MIRA INFORM REPORT

Report Date :

12.11.2013

IDENTIFICATION DETAILS

Name :	EVONIK FIBRES GMBH
Registered Office :	Politischer Gemeinde Schörfling am Attersee
Country :	Austria
Financials (as on) :	31.12.2012
Date of Incorporation :	1996
Legal Form :	Limited Liability Company
Line of Business :	· Manufacture of man-made fibres · Non-specialised wholesale trade
No. of Employees :	90

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 – March 31^st, 2013

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
Austria	A2	A2

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

AUSTRIA - ECONOMIC OVERVIEW

Austria, with its well-developed market economy, skilled labor force, and high standard of living, is closely tied to other EU economies, especially Germany's. Its economy features a large service sector, a sound industrial sector, and a small, but highly developed agricultural sector. Following several years of solid foreign demand for Austrian exports and record employment growth, the international financial crisis of 2008 and subsequent global economic downturn led to a sharp but brief recession. Austrian GDP contracted 3.8% in 2009 but saw positive growth of about 2% in 2010 and 2.7% in 2011. Growth fell to 0.6% in 2012. Unemployment did not rise as steeply in Austria as elsewhere in Europe, partly because the government subsidized reduced working hour schemes to allow companies to retain employees. The 2012 unemployment rate of 4.3% was the lowest within the EU. Stabilization measures, stimulus spending, and an income tax reform pushed the budget deficit to 4.5% in 2010 and 2.6% in 2011, from only about 0.9% in 2008. The international financial crisis of 2008 caused difficulties for Austria's largest banks whose extensive operations in central, eastern, and southeastern Europe faced large losses. The government provided bank support - including in some instances, nationalization - to support aggregate demand and stabilize the banking system. Austria's fiscal position compares favorably with other euro-zone countries, but it faces external risks, such as Austrian banks' continued exposure to Central and Eastern Europe as well as political and economic uncertainties caused by the European sovereign debt crisis. In 2011 the government attempted to pass a constitutional amendment limiting public debt to 60% of GDP by 2020, but it was unable to obtain sufficient support in parliament and instead passed the measure as a simple law. In March 2012, the Austrian parliament approved an austerity package consisting of a mix of expenditure cuts and new revenues that will bring public finances into balance by 2016. In 2012, the budget deficit rose to 3.1% of GDP

Source : CIA

Basic company information

Last up-date:	2013-11-04
Company name:	Evonik Fibres GmbH
Status:	active company
Locations:	Gewerbepark  4, A-4861 Schörfling Attersee
Phone:	0043 (7672) 701 - 2891
Fax:	0043 (7672) 96862
E-mail:	barbara.korn@evonik.com
Internet:	http://www.p84.com
Activities:	Önace 20600 80% Manufacture of man-made fibres
	Önace 46900 20% Non-specialised wholesale trade
Probability of Default (Basel II):	0,18% Very low risk
comparison:	The KSV-Rating of this company is better than industry average.
Recommendation:	In respect to solvency reasons, there is nothing to say against an establishment of a business relationship.
Detail Assessment:	Payments are made within net agreements.
	Financial situation is satisfactory.

Additional company information

Year of incorporation:	1996
Activities:
Type of company:	Manufacturing
Legal form:	limited liability company since 1996-03-18
companies' house number:	FN 143483 f Wels 1996-03-23
ARA-number:	10791
VAT number:	ATU 40174306
number - Austrian National Bank:	2743868
Import		Country
Import		Germany	2013
Import		Japan	2013
Import		USA	2013

Export	Country
Export	world-wide	2013

Financial data

total turnover (total sales)	2012	EUR  34.931.000,00	(approx.)
total turnover (total sales)	2011	EUR  41.000.000,00	(approx.)
total turnover (total sales)	2010	EUR  41.874.118,38	(exact)
total turnover (total sales)	2009	EUR  35.350.475,46	(exact)
total turnover (total sales)	2008	EUR  46.826.635,86	(exact)
total employees	2013	90	(average)

Extraxt from the Companies' House

firm (style):

16 Evonik Fibres GmbH

legal form:

1 Gesellschaft mit beschränkter Haftung

registered office:

21 politischer Gemeinde Schörfling am Attersee

business adress:

21 Gewerbepark 4
4861 Schörfling am Attersee

capital:

10 EUR 600.000

reference date annual accounts:

1 31. Dezember

annual accounts:

27 zum 31.12.2012 eingereicht am 19.09.2013

power of representation:

1 Die Generalversammlung bestimmt, wenn mehrere Geschäfts-
führer bestellt sind, deren Vertretungsbefugnis.
1 Gesellschaftsvertrag vom 18.03.1996 001
10 Gesellschaftsvertrag mit Generalversammlungsbeschluss 003
vom 11.04.2003
gemäß 1. Euro-JuBeG angepasst.
10 Generalversammlungsbeschluss vom 11.04.2003 004
Kapitalerhöhung aus Gesellschaftsmitteln um EUR 18.617,33.
21 Generalversammlungsbeschluss vom 19.08.2010 007
Neufassung des Gesellschaftsvertrages.

proxy:

F Thomas Gigler, geb. 05.03.1967
19 vertritt seit 01.01.2009 gemeinsam mit
einem Geschäftsführer oder einem weiteren Prokuristen
H Dr. Axel Kobus, geb. 14.02.1970
25 vertritt seit 16.12.2011 gemeinsam mit
einem Geschäftsführer oder einem weiteren Prokuristen
I Dr. Goetz Baumgarten, geb. 23.09.1966
25 vertritt seit 16.12.2011 gemeinsam mit
einem Geschäftsführer oder einem weiteren Prokuristen

managing director:

D Dr. Herbert Grießer, geb. 19.01.1952
1 vertritt seit 23.03.1996 selbständig

shareholder:

G Evonik International Holding B.V.
22 .................... EUR 600.000
22 ............................................... EUR 600.000
------------------------------------------------------
Summen: EUR 600.000 EUR 600.000

general table:

Landesgericht Wels
1 eingetragen am 23.03.1996 Geschäftsfall 27 Fr 1197/96 h
Antrag auf Neueintragung einer Firma eingelangt am 20.03.1996
10 eingetragen am 24.06.2003 Geschäftsfall 29 Fr 2235/03 d
Antrag auf Änderung eingelangt am 18.06.2003
16 eingetragen am 20.11.2007 Geschäftsfall 29 Fr 5595/07 f
Antrag auf Änderung eingelangt am 16.11.2007
19 eingetragen am 20.02.2009 Geschäftsfall 29 Fr 849/09 v
Antrag auf Änderung eingelangt am 18.02.2009
21 eingetragen am 08.09.2010 Geschäftsfall 29 Fr 3469/10 f
Antrag auf Änderung eingelangt am 30.08.2010
22 eingetragen am 12.11.2010 Geschäftsfall 29 Fr 3609/10 k
Antrag auf Änderung eingelangt am 10.09.2010
25 eingetragen am 06.01.2012 Geschäftsfall 29 Fr 93/12 h
Antrag auf Änderung eingelangt am 02.01.2012
27 eingetragen am 02.10.2013 Geschäftsfall 29 Fr 2510/13 x
Elektronische Einreichung Jahresabschluss eingelangt am 19.09.2013

Real estate

Real estate text:

No real estate property registered

Private data

Surname	Date of birth	Address	Executive positions	Further executive positions (as registered in the companies' house)
Dr.  Herbert Grießer	1952-01-19	4840 Vöcklabruck Parkstraße 15	manager, head of personnel	0
Dr.  Goetz Baumgarten	1966-09-23	45721 Haltern am See Reinhard-Freericks-Straße 20	joint signing clerk	0
Mag.  Thomas Gigler		4860 Lenzing Werkstraße 3(c/o)	joint signing clerk, head of accounting	0
Dr.  Axel Kobus	1970-02-14	63225 Langen Am Bergfried 11 a	joint signing clerk	0
Mag.  Rudolf Hemmelmayr		4860 Lenzing Werkstraße 3(c/o)	head of sales, head of marketing	0
Reinhard Gehmair		4860 Lenzing Werkstraße 3(c/o)	head of EDP	0
Johann Kunesch		4860 Lenzing Werkstraße 3(c/o)	technical director	0

Balance Sheet (absolute) all amounts in EUR 

	2012-12-31
Franchises, patents, licences, trademarks and similar rights and advantages	9.720,76
Sum intangible assets	9.720,76
Land with buildings (building value)	2.411.854,50
Other operating and business equipment	378.764,21
Technical plants and machines	9.854.320,42
Advanced payments and constructions in progress	3.497.938,92
Sum tangible assets	16.142.878,05
Other financial assets, values and securities of fixed assets	385.465,47
Sum financial assets	385.465,47
Sum fixed assets	16.538.064,28
Raw-, auxiliary materials and supplies	1.092.701,99
Unfinished products	334.870,00
Finished products	5.281.792,62
Sum stock	6.709.364,61
Claims from delivered goods and performed services	4.964.143,94
Claims against related firmes Claims against companies with shareholding relationship	686.340,86
Special account claims	699.537,90
Sum claims	6.350.022,70
Cash on hand, cheques and bank deposits	838.027,34
Sum cash and bank	838.027,34
Sum current assets	13.897.414,65
Assets	30.435.478,93
Subscribed/declared capital	600.000,00
Legal reserves	60.000,00
Balance sheet profit/balance sheet loss	7.441.609,18
Thereof profit/loss carried forward	8.849.723,15
Sum equity capital	8.101.609,18
Valuation reserves and other reserves before taxes	1.031.885,65
Sum reserves before taxes	1.031.885,65
Reservesfor severance pays	1.025.488,92
Reserves for pensions	1.477.484,00
Other reserves	2.100.489,53
Sum reserves	4.603.462,45
Liabilities against credit institutes	981.944,86
Liabilities from delivered goods and performed services from the acceptance of drafts and emission of promissory notes	5.482.352,10
Liabilities against related firms	8.831.448,89
Other liabilities	1.402.775,80
Sum liabilities	16.698.521,65
Liabilities	30.435.478,93
Balance sheet sum	30.435.478,93

P / L Account  (absolute) all amounts in EUR 

	2012-12-31
Gross sales	34.931.000,83
Increase or decrease in finished and unfinished goods and in service claims	74.016,00
Sum turnover or sum gross profit	35.005.016,83
Income from dissolution of reserves	56.026,00
Other operating profits	410.490,32
Other operating profits totally	466.516,32
Costs for obtained services	-1.597.621,17
Special account material costs	-21.633.230,72
Costs for obtained services totally	-23.230.851,89
Wages	-2.318.896,02
Salaries	-2.519.938,93
Costs for severance pays	65.260,05
Costs for old age pension	-43.254,00
Legal fringe benefits and other payments depending on salaries	-1.236.462,56
Other social fringe benefits	-3.878,19
Personnel expenses totally	-6.057.169,65
Depreciation of intangible assets, tangible assets,activated expenses for the set up and expansion of business operation	-1.836.919,88
Depreciation tangible assets / intangible assets totally	-1.836.919,88
Different operating costs	-5.519.553,58
Other operating costs totally	-5.519.553,58
Operating result totally	-1.172.961,85
Interest income, securties income and similar income	8.648,34
Profits from the retirement of and investment in financial assets	15.408,38
Interest and similar disbursements	-257.458,84
Financial profits totally	-233.402,12
Results from usual business activity totally	-1.406.363,97
Taxes on income and profits	-1.750,00
Taxes on income and profits totally	-1.750,00
Annual surplus/annual deficit totally	-1.408.113,97
Annual profit/annual loss totally	-1.408.113,97
Profit and loss carried forward from previous year	8.849.723,15
Transfer of profits totally	8.849.723,15
B/S profit/ B/S loss from profit and loss account	7.441.609,18

Key ratios

	2012
Cash flow II	428.805,91
Debt amortisation period	47,72
Bank indebtedness	3,22
Equity capital share	30,00
Social capital share	8,22
Fixed assets coverage	70,36
Net profit ratio	-4,01
Capital turnover	1,15
Return on investment	-3,77
Cash flow in % of operating performance	1,22
Cash flow I	430.555,91
Gross productivity	5,77
Net productivity	1,94
Operating performance	35.005.016,83
Inventories in % of operating performance	19,16
Gross profit	11.774.164,94

Locations

Type	Locations	Description
		E-mail
operational	Gewerbepark  4, A-4861 Schörfling Attersee	registered headquarters, rented premises
		barbara.korn@evonik.com
operational	Werkstraße  3, A-4860 Lenzing, (Werksgelände der Lenzing AG)	main production, rented premises
operational	Gewerbepark  4, A-4861 Schörfling Attersee	registered office
former	Werkstraße  3, A-4860 Lenzing	registered office
former	Werkstraße  3, A-4860 Lenzing	registered headquarters

related companies

Company name	Postal code	Stake in %	KSV-number
Shares in this company are held by:
Evonik International Holding B.V.	hettenheuvelweg  37-39, NL-1101 Amsterdam	100 % 2010-11-12	1.995.420

Bankers

Banker	Bank sort code	Type of banking connection
Oberbank AG, 4860 Lenzing	15000	main bank connection
UniCredit Bank Austria AG, 4021 Linz/Donau	11000	secondary banking connection

Historical development

Year of incorporation:	1996
Date of registration:	1996-03-23

Change of company name:
From	To	Company name
	2007-11-20	Inspec Fibres GmbH
2007-11-20		Evonik Fibres GmbH

Change in share capital:
From	To	Capital
	2003-06-24	ATS  8.000.000,00
2003-06-24		EUR  600.000,00

Former executives:
From	To	Function	Name
	2002-09-21	manager	Derek Harry Warner
2002-09-21	2009-02-20	manager	Donald Charles MacKenzie Andrews

Former shareholders:
From	To	Function	Name
1996-03-23	1996-10-23	partner	Dr. Maria Theresia Pflügl
1996-03-18	2010-11-12	partner	Inspec Group B.V.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.63.30
UK Pound	1	Rs.101.36
Euro	1	Rs.84.60

INFORMATION DETAILS

Report Prepared by :

NIS

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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