MIRA INFORM REPORT

Report Date :

28.02.2011

IDENTIFICATION DETAILS

Name :	HUNTSMAN HOLLAND B.V.

Registered Office :	Merseyweg 10, 3197KG Botlek Rotterdam

Country :	Netherlands

Financials (as on) :	31.12.2008

Date of Incorporation :	26.01.1928

Com. Reg. No.:	24070891

Legal Form :	Limited Company

Line of Business :	Manufacture of Petrochemical Products

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	€ 500.000

Status :	Satisfactory

Payment Behaviour :	Regular

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 – June 30, 2010

Country Name

Previous Rating

(01.04.2010)

Current Rating

(30.06.2010)

Netherlands

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

CONTACTINFORMATION

Company name Huntsman Holland B.V.

Tradename Huntsman Holland B.V.

Huntsman Polyurethanes Huntsman

Address Merseyweg 10

3197KG Botlek Rotterdam Netherlands

Mail address Postbus 1020

3180AA Rozenburg ZH

Netherlands

Telephone number 0181299111

Telefax number 0181293900

E-mail address PU_PR_Rozenburg@huntsman.com

Website www.huntsman.com

VAT number

NL001855062B02

CREDIT LIMIT

Credit limit A credit of € 500.000 may be granted

Special remarks

The ultimate parent Huntsman Corporation is traded at the New York stock exchange.

Huntsman Corporation

500 Huntsman Way

Salt Lake City, UT 84108

United States

Phone: 801-584-5700

FAX: 801-584-5781

Website: http://www.huntsman.com

Full Time Employees: 11,000

Sector: Basic Materials

Industry: Chemicals - Major Diversified

Fiscal Year Ends: Dec 31

Income Statement

Revenue (ttm): 9.00B

Revenue Since Share (ttm): 38.23

Qtrly Revenue Growth (yoy): 15.70%

Gross Profit (ttm): 1.07B

EBITDA (ttm): 773.00M

Net Income Avl to Common (ttm): 18.00M

Diluted EPS (ttm): 0.26

Balance Sheet

Total Cash (mrq): 1.00B

Total Cash Since Share (mrq): 4.24

Total Debt (mrq): 4.35B

Total Debt/Equity (mrq): 230.61

Current Ratio (mrq): 2.29

Book Value Since Share (mrq): 7.74

Cash Flow Statement

Operating Cash Flow (ttm): -153.00M

Levered Free Cash Flow (ttm): -405.00M

Profitability

Profit Margin (ttm): 0.70%

Operating Margin (ttm): 4.31%

Management Effectiveness

Return on Assets (ttm): 2.76%

Return on Equity (ttm): 1.28%

Huntsman Corporation operates as a global manufacturer of differentiated organic chemical products and of inorganic chemical products. Its products comprise a range of chemicals and formulations, which the company markets globally to a diversified group of consumer and industrial customers. Huntsman's products are used in a range of applications, including those in the adhesives, aerospace, automotive, construction products, durable and non durable consumer products, electronics, medical, packaging, paints and coatings, power generation, refining, synthetic fiber, textile chemicals, and dye industries. The company's key product lines include MDI, amines, surfactants, epoxy-based polymer formulations, textile chemicals, dyes, maleic anhydride, and titanium dioxide. Huntsman operates in five segments: Polyurethanes, Advanced Materials, Textile Effects, Performance Products, and Pigments. Its Polyurethanes, Advanced Materials, Textile Effects, and Performance Products segments produce differentiated organic chemical products, and Pigments segment produces inorganic chemical products. Huntsman Corporation has a collaboration agreement with Innospec Inc. The company was founded in 1970 and is based in Salt Lake City, Utah.

COMPANY STRUCTURE

Shareholder

Huntsman Investments (Netherlands) B.V. Merseyweg 10

3197KG BOTLEK ROTTERDAM Netherlands

KvK: 24293054

Active since: 29-06-1999

Percentage: 100.00%

Ultimate parent company

Huntsman (Activities of holding companies) Netherlands B.V.

Merseyweg 10

3197KG BOTLEK ROTTERDAM KvK: 51341786

Holding company

Huntsman Investments (Netherlands) B.V.

Merseyweg 10

3197KG BOTLEK ROTTERDAM KvK: 24293054

Subsidiary

Huntsman Holland Iota B.V.

Merseyweg 10

3197KG BOTLEK ROTTERDAM KvK: 24180701

Affiliated companies

Huntsman Shanghai China Investments B.V.

Merseyweg 10

3197KG BOTLEK ROTTERDAM KvK: 24242722

Chemical Blending

Holland B.V. Merseyweg 10

3197KG BOTLEK ROTTERDAM KvK: 24266931

Huntsman (Netherlands) B.V.

Merseyweg 10 3197KG Botlek Rotterdam KvK: 24293173

Huntsman (Saudi Investments) B.V. Merseyweg 10

3197KG BOTLEK ROTTERDAM KvK: 24294046

Huntsman (Russia Investments) B.V. Merseyweg 10

3197KG BOTLEK ROTTERDAM KvK: 24324758

Huntsman China Investments B.V. Merseyweg 10

3197KG BOTLEK ROTTERDAM KvK: 24344112

Huntsman Advanced Materials (Netherlands) B.V. Merseyweg 10

3197KG BOTLEK ROTTERDAM KvK: 24387536

Huntsman Textile Effects (Netherlands) B.V. Merseyweg 10

3197KG BOTLEK ROTTERDAM KvK: 24395399

Liability declaration

Huntsman Investments (Netherlands) B. V. (24293054)

Merseyweg 10

3197 KG BOTLEK ROTTERDAM

Real estate

Lease

The real estate is checked at the land registration office

Object code: ROTTERDAM 12E AFD AK 1115

Owner: HAVENBEDRIJF ROTTERDAM N. V.

MANAGEMENT

Management

B. de Jong

Benjamin

Authorization: Fully authorized

Position: Manager

Date appointed: 01-04-2003

Date of birth: 07-08-1961

M.J. van der Meer

Max Jacobus

Authorization: Fully authorized

Position: General director

Date appointed: 01-04-2003

Date of birth: 23-06-1959

Other directorships:

- Manager: Deltalinqs - ROTTERDAM (KvK: 24316844)

E. Barents

Erik

Position: Commissaris

Date appointed: 17-04-2003

Date of birth: 24-01-1947

J.C. ten Cate

Johan Christoffel

Position: Commissaris

Date appointed: 15-09-2007

Date of birth: 25-03-1946

N.E.D. Degrieck

Natasja Edward Denise

Position: Commissaris

Date appointed: 19-12-2003

Date of birth: 24-06-1965

N.A. Webster

Nicholas Andrew

Position: Commissaris

Date appointed: 01-10-2004

Date of birth: 31-08-1957

F. W. Weisglas Frans Willy

Position: Commissaris

Date appointed: 29-05-2009

Date of birth: 08-08-1946

M.G. Fowles

Michael George

Authorization: Limited authorization

Position: Proxy

Date appointed: 13-03-2001

Date of birth: 11-10-1961

P.J. de Gast

Pieter Jacob

Authorization: Limited authorization

Position: Proxy

Date appointed: 01-03-2003

Date of birth: 02-02-1960

M. Kleijburg

Marcel

Authorization: Limited authorization

Position: Proxy

Date appointed: 01-10-1999

Date of birth: 10-07-1970

L. Wendels

Leendert

Authorization: Limited authorization

Position: Proxy

Date appointed: 01-10-1999

Date of birth: 20-06-1962

PAYMENT INFORMATION

Payment experiences According to terms

Payments Based on multiple payment experiences up to € 50.000

Quarter: 2 2010: 32 Average days

Quarter: 3 2010: 35 Average days

Quarter: 4 2010: 38 Average days

Quarter: 1 2011: 34 Average days

		invoices	current quarter		2010 Q4	2010 Q3	2010 Q2
Total		185	100%	491.815	638.242	563.028	581.969
Within terms		167	78,3%	385.096	498.998	493.574	515.269
Delayed 0 - 30		13	21,7%	106.719	80.040	40.020	66.700
Delayed 31 - 60		3	0,0%		7.359	29.434
Delayed 61 - 90
Delayed 91 - 120		1	0,0%	20.738
Delayed 120+ days		1	0,0%		31.107
FINANCIAL INFORMATION
Type of publication	Consolidated
Annual accounts van	Huntsman Investments (Netherlands) B.V.
	Merseyweg 10
	3197KG BOTLEK ROTTERDAM
	KvK: 24293054
Publication	Although the statutory deadline, the company's annual documents
	are not yet published in the register of the Chamber of Commerce.

BOOKYEAR	2008	2007	2006
Quick ratio	0,48	0,63	0,69
Current ratio	1,01	1,10	1,16
Nett workingcapital / Balance	0,01	0,05	0,07
total
Capital and reserves / Balance	0,26	0,34	0,33
total
Capital and reserves / Fixed	0,52	0,67	0,67
assets
Solvency	0,40	0,55	0,56
Nett workingcapital	12.952.000	144.383.000	189.451.000
Capital and reserves	674.304.000	1.044.877.000	904.378.000
Change capital and reserves	-35,47%	15,54%
change short term liabilities	-9,08%	19,58%
Operating profit	-200.725.000	86.676.000	128.549.000
Nett Turnover	4.635.136.000	4.376.405.000	3.473.890.000

Annual accounts Last annual accounts Ondanks dat de wettelijke termijn verstreken is, heeft deze onderneming haar jaarstukken nog niet gepubliceerd bij het chamber of commerce van de Chamber of commerce

Last annual accounts 2008

Tendency Not to be judged because of the absence of sufficient financial information

Tendency capital and reserves

Capital and reserves 2008 674.304.000

Total debt 2008 1.910.959.000

Current ratio 2008 1,01

Quick ratio 2008 0,48

Nett workingcapital 2008 12.952.000

Profitability Negative

Solvency Sufficient

Liquidity Sufficient

BALANCE Sheet

BOOKYEAR

2008

2007

2006

End of bookyear

Intangible assets

Tangible assets

Financial assets

Other fixed assets

Fixed assets

Stocks and work in progress

Trade debtors

Accounts receivable

Liquid assets

Other current assets

Current assets

Total assets

Capital and reserves

Provisions

Long term liabilities

Other short term debts

Total short term debt

Total debt

Total Liabilities

31-12-2008

77.766.000

1.050.149.000

78.175.000

98.617.000

1.304.707.000

667.255.000

533.453.000

64.550.000

15.298.000

1.280.556.000

2.585.263.000

674.304.000

217.702.000

425.653.000

1.267.604.000

1.267.604.000

1.910.959.000

2.585.263.000

31-12-2007

84.167.000

1.300.261.000

67.444.000

115.138.000

1.567.010.000

656.625.000

788.706.000 83.999.000 9.261.000

1.538.591.000

3.105.601.000

1.044.877.000

144.256.000

522.260.000

1.394.208.000

2.060.724.000

3.105.601.000

31-12-2006

83.138.000

1.151.352.000

53.021.000

56.950.000

1.344.461.000

552.161.000

698.814.000

698.814.000

14.052.000

90.335.000

1.355.362.000

2.699.823.000

904.378.000

177.398.000

452.136.000

1.165.911.000

1.795.445.000

2.699.823.000

PROFIT & LOSS ACCOUNT

BOOKYEAR	2008	2007	2006
Nett Turnover	4.635.136.000	4.376.405.000	3.473.890.000
Cost of sales	4.189.568.000	3.914.975.000	3.005.797.000
Gross profit	445.568.000	461.430.000	468.093.000
Other operating charges			339.544.000
Operating charges	646.293.000	374.754.000	339.544.000
Operating profit	-200.725.000	86.676.000	128.549.000
Financial result	-51.504.000	-50.499.000	-33.253.000
Result before taxes	-252.229.000	36.177.000	95.296.000
Income taxes	-5.546.000	31.723.000	50.549.000
Result after taxes	-257.775.000	4.454.000	44.747.000
Minority interest	-427.000	4.755.000	5.564.000
Nett result	-258.202.000	9.209.000	50.311.000

COMPANY STRUCTURE

Huntsman (Activities of holding companies) Netherlands B.V. (51341786)

BOTLEK ROTTERDAM

Huntsman Investments (Netherlands) B.V. (24293054)

BOTLEK ROTTERDAM Subsidiary (100%)

Huntsman Holland B.V. (24070891) Botlek Rotterdam

Subsidiary (100%)

Huntsman Holland Iota B.V. (24180701) BOTLEK ROTTERDAM

Subsidiary (100%)

Huntsman Shanghai China Investments B.V. (24242722)

BOTLEK ROTTERDAM Subsidiary (100%)

Chemical Blending Holland B.V. (24266931) BOTLEK ROTTERDAM

Subsidiary (100%)

Huntsman (Netherlands) B.V. (24293173)

Botlek Rotterdam Subsidiary

Huntsman (Saudi Investments) B.V. (24294046) BOTLEK ROTTERDAM

Subsidiary

Huntsman (Russia Investments) B.V. (24324758) BOTLEK ROTTERDAM

Subsidiary

Huntsman China Investments B.V. (24344112) BOTLEK ROTTERDAM

Subsidiary

Huntsman Advanced Materials (Netherlands) B.V. (24387536) BOTLEK ROTTERDAM

Subsidiary (100%)

Huntsman Textile Effects (Netherlands) B.V. (24395399) BOTLEK ROTTERDAM

Subsidiary (100%)

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.45.37
UK Pound	1	Rs.73.24
Euro	1	Rs.62.68

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 Company	----

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.

Handels Register Number	24070891
Registered in	Chamber of commerce Rotterdam
First registration	03-01-1947
Act of foundation	26-01-1928
Date of constitution	00-00-1928
Continuation date	06-11-1972
Last change in statutes	27-10-2008
Legal form	Besloten Vennootschap (Limited Company)
Place of constitution	Rotterdam
Capital	EUR 500.000.000
Issued capital	EUR 113.445.500
Paid up capital	EUR 113.445.500

CONTACTINFORMATION

VAT number

CREDIT LIMIT

COMPANY INFORMATION

COMPANY STRUCTURE

MANAGEMENT

PAYMENT INFORMATION

FINANCIAL INFORMATION

BALANCE Sheet

PROFIT & LOSS ACCOUNT

COMPANY STRUCTURE

Unit