MIRA INFORM REPORT

Report Date :

17.01.2012

IDENTIFICATION DETAILS

Name :	HOLLAND DIERVOEDERS B.V.

Registered Office :	Vogelaarsweg 23 3313LL Dordrecht

Country :	Netherlands

Financials (as on) :	31.12.2010

Date of Incorporation :	11.03.1927

Com. Reg. No.:	23057780

Legal Form :	Besloten Vennootschap

Line of Business :	Wholesale of seeds

No. of Employees :	290

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	€ 500.000
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 – September 30, 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

CONTACTINFORMATION

Company name	Holland Diervoeders B.V.
Tradename	Holland Diervoeders B.V.
	LenersanPoortman
Address	Vogelaarsweg 23
	3313LL Dordrecht
	Netherlands
Mail address	Postbus 889
	3300AW Dordrecht
	Netherlands
Telephone number	0786220622
Telefax number	0786220608
E-mail address	info@hollanddiervoeders.nl
Website	www.hollanddiervoeders.nl
VAT number / RSIN	001850702

CREDIT LIMIT

Credit limit

A credit of € 500.000 may be granted

COMPANY STRUCTURE

Shareholder	Name: Parfund N.V.
	Bezoekadres: Bischoffsheimlaan 36, 1000 Brussel, Belgium
	Registered in: Kruispuntbank van Companies Brussel, Belgium with registration
	number 0437832363
	Only shareholder since: 07-02-2011 (date registration type: 10-02-2011)

Bank ABN Amro Bank NV

Real estate Lease

The real estate is checked at the land registration office

Object code: DORDRECHT S 160

Owner: HOLLAND DIERVOEDERS INVESTMENTS B.V.

MANAGEMENT

Management	C.M.G. Depre
	Caroline Marie Germaine
	Authorization: Jointly authorized
	Position: Manager
	Date appointed: 07-02-2011
	Date of birth: 01-06-1973
	F.G.G. Depre
	Frederic Geoffrey Gaston
	Authorization: Limited authorization
	Position: Manager
	Date appointed: 07-02-2011
	Date of birth: 13-04-1973

PAYMENT INFORMATION

Payment experiences There are no payment experience known

FINANCIAL INFORMATION

Auditor PricewaterhouseCoopers

Publication financial statement Annual accounts 2010 are published on 21-06-2011

Annual accounts 2009 are published on 15-12-2010

Annual accounts 2008 are published on 28-05-2009

Annual accounts 2007 are published on 12-06-2008

Type of publication Consolidated

Annual accounts van Holland Diervoeders B.V.

Vogelaarsweg 23

3313LL Dordrecht KvK: 23057780

Publication Steady

CORE FIGURES
BOOKYEAR	2010	2009	2008
Quick ratio	1,24	0,84	1,05
Current ratio	2,59	2,15	2,01
Nett workingcapital / Balance total	0,50	0,41	0,38
Capital and reserves / Balance total	0,23	0,26	0,08
Capital and reserves / Fixed assets	1,25	1,10	0,33
Solvency	0,31	0,36	0,08
Nett workingcapital	15.880.000	12.170.000	13.929.000
Capital and reserves	7.484.000	7.777.000	2.786.000
Change capital and reserves	-3,77%	179,15%	598,25%
change short term liabilities	-5,78%	-23,22%	-56,20%
Nett Turnover	104.040.000	94.355.000	108.533.000
Operating profit	321.000	-1.707.000	-534.000
Profitability operating profit	positive	negative	negative

Annual accounts The company is obligated to publish its annual accounts

Last annual accounts 2010

Type of publication	Consolidated
Turnover	2010:	104.040.000
	2009:	94.355.000
	2008:	108.533.000
	2007:	110.237.000
	2006:	104.646.000
Gross profit	2007:	19.596.000
	2006:	19.096.000
Operating profit	2010:	321.000
	2009:	-1.707.000
	2008:	-534.000
	2007:	6.155.000
	2006:	1.819.000
Result after taxes	2010:	-293.000

BALANCE

BOOKYEAR	2010	2009	2008
End of bookyear	31-12-2010	31-12-2009	31-12-2008
Other intangible assets	273.000	466.000	817.000
Intangible assets	273.000	466.000	817.000
Tangible assets	5.729.000	6.627.000	7.669.000
Fixed assets	6.002.000	7.093.000	8.486.000

Stocks and work in progress	13.458.000	13.897.000	13.250.000
Trade debtors	10.312.000	7.370.000	10.610.000
Other amounts receivable	1.334.000	475.000	1.278.000
Accounts receivable	11.646.000	7.845.000	11.888.000
Liquid assets	775.000	1.040.000	2.613.000
Current assets	25.879.000	22.782.000	27.751.000
Total assets	31.881.000	29.875.000	36.237.000

Capital and reserves	7.484.000	7.777.000	2.786.000
Provisions	311.000	198.000	154.000
Long term interest yealding debts	14.000.000	11.000.000	19.000.000
other long term debts	87.000	288.000	475.000
Long term liabilities	14.087.000	11.288.000	19.475.000
Other short term debts	6.505.000	8.107.000	10.683.000
Total short term debt	9.999.000	10.612.000	13.822.000
Total debt	24.397.000	22.098.000	33.451.000
Total Liabilities	31.881.000	29.875.000	36.237.000

PROFIT & LOSS ACCOUNT
BOOKYEAR	2010	2009	2008
Turnover	104.040.000	94.355.000	108.533.000
Nett Turnover	104.040.000	94.355.000	108.533.000
Wages employees	5.597.000	6.472.000	7.864.000
Depreciation and amortization	1.135.000	1.322.000	1.351.000
Raw materials	85.426.000	78.424.000	89.757.000
Other operating charges	11.561.000	9.844.000	10.095.000
Operating charges	103.719.000	96.062.000	109.067.000
Operating profit	321.000	-1.707.000	-534.000
Financial charges	614.000	1.302.000	1.680.000
Financial result	-614.000	-1.302.000	-1.680.000
Result before taxes	-293.000	-3.009.000	-2.214.000
Result after taxes	-293.000	-3.009.000	-2.214.000
Extraordinary income			1.000
Extraordinary result			1.000
Taxes on extraordinary result			1.000
Extraordinary result after taxes			1.000
Nett result	-293.000	-3.009.000	-2.213.000

History

Merger and demerger

Op 02-01-2012 merger taken place. New registration: Holland Diervoeders B.V., 23057780 Ceased registration: Holland Diervoeders B.V., 23040795. Op 14-11-2011 merger proposal filed. New registration: Holland Diervoeders Investments B.V., 23057780 Ceased registration: Holland Diervoeders B.V.,

23040795.

Management

Since 07-02-2011 manager Caroline Marie Germaine Depre appointed. Since 07-02-2011 manager Frederic Geoffrey Gaston Depre appointed. Since 07-02-2011 manager Jan Frederik Klijnsma out of office. Since 07-02-2011 is Commissaris Jorg Wolle out of office. Since 07-02-2011 is Proxy Einar Andreas Negaard out of office. Since 07-02-2011 manager Gonpo Tsering out of office.

Modifications

Since 2-1-2012 statutes modified. Since 3-1-2012 name changed to: Holland Diervoeders B.V..

Since 7-2-2011 statutes modified. Since 7-2-2011 name changed to: Holland Diervoeders Investments B.V..

Company structure

· Holland Diervoeders B.V. (23057780)

Dordrecht

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.51.65
UK Pound	1	Rs.79.09
Euro	1	Rs.65.32

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.

Handelsregisternummer	23057780
Registered in	Chamber of commerce Rotterdam
First registration	27-01-1954
Act of foundation	11-03-1927

Date of constitution	11-03-1927
Continuation date	22-11-1972
Last change in statutes	03-01-2012
Legal form	Besloten Vennootschap

Place of constitution	Rotterdam
Capital	EUR 16.308.000
Issued capital	EUR 4.077.000
Paid up capital	EUR 4.077.000

Employees	Total: 290
Bookyear		2010	2009	2008
Number		290	300	210
Change		-3,33%	42,86%	11,70%