MIRA INFORM REPORT

Report Date :

29.09.2012

IDENTIFICATION DETAILS

Name :	AGRICO B.V.

Registered Office :	Duit 15, 8305BB Emmeloord

Country :	Netherland

Financials (as on) :	31.07.2011

Date of Incorporation :	29.12.2008

Com. Reg. No.:	32143948

Legal Form :	Besloten Vennootschap

Line of Business :	Wholesale of table potatoes, seeds edible potatoes

No. of Employees :	129

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 :	Satisfactory
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 – June 30^th, 2012

Country Name

Previous Rating

(31.03.2012)

Current Rating

(30.06.2012)

Netherland

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

NETHERLAND - 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

CONTACTINFORMATION

Company name	Agrico B.V.
Tradename	Agrico
Address	Duit 15
	8305BB Emmeloord
	Netherlands
Mail address	Postbus 70
	8300AB Emmeloord
	Netherlands
Telephone number	0527639911
Telefax number	0527639880
E-mail address	info@agrico.nl
Website	www.agrico.nl
VAT number / RSIN	820245069

COMPANY STRUCTURE

Shareholder

Agrico" Cooperatieve Handelsvereniging voor Akkerbouwgewassen UA

Duit 15

8305BB Emmeloord

Netherlands

KvK: 39025632

Active since: 29-12-2008

Percentage: 100.00%

Holding company

Agrico" Cooperatieve Handelsvereniging voor Akkerbouwgewassen UA

Duit 15

8305BB Emmeloord KvK: 39025632

Affiliated companies

Agrico-Holding B.V.

Duit 15

8305BB EMMELOORD KvK: 39026497

Real estate	Group-property owned
	The real estate is checked at the land registration office
	Object code: NOORDOOSTPOLDER AZ 8949
	Owner: "AGRICO" COOPERATIEVE HANDELSASSOCIATION VOOR GROWING OF
	CROPSGEWASSEN U.A.

MANAGEMENT

B Management J.J. van Hoogen

Jan Jacob 8302PA

Authorization: Fully authorized

Position: Manager

Date appointed: 29-12-2008 Date of birth: 17-03-1962

Other directorships:

- Manager: Agrico" Cooperatieve Handelsvereniging voor Akkerbouwgewassen UA Emmeloord (KvK: 39025632)

M. Blaas Maria

8302KS

Authorization: Limited authorization (max: € 0)

Position: Proxy

Date appointed: 01-08-2009

Date of birth: 07-09-1956

Other directorships:

- Proxy: Agrico" Cooperatieve Handelsvereniging voor Akkerbouwgewassen UA -Emmeloord (KvK: 39025632)

J. van Dijk

Jacob

8302KA

Authorization: Limited authorization Position: Proxy Date appointed: 06-01-2009 Date of birth: 21-04-1953 Other directorships:

- Proxy: Agrico" Cooperatieve Handelsvereniging voor Akkerbouwgewassen UA -Emmeloord (KvK: 39025632)

J.H. Hoogenboom Johannes Hermanus Authorization: Fully authorized Position: Proxy Date appointed: 01-05-2012 Date of birth: 19-04-1956

B. de Jong Berna

Authorization: Limited authorization (max: € 0)

Position: Proxy

Date appointed: 01-08-2009

Date of birth: 18-10-1965

PAYMENT INFORMATION

Payment experiences Payments are regular

Payments Based on multiple payment experiences up to € 50.000

Quarter: 4 2011: 42 Average days

Quarter: 1 2012: 62 Average days

Quarter: 2 2012: 67 Average days

Quarter: 3 2012: 68 Average days

	invoices	current quarter		2012 Q2	2012 Q1	2011 Q4
Total	52	100%	235.160	238.154	245.640	281.530
Within terms	¹⁶	11,6%	27.295	39.426	69.754	224.424
Delayed 0 - 30	35	88,4%	207.865	198.728	175.886	57.106

FINANCIAL INFORMATION

Publication financial statement

Annual accounts 2011 are published on 14-02-2012 (Broken accounting year)

Annual accounts 2010 are published on 07-04-2011 (Broken accounting year)

Annual accounts 2009 are published on 15-02-2010 (Broken accounting year)

Type of publication Corporate

Publication Steady

CORE FIGURES
BOOKYEAR	2011	2010	2009
Quick ratio	1,44	1,62	1,75
Current ratio	1,45	1,63	1,77
Nett workingcapital / Balance total	0,29	0,36	0,41
Capital and reserves / Balance total	0,32	0,38	0,45
Capital and reserves / Fixed assets	4,11	5,05	9,90
Solvency	0,50	0,68	0,83
Nett workingcapital	9.116.000	10.154.000	9.833.000
Capital and reserves	10.247.000	10.931.000	10.668.000
Change capital and reserves	-6,26%	2,47%
change short term liabilities	25,38%	26,20%
Nett Turnover	238.796.000	181.002.000	181.374.000
Operating profit	-762.000	349.000	684.000
Profitability operating profit	negative	positive	positive

Annual accounts The company is obligated to publish its annual accounts

Last annual accounts 2011

Type of publication Corporate

Turnover 2011: 238.796.000

2010: 181.002.000

2009: 181.374.000

Operating profit 2011: -762.000

2010: 349.000

2009: 684.000

Result after taxes 2011: -684.000

2010: 263.000

2009: 550.000

Tendency

Tendency capital and reserves

Capital and reserves 2011 10.247.000

Total debt 2011 20.297.000

Current ratio 2011 1,45

Quick ratio 2011 1,45

Nett working capital 2011 9.116.000

Profitability negative

Solvency just satisfactory

Liquidity to be followed

Current - & Quick ratio

CURRENY EURO

Balance

BOOKYEAR	2011	2010	2009
End of bookyear	31 -07-2011	31-07-2010	31 -07-2009
Other intangible assets		887.000	271.000
Intangible assets	1.229.000	887.000	271.000
Tangible assets	524.000	611.000	739.000
Financial assets	737.000	667.000	67.000
Fixed assets	2.491.000	2.165.000	1.078.000

Stocks and work in progress	103.000	144.000	176.000
Trade debtors	25.023.000	17.474.000	17.206.000
Other amounts receivable	3.562.000	6.990.000	3.335.000
Accounts receivable	28.585.000	24.464.000	20.541.000
Liquid assets	724.000	1.733.000	1.943.000
Current assets	29.413.000	26.342.000	22.660.000
Total assets	31.904.000	28.507.000	23.738.000

Capital and reserves	10.247.000	10.931.000	10.668.000
Provisions	1.360.000	1.388.000	243.000
Other short term debts	18.932.000	13.149.000	9.925.000
Total short term debt	20.297.000	16.188.000	12.827.000
Total debt	20.297.000	16.188.000	12.827.000
Total Liabilities	31.904.000	28.507.000	23.738.000

PROFIT & LOSS ACCOUNT
BOOKYEAR	2011	2010	2009
Turnover	237.778.000	179.993.000	180.370.000
Other operating income	1.018.000	1.009.000	1.004.000
Nett Turnover	238.796.000	181.002.000	181.374.000
Wages employees	6.377.000	7.523.000	6.326.000
Depreciation and amortization	442.000	319.000	291.000
Raw materials	229.721.000	170.235.000	32.801.000
Other operating charges	3.018.000	2.577.000	141.272.000
Operating charges	239.558.000	180.653.000	180.690.000
Operating profit	-762.000	349.000	684.000
Financial income	28.000	49.000	80.000
Financial charges	176.000	33.000	108.000
Financial result	-148.000	15.000	-28.000
Result before taxes	-910.000	364.000	656.000
Income taxes	-234.000	90.000	120.000
Result after taxes	-676.000	274.000	536.000
Extraordinary income			14.000
Extraordinary charges	9.000	12.000
Extraordinary result	9.000	12.000	14.000
Taxes on extraordinary result		-12.000
Extraordinary result after taxes		-12.000
Nett result	-684.000	263.000	550.000

History

Management

Modifications

Per 01-05-2012 is Proxy Johannes Hermanus Hoogenboom out of office.

Per 01-05-2012 is Proxy Johannes Hermanus Hoogenboom appointed.

Per 31-12-2010 manager Ingetje van der Aar-Mastenbroek out of office.

Per 01-08-2009 is Proxy Berna de Jong appointed.

Per 01-08-2009 is Proxy Maria Blaas appointed.

Per 23-3-2009 statutes modified.

Company structure

• Agrico" Cooperatieve Handelsvereniging voor Akkerbouwgewassen UA (39025632) Emmeloord

o Agrico B.V. (32143948)

Emmeloord

Subsidiary o Agrico-Holding B.V. (39026497)

EMMELOORD

Subsidiary

M. Ypma & Sons B.V. (01001257)

EMMELOORD

Subsidiary (100%)

Leo de Kock en Sons B.V. (36006453)

PURMEREND

Subsidiary (100%)

Kweek- en Researchbedrijf Agrico B.V. (39020961)

BANT

Subsidiary (100%) Agrico Project B.V. (39050268)

EMMELOORD

Subsidiary (100%) Bioselect B.V. (39055780)

EMMELOORD

Subsidiary (100%)

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.52.69
UK Pound	1	Rs.85.71
Euro	1	Rs.68.14

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

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.

Place of constitution	Emmeloord
Capital	EUR 90.000
Issued capital	EUR 18.000
Paid up capital	EUR 18.000

NACE-code	Wholesale of table potatoes (51312)
SBI-code	Wholesale of seeds (46212)
	Wholesale of edible potatoes (46312)
Formal objective	Het verzorgen en bevorderen van de afzet van poot- en consumptie aardappelen en
	andere land- en tuinbouwproducten; Het vaststellen van teelplannen voor deze producten

Employees	Total: 129
Employees according to CoC	Chamber of commerce: 129
Bookyear	2012	2011	2010
Number	129	80	129
Change	61,25%	-37,98%	0,00%

MIRA INFORM REPORT

CONTACTINFORMATION

COMPANY INFORMATION

COMPANY STRUCTURE

MANAGEMENT

PAYMENT INFORMATION

FINANCIAL INFORMATION

Balance

History

Company structure

Unit