MIRA INFORM REPORT

Report No. :	329049
Report Date :	26.06.2015

IDENTIFICATION DETAILS

Name :	P B GELATINS U.K. LIMITED

Registered Office :	Unit A6 Severn Road Treforest Industrial Estate Pontypridd CF37 5SQ

Country :	United Kingdome

Financials (as on) :	31.12.2013

Date of Incorporation :	06.02.1980

Legal Form :	Private Limited with Share Capital

Line of Business :	Subject is manufacture of Other Food Products

No. of Employee :	71 (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 – March 31, 2015

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

United Kingdome

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

UNITED KINGDOME - ECONOMIC OVERVIEW

The UK, a leading trading power and financial center, is the third largest economy in Europe after Germany and France. Agriculture is intensive, highly mechanized, and efficient by European standards, producing about 60% of food needs with less than 2% of the labor force. The UK has large coal, natural gas, and oil resources, but its oil and natural gas reserves are declining and the UK became a net importer of energy in 2005. Services, particularly banking, insurance, and business services, are key drivers of British GDP growth. Manufacturing, meanwhile, has declined in importance but still accounts for about 10% of economic output. In 2008, the global financial crisis hit the economy particularly hard, due to the importance of its financial sector. Falling home prices, high consumer debt, and the global economic slowdown compounded Britain's economic problems, pushing the economy into recession in the latter half of 2008 and prompting the then BROWN (Labour) government to implement a number of measures to stimulate the economy and stabilize the financial markets. Facing burgeoning public deficits and debt levels, in 2010 the CAMERON-led coalition government (between Conservatives and Liberal Democrats) initiated an austerity program, which aimed to lower London's budget deficit from about 11% of GDP in 2010 to nearly 1% by 2015. The CAMERON government raised the value added tax from 17.5% to 20% in 2011. It has pledged to reduce the corporation tax rate to 20% by 2015. However, the deficit still remains one of the highest in the G7, standing at 5.8% in 2013. The Bank of England (BoE) implemented an asset purchase program of �375 billion (approximately $586 billion) as of December 2014. During times of economic crisis, the BoE coordinates interest rate moves with the European Central Bank, but Britain remains outside the European Economic and Monetary Union (EMU). In 2012, weak consumer spending and subdued business investment weighed on the economy, however, in 2013 GDP grew 1.8%, accelerating unexpectedly because of greater consumer spending and a recovering housing market.

Source : CIA

Company Name

P B GELATINS U.K. LIMITED

Registered Address

UNIT A6 SEVERN ROAD TREFOREST INDUSTRIAL ESTATE PONTYPRIDD CF37 5SQ

Company Summary

Registered Address

UNIT A6 SEVERN ROAD
TREFOREST INDUSTRIAL ESTATE
PONTYPRIDD
CF37 5SQ

Trading Address

Unit A6
Severn Road
Treforest Industrial Estate
Pontypridd, Mid Glamorgan
CF37 5SQ

Website Address http://www.pbgelatins.com

Telephone Number 01443849300

Fax Number

TPS No

FPS No

Incorporation Date 06/02/1980

Previous Name LEINER GELATINS LIMITED

Type Private limited with Share Capital

FTSE Index -

Date of Change 16/07/1987

Filing Date of Accounts 29/09/2014

Currency GBP

Share Capital £9,825,000

SIC07 10890

Charity Number -

SIC07 Description MANUFACTURE OF OTHER FOOD PRODUCTS N.E.C.

Principal Activity

The manufacture and sale of photographic and pharmaceutical edible gelatins.

Key Financials

Year to Date Turnover Pre Tax Profit Shareholder Funds Employees

31/12/2013 £32,796,606 £105,236 £4,312,146 71

31/12/2012 £29,332,048 -£328,991 £4,155,630 71

31/12/2011 £29,632,644 £366,050 £4,518,133 68

Mortgage Summary

Total Mortgage 6

Outstanding 3

Satisfied 3

Trade Debtors / Bad Debt Summary

Total Number of Documented Trade 0

Total Value of Documented Trade £0

Commentary

This company has been treated as a Large company in respect of the rating/limit generated.
This company's return on total assets employed ratio indicates a relatively efficient use of assets.
This company has made late payments on a medium percentage of invoices.
This company's ratio of total liabilities to total assets indicates the presence of moderate equity funding.
This company's bank loans and overdrafts (less cash) account for a moderate percentage of short term liabilities.
This company trades in an industry with a moderate level of corporate failures.

CCJ

Total Number of Exact CCJs -	0	Total Value of Exact CCJs -
Total Number of Possible CCJs -	0	Total Value of Possible CCJs -
Total Number of Satisfied CCJs -	0	Total Value of Satisfied CCJs -
Total Number of Writs -	-

Total Current Directors	3
Total Current Secretaries	1
Total Previous Directors / Company Secretaries	12

Current Directors

Name	Jan Vandendriessche	Date of Birth	31/05/1959
Officers Title	Mr	Nationality	Belgian
Present Appointments	1	Function	Director
Appointment Date	01/04/2011
Address	Unit A6 Severn Road, Treforest Industrial Estate, Pontypridd, Rhondda Cynon Taff, CF37 5SQ
Disqualified		Disqualified End Date
Disqualification Exception	No

Name	Wim Yvonne Godfried Poot	Date of Birth	23/07/1963
Officers Title	Mr	Nationality	Belgian
Present Appointments	1	Function	Director
Appointment Date	01/09/2012
Address	Unit A6 Severn Road, Treforest Industrial Estate, Pontypridd, Rhondda Cynon Taff, CF37 5SQ
Disqualified		Disqualified End Date
Disqualification Exception	No

Name	Roel Dumont	Date of Birth	27/08/1973
Officers Title	Mr	Nationality	Belgian
Present Appointments	1	Function	Director
Appointment Date	27/03/2013
Address	90 Paalseweg, 3980 Tessenderlo, Tessenderlo
Disqualified		Disqualified End Date
Disqualification Exception	No

Current Company Secretary

Name	Mark Evans	Date of Birth	-
Officers Title	Mr	Nationality
Present Appointments	1	Function	Company Secretary
Appointment Date	25/02/2010
Address	Unit A6 Severn Road, Treforest Industrial Estate, Pontypridd, Rhondda Cynon Taff, CF37 5SQ
Other Actions		View Consumer Report	View Trace Report
Disqualified		Disqualified End Date
Disqualification Exception	No

Top 20 Shareholders

Name	Currency	Share Count	Share Type	Nominal Value	% of Total Share Count
TESSENDERLO HOLDING UK LTD	GBP	9,825,000	ORDINARY	1	100

Profit & Loss

Date Of Accounts	31/12/13	(%)	31/12/12	(%)	31/12/11	(%)	31/12/10	(%)	31/12/09
Weeks	52	(%)	52	(%)	52	(%)	52	(%)	52
Currency	GBP	(%)	GBP	(%)	GBP	(%)	GBP	(%)	GBP
Consolidated A/cs	N	(%)	N	(%)	N	(%)	N	(%)	N
Turnover	£32,796,606	11.8%	£29,332,048	-1%	£29,632,644	15.6%	£25,644,842	9.3%	£23,456,125
Export	-	-	-	-	-	-	£25,644,842	-	-
Cost of Sales	£30,161,243	9.5%	£27,552,069	0.8%	£27,346,018	5.6%	£25,886,277	17.6%	£22,009,737
Gross Profit	£2,635,363	48.1%	£1,779,979	-22.2%	£2,286,626	999.9%	-£241,435	-116.7%	£1,446,388
Wages & Salaries	£3,322,873	8.3%	£3,069,454	11%	£2,766,216	7.6%	£2,570,227	-4.7%	£2,695,686
Directors Emoluments	£165,075	43.8%	£114,810	2.4%	£112,115	8.9%	£102,946	-41.9%	£177,043
Operating Profit	£530,212	203.2%	£174,863	-78.7%	£821,417	151%	-£1,611,063	-999.9%	-£32,610
Depreciation	£472,345	11.9%	£422,194	15.8%	£364,463	1.3%	£359,660	11.7%	£321,978
Audit Fees	£14,000	-24.3%	£18,500	15%	£16,089	-26.2%	£21,795	28.2%	£17,000
Interest Payments	£424,976	-15.7%	£503,854	10.6%	£455,367	-17.7%	£553,060	31.8%	£419,737
Pre Tax Profit	£105,236	132%	-£328,991	-189.9%	£366,050	116.9%	-£2,164,123	-378.4%	-£452,347
Taxation	£69,247	113%	-£530,895	-999.9%	£16,651	-96.4%	£464,412	360.7%	£100,803
Profit After Tax	£174,483	120.3%	-£859,886	-324.7%	£382,701	122.5%	-£1,699,711	-383.5%	-£351,544
Dividends Payable	-	-	-	-	-	-	-	-	-
Retained Profit	£174,483	120.3%	-£859,886	-324.7%	£382,701	122.5%	-£1,699,711	-383.5%	-£351,544

Balance Sheet

Date Of Accounts	31/12/13	(%)	31/12/12	(%)	31/12/11	(%)	31/12/10	(%)	31/12/09
Tangible Assets	£5,811,250	6.9%	£5,436,382	12.7%	£4,822,204	21.3%	£3,977,056	16.7%	£3,409,106
Intangible Assets	0	-	0	-	0	-	0	-	0
Total Fixed Assets	£5,811,250	6.9%	£5,436,382	12.7%	£4,822,204	21.3%	£3,977,056	16.7%	£3,409,106
Stock	£8,454,679	2.9%	£8,214,439	-14.3%	£9,583,336	-16.4%	£11,456,516	-18.1%	£13,994,483
Trade Debtors	£2,887,381	-37.6%	£4,628,786	53.8%	£3,009,036	16.3%	£2,587,090	9.5%	£2,362,292
Cash	£1	-99.6%	£251	-73.4%	£942	-96.5%	£26,868	999.9%	£1,940
Other Debtors	£1,431,040	56.6%	£913,986	-42.5%	£1,588,881	8.8%	£1,461,018	30.2%	£1,122,365
Miscellaneous Current Assets	0	-	0	-	0	-	0	-	0
Total Current Assets	£12,773,101	-7.2%	£13,757,462	-3%	£14,182,195	-8.7%	£15,531,492	-11.2%	£17,481,080
Trade Creditors	£687,517	36.7%	£502,972	107.5%	£242,424	-62.5%	£646,320	22.3%	£528,531
Bank Loans & Overdrafts	£950	326%	£223	-	0	-100%	£44	-99.1%	£4,640
Other Short Term Finance	£10,434,996	19.5%	£8,732,574	69.1%	£5,164,258	35.4%	£3,815,245	-52.1%	£7,963,609
Miscellaneous Current Liabilities	£687,094	-10.9%	£771,550	-51.2%	£1,582,198	59.3%	£993,503	177.3%	£358,262
Total Current Liabilities	£11,810,557	18%	£10,007,319	43.2%	£6,988,880	28.1%	£5,455,112	-38.4%	£8,855,042
Bank Loans & Overdrafts and LTL	£2,462,598	-51.1%	£5,031,118	-32.9%	£7,497,386	-24.4%	£9,918,048	-11.5%	£11,204,640
Other Long Term Finance	£2,000,000	-55.6%	£4,500,000	-35.7%	£7,000,000	-26.3%	£9,500,000	-15.2%	£11,200,000
Total Long Term Liabilities	£2,461,648	-51.1%	£5,030,895	-32.9%	£7,497,386	-24.4%	£9,918,004	-11.4%	£11,200,000

Capital & Reserves

Date Of Accounts	31/12/13	(%)	31/12/12	(%)	31/12/11	(%)	31/12/10	(%)	31/12/09
Called Up Share Capital	£9,825,000	-	£9,825,000	-	£9,825,000	-	£9,825,000	103.6%	£4,825,000
P & L Account Reserve	-£6,087,270	2.8%	-£6,261,753	-15.9%	-£5,401,867	6.6%	-£5,784,568	-41.6%	-£4,084,856
Revaluation Reserve	-	-	-	-	-	-	-	-	-
Sundry Reserves	£574,416	-3%	£592,383	523.6%	£95,000	-	£95,000	-	£95,000
Shareholder Funds	£4,312,146	3.8%	£4,155,630	-8%	£4,518,133	9.3%	£4,135,432	395.2%	£835,144

Other Financial Items

Date Of Accounts	31/12/13	(%)	31/12/12	(%)	31/12/11	(%)	31/12/10	(%)	31/12/09
Net Worth	£4,312,146	3.8%	£4,155,630	-8%	£4,518,133	9.3%	£4,135,432	395.2%	£835,144
Working Capital	£962,544	-74.3%	£3,750,143	-47.9%	£7,193,315	-28.6%	£10,076,380	16.8%	£8,626,038
Total Assets	£18,584,351	-3.2%	£19,193,844	1%	£19,004,399	-2.6%	£19,508,548	-6.6%	£20,890,186
Total Liabilities	£14,272,205	-5.1%	£15,038,214	3.8%	£14,486,266	-5.8%	£15,373,116	-23.3%	£20,055,042
Net Assets	£4,312,146	3.8%	£4,155,630	-8%	£4,518,133	9.3%	£4,135,432	395.2%	£835,144

Cash Flow

Date Of Accounts	31/12/13	(%)	31/12/12	(%)	31/12/11	(%)	31/12/10	(%)	31/12/09
Net Cashflow from Operations	-	-	-	-	-	-	-	-	-
Net Cashflow before Financing	-	-	-	-	-	-	-	-	-
Net Cashflow from Financing	-	-	-	-	-	-	-	-	-
Increase in Cash	-	-	-	-	-	-	-	-	-

Miscellaneous

Date Of Accounts	31/12/13	(%)	31/12/12	(%)	31/12/11	(%)	31/12/10	(%)	31/12/09
Contingent Liability	NO	-	NO	-	NO	-	NO	-	NO
Capital Employed	£6,773,794	-26.3%	£9,186,525	-23.5%	£12,015,519	-14.5%	£14,053,436	16.8%	£12,035,144
Number of Employees	71	-	71	4.4%	68	1.5%	67	3.1%	65
Auditors	PRICEWATERHOUSECOOPERS LLP
Auditor Comments	The audit report contains no adverse comments
Bankers	HSBC BANK PLC
Bank Branch Code

Ratios

Date Of Accounts	31/12/13	31/12/12	31/12/11	31/12/10	31/12/09
Pre-tax profit margin %	0.32	-1.12	1.24	-8.44	-1.93
Current ratio	1.08	1.37	2.03	2.85	1.97
Sales/Net Working Capital	34.07	7.82	4.12	2.55	2.72
Gearing %	57.10	121.10	165.90	239.80	1341.60
Equity in %	23.20	21.70	23.80	21.20	4
Creditor Days	7.63	6.24	2.97	9.17	8.20
Debtor Days	32.04	57.44	36.96	36.72	36.65
Liquidity/Acid Test	0.36	0.55	0.65	0.74	0.39
Return On Capital Employed %	1.55	-3.58	3.04	-15.39	-3.75
Return On Total Assets Employed %	0.56	-1.71	1.92	-11.09	-2.16
Current Debt Ratio	2.73	2.40	1.54	1.31	10.60
Total Debt Ratio	3.30	3.61	3.20	3.71	24.01
Stock Turnover Ratio %	25.77	28	32.34	44.67	59.66
Return on Net Assets Employed %	2.44	-7.91	8.10	-52.33	-54.16

Previous Company Names

Date	Previous Name
16/07/1987	LEINER GELATINS LIMITED
31/12/1980	ALDERMOOR LIMITED

Writ Details

No writs found

Statistics

Group	15 companies
Linkages	1378 companies
Countries	In 102 countries

Summary

Holding Company	TESSENDERLO HOLDING UK LIMITED
Ownership Status	Wholly Owned
Ultimate Holding Company	TESSENDERLO CHEMIE SA

Group Structure

Company Name	Registered Number	Latest Key Financials	Consol. Accounts	Turnover
$Description: \\VIVEK\Foreign Report Raw2\P B GELATINS U.K. LIMITED_files\tminus.gif$ TESSENDERLO CHEMIE SA	412101728	31.12.2013	N	€497,771,819
$Description: \\VIVEK\Foreign Report Raw2\P B GELATINS U.K. LIMITED_files\tminus.gif$ TESSENDERLO NL HOLDING...	20062153	-	N
$Description: \\VIVEK\Foreign Report Raw2\P B GELATINS U.K. LIMITED_files\L.gif$ L V M UNITED KINGDOM...	01739330	31.12.2013	N
$Description: \\VIVEK\Foreign Report Raw2\P B GELATINS U.K. LIMITED_files\tminus.gif$ TESSENDERLO HOLDING UK...	03514787	31.12.2013	N
$Description: \\VIVEK\Foreign Report Raw2\P B GELATINS U.K. LIMITED_files\T.gif$ BRITPHOS LIMITED	01516231	31.12.2013	N
$Description: \\VIVEK\Foreign Report Raw2\P B GELATINS U.K. LIMITED_files\tminus.gif$ DYKA (U.K.) LIMITED	01689277	31.12.2013	N
$Description: \\VIVEK\Foreign Report Raw2\P B GELATINS U.K. LIMITED_files\tminus.gif$ PIPEWISE (UK) LIMITED	01715029	31.12.2013	N
$Description: \\VIVEK\Foreign Report Raw2\P B GELATINS U.K. LIMITED_files\L.gif$ PIPEWISE (I.O.W.)...	03454684	31.12.2013	N
$Description: \\VIVEK\Foreign Report Raw2\P B GELATINS U.K. LIMITED_files\tminus.gif$ DURAPLAS PRODUCTS...	01863996	31.12.2013	N
$Description: \\VIVEK\Foreign Report Raw2\P B GELATINS U.K. LIMITED_files\L.gif$ MILBAR INDUSTRIAL...	02387915	31.12.2013	N
$Description: \\VIVEK\Foreign Report Raw2\P B GELATINS U.K. LIMITED_files\T.gif$ PLUMBWISE LIMITED	02929157	31.12.2013	N
$Description: \\VIVEK\Foreign Report Raw2\P B GELATINS U.K. LIMITED_files\T.gif$ PIPEWISE (NORTH) L...	03353635	31.12.2013	N
$Description: \\VIVEK\Foreign Report Raw2\P B GELATINS U.K. LIMITED_files\tminus.gif$ JOHN DAVIDSON (HOL...	SC054871	31.12.2013	N
$Description: \\VIVEK\Foreign Report Raw2\P B GELATINS U.K. LIMITED_files\L.gif$ JOHN DAVIDSON (PI...	SC050397	31.12.2013	N	£49,110,000
$Description: \\VIVEK\Foreign Report Raw2\P B GELATINS U.K. LIMITED_files\L.gif$ P B GELATINS U.K. LI...	01477674	31.12.2013	N	£32,796,606

Statistics

Group	15 companies
Linkages	1378 companies
Countries	In 102 countries

Mortgage Details

Mortgage Type:	DEBENTURE
Date Charge Created:	19/12/94
Date Charge Registered:	20/12/94
Date Charge Satisfied:	-
Status:	OUTSTANDING
Person(s) Entitled:	GENERALE BANK N/V-GENERALE DE BANQUE SA
Amount Secured:	ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY TO THE CHARGEE ON ANY ACCOUNT WHATSOEVER
Details:	. A SPECIFIC EQUITABLE CHARGE OVER ALL FREEHOLD AND LEASEHOLD PROPERTIES AND/OR THE PROCEEDS OF SALETHEREOF FIXED AND FLOATING CHARGES OVER UNDERTAKING AND ALLPROPERTY AND ASSETS PRESENT AND FUTURE INCLUDING GOODWILL BOOKDEBTS AND THE BENEFITS OF ANY LICENCES SEE THE MORTGAGE CHARGE DOCUMENT FOR FULL DETAILS
Mortgage Type:	A CREDIT AGREEMENT ENTITLED "PROMPT" CREDIT APPLICATION
Date Charge Created:	06/01/92
Date Charge Registered:	14/01/92
Date Charge Satisfied:	-
Status:	OUTSTANDING
Person(s) Entitled:	CLOSE BROTHERS LIMITED
Amount Secured:	£97867-50 DUE FROM THE COMPANY TO THE CHARGEE UNDER THE TERMS OF THE AGREEMENT
Details:	ALL RIGHT TITLE AND INTEREST IN AND TO ALL SUMS PAYABLE UNDER THE INSURANCES (AS SHOWN ON SCHEDULE ATTACHED TO FORM 395) (SEE DOC FOR FULL DETAILS)

Mortgage Type:	A CREDIT AGREEMENT ENTITLED "PROMPT CREDIT APPLICATION"
Date Charge Created:	01/03/91
Date Charge Registered:	09/03/91
Date Charge Satisfied:	-
Status:	OUTSTANDING
Person(s) Entitled:	CLOSE BROTHERS LIMITED
Amount Secured:	STERLING POUNDS 93,331.02 DUE OR TO BECOME DUE FROM THE COMPANY TO THE CHARGEEPURSUANT TO THE TERMSOF THE AGREEMENT
Details:	ALL ITS RIGHT, TITLE AND INTEREST IN AND TO ALL SUMS PAYABLE (INCLUDING BY WAY OF REFUND) UNDER THEINSURANCE (PLEASE SEE DOC M395 FOR FULL DETAILS)
Mortgage Type:	CHARGE
Date Charge Created:	21/09/82
Date Charge Registered:	24/09/82
Date Charge Satisfied:	06/08/94
Status:	SATISFIED
Person(s) Entitled:	MIDLAND BANK PLC
Amount Secured:	ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY TO THE CHARGEE ON ANY ACCOUNT WHATSOEVER
Details:	FIXED & FLOATING CHARGE UNDERTAKING AND ALL PROPERTY AND ASSETS PRESENT AND FUTURE BOOK DEBTS UNCALLED CAPITAL

Mortgage Type:
Date Charge Created:	-
Date Charge Registered:	22/05/80
Date Charge Satisfied:	22/05/80
Status:	SATISFIED
Person(s) Entitled:
Amount Secured:
Details:
Mortgage Type:	DEBENTURE
Date Charge Created:	02/05/80
Date Charge Registered:	07/05/80
Date Charge Satisfied:	07/05/80
Status:	SATISFIED
Person(s) Entitled:	CAYZER LTD
Amount Secured:	ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY TO THE CHARGEE ON ANY ACCOUNT WHATSOEVER
Details:	FIXED & FLOATING CHARGE UNDERTAKING AND ALL PROPERTY AND ASSETS PRESENT AND FUTURE INCLUDING GOODWILL & BOOKDEBTS UNCALLED CAPIAL TOGETHER WITH FIXED AND MOVEABLE PLANTMACHINERY FIXTURES IMPLEMENTS AND UTENSILS

Previous Director/Company Secretaries

Name	Current Directorships	Previous Directorships
Javier Johnny Martin Salvador Martin	0	1
Donald Beauford Thomas	4	1
Michael De Brou	0	1
Matteusz Dubinski	1	1
Baudouin Linard De Guertechin	0	3
Jos Leo L C Housen	0	1
Patrick Joseph Julien Goossens	0	1
Paul Ravoet	0	1
Jan Vandenriessche	0	1
Baudouin L De Guertechin	0	1
Ludovic Gysemans	0	1
Henri Emanuel Van Tichelen	0	1
Average Invoice Value	Ł669.07
Invoices available	106
Paid	102
Outstanding	4

Trade Payment Data is information that we collect from selected third party partners who send us information about their whole sales ledger.

	Within Terms	0-30 Days	31-60 Days	61-90 Days	91+ Days
Paid	60	29	4	5	4
Outstanding	0	2	1	1	0

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.63.61
UK Pound	1	Rs.99.79
Euro	1	Rs.71.17

INFORMATION DETAILS

Analysis Done by :	KAR

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%)

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Name	Number	Latest Key Financials	Turnover
SIEMENS	00010839	30.09.2014	€1,610,455,949
SIEMENS AKTIENGESELLSCHAFT	HRB 6684	30.09.2014	€72,576,000,000
SIEMENS HOLDINGS PLC	02465263	30.09.2014
TESSENDERLO ITALIA S.R.L.	BG370897	31.12.2011	€34,014,620
SIEMENS FINANCIAL SERVICES GMBH	HRB 49074	30.09.2014	€108,740
TESSENDERLO PARTECIPAZIONI S.P.A.	BG370793	31.12.2011
SIEMENS INDUSTRIAL TURBOMACHINERY LIMITED	04729734	30.09.2014	£334,955,000
SIEMENS FRANCE HOLDING	388548091	30.09.2014
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	30.09.2014	£159,497,000
SIEMENS S.P.A.	MI525193	30.09.2014	€1,542,864,030
SIEMENS S.A.S	562016774	30.09.2014	€1,474,056,235
SIEMENS FINANCIAL SERVICES LIMITED	00646166	30.09.2013	£114,864,000
SIEMENS HEALTHCARE DIAGNOSTICS S.R.L.	MI1459360	30.09.2014	€195,368,533
VA TECH (UK) LIMITED	03562487	30.09.2014
INTERSYSTEMS SAS	309813723	31.12.2013	€8,638,279
SIEMENS MAGNET TECHNOLOGY LIMITED	02342055	30.09.2008	£152,341,000
USF HOLDING (UK) LIMITED	02417739	30.09.2008
TEFIPAR	348531674	31.12.2013	€66,794