MIRA INFORM REPORT

Report Date :

15.01.2014

IDENTIFICATION DETAILS

Name :	OLEON NV
Registered Office :	Assenedestraat 2 9940 Evergem
Country :	Belgium
Financials (as on) :	31.12.2012
Date of Incorporation :	01.01.1968
Com. Reg. No.:	406414162
Legal Form :	Public Limited Liability Company
Line of Business :	Manufacture of industrial gases
No. of Employees :	200

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 – September 30, 2013

Country Name	Previous Rating (30.06.2013)	Current Rating (30.09.2013)
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 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

company name and address

Business number	406414162
Company name	OLEON NV
Address	ASSENEDESTRAAT 2
	9940 EVERGEM
Number of staff	428
Date of establishment	01/01/1968
Telephone number	093411011
Fax number	093411000

Ultimate holding company

Company name	Company Number	View linked companies from outside this company's group structure
SOPROL SOCIETE PARTICIPATION OLEAGINEU	-	143 companies from 17 countries. Click to view the linked companies.

Commentary

The business was established over 46 years ago.

The business has 200 employees.

The business is part of a group.

The business has been at the address for over 12 years.

The credit rating for this business has decreased from 100 to 99.

The credit limit for this business has decreased from €9750000 to €9650000.

Operating Result in the latest trading period decreased 69% on the previous trading period.

Pre-tax profits decreased by 70% compared to the previous trading period.

The business saw an increase in their Cash Balance of 11005% during the latest trading period.

Accounts

Date of latest accounts	Turnover	Profit Before Tax	Net worth	Working capital
31/12/2012	549,979,074	3,879,371	87,202,543	58,225,263
31/12/2011	524,479,222	13,181,194	83,652,674	57,017,578
31/12/2010	460,117,841	15,609,264	71,340,884	44,439,751

Accounts

Date of latest accounts	Balance Total	Number of Employees	Capital	Cashflow
31/12/2012	302,183,626	428	47,118,000	15,612,254
31/12/2011	277,287,533	410	47,118,000	25,418,703
31/12/2010	256,975,737	393	47,118,000	29,196,053

Trends

Profitability
Liquidity
Net worth

Payment expectations

Past payments		Payment expectation days	57.69
Industry average payment expectation days	58.16	Industry average day sales outstanding	105.13
Day sales outstanding	56.70

Court data summary

Bankruptcy details
Court action type	no
Protested bills
Bill amount	-
NSSO details
Date of summons	05/09/2005
Business number	406414162	Company name	OLEON NV
Fax number	093411000	Date founded	01/01/1968
Company status	active	Company type	Public Limited Liability Company (BE)
Currency	Euro (€)	Date of latest accounts	31/12/2012
Activity code	20110	liable for VAT	yes
Activity description	Manufacture of industrial gases	VAT Number	BE.0406.414.162
Belgian Bullettin of Acts Publications	moniteur belge

Contractor details

Registered contractor number	-
Contractor description	-
Date struck off register

Social Balance Sheet Details

Social Balance Sheet		Total
During the reporting year ended 31-12-2012
Full-time Employees		360
Part-time Employees		77
Total Fte Employees		419
Number of hours worked
Full-time Employees		546,058
Part-time Employees		87,300
Total		633,358
Personnel Charges
Full-time Employees		29,631,821
Part-time Employees		6,343,203
Total		35,975,024
Benefits In Addition To Wages		-
During the previous reporting year
Average number employees in Fte		405
Actual working hours		602,722
Personnel Charges		33,566,392
Benefits In Addition To Wages		-
Type of Contract	Full-Time	Part-Time	Total Fte
Unlimited Duration Contracts	367	74	424
Limited Duration Contracts	4	1	4
Contracts For Specific Work	-	-	-
Contracts Regarding Substitution	-	-	-

Gender and Education Level
Men	Full-Time	Part-Time	Total Fte
Primary education	28	10	35
Secondairy education	205	31	228
Higher education (non university)	66	6	71
Higher education (university)	27	-	27
Women	Full-Time	Part-Time	Total Fte
Primary education	-	-	-
Secondairy education	3	5	7
Higher education (non university)	33	20	49
Higher education (university)	9	3	12
Working Category	Full-Time	Part-Time	Total Fte
Management	-	-	-
White collar worker	369	74	426
Blue collar worker	1	-	1
Other	1	1	1

Temporary personnel		Total
Average number of temporary staff		6
Actual working hours		10,770
Cost of temporary staff		516,099
New staff and leavers	Full-Time	Part-Time	Total Fte
New Starters	31	1	31
Leavers	9	5	13

Total of formal continuing vocational training initiatives for workers paid by the employer	Male	Female
Number of employees	353	72
Number of training hours	6,791	717
Net costs for enterprise	495,899	83,238
Total of less formal and informal continuing vocational training initiatives for workers paid by the employer	Male	Female
Number of employees	30	6
Number of training hours	5,768	1,176
Net costs for enterprise	235,544	48,043
Total of initial training initiatives at the expense of the employer	Male	Female
Number of employees	1	-
Number of training hours	168	-
Net costs for enterprise	5,422	-

Personnel (NSSO classification)

Code	-
Description	FROM 200 TO 499 EMPLOYEES

Joint Industrial Committee (JIC)

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

Significant Events

Event Date	17/08/2012
Event Description
Event Details	Kennisname van de kredietovereenkomst.

Profit & loss

	Annual accounts	31-12-2012	%	31-12-2011	%	31-12-2010	Industry average 2012	%
	Weeks	52		52		52
	Currency	EUR		EUR		EUR
	Turnover	549,979,074	4.86	524,479,222	13.99	460,117,841	46,359,825	1086
	Total operating expenses	544,669,372	7.37	507,271,400	15.15	440,526,871	44,714,885	1118
	Operating result	5,309,702	-69.14	17,207,822	-12.16	19,590,970	921,620	476
	Total financial income	12,282,018	28.65	9,546,816	-27.58	13,181,952	1,116,849	999
	Total financial expenses	13,712,349	1.02	13,573,444	-20.92	17,163,658	753,908	1718
	Results on ordinary operations before taxation	3,879,371	-70.57	13,181,194	-15.56	15,609,264	1,275,709	204
	Taxation	-2,477	32.47	-7,628	-407	2,477	388,923	-100
	Results on ordinary operations after taxation	3,881,848	-70.57	13,188,822	-15.49	15,606,787	991,131	291
	Extraordinary items	142,799	52.52	-271,915	26.55	-1,024,112	1,502,882	-90.50
	Other appropriations	-83263.63	-109	869950.34	169	-514221.39	-	-
	Net result	3,941,383	-71.41	13,786,858	-2.00	14,068,454	2,490,729	58.24
	other information
	Dividends	-	-	-	-	-	390,316	-
	Director remuneration	-	-	-	-	-	76,791	-
	Employee costs	38,145,741	5.62	36,114,884	6.43	33,932,670	6,103,720	524
	Wages and salary	26,337,577	8.20	24,342,066	10.57	22,015,994	4,196,718	527
	Employee pension costs	2,170,717	-	2,548,492	-	3,621,573	401,593	440
	Social security contributions	7,840,959	7.53	7,292,007	11.63	6,532,573	1,293,015	506
	Other employee costs	1,796,488	-7.03	1,932,319	9.63	1,762,530	382,281	369
	Amortization and depreciation	11,670,870	0.34	11,631,844	-23.11	15,127,599	1,309,573	791
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balance sheet

	Annual accounts	31-12-2012	%	31-12-2011	%	31-12-2010	Industry average 2012	%
	Weeks	52		52		52
	Currency	EUR		EUR		EUR
	Intangible fixed assets	2,820,183	-	2,470,490	-	1,034,427	157,802	1687
	Tangible fixed assets	78,005,962	2.03	76,452,676	2.29	74,744,104	9,832,002	693
	Land & building	7,119,937	-3.27	7,360,357	-3.41	7,619,923	1,650,537	331
	Plant & machinery	62,289,162	11.01	56,113,517	-12.25	63,945,140	7,072,467	780
	Furniture & Vehicles	690,629	-6.67	740,001	2.83	719,613	282,197 28,508	144
	Leasing & Other Similar Rights	-	-	-	-	-	427,841 14,334	-
	Other tangible assets	7,906,234	-35.40	12,238,802	397	2,459,428	2,277,385	247
	Financial fixed assets	18,659,911	-16.37	22,311,531	-3.56	23,134,650	26,821,064	-30.43
	Total fixed assets	99,486,056	-1.73	101,234,697	2.35	98,913,180	28,665,632	247
	Inventories	102,656,974	16.23	88,324,482	17.27	75,317,476	5,979,513	1616
	Raw materials & consumables	31,820,777	10.97	28,674,052	28.99	22,229,690	4,845,192	556
	Work in progress	0	-	0	-	0	325,920	-100
	Finished goods	68,955,221	28.35	53,723,056	19.19	45,072,768	2,019,201	3314
	Other stocks	1,880,977	-68.27	5,927,374	-26.05	8,015,018	91,503	1955
	Trade debtors	85,435,473	5.86	80,708,491	5.52	76,489,720	4,560,530	1773
	Cash	10,853,388	11005	97,726	-78.12	446,654	3,083,372	251
	other amounts receivable	2,906,820	30.67	2,224,595	8.18	2,056,401	7,128,222	-59.22
	Miscellaneous current assets	844,915	-82.01	4,697,541	25.19	3,752,307	2,209,967	-61.77
	Total current assets	202,697,570	15.13	176,052,836	11.38	158,062,557	20,331,886	896
	Total Assets	302,183,626	8.98	277,287,533	7.90	256,975,737	45,205,970 1,317,369	568
	current liabilities
	Trade creditors	86,089,538	12.64	76,425,677	24.02	61,622,730	4,467,193	1827
	Short term group loans	-	-	-	-	-	-	-
	Financial debts	45,000,000	55.17	29,000,000	0	29,000,000	5,887,973 513,283	664
	Current portion of long term debt	4,000,000	0	4,000,000	-72.41	14,500,000	432,547 53,298	824
	Amounts Payable for Taxes, Remuneration & Social Security	8,349,249	4.43	7,994,703	2.33	7,812,440	189,762 -	459
	Miscellaneous current liabilities	1,033,520	-36.00	1,614,877	134	687,636	110	- -
	Total current liabilities	144,472,307	21.37	119,035,258	4.76	113,622,806	7,389,177	1855
	Long term debts and liabilities
	Long term group loans	-	-	-	-	-	-	- -
	Other long term loans	62,516,000	-6.14	66,606,000	9.90	60,606,000	1297	- -
	Deffered taxes	1,316,404	6.75	1,233,141	-41.37	2,103,091	209,554 26,932	528
	Provisions for Liabilities & Charges	3,856,189	-10.11	4,289,970	-48.12	8,268,529	521,441 0	639
	Other long term liabilities	0	-	0	-	0	2,927	-100
	Total long term debts	67,688,593	-6.16	72,129,111	1.62	70,977,621	2,455,703	2656
	shareholders equity
	Issued share capital	47,118,000	0	47,118,000	0	47,118,000	14,488,248	225
	Share premium account	2,071,866	0	2,071,866	0	2,071,866	39,499,284	-94.75
	Reserves	40,832,860	10.56	36,933,298	59.30	23,185,445	13,026,478	213
	Revaluation reserve	-	-	-	-	-	-	-
	Total shareholders equity	90,022,726	4.53	86,123,164	19.00	72,375,311	35,114,968	156
	Working capital	58,225,263	2.12	57,017,578	28.30	44,439,751	12,942,709	349
	Cashflow	15,612,254	-38.58	25,418,703	-12.94	29,196,053	3,512,835	344
	Net worth	87,202,543	4.24	83,652,674	17.26	71,340,884	34,100,703	155
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ratio analysis

	Annual accounts	31-12-2012	change(%)	31-12-2011	change(%)	31-12-2010	Industry average 2012	%
	Trading performance
	Profit Before Tax	0.71	-71.71	2.51	-25.96	3.39	101,00	-99
	Return on capital employed	2.46	-70.47	8.33	-23.51	10.89	-12,00	20.50
	Return on total assets employed	1.28	-73.05	4.75	-21.75	6.07	-6,00	21.33
	Return on net assets employed	4.31	-71.85	15.31	-29.02	21.57	-15,00	28.73
	Sales / net working capital	9.45	2.72	9.20	-11.11	10.35	-22,00	-99
	Stock turnover ratio	18.67	10.87	16.84	2.87	16.37	8,00	133
	Debtor days	56.70	0.94	56.17	-7.43	60.68	133,00	-57.37
	Creditor days	57.69	4.91	54.99	7.70	51.06	1.286,00	-95.51
	short term stability
	Current ratio	1.40	-5.41	1.48	6.47	1.39	21,00	-53.33
	Liquidity ratio / acid ratio	0.69	-6.76	0.74	1.37	0.73	20,00	-96.55
	Current debt ratio	1.60	15.94	1.38	-12.10	1.57	3,00	-46.67
	Liquidity ratio reprocessed	-	-	-	-	-	-	-
	long term stability
	Gearing	123.88	7.11	115.66	-19.59	143.84	110,00	12.62
	Equity in percentage	30.07	-4.05	31.34	10.82	28.28	-442,00	6.80
	Total debt ratio	2.36	6.31	2.22	-12.94	2.55	3,00	-21.33

Industry comparison

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

Payment Information Summary

Total number of Invoices available	12
Total number of Invoices paid within or up to 30 days after the due date	9
Total number of Invoices paid more than 30 days after the due date	3
Total number of Invoices currently outstanding where the due date has not yet been reached	0
Total number of Invoices currently outstanding beyond the due date	0

Suspension of payments / moratorium history

Amount	-
Details	-

Payment expectations

Payment expectation days	57.69
Day sales outstanding	56.70

Industry comparison

Activity code	20110
Activity description	Manufacture of industrial gases
Industry average payment expectation days	58.16
Industry average day sales outstanding	105.13

Industry quartile analysis

Payment expectations
Company result	57.69
Lower	93.98
Median	65.87
Upper	42.01
Day sales outstanding
Company result	56.70
Lower	60.88
Median	50.45
Upper	28.56

Company result	57.69
Lower	93.98
Median	65.87
Upper	42.01

Company result	56.70
Lower	60.88
Median	50.45
Upper	28.56

Summary

Group - Number of Companies	13
Linkages - Number of Companies	143
Number of Countries	17

Company name	Number	Latest financials	Rating
- SOPROL SOCIETE PARTICIPATION OLEAGINEU
- - OLEON HOLDING NV	473266166	31-12-2012	79
- - - OLEON NV	406414162	31-12-2012	99
- - - - OLEON (ASIA-PACIFIC) SND BHD SOC.ETR. E....
- - - - OLEON AMERICAS, INC			35
- - - - OLEON CHINA SOC.ETR. E.P.B.
- - - - OLEON FRANCE S.A.S. SOC.ETR. E.P.B.
- - - - OLEON GMBH SOC.ETR. E.P.B.
- - - - OLEON NORTHERN EUROPE AS	984406231	31-12-2012	97
- - - - OLEON SCANDINAVIA AS	913048326	31-12-2012	74
- - - - OLEON SDN BHD SOC.ETR. E.P.B.
- - - - OLEON SOUTHERN EUROPE S.R.L.	03232310965	31-12-2012	N/R
- - - - OLEON UK LIMITED	04163467	31-12-2012	92

Minority Shareholders

No minority shareholders found

Minority Interests

No minority interests found

Companies that match this address

Business number	Company name	Rating	Limit	Date of accounts
406893917	LILACHIM NV	-	-	-
473266166	OLEON HOLDING NV	79	78000	31/12/2012
476471027	ORGANISME VOOR DE FINANCIERING VAN PENSIOENEN OFP	86	3000	-
881745539	OLEON BIODIESEL NV	77	760000	31/12/2012

Linked Companies

Name	number	Latest Key financials	Rating	Limit	Turnover
LESIEUR CRISTAL	00004171	31.12.2012	36	€1.300.000	€365.158.893
OLEOSUD	538856451	31.12.2012	55	€75.000	-
SOPROL SOCIETE PARTICIPATION OLEAGINEU	328319033	31.12.2012	35	€3.200.000	€262.488
GLON SANDERS HOLDING	498505015	31.12.2012	76	€1.900.000	€5.372.022
SOFIAL	498808278	31.12.2012	96	€150.000	-
GLON SANDERS	398319269	31.12.2012	55	€1.900.000	€308.255
SOC AGRO INDUSTRIELLE DE PATRIMOINE	328319041	31.12.2012	97	€5.000.000	€2.343.446.700
LESIEUR	457208619	31.12.2012	94	€5.000.000	€759.700.784
SOC AGRIC DEVELOP SEMENCES	320553191	31.12.2012	100	€150.000	-
LESIEUR GENERALE CONDIMENTAIRE	437507650	31.12.2012	55	€310.000	€83.114.566
SANDERS PARTICIPATIONS	954200689	31.12.2012	55	€75.000	€406.202
SANDERS BRETAGNE	352454946	31.12.2009	62	€1.300.000	€399.667.350
LMT OLEAGINEUX	487610503	31.12.2012	65	€75.000	€16.605.575
PALMELIT SAS	510041536	31.12.2012	83	€835.000	€7.139.664
SOGEVAL	712005107	31.12.2012	68	€515.000	€60.163.834
BIO9 S.P.A.	06745040961	31.12.2012	view rating	view limit	€4.031.435
CENTRE GRAINS	349180166	30.06.2013	81	€150.000	€4.462.722
DIESTER INDUSTRIE ATLANTIQUE	493968572	31.12.2012	100	€150.000	€6.626.426
SANDERS ALIMENTS SNC	339304727	31.12.2012	100	€445.000	€77.340
SOPRAL	679200741	31.12.2012	69	€205.000	€34.880.099

NSSO details

Business number	406414162
Name of defendant	OLEON
Legal form of defendant	Limited company
Date of summons	05/09/2005
Labour court	GENT

Bankruptcy details

There is no bankruptcy data against this company

Legal events

Legal event type	Social Security Summons
Legal event sub type
Event date	05/09/2005	Secondary event date
Court number		Registry body identfier
Court type		Court name	GENT

Current director details

Name	SAMY GCV
Position	Member of the Board of Directors
Start Date	25/05/2011
Date of birth	01/09/2010
Street	17 JAN BLOCKXLAAN AARTSELAAR
Post code	2630
Country	Belgium

Name	ALUNE BVBA
Position	Member of the Board of Directors
Start Date	25/05/2011
Date of birth	03/01/2008
Street	45 BREDESTRAAT KOUTER LOVENDEGEM
Post code	9920
Country	Belgium

Name	2TRADE.COM BVBA
Position	Member of the Board of Directors
Start Date	25/05/2011
Date of birth	14/06/2011
Street	261 PROVINCIEBAAN ZOTTEGEM
Post code	9620
Country	Belgium

Name	EFECOM BVBA
Position	Member of the Board of Directors
Start Date	25/05/2011
Date of birth	20/06/2011
Street	84 VIJVERSSTRAAT BEGIJNENDIJK
Post code	3130
Country	Belgium

Name	DEVER MANAGEMENT CY BVBA
Position	Director
Start Date	28/08/2012
Date of birth	19/02/2004
Street	32 LINDENLAAN BRUGGE
Post code	8310
Country	Belgium

Name	DEVER MANAGEMENT CY BVBA
Position	Chairman Executive Committee
Start Date	25/05/2011
Date of birth	19/02/2004
Street	32 LINDENLAAN BRUGGE
Post code	8310
Country	Belgium

Name	DEVER MANAGEMENT CY BVBA
Position	Member of the Board of Directors
Start Date	25/05/2011
Date of birth	19/02/2004
Street	32 LINDENLAAN BRUGGE
Post code	8310
Country	Belgium

Name	DEVER MANAGEMENT CY BVBA
Position	Managing Director
Start Date	11/10/2007
Date of birth	19/02/2004
Street	32 LINDENLAAN BRUGGE
Post code	8310
Country	Belgium

Name	NACIRI MOUSSA
Position	Managing Director
Start Date	08/07/2013
Street
Post code
Country	France

Name	NACIRI MOUSSA
Position	Director
Start Date	26/01/2009
Street
Post code
Country	France

Name	MOUSSA NACIRI
Position	Managing Director
Start Date	08/07/2013
Street	31 RUE COLBERT
Post code	93100
Country	France

Name	MOUSSA NACIRI
Position	Director
Start Date	26/01/2009
End Date	27/05/2014
Street	31 RUE COLBERT
Post code	93100
Country	France

Name	XAVIER BEULIN
Position	Director
Start Date	26/01/2009
End Date	27/05/2014
Street	11 CHEMIN DE HALAGE
Post code	45000
Country	France

Name	YVES DELAINE
Position	Director
Start Date	26/01/2009
End Date	27/05/2014
Street	19 RUE CARNOT
Post code	92300
Country	France

Name	GEORGES VERMEERSCH
Position	Director
Start Date	26/01/2009
End Date	27/05/2014
Street	62 AVENUE FÉLIX FAURE
Post code	75015
Country	France

Name	JEAN-PHILIPP PUIG
Position	Director
Start Date	18/07/2012
Street
Post code
Country

Former director details

Name	RENE PEETERS
Position	Director
Start Date	27/05/2003
End Date	-
Street	250 OOSTERVELDLAAN MORTSEL
Post code	2640
Country	Belgium

Name	FORTIS PRIVATE EQUITY MANAGEMENT SA
Position	Director
Start Date	20/02/2008
End Date	16/01/2009
Date of birth	25/07/1989
Street	3 WARANDEBERG BRUSSEL
Post code	1000
Country	Belgium

Name	BALOISE BELGIUM NV
Position	Director
Start Date	29/05/2007
End Date	16/01/2009
Date of birth	01/12/1919
Street	16 POSTHOFBRUG ANTWERPEN
Post code	2600
Country	Belgium

Name	LEGIMCO NV
Position	Director
Start Date	31/05/2005
End Date	16/01/2009
Date of birth	13/12/1995
Street	23 AZALEALAAN SCHILDE
Post code	2970
Country	Belgium

Name	LEGIMCO NV
Position	Chairman of the Board
Start Date	31/05/2005
End Date	16/01/2009
Date of birth	13/12/1995
Street	23 AZALEALAAN SCHILDE
Post code	2970
Country	Belgium

Name	JAN DE CLERCK
Position	Director
Start Date	17/03/2009
End Date	16/01/2009
Date of birth	31/08/1952
Street	27 BAVERIKSTRAAT WAASMUNSTER
Post code	9250
Country	Belgium

Name	POL BAMELIS NV
Position	Director
Start Date	17/03/2009
End Date	16/01/2009
Date of birth	10/04/2001
Street	20 KONINGIN FABIOLALAAN KNOKKE-HEIST
Post code	8300
Country	Belgium

Name	AST VERBIEST
Position	Director
Start Date	01/06/2005
End Date	16/01/2009
Date of birth	31/10/1973
Street	28 LEOPOLD DE WAELPLAATS ANTWERPEN
Post code	2000
Country	Belgium

Name	WOLIVE NV
Position	Director
Start Date	27/05/2008
End Date	18/01/2009
Date of birth	08/03/1988
Street	41 LANGENBERG HOOGSTRATEN
Post code	2323
Country	Belgium

Name	CHRISTIAN DEPREEUW
Position	Managing Director
Start Date	27/02/2004
End Date	31/12/2010
Street	32 LINDELAAN BRUGGE
Post code	8310
Country	Belgium

Name	CHRISTIAN DEPREEUW
Position	Legal Representative
Start Date	24/03/2004
End Date	-
Street	32 LINDELAAN BRUGGE
Post code	8310
Country	Belgium

Name	PHILIPPE TILLOUS-BORDE
Position	Director
Start Date	16/01/2009
End Date	18/07/2012
Street
Post code
Country	France

Name	BERNARD NICOL
Position	Director
Start Date	16/01/2009
End Date	18/07/2012
Street	11 RUE DU CONSEILLER COLLIGNON
Post code	75016
Country	France

Name	CHRISTIAN ROUSSEAU
Position	Director
Start Date	26/01/2009
End Date	18/07/2012
Street	33 RUE DE LA MUTUALITÉ
Post code	F-92160
Country	France

Name	PHILIPPE TILLOUS-BORDE
Position	Director
Start Date	16/01/2009
End Date	18/07/2012
Street	61 RUE MADAME
Post code	75006
Country	France

Name	JEAN-PHILIPPE PUIG
Position	Director
Start Date	18/07/2012
End Date	28/05/2013
Street
Post code
Country	France

Name	NIB CAPITAL BANK N.V. BUITENL.VEN
Position	Director
Start Date	12/01/2001
End Date	-
Date of birth	01/09/2005
Street	4 CARNEGIEPLEIN 'S-GRAVENHAGE
Post code	2597XZ
Country	The Netherlands

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.52
UK Pound	1	Rs.101.48
Euro	1	Rs.84.11

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%)