MIRA INFORM REPORT

Report Date :

18.01.2012

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
No. of Employee:	Not Available

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

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

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

Companies that match this address

Company name	Company Number	Score	Limit	Latest Accounts Filed
ARC-en-Barrois B.V.	24244093	-	-	31/12/2008
Advocatenpraktijk A.J.M. Hoogveld B.V.	24300901	-	-	31/12/2006
Advocatenpraktijk A.N. Krol B.V.	24326959	60	20500	31/12/2009
Advocatenpraktijk B.J. Rubbens B.V.	24319378	57	6500	31/12/2009
Advocatenpraktijk C.W.M. Lieverse B.V.	24300274	57	21000	31/12/2009
Advocatenpraktijk E.J. Stumphius B.V.	24300470	66	29000	31/12/2009
Advocatenpraktijk H.A. de Savornin Lohman B.V.	24300613	66	28500	31/12/2009
Advocatenpraktijk H.J. Breeman B.V.	24300306	65	22500	31/12/2009
Advocatenpraktijk J. van den Brande B.V.	24300305	55	14500	31/12/2009
Advocatenpraktijk J.H.A.M. Scheiffers B.V.	24300467	-	-	31/12/2008
Advocatenpraktijk M.J.J.M. Essers B.V.	24330197	57	32000	31/12/2009
Advocatenpraktijk M.W.F. Oosterhuis B.V.	24300596	-	-	31/12/2007
Advocatenpraktijk P.W. van Verschuer B.V.	24300472	65	33000	31/12/2009
Advocatenpraktijk R.D. Geerlings B.V.	24330193	76	2500	31/12/2009
Advocatenpraktijk R.D. Geerlings Holding B.V.	24330192	89	21500	31/12/2009
Advocatenpraktijk W.H.A.M. van den Muijsenbergh B.V.	24300254	-	-	31/12/2008
Advocatenpraktijk W.S. Vletter B.V.	24300458	64	28000	31/12/2009
Ammizinc B.V.	33275895	59	39000	31/12/2009
Andorsi B.V.	50628224	58	1500	-
Archer Stichting	34118547	51	1500	-
B.J. Rubbens Holding B.V.	24319376	100	500000	31/12/2009
BIOPETROL MARKETING B.V.	24490313	79	4500	-
BIOPETROL THE NETHERLANDS B.V.	52438163	78	4500	-
Barrint Benelux B.V.	24145939	46	500	31/12/2009
Belastingadviespraktijk Y. van der Tempel B.V.	24454098	63	11000	31/12/2009
Boulevard de la Poule B.V.	24175600	63	16500	31/12/2009
Burguard Enterprises B.V.	24373638	51	9000	31/12/2009
C.W.M. Lieverse Holding B.V.	24272425	100	485000	31/12/2009
Clocks B.V.	17143312	65	35000	31/12/2009
De Dirk Jan en Kitty Reek-Versteegh Stichting	41149553	50	1000	-
De Lijzijde B.V.	24243599	94	115000	31/12/2009
De Zilveren Ster B.V.	24264590	-	-	31/12/2008
De Zilveren Ster Beheer B.V.	24264589	-	-	31/12/2008
Doormania International B.V.	24373633	58	3000	31/12/2009
Dremalo B.V.	24459055	73	5500	31/12/2009
Duizend Bommen en Granaten Holding B.V.	24319613	88	240000	31/12/2009
Dutch BioDiesel B.V.	24394798	55	270000	31/12/2009
Eridani Finance B.V.	24439643	59	26750000	31/12/2009
Et in Arcadia Ego B.V.	24317461	100	295000	31/12/2009
F.M.B.K. Hoenjet B.V.	24320314	64	43500	31/12/2009
Finag Transport B.V.	30131393	62	27500	31/12/2009
Finges Investment B.V.	34119432	70	14300000	31/12/2009
Glencore Biofuels B.V.	24459057	69	5000	31/12/2009
Glencore Grain Rotterdam B.V.	24141798	83	850000	31/12/2009
Glencore Import B.V.	24436780	53	7500	31/12/2009
Glencore Industries The Netherlands B.V.	24381333	40	1000	31/12/2009
Glencore International Import B.V.	24436992	51	29500	31/12/2009
Glencore Investments B.V.	24141524	84	9500	31/12/2009
Glencore Netherlands B.V.	24142438	82	38000	31/12/2009
Glencore Services B.V.	24337739	59	27500	31/12/2009
Grawaco B.V.	24464763	58	2000	31/12/2009
Grawaco C.V.	24464911	82	6000	-
Green Fuel Trade Management B.V.	24402620	43	2000	31/12/2009
Groote Marne B.V.	24159257	52	5500	31/12/2009
Groote Marne Holding B.V.	24159270	81	96000	31/12/2009
Groote Marne Pensioen B.V.	24242594	82	240000	31/12/2009
Guifrecha Holding B.V.	24169373	-	-	31/12/2006
H.A. de Savornin Lohman Holding B.V.	24246743	100	940000	31/12/2009
H.C. de Groot B.V.	33195449	-	-	31/12/2008
H.J. Breeman Holding B.V.	24274206	95	380000	31/12/2009
Hi-Flor B.V.	24261262	-	-	31/12/2006
High and dry B.V.	17143310	100	345000	31/12/2009
Hoef Holding B.V.	24320313	93	365000	31/12/2009
Houdster Maatschappij P.W. van Verschuer B.V.	24274208	100	400000	31/12/2009
J.C.P. Ekering Holding B.V.	24123194	100	52000	31/12/2009
J.K.H. van Dam B.V.	24324095	64	26500	31/12/2009
J.K.H. van Dam Holding B.V.	24324094	100	215000	31/12/2009
Juristopo Holding B.V.	24175710	-	-	31/12/2008
Kazakhstan Grain Handling B.V.	24415990	-	-	-
Kievservices B.V.	33275891	61	37000	31/12/2009
Laat mij met rust B.V.	24317473	97	170000	31/12/2009
Latour Benelux B.V.	24142440	57	86000	31/12/2009
Les Etoiles B.V.	24392344	75	22000	31/12/2009
Lowlands Legal B.V.	24384948	-	-	31/12/2005
Loyens & Loeff Emirates B.V.	24423431	44	45000	31/12/2009
Loyens & Loeff N.V.	24370566	61	5650000	31/12/2009
Loyens & Loeff Quadron B.V.	33151856	74	500	31/12/2009
Loyens & Loeff Stichting Derdengelden Advocaten	24300531	50	1000	-
Loyens & Loeff Stichting Derdengelden Fiscalisten	24320546	50	1000	-
M.A.Th. Turkenburg B.V.	24264981	-	-	31/12/2008
M.C.W. Klerks B.V.	24317463	62	32000	31/12/2009
M.H.J. Buur B.V.	24447931	47	6500	31/12/2009
M.J.J.M. Essers Holding B.V.	24330195	99	220000	31/12/2009
M.L. van Kempen B.V.	24434688	72	31500	31/12/2009
M.W.F. Oosterhuis Holding B.V.	24280256	-	-	31/12/2007
Madanege Holding B.V.	24320627	100	330000	31/12/2009
Miloran B.V.	50417363	54	1500	-
Motorschip "Jehan" C.V.	02324816	78	4500	-
Mr J.F.K. Jonkhart M&A B.V.	24397420	54	25000	31/12/2009
Mr P.L. de Ridder B.V.	24292019	-	-	31/12/2008
Mr W. Bon B.V.	33286168	92	695000	31/12/2009
Mr. F.P.C. Legger B.V.	23074502	94	49500	31/12/2009
Mr. J. van den Brande Holding B.V.	24296580	100	295000	31/12/2009
Mr. J.C.P. Ekering Pensioen B.V.	24243176	93	390000	31/12/2009
Mr. J.F.K. Jonkhart B.V.	24181120	72	35000	31/12/2009
Mr. J.F.K. Jonkhart Holding B.V.	24181119	95	315000	31/12/2009
Mr. J.H.A.M. Scheiffers B.V.	24188168	-	-	31/12/2008
Mr. J.H.A.M. Scheiffers Pensioen B.V.	24243707	-	-	31/12/2008
Mr. K.W. Brevet Pensioen B.V.	24241168	93	200000	31/12/2009
Niobe B.V.	24326955	100	250000	31/12/2009
Nolte Dutch B.V.	51512866	80	4500	-
Notarispraktijk D.F.M.M. Zaman B.V.	34128006	63	22500	31/12/2009
Notarispraktijk J.T.A. van der Stok B.V.	24453609	64	3000	-
Oosterveld B.V.	24270851	-	-	-
P.G.M. Adriaansen B.V.	24488017	68	3000	-
Philartello B.V.	27336811	70	3000	-
Piruto B.V.	50629220	58	1500	-
Portsol B.V.	24490738	58	1500	-
Praktijkvennootschap A.J.M. Hoogveld B.V.	24270973	-	-	31/12/2006
Praktijkvennootschap C.W.M. Lieverse B.V.	24272426	71	1000	31/12/2009
Praktijkvennootschap D.F.M.M. Zaman B.V.	24253634	68	2500	31/12/2009
Praktijkvennootschap E.J. Stumphius B.V.	24280507	44	500	31/12/2009
Praktijkvennootschap H.A. de Savornin Lohman B.V.	24273381	51	500	31/12/2009
Praktijkvennootschap H.J. Portengen B.V.	24317480	62	30000	31/12/2009
Praktijkvennootschap J. van den Brande B.V.	24296590	71	5000	31/12/2009
Praktijkvennootschap J.C.P. Ekering B.V.	24270971	45	5500	31/12/2009
Praktijkvennootschap J.H.A.M. Scheiffers B.V.	24188170	-	-	31/12/2008
Praktijkvennootschap K.W. Brevet B.V.	24270972	47	3000	31/12/2009
Praktijkvennootschap M.W.F. Oosterhuis B.V.	24280258	-	-	31/12/2007
Praktijkvennootschap P.H.E. Voute B.V.	24282150	-	-	31/12/2008
Praktijkvennootschap P.W. van Verschuer B.V.	24274209	74	14000	31/12/2009
Praktijkvennootschap R. van Bork B.V.	24297273	80	9000	31/12/2009
Praktijkvennootschap W.H.A.M. van den Muijsenbergh B.V.	24255243	-	-	31/12/2008
Praktijkvennootschap W.S. Vletter B.V.	24264648	71	2500	31/12/2009
Praktijkvennootschap mr. T.L. Claassens B.V.	24319614	55	24500	31/12/2009
Quadron Co�peratief Beheer U.A.	24426934	60	2500	31/12/2009
R.H. de Vries B.V.	24325000	63	29000	31/12/2009
R.H. de Vries Holding B.V.	24325004	100	385000	31/12/2009
Redimor B.V.	52490122	58	1500	-
Renaisco B.V.	24257792	67	27500	31/12/2009
Roslicor B.V.	52489698	58	1500	-
S.I.J.O.N.E. Zwanen B.V.	24411994	81	29000	31/12/2009
S.I.J.O.N.E. Zwanen Holding B.V.	24411993	100	60000	31/12/2009
Satchmo Beheer B.V.	24181801	100	570000	31/12/2009
Shapiro Pensioen B.V.	33269467	-	-	31/12/2008
Silver Fern B.V.	24392338	100	65000	31/12/2009
Stichting Directiepensioenfonds MR. H.M.I.Th. Breedveld	41131975	51	1500	-
Stichting Loyens & Loeff	24371130	50	1000	-
Stichting Pensioenfonds Loyens & Loeff	41199989	82	6000	31/12/2009
Stichting Rotterdam Masters Hockey	24494474	50	1000	-
Stumphius Holding B.V.	24280504	100	570000	31/12/2009
Tv Tas B.V.	24480109	-	-	-
Valentijn Holding B.V.	24123317	98	115000	31/12/2009
Vereniging Publiek Vervoerrecht	40537736	58	1500	-
Vereniging VAN PENSIOENGERECHTIGDEN Loyens & Loeff	52120295	50	1000	-
Vicinus Beheer B.V.	24447929	27	0	31/12/2009
Vletlaw B.V.	24264647	99	385000	31/12/2009
W.P.H. Stalman B.V.	14064788	-	-	31/12/2008
W.P.H. Stalman Holding B.V.	14064790	-	-	31/12/2008
Weg Vijver B.V.	24377122	69	60000	31/12/2009
Wide River Holding B.V.	24488001	60	1500	-
Willem Booysen B.V.	24329998	-	-	31/12/2008
Willem Booysen Holding B.V.	24330013	-	-	31/12/2008
Xavier Clarebout E.U.R.L.	24329650	-	-	-
Mr. G.C. Van Eck B.V.	24320622	59	26500	31/12/2009
mr. drs. J.C.A. van Ruiten B.V.	24455646	68	3000	-

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.51.06
UK Pound	1	Rs.78.48
Euro	1	Rs.64.99

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.