MIRA INFORM REPORT

Report No. :	307134
Report Date :	07.02.2015

IDENTIFICATION DETAILS

Name :	INEOS CHLORVINYLS BELGIUM NV

Registered Office :	Heilig-Hartlaan 21, 3980 Tessenderlo

Country :	Belgium

Financials (as on) :	31.12.2013

Date of Incorporation :	06.11.1975

Com. Reg. No.:	415505042

Legal Form :	Public Limited Liability Company (BE)

Line of Business :	Engaged as Producer of Chlorine Derivatives.

No of Employees :	585 (31.12.2013)

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Moderate
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 – 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 name & address

Business number 415505042

Branche Unit Number 2046762257

Company name INEOS CHLORVINYLS BELGIUM NV

Address HEILIG-HARTLAAN 21

3980 TESSENDERLO

Number of staff 585 (31.12.2013)

Date of establishment 06/11/1975

Telephone number 013612210

Fax number 013668406

Ultimate holding company

Company name Company Number

KERLING PLC 07027513

Commentary

The business was established over 39 years ago.

The business has 585 employees.

The business is part of a group.

The business has been at the address for over 3 years.

Operating Result in the latest trading period increased 15830% on the previous trading period.

Net Worth increased by 25% during the latest trading period.

The business saw an increase in their Cash Balance of 43% 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

31/12/2013 626,486,282 15,772,567 87,419,667 -16,294,158

31/12/2012 668,106,750 -18,495,336 69,744,134 90,615,017

31/12/2011 633,367,579 -19,353,446 104,406,626 80,715,565

Accounts

DATE OF LATEST

ACCOUNTS BALANCE TOTAL NUMBER OF EMPLOYEES CAPITAL CASHFLOW

31/12/2013 311,462,072 585 150,354,910 34,565,146

31/12/2012 331,018,027 581 150,354,910 -15,927,563

31/12/2011 339,744,357 639 150,354,910 -3,239,688

TRENDS

Profitability
Liquidity
Net worth

Payment expectations

Payment expectation days 68.62

Industry average payment expectation days 59.88

Industry average day sales outstanding 75.95

Day sales outstanding 23.06

Court data summary

BANKRUPTCY DETAILS

Court action type no

PROTESTED BILLS

Date of summons 10/09/2010

Joint Industrial Committee

(JIC)

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

Significant Events

Event Date 27/12/2012

Event Description

Event Details Overdracht van bedrijfstak (aan- en verkoopactiviteit )aan INEOS

ChloroToluenes Belgium Nv en INEOS ChloroToluenes LLC naar het recht van het Verenid Koninkrijk.

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		128,420,045	-9.48		141,873,847	-14.07		165,100,198		-7.52	178,529,089	326		41,841,714
Intangible fixed assets		3,830,466	-35.61		5,948,990	-19.11		7,354,446		-22.04	9,433,951	219		2,948,458
Tangible fixed assets		124,202,565	-8.36		135,537,319	-13.87		157,370,769		-6.93	169,093,249	338		38,591,397
Land & building		25,149,570	-1.53		25,539,593	-15.79		30,328,090		-2.62	31,145,433	526		4,968,175
Plant & machinery		91,307,512	-12.40		104,234,912	-11.35		117,579,141		-12.24	133,979,929	316		32,153,523
Furniture & Vehicles		155,267	-32.48		229,952	-31.37		335,046		-26.44	455,454	365		97,765
Other tangible assets		7,590,216	37.18		5,532,862	-39.39		9,128,493		159	3,512,432	156		1,371,934
Financial fixed assets		387,014	-0.14		387,537	3.35		374,984		19751	1,889	-99		301,859
Total current assets		183,042,027	-3.23		189,144,180	8.30		174,644,159		18.69	147,143,711	59.74		92,112,410
Inventories		47,700,446	-8.80		52,303,998	-7.52		56,556,696		3.63	54,576,104	106		26,380,107
Raw materials & consumables		20,223,663	20.23		16,820,972	-33.17		25,169,317		21.61	20,696,293	269		5,597,726
Work in progress		2,158,212	-8.41		2,356,321	-		0		-100	1,739,648	-14.56		2,036,179
Finished goods		25,318,571	-23.57		33,126,705	5.54		31,387,379		-2.34	32,140,164	71.45		18,746,202
Trade debtors		39,577,842	6.11		37,299,981	23.48		30,207,720		-51.00	61,648,565	157		23,915,382
Other amounts receivable		94,902,645	-4.03		98,891,675	23.89		79,824,605		162	30,372,991	-25.32		40,672,186
Cash		770,062	43.38		537,067	-93.27		7,980,418		24499	32,442	-96.90		1,046,491
Miscellaneous current assets		91,032	-18.33
Total assets		311,462,072	-5.91		111,459	49.17		74,720		-85.45	513,609	422		98,244
Liabilities
Total shareholders equity	91,250,133			20.55	75,693,125		-32.27		111,761,071	-11.63	126,471,392		70.66		74,107,770
Issued share capital	150,354,910			0	150,354,910		0		150,354,910	7.12	140,354,910		87.14		75,000,000
Share premium account	4,618,414			0	4,618,414		0		4,618,414	0	4,618,414		-		-
Reserves	-63,723,191			80.38	-79,280,199		-83.47		-43,212,253	-133	-18,501,932		-1973		-892,230
Provisions for Liabilities & Charges	20,870,255			-16.36	24,952,267		57.91		15,802,042	-6.37	16,876,489		166		6,329,142
Deffered taxes	5,499			0.01	5,498		0		5,498	0	5,498		0.01		5,498
Creditors	199,336,185			-13.47	230,367,136		8.57		212,175,745	16.38	182,319,421		240		53,511,714
Other long term loans	-			-	131,837,974		11.49		118,247,152	491	20,000,000		-		-
Total long term debts	20,875,754			-86.69	156,795,740		16.96		134,054,692	263	36,881,987		482		6,334,640
Current portion of long term debt	-			-	-		-		-	-	10,000,000		-		-
Financial debts	75,000,000			32184597	233		-65.61		678	211	218		-96.89		7,000
Trade creditors	111,809,325			25.44	89,132,362		10.17		80,901,438	-24.73	107,484,199		153		42,445,375
Amounts Payable for Taxes, Remuneration & Social Security	10,776,489			40.29	7,681,469		-33.98		11,635,061	-0.37	11,677,938		371		2,477,320
Miscellaneous current liabilities	1,750,371			2.06	1,715,098		23.26		1,391,417	-95.80	33,157,066		286		8,582,019
Total current liabilities	199,336,185			102	98,529,162		4.90		93,928,593	-42.13	162,319,421		203		53,511,714
Total Liabilities	311,462,072			-5.91	331,018,027		-2.57		339,744,357	4.32	325,672,800		143		133,954,124

ratio analysis

TRADING PERFORMANCE
Profit Before Tax	2.52		90.97	-2.77		90.52	-3.06	63.88	-4.79	63.87	-7.50
Return on capital employed 14.07			176	-7.96		-1.14	-7.87	63.26	-12.44	51.85	-23.99
Return on total assets employed	5.06		90.52	-5.59		98.07	-5.70	91.35	-6.24	43.30	-14.41
Return on net assets employed	17.28		70.73	-24.43		-41.05	-17.32	-7.78	-16.07	61.71	-26.04
Sales / net working capital		-38.45	-621		7.37	-6.11	7.85	28.05	-27.99	-519	6.67
Stock turnover ratio		7.61	-2.81		7.83	-12.32	8.93	-30.51	12.85	25.37	10.25
Creditor days		68.62	40.87		48.71	6.10	45.91	-48.04	88.35	57.77	56.00
Debtor days		23.06	13.15		20.38	17.06	17.41	-67.14	52.98	56.24	33.91
SHORT TERM STABILITY
Current ratio		0.92	-52.08		1.92	3.23	1.86	104	0.91	-47.09	1.72
Liquidity ratio / acid ratio		0.68	-51.08		1.39	10.32	1.26	121	0.57	-53.66	1.23
Current debt ratio		2.18	67.69		1.30	54.76	0.84	-34.38	1.28	77.78	0.72
Cashflow		34,565,146	217		-15,927,563	-391	-3,239,688	-316	-778,341	5.98	-13,025,549
Net worth		87,419,667	25.34		69,744,134	-33.20	104,406,626	-10.79	117,037,440	64.47	71,159,312
LONG TERM STABILITY
Gearing		82.19	-52.81		174.17	64.62	105.80	346	23.72	237100	0.01
Equity in percentage		29.66	27.35		23.29	-30.73	33.62	-15.93	39.99	-29.31	56.57
Total debt ratio		2.41	-28.49		3.37	65.20	2.04	29.11	1.58	95.06	0.81
Working capital		-16,294,158	-117		90,615,017	12.26	80,715,565	531	-15,175,710	-139	38,600,696

Profit & loss

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
Operating Income	667,568,676	-4.04	695,642,585	3.46	672,401,767	47.40	456,185,018	65.59	275,494,893
Turnover	626,486,282	-6.23	668,106,750	5.48	633,367,579	49.11	424,760,986	64.99	257,447,309
Total operating expenses	594,730,705	-10.96	667,907,414	3.84	643,237,376	44.86	444,030,519	60.51	276,630,174
Operating Charges	635,813,099	-8.57	695,443,249	1.93	682,271,564	43.50	475,454,550	61.35	294677758
Employees Costs	53,976,707	8.58	49,711,211	-12.55	56,843,987	278	15,017,044	-1.54	15251391
Wages & Salary	34,552,091	3.81	33,283,061	-16.92	40,059,883	342	9,057,439	4.65	8654765
Social security Contribution	12,071,780	24.99	9,657,835	-16.12	11,514,269	312	2,790,857	-4.89	2934449
Other Employees Costs	7,352,835	8.60	6,770,315	28.47	5,269,835	66.31	3,168,748	-13.47	3662176
Amortization & Depreciation	18,792,582	-5.85	19,960,753	-5.93	21,219,150	27.70	16,615,806	164	6272093
Operating result	31,755,577	15830	199,336	2.02	-9,869,797	51.22	-19,269,532	-0.45	-19182865
Total financial income	1,787,643	-44.18	3,202,632	199	1,068,999	-42.25	1,850,950	-62.22	4899112
Total financial expenses	17,770,653	-18.85	21,897,304	107	10,552,648	262	2,908,660	-42.00	5,015,238
Results on ordinary operations	15,772,567	85.28	-18,495,336	95.57	-19,353,446	95.21	-20,327,243	-5.33	-19,298,990
Extra ordinary Income	----	----	1,018,000	-17.46	1,233,309	-62.99	3,332,165	---	---
Extra ordinary Charges	1	-99	18,410,980	190	6,338,701	1488	399,069	---	---
Extraordinary Items	-1	0.00	-17,392,980	-240	-5,105,392	-274	2,933,096	--	---
Results for the year Before Taxation	15,772,566	43.95	-35,888,316	-46.73	-24,458,839	-40.62	-17,394,147	90.13	-19,298,990
Taxation	2	----	----	----	----	----	----	----	----
Result on ordinary Operations after taxation	15,772,565	85.28	-18,495,336	95.57	19,353,446	95.21	-20,327,243	-5.33	-19,298,990
Net result	15,772,564	43.95	-35,888,316	-46.73	-24,458,839	-40.62	-17,394,147	90.14	-19,297,642
Profit (Loss) for the year to be appropriated	15,772,564	4.395	-35,888,316	-46.73	-24,458,839	-40.62	-17,394,147	90.14	-19,297,642

Social Balance Sheet

	Total
During the reporting year ended 31-12-2013
Full-time Employees	503
Part-time Employees	122
Total Fte Employees	594

Number of hours worked
Full-time Employees	752,062
Part-time Employees	130,967
Total	883,029

Personnel Charges
Full-time Employees	46,023,975
Part-time Employees	7,952,730
Total	53,976,705

During the previous reporting year
Average number employees in Fte	588
Actual working hours	918,414
Personnel Charges	49,711,211
Benefits In Addition To Wages	711,805

Type of Contract	Full Time	Part-Time	Total Fte
Unlimited Duration Contracts	481	113	566
Limited Duration Contracts	20	-	20

Gender and Education Level
Men	Full-Time	Part-Time	Total Fte
Primary education	-	1	1
Secondary education	292	63	340
Higher education (non university)	130	18	144
Higher education (university)	47	3	49

Women	Full-Time	Part-Time	Total Fte
Primary education - - -
Secondary education	5	8	10
Higher education (non university)	20	17	33
Higher education (university)	7	3	9

Working Category	Full-Time	Part-Time	Total Fte
Management	10	-	10
White collar worker	222	39	251
Blue collar worker	269	74	325

Temporary personnel		Total
Average number of temporary staff		17
Actual working hours		32,905
Cost of temporary staff		1,288,109

New staff and leavers	Full-Time	Part-Time	Total Fte
New Starters	39	1	40
Leavers	42	20	54

Total of formal continuing vocational training initiatives for workers paid by the employer	Male	Female
Number of employees	61	17
Number of training hours	968	3,646
Net costs for enterprise	290,815	241,550

Total of less formal and informal continuing vocational training initiatives for workers paid by the employer	Male	Female
Number of employees	122	-
Number of training hours	1,705	-
Net costs for enterprise	359,100	-

Payment expectations

Payment expectation days 68.62

Day sales outstanding 23.06

Industry comparison

Activity description Engaged as Producer of Chlorine Derivatives.

Industry average payment

expectation days 59.88

Industry average day sales

Outstanding 75.95

Industry quartile analysis

Payment expectations

Company result 68.62

Lower 88.10

Median 65.08

Upper 40.42

Day sales outstanding

Company result 23.06

Lower 66.36

Median 45.15

Upper 29.15

Shareholder Details

Summary

Group - Number of Companies 2

Linkages - Number of Companies 1500

Number of Countries 103

Group Structure

Company name

Number

Latest

financials

KERLING PLC

07027513

31-12-2013

INEOS CHLORVINYLS BELGIUM NV

415505042

31-12-2013

Minority Shareholders

No minority shareholders found

Minority Interest

Business Company name	Date of accounts
439289343 Ekol NV	30/06/2014
439289343 Ekol NV	30/06/2014

Linked Companies

Summary

Group - Number of Companies 2

Linkages - Number of Companies 1500

Number of Countries 103

Linked Companies

Name	Number	Latest Key Financials	Turnover
SIEMENS	00010839	30.09.2014	€1.610.455.949
SIEMENS AKTIENGESELLSCHAFT	HRB6684	30.09.2013	€76.385.000.000
IN EOS OXIDE LIMITED	03545207	31.12.2013	£23.212.192
SIEMENS HOLDINGS PLC	02465263	30.09.2014	-
TESSENDERLO ITALIA S.R.L.	09921480159	31.12.2011	€34.014.620
SIEMENS FINANCIAL SERVICES GMBH	HRB 49074	30.09.2012	€94.106.000
TESSENDERLO PARTECIPAZION1 S.P.A.	12118590152	31.12.2011	-
INEOS OVERSEAS COMPANY LIMITED	04092648	31.12.2013	-
INEOS US DSS LIMITED	04980788	31.12.2013	-
SIEMENS FRANCE HOLDING	388548091	30.09.2013	-
SIEMENS INDUSTRIAL TURBOMACHINERY LIMITED	04729734	30.09.2014	£334.955.000
SIEMENS RENTING SPA IN LIQUIDAZIONE	12426240151	30.09.2013	€13.877.715
SIEMENS AS	915826946	30.09.2014	6.751.387 KNOK
SIEMENS FINANCIAL SERVICES HOLDINGS LIMITED	04140043	30.09.2013	-
SIEMENS TRANSMISSION AND DISTRIBUTION LIMITED	00631825	30.09.2013	£240.835.000
SIEMENS S.P.A.	00751160151	30.09.2013	€1.537.302.918
INEOS FINANCE COMPANY	06688876	31.12.2013	£116.980
SIEMENS FINANCIAL SERVICES LIMITED	00646166	30.09.2013	£114.864.000
SIEMENS HEALTHCARE DIAGNOSTICS S.R.L.	04785851009	30.09.2013	€196.213.169
VATECH (UK) LIMITED	03562487	30.09.2013	-

Summons

Legal event type	Social Security Summons
Event date	10/09/2010
Court name	Brussel

Legal event type	Social Security Summons
Event date	24/09/1999

Legal event type	Social Security Summons
Event date	27/05/1994

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 GHISLAIN DECADT

Position Director

Start Date 01/08/2012

End Date 19/06/2017

Street 26 DE RIBAUCOURTDREEF STEENOKKERZEEL

Post code 1820

Country Belgium

Name LUC EDUARD MARIA LEUNIS

Position Director

Start Date 01/08/2011

Street 9 SMISSTRAAT TESSENDERLO

Post code 3980

Country Belgium

Name KEITH METCALFE

Position Director

Start Date 29/11/2013

Country United Kingdom

Name MICHAEL MAHER

Position Director

Start Date 01/08/2011

End Date 19/06/2017

Street 0 CAE MYNYDD, PENTRE, MINERA,

Post code LL11 3D

Country United Kingdom

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.74
UK Pound	1	Rs.94.65
Euro	1	Rs.70.79

INFORMATION DETAILS

Analysis Done by :	DIV

Report Prepared by :	MNL

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.

MIRA INFORM REPORT

Company name & address

Ultimate holding company

Commentary

Accounts

TRENDS

Payment expectations

Court data summary

Company information

Joint Industrial Committee

Significant Events

Company accounts

ratio analysis

Profit & loss

Social Balance Sheet

Payment expectations

Industry comparison

Industry quartile analysis

Shareholder Details

Group Structure

Minority Shareholders

Minority Interest

Linked Companies

Linked Companies

Summons

Protested Bills

Bankruptcy and other legal events

Director details

Unit