MIRA INFORM REPORT

Report No. :	306050
Report Date :	21.02.2015

IDENTIFICATION DETAILS

Name :	TESSENDERLO CHEMIE SA

Registered Office :	Rue Du Trône 130, 1050 Bruxelles

Country :	Belgium

Financials (as on) :	31.12.2013

Date of Incorporation :	14.03.1972

Com. Reg. No.:	412101728

Legal Form :	Public Limited Liability Company

Line of Business :	Manufacture of Other Inorganic Basic Chemicals.

No. of Employees :	876

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 :	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 412101728

Company name TESSENDERLO CHEMIE SA

Address RUE DU TRÔNE 130

1050 BRUXELLES

Number of staff 876

Date of establishment 14/03/1972

Telephone number 026391811

Fax number 013668406

Commentary

The business was established over 42 years ago.

The business has 876 employees.

The business is part of a group.

This business has a foreign parent business.

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

Net Worth increased by 23% during the latest trading period.

Pre-tax profits increased by 237% compared to the previous trading period.

The business saw an increase in their Cash Balance of 311% during the latest trading period.

Accounts

DATE OF LATEST ACCOUNTS	TURNOVER	PROFIT BEFORE TAX	NET WORTH	WORKING CAPITAL
31/12/2013	497,771,819	146,779,954	503,303,573	83,196,558
31/12/2012	523,974,895	43,526,833	407,000,307	2,876,340
31/12/2011	538,862,911	200,168,487	574,579,942	47,252,877

Accounts
DATE OF LATEST ACCOUNTS	BALANCE TOTAL	NUMBER OF EMPLOYEES	CAPITAL	CASHFLOW
31/12/2013	1,120,256,124	876	159,199,999	80,740,453
31/12/2012	1,061,780,611	921	153,702,506	-126,529,364
31/12/2011	996,716,163	913	147,900,000	121,717,185

Court data summary

BANKRUPTCY DETAILS

Court action type no

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 18/11/2014

Event Description Proposal of increase in capital filed

Event Details Commentaire 18-11-2014: Beslissing tot kapitaalverhoging.

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	790,505,875		10.77					713,675,947	-2.21		729,809,496				8.16		674,753,609	2.94	655,457,279
Intangible fixed assets	3,976,305		-63.28					10,829,278	391		2,205,299				1.74		2,167,685	-41.63	3,713,650
Tangible fixed assets	89,017,421		6.46					83,619,332	14.80		72,836,451				10.94		65,652,669	-68.12	205,922,989
Land & building	27,396,445		11.92					24,478,609	2.16		23,961,018				0.29		23,891,402	-53.46	51,337,189
Plant & machinery	45,587,668		30.57					34,914,905	-8.71		38,246,152				1.71		37,602,888	-73.38	141,278,568
Furniture & Vehicles	1,515,945		-18.72					1,865,108	33.11		1,401,128				-8.66		1,533,901	-17.86	1,867,428
Leasing & Other Similar Rights	44,667		-23.08					58,067	-18.75		71,467				-		-	-	-
Other tangible assets	14,472,696		-35.11					22,302,643	143		9,156,687				248		2,624,477	-77.06	11,439,804
Financial fixed assets	697,512,149		12.64					619,227,337	-5.43		654,767,745				7.88		606,933,255	36.14	445,820,640
Total current assets	329,750,249		-5.27					348,104,664	30.42		266,906,668				10.70		241,108,723	34.61	179,119,980
Inventories	73,155,563		-25.84					98,642,219	-1.14		99,783,367				56.21		63,878,213	-41.34	108,897,788
Raw materials & consumables	19,131,374		-30.76					27,629,340	-21.54		35,214,976				26.74		27,784,926	-27.93	38,554,666
Work in progress	1,181,659		28.97					916,237	7.81		849,874				0.86		842,630	0.46	838,801
Finished goods	52,842,530		-24.61					70,096,643	10.01		63,718,518				80.76		35,250,656	-49.28	69,504,320
Other stocks	0		-					0	-		0				-		0	-100	1
Trade debtors	56,211,044		-5.85					59,701,747	-4.66		62,621,278				-10.44		69,924,414	15.38	60,604,297
Other amounts receivable	184,110,286		2.38					179,833,046	87.81		95,754,159				171		35,251,869	606	4,992,017
Cash	6,520,657		311					1,584,452	1018		141,618				-97.43		5,502,995	110	2,616,541
Miscellaneous current assets	5,841,795			-20.73				7,369,199	-14.37		8,606,245				-87.07		66,551,233	3212	2,009,338
Total Assets	1,120,256,124				5.51			1,061,780,611	6.53				996,716,163		8.83		915,862,333	9.74	834,577,259
Liabilities
Total shareholders equity	507,279,878				21.41			417,829,585	-27.56				576,785,241		19.11		484,261,155	44.06	336,145,391
Issued share capital	159,199,999				3.58		153,702,506		3.92			147,900,000			2.92		143,700,000	3.38	139,000,000
Share premium account	101,975,560					15.84		88,032,691	19.73				73,523,740		27.92		57,476,801	30.74	43,961,749
Revaluation reserve	-					-		-	-				-		-		-	-	-
Reserves	246,104,319					39.76		176,094,388	-50.45				355,361,502		25.53		283,084,354	84.80	153,183,642
Provisions for Liabilities & Charges	168,913,934					15.69		146,007,391	226				44,758,498		0.09		44,719,039	-71.34	156,053,583
Deffered taxes	1,149,440					-9.24		1,266,487	-64.20				3,537,831		-9.77		3,920,913	101	1,949,477
Creditors	442,912,872					-10.82		496,677,148	33.65				371,634,593		-2.96		382,961,226	12.49	340,428,808
Other long term loans	185,122,025					23.30		150,135,425	-0.04				150,189,300		0.04		150,126,050	232	45,145,550
Long term group loans	-					-		-	-				-		-		-	-	-
Other long term liabilities	11,237,156					755		1,313,400	-26.69				1,791,503		-93.98		29,752,834	-	0
Total long term debts	366,422,555					22.66		298,722,703	49.15				200,277,132		-12.36		228,518,835	12.49	203,148,610
Current portion of long term debt	4,467					0.01		4,467	0.00				4,467		-		-	-	15,000,000
Financial debts	80,715,319					-45.16		147,179,396	125821				116,882		579		17,200	-70.00	57,328
Trade creditors	72,261,047					-22.71		93,489,356	-10.49				104,450,725		13.58		91,965,188	0.83	91,209,728
Amounts Payable for Taxes, Remuneration & Social Security	16,652,680					2.01		16,324,932	-6.70				17,496,430		18.55		14,758,224	-33.35	22,143,308
Miscellaneous current liabilities		76,920,178				-12.82	88,230,173			-9.59				97,585,286		1.29	96,341,730	-42.27	166,872,894
Total current liabilities		246,553,691				-28.58	345,228,323			57.17				219,653,790		8.16	203,082,342	-31.22	295,283,258
Total Liabilities		1,120,256,124				5.51	1,061,780,611			6.53				996,716,163		8.83	915,862,333	9.74	834,577,259

RATIO ANALYSIS
TRADING PERFORMANCE
Profit Before Tax	29.49	254	8.31	-77.63	37.15	57.28	23.62	156	-15.06
Return on capital employed	16.80	176	6.07	-76.44	25.76	29.45	19.90	124	-15.95
Return on total assets employed	13.10	219	4.10	-79.58	20.08	29.72	15.48	150	-10.31
Return on net assets employed	28.93	177	10.42	-69.97	34.70	18.51	29.28	114	-25.59
Sales / net working capital	5.98	-96.72	182.17	1497	11.40	-27.80	15.79	320	-4.92
Stock turnover ratio	14.70	-21.93	18.83	1.67	18.52	74.06	10.64	-44.18	19.06
Creditor days	47.37	-22.22	60.90	-11.89	69.12	25.26	55.18	11.66	49.42
Debtor days	41.22	-0.89	41.59	-1.96	42.42	-0.21	42.51	9.82	38.71
SHORT TERM STABILITY
Current ratio	1.34	32.67	1.01	-17.21	1.22	2.52	1.19	95.08	0.61
Liquidity ratio / acid ratio	1.04	44.44	0.72	-5.26	0.76	-12.64	0.87	262	0.24
Current debt ratio	0.49	-40.96	0.83	118	0.38	-9.52	0.42	-52.27	0.88
Liquidity ratio reprocessed	-	-	-	-	-	-	-	-	-
Cashflow	80,740,453	63.81	-126,529,364	-203	121,717,185	-36.04	190,297,320	153	-124,170,415
Net worth	503,303,573	23.66	407,000,307	-29.17	574,579,942	19.18	482,093,470	45.02	332,431,741
LONG TERM STABILITY
Gearing	52.41	-26.35	71.16	173	26.06	-15.94	31.00	73.09	17.91
Equity in percentage	45.44	14.29	39.76	-31.45	58.00	9.43	53.00	30.99	40.46
Total debt ratio	1.21	-21.43	1.54	110	0.73	-17.98	0.89	-39.86	1.48
Working capital	83,196,558	2792	2,876,340	-93.91	47,252,877	24.26	38,026,381	32.74	-116,163,278

PROFIT & LOSS
Operating Income	544,700,518	-11.48	615,374,369	-8.51	672,645,581	5.31		638,752,004	13.95	560,574,286
Turnover	497,771,819	-5.00	523,974,895	-2.76	538,862,911	-10.25		600,408,734	5.08	571,372,242
Total operating expenses	556,847,118	-0.62	560,297,505	1.58	551,560,505	-9.33		608,317,353	-9.70	673,636,437
Gross Operating Margin	-	-	-	-	-	-		-	-	-
Operating Charges	603,775,817	-7.35	651,696,980	-4.91	685,343,175	5.98		646,660,622	-2.44	662,838,481
Employee costs	81,695,748	2.00	80,094,805	4.73	76,476,313	-28.93		107,607,201	-1.17	108,882,796
Wages and salary	53,485,713	3.61	51,622,979	12.27	45,979,674	-33.02		68,650,117	5.34	65,172,204
Employee pension costs	-	-	-	-	-	-		-	-	2,346,329
Social security contributions	15,859,921	6.72	14,861,032	11.28	13,354,511	-34.46		20,376,511	-3.03	21,013,577
Other employee costs	12,350,114	-9.26	13,610,793	-20.60	17,142,128	-7.74		18,580,573	-8.70	20,350,686
Director remuneration	886,393	-	-	-	-	-		-	-	-
Amortization and depreciation	10,714,349	-9.50	11,838,510	17.81	10,049,120	-33.27		15,059,489	-43.11	26,471,738
Operating result	-59,075,299	-62.64	-36,322,610	-186	-12,697,594	-60.55		-7,908,619	7.73	-102,264,195
Total financial income	253,917,702	118	116,457,028	-52.99	247,716,056	52.67		162,259,523	622	22,446,251
Total financial expenses	48,062,449	31.29	36,607,585	5.04	34,849,975	177		12,536,399	101	6,208,076
Results on ordinary Operations before taxation	146,779,954	237	43,526,833	-78.25	200,168,487	41.15		141,814,505	164	-86,026,020
Extraordinary income	36,838,763	156	14,356,080	-86.24	104,295,217	-26.14		141,213,009	3844	3,579,746
Extraordinary Charges	113,709,524	-42.72	198,522,131	2.77	193,171,611	81.35		106,518,590	57.44	67,658,271
Extraordinary items	-76,870,761	41.74	-184,166,051	-107	-88,876,394	-356		34,694,419	54.14	-64,078,525
Results for the Year Before Taxation	69,909,193	49.71	-140,639,218	-226	111,292,093	-36.95		176,508,924	117	-150,104,545
Other appropriations	-	-	-	-	-	-	-		-	-
Taxation	136	-	-	-	7,110	1.02	-700,342		-14131	-4,921
Results on ordinary operations after taxation	146,779,818	237	43,526,833	-78.25	200,161,377	40.45	142,514,847		165	-86,021,099
Net result	70,026,104	50.61	-138,367,874	-223	111,668,065	-36.28	175,237,831		116	-150,642,153
Profit (Loss) for the year to be appropriated	70,237,241	52.43	-133,973,002	-219	112,395,852	-34.42	171,378,215		112	-151,718,177
Dividends	-	-	40,883,067	3.83	39,374,744	2.84	38,287,445		3.30	37,064,340

Social balance sheet details

Social Balance Sheet	Total
During the reporting year
ended 31-12-2013
Full-time Employees	740
Part-time Employees	112
Total Fte Employees	824
Number of hours worked
Full-time Employees	1,141,734
Part-time Employees	123,531
Total	1,265,265
Personnel Charges
Full-time Employees	75,304,873
Part-time Employees	6,728,197
Total	82,033,070
Benefits In Addition To Wages	-
During the previous reporting year
Average number employees in Fte	849
Actual working hours	1,340,766
Personnel Charges	80,094,805
Benefits In Addition To Wages	-

Type of Contract	Full-Time	Part-Time	Total Fte
Unlimited Duration	756	114	840
Contracts
Limited Duration Contracts	35	2	37

Gender and Education
Level
Men	Full-Time	Part-Time	Total Fte
Primary education	27	5	31
Secondairy education	439	55	481
Higher education (non	114	12	123
university)
Higher education(university)	103	1	104

Women	Full-Time	Part-Time	Total Fte
Primary education	-	-	-
Secondairy education	23	22	38
Higher education (non	52	14	62
university)
Higher education (university)	33	7	38

Working Category	Full-Time	Part-Time	Total Fte
Management	45	-	45
White collar worker	309	53	347
Blue collar worker	437	63	484
Other	-	-	-

Temporary personnel	Total
Average number of temporary staff	60
Actual working hours	116,575
Cost of temporary staff	4,890,932

New staff and leavers	Full-Time	Part-Time	Total Fte
New Starters	33	3	35
Leavers	69	16	80


Total of formal continuing vocational training initiatives for workers paid by the employer	Male	Female
Number of employees	464	91
Number of training hours	15,532	4,681
Net costs for enterprise	1,518,682	536,192


Total of less formal and informal continuing vocational training initiatives for workers paid by the employer	Male	Female
Number of employees	121	-
Number of training hours	6,434	-
Net costs for enterprise	321,324	-

Industry COMPARISON

Activity code

20130

Activity description

Manufacture of other inorganic basic chemicals.

payment expectations

Payment expectation days	47.37
Day sales outstanding	41.22

Industry comparison
Activity code	20130
Activity description	Manufacture of other inorganic basic chemicals
Industry average payment	90.03
Industry average day sales outstanding	98.24

Industry quartile analysis

Company result	47.37
Lower	95.41
Median	63.53
Upper	40.07

Day sales outstanding

Day sales outstanding
Company result	41.22
Lower	83.57
Median	45.29
Upper	26.27

Shareholder details

Group Structure
Company name	Number	Latest Financials
- TESSENDERLO CHEMIE SA	412101728	31-12-2013
- - DYKA PLASTICS NV	414467340	31-12-2013
- - TESSENDERLO CHEMIE INTERNATIONAL SA	407247372	31-12-2013
- - - PLASTIVAL BENELUX NV	450918950	31-12-2013
- - - TESSENDERLO KERLEY EUROPE SA	419875683	31-12-2013
- - - T.C. ESPAGNE
- - - TESSENDERLO SCHWEIZ AG	CHE101434229
- - TESSENDERLO FINANCE IN VEREFFENING NV	878995984	31-12-2013
- TESSENDERLO HOLDING UK LIMITED	03514787	31-12-2013
- - TESSENDERLO NL HOLDING B.V.	20062153

Minority Shareholders

No minority shareholders found

Minority Interests

Business Number	Company name	%		Date of Accounts
415296392	Limburgse Rubber Produkten SA	50	54	31/12/2013
419875683	Tessenderlo Kerley Europe SA	40.49	N/R	31/12/2013
-	TESSENDERLO SCHWEIZ AG SA	25	N/R	-
875650771	T-Power SA	20	91	31/12/2013
889932636	Blue SKY Development SOC.CIV. SCRL	14.28	N/R	31/12/2013

Linked Companies

NAME	NUMBER	LATEST KEY FINANCIALS	TURNOVER
SIEMENS	00010839	30.09.2014	€1.610.455.949
G.D.F INTERNATIONAL	622048965	31.12.2013	€89.506
INTERNATIONAL POWER LTD.	02366963	31.12.2013	-
SIEMENS AKTIENGESELLSCHAFT	HRB 6684	30.09.2013	€76.385.000.000
GDF SUEZ	542107651	31.12.2011	€24.126.000.000
SIEMENS HOLDINGS PLC	02465263	30.09.2014	-
GDF SUEZ ENERGIE SERVICES	552046955	31.12.2013	€2.208.412.000
TESSENDERLO ITALIA S.R.L.	09921480159	31.12.2011	€34.014.620
SIEMENS FINANCIAL SERVICES	HRB 49074	30.09.2012	€94.106.000
GMBH
TESSENDERLO PARTECIPAZIONI	12118590152	31.12.2011	-
S.P.A.
INTERNATIONAL POWER FINANCE	04693389	31.12.2013	£16.917.546
NATIONAL POWER AUSTRALIA	02615555	31.12.2013	-
FINANCE LIMITED
GDF SUEZ E&P UK LTD	03386464	31.12.2013	£78.568.000
STORENGY UK LIMITED	06311795	31.12.2013	-
NATIONAL POWER INTERNATIONAL HOLDINGS	02767875	31.12.2013	-
INTERNATIONAL POWER LUXEMBOURG HOLDINGS LIMITED	04780565	31.12.2013	-
INTERNATIONAL POWER LUXEMBOURG FINANCE LIMITED	04940241	31.12.2013	-
SIEMENS FRANCE HOLDING	388548091	30.09.2013	-
SIEMENS INDUSTRIAL TURBOMACHINERY LIMITED	04729734	30.09.2014	£334.955.000
MAJESTIC ENERGY	03732369	31.12.2013	-

Summons

Legal event type Social Security Summons

Event date 29/09/1999

Court type Court name

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

Name	VERONIQUE BOLLAND
Position	Director
Start Date	07/06/2013
End Date	03/06/2017
Street	130 AVENUE DES CERISIERS BRUXELLES
Post code	1200
Country	Belgium

Name	PHILIPPE COENS
Position	Director
Start Date	07/06/2011
End Date	02/06/2015
Street	21 CYPRESSENLAAN TERVUREN
Post code	3080
Country	Belgium

Name	BAUDOUIN FRÉDÉRIC MARIE MICHIELS
Position	Director
Start Date	22/06/2011
End Date	02/06/2015
Date of birth	17/05/1941
Street	6 VIEUX CHEMIN DE WAVRE LASNE
Post code	1380
Country	Belgium

Name	STEFAAN HASPESLAGH
Position	Director
Start Date	13/11/2013
Date of birth	15/02/1958
Street	104 BRANDSTRAAT SINT-MARTENS-LATEM
Post code	9830
Country	Belgium

Position	Chairperson
Start Date	03/06/2014
Date of birth	15/02/1958
Street	104 BRANDSTRAAT SINT-MARTENS-LATEM
Post code	9830
Country	Belgium

Name	MELCHIOR DE VOGÜÉ
Position	Director
Start Date	18/12/2013
Street	37 AVENUE DES AUBÉPINES BRUXELLES
Post code	1180
Country	Belgium

Name	LUK TACK
Position	Director
Start Date	13/11/2013
End Date	04/06/2015
Street	43 PEPERSTRAAT DEINZE
Post code	9800
Country	Belgium

Name	DOMINIQUE ZAKOVITCH-DAMON
Position	Director
Start Date	07/06/2011
End Date	06/06/2015
Street	1 AVENUE RODIN
Post code	75016
Country	France

Name	KAREL CLEMENT JOZEF VINCK
Position	Director
Start Date	22/06/2011
End Date	02/06/2015
Date of birth	19/09/1938

CURRENT MANDATES IN OTHER COMPANIES

Name	Flanders Innovation hub for Sustainable CHemistry ASBL
Business number	842026316
Position	Director
Start Date	21/12/2011

Former director details
Name	MELCHIOR DE VOGUE
Position	Director
Start Date	18/12/2013
End Date	03/06/2014
Street	37 AVENUE DES AUBÉPINES BRUXELLES
Post code	1180
Country	Belgium

Name	THIERRY GEORGES NESTOR PIESSEVAUX
Position	Director
Start Date	30/12/2003
End Date	05/11/2014
Date of birth	18/03/1952
Street	19 VIEUX CHEMIN DE WAVRE LASNE
Post code	1380
Country	Belgium

Name	GÉRARD MARCHAND
Position	Chairman of the Board
Start Date	05/07/2010
End Date	03/06/2014
Street	12 AVENUE DE LA PETITE ESPINETTE BRUXELLES
Post code	1180
Country	Belgium

Position	Managing Director
Start Date	04/08/1997
End Date	03/06/2014
Street	12 AVENUE DE LA PETITE ESPINETTE BRUXELLES
Post code	1180
Country	Belgium

Position	Director
Start Date	21/08/1998
End Date	03/06/2014
Street	12 AVENUE DE LA PETITE ESPINETTE BRUXELLES
Post code	1180
Country	Belgium

Name	ALAIN BERNARD MAURICE SIAENS
Position	Director
Start Date	01/06/2004
End Date	03/06/2014
Street	33 FOCHLAAN KNOKKE-HEIST
Post code	8300
Country	Belgium

Name	VALÈRE CROES
Position	Director
Start Date	18/06/2010
End Date	04/06/2013
Date of birth	29/03/1934
Street	1 TABORASTRAAT KNOKKE-HEIST
Post code	8300
Country	Belgium

Name	FRANK PROSPER ROBERT COENEN
Position	Chairperson
Start Date	18/05/2010
End Date	31/12/2010
Date of birth	03/05/1959
Street	44 GEMSLAAN OVERIJSE
Post code	3090
Country	Belgium

Name	JAAK GABRIELS
Position	Director
Start Date	22/06/2011
End Date	31/12/2011
Date of birth	22/09/1943
Street	28 SIEMENSTRAAT BREE
Post code	3960
Country	Belgium

Name	PAUL JOSEPH AUGUSTE DE MEESTER
Position	Director
Start Date	05/06/2007
End Date	Unknown date
Date of birth	13/04/1935
Street	211 SINT-JANSBERGSESTEENWEG LOUVAIN
Post code	3001
Country	Belgium

Name	PAUL BARON DE MEESTER
Position	Director
Start Date	30/12/2003
End Date	Unknown date
Street	211 SINT-JANSBERGSESTEENWEG LOUVAIN
Post code	3001
Country	Belgium

Name	ANTOINE DENIS GÉRARD GENDRY
Position	Director
Start Date	22/06/2011
End Date	04/06/2013
Street	SQUARE LAMARTINE
Post code	75116
Country	France

Name	JACQUES ZYSS
Position	Director
Start Date	17/03/2005
End Date	Unknown date
Street
Post code
Country	France

Name	MICHEL NICOLAS
Position	Director
Start Date	17/03/2005
End Date	06/11/2013
Street	14 RUE ERLANGER
Post code	75016
Country	France

Name	DIDIER TRUTT
Position	Director
Start Date	16/05/2013
End Date	06/11/2013
Street
Post code
Country	France

Name	GUY DE GAULMYN
Position	Director
Start Date	28/03/2012
End Date	06/05/2013
Street	7 RUE DU DOCTEUR ROCHEFORT
Post code	78400
Country	France

Name	FRANÇOIS SCHWARTZ
Position	Director
Start Date	17/03/2005
End Date	15/02/2012
Street
Post code
Country	France

Name	BERNARD PACHE
Position	Director
Start Date	22/06/2011
End Date	Unknown date
Street	8 RÉSIDENCE DE L'OBSERVATOIRE, RUE DU BEL AIR
Post code	92190
Country	France

Name	CLAUDE NIERDERGANG
Position	Director
Start Date	30/12/2003
End Date	17/03/2005
Street	RUE D'ANVERS
Post code	68100
Country	France

Name	PETRUS GABRIELS
Position	Director
Start Date	09/11/2006
End Date	07/06/2011
Street
Post code
Country

Name	THIERRY GEORGES PIESSEVAUX
Position	Director
Start Date	05/06/2007
End Date	Unknown date
Street
Post code
Country

Name	KAREL PINXTEN
Position	Director
Start Date	30/12/2003
End Date	09/11/2006

FORMER MANDATES IN OTHER COMPANIES

Name	PROCESINDUSTRIE 2010 IN VEREFFENING VZW
Business number	876240194
Position	Director
Start Date	13/08/2011
End Date	29/06/2010

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.62.25
UK Pound	1	Rs.96.00
Euro	1	Rs.70.72

INFORMATION DETAILS

Analysis Done by :	KAR

Report Prepared by :	TPT

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.