MIRA INFORM REPORT

Report Date :

04.05.2011

IDENTIFICATION DETAILS

Name :	HOLLAND DIERVOEDERS B.V.

Registered Office :	Vogelaarsweg 23 3313LL Dordrecht

Country :	Netherlands

Financials (as on) :	31.12.2009

Date of Incorporation :	08.01.1949

Legal Form :	Limited Company

Line of Business :	Wholesale of seeds

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 :	€ 500.000

Status :	Satisfactory

Payment Behaviour :	Regular

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 – December 31, 2010

Country Name

Previous Rating

(30.09.2010)

Current Rating

(31.12.2010)

Netherlands

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

CONTACTINFORMATION

Company name	Holland Diervoeders B.V.
Tradename	Holland Diervoeders
	LenersanPoortman
Address	Vogelaarsweg 23
	3313LL Dordrecht
	Netherlands
Mail address	Postbus 889
	3300AW Dordrecht
	Netherlands
Telephone number	0786220622
Telefax number	0786210669
E-mail address	info@hollanddiervoeders.nl
Website	www.hollanddiervoeders.nl
VAT number	NL001863149B01

CREDIT LIMIT

Credit limit	A credit of € 500.000 may be granted
Risk factor	Normal

COMPANY STRUCTURE

Shareholder	DKSH Benelux B.V.
	Vogelaarsweg 23
	3313LL Dordrecht
	Netherlands
	KvK: 23057780
	Active since: 22-11-1972
	Percentage: 100.00%
Ultimate parent company	DKSH Holding Limited
	990004693431
Holding company	DKSH Benelux B.V.
	Vogelaarsweg 23
	3313LL Dordrecht
	KvK: 23057780
Liability declaration	DKSH Benelux B.V. (23057780)
	Vogelaarsweg 23
	3313LL Dordrecht

Bankers ING Bankers NV

Fortis Bankers (Netherlands) NV Account number: 25.34.60.506

Real estate Unknown

The real estate is checked at the land registration office Object code: None registration type

MANAGEMENT

Management DKSH Benelux B.V. Vogelaarsweg 23 3313LL Dordrecht Netherlands KvK: 23057780

Authorization: Fully authorized

Position: Manager

Date appointed: 07-02-2011

D. Buysse Dirk

Authorization: Limited authorization Position: General director Date appointed: 07-02-2011 Date of birth: 16-02-1958

J.F. Klijnsma Jan Frederik

Authorization: Limited authorization Position: Managing Director Date appointed: 07-02-2011 Date of birth: 15-04-1964

P.G.M. Cattrysse Patriek Georges Marcel Authorization: Limited authorization Position: Financieel manager Date appointed: 07-02-2011 Date of birth: 26-12-1965

A.J.F. van Campenhout

Adriaan Johannes Fritz

Authorization: Limited authorization

Position: Proxy

Date appointed: 07-02-2011

Date of birth: 22-05-1951

A.W. van Logtenstein

Anthonius Wilhelmus

Authorization: Limited authorization

Position: Proxy

Date appointed: 07-02-2011

Date of birth: 17-01-1951

J.F. Klijnsma Jan Frederik Resigned

Authorization: Limited authorization Position: Manager Date appointed: 01-01-2008 Date of birth: 15-04-1964

G. Tsering

Gonpo

Resigned

Authorization: Limited authorization Position: Manager Date appointed: 02-04-2001 Date of birth: 03-03-1956

E.A. Negaard Einar Andreas Resigned

Authorization: Limited authorization

Position: Financieel manager Date appointed: 01-01-2008 Date of birth: 04-02-1977

J. Wolle

JAUrg Resigned

Position: Commissaris Date appointed: 02-04-2001 Date of birth: 19-04-1957

H.J. Boelee Hendrik Johannes Resigned

Authorization: Limited authorization (max: € 100.000)

Position: Proxy

Date appointed: 01-01-2008

Date of birth: 04-04-1963

M. van der Hel

Marco

Resigned

Authorization: Limited authorization Position: Proxy Date appointed: 28-05-2009 Date of birth: 12-01-1975

H.E. Teunissen Harm Evert Resigned

Authorization: Limited authorization Position: Proxy Date appointed: 01-01-2006 Date of birth: 09-12-1962

G. Tsering

Gonpo

Resigned

Authorization: Jointly authorized Position: Manager Date appointed: 02-04-2001 Date of birth: 03-03-1956

E.A. Negaard

Einar Andreas

Resigned

Position: Proxy

Date appointed: 01-01-2008

Date of birth: 04-02-1977

W.B. van Os

Willem Barend

Resigned

Position: Proxy

Date appointed: 16-01-2006

Date of birth: 13-11-1969

PAYMENT INFORMATION

Payment experiences Payments Payments are regular

Based on multiple payment experiences up to € 25.000

Quarter: 3 2010: 37 Average days

Quarter: 4 2010: 37 Average days

Quarter: 1 2011: 32 Average days

Quarter: 2 2011: 35 Average days

	invoices	current quarter		2011 Q1	2010 Q4	2010 Q3
Total	79	100%	39.544	23.961	51.010	44.578
Within terms	64	88,0%	34.815	22.478	42.100	37.082
Delayed 0 - 30		12,0%	4.729	1.483	8.910	7.496
Delayed 31 - 60

FINANCIAL INFORMATION

Auditor	PricewaterhouseCoopers
Type of publication	Consolidated
Annual accounts van	DKSH Benelux B.V.
	Vogelaarsweg 23
	3313LL Dordrecht
	KvK: 23057780
Publication	Publication according to obligations by law

CORE FIGURES

BOOKYEAR	2009	2008	2007
Quick ratio	0,84	1,05	0,43
Current ratio	2,15	2,01	0,93
Nett workingcapital / Balance total	0,41	0,38	-0,06
Capital and reserves / Balance total	0,26	0,08	0,01
Capital and reserves / Fixed assets	1,10	0,33	0,04
Solvency	0,36	0,08	0,01
Nett workingcapital	12.170.000	13.929.000	-2.222.000
Capital and reserves	7.777.000	2.786.000	399.000
Change capital and reserves	179,15%	598,25%	-94,76%
change short term liabilities	-23,22%	-56,20%	68,53%
Nett Turnover	94.355.000	108.533.000	110.237.000
Operating profit	-1.707.000	534.000	6.155.000

Annual accounts The published financial information is the consolidated group information

Last annual accounts 2009

Type of publication Consolidated

Turnover 2009: 94.355.000

2008: 108.533.000

2007: 110.237.000

2006: 104.646.000

Gross profit	2009:	15.931.000
	2008:	18.776.000
	2007:	19.596.000
	2006:	19.096.000
Operating profit	2009:	-1.707.000
	2008:	534.000
	2007:	6.155.000
	2006:	1.819.000
Result after taxes	2009:	-3.009.000
	2008:	2.213.000
	2007:	7.220.000
	2006:	1.201.000

Tendency Changeable

Tendency capital and reserves

Capital and reserves 2009 7.777.000

Total debt 2009 22.098.000

Current ratio 2009 2,15

Quick ratio 2009 0,84

Nett workingcapital 2009 12.170.000

Profitability Negative

Solvency Sufficient

Liquidity Sufficient

Current- & Quickratio

Currency Euro

BALANCE

BOOKYEAR	2009	2008	2007
End of bookyear	31-12-2009	31-12-2008	31-12-2007
Intangible assets	466.000	817.000	891.000
Tangible assets	6.627.000	7.669.000	8.456.000
Financial assets			0
Fixed assets	7.093.000	8.486.000	9.347.000

Stocks and work in progress	13.897.000	13.250.000	15.858.000
Accounts receivable	7.845.000	11.888.000	13.207.000
Liquid assets	1.040.000	2.613.000	271.000
Current assets	22.782.000	27.751.000	29.336.000
Total assets	29.875.000	36.237.000	38.683.000

Capital and reserves	7.777.000	2.786.000	399.000
Provisions	198.000	154.000	1.475.000
Long term interest yealding debts	11.000.000		0
other long term debts		475.000	5.251.000
Long term liabilities	11.288.000	19.475.000	5.251.000
Trade debts suppliers	2.505.000	3.139.000	6.160.000
Short term interest yielding debt			18.706.000
Other short term debts	8.107.000	10.683.000	6.692.000
Total short term debt	10.612.000	13.822.000	31.558.000
Total debt	22.098.000	33.451.000	38.284.000
Total Liabilities	29.875.000	36.237.000	38.683.000

PROFIT & LOSS ACCOUNT
BOOKYEAR	2009	2008	2007
Turnover		108.533.000	110.237.000
Nett Turnover	94.355.000	108.533.000	110.237.000
Cost of sales	78.424.000	89.757.000	90.641.000
Gross profit	15.931.000	18.776.000	19.596.000
Wages employees	6.472.000	7.864.000
Sales costs			25.751.000
Depreciation and amortization	1.322.000	1.351.000
Other operating charges	9.844.000	10.095.000
Operating charges	17.638.000	109.067.000	116.392.000
Operating profit	-1.707.000	534.000	6.155.000
Financial charges		1.680.000	1.065.000
Financial result	-1.302.000	1.680.000	1.065.000
Result before taxes	-3.009.000	2.214.000	7.220.000
Result after taxes	-3.009.000	2.214.000	7.220.000
Extraordinary income		1.000
Extraordinary result		1.000
Taxes on extraordinary result		1.000
Extraordinary result after taxes		1.000
Nett result	-3.009.000	2.213.000	7.220.000

History

Consent statements Over bookyear 2009 a consent agreement is filed

Over bookyear 2008 a consent agreement is filed

Over bookyear 2007 a consent agreement is filed

Management

Since	07-02-2011
Since	07-02-2011
Since	07-02-2011
Since	07-02-2011
Since	07-02-2011
Since	07-02-2011
Since	07-02-2011
Since	07-02-2011
Since	07-02-2011
Since	07-02-2011
Since	07-02-2011
Since	07-02-2011
Since	07-02-2011
Since	28-05-2009
Since	01-01-2008
office.

Since 01-01-2008 manager Jan Frederik Klijnsma, living in Almere appointed. Since 01-01-2008 manager Jan Jansen, living in Nieuwegein out of office.

Modifications Since 7-2-2011 statutes modified. Since 7-2-2011 name changed to: Holland Diervoeders B.V..

Company structure

• DKSH Holding Limited (990004693431)

o DKSH Benelux B.V. (23057780) Dordrecht Subsidiary (100%)

■ Holland Diervoeders B.V. (23040795) Dordrecht Subsidiary (100%)

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.44.34
UK Pound	1	Rs.73.69
Euro	1	Rs.65.75

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.

Handelsregisternummer	23040795
Registered in	Chamber of commerce Rotterdam
First registration	08-01-1949
Act of foundation	21-06-1948
Date of constitution	00-00-1868
Continuation date	22-11-1972
Last change in statutes	07-02-2011

Place of constitution		Rotterdam
Capital		EUR 4.530.000
Issued capital		EUR 2.718.000
Paid up capital		EUR 2.718.000
NACE-code	Wholesale of seeds (51212)
SBI-code	Wholesale of seeds (46212)
Formal objective	Handel in en het verwerken van granen, zaden, peulvruchten en aanverwante artikelen (groothandel, import en exporthandel). Het oprichten van, het op enigerlie wijze deelnemen in, het besturen van en het toezicht houden op companies en vennootschappen; het financieren van companies en vennootschappen.

MIRA INFORM REPORT

CREDIT LIMIT

COMPANY STRUCTURE

MANAGEMENT

PAYMENT INFORMATION

FINANCIAL INFORMATION

CORE FIGURES

BALANCE

History

Company structure

Unit