MIRA INFORM REPORT

Report No. :	317749
Report Date :	17.04.2015

IDENTIFICATION DETAILS

Name :	KEMIN EUROPA NV

Registered Office :	Toekomstlaan 42, 2200 Herentals

Country :	Belgium

Financials (as on) :	31.12.2013

Date of Incorporation :	13.01.1972

Com. Reg. No.:	411987209

Legal Form :	Public Limited Liability Company

Line of Business :	Manufacturer of Other Food Products N.E.C.

No. of Employees :	161

RATING & COMMENTS

MIRA’s Rating :

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 :	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 – December 31, 2014

Country Name

Previous Rating

(30.09.2014)

Current Rating

(31.12.2014)

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 2013 Belgian GDP grew by 0.1%, the unemployment rate increased to 8.8% from 7.6% the previous year, and the government reduced the budget deficit from a peak of 6% of GDP in 2009 to 3.2%. 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 Summary

Business number	411987209
Branche Unit Number	2006808749
Company name	KEMIN EUROPA NV
Address	TOEKOMSTLAAN 42
	2200 HERENTALS
Number of staff	161
Date of establishment	13/01/1972
Telephone number	014286200
Fax number	014216336

Commentary

The business was established over 43 years ago.

The business has 161 employees.

The business is part of a group.

This business has a foreign parent business.

The business has been at the address for over 15 years.

Operating Result in the latest trading period decreased 51% on the previous trading period.

Pre-tax profits decreased by 47% compared to the previous trading period.

The business saw an increase in their Cash Balance of 21% during the latest trading period.

Accounts

DATE OF LATEST ACCOUNTS	TURNOVER	PROFIT BEFORE TAX	NET WORTH	WORKING CAPITAL
31/12/2013	94,358,324	7,488,497	21,753,469	14,942,841
31/12/2012	100,016,284	14,302,677	24,866,365	17,007,029
31/12/2011	88,759,855	7,851,664	22,781,742	15,056,829
Accounts
DATE OF LATEST ACCOUNTS	BALANCE TOTAL	NUMBER OF EMPLOYEES	CAPITAL	CASHFLOW
31/12/2013	36,846,354	161	80,565	6,383,248
31/12/2012	42,109,869	159	80,565	10,983,714
31/12/2011	39,057,444	162	80,565	6,352,732

Payment expectations

Past payments

Payment expectation days

42.37

Industry average payment

expectation days

109.84

Industry average day sales

outstanding

92.64

Day sales outstanding

67.41

Court data summary

BANKRUPTCY DETAILS

Court action type

PROTESTED BILLS

Bill amount

NSSO DETAILS

Date of summons

13/01/2000

Company accounts

ASSETS

Annual accounts	31-12-2013	%	31-12-2012	%	31-12-2011	%	31-12-2010	%	31-12-2009
Weeks	52		52		52		52		52
Currency	EUR		EUR		EUR		EUR		EUR
Total fixed assets	8,356,363	-9.80	9,264,593	-1.37	9,393,394	-5.14	9,902,566	44.86	6,835,920
Intangible fixed assets	0	-	0	-	0	-	0	-	0
Tangible fixed assets	5,223,310	-12.76	5,987,590	-2.50	6,141,323	9.56	5,605,590	109	2,676,483
Land & building	4,366,005	-8.43	4,767,989	-8.43	5,206,883	14.31	4,555,184	242	1,331,425
Plant & machinery	672,459	-33.20	1,006,718	45.34	692,663	-12.74	793,787	174	288,801
Furniture & Vehicles	180,418	-11.24	203,257	-9.83	225,411	-1.71	229,343	147	92,810
Leasing & Other Similar Rights	4,428	-54.00	9,626	-41.19	16,366	-40.00	27,276	-9.64	30,187
Other tangible assets	0	-	0	-	0	-	0	-100	933,260
Financial fixed assets	3,133,054	-4.39	3,277,003	0.77	3,252,071	-24.32	4,296,975	3.31	4,159,437
Total current assets	28,489,991	-13.26	32,845,276	10.72	29,664,050	7.13	27,690,421	13.49	24,398,088
Inventories	7,157,080	-3.67	7,429,955	-4.74	7,799,299	24.36	6,271,343	18.93	5,273,006
Raw materials & consumables	3,207,795	-22.19	4,122,841	0.75	4,092,241	85.49	2,206,174	-16.73	2,649,445
Work in progress	0	-100	58,652	-	0	-	0	-	0
Finished goods	3,949,284	21.57	3,248,462	-12.37	3,707,059	-8.81	4,065,169	54.95	2,623,561
Other stocks	0	-	0	0	-1	-	0	-	0
Trade debtors	17,427,297	-18.75	21,449,338	7.75	19,906,135	8.88	18,282,625	28.77	14,198,214
Other amounts receivable	1,595,632	45.78	1,094,521	44.65	756,689	-53.91	1,641,876	145	669,355
Cash	859,842	21.11	709,979	-3.51	735,825	-34.40	1,121,600	-69.93	3,730,038
Miscellaneous current assets	198,050	-90.84	2,161,484	363	466,102	24.97	372,977	106	180,396
Total Assets	36,846,354	-12.50	42,109,869	7.82	39,057,444	3.90	37,592,987	20.36	31,234,008

LIABILITIES


Total shareholders equity	21,753,469	-12.52	24,866,365	9.15	22,781,742	15.83	19,668,612	14.36	17,198,847
Issued share capital	80,565	0	80,565	0.00	80,565	0.00	80,565	0	80,565
Share premium account	-	-	-	-	-	-	-	-	-
Revaluation reserve	-	-	-	-	-	-	-	-	-
Reserves	21,672,904	-12.56	24,785,799	9.18	22,701,177	15.89	19,588,047	14.43	17,118,281
Provisions for Liabilities & Charges	1,509,755	10.88	1,361,668	-15.80	1,617,093	-5.36	1,708,678	47.00	1,162,355
Deffered taxes	35,981	-10.24	40,087	-10.55	44,815	2.30	43,809	-0.92	44,218
Creditors	13,547,150	-14.48	15,841,750	8.40	14,613,794	-9.63	16,171,888	26.06	12,828,589
Other long term loans	-	-	3,502	-46.72	6,573	-30.12	9,406	51.69	6,200
Long term group loans	-	-	-	-	-	-	-	-	-
Other long term liabilities	0	-	0	-	0	-	0	-	0
Total long term debts	1,545,736	10.00	1,405,257	-15.78	1,668,481	-5.30	1,761,893	45.28	1,212,773
Current portion of long term debt	3,502	14.04	3,071	8.39	2,833	-68.58	9,017	-27.29	12,401
Financial debts	-	-	-	-	-	-	-	-	-
Trade creditors	10,223,046	-3.48	10,591,435	-1.52	10,755,055	-11.94	12,212,721	23.74	9,869,839
Amounts Payable for Taxes, Remuneration & Social Security	3,185,324	-39.23	5,241,754	36.60	3,837,426	2.29	3,751,684	34.19	2,795,712
Miscellaneous current liabilities	135,278	6707	1,987	-83.31	11,907	-93.70	189,061	30.90	144,436
Total current liabilities	13,547,150	-14.47	15,838,248	8.43	14,607,221	-9.62	16,162,482	26.05	12,822,388
Total Liabilities	36,846,354	-12.50	42,109,869	7.82	39,057,444	3.90	37,592,987	20.36	31,234,008

RATIO ANALYSIS

TRADING PERFORMANCE
Profit Before Tax	7.94	-44.48	14.30	61.58	8.85	15.38	7.67	-24.13	10.11
Return on capital employed	32.14	-40.96	54.44	69.54	32.11	4.42	30.75	-23.79	40.35
Return on total assets employed	20.32	-40.18	33.97	69.00	20.10	14.66	17.53	-26.31	23.79
Return on net assets employed	34.42	-40.16	57.52	66.92	34.46	2.83	33.51	-22.43	43.20
Sales / net working capital	6.31	7.31	5.88	-0.17	5.89	-20.94	7.45	17.32	6.35
Stock turnover ratio	7.59	2.15	7.43	-15.47	8.79	20.41	7.30	1.67	7.18
Creditor days	42.37	-4.49	44.36	-7.39	47.90	-13.99	55.69	3.40	53.86
Debtor days	67.41	-13.89	78.28	-4.37	81.86	5.39	77.67	10.11	70.54
SHORT TERM STABILITY
Current ratio	2.10	1.45	2.07	1.97	2.03	18.71	1.71	-10.0	1.90
Liquidity ratio / acid ratio	1.57	-1.88	1.60	6.67	1.50	12.78	1.33	-10.74	1.49
Current debt ratio	0.62	-3.12	0.64	0	0.64	-21.95	0.82	9.33	0.75
Liquidity ratio reprocessed	-	-	-	-	-	-	-	-	-
Cashflow	6,383,248	-41.88	10,983,714	72.90	6,352,732	16.43	5,456,316	6.17	5,139,315
Net worth	21,753,469	-12.52	24,866,365	9.15	22,781,742	15.83	19,668,612	14.36	17,198,847
LONG TERM STABILITY
Gearing	0.02	-33.33	0.03	-25.00	0.04	-55.56	0.09	-18.18	0.11
Equity in percentage	59.04	-0.02	59.05	1.23	58.33	11.49	52.32	-4.98	55.06
Total debt ratio	0.69	0	0.69	-2.82	0.71	-21.98	0.91	10.98	0.82
Working capital	14,942,841	-12.14	17,007,029	12.95	15,056,829	30.61	11,527,939	-0.41	11,575,700

PROFIT & LOSS

Operating Income	97,560,372	-3.25	100,837,277	10.78	91,026,277	1.64	89,554,882	19.41	74,997,475
Turnover	94,358,324	-5.66	100,016,284	12.68	88,759,855	3.31	85,914,404	16.95	73,462,081
Total operating expenses	88,070,676	1.06	87,150,746	6.34	81,953,055	2.39	80,038,244	19.66	66,888,918
Gross Operating Margin	-	-	-	-	-	-	-	-	-
Operating Charges	91,272,724	3.75	87,971,739	4.46	84,219,478	0.65	83,678,722	22.29	68,424,311
Employee costs	15,271,428	-0.80	15,395,056	2.29	15,051,075	9.91	13,694,069	28.42	10,663,872
Wages and salary	11,089,679	-0.69	11,166,691	2.63	10,880,453	10.94	9,807,862	27.20	7,710,314
Employee pension costs	-	-	-	-	-	-	-	-	-
Social security contributions	3,111,622	-0.16	3,116,642	2.37	3,044,603	13.20	2,689,557	25.37	2,145,305
Other employee costs	1,070,127	-3.74	1,111,724	-1.27	1,126,019	-5.90	1,196,650	48.05	808,253
Director remuneration	-	-	-	-	-	-	-	-	-
Amortization and depreciation	994,768	10.87	897,244	-3.47	929,510	36.22	682,366	91.42	356,474
Operating result	6,287,648	-51.13	12,865,537	89.01	6,806,800	15.84	5,876,160	-10.60	6,573,164
Total financial income	2,175,579	-26.36	2,954,408	10.79	2,666,693	2.28	2,607,311	27.97	2,037,452
Total financial expenses	974,730	-35.76	1,517,268	-6.45	1,621,829	-14.34	1,893,266	60.31	1,180,996
Results on ordinary operations before taxation	7,488,497	-47.64	14,302,677	82.16	7,851,664	19.14	6,590,205	-11.30	7,429,619
Extraordinary Income	-	-	-	-	-	-	-	-	-
Extraordinary Charges	-	-	-	-	-	-	-	-	200,000
Extraordinary items	0	-	0	-	0	-	0	0	-200,000
Results for the Year Before Taxation	7,488,497	-47.64	14,302,677	82.16	7,851,664	19.14	6,590,205	-8.84	7,229,619
Other appropriations	-	-	-	-	-	-	-	-	-
Taxation	2,104,123	-50.15	4,220,935	73.33	2,435,254	33.94	1,818,226	-25.99	2,456,835
Results on ordinary operations after taxation	5,384,374	-46.59	10,081,743	86.13	5,416,410	13.50	4,771,979	-4.04	4,972,784
Net result	5,388,480	-46.58	10,086,470	85.99	5,423,222	13.60	4,773,949	-0.19	4,782,842
Profit (Loss) for the Year to be appropriated	5,395,083	-46.55	10,093,807	85.75	5,434,185	13.83	4,773,949	-0.19	4,782,842
Dividends	8,500,000	6.25	8,000,000	247	2,300,000	0	2,300,000	-42.50	4,000,000

SOCIAL BALANCE SHEET DETAILS

Social Balance Sheet	Total
During the reporting year ended 31-12-2013
Full-time Employees	144
Part-time Employees	24
Total Fte Employees	161

Number of hours worked
Full-time Employees	232,489
Part-time Employees	28,968
Total	261,457

Personnel Charges
Full-time Employees	13,536,593
Part-time Employees	1,734,834
Total	15,271,428
Benefits In Addition To Wages	-

During the previous reporting year
Average number employees in Fte	163
Actual working hours	268,228
Personnel Charges	15,395,056
Benefits In Addition To Wages	-

Type of Contract	Full-Time	Part-Time	Total Fte
Unlimited Duration Contracts	143	21	159
Limited Duration Contracts	3	0	3
Contracts For Specific Work	-	-	-
Contracts Regarding Substitution	-	-	-

Gender and Education Level

Men	Full-Time	Part-Time	Total Fte
Primary education	3	0	3
Secondairy education	54	3	56
Higher education (non university)	28	0	28
Higher education (university)	22	-	22

Women	Full-Time	Part-Time	Total Fte
Primary education	-	-	-
Secondairy education	1	6	5
Higher education (non university)	20	11	29
Higher education (university)	18	1	19

Working Category	Full-Time	Part-Time	Total Fte
Management	-	-	-
White collar worker	99	17	112
Blue collar worker	47	4	50
Other	-	-	-

Temporary personnel		Total
Average number of temporary staff		1
Actual working hours		2,640
Cost of temporary staff		61,578

New staff and leavers	Full-Time	Part-Time	Total Fte
New Starters	19	-	19
Leavers	16	1	17

Total of formal continuing vocational training initiatives
for workers paid by the employer	Male	Female
Number of employees	54	39
Number of training hours	1,200	592
Net costs for enterprise	94,926	37,514
Total of less formal and informal continuing vocational
training initiatives for workers paid by the employer	Male	Female
Number of employees	113	55
Number of training hours	1,589	411
Net costs for enterprise	93,541	25,123
Total of initial training initiatives at the expense of the
employer	Male	Female
Number of employees	-	-
Number of training hours	-	-
Net costs for enterprise	-	-

Industry comparison

Activity code	10890
Activity description	Manufacture of other food products n.e.c.
industry average credit rating	70.25
Industry average credit limit Payment Information	163098.39

Payment information

Payment Information Summary
Total number of Invoices available	133
Total number of Invoices paid within or up to 30 days after the due date	86
Total number of Invoices paid more than 30 days after the due date	30
Total number of Invoices currently outstanding where the due date has not yet been reached	16
Total number of Invoices currently outstanding beyond the due date	0

Suspension of payments / moratorium history
Amount	-
Details	-

Payment expectations
Payment expectation days	42.37
Day sales outstanding	67.41

Industry comparison
Activity code	10890
Activity description	Manufacture of other food products n.e.c.
Industry average payment expectation days	109.84
Industry average day sales outstanding	92.64

Industry quartile analysis
Payment expectations
Company result	42.37
Lower	71.77
Median	50.53
Upper	28.99

Day sales outstanding

Company result	67.41
Lower	70.75
Median	44.64
Upper	22.05

Shareholders Details

Summary
Group - Number of Companies	14
Linkages - Number of Companies	3
Number of Countries	3

Group Structure
Company name	Number	Latest
- KEMIN EUROPA NV	411987209	31-12-2013
- - KEMIN (U.K.) LIMITED	01157761	31-12-2013

- - KEMIN CENTRAL EUROPE SOC.ETR. E.P.B.

- - KEMIN DEUTSCHLAND SOC.ETR. E.P.B.

- - KEMIN FRANCE

305444952

31-12-2013

- - KEMIN HELLAS SOC.ETR. E.P.B.

- - KEMIN HUNGARY SOC.ETR. E.P.B.

- - KEMIN IBERICA

B08727372

31-12-2013

- - KEMIN INDUSTRIES BULGARIA EOOD SOC.ETR. ...

- - KEMIN INDUSTRIES O.O.O. SOC.ETR. E.P.B.

- - KEMIN INDUSTRIES SOUTH AFRICA (PTY) LTD...

- - KEMIN ITALIA SOC.ETR. E.P.B.

- - KEMIN KIMYASAL ÜRÜNLER DIS TIC. VE PAZAR...

- - KEMIN POLAND SOC.ETR. E.P.B.

Minority Shareholders

No minority shareholders found

Minority Interests

Business

Company name

Date of

number

accounts

KEMIN INDUSTRIES (ASIA) PTE LTD.

Linked Companies

Summary
Group - Number of Companies	14
Linkages - Number of Companies	3
Number of Countries	3

Linked Companies

NAME	NUMBER	LATEST KEY FINANCIALS	TURNOVER
KEMIN (DEUTSCHLAND) GESELLSCHAFT	HRB 9611	31.12.2013	-
MIT BESCHRÄNKTER HAFTUNG
KEMIN IRELAND LIMITED	IE380501	31.12.2012	-
KEMIN INDUSTRIES INC	-	-	-

Summons
Legal event type	Social Security Summons
Event date	13/01/2000
Court type
Creditor's name
Court name
3rd party type

Legal event type	Social Security Summons
Event date	22/04/1999
Court type
Creditor's name
Court name
3rd party type

Legal event type	Social Security Summons
Event date	11/02/1999
Court type
Creditor's name
Court name
3rd party type

Protested Bills

There is no data for this company

Bankruptcy and other legal events

There is no data for this company

Director details

Current Director Details

Name	JOHN SPRINGATE
Position	Managing Director
Start Date	30/06/2011
Street	24 KRIBBESTRAAT ANTWERPEN
Post code	2000
Country	Belgium

Position	Director
Start Date	01/04/2010
Street	24 KRIBBESTRAAT ANTWERPEN
Post code	2000
Country	Belgium

Name	RONALD WADE NELSON
Position	Managing Director
Start Date	10/08/2005
Street
Post code
Country	United States

Position	Director
Start Date	10/08/2005
Street
Post code
Country	United States

Name	KEMIN INDUSTRIES INC.
Position	Managing Director
Start Date	10/08/2005
Street	2100 MAURY STREET
Post code
Country	United States

Position	Director
Start Date	02/09/1998
Street	2100 MAURY STREET
Post code
Country	United States

Position	Vice Chairperson
Start Date	18/06/2005
Street	2100 MAURY STREET
Post code
Country	United States

Name	CHRISTOPHER E. PH. NELSON
Position	Legal Representative
Start Date	16/06/2011
Date of birth	08/01/1954
Street
Post code
Country	United States

Name	MARY ANNE KELLEHER NELSON
Position	Director
Start Date	16/06/2011
End Date	15/06/2017
Street	4105 TIMBERWOOD DRIVE
Post code	50265
Country	United States

Name	ERIC CREEMERS

Position	Director
Start Date	16/06/2011
Street
Post code
Country

Name	MARY ANNE NELSON
Position	Director
Start Date	19/06/1986
Street
Post code
Country

FORMER DIRECTOR DETAILS

Name	ATHANASIOS KATSANOS
Position	Managing Director
Start Date	02/01/2008
End Date	29/06/2011
Street	21 KIPDORP ANTWERPEN
Post code	2000
Country	Belgium

Position	Director
Start Date	01/01/2008
End Date	29/06/2011
Street	21 KIPDORP ANTWERPEN
Post code	2000
Country	Belgium

Name	ERIK HENDRIK ROSA CREEMERS
Position	Director
Start Date	01/04/2004
End Date	Unknown date
Street	42 ONDERHEIDE BRASSCHAAT
Post code	2930
Country	Belgium

Name	JJ INTERNATIONAL BVBA
Position	Director
Start Date	01/04/2010
End Date	28/09/2011
Date of birth	07/09/1999
Street	75 VAGEVUURVELDEN BRASSCHAAT
Post code	2930
Country	Belgium

Position	Legal Representative
Start Date	01/04/2010
End Date	Unknown date
Date of birth	07/09/1999
Street	75 VAGEVUURVELDEN BRASSCHAAT
Post code	2930
Country	Belgium

Name	MICHAEL MURRAY
Position	Director
Start Date	01/11/2011
End Date	31/12/2012
Street	3 IMPASSE DE MON-IDÉE
Post code	1226
Country	Switzerland

Name	RONALD WADE NELSON
Position	Chairman of the Board
Start Date	16/06/2005
End Date	16/06/2011
Street
Post code
Country	United States

Name	ELIZABETH ANNE NELSON
Position	Managing Director
Start Date	16/12/2002
End Date	Unknown date
Date of birth	07/03/1955
Street
Post code
Country	United States

Position	Director
Start Date	16/12/2002
End Date	Unknown date
Date of birth	07/03/1955
Street
Post code
Country	United States

Name	CHRISTOPHER E. PH. NELSON
Position	Director
Start Date	18/06/1998
End Date	Unknown date
Date of birth	08/01/1954
Street
Post code
Country	United States

Name	MARY ANN KELLEHER
Position	Director
Start Date	16/06/2005
End Date	31/12/2012
Street
Post code
Country	United States

Name	ROLAND NELSON
Position	Managing Director
Start Date	16/12/2002
End Date	Unknown date
Street
Post code
Country

Position	Director
Start Date	19/06/1986
End Date	Unknown date
Street
Post code
Country

Name	KEMIN INDUSTRIESINC
Position	Managing Director
Start Date	16/12/2002
End Date	Unknown date
Street
Post code
Country

Position	Director
Start Date	02/09/1998
End Date	Unknown date
Street
Post code
Country

Name	CHRISTOPHER NELSON
Position	Legal Representative
Start Date	16/06/2005
End Date	Unknown date
Street
Post code
Country

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.62.37
UK Pound	1	Rs.92.44
Euro	1	Rs.66.56

INFORMATION DETAILS

Analysis Done by :	SUB

Report Prepared by :	ASH

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.

Registered contractor number	-
Contractor description	-
Date struck off register

Personnel (NSSO classification)
Code	-
Description	-

Joint Industrial Committee (JIC)
JIC Code	116
Description Category	Joint committee for the chemical industry

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

Significant Events
Event Date	16/06/2011
Event Description	re-appointment of director(s)
Event Details	Commentaar 16-06-2011: Herbenoemd als bestuurders voor een duur van 6 jaar: Kemin Industries Inc. (tevens gedelegeerd bestuurder), Rolland Nelson (tevens gedelegeerd bestuurder en voorzitter van de raad van bestuur), Mary-Ann Kelleher, Eli