MIRA INFORM REPORT

Report Date :

09.04.2011

IDENTIFICATION DETAILS

Name :	BUNGE INDIA PRIVATE LIMITED
Registered Office :	B-401 and 501, Business Square, Andheri – Kurla Road, Chakala, Andheri (East), Mumbai – 400093, Maharashtra.
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	22.10.1997
Com. Reg. No.:	17-174267
CIN No.: [Company Identification No.]	U15421MH1997PTC174267
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Dalda Vanaspati and Dalda Oil

RATING & COMMENTS

MIRA’s Rating :

Ba (51)

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	USD 10444056
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a part of Bunge, USA; it is a well established and a reputed company having fine track. Financial position of the company appears to be sound. Trade relations are reported as fair. Business is active. Payments are reported to be regular and as per commitments. The company can be considered normal for business dealings at usual trade terms and conditions.

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 – April 1, 2010

Country Name	Previous Rating (31.12.2009)	Current Rating (01.04.2010)
India	A1	A1

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

INFORMATION PARTED BY

Name :	Mr. Sarika
Designation :	Office Executive
Date :	07.04.2011

LOCATIONS

Registered Office :	B-401 and 501, Business Square, Andheri – Kurla Road, Chakala, Andheri (East), Mumbai – 400093, Maharashtra
Tel. No.:	91-22-40509898/ 99/40509500 /26533768
Fax No.:	91-22-40509898/99
E-Mail :	doraiswamy.sankaran@bunge.com Kishore.kumar@bunge.com Kalpesh.dedhia@bunge.com
Website :	http://www.bunge.com
Area :	9000 sq.ft (Approximately)
Location:	Rented
Corporate/Head Office :	The IL and FS Financial Centre, 7^th Floor, Quadrant D, Plot C-21, G Block, BKC Bandra (West), Mumbai – 400051, Maharashtra, India
Tel No.:	91-22-55519500
Fax No.:	91-22-55519699
Email :	sudhakar.desai@bunge.com anil.aggarwal@bunge.com
Factory 1:	N.H. 12, P.O. Ramganj, Balaji District Bundi, Jaipur – 323001, Rajasthan, India
Tel No.:	91-747-2444840/2447623
Fax No.:	91-747-2444525
Location:	Owned
Factory 2:	Foods Factory, Edamalaipatti, Pudur Trichy – 620012, Tamilnadu, India
Location:	Owned

DIRECTORS

As On 30.09.2009

Name :	Mr. Sudhakar Rao Seshagiri Desai
Designation :	Director
Address :	202, Odyssey – 1, Hiranandani Garden Powai, Mumbai – 400076, Maharashtra, India
Date of Birth/Age :	28.10.1962
Date of Appointment :	24.12.2004
Name :	Mr. White John Christopher Silva
Designation :	Director
Address :	15 A, Swettenham Road, Singapore – 248103
Date of Birth/Age :	12.06.1952
Date of Appointment :	28.04.2003
Name :	Mr. Sanjay Satish Jain
Designation :	Director
Address :	Flat No.82, Versova Venus Co-op Housing Society, Plot No.6, RDP – 2, Mahada layout, Andheri (West), Mumbai – 400 058, Maharashtra, India
Date of Birth/Age :	10.12.1967
Date of Appointment :	29.12.2006
Pan No :	ADDPJ7595B
Name :	Mr. Adhiraj Amarnath Sarin
Designation :	Director
Address :	B-204, Bakhtawar, Opposite Coloba Post office, Mumbai – 400 005, Maharashtra, India
Date of Birth/Age :	15.08.1952
Date of Appointment :	29.12.2006
Name :	Mr. Subramanian Neelakantan Nataraj
Designation :	Director
Address :	301, Ambrosia Building, Hirannandani Gardens, Powai, Mumbai – 400 076, Maharashtra, India
Date of Birth/Age :	22.06.1963
Date of Appointment :	01.10.2008

KEY EXECUTIVES

Name :	Mr. Pallassana Doraiswamy Sankaran
Designation :	Secretary
Address :	601, Pooja Building, Hoechst Quarters Compound Amar Nagar, Mulund (West), Mumbai – 400 093, Maharashtra, India
Date of Birth/Age :	16.10.2004
Date of Appointment :	01.11.2006
Name :	Mr. Sarika
Designation :	Office Executive

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2009

Names of Shareholders	No. of Shares
Bunge Mauritius Holdings Limited, Mauritius	14799237
Bunge Mauritius Holdings Limited Jointly with Sudhakar Rao Desai, Mumbai	25
Total	14799262

AS ON 30.09.2009

Equity share breakup
Category	Percentage
Foreign holdings (Foreign institutional investor (s), Foreign companie (s) Foreign financial institution (s), Non-resident Indian (s) or Overseas corporate bodies or Others)	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Dalda Vanaspati and Dalda Oil.
Exports :
Products :	Yellow Soyabean Meal
Countries :	Ø Far East
Imports :
Products :	Edible Oil
Countries :	Ø Indonesia Ø Srilanka
Terms :
Selling :	L/C, Cash, Credit
Purchasing :	L/C, Cash, Credit

PRODUCTION STATUS As on 31.03.2009

Particulars	Unit	Installed Capacity
Solvent Extracted Oil	MT	93250
Oil Seed Crushing	MT	427000
Vanaspati including Bakery Fats	MT	96500

Particular	Unit	Actual Production
De – Oiled Cake	MT	105873
Crude Oil*	MT	--
Refined Oil	MT	49482
Vanaspati	MT	23730
Bakery Fats	MT	42560
Others	MT	--

Note: * Excluding 26676 MT (Previous Year 32717 MT) of crude oil meant for captive consumption.

GENERAL INFORMATION

Customers :

Wholesalers, Retailers

No. of Employees :

500 (Contract Workers)

380 ( 80 – In Office + 300 – In Factory)

Bankers :

Ø ICICI Bank, Nariman Point

Ø Citi Bank

Ø HSBC Bank – Fort Branch, Mumbai

Ø Standard Chartered Bank - Fort Branch, Mumbai

Ø Deutche Bank - Fort Branch, Mumbai

Facilities :

Unsecured Loan	Rs. In Millions 31.03.2010	Rs. In Millions 31.03.2009
From Banks (Of the above Rs.520.901 Millions (Previous year Rs.402.326 Millions) have been granted on the basis of the letter of comfort issued in favour of the banks by Bunge limited, Bermuda-the ultimate Holding Company)	520.901	2102.326
Other Loans Sales Tax deferral / Interest – Free Sales Tax Loan	40.111	35.897
Total	561.012	2138.224

Banking Relations :	--
Auditors :
Name :	Deloitte Haskins and Sells Chartered Accountant
Address :	12 Dr. Annie Besant Road, Opposite, Shiv Sagar Industrial Estate, Worli, Mumbai – 400018, Maharashtra, India
Pan No.:	AACFD4815A
Tel No.:	91-22-66679000
Fax No.:	91-22-66679025
Holding Company:	Bunge Mauritius Holding Limited

CAPITAL STRUCTURE

AS ON 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
18000000	Equity Share	Rs.10/- Each	Rs.180.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
14799262	Equity Share	Rs.10/- Each	Rs.147.992 Millions

Note:

1. All the above shares are held by Bunge Mauritius Holdings Limited, the Holding company and its nominee

2. Of the above 6,250,000 shares of Rs.10/- each have been allotted as fully paid to the shareholders of erstwhile Bunge Agribusiness India Private Limited on amalgamation with the company without payment being received in cash

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010	31.03.2009	31.03.2008
SHAREHOLDERS FUNDS
1] Share Capital		147.992	147.992	147.992
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		2463.022	1992.394	762.803
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		2611.014	2140.386	910.795
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		561.012	2138.224	2528.667
TOTAL BORROWING		561.012	2138.224	2528.667
DEFERRED TAX LIABILITIES		0.000	1.782	1.190
TOTAL		3172.026	4280.392	3440.652
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		572.563	586.728	666.512
Capital work-in-progress		28.243	30.566	2.531
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		9.286	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	1126.326	1010.610	1730.176
	Sundry Debtors	26577.772	2614.494	12817.546
	Cash & Bank Balances	2299.196	371.079	4466.382
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	1207.833	1372.591	607.697
Total Current Assets		31211.127	5368.774	19621.801
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	1146.985	444.125
	Other Current Liabilities	27450.169	1209.503	3987.140
	Provisions	52.039	52.048	55.535
Total Current Liabilities		28649.193	1705.676	16854.600
Net Current Assets		2561.934	3663.098	2767.201
MISCELLANEOUS EXPENSES		0.000	0.000	4.408
TOTAL		3172.026	4280.392	3440.652

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	77007.090	78063.377	82853.688
		Other Income		3054.000	2305.615
		TOTAL (A)	77007.090	81117.377	85159.303
Less	EXPENSES
		Cost of Materials	NA	76213.595	81397.423
		Manufacturing operating and other administrative expenses	NA	2113.858	2718.080
		Payment to and provision for employees	NA	300.744	284.697
		Impairment loss	NA	0.000	109.166
		Deferred revenue expenditures written off	NA	4.408	10.580
		Increase or decrease in stock	NA	237.993	(257.955)
		TOTAL (B)	NA	78870.598	84261.991
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		827.680	2246.779	897.312
Less	FINANCIAL EXPENSES (D)		0.000	249.515	209.358
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		827.680	1997.264	687.954
Less/ Add	DEPRECIATION/ AMORTISATION (F)		112.980	128.911	145.124
	PROFIT BEFORE TAX (E-F) (G)		714.700	1868.353	542.830
Less	TAX (I)		244.070	638.763	200.344
	PROFIT AFTER TAX (G-I) (J)		470.630	1229.590	342.486
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		1907.900	678.310	NA
	BALANCE CARRIED TO THE B/S		2378.530	1907.900	NA
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings		35507.783	48533.996
		Service Income		22.193	11.000
		Gain on settlement of FOB hedge contracts	NA	119.427	4.241
		Insurance Claim		0.635	0.000
	TOTAL EARNINGS			35650.038	48549.237
	IMPORTS
		Raw Materials		1330.534	976.065
		Finished Goods	NA	65425.446	71441.779
		Chemicals		0.000	0.673
	TOTAL IMPORTS			66755.98	72418.517
	Earnings Per Share (Rs.)		27.25	83.08	23.14

KEY RATIOS

PARTICULAR		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	0.61	1.51	0.40
Net Profit Margin (PBT/Sales)	(%)	NA	2.39	0.65
Return on Total Assets (PBT/Total Assets}	(%)	2.25	31.37	2.67
Return on Investment (ROI) (PBT/Networth)		0.27	0.87	0.59
Debt Equity Ratio (Total Liability/Networth)		10.63	1.79	21.28
Current Ratio (Current Asset/Current Liability)		1.09	3.15	1.16

LOCAL AGENCY FURTHER INFORMATION

Details of Sundry Creditors:

Particulars	31.03.2010 (Rs. in millions)	31.03.2009 (Rs. in millions)	31.03.2008 (Rs. in millions)
Due to micro, small and medium enterprises	2.239	1.969	0.577
Due to other than micro small and medium enterprises	1113.515	442.156	12811.348

Note:

The registered office of the company has been shifted from N.H. 12, P.O. Ramganj, Balaji District Bundi, Jaipur – 323001, Rajasthan, India to the present address w.e.f. 09.08.2007.

Trade References:

• Ruchi Soya Industries – Indore, Madhya Pradesh

FIXED ASSETS:

Ø Goodwill

Ø Brands

Ø Technical Knowhow

Ø Non Compete Fees

Ø Computer Software

Ø Freehold Land

Ø Buildings

Ø Plant and Machinery

Ø Office Equipment and Furniture and Fixtures

Ø Motor Vehicles

Ø Leasehold Improvements

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No records exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No records exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards :

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.44.04
UK Pound	1	Rs.72.19
Euro	1	Rs.63.40

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--CREDIT LINES	1~10	6
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		51

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%)

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	-

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.