MIRA INFORM REPORT

Report No. :	307669
Report Date :	11.02.2015

IDENTIFICATION DETAILS

Name :	INEOS NORGE AS
Formerly Known As :	HYDRO POLYMERS AS
Registered Office :	Rafnes, Stathelle 3966
Country :	Norway
Financials (as on) :	2013
Date of Incorporation :	22.03.2000
Com. Reg. No.:	981701046
Legal Form :	Limited Company
Line of Business :	· Manufacturer of Other Inorganic Basic Chemicals · Manufacturer of Plastics in Primary Forms [We tried to confirm / obtain the detailed activity but the same is not available from any sources.]
No of Employees :	347

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 – December 31, 2014

Country Name	Previous Rating (30.09.2014)	Current Rating (31.12.2014)
Norway	A1	A1

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

Norway ECONOMIC OVERVIEW

The Norwegian economy is a prosperous mixed economy, with a vibrant private sector, a large state sector, and an extensive social safety net. The government controls key areas, such as the vital petroleum sector, through extensive regulation and large-scale state-majority-owned enterprises. The country is richly endowed with natural resources - petroleum, hydropower, fish, forests, and minerals - and is highly dependent on the petroleum sector, which accounts for the largest portion of export revenue and about 30% of government revenue. Norway is the world's third-largest natural gas exporter; and seventh largest oil exporter, making one of its largest offshore oil finds in 2011. Norway opted to stay out of the EU during a referendum in November 1994; nonetheless, as a member of the European Economic Area, it contributes sizably to the EU budget. In anticipation of eventual declines in oil and gas production, Norway saves state revenue from the petroleum sector in the world's largest sovereign wealth fund, valued at over $830 billion in January 2014 and uses the fund's return to help finance public expenses. After solid GDP growth in 2004-07, the economy slowed in 2008, and contracted in 2009, before returning to positive growth in 2010-13. Nevertheless, the government budget remains in surplus.

Source : CIA

Company summary

Company name	INEOS NORGE AS	Company number	981701046
Address	Rafnes	Legal form	Limited Company
City	STATHELLE 3966	E-mail address	rafnes@ineos.com
Website address	----	Fax Number	00 47 35006298
Telephone Number	00 47 35006000	Status	Active
Registration date	22/03/2000	Share capital	294,192,699
Previous Name	HYDRO POLYMERS AS	Currency	NOK
Name change date	23/03/2000	Number of employees	347

Postal Address

No data exist

Ultimate Holding Company

Company Name

INEOS NORWAY SPV LTD

Key Financials

Year to Date	Sales Revenue	Profit Before Tax	Total Equity
2013	4,789,194,000	636,496,000	1,583,197,000
2012	4,273,381,000	29,588,000	1,254,478,000
2011	4,442,396,000	309,573,000	1,233,102,000
2010	4,418,801,000	160,857,000	1,273,957,000
2009	3,503,236,000	191,767,000	1,354,236,000

Industry

Main Industry Code & Description	Manufacture of other inorganic basic chemicals
Secondary Industry Code & Description	Manufacture of plastics in primary forms

Shareholders

Shareholder Name	Number of Shares	Percentage Share
INEOS NORGE HOLDINGS AS	700,000	100.0

Current Directors

Name	Address	Function
Stamland, Nils Eirik	Trompetbakken 4 BREVIK 3950	General manager/CEO
Stamland, Nils Eirik	Trompetbakken 4 BREVIK 3950	Board member(s)
Johnsen, Geir	Helvigåsen 3 GRIMSTAD 4886	Deputy board member/substitute
Wright, Gitte Haugrud	Ekeliveien 14 STATHELLE 3960	Deputy board member/substitute
Selmer, John Øyvind Vibe	Amtmann Berghs Gate 8 PORSGRUNN 3912	Board member(s)
Vee-Haugen, Agnar	Humlebakken 1 PORSGRUNN 3929	Deputy board member/substitute
Ludvigsen, Per Arne	Borgemarka 53 SKIEN 3711	Deputy board member/substitute
Alfsen, Geir Trygve	Flåttenlia 18 PORSGRUNN 3925	Board member(s)
Øvrebø, Roger Erik	Verksgata 1 SKIEN 3725	Board member(s)
Tuft, Geir	Chemin du Puits 10 1291 Commugny	Chairman of the board
Metcalfe, Keith	heyeswood, tirley lane, utkinton tarporley, cw60jz chesire	Board member(s)
Decadt, Ghislain G J	De Ribaucourtdreef 26, B-1820 Steenokkerzeel	Board member(s)
Maher, Michael John	Cae Mynydd Pentre	Board member(s)

Other Company Officials

Name	Address	Function
Oterholt, Roger	Søndre Lensmannsveg 44 SKIEN 3740	Observer

Profit & Loss Account

Financial Year	2013		2012		2011		2010		2009
Currency	NOK		NOK		NOK		NOK		NOK
Consolidated Accounts	No		No		No		No		No
Complete Accounts	Yes		Yes		Yes		Yes		Yes
Sales Revenue	4,789,194,000	12.1 %	4,273,381,000	-3.8 %	4,442,396,000	0.5 %	4,418,801,000	26.1 %	3,503,236,000
Other operating income	10,333,000	-	0	-100.0 %	43,974,000	-	0	-100.0 %	906,000
Total Operating Income	4,799,527,000	12.3 %	4,273,381,000	-4.7 %	4,486,370,000	1.5 %	4,418,801,000	26.1 %	3,504,142,000
Total Operating Expenses	4,223,865,000	4.5 %	4,040,099,000	-1.7 %	4,109,077,000	-1.5 %	4,172,039,000	27.4 %	3,273,513,000
Operating Profit	575,662,000	146.8 %	233,282,000	-38.2 %	377,293,000	52.9 %	246,762,000	7.0 %	230,629,000
Wages & Salaries	278,725,000	10.0 %	253,391,000	-5.9 %	269,243,000	-2.5 %	276,011,000	2.5 %	269,177,000
Depreciation	165,399,000	-1.1 %	167,275,000	-4.5 %	175,090,000	-8.8 %	192,008,000	-4.2 %	200,354,000
Financial Income	597,568,000	497.1 %	100,084,000	-72.3 %	360,805,000	217.2 %	113,753,000	1.6 %	111,965,000
Financial Expenses	536,734,000	76.7 %	303,778,000	-29.1 %	428,525,000	114.6 %	199,658,000	32.4 %	150,827,000
Profit Before Tax	636,496,000	2,051.2 %	29,588,000	-90.4 %	309,573,000	92.5 %	160,857,000	-16.1 %	191,767,000
Tax	-173,822,000	-2,016.4 %	-8,213,000	90.5 %	-86,612,000	-92.1 %	-45,092,000	13.2 %	-51,979,000
Profit After Tax	462,674,000	2,064.6 %	21,375,000	-90.4 %	222,961,000	92.6 %	115,765,000	-17.2 %	139,788,000
Extraordinary Result	0	-	0	-	0	-	0	-	0
Dividends	-	-	-	-	-	-	-	-	-
Net Result after Dividends	462,674,000	2,064.6 %	21,375,000	-90.4 %	222,961,000	92.6 %	115,765,000	-17.2 %	139,788,000

Balance Sheet

Financial Year	2013		2012		2011		2010		2009
Currency	NOK		NOK		NOK		NOK		NOK
Consolidated Accounts	No		No		No		No		No
Complete Accounts	Yes		Yes		Yes		Yes		Yes
Land & Buildings	207,230,000	-6.2 %	220,924,000	-5.1 %	232,912,000	-7.1 %	250,661,000	-6.5 %	268,168,000
Plant & Machinery	1,317,208,000	-7.9 %	1,430,855,000	-1.2 %	1,447,780,000	-9.2 %	1,595,311,000	-9.5 %	1,762,898,000
Other Tangible Assets	13,694,000	14,624.7 %	93,000	-99.4 %	16,426,000	693.1 %	2,071,000	-	0
Total Tangible Assets	1,538,132,000	-6.9 %	1,651,872,000	-2.7 %	1,697,118,000	-8.2 %	1,848,043,000	-9.0 %	2,031,066,000
Intangible Assets	0	-100.0 %	25,378,000	-24.4 %	33,590,000	90.8 %	17,607,000	-	0
Other Fixed Assets	354,199,000	0.4 %	352,951,000	-6.7 %	378,415,000	-14.9 %	444,475,000	-4.6 %	465,915,000
TOTAL FIXED ASSETS	1,892,331,000	-6.8 %	2,030,201,000	-3.7 %	2,109,123,000	-8.7 %	2,310,125,000	-7.5 %	2,496,981,000
Inventories	323,102,000	19.1 %	271,395,000	-2.8 %	279,353,000	10.6 %	252,499,000	22.4 %	206,348,000
Trade Receivables	301,268,000	-48.5 %	585,383,000	33.9 %	437,126,000	-12.1 %	497,200,000	10.3 %	450,658,000
Other Receivables	2,159,554,000	85.1 %	1,166,515,000	45.9 %	799,606,000	330.8 %	185,610,000	120.2 %	84,306,000
Cash & Bank Deposits	41,216,000	-61.0 %	105,651,000	13.9 %	92,775,000	42.6 %	65,058,000	-18.2 %	79,529,000
Other Current Assets	0	100.0 %	-1,000	-	0	-	0	-	0
TOTAL CURRENT ASSETS	2,825,140,000	32.7 %	2,128,943,000	32.3 %	1,608,860,000	60.8 %	1,000,367,000	21.9 %	820,841,000
TOTAL ASSETS	4,717,471,000	13.4 %	4,159,145,000	11.9 %	3,717,983,000	12.3 %	3,310,492,000	-0.2 %	3,317,822,000
Trade Creditors	362,484,000	-30.1 %	518,532,000	70.6 %	303,932,000	-2.4 %	311,250,000	-31.2 %	452,627,000
Short Term Liabilities to Financial Institutions	0	-	0	-	0	-	0	-	0
Short Term Liabilities to Group	0	-	0	-	0	-	0	-	0
Other Short Term Loans	0	-	0	-	0	-	0	-	0
Miscellaneous Current Liabilities	842,373,000	335.5 %	193,443,000	-72.4 %	700,048,000	50.2 %	466,154,000	-58.0 %	1,110,867,000
TOTAL CURRENT LIABILITIES	1,204,857,000	69.2 %	711,975,000	-29.1 %	1,003,980,000	29.1 %	777,404,000	-50.3 %	1,563,494,000
Long Term Liabilities to Financial Institutions	0	-	0	-	0	-	0	-	0
Other Long Term Loans	0	-	0	-	0	-	0	-	0
Long Term Pension Commitments	108,140,000	-71.3 %	376,995,000	-1.6 %	383,110,000	1.8 %	376,456,000	4.1 %	361,474,000
Other Long Term Liabilities	1,821,277,000	0.3 %	1,815,697,000	65.4 %	1,097,791,000	24.4 %	882,675,000	2,185.7 %	38,618,000
TOTAL LONG TERM LIABILITIES	1,929,417,000	-12.0 %	2,192,692,000	48.1 %	1,480,901,000	17.6 %	1,259,131,000	214.7 %	400,092,000
TOTAL LIABILITIES	3,134,274,000	7.9 %	2,904,667,000	16.9 %	2,484,881,000	22.0 %	2,036,535,000	3.7 %	1,963,586,000
Share Capital	700,000,000	0.0 %	700,000,000	0.0 %	700,000,000	0.0 %	700,000,000	0.0 %	700,000,000
Share Premium Reserve	502,000	0.0 %	502,000	0.0 %	502,000	0.0 %	502,000	0.0 %	502,000
Revaluation Fund	0	-	0	-	0	-	0	-	0
Total Retained Earnings	569,423,000	29.2 %	440,704,000	5.1 %	419,328,000	-8.9 %	460,183,000	-14.9 %	540,462,000
Other Reserves	313,272,000	176.6 %	113,272,000	0.0 %	113,272,000	0.0 %	113,272,000	0.0 %	113,272,000
TOTAL EQUITY	1,583,197,000	26.2 %	1,254,478,000	1.7 %	1,233,102,000	-3.2 %	1,273,957,000	-5.9 %	1,354,236,000

Other Financials

Financial Year	2013		2012		2011		2010		2009
Total Exports	3,779,505,000	9.3 %	3,457,858,000	-0.1 %	3,461,942,000	-	-	-	2,309,155,000
Working Capital	1,620,283,000	14.3 %	1,416,968,000	134.3 %	604,880,000	171.3 %	222,963,000	130.0 %	-742,653,000
Net Worth	1,583,197,000	28.8 %	1,229,100,000	2.5 %	1,199,512,000	-4.5 %	1,256,350,000	-7.2 %	1,354,236,000
Capital Employed	3,512,614,000	1.9 %	3,447,170,000	27.0 %	2,714,003,000	7.1 %	2,533,088,000	44.4 %	1,754,328,000

Ratios

Financial Year	2013	2012	2011	2010	2009
Pre-Tax Profit Margin	13.29	0.69	6.97	3.64	5.47
Return on Capital Employed	18.12	0.86	11.41	6.35	10.93
Return on Total Assets Employed	13.49	0.71	8.33	4.86	5.78
Return on Net Assets Employed	40.20	2.36	25.11	12.63	14.16
Sales/Net Working Capital	2.96	3.02	7.34	19.82	-4.72
Stock Turnover Ratio	6.75	6.35	6.29	5.71	5.89
Debtor Days	22.96	50.00	35.92	41.07	46.95
Creditor Days	27.63	44.29	24.97	25.71	47.16
Current Ratio	2.34	2.99	1.60	1.29	0.53
Liquidity Ratio/Acid Test	2.08	2.61	1.32	0.96	0.39
Current Debt Ratio	0.76	0.57	0.81	0.61	1.15
Solvency Ratio	33.56	30.16	33.17	38.48	40.82
Equity in Percentage	36.28	33.18	37.30	44.73	47.49
Total Debt Ratio	1.98	2.32	2.02	1.60	1.45

Event History

Date	Description
26/08/2014	CHANGE OF DATE IN ARTICLES OF ASSOCIATON
26/08/2014	Execution of demerger
26/08/2014	CHANGE OF CAPITAL
21/08/2014	Limit Change
21/08/2014	Rating Change
18/08/2014	APPROVED END OF YEAR REPORT AND ACCOUNTS
13/08/2014	Limit Change
13/08/2014	Rating Change
02/01/2014	Decision to demerger
24/12/2013	Demerger decision
23/10/2013	Decision to demerger
26/08/2013	Limit Change
22/08/2013	APPROVED END OF YEAR REPORT AND ACCOUNTS
26/10/2012	CHANGE OF BOARD OF DIRECTORS
27/08/2012	Limit Change
27/08/2012	Rating Change
25/08/2012	APPROVED END OF YEAR REPORT AND ACCOUNTS
20/08/2012	Limit Change
20/08/2012	Rating Change
07/12/2011	CHANGE OF BOARD OF DIRECTORS
23/11/2011	Limit Change
23/11/2011	Rating Change
07/09/2011	APPROVED END OF YEAR REPORT AND ACCOUNTS

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.96
UK Pound	1	Rs.94.41
Euro	1	Rs.70.20

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%)

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