MIRA INFORM REPORT

Report Date :

12.10.2011

IDENTIFICATION DETAILS

Correct Name :	NUTRIFARM S.A

Registered Office :	Building Block 43, A-10, P.O. Box 1105, 57022 Sindos Industrial Area, Thessaloniki

Country :	Greece

Financials (as on) :	31.12.2010

Date of Incorporation :	22.11.2000

Com. Reg. No.:	047370

Legal Form :	Societe Anonyme

Line of Business :	Manufactures prepared feeds

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 :	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 – March 31^st, 2011

Country Name

Previous Rating

(31.12.2010)

Current Rating

(31.03.2011)

Greece

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

Company summary

Company Name: NUTRIFARM S.A.

Address: BUILDING BLOCK 43, A-10, P.O. BOX 1105

57022 SINDOS INDUSTRIAL AREA

THESSALONIKI

GREECE

Telephone: 30 2310797781 / 30 2310795607

Fax: 30 2310797079

Email: admin@nutrifarm.gr

Website: www.nutrifarm.gr

ANY AMOUNTS HEREAFTER ARE IN EURO UNLESS OTHERWISE STATED

SUMMARY

STARTED:                              2000

YEAR INC:                              2000

LEGAL FORM:                        SOCIETE ANONYME

REG NO:                                047370

GOVT GAZ NO:                      10761 / 2000

EMPLOYS:                             40

SIC:                                       2048 5146

ACTIVITY: MANUFACTURES PREPARED FEEDS

SALES: 5,013,549

PROFIT: 107,009

NET WORTH: 1,321,180

NOM CAPITAL: 1,290,000

ISS CAPITAL: 1,290,000

HISTORY

BACKGROUND: Business started Nov 22, 2000.

LEGAL FORM: Societe anonyme registered on Nov 22, 2000 for a period ending Dec 31, 2100.

Registration Number: 047370

Government Gazette Number: 10761 / 2000

Tax Registration Number: 082569288

Established following a change of the legal status of a firm originally founded in 1982. SUPPLEMENTARY DATA ON THE ABOVEMENTIONED EVENTS PUBLISHED IN THE GOV.GAZ.:According to the Gov.Gaz.10761/00 subject was established following the change in the legal status of the firm A. TSOMBANIDIS & CO O.E. established in 1991, to continue the business activities of the sole proprietorship TSOMBANIDIS ANASTASSIOS, originally founded in 1982.

CAPITAL: Nominal capital: 1,290,000. Issued capital: 1,290,000.

Issued/paid-up capital was last increased on Sep 14, 2006.

Nominal capital is divided into:

1,290,000 shares of 1 each and fully paid-up.

Anastassios Tsombanidis holds 71.00% of the voting capital.

Maria Tsombanidou holds 29.00% of the voting capital.

OPERATIONS

Local Activity Code: 1091

Local Activity Code Type: STAKOD

Equivalent to: NACE 1

Manufactures prepared feeds

Wholesales fish and seafoods

Production of livestock feed raw materials and supplements. Imports and

trade of pet food , Subject distributes its goods by wholesale to 1,000

firms all over Greece, including :

Exports 5% to Albania, Former Yugoslav Rep of Macedonia, Montserrat,

Serbia and Montenegro

Normal exporting terms are cash against documents

Imports 20% from Belgium, Denmark, France, Germany, Malaysia,

Netherlands, Turkey, U K

Normal importing terms are cash against documents

EMPLOYS: 40 as at Dec 31, 2004 including 0 part-time staff.

The number of employees varies according to needs.

The number of employees peaks to 40.

Operates from owned factory, covering approximately 995 square metres at

heading address.

The site covers approximately 3,500 square metres.

REGISTERED OFFICE: At heading address.

PRINCIPALS

Nikolaos Ana. Tsompanidis

Vice-Chairman

Anna Ana. Tsombanidou

Member

Anastassios Nik. Tsombanidis

Chairman

Shareholder

BANKERS

Alpha Bank A.E., Lagada Branch branch., 12 Lagada, Thessaloniki 54630,

Greece.

Telephone: 30 2310520030

Emporiki Bank, Sindos Branch branch., Kt. Diikissis Sindos Industrial

Area, Sindos 57400, Greece.

Telephone: 30 2310799397

EFG EUROBANK ERGASIAS S.A., Stavroupoli Branch branch., 301 Langada,

Stavroupoli 56430, Greece.

Telephone: 30 2310668480

CHARGES

Subject has registered secured charges which include the below: A charge for an amount of 1,300,000 Euro was registered on 1, 2000. The charge is secured against Number Of Items: 1, On: 2 fields 3,500m2 with buildings at Sindo.

PAYMENTS

Informants report that overdue accounts are being protested.

PUBLIC RECORD INFORMATION

Payment orders were registered against the subject for an amount of 519297 Euro.

FINANCIAL INFORMATION

 FINANCES

                                       Fiscal                Fiscal                 Fiscal

                                  Dec 31,2008      Dec 31,2009     Dec 31,2010

Turnover                            5,231,575        5,321,689       5,013,549

Pre-Tax Profit                         21,174          100,640         107,008

Net Worth                           1,497,061        1,566,291       1,321,180

Fixed Assets                        1,636,503        1,617,060       1,405,296

Total Assets                        9,046,907        6,484,210       6,320,934

Current Assets                      7,355,074        4,861,319       4,909,807

Current Liabilities                 4,585,263        3,776,986       3,416,566

Working Capital                     2,769,811        1,084,333       1,493,241

Long Term Debt                      2,964,583        1,140,932       1,583,188

Financial Assets                       55,330                5,830           5,830

Intangibles                                 0                         0                     0

Employees                                  40                40                     40

Net Worth and Total Assets are tangible figures shown after the deduction of intangible assets.

RATIOS

Dec 31,2008 Dec 31,2009 Dec 31,2010

Current Ratio (X) 1.60 1.29 1.44

Solvency Ratio (%) 604.31 413.98 478.43

Fixed Assets/Net Worth (%) 109.31 103.24 106.37

Current Liabs/Net Worth (%) 306.28 241.14 258.60

Asset Turnover (%) 57.83 82.07 79.32

Sales / Net Working Cap (X) 1.89 4.91 3.36

Assets / Sales (%) 172.93 121.84 126.08

Profit Margin (%) 0.40 1.89 2.13

S/holders Return (%) 1.41 6.43 8.10

Return On Assets (%) 0.23 1.55 1.69

Sales / Employees 130,789.38 133,042.23 125,338.73

Profit / Employees 529.35 2,516.00 2,675.20

     Abstract from individual fiscal balance sheet as at Dec 31, 2010

             LIABILITIES                              ASSETS

Capital                      1,290,000               Land/Buildings               2,174,685

Retained Profits              -256,984        Plant/Machinery              1,172,053

Misc Reserves                  288,164        Depreciation                 1,941,442

Net Worth                    1,321,180         Total Fixed Ass              1,405,296

Misc Def Liabs               1,583,188   Misc Fin'cl Ass                  5,830

                                         Total Fin'cl Ass                 5,830

                                         Misc Intangible                      0

                                         Total Intangible                     0

     CURRENT LIABILITIES:                         CURRENT ASSETS:

Trade Creditors              1,330,360        Stock                           73,783

Short term Loans             1,601,673        Trade Debtors                3,644,724

Misc Current Liabs             484,534        Cash                         1,191,302

TOTAL CURRENT                3,416,567        TOTAL CURRENT                4,909,809

TOTAL LIABS & NW             6,320,935        TOTAL ASSETS                 6,320,935

             Profit & Loss Account from Jan 1, 2010 to Dec 31, 2010

             Net Sales                               5,013,549

             Cost of Goods Sold                      3,991,574

             Gross Profit                             1,021,975

             Misc Operating Charges                  632,754

             Misc Operating Income                     8,854

             Net Operating Income                    398,075

             Misc Financial Income                     2,500

             Total Financial Income                    2,500

             Interest Payable                         289,358

             Misc Financial Expenses                   4,208

             Total Financial Expenses                293,566

             Profit Before Taxes                      107,009

             Income Tax                               49,179

             Profit After Tax                          57,830

             Net Profit                               57,830

GENERAL COMMENTS

According to the balance sheet as of Dec 31, 2010.

The below mentioned financial figures are in Euro

Financial statement obtained from subject on May 23, 2011.

On Oct 5, 2011 subject confirmed general details in this report.On Oct 5, 2011 local informants stated that: Subject is a family run firm, which operates mainly as a manufacturing firm, as its manufacturing activities contribute by 70% to its total Net Sales. It uses 4 owned trucks for the distribution of its products. It is noted that the above report is according to published data and other information available in our files.SUPPLEMENTARY DATA ON THE ABOVEMENTIONED EVENTS PUBLISHED IN THE GOV.GAZ.:According to the Gov.Gaz.10761/00 subject was established following the change in the legal status of the firm A. TSOMBANIDIS & CO O.E. established in 1991, to continue the business activities of the sole proprietorship TSOMBANIDIS ANASTASSIOS, originally founded in 1982. - According to the 31/12/2010 balance sheet, subjects fixed assets are mortgaged and prenoted for 1,327,543 Euro, in favour of Banks, to ensure loans received, the balance of which at 31/12/2010, amounted to 1.300.000 Euro.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.49.03
UK Pound	1	Rs.76.60
Euro	1	Rs.66.80

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.