MIRA INFORM REPORT

Report Date :

11.11.2013

IDENTIFICATION DETAILS

Name :	A. SCHULMAN PLASTICS BVBA

Registered Office :	Pedro Colomalaan (Bor) 25, 2880 Bornem

Country :	Belgium

Financials (as on) :	31.08.2012

Date of Incorporation :	11.12.1962

Com. Reg. No.:	402976206

Legal Form :	Private Limited Company (BL/LX)

Line of Business :	Manufacture of Plastic Products.

No. of Employees :	251

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 :	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 – March, 31^st,2013

Country Name

Previous Rating

(31.12.2012)

Current Rating

(31.03.2013)

Belgium

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 1.8%, the unemployment rate decreased slightly to 7.2% 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 and 3.3% in 2012. Fourth quarter GDP growth in 2012 was at -0.1%, the third consecutive quarter of negative growth. This brought economic growth for the whole of 2012 to negative 0.2%. It also left Belgium on the brink of a possible recession at the end of 2012. However, at year's end, the government appeared close to meeting its 2012 budget deficit goal of 3% of GDP. Despite the relative improvement in Belgium's budget deficit, public debt hovers around 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 retail arm of a Franco-Belgian bank.

Source : CIA

REGISTERED NAME & COMPANY SUMMARY

Business number	402976206
Company name	A. SCHULMAN PLASTICS BVBA
Address	PEDRO COLOMALAAN (BOR) 25
	2880 BORNEM
Number of staff	251
Date of establishment	11/12/1962
Telephone number	038904211
Fax number	038897110

DIRECTORS/MANAGEMENT

Current director details

Name	TONY LEON FILIP DAPONTE
Position	Principal Manager
Start Date	01/01/2012
Street	141 DORP WEST ZWIJNDRECHT
Post code	2070
Country	Belgium

Name	STEFAN VAN BORM
Position	Principal Manager
Start Date	20/03/2013
Street	18 HOEK BOOM
Post code	2850
Country	Belgium

Name	BERNARD RZEPKA
Position	Principal Manager
Start Date	24/12/2012
Street	26 DROSSELWEG
Post code	50374
Country	Germany

Name	HEINRICH LINGNAU
Position	Principal Manager
Start Date	20/03/2013
Country	Germany

Name	PETRUS JOHANNES MARIA SPEEK
Position	Principal Manager
Start Date	24/12/2012
Country	The Netherlands

Name	JOSEPH M. GINGO
Position	Principal Manager
Start Date	24/12/2012
Street	5763 BANAVIE COURT
Post code	43017
Country	United States

Former director details

Name	FRANS ALEXANDER MARGARETA STEENSSENS
Position	Principal Manager
Start Date	18/04/2011
End Date	16/01/2012
Date of birth	28/09/1958
Street	113 KLOOSTERSTRAAT BORNEM
Post code	2880
Country	Belgium

Name	WALTER BELDERBOS
Position	Principal Manager
Start Date	15/10/2004
End Date	03/02/2010
Date of birth	07/12/1957
Street	9 VAN WEERDEWEG GRIMBERGEN
Post code	1850
Country	Belgium

Name	JACK BOYD TAYLOR
Position	Principal Manager
Start Date	28/12/2009
End Date	12/12/2008
Street
Post code
Country	United Kingdom

Name	PAUL DE SANTIS
Position	Principal Manager
Start Date	01/01/2008
End Date	28/02/2011
Street	5763 BANAVIE CT
Post code	43017
Country	United States

Name	GORDON ELLIOET PEGGY
Position	Director
Start Date	19/09/2003
End Date	-
Street
Post code
Country

Name	WILLARD.R HOLLAND,
Position	Director
Start Date	19/09/2003
End Date	-
Street
Post code
Country

Name	JAMES A. KARMAN,
Position	Director
Start Date	19/09/2003
End Date	-
Street
Post code
Country

Name	JAMES S. MARLEN,
Position	Director
Start Date	19/09/2003
End Date	-
Street
Post code
Country

Name	ALAN N. OCKENE,
Position	Director
Start Date	19/09/2003
End Date	-
Street
Post code
Country

Name	PAUL C. ROBERTS.,
Position	Director
Start Date	19/09/2003
End Date	-
Street
Post code
Country

Name	JOHN B. JASINSKY,
Position	Director
Start Date	19/09/2003
End Date	-
Street
Post code
Country

Name	FRANS STEENSSENS
Position	Principal Manager
Start Date	30/08/2006
End Date	-
Street
Post code
Country

NEGATIVE INFORMATION

Court data summary

Bankruptcy details

Court action type

Business number	402976206	Company name	A. SCHULMAN PLASTICS BVBA
Fax number	038897110	Date founded	11/12/1962
Company status	active	Company type	Private Limited Company (BL/LX)
Currency	Euro (€)	Date of latest accounts	31/08/2012
Activity code	22290	liable for VAT	yes
Activity description	Manufacture of other plastic products	VAT Number	BE.0402.976.206
Belgian Bullettin of Acts Publications	moniteur belge

NSSO details

Business number

402976206

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	58.79
Industry average payment expectation days	81.04	Industry average day sales outstanding	101.65
Day sales outstanding	68.42

Payment Information Summary

Total number of Invoices available	9
Total number of Invoices paid within or up to 30 days after the due date	3
Total number of Invoices paid more than 30 days after the due date	2
Total number of Invoices currently outstanding where the due date has not yet been reached	4
Total number of Invoices currently outstanding beyond the due date	0

Suspension of payments / moratorium history

Amount	-
Details	-

Payment expectations

Payment expectation days	58.79
Day sales outstanding	68.42

Industry comparison

Activity code	22290
Activity description	Manufacture of other plastic products
Industry average payment expectation days	81.04
Industry average day sales outstanding	101.65

Industry quartile analysis

Payment expectations
Company result	58.79
Lower	82.36
Median	62.32
Upper	43.89

Day sales outstanding
Company result	68.42
Lower	72.42
Median	49.24
Upper	28.79

GROUP STRUCTURE & AFFILIATED COMPANIES

Ultimate holding company

Company name	Company Number
A. SCHULMAN HOLDINGS SARL	-

Group Structure

Company name	Number	Latest financials
- A. SCHULMAN HOLDINGS SARL
- - A. SCHULMAN PLASTICS BVBA	402976206	31-08-2012
- - - A. SCHULMAN INTERNATIONAL SERVICES BVBA	457618878	31-08-2012
- - - DELTA PLAST BVBA	474393049	31-08-2012
- - - A SCHULMAN NORDIC AB SOC.ETR. E.P.B.
- - - A. SCHULMAN AG	CHE108131712
- - - A. SCHULMAN PLASTICS S.R.L. SOC.ETR. E.P...
- - - A.SCHULMAN HOLDINGS FRANCE SAS SOC.ETR. ...
- - - A.SCHULMAN PLASTICS INDIA PRIVATE LTD. S...
- - - A.SCHULMAN PLASTICS S.R.O. SOC.ETR. E.P....
- - - A.SCHULMAN PLASTIK SANAYI VE TICARET AS ...

FINANCIAL INFORMATION

Accounts

Date of latest accounts	Turnover	Profit Before Tax	Net worth	Working capital
31/08/2012	418,373,930	2,906,681	125,478,896	-38,861,300
31/08/2011	365,900,889	21,343,166	123,377,681	-35,160,380
31/08/2010	267,714,791	-2,959,632	103,111,013	-53,104,743

Accounts

Date of latest accounts	Balance Total	Number of Employees	Capital	Cashflow
31/08/2012	574,444,913	251	10,100,000	5,132,271
31/08/2011	569,952,527	269	10,100,000	23,549,356
31/08/2010	533,567,693	257	10,100,000	-609,270

Trends

Profitability
Liquidity
Net worth

Social Balance Sheet Details

Social Balance Sheet	Total
During the reporting year ended 31-08-2012
Full-time Employees	240
Part-time Employees	20
Total Fte Employees	256

Number of hours worked
Full-time Employees	363,685
Part-time Employees	23,291
Total	386,976

Personnel Charges
Full-time Employees	19,251,993
Part-time Employees	1,257,108
Total	20,509,101
Benefits In Addition To Wages	294,512

During the previous reporting year
Average number employees in Fte	267
Actual working hours	411,717
Personnel Charges	20,396,975
Benefits In Addition To Wages	309,933

Type of Contract	Full-Time	Part-Time	Total Fte
Unlimited Duration Contracts	230	17	244
Limited Duration Contracts	8	-	8
Contracts For Specific Work	-	-	-
Contracts Regarding Substitution	-	-	-

Gender and Education Level
Men	Full-Time	Part-Time	Total Fte
Primary education	-	-	-
Secondairy education	134	7	140
Higher education (non university)	48	1	49
Higher education (university)	25	-	25
Women	Full-Time	Part-Time	Total Fte
Primary education	-	-	-
Secondairy education	-	-	-
Higher education (non university)	15	6	20
Higher education (university)	16	3	19

Working Category	Full-Time	Part-Time	Total Fte
Management	-	-	-
White collar worker	113	10	121
Blue collar worker	124	7	130
Other	1	-	1

Temporary personnel	Total
Average number of temporary staff	8
Actual working hours	14,380
Cost of temporary staff	476,219

New staff and leavers	Full-Time	Part-Time	Total Fte
New Starters	9	-	9
Leavers	24	4	27

Total of formal continuing vocational training initiatives for workers paid by the employer	Male	Female
Number of employees	48	17
Number of training hours	834	317
Net costs for enterprise	68,057	35,174
Total of less formal and informal continuing vocational training initiatives for workers paid by the employer	Male	Female
Number of employees	155	31
Number of training hours	2,954	3,152
Net costs for enterprise	120,561	150,115
Total of initial training initiatives at the expense of the employer	Male	Female
Number of employees	-	-
Number of training hours	-	-
Net costs for enterprise	-	-

Profit & loss

Annual accounts	31-08-2012	%	31-08-2011	%	31-08-2010	Industry average 2012	%
Weeks	52		52		52
Currency	EUR		EUR		EUR
Turnover	418,373,930	14.34	365,900,889	36.68	267,714,791	25,050,543	1570
Total operating expenses	398,862,173	12.91	353,259,551	37.76	256,429,662	24,588,785	1522
Operating result	19,511,757	54.35	12,641,338	12.02	11,285,130	156,769	12346
Total financial income	4,122,089	-84.48	26,560,319	1554	1,605,210	94,507	4261
Total financial expenses	20,727,166	16.06	17,858,492	12.67	15,849,971	235,493	8701
Results on ordinary operations before taxation	2,906,681	-86.38	21,343,166	721	-2,959,632	12,125	23872
Taxation	135,052	747	15,928	118	7,304	44,337	204
Results on ordinary operations after taxation	2,771,629	-87.00	21,327,238	718	-2,966,936	-16,865	16434
Extraordinary items	-330,958	-32.52	-249,737	98.92	-252,476	-2,785	-11783
Other appropriations	0.00	-	0.00	-	0.00	-	-
Net result	2,440,670	-88.42	21,077,501	654	-3,219,412	-19,338	12621
other information
Dividends	-	-	-	-	80,375,000	81,904	-
Director remuneration	-	-	-	-	-	-	-
Employee costs	20,855,892	0.66	20,718,710	13.05	18,326,554	1,435,618	1352
Wages and salary	15,161,266	0.19	15,133,086	15.43	13,109,915	1,024,920	1379
Employee pension costs	346,791	-	321,735	-	320,188	88,910	290
Social security contributions	4,524,685	2.24	4,425,645	4.80	4,223,046	324,891	1292
Other employee costs	823,151	-1.80	838,244	24.48	673,405	59,885	1274
Amortization and depreciation	2,691,600	8.89	2,471,856	-5.30	2,610,142	197,905	1260

Balance sheet

Annual accounts	31-08-2012	%	31-08-2011	%	31-08-2010	Industry average 2012	%
Weeks	52		52		52
Currency	EUR		EUR		EUR
Intangible fixed assets	2,560,853	-	2,164,127	-	1,127,271	31,544	8018
Tangible fixed assets	6,661,719	-4.67	6,988,325	-9.55	7,725,917	969,547	587
Land & building	3,713,277	-2.66	3,814,684	-5.27	4,026,999	618,104	500
Plant & machinery	1,973,295	-12.87	2,264,775	-28.30	3,158,829	514,080	283
Furniture & Vehicles	370,243	60.83	230,206	-2.63	236,418	37,190 14,904	895
Leasing & Other Similar Rights	-	-	-	-	-	186,553 17,141	-
Other tangible assets	604,904	-10.87	678,660	123	303,670	80,167	654
Financial fixed assets	448,770,716	1.48	442,222,418	0.63	439,463,233	6,832,390	6468
Total fixed assets	457,993,288	1.47	451,374,870	0.68	448,316,422	5,220,130	8673
Inventories	32,231,045	-6.31	34,400,655	21.56	28,299,776	1,051,183	2966
Raw materials & consumables	13,122,526	-21.32	16,678,586	5.68	15,781,703	1,927,195	580
Work in progress	2,112,677	1.88	2,073,721	63.86	1,265,522	70,039	2916
Finished goods	16,995,841	8.61	15,648,348	39.06	11,252,551	344,035	4840
Other stocks	0	-	0	-	0	92,648	-100
Trade debtors	78,427,221	9.81	71,419,644	42.50	50,118,196	1,375,600	5601
Cash	1,321,409	-40.08	2,205,416	-28.99	3,105,569	525,503	151
other amounts receivable	3,908,072	-61.51	10,153,690	204	3,338,507	325,307	1101
Miscellaneous current assets	563,878	41.59	398,251	2.32	389,223	75,832	643
Total current assets	116,451,625	-1.79	118,577,657	39.09	85,251,271	3,017,860	3758
Total Assets	574,444,913	0.79	569,952,527	6.82	533,567,693	7,856,723 530,069	7211
current liabilities
Trade creditors	64,242,520	-2.11	65,626,619	51.44	43,334,229	1,299,437	4843
Short term group loans	-	-	-	-	-	-	-
Financial debts	88,086,423	3.56	85,062,311	-7.94	92,401,590	2,783,408 79,313	3064
Current portion of long term debt	-	-	-	-	-	91,542 30,239	-
Amounts Payable for Taxes, Remuneration & Social Security	2,983,982	-2.14	3,049,107	24.95	2,440,183	26,022 -	1183
Miscellaneous current liabilities	0	-	0	-100	180,012	-100	- -
Total current liabilities	155,312,925	1.02	153,738,037	11.12	138,356,014	2,786,720	5473
Long term debts and liabilities
Long term group loans	-	-	-	-	-	-	- -
Other long term loans	-	-	-	-	-	-	- -
Deffered taxes	-	-	-	-	-	271,793 21,439	-
Provisions for Liabilities & Charges	1,952,371	27.37	1,532,813	-16.40	1,833,527	43,670 0	4370
Other long term liabilities	289,139,868	0	289,139,868	0	289,139,868	2,239,599	12810
Total long term debts	291,092,239	0.14	290,672,681	-0.10	290,973,395	2,725,768	10579
shareholders equity
Issued share capital	10,100,000	0	10,100,000	0	10,100,000	808,787	1148
Share premium account	-	-	-	-	-	970,769	-
Reserves	117,939,749	2.16	115,441,809	22.63	94,138,284	1,371,275	8500
Revaluation reserve	-	-	-	-	-	635,511	-
Total shareholders equity	128,039,749	1.99	125,541,809	20.44	104,238,284	2,283,799	5506
Working capital	-38,861,300	-10.53	-35,160,380	66.21	-53,104,743	231,140	-16912
Cashflow	5,132,271	-78.21	23,549,356	3865	-609,270	154,209	3228
Net worth	125,478,896	1.70	123,377,681	19.66	103,111,013	2,252,255	5471

Ratio analysis

Annual accounts	31-08-2012	change(%)	31-08-2011	change(%)	31-08-2010	Industry average 2012	%
Trading performance
Profit Before Tax	0.69	-88.16	5.83	525	-1.11	-11,00	6.27
Return on capital employed	0.69	-86.55	5.13	684	-0.75	25,00	-97.24
Return on total assets employed	0.51	-86.36	3.74	680	-0.55	-6,00	8.50
Return on net assets employed	2.27	-86.65	17	598	-2.84	10,00	-77.30
Sales / net working capital	-10.77	-3.46	-10.41	-106	-5.04	12,00	-100
Stock turnover ratio	7.70	-18.09	9.40	-11.07	10.57	15,00	-48.67
Debtor days	68.42	-3.96	71.24	4.26	68.33	85,00	-19.51
Creditor days	58.79	-13.30	67.81	9.94	61.68	101,00	-41.79
short term stability
Current ratio	0.75	-2.60	0.77	24.19	0.62	8,00	-25.00
Liquidity ratio / acid ratio	0.54	-1.82	0.55	34.15	0.41	7,00	-92.29
Current debt ratio	1.21	-0.82	1.22	-8.27	1.33	1,00	21.00
Liquidity ratio reprocessed	-	-	-	-	-	-	-
long term stability
Gearing	68.80	1.53	67.76	-23.56	88.64	44,00	56.36
Equity in percentage	22.39	1.27	22.11	12.92	19.58	-15,00	149
Total debt ratio	3.49	-1.41	3.54	-14.08	4.12	2,00	74.50

FOREIGN EXCHANGE RATES

N/a

ADDITIONAL INFORMATION

Contractor details

Registered contractor number	-
Contractor description	-
Date struck off register

Personnel (NSSO classification)

Code	-
Description	-

Joint Industrial Committee (JIC)

Significant Events

Event Date	11/03/2010
Event Description	resignation-appointment of director(s)
Event Details	Commentaar 11-03-2010: Bevestiging dat de mandaten van alle zaakvoerders, te weten Paul Desantis, Joseph Gingo, Bernard Rzepka en Steensens Frans, van onbepaalde duur zijn.

Event Date	23/05/2008
Event Description
Event Details	Gecoördineerde statuten ingevolge proces-verbaal van 30/8/2006 verleden door notaris Louis-Philippe Marcelis te Brussel.

Industry comparison

Activity code	22290
Activity description	Manufacture of other plastic products
industry average credit rating	69.05
Industry average credit limit	87724.25

Companies that match this address

No Companies Match this address.

Linked Companies

Name	number	Latest Key financials	Turnover
A. SCHULMAN HOLDINGS (FRANCE)	499591527	31.08.2012	€885.000
ELIAN	760200097	31.08.2012	€19.030.229
ICO (UK) LIMITED	03261137	31.08.2012	£28.322.000
A. SCHULMAN SÀRL	B103433	31.08.2012	-
A. SCHULMAN INC. LIMITED	00512225	31.08.2012	£52.314.000
DELTA PLAST GMBH	HRB 14868	31.08.2010	-
DIFFUSION PLASTIQUE	312911522	-	-
A. SCHULMAN HOLDINGS S.À.R.L.	B103028	-	-
BAYSHORE INDUSTRIAL GP LLC	-	-	$281.000
ASI INVESTMENTS HOLDING CO	-	-	-
A. SCHULMAN INVISION INC	-	-	-
MCCANN COLOR INC	-	-	$3.100.000
A. SCHULMAN, INC	-	-	-
BAYSHORE INDUSTRIAL, LP	-	-	$28.002.000
WEDCO INC	-	-	$100.000
A SCHULMAN DE MEXICO	-	-	-
ICO INC	-	-	$299.965.000
A. SCHULMAN CANADA LTD	-	-	-
ICO POLYMERS NORTH AMERICA, INC	-	-	$16.600.000
ICO GLOBAL SERVICES INC	-	-	$304.000

NOTES & COMMENTS

Commentary

The business was established over 50 years ago.
The business has 251 employees.
The business is part of a group.
The business has been at the address for over 7 years.
There has been no significant change in the business's credit rating.
There has been no significant change in the business's credit limit.
Operating Result in the latest trading period increased 54% on the previous trading period.
Pre-tax profits decreased by 86% compared to the previous trading period.
The business saw a decrease in their Cash Balance of 40% during the latest trading period.
Working Capital is a negative amount during the latest trading period.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.62.73
UK Pound	1	Rs.100.92
Euro	1	Rs.84.06

INFORMATION DETAILS

Report Prepared by :

NIT

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.