.00

Address	Telephone Number	TCPS
Runcorn Site Hq South Parade PO Box 9 Runcorn WA7 4JE
HILLHOUSE IND SITE FLEETWOOD RD NORTH THORNTON-CLEVELEYS LANCASHIRE FY5 4QD	01253898800	N

accounts

PROFIT & LOSS

Annual Accounts	01/07-12/07	Change (%)	01/06-12/06	Change (%)	01/05-12/05
Months	12	-	12	-	12
Currency	GBP	-	GBP	-	GBP
Consolidated A/cs	N	-	N	-	N
Turnover	596,800,000	1.2 %	589,600,000	182.9 %	208,400,000
Export	497,200,000	2.0 %	487,300,000	327.8 %	113,900,000
Cost of Sales	537,300,000	-2.4 %	550,400,000	174.9 %	200,200,000
Gross Profit	59,500,000	51.8 %	39,200,000	378.0 %	8,200,000
Wages & Salaries	14,800,000	-5.1 %	15,600,000	-1.3 %	15,800,000
Directors Emoluments	530,000	32.5 %	400,000	-23.1 %	520,000
Operating Profits	22,500,000	139.4 %	9,400,000	-3.1 %	9,700,000
Depreciation	9,700,000	1.0 %	9,600,000	-	9,600,000
Audit Fees	20,000	-	20,000	-	-
Interest Payments	16,600,000	67.7 %	9,900,000	-16.1 %	11,800,000
Pre Tax Profit	400,000	-80.0 %	2,000,000	-16.7 %	2,400,000
Taxation	-4,000,000	-	-4,000,000	-	-
Profit After Tax	-3,600,000	-80.0 %	-2,000,000	-183.3 %	2,400,000
Dividends Payable	-	-	-	-	-
Retained Profits	-3,600,000	-80.0 %	-2,000,000	-183.3 %	2,400,000

BALANCE SHEET

Annual Accounts	01/07-12/07	Change (%)	01/06-12/06	Change (%)	01/05-12/05
Tangible Assets	85,200,000	-7.3 %	91,900,000	19.8 %	76,700,000
Intangible Assets	16,600,000	-12.6 %	19,000,000	-11.2 %	21,400,000
Total Fixed Assets	101,800,000	-8.2 %	110,900,000	13.0 %	98,100,000
Total Current Assets	164,700,000	18.5 %	139,000,000	0.9 %	137,800,000
Trade Debtors	700,000	-53.3 %	1,500,000	-93.0 %	21,500,000
Stocks & WIP	50,200,000	4.4 %	48,100,000	29.3 %	37,200,000
Cash	1,400,000	-6.7 %	1,500,000	-	1,500,000
Other Debtors	112,400,000	27.9 %	87,900,000	13.3 %	77,600,000
Increase In Cash	-100,000	-	-	-100.0 %	999,000
Miscellaneous Current Assets	-	-	-	-	-
Total Assets	266,500,000	6.6 %	249,900,000	5.9 %	235,900,000
Total Current Liabilities	146,200,000	4.0 %	140,600,000	16.4 %	120,800,000
Trade Creditors	35,400,000	-29.6 %	50,300,000	3.9 %	48,400,000
Bank Loans & Overdrafts	-	-	-	-	-
Other Short Term Fin	103,000,000	23.4 %	83,500,000	32.8 %	62,900,000
Miscellaneous Current Liabilities	7,800,000	14.7 %	6,800,000	-28.4 %	9,500,000
Other Long Term Fin	111,600,000	8.9 %	102,500,000	-2.8 %	105,400,000
Total Long Term Liabilities	128,300,000	10.5 %	116,100,000	-4.7 %	121,800,000
Bank Loans & Overdrafts & LTL	128,300,000	10.5 %	116,100,000	-4.7 %	121,800,000
Total Liabilities	274,500,000	6.9 %	256,700,000	5.8 %	242,600,000
Net Assets	-8,000,000	-17.6 %	-6,800,000	-1.5 %	-6,700,000
Working Capital	18,500,000	999.9%	-1,600,000	-109.4 %	17,000,000

CAPITALS & RESERVES

Annual Accounts	01/07-12/07	Change (%)	01/06-12/06	Change (%)	01/05-12/05
Called up Share Capital	214,100,000	-	214,100,000	-	214,100,000
P&L Account Reserve	-222,300,000	-0.5 %	-221,100,000	0.0 %	-221,000,000
Sundry Reserves	200,000	-	200,000	-	200,000
Revaluation Reserve	-	-	-	-	-
Shareholder Funds	-8,000,000	-17.6 %	-6,800,000	-1.5 %	-6,700,000
Net Worth	-24,600,000	4.7 %	-25,800,000	8.2 %	-28,100,000

MISCELLANEOUS

Annual Accounts	01/07-12/07	Change (%)	01/06-12/06	Change (%)	01/05-12/05
Net Cashflow from Operations	-	-	-	-	-
Net Cashflow before Financing	-	-	-	-	-
Net Cashflow from Financing	-	-	-	-	-
Contingent Liability	YES	-	YES	-	YES
Capital Employed	120,300,000	10.1 %	109,300,000	-5.0 %	115,100,000
No of Employees	253	-16.5 %	303	-7.9 %	329

	Auditors	PRICEWATERHOUSECOOPERS LLP
	AuditQualification	No Adverse Comments
	Bankers	THE ROYAL BANK OF SCOTLAND PLC
	BankBranchCode

RATIOS

Annual Accounts	01/07-12/07	01/06-12/06	01/05-12/05
Pre-tax profit margin %	0.1 %	0.3 %	1.2 %
Current ratio	1.13	0.99	1.14
Sales/Net Working Capital	32.26	-368.50	12.26
Gearing %	-1,603.8 %	-1,707.4 %	-1,817.9 %
Equity in %	-3.2 %	-2.9 %	-3.1 %
Creditor Days	21.59	31.05	84.54
Debtor Days	0.42	0.93	37.55
Liquidity/Acid Test	0.78	0.65	0.83
Return On Capital Employed %	0.3 %	1.8 %	2.1 %
Return On Total Assets Employed %	0.2 %	0.8 %	1.0 %
Current Debt Ratio %	-18.3 %	-20.7 %	-18.0 %
Total Debt Ratio %	-34.3 %	-37.8 %	-36.2 %
Stock Turnover Ratio %	8.4 %	8.2 %	17.9 %
Return on Net Assets Employed %	-5.0 %	-29.4 %	-35.8 %

group structure

	Ultimate Parent Company	INEOS VINYLS GROUP LIMITED
	Companies in Group	13

Company Name	Registered Number	Latest Annual Accounts
INEOS VINYLS GROUP LIMITED	04482030	31/12/2007
HAWKSLEASE FINANCE COMPANY LIMITED	04359903	31/12/2007
INEOS NOTECO LIMITED	04482034	31/12/2007
INEOS VINYLS HOLDINGS LIMITED	04144744	31/12/2007
EVC INTERNATIONAL NV	NETHERLANDS	N/A
INEOS VINYLS (II) LIMITED	04241416	31/12/2007
INEOS VINYLS INVESTMENTS LIMITED	04132696	31/12/2007
INEOS VINYLS LIMITED	05407940	31/12/2007
INEOS VINYLS UK LTD<<<	00547640	31/12/2007
INEOS COMPOUNDS UK LTD	02514084	31/12/2007
INEOS BIO LIMITED	02388655	31/12/2007
EVC PENSION TRUSTEES LIMITED	03253314	31/12/2007
INEOS VINYLS FINANCE PLC	04922758	31/12/2007

Status History

Date	Description
No Status History

Event History

Date	Description
12/11/2008	New Accounts Filed
15/04/2008	Annual Returns
31/03/2008	New Accounts Filed
15/02/2008	New Board Member Ms J.d. Murtagh Appointed
06/02/2008	Michael Maher Details Have Changed
12/01/2008	Stephen Cliffe Details Have Changed
06/08/2007	New Accounts Filed
02/05/2006	Anne Goodswen Has Left The Board
16/02/2006	Leonardus Hendrikheemskerk Has Left The Board
16/02/2006	Jeffrey Seed Has Left The Board
16/02/2006	Iain Timothyhogan Has Left The Board
16/02/2006	New Board Member (christopher Edwardtane) Appointed
16/02/2006	New Board Member (anthony Traynor) Appointed
16/02/2006	New Board Member (michael Johnmaher) Appointed
16/02/2006	New Board Member (ashley Julianreed) Appointed

directors

Name	Otto Schnurr
Address	5 Ashley Mill Lane North
	Hale
	Altrincham
	Cheshire
	WA14 3NQ
Officers Title	Dr	Date Of Birth	25/11/1947
Honours		Present Appointments	10
Appointment Date	28/02/2007	Function	Director

Name	Michael John Maher
Address	Cae Mynydd
	Pentre, Minera
	Wrexham
	Clwyd
	LL11 3DP
Officers Title	Mr	Date Of Birth	26/02/1968
Honours		Present Appointments	20
Appointment Date	13/02/2006	Function	Director

Name	Paul Frederick Nichols
Address	8 Manley Road
	Frodsham
	WA6 6EP
Officers Title	Mr	Date Of Birth	25/06/1958
Honours		Present Appointments	23
Appointment Date	29/09/2005	Function	Company Secretary

Name	Julie Dawn Murtagh
Address	6 Greenfield Crescent
	Chester
	CH2 3NZ
Officers Title	Ms	Date Of Birth	12/11/1959
Honours		Present Appointments	6
Appointment Date	07/02/2008	Function	Director

Name	Ashley Julian Reed
Address	152 Burdon Lane
	Sutton
	Surrey
	SM2 7DQ
Officers Title	Mr	Date Of Birth	20/10/1956
Honours		Present Appointments	16
Appointment Date	13/02/2006	Function	Director

Name	Andrew Littlewood
Address	The Limes
	9 Oakdale Avenue
	Frodsham
	Cheshire
	WA6 6PY
Officers Title	Mr	Date Of Birth	04/07/1962
Honours		Present Appointments	1
Appointment Date	01/04/2002	Function	Director

Name	Christopher Edward Tane
Address	10 Cinder Close
	Guilden Sutton
	Chester
	CH3 7EP
Officers Title	Mr	Date Of Birth	02/08/1956
Honours		Present Appointments	20
Appointment Date	13/02/2006	Function	Director

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.47.94
UK Pound	1	Rs.72.07
Euro	1	Rs.64.70

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

Web Address	ineosvinyls.com	Incorporation Date	13/04/1955
Type of Accounts	Full Accounts	Filing Date of Accounts	31/10/2008
Company Type	Private Limited With Share Capital	Date of Latest Accounts	31/12/2007
Annual Return	07/04/2008

	Registered Address		Trading Address
	Telephone Number		Telephone Number
	TPS		TPS
	Address		Address
	RUNCORN SITE HQ SOUTH PARADE PO BOX 9 RUNCORN CHESHIRE WA7 4JE		Runcorn Site Hq South Parade PO Box 9 Runcorn WA7 4JE

	Previous Name(s)
	Changed:	30/06/2005	European Vinyls Corporation (uk) Limited

	Industry:
	The manufacture, distribution and sale of vinyl and polyvinyl products.

	Mortgage Charges
	Outstanding	0	Satisfied	6