MIRA INFORM REPORT

Report Date :

20.12.2012

IDENTIFICATION DETAILS

Name :	EMERALD KALAMA CHEMICAL, B.V.

Registered Office :	Mijnweg 1 6167AC Geleen

Country :	Netherlands

Financials (as on) :	31.12.2010

Date of Incorporation :	19.06.2008

Com. Reg. No.:	34304785

Legal Form :	Limited Company

Line of Business :	Financial holding

No. of Employees :	Not Available

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 – June 30^th, 2012

Country Name

Previous Rating

(31.03.2012)

Current Rating

(30.06.2012)

Netherlands

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	Emerald Kalama Chemical, B.V.

Tradename	Emerald Kalama Chemical, B.V.

Address	Mijnweg 1 6167AC Geleen Netherlands

Mail address	Postbus 601 6160AP Geleen Netherlands
Telephone number	0888880503
Telefax number	0888880503
E-mail address	Unknown
Website	Unknown

VAT number / RSIN	819596188

Branch(es)	Emerald Kalama Chemical, B.V. (34304785.0002) Montrealweg 15 harbour 4322 3197KH BOTLEK ROTTERDAM

COMPANY STRUCTURE

Shareholder	Emerald Kalama Activities of holding companies Cooperatief, U.A.
	Mijnweg 1
	6167AC GELEEN
	Netherlands
	KvK: 50316036
	Active since: 02-07-2010
	Percentage: 100.00%

Bank The Royal Bank of Scotland N.V

MANAGEMENT

Management H.M.L. Degens

Hubert Marie Lambert

Authorization: Jointly authorized

Position: Manager

Date appointed: 27-01-2012

Date of birth: 24-04-1952

E.T. Gotch

Edward Thomas

Authorization: Jointly authorized

Position: Manager

Date appointed: 11-05-2011

Date of birth: 11-11-1972

C. Wagner

Candace

Authorization: Jointly authorized

Position: Manager

Date appointed: 10-12-2010

Date of birth: 18-06-1956

H.G.M. Claassen

Hubertus Gerardus Maria

2243 EZ

Authorization: Limited authorization (max: € 175.000)

Position: Proxy

Date appointed: 01-04-2011

Date of birth: 03-09-1950

Other directorships:

- Manager: DSM Special Products B.V. - BOTLEK ROTTERDAM (KvK: 24108515)

H.M.L. Degens

Hubert Marie Lambert

Authorization: Fully authorized

Position: Proxy

Date appointed: 01-04-2011

Date of birth: 24-04-1952

G.M.D.M. Dikschei

Gerardus Majella Dominik Maria

Authorization: Limited authorization

Position: Proxy

Date appointed: 01-04-2011

Date of birth: 25-11-1965

O.S. Schoordijk

Oscar Sandro

2331 CT

Authorization: Limited authorization (max: € 100.000)

Position: Proxy

Date appointed: 01-04-2011

Date of birth: 20-02-1974

Other directorships:

- Proxy: DSM Special Products B.V. - BOTLEK ROTTERDAM (KvK: 24108515)

F.A.J. Smithuysen

Frans Albert Jan

Authorization: Limited authorization (max: € 500.000)

Position: Proxy

Date appointed: 01-04-2011

Date of birth: 22-05-1951

R.H.E.F. Smits

Roelof Henricus Elisabeth Fran

Authorization: Limited authorization (max: € 500.000)

Position: Proxy

Date appointed: 01-11-2011

Date of birth: 23-06-1983

H.D. Terhenne

Hans Dick

Authorization: Limited authorization (max: € 175.000)

Position: Proxy

Date appointed: 01-04-2011

Date of birth: 29-02-1964

R.J.W. van Tilborg

Robertus Johannes Wilhelmus

Authorization: Limited authorization (max: € 100.000)

Position: Proxy

Date appointed: 01-04-2011

Date of birth: 16-01-1965

PAYMENT INFORMATION

Payment experiences Payments are regular, no complaints are known

FINANCIAL INFORMATION

Publication financial statement Annual accounts 2010 are published on 30-07-2012

Annual accounts 2009 are published on 23-07-2010

Annual accounts 2008 are published on 08-10-2009

Type of publication Corporate

Publication Publication according to obligations by law

CORE FIGURES
BOOKYEAR	2010	2009	2008
Quick ratio	0,00	0,00	0,15
Current ratio	0,00	0,00	0,15
Nett workingcapital / Balance total	0,00	1,00	-5,64
Capital and reserves / Balance total	0,01	1,00	-5,64
Capital and reserves / Fixed assets	0,01	-	-
Solvency	0,01	0,00	-0,85
Nett workingcapital	24.816	136	-3.467
Capital and reserves	422.284	136	-3.467
Change capital and reserves	310.402,94%	103,92%
change short term liabilities	0,00%	-100,00%

untitled

Annual accounts The company is obligated to publish its annual accounts

Last annual accounts 2010

Tendency Upward

Capital and reserves 2010 422.284

Total debt 2010 56.390.161

Current ratio 2010 0,00

Quick ratio 2010 0,00

Nett workingcapital 2010 24.816

Profitability Positive

Solvency Own resources are worn out

Liquidity Own resources are worn out

BALANCE SHEET

BOOKYEAR	2010	2009	2008
End of bookyear	31-12-2010	31-12-2009	31-12-2008
Financial assets	56.787.629
Fixed assets	56.787.629

Accounts receivable	24.816	117
Liquid assets		19	615
Current assets	24.816	136	615
Total assets	56.812.445	136	615

Capital and reserves	422.284	136	-3.467
Long term liabilities	56.390.161
Other short term debts		0
Total short term debt		0	4.082
Total debt	56.390.161	0	4.082
Total Liabilities	56.812.445	136	615

History

Merger and demerger

Op 01-03-2011 merger taken place. New registration: Emerald Kalama Chemical, B.V.,

34304785 Ceased registration: DSM Special Products B.V., 24108515.

Op 18-01-2011 merger proposal filed. New registration: Emerald Kalama Chemical, B.V.,

34304785 Ceased registration: DSM Special Products B.V., 24108515.

Management

Per 01-09-2012 is Proxy Daniël Vonken out of office.

Per 30-05-2012 is Proxy Godfried Walburga Theodoor Maria Opfergelt out of office.

Per 27-01-2012 manager Hubert Marie Lambert Degens appointed.

Per 26-01-2012 manager Brian Alexander Denison out of office.

Per 26-01-2012 is Proxy Brian Alexander Denison out of office.

Per 01-11-2011 is Proxy Roelof Henricus Elisabeth Franciscus Smits appointed.

Per 11-05-2011 manager Edward Thomas Gotch appointed.

Per 01-04-2011 is Proxy Oscar Sandro Schoordijk appointed.

Per 01-04-2011 is Proxy Frans Albert Jan Smithuysen appointed.

Per 01-04-2011 is Proxy Hubert Marie Lambert Degens appointed.

Per 01-04-2011 is Proxy Hubertus Gerardus Maria Claassen appointed.

Per 01-04-2011 is Proxy Gerardus Majella Dominik Maria Dikschei appointed.

Per 01-04-2011 is Proxy Hans Dick Terhenne appointed.

Per 01-04-2011 is Proxy Godfried Walburga Theodoor Maria Opfergelt appointed.

Per 01-04-2011 is Proxy Robertus Johannes Wilhelmus van Tilborg appointed.

Per 01-04-2011 is Proxy Daniël Vonken appointed.

Per 02-03-2011 manager Brian Alexander Denison appointed.

Per 02-03-2011 is Proxy Brian Alexander Denison appointed.

Per 02-03-2011 manager Wolbert Hinrik Kamphuijs out of office.

Per 02-03-2011 manager Jacob Cornelis Willem van Burg out of office.

Per 17-12-2010 manager Sun Capital Partners Netherlands Management LLC Ver. Staten van Amerika out of office.

Per 10-12-2010 manager Candace Wagner appointed.

Per 02-07-2010 manager 33126512 Equity Trust Co. N.V. out of office.

Per 02-07-2010 manager Sun Capital Partners Netherlands Management LLC Ver.

Staten van Amerika appointed.

Per 02-07-2010 manager Wolbert Hinrik Kamphuijs appointed.

Per 02-07-2010 manager Jacob Cornelis Willem van Burg appointed.

Per 02-06-2010 manager Alessandro Umberto Beluzzo out of office.

Modifications

Per 2-3-2011 is the responsibility of manager Candace Wagner changed

Company structure

Emerald Kalama Chemical, B.V. (34304785)

geleen

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.54.74
UK Pound	1	Rs.89.02
Euro	1	Rs.72.48

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%)

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.

MIRA INFORM REPORT

CONTACTINFORMATION

COMPANY INFORMATION

COMPANY STRUCTURE

MANAGEMENT

PAYMENT INFORMATION

FINANCIAL INFORMATION

BALANCE SHEET

History

Company structure

Unit