MIRA INFORM REPORT

Report Date :

29.08.2013

IDENTIFICATION DETAILS

Name :	GIVAUDAN UK LTD.
Registered Office :	Chippenham Drive Kingston Milton Keynes, MK10 0AE
Country :	United Kingdom
Financials (as on) :	31.12.2011
Date of Incorporation :	02.05.1961
Com. Reg. No.:	00691403
Legal Form :	Private Subsidiary
Line of Business :	Subject involved in the manufacture and sale of aromatic chemicals, perfume compounds and food ingredients.
No. of Employees :	594

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 – March 31^st, 2013

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
United Kingdom	A1	A1

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

UNITED KINGDOM - ECONOMIC OVERVIEW

The UK, a leading trading power and financial center, is the second largest economy in Europe after Germany. Over the past two decades, the government has greatly reduced public ownership and contained the growth of social welfare programs. Agriculture is intensive, highly mechanized, and efficient by European standards, producing about 60% of food needs with less than 2% of the labor force. The UK has large coal, natural gas, and oil resources, but its oil and natural gas reserves are declining and the UK became a net importer of energy in 2005. Services, particularly banking, insurance, and business services, account by far for the largest proportion of GDP while industry continues to decline in importance. After emerging from recession in 1992, Britain's economy enjoyed the longest period of expansion on record during which time growth outpaced most of Western Europe. In 2008, however, the global financial crisis hit the economy particularly hard, due to the importance of its financial sector. Sharply declining home prices, high consumer debt, and the global economic slowdown compounded Britain's economic problems, pushing the economy into recession in the latter half of 2008 and prompting the then BROWN (Labour) government to implement a number of measures to stimulate the economy and stabilize the financial markets; these include nationalizing parts of the banking system, temporarily cutting taxes, suspending public sector borrowing rules, and moving forward public spending on capital projects. Facing burgeoning public deficits and debt levels, in 2010 the CAMERON-led coalition government (between Conservatives and Liberal Democrats) initiated a five-year austerity program, which aimed to lower London's budget deficit from over 10% of GDP in 2010 to nearly 1% by 2015. In November 2011, Chancellor of the Exchequer George OSBORNE announced additional austerity measures through 2017 because of slower-than-expected economic growth and the impact of the euro-zone debt crisis. The CAMERON government raised the value added tax from 17.5% to 20% in 2011. It has pledged to reduce the corporation tax rate to 21% by 2014. The Bank of England (BoE) implemented an asset purchase program of up to £375 billion (approximately $605 billion) as of December 2012. During times of economic crisis, the BoE coordinates interest rate moves with the European Central Bank, but Britain remains outside the European Economic and Monetary Union (EMU). In 2012, weak consumer spending and subdued business investment weighed on the economy. GDP fell 0.1%, and the budget deficit remained stubbornly high at 7.7% of GDP. Public debt continued to increase.

Source : CIA

Company name and address

Top of Form

Givaudan UK Ltd.

Chippenham Drive
Kingston
Milton Keynes, MK10 0AE
United Kingdom
(Trading Address) Registered Address
Tel:	0151 645 2060
Fax:	01908 282232
www.givaudan.com
Sales and Production Office: Kennington Road Ashford Kent TN24 0LT, United Kingdom

Employees:	594
Company Type:	Private Subsidiary
Corporate Family:	90 Companies
Ultimate Parent:	Givaudan S.A.
Quoted Status:	Non-quoted Company
Incorporation Date:	02-May-1961
Auditor:	Deloitte LLP

Financials in:	USD (mil)
Fiscal Year End:	31-Dec-2011
Reporting Currency:	British Pound Sterling
Annual Sales:	517.0 ^1
Net Income:	18.8
Total Assets:	334.3

Business Description

Quest International Flavours and Fragrances Ltd. is involved in the manufacture and sale of aromatic chemicals, perfume compounds and food ingredients. Founded in 1961, the company employs more than 700 staff members. Quest International is a subsidiary of Imperial Chemical Industries PLC. Imperial Chemical Industries is involved in the chemicals and paints business. Its products and ingredients are developed for a range of markets. The company's divisions include National Starch, Quest, Uniqema and ICI Paints. National Starch formulates a variety of functional ingredients found in the kitchen. Quest creates flavours for sweet and savoury foods and beverages, including crisps, biscuits, soda, juices, tea, coffee, breakfast cereals, soups, snack bars, sauces, ice cream and yoghurt. Quest also develops fragrances for use in laundry powder, fabric softener, air fresheners and cleaning fluids. Uniqema lubricants are used in fridge cooling systems. ICI Paints is a supplier of can and other packaging coatings. Outside the United Kingdom, the company has operations in Asia and Latin America and a significant presence in North America. Quest International Flavours and Fragrances Ltd. has headquarters in Ashford, Kent.

Industry

Industry	Miscellaneous Manufacturing
ANZSIC 2006:	2599 - Other Manufacturing Not Elsewhere Classified
ISIC Rev 4:	3290 - Other manufacturing n.e.c.
NACE Rev 2:	3299 - Other manufacturing n.e.c.
NAICS 2012:	33999 - All Other Miscellaneous Manufacturing
UK SIC 2007:	3299 - Other manufacturing n.e.c.
US SIC 1987:	3999 - Manufacturing Industries, Not Elsewhere Classified

Key Executives   (Emails Available)

Name	Title
Matthias Währen	Chief Financial Officer;Member of The Executive Committee
Yvonne Hockey	Creative Fragrance Director
Caroline Jane Stiffell	Secretary
Robin Storey	EMEA IT Coordinator
Richard Rowthorm	Infrastructure Manager

Financial Summary

FYE: 31-Dec-2011

USD (mil)

Key Figures
Current Assets	231.43
Fixed Assets	102.83
Total Liabilities	147.16
Net Worth	163.25

Key Ratios
Current Ratio	1.57
Acid Test	1.16

1 - Profit & Loss Item Exchange Rate: USD 1 = GBP 0.623776
2 - Balance Sheet Item Exchange Rate: USD 1 = GBP 0.6434593

Corporate Overview

Location
Chippenham Drive
Kingston
Milton Keynes, MK10 0AE
Buckinghamshire County
United Kingdom

Tel:	0151 645 2060
Fax:	01908 282232

www.givaudan.com

Sales GBP(mil):	322.5
Assets GBP(mil):	215.1
Employees:	594
Fiscal Year End:	31-Dec-2011

Industry:

Miscellaneous Fabricated Products

Registered Address:
Finance Building Kennington Ro
Ashford, TN24 0LT
United Kingdom

Incorporation Date:	02-May-1961
Company Type:	Private Subsidiary
Quoted Status:	Not Quoted
Registered No.(UK):	00691403
Parent Registered No.(UK):	00484077

Member of the Committees of the Board;Chairman of the Board of Directors:

Jürg Witmer

Industry Codes

ANZSIC 2006 Codes:
2599	-	Other Manufacturing Not Elsewhere Classified

ISIC Rev 4 Codes:
3290	-	Other manufacturing n.e.c.

NACE Rev 2 Codes:
3299	-	Other manufacturing n.e.c.

NAICS 2012 Codes:
33999	-	All Other Miscellaneous Manufacturing

US SIC 1987:
3999	-	Manufacturing Industries, Not Elsewhere Classified

UK SIC 2007:
3299	-	Other manufacturing n.e.c.

Business Description

Quest International Flavours and Fragrances Ltd. is involved in the manufacture and sale of aromatic chemicals, perfume compounds and food ingredients. Founded in 1961, the company employs more than 700 staff members. Quest International is a subsidiary of Imperial Chemical Industries PLC. Imperial Chemical Industries is involved in the chemicals and paints business. Its products and ingredients are developed for a range of markets. The company's divisions include National Starch, Quest, Uniqema and ICI Paints. National Starch formulates a variety of functional ingredients found in the kitchen. Quest creates flavours for sweet and savoury foods and beverages, including crisps, biscuits, soda, juices, tea, coffee, breakfast cereals, soups, snack bars, sauces, ice cream and yoghurt. Quest also develops fragrances for use in laundry powder, fabric softener, air fresheners and cleaning fluids. Uniqema lubricants are used in fridge cooling systems. ICI Paints is a supplier of can and other packaging coatings. Outside the United Kingdom, the company has operations in Asia and Latin America and a significant presence in North America. Quest International Flavours and Fragrances Ltd. has headquarters in Ashford, Kent.

More Business Descriptions

Food Colouring Flavouring & Additive Mnfrs & Distributors

Headquartered in Vernier Switzerland, Givaudan holds a 25% market share in an industry which is valued overall at around CHF 17 billion. We have been listed on the SIX Swiss Exchange since June 2000 and are one of the country's 30 largest companies in terms of market capitalisation. In 2012, Givaudan achieved sales of CHF 4.3 billion, with a workforce of over 9,000 employees and subsidiaries in over 40 countries. It has a presence in all major markets and a network of 80 sites in mature and developing regions. We invest more in research and development than any other company in the industry and we have the heritage, scale and the supply chain to serve worldwide customers seamlessly with innovative products and concepts. Annual Report 2012 VIEW AND DOWNLOAD dynamic PDF

Financial Data

Financials in:	GBP(mil)
Revenue:	322.5
Net Income:	11.7
Assets:	215.1
Current Assets:	148.9
Fixed Assets:	66.2
Long Term Debt:	0.0
Total Liabilities:	94.7
Issued Capital:	0.1
Working Capital:	54.2
Net Worth:	105.0
Date of Financial Data:	31-Dec-2011

1 Year Growth

15.6%

NA

NA

Key Corporate Relationships

Auditor:	Deloitte LLP
Bank:	National Westminster Bank PLC
Auditor:	Deloitte LLP
Auditor History
Deloitte LLP	31-Dec-2011
Deloitte LLP	31-Dec-2010
Deloitte LLP	31-Dec-2009
PricewaterhouseCoopers LLP	31-Dec-2008
PricewaterhouseCoopers LLP	31-Dec-2007

	GBP(mil)
Audit Fees:	0.1
Audit Fiscal Year:	12-31-2011

Corporate Structure News

Givaudan UK Ltd.
Total Corporate Family Members: 90

Company Name	Company Type	Location	Country	Industry	Sales (USD mil)	Employees
Givaudan S.A.	Parent	Vernier	Switzerland	Miscellaneous Chemical Manufacturing	4,538.8	9,124
Givaudan Suisse SA	Subsidiary	Vernier	Switzerland	Basic Chemical Manufacturing		3,000
Givaudan Suisse SA	Subsidiary	Vernier	Switzerland	Miscellaneous Chemical Manufacturing		800
Givaudan France Fragrances SAS	Subsidiary	Argenteuil	France	Basic Chemical Manufacturing	261.3	749
Givaudan 2007 Uk Ltd.	Subsidiary	Ashford	United Kingdom	Miscellaneous Chemical Manufacturing		595
Givaudan Nederland BV	Subsidiary	Barneveld	Netherlands	Basic Chemical Manufacturing	261.6	500
Givaudan Flavours (Shanghai) Ltd	Subsidiary	Shanghai	China	Basic Chemical Manufacturing		250
Quest International Indonesia, PT	Subsidiary	Jakarta	Indonesia	Basic Chemical Manufacturing		200
Givaudan Australia Pty Ltd	Subsidiary	Smithfield, NSW	Australia	Basic Chemical Manufacturing		200
Givaudan Japan KK	Subsidiary	Yokohama, Kanagawa Pref	Japan	Basic Chemical Manufacturing		100
Shanghai Givaudan Ltd	Subsidiary	Shanghai	China	Food Manufacturing		100
Givaudan de Mexico SA de CV	Subsidiary	Queretaro	Mexico	Miscellaneous Chemical Manufacturing		100
Givaudan Argentina S.A.	Subsidiary	Buenos Aires	Argentina	Basic Chemical Manufacturing		60
PT Quest International Indonesia	Subsidiary	Jakarta	Indonesia	Food Manufacturing		60
Givaudan (Thailand) Ltd	Subsidiary	Bangkok	Thailand	Food Manufacturing		50
Givaudan Erftstadt GmbH & Co. KG	Subsidiary	Erfstadt	Germany	Food Manufacturing		40
Givaudan - Moscow	Subsidiary	Moscow	Russian Federation	Food Manufacturing		25
Givaudan Singapore Pte Ltd. Philippines	Subsidiary	Pasig	Philippines	Miscellaneous Chemical Manufacturing		24
Givaudan North Europe AB	Subsidiary	Lund	Sweden	Food Manufacturing	2.6	13
Givaudan Aroma ve Esans Sanayi ve Ticaret Ltd. Sti.	Subsidiary	Istanbul	Turkey	Food Manufacturing		10
Givaudan Iberica SA	Subsidiary	Barcelona	Spain	Grocery Wholesale		7
Givaudan NZ Limited	Subsidiary	Auckland	New Zealand	Basic Chemical Manufacturing		3
Givaudan Australia Pty. Ltd.	Subsidiary	Melbourne, VIC	Australia	Food Manufacturing		1
Givaudan Japan KK	Subsidiary	Tokyo	Japan	Food Manufacturing
Givaudan Egypt SAE	Subsidiary	Cairo	Egypt	Miscellaneous Chemical Manufacturing
Givaudan - PT Quest International Indonesia	Subsidiary	Bogor, West Java	Indonesia	Food Manufacturing
Givaudan UK Limited	Subsidiary	Mersey	United Kingdom	Food Manufacturing
Givaudan Nederland B.V.	Subsidiary	Naarden	Netherlands	Miscellaneous Chemical Manufacturing		500
Givaudan Singapore Pte Ltd	Subsidiary	Singapore	Singapore	Miscellaneous Chemical Manufacturing	329.1	353
Givaudan Singapore Pte. Ltd.	Subsidiary	Pasig, NCR	Philippines	Grocery Wholesale	1.6	18
Givaudan Singapore Pte. Ltd. Taiwan Branch	Branch	Taipei City, Taipei	Taiwan	Chemical Wholesale		14
Givaudan Singapore Pte Ltd	Subsidiary	Ho Chi Minh	Viet Nam	Grocery Wholesale
Givaudan South Africa (Pty) Ltd	Subsidiary	Sandton	South Africa	Grocery Wholesale	13.7	300
Givaudan Flavors (Shanghai) Ltd	Subsidiary	Shanghai	China	Miscellaneous Chemical Manufacturing		300
Givaudan Deutschland GmbH	Subsidiary	Dortmund, Nordrhein-Westfalen	Germany	Chemical Wholesale	257.6	275
Givaudan de México, S.A. de C.V.	Subsidiary	Pedro Escobedo, Querétaro	Mexico	Basic Chemical Manufacturing		275
Givaudan Iberica Sa	Subsidiary	Sant Celoni, Barcelona	Spain	Basic Chemical Manufacturing	107.2	213
Givaudan Do Brasil Ltda	Subsidiary	Sao Paulo, SP	Brazil	Miscellaneous Chemical Manufacturing		213
Givaudan Hungary Kft	Subsidiary	Mako	Hungary	Food Manufacturing		170
Givaudan Argentina SA	Subsidiary	Munro, Buenos Aires	Argentina	Pharmaceutical Manufacturing	69.4	150
Givaudan Milton Keynes Ltd	Subsidiary	Milton Keynes	United Kingdom	Grocery Wholesale		70
Givaudan France Arômes SAS	Subsidiary	Argenteuil	France	Grocery Wholesale	67.5	59
P.T. Givaudan Indonesia	Subsidiary	Jakarta	Indonesia	Miscellaneous Chemical Manufacturing		50
Givaudan Nederland Finance BV	Subsidiary	Barneveld	Netherlands	Miscellaneous Chemical Manufacturing		50
Givaudan Specialty Products (Shanghai) Ltd	Subsidiary	Shanghai	China	Miscellaneous Chemical Manufacturing		50
Givaudan (India) Ltd.	Subsidiary	Bengaluru, Karnataka	India	Miscellaneous Chemical Manufacturing		40
Givaudan de Mexico S.A. de C.V.	Subsidiary	Mexico, DF	Mexico	Miscellaneous Chemical Manufacturing		30
Givaudan Italia SpA	Subsidiary	Vimodrone, MI	Italy	Basic Chemical Manufacturing	9.6	28
Givaudan Korea Ltd	Subsidiary	Seoul, Seoul	Korea, Republic of	Grocery Wholesale		26
Givaudan Canada, Inc.	Subsidiary	Mississauga, ON	Canada	Food Manufacturing	13.4	25
Givaudan Korea Ltd.	Subsidiary	Seoul	Korea, Republic of	Miscellaneous Chemical Manufacturing		23
Givaudan UK Limited	Subsidiary	Staines	United Kingdom	Miscellaneous Chemical Manufacturing	25.0	20
Givaudan Korea Ltd	Subsidiary	Seoul	Korea, Republic of	Chemical Wholesale		20
Givaudan Deutschland GmbH	Subsidiary	Hamburg	Germany	Health and Personal Care Wholesale		20
Givaudan Peru SAC	Subsidiary	Lima	Peru	Health and Personal Care Wholesale		11
Givaudan Chile Ltda.	Subsidiary	Huechurraba	Chile	Basic Chemical Manufacturing		10
Givaudan Malaysia Sdn. Bhd	Subsidiary	Petaling Jaya, Selangor	Malaysia	Miscellaneous Chemical Manufacturing		9
Givaudan Polska Sp. Z.o.o.	Subsidiary	Warsaw	Poland	Grocery Wholesale		8
Givaudan Hong Kong Ltd.	Subsidiary	Causeway Bay	Hong Kong	Miscellaneous Chemical Manufacturing		4
Givaudan South Africa (Pty) Ltd	Subsidiary	Johannesburg, Gauteng	South Africa	Food Manufacturing	56.2
Givaudan do Brasil Indústria e Comércio de Aromas e Fragrãncias Ltda	Subsidiary	Vinhedo, SP	Brazil	Basic Chemical Manufacturing
Givaudan Venezuela S.A.	Subsidiary	Caracas	Venezuela	Basic Chemical Manufacturing
Givaudan Suisse SA	Subsidiary	Dubai	United Arab Emirates	Basic Chemical Manufacturing
Givaudan Colombia SA	Subsidiary	Bogota	Colombia	Health and Personal Care Wholesale
Givaudan Holdings UK Ltd.	Subsidiary	Ashford	United Kingdom	Banking
Givaudan UK Ltd.	Subsidiary	Milton Keynes	United Kingdom	Miscellaneous Manufacturing	517.0	594
Givaudan UK Ltd.	UK Branch/Trading address	Wirral	United Kingdom	Food Manufacturing	517.0	180
Givaudan Milton Keynes Ltd.	Subsidiary	Ashford	United Kingdom
Givaudan Austria GmbH	Subsidiary	Vienna	Austria	Health and Personal Care Wholesale
Givaudan International SA	Subsidiary	Vernier	Switzerland	Miscellaneous Chemical Manufacturing
Givaudan Participations Sas	Subsidiary	Argenteuil	France	Miscellaneous Wholesale
Givaudan (Thailand) Ltd.	Subsidiary	Bangkok	Thailand	Miscellaneous Chemical Manufacturing
Givaudan CR, S.R.O.	Subsidiary	Prague	Czech Republic	Health and Personal Care Wholesale
Givaudan Scandinavia A/S	Subsidiary	Horsholm	Denmark	Health and Personal Care Wholesale
Givaudan Rus LLC	Subsidiary	Moscow	Russian Federation	Health and Personal Care Wholesale
Givaudan Trading SA	Subsidiary	Vernier	Switzerland	Miscellaneous Wholesale
Givaudan United States, Inc.	Subsidiary	Cincinnati, OH	United States	Miscellaneous Chemical Manufacturing
Givaudan Flavours Corporation	Subsidiary	Cincinnati, OH	United States	Basic Chemical Manufacturing		500
Givaudan Flavors Corp	Branch	Cincinnati, OH	United States	Food Manufacturing	411.6	750
Givaudan Flavors Corp	Branch	Florence, KY	United States	Food Manufacturing	140.0	206
Givaudan Flavors Corp	Branch	East Hanover, NJ	United States	Food Manufacturing	105.9	200
Givaudan Flavors Corporation	Unit	Elgin, IL	United States	Food Manufacturing	76.7	180
Givaudan Flavors Corporation	Unit	Owings Mills, MD	United States	Food Manufacturing		100
Givaudan Flavors Corporation	Unit	Itasca, IL	United States	Food Manufacturing	5.9	50
Givaudan Flavors Corp	Branch	Lakeland, FL	United States	Food Manufacturing	19.6	47
Givaudan Flavors and Fragrances, Inc.	Subsidiary	Cincinnati, OH	United States	Miscellaneous Chemical Manufacturing		250
Givaudan Fragrances Corporation	Subsidiary	East Hanover, NJ	United States	Basic Chemical Manufacturing	1.0	200
Givaudan Fragrances Corporation	Subsidiary	Mount Olive, NJ	United States	Miscellaneous Chemical Manufacturing		180
Givaudan Fragrances Corp	Branch	New York, NY	United States	Miscellaneous Chemical Manufacturing	77.4	99
Givaudan Flavours And Fragrances Indonesia, Pt	Subsidiary

Executives Report

Board of Directors

Name	Title	Function
Jürg Witmer	Member of the Committees of the Board;Chairman of the Board of Directors	Chairman
Biography: Dr Jürg Witmer Chairman of the Board of Directors Attorney, Swiss national, born in 1948 Non-executive First elected in 1999 Current term of office expires in 2015 Chairman of the Board of Directors of Clariant AG (until March 2012), Vice-Chairman of the Board of Syngenta AG, member of the Board of Zuellig Group, Hong Kong (since July 2012). Jürg Witmer joined Roche (1978) in the legal department and subsequently held a number of positions including Assistant to the CEO, General Manager and China Project Manager of Roche Far East in Hong Kong, Head of Corporate Communications and Public Affairs at Roche headquarters in Basel, Switzerland, and General Manager of Roche Austria. He was appointed CEO of Givaudan in 1999 and became Chairman of the Board of Directors in 2005. He has a doctorate in law from the University of Zurich, as well as a degree in international studies from the University of Geneva.
André Hoffmann	Vice - Chairman;Member of the Committees of the Board	Vice-Chairman
Biography: André Hoffmann Vice-Chairman Businessman, Swiss national, born in 1958 Non-executive First elected in 2000 Current term of office expires in 2015 Vice-Chairman of the Board of Roche Holding Ltd, Member of the Board of Amazentis SA, Genentech Inc, Glyndebourne Productions Ltd, INSEAD and Inovalon Inc. Chairman of FIBA - Fondation Internationale du Banc d'Arguin, Fondation MAVA, Massellaz SA as well as Nemadi Advisors Ltd. Vice-President of Fondation Tour du Valat and WWF International. André Hoffmann became Head of Administration of the Station Biologique de la Tour du Valat in France (1983) and then joined James Capel and Co. Corporate Finance Ltd, London as an associate at the Continental Desk (1985), and later became Manager for European Mergers and Acquisitions. He joined Nestlé UK, London as a brand manager (1991). He studied economics at the University of St. Gallen and holds a Master of Business Administration from INSEAD.
Lilian Biner	Director	Director/Board Member
Irina Bois	Member of the Committees of the Board;Director	Director/Board Member
Michael Carlos	Member of The Executive Committee	Director/Board Member
Biography: Michael Carlos President Fragrance Division Joined in 1984, born in 1950 French national Vice-Chairman of the International Fragrance Association (IFRA), Chairman of the Research Institute of Fragrance Materials. He began his career with Givaudan (1984) as General Manager in Hong Kong. He became Head of the European Creative Centre in Argenteuil (1992) where he was in charge of integrating the creative resources from Givaudan and Roure. He was appointed Global Head of Consumer Products (1999) and then President of the Fragrance Division (2004). Born in 1950, Michael Carlos is a French national and has an MBA from the Indian Institute of Management and a degree in chemical engineering from the Indian Institute of Technology.
Paul Chatters	Director	Director/Board Member	.
Age: 57
Joe Fabbri	Member of The Executive Committee	Director/Board Member
Biography: Joe Fabbri Head of Global Human Resources, EHS and Chair of Sustainability Joined in 1989, born in 1958 Canadian national He joined Givaudan (1989) as Operations Director responsible for commissioning the Canadian manufacturing facility. Moving to the USA (1996) he was appointed Head of Operations at East Hanover, New Jersey. Based in Switzerland, he led various regional operations projects before becoming Head of Flavours Operations, EAME (2001), Head of Global Flavours Operations (2004), and Head of Global Human Resources (2008). In addition to his Human Resource responsibilities he is responsible for Global Sustainability (2008), and Global Environmental, Health and Safety (2010). From 2009 to 2012 he was also responsible for the Global Indirect Procurement organisation. Born in 1958 in Ontario, Canada, Joe Fabbri graduated in mechanical engineering technology, is a licensed Professional Engineer of Ontario, Canada and spent the first years of his career in various engineering roles before moving into operations management.
Adrien Gonckel	Chief Information Officer;Member of The Executive Committee	Director/Board Member
Biography: Adrien Gonckel Chief Information Officer Joined in 1982, born in 1952 French National He began his career with F. Hoffmann-La Roche Ltd, (Basel) in the IT department (1973). He worked for Roche Belgium, Brussels as Head of IT and with Citrique Belge in charge of systems integration (1975-1978). He rejoined F. Hoffmann-La Roche Ltd, Basel (1978), taking European leadership of its IT coordination, moving then to the Roche subsidiary Roure-Bertrand-Dupont in Argenteuil, France as Head of Group IT (1982) before becoming Givaudan-Roure's Head of Group IT (1992). Born in 1952, Adrien Gonckel is a French national. He completed a Masters in IT at the University of Belfort and Lyon, France.
Mauricio Graber View Email	Member of The Executive Committee	Director/Board Member
Biography: Mauricio Graber President Flavour Division Joined in 1995, born in 1963 Mexican national President of the International Organisation of the Flavour Industry (IOFI) from October 2010 to October 2012. He began his career with Givaudan (1995) as Managing Director for Latin America with Tastemaker. When Tastemaker was acquired by Givaudan, he became Managing Director for Mexico, Central America and the Caribbean before becoming Vice President for Latin America (2000). He then was appointed President of the Givaudan Flavour Division (2006). Born in 1963, he is a Mexican national and has a BSc in Electronic Engineering from Universidad Autónoma Metropolitana and a Masters in Management from the JL Kellogg Graduate School of Management, Northwestern University, USA.
Peter Kappeler	Member of the Committees of the Board;Director	Director/Board Member
Biography: Peter Kappeler Director Businessman, Swiss national, born in 1947 Non-executive First elected in 2005 Current term of office expires in 2014 Member of the Board of Directors of Cendres et Métaux SA, Schweizerische Mobiliar Holding AG, Schweizerische Mobiliar Genossenschaft. Peter Kappeler has served in different industrial and banking companies. For 17 years, he was head of BEKB/BCBE (Berner Kantonalbank), from 1992 to 2003 as CEO and until 2008 as Chairman of the Board of Directors. He acts as owner or co-owner of some small industrial and start-up companies and is also a member of various boards, including the Summer Academy Foundation at the Paul Klee Center. He holds a Master of Business Administration from INSEAD as well as a degree in engineering from the ETH Zürich.
Carmel Mary Mulvey	Director	Director/Board Member
Age: 42
Thomas Rufer	Member of the Committees of the Board	Director/Board Member
Biography: Thomas Rufer Director Certified Public Accountant, Swiss national, born in 1952 Non-executive First elected in 2009 Current term of office expires in 2015 Member of various public and private bodies such as Vice-Chairman of the Board of Directors and Chairman of the Audit Committee of the Berner Kantonalbank, Chairman of the Board of Directors of the Federal Audit Oversight Authority and Member of the Swiss Takeover Board. Thomas Rufer joined Arthur Andersen (1976) where he held several positions in audit and business consulting (accounting, organisation, internal control and risk management). He was Country Managing Partner for Arthur Andersen Switzerland (1993-2001). Since 2002, he has been an independent consultant in accounting, corporate governance, risk management and internal control. He holds a degree in business administration (économiste d'entreprise HES) and is a Swiss Certified Public Accountant.
Nabil Y. Sakkab	Director	Director/Board Member
Biography: Dr Nabil Y. Sakkab Director Businessman, US national, born in 1947 Non-executive First elected in 2008 Current term of office expires in 2014 Member of the Board of Altria Group Inc, Celltex Therapeutics Corporation, PharNext S.A.S, Chairman BiOWiSH Technologies, Creata Ventures and Deinove SA. Advisory Professor at Tsinghua University, Beijing. Nabil Y. Sakkab joined Procter & Gamble in Cincinnati (1974) and retired from the same company (2007) as Senior Vice-President, Corporate Research and Development. During this time, he served on P&G's Leadership Council and the Innovation Committee of P&G's Board of Directors. He is the author of several scientific and innovation management publications and co-inventor on more than 27 patents. Nabil Y. Sakkab graduated from the American University of Beirut with a BSc in chemistry and from the Illinois Institute of Technology with a PhD in chemistry.
Caroline Jane Stiffell	Secretary	Director/Board Member
Age: 48
Matthias Währen	Chief Financial Officer;Member of The Executive Committee	Director/Board Member

Executives

Name	Title	Function
Gordon Sanders View Email	Environmental Toxicology Manager	Environment/Safety Executive
Caroline Jane Stiffell	Secretary	Company Secretary
Age: 48
Matthias Währen	Chief Financial Officer;Member of The Executive Committee	Finance Executive
Olivier Resnik View Email	Key Accounts Manager Givaudan Flavors	Accounting Executive
Jackie Brooker	Global Head of Talent Management	Human Resources Executive
Dawn Lilley	HR Manager	Human Resources Executive
Samir Haziq View Email	Sales Manager	Sales Executive
Ron Stark View Email	Director of Sales	Sales Executive
Filippo Evangelista View Email	Vice President Global Projects	International Executive
Scott Keller View Email	Vice President, Global Technology Applications	International Executive
Michael Peters View Email	Director of Global Flavour Creation Technology	International Executive
Mike Size View Email	Global Head of Beverages. Givaudan	International Executive
Robin Storey	EMEA IT Coordinator	International Executive
Rona Weekes View Email	Head of Global Marketing, Consumer Understanding & Sensory	International Executive
Heather Carolan View Email	Manager R and T Marketing	Marketing Executive
Mark Rainey View Email	Savoury Marketing Director	Marketing Executive
Yvonne Hockey	Creative Fragrance Director	Advertising Executive
Adrien Gonckel	Chief Information Officer;Member of The Executive Committee	Information Executive
Biography: Adrien Gonckel Chief Information Officer Joined in 1982, born in 1952 French National He began his career with F. Hoffmann-La Roche Ltd, (Basel) in the IT department (1973). He worked for Roche Belgium, Brussels as Head of IT and with Citrique Belge in charge of systems integration (1975-1978). He rejoined F. Hoffmann-La Roche Ltd, Basel (1978), taking European leadership of its IT coordination, moving then to the Roche subsidiary Roure-Bertrand-Dupont in Argenteuil, France as Head of Group IT (1982) before becoming Givaudan-Roure's Head of Group IT (1992). Born in 1952, Adrien Gonckel is a French national. He completed a Masters in IT at the University of Belfort and Lyon, France.
Larry Stephens View Email	Innovation Knowledge Manager	Information Executive
Randy Works View Email	Information Technology Manager	Information Executive
Robert Brausch View Email	Technical Services Engineer	Engineering/Technical Executive
Ian Day	Head of Engineering	Engineering/Technical Executive
Irina Diaz View Email	Food Engineer	Engineering/Technical Executive
Arun Viswanath View Email	Asia Head, Technology + Innovation	Engineering/Technical Executive
Tarun Bhowmik View Email	Res Scientist	Research & Development Executive
Jason Jordan View Email	Research Scientist	Research & Development Executive
Gregory Sherman View Email	Senior Research Scientist	Research & Development Executive
Richard Rowthorm View Email	Infrastructure Manager	Facilities Executive
Michael Borgmann View Email	Purchaser Givaudan Deutschland Gmbh	Purchasing Executive
Bruce Bachmeier	Member of the RETIRED	Other
Biography: Bruce Bachmeier Retired in 2008 Mr. Bachmeier completed a Bachelor of Science Degree from the Idaho State University in 1980 and then joined Kraft General Foods. In 1983 he joined H.J. Heinz Inc. In 1990 he was named Director-Human Resources for MCI Telecommunications. He then moved on to become Director-Human Resources for 'Avantel', an expatriate joint venture between MCI Telecommunications and Bannacci in Mexico where he remained until 1994 when he was appointed Director-Human resources for Bertlesman Entertainment. Mr. Bachmeier joined the Givaudan Roure Corporation in 1995 as Senior Vice President Human Resources and in 1999 was named Head of Group Human Resources, based in Vernier Switzerland.
Calice Becker View Email	Executive Perfumer Vice President	Other
Stuart Brazil View Email	Electrical Projects Manager	Other
Natasha Cote View Email	Perfumer	Other
Michael E. Davis	Member of the RETIRED	Other
Biography: Michael E. Davis Retired in 2006 Born in Cincinnati, Ohio (US), in 1947, Mr. Davis received a BBA degree in Economics in 1969 and an MBA degree in Finance in 1974, both from the University of Cincinnati. Mr. Davis joined the firm of Fries & Fries in 1976 where he held various operating and management positions until 1988 when he was named President. In February 1992, upon the formation of Tastemaker, he assumed the position of President and Chief Executive Officer and held that position until Givaudan acquired Tastemaker in April 1997. In April 1999, he was named President of Givaudan Flavours. Mr. Davis has over 25 years' experience in the flavours industry and has served as a board member and president of both the Flavor and Extract Manufacturers' Association (FEMA) and the International Organization of the Flavor Industry (IOFI).
John Edward	Member of the RETIRED	Other
Dietrich Fuhrmann	Member of the RETIRED	Other
Biography: Dietrich Fuhrmann Retired in 2010 Member of the Board of Logistable Ltd. Dietrich Fuhrmann started his career with Hoechst AG, Frankfurt/Main (1969). He joined Dragoco GmbH (1983) where he was appointed Managing Director, and later Executive Vice President, COO, (Dragoco AG) with responsibility for Flavours and Fragrances. He became Chairman and CEO for Food Ingredients Specialities SA (FIS), the food ingredient division of Nestlé in 1998, before its acquisition by Givaudan in 2002. He holds a Master of Business Administration from the Johann Wolfgang Goethe University in Frankfurt/Main.
Klaus Gassenmeier View Email	Savor Specialist	Other
Olivier Gillotin View Email	Senior Perfumer, Vice President	Other
Ian Gordon	Director	Other
Subhash Gottipati View Email	Project Lead, Sap Crm Applications	Other
Jacques Huclier View Email	Parfumeur Senior	Other
Rachel Liggett View Email	Sensory Project Manager	Other
Henri B. Meier	director of the Grand Hotel Victoria - Jungfrau AG	Other
Biography: Dr Henri B. Meier Retired in 2005 Dr Henri B. Meier has a master's degree and a Ph.D. in economics and business administration from the Graduate School of Economics and Business Administration, University of St. Gallen. He also conducted post-graduate studies at Columbia University, New York. In 1956, he received his first practical experience as Bookkeeper, Accountant and General Accountant of Williams Brothers Co., in Caracas, Venezuela. He joined the World Bank Group in Washington in 1965 and worked as Financial Analyst at the International Finance Corporation and as Economist, Loan and Investment Officer and Division Chief at the World Bank. In 1974, he became a member of the Management Committee of Motor Columbus Ing AG in charge of Marketing and Financing. Dr Meier thereafter became a member of the Management Committee of Handelsbank National Westminster, Zurich, in 1979 in charge of building up investment banking. In 1986, he became a member of the Executive Committee of the Roche Group and Group Chief Financial Officer and a member of the Strategy Committee, and in 1994 was named a member of the Board of Roche Holding Ltd, Basel. He was named Chairman of the Board of Givaudan in March 2000 and retired at the General Assembly of 2005. Dr Meier is also a director of the Grand Ho Victoria-Jungfrau AG, Roche Holding AG, HBM BioVentures AG, Privatbank IHAG, Eufra Holding AG and a member of the Board of several foundations and start-up companies. Dr Meier is the holder of many awards in international finance, M&A, etc. as well as a Dr h.c. of the University of Basel. He is the author of many books and articles.
John Mullins View Email	Manager, Desktop Support	Other
Collin Ong View Email	People Management, Apac	Other
Michael Papas View Email	Vice President - Executive Perfumer - Givaudan Fragrances Corporation	Other
Collette Perozzi View Email	Sensory Manager	Other
Henner Schierenbeck	Member of the RETIRED	Other
Biography: Prof Dr Henner Schierenbeck Retired in 2012 Professor emeritus of Bank Management and Controlling at the University of Basel, scientific adviser for the ‘Zentrum für Ertragsorientiertes Bankmanagement' (Münster/Westfalen), Member of the Supervisory Board of DIA Consult AG. Henner Schierenbeck became a Professor of Accounting (1978), and of Banking (1980), at the University of Münster. He became Professor of Bank Management and Controlling at the University of Basel (1990). He holds a PhD from the University of Freiburg, together with two honorary doctoral degrees from the State University of Riga, Latvia and Mercator School of Management, Duisburg, Germany.
Errol G.W. Stafford	Member of the RETIRED	Other
James Steinke View Email	Senior Vice President, Flavor Creat	Other
Matthew Stone View Email	Strategic Initiatives	Other
Flavio Venturi View Email	Executive Vice President	Other
Othmar Vock	Member of the RETIRED	Other
Biography: Othmar Vock Retired in 2004 A native of Switzerland born in 1943, Othmar Vock completed a Swiss Federal diploma in finance administration, complemented with a degree in foreign trade and a post graduation from IMD in business management. He began his career in São Paolo, Brazil where he worked as Head of Treasury and Finance Management for Ciba-Geigy. In 1975 Mr. Vock returned to Switzerland with Ciba-Geigy where he was Head of Commercial Finance Department. In 1985 he joined the F. Hoffmann-La Roche organisation as Head of Group Finance for the Europe and Africa region. In 1987 he headed the international company controlling and in 1990 he became the Head of Internal Audit. He joined Givaudan in 1994 as Chief Financial Officer and retired in December 2004.
Santi Vorster View Email	Flavorist	Other
Rita Zellweger View Email	Givaudan Suisse Sa	Other

Directors and Shareholders Report

Annual Return Date: 09 Jun 2013
Total Issued Capital (GBP 000): 70

Individual Directors
Name	Status	DOB	Filed Address	Appointment Date	Resignation Date	Summary of Directorships
Carmel Mary Mulvey	Current	22 Apr 1971	Finance Building Kennington Road, Ashford, Kent TN24 0LT	07 Nov 2012	NA	Current:3 Previous:0 Disqualifications:0
Paul Chatters	Current	26 Dec 1955	Finance Building Kennington Road, Ashford, Kent TN24 0LT	13 Apr 2007	NA	Current:1 Previous:0 Disqualifications:0
Richard Gerald Suthers	Previous	08 Oct 1952	35 The Boundary, Tunbridge Wells, Kent TN3 0YA	02 Sep 1991	30 Nov 1999	Current:0 Previous:5 Disqualifications:0
Michael David Rickard	Previous	08 Sep 1943	42 Beryl Road, Noctorum, Prenton, Merseyside CH43 9RT	17 Jul 1991	16 Jun 1997	Current:0 Previous:4 Disqualifications:0
Richard Paul Furlong	Previous	31 Jul 1945	69 Seabrook Road, Hythe, Kent CT21 5QW	17 Jul 1991	NA	Current:2 Previous:4 Disqualifications:0
Michael John Samuel	Previous	04 Jan 1947	Unilever House 100 Victoria Embankment, London , London EC4Y 0DY	13 Jun 1997	08 Jul 1997	Current:5 Previous:31 Disqualifications:0
Sergio Marcello Alberto Lecchini	Previous	16 Aug 1939	Drossaardlaan 12, Huizen 1272 Pp	17 Jul 1991	31 Jul 1997	Current:0 Previous:1 Disqualifications:0
Brian James Willis	Previous	19 Oct 1945	Windleaves, Fleet Hill, Canterbury, Kent CT2 9LZ	17 Jul 1991	31 Dec 1995	Current:0 Previous:1 Disqualifications:0
John Hunter	Previous	26 Jan 1966	Wayside Manor Road, Beaconsfield, Buckinghamshire HP9 2QU	25 Aug 2004	02 Mar 2007	Current:0 Previous:17 Disqualifications:0
Julianne Cheryl Jane Coutts	Previous	29 Jan 1959	18 Priory Avenue, Chiswick, London , London W4 1TY	13 Jun 1997	08 Jul 1997	Current:0 Previous:92 Disqualifications:0
Stephanie Jane Senior	Previous	22 Nov 1958	Lower Engeham House, Ashford, Kent TN26 3PU	13 Apr 2006	30 Apr 2009	Current:1 Previous:1 Disqualifications:0
Geoffrey Forrest	Previous	10 Sep 1946	The Beeches, 32 Station Road, Hythe, Kent CT21 5PR	03 Feb 1992	30 Apr 2001	Current:0 Previous:2 Disqualifications:0
Robert David Leek	Previous	10 Jan 1965	40 Loveridge Road, London , London NW6 2DT	13 Jun 1997	08 Jul 1997	Current:0 Previous:8 Disqualifications:0
Michael John Edward Rivett	Previous	28 Jul 1940	61 Park End, Bromley, Kent BR1 4AW	13 Jun 1997	08 Jul 1997	Current:1 Previous:25 Disqualifications:0
James Martin Mccarthy	Previous	09 Feb 1966	23 Weald Road, Sevenoaks, Kent TN13 1QQ	26 Mar 2001	06 Jul 2007	Current:4 Previous:2 Disqualifications:0
Yvonne Hockey	Previous	08 Aug 1956	Finance Building Kennington Road, Ashford, Kent TN24 0LT	19 May 2009	07 Nov 2012	Current:0 Previous:2 Disqualifications:0
Robert Michael Tomlinson	Previous	10 Feb 1947	89 Cambridge Road, West Wimbledon, London SW20 0PU	13 Jun 1997	08 Jul 1997	Current:0 Previous:37 Disqualifications:0
Paul Neely	Previous	14 Jul 1960	54 Mountfield Road, London , London N3 3NP	13 Jun 1997	08 Jul 1997	Current:1 Previous:19 Disqualifications:0
Jean Pierre Houri	Previous	11 Aug 1944	47 Carlton Leas, The Leas, Folkestone, Kent CT20 2DJ	02 Nov 1992	01 Jan 2005	Current:0 Previous:1 Disqualifications:0
Anthony Atkinson	Previous	11 Feb 1946	Rathkeale, Castle Road Saltwood, Hythe, Kent CT21 4QZ	08 Feb 1994	13 Apr 2006	Current:1 Previous:4 Disqualifications:0
Peter Alan Midwood	Previous	24 Apr 1948	George Cottage, Ford Lane, West Malling, Kent ME19 5DP	NA	30 Oct 1992	Current:0 Previous:5 Disqualifications:0

Corporate Directors

There are no corporate directors for this company.

Individual Secretaries
Name	Status	DOB	Filed Address	Appointment Date	Resignation Date	Summary of Directorships
Caroline Jane Stiffell	Current	30 Oct 1964	15 Thornton Close, Willesborough Lees, Ashford, Kent TN24 0QU	02 Mar 2007	NA	Current:4 Previous:0 Disqualifications:0
Emma Winchester	Previous	17 Jun 1977	The Coach House, 173A Merton Road, Wimbledon, London SW19 1EE	19 Jan 2004	02 Mar 2007	Current:2 Previous:23 Disqualifications:0
Margaret Wilhelmina Grosset	Previous	26 Oct 1951	7 Arnprior Place, Ayr, South Ayrshire KA7 4PT	08 Jul 1997	18 Aug 2000	Current:0 Previous:29 Disqualifications:0
Sonia Jane Whiteside	Previous	20 Mar 1971	40B Albion Road, Stoke Newington, Stoke Newington, London N16 9PH	18 Aug 2000	14 Nov 2001	Current:0 Previous:28 Disqualifications:0
Michael John Edward Rivett	Previous	28 Jul 1940	61 Park End, Bromley, Kent BR1 4AW	26 Feb 1993	29 Jun 1995	Current:1 Previous:25 Disqualifications:0
Scott Macdonald Irvine	Previous	26 Feb 1973	69 Streatham Court, Streatham High Road, Streatham, London SW16 1DJ	14 Nov 2001	19 Jan 2004	Current:0 Previous:29 Disqualifications:0
Barry John Wakefield	Previous	NA	The Old Manse, 27 High Street, Huntingdon, Cambridgeshire PE26 1AE	30 Jun 1995	08 Jul 1997	Current:0 Previous:88 Disqualifications:0

Corporate Secretaries

There are no corporate secretaries for this company.

Individual Shareholders

There are no individual shareholders for this company.

Corporate Shareholders
Company Name	Registration Number	Share Details (As Reported)	Share Type	# of Shares	Share Price (GBP)	Share Value (GBP)	% of Total Shares
Givaudan Holdings UK Limited	06044157	70000 Ordinary GBP 1.00	Ordinary	70,000	1.00	70,000.00	100.00

Annual Profit & Loss

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

Financial Glossary

	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007
Period Length	52 Weeks	52 Weeks	52 Weeks	52 Weeks	52 Weeks
Filed Currency	GBP	GBP	GBP	GBP	GBP
Exchange Rate (Period Average)	0.623776	0.647573	0.641508	0.545576	0.499878
Consolidated	No	No	No	No	No
Turnover (UK)	-	-	107.6	-	101.4
Turnover (Exports)	-	-	306.2	-	503.6
Total Turnover	517.0	430.8	413.8	572.9	605.0
Cost of Sales	349.8	297.1	274.1	340.7	304.6
Gross Profit	167.2	133.7	139.8	232.2	300.4
Depreciation	6.5	15.4	5.8	8.1	6.6
Other Expenses	132.5	136.7	126.0	232.1	237.2
Operating Profit	34.7	-3.1	-	0.1	63.2
Other Income	0.2	0.2	0.5	4.7	10.9
Interest Paid	15.5	1.2	2.0	2.6	14.2
Exceptional Income	0.0	0.0	-0.4	0.0	0.0
Discontinued Operations	0.0	0.0	0.0	1.3	0.0
Profit Before Taxes	19.5	-4.1	12.0	2.3	59.9
Tax Payable / Credit	0.7	-1.2	-4.3	-6.5	8.6
Extraordinary Items/Debits	0.0	0.0	0.0	0.0	0.0
Dividends	-	0.0	0.0	0.0	0.0
Profit After Taxes	18.8	-2.9	16.3	8.8	51.2
Minority Interests (Profit & Loss)	-	-	0.0	0.0	0.0
Audit Fees	0.1	0.2	0.2	0.2	0.1
Non Audit Fees	-	0.0	0.4	0.5	0.3
Number of Employees	594	595	624	667	647
Wages	38.4	36.6	38.3	42.3	45.2
Social Security Costs	4.5	3.9	3.4	4.6	5.5
Pensions	0.1	0.1	0.0	0.0	0.0
Other Pension Costs	6.9	0.0	9.8	9.1	10.0
Employees Remuneration	49.8	40.5	51.5	56.0	60.7
Directors Emoluments	0.4	0.4	0.5	0.7	0.7
Other Costs	0.0	0.0	0.0	0.1	0.2
Directors Remuneration	0.5	0.4	0.6	0.8	0.9
Highest Paid Director	0.2	0.2	0.2	0.6	0.6

Annual Balance Sheet

Financials in: USD (mil)

Financial Glossary

	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007
Filed Currency	GBP	GBP	GBP	GBP	GBP
Exchange Rate	0.643459	0.638712	0.619253	0.695531	0.502361
Consolidated	No	No	No	No	No
Land & Buildings	45.4	41.2	25.0	26.1	34.7
Fixtures & Fittings	0.0	0.0	0.0	0.0	0.0
Plant & Vehicles	16.5	18.5	24.0	20.4	33.3
Total Tangible Fixed Assets	61.9	59.7	49.0	46.5	68.0
Intangible Assets	14.6	14.7	13.4	13.5	20.9
Investments	26.3	21.6	0.0	0.0	0.0
Total Fixed Assets	102.8	96.0	62.4	60.0	88.9
Stocks	-	-	-	32.7	85.5
Work in Progress	-	-	-	3.6	10.4
Total Stocks Work In Progress	60.8	57.5	41.4	36.3	95.9
Trade Debtors	-	-	64.5	65.3	118.1
Inter-Company Debtors	-	0.0	21.3	45.8	64.1
Director Loans	-	0.0	-	-	-
Other Debtors	110.4	103.6	9.6	11.3	6.3
Total Debtors	110.4	103.6	95.4	122.3	188.5
Cash and Equivalents	59.3	34.6	48.9	9.2	19.5
Other Current Assets	1.0	0.0	0.0	0.0	0.0
Total Current Assets	231.4	195.7	185.7	167.9	303.9
Total Assets	334.3	291.8	248.2	227.9	392.8
Trade Creditors	59.5	38.5	27.5	26.6	70.3
Bank Overdraft	0.0	0.0	0.0	-	-
Inter-Company Creditors	54.9	55.3	68.0	51.1	88.4
Director Loans (Current Liability)	0.0	0.0	0.0	-	-
Hire Purchase (Current Liability)	0.0	0.0	0.0	-	-
Finance Lease (Current Liability)	0.0	0.0	0.0	-	-
Total Finance Lease/Hire Purchase (Current Liability)	0.0	0.0	0.0	-	-
Total Short Term Loans	0.0	0.0	0.0	-	-
Accruals/Deferred Income (Current Liability)	13.8	21.4	9.0	12.7	16.4
Social Security/VAT	0.0	9.9	2.9	2.9	0.7
Corporation Tax	3.8	-	0.0	-	9.2
Dividends (Current Liability)	-	-	0.0	-	-
Other Current Liabilities	15.1	13.6	0.2	0.4	35.6
Total Current Liabilities	147.2	138.7	107.6	93.7	220.7
Group Loans (Long Term Liability)	0.0	0.0	0.0	0.0	0.0
Director Loans (Long Term Liability)	0.0	0.0	0.0	0.0	0.0
Hire Purchase (Long Term Liability)	0.0	0.0	0.0	0.0	0.0
Leasing (Long Term Liability)	0.0	0.0	0.0	0.0	0.0
Total Hire Purchase Loans (Long Term Liability)	0.0	0.0	0.0	0.0	0.0
Other Long Term Loans	0.0	0.0	0.0	0.0	0.0
Accruals/Deferred Income (Long Term Liability)	0.0	0.0	0.0	0.0	0.0
Other Long Term Liabilities	0.0	0.0	0.0	0.0	0.0
Total Long Term Liabilities	0.0	0.0	0.0	0.0	0.0
Deferred Taxation	9.0	-	-	0.0	1.9
Other Provisions	0.3	12.7	28.5	9.5	10.6
Total Provisions	9.2	12.7	28.5	9.5	12.5
Issued Capital	0.1	0.1	0.1	0.1	0.1
Share Premium Accounts	0.0	0.0	0.0	0.0	0.0
Revaluation Reserve	0.0	0.0	0.0	0.0	0.0
Retained Earnings	176.4	139.2	111.9	124.6	159.5
Other Reserves	1.3	1.1	0.0	0.0	0.0
Minority Interests (Balance Sheet)	0.0	0.0	0.0	0.0	0.0
Total Shareholders Funds	177.9	140.4	112.0	124.7	159.6
Net Worth	163.3	125.7	98.6	111.2	138.7

Annual Cash Flows

Financials in: USD (mil)

Financial Glossary

	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007
Period Length	52 Weeks	52 Weeks	52 Weeks	52 Weeks	52 Weeks
Filed Currency	GBP	GBP	GBP	GBP	GBP
Exchange Rate (Period Average)	0.623776	0.647573	0.641508	0.545576	0.499878
Consolidated	No	No	No	No	No

Annual Ratios

Financials in: USD (mil)

	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007
Period Length	52 Weeks	52 Weeks	52 Weeks	52 Weeks	52 Weeks
Filed Currency	GBP	GBP	GBP	GBP	GBP
Exchange Rate	0.643459	0.638712	0.619253	0.695531	0.502361
Consolidated	No	No	No	No	No
Current Ratio	1.57	1.41	1.73	1.79	1.38
Liquidity Ratio	1.16	1.00	1.34	1.40	0.94
Stock Turnover	8.25	7.59	10.34	12.37	6.28
Credit Period (Days)	-	-	54.92	53.03	71.59
Working Capital by Sales	16.81%	13.06%	18.23%	16.51%	13.83%
Trade Credit by Debtors	-	-	0.43	0.41	0.60
Return on Capital	10.09%	-2.70%	8.83%	1.32%	34.61%
Return on Assets	5.65%	-1.42%	5.00%	0.77%	15.16%
Profit Margin	3.77%	-0.95%	2.90%	0.39%	9.89%
Return on Shareholders Funds	10.61%	-2.95%	11.08%	1.42%	37.32%
Borrowing Ratio	33.65%	44.03%	68.93%	45.95%	63.77%
Equity Gearing	53.21%	48.12%	45.14%	54.72%	40.63%
Interest Coverage	1.26	-3.39	6.12	0.88	4.21
Sales by Tangible Assets	8.09	7.32	8.74	9.67	8.86
Average Remuneration per Employee	0.1	0.1	0.1	0.1	0.1
Profit per Employee	0.0	0.0	0.0	0.0	0.1
Sales per Employee	0.8	0.7	0.7	0.7	0.9
Capital Employed per Employee	0.3	0.3	0.2	0.2	0.3
Tangible Assets per Employee	0.1	0.1	0.1	0.1	0.1
Total Assets per Employee	0.6	0.5	0.4	0.3	0.6
Employee Remuneration by Sales	9.64%	9.41%	12.44%	9.77%	10.04%
Creditor Days (Cost of Sales Based)	64.06	46.62	35.38	36.27	84.67
Creditor Days (Sales Based)	43.35	32.15	23.43	21.57	42.62

Bottom of Form

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.68.36
UK Pound	1	Rs.106.03
Euro	1	Rs.91.47

INFORMATION DETAILS

Report Prepared by :

PRL

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.