MIRA INFORM REPORT

Report Date :

19.09.2011

IDENTIFICATION DETAILS

Name :	GLENCORE GRAIN B.V.
Registered Office :	Blaak 31, Rotterdam, 3011 GA
Country :	Netherlands
Financials (as on) :	31.12.2009
Date of Incorporation :	09.04.1980
Legal Form :	Private limited liability company (BV) with ordinary structure
Line of Business :	Wholesale of grain

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 :	(€) 33,750,000
Status :	Satisfactory
Payment Behaviour :	No Complaints
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 31^st, 2011

Country Name	Previous Rating (31.12.2010)	Current Rating (31.03.2011)
Netherlands	a2	a2

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

Company name & address

Glencore Grain B.V

Chamber of commerce number	24138640	Company name	Glencore Grain B.V.
Street	Blaak	House or po box number	31
City	ROTTERDAM	Post code	3011GA
Telephone number	010 4044400	Establishment date	09/04/1980
Company type

Credit information

Company Status	Actief
Credit Limit (€)	33,750,000

Turnover	3,764,454,851	results on ordinary operations before tax	69,102,036
Net worth	227,526,799	Purchase limit	-

Ultimate holding company

Safe Number	Company name	Company Number	View linked companies from outside this company's group structure
NL02040106	Finges Investment B.V.	34119432	1 companies from 1 countries.

Payment expectations summary

Payment expectation days	6.69	Day sales outstanding	20.23
Industry average payment expectation days	36.23	Industry average day sales outstanding	37.33
Suspension of payments / moratorium	no

Court Data Summary

Court action	no
Trading name		Glencore Grain B.V.	Office type	Main Office
Street		Blaak	House or po box number	31
City		ROTTERDAM	Post code	3011GA
Telephone number		010 4044400	Web address
Company Status		Actief	Company type	Private limited liability company (BV) with ordinary structure
Date of company type change		09/04/1980	Establishment date	09/04/1980
Activity code		46211	Activity description	Wholesale of grain
Exporter		yes	Importer	yes
Ceased trading date			Continuance date
Date of latest accounts		31/12/2009

Mailing address details

Street	Postbus	House or po box number	1120
City	ROTTERDAM	Post code	3000BC

Capital details

Nominal capital	82,350,000	Placed capital	16,518,150
Deposited capital	16,518,150

Employees details

Number of employees

Director information

C.J. Mahoney

Profit & loss

Annual accounts	31-12-2009	%	31-12-2008	%	31-12-2007
Weeks	52		52		52
Currency	EUR		EUR		EUR
Consolidated (y/n)	N		N		N
Turnover	3,764,454,851	-39.5%	6,226,769,053	27.3%	4,891,056,223
Other operating income	0	-	0	-	0
Total operating income	3,764,454,851	-39.5%	6,226,769,053	27.3%	4,891,056,223
Total operating expenses	3,673,157,100	-38.5%	5,974,408,891	27.3%	4,692,254,348
Operating result	91,297,750	-63.8%	252,360,163	26.9%	198,801,875
Total financial income	11,686,894	-10.9%	13,120,762	15.9%	11,321,839
Total financial expenses	30,996,876	-22.5%	39,982,493	0.6%	39,758,190
Results on ordinary operations before tax	69,102,036	-69%	222,752,808	33%	167,462,439
Taxation	-9,787,709	-137%	26,485,108	999.9%	-1,285
Results on ordinary operations after tax	78,889,745	-59.8%	196,267,701	17.2%	167,463,724
Minority interest	-	-	-	-	-
Extraordinary items	0	-	0	-	0
Net result	78,889,745	-59.8%	196,267,701	17.2%	167,463,724
OTHER INFORMATION
Payroll costs	-	-	-	-	-
Amortization and depreciation	-	-	-	-	-

Balance sheet

Annual accounts	31-12-2009	%	31-12-2008	%	31-12-2007
Weeks	52		52		52
Currency	EUR		EUR		EUR
Consolidated (y/n)	N		N		N
Intangible fixed assets	-	-	-	-	-
Tangible fixed assets	-	-	714,685	9.1%	654,913
Financial fixed assets	837,441	999.9%	71,983	-	0
Total fixed assets	837,441	6.5%	786,667	20.1%	654,913
Inventories	120,788,133	107.1%	58,309,784	-69.2%	189,327,162
Trade receivables	208,642,928	-10.3%	232,492,958	-58.6%	560,979,889
Other receivables	518,826,992	-55.4%	1,162,237,271	-1%	1,173,656,158
Cash	140,752	-40.5%	236,514	-65.7%	690,262
Miscellaneous current assets	0	-	0	-	0
Total current assets	848,398,804	-41.6%	1,453,276,527	-24.5%	1,924,653,471
Trade creditors	67,357,100	-27.3%	92,633,928	3.1%	89,817,608
Miscellaneous current liabilities	554,352,346	-26.8%	757,296,435	-47%	1,427,541,453
Total current liabilities	621,709,446	-26.9%	849,930,363	-44%	1,517,359,060
Total provisions	-	-	521,874	-36.8%	825,229
Subordinated loans	-	-	-	-	-
Other long term liabilities	0	-100%	257,080,809	60%	160,675,506
Total long term debts	0	-100%	257,602,683	59.5%	161,500,735
Issued share capital	15,222,397	3.1%	14,760,937	-4.8%	15,505,829
Retained earnings	0	-	0	-	0
Revaluation reserve	-	-	-	-	-
Other share capital & reserves	212,304,402	-36%	331,769,211	43.7%	230,942,760
Minority interests	-	-	-	-	-
Total shareholders equity	227,526,799	-34.3%	346,530,148	40.6%	246,448,589
Working capital	226,689,358	-62.4%	603,346,164	48.1%	407,294,411
Net worth	227,526,799	-34.3%	346,530,148	40.6%	246,448,589

Ratio analysis

Annual accounts	31-12-2009	%	31-12-2008	%	31-12-2007
Weeks	52		52		52
Currency	EUR		EUR		EUR
Consolidated (y/n)	N		N		N
TRADING PERFORMANCE
Results on ordinary operations before taxation margin	1.84	-48.6%	3.58	4.7%	3.42
Return on capital employed	30.37	-17.6%	36.87	-10.2%	41.05
Return on total assets employed	8.14	-46.9%	15.32	76.1%	8.70
Return on net assets employed	30.37	-52.8%	64.28	-5.4%	67.95
Sales / net working capital	16.61	60.9%	10.32	-14.1%	12.01
OPERATING EFFICIENCY
Stock turnover ratio	3.21	241.5%	0.94	-75.7%	3.87
Debtor days	20.23	48.4%	13.63	-67.4%	41.86
Creditor days	6.69	18.2%	5.66	-19%	6.99
SHORT TERM STABILITY
Current ratio	1.36	-20.5%	1.71	34.6%	1.27
Liquidity ratio / acid ratio	1.17	-28.7%	1.64	43.9%	1.14
Current debt ratio	2.73	11.4%	2.45	-60.2%	6.16
LONG TERM STABILITY
Gearing	0	-100%	74.34	13.4%	65.53
Equity in percentage	26.79	12.4%	23.83	86.2%	12.80
Total debt ratio	2.73	-14.7%	3.20	-53%	6.81

Suspension of payments / moratorium history

Date

Details

Payment expectations

Payment expectations days	6.69 - This is the guideline expectation based upon our analysis as to this companies payment behaviour in this industry
Day sales outstanding	20.23 - The number of days it takes this company to collect their debts

Industry comparison

Activity code	4621
Activity description	Wholesale of grain, unmanufactured tobacco, oils, seeds and animal feeds
Industry average payment expectations days	36.23 - This is the guideline expectation based upon our analysis as to this companies payment behaviour in this industry
Industry average days sales outstanding	37.33 - Number of days it takes a company to collect their debt (industry average)

Industry quartile analysis

Payment expectations
Company result	6.69
Lower	17.36
Median	24.26
Upper	45.92
Day sales outstanding
Company result	20.23
Lower	9.73
Median	27.13
Upper

Industry comparison

Activity code	46211
Activity description	Wholesale of grain
Industry average credit limit	128,753

Summary

Group - Number of Companies	7
Linkages - Number of Companies	1
Number of Countries	1

Ultimate holding company

Name	Finges Investment B.V.

Holding company (100%)

Name	Finges Investment B.V.
Street	Blaak
House or po box number	31
City	ROTTERDAM
Post code	3011GA

Group Structure

Company name	Number	Safe number	Latest financials
- Finges Investment B.V.	34119432	NL02040106	31-12-2009
- - Glencore Industries The Netherlands B.V.	24381333	NL01286618	31-12-2009
- - Glencore Grain B.V.	24138640	NL01180003	31-12-2009
- - Glencore Grain Rotterdam B.V.	24141798	NL01180566	31-12-2009
- - Eridani Finance B.V.	24439643	NL01341124	31-12-2009
- - Dremalo B.V.	24459055	NL01359864	31-12-2009
- - Glencore Biofuels B.V.	24459057	NL01359866

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Linked Companies

NAME	SAFE NUMBER	NUMBER	LATEST KEY FINANCIALS	LIMIT	TURNOVER
LUBMIN OILS GMBH	DE02417974	HRB 7920	31.12.2009	€30,000	-

Court data

There is no data for this company

Director details

this product is only available for Belgium & Dutch customers.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.46.38
UK Pound	1	Rs.74.01
Euro	1	Rs.64.48

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.