MIRA INFORM REPORT

Report Date :

28.09.2012

IDENTIFICATION DETAILS

Name :	C. MEIJER B.V.
Registered Office :	Bathseweg 45, 4411RK Rilland
Country :	Netherlands
Financials (as on) :	15.07.2011
Date of Incorporation :	10.10.1950
Com. Reg. No.:	22024805
Legal Form :	Limited Company
Line of Business :	Growing of cereals, leguminous crops and oil seeds Wholesale of seeds Wholesale of edible potatoes
No. of Employees :	11 employees

RATING & COMMENTS

MIRA’s Rating :

Ba

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	A1	A1

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

nethelrands - 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

CONTACT INFORMATION

Company name C. Meijer B.V.

Tradename C. Meijer B.V.

Address Bathseweg 45

4411RK Rilland

Netherlands

Mail address Postbus 33

4416ZG Kruiningen

Netherlands

Telephone number 0113760100

Telefax number 0113760119

E-mail address info@meijer-potato.com

Website www.meijer-potato.com

VAT number / RSIN 001388150

Branch(es) C. Meijer B.V. (22024805.0006)

Verlengde Gildenweg 10 B

8304BK EMMELOORD

C. Meijer B.V. (22024805.0012)

Maatje Harings Jobsweg 9

4307NL OOSINRLAND

C. Meijer B.V. (22024805.0014)

Bathseweg 47

4411RK RILLAND

Company information

Handelsregisternummer	22024805
Registered in	Chamber of commerce Zuidwest-Netherlands
Act of foundation	10-10-1950
Date of constitution	10-10-1950
Continuation date	12-01-1973
Last change in statutes	31-01-2012
Legal form	Besloten Vennootschap (Limited Company)
Place of constitution	Kruiningen, gemeente Reimerswaal
Capital	EUR 3.000.000
Issued capital	EUR 2.525.000
Paid up capital	EUR 2.525.000

NACE-code WHOLESALE TRADE AND COMMISSION TRADE (51)

SBI-code Growing of cereals, leguminous crops and oil seeds (0111)

Wholesale of seeds (46212)

Wholesale of edible potatoes (46312)

Formal objective Teelt van, groothandel in, im- en export van aardappelen en pootaardappelen. Exploitatie

van koelhuizen. Het verdelen en vermeerderen, alsmede groothandel in, im- en export

van uitgangsmateriaal voor land- en tuinbouw.

Employees Total: 11

Employees according to CoC Chamber of commerce: 11

COMPANY STRUCTURE

Shareholder Meijer Beheer B.V.

Stationsweg 18

4416PJ KRUININGEN

Netherlands

KvK: 22026344

Active since: 01-03-2007

Percentage: 100.00%

Ultimate parent company Stichting Administratiekantoor van Shares Meijer Group

Stationsweg 18

4416PJ KRUININGEN

KvK: 22048423

Holding company Meijer Beheer B.V.

Stationsweg 18

4416PJ KRUININGEN

KvK: 22026344

Subsidiary Meijer International B.V.

Bathseweg 45

4411RK RILLAND

KvK: 39016621

Affiliated companies Meijer Onroerend Goed B.V.

Stationsweg 18

4416PJ KRUININGEN

KvK: 22024833

Meijer Frozen Foods B.V.

Stationsweg 18

4416PJ KRUININGEN

KvK: 22026293

Noordijke B.V.

Stationsweg 18

4416PJ KRUININGEN

KvK: 39021681

Meijer Participation B.V.

Stationsweg 18

4416PJ KRUININGEN

KvK: 54665388

Liability declaration

Meijer Beheer B.V. (22026344)

Stationsweg 18 /A

4416PJ KRUININGEN

Bank ABN Amro Bank NV

Account number: 48.08.18.800

Real estate Privately-property owned

The real estate is checked at the land registration office

Object code: REIMERSWAAL M 257

Owner: C. MAYJER B.V

MANAGEMENT

Management Meijer Beheer B.V.

Stationsweg 18

4416PJ KRUININGEN

Netherlands

KvK: 22026344

Authorization: Fully authorized

Position: Manager

Date appointed: 01-03-2007

J.P.M. Muijsers

Johannes Petrus Maria

Authorization: Fully authorized

Position: Manager

Date appointed: 13-07-1998

Date of birth: 02-12-1955

W.A. in 't Anker

Willem Adriaan

Authorization: Limited authorization

Position: Proxy

Date appointed: 01-11-2008

Date of birth: 18-10-1973

M.L. van der Vliet

Marinus Levinus

Authorization: Limited authorization

Position: Proxy

Date appointed: 01-01-2007

Date of birth: 16-09-1978

J.J. Driessen - Janse

Jacomina Jantina

Authorization: Limited authorization

Position: Proxy

Date appointed: 01-01-2009

Date of birth: 12-02-1966

M.G.S. Van Ommen

Michael Gerardus Stephanus

Authorization: Limited authorization

Position: Proxy

Date appointed: 01-01-2009

Date of birth: 20-08-1961

A. Tange

Adriaan

Authorization: Fully authorized

Position: Proxy

Date appointed: 01-07-2011

Date of birth: 10-12-1966

PAYMENT INFORMATION

Payment experiences Payments are regular

Payments Based on multiple payment experiences up to € 50.000

· Quarter: 4 2011: 52 Average days

· Quarter: 1 2012: 53 Average days

· Quarter: 2 2012: 63 Average days

· Quarter: 3 2012: 62 Average days

	invoices	current quarter		2012 Q2	2012 Q1	2011 Q4
Total	80	100%	160.121	159.963	168.110	163.893
Within terms	29	24,7%	39.612	37.889	84.389	80.945
Delayed 0 - 30	50	75,3%	120.509	122.074	76.688	82.948
Delayed 31 - 60	^1	0,0%			7.033
Delayed 61 - 90
Delayed 91 - 120

FINANCIAL INFORMATION

Auditor	PRICEWATERHOUSECOOPERS N.V.
	AMSTERDAM
Type of publication	Consolidated
Annual accounts van	Meijer Beheer B.V.
	Stationsweg 18
	4416PJ KRUININGEN
	KVK: 22026344
	Steady

CORE FIGURES
BOOKYEAR	2011	2010	2009
Quick ratio	3,49	5,55	1,94
Current ratio	3,52	5,59	1,96
Nett workingcapital / Balance total	0,15	0,14	0,08
Capital and reserves / Balance total	0,91	0,93	0,88
Capital and reserves / Fixed assets	1,14	1,13	1,06
Solvency	15,61	30,18	9,89
Nett workingcapital	13.664.000	12.016.000	6.880.000
Capital and reserves	84.790.000	79.041.000	71.815.000
Change capital and reserves	7,27%	10,06%	-25,69%
change short term liabilities	107,45%	-63,56%	-12,81%
Nett Turnover	57.956.000	48.251.000	51.284.000
Operating profit	6.484.000	4.004.000	4.990.000

Annual accounts The published financial information is the consolidated group information.

Last annual accounts 2011

Type of publication	Consolidated
Turnover	2011:	57.956.000
	2010:	48.251.000
	2009:	51.284.000
	2008:	46.772.000
	2006:	26.807.000
Gross profit	2007:	8.888.000
	2006:	7.431.000
Operating profit	2011:	6.484.000
	2010:	4.004.000
	2009:	4.990.000
	2008:	4.035.000
	2007:	4.527.000
	2006:	2.275.000
Result after taxes	2011:	8.343.000
	2010:	7.990.000
	2009:	6.612.000
	2008:	17.781.000
	2007:	20.350.000
	2006:	8.344.000

Balance sheet

BOOKYEAR	2011	2010	2009
End of bookyear	15-07-2011	15-07-2010	15-07-2009
Other intangible assets		2.059.000	2.471.000
Intangible assets	1.647.000	2.059.000	2.471.000
Tangible assets	5.979.000	4.660.000	3.417.000
Financial assets	66.919.000	63.365.000	61.886.000
Fixed assets	74.545.000	70.084.000	67.774.000
Stocks and work in progress	131.000	102.000	116.000
Trade debtors	3.628.000	4.056.000	3.292.000
Other amounts receivable	5.092.000	5.273.000	5.467.000
Accounts receivable	8.720.000	9.329.000	8.759.000
Liquid assets	10.246.000	5.204.000	5.192.000
Current assets	19.097.000	14.635.000	14.067.000
Total assets	93.642.000	84.719.000	81.841.000
Capital and reserves	84.790.000	79.041.000	71.815.000
Provisions	3.419.000	3.059.000	2.765.000
other long term debts			74.000
Long term liabilities			74.000
Other short term debts	4.558.000	2.297.000	6.432.000
Total short term debt	5.433.000	2.619.000	7.187.000
Total debt	5.433.000	2.619.000	7.261.000
Total Liabilities	93.642.000	84.719.000	81.841.000

PROFIT & LOSS ACCOUNT

BOOKYEAR	2011	2010	2009
Turnover	57.012.000	48.251.000	51.284.000
Other operating income	944.000
Nett Turnover	57.956.000	48.251.000	51.284.000
Wages employees	4.409.000	4.462.000	4.116.000
Depreciation and amortization	692.000	694.000	656.000
Raw materials	44.532.000	36.844.000	39.334.000
Other operating charges	1.839.000	2.247.000	2.188.000
Operating charges	51.472.000	44.247.000	46.294.000
Operating profit	6.484.000	4.004.000	4.990.000
Financial income	275.000	232.000	505.000
Financial charges		5.000	3.955.000
Financial result		227.000	-3.450.000
Result participations	4.086.000	4.377.000	8.093.000
Result before taxes	4.086.000	8.608.000	9.633.000
Income taxes	1.481.000	618.000	3.029.000
Result after taxes		7.990.000	6.604.000
Extraordinary income			8.000
Extraordinary result			8.000
Taxes on extraordinary result			8.000
Extraordinary result after taxes			8.000
Nett Result	8.343.000	7.990.000	6.612.000

History

Liability statements	Per 27-02-2007 filed a declaration of liability by Aniel B.V.. Per 27-02-2007 filed a withdrawal of declaration of liability by Meijer Holdings N.V..
Consent statements	Over bookyear 2010 a consent agreement is filed Over bookyear 2009 a consent agreement is filed Over bookyear 2008 a consent agreement is filed
Management	Per 01-07-2011 is Proxy Adriaan Tange appointed.
Modifications	Per 31-1-2012 statutes modified.

Company structure

Stichting Administratiekantoor van Shares Meijer Group (22048423)

KRUININGEN

Meijer Beheer B.V. (22026344)

KRUININGEN

Subsidiary

C. Meijer B.V. (22024805)

Rilland

Subsidiary (100%)

Meijer International B.V. (39016621)

RILLAND

Subsidiary

Meijer Onroerend Goed B.V. (22024833)

KRUININGEN

Subsidiary (100%)

Meijer Frozen Foods B.V. (22026293)

KRUININGEN

Subsidiary (100%)

Noordijke B.V. (39021681)

KRUININGEN

Subsidiary (100%)

Meijer Participation B.V. (54665388)

KRUININGEN

Management relation

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.53.26
UK Pound	1	Rs.86.23
Euro	1	Rs.68.64

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.