MIRA INFORM REPORT

Report Date :

14.07.2014

IDENTIFICATION DETAILS

Name :	DUTCH COCOA B.V.
Registered Office :	Oceanenweg 1, 1047BA Amsterdam
Country :	Netherlands
Financials (as on) :	31.12.2012
Date of Incorporation :	12.05.2006
Com. Reg. No.:	34248163
Legal Form :	Private Company
Line of Business :	· Processing of cocoa · The manufacture of cocoa products, production, import and export and wholesale and retail trade in cocoa and cocoa products, coffee and coffee products, vegetable oils and oilseeds and cotton.
No. of Employees :	85

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 :	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.

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 DUTCH COCOA B.V.

Operative address Oceanenweg 1

1047BA Amsterdam

Netherlands

Legal form Private Company

Registration number KvK-nummer: 34248163

VAT-number 815688507

Year	2012	Mutation	2011	Mutation	2010
Fixed assets	30.354.000	-10,91	34.073.000	-12,04	38.736.000
Total receivables	17.112.000	20,81	14.164.000	-16,34	16.930.000
Total equity	42.889.000	5,19	40.773.000	10,11	37.028.000
Short term liabilities	24.117.000	13,72	21.208.000	-47,77	40.603.000
Net result	2.116.000	-43,50	3.745.000	631,45	512.000
Working capital	22.535.000	-2,16	23.032.000	167,07	8.624.000
Quick ratio	0,71	5,97	0,67	59,52	0,42

Contact information

Company name Dutch Cocoa B.V.

Trade names Dutch Cocoa B.V.

Dutch Cocoa Trade

Ecom Cocoa Products

Operative address Oceanenweg 1

1047BA Amsterdam

Netherlands

Correspondence address Oceanenweg 1

1047BA Amsterdam

Netherlands

Telephone number 0204077600

Email address info@dutchcocoa.nl

Website www.dutchcocoa.nl

Registration

Registration number KvK-nummer: 34248163

Branch number 000020555075

VAT-number 815688507

Status Active

First registration company register 2006-05-12

Memorandum 2006-05-12

Establishment date 2006-05-12

Legal form Private Company

Last proposed admendment 2007-07-06

Activities

SBI Processing of cocoa (10821)

ISO certified Yes

ISO certifier Bureau Veritas Certification Nederland B.V.

ISO standard ISO 14001:2004

Exporter Yes

Importer Yes

Branche organisations Ondernemersvereniging Regio Amsterdam

Goal The manufacture of cocoa products, production, import and export and wholesale and retail trade in cocoa and cocoa products, coffee and coffee products, vegetable oils and oilseeds and cotton. The product cocoa shells. These are released during the process cocoa and sold as a product

Relations

Shareholders Agricom Holdings Netherlands B.V.

Oceanenweg 1

1047BA AMSTERDAM

Netherlands

Registration number: 582274310000

Percentage: 100.00%

Shareholders Naam: ECOM Agroindustrial Corporation Ltd.

Adres: Avenue Etienne Guillemin 16, CH-1009 Pully, Zwitserland

Ingeschreven in: Hauptregister te Moudon, Zwitserland onder nummer CH-550-0062944-0.

Enig aandeelhouder sedert: 25-01-2010

Companies on same address Continental Chocolate B.V.

Registration number: 341462920000

Rademaker B.V.

Registration number: 340761280000

Stichting Dutch Cocoa & Chocolate Company Fonds

Registration number: 412231890000

Sustainable Farming Stichting

Registration number: 559386630000

Agricom Holdings Netherlands B.V.

Registration number: 582274310000

Management

Active Management J.A.M. Stoots (Johannes Antonius Maria)

Netherlands

Competence: Jointly authorized

Function: Manager

Starting date: 2006-05-17

Date of birth: 1963-06-18, Diessen, NL

N.X. de Wasseige (Nicolas X.A.M.)

Netherlands

Competence: Jointly authorized

Function: Manager

Starting date: 2007-07-06

Date of birth: 1969-01-27, Mons, BE

M.W.H. Obbink (Maarten Willem Herman)

Netherlands

Competence: Jointly authorized

Function: Manager

Starting date: 2011-12-01

Date of birth: 1971-10-14, Aalten, NL

R.M. Esteve (Ramon Maria)

Netherlands

Function: Commissaris

Starting date: 2007-07-06

Date of birth: 1954-12-27, Dallas, US

S.G. Berberat (Sonia Getrude)

Netherlands

Function: Commissaris

Starting date: 2007-07-06

Date of birth: 1957-07-23, Berne, CH

P.J. Esteve (Pablo Juan)

Netherlands

Function: Commissaris

Starting date: 2009-05-27

Date of birth: 1969-04-06, Mexico, MX

W.F.H. de Lugt (Willem Frederik Hendrik)

Netherlands

Competence: Limited authorization

Function: Proxy

Starting date: 2006-08-01

Date of birth: 1949-08-29, Haarlem, NL

Management Name: ECOM Agroindustrial Corporation Ltd.

Office address: Avenue Etienne Guillemin 16, CH-1009 Pully, Switzerland

Registered in: Chamber of commerce Moudon, Switzerland with registration number CH-550-0062944-0

date in function: 12-05-2006

Titel: Manager A

Authorization: Jointly authorized (met andere Manager(s), zie statuten)

Aanvang (huidige) Authorization: 06-07-2007

Employees

Year 2012 2011 2010 2009 2008

Total 85 85 85 85 85

Payments

Description Payments are made regularly no complaints are known

Key figures

Year		2012		2011		2010		2009		2008
Quick ratio		0,71		0,67		0,42		0,31		0,21
Current ratio		1,93		2,09		1,21		0,98		0,71
Working capital/ balance total		0,29		0,29		0,10		-0,01		-0,16
Equity / balance total		0,56		0,52		0,42		0,33		0,20
Equity / Fixed assets		1,41		1,20		0,96		0,61		0,32
Equity / liabilities		1,26		1,09		0,73		0,50		0,24
Balance total / liabilities		2,26		2,09		1,73		1,50		1,24
Working capital		22.535.000		23.032.000		8.624.000		-765.000		-10.975.000
Equity		42.889.000		40.773.000		37.028.000		26.517.000		13.729.000
Mutation equity		5,19		10,11		39,64		93,15
Mutation short term liabilities	13,72		-47,77		10,86		-3,59
Return on total assets (ROA)	3,49		4,78		0,90		-8,82		-14,81
Return on equity (ROE)	6,26		9,18		2,13		-26,36		-75,76
Gross profit margin	2,69		3,40		2,41		-4,44		-7,67
Net profit margin	1,58		2,53		0,37		-5,53		-10,14
Average collection ratio	5,56		6,97		3,39		2,57		2,02
Average payment ratio	7,84		10,43		8,13		8,22		11,46
Equity turnover ratio	3,13		3,62		3,72		3,55		5,58
Total assets turnover ratio	1,74		1,89		1,56		1,19		1,09
Fixed assets turnover ratio	4,42		4,34		3,55		2,17		1,77
Inventory conversion ratio	4,54		4,91		4,26		3,86		4,03
Turnover	134.105.000		147.780.000		137.566.000		94.175.000		76.582.000
Gross margin	21.255.000		23.586.000				11.811.000		9.393.000
Operating result	3.610.000		5.027.000		3.317.000		-4.178.000		-5.875.000
Net result after taxes	2.116.000		3.745.000		512.000		-5.212.000		-7.768.000
Cashflow	6.599.000				5.384.000		-711.000
Gross profit					137.566.000
EBIT	3.610.000		5.027.000		3.317.000		-4.178.000
EBITDA	8.093.000				8.189.000		323.000

Summary The 2012 financial result structure is a postive working captial of 22.535.000 euro, which is in agreement with 29 % of the total assets of the company.

The working capital has diminished with -2.16 % compared to previous year. The ratio with respect to the total assets of the company remains unchanged.

The deterioration between 2011 and 2012 has mainly been caused by an increase of the current liabilities.

The current ratio of the company in 2012 was 1.93. 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 0.71. A company with a Quick Ratio of less than 1 cannot currently pay back its current liabilities.

The 2011 financial result structure is a positive working captial of 23.032.000 euro, which is in agreement with 29 % of the total assets of the company.

The working capital has increased with 167.07 % compared to previous year. The ratio, with respect to the total assets of the company has however, increased.

The improvement between 2010 and 2011 has mainly been caused by an increase of the current assets.

The current ratio of the company in 2011 was 2.09. A company with a current ratio between 1.5 and 3.0 generally indicates good short-term financial strength.

The quick ratio in 2011 of the company was 0.67. 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 Dutch Cocoa B.V.

Oceanenweg 1

1047BA Amsterdam

Netherlands

Registration number: 34248163

Balance

Year	2012		2011	2010		2009		2008
End date	2012-12-31		2011-12-31	2010-12-31		2009-12-31		2008-12-31
Goodwill								8.465.000
Intangible fixed assets	3.874.000		5.022.000	6.169.000		7.317.000		8.465.000
Real estate								9.768.000
Plant and machinery								11.876.000
Inventory								51.000
Other tangible fixed assets				26.893.000				8.880.000
Tangible fixed assets	22.792.000		24.794.000	26.893.000		30.159.000		30.575.000
Other financial fixed assets				5.674.000
Financial fixed assets	3.688.000		4.257.000	5.674.000		5.952.000		4.174.000
Fixed assets	30.354.000		34.073.000	38.736.000		43.428.000		43.214.000
Total stock	29.540.000		30.076.000	32.297.000		24.401.000		18.994.000
Accounts receivable	13.754.000		13.291.000	15.293.000		9.169.000		5.240.000
Other receivables	3.358.000		873.000	1.637.000		2.291.000		1.444.000
Total receivables	17.112.000		14.164.000	16.930.000		11.460.000		6.684.000
Liquid funds								1.338.000
accruals				1.637.000
Current assets	46.652.000		44.240.000	49.227.000		35.861.000		27.016.000
Total assets	77.006.000		78.313.000	87.963.000		79.289.000		70.230.000
Total equity	42.889.000	40.773.000			37.028.000		26.517.000	13.729.000
Long term interest yielding debt	10.000.000	16.332.000					16.146.000	16.851.000
Debts to subsidiary companies								1.659.000
Other long term liabilities					10.332.000
Long term liabilities	10.000.000	16.332.000			10.332.000		16.146.000	18.510.000
Other short term liabilities					40.603.000
Short term liabilities	24.117.000	21.208.000			40.603.000		36.626.000	37.991.000
Total short and long term liabilities	34.117.000	37.540.000			50.935.000		52.772.000	56.501.000
Total liabilities	77.006.000	78.313.000			87.963.000		79.289.000	70.230.000

Summary The total assets of the company decreased with -1.67 % between 2011 and 2012.

This downturn is mainly retrievable in the fixed asset decrease of -10.91 %.

The asset reduction is in contrast with the equity growth of 5.19 %. Due to this the total debt decreased with -9.12 %.

In 2012 the assets of the company were 39.42 % composed of fixed assets and 60.58 % by current assets. The assets are being financed by an equity of 55.7 %, and total debt of 44.3 %.

The total assets of the company decreased with -10.97 % between 2010 and 2011.

This downturn is mainly retrievable in the fixed asset decrease of -12.04 %.

The asset reduction is in contrast with the equity growth of 10.11 %. Due to this the total debt decreased with -26.3 %.

In 2011 the assets of the company were 43.51 % composed of fixed assets and 56.49 % by current assets. The assets are being financed by an equity of 52.06 %, and total debt of 47.94 %.

Profit and loss

Year	2012	2011	2010	2009	2008
Revenues	134.105.000	147.780.000	137.566.000	94.175.000
Net turnover	134.105.000	147.780.000	137.566.000	94.175.000	76.582.000
Cost of sales					67.189.000
Gross margin	21.255.000	23.586.000		11.811.000	9.393.000
Wages and salaries	6.040.000		5.303.000	5.589.000
Amorization and depreciation	4.483.000		4.872.000	4.501.000
Sales	112.850.000	18.559.000		82.364.000	464.000
other operating costs	7.122.000		6.203.000	5.899.000	14.804.000
Raw materials and consumables			117.871.000
Operating expenses	130.495.000	142.753.000	134.249.000	98.353.000	15.268.000
Operating result	3.610.000	5.027.000	3.317.000	-4.178.000	-5.875.000
Financial income	26.000	8.000	6.000	21.000
Financial expenses	951.000	1.290.000	2.533.000	2.833.000	3.509.000
Financial result	-925.000	-1.282.000	-2.527.000	-2.812.000	-3.509.000
Other expenses					1.017.000
Other result					-1.017.000
Result on ordinary operations before taxes	2.685.000	3.745.000	790.000	-6.990.000	-10.401.000
Taxation on the result of ordinary activities	569.000		278.000	-1.778.000	2.633.000
Result of ordinary activities after taxes	2.116.000	3.745.000	512.000	-5.212.000	-7.768.000
Net result	2.116.000	3.745.000	512.000	-5.212.000	-7.768.000
Attributable to shareholders					-7.768.000

Summary The turnover of the company decreased by -9.25 % between 2011 and 2012.

The gross profit of the company decreased by -9.88 % between 2011 and 2012.

The operating result of the company declined with -28.19 % 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 -26.99 % 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 -7.94 to a level of 1.74.

The Net Result of the company increased by -43.5 % 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 -31.81 % of the analysed period, being 6.26 % in the year 2012.

The company's financial profitability has been positively affected by its financial structure.

The turnover of the company grew with 7.42 % between 2010 and 2011.

The operating result of the company grew with 51.55 % between 2010 and 2011. This evolution implies an increase of the company's economic profitability.

The result of these changes is an increase of the company's Economic Profitability of 431.11 % of the analysed period, being equal to 2010 % in the year 2011.

This growth has contributed to the increase in assets turnover, increasing by 21.15 % reaching 1.89.

The Net Result of the company decreased by 631.45 % between 2010 and 2011.

The company's Financial Profitability has been negatively affected by the financial activities in comparison to the EBITs behaviour. The result of these variations is a profitability reduction of 330.99 % of the analysed period, being 9.18 % in the year 2011.

The company's financial structure has slowed down its financial profitability.

Analysis

Branch (SBI) Manufacture of food products (10)

Region Groot Amsterdam

In the Netherlands 6059 of the companies are registered with the SBI code 10

In the region Groot Amsterdam 474 of the companies are registered with the SBI code 10

In the Netherlands 140 of the bankrupcties are published within this sector

In the region Groot Amsterdam 14 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 18-04-2013: De jaarrekening over 2011 is gepubliceerd.

18-04-2013: De jaarrekening over 2012 is gepubliceerd.

19-05-2011: De jaarrekening over 2010 is gepubliceerd.

27-04-2010: De jaarrekening over 2009 is gepubliceerd.

Functions 30-03-2012: Per 01-12-2011 is bestuurder Maarten Willem Herman Obbink in functie getreden.

07-10-2011: Per 01-09-2011 is bestuurder Geert Willy Jeanine Coppieters uit functie getreden.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.60.19
UK Pound	1	Rs.103.15
Euro	1	Rs.81.87

INFORMATION DETAILS

Analysis Done by :	DIV
Report Prepared by :	NNA

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.