MIRA INFORM REPORT

Report Date :

22.02.2011

IDENTIFICATION DETAILS

Name :	CONCORDIA TRADING B.V.
Registered Office :	Willemsplein 492, 3016dr Rotterdam
Country :	Netherlands
Financials (as on) :	30.09.2009
Date of Incorporation :	23.07.1982
Com. Reg. No.:	24145844
Legal Form :	Limited Company
Line of Business :	Wholesale of grain

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

Maximum Credit Limit :	€ 500.000
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 – June 30, 2010

Country Name	Previous Rating (01.04.2010)	Current Rating (30.06.2010)
Netherlands	A1	A1

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

CONTACT INFORMATION

Company name Concordia Trading B.V.

Tradename Concordia Trading B.V.

Address Willemsplein 492

3016DR ROTTERDAM Netherlands

Mail address Willemsplein 492

3016DR ROTTERDAM Netherlands

Telephone number 010-4331644

Telefax number 010-4130338

Mobile phone 010-4139767

E-mail address unknown

_{Website unknown}

CREDIT LIMIT

Credit limit A credit of € 500.000 may be granted

_{Risk factor Decreased}

COMPANY INFORMATION

Handelsregisternummer

(Registration Number) 24145844

Registered in Chamber of commerce Rotterdam

First registration 23-07-1982

Act of foundation 07-07-1982

Date of constitution 07-07-1982

Last change in statutes 29-09-2003

Legal form Besloten Vennootschap (Limited Company)

Place of constitution Rotterdam

Capital 11.375.000

Issued capital 2.275.000

Paid up capital 2.275.000

Objective Wholesale of grain (51211)

_{Formal objective Wholesale of grain, zaden, veekoeken en plantaardige olien, im- en export.}

COMPANY STRUCTURE

Ultimate parent company Nidera Capital B.V.

Willemsplein 492

3016DR Rotterdam

KvK: 24043517

Holding company Nidera Handelscompagnie B.V.

Willemsplein 492

3016DR Rotterdam

KvK: 24307569

Affiliated companies Transfeed B.V.

Willemsplein 492

3016DR ROTTERDAM KvK: 24179149

Nidera Custody B.V. Willemsplein 492

3016DR ROTTERDAM KvK: 24449453

Concordia Custody B.V. Willemsplein 492

3016DR ROTTERDAM KvK: 24449464

NiFS B.V.

Willemsplein 492

3016DR ROTTERDAM KvK: 24455199

Liability declaration Nidera Handelscompagnie B.V. (24307569) Willemsplein 492

3016DR Rotterdam

Issue date: Since:

_{Bankers ABN Amro Bankers NV}

MANAGEMENT

Management Nidera Handelscompagnie B.V.

Willemsplein 492

3016DR Rotterdam

Netherlands

KvK: 24307569

Authorization: Limited authorization

Position: Manager

Date appointed: 01-12-2009

E. Schimmel

Authorization: Limited authorization

Position: Manager

Date appointed: 01-01-1988

Date of birth: 31-10-1954

J.J. Asche

Jacobus Johannes

Authorization: Limited authorization

Position: Procuratiehouder

Date appointed: 25-06-2008

Date of birth: 12-07-1957

K.M. Jaarsma-Osseweijer

Kirsten Mariëtte

Authorization: Limited authorization

Position: Procuratiehouder

Date appointed: 13-04-1998

Date of birth: 10-06-1965

W.R. of Kempen

Authorization: Limited authorization

Position: Procuratiehouder

Date appointed: 20-12-2005

Date of birth: 04-11-1966

J. Muller

Authorization: Limited authorization

Position: Procuratiehouder

Date appointed: 01-01-1998

Date of birth: 02-07-1956

E.H.C. Neslo

Authorization: Limited authorization

Position: Procuratiehouder

Date appointed: 13-04-1998

Date of birth: 12-08-1951

D. Schruijer

Authorization: Limited authorization

Position: Procuratiehouder

Date appointed: 13-04-1998

Date of birth: 05-09-1952

P.A. Vermeulen

Authorization: Limited authorization

Position: Procuratiehouder

Date appointed: 13-04-1998

Date of birth: 23-04-1947

J.L. Salzer Levi

Male Resigned Harstenhoekweg 208

2587 RS \"s-Gravenhage

Netherlands

Authorization: Jointly authorized

Position: Manager

Date appointed: 01-01-1988

Date of birth: 03-10-1954

K.M. Jaarsma-Ossenweijer

Female Resigned Hoflaan 40

2926 RC Krimpen aan den IJssel

Netherlands

_{Authorization: Limited authorization}

Position: Proxy

Date appointed: 13-04-1998

Date of birth: 10-06-1965

W.R. of Kempen

Resigned

Authorization: Limited authorization

Position: Proxy

Date appointed: 20-12-2005

Date of birth: 04-11-1966

J. Muller

Resigned

Authorization: Limited authorization

Position: Proxy

Date appointed: 01-01-1998

Date of birth: 02-07-1956

E.H.C. Neslo

Resigned

Authorization: Limited authorization

Position: Proxy

Date appointed: 13-04-1998

Date of birth: 12-08-1951

D. Schruijer

Resigned

Authorization: Limited authorization

Position: Proxy

Date appointed: 13-04-1998

Date of birth: 05-09-1952

P.A. Vermeulen

Resigned

Authorization: Limited authorization

Position: Proxy

Date appointed: 13-04-1998

_{Date of birth: 23-04-1947}

PAYMENT INFORMATION

_{Payment experiences No complaints are known}

FINANCIAL INFORMATION Publication financial statement	19-12-2007
Type of publication	Consolidated
Annual accounts of	Nidera Handelscompagnie B.V. Willemsplein 492 3016DR Rotterdam KvK: 24307569
Publication	Steady

CORE FIGURES
BOOKYEAR	2009	2008	2007
Quick ratio	0,80	1,02	0,58
Current ratio	1,28	1,55	1,54
Nett workingcapital / Balance total	0,21	0,33	0,32
Capital and reserves / Balance total	0,24	0,28	0,23
Capital and reserves / Fixed assets	5,72	4,17	2,48
Solvency	0,32	0,40	0,31
Nett workingcapital	350.096.804	612.142.457	281.252.000
Capital and reserves	402.472.875	521.343.265	207.988.000
Change capital and reserves	-22,80%	150,66%	42,78%
change short term liabilities	11,38%	112,19%	18,39%
Nett Turnover	10.228.584.276	11.196.708.357	4.692.759.000
Operating profit	105.942.374	326.088.804	-14.938.000

Annual accounts The published financial information is the consolidated group

information.

Last annual accounts 2009

Tendency Changeable

_{Tendency capital and reserves}

Capital and reserves	2009 402.472.875
Total debt	2009 1.254.222.676
Current ratio	2009 1,28
Quick ratio	2009 0,80
Nett workingcapital	2009 350.096.804

Solvency Positive

Liquidity Positive

BALANCE sheet

BOOKYEAR 2009 2008 2007

End of bookyear 30-09-2009 30-09-2008 30-09-2007

Intangible assets 10.709.184 7.564.311 2.108.000

Tangible assets 32.148.234 24.152.457 14.262.000

Financial assets 27.494.509 93.438.625 67.564.000

Fixed assets 70.351.927 125.155.393 83.934.000

Stocks and work in progress 597.091.130 594.473.340 498.820.000

Accounts receivable 984.203.709 1.114.535.155 302.545.000

Liquid assets 5.048.785 13.098.256 2.975.000

Current assets 1.586.343.624 1.722.106.751 804.339.000

Total assets 1.656.695.551 1.847.262.144 888.273.000

Minority interest 519.000

Capital and reserves 402.472.875 521.343.265 207.988.000

Provisions 15.364.553 11.200.030 5.677.000

Long term interest yielding debts 25.918.000

other long term debts 125.083.000

Long term liabilities 2.611.303 204.754.555 151.001.000

Trade debts suppliers 93.617.000

Other short term debts 429.470.000

Total short term debt 1.236.246.820 1.109.964.294 523.087.000

Total debt 1.254.222.676 1.325.918.879 679.766.000

Total Liabilities 1.656.695.551 1.847.262.144 888.273.000

Minority interest 519.000

Capital and reserves 402.472.875 521.343.265 207.988.000

Provisions 15.364.553 11.200.030 5.677.000

Long term interest yielding debts 25.918.000

other long term debts 125.083.000

Long term liabilities 2.611.303 204.754.555 151.001.000

Trade debts suppliers 93.617.000

Other short term debts 429.470.000

Total short term debt 1.236.246.820 1.109.964.294 523.087.000

Total debt 1.254.222.676 1.325.918.879 679.766.000

Total Liabilities 1.656.695.551 1.847.262.144 888.273.000

PROFIT & LOSS ACCOUNT

BOOKYEAR 2009 2008 2007

Turnover 10.228.584.276 11.196.708.357 4.692.759.000

Nett Turnover 10.228.584.276 11.196.708.357 4.692.759.000

Cost of sales 9.975.258.343 10.734.081.756 4.642.658.000

Gross profit 253.325.933 462.626.601 50.101.000

Wages employees 42.170.000

Depreciation and amortization 2.316.000

Other operating charges 20.553.000

Operating charges 147.383.559 136.537.797 4.707.696.000

Operating profit 105.942.374 326.088.804 -14.938.000

Financial income 7.662.703 12.637.820 7.281.000

_{Financial charges 48.620.443 44.760.231 22.177.000}

Financial result Result before taxes	-40.957.740 64.984.634	-32.122.411 293.966.393	-14.896.000 -29.833.000
Income taxes	15.402.698	44.091.945	12.179.000
Result after taxes	49.581.936	249.874.448	-42.012.000
Extraordinary income	0	432.164	86.114.000
Extraordinary charges	552.242	0
Extraordinary result	-552.242	432.164	86.114.000
Taxes on extraordinary result	-552.242	432.164	86.114.000
Extraordinary result after taxes	-552.242	432.164	86.114.000
Other taxes			469.000
Nett result	49.029.694	250.306.612	44.102.000
Income attributable to minority interest	----	----	9.000

COMPANY STRUCTURE

Nidera Capital B.V. (24043517) Rotterdam

NGM International B.V. (24186996) ROTTERDAM

Subsidiary (100%)

Nidera Holdings B.V. (24353180) ROTTERDAM

Subsidiary (100%)

Nidera Handelscompagnie B.V. (24307569) Rotterdam

Subsidiary (100%)

Concordia Trading B.V. (24145844) ROTTERDAM

Subsidiary

Transfeed B.V. (24179149) ROTTERDAM

Subsidiary (100%)

The Ingredients Company B.V. (24452826) AMSTERDAM

Subsidiary (100%)

Nidera Custody B.V. (24449453) ROTTERDAM

Subsidiary (100%)

Concordia Custody B.V. (24449464) ROTTERDAM

Subsidiary (100%)

NiFS B.V. (24455199) ROTTERDAM Subsidiary (100%)

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.45.11
UK Pound	1	Rs.73.25
Euro	1	Rs.61.70

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

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.