MIRA INFORM
REPORT
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Report Date : |
20.06.2011 |
IDENTIFICATION DETAILS
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Name : |
ARCHER-DANIELS-MIDLAND COMPANY |
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Registered Office : |
Corporation Trust Center 1209 Orange Street, Wilmington De 19801 |
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Country : |
United States |
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Financials (as on) : |
30.06.2010 |
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Date of Incorporation : |
02.05.1923 |
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Com. Reg. No.: |
0152524 |
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Legal Form : |
Corporation for Profit |
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Line of Business : |
Manufacturer of Flour Mills |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
3 000 000 USD. |
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Status : |
Satisfactory |
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Payment
Behaviour : |
Usually Correct |
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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 – March 31st, 2011
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Country Name |
Previous Rating (31.12.2010) |
Current Rating (31.03.2011) |
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United States |
a1 |
a1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
GEOPOLITICS - UNITED STATES
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POLITICAL DATA |
ECONOMIC DATA |
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Form of Government: Federal
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Currency: USD |
IDENTIFICATION
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Ordered as: |
Archer Daniels Midland Company |
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Address in the order: |
4666 Faries Parkway Decatur Il 62526 |
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Legal Name: |
ARCHER-DANIELS-MIDLAND COMPANY |
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Trade Name: |
ADM FASCO, ADM FERTILIZER, ADM GRAIN COMPANY |
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Legal Address |
CORPORATION TRUST CENTER 1209 ORANGE STREET WILMINGTON DE 19801 |
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Operative Address |
4666 E Faries Parkway Decatur, IL 62526 |
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Telephone: |
217-424-5200 |
Registration Number : |
0152524 |
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Fax: |
217-424-6196 |
Legal Form: |
Corporation for Profit |
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Email: |
N.A. |
Registered in: |
Delaware |
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Website: |
http://www.adm.com |
Date Created: |
1898 |
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Manager: |
Patricia Woertz |
Date Incorporated: |
May 2nd, 1923 |
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Staff: |
29,300 |
Stock: |
639,324,639 |
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Value: |
19.7 billion USD |
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Activity: |
Flour Mills (Mfrs) |
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BANKS
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Name of the Bank |
JPMorgan Chase |
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Name of the Bank |
The Bank of New York |
BUSINESS
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PRINCIPAL
ACTIVITY |
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Archer Daniels Midland Company procures, transports, stores, processes,
and merchandises agricultural commodities and products in the United States
and internationally. |
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Products/Services description: |
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It operates in three segments: Oilseeds Processing, Corn Processing,
and Agricultural Services. The Oilseeds Processing segment engages in
originating, merchandising, crushing, and processing oilseeds, such as
soybeans, cottonseed, sunflower seeds, canola, rapeseed, peanuts, flaxseed,
and palm into vegetable oils and protein meals. This segment also produces edible
soy protein products, including soy flour, soy grits, soy protein
concentrates, soy isoflavones, and soy isolates that are used in processed
meats, baked foods, nutritional products, snacks, and dairy and meat analogs.
The Corn Processing segment involves in corn wet milling and dry milling
activities; and produces alcohol, amino acids, and other specialty food and
animal feed ingredients, as well as ethyl alcohol. This segment also produces
citric and lactic acids, lactates, sorbitol, xanthan gum, and glycols that
are used in various food and industrial products, as well as astaxanthin, a
product used in aquaculture to enhance flesh coloration. The Agricultural
Services segment buys, stores, cleans, and transports agricultural
commodities, such as oilseeds, corn, wheat, milo, oats, rice, and barley, as
well as resells these commodities as food and feed ingredients for the
agricultural processing industry. This segment also processes and distributes
edible beans, formula feeds, and animal health and nutrition products. In
addition, the company engages in milling wheat, corn, and milo into flour, as
well as produces bakery products and mixes, wheat starch, gluten, and cocoa
products that are sold to the baking industry; and involves in financial
activities related to private equity fund investments, and futures commission
merchant activities. |
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Sales are: |
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Wholesale |
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Clients: |
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Food and agricultural processing industries |
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Operations area: |
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National, International |
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The company imports from worldwide. |
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The company export to worldwide. |
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Competitors: |
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Bunge Limited Chs Inc General Mills, Inc Bartlett And Company |
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The subject employs 29,300 employee(s) |
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PAYMENTS |
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regular |
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LOCATION |
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Headquarters |
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The company is headquartered at the above operative address. The legal
address is the one registered at the Secretary of State of Delaware and is
that of the registered agent. |
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The property is: |
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Owned |
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Comments on location: |
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The company is incorporated in Delaware for taxes purposes. However it is headquartered in Illinois. |
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Branches: |
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The company has branches all over the US. |
Shareholders - Manager - Related Companies
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Listed at the stock exchange: |
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YES |
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Capital: |
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The company is traded at the NYSE under the symbol ADM. % of Shares Held by All Insider and 5% Owners: 2% % of Shares Held by Institutional & Mutual Fund Owners: 71% % of Float Held by Institutional & Mutual Fund Owners: 73% Number of Institutions Holding Shares: 644 |
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Management: |
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Ms. Patricia Woertz Exec. Chairman and CEO Mr. David J. Smith Exec. VP, Gen. Counsel and Sec. Mr. Steven R. Mills Sr. Exec. VP of Performance & Growth Mr. Michael D'Ambrose Sr. VP of HR Mr. Ray G. Young CFO and Sr. VP |
Financials - COMMERCIAL TRENDS AND FORECAST
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The subject is a public company traded at the
stock exchange. Please find enclosed the financial statements. |
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Legal Fillings |
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There are several UCC** files listed with
the Secretary of State of Illinois. There were two legal filings against the company
in 2010 listed with the District Courts (Cases Number 1:2010cv00315 and
3:2010cv00135). The last annual report was filed on
08/30/2010. THE COMPANY IS NOT LISTED ON THE OFAC
LIST.* For information: * The Specially Designated Nationals (SDN)
List is a publication of OFAC which lists individuals and organizations with
whom United States citizens and permanent residents are prohibited from doing
business. ** The Uniform Commercial Code (UCC) is
one of a number of uniform acts that have been promulgated in conjunction
with efforts to harmonize the law of sales and other commercial transactions
in all 50 states within the United States of America. The UCC deals primarily with transactions
involving personal property (movable property), not real property (immovable
property). It allows a creditor to notify other
creditors about a debtor’s assets used as
collateral for a secured transaction by filing a public notice (financing
statement) with a particular filing office. The Uniform Commercial Code Bureau files
and maintains on financial obligations (including IRS liens) incurred by
individuals (in business as a sole proprietor), business entities and
corporations. |
Rating
|
Local credit bureau gave a correct credit rate.
The company is in Good Standing. This
means that all local and federal taxes were paid on due date. |
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Final Opinion |
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The company has 113 years in the business. It is a large sized American company,
evolving in a stable sector. Profitability is correct, indebtedness is
controlled, cash is very good and payments are regular. There are two recent adverse records
against the subject. A credit line may be considered for 3 000
000 USD. |
SUMMARY
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Profitability |
CORRECT |
Public Records |
YES |
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Indebtedness |
CONTROLLED |
Payments |
REGULAR |
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Cash |
VERY GOOD |
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Financial
Income Statement Annual Data
Figures in thousands of USD
|
Period Ending |
Jun 30, 2010 |
Jun 30, 2009 |
Jun 30, 2008 |
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Total Revenue |
61,682,000 |
69,207,000 |
69,816,000 |
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Cost of Revenue |
57,839,000 |
65,118,000 |
65,974,000 |
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Gross Profit |
3,843,000 |
4,089,000 |
3,842,000 |
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Operating Expenses |
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Research Development |
- |
- |
- |
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Selling General and Administrative |
1,398,000 |
1,412,000 |
1,419,000 |
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Non Recurring |
- |
- |
- |
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Others |
- |
- |
- |
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Total Operating Expenses |
- |
- |
- |
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Operating Income or Loss |
2,445,000 |
2,677,000 |
2,423,000 |
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Income from Continuing Operations |
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Total Other Income/Expenses Net |
140,000 |
(177,000) |
263,000 |
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Earnings Before Interest And Taxes |
2,585,000 |
2,500,000 |
3,101,000 |
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Interest Expense |
- |
430,000 |
477,000 |
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Income Before Tax |
2,585,000 |
2,500,000 |
2,624,000 |
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Income Tax Expense |
666,000 |
812,000 |
822,000 |
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Minority Interest |
11,000 |
(4,000) |
- |
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Net Income From Continuing Ops |
1,930,000 |
1,684,000 |
1,802,000 |
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Non-recurring Events |
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Discontinued Operations |
- |
- |
- |
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Extraordinary Items |
- |
- |
- |
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Effect Of Accounting Changes |
- |
- |
- |
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Other Items |
- |
- |
- |
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Net Income |
1,930,000 |
1,684,000 |
1,802,000 |
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Preferred Stock And Other Adjustments |
- |
- |
- |
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Net Income Applicable To Common Shares |
1,930,000 |
1,684,000 |
1,802,000 |
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Income Statement Quarterly Data
Figures in thousands of USD
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Period Ending |
Mar 31, 2011 |
Dec 31, 2010 |
Sep 30, 2010 |
Jun 30, 2010 |
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Total Revenue |
20,077,000 |
20,930,000 |
16,799,000 |
15,703,000 |
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Cost of Revenue |
18,917,000 |
19,696,000 |
15,991,000 |
14,777,000 |
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Gross Profit |
1,160,000 |
1,234,000 |
808,000 |
926,000 |
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Operating Expenses |
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Research Development |
- |
- |
- |
- |
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Selling General and Administrative |
395,000 |
412,000 |
381,000 |
331,000 |
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Non Recurring |
- |
- |
- |
- |
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Others |
- |
- |
- |
- |
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Total Operating Expenses |
- |
- |
- |
- |
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Operating Income or Loss |
765,000 |
822,000 |
427,000 |
595,000 |
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Income from Continuing Operations |
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Total Other Income/Expenses Net |
26,000 |
176,000 |
35,000 |
(45,000) |
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Earnings Before Interest And Taxes |
791,000 |
998,000 |
462,000 |
550,000 |
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Interest Expense |
- |
- |
- |
- |
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Income Before Tax |
791,000 |
998,000 |
462,000 |
550,000 |
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Income Tax Expense |
223,000 |
269,000 |
120,000 |
105,000 |
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Minority Interest |
10,000 |
3,000 |
3,000 |
1,000 |
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Net Income From Continuing Ops |
578,000 |
732,000 |
345,000 |
446,000 |
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Non-recurring Events |
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Discontinued Operations |
- |
- |
- |
- |
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Extraordinary Items |
- |
- |
- |
- |
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Effect Of Accounting Changes |
- |
- |
- |
- |
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Other Items |
- |
- |
- |
- |
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Net Income |
578,000 |
732,000 |
345,000 |
446,000 |
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Preferred Stock And Other Adjustments |
- |
- |
- |
- |
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Net Income Applicable To Common Shares |
578,000 |
732,000 |
345,000 |
446,000 |
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Balance Sheet Annual Data Figures
in thousands of USD
|
Period Ending |
Jun 30, 2010 |
Jun 30, 2009 |
Jun 30, 2008 |
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Assets |
||||
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Current Assets |
||||
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Cash And Cash Equivalents |
3,383,000 |
3,485,000 |
2,845,000 |
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Short Term Investments |
394,000 |
500,000 |
455,000 |
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Net Receivables |
6,122,000 |
7,311,000 |
11,483,000 |
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Inventory |
7,611,000 |
7,782,000 |
10,160,000 |
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Other Current Assets |
624,000 |
330,000 |
512,000 |
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Total Current Assets |
18,134,000 |
19,408,000 |
25,455,000 |
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Long Term Investments |
3,477,000 |
3,085,000 |
3,363,000 |
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Property Plant and Equipment |
8,712,000 |
7,950,000 |
7,125,000 |
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Goodwill |
523,000 |
532,000 |
506,000 |
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Intangible Assets |
- |
- |
- |
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Accumulated Amortization |
- |
- |
- |
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Other Assets |
702,000 |
607,000 |
607,000 |
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Deferred Long Term Asset Charges |
- |
- |
- |
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Total Assets |
31,548,000 |
31,582,000 |
37,056,000 |
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Liabilities |
||||
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Current Liabilities |
||||
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Accounts Payable |
7,855,000 |
8,481,000 |
11,266,000 |
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Short/Current Long Term Debt |
718,000 |
404,000 |
3,355,000 |
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Other Current Liabilities |
- |
- |
- |
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Total Current Liabilities |
8,573,000 |
8,885,000 |
14,621,000 |
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Long Term Debt |
6,830,000 |
7,592,000 |
7,690,000 |
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Other Liabilities |
1,075,000 |
1,144,000 |
782,000 |
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Deferred Long Term Liability Charges |
439,000 |
308,000 |
473,000 |
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Minority Interest |
22,000 |
26,000 |
- |
|
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Negative Goodwill |
- |
- |
- |
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|
||||
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Total Liabilities |
16,917,000 |
17,929,000 |
23,566,000 |
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Stockholders' Equity |
||||
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Misc Stocks Options Warrants |
- |
- |
- |
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Redeemable Preferred Stock |
- |
- |
- |
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Preferred Stock |
- |
- |
- |
|
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Common Stock |
5,151,000 |
5,204,000 |
5,039,000 |
|
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Retained Earnings |
10,357,000 |
8,778,000 |
7,494,000 |
|
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Treasury Stock |
- |
- |
- |
|
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Capital Surplus |
- |
- |
- |
|
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Other Stockholder Equity |
(899,000) |
(355,000) |
957,000 |
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|
||||
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Total Stockholder Equity |
14,609,000 |
13,627,000 |
13,490,000 |
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|
||||
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Net Tangible Assets |
14,086,000 |
13,095,000 |
12,984,000 |
|
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.93 |
|
UK Pound |
1 |
Rs.72.43 |
|
Euro |
1 |
Rs.63.62 |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.