MIRA INFORM REPORT

Report Date :

18.09.2012

IDENTIFICATION DETAILS

Name :	NETRA AGRO B.V.

Registered Office :	Oude Kerkstraat 8A, Etten-Leur, 4878 AA

Country :	Netherlands

Financials (as on) :	31.12.2010

Date of Incorporation :	19.08.1992

Com. Reg. No.:	20065860

Legal Form :	Private Subsidiary

Line of Business :	Engaged in wholesale of unprocessed fruit and vegetables including potatoes

No. of Employees :	6

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 :	Moderate
Payment Behaviour :	Slow but correct
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)

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

Company name and address

Netra Agro B.V.

Oude Kerkstraat 8A


Etten-Leur, 4878 AA
Netherlands

Tel:	+31 076-5049450
Fax:	+31 076-5049459

Employees:	6
Company Type:	Private Subsidiary
Corporate Family:	40 Companies
Ultimate Parent:	Koninklijke Cooperatie Cosun UA

Incorporation Date:	19-Aug-1992

Fiscal Year End:	31-Dec-2010
Reporting Currency:	Euro
Annual Sales:	21.5
Total Assets:	5.9

Business Description

Netra Agro B.V. is primarily engaged in wholesale of unprocessed fruit and vegetables including potatoes.

Industry

Industry	Food Processing
ANZSIC 2006:	3605 - Fruit and Vegetable Wholesaling
NACE 2002:	5131 - Wholesale of fruit and vegetables
NAICS 2002:	424480 - Fresh Fruit and Vegetable Merchant Wholesalers
UK SIC 2003:	5131 - Wholesale of fruit and vegetables
UK SIC 2007:	4631 - Wholesale of fruit and vegetables
US SIC 1987:	5148 - Fresh Fruits and Vegetables

Registered No.(NLD)

20065860

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
Oude Kerkstraat 8A
Etten-Leur, 4878 AA
Netherlands

Tel:	+31 076-5049450
Fax:	+31 076-5049459

Suggest Company URL

Sales EUR(mil):	16.2
Assets EUR(mil):	4.4
Employees:	6
Fiscal Year End:	31-Dec-2010



Industry:	Food Processing

Incorporation Date:	19-Aug-1992
Company Type:	Private Subsidiary
Quoted Status:	Not Quoted
Registered No.(NLD):	20065860

Industry Codes

ANZSIC 2006 Codes:
3605	-	Fruit and Vegetable Wholesaling

NACE 2002 Codes:
5131	-	Wholesale of fruit and vegetables

NAICS 2002 Codes:
424480	-	Fresh Fruit and Vegetable Merchant Wholesalers

US SIC 1987:
5148	-	Fresh Fruits and Vegetables

UK SIC 2003:
5131	-	Wholesale of fruit and vegetables

UK SIC 2007:
4631	-	Wholesale of fruit and vegetables

Top

Business Description

Netra Agro B.V. is primarily engaged in wholesale of unprocessed fruit and vegetables including potatoes.

Source: D&B

Top

Financial Data

Financials in:	EUR(mil)

Revenue:	16.2
Assets:	4.4
Current Assets:	4.4
Total Liabilities:	4.4
Net Worth:	3.3

Date of Financial Data:	31-Dec-2010

1 Year Growth

-3.9%

Key Corporate Relationships

Bank:	F. van Lanschot Bankiers NV


Corporate Family	Corporate Structure News:
	Koninklijke Cooperatie Cosun UA Netra Agro B.V.
Netra Agro B.V. Total Corporate Family Members: 40

Company Name	Company Type	Location	Country	Industry	Sales (USD mil)	Employees
Koninklijke Cooperatie Cosun UA	Parent	Breda	Netherlands	Public Sector and Government	2,464.4	4,443
Suiker Unie Beheer BV	Subsidiary	Oud Gastel	Netherlands	Food Processing		300
SVZ International BV	Subsidiary	Etten Leur	Netherlands	Food Processing		225
SVZ Poland Sp. z o.o.	Subsidiary	Tomaszow Lubelski	Poland	Food Processing		200
SVZ-USA, Inc	Subsidiary	Othello, WA	United States	Food Processing	29.3	100
Mondi Foods	Subsidiary	Rijkevorsel	Belgium	Food Processing	26.8	56
Mondi Condex Sp. z o.o.	Subsidiary	Karczew	Poland	Food Processing		200
Mondi Condex Sp. z o.o. - Krokowa	Facility	Krokowa	Poland	Food Processing		40
Mondi Condex Sp. z o.o. - Warsaw	Facility	Warsaw	Poland	Food Processing
SVZ Espana S.A	Subsidiary	Huelva	Spain	Food Processing		30
Svz (Uk) Ltd.	Subsidiary	Hatfield	United Kingdom	Food Processing	0.3	3
SVZ France SA	Subsidiary	Avignon	France	Food Processing		2
SVZ Maroc S.A.	Subsidiary	Larache	Morocco	Food Processing
Rixona B.V.	Subsidiary	Groningen	Netherlands	Food Processing		200
Royal Nedalco B.V.	Subsidiary	Bergen-op-Zoom	Netherlands	Beverages (Alcoholic)		90
Koninklijke Nedalco b.v.	Subsidiary	Bergen-op-Zoom	Netherlands	Food Processing		90
Sensus B.V.	Subsidiary	Roosendaal	Netherlands	Food Processing		89
Unifine Food & Bake Ingredients B.V.	Subsidiary	Breda	Netherlands	Food Processing		22
Nedalco Alcohol GmbH & Co. KG	Subsidiary	Heilbronn, Baden-WÃ¼rttemberg	Germany	Chemical Manufacturing	49.5	20
Intertaste	Subsidiary	Lier	Belgium	Retail (Grocery)	10.6	14
Unifine Logistics	Subsidiary	Lier	Belgium	Trucking	0.0
Wagenberg Breda B.V.	Subsidiary	Breda, Noord-Brabant	Netherlands	Miscellaneous Financial Services
Cosun Holding B.V.	Subsidiary	Breda, Noord-Brabant	Netherlands	Miscellaneous Financial Services
Van Gilse Kandijfabriek B.V.	Subsidiary	Dinteloord, Noord-Brabant	Netherlands	Miscellaneous Financial Services		1
Aviko Holding B.V.	Subsidiary	Steenderen, Gelderland	Netherlands	Miscellaneous Financial Services	821.1
Aviko BV	Subsidiary	Steenderen	Netherlands	Food Processing	625.0	1,400
Rixona B.V.	Subsidiary	Oostrum Lb, Limburg	Netherlands	Food Processing		160
Aviko Deutschland GmbH	Subsidiary	Rain, Bayern	Germany	Crops	66.6	91
Aviko B V Sp Z O O Oddzial W Polsce	Subsidiary	Gdynia	Poland	Food Processing		60
Duynie Holding B.V.	Subsidiary	Alphen Aan Den Rijn, Zuid-Holland	Netherlands	Miscellaneous Financial Services		52
Novidon B.V.	Subsidiary	Nijmegen, Gelderland	Netherlands	Food Processing	14.0	13
Aviko France	Subsidiary	Compiegne	France	Miscellaneous Capital Goods	1.5	14
Aviko Italia SRL	Subsidiary	Ferrara, Ferrara	Italy	Food Processing	16.2	6
L..P. Boots Deutschland GmbH	Subsidiary	Isselburg, Nordrhein-Westfalen	Germany	Business Services		2
Aviko Potato B.V.	Subsidiary	Dronten, Flevoland	Netherlands	Food Processing	90.6
Van Wagenberg Holding B.V.	Subsidiary	Breda, Noord-Brabant	Netherlands	Miscellaneous Financial Services
S.V.Z. Industrial Products B.V.	Subsidiary	Etten-Leur, Noord-Brabant	Netherlands	Commercial Banks	210.8
S.V.Z. International B.V.	Subsidiary	Etten-Leur, Noord-Brabant	Netherlands	Food Processing	10.0	118
Netra Agro B.V.	Subsidiary	Etten-Leur, Noord-Brabant	Netherlands	Food Processing	21.5	6
Sisterna B.V.	Subsidiary	Roosendaal	Netherlands	Food Processing

Netra Agro B.V.

Etten-Leur, Noord-Brabant, Netherlands, Tel: +31 076-5049450

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	21.5	23.5	28.8
Net sales	21.5	23.5	28.7
Other operating income	-	0.0	0.0
Total operating costs	20.0	22.0	27.4
Net operating income	1.5	1.5	1.4
Total financial income	0.0	0.0	0.0
Total expenses	-	0.0	0.0
Profit before tax	1.5	1.5	1.4
Profit on ordinary activities after tax	1.2	1.1	1.0
Total taxation	0.3	0.4	0.4
Profit after tax	1.2	1.1	1.0
Net profit	1.2	1.1	1.0

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

Other reserves	4.3	4.8	4.5
Total stockholders equity	4.4	4.9	4.6
Provisions and allowances	0.2	0.2	0.1
Trade creditors	0.8	1.1	0.9
Total current liabilities	1.3	2.0	2.0
Total liabilities (including net worth)	5.9	7.1	6.7
Intangibles	0.0	0.0	0.0
Total asset investment	0.0	-	-
Total non-current assets	0.0	0.0	0.0
Net stocks and work in progress	1.2	1.7	1.9
Trade debtors	3.1	2.9	3.4
Other receivables	0.2	0.1	0.4
Total receivables	3.3	3.1	3.8
Cash and liquid assets	1.3	2.3	1.0
Total current assets	5.9	7.0	6.7
Total assets	5.9	7.1	6.7

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	4.50	3.60	3.40
Acid test ratio	3.60	2.70	2.40
Current liabilities to net worth	0.29%	0.41%	0.44%
Fixed assets to net worth	0.01%	0.01%	0.01%
Collection period	52.10	44.10	45.60
Stock turnover rate	17.80	14.50	14.30
Sales to net working capital	4.80	4.80	5.80
Asset turnover	3.69%	3.43%	4.06%
Profit margin	0.07%	0.06%	0.05%
Return on assets	0.26%	0.22%	0.20%
Shareholders' return	0.35%	0.32%	0.29%
Sales per employee	1,621.90	1,534.64	1,511.54
Profit per employee	113.60	98.73	73.92
Return on capital	0.33%	0.31%	0.28%
Net worth	4.4	4.9	4.6
Number of employees	10	11	13

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 :

PDT

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