MIRA INFORM REPORT

Report Date :

30.07.2011

IDENTIFICATION DETAILS

Name :	MEDIBEL
Registered Office :	Tuinwijkstraat 65 B.1, Zaventem, 1930
Country :	Belgium
Financials (as on) :	31.12.2009
Year of Establishment :	1966
Com. Reg. No.:	403181686
Legal Form :	Private Subsidiary
Line of Business :	Wholesale of alcoholic and other beverages

RATING & COMMENTS

MIRA’s Rating :

B

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Moderate
Payment Behaviour :	Unknown
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^st, 2011

Country Name	Previous Rating (31.12.2010)	Current Rating (31.03.2011)
Belgium	a1	a1

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

Company name & address

Medibel

Tuinwijkstraat 65 B.1

Zaventem, 1930

Belgium

Tel: 02 725 19 20

Fax: 02 725 48 07

Synthesis

Employees: 5

Company Type: Private Subsidiary

Corporate Family: 36 Companies

Ultimate Parent: NYSE Euronext

Incorporation Date: 1966

Financials in: USD (Millions)

Fiscal Year End: 31-Dec-2009

Reporting Currency: Euro

Annual Sales: 61.4 1

Total Assets: 23.6

Business Description

Wholesale of alcoholic and other beverages

Industry

Industry Beverages (Alcoholic)

ANZSIC 2006: 3606 - Liquor and Tobacco Product Wholesaling

NACE 2002: 5134 - Wholesale of alcoholic and other beverages

NAICS 2002: 4248 - Beer, Wine, and Distilled Alcoholic Beverage Merchant Wholesalers

UK SIC 2003: 5134 - Wholesale of alcoholic and other beverages

US SIC 1987: 518 - Beer, Wine, and Distilled Alcoholic Beverages

Key Executives

Name	Title
Rolf Fricker	Managing Director
Walter Degiacomi	Administrator
Jacques Trachsel	Administrator
Jean-Louis Marie Ghislain Servais	Representative/Auditor
Marie Rose Vandepoel	Decision-maker

Registered No.(VAT):

403181686

1 - Profit & Loss Item Exchange Rate: USD 1 = EUR 0.7190468
2 - Balance Sheet Item Exchange Rate: USD 1 = EUR 0.6969855

Corporate Overview

Location

Tuinwijkstraat 65 B.1

Zaventem, 1930

Belgium

Tel: 02 725 19 20

Fax: 02 725 48 07

Sales EUR(mil): 44.2

Assets EUR(mil): 16.5

Employees: 5

Fiscal Year End: 31-Dec-2009

Industry: Beverages (Alcoholic)

Incorporation Date: 1966

Company Type: Private Subsidiary

Quoted Status: Not Quoted

Registered No.(VAT): 403181686

Managing Director: Rolf Fricker

Contents

· Industry Codes

· Business Description

· Financial Data

Industry Codes

ANZSIC 2006 Codes:

37 - Other Goods Wholesaling

3606 - Liquor and Tobacco Product Wholesaling

3739 - Other Goods Wholesaling Not Elsewhere Classified

NACE 2002 Codes:

511 - Wholesale on a fee or contract basis

5134 - Wholesale of alcoholic and other beverages

5118 - Agents specialising in the sale of particular products or ranges of products not elsewhere classified

NAICS 2002 Codes:

4251 - Wholesale Electronic Markets and Agents and Brokers

425120 - Wholesale Trade Agents and Brokers

4248 - Beer, Wine, and Distilled Alcoholic Beverage Merchant Wholesalers

US SIC 1987:

518 - Beer, Wine, and Distilled Alcoholic Beverages

51 - Wholesale Trade-non-durable Goods

5099 - Durable Goods, Not Elsewhere Classified

UK SIC 2003:

511 - Wholesale on a fee or contract basis

5134 - Wholesale of alcoholic and other beverages

5118 - Agents specialising in the sale of particular products or ranges of products not elsewhere classified

Business Description

Wholesale of alcoholic and other beverages

Financial Data

Financials in:	EUR(mil)
Revenue:	44.2
Assets:	16.5
Current Assets:	16.3
Fixed Assets:	0.2
Total Liabilities:	16.5
Issued Capital:	2.0
Net Worth:	2.0
Date of Financial Data:	31-Dec-2009

1 Year Growth

32.4%

NA

Corporate Family	Corporate Structure News:
	· NYSE Euronext · Medibel
Total Corporate Family Members: 36 Excluded Small Branches and/or Trading Addresses: 8 (Available via export)

Company Name	Company Type	Location	Country	Industry	Sales (USD mil)	Employees
NYSE Euronext	Parent	New York, NY	United States	Investment Services	4,425.0	3,028

Merger with Deutsche Boerse AG proposed/announced.See corporate structure news on NYSE Euronext for details

NYSE Arca Inc	Subsidiary	Chicago, IL	United States	Investment Services	66.4	180
NYSE Euronext	Branch	New York, NY	United States	Investment Services	17.7	55
Corporate Board Member	Subsidiary	Brentwood, TN	United States	Printing and Publishing		52
NYSE Technologies	Subsidiary	New York, NY	United States	Miscellaneous Financial Services	57.8	40
Secfinex Ltd.	Subsidiary	London	United Kingdom	Miscellaneous Financial Services	1.3	20
NYSE Group Inc	Subsidiary	New York, NY	United States	Investment Services	2,376.0
New York Stock Exchange	Branch	New York, NY	United States	Investment Services	553.5	1,500
NYSE Arca Inc	Branch	San Francisco, CA	United States	Investment Services	43.4	400
Harco Technology Ltd.	Subsidiary	London	United Kingdom	Software and Programming	3.2
Euronext NV	Subsidiary	Amsterdam	Netherlands	Investment Services
Euronext Paris Sa	Subsidiary	Paris	France	Investment Services	240.2	374
Bluenext	Subsidiary	Paris	France	Investment Services	6,724.6
Société du Nouveau Marché	Subsidiary	Paris	France	Investment Services
Liffe (Holdings) Ltd.	Subsidiary	London	United Kingdom	Commercial Banks	519.7	255
Liffe Administration And Management	Subsidiary	London	United Kingdom	Miscellaneous Financial Services	510.4	255
Prime Source (Nyse Euronext) Ltd.	Subsidiary	London	United Kingdom	Computer Services	0.6	20
Liffe USA Ltd.	Subsidiary	London	United Kingdom	Business Services	1.0	6
Liffe Services Ltd.	Subsidiary	London	United Kingdom	Software and Programming	8.4
Liffe Development Ltd.	Subsidiary		United Kingdom	Miscellaneous Financial Services
Cscreen Ltd.	Subsidiary	London	United Kingdom	Miscellaneous Financial Services
Euronext Brussels	Subsidiary	Bruxelles	Belgium	Investment Services	37.5	38
Medibel	Subsidiary	Zaventem	Belgium	Beverages (Alcoholic)	61.4	5
Sodestrim	Subsidiary	Bruxelles	Belgium	Furniture and Fixtures	3.3	4
Euronext Lisbon — Sociedad Gestora de Mercados Regulamentados, S.A.	Subsidiary	Lisboa	Portugal	Investment Services	18.7	32
Interbolsa - Sociedade Gestora De Sistemas De Liquidação E De Sistemas Centralizados De Valo	Subsidiary	Porto	Portugal	Investment Services	25.2	40
Euronext Amsterdam N.V.	Subsidiary	Amsterdam, Noord-Holland	Netherlands	Investment Services
Nyse Euronext	Subsidiary

Executives Report

Executives

Name	Title	Function
Rolf Fricker	Managing Director	Managing Director
Walter Degiacomi	Administrator	Administration Executive
Jacques Trachsel	Administrator	Administration Executive
Jean-Louis Marie Ghislain Servais	Representative/Auditor	Accounting Executive
Marie Rose Vandepoel	Decision-maker	Other

Annual Profit & Loss

	31-Dec-2009	31-Dec-2008	31-Dec-2007
Period Length	52 Weeks	52 Weeks	52 Weeks
Filed Currency	EUR	EUR	EUR
Exchange Rate (Period Average)	0.719047	0.683679	0.730637
Consolidated	No	No	No
Turnover	61.4	48.8	42.6
Other Operating Income	0.0	0.0	0.0
Operating Income	61.4	48.8	42.7
Purchases	55.2	44.1	33.9
Increase or Decrease in Stocks	-0.4	0.9	5.7
Raw Materials, Consumables, and Goods for Release	54.8	45.0	39.7
Services and Sundry Goods	2.2	2.1	1.5
Remuneration, Social Security Charges, and Pensions	0.4	0.3	0.3
Depreciation of and Other Amounts Written Off of Formation Expense, Intangible and Tangible Fixed Assets	0.0	0.0	0.0
Increase or Decrease in Amounts Written Off Stocks, Orders, and Trade Debtors	0.5	0.0	0.0
Provisions for Liabilities and Charges	-0.1	0.0	-0.1
Other Operating Charges	0.0	0.1	0.1
Operating Charges	57.8	47.4	41.5
Income From Current Assets	0.0	0.1	0.1
Other Financial Income	2.3	1.9	0.9
Financial Income	2.4	2.1	1.0
Interest and Other Debt Charges	0.2	0.3	0.4
Other Financial Charges	2.2	2.3	1.4
Financial Charges	2.4	2.5	1.9
Other Extraordinary Income	0.0	0.0	0.0
Extraordinary Income	0.0	0.0	0.0
Income Taxes	1.2	0.2	0.0
Adjustment of Income Taxes and Write-Back of Tax Provisions	0.0	0.0	0.0
Income Taxes	1.2	0.2	0.0
To the Legal Reserve	-	0.0	0.0
Transfers to Capital and Reserves	-	0.0	0.0
Employees	5	5	4

Annual Balance Sheet

Financials in: USD (mil)

	31-Dec-2009	31-Dec-2008	31-Dec-2007
Filed Currency	EUR	EUR	EUR
Exchange Rate	0.696986	0.719399	0.683971
Consolidated	No	No	No
Intangible Assets	0.0	0.0	0.1
Furniture and Vehicles	0.0	0.0	0.0
Tangible Assets	0.0	0.0	0.0
Participating Interests	0.1	0.1	0.1
Affiliated Enterprises	0.1	0.1	0.1
Amounts Receivable and Cash Guarantees	0.1	0.1	0.1
Other Capital Assets	0.1	0.1	0.1
Capital Assets	0.2	0.2	0.2
Fixed Assets	0.2	0.2	0.2
Goods Purchased for Resale	7.5	6.9	8.2
Stocks	7.5	6.9	8.2
Inventory and Orders in Progress	7.5	6.9	8.2
Trade Debtors	8.2	7.6	6.8
Other Amounts Receivable	1.3	1.0	0.9
Amounts Receivable Within One Year	9.5	8.6	7.7
Other Investments and Deposits	-	-	3.5
Investments	-	-	3.5
Liquid Assets	6.4	6.4	0.2
Adjustment Accounts	0.0	0.0	0.0
Current Assets	23.4	21.9	19.6
Total Assets	23.6	22.1	19.8
Issued Capital	2.9	2.8	2.9
Capital	2.9	2.8	2.9
Legal Reserve	0.3	0.3	0.3
Untaxed Reserves	0.0	0.0	0.0
Reserves Available for Distribution	0.0	0.0	0.0
Reserves	0.3	0.3	0.3
Other Liabilities and Charges	-	0.1	0.0
Provisions for Liabilities and Charges	-	0.1	0.0
Provisions and Deferred Taxes	-	0.1	0.0
Capital and Reserves	10.2	7.4	7.1
Suppliers	6.2	4.7	4.0
Trade Debts	6.2	4.7	4.0
Taxes	0.8	0.2	0.1
Remuneration and Social Security	0.0	0.0	0.0
Taxes, Wages, and Social Security	0.8	0.2	0.1
Other Amounts Payable	6.2	9.3	8.6
Amounts Payable Within One Year	13.2	14.2	12.7
Adjustment Accounts	0.2	0.4	0.0
Creditors	13.4	14.6	12.7
Total Liabilities + Shareholders' Equity	23.6	22.1	19.8

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.44.16
UK Pound	1	Rs.72.10
Euro	1	Rs.63.10

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.