MIRA INFORM REPORT

Report Date :

18.09.2012

IDENTIFICATION DETAILS

Name :	DOHLER NEUENKIRCHEN GMBH
Registered Office :	Dorfstrasse 17 Neuenkirchen, 21763
Country :	Germany
Financials (as on) :	31.12.2010
Date of Incorporation :	25.11.1975
Com. Reg. No.:	110830
Legal Form :	Private Subsidiary
Line of Business :	Engaged in manufacture of other organic basic chemicals
No. of Employees :	190

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 :	Slow
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)
Germany	A1	A1

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

GERMANY - ECONOMIC OVERVIEW

The German economy - the fifth largest economy in the world in PPP terms and Europe's largest - is a leading exporter of machinery, vehicles, chemicals, and household equipment and benefits from a highly skilled labor force. Like its Western European neighbors, Germany faces significant demographic challenges to sustained long-term growth. Low fertility rates and declining net immigration are increasing pressure on the country's social welfare system and necessitate structural reforms. Reforms launched by the government of Chancellor Gerhard SCHROEDER (1998-2005), deemed necessary to address chronically high unemployment and low average growth, contributed to strong growth in 2006 and 2007 and falling unemployment. These advances, as well as a government subsidized, reduced working hour scheme, help explain the relatively modest increase in unemployment during the 2008-09 recession - the deepest since World War II - and its decrease to 6.0% in 2011. GDP contracted 5.1% in 2009 but grew by 3.6% in 2010, and 2.7% in 2011. The recovery was attributable primarily to rebounding manufacturing orders and exports - increasingly outside the Euro Zone. Germany's central bank projects that GDP will grow 0.6% in 2012, a reflection of the worsening euro-zone financial crisis and the financial burden it places on Germany as well as falling demand for German exports. Domestic demand is therefore becoming a more significant driver of Germany's economic expansion. Stimulus and stabilization efforts initiated in 2008 and 2009 and tax cuts introduced in Chancellor Angela MERKEL's second term increased Germany's budget deficit to 3.3% in 2010, but slower spending and higher tax revenues reduce the deficit to 1.7% in 2011, below the EU's 3% limit. A constitutional amendment approved in 2009 limits the federal government to structural deficits of no more than 0.35% of GDP per annum as of 2016. Following the March 2011 Fukushima nuclear disaster, Chancellor Angela Merkel announced in May 2011 that eight of the country's 17 nuclear reactors would be shut down immediately and the remaining plants would close by 2022. Germany hopes to replace nuclear power with renewable energy. Before the shutdown of the eight reactors, Germany relied on nuclear power for 23% of its energy and 46% of its base-load electrical production.

Source : CIA

Company name and address

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Bottom of Form

Dohler Neuenkirchen GmbH

Dorfstrasse 17
Neuenkirchen, 21763
Germany
Tel:	+49 (0) 4751 92200
Fax:	+49 (0) 4751 922022

Employees:	190
Company Type:	Private Subsidiary
Corporate Family:	10 Companies
Ultimate Parent:	DÖHLER GmbH
Incorporation Date:	25-Nov-1975

Financials in:	USD (mil)
Fiscal Year End:	31-Dec-2010
Reporting Currency:	Euro
Annual Sales:	180.5
Total Assets:	155.5

Business Description

Dohler Neuenkirchen GmbH is primarily engaged in manufacture of other organic basic chemicals: acyclic hydrocarbons, saturated and unsaturated; cyclic hydrocarbons, saturated and unsaturated; acyclic and cyclic alcohols, including synthetic ethyl alcohol; mono- and polycarboxyclic acids including acetic acid; other oxygen-function compounds including aldehydes, ketones, quinones and dual or poly oxygen-function compounds; nitrogen-function organic compounds including amines; other organic compounds including wood distillation products, etc.; manufacture of charcoal; production of pitch and pitch coke; manufacture of synthetic aromatic products; and distillation of coal tar.

Industry

Industry	Chemical Manufacturing
ANZSIC 2006:	1812 - Basic Organic Chemical Manufacturing
NACE 2002:	2414 - Manufacture of other organic basic chemicals
NAICS 2002:	32519 - Other Basic Organic Chemical Manufacturing
UK SIC 2003:	2414 - Manufacture of other organic basic chemicals
UK SIC 2007:	2014 - Manufacture of other organic basic chemicals
US SIC 1987:	2869 - Industrial Organic Chemicals, Not Elsewhere Classified

Key Executives

Name	Title
Axel Gillner	Managing director
Hubert Gründing	Managing director
Andreas Klein	Managing director

1 - Profit & Loss Item Exchange Rate: USD 1 = EUR 0.7550783
2 - Balance Sheet Item Exchange Rate: USD 1 = EUR 0.7454064

Corporate Overview

Location
Dorfstrasse 17
Neuenkirchen, 21763
Germany

Tel:	+49 (0) 4751 92200
Fax:	+49 (0) 4751 922022

Suggest Company URL

Sales EUR(mil):	136.3
Assets EUR(mil):	115.9
Employees:	190
Fiscal Year End:	31-Dec-2010

Industry:	Chemical Manufacturing

Incorporation Date:	25-Nov-1975
Company Type:	Private Subsidiary
Quoted Status:	Not Quoted
Registered No.(DEU):	110830

Managing director:	Axel Gillner

Contents Industry Codes Business Description Financial Data Key Corporate Relationships

Industry Codes

ANZSIC 2006 Codes:
1812	-	Basic Organic Chemical Manufacturing
3323	-	Industrial and Agricultural Chemical Product Wholesaling
1899	-	Other Basic Chemical Product Manufacturing Not Elsewhere Classified

NACE 2002 Codes:
2414	-	Manufacture of other organic basic chemicals
2466	-	Manufacture of other chemical products not elsewhere classified
5155	-	Wholesale of chemical products

NAICS 2002 Codes:
32519	-	Other Basic Organic Chemical Manufacturing
4246	-	Chemical and Allied Products Merchant Wholesalers
325998	-	All Other Miscellaneous Chemical Product and Preparation Manufacturing

US SIC 1987:
2869	-	Industrial Organic Chemicals, Not Elsewhere Classified
516	-	Chemicals and Allied Products
2899	-	Chemicals and Chemical Preparations, Not Elsewhere Classified

UK SIC 2003:
2414	-	Manufacture of other organic basic chemicals
5155	-	Wholesale of chemical products
2466	-	Manufacture of other chemical products not elsewhere classified

UK SIC 2007:
2014	-	Manufacture of other organic basic chemicals
2059	-	Manufacture of other chemical products n.e.c.
4675	-	Wholesale of chemical products

Business Description

Dohler Neuenkirchen GmbH is primarily engaged in manufacture of other organic basic chemicals: acyclic hydrocarbons, saturated and unsaturated; cyclic hydrocarbons, saturated and unsaturated; acyclic and cyclic alcohols, including synthetic ethyl alcohol; mono- and polycarboxyclic acids including acetic acid; other oxygen-function compounds including aldehydes, ketones, quinones and dual or poly oxygen-function compounds; nitrogen-function organic compounds including amines; other organic compounds including wood distillation products, etc.; manufacture of charcoal; production of pitch and pitch coke; manufacture of synthetic aromatic products; and distillation of coal tar.

Financial Data

Financials in:	EUR(mil)
Revenue:	136.3
Assets:	115.9
Current Assets:	79.0
Total Liabilities:	115.9
Issued Capital:	10.0
Net Worth:	31.7
Date of Financial Data:	31-Dec-2010

1 Year Growth

-7.6%

NA

Key Corporate Relationships

Bank:	Bremer Landesbank, SEB

Corporate Structure News

Dohler Neuenkirchen GmbH
Total Corporate Family Members: 10

Company Name	Company Type	Location	Country	Industry	Sales (USD mil)	Employees
DÖHLER GmbH	Parent	Darmstadt, Hessen	Germany	Beverages (Non-Alcoholic)	397.9	1,021
Döhler Neuenkirchen GmbH	Subsidiary	Neuenkirchen, Niedersachsen	Germany	Chemical Manufacturing	180.5	190
Konfrut Gida Sanayi ve Ticaret A.S.	Subsidiary	Uskudar	Turkey	Food Processing	38.7	136
Dohler Hungaria Elelmiszeripari, Kereskedelmi Es Szolgaltato Korlatolt Felelossegu Tarsasa	Subsidiary	Kerepes	Hungary	Food Processing	3.6	6
Continental Fruit B.V.	Subsidiary	Oosterhout Nb, Noord-Brabant	Netherlands	Miscellaneous Financial Services	424.7
Döhler Holland B.V.	Subsidiary	Oosterhout Nb, Noord-Brabant	Netherlands	Food Processing	125.0	235
Holland Flark B.V.	Subsidiary	Roggel, Limburg	Netherlands	Miscellaneous Financial Services	59.7
Alko Research International B.V.	Subsidiary	Roggel, Limburg	Netherlands	Biotechnology and Drugs		85
Alko International B.V.	Subsidiary	Roggel, Limburg	Netherlands	Food Processing	59.7
Deler Nf I B Ooo	Subsidiary	Moscow	Russian Federation	Beverages (Non-Alcoholic)	51.4

Executives Report

Executives

Name	Title	Function
Axel Gillner	Managing director	Managing Director
Hubert Gründing	Managing director	Managing Director
Andreas Klein	Managing director	Managing Director

Annual Profit & Loss

	31-Dec-2010	31-Dec-2009	31-Dec-2008
Period Length	12 Months	12 Months	12 Months
Filed Currency	EUR	EUR	EUR
Exchange Rate (Period Average)	0.755078	0.719047	0.683679
Consolidated	No	No	No
Total income	180.5	205.1	387.5
Raw materials and services	144.9	156.5	315.3
Net sales	180.5	205.1	387.5
Change in stock	6.0	-1.5	-17.4
Other operating income	5.8	9.5	3.6
Raw materials and consumables employed	144.9	156.5	315.3
Other external charges	5.8	-	-
Cost of goods sold	150.7	156.5	315.3
Cost of raw materials	150.7	156.5	315.3
Taxes and social security costs	1.8	1.7	1.8
Total payroll costs	11.2	11.1	12.0
Fixed asset depreciation and amortisation	2.6	4.1	4.9
Other operating costs	57.3	48.1	63.6
Net operating income	-0.9	17.3	9.7
Interest received from loans	0.1	0.3	0.2
Other income	0.6	0.3	0.4
Interest payable on loans	1.3	1.6	7.4
Total expenses	0.7	0.9	6.8
Profit before tax	-1.5	16.4	2.9
Extraordinary income	0.1	-	-
Provisions	10.6	6.4	5.2
Extraordinary expenses	0.0	-	-
Extraordinary result	0.1	-	-
Other taxes	-0.4	-0.5	-1.0
Total taxation	0.1	0.0	0.0
Profit distributed to shareholders	1.2	-17.0	-3.9

Annual Balance Sheet

Financials in: USD (mil)

	31-Dec-2010	31-Dec-2009	31-Dec-2008
Filed Currency	EUR	EUR	EUR
Exchange Rate	0.745406	0.696986	0.719399
Consolidated	No	No	No
Issued capital	13.4	14.3	13.9
Capital reserves	26.8	28.7	27.8
Total reserves	2.3	2.5	2.4
Total stockholders equity	42.6	45.5	44.1
Other provisions	10.7	6.7	5.0
Provisions and allowances	10.7	6.7	5.0
Convertible debentures	6.7	7.2	7.0
Owing to group/associated companies	-	-	2.6
Total long-term liabilities	-	-	2.6
Trade creditors	9.2	4.5	5.7
Advances received	-	0.2	-
Other loans	81.9	4.2	46.1
Taxation and social security	1.3	38.3	33.8
Due to group companies	3.2	18.9	0.0
Total current liabilities	95.5	66.2	85.6
Total liabilities (including net worth)	155.5	125.5	144.3
Patents	0.1	0.3	0.9
Intangibles	0.1	0.3	0.9
Land and buildings	-	10.4	10.5
Machinery and tools	5.3	6.7	8.9
Fixtures and equipment	-	10.4	10.5
Fixed assets under construction	-	-	0.2
Total tangible fixed assets	5.8	17.7	20.1
Long-term investments	10.8	0.0	0.0
Shares held in associated companies	25.9	27.7	26.9
Total financial assets	43.5	27.8	26.9
Loans to participants	6.8	-	-
Total non-current assets	49.4	45.8	47.9
Raw materials	19.8	20.5	18.4
Work in progress	12.5	10.2	8.4
Finished goods	19.1	23.2	30.2
Prepayments	7.2	1.9	1.8
Net stocks and work in progress	67.9	55.9	58.8
Trade debtors	22.3	17.6	23.6
Other receivables	1.9	0.3	0.2
Total receivables	38.1	23.6	36.5
Owing from associated companies	13.8	4.3	12.4
Owing from participants	-	1.4	0.3
Cash and liquid assets	0.0	0.1	1.0
Total current assets	106.0	79.6	96.2
Prepaid expenses and deferred costs	0.1	0.2	0.2
Total assets	155.5	125.5	144.3

Annual Ratios

Financials in: USD (mil)

	31-Dec-2010	31-Dec-2009	31-Dec-2008
Period Length	12 Months	12 Months	12 Months
Filed Currency	EUR	EUR	EUR
Exchange Rate	0.745406	0.696986	0.719399
Consolidated	No	No	No
Current ratio	11.10	12.03	11.23
Acid test ratio	3.99	3.58	4.37
Total liabilities to net worth	0.22%	0.15%	0.20%
Net worth to total assets	0.03%	0.04%	0.03%
Current liabilities to net worth	0.22%	0.15%	0.19%
Current liabilities to stock	0.14%	0.12%	0.15%
Fixed assets to net worth	0.12%	0.10%	0.11%
Collection period	445.00	303.00	234.00
Stock turnover rate	3.71	2.64	1.60
Profit margin	0.00%	0.01%	0.00%
Return on assets	0.00%	0.02%	0.01%
Shareholders' return	0.00%	0.04%	0.01%
Sales per employee	69.19	77.62	133.79
Profit per employee	-0.48	6.42	1.35
Average wage per employee	4.29	4.18	4.15
Net worth	42.6	45.5	44.1
Number of employees	197	190	198

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FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.53.97
UK Pound	1	Rs.87.52
Euro	1	Rs.70.84

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%)

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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.