MIRA INFORM REPORT

Report Date :

22.09.2011

IDENTIFICATION DETAILS

Name :	INEOS Sverige AB

Registered Office :	44483 Stenungsund

Country :	Sweden

Financials (as on) :	2010

Date of Incorporation :	01.03.1929

Com. Reg. No.:	5560276635

Legal Form :	Limited Liability Company

Line of Business :	Manufacture of plastics in primary forms

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
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

Maximum Credit Limit :	50.000.000 SEK

Status :	Very good

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)

Sweden

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

Company Summary

Business Name	INEOS Sverige AB
Country	SWEDEN
Company Registration Number	5560276635
Main Activity	Manufacture of plastics in primary forms
Activity Code	20160
Company Status	Active
Latest Turnover Figure	2.131.412.000 SEK
Latest Shareholder Equity Figure	160.665.000 SEK
Credit Rating	98 (1 – 100)
Credit Limit	50.000.000 SEK

Bottom of Form

Financial Information

Profit and Loss

Financial Year	2010	2009	2008
Number of Weeks	52	52	52
Currency	SEK	SEK	SEK
Consolidated Accounts	N	N	N
Revenue	2.135.334.000	2.079.733.000	2.315.689.000
Operating Costs	2.104.140.000	1.929.542.000	2.240.550.000
Operating Profit	31.194.000	150.191.000	75.139.000
Wages & Salaries
Depreciation	---	---	---

Financial Income	21.458.000	86.485.000	106.025.000
Financial Expenses	-58.042.000	-69.494.000	-19.744.000
Extraordinary Income
Extraordinary Costs	-58.042.000	-69.494.000	-19.744.000
Profit before Tax	-5.389.000	167.182.000	161.420.000
Tax	-5.841.000	-31.734.000	-48.964.000
Profit after Tax	-5.389.000	167.182.000	161.420.000
Minority Interests	---	---	---
Other Appropriations	21.088.000	-45.073.000	2.987.000
Retained Profit	9.858.000	90.376.000	115.443.000

Balance Sheet

Financial Year	2010	2009	2008
Number of Weeks	52	52	52
Currency	SEK	SEK	SEK
Consolidated Accounts	N	N	N
Land & Buildings	53.931.000	57.825.000	61.719.000
Plant & Machinery	238.033.000	283.245.000	358.013.000
Other Tangible Assets	19.544.000	24.274.000	21.034.000
Total Tangible Assets	311.508.000	365.344.000	440.766.000
Goodwill	0	0	0
Other Intangible Assets	6.522.000	6.702.000	6.785.000
Total Intangible Assets	6.522.000	6.702.000	6.785.000
Loans To Group	0	0	0
Other Loans	0	0	0
Miscellaneous Fixed Assets	486.000	486.000	386.000
Total Other Fixed Assets	486.000	486.000	386.000
TOTAL FIXED ASSETS	318.516.000	372.532.000	447.937.000
Work In Progress	0	0	0
Other Inventories	124.056.000	142.004.000	337.903.000
Total Inventories	124.056.000	142.004.000	337.903.000
Trade Receivables	82.901.000	91.608.000	43.098.000
Group Receivables	303.902.000	259.186.000	650.844.000
Miscellaneous Receivables	34.353.000	27.594.000	36.184.000
Total Receivables	421.156.000	378.388.000	730.126.000
Cash	15.740.000	18.688.000	31.202.000
Other Current Assets	0	0	0
TOTAL CURRENT ASSETS	560.952.000	539.079.000	1.099.231.000
TOTAL ASSETS	879.468.000	911.611.000	1.547.168.000
Trade Payables	101.237.000	88.568.000	73.767.000
Bank Liabilities	0	0	0
Group Payables	82.458.000	41.095.000	106.843.000
Miscellaneous Liabilities	70.179.000	145.701.000	115.581.000
TOTAL CURRENT LIABILITIES	253.874.000	275.364.000	296.191.000
Bank Liabilities Due After 1 Year	0	0	0
Other Loans Or Finance Due After 1 Year	0	0	0
Group Payables After 1 Year	0	0	0

Miscellaneous Liabilities Due After 1 Year	464.929.000	485.439.000	548.545.000
TOTAL LONG TERM LIABILITIES	464.929.000	485.439.000	548.545.000
TOTAL LIABILITIES	718.803.000	760.803.000	844.736.000
Called Up Share Capital	50.000.000	50.000.000	50.000.000
Share Premium	0	0	0
Revenue Reserves	100.665.000	90.808.000	642.432.000
Other Reserves	10.000.000	10.000.000	10.000.000
TOTAL SHAREHOLDERS EQUITY	160.665.000	150.808.000	702.432.000

Other Financials

Contingent Liabilities	116.013.000	93.213.000	185.537.000
Working Capital	307.078.000	263.715.000	803.040.000
Net Worth	154.143.000	144.106.000	695.647.000

Ratios

Pre-Tax Profit Margin	-0.25 %	8.04 %	6.97 %
Return On Capital Employed	-0.48 %	14.08 %	8.76 %
Return On Total Assets Employed	-0.61 %	18.34 %	10.43 %
Return On Net Assets Employed	-3.35 %	110.86 %	22.98 %
Sales/Net Working Capital	6.95	7.89	2.88
Stock Turnover Ratio	5.81 %	6.83 %	14.59 %
Debtor Days	14.17	16.08	6.79
Creditor Days	17.30	15.54	11.63
Current Ratio	2.21	1.96	3.71
Liquidity Ratio/Acid Test	1.72	1.44	2.57
Current Debt Ratio	1.58	1.83	0.42
Gearing
Equity In Percentage	18.42 %	16.67 %	45.61 %
Total Debt Ratio	4.47	5.04	1.20

Credit Score

Current Credit Limit	50.000.000 SEK
Current Contract Limit	532.900.000 SEK
Date of Latest Rating Change	11/07/2009
Previous Credit Limit	10.000.001.000 SEK

Contact Information

Main Address
Address	Country	Telephone
, 44483 STENUNGSUND	SWEDEN	0303-87500

Other Address

Address Country

No other addresses for this company.

Email Addresses

info.stenungsund@ineos.com

Web Pages

No information for this company.

Share Capital Structure

Issued Share Capital 50.000.000 SEK

Directors/Managers

Current Directors

Name	Appointment Date	Position
Lars Wilhelm Josefsson	19/11/2001	Actual Member of Board
Decadt, Ghislain Georges Jose	04/01/2011	Actual Member of Board
Tane, Christopher Edward	10/03/2008	Actual Member of Board
Tuft, Geir	26/06/2007	Actual Member of Board
Bert Bohlin		Employee Representative
Reine Lennart Johansson	08/07/2009	Actual Member of Board
Claes Algot Valter Fossum	29/05/2000	Substitute
Lena Karlsson	26/05/2004	Substitute

Previous Directors

Name	Appointment Date	Position	Resignation Date
Tore Karl Erik Claesson	26/06/1996	Actual Member of Board	29/07/2011
Stangeby, Trond	04/07/2006	Actual Member of Board	29/07/2011
Schnurr, Otto	10/03/2008	Actual Member of Board	04/01/2011
Jenssen, Bjarne Erik Herbert	27/11/2009	Actual Member of Board	11/01/2010
Lars Wilhelm Josefsson	19/11/2001	Managing Director	27/11/2009
Leif Christer Jannesson		Actual Member of Board	08/07/2009
Frohde, Aage	02/12/2003	Actual Member of Board	10/03/2008
Rbsstad, Jan Sverre	15/06/2005	Actual Member of Board	26/06/2007

Group Structure

Ultimate Holding Parent
Ultimate Holding Company Name	KERLING AS
Ultimate Holding Company Country	NORWAY

Immediate Holding Parent

Affiliates

Subsidiary Companies

Subsidiary Name

No subsidiaries for this company

Affiliates

No affiliates for this company.

Other Information

Employee Information
Year	Number of Employees
2010	332
2009	334
2008	361
2007	371
2006	368

Advisors

Auditor Name PricewaterhouseCoopers AB

Additional Information

Tax Registrations
Registered for Tax	Yes
Registered for VAT	Yes
Registered for Employee Tax	Yes

Certificates

Type Category Issuer

No certificate information for this company.

Industry Comparison

Activity Code 20160

Activity Description Manufacture of plastics in primary forms

Industry Average Credit Limit 10.816.000 SEK

Event History

Event Date Event Description

25/08/2011 Annual account, new

23/08/2011 Annual report (PDF), new

01/08/2011 Board, changed

01/08/2011 Authorised signatory, changed

01/08/2011 Company representatives, changed

05/07/2011 Certificate, deregistered

29/03/2011 Phone number, new

29/03/2011 Fax number, new

14/01/2011 Board, changed

14/01/2011 Authorised signatory, changed

14/01/2011 Company representatives, changed

05/01/2011 Company representatives, changed

05/01/2011 Board, changed

05/01/2011 Authorised signatory, changed

25/08/2010 Annual account, new

17/08/2010 Annual report (PDF), new

29/01/2010 Annual account, new

18/01/2010 Annual report (PDF), new

12/01/2010 Authorised signatory, changed

12/01/2010 Company representatives, changed

12/01/2010 Board, changed

11/12/2009 Board, changed

11/12/2009 Company representatives, changed

11/12/2009 Authorised signatory, changed

28/11/2009 Company representatives, changed

28/11/2009 Board, changed

28/11/2009 Authorised signatory, changed

17/11/2009 Annual account, new

03/11/2009 Annual report (PDF), new

09/07/2009 Board, changed

09/07/2009 Company representatives, changed

09/07/2009 Authorised signatory, changed

08/12/2008 Board, changed

08/12/2008 Company representatives, changed

25/07/2008 Annual account, new

14/07/2008 Annual report (PDF), new

28/03/2008 Address, changed

18/03/2008 Authorised signatory, changed

18/03/2008 Board, changed

18/03/2008 Company representatives, changed

13/03/2008 Board, changed

13/03/2008 Company representatives, changed

13/03/2008 Authorised signatory, changed

11/03/2008 Company representatives, changed

11/03/2008 Board, changed

11/03/2008 Company business activity, changed

11/03/2008 Authorised signatory, changed

11/09/2007 Board, changed

11/09/2007 Authorised signatory, changed

10/07/2007 Annual account, new

27/06/2007 Company representatives, changed

27/06/2007 Board, changed

27/06/2007 Authorised signatory, changed

26/09/2006 Board, changed

26/09/2006 Company representatives, changed

Negative Information

Debt balance at the Swedish Enforcement Agency

Number of Private Claims

Balance of Private Claims

Number of Public Claims

Balance of Public Claims

Total Balance

Record of non-payment

Number of distraint attempts and repossessions

Number of public claims

Number of private claims

Number of applications for an order to pay

Number of reclaimed/revoked applications

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.47.89
UK Pound	1	Rs.75.31
Euro	1	Rs.65.64

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.

Basic Information
Business Name
Registered Company Name	INEOS Sverige AB
Company Registration Number	5560276635
Country	SWEDEN
VAT Registration Number	SE556027663501
Date of Company Registration	01/03/1929
Legal Form	Limited liability company
Company Status	Active
Currency of this Report	SEK
Principal Activity Description	Bolaget skall tillverka och fbrsalja fbretradesvis kemiska produkter samt att fbrvalta fast och lbs egendom avensom att idka annan darmed fbrenlig verksamhet. (The company will manufacture and fbrsalja fbretradesvis chemical products and that fbrvalta firm, AS WELL AS lbs estate to pursue other fbrenlig activity.)
Contact Address	44483 STENUNGSUND
Contact Telephone Number	0303-87500

Activities

20160	Manufacture of plastics in primary forms
20130	Manufacture of other inorganic basic chemicals
20140	Manufacture of other organic basic chemicals
20110	Manufacture of industrial gases