MIRA INFORM REPORT

Report No. :	308747
Report Date :	19.02.2015

IDENTIFICATION DETAILS

Name :	BUNGE AGRITRADE SA
Registered Office :	C/O Dr. Luis Bonavita 1294, Oficina 2301, WTC Free Zone, Montevideo, Montevideo 11400
Country :	Uruguay
Date of Incorporation :	June 2011
Legal Form :	Private Company
Line of Business :	· Engaged as Trader of Agriculture Products such as Soyabean Hull Pellets, Corn, Soybean Meals and Soybean Pellets. · Subject is also engaged in Selling Vegetable Oils · Engaged in offering Technical Advice and Business Information Grain and Fertilizer
No. of Employee :	02

RATING & COMMENTS

MIRA’s Rating :

Ba

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Status :	Satisfactory
Payment Behaviour :	No complaints
Litigation :	Clear

NOTES:

Any query related to this report can be made on e-mail: infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – December 31, 2014

Country Name	Previous Rating (30.09.2014)	Current Rating (31.12.2014)
Uruguay	A2	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

URUGUAY ECONOMIC OVERVIEW

Uruguay has a free market economy characterized by an export-oriented agricultural sector, a well-educated work force, and high levels of social spending. Following financial difficulties in the late 1990s and early 2000s, economic growth for Uruguay averaged 8% annually during the period 2004-08. The 2008-09 global financial crisis put a brake on Uruguay's vigorous growth, which decelerated to 2.6% in 2009. Nevertheless, the country managed to avoid a recession and keep positive growth rates, mainly through higher public expenditure and investment, and GDP growth reached 8.9% in 2010 but slowed in 2012-13, the result of a renewed slowdown in the global economy and in Uruguay's main trade partners and Common Market of the South (Mercosur) counterparts, Argentina and Brazil. Uruguay has sought to expand trade within Mercosur and with non-Mercosur members. Uruguay's total merchandise trade with Mercosur since 2006 has increased by nearly 70% to more than $5 billion while its total trade with the world has almost doubled to roughly $23 billion in 2013.

Source : CIA

STATUTORY INFORMATION
Order:	BUNGE AGRITRADE SA
Address in theorder:	WTC Free Zone-Dr. Luis Bonavita 1294 Oficina 2301-C.P. 11300 Montevideo, Uruguay
Legal Name:	Bunge Agritrade SA
TradeName:	Bunge Agritrade
ID:	549300J3BQQSLFONGC55
Date Created:	2011
Date Incorporated:	June 2011
Legal Address:	C/O Dr. Luis Bonavita 1294, Oficina 2301, WTC Free Zone, Montevideo 11400, Uruguay
Operative Address:	C/O Dr. Luis Bonavita 1294, Oficina 2301, WTC Free Zone, Montevideo 11400, Uruguay
Telephone:	598 2626 2000
Fax:	598 2626 2000
Legal Form:	Private Company
Email:	Jens.stolte@bunge.com
Registered in:	Uruguay
Website:	www.bungeuruguay.com
Manager:	WTC Free Zone Dr. Luis Bonavita 1294 C.P.: 11300 Montevideo, Uruguay Tel. + 598 2626 2000 Mail: info@wtcfreezone.com http://www.wtcfreezone.com
Staff:	2
Activity:	· Engaged as Trader of Agriculture Products such as Soyabean Hull Pellets, Corn, Soybean Meals and Soybean Pellets. · Subject is also engaged in Selling Vegetable Oils · Engaged in offering Technical Advice and Business Information Grain and Fertilizer
BANKS	Banco Central de Uruguay
	The company does not make its banking data public
HISTORY
	The company started business in 2011. It is a subsidiary of BUNGE LIMITED. The company operates the Uruguayan address strategically for its tax purposes. The address at which its located corresponds to a third party which works as the local agent.
PRINCIPAL ACTIVITY	· Engaged as Trader of Agriculture Products such as Soyabean Hull Pellets, Corn, Soybean Meals and Soybean Pellets. · Subject is also engaged in Selling Vegetable Oils · Engaged in offering Technical Advice and Business Information Grain and Fertilizer
Products/Services description:	Soyabean Hull Pellets, Soybean Meals and Soybean Pellets.
Brands:	BUNGE AGRITRADE
Sales are:	Wholesale
Clients:	COOPERATIVA COLANTA Colombia PAN AMERICAN GRAIN CO. USA
Suppliers:	Bunge Limited
Operations area:	National and International
The company imports from	USA
The company exports to	USA, Colombia
The subject employs	2 employees
Payments:	No complaints
LOCATION
Headquarters:	50 Main Street New York NY 10606 United States of America
Registered At:	C/O Dr. Luis Bonavita 1294 Oficina 2301 WTC Free Zone Montevideo Montevideo 11400 Uruguay
Industry:	Companies in this industry manufacture gases, dyes and pigments, chlorine and caustic soda, sulfuric and nitric acids, and organic chemicals. Demand depends on the overall strength of the economy, because most industrial chemicals are used in the manufacture of more-complicated products like fibers, plastics, paints, and paper. The profitability of individual companies is closely linked to efficient operations, because most products are commodities. Big producers have large economies of scale in production, which is why some chemicals are made by just a handful of companies. Small companies can compete effectively by making specialized or highly-purified products. Industrial chemicals include gases like oxygen and nitrogen, dyes and pigments, chlorine and caustic soda, sulfuric and nitric acids, and thousands of organic chemicals. Unlike advanced chemicals that are manufactured through complicated chemical reactions, most industrial chemicals are made by extraction and purification from natural substances, including minerals, natural gas, petroleum, plants, air, and water. Oxygen and nitrogen gas are made by freezing air, phosphates from marine deposits, ethanol by fermenting corn, chlorine from salt water, and a large number of chemicals are made by boiling petroleum.
GROUP STRUCTURE AND SUBSIDIARY COMPANIES
Listed at the stock exchange:	NO
Capital:	NA
Shareholders %:	This is a private company. Its major holder is: Bunge Limited 2 Church Street Hamilton BM HM 11
Management:	WTC Free Zone Dr. Luis Bonavita 1294 C.P.: 11300 Montevideo, Uruguay Tel. + 598 2626 2000 Mail: info@wtcfreezone.com http://www.wtcfreezone.com
RelatedCompanies:	BUNGE URUGUAY SA
FINANCIAL INFORMATION
	This is a private company which does not make its financial figures public. The following information corresponds to its parent company.
IncomeStatement-BUNGE LIMITED	2013
Revenue	61 347 000
GrossProfit	2 760 000
OperatingIncome	1 201 000
Diluted EPS	1 550 000
Total Assets	26 781 000
Total Liabilities	16 924 000
LEGAL FILINGS
	There are no legal connected to the subject
SUMMARY
	BUNGE AGRITRADE SA is an Uruguayan company registered in Uruguay for trade and tax purposes. The company is involved in the agricultural market, and is subsidiary of BUNGE LIMITED. There are no negative for the subject.
RISK INFORMATION
DEBTS	Controlled
PAYMENTS	No complaints
CASH FLOW	Good
STATUS	Active
ENTERVIEW
NAME	NA
POSITION	NA
COMMENTS	We called at WTC Free Zone, address located of the company. They confirmed that was the legal address for the company but refused to provide any kind of data.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.62.25
UK Pound	1	Rs.95.57
Euro	1	Rs.71.00

INFORMATION DETAILS

Report Prepared by :

TPT

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.