MIRA INFORM REPORT

 

 

Report Date :

26.06.2013

 

IDENTIFICATION DETAILS

 

Name :

BUNGE AGRIBUSINESS SINGAPORE PTE LTD

 

 

Registered Office :

77 Robinson Road #28-00 Robinson 77 Singapore 068896

 

 

Country :

Singapore

 

 

Financials (as on) :

31.12.2011

 

 

Date of Incorporation :

11.12.1997

 

 

Com. Reg. No.:

199708376W

 

 

Legal Form :

Limited Private Company

 

 

Line of Business :

·         Commodity and futures brokers and dealers

·         Providing agricultural commodity marketing services and trading in commodities

 

 

No. of Employees :

Not available 

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Status :

Moderate  

Payment Behaviour :

Slow but Correct 

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 – June 30th, 2012

                                                   

Country Name

Previous Rating

(31.03.2012)

Current Rating

(30.06.2012)

Singapore

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

Singapore - ECONOMIC OVERVIEW

 

Singapore has a highly developed and successful free-market economy. It enjoys a remarkably open and corruption-free environment, stable prices, and a per capita GDP higher than that of most developed countries. The economy depends heavily on exports, particularly in consumer electronics, information technology products, pharmaceuticals, and on a growing financial services sector. Real GDP growth averaged 8.6% between 2004 and 2007. The economy contracted 0.8% in 2009 as a result of the global financial crisis, but rebounded 14.8% in 2010, on the strength of renewed exports, before slowing to 5.2% in 2011 and 1.3% in 2012, largely a result of soft demand for exports during the second European recession. Over the longer term, the government hopes to establish a new growth path that focuses on raising productivity, which has sunk to an average of about 1.0% in the last decade. Singapore has attracted major investments in pharmaceuticals and medical technology production and will continue efforts to establish Singapore as Southeast Asia's financial and high-tech hub.

 

Source : CIA

 

 

 

Company Name:

Registered Number:

BUNGE AGRIBUSINESS SINGAPORE PTE LTD

199708376W

 

Date Incorporated:

Registered Office:

Telephone Number:

11/12/1997

77 ROBINSON ROAD #28-00 ROBINSON 77 SINGAPORE 068896

6227 0090

Age of Company:

Website:

Industry Type:

16

NA

COMMERCE-WHOLESALE

 

Risk Dashboard

Days Beyond Terms

Trend:

No. of Litigation Counts:

Company DTC:

NA

NA

The entity is paying current to the creditors

No. of Charges(s):
0

Industry DTC

 

24

 

Directors

 

Corporate Structure

Number of Current Directors

4

Holding Company:

BUNGE LIMITED

Number that are shareholders

1

No. of Subsidiaries & Associated Companies:

1

 

 

EXECUTIVE SUMMARY

 

Company Name

:

BUNGE AGRIBUSINESS SINGAPORE PTE LTD

Registration No

:

199708376W

Date of Registration

:

11/12/1997

Former Name

:

NA

Date of Change of Name

:

NA

Type of Company

:

LIMITED PRIVATE COMPANY

Registered Address

:

77 ROBINSON ROAD #28-00 ROBINSON 77 SINGAPORE 068896

Date of Change of Address

:

19/07/2004

Contact No.

:

6227 0090

Fax No.

:

6225 0132

Website

:

NA

Registered Activities

:

1. COMMODITY AND FUTURES BROKERS AND DEALERS

PROVIDING AGRICULTURAL COMMODITY MARKETING SERVICES AND TRADING IN COMMODITIES

2. OTHER INVESTMENT HOLDING COMPANIES

INVESTMENT HOLDING COMPANY.

Issued Ordinary Capital*

:

$1,000,000.00 SINGAPORE, DOLLARS ,NO. OF SHARE : 1,000,000

$510,285,073.00 UNITED STATES OF AMERICA, DOLLARS ,NO. OF SHARE : 510,285,073

Issued Preference Capital

:

NA

Paid-Up Ordinary Capital

:

$510,285,073.00 UNITED STATES OF AMERICA, DOLLARS

$1,000,000.00 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

:

1

No. of Local Associates

:

NA

Auditor

:

DELOITTE & TOUCHE LLP

Bankers / Financiers

:

NA

Turnover

:

SGD - SIN 20,142,409,678.00 (FY2011)

Net Worth

:

SGD - SIN 335,417,142.00 (FY2011)

No. of Bank Charges

:

NA

No. of Litigation Suits

:

NA

S1000 / SME 1000 / FG50 Ranking

:

22 POSITION IN Singapore 1000 Companies Ranked by Sales/Turnover (2011/2012)

30 POSITION IN Singapore 1000 Companies Ranked by Sales/Turnover (2004/2005)

84 POSITION IN Singapore 1000 Companies Ranked by Sales/Turnover (2001/2002)

500 POSITION IN Singapore 1000 Companies Ranked by Sales/Turnover (2000/2001)

Compounded Annual Growth Rate (CAGR)

:

21.03% (4 years)

 

 

SHAREHOLDER DETAILS

 

NAME

:

BUNGE LIMITED

SHAREHOLDER ID

:

S97UF0023D

NATIONALITY

:

BERMUDA

ADDRESS

:

CLARENDON HSE CHURCH ST HAMILTON BERMUDA

NO. OF ORD SHARES

:

1,000,000

510,285,073

% OF SHAREHOLDING

:

0.2%

99.8%

CURRENCY

:

SINGAPORE, DOLLARS

UNITED STATES OF AMERICA, DOLLARS

 

 

OFFICER DETAILS

 

NAME

:

FRANS HENDRIK JOHAN MARIE MOL

ADDRESS

:

3 EVERTON ROAD SINGAPORE 089360

POSITION

:

DIRECTOR

SECRETARY

DATE OF APPT

:

31/08/2010

01/11/2011

NATIONALITY

:

DUTCH

I/C PASSPORT

:

F1663460M

 

NAME

:

MICHAEL DAVID GOETTL

ADDRESS

:

12 HARLYN ROAD DUNEARN ESTATE SINGAPORE 299453

POSITION

:

DIRECTOR

DATE OF APPT

:

31/08/2010

NATIONALITY

:

AMERICAN

I/C PASSPORT

:

F2008706N

 

NAME

:

CHRISTOPHER SILVA WHITE

ADDRESS

:

11 UNITY STREET #08-15 SINGAPORE 237995

POSITION

:

DIRECTOR

DATE OF APPT

:

06/06/2003

NATIONALITY

:

AMERICAN

I/C PASSPORT

:

G5704709M

 

NAME

:

CHOONG MOH HUAT

ADDRESS

:

2 KITCHENER LINK #19-05 CITY SQUARE RESIDENCES SINGAPORE 207229

POSITION

:

DIRECTOR

DATE OF APPT

:

13/06/2007

NATIONALITY

:

SINGAPORE P.R.

I/C PASSPORT

:

S2599756E

 

 

KEY PERSONNEL PROFILE

 

Name:

CHRISTOPHER SILVA WHITE

NRIC Number:

G5704709M

Available Address:

11 UNITY STREET #08-15  SINGAPORE 237995

 

Current Business Interest

No.

Name

Position

Appt Date

#of Share

%

1

BUNGE AGRIBUSINESS SINGAPORE PTE LTD

DIRECTOR

06/06/2003

-

NA

2

BUNGE INDO-CHINA HOLDINGS PTE. LTD.

DIRECTOR

16/12/2009

-

NA

3

GRAINS AND INDUSTRIAL PRODUCTS TRADING PTE. LTD.

DIRECTOR

06/06/2003

-

NA

 

Previous Business

No.

Name

 

 

Status

Position

Appt Date

Last Known Inactive Date

1

BUNGE INDO-CHINA HOLDINGS PTE. LTD.

LIVE COMPANY

SHAREHOLDER

-

04/02/2013

 

Bankruptcy Record

Case No.

Year

Date of Filing

Petitioner Name

Amount

No Trace

 

 

 

 

 

Litigation Search – Writ of Summons

Court

Case No.

Transfer

Year

Date of Filing

Amount

Cause Category

No Trace

 

 

 

 

 

 

SUBSIDIARIES AND ASSOCIATE COMPANIES

 

Company

Shareholdings (%)

 

BUNGE INDO-CHINA HOLDINGS PTE. LTD.

89.99

 

 

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

 

Clear

 

 

COMPLIANCE

 

Date of Last AGM

:

15/08/2012

Date of Last AR

:

06/09/2012

Date of A/C Laid At Last AGM

:

31/12/2011
 

 

COMPLIANCE RATING FOR ANNUAL FILING

 

ANNUAL GENERAL MEETING,ANNUAL RETURN AND ACCOUNTS UP-TO-DATE

 

Note:

 

Provided by ACRA (Accounting and Corporate Regulatory Authority), the Compliance Rating for Annual Filing measures a company’s compliance with the provisions under S175, S197 or S201 of the Companies Act, Cap. 50.

 

Applicable to all “Live” locally incorporated companies except for the Limited Partnerships, Limited Liability Partnerships, Business Entities, Foreign Companies and Public Accounting Firms, the rating provide information on whether a company is up-to-date with the holding of its Annual General Meeting (AGM) with up-to-date financial statements and filing of its Annual Return (AR).

 

For more information: www.acra.gov.sg/compliance

FINANCIAL HIGHLIGHTS

 

Financial Figures

Company

 

DEC 2011

% Change

DEC 2010

DEC 2009

DEC 2008

DEC 2007

Currency

SGD - SIN

 

SGD - SIN

SGD - SIN

SGD - SIN

SGD - SIN

Profit and Loss Key Figures

 

 

 

 

 

 

Turnover

20,142,409,678

29.82

15,515,942,902

12,175,710,124

14,279,372,197

9,388,817,457

Profit/(Loss) Before Tax

(109,624,418)

NA

(66,720,548)

13,235,463

57,975,460

14,565,872

Profit After Tax attributable

 to Shareholders

(105,163,956)

NA

(65,925,688)

14,615,156

54,819,402

13,637,889

 

 

 

 

 

 

 

Balance Sheet Key Figures

 

 

 

 

 

 

Total Assets

1,796,930,053

23.19

1,458,661,794

796,390,677

823,041,424

917,635,679

Current Assets

1,422,038,916

3.27

1,377,061,997

744,308,290

809,025,145

916,352,502

Non Current Assets

374,891,137

359.43

81,599,797

52,082,387

14,016,279

1,283,177

 

 

 

 

 

 

 

Total Liabilities

1,461,512,912

5.92

1,379,847,524

659,073,003

737,460,261

893,290,615

Current Liabilities

1,421,621,897

3.03

1,379,847,524

659,073,003

737,460,261

893,290,615

Non Current Liabilities

39,891,015

NA

0

0

0

0

 

 

 

 

 

 

 

Shareholders' Funds

335,417,142

325.58

78,814,271

137,317,674

85,581,163

24,345,064

Share Capital

420,402,588

638.28

56,943,304

43,431,353

8,715,591

867,009

Total Reserves

(84,985,446)

NA

21,870,967

93,886,321

76,865,572

23,478,055

 

 

FINANCIAL RATIOS 

 

 

Company

 

DEC 2011

DEC 2010

DEC 2009

DEC 2008

DEC 2007

Growth %

 

 

 

 

 

Year-on-Year Growth

29.82

27.43

-14.73

52.09

NA

 

 

 

 

 

 

Profitability

 

 

 

 

 

Profit Margin (%)

-0.52

-0.42

0.12

0.38

0.15

Return on Equity (%)

-31.35

-83.65

10.64

64.06

56.02

Return on Assets (%)

-5.85

-4.52

1.84

6.66

1.49

 

 

 

 

 

 

Leverage

 

 

 

 

 

Total Debt/Equity (Times)

4.36

17.51

4.80

8.62

36.69

Current Debt/Equity (Times)

4.24

17.51

4.80

8.62

36.69

Long Term Debt To Equity (Times)

0.12

0.00

0.00

0.00

0.00

Total Asset To Total Equity (Times)

5.36

18.51

5.80

9.62

37.69

 

 

 

 

 

 

Asset Management

 

 

 

 

 

Total Assets Turnover (Times)

11.21

10.64

15.29

17.35

10.23

Fixed Assets Turnover (Times)

53.73

190.15

233.78

1,018.77

7,316.85

 

 

 

 

 

 

Liquidity

 

 

 

 

 

Current Ratio (Times)

1.00

1.00

1.13

1.10

1.03

 

 

FINANCIAL COMMENTARY

 

Compound Annual Growth Rate

 

The company's CAGR is 21.03% (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

We are unable to comment on Subject's profitability.

 

 

Liquidity

 

Current ratio stood at 1.00 times in FY11 (FY10: 1.00 times). This means that the company has SGD - SIN 1.00 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 4.36 times in FY11, as compared with 17.51 times in FY10. This means that the company requires additional external financing of SGD - SIN 4.36 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

 

 

We are unable to comment on Subject's return on equity.

 

We are unable to comment on Subject's return on assets.

 

Total assets turnover ratio logged at 11.21 times in FY11 (FY10: 10.64 times). This ratio measures the company'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.59.70

UK Pound

1

Rs.92.25

Euro

1

Rs.78.38

 

INFORMATION DETAILS

 

Report Prepared by :

PRL

 

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.