MIRA INFORM REPORT

Report Date :

01.11.2011

IDENTIFICATION DETAILS

Name :	LOUIS DREYFUS COMMODITIES ASIA PTE. LTD.

Formerly Known As :	LOUIS DREYFUS ASIA PTE LTD

Registered Office :	501 Orchard Road #19-01 Wheelock Place Singapore 238880

Country :	Singapore

Financials (as on) :	31.12.2009

Date of Incorporation :	05.10.1993

Com. Reg. No.:	199306551Z

Legal Form :	Limited Private Company

Line of Business :	Wholesale of agricultural raw materials and live animals except tropical produce

RATING & COMMENTS

MIRA’s Rating :

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 :	Satisfactory
Payment Behaviour :	No Complaints
Litigation :	Exists

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 – September 30^th, 2011

Country Name

Previous Rating

(30.06.2011)

Current Rating

(30.09.2011)

Singapore

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

Executive Summary

Company Name	:	LOUIS DREYFUS COMMODITIES ASIA PTE. LTD.
Registration No	:	199306551Z
Date of Registration	:	05/10/1993
Former Name	:	LOUIS DREYFUS ASIA PTE LTD Eff. date : 05/10/1993 Eff. date : 05/10/1993
Date of Change of Name	:	09/11/2006
Type of Company	:	LIMITED PRIVATE COMPANY
Registered Address	:	501 ORCHARD ROAD #19-01 WHEELOCK PLACE SINGAPORE 238880
Date of Change of Address	:	01/10/1998
Contact No.	:	6735 9700
Fax No.	:	6735 9600
Website	:	NA
Registered Activities	:	WHOLESALE OF AGRICULTURAL RAW MATERIALS AND LIVE ANIMALS EXCEPT TROPICAL PRODUCE NEC COMMODITY TRADING (AGRICULTURE, MINERAL & ENERGY) & SHIPPING (FREE TEXT)
Issued Ordinary Capital*	:	$72,481,300.00 SINGAPORE, DOLLARS ,NO. OF SHARE : 72,481,300
Issued Preference Capital	:	NA
Paid-Up Ordinary Capital	:	$72,481,300.00 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	:	2
Auditor	:	DELOITTE & TOUCHE LLP
Bankers / Financiers	:	NA
Turnover	:	SGD - SIN 7,981,622,775.00 (FY2009)
Net Worth	:	SGD - SIN 132,280,320.00 (FY2009)
No. of Bank Charges	:	NA
No. of Litigation Suits	:	6
S1000 / SME 500 / FG50 Ranking	:	38 POSITION IN SINGAPORE 1000 (2008/2009) 84 POSITION IN SINGAPORE 1000 (2007/2008) 113 POSITION IN SINGAPORE 1000 (2006/2007) 73 POSITION IN SINGAPORE 1000 (2003/2004) 86 POSITION IN SINGAPORE 1000 (2002/2003) 77 POSITION IN SINGAPORE 1000 (2001/2002) 76 POSITION IN SINGAPORE 1000 (2000/2001) 136 POSITION IN SINGAPORE 1000 (1999/2000) 183 POSITION IN SINGAPORE 1000 (1998/1999) 176 POSITION IN SINGAPORE 1000 (1997/1998)
Compounded Annual Growth Rate (CAGR)	:	38.99% (4 years)

Credit Recommendation

Recommended Credit Line

S$1,000,000

SHAREHOLDER DETAILS

NAME	:	LOUIS DREYFUS COMMODITIES B.V.
SHAREHOLDER ID	:	T05UF2583D
NATIONALITY	:	NETHERLANDS
ADDRESS	:	WESTBLAAK 92, 3RD FLOOR, 3012 KM ROTTERDAM, THE NETHERLANDS
NO. OF ORD SHARES	:	72,481,300
% OF SHAREHOLDING	:	100%
CURRENCY	:	SINGAPORE, DOLLARS

OFFICER DETAILS

NAME	:	SERGE SCHOEN
ADDRESS	:	CHEMIN DES BOIS 82 1255 VEYRIER, SWITZERLAND
POSITION	:	DIRECTOR
DATE OF APPT	:	15/02/2007
NATIONALITY	:	FRENCH
I/C PASSPORT	:	03XF54584

NAME	:	GUY JEAN MARIE DU BOIS DE MONTULE
ADDRESS	:	10 COURS DES BASTIONS 1205 GENEVA, SWITZERLAND
POSITION	:	DIRECTOR
DATE OF APPT	:	18/07/2007
NATIONALITY	:	FRENCH
I/C PASSPORT	:	06AT28409

NAME	:	CIRO ECHESORTU
ADDRESS	:	CHEMIN DU PRALET 19 C 1297 FOUNEX, SWITZERLAND
POSITION	:	DIRECTOR
DATE OF APPT	:	10/11/2003
NATIONALITY	:	ARGENTINIAN
I/C PASSPORT	:	13.736.101

NAME	:	CLAUDE PIERRE EHLINGER
ADDRESS	:	17 RUE PARENT DE ROSAN, 75016 PARIS, FRANCE
POSITION	:	DIRECTOR
DATE OF APPT	:	19/11/2007
NATIONALITY	:	LUXEMBOURG
I/C PASSPORT	:	F01069

NAME	:	TAN BOON CHNG
ADDRESS	:	75 HUDDINGTON AVENUE SINGAPORE 557657
POSITION	:	DIRECTOR
DATE OF APPT	:	10/11/2003
NATIONALITY	:	SINGAPORE CITIZEN
I/C PASSPORT	:	S1477939F

NAME	:	HEMANT KUMAR BHATT
ADDRESS	:	6 PEACH GARDEN #19-06 PEACH GARDEN SINGAPORE 437606
POSITION	:	DIRECTOR MANAGING DIRECTOR
DATE OF APPT	:	08/04/1996 14/06/2001
NATIONALITY	:	SINGAPORE CITIZEN
I/C PASSPORT	:	S2553719Z

NAME	:	LOH LI PING
ADDRESS	:	57 JALAN SETIA MACPHERSON GARDEN ESTATE SINGAPORE 368475
POSITION	:	SECRETARY
DATE OF APPT	:	01/08/2007
NATIONALITY	:	SINGAPORE CITIZEN
I/C PASSPORT	:	S7625605E

KEY PERSONNEL PROFILE

Name:	HEMANT KUMAR BHATT
NRIC Number:	S2553719Z
Available Address:	6 PEACH GARDEN #19-06 PEACH GARDEN SINGAPORE 437606

Current Business Interest

No.	Name	Position	Appt Date	#of Share	%
1	JIN XING MIANHUA PTE. LTD.	DIRECTOR	06/01/2006	-	-
2	LD COMMODITIES METALS ASIA PTE. LTD.	DIRECTOR	20/07/2006	-	-
3	LOUIS DREYFUS COMMODITIES ASIA PTE. LTD.	DIRECTOR	08/04/1996	-	-
4	LOUIS DREYFUS COMMODITIES ASIA PTE. LTD.	MANAGING DIRECTOR	14/06/2001	-	-
5	LOUIS DREYFUS COMMODITIES PLANTATIONS PTE. LTD.	DIRECTOR	08/10/2007	-	-
6	LOUIS DREYFUS TRADING SERVICES PTE. LTD.	DIRECTOR	25/06/2001	-	-
7	SUPERB JUICE PTE. LTD.	DIRECTOR	08/09/2010	-	-

Previous Business

No.

Name

Status

Position

Appt Date

Last Known Inactive Date

LD COMMODITIES METALS ASIA PTE. LTD.

LIVE COMPANY

SHAREHOLDER

05/09/2010

LOUIS DREYFUS ENERGY ASIA PACIFIC PTE LTD

DISSOLVED - MEMBERS' VOLUNTARY WINDING UP

DIRECTOR

13/06/2001

Bankruptcy Record

Case No.	Year	Date of Filing	Petitioner Name	Amount
No Trace

KEY PERSONNEL PROFILE

Litigation Search – Writ of Summons

Court	Case No.	Year	Date of Filing	Amount	Cause Category
No Trace

SUBSIDIARIES AND ASSOCIATE COMPANIES

Company	Shareholdings (%)

LOUIS DREYFUS COMMODITIES PLANTATIONS PTE. LTD.	100
KENCANA LDC PTE. LTD.	50
LDC KENCANA TRADING PTE. LTD.	50

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

The following litigation suits were traced against Subject. Case status is as per available in database. For the latest status of the suit, please obtain the full details of the suit through Litigation Detail Search (DLIT) offered.

To date, there have been 6 litigation suits filed against Subject.

	Current Year On/After 01 Jan 2010	Past Years Bef 01 Jan 2010

Court (Claim under normal circumstances)
Magistrate (< $80,000)	0	0
District ($80,000 - $250,000)	0	2
High (>$250,000)	0	4

Winding Up Trace		No
In litigation/Dissolved/Struck Off/In receivership		No

The details are as follows:

1)	Court	:	District Court
	Case No.	:	5768
	Date of Filing	:	20/12/2004
	Amount	:	139,597.85
	Cause	:	Contract - Others
	Case Status	:	DEEMED DISCONTINUED
	Plaintiff	:	DALIAN HUALIANG ENTERPRISE GROUP CO., LTD SICHUAN JINSHI OIL DRAFF CO., LTD
	Last Update Date	:	04/10/2007

2)	Court	:	Supreme Court
	Case No.	:	1001
	Date of Filing	:	20/12/2004
	Amount	:	408,068.14
	Cause	:	Contract - Sale of goods
	Case Status	:	CONCLUDED
	Plaintiff	:	SHENYANG JINSHI BEAN BRANCH CO., LTD DALIAN HUALIANG ENTERPRISE GROUP CO., LTD SICHUAN JINSHI OIL DRAFF CO., LTD
	Last Update Date	:	04/10/2007

3)	Court	:	Supreme Court
	Case No.	:	1002
	Date of Filing	:	20/12/2004
	Amount	:	188,816.97
	Cause	:	Contract - Sale of goods
	Case Status	:	CONCLUDED
	Plaintiff	:	DALIAN JINSHI OIL-MAKING CO., LTD DALIAN HUALIANG ENTERPRISE GROUP CO., LTD
	Last Update Date	:	04/10/2007

4)	Court	:	Supreme Court
	Case No.	:	51
	Date of Filing	:	24/01/2005
	Amount	:	186,532.50
	Cause	:	Contract - Others
	Case Status	:	CONCLUDED
	Plaintiff	:	BEIJING CANMA GRAIN CORPORATION DALIAN HUALIANG ENTERPRISE GROUP CO., LTD
	Last Update Date	:	04/10/2007

5)	Court	:	District Court
	Case No.	:	1063
	Date of Filing	:	21/03/2006
	Amount	:	93,763.93
	Cause	:	Contract - Others
	Case Status	:	CONCLUDED
	Plaintiff	:	DALIAN HUALIANG ENTERPRISE GROUP CO., LTD SICHUAN JINSHI OIL DRAFF CO., LTD
	Last Update Date	:	04/10/2007

6)	Court	:	Supreme Court
	Case No.	:	158
	Date of Filing	:	21/03/2006
	Amount	:	408,068.14
	Cause	:	Contract - Others
	Case Status	:	CONCLUDED
	Plaintiff	:	SHENYANG JINSHI BEAN BRANCH CO., LTD DALIAN HUALIANG ENTERPRISE GROUP CO., LTD SICHUAN JINSHI OIL DRAFF CO., LTD
	Last Update Date	:	04/10/2007

COMPLIANCE

Date of Last AGM	:	30/06/2010
Date of Last AR	:	22/07/2010
Date of A/C Laid At Last AGM	:	31/12/2009

FINANCIAL HIGHLIGHTS

Financial Figures	Group
	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	7,981,622,775	-8.50	8,723,319,074	4,182,759,812	2,413,755,446	2,138,797,343
Profit/(Loss) Before Tax	32,651,729	-26.67	44,527,549	18,064,462	39,579,942	28,270,082
Profit After Tax attributable to Shareholders	30,554,883	-17.69	37,119,930	14,491,238	33,882,889	26,808,583

Balance Sheet Key Figures
Total Assets	1,715,887,014	81.36	946,137,752	1,345,142,739	286,544,648	149,769,442
Current Assets	1,631,841,442	85.40	880,171,849	1,321,542,636	282,178,387	148,152,960
Non Current Assets	84,045,572	27.41	65,965,903	23,600,103	4,366,261	1,616,482

Total Liabilities	1,583,606,692	92.14	824,212,581	1,276,479,151	232,345,016	112,120,439
Current Liabilities	1,538,238,556	95.96	784,980,421	1,265,957,827	232,308,581	112,072,111
Non Current Liabilities	45,368,136	15.64	39,232,160	10,521,324	36,435	48,328

Shareholders' Funds	132,280,320	8.49	121,925,172	68,663,586	54,199,632	37,649,004
Share Capital	70,681,630	3.13	68,536,700	44,438,395	30,254,900	31,824,673
Total Reserves	61,598,690	15.38	53,388,472	24,225,191	23,944,732	5,824,331

FINANCIAL RATIOS

	Group
	DEC 2009	DEC 2008	DEC 2007	DEC 2006	DEC 2005
Growth %
Year-on-Year Growth	-8.50	108.55	73.29	12.86	NA

Profitability
Profit Margin (%)	0.38	0.43	0.35	1.40	1.25
Return on Equity (%)	23.10	30.44	21.10	62.51	71.21
Return on Assets (%)	1.78	3.92	1.08	11.82	17.90

Leverage
Total Debt/Equity (Times)	11.97	6.76	18.59	4.29	2.98
Current Debt/Equity (Times)	11.63	6.44	18.44	4.29	2.98
Long Term Debt To Equity (Times)	0.34	0.32	0.15	0.00	0.00
Total Asset To Total Equity (Times)	12.97	7.76	19.59	5.29	3.98

Asset Management
Total Assets Turnover (Times)	4.65	9.22	3.11	8.42	14.28
Fixed Assets Turnover (Times)	94.97	132.24	177.23	552.82	1,323.12

Liquidity
Current Ratio (Times)	1.06	1.12	1.04	1.21	1.32

FINANCIAL HIGHLIGHTS

Financial Figures	Company
	DEC 2009	% Change	DEC 2008	DEC 2007	DEC 2006	DEC 2005
Currency	SGD - SIN		SGD - SIN	SGD - SIN	U.S. DOLLAR	U.S. DOLLAR
Profit and Loss Key Figures
Turnover	7,018,096,273	-9.66	7,768,375,427	3,869,085,508	0	0
Profit/(Loss) Before Tax	11,529,019	-74.60	45,381,189	22,150,077	0	0
Profit After Tax attributable to Shareholders	11,060,466	-71.80	39,216,639	18,877,377	0	0

Balance Sheet Key Figures
Total Assets	891,091,436	10.67	805,191,228	877,870,924	157,909,000	86,483,000
Current Assets	833,869,786	10.40	755,283,631	853,677,288	149,866,000	82,213,000
Non Current Assets	57,221,650	14.66	49,907,597	24,193,636	8,043,000	4,270,000

Total Liabilities	775,607,716	14.20	679,167,173	808,923,344	124,587,000	67,159,000
Current Liabilities	746,442,485	14.67	650,947,673	808,923,344	124,587,000	67,159,000
Non Current Liabilities	29,165,231	3.35	28,219,500	0	0	0

Shareholders' Funds	115,483,720	-8.36	126,024,054	68,947,581	33,322,000	19,324,000
Share Capital	70,681,630	3.13	68,536,700	44,438,395	19,097,000	19,097,000
Total Reserves	44,802,090	-22.07	57,487,354	24,509,186	14,225,000	227,000

FINANCIAL RATIOS

	Company
	DEC 2009	DEC 2008	DEC 2007	DEC 2006	DEC 2005
Growth %
Year-on-Year Growth	-9.66	100.78	NA	NA	NA

Profitability
Profit Margin (%)	0.16	0.50	0.49	NA	NA
Return on Equity (%)	9.58	31.12	27.38	NA	NA
Return on Assets (%)	1.24	4.87	2.15	NA	NA

Leverage
Total Debt/Equity (Times)	6.72	5.39	11.73	3.74	3.48
Current Debt/Equity (Times)	6.46	5.17	11.73	3.74	3.48
Long Term Debt To Equity (Times)	0.25	0.22	NA	NA	NA
Total Asset To Total Equity (Times)	7.72	6.39	12.73	4.74	4.48

Asset Management
Total Assets Turnover (Times)	7.88	9.65	4.41	NA	NA
Fixed Assets Turnover (Times)	122.65	155.66	159.92	NA	NA

Liquidity
Current Ratio (Times)	1.12	1.16	1.06	1.20	1.22

FINANCIAL COMMENTARY

Compound Annual Growth Rate

The company's CAGR is 38.99% (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 group yielded a rate of net profit on sales of 0.38 per cent in FY09 (FY08: 0.43 per cent). The group 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 1.06 times in FY09 (FY08: 1.12 times). This means that the group has SGD - SIN 1.06 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 11.97 times in FY09, as compared with 6.76 times in FY08. This means that the group requires additional external financing of SGD - SIN 11.97 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 23.10 per cent for Subject in the current financial period, as compared to 30.44 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 1.78 per cent (FY08: 3.92 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 4.65 times in FY09 (FY08: 9.22 times). This ratio measures the group'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.48.87
UK Pound	1	Rs.78.11
Euro	1	Rs.68.36

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

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.

Executive Summary

Credit Recommendation

SHAREHOLDER DETAILS

OFFICER DETAILS

KEY PERSONNEL PROFILE

KEY PERSONNEL PROFILE

SUBSIDIARIES AND ASSOCIATE COMPANIES

BANKERS/ FINANCIERS

LITIGATION

Bef 01 Jan 2010

COMPLIANCE

FINANCIAL HIGHLIGHTS

FINANCIAL RATIOS

FINANCIAL HIGHLIGHTS

FINANCIAL RATIOS

FINANCIAL COMMENTARY

Compound Annual Growth Rate

Unit