MIRA INFORM REPORT

Report Date :

20.11.2008

IDENTIFICATION DETAILS

Name :	DOHLER HOLLAND B.V.
Registered Office :	Albusstraat 5 4903 RG Oosterhout
Country :	Netherlands
Financials (as on) :	31.12.2006
Date of Incorporation :	29.12.1972
Legal Form :	BV Private Company Limited
Line of Business :	Wholesale business in and processing of foodstuffs and other consumer articles in general, fruit juices and fruit concentrates.

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 :	Average 5 days beyond terms
Litigation :	Clear

name & address

Döhler Holland B.V.

Albusstraat 5

4903 RG OOSTERHOUT NB

Tel.:+31 (0)162-479500

Fax.:+31 (0)162-479583

Legal status

BV Private Company Ltd. acc. nat. law

Founded

29/12/1972 as Ltd.

Trade register

20033050

Capital

nominal EUR 75.000.000,--

issued and paid up EUR 50.000.000,--

Management

Jacob Jacobus van Dalen, born 16/04/1952, Jan van Scorelstraat 58, 4907 PM OOSTERHOUT NB

Werner Rudolf Ludwig, born 20/02/1967, Wiardi Beckmanhof 5, 4908 CR OOSTERHOUT NB

Activity

Wholesale business in and processing of foodstuffs and other consumer articles in general, fruit juices and fruit concentrates.

Staff

235 employees

Turnover

from the consolidated balance sheet of Continental Fruit BV

2006 Euro

189.631.724

2005 Euro 162.998.838

2004 Euro 153.028.439

Real estate

Unknown.

Finances

See balance sheet

Remarks

Subsidiary company of

-Continental Fruit BV,

Albusstraat 5, 4903 RG OOSTERHOUT NB

The next financial data is extracted

from the consolidated balance sheet of

'Continental Fruit BV '

Consolidated net result:

2006 Euro 13.143.239

2005 Euro 15.343.478

2004 Euro 17.183.923

The shareholders equity was as of:

31/12/2006 Euro 117.283.502

31/12/2005 Euro 104.346.531

31/12/2004 Euro 106.895.342

The working capital was as of:

31/12/2006 Euro 57.986.688

31/12/2005 Euro 48.569.280

31/12/2004 Euro 52.442.889

Subject is a member of the VIGEF, a branche orga-

nization.

Website : www.dohler.com

Bankers:

Banque Artesia Nederland NV

A declaration of liability has been issued by

parent company.

Business premises are owned by the parent company.

The group accounts of Continental Fruit BV include,

apart from their own figures and those of subject matter,

also the figures of:

Euro Citrus BV, Oosterhout; Continental Fruit Services BV, Oosterhout;

Döhler France Sarl, Paris - France; Continental Fruit UK Ltd.,

Milton Keynes - the UK; Döhler UK Ltd., Milton Keynes - the UK;

Döhler Italia Srl, Vallecrosia - Italy and Döhler Schweiz A.G. ,

Fribourg - Switserland.

Banks

ABN-AMRO NV, Oosterhout NB, 47.85.61.369

ING Bank

VAT-nr.

NL004601658B03

Mode of payment

On average 5 days beyond terms.

Credit demand

No objections against entering into a business relationship.

The following financial data is retrieved from the consolidated balance sheet of :

Continental Fruit BV

BALANCE SHEET

Consolidated in Euro(x 1) Euro(x 1)

---31-12-2005--- ------31-12-2006---

Intangible assets 22.662.649 16.340.521

Tangible assets 48.485.828 52.901.427

Financial assets 6.445.365 6.848.754

Miscellaneous fixed assets 0 0

Total fixed assets 77.593.842 76.090.702

Stock 24.571.567 26.106.413

Receivables 41.284.169 56.618.146

Shares 0 0

Liquid assets 4.002.094 2.676.010

Miscellaneous current assets 0 0

Total current assets 69.857.830 85.400.569

Shareholders equity 104.346.531 117.283.502

Provisions 1.816.591 1.793.888

Long-term liabilities 20.000.000 15.000.000

Current liabilities 21.288.550 27.413.881

Minority interests 0 0

Miscellaneous liabilities 0 0

Total liabilities 147.451.672 161.491.271

PROFIT & LOSS ACCOUNT

Consolidated in Euro(x 1) Euro(x 1)

---31-12-2005--- ------31-12-2006---

Turnover 162.998.838 189.631.724

Other income 2.902.744 3.963.423

Total expenses 144.694.091 174.373.753

Operating profit 21.207.491 19.221.394

Balance financial P/L -562.889 -849.120

Net profit/loss 1] 20.644.602 18.372.274

Taxation 7.740.250 6.750.969

Share in P/L of subsidiaries 2.439.126 1.521.934

Net profit/loss 2] 15.343.478 13.143.239

Balance extraordinary P/L 0 0

Taxation 0 0

Extraordinary P/L 2] 0 0

Res. sub. companies 2] 0 0

Minority interests 0 0

Miscellaneous P/L 0 0

Net result 15.343.478 13.143.239

----------------------------------------------------------------------------------------------------------------

Legend : 1] = Before tax

2] = After tax

FINANCIAL RATIOS

-----2005----- -----2006-----

EQUITY %

Equity gearing 70,8 72,6

Equity/outside capital 242,1 265,3

LIQUIDITY

Current ratio 3,3 3,1

Acid test 2,1 2,2

RATES OF RETURN %

Total assets 14 11,4

Shareholders equity 19,8 15,7

Pre tax margin % 12,7 9,7

Turnover rate 110,5 117,4

(x 1) (x 1)

-------------------- --------------------

Working capital 48.569.280 57.986.688

Shareholders equity + Equalization acc. 104.346.531 117.283.502

----------------------------------------------------------------------------------------------------------------

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%)

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