MIRA INFORM REPORT

Report Date :

02.08.2014

IDENTIFICATION DETAILS

Name :	TRADIN ORGANIC AGRICULTURE B.V.
Registered Office :	Stationsplein 51, 1012AB Amsterdam
Country :	Netherlands
Financials (as on) :	31.12.2013
Date of Incorporation :	14.08.1985
Com. Reg. No.:	KvK-nummer: 32039960
Legal Form :	Besloten Vennootschap
Line of Business :	Wholesaler of seeds
No of Employees :	52

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 01, 2014

Country Name	Previous Rating (31.03.2014)	Current Rating (01.06.2014)
Netherlands	A1	A1

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

NETHERLANDS ECONOMIC OVERVIEW

Netherlands is the sixth-largest economy in the euro-zone and is noted for its stable industrial relations, moderate unemployment and inflation, sizable trade surplus, and 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. Netherlands, along with 11 of its EU partners, began circulating the euro currency on 1 January 2002. The Dutch financial sector suffered as a result of the global financial crisis, due in part to the high exposure of some Dutch banks to US 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. 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. To recover, the government 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 austerity measures in early 2011, mainly reducting expenditures, which resulted in an improved budget deficit in 2011. However, in 2012 tax revenues dropped, GDP contracted, and the budget deficit deteriorated. In 2013, the government budget deficit decreased to 3.3% of GDP due to increased government revenue from higher taxes. However, spending on social benefits also increased, due to a rise in unemployment benefits and payments for pensions. The high unemployment rate and tax increases have contributed to continued decreases in household disposable income, causing the Dutch economy to contract.

Source : CIA

Summary

Company name Tradin Organic Agriculture B.V.

Operative address Stationsplein 51

1012AB Amsterdam

Netherlands

Legal form Besloten Vennootschap

Registration number KvK-nummer: 32039960

VAT-number 007909901

Year	2013	Mutation	2012	Mutation	2011
Fixed assets	169.244	-79,41	822.155	358,24	179.415
Total receivables	19.778.540	25,20	15.797.786	-2,09	16.135.190
Total equity	13.715.319	-0,95	13.847.389	12,98	12.256.592
Short term liabilities	34.287.659	42,48	24.064.241	-7,22	25.936.616
Net result	-132.070	-108,30	1.590.797	-38,70	2.595.111
Working capital	13.546.075	4,00	13.025.234	7,85	12.077.177
Quick ratio	0,58	-12,12	0,66	6,45	0,62

Contact information

Company name Tradin Organic Agriculture B.V.

Trade names Tradin Organic Agriculture B.V.

Tradin

Operative address Stationsplein 51

1012AB Amsterdam

Netherlands

Correspondence address Stationsplein 51

1012AB Amsterdam

Netherlands

Telephone number 0204074499

Fax number 0204972100

Email address info@tradinorganic.com

Website www.tradinorganic.com

Registration

Registration number KvK-nummer: 32039960

Branch number 000020556608

VAT-number 007909901

Status Active

First registration company register 1985-08-28

Memorandum 1985-08-14

Establishment date 1985-08-14

Legal form Besloten Vennootschap

Last proposed admendment 1996-12-13

Activities

SBI Wholesale of seeds (46212)

Exporter No

Importer No

Branche organisations Koninklijke Vereniging het Comité van Graanhandelaren

VBP - Vereniging Biologische Producenten en Handel

Goal De handel, industrie en dienstverlening, in het bijzonder het verhandelen en vervaardigen van produkten en materieel in de agrarische sector

Relations

Shareholders The Organic Corporation B.V.

Stationsplein 51

1012AB AMSTERDAM

Netherlands

Registration number: 320637190000

Percentage: 100%

Branches Tradin Organic Agriculture B.V

Registration number: 320399600000

Companies on same address SunOpta Foods Europe B.V.

Registration number: 320592170000

The Organic Corporation B.V.

Registration number: 320637190000

Trabocca B.V.

Registration number: 342011420000

Coöperatie SunOpta U.A.

Registration number: 342918130000

Oscar Bieleveld Management & Advies

Registration number: 572068640000

Legal Resources B.V.

Registration number: 602745650000

Management

Active management The Organic Corporation B.V.

Stationsplein 51

1012AB AMSTERDAM

Netherlands

Registration number: 320637190000

Competence: Fully authorized

Function: Manager

Starting date: 2012-01-01

G.J.M. Versteegh (Gerardus Joseph Maria)

Netherlands

Competence: Fully authorized

Function: Manager

Starting date: 1995-07-01

Date of birth: 1961-03-10, Vinkeveen en Waverveen, NL

W.H.H. Floot (Wouter Hendrik Herman)

Netherlands

Competence: Limited authorization

Function: Manager

Starting date: 2014-04-11

Date of birth: 1974-04-03, Enschede, NL

W.H.H. Floot (Wouter Hendrik Herman)

Netherlands

Competence: Limited authorization

Function: Manager

Starting date: 2014-04-11

Date of birth: 1974-04-03, Enschede, NL

H. Grobecker (Heiko)

Netherlands

Competence: Limited authorization

Function: Proxy

Starting date: 2009-08-01

Date of birth: 1959-12-25, Veerssen, DE

A. Fernàndez Boullosa (Avelino)

Netherlands

Competence: Limited authorization

Function: Proxy

Starting date: 2012-03-09

Date of birth: 1975-10-25, Amsterdam, NL

R.V. De Lorentiis (Roberta Vera)

Netherlands

Competence: Limited authorization

Function: Proxy

Starting date: 2012-03-09

Date of birth: 1980-07-21, Lecce, IT

T.B. Wiegmans (Tom Benjamin)

Netherlands

Competence: Limited authorization

Function: Proxy

Starting date: 2012-03-09

Date of birth: 1984-04-25, Groningen, NL

J.W. van den Dop (Jorn Wouter)

Netherlands

Competence: Limited authorization

Function: Proxy

Starting date: 2012-03-09

Date of birth: 1982-08-10, Utrecht, NL

R.A. Taciak (Rafal Andrzej)

Netherlands

Competence: Limited authorization

Function: Proxy

Starting date: 2013-01-22

Date of birth: 1972-10-29, Kórnik, PL

T.A. van Hasselt (Thomas Arthur)

Netherlands

Competence: Limited authorization

Function: Proxy

Starting date: 2013-09-03

Date of birth: 1980-10-23, Groningen, NL

Employees

Year	2014	2013	2012	2011	2010
Total	52	28	28	28	28

Payments

Description Payments are made regularly no complaints are known

Key figures

Year	2013	2012	2011	2010	2009
Quick ratio	0,58	0,66	0,62	0,68	0,88
Current ratio	1,40	1,54	1,47	1,46	1,54
Working capital/ balance total	0,28	0,34	0,32	0,32	0,35
Equity / balance total	0,29	0,37	0,32	0,32	0,36
Equity / Fixed assets	81,04	16,84	68,31	47,67	38,10
Equity / liabilities	0,40	0,58	0,47	0,47	0,56
Balance total / liabilities	1,40	1,58	1,47	1,47	1,56
Working capital	13.546.075	13.025.234	12.077.177	9.458.787	7.725.000
Equity	13.715.319	13.847.389	12.256.592	9.661.480	7.933.205
Mutation equity	-0,95	12,98	26,86	21,79	12,90
Mutation short term liabilities	42,48	-7,22	27,49	42,55	-35,14
Return on total assets (ROA)	0,21	5,60	9,05	7,68	5,34
Return on equity (ROE)	0,72	15,32	28,20	23,84	14,93
Gross profit margin	0,34	3,80	5,23	3,52	2,71
Net profit margin	-0,18	2,46	3,56	2,81	1,59
Average collection ratio	2,13	2,69	2,81	3,03	4,00
Average payment ratio	3,70	4,10	4,52	4,49	4,66
Equity turnover ratio	5,33	4,67	5,95	6,37	7,19
Total assets turnover ratio	1,52	1,71	1,91	2,05	2,57
Fixed assets turnover ratio	432,22	78,71	406,18	303,82	274,07
Inventory conversion ratio	2,61	3,04	3,33	3,85	6,08
Turnover	73.150.516	64.709.011	72.875.236	61.581.252	57.062.578
Gross margin		7.859.550	9.233.437	6.625.444	5.456.136
Operating result	250.368	2.455.840	3.808.585	2.167.479	1.548.599
Net result after taxes	-132.070	1.590.797	2.595.111	1.728.275	906.415
Cashflow		1.687.567	2.699.182	1.827.601
Gross profit	73.150.516
EBIT	250.368	2.455.840	3.808.585	2.167.479	1.548.599
EBITDA		2.552.610	3.912.656	2.266.805

Summary

The 2013 financial result structure is a postive working captial of 13.546.075 euro, which is in agreement with 28 % of the total assets of the company. The working capital has increase with 4 % compared to previous year. The ratio with respect to the total assets of the company has however, declined. The improvement between 2012 and 2013 has mainly been caused by a current liabilities reduction. The current ratio of the company in 2013 was 1.4. When the current ratio is below 1.5, the company may have problems meeting its short-term obligations. The quick ratio in 2013 of the company was 0.58. A company with a Quick Ratio of less than 1 cannot currently pay back its current liabilities. The 2012 financial result structure is a postive working captial of 13.025.234 euro, which is in agreement with 34 % of the total assets of the company. The working capital has increased with 7.85 % compared to previous year. The ratio, with respect to the total assets of the company has however, increased. The improvement between 2011 and 2012 has mainly been caused by an increase of the current assets. The current ratio of the company in 2012 was 1.54. A company with a current ratio between 1.5 and 3.0 generally indicates good short-term financial strength. The quick ratio in 2012 of the company was 0.66. A company with a Quick Ratio of less than 1 cannot currently pay back its current liabilities.

Financial statement

Type of annual account Corporate

Annual account Tradin Organic Agriculture B.V.

Stationsplein 51

1012AB Amsterdam

Netherlands

Registration number: 320399600001

Balance

Year	2013	2012	2011	2010	2009
End date	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31
Intangible fixed assets	56.571	685.314	26.604	57.475	74.292
Tangible fixed assets	112.673	136.841	152.811	145.218	133.913
Fixed assets	169.244	822.155	179.415	202.693	208.205
Total stock	28.034.293	21.279.114	21.853.096	16.012.967	9.377.893
Accounts receivable	7.675.216	7.756.045	7.330.468	5.794.408	6.032.011
Other receivables	12.103.324	8.041.741	8.804.722	7.906.013	6.213.465
Total receivables	19.778.540	15.797.786	16.135.190	13.700.421	12.245.476
Liquid funds	20.901	12.575	25.507	89.596	372.848

Year	2013	2012	2011	2010	2009
End date	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31
Current assets	47.833.734	37.089.475	38.013.793	29.802.984	21.996.217
Total assets	48.002.978	37.911.630	38.193.208	30.005.677	22.204.422
Issued capital	18.151	18.151	18.151	18.151	18.151
Other reserves	13.697.168	13.829.238	12.238.441	9.643.329	7.915.054
Total reserves	13.697.168	13.829.238	12.238.441	9.643.329	7.915.054
Total equity	13.715.319	13.847.389	12.256.592	9.661.480	7.933.205
Accounts payable	4.041.846	4.290.424	4.897.289	2.999.978	3.238.140
Other short term liabilities	30.245.813	19.773.817	21.039.327	17.344.219	11.033.077
Short term liabilities	34.287.659	24.064.241	25.936.616	20.344.197	14.271.217
Total short and long term liabilities	34.287.659	24.064.241	25.936.616	20.344.197	14.271.217
Total liabilities	48.002.978	37.911.630	38.193.208	30.005.677	22.204.422

Summary

The total assets of the company increased with 26.62 % between 2012 and 2013. Despite the assets growth, the non current assets decreased with -79.41 %. The asset growth is explained by a reduction of 42.48 % of the company's indebtness, this while, the Net Worth remains unchanged. In 2013 the assets of the company were 0.35 % composed of fixed assets and 99.65 % by current assets. The assets are being financed by an equity of 28.57 %, and total debt of 71.43 %. The total assets remained the same between 2011 and 2012. Despite the fact that the total assets remained the same, the fixed assets increased with 358.24 %. Despite thee unchanged assets the net worth grew with 12.98 %, which has resulted in the fact that the company's indebtedness declined with -7.22 %. In 2012 the assets of the company were 2.17 % composed of fixed assets and 97.83 % by current assets. The assets are being financed by an equity of 36.53 %, and total debt of 63.47 %.

Profit and loss

Year	2013	2012	2011	2010	2009
Revenues	73.899.053	64.709.011	72.875.236	61.581.252	57.062.578
Other operating income	748.537
Net turnover	73.150.516	64.709.011	72.875.236	61.581.252	57.062.578
Gross margin		7.859.550	9.233.437	6.625.444	5.456.136
Wages and salaries		2.828.579	4.106.780	2.324.236	2.385.908
Amorization and depreciation		96.770	104.071	99.326
Sales		56.849.461	63.641.799	54.955.808	51.606.442
other operating costs		2.478.361	1.214.001	2.034.403	1.521.629
Operating expenses	73.648.685	62.253.171	69.066.651	59.413.773	55.513.979
Operating result	250.368	2.455.840	3.808.585	2.167.479	1.548.599
Financial income	342.374	3.060	130.556	495.983	179.606
Financial expenses	493.345	337.537	482.534	360.061	543.394
Financial result	-150.971	-334.477	-351.978	135.922	-363.788
Result on ordinary operations before taxes	99.397	2.121.363	3.456.607	2.303.401	1.184.811
Taxation on the result of ordinary activities	231.467	530.566	861.496	575.126	278.396
Result of ordinary activities after taxes	-132.070	1.590.797	2.595.111	1.728.275	906.415
Net result	-132.070	1.590.797	2.595.111	1.728.275	906.415

Summary

The turnover of the company grew with 13.05 % between 2012 and 2013. The operating result of the company declined with -89.81 % between 2012 and 2013. This evolution implies an decrease of the company's economic profitability. The result of these changes is a reduction of the company's Economic Profitability of -96.25% of the analysed period, being equal to 2012 % in the year 2013. This fall has contributed to a asset turnover decrease, whose index evolved from -11.11 to a level of 1.52. The Net Result of the company increased by -108.3 % between 2012 and 2013. The company's Financial Profitability has been positively affected by the financial activities in comparison to the EBITs behaviour. The result of these variations is a profitability increase of -95.3 % of the analysed period, being 0.72 % in the year 2013. The company's financial profitability has been positively affected by its financial structure. The turnover of the company decreased by -11.21 % between 2011 and 2012. The gross profit of the company decreased by -14.88 % between 2011 and 2012. The operating result of the company declined with -35.52 % between 2011 and 2012. This evolution implies an decrease of the company's economic profitability. The result of these changes is a reduction of the company's Economic Profitability of -38.12% of the analysed period, being equal to 2011 % in the year 2012. This fall has contributed to a asset turnover decrease, whose index evolved from -10.47 to a level of 1.71. The Net Result of the company increased by -38.7 % between 2011 and 2012. The company's Financial Profitability has been positively affected by the financial activities in comparison to the EBITs behaviour. The result of these variations is a profitability increase of -45.67 % of the analysed period, being 15.32 % in the year 2012. The company's financial profitability has been positively affected by its financial structure.

Analysis

Branch (SBI) Wholesale trade (no motor vehicles and motorcycles) (46)

Region Groot Amsterdam

In the Netherlands 109662 of the companies are registered with the SBI code 46

In the region Groot Amsterdam 10512 of the companies are registered with the SBI code 46

In the Netherlands 2387 of the bankrupcties are published within this sector

In the region Groot Amsterdam 209 of the bankruptcies are published within this sector

The risk of this specific sector in the Netherlands is normal

The risk of this specific sector in the region Groot Amsterdam is normal

Publications

Filings 15-04-2014: De jaarrekening over 2013 is gepubliceerd.

18-09-2013: De jaarrekening over 2012 is gepubliceerd.

09-11-2012: De jaarrekening over 2011 is gepubliceerd.

04-11-2011: De jaarrekening over 2010 is gepubliceerd.

14-07-2010: De jaarrekening over 2009 is gepubliceerd.

18-11-2009: De jaarrekening over 2008 is gepubliceerd.

Functions 14-04-2014: Per 11-04-2014 is gevolmachtigde Wouter Hendrik Herman Floot in functie getreden.

14-04-2014: Per 11-04-2014 is gevolmachtigde Barend Willem Reijn uit functie getreden.

04-09-2013: Per 03-09-2013 is gevolmachtigde Thomas Arthur van Hasselt in functie getreden.

23-01-2013: Per 22-01-2013 is gevolmachtigde Rafal Andrzej Taciak in functie getreden.

21-03-2012: Per 09-03-2012 is gevolmachtigde Jorn Wouter van den Dop in functie getreden.

21-03-2012: Per 09-03-2012 is gevolmachtigde Tom Benjamin Wiegmans in functie getreden.

21-03-2012: Per 01-01-2012 is bestuurder 32063719 The Organic Corporation B.V. in functie getreden.

21-03-2012: Per 09-03-2012 is gevolmachtigde Avelino Fernàndez Boullosa in functie getreden.

21-03-2012: Per 09-03-2012 is gevolmachtigde Roberta Vera De Lorentiis in functie getreden.

13-01-2012: Per 02-01-2012 is gevolmachtigde Wouter Hendrik Herman Floot uit functie getreden.

13-01-2012: Per 15-12-2011 is bestuurder Willem Rabbie uit functie getreden.

13-01-2012: Per 01-10-2010 is gevolmachtigde Machiel Huben Leliefeld uit functie getreden.

Other 15-04-2014: ... Datum deponering: 11-04-2014 Soort deponering: Geconsolideerde jaarrekening (art. 408 BW2).

18-09-2013: Datum deponering: 16-09-2013 Soort deponering: Geconsolideerde

jaarrekening (art. 408 BW2).

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs. 60.85
UK Pound	1	Rs. 102.68
Euro	1	Rs. 81.46

INFORMATION DETAILS

Analysis Done by :	SUB
Report Prepared by :	DPT

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.