MIRA INFORM REPORT

Report Date :

03.08.2011

IDENTIFICATION DETAILS

Name :	CAPPELLE PIGMENTS
Registered Office :	Kortrijkstraat 153, Menen, 8930
Country :	Belgium
Financials (as on) :	31.12.2010
Year of Establishment :	1930
Com. Reg. No.:	405467720
Legal Form :	Private Independent
Line of Business :	Manufacture of pigments for the paint, printing ink and plastics industries

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 :	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^st, 2011

Country Name	Previous Rating (31.12.2010)	Current Rating (31.03.2011)
Belgium	a1	a1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

Bottom of Form

Company name & address

Cappelle Pigments

Kortrijkstraat 153

Menen, 8930

Belgium

Tel: 056 52 12 00

Fax: 056 52 12 62

Web: www.cappelle.be

Synthesis

Employees: 210

Company Type: Private Independent

Incorporation Date: 1930

Financials in: USD (Millions)

Fiscal Year End: 31-Dec-2010

Reporting Currency: Euro

Annual Sales: 92.8 1

Total Assets: 80.4

Business Description

Manufacture of pigments for the paint, printing ink and plastics industries

Industry

Industry Chemical Manufacturing

ANZSIC 2006: 1813 - Basic Inorganic Chemical Manufacturing

NACE 2002: 2412 - Manufacture of dyes and pigments

NAICS 2002: 325131 - Inorganic Dye and Pigment Manufacturing

UK SIC 2003: 2412 - Manufacture of dyes and pigments

US SIC 1987: 2816 - Inorganic Pigments

Key Executives

Name	Title
Van Wynsberghe	Directeur General
Patrick Lagast	Sales/Marketing/Purchasing Manager
Alfredo ( Aldo ) Capelle	Administrator
Gilbert Bekaert	IT Manager
Guy Mabille	Production Manager

Registered No.(VAT): 405467720

1 - Profit & Loss Item Exchange Rate: USD 1 = EUR 0.7550783

2 - Balance Sheet Item Exchange Rate: USD 1 = EUR 0.7454064

Corporate Overview

Location

Kortrijkstraat 153

Menen, 8930

Belgium

Tel: 056 52 12 00

Fax: 056 52 12 62

Web: www.cappelle.be

Sales EUR(mil): 70.0

Assets EUR(mil): 59.9

Employees: 210

Fiscal Year End: 31-Dec-2010

Industry: Chemical Manufacturing

Incorporation Date: 1930

Company Type: Private Independent

Quoted Status: Not Quoted

Registered No.(VAT): 405467720

Directeur General: Van Wynsberghe

Contents

· Industry Codes

· Business Description

· Financial Data

Industry Codes

ANZSIC 2006 Codes:

1813 - Basic Inorganic Chemical Manufacturing

NACE 2002 Codes:

2412 - Manufacture of dyes and pigments

NAICS 2002 Codes:

325131 - Inorganic Dye and Pigment Manufacturing

US SIC 1987:

2816 - Inorganic Pigments

UK SIC 2003:

2412 - Manufacture of dyes and pigments

Business Description

Manufacture of dyes and pigments

More Business Descriptions

· Manufacture of pigments for the paint, printing ink and plastics industries

· Paint and Coating Manufacturing

Financial Data

Financials in:	EUR(mil)
Revenue:	70.0
Assets:	59.9
Current Assets:	37.8
Fixed Assets:	22.2
Total Liabilities:	59.9
Issued Capital:	9.4
Net Worth:	10.0
Date of Financial Data:	31-Dec-2010

1 Year Growth

NA

NA

Executives Report

Board of Directors

Name	Title	Function
Benoît Cappelle	Chairman and Managing Director	Chairman
Lieven Debaets	Member of the Director's comitee	Director/Board Member
Guido Vanhalst	Member of the Director's comitee	Director/Board Member

Executives

Name	Title	Function
Van Wynsberghe	Directeur General	Chief Executive Officer
Benoît Cappelle	Chairman and Managing Director	Managing Director
Alfredo ( Aldo ) Capelle	Administrator	Administration Executive
Eddy Dams	Representative/Auditor	Accounting Executive
Patrick Lagast	Sales/Marketing/Purchasing Manager	Sales Executive
Albert Daniel Jacques Andre Cappelle	Shareholders' Representative	Shareholder Relations Executive
Guibert Francois Del Marmol	Shareholders' Representative	Shareholder Relations Executive
Dirk Hendrik Cyriel Demeulemeester	Shareholders' Representative	Shareholder Relations Executive
Philippe Bernard Marie Ghislain Goethals	Shareholders' Representative	Shareholder Relations Executive
Hans Herpoel	Shareholders' Representative	Shareholder Relations Executive
Bernard Thuysbaert	Shareholders' Representative	Shareholder Relations Executive
Benoit Ben Van Assche	Shareholders' Representative	Shareholder Relations Executive
Gilbert Bekaert	IT Manager	Engineering/Technical Executive
Frank Vermoortele	R&D/Quality Manager	Research & Development Executive
Guy Mabille	Production Manager	Manufacturing Executive

Annual Profit & Loss

	31-Dec-2010	31-Dec-2009	31-Dec-2008
Period Length	52 Weeks	52 Weeks	52 Weeks
Filed Currency	EUR	EUR	EUR
Exchange Rate (Period Average)	0.755078	0.719047	0.683679
Consolidated	No	No	No
Turnover	92.8	82.2	97.7
Increase or Decrease in Stocks of Finished Goods, and Orders in Progress	4.7	-8.5	2.2
Other Operating Income	0.7	0.7	0.5
Operating Income	98.1	74.4	100.5
Purchases	63.7	45.2	59.8
Increase or Decrease in Stocks	-7.1	1.8	0.1
Raw Materials, Consumables, and Goods for Release	56.6	47.0	59.9
Services and Sundry Goods	17.8	16.2	18.1
Remuneration, Social Security Charges, and Pensions	14.9	16.8	17.4
Depreciation of and Other Amounts Written Off of Formation Expense, Intangible and Tangible Fixed Assets	1.5	1.5	1.2
Increase or Decrease in Amounts Written Off Stocks, Orders, and Trade Debtors	0.0	0.1	1.5
Provisions for Liabilities and Charges	0.7	-0.7	3.5
Other Operating Charges	0.4	0.3	0.3
Operating Charges	91.9	81.0	101.8
Income From Financial Fixed Assets	-	-	0.2
Income From Current Assets	0.0	0.1	0.1
Other Financial Income	1.2	1.0	0.0
Financial Income	1.2	1.0	0.3
Interest and Other Debt Charges	0.2	0.4	0.4
Other Financial Charges	0.5	1.6	0.3
Financial Charges	0.7	2.0	0.7
Gain on Disposal of Fixed Assets	0.0	0.0	0.0
Other Extraordinary Income	0.3	0.2	-
Extraordinary Income	0.3	0.2	0.0
Loss on Disposal of Fixed Assets	-	0.0	0.0
Other Extraordinary Charges	-	0.0	-
Extraordinary Charges	-	0.1	0.0
Transfer from Differed Taxes	0.0	0.0	0.0
Income Taxes	0.0	-	0.0
Adjustment of Income Taxes and Write-Back of Tax Provisions	-	0.0	0.4
Income Taxes	0.0	0.0	-0.3
From Reserves	0.8	-	1.4
Transfers From Capital and Reserves	0.8	-	1.4
Return on Capital	0.8	-	-
Profit to be Distributed	0.8	-	-
Employees	210	199	204

Annual Balance Sheet

Financials in: USD (mil)

	31-Dec-2010	31-Dec-2009	31-Dec-2008
Filed Currency	EUR	EUR	EUR
Exchange Rate	0.745406	0.696986	0.719399
Consolidated	No	No	No
Intangible Assets	0.0	-	-
Land & Buildings	8.5	8.9	2.8
Plant, Machinery, and Equipment	9.7	10.4	2.5
Furniture and Vehicles	0.0	0.1	0.4
Assets Under Construction and Advance Payments	0.8	0.9	-
Tangible Assets	19.0	20.4	5.6
Participating Interests	10.7	11.6	8.1
Amounts Receivable	-	-	5.6
Affiliated Enterprises	10.7	11.6	13.6
Shares	0.0	0.0	0.0
Amounts Receivable and Cash Guarantees	0.0	-	0.0
Other Capital Assets	0.0	0.0	0.0
Capital Assets	10.7	11.6	13.6
Fixed Assets	29.8	32.0	19.2
Other Amounts Receivable	0.0	0.0	0.0
Amounts Receivable After More Than One Year	0.0	0.0	0.0
Raw Materials and Consumables	7.5	2.6	5.2
Work in Progress	3.6	2.0	-
Finished Goods	8.4	5.8	16.7
Goods Purchased for Resale	3.7	1.7	-
Stocks	23.2	12.1	21.8
Inventory and Orders in Progress	23.2	12.1	21.8
Trade Debtors	20.7	22.3	19.6
Other Amounts Receivable	3.0	3.6	4.7
Amounts Receivable Within One Year	23.7	25.9	24.2
Liquid Assets	3.6	8.1	2.2
Adjustment Accounts	0.2	0.1	0.0
Current Assets	50.7	46.2	48.3
Total Assets	80.4	78.2	67.6
Issued Capital	12.6	13.5	13.1
Capital	12.6	13.5	13.1
Paid-In Capital	0.8	0.8	0.8
Gain From Revaluation of Assets	13.2	14.8	-
Legal Reserve	2.3	2.5	2.4
Untaxed Reserves	0.1	0.1	0.1
Reserves Available for Distribution	22.4	24.2	23.0
Reserves	24.9	26.8	25.6
Pensions and Similar Obligations	0.7	0.9	0.6
Major Repairs and Maintenance	0.3	-	-
Other Liabilities and Charges	2.8	2.4	3.3
Provisions for Liabilities and Charges	3.8	3.3	3.9
Deferred Taxation	0.0	0.0	0.0
Provisions and Deferred Taxes	3.8	3.3	3.9
Capital and Reserves	51.4	48.3	39.6
Credit Institutions	6.1	8.2	-
Financial Debts	6.1	8.2	-
Amounts Due After More Than One Year	6.1	8.2	-
Current Portion of Amounts Payable After More Than One Year	1.5	1.6	-
Credit Institutions	-	-	11.1
Financial Debts	-	-	11.1
Suppliers	13.7	13.3	9.6
Trade Debts	13.7	13.3	9.6
Taxes	0.6	0.3	0.5
Remuneration and Social Security	2.3	2.9	2.7
Taxes, Wages, and Social Security	2.9	3.2	3.2
Other Amounts Payable	0.8	0.1	-
Amounts Payable Within One Year	18.9	18.2	23.9
Adjustment Accounts	0.1	0.2	0.1
Creditors	25.2	26.6	24.0
Total Liabilities + Shareholders' Equity	80.4	78.2	67.6

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.44.23
UK Pound	1	Rs.72.09
Euro	1	Rs.62.99

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.