MIRA INFORM REPORT

Report Date :

14.11.2013

IDENTIFICATION DETAILS

Name :	CARGILL INTERNATIONAL TRADING PTE LTD
Formerly Known As :	CARGILL COMMODITY TRADING PTE LTD
Registered Office :	300, Beach Road, 23-01, The Concourse, 199555
Country :	Singapore
Financials (as on) :	31.05.2013
Date of Incorporation :	05.12.1967
Com. Reg. No.:	196700442-D
Legal Form :	Private Limited
Line of Business :	Subject is engaged in commodity and futures brokers and dealers
No. of Employees :	400

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 :	Good
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, 2013

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
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

* Adopted abbreviations :	SC - Subject Company (the company enquired by you)
	N/A - Not Applicable

EXECUTIVE SUMMARY

REGISTRATION NO.	:	196700442-D
COMPANY NAME	:	CARGILL INTERNATIONAL TRADING PTE LTD
FORMER NAME	:	CARGILL COMMODITY TRADING PTE LTD (29/07/1993)
INCORPORATION DATE	:	05/12/1967
COMPANY STATUS	:	EXIST
LEGAL FORM	:	PRIVATE LIMITED
LISTED STATUS	:	NO
REGISTERED ADDRESS	:	300, BEACH ROAD, 23-01, THE CONCOURSE, 199555, SINGAPORE.
BUSINESS ADDRESS	:	300 BEACH ROAD #23-01 THE CONCOURSE, 199555, SINGAPORE.
TEL.NO.	:	65-62951112
FAX.NO.	:	65-63938898
WEB SITE	:	WWW.CARGILL.COM
CONTACT PERSON	:	SYED MUNIRUL HASAN ( DIRECTOR )
PRINCIPAL ACTIVITY	:	COMMODITY AND FUTURES BROKERS AND DEALERS
ISSUED AND PAID UP CAPITAL	:	1,650,000.00 ORDINARY SHARE, OF A VALUE OF SGD 1,650,000.00
SALES	:	USD 12,527,999,000 [2013]
NET WORTH	:	USD 80,691,000 [2013]
STAFF STRENGTH	:	400 [2013]
LITIGATION	:	CLEAR
FINANCIAL CONDITION	:	STABLE
PAYMENT	:	AVERAGE
MANAGEMENT CAPABILITY	:	GOOD
COMMERCIAL RISK	:	LOW
CURRENCY EXPOSURE	:	MODERATE
GENERAL REPUTATION	:	GOOD
INDUSTRY OUTLOOK	:	AVERAGE GROWTH

HISTORY / BACKGROUND

The SC is a private limited company and is allowed to have a minimum of one and a maximum of forty-nine shareholders. As a private limited company, the SC must have at least two directors. A private limited company is a separate legal entity from its shareholders. As a separate legal entity, the SC is capable of owning assets, entering into contracts, sue or be sued by other companies. The liabilities of the shareholders are to the extent of the equity they have taken up and the creditors cannot claim on shareholders' personal assets even if the SC is insolvent. The SC is governed by the Companies Act and the company must file its annual returns, together with its financial statements with the Registrar of Companies.

The SC is principally engaged in the (as a / as an) commodity and futures brokers and dealers.

The immediate holding company of the SC is CARGILL ASIA PACIFIC HOLDINGS PTE. LTD., a company incorporated in SINGAPORE.

The ultimate holding company of the SC is CARGILL, INCORPORATED, a company incorporated in UNITED STATES.

The major shareholder(s) of the SC are shown as follows :

Name	Address	IC/PP/Loc No	Shareholding	(%)
CARGILL ASIA PACIFIC HOLDINGS PTE. LTD.	300, BEACH ROAD, 23-01, CONCOURSE, THE, 199555, SINGAPORE.	200401312G	1,650,000.00	100.00
			---------------	------
			1,650,000.00	100.00
			============	=====

+ Also Director

The SC interest in other companies (Subsidiaries/Associates) are shown as follow :

Local No	Country	Company	(%)	As At
200106030W	SINGAPORE	CARGILL DONGGUAN HOLDINGS PTE LTD	100.00	31/05/2013
201203900	SINGAPORE	CARGILL METALS SINGAPORE PTE LTD	100.00	31/05/2013
200506905Z	SINGAPORE	CARGILL OCEAN TRANSPORTATION SINGAPORE PTE LTD	100.00	31/05/2013
011105	INDIA	CARGILL GLOBAL TRADING INDIA PVT LTD	100.00	31/05/2013

DIRECTORS

DIRECTOR 1

Name Of Subject	:	SYED MUNIR-UL HASAN
Address	:	30, HOLLAND GREEN, 276153, SINGAPORE.
IC / PP No	:	S2715581B
Nationality	:	SINGAPOREAN
Date of Appointment	:	21/04/1994

DIRECTOR 2

Name Of Subject	:	MR. JERAL SYLVESTER D'SOUZA
Address	:	58, BELMONT ROAD, 269890, SINGAPORE.
IC / PP No	:	S2749969D
Nationality	:	SINGAPOREAN
Date of Appointment	:	06/08/1997

DIRECTOR 3

Name Of Subject	:	TA YOKE PENG
Address	:	22, EWE BOON ROAD, 03-08, PALM SPRING, 259328, SINGAPORE.
IC / PP No	:	S2557457E
Nationality	:	SINGAPOREAN
Date of Appointment	:	22/10/2012

MANAGEMENT

1)	Name of Subject	:	SYED MUNIRUL HASAN
	Position	:	DIRECTOR

AUDITOR

Auditor	:	KPMG LLP
Auditor' Address	:	N/A

COMPANY SECRETARIES

1)	Company Secretary	:	PESTANA MARIAN VERONICA
	IC / PP No	:	S1419613G
	Address	:	149, TAMPINES STREET 12, 09-104, 521149, SINGAPORE.

BANKING

No Banker found in our databank.

ENCUMBRANCE (S)

No encumbrance was found in our databank at the time of investigation.

LEGAL CHECK AGAINST SC

* A check has been conducted in our databank againt the SC whether the subject has been involved in any litigation.

No legal action was found in our databank.

No winding up petition was found in our databank.

PAYMENT RECORD

SOURCES OF RAW MATERIALS:
Local	:	YES	Percentage	:	60%
Overseas	:	YES	Percentage	:	40%

The SC refused to provide any name of trade/service supplier and we are unable to conduct any trade enquiry. However, from financial historical data we conclude that :

OVERALL PAYMENT HABIT
Prompt 0-30 Days	[	]	Good 31-60 Days	[	]	Average 61-90 Days	[	X	]
Fair 91-120 Days	[	]	Poor >120 Days	[	]

CLIENTELE

Local	:	YES	Percentage	:	70%
Domestic Markets	:	SINGAPORE
Overseas	:	YES	Percentage	:	30%
Export Market	:	WORLDWIDE
Credit Term	:	15 - 30 DAYS,AS AGREED
Payment Mode	:	CHEQUES LETTER OF CREDIT (LC)

OPERATIONS

Goods Traded

:

COMMODITY PRODUCT & OTHER RELATED PRODUCT

Total Number of Employees:
YEAR	2013	2012	2011	2010
GROUP	N/A	N/A	N/A	N/A
COMPANY	400	115	120	116

Branch

:

NO

Other Information:

The SC is principally engaged in the (as a / as an) commodity and futures brokers and dealers.

The SC is under the Cargill Group of Companies.

The SC engaged in trading of commodity product including food product, household product etc.

The SC are producers and marketers of food, agricultural, financial and industrial products and services.

CURRENT INVESTIGATION

Latest fresh investigations carried out on the SC indicated that :

Telephone Number Provided By Client	:	N/A
Current Telephone Number	:	65-62951112
Match	:	N/A
Address Provided by Client	:	300 BEACH ROAD, 23-01 THE CONCOURSE SINGAPORE 199555
Current Address	:	300 BEACH ROAD #23-01 THE CONCOURSE, 199555, SINGAPORE.
Match	:	YES

Other Investigations

we contacted one of the SC staff and she provided some information regarding to the SC.

FINANCIAL ANALYSIS

Profitability
Turnover	:	Erratic	[	2009 - 2013	]
Profit/(Loss) Before Tax	:	Increased	[	2009 - 2013	]
Return on Shareholder Funds	:	Favourable	[	108.11%	]
Return on Net Assets	:	Favourable	[	110.10%	]
The fluctuating turnover reflects the fierce competition among the existing and new market players.The higher profit could be attributed to the increase in turnover. Generally the SC was profitable. The favourable return on shareholders' funds and return on net assets indicate that the SC's management was efficient in utilising the assets to generate returns.
Working Capital Control
Stock Ratio	:	Favourable	[	8 Days	]
Debtor Ratio	:	Favourable	[	21 Days	]
Creditors Ratio	:	Favourable	[	10 Days	]
The SC's stocks were moving fast thus reducing its holding cost. This had reduced funds being tied up in stocks. The favourable debtors' days could be due to the good credit control measures implemented by the SC. The SC had a favourable creditors' ratio where the SC could be taking advantage of the cash discounts and also wanting to maintain goodwill with its creditors.
Liquidity
Liquid Ratio	:	Acceptable	[	0.80 Times	]
Current Ratio	:	Unfavourable	[	1.02 Times	]
The SC's liquid ratio was slightly low. This could indicate that the SC's working capital was slightly deficient. The SC will have to improve its liquidity position either by obtaining short term financing or increase its paid up capital so that it can meet all its short term obligations as and when they fall due.
Solvency
Interest Cover	:	Favourable	[	28.59 Times	]
Gearing Ratio	:	Favourable	[	0.00 Times	]
The interest cover showed that the SC was able to service the interest. The favourable interest cover could indicate that the SC was making enough profit to pay for the interest accrued. The SC had no gearing and hence it had virtually no financial risk. The SC was financed by its shareholders' funds and internally generated fund. During the economic downturn, the SC, having a zero gearing, will be able to compete better than those which are highly geared in the same industry.
Overall Assessment :
Although the turnover was erratic, the SC had maintained a steady growth in its profit. This indicate the management's efficiency in controlling its costs and profitability. The SC's liquidity was at an acceptable range. If the SC is able to obtain further short term financing, it should be able to meet all its short term obligations. With the favourable interest cover, the SC could be able to service all the accrued interest without facing any difficulties. The SC was a zero gearing company, it was solely dependant on its shareholders to provide funds to finance its business. The SC has good chance of getting loans, if the needs arises.
Overall financial condition of the SC : STABLE

SINGAPORE ECONOMIC / INDUSTRY OUTLOOK

Major Economic Indicators :	2008	2009	2010	2011	2012
Population (Million)	4.84	4.98	5.08	5.18	5.31
Gross Domestic Products ( % )	1.5	<0.8>	14.5	4.9	1.3
Consumer Price Index	6.6	0.6	2.8	5.2	4.6
Total Imports (Million)	450,892.6	356,299.3	423,221.8	459,655.1	474,554.0
Total Exports (Million)	476,762.2	391,118.1	478,840.7	514,741.2	510,329.0
Unemployment Rate (%)	2.2	3.2	2.2	2.1	2.0
Tourist Arrival (Million)	10.12	9.68	11.64	13.17	14.37
Hotel Occupancy Rate (%)	81.0	75.8	85.6	86.5	86.4
Cellular Phone Subscriber (Million)	1.31	1.37	1.43	1.50	1.52
Registration of New Companies (No.)	25,327	26,414	29,798	32,317	31,892
Registration of New Companies (%)	<2.2>	4.3	12.8	8.5	<1.3>
Liquidation of Companies (No.)	10,493	22,393	15,126	19,005	17,218
Liquidation of Companies (%)	13.7	113.4	<32.5>	25.6	9.4
Registration of New Businesses (No.)	24,850	26,876	23,978	23,494	24,788
Registration of New Businesses (%)	0.36	8.15	<10.78>	2.02	5.51
Liquidation of Businesses (No.)	21,150	23,552	24,211	23,005	22,489
Liquidation of Businesses (%)	<0.8>	11.4	2.8	<5>	<2.2>
Bankruptcy Orders (No.)	2,326	2,058	1,537	1,527	1,748
Bankruptcy Orders (%)	<15.9>	<11.5>	<25.3>	<0.7>	14.5
Bankruptcy Discharges (No.)	1,500	3,056	2,252	1,391	1,881
Bankruptcy Discharges (%)	<7.7>	103.7	<26.3>	<38.2>	35.2
INDUSTRIES ( % of Growth ) :
Agriculture
Production of Principal Crops	<0.32>	3.25	<0.48>	4.25	3.64
Fish Supply & Wholesale	<6.31>	<1.93>	<10.5>	12.10	<0.5>
Manufacturing *	74.6	71.5	92.8	100.0	100.3
Food, Beverages & Tobacco	94.8	90.4	96.4	100.0	103.5
Textiles	180.1	145.9	122.1	100.0	104.0
Wearing Apparel	334.6	211.0	123.3	100.0	92.1
Leather Products & Footwear	128.2	79.5	81.8	100.0	98.6
Wood & Wood Products	132.0	101.4	104.0	100.0	95.5
Paper & Paper Products	101.0	95.4	106.1	100.0	97.4
Printing & Media	118.2	100.9	103.5	100.0	93.0
Crude Oil Refineries	113.1	96.4	95.6	100.0	99.4
Chemical & Chemical Products	84.5	80.3	97.6	100.0	100.5
Pharmaceutical Products	43.7	49.1	75.3	100.0	109.7
Rubber & Plastic Products	120.1	101.2	112.3	100.0	96.5
Non-metallic Mineral	96.5	91.9	92.5	100.0	98.2
Basic Metals	109.8	92.6	102.2	100.0	90.6
Fabricated Metal Products	101.3	90.8	103.6	100.0	104.3
Machinery & Equipment	65.0	57.3	78.5	100.0	112.9
Electrical Machinery	81.7	86.8	124.1	100.0	99.3
Electronic Components	93.1	85.2	113.6	100.0	90.6
Transport Equipment	102.0	96.0	94.0	100.0	106.3
Construction	45.90	<36.9>	14.20	20.50	28.70
Real Estate	<11.2>	1.4	21.3	25.4	31.9
Services
Electricity, Gas & Water	<1.3>	1.70	4.00	7.00	6.30
Transport, Storage & Communication	11.60	3.90	12.80	7.40	5.30
Finance & Insurance	<5.9>	<16.4>	<0.4>	8.90	0.50
Government Services	17.40	4.50	9.70	6.90	6.00
Education Services	0.50	0.10	<0.9>	<1.4>	0.30
* Based on Index of Industrial Production (2011 = 100)
(Source : Department of Statistics)

INDUSTRY ANALYSIS

INDUSTRY :	TRADING
The wholesale and retail trade sector contracted by 1.5% in the fourth quarter of 2012, extending the 0.2% decline in the preceding quarter. For the whole of 2012, the sector declined by 0.7%, reversing the 1.6% growth in 2011. The sector was weighed down primarily by the wholesale trade segment. In 2012, the wholesale trade segment contracted by 1.0%, a reversal from the 1.4% growth in 2011. Growth of the retail trade segment also moderated to 2.0%, from 3.2% in the year 2011.
The domestic wholesale trade index grew by 1.2% in the fourth quarter of 2012, an improvement from the 5.4% decline in the third quarter. This was partly due to an increase in the sales of chemicals & chemical products and ship chandlers & bunkering. For the full year of 2012, the domestic wholesale trade index contracted by 2.2%, extending the 1.7% decline in 2011. The foreign wholesale trade index grew by 8.6% in the fourth quarter, an increase from the 6.6% growth in the third quarter. The expansion was partly due to resilient sales of petroleum & petroleum products. For the whole of 2012, the foreign wholesale trade index expanded by 9.1%, faster than the 4.3% increase in 2011.
In the fourth quarter of 2012, retail sales volume declined by 2.0%, extending the 0.3% decline in the third quarter. Excluding motor vehicles, retail sales volume grew by 0.4%, a slight moderation compared to the 1.5% gain in the third quarter of 2012. The sales volume of motor vehicles fell by 11% in the fourth quarter of 2012, after contracting by 6.1% in the third quarter. The sales of several discretionary items also declined in the fourth quarter. Besides, the sales of optical goods & books in 2012 fell by 3.6%, while the sales of telecommunications apparatus & computers declined by 1.4%.
For 2012 as a whole, retail sales volume grew by 1.3%, compared to the 2.0% expansion in 2011. Excluding motor vehicle sales, the increase in retail sales volume also moderated from 5.4% in 2011 to 1.7% in 2012. Medical goods & toiletries registered the largest increase (9.3%) in sales, followed by telecommunications apparatus & computers (6.9%). By contrast, the sales of watches & jewellery (-2.2%) and optical goods & books (-3.6%) declined.
OVERALL INDUSTRY OUTLOOK : AVERAGE GROWTH

CREDIT RISK EVALUATION & RECOMMENDATION

Incorporated in 1967, the SC is a Private Limited company, focusing on commodity and futures brokers and dealers. The SC has been in business for over 4 decades. It has built up a strong clientele base and good reputation will enable the SC to further enhance its business in the near term. The SC is expected to enjoy a stable market shares. Having strong support from its holding company has enabled the SC to remain competitive despite the challenging business environment. The capital standing of the SC is fair. With an adequate share capital, the SC has the potential of expanding its business in future.

Over the years, the SC has established an extensive clientele base in the market. Besides catering to the local market, the SC has penetrated into other countries. With the contribution of both local and overseas customers, the SC is likely to be exposed to lower commercial risk. Hence, we believe that the SC has better business expansion opportunities in the future. The SC is a fairly large and rapidly growing company with over 400 staff in its operations. The SC has a good management capability. Its capable management team has enabled the SC to keep its business on going. Hence, the future prospect of the SC is bright.

Despite the lower turnover, the SC's pre-tax profit have increased compared to the previous year. The higher profit could be due to better control of its operating costs and efficiency in utilising its resources. Based on the higher profitability, the SC has generated a favourable return based on its existing shareholders' funds which indicated that the management was efficient in utilising its funds to generate income. Being a zero geared company, the SC virtually has no financial risk as it is mainly dependent on its internal funds to finance its business. However, due to its weak liquidity position, the SC may face working capital deficiency in meeting its short term financial obligations if no fresh capital are injected into the SC. Given a positive net worth standing at USD 80,691,000, the SC should be able to maintain its business in the near terms.

Having a strong assets backing, the SC possesses latent assets as collateral for further financial extension. Hence, it has good chance of getting loans if the needs arises. The SC's supplier are from both the local and overseas countries. This will eliminates the risk of dependency on deliveries from a number of key suppliers and insufficient quantities of its raw materials. Overall the SC has a good control over its resources.

The SC's payment habit is average. With its adequate working capital, the SC should be able to pay its short term debts.

The industry shows an upward trend and this trend is very likely to sustain in the near terms. Hence, the SC is expected to benefit from the favourable outlook of the industry.

Based on the above condition, we recommend credit be granted to the SC promptly.

PROFIT AND LOSS ACCOUNT

THE FINANCIAL STATEMENTS WERE PREPARED IN ACCORDANCE WITH SINGAPORE FINANCIAL REPORTING STANDARDS.

CARGILL INTERNATIONAL TRADING PTE LTD

Financial Year End	2013-05-31	2012-05-31	2011-05-31	2010-05-31	2009-05-31
Months	12	12	12	12	12
Consolidated Account	Company	Company	Company	Company	Company
Audited Account	YES	YES	YES	YES	YES
Unqualified Auditor's Report (Clean Opinion)	YES	YES	YES	YES	YES
Financial Type	FULL	FULL	FULL	FULL	FULL
Currency	USD	USD	USD	USD	USD
TURNOVER	12,527,999,000	14,085,379,000	12,018,284,000	8,298,276,000	8,636,039,000
Other Income	20,024,000	12,848,000	21,339,000	47,162,000	-
	----------------	----------------	----------------	----------------	----------------
Total Turnover	12,548,023,000	14,098,227,000	12,039,623,000	8,345,438,000	8,636,039,000
Costs of Goods Sold	<12,372,728,000>	<14,036,402,000>	<11,877,447,000>	<8,209,180,000>	-
	----------------	----------------	----------------	----------------	----------------
Gross Profit	175,295,000	61,825,000	162,176,000	136,258,000	-
	----------------	----------------	----------------	----------------	----------------
PROFIT/(LOSS) FROM OPERATIONS	92,977,000	12,274,000	89,733,000	81,516,000	157,900,000
	----------------	----------------	----------------	----------------	----------------
PROFIT/(LOSS) BEFORE TAXATION	92,977,000	12,274,000	89,733,000	81,516,000	157,900,000
Taxation	<5,744,000>	<3,913,000>	<1,788,000>	<2,581,000>	<6,753,000>
	----------------	----------------	----------------	----------------	----------------
PROFIT/(LOSS) AFTER TAXATION	87,233,000	8,361,000	87,945,000	78,935,000	151,147,000
	----------------	----------------	----------------	----------------	----------------
RETAINED PROFIT/(LOSS) BROUGHT FORWARD
As previously reported	55,093,000	479,732,000	403,287,000	414,352,000	263,205,000
	----------------	----------------	----------------	----------------	----------------
As restated	55,093,000	479,732,000	403,287,000	414,352,000	263,205,000
	----------------	----------------	----------------	----------------	----------------
PROFIT AVAILABLE FOR APPROPRIATIONS	142,326,000	488,093,000	491,232,000	493,287,000	414,352,000
DIVIDENDS - Ordinary (paid & proposed)	<58,201,000>	<433,000,000>	<11,500,000>	<90,000,000>	-
	----------------	----------------	----------------	----------------	----------------
RETAINED PROFIT/(LOSS) CARRIED FORWARD	84,125,000	55,093,000	479,732,000	403,287,000	414,352,000
	=============	=============	=============	=============	=============
INTEREST EXPENSE (as per notes to P&L)
Others	3,370,000	3,369,000	1,895,000	1,178,000	5,917,000
	----------------	----------------	----------------	----------------	----------------
	3,370,000	3,369,000	1,895,000	1,178,000	5,917,000

BALANCE SHEET

CARGILL INTERNATIONAL TRADING PTE LTD

ASSETS EMPLOYED:
FIXED ASSETS	1,342,000	1,653,000	2,059,000	2,024,000	2,822,000
LONG TERM INVESTMENTS/OTHER ASSETS
Subsidiary companies	61,244,000	1,352,000	1,272,000	1,244,000	1,252,000
Loans & advances - non-current	-	-	-	1,954,000	-
Deferred assets	233,000	-	-	210,000	-
Others	459,000	21,165,000	22,390,000	20,000,000	20,000,000
	----------------	----------------	----------------	----------------	----------------
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS	61,936,000	22,517,000	23,662,000	23,408,000	21,252,000
	----------------	----------------	----------------	----------------	----------------
TOTAL LONG TERM ASSETS	63,278,000	24,170,000	25,721,000	25,432,000	24,074,000
CURRENT ASSETS
Short term quoted/unquoted investments	97,000	97,000	2,579,000	3,749,000	4,509,000
Stocks	277,729,000	373,016,000	260,364,000	184,649,000	106,077,000
Trade debtors	714,879,000	497,808,000	499,065,000	219,445,000	212,387,000
Other debtors, deposits & prepayments	331,086,000	780,022,000	58,379,000	671,581,000	839,256,000
Amount due from holding company	-	-	13,876,000	-	-
Amount due from subsidiary companies	-	-	573,000	-	-
Amount due from related companies	-	-	270,256,000	-	-
Cash & bank balances	99,000	127,000	197,000	1,286,000	245,000
Others	-	-	657,476,000	38,828,000	138,334,000
	----------------	----------------	----------------	----------------	----------------
TOTAL CURRENT ASSETS	1,323,890,000	1,651,070,000	1,762,765,000	1,119,538,000	1,300,808,000
	----------------	----------------	----------------	----------------	----------------
TOTAL ASSET	1,387,168,000	1,675,240,000	1,788,486,000	1,144,970,000	1,324,882,000
	=============	=============	=============	=============	=============
CURRENT LIABILITIES
Trade creditors	327,285,000	482,568,000	287,773,000	117,357,000	149,450,000
Other creditors & accruals	407,460,000	722,583,000	500,773,000	602,256,000	739,733,000
Amounts owing to holding company	-	-	2,796,000	-	-
Amounts owing to subsidiary companies	-	-	765,000	-	-
Amounts owing to related companies	526,705,000	328,658,000	140,404,000	-	-
Provision for taxation	3,754,000	2,384,000	3,258,000	2,325,000	8,120,000
Other liabilities	34,457,000	62,449,000	327,592,000	3,689,000	-
	----------------	----------------	----------------	----------------	----------------
TOTAL CURRENT LIABILITIES	1,299,661,000	1,598,642,000	1,263,361,000	725,627,000	897,303,000
	----------------	----------------	----------------	----------------	----------------
NET CURRENT ASSETS/(LIABILITIES)	24,229,000	52,428,000	499,404,000	393,911,000	403,505,000
	----------------	----------------	----------------	----------------	----------------
TOTAL NET ASSETS	87,507,000	76,598,000	525,125,000	419,343,000	427,579,000
	=============	=============	=============	=============	=============
SHARE CAPITAL
Ordinary share capital	767,000	767,000	767,000	767,000	767,000
Preference share capital	-	6,909,000	6,909,000	6,909,000	6,909,000
	----------------	----------------	----------------	----------------	----------------
TOTAL SHARE CAPITAL	767,000	7,676,000	7,676,000	7,676,000	7,676,000
RESERVES
Capital reserve	<4,890,000>	-	-	-	-
General reserve	1,150,000	2,508,000	-	-	-
Retained profit/(loss) carried forward	84,125,000	55,093,000	479,732,000	403,287,000	414,352,000
Others	<461,000>	<417,000>	5,179,000	<56,000>	<628,000>
	----------------	----------------	----------------	----------------	----------------
TOTAL RESERVES	79,924,000	57,184,000	484,911,000	403,231,000	413,724,000
	----------------	----------------	----------------	----------------	----------------
SHAREHOLDERS' FUNDS/EQUITY	80,691,000	64,860,000	492,587,000	410,907,000	421,400,000
LONG TERM LIABILITIES
Deferred taxation	-	260,000	10,000	-	4,000
Others	6,816,000	11,478,000	32,528,000	8,436,000	6,175,000
	----------------	----------------	----------------	----------------	----------------
TOTAL LONG TERM LIABILITIES	6,816,000	11,738,000	32,538,000	8,436,000	6,179,000
	----------------	----------------	----------------	----------------	----------------
	87,507,000	76,598,000	525,125,000	419,343,000	427,579,000
	=============	=============	=============	=============	=============

FINANCIAL RATIO

CARGILL INTERNATIONAL TRADING PTE LTD

TYPES OF FUNDS
Cash	99,000	127,000	197,000	1,286,000	245,000
Net Liquid Funds	99,000	127,000	197,000	1,286,000	245,000
Net Liquid Assets	<253,500,000>	<320,588,000>	239,040,000	209,262,000	297,428,000
Net Current Assets/(Liabilities)	24,229,000	52,428,000	499,404,000	393,911,000	403,505,000
Net Tangible Assets	87,507,000	76,598,000	525,125,000	419,343,000	427,579,000
Net Monetary Assets	<260,316,000>	<332,326,000>	206,502,000	200,826,000	291,249,000
BALANCE SHEET ITEMS
Total Borrowings	0	0	0	0	0
Total Liabilities	1,306,477,000	1,610,380,000	1,295,899,000	734,063,000	903,482,000
Total Assets	1,387,168,000	1,675,240,000	1,788,486,000	1,144,970,000	1,324,882,000
Net Assets	87,507,000	76,598,000	525,125,000	419,343,000	427,579,000
Net Assets Backing	80,691,000	64,860,000	492,587,000	410,907,000	421,400,000
Shareholders' Funds	80,691,000	64,860,000	492,587,000	410,907,000	421,400,000
Total Share Capital	767,000	7,676,000	7,676,000	7,676,000	7,676,000
Total Reserves	79,924,000	57,184,000	484,911,000	403,231,000	413,724,000
LIQUIDITY (Times)
Cash Ratio	0.00	0.00	0.00	0.00	0.00
Liquid Ratio	0.80	0.80	1.19	1.29	1.33
Current Ratio	1.02	1.03	1.40	1.54	1.45
WORKING CAPITAL CONTROL (Days)
Stock Ratio	8	10	8	8	4
Debtors Ratio	21	13	15	10	9
Creditors Ratio	10	13	9	5	6
SOLVENCY RATIOS (Times)
Gearing Ratio	0.00	0.00	0.00	0.00	0.00
Liabilities Ratio	16.19	24.83	2.63	1.79	2.14
Times Interest Earned Ratio	28.59	4.64	48.35	70.20	27.69
Assets Backing Ratio	114.09	9.98	68.41	54.63	55.70
PERFORMANCE RATIO (%)
Operating Profit Margin	0.74	0.09	0.75	0.98	1.83
Net Profit Margin	0.70	0.06	0.73	0.95	1.75
Return On Net Assets	110.10	20.42	17.45	19.72	38.31
Return On Capital Employed	110.10	20.42	17.45	19.72	38.31
Return On Shareholders' Funds/Equity	108.11	12.89	17.85	19.21	35.87
Dividend Pay Out Ratio (Times)	0.67	51.79	0.13	1.14	0.00
NOTES TO ACCOUNTS
Contingent Liabilities	0	0	0	0	0

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.63.65
UK Pound	1	Rs.101.17
Euro	1	Rs.85.55

INFORMATION DETAILS

Report Prepared by :

NIS

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%)

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