MIRA INFORM REPORT

Report Date :

20.04.2012

IDENTIFICATION DETAILS

Name :	ALBEMARLE EUROPE SPRL
Registered Office :	Parc Scientifique Einstein 9 Ottignies-Louvain-La-Neuve, Post Code 1348
Country :	Belgium
Financials (as on) :	31.12.2010
Date of Incorporation :	13.05.1964
Com. Reg. No.:	403062021
Legal Form :	Private Limited Company
Line of Business :	Wholesale of chemical products for industrial use
No. of Employees :	100

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

Maximum Credit Limit :	19.900.000 (€)
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, 2012

Country Name	Previous Rating (31.12.2011)	Current Rating (31.03.2012)
Belgium	a1	a1

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

Company summary

Business number	403062021	Company name	ALBEMARLE EUROPE SPRL
Address	PARC SCIENTIFIQUE EINSTEIN 9 OTTIGNIES-LOUVAIN-LA-NEUVE	Telephone number	010481711
Post code	1348	Fax number	010481717
Date of establishment	13/05/1964	Number of staff	100

Credit information

Company status	active
Credit Limit (€)	19.900.000
Purchase Limit	129.000.000

Ultimate holding company

Company name	Company Number
Albemarle Europe SPRL	403062021

Accounts & ratios

DATE OF LATEST ACCOUNTS	TURNOVER	PROFIT BEFORE TAX	NET WORTH
31/12/2010	708,013,522	18,716,246	193,584,483
31/12/2009	517,897,598	-51,415,805	203,453,692
31/12/2008	642,291,523	-19,957,836	148,016,894

Accounts & ratios

DATE OF LATEST ACCOUNTS	BALANCE TOTAL	INVESTMENTS	CAPITAL	CASH FLOW	NUMBER OF EMPLOYEES
31/12/2010	1,208,465,033	863,919,149	223,430,353	46,018,928	91
31/12/2009	1,158,428,253	948,885,273	223,430,353	4,644,667	103
31/12/2008	1,167,806,997	905,400,223	167,853,574	9,175,795	119

Trends

Profitability
Liquidity
Net worth

Payment expectations

Past payments		Payment expectation days	66.27
Industry average payment expectation days	56.81	Industry average day sales outstanding	94.19
Day sales outstanding	20.56

Court data summary

BANKRUPTCY DETAILS
Court action type	no
PROTESTED BILLS
Bill amount	-
NSSO DETAILS
Date of summons	-

Business number	403062021	Company name	ALBEMARLE EUROPE SPRL
Fax number	010481717	Date founded	13/05/1964
Company status	active	Company type	Private Limited Company (BL/LX)
Currency	Euro (€)	Date of latest accounts	31/12/2010
Activity code	46751	liable for VAT	yes
Activity description	Wholesale of chemical products for industrial use	VAT Number	BE.0403.062.021
Belgian Bullettin of Acts Publications	moniteur belge

Contractor detailsCheck Article 30 Bis

Registered contractor number	-
Contractor description	-
Date struck off register

Personnel limit NSSO

Code	-
Description	FROM 100 TO 199 EMPLOYEES

Joint Industrial Committee (JIC)

JIC Code	218
Description	Additional national joint committee for the employees
category

Significant Events

Event Date	22/03/2011
Event Description
Event Details	Rectifiication-acte du 16/12/09: Le capital est fixé à 223430352.72 euros (et non 294854188.72 euros).

Profit & loss

Annual accounts	31-12-2010	%	31-12-2009	%	31-12-2008	Industry average 2010	%
Weeks	52		52		52
Currency	EUR		EUR		EUR
Turnover	708,013,522	36.71	517,897,598	-19.37	642,291,523	56,215,983	1159
Total operating expenses	657,464,576	23.28	533,323,330	-15.25	629,290,115	52,956,500	1141
Operating result	50,548,946	327	-15,425,732	-218	13,001,408	1,148,624	4300
Total financial income	46,879,753	120	21,236,943	-53.12	45,299,907	522,886	8865
Total financial expenses	78,712,453	37.54	57,227,016	-26.87	78,259,151	536,442	14573
Results on ordinary operations before taxation	18,716,246	36.40	-51,415,805	-157	-19,957,836	1,113,655	1580
Taxation	1,031,087	1282	74,586	-74.17	288,777	276,401	273
Results on ordinary operations after taxation	17,685,159	34.35	-51,490,391	-154	-20,246,613	903,666	1857
Extraordinary items	1,253,315	7.15	-17,526,881	-31679	55,500	105,116	1092
Other appropriations	0	-100	8426	0.01	8425	0	-
Net result	18,938,474	27.44	-69,008,846	-241	-20,182,688	1,007,920	1778
OTHER INFORMATION
Dividends	-	-	-	-	-	3,062,123	-
Director remuneration	-	-	-	-	-	254,005	-
Employee costs	15,158,267	10.24	13,749,708	12.55	12,216,596	1,364,365	1011
Wages and salary	9,638,881	4.82	9,195,472	7.37	8,564,217	970,488	893
Employee pension costs	-	-	-	-	-	85,294	-
Social security contributions	3,127,187	-3.09	3,227,001	21.91	2,647,101	297,974	949
Other employee costs	2,392,199	80.24	1,327,235	32.03	1,005,279	86,543	2664
Amortization and depreciation	12,990,614	135	5,525,661	774	631,944	327,793	3863

balance sheet

Annual accounts	31-12-2010	%	31-12-2009	%	31-12-2008	Industry average 2010	%
Weeks	52		52		52
Currency	EUR		EUR		EUR
Intangible fixed assets	45,537,772	-	16,754,879	-	14,216,271	199,774	22694
Tangible fixed assets	4,076,397	-5.20	4,299,951	-23.30	5,606,520	1,419,021	187
Land & building	2,863,513	-14.79	3,360,659	-12.89	3,857,806	766,714	273
Plant & machinery	821,987	23.50	665,579	154	261,489	1,321,806	-37.81
Other tangible assets	390,897	42.81	273,713	-81.60	1,487,225	128,105	205
Financial fixed assets	863,919,149	-8.95	948,885,273	4.80	905,400,223	6,378,403	13444
Total fixed assets	913,533,318	-5.82	969,940,103	4.83	925,223,014	5,863,363	15480
Inventories	91,890,219	9.12	84,211,711	-20.49	105,919,148	3,443,996	2568
Raw materials & consumables	121,558	-70.36	410,116	-10.97	460,637	3,718,349	-96.73
Work in progress	0	-	0	-	0	79,171	-100
Finished goods	91,768,661	9.51	83,801,595	-20.54	105,458,511	1,644,420	5480
Other stocks	0	-	0	-	0	132,343	-100
Trade debtors	39,887,941	35.55	29,427,563	0.39	29,311,787	3,136,059	1171
Cash	46,018,928	890	4,644,667	-49.38	9,175,795	672,345	6744
other amounts receivable	117,089,988	67.02	70,105,074	-28.42	97,945,040	2,507,197	4570
Miscellaneous current assets	44,639	-54.97	99,135	-57.31	232,213	2,321,563	-98.08
Total current assets	294,931,715	56.47	188,488,150	-22.30	242,583,983	10,842,870	2620
CURRENT LIABILITIES
Trade creditors	119,370,373	-4.69	125,249,901	-26.06	169,386,391	2,899,250	4017
Short term group loans	-	-	-	-	-	0	-
Other short term loans	79,811,558	84.54	43,250,000	-53.12	92,250,000	1,959,502	3973
Miscellaneous current liabilities	26,865,996	4.94	25,601,133	1830	1,326,483	1619	- -
Total current liabilities	226,047,927	16.46	194,101,034	-26.19	262,962,874	6,368,337	3449
LONG TERM DEBTS
Long term group loans	-	-	-	-	-	-	- -
Other long term loans	742,692,468	0.06	742,264,724	-0.01	742,370,995	11971	- -
Other long term liabilities	602,383	-67.51	1,853,924	672	239,963	268,908	124
Total long term debts	743,294,851	-0.11	744,118,648	0.20	742,610,958	2,817,180	26284
SHAREHOLDERS EQUITY
Issued share capital	223,430,353	0	223,430,353	33.11	167,853,574	4,365,863	5017
Share premium account	-	-	-	-	-	6,376,953	-
Reserves	15,691,902	487	-3,221,782	57.32	-5,620,409	2,361,071	564
Revaluation reserve	-	-	-	-	-	208,027	-
Total shareholders equity	239,122,255	8.59	220,208,571	35.74	162,233,165	7,010,857	3310
Working capital	68,883,788	1227	-5,612,884	27.54	-20,378,891	4,474,532	1439
Net worth	193,584,483	-4.85	203,453,692	37.45	148,016,894	6,811,083	2742

ratio analysis

Annual accounts	31-12-2010	change(%)	31-12-2009	change(%)	31-12-2008	Industry average 2010	%
TRADING PERFORMANCE
Profit Before Tax	2.64	26.59	-9.93	-219	-3.11	116,00	-97.72
Return on capital employed	1.91	35.83	-5.33	-141	-2.21	-10,00	19.10
Return on total assets employed	1.55	34.91	-4.44	-159	-1.71	3,00	-48.33
Return on net assets employed	7.83	33.53	-23.35	-89.84	-12.30	-199,00	3.93
Sales / net working capital	10.28	11.14	-92.27	-192	-31.52	13,00	-99
Stock turnover ratio	12.98	-20.17	16.26	-1.39	16.49	18,00	-27.89
Debtor days	20.56	-0.87	20.74	24.49	16.66	100,00	-79.44
Creditor days	66.27	-22.69	85.72	-12.75	98.25	154,00	-56.97
SHORT TERM STABILITY
Current ratio	1.30	34.02	0.97	5.43	0.92	16,00	-94.58
Liquidity ratio / acid ratio	0.90	66.67	0.54	3.85	0.52	16,00	-94.38
Current debt ratio	0.95	7.95	0.88	-45.68	1.62	24,00	-96.04
Liquidity ratio reprocessed	-	-	-	-	-	-	-
LONG TERM STABILITY
Gearing	343.97	-3.57	356.71	-30.66	514.46	3.504,00	-90.18
Equity in percentage	20.56	6.58	19.29	37.20	14.06	-15,00	137
Total debt ratio	4.05	-4.93	4.26	-31.29	6.20	42,00	-90.36

Industry comparison

Activity code	46751
Activity description	Wholesale of chemical products for industrial use
Industry average credit limit	167313.70

Suspension of payments / moratorium history

Amount	-
Details	-

Payment expectations

Payment expectation days	66.27
Day sales outstanding	20.56

Industry comparison

Activity code	46751
Activity description	Wholesale of chemical products for industrial use
Industry average payment expectation days	56.81
Industry average day sales outstanding	94.19

Industry quartile analysis

Payment expectations
Company result	66.27
Lower	85.13
Median	60.73
Upper	46.66
Day sales outstanding
Company result	20.56
Lower	71.49
Median	41.16
Upper	24.60

Summary

Group - Number of Companies	3
Linkages - Number of Companies	6
Number of Countries	4

Group Structure

Company name	Number	Latest financials
- ALBEMARLE EUROPE SPRL	403062021	31-12-2010
- - ALBEMARLE GLOBAL FINANCE COMPANY SCA	889712011	31-12-2010
- - ALBEMARLE CHEMICALS LTD SOC.ETR. E.P.B.

Minority Shareholders

No minority shareholders found

Minority Interests

Business number	Company name	%	Limit	Date of accounts
-	ALBEMARLE NETHERLANDS SPRL	6.25	-	-

Companies that match this address

no Companies Match this address

Linked Companies

NAME	NUMBER	LATEST KEY FINANCIALS	LIMIT	TURNOVER
ALBEMARLE	-	31.12.2010	€10.050.000	€1.639.783.469
MARTINSWERK GMBH	HRB 39941	31.12.2009	€1.700.000	€259.663.140
ALBEMARLE JAPAN HOLDINGS B.V.	27184883	31.12.2009	€335.000	-
ALBERMARLE DEUTSCHLAND GMBH	HRB 41403	31.12.2009	€905.000	-
ALBEMARLE CHEMICALS U.K. LIMITED	04778866	31.12.2010	£125.000	£13.503.000
ALBEMARLE GRUNDSTÜCKSHOLDING GMBH & CO. KG	HRA 25151	31.12.2009	€145.000	€2.060.213

Protested bills

Drawee name	-
Address	-
Bill amount	-
Bill currency	-
Maturity of bill	-
Name of drawer	-
City of drawer	-

NSSO details

Business number	403062021
Name of defendant	-
Legal form of defendant	-
Date of summons	-
Labour court	-

Bankruptcy details

There is no bankruptcy data against this company

court data

there is no data for this company

Current director details

Name	PHILIPPE CLEMENT
Position	Principal Manager
Street	59 STROMBEEKLINDE GRIMBERGEN
Post code	1853
Country	Belgium
Name	PHILIPPE CLÉMENT
Position	Principal Manager
Date of birth	11/05/1968
Street	59 STROMBEEKLINDE GRIMBERGEN
Post code	1853
Country	Belgium

Former director details

Name	GILBERT SOORS
Position	Managing Director
Street	2 AVENUE DE LA BRIDE WAVRE
Post code	1300
Country	Belgium
Name	ANTHONY PARNELL
Position	Managing Director
Street	9 AVENUE DE LA RENARDIÈRE LASNE
Post code	1380
Country	Belgium

Name	DIRK BETLEM
Position	Managing Director
Street	44 JACHTHOORNLAAN BONHEIDEN
Post code	2820
Country	Belgium
Name	DIRK BETLEM
Position	Non Statutory Partner
Street	44 JACHTHOORNLAAN BONHEIDEN
Post code	2820
Country	Belgium

Name	MATTHEW JUNEAU
Position	Principal Manager
Street	42 CHEMIN D'ODRIMONT LASNE
Post code	1380
Country	Belgium
Name	STEPHANE LECLEF
Position	Principal Manager
Street	3 AVENUE PAUL DELVAUX OTTIGNIES-LOUVAIN-LA-NEUVE
Post code	1340
Country	Belgium

Name	STEPHANE LECLEF
Position	Managing Director
Street	3 AVENUE PAUL DELVAUX OTTIGNIES-LOUVAIN-LA-NEUVE
Post code	1340
Country	Belgium
Name	RICHARD SABALOT
Position	Principal Manager
Street	14 STERRENLAAN HOEILAART
Post code	1560
Country	Belgium

Name	ALEXIS VAN BAVEL
Position	Commissioner
Street	209 RUE DE LA STATION WALHAIN
Post code	1457
Country	Belgium
Name	SILVIO GHYOOT
Position	Principal Manager
Street	28 BOSSTRAAT DIEST
Post code	3294
Country	Belgium

Name	HUBERT CUIJPERS
Position	Principal Manager
Street
Post code
Country	The Netherlands
Name	T AVANT
Position	Director
Street	FLORIDA BOULEVARD
Post code
Country	United States

Name	MARK ROHR
Position	Principal Manager
Street	451 FLORIDA STREET BATON ROUGE
Post code	70801
Country	United States
Name	LUTHER C KISSAM
Position	Principal Manager
Street
Post code
Country	United States

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.51.89
UK Pound	1	Rs.83.18
Euro	1	Rs.68.06

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.