MIRA INFORM REPORT

Report Date :

01.02.2012

IDENTIFICATION DETAILS

Name :	INEOS VINYLS SALES GMBH

Registered Office :	Inhausersieler Strasse 25 Wilhelmshaven, 26388

Country :	Germany

Financials (as on) :	31.12.2010

Date of Incorporation :	15.06.2005

Com. Reg. No.:	131775

Legal Form :	Private Subsidiary

Line of Business :	Wholesale of chemical products

No. of Employees :	25

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Moderate
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 – September 30, 2011

Country Name

Previous Rating

(30.06.2011)

Current Rating

(30.09.2011)

Germany

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

Company name and address

Top of Form

Bottom of Form

INEOS Vinyls Sales GmbH

Inhausersieler Strasse 25


Wilhelmshaven, 26388
Germany

Tel:	+49 (0) 4425 9801
Fax:	+49 (0) 4425 982217

$\\vivek\D\Ineos Vinyls Sales GmbH_files\arrow.gif$ www.ineoschlor.com

Employees:	25
Company Type:	Private Subsidiary
Corporate Family:	102 Companies
Ultimate Parent:	INEOS AG

Incorporation Date:	15-Jun-2005

Financials in:	USD (mil)

Fiscal Year End:	31-Dec-2010
Reporting Currency:	Euro
Annual Sales:	459.6
Total Assets:	26.4

Business Description

INEOS Vinyls Sales GmbH is primarily engaged in wholesale of industrial chemicals (aniline, printing ink, essential oils, industrial gases, chemical glues, colouring matter, synthetic resin, methanol, paraffin, scents and flavourings, soda, industrial salt, acids and sulphur, starch derivatives, etc.); wholesale of fertilisers and agro-chemical products; wholesale of plastic materials in primary forms; and wholesale of rubber.

Industry

Industry	Chemical Manufacturing
ANZSIC 2006:	3323 - Industrial and Agricultural Chemical Product Wholesaling
NACE 2002:	5155 - Wholesale of chemical products
NAICS 2002:	4246 - Chemical and Allied Products Merchant Wholesalers
UK SIC 2003:	5155 - Wholesale of chemical products
US SIC 1987:	5169 - Chemicals and Allied Products, Not Elsewhere Classified

Key Executives

Name	Title
Gerold Jelschen	Geschäftsführer

Corporate Overview

Location
Inhausersieler Strasse 25
Wilhelmshaven, 26388
Germany

Tel:	+49 (0) 4425 9801
Fax:	+49 (0) 4425 982217

$\\vivek\D\Ineos Vinyls Sales GmbH_files\externalright.gif$ www.ineoschlor.com

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Sales EUR(mil):	459.6
Assets EUR(mil):	26.4
Employees:	25
Fiscal Year End:	31-Dec-2010

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Industry:	Chemical Manufacturing

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Incorporation Date:	15-Jun-2005
Company Type:	Private Subsidiary
Quoted Status:	Not Quoted
Registered No.(DEU):	131775

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Geschäftsführer:	Gerold Jelschen

Contents

Industry Codes

Business Description

Financial Data

Key Corporate Relationships

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Industry Codes

ANZSIC 2006 Codes:
3323	-	Industrial and Agricultural Chemical Product Wholesaling

NACE 2002 Codes:
5155	-	Wholesale of chemical products

NAICS 2002 Codes:
4246	-	Chemical and Allied Products Merchant Wholesalers

US SIC 1987:
5169	-	Chemicals and Allied Products, Not Elsewhere Classified

UK SIC 2003:
5155	-	Wholesale of chemical products

Business Description

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More Business Descriptions

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All Other Chemical Product and Preparation Manufacturing

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Financial Data

Financials in:	EUR(mil)
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Revenue:	459.6
Assets:	26.4
Current Assets:	26.4
Total Liabilities:	26.4
Issued Capital:	0.0
Net Worth:	0.6
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Date of Financial Data:	31-Dec-2010

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1 Year Growth

38.1%

Key Corporate Relationships

Bank:	Deutsche Bank
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Corporate Structure News

INEOS Vinyls Sales GmbH
Total Corporate Family Members: 102

Company Name	Company Type	Location	Country	Industry	Sales ( mil)	Employees
INEOS AG	Parent	Rolle	Switzerland	Oil and Gas Operations	28,400.0	15,500
Ineos Group Ltd.	Subsidiary	Lyndhurst	United Kingdom	Biotechnology and Drugs		15,500
Ineos Group Holdings Ltd.	Subsidiary	Lyndhurst	United Kingdom	Chemical Manufacturing	22,912.7	8,458
Ineos Koln Gmbh	Subsidiary	Köln	Germany	Fabricated Plastic and Rubber	1,265.0	2,080
Hydro Polymers	Subsidiary	Oslo	Norway	Chemical Manufacturing	176.0	1,690
Hydro Polymers NL der HydroAluminium	Subsidiary	Hamburg	Germany	Chemicals - Plastics and Rubber	1.0	5
Ineos Manufacturing France Sas	Subsidiary	Lavera	France	Fabricated Plastic and Rubber	583.1	1,197
Ineos Nova Llc	Subsidiary	Channahon, IL	United States	Fabricated Plastic and Rubber	3,100.0	1,170
Ineos Nova International Sa	Subsidiary	Fribourg	Switzerland	Chemical Manufacturing	3,700.0	1,170
Ineos Styrenics Netherlands B.V.	Subsidiary	Breda, Noord-Brabant	Netherlands	Chemicals - Plastics and Rubber	29.3	190
Ineos Styrenics Wingles Sas	Subsidiary	Wingles	France	Fabricated Plastic and Rubber	25.5	149
Ineos Styrenics Ribecourt S.A.S.	Subsidiary	Ribecourt Dreslincourt	France	Chemicals - Plastics and Rubber	12.0	73
INEOS NOVA Trelleborg	Subsidiary	Trelleborg	Sweden	Chemical Manufacturing	22.3	50
INEOS NOVA Sweden AB	Subsidiary	Trelleborg	Sweden	Chemicals - Plastics and Rubber	58.0	44
INEOS NOVA Marl	Subsidiary	Marl	Germany	Chemical Manufacturing
INEOS Styrenics	Branch	Pasadena, TX	United States	Chemical Manufacturing	125.5	112
INEOS Styrenics	Branch	Indian Orchard, MA	United States	Fabricated Plastic and Rubber	101.9	85
Ineos Phenol	Subsidiary	Theodore, AL	United States	Chemical Manufacturing	82.4	520
Vinyls Italia SpA	Subsidiary	Venezia, Venezia	Italy	Fabricated Plastic and Rubber	252.5	435
INEOS Vinyls Deutschland GmbH	Subsidiary	Wilhelmshaven	Germany	Fabricated Plastic and Rubber	107.4	410
Caprihans India Limited	Subsidiary	Mumbai	India	Containers and Packaging	1,910.2	356
Ineos	Subsidiary	La Porte, TX	United States	Retail (Specialty)	162.4	350
Ineos Norge AS	Subsidiary	Stathelle	Norway	Chemicals - Plastics and Rubber	4,419.0	337
INEOS Sverige AB	Subsidiary	Stenungsund, Västra Götaland	Sweden	Chemical Manufacturing	2,131.4	332
Svenskt Natron AB	Subsidiary	Danderyd	Sweden	Chemical Manufacturing	620.0	5
INEOS Phenol GmbH	Subsidiary	Gladbeck	Germany	Chemical Manufacturing	1,773.4	300
Ineos LLC USA	Subsidiary	Lima, OH	United States	Chemical Manufacturing	164.7	300
Ineos Abs	Subsidiary	North Bend, OH	United States	Chemicals - Plastics and Rubber	286.5	266
Chevron Phillips Chemical Co	Branch	Port Arthur, TX	United States	Chemical Manufacturing	230.2	230
Ineos Phenol Gmbh & Co Kg	Subsidiary	Beveren-Waas	Belgium	Chemical Manufacturing	213.4	208
Ineos Feluy	Subsidiary	Feluy	Belgium	Chemical Manufacturing	66.0	199
Styrolution Köln GmbH	Subsidiary	Köln, Nordrhein-Westfalen	Germany	Fabricated Plastic and Rubber	246.8	174
Ineos ABS (India) Limited	Subsidiary	Vadodara	India	Chemical Manufacturing	7,478.5	84,230
Elix Polymers Sociedad Limitada	Subsidiary	Tarragona	Spain	Chemical Manufacturing	138.6	239
INEOS ABS (Thailand) Co. Ltd.	Subsidiary	Rayong	Thailand	Chemical Manufacturing
INEOS Paraform GmbH & Co. KG	Subsidiary	Mainz, Rheinland-Pfalz	Germany	Chemical Manufacturing	55.1	151
Ineos Bamble AS	Subsidiary	Stathelle	Norway	Chemicals - Plastics and Rubber	2,649.0	143
Ineos Paraform Holdings Ltd.	Subsidiary	Lyndhurst	United Kingdom	Business Services	54.5	138
Ineos Paraform Ltd.	Subsidiary	Lyndhurst	United Kingdom	Commercial Banks	0.2
INEOS Melamines GmbH	Subsidiary	Frankfurt Am Main, Hessen	Germany	Fabricated Plastic and Rubber	72.0	114
INEOS Styrenics Germany GmbH	Subsidiary	Marl, Nordrhein-Westfalen	Germany	Fabricated Plastic and Rubber	7.7	106
Ineos Oxide	Subsidiary	Plaquemine, LA	United States	Chemical Manufacturing	40.1	73
INEOS Vinyls Sales GmbH	Subsidiary	Wilhelmshaven, Niedersachsen	Germany	Chemical Manufacturing	459.6	25
Ineos Phenol	Subsidiary	Cary, IL	United States	Chemical Manufacturing	11.5	21
Ineos France Sas	Subsidiary	Martigues	France	Chemical Manufacturing	526.0	14
Ineos Vinyls Belgium	Subsidiary	Zwijndrecht	Belgium	Chemical Manufacturing	2.1	5
INEOS Manufacturing Deutschland GmbH	Subsidiary	Köln, Nordrhein-Westfalen	Germany	Chemical Manufacturing	559.1	2
Ineos Vinyls Group Ltd.	Subsidiary	Lyndhurst	United Kingdom	Commercial Banks
Hawkslease Finance Co. Ltd.	Subsidiary	Runcorn	United Kingdom	Real Estate Operations
Ineos Vinyls Holdings Ltd.	Subsidiary	Runcorn	United Kingdom	Business Services
Ineos Vinyls Investments Ltd.	Subsidiary	Runcorn	United Kingdom	Business Services
Ineos Vinyls (Ii) Ltd.	Subsidiary	Runcorn	United Kingdom	Commercial Banks
Ineos Vinyls Ltd.	Subsidiary	Runcorn	United Kingdom	Chemical Manufacturing
Ineos Technologies (Vinyls) Ltd.	Subsidiary	Lyndhurst	United Kingdom	Chemical Manufacturing	18.7	22
Ineos Films Ltd.	Subsidiary	Lyndhurst	United Kingdom	Chemical Manufacturing	100.8
Ineos Compounds UK Ltd	Subsidiary	Frodsham	United Kingdom	Chemicals - Plastics and Rubber	0.6
Ineos Trustees Ltd.	Subsidiary	Lyndhurst	United Kingdom	Personal Services
Ineos Investment Holdings Ltd.	Subsidiary	Lyndhurst	United Kingdom	Commercial Banks
Ineos Enterprises Group Ltd.	Subsidiary	Runcorn	United Kingdom	Commercial Banks
Ineos Enterprises Ltd.	Subsidiary	Runcorn	United Kingdom	Chemical Manufacturing	198.5	441
Ici Asiatic Chemical Co Ltd	Subsidiary	Praksa Muang, Samut Prakan	Thailand	Chemical Manufacturing		91
Ineos Enterprises Ii Ltd.	Subsidiary	Runcorn	United Kingdom	Commercial Banks
Ineos Enterprises Newco 1 Ltd.	Subsidiary	Runcorn	United Kingdom	Commercial Banks
Ineos European Holdings Ltd.	Subsidiary	Lyndhurst	United Kingdom	Business Services
Ineos Manufacturing Scotland Ltd.	Subsidiary	Grangemouth	United Kingdom	Oil and Gas Operations	450.9	1,205
Ineos Europe Ltd.	Subsidiary	Lyndhurst	United Kingdom	Chemical Manufacturing	15,451.8	244
Ineos Fuels Ltd.	Subsidiary	Lyndhurst	United Kingdom	Oil and Gas Operations	625.4	1
Ineos Nitriles (UK) Ltd.	Subsidiary	Middlesbrough	United Kingdom	Chemical Manufacturing	343.7	209
Ineos Manufacturing (Hull) Ltd.	Subsidiary	Lyndhurst	United Kingdom	Chemical Manufacturing	37.8	43
Ineos Procurement Ltd.	Subsidiary	Runcorn	United Kingdom	Business Services	1.3	3
Ineos Marketing Support Ltd.	Subsidiary	Lyndhurst	United Kingdom	Business Services	0.0
Ineos Nominee Ltd.	Subsidiary	Lyndhurst	United Kingdom	Real Estate Operations
Ineos Nitriles Ltd.	Subsidiary	Middlesbrough	United Kingdom	Chemical Manufacturing
Ineos Group Life Assurance Trustee Ltd.	Subsidiary	Lyndhurst	United Kingdom	Insurance (Life)
Ineos Technical Services Ltd.	Subsidiary	Lyndhurst	United Kingdom	Engineering Consultants
Ineos 2009A Ltd.	Subsidiary	Lyndhurst	United Kingdom	Commercial Banks
Ineos 2009B	Subsidiary	Lyndhurst	United Kingdom	Miscellaneous Financial Services
Kerling ASA	Subsidiary	Oslo	Norway	Chemicals - Plastics and Rubber
Ineos Norway Spv Ltd.	Subsidiary	Runcorn	United Kingdom	Commercial Banks
Ineos Chlorvinyls Holdings Ltd.	Subsidiary	Runcorn, Cheshire	United Kingdom			2,440
Ineos Vinyls UK Ltd	Subsidiary	Thornton Cleveleys	United Kingdom	Chemicals - Plastics and Rubber	515.2	165
Evc Pension Trustees Ltd.	Subsidiary	Runcorn	United Kingdom	Investment Services
Ineos Vinyls Finance Plc	Subsidiary	Hampshire	United Kingdom	Public Sector and Government	0.0
Ineos Industrial Investments Ltd.	Subsidiary	Runcorn	United Kingdom	Nonclassifiable Industries
Ineos Chlor Newco 2 Ltd.	Subsidiary	Runcorn	United Kingdom	Commercial Banks
Ineos Chlorvinyls Ltd.	Subsidiary	Runcorn	United Kingdom	Chemical Manufacturing	393.3	913
INEOS Chlor Atlantik GmbH	Subsidiary	Wilhelmshaven	Germany	Chemical Manufacturing	47.8	150
Ineos Enterprises France Sas	Subsidiary	Verdun	France	Chemical Manufacturing	11.9	115
Ineos Chlor Sales International Ltd.	Subsidiary	Runcorn	United Kingdom	Chemical Manufacturing	0.1	79
Ineos Chlor Quimica Sa	Subsidiary	Barcelona	Spain	Chemical Manufacturing	2.4	4
INEOS Chlor Americas Inc	Subsidiary	Wilmington, DE	United States	Miscellaneous Capital Goods	2.8	3
Ineos Chlor Energy Ltd.	Subsidiary	Runcorn	United Kingdom	Commercial Banks
Ineos Chlor Trustees Ltd.	Subsidiary	Runcorn	United Kingdom	Investment Services
Ineos Newton Aycliffe Ltd	Subsidiary	Newton Aycliffe	United Kingdom	Fabricated Plastic and Rubber	223.3	321
Ecovinyl Ltd.	Subsidiary	Newton Aycliffe	United Kingdom	Fabricated Plastic and Rubber
Hypol Pension Trustees Ltd.	Subsidiary	Newton Aycliffe	United Kingdom	Business Services
INEOS Films & Compounds	Subsidiary
INEOS Films GmbH	Subsidiary	Staufen	Germany	Chemical Manufacturing	90.1	580
Bilcare Research	Subsidiary	New Castle, DE	United States	Miscellaneous Fabricated Products	12.6	65
INEOS Compounds Sweden AB	Subsidiary	Helsingborg, Skåne	Sweden	Chemical Manufacturing	259.3	58
INEOS Compounds Switzerland AG	Subsidiary	Sins, Aargovia	Switzerland	Chemical Manufacturing		35
Ineos Compounds France Sas	Subsidiary	Mourmelon Le Grand	France	Fabricated Plastic and Rubber	0.9	34
INEOS Films Italia S.r.l.	Subsidiary	Castiglione Olona	Italy	Chemical Manufacturing

Executives Report

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Executives

Name

Title

Function

Gerold Jelschen

Geschäftsführer

Chief Executive Officer

Annual Profit & Loss

	31-Dec-2010	31-Dec-2009	31-Dec-2008
Period Length	12 Months	12 Months	12 Months
Filed Currency	EUR	EUR	EUR
Exchange Rate (Period Average)	1	1	1
Consolidated	No	No	No

Total income	459.6	332.8	469.3
Raw materials and services	435.3	311.8	445.1
Net sales	459.6	332.8	469.3
Other operating income	4.7	3.6	5.0
Raw materials and consumables employed	435.3	311.8	445.1
Cost of goods sold	435.3	311.8	445.1
Cost of raw materials	435.3	311.8	445.1
Taxes and social security costs	0.4	0.3	0.3
Total payroll costs	2.1	1.7	1.7
Other operating costs	52.0	44.6	48.8
Net operating income	0.9	0.6	3.2
Other income	1.0	0.0	0.3
Interest payable on loans	0.0	0.0	0.0
Total expenses	-0.9	0.0	-0.3
Profit before tax	1.9	0.6	3.5
Provisions	4.4	4.8	8.1
Extraordinary expenses	0.3	-	-
Extraordinary result	-0.3	-	-
Other taxes	-	-	0.0
Total taxation	0.0	-	-
Profit distributed to shareholders	-1.6	-0.6	-3.5

ANNUAL BALANCE SHEET

Financials in: EUR (mil)

	31-Dec-2010	31-Dec-2009	31-Dec-2008
Filed Currency	EUR	EUR	EUR
Exchange Rate	1	1	1
Consolidated	No	No	No

Issued capital	0.0	0.0	0.0
Capital reserves	0.6	0.6	0.6
Total stockholders equity	0.6	0.6	0.6
Other provisions	3.8	4.5	7.8
Provision for pensions	0.7	0.3	0.3
Provisions and allowances	4.4	4.8	8.1
Total long-term liabilities	0.0	0.0	0.0
Trade creditors	2.2	1.2	1.9
Taxation and social security	2.9	0.7	0.3
Due to group companies	16.2	59.5	33.2
Total current liabilities	21.4	61.3	35.4
Total liabilities (including net worth)	26.4	66.8	44.1
Participating interest	0.0	0.0	0.0
Total financial assets	0.0	0.0	0.0
Total non-current assets	0.0	0.0	0.0
Finished goods	0.2	0.2	0.1
Net stocks and work in progress	0.2	0.2	0.1
Trade debtors	1.6	1.9	0.2
Other receivables	14.8	32.2	34.1
Total receivables	25.5	63.3	37.8
Owing from associated companies	9.1	29.3	3.5
Cash and liquid assets	0.7	3.2	6.2
Total current assets	26.4	66.8	44.1
Total assets	26.4	66.8	44.1

ANNUAL RATIOS

Financials in: EUR (mil)

	31-Dec-2010	31-Dec-2009	31-Dec-2008
Period Length	12 Months	12 Months	12 Months
Filed Currency	EUR	EUR	EUR
Exchange Rate	1	1	1
Consolidated	No	No	No

Current ratio	12.35	10.88	12.45
Acid test ratio	12.26	10.85	12.42
Total liabilities to net worth	3.57%	10.22%	5.91%
Net worth to total assets	0.00%	0.00%	0.00%
Current liabilities to net worth	3.57%	10.22%	5.91%
Current liabilities to stock	11.40%	26.92%	30.45%
Fixed assets to net worth	0.00%	0.00%	0.00%
Collection period	11.00	22.00	-
Stock turnover rate	-	0.01	-
Profit margin	0.00%	0.00%	0.00%
Return on assets	0.01%	0.00%	0.01%
Shareholders' return	0.27%	0.10%	0.58%
Sales per employee	1,584.82	1,188.60	1,805.05
Profit per employee	6.47	2.17	13.31
Average wage per employee	7.16	6.18	6.51
Net worth	0.6	0.6	0.6
Number of employees	29	28	26

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.49.68
UK Pound	1	Rs.78.17
Euro	1	Rs.65.52

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.

MIRA INFORM REPORT

Company name and address

Corporate Overview

Financial Data

Corporate Structure News

Executives Report

Annual Profit & Loss

Unit