MIRA INFORM REPORT

Report Date :

20.09.2012

IDENTIFICATION DETAILS

Name :	SOLVIN SA
Registered Office :	Rue De Ransbeek 310 Bruxelles 1120
Country :	Belgium
Financials (as on) :	31.12.2010
Date of Incorporation :	17.06.1999
Com. Reg. No.:	466279394
Legal Form :	Public Limited Liability Company (BE)
Line of Business :	Wholesale of chemical products for industrial use
No. of Employees :	100

RATING & COMMENTS

MIRA’s Rating :

A

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

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	A1	A1

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

BELGIUM - ECONOMIC OVERVIEW

This modern, open, and private-enterprise-based economy has capitalized on its central geographic location, highly developed transport network, and diversified industrial and commercial base. Industry is concentrated mainly in the more heavily-populated region of Flanders in the north. With few natural resources, Belgium imports substantial quantities of raw materials and exports a large volume of manufactures, making its economy vulnerable to volatility in world markets. Roughly three-quarters of Belgium's trade is with other EU countries, and Belgium has benefited most from its proximity to Germany. In 2011 Belgian GDP grew by 2.0%, the unemployment rate decreased slightly to 7.7% from 8.3% the previous year, and the government reduced the budget deficit from a peak of 6% of GDP in 2009 to 4.2% in 2011. Despite the relative improvement in Belgium's budget deficit, public debt hovers near 100% of GDP, a factor that has contributed to investor perceptions that the country is increasingly vulnerable to spillover from the euro-zone crisis. Belgian banks were severely affected by the international financial crisis in 2008 with three major banks receiving capital injections from the government, and the nationalization of the Belgian arm of a Franco-Belgian bank. An ageing population and rising social expenditures are mid- to long-term challenges to public finances.

Source : CIA

REGISTERED NAME & COMPANY SUMMARY

Business number	466279394	Company name	SOLVIN SA
Safe number	BE00416304	Telephone number	022642111
Address	RUE DE RANSBEEK 310 BRUXELLES	Fax number	022643061
Post code	1120	Number of staff	100
Date of establishment	17/06/1999

Business number	466279394	Company name	SOLVIN SA
Fax number	022643061	Date founded	17/06/1999
Company status	active	Company type	Public Limited Liability Company (BE)
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.0466.279.394
Belgian Bullettin of Acts Publications	moniteur belge

Contractor details Check 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	116
Description	Joint committee for the chemical industry
category

JIC Code	207
Description	Joint committee for the employees off he chemical industry
category

DIRECTORS/MANAGEMENT

Current director details

Name	DELOITTE BEDRIJFSREVISOREN/REVISEURS D'ENTREPRISES B.V. CVBA
Position	Commissioner
Date of birth	23/06/1986
Street	8 BERKENLAAN MACHELEN
Post code	1831
Country	Belgium
Name	MICHEL TCHAPIAN
Position	Director
Street	9 AVENUE ANDRÉ RYCKMANS BRUXELLES
Post code	1180
Country	Belgium

Name	LUDWIG DECCSTER
Position	Director
Street	8 HEIBERG OVERIJSE
Post code	3090
Country	Belgium
Name	ALAIN HANNEUSE
Position	Director
Street	30 AVENUE DES CONSTELLATIONS WATERLOO
Post code	1410
Country	Belgium

Name		EDOUARD JANSSEN
Position		Director
Street		33 RUE DE WYNANTS BRUXELLES
Post code		1000
Country		Belgium
Name		PHILIPPE TARANTI
Position		Director
Street		33 RUE DE LA TAILLE JEMEPPE-SUR-SAMBRE
Post code		5190
Country		Belgium
Name	FILIPE CONSTANT
Position	Managing Director
Street	65 RUE DE L'AUTOMNE BRUXELLES
Post code	1050
Country	Belgium
Name	FILIPE CONSTANT
Position	Chairman of the Board
Street	65 RUE DE L'AUTOMNE BRUXELLES
Post code	1050
Country	Belgium

Name	FILIPE CONSTANT
Position	Director
Street	65 RUE DE L'AUTOMNE BRUXELLES
Post code	1050
Country	Belgium
Name	FRANK SCHNEIDER
Position	Director
Street
Post code
Country

Former director details

Name	JACQUES VAN RYCKEVORSEL
Position	Chairman of the Board
Street	56 RUE DE L'ORME BRUXELLES
Post code	1030
Country	Belgium
Name	JACQUES VAN RYCKEVORSEL
Position	Director
Street	56 RUE DE L'ORME BRUXELLES
Post code	1030
Country	Belgium

Name	CHRISTIANE MALCORPS
Position	Director
Street	9 DE MERODESTRAAT GRIMBERGEN
Post code	1850
Country	Belgium
Name	SOLVIC SA
Position	Director
Date of birth	01/01/1949
Street	310 RUE DE RANSBEEK BRUXELLES
Post code	1120
Country	Belgium

Name	BRUNO VAN DER WIELEN
Position	Director
Street	7 AVENUE DE BOULOGNE-BILLANCOURT RIXENSART
Post code	1330
Country	Belgium
Name	BRUNO VAN DER WEME
Position	Director
Street	7 AVENUE DE BOULOGNE-BILLANCOURT RIXENSART
Post code	1330
Country	Belgium

Name	JACQUES SILVAIN DELMOITIEZ
Position	Director
Street	5 CHEMIN SAINT-LANDRY SOIGNIES
Post code	7060
Country	Belgium
Name	JACQUES DELMORTIEZ
Position	Director
Street	CHEMIN SAINT-LANDRY SOIGNIES
Post code	7060
Country	Belgium

Name	LUDWIG DECOSTER
Position	Director
Street	5 HEIBERG OVERIJSE
Post code	3090
Country	Belgium
Name	CHRISTIANE (CHRISTINA) MALCORPS
Position	Director
Street	9 DE MERODESTRAAT GRIMBERGEN
Post code	1850
Country	Belgium

Name	VINCENZO MORICI
Position	Director
Street	311 AVENUE MOLIÈRE BRUXELLES
Post code	1180
Country	Belgium
Name	VINCENZO MORICI
Position	Chairman of the Board
Street	311 AVENUE MOLIÈRE BRUXELLES
Post code	1180
Country	Belgium

Name	WAYNE SMITH
Position	Director
Street	33 AVENUE WELLINGTON BRUXELLES
Post code	1180
Country	Belgium
Name	PIERRE TUCOULAT
Position	Managing Director
Street	65 RUE DE L'AUTOMNE BRUXELLES
Post code	1050
Country	Belgium

Name	PIERRE TUCOULAT
Position	Director
Street	65 RUE DE L'AUTOMNE BRUXELLES
Post code	1050
Country	Belgium
Name	JEAN-PIERRE PLESKA
Position	Chairperson
Street	99 RUE DE L'ABBAYE BRUXELLES
Post code	1050
Country	Belgium

Name	JEAN-PIERRE PLESKA
Position	Chairman of the Board
Street	99 RUE DE L'ABBAYE BRUXELLES
Post code	1050
Country	Belgium
Name	JEAN-PIERRE PLESKA
Position	Director
Street	99 RUE DE L'ABBAYE BRUXELLES
Post code	1050
Country	Belgium

Name		BERND TESCHE
Position		Director
Street		8 ÖSTBERGWEG HANNOVER
Post code		30690
Country		Germany
Name		NICOLAS-PAUL NEU
Position		Director
Street		3 WIHEM FEISER STRASSE RHEINBERG
Post code
Country		Germany
Name	NICOLAS-PAUL NEU
Position	Managing Director
Street	3 WIHEM FEISER STRASSE RHEINBERG
Post code
Country	Germany
Name	FRANK SCHNEIDER
Position	Director
Street
Post code
Country	Germany

NEGATIVE INFORMATION

Court data summary

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

NSSO details

Business number

466279394

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

PAYMENT INFORMATION

Payment expectations

Past payments		Payment expectation days	39.26
Industry average payment expectation days	59.74	Industry average day sales outstanding	92.82
Day sales outstanding	49.43

Export accounts to CSV file

comparison mode

average

median

Suspension of payments / moratorium history

Amount	-
Details	-

Payment expectations

Payment expectation days	39.26
Day sales outstanding	49.43

Industry comparison

Activity code	46751
Activity description	Wholesale of chemical products for industrial use
Industry average payment expectation days	59.74
Industry average day sales outstanding	92.82

Industry quartile analysis

Payment expectations	View graph
Company result	39.26
Lower	84.85
Median	61.08
Upper	45.86
Day sales outstanding	View graph
Company result	49.43
Lower	74.12
Median	42.07
Upper	25.92

GROUP STRUCTURE & AFFILIATED COMPANIES

Ultimate holding company

Safe number	Company name	Company Number
-	-	-

Summary

Group - Number of Companies	0
Linkages - Number of Companies	405
Number of Countries	53

Group Structure

Click the company to view / order a report.

No group structure for this company.

FINANCIAL INFORMATION

Accounts & ratios

Date of latest accounts	Turnover	Profit Before Tax	Net worth
31/12/2010	584,121,576	12,544,788	37,724,542
31/12/2009	391,898,707	-6,092,554	33,798,789
31/12/2008	554,501,412	3,368,964	40,204,271

Accounts & ratios

Date of latest accounts	Balance Total	Investments	Capital	Cash Flow	Number of Employees
31/12/2010	201,794,259	83	15,275,104	864	184
31/12/2009	246,821,446	83	15,275,104	3,064	185
31/12/2008	267,540,291	83	15,275,104	95,460	184

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	584,121,576	49.05	391,898,707	-29.32	554,501,412	56,763,582	929
Total operating expenses	568,443,831	43.32	396,635,418	-27.58	547,700,248	53,519,429	962
Operating result	15,677,745	330	-4,736,711	-169	6,801,164	1,123,421	1295
Total financial income	2,093,449	-48.83	4,091,042	-59.46	10,092,031	516,948	304
Total financial expenses	5,226,406	-4.05	5,446,885	-59.72	13,524,231	527,058	891
Results on ordinary operations before taxation	12,544,788	205	-6,092,554	-280	3,368,964	1,089,115	1051
Taxation	1,619,848	410	317,548	-38.01	512,250	274,830	489
Results on ordinary operations after taxation	10,924,940	170	-6,410,103	-324	2,856,714	883,147	1137
Extraordinary items	-7,000,000	-	0	-	0	102,814	-6908
Other appropriations	0.00	-	0.00	-	0	0	-
Net result	3,924,940	61.23	-6,410,103	-324	2,856,714	985,117	298
other information
Dividends	-	-	-	-	2,413,031	3,062,123	-
Director remuneration	-	-	-	-	-	254,005	-
Employee costs	21,293,456	4.97	20,284,665	-1.82	20,660,469	1,354,943	1471
Wages and salary	14,367,296	3.59	13,869,477	-1.24	14,043,156	968,493	1383
Employee pension costs	196,116	-	123,643	-	87,457	90,085	117
Social security contributions	4,939,720	-2.35	5,058,781	0.92	5,012,637	295,162	1573
Other employee costs	1,790,324	45.23	1,232,763	-18.75	1,517,219	85,000	2006
Amortization and depreciation	4,797,105	-7.27	5,173,068	2.17	5,063,319	324,310	1379

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	401	-	1,213	-	5,834	195,361	-99
Tangible fixed assets	19,935,021	-13.82	23,130,875	-17.13	27,911,462	1,421,417	1302
Land & building	1,657,380	-7.76	1,796,840	-7.20	1,936,300	764,152	116
Plant & machinery	18,142,268	-12.79	20,803,181	-15.43	24,598,749	1,309,213	1285
Other tangible assets	135,372	-74.50	530,854	-61.43	1,376,413	128,931	5.00
Financial fixed assets	83	0	83	0.08	83	6,328,188	-99
Total fixed assets	19,935,505	-13.82	23,132,171	-17.14	27,917,379	5,788,303	244
Inventories	25,957,324	35.65	19,134,938	-42.23	33,122,558	3,375,156	669
Raw materials & consumables	1,341,696	9.39	1,226,497	-9.84	1,360,325	3,564,284	-62.36
Work in progress	11,891,293	10.40	10,770,678	-50.31	21,673,698	77,400	15263
Finished goods	12,724,335	78.27	7,137,763	-29.25	10,088,535	1,613,244	688
Other stocks	0	-	0	-	0	132,260	-100
Trade debtors	79,107,774	36.58	57,920,995	22.82	47,159,411	3,096,463	2454
Cash	864	-71.79	3,064	-96.79	95,460	664,134	-99
other amounts receivable	7,926,009	29.56	6,117,611	-23.46	7,993,102	2,475,434	220
Miscellaneous current assets	68,866,783	-50.99	140,512,666	-7.10	151,252,381	2,269,189	2934
Total current assets	181,858,755	-18.70	223,689,275	-6.65	239,622,912	10,669,660	1604
current liabilities
Trade creditors	61,141,253	61.71	37,809,088	10.09	34,343,077	2,864,293	2034
Short term group loans	-	-	-	-	-	0	-
Other short term loans	71,649,713	-53.40	153,759,540	-9.31	169,552,755	1,931,724	3609
Miscellaneous current liabilities	6,913,794	53.95	4,490,903	-40.40	7,534,696	349	- -
Total current liabilities	139,704,759	-28.74	196,059,532	-7.27	211,430,528	6,275,161	2126
Long term debts
Long term group loans	-	-	-	-	-	-	- -
Other long term loans	11,000,000	0	11,000,000	0	11,000,000	83.45	- -
Other long term liabilities	13,364,558	124	5,961,912	21.68	4,899,658	270,981	4831
Total long term debts	24,364,558	43.64	16,961,912	6.68	15,899,658	2,766,025	780
shareholders equity
Issued share capital	15,275,104	0	15,275,104	0.00	15,275,104	4,286,113	256
Share premium account	23,514,059	0	23,514,059	0.00	23,514,059	6,093,750	285
Reserves	-1,064,220	21.33	-4,989,161	-451	1,420,942	2,333,566	-145
Revaluation reserve	-	-	-	-	-	222,727	-
Total shareholders equity	37,724,942	11.61	33,800,002	-15.94	40,210,105	6,898,808	446
Working capital	42,153,995	52.57	27,629,743	-2.00	28,192,384	4,394,499	859
Net worth	37,724,542	11.62	33,798,789	-15.93	40,204,271	6,703,447	462

Ratio Analysis

Annual accounts	31-12-2010	change(%)	31-12-2009	change(%)	31-12-2008	Industry average 2010	%
Trading performance
Profit Before Tax	2.15	138	-1.55	-354	0.61	115,00	-98.13
Return on capital employed	20.20	168	-12	-300	6	-35,00	57.71
Return on total assets employed	6.22	251	-2.47	-296	1.26	3,00	107
Return on net assets employed	33.25	184	-18.03	-315	8.38	-198,00	16.79
Sales / net working capital	13.86	-2.26	14.18	-27.91	19.67	13,00	-99
Stock turnover ratio	4.44	-9.02	4.88	-18.26	5.97	18,00	-75.33
Debtor days	49.43	-8.38	53.95	73.81	31.04	100,00	-50.57
Creditor days	39.26	12.85	34.79	51.99	22.89	154,00	-74.51
short term stability
Current ratio	1.30	14.04	1.14	0.88	1.13	16,00	-94.58
Liquidity ratio / acid ratio	1.12	7.69	1.04	6.12	0.98	16,00	-93.00
Current debt ratio	3.70	-36.21	5.80	10.27	5.26	24,00	-84.58
Liquidity ratio reprocessed	-	-	-	-	-	-	-
long term stability
Gearing	219.09	-55.05	487.45	8.56	449.02	3.386,00	-93.53
Equity in percentage	18.69	36.52	13.69	-8.92	15.03	-15,00	124
Total debt ratio	4.35	-30.95	6.30	11.50	5.65	42,00	-89.64

FOREIGN EXCHANGE RATES

Na

ADDITIONAL INFORMATION

Trends

Profitability
Liquidity
Net worth

Significant Events

Event Date	01/07/2011
Event Description	resignation-appointment of director(s)
Event Details	Commentaire 01-07-2011: De raad draagt aan de heer Filipe Constant het dagelijkse bestuur van de vennootschap op.

Industry comparison

Activity code	46751
Activity description	Wholesale of chemical products for industrial use
industry average credit rating	69
Industry average credit limit	167313.70

Minority Interests

No minority interests found

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Name	Safe number	number	Latest Key financials	Turnover
SOLVAY FINANCE FRANCE	FR11880020	757801261	31.12.2010	-
RHODIA OPERATIONS	FR11792238	622037083	31.12.2010	€1.981.350.965
SOLVAY PARTICIPATIONS FRANCE	FR05096356	420837684	31.12.2010	-
RHODIANYL	FR03699700	399135482	31.12.2010	-
RHODIA HOLDINGS LIMITED	UK02788253	03129113	31.12.2010	-
SOLVAY GMBH	DE01233340	HRB 53686	31.12.2010	€1.195.886.000
RHODIA FINANCE	FR03984351	402899157	31.12.2010	-
RHODIA LIMITED	UK00036174	00213674	31.12.2010	-
ABBOTT HEALTHCARE B.V.	NL01845886	32061264	31.12.2010	-
RHODIA PARTICIPATIONS	FR04762756	414860304	31.12.2010	-
HORIZON IMMOBILIEN GMBH	DE01195160	HRB 206592	31.12.2010	-
SOLVAY UK HOLDING COMPANY LIMITED	UK02427866	02767184	31.12.2010	-
RHODIA INTERNATIONAL HOLDINGS LIMITED	UK00005001	00058373	31.12.2010	-
PIPELIFE NORGE AS	NO00599152	980457575	31.12.2010	€78.757.898
SOLVIN HOLDING NEDERLAND B.V.	NL01893404	32122523	31.12.2010	-
RHODIA UK LIMITED	UK00002708	00036833	31.12.2010	£110.863.000
SOLVAY INTEROX LIMITED	UK00677696	01005238	31.12.2010	£33.088.000
ADISSEO PRODUITS SOUFRES DES ROCHES	FR05076743	420611022	31.12.2010	€6.640.057
RHODIA CHIMIE	FR11805103	642014526	31.12.2010	€7.392.839
PIPELIFE NORDIC AKTIEBOLAG	SE00949223	5565502050	31.12.2010	401 KSEK

NOTES & COMMENTS

Na

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.54.25
UK Pound	1	Rs.88.14
Euro	1	Rs.71.03

INFORMATION DETAILS

Report Prepared by :

PDT

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.