MIRA INFORM REPORT

Report Date :

27.09.2012

IDENTIFICATION DETAILS

Name :	SIDEL BLOWING & SERVICES
Registered Office :	Avenue De La Patrouille De France, Octeville Sur Mer, 76930
Country :	France
Financials (as on) :	31.12.2011
Date of Incorporation :	15.10.1999
Com. Reg. No.:	424623759
Legal Form :	Private Subsidiary
Line of Business :	Manufacture of machinery for working soft rubber or plastics
No. of Employees :	749

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 :	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 – June 30^th, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
France	A1	A1

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

FRANCE - ECONOMIC OVERVIEW

France was transitioning from an economy that has featured extensive government ownership and intervention to one that relies more on market mechanisms but is in the midst of a euro-zone crisis. The government has partially or fully privatized many large companies, banks, and insurers, and has ceded stakes in such leading firms as Air France, France Telecom, Renault, and Thales. It maintains a strong presence in some sectors, particularly power, public transport, and defense industries. With at least 75 million foreign tourists per year, France is the most visited country in the world and maintains the third largest income in the world from tourism. France's leaders remain committed to a capitalism in which they maintain social equity by means of laws, tax policies, and social spending that reduce income disparity and the impact of free markets on public health and welfare. France's real GDP contracted 2.6% in 2009, but recovered somewhat in 2010 and 2011. The unemployment rate increased from 7.4% in 2008 to 9.3% in 2010 and 9.1% in 2011. Lower-than-expected growth and increased unemployment have cut government revenues and increased borrowing costs, contributing to a deterioration of France's public finances. The government budget deficit rose sharply from 3.4% of GDP in 2008 to 7.5% of GDP in 2009 before improving to 5.8% of GDP in 2011, while France's public debt rose from 68% of GDP to 86% over the same period. Under President SARKOZY, Paris implemented austerity measures that eliminated tax credits and froze most government spending in an effort to bring the budget deficit under the 3% euro-zone ceiling by 2013 and to highlight France's commitment to fiscal discipline at a time of intense financial market scrutiny of euro-zone debt levels. Socialist Francois HOLLANDE won the May 2012 presidential election, after advocating pro-growth economic policies, as well as measures such as forcing banks to separate their traditional deposit taking and lending activities from more speculative businesses, increasing taxes on bank profits, introducing a new top bracket on income taxes for people earning over €1 million ($1.3 million) a year, and hiring an additional 60,000 civil servants during his five-year term of office

Source : CIA

Company name and address

Sidel Blowing & Services

Avenue De La Patrouille De France
Octeville Sur Mer, 76930
France
Tel:	+33 02 32 85 86 87
Fax:	+33 02 32 85 81 00

Employees:	749
Company Type:	Private Subsidiary
Corporate Family:	175 Companies
Ultimate Parent:	Tetra Laval International SA
Incorporation Date:	15-Oct-1999

Fiscal Year End:	31-Dec-2011
Reporting Currency:	Euro
Annual Sales:	681.6
Total Assets:	351.8

Business Description

Sidel Blowing & Services is primarily engaged in manufacture of machinery for working soft rubber or plastics or for the manufacture of products of these materials (extruders, moulders, pneumatic tyre making or retreading machines and other machines for making a specific rubber or plastic product); manufacture of printing and bookbinding machines; manufacture of machinery for producing tiles, bricks, shaped ceramic pastes, pipes, graphite electrodes, blackboard chalk, foundry moulds, etc.; manufacture of moulding boxes for any material; mould bases; moulding patterns; moulds; manufacture of dryers for wood, paper pulp, paper or paperboard; manufacture of centrifugal clothes dryers; manufacture of diverse special machinery and equipment (machines to assemble electric or electronic lamps, tubes (valves) or bulbs; machines for production or hot-working of glass or glassware, glass fibre or yarn; machinery or apparatus for isotopic separation; rope-making machinery, etc.); and manufacture of industrial robots for multiple uses.

Industry

Industry	Miscellaneous Capital Goods
ANZSIC 2006:	2499 - Other Machinery and Equipment Manufacturing Not Elsewhere Classified
NACE 2002:	2956 - Manufacture of other special purpose machinery not elsewhere classified
NAICS 2002:	333298 - All Other Industrial Machinery Manufacturing
UK SIC 2003:	2956 - Manufacture of other special purpose machinery not elsewhere classified
UK SIC 2007:	2899 - Manufacture of other special-purpose machinery n.e.c.
US SIC 1987:	3559 - Special Industry Machinery, Not Elsewhere Classified

Key Executives

Name	Title
Pascal Francois Renaud	President
Dominique Martin	Marketing director
Eric Claude Paul Le Meilleur	General manager
Jean-Marc Lenoir	EDP manager
Philippe Derouault	Purchase manager

Registered No.(FRA)

424623759

1 - Profit & Loss Item Exchange Rate: USD 1 = EUR 0.7191895

2 - Balance Sheet Item Exchange Rate: USD 1 = EUR 0.770327

Corporate Overview

Location
Avenue De La Patrouille De France
Octeville Sur Mer, 76930
France

Tel:	+33 02 32 85 86 87
Fax:	+33 02 32 85 81 00

Suggest Company URL

Sales EUR(mil):	490.2
Assets EUR(mil):	271.0
Employees:	749
Fiscal Year End:	31-Dec-2011

Industry:	Miscellaneous Capital Goods

Incorporation Date:	15-Oct-1999
Company Type:	Private Subsidiary
Quoted Status:	Not Quoted
Registered No.(FRA):	424623759

President:	Pascal Francois Renaud

Industry Codes

ANZSIC 2006 Codes:
2499	-	Other Machinery and Equipment Manufacturing Not Elsewhere Classified

NACE 2002 Codes:
2956	-	Manufacture of other special purpose machinery not elsewhere classified

NAICS 2002 Codes:
333298	-	All Other Industrial Machinery Manufacturing

US SIC 1987:
3559	-	Special Industry Machinery, Not Elsewhere Classified

UK SIC 2003:
2956	-	Manufacture of other special purpose machinery not elsewhere classified

UK SIC 2007:
2899	-	Manufacture of other special-purpose machinery n.e.c.

Top

Business Description

Sidel Blowing & Services is primarily engaged in manufacture of machinery for working soft rubber or plastics or for the manufacture of products of these materials (extruders, moulders, pneumatic tyre making or retreading machines and other machines for making a specific rubber or plastic product); manufacture of printing and bookbinding machines; manufacture of machinery for producing tiles, bricks, shaped ceramic pastes, pipes, graphite electrodes, blackboard chalk, foundry moulds, etc.; manufacture of moulding boxes for any material; mould bases; moulding patterns; moulds; manufacture of dryers for wood, paper pulp, paper or paperboard; manufacture of centrifugal clothes dryers; manufacture of diverse special machinery and equipment (machines to assemble electric or electronic lamps, tubes (valves) or bulbs; machines for production or hot-working of glass or glassware, glass fibre or yarn; machinery or apparatus for isotopic separation; rope-making machinery, etc.); and manufacture of industrial robots for multiple uses.

Top

Financial Data

Financials in:	EUR(mil)
Revenue:	490.2
Assets:	271.0
Current Assets:	254.0
Total Liabilities:	271.0
Issued Capital:	25.1
Net Worth:	80.4
Date of Financial Data:	31-Dec-2011

1 Year Growth

-0.8%

NA

Top

Key Corporate Relationships

Bank:	Lcl Le Credit Lyonnais, Societe Generale, Calyon

Top

Corporate Family	Corporate Structure News:
	Tetra Laval International SA Sidel Blowing & Services
Sidel Blowing & Services Total Corporate Family Members: 175

Company Name	Company Type	Location	Country	Industry	Sales (USD mil)	Employees
Tetra Laval International SA	Parent	Pully	Switzerland	Miscellaneous Capital Goods	17,596.2	31,202
Tetra Pak International SA	Subsidiary	Pully Lausanne	Switzerland	Containers and Packaging	12,947.7	22,896
Tetra Pak Iran	Subsidiary	Tehran	Iran	Containers and Packaging		21,000
Tetra Pak (Schweiz) AG	Subsidiary	Glattbrugg	Switzerland	Containers and Packaging	12,203.0	20,200
Alpla Belgium	Subsidiary	Eine	Belgium	Fabricated Plastic and Rubber	94.0	78
AB Tetra Pak	Subsidiary	Lund	Sweden	Containers and Packaging	2,369.0	3,944
Tetra Pak, S.A. de C.V.	Subsidiary	México, D.F.	Mexico	Containers and Packaging	125.0	225
Tetra Pak, Belgium	Subsidiary	Groot-Bijgaarden	Belgium	Containers and Packaging	118.3	59
Tetra Pak Italiana S.p.A.	Subsidiary	Modena	Italy	Miscellaneous Capital Goods	350.0
Tetra Laval Credit AB	Subsidiary	Lund, Skåne	Sweden	Consumer Financial Services	9.0
Tetra Pak West Africa Ltd	Subsidiary	Lagos	Nigeria	Containers and Packaging
Tetra Pak Nederland	Subsidiary	Moerdijk	Netherlands	Business Services
Tetra Pak Ltda	Subsidiary	Sao Paulo, Sao Paulo	Brazil	Miscellaneous Capital Goods		1,050
Tetra Pak China Ltd (Hong Kong)	Subsidiary	Hong Kong, HGK	Hong Kong	Miscellaneous Capital Goods		1,000
Tetra Pak Ltda ( Matriz )	Subsidiary	Monte Mor, Sao Paulo	Brazil	Miscellaneous Capital Goods		1,000
Tetra Pak Packaging Solutions SpA	Subsidiary	Modena, Modena	Italy	Miscellaneous Capital Goods	556.6	802
Tetra Pak Jurong Pte Ltd	Subsidiary	Singapore	Singapore	Paper and Paper Products	324.7	500
Tetra Pak Argentina SRL	Subsidiary	Capital Federal, Buenos Aires	Argentina	Food Processing	350.0	350
Tetra Pak Manufacturing Limited	Subsidiary	Riyadh, Ar Riyad	Saudi Arabia	Miscellaneous Capital Goods		350
Tetra Pak	Subsidiary	Jeddah, KSA	Saudi Arabia	Containers and Packaging		300
Tetra Pak Hispania Sa	Subsidiary	Arganda Del Rey, Madrid	Spain	Food Processing	698.1	284
Tetra Pak Envases Sa	Subsidiary	Arganda Del Rey, Madrid	Spain	Containers and Packaging	52.5	304
Tetra Pak AS	Subsidiary	Maslak, Istanbul	Turkey	Food Processing		270
Tetra Pak Carta SpA	Subsidiary	Rubiera, RE	Italy	Containers and Packaging	224.6	218
Tetra Pak Ukraine	Subsidiary	Kyiv	Ukraine	Miscellaneous Capital Goods	150.0	200
Tetra Pak South Africa (Pty) Ltd	Subsidiary	Isando	South Africa	Containers and Packaging		200
Tetra Pak Korea	Subsidiary	Seoul	Korea, Republic of	Miscellaneous Capital Goods		150
Tetra Pak Csomagolóanyag Gyártó Zrt	Subsidiary	Budaörs	Hungary	Containers and Packaging	138.9	145
Tetra Pak Canada Inc	Subsidiary	Richmond Hill, ON	Canada	Business Services		115
Tetra Pak Canada Inc	Branch	West Kelowna, BC	Canada	Business Services	0.5	3
Tetra Pak Canada Inc	Branch	Richmond, QC	Canada	Paper and Paper Products	1.4	1
Tetra Pak Gulf	Subsidiary	Dubai	United Arab Emirates	Miscellaneous Capital Goods	150.0	100
Tetra Pak SA	Subsidiary	Lima	Peru	Miscellaneous Capital Goods	18.0	100
Tetra Pak Ltd.	Subsidiary	Bangkok	Thailand	Containers and Packaging	1.0	100
Tetra Pak of Chile Comercial Ltda	Subsidiary	Las Condes, Santiago	Chile	Miscellaneous Capital Goods		100
Tetra Pak Egypt Ltd	Subsidiary	Cairo	Egypt	Food Processing		100
Tetra Pak Indonesia, PT	Subsidiary	Mampang, Jakarta Selatan	Indonesia	Miscellaneous Capital Goods		100
Tetra Pak	Subsidiary	Bogota, Cundinamarca	Colombia	Miscellaneous Capital Goods		100
Tetra Pak Sp zoo	Subsidiary	Warsaw	Poland	Miscellaneous Capital Goods		100
Tetra Pak de Venezuela CA	Subsidiary	Urbanizacion Los Palos Grandes,Chacao, Caracas	Venezuela	Miscellaneous Capital Goods		100
Tetra Pak Inventing A/S	Subsidiary	Hjørring	Denmark	Fabricated Plastic and Rubber	40.2	99
Tetra Pak Marketing Pty Ltd	Subsidiary	Homebush Bay, NSW	Australia	Containers and Packaging	106.9	95
Tetra Pak Maghreb	Subsidiary	Casablanca	Morocco	Food Processing	150.0	92
Tetra Pak Processing GmbH	Subsidiary	Reinbek, Schleswig-Holstein	Germany	Business Services	48.5	90
Tetra Pak Vietnam	Subsidiary	Ho Chi Minh City	Viet Nam	Miscellaneous Capital Goods		80
Tetra Pak S.A. Centroamérica	Subsidiary	Ciudad de Panamá	Panama	Business Services		77
Tetra Pak Ltda. Market Company	Subsidiary	Bogotá	Colombia	Business Services		65
Tetra Pak de Portugal - Sistemas de Embalagem e Tratamento para Alimentos SA	Subsidiary	Carnaxide, Lisboa	Portugal	Containers and Packaging	157.5	57
Tetra Pak Danmark A/S	Subsidiary	Højbjerg	Denmark	Containers and Packaging	56.4	40
Tetra Pak China Ltd.	Subsidiary	Shanghai	China	Containers and Packaging		40
Tetra Pak doo	Subsidiary	Zagreb	Croatia	Miscellaneous Capital Goods		28
Tetra Pak Lebanon SARL	Subsidiary	Hazmieh, Beirut	Lebanon	Miscellaneous Capital Goods		26
Tetra Pak	Subsidiary	Riga	Latvia	Containers and Packaging		20
Tetra Pak Romania SRL	Subsidiary	Bucharest	Romania	Miscellaneous Capital Goods		20
Tetra Pak A/S	Subsidiary	Oslo	Norway	Containers and Packaging	44.8	13
Tetra Pak Bulgaria E.O.O.D.	Subsidiary	Sofia	Bulgaria	Containers and Packaging		11
Tetra Pak SIA Branch Office	Subsidiary	Tallinn	Estonia	Miscellaneous Capital Goods		11
Tetra Pak (Northern Ireland) Ltd.	Subsidiary	Newtownards	United Kingdom
Tetra Pak Algeria	Subsidiary	Algiers	Algeria	Business Services
Tetra Pak India Pvt Ltd	Subsidiary	Maharashtra	India	Miscellaneous Capital Goods
Tetra Pak Ltd	Subsidiary	Almaty	Kazakhstan	Food Processing
Tetra Pak Lietuva	Subsidiary	Vilnius	Lithuania	Miscellaneous Capital Goods
Tetra Pak as	Subsidiary	Bratislava	Slovakia	Miscellaneous Capital Goods
SE Tetra Pak Ukraine	Subsidiary	Kyiv	Ukraine	Business Services
Tetra Pak India Pvt Ltd	Subsidiary	Haryana	India	Food Processing
Tetra Pak Jordan	Subsidiary	Amman	Jordan	Miscellaneous Capital Goods
Tetra Pak doo	Subsidiary	Trzin	Slovenia	Miscellaneous Capital Goods
Tetra Pak Tunisia	Subsidiary	Tunis	Tunisia	Food Processing
Tetra Pak Yemen	Subsidiary	Sana'a	Yemen	Miscellaneous Capital Goods
SIG Simonazzi S.p.A.	Subsidiary	Parma	Italy	Containers and Packaging		1,511
SIG (China) Beverages Machinery Co. Ltd.	Subsidiary	Guangzhou	China	Containers and Packaging		70
SIG Beverages Brasil Ltda.	Subsidiary	Sao Paulo	Brazil	Containers and Packaging		20
SIG Simonazzi Pacific Sdn. Bhd.	Subsidiary	Kuala Lumpur	Malaysia	Containers and Packaging
DeLaval International AB	Subsidiary	Tumba	Sweden	Construction and Agriculture Machinery	564.1	773
DeLaval GmbH	Subsidiary	Glinde bei Hamburg	Germany	Fish and Livestock		200
DeLaval Inc.	Subsidiary	Kansas City, MO	United States	Food Processing	74.7	160
Delaval Manufacturing Inc.	Subsidiary	Kansas City, MO	United States	Chemical Manufacturing		150
DeLaval AG	Subsidiary	Sursee, Lucerne	Switzerland	Fish and Livestock		75
DeLaval SC	Subsidiary	Kyiv	Ukraine	Food Processing
DeLaval Pvt Ltd	Subsidiary	Pune	India	Crops
DeLaval Australia Pty Ltd	Subsidiary	Westmeadows, VIC	Australia	Construction and Agriculture Machinery		130
Tetra Pak Ltd.	Subsidiary	Wrexham	United Kingdom	Miscellaneous Capital Goods	171.1	127
Tetra Pak Sdn Bhd	Subsidiary	Petaling Jaya	Malaysia	Containers and Packaging	70.7	100
Tetra Pak South East Asia Pte Ltd	Subsidiary	Singapore	Singapore	Containers and Packaging	234.1	82
Tetra Pak Philippines, Inc.	Subsidiary	Manila	Philippines	Containers and Packaging	1.0	45
Tetra Pak GmbH	Subsidiary	Wien	Austria	Containers and Packaging	90.4	26
Groupe Sidel	Subsidiary	Le Havre	France	Engineering Consultants	515.5	14
Sidel SA	Subsidiary	Le Havre	France	Containers and Packaging		1,000
Sidel Blowing & Services	Subsidiary	Octeville Sur Mer	France	Miscellaneous Capital Goods	681.6	749
Cermex	Subsidiary	Corelles-les-Citeaux	France	Public Sector and Government	75.0	370
Cermex Ouest Conditionnement	Subsidiary	Lisieux, Cedex	France	Containers and Packaging		100
Cermex U.K. Ltd.	Subsidiary	Huntingdon	United Kingdom	Miscellaneous Capital Goods	1.5	3
SIDEL Canada Inc	Subsidiary	Laval, QC	Canada	Miscellaneous Capital Goods	181.3	280
D.C.S. IPAL, Inc.	Subsidiary	Laval, QC	Canada	Engineering Consultants		215
Sidel Chile SA	Subsidiary	Santiago	Chile	Engineering Consultants		55
Promec	Subsidiary	Santiago	Chile	Engineering Consultants		35
GEBO Industries Asia-Pacific	Subsidiary	Almanza, Las Pinas	Philippines	Engineering Consultants	0.5	39
Sideo GmbH	Subsidiary	Viernheim	Germany	Engineering Consultants		35
Sidel	Subsidiary	Steppingley	United Kingdom	Engineering Consultants		1
Sidel Inc.	Subsidiary	Norcross, GA	United States	Miscellaneous Capital Goods	130.6	200
Cermex Inc.	Division	Norcross, GA	United States	Containers and Packaging		15
Sidel Inc	Branch	Rancho Cucamonga, CA	United States	Miscellaneous Capital Goods	3.3	6
Sidel Inc	Branch	Sarasota, FL	United States	Miscellaneous Capital Goods	1.1	2
Sidel Services	Subsidiary	Octeville Sur Mer	France	Miscellaneous Capital Goods	27.8	177
Sidel Filling Aseptic S.A.	Subsidiary	Le Havre, Cedex	France	Containers and Packaging		160
Sidel Filling SRL	Subsidiary	Parma, Parma	Italy	Miscellaneous Capital Goods	0.0	154
Sidel de Mexico S.A. de C.V.	Subsidiary	Zapopan, Jalisco	Mexico	Containers and Packaging		100
Sidel Filling Food SAS	Subsidiary	Quimper	France	Containers and Packaging		100
Sidel India Pvt. Ltd.	Subsidiary	Mumbai, Maharashtra	India	Scientific and Technical Instruments	2.0	91
Gebosorbal Equipamentos Industriais S.A.	Subsidiary	Vale de Cambra	Portugal	Engineering Consultants	26.3	80
Sidel Servicios S.A. De C.V.	Subsidiary	Mexico City, Distrito Federal	Mexico	Miscellaneous Capital Goods		75
Sidel do Brasil	Subsidiary	Sao Paulo	Brazil	Engineering Consultants		60
Sidelo Brasil Ltda	Subsidiary	Sao Paulo	Brazil	Engineering Consultants		60
SIG Holding Italia S.p.A.	Subsidiary	Parma	Italy	Miscellaneous Financial Services	8.8	48
Sidel SpA	Subsidiary	Parma, Parma	Italy	Miscellaneous Capital Goods	794.7	1,146
Sasib Mexicana, S.A. De C.V.	Subsidiary	Zapopan, Jalisco	Mexico	Containers and Packaging	9.5	70
Sidel GmbH	Subsidiary	Viernheim, Hessen	Germany	Containers and Packaging		32
Sidel Distribution (Malaysia) Sdn Bhd	Subsidiary	Shah Alam, Selangor	Malaysia	Miscellaneous Capital Goods	42.8	38
Sidel South Asia-Pacific Ltd.	Subsidiary	Bangkok	Thailand	Miscellaneous Capital Goods		30
Sidel Far East Ltd.	Subsidiary	Kowloon	Hong Kong	Engineering Consultants	1.0	22
Sidel Ind. Ecom. Ltda.	Subsidiary	Buenos Aires	Argentina	Engineering Consultants		8
Sidel Italia SrL	Subsidiary	Milan	Italy	Engineering Consultants		6
Sidel do Brasil Ltda.	Subsidiary	Itapecirica da Serra	Brazil	Business Services
Rafale Technologie	Subsidiary	Perenchies	France	Engineering Consultants
Tetra Laval Holdings B.V.	Subsidiary	Amsterdam Zuidoost, Noord-Holland	Netherlands	Miscellaneous Financial Services	8,721.1
Tetra Pak GmbH & Co KG	Subsidiary	Hochheim Am Main, Hessen	Germany	Containers and Packaging	806.6	800
Tetra Pak Produktions GmbH & Co KG	Subsidiary	Hochheim Am Main, Hessen	Germany	Miscellaneous Capital Goods		715
Sidel	Subsidiary	Reichstett, Mundolsheim	France	Engineering Consultants	101.9	308
Tetra Pak B.V.	Subsidiary	Moerdijk	Netherlands	Containers and Packaging		300
Tetra Pak Moerdijk B.V.	Subsidiary	Moerdijk, Noord-Brabant	Netherlands	Paper and Paper Products		245
Tetra Pak Italiana S.p.A.	Subsidiary	Rubiera, RE	Italy	Containers and Packaging	447.2	206
Tetra Pak Paketleme Sanayi Ve Ticaret Ltd Sti	Subsidiary	Istanbul (Europe)	Turkey	Fabricated Plastic and Rubber		200
Novembal SAS	Subsidiary	Dardilly	France	Containers and Packaging	50.6	149
Guerin Systems	Subsidiary	Le May Sur Evre	France	Miscellaneous Capital Goods	37.9	149
Guerin Systems Asia Pte. Ltd.	Subsidiary	Singapore	Singapore	Engineering Consultants	5.0	11
Hema	Subsidiary	Quimper	France	Miscellaneous Capital Goods	26.0	149
Cermex Newtec	Subsidiary	St Laurent Sur Sevre	France	Construction and Agriculture Machinery	28.6	131
Tetra Pak Plastics México, S.A. De C.V.	Subsidiary	Mexicali, Baja California	Mexico	Fabricated Plastic and Rubber	13.2	100
Novembal Imballaggi SRL	Subsidiary	Sezzadio, Alessandria	Italy	Fabricated Plastic and Rubber	46.0	80
Tetra Pak Processing UK Ltd.	Subsidiary	High Wycombe	United Kingdom	Personal Services	30.9	79
Delaval Snc	Subsidiary	Elancourt	France	Construction and Agriculture Machinery		74
Midi Pyrenees Elevage Service	Subsidiary	Elancourt	France	Construction and Agriculture Machinery		14
Tetra Pak Cheese And Powder Systems B.V.	Subsidiary	Heerenveen, Friesland	Netherlands	Construction and Agriculture Machinery		68
Tetra Pak Tubex Portugal - Produção De Palhinhas Para Bebidas, LDA	Subsidiary	Carnaxide, Oeiras	Portugal	Fabricated Plastic and Rubber	11.2	60
Tetra Pak Food Engineering SpA	Subsidiary	Nova Milanese, Monza E Brianza	Italy	Miscellaneous Capital Goods	27.3	56
Tetra Pak Processing Systems B.V.	Subsidiary	Houten, Utrecht	Netherlands	Engineering Consultants		51
Tetra Pak Hellas S.A.	Subsidiary	Maroussi	Greece	Miscellaneous Fabricated Products	62.7	50
Tetra Pak Hungaria Kereskedelmi Zartkoru Reszvenytarsasag	Subsidiary	Budaors	Hungary	Personal and Household Products	36.4	49
Tetra Pak Ceská republika s.r.o.	Subsidiary	Praha	Czech Republic	Containers and Packaging	27.7	47
Tetra Pak Oy	Subsidiary	Espoo	Finland	Miscellaneous Capital Goods	93.0	36
Tetra Pak Services	Subsidiary	Colombes	France	Computer Services	6.5	7
Papeteries De Dijon	Subsidiary	Colombes	France	Containers and Packaging		374
Tetra Pak Service	Subsidiary	Colombes	France	Miscellaneous Capital Goods		149
Tetrapak Laval Food	Subsidiary	Colombes	France	Construction and Agriculture Machinery		74
Tetra Laval B.V.	Subsidiary	Amsterdam Zuidoost, Noord-Holland	Netherlands	Consumer Financial Services	3,202.7
Delaval Holding B.V.	Subsidiary	Assen, Drenthe	Netherlands	Miscellaneous Financial Services
DeLaval Operations Sp. z.o.o.	Subsidiary	Wroclaw	Poland	Construction and Agriculture Machinery		550
DeLaval S.A.	Subsidiary	Olivos, Buenos Aires	Argentina	Construction and Agriculture Machinery	312.5	420
Oy De Laval AB	Subsidiary	Helsinki	Finland	Construction and Agriculture Machinery	43.4	133
Oy Pelma AB	Subsidiary	Kangasala	Finland	Miscellaneous Fabricated Products	9.2	24
DeLaval GmbH	Subsidiary	Glinde, Schleswig-Holstein	Germany	Construction and Agriculture Machinery	94.1	130
DeLaval Services GmbH	Subsidiary	Glinde, Schleswig-Holstein	Germany	Miscellaneous Financial Services	36.6	210
DeLaval	Subsidiary	Hamilton	New Zealand	Construction and Agriculture Machinery	10.5	130
DeLaval ZAO	Subsidiary	Moscow Oblast	Russian Federation	Crops	17.0	100
BSA GmbH	Subsidiary	Marktschorgast, Bayern	Germany	Construction and Agriculture Machinery		88
Delaval B.V.	Subsidiary	Steenwijk, Overijssel	Netherlands	Construction and Agriculture Machinery	92.1	40
Delaval, S.A. De C.V.	Subsidiary	General Escobedo, Nuevo Leon	Mexico	Miscellaneous Capital Goods	4.7
DeLaval Mexico	Branch	Queretaro, Queretaro	Mexico	Crops	20.0	100
Delaval Sp Z O O	Subsidiary	Wroclaw	Poland	Miscellaneous Capital Goods	13.6	40
Delaval, Sa. De C.V.	Subsidiary	Queretaro, Queretaro	Mexico	Miscellaneous Capital Goods		35
Delaval SpA	Subsidiary	Milano, Milano	Italy	Construction and Agriculture Machinery	23.0	21
Delaval K.K.	Subsidiary	Shinjuku-Ku, Tokyo	Japan	Miscellaneous Capital Goods	60.6
DeLaval Kft	Subsidiary	Budaörs	Hungary	Crops
Garlito B.V.	Subsidiary	Amsterdam Zuidoost, Noord-Holland	Netherlands	Investment Services
Tetra Pak (Pakistan) Limited	Subsidiary	Lahore	Pakistan	Containers and Packaging

Sidel Blowing & Services Octeville Sur Mer, , France, Tel: +33 02 32 85 86 87

Executives Report

Executives

Name	Title	Function
Pascal Francois Renaud	President	President
Eric Claude Paul Le Meilleur	General manager	Administration Executive
Laurent Tranchida	Director	Administration Executive
Frederic Xavier Christian Sailly	General manager	Administration Executive
Eric Lemeilleur	Accounts manager	Sales Executive
Dominique Martin	Marketing director	Marketing Executive
Jean-Marc Lenoir	EDP manager	Information Executive
Stephane Bache	Commercial director	Commercial Executive
Philippe Derouault	Purchase manager	Purchasing Executive

Sidel Blowing & Services Octeville Sur Mer, France, Tel: +33 02 32 85 86 87

Annual Profit & Loss

	31-Dec-2011	31-Dec-2010	31-Dec-2009
Period Length	12 Months	12 Months	12 Months
Filed Currency	EUR	EUR	EUR
Exchange Rate (Period Average)	0.71919	0.755078	0.719047
Consolidated	No	No	No
Total income	710.1	682.0	554.0
Net sales	681.6	654.7	523.2
Change in stock	-53.7	1.2	10.1
Unfinished work in progress	4.7	-10.3	-6.7
Own work capitalised	-	-	0.0
Subsidies for operating costs	0.1	0.2	0.1
Supplementary operating income	22.8	35.0	34.9
Other operating income	1.0	2.4	2.5
Other external charges	271.4	268.8	251.0
Cost of goods sold	274.9	188.7	146.9
Taxes and social security costs	10.9	11.8	9.5
Social charges	31.9	29.4	29.5
Total payroll costs	59.9	54.1	56.5
Cost of stock depreciation and amortisation	16.6	17.5	37.9
Fixed asset depreciation and amortisation	7.3	6.9	7.3
Other operating costs	12.1	11.2	8.5
Total operating costs	631.3	589.7	557.2
Net operating income	78.8	92.3	-3.2
Total financial income	7.3	7.0	4.8
Interest payable on loans	0.2	0.4	0.9
Other expenses	6.8	6.1	2.4
Total expenses	7.0	6.5	3.2
Profit before tax	79.1	92.8	-1.7
Extraordinary income	2.3	2.2	1.5
Extraordinary expenses	4.3	6.0	8.4
Extraordinary result	-2.0	-3.8	-6.9
Total taxation	22.5	25.4	0.2
Profit distributed to employees	6.9	6.5	1.3
Net profit	47.7	57.1	-
Net loss	-	-	10.1

Annual Balance Sheet

Financials in: USD (mil)

	31-Dec-2011	31-Dec-2010	31-Dec-2009
Filed Currency	EUR	EUR	EUR
Exchange Rate	0.770327	0.745406	0.696986
Consolidated	No	No	No
Issued capital	32.6	33.7	36.0
Share premium account	8.0	8.3	8.9
Legal reserves	3.3	3.4	4.1
Total reserves	11.1	9.6	10.3
Profits for the year	44.6	57.8	-10.4
Profit brought forward from previous year(s)	4.8	-21.5	-12.6
Total stockholders equity	104.4	91.4	36.4
Provisions and allowances	38.4	43.2	57.4
Trade creditors	100.2	90.9	93.6
Advances received	31.5	15.2	27.2
Bank loans and overdrafts	0.0	0.0	0.1
Current bank debts	0.0	0.0	0.0
Other liabilities	16.0	16.3	37.7
Debts on fixed assets	1.9	1.2	0.1
Income stated in advance	0.8	0.3	0.5
Taxation and social security	58.4	60.6	26.6
Total current liabilities	177.2	169.2	-
Total debts	208.7	184.4	185.6
Regularisation account	0.3	0.2	0.1
Total liabilities (including net worth)	351.8	319.3	279.5
Patents	-	0.8	1.9
Goodwill	0.4	0.4	0.4
Other intangibles	2.6	3.8	2.2
Land	1.9	2.1	2.4
Buildings	8.9	10.6	12.8
Other fixed assets	8.1	8.9	11.3
Other financial assets	0.1	0.1	0.1
Total non-current assets	22.0	26.7	31.1
Prepayments	1.6	0.4	2.3
Net stocks and work in progress	129.6	74.4	86.0
Trade debtors	108.8	120.4	133.5
Other receivables	89.1	96.0	25.4
Prepaid expenses	0.2	0.8	0.6
Cash and liquid assets	0.4	0.3	0.5
Total current assets	329.7	292.3	248.3
Prepaid expenses and deferred costs	0.1	0.4	0.1
Total assets	351.8	319.3	279.5

Annual Ratios

Financials in: USD (mil)

	31-Dec-2011	31-Dec-2010	31-Dec-2009
Period Length	12 Months	12 Months	12 Months
Filed Currency	EUR	EUR	EUR
Exchange Rate	0.770327	0.745406	0.696986
Consolidated	No	No	No
Current ratio	1.90	1.70	-
Quick ratio	1.10	1.30	-
Total liabilities to net worth	2.06%	2.14%	5.84%
Net worth to total assets	0.29%	0.27%	0.11%
Collection period	51.90	55.10	75.10
Stock turnover rate	4.90	8.90	6.30
Asset turnover	1.81%	2.08%	1.93%
Profit margin	0.12%	0.14%	0.00%
Return on assets	0.21%	0.29%	-0.01%
Shareholders' return	0.73%	1.09%	-0.05%
Sales per employee	3,760.55	3,837.61	-
Profit per employee	436.39	544.10	-
Average wage per employee	330.30	316.89	-
Net worth	104.4	91.4	36.4
Number of employees	855	845	-

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.53.57
UK Pound	1	Rs.86.60
Euro	1	Rs.68.93

INFORMATION DETAILS

Report Prepared by :

PDT

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%)

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.