MIRA INFORM REPORT

Report Date :

02.11.2012

IDENTIFICATION DETAILS

Name :	AGRIPHAR ITALIA SRL
Registered Office :	Via Donizetti 2/A Cento, 44042
Country :	Italy
Financials (as on) :	31.12.2011
Date of Incorporation :	23.09.2008
Com. Reg. No.:	01766210387
Legal Form :	Private Subsidiary
Line of Business :	Manufacture of pesticides and other agro-chemical products
No. of Employees :	16

RATING & COMMENTS

MIRA’s Rating :

B

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Moderate
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)
Italy	A2	A2

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

ITALY - ECONOMIC OVERVIEW

Italy has a diversified industrial economy, which is divided into a developed industrial north, dominated by private companies, and a less-developed, welfare-dependent, agricultural south, with high unemployment. The Italian economy is driven in large part by the manufacture of high-quality consumer goods produced by small and medium-sized enterprises, many of them family owned. Italy also has a sizable underground economy, which by some estimates accounts for as much as 17% of GDP. These activities are most common within the agriculture, construction, and service sectors. Italy is the third-largest economy in the euro-zone, but exceptionally high public debt burdens and structural impediments to growth have rendered it vulnerable to scrutiny by financial markets. Public debt has increased steadily since 2007, reaching 120% of GDP in 2011, and borrowing costs on sovereign government debt have risen to record levels. During the second half of 2011 the government passed a series of three austerity packages to balance its budget by 2013 and decrease its public debt burden. These measures included a hike in the value-added tax, pension reforms, and cuts to public administration. The government also faces pressure from investors and European partners to address Italy's long-standing structural impediments to growth, such as an inflexible labor market and widespread tax evasion. The international financial crisis worsened conditions in Italy''s labor market, with unemployment rising from 6.2% in 2007 to 8.4% in 2011, but in the longer-term Italy''s low fertility rate and quota-driven immigration policies will increasingly strain its economy. The euro-zone crisis along with Italian austerity measures have reduced exports and domestic demand, slowing Italy''s recovery. Italy''s GDP is still 5% below its 2007 pre-crisis level.

Source : CIA

Company name and address

Top of Form

Bottom of Form

Top of Form

Agriphar Italia SRL

Via Donizetti 2/A
Cento, 44042
Italy
Tel:	+39 0516 836207
Fax:	+39 0516 835777

Employees:	16
Company Type:	Private Subsidiary
Corporate Family:	2 Companies
Ultimate Parent:	Demetteir NV
Incorporation Date:	23-Sep-2008

Financials in:	USD (mil)
Fiscal Year End:	31-Dec-2011
Reporting Currency:	Euro
Annual Sales:	26.0
Total Assets:	15.0

Business Description

Agriphar Italia SRL is primarily engaged in manufacture of insecticides, rodenticides, fungicides, herbicides; manufacture of anti-sprouting products, plant growth regulators; manufacture of disinfectants; and manufacture of other agro-chemical products not elsewhere classified.

Industry

Industry	Chemical Manufacturing
ANZSIC 2006:	1832 - Pesticide Manufacturing
NACE 2002:	2420 - Manufacture of pesticides and other agro-chemical products
NAICS 2002:	3253 - Pesticide, Fertilizer, and Other Agricultural Chemical Manufacturing
UK SIC 2003:	2420 - Manufacture of pesticides and other agro-chemical products
UK SIC 2007:	2020 - Manufacture of pesticides and other agrochemical products
US SIC 1987:	2879 - Pesticides and Agricultural Chemicals, Not Elsewhere Classified

Key Executives

Name	Title
Dirk Barrie	President
Patrick Rene' Lorquet	Executive
Georges Neumann	Member of the board
Denis Payen	Member of the board

1 - Profit & Loss Item Exchange Rate: USD 1 = EUR 0.7191895
2 - Balance Sheet Item Exchange Rate: USD 1 = EUR 0.770327

Corporate Overview

Location
Via Donizetti 2/A
Cento, 44042
Italy

Tel:	+39 0516 836207
Fax:	+39 0516 835777

Suggest Company URL

Sales EUR(mil):	18.7
Assets EUR(mil):	11.6
Employees:	16
Fiscal Year End:	31-Dec-2011

Industry:	Chemical Manufacturing

Incorporation Date:	23-Sep-2008
Company Type:	Private Subsidiary
Quoted Status:	Not Quoted
Registered No.(ITA):	01766210387

President:	Dirk Barrie

Contents Industry Codes Business Description Financial Data Key Corporate Relationships

Industry Codes

ANZSIC 2006 Codes:
1832	-	Pesticide Manufacturing
3323	-	Industrial and Agricultural Chemical Product Wholesaling
1899	-	Other Basic Chemical Product Manufacturing Not Elsewhere Classified

NACE 2002 Codes:
2420	-	Manufacture of pesticides and other agro-chemical products
5155	-	Wholesale of chemical products
2466	-	Manufacture of other chemical products not elsewhere classified

NAICS 2002 Codes:
3253	-	Pesticide, Fertilizer, and Other Agricultural Chemical Manufacturing
4246	-	Chemical and Allied Products Merchant Wholesalers
325998	-	All Other Miscellaneous Chemical Product and Preparation Manufacturing

US SIC 1987:
2879	-	Pesticides and Agricultural Chemicals, Not Elsewhere Classified
516	-	Chemicals and Allied Products
2899	-	Chemicals and Chemical Preparations, Not Elsewhere Classified

UK SIC 2003:
2420	-	Manufacture of pesticides and other agro-chemical products
2466	-	Manufacture of other chemical products not elsewhere classified
5155	-	Wholesale of chemical products

UK SIC 2007:
2020	-	Manufacture of pesticides and other agrochemical products
2059	-	Manufacture of other chemical products n.e.c.
4675	-	Wholesale of chemical products

Business Description

Agriphar Italia SRL is primarily engaged in manufacture of insecticides, rodenticides, fungicides, herbicides; manufacture of anti-sprouting products, plant growth regulators; manufacture of disinfectants; and manufacture of other agro-chemical products not elsewhere classified.

Financial Data

Financials in:	EUR(mil)
Revenue:	18.7
Assets:	11.6
Current Assets:	11.4
Total Liabilities:	11.6
Net Worth:	3.7
Date of Financial Data:	31-Dec-2011

1 Year Growth

6.7%

NA

Key Corporate Relationships

Bank:	Cassa di Risparmio di Cento Ag

Corporate Structure News

Total Corporate Family Members: 2

Company Name	Company Type	Location	Country	Industry	Sales (USD mil)	Employees
Demetteir NV	Parent
Agriphar Italia SRL	Subsidiary	Cento, Ferrara	Italy	Chemical Manufacturing	26.0	16

Executives Report

Board of Directors

Name	Title	Function
Georges Neumann	Member of the board	Director/Board Member
Denis Payen	Member of the board	Director/Board Member

Executives

Name	Title	Function
Dirk Barrie	President	President
Giovanni Malaguti	Managing director	Managing Director
Patrick Rene' Lorquet	Executive	Other

Annual Profit & Loss

	31-Dec-2011	31-Dec-2010	31-Dec-2009
Period Length	12 Months	12 Months	12 Months
Filed Currency	EUR	EUR	EUR
Exchange Rate (Period Average)	0.71919	0.755078	0.719047
Consolidated	No	No	No
Total income	27.8	23.8	21.4
Net sales	26.0	23.2	20.6
Other operating income	0.5	0.5	0.5
Raw materials and consumables employed	21.3	17.2	14.9
Other expenses	2.6	2.5	2.0
Total payroll costs	1.4	1.3	1.1
Fixed asset depreciation and amortisation	0.3	0.1	0.4
Other operating costs	0.3	0.3	0.2
Net operating income	1.8	2.5	2.8
Total financial income	0.0	0.0	0.0
Total expenses	0.1	0.0	0.0
Profit before tax	1.7	2.5	2.7
Extraordinary result	0.0	0.0	-
Profit after extraordinary items and before tax	1.7	2.5	2.7
Total taxation	0.6	0.8	0.9
Net profit	1.1	1.7	1.8

Annual Balance Sheet

Financials in: USD (mil)

	31-Dec-2011	31-Dec-2010	31-Dec-2009
Filed Currency	EUR	EUR	EUR
Exchange Rate	0.770327	0.745406	0.696986
Consolidated	No	No	No
Total stockholders equity	4.8	3.9	2.4
Provision for pensions	0.1	0.1	0.1
Other long-term liabilities	-	2.7	2.9
Trade creditors	5.1	3.6	5.4
Bank loans and overdrafts	4.4	1.5	0.7
Other current liabilities	0.6	0.6	1.4
Accruals and deferred income	0.0	-	-
Total current liabilities	10.0	5.7	7.5
Total liabilities (including net worth)	15.0	12.4	12.8
Intangibles	0.0	0.0	0.0
Total tangible fixed assets	0.1	0.1	0.1
Long-term investments	0.0	0.0	0.0
Total financial assets	0.0	0.0	0.0
Receivables due after 1 year	0.1	0.0	-
Total non-current assets	0.2	0.2	0.2
Finished goods	3.6	2.6	2.6
Net stocks and work in progress	4.1	3.0	3.5
Trade debtors	7.8	6.9	6.9
Other receivables	0.3	0.3	0.1
Cash and liquid assets	2.5	2.0	2.1
Accruals	0.1	0.1	0.0
Total current assets	14.8	12.2	12.6
Total assets	15.0	12.4	12.8

Annual Ratios

Financials in: USD (mil)

	31-Dec-2011	31-Dec-2010	31-Dec-2009
Period Length	12 Months	12 Months	12 Months
Filed Currency	EUR	EUR	EUR
Exchange Rate	0.770327	0.745406	0.696986
Consolidated	No	No	No
Current ratio	1.50	2.20	1.70
Quick ratio	1.10	1.60	1.20
Current liabilities to net worth	0.02%	0.02%	0.03%
Sales per employee	0.98	0.97	0.87
Profit per employee	0.07	0.10	-
Average wage per employee	0.05	0.05	0.05
Net worth	4.8	3.9	2.4
Number of employees	19	18	-

Bottom of Form

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.53.78
UK Pound	1	Rs.86.77
Euro	1	Rs.69.71

INFORMATION DETAILS

Report Prepared by :

PRL

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.