MIRA INFORM REPORT

Report Date :

30.05.2013

IDENTIFICATION DETAILS

Name :	UNILEVER PAKISTAN LIMITED
Registered Office :	Avari Plaza, Fatima Jinnah Road, P.O Box 220, Karachi, 75530
Country :	Pakistan
Financials (as on) :	31.12.2012
Year of Establishments:	1947
Legal Form :	Public Subsidiary Company
Line of Business :	manufacturing and marketing home and personal care products, beverages, ice cream and spreads.
No. of Employees :	1677

RATING & COMMENTS

MIRA’s Rating :

Ba

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Status :	Satisfactory
Payment Behaviour :	No Complaints
Litigation :	Clear

NOTES:

Any query related to this report can be made on e-mail: infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – March 31^st 2013

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
Pakistan	B2	B2

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

Unilever Pakistan Limited

Avari Plaza,

Fatima Jinnah Road,

P.O Box 220

Karachi, 75530

Pakistan

Tel: 92-21-5660062

Fax: 92-21-5681705

Web: www.unileverpakistan.com.pk

Synthesis

Employees: 1,677

Company Type: Public Subsidiary

Corporate Family: 545 Companies

Ultimate Parent: Unilever plc

Traded: Karachi Stock Exchange: ULEVER

Incorporation Date: 1947

Auditor: A F Ferguson & Co.

Financials in: USD (Millions)

Fiscal Year End: 31-Dec-2012

Reporting Currency: Pakistan Rupee

Annual Sales: 640.0 1

Net Income: 58.9

Total Assets: 189.7 2

Market Value: 2,023.9

(17-May-2013)

Business Description

Unilever Pakistan Limited is a Pakistan-based company engaged in manufacturing and marketing home and personal care products, beverages, ice cream and spreads. The Company operates in four segments: Home and Personal Care, Beverages, Ice Cream and Spreads. During the year ended December 31, 2011, the Company produced 48,313 metric tons of home and personal care products, 28,909 metric tons of beverages and 43 million liters of ice cream out of its annual capacity of 60,446 metric tons of home and personal care products, 62,377 metric tons of beverages and 77 million liters of ice cream. As of December 31, 2011, the Company had three subsidiaries, namely Lever Chemicals (Private) Limited and Levers Associated Pakistan Trust (Private) Limited, which act as trustees of Union Pakistan Provident Fund (Unilever Provident Fund), and Sadiq (Private) Limited, which is not carrying on any business operations. For the fiscal year ended 31 December 2012, Unilever Pakistan Limited revenues increased 15% to PKR59.74B. Net income applicable to common stockholders increased 34% to PKR5.5B. Revenues reflect an increase in demand for the Company's products and services due to favorable market conditions. Net income benefited from Restructuring Costs decrease from PKR306.4M (expense) to PKR0K, Other Operating Income increase of 85% to PKR575M (income).

Industry

Industry Personal and Household Products

ANZSIC 2006: 1852 - Cosmetic and Toiletry Preparation Manufacturing

NACE 2002: 2452 - Manufacture of perfumes and toilet preparations

NAICS 2002: 32562 - Toilet Preparation Manufacturing

UK SIC 2003: 2452 - Manufacture of perfumes and toilet preparations

UK SIC 2007: 2042 - Manufacture of perfumes and toilet preparations

US SIC 1987: 2844 - Perfumes, Cosmetics, and Other Toilet Preparations

Key Executives

Name	Title
Ehsan Ali Malik	Chairman of the Board, Chief Executive Officer
Ali Tariq	Chief Financial Officer, Director
Amar Naseer	Company Secretary
Imran Husain	CFO
Faheem Ahmed Khan	Director

Significant Developments

Topic	#*	Most Recent Headline	Date
Mergers & Acquisitions	1	Unilever Pakistan Ltd Announces Acquisition Plan by Unilever PLC's Subsidiary	28-Nov-2012
Dividends	5	Unilever Pakistan Ltd Recommends First Interim Dividend	30-Apr-2013

* number of significant developments within the last 12 months

Financial Summary

As of 31-Dec-2012

Key Ratios	Company	Industry
Current Ratio (MRQ)	0.83	1.40
Quick Ratio (MRQ)	0.28	0.80
Debt to Equity (MRQ)	0.0000	0.91
Sales 5 Year Growth	20.69	6.30
Net Profit Margin (TTM) %	9.21	16.38
Return on Assets (TTM) %	31.90	10.81
Return on Equity (TTM) %	114.97	28.10

Stock Snapshot

Traded: Karachi Stock Exchange: ULEVER

As of 17-May-2013

   Financials in: PKR

Recent Price	15,000.00	EPS	413.71
52 Week High	15,100.00	Price/Sales	3.34
52 Week Low	6,800.00	Dividend Rate	348.00
Avg. Volume (mil)	0.0037	Price/Earnings	24.41
Market Value (mil)	199,408.00	Price/Book	37.48
		Beta	0.46

	Price % Change	Rel S&P 500%
4 Week	-0.33%	-9.58%
13 Week	45.63%	26.21%
52 Week	108.62%	42.85%
Year to Date	48.51%	22.25%

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

Avari Plaza,

Fatima Jinnah Road,

P.O Box 220

Karachi, 75530

Pakistan

Tel: 92-21-5660062

Fax: 92-21-5681705

Web: www.unileverpakistan.com.pk

Quote Symbol - Exchange

ULEVER - Karachi Stock Exchange

Sales PKR(mil): 59,741.0

Assets PKR(mil): 18,442.7

Employees: 1,677

Fiscal Year End: 31-Dec-2012

Industry: Personal and Household Products

Incorporation Date: 1947

Company Type: Public Subsidiary

Quoted Status: Quoted

Previous Name: Lever Brothers (Pakistan) Ltd

Chairman of the Board, Chief Executive Officer:

Ehsan Ali Malik

Industry Codes

ANZSIC 2006 Codes:

1852 - Cosmetic and Toiletry Preparation Manufacturing

1199 - Other Food Product Manufacturing Not Elsewhere Classified

1851 - Cleaning Compound Manufacturing

1132 - Ice Cream Manufacturing

NACE 2002 Codes:

2452 - Manufacture of perfumes and toilet preparations

1589 - Manufacture of other food products not elsewhere classified

1552 - Manufacture of ice cream

2451 - Manufacture of soap and detergents, cleaning and polishing preparations

NAICS 2002 Codes:

32562 - Toilet Preparation Manufacturing

311999 - All Other Miscellaneous Food Manufacturing

311520 - Ice Cream and Frozen Dessert Manufacturing

325611 - Soap and Other Detergent Manufacturing

US SIC 1987:

2844 - Perfumes, Cosmetics, and Other Toilet Preparations

2099 - Food Preparations, Not Elsewhere Classified

2024 - Ice Cream and Frozen Desserts

2841 - Soap and Other Detergents, Except Specialty Cleaners

UK SIC 2003:

2452 - Manufacture of perfumes and toilet preparations

1589 - Manufacture of other food products not elsewhere classified

24511 - Manufacture of soap and detergents

1552 - Manufacture of ice cream

UK SIC 2007:

2042 - Manufacture of perfumes and toilet preparations

1089 - Manufacture of other food products n.e.c.

20411 - Manufacture of soap and detergents

1052 - Manufacture of ice cream

Business Description

Unilever Pakistan Limited is a Pakistan-based company engaged in manufacturing and marketing home and personal care products, beverages, ice cream and spreads. The Company operates in four segments: Home and Personal Care, Beverages, Ice Cream and Spreads. During the year ended December 31, 2011, the Company produced 48,313 metric tons of home and personal care products, 28,909 metric tons of beverages and 43 million liters of ice cream out of its annual capacity of 60,446 metric tons of home and personal care products, 62,377 metric tons of beverages and 77 million liters of ice cream. As of December 31, 2011, the Company had three subsidiaries, namely Lever Chemicals (Private) Limited and Levers Associated Pakistan Trust (Private) Limited, which act as trustees of Union Pakistan Provident Fund (Unilever Provident Fund), and Sadiq (Private) Limited, which is not carrying on any business operations. For the fiscal year ended 31 December 2012, Unilever Pakistan Limited revenues increased 15% to PKR59.74B. Net income applicable to common stockholders increased 34% to PKR5.5B. Revenues reflect an increase in demand for the Company's products and services due to favorable market conditions. Net income benefited from Restructuring Costs decrease from PKR306.4M (expense) to PKR0K, Other Operating Income increase of 85% to PKR575M (income).

More Business Descriptions

Manufacture and distribution of branded consumer goods, including tea, margarine, cooking oil, soap, detergents, personal care products, shampoo, toothpaste and shaving cream

Food, Detergent & Personal Care Products Mfr

Unilever Pakistan Limited (UNPL) is a consumer products manufacturer. The company manufactures and markets home and personal care products, beverages, ice cream, and spreads. It operates through 5 regional offices, 4 wholly owned and 6 third party manufacturing sites across Pakistan. The company operates through four reportable segments, namely, Home and Personal Care, Beverages (Tea), Ice Cream, and Spreads. Home and Personal Care segment includes laundry and a wide range of cleaning, skin care, hair care and oral care products. The company’s home care division offers soaps and washing powders through the brand name, Surf excel. The company’s Personal care division offers a wide range of shampoos, tooth pastes, fairness creams, and soaps through its brands. The brands in Home and Personal Care segment include Surf excel, Lifebuoy, Lifebuoy’s skin care, Lux, Pond’s, and Fair & Lovely. Surf excel is a washing powder. Lifebuoy Provides healthy hair. Lifebuoy’s skin care conducts 10 infection Campaigns. Lux provides a wide range of body and hand washes. Pond’s offers lotions, cream and face wash. Fair & Lovely provides various types of fairness cream. For fiscal year 2011, the Home and Personal Care segment reported net sales of INR29,190m, representing an increase of 18.1% over the previous year. The segment contributed 56.3% of the total revenue of the company. The company’s Beverages (Tea) segment provides tea. It offers tea through its brand names such as Lipton and Brooke Bond Supreme. For fiscal year 2011, the Beverages segment reported net sales of INR14,934m, representing an increase of 12.52% over the previous year. The segment contributed 29% of the total revenue of the company. Ice Cream segment of the company offers various types of ice cream through its brand name, Walls. It provides ice creams of various kinds such as desserts, kid’s range, for family, bar, cup, and slices. For fiscal year 2011, the Beverages segment reported net sales of INR6,161m, representing an increase of 11% over the previous year. The segment contributed 11.9% of the total revenue of the company. The spreads segment of the company offers its products through the brand name, Blue Band Margarine. For fiscal year 2011, the Beverages segment reported net sales of INR1,590m, representing an increase of 41% over the previous year. The segment contributed 3.1% of the total revenue of the company. UNPL’s operates through four subsidiaries and associated companies, namely, Lever Chemicals (Pvt) Ltd., the Sadiq Pvt Ltd., Lever Associated of Pakistan Trusts and Unilever Birds Eye Foods Pakistan Pvt Ltd.In July 2012, the company received seven PAS Awards that acknowledge and honored the best in marketing and advertising communication, with a stated objective to “raise the standard of advertising in Pakistan�.

Unilever Pakistan Ltd. (UNPL) is an FMCG company, based in Pakistan. The company operates through the business of Home care, Personal Care and Food products categories. It produces food products such as kulfi, tea powder, sauce and chocolate chips, vanilla ice cream, Corn Oil, and among other; its home care products include washing powder, toilets cleaner, and others; and personal care products such as tooth paste, hand wash, soap, and shampoo. UNPL markets its food products under brand names Badami, Brooke Bond A1, Brooke Bond Supreme, Cornetto, Energile, Fruttare, and among others; home care products under brands Comfort, Comfort, Rin, Sunlight, Vim, and Surf Excel; and personal care products under brand names Lifebuoy, Clear, Dove, Fair & Lovely, and among others. The company operates through 5 regional offices, 4 wholly owned and 6 third party manufacturing sites across Pakistan. UNPL is headquartered in Karachi, Pakistan.The company reported revenues of (Pakistan Rupee) PKR 51,875.99 million during the fiscal year ended December 2011, an increase of 16.13% over 2010. The operating profit of the company was PKR 6,167.79 million during the fiscal year 2011, an increase of 23.69% over 2010. The net profit of the company was PKR 4,105.85 million during the fiscal year 2011, an increase of 25.03% over 2010.

Frozen Food Manufacturing

Brand/Trade Names
Blue Band Dalda Lux Rexona Lifebuoy Surf Sunsilk	Signal Gibbs Wall's Brooke Bond Lipton Knorr Fair & Lovely

Financial Data

Financials in:	PKR(mil)
Revenue:	59,741.0
Net Income:	5,500.0
Assets:	18,442.7
Long Term Debt:	0.0
Total Liabilities:	13,121.7
Working Capital:	-1.4
Date of Financial Data:	31-Dec-2012

1 Year Growth

15.2%

34.0%

15.0%

Market Data

Quote Symbol:	ULEVER
Exchange:	Karachi Stock Exchange
Currency:	PKR
Stock Price:	15,000.0
Stock Price Date:	05-17-2013
52 Week Price Change %:	108.6
Market Value (mil):	199,408,000.0
SEDOL:	6513193
ISIN:	PK0024901016

Subsidiaries

Company	Percentage Owned	Country
Lever Chemicals	100%	PAKISTAN

Shareholders

Major Shareholders

Unilever PLC via Unilever Overseas Holdings Limited (75.07%)

Key Corporate Relationships

Auditor:	A F Ferguson & Co.
Bank:	Habib Bank Ltd, National Bank of Pakistan, MCB Bank Limited
Auditor:	A F Ferguson & Co., A F Ferguson & Co

Corporate Family	Corporate Structure News:
	Unilever plc Unilever Pakistan Limited
Unilever Pakistan Limited Total Corporate Family Members: 545

Company Name	Company Type	Location	Country	Industry	Sales (USD mil)	Employees
Unilever plc	Parent	London	United Kingdom	Personal and Household Products	65,949.1	172,000
Unilever US Inc	Subsidiary	Englewood Cliffs, NJ	United States	Retail (Department and Discount)	43,650.0	25,000
Unilever Best Foods	Subsidiary	Englewood Cliffs, NJ	United States	Food Processing		700
Unilever Best Foods	Branch	Covington, TN	United States	Food Processing	14.1	300
Unilever Best Foods	Branch	Little Rock, AR	United States	Food Processing	252.8	129
Unilever Bestfoods	Subsidiary	Harrisburg, PA	United States	Food Processing	35.1	50
Unilever Best Foods	Branch	Chicago, IL	United States	Food Processing	15.1	3
Unilever Home & Personal Care	Subsidiary	Englewood Cliffs, NJ	United States	Retail (Department and Discount)	1,265.6	500
Unilever Home & Personal Care	Branch	Raeford, NC	United States	Retail (Department and Discount)	0.4	500
Unilever Home & Personal Care	Branch	Hammond, IN	United States	Retail (Department and Discount)	0.4	350
Unilever Home & Personal Care	Branch	Issaquah, WA	United States	Retail (Department and Discount)	0.5	2
Unilever Home & Personal Care	Branch	Rolling Meadows, IL	United States	Retail (Department and Discount)	0.5	2
Unilever Home & Personal Care	Branch	Salt Lake City, UT	United States	Retail (Department and Discount)	0.5	2
Unilever	Branch	Independence, MO	United States	Retail (Department and Discount)	0.4	300
Unilever	Branch	Baltimore, MD	United States	Retail (Department and Discount)	0.4	250
Good Humor-Breyers Ice Cream	Subsidiary	Englewood Cliffs, NJ	United States	Food Processing		240
Unilever Ice Cream	Branch	Sikeston, MO	United States	Food Processing	127.1	500
Good Humor-Breyers Ice Cream	Branch	Hagerstown, MD	United States	Food Processing	109.8	490
Good Humor-Breyers Ice Cream	Branch	Clearwater, FL	United States	Food Processing	12.6	300
Good Humor-Breyers Ice Cream	Branch	Framingham, MA	United States	Food Processing	12.0	250
Good Humor-Breyers Ice Cream	Branch	Henderson, NV	United States	Food Processing	102.5	200
Good Humor-Breyers Ice Cream	Branch	Huntington, IN	United States	Food Processing	139.9	150
Unilever	Branch	New Century, KS	United States	Retail (Department and Discount)	0.4	220
Unilever	Branch	Atlanta, GA	United States	Retail (Department and Discount)	43.3	200
Unilever	Branch	City Of Industry, CA	United States	Business Services	9.0	130
Unilever	Branch	Sunnyvale, CA	United States	Retail (Department and Discount)	23.7	100
Unilever Cresskill Warehouse	Branch	Cresskill, NJ	United States	Miscellaneous Transportation	0.1	10
Unilever	Branch	Washington, DC	United States	Retail (Department and Discount)		4
Unilever	Branch	Los Angeles, CA	United States	Retail (Department and Discount)	0.5	2
Unilever	Branch	Eldon, MO	United States	Retail (Department and Discount)	0.4	2
Unilever	Branch	Cumberland, RI	United States	Retail (Department and Discount)	0.4	2
Hindustan Unilever Limited	Subsidiary	Mumbai	India	Personal and Household Products	4,947.2	15,000
Hindustan Unilever Limited	Branch	Vadodara, Gujarat	India	Food Processing	1.3	59
Unilever Nepal Limited	Subsidiary	Kathmandu	Nepal	Personal and Household Products	34.6
Ponds Exports Limited	Subsidiary	Chennai, Tamil Nadu	India	Apparel and Accessories	22.8
Unilever United States, Inc.	Subsidiary	Englewood Cliffs, NJ	United States	Food Processing		14,000
Unilever HPC USA, Inc.	Subsidiary	Jefferson City, MO	United States	Personal and Household Products	0.4	500
Unilever US Government & Public Affairs	Unit	Washington, DC	United States	Business Services		4
Conopco, Inc.	Subsidiary	Englewood Cliffs, NJ	United States	Food Processing		3
Unilever Home & Personal Care USA	Facility	Clinton, CT	United States	Personal and Household Products	8.1	500
Conopco	Facility	Hagerstown, MD	United States	Food Processing		480
Conopco	Facility	Raeford, NC	United States	Personal and Household Products		400
Conopco	Facility	Henderson, NV	United States	Food Processing		400
Unilever Research & Development Co.	Unit	Trumbull, CT	United States	Business Services		350
Conopco	Facility	Baltimore, MD	United States	Food Processing		300
Unilever Food Solutions	Division	Lisle, IL	United States	Food Processing		250
Unilever Foods North America	Branch	Owensboro, KY	United States	Food Processing	7.8	450
Unilever Lipton	Branch	Suffolk, VA	United States	Food Processing	617.4	360
Unilever Food Solutions	Branch	Stockton, CA	United States	Food Processing	5.4	350
Unilever	Facility	Chicago, IL	United States	Food Processing		300
Unilever Food Solutions - Little Rock	Facility	Little Rock, AR	United States	Food Processing		125
Conopco	Facility	Greenwich, CT	United States	Personal and Household Products		250
Conopco	Facility	Framingham, MA	United States	Food Processing		250
Conopco	Facility	City of Industry, CA	United States	Personal and Household Products		250
Conopco	Facility	Independence, MO	United States	Food Processing		220
Conopco	Facility	New Century, KS	United States	Food Processing		210
Conopco	Facility	Atlanta, GA	United States	Food Processing		175
Slim-Fast Foods Company	Subsidiary	Englewood Cliffs, NJ	United States	Food Processing		150
Conopco - Slim-Fast Foods	Facility	Covington, TN	United States	Food Processing	0.7	400
Conopco	Facility	Trumbull, CT	United States	Personal and Household Products		135
Conopco, Inc.	Branch	Corona, CA	United States	Food Processing		5
Ben & Jerry's Homemade, Inc.	Subsidiary	South Burlington, VT	United States	Food Processing	237.0	115
Ben & Jerry's	Branch	Waterbury, VT	United States	Restaurants	7.7	175
Ben & Jerry's Homemade	Facility	Waterbury, VT	United States	Restaurants		150
Ben & Jerry's	Branch	Memphis, TN	United States	Restaurants	4.4	100
Ben & Jerry's	Branch	Washington, DC	United States	Restaurants	3.2	40
Ben & Jerry's	Branch	Myrtle Beach, SC	United States	Restaurants	1.8	40
Ben & Jerry's	Branch	Myrtle Beach, SC	United States	Restaurants	1.8	40
Ben & Jerry's	Branch	Freeport, ME	United States	Restaurants	1.8	35
Ben & Jerry's	Branch	North Eastham, MA	United States	Restaurants	1.7	30
Ben & Jerry's	Subsidiary	Uncasville, CT	United States	Restaurants	1.9	27
Ben & Jerry's	Branch	Germantown, TN	United States	Restaurants	1.2	27
Ben & Jerry's	Branch	Englewood, NJ	United States	Restaurants	1.7	25
Ben & Jerry's	Branch	Mt Kisco, NY	United States	Restaurants	1.7	25
Ben & Jerry's	Branch	San Diego, CA	United States	Restaurants	1.5	25
Ben & Jerry's	Branch	San Diego, CA	United States	Restaurants	1.5	25
Ben & Jerry's	Branch	Burlington, VT	United States	Restaurants	0.4	25
Ben & Jerry's	Branch	Boston, MA	United States	Restaurants	1.2	20
Ben & Jerry's	Branch	Silver Spring, MD	United States	Restaurants	1.1	20
Ben & Jerry's	Branch	Wayzata, MN	United States	Restaurants	0.9	20
Ben & Jerry's	Branch	Minneapolis, MN	United States	Restaurants	0.9	20
Ben & Jerry's	Branch	Ridgewood, NJ	United States	Restaurants	1.3	19
Ben & Jerry's	Branch	Charleston, SC	United States	Restaurants	0.9	19
Ben & Jerry's	Branch	Washington, DC	United States	Restaurants	1.5	18
Ben & Jerry's	Branch	Cleveland, OH	United States	Restaurants	0.7	18
Ben & Jerry's	Branch	Saratoga Springs, NY	United States	Restaurants	1.1	17
Ben & Jerry's	Branch	Lake Placid, NY	United States	Restaurants	1.1	17
Ben & Jerry's	Branch	Boston, MA	United States	Restaurants	0.9	16
Ben & Jerry's	Branch	Charlottesville, VA	United States	Restaurants	0.8	16
Ben & Jerry's	Branch	Providence, RI	United States	Restaurants	0.8	16
Ben & Jerry's	Branch	Issaquah, WA	United States	Restaurants	0.5	16
Ben & Jerry's	Branch	Atlantic City, NJ	United States	Restaurants	1.0	15
Ben & Jerry's	Branch	Huntington, NY	United States	Restaurants	1.0	15
Ben & Jerry's	Branch	Chicago, IL	United States	Restaurants	0.8	15
Ben & Jerry's	Branch	Raleigh, NC	United States	Restaurants	0.7	15
Ben & Jerry's	Branch	Nashville, TN	United States	Restaurants	0.7	15
Ben & Jerry's	Branch	Sevierville, TN	United States	Restaurants	0.7	15
Ben & Jerry's	Branch	Detroit, MI	United States	Restaurants	0.6	15
Ben & Jerry's Homemade Ltd.	Subsidiary	Windsor	United Kingdom	Food Processing		15
Ben & Jerry's	Branch	Williamsburg, VA	United States	Restaurants	0.7	14
Ben & Jerry's	Branch	Eugene, OR	United States	Restaurants	0.7	14
Ben & Jerry's	Branch	Roanoke, VA	United States	Restaurants	0.7	13
Ben & Jerry's	Branch	Fort Collins, CO	United States	Restaurants	0.6	13
Ben & Jerry's	Branch	Gatlinburg, TN	United States	Restaurants	0.6	13
Ben & Jerry's	Branch	San Jose, CA	United States	Restaurants	0.7	12
Ben & Jerry's	Branch	Biloxi, MS	United States	Restaurants	0.7	12
Ben & Jerry's	Branch	Foxboro, MA	United States	Restaurants	0.7	12
Ben & Jerry's	Branch	Chicago, IL	United States	Restaurants	0.7	12
Ben & Jerry's	Branch	Christiansburg, VA	United States	Restaurants	0.6	12
Ben & Jerry's	Branch	Galveston, TX	United States	Restaurants	0.6	12
Ben & Jerry's	Branch	Sugar Land, TX	United States	Restaurants	0.6	12
Ben & Jerry's	Branch	Emerald Isle, NC	United States	Restaurants	0.6	12
Ben & Jerry's	Branch	Myrtle Beach, SC	United States	Restaurants	0.6	12
Ben & Jerry's	Branch	Tukwila, WA	United States	Restaurants	0.5	12
Ben & Jerry's	Branch	Portland, OR	United States	Restaurants	0.5	12
Ben & Jerry's	Branch	West Hartford, CT	United States	Restaurants	0.8	11
Ben & Jerry's	Branch	Hoboken, NJ	United States	Restaurants	0.8	11
Ben & Jerry's	Branch	Oakland, CA	United States	Restaurants	0.7	11
Ben & Jerry's	Branch	Davis, CA	United States	Restaurants	0.7	11
Ben & Jerry's	Branch	Cambridge, MA	United States	Restaurants	0.6	11
Ben & Jerry's	Branch	Boston, MA	United States	Restaurants	0.6	11
Ben & Jerry's	Branch	Boulder, CO	United States	Restaurants	0.5	11
Ben & Jerry's	Branch	Las Vegas, NV	United States	Restaurants	0.9	10
Ben & Jerry's	Branch	Las Vegas, NV	United States	Restaurants	0.9	10
Ben & Jerry's	Branch	Las Vegas, NV	United States	Restaurants	0.9	10
Ben & Jerry's	Branch	Las Vegas, NV	United States	Restaurants	0.9	10
Ben & Jerry's	Branch	Las Vegas, NV	United States	Restaurants	0.9	10
Ben & Jerry's	Branch	Washington, DC	United States	Restaurants	0.8	10
Ben & Jerry's	Branch	Ledyard, CT	United States	Restaurants	0.7	10
Ben & Jerry's	Branch	Morristown, NJ	United States	Restaurants	0.7	10
Ben & Jerry's	Branch	Cape May, NJ	United States	Restaurants	0.7	10
Ben & Jerry's	Branch	Atlantic City, NJ	United States	Restaurants	0.7	10
Ben & Jerry's	Branch	Edgewater, NJ	United States	Restaurants	0.7	10
Ben & Jerry's	Branch	Hazlet, NJ	United States	Restaurants	0.7	10
Ben & Jerry's	Branch	New York, NY	United States	Restaurants	0.7	10
Ben & Jerry's	Branch	Pittsford, NY	United States	Restaurants	0.7	10
Ben & Jerry's	Branch	Mt Sinai, NY	United States	Restaurants	0.7	10
Ben & Jerry's	Branch	White Plains, NY	United States	Restaurants	0.7	10
Ben & Jerry's	Branch	Elmsford, NY	United States	Restaurants	0.7	10
Ben & Jerry's	Branch	Jamaica, NY	United States	Restaurants	0.7	10
Ben & Jerry's	Branch	New York, NY	United States	Restaurants	0.7	10
Ben & Jerry's	Branch	Troy, NY	United States	Restaurants	0.7	10
Ben & Jerry's	Branch	Staten Island, NY	United States	Restaurants	0.7	10
Ben & Jerry's	Branch	Bronx, NY	United States	Restaurants	0.7	10
Ben & Jerry's	Branch	Flushing, NY	United States	Restaurants	0.7	10
Ben & Jerry's	Branch	Brooklyn, NY	United States	Restaurants	0.7	10
Ben & Jerry's	Branch	Holtsville, NY	United States	Restaurants	0.7	10
Ben & Jerry's	Branch	Rochester, NY	United States	Restaurants	0.7	10
Ben & Jerry's	Branch	Bronx, NY	United States	Restaurants	0.7	10
Ben & Jerry's	Branch	Bolton Landing, NY	United States	Restaurants	0.7	10
Ben & Jerry's	Branch	New York, NY	United States	Restaurants	0.7	10
Ben & Jerry's	Branch	Yonkers, NY	United States	Restaurants	0.7	10
Ben & Jerry's	Branch	Montauk, NY	United States	Restaurants	0.7	10
Ben & Jerry's	Branch	Montauk, NY	United States	Restaurants	0.7	10
Ben & Jerry's	Branch	Bolton Landing, NY	United States	Restaurants	0.7	10
Ben & Jerry's	Branch	Rancho Mirage, CA	United States	Restaurants	0.6	10
Ben & Jerry's	Branch	San Diego, CA	United States	Restaurants	0.6	10
Ben & Jerry's	Branch	San Francisco, CA	United States	Restaurants	0.6	10
Ben & Jerry's	Branch	San Francisco, CA	United States	Restaurants	0.6	10
Ben & Jerry's	Branch	Universal City, CA	United States	Restaurants	0.6	10
Ben & Jerry's	Branch	Bakersfield, CA	United States	Restaurants	0.6	10
Ben & Jerry's	Branch	Sonoma, CA	United States	Restaurants	0.6	10
Ben & Jerry's	Branch	Ventura, CA	United States	Restaurants	0.6	10
Ben & Jerry's	Branch	Porter Ranch, CA	United States	Restaurants	0.6	10
Ben & Jerry's	Branch	San Francisco, CA	United States	Restaurants	0.6	10
Ben & Jerry's	Branch	San Francisco, CA	United States	Restaurants	0.6	10
Ben & Jerry's	Branch	San Francisco, CA	United States	Restaurants	0.6	10
Ben & Jerry's	Branch	Roseville, CA	United States	Restaurants	0.6	10
Ben & Jerry's	Branch	Salem, MA	United States	Restaurants	0.6	10
Ben & Jerry's	Branch	Natick, MA	United States	Restaurants	0.6	10
Ben & Jerry's	Branch	Pittsfield, MA	United States	Restaurants	0.6	10
Ben & Jerry's	Branch	Revere, MA	United States	Restaurants	0.6	10
Ben & Jerry's	Branch	Dedham, MA	United States	Restaurants	0.6	10
Ben & Jerry's	Branch	Lowell, MA	United States	Restaurants	0.6	10
Ben & Jerry's	Branch	Springfield, MA	United States	Restaurants	0.6	10
Ben & Jerry's	Branch	Lawrence, MA	United States	Restaurants	0.6	10
Ben & Jerry's	Branch	Randolph, MA	United States	Restaurants	0.6	10
Ben & Jerry's	Branch	West Springfield, MA	United States	Restaurants	0.6	10
Ben & Jerry's	Branch	Worcester, MA	United States	Restaurants	0.6	10
Ben & Jerry's	Branch	Hyannis, MA	United States	Restaurants	0.6	10
Ben & Jerry's	Branch	Woburn, MA	United States	Restaurants	0.6	10
Ben & Jerry's	Branch	North Attleboro, MA	United States	Restaurants	0.6	10
Ben & Jerry's	Branch	Boston, MA	United States	Restaurants	0.6	10
Ben & Jerry's	Branch	Davie, FL	United States	Restaurants	0.6	10
Ben & Jerry's	Branch	Naples, FL	United States	Restaurants	0.6	10
Ben & Jerry's	Branch	Kissimmee, FL	United States	Restaurants	0.6	10
Ben & Jerry's	Branch	Orlando, FL	United States	Restaurants	0.6	10
Ben & Jerry's	Branch	Orlando, FL	United States	Restaurants	0.6	10
Ben & Jerry's	Branch	Hollywood, FL	United States	Restaurants	0.6	10
Ben & Jerry's	Branch	Hallandale Beach, FL	United States	Restaurants	0.6	10
Ben & Jerry's	Branch	Frederick, MD	United States	Restaurants	0.6	10
Ben & Jerry's	Branch	Oxon Hill, MD	United States	Restaurants	0.6	10
Ben & Jerry's	Branch	Chicago, IL	United States	Restaurants	0.5	10
Ben & Jerry's	Branch	Chicago, IL	United States	Restaurants	0.5	10
Ben & Jerry's	Branch	Chicago, IL	United States	Restaurants	0.5	10
Ben & Jerry's	Branch	Seattle, WA	United States	Restaurants	0.5	10
Ben & Jerry's	Branch	South Portland, ME	United States	Restaurants	0.5	10
Ben & Jerry's	Branch	Reston, VA	United States	Restaurants	0.5	10
Ben & Jerry's	Branch	Merrifield, VA	United States	Restaurants	0.5	10
Ben & Jerry's	Branch	Virginia Beach, VA	United States	Restaurants	0.5	10
Ben & Jerry's	Branch	Virginia Beach, VA	United States	Restaurants	0.5	10
Ben & Jerry's	Branch	Dallas, TX	United States	Restaurants	0.5	10
Ben & Jerry's	Branch	Lewisville, TX	United States	Restaurants	0.5	10
Ben & Jerry's	Branch	Houston, TX	United States	Restaurants	0.5	10
Ben & Jerry's	Branch	Houston, TX	United States	Restaurants	0.5	10
Ben & Jerry's	Subsidiary	Newport, RI	United States	Restaurants	0.5	10
Ben & Jerry's	Branch	Warwick, RI	United States	Restaurants	0.5	10
Ben & Jerry's	Branch	Warwick, RI	United States	Restaurants	0.5	10
Ben & Jerry's	Branch	Athens, GA	United States	Restaurants	0.5	10
Ben & Jerry's	Branch	Edina, MN	United States	Restaurants	0.5	10
Ben & Jerry's	Branch	Shakopee, MN	United States	Restaurants	0.5	10
Ben & Jerry's	Branch	St Paul, MN	United States	Restaurants	0.5	10
Ben & Jerry's	Branch	Raleigh, NC	United States	Restaurants	0.5	10
Ben & Jerry's	Branch	Davidson, NC	United States	Restaurants	0.5	10
Ben & Jerry's	Branch	Charlotte, NC	United States	Restaurants	0.5	10
Ben & Jerry's	Branch	Greensboro, NC	United States	Restaurants	0.5	10
Ben & Jerry's	Branch	Raleigh, NC	United States	Restaurants	0.5	10
Ben & Jerry's	Branch	Charlotte, NC	United States	Restaurants	0.5	10
Ben & Jerry's	Branch	Jacksonville, NC	United States	Restaurants	0.5	10
Ben & Jerry's	Branch	Pittsburgh, PA	United States	Restaurants	0.5	10
Ben & Jerry's	Branch	Pittsburgh, PA	United States	Restaurants	0.5	10
Ben & Jerry's	Branch	Philadelphia, PA	United States	Restaurants	0.5	10
Ben & Jerry's	Branch	Albuquerque, NM	United States	Restaurants	0.5	10
Ben & Jerry's	Branch	Nashville, IN	United States	Restaurants	0.5	10
Ben & Jerry's	Branch	Florence, IN	United States	Restaurants	0.5	10
Ben & Jerry's	Branch	St Peters, MO	United States	Restaurants	0.5	10
Ben & Jerry's	Branch	St Louis, MO	United States	Restaurants	0.5	10
Ben & Jerry's	Branch	Hazelwood, MO	United States	Restaurants	0.5	10
Ben & Jerry's	Branch	St Louis, MO	United States	Restaurants	0.5	10
Ben & Jerry's	Branch	Collierville, TN	United States	Restaurants	0.4	10
Ben & Jerry's	Branch	Jeffersonville, VT	United States	Restaurants	0.4	10
Ben & Jerry's	Branch	Manchester Ctr, VT	United States	Restaurants	0.4	10
Ben & Jerry's	Branch	Ann Arbor, MI	United States	Restaurants	0.4	10
Ben & Jerry's	Branch	Ypsilanti, MI	United States	Restaurants	0.4	10
Ben & Jerry's	Branch	Flint, MI	United States	Restaurants	0.4	10
Ben & Jerry's	Branch	Royal Oak, MI	United States	Restaurants	0.4	10
Ben & Jerry's	Branch	Boise, ID	United States	Restaurants	0.4	10
Ben & Jerry's	Branch	Louisville, KY	United States	Restaurants	0.4	10
Ben & Jerry's	Branch	Perrysburg, OH	United States	Restaurants	0.4	10
Ben & Jerry's	Branch	Beavercreek, OH	United States	Restaurants	0.4	10
Ben & Jerry's	Branch	Huber Heights, OH	United States	Restaurants	0.4	10
Ben & Jerry's	Branch	Milford, OH	United States	Restaurants	0.4	10
Ben & Jerry's	Branch	Cincinnati, OH	United States	Restaurants	0.4	10
Ben & Jerry's	Branch	Madison, WI	United States	Restaurants	0.4	10
Ben & Jerry's	Branch	Cincinnati, OH	United States	Restaurants	0.4	10
Ben & Jerry's	Branch	Aurora, OH	United States	Restaurants	0.4	10
Ben & Jerry's	Branch	Cleveland, OH	United States	Restaurants	0.4	10
Ben & Jerry's	Branch	Kenosha, WI	United States	Restaurants	0.4	10
Ben & Jerry's	Branch	Mason, OH	United States	Restaurants	0.4	10
Ben & Jerry's	Branch	Toledo, OH	United States	Restaurants	0.4	10
Ben & Jerry's	Branch	Maumee, OH	United States	Restaurants	0.4	10
Ben & Jerry's	Branch	Overland Park, KS	United States	Restaurants	0.4	10
Ben & Jerry's	Branch	Las Vegas, NV	United States	Restaurants	0.8	9
Ben & Jerry's	Branch	San Jose, CA	United States	Restaurants	0.5	9
Ben & Jerry's	Branch	Kennebunkport, ME	United States	Restaurants	0.5	9
Ben & Jerry's	Branch	Glenview, IL	United States	Restaurants	0.5	9
Ben & Jerry's	Branch	Portland, OR	United States	Restaurants	0.5	9
Ben & Jerry's	Branch	Mcallen, TX	United States	Restaurants	0.4	9
Ben & Jerry's	Branch	High Point, NC	United States	Restaurants	0.4	9
Ben & Jerry's	Branch	St Louis, MO	United States	Restaurants	0.4	9
Ben & Jerry's	Branch	St Louis, MO	United States	Restaurants	0.4	9
Ben & Jerry's	Branch	Canton, CT	United States	Restaurants	0.6	8
Ben & Jerry's	Branch	New York, NY	United States	Restaurants	0.5	8
Ben & Jerry's	Branch	Albany, NY	United States	Restaurants	0.5	8
Ben & Jerry's	Branch	Santa Barbara, CA	United States	Restaurants	0.5	8
Ben & Jerry's	Branch	San Francisco, CA	United States	Restaurants	0.5	8
Ben & Jerry's	Branch	Berkeley, CA	United States	Restaurants	0.5	8
Ben & Jerry's	Branch	Spokane, WA	United States	Restaurants	0.4	8
Ben & Jerry's	Branch	Gig Harbor, WA	United States	Restaurants	0.4	8
Ben & Jerry's	Branch	Charlotte, NC	United States	Restaurants	0.4	8
Ben & Jerry's	Branch	Durham, NC	United States	Restaurants	0.4	8
Ben & Jerry's	Branch	Nashville, TN	United States	Restaurants	0.4	8
Ben & Jerry's	Branch	Niagara Falls, NY	United States	Restaurants	0.5	7
Ben & Jerry's	Branch	Sherman Oaks, CA	United States	Restaurants	0.4	7
Ben & Jerry's	Branch	Napa, CA	United States	Restaurants	0.4	7
Ben & Jerry's	Branch	Delray Beach, FL	United States	Restaurants	0.4	7
Ben & Jerry's	Branch	Tampa, FL	United States	Restaurants	0.4	7
Ben & Jerry's	Branch	Palatine, IL	United States	Restaurants	0.4	7
Ben & Jerry's	Branch	Portland, OR	United States	Restaurants	0.4	7
Ben & Jerry's	Branch	Portland, OR	United States	Restaurants	0.4	7
Ben & Jerry's	Branch	Chapel Hill, NC	United States	Restaurants	0.3	7
Ben & Jerry's	Branch	Philadelphia, PA	United States	Restaurants	0.3	7
Ben & Jerry's	Branch	Rutland, VT	United States	Restaurants	0.3	7
Ben & Jerry's	Branch	Dayton, OH	United States	Restaurants	0.3	7
Ben & Jerry's	Branch	Etiwanda, CA	United States	Restaurants	0.6	6
Ben & Jerry's	Branch	Henderson, NV	United States	Restaurants	0.5	6
Ben & Jerry's	Branch	Las Vegas, NV	United States	Restaurants	0.5	6
Ben & Jerry's	Branch	Branford, CT	United States	Restaurants	0.4	6
Ben & Jerry's	Branch	West New York, NJ	United States	Restaurants	0.4	6
Ben & Jerry's	Branch	Santa Monica, CA	United States	Restaurants	0.4	6
Ben & Jerry's	Branch	Mammoth Lakes, CA	United States	Restaurants	0.4	6
Ben & Jerry's	Branch	Burbank, CA	United States	Restaurants	0.4	6
Ben & Jerry's	Branch	Long Beach, CA	United States	Restaurants	0.4	6
Ben & Jerry's	Branch	Scottsdale, AZ	United States	Restaurants	0.3	6
Ben & Jerry's	Branch	Bend, OR	United States	Restaurants	0.3	6
Ben & Jerry's	Branch	Eugene, OR	United States	Restaurants	0.3	6
Ben & Jerry's	Branch	Lakewood, CO	United States	Restaurants	0.3	6
Ben & Jerry's	Branch	Chattanooga, TN	United States	Restaurants	0.3	6
Joe Cimprich Airport-90oi	Subsidiary	Dayton, OH	United States	Restaurants	0.2	6
Ben & Jerry's	Branch	Tustin, CA	United States	Restaurants	0.6	5
Ben & Jerry's	Branch	Kaneohe, HI	United States	Restaurants	0.4	5
Ben & Jerry's	Branch	Palm Springs, CA	United States	Restaurants	0.3	5
Ben & Jerry's	Branch	San Francisco, CA	United States	Restaurants	0.3	5
Ben & Jerry's	Branch	Los Angeles, CA	United States	Restaurants	0.3	5
Ben & Jerry's	Branch	Sarasota, FL	United States	Restaurants	0.3	5
Ben & Jerry's	Branch	Rockville, MD	United States	Restaurants	0.3	5
Ben & Jerry's	Branch	Bethesda, MD	United States	Restaurants	0.3	5
Ben & Jerry's	Branch	St Charles, IL	United States	Restaurants	0.3	5
Ben & Jerry's	Branch	Norfolk, VA	United States	Restaurants	0.3	5
Ben & Jerry's	Branch	Radford, VA	United States	Restaurants	0.3	5
Ben & Jerry's	Branch	Plano, TX	United States	Restaurants	0.2	5
Ben & Jerry's	Branch	Webster, TX	United States	Restaurants	0.2	5
Ben & Jerry's	Branch	Charlotte, NC	United States	Restaurants	0.2	5
Ben & Jerry's	Branch	Philadelphia, PA	United States	Restaurants	0.2	5
Ben & Jerry's	Branch	Huntsville, AL	United States	Restaurants	0.2	5
Ben & Jerry's	Branch	San Diego, CA	United States	Restaurants	0.2	4
Ben & Jerry's	Branch	Ventura, CA	United States	Restaurants	0.2	4
Ben & Jerry's	Branch	Coral Gables, FL	United States	Restaurants	0.2	4
Ben & Jerry's	Branch	Oak Park, IL	United States	Restaurants	0.2	4
Ben & Jerry's	Branch	Ogunquit, ME	United States	Restaurants	0.2	4
Ben & Jerry's	Branch	Sterling, VA	United States	Restaurants	0.2	4
Ben & Jerry's	Branch	North Conway, NH	United States	Restaurants	0.2	4
Ben & Jerry's	Branch	Henderson, NV	United States	Restaurants	0.3	3
Ben & Jerry's	Branch	San Francisco, CA	United States	Restaurants	0.2	3
Ben & Jerry's	Branch	Santa Clarita, CA	United States	Restaurants	0.1	2
Ben & Jerry's	Branch	Meredith, NH	United States	Restaurants	0.1	2
Ben & Jerry's	Branch	St Albans, VT	United States	Restaurants	0.1	2
Ben & Jerry's	Branch	Henderson, NV	United States	Restaurants	0.1	1
Ben & Jerry's	Branch	Kirkland, WA	United States	Restaurants	0.1	1
Conopco	Facility	Jefferson City, MO	United States	Personal and Household Products		100
Conopco	Facility	Harrisburg, PA	United States	Food Processing		50
Conopco	Facility	Loveland, OH	United States	Food Processing		1
Unilever Pakistan Foods Limited	Subsidiary	Karachi	Pakistan	Food Processing	54.3
Unilever Capital Corporation	Subsidiary	Englewood Cliffs, NJ	United States	Investment Services	0.5	2
Royal Estates Tea Company	Subsidiary	Englewood Cliffs, NJ	United States	Food Processing
Unilever Brasil Ltda.	Subsidiary	São Paulo, SP	Brazil	Personal and Household Products	6,760.1	12,064
Unilever Brasil Higiene Pessoal E Limpeza Ltda.	Subsidiary	Vinhedo, Sao Paulo	Brazil	Personal and Household Products		500
Unilever Brasil Nordeste Produtos De Limpeza S/A.	Subsidiary	Igarassu, Pernambuco	Brazil	Personal and Household Products	82.0	146
Unilever Brasil Gelados Do Nordeste S/A.	Subsidiary	Jaboatão Guararapes, Pernambuco	Brazil	Food Processing	220.5
Arisco Industrial Ltda	Subsidiary	São Paulo, SP	Brazil	Food Processing
Unilever Bangladesh Limited	Subsidiary	Dhaka	Bangladesh	Personal and Household Products		10,000
Unilever Rus	Subsidiary	Moscow	Russian Federation	Personal and Household Products	1,034.1	6,500
Unilever Italia Srl	Subsidiary	Rome	Italy	Food Processing		5,000
Unilever UK Ltd.	Subsidiary	Kingston Upon Thames	United Kingdom	Food Processing	2,931.6	4,310
Unilever Ltd.	UK Branch/Trading address	Kingston Upon Thames	United Kingdom	Food Processing		1,000
Unilever Ireland Limited	Subsidiary	Dublin	Ireland	Food Processing	328.0	144
Unilever Bestfoods UK Ltd.	Subsidiary	Purfleet	United Kingdom	Food Processing	238.6
Unilever Bestfoods Ltd.	UK Branch/Trading address	Newport	United Kingdom	Food Processing	238.6	220
Unilever Bestfoods UK Ltd	Subsidiary	Kingston-Upon-Thames	United Kingdom	Retail (Grocery)	238.6
Unilever de Argentina S.A.	Subsidiary	Buenos Aires	Argentina	Food Processing	1,465.2	4,300
Unilever de México, S. de R.L. de C.V.	Subsidiary	México, D.F.	Mexico	Food Processing	1,341.0	4,120
Unilever Polska S.A.	Subsidiary	Warszawa	Poland	Personal and Household Products	1,154.9	3,329
Unilever Poland Services Sp Z O O	Subsidiary	Warszawa	Poland	Miscellaneous Transportation	7.2	250
Kalina Concern Joint Stock Company	Subsidiary	Ekaterinburg	Russian Federation	Personal and Household Products	420.6	3,200
Glavskazka International Ooo	Subsidiary	Ekaterinburg	Russian Federation	Printing and Publishing	14.0	383
Dr Scheller Cosmetics AG	Subsidiary	Eislingen	Germany	Personal and Household Products	140.5	240
Dr. Scheller Cosmetics Polska Sp. z o.o.	Subsidiary	Wroclaw, Lower Silesian	Poland	Personal and Household Products		35
Lady Manhattan Cosmetics GmbH	Subsidiary	Stuttgart, Baden-Wurttemberg	Germany	Personal and Household Products
Glavskazka International LLC	Subsidiary	Yekaterinburg, Sverdlovsk	Russian Federation	Personal and Household Products		50
Pallada-Ukraine Subsidiary Company Of Kalina Concern Open Joint Stock Company	Subsidiary	Kyiv	Ukraine	Personal and Household Products	19.9	4
Kalina International SA	Subsidiary	Lausanne, Vaud	Switzerland	Personal and Household Products
Sun Products Corp	Subsidiary	Salt Lake City, UT	United States	Business Services	6,414.3	3,000
Sun Products Corp	Subsidiary	Salt Lake City, UT	United States	Miscellaneous Capital Goods	15.4	100
Unilever South Africa (Pty) Limited	Subsidiary	Durban	South Africa	Food Processing		3,000
Lipton (SA) (Pty.) Ltd.	Subsidiary	Durban	South Africa	Food Processing		2,000
Unilever Vietnam International Company Ltd	Subsidiary	Ho Chi Minh City	Viet Nam	Personal and Household Products		3,000
Unilever de Mexico S de RL de CV	Subsidiary	Mexico, DF	Mexico	Food Processing		2,500
Unilever Market Development (Pty) Ltd	Subsidiary	Durban	South Africa	Personal and Household Products		2,500
Unilever Thai Trading Ltd	Subsidiary	Bangkok	Thailand	Chemical Manufacturing	1,013.0	2,000
Unilever Pakistan Limited	Subsidiary	Karachi	Pakistan	Personal and Household Products	640.0	1,677
Unilever Australasia	Subsidiary	Epping, NSW	Australia	Food Processing	1,659.5	1,596
Unilever Australia Limited	Subsidiary	Epping, NSW	Australia	Personal and Household Products		1,520
Streets Ice Cream Pty. Ltd.	Subsidiary	Epping, NSW	Australia	Food Processing		400
Unilever New Zealand Ltd.	Subsidiary	Auckland	New Zealand	Personal and Household Products		50
Unilever Schweiz GmbH	Subsidiary	Thayngen	Switzerland	Personal and Household Products	699.1	1,200
Unilever Philippines Inc	Subsidiary	Metro Manila	Philippines	Personal and Household Products	796.7	1,100
Unilever Rfm Ice Cream, Inc.	Subsidiary	Pasig	Philippines	Food Processing
Unilever Sri Lanka Limited	Subsidiary	Colombo	Sri Lanka	Personal and Household Products		1,100
Unilever U.K. Holdings Ltd.	Subsidiary	London	United Kingdom	Business Services		1,000
Unilever UK & Cn Holdings Ltd.	Subsidiary	London	United Kingdom	Business Services		175
Unilever Foods (Malaysia) Sdn. Bhd.	Subsidiary	Kuala Lumpur	Malaysia	Food Processing	50.3	160
Total Refrigeration Ltd.	Subsidiary	Hyde	United Kingdom	Personal Services	15.6	30
Unilever Ventures Ltd.	Subsidiary	London	United Kingdom	Food Processing	13.8	13
Iota Nanosolutions Ltd.	Subsidiary	London	United Kingdom	Business Services	0.8	13
Hpl Realisations Ltd.	Subsidiary	London	United Kingdom	Chemical Manufacturing	0.0	8
Unidis Forty Nine Ltd.	Subsidiary	London	United Kingdom	Nonclassifiable Industries
New Hovema Ltd. (The)	Subsidiary	London	United Kingdom	Commercial Banks
Blackfriars Nominees, Ltd.	Subsidiary	London	United Kingdom	Commercial Banks
Unilever U.K. Central Resources Ltd.	Subsidiary	London	United Kingdom	Biotechnology and Drugs	1,128.7	2,710
Unilever Lp(Colworth Park) Ltd.	Subsidiary	London	United Kingdom	Business Services	4.9
Unilever Co. For Regional Marketing And Research Ltd.	Subsidiary	London	United Kingdom	Business Services		3
Unilever Co. For Industrial Development Ltd.	Subsidiary	London	United Kingdom	Miscellaneous Capital Goods		2
Unilever Overseas Holdings Ltd.	Subsidiary	London	United Kingdom	Business Services
Tigi Holdings Ltd.	Subsidiary	London	United Kingdom	Business Services	0.9
Tigi-Wear Ltd.	Subsidiary	London	United Kingdom	Retail (Apparel)	15.2	135
Tigi 1952 Ltd.	Subsidiary	London	United Kingdom	Nonclassifiable Industries
Tigi Ip Ltd.	Subsidiary	London	United Kingdom	Nonclassifiable Industries
Viz-A-Viz Ip Ltd.	Subsidiary	London	United Kingdom	Nonclassifiable Industries
Innovia Design Ltd.	Subsidiary	London	United Kingdom	Personal Services
Tigi (Canada) Ltd.	Subsidiary	London	United Kingdom	Business Services
Unilever Australia Services Ltd.	Subsidiary	London	United Kingdom	Business Services
C. W. A. Holdings Ltd.	Subsidiary	London	United Kingdom	Commercial Banks
Lever Brothers Port Sunlight Ltd.	Subsidiary	London	United Kingdom	Business Services
U. A. C. Holdings Ltd.	Subsidiary	London	United Kingdom	Commercial Banks
Brooke Bond South India Estates Ltd.	Subsidiary	London	United Kingdom	Business Services
Unilever Jerónimo Martins Lda	Subsidiary	Lisboa	Portugal	Food Processing	471.7	416
Olá - Produção De Gelados E Outros Produtos Alimentares, S.A.	Subsidiary	Lisboa, Lisboa	Portugal	Food Processing	50.1	194
Fima - Produtos Alimentares, S.A.	Subsidiary	Lisboa, Lisboa	Portugal	Food Processing	90.2	142
Rizofoor B.V.	Subsidiary	Rotterdam, Zuid-Holland	Netherlands	Miscellaneous Financial Services
Unipro Gida Sanayi Ve Ticaret A S	Subsidiary	Istanbul (Anatolia)	Turkey	Food Processing	212.5	325
Dosan Konserve Sanayii Ve Ticaret A S	Subsidiary	Istanbul (Anatolia)	Turkey	Food Processing		257
Co. Of African Merchants Ltd., (The)	Subsidiary	London	United Kingdom	Nonclassifiable Industries
Unilever Uk Supplementary Pension Fund Trustee Ltd.	Subsidiary	Leatherhead	United Kingdom	Personal Services
Unilever Ventures Coinvestment (General Partner) Ltd.	Subsidiary	London	United Kingdom	Nonclassifiable Industries
Froosh International Holdings Ltd.	Subsidiary	London	United Kingdom	Business Services
Colororb Ltd.	Subsidiary	London	United Kingdom	Business Services
Hydra Dispersants Ltd.	Subsidiary	London	United Kingdom	Nonclassifiable Industries
Catexel Ltd.	Subsidiary	London	United Kingdom	Business Services
Unilever Magyarország Kereskedelmi Kft	Subsidiary	Budapest	Hungary	Personal and Household Products	398.5	989
Unilever Ghana Limited	Subsidiary	Accra	Ghana	Personal and Household Products	152.8	900
Unilever Kenya Ltd.	Subsidiary	Nairobi	Kenya	Food Processing		800
Unilever Foods Philippines (CMC) Inc	Subsidiary	Manila	Philippines	Food Processing		750
Unilever Canada	Subsidiary	Toronto, ON	Canada	Food Processing		750
Breyers	Branch	Toronto, ON	Canada	Business Services	305.7	450
Breyers	Branch	Calgary, AB	Canada	Restaurants	1.9	35
R&B Distribution	Subsidiary	Chatham, ON	Canada	Restaurants	0.5	10
West Distributor	Subsidiary	Penetanguishene, ON	Canada	Restaurants	0.2	4
Unilever Canada Inc	Branch	Markham, ON	Canada	Food Processing	53.8	100
Ben & Jerry's	Branch	Concord, ON	Canada	Restaurants	0.5	10
Ben & Jerry's	Branch	Montreal, QC	Canada	Restaurants	0.5	10
Unilever Foodsolutions	Branch	Langley, BC	Canada	Business Services	10.5	7
Ben & Jerry's	Branch	Montreal, QC	Canada	Restaurants	0.4	7
Ben & Jerry's	Branch	Montreal, QC	Canada	Restaurants	0.3	5
Unilever Japan KK	Subsidiary	Tokyo	Japan	Food Processing		720
Unilever Andina Colombia Ltda	Subsidiary	Bogotá DC	Colombia	Personal and Household Products	464.0	700
Unilever España Sa	Subsidiary	Viladecans, Barcelona	Spain	Food Processing	816.8	600
Unilever Bestfoods Brasil Ltda	Subsidiary	Sao Paulo	Brazil	Food Processing		500
Unilever Nederland B.V.	Subsidiary	Oss	Netherlands	Food Processing		420
Unilever	Subsidiary	Rotterdam	Netherlands	Miscellaneous Financial Services
PT Unilever Indonesia Tbk	Subsidiary	Jakarta	Indonesia	Personal and Household Products	2,916.1	6,447
Unilever Body Care Indonesia	Subsidiary	Jakarta	Indonesia	Personal and Household Products		140
Unilever Korea Ltd.	Subsidiary	Taejon, Taejon	Korea, Republic of	Personal and Household Products	63.6
Marga BV	Subsidiary	Rotterdam	Netherlands	Miscellaneous Financial Services
Unilever Finland Oy	Subsidiary	Helsinki	Finland	Food Processing	297.1	136
Unilever Baltic Llc Sia	Subsidiary	Riga	Latvia	Personal and Household Products	2.4	24
Unilever Insurances N.V.	Subsidiary	Rotterdam, Zuid-Holland	Netherlands	Insurance (Accident and Health)		8
Rizofoor GmbH	Subsidiary	Stavenhagen, Reuterstadt, Mecklenburg-Vorpommern	Germany	Business Services		2
Unilever Bulgaria Holding Eood	Subsidiary	Sofia	Bulgaria	Business Services
Unilever Caribbean Limited	Subsidiary	Champs Fleurs	Trinidad and Tobago	Personal and Household Products	82.4	416
Unilever South East Africa Ltd	Subsidiary	Harare	Zimbabwe	Food Processing		400
Unilever Sverige AB	Subsidiary	Solna	Sweden	Personal and Household Products	612.1	399
Unilever Belgium - Unilever Belgique - Unilever Belgie	Subsidiary	Bruxelles	Belgium	Personal and Household Products	891.1	389
Elais - Unilever Hellas SA	Subsidiary	Piraeus	Greece	Personal and Household Products	712.2	380
Unilever Tunisie	Subsidiary	Tunis	Tunisia	Personal and Household Products		380
Unilever Romania Sa	Subsidiary	Ploiesti	Romania	Personal and Household Products	10.5	300
Unilever Deutschland Produktions GmbH & Co. OHG	Subsidiary	Hamburg, Hamburg	Germany	Personal and Household Products		300
Unilever Iran P.J.S.C	Subsidiary	Tehran	Iran	Personal and Household Products		300
Unilever Andina Bolivia S.A.	Subsidiary	Cochabamba	Bolivia	Personal and Household Products		300
Binzagr Unilever Company Ltd	Subsidiary	Jeddah	Saudi Arabia	Personal and Household Products	53.3	260
Unilever Deutschland Holding GmbH	Subsidiary	Hamburg, Hamburg	Germany	Food Processing	80.9	235
Unilever Deutschland Supply Chain Services GmbH	Subsidiary	Hamburg, Hamburg	Germany	Personal Services	73.2	440
Sime Darby Unimills B.V.	Subsidiary	Zwijndrecht	Netherlands	Food Processing	515.7	230
Unilever Danmark A/S	Subsidiary	København S	Denmark	Miscellaneous Financial Services	183.3	201
Unilever Chile S.A.	Subsidiary	Santiago	Chile	Personal and Household Products	257.0	200
Unilever Pakistan Food Ltd.	Subsidiary	Karachi	Pakistan	Food Processing	52.9	192
Unilever Hong Kong Ltd.	Subsidiary	Hong Kong, New Territories	Hong Kong	Personal and Household Products	76.8	180
Unilever Services (Hei Fei) Co. Limited	Subsidiary	Beijing	China	Food Processing		170
Knorr Alimentaria S.A.	Subsidiary	Santo Domingo	Dominican Republic	Food Processing		160
Unilever Arabia	Subsidiary	Jeddah	Saudi Arabia	Personal and Household Products	36.8	150
Unilever Asia Pte Ltd	Subsidiary	Singapore	Singapore	Public Sector and Government		150
Unilever Andina Peru S.A.	Subsidiary	Lima	Peru	Personal and Household Products		120
Unilever Produktion Ab	Subsidiary	Helsingborg, Skåne	Sweden	Nonclassifiable Industries		100
Unilever Asia Private Ltd.	Subsidiary	Singapore	Singapore	Business Services	2,652.1	72
TIGI HAIRCARE GmbH	Subsidiary	Herrenberg, Baden-Württemberg	Germany	Miscellaneous Capital Goods		60
Voltea Ltd.	Subsidiary	London	United Kingdom	Waste Management Services	2.1	28
Unilever Corporate Ventures Ltd.	Subsidiary	London	United Kingdom	Investment Services		25
Unilever Services España Sa	Subsidiary	Viladecans, Barcelona	Spain	Business Services	2.3	22
Unilever International Paris SAS	Subsidiary	Rueil Malmaison	France	Chemical Manufacturing	8.9	20
Unilever Schweiz Service AG	Subsidiary	Schaffhausen, Schaffhausen	Switzerland	Miscellaneous Financial Services	660.0	15
Unilever Produktion ApS	Subsidiary	Odense C	Denmark	Personal and Household Products	57.8	5
Unilever De México, S.A. De C.V.	Subsidiary	Ciudad De Mexico, Distrito Federal	Mexico	Food Processing		5
Unilever South Africa Holdings (Pty) Ltd	Subsidiary	Pietermaritzburg, Kwazulu-Natal	South Africa	Food Processing	6,406.1
Unilever South Africa (Pty) Ltd	Subsidiary	Durban North, Kwazulu-Natal	South Africa	Chemical Manufacturing	2,078.7
Unilever Rus Ooo	Subsidiary	Moscow	Russian Federation	Retail (Grocery)	1,034.1
Unilever Rus Ooo	Branch	Omsk G.	Russian Federation	Food Processing	323.8	4,789
Unilever Ukraine Limitet Liability Company	Subsidiary	Kyiv	Ukraine	Food Processing	63.0
Toni & Guy Products Ltd.	Subsidiary	London	United Kingdom	Personal Services	6.0
Brooke Bond Group Ltd.	Subsidiary		United Kingdom	Business Services
Brooke Bond Assam Estates Ltd.	Subsidiary	London	United Kingdom	Business Services
Unilever International Market Development Co. Ltd.	Subsidiary	London	United Kingdom	Nonclassifiable Industries
Uml Ltd.	Subsidiary	London	United Kingdom	Nonclassifiable Industries
Unilever Australia Partnership Ltd.	Subsidiary	London	United Kingdom	Business Services
Associated Enterprises Ltd.	Subsidiary	London	United Kingdom	Nonclassifiable Industries
Unilever Zimbabwe	Subsidiary	Harare	Zimbabwe	Chemical Manufacturing
Unilever Bangladesh Limited	Subsidiary	Dhaka	Bangladesh	Food Processing
United Holdings Ltd.	Subsidiary	London	United Kingdom	Business Services
Uac International Ltd.	Subsidiary	London	United Kingdom	Commercial Banks
Unilever Overseas Buying Services Ltd.	Subsidiary	London	United Kingdom	Commercial Banks
Brooke Bond Foods Ltd.	Subsidiary	London	United Kingdom	Nonclassifiable Industries
Bbg Investments (France) Ltd.	Subsidiary	London	United Kingdom	Nonclassifiable Industries
Unidis Thirty Ltd.	Subsidiary	London	United Kingdom	Nonclassifiable Industries
Unilever Superannuation Trustees Ltd.	Subsidiary	London	United Kingdom	Nonclassifiable Industries
Unilever Uk Pension Fund Trustees Ltd.	Subsidiary	Leatherhead	United Kingdom	Nonclassifiable Industries
Unidis Nineteen Ltd.	Subsidiary	London	United Kingdom	Nonclassifiable Industries
Bluerock Ltd.	Subsidiary	N/K	United Kingdom	Nonclassifiable Industries
Unidis Sixty Six Ltd.	Subsidiary	London	United Kingdom	Nonclassifiable Industries
Unidis Eleven Ltd.	Subsidiary	London	United Kingdom	Nonclassifiable Industries
Thames Side Properties Ltd.	Subsidiary	London	United Kingdom	Nonclassifiable Industries
Margarine Union (1930) Ltd.	Subsidiary	London	United Kingdom	Nonclassifiable Industries
Unilever Employee Benefit Trustees Ltd.	Subsidiary	London	United Kingdom	Nonclassifiable Industries
Usf Nominees Ltd.	Subsidiary	Leatherhead	United Kingdom	Nonclassifiable Industries
Unilever Pension Trust Ltd.	Subsidiary	Leatherhead	United Kingdom	Nonclassifiable Industries
Unidis Twenty Six Ltd.	Subsidiary	London	United Kingdom	Nonclassifiable Industries
Unilever General Partner (Colworth Park) Ltd.	Subsidiary	London	United Kingdom	Nonclassifiable Industries
Pamol (Sabah) Ltd.	Subsidiary	London	United Kingdom	Nonclassifiable Industries
Simple Health & Beauty Group Ltd.	Subsidiary	London	United Kingdom	Business Services
Accantia Group Holdings	Subsidiary	London	United Kingdom	Business Services
Accantia Ltd.	Subsidiary	Leatherhead	United Kingdom	Nonclassifiable Industries		1,300
Simple Toiletries Ltd.	Subsidiary	Leatherhead	United Kingdom	Personal and Household Products	123.3	45
Simple Health & Beauty Ltd.	Subsidiary	Leatherhead	United Kingdom	Business Services		50
Simple Toiletries Limited	Subsidiary	Leatherhead	United Kingdom	Personal and Household Products
Accantia (Holdings) Ltd.	Subsidiary	London	United Kingdom	Business Services
Accantia Employee Benefits Ltd.	Subsidiary	London	United Kingdom	Nonclassifiable Industries
Unilever Us Investments Ltd.	Subsidiary	London	United Kingdom	Business Services
Mixhold Investments Ltd.	Subsidiary	London	United Kingdom	Business Services
Unilever Korea Ltd.	Subsidiary	Seoul	Korea, Republic of	Personal and Household Products
Unilever Mashreq	Subsidiary	Alexandria	Egypt	Business Services
UNILEVER EESTI OU	Subsidiary	Tallinn	Estonia	Food Processing
Unilever Croatia, D.O.O.- U Likvidaciji	Subsidiary	Zagreb	Croatia	Miscellaneous Fabricated Products
Unilever Uk Home And Personal Care	Subsidiary	Leatherhead	United Kingdom	Food Processing
Unilever Bestfoods Uk Ltd.	Subsidiary		United Kingdom
Unilever Bestfoods HK Ltd.	Subsidiary	Tai Po	Hong Kong	Food Processing
Unilever South Central Europe SA	Subsidiary	Bucharest	Romania	Personal and Household Products
Pond's Exports Limited	Subsidiary	Chennai	India	Personal and Household Products
Unilever Israel Marketing Ltd	Subsidiary	Lod	Israel	Personal and Household Products
Levers Associated Trust Limited	Subsidiary	Mumbai, Maharashtra	India	Investment Services
Unilever Slovensko, spol. s r.o.	Subsidiary	Bratislava	Slovakia	Personal and Household Products
Unilever Peru S.A	Subsidiary	Lima	Peru	Personal and Household Products
Jamnagar Properties Private Limited	Subsidiary	Jamnagar, Gujarat	India	Real Estate Operations
Unilever Maghreb Export SA	Subsidiary	Tunis	Tunisia	Personal and Household Products
Pfanni Werke Grundstucksverwaltung GmbH & Co. OHG	Subsidiary	Stavenhagen	Germany	Real Estate Operations
Unilever Mocambique Limitada	Subsidiary	Matola	Mozambique	Personal and Household Products
Maizena Grundstucksverwaltung GmbH & Co. OHG	Subsidiary	Stavenhagen	Germany	Real Estate Operations
Unilever Australia Services Limited	Subsidiary
Unilever Australia (Holdings) Proprietary Limited	Subsidiary

Competitors Report

Company Name	Location	Employees	Ownership
The Procter & Gamble Company	Cincinnati, Ohio, United States	126,000	Public

Executive report

Board of Directors

Name	Title	Function
Ehsan Ali Malik	Chairman of the Board, Chief Executive Officer	Chairman
Biography: Mr. Ehsan Ali Malik has been Chairman and Chief Executive Officer at Unilever Pakistan Limited since September 1, 2006. He was Chairman and CEO at Unilever Sri Lanka Ltd. from 2001 to 2006. His earlier international appointments include: Finance Director Unilever Mashreq, and Special Investigations Manager at Unilever Head Office, London.
M. Qaysar Alam	Executive Director	Director/Board Member
Biography: Mr. M. Qaysar Alam serves as Executive Director of Unilever Pakistan Limited. From 2003 to 2004 worked at the HPC Asia business group at Singapore in Supply Chain and Innovation, providing support to 17 countries of the Asia region. He has 23 years of experience in various areas of the supply chain function and is currently also Member of the Board of Directors of Rafhan Best Foods Ltd.
Imran Husain	CFO	Director/Board Member
Zaffar A. Khan	Independent Non-Executive Director	Director/Board Member
Biography: Mr. Zaffar A. Khan serves as Independent Non-Executive Director of Unilever Pakistan Limited. Currently he is Chairman of Karachi Stock Exchange while other directorships include State Bank of Pakistan, Pakistan Steel, National Commodity Exchange, Pakistan Institute of Corporate Governance and The Aga Khan Education Board. Previous appointments include President and CEO of Engro Chemicals and Chairman, Pakistan Telecommunication Ltd. (PTCL). Recipient of the Sitara-e-Imtiaz.
Amir R. Paracha	Executive Director	Director/Board Member
Khalid Rafi	Non-Executive Director	Director/Board Member
Fariyha Subhani	Executive Director	Director/Board Member
Education: Lahore University of Management Sciences, MBA
Shazia Syed	Executive Director	Director/Board Member
Ali Tariq	Chief Financial Officer, Director	Director/Board Member

Executives

Name	Title	Function
Ehsan Ali Malik	Chairman of the Board, Chief Executive Officer	Chief Executive Officer
Biography: Mr. Ehsan Ali Malik has been Chairman and Chief Executive Officer at Unilever Pakistan Limited since September 1, 2006. He was Chairman and CEO at Unilever Sri Lanka Ltd. from 2001 to 2006. His earlier international appointments include: Finance Director Unilever Mashreq, and Special Investigations Manager at Unilever Head Office, London.
Amar Naseer	Company Secretary	Company Secretary
Biography: Mr. Amar Naseer is Company Secretary of Unilever Pakistan Limited. He also heads the Tax and Brands Protection functions at the Company. He joined Unilever in 1999. He served as Director of the company till April 19, 2008. Social:
Imran Husain	CFO	Finance Executive
Ali Tariq	Chief Financial Officer, Director	Finance Executive
Faheem Ahmed Khan	Director	Other

Significant Developments

Unilever Pakistan Ltd Recommends First Interim Dividend Apr 30, 2013

Unilever Pakistan Ltd announced that for first quarter, January to march 2013, the directors have recommended first interim dividend of PKR51.24 or 102.48% per ordinary share of PKR50 (first quarter, January to March 2012 - PKR65 or 130% per ordinary share). This will be payable to members on the number of ordinary shares held by them at the close of business on May 23, 2013.

Unilever Pakistan Ltd Announces Proposed FY 2012 Final Dividend Mar 15, 2013

Unilever Pakistan Limited announced its proposed final cash dividend of PKR 283 per share on the ordinary shares for fiscal year 2012, subject to shareholders' approval at the annual general meeting on April 16, 2013.

Unilever Pakistan Ltd Announces FY 2012 Final Dividend Feb 26, 2013

Unilever Pakistan Limited announced that it will pay PKR 283 per share as final cash dividend for the fiscal year 2012 to shareholders of record on April 16, 2013. It paid PKR 202 per share as final cash dividend for the fiscal year 2011.

Unilever Pakistan Ltd Announces Acquisition Plan by Unilever PLC's Subsidiary Nov 28, 2012

Unilever Pakistan Ltd announced that Unilever Overseas Holdings Ltd, the United Kingdom-based wholly owned subsidiary of Unilever PLC, holding 75.07% of the total issued share capital of the Company, has conveyed its intention to acquire all of the issued ordinary shares held by other shareholders of the Company at a proposed purchase price of PKR 9,700 per share and to seek the delisting of the shares of the Company from the Karachi, Lahore and Islamabad Stock Exchanges and the revocation of the CDS Eligibility of the shares of the Company.

Unilever Pakistan Ltd Announces Second Interim Dividend Aug 15, 2012

Unilever Pakistan Ltd announced a second interim dividend of PKR 25 or 250% per ordinary share of PKR 10. The dividend will be payable on September 13, 2012.

Unilever Pakistan Ltd Announces FY 2012 Interim Dividend Aug 03, 2012

Unilever Pakistan Ltd announced an interim dividend of PKR 65 per share. The record date is August 28, 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	Reclassified Normal 31-Dec-2009
Filed Currency	PKR	PKR	PKR	PKR	PKR
Exchange Rate (Period Average)	93.347634	86.346516	85.183279	81.692096	70.718347
Auditor	A F Ferguson & Co.	A F Ferguson & Co.	A F Ferguson & Co.	A F Ferguson & Co.	A F Ferguson & Co.
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Net Sales	640.0	-	-	-	-
Gross Revenue	-	775.4	676.3	601.1	459.4
Sales Returns and Allowances	-	-36.0	-30.4	-29.8	-21.6
Excise Tax Receipts	-	-138.6	-121.4	-103.8	-
Revenue	640.0	600.8	524.4	467.5	437.7
Total Revenue	640.0	600.8	524.4	467.5	437.7
Cost of Revenue	407.8	391.4	353.3	304.2	285.9
Cost of Revenue, Total	407.8	391.4	353.3	304.2	285.9
Gross Profit	232.1	209.4	171.1	163.2	151.8
Selling/General/Administrative Expense	140.7	59.6	47.4	39.9	96.9
Labor & Related Expense	-	20.8	17.4	17.3	-
Advertising Expense	-	56.5	47.4	46.8	-
Total Selling/General/Administrative Expenses	140.7	136.9	112.3	103.9	96.9
Depreciation	-	0.9	0.9	1.0	-
Amortization of Intangibles	-	0.3	0.0	0.1	-
Depreciation/Amortization	-	1.2	0.9	1.1	-
Interest Income - Operating	-	-0.4	-0.1	-0.2	-0.2
Investment Income - Operating	-	-0.2	-0.1	0.0	0.0
Interest/Investment Income - Operating	-	-0.6	-0.2	-0.2	-0.2
Interest Expense (Income) - Net Operating Total	-	-0.6	-0.2	-0.2	-0.2
Restructuring Charge	0.0	3.5	1.1	0.0	6.9
Loss (Gain) on Sale of Assets - Operating	-	0.6	-0.3	0.1	0.0
Unusual Expense (Income)	0.0	4.2	0.8	0.1	6.9
Other Operating Expense	6.6	-	-	-	3.5
Other, Net	-6.2	-3.6	-1.1	-2.3	-3.4
Other Operating Expenses, Total	0.4	-3.6	-1.1	-2.3	0.1
Total Operating Expense	549.0	529.4	465.9	406.7	389.6
Operating Income	91.0	71.4	58.5	60.7	48.1
Interest Expense - Non-Operating	-	-1.1	-2.0	-3.3	-2.9
Interest Expense, Net Non-Operating	-	-1.1	-2.0	-3.3	-2.9
Investment Income - Non-Operating	-	-1.5	-0.3	-1.9	-3.7
Interest/Investment Income - Non-Operating	-	-1.5	-0.3	-1.9	-3.7
Interest Income (Expense) - Net Non-Operating	-4.6	-	-	-	-
Interest Income (Expense) - Net Non-Operating Total	-4.6	-2.6	-2.2	-5.2	-6.6
Income Before Tax	86.4	68.8	56.3	55.5	41.5
Total Income Tax	27.4	21.3	17.8	17.9	13.4
Income After Tax	58.9	47.6	38.6	37.5	28.2
Net Income Before Extraord Items	58.9	47.6	38.6	37.5	28.2
Net Income	58.9	47.6	38.6	37.5	28.2
Preferred Dividends	0.0	0.0	0.0	0.0	0.0
Total Adjustments to Net Income	0.0	0.0	0.0	0.0	0.0
Income Available to Common Excl Extraord Items	58.9	47.5	38.5	37.5	28.2
Income Available to Common Incl Extraord Items	58.9	47.5	38.5	37.5	28.2
Basic/Primary Weighted Average Shares	13.3	13.3	13.3	13.3	13.3
Basic EPS Excl Extraord Items	4.43	3.58	2.90	2.82	2.12
Basic/Primary EPS Incl Extraord Items	4.43	3.58	2.90	2.82	2.12
Dilution Adjustment	0.0	0.0	0.0	0.0	-
Diluted Net Income	58.9	47.5	38.5	37.5	28.2
Diluted Weighted Average Shares	13.3	13.3	13.3	13.3	13.3
Diluted EPS Excl Extraord Items	4.43	3.58	2.90	2.82	2.12
Diluted EPS Incl Extraord Items	4.43	3.58	2.90	2.82	2.12
Dividends per Share - Common Stock Primary Issue	3.36	3.56	2.89	2.80	1.74
Gross Dividends - Common Stock	-	47.3	38.4	37.3	23.1
Interest Expense, Supplemental	-	0.6	1.7	3.0	2.4
Depreciation, Supplemental	6.9	6.8	6.5	6.1	6.4
Total Special Items	0.0	4.2	0.8	0.1	6.9
Normalized Income Before Tax	86.4	73.0	57.1	55.6	48.5
Effect of Special Items on Income Taxes	0.0	1.3	0.2	0.0	2.2
Inc Tax Ex Impact of Sp Items	27.4	22.6	18.0	18.0	15.6
Normalized Income After Tax	58.9	50.4	39.1	37.6	32.9
Normalized Inc. Avail to Com.	58.9	50.4	39.1	37.6	32.9
Basic Normalized EPS	4.43	3.79	2.94	2.83	2.47
Diluted Normalized EPS	4.43	3.79	2.94	2.83	2.47
Amort of Intangibles, Supplemental	2.7	0.6	0.0	0.1	0.1
Rental Expenses	-	6.0	4.4	4.2	3.9
Advertising Expense, Supplemental	-	56.5	47.4	46.8	40.9
Normalized EBIT	91.0	75.0	59.1	60.6	54.8
Normalized EBITDA	100.5	82.4	65.6	66.7	61.3
Current Tax - Domestic	-	23.1	18.1	14.4	12.2
Current Tax - Other	-	0.4	0.4	0.3	0.3
Current Tax - Total	-	23.5	18.5	14.7	12.5
Deferred Tax - Domestic	-	-2.3	-0.7	3.3	0.9
Deferred Tax - Total	-	-2.3	-0.7	3.3	0.9
Income Tax - Total	-	21.3	17.8	17.9	13.4
Interest Cost - Domestic	-	3.0	2.6	3.0	2.7
Service Cost - Domestic	-	0.3	0.3	0.3	0.9
Expected Return on Assets - Domestic	-	-2.6	-2.1	-2.4	-2.4
Actuarial Gains and Losses - Domestic	-	0.2	0.4	0.8	0.2
Curtailments & Settlements - Domestic	-	1.5	0.3	4.8	4.8
Domestic Pension Plan Expense	-	2.4	1.5	6.4	6.1
Interest Cost - Post-Retirement	-	0.3	0.3	0.3	0.2
Service Cost - Post-Retirement	-	0.0	0.0	0.0	0.0
Prior Service Cost - Post-Retirement	-	0.0	0.0	-0.1	0.0
Actuarial Gains and Losses - Post-Retir.	-	0.0	0.0	0.0	0.0
Curtailments & Settlements - Post-Retir.	-	0.0	0.0	0.0	0.0
Post-Retirement Plan Expense	-	0.4	0.3	0.3	0.2
Defined Contribution Expense - Domestic	-	1.4	1.2	1.2	1.1
Total Pension Expense	-	4.2	3.0	7.8	7.5
Discount Rate - Domestic	-	13.00%	14.25%	12.75%	16.00%
Expected Rate of Return - Domestic	-	7.50%	8.75%	7.38%	10.48%
Compensation Rate - Domestic	-	10.75%	12.00%	10.60%	13.79%
Pension Payment Rate - Domestic	-	7.25%	8.00%	6.66%	9.73%
Total Plan Interest Cost	-	3.3	2.9	3.3	2.9
Total Plan Service Cost	-	0.3	0.3	0.3	0.9
Total Plan Expected Return	-	-2.6	-2.1	-2.4	-2.4

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	Restated Normal 31-Dec-2012	Updated Normal 31-Dec-2010	Reclassified Normal 31-Dec-2010	Reclassified Normal 31-Dec-2009
Filed Currency	PKR	PKR	PKR	PKR	PKR
Exchange Rate	97.199997	89.91	85.645	84.325	79.125
Auditor	A F Ferguson & Co.	A F Ferguson & Co.	A F Ferguson & Co.	A F Ferguson & Co.	A F Ferguson & Co.
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Cash	7.7	10.7	7.7	2.8	1.3
Short Term Investments	0.0	1.7	14.5	1.7	1.6
Cash and Short Term Investments	7.7	12.4	22.3	4.5	2.9
Accounts Receivable - Trade, Gross	-	-	6.6	6.5	3.5
Provision for Doubtful Accounts	-	-	-0.5	-0.5	-0.6
Trade Accounts Receivable - Net	10.5	9.3	6.1	6.0	2.9
Other Receivables	10.7	7.8	10.1	8.7	9.4
Total Receivables, Net	21.2	17.1	16.2	14.7	12.3
Inventories - Finished Goods	-	-	14.8	15.3	19.6
Inventories - Work In Progress	-	-	1.5	0.9	1.3
Inventories - Raw Materials	-	-	34.3	31.1	36.7
Inventories - Other	68.6	61.7	-0.5	-0.3	0.2
LIFO Reserve	-	-	-0.5	-0.6	-1.0
Total Inventory	68.6	61.7	49.5	46.4	56.8
Prepaid Expenses	-	-	0.2	1.8	3.7
Other Current Assets	5.6	6.4	0.2	0.2	1.7
Other Current Assets, Total	5.6	6.4	0.2	0.2	1.7
Total Current Assets	103.1	97.6	88.4	67.6	77.3
Buildings	-	-	11.7	11.9	11.6
Land/Improvements	-	-	0.3	0.3	0.3
Machinery/Equipment	-	-	80.5	75.8	70.5
Construction in Progress	-	-	3.6	2.1	5.6
Leases	-	-	0.0	0.0	0.0
Property/Plant/Equipment - Gross	-	-	96.1	90.1	88.0
Accumulated Depreciation	-	-	-38.9	-33.9	-32.1
Property/Plant/Equipment - Net	74.3	63.6	57.2	56.2	56.0
Intangibles - Gross	-	-	9.9	4.5	0.3
Accumulated Intangible Amortization	-	-	-0.3	-0.3	-0.2
Intangibles, Net	9.6	14.3	9.6	4.2	0.1
LT Investments - Other	0.2	0.3	0.3	4.7	6.8
Long Term Investments	0.2	0.3	0.3	4.7	6.8
Note Receivable - Long Term	1.4	1.3	1.0	1.2	1.5
Pension Benefits - Overfunded	1.1	1.3	1.7	2.2	2.6
Other Long Term Assets, Total	1.1	1.3	1.7	2.2	2.6
Total Assets	189.7	178.4	158.3	136.0	144.3
Accounts Payable	117.7	112.3	15.3	10.3	8.9
Accrued Expenses	0.1	0.1	55.5	47.0	36.3
Notes Payable/Short Term Debt	0.0	3.3	3.5	12.3	40.9
Current Portion - Long Term Debt/Capital Leases	0.0	0.1	0.3	0.3	0.4
Dividends Payable	-	-	1.5	1.4	1.3
Customer Advances	-	-	1.5	1.7	1.1
Security Deposits	-	-	0.2	0.2	0.2
Income Taxes Payable	-	-	0.0	0.0	0.0
Other Payables	-	-	22.3	8.5	9.5
Other Current Liabilities	6.3	5.9	4.6	2.6	8.4
Other Current liabilities, Total	6.3	5.9	30.2	14.4	20.6
Total Current Liabilities	124.1	121.8	104.8	84.3	107.1
Capital Lease Obligations	0.0	0.0	0.2	0.7	1.0
Total Long Term Debt	0.0	0.0	0.2	0.7	1.0
Total Debt	0.0	3.4	4.0	13.3	42.2
Deferred Income Tax - LT Liability	7.0	4.2	6.7	7.5	4.7
Deferred Income Tax	7.0	4.2	6.7	7.5	4.7
Pension Benefits - Underfunded	3.9	5.1	4.2	3.9	3.0
Other Liabilities, Total	3.9	5.1	4.2	3.9	3.0
Total Liabilities	135.0	131.2	115.9	96.4	115.8
Preferred Stock - Non Redeemable	-	-	0.1	0.1	-
Preferred Stock - Non Redeemable, Net	-	-	0.1	0.1	-
Common Stock	6.9	7.4	7.8	7.9	8.5
Common Stock	6.9	7.4	7.8	7.9	8.5
Additional Paid-In Capital	-	-	4.6	4.7	5.0
Retained Earnings (Accumulated Deficit)	47.9	39.7	29.8	26.9	15.0
Unrealized Gain (Loss)	0.0	0.1	0.1	0.2	0.2
Total Equity	54.7	47.2	42.3	39.7	28.5
Total Liabilities & Shareholders’ Equity	189.7	178.4	158.3	136.0	144.3
Shares Outstanding - Common Stock Primary Issue	13.3	13.3	13.3	13.3	13.3
Total Common Shares Outstanding	13.3	13.3	13.3	13.3	13.3
Treasury Shares - Common Stock Primary Issue	0.0	0.0	-	-	-
Shares Outstanding - Preferred Stock Primary Issue	0.0	0.0	0.0	0.0	0.0
Total Preferred Stock Outstanding	0.0	0.0	0.0	0.0	0.0
Treasury Shares - Preferred Primary Issue	0.0	0.0	-	-	-
Number of Common Shareholders	-	-	3,818	-	4,010
Accumulated Intangible Amort, Suppl.	-	-	0.3	0.3	0.2
Deferred Revenue - Current	-	-	1.5	1.7	1.1
Total Long Term Debt, Supplemental	-	-	0.3	0.3	-
Long Term Debt Maturing within 1 Year	-	-	0.3	0.3	-
Long Term Debt Matur. in Year 6 & Beyond	-	-	0.0	0.0	-
Total Capital Leases, Supplemental	-	-	0.6	1.0	1.4
Capital Lease Payments Due in Year 1	-	-	0.3	0.3	0.4
Capital Lease Payments Due in Year 2	-	-	0.1	0.2	0.2
Capital Lease Payments Due in Year 3	-	-	0.1	0.2	0.2
Capital Lease Payments Due in Year 4	-	-	0.1	0.2	0.2
Capital Lease Payments Due in Year 5	-	-	0.1	0.2	0.2
Capital Lease Payments Due in 2-3 Years	-	-	0.1	0.3	0.5
Capital Lease Payments Due in 4-5 Years	-	-	0.1	0.3	0.5
Total Operating Leases, Supplemental	-	-	3.6	2.3	2.5
Operating Lease Payments Due in Year 1	-	-	0.9	0.5	1.2
Operating Lease Payments Due in Year 2	-	-	0.7	0.4	0.3
Operating Lease Payments Due in Year 3	-	-	0.7	0.4	0.3
Operating Lease Payments Due in Year 4	-	-	0.7	0.4	0.3
Operating Lease Payments Due in Year 5	-	-	0.7	0.4	0.3
Operating Lease Pymts. Due in 2-3 Years	-	-	1.3	0.9	0.7
Operating Lease Pymts. Due in 4-5 Years	-	-	1.3	0.9	0.7
Oper. Lse. Pymts. Due in Year 6 & Beyond	-	-	0.0	0.0	0.0
Pension Obligation - Domestic	-	-	22.1	21.5	23.8
Post-Retirement Obligation	-	-	2.4	2.3	2.1
Plan Assets - Domestic	-	-	19.8	18.0	22.8
Funded Status - Domestic	-	-	-2.4	-3.4	-1.0
Funded Status - Post-Retirement	-	-	-2.4	-2.3	-2.1
Total Funded Status	-	-	-4.8	-5.7	-3.1
Discount Rate - Domestic	-	-	14.25%	12.75%	16.00%
Expected Rate of Return - Domestic	-	-	8.75%	7.38%	-
Compensation Rate - Domestic	-	-	12.00%	10.60%	13.79%
Pension Payment Rate - Domestic	-	-	8.00%	6.66%	9.73%
Prepaid Benefits - Domestic	-	-	-	-	1.3
Accrued Liabilities - Domestic	-	-	-2.4	-3.4	-2.3
Accrued Liabilities - Post-Retirement	-	-	-2.4	-2.3	-2.1
Net Assets Recognized on Balance Sheet	-	-	-4.8	-5.7	-3.1
Equity % - Domestic	-	-	11.70%	9.70%	1.30%
Debt Securities % - Domestic	-	-	87.80%	59.00%	7.30%
Other Investments % - Domestic	-	-	0.50%	31.30%	91.40%
Total Plan Obligations	-	-	24.5	23.8	25.9
Total Plan Assets	-	-	19.8	18.0	22.8

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	Reclassified Normal 31-Dec-2010	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	A F Ferguson & Co.	A F Ferguson & Co.	A F Ferguson & Co.	A F Ferguson & Co.	A F Ferguson & Co.
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Net Income/Starting Line	86.4	68.8	56.3	55.5	-
Depreciation	6.9	6.8	6.5	6.1	-
Depreciation/Depletion	6.9	6.8	6.5	6.1	-
Amortization of Intangibles	2.7	0.6	0.0	0.1	-
Amortization	2.7	0.6	0.0	0.1	-
Unusual Items	-1.1	0.6	-0.3	0.1	-
Other Non-Cash Items	2.1	2.7	3.3	9.1	-
Non-Cash Items	1.0	3.3	3.0	9.3	-
Accounts Receivable	-1.8	-4.9	0.0	-1.8	-
Inventories	-11.9	-15.2	-3.8	7.1	-
Other Assets	0.3	-3.8	1.0	-2.0	-
Accounts Payable	15.1	21.4	25.4	16.3	-
Other Liabilities	0.9	1.6	2.1	-4.6	-
Other Operating Cash Flow	-31.7	-24.8	-18.0	-22.0	1.3
Changes in Working Capital	-29.2	-25.7	6.7	-7.1	1.3
Cash from Operating Activities	67.8	53.9	72.5	63.8	1.3
Purchase of Fixed Assets	-23.5	-17.4	-8.5	-10.7	-19.4
Purchase/Acquisition of Intangibles	0.0	-6.1	-2.3	-0.8	-
Capital Expenditures	-23.5	-23.4	-10.8	-11.5	-19.4
Sale of Fixed Assets	1.4	0.4	0.4	0.8	1.7
Investment, Net	1.7	0.0	-0.4	-1.2	0.0
Purchase of Investments	-1.7	-	-	-	-
Other Investing Cash Flow	0.4	0.4	0.1	0.2	0.2
Other Investing Cash Flow Items, Total	1.8	0.9	0.1	-0.2	1.9
Cash from Investing Activities	-21.6	-22.5	-10.7	-11.7	-17.5
Cash Dividends Paid - Common	-46.8	-40.2	-35.1	-24.1	-24.2
Total Cash Dividends Paid	-46.8	-40.2	-35.1	-24.1	-24.2
Long Term Debt Reduction	-0.2	-0.4	-0.6	-0.5	-0.5
Long Term Debt, Net	-0.2	-0.4	-0.6	-0.5	-0.5
Issuance (Retirement) of Debt, Net	-0.2	-0.4	-0.6	-0.5	-0.5
Cash from Financing Activities	-47.0	-40.6	-35.7	-24.6	-24.6
Net Change in Cash	-0.8	-9.2	26.1	27.5	-40.8
Net Cash - Beginning Balance	7.2	17.0	-8.9	-36.8	-1.7
Net Cash - Ending Balance	6.3	7.8	17.2	-9.3	-42.5
Cash Interest Paid	-	-	-	-	5.7
Cash Taxes Paid	-	22.7	19.8	15.7	15.1

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	Reclassified Normal 31-Dec-2009
Filed Currency	PKR	PKR	PKR	PKR	PKR
Exchange Rate (Period Average)	93.347634	86.346516	85.183279	81.692096	70.718347
Auditor	A F Ferguson & Co.	A F Ferguson & Co.	A F Ferguson & Co.	A F Ferguson & Co.	A F Ferguson & Co.
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Sales Net	640.0	-	-	-	-
Sales	-	775.4	676.3	601.1	459.4
Sales Tax & Excise Duty	-	-138.6	-121.4	-103.8	-
Rebates and Allowances	-	-36.0	-30.4	-29.8	-21.6
Total Revenue	640.0	600.8	524.4	467.5	437.7
Cost of Goods Sold	407.8	391.4	353.3	304.2	285.9
Staff Expenses	-	15.6	13.3	13.2	-
Advertisement	-	56.5	47.4	46.8	-
Depreciation	-	0.9	0.9	1.0	-
Amortisation	-	0.3	0.0	0.1	-
Distribution Costs	119.4	46.8	37.8	31.6	82.7
Administrative Expenses	21.3	12.3	9.3	7.9	14.2
Donations	-	0.4	0.4	0.4	-
Workers' Profits Participation Fund - no	-	3.7	3.0	3.0	-
Workers' Welfare Fund	-	1.5	1.1	1.1	-
Loss on disposal of property, plant and	-	0.6	0.0	0.1	-
Other Operating Expenses	6.6	-	-	-	3.5
Dividend Income	-	0.0	0.0	0.0	0.0
Return From Other Finan. Assets	-	-0.4	-0.1	-0.2	-0.2
Return on Investment	-	-0.2	-0.1	0.0	0.0
Loss on disposal of property, plant and	-	0.0	-0.3	0.0	0.0
Other Operating Income	-6.2	-3.6	-1.1	-2.3	-3.4
Restructuring Costs	0.0	3.5	1.1	0.0	6.9
Total Operating Expense	549.0	529.4	465.9	406.7	389.6
Financial Income/Cost	-4.6	-	-	-	-
Finance Costs	-	-1.1	-2.0	-3.3	-2.9
Exchange Loss	-	-1.5	-0.3	-1.9	-3.7
Net Income Before Taxes	86.4	68.8	56.3	55.5	41.5
Provision for Income Taxes	27.4	21.3	17.8	17.9	13.4
Net Income After Taxes	58.9	47.6	38.6	37.5	28.2
Net Income Before Extra. Items	58.9	47.6	38.6	37.5	28.2
Net Income	58.9	47.6	38.6	37.5	28.2
Preferred Dividends	0.0	0.0	0.0	0.0	0.0
Income Available to Com Excl ExtraOrd	58.9	47.5	38.5	37.5	28.2
Income Available to Com Incl ExtraOrd	58.9	47.5	38.5	37.5	28.2
Basic Weighted Average Shares	13.3	13.3	13.3	13.3	13.3
Basic EPS Excluding ExtraOrdinary Items	4.43	3.58	2.90	2.82	2.12
Basic EPS Including ExtraOrdinary Items	4.43	3.58	2.90	2.82	2.12
Dilution Adjustment	0.0	0.0	0.0	0.0	-
Diluted Net Income	58.9	47.5	38.5	37.5	28.2
Diluted Weighted Average Shares	13.3	13.3	13.3	13.3	13.3
Diluted EPS Excluding ExtraOrd Items	4.43	3.58	2.90	2.82	2.12
Diluted EPS Including ExtraOrd Items	4.43	3.58	2.90	2.82	2.12
DPS-Ordinary Shares	3.36	3.56	2.89	2.80	1.74
Gross Dividends - Common Stock	-	47.3	38.4	37.3	23.1
Normalized Income Before Taxes	86.4	73.0	57.1	55.6	48.5
Inc Tax Ex Impact of Sp Items	27.4	22.6	18.0	18.0	15.6
Normalized Income After Taxes	58.9	50.4	39.1	37.6	32.9
Normalized Inc. Avail to Com.	58.9	50.4	39.1	37.6	32.9
Basic Normalized EPS	4.43	3.79	2.94	2.83	2.47
Diluted Normalized EPS	4.43	3.79	2.94	2.83	2.47
Advertising Expense	-	56.5	47.4	46.8	40.9
Interest Expense	-	0.6	1.7	3.0	2.4
Rental Expense	-	6.0	4.4	4.2	3.9
Depreciation	6.9	6.8	6.5	6.1	6.4
Amortization of Intangibles	2.7	0.6	0.0	0.1	0.1
Current Tax-Pakistan	-	23.1	18.1	14.4	12.2
Current Tax-Azad Kashmir	-	0.4	0.4	0.3	0.3
Current Tax - Total	-	23.5	18.5	14.7	12.5
Deferred Tax	-	-2.3	-0.7	3.3	0.9
Deferred Tax - Total	-	-2.3	-0.7	3.3	0.9
Income Tax - Total	-	21.3	17.8	17.9	13.4
Current Service Cost - Pension	-	0.1	0.1	0.1	0.5
Interest Cost - Pension	-	2.6	2.2	2.5	2.1
Expected Return on Assets - Pension	-	-2.5	-2.1	-2.3	-1.9
Curtailments & Settlements - Pension	-	0.0	0.0	-0.4	0.0
Recog of Actuarial Gain/Loss - Pension	-	0.2	0.3	0.2	0.2
Current Service Cost - Gratuity	-	0.2	0.2	0.1	0.4
Interest Cost - Gratuity	-	0.4	0.4	0.5	0.6
Expected Return on Assets - Gratuity	-	-0.1	0.0	-0.1	-0.5
Curtailments & Settlements - Gratuity	-	1.5	0.3	5.1	4.8
Recog of Actuarial Gain/Loss - Gratuity	-	0.0	0.0	0.6	0.0
Domestic Pension Plan Expense	-	2.4	1.5	6.4	6.1
Current Service Cost - Medical Plan	-	0.0	0.0	0.0	0.0
Interest Cost - Medical Plan	-	0.3	0.3	0.3	0.2
Curtailments & Settlements - Post-Ret.Mp	-	0.0	0.0	0.0	0.0
Past Service Cost - Post-Retirement Mp	-	0.0	0.0	-0.1	0.0
RecoActuarial Gain/Loss - Medical Plan	-	0.0	0.0	0.0	0.0
Post-Retirement Plan Expense	-	0.4	0.3	0.3	0.2
Defined Contribution Plans	-	1.4	1.2	1.2	1.1
Total Pension Expense	-	4.2	3.0	7.8	7.5
Discount Rate - Pension	-	13.00%	14.25%	12.75%	16.00%
Salary Increase Rate - Pension	-	10.75%	12.00%	10.60%	13.79%
Pension Payment Rate	-	7.25%	8.00%	6.66%	9.73%
Expected Rate of Return - Pension	-	7.50%	8.75%	7.38%	10.48%

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	Restated Normal 31-Dec-2012	Updated Normal 31-Dec-2010	Reclassified Normal 31-Dec-2010	Reclassified Normal 31-Dec-2009
Filed Currency	PKR	PKR	PKR	PKR	PKR
Exchange Rate	97.199997	89.91	85.645	84.325	79.125
Auditor	A F Ferguson & Co.	A F Ferguson & Co.	A F Ferguson & Co.	A F Ferguson & Co.	A F Ferguson & Co.
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Stores & Spares	-	-	4.7	3.6	3.1
Stores & Spares	4.3	3.9	-	-	-
Stock in Trade	64.2	57.9	-	-	-
Provision for slow moving and obsolete s	-	-	-0.5	-0.5	-
Raw Materials	-	-	29.6	27.5	33.6
Work in Process	-	-	1.5	0.9	1.3
Finished Goods	-	-	14.8	15.3	19.6
By-Product	-	-	0.0	0.1	0.2
Less:Provision-Slow Moving/Obselete Stk.	-	-	-0.5	-0.6	-1.0
Trade Debts	10.5	9.3	-	-	-
Trade Debts Gross	-	-	6.6	6.5	3.5
Provision for Doubtful Debts	-	-	-0.5	-0.5	-0.6
Loans/Advances	1.9	1.8	1.5	1.6	1.6
Accrued Interest/Mark Up	-	-	0.0	0.0	0.0
Trade Deposits	5.6	6.4	0.2	0.2	1.7
Prepayments	-	-	0.2	1.8	3.6
Others	-	-	2.4	1.9	1.2
Other Receivables	1.1	1.6	0.8	1.0	2.8
Investment - held to maturity	0.0	1.7	1.7	1.2	0.0
Tax Refunds Due from Government	7.7	4.4	5.4	4.2	3.8
Cash and Bank Balances	7.7	10.7	-	-	-
Cash	-	-	0.0	0.0	1.3
current accounts	-	-	7.7	2.8	-
savings accounts	-	-	3.5	0.0	-
Deposit Account	-	-	9.3	0.5	1.6
Total Current Assets	103.1	97.6	88.4	67.6	77.3
Freehold Land	-	-	0.3	0.3	0.3
Leasehold Land	-	-	0.0	0.0	0.0
Buildings on Freehold Land	-	-	9.1	8.9	8.4
Buildings on Leasehold Land	-	-	0.9	1.0	1.0
Plant and Machinery	-	-	70.0	65.7	60.8
Electrical and Mechanical Equipment	-	-	8.9	8.2	6.8
Furniture and Fittings	-	-	0.5	0.5	0.5
Motor Vehicles	-	-	1.1	1.4	2.5
Asset/Finance Lease	-	-	1.7	2.0	2.3
Capital Work in Progress	-	-	3.6	2.1	5.6
Accumulated Depreciation	-	-	-38.9	-33.9	-32.1
Intangible asset under development - not	-	-	9.6	4.2	-
Intangibles-Computer Software	-	-	0.3	0.3	0.3
Amortisation	-	-	-0.3	-0.3	-0.2
Long Term Loans	1.4	1.3	1.0	1.2	1.5
Long Term Deposit/Prepayments	0.2	0.3	0.3	4.7	6.8
Long Term Investments	0.0	0.0	0.0	0.0	0.0
Retirement Benefit Obligations	1.1	1.3	1.7	2.2	2.6
Total Intangible Assets, Net	9.6	14.3	-	-	-
Total Tangible Assets, Net	74.3	63.6	-	-	-
Total Assets	189.7	178.4	158.3	136.0	144.3
Liability Against Assets- Finance Lease	0.0	0.1	0.3	0.3	0.4
Short Term Borrowings	0.0	3.3	3.5	12.3	40.9
Accrued Interest Mark Up	0.1	0.1	0.2	0.3	0.8
Creditors	117.7	112.3	15.3	10.3	8.9
Bills Payable	-	-	16.0	3.1	5.2
Accrued Liabilities	-	-	49.7	42.7	33.2
Royalty and Technical Services Fee	-	-	4.2	3.5	3.1
Advance Payment from Customers	-	-	1.5	1.7	1.1
Sales Tax Payable	-	-	4.2	2.6	1.2
Excise Duty Payable	-	-	1.4	1.4	1.1
Worker's Welfare Fund	-	-	1.2	1.1	1.2
Workers' Profits Participation Fund - no	-	-	0.0	0.0	-
Security Deposits from Dealers	-	-	0.2	0.2	0.2
Unclaimed Dividend	-	-	1.5	1.4	1.3
Liability for share-based compensation p	-	-	0.6	0.6	-
Others	-	-	0.3	0.2	-
Other Payables	-	-	-	-	0.9
Taxation-Provisions Less Payments	-	-	0.0	0.0	0.0
Provision	6.3	5.9	4.6	2.6	7.5
Total Current Liabilities	124.1	121.8	104.8	84.3	107.1
Liability Against Assets- Finance Lease	0.0	0.0	0.2	0.7	1.0
Total Long Term Debt	0.0	0.0	0.2	0.7	1.0
Deferred Taxation	7.0	4.2	6.7	7.5	4.7
Retirement Benefit Obligations	3.9	5.1	4.2	3.9	3.0
Total Liabilities	135.0	131.2	115.9	96.4	115.8
Share Capital	6.9	7.4	7.8	7.9	8.5
Preferred Capital	-	-	0.1	0.1	-
Capital Reserves	-	-	4.6	4.7	5.0
Surplus on Revaluation of Fixed Assets	0.0	0.1	0.1	0.2	0.2
Reserves	47.9	39.7	-	-	-
Revenue Reserves	-	-	29.8	26.9	15.0
Total Equity	54.7	47.2	42.3	39.7	28.5
Total Liabilities & Shareholders' Equity	189.7	178.4	158.3	136.0	144.3
S/O-Ordinary Shares	13.3	13.3	13.3	13.3	13.3
Total Common Shares Outstanding	13.3	13.3	13.3	13.3	13.3
T/S-Ordinary Shares	0.0	0.0	-	-	-
S/O-5% Cumulative Pref. Shares	0.0	0.0	0.0	0.0	0.0
Total Preferred Shares Outstanding	0.0	0.0	0.0	0.0	0.0
T/S-5% Cumulative Pref. Shares	0.0	0.0	-	-	-
Deferred Revenue - Current	-	-	1.5	1.7	1.1
Accumulated Intangible Amortisation	-	-	0.3	0.3	0.2
Number of Common Shareholders	-	-	3,818	-	4,010
Current maturities	-	-	0.3	0.3	-
Total Long Term Debt, Supplemental	-	-	0.3	0.3	-
Capital Leases Maturing within 1 Year	-	-	0.3	0.3	0.4
Capital Leases Maturing within 5 Years	-	-	0.2	0.7	1.0
Total Capital Leases, Supplemental	-	-	0.6	1.0	1.4
Operating Leases Maturing Within 1 Year	-	-	0.9	0.5	1.2
Operating Leases Maturing Within 1-5 Yrs	-	-	2.7	1.7	1.4
Total Operating Leases, Supplemental	-	-	3.6	2.3	2.5
PV of Benefit Obligation - Pension	-	-	19.0	18.5	18.6
FV of Plan Assets - Pension	-	-	19.0	17.6	19.9
Funded Status - Pension	-	-	0.0	-0.9	1.3
PV of Funded Obligations - Gratuity	-	-	3.1	2.9	5.3
FV of Plan Assets - Gratuity	-	-	0.7	0.4	2.9
Funded Status - Gratuity	-	-	-2.4	-2.5	-2.3
PV of Funded Obligations - Medical Plan	-	-	2.4	2.3	2.1
Funded Status - Medical Plan	-	-	-2.4	-2.3	-2.1
Total Funded Status	-	-	-4.8	-5.7	-3.1
Discount Rate - Pension	-	-	14.25%	12.75%	16.00%
Salary Increase Rate - Pension	-	-	12.00%	10.60%	13.79%
Pension Payment Rate	-	-	8.00%	6.66%	9.73%
Expected Rate of Return - Pension	-	-	8.75%	7.38%	-
Asset - Pension	-	-	-	-	1.3
Liabilities- Pension	-	-	0.0	-0.9	-
Liabilities- Gratuity	-	-	-2.4	-2.5	-2.3
Liability - Medical Plan	-	-	-2.4	-2.3	-2.1
Net Assets Recognized on Balance Sheet	-	-	-4.8	-5.7	-3.1
Equity	-	-	11.70%	9.70%	1.30%
Debt	-	-	87.80%	59.00%	7.30%
Cash & Bank Balance	-	-	0.50%	31.30%	91.40%

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	Reclassified Normal 31-Dec-2010	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	A F Ferguson & Co.	A F Ferguson & Co.	A F Ferguson & Co.	A F Ferguson & Co.	A F Ferguson & Co.
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Net Income	86.4	68.8	56.3	55.5	-
Depreciation	6.9	6.8	6.5	6.1	-
Amortisation of software	2.7	0.6	0.0	0.1	-
(Gain) / Loss on disposal of property, p	-1.1	0.6	-0.3	0.1	-
Dividend income	0.0	0.0	0.0	0.0	-
Mark-up on short term borrowings	0.7	0.5	1.6	2.8	-
Finance charge on finance leases	0.0	0.0	0.1	0.2	-
Provision for staff retirement benefits	1.9	2.8	1.8	6.4	-
Return on savings accounts and deposit a	-0.4	-0.4	-0.1	-0.2	-
Return on investment - held to maturity	-0.1	-0.2	-0.1	0.0	-
Stores & Spares	-0.8	0.1	-1.1	-0.3	-
Stock in trade	-11.1	-15.3	-2.7	7.4	-
Trade debts	-2.0	-3.6	-0.2	-3.4	-
Loans and advances	-0.2	-0.4	0.1	-0.1	-
Trade deposits and short term prepayment	0.3	-3.8	1.0	-2.0	-
Other receivables	0.4	-0.9	0.1	1.7	-
Trade & Other Payables	15.1	21.4	25.4	16.3	-
Provisions	0.9	1.6	2.1	-4.6	-
Mark-up on short term borrowings paid	-0.7	-0.6	-1.7	-3.2	-
Tax Paid	-28.1	-22.7	-19.8	-15.7	-15.1
Retirement Obligations	-2.7	-1.2	-1.0	-5.1	-4.3
Increase in long term loans	-0.2	-0.4	0.2	0.3	-0.1
Long Term Deposit/Prepayments Net	0.1	0.0	4.3	1.8	-7.6
Cash from Operations	-	-	-	-	531.0
Cash Paid - Suppliers	-	-	-	-	-378.0
Payment of Indirect Taxes	-	-	-	-	-105.0
Payment of Royalty and Technical Fees	-	-	-	-	-13.9
Interest Paid	-	-	-	-	-5.7
Cash from Operating Activities	67.8	53.9	72.5	63.8	1.3
Investments in term deposits	-1.7	-	-	-	-
Capital Expenditures	-23.5	-17.4	-8.5	-10.7	-19.4
Purchase of Intangibles	0.0	-6.1	-2.3	-0.8	-
Disposal Fixed Assets	1.4	0.4	0.4	0.8	1.7
Investment in treasury bills	1.7	0.0	-0.4	-1.2	0.0
Returns Received on Deposits	0.4	0.4	0.1	0.2	0.2
Dividend Received	0.0	0.0	0.0	0.0	0.0
Cash from Investing Activities	-21.6	-22.5	-10.7	-11.7	-17.5
Liability Against Assets- Finance Lease	-0.2	-0.4	-0.6	-0.5	-0.5
Dividends Paid	-46.8	-40.2	-35.1	-24.1	-24.2
Cash from Financing Activities	-47.0	-40.6	-35.7	-24.6	-24.6
Net Change in Cash	-0.8	-9.2	26.1	27.5	-40.8
Cash Interest Paid	-	-	-	-	5.7
Cash Taxes Paid	-	22.7	19.8	15.7	15.1
Net Cash - Beginning Balance	7.2	17.0	-8.9	-36.8	-1.7
Net Cash - Ending Balance	6.3	7.8	17.2	-9.3	-42.5

Financial Health

Financials in: USD (mil)

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

Key Indicators USD (mil)
Â	Quarter Ending 31-Dec-2012	Quarter Ending Yr Ago	Annual Year End 31-Dec-2012	1 Year Growth	3 Year Growth	5 Year Growth
Total Revenue1	163.8	15.00%	640.0	15.16%	16.09%	20.69%
Operating Income1	27.5	20.63%	91.0	37.68%	19.62%	26.19%
Income Available to Common Excl Extraord Items1	17.4	9.23%	58.9	33.96%	21.49%	26.49%
Basic EPS Excl Extraord Items1	1.31	9.25%	4.43	33.96%	21.49%	26.49%
Capital Expenditures2	23.5	8.27%	23.5	8.27%	32.53%	5.02%
Cash from Operating Activities2	67.8	36.03%	67.8	36.03%	6.69%	21.37%
Free Cash Flow	42.6	57.37%	42.6	57.37%	-1.03%	43.12%
Total Assets3	189.7	14.97%	189.7	14.97%	17.15%	17.86%
Total Liabilities3	135.0	11.25%	135.0	11.25%	17.31%	16.58%
Total Long Term Debt3	0.0	-	0.0	-	-	-
Total Common Shares Outstanding3	13.3	0.00%	13.3	0.00%	0.00%	0.00%
1-ExchangeRate: PKR to USD Average for Period	96.222874	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	36.27%	34.86%	32.63%	34.92%	34.69%
Operating Margin	14.21%	11.89%	11.16%	12.99%	10.99%
Pretax Margin	13.50%	11.46%	10.74%	11.87%	9.49%
Net Profit Margin	9.21%	7.91%	7.35%	8.03%	6.44%
Financial Strength
Current Ratio	0.83	0.80	0.84	0.80	0.72
Long Term Debt/Equity	0.00	0.00	0.01	0.02	0.03
Total Debt/Equity	0.00	0.07	0.10	0.34	1.48
Interest Coverage	19.77	-	-	-	-
Management Effectiveness
Return on Assets	31.90%	27.75%	26.24%	26.80%	20.41%
Return on Equity	114.97%	104.39%	94.37%	109.55%	93.22%
Efficiency
Receivables Turnover	33.27	35.45	34.00	34.61	35.77
Inventory Turnover	6.23	6.90	7.38	5.91	5.48
Asset Turnover	3.46	3.51	3.57	3.34	3.17

Market Valuation USD (mil)
P/E (TTM)	36.26	.	Enterprise Value2	2,043.8
Price/Sales (TTM)	3.34	.	Enterprise Value/Revenue (TTM)	3.33
Price/Book (MRQ)	37.48	.	Enterprise Value/EBITDA (TTM)	21.17
Market Cap as of 17-May-20131	2,023.9	.
1-ExchangeRate: PKR to USD on 17-May-2013	98.525146
2-ExchangeRate: PKR to USD on 31-Dec-2012	97.199997

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	0.83	0.80	0.84	0.80	0.72
Quick/Acid Test Ratio	0.23	0.24	0.37	0.23	0.14
Working Capital1	-21.0	-24.1	-16.4	-16.7	-29.8
Long Term Debt/Equity	0.00	0.00	0.01	0.02	0.03
Total Debt/Equity	0.00	0.07	0.10	0.34	1.48
Long Term Debt/Total Capital	0.00	0.00	0.01	0.01	0.01
Total Debt/Total Capital	0.00	0.07	0.09	0.25	0.60
Interest Coverage	19.77	-	-	-	-
Payout Ratio	75.71%	99.41%	99.60%	99.27%	82.08%
Effective Tax Rate	31.78%	30.91%	31.54%	32.34%	32.17%
Total Capital1	54.7	50.7	46.4	53.0	70.8
Efficiency
Asset Turnover	3.46	3.51	3.57	3.34	3.17
Inventory Turnover	6.23	6.90	7.38	5.91	5.48
Days In Inventory	58.57	52.87	49.44	61.74	66.64
Receivables Turnover	33.27	35.45	34.00	34.61	35.77
Days Receivables Outstanding	10.97	10.29	10.73	10.55	10.20
Profitability
Gross Margin	36.27%	34.86%	32.63%	34.92%	34.69%
Operating Margin	14.21%	11.89%	11.16%	12.99%	10.99%
EBITDA Margin	15.71%	13.13%	12.41%	14.30%	12.48%
EBIT Margin	14.21%	11.89%	11.16%	12.99%	10.99%
Pretax Margin	13.50%	11.46%	10.74%	11.87%	9.49%
Net Profit Margin	9.21%	7.91%	7.35%	8.03%	6.44%
COGS/Revenue	63.73%	65.14%	67.37%	65.08%	65.31%
SG&A Expense/Revenue	21.99%	22.78%	21.42%	22.22%	22.13%
Management Effectiveness
Return on Assets	31.90%	27.75%	26.24%	26.80%	20.41%
Return on Equity	114.97%	104.39%	94.37%	109.55%	93.22%
Valuation
Free Cash Flow/Share2	3.20	2.20	4.61	3.81	-1.21
Operating Cash Flow/Share 2	4.90	3.89	5.42	4.65	0.09
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/Earnings (TTM)	36.26
Market Cap/Equity (MRQ)	37.48
Market Cap/Revenue (TTM)	3.34
Market Cap/EBIT (TTM)	23.48
Market Cap/EBITDA (TTM)	21.25
Enterprise Value/Earnings (TTM)	36.12
Enterprise Value/Equity (MRQ)	37.33
Enterprise Value/Revenue (TTM)	3.33
Enterprise Value/EBIT (TTM)	23.39
Enterprise Value/EBITDA (TTM)	21.17

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.56.24
UK Pound	1	Rs.84.54
Euro	1	Rs.72.32

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%)

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