MIRA INFORM REPORT

Report Date :

01.12.2012

IDENTIFICATION DETAILS

Name :	ORFFA ADDITIVES B.V.
Registered Office :	Vierlinghstraat 51, 4251LC Werkendam
Country :	Netherlands
Financials (as on) :	31.12.2011
Date of Incorporation :	17.10.1980
Reg. No.:	18129478
Legal Form :	Private Company
Line of Business :	Manufacture of prepared feeds for farm animals (cattle feeds)
No. of Employees :	5

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

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^th, 2012

Country Name	Previous Rating (31.03.2011)	Current Rating (30.06.2012)
Netherlands	A1	A1

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

Netherlands - ECONOMIC OVERVIEW

The Dutch economy is the fifth-largest economy in the euro-zone and is noted for its stable industrial relations, moderate unemployment and inflation, a sizable trade surplus, and an important role as a European transportation hub. Industrial activity is predominantly in food processing, chemicals, petroleum refining, and electrical machinery. A highly mechanized agricultural sector employs only 2% of the labor force but provides large surpluses for the food-processing industry and for exports. The Netherlands, along with 11 of its EU partners, began circulating the euro currency on 1 January 2002. After 26 years of uninterrupted economic growth, the Dutch economy - highly dependent on an international financial sector and international trade - contracted by 3.5% in 2009 as a result of the global financial crisis. The Dutch financial sector suffered, due in part to the high exposure of some Dutch banks to U.S. mortgage-backed securities. In 2008, the government nationalized two banks and injected billions of dollars of capital into other financial institutions, to prevent further deterioration of a crucial sector. The government also sought to boost the domestic economy by accelerating infrastructure programs, offering corporate tax breaks for employers to retain workers, and expanding export credit facilities. The stimulus programs and bank bailouts, however, resulted in a government budget deficit of 5.3% of GDP in 2010 that contrasted sharply with a surplus of 0.7% in 2008. The government of Prime Minister Mark RUTTE began implementing fiscal consolidation measures in early 2011, mainly reductions in expenditures, which resulted in an improved budget deficit of 3.8% of GDP.

Source : CIA

CONTACTINFORMATION

Company name	ORFFA ADDITIVES B.V.
Tradename	Orffa Additives B.V.
Address	Vierlinghstraat 51
	4251LC Werkendam
	Netherlands
Mail address	Vierlinghstraat 51
	4251LC Werkendam
	Netherlands
Telephone number	0183447766
Telefax number	0183441210
E-mail address	info@orffa.net
Website	www.orffra.com
VAT number / RSIN	005780937
Branch(es)	Orffa Additives B.V. (18129478.0001)
	Vierlinghstraat 51
	4251LC Werkendam

COMPANY Information

Handelsregisternummer 18129478

Registered in Chamber of commerce Brabant

First registration 05-11-1980

Act of foundation 17-10-1980

Date of constitution 17-10-1980

Last change in statutes 23-12-2005

Legal form Private Company

Place of constitution Giessen

Capital EUR 225.000

Issued capital EUR 45.000

Paid up capital EUR 45.000

NACE-code Manufacture of prepared feeds for farm animals (cattle feeds) (1571)

SBI-code Manufacture of prepared feeds for farm animals (1091)

Wholesale of seeds (46212)

Wholesale of arable farming products and cattle feeds (46218)

Formal objective De import en export van, en de handel in grondstoffen voor de veevoeder- en levensmiddelenindustrie en de produktie van die grondstoffen, zulks voor eigen account number, alsmede het verlenen van bemiddeling bij de handel of produktie van genoemde grondstoffen.

Import The whole world

Employees	Total: 5
Employees according to CoC	Chamber of commerce: 5
Bookyear		2012	2011
Number		5	5
Change		0,00%

COMPANY STRUCTURE

Shareholder Orffa International Holding B.V.

Vierlinghstraat 51

4251LC WERKENDAM

Netherlands

KvK: 18114690

Active since: 01-01-1992

Percentage: 100.00%

Ultimate parent company Olympus Holding B.V.

Vierlinghstraat 51

4251LC WERKENDAM

KvK: 52387631

Holding company Orffa International Holding B.V.

Vierlinghstraat 51

4251LC WERKENDAM

KvK: 18114690

Affiliated companies Excentials B.V.

Vierlinghstraat 51

4251LC WERKENDAM

KvK: 17259936

Orffa Pharma B.V.

Vierlinghstraat 51

4251LC WERKENDAM

KvK: 18130956

Orffa Pharma Group B.V.

Vierlinghstraat 51

4251LC WERKENDAM

KvK: 52870812

Liability declaration Orffa International Holding B.V. (18114690)

Vierlinghstraat 51

4251LC WERKENDAM

Since: 01-01-1997

Bank MeesPierson NV

Account number: 25.39.58.954

Real estate Lease

Surface: 250 m2

The real estate is checked at the land registration office

MANAGEMENT
Management	Orffa International Holding B.V.
	Vierlinghstraat 51
	4251LC WERKENDAM
	Netherlands
	KvK: 18114690
	Authorization: Fully authorized
	Position: Manager
	Date appointed: 22-04-2011

MANAGEMENT

Management Orffa International Holding B.V.

Vierlinghstraat 51

4251LC WERKENDAM

Netherlands

KvK: 18114690

Authorization: Fully authorized

Position: Manager

Date appointed: 22-04-2011

PAYMENT INFORMATION

Payment experiences According to terms

Payments Based on multiple payment experiences up to € 25.000

Quarter: 1 2012: 38 Average days

Quarter: 2 2012: 40 Average days

Quarter: 3 2012: 32 Average days

Quarter: 4 2012: 30 Average days

	invoices	current quarter		2012 Q3	2012 Q2	2012 Q1
Total	25	100%	26.359	53.944	28.215	27.570
Within terms	21	100,0%	26.359	53.125	20.033	21.351
Delayed 0 - 30	4	0,0%		819	8.182	6.219
Delayed 31 - 60
Delayed 61-90
Delayed 91-120
Delayed 120+ days

FINANCIAL INFORMATION

Type of publication Consolidated

Annual accounts van Orffa International Holding B.V.

Vierlinghstraat 51

4251LC WERKENDAM

KvK: 18114690

Publication Steady

CORE FIGURES
BOOKYEAR	2011	2010	2009
Quick ratio	0,99	1,28	1,12
Current ratio	1,57	1,68	1,53
Nett workingcapital / Balance total	0,34	0,40	0,34
Capital and reserves / Balance total	0,34	0,40	0,36
Capital and reserves / Fixed assets	5,13	51,24	13,77
Solvency	0,52	0,68	0,57
Nett workingcapital	17.326.000	17.209.000	11.962.000
Capital and reserves	17.342.000	17.268.000	12.726.000
Change capital and reserves	0,43%	35,69%	27,34%
change short term liabilities	20,57%	12,41%	-7,17%
Nett Turnover	188.059.000	192.975.000	153.414.000
Operating profit	6.953.000	7.180.000	5.165.000

Annual accounts The published financial information is the consolidated group information.

Last annual accounts 2011

Type of publication	Consolidated
Turnover	2011:	188.059.000
	2010:	192.975.000
	2009:	153.414.000
	2008:	156.639.000
	2007:	133.272.000
	2006:	108.907.000
Gross profit	2007:	12.740.000
	2006:	6.895.000
Operating profit	2011:	6.953.000
	2010:	7.180.000
	2009:	5.165.000
	2008:	17.158.000
	2007:	7.186.000
	2006:	2.100.000
Result after taxes	2011:	5.063.000
	2010:	4.397.000
	2009:	2.734.000
	2008:	12.541.000
	2007:	5.123.000
	2006:	1.242.000

Tendency

Tendency capital and reserves

Capital and reserves 2011 17.342.000

Total debt 2011 33.518.000

Current ratio 2011 1,57

Quick ratio 2011 0,99

Nett workingcapital 2011 17.326.000

Profitability More than sufficient

Solvency Just satisfactory

Liquidity Just satisfactory

Current & Quickratio

Currency Euro

BALANCE

BOOKYEAR	2011	2010	2009
End of bookyear	31-12-2011	31-12-2010	31-12-2009
Intangible assets	62.000
Tangible assets	298.000	298.000	261.000
Financial assets	3.021.000	39.000	663.000
Fixed assets	3.381.000	337.000	924.000
Stocks and work in progress	17.571.000	10.115.000	9.311.000
Trade debtors	27.123.000	25.642.000	22.224.000
Other amounts receivable	2.588.000	2.042.000	279.000
Accounts receivable	29.711.000	27.684.000	22.503.000
Liquid assets	512.000	4.679.000	2.627.000
Current assets	47.794.000	42.478.000	34.441.000
Total assets	51.175.000	42.815.000	35.365.000
Minority interest	305.000	226.000	160.000
Capital and reserves	17.342.000	17.268.000	12.726.000
Provisions	10.000	2.000
other long term debts		50.000
Long term liabilities	3.050.000	50.000
Other short term debts		25.269.000	22.479.000
Total short term debt	30.468.000	25.269.000	22.479.000
Total debt	33.518.000	25.319.000	22.479.000
Total Liabilities	51.175.000	42.815.000	35.365.000
PROFIT & LOSS ACCOUNT
BOOKYEAR	2011	2010	2009
Turnover	188.059.000	192.975.000	153.414.000
Nett Turnover	188.059.000	192.975.000	153.414.000
Wages employees	4.334.000	4.121.000	3.595.000
Depreciation and amortization	75.000	47.000	41.000
Raw materials	173.848.000	179.218.000	142.067.000
Other operating charges	2.849.000	2.409.000	2.546.000
Operating charges	181.106.000	185.795.000	148.249.000
Operating profit	6.953.000	7.180.000	5.165.000
Financial income	155.000	14.000	37.000
Financial charges	318.000	1.075.000	193.000
Financial result	-163.000	-1.061.000	-156.000
Result participations		-483.000	-949.000
Result before taxes	6.790.000	5.636.000	4.060.000
Income taxes	1.687.000	1.228.000	1.306.000
Result after taxes	5.103.000	4.408.000	2.754.000
Nett result	5.063.000	4.397.000	2.734.000
Income attributable to minority interest	40.000	-11.000	20.000

History

Consent statements Over bookyear 2011 a consent agreement is filed

Company structure

· Olympus Holding B.V. (52387631)

WERKENDAM

o Orffa International Holding B.V. (18114690)

WERKENDAM

Subsidiary (100%)

§ Excentials B.V. (17259936)

WERKENDAM

Subsidiary (100%)

§ Orffa Additives B.V. (18129478)

Werkendam

Subsidiary (100%)

§ Orffa Pharma B.V. (18130956)

WERKENDAM

Subsidiary (100%)

§ Orffa Pharma Group B.V. (52870812)

WERKENDAM

Several liability relation

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.54.52
UK Pound	1	Rs.87.48
Euro	1	Rs.70.89

INFORMATION DETAILS

Report Prepared by :

SDA

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.