MIRA INFORM REPORT

Report Date :

01.11.2011

IDENTIFICATION DETAILS

Name :	STOLP INTERNATIONAL B.V.

Registered Office :	Voltaweg 26, Bunschoten-Spakenburg, 3752 LP

Country :	Netherlands

Financials (as on) :	31.12.2007

Date of Incorporation :	19.04.1984

Com. Reg. No.:	310268950000

Legal Form :	Private Subsidiary Company

Line of Business :	wholesale distribution of animal feeds, fertilizers, agricultural chemicals, pesticides, seeds, and other farm supplies, except grains.

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 :	Usually Correct
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^th, 2011

Country Name

Previous Rating

(30.06.2011)

Current Rating

(30.09.2011)

Netherlands

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

Company name & address

Stolp International B.V.

Voltaweg 26

Bunschoten-Spakenburg, 3752 LP

Netherlands

Tel: +31 033-2991711

Fax: +31 033-2984224

Synthesis

Employees: 10

Company Type: Private Subsidiary

Corporate Family: 6 Companies

Ultimate Parent: Cooperative Centrale Van Inkoopverenigingen

Van Zelfstandige Brood- En/Of Banketbakkers Bek

Incorporation Date: 19-Apr-1984

Financials in: USD (Millions)

Fiscal Year End: 31-Dec-2007

Reporting Currency: Euro

Annual Sales: NA

Total Assets: 14.7

Business Description

Stolp International B.V. is primarily engaged in the wholesale distribution of animal feeds, fertilizers, agricultural chemicals, pesticides, seeds, and other farm supplies, except grains.

Industry

Industry Crops

ANZSIC 2006: 3312 - Cereal Grain Wholesaling

NACE 2002: 5121 - Wholesale of grain, seeds and animal feeds

NAICS 2002: 424510 - Grain and Field Bean Merchant Wholesalers

UK SIC 2003: 5121 - Wholesale of grain, seeds and animal feeds

US SIC 1987: 5191 - Farm Supplies

Key Executives

Name Title

J.W. Heijnen Head of accounting department D&B

Registered No.(NLD): 310268950000

1 - Profit & Loss Item Exchange Rate: USD 1 = EUR 0.7306374

2 - Balance Sheet Item Exchange Rate: USD 1 = EUR 0.6839711

Corporate Overview

Location

Voltaweg 26

Bunschoten-Spakenburg, 3752 LP

Netherlands

Tel: +31 033-2991711

Fax: +31 033-2984224

Sales EUR(mil): NA

Assets EUR(mil): 10.1

Employees: 10

Fiscal Year End: 31-Dec-2007

Industry: Crops

Incorporation Date: 19-Apr-1984

Company Type: Private Subsidiary

Quoted Status: Not Quoted

Registered No.(NLD): 310268950000

Head of accounting

department: J.W. Heijnen

Contents

· Industry Codes

· Business Description

· Financial Data

· Key Corporate Relationships

Industry Codes

ANZSIC 2006 Codes:

3312 - Cereal Grain Wholesaling

NACE 2002 Codes:

5121 - Wholesale of grain, seeds and animal feeds

NAICS 2002 Codes:

424510 - Grain and Field Bean Merchant Wholesalers

US SIC 1987:

5191 - Farm Supplies

UK SIC 2003:

5121 - Wholesale of grain, seeds and animal feeds

Business Description

Stolp International B.V. is primarily engaged in the wholesale distribution of animal feeds, fertilizers, agricultural chemicals, pesticides, seeds, and other farm supplies, except grains.

Financial Data

Financials in:	EUR(mil)

Assets:	10.1
Current Assets:	10.0
Total Liabilities:	10.1
Net Worth:	1.8

Date of Financial Data:	31-Dec-2007

1 Year Growth

Key Corporate Relationships

Bank:	ING Bank NV

Corporate Family	Corporate Structure News:
	Coperatieve Centrale Van Inkoopverenigingen Van Zelfstandige Brood- En/Of Banketbakkers Bek Stolp International B.V.
Total Corporate Family Members: 6

Company Name	Company Type	Location	Country	Industry	Sales (USD mil)	Employees
Coperatieve Centrale Van Inkoopverenigingen Van Zelfstandige Brood- En/Of Banketbakkers Bek	Parent	Tiel, Gelderland	Netherlands	Retail (Grocery)	96.2
Beko Bakkerij Techniek B.V.	Subsidiary	Wijchen, Gelderland	Netherlands	Miscellaneous Capital Goods		34
C.A.D. Accountancy B.V.	Subsidiary	Tiel, Gelderland	Netherlands	Business Services		32
Beko Advies B.V.	Subsidiary	Maarssen, Utrecht	Netherlands	Business Services		14
Beko Verpakkingen B.V.	Subsidiary	Nijmegen, Gelderland	Netherlands	Miscellaneous Capital Goods		14
Stolp International B.V.	Subsidiary	Bunschoten-Spakenburg, Utrecht	Netherlands	Crops		10

Executive report

Executives

Name

Title

Function

J.W. Heijnen

Head of accounting department

Accounting Executive

Annual Profit & Loss

	31.12.2006
Period Length	12 Months
Filed Currency	EUR
Exchange Rate (Period Average)	0.796979
Consolidated	No

Gross profit	4.8
Total payroll costs	1.2
Change in value of fixed assets arising from revaluation	0.0
Other operating costs	1.1
Net operating income	2.5
Total financial income	0.0
Total expenses	0.0
Profit before tax	2.5
Profit on ordinary activities after tax	1.8
Total taxation	0.7
Profit after tax	1.8
Net profit	1.8

Annual Balance Sheet

Financials in: USD (mil)

	31-Dec-2007	31-Dec-2006	31-Dec-2005
Filed Currency	EUR	EUR	EUR
Exchange Rate	0.683971	0.758351	0.847781
Consolidated	No	No	No

Other reserves	2.7	3.7	2.1
Total reserves	0.0	0.0	0.0
Total stockholders equity	2.7	3.7	2.2
Trade creditors	7.5	4.3	3.7
Total current liabilities	12.0	5.9	5.3
Total liabilities (including net worth)	14.7	9.6	7.4
Total tangible fixed assets	0.1	0.1	0.1
Total non-current assets	0.1	0.1	0.1
Net stocks and work in progress	3.8	1.6	1.3
Trade debtors	8.8	5.4	5.3
Other receivables	0.0	0.0	0.0
Total receivables	8.8	5.4	5.4
Cash and liquid assets	2.0	2.5	0.6
Total current assets	14.6	9.6	7.3
Total assets	14.7	9.6	7.4

Annual Ratios

Financials in: USD (mil)

	31-Dec-2007	31-Dec-2006	31-Dec-2005
Period Length	12 Months	12 Months	12 Months
Filed Currency	EUR	EUR	EUR
Exchange Rate	0.683971	0.758351	0.847781
Consolidated	No	No	No

Current ratio	1.20	1.60	1.40
Acid test ratio	0.90	1.30	1.10
Current liabilities to net worth	4.49%	1.58%	2.43%
Fixed assets to net worth	0.06%	0.02%	0.05%
Return on assets	-	0.27%	-
Shareholders' return	-	0.70%	-
Profit per employee	-	198.13	-
Return on capital	-	0.70%	-
Average wage per employee	-	95.00	-
Net worth	2.7	3.7	2.2
Number of employees	10	10	10

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.48.87
UK Pound	1	Rs.78.11
Euro	1	Rs.68.36

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.

Company name & address

Synthesis

Business Description

Key Executives

Corporate Overview

Executive report

Annual Profit & Loss

Annual Balance Sheet

Annual Ratios

Unit