MIRA INFORM REPORT

Report Date :

20.05.2014

IDENTIFICATION DETAILS

Name :	BUNGE AGRIBUSINESS SINGAPORE PTE LTD
Registered Office :	77, Robinson Road, 28- 00, Robinson 77, 068896
Country :	Singapore
Financials (as on) :	31.12.2012
Date of Incorporation :	11.12.1997
Com. Reg. No.:	199708376-W
Legal Form :	Private Limited
Line of Business :	Commodity and Futures Brokers and Dealer of Edible Oil
No of Employees :	100

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 – September 30, 2013

Country Name	Previous Rating (30.09.2013)	Current Rating (01.12.2013)
Singapore	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderate Low Risk	B1
Moderate Risk	B2
Moderate 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. The economy contracted 0.6% in 2009 as a result of the global financial crisis, but rebounded 15.1% in 2010, on the strength of renewed exports, before slowing to in 2011-13, 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. 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

EXECUTIVE SUMMARY

REGISTRATION NO.	:	199708376-W
COMPANY NAME	:	BUNGE AGRIBUSINESS SINGAPORE PTE LTD
FORMER NAME	:	N/A
INCORPORATION DATE	:	11/12/1997
COMPANY STATUS	:	EXIST
LEGAL FORM	:	PRIVATE LIMITED
LISTED STATUS	:	NO
REGISTERED ADDRESS	:	77, ROBINSON ROAD, 28- 00, ROBINSON 77, 068896, SINGAPORE.
BUSINESS ADDRESS	:	77 ROBINSON ROAD #28- 00 ROBINSON 77,, 068896, SINGAPORE.
TEL.NO.	:	65-62270090
FAX.NO.	:	65-65366136
CONTACT PERSON	:	MICHAEL DAVID GOETTL ( DIRECTOR )
PRINCIPAL ACTIVITY	:	COMMODITY AND FUTURES BROKERS AND DEALER OF EDIBLE OIL
ISSUED AND PAID UP CAPITAL	:	1,000,000.00 ORDINARY SHARE, OF A VALUE OF SGD 1,000,000.00 569,285,073.00 PREFERENCE SHARE, OF A VALUE OF USD 569,285,073.00
SALES	:	USD 15,366,407,351 [2012]
NET WORTH	:	USD 364,920,298 [2012]
STAFF STRENGTH	:	100 [2014]
LITIGATION	:	CLEAR
FINANCIAL CONDITION	:	LIMITED
PAYMENT	:	AVERAGE
MANAGEMENT CAPABILITY	:	AVERAGE
COMMERCIAL RISK	:	LOW
CURRENCY EXPOSURE	:	MODERATE
GENERAL REPUTATION	:	GOOD
INDUSTRY OUTLOOK	:	AVERAGE GROWTH

HISTORY / BACKGROUND

The Subject 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 Subject must have at least two directors. A private limited company is a separate legal entity from its shareholders. As a separate legal entity, the Subject 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 Subject is insolvent. The Subject 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 Subject is principally engaged in the (as a / as an) commodity and futures brokers and dealer of edible oil.

The immediate and ultimate holding company of the Subject is BUNGE LIMITED, a company incorporated in BERMUDA.

Share Capital History

Date	Issue & Paid Up Capital
16/05/2014	SGD 1,000,000.00 & USD 569,285,073.00
06/09/2012	SGD 1,000,000.00 & USD 510,285,073.00

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

Name	Address	IC/PP/Loc No	Shareholding	(%)
BUNGE LIMITED [USD 569,285,073 SGD 1,000,000]	CLARENDON HSE CHURCH ST, HAMILTON, BERMUDA, BERMUDA.	S97UF0023	570,285,073.00	100.00
			---------------	------
			570,285,073.00	100.00
			============	=====

+ Also Director

The Subject's interest in other companies (Subsidiaries/Associates) are shown as follow :

Local No	Country	Company	(%)	As At
	PHILIPPINES	BUNGE SUBIC BAY TRADING COMPANY INC	100.00	31/12/2012
	CHINA	BUNGE (NANJING) AGRI-LIVESTOCK LTD.	100.00	31/12/2012
	VIETNAM	BUNGE AGRIBUSINESS VIETNAM COMANY LIMITED	100.00	31/12/2012
	AUSTRALIA	BUNGE GRAINS SERVICES (BUNBURY) PTY LTD	100.00	31/12/2012
	CHINA	BUNGE SHANGHAI MANAGEMENT CO., LTD	100.00	31/12/2012
	CHINA	CHINA BALDRICK INVESTMENT HOLDING LTS	100.00	31/12/2012
	INDONESIA	P.T. BUNGE AGRIBUSINESS INDONESIA	100.00	31/12/2012
	AUSTRALIA	BUNGE AGRIBUSINESS AUSTRALIA PTY LTD	100.00	31/12/2012
	PHILIPPINES	BUNGE AGRIBUSINESS PHILIPPINES, INC.	100.00	31/12/2012
	THAILAND	BUNGE (THAILAND) LTD.	100.00	31/12/2012
200923446K	SINGAPORE	BUNGE INDO-CHINA HOLDINGS PTE LTD	90.00	31/12/2012
	CHINA	BUNGE (NANJING) GRAINS AND OILS CO., LTD	66.00	31/12/2012

DIRECTORS

DIRECTOR 1

Name Of Subject	:	MR. MICHAEL DAVID GOETTL
Address	:	238, ORCHARD BOULEVARD, 40-07, ORCHARD RESIDENCES, THE, 237973, SINGAPORE.
IC / PP No	:	F2008706N
Nationality	:	AMERICAN
Date of Appointment	:	31/08/2010

DIRECTOR 2

Name Of Subject	:	KLAUS-PETER HOPP
Address	:	107A, DALVEY ROAD, 259499, SINGAPORE.
IC / PP No	:	G5497596T
Nationality	:	GERMAN
Date of Appointment	:	12/12/2013

DIRECTOR 3

Name Of Subject	:	JACOB JESS BIERLEY
Address	:	8, WALSHE ROAD, 05 - 02, CHELSEA GARDENS, 257652, SINGAPORE.
IC / PP No	:	G6314627M
Nationality	:	AMERICAN
Date of Appointment	:	01/01/2014

DIRECTOR 4

Name Of Subject	:	KLAUS ALFRED REGINALD BENNO HOLTZEM
Address	:	25, GREENBANK PARK, GREEN BANK PARK, 589386, SINGAPORE.
IC / PP No	:	S2707868J
Nationality	:	SINGAPOREAN
Date of Appointment	:	31/03/2014

MANAGEMENT

1)	Name of Subject	:	MICHAEL DAVID GOETTL
	Position	:	DIRECTOR

AUDITOR

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

COMPANY SECRETARIES

1)	Company Secretary	:	KLAUS-PETER HOPP
	IC / PP No	:	G5497596T
	Address	:	107A, DALVEY ROAD, 259499, 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 SUBJECT

* A check has been conducted in our databank against the Subject 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
Overseas	:	YES

The Subject 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
Domestic Markets	:	SINGAPORE
Overseas	:	YES
Export Market	:	ASIA PACIFIC
Credit Term	:	AS AGREED
Payment Mode	:	CHEQUES TELEGRAPHIC TRANSFER (TT)

OPERATIONS

Goods Traded

:

EDIBLE OIL

Ownership of premises

:

LEASED/RENTED

Total Number of Employees:
YEAR	2014	2013	2012	2011	2010
GROUP	N/A	N/A	N/A	N/A	N/A
COMPANY	100	100	40	41	41

Branch

:

NO

Other Information:

The Subject is principally engaged in the (as a / as an) commodity and futures brokers and dealer of edible oil.

The Subject sells palm oil, corn oil and others.

CURRENT INVESTIGATION

Latest fresh investigations carried out on the Subject indicated that :

Telephone Number Provided By Client	:	6562270090
Current Telephone Number	:	65-62270090
Match	:	YES
Address Provided by Client	:	77 ROBINSON ROAD, # 28-00 ROBINSON 77, SINGAPORE 068896
Current Address	:	77 ROBINSON ROAD #28- 00 ROBINSON 77,, 068896, SINGAPORE.
Match	:	YES

Other Investigations

We contacted one of the staff from the Subject and she provided some information.

FINANCIAL ANALYSIS

Profitability
Turnover	:	Erratic	[	2008 - 2012	]
Profit/(Loss) Before Tax	:	Decreased	[	2008 - 2012	]
Return on Shareholder Funds	:	Unfavourable	[	(21.44%)	]
Return on Net Assets	:	Unfavourable	[	(9.99%)	]
The fluctuating turnover reflects the fierce competition among the existing and new market players. The Subject could be more efficient in controlling its operating costs and had managed to reduce its losses during the year. The Subject's unfavourable returns on shareholders' funds indicate the management's inefficiency in utilising its assets to generate returns.
Working Capital Control
Stock Ratio	:	Favourable	[	8 Days	]
Debtor Ratio	:	Favourable	[	3 Days	]
Creditors Ratio	:	Favourable	[	3 Days	]
The Subject'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 Subject. The Subject had a favourable creditors' ratio where the Subject could be taking advantage of the cash discounts and also wanting to maintain goodwill with its creditors.
Liquidity
Liquid Ratio	:	Unfavourable	[	0.70 Times	]
Current Ratio	:	Unfavourable	[	1.00 Times	]
A low liquid ratio means that the Subject may be facing working capital deficiency. If the Subject cannot obtain additional financing or injection of fresh capital, it may face difficulties in meeting its short term obligations.
Solvency
Interest Cover	:	Unfavourable	[	(0.94 Times)	]
Gearing Ratio	:	Favourable	[	0.00 Times	]
The Subject incurred losses in the year. It did not generate sufficient income to service its interest.  If the situation does not improve, the Subject may be vulnerable to default in servicing the interest. The Subject had no gearing and hence it had virtually no financial risk. The Subject was financed by its shareholders' funds and internally generated fund. During the economic downturn, the Subject, having a zero gearing, will be able to compete better than those which are highly geared in the same industry.
Overall Assessment :
The Subject's turnover showed a volatile trend but its losses were lower when compared to the previous corresponding period. This could suggest that the Subject was more efficient in its operating cost control and was more competitive. Due to its weak liquidity position, the Subject will be faced with problems in meeting all its short term obligations if no short term loan is obtained or additional capital injected into the Subject. The Subject's interest cover was negative, indicating that it did not generate sufficient income to service its interest. If its result does not show impressive improvements or succeed obtaining short term financing or capital injection, it may not be able to service its interest and repay the loans. The Subject was a zero gearing company, it was solely dependant on its shareholders to provide funds to finance its business. The Subject has good chance of getting loans, if the needs arises.
Overall financial condition of the Subject : LIMITED

SINGAPORE ECONOMIC / INDUSTRY OUTLOOK

Major Economic Indicators :	2009	2010	2011	2012	2013
Population (Million)	4.98	5.08	5.18	5.31	5.40
Gross Domestic Products ( % )	(0.8)	14.5	4.9	1.3	3.7
Consumer Price Index	0.6	2.8	5.2	4.6	2.4
Total Imports (Million)	356,299.3	423,221.8	459,655.1	474,554.0	466,762.0
Total Exports (Million)	391,118.1	478,840.7	514,741.2	510,329.0	513,391.0
Unemployment Rate (%)	3.2	2.2	2.1	2.0	1.9
Tourist Arrival (Million)	9.68	11.64	13.17	14.49	15.46
Hotel Occupancy Rate (%)	75.8	85.6	86.5	86.4	86.3
Cellular Phone Subscriber (Million)	1.37	1.43	1.50	1.52	1.97
Registration of New Companies (No.)	26,414	29,798	32,317	31,892	37,288
Registration of New Companies (%)	4.3	12.8	8.5	(1.3)	9.8
Liquidation of Companies (No.)	22,393	15,126	19,005	17,218	17,369
Liquidation of Companies (%)	113.4	(32.5)	25.6	9.4	(5.3)
Registration of New Businesses (No.)	26,876	23,978	23,494	24,788	22,893
Registration of New Businesses (%)	8.15	(10.78)	2.02	5.51	1.70
Liquidation of Businesses (No.)	23,552	24,211	23,005	22,489	22,598
Liquidation of Businesses (%)	11.4	2.8	(5)	(2.2)	0.5
Bankruptcy Orders (No.)	2,058	1,537	1,527	1,748	1,992
Bankruptcy Orders (%)	(11.5)	(25.3)	(0.7)	14.5	14.0
Bankruptcy Discharges (No.)	3,056	2,252	1,391	1,881	2,584
Bankruptcy Discharges (%)	103.7	(26.3)	(38.2)	35.2	37.4
INDUSTRIES ( % of Growth ) :
Agriculture
Production of Principal Crops	3.25	(0.48)	4.25	3.64	-
Fish Supply & Wholesale	(1.93)	(10.5)	12.10	(0.5)	-
Manufacturing *	71.5	92.8	100.0	100.3	102.0
Food, Beverages & Tobacco	90.4	96.4	100.0	103.5	103.5
Textiles	145.9	122.1	100.0	104.0	87.1
Wearing Apparel	211.0	123.3	100.0	92.1	77.8
Leather Products & Footwear	79.5	81.8	100.0	98.6	109.8
Wood & Wood Products	101.4	104.0	100.0	95.5	107.4
Paper & Paper Products	95.4	106.1	100.0	97.4	103.2
Printing & Media	100.9	103.5	100.0	93.0	86.1
Crude Oil Refineries	96.4	95.6	100.0	99.4	93.5
Chemical & Chemical Products	80.3	97.6	100.0	100.5	104.1
Pharmaceutical Products	49.1	75.3	100.0	109.7	107.2
Rubber & Plastic Products	101.2	112.3	100.0	96.5	92.9
Non-metallic Mineral	91.9	92.5	100.0	98.2	97.6
Basic Metals	92.6	102.2	100.0	90.6	76.5
Fabricated Metal Products	90.8	103.6	100.0	104.3	105.1
Machinery & Equipment	57.3	78.5	100.0	112.9	114.5
Electrical Machinery	86.8	124.1	100.0	99.3	108.5
Electronic Components	85.2	113.6	100.0	90.6	94.3
Transport Equipment	96.0	94.0	100.0	106.3	107.5
Construction	(36.9)	14.20	20.50	28.70	-
Real Estate	1.4	21.3	25.4	31.9	-
Services
Electricity, Gas & Water	1.70	4.00	7.00	6.30	-
Transport, Storage & Communication	3.90	12.80	7.40	5.30	-
Finance & Insurance	(16.4)	(0.4)	8.90	0.50	-
Government Services	4.50	9.70	6.90	6.00	-
Education Services	0.10	(0.9)	(1.4)	0.30	-
* Based on Index of Industrial Production (2011 = 100)

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 1997, the Subject is a Private Limited company, focusing on commodity and futures brokers and dealer of edible oil. With its long establishment in the market, the Subject 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 Subject to remain competitive despite the challenging business environment. The Subject is a large entity with strong capital position.

Over the years, the Subject has penetrated into both the local and overseas market. The Subject has positioned itself in the global market and is competing in the industry. Its stable clientele base will enable the Subject to further enhance its business in the near term. The Subject has a total workforce of 100 employees in its business operations. Overall, we regard that the Subject's management capability is average. This indicates that the Subject has greater potential to improve its business performance and raising income for the Subject.

Due to the challenging market conditions, the Subject's business performance seems to be deteriorating and losses incurred. The Subject has generated an unfavourable return on shareholders' funds indicating that the management was inefficient in utilising its funds to generate return. Due to its weak liquidity position, the Subject may face working capital deficiency in meeting its short term financial obligations if no fresh capital are injected into the Subject. Fortunately, being a zero geared company, the Subject virtually has no financial risk as it is mainly dependent on its internal funds to finance its business. Given a positive net worth standing at USD 364,920,298, the Subject should be able to maintain its business in the near terms.

The Subject'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 Subject has a good control over its resources.

The Subject's payment habit is average. With its adequate working capital, the Subject 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 Subject is expected to benefit from the favourable outlook of the industry.

Based on the above condition, we recommend credit be granted to the Subject normally.

PROFIT AND LOSS ACCOUNT

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

BUNGE AGRIBUSINESS SINGAPORE PTE LTD

Financial Year End	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31
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	15,366,407,351	16,043,976,007	11,402,493,406	8,367,420,795	10,120,216,302
	----------------	----------------	----------------	----------------	----------------
Total Turnover	15,366,407,351	16,043,976,007	11,402,493,406	8,367,420,795	10,120,216,302
Costs of Goods Sold	(15,367,263,428)	(16,051,239,288)	(11,378,913,482)	(8,313,511,608)	(10,021,647,463)
	----------------	----------------	----------------	----------------	----------------
Gross Profit	(856,077)	(7,263,281)	23,579,924	53,909,187	98,568,839
	----------------	----------------	----------------	----------------	----------------
PROFIT/(LOSS) FROM OPERATIONS	(81,818,611)	(87,318,824)	(49,032,187)	9,095,707	41,088,935
	----------------	----------------	----------------	----------------	----------------
PROFIT/(LOSS) BEFORE TAXATION	(81,818,611)	(87,318,824)	(49,032,187)	9,095,707	41,088,935
Taxation	3,570,052	3,552,879	584,134	948,156	(2,236,792)
	----------------	----------------	----------------	----------------	----------------
PROFIT/(LOSS) AFTER TAXATION	(78,248,559)	(83,765,945)	(48,448,053)	10,043,863	38,852,143
	----------------	----------------	----------------	----------------	----------------
RETAINED PROFIT/(LOSS) BROUGHT FORWARD
As previously reported	(67,693,215)	16,072,730	64,520,783	54,476,920	15,624,777
	----------------	----------------	----------------	----------------	----------------
As restated	(67,693,215)	16,072,730	64,520,783	54,476,920	15,624,777
	----------------	----------------	----------------	----------------	----------------
PROFIT AVAILABLE FOR APPROPRIATIONS	(145,941,774)	(67,693,215)	16,072,730	64,520,783	54,476,920
	----------------	----------------	----------------	----------------	----------------
RETAINED PROFIT/(LOSS) CARRIED FORWARD	(145,941,774)	(67,693,215)	16,072,730	64,520,783	54,476,920
	=============	=============	=============	=============	=============
Others	42,183,367	26,008,712	18,206,519	10,379,661	11,011,711
	----------------	----------------	----------------	----------------	----------------
	42,183,367	26,008,712	18,206,519	10,379,661	11,011,711
	=============	=============	=============	=============	=============

BALANCE SHEET

BUNGE AGRIBUSINESS SINGAPORE PTE LTD

ASSETS EMPLOYED:
FIXED ASSETS	541,933	650,978	589,582	289,893	431,464
LONG TERM INVESTMENTS/OTHER ASSETS
Subsidiary companies	228,667,913	217,651,289	57,221,290	35,502,290	9,502,290
Loans & advances - non-current	31,953,986	31,774,276	-	-	-
Deferred assets	10,143,030	5,949,350	2,155,909	-	-
Others	122,592,198	42,585,073	-	-	-
	----------------	----------------	----------------	----------------	----------------
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS	393,357,127	297,959,988	59,377,199	35,502,290	9,502,290
	----------------	----------------	----------------	----------------	----------------
TOTAL LONG TERM ASSETS	393,899,060	298,610,966	59,966,781	35,792,183	9,933,754
Short term quoted/unquoted investments	12,473,740	-	5,242,069	-	-
Stocks	316,925,775	162,570,134	193,379,852	91,291,733	97,308,919
Trade debtors	137,916,927	227,858,705	517,531,419	330,052,200	342,999,314
Other debtors, deposits & prepayments	316,538,767	317,401,225	295,205,091	89,439,121	131,709,390
Loans & advances - current portion	56,486,565	167,430,259	-	-	-
Amount due from subsidiary companies	178,902,674	203,898,749	-	-	-
Amount due from related companies	29,694,590	73,025,745	-	-	-
Cash & bank balances	512,572	770,589	629,074	722,279	1,362,590
	----------------	----------------	----------------	----------------	----------------
TOTAL CURRENT ASSETS	1,049,451,610	1,152,955,406	1,011,987,505	511,505,333	573,380,213
	----------------	----------------	----------------	----------------	----------------
TOTAL ASSET	1,443,350,670	1,451,566,372	1,071,954,286	547,297,516	583,313,967
	=============	=============	=============	=============	=============
CURRENT LIABILITIES
Trade creditors	118,072,232	103,323,858	264,741,989	143,400,780	159,579,042
Other creditors & accruals	276,338,532	313,578,762	748,160,703	308,988,954	360,323,828
Amounts owing to subsidiary companies	277,908	189,228	-	-	-
Amounts owing to related companies	651,307,635	735,531,391	-	-	-
Provision for taxation	480,079	-	1,131,865	540,000	2,757,178
	----------------	----------------	----------------	----------------	----------------
TOTAL CURRENT LIABILITIES	1,046,476,386	1,152,623,239	1,014,034,557	452,929,734	522,660,048
	----------------	----------------	----------------	----------------	----------------
NET CURRENT ASSETS/(LIABILITIES)	2,975,224	332,167	(2,047,052)	58,575,599	50,720,165
	----------------	----------------	----------------	----------------	----------------
TOTAL NET ASSETS	396,874,284	298,943,133	57,919,729	94,367,782	60,653,919
	=============	=============	=============	=============	=============
SHARE CAPITAL
Ordinary share capital	510,862,072	334,862,072	41,846,999	29,846,999	6,176,999
	----------------	----------------	----------------	----------------	----------------
TOTAL SHARE CAPITAL	510,862,072	334,862,072	41,846,999	29,846,999	6,176,999
Retained profit/(loss) carried forward	(145,941,774)	(67,693,215)	16,072,730	64,520,783	54,476,920
	----------------	----------------	----------------	----------------	----------------
TOTAL RESERVES	(145,941,774)	(67,693,215)	16,072,730	64,520,783	54,476,920
	----------------	----------------	----------------	----------------	----------------
SHAREHOLDERS' FUNDS/EQUITY	364,920,298	267,168,857	57,919,729	94,367,782	60,653,919
Others	31,953,986	31,774,276	-	-	-
	----------------	----------------	----------------	----------------	----------------
TOTAL LONG TERM LIABILITIES	31,953,986	31,774,276	-	-	-
	----------------	----------------	----------------	----------------	----------------
	396,874,284	298,943,133	57,919,729	94,367,782	60,653,919
	=============	=============	=============	=============	=============

FINANCIAL RATIO

BUNGE AGRIBUSINESS SINGAPORE PTE LTD

TYPES OF FUNDS
Cash	512,572	770,589	629,074	722,279	1,362,590
Net Liquid Funds	512,572	770,589	629,074	722,279	1,362,590
Net Liquid Assets	(313,950,551)	(162,237,967)	(195,426,904)	(32,716,134)	(46,588,754)
Net Current Assets/(Liabilities)	2,975,224	332,167	(2,047,052)	58,575,599	50,720,165
Net Tangible Assets	396,874,284	298,943,133	57,919,729	94,367,782	60,653,919
Net Monetary Assets	(345,904,537)	(194,012,243)	(195,426,904)	(32,716,134)	(46,588,754)
BALANCE SHEET ITEMS
Total Borrowings	0	0	0	0	0
Total Liabilities	1,078,430,372	1,184,397,515	1,014,034,557	452,929,734	522,660,048
Total Assets	1,443,350,670	1,451,566,372	1,071,954,286	547,297,516	583,313,967
Net Assets	396,874,284	298,943,133	57,919,729	94,367,782	60,653,919
Net Assets Backing	364,920,298	267,168,857	57,919,729	94,367,782	60,653,919
Shareholders' Funds	364,920,298	267,168,857	57,919,729	94,367,782	60,653,919
Total Share Capital	510,862,072	334,862,072	41,846,999	29,846,999	6,176,999
Total Reserves	(145,941,774)	(67,693,215)	16,072,730	64,520,783	54,476,920
LIQUIDITY (Times)
Cash Ratio	0.00	0.00	0.00	0.00	0.00
Liquid Ratio	0.70	0.86	0.81	0.93	0.91
Current Ratio	1.00	1.00	1.00	1.13	1.10
WORKING CAPITAL CONTROL (Days)
Stock Ratio	8	4	6	4	4
Debtors Ratio	3	5	17	14	12
Creditors Ratio	3	2	8	6	6
SOLVENCY RATIOS (Times)
Gearing Ratio	0.00	0.00	0.00	0.00	0.00
Liabilities Ratio	2.96	4.43	17.51	4.80	8.62
Times Interest Earned Ratio	(0.94)	(2.36)	(1.69)	1.88	4.73
Assets Backing Ratio	0.78	0.89	1.38	3.16	9.82
PERFORMANCE RATIO (%)
Operating Profit Margin	(0.53)	(0.54)	(0.43)	0.11	0.41
Net Profit Margin	(0.51)	(0.52)	(0.42)	0.12	0.38
Return On Net Assets	(9.99)	(20.51)	(53.22)	20.64	85.90
Return On Capital Employed	(9.99)	(20.51)	(53.22)	20.64	85.90
Return On Shareholders' Funds/Equity	(21.44)	(31.35)	(83.65)	10.64	64.06
Dividend Pay Out Ratio (Times)	0.00	0.00	0.00	0.00	0.00
NOTES TO ACCOUNTS
Contingent Liabilities	0	0	0	0	0

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs. 58.42
UK Pound	1	Rs. 98.28
Euro	1	Rs. 80.12

INFORMATION DETAILS

Analysis Done by :	KRN
Report Prepared by :	DPT

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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