MIRA INFORM REPORT

Report Date :

11.12.2014

IDENTIFICATION DETAILS

Name :	MARS NEDERLAND B.V.

Registered Office :	Taylorweg 5, 5466AE Veghel

Country :	Netherlands

Financials (as on) :	31.12.2013

Date of Incorporation :	18.12.1961

Com. Reg. No.:	16021492

Legal Form :	Private Company

Line of Business :	· Engaged in producing chocolate bars for the brands MARS^®, BOUNTY^®, TWIX^®, SNICKERS^®, MILKY WAY^®, MALTESERS^® and CELEBRATIONS^®. Subject also provides other Mars plants with semi-finished products such as chocolate and peanuts. Subject operates in six business segments:- o Pet Care Segments o Chocolate Segments o Food Segments o Wrigley Segments o Drinks Segments o Symbioscience Segments

No of Employees :	1151 (2014)

RATING & COMMENTS

MIRA’s Rating :

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 – September 30, 2014

Country Name

Previous Rating

(30.06.2014)

Current Rating

(30.09.2014)

Netherlands

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

Netherlands ECONOMIC OVERVIEW

Netherlands is the sixth-largest economy in the euro-zone and is noted for its stable industrial relations, moderate unemployment and inflation, sizable trade surplus, and important role as a European transportation hub. Industrial activity is predominantly in food processing, chemicals, petroleum refining, and electrical machinery. A highly mechanized agricultural sector employs only 2% of the labor force but provides large surpluses for the food-processing industry and for exports. Netherlands, along with 11 of its EU partners, began circulating the euro currency on 1 January 2002. The Dutch financial sector suffered as a result of the global financial crisis, due in part to the high exposure of some Dutch banks to US mortgage-backed securities. In 2008, the government nationalized two banks and injected billions of dollars of capital into other financial institutions, to prevent further deterioration of a crucial sector. After 26 years of uninterrupted economic growth, the Dutch economy - highly dependent on an international financial sector and international trade - contracted by 3.5% in 2009. To recover, the government sought to boost the domestic economy by accelerating infrastructure programs, offering corporate tax breaks for employers to retain workers, and expanding export credit facilities. The stimulus programs and bank bailouts, however, resulted in a government budget deficit of 5.3% of GDP in 2010 that contrasted sharply with a surplus of 0.7% in 2008. The government of Prime Minister Mark RUTTE began implementing austerity measures in early 2011, mainly reducing expenditures, which resulted in an improved budget deficit in 2011. However, in 2012 tax revenues dropped, GDP contracted, and the budget deficit deteriorated. In 2013, the government budget deficit decreased to 3.3% of GDP due to increased government revenue from higher taxes. However, spending on social benefits also increased, due to a rise in unemployment benefits and payments for pensions. The high unemployment rate and tax increases have contributed to continued decreases in household disposable income, causing the Dutch economy to contract.

Source : CIA

Company summary

Company name Mars Nederland B.V.

Operative address Taylorweg 5

5466AE Veghel

Netherlands

Status Active

Specification This company can meet all its obligations.

Legal form Besloten Vennootschap (Private Company)

Registration number KvK-nummer: 16021492

VAT-number 001160382

Year	2013	Mutation	2012	Mutation	2011
Fixed assets	274.893.000	33,70	205.612.000	8,47	189.555.000
Total receivables	843.663.000	-9,74	934.683.000	16,21	804.297.000
Total equity	541.096.000	3,75	521.560.000	19,05	438.087.000
Short term liabilities	1.147.132.000	12,56	1.019.107.000	17,76	865.375.000
Net result	77.710.000	-5,46	82.194.000	6,25	77.358.000
Working capital	281.283.000	-15,28	332.002.000	26,32	262.822.000
Quick ratio	1,20	-6,25	1,28	1,59	1,26

Contact information

Company name Mars Nederland B.V.

Trade names Masterfoods Veghel

Effem

Masterfoods

Mars

Greenies

James Wellbeloved

Mars Nederland

MasterFoodServices

The Positive Petfood Company

Operative address Taylorweg 5

5466AE Veghel

Netherlands

Correspondence address Postbus 31

5460BB Veghel

Netherlands

Telephone number 0413383333

Website www.masterfoods.nl

Registration

Registration number KvK-nummer: 16021492

Branch number 000017827035

VAT-number 001160382

Status Active

Memorandum 1961-12-18

Establishment date 1961-12-18

Legal form Besloten Vennootschap (Private Company)

Last proposed admendment 2007-08-31

Issued placed capital EUR 5.011.359

Paid up share capital EUR 5.011.359

Activities

· Engaged in producing chocolate bars for the brands MARS^®, BOUNTY^®, TWIX^®, SNICKERS^®, MILKY WAY^®, MALTESERS^® and CELEBRATIONS^®.

Subject also provides other Mars plants with semi-finished products such as chocolate and peanuts.

Subject operates in six business segments:

o Pet Care Segments

o Chocolate Segments

o Food Segments

o Wrigley Segments

o Drinks Segments

o Symbioscience Segments

Branche organisations NVC - Nederlands Verpakkingscentrum

NVG - Nederlandse Voedingsindustrie Gezelschapsdieren

Vida (Vereniging van automatenleveranciers, operators en toeleveranciers)

Goal Producing and trading all kinds of chocolate, sugar and biscuit products and

other foods items

Relations

Shareholders Naam: Effem Holdings Limited

Bezoekadres: Dundee Road 3 D, Slough Berkshire SL1 4LG, Verenigd Koninkrijk

Ingeschreven in: Companies Registration Office Cardiff, Verenigd Koninkrijk onder nummer

3689160/106

Enig aandeelhouder sedert: 04-03-1999

Bank details

Accounts Fortis Bank (Nederland) NV

Account number: 21.30.03.279

Management

Active management

A.M.R. Poliquin (Anne Marie Rita)

75016

Netherlands

Competence: Fully authorized

Function: Manager

Starting date: 2007-07-13

Date of birth: 1963-02-21, Montreal, CA

Involved with the following companies

Mars Food Europe C.V.

Benjamin Franklinstraat 19

3261LW Oud-Beijerland

Netherlands

Registration number: 230519220000

Function: Proxy

W.M. Boot (Wilhelmina Maria)

Netherlands

Competence: Limited authorization

Function: Manager

Starting date: 2013-03-01

Date of birth: 1965-07-24, Alphen aan den Rijn, NL

B.B. Hoogendoorn (Bernard Boudewijn)

B-2360

Netherlands

Function: Commissaris

Starting date: 2003-09-01

Date of birth: 1945-05-21, Oudewater, NL

D. Lijnzaad (Dirk)

Netherlands

Function: Commissaris

Starting date: 2013-07-01

Date of birth: 1962-07-10, Rotterdam, NL

G.R.A.M. van der Miessen (Govert Robertus Antonius Maria)

Netherlands

Function: Commissaris

Starting date: 2014-07-01

Date of birth: 1948-02-25, 's-Hertogenbosch, NL

J.J.P. Tabbers (Jacobus Johannes Pieter)

4818HT

Netherlands

Competence: Limited authorization

Function: Proxy

Starting date: 2008-04-04

Date of birth: 1967-08-26, Breda, NL

B. Catherine Diane (Burge)

Netherlands

Competence: Limited authorization

Function: Proxy

Starting date: 2005-08-25

Date of birth: 1964-10-13, Detroit, NL

P.A. John (Philip Anthony)

Netherlands

Competence: Limited authorization

Function: Proxy

Starting date: 2009-02-16

Date of birth: 1957-02-02, Ealing, GB

M.F.D. van de Nobelen (Marinus Franciscus Daniël)

Netherlands

Competence: Limited authorization

Function: Proxy

Starting date: 2010-09-30

Date of birth: 1965-04-06, Standdaarbuiten, NL

E.J.J. Verhoeven - Boesen (Ellen Johanna Jacoba)

Netherlands

Competence: Limited authorization

Function: Proxy

Starting date: 2011-12-13

Date of birth: 1959-08-24, Amsterdam, NL

J.B.M.A. Braun (Jeroen Bernhard Maria Antoine)

Netherlands

Competence: Limited authorization

Function: Proxy

Starting date: 2012-06-25

Date of birth: 1971-08-22, Maastricht, NL

A.T.H. van den Broek - Sangers (Adriana Theodora Hendrina)

Netherlands

Competence: Limited authorization

Function: Proxy

Starting date: 2012-06-25

Date of birth: 1972-06-15, Eindhoven, NL

A.W.H.D.M. Raaijmakers (Antonius Wilhelmus Henricus Do)

Netherlands

Competence: Limited authorization

Function: Proxy

Starting date: 2014-03-21

Date of birth: 1964-08-21, Uden, NL

P.M. van Jaarsveld (Petrus Maria)

Netherlands

Competence: Limited authorization

Function: Proxy

Starting date: 2014-03-21

Date of birth: 1972-08-15, Utrecht, NL

N. van der Knaap (Niels)

Netherlands

Competence: Limited authorization

Function: Proxy

Starting date: 2014-03-21

Date of birth: 1974-03-26, Vlaardingen, NL

E.W. Uijen (Esther Winnie)

Netherlands

Competence: Limited authorization

Function: Proxy

Starting date: 2014-03-21

Date of birth: 1974-03-01, Son en Breugel, NL

A.G.M. Swarts - Boekholt (Anita Gertruda Maria)

Netherlands

Competence: Limited authorization

Function: Proxy

Starting date: 2014-03-21

Date of birth: 1967-06-28, Bergen (L), NL

F. De Benedictis (Francesco)

Netherlands

Competence: Limited authorization

Function: Proxy

Starting date: 2014-03-21

Date of birth: 1973-06-28, Milaan, IT

C.A. Sargeant (Craig Andrew)

Netherlands

Competence: Limited authorization

Function: Proxy

Starting date: 2014-03-21

Date of birth: 1968-10-29, Springvale, AU

M.L.A.M. Fransen (Martinus Lambertus Arnolda Mar)

Netherlands

Competence: Limited authorization

Function: Proxy

Starting date: 2014-05-20

Date of birth: 1973-02-11, Boxmeer, NL

Employees

Year 2014 2013 2012 2011 2010

Total 1151 1107 1151 1151 1151

Payments

Description The payments are regular

Key figures

Year		2013	2012	2011	2010			2009
Quick ratio		1,20	1,28	1,26	1,29			1,21
Current ratio		1,25	1,33	1,30	1,34			1,25
Working capital/ balance total		0,17	0,21	0,20	0,23			0,18
Equity / balance total		0,32	0,34	0,33	0,29			0,25
Equity / Fixed assets		1,97	2,54	2,31	4,22			3,34
Equity / liabilities		0,47	0,50	0,50	0,41			0,33
Balance Total / Liabilities		1,47	1,50	1,50	1,41			1,33
Working Capital		281.283.000	332.002.000	262.822.000	290.486.000			212.883.000
Equity	541.096.000		521.560.000	438.087.000		362.582.000	284.696.000
Mutation equity	3,75		19,05	20,82		27,36	35,47
Mutation short term liabilities	12,56		17,76	-0,15		0,67	-12,26
Return on total assets (ROA)	5,92		6,94	7,61		8,28	8,48
Return on equity (ROE)	18,65		20,70	22,90		28,37	34,51
Gross profit margin	8,54		8,72	8,13		9,02	8,29
Net profit margin	7,05		7,70	7,50		8,00	7,46
Average collection ratio	0,96		1,05	1,19		1,11	1,16
Average payment ratio	1,31		1,14	1,28		1,11	1,35
Equity turnover ratio	2,04		2,05	2,35		2,66	3,51
Total assets turnover ratio	0,65		0,69	0,78		0,78	0,86
Fixed assets turnover ratio	4,01		5,19	5,44		11,23	11,71
Inventory conversion ratio	20,08		21,91	25,37		26,00	30,63
Turnover	1.101.694.000		1.067.725.000	1.031.440.000		964.189.000	998.818.000
Gross margin	200.218.000		196.381.000	174.110.000		184.116.000	191.755.000
Operating result	94.105.000		93.054.000	83.893.000		86.952.000	82.844.000
Net result after taxes	77.710.000		82.194.000	77.358.000		77.094.000	74.542.000
Cashflow	---		101.578.000	---		90.402.000	88.017.000
EBIT	94.105.000		93.054.000	83.893.000		86.952.000	82.844.000
BITDA	---		112.438.000	---		100.260.000	96.319.000

Summary

The 2013 financial result structure is a positive working capital of 281.283.000 euro, which is

in agreement with 17 % of the total assets of the company.

The working capital has diminished with -15.28 % compared to previous year. The ratio, with

respect to the total assets of the company has however, declined.

The deterioration between 2012 and 2013 has mainly been caused by an increase of the

current liabilities.

The current ratio of the company in 2013 was 1.25. When the current ratio is below 1.5, the

company may have problems meeting its short-term obligations.

The quick ratio in 2013 of the company was 1.2. A company with a Quick Ratio of more than

1 can currently pay back its current liabilities.

The 2012 financial result structure is a positive working capital of 332.002.000 euro, which is

in agreement with 21 % of the total assets of the company.

The working capital has increased with 26.32 % compared to previous year. The ratio, with

respect to the total assets of the company has however, increased.

The improvement between 2011 and 2012 has mainly been caused by an increase of the

current assets.

The current ratio of the company in 2012 was 1.33. When the current ratio is below 1.5, the

company may have problems meeting its short-term obligations.

Financial statement

Last annual account 2013

Remark annual account The company is obliged to file its financial statements.

Type of annual account Corporate

Annual account Mars Nederland B.V.

Taylorweg 5

5466AE Veghel

Netherlands

Registration number: 160214920000

Balance Sheet

Year	2013	2012	2011	2010	2009
End date	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31
Intangible fixed assets	22.125.000	25.609.000	24.020.000	2.975.000	3.522.000
Tangible fixed assets	64.883.000	54.846.000	51.267.000	49.133.000	53.636.000
Financial fixed assets	187.885.000	125.157.000	114.268.000	33.716.000	28.163.000
Fixed assets	274.893.000	205.612.000	189.555.000	85.824.000	85.321.000
Total stock	54.863.000	48.722.000	40.661.000	37.084.000	32.612.000
Accounts receivable	23.600.000	20.403.000	21.243.000	13.210.000	12.015.000
Other receivables	820.063.000	914.280.000	783.054.000	854.165.000	729.850.000
Total receivables	843.663.000	934.683.000	804.297.000	867.375.000	741.865.000
Liquid funds	529.889.000	367.704.000	283.239.000	252.701.000	299.322.000
Current assets	1.428.415.000	1.351.109.000	1.128.197.000	1.157.160.000	1.073.799.000
Total assets	1.703.308.000	1.556.721.000	1.317.752.000	1.242.984.000	1.159.120.000
Issued capital	5.011.000	5.011.000	5.011.000	5.011.000	5.011.000
Share premium reserve	397.000	397.000	397.000	397.000	397.000
Other reserves	457.978.000	433.958.000	355.321.000	280.080.000	202.131.000
Non-distributable profit	77.710.000	82.194.000	77.358.000	77.094.000	77.157.000
Total reserves	536.085.000	516.549.000	433.076.000	357.571.000	279.685.000
Total equity	541.096.000	521.560.000	438.087.000	362.582.000	284.696.000
Provisions	15.080.000	16.054.000	14.290.000	13.728.000	13.508.000
Accounts payable	131.561.000	112.651.000	100.861.000	94.966.000	94.545.000
Other short term liabilities	1.015.571.000	906.456.000	764.514.000	771.708.000	766.371.000
Short term liabilities	1.147.132.000	1.019.107.000	865.375.000	866.674.000	860.916.000
Total short and long term liabilities	1.162.212.000	1.035.161.000	879.665.000	880.402.000	874.424.000
Total liabilities	1.703.308.000	1.556.721.000	1.317.752.000	1.242.984.000	1.159.120.000

Summary

The total assets of the company increased with 9.42 % between 2012 and 2013.

The total asset increase is retrievable in the fixed asset growth of 33.7 %.

The asset growth has mainly been financed by a debt increase of 12.27 %. The Net Worth,

however, grew with 3.75 %.

In 2013 the assets of the company were 16.14 % composed of fixed assets and 83.86 % by

current assets. The assets are being financed by an equity of 31.77 %, and total debt of

68.23 %.

The total assets of the company increased with 18.13 % between 2011 and 2012.

The fixed asset growth of 8.47 % is lower than the total asset growth.

The asset growth has mainly been financed by a Net Worth increase of 19.05 %. Debt,

however, grew with 17.68 %.

In 2012 the assets of the company were 13.21 % composed of fixed assets and 86.79 % by

current assets. The assets are being financed by an equity of 33.5 %, and total debt of 66.5

Profit & Loss

Year	2013	2012	2011	2010	2009
Revenues	1.101.694.000	1.067.725.000	1.031.440.000	964.189.000	998.818.000
Net turnover	1.101.694.000	1.067.725.000	1.031.440.000	964.189.000	998.818.000
Gross margin	200.218.000	196.381.000	174.110.000	184.116.000	191.755.000
Wages and salaries			88.274.000	83.264.000	88.075.000
Amorization and depreciation		19.384.000		13.308.000	13.475.000
Sales	106.113.000	871.344.000	857.330.000	780.073.000	807.063.000
other operating costs		83.943.000	1.943.000	592.000	7.361.000
Operating expenses	1.007.589.000	974.671.000	947.547.000	877.237.000	915.974.000
Result in subsidiaries	6.566.000	8.707.000	7.826.000	7.567.000	8.117.000
Operating result	94.105.000	93.054.000	83.893.000	86.952.000	82.844.000

Financial income	10.991.000	14.015.000	16.466.000	16.497.000	16.816.000
Financial expenses	10.746.000	7.805.000	7.865.000	8.148.000	9.516.000
Financial result	245.000	6.210.000	8.601.000	8.349.000	7.300.000
Result on ordinary operations before taxes	100.916.000	107.971.000	100.320.000	102.868.000	98.261.000
Taxation on the result of ordinary activities	23.206.000	25.302.000	22.510.000	25.159.000	22.979.000
Result of ordinary activities after taxes	77.710.000	82.669.000	77.810.000	77.709.000	75.282.000
Extraordinary expense		475.000	452.000	615.000	740.000
Extraordinary result after taxation		-475.000	-452.000	-615.000	-740.000
Net result	77.710.000	82.194.000	77.358.000	77.094.000	74.542.000

Summary

The turnover of the company grew with 3.18 % between 2012 and 2013.

The gross profit of the company grew with 1.95 % between 2012 and 2013.

The operating result of the company grew with 1.13 % between 2012 and 2013. This

evolution implies an increase of the company's economic profitability.

The result of these changes is a reduction of the company's Economic Profitability of -14.7 %

of the analysed period, being equal to 2012 % in the year 2013.

This fall has contributed to a asset turnover decrease, whose index evolved from -5.8 to a

level of 0.65.

The Net Result of the company increased by -5.46 % between 2012 and 2013.

The company's Financial Profitability has been positively affected by the financial activities in

comparison to the EBITs behaviour. The result of these variations is a profitability increase of

-9.9 % of the analysed period, being 18.65 % in the year 2013.

The company's financial profitability has been positively affected by its financial structure.

The turnover of the company grew with 3.52 % between 2011 and 2012.

The gross profit of the company grew with 12.79 % between 2011 and 2012.

The operating result of the company grew with 10.92 % between 2011 and 2012. This

evolution implies an increase of the company's economic profitability.

The result of these changes is a reduction of the company's Economic Profitability of -8.8 %

of the analysed period, being equal to 2011 % in the year 2012.

This fall has contributed to a asset turnover decrease, whose index evolved from -11.54 to a

level of 0.69.

The Net Result of the company decreased by 6.25 % between 2011 and 2012.

The company's Financial Profitability has been positively affected by the financial activities in

comparison to the EBITs behaviour. The result of these variations is a profitability increase of

-9.61 % of the analysed period, being 20.7 % in the year 2012.

The company's financial profitability has been positively affected by its financial structure.

Analysis

Branch (SBI) Manufacture of food products (10)

Region Noord-Oost-Brabant

In the Netherlands 6059 of the companies are registered with the SBI code 10

In the region Noord-Oost-Brabant 182 of the companies are registered with the SBI code 10

In the Netherlands 140 of the bankrupcties are published within this sector

In the region Noord-Oost-Brabant 5 of the bankruptcies are published within this sector

The risk of this specific sector in the Netherlands is normal

The risk of this specific sector in the region Noord-Oost-Brabant is normal

Publications

Filings 01-07-2014: De jaarrekening over 2013 is gepubliceerd.

10-07-2013: De jaarrekening over 2012 is gepubliceerd.

04-10-2012: De jaarrekening over 2011 is gepubliceerd.

18-04-2012: De jaarrekening over 2010 is gepubliceerd.

12-10-2010: De jaarrekening over 2009 is gepubliceerd.

Functions 04-07-2014: Per 01-07-2014 is commissaris Govert Robertus Antonius Maria van der

Miessen in functie getreden.

04-07-2014: Per 30-06-2014 is commissaris Jan Rients Hofstra uit functie getreden.

12-06-2014: Per 20-05-2014 is gevolmachtigde Johannes Hendrikus Maria Goijaarts uit

functie getreden.

05-06-2014: Per 20-05-2014 is gevolmachtigde Martinus Lambertus Arnolda Maria Fransen

in functie getreden.

12-05-2014: Per 21-03-2014 is gevolmachtigde Craig Andrew Sargeant in functie getreden.

12-05-2014: Per 21-03-2014 is gevolmachtigde Francesco De Benedictis in functie getreden.

12-05-2014: Per 21-03-2014 is gevolmachtigde Esther Winnie Uijen in functie getreden.

12-05-2014: Per 21-03-2014 is gevolmachtigde Anita Gertruda Maria Swarts-Boekholt in

functie getreden.

12-05-2014: Per 21-03-2014 is gevolmachtigde Niels van der Knaap in functie getreden.

12-05-2014: Per 21-03-2014 is gevolmachtigde Petrus Maria van Jaarsveld in functie

getreden.

12-05-2014: Per 21-03-2014 is gevolmachtigde Antonius Wilhelmus Henricus Dominicus

Maria Raaijmakers in functie getreden.

27-03-2014: Per 21-03-2014 is gevolmachtigde Annette Dimphna Antonia Maria Bergknut-

Talboom uit functie getreden.

27-03-2014: Per 21-03-2014 is gevolmachtigde Kyriakides Eve uit functie getreden.

27-03-2014: Per 21-03-2014 is gevolmachtigde Willem Engelbert de Korte uit functie

getreden.

27-03-2014: Per 21-03-2014 is gevolmachtigde Rob Cornelis Verhagen uit functie getreden.

27-03-2014: Per 21-03-2014 is gevolmachtigde Roeland Peter van der Mee uit functie

getreden.

27-03-2014: Per 21-03-2014 is gevolmachtigde Arjen van Strien uit functie getreden.

17-02-2014: Per 08-01-2014 is bestuurder Johannes Jozef Petrus Maria van Bon uit functie

getreden.

04-11-2013: Per 30-06-2013 is commissaris Wilhelmus Henricus Gerardus van Bilsen uit

functie getreden.

31-10-2013: Per 01-07-2013 is commissaris Dirk Lijnzaad in functie getreden.

08-05-2013: Per 01-03-2013 is gevolmachtigde Marius Christiaan de Lange uit functie

getreden.

08-05-2013: Per 01-03-2013 is gevolmachtigde Wilhelmina Maria Boot in functie getreden.

20-08-2012: Per 11-11-2011 is gevolmachtigde Rob Cornelis Verhagen in functie getreden.

31-07-2012: Per 23-07-2012 is gevolmachtigde Timotius Theodorus Gerardus Maria

Hoogeboom uit functie getreden.

31-07-2012: Per 23-07-2012 is gevolmachtigde Margaret Alison Jordan uit functie getreden.

23-07-2012: Per 25-06-2012 is gevolmachtigde Roeland Peter van der Mee in functie

getreden.

23-07-2012: Per 25-06-2012 is gevolmachtigde Adriana Theodora Hendrina van den Broek-

Sangers in functie getreden.

23-07-2012: Per 25-06-2012 is gevolmachtigde Jeroen Bernhard Maria Antoine Braun in

functie getreden.

23-07-2012: Per 25-06-2012 is gevolmachtigde Menno Vincent Koningsberger uit functie

getreden.

23-07-2012: Per 25-06-2012 is gevolmachtigde Roeland Barend Peter Willem Maria Blom uit

functie getreden.

23-07-2012: Per 25-06-2012 is gevolmachtigde Johannes Lambertus Antonius Verhagen uit

functie getreden.

30-05-2012: Per 01-04-2012 is bestuurder Pierre Edouard Marie Laubies uit functie getreden.

12-01-2012: Per 13-12-2011 is gevolmachtigde Ellen Johanna Jacoba Verhoeven-Boesen in

functie getreden.

12-01-2012: Per 13-12-2011 is gevolmachtigde Johanna Maria Wilhelmina Jansen-Beuvink

uit functie getreden.

17-12-2010: Per 30-09-2010 is gevolmachtigde Arjen van Strien in functie getreden.

17-12-2010: Per 30-09-2010 is gevolmachtigde Marinus Franciscus Daniël van de Nobelen in

functie getreden.

17-12-2010: Per 30-09-2010 is gevolmachtigde Menno Vincent Koningsberger in functie

getreden.

Company structure

Relations 2

Mars Nederland B.V.

Effem Holdings Limited

Dundee Road 3d

S11 4JX Slough Berkshire

United Kingdom

Mars Nederland B.V.

Taylorweg 5

5466AE Veghel

Netherlands

Registration number: 160214920000

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.95
UK Pound	1	Rs.97.16
Euro	1	Rs.76.75

INFORMATION DETAILS

Analysis Done by :	DIV

Report Prepared by :	MNL

RATING EXPLANATIONS

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

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

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

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

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

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