MIRA INFORM REPORT

Report Date :

09.05.2012

IDENTIFICATION DETAILS

Name :	WRIGLEY INDIA PRIVATE LIMITED
Registered Office :	206, Okhla Industrial Estate Phase – III. New Delhi – 110020.
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	05.10.1993
Com. Reg. No.:	55 - 132563
Capital Investment / Paid-up Capital :	Rs. 988.186 Millions
CIN No.: [Company Identification No.]	U15434DL1993PTC132563
TAN No.: [Tax Deduction & Collection Account No.]	DELW01628E
PAN No.: [Permanent Account No.]	AAACW1789P
Line of Business :	Manufacturer and sale of confectionery products, i.e. chewing gums, lollipops and toffees.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (30)

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

Maximum Credit Limit :	USD 2700000
Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established company having moderate track. Profitability of the company appears to be under pressure. There appears some accumulated losses recorded by the company. However trade relations are reported as fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings with some cautions.

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)
India	A1	A1

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

LOCATIONS

Registered Office :	206, Okhla Industrial Estate Phase – III. New Delhi – 110020. India.
Tel. No.:	91-11-26933509-11/30831900-1901
Fax No.:	91-11-26839485/26933508
E-Mail :	wrigleyindia@wrigley.com
Website :	http://www.wringley.com

DIRECTORS

As on 16.09.2011

Name :

Mr. Govinda Rao Ranganath

Designation :

Director

Address :

B-43, 1^st Floor, Sector – 40, Noida - 201303, Uttar Pradesh, India

Date of Birth/Age :

21.11.1962

Date of Appointment :

23.07.2004

DIN No.:

01073777

Name :

Mr. Gautam Sharma

Designation :

Director

Address :

H-401, Central Park, Gurgaon – 122002, Haryana, India

Date of Birth/Age :

27.11.1966

Qualification :

Post Graduate Diploma In Management

Experience :

21 Years

Date of Appointment :

29.09.2008

DIN No.:

02348562

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U15434DL1993PTC132563	WRIGLEY INDIA PRIVATE LIMITED	Managing director	4/12/2008	29/09/2008	-	Active	NO

Name :

Mr. Ellen O Donnell Kollar

Designation :

Director

Address :

1222, Ballantraee Lane, Mclean - 22101, United States of America

Date of Birth/Age :

22.01.1967

Date of Appointment :

11.02.2009

DIN No.:

02505302

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U15434DL1993PTC132563	WRIGLEY INDIA PRIVATE LIMITED	Director	30/09/2009	11/02/2009	-	Active	NO

Name :

Mr. Anthony Geedeller Raymond

Designation :

Director

Address :

61, Flint Drive, Lake Barrington – 60010. IL, United States of America

Date of Birth/Age :

16.07.1967

Date of Appointment :

11.05.2009

DIN No.:

02629597

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U15434DL1993PTC132563	WRIGLEY INDIA PRIVATE LIMITED	Director	30/09/2009	11/05/2009	-	Active	NO

Name :

Mr. Luis Francisco Machado

Designation :

Additional Director

Address :

1141. South Green Bay Road, Lake Forest Illinois – 60045, USA

Date of Birth/Age :

03.12.1962

Date of Appointment :

22.01.2007

DIN No.:

01375630

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U15434DL1993PTC132563	WRIGLEY India Private Limited	Director	27/11/2007	22/01/2007	1/04/2009	Active	NO

KEY EXECUTIVES

Name :	Mr. Nitin Selot
Designation :	Secretary
Address :	# 2265, B – 2, Vasant Kunj, New Delhi – 110070, India
Date of Birth/Age :	11.09.1968
Qualification :	B.Com MBA, ACS, ICWA
Experience :	21 Years
Date of Appointment :	25.12.2009

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 16.09.2011

Names of Shareholders	No. of Shares
WM. Wrigley Jr. Company, USA	9881855
Wrigley Enterprises Inc, USA	1
Wrigley International Holding Company, USA	1
Total	9881857

Equity Share Break up (Percentage of Total Equity)

As on 16.09.2011

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and sale of confectionery products, i.e. chewing gums, lollipops and toffees.
Products :	ITC Code No	Product Decreiption
	17041000	Chewing gum, whether or nor sugar coated
	17049020	Boiled sweets, whether or not filled
	17049030	Toffees, caramels and similar sweets

PRODUCTION STATUS

As on 31.03.2011

Particulars	Unit	Installed capacity	Actual Production
Bubble gums, Chewing gums, Lollipops and Toffees	MT	40297	19341

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

Not Available

(Rs. in Millions)

Facilities :

Unsecured Loan	As on 31.03.2011	As on 31.03.2010
Foreign currency loans others unsecured	723.360	594.230
Total	723.360	594.230

Banking Relations :	--
Auditors :
Name :	Price Waterhouse and Company Chartered Accountants
Address :	Building 8, 7^th and 8^th floor, Tower B, DLF Cyber City. Gurgaon – 122002. Haryana, India.
PAN.:	AAAFP8828M
Ultimate holding company :	Mars Incorporated, USA (with effect from 06.10.2008)
Holding Company :	Wm Wrigley Jr. Company, USA
Fellow Subsidiary:	· North Western Flavors LLC, Chicago · Wrigley GmbH, Germany · Wrigley Co. SLU Barcelona · Cafosa Gum S.A · Wrigley Company East Africa, Kenya · Wrigley Middle East FZCO, Dubai · Wrigley Israel Ltd · OOO Wrigley, Moscow · Wrigley Company Limited, Plymouth · Wrigley France S.N.C, Biesheim · Wrigley Confectionery China Limited · Wrigley Poland Spolka Zoo · Wrigley Puerto Rico Inc · Wrigley Georgia Ltd-Georgia · The Wrigley Co South Africa · Chicago Chain LLC · Mars Information Services UK · Mars International India Private Limited

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
16956166	Equity Shares	Rs.100/- each	Rs. 1695.617 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
9881857	Equity Shares	Rs.100/- each	Rs. 988.186 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		988.186	942.212	1488.914
2] Share Application Money		0.000	0.000	102.040
3] Reserves & Surplus		183.896	0.000	321.915
4] (Accumulated Losses)		(474.813)	(388.081)	(1188.308)
NETWORTH		697.269	554.131	724.561
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		723.360	594.230	458.370
TOTAL BORROWING		723.360	594.230	458.370
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		1420.629	1148.361	1182.931
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		927.742	862.044	839.209
Capital work-in-progress		48.373	72.440	102.324
INVESTMENT		0.000	0.050	0.050
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	408.850	299.853	308.986
	Sundry Debtors	54.805	57.188	83.861
	Cash & Bank Balances	278.285	181.302	187.980
	Other Current Assets	3.518	1.088	0.612
	Loans & Advances	393.465	345.275	264.402
Total Current Assets		1138.923	884.706	845.841
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	374.855	415.578	348.753
	Other Current Liabilities	170.472	124.044	123.419
	Provisions	149.082	131.257	132.321
Total Current Liabilities		694.409	670.879	604.493
Net Current Assets		444.514	213.827	241.348
MISCELLANEOUS EXPENSES		0.000	0.000	0.00
TOTAL		1420.629	1148.361	1182.931

PROFIT & LOSS ACCOUNT

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
SALES
	Income	3164.761	2754.289	2738.226
	Other Income	111.197	130.542	34.389
	TOTAL	3275.958	2884.831	2772.615
EXPENSES
	Office Expenses
	Administrative Expenses
	Advertising Expenses
	TOTAL	3362.709	3272.912	3214.052
PROFIT BEFORE TAX		(86.751)	(388.081)	(441.437)
TAX		(0.019)	0.000	(22.235)
PROFIT AFTER TAX		(86.732)	(388.081)	(463.672)
PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		388.081	1188.308	724.636
ADJUSTMENT ON ACCOUNT OF CAPITAL BALANCE		0.000	(1188.308)	0.000
PROVISION /(PROFIT)/LOSS OF THE YEAR		NA	NA	463.672
BALANCE CARRIED TO THE B/S		474.813	388.081	1188.308
EARNINGS IN FOREIGN CURRENCY
	Export at FOB value	203.256	214.355	201.747
	Income from research and development services	29.277	34.924	0.000
TOTAL EARNINGS		232.533	249.279	201.747
IMPORTS
	Raw Materials	316.907	262.907	236.442
	Stores & Spares	4.319	6.608	4.012
	Capital Goods	93.634	39.267	114.715
TOTAL IMPORTS		414.860	308.782	355.169
Earnings Per Share (Rs.)		(8.78)	(25.39)	31.74

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	(2.64)	(13.45)	(16.72)
Net Profit Margin (PBT/Sales)	(%)	(2.74)	(14.09)	(16.93)
Return on Total Assets (PBT/Total Assets}	(%)	(7.61)	(43.81)	(52.18)
Return on Investment (ROI) (PBT/Networth)		(0.12)	(0.70)	(0.61)
Debt Equity Ratio (Total Liability/Networth)		0.99	1.21	0.83
Current Ratio (Current Asset/Current Liability)		1.64	1.31	1.40

LOCAL AGENCY FURTHER INFORMATION

Check List by Info Agents	Available in Report (Yes / No)
1) Year of Establishment	Yes
2) Locality of the firm	Yes
3) Constitutions of the firm	Yes
4) Premises details	No
5) Type of Business	Yes
6) Line of Business•	Yes
7) Promoter’s background	Yes
8) No. of employees	No
9) Name of person contacted	No
10) Designation of contact person	No
11) Turnover of firm for last three years	Yes
12) Profitability for last three years	Yes
13) Reasons for variation <> 20%	--
14) Estimation for coming financial year	No
15) Capital in the business	Yes
16) Details of sister concerns	Yes
17) Major suppliers	No
18) Major customers	No
19) Payments terms	No
20) Export / Import details (if applicable)	No
21) Market information	--
22) Litigations that the firm / promoter	--
23) Banking Details	No
24) Banking facility details	Yes
25) Conduct of the banking account	--
26) Buyer visit details	--
27) Financials, if provided	Yes
28) Incorporation details, if applicable	Yes
29) Last accounts filed at ROC	Yes
30) Major Shareholders, if available	Yes

Note:

Registered office of the company has been shifted from 206, IInd Floor Okhla, Indle State PH-III, New Delhi – 110020, India to the present address w. e. f. 01.03.2009

NATURE OF OPERATIONS

Wrigley India Private Limited (Wrigley India or the Company) is engaged in the manufacture and sale of confectionery products, i.e. chewing gums, bubble gums, lollipops and toffees. The Company was incorporated on October 5, 1993 and is a wholly owned subsidiary of Wm Wrigley Jr. Co., Chicago, USA. Subsequent to acquisition of the holding Company by Mars Incorporated, USA and with effect from October 6, 2008, Mars Incorporated, USA has become the ultimate holding Company.

OPERATIONS

During the current financial year they have witnessed positive sales growth of 15.0% and the Directors are further confident looking at growth prospective in coming years.

FIXED ASSETS –

• Building
• Freehold Land
• Plant and Machinery
• Furniture and Fitting
• Vehicle
• Office and other equipments

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No records exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No records exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards :

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.52.85
UK Pound	1	Rs.85.44
Euro	1	Rs.68.80

INFORMATION DETAILS

Report Prepared by :

KVT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	-
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	4
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		30

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%)

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	-

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.