MIRA INFORM REPORT

Report Date :

20.08.2012

IDENTIFICATION DETAILS

Name :	DUPONT NUTRITION BIOSCIENCES APS

Registered Office :	Postboks 17, DK-1411 Copenhagen K

Country :	Denmark

Financials (as on) :	31.12.2011

Date of Incorporation :	01.01.1989

Com. Reg. No.:	AS35

Legal Form :	Private Limited Company

Line of Business :	Subject is one of the leading industrial companies in for the manufacturing of ingredients, sweeters, bakeri products, icecreme, beverages, chewing-gums etc.

No. of Employees :	1.320 employees

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 :	Good
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, 2012

Country Name

Previous Rating

(31.12.2011)

Current Rating

(31.03.2012)

Denmark

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

Company summary

COMPANY’S NAME DUPONT NUTRITION BIOSCIENCES ApS

POSTAL ADDRESS Postboks 17

DK-1411 Copenhagen K

OFFICE ADDRESS Langebrogade 1

DK-1411 Copenhagen K

TELEPHONE NO +45 32 66 20 00

TELEFAX NO +45 32 66 21 75

E-MAIL-ADDRESS info@danisco.com

LOCAL CURRENCY D K K

FOUNDATION

Subject was established 01.01.1989 from a

merger of the following companies:

A/S Danisco (est. 1934)

A/S De Danske Spritfabrikker (est. 1881)

A/S De Danske Sukkerfabrikker (est. 1872)

Changed style from Danisco A/S in April 2012.

CENTRAL BUSINESS-REG-NO CVR- No.11350356

COMPANY REG-NO AS35

EU-VAT-ID-NO DK11 35 03 56

LEGAL FORM Private Limited Company

SHARE CAPITAL DKK 954.000.000,00

PARENT COMPANY DK33 38 21 54

DUPONT DENMARK HOLDING ApS, a subsidiary of

E.I.DuPont de Nemours Company.

AUDITORS PricewaterhouseCoopers

BOARD OF DIRECTORS Nicholas C. Fanandakis, Chairman

Ian Hudson

Patrick S. Schriber

Benito Cachinero-Sanchez

John Richard Wiley

Wener Hess

Flemming Kristensen

Anne Agger Sparsø

MANAGING DIRECTORS James Compton Collins Jr.

Craig Frank Binetti

Deborah Jo Wood

Jørgen Rosenlund Nielsen

ACTIVITY One of the leading industrial companies in

for the manufacturing of ingredients, sweeters,

bakeri products, icecreme, beverages, chewing-

gums etc.

Subject belongs to the DuPont division

NUTRITION & HEALTH.

TRADENAMES A/S De Danske Sukkerfabrikker

Danisco Cultor A/S

Danisco Cultor Ingredients A/S

Danisco Ingredients A/S

Danisco Seed A/S

Danisco Sugar A/S

Danisco Sweeteners A/S

Grindsted Products A/S

and others

EMPLOYEES 1.320

BRANCHES Tårnvej 25, 7200 GRINDSTED

Langkær 22, 6100 HADERSLEV

Edwin Rahrs Vej 38, 8220 BRABRAND

TURNOVER AS PER 30.04. 2008 DKK 2.722.000.000,00

2009 DKK 2.795.000.000,00

2010 DKK 3.226.000.000,00

2011 DKK 3.110.000.000,00

TURNOVER AS PER 31.12. 2011 DKK 1.978.000.000,00 (8 months)

SUBSIDIARIES

ApS Syntetic, Danmark, 100,00%
Cometra ApS, Danmark, 100,00%
Ydernæs 1 ApS, Danmark, 100,00%
Danisco UK Ltd., England, 100,00%
Danisco Brasil Ltda., Brasilien, 100,00%
Danisco Japan Ltd., Japan, 100,00%
Danisco Cultor Espana S.A., Spanien, 100,00%
Danisco Cultor (Switzerland) AG, Schweiz, 100,00%
Danisco Canada Inc., Canada, 100,00%
Danisco Czech Republic a.s., Tjekkiet, 100,00%
Cultor OY, Finland, 100,00%
Danisco Ingredients Belgium N.V, Belgien, 100,00%
Danisco Malaysia Sdn. Bhd., Malaysia, 100,00%
Danisco Chile S.A., Chile, 100,00%
Danisco Argentina S.A., Argentina, 100,00%
Danisco Beteiligungsgesellschaft mbH, Tyskland, 100,00%
Danisco Cultor Sweden AB, Sverige, 100,00%

FINANCIAL STANDING Finances are strong and sound.

ACCOUNTS See latest published figures on page 5.

REAL ESTATE Owns valuable properties (18)

-Taxation value DKK 913.438.000,00

PAYMENTS Nothing detrimental has been noted.

BANKERS Danske Bank A/S

Nordea Bank Danmark A/S

TOTAL PAGES 5

financial data

ACCOUNTS CLOSED AT 31.12.2011 30.04.2011

EXTRACT IN MILLION DKK

PROFIT & LOSS ACCOUNT

GROSS RESULTS 512 839

OPERATING RESULTS -218 -409

RESULTS BEFORE TAXES 4.789 576

YEAR’S NET RESULT 4.951 579

TOTAL ASSETS 14.572 21.878

ASSETS

FIXED ASSETS 10.083 15.321

-Tangible assets 998 1.030

-Financial assets 8.543 13.555

-Intangible assets 542 736

CURRENT ASSETS 4.489 6.557

-Current receivables 3.164 5.967

-Inventories 392 387

-Cash, bank etc. 933 203

EQUITY & LIABILITIES

SHORTTERM LIABILITIES 7.568 8.125

-Suppliers 115 421

-Bankers 0 1.523

LONGTERM LIABILITIES 469 1.934

PROVISIONS/RESERVES 29 290

SHAREHOLDER’S EQUITY 6.506 11.529

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.55.70
UK Pound	1	Rs.87.55
Euro	1	Rs.68.85

INFORMATION DETAILS

Report Prepared by :

MNL

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%)

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.