MIRA INFORM REPORT

Report Date :

23.02.2012

IDENTIFICATION DETAILS

Name :	UNILEVER DE MEXICO S. DE R.L. DE C.V.
Registered Office :	Paseo de los Tamarindos No. 150, Arcos Norte D, Col. Bosque de las Lomas, Delg. Cuajimalpa 05120 México D.F. Distrito Federal
Country :	Mexico
Date of Incorporation :	15.11.1965
Legal Form :	Limited Liability Partnership of Variable Capital
Line of Business :	Manufacture and supply of products for human consumption, such as food products, personal care items and household cleaning.
No. of Employees :	4,500

RATING & COMMENTS

MIRA’s Rating :

Ba

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	US$1,000,000
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 – September 30, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
Mexico	A2	A2

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

IDENTIFICATION

CORRECT COMPANY NAME

UNILEVER DE MEXICO S. DE R.L. DE C.V.

TRADE NAME

UNILEVER

TAXPAYER REGISTRATION

RFC UME-651115-N48

MAIN ADDRESS

Paseo de los Tamarindos No. 150, Arcos Norte D, Col. Bosque de las Lomas, Delg. Cuajimalpa

POSTAL CODE

05120

PROVINCE / DEPARTAMENT

México D.F.

STATE / REGION

Distrito Federal

COUNTRY

MEXICO

TELEPHONE

(5255) 11054000/55990400

E-MAIL

marco.cuevas@unilever.com

WEB

www.unilever.com.mx

COMMENTS

Toll free number: 01 800 9901 700

SUMMARY
Date of foundation	1965
Capital stock	No specified
permanent employees	4,500
Disposition	Moderate.- Only some data and some figures.
Payments policy	Usually to terms/good
Credit (**)	Risk is Moderate. Within Average. Satisfactory.

CREDIT OPINION
Requested credit	CREDIT LIMIT
Suggested credit (*)	US$1,000,000.=
(*) After analyzing different factors and other opinions.

LEGAL BACKGROUNDS
LEGAL STATUS	Limited Liability Partnership of Variable Capital
DATE OF INCORPORATION	15NOV1965
PLACE OF REGISTRY	Mexico FD
DURATION	99 years
CURRENT PAID-IN CAPITAL	No specified
CLASS OF SHARES	Participations
LISTED AT STOCK EXCHANGE	No
CURRENT EXCHANGE RATE (US$)	Ps$12.82 per USD 1.00
COMMENTS	The amount of the capital stock was not specified neither more details regarding the incorporation of this company per confidential policies.

DIRECTORS - EXECUTIVES – SHAREHOLDERS

FULL NAMES / COMPANY NAME	TITLE	%PART.	SINCE
PRADO, FABIO	President
SERBULO, FABIO	Vice President of Finance
HURTADO, JUAN JOSE	Vice President Human Reso
UNILEVER PLC	Parent Co.	50%
UNILEVER N.V.	Parent Co.	50%

WHO IS WHO?
PRADO, FABIO
NATIONALITY	Brazilian
SERBULO, FABIO
NATIONALITY	Brazilian
HURTADO, JUAN JOSE
NATIONALITY	Peruvian
UNILEVER PLC
BUSINESS BACKGROUND English company; Its corporate offices are located in: Unilever House 100 Victoria Embakment London EC4Y ODY United Kingdom, Tel: +44 (0) 20 7822 5252, Fax: +44 (0) 20 7822 5951.
UNILEVER N.V.
BUSINESS BACKGROUND Dutch company; Its corporate offices are located in Weena 455, PO Box 760, 3000 DK Rotterdam, The Netherlands, Tel: +31 (0) 10 217 4000, Fax: +31 (0) 10 217 4798.

BUSINESS HISTORY

-Unilever de México S. de R.L. de C.V., started operations in Mexico in the sixties when it acquired several companies. 
-Since then it has increased its participation in various strategic markets for its strengthening. 
-Today, Unilever de Mexico S. de R.L. de C.V. is a major supplier of products for human consumption in the country. 
 
Related Companies: 
The Subject is a subsidiary of "Unilever NV" Dutch company andof "Unilever PLC" British company, which form "Unilever Group and / or Unilever" Anglo-Dutch multinational corporation created in 1930 as a result of the merger of Margarine Unie, Dutch Company of margarine, and Lever Brothers, British manufacturer of soaps such as Dove. 
The major competitors of "Unilever Group and / or Unilever" are Procter & Gamble, Nestle, Kraft Foods, Mars, Johnson & Johnson, AZUL K S.A., Reckitt Benckiser and Henkel. 
The Subject in Mexico is related directly with the following entities: 
-Foundation Unilever (Unilever internal organization in Mexico and which purpose is to support and approve the activities which the various divisions of Unilever of Mexico make for the benefit of the Mexican community). 
-Corporativo Unilever S.A. de C.V. 
-Servicios Profesionales Unilever S. de R.L. de C.V. (RFC: SPU-031008-EG2).

RELATED COMPANIES TO SUBJECT COMPANY OR TO MAJORITY SHAREHOLDER

COMPANY NAME	COUNTRY	TAX REG.	RELATION %
CORPORATIVO UNILEVER S.A. DE C.V.	MEXICO		Related
FUNDACION UNILEVER	MEXICO		Related
LEVER S.A.	URUGUAY	21-000215001-8	Related
SERVICIOS PROFESIONALES UNILEVER S. DE R.L. DE C.V.	MEXICO	SPU031008RG2	Subsidiary
UNILEVER ANDINA VENEZUELA S.A.	VENEZUELA	J-00056486-8	Related
UNILEVER BUSINESS MEXICO S. DE R.L. DE C.V.	MEXICO		Related
UNILEVER CHILE S.A.	CHILE	92.091.000-9	Related
UNILEVER DEL URUGUAY S.R.L.	URUGUAY	21-340111001-1	Related
UNILEVER HOLDINGS MEXICO S. DE R.L. DE C.V.	MEXICO		Related
UNILEVER MEXICANA S. DE R.L. DE C.V.	MEXICO	UME0310088Y5	Related
UNILEVER N.V.	NETHERLANDS	24051830	Parent Co.
UNILEVER PLC	UNITED KINGDOM	NL004966466B77	Parent Co.

BUSINESS

Main activity

Company is engaged principally in the manufacture and supply of products for human consumption, such as food products, personal care items and household cleaning. 
 
Brands : Some of the most recognized brands of Unilever in the Mexican market are: Axe, Rexona, Dove, Sedal, Pond's, Knorr, AdeS, Hellmann's, Lipton, Primavera, Helados Holanda, TRESemmé, Folicuré, St. Ives, y Alberto VO5, , among others.

Import

Yes

Country

From filials located in the United States, India, France, England, etc.., by direct credit of 30 days.

Export

Yes

COUNTRY

Filials in South America and Central America, by direct credit.

% CASH SALES / METHOD

30%

% Credit SALES / Terms

70% (7, 15,30 days)

% Ventas exterior (Paises)

25%

% DOMESTIC PURCHASES

50%

% FOREIGN PURCHASES

50%

SELLING TerritorY

75% Mexican market

EMPLOYEES

4,500

LOCATION
TIME OCCUPIED	Since Nov.06
OTHER PREMISES	The main address belongs to the corporate offices / tax domicile. OTHER LOCATION: The company has three production plants which are located at: -Av. Tepalcapa No. 2, Col. Rancho Santo Domingo, C.P. 54,900, Tultitlan, Estado de México, Tel: (55) 50783000 (Food and Ice Cream Production Plant, as reference these facilities are located in an industrial area of municipality .) -Calle 21 Este No. 1, Col. Civac, C.P. 62,500, Jiutepec, Morelos, Tel: (777) 3291000 (Production Plant of Personal Care Products). -Km. 52.5 Carretera México-Toluca, sobre el Corredor a Atenco, Lerma, Estado de México, Tel: (728) 2828600 / 2850880 (Plant Knorr Switzerland). The company also has 19 distribution centers throughout the Mexican Republic.

Comments

Sales are oriented to self-service stores, convenience stores and wholesalers in general.
 
Subject's 2,500 workers are registered in the payroll of the related company SERVICIOS PROFESIONALES UNILEVER S. DE R.L. DE C.V. (Mexico).
 
There are approximately 160 million of consumers who choose some product of Unilever. Its business areas are concentrated in foods and personal care products and home items.

FINANCIAL INFORMATION

Interviewee(s)

Marco Cuevas Portillo

Position(s)

(Accounting Supervisor)

Disposition

Moderate.- Only some data and some figures.

Information provided

After many efforts we interviewed the C.P.A. Marco Cuevas Portillo (Accounting Supervisor) who assisted us by providing general information regarding the company contained in the report.
 
As reference we are providing the figures from the Consolidated Balance Sheet of UNILEVER Group closed on December 31st., 2009, expressed in Euros, only financial information found available during our research.

Comments

 
CONSOLIDATED BALANCE SHEET OF "UNILEVER GROUP" AT DECEMBER 31, 2009 
 
IN EUROS
 
ASSETS
------
CURRENT ASSETS 10,811,000,000.=
FIXED ASSETS  17,047,000,000.=
DEFERRED ASSETS 9,158,000,000.=
 ----------------
TOTAL ASSETS 37,016,000,000.=
 ================ 
 
LIABILITIES
------------
CURRENT LIABILITIES  11,599,000,000.=
LONG-TERM LIABILITIE 12,881,000,000.=
SHAREHOLDERS' EQUITY 12,536,000,000.=
 ----------------
TOTAL LIABILITIES&EQUITY 37,016,000,000.=
 ================
 
SALES REVENUES  39,823,000,000.=
PROFIT 3,659,000,000.=
 
 
 

SALES

US$ 0.00 ()

FINANCIAL SITUATION

UNDETERMINED
Financial situation of this company is considered to be indeterminate as no independent financial figures were found to analyze Subject real results.
 
Mexico is one of the main world markets for Unilever. Between 2000 and 2004 grew in almost 100%.
 
With 40 years of presence in Mexico, because the Company started operations in mexican territory , in the 60's, Unilever obtained sales in the country of 1,300 millions dollars in 2004. At current date, company has workforce of 5,000 employees in the country, three manufacturing facilities, 19 distribution centers and eight sales divisions.
 
The company possesses over 500 brands and gives employment to more than 247,000 people. It is present in 150 markets and has direct operations in 88 countries, where Latin America represents a 10.4% of the sales.
 
Sales of Unilever in Mexico in year 2006 surpassed the 1,300 million dollars , and according to sales performance reached in this country is considered among the ten most important for the corporation, because it has an annual growth above 10%.

Property of company comments

-Furniture and office equipment 
-Computer equipment 
-Transportation Equipment 
-Machinery and equipment 
-Tools 
-Etc.

INSURANCE

COMPANY	AGAINST	EXPIRATION	AMOUNT
Axa Seguros S.A. de C.V.

PAYMENTS RECORD: TRADE REFERENCES

(Confidential Information)

Supplier: IBCON S.A.	Tel.: 5255 52554577	Country: MEXICO
Goods/Services? : Directories
Highest credit? : Ps$ 5,000.= Annual
Client since? : 2000	Terms? : Cash	Performance? : No experience
Supplier: PRODUCTOS INDUSTRIALES DE LEON S.A. DE C.V.	Tel.: 5247 77781104	Country: MEXICO
Goods/Services? : Jellies
Client since? : 2000	Terms? : Cheque 30 days	Performance? : Prompt
Comments : Subject was client until April 2004.
Supplier: SS ENVIROMENTAL CONSULTING S.A. DE C.V.	Tel.: 5272 23190160	Country: MEXICO
Goods/Services? : Environmental audit service
Client since? : 03 years	Terms? : Cheque 60 days	Performance? : Prompt
Supplier: GRUPO CICADEHP S.A.	Tel.: 5255 56728925	Country: MEXICO
Goods/Services? : Advisory assistance
Client since? : 1995	Terms? : Cheque 45 days	Performance? : Prompt
Supplier: TETRA PAK S.A. DE C.V	Tel.: (55) 21228700.	Country: MEXICO
Goods/Services? : Packaging Process Systems, Pasteurization
Highest credit? : No specified
Client since? : Sev.Yrs.	Terms? : 30 days	Performance? : Prompt
Comments : Monthly Ave. Purchase: varying amounts / Good customer.

Note : Other suppliers did not provide information or could not be consulted

Supplier	Country	Comment
SLIM-FAST FOOD	U.S.A.
HINDUSTAN LEVER	INDIA
RESGUARDO Y ESTRATEGIA ESPECIALIZADA S.A. D CV	MEXICO
FINDUS	FRANCE
BESTFOODS	U.S.A.
BEN & JERRY'S HOMEMADE	U.S.A.
ANALISIS AMBIENTALES S.A. DE C.V.	MEXICO
SERVICIOS PROFESIONALES UNILEVER S. DE R.L. DE	MEXICO	Monthly Ave. Purchase: varying amounts / Good customer.

BANKING INFORMATION

Bank

NACIONAL DE MEXICO S.A.

CITIBANK

The subject is a customer of those banks, which when consulted told us that in compliance with current legal regulations, can not provide data on their customer movements out of respect to banking secrecy.

GENERAL INFORMATION

REPUTATION

NOTHING AGAINST COMPANY

CREDIT OPINION
Comnsulted Credit Amount :	CREDIT LIMIT
Suggested Credit :	US$1,000,000.=
NOTE : The opinion given is confidential, referential and with out liability.
PRESS RELEASES
Unilever Launches its new plant of aerosols in Mexico. . The plant will operate in strict adherence to standards of sustainability and corporate social responsibility . President Felipe Calderon accompanied by Unilever CEO Paul Polman opened this new facility in Morelos. With an investment of 60 million euros, the plant will produce annually 240 million of aerosol deodorants of brands Axe , Rexona and Dove . Also, aerosols produced in this plant will be exported to the United States, Canada, Central America and Colombia, from 2012. Polman reaffirmed confidence in this country, stating that "Unilever has a long history in Mexico and therefore have a deep commitment to their future. Mexico is not only one of the most important markets for Unilever, but is home to 5 of our plants and home to more than 4,300 of our employees. " -The company is associated with the "American Chamber of Commerce of Mexico AC - AmCham. "

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.49.24
UK Pound	1	Rs.76.75
Euro	1	Rs.65.16

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.