MIRA INFORM REPORT

Report Date :

21.04.2011

IDENTIFICATION DETAILS

Correct Name :	MARS BELGIUM NV

Registered Office :	Kleine Kloosterstraat 8 St-Stevens-Woluwe 1932

Country :	Belgium

Financials (as on) :	31.12.2009

Date of Incorporation :	12.09.1977

Com. Reg. No.:	417521454

Legal Form :	Limited Company

Line of Business :	Non-specialised wholesale of non-deepfrozen foods, beverages, alcohol and tobacco

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
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

Maximum Credit Limit :	(€) 5,350,000
Status :	Excellent
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, 2010

Country Name

Previous Rating

(30.09.2010)

Current Rating

(31.12.2010)

Belgium

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

Company Summary

Company Summary
Business Name	MARS BELGIUM NV
Business Number	417521454
Address	KLEINE KLOOSTERSTRAAT 8 ST-STEVENS-WOLUWE
Post Code	1932
Telephone	027127222
Fax Number	027214932
Production Unit	Industrielaan 7 2250 Olen Be Fpps Code #21, Belgium
Date of Establishment	12/09/1977
Number of Employees	306

Credit Information Summary
Company Status	ACTIVE
Credit Limit (€)	5,350,000
Purchase Limit (€)	72,000,000
Date of Deposit at Registry	10/05/2010
Date of Last Accounts	31/12/2009
Turnover	289,985,745
Results of Ordinary Operations Before Tax	24,181,732

Networth

43,436,732

Past Payments
Payment Expectation Days	47.27
Days Sales Outstanding	39.79
Industry Average Payment Expectation Days	61.80

Industry Average Day Sales Outstanding

75.21

Court Data Summary
bankruptcy details
Court Action Type	None
Protested Bills
Bill Amount
NSSO Details
Date of Summons	//

Accounts & Ratio

Period
Accounts End Date	31/12/2009	%	31/12/2008	%	31/12/2007
Weeks	52	-	52	-	52
Currency	EUR	-	EUR	-	EUR

Profit & Loss
Turnover	289,985,745	0.5%	288,681,925	6.1%	272,092,374
Total Operating Expenses	256,782,826	-5.2%	270,847,060	6.5%	254,288,169
Operating Result	33,202,919	86.2%	17,834,865	0.2%	17,804,205
Total Financial Income	6,767,902	18.5%	5,713,127	45.1%	3,938,081
Total Financial Expenses	49,146	238.9%	14,502	27.0%	11,421
Results on Ordinary Operations Before Tax	36,910,654	77.9%	20,746,832	4.2%	19,917,255
Taxation	12,728,922	65.4%	7,695,584	15.1%	6,687,354
Results on Ordinary Operations After Tax	24,181,732	85.3%	13,051,248	-1.4%	13,229,901
Extraordinary Items	0	-100.0%	1,114,573	-	0
Net Result	24,195,570	70.6%	14,179,659	7.0%	13,257,527
Other Information
Dividends	-	-	13,257,526	2.6%	12,925,816
Director Remuneration	-	-	-	-	-
Employee Costs	29,312,053	-13.6%	33,939,530	-4.8%	35,652,881
- Wages & Salaries	22,001,200	-17.8%	26,753,855	-9.0%	29,394,557
- Social Security Contributions	7,081,262	4.0%	6,810,298	15.4%	5,903,870
- Other Employee Costs	229,591	-38.8%	375,377	5.9%	354,454
Amortization & Depreciation	2,145,635	-13.4%	2,477,233	-14.1%	2,884,966

Balance Sheet
Accounts End Date	31/12/2009	%	31/12/2008	%	31/12/2007
Weeks	52	-	52	-	52
Intangible Fixed Assets	0	-	0	-	0
Tangible Fixed Assets	8,745,562	7.8%	8,116,320	-15.5%	9,600,085
- Land And Buildings	2,006,026	-0.6%	2,017,125	-7.8%	2,187,647
- Plant And Machinery	5,500,709	-0.3%	5,517,327	-21.0%	6,981,477
- Other Tangible Assets	1,238,827	112.9%	581,868	35.0%	430,961
Financial Fixed Assets	26,665	11.1%	23,991	-27.6%	33,122
Total Fixed Assets	8,772,227	7.8%	8,140,311	-15.5%	9,633,207
Inventories
- Raw Materials & Consumables	2,307,989	-52.6%	4,871,969	28.3%	3,796,914
- Work in Progress	922,151	11.6%	826,103	13.7%	726,617
- Finished Goods	760,109	6.9%	710,858	-37.1%	1,130,987
- Other Stocks	7,766,622	-20.6%	9,776,154	-7.0%	10,510,253
Trade Debtors	31,616,370	-36.5%	49,768,626	26.9%	39,213,361
Cash	1,575,763	243.6%	458,568	-56.0%	1,042,602
- Miscellaneous Current Assets	13,221,638	96.6%	6,725,654	-86.5%	49,879,620
Total Current Assets	159,559,578	23.3%	129,368,800	21.3%	106,636,184

- Trade Creditors	33,257,396	5.1%	31,638,657	8.4%	29,183,024
- Short Term Group Loans	11,804,192	-16.8%	14,192,504	42.7%	9,944,860
- Other Short Term Loans	0	-	0	-	0
- Miscellaneous Current Liabilities	39,487,875	10.5%	35,725,805	42.9%	25,000,439
Total Current Liabilities	84,549,463	3.7%	81,556,966	27.2%	64,128,323

- Long Term Group Loans	0	-	0	-	0
- Other Long Term Loans	0	-	0	-	0
- Other Long Term Liabilities	40,345,610	9.9%	36,697,547	8.6%	33,795,165
Total Long Term Debts	40,345,610	9.9%	36,697,547	8.6%	33,795,165

- Issued Share Capital	3,702,000	0.0%	3,702,000	0.0%	3,702,000
- Share Premium Account	0	-	0	-	0
- Reserves	39,734,732	155.5%	15,552,598	6.2%	14,643,903
- Revaluation Reserve	0	-	0	-	0
Total Shareholders Equity	43,436,732	125.6%	19,254,598	5.0%	18,345,903

Working Capital	75,010,115	56.9%	47,811,834	12.5%	42,507,861
Net Worth	43,436,732	125.6%	19,254,598	5.0%	18,345,903

Ratio Analysis
Trading Performance
Pre-tax Profit Margin	12.73	77.1%	7.19	-1.8%	7.32
Return On Capital Employed	44.06	18.8%	37.08	-2.9%	38.20
Return On Total Assets Employed	21.93	45.3%	15.09	-11.9%	17.13
Return On Net Assets Employed	49.21	13.4%	43.39	-7.4%	46.86
Sales / Net Working Capital	3.87	-35.9%	6.04	-5.6%	6.40
Operating Efficiency
Stock Turnover Ratio	4.05	-27.8%	5.61	-5.6%	5.94
Debtor Days	39.79	-36.8%	62.93	19.6%	52.60
Creditor Days	47.27	10.9%	42.64	1.8%	41.89
Short Term Stability
Current Ratio	1.89	18.9%	1.59	-4.2%	1.66
Liquidity Ratio / Acid Ratio	1.75	25.9%	1.39	-1.4%	1.41
Current Debt Ratio	1.95	-54.0%	4.24	21.1%	3.50
Long Term Stability
Gearing	27.18	-63.1%	73.71	36.0%	54.21
Equity In Percentage	0.26	85.7%	0.14	-12.5%	0.16

Total Debt Ratio

0.27

-63.5%

0.74

37.0%

0.54

Industry Comparison
Activity Code	46392
Activity Description	Non-specialised wholesale of non-deepfrozen foods, beverages, alcohol and tobacco
Industry Average Credit Limit (€)	43,949

Payment Expectations

Payment Expectations
Payment Expectation Days	47.27
Day Sales Outstanding	39.79

Industry Comparison
Activity Code	4639
Activity Description	Non-specialised wholesale of food, beverages and tobacco
Industry Average Day Sales Outstanding	75.21
Industry Average Payment Expectation Days	61.80

Industry Quartile Analysis
Payment Expectation Days
Payment Expectations - Lower	12.26
Payment Expectations - Median	40.02
Payment Expectations - Upper	73.41
Day Sales Outstanding
Day Sales Outstanding - Lower	17.37
Day Sales Outstanding - Median	37.42
Day Sales Outstanding - Upper	73.45

Shareholders

Holding Company
Company Name	ANNE-MARIE POLIQUIN
Business Number	13383129
Share Percentage
Annual Accounts Date	//
Holding Company
Company Name	MARS INCORPORATED
Business Number	13383030
Share Percentage	0
Annual Accounts Date	01/12/2008

Subsidiary
Company Name	ETHOLOGIA PLUS ASBL
Business Number	822129636
Share Percentage
Annual Accounts Date	//

Court Data

Protested Bills
Drawee Name	--
Drawee Address	--
Bill Amount
Bill Currency	--
Maturity of Bill (month)
Name of Drawer	--
City of Drawer	--

NSSO Details
Business Number
Name of Defendant	--
Legal Form of Defendant	--
Date of Summons
Labour Court	--

Bankruptcy Data

There is no bankruptcy data against this company.

Directors

Company Director
Full Name	ANNE-MARIE POLIQUIN
Position	Director
Address	12 RUE MIGNET 75016 PARIJS
Postal Code	0
Country	France

Company Director
Full Name	PIERRE LAUBIES
Position	Director
Address	62 KRAAKBEZIENLAAN UCCLE
Postal Code	1180
Country	--

Company Director
Full Name	MARIJKE MARS
Position	Director
Address	7 DENNEBOSLAAN UCCLE
Postal Code	1180
Country	--

Company Director
Full Name	CLAUS AAGAARD
Position	Director
Address	78 PIJNBOSLAAN UCCLE
Postal Code	1180
Country	Belgium

Company Director
Full Name	GILLIAN ENEVOLDSEN
Position	Director
Address	16 JAN VAN BOENDALELAAN TERVUREN
Postal Code	3080
Country	--

Company Director
Full Name	SANDRA MCQUILLAN
Position	Director
Address	6 BETWEEN DUBAI
Postal Code	0
Country	United Arab Emirates

Company Director
Full Name	ROBERT DAVID MACNAIR
Position	Director
Address	29 JONETLAAN RHODE-SAINT-GENESE
Postal Code	1640
Country	--

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.44.38
UK Pound	1	Rs.72.56
Euro	1	Rs.63.92

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

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.

Latest Branch Details
Street	--
House Number
City	--
Postal Code
Trade Registered Number

Contractor Details
Registration Number	--
Contractor Description	--
Striking Off Date	//

Latest Event
Serial Number	169404
Event Description	Appointment

company details
Business Number	417521454
Name	MARS BELGIUM NV
Fax Number	027214932
Establishment Date	12/09/1977
Company Status	ACTIVE
Company Type	Limited company
Activity Description	Non-specialised wholesale of non-deepfrozen foods, beverages, alcohol and tobacco
Activity Code	46392
Liable For Vat	yes
Currency	Euro (€)