MIRA INFORM REPORT

Report Date :

27.04.2012

IDENTIFICATION DETAILS

Name :	LOUIS DREYFUS COMMODITIES ASIA PTE. LTD.

Formerly Known As :	LOUIS DREYFUS ASIA PTE LTD Eff.

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

Country :	Singapore

Financials (as on) :	31.12.2010

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

No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Status :	Satisfactory

Payment Behaviour :	No Complaints

Litigation :	Exist

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, 2012

Country Name

Previous Rating

(31.12.2011)

Current Rating

(31.03.2012)

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	:	http://www.ldcom.com/-About-us-.html
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*	:	$103,231,300.00 SINGAPORE, DOLLARS, NO. OF SHARE : 103,231,300
Issued Preference Capital	:	NA
Paid-Up Ordinary Capital	:	$103,231,300.00 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	:	NA
No. of Local Associates	:	3
Auditor	:	DELOITTE & TOUCHE LLP
Bankers / Financiers	:	NA
Turnover	:	SGD - SIN 10,354,473,360.00 (FY2010)
Net Worth	:	SGD - SIN 237,806,031.00 (FY2010)
No. of Bank Charges	:	NA
No. of Litigation Suits	:	6
S1000 / SME 500 / FG50 Ranking	:	36 POSITION IN Singapore 1000 Companies Ranked by Sales/Turnover (2010/2011) 246 POSITION IN Singapore 1000 Companies Ranked by Net Profit (2010/2011) 689 POSITION IN Singapore 1000 Companies Ranked by Net Profit (2009/2010) 40 POSITION IN Singapore 1000 Companies Ranked by Sales/Turnover (2009/2010) 38 POSITION IN Singapore 1000 Companies Ranked by Sales/Turnover (2008/2009)
Compounded Annual Growth Rate (CAGR)	:	43.92% (4 years)

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	:	103,231,300
% OF SHAREHOLDING	:	100%
CURRENCY	:	SINGAPORE, DOLLARS

OFFICER DETAILS

NAME	:	GUY JEAN MARIE DU BOIS DE MONTULE
ADDRESS	:	31 AVENUE DE MIREMONT 1206 GENEVA, SWITZERLAND
POSITION	:	DIRECTOR
DATE OF APPT	:	18/07/2007
NATIONALITY	:	FRENCH
I/C PASSPORT	:	09PE22817

NAME	:	SERGE SCHOEN
ADDRESS	:	CHEMIN DES BOIS 82 1255 VEYRIER, SWITZERLAND
POSITION	:	DIRECTOR
DATE OF APPT	:	15/02/2007
NATIONALITY	:	FRENCH
I/C PASSPORT	:	11AH88376

NAME	:	CIRO ECHESORTU
ADDRESS	:	PLAZA INDEPENDENCIA 811 11100 MONTEVIDEO, URUGUAY
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	:	GE4925F

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	GREEN EAGLE HOLDINGS PTE. LTD.	DIRECTOR	27/04/2011	-	-
2	GREEN EAGLE PLANTATIONS PTE. LTD.	DIRECTOR	01/12/2010	-	-
3	JIN XING MIANHUA PTE. LTD.	DIRECTOR	06/01/2006	-	-
4	LD COMMODITIES METALS ASIA PTE. LTD.	DIRECTOR	20/07/2006	-	-
5	LOUIS DREYFUS COMMODITIES ASIA PTE. LTD.	DIRECTOR	08/04/1996	-	-
6	LOUIS DREYFUS COMMODITIES ASIA PTE. LTD.	MANAGING DIRECTOR	14/06/2001	-	-
7	LOUIS DREYFUS COMMODITIES PLANTATIONS PTE. LTD.	DIRECTOR	08/10/2007	-	-
8	LOUIS DREYFUS TRADING SERVICES PTE. LTD.	DIRECTOR	25/06/2001	-	-
9	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

15/03/2012

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

Litigation Search – Writ of Summons

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

SUBSIDIARIES AND ASSOCIATE COMPANIES

Company	Shareholdings (%)

KENCANA LDC PTE. LTD.	50
LDC KENCANA TRADING PTE. LTD.	50
GREEN EAGLE PLANTATIONS 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

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

	Current Year On/After 01 Jan 2012	Past Years Bef 01 Jan 2012

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

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

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

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

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

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

COMPLIANCE

Date of Last AGM	:	25/05/2011
Date of Last AR	:	16/06/2011
Date of A/C Laid At Last AGM	:	31/12/2010

FINANCIAL HIGHLIGHTS

Financial Figures	Group
	DEC 2010	% Change	DEC 2009	DEC 2008	DEC 2007	DEC 2006
Currency	SGD - SIN		SGD - SIN	SGD - SIN	SGD - SIN	SGD - SIN
Profit and Loss Key Figures
Turnover	10,354,473,360	29.73	7,981,622,775	8,723,319,074	4,182,759,812	2,413,755,446
Profit/(Loss) Before Tax	146,031,608	347.24	32,651,729	44,527,549	18,064,462	39,579,942
Profit After Tax attributable to Shareholders	129,876,784	325.06	30,554,883	37,119,930	14,491,238	33,882,889

Balance Sheet Key Figures
Total Assets	2,913,224,233	69.78	1,715,887,014	946,137,752	1,345,142,739	286,544,648
Current Assets	2,703,399,304	65.67	1,631,841,442	880,171,849	1,321,542,636	282,178,387
Non Current Assets	209,824,929	149.66	84,045,572	65,965,903	23,600,103	4,366,261

Total Liabilities	2,675,418,202	68.94	1,583,606,692	824,212,580	1,276,479,151	232,345,016
Current Liabilities	2,094,693,646	36.17	1,538,238,556	784,980,420	1,265,957,827	232,308,581
Non Current Liabilities	580,724,556	1,180.03	45,368,136	39,232,160	10,521,324	36,435

Shareholders' Funds	237,806,031	79.77	132,280,320	121,925,172	68,663,586	54,199,632
Share Capital	66,097,071	-6.49	70,681,630	68,536,700	44,438,395	30,254,900
Total Reserves	171,708,960	178.75	61,598,690	53,388,472	24,225,191	23,944,732

FINANCIAL RATIOS

	Group
	DEC 2010	DEC 2009	DEC 2008	DEC 2007	DEC 2006
Growth %
Year-on-Year Growth	29.73	-8.50	108.55	73.29	NA

Profitability
Profit Margin (%)	1.25	0.38	0.43	0.35	1.40
Return on Equity (%)	54.61	23.10	30.44	21.10	62.51
Return on Assets (%)	4.46	1.78	3.92	1.08	11.82

Leverage
Total Debt/Equity (Times)	11.25	11.97	6.76	18.59	4.29
Current Debt/Equity (Times)	8.81	11.63	6.44	18.44	4.29
Long Term Debt To Equity (Times)	2.44	0.34	0.32	0.15	0.00
Total Asset To Total Equity (Times)	12.25	12.97	7.76	19.59	5.29

Asset Management
Total Assets Turnover (Times)	3.55	4.65	9.22	3.11	8.42
Fixed Assets Turnover (Times)	49.35	94.97	132.24	177.23	552.82

Liquidity
Current Ratio (Times)	1.29	1.06	1.12	1.04	1.21

FINANCIAL HIGHLIGHTS

Financial Figures	Company
	DEC 2010	% Change	DEC 2009	DEC 2008	DEC 2007	DEC 2006
Currency	SGD - SIN		SGD - SIN	SGD - SIN	SGD - SIN	U.S. DOLLAR
Profit and Loss Key Figures
Turnover	7,991,149,975	13.86	7,018,096,273	7,768,375,427	3,869,085,508	0
Profit/(Loss) Before Tax	69,101,607	499.37	11,529,019	45,381,189	22,150,077	0
Profit After Tax attributable to Shareholders	62,159,060	461.99	11,060,466	39,216,639	18,877,377	0

Balance Sheet Key Figures
Total Assets	1,753,960,486	96.83	891,091,436	805,191,228	877,870,924	157,909,000
Current Assets	1,673,874,904	100.74	833,869,786	755,283,631	853,677,288	149,866,000
Non Current Assets	80,085,582	39.96	57,221,650	49,907,597	24,193,636	8,043,000

Total Liabilities	1,603,445,207	106.73	775,607,716	679,167,173	808,923,344	124,587,000
Current Liabilities	1,070,806,834	43.45	746,442,485	650,947,673	808,923,344	124,587,000
Non Current Liabilities	532,638,373	1,726.28	29,165,231	28,219,500	0	0

Shareholders' Funds	150,515,279	30.33	115,483,720	126,024,054	68,947,581	33,322,000
Share Capital	66,097,071	-6.49	70,681,630	68,536,700	44,438,395	19,097,000
Total Reserves	84,418,208	88.42	44,802,090	57,487,354	24,509,186	14,225,000

FINANCIAL RATIOS

	Company
	DEC 2010	DEC 2009	DEC 2008	DEC 2007	DEC 2006
Growth %
Year-on-Year Growth	13.86	-9.66	100.78	NA	NA

Profitability
Profit Margin (%)	0.78	0.16	0.50	0.49	0.00
Return on Equity (%)	41.30	9.58	31.12	27.38	0.00
Return on Assets (%)	3.54	1.24	4.87	2.15	0.00

Leverage
Total Debt/Equity (Times)	10.65	6.72	5.39	11.73	3.74
Current Debt/Equity (Times)	7.11	6.46	5.17	11.73	3.74
Long Term Debt To Equity (Times)	3.54	0.25	0.22	0.00	0.00
Total Asset To Total Equity (Times)	11.65	7.72	6.39	12.73	4.74

Asset Management
Total Assets Turnover (Times)	4.56	7.88	9.65	4.41	0.00
Fixed Assets Turnover (Times)	99.78	122.65	155.66	159.92	0.00

Liquidity
Current Ratio (Times)	1.56	1.12	1.16	1.06	1.20

FINANCIAL COMMENTARY

Compound Annual Growth Rate

The company's CAGR is 43.92% (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 1.25 per cent in FY10 (FY09: 0.38 per cent). The group is now able to book in SGD - SIN 0.01 of profit for every SGD - SIN of sales in FY10, as compared with SGD - SIN 0.00 a year ago.

Liquidity

Current ratio stood at 1.29 times in FY10 (FY09: 1.06 times). This means that the group has SGD - SIN 1.29 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 11.25 times in FY10, compared with 11.97 times in FY09. This means that the group requires additional external financing of SGD - SIN 11.25 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 54.61 per cent for Subject in the current financial period, as compared to 23.10 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 4.46 per cent (FY09: 1.78 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 3.55 times in FY10 (FY09: 4.65 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.52.57
UK Pound	1	Rs.85.03
Euro	1	Rs.69.56

INFORMATION DETAILS

Report Prepared by :

MNL

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.

MIRA INFORM REPORT

Executive Summary

SHAREHOLDER DETAILS

OFFICER DETAILS

KEY PERSONNEL PROFILE

SUBSIDIARIES AND ASSOCIATE COMPANIES

BANKERS/ FINANCIERS

LITIGATION

Bef 01 Jan 2012

COMPLIANCE

FINANCIAL HIGHLIGHTS

FINANCIAL RATIOS

FINANCIAL HIGHLIGHTS

FINANCIAL RATIOS

FINANCIAL COMMENTARY

Compound Annual Growth Rate

Unit