MIRA INFORM REPORT

Report Date :

07.10.2011

IDENTIFICATION DETAILS

Name :	OLAM INTERNATIONAL LIMITED

Registered Office :	50 Raffles Place #32-01 Singapore Land Tower Singapore 048623

Country :	Singapore

Financials (as on) :	30.06.2010

Date of Incorporation :	04.07.1995

Com. Reg. No.:	199504676H

Legal Form :	Public Company Limited By Shares

Line of Business :	General Wholesale Trade (Including General Importers And Exporters)

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
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

Maximum Credit Limit :	S$1,000,000
Status :	Good
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 – March 31^st, 2011

Country Name

Previous Rating

(31.12.2010)

Current Rating

(31.03.2011)

Singapore

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	:	OLAM INTERNATIONAL LIMITED
Registration No	:	199504676H
Date of Registration	:	04/07/1995
Former Name	:	NA
Date of Change of Name	:	NA
Type of Company	:	PUBLIC COMPANY LIMITED BY SHARES
Main Office	:	9 Temasek Boulevard #11-02 Suntec Tower Two Singapore 038989
Registered Address	:	50 RAFFLES PLACE #32-01 SINGAPORE LAND TOWER SINGAPORE 048623
Date of Change of Address	:	22/02/2010
Contact No.	:	6339 4100
Fax No.	:	6339 9755
Website	:	www.olamonline.com
Registered Activities	:	1. GENERAL WHOLESALE TRADE (INCLUDING GENERAL IMPORTERS AND EXPORTERS) 2. WHOLESALE ON A FEE OR CONTRACT BASIS (EG COMMISSION AGENTS)
Issued Ordinary Capital*	:	$1,392,676,917.91 SINGAPORE, DOLLARS ,NO. OF SHARE : 2,136,966,463
Issued Preference Capital	:	NA
Paid-Up Ordinary Capital	:	$1,392,676,917.91 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	:	4
No. of Local Associates	:	1
Auditor	:	ERNST & YOUNG LLP
Bankers / Financiers	:	NA
Turnover	:	SGD - SIN 10,455,032,000.00 (FY2010)
Net Worth	:	SGD - SIN 1,770,785,000.00 (FY2010)
No. of Bank Charges	:	NA
No. of Litigation Suits	:	1
S1000 / SME 500 / FG50 Ranking	:	96 POSITION IN Singapore 1000 Companies Ranked by Net Profit (2009/2010) 35 POSITION IN Singapore 1000 Companies Ranked by Sales/Turnover (2009/2010) 8 POSITION IN Singapore 500 Public Listed Companies Ranked By Sales/Turnover (2009/2010) 44 POSITION IN Singapore 1000 Companies Ranked by Sales/Turnover (2008/2009) 110 POSITION IN Singapore 1000 Companies Ranked by Net Profit (2008/2009)
Compounded Annual Growth Rate (CAGR)	:	24.43% (4 years)

Credit Recommendation

Recommended Credit Line

S$1,000,000

SHAREHOLDER DETAILS

As Subject is registered as a public company limited by shares, its shareholder details are not available. Please refer to documentary for information.

OFFICER DETAILS

NAME	:	JEAN-PAUL PINARD
ADDRESS	:	3003, VAN NESS ST., N.W. (APT W229) WASHINGTON DC, U.S.A.
POSITION	:	DIRECTOR
DATE OF APPT	:	29/10/2008
NATIONALITY	:	FRENCH
I/C PASSPORT	:	07AV04617

NAME	:	TSE PO SHING ANDY
ADDRESS	:	FLAT A, 16/F, BLK 20, BAGUIO VILLA, 555 VICTORIA ROAD, POK FU LAM, HONG KONG
POSITION	:	DIRECTOR
DATE OF APPT	:	12/09/2002
NATIONALITY	:	CHINESE
I/C PASSPORT	:	KJ0016589

NAME	:	WONG HENG TEW
ADDRESS	:	79 HIGHGATE CRESCENT SINGAPORE 598857
POSITION	:	DIRECTOR
DATE OF APPT	:	10/10/2003
NATIONALITY	:	SINGAPORE CITIZEN
I/C PASSPORT	:	S0207348Z

NAME	:	LYNN WAN TIEW LENG
ADDRESS	:	32 LORONG MYDIN #14-06 ASTORIA PARK SINGAPORE 416826
POSITION	:	SECRETARY
DATE OF APPT	:	10/09/2007
NATIONALITY	:	SINGAPORE CITIZEN
I/C PASSPORT	:	S1306315Z

NAME	:	RANGAREDDY JAYACHANDRAN
ADDRESS	:	3 GRANGE GARDEN #09-01 GRANGE, THE SINGAPORE 249633
POSITION	:	DIRECTOR
DATE OF APPT	:	04/07/1995
NATIONALITY	:	SINGAPORE CITIZEN
I/C PASSPORT	:	S2220352E

NAME	:	LIM CHOO SAN MICHAEL
ADDRESS	:	11 CALDECOTT CLOSE CALDECOTT HILL ESTATE SINGAPORE 299120
POSITION	:	DIRECTOR
DATE OF APPT	:	24/09/2004
NATIONALITY	:	SINGAPORE CITIZEN
I/C PASSPORT	:	S2539208F

NAME	:	NARAIN GIRDHAR CHANRAI
ADDRESS	:	9 ARDMORE PARK #14-02 ARDMORE PARK SINGAPORE 259955
POSITION	:	DIRECTOR
DATE OF APPT	:	04/07/1995
NATIONALITY	:	SINGAPORE P.R.
I/C PASSPORT	:	S2584555B

NAME	:	ROBERT MICHAEL TOMLIN
ADDRESS	:	22 SAUNDERS ROAD SINGAPORE 228266
POSITION	:	DIRECTOR
DATE OF APPT	:	24/09/2004
NATIONALITY	:	SINGAPORE P.R.
I/C PASSPORT	:	S2624570B

NAME	:	SRIDHAR KRISHNAN
ADDRESS	:	18 JALAN JAMBU AYER HOCK SENG PARK SINGAPORE 588778
POSITION	:	DIRECTOR
DATE OF APPT	:	01/04/1998
NATIONALITY	:	SINGAPORE CITIZEN
I/C PASSPORT	:	S2672503H

NAME	:	SHEKHAR ANANTHARAMAN
ADDRESS	:	754 MOUNTBATTEN ROAD SINGAPORE 437856
POSITION	:	DIRECTOR
DATE OF APPT	:	01/04/1998
NATIONALITY	:	SINGAPORE CITIZEN
I/C PASSPORT	:	S2675139Z

NAME	:	MARK HAYNES DANIELL
ADDRESS	:	34 DRAYCOTT DRIVE #03-03 J C DRAYCOTT SINGAPORE 259426
POSITION	:	DIRECTOR
DATE OF APPT	:	31/10/2002
NATIONALITY	:	SINGAPORE P.R.
I/C PASSPORT	:	S2728135D

NAME	:	SUNNY GEORGE VERGHESE
ADDRESS	:	61 GRANGE ROAD #14-04 BEVERLY HILL APARTMENTS SINGAPORE 249570
POSITION	:	DIRECTOR MANAGING DIRECTOR
DATE OF APPT	:	11/07/1996 11/07/1996
NATIONALITY	:	SINGAPORE P.R.
I/C PASSPORT	:	S2763335H

KEY PERSONNEL PROFILE

Name:	SUNNY GEORGE VERGHESE
NRIC Number:	S2763335H
Available Address:	61 GRANGE ROAD #14-04 BEVERLY HILL APARTMENTS SINGAPORE 249570

Current Business Interest

No.	Name	Position	Appt Date	#of Share	%
1	FAR EAST AGRI PTE. LTD.	DIRECTOR	16/08/2007	-	-
2	INVENIO COMMODITY FINANCIALS PTE. LTD.	DIRECTOR	19/10/2009	-	-
3	INVENIO HOLDINGS PTE. LTD.	DIRECTOR	07/04/2010	-	-
4	NATIONAL UNIVERSITY OF SINGAPORE	DIRECTOR	01/04/2009	-	-
5	NAUVU INVESTMENTS PTE. LTD.	DIRECTOR	19/11/2007	-	-
6	OLAM INTERNATIONAL LIMITED	DIRECTOR	11/07/1996	-	-
7	OLAM INTERNATIONAL LIMITED	MANAGING DIRECTOR	11/07/1996	-	-

Previous Business

No.	Name	Status	Position	Appt Date	Last Known Inactive Date
1	CITYSPRING INFRASTRUCTURE MANAGEMENT PTE. LTD.	LIVE COMPANY	DIRECTOR	26/10/2006	16/07/2010
2	OLAM ONLINE LTD	DISSOLVED - MEMBERS' VOLUNTARY WINDING UP	DIRECTOR	13/09/2000	15/05/2011
3	OLAM ONLINE LTD	DISSOLVED - MEMBERS' VOLUNTARY WINDING UP	MANAGING DIRECTOR	14/11/2000	15/05/2011
4	OLAM WILMAR INVESTMENT HOLDINGS PTE. LTD.	DISSOLVED - MEMBERS' VOLUNTARY WINDING UP	DIRECTOR	27/06/2008	25/06/2010

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 (%)

CARAWAY PTE. LTD.	100
FAR EAST AGRI PTE. LTD.	100
INVENIO HOLDINGS PTE. LTD.	88.63
OLEA INVESTMENT HOLDINGS PTE. LTD.	80
NAUVU INVESTMENTS 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. 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 1 litigation suits filed against Subject.

	Current Year On/After 01 Jan 2011	Past Years W.e.f 01 Jan 2011

Court (Claim under normal circumstances)
Magistrate (< $80,000)	0	0
District ($80,000 - $250,000)	0	0
High (>$250,000)	0	1

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

The details are as follows:

1)	Court	:	Supreme Court
	Case No.	:	278
	Date of Filing	:	03/05/2007
	Amount	:	0.00
	Cause	:	Others / Miscellaneous
	Case Status	:	CONCLUDED
	Plaintiff	:	EXCLUSIVE MARINE INC. SANDELE NAVIGATION CORP.
	Last Update Date	:	29/09/2009

COMPLIANCE RECORDS

Date of Last AGM	:	28/10/2010
Date of Last AR	:	28/11/2010
Date of A/C Laid At Last AGM	:	30/06/2010

FINANCIAL HIGHLIGHTS

Financial Figures	Group
	JUN 2010	% Change	JUN 2009	JUN 2008	JUN 2007	JUN 2006
Currency	SGD - SIN		SGD - SIN	SGD - SIN	SGD - SIN	SGD - SIN
Profit and Loss Key Figures
Turnover	10,455,032,000	21.74	8,587,932,000	8,111,910,000	5,455,508,000	4,361,102,000
Profit/(Loss) Before Tax	420,195,000	62.85	258,024,000	164,969,000	126,186,000	96,738,000
Profit After Tax attributable to Shareholders	359,749,000	42.74	252,029,000	167,677,000	109,021,000	87,207,000

Balance Sheet Key Figures
Total Assets	7,804,658,000	44.12	5,415,416,000	5,239,243,000	3,177,592,000	2,358,165,000
Current Assets	5,672,895,000	32.94	4,267,130,000	4,618,237,000	2,851,780,000	2,278,975,000
Non Current Assets	2,131,763,000	85.65	1,148,286,000	621,006,000	325,812,000	79,190,000

Total Liabilities	6,033,873,000	38.09	4,369,524,000	4,600,829,000	2,744,843,000	1,870,126,000
Current Liabilities	3,685,576,000	17.74	3,130,166,000	3,471,672,000	1,820,512,000	1,529,115,000
Non Current Liabilities	2,348,297,000	89.48	1,239,358,000	1,129,157,000	924,331,000	341,011,000

Shareholders' Funds	1,770,785,000	69.31	1,045,892,000	638,414,000	432,749,000	488,039,000
Share Capital	1,201,581,000	69.57	708,586,000	704,870,000	397,730,000	396,954,000
Total Reserves	569,204,000	68.75	337,306,000	(66,456,000)	35,019,000	91,085,000

FINANCIAL RATIOS

	Group
	JUN 2010	JUN 2009	JUN 2008	JUN 2007	JUN 2006
Growth %
Year-on-Year Growth	21.74	5.87	48.69	25.09	NA

Profitability
Profit Margin (%)	3.44	2.93	2.07	2.00	2.00
Return on Equity (%)	20.32	24.10	26.26	25.19	17.87
Return on Assets (%)	4.61	4.65	3.20	3.43	3.70

Leverage
Total Debt/Equity (Times)	3.41	4.18	7.21	6.34	3.83
Current Debt/Equity (Times)	2.08	2.99	5.44	4.21	3.13
Long Term Debt To Equity (Times)	1.33	1.18	1.77	2.14	0.70
Total Asset To Total Equity (Times)	4.41	5.18	8.21	7.34	4.83

Asset Management
Total Assets Turnover (Times)	1.34	1.59	1.55	1.72	1.85
Fixed Assets Turnover (Times)	4.90	7.48	13.06	16.74	55.07

Liquidity
Current Ratio (Times)	1.54	1.36	1.33	1.57	1.49

FINANCIAL HIGHLIGHTS

Financial Figures	Company
	JUN 2010	% Change	JUN 2009	JUN 2008	JUN 2007	JUN 2006
Currency	SGD - SIN		SGD - SIN	SGD - SIN	SGD - SIN	SGD - SIN
Profit and Loss Key Figures
Turnover	7,537,972,000	19.04	6,332,124,000	6,054,274,000	4,492,191,000	3,676,850,000
Profit/(Loss) Before Tax	205,640,000	-11.60	232,629,000	142,968,000	83,213,000	89,925,000
Profit After Tax attributable to Shareholders	193,012,000	-12.68	221,029,000	133,683,000	77,769,000	83,807,000

Balance Sheet Key Figures
Total Assets	6,097,567,000	53.38	3,975,443,000	3,982,043,000	2,800,358,000	2,194,504,000
Current Assets	4,812,633,000	47.42	3,264,552,000	3,667,752,000	2,537,293,000	2,146,685,000
Non Current Assets	1,284,934,000	80.75	710,891,000	314,291,000	263,065,000	47,819,000

Total Liabilities	4,541,196,000	49.11	3,045,592,000	3,397,520,000	2,415,249,000	1,722,985,000
Current Liabilities	2,526,279,000	19.57	2,112,756,000	2,559,181,000	1,504,168,000	1,381,974,000
Non Current Liabilities	2,014,917,000	116.00	932,836,000	838,339,000	911,081,000	341,011,000

Shareholders' Funds	1,556,371,000	67.38	929,851,000	584,523,000	385,109,000	471,519,000
Share Capital	1,201,581,000	69.57	708,586,000	704,870,000	397,730,000	396,954,000
Total Reserves	354,790,000	60.35	221,265,000	(120,347,000)	(12,621,000)	74,565,000

FINANCIAL RATIOS

	Company
	JUN 2010	JUN 2009	JUN 2008	JUN 2007	JUN 2006
Growth %
Year-on-Year Growth	19.04	4.59	34.77	22.17	NA

Profitability
Profit Margin (%)	2.56	3.49	2.21	1.73	2.28
Return on Equity (%)	12.40	23.77	22.87	20.19	17.77
Return on Assets (%)	3.17	5.56	3.36	2.78	3.82

Leverage
Total Debt/Equity (Times)	2.92	3.28	5.81	6.27	3.65
Current Debt/Equity (Times)	1.62	2.27	4.38	3.91	2.93
Long Term Debt To Equity (Times)	1.29	1.00	1.43	2.37	0.72
Total Asset To Total Equity (Times)	3.92	4.28	6.81	7.27	4.65

Asset Management
Total Assets Turnover (Times)	1.24	1.59	1.52	1.60	1.68
Fixed Assets Turnover (Times)	5.87	8.91	19.26	17.08	76.89

Liquidity
Current Ratio (Times)	1.91	1.55	1.43	1.69	1.55

FINANCIAL COMMENTARY

Compound Annual Growth Rate

The company's CAGR is 24.43% (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 3.44 per cent in FY10 (FY09: 2.93 per cent). The group is now able to book in SGD - SIN 0.03 of profit for every SGD - SIN of sales in FY10, as compared with SGD - SIN 0.03 a year ago.

Liquidity

Current ratio stood at 1.54 times in FY10 (FY09: 1.36 times). This means that the group has SGD - SIN 1.54 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 3.41 times in FY10, as compared with 4.18 times in FY09. This means that the group requires additional external financing of SGD - SIN 3.41 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 20.32 per cent for Subject in the current financial period, as compared to 24.10 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 4.61 per cent (FY09: 4.65 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 1.34 times in FY10 (FY09: 1.59 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.49.19
UK Pound	1	Rs.75.92
Euro	1	Rs.65.44

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.

Executive Summary

Credit Recommendation

SHAREHOLDER DETAILS

OFFICER DETAILS

KEY PERSONNEL PROFILE

SUBSIDIARIES AND ASSOCIATE COMPANIES

BANKERS/ FINANCIERS

LITIGATION

W.e.f 01 Jan 2011

COMPLIANCE RECORDS

FINANCIAL HIGHLIGHTS

FINANCIAL RATIOS

FINANCIAL HIGHLIGHTS

FINANCIAL RATIOS

FINANCIAL COMMENTARY

Compound Annual Growth Rate

Unit