MIRA INFORM REPORT

Report Date :

26.11.2012

IDENTIFICATION DETAILS

Name :	INEOS COMMERCIAL SERVICES UK LTD.
Registered Office :	Hawkslease Chapel Lane, Lyndhurst, SO43 7FG
Country :	United Kingdom
Financials (as on) :	31.12.2011
Date of Incorporation :	19.11.2010
Com. Reg. No.:	07445497
Legal Form :	Private Subsidiary Company
Line of Business :	Sale of petrochemical products and support services to other companies in the ineos group.
No. of Employees :	194 employees

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

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 – June 30^th, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
United Kingdom	A1	A1

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

United Kingdom - ECONOMIC OVERVIEW

The UK, a leading trading power and financial center, is the third largest economy in Europe after Germany and France. Over the past two decades, the government has greatly reduced public ownership and contained the growth of social welfare programs. Agriculture is intensive, highly mechanized, and efficient by European standards, producing about 60% of food needs with less than 2% of the labor force. The UK has large coal, natural gas, and oil resources, but its oil and natural gas reserves are declining and the UK became a net importer of energy in 2005. Services, particularly banking, insurance, and business services, account by far for the largest proportion of GDP while industry continues to decline in importance. After emerging from recession in 1992, Britain's economy enjoyed the longest period of expansion on record during which time growth outpaced most of Western Europe. In 2008, however, the global financial crisis hit the economy particularly hard, due to the importance of its financial sector. Sharply declining home prices, high consumer debt, and the global economic slowdown compounded Britain's economic problems, pushing the economy into recession in the latter half of 2008 and prompting the then BROWN (Labour) government to implement a number of measures to stimulate the economy and stabilize the financial markets; these include nationalizing parts of the banking system, temporarily cutting taxes, suspending public sector borrowing rules, and moving forward public spending on capital projects. Facing burgeoning public deficits and debt levels, in 2010 the CAMERON-led coalition government (between Conservatives and Liberal Democrats) initiated a five-year austerity program, which aims to lower London's budget deficit from over 10% of GDP in 2010 to nearly 1% by 2015. In November 2011, Chancellor of the Exchequer George OSBORNE announced additional austerity measures through 2017 because of slower-than-expected economic growth and the impact of the euro-zone debt crisis. The CAMERON government raised the value added tax from 17.5% to 20% in 2011. It has pledged to reduce the corporation tax rate to 23% by 2015. The Bank of England (BoE) implemented an asset purchase program of up to £325 billion (approximately $525 billion) as of February 2011. During times of economic crisis, the BoE coordinates interest rate moves with the European Central Bank, but Britain remains outside the European Economic and Monetary Union (EMU).

Source : CIA

Company name & address

Ineos Commercial Services UK Ltd.

Hawkslease Chapel Lane

Lyndhurst, SO43 7FG

United Kingdom

(Registered Address)

Synthesis

Employees: 194

Company Type: Private Subsidiary

Corporate Family: 164 Companies

Ultimate Parent: INEOS AG

Quoted Status: Non-quoted Company

Incorporation Date: 19-Nov-2010

Auditor: PricewaterhouseCoopers LLP

Financials in: USD (Millions)

Fiscal Year End: 31-Dec-2011

Reporting Currency: Euro

Annual Sales: 6,365.3 1

Net Income: 381.0

Total Assets: 2,013.2

Business Description

Sale of petrochemical products and support services to other companies in theineos group.

Industry

Industry Business Services

ANZSIC 2006: 6999 - Other Professional, Scientific and Technical Services Not Elsewhere Classified

NACE 2002: 7487 - Other business activities not elsewhere classified

NAICS 2002: 5619 - Other Support Services

UK SIC 2003: 7487 - Other business activities not elsewhere classified

UK SIC 2007: 8299 - Other business support service activities n.e.c.

US SIC 1987: 7389 - Business Services, Not Elsewhere Classified

Key Executives

Name	Title
Yasin Stanley Ali	Secretary
Jonathan Frank Ginns	Legal Manager
Ian Mclagan Fyfe	Human Resource Director
Douglas David Gebbie	Director
Gordon Douglas Grant	Director

1 - Profit & Loss Item Exchange Rate: USD 1 = EUR 0.7191895

2 - Balance Sheet Item Exchange Rate: USD 1 = EUR 0.770327

Corporate Overview

Location

Hawkslease Chapel Lane

Lyndhurst, SO43 7FG

Hampshire County

United Kingdom

Sales EUR(mil): 4,577.9

Assets EUR(mil): 1,550.8

Employees: 194

Fiscal Year End: 31-Dec-2011

Industry: Business Services

Incorporation Date: 19-Nov-2010

Company Type: Private Subsidiary

Quoted Status: Not Quoted

Registered No.(UK): 07445497

Director: Leonardus Hendrik Heemskerk

Contents

Industry Codes

Business Description

Financial Data

Key Corporate Relationships

Industry Codes

ANZSIC 2006 Codes:

6999 - Other Professional, Scientific and Technical Services Not Elsewhere Classified

NACE 2002 Codes:

7487 - Other business activities not elsewhere classified

NAICS 2002 Codes:

5619 - Other Support Services

US SIC 1987:

7389 - Business Services, Not Elsewhere Classified

UK SIC 2003:

7487 - Other business activities not elsewhere classified

UK SIC 2007:

8299 - Other business support service activities n.e.c.

Business Description

Sale of petrochemical products and support services to other companies in theineos group.

Financial Data

Financials in:	EUR(mil)
Revenue:	4,577.9
Net Income:	274.0
Assets:	1,550.8
Current Assets:	1,372.5
Fixed Assets:	178.3
Long Term Debt:	27.0
Total Liabilities:	1,282.7
Issued Capital:	0.0
Working Capital:	116.8
Net Worth:	72.7
Date of Financial Data:	31-Dec-2011

1 Year Growth

NA

NA

NA

Key Corporate Relationships

Auditor:	PricewaterhouseCoopers LLP
Auditor:	PricewaterhouseCoopers LLP

	EUR(mil)
Audit Fees:	0.1
Non Audit Fees:	0.2
Audit Fiscal Year:	12-31-2011

Corporate Family	Corporate Structure News:
	INEOS AG Ineos Commercial Services UK Ltd.
Ineos Commercial Services UK Ltd. Total Corporate Family Members: 164

Company Name	Company Type	Location	Country	Industry	Sales (USD mil)	Employees
INEOS AG	Parent	Rolle	Switzerland	Oil and Gas Operations	41,717.7	15,500
Ineos Group Ltd.	Subsidiary	Lyndhurst	United Kingdom	Business Services		15,500
Ineos Group Holdings Plc	Subsidiary	Lyndhurst	United Kingdom	Chemical Manufacturing	37,660.0	14,811
Styrolution Group GmbH	Joint Venture	Ludwigshafen	Germany	Miscellaneous Financial Services		3,400
Styrolution ABS (India) Ltd	Subsidiary	Vadodara	India	Chemical Manufacturing	179.4	84,230
Styrolution GmbH	Subsidiary	Ludwigshafen	Germany	Fabricated Plastic and Rubber
Styrolution India Pvt. Ltd.	Subsidiary	Mumbai	India	Containers and Packaging
Styrolution (Thailand) Co., Ltd.	Subsidiary	Rayong	Thailand	Chemicals - Plastics and Rubber
Ineos Chlorvinyls Holdings Ltd.	Division	Runcorn	United Kingdom	Chemical Manufacturing		2,440
Ineos Vinyls UK Ltd	Subsidiary	Runcorn	United Kingdom	Chemicals - Plastics and Rubber	723.0	137
European Vinyls Corporation UK Ltd.	UK Branch/Trading address	Lyndhurst	United Kingdom	Chemical Manufacturing	723.0
Evc Pension Trustees Ltd.	Subsidiary	Runcorn	United Kingdom	Investment Services
Ineos Vinyls Finance Plc	Subsidiary	Runcorn	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	944.1	936
INEOS Chlor Atlantik GmbH	Subsidiary	Wilhelmshaven, Niedersachsen	Germany	Chemical Manufacturing	63.3	150
Ineos Enterprises France SAS	Subsidiary	Verdun	France	Chemical Manufacturing	15.7	115
Ineos Chlor Quimica Sa	Subsidiary	Barcelona	Spain	Chemical Manufacturing	3.3	4
INEOS Chlor Americas Inc	Subsidiary	Wilmington, DE	United States	Miscellaneous Capital Goods	2.8	3
Ineos Chlor Sales International Ltd.	Subsidiary	Runcorn	United Kingdom	Chemical Manufacturing	0.2	1
Ineos Vinyls Ltd.	Division	Runcorn	United Kingdom	Chemical Manufacturing
INEOS Vinyls	Facility	Stathelle	Norway	Construction - Supplies and Fixtures		350
Ineos Technologies (Vinyls) Ltd.	Subsidiary	Lyndhurst	United Kingdom	Chemical Manufacturing	17.7	21
Ineos Films Ltd.	Subsidiary	Lyndhurst	United Kingdom	Chemical Manufacturing
INEOS Köln GmbH	Subsidiary	Köln, Nordrhein-Westfalen	Germany	Fabricated Plastic and Rubber	2,569.4	2,000
INEOS Films & Compounds	Division	Lyndhurst	United Kingdom	Construction - Supplies and Fixtures		1,800
INEOS Compounds Italia Srl	Subsidiary	Ferrara	Italy	Chemicals - Plastics and Rubber	125.9	192
INEOS Compounds Sweden AB	Subsidiary	Helsingborg	Sweden	Chemicals - Plastics and Rubber	38.4	60
Ineos Compounds Uk Ltd	Subsidiary	Frodsham	United Kingdom	Chemicals - Plastics and Rubber	1.0	55
INEOS Compounds Switzerland AG	Subsidiary	Sins	Switzerland	Chemicals - Plastics and Rubber		40
INEOS Compounds France SAS	Subsidiary	Chalons-en-Champagne	France	Chemicals - Plastics and Rubber
Styrolution Koln GmbH	Subsidiary	Köln, Nordrhein-Westfalen	Germany	Chemicals - Plastics and Rubber	551.1	1,700
Elix Polymers Sociedad Limitada	Subsidiary	Tarragona	Spain	Chemical Manufacturing	193.1	239
INEOS ABS (Thailand) Co. Ltd.	Subsidiary	Rayong	Thailand	Chemical Manufacturing
INEOS NOVA International S.A.	Joint Venture	Fribourg	Switzerland	Containers and Packaging		1,250
Ineos Styrenics Netherlands B.V.	Subsidiary	Breda, Noord-Brabant	Netherlands	Chemicals - Plastics and Rubber	36.3	190
Ineos Styrenics Wingles Sas	Subsidiary	Wingles	France	Fabricated Plastic and Rubber	37.0	149
Ineos Nova Ribecourt SASU	Subsidiary	Ribecourt	France	Chemicals - Plastics and Rubber	19.0	73
INEOS NOVA Trelleborg	Subsidiary	Trelleborg	Sweden	Chemical Manufacturing	22.3	50
Styrolution Sweden AB	Subsidiary	Trelleborg	Sweden	Chemicals - Plastics and Rubber	8.6	46
INEOS NOVA Marl	Subsidiary	Marl	Germany	Chemical Manufacturing
Petroineos Manufacturing France Sas	Subsidiary	Lavera	France	Fabricated Plastic and Rubber	522.6	1,197
INEOS NOVA LLC	Subsidiary	Channahon, IL	United States	Containers and Packaging	3,100.0	1,170
INEOS Styrenics	Branch	Pasadena, TX	United States	Chemical Manufacturing	125.5	112
INEOS NOVA	Branch	Indian Orchard, MA	United States	Chemicals - Plastics and Rubber	101.9	70
INEOS Styrenics	Branch	Decatur, AL	United States	Chemical Manufacturing	5.0	5
INEOS Styrenics	Branch	Texas City, TX	United States	Retail (Specialty)	0.4	2
Ineos Phenol	Subsidiary	Theodore, AL	United States	Chemical Manufacturing	82.4	520
INEOS Vinyls Deutschland GmbH	Subsidiary	Wilhelmshaven, Niedersachsen	Germany	Fabricated Plastic and Rubber	142.2	410
Caprihans India Limited	Subsidiary	Mumbai	India	Containers and Packaging	41.3	357
INEOS Nitriles	Subsidiary	League City, TX	United States	Chemical Manufacturing	323.1	370
INEOS Nitriles - Green Lake Site	Facility	Port Lavaca, TX	United States	Chemical Manufacturing	5.0	200
INEOS Nitriles	Facility	Lima, OH	United States	Chemical Manufacturing		150
Ineos	Subsidiary	La Porte, TX	United States	Chemical Manufacturing	192.2	350
Ineos Norge AS	Subsidiary	Stathelle	Norway	Chemicals - Plastics and Rubber	730.8	337
INEOS Sverige AB	Subsidiary	Stenungsund, Västra Götaland	Sweden	Chemical Manufacturing	336.8	329
Ineos LLC USA	Subsidiary	Lima, OH	United States	Chemical Manufacturing	164.7	300
INEOS Olefins & Polymers USA	Subsidiary	League City, TX	United States	Chemical Manufacturing		300
INEOS Phenol GmbH	Subsidiary	Gladbeck, Nordrhein-Westfalen	Germany	Chemical Manufacturing	2,885.2	295
INEOS ABS Corporation	Subsidiary	Addyston, OH	United States	Construction - Supplies and Fixtures		266
Vinyls Italia SpA	Subsidiary	Venezia, Venezia	Italy	Fabricated Plastic and Rubber	369.3	251
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	250.7	208
Ineos Feluy	Subsidiary	Feluy	Belgium	Chemical Manufacturing	107.8	205
INEOS Paraform GmbH & Co. KG	Subsidiary	Mainz, Rheinland-Pfalz	Germany	Chemical Manufacturing	73.0	151
Ineos Paraform Holdings Ltd.	Subsidiary	Lyndhurst	United Kingdom	Business Services	83.5	141
Ineos Paraform Ltd.	Subsidiary	Lyndhurst	United Kingdom	Business Services	0.5
INEOS Melamines GmbH	Subsidiary	Frankfurt Am Main, Hessen	Germany	Fabricated Plastic and Rubber	110.4	114
INEOS Styrenics Germany GmbH	Subsidiary	Marl, Nordrhein-Westfalen	Germany	Fabricated Plastic and Rubber	10.9	103
Ineos Oxide	Subsidiary	Plaquemine, LA	United States	Chemical Manufacturing	40.1	73
INEOS Vinyls Sales GmbH	Subsidiary	Wilhelmshaven, Niedersachsen	Germany	Chemical Manufacturing	608.7	25
Ineos Phenol	Subsidiary	Cary, IL	United States	Chemical Manufacturing	11.5	21
Ineos France Sas	Subsidiary	Martigues	France	Chemical Manufacturing	1,025.9	14
Ineos Vinyls Belgium	Subsidiary	Zwijndrecht	Belgium	Chemical Manufacturing	16.2	4
INEOS Manufacturing Deutschland GmbH	Subsidiary	Köln, Nordrhein-Westfalen	Germany	Chemical Manufacturing	740.5	2
Ineos Vinyls Group Ltd.	Subsidiary	Lyndhurst	United Kingdom	Business Services
Hawkslease Finance Co. Ltd.	Subsidiary	Runcorn	United Kingdom	Commercial Banks
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	Business Services
Ineos Trustees Ltd.	Subsidiary	Lyndhurst	United Kingdom	Personal Services
Ineos Enterprises Group Ltd.	Subsidiary	Runcorn	United Kingdom	Commercial Banks
Ineos Enterprises Ltd.	Subsidiary	Runcorn	United Kingdom	Chemical Manufacturing	347.2	444
Iacc Chemical Solution Company Limited	Subsidiary	Muang, Samut Prakan	Thailand	Chemical Manufacturing		80
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 Chemicals Grangemouth Ltd.	Subsidiary	Lyndhurst	United Kingdom	Miscellaneous Fabricated Products	306.7	638
Petroineos Manufacturing Scotland Ltd.	Subsidiary	Grangemouth	United Kingdom	Miscellaneous Fabricated Products	466.7	595
Ineos Manufacturing Italia SpA	Subsidiary	Rosignano Marittimo, Livorno	Italy	Chemicals - Plastics and Rubber	45.5	258
Ineos Nitriles (UK) Ltd.	Subsidiary	Middlesbrough	United Kingdom	Chemical Manufacturing	555.2	206
Ineos Commercial Services UK Ltd.	Subsidiary	Lyndhurst	United Kingdom	Business Services	6,365.3	194
Ineos Manufacturing (Hull) Ltd.	Subsidiary	Runcorn	United Kingdom	Chemical Manufacturing	58.4	43
Ineos Sales Italia SRL	Subsidiary	Rosignano Marittimo, Livorno	Italy	Chemical Manufacturing	581.6	8
Ineos Marketing Support Ltd.	Subsidiary	Lyndhurst	United Kingdom	Business Services	0.0
Ineos Procurement Ltd.	Subsidiary	Runcorn	United Kingdom	Business Services	0.0
Ineos Nominee Ltd.	Subsidiary	Lyndhurst	United Kingdom	Commercial Banks
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	Investment Services
Ineos Services (Grangemouth) Ltd.	Subsidiary	Lyndhurst	United Kingdom	Oil and Gas Operations
Kerling ASA	Subsidiary			Chemicals - Plastics and Rubber
Ineos Norway Spv Ltd.	Subsidiary	Runcorn	United Kingdom	Commercial Banks
Ineos Newton Aycliffe Ltd	Subsidiary	Newton Aycliffe	United Kingdom	Fabricated Plastic and Rubber	395.2	304
Hypol Pension Trustees Ltd.	Subsidiary	Newton Aycliffe	United Kingdom	Miscellaneous Fabricated Products
Ecovinyl Ltd.	Subsidiary	Newton Aycliffe	United Kingdom	Miscellaneous Fabricated Products
Hydro Polymers	Subsidiary
INEOS Films & Compounds	Subsidiary
Bilcare Research	Subsidiary	New Castle, DE	United States	Miscellaneous Fabricated Products	12.6	65
Ineos Compounds France Sas	Subsidiary	Mourmelon Le Grand	France	Fabricated Plastic and Rubber	1.2	34
Ineos Industries Ltd.	Subsidiary	Lyndhurst	United Kingdom	Business Services	2,080.2	1,667
Ineos Technologies (Holdings) Ltd.	Subsidiary	Lyndhurst	United Kingdom	Business Services	90.4	79
Svenskt Natron AB	Subsidiary	Stenungsund	Sweden	Chemical Manufacturing	63.6	4
Ineos Holdings (Investments) Ltd.	Subsidiary	Lyndhurst	United Kingdom	Commercial Banks
Ineos Holdings Ltd.	Subsidiary	Lyndhurst	United Kingdom	Commercial Banks
Ineos Oxide Ltd.	Subsidiary	Lyndhurst	United Kingdom	Chemical Manufacturing	1,454.4	3
Ineos	Subsidiary	Zwijndrecht	Belgium	Chemical Manufacturing	838.8	473
Ineos Belgium	Subsidiary	Zwijndrecht	Belgium	Chemical Manufacturing	6.3	17
Ineos Oxide Gas Specialty	Subsidiary	Freeport, TX	United States	Chemical Manufacturing	14.0	14
Jcb International Asia Pacific Pte. Ltd.	Subsidiary	Singapore	Singapore	Chemical Manufacturing		12
Ineos Oxide	Subsidiary	Houston, TX	United States	Chemical Manufacturing	5.0	5
Ineos Italia SRL	Subsidiary	Milano, Milano	Italy	Business Services	1.7	5
Ineos U.K. Finance Co. Ltd.	Subsidiary	Lyndhurst	United Kingdom	Commercial Banks
Ineos Overseas Co. I Ltd.	Subsidiary	Lyndhurst	United Kingdom	Chemical Manufacturing
Ineos Overseas Co. Ii Ltd.	Subsidiary	Lyndhurst	United Kingdom	Chemical Manufacturing
Ineos U. S. Finance Co. Ltd.	Subsidiary	Lyndhurst	United Kingdom	Investment Services
INEOS Iberica	Subsidiary	Barcelona	Spain	Chemical Manufacturing
Ineos Investment Holdings (Germany) Ltd.	Subsidiary	Lyndhurst	United Kingdom	Commercial Banks
Ineos Treasury (Uk) Ltd.	Subsidiary	Lyndhurst	United Kingdom	Nonclassifiable Industries
Ineos Holdings International Ltd.	Subsidiary	Lyndhurst	United Kingdom	Nonclassifiable Industries
Ineos Investments International Ltd.	Subsidiary	Lyndhurst	United Kingdom	Commercial Banks
Ineos Silicas Holdings Ltd.	Subsidiary	Lyndhurst	United Kingdom	Business Services
Ineos Silicas	Branch	Joliet, IL	United States	Chemical Manufacturing	69.8	143
PQ Silicas South Africa Ltd	Subsidiary	Wadeville	South Africa	Chemical Manufacturing		65
Ineos Silicas Ltd.	Subsidiary	Lyndhurst	United Kingdom	Chemical Manufacturing
Ineos Silicas Trustees Ltd.	Subsidiary	Lyndhurst	United Kingdom	Investment Services
Ineos Fluor Holdings Ltd.	Subsidiary	Runcorn	United Kingdom	Commercial Banks
Ineos Fluor Ltd.	Subsidiary	Runcorn	United Kingdom	Chemical Manufacturing	27.7	235
Ineos Fluor Americas LLC	Subsidiary	St Gabriel, LA	United States	Chemical Manufacturing	43.9	80
Ineos Fluor Trustees Ltd.	Subsidiary	Lyndhurst	United Kingdom	Chemical Manufacturing
INEOS Fluor Japan Ltd.	Subsidiary	Mihara	Japan	Chemical Manufacturing
Ineos Fluor International Ltd.	Subsidiary		United Kingdom	Business Services
Ineos Fluor Partners Ltd.	Subsidiary	Runcorn	United Kingdom	Commercial Banks
Ineos Fluor Delaware Ltd.	Subsidiary	Runcorn	United Kingdom	Commercial Banks
Ineos Us Dss Ltd.	Subsidiary	Lyndhurst	United Kingdom	Commercial Banks
Ineos Properties Ltd.	Subsidiary	Lyndhurst	United Kingdom	Commercial Banks
Ineos Industries Holdings Ltd.	Subsidiary	Lyndhurst	United Kingdom	Business Services
Ineos Abs (UK) Ltd.	Subsidiary	Lyndhurst	United Kingdom	Business Services	1.5	7
Ineos Styrenics European Holding B.V.	Subsidiary	Breda, Noord-Brabant	Netherlands	Miscellaneous Financial Services	134.4
Ineos Styrenics Services B.V.	Subsidiary	Breda, Noord-Brabant	Netherlands	Biotechnology and Drugs	4.1	31
Ineos Styrenics UK Ltd.	Subsidiary	Manchester	United Kingdom	Business Services	1.4	4
INEOS Styrenics Manufacturing GmbH	Subsidiary	Marl, Nordrhein-Westfalen	Germany	Chemical Manufacturing	33.5	3
Ineos Healthcare Holdings Ltd.	Subsidiary	Lyndhurst	United Kingdom	Commercial Banks
Ineos Healthcare Ltd.	Subsidiary	Warrington	United Kingdom	Biotechnology and Drugs		26
Ineos Bio Holdings Ltd.	Subsidiary	Lyndhurst	United Kingdom	Commercial Banks
Ineos Bio Ltd.	Subsidiary	Lyndhurst	United Kingdom	Chemical Manufacturing	0.4
INEOS Bio	Subsidiary	Fayetteville, AR	United States	Engineering Consultants	6.2	30
Ineos Bio Resources Ltd.	Subsidiary	Lyndhurst	United Kingdom	Chemical Manufacturing
Ineos Bio Refinery (Seal Sands) Ltd.	Subsidiary	Lyndhurst	United Kingdom	Chemical Manufacturing
Ineos Finance PLC	Subsidiary	Lyndhurst	United Kingdom	Commercial Banks
Ineos Tenderco Ltd.	Subsidiary	Lyndhurst	United Kingdom	Investment Services

EXECUTIVE REPORT

Board of Directors

Name	Title	Function
Douglas David Gebbie	Director	Director/Board Member
Age: 49
Jonathan Frank Ginns	Legal Manager	Director/Board Member
Age: 39
Gordon Douglas Grant	Director	Director/Board Member
Age: 58
Leonardus Hendrik Heemskerk	Director	Director/Board Member
Age: 49
Graeme Leask	Director	Director/Board Member
Age: 44
Mervyn John Williams	Director	Director/Board Member
Age: 41

Executives

Name	Title	Function
Yasin Stanley Ali	Secretary	Company Secretary
Ian Mclagan Fyfe	Human Resource Director	Human Resources Executive
Age: 54
Jonathan Frank Ginns	Legal Manager	Legal Executive
Age: 39

Directors and Shareholders Report

Main Office Address: Hawkslease Chapel Lane Lyndhurst United Kingdom SO43 7FG

Annual Return Date: 19 Nov 2011

Individual Directors
Name	Status	DOB	Filed Address	Appointment Date	Resignation Date	Summary of Directorships
Ian Mclagan Fyfe	Current	22 Jun 1958	Bo'ness Road, Grangemouth, Grangemouth, Falkirk FK3 9XH	06 Jun 2012	NA	Current:2 Previous:2 Disqualifications:0
Gordon Douglas Grant	Current	24 Sep 1954	Hawkslease Chapel Lane, Lyndhurst, Hampshire SO43 7FG	06 Jun 2012	NA	Current:7 Previous:1 Disqualifications:0
Leonardus Hendrik Heemskerk	Current	20 Jun 1963	Bo'ness Road, Grangemouth, Grangemouth, Falkirk FK3 9XQ	21 Jul 2011	NA	Current:10 Previous:35 Disqualifications:0
Jonathan Frank Ginns	Current	03 Nov 1973	Po Box 62 Seal Sands, Middlesbrough, Cleveland TS2 1TX	30 Mar 2011	NA	Current:25 Previous:8 Disqualifications:0
Mervyn John Williams	Current	19 Jan 1971	Hawkslease Chapel Lane, Lyndhurst, Hampshire SO43 7FG	06 Jun 2012	NA	Current:1 Previous:0 Disqualifications:0
Douglas David Gebbie	Current	26 Feb 1963	Hawkslease Chapel Lane, Lyndhurst, Hampshire SO43 7FG	06 Jun 2012	NA	Current:2 Previous:0 Disqualifications:0
Graeme Leask	Current	20 Jun 1968	6 Bellflower Way, Eastleigh, Hampshire SO53 4HN	24 Jan 2011	NA	Current:57 Previous:9 Disqualifications:0
Simon Thomas David Brown	Previous	22 Apr 1960	2 Laverockbank Road, Edinburgh, Edinburgh, City of EH5 3DG	19 Nov 2010	26 Nov 2010	Current:12 Previous:146 Disqualifications:0
Bruce Farquhar	Previous	21 Apr 1972	1 Rutland Court, Edinburgh, Edinburgh, City of EH3 8EY	19 Nov 2010	26 Nov 2010	Current:10 Previous:35 Disqualifications:0
Philip Joachim De Klerk	Previous	25 Jan 1968	Hawkslease Chapel Lane, Lyndhurst, Hampshire SO43 7FG	26 Nov 2010	30 Jul 2011	Current:0 Previous:8 Disqualifications:0

Corporate Directors

There are no corporate directors for this company.

Individual Secretaries
Name	Status	DOB	Filed Address	Appointment Date	Resignation Date	Summary of Directorships
Yasin Stanley Ali	Current	NA	Hawkslease Chapel Lane, Lyndhurst, Hampshire SO43 7FG	31 Jan 2012	NA	Current:1 Previous:0 Disqualifications:0
Martin Howard Stokes	Previous	NA	Hawkslease Chapel Lane, Lyndhurst, Hampshire SO43 7FG	26 Nov 2010	31 Jan 2012	Current:0 Previous:1 Disqualifications:0

Corporate Secretaries
Company Name	Status	Registered Address	Appointment Date	Resignation Date
As Company Services Limited	Previous	1 Rutland Court, Edinburgh, Edinburgh, City of EH3 8EY	19 Nov 2010	26 Nov 2010

Individual Shareholders

There are no individual shareholders for this company.

Corporate Shareholders
Company Name	Registration Number	Share Details (As Reported)	Share Type	# of Shares	Share Price (GBP)	Share Value (GBP)	% of Total Shares
Ineos European Holdings Limited	05310700	1 Ordinary GBP 1.00	Ordinary	1	1.00	1.00	100.00

Annual Profit & Loss

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

	31-Dec-2011
Period Length	30 Weeks
Filed Currency	EUR
Exchange Rate (Period Average)	0.71919
Consolidated	No
Turnover (UK)	1,354.5
Turnover (Exports)	5,010.8
Total Turnover	6,365.3
Cost of Sales	6,238.8
Gross Profit	126.6
Depreciation	0.0
Other Expenses	30.3
Operating Profit	96.2
Other Income	13.4
Interest Paid	63.0
Exceptional Income	0.0
Discontinued Operations	0.0
Profit Before Taxes	46.5
Tax Payable / Credit	-334.5
Extraordinary Items/Debits	0.0
Dividends	0.0
Profit After Taxes	381.0
Minority Interests (Profit & Loss)	0.0
Audit Fees	0.2
Non Audit Fees	0.2
Number of Employees	194
Wages	9.0
Social Security Costs	0.9
Other Pension Costs	2.6
Employees Remuneration	12.5
Directors Remuneration	0.0
Highest Paid Director	0.0

Annual Balance Sheet

Financials in: USD (mil)

	31-Dec-2011
Filed Currency	EUR
Exchange Rate	0.770327
Consolidated	No
Land & Buildings	0.0
Fixtures & Fittings	0.1
Plant & Vehicles	0.0
Total Tangible Fixed Assets	0.1
Intangible Assets	231.3
Investments	0.0
Total Fixed Assets	231.4
Total Stocks Work In Progress	20.5
Trade Debtors	354.0
Inter-Company Debtors	976.0
Other Debtors	401.1
Total Debtors	1,731.0
Cash and Equivalents	30.2
Other Current Assets	0.0
Total Current Assets	1,781.7
Total Assets	2,013.2
Trade Creditors	513.9
Inter-Company Creditors	1,049.2
Hire Purchase (Current Liability)	0.0
Finance Lease (Current Liability)	0.0
Total Finance Lease/Hire Purchase (Current Liability)	0.0
Accruals/Deferred Income (Current Liability)	64.6
Other Current Liabilities	2.3
Total Current Liabilities	1,630.1
Group Loans (Long Term Liability)	21.5
Director Loans (Long Term Liability)	0.0
Hire Purchase (Long Term Liability)	0.0
Leasing (Long Term Liability)	0.1
Total Hire Purchase Loans (Long Term Liability)	0.1
Other Long Term Loans	0.0
Accruals/Deferred Income (Long Term Liability)	13.5
Other Long Term Liabilities	0.0
Total Long Term Liabilities	35.1
Deferred Taxation	0.0
Other Provisions	22.4
Total Provisions	22.4
Issued Capital	0.0
Share Premium Accounts	0.0
Revaluation Reserve	0.0
Retained Earnings	325.6
Other Reserves	0.0
Minority Interests (Balance Sheet)	0.0
Total Shareholders Funds	325.6
Net Worth	94.3

Annual Ratios

Financials in: USD (mil)

	31-Dec-2011
Period Length	30 Weeks
Filed Currency	EUR
Exchange Rate	0.770327
Consolidated	No
Current Ratio	1.09
Liquidity Ratio	1.08
Stock Turnover	503.08
Credit Period (Days)	12.54
Working Capital by Sales	1.47%
Trade Credit by Debtors	1.45
Return on Capital	19.66%
Return on Assets	3.74%
Profit Margin	0.73%
Return on Shareholders Funds	23.13%
Borrowing Ratio	1,135.40%
Equity Gearing	16.17%
Debt Gearing	22.90%
Interest Coverage	0.74
Sales by Tangible Assets	69,605.30
Average Remuneration per Employee	0.1
Profit per Employee	0.4
Sales per Employee	53.1
Capital Employed per Employee	2.0
Tangible Assets per Employee	0.0
Total Assets per Employee	10.4
Employee Remuneration by Sales	0.20%
Creditor Days (Cost of Sales Based)	18.58
Creditor Days (Sales Based)	18.21

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.55.34
UK Pound	1	Rs.88.30
Euro	1	Rs.71.37

INFORMATION DETAILS

Report Prepared by :

MNL

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.