MIRA INFORM REPORT

Report No. :	492171
Report Date :	24.02.2018

IDENTIFICATION DETAILS

Name :	ROCKWOOL B.V.
Registered Office :	Industrieweg 15, 6045jg Roermond
Country :	Netherlands
Financials (as on) :	31.12.2016
Date of Incorporation :	03.11.1949
Com. Reg. No.:	13014428
Legal Form :	Private Limited Company
Line of Business :	Manufacture of, trade in, including export and import and wholesale and retail trade, research and services in relation to mineral wool and mineral wool fibers and other related complementary or supplementary products, including the products or materials manufactured on the basis thereof
No. of Employees :	922

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23^rd January 2017)

MIRA’s Rating :

A+

Credit Rating	Explanation	Rating Comments
A+	Low Risk	Business dealings permissible with low risk of default

Status :	Excellent
Payment Behaviour :	Regular
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

Country Name	Previous Rating (30.09.2017)	Current Rating (31.12.2017)
Netherlands	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderately Low Risk	B1
Moderate Risk	B2
Moderately High Risk	C1
High Risk	C2
Very High Risk	D

NETHERLANDS - ECONOMIC OVERVIEW

The Netherlands, the sixth-largest economy in the European Union, plays an important role as a European transportation hub, with a consistently high trade surplus, stable industrial relations, and low unemployment. Industry focuses on food processing, chemicals, petroleum refining, and electrical machinery. A highly mechanized agricultural sector employs only 2% of the labor force but provides large surpluses for food-processing and underpins the country’s status as the world’s second largest agricultural exporter.

The Netherlands is part of the euro zone, and as such, its monetary policy is controlled by the European Central Bank. The Dutch financial sector is highly concentrated, with four commercial banks possessing over 80% of banking assets, and is four times the size of Dutch GDP.

In 2008, during the financial crisis, the government budget deficit hit 5.3% of GDP. Following a protracted recession from 2009 to 2013, during which unemployment doubled to 7.4% and household consumption contracted for four consecutive years, economic growth began inching forward in 2014. Since 2010, Prime Minister Mark RUTTE’s government has implemented significant austerity measures to improve public finances and has instituted broad structural reforms in key policy areas, including the labor market, the housing sector, the energy market, and the pension system. In 2017, the government budget returned to a surplus of 0.7% of GDP, with economic growth of 3.2%, and GDP per capita finally surpassed pre-crisis levels. The fiscal policy announced by the new government in the 2018-2021 coalition plans for increases in government consumption and public investment, fueling domestic demand and household consumption and investment. The new government’s policy also plans to increase demand for workers in the public and private sector, forecasting a further decline in the unemployment rate, which hit 4.8% in 2017.

Source : CIA

Summary

Company name	Rockwool B.V.
Operative address	Industrieweg 15 6045JG Roermond Netherlands
Status	Active
Specification	This company can meet all its obligations.

Legal form	Private Limited Company
Registration number	KvK-nummer: 13014428
VAT-number	001696592
European VAT-number	NL001696592B01
Year	2016	Mutation	2015	Mutation	2014
Fixed assets	89.439.000	-2,95	92.153.000	-3,80	95.791.000
Total receivables	49.397.000	-3,98	51.445.000	-1,09	52.011.000
Total equity	104.240.000	11,43	93.551.000	7,70	86.864.000
Short term liabilities	70.145.000	3,54	67.748.000	-13,68	78.483.000
Net result	40.721.000	82,81	22.275.000	-1,30	22.568.000
Working capital	20.088.000	230,07	6.086.000	341,03	-2.525.000
Quick ratio	0,98	28,95	0,76	15,15	0,66

Contact information

Company name	Rockwool B.V.
Trade names	Rockwool B.V. Rockwool Nederlandse Steenwolfabriek Rockwool Lapinus Productie Rockwool Lapinus Lapinus Rockwool Benelux Rockwool Technical Insulation RTI Rockwool Rockfon Rockwool/Rockfon Rockfon Grodan Substratus Substratus Horticultural Consultancy Substra Rockwool Rockpanel Rockpanel Lapinus Fibres Rockwool/Rockpanel RockDelta
Operative address	Industrieweg 15 6045JG Roermond Netherlands
Correspondence address	Postbus 1160 6040KD Roermond Netherlands

Telephone number	0475353535
Fax number	0475353484
Email address	info@rockwool.com
Website	www.rockwool.nl

Registration

Registration number	KvK-nummer: 13014428
Branch number	000019344074
VAT-number	001696592
European VAT-number	NL001696592B01
Status	Active
First registration company register	1967-12-21
Memorandum	1967-12-21
Establishment date	1949-11-03

Legal form	Private Limited Company
Legal person since	1971-12-22
Last proposed admendment	2013-06-18
Issued placed capital	EUR 11.250.000
Paid up share capital	EUR 11.250.000

Activities

SBI	2399: Manufacture of other non-metallic mineral products (no abrasive products)
ISO certified	Yes

Exporter	Yes
Importer	Yes
Branche organisations	BBN - Brandveilig Bouwen Nederland

Goal	Manufacture of, trade in, including export and import and wholesale and retail trade, research and services in relation to mineral wool and mineral wool fibers and other related complementary or supplementary products, including the products or materials manufactured on the basis thereof.

Relations

Involved with the following companies	Stichting Spaar het Klimaat Jan van Scorelstraat 38 3583CR UTRECHT Netherlands Registration number: 24383195 Function: Manager
Shareholders	Rockwool Benelux Holding B.V. Industrieweg 15 6045JG Roermond Netherlands Registration number: 13030223 Percentage: 100%

Affiliates	Breda Confectie B.V. Regenbeemd 37 4825AS Breda Netherlands Registration number: 24225732
Branches	Rockwool B.V. Delfstoffenweg 2 6045JH ROERMOND Netherlands Registration number: 13014428 Rockwool B.V. Konstruktieweg 2 6045JD ROERMOND Netherlands Registration number: 13014428

Companies on same address	Personeelsvereniging Rockwool Registration number: 40176264 Rockwool Benelux Holding B.V. Registration number: 13030223 Stichting Pensioenfonds Rockwool Registration number: 41066094
Liability statements	Rockwool Benelux Holding B.V. Industrieweg 15 6045JG Roermond Netherlands Registration number: 13025533 End date: 2009-12-31

Bank details

Accounts

ABN Amro Bank NV Account number: NL63ABNA0500360928 BIC: ABNANL2A

Real Estate

Details operative address

Surface area: 91998 m2 Purpose: Industrial function Construction year: 1967 Status: Building in use Under investigation: No

Management

Active management

T.J.P. Snellenberg Theodorus Josephus Petrus Netherlands Competence: Fully authorized Function: Manager Starting date: 2011-09-01 Date of birth: 1961-01-15, Roermond, NL Involved with the following companies: Rockwool Benelux Holding B.V. Industrieweg 15 6045JG Roermond Netherlands Registration number: 13030223 Function: Manager Starting date: 2011-09-01 Breda Confectie B.V. Regenbeemd 37 4825AS Breda Netherlands Registration number: 24225732 Function: Manager Starting date: 2011-09-01 Rockwool Benelux B.V. Industrieweg 15 6045JG Roermond Netherlands Registration number: 14060090 Status: Dissolved Function: Proxy Starting date: 2008-09-18 W.J.E. Dumoulin Wilhelmus Jozef Elisabeth Netherlands Competence: Fully authorized Function: Manager Starting date: 2013-10-07 Date of birth: 1963-02-19, Maastricht, NL Involved with the following companies: Rockwool Benelux Holding B.V. Industrieweg 15 6045JG Roermond Netherlands Registration number: 13030223 Function: Manager Starting date: 2013-10-07 Stichting BIZ Roerstreek Godsweerdersingel 77 6041GK ROERMOND Netherlands Registration number: 50558064 Function: Manager Starting date: 2016-05-30 Breda Confectie B.V. Regenbeemd 37 4825AS Breda Netherlands Registration number: 24225732 Function: Manager Starting date: 2013-10-07 J.T. Bouwman Jasper Thomas Netherlands Competence: Limited authorization Function: Proxy Starting date: 2016-01-01 Date of birth: 1978-05-04, Tegelen, NL M.G.E. Gubbels Matheus Gertruda Emanuel Netherlands Competence: Limited authorization Function: Proxy Starting date: 2013-09-02 Date of birth: 1971-12-25, Tegelen, NL Involved with the following companies: Rockwool Benelux Holding B.V. Industrieweg 15 6045JG Roermond Netherlands Registration number: 13030223 Function: Proxy Starting date: 2015-07-01 Breda Confectie B.V. Regenbeemd 37 4825AS Breda Netherlands Registration number: 24225732 Function: Proxy Starting date: 2013-09-02 S.V. Hercules '03 Haver 2 5988JP HELDEN Netherlands Registration number: 40166055 Function: Treasurer Starting date: 2016-05-30 J.H.N. Hendricks Jeroen Hubert Nellij Netherlands Competence: Limited authorization Function: Proxy Starting date: 2011-06-14 Date of birth: 1975-08-22, Sittard, NL Involved with the following companies: Breda Confectie B.V. Regenbeemd 37 4825AS Breda Netherlands Registration number: 24225732 Function: Proxy Starting date: 2013-09-02 M.G.M. Driessen Maurice Gemma Maria Netherlands Competence: Limited authorization Function: Proxy Starting date: 2010-03-17 Date of birth: 1976-08-28, Sittard, NL Involved with the following companies: Rockwool Benelux B.V. Industrieweg 15 6045JG Roermond Netherlands Registration number: 14060090 Status: Dissolved Function: Proxy Starting date: 2010-03-17 J.P.B. Ruijters Joannes Peter Bernardus Netherlands Competence: Limited authorization Function: Proxy Starting date: 2011-01-01 Date of birth: 1964-11-14, Montfort, NL Involved with the following companies: Stichting Pensioenfonds Rockwool Industrieweg 15 6045JG Roermond Netherlands Registration number: 41066094 Function: Manager Starting date: 1997-11-26 P. Steen Popke Netherlands Competence: Limited authorization Function: Proxy Starting date: 2011-01-01 Date of birth: 1960-12-12, Ferwerderadeel, NL F.O. Larsen Frank Ove Netherlands Competence: Limited authorization Function: Proxy Starting date: 2015-07-01 Date of birth: 1969-01-16, Arhus, DK H.E.J.M. Janssen Hubertus Elisabeth Jacobus Mar Netherlands Competence: Limited authorization Function: Proxy Starting date: 2011-01-01 Date of birth: 1962-01-13, Susteren, NL E.R. den Breejen Edwin René Busserstraat 23 5768CT Meijel Netherlands Competence: Limited authorization Function: Proxy Starting date: 2012-08-13 Date of birth: 1970-09-16, Gorinchem, NL Involved with the following companies: i-2Inside Busserstraat 23 5768CT MEIJEL Netherlands Registration number: 67637361 Function: Owner Starting date: 2017-01-01 B. Stentoft-Wojnarowicz Bartosz-Marcin Netherlands Competence: Limited authorization Function: Proxy Starting date: 2014-09-01 Date of birth: 1967-11-05, Wroclaw, PL J.P.J. Ebus Jeroen Petrus Joseph Netherlands Competence: Limited authorization Function: Proxy Starting date: 2015-06-01 Date of birth: 1974-05-15, Roermond, NL I.J.M. Mossa Ignazio Joseph Maria Netherlands Competence: Limited authorization Function: Proxy Starting date: 2016-02-15 Date of birth: 1960-06-12, Echt, NL Involved with the following companies: Schutterij St. Mathias & Cornelius Vlodropperweg 37 6061BA POSTERHOLT Netherlands Registration number: 12041949 Function: Secretaris Starting date: 2009-04-01 N.H. Limbach Nicolas Heinrich Netherlands Competence: Limited authorization Function: Proxy Starting date: 2016-03-01 Date of birth: 1972-05-25, Freiburg im Breisgau, DE F. Weier Frank Netherlands Competence: Limited authorization Function: Proxy Starting date: 2016-03-01 Date of birth: 1968-03-26, Bielefeld, DE J.D. ter Linde Johannes Dieter Netherlands Competence: Limited authorization Function: Proxy Starting date: 2017-01-09 Date of birth: 1970-01-15, Maastricht, NL Involved with the following companies: Breda Confectie B.V. Regenbeemd 37 4825AS Breda Netherlands Registration number: 24225732 Function: Proxy Starting date: 2017-01-09 P.J.F. Leenders Peter Johan Ferdinand Netherlands Competence: Limited authorization Function: Proxy Starting date: 2017-04-18 Date of birth: 1960-05-14, Maasbracht, NL L.J.P. Smeets Luc Johannes Petrus Netherlands Competence: Limited authorization Function: Proxy Starting date: 2017-05-01 Date of birth: 1979-03-23, Roermond, NL O.I.P.J. Cratsborn Olaf Ivonne Petrus Johannes Netherlands Competence: Limited authorization Function: Proxy Starting date: 2017-03-22 Date of birth: 1967-06-15, Wittem, NL J.M. Kwakman Johannes Maria Netherlands Competence: Limited authorization Function: Proxy Starting date: 2017-09-01 Date of birth: 1984-01-31, Tilburg, NL

Employees

Year	2017	2016	2015	2014	2013
Annual		1072	1082	1083	1110
Chamber of Commerce	922	922	922	922

Payments

Description

Regular

Total	EUR 1.148.191
	Last quarter	Last year
Average payment period (days)	36	30
Average delay (days)	10	6

Quarter	Volume	Not overdue	1-30	31-60	61-90	91-120	121+
2018 Q1	D	26,00%	34,00%	40,00%	0,00%	0,00%	0,00%
2017 Q4	E	62,00%	38,00%	0,00%	0,00%	0,00%	0,00%
2017 Q3	E	90,00%	9,00%	1,00%	0,00%	0,00%	0,00%
2017 Q2	E	52,00%	33,00%	12,00%	4,00%	0,00%	0,00%
2017 Q1	E	77,00%	21,00%	2,00%	0,00%	0,00%	0,00%

A = < 10.000, B = < 25.000, C = < 50.000, D = < 125.000, E = > 125.000

Payments within industry		Last quarter			Last year
Average payment period (days)		37			39
Average delay (days)		13			16
Quarter	Not overdue	1-30	31-60	61-90		91-120	121+
2018 Q1	61,00%	34,00%	4,00%	1,00%		0,00%	1,00%
2017 Q4	57,00%	36,00%	5,00%	1,00%		0,00%	1,00%
2017 Q3	49,00%	41,00%	8,00%	1,00%		0,00%	0,00%
2017 Q2	54,00%	40,00%	4,00%	1,00%		1,00%	0,00%
2017 Q1	51,00%	41,00%	6,00%	1,00%		0,00%	0,00%

The above data is an indication of the average payment behaviour of the client. the payment experieneces can be affected by disputes, payment arrangements, etc.

Key figures

Year	2016	2015	2014	2013	2012
Quick ratio	0,98	0,76	0,66	0,64	0,65
Current ratio	1,29	1,09	0,97	0,94	0,94
Working capital/ balance total	0,11	0,04	-0,01	-0,03	-0,04
Equity / balance total	0,58	0,56	0,51	0,46	0,36
Equity / Fixed assets	1,17	1,02	0,91	0,86	0,80
Equity / liabilities	1,38	1,29	1,02	0,85	0,57
Balance total / liabilities	2,38	2,29	2,02	1,85	1,57
Working capital	20.088.000	6.086.000	-2.525.000	-4.504.000	-5.378.000
Equity	104.240.000	93.551.000	86.864.000	75.474.000	52.754.000
Mutation equity	11,43	7,70	15,09	43,07	55,65
Mutation short term liabilities	3,54	-13,68	-3,05	-5,00	1,41
Return on total assets (ROA)	29,56	17,29	17,11	18,27	15,55
Return on equity (ROE)	50,95	30,68	33,83	39,64	42,85
Gross profit margin	15,80	9,04	9,49	10,61	7,16
Net profit margin	11,90	6,82	7,07	7,77	6,36
Average collection ratio	4,88	4,82	4,07	3,58	3,48
Average payment ratio	6,93	6,34	6,14	5,58	5,35
Equity turnover ratio	3,28	3,49	3,68	3,84	5,62
Total assets turnover ratio	1,90	1,97	1,86	1,77	2,04
Fixed assets turnover ratio	3,82	3,54	3,33	3,32	4,52
Inventory conversion ratio	15,94	14,59	13,34	11,86	12,16
Turnover	342.076.000	326.401.000	319.281.000	290.173.000	296.528.000
Operating result	54.053.000	29.519.000	30.289.000	30.793.000	21.220.000
Net result after taxes	40.721.000	22.275.000	22.568.000	22.558.000	18.862.000
EBIT	54.053.000	29.519.000	30.289.000	30.793.000	21.220.000
Summary	The 2016 financial result structure is a postive working captial of 20.088.000 euro, which is in agreement with 11 % of the total assets of the company. The working capital has increased with 230.07 % compared to previous year. The ratio, with respect to the total assets of the company has however, increased. The improvement between 2015 and 2016 has mainly been caused by a change of the current assets. The current ratio of the company in 2016 was 1.29. When the current ratio is below 1.5, the company may have problems meeting its short-term obligations. The quick ratio in 2016 of the company was 0.98. A company with a Quick Ratio of less than 1 cannot currently pay back its current liabilities. The 2015 financial result structure is a postive working captial of 6.086.000 euro, which is in agreement with 4 % of the total assets of the company. The working capital has increased with 341.03 % compared to previous year. The ratio, with respect to the total assets of the company has however, increased. The improvement between 2014 and 2015 has mainly been caused by a change of the current assets. The current ratio of the company in 2015 was 1.09. When the current ratio is below 1.5, the company may have problems meeting its short-term obligations. The quick ratio in 2015 of the company was 0.76. A company with a Quick Ratio of less than 1 cannot currently pay back its current liabilities.

Financial statement

Last annual account	2016
Remark annual account	The company is obliged to file its financial statements.
Type of annual account	Consolidated
Annual account	Rockwool B.V. Industrieweg 15 6045JG Roermond Netherlands Registration number: 13014428

Balance

Year	2016	2015	2014	2013	2012
End date	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31
Type of annual account	Consol.	Consol.	Consol.	Consol.	Consol.
Intangible fixed assets	4.650.000	5.860.000	7.750.000	2.180.000	2.790.000
Tangible fixed assets	84.781.000	86.285.000	88.017.000	85.110.000	62.711.000
Financial fixed assets	8.000	8.000	24.000	42.000	46.000
Fixed assets	89.439.000	92.153.000	95.791.000	87.332.000	65.547.000
Total stock	21.464.000	22.372.000	23.940.000	24.465.000	24.382.000
Accounts receivable	43.671.000	43.139.000	40.845.000	37.660.000	39.543.000
Other receivables	5.726.000	8.306.000	11.166.000	14.314.000	15.884.000
Total receivables	49.397.000	51.445.000	52.011.000	51.974.000	55.427.000
Liquid funds	19.372.000	17.000	7.000	5.000	19.000
Current assets	90.233.000	73.834.000	75.958.000	76.444.000	79.828.000
Total assets	179.672.000	165.987.000	171.749.000	163.776.000	145.375.000
Total equity	104.240.000	93.551.000	86.864.000	75.474.000	52.754.000
Provisions	5.287.000	4.688.000	6.402.000	7.354.000	7.415.000
Accounts payable	20.157.000	14.017.000	15.886.000	18.108.000	12.108.000
Other short term liabilities	49.988.000	53.731.000	62.597.000	62.840.000	73.098.000
Short term liabilities	70.145.000	67.748.000	78.483.000	80.948.000	85.206.000
Total short and long term liabilities	75.432.000	72.436.000	84.885.000	88.302.000	92.621.000
Total liabilities	179.672.000	165.987.000	171.749.000	163.776.000	145.375.000
Summary	The total assets of the company increased with 8.24 % between 2015 and 2016. Despite the assets growth, the non current assets decreased with -2.95 %. The asset growth has mainly been financed by a Net Worth increase of 11.43 %. Debt, however, grew with 4.14 %. In 2016 the assets of the company were 49.78 % composed of fixed assets and 50.22 % by current assets. The assets are being financed by an equity of 58.02 %, and total debt of 41.98 %. The total assets of the company decreased with -3.35 % between 2014 and 2015. This downturn is mainly retrievable in the fixed asset decrease of -3.8 %. The asset reduction is in contrast with the equity growth of 7.7 %. Due to this the total debt decreased with -14.67 %. In 2015 the assets of the company were 55.52 % composed of fixed assets and 44.48 % by current assets. The assets are being financed by an equity of 56.36 %, and total debt of 43.64 %.

Profit and loss

Year	2016	2015	2014	2013	2012
Revenues	342.942.000	325.007.000	318.672.000	289.346.000	299.348.000
Other operating income	866.000	-1.394.000	-609.000	-827.000	2.820.000
Net turnover	342.076.000	326.401.000	319.281.000	290.173.000	296.528.000
Changes in inventories of finished goods and work in progress	866.000	-1.394.000	-609.000	-827.000	2.820.000
Operating expenses	288.889.000	295.488.000	288.383.000	258.553.000	278.128.000
Operating result	54.053.000	29.519.000	30.289.000	30.793.000	21.220.000
Financial income	411.000	196.000	174.000	99.000	1.825.000
Financial expenses	1.349.000	1.018.000	1.078.000	974.000	442.000
Financial result	-938.000	-822.000	-904.000	-875.000	1.383.000
Result on ordinary operations before taxes	53.115.000	28.697.000	29.385.000	29.918.000	22.603.000
Taxation on the result of ordinary activities	12.394.000	6.422.000	6.817.000	7.360.000	4.653.000
Result of ordinary activities after taxes	40.721.000	22.275.000	22.568.000	22.558.000	17.950.000
Extraordinary income					1.216.000
Extraordinary expense					304.000
Extraordinary result after taxation					912.000
Net result	40.721.000	22.275.000	22.568.000	22.558.000	18.862.000
Summary	The turnover of the company grew with 4.8 % between 2015 and 2016. The operating result of the company grew with 83.11 % between 2015 and 2016. This evolution implies an increase of the company's economic profitability. The result of these changes is an increase of the company's Economic Profitability of 70.97 % of the analysed period, being equal to 29.56 in the year 2016. Despite the growth the assets turnover decreased, whose index evolved with -3.55 % to a level of 1.9. The Net Result of the company increased by 82.81 % between 2015 and 2016. The company's Financial Profitability has been negatively affected by the financial activities in comparison to the EBITs behaviour. The result of these variations is a profitability reduction of 66.07 % of the analysed period, being 50.95 in the year 2016. The company's financial structure has slowed down its financial profitability. The turnover of the company grew with 2.23 % between 2014 and 2015. The operating result of the company declined with -2.54 % between 2014 and 2015. This evolution implies an decrease of the company's economic profitability. The result of these changes is an increase of the company's Economic Profitability of 1.05 % of the analysed period, being equal to 17.29 in the year 2015. This growth has contributed to the increase in assets turnover, increasing by 5.91 % reaching 1.97. The Net Result of the company decreased by -1.3 % between 2014 and 2015. The company's Financial Profitability has been positively affected by the financial activities in comparison to the EBITs behaviour. The result of these variations is a profitability increase of -9.31 % of the analysed period, being 30.68 in the year 2015. The company's financial profitability has been positively affected by its financial structure.

Analysis

Branch (SBI)	Manufacture of other non-metallic mineral products (no abrasive products) (SBI code 2399)
Region	Limburg
Summary	In the Netherlands 3344 of the companies are registered with the SBI code 2399 In the region Limburg 289 of the companies are registered with the SBI code 2399 In the Netherlands 79 of the bankrupcties are published within this sector In the region Limburg 7 of the bankruptcies are published within this sector The risk of this specific sector in the Netherlands is High The risk of this specific sector in the region Limburg is High
Year	2016	Company	2015	Company	2014
Equity	86.083	104.240.000	75.156	93.551.000	75.569
Working capital	93.390	20.088.000	58.108	6.086.000	49.272
Balance total	454.400	179.672.000	484.507	165.987.000	544.190
Quick ratio	1,03	0,98	0,95	0,76	0,94
Current ratio	1,11	1,29	1,24	1,09	1,27
Equity / balance total	0,29	0,58	0,26	0,56	0,23
Turnover	15.380.487	342.076.000	12.797.030	326.401.000	12.292.078
Net result	1.260.500	40.721.000	535.602	22.275.000	516.499

Publications

Deposits	21-04-2017: De jaarrekening over 2016 is gepubliceerd. 19-04-2016: De jaarrekening over 2015 is gepubliceerd. 02-04-2015: De jaarrekening over 2014 is gepubliceerd. 12-05-2014: De jaarrekening over 2013 is gepubliceerd. 09-04-2013: De jaarrekening over 2012 is gepubliceerd.
Functions	08-09-2017: Per 01-09-2017 is gevolmachtigde Johannes Maria Kwakman in functie getreden. 08-08-2017: Per 22-03-2017 is gevolmachtigde Olaf Ivonne Petrus Johannes Cratsborn in functie getreden. 04-05-2017: Per 01-05-2017 is gevolmachtigde Luc Johannes Petrus Smeets in functie getreden. 04-05-2017: Per 01-05-2017 is gevolmachtigde Joannes Bernardus Verhoeff uit functie getreden. 02-05-2017: Per 30-04-2017 is gevolmachtigde Bernardus Henricus Maria Engelen uit functie getreden. 25-04-2017: Per 22-03-2017 is gevolmachtigde Johannes Leonard Mathilda Elisa Vullers uit functie getreden. 24-04-2017: Per 18-04-2017 is gevolmachtigde Peter Johan Ferdinand Leenders in functie getreden. 21-02-2017: Per 09-01-2017 is gevolmachtigde Johannes Dieter ter Linde in functie getreden. 21-02-2017: Per 31-12-2016 is gevolmachtigde Otto Guth uit functie getreden. 07-07-2016: Per 01-06-2016 is gevolmachtigde Otto Guth in functie getreden. 07-07-2016: Per 28-06-2016 is gevolmachtigde Erwin Prins uit functie getreden. 06-04-2016: Per 01-03-2016 is gevolmachtigde Nicolas Heinrich Limbach in functie getreden. 06-04-2016: Per 01-03-2016 is gevolmachtigde Frank Weier in functie getreden. 03-03-2016: Per 01-03-2016 is gevolmachtigde Mathias Cornelis Michel Antoine Husson uit functie getreden. 03-03-2016: Per 01-03-2016 is gevolmachtigde Eric Gijsbertus Maria Manders uit functie getreden. 29-02-2016: Per 31-12-2015 is gevolmachtigde Edward Wilhelm Wolf uit functie getreden. 24-02-2016: Per 15-02-2016 is gevolmachtigde Ignazio Joseph Maria Mossa in functie getreden. 19-02-2016: Per 01-01-2016 is gevolmachtigde Jasper Thomas Bouwman in functie getreden. 12-02-2016: Per 01-01-2016 is gevolmachtigde Vincentius Mattheus Johannes Deenen uit functie getreden. 10-11-2015: Per 31-10-2015 is gevolmachtigde Peter Paul Jos Marie Peeters uit functie getreden. 02-10-2015: Per 01-10-2015 is gevolmachtigde Mathias Cornelis Michel Antoine Husson in functie getreden. 02-10-2015: Per 01-10-2015 is gevolmachtigde Vincentius Mattheus Johannes Deenen in functie getreden. 02-10-2015: Per 01-10-2015 is gevolmachtigde Rafael Rodriguez Fernandez uit functie getreden. 08-07-2015: Per 01-07-2015 is gevolmachtigde Wilhelmus Henricus Maria van Nistelrooij uit functie getreden. 02-07-2015: Per 01-07-2015 is gevolmachtigde Frank Ove Larsen in functie getreden. 02-07-2015: Per 01-07-2015 is gevolmachtigde Henricus Margaretha Hubertus Gerardts uit functie getreden. 02-07-2015: Per 01-07-2015 is gevolmachtigde Frank Ove Larsen uit functie getreden. 05-06-2015: Per 01-06-2015 is gevolmachtigde Jeroen Petrus Joseph Ebus in functie getreden. 05-06-2015: Per 01-06-2015 is gevolmachtigde Nicola Agnoli uit functie getreden. 13-02-2015: Per 01-02-2015 is gevolmachtigde Ivo Willem Anna Bastings uit functie getreden. 06-02-2015: Per 01-02-2015 is gevolmachtigde Peter Paul Jos Marie Peeters in functie getreden. 06-02-2015: Per 01-05-2012 is gevolmachtigde Ivo Willem Anna Bastings uit functie getreden. 26-09-2014: Per 01-09-2014 is gevolmachtigde Bartosz-Marcin Stentoft-Wojnarowicz in functie getreden. 03-06-2014: Per 21-05-2014 is gevolmachtigde Joannes Bernardus Verhoeff in functie getreden. 04-04-2014: Per 01-04-2014 is gevolmachtigde Mustafa Alkhamrichi uit functie getreden.
Mergers	04-11-2015: Op 30-10-2015 fusieakte verleden. Verkrijgende rechtspersoon: Rockwool B.V., 13014428 Verdwijnende rechtspersoon: Chicago Metallic B.V., 16062478. 26-06-2015: Op 25-06-2015 fusievoorstel gedeponeerd. Verkrijgende rechtspersoon: Rockwool B.V., 13014428 Verdwijnende rechtspersoon: Chicago Metallic B.V., 16062478.

Company structure

Relations	4
Company	Registration number
Rockwool International A.S. (Hedehusene)
| - - Rockwool Benelux Holding B.V. (Roermond)	13030223
| - - | - - Breda Confectie B.V. (Breda)	24225732
| - - | - - Rockwool B.V. (Roermond)	13014428

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	INR 65.82
UK Pound	1	INR 90.40
Euro	1	INR 79.76
Euro	1	INR 79.79

Note : Above are approximate rates obtained from sources believed to be correct

INFORMATION DETAILS

Analysis Done by :	NIY
Report Prepared by :	KET

RATING EXPLANATIONS

Credit Rating	Explanation	Rating Comments
A++	Minimum Risk	Business dealings permissible with minimum risk of default
A+	Low Risk	Business dealings permissible with low risk of default
A	Acceptable Risk	Business dealings permissible with moderate risk of default
B	Medium Risk	Business dealings permissible on a regular monitoring basis
C	Medium High Risk	Business dealings permissible preferably on secured basis
D	High Risk	Business dealing not recommended or on secured terms only
NB	New Business	No recommendation can be done due to business in infancy stage
NT	No Trace	No recommendation can be done as the business is not traceable

NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.

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 are as follows:

· Financial condition covering various ratios

· Company background and operations size

· Promoters / Management background

· Payment record

· Litigation against the subject

· Industry scenario / competitor analysis

· Supplier / Customer / Banker review (wherever available)

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