MIRA INFORM REPORT

Report No. :	335960
Report Date :	12.08.2015

IDENTIFICATION DETAILS

Name :	PRAYON SA

Registered Office :	Rue Joseph Wauters 144 4480 Engis

Country :	Belgium

Financials (as on) :	31.12.2014

Date of Incorporation :	15.10.1928

Com. Reg. No.:	405747040

Legal Form :	Public Limited Liability

Line of Business :	Manufacture of other inorganic basic chemicals

No. of Employees :	907

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 :	Slow but correct

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, 2015

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

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 shifts in foreign demand, particularly in Belgium’s EU trade partners. Roughly three-quarters of Belgium's trade is with other EU countries. In 2014 Belgian GDP grew by 0.9%, the unemployment rate stabilized at 8.5%, and the the budget deficit was 3.2% of GDP. Prime Minister Charles MICHEL’s center-right government has pledged to further reduce the deficit in response to EU pressure to reduce Belgium’s high public debt, which remains above 100% of GDP, but such efforts could also dampen economic growth. In addition to restrained public spending, low wage growth and high unemployment promise to curtail a more robust recovery in private consumption. The government has pledged to pursue an reform program to improve Belgium’s competitiveness, including changes to tax policy, labor market rules, and welfare benefits. These changes risk worsening tensions with trade unions and triggering extended strikes.

Source : CIA

Company summary

Business number	405747040
Branche Unit Number	2102657518
Company name	PRAYON SA
Address	RUE JOSEPH WAUTERS 144
	4480 ENGIS
Number of staff	907
Date of establishment	15/10/1928
Telephone number	042739211
Fax number	042739635

Commentary

The business was established over 86 years ago.

The business has 907 employees.

The business is part of a group.

This business has a foreign parent business.

The business has been at the address for over 24 years.

Net Worth increased by 53% during the latest trading period.

The business saw a decrease in their Cash Balance of 90% during the latest trading period.

Working Capital is a negative amount during the latest trading period.

Accounts

DATE OF LATEST ACCOUNTS	TURNOVER	PROFIT BEFORE TAX	NET WORTH	WORKING CAPITAL
31/12/2014	653,864,824	20,590,356	64,526,677	-36,981,566
31/12/2013	609,295,224	-16,074,752	41,955,015	-44,225,400
31/12/2012	617,072,553	-29,838,429	70,442,863	-72,476,332

Accounts

DATE OF LATEST ACCOUNTS	BALANCE TOTAL	NUMBER OF EMPLOYEES	CAPITAL	CASHFLOW
31/12/2014	447,393,363	907	43,000,000	43,889,660
31/12/2013	472,759,382	922	43,000,000	-5,659,910
31/12/2012	488,363,725	940	43,000,000	-12,467,823

Trends

Profitability

Liquidity

Net worth

Payment expectations

Past payments		Payment expectation days	52.25
Industry average payment	114.41	Industry average day sales	109.38
expectation days		outstanding
Day sales outstanding	71.07

Court data summary

BANKRUPTCY DETAILS

Court action type no

PROTESTED BILLS

Bill amount -

NSSO DETAILS

Date of summons 04/05/2007

Company accounts

Assets
Annual accounts	31-12-2014	%	31-12-2013	%	31-12-2012	%	31-12-2011	%	31-12-2010
Weeks	52		52		52		52		52
Currency	EUR		EUR		EUR		EUR		EUR
Total fixed assets	165,115,543	-8.51	180,479,936	-3.58	187,186,445	-2.55	192,088,286	-0.70	193,441,146
Intangible fixed assets	3,824,672	-15.10	4,505,085	85.27	2,431,675	129	1,060,047	108	508,984
Tangible fixed assets	108,313,718	-6.52	115,871,785	-5.77	122,964,035	-3.37	127,252,966	-5.03	133,993,094
Land & building	17,906,971	-3.79	18,611,482	9.33	17,022,602	-3.00	17,549,501	-10.07	19,515,520
Plant & machinery	69,680,647	5.07	66,320,820	3.24	64,238,837	0.30	64,049,864	-10.87	71,857,509
Furniture & Vehicles	496,122	14.76	432,303	-19.97	540,208	-7.12	581,613	5.71	550,179
Leasing & Other Similar	18,116,256	-37.45	28,960,678	-20.89	36,608,166	-12.27	41,727,796	7.97	38,648,525
Rights
Other tangible assets	2,113,722	36.68	1,546,502	-66.04	4,554,222	36.18	3,344,192	-2.26	3,421,361
Financial fixed assets	52,977,153	-11.86	60,103,066	-2.73	61,790,735	-3.11	63,775,273	8.21	58,939,068
Total current assets	282,277,820	-3.42	292,279,446	-2.95	301,177,280	11.10	271,075,939	14.64	236,467,520
Inventories	109,079,004	-4.61	114,353,562	-17.43	138,486,219	19.84	115,563,648	12.64	102,593,074
Raw materials &	27,287,816	36.30	20,021,081	-38.22	32,405,623	27.08	25,499,479	-11.79	28,906,843
consumables
Work in progress	10,429,830	-60.45	26,371,419	13.91	23,150,350	-1.10	23,407,760	60.39	14,594,512
Finished goods	68,516,408	0.82	67,961,062	-18.05	82,930,246	24.41	66,656,409	17.77	56,600,189
Other stocks	2,844,950	-	0	-	0	-	0	-100	2,491,530
Trade debtors	127,323,570	10.26	115,477,704	0.81	114,548,656	11.28	102,933,049	3.64	99,321,053
Other amounts receivable	43,284,125	4.20	41,540,196	3.94	39,964,804	4.65	38,188,978	45.04	26,329,837
Cash	2,007,093	-90.04	20,156,558	167	7,547,555	62.91	4,632,999	-4.18	4,835,047
Miscellaneous current	584,028	-22.28	751,426	19.27	630,046	-93.54	9,757,265	187	3,388,509
assets
Total Assets	447,393,363	-5.37	472,759,382	-3.20	488,363,725	5.44	463,164,225	7.74	429,908,666

Liabilities
Total shareholders equity	68,351,349	47.12	46,460,100	-36.25	72,874,538	-29.46	103,313,147	-3.20	106,724,221
Issued share capital	43,000,000	0	43,000,000	0	43,000,000	0	43,000,000	0	43,000,000
Share premium account	-	-	-	-	-	-	-	-	-
Revaluation reserve	-	-	-	-	-	-	-	-	-
Reserves	25,351,349	632	3,460,100	-88.42	29,874,538	-50.47	60,313,147	-5.35	63,724,221
Provisions for Liabilities &	12,167,352	-23.65	15,935,432	71.46	9,293,791	-2.67	9,548,355	-2.88	9,831,992
Charges

Deffered taxes	-	-	-	-	-	-	-	-	-
Creditors	366,874,662	-10.60	410,363,850	1.03	406,195,396	15.96	350,302,723	11.79	313,352,453
Other long term loans	47,615,276	-35.53	73,859,004	126	32,541,784	-29.11	45,902,290	-5.35	48,497,544
Long term group loans	-	-	-	-	-	-	-	-	-
Other long term liabilities	0	-	0	-	0	-	0	-	0
Total long term debts	59,782,628	-33.42	89,794,436	114	41,835,575	-24.55	55,450,645	-4.94	58,329,536

Current portion of long term	28,467,745	166	10,700,261	-38.45	17,385,118	-16.53	20,828,026	23.14	16,914,691
debt
Financial debts	168,452,809	-16.71	202,257,541	-0.20	202,653,755	25.38	161,634,261	21.53	133,002,629
Trade creditors	91,275,163	9.06	83,694,710	-32.88	124,688,401	44.69	86,176,457	11.55	77,252,637
Amounts Payable for Taxes,	19,957,877	1.86	19,593,299	3.01	19,020,956	-1.92	19,392,718	0.26	19,342,087
Remuneration & Social
Security

Miscellaneous current	11,105,792	-45.18	20,259,035	104	9,905,382	-39.49	16,368,971	-10.76	18,342,865
liabilities
Total current liabilities	319,259,386	-5.12	336,504,846	-9.94	373,653,612	22.75	304,400,433	14.93	264,854,909
Total Liabilities	447,393,363	-5.37	472,759,382	-3.20	488,363,725	5.44	463,164,225	7.74	429,908,666

ratio analysis
TRADING PERFORMANCE
Profit Before Tax	3.15	119	-2.64	54.55	-4.84	-340	-1.10	-711	0.18
Return on capital employed	16.07	136	-11.80	45.37	-26.01	-542	-4.05	-850	0.54
Return on total assets employed	4.60	135	-3.40	55.65	-6.11	-339	-1.39	-761	0.21
Return on net assets employed	30.12	87.05	-34.60	84.51	-40.94	-558	-6.22	-849	0.83
Sales / net working capital	-17.68	-28.30	-13.78	-61.93	-8.51	48.68	-17.48	99	-17.58
Stock turnover ratio	16.68	-11.13	18.77	-16.35	22.44	13.10	19.84	-3.50	20.56
Creditor days	52.25	5.58	49.49	-29.63	70.33	31.34	53.55	-5.79	56.84
Debtor days	71.07	2.73	69.18	2.10	67.76	5.04	64.51	-11.20	72.65
SHORT TERM STABILITY
Current ratio	0.88	1.15	0.87	7.41	0.81	-8.99	0.89	0	0.89
Liquidity ratio / acid ratio	0.54	1.89	0.53	20.45	0.44	-13.73	0.51	0	0.51
Current debt ratio	4.67	-35.50	7.24	41.13	5.13	73.90	2.95	18.95	2.48
Liquidity ratio reprocessed	-	-	-	-	-	-	-	-	-
Cashflow	43,889,660	775	-5,659,910	45.40	-12,467,823	-175	16,535,873	-27.27	22,734,575
Net worth	64,526,677	53.80	41,955,015	-40.44	70,442,863	-31.11	102,253,100	-3.73	106,215,237
LONG TERM STABILITY
Gearing	357.76	-42.05	617.34	78.11	346.60	56.80	221.04	18.90	185.91
Equity in percentage	15.41	55.34	9.92	-33.87	15.00	-32.92	22.36	-10.02	24.85
Total debt ratio	5.55	-39.54	9.18	61.05	5.70	63.79	3.48	14.85	3.03
Working capital	-36,981,566	83.62	-44,225,400	61.02	-72,476,332	-117	-33,324,494	-17.39	-28,387,389

Profit & loss
Operating Income	644,950,626	6.09	607,927,554	-5.73	644,899,924	5.62	610,598,130	19.84	509,496,307
Turnover	653,864,824	7.31	609,295,224	-1.26	617,072,553	5.96	582,371,727	16.71	499,003,861
Total operating expenses	637,611,834	3.29	617,298,813	-4.60	647,064,399	10.16	587,377,839	18.40	496,097,844
Gross Operating Margin	-	-	-	-	-	-	-	-	-
Operating Charges	628,697,636	2.07	615,931,143	-8.74	674,891,770	9.63	615,604,242	21.52	506,590,290
Employee costs	81,264,815	4.67	77,636,329	-0.26	77,834,994	3.26	75,377,363	2.98	73,192,721
Wages and salary	55,381,400	2.66	53,945,038	-0.95	54,459,978	4.08	52,327,300	4.89	49,889,334
Employee pension costs	2,035,811	78.42	1,141,014	1.59	1,123,107	-8.50	1,227,501	-13.92	1,425,984
Social security	22,510,203	4.09	21,625,681	-1.34	21,918,519	7.01	20,481,814	5.16	19,477,595
contributions
Other employee costs	1,337,401	44.65	924,596	177	333,390	-75.13	1,340,748	-44.13	2,399,808
Director remuneration	-	-	4,148	-5.90	4,408	-3.90	4,587	-8.17	4,995
Amortization and	21,444,048	3.62	20,695,807	7.14	19,316,828	-1.35	19,581,884	1.27	19,337,232
depreciation
Operating result	16,252,990	203	-8,003,589	26.69	-29,991,846	-499	-5,006,112	-272	2,906,017
Total financial income	21,478,130	60.61	13,372,922	-41.69	22,933,949	10.65	20,725,654	32.04	15,696,936
Total financial expenses	17,140,764	-20.07	21,444,085	-5.87	22,780,532	2.88	22,142,367	25.00	17,714,372
Results on ordinary operations before taxation	20,590,356	128	-16,074,752	53.87	-29,838,429	-364	-6,422,825	-822	888,581

Extraordinary Income	7,278,086	4156	170,981	-89.36	1,606,807	-52.51	3,383,503	4.54	3,236,575
Extraordinary Charges	5,422,830	-48.12	10,451,946	194	3,553,029	53017	6,689	-99	727,813
Extraordinary items	1,855,256	18.05	-10,280,965	-428	-1,946,222	-157	3,376,814	34.60	2,508,762
Results for the Year Before	22,445,612	85.16	-26,355,717	82.92	-31,784,651	-943	-3,046,011	-189	3,397,343
Taxation
Other appropriations	-	-	-	-	-	-	-	-	-
Taxation	-	-	-	-	-	-	-	-	-
Results on ordinary operations after taxation	20,590,356	128	-16,074,752	53.87	-29,838,429	-364	-6,422,825	-822	888,581
Net result	22,445,612	85.16	-26,355,717	82.92	-31,784,651	-943	-3,046,011	-189	3,397,343
Profit (Loss) for the Year to be appropiated	22,445,612	85.16	-26,355,717	82.92	-31,784,651	-943	-3,046,011	-189	3,397,343
Dividends	-	-	-	-	-	-	-	-	4,200,000

Social Balance Sheet Details

Social Balance Sheet Details
Social Balance Sheet	Total
During the reporting year
ended 31-12-2014
Full-time Employees	822
Part-time Employees	74
Total Fte Employees	874
Number of hours worked
Full-time Employees	1,298,582
Part-time Employees	70,095
Total	1,368,677
Personnel Charges
Full-time Employees	66,538,720
Part-time Employees	6,179,487
Total	72,718,207
Benefits In Addition To Wages	-
During the previous reporting year
Average number employees in Fte	891
Actual working hours	1,470,740
Personnel Charges	69,512,055
Benefits In Addition To Wages	109,411

Type of Contract	Full-Time	Part-Time	Total Fte
Unlimited Duration	848	65	895
Contracts
Limited Duration Contracts	12	1	12
Contracts For Specific Work	-	-	-
Contracts Regarding	-	-	-
Substitution	-	-	-

Gender and Education Level

Men	Full-Time	Part-Time	Total Fte
Primary education	17	-	17
Secondairy education	540	28	562
Higher education (non university)	126	5	129
Higher education (university)	77	5	80

Women	Full-Time	Part-Time	Total Fte
Primary education	1	-	1
Secondairy education	32	9	39
Higher education (non university)	48	16	58
Higher education (university)	19	3	21

Working Category	Full-Time	Part-Time	Total Fte
Management	13	1	14
White collar worker	344	37	370
Blue collar worker	503	28	523
Other	-	-	-

Temporary personnel		Total
Average number of temporary staff		55
Actual working hours		106,709
Cost of temporary staff		3,981,239

New staff and leavers	Full-Time	Part-Time	Total Fte
New Starters	47	1	47
Leavers	64	5	67

Total of formal continuing vocational training initiatives for workers paid by the employer	Male	Female
Number of employees	311	58
Number of training hours	9,347	2,165
Net costs for enterprise	696,782	193,417
Total of less formal and informal continuing vocational
training initiatives for workers paid by the employer	Male	Female
Number of employees	619	104
Number of training hours	2,099	450
Net costs for enterprise	130,402	26,850
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	20130
Activity description	Manufacture of other inorganic basic chemicals

Payment Information

Payment Information Summary
Total number of Invoices available	542
Total number of Invoices paid within or up to 30 days after the due date	428
Total number of Invoices paid more than 30 days after the due date	86
Total number of Invoices currently outstanding where the due date has not yet been reached	28
Total number of Invoices currently outstanding beyond the due date	0

Suspension of payments / moratorium history

Amount	-
Details	-

Payment expectations
Payment expectation days	52.25
Day sales outstanding	71.07

Industry comparison
Activity code	20130
Activity description	Manufacture of other inorganic basic chemicals
Industry average payment	114.41
expectation days
Industry average day sales	109.38
outstanding

Industry quartile analysis

Payment expectations
Company result	52.25
Lower	96.34
Median	66.14
Upper	39.02

Day sales outstanding

Company result	71.07
Lower	90.80
Median	50.15
Upper	27.81

Shareholder Details

Summary
Group - Number of Companies	9
Linkages - Number of Companies	1
Number of Countries	1

Group Structure
Company name	Number		Latest
			financials
- PRAYON SA		BE00031758	31-12-2014
- - PRAYON PIGMENTS EN LIQUIDATION SA		BE00320189	30-09-2008
- - PRAYON TECHNOLOGIES SA		BE00107000	30-12-2014
- - PRAYON-BENELUX NV		BE00031742	31-12-2014
- - PRAYTECH SA		BE00206830	30-12-2014
- - TECHNO-HIGH-TECHNOLOGY SA		BE00239857	31-12-2014
- - - T.H.T. RESEARCH SPRL		BE01106534	31-12-2013
- - BELIFE SA		BE00233605	31-12-2014
- - - BELIFE INTERMEDIATES SA		BE02574123	31-12-2014

Minority Shareholders
Business	Company name	%	Date of
number			accounts
419644566	Prayon Technologies SA	9.39	30/12/2014

Minority Interests
Business number	Company name	%	Date of accounts
405747040	PRAYON SA	-	31/12/2014
-	SOLUSTEP	50	-
425177823	Societe Industrielle Liegeoise des Oxydes SA	25	31/12/2014

Linked Companies

Summary
Group - Number of Companies	9
Linkages - Number of Companies	1
Number of Countries	1

Summons

Legal event type	Social Security Summons
Event date	04/05/2007

Court type	Court name	HUY
Creditor's name	3rd party type
Legal event type	Social Security Summons
Event date	27/04/2007
Court type	Court name	Huy
Creditor's 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	OLIVIER MARIE FERNAND VANDERIJST
Position	Chairperson
Start Date	05/11/2013
Date of birth	21/10/1960
Street	13 AVENUE MAURICE DESTENAY LIÈGE
Post code	4000
Country	Belgium

Name	YVES GUILLAUME CAPRARA
Position	Managing Director
Start Date	12/05/2009
Date of birth	14/01/1956
Street	5 RUE DES CARRIÈRES ESNEUX
Post code	4130
Country	Belgium

Position	Director
Start Date	14/10/2008
Date of birth	14/01/1956
Street	5 RUE DES CARRIÈRES ESNEUX
Post code	4130
Country	Belgium

Name	ARPÉGO SPRL
Position	Legal Representative
Start Date	10/10/2013
Date of birth	25/09/2013
Street	26 AVENUE DES PÉLERINS LASNE
Post code	1380
Country	Belgium

Name	ALACCA SPRL
Position	Legal Representative
Start Date	20/06/2013
Date of birth	27/10/2011
Street	70 CHAUSSÉE DE CHARLEROI BRUXELLES
Post code	1060
Country	Belgium

Name	SPARAXIS SA
Position	Legal Representative
Start Date	01/04/2008
Date of birth	27/01/1994
Street	13 AVENUE MAURICE DESTENAY LIÈGE
Post code	4000
Country	Belgium

Name	GHISLANE GUEDIRA
Position	Director
Start Date	10/10/2013
End Date	10/05/2016
Street
Post code
Country

Name	MUSTAPHA EL OUAFI
Position	Director
Start Date	10/10/2013
End Date	10/05/2016
Street	1 EL ABTAL - HAY ERRAHA
Post code	0
Country

Current mandates in other companies

Name	Symbiose Biomaterials SA
Business number	536267072
Position	Director
Start Date	28/06/2013
End Date	02/06/2016

Business number	536267072
Position	Legal Representative
Start Date	28/06/2013

Former director details
Name	OLIVIER MARIE FERNAND VANDERIJST
Position	Chairman of the Board
Start Date	18/07/2011
End Date	13/05/2014
Date of birth	21/10/1960
Street	13 AVENUE MAURICE DESTENAY LIÈGE
Post code	4000
Country	Belgium

Position	Director
Start Date	18/07/2011
End Date	31/12/2013
Date of birth	21/10/1960
Street	13 AVENUE MAURICE DESTENAY LIÈGE
Post code	4000
Country	Belgium

Name	JEAN LEROY
Position	Managing Director
Start Date	12/11/1996
End Date	02/04/1998
Street	102 NEUVILLE STOUMONT
Post code	4987
Country	Belgium

Position	Director
Start Date	12/11/1996
End Date	Unknown date
Street	102 NEUVILLE STOUMONT
Post code	4987
Country	Belgium

Name	ARPÉGO SPRL
Position	Director
Start Date	10/10/2013
End Date	13/05/2015
Date of birth	25/09/2013
Street	26 AVENUE DES PÉLERINS LASNE
Post code	1380
Country	Belgium

Name	ALACCA SPRL
Position	Director
Start Date	20/06/2013
End Date	12/05/2015
Date of birth	27/10/2011
Street	70 CHAUSSÉE DE CHARLEROI BRUXELLES
Post code	1060
Country	Belgium

Name	SPARAXIS SA
Position	Director
Start Date	12/05/2009
End Date	12/05/2012
Date of birth	27/01/1994
Street	13 AVENUE MAURICE DESTENAY LIÈGE
Post code	4000
Country	Belgium

Name	PIERRE JORIS
Position	Director
Start Date	07/06/2013
End Date	10/10/2013
Street	26 AVENUE DES PÉLERINS LASNE
Post code	1380
Country	Belgium

Name	BERNARD GOBELET
Position	Director
Start Date	07/06/2013
End Date	31/12/2014
Street	3 CLOS DU TAILLIS ZAVENTEM
Post code	1930
Country	Belgium

Name	BERNARD MARIE GHISLAIN MARCHAND
Position	Director
Start Date	08/05/2012
End Date	07/06/2013
Date of birth	02/05/1944
Street	29 RUE DE LA GARE MONT-SAINT-GUIBERT
Post code	1435
Country	Belgium

Name	PHILIPPE RENIER
Position	Director
Start Date	14/01/2003
End Date	31/12/2010
Street	18 RUE DU WÉRIHET CHAUDFONTAINE
Post code	4052
Country	Belgium

Name	SAMANDA SA
Position	Director
Start Date	01/09/2008
End Date	Unknown date
Date of birth	11/04/2003
Street	13 AVENUE MAURICE DESTENAY LIÈGE
Post code	4000
Country	Belgium

Position	Legal Representative
Start Date	01/09/2008
End Date	Unknown date
Date of birth	11/04/2003
Street	13 AVENUE MAURICE DESTENAY LIÈGE
Post code	4000
Country	Belgium

Name	MOHAMED BERRADA
Position	Director
Start Date	09/05/2000
End Date	Unknown date
Street	70 RUE DE L'ECONOMIE BRUXELLES
Post code	1000
Country	Belgium

Name	MARC GIBOUX
Position	Director
Start Date	12/11/1996
End Date	Unknown date
Street	62 AVENUE DES CERISIERS BRUXELLES
Post code	1040
Country	Belgium

Name	SAMIA CHARADI
Position	Director
Start Date	18/07/2011
End Date	13/05/2014
Street
Post code
Country	Morocco

Name	MHAMED IBNABDELJALIL
Position	Director
Start Date	11/05/2010
End Date	10/10/2013
Street
Post code
Country	Morocco

Name	MAROUANE AMEZIANE
Position	Director
Start Date	19/06/2014
End Date	18/05/2015
Street
Post code
Country

Name	MUSTAPHA EL OUAFI
Position	Director
Start Date	10/10/2013
End Date	Unknown date
Street
Post code
Country

Name	AMAR DRISSI AMAR
Position	Director
Start Date	14/10/2008
End Date	19/06/2014
Street
Post code
Country

Name	AMAR DRISSI
Position	Director
Start Date	14/10/2008
End Date	19/06/2014
Street
Post code
Country

Name	MHAMET IBN ABDELJALIL
Position	Director
Start Date	30/04/2008
End Date	10/10/2013
Street
Post code
Country

Name	MOHAMED EL HAJJOUJI MOHAMED
Position	Director
Start Date	01/01/2007
End Date	10/10/2013
Street
Post code
Country

Name	BERNARD GOBLET
Position	Director
Start Date	07/06/2013
End Date	Unknown date
Street
Post code
Country

Name	PHILIPPE DINON,
Position	Director
Start Date	12/06/2008
End Date	Unknown date
Street
Post code
Country

Name	MICHEL VAES
Position	Commissioner
Start Date	13/10/1998
End Date	Unknown date
Street
Post code
Country

Name	MOHAMED EL HAJJOUJI
Position	Chairman of the Board
Start Date	11/05/2010
End Date	10/10/2013
Street	1 EL ABTAL - HAY ERRAHA
Post code	0
Country

Position	Director
Start Date	24/04/2007
End Date	10/10/2013
Street	1 EL ABTAL - HAY ERRAHA
Post code	0

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.64.17
UK Pound	1	Rs.99.85
Euro	1	Rs.70.36

INFORMATION DETAILS

Analysis Done by :	TRI

Report Prepared by :	TRU

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.

Business number	405747040	Company name	PRAYON SA
Fax number	042739635	Date founded	15/10/1928
Company status	active	Company type	Public Limited Liability
			Company (BE)
Currency	Euro (€)	Date of latest accounts	31/12/2014
Activity code	20130	Liable for VAT	yes
Activity description	Manufacture of other inorganic basic chemicals	VAT Number	BE.0405.747.040 Check VAT number
Belgian Bullettin of Acts Publications	moniteur belge

Registered contractor	-
number
Contractor description	-
Date struck off register

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

Event Date	18/05/2015
Event Description	resignation-appointment of director(s)
Event Details	Commentaire 18-05-2015: Nomination définitivement de Marouane Ameziane en tant qu'administrateur.

Code	-
Description	-