|
Report No. : |
341778 |
|
Report Date : |
23.09.2015 |
IDENTIFICATION DETAILS
|
Name : |
BUNGE AGRIBUSINESS SINGAPORE PTE LTD |
|
|
|
|
Registered Office : |
77, Robinson Road, 28-00, Robinson, 77, 068896 |
|
|
|
|
Country : |
Singapore
|
|
|
|
|
Financials (as on) : |
31.12.2014 |
|
|
|
|
Date of Incorporation : |
11.12.1997 |
|
|
|
|
Com. Reg. No.: |
199708376-W |
|
|
|
|
Legal Form : |
Private Limited |
|
|
|
|
Line of Business : |
Subject is engaged in the trading in agribusiness, sugar, bioenergy,
food, ingredients and fertilizer. |
|
|
|
|
No. of Employees : |
100 [2015] |
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 : |
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 – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
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.
Unemployment is very low. The economy depends heavily on exports, particularly
of consumer electronics, information technology products, medical and optical
devices, pharmaceuticals, and on its vibrant transportation, business, and
financial services sectors. The economy contracted 0.6% in 2009 as a result of
the global financial crisis, but has continued to grow since 2010 on the
strength of renewed exports. Growth in 2014 was slower at 2.9%, largely a
result of soft demand for exports amid a sluggish global economy and weak
growth in Singapore’s manufacturing sector. The government is attempting to
restructure Singapore’s economy by weaning its dependence on foreign labor,
addressing weak productivity, and increasing Singaporean wages. Singapore has
attracted major investments in pharmaceuticals and medical technology
production and will continue efforts to strengthen its position as Southeast
Asia's leading financial and high-tech hub. Singapore is a member of the
12-nation Trans-Pacific Partnership free trade negotiations, the Regional
Comprehensive Economic Partnership negotiations with the nine other ASEAN
members plus Australia, China, India, Japan, South Korea and New Zealand, and
in 2015, Singapore will form, with the other ASEAN members, the ASEAN Economic
Community.
|
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 |
|
EMAIL |
: |
KLAUS.HOLTZEM@BUNGE.COM |
|
WEB SITE |
: |
WWW.BUNGE.COM |
|
CONTACT PERSON |
: |
MICHAEL DAVID GOETTL ( DIRECTOR ) |
|
PRINCIPAL ACTIVITY |
: |
TRADING IN AGRIBUSINESS, SUGAR, BIOENERGY, FOOD, INGREDIENTS AND
FERTILIZER. |
|
ISSUED AND PAID UP CAPITAL |
: |
628,211,073.00 ORDINARY SHARE, OF A VALUE OF USD 628,211,073.00 |
|
SALES |
: |
USD 20,218,153,318 [2014] |
|
NET WORTH |
: |
USD 340,811,807 [2014] |
|
STAFF STRENGTH |
: |
100 [2015] |
|
LITIGATION |
: |
CLEAR |
|
FINANCIAL CONDITION |
: |
SATISFACTORY |
|
PAYMENT |
: |
AVERAGE |
|
MANAGEMENT CAPABILITY |
: |
AVERAGE |
|
COMMERCIAL RISK |
: |
LOW |
|
CURRENCY EXPOSURE |
: |
MODERATE |
|
GENERAL REPUTATION |
: |
SATISFACTORY |
|
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) trading in
agribusiness, sugar, bioenergy, food, ingredients and fertilizer.
The immediate holding company of the Subject is BUNGE LIMITED, a company
incorporated in BERMUDA.
Share Capital History
|
Date |
Issue & Paid Up Capital |
|
18/09/2015 |
USD 628,211,073.00 & SGD 1,000,000.00 |
The major shareholder(s) of the Subject are shown as follows :
Current Shareholder(s) :
|
Name |
Address |
IC/PP/Loc No |
Shareholding |
(%) |
|
BUNGE LIMITED |
CLARENDON HOUSE CHURCH ST, HAMILTON, BERMUDA, BERMUDA. |
S97UF0023 |
629,211,073.00 |
100.00 |
|
--------------- |
------ |
|||
|
629,211,073.00 |
100.00 |
|||
|
============ |
===== |
+ Also Director
The Subject's interest in other companies (Subsidiaries/Associates) are
shown as follow :
Local No |
Country |
Company |
Status |
(%) |
As At |
|
200923446K |
SINGAPORE |
BUNGE INDO-CHINA HOLDINGS PTE. LTD. |
- |
89.99 |
18/09/2015 |
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 |
: |
MR. 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 |
|
|
2) |
Name of Subject |
: |
KLAUS ALFRED REGINALD BENNO HOLTZEM |
|
Position |
: |
MARKETING 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.
LITIGATION
CHECK AGAINST SUBJECT
|
* A check has been conducted in our databank againt 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 |
Percentage |
: |
50% |
|
Domestic Markets |
: |
SINGAPORE |
|||
|
Overseas |
: |
YES |
Percentage |
: |
50% |
|
Export Market |
: |
ASIA PACIFIC |
|||
|
Credit Term |
: |
AS AGREED |
|||
|
Payment Mode |
: |
CHEQUES |
|||
|
Type of Customer |
: |
END USERS |
|||
OPERATIONS
|
|
Goods Traded |
: |
AGRIBUSINESS, SUGAR, BIOENERGY, FOOD, INGREDIENTS AND FERTILIZER. |
|
|
Ownership of premises |
: |
LEASED/RENTED |
|
Total Number of Employees: |
|
||||||||
|
YEAR |
2015 |
2014 |
2013 |
2012 |
2011 |
||||
|
GROUP |
N/A |
N/A |
N/A |
N/A |
N/A |
||||
|
COMPANY |
100 |
100 |
100 |
40 |
41 |
||||
|
Branch |
: |
NO |
Other Information:
The Subject is principally engaged in the (as a / as an) trading in
agribusiness, sugar, bioenergy, food, ingredients and fertilizer..
The Subject sells palm oil, corn oil and other related products.
The Subject agribusiness operations include:
* Purchase grains and oilseeds from farmers.
* Store, transport and sell raw commodities to end customers in domestic and
export markets.
* Process oilseeds into protein meals and crude vegetable oil for sale to
livestock producers, feedmillers, food
processors, the biofuels industry and other customers.
* Provide financial services, risk management and logistics services to end
customers.
* Execute risk management strategies for Bunge.
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 77,068896,,. |
|
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 on the Subject.
The Subject refused to disclose its bankers.
FINANCIAL
ANALYSIS
|
|
Profitability |
||||||
|
Turnover |
: |
Erratic |
[ |
2010 - 2014 |
] |
|
|
Profit/(Loss) Before Tax |
: |
Decreased |
[ |
2010 - 2014 |
] |
|
|
Return on Shareholder Funds |
: |
Unfavourable |
[ |
(47.32%) |
] |
|
|
Return on Net Assets |
: |
Unfavourable |
[ |
(34.58%) |
] |
|
|
The fluctuating turnover reflects the fierce competition among the
existing and new market players.The Subject incurred losses during the year
due to the inefficient control of its operating costs. 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 |
[ |
9 Days |
] |
|
|
Debtor Ratio |
: |
Favourable |
[ |
2 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 |
[ |
0.77 Times |
] |
|
|
Current Ratio |
: |
Unfavourable |
[ |
0.95 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 |
[ |
(3.47 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 losses increased but its turnover showed a
fluctuating trend. This indicate the Subject was slowly losing its
market share due to its competitors. 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 : |
2010 |
2011 |
2012 |
2013 |
2014 |
|
|
|||||
|
Population (Million) |
5.08 |
5.18 |
5.31 |
5.40 |
5.47 |
|
Gross Domestic Products ( % ) |
14.5 |
4.9 |
1.3 |
3.7 |
(3.5) |
|
Consumer Price Index |
2.8 |
5.2 |
4.6 |
2.4 |
2.4 |
|
Total Imports (Million) |
423,221.8 |
459,655.1 |
474,554.0 |
466,762.0 |
463,779.1 |
|
Total Exports (Million) |
478,840.7 |
514,741.2 |
510,329.0 |
513,391.0 |
518,922.7 |
|
|
|||||
|
Unemployment Rate (%) |
2.2 |
2.1 |
2.0 |
1.9 |
1.9 |
|
Tourist Arrival (Million) |
11.64 |
13.17 |
14.49 |
15.46 |
15.01 |
|
Hotel Occupancy Rate (%) |
85.6 |
86.5 |
86.4 |
86.3 |
85.5 |
|
Cellular Phone Subscriber (Million) |
1.43 |
1.50 |
1.52 |
1.97 |
1.98 |
|
|
|||||
|
Registration of New Companies (No.) |
29,798 |
32,317 |
31,892 |
37,288 |
41,589 |
|
Registration of New Companies (%) |
12.8 |
8.5 |
(1.3) |
9.8 |
11.5 |
|
Liquidation of Companies (No.) |
15,126 |
19,005 |
17,218 |
17,369 |
18,767 |
|
Liquidation of Companies (%) |
(32.5) |
25.6 |
9.4 |
(5.3) |
8.0 |
|
|
|||||
|
Registration of New Businesses (No.) |
23,978 |
23,494 |
24,788 |
22,893 |
35,773 |
|
Registration of New Businesses (%) |
(10.78) |
2.02 |
5.51 |
1.70 |
56.30 |
|
Liquidation of Businesses (No.) |
24,211 |
23,005 |
22,489 |
22,598 |
22,098 |
|
Liquidation of Businesses (%) |
2.8 |
(5) |
(2.2) |
0.5 |
(2.2) |
|
|
|||||
|
Bankruptcy Orders (No.) |
1,537 |
1,527 |
1,748 |
1,992 |
1,757 |
|
Bankruptcy Orders (%) |
(25.3) |
(0.7) |
14.5 |
14.0 |
(11.8) |
|
Bankruptcy Discharges (No.) |
2,252 |
1,391 |
1,881 |
2,584 |
3,546 |
|
Bankruptcy Discharges (%) |
(26.3) |
(38.2) |
35.2 |
37.4 |
37.2 |
|
|
|||||
|
INDUSTRIES ( % of Growth ) : |
|||||
|
Agriculture |
|||||
|
Production of Principal Crops |
(0.48) |
4.25 |
3.64 |
- |
|
|
Fish Supply & Wholesale |
(10.5) |
12.10 |
(0.5) |
- |
2.80 |
|
|
|||||
|
Manufacturing * |
92.8 |
100.0 |
100.3 |
102.0 |
|
|
Food, Beverages & Tobacco |
96.4 |
100.0 |
103.5 |
103.5 |
105.0 |
|
Textiles |
122.1 |
100.0 |
104.0 |
87.1 |
74.9 |
|
Wearing Apparel |
123.3 |
100.0 |
92.1 |
77.8 |
49.5 |
|
Leather Products & Footwear |
81.8 |
100.0 |
98.6 |
109.8 |
95.9 |
|
Wood & Wood Products |
104.0 |
100.0 |
95.5 |
107.4 |
112.0 |
|
Paper & Paper Products |
106.1 |
100.0 |
97.4 |
103.2 |
103.4 |
|
Printing & Media |
103.5 |
100.0 |
93.0 |
86.1 |
80.3 |
|
Crude Oil Refineries |
95.6 |
100.0 |
99.4 |
93.5 |
85.6 |
|
Chemical & Chemical Products |
97.6 |
100.0 |
100.5 |
104.1 |
114.0 |
|
Pharmaceutical Products |
75.3 |
100.0 |
109.7 |
107.2 |
115.7 |
|
Rubber & Plastic Products |
112.3 |
100.0 |
96.5 |
92.9 |
92.8 |
|
Non-metallic Mineral |
92.5 |
100.0 |
98.2 |
97.6 |
82.2 |
|
Basic Metals |
102.2 |
100.0 |
90.6 |
76.5 |
98.3 |
|
Fabricated Metal Products |
103.6 |
100.0 |
104.3 |
105.1 |
105.1 |
|
Machinery & Equipment |
78.5 |
100.0 |
112.9 |
114.5 |
124.0 |
|
Electrical Machinery |
124.1 |
100.0 |
99.3 |
108.5 |
121.3 |
|
Electronic Components |
113.6 |
100.0 |
90.6 |
94.3 |
95.0 |
|
Transport Equipment |
94.0 |
100.0 |
106.3 |
107.5 |
103.2 |
|
|
|||||
|
Construction |
14.20 |
20.50 |
28.70 |
- |
22.00 |
|
Real Estate |
21.3 |
25.4 |
31.9 |
- |
145.1 |
|
|
|||||
|
Services |
|||||
|
Electricity, Gas & Water |
4.00 |
7.00 |
6.30 |
- |
|
|
Transport, Storage & Communication |
12.80 |
7.40 |
5.30 |
- |
14.20 |
|
Finance & Insurance |
(0.4) |
8.90 |
0.50 |
- |
6.00 |
|
Government Services |
9.70 |
6.90 |
6.00 |
- |
|
|
Education Services |
(0.9) |
(1.4) |
0.30 |
- |
5.98 |
|
|
|||||
|
* Based on Index of Industrial Production (2011 = 100) |
INDUSTRY
ANALYSIS
|
|
INDUSTRY : |
TRADING |
|
The wholesale and retail trade sectors have expanded by 2.0% in the
third quarter of 2014, extending the 1.8 per cent growth in the previous quarter.
In 2013, the wholesale and retail sector expanded by 5.0%, after declining by
1.4% the year before. Growth of the sector was driven by the wholesale trade
segment. |
|
|
The domestic wholesale trade index has increased by 3.2% in the fourth
quarter of 2013, moderating from the 6.6% growth in the previous quarter. The
slower growth was due to a decline in the sales of furniture and household
equipment (-12%) and petroleum and petroleum products (-0.6%). For the full
year, the domestic wholesale trade index grew by 5.2% reversing the 2.2%
decline in 2012. On the other hand, the foreign wholesale trade index has
increased by a slower pace of 5.6% in the fourth quarter, compared to the
7.7% expansion in the preceding quarter. The slowdown was due to a fall in
the sales of telecommunication equipment and computer (-3.8%) and petroleum
and petroleum products (-2.5%). For the full year, the growth of the foreign
wholesale trade index moderated slightly to 8.6% from 9.1% in the previous
year. |
|
|
In the fourth quarter of 2013, retail sales volume fell by 6.2%,
extending the 5.6% decline in the previous quarter. Excluding motor vehicles,
retail sales volume increased by 0.4%, a slower pace of expansion as compared
to the 1.6% gain in the preceding quarter. The sales volume of motor vehicles
fell by 33% in the fourth quarter of 2013, extending the 32% decline in the
previous quarter. Meanwhile, the sales of several discretionary items also
fell in the fourth quarter of 2013. For instance, the sales of
telecommunications apparatus and computers fell by 12%, while the sales of
furniture and household equipment declined by 5.4%. |
|
|
For the full year, retail sales volume contracted by 4.3%, a reversal
from the 1.3% expansion in 2012. Excluding motor vehicle sales, the retail
sales volume grew by 1.1% in 2013, slower than the 1.7% increase in 2012.
Watches and jewellery recorded the largest increase (11%) in sales in 2013,
followed by optical goods and book (3%) and medical goods and toiletries
(3%). By contrast, the sales of telecommunications apparatus and computer
(-7.3%), furniture and household equipment (-4.2%) and petrol service
stations (-1.4) declined in 2013. |
|
|
OVERALL INDUSTRY OUTLOOK : AVERAGE GROWTH |
|
CREDIT
RISK EVALUATION & RECOMMENDATION
|
|
|
|
|
PROFIT
AND LOSS ACCOUNT
|
|
THE FINANCIAL STATEMENTS WERE PREPARED IN ACCORDANCE WITH SINGAPORE
FINANCIAL REPORTING STANDARDS. |
|
BUNGE AGRIBUSINESS SINGAPORE PTE LTD |
|
Financial Year End |
2014-12-31 |
2013-12-31 |
2012-12-31 |
2011-12-31 |
2010-12-31 |
|
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 |
20,218,153,318 |
20,488,556,551 |
15,366,407,351 |
16,043,976,007 |
11,402,493,406 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Total Turnover |
20,218,153,318 |
20,488,556,551 |
15,366,407,351 |
16,043,976,007 |
11,402,493,406 |
|
Costs of Goods Sold |
(20,304,509,579) |
(20,354,912,578) |
(15,367,263,428) |
(16,051,239,288) |
(11,378,913,482) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Gross Profit |
(86,356,261) |
133,643,973 |
(856,077) |
(7,263,281) |
23,579,924 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) FROM OPERATIONS |
(166,100,798) |
39,600,100 |
(81,818,611) |
(87,318,824) |
(49,032,187) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) BEFORE TAXATION |
(166,100,798) |
39,600,100 |
(81,818,611) |
(87,318,824) |
(49,032,187) |
|
Taxation |
4,813,327 |
(5,347,120) |
3,570,052 |
3,552,879 |
584,134 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) AFTER TAXATION |
(161,287,471) |
34,252,980 |
(78,248,559) |
(83,765,945) |
(48,448,053) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
RETAINED PROFIT/(LOSS) BROUGHT FORWARD |
|||||
|
As previously reported |
(111,688,794) |
(145,941,774) |
(67,693,215) |
16,072,730 |
64,520,783 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
As restated |
(111,688,794) |
(145,941,774) |
(67,693,215) |
16,072,730 |
64,520,783 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT AVAILABLE FOR APPROPRIATIONS |
(272,976,265) |
(111,688,794) |
(145,941,774) |
(67,693,215) |
16,072,730 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
RETAINED PROFIT/(LOSS) CARRIED FORWARD |
(272,976,265) |
(111,688,794) |
(145,941,774) |
(67,693,215) |
16,072,730 |
|
============= |
============= |
============= |
============= |
============= |
|
|
INTEREST EXPENSE (as per notes to P&L) |
|||||
|
Others |
37,183,134 |
44,148,585 |
42,183,367 |
26,008,712 |
18,206,519 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
37,183,134 |
44,148,585 |
42,183,367 |
26,008,712 |
18,206,519 |
|
|
============= |
============= |
============= |
============= |
============= |
|
|
DEPRECIATION (as per notes to P&L) |
415,340 |
403,021 |
267,060 |
211,896 |
171,616 |
|
AMORTIZATION |
3,526,979 |
3,871,469 |
2,785,950 |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
3,942,319 |
4,274,490 |
3,053,010 |
211,896 |
171,616 |
|
|
============= |
============= |
============= |
============= |
============= |
|
|
|
|
|
|
|
|
BALANCE
SHEET
|
|
BUNGE AGRIBUSINESS SINGAPORE PTE LTD |
|
ASSETS EMPLOYED: |
|||||
|
FIXED ASSETS |
1,188,482 |
593,808 |
541,933 |
650,978 |
589,582 |
|
LONG TERM INVESTMENTS/OTHER ASSETS |
|||||
|
Subsidiary companies |
352,147,249 |
320,221,249 |
228,667,913 |
217,651,289 |
57,221,290 |
|
Associated companies |
72,732,649 |
72,732,649 |
72,732,649 |
- |
- |
|
Loans & advances - non-current |
31,953,986 |
31,953,986 |
31,953,986 |
31,774,276 |
- |
|
Deferred assets |
14,740,086 |
7,080,323 |
10,143,030 |
5,949,350 |
2,155,909 |
|
Others |
36,144,406 |
40,781,348 |
49,859,549 |
42,585,073 |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS |
507,718,376 |
472,769,555 |
393,357,127 |
297,959,988 |
59,377,199 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM ASSETS |
508,906,858 |
473,363,363 |
393,899,060 |
298,610,966 |
59,966,781 |
|
Short term quoted/unquoted investments |
9,075,732 |
21,561,187 |
12,473,740 |
- |
5,242,069 |
|
Stocks |
483,495,126 |
560,689,822 |
316,925,775 |
162,570,134 |
193,379,852 |
|
Trade debtors |
111,799,541 |
179,553,872 |
131,475,783 |
227,858,705 |
517,531,419 |
|
Other debtors, deposits & prepayments |
987,103,518 |
51,097,172 |
66,899,991 |
317,401,225 |
295,205,091 |
|
Short term deposits |
123,375,448 |
- |
- |
- |
- |
|
Loans & advances - current portion |
- |
- |
- |
167,430,259 |
- |
|
Amount due from subsidiary companies |
205,958,417 |
128,285,640 |
178,902,674 |
203,898,749 |
- |
|
Amount due from related companies |
127,564,918 |
346,361,500 |
56,486,565 |
73,025,745 |
- |
|
Amount due from associated companies |
6,869,357 |
7,656,444 |
6,441,144 |
- |
- |
|
Cash & bank balances |
123,865 |
102,359 |
512,572 |
770,589 |
629,074 |
|
Others |
529,818,787 |
498,671,817 |
279,333,366 |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL CURRENT ASSETS |
2,585,184,709 |
1,793,979,813 |
1,049,451,610 |
1,152,955,406 |
1,011,987,505 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL ASSET |
3,094,091,567 |
2,267,343,176 |
1,443,350,670 |
1,451,566,372 |
1,071,954,286 |
|
============= |
============= |
============= |
============= |
============= |
|
|
CURRENT LIABILITIES |
|||||
|
Trade creditors |
147,774,973 |
108,926,746 |
118,072,232 |
103,323,858 |
264,741,989 |
|
Other creditors & accruals |
311,942,435 |
30,542,500 |
12,861,517 |
313,578,762 |
748,160,703 |
|
Amounts owing to holding company |
145,304 |
210,592 |
- |
- |
- |
|
Amounts owing to subsidiary companies |
54,995,992 |
55,577,207 |
277,908 |
189,228 |
- |
|
Amounts owing to related companies |
774,314,320 |
1,145,187,425 |
651,307,635 |
735,531,391 |
- |
|
Amounts owing to associated companies |
940,579,787 |
- |
- |
- |
- |
|
Provision for taxation |
- |
294,556 |
480,079 |
- |
1,131,865 |
|
Other liabilities |
491,572,963 |
454,476,886 |
263,477,015 |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL CURRENT LIABILITIES |
2,721,325,774 |
1,795,215,912 |
1,046,476,386 |
1,152,623,239 |
1,014,034,557 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
NET CURRENT ASSETS/(LIABILITIES) |
(136,141,065) |
(1,236,099) |
2,975,224 |
332,167 |
(2,047,052) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL NET ASSETS |
372,765,793 |
472,127,264 |
396,874,284 |
298,943,133 |
57,919,729 |
|
============= |
============= |
============= |
============= |
============= |
|
|
SHARE CAPITAL |
|||||
|
Ordinary share capital |
613,788,072 |
551,862,072 |
510,862,072 |
334,862,072 |
41,846,999 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL SHARE CAPITAL |
613,788,072 |
551,862,072 |
510,862,072 |
334,862,072 |
41,846,999 |
|
Retained profit/(loss) carried forward |
(272,976,265) |
(111,688,794) |
(145,941,774) |
(67,693,215) |
16,072,730 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL RESERVES |
(272,976,265) |
(111,688,794) |
(145,941,774) |
(67,693,215) |
16,072,730 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
SHAREHOLDERS' FUNDS/EQUITY |
340,811,807 |
440,173,278 |
364,920,298 |
267,168,857 |
57,919,729 |
|
Others |
31,953,986 |
31,953,986 |
31,953,986 |
31,774,276 |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM LIABILITIES |
31,953,986 |
31,953,986 |
31,953,986 |
31,774,276 |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
372,765,793 |
472,127,264 |
396,874,284 |
298,943,133 |
57,919,729 |
|
|
============= |
============= |
============= |
============= |
============= |
|
|
|
|
|
|
|
|
FINANCIAL
RATIO
|
|
BUNGE AGRIBUSINESS SINGAPORE PTE LTD |
|
TYPES OF FUNDS |
|||||
|
Cash |
123,499,313 |
102,359 |
512,572 |
770,589 |
629,074 |
|
Net Liquid Funds |
123,499,313 |
102,359 |
512,572 |
770,589 |
629,074 |
|
Net Liquid Assets |
(619,636,191) |
(561,925,921) |
(313,950,551) |
(162,237,967) |
(195,426,904) |
|
Net Current Assets/(Liabilities) |
(136,141,065) |
(1,236,099) |
2,975,224 |
332,167 |
(2,047,052) |
|
Net Tangible Assets |
372,765,793 |
472,127,264 |
396,874,284 |
298,943,133 |
57,919,729 |
|
Net Monetary Assets |
(651,590,177) |
(593,879,907) |
(345,904,537) |
(194,012,243) |
(195,426,904) |
|
PROFIT & LOSS ITEMS |
|||||
|
Earnings Before Interest & Tax (EBIT) |
0 |
83,748,685 |
(39,635,244) |
(61,310,112) |
(30,825,668) |
|
Earnings Before Interest, Taxes, Depreciation And Amortization
(EBITDA) |
(124,975,345) |
88,023,175 |
(36,582,234) |
(61,098,216) |
(30,654,052) |
|
BALANCE SHEET ITEMS |
|||||
|
Total Borrowings |
0 |
0 |
0 |
0 |
0 |
|
Total Liabilities |
2,753,279,760 |
1,827,169,898 |
1,078,430,372 |
1,184,397,515 |
1,014,034,557 |
|
Total Assets |
3,094,091,567 |
2,267,343,176 |
1,443,350,670 |
1,451,566,372 |
1,071,954,286 |
|
Net Assets |
372,765,793 |
472,127,264 |
396,874,284 |
298,943,133 |
57,919,729 |
|
Net Assets Backing |
340,811,807 |
440,173,278 |
364,920,298 |
267,168,857 |
57,919,729 |
|
Shareholders' Funds |
340,811,807 |
440,173,278 |
364,920,298 |
267,168,857 |
57,919,729 |
|
Total Share Capital |
613,788,072 |
551,862,072 |
510,862,072 |
334,862,072 |
41,846,999 |
|
Total Reserves |
(272,976,265) |
(111,688,794) |
(145,941,774) |
(67,693,215) |
16,072,730 |
|
LIQUIDITY (Times) |
|||||
|
Cash Ratio |
0.05 |
0 |
0 |
0 |
0 |
|
Liquid Ratio |
0.77 |
0.69 |
0.70 |
0.86 |
0.81 |
|
Current Ratio |
0.95 |
1.00 |
1.00 |
1.00 |
1.00 |
|
WORKING CAPITAL CONTROL (Days) |
|||||
|
Stock Ratio |
9 |
10 |
8 |
4 |
6 |
|
Debtors Ratio |
2 |
3 |
3 |
5 |
17 |
|
Creditors Ratio |
3 |
2 |
3 |
2 |
8 |
|
SOLVENCY RATIOS (Times) |
|||||
|
Gearing Ratio |
0 |
0 |
0 |
0 |
0 |
|
Liabilities Ratio |
8.08 |
4.15 |
2.96 |
4.43 |
17.51 |
|
Times Interest Earned Ratio |
(3.47) |
1.90 |
(0.94) |
(2.36) |
(1.69) |
|
Assets Backing Ratio |
0.61 |
0.86 |
0.78 |
0.89 |
1.38 |
|
PERFORMANCE RATIO (%) |
|||||
|
Operating Profit Margin |
(0.82) |
0.19 |
(0.53) |
(0.54) |
(0.43) |
|
Net Profit Margin |
(0.80) |
0.17 |
(0.51) |
(0.52) |
(0.42) |
|
Return On Net Assets |
(34.58) |
17.74 |
(9.99) |
(20.51) |
(53.22) |
|
Return On Capital Employed |
(34.58) |
17.74 |
(9.99) |
(20.51) |
(53.22) |
|
Return On Shareholders' Funds/Equity |
(47.32) |
7.78 |
(21.44) |
(31.35) |
(83.65) |
|
Dividend Pay Out Ratio (Times) |
0 |
0 |
0 |
0 |
0 |
|
NOTES TO ACCOUNTS |
|||||
|
Contingent Liabilities |
0 |
0 |
0 |
0 |
0 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.65.63 |
|
|
1 |
Rs.101.73 |
|
Euro |
1 |
Rs.73.26 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or
its officials.