MIRA INFORM REPORT

Report Date :

03.07.2012

IDENTIFICATION DETAILS

Name :	MARS BELGIUM NV
Registered Office :	Kleine Kloosterstraat 8 Zaventem, Post Code 1932
Country :	Belgium
Financials (as on) :	31.12.2010
Date of Incorporation :	12.09.1977
Com. Reg. No.:	417521454
Legal Form :	Public Limited Liability Company (BE)
Line of Business :	Non-specialised wholesale of non-deepfrozen foods, beverages, alcohol and tobacco
No. of Employees :	299 Employees

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

Status :	Good
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 – March 31^st, 2012

Country Name	Previous Rating (31.12.2011)	Current Rating (31.03.2012)
Belgium	A1	A1

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

REGISTERED NAME & COMPANY SUMMARY

Business number	417521454	Company name	MARS BELGIUM NV
		Telephone number	014251811
Address	KLEINE KLOOSTERSTRAAT 8 ZAVENTEM	Fax number	014251802
Post code	1932	Number of staff	299
Date of establishment	12/09/1977
Business number	417521454	Company name	MARS BELGIUM NV
Fax number	014251802	Date founded	12/09/1977
Company status	active	Company type	Public Limited Liability Company (BE)
Currency	Euro (€)	Date of latest accounts	31/12/2010
Activity code	46392	liable for VAT	yes
Activity description	Non-specialised wholesale of non-deepfrozen foods, beverages, alcohol and tobacco	VAT Number	BE.0417.521.454
Belgian Bullettin of Acts Publications	moniteur belge

DIRECTORS/MANAGEMENT

Current director details

Name	PRICEWATERHOUSECOOPERS REVISEURS D'ENTREPRISES CVBA
Position	Commissioner
Date of birth	01/01/1985
Street	18 WOLUWEDAL ZAVENTEM
Post code	1932
Country	Belgium

Name	MARIJKE MARS
Position	Director
Street	7 DENNENBOSLAAN BRUSSEL
Post code	1180
Country	Belgium

Name	GILLIAN ENEVOLDSEN
Position	Director
Street	16 JAN VAN BOENDALELAAN TERVUREN
Post code	3080
Country	Belgium

Name	ROBERT DAVID MACNAIR
Position	Director
Street	29 JONETLAAN SINT-GENESIUS-RODE
Post code	1640
Country	Belgium

Name	ANNE-MARIE POLIQUIN
Position	Director
Street
Post code
Country	France

Name	CLAUS AAGAARD
Position	Director
Street
Post code
Country	United Kingdom

Name	LUCIO PIERONI
Position	Director
Street
Post code
Country

Name	SANDRA MACQUILLAN
Position	Director
Street
Post code
Country

Name	PHILIP HENRY DEFRAHAN
Position	Director
Street
Post code
Country

Name	NIGYAR MAKHMUDOVA
Position	Director
Street
Post code
Country

Former director details

Name	PIERRE LAUBIÈS
Position	Director
Street	62 KRAAKBEZIENLAAN BRUSSEL
Post code	1180
Country	Belgium

Name	KNUT HETZER
Position	Director
Street	HERGEMBERG
Post code	8901
Country	Germany

NEGATIVE INFORMATION

Court data summary

Bankruptcy details
Court action type	no
Protested bills
Bill amount	-
NSSO details
Date of summons	-

Contractor details

Registered contractor number	-
Contractor description	-
Date struck off register

Personnel limit NSSO

Code	-
Description	FROM 200 TO 499 EMPLOYEES

Joint Industrial Committee (JIC)

Protested bills

Drawee name	-
Address	-
Bill amount	-
Bill currency	-
Maturity of bill	-
Name of drawer	-
City of drawer	-

NSSO details

Business number	417521454
Name of defendant	-
Legal form of defendant	-
Date of summons	-
Labour court	-

Bankruptcy details

There is no bankruptcy data against this company

court data

there is no data for this company

SHARE & SHARE CAPITAL INFORMATION

Minority Shareholders

No minority shareholders found

Minority Interests

No minority interests found

PAYMENT INFORMATION

Payment expectations

Past payments		Payment expectation days	46.21
Industry average payment expectation days	67.16	Industry average day sales outstanding	69.92
Day sales outstanding	36.29

Suspension of payments / moratorium history

Amount	-
Details	-

Payment expectations

Payment expectation days	46.21
Day sales outstanding	36.29

GROUP STRUCTURE & AFFILIATED COMPANIES

Summary

Group - Number of Companies	0
Linkages - Number of Companies	0
Number of Countries	0

Group Structure

No group structure for this company.

FINANCIAL INFORMATION

Accounts & ratios

Date of latest accounts	Turnover	Profit Before Tax	Net worth
31/12/2010	279,659,351	28,024,964	62,036,054
31/12/2009	289,985,745	36,910,654	43,436,732
31/12/2008	288,681,925	20,746,832	19,254,598

Accounts & ratios

Date of latest accounts	Balance Total	Investments	Capital	Cash Flow	Number of Employees
31/12/2010	185,726,314	59,144	3,702,000	2,585,685	299
31/12/2009	168,331,805	26,665	3,702,000	1,575,763	299
31/12/2008	137,509,111	23,991	3,702,000	458,568	299

Trends

Profitability
Liquidity
Net worth

Profit & loss

Annual accounts	31-12-2010	%	31-12-2009	%	31-12-2008	Industry average 2010	%
Weeks	52		52		52
Currency	EUR		EUR		EUR
Turnover	279,659,351	-3.56	289,985,745	0.45	288,681,925	12,773,769	2089
Total operating expenses	252,735,885	-1.58	256,782,826	-5.19	270,847,060	12,222,692	1967
Operating result	26,923,466	-18.91	33,202,919	86.17	17,834,865	154,660	17308
Total financial income	2,594,641	-30.94	3,756,881	28.38	2,926,469	54,353	4673
Total financial expenses	1,493,143	2938	49,146	238	14,502	23,651	6213
Results on ordinary operations before taxation	28,024,964	-24.07	36,910,654	77.91	20,746,832	174,667	15944
Taxation	9,422,602	-25.93	12,722,003	65.46	7,688,665	69,324	13492
Results on ordinary operations after taxation	18,602,362	-23.09	24,188,651	85.24	13,058,167	132,844	13903
Extraordinary items	0	-	0	-100	1,114,573	4,991	-100
Other appropriations	6616	-4.38	6919	0	6919	0	-
Net result	18,608,978	-23.09	24,195,570	70.64	14,179,659	137,957	13388
other information
Dividends	-	-	-	-	13,257,526	116,759	-
Director remuneration	-	-	-	-	-	111,128	-
Employee costs	30,446,691	-2.14	31,113,991	-12.31	35,480,947	649,702	4586
Wages and salary	20,772,538	-1.14	21,011,183	-17.38	25,430,632	484,314	4189
Employee pension costs	-	-	-	-	-	74,801	-
Social security contributions	6,733,484	-4.91	7,081,262	3.98	6,810,298	163,374	4021
Other employee costs	2,940,669	-2.68	3,021,546	-6.74	3,240,017	22,231	13127
Amortization and depreciation	2,249,775	4.85	2,145,635	-13.39	2,477,233	86,531	2499

balance sheet

Annual accounts	31-12-2010	%	31-12-2009	%	31-12-2008	Industry average 2010	%
Weeks	52		52		52
Currency	EUR		EUR		EUR
Intangible fixed assets	0	-	0	-	0	17,019	-100
Tangible fixed assets	8,705,535	-0.46	8,745,562	7.75	8,116,320	555,973	1465
Land & building	1,942,913	-3.15	2,006,026	-0.55	2,017,125	810,534	139
Plant & machinery	5,631,314	2.37	5,500,709	-0.30	5,517,327	110,594	4991
Other tangible assets	1,131,308	-8.68	1,238,827	112	581,868	93,480	1110
Financial fixed assets	59,144	121	26,665	11.15	23,991	337,741	-82.49
Total fixed assets	8,764,679	-0.09	8,772,227	7.76	8,140,311	778,198	1026
Inventories	11,779,611	0.19	11,756,871	-27.36	16,185,084	407,174	2793
Raw materials & consumables	1,944,440	-15.75	2,307,989	-52.63	4,871,969	1,158,419	67.85
Work in progress	939,389	1.87	922,151	11.63	826,103	2,457	38133
Finished goods	8,895,782	4.33	8,526,731	-18.69	10,487,012	148,510	5890
Other stocks	0	-	0	-	0	103,044	-100
Trade debtors	27,808,293	-12.04	31,616,370	-36.47	49,768,626	529,789	5148
Cash	2,585,685	64.09	1,575,763	243	458,568	236,088	995
other amounts receivable	131,766,978	29.96	101,388,936	80.31	56,230,868	555,979	23599
Miscellaneous current assets	3,021,068	-77.15	13,221,638	96.59	6,725,654	72,381	4073
Total current assets	176,961,635	10.91	159,559,578	23.34	129,368,800	1,652,242	10610
current liabilities
Trade creditors	31,993,828	-3.80	33,257,396	5.12	31,638,657	639,848	4900
Short term group loans	-	-	-	-	-	0	-
Other short term loans	0	-	0	-	0	89,625	-100
Miscellaneous current liabilities	91,696,432	0.07	91,632,706	5.81	86,603,966	23397	- -
Total current liabilities	123,690,260	-0.96	124,890,102	5.62	118,242,623	1,071,746	11441
Long term debts
Long term group loans	-	-	-	-	-	-	- -
Other long term loans	-	-	-	-	-	-	- -
Other long term liabilities	0	-100	4,971	-58.19	11,890	28,469	-100
Total long term debts	0	-100	4,971	-58.19	11,890	239,645	-100
shareholders equity
Issued share capital	3,702,000	0	3,702,000	0	3,702,000	591,444	525
Share premium account	-	-	-	-	-	137,101	-
Reserves	58,334,054	46.81	39,734,732	155	15,552,598	421,019	13755
Revaluation reserve	-	-	-	-	-	477,195	-
Total shareholders equity	62,036,054	42.82	43,436,732	125	19,254,598	1,030,845	5917
Working capital	53,271,375	53.65	34,669,476	211	11,126,177	580,497	9076
Net worth	62,036,054	42.82	43,436,732	125	19,254,598	1,013,826	6019

ratio analysis

Annual accounts	31-12-2010	change(%)	31-12-2009	change(%)	31-12-2008	Industry average 2010	%
Trading performance
Profit Before Tax	10.02	-21.29	12.73	77.05	7.19	-437,00	2.29
Return on capital employed	45.18	-46.83	84.97	-21.09	107.68	2,00	2159
Return on total assets employed	15.09	-31.19	21.93	45.33	15.09	-17.486,00	0.09
Return on net assets employed	45.18	-46.83	84.98	-21.13	107.75	12,00	276
Sales / net working capital	5.25	-37.20	8.36	-67.78	25.95	16,00	-99
Stock turnover ratio	4.21	3.95	4.05	-27.81	5.61	49,00	-91.41
Debtor days	36.29	-8.80	39.79	-36.77	62.93	111,00	-67.31
Creditor days	46.21	-2.24	47.27	10.86	42.64	107,00	-56.81
short term stability
Current ratio	1.43	11.72	1.28	17.43	1.09	10,00	43.00
Liquidity ratio / acid ratio	1.34	13.56	1.18	22.92	0.96	9,00	-85.11
Current debt ratio	1.99	-30.90	2.88	-53.09	6.14	1,00	99.00
Liquidity ratio reprocessed	-	-	-	-	-	-	-
long term stability
Gearing	-	-	-	-	-	89,00	-
Equity in percentage	33.40	29.46	25.80	84.29	14	-1.740.345,00	0.00
Total debt ratio	1.99	-30.90	2.88	-53.09	6.14	2,00	-0.50

FOREIGN EXCHANGE RATES

Na

ADDITIONAL INFORMATION

Significant Events

Event Date	11/05/2009
Event Description	re-appointment of director(s)
Event Details	Commentaar 11-05-2009: Herbenoeming bestuurders tot de volgende algemene vergadering van 2014: Mars Marijke en Poliquin Anne-Marie.

Event Date	13/05/2008
Event Description	re-appointment of director(s)
Event Details	Commentaar 13-05-2008: Pierre Laubiès wordt herbenoemd als bestuurder tot na de algemene vergadering van 2013.

Event Date	08/05/2006
Event Description	re-appointment of director(s)
Event Details	Commentaar 08-05-2006: Herbenoeming bestuurders tot na de gewone algemene vergadering van het boekjaar afgesloten op 31/12/2008: Anne-Marie Poliquin en Marijke Mars.

Event Date	25/04/2007
Event Description	proposal of change of name filed
Event Details	Commentaar 25-04-2007: Met ingang vanaf 14/05/2007 wordt de naam van de vennootschap gewijzigd in Mars Belgium

Limit History

no limit history data found

Industry comparison

Activity code	46392
Activity description	Non-specialised wholesale of non-deepfrozen foods, beverages, alcohol and tobacco
Industry average payment expectation days	67.16
Industry average day sales outstanding	69.92

Industry quartile analysis

Payment expectations
Company result	46.21
Lower	71.55
Median	43.98
Upper	17.43
Day sales outstanding
Company result	36.29
Lower	71.47
Median	41.63
Upper	14.90

NOTES & COMMENTS

Na

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.55.83
UK Pound	1	Rs.87.41
Euro	1	Rs.70.43

INFORMATION DETAILS

Report Prepared by :

MNL

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.