MIRA INFORM REPORT

Report Date :

10.08.2011

IDENTIFICATION DETAILS

Name :	DELAMINE B.V.

Registered Office :	Barchman Wuytierslaan 10, Amersfoort, 3818 LH

Country :	Netherlands

Financials (as on) :	31.12.2010

Date of Incorporation :	05.05.1976

Com. Reg. No.:	023211860000

Legal Form :	Private Independent

Line of Business :	Manufacturer of Industrial Organic Chemicals

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^st, 2011

Country Name

Previous Rating

(31.12.2010)

Current Rating

(31.03.2011)

Netherlands

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

Company name & address Bottom of Form

Delamine B.V.

Barchman Wuytierslaan 10

Amersfoort, 3818 LH

Netherlands

Fax: +31 033-4676891

Synthesis

Employees: NA

Company Type: Private Independent

Incorporation Date: 05-May-1976

Registered No.(NLD): 023211860000

Financials in: USD (Millions)

Fiscal Year End: 31-Dec-2010

Reporting Currency: Euro

Annual Sales: 161.0

Total Assets: 86.0

Business Description

Delamine B.V. is primarily engaged in manufacturing industrial organic chemicals, not elsewhere classified. Important products of this industry include: (1) aliphatic and other acyclic organic chemicals, such as ethylene, butylene, and butadiene; acetic, chloroacetic, adipic, formic, oxalic, and tartaric acids and their metallic salts; chloral, formaldehyde, and methylamine; (2) solvents, such as amyl, butyl, and ethyl alcohols; methanol; amyl, butyl, and ethyl acetates; ethyl ether, ethylene glycol ether, and diethylene glycol ether; acetone, carbon disulfide and chlorinated solvents, such as carbon tetrachloride, perchloroethylene, and trichloroethylene; (3) polyhydric alcohols, such as ethylene glycol, sorbitol, pentaerythritol, synthetic glycerin; (4) synthetic perfume and flavoring materials, such as coumarin, methyl salicylate, saccharin, citral, citronellal, synthetic geraniol, ionone, terpineol, and synthetic vanillin; (5) rubber processing chemicals, such as accelerators and antioxidants, both cyclic and acyclic; (6) plasticizers, both cyclic and acyclic, such as esters of phosphoric acid, phthalic anhydride, adipic acid, lauric acid, oleic acid, sebacic acid, and stearic acid; (7) synthetic tanning agents, such as naphthalene sulfonic acid condensates; (8) chemical warfare gases; and (9) esters, amines, etc., of polyhydric alcohols and fatty and other acids.

Industry

Industry Chemical Manufacturing

ANZSIC 2006: 1812 - Basic Organic Chemical Manufacturing

NACE 2002: 2414 - Manufacture of other organic basic chemicals

NAICS 2002: 32519 - Other Basic Organic Chemical Manufacturing

UK SIC 2003: 2414 - Manufacture of other organic basic chemicals

US SIC 1987: 2869 - Industrial Organic Chemicals, Not Elsewhere Classified

Key Executives

Name	Title
Gerrit Van Der Knaap	Managing director
E.J. Westerink	Purchasing manager
K. Muranaka	Head of accounting department
Jaap Boon	Member of the board
Jacobus Moerdijk	Member of the board

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

Barchman Wuytierslaan 10

Amersfoort, 3818 LH

Netherlands

Fax: +31 033-4676891

Sales EUR(mil): 121.6

Assets EUR(mil): 64.1

Employees: NA

Fiscal Year End: 31-Dec-2010

Industry: Chemical Manufacturing

Incorporation Date: 05-May-1976

Company Type: Private Independent

Quoted Status: Not Quoted

Registered No.(NLD): 023211860000

Managing director: Gerrit Van Der Knaap

· Industry Codes

· Business Description

· Financial Data

· Key Corporate Relationships

Industry Codes

ANZSIC 2006 Codes:

1812 - Basic Organic Chemical Manufacturing

NACE 2002 Codes:

2414 - Manufacture of other organic basic chemicals

NAICS 2002 Codes:

32519 - Other Basic Organic Chemical Manufacturing

US SIC 1987:

2869 - Industrial Organic Chemicals, Not Elsewhere Classified

UK SIC 2003:

2414 - Manufacture of other organic basic chemicals

Business Description

Financial Data

Financials in:	EUR(mil)

Revenue:	121.6
Assets:	64.1
Current Assets:	32.5
Total Liabilities:	64.1
Net Worth:	25.3

Date of Financial Data:	31-Dec-2010

1 Year Growth

15.7%

Key Corporate Relationships

Bank: ABN AMRO Bank NV

Executive report

Board of Directors

Name

Title

Function

Jaap Boon

Member of the board

Director/Board Member

Jacobus Moerdijk

Member of the board

Director/Board Member

Nobuyuki Nagamasu

Member of the board

Director/Board Member

Albertus Oolbekkink

Member of the board

Director/Board Member

Executives

Name

Title

Function

Gerrit Van Der Knaap

Managing director

Managing Director

K. Muranaka

Head of accounting department

Accounting Executive

E.J. Westerink

Purchasing manager

Purchasing Executive

Annual profit & loss

	31-Dec-2010	31-Dec-2008	31-Dec-2007
Period Length	12 Months	12 Months	12 Months
Filed Currency	EUR	EUR	EUR
Exchange Rate (Period Average)	0.755078	0.683679	0.730637
Consolidated	No	No	No

Net sales	161.0	165.7	138.7
Other operating income	0.6	-	0.5
Cost of goods sold	115.6	135.7	114.1
Cost of sales	115.6	135.7	114.1
Gross profit	45.4	30.0	24.7
General expenses	10.0	10.3	8.8
Total operating costs	10.0	10.3	8.8
Net operating income	36.0	19.7	16.3
Total financial income	-	0.1	-
Total expenses	0.2	1.1	0.7
Profit before tax	35.9	18.7	15.7
Profit on ordinary activities after tax	26.7	14.1	11.7
Total taxation	9.1	4.6	4.0
Profit after tax	26.7	14.1	11.7
Net profit	26.7	14.1	11.7

Annual Balance Sheet

Financials in: USD (mil)

	31-Dec-2010	31-Dec-2008	31-Dec-2007
Filed Currency	EUR	EUR	EUR
Exchange Rate	0.745406	0.719399	0.683971
Consolidated	No	No	No

Other reserves	18.2	5.0	2.8
Total stockholders equity	34.0	21.4	20.0
Provisions and allowances	3.9	0.7	0.7
Trade creditors	-	18.6	13.6
Total current liabilities	48.1	49.2	45.7
Total liabilities (including net worth)	86.0	71.3	66.4
Total tangible fixed assets	42.3	27.8	25.3
Total non-current assets	42.3	27.8	25.3
Net stocks and work in progress	9.9	13.6	14.1
Trade debtors	-	24.1	19.9
Total receivables	33.0	29.9	27.0
Cash and liquid assets	0.8	-	-
Total current assets	43.7	43.5	41.1
Total assets	86.0	71.3	66.4

Annual Ratios

Financials in: USD (mil)

	31-Dec-2010	31-Dec-2008	31-Dec-2007
Period Length	12 Months	12 Months	12 Months
Filed Currency	EUR	EUR	EUR
Exchange Rate	0.745406	0.719399	0.683971
Consolidated	No	No	No

Current ratio	0.90	0.90	0.90
Acid test ratio	0.70	0.60	0.60
Current liabilities to net worth	1.41%	2.30%	2.28%
Fixed assets to net worth	1.25%	1.30%	1.26%
Collection period	-	55.80	49.10
Stock turnover rate	16.50	11.60	10.50
Sales to net working capital	-37.10	-27.60	-32.30
Asset turnover	1.90%	2.21%	2.24%
Profit margin	0.22%	0.11%	0.11%
Return on assets	0.42%	0.25%	0.25%
Shareholders' return	1.07%	0.83%	0.84%
Return on capital	0.95%	0.76%	0.77%
Net worth	34.0	21.4	20.0

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.45.17
UK Pound	1	Rs.73.72
Euro	1	Rs.64.26

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.

Company name & address Bottom of Form

Synthesis

Business Description

Key Executives

Corporate Overview

Contents

Executive report

Annual profit & loss

Annual Balance Sheet

Annual Ratios

Unit