MIRA INFORM REPORT

Report Date :

12.11.2013

IDENTIFICATION DETAILS

Name :	GUMLINK A/S
Registered Office :	Dandyvej 19 Vejle, 7100
Country :	Denmark
Financials (as on) :	31.12.2012
Date of Incorporation :	2002
Com. Reg. No.:	26658748
Legal Form :	Private Subsidiary
Line of Business :	Subject is engaged in manufacturing nonchocolate confectioneries.
No. of Employees :	375

RATING & COMMENTS

MIRA’s Rating :

Ca

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Moderate
Payment Behaviour :	Slow
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)
Denmark	A2	A2

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

denmark - ECONOMIC OVERVIEW

This thoroughly modern market economy features a high-tech agricultural sector, state-of-the-art industry with world-leading firms in pharmaceuticals, maritime shipping and renewable energy, and a high dependence on foreign trade. Denmark is a member of the European Union (EU); Danish legislation and regulations conform to EU standards on almost all issues. Danes enjoy a high standard of living and the Danish economy is characterized by extensive government welfare measures and an equitable distribution of income. Denmark is a net exporter of food and energy and enjoys a comfortable balance of payments surplus but depends on imports of raw materials for the manufacturing sector. Within the EU, Denmark is among the strongest supporters of trade liberalization. After a long consumption-driven upswing, Denmark's economy began slowing in 2007 with the end of a housing boom. Housing prices dropped markedly in 2008-09 and, following a short respite in 2010, has since continued to decline. The global financial crisis has exacerbated this cyclical slowdown through increased borrowing costs and lower export demand, consumer confidence, and investment. The global financial crisis cut Danish real GDP in 2008-09. Denmark made a modest recovery in 2010 with real GDP growth of 1.3%, in part because of increased government spending; however, the country experienced a technical recession in late 2010-early 2011. Historically low levels of unemployment rose sharply with the recession and have remained at about 6% in 2010-12, based on the national measure, about two-thirds average EU unemployment. An impending decline in the ratio of workers to retirees will be a major long-term issue. Denmark maintained a healthy budget surplus for many years up to 2008, but the budget balance swung into deficit in 2009. In spite of the deficits, the new coalition government delivered a modest stimulus to the economy in 2012. Nonetheless, Denmark's fiscal position remains among the strongest in the EU with public debt at about 45% of GDP in 2012. Despite previously meeting the criteria to join the European Economic and Monetary Union (EMU), so far Denmark has decided not to join, although the Danish krone remains pegged to the euro.

Source : CIA

Company name and address

GUMLINK A/S

Dandyvej 19

Vejle, 7100

Denmark

Tel:	+45 72 15 15 15
Fax:	+45 72 15 17 31
www.gumlinkcc.com

Employees:	375
Company Type:	Private Subsidiary
Corporate Family:	3 Companies
Ultimate Parent:	Bagger-Sørensen & Co. A/S
Incorporation Date:	2002

Financials in:	USD (In Millions)
Fiscal Year End:	31-Dec-2012
Reporting Currency:	Danish Krone
Annual Sales:	4.7
Net Income:	(10.5)
Total Assets:	50.4

Business Description

Gumlink A/S is primarily engaged in manufacturing nonchocolate confectioneries. Included in this industry are establishments primary engaged in retailing nonchocolate confectionery products not for immediate consumption made on the premises.

Industry

Industry	Food Manufacturing
ANZSIC 2006:	1182 - Confectionery Manufacturing
ISIC Rev 4:	1073 - Manufacture of cocoa, chocolate and sugar confectionery
NACE Rev 2:	1082 - Manufacture of cocoa, chocolate and sugar confectionery
NAICS 2012:	311340 - Nonchocolate Confectionery Manufacturing
UK SIC 2007:	1082 - Manufacture of cocoa, chocolate and sugar confectionery
US SIC 1987:	2064 - Candy and Other Confectionery Products

Key Executives

Name	Title
Søren Birn	Managing Director / Director
Thomas Stenager	Finance Manager
Nils Isbak	Sales Director
Kim Andersen	IT Manager
Claus Jensen	Purchasing Executive

News

Title	Date
Tooth cleaning kit comprising at least one set of chewing gum pieces U.S. Patents (136 Words)	14-Oct-2013
US Patent Issued to Gumlink on Oct. 8 for "Tooth cleaning kit comprising at least one set of chewing gum pieces" (Danish Inventors) U.S. Fed News (189 Words)	8-Oct-2013
Chewing gum possessing tooth cleaning effect and a teeth cleaning method U.S. Patents (111 Words)	26-Aug-2013
US Patent Issued to GUMLINK on Aug. 20 for "Chewing gum possessing tooth cleaning effect and a teeth cleaning method" (Danish Inventors) U.S. Fed News (163 Words)	20-Aug-2013
Compressed chewing gum tablet U.S. Patents (135 Words)	5-Aug-2013
US Patent Issued to Gumlink on July 30 for "Compressed chewing gum tablet" (Danish Inventors) U.S. Fed News (188 Words)	30-Jul-2013

Registered No.(DNK): 26658748

1 - Profit & Loss Item Exchange Rate: USD 1 = DKK 5.793028
2 - Balance Sheet Item Exchange Rate: USD 1 = DKK 5.6443

Corporate Overview

Location
Dandyvej 19
Vejle, 7100
Denmark

Tel:	+45 72 15 15 15
Fax:	+45 72 15 17 31

www.gumlinkcc.com

Sales DKK(mil):	27.3
Assets DKK(mil):	284.4
Employees:	375
Fiscal Year End:	31-Dec-2012

Industry:

Food Processing

Incorporation Date:	2002
Company Type:	Private Subsidiary
Quoted Status:	Not Quoted
Registered No.(DNK):	26658748

Bestyrelsesformand:	Holger Bagger-Sørensen

Industry Codes

ANZSIC 2006 Codes:
1182	-	Confectionery Manufacturing
118	-	Sugar and Confectionery Manufacturing

ISIC Rev 4 Codes:
1073	-	Manufacture of cocoa, chocolate and sugar confectionery
1072	-	Manufacture of sugar

NACE Rev 2 Codes:
1082	-	Manufacture of cocoa, chocolate and sugar confectionery
1081	-	Manufacture of sugar

NAICS 2012 Codes:
311340	-	Nonchocolate Confectionery Manufacturing
311352	-	Confectionery Manufacturing from Purchased Chocolate
31134	-	Nonchocolate Confectionery Manufacturing
311351	-	Chocolate and Confectionery Manufacturing from Cacao Beans
3113	-	Sugar and Confectionery Product Manufacturing

US SIC 1987:
2064	-	Candy and Other Confectionery Products
2066	-	Chocolate and Cocoa Products
206	-	Sugar and Confectionery Products

UK SIC 2007:
1082	-	Manufacture of cocoa, chocolate and sugar confectionery
10821	-	Manufacture of cocoa, and chocolate confectionery
1081	-	Manufacture of sugar

Business Description

Gumlink A/S is primarily engaged in manufacturing nonchocolate confectioneries. Included in this industry are establishments primary engaged in retailing nonchocolate confectionery products not for immediate consumption made on the premises.

Financial Data

Financials in:	DKK(mil)
Revenue:	27.3
Net Income:	-60.5
Assets:	284.4
Total Liabilities:	0.0
Date of Financial Data:	31-Dec-2012

1 Year Growth

NA

NA

NA

Key Corporate Relationships

Bank:

Danske Bank

Corporate Family

Corporate Structure News:

Total Corporate Family Members: 3

Company Name	Company Type	Location	Country	Industry	Sales (USD mil)	Employees
Bagger-Sørensen & Co. A/S	Parent
Gumlink A/S	Subsidiary	Vejle, 7	Denmark	Food Manufacturing	4.7	375
Konfekt Pack GmbH	Subsidiary	Wahlstedt, Schleswig-Holstein	Germany	Miscellaneous Professional Services

Executives Report

Board of Directors

Name	Title	Function
Holger Bagger-Sørensen	Bestyrelsesformand	Chairman
Erik Gregers Hansen	Bestyrelsesnæstformand	Deputy Chairman
John Christian Friis	Medarbejderrepræsentant	Director/Board Member
Steen Gede	Board Member	Director/Board Member
Helle Kruse Nielsen	Board Member	Director/Board Member
Lars Rejsenhus Jensen	Board Member	Director/Board Member

Executives

Name	Title	Function
Søren Birn	Managing Director / Director	Managing Director
Thomas Stenager	Finance Manager	Finance Executive
John Christian Friis	Medarbejderrepræsentant	Human Resources Executive
Nils Isbak	Sales Director	Sales Executive
Kim Andersen	IT Manager	Information Executive
Søren Mortensen	Production Director	Manufacturing Executive
Claus Jensen	Purchasing Executive	Purchasing Executive

News

Tooth cleaning kit comprising at least one set of chewing gum pieces U.S. Patents (136 Words)	14-Oct-2013
US Patent Issued to Gumlink on Oct. 8 for "Tooth cleaning kit comprising at least one set of chewing gum pieces" (Danish Inventors) U.S. Fed News (189 Words)	08-Oct-2013
Chewing gum possessing tooth cleaning effect and a teeth cleaning method U.S. Patents (111 Words)	26-Aug-2013
US Patent Issued to GUMLINK on Aug. 20 for "Chewing gum possessing tooth cleaning effect and a teeth cleaning method" (Danish Inventors) U.S. Fed News (163 Words)	20-Aug-2013
Compressed chewing gum tablet U.S. Patents (135 Words)	05-Aug-2013
US Patent Issued to Gumlink on July 30 for "Compressed chewing gum tablet" (Danish Inventors) U.S. Fed News (188 Words)	30-Jul-2013
Hoodia gum maker defends satiety effect Confectionery News (1300 Words)	14-Mar-2013
Revolymer ready to hit 'runway' Western Mail (Wales) (526 Words)	14-Mar-2013
Butt out: Gumlink accuses Revolymer of degradable gum copying Confectionery News (862 Words)	14-Feb-2013
Revolymer to fight patent infringement claim Stock Market Wire (77 Words)	01-Feb-2013
WIPO PUBLISHES PATENT OF GUMLINK ANDERSEN CARSTEN FOR "TOBACCO CHEWING GUM FORMULATION" (DANISH INVENTOR) U.S. Fed News (158 Words)	04-Jan-2013

Annual Profit & Loss

	31-Dec-2012	31-Dec-2011	31-Dec-2010
Period Length	12 Months	12 Months	12 Months
Filed Currency	DKK	DKK	DKK
Exchange Rate (Period Average)	5.793028	5.358236	5.623146
Consolidated	No	No	No
Total Revenue	4.7	17.7	85.3
Gross Profit	-1.1	9.0	35.5
Operating Income	-4.9	-9.3	4.5
Net Income	-10.5	-20.7	-10.2

Annual Balance Sheet

Financials in: USD (mil)

	31-Dec-2012	31-Dec-2011	31-Dec-2010
Filed Currency	DKK	DKK	DKK
Exchange Rate	5.6443	5.72535	5.55485
Consolidated	No	No	No
Total Assets	50.4	91.0	115.8
Provisions	-	-	1.7
Total Equity	48.6	10.8	19.8

Annual Ratios

	31-Dec-2012	31-Dec-2011	31-Dec-2010
Period Length	12 Months	12 Months	12 Months
Filed Currency	-	-	-
Exchange Rate	-	-	-
Consolidated	No	No	No
Operating Margin	-100.00	-52.55	5.31
Current Ratio	338.84	122.14	58.40
Total debt/total equity	96.48	11.91	17.07

Annual Growth Rates

	31-Dec-2011	31-Dec-2010
Period Length	12 Months	12 Months
Filed Currency	-	-
Exchange Rate	-	-
Consolidated	No	No
Turnover Percent Change	-71.16%	-80.27%
Marginal Contribution Percent Change	-113.13%	-75.72%
Operating Results Percent Change	42.49%	-295.24%
Profit/Loss for the Year Percent Change	45.53%	-94.46%
Assets Percent Change	-45.44%	-19.01%
Provisions Percent Change	-	-100.00%
Equity Capital Percent Change	341.92%	-43.47%
Operating Margin Percent Change	-90.29%	-1,089.64%
Current Ratio Percent Change	177.42%	109.14%
Debt/Equity Ratio Percent Change	710.08%	-30.23%

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.63.30
UK Pound	1	Rs.101.36
Euro	1	Rs.84.60

INFORMATION DETAILS

Report Prepared by :

SDA

RATING EXPLANATIONS

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

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

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

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

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

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