MIRA INFORM REPORT

 

 

Report Date :           

31.05.2011

 

IDENTIFICATION DETAILS

 

Name :

BUNGE AGRIBUSINESS SINGAPORE PTE LTD

 

 

Registered Office :

77 Robinson Road #28-00 Robinson 77 Singapore 068896

 

 

Country :

Singapore

 

 

Financials (as on) :

31.12.2009

 

 

Date of Incorporation :

11.12.1997

 

 

Com. Reg. No.:

199708376w

 

 

Legal Form :

Limited Private Company

 

 

Line of Business :

Commodity and Futures Brokers and Dealers

 

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

 

Maximum Credit Limit :

S$1,000,000

Status :

Good

Payment Behaviour :

No Complaints

Litigation :

Unknown

 

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

 

Country Name

Previous Rating

                   (31.12.2010)                  

Current Rating

(31.03.2011)

Singapore

a1

a1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 Bottom of Form

Executive Summary

 

Company Name

:

BUNGE AGRIBUSINESS SINGAPORE PTE LTD

Registration No

:

199708376W

Date of Registration

:

11/12/1997

Former Name

:

NA

Date of Change of Name

:

NA

Type of Company

:

LIMITED PRIVATE COMPANY

Registered Address

:

77 ROBINSON ROAD #28-00 ROBINSON 77 SINGAPORE 068896

Date of Change of Address

:

19/07/2004

Contact No.

:

6227 0090

Fax No.

:

6225 0132

Website

:

NA

Registered Activities

:

1. COMMODITY AND FUTURES BROKERS AND DEALERS

PROVIDING AGRICULTURAL COMMODITY MARKETING SERVICES AND TRADING IN COMMODITIES

2. OTHER INVESTMENT HOLDING COMPANIES

INVESTMENT HOLDING COMPANY.

Issued Ordinary Capital*

:

$1,000,000.00 SINGAPORE, DOLLARS ,NO. OF SHARE : 1,000,000

$41,270,000.00 U.S. DOLLAR ,NO. OF SHARE : 41,270,000

Issued Preference Capital

:

NA

Paid-Up Ordinary Capital

:

$41,270,000.00 U.S. DOLLAR

$1,000,000.00 SINGAPORE, DOLLARS

Paid-Up Preference Capital

:

NA

* Number of Shares includes number of Issued Treasury Shares

Issued Treasury Capital

:

NA

Paid-Up Treasury Capital

:

NA

No. of Local Subsidiaries

:

1

No. of Local Associates

:

NA

Auditor

:

DELOITTE & TOUCHE LLP

Bankers / Financiers

:

NA

Turnover

:

SGD - SIN 12,175,710,124.00 (FY2009)

Net Worth

:

SGD - SIN 137,317,674.00 (FY2009)

No. of Bank Charges

:

NA

No. of Litigation Suits

:

NA

S1000 / SME 500 / FG50 Ranking

:

30 POSITION IN Singapore 1000 Companies Ranked by Sales/Turnover (2004/2005)

84 POSITION IN Singapore 1000 Companies Ranked by Sales/Turnover (2001/2002)

500 POSITION IN Singapore 1000 Companies Ranked by Sales/Turnover (2000/2001)

790 POSITION IN Singapore 1000 Companies Ranked by Net Profit (2000/2001)

374 POSITION IN Singapore 1000 Companies Ranked by Return on Equities (2000/2001)

Compounded Annual Growth Rate (CAGR)

:

32.01% (4 years)

 

 

Credit Recommendation

 

Recommended Credit Line

:

S$1,000,000

 

 

SHAREHOLDER DETAILS

 

NAME

:

BUNGE LIMITED

SHAREHOLDER ID

:

S97UF0023D

NATIONALITY

:

BERMUDA

ADDRESS

:

CLARENDON HSE CHURCH ST HAMILTON BERMUDA

NO. OF ORD SHARES

:

1,000,000

41,270,000

% OF SHAREHOLDING

:

100.0%

CURRENCY

:

SINGAPORE, DOLLARS

U.S. DOLLAR

 

OFFICER DETAILS

 

NAME

:

FRANS HENDRIK JOHAN MARIE MOL

ADDRESS

:

3 EVERTON ROAD SINGAPORE 089360

POSITION

:

DIRECTOR

DATE OF APPT

:

31/08/2010

NATIONALITY

:

DUTCH

I/C PASSPORT

:

F1663460M

 

NAME

:

MICHAEL DAVID GOETTL

ADDRESS

:

12 HARLYN ROAD DUNEARN ESTATE SINGAPORE 299453

POSITION

:

DIRECTOR

DATE OF APPT

:

31/08/2010

NATIONALITY

:

AMERICAN

I/C PASSPORT

:

F2008706N

 

NAME

:

CHRISTOPHER SILVA WHITE

ADDRESS

:

15A SWETTENHAM ROAD SINGAPORE 248103

POSITION

:

DIRECTOR

DATE OF APPT

:

06/06/2003

NATIONALITY

:

AMERICAN

I/C PASSPORT

:

G5704709M

 

NAME

:

CHEW CHEN YEAN

ADDRESS

:

133 SERANGOON AVENUE 3 #08-11 CHILTERN PARK CONDOMINIUM SINGAPORE 556113

POSITION

:

SECRETARY

DATE OF APPT

:

01/07/2003

NATIONALITY

:

SINGAPORE CITIZEN

I/C PASSPORT

:

S1295815C

 

NAME

:

CHOONG MOH HUAT

ADDRESS

:

2 KITCHENER LINK #19-05 CITY SQUARE RESIDENCES SINGAPORE 207229

POSITION

:

DIRECTOR

DATE OF APPT

:

13/06/2007

NATIONALITY

:

SINGAPORE P.R.

I/C PASSPORT

:

S2599756E

 

 

KEY PERSONNEL PROFILE

 

Name:

CHRISTOPHER SILVA WHITE

NRIC Number:

G5704709M

Available Address:

15A SWETTENHAM ROAD  SINGAPORE 248103

 

Current Business Interest

No.

Name

Position

Appt Date

#of Share

%

1

BUNGE AGRIBUSINESS SINGAPORE PTE LTD

DIRECTOR

06/06/2003

-

-

2

BUNGE INDO-CHINA HOLDINGS PTE. LTD.

DIRECTOR

16/12/2009

-

-

3

GRAINS AND INDUSTRIAL PRODUCTS TRADING PTE. LTD.

DIRECTOR

06/06/2003

-

-

 

Previous Business

No.

Name

 

 

Status

Position

Appt Date

Last Known Inactive Date

1

BUNGE INDO-CHINA HOLDINGS PTE. LTD.

LIVE COMPANY

SHAREHOLDER

-

27/05/2011

 

Bankruptcy Record

Case No.

Year

Date of Filing

Petitioner Name

Amount

No Trace

 

 

 

 

 

Litigation Search – Writ of Summons

Court

Case No.

Year

Date of Filing

Amount

Cause Category

No Trace

 

 

 

 

 

 

 

SUBSIDIARIES AND ASSOCIATE COMPANIES

 

Company

Shareholdings (%)

BUNGE INDO-CHINA HOLDINGS PTE. LTD.

89.99

 

 

BANKERS/ FINANCIERS

 

Subject enjoys a normal banking routine with its bankers. To date, there are no bank charges registered against Subject by its bankers.

 

             

LITIGATION

 

Clear

COMPLIANCE

 

Date of Last AGM

:

30/10/2010

Date of Last AR

:

15/11/2010

Date of A/C Laid At Last AGM

:

31/12/2009

 

 

FINANCIAL HIGHLIGHTS

 

Financial Figures

Company

 

DEC 2009

% Change

DEC 2008

DEC 2007

DEC 2006

DEC 2005

Currency

SGD - SIN

 

SGD - SIN

SGD - SIN

SGD - SIN

SGD - SIN

Profit and Loss Key Figures

 

 

 

 

 

 

Turnover

12,175,710,124

-14.73

14,279,372,197

9,388,817,457

5,796,999,973

4,009,237,643

Profit/(Loss) Before Tax

13,235,463

-77.17

57,975,460

14,565,872

13,225,582

(6,466,531)

Profit After Tax attributable to Shareholders

14,615,156

-73.34

54,819,402

13,637,889

11,350,263

(6,423,969)

 

 

 

 

 

 

 

Balance Sheet Key Figures

 

 

 

 

 

 

Total Assets

796,390,676

-3.24

823,041,424

917,635,679

466,513,867

414,072,644

Current Assets

744,308,289

-8.00

809,025,145

916,352,502

460,965,389

390,700,016

Non Current Assets

52,082,387

271.58

14,016,279

1,283,177

5,548,478

23,372,628

 

 

 

 

 

 

 

Total Liabilities

659,073,003

-10.63

737,460,261

893,290,615

455,224,823

414,137,038

Current Liabilities

659,073,003

-10.63

737,460,261

893,290,615

455,224,823

414,137,038

Non Current Liabilities

0

NA

0

0

0

0

 

 

 

 

 

 

 

Shareholders' Funds

137,317,674

60.45

85,581,163

24,345,064

11,289,045

(64,394)

Share Capital

43,431,353

398.32

8,715,591

867,009

914,125

961,554

Total Reserves

93,886,321

22.14

76,865,572

23,478,055

10,374,920

(1,025,948)

 

 

 

 

 

 

 

 

 

 

FINANCIAL RATIOS

 

 

Company

 

DEC 2009

DEC 2008

DEC 2007

DEC 2006

DEC 2005

Growth %

 

 

 

 

 

Year-on-Year Growth

-14.73

52.09

61.96

44.59

NA

 

 

 

 

 

 

Profitability

 

 

 

 

 

Profit Margin (%)

0.12

0.38

0.15

0.20

-0.16

Return on Equity (%)

10.64

64.06

56.02

100.54

9,976.04

Return on Assets (%)

1.84

6.66

1.49

2.43

-1.55

 

 

 

 

 

 

Leverage

 

 

 

 

 

Total Debt/Equity (Times)

4.80

8.62

36.69

40.32

-6,431.30

Current Debt/Equity (Times)

4.80

8.62

36.69

40.32

0.00

Long Term Debt To Equity (Times)

0.00

0.00

0.00

0.00

0.00

Total Asset To Total Equity (Times)

5.80

9.62

37.69

41.32

-6,430.30

 

 

 

 

 

 

Asset Management

 

 

 

 

 

Total Assets Turnover (Times)

15.29

17.35

10.23

12.43

9.68

Fixed Assets Turnover (Times)

233.78

1,018.77

7,316.85

1,044.79

171.54

 

 

 

 

 

 

Liquidity

 

 

 

 

 

Current Ratio (Times)

1.13

1.10

1.03

1.01

0.94

 

 

FINANCIAL COMMENTARY

 

Compound Annual Growth Rate

 

The company's CAGR is 32.01% (4 years).

CAGR is the year-over-year growth rate of a company over a specified period. Instead of looking at the average growth rate, CAGR allow users to look at the annualized growth rate of a company over a given period, a more indicative measure of growth of a company’s performance over a given period.

Profitability

The company yielded a rate of net profit on sales of 0.12 per cent in FY09 (FY08: 0.38 per cent). The company is now able to book in SGD - SIN 0.00 of profit for every SGD - SIN of sales in FY09, as compared with SGD - SIN 0.00 a year ago.

 

Liquidity

Current ratio stood at 1.13 times in FY09 (FY08: 1.10 times). This means that the company has SGD - SIN 1.13 of current assets for every SGD - SIN of current liability incurred.

 

A minimum figure of 1.0 would be considered the lowest limit that this figure should reach. Any business that has a current ratio near 1.0 may be heading for liquidity problems, and would need to be closely monitored. A figure greater than 2.0 would be more desirable, to act as a buffer against any short-term liquidity problems, and give creditors/bank managers a degree of comfort when granting credit/finance.

 

Leverage

Total debt-to-equity ratio notched 4.80 times in FY09, as compared with 8.62 times in FY08. This means that the company requires additional external financing of SGD - SIN 4.80 for every SGD - SIN injected into its operations.

 

Generally, a total debt-to-equity ratio of less than 0.5 times is preferred. The ratio measures the proportion of the company's reliance on external debt for financing, relative to the shareholder's fund. A lower ratio would imply a greater financial safety and operating freedom for the company.

 

 

Efficiency Ratio

 

Return on equity was 10.64 per cent for Subject in the current financial period, as compared to 64.06 per cent a year ago. The return on equity measures the return earned on the owner's investment.  Generally, the higher this return, the better off the owner.

 

Return on assets stood at 1.84 per cent (FY08: 6.66 per cent). The return on asset measures the overall effectiveness of management in generating profit with its available assets.

 

Total assets turnover ratio logged at 15.29 times in FY09 (FY08: 17.35 times). This ratio measures the company's ability to make productive use of its total assets to generate sales which reflects the efficiency of the management in utilising its resources.

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.45.10

UK Pound

1

Rs.74.27

Euro

1

Rs.64.35

 

 

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.