MIRA INFORM REPORT

Report Date :

13.05.2014

IDENTIFICATION DETAILS

Name :	LOUIS DREYFUS COMMODITIES ASIA PTE. LTD.
Formerly Known as:	LOUIS DREYFUS ASIA PTE LTD
Registered Office :	12 Marina Boulevard, 33-03, Marina Bay Financial Centre, 018982
Country :	Singapore
Financials (as on) :	31.12.2012
Date of Incorporation :	05.10.1993
Com. Reg. No.:	199306551-Z
Legal Form :	Private Limited Company
Line of Business :	· wholesaler of agricultural raw materials and live animals. · engaged in the trading of commodity products including, agricultural, metal & cotton.
No. of Employees :	180 [2013]

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 :	Regular
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, 2014

Country Name	Previous Rating (31.12.2013)	Current Rating (31.03.2014)
Singapore	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderately Low Risk	B1
Moderate Risk	B2
Moderately High Risk	C1
High Risk	C2
Very High Risk	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.	:	199306551-Z
COMPANY NAME	:	LOUIS DREYFUS COMMODITIES ASIA PTE. LTD.
FORMER NAME	:	LOUIS DREYFUS ASIA PTE LTD (09/11/2006)
INCORPORATION DATE	:	05/10/1993
COMPANY STATUS	:	EXIST
LEGAL FORM	:	PRIVATE LIMITED
LISTED STATUS	:	NO
REGISTERED ADDRESS	:	12 MARINA BOULEVARD, 33-03, MARINA BAY FINANCIAL CENTRE, 018982, SINGAPORE.
BUSINESS ADDRESS	:	12 MARIMA BOULEVARD MARINA BAY FINANCIAL CENTRE TOWER 3# 33-03 , 018982, SINGAPORE.
TEL.NO.	:	65-67359700
FAX.NO.	:	65-67359600
CONTACT PERSON	:	ROHIT AGGARWAL ( DIRECTOR )
PRINCIPAL ACTIVITY	:	WHOLESALE OF AGRICULTURAL RAW MATERIALS AND LIVE ANIMALS
ISSUED AND PAID UP CAPITAL	:	103,231,300.00 ORDINARY SHARE, OF A VALUE OF SGD 103,231,300.00
SALES	:	USD 8,696,379,000 [2012]
NET WORTH	:	USD 318,963,000 [2012]
STAFF STRENGTH	:	180 [2013]
LITIGATION	:	TRACED
FINANCIAL CONDITION	:	STABLE
PAYMENT	:	GOOD
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) wholesale of agricultural raw materials and live animals.

The immediate holding company of the SC is LOUIS DREYFUS COMMODITIES B.V., a company incorporated in NETHERLANDS.

The ultimate holding company of the SC is KUROSAWA B.V., a company incorporated in NETHERLANDS.

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

Name	Address	IC/PP/Loc No	Shareholding	(%)
LOUIS DREYFUS COMMODITIES B.V.	WESTBLAAK 92, 3012 KM ROTTERDAM, 3RD FLOOR, NETHERLANDS.	T05UF2583	103,231,300.00	100.00
			---------------	------
			103,231,300.00	100.00
			============	=====

+ Also Director

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

Local No	Country	Company	(%)	As At
011090	VIRGIN ISLANDS, BRITISH	LOUIS DREYFUS COMMODITIES INVESTMENT LIMITED	100.00	31/12/2012
201212970	SINGAPORE	LOUIS DREYFUS COMMODITIES FREIGHT ASIA PTE. LTD.	100.00	31/12/2012
011164	INDONESIA	PT LOUIS DREYFUS COMMODITIES INDONESIA	100.00	31/12/2012
011164	INDONESIA	PT LDC INDONESIA	100.00	31/12/2012
011164	INDONESIA	PT LOUIS DREYFUS COMMODITIES INDONESIA	100.00	31/12/2012
011305	CHINA	LOUIS DREYFUS COMMODITIES (FUJIAN) REFINED SUGAR CO., LTD	100.00	31/12/2012
201224321	SINGAPORE	LDC ASIA INVESTMENTS PTE. LTD.	100.00	31/12/2012
011099	INDIA	FOCUS AGRI-COMMODITIES INDIA PRIVATE LIMITED	100.00	31/12/2012
011099	INDIA	APEX AGRI-COMMODITIES INDIA PRIVATE LIMITED	100.00	31/12/2012
011099	INDIA	GROW AGRI-COMMODITIES INDIA PRIVATE LIMITED	100.00	31/12/2012
011099	INDIA	SUNNY AGRI-COMMODITIES INDIA PRIVATE LIMITED	100.00	31/12/2012
011099	INDIA	SUNDER AGRI-COMMODITIES INDIA PRIVATE LIMITED	100.00	31/12/2012
011099	INDIA	PRUDENT AGRI-COMMODITIES INDIA PRIVATE LIMITED	100.00	31/12/2012
392043000006	VIETNAM	LOUIS DREYFUS COMMODITIES VIETNAM COMPANY LIMITED	100.00	31/12/2012
011099	INDIA	LOUIS DREYFUS COMMODITIES INDIA PRIVATE LTD	100.00	31/12/2012
201224321	SINGAPORE	LDC ASIA INVESTMENTS PTE. LTD.	100.00	31/12/2012
011086	AUSTRALIA	LD COMMODITIES AUSTRALIA HOLDINGS PTY LTD	100.00	31/12/2012
201311474	SINGAPORE	ORIENTAL COMMODITIES (SINGAPORE) PTE. LTD.	100.00	31/12/2012
201212970	SINGAPORE	LOUIS DREYFUS COMMODITIES FREIGHT ASIA PTE. LTD.	100.00	31/12/2012
011305	CHINA	LOUIS DREYFUS COMMODITIES BAZHOU FEEDSTUFF PROTEIN CO. LTD	100.00	31/12/2012
196654T	MALAYSIA	LDT SDN. BHD.	100.00	31/12/2012
011305	CHINA	JIN XING MIANCHUA LIMITED	100.00	31/12/2012
011305	CHINA	LOUIS DREYFUS COMMODITIES (HK) HOLDINGS LIMITED	100.00	31/12/2012
011305	CHINA	LOUIS DREYFUS (SHANGHAI) CO LTD	100.00	31/12/2012
011305	CHINA	LOUIS DREEYFUS COMMODITIES (HK) ENTERPRISE LIMITED	100.00	31/12/2012
201025530M	SINGAPORE	GREEN EAGLE PLANTATIONS PTE. LTD.	50.00	31/12/2012
200921421W	SINGAPORE	LDC KENCANA TRADING PTE. LTD.	50.00	31/12/2012
200913439M	SINGAPORE	KENCANA LDC PTE. LTD.	50.00	31/12/2012

DIRECTORS

DIRECTOR 1

Name Of Subject	:	CIRO ECHESORTU
Address	:	PLAZA INDEPENDENCIA 811, 11100, MONTEVIDEO, URUGUAY.
IC / PP No	:	P13.736.101
Nationality	:	ARGENTINE
Date of Appointment	:	10/11/2003

DIRECTOR 2

Name Of Subject	:	MR. ROHIT AGGARWAL
Address	:	4 WILBY ROAD, BRIZAY PARK, 276294, SINGAPORE.
IC / PP No	:	G6286481N
Nationality	:	INDIAN
Date of Appointment	:	01/03/2013

DIRECTOR 3

Name Of Subject	:	TIRUMALAI ANANDAM PILLAI KISHEN
Address	:	63 PATERSON ROAD, 09-03, PATERSON, THE, 238539, SINGAPORE.
IC / PP No	:	G5314015M
Nationality	:	INDIAN
Date of Appointment	:	16/10/2012

DIRECTOR 4

Name Of Subject	:	JAMES FERNANDO O'DONAHUE
Address	:	30 MOUNT ELIZABETH, 14-32, HIGH POINT, 228519, SINGAPORE.
IC / PP No	:	G6421344Q
Nationality	:	BRITISH
Date of Appointment	:	05/10/2012

DIRECTOR 5

Name Of Subject	:	CLAUDE PIERRE EHLINGER
Address	:	17, RUE PARENT DE ROSAN, 75016, PARIS, FRANCE.
IC / PP No	:	GE4925F
Nationality	:	LUXEMBOURGER
Date of Appointment	:	19/11/2007

DIRECTOR 6

Name Of Subject	:	FRANCOIS-PHILIPPE, ANDRE, JEAN, MARIE, PIC
Address	:	1A CHEMIN DES SEMAILLES, 1212 GRAND-LANCY, SWITZERLAND.
IC / PP No	:	11CV59524
Nationality	:	FRENCH
Date of Appointment	:	16/10/2012

MANAGEMENT

1)	Name of Subject	:	ROHIT AGGARWAL
	Position	:	DIRECTOR

AUDITOR

Auditor	:	DELOITTE & TOUCHE LLP
Auditor' Address	:	N/A

COMPANY SECRETARIES

1)	Company Secretary	:	LOH LI PING
	IC / PP No	:	S7625605E
	Address	:	911 LORONG 1 TOA PAYOH 03-03, OLEANDER TOWERS, 319771, 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 against the SC whether the subject has been involved in any litigation.

LEGAL ACTION
Code No	:	99	Case No	:	1063
Year	:	2006	Place	:	SINGAPORE
Court	:	DISTRICT COURT
Date Filed	:	21/03/2006
Solicitor	:	LAI KAI JIN MICHAEL
Solicitor Ref	:	ML/WT/9100611
Solicitor Firm	:	HAQ & SELVAM
Plaintiff	:	DALIAN HUALIANG ENTERPRISE GROUP CO LTD SICHUAN JINSHI OIL DRAFF CO LTD
Defendants	:	LOUIS DREYFUS COMMODITIES ASIA PTE LTD (199306551) 501, ORCHARD ROAD, 19-01 WHEELOCK PLACE, 238880, SINGAPORE.
Amount Claimed	:	93764
Nature of Claim	:	USD
Remark	:	CONTRACTS - OTHERS
Code No	:	99	Case No	:	158
Year	:	2006	Place	:	SINGAPORE
Court	:	SESSIONS COURT
Date Filed	:	21/03/2006
Solicitor	:	LAI KAI JIN MICHAEL
Solicitor Ref	:	ML/WT/9100609
Solicitor Firm	:	HAQ & SELVAM
Plaintiff	:	SHENYANG JINSHI BEAN BRANCH CO LTD DALIAN HUALIANG ENTERPRISE GROUP CO LTD SICHUAN JINSHI OIL DRAFF CO LTD
Defendants	:	LOUIS DREYFUS COMMODITIES ASIA PTE LTD (199306551) 501, ORCHARD ROAD, 19-01 WHEELOCK PLACE, 238880, SINGAPORE.
Amount Claimed	:	408068
Nature of Claim	:	USD
Remark	:	CONTRACTS - OTHERS
Code No	:	99	Case No	:	5768
Year	:	2004	Place	:	SINGAPORE
Court	:	DISTRICT COURT
Date Filed	:	20/12/2004
Solicitor	:	LAI KAI JIN MICHAEL
Solicitor Ref	:	ML/WT/9100611
Solicitor Firm	:	HAQ & SELVAM
Plaintiff	:	DALIAN HUALIANG ENTERPRISE GROUP CO LTD SICHUAN JINSHI OIL DRAFF CO LTD
Defendants	:	LOUIS DREYFUS COMMODITIES ASIA PTE LTD (199306551) 501, ORCHARD ROAD, 19-01 WHEELOCK PLACE, 238880, SINGAPORE.
Amount Claimed	:	139597.85
Nature of Claim	:	USD
Remark	:	CONTRACTS - OTHERS

NOTE:

Please check with creditors for confirmation as alleged debts may have been paid since recorded or are being disputed. The person wo has been sued has the same name as the subject. However, we are unable to determine whether the person sued is the one and the same person.

No winding up petition was found in our databank

PAYMENT RECORD

SOURCES OF RAW MATERIALS:
Local	:	N/A
Overseas	:	N/A

The SC refused to disclose its suppliers.

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	[	X	]	Average 61-90 Days	[	]
Fair 91-120 Days	[	]	Poor >120 Days	[		]

CLIENTELE

Local	:	YES
Domestic Markets	:	SINGAPORE
Overseas	:	YES
Export Market	:	WORLDWIDE
Credit Term	:	AS AGREED
Payment Mode	:	CHEQUES TELEGRAPHIC TRANSFER (TT)

OPERATIONS

Goods Traded

:

AGRICULTURAL, MINERAL, METAL AND OTHERS

Total Number of Employees:
YEAR	2013	2012	2011	2010
GROUP	N/A	N/A	N/A	N/A
COMPANY	180	120	120	110

Branch

:

NO

Other Information:

The SC is principally engaged in the (as a / as an) wholesale of agricultural raw materials and live animals.

The SC is engaged in the trading of commodity products including, agricultural, metal & cotton.

The SC supplies the products according to its customers requirements.

CURRENT INVESTIGATION

Latest fresh investigations carried out on the SC indicated that :

Telephone Number Provided By Client	:	N/A
Current Telephone Number	:	65-67359700
Match	:	N/A
Address Provided by Client	:	12 MARIMA BOULEVARD MARINA BAY FINANCIAL CENTRE TOWER 3# 33-03 SINGAPORE 018982
Current Address	:	12 MARIMA BOULEVARD MARINA BAY FINANCIAL CENTRE TOWER 3# 33-03 , 018982, SINGAPORE.
Match	:	YES

Other Investigations

we contacted one of the staff from the SC's registered office and she provided some information on the SC.

FINANCIAL ANALYSIS

Profitability
Turnover	:	Increased	[	10.95%	]
Profit/(Loss) Before Tax	:	Decreased	[	31.20%	]
Return on Shareholder Funds	:	Acceptable	[	25.24%	]
Return on Net Assets	:	Acceptable	[	13.24%	]
The higher turnover could be attributed to the favourable market condition and the SC could be gaining the market share progressively.The SC's profit fell sharply because of the high operating costs incurred. The SC's management had generated acceptable return for its shareholders using its assets.
Working Capital Control
Stock Ratio	:	Favourable	[	0 Days	]
Debtor Ratio	:	Favourable	[	23 Days	]
Creditors Ratio	:	Favourable	[	12 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	:	Favourable	[	2.06 Times	]
Current Ratio	:	Favourable	[	2.07 Times	]
A minimum liquid ratio of 1 should be maintained by the SC in order to assure its creditors of its ability to meet short term obligations and the SC was in a good liquidity position. Thus, we believe the SC is able to meet all its short term obligations as and when they fall due.
Solvency
Interest Cover	:	Acceptable	[	3.82 Times	]
Gearing Ratio	:	Unfavourable	[	1.86 Times	]
The SC's interest cover was slightly low. If there is no sharp fall in its profit or sudden increase in the interest rates, we believe the SC is able to generate sufficient income to service its interest and repay the loans. The SC was highly geared, thus it had a high financial risk. The SC was dependent on loans to finance its business needs. In times of economic downturn and / or high interest rate, the SC will become less profitable and competitive than other firms in the same industry, which are lowly geared. This is because the SC has to service the interest and to repay the loan, which will erode part of its profits. The profits will fluctuate depending on the SC's turnover and the interest it needs to pay.
Overall Assessment :
Although the SC's turnover had increased, its profits had declined over the same corresponding period. This could be due to the stiffer market competition and / or higher operating costs which lowered the SC's profit margin. The SC was in good liquidity position with its total current liabilities well covered by its total current assets. With its current net assets, the SC should be able to repay its short term obligations. The SC had an acceptable interest cover. If there is no sudden sharp increase in interest rate or fall in the SC's profit, we do believe the SC is able to generate sufficient cash flow to service its interest payment. The SC's gearing level was high and its going concern will be in doubt if there is no injection of additional shareholders' funds in times of economic downturn and / or high interest rates.
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 1993, the SC is a Private Limited company, focusing on wholesale of agricultural raw materials and live animals. With its long establishment in the market, the SC has received strong support from its stable customers base. Its business position in the market is quite stable and it is expected to enjoy better market shares over its rivals. Having strong support from its holding company has enabled the SC to remain competitive despite the challenging business environment. The SC has strong capital position. We are confident with the SC's business and its future growth prospect.

Over the years, the SC has penetrated into both the local and overseas market. The SC has positioned itself in the global market and is competing in the industry. Its stable clientele base will enable the SC to further enhance its business in the near term. The SC is a fairly large and rapidly growing company with over 180 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.

Financially, the SC registered a higher turnover compared to previous year. However, its profits showed a reverse trend. The lower profit achieved was a result of higher operating cost and increased competition. Return on shareholders' funds of the SC was at an acceptable range which indicated that the management was efficient in utilising its funds to generate income. The SC is in good liquidity position with its current liabilities well covered by it current assets. Hence, it has sufficient working capital to meet its short term financial obligations. The high gearing ratio clearly implied that the SC was supported by more debt than equity. Thus, the SC is exposed to high financial risk. Given a positive net worth standing at USD 318,963,000, 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.

Overall, the SC's payment habit is good as the SC has a good credit control and it could be taking advantage of the cash discounts while maintaining a good reputation with its creditors.

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.

LOUIS DREYFUS COMMODITIES ASIA PTE. LTD.

Financial Year End	2012-12-31	2011-12-31	2010-12-31	2009-12-31
Months	12	12	12	12
Consolidated Account	Company	Company	GROUP	GROUP
Audited Account	YES	YES	YES	YES
Unqualified Auditor's Report (Clean Opinion)	YES	YES	YES	YES
Financial Type	FULL	FULL	FULL	FULL
Currency	USD	USD	USD	USD
TURNOVER	8,696,379,000	7,838,282,000	7,609,387,000	5,485,150,000
Other Income	5,085,000	11,423,000	-	-
	----------------	----------------	----------------	----------------
Total Turnover	8,701,464,000	7,849,705,000	7,609,387,000	5,485,150,000
Costs of Goods Sold	<8,534,407,000>	<7,655,177,000>	-	-
	----------------	----------------	----------------	----------------
Gross Profit	167,057,000	194,528,000	-	-
	----------------	----------------	----------------	----------------
PROFIT/(LOSS) FROM OPERATIONS	89,178,000	129,615,000	107,317,000	22,439,000
	----------------	----------------	----------------	----------------
PROFIT/(LOSS) BEFORE TAXATION	89,178,000	129,615,000	107,317,000	22,439,000
Taxation	<8,673,000>	<11,980,000>	<11,872,000>	<1,441,000>
	----------------	----------------	----------------	----------------
PROFIT/(LOSS) AFTER TAXATION	80,505,000	117,635,000	95,445,000	20,998,000
Minority interests	-	-	277,000	<90,000>
	----------------	----------------	----------------	----------------
RETAINED PROFIT/(LOSS) BROUGHT FORWARD
As previously reported	164,021,000	119,057,000	37,701,000	36,522,000
Prior year adjustment	-	<57,671,000>	-	-
	----------------	----------------	----------------	----------------
As restated	164,021,000	61,386,000	37,701,000	36,522,000
	----------------	----------------	----------------	----------------
PROFIT AVAILABLE FOR APPROPRIATIONS	244,526,000	179,021,000	133,423,000	57,430,000
TRANSFER TO RESERVES - General	-	-	634,000	1,271,000
DIVIDENDS - Ordinary (paid & proposed)	-	<15,000,000>	<15,000,000>	<21,000,000>
	----------------	----------------	----------------	----------------
RETAINED PROFIT/(LOSS) CARRIED FORWARD	244,526,000	164,021,000	119,057,000	37,701,000
	=============	=============	=============	=============
INTEREST EXPENSE (as per notes to P&L)
Term loan / Borrowing	23,981,000	18,161,000	21,049,000	8,022,000
Others	7,640,000	4,154,000	3,668,000	1,496,000
	----------------	----------------	----------------	----------------
	31,621,000	22,315,000	24,717,000	9,518,000

BALANCE SHEET

LOUIS DREYFUS COMMODITIES ASIA PTE. LTD.

ASSETS EMPLOYED:
FIXED ASSETS	2,771,000	2,389,000	113,628,000	43,625,000
LONG TERM INVESTMENTS/OTHER ASSETS
Subsidiary companies	111,463,000	56,276,000	-	-
Associated companies	3,333,000	3,333,000	929,000	752,000
Loans & advances - non-current	-	-	3,900,000	612,000
Deferred assets	-	-	13,220,000	3,273,000
Others	193,511,000	188,075,000	2,067,000	117,000
	----------------	----------------	----------------	----------------
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS	308,307,000	247,684,000	20,116,000	4,754,000
INTANGIBLE ASSETS
Deferred/Expenditure carried forward	-	-	16,677,000	7,483,000
Own goodwill	1,147,000	742,000	3,777,000	1,896,000
	----------------	----------------	----------------	----------------
TOTAL INTANGIBLE ASSETS	1,147,000	742,000	20,454,000	9,379,000
	----------------	----------------	----------------	----------------
TOTAL LONG TERM ASSETS	312,225,000	250,815,000	154,198,000	57,758,000
CURRENT ASSETS
Stocks	4,294,000	7,572,000	726,485,000	403,712,000
Trade debtors	536,392,000	645,723,000	330,170,000	263,779,000
Other debtors, deposits & prepayments	252,313,000	419,694,000	305,344,000	278,428,000
Short term deposits	19,300,000	-	-	-
Cash & bank balances	17,674,000	17,120,000	73,536,000	12,917,000
Others	332,440,000	267,089,000	551,163,000	162,602,000
	----------------	----------------	----------------	----------------
TOTAL CURRENT ASSETS	1,162,413,000	1,357,198,000	1,986,698,000	1,121,438,000
	----------------	----------------	----------------	----------------
TOTAL ASSET	1,474,638,000	1,608,013,000	2,140,896,000	1,179,196,000
	=============	=============	=============	=============
CURRENT LIABILITIES
Trade creditors	292,254,000	367,239,000	284,937,000	219,948,000
Other creditors & accruals	49,281,000	35,422,000	182,085,000	234,844,000
Short term borrowings/Term loans	-	145,618,000	659,589,000	482,809,000
Provision for taxation	7,422,000	11,354,000	12,574,000	487,000
Other liabilities	213,235,000	196,838,000	400,182,000	119,024,000
	----------------	----------------	----------------	----------------
TOTAL CURRENT LIABILITIES	562,192,000	756,471,000	1,539,367,000	1,057,112,000
	----------------	----------------	----------------	----------------
NET CURRENT ASSETS/(LIABILITIES)	600,221,000	600,727,000	447,331,000	64,326,000
	----------------	----------------	----------------	----------------
TOTAL NET ASSETS	912,446,000	851,542,000	601,529,000	122,084,000
	=============	=============	=============	=============
SHARE CAPITAL
Ordinary share capital	73,574,000	73,574,000	48,574,000	48,574,000
	----------------	----------------	----------------	----------------
TOTAL SHARE CAPITAL	73,574,000	73,574,000	48,574,000	48,574,000
RESERVES
Capital reserve	652,000	1,052,000	-	-
General reserve	211,000	<29,000>	-	-
Retained profit/(loss) carried forward	244,526,000	164,021,000	119,057,000	37,701,000
Others	-	-	5,984,000	4,215,000
	----------------	----------------	----------------	----------------
TOTAL RESERVES	245,389,000	165,044,000	125,041,000	41,916,000
MINORITY INTEREST	-	-	1,146,000	416,000
	----------------	----------------	----------------	----------------
SHAREHOLDERS' FUNDS/EQUITY	318,963,000	238,618,000	174,761,000	90,906,000
LONG TERM LIABILITIES
Long term loans	593,463,000	612,924,000	411,756,000	25,785,000
Deferred taxation	20,000	-	14,451,000	4,906,000
Others	-	-	561,000	487,000
	----------------	----------------	----------------	----------------
TOTAL LONG TERM LIABILITIES	593,483,000	612,924,000	426,768,000	31,178,000
	----------------	----------------	----------------	----------------
	912,446,000	851,542,000	601,529,000	122,084,000
	=============	=============	=============	=============

FINANCIAL RATIO

LOUIS DREYFUS COMMODITIES ASIA PTE. LTD.

TYPES OF FUNDS
Cash	36,974,000	17,120,000	73,536,000	12,917,000
Net Liquid Funds	36,974,000	17,120,000	73,536,000	12,917,000
Net Liquid Assets	595,927,000	593,155,000	<279,154,000>	<339,386,000>
Net Current Assets/(Liabilities)	600,221,000	600,727,000	447,331,000	64,326,000
Net Tangible Assets	911,299,000	850,800,000	581,075,000	112,705,000
Net Monetary Assets	2,444,000	<19,769,000>	<705,922,000>	<370,564,000>
BALANCE SHEET ITEMS
Total Borrowings	593,463,000	758,542,000	1,071,345,000	508,594,000
Total Liabilities	1,155,675,000	1,369,395,000	1,966,135,000	1,088,290,000
Total Assets	1,474,638,000	1,608,013,000	2,140,896,000	1,179,196,000
Net Assets	912,446,000	851,542,000	601,529,000	122,084,000
Net Assets Backing	318,963,000	238,618,000	174,761,000	90,906,000
Shareholders' Funds	318,963,000	238,618,000	174,761,000	90,906,000
Total Share Capital	73,574,000	73,574,000	48,574,000	48,574,000
Total Reserves	245,389,000	165,044,000	125,041,000	41,916,000
LIQUIDITY (Times)
Cash Ratio	0.07	0.02	0.05	0.01
Liquid Ratio	2.06	1.78	0.82	0.68
Current Ratio	2.07	1.79	1.29	1.06
WORKING CAPITAL CONTROL (Days)
Stock Ratio	0	0	35	27
Debtors Ratio	23	30	16	18
Creditors Ratio	12	18	14	15
SOLVENCY RATIOS (Times)
Gearing Ratio	1.86	3.18	6.13	5.59
Liabilities Ratio	3.62	5.74	11.25	11.97
Times Interest Earned Ratio	3.82	6.81	5.34	3.36
Assets Backing Ratio	12.39	11.56	11.96	2.32
PERFORMANCE RATIO (%)
Operating Profit Margin	1.03	1.65	1.41	0.41
Net Profit Margin	0.93	1.50	1.26	0.38
Return On Net Assets	13.24	17.84	21.95	26.18
Return On Capital Employed	13.22	17.83	21.19	24.23
Return On Shareholders' Funds/Equity	25.24	49.30	54.77	23.00
Dividend Pay Out Ratio (Times)	0.00	0.13	0.16	1.00
NOTES TO ACCOUNTS
Contingent Liabilities	0	0	0	0

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.59.73
UK Pound	1	Rs.100.82
Euro	1	Rs.82.22

INFORMATION DETAILS

Report Prepared by :

NNA

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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