MIRA INFORM REPORT

Report Date :

18.11.2008

IDENTIFICATION DETAILS

Name :	ALGAELINK N.V.

Registered Office :	Vaartveld, 6, Roosendaal, 4704SE

Country :	Netherlands

Financials (as on) :	31.12.2006

Date of Incorporation :	03.08.2006

Legal Form :	Limited company (NV) with ordinary structure

Line of Business :	Growing of cereals and other crops n.e.c.

RATING & COMMENTS

MIRA’s Rating :

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

Maximum Credit Limit :	(€) 15,508

Status :	Satisfactory

Payment Behaviour :	No Complaints

Litigation :	Clear

Company Summary
Company Details
Company Name	AlgaeLink N.V.
Chamber of Commerce Number	22061628
Street	Vaartveld
House Number	6
City	ROOSENDAAL
Postal Code	4704SE
Phone	0165 567222
Incorporated Date	03-08-2006
Company Type	Limited company (NV) with ordinary structure

Mailing Address Details
Street	Vaartveld
House Number	6
City	ROOSENDAAL
Postal Code	4704SE

Credit Information Summary
Company Status	ACTIVE
Credit Limit (€)	6,000
Purchase Limit (€)	0

Payment Expectations Summary
Suspension of Payments / Mora	No
Payment Expectation Days
Day Sales Outstanding
Industry Average Payment Expectation Days	4.90
Industry Average Day Sales Outstanding	148.88

Court Data Summary
Court Action	No
Type

Holding Company Details

Company Name

Director

Director

Accounts & Ratios

Period
Accounts End Date	31-12-2006
Weeks	52
Currency	EUR
Consolidated Accounts	N
Profit & Loss
Turnover	-
Total Operating Expenses	-
Operating Result	-
Total Financial Income	-
Total Financial Expenses	-
Results on Ordinary Operations Before Tax	-
Taxation	-
Results on Ordinary Operations After Tax	-
Extraordinary Items	-
Net Result	-
Other Information
- Employee Costs	-
- Social Security Contributions	-
- Amortization & Depreciation	-

Balanbce Sheet
Accounts End Date	31-12-2006
Weeks	52
Currency	EUR
Consolidated Accounts	N
Intangible Fixed Assets	0
- Goodwill	0
- Other Intangible Fixed Assets	0
Tangible Assets	0
- Land And Buildings	0
- Plant And Machinery	0
- Other Tangible Fixed Assets	0
Financial Fixed Assets	0
- Investments In Group Company	0
- Recievables From Group Company	0
- Other Financial Assets	0
Fixed Assets	0

Inventories
- Raw Materials & Consumables	0
- Work in Progress	0
- Finished Goods	0
- Other Stocks	0
Receivables	40,800
- Trade Debtors	40,800
- Group Accounts	0
- Cash	5,122
- Miscellaneous Current Assets	0
Total Current Assets	45,922

Current Liabilities
- Trade Creditors	0
- Short Term Group Loans	0
- Other Short Term Loans	0
- Payments Received On Account	0
- Taxation	0
- Miscellaneous Current Liabilities	1,454
Total Current Liabilities	1,454
Long Term Debts
- Long Term Group Loans	0
- Other Long Term Loans	0
- Other Long Term Liabilities	0
Total Long Term Debts	0
Shareholders Equity
Issued Share Capital	45,000
Share Premium Account	0
Reserves	0
Revaluation Reserve	0
Legal & Statutory Reserves	0
Other Share Capital & Reserves	-532
Minority Interests	0
Total Shareholders Equity	44,468

Working Capital	44,468
Net Worth	44,468

Ratios Analysis
Trading Performance
Results on Ordinary Operations before Tax Profit Margin	-
Return On Capital Employed	0
Return On Total Assets Employed	-
Return On Net Assets Employed	0
Sales net Working Capital	-
Operating Efficiency
Stock Turnover Ratio	-
Debtor Days	-
Creditor Days	-
Short Term Stability
Current Ratio	31.58
Liquidity Ratio	31.58
Current Debt Ratio	0.03
Long Term Stability
Gearing	0
Equity In Percentage	96.83
Total Debt Ratio	0

Industry Comparison
Activity Code	0111
Activity Description	Growing of crops
Industry Average Credit Rating	66.54
Industry Average Credit Limit (€)	15,508

Payment Expectations

Suspension of Payments / Moratorium History
Date
Details

Payment Expectations
Payment Expectation Days
Day Sales Outstanding

Industry Comparison
Activity Code	0111
Activity Description	Growing of crops
Industry Average Day Sales Outstanding	148.88
Industry Average Payment Expectation Days	4.90

Industry Quartile Analysis
Payment Expectation Days
Payment Expectations - Lower
Payment Expectations - Median
Payment Expectations - Upper

Day Sales Outstanding
Day Sales Outstanding - Lower
Day Sales Outstanding - Median
Day Sales Outstanding - Upper

Shareholder Details

Holding Company (100%)
Company Name
House Number
Street
City
Postal Code

Subsidaries (100%)

No subsidaries for this company.

Court Data

Identification Details
Company Name
Trade Name
Chamber of Commerce Number
Street
City
Country
Post Code

Facts
Court Action
Details
Annulment (if applicable)
Date of Annulment	--

Dates
Enunciation Date	--
Voting Date (in case of Moratorium)	--

Receiver Details (if bankruptcy)
Name
Title
Gender
Street
City
Country
Post Code

Industry Details

Activity Description

Activity Code

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.50.52
UK Pound	1	Rs.75.54
Euro	1	Rs.63.12

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	Unfavourable & favourable factors carry similar weight in credit consideration. 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
NR		In view of the lack of information, we have no basis upon which to recommend credit dealings	No Rating

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

Capital Details
Nominal Capital	225,000
Placed Capital	45,000
Deposited Capital	45,000

Employee Details
Number Of Employees	10

MIRA INFORM REPORT

Company Summary

Mailing Address Details

Credit Information Summary

Director

Company Information

Accounts & Ratios

Balanbce Sheet

Ratios Analysis

Industry Comparison

Payment Expectations

Shareholder Details

Court Data

Receiver Details (if bankruptcy)

Industry Details

Unit