MIRA INFORM REPORT

Report Date :

12.05.2012

IDENTIFICATION DETAILS

Name :	SOLVAY CHEMICALS INTERNATIONAL SA

Registered Office :	Rue De Ransbeek 310 Bruxelles 1120

Country :	Belgium

Financials (as on) :	31.12.2010

Date of Incorporation :	07.08.1969

Com. Reg. No.:	406804736

Legal Form :	Public Limited Liability Company (BE)

Line of Business :	Activities of holding companies

No. of Employees :	50 Approximately

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 :	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, 2012

Country Name

Previous Rating

(31.12.2011)

Current Rating

(31.03.2012)

Belgium

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

REGISTERED NAME & COMPANY SUMMARY

Business number		406804736	Company name	SOLVAY CHEMICALS INTERNATIONAL SA
Telephone number	022642111
Address		RUE DE RANSBEEK 310 BRUXELLES	Fax number	022643061
Post code		1120	Number of staff	50
Date of establishment		07/08/1969
Business number		406804736	Company name	SOLVAY CHEMICALS INTERNATIONAL SA
Fax number		022643061	Date founded	07/08/1969
Company status		active	Company type	Public Limited Liability Company (BE)
Currency		Euro (€)	Date of latest accounts	31/12/2010
Activity code		64200	liable for VAT	yes
Activity description		Activities of holding companies	VAT Number	BE.0406.804.736
Belgian Bullettin of Acts Publications		moniteur belge

DIRECTORS/MANAGEMENT

Current director details

Name	LUC LEBRUN
Position	Director
Date of birth	20/10/1960
Street	66 RUE LOSSIGNOL NIVELLES
Post code	1401
Country	Belgium

Name	HAROLD DE LAVELEYE
Position	Director
Street	34 RUE EMILE FRANÇOIS GENAPPE
Post code	1474
Country	Belgium

Name	JÉRÔME SOUDAN
Position	Director
Street	38 AVENUE COGHEN BRUXELLES
Post code	1180
Country	Belgium

Name	JÉRÔME SOUDAN
Position	Managing Director
Street	38 AVENUE COGHEN BRUXELLES
Post code	1180
Country	Belgium

Name	CHRISTIANE (CHRISTINA) MALCORPS
Position	Chairman of the Board
Street	9 DE MERODESTRAAT GRIMBERGEN
Post code	1850
Country	Belgium

Name	CHRISTIANE (CHRISTINA) MALCORPS
Position	Director
Street	9 DE MERODESTRAAT GRIMBERGEN
Post code	1850
Country	Belgium

Name	GUILLAUME BUCCO
Position	Chairman of the Board
Street
Post code
Country	France

Name	GUILLAUME BUCCO
Position	Director
Street
Post code
Country	France

Name	FILIPE FERREIRA CONSTANT
Position	Managing Director
Street
Post code
Country

Name	JEROME SOUDAN
Position	Managing Director
Street
Post code
Country

Former director details

Name	EMIEL MES
Position	Managing Director
Street	2 AVENUE MAXIME VAN PRAAG BRUXELLES
Post code	1180
Country	Belgium

Name	EMIEL MES
Position	Director
Street	2 AVENUE MAXIME VAN PRAAG BRUXELLES
Post code	1180
Country	Belgium

Name	LUDWIG DECOSTER
Position	Chairman of the Board
Street	5 HEIBERG OVERIJSE
Post code	3090
Country	Belgium

Name	LUDWIG DECOSTER
Position	Director
Street	5 HEIBERG OVERIJSE
Post code	3090
Country	Belgium

Name	CHRISTIANE MALCORPS
Position	Director
Street	9 DE MERODESTRAAT GRIMBERGEN
Post code	1850
Country	Belgium

Name	CHRISTIANE MALCORPS
Position	Chairman of the Board
Street	9 DE MERODESTRAAT GRIMBERGEN
Post code	1850
Country	Belgium

Name	FILIPE CONSTANT
Position	Director
Street	25 AVENUE JULES CÉSAR BRUXELLES
Post code	1150
Country	Belgium

Name	FILIPE CONSTANT
Position	Managing Director
Street	25 AVENUE JULES CÉSAR BRUXELLES
Post code	1150
Country	Belgium

Name	ETIENNE ANDRÉ MARIE MONCOMBLE
Position	Director
Date of birth	13/04/1949
Street	25 AVENUE GÉNÉRAL DE GAULLE BRUXELLES
Post code	1050
Country	Belgium

Name	ETIENNE ANDRÉ MARIE MONCOMBLE
Position	Managing Director
Date of birth	13/04/1949
Street	25 AVENUE GÉNÉRAL DE GAULLE BRUXELLES
Post code	1050
Country	Belgium

NEGATIVE INFORMATION

Court data summary

Bankruptcy details
Court action type	no
Protested bills
Bill amount	-
NSSO details
Date of summons	-

Contractor details Check Article 30 Bis

Registered contractor number	-
Contractor description	-
Date struck off register

Personnel limit NSSO

Code	-
Description	FROM 50 TO 99 EMPLOYEES

Joint Industrial Committee (JIC)

NSSO details

Business number	406804736
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

SHARE & SHARE CAPITAL INFORMATION

Minority Shareholders

No minority shareholders found

Minority Interests

No minority interests found

PAYMENT INFORMATION

Payment expectations

Past payments		Payment expectation days	64.61
Industry average payment expectation days	85.64	Industry average day sales outstanding	283.92
Day sales outstanding	63.91

Suspension of payments / moratorium history

Amount	-
Details	-

Payment expectations

Payment expectation days	64.61
Day sales outstanding	63.91

GROUP STRUCTURE & AFFILIATED COMPANIES

Ultimate holding company

Company name		Company Number
Solvay NV		403091220

Summary

Group - Number of Companies	51
Linkages - Number of Companies	407
Number of Countries	51

Group Structure

Click the company to view / order a report.
Company name	Number	Latest financials
- SOLVAY NV	403091220	31-12-2010
- - FINANCIERE SOLVAY SA	439234113	31-12-2010
- - HESTIA NV	413879402	31-12-2010
- - RESOL & CIE SNC	448967963	31-12-2010
- - SOLVA NAFTA DEVELOPMENT AND FINANCING SA	806535402	31-12-2010
- - SOLVAY BENVIC ET CIE BELGIUM SNC	461989125	31-12-2010
- - SOLVAY CHEMICALS INTERNATIONAL SA	406804736	31-12-2010
- - SOLVAY CHIMIE NV	408249541	31-12-2010
- - SOLVAY PARTICIPATIONS BELGIQUE SA	403409340	31-12-2010
- - - SOLVAY PLASTKHIM SOC.ETR. E.P.B.
- - SOLVAY SPECIALTY POLYMERS BELGIUM NV	880405949	31-12-2010
- - 3S SOLAY SHARED SERVICES LDA BO
- - BLAIR INTERNATIONAL INSURANCE (CAYMAN) L...
- - DONASOL SARL SE
- - MOUGUERRE BRISCOUS IMMOBILIER SCI BO
- - NIPPON SOLVAY K.K. BO
- - SOCIETA BARIO E DERIVATI (SABED) SPA BO
- - SOCIETA ELETTROCHEMICA SOLFURI E CLORODE...
- - SOL.MARE SRL BO
- - SOLSAR IMMO SCI BO
- - SOLVAY (SCHWEIZ) AG
- - SOLVAY ADVANCED POLYMERS K.K. BO
- - SOLVAY AMERICA INC BO
- - SOLVAY ASIA PACIFIC PTE LTD BO
- - SOLVAY BENVIC FRANCE SAS BO
- - SOLVAY BENVIC ITALIA SPA BO
- - SOLVAY CHEM-SPOL S.R.O. BO
- - SOLVAY CHEMIA SP ZOO BO
- - SOLVAY CHIMICA ITALIA SPA BO
- - SOLVAY CHIMIE SRL BO
- - SOLVAY CHIMIKA NV
- - SOLVAY FINANCE FRANCE NV
- - SOLVAY FINANCE LUXEMBOURG BO
- - SOLVAY FINANCE NV
- - SOLVAY FINANZIARA SPA BO
- - SOLVAY GMBH BO
- - SOLVAY IBERICA SL BO
- - SOLVAY INTEROX PTY LTD BO
- - SOLVAY KEMIA KFT BO
- - SOLVAY KEMIJA D.O.O. BO
- - SOLVAY KIMYA LTD STI BO
- - SOLVAY NORWAY A/S BO
- - SOLVAY SWEDEN A.B.BO
- - SOLVAY-CARBONATE-FRANCE SAS BO
- - SOLVAY-ELECTROLYSE-FRANCE SAS SE
- - SOLVAY-FLUORES-FRANCE SAS BO
- - SOLVAY-OLEFINES-FRANCE SAS
- - SOLVAY-SLOVCHEM SPOL SRO BO
- - SOLVAY-SPECIALITES-FRANCE SAS BO
- - SOLVEN SPA BO
- - SOLVAY HOLDING NEDERLAND SA

Linked Companies

Click the company to view / order a report.

Name	number	Latest Key financials	Turnover
ABBOTT LABORATORIES	-	31.12.2011	€26.963.188.979
SOLVAY FINANCE FRANCE	757801261	31.12.2010	-
RHODIA OPERATIONS	622037083	31.12.2010	€1.981.350.965
SOLVAY PARTICIPATIONS FRANCE	420837684	31.12.2010	-
RHODIANYL	399135482	31.12.2010	-
RHODIA HOLDINGS LIMITED	03129113	31.12.2010	-
SOLVAY FINANCE IRELAND	IE361534	31.12.2010	€7.625.700
AMO REGIONAL HOLDINGS	IE399685	31.12.2010	€44.158.167
SOLVAY LUXEMBOURG S.À R.L.	-	31.12.2005	-
SOLVAY GMBH	HRB 53686	31.12.2010	€1.195.886.000
RHODIA FINANCE	402899157	31.12.2010	-
RHODIA LIMITED	00213674	31.12.2010	-
RHODIA PARTICIPATIONS	414860304	31.12.2010	-
HORIZON IMMOBILIEN GMBH	HRB 206592	31.12.2010	-
ABBOTT LABORATORIES LIMITED	00329102	31.12.2010	£538.877.000
SOLVAY UK HOLDING COMPANY LIMITED	02767184	31.12.2010	-
MUREX BIOTECH LIMITED	02670649	31.12.2010	£17.029.000
RHODIA INTERNATIONAL HOLDINGS LIMITED	00058373	31.12.2010	-
PIPELIFE NORGE AS	980457575	31.12.2010	€78.757.898
ABBOTT INVESTMENTS LIMITED	02981281	31.12.2010	-

FINANCIAL INFORMATION

Accounts & ratios

Date of latest accounts	Turnover	Profit Before Tax	Net worth
31/12/2010	1,832,329,169	4,781,295	253,096,254
31/12/2009	1,714,936,008	13,250,034	251,277,076
31/12/2008	1,958,784,720	-21,318,582	337,342,109

Accounts & ratios

Date of latest accounts	Balance Total	Investments	Capital	Cash Flow	Number of Employees
31/12/2010	596,295,230	114,225,701	210,047,432	0	50
31/12/2009	1,314,182,532	114,225,701	210,047,432	1,458	52
31/12/2008	2,892,859,127	113,999,242	210,047,432	9,590	56

Trends

Profitability
Liquidity
Net worth

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	1,832,329,169	6.85	1,714,936,008	-12.45	1,958,784,720	4,695,727	38921
Total operating expenses	1,828,239,876	7.59	1,699,344,399	-12.00	1,931,039,647	4,363,886	41794
Operating result	4,089,293	-73.77	15,591,609	-43.80	27,745,073	87,003	4600
Total financial income	12,254,064	-69.55	40,243,420	-69.01	129,872,857	1,212,104	910
Total financial expenses	11,562,062	-72.85	42,584,995	-76.20	178,936,513	568,699	1933
Results on ordinary operations before taxation	4,781,295	-63.91	13,250,034	62.15	-21,318,582	617,008	674
Taxation	174	-99	130,598	-78.90	619,013	35,600	-99
Results on ordinary operations after taxation	4,781,121	-63.56	13,119,436	59.80	-21,937,595	590,865	709
Extraordinary items	-331,750	-152780	-217	-100	181,520,626	-84,834	-291
Other appropriations	0.00	-	0	-	0	0	-
Net result	4,449,371	-66.09	13,119,219	-91.78	159,583,031	505,551	780
other information
Dividends	4,404,220	-	-	-	-	4,381,366	0.52
Director remuneration	-	-	-	-	-	478,811	-
Employee costs	5,790,852	9.01	5,312,319	-8.19	5,786,128	463,957	1148
Wages and salary	3,869,331	8.91	3,552,731	-9.89	3,942,805	375,056	931
Employee pension costs	28,635	-	24,433	-	38,148	19,233	48.89
Social security contributions	1,234,323	6.82	1,155,528	4.53	1,105,501	108,633	1036
Other employee costs	658,562	13.62	579,626	-17.16	699,674	10,201	6355
Amortization and depreciation	1,774,028	0.00	1,774,028	0	1,774,028	93,760	1792

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	4,730,742	-	6,504,770	-	8,278,799	89,541	5183
Tangible fixed assets	47,160	-	-	-	-	481,468	-90.21
Land & building	-	-	-	-	-	745,597	-
Plant & machinery	-	-	-	-	-	35,696	-
Other tangible assets	47,160	-	0	-	0	62,620	-24.69
Financial fixed assets	114,225,701	0.00	114,225,701	0.20	113,999,242	27,494,696	315
Total fixed assets	119,003,603	-1.43	120,730,472	-1.27	122,278,041	19,524,393	509
Inventories	24,030,147	4.63	22,966,352	-21.53	29,267,434	346,398	6837
Raw materials & consumables	2,040	-3.70	2,118	-44.32	3,804	199,281	-98.98
Work in progress	0	-	0	-	0	1,895	-100
Finished goods	24,028,108	4.63	22,964,234	-21.53	29,263,629	5,137	467645
Other stocks	0	-	0	-100	1	19,555	-100
Trade debtors	320,827,627	18.98	269,655,667	-33.92	408,063,358	316,971	101116
Cash	0	-99	1,458	-84.80	9,590	374,092	-99
other amounts receivable	10,044,095	98.68	5,055,407	-99	785,743,897	3,485,660	188
Miscellaneous current assets	122,389,758	-86.34	895,773,176	-42.11	1,547,496,807	2,438,327	4919
Total current assets	477,291,627	-60.01	1,193,452,060	-56.92	2,770,581,086	6,624,151	7105
current liabilities
Trade creditors	323,615,749	20.39	268,799,850	-9.35	296,531,219	177,055	182676
Short term group loans	-	-	-	-	-	0	-
Other short term loans	3,072,051	-99	680,133,734	-69.54	2,233,002,771	2,303,539	33.36
Miscellaneous current liabilities	8,957,397	-91.46	104,856,818	678	13,464,670	469	- -
Total current liabilities	335,645,197	-68.15	1,053,790,402	-58.56	2,542,998,660	4,036,557	8215
Long term debts
Long term group loans	-	-	-	-	-	-	- -
Other long term loans	-	-	-	-	-	-	- -
Other long term liabilities	2,823,037	8.15	2,610,284	-38.43	4,239,559	246,505	1045
Total long term debts	2,823,037	8.15	2,610,284	-38.43	4,239,559	3,517,181	-19.74
shareholders equity
Issued share capital	210,047,432	0.00	210,047,432	0	210,047,432	8,183,175	2466
Share premium account	36,874,865	0	36,874,865	0	36,874,865	105,709,358	-65.12
Reserves	10,904,699	0.42	10,859,549	-89.00	98,698,611	4,737,406	130
Revaluation reserve	-	-	-	-	-	1,479,462	-
Total shareholders equity	257,826,996	0.02	257,781,846	-25.41	345,620,908	17,477,846	1375
Working capital	141,646,430	1.42	139,661,658	-38.63	227,582,426	2,587,594	5374
Net worth	253,096,254	0.72	251,277,076	-25.51	337,342,109	17,379,718	1356

ratio analysis

Annual accounts	31-12-2010	change(%)	31-12-2009	change(%)	31-12-2008	Industry average 2010	%
Trading performance
Profit Before Tax	0.26	-66.23	0.77	70.64	-1.09	2.849,00	-99
Return on capital employed	1.83	-64.05	5.09	83.58	-6.09	31,00	-94.10
Return on total assets employed	0.80	-20.79	1.01	136	-0.74	-36,00	2.22
Return on net assets employed	1.85	-64.01	5.14	83.31	-6.17	38,00	-95.13
Sales / net working capital	12.94	5.37	12.28	42.62	8.61	2,00	-99
Stock turnover ratio	1.31	-2.24	1.34	-10.07	1.49	301,00	-99
Debtor days	63.91	11.36	57.39	-24.53	76.04	519,00	-87.69
Creditor days	64.61	11.90	57.74	3.02	56.05	42,00	53.83
short term stability
Current ratio	1.42	25.66	1.13	3.67	1.09	156,00	-29.00
Liquidity ratio / acid ratio	1.35	21.62	1.11	2.78	1.08	155,00	-99
Current debt ratio	1.30	-68.22	4.09	-44.43	7.36	2,00	-35.00
Liquidity ratio reprocessed	-	-	-	-	-	-	-
long term stability
Gearing	1.19	-99	263.84	-59.16	646.08	342,00	-99
Equity in percentage	43.58	121	19.71	64.52	11.98	-1.459,00	2.99
Total debt ratio	1.31	-68.05	4.10	-44.37	7.37	6,00	-78.17

Industry comparison

Activity code	64200
Activity description	Activities of holding companies
Industry average payment expectation days	85.64
Industry average day sales outstanding	283.92

Industry quartile analysis

Company result	64.61
Lower	161.73
Median	66.57
Upper	30.27

Company result	63.91
Lower	80.51
Median	29.39
Upper	8.77

FOREIGN EXCHANGE RATES

ADDITIONAL INFORMATION

Significant Events

Event Date	19/06/2008
Event Description	re-appointment of director(s)
Event Details	Commentaire 19-06-2008: L'AGE du 19 juin 2008 renouvelle le mandat de Jérôme Soudan et Etienne Moncombe comme administrateurs délégués et L. Decoster comme président du conseil d'administration jusqu'en 2014.

Event Date	11/06/2008
Event Description	re-appointment of director(s)
Event Details	Commentaire 11-06-2008: Renouvellement du mandat d'administrateur pour une durée de 6 ans: Monsieur Ludwig Decoster, Monsieur Luc Lebrun, Monsieur Jérôme Soudan et Monsieur Etienne Moncomble.

Industry comparison

Activity code	64200
Activity description	Activities of holding companies
industry average credit rating	53.18
Industry average credit limit	104658.32

Companies that match this address

Business number	Company name	Date of accounts
403091220	SOLVAY NV	31/12/2010
403409340	SOLVAY PARTICIPATIONS BELGIQUE SA	31/12/2010
408249541	SOLVAY CHIMIE NV	31/12/2010
423898710	SOLVAC NV	31/12/2010
425487035	SOLVAY COORDINATION INTERNATIONALE DES CRÉDITS COM	31/12/2010
430891915	PEPTISYNTHA SA	31/12/2010
444433511	2INGIS SA	31/03/2011
444433511	2INGIS SA	31/03/2011
462167980	SOLVAY AUTOMOT.MANAG.& RESEARCH EN LIQUIDATION SNC	31/12/2003
466279394	SOLVIN SA	31/12/2010
471737526	INERGY AUTOMOTIVE SYSTEMS RESEARCH SA	31/12/2010
473717811	DISTRIDENTA SPRL	31/12/2010
475775201	INEOS MANUFAC=INEOS NORGE A/S SA	-
806535402	SOLVA NAFTA DEVELOPMENT AND FINANCING SA	31/12/2010
812307395	SOLVAY ENERGY SA	31/12/2010
871521046	INEOS SERVICES BELGIUM SA	31/12/2010
871522234	INEOS SALES BELGIUM NV	31/12/2010
880410503	BASF INTEROX H202 PRODUCTION NV	31/12/2010

NOTES & COMMENTS

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.53.64
UK Pound	1	Rs.86.42
Euro	1	Rs.69.28

INFORMATION DETAILS

Report Prepared by :

PRL

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.