MIRA INFORM REPORT

Report Date :

28.06.2013

IDENTIFICATION DETAILS

Name :	NESTLE PAKISTAN LTD.

Registered Office :	308 Upper Mall, Lahore, 54000

Country :	Pakistan

Financials (as on) :	31.12.2012

Date of Incorporation :	15.01.1979

Legal Form :	Public Subsidiary Company

Line of Business :	Subject is engaged in manufacturing, processing and sale of food products, such as dairy, confectionery, culinary, beverages, infant nutrition and drinking water.

No. of Employees :	2345

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Good

Payment Behaviour :	Regular

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)

Pakistan

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

Pakistan ECONOMIC OVERVIEW

Decades of internal political disputes and low levels of foreign investment have led to slow growth and underdevelopment in Pakistan. Agriculture accounts for more than one-fifth of output and two-fifths of employment. Textiles account for most of Pakistan's export earnings, and Pakistan's failure to expand a viable export base for other manufactures has left the country vulnerable to shifts in world demand. Official unemployment is under 6%, but this fails to capture the true picture, because much of the economy is informal and underemployment remains high. Over the past few years, low growth and high inflation, led by a spurt in food prices, have increased the amount of poverty - the UN Human Development Report estimated poverty in 2011 at almost 50% of the population. Inflation has worsened the situation, climbing from 7.7% in 2007 to almost 12% for 2011, before declining to 10% in 2012. As a result of political and economic instability, the Pakistani rupee has depreciated more than 40% since 2007. The government agreed to an International Monetary Fund Standby Arrangement in November 2008 in response to a balance of payments crisis. Although the economy has stabilized since the crisis, it has failed to recover. Foreign investment has not returned, due to investor concerns related to governance, energy, security, and a slow-down in the global economy. Remittances from overseas workers, averaging about $1 billion a month since March 2011, remain a bright spot for Pakistan. However, after a small current account surplus in fiscal year 2011 (July 2010/June 2011), Pakistan's current account turned to deficit in fiscal year 2012, spurred by higher prices for imported oil and lower prices for exported cotton. Pakistan remains stuck in a low-income, low-growth trap, with growth averaging about 3% per year from 2008 to 2012. Pakistan must address long standing issues related to government revenues and energy production in order to spur the amount of economic growth that will be necessary to employ its growing and rapidly urbanizing population, more than half of which is under 22. Other long term challenges include expanding investment in education and healthcare, adapting to the effects of climate change and natural disasters, and reducing dependence on foreign donors.

Source : CIA

Company name & address

Nestle Pakistan Ltd.

308 Upper Mall

Lahore, 54000

Pakistan

Tel: 92-42-1637853

Fax: 92-42-5789303

Web: www.nestle.pk

synthesis

Employees: 2,345

Company Type: Public Subsidiary

Corporate Family: 1455 Companies

Ultimate Parent: Nestle SA

Traded: Karachi Stock Exchange: NESTLE

Incorporation Date: 15-Jan-1979

Auditor: KPMG Taseer Hadi & Co.

Financials in: USD (Millions)

Fiscal Year End: 31-Dec-2012

Reporting Currency: Pakistan Rupee

Annual Sales: 847.2 1

Net Income: 62.8

Total Assets: 523.4 2

Market Value: 3,059.7 (14-Jun-2013)

Business Description

Nestle Pakistan Limited is a Pakistan-based company engaged in manufacturing, processing and sale of food products, such as dairy, confectionery, culinary, beverages, infant nutrition and drinking water. The Company operates in two segments: Milk and nutrition products, which include milk based products and cereals; and Beverages, which comprise juices and water. Nestle Pakistan operates the biggest milk collection operation in Pakistan. The Company's products are traded under brands, such as NESTLE MILKPAK, NESVITA, NIDO, EVERYDAY, MILKPAK CREAM, NESTLE RAITA and NESTLE ACTIPLUS. Nestle Pakistan collects milk from an estimated 190,000 farmers spread over 145,000 square kilometers in the province of Punjab and Sindh. Nestle Pakistan is the Food & Beverages Company in Pakistan with key focus on Nutrition, Health and Wellness and reaching the remotest of locations throughout Pakistan to serve the consumers. For the three months ended 31 March 2013, Nestle Pakistan Ltd. revenues increased 1% to PKR20.43B. Net income increased 14% to PKR1.89B. Revenues reflect an increase in demand for the Company's products and services due to favorable market conditions. Net income benefited from Finance Cost net decrease of 4% to PKR412.7M (expense), Other Operating Income increase of 31% to PKR49.7M (income).

Industry

Industry Food Processing

ANZSIC 2006: 1131 - Milk and Cream Processing

NACE 2002: 1511 - Production and preserving of meat

NAICS 2002: 311511 - Fluid Milk Manufacturing

UK SIC 2003: 15511 - Liquid milk and cream production

UK SIC 2007: 10511 - Liquid milk and cream production

US SIC 1987: 2026 - Fluid Milk

Key Executives

Name	Title
Magdi Batato	Chief Executive Officer, Managing Director, Director
Raymond Franke	Chief Financial Officer, Director
Zafar Hussain Shah	Head of Sales
Ali Sadozai	Company Secretary
Salman Nazir	Head of Supply Chain

Significant Developments

Topic	#*	Most Recent Headline	Date
Mergers & Acquisitions	2	Nestle Pakistan Ltd Completes Acquisition of Nutrition Business from Wyeth Pakistan Ltd	3-Dec-2012
Dividends	3	Nestle Pakistan Ltd Does Not Recommend Dividend	19-Apr-2013

number of significant developments within the last 12 months

Financial Summary

As of 31-Mar-2013

Key Ratios	Company	Industry
Sales 5 Year Growth	22.87	6.97
Net Profit Margin (TTM) %	7.68	7.06

Stock Snapshot

Traded: Karachi Stock Exchange: NESTLE

As of 14-Jun-2013

Financials in: PKR

Recent Price	6,649.00	EPS	133.30
52 Week High	7,331.62	Price/Sales	3.81
52 Week Low	3,851.00	Dividend Rate	70.00
Avg. Volume (mil)	0.0002	Price/Earnings	42.98
Market Value (mil)	301,529.40	Price/Book	26.08
		Beta	0.77

	Price % Change	Rel S&P 500%
4 Week	-0.02%	-8.91%
13 Week	32.98%	4.21%
52 Week	66.10%	0.62%
Year to Date	39.98%	4.98%

1 - Profit & Loss Item Exchange Rate: USD 1 = PKR 93.34763

2 - Balance Sheet Item Exchange Rate: USD 1 = PKR 97.2

Corporate Overview

Location

308 Upper Mall

Lahore, 54000

Pakistan

Tel: 92-42-1637853

Fax: 92-42-5789303

Web: www.nestle.pk

Quote Symbol - Exchange

NESTLE - Karachi Stock Exchange

Sales PKR(mil): 79,087.7

Assets PKR(mil): 50,872.7

Employees: 2,345

Fiscal Year End: 31-Dec-2012

Industry: Food Processing

Incorporation Date: 15-Jan-1979

Company Type: Public Subsidiary

Quoted Status: Quoted

Chief Executive Officer, Managing Director, Director:

Magdi Batato

Industry Codes

ANZSIC 2006 Codes:

1131 - Milk and Cream Processing

1140 - Fruit and Vegetable Processing

1182 - Confectionery Manufacturing

1211 - Soft Drink, Cordial and Syrup Manufacturing

1162 - Cereal, Pasta and Baking Mix Manufacturing

1133 - Cheese and Other Dairy Product Manufacturing

NACE 2002 Codes:

1511 - Production and preserving of meat

1598 - Manufacture of mineral waters and soft drinks

1561 - Manufacture of grain mill products

1533 - Processing and preserving of fruit and vegetables not elsewhere classified

1551 - Operation of dairies and cheese making

1584 - Manufacture of cocoa, chocolate and sugar confectionery

NAICS 2002 Codes:

311511 - Fluid Milk Manufacturing

311512 - Creamery Butter Manufacturing

312111 - Soft Drink Manufacturing

311230 - Breakfast Cereal Manufacturing

311411 - Frozen Fruit, Juice, and Vegetable Manufacturing

311513 - Cheese Manufacturing

311340 - Nonchocolate Confectionery Manufacturing

US SIC 1987:

2026 - Fluid Milk

2043 - Cereal Breakfast Foods

2064 - Candy and Other Confectionery Products

2021 - Creamery Butter

2022 - Natural, Processed, and Imitation Cheese

2037 - Frozen Fruits, Fruit Juices, and Vegetables

2086 - Bottled and Canned Soft Drinks and Carbonated Waters

UK SIC 2003:

15511 - Liquid milk and cream production

15842 - Manufacture of sugar confectionery

15612 - Manufacture of breakfast cereals and cereals-based foods

15512 - Butter and cheese production

1533 - Processing and preserving of fruit and vegetables not elsewhere classified

1598 - Manufacture of mineral waters and soft drinks

UK SIC 2007:

10511 - Liquid milk and cream production

10612 - Manufacture of breakfast cereals and cereals-based foods

10822 - Manufacture of sugar confectionery

1107 - Manufacture of soft drinks; production of mineral waters and other bottled waters

10512 - Butter and cheese production

1039 - Other processing and preserving of fruit and vegetables

Business Description

More Business Descriptions

Production of milk powder, infant formulas, infant cereals, fruit juices, UHT milk, confectionery and drinking water, and instant coffee

Nestle Pakistan Limited (Nestle Pakistan) is nutrition, health and wellness company. The company manufactures, processes and sells food & beverage products. Its products include dairy, confectionery, culinary, beverages, infant nutrition and drinking water. Nestle Pakistan operates all of its business activities through two main segments, namely, Milk & Nutrition Products Beverages and Others Operation. The company sells its products under brands such as NESTLE MILKPAK, NESVITA, NIDO, EVERYDAY, MILKPAK CREAM, NESTLE CREATIONS, NESTLE RAITA, NESTLE RIWAYATI MAZAA and NESTLE FRUITA VITALS, among others. It operates as a subsidiary company of Nestle S.A. The Milk Products and Nutrition segment Nestle of Pakistan comprises of the product lines including milk, baby food, prepared meals, breakfast cereals, chocolate and confectionery. In the Milk products line, the company offers standardized (Ultra-high temperature processed) UHT milk under the brand name Nestle MilkPak. In the baby food products line, it manufactures cereals for babies older than six months. Nestle Pakistan offers these products with rice, wheat and other key ingredients and flavors according to the age of the babies. The company markets its baby foods under the brand name Cerelac. The segment also includes juices in 200ml and one liter packs, yoghurt and fruit yoghurts and related drinks. During the fiscal year ended December 2012, the segment reported revenue of PKR 66,039.4m, reflecting an increase of 21% over that of previous fiscal year 2011, contributing to 83.5% of its total revenue. In the Prepared Meals category, Nestle Pakistan manufactures and markets ready to cook noodles under the brand name Maggi. The Breakfast cereals product line includes cornflakes and other cereals under the brand names, Nestle Cornflakes, Kokocruncha and Honey Stars. These products are targeted especially for kids. In the chocolate and confectionery product lines, the company manufactures wafers with a chocolate layer. This chocolate and confectionery product line currently operates two brands, Kit Kat and Kit Kat Chunky. Its Beverages segment manufactures instant coffee powder. Nestle Pakistan markets its instant coffee powder under the key brand name Nescafe with three extensions namely Classic, which is the regular brand; Gold, the premium brand and 3 in1, a convenience coffee brand. In addition, the company in this segment also produces bottled water and distributes them under the brand name Pure Life. It sells its drinking water in 330 ml, 0.5 liter and 1.5 liter bottles at retail outlets. Nestle Pakistan also supplies bulk bottles for home and office delivery in 19 and 12 liter bottles. Further, this segment also manufactures fruit juices and markets them under the brand FRUITA VITALS. During the fiscal year ended December 2012, the Beverages segment reported revenue of PKR 12,211.7m, reflecting an increase of 27% over that of previous fiscal year 2011, accounting to 15.4% of the companyâ€™s total revenue. For the fiscal year ended December 2012, its other segment reported revenue of PKR 836.5m, reflecting an increase of 19% over that of previous fiscal year 2011, contributing to 1.1% of the Nestle Pakistanâ€™s total revenue. The company also operates a food services division called Nestle Foodservices. It provides food and beverage solutions in the service industry through this division. Nestle Pakistan holds two production facilities at Sheikhupura and Kabirwala for milk production and two production facilities in Islamabad and Karachi for water processing. The companyâ€™s production sites are certified with ISO 14001/OHSAS 18001 Certification. Geographically, it operates mainly in Pakistan. Nestle Pakistan also exports its products to Afghanistan and also operates a sales office in the country. The company operates as a subsidiary company of Nestle S.A.

Nestle Pakistan Limited (Nestle Pakistan) is a diary products manufacturer. The companyâ€™s activities are in two primary segments such as milk and nutrition products beverages and others operation. Its product portfolio includes milk, yogurt, ghee, cream, coffee, juices, bottled water and instant drinks. Nestle Pakistan markets products under worldwide brand names which include Nesvita, Nestle Milkpak, Nestle Nesvita, Nestle Nido Bunyad, Nestle Nido 1+, Nestle Nido 3+, Nestle Nido, nestle Everyday, MILKPAK Cream, Nestle Creations, Cerelac, Lactogen, Nan, NESCAFE, NESTLE Milo, Kit Kat, Fruita Vitals, Nesfruta, Maggi and Pure Life among others. The company also manufactures infant cereals, breakfast cereals, prepared meals, chocolates, confectionery and culinary products. It operates as a subsidiary of is a subsidiary of Nestle S.A. Nestle Pakistan is headquartered in Lahore, Pakistan.The company reported revenues of (Pakistan Rupee) PKR 79,087.70 million during the fiscal year ended December 2012, an increase of 22.00% over 2011. The operating profit of the company was PKR 9,645.80 million during the fiscal year 2012, an increase of 30.46% over 2011. The net profit of the company was PKR 5,864.51 million during the fiscal year 2012, an increase of 25.62% over 2011.

Dairy Product (except Frozen) Manufacturing

Brand/Trade Names

Milkpak

Nido

Everyday

Cerelac

Milo

Nestle Pure Life

Maggi

Ava

Nestlebutter

Financial Data

Financials in:	PKR(mil)

Revenue:	79,087.7
Net Income:	5,864.5
Assets:	50,872.7
Long Term Debt:	15,367.0
Total Liabilities:	39,312.5
Working Capital:	-0.3

Date of Financial Data:	31-Dec-2012

1 Year Growth

22.0%

25.6%

44.6%

Market Data

Quote Symbol:	NESTLE
Exchange:	Karachi Stock Exchange
Currency:	PKR
Stock Price:	6,649.0
Stock Price Date:	06-14-2013
52 Week Price Change %:	66.1
Market Value (mil):	301,529,408.0

SEDOL:	6593054
ISIN:	PK0025101012

Equity and Dept Distribution:
06/2005, Company name changed from Nestle Milkpak Limited.

Shareholders

Major Shareholders

NestlÃ© SA, Switzerland (59%)

Key Corporate Relationships

Auditor:	KPMG Taseer Hadi & Co.
Bank:	Faysal Bank Limited, Citibank NA, Deutsche Bank AG, Habib Bank Limited, MCB Bank Limited, Standard Chartered Bank (Pakistan) Limited, United Bank Limited, National Bank of Pakistan Limited, Allied Bank Limited, Barclays Bank PLC, Bank Al Habib Limited, The Hongkong and Shanghai Banking, Corporation Limited

Auditor:	KPMG Taseer Hadi & Company, KPMG Taseer Hadi & Co.

Strategic Initiatives

Key Organizational Changes

70 per share. Business Acquisition: During the year, the Company has acquired the Infant Nutrition business from Wyeth Pakistan Limited. This acquisition is part of the global acquisition of Pfizer Infant Nutrition business by Nestle S.A. The products under this acquisition are S26 Gold, S26 Lactose Free, Promise Gold, Promise PE Gold and Promil Gold. Investment Projects: A core value of Nestle Pakistan is to deliver short term performance whilst remaining focused on the longer term. The total investments in expansion & development projects for the year reached PKR 14.4 billion.

Corporate Family	Corporate Structure News:
	Nestle SA Nestle Pakistan Ltd.
Nestle Pakistan Ltd. Total Corporate Family Members: 1455 Excluded Small Branches and/or Trading Addresses: 759 (Available via export)

Company Name	Company Type	Location	Country	Industry	Sales (USD mil)	Employees
Nestle SA	Parent	Vevey	Switzerland	Beverages (Non-Alcoholic)	98,287.8	339,000
Nestle (China) Ltd	Subsidiary	Beijing	China	Food Processing		47,000
Nestle USA, Inc.	Subsidiary	Glendale, CA	United States	Food Processing	74,255.0	17,000
Nestle Purina PetCare Company	Division	Saint Louis, MO	United States	Food Processing	4,300.0	9,850
Acquisition of Petfinder.Com proposed/announced.See corporate structure news on Nestle SA for details
Nestle Purina Pet Care Co	Branch	St Louis, MO	United States	Food Processing	1,893.4	2,000
Purina Mills, LLC	Subsidiary	Saint Louis, MO	United States	Food Processing		1,500
Purina Alimentos Ltda.	Subsidiary	Paulinia, SP	Brazil	Food Processing		1,200
Golden Products Corporation	Subsidiary	Saint Louis, MO	United States	Retail (Specialty)		1,000
Nestles Purina Petcare	Division	Cape Girardeau, MO	United States	Miscellaneous Fabricated Products		45
Nestle Purina PetCare Canada	Subsidiary	Mississauga, ON	Canada	Food Processing		500
Nestle Purina Pet Care Canada	Branch	Moncton, NB	Canada	Personal and Household Products	38.3	40
Nestle Purina Pet Care Canada	Branch	Innisfail, AB	Canada	Personal and Household Products	37.9	40
Purina Chows	Branch	Windsor, QC	Canada	Food Processing	12.0	10
Nestle Purina Pet Care Canada	Branch	Laval, QC	Canada	Food Processing	10.1	9
Nestle Purina Pet Care Co	Branch	Davenport, IA	United States	Food Processing	275.7	400
Nestle Purina Pet Care Co	Branch	Crete, NE	United States	Food Processing	254.2	320
Nestle Purina Pet Care Co	Branch	Denver, CO	United States	Food Processing	211.8	300
Nestle Purina PetCare Co. - Nebraska	Facility	Crete, NE	United States	Food Processing		300
Nestle Purina Pet Care Co	Branch	Clinton, IA	United States	Food Processing	275.7	285
Nestle Purina PetCare Co. - Wisconsin	Facility	Jefferson, WI	United States	Food Processing	253.7	267
Nestle Purina Pet Care Co	Branch	Mechanicsburg, PA	United States	Food Processing	236.5	260
Nestle Purina Pet Care Co	Branch	Edmond, OK	United States	Food Processing	268.6	250
Nestle Purina Pet Care Co	Branch	Charlotte, NC	United States	Food Processing	256.4	250
Nestle Purina Pet Care Co	Branch	Allentown, PA	United States	Food Processing	227.4	250
Nestle Purina Pet Care Co	Branch	Duluth, GA	United States	Food Processing	221.1	250
Nestle Purina Pet Care Co	Branch	Hager City, WI	United States	Food Processing	211.4	250
Nestle Purina Pet Care Co	Branch	Dunkirk, NY	United States	Food Processing	192.1	250
Nestle Purina Pet Care Co	Branch	Tampa, FL	United States	Food Processing	185.9	250
Nestle Purina PetCare Hungary Kft.	Subsidiary	Budapest	Hungary	Fish and Livestock		250
Nestle Purina Pet Care Co	Branch	Fairburn, GA	United States	Food Processing	130.0	243
Nestle Purina Pet Care Co	Branch	St Joseph, MO	United States	Food Processing	202.6	214
Nestle Purina Pet Care Co	Branch	Fort Dodge, IA	United States	Food Processing	275.7	200
Nestle Purina Pet Care Co	Branch	Flagstaff, AZ	United States	Food Processing	211.9	187
Nestle Purina Pet Care Co	Branch	King William, VA	United States	Food Processing	146.9	175
Nestle Purina Pet Care Co	Branch	Bloomfield, MO	United States	Food Processing	236.7	165
Nestle Purina Product Technology Center	Unit	Saint Joseph, MO	United States	Business Services		120
Nestle Purina PetCare Co. - Ohio	Facility	Zanesville, OH	United States	Food Processing	245.3	110
Nestle Purina Pet Care Co	Branch	St Joseph, MO	United States	Food Processing	236.7	100
Nestle Purina PetCare Italiana S.p.A.	Subsidiary	Milan	Italy	Food Processing		100
Nestle Purina PetCare Korea	Subsidiary	Seoul	Korea, Republic of	Food Processing		100
Nestle Purina Petfoods	Subsidiary	Zwijndrecht	Netherlands	Food Processing	146.3	80
Nestle Purina Pet Care Co	Branch	Maricopa, CA	United States	Food Processing	213.8	60
Nestle Purina Petcare Belgilux	Subsidiary	Bruxelles	Belgium	Food Processing	0.0	43
Nestle Purina Pet Care Co	Branch	Springfield, MO	United States	Food Processing	33.1	35
Nestle Purina Pet Care Co	Branch	Scottsdale, AZ	United States	Food Processing	21.2	25
Nestle Purina Pet Care Co	Branch	Eagan, MN	United States	Food Processing	15.9	20
Nestle Purina Pet Care Co	Branch	Chesterfield, MO	United States	Food Processing	236.7	18
Waggin Train LLC	Subsidiary	Anderson, SC	United States	Retail (Specialty)	0.6	3
Dreyer's Grand Ice Cream Holdings, Inc.	Subsidiary	Oakland, CA	United States	Food Processing	2,000.0	5,979
Dreyer's Grand Ice Cream	Branch	Walnut, CA	United States	Food Processing	146.2	600
Nestle Grand Ice Cream	Branch	Bakersfield, CA	United States	Food Processing	31.1	550
Dreyer's Grand Ice Cream	Branch	Laurel, MD	United States	Food Processing	88.0	250
Dreyer's Grand Ice Cream	Branch	Kent, WA	United States	Food Processing	74.6	150
Dreyer's Grand Ice Cream	Branch	Denver, CO	United States	Food Processing	243.9	99
Dreyer's Grand Ice Cream	Branch	Grand Prairie, TX	United States	Food Processing	160.7	60
Dreyer's Grand Ice Cream	Branch	Phoenix, AZ	United States	Food Processing	151.0	60
Dreyer's Grand Ice Cream	Branch	Salt Lake City, UT	United States	Food Processing	125.9	50
Dreyer's Grand Ice Cream	Branch	North Las Vegas, NV	United States	Restaurants	4.2	48
Nestle Dreyer's Ice Cream	Branch	Terre Haute, IN	United States	Restaurants	2.2	47
Dreyer's Grand Ice Cream	Branch	San Ramon, CA	United States	Food Processing	119.2	45
Dreyer's Grand Ice Cream	Branch	Long Beach, CA	United States	Food Processing	92.7	40
Dreyer's Grand Ice Cream	Branch	Pasco, WA	United States	Food Processing	97.1	35
Dreyer's Grand Ice Cream	Branch	San Antonio, TX	United States	Food Processing	93.7	35
Dreyer's Grand Ice Cream	Branch	Beaumont, TX	United States	Food Processing	93.7	35
Dreyer's Grand Ice Cream	Branch	Bakersfield, CA	United States	Food Processing	92.7	35
Dreyer's Grand Ice Cream	Branch	Manteca, CA	United States	Food Processing	92.7	35
Dreyer's Grand Ice Cream	Branch	Santa Rosa, CA	United States	Food Processing	92.7	35
Dreyer's Grand Ice Cream	Branch	Oakland, CA	United States	Food Processing	92.7	35
Dreyer's Ice Cream Flamingo	Branch	Laughlin, NV	United States	Food Processing	91.8	35
Dreyer's Grand Ice Cream	Branch	Las Vegas, NV	United States	Food Processing	91.8	35
Dreyer's Grand Ice Cream	Branch	Anchorage, AK	United States	Food Processing	91.2	35
Dreyer's Grand Ice Cream	Branch	Anchorage, AK	United States	Food Processing	91.2	35
Dreyer's Grand Ice Cream	Branch	Anchorage, AK	United States	Food Processing	91.2	35
Dreyer's Grand Ice Cream	Branch	Portland, OR	United States	Food Processing	84.3	35
Dreyer's Grand Ice Cream	Branch	Eugene, OR	United States	Food Processing	84.3	35
Dreyer's Grand Ice Cream	Branch	New Orleans, LA	United States	Food Processing	83.8	35
Dreyer's Grand Ice Cream	Branch	Austin, TX	United States	Food Processing	80.4	30
Dreyer's Grand Ice Cream	Branch	Flagstaff, AZ	United States	Food Processing	75.5	30
Dreyer's Grand Ice Cream	Branch	Bloomington, CA	United States	Food Processing	76.8	29
Dreyer's Grand Ice Cream	Branch	Irvine, CA	United States	Food Processing	63.6	24
The Haagen-Dazs Shoppe Company, Inc.	Subsidiary	Minneapolis, MN	United States	Restaurants	0.9	20
Haagen-Dazs Shop	Branch	Aiea, HI	United States	Restaurants	4.9	60
Hershey's	Subsidiary	Virginia Beach, VA	United States	Restaurants	0.2	4
Dreyer's Grand Ice Cream	Branch	Fresno, CA	United States	Food Processing	37.1	14
Dreyer's Grand Ice Cream	Branch	White Oak, TX	United States	Food Processing	26.8	10
Nestle Prepared Foods Company	Division	Solon, OH	United States	Food Processing	1.5	3,500
Nestle Prepared Foods Co. - Handheld Foods Group	Holding	Englewood, CO	United States	Food Processing	200.0	1,400
Jenny Craig, Inc.	Division	Carlsbad, CA	United States	Recreational Activities	262.4	3,420
Jenny Craig Distribution Center	Branch	Rancho Cucamonga, CA	United States	Advertising	9.8	40
Jenny Craig Weight Loss Centres Pty. Ltd.	Subsidiary	Melbourne, VIC	Australia	Healthcare Facilities	42.9	35
Jenny Craig	Subsidiary	Melbourne, VIC	Australia	Recreational Activities	2.1	35
Jenny Craig Weight Loss Center	Branch	Commack, NY	United States	Personal Services	2.2	24
Jenny Craig	Subsidiary	Charlotte, NC	United States	Personal Services	0.4	6
Nestle Prepared Foods Co	Subsidiary	Cleveland, OH	United States	Food Processing	1,900.0	2,500
Nestle USA	Branch	Danville, VA	United States	Food Processing	156.7	400
Nestle Foods	Branch	Naperville, IL	United States	Food Processing	32.3	15
Nestle Foods	Branch	Eau Claire, WI	United States	Food Processing	28.2	15
Nestle Foreign Trade	Division	Glendale, CA	United States	Business Services		2,000
Nestle USA, Inc. - Solon	Facility	Solon, OH	United States	Food Processing		1,883
Buitoni North America	Subsidiary	Solon, OH	United States	Food Processing		1,773
Nestle USA	Branch	Springville, UT	United States	Food Processing	443.5	1,650
Nestle USA - Beverage Division, Inc.	Division	Glendale, CA	United States	Food Processing		1,500
Nestle USA	Subsidiary	Freehold, NJ	United States	Food Processing	56.9	349
Nestle USA - Beverage Division, Inc. - Waverly Plant	Facility	Waverly, IA	United States	Food Processing	1.0	335
Nestle Capital Corporation	Subsidiary	Glendale, CA	United States	Consumer Financial Services		1,500
Nestle USA	Branch	Mt Sterling, KY	United States	Food Processing	125.0	800
Nestle Confection & Snacks	Branch	Franklin Park, IL	United States	Food Processing	5.4	800
Vitality Foodservice Inc.	Subsidiary	Tampa, FL	United States	Food Processing		700
Vitality Foodservice Inc	Branch	Wheeling, IL	United States	Food Processing	3.5	30
Nestle Health CARE Nutrition	Subsidiary	Florham Park, NJ	United States	Food Processing		700
Nestle Nutrition	Branch	Florham Park, NJ	United States	Food Processing	1,233.3	650
Nestle USA, Inc. - Bloomington	Facility	Bloomington, IL	United States	Food Processing	5.5	650
Nestle Confection & Snacks	Branch	Burlington, WI	United States	Food Processing	309.9	550
Jack's Frozen Pizza Inc	Subsidiary	Little Chute, WI	United States	Food Processing	137.5	525
Nestle USA, Inc. - Eau Claire	Facility	Eau Claire, WI	United States	Food Processing	6.3	454
Nestle USA	Branch	Anderson, IN	United States	Food Processing	171.5	400
Willy Wonka Inc.	Subsidiary	Itasca, IL	United States	Food Processing		400
Willy Wonka Candy Factory	Subsidiary	Itasca, IL	United States	Food Processing		350
PowerBar Inc.	Subsidiary	Glendale, CA	United States	Food Processing		300
Power Bar Europe GmbH	Subsidiary	MÃ¼nchen, Bayern	Germany	Food Processing		90
Nestle USA	Branch	Mooresville, NC	United States	Food Processing	105.5	250
Nestle USA, Inc. - Mira Loma	Facility	Mira Loma, CA	United States	Food Processing	33.7	250
Nestle USA, Inc. - Dekalb	Facility	Dekalb, IL	United States	Miscellaneous Transportation	32.3	250
Edy's Grand Ice Cream	Subsidiary	Oakland, CA	United States	Food Processing		250
Edy's Grand Ice Cream	Branch	Fort Wayne, IN	United States	Food Processing	1,273.2	550
Edy's Grand Ice Cream	Branch	New Berlin, WI	United States	Food Processing	77.4	80
Edy's Grand Ice Cream	Branch	Earth City, MO	United States	Food Processing	82.7	74
Edy's Grand Ice Cream	Branch	Weston, FL	United States	Food Processing	177.0	70
Edy's Grand Ice Cream	Branch	Tampa, FL	United States	Food Processing	113.8	45
Edy's Grand Ice Cream	Branch	Fridley, MN	United States	Food Processing	102.5	45
Edy's Grand Ice Cream	Branch	Richmond, VA	United States	Food Processing	95.9	40
Edy's Grand Ice Cream	Branch	Duluth, GA	United States	Food Processing	19.8	40
Edy's Grand Ice Cream	Branch	Rockaway, NJ	United States	Food Processing	92.8	35
Edy's Grand Ice Cream	Branch	Fort Myers, FL	United States	Food Processing	88.5	35
Edy's Grand Ice Cream	Branch	Orlando, FL	United States	Food Processing	88.5	35
Edy's Grand Ice Cream	Branch	Riviera Beach, FL	United States	Food Processing	88.5	35
Edy's Grand Ice Cream	Branch	Tampa, FL	United States	Food Processing	88.5	35
Edy's Grand Ice Cream	Branch	Raleigh, NC	United States	Food Processing	84.2	35
Edy's Grand Ice Cream	Branch	Canton, MA	United States	Food Processing	83.8	35
Edy's Grand Ice Cream	Branch	Indianapolis, IN	United States	Food Processing	81.0	35
Edy's Grand Ice Cream	Branch	Evansville, IN	United States	Food Processing	81.0	35
Edy's Grand Ice Cream	Branch	Fort Wayne, IN	United States	Food Processing	81.0	35
Edy's Grand Ice Cream	Branch	Plain City, OH	United States	Food Processing	80.5	35
Edy's Grand Ice Cream	Branch	Cleveland, OH	United States	Food Processing	80.5	35
Edy's Grand Ice Cream	Branch	Sparta, MI	United States	Food Processing	79.4	35
Edy's Grand Ice Cream	Branch	Jacksonville, FL	United States	Food Processing	11.6	28
Edy's Grand Ice Cream	Branch	West Chester, OH	United States	Food Processing	46.0	20
Edy's Grand Ice Cream	Branch	Pittsburgh, PA	United States	Food Processing	36.5	15
Edy's Grand Ice Cream	Branch	Dayton, OH	United States	Food Processing	80.5	10
Edy's Grand Ice Cream	Branch	Louisville, KY	United States	Food Processing	23.0	10
Edy's Grand Ice Cream	Branch	Sarasota, FL	United States	Food Processing	12.6	5
Edy's Ice Cream Catering Services	Subsidiary	Doraville, GA	United States	Food Processing	4.8	2
LJ Minor	Subsidiary	Cleveland, OH	United States	Food Processing		247
Nestle USA	Branch	Morton, IL	United States	Food Processing	100.8	225
Nestle R&D Center	Branch	Marysville, OH	United States	Food Processing		220
Nestle USA, Inc. - Jacksonville	Facility	Jacksonville, IL	United States	Food Processing	53.1	203
Nestle Puerto Rico, Inc.	Subsidiary	Catano, PR	United States	Food Processing	6.3	200
Nestle Clinical Nutrition	Division	Buffalo Grove, IL	United States	Food Processing	2.8	200
Nestle Pizza Division	Division	Northbrook, IL	United States	Food Processing	0.3	200
Nestle Pizza Division-Medford	Branch	Medford, WI	United States	Food Processing	23.7	400
Nestle Pizza Division-Tombstone Pizza	Branch	Sussex, WI	United States	Food Processing		400
Nestle USA, Inc. - New Milford	Facility	New Milford, CT	United States	Business Services	1.3	150
PTC	Subsidiary	New Milford, CT	United States	Software and Programming		130
Nestle USA, Inc. - Dublin	Facility	Dublin, OH	United States	Business Services	100.9	120
Nestle USA, Inc. - McDonough	Facility	McDonough, GA	United States	Food Processing	24.7	120
Nestle USA	Branch	Modesto, CA	United States	Food Processing	225.0	100
Nestle Transportation Co.	Subsidiary	Dekalb, IL	United States	Trucking		50
Edy's Grand Ice Cream Company	Subsidiary	Rockaway, NJ	United States	Food Processing	92.8	45
Edy's Grand Ice Cream Midwest Region	Unit	Glendale Heights, IL	United States	Food Processing	88.7	242
Nestle FoodServices	Division	Glendale, CA	United States	Food Processing	800.0	40
Nestle USA, Inc. - Eden Prairie	Facility	Eden Prairie, MN	United States	Food Processing	81.9	40
Edy's Grand Ice Cream	Branch	Needham Heights, MA	United States	Food Processing	83.8	35
Nestle USA	Branch	Rogers, AR	United States	Food Processing	68.6	35
Nestle USA, Inc. - Phoenix	Facility	Phoenix, AZ	United States	Computer Services	87.2	30
Nestle USA, Inc. - San Ramon	Facility	San Ramon, CA	United States	Food Processing	88.0	20
Nestle Holdings Inc	Branch	Norwalk, CT	United States	Miscellaneous Financial Services	19.0	20
Nestle USA, Inc. - Charlotte	Facility	Charlotte, NC	United States	Food Processing	10.2	20
Nestle USA, Inc. - Edison	Facility	Edison, NJ	United States	Food Processing		15
Nestle USA, Inc. - Quincy	Facility	Quincy, MA	United States	Food Processing	30.5	8
Nestle USA, Inc. - Honolulu	Facility	Honolulu, HI	United States	Food Processing	5.2	7
Nestle Transportation Co.	Subsidiary	Allentown, PA	United States	Trucking	0.4	7
Nestle USA, Inc. - Columbia	Facility	Columbia, MD	United States	Food Processing	84.2	2
Nestle Nutrition	Division	Newport Beach, CA	United States	Food Processing	0.4	1
Nestle USA, Inc. - Denver	Facility	Denver, CO	United States	Food Processing		1
Hsu Fu Chi International Limited	Subsidiary	Guangdong	China	Miscellaneous Financial Services	630.6	14,275
NestlÃ© Unternehmungen Deutschland GmbH	Subsidiary	Frankfurt Am Main, Hessen	Germany	Commercial Banks	4,780.9	12,930
NestlÃ© Waters Direct Deutschland GmbH	Subsidiary	Neuss, Nordrhein-Westfalen	Germany	Appliance and Tool		165
NestlÃ© Waters Europe Holding GmbH	Subsidiary	Mainz, Rheinland-Pfalz	Germany	Commercial Banks		80
NestlÃ© Personnel Services GmbH	Subsidiary	Hamburg, Hamburg	Germany	Business Services		27
Scholler Glaces Et Desserts	Subsidiary	Noisiel	France	Food Processing
NestlÃ© Rossiya Ltd	Subsidiary	Moscow	Russian Federation	Food Processing	2,272.9	10,000
Nestle Rossiya Ooo	Branch	Zhukovski G.	Russian Federation	Food Processing	59.3
Nestle Rossiya Ooo	Branch	Perm	Russian Federation	Food Processing	56.6
Nestle India Limited	Subsidiary	Gurgaon	India	Food Processing	1,566.4	7,008
NestlÃ© MÃ©xico, S.A. de C.V.	Subsidiary	MÃ©xico, D.F.	Mexico	Food Processing	3,245.0	6,500
Ralston Purina MÃ©xico, S.A. De C.V.	Subsidiary	Cuautitlan Izcalli, Estado De Mexico	Mexico	Food Processing		275
Nestle Servicios Industriales, S.A. de C.V.	Subsidiary	Miguel Hidalgo	Mexico	Food Processing		6,200
NestlÃ© Australia Ltd	Subsidiary	Sydney, NSW	Australia	Food Processing	2,176.1	5,700
Uncle Tobys	Subsidiary	Wahgunyah, VIC	Australia	Food Processing	310.6	1,000
Nestle Confectionery Ltd.	Subsidiary	Sydney , NSW	Australia	Food Processing
Petersville Australia Ltd.	Subsidiary	Sydney	Australia	Food Processing
NestlÃ© Deutschland AG	Subsidiary	Frankfurt Am Main, Hessen	Germany	Food Processing	3,820.0	5,600
Maggi GmbH	Subsidiary	Singen (Hohentwiel), Baden-WÃ¼rttemberg	Germany	Food Processing		1,900
Nestle Nutrition GmbH	Subsidiary	Frankfurt Am Main, Hessen	Germany	Food Processing	26.3	1,000
Nespresso Deutschland GmbH	Subsidiary	DÃ¼sseldorf, Nordrhein-Westfalen	Germany	Crops	25.4	420
NestlÃ© HealthCare Nutrition GmbH	Subsidiary	MÃ¼nchen, Bayern	Germany	Biotechnology and Drugs	24.3	321
NestlÃ© GLOBE Center Europe GmbH	Subsidiary	Frankfurt Am Main, Hessen	Germany	Computer Services		300
NestlÃ© Professional GmbH	Subsidiary	Frankfurt Am Main, Hessen	Germany	Food Processing		214
Herta GmbH	Subsidiary	Herten, Nordrhein-Westfalen	Germany	Food Processing	54.3	170
Herta Produktions GmbH	Subsidiary	Herten, Nordrhein-Westfalen	Germany	Food Processing	39.4	800
BÃ¼bchen-Werk Ewald Hermes Pharmazeutische Fabrik GmbH	Subsidiary	Soest, Nordrhein-Westfalen	Germany	Medical Equipment and Supplies	0.0	150
MAGGI Kochstudio Treff GmbH	Subsidiary	Frankfurt Am Main, Hessen	Germany	Personal Services		80
NestlÃ© Verbraucher-Service GmbH	Subsidiary	Frankfurt Am Main, Hessen	Germany	Advertising		29
APONTI Vertriebsgesellschaft mbH	Subsidiary	Soest, Nordrhein-Westfalen	Germany	Biotechnology and Drugs		1
Nestle (Malaysia) Berhad	Subsidiary	Petaling Jaya	Malaysia	Food Processing	1,474.7	5,424
NestlÃ© Manufacturing (Malaysia) Sdn Bhd	Subsidiary	Petaling Jaya, Selangor	Malaysia	Food Processing	558.5	3,482
NestlÃ© Products Sdn Bhd	Subsidiary	Petaling Jaya, Selangor	Malaysia	Food Processing	872.8	1,445
Nestle Cold Storage (Malaysia) Sdn. Bhd.	Subsidiary	Petaling Jaya, Selangor	Malaysia	Food Processing		900
Nestle Foods (Malaysia) Sdn. Bhd.	Subsidiary	Petaling Jaya	Malaysia	Food Processing		200
Osem Investment Ltd.	Subsidiary	Sheham	Israel	Food Processing	1,061.2	4,797
Tivall Min Hatsomeach (1993) Ltd	Subsidiary	M P Galil Maaravi	Israel	Food Processing	250.4	806
Nestle Holdings (U.K.) PLC	Subsidiary	Gatwick	United Kingdom	Commercial Banks		4,549
Nestle UK Ltd.	Subsidiary	Gatwick	United Kingdom	Food Processing	2,583.0	4,549
Nestle UK Ltd.	UK Branch/Trading address	York	United Kingdom	Food Processing	2,583.0	1,000
Nestle UK Ltd - Halifax Factory	Facility	Halifax	United Kingdom	Food Processing		750
Nestle UK Ltd - Hayes Factory	Facility	Castleford	United Kingdom	Food Processing		675
Nestle UK Ltd - Girvan Factory	Facility	Girvan	United Kingdom	Food Processing		62
Nestle Uk Pension Trust Ltd.	Subsidiary	Gatwick	United Kingdom	Investment Services
Nestle UK Ltd - Fawdon Factory	Facility	Dumfries	United Kingdom	Food Processing
Nestle UK Ltd - Dalston Factory	Facility	Carlisle	United Kingdom	Food Processing
Nestle (Ireland) Limited	Subsidiary	Dublin	Ireland	Food Processing	132.7	99
Nestle Distribution (Ireland) Limited	Subsidiary	Dublin	Ireland	Food Processing	156.0	248
Nestle Purina Petcare (Ireland) Limited	Subsidiary	Dublin	Ireland	Retail (Grocery)	8.7
Buxton Mineral Water Ltd.	Subsidiary	Rickmansworth	United Kingdom	Beverages (Non-Alcoholic)		75
Scholler Ice Cream Ltd.	Subsidiary	Guildford	United Kingdom	Food Processing	7.6	20
Purlaw Co.	Subsidiary	Gatwick	United Kingdom	Food Processing
Nestle Uk Pensions Reservoir Trust Ltd.	Subsidiary	Gatwick	United Kingdom	Investment Services
NestlÃ© Philippines Inc	Subsidiary	Cabuyao	Philippines	Food Processing	2,053.7	4,500
Nestle Philippines, Inc.	Branch	Cabuyao, Laguna	Philippines	Food Processing		600
Nestle Philippines, Inc.	Branch	Cagayan De Oro, Misamis Oriental	Philippines	Food Processing
Nestle Philippines, Inc.	Branch	Pulilan, Bulacan	Philippines	Food Processing
Penpro, Inc.	Subsidiary	Makati	Philippines	Rental and Leasing
Galderma Pharma SA	Joint Venture	Lausanne	Switzerland	Biotechnology and Drugs	1,946.6	4,000
Galderma Research & Development SNC	Subsidiary	Biot	France	Biotechnology and Drugs	105.4	507
Q-Med AB	Subsidiary	Uppsala	Sweden	Medical Equipment and Supplies	170.3	346
Q-Med ICT S.r.l.	Subsidiary	Lodi	Italy	Personal and Household Products		50
Q-Med GmbH	Subsidiary	Bensheim	Germany	Personal and Household Products		40
Q-Med Spain S.L.	Subsidiary	Las Rozas	Spain	Personal and Household Products		34
Q-Med (Sweden) Australia Pty Ltd.	Subsidiary	Sydney, NSW	Australia	Biotechnology and Drugs		20
Q-Med Mexico S.A de C.V.	Subsidiary	Mexico	Mexico	Medical Equipment and Supplies		18
Q-Med Polska SP. Z.o.o	Subsidiary	Warsaw	Poland	Medical Equipment and Supplies		15
Q-Med International Limited	Subsidiary	Quarry Bay, Hong Kong	Hong Kong	Personal and Household Products		15
BAAU Therapeutics AB	Subsidiary	Uppsala, Uppsala	Sweden	Biotechnology and Drugs	0.0	14
Q-Med Brasil Comercio e Importacao de Produtos Medicos Ltda	Subsidiary	Sao Paulo, SP	Brazil	Medical Equipment and Supplies		8
Q-Med S.a.r.l.	Subsidiary	Paris	France	Personal and Household Products
Q-Med International Ltd	Subsidiary	North Point	Hong Kong	Medical Equipment and Supplies
Q-Med International Trading (Shanghai) Ltd	Subsidiary	Shanghai	China	Personal and Household Products
Laboratoires Galderma SAS	Subsidiary	Alby-sur-ChÃ©ran	France	Biotechnology and Drugs	98.6	281
Galderma Laboratories, L.P.	Subsidiary	Fort Worth, TX	United States	Biotechnology and Drugs	500.0	250
Galderma International SAS	Subsidiary	Le DÃ©fense	France	Biotechnology and Drugs	149.2	233
Galderma Production Canada Inc.	Subsidiary	Montreal, QC	Canada	Biotechnology and Drugs		220
Galderma Laboratorium GmbH	Subsidiary	DÃ¼sseldorf, Nordrhein-Westfalen	Germany	Biotechnology and Drugs	61.1	200
CollaGenex Pharmaceuticals, Inc.	Subsidiary	Newtown, PA	United States	Biotechnology and Drugs	63.6	147
Galderma MÃ©xico, S.A. De C.V.	Subsidiary	Ciudad De Mexico, Distrito Federal	Mexico	Chemical Manufacturing		100
Galderma (U.K.) Ltd.	Subsidiary	Watford	United Kingdom	Personal and Household Products	65.2	84
Galderma Italia SpA	Subsidiary	Agrate Brianza, Monza E Brianza	Italy	Biotechnology and Drugs	24.8	76
Laboratorios Galderma Sa	Subsidiary	Madrid	Spain	Healthcare Facilities	25.1	52
Galderma Canada, Inc.	Joint Venture	Thornhill, ON	Canada	Biotechnology and Drugs	25.9	50
Galderma Brasil Ltda.	Subsidiary	Sao Paulo, SP	Brazil	Personal and Household Products		50
Galderma Argentina S.A.	Subsidiary	Ciudad De Buenos Aires, Ciudad De Buenos Aires	Argentina	Healthcare Facilities	6.6	40
Galderma Nordic AB	Subsidiary	Uppsala, Uppsala	Sweden	Personal and Household Products	26.0	34
Galderma Australia	Subsidiary	Belrose, NSW	Australia	Personal and Household Products	4.1	30
Q-Med (UK) Ltd.	Subsidiary	London	United Kingdom	Personal and Household Products	11.0	27
Q-Med Ltd.	UK Branch/Trading address	Reigate	United Kingdom	Retail (Specialty)	11.0	8
Laboratorio Galderma Venezuela S.A.	Subsidiary	Caracas, Distrito Federal	Venezuela	Personal and Household Products		22
France Galderma International Company Beijing Office	Subsidiary	Beijing, Beijing	China	Business Services	0.0	20
Galderma Hong Kong Limited	Subsidiary	Causeway Bay, Hong Kong	Hong Kong	Personal and Household Products	7.7	10
Galderma (Singapore) Pte Ltd	Subsidiary	Singapore	Singapore	Biotechnology and Drugs	18.4	9
Galderma Hellas S.A.	Subsidiary	Vrilissia	Greece	Personal and Household Products	3.6	8
Galderma Polska Sp Z O O	Subsidiary	Warszawa	Poland	Personal and Household Products	15.8
Galderma Laboratories South Africa (Pty) Ltd	Subsidiary	Bryanston	South Africa	Biotechnology and Drugs
NestlÃ© South Africa (Pty) Ltd	Subsidiary	Randburg	South Africa	Food Processing		4,000
Pets Products (Pty) Ltd	Subsidiary	Maitland, Western Cape	South Africa	Food Processing		190
Nestle (South Africa) (Pty) Ltd - Mossel Bay Factory	Facility	Mossel Bay	South Africa	Food Processing
Nestle (South Africa) (Pty) Ltd - Estcourt Factory	Facility	Estcourt	South Africa	Food Processing
NestlÃ© Italiana SpA	Subsidiary	Milano, MI	Italy	Food Processing	1,720.1	3,436
Buitoni SpA	Subsidiary	San Sepolcro	Italy	Food Processing	600.0	400
Spacci Nestle SRL	Subsidiary	Milano, Milano	Italy	Retail (Grocery)	9.0	12
San Bernardo S.p.a.	Subsidiary	Turin	Italy	Food Processing
Nestle EspaÃ±a Sa	Subsidiary	Esplugues De Llobregat, Barcelona	Spain	Food Processing	1,867.7	3,434
NestlÃ© Portugal, S.A.	Subsidiary	Linda A Velha, Lisboa	Portugal	Food Processing	635.6	1,536
Prolacto - LacticÃnios de SÃ£o Miguel SA	Subsidiary	Ponta Delgada, AÃ§ores	Portugal	Food Processing	37.4	61
Nestle Canada Inc.	Subsidiary	North York, ON	Canada	Food Processing	2,121.0	3,400
Nestle Canada Inc. - Toronto	Facility	Toronto, ON	Canada	Food Processing	316.8	500
Nestle Canada Inc. - London	Facility	London, ON	Canada	Food Processing	325.5	300
Nestle Canada Inc. - Trenton	Facility	Trenton, ON	Canada	Food Processing	99.5	200
Nestle Canada Inc. - Brampton	Facility	Brampton, ON	Canada	Food Processing		200
Nestle Canada Inc. - Montreal	Facility	Montreal, QC	Canada	Food Processing		150
Nestle Foodservices Canada	Unit	North York, ON	Canada	Miscellaneous Capital Goods		100
Nestle Canada Inc. - Calgary	Facility	Calgary, AB	Canada	Miscellaneous Capital Goods	60.3	25
Nestle Canada Inc. - Edmonton	Facility	Edmonton, AB	Canada	Food Processing		25
Nestle Canada Inc	Branch	Mississauga, ON	Canada	Food Processing	7.2	9
NestlÃ© Polska S.A.	Subsidiary	Warszawa	Poland	Food Processing	902.4	3,111
Winiary S.A.	Subsidiary	Kalisz	Poland	Food Processing		300
NestlÃ© France SAS	Subsidiary	Noisiel	France	Food Processing	2,776.7	2,938
Davigel SAS	Subsidiary	Martin Eglise	France	Food Processing	1,049.5	2,672
Nestle Coffee Specialties France S.A.	Subsidiary	Marne-la-Vallee	France	Food Processing		2,000
Herta SAS	Subsidiary	Noisiel	France	Food Processing	868.1	1,525
Nespresso France	Subsidiary	Paris	France	Food Processing		1,499
Houdebine S.A.	Subsidiary	Noyal-Pontivy	France	Food Processing	101.7	314
Wallon Imprimeur S.A.S.	Subsidiary	Saint Yorre	France	Food Processing	11.5	74
Chambourcy Roche aux Fees	Subsidiary	Clamart	France	Food Processing
Herta S.A.	Subsidiary	Noisseville	France	Miscellaneous Capital Goods
S.B.E.C.M. Societe de Bouchages Emballages Conditionnement Moderne S.a.r.l.	Subsidiary	Lavardac	France	Food Processing
Nestle Enterprises S.A.	Subsidiary	Marne-la-Vallee, Cedex	France	Food Processing
Nestle Finance France S.A.	Subsidiary	Marne-la-Vallee	France	Food Processing
NestlÃ© (Thailand) Ltd	Subsidiary	Bangkok	Thailand	Food Processing	1,032.0	2,600
Nestle Ice Cream (Thailand) Ltd.	Subsidiary	Bangkok	Thailand	Food Processing		1,000
Quality Coffee Products Ltd.	Affiliates	Bangkok	Thailand	Food Processing
Carnation Manufacturing Co. (Thailand) Ltd.	Subsidiary	Bangkok	Thailand	Food Processing
NestlÃ© Waters Deutschland GmbH	Subsidiary	Mainz, Rheinland-Pfalz	Germany	Beverages (Non-Alcoholic)	252.9	2,500
Blaue Quellen GmbH	Subsidiary	LÃ¶hnberg, Hessen	Germany	Consumer Financial Services		2
Nestle Pakistan Ltd.	Subsidiary	Lahore	Pakistan	Food Processing	847.2	2,345
NestlÃ© Egypt SAE	Subsidiary	Cairo	Egypt	Food Processing		2,200
Societe des Eaux Minerales Vittor S.A.E.	Subsidiary	Cairo	Egypt	Food Processing
Industrie de Froid S.A.E.	Subsidiary	Cairo	Egypt	Food Processing
Nestle Foods Nigeria PLC	Subsidiary	Lagos	Nigeria	Food Processing	735.0	2,179
NestlÃ© Cesko s.r.o.	Subsidiary	Praha	Czech Republic	Food Processing	324.7	2,004
NestlÃ© Argentina S.A.	Subsidiary	Vicente LÃ³pez, Buenos Aires	Argentina	Food Processing		1,990
Nestle Argentina S.A.	Subsidiary	Vicente Lopez, Buenos Aires	Argentina	Food Processing	411.2	1,800
NestlÃ© Nigeria Plc	Subsidiary	Illupeju, Lagos	Nigeria	Food Processing	735.0	1,778
NestlÃ© Waters Supply Est SASU	Subsidiary	Issy les Moulineaux	France	Food Processing	413.8	1,646
NestlÃ© Purina Petcare France SAS	Subsidiary	Rueil Malmaison	France	Food Processing	1,249.6	1,639
Nestrade SA	Subsidiary	Geneva	Switzerland	Business Services		1,600
Sanpellegrino S.p.A.	Subsidiary	Milan	Italy	Beverages (Non-Alcoholic)	983.0	1,571
Fastlog SpA	Subsidiary	Milano, Milano	Italy	Miscellaneous Transportation	28.7	19
NestlÃ© Waters Supply Sud SASU	Subsidiary	Issy les Moulineaux	France	Food Processing	314.6	1,499
NestlÃ© HungÃ¡ria Kft	Subsidiary	Budapest	Hungary	Food Processing	463.0	1,492
NestlÃ© SchÃ¶ller GmbH	Subsidiary	NÃ¼rnberg, Bayern	Germany	Food Processing	33.8	1,480
NestlÃ© SchÃ¶ller Produktions Gmbh	Branch	Uelzen, Niedersachsen	Germany	Retail (Grocery)
NestlÃ© Brasil Ltda.	Subsidiary	Sao Paulo, Sao Paulo	Brazil	Food Processing		1,400
Chocolates Garoto S/A.	Subsidiary	Vila Velha, Espirito Santo	Brazil	Food Processing	731.6	2,500
NestlÃ© Sul - Alimentos E Bebidas Ltda.	Subsidiary	Carazinho, Rio Grande Do Sul	Brazil	Food Processing		200
Nestle Purina Petcare (U.K.) Ltd.	Subsidiary	Wisbech	United Kingdom	Food Processing	750.7	1,257
Nestle Shuangcheng Co.,Ltd.	Subsidiary	Shuangcheng, Heilongjiang	China	Food Processing		1,250
NestlÃ© Brasil Ltda.	Subsidiary	SÃ£o Paulo, SP	Brazil	Food Processing	2,794.0	1,200
Wagner Tiefkuhlprodukte GmbH	Subsidiary	Nonnweiler, Saarland	Germany	Food Processing	404.5	1,200
Yunnan Dashan Drinks Co., Ltd.	Subsidiary	Kunming, Yunnan	China	Beverages (Non-Alcoholic)		1,000
NestlÃ© TÃ¼rkiye Gida Sanayi AS	Subsidiary	Istanbul	Turkey	Food Processing		960
Ndb Gida Sanayi Ve Ticaret A S	Subsidiary	Istanbul (Europe)	Turkey	Food Processing
Helados Y Postres Sa	Subsidiary	Vitoria-Gasteiz, Alava	Spain	Food Processing	301.8	908
NestlÃ© Grand Froid SA	Subsidiary	Marne la VallÃ©e	France	Food Processing	455.6	854
Soc Produits Aliment Caudry	Subsidiary	Noisiel	France	Food Processing	64.1	165
Volynholding Private Joint Stock Company	Subsidiary	Torchyn Urban Village	Ukraine	Food Processing	48.3	853
NestlÃ© Slovensko s.r.o.	Subsidiary	Prievidza	Slovakia	Food Processing	212.9	810
Wyeth Philippines Inc	Subsidiary	Metro Manila	Philippines	Biotechnology and Drugs	323.9	800
Nestle Purina Pet Care	Subsidiary	Rhodes, NSW	Australia	Food Processing	77.6	800
Nestle Nordeste Alimentos e Bebidas Ltda	Subsidiary	Feira de Santana	Brazil	Food Processing		756
Nestle Cote D'Ivoire SA	Subsidiary	Abidjan	Cote d'Ivoire	Food Processing	204.7	710
Nestle	Subsidiary	Auckland	New Zealand	Food Processing	236.3	702
NestlÃ© Indonesia, PT	Subsidiary	Jakarta	Indonesia	Food Processing		700
P.T. Nestle Confectionery Indonesia	Subsidiary	Jakarta	Indonesia	Food Processing	43.0	1,232
P.T. Nestle Beverages Indonesia	Subsidiary	Jakarta	Indonesia	Food Processing
Nestle Korea Ltd.	Subsidiary	Seoul	Korea, Republic of	Food Processing		700
Nestle Lanka PLC	Subsidiary	Colombo	Sri Lanka	Food Processing	202.3	667
Nestle Korea Ltd	Subsidiary	Cheongju-si, Chungcheongbuk-Do	Korea, Republic of	Food Processing	320.8	605
Novartis Nutrition S.A. de C.V.	Subsidiary	Mexico, DF	Mexico	Food Processing		600
Nestle Nespresso S.A.	Subsidiary	Lausanne	Switzerland	Food Processing	2,953.3	500
Nespresso Osterreich GmbH & Co. OHG	Subsidiary	Vienna	Austria	Miscellaneous Capital Goods	105.4	100
Nespresso USA Inc.	Subsidiary	Long Island City, NY	United States	Food Processing	1.1	100
Nestle Singapore (Pte) Ltd	Subsidiary	Singapore	Singapore	Food Processing	274.3	500
Nespresso Singapore	Subsidiary	Singapore	Singapore	Miscellaneous Capital Goods		75
Nestle Manufacturing (Malaysia) Sdn. Bhd.	Subsidiary	Petaling Jaya	Malaysia	Food Processing	43.6	500
Nestle Manufacturing (Malaysia) Sdn. Bhd. - Shah Alam Complex Factory	Facility	Shah Alam, Selangor	Malaysia	Food Processing
Nestle (PNG) Ltd.	Subsidiary	Lae	Papua New Guinea	Food Processing		500
Nestle Slovakia Ltd.	Subsidiary	Prievidza	Slovakia	Food Processing		500
Eismann Sa	Subsidiary	Barcelona	Spain	Retail (Catalog and Mail Order)	41.4	485
Nespresso Italiana S.p.A.	Subsidiary	Milan	Italy	Miscellaneous Capital Goods	251.0	476
Koine S.p.A.	Subsidiary	Madone, Bergamo	Italy	Food Processing	100.1	474
NestlÃ© Jamaica Limited	Subsidiary	Kingston	Jamaica	Food Processing		456
NestlÃ© Trinidad & Tobago Limited	Subsidiary	Valsayn	Trinidad and Tobago	Food Processing		455
NestlÃ© Maroc SA	Subsidiary	Casablanca	Morocco	Food Processing	145.2	450
Erlenbacher Backwaren GmbH	Subsidiary	GroÃŸ-Gerau, Hessen	Germany	Food Processing	131.7	450
SociÃ©tÃ© Industrielle de Transformation de Produits Agricoles SAS	Subsidiary	Noisiel	France	Food Processing	165.0	448
Wyeth Nutritionals (Singapore) Pte. Ltd.	Subsidiary	Singapore	Singapore	Food Processing	360.2	445
Suomen NestlÃ© Oy	Subsidiary	Helsinki	Finland	Food Processing	314.1	443
Suomen KotijÃ¤Ã¤telÃ¶ Oy	Subsidiary	Vantaa	Finland	Retail (Grocery)	12.1	15
NestlÃ© Purina PetCare Deutschland GmbH	Subsidiary	Euskirchen, Nordrhein-Westfalen	Germany	Food Processing	45.5	410
NestlÃ© Chile S.A.	Subsidiary	Santiago	Chile	Food Processing	856.0	400
Nestle Hellas S.A.	Subsidiary	Maroussi, Athens	Greece	Food Processing		400
NestlÃ© Hellas SA	Branch	Maroussi	Greece	Food Processing	590.9	1,060
Nestle Waters Direct S.A.	Subsidiary	Nea Halkidona	Greece	Beverages (Non-Alcoholic)	8.0	84
Nestle PanamÃ¡ S.A.	Subsidiary	Ciudad de PanamÃ¡	Panama	Food Processing		400
Nestle China Ltd	Subsidiary	Beijing	China	Food Processing		400
Nestle Tianjin Ltd.	Subsidiary	Tianjin	China	Food Processing		600
Nestle Dairy Farm Tianjin Ltd.	Subsidiary	Tianjin	China	Food Processing
Shanghai Fuller Foods Co. Ltd.	Subsidiary	Shanghai	China	Food Processing
Nestle Dairy Farm Qingdao Ltd.	Subsidiary	Beijing	China	Food Processing
Nestle Qingdao Ltd.	Subsidiary	Qingdao	China	Food Processing
NestlÃ© Ã–sterreich GmbH	Subsidiary	Wien	Austria	Food Processing	217.1	382
Centres de Recherche et Developpement Nestle S.A.S.	Subsidiary	Beauvais	France	Food Processing	99.8	376
Nestle Waters EspaÃ±a Sa	Subsidiary	Barcelona	Spain	Food Processing	73.0	356
Nestle Taiwan Limited	Subsidiary	Taipei	Taiwan	Retail (Grocery)		350
LLC Nestle Ukraine	Subsidiary	Kiev	Ukraine	Food Processing		350
NestlÃ© Ã–sterreich GesmbH	Subsidiary	Wien, Wien	Austria	Food Processing	178.1	340
NestlÃ© Sverige AB	Subsidiary	Helsingborg	Sweden	Food Processing	334.9	328
Zoegas Kaffe AB	Subsidiary	Helsingborg	Sweden	Food Processing	81.2	80
NestlÃ© Waters Marketing & Distribution SASU	Subsidiary	Issy les Moulineaux	France	Food Processing	1,532.9	323
Nestle Iran (Private Joint Stock Company)	Subsidiary	Tehran	Iran	Food Processing		310
NestlÃ© Waters (Suisse) SA Henniez	Subsidiary	Henniez	Switzerland	Beverages (Non-Alcoholic)	11,088.4	300
NestlÃ© Venezuela S.A.	Subsidiary	Caracas, Distrito Capital	Venezuela	Food Processing		300
Nestle Japan Ltd.	Subsidiary	Kobe	Japan	Food Processing		300
Nestle Confectionaries Ltd	Subsidiary	Kobe	Japan	Food Processing		115
Nestle Middle East FZE	Subsidiary	Dubai	United Arab Emirates	Food Processing		300
Nestle Food S.r.o.	Subsidiary	Prague	Czech Republic	Food Processing		300
Nestle Belgilux	Subsidiary	Bruxelles	Belgium	Food Processing	384.2	297
NestlÃ© Cameroun	Subsidiary	Douala	Cameroon	Food Processing	94.0	274
Nespresso Belgique - Nespresso Belgie	Subsidiary	Bruxelles	Belgium	Food Processing	88.2	258
NestlÃ© Norge A/S	Subsidiary	Oslo	Norway	Food Processing	209.4	253
NestlÃ© Nederland BV	Subsidiary	Amsterdam	Netherlands	Food Processing	583.5	250
Nespresso Nederland B.V.	Subsidiary	Amsterdam Zuidoost, Noord-Holland	Netherlands	Food Processing		15
Nestle Syria S.A.	Subsidiary	Damascus	Syria	Food Processing		250
NestlÃ© Clinical Nutrition France SAS	Subsidiary	Noisiel	France	Biotechnology and Drugs	139.7	241
Nestle Homecare	Subsidiary	Noisiel	France	Healthcare Facilities	47.3	149
Jenny Craig France	Subsidiary	La Baule	France	Retail (Grocery)	13.7	74
NestlÃ© Waters Management & Technology SAS	Subsidiary	Issy les Moulineaux	France	Business Services	131.0	241
Societe Des Eaux Minerales Libanaises	Subsidiary	Hazmieh	Lebanon	Beverages (Non-Alcoholic)		250
NestlÃ© Waters Brazil Bebidas e Alimentos Ltda.	Subsidiary	SÃ£o Paulo, SP	Brazil	Beverages (Non-Alcoholic)
NestlÃ© Danmark A/S	Subsidiary	KÃ¸benhavn Ã˜	Denmark	Food Processing	163.0	230
NestlÃ© de Colombia S.A.	Subsidiary	BogotÃ¡ DC	Colombia	Food Processing	631.5	200
Comestibles La Rosa S.A.	Subsidiary	BogotÃ¡ DC	Colombia	Food Processing	19.2	571
NestlÃ© SÃ©nÃ©gal	Subsidiary	Dakar	Senegal	Food Processing	83.3	200
Gerber Products Company	Subsidiary	Florham Park, NJ	United States	Food Processing		200
Gerber Products Company	Subsidiary	Fort Smith, AR	United States	Food Processing	1,072.4	800
Gerber Products Co	Branch	Fremont, MI	United States	Food Processing	1,217.7	750
Gerber Products Division-Baby Care	Subsidiary	Reedsburg, WI	United States	Fabricated Plastic and Rubber	1,028.2	350
Gerber Products Company of Puerto Rico, Inc.	Subsidiary	San Juan, PR	United States	Food Processing	5.3	74
Gerber Life Insurance Company	Subsidiary	White Plains, NY	United States	Insurance (Life)	0.4	50
Alima-Gerber SA	Subsidiary	Rzeszow	Poland	Food Processing		30
Gerber Products Co	Branch	Anaheim, CA	United States	Food Processing	11.4	6
Gerber Products Company	Subsidiary	Fremont, MI	United States	Food Processing	974.1	800
Productos Gerber, S.A. De C.V.	Subsidiary
Nestle Turkiye A.S.	Subsidiary	Istanbul	Turkey	Food Processing		200
Nestle Purina Petcare EspaÃ±a Sa	Subsidiary	Castellbisbal, Barcelona	Spain	Food Processing	106.8	199
Nestle Product Technology Centre Lebensmittelforschung GmbH	Subsidiary	Singen (Hohentwiel), Baden-WÃ¼rttemberg	Germany	Food Processing	47.7	192
NESTEC S.A.	Subsidiary	Vevey, Vaud	Switzerland	Business Services	117,037.8	175
Nestec York Ltd.	Subsidiary	Gatwick	United Kingdom	Biotechnology and Drugs	39.7	154
Casa Buitoni SRL	Subsidiary	Sansepolcro, Arezzo	Italy	Biotechnology and Drugs	7.8	29
Nespresso UK Ltd	Subsidiary	London	United Kingdom	Retail (Specialty)	113.1	172
Nespresso UK Ltd.	UK Branch/Trading address	London	United Kingdom	Food Processing	113.1	16
Nestle Adriatic Foods d.o.o.	Subsidiary	Belgrade	Serbia	Food Processing		167
Nestle Kuwait General Trading Co	Affiliates	Kuwait City	Kuwait	Retail (Grocery)		166
Nestle-Findus Oy	Subsidiary	Espoo	Finland	Food Processing		160
Engelfrost GmbH	Subsidiary	NÃ¼rnberg, Bayern	Germany	Food Processing	18.0	159
SociÃ©tÃ© pour l'Exportation des Produits NestlÃ© SA	Subsidiary	Beirut	Lebanon	Food Processing		158
Jede AB	Subsidiary	Mariestad	Sweden	Miscellaneous Capital Goods	47.9	152
Jede France	Subsidiary	St Pierre Du Perray	France	Food Processing	7.8	74
JEDE Deutschland GmbH GetrÃ¤nkesysteme	Subsidiary	Euskirchen, Nordrhein-Westfalen	Germany	Appliance and Tool		15
Jede Benelux B.V.	Subsidiary	Veenendaal, Utrecht	Netherlands	Construction and Agriculture Machinery		9
Longa Vida - IndÃºstrias LÃ¡cteas, S.A.	Subsidiary	Perafita, Porto	Portugal	Food Processing	150.0	150
Nestle Zimbabwe (Pvt) Ltd.	Subsidiary	Harare	Zimbabwe	Food Processing		150
Nestle Waters Direct France	Subsidiary	Issy Les Moulineaux	France	Retail (Specialty)	0.1	149
Nestle Canada Inc. - Dorval	Branch	Dorval, QC	Canada	Food Processing	226.8	135
Saudi Food Industries Co Ltd	Subsidiary	Jeddah	Saudi Arabia	Food Processing	39.9	130
Nestle Waters direct Portugal, comercio e distribuicao de produtos alimentares, S.A.	Subsidiary	Lisbon	Portugal	Beverages (Non-Alcoholic)	19.6	120
Nestle Waters Philippines, Inc.	Subsidiary	Makati	Philippines	Beverages (Non-Alcoholic)		120
Nestle R&D Center (Pte) Ltd	Subsidiary	Singapore	Singapore	Food Processing	11.2	100
Joseph's Gourmet Pasta & Sauce	Subsidiary	Haverhill, MA	United States	Miscellaneous Capital Goods	1.3	100
NestlÃ© Foods Kenya Ltd	Subsidiary	Nairobi	Kenya	Food Processing		100
Nestle Suisse S.A.	Subsidiary	Vevey	Switzerland	Food Processing		100
NestlÃ© Waters (Suisse) Sa	Subsidiary	Henniez, Vaud	Switzerland	Beverages (Non-Alcoholic)		300
Nestle Hong Kong Ltd.	Subsidiary	Hong Kong	Hong Kong	Food Processing		100
Nestle Foods (Thailand) Ltd.	Subsidiary	Bangkok	Thailand	Food Processing		100
Nestle New Zealand Ltd.	Subsidiary	Parnell, Auckland	New Zealand	Food Processing		100
Nestle New Zealand Limited - Manukau Factory	Facility	Auckland	New Zealand	Food Processing
Wyeth (Singapore) Pte Ltd	Subsidiary	Singapore	Singapore	Biotechnology and Drugs		100
Nestle Del Uruguay S.A.	Subsidiary	Montevideo	Uruguay	Food Processing		100
Nestle Jordan Trading Co., Ltd.	Subsidiary	Amman	Jordan	Food Processing		100
Nestle Haiti S.A.	Subsidiary	Port-Au-Prince	Haiti	Food Processing		100
NestlÃ© Nederland B.V.	Subsidiary	Nunspeet, Gelderland	Netherlands	Food Processing		100
Nestle Nouvelle-Caledonia S.A.S.	Subsidiary	Noumea	New Caledonia	Food Processing		100
Nestle Waters Supply Centre S.A.S.	Subsidiary	Issy-les-Moulineaux	France	Food Processing	20.3	74
NestlÃ© Ghana Limited	Subsidiary	Accra	Ghana	Food Processing		70
Nestle Malta Ltd	Subsidiary	Lija	Malta	Food Processing		70
Nespresso Hellas S.A.	Subsidiary	Maroussi	Greece	Retail (Grocery)	20.7	67
Nestle Waters Benelux	Subsidiary	Etalle	Belgium	Beverages (Non-Alcoholic)	27.5	61
Nestle Vietnam Ltd.	Subsidiary	Ho Chi Minh City	Viet Nam	Food Processing		60
Productos Nestle (Nicaragua) S.A.	Subsidiary	Managua	Nicaragua	Food Processing		60
Nestle Mocambique Lda	Subsidiary	Maputo	Mozambique	Food Processing		56
Oscar A/S	Subsidiary	Ronnede	Denmark	Food Processing	28.1	55
Puljonki Oy	Subsidiary	Juuka	Finland	Food Processing	16.9	40
Purina PetCare (Malaysia) Sdn. Bhd.	Subsidiary	Petaling Jaya	Malaysia	Food Processing	19.8	50
Distributa Gesellschaft fur Lebensmittel-Logistik mbH	Subsidiary	Wildau, Brandenburg	Germany	Miscellaneous Transportation		50
Nestle Hondurena S.A.	Subsidiary	Tegucigalpa, DC	Honduras	Food Processing		50
A/S Nestle Norge	Subsidiary	Oslo	Norway	Food Processing		50
SWIRL Corporation	Subsidiary	Guaynabo, PR	United States	Miscellaneous Capital Goods		50
Nestle El Salvador S.A.	Subsidiary	San Salvador, Antigo Cuscatlan	El Salvador	Food Processing		49
Productos Del Cafe Sociedad Anonima	Subsidiary	Reus, Tarragona	Spain	Food Processing	126.1	377
La Cocinera	Subsidiary	Madrid	Spain	Food Processing	71.0	334
Cereal Partners Espana AEIE	Subsidiary	Barcelona	Spain	Food Processing
NestlÃ© Gabon	Subsidiary	Libreville	Gabon	Food Processing		46
Nestle Products (Mauritius) Ltd.	Subsidiary	Port Louis	Mauritius	Food Processing		45
Pamlab LLC	Subsidiary	Covington, LA	United States	Biotechnology and Drugs	514.6	43
Recently acquired (previously owned by Pamlab LLC).See corporate structure news on Nestle SA for details
Nestle Bolivia S.R.L.	Subsidiary	Santa Cruz	Bolivia	Food Processing		43
Osem U.K. Ltd.	Subsidiary	Basildon	United Kingdom	Retail (Grocery)	32.4	42
Nestle Zambia Trading Limited	Subsidiary	Lusaka	Zambia	Food Processing		40
Kaffeknappen Norge AS	Subsidiary	Oslo	Norway	Food Processing	11.5	35
NestlÃ© Trading Co Ltd	Subsidiary	Bethlehem	Palestine	Food Processing		35
Nestle Capital Management Ltd	Subsidiary	Gatwick	United Kingdom	Business Services	21.3	33
Nestle GmbH	Subsidiary	Ã–lbronn-DÃ¼rrn, Baden-WÃ¼rttemberg	Germany	Personal and Household Products		30
Alcon Finland Oy	Subsidiary	Vantaa	Finland	Medical Equipment and Supplies	25.3	20
NestlÃ© Nederland B.V.	Subsidiary	Nunspeet, Gelderland	Netherlands	Business Services		20
Sofinol S.A.	Subsidiary	Manno	Switzerland	Food Processing		20
Nestle Catering Services	Subsidiary	Bruxelles	Belgium	Restaurants	10.6	18
Nestle Adriatik Makedonija d.o.o.e.l.	Subsidiary	Skopje	Macedonia	Food Processing		18
Nestle Adriatic B&H d.o.o.	Subsidiary	Sarajevo	Bosnia and Herzegovina	Food Processing		17
Coordinatie Centrum Nestle	Subsidiary	Bruxelles	Belgium	Commercial Banks	3.6	16
Nestle (Fiji) Ltd.	Subsidiary	Lami	Fiji	Food Processing		16
Novartis Nutrition GmbH	Subsidiary	Vienna	Austria	Biotechnology and Drugs		15
NestlÃ© Waters SAS	Holding	Issy les Moulineaux	France	Beverages (Non-Alcoholic)		13
Nestle Waters North America Inc.	Subsidiary	Stamford, CT	United States	Food Processing	2,500.0	500
Poland Spring Corporation	Subsidiary	Stamford, CT	United States	Food Processing	0.4	550
Poland Spring Corporation	Facility	Poland Spring, ME	United States	Beverages (Non-Alcoholic)	0.3	300
Poland Spring Bottling	Division	Poland Spring, ME	United States	Food Processing		300
Poland Spring Corporation	Facility	Jersey City, NJ	United States	Food Processing		85
Arrowhead Mountain Spring Water Company	Subsidiary	Greenwich, CT	United States	Food Processing	72.7	500
Nestle Waters North America Inc. - Greenwich	Facility	Stamford, CT	United States	Food Processing		400
Nestle Waters Canada Inc.	Division	Guelph, ON	Canada	Retail (Grocery)		325
Nestle Waters North America Inc. - Breinigsville	Facility	Breinigsville, PA	United States	Food Processing	5.4	300
Nestle Waters North America Inc. - Zephyrhills	Facility	Zephyrhills, FL	United States	Food Processing		300
Poland Spring Water	Branch	Raynham, MA	United States	Retail (Grocery)	5.3	210
Nestle Waters North America Inc. - Coppell	Facility	Coppell, TX	United States	Food Processing	24.9	200
Nestle Waters North America	Branch	Framingham, MA	United States	Retail (Grocery)	5.3	200
Ozarka Water	Subsidiary	Houston, TX	United States	Food Processing		200
Nestle Waters North America Inc. - Raynham	Facility	Raynham, MA	United States	Food Processing	33.4	175
Nestle Waters North America	Branch	Red Boiling Spgs, TN	United States	Retail (Grocery)	18.1	164
Ice Mountain Spring Water	Branch	Stanwood, MI	United States	Retail (Grocery)	5.1	150
Nestle Waters Canada Inc.	Division	Hope, BC	Canada	Beverages (Non-Alcoholic)	55.1	100
Nestle Waters North America Inc. - Fort Lauderdale	Facility	Fort Lauderdale, FL	United States	Beverages (Non-Alcoholic)	5.6	100
Arrowhead Mountain Spring Water Company	Subsidiary	Ontario, CA	United States	Food Processing	0.4	100
Perrier Group of America Inc.	Subsidiary	Elmsford, NY	United States	Food Processing		100
Arrowhead Water	Subsidiary	Chatsworth, CA	United States	Beverages (Non-Alcoholic)		90
Arrowhead Mountain Spring Wtr	Branch	Orange, CA	United States	Retail (Grocery)	5.9	80
Perrier Group of America Inc.	Subsidiary	Moonachie, NJ	United States	Food Processing		70
Great Spring Waters of America	Subsidiary	El Monte, CA	United States	Food Processing	1.0	65
Nestle Waters North America Inc. - Lanham	Facility	Lanham, MD	United States	Beverages (Non-Alcoholic)		60
Nestle Waters North America Inc. - Dracut	Facility	Dracut, MA	United States	Food Processing	5.3	58
Nestle Water North America	Branch	Orange, CA	United States	Food Processing	88.0	50
Arrowhead Mountain Spring Water Company	Subsidiary	Colton, CA	United States	Retail (Grocery)	7.4	50
Nestle Waters North America	Branch	North Haven, CT	United States	Retail (Grocery)	6.1	50
Ozarka Natural Spring Water Co	Branch	San Antonio, TX	United States	Retail (Grocery)	6.0	48
Ozarka Drinking Water Co	Branch	Huntsville, TX	United States	Retail (Grocery)	6.0	48
Poland Spring Water	Branch	Rochester, NY	United States	Retail (Grocery)	5.6	48
Zephyrhills Spring Water Company	Subsidiary	Tampa, FL	United States	Beverages (Non-Alcoholic)	5.6	48
Zephyrhills Natural Spring Wtr	Branch	Tamarac, FL	United States	Retail (Grocery)	5.6	48
Nestle Waters	Branch	Denver, CO	United States	Retail (Grocery)	5.5	48
Nestle Waters North America	Branch	Greenwood, IN	United States	Retail (Grocery)	5.2	48
Zephyrhills Natural Spring Wtr	Branch	Jupiter, FL	United States	Retail (Grocery)	5.3	45
Nestle Waters North America Inc. - Brea	Facility	Brea, CA	United States	Food Processing	5.9	40
Ice Mountain Spring Water	Subsidiary	Hilliard, OH	United States	Retail (Catalog and Mail Order)	5.1	40
Arrowhead Water	Subsidiary	Brea, CA	United States	Food Processing		40
Nestle Water Canada Ltd.	Division	Ville de Laval, QC	Canada	Retail (Grocery)	1.8	25
Great Spring Waters of America	Subsidiary	Ventura, CA	United States	Food Processing	8.8	24
Deer Park Spring Water Co	Branch	Chesapeake, VA	United States	Retail (Grocery)	2.5	22
Nestle Waters North America Inc. - Jacksonville	Facility	Jacksonville, FL	United States	Retail (Grocery)	5.6	20
Nestle Waters North America Inc. - Rochester	Facility	Rochester, NY	United States	Chemical Manufacturing	5.6	17
Nestle Waters North America Inc. - Woodridge	Facility	Woodridge, IL	United States	Food Processing	0.4	15
Ozarka Water	Subsidiary	Wilkes Barre, PA	United States	Beverages (Non-Alcoholic)		15
Nestle Waters North America Inc. - Northbrook	Facility	Northbrook, IL	United States	Beverages (Non-Alcoholic)	5.7	10
Sweet Leaf Tea Co.	Subsidiary	Austin, TX	United States	Beverages (Non-Alcoholic)	0.6	10
Tradewinds Beverage	Branch	Carlisle, OH	United States	Food Processing	41.1	25
Nestle Waters North America Inc. - Thousand Palms	Facility	Thousand Palms, CA	United States	Food Processing		10
Great Spring Waters of America	Subsidiary	Newburgh, NY	United States	Food Processing		9
Arrowhead Mountain Spring Water Company	Subsidiary	Los Angeles, CA	United States	Food Processing		4
Eco De Los Andes S.A.	Subsidiary	Quilmes, Buenos Aires	Argentina	Beverages (Non-Alcoholic)	102.1	152
KÃ©kkÃºti ÃsvÃ¡nyvÃz KitermelÃµ, TÃ¶ltÃµ Ã©s ForgalmazÃ³ Zrt	Subsidiary	Budapest	Hungary	Beverages (Non-Alcoholic)	27.1	129
Nestle Waters Gb Ltd.	Subsidiary	Buxton	United Kingdom	Beverages (Non-Alcoholic)		60
Eaux Minerales De Plancoet Source Sassay	Subsidiary	Plancoet	France	Beverages (Non-Alcoholic)	12.0	31
Societe Francaise Des Eaux Regionales	Subsidiary	Issy Les Moulineaux	France	Computer Services	3.1	25
SA des Eaux MinÃ©rales de Ribeauville	Subsidiary	Ribeauville	France	Beverages (Non-Alcoholic)	23.1	49
NestlÃ© Waters France SAS	Subsidiary	Issy les Moulineaux	France	Beverages (Non-Alcoholic)	11.2	17
Nestle Waters Supply Sud	Subsidiary	Vergeze	France	Beverages (Non-Alcoholic)		900
Societe Industrielle De Vergeze	Subsidiary	Garons	France	Containers and Packaging		374
Source Du Val Saint Lambert	Subsidiary	St Lambert	France	Beverages (Non-Alcoholic)	6.9	34
Nestle Waters France	Branch	Meudon La Foret, Hauts De Seine	France	Business Services		10
Nestle Waters Services	Subsidiary	Issy Les Moulineaux	France	Computer Services	56.9
Societe des Boissons Gazeuses de Vergeze (GARD)	Subsidiary	Vergeze	France	Non-Metallic Mining
Societe Chantilly	Subsidiary	Saint Remy-les-Chevreuse	France	Food Processing
Sabliere du Ventoux	Subsidiary	Paris	France	Food Processing
Erikli Su Ve Mesrubat Sanayi Ve Ticaret A S	Subsidiary	Bursa	Turkey	Beverages (Non-Alcoholic)	101.4
Erikli Dagitim Ve Pazarlama A S	Subsidiary	Bursa	Turkey	Food Processing	221.4	699
East Springs International N.V.	Subsidiary	Amsterdam, Noord-Holland	Netherlands	Consumer Financial Services
Nestle Waters Polska S A	Subsidiary	Warszawa	Poland	Beverages (Non-Alcoholic)	127.6	1,000
Nestle Watercoolers Service Ooo	Subsidiary	Domodedovo	Russian Federation	Beverages (Non-Alcoholic)	37.9
La Vie	Joint Venture	Ho Chi Minh City	Viet Nam	Beverages (Non-Alcoholic)
Jannys Eis Franchise GmbH	Subsidiary	Seevetal, Niedersachsen	Germany	Consumer Financial Services		13
Nestle Tc Asia Pacific Pte. Ltd.	Subsidiary	Singapore	Singapore	Business Services	36.9	10
Cm & D Pharma Ltd.	Subsidiary	Esher	United Kingdom	Biotechnology and Drugs		8
Cm&D Pharma (Investments) Ltd.	Subsidiary	Esher	United Kingdom	Biotechnology and Drugs
Biohealth Italia SRL	Subsidiary	Rivoli, Torino	Italy	Chemicals - Plastics and Rubber	7.8	46
Jenny Craig Weight Loss Centres (Canada) Company	Subsidiary	Barrie, ON	Canada	Personal Services	0.6	6
Payco Foods Corporation	Subsidiary	Bayamon, PR	United States	Food Processing	0.3	5
Nestle Brasil Ltda ( Araras- Sp )	Subsidiary	Araras, Sao Paulo	Brazil	Food Processing	3,963.9
Nestle Brasil Ltda ( Araraquara - Sp )	Subsidiary	Araraquara, Sao Paulo	Brazil	Food Processing	3,963.9
Nestle Brasil Ltda (Cacapava -Sp)	Subsidiary	Cacapava, Sao Paulo	Brazil	Food Processing	3,963.9
Nestle Brasil Ltda ( Brasilia )	Subsidiary	Brasilia, Distrito Federal (Df)	Brazil	Food Processing	3,963.9
Nestle Brasil Ltda (Cordeiropolis - Sp)	Subsidiary	Cordeiropolis, Sao Paulo	Brazil	Food Processing	3,963.9
Nestle Brasil Ltda ( AraÃ§atuba - Sp)	Subsidiary	Aracatuba, Sao Paulo	Brazil	Food Processing	3,963.9
Nestle Brasil Ltda (Mg)	Subsidiary	Ibia, Minas Gerais	Brazil	Food Processing	3,963.9
Nestle Brasil Ltda ( Marilia - Sp )	Subsidiary	Marilia, Sao Paulo	Brazil	Food Processing	2,558.9
Chocolates Garoto S.A.	Subsidiary	SÃ£o Paulo, SP	Brazil	Food Processing	753.0
Nestle Indonesia, Pt	Subsidiary	Jakarta, Jakarta	Indonesia	Food Processing	649.6
Dairy Partners Americas Brazil Ltda.	Joint Venture	GoiÃ¢nia, GO	Brazil	Food Processing	540.1
Nestle Adriatic D.O.O.	Subsidiary	Zagreb	Croatia	Food Processing	94.2
NestlÃ© Purina PetCare de Colombia S.A.	Subsidiary	BogotÃ¡ DC	Colombia	Food Processing	61.3
CPW Philippines Inc	Subsidiary	Metro Manila	Philippines	Food Processing	59.3
Svitoch Lviv Confectionery Firm Public Joint Stock Company	Subsidiary	Lviv	Ukraine	Food Processing	50.6
Nestle Baltics Uab	Subsidiary	Vilnius	Lithuania	Food Processing	39.1
Raw Products,Ltd.	Subsidiary	Gatwick	United Kingdom	Business Services	17.9
Societe Immobiliere De Noisiel	Subsidiary	Noisiel	France	Business Services	12.7
Nestle Versorgungskasse GmbH	Subsidiary	Frankfurt Am Main, Hessen	Germany	Investment Services	12.5
NestlÃ© Waters Direct Netherlands B.V.	Subsidiary	Zoetermeer, Zuid-Holland	Netherlands	Retail (Grocery)	10.8
Nestle European Information Technology Operations Center	Subsidiary	Bruxelles	Belgium	Business Services	0.6
CompaÃ±Ãa NestlÃ© (Costa Rica) S.A.	Subsidiary	Heredia	Costa Rica	Food Processing
NestlÃ© Ecuador S.A.	Subsidiary	Quito, Pichincha	Ecuador	Food Processing
NestlÃ© Servicios Corporativos, S.A. de C.V.	Subsidiary	QuerÃ©taro, QuerÃ©taro	Mexico	Food Processing
NestlÃ©'s Products (Mauritius) Limited	Subsidiary	EbÃ¨ne Cybercity	Mauritius	Food Processing
Nestle Waters (Uk) Holdings Ltd.	Subsidiary	Gatwick	United Kingdom	Beverages (Non-Alcoholic)
Nestle Waters UK Ltd.	Subsidiary	Rickmansworth	United Kingdom	Beverages (Non-Alcoholic)	107.7	147
NestlÃ© Bangladesh Limited	Subsidiary	Dhaka	Bangladesh	Food Processing
Nestle Watercoolers Uk Ltd.	Subsidiary	Gatwick	United Kingdom	Beverages (Non-Alcoholic)
Nestle Coffee Specialties S. A.	Subsidiary	London	United Kingdom
Nestle Unternehmungen Deutschland GmbH	Subsidiary	Frankfurt am Main	Germany	Investment Services
Nestle Guatemala S.A.	Subsidiary	Guatemala	Guatemala	Food Processing
NestlÃ© PerÃº S.A.	Subsidiary	Lima	Peru	Food Processing
NestlÃ© Tunisie SA	Subsidiary	Tunis	Tunisia	Food Processing
Nestle Peru S.A.	Subsidiary	Lima	Peru	Food Processing
Nestle Paraguay S.A.	Subsidiary	Asuncion	Paraguay	Food Processing
Nestle Bulgaria A.D.	Subsidiary	Sofia	Bulgaria	Food Processing
CorporaciÃ³n Inlaca, C.A.	Subsidiary	Valencia, Carabobo	Venezuela	Food Processing
Nestle Dominicana, S.A.	Subsidiary	Santo Domingo	Dominican Republic	Food Processing
Xiamen Yinlu Foods Group Co., Ltd.	Subsidiary	Xiamen, Fujian	China	Beverages (Non-Alcoholic)
Nestle (Thai) Limited	Subsidiary	Pathumwan, Bangkok	Thailand	Food Processing
Nestle Qingdao Limited	Subsidiary	Qingdao, Shandong	China	Food Processing
Nestle Dongguan Limited	Subsidiary	Dongguan, Guangdong	China	Food Processing
Nestle Hulunbeir Limited	Subsidiary	Ergun	China	Food Processing
Vitaflo International Holdings Ltd.	Subsidiary	Liverpool	United Kingdom	Healthcare Facilities
Vitaflo (International) Ltd.	Subsidiary	Liverpool	United Kingdom	Healthcare Facilities	33.1	83
Vitaflo Ltd.	Subsidiary	Paisley	United Kingdom	Nonclassifiable Industries
Vitaflo Research Foundation Ltd.	Subsidiary	Liverpool	United Kingdom	Biotechnology and Drugs
Thirdway Nutrition Ltd.	Subsidiary	Liverpool	United Kingdom	Healthcare Facilities
Nestle Gibraltar Ltd.	Subsidiary	Gibraltar	Gibraltar	Food Processing
Nestle Polynesie S.A.S.	Subsidiary	Papeete	French Polynesia	Food Processing
Nestle-Uzbekistan Sp Ooo	Joint Venture	Tashkent	Uzbekistan	Beverages (Non-Alcoholic)
Nestle Ceski S.R.O.	Subsidiary	Prague	Czech Republic	Food Processing
Nestle Health Science S.A.	Subsidiary	Lutry	Switzerland	Food Processing
Acquisition of Red River Pharma LLC proposed/announced.See corporate structure news on Nestle SA for details
Nestle Healthcare Nutrition	Unit	Gland	Switzerland	Food Processing		2,000
Nestle HealthCare Nutrition, Inc.	Subsidiary	Minneapolis, MN	United States	Food Processing	2.3	950
Prometheus Laboratories Inc.	Subsidiary	San Diego, CA	United States	Biotechnology and Drugs	519.0	478
Nestle Nigeria PLC	Subsidiary	Ikeja	Nigeria	Food Processing
Nestle Guinee	Subsidiary	Conakry	Guinea	Food Processing
Xiamen Yinlu Food Group Co., Ltd.	Subsidiary	Xiamen, Fujian	China	Food Processing
Swaziland Fruit Canners (Pty.) Ltd.	Subsidiary	Malkerns	Swaziland	Retail (Grocery)
Nestle Hong Kong Limited	Subsidiary	Yuen Long, N.T.	Hong Kong	Food Processing
Nestle Waters Gida ve Mesrubat Sanayi Ticaret A.S.	Subsidiary	Kestel, Bursa	Turkey	Beverages (Non-Alcoholic)
Balaban Gida Sanayi ve Ticaret Anonim Sirketi	Subsidiary	Arifiye, Sakarya	Turkey	Food Processing
Jenny Craig Weight Loss Centres (NZ) Ltd	Subsidiary	Auckland	New Zealand	Personal Services
Nestle Business Services AOA, Inc.	Subsidiary	Meycauayan	Philippines	Food Processing
Nestle Kuban LLC	Subsidiary	Krasnodar	Russian Federation	Food Processing
Beverage Partners Worldwide	Joint Venture	ZÃ¼rich	Switzerland	Beverages (Non-Alcoholic)
NestlÃ© AlgÃ©rie SPA	Subsidiary	Algiers	Algeria	Retail (Grocery)
Nestle Waters North America Holdings, Inc.	Subsidiary	Stamford, CT	United States	Investment Services
Nestle Purina PetCare Global Resources, Inc.	Subsidiary	Saint Louis, MO	United States	Food Processing
Vitality Foodservice Holding Corporation	Subsidiary	Tampa, FL	United States	Investment Services
Chocolates Garoto S.A	Subsidiary	Vila Velha	Brazil	Food Processing
NestlÃ© Maghreb SA	Subsidiary	Casablanca	Morocco	Food Processing
Nestle Capital Canada Ltd	Subsidiary	North York, ON	Canada	Food Processing
Nestle Shanghai Limited	Subsidiary	Shanghai	China	Beverages (Non-Alcoholic)
Nestle Finance International Ltd	Subsidiary	Luxembourg	Luxembourg	Investment Services
Fagal Srl	Subsidiary	Santa Cruz	Bolivia	Food Processing
Malher S.A	Subsidiary	Guatemala	Guatemala	Food Processing
Dongguan Hsu Chi Food Co., Limited	Subsidiary	Dongguan, Guangdong	China	Food Processing
Dongguan Hsu Chi Food Co., Ltd.	Branch	Zhaoqing, Guangdong	China	Food Processing	2.8	43
Nestle Finance S.A.	Subsidiary	Vevey	Switzerland	Investment Services
Nestle Dreyer's Ice Cream Company	Subsidiary	Oakland, CA	United States	Food Processing
Jenny Craig Operations, Inc.	Subsidiary	Peoria, IL	United States	Healthcare Facilities
Jenny Craig Holdings, Inc.	Subsidiary	Wilmington, DE	United States	Investment Services
Societe des Produits Alimentaires de Caudry S.A.S.	Subsidiary	Caudry	France	Food Processing
Societe Industrielle de Transformation de Produits Agricoles S.A.S.	Subsidiary	Longvic	France	Food Processing
Nestle Waters Benelux S.A.	Subsidiary	Brussels	Belgium	Beverages (Non-Alcoholic)
Nestle Togo S.A.U	Subsidiary	Lome	Togo	Food Processing
Davigel Belgilux S.A.	Subsidiary	Londerzeel	Belgium	Food Processing
Dongguan Hsu Fu Chi Foods Company Limited	Subsidiary	Dongguan, Guangdong	China	Food Processing
LLC Technocom	Subsidiary	Kiev	Ukraine	Food Processing
S.I. En Bergere Vevey S.A.	Subsidiary	Vevey	Switzerland	Real Estate Operations
Eau Minerale Naturelle de Plancoet Source Sassay S.A.S.	Subsidiary	Plancoet	France	Beverages (Non-Alcoholic)

Competitors Report

Company Name	Location	Employees	Ownership
Dean Foods Co	Dallas, Texas, United States	21,915	Public

Executive report

Board of Directors

Name

Title

Function

Syed Yawar Ali

Chairman of the Board

Chairman

Education:

Stevens Institute of Technology, M (Management Science)

Compensation/Salary:1,465,000

Compensation Currency: PKR

Syed Hyder Ali

Director

Director/Board Member

Magdi Batato

Chief Executive Officer, Managing Director, Director

Director/Board Member

Biography:

Mr. Batato is a managing director in the company. In 2004, he was transferred to Malaysia as Executive Director of Production before moving to NestlÃ© UK in 2009 as Head of Group Technical NestlÃ© UK & Ireland. He Joined the NestlÃ© Group in 1991 in Switzerland.

Alexandre Cantacuzene

Director

Director/Board Member

John Davis

Director

Director/Board Member

Raymond Franke

Chief Financial Officer, Director

Director/Board Member

Fritz Van Dijk

Director

Director/Board Member

Executives

Name

Title

Function

Magdi Batato

Chief Executive Officer, Managing Director, Director

Chief Executive Officer

Biography:

Haseeb Aslam

Country Business Manager Water

Administration Executive

Social:

Usman Iqbal Bhatty

Country Business Manager Nutrition

Administration Executive

Nauman Khan

Country Business Manager

Administration Executive

Arsalan Khan

Business Manager Beverages

Administration Executive

Khurram Javed Maqbool

Business Manager Chilled Dairy

Administration Executive

Social:

Ali Sadozai

Company Secretary

Raymond Franke

Chief Financial Officer, Director

Finance Executive

Uzma Qaiser Butt

Head of Human Resources

Human Resources Executive

Zafar Hussain Shah

Head of Sales

Sales Executive

Shaheen Sadiq

Head of Communications

Corporate Communications Executive

Social:

Peter Wuethrich

Head of Technical

Engineering/Technical Executive

Salman Nazir

Head of Supply Chain

Purchasing Executive

Syed Fakhar Ahmed

Head of Corporate Affairs

Other

Giuseppe Bonanno

Director

Other

Biography:

Mr. Bonanno is the director in the company. He currently serving as a head of F&C and Globe IS/IT Pakistan. In 2008 he was prompted head of F&C and globe IS/IT NestlÃ© Waters AOA. In 2006, he was appointed NestlÃ© Waters Middle East Africa, regional controller. In 2002, he became cost manager in Vevey, and then F&C Globe Business Excellence Manager at NestlÃ© Waters. He joined the group in 1996.

Samra Maqbool

Product Unit Manager Culinary

Other

Pierre Schaufelberger

Director

Other

Biography:

Mr. Schaufelberger is the director in the company. Prior to this he served as vice president-regional management zone Asia Oceania Africa and Middle East in 2009. He started his professional career with NestlÃ© S.A. (Switzerland) in 1980 as International Management Trainee for Zone Asia/Oceania.

Khurram Zia

Business Executive Manager - Ambient Dairy

Other

Social:

Significant Developments

Nestle Pakistan Ltd Does Not Recommend Dividend Apr 19, 2013

Nestle Pakistan Ltd announced that no cash dividend was declared or recommended for the first quarter ended March 31, 2013.

Nestle Pakistan Ltd Announces FY 2012 Final Cash Dividend Feb 18, 2013

Nestle Pakistan Ltd announced that it is to pay PKR 70 per share as final dividend for the year ended December 31, 2012 to shareholders whose names appear in the Register of Members on March 20, 2013. It paid PKR 40 per share as final dividend for the year ended December 31, 2011.

Nestle Pakistan Ltd Completes Acquisition of Nutrition Business from Wyeth Pakistan Ltd Dec 03, 2012

Nestle Pakistan Ltd announced that pursuant to the global closing of the acquisition of Pfizer Nutrition business by Nestle SA on November 30, 2012, the local transfer of Pfizer Nutrition business from Wyeth Pakistan Ltd to the Company has been completed with the total consideration of the equivalent of USD 2 million.

Wyeth Pakistan Ltd Sells Nutrition Business To Nestle Pakistan Limited Oct 18, 2012

Wyeth Pakistan Ltd announced that it has decided to sell the Nutrition business carried out by the Company (including its inventory and related assets and goodwill) to Nestle Pakistan Limited for a total consideration of the equivalent of USD 2 million (approximately PKR 190 million). The sale is expected to be completed later in October after completing all necessary regulatory formalities.

Nestle Pakistan Ltd Not To Pay H1 2012 Cash Dividend Aug 07, 2012

Nestle Pakistan Ltd announced that no cash dividend was declared or recommended for the first half ended June 3, 2012.

Annual Income Statement

Financials in: USD (mil)

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

	31-Dec-2012	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Dec-2012	Updated Normal 31-Dec-2011	Updated Normal 31-Dec-2010	Updated Normal 31-Dec-2009	Updated Normal 31-Dec-2008
Filed Currency	PKR	PKR	PKR	PKR	PKR
Exchange Rate (Period Average)	93.347634	86.346516	85.183279	81.692096	70.718347
Auditor	KPMG Taseer Hadi & Co.	KPMG Taseer Hadi & Co.	KPMG LLP	KPMG LLP	KPMG Taseer Hadi & Co.
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified

Net Sales	9.4	6.2	5.4	6.7	8.9
Gross Revenue	903.8	800.4	642.7	533.8	510.9
Sales Returns and Allowances	-42.4	-36.7	-30.0	-25.6	-25.8
Excise Tax Receipts	-23.6	-19.1	-13.7	-11.1	-10.6
Revenue	847.2	750.7	604.4	503.8	483.4
Total Revenue	847.2	750.7	604.4	503.8	483.4

Cost of Revenue	615.1	557.0	441.5	358.1	356.8
Cost of Revenue, Total	615.1	557.0	441.5	358.1	356.8
Gross Profit	232.2	193.7	162.9	145.7	126.6

Selling/General/Administrative Expense	43.8	37.2	31.5	56.6	48.3
Labor & Related Expense	26.6	22.7	19.7	17.6	16.8
Advertising Expense	40.3	32.6	28.4	-	-
Total Selling/General/Administrative Expenses	110.8	92.5	79.6	74.2	65.1
Depreciation	3.9	3.2	2.7	2.7	2.8
Amortization of Intangibles	0.1	0.1	0.1	0.5	0.6
Depreciation/Amortization	4.0	3.2	2.8	3.2	3.4
Investment Income - Operating	5.0	4.4	1.6	5.3	15.6
Interest/Investment Income - Operating	5.0	4.4	1.6	5.3	15.6
Interest Expense (Income) - Net Operating Total	5.0	4.4	1.6	5.3	15.6
Impairment-Assets Held for Use	1.6	0.1	0.5	2.4	0.8
Loss (Gain) on Sale of Assets - Operating	1.0	0.6	1.3	0.7	0.0
Unusual Expense (Income)	2.6	0.7	1.8	3.1	0.8
Other Operating Expense	6.6	7.2	6.2	4.9	3.2
Other Operating Expenses, Total	6.6	7.2	6.2	4.9	3.2
Total Operating Expense	743.9	665.1	533.5	448.9	444.9

Operating Income	103.3	85.6	70.9	54.9	38.5

Interest Expense - Non-Operating	-22.7	-	-	-	-
Interest Capitalized - Non-Operating	3.8	0.0	-	-	-
Interest Expense, Net Non-Operating	-18.9	0.0	-	-	-
Investment Income - Non-Operating	0.0	-1.1	-2.5	-0.6	0.0
Interest/Investment Income - Non-Operating	0.0	-1.1	-2.5	-0.6	0.0
Interest Income (Expense) - Net Non-Operating	-	-11.0	-3.5	-4.8	-7.9
Interest Income (Expense) - Net Non-Operating Total	-18.9	-12.2	-6.0	-5.4	-7.9
Gain (Loss) on Sale of Assets	-	-	-	0.0	0.1
Other Non-Operating Income (Expense)	1.1	1.8	2.0	1.8	0.8
Other, Net	1.1	1.8	2.0	1.8	0.8
Income Before Tax	85.5	75.3	66.9	51.2	31.5

Total Income Tax	22.6	21.2	18.6	14.5	9.5
Income After Tax	62.8	54.1	48.3	36.8	22.0

Net Income Before Extraord Items	62.8	54.1	48.3	36.8	22.0
Net Income	62.8	54.1	48.3	36.8	22.0

Income Available to Common Excl Extraord Items	62.8	54.1	48.3	36.8	22.0

Income Available to Common Incl Extraord Items	62.8	54.1	48.3	36.8	22.0

Basic/Primary Weighted Average Shares	45.4	45.4	45.4	45.4	45.4
Basic EPS Excl Extraord Items	1.39	1.19	1.06	0.81	0.48
Basic/Primary EPS Incl Extraord Items	1.39	1.19	1.06	0.81	0.48
Dilution Adjustment	0.0	0.0	0.0	0.0	0.0
Diluted Net Income	62.8	54.1	48.3	36.8	22.0
Diluted Weighted Average Shares	45.4	45.4	45.4	45.4	45.4
Diluted EPS Excl Extraord Items	1.39	1.19	1.06	0.81	0.48
Diluted EPS Incl Extraord Items	1.39	1.19	1.06	0.81	0.48
Dividends per Share - Common Stock Primary Issue	0.75	0.75	0.65	0.73	0.59
Gross Dividends - Common Stock	34.0	34.1	29.3	33.3	26.6
Interest Expense, Supplemental	18.9	10.5	3.1	4.3	7.4
Interest Capitalized, Supplemental	-3.8	0.0	-	-	-
Depreciation, Supplemental	22.8	18.7	14.9	14.8	15.5
Total Special Items	2.6	0.7	1.8	3.1	0.7
Normalized Income Before Tax	88.1	76.0	68.7	54.4	32.2

Effect of Special Items on Income Taxes	0.7	0.2	0.5	0.9	0.2
Inc Tax Ex Impact of Sp Items	23.3	21.4	19.1	15.3	9.8
Normalized Income After Tax	64.8	54.6	49.6	39.0	22.5

Normalized Inc. Avail to Com.	64.8	54.6	49.6	39.0	22.5

Basic Normalized EPS	1.43	1.20	1.09	0.86	0.50
Diluted Normalized EPS	1.43	1.20	1.09	0.86	0.50
Amort of Intangibles, Supplemental	0.1	0.1	0.1	0.5	0.6
Rental Expenses	1.1	2.8	3.5	3.4	3.9
Advertising Expense, Supplemental	40.3	32.6	28.4	29.9	21.3
Normalized EBIT	110.9	90.8	74.3	63.3	54.9
Normalized EBITDA	133.8	109.5	89.3	78.7	71.0
Current Tax - Domestic	12.8	11.7	18.5	14.0	11.2
Current Tax - Other	1.0	0.6	-2.0	-2.2	-0.9
Current Tax - Total	13.8	12.3	16.5	11.9	10.3
Deferred Tax - Domestic	-	8.9	2.0	2.6	-0.7
Deferred Tax - Total	8.9	-	-	-	-
Deferred Tax - Total	8.9	8.9	2.0	2.6	-0.7
Income Tax - Total	22.6	21.2	18.6	14.5	9.5
Interest Cost - Domestic	2.6	2.2	1.6	1.7	1.2
Service Cost - Domestic	2.2	1.9	1.5	1.3	1.3
Prior Service Cost - Domestic	0.1	-	-	-	-
Expected Return on Assets - Domestic	-2.0	-1.8	-1.3	-1.0	-1.0
Other Pension, Net - Domestic	-0.4	-0.4	-0.3	-0.3	-0.2
Domestic Pension Plan Expense	2.5	1.9	1.5	1.7	1.3
Total Pension Expense	2.5	1.9	1.5	1.7	1.3
Total Plan Interest Cost	2.6	2.2	1.6	1.7	1.2
Total Plan Service Cost	2.2	1.9	1.5	1.3	1.3
Total Plan Expected Return	-2.0	-1.8	-1.3	-1.0	-1.0
Total Plan Other Expense	-0.4	-0.4	-0.3	-0.3	-0.2

Annual Balance Sheet

Financials in: USD (mil)

	31-Dec-2012	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008
UpdateType/Date	Updated Normal 31-Dec-2012	Reclassified Normal 31-Dec-2012	Updated Normal 31-Dec-2010	Updated Normal 31-Dec-2009	Updated Normal 31-Dec-2008
Filed Currency	PKR	PKR	PKR	PKR	PKR
Exchange Rate	97.199997	89.91	85.645	84.325	79.125
Auditor	KPMG Taseer Hadi & Co.	KPMG Taseer Hadi & Co.	KPMG LLP	KPMG LLP	KPMG Taseer Hadi & Co.
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified

Cash	7.8	7.8	5.9	3.7	5.3
Cash and Short Term Investments	7.8	7.8	5.9	3.7	5.3
Accounts Receivable - Trade, Gross	5.1	3.1	-	-	-
Provision for Doubtful Accounts	-0.1	-0.1	0.0	0.0	0.0
Trade Accounts Receivable - Net	5.3	4.2	1.4	2.8	5.8
Notes Receivable - Short Term	0.5	0.3	0.2	0.2	0.3
Other Receivables	56.6	34.3	23.1	17.8	18.8
Total Receivables, Net	62.4	38.8	24.7	20.9	24.9
Inventories - Finished Goods	24.9	22.2	13.4	14.9	6.6
Inventories - Work In Progress	4.6	3.0	2.8	2.1	2.3
Inventories - Raw Materials	53.1	53.4	33.9	29.2	22.6
Inventories - Other	14.1	14.2	15.9	10.3	10.2
Total Inventory	96.7	92.8	66.0	56.5	41.6
Prepaid Expenses	7.0	9.6	-	-	-
Other Current Assets	0.0	0.0	0.9	-	-
Other Current Assets, Total	0.0	0.0	0.9	-	-
Total Current Assets	173.9	149.0	97.5	81.2	71.8

Buildings	38.2	32.0	2.6	2.6	2.8
Land/Improvements	14.7	15.9	7.9	8.1	6.1
Machinery/Equipment	267.2	215.1	170.5	155.8	143.1
Construction in Progress	118.8	59.7	35.9	10.9	17.5
Leases	1.5	2.4	3.8	3.8	4.1
Other Property/Plant/Equipment	5.8	5.6	29.1	28.4	28.2
Property/Plant/Equipment - Gross	446.3	330.6	249.9	209.6	201.7
Accumulated Depreciation	-101.4	-90.4	-81.2	-71.8	-64.6
Property/Plant/Equipment - Net	344.9	240.3	168.7	137.8	137.1
Goodwill, Net	1.1	0.0	-	-	-
Intangibles - Gross	2.4	2.6	2.7	2.5	2.7
Accumulated Intangible Amortization	-2.3	-2.5	-2.5	-2.4	-2.1
Intangibles, Net	0.1	0.1	0.2	0.1	0.6
LT Investments - Other	1.0	0.1	0.1	0.1	0.1
Long Term Investments	1.0	0.1	0.1	0.1	0.1
Other Long Term Assets	2.4	1.8	1.5	1.3	1.2
Other Long Term Assets, Total	2.4	1.8	1.5	1.3	1.2
Total Assets	523.4	391.3	268.0	220.4	210.9

Accounts Payable	27.8	20.5	13.3	17.5	12.8
Accrued Expenses	66.3	54.3	34.9	21.3	18.7
Notes Payable/Short Term Debt	101.5	101.5	57.5	48.9	28.1
Current Portion - Long Term Debt/Capital Leases	0.1	0.5	0.7	0.7	0.7
Dividends Payable	0.1	0.1	0.1	0.1	0.0
Customer Advances	2.1	3.7	0.8	2.1	1.1
Security Deposits	1.9	1.7	1.5	1.3	1.6
Other Payables	0.9	0.4	5.9	4.1	3.9
Other Current Liabilities	5.1	4.2	-	-	-
Other Current liabilities, Total	10.1	10.0	8.2	7.5	6.7
Total Current Liabilities	205.8	186.7	114.5	95.9	67.1

Long Term Debt	158.1	87.3	65.1	49.9	65.0
Capital Lease Obligations	0.0	0.2	0.6	1.4	2.2
Total Long Term Debt	158.1	87.4	65.7	51.3	67.2
Total Debt	259.7	189.4	123.9	101.0	96.0

Deferred Income Tax - LT Liability	34.0	27.5	19.9	18.2	16.7
Deferred Income Tax	34.0	27.5	19.9	18.2	16.7
Pension Benefits - Underfunded	6.6	4.9	2.7	2.6	4.4
Other Liabilities, Total	6.6	4.9	2.7	2.6	4.4
Total Liabilities	404.4	306.6	202.8	167.9	155.4

Common Stock	4.7	5.0	5.3	5.4	5.7
Common Stock	4.7	5.0	5.3	5.4	5.7
Additional Paid-In Capital	2.6	2.8	2.9	3.0	3.2
Retained Earnings (Accumulated Deficit)	111.7	76.8	57.0	44.2	46.6
Total Equity	118.9	84.7	65.2	52.5	55.5

Total Liabilities & Shareholdersâ€™ Equity	523.4	391.3	268.0	220.4	210.9

Shares Outstanding - Common Stock Primary Issue	45.3	45.3	45.3	45.3	45.3
Total Common Shares Outstanding	45.3	45.3	45.3	45.3	45.3
Treasury Shares - Common Stock Primary Issue	0.0	0.0	-	-	-
Accumulated Intangible Amort, Suppl.	4.6	4.9	2.5	2.4	2.1
Deferred Revenue - Current	2.1	3.7	0.8	2.1	1.1
Total Long Term Debt, Supplemental	158.1	87.3	65.1	64.9	65.0
Long Term Debt Maturing within 1 Year	0.0	0.0	0.0	15.0	0.0
Long Term Debt Maturing in Year 2	39.5	21.8	16.3	12.5	16.2
Long Term Debt Maturing in Year 3	39.5	21.8	16.3	12.5	16.2
Long Term Debt Maturing in Year 4	39.5	21.8	16.3	12.5	16.2
Long Term Debt Maturing in Year 5	39.5	21.8	16.3	12.5	16.2
Long Term Debt Maturing in 2-3 Years	79.0	43.6	32.5	25.0	32.5
Long Term Debt Maturing in 4-5 Years	79.0	43.6	32.5	25.0	32.5
Long Term Debt Matur. in Year 6 & Beyond	0.0	0.0	0.0	0.0	0.0
Total Capital Leases, Supplemental	0.1	0.6	1.3	2.1	2.9
Capital Lease Payments Due in Year 1	0.1	0.5	0.7	0.7	0.7
Capital Lease Payments Due in Year 2	0.0	0.0	0.2	0.4	0.6
Capital Lease Payments Due in Year 3	0.0	0.0	0.2	0.4	0.6
Capital Lease Payments Due in Year 4	0.0	0.0	0.2	0.4	0.6
Capital Lease Payments Due in Year 5	0.0	0.0	0.2	0.4	0.6
Capital Lease Payments Due in 2-3 Years	0.0	0.1	0.3	0.7	1.1
Capital Lease Payments Due in 4-5 Years	0.0	0.1	0.3	0.7	1.1
Pension Obligation - Domestic	26.4	-	16.7	13.8	11.4
Plan Assets - Domestic	19.9	-	14.0	11.2	7.0
Funded Status - Domestic	-6.6	-	-2.7	-2.6	-4.4
Total Funded Status	-6.6	-	-2.7	-2.6	-4.4
Accrued Liabilities - Domestic	-6.6	-	-2.7	-2.6	-4.4
Other Assets, Net - Domestic	-	-	3.9	3.7	3.6
Net Assets Recognized on Balance Sheet	-6.6	-	1.2	1.2	-0.9
Equity % - Domestic	18.92%	-	-	-	-
Debt Securities % - Domestic	65.31%	-	-	-	-
Other Investments % - Domestic	22.66%	-	-	-	-
Total Plan Obligations	26.4	-	16.7	13.8	11.4
Total Plan Assets	19.9	-	14.0	11.2	7.0

Annual Cash Flows

Financials in: USD (mil)

	31-Dec-2012	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Dec-2012	Updated Normal 31-Dec-2011	Updated Normal 31-Dec-2010	Updated Normal 31-Dec-2009	Updated Normal 31-Dec-2008
Filed Currency	PKR	PKR	PKR	PKR	PKR
Exchange Rate (Period Average)	93.347634	86.346516	85.183279	81.692096	70.718347
Auditor	KPMG Taseer Hadi & Co.	KPMG Taseer Hadi & Co.	KPMG LLP	KPMG LLP	KPMG Taseer Hadi & Co.
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified

Net Income/Starting Line	85.5	75.3	66.9	51.2	31.5
Depreciation	22.8	18.7	14.9	14.8	15.5
Depreciation/Depletion	22.8	18.7	14.9	14.8	15.5
Amortization of Intangibles	0.1	0.1	0.1	0.5	0.6
Amortization	0.1	0.1	0.1	0.5	0.6
Unusual Items	2.6	0.7	1.8	3.1	0.7
Other Non-Cash Items	27.0	18.8	9.4	11.7	24.9
Non-Cash Items	29.7	19.5	11.2	14.9	25.6
Accounts Receivable	-17.4	-16.6	-3.8	2.7	-3.2
Inventories	-10.3	-28.5	-8.3	-17.2	-1.3
Accounts Payable	25.6	31.4	10.6	12.1	-3.7
Other Liabilities	-1.0	0.0	-0.1	0.0	0.0
Other Operating Cash Flow	-46.5	-36.2	-27.6	-22.7	-15.1
Changes in Working Capital	-49.6	-50.0	-29.1	-25.1	-23.3
Cash from Operating Activities	88.4	63.5	64.0	56.4	49.9

Purchase of Fixed Assets	-150.7	-103.5	-50.4	-27.8	-26.5
Purchase/Acquisition of Intangibles	-2.1	0.0	-0.2	-	-
Capital Expenditures	-152.8	-103.5	-50.6	-27.8	-26.5
Sale of Fixed Assets	1.3	1.3	0.5	0.4	1.0
Other Investing Cash Flow Items, Total	1.3	1.3	0.5	0.4	1.0
Cash from Investing Activities	-151.5	-102.2	-50.2	-27.4	-25.4

Cash Dividends Paid - Common	-19.4	-28.9	-34.6	-36.1	-17.0
Total Cash Dividends Paid	-19.4	-28.9	-34.6	-36.1	-17.0
Short Term Debt Reduction	0.0	-26.1	0.0	-	-
Short Term Debt, Net	-11.2	31.2	0.0	20.8	-10.4
Long Term Debt Issued	75.9	23.2	0.0	-	-
Long Term Debt Reduction	-0.4	-0.7	-0.8	-0.7	-0.9
Long Term Debt, Net	75.4	22.5	-0.8	-0.7	-0.9
Issuance (Retirement) of Debt, Net	64.2	53.7	-0.8	20.1	-11.3
Cash from Financing Activities	44.8	24.9	-35.3	-16.0	-28.3

Net Change in Cash	-18.2	-13.9	-21.5	13.0	-3.9

Net Cash - Beginning Balance	-37.2	-26.4	-5.2	-18.4	-17.4
Net Cash - Ending Balance	-55.5	-40.2	-26.7	-5.4	-21.3
Cash Interest Paid	22.6	11.4	5.9	6.1	7.7
Cash Taxes Paid	21.9	20.6	17.8	12.1	0.6

Annual Income Statement

Financials in: USD (mil)

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

	31-Dec-2012	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Dec-2012	Updated Normal 31-Dec-2011	Updated Normal 31-Dec-2010	Updated Normal 31-Dec-2009	Updated Normal 31-Dec-2008
Filed Currency	PKR	PKR	PKR	PKR	PKR
Exchange Rate (Period Average)	93.347634	86.346516	85.183279	81.692096	70.718347
Auditor	KPMG Taseer Hadi & Co.	KPMG Taseer Hadi & Co.	KPMG LLP	KPMG LLP	KPMG Taseer Hadi & Co.
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified

Gross Sales	903.8	800.4	642.7	533.8	510.9
Goods Purchased for Resale	9.4	6.2	5.4	6.7	8.9
Sales Tax	-23.6	-19.1	-13.7	-11.1	-10.6
Trade Discount	-42.4	-36.7	-30.0	-25.6	-25.8
Total Revenue	847.2	750.7	604.4	503.8	483.4

Labor & Related Expense - COGS	32.7	-	-	-	-
Depreciation in COR/COGS	18.9	-	-	-	-
Other Cost of Goods Sold	563.5	-	-	-	-
Cost of Goods Sold	-	557.0	441.5	358.1	356.8
Staff Cost - Dist. Expense	16.6	14.7	12.2	11.2	10.8
Depreciaton - Dist. Expense	2.9	2.4	1.9	1.8	1.8
Sales Promotion and Advertisement	40.3	32.6	28.4	-	-
Rental Expense	0.3	-	-	-	-
Rental Expense	0.8	-	-	-	-
Ground leases/Rental Expenses	1.6	-	-	-	-
Other Distribution & Selling Expenses	34.0	-	-	-	-
Other Administratrive Expense	7.1	-	-	-	-
Distribution & Selling Expenses	-	29.8	24.1	51.1	-
Staff Cost - Administratrive Expense	9.9	8.0	7.5	6.4	6.1
Depreciation - Administratrive Expense	1.0	0.8	0.8	0.9	1.0
Amortization - Administratrive Expense	0.1	0.1	0.1	0.5	0.6
Administratrive Expense	-	7.4	7.5	5.4	-
Admin./Selling	-	-	-	-	42.5
Administration Expenses	-	-	-	-	5.9
Loss on Disposal of Plant and Equipment	1.0	0.6	1.3	0.7	0.0
Impairment Loss on Plant and Property	1.6	0.1	0.5	2.4	0.8
Exchnge Loss	5.0	4.4	1.6	5.3	15.6
Other Other Operating Expenses	6.6	-	-	-	-
Other Operating Expenses	-	7.2	6.2	4.9	3.2
Total Operating Expense	743.9	665.1	533.5	448.9	444.9

Interest Exp-Net of Capitalized Interest	-22.7	-	-	-	-
Interest Capitalized	3.8	0.0	-	-	-
Exchagne Loss on Derivative Liab.	0.0	-1.1	-2.5	-0.6	0.0
Financial Charges	-	-11.0	-3.5	-4.8	-7.9
Gain on Sale of Plant	-	-	-	0.0	0.1
Bank Charges	-0.6	-	-	-	-
Other Operating Income	1.7	1.8	2.0	1.8	0.8
Net Income Before Taxes	85.5	75.3	66.9	51.2	31.5

Provision for Income Taxes	22.6	21.2	18.6	14.5	9.5
Net Income After Taxes	62.8	54.1	48.3	36.8	22.0

Net Income Before Extra. Items	62.8	54.1	48.3	36.8	22.0
Net Income	62.8	54.1	48.3	36.8	22.0

Income Available to Com Excl ExtraOrd	62.8	54.1	48.3	36.8	22.0

Income Available to Com Incl ExtraOrd	62.8	54.1	48.3	36.8	22.0

Basic Weighted Average Shares	45.4	45.4	45.4	45.4	45.4
Basic EPS Excluding ExtraOrdinary Items	1.39	1.19	1.06	0.81	0.48
Basic EPS Including ExtraOrdinary Items	1.39	1.19	1.06	0.81	0.48
Dilution Adjustment	0.0	0.0	0.0	0.0	0.0
Diluted Net Income	62.8	54.1	48.3	36.8	22.0
Diluted Weighted Average Shares	45.4	45.4	45.4	45.4	45.4
Diluted EPS Excluding ExtraOrd Items	1.39	1.19	1.06	0.81	0.48
Diluted EPS Including ExtraOrd Items	1.39	1.19	1.06	0.81	0.48
DPS-Fully Paid Ordinary	0.75	0.75	0.65	0.73	0.59
Gross Dividends - Common Stock	34.0	34.1	29.3	33.3	26.6
Normalized Income Before Taxes	88.1	76.0	68.7	54.4	32.2

Inc Tax Ex Impact of Sp Items	23.3	21.4	19.1	15.3	9.8
Normalized Income After Taxes	64.8	54.6	49.6	39.0	22.5

Normalized Inc. Avail to Com.	64.8	54.6	49.6	39.0	22.5

Basic Normalized EPS	1.43	1.20	1.09	0.86	0.50
Diluted Normalized EPS	1.43	1.20	1.09	0.86	0.50
Interest Capitalized	-3.8	0.0	-	-	-
Interest Expense, Supplemental	18.9	-	-	-	-
Interest Expense	-	10.5	3.1	4.3	7.4
Rental Expense	0.3	-	-	-	-
Rental Expense	0.8	-	-	-	-
Rent Expense	-	2.8	3.5	3.4	3.9
Depreciation	22.8	18.7	14.9	14.8	15.5
Amortization Expenses	0.1	0.1	0.1	0.5	0.6
Advertising Fees	40.3	32.6	28.4	29.9	21.3
Current	12.8	11.7	18.5	14.0	11.2
Others	1.0	0.6	-2.0	-2.2	-0.9
Current Tax - Total	13.8	12.3	16.5	11.9	10.3
Deferred Tax - Total	8.9	-	-	-	-
Domestic	-	8.9	2.0	2.6	-0.7
Deferred Tax - Total	8.9	8.9	2.0	2.6	-0.7
Income Tax - Total	22.6	21.2	18.6	14.5	9.5
Interest Cost - Pension	1.5	1.2	0.9	0.9	0.7
Current Service Cost - Pension	1.2	1.0	0.8	0.6	0.6
Expected Return on Assets - Pension	-1.2	-1.1	-0.8	-0.7	-0.6
Amortization of Prior Service Cost	0.1	-	-	-	-
Contribution Made by Employees-Pension	-0.4	-0.4	-0.3	-0.3	-0.2
Interest Cost - Gratuity	1.2	1.0	0.7	0.8	0.5
Current Service Cost - Gratuity	0.9	0.9	0.7	0.7	0.7
Expected Return on Assets - Gratuity	-0.9	-0.8	-0.6	-0.3	-0.4
Domestic Pension Plan Expense	2.5	1.9	1.5	1.7	1.3
Total Pension Expense	2.5	1.9	1.5	1.7	1.3
Discount Rate - Pension	-	12.50%	13.00%	12.00%	15.00%
Salary Increase Rate - Pension	11.00%	12.50%	13.00%	12.00%	15.00%
Expected Rate of Return - Pension	12.50%	13.00%	12.00%	15.00%	12.00%
Expected Remaining Working Life-Pension	-	13.00%	13.00%	13.00%	13.00%
Discount Rate - Gratuity	-	12.50%	13.00%	12.00%	15.00%
Salary Increase Rate - Gratuity	11.00%	12.50%	12.00%	12.00%	15.00%
Expected Rate of Return - Gratuity	12.50%	13.00%	12.00%	15.00%	12.00%
Expected Remaining Working Life-Pension	-	13.00%	13.00%	13.00%	13.00%

Annual Balance Sheet

Financials in: USD (mil)

	31-Dec-2012	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008
UpdateType/Date	Updated Normal 31-Dec-2012	Reclassified Normal 31-Dec-2012	Updated Normal 31-Dec-2010	Updated Normal 31-Dec-2009	Updated Normal 31-Dec-2008
Filed Currency	PKR	PKR	PKR	PKR	PKR
Exchange Rate	97.199997	89.91	85.645	84.325	79.125
Auditor	KPMG Taseer Hadi & Co.	KPMG Taseer Hadi & Co.	KPMG LLP	KPMG LLP	KPMG Taseer Hadi & Co.
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified

Stores and Spare	2.0	2.3	12.1	10.3	10.2
Goods Intransit	12.1	11.9	3.8	-	-
Raw Materials	53.1	53.4	33.9	29.2	22.6
Work in Process	4.6	3.0	2.8	2.1	2.3
Finished Goods	22.0	21.0	12.4	13.2	4.9
Goods For Resale	2.9	1.2	1.0	1.7	1.7
Obsol. Provision	-	-	-	-	0.0
Income Tax Recoverable	17.4	10.4	-	-	-
Sales Refundable	36.2	21.5	-	-	-
Other Receivables, Net	2.1	1.3	-	-	-
Time Deposits & Prepayments	1.0	1.1	-	-	-
Other Trade Debt	-	-	1.5	2.9	5.8
D/ful Debts	-	-	0.0	0.0	0.0
Prov. D/ful Debt	-0.1	-0.1	0.0	0.0	0.0
Current portion of long term loans and a	0.5	0.3	0.2	0.2	0.3
Advances/Prepayments	-	-	23.0	17.8	18.8
Advance to Employees	0.0	0.0	-	-	-
Trade Deposits and Prepayments	-	-	0.9	-	-
Cash and bank balances	7.8	7.8	5.9	3.7	5.3
Due to Related Parties	0.3	1.1	-	-	-
Advance to Suppliers	7.0	9.6	-	-	-
Accounts Receivable, Gross	5.1	3.1	-	-	-
Total Current Assets	173.9	149.0	97.5	81.2	71.8

F/hold Land	14.7	15.9	7.9	8.1	6.1
Leasehold Land	0.3	0.4	0.4	0.4	0.4
Building on Lease Hold Land	38.2	32.0	2.6	2.6	2.8
Buildings	2.3	2.4	26.4	25.6	25.1
Plant/Machinery	260.4	208.7	165.6	152.8	139.7
Furniture/Fixs.	3.2	2.8	2.3	2.3	2.6
Vehicles	6.9	6.4	4.9	3.1	3.4
Office Equipment	0.0	0.0	0.0	0.1	0.1
Plant & Machinery Lease Gross	1.5	2.4	3.8	3.8	4.1
Acc Depr Land/Land Improvements	-1.3	-1.4	-	-	-
Acc Depr PPE under Capital Lease	0.0	0.0	-	-	-
Acc Depr Buildings	-6.6	-6.2	-	-	-
Acc Depr PPE under Capital Lease	-1.5	-1.6	-	-	-
Acc Depr Plant & Machinery	-86.8	-76.5	-	-	-
Acc Depr Other Tangible Fixed Assets	-2.0	-1.7	-	-	-
Acc Depr Vehicles	-2.5	-2.2	-	-	-
Acc Depr Office Equipment	0.0	0.0	-	-	-
Acc Depr PPE Leased Out Operating Lease	-0.6	-0.8	-	-	-
Depreciation	-	-	-81.2	-71.8	-64.6
Work in Progress	118.8	59.7	35.9	10.9	17.5
Total Intangible Assets, Gross	2.4	2.6	-	-	-
Intangibles	-	-	2.7	2.5	2.7
Acc Amort. Total Intangible Assets	-2.3	-2.5	-	-	-
Amortization	-	-	-2.5	-2.4	-2.1
Goodwill	1.1	0.0	-	-	-
Long term loans and advances	2.4	1.8	1.5	1.3	1.2
Long term deposits and prepayments Curre	1.0	0.1	0.1	0.1	0.1
Total Assets	523.4	391.3	268.0	220.4	210.9

Associated Co. - Foreign Currency	-	-	0.0	15.0	0.0
Finance Lease	0.1	0.5	0.7	0.7	0.7
Short Term Borrowings	0.3	0.0	25.0	25.0	0.0
Short Term Borrowing	40.1	55.1	0.0	0.0	3.8
Short term running finance under mark-up	61.1	46.4	32.5	9.0	24.3
Trade and other payables	24.4	15.8	7.2	13.2	5.1
Assoc. Creditors	3.4	4.7	6.0	4.2	7.7
Unclaimed Div.	0.1	0.1	0.1	0.1	0.0
Advances	2.1	3.7	0.8	2.1	1.1
Other Accrued	63.5	52.0	34.2	20.7	17.4
Other Payable	0.9	0.4	5.9	4.1	3.9
Accrued Expenses	0.8	0.9	-	-	-
Other Current Liabilities	5.1	4.2	-	-	-
Customer security deposits - interest fr	1.9	1.7	1.5	1.3	1.6
Interest and mark-up accrued	2.0	1.4	0.7	0.6	1.3
Total Current Liabilities	205.8	186.7	114.5	95.9	67.1

Liabilities against assets subject to fi	0.0	0.2	0.6	1.4	2.2
Long term finances	158.1	87.3	65.1	49.9	65.0
Total Long Term Debt	158.1	87.4	65.7	51.3	67.2

Deferred taxation	34.0	27.5	19.9	18.2	16.7
Retirement Benefits	6.6	4.9	2.7	2.6	4.4
Total Liabilities	404.4	306.6	202.8	167.9	155.4

Issued, subscribed and paid up capital	4.7	5.0	5.3	5.4	5.7
Share Premium	2.6	2.8	2.9	3.0	3.2
General Reserve	2.9	3.1	3.3	3.3	3.5
Accumulated profit Non current liabiliti	108.8	73.7	53.7	40.8	43.0
Total Equity	118.9	84.7	65.2	52.5	55.5

Total Liabilities & Shareholders' Equity	523.4	391.3	268.0	220.4	210.9

S/O-Fully Paid Ordinary	45.3	45.3	45.3	45.3	45.3
Total Common Shares Outstanding	45.3	45.3	45.3	45.3	45.3
T/S-Fully Paid Ordinary	0.0	0.0	-	-	-
Deferred Revenue - Current	2.1	3.7	0.8	2.1	1.1
Acc Amort. Total Intangible Assets	2.3	2.5	-	-	-
Intangible Amortization	2.3	2.5	2.5	2.4	2.1
Long Term Loans Payable Within 1 Year	0.0	0.0	0.0	15.0	0.0
Long Term Loans Payable Within 2-5 Years	158.1	87.3	65.1	49.9	65.0
Total Long Term Debt, Supplemental	158.1	87.3	65.1	64.9	65.0
Finance Lease Maturing within 1 Year	0.1	0.5	0.7	0.7	0.7
Finance Lease Maturing: 1-5 Years	0.0	0.2	0.6	1.4	2.2
Total Capital Leases, Supplemental	0.1	0.6	1.3	2.1	2.9
PV of Funded Obligations - Pension	15.5	-	9.1	7.7	6.0
FV of Plan Assets - Pension	11.8	-	8.2	6.6	4.7
Funded Status - Pension	-3.7	-	-1.0	-1.1	-1.3
PV of Funded Obligations - Gratuity	10.9	-	7.6	6.1	5.4
FV of Plan Assets - Gratuity	8.1	-	5.9	4.7	2.3
Funded Status - Gratuity	-2.8	-	-1.7	-1.4	-3.2
Total Funded Status	-6.6	-	-2.7	-2.6	-4.4
Discount Rate - Pension	11.00%	-	13.00%	12.00%	15.00%
Salary Increase Rate - Pension	-	-	13.00%	12.00%	15.00%
Expected Rate of Return - Pension	-	-	12.00%	15.00%	12.00%
Expected Remaining Working Life-Pension	-	-	13.00%	13.00%	13.00%
Discount Rate - Gratuity	11.00%	-	13.00%	12.00%	15.00%
Salary Increase Rate - Gratuity	-	-	12.00%	12.00%	15.00%
Expected Rate of Return - Gratuity	-	-	12.00%	15.00%	12.00%
Expected Remainig Working Life-Gratuity	-	-	13.00%	13.00%	13.00%
Accured Benefit Liability - Pension	-3.7	-	-1.0	-1.1	-1.3
Accured Benefit Liability- Gratuity Fund	-2.8	-	-1.7	-1.4	-3.2
Cum. Actuarial G/L - Gratuity	-	-	2.6	2.3	2.8
Cum. Actuarial G/L - Pension	-	-	1.2	1.5	0.8
Net Assets Recognized on Balance Sheet	-6.6	-	1.2	1.2	-0.9
Equity Securities % - Pension	18.92%	-	5.99%	-	-
Debt Securities % - Pension	65.31%	-	83.14%	-	-
Cash and Other Deposits % - Pension	22.66%	-	10.87%	-	-
Equity Securities % - Gratuity	-	-	8.95%	-	-
Debt Securities % - Gratuity	-	-	75.31%	-	-
Cash and Other Securities % - Gratuity	-	-	15.74%	-	-

Annual Cash Flows

Financials in: USD (mil)

	31-Dec-2012	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Dec-2012	Updated Normal 31-Dec-2011	Updated Normal 31-Dec-2010	Updated Normal 31-Dec-2009	Updated Normal 31-Dec-2008
Filed Currency	PKR	PKR	PKR	PKR	PKR
Exchange Rate (Period Average)	93.347634	86.346516	85.183279	81.692096	70.718347
Auditor	KPMG Taseer Hadi & Co.	KPMG Taseer Hadi & Co.	KPMG LLP	KPMG LLP	KPMG Taseer Hadi & Co.
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified

Net Income	85.5	75.3	66.9	51.2	31.5
Depreciation	22.8	18.7	14.9	14.8	15.5
Amortization	0.1	0.1	0.1	0.5	0.6
Impairment loss on property, plant and e	1.6	0.1	0.5	2.4	0.8
Sale Fixed Assets	-	0.6	1.3	0.7	-0.1
Exchange loss on foreign currency loan	5.0	4.4	1.6	5.4	15.7
Prov. Obsol. Stores	-	-	-	-	0.0
Loss on disposal of property, plant and	1.0	-	-	-	-
Stores W/off	-	-	-	-	0.0
Stock W/off	-	-	-	-	0.0
Provision for doubtful debts - net	0.0	0.1	0.0	0.0	0.0
Retirement benefits	2.5	1.9	1.6	1.7	1.3
Finance cost	19.6	12.2	5.8	4.9	7.9
Security Deposits	0.4	-	-	-	-
Stores/Spares	-	-2.6	-2.1	-0.8	-5.2
Stores/Spares	-1.0	-	-	-	-
Increase in stock in trade	-9.3	-28.5	-8.3	-17.2	-1.3
Increase in trade debts Increase in adva	-2.3	-1.8	1.3	2.6	-1.6
Accounts Receivable	-15.1	-14.8	-5.1	0.1	-1.6
Increase in trade and other payables	25.6	31.4	10.6	12.1	-3.7
Security Deposits	-	0.2	0.3	-0.3	0.0
Decrease in Long Term Loans	-1.0	0.0	-0.1	0.0	0.0
Increase in long term loans and advances	-1.0	-0.6	-0.1	-0.1	-0.3
Gratuity/Pension	-1.5	-1.1	-1.6	-3.6	-1.3
Financial Charges Pd	-22.6	-11.4	-5.9	-6.1	-7.7
Taxes Paid	-21.9	-20.6	-17.8	-12.1	-0.6
Cash from Operating Activities	88.4	63.5	64.0	56.4	49.9

Fixed capital expenditure	-150.7	-103.5	-50.4	-27.8	-26.5
Purchase of Intangible Asset	-2.1	0.0	-0.2	-	-
Sale proceeds of property, plant and equ	1.3	1.3	0.5	0.4	1.0
Cash from Investing Activities	-151.5	-102.2	-50.2	-27.4	-25.4

Redeemable Capital Repaid	-	-	-	-	0.0
Proceeds From Long term Finances	75.9	23.2	0.0	-	-
Repayment of short term borrowings from	0.0	-26.1	0.0	-	-
ST Borrowings from Associated Co.	-11.2	57.3	0.0	24.4	0.0
Receipt of Short Term Borrowings	-	-	0.0	-3.7	-10.4
Payment of lease liabilities	-0.4	-0.7	-0.8	-0.7	-0.9
Dividend Paid	-19.4	-28.9	-34.6	-36.1	-17.0
Cash from Financing Activities	44.8	24.9	-35.3	-16.0	-28.3

Net Change in Cash	-18.2	-13.9	-21.5	13.0	-3.9

Net Cash - Beginning Balance	-37.2	-26.4	-5.2	-18.4	-17.4
Net Cash - Ending Balance	-55.5	-40.2	-26.7	-5.4	-21.3
Cash Interest Paid	22.6	11.4	5.9	6.1	7.7
Cash Taxes Paid	21.9	20.6	17.8	12.1	0.6

Financial Health

Financials in: USD (mil)

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

Key IndicatorsÂ USD (mil)
Â	Quarter Ending 31-Mar-2013	Quarter Ending Yr Ago	Annual Year End 31-Dec-2012	1 Year Growth	3 Year Growth	5 Year Growth
Total Revenue1	208.7	1.16%	847.2	22.00%	24.33%	22.87%
Operating Income1	30.2	10.66%	103.3	30.46%	29.09%	25.74%
Income Available to Common Excl Extraord Items1	19.3	13.67%	62.8	25.62%	24.97%	26.57%
Basic EPS Excl Extraord Items1	0.43	13.65%	1.39	25.62%	24.97%	26.57%
Capital Expenditures2	152.8	59.53%	152.8	59.53%	84.50%	37.43%
Cash from Operating Activities2	88.4	50.53%	88.4	50.53%	21.46%	18.03%
Free Cash Flow	-61.8	-	-61.8	-	-	-
Total Assets3	523.4	44.61%	523.4	44.61%	39.88%	26.27%
Total Liabilities3	404.4	42.60%	404.4	42.60%	40.55%	27.35%
Total Long Term Debt3	158.1	95.47%	158.1	95.47%	52.55%	29.94%
Total Common Shares Outstanding3	45.3	0.00%	45.3	0.00%	0.00%	0.00%
1-ExchangeRate: PKR to USD Average for Period	97.872949	Â	93.347634	Â	Â	Â
2-ExchangeRate: PKR to USD Average for Period	93.347634	Â	93.347634	Â	Â	Â
3-ExchangeRate: PKR to USD Period End Date	97.199997	Â	97.199997	Â	Â	Â

Key Ratios
Â	31-Dec-2012	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008
Profitability
Gross Margin	27.40%	25.80%	26.96%	28.91%	26.19%
Operating Margin	12.20%	11.41%	11.73%	10.90%	7.97%
Pretax Margin	10.09%	10.03%	11.06%	10.17%	6.52%
Net Profit Margin	7.42%	7.20%	7.99%	7.30%	4.54%
Financial Strength
Current Ratio	0.85	0.80	0.85	0.85	1.07
Long Term Debt/Equity	1.33	1.03	1.01	0.98	1.21
Total Debt/Equity	2.18	2.24	1.90	1.92	1.73
Interest Coverage	-	7.77	20.02	11.44	4.89
Management Effectiveness
Return on Assets	13.63%	16.06%	19.80%	17.04%	9.55%
Return on Equity	61.18%	70.76%	82.18%	68.18%	36.54%
Efficiency
Receivables Turnover	16.56	23.13	26.51	22.02	15.68
Inventory Turnover	6.47	6.87	7.22	7.26	8.24
Asset Turnover	1.84	2.23	2.48	2.33	2.10

Market ValuationÂ USD (mil)
P/E (TTM)	49.50	.	Enterprise Value2	3,063.4
Price/Sales (TTM)	3.80	.	Enterprise Value/Revenue (TTM)	3.80
Enterprise Value/EBITDA (TTM)	26.01	.	Market Cap1	3,059.7
1-ExchangeRate: PKR to USD on 14-Jun-2013	98.549680
2-ExchangeRate: PKR to USD on 31-Mar-2013	98.429841

Annual Ratios

Financials in: USD (mil)

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

	31-Dec-2012	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008
Financial Strength
Current Ratio	0.85	0.80	0.85	0.85	1.07
Quick/Acid Test Ratio	0.34	0.25	0.27	0.26	0.45
Working Capital1	-31.9	-37.7	-17.0	-14.7	4.8
Long Term Debt/Equity	1.33	1.03	1.01	0.98	1.21
Total Debt/Equity	2.18	2.24	1.90	1.92	1.73
Long Term Debt/Total Capital	0.42	0.32	0.35	0.33	0.44
Total Debt/Total Capital	0.69	0.69	0.66	0.66	0.63
Interest Coverage	-	7.77	20.02	11.44	4.89
Payout Ratio	54.13%	63.14%	60.65%	90.55%	121.19%
Effective Tax Rate	26.49%	28.21%	27.80%	28.21%	30.28%
Total Capital1	378.7	274.1	189.1	153.5	151.5

Efficiency
Asset Turnover	1.84	2.23	2.48	2.33	2.10
Inventory Turnover	6.47	6.87	7.22	7.26	8.24
Days In Inventory	56.39	53.10	50.55	50.26	44.29
Receivables Turnover	16.56	23.13	26.51	22.02	15.68
Days Receivables Outstanding	22.04	15.78	13.77	16.57	23.27

Profitability
Gross Margin	27.40%	25.80%	26.96%	28.91%	26.19%
Operating Margin	12.20%	11.41%	11.73%	10.90%	7.97%
EBITDA Margin	14.90%	13.90%	14.21%	13.95%	11.29%
EBIT Margin	12.20%	11.41%	11.73%	10.90%	7.97%
Pretax Margin	10.09%	10.03%	11.06%	10.17%	6.52%
Net Profit Margin	7.42%	7.20%	7.99%	7.30%	4.54%
COGS/Revenue	72.60%	74.20%	73.04%	71.09%	73.81%
SG&A Expense/Revenue	13.07%	12.32%	13.17%	14.72%	13.48%

Management Effectiveness
Return on Assets	13.63%	16.06%	19.80%	17.04%	9.55%
Return on Equity	61.18%	70.76%	82.18%	68.18%	36.54%

Valuation
Free Cash Flow/Share2	-1.36	-0.85	0.29	0.61	0.46
Operating Cash Flow/Share 2	1.87	1.35	1.40	1.20	0.98
1-ExchangeRate: PKR to USD Period End Date	97.199997	89.91	85.645	84.325	79.125
2-ExchangeRate: PKR to USD Average for Period	97.199997	89.91	85.645	84.325	79.125

Current Market Multiples
Market Cap/Revenue (TTM)	3.80
Market Cap/EBIT (TTM)	30.36
Market Cap/EBITDA (TTM)	26.01
Enterprise Value/Revenue (TTM)	3.80
Enterprise Value/EBIT (TTM)	30.36
Enterprise Value/EBITDA (TTM)	26.01

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.60.59
UK Pound	1	Rs.92.92
Euro	1	Rs.78.94

INFORMATION DETAILS

Report Prepared by :

MNL

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
----	NB	New Business	----

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

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