MIRA INFORM REPORT

Report Date :

07.01.2013

IDENTIFICATION DETAILS

Name :	NESTE OIL NV
Registered Office :	Industrieweg 154 Beringen 3583
Country :	Belgium
Financials (as on) :	31.12.2011
Date of Incorporation :	17.11.1993
Com. Reg. No.:	451251225
Legal Form :	Public Limited Liability Company (BE)
Line of Business :	Manufacture of industrial gases
No. of Employees :	25

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 :	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 – June 30^th, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
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

Business number	451251225	Company name	NESTE OIL NV
Safe number	BE00303093	Telephone number	011459511
Address	INDUSTRIEWEG 154 BERINGEN	Fax number	011459512
Post code	3583	Number of staff	25
Date of establishment	17/11/1993

Ultimate holding company

Company name	Company Number
-	-

Accounts & ratios

Date of latest accounts	Turnover	Profit Before Tax	Net worth
31/12/2011	50,376,047	35,374,127	560,728,661
31/12/2010	56,704,908	34,015,653	1,115,939,780
31/12/2009	45,330,554	33,809,673	1,081,994,242

Accounts & ratios

Date of latest accounts	Balance Total	Investments	Capital	Cash Flow	Number of Employees
31/12/2011	564,755,988	363,231,136	401,480,499	152,335,638	25
31/12/2010	1,127,177,349	691,763,392	1,001,480,499	209,643,747	63
31/12/2009	1,093,865,431	963,618,091	1,001,480,499	70,571,464	64

Trends

Profitability
Liquidity
Net worth

Payment expectations

Past payments		Payment expectation days	24.92
Industry average payment expectation days	38.70	Industry average day sales outstanding	105.51
Day sales outstanding	11.19

Court data summary

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

Business number	451251225	Company name	NESTE OIL NV
Fax number	011459512	Date founded	17/11/1993
Company status	active	Company type	Public Limited Liability Company (BE)
Currency	Euro (€)	Date of latest accounts	31/12/2011
Activity code	20110	liable for VAT	yes
Activity description	Manufacture of industrial gases	VAT Number	BE.0451.251.225
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	-

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

Significant Events

Event Date	05/06/2012
Event Description	authority appointed
Event Details	Commentaar 05-06-2012: Terugroeping van de volmacht als wettelijke vertegenwoordiging toegekend aan Lutgart Somers.

Export accounts to CSV file

comparison mode

average

median

Profit & loss

	Annual accounts	31-12-2011	%	31-12-2010	%	31-12-2009	Industry average 2011	%
	Weeks	52		52		52
	Currency	EUR		EUR		EUR
	Turnover	50,376,047	-11.16	56,704,908	25.09	45,330,554	66,302,314	-24.02
	Total operating expenses	45,730,313	-13.79	53,042,980	25.55	42,248,846	62,839,564	-27.23
	Operating result	4,645,734	26.87	3,661,928	18.83	3,081,708	2,173,912	113
	Total financial income	45,337,870	10.68	40,963,746	-2.09	41,837,457	1,470,560	2983
	Total financial expenses	14,609,477	37.70	10,610,021	-4.50	11,109,492	846,255	1626
	Results on ordinary operations before taxation	35,374,127	3.99	34,015,653	0.61	33,809,673	2,752,898	1184
	Taxation	-17,713	-125	70,116	-65.32	202,180	622,382	-102
	Results on ordinary operations after taxation	35,391,840	4.26	33,945,537	1.01	33,607,493	2,296,484	1441
	Extraordinary items	9,397,041	-	0	-100	1,245	283,745	3211
	Other appropriations	0	-	0	-	0.00	-	-
	Net result	44,788,881	31.94	33,945,537	1.00	33,608,738	2,608,955	1616
	other information
	Dividends	-	-	-	-	-	2,106,294	-
	Director remuneration	-	-	-	-	-	178,291	-
	Employee costs	5,929,583	-1.84	6,040,478	11.34	5,425,200	6,053,473	-2.05
	Wages and salary	4,082,747	-5.39	4,315,124	15.96	3,721,167	4,333,249	-5.78
	Employee pension costs	8,637	-	5,117	-	-	435,160	-98.02
	Social security contributions	1,324,733	9.46	1,210,258	-0.46	1,215,835	1,224,576	8.18
	Other employee costs	513,467	0.68	509,979	4.46	488,197	442,268	16.10
	Amortization and depreciation	232,577	-88.02	1,942,180	32.10	1,470,244	1,795,150	-87.04

balance sheet

	Annual accounts	31-12-2011	%	31-12-2010	%	31-12-2009	Industry average 2011	%
	Weeks	52		52		52
	Currency	EUR		EUR		EUR
	Intangible fixed assets	0	-	0	-	0	700,678	-100
	Tangible fixed assets	549,088	-94.66	10,277,276	-14.51	12,022,042	9,766,189	-94.38
	Land & building	411,774	-91.46	4,820,439	-7.22	5,195,279	2,506,782	-83.57
	Plant & machinery	89,684	-98.21	5,019,138	-1.01	5,070,424	6,856,481	-98.69
	Other tangible assets	47,630	-89.12	437,699	-75.08	1,756,339	1,949,160	-97.56
	Financial fixed assets	363,231,136	-47.49	691,763,392	-28.21	963,618,091	18,073,023	1909
	Total fixed assets	363,780,225	-48.18	702,040,668	-28.04	975,640,133	23,208,724	1467
	Inventories	-	-	2,647,108	102	1,304,651	6,498,527	-
	Raw materials & consumables	-	-	2,305,276	121	1,043,020	3,520,022	-
	Work in progress	0	-100	341,831	30.65	261,631	290,260	-100
	Finished goods	0	-	0	-	0	2,601,515	-100
	Other stocks	0	-100	1	-	0	176,978	-100
	Trade debtors	1,544,577	-77.34	6,816,102	11.57	6,109,486	7,422,967	-79.19
	Cash	152,335,638	-27.34	209,643,747	197	70,571,464	4,467,544	3309
	other amounts receivable	5,515,906	-96.75	169,862,838	1537	10,374,133	7,066,988	-21.95
	Miscellaneous current assets	41,579,642	14.97	36,166,886	21.10	29,865,564	1,516,774	2641
	Total current assets	200,975,763	-52.73	425,136,681	259	118,225,298	24,332,780	725
	current liabilities
	Trade creditors	3,122,777	-66.98	9,456,172	-11.80	10,721,160	6,368,211	-50.96
	Short term group loans	-	-	-	-	-	-	-
	Other short term loans	0	-	0	-	0	1,960,312	-100
	Miscellaneous current liabilities	794,609	-51.57	1,640,591	42.66	1,150,029	-85.33	- -
	Total current liabilities	3,917,386	-64.70	11,096,763	-6.52	11,871,189	13,426,694	-70.82
	Long term debts
	Long term group loans	-	-	-	-	-	-	- -
	Other long term loans	-	-	-	-	-	-	- -
	Other long term liabilities	109,941	-21.92	140,806	-	0	966,774	-88.63
	Total long term debts	109,941	-21.92	140,806	-	0	3,099,650	-96.45
	shareholders equity
	Issued share capital	401,480,499	-59.91	1,001,480,499	0.00	1,001,480,499	14,206,959	2725
	Share premium account	-	-	-	-	-	31,104,039	-
	Reserves	159,248,162	39.13	114,459,281	42.16	80,513,743	9,235,141	1624
	Revaluation reserve	-	-	-	-	-	1,363,617	-
	Total shareholders equity	560,728,661	-49.75	1,115,939,780	3.14	1,081,994,242	29,180,631	1821
	Working capital	197,058,377	-52.41	414,039,918	289	106,354,109	10,906,086	1706
	Net worth	560,728,661	-49.75	1,115,939,780	3.14	1,081,994,242	27,993,609	1903
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ratio analysis

	Annual accounts	31-12-2011	change(%)	31-12-2010	change(%)	31-12-2009	Industry average 2011	%
	Trading performance
	Profit Before Tax	70.22	17.05	59.99	-19.56	74.58	-8,00	877
	Return on capital employed	6.31	106	3.05	-2.24	3.12	11,00	-42.64
	Return on total assets employed	6.26	107	3.02	-2.27	3.09	-63,00	9.94
	Return on net assets employed	6.31	106	3.05	-2.24	3.12	12,00	-47.42
	Sales / net working capital	0.26	85.71	0.14	-67.44	0.43	7,00	-99
	Stock turnover ratio	-	-	4.67	62.15	2.88	10,00	-
	Debtor days	11.19	-74.49	43.87	-10.82	49.19	92,00	-87.84
	Creditor days	24.92	-61.70	65.07	-29.75	92.62	45,00	-44.62
	short term stability
	Current ratio	51.30	33.91	38.31	284	9.96	5,00	2465
	Liquidity ratio / acid ratio	51.30	34.75	38.07	286	9.85	5,00	926
	Current debt ratio	0.01	0	0.01	0	0.01	2,00	-99
	Liquidity ratio reprocessed	-	-	-	-	-	-	-
	long term stability
	Gearing	-	-	-	-	-	101,00	-
	Equity in percentage	99.29	0.29	99	0.09	98.91	-127,00	78.18
	Total debt ratio	0.01	0	0.01	0	0.01	3,00	-99

Industry comparison

Activity code	20110
Activity description	Manufacture of industrial gases
industry average credit rating	77.49
Industry average credit limit	1010060.44

Suspension of payments / moratorium history

Amount	-
Details	-

Payment expectations

Payment expectation days	24.92
Day sales outstanding	11.19

Industry comparison

Activity code	20110
Activity description	Manufacture of industrial gases
Industry average payment expectation days	38.70
Industry average day sales outstanding	105.51

Industry quartile analysis

Payment expectations
Company result	24.92
Lower	86.29
Median	60.89
Upper	44.27

custo

Day sales outstanding
Company result	11.19
Lower	58.48
Median	36.09
Upper	20.65

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Summary

Group - Number of Companies	0
Linkages - Number of Companies	51
Number of Countries	18

Group Structure

No group structure for this company.

Minority Shareholders

No minority shareholders found

Minority Interests

Minority Shareholders

No minority shareholders found

Minority Interests

Business number	Company name	%	Date of accounts
446564640	Erasmus European Business and Innovation Center SA	1	31/12/2011
446564640	Erasmus European Business and Innovation Center SA	1	31/12/2011

Protested bills

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

NSSO details

Business number	451251225
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		JANI LEPOJARVI
Position		Member of the Board of Directors
Start Date		01/12/2011
Date of birth		12/04/1976
Street
Post code
Country		Finland
Name	RISTO TAKKELA
Position	Chairperson
Start Date	05/05/2009
Street
Post code
Country	Finland

Name	RISTO TAKKELA
Position	Director
Start Date	05/05/2009
Street
Post code
Country	Finland
Name		HEIKKI JALMARI SASI
Position		Chairman of the Board
Start Date		02/11/2011
Date of birth		25/11/1977
Street
Post code
Country		Finland

Name	HEIKKI JALMARI SASI
Position	Director
Start Date	02/11/2011
Date of birth	25/11/1977
Street
Post code
Country	Finland

Former director details

Name	INGVAR SMEETS
Position	Director
Start Date	15/11/1999
End Date	02/05/2001
Date of birth	20/06/1974
Street	55 HASSELTSESTEENWEG BERINGEN
Post code	3580
Country	Belgium

Name	RISTO RIEKKO
Position	Chairman of the Board
Start Date	05/05/1998
End Date	15/11/1999
Street	2 LUSTOKUJA HELSINKI
Post code
Country	Finland

Name	RISTO RIEKKO
Position	Director
Start Date	06/05/2003
End Date	-
Street	2 LUSTOKUJA HELSINKI
Post code
Country	Finland

Name	JUHA LAAKSONEN
Position	Director
Start Date	02/05/2000
End Date	07/11/2000
Street	10 ASEMATIE
Post code
Country	Finland

Name	AARNO TOIVOLA
Position	Director
Start Date	02/05/2007
End Date	17/10/2007
Street
Post code
Country	Finland

Name	AARNO TOIVOLA
Position	Chairperson
Start Date	02/05/2007
End Date	17/10/2007
Street
Post code
Country	Finland

Name	ILKKA PORANEN
Position	Chairman of the Board
Start Date	15/11/1999
End Date	02/05/2001
Street	14 HEINATIE
Post code	06400
Country	Finland

Name	ILKKA PORANEN
Position	Director
Start Date	06/05/2003
End Date	05/05/2009
Street	14 HEINATIE
Post code	06400
Country	Finland

Name	RAHKAMO KIMMO
Position	Chairman of the Board
Start Date	03/05/2005
End Date	02/05/2007
Street
Post code
Country	Finland

Name	RAHKAMO KIMMO
Position	Chairperson
Start Date	17/10/2007
End Date	16/02/2009
Street
Post code
Country	Finland

Name	RAHKAMO KIMMO
Position	Director
Start Date	17/10/2007
End Date	05/05/2009
Street
Post code
Country	Finland

Name	HEIKKI SAARINEN
Position	Director
Start Date	02/05/2007
End Date	05/05/2009
Street
Post code
Country	Finland

Name	MATTI LEHMUS
Position	Chairperson
Start Date	16/02/2009
End Date	05/05/2009
Street
Post code
Country	Finland

Name	MATTI LEHMUS
Position	Director
Start Date	17/10/2007
End Date	05/05/2009
Street
Post code
Country	Finland

Name	RISTO TAKKALA
Position	Director
Start Date	10/05/2010
End Date	15/02/2010
Street
Post code
Country	Finland

Name	RISTO TAKKALA
Position	Chairperson
Start Date	16/03/2010
End Date	15/02/2010
Street
Post code
Country	Finland

Name	RISTO TAKKALA
Position	Chairman of the Board
Start Date	05/05/2009
End Date	15/02/2010
Street
Post code
Country	Finland
Name		ILKKA ILMONEN
Position		Chairperson
Start Date		15/02/2010
End Date		08/12/2010
Street
Post code
Country		Finland

Name	ILKKA ILMONEN
Position	Director
Start Date	15/02/2010
End Date	08/12/2010
Street
Post code
Country	Finland

Name	CHRISTIAN JAN GUSTAF STAHLBERG
Position	Chairman of the Board
Start Date	08/12/2010
End Date	02/11/2011
Date of birth	27/06/1974
Street
Post code
Country	Finland
Name	HEMMO LETEMA
Position	Director
Start Date	05/05/2009
End Date	04/05/2010
Street
Post code
Country	Finland

Name	MIKA RYDMAN
Position	Director
Start Date	05/05/2009
End Date	04/05/2010
Street
Post code
Country	Finland
Name	LKKA ILMONEN
Position	Chairman of the Board
Start Date	15/02/2010
End Date	04/05/2010
Street	21 POHJOISKAARI
Post code	0
Country	Finland

Name	WOUTER BOOMSMA
Position	Director
Start Date	06/05/2003
End Date	17/10/2007
Street
Post code
Country	United Kingdom

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.54.84
UK Pound	1	Rs.88.16
Euro	1	Rs.71.54

INFORMATION DETAILS

Report Prepared by :

SDA

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%)

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.