MIRA INFORM REPORT

Report Date :

12.04.2012

IDENTIFICATION DETAILS

Name :	BUNGE INDIA PRIVATE LIMITED
Registered Office :	B-401 and 501, Business Square, Andheri – Kurla Road, Chakala, Andheri (East), Mumbai – 400093, Maharashtra.
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	22.10.1997
Com. Reg. No.:	17-174267
Capital Investment / Paid-up Capital :	Rs. 147.992 Millions
CIN No.: [Company Identification No.]	U15421MH1997PTC174267
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer, Exporter of Dalda Vanaspati and Dalda Oil and Importer of Oil.
No. of Employees :	1500 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

A (68)

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 :	USD 15576620
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a part of Bunge, USA; it is a well established and a reputed company having fine track. Financial position of the company appears to be sound. Trade relations are reported as fair. Business is active. Payments are reported to be regular and as per commitments. The company can be considered normal for business dealings at usual trade terms and conditions.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

INFORMATION PARTED BY (GENERAL DETAILS)

Name :	Mr. Dharma
Designation :	Office Assistant
Date :	12.04.2012

LOCATIONS

Registered Office / Corporate Office / Head Office :	B-401 and 501, Business Square, Andheri – Kurla Road, Chakala, Andheri (East), Mumbai – 400093, Maharashtra, India
Tel. No.:	91-22-40509898/ 99/40509500 /26533768
Fax No.:	91-22-40509898/99
E-Mail :	doraiswamy.sankaran@bunge.com Kishore.kumar@bunge.com Kalpesh.dedhia@bunge.com sudhakar.desai@bunge.com anil.aggarwal@bunge.com
Website :	http://www.bunge.com
Area :	9000 sq. ft (Approximately)
Location:	Rented
Factory 1:	N.H. 12, P.O. Ramganj, Balaji District Bundi, Jaipur – 323001, Rajasthan, India
Tel No.:	91-747-2444840/2447623
Fax No.:	91-747-2444525
Location:	Owned
Factory 2:	Foods Factory, Edamalaipatti, Pudur Trichy – 620012, Tamilnadu, India
Location:	Owned

DIRECTORS

AS ON 30.09.2011

Name :	Mr. Sudhakar Rao Seshagiri Desai
Designation :	Director
Address :	202, Odyssey – 1, Hiranandani Garden Powai, Mumbai – 400076, Maharashtra, India
Date of Birth/Age :	28.10.1962
Date of Appointment :	26.01.2004
DIN No.:	00140673
Name :	Mr. White John Christopher Silva
Designation :	Director
Address :	15 A, Swettenham Road, Singapore – 248103
Date of Birth/Age :	12.06.1952
Date of Appointment :	28.04.2003
DIN No.:	02638409
Name :	Mr. Sanjay Satish Jain
Designation :	Director
Address :	Flat No.82, Versova Venus Co-op Housing Society, Plot No.6, RDP – 2, Mahada layout, Andheri (West), Mumbai – 400 058, Maharashtra, India
Date of Birth/Age :	10.12.1967
Date of Appointment :	16.11.2005
Pan No :	ADDPJ7595B
DIN No.:	00140903
Name :	Mr. Adhiraj Amarnath Sarin
Designation :	Director
Address :	Flat No.2, 2^nd Floor, The Jackers, Carter Road, Mumbai – 400 050, Maharashtra, India
Date of Birth/Age :	15.08.1952
Date of Appointment :	01.02.2006
DIN No.:	00140989
Name :	Mr. Subramanian Neelakantan Nataraj
Designation :	Director
Address :	301, Ambrosia Building, Hirannandani Gardens, Powai, Mumbai – 400 076, Maharashtra, India
Date of Birth/Age :	22.06.1963
Date of Appointment :	01.10.2008
DIN No.:	01603182

KEY EXECUTIVES

Name :	Mr. Chandra Worrier
Designation :	Account Department
Name :	Mr. Sarika
Designation :	Office Executive

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2011

Names of Shareholders	No. of Shares
Bunge Mauritius Holdings Limited, Mauritius	14799237
Bunge Mauritius Holdings Limited Jointly with Sudhakar Rao Desai, India	25
Total	14799262

AS ON 30.09.2010

Equity share breakup
Category	Percentage
Foreign holdings (Foreign institutional investor (s), Foreign companie (s) Foreign financial institution (s), Non-resident Indian (s) or Overseas corporate bodies or Others)	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer, Exporter of Dalda Vanaspati and Dalda Oil and Importer of Oil.
Exports :
Products :	Ø Yellow Soyabean Meal Ø Dalda Oil
Countries :	Taiwan
Imports :
Products :	Edible Oil
Countries :	Ø Indonesia Ø Malaysia
Terms :
Selling :	L/C, Cash, Credit
Purchasing :	L/C, Cash, Credit

PRODUCTION STATUS As on 31.03.2010

Particulars	Unit	Installed Capacity
Solvent Extracted Oil	MT	93250
Oil Seed Crushing	MT	427000
Vanaspati including Bakery Fats	MT	96500

Particular	Unit	Actual Production
De – Oiled Cake	MT	57457
Refined Oil	MT	54859
Vanaspati	MT	31586
Bakery Fats	MT	50119

GENERAL INFORMATION

Customers :

· Wholesalers

· Retailers

No. of Employees :

1500 (Approximately)

Bankers :

Ø Citi Bank

Ø HSBC Bank – Fort Branch, Mumbai

Ø Standard Chartered Bank - Fort Branch, Mumbai

Ø Deutche Bank - Fort Branch, Mumbai

Ø State Bank of India

Facilities :

Unsecured Loan	Rs. In Millions 31.03.2011	Rs. In Millions 31.03.2010
Rupee Term Loans Banks Unsecured	3.477	520.901
Rupee Term Loans Others Unsecured	44.776	40.111
Total	48.253	561.012

Banking Relations :	--
Auditors :
Name :	Deloitte Haskins and Sells Chartered Accountant
Address :	12 Dr. Annie Besant Road, Opposite, Shiv Sagar Industrial Estate, Worli, Mumbai – 400018, Maharashtra, India
Pan No.:	AACFD4815A
Tel No.:	91-22-66679000
Fax No.:	91-22-66679025
Holding Company: AS ON 31.03.2010	· Bunge Mauritius Holding Limited
Ultimate Holding Company: AS ON 31.03.2010	· Bunge Limited, Bermuda
Bunge Group Company: AS ON 31.03.2010	· Bunge S. A Geneva (BSA) · Grains and Industrial Products Trading Pte. Limited · Ecoinvest SA, Switzerland · Bunge Management Services Inc · Bunge North America · Bunge London Limited
Subsidiary of Ultimate Holding Company: AS ON 31.03.2010	· Bunge Agribusiness Singapore Pte. Limited · Bunge Global Markets Inc, USA

CAPITAL STRUCTURE

AS ON 30.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
18000000	Equity Share	Rs.10/- Each	Rs.180.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
14799262	Equity Share	Rs.10/- Each	Rs.147.992 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		147.992	147.992	147.992
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		3746.163	2463.022	1992.394
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		3894.155	2611.014	2140.386
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		48.253	561.012	2138.224
TOTAL BORROWING		48.253	561.012	2138.224
DEFERRED TAX LIABILITIES		0.000	0.000	1.782
TOTAL		3942.408	3172.026	4280.392
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		618.895	572.563	586.728
Capital work-in-progress		100.396	28.243	30.566
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		9.098	9.286	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	2170.534	1126.326	1010.610
	Sundry Debtors	36539..722	26577.772	2614.494
	Cash & Bank Balances	1741.322	2299.196	371.079
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	843.952	1207.833	1372.591
Total Current Assets		41295.530	31211.127	5368.774
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	1565.437	1115.755	444.125
	Other Current Liabilities	36422.247	27443.133	1209.503
	Provisions	93.827	90.305	52.048
Total Current Liabilities		38081.511	28649.193	1705.676
Net Current Assets		3214.019	2561.934	3663.098
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		3942.408	3172.026	4280.392

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009
	SALES
		Income	77007.090	78063.377
		Other Income		3054.000
		TOTAL (A)	77007.090	81117.377
Less	EXPENSES
		Cost of Materials		76213.595
		Manufacturing operating and other administrative expenses		2113.858
		Payment to and provision for employees	76179.410	300.744
		Impairment loss		0.000
		Deferred revenue expenditures written off		4.408
		Increase or decrease in stock		237.993
		TOTAL (B)	76179.410	78870.598
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		827.680	2246.779
Less	FINANCIAL EXPENSES (D)		0.000	249.515
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		827.680	1997.264
Less/ Add	DEPRECIATION/ AMORTISATION (F)		112.980	128.911
	PROFIT BEFORE TAX (E-F) (G)		714.700	1868.353
Less	TAX (H)		244.070	638.763
	PROFIT AFTER TAX (G-H) (I)		470.630	1229.590
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		1907.900	678.310
	BALANCE CARRIED TO THE B/S		2378.530	1907.900
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	34164.337	35507.783
		Service Income	39.015	22.193
		Gain on settlement of FOB hedge contracts	0.000	119.427
		Insurance Claim	2.134	0.635
		Others	4.281	0.000
	TOTAL EARNINGS		34209.767	35650.038
	IMPORTS
		Raw Materials	773.420	1330.534
		Finished Goods	62871.014	65425.446
		Chemicals	0.000	0.000
	TOTAL IMPORTS		63644.434	66755.98
	Earnings Per Share (Rs.)		31.80	83.08

KEY RATIOS

PARTICULAR		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	NA	0.61	1.51
Net Profit Margin (PBT/Sales)	(%)	NA	NA	2.39
Return on Total Assets (PBT/Total Assets}	(%)	NA	2.25	31.37
Return on Investment (ROI) (PBT/Networth)		NA	0.27	0.87
Debt Equity Ratio (Total Liability/Networth)		9.79	10.63	1.79
Current Ratio (Current Asset/Current Liability)		1.08	1.09	3.15

LOCAL AGENCY FURTHER INFORMATION

DETAILS OF SUNDRY CREDITORS:

Particulars	31.03.2011 (Rs. in millions)	31.03.2010 (Rs. in millions)	31.03.2009 (Rs. in millions)
Sundry Creditors
Due to micro, small and medium enterprises	1.321	2.239	1.969
Due to other than micro small and medium enterprises	1564.116	1113.516	442.156
Total	1565.437	1115.755	444.125

Check List by Info Agents	Available in Report (Yes / No)
1. Year of Establishment	Yes
2. Locality of the firm	Yes
3. Constructions of the firm	Yes
4. Premises details	Yes
5. Type of Business	Yes
6. Line of Business	Yes
7. Promoter’s background	Yes
8. No. of Employees	Yes
9. Name of person contacted	Yes
10. Designation of contact person	Yes
11. Turnover of firm for two years	Yes
12. Profitability for two years	Yes
13. Reasons for variation <> 20%	-----
14. Estimation for coming financial year	No
15. Capital in the business	Yes
16. Details of sister concerns	Yes
17. Major suppliers	No
18. Major customers	No
19. Payments terms	Yes
20. Export / Import details	Yes
21. Market information	-----
22. Litigations that the firm / promoter involved	-----
23. Banking Details	Yes
24. Banking facility details	Yes
25. Conduct of the banking account	-----
26. Buyer visit details	-----
27. Financials, if provided	Yes
28. Incorporation details, if applicable	Yes
29. Last accounts filed at ROC	Yes
30. Major Shareholders, if available	Yes

Note:

The registered office of the company has been shifted from N.H. 12, P.O. Ramganj, Balaji District Bundi, Jaipur – 323001, Rajasthan, India to the present address w.e.f. 09.08.2007.

Fixed Assets:

Ø Goodwill

Ø Brands

Ø Technical Knowhow

Ø Non Compete Fees

Ø Computer Software

Ø Freehold Land

Ø Buildings

Ø Plant and Machinery

Ø Office Equipment and Furniture and Fixtures

Ø Motor Vehicles

Ø Leasehold Improvements

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No records exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No records exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards :

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.51.54
UK Pound	1	Rs.81.94
Euro	1	Rs.67.56

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	7
PAID-UP CAPITAL	1~10	7
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	7
--PROFITABILIRY	1~10	8
--LIQUIDITY	1~10	7
--LEVERAGE	1~10	7
--RESERVES	1~10	8
--CREDIT LINES	1~10	7
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		68

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%)

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	-

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.