MIRA INFORM REPORT

Report No. :	505588
Report Date :	23.04.2018

IDENTIFICATION DETAILS

Name :	BUNGE ASIA PTE. LTD.
Formerly Known As :	BUNGE AGRIBUSINESS SINGAPORE PTE LTD
Registered Office :	1, Wallich Street, 08-01, Guoco Tower, 078881
Country :	Singapore
Financials (as on) :	31.12.2016
Date of Incorporation :	11.12.1997
Com. Reg. No.:	199708376W
Legal Form :	Private Limited (Limited By Share)
Line of Business :	The Subject is principally engaged in trading in agribusiness, sugar, bioenergy, food, oilseed, sugar cane, ingredients and fertilizer.
No. of Employees :	100 [2018]

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23^rd January 2017)

MIRA’s Rating :

A

Credit Rating	Explanation	Rating Comments
A	Acceptable Risk	Business dealings permissible with moderate risk of default

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

Country Name	Previous Rating (30.09.2017)	Current Rating (31.12.2017)
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. 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. Growth in 2014-17 was slower than during the previous decade, at under 3% annually, 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 growth, and increasing Singaporean wages. Singapore has attracted major investments in advanced manufacturing, pharmaceuticals, and medical technology production and will continue efforts to strengthen its position as Southeast Asia's leading financial and technology hub. Singapore is a member of the Regional Comprehensive Economic Partnership negotiations with the nine other ASEAN members plus Australia, China, India, Japan, South Korea, and New Zealand. In 2015, Singapore formed, with the other ASEAN members, the ASEAN Economic Community.

Source : CIA

EXECUTIVE SUMMARY

REGISTRATION NO.	:	199708376W
COMPANY NAME	:	BUNGE ASIA PTE. LTD.
FORMER NAME	:	BUNGE AGRIBUSINESS SINGAPORE PTE LTD (14/11/2016)
INCORPORATION DATE	:	11/12/1997
COMPANY STATUS	:	EXIST
LEGAL FORM	:	PRIVATE LIMITED (LIMITED BY SHARE)
LISTED STATUS	:	NO
REGISTERED ADDRESS	:	1, WALLICH STREET, 08-01, GUOCO TOWER, 078881, SINGAPORE.
BUSINESS ADDRESS	:	1 WALLICH STREET, 08 - 01, GUOCO TOWER, 078881, SINGAPORE.
TEL.NO.	:	65-62270090
FAX.NO.	:	65-65366136
WEB SITE	:	WWW.BUNGE.COM
CONTACT PERSON	:	JACOB JESS BIERLEY ( DIRECTOR )
PRINCIPAL ACTIVITY	:	TRADING IN AGRIBUSINESS, SUGAR, BIOENERGY, FOOD, OILSEED, SUGAR CANE,INGREDIENTS AND FERTILIZER.
ISSUED AND PAID UP CAPITAL	:	1,000,000.00 ORDINARY SHARE, OF A VALUE OF SGD 1,000,000.00 1,505,961,520.00 ORDINARY SHARE, OF A VALUE OF USD 1,505,961,520.00
SALES	:	USD 15,754,923,915 [2016]
NET WORTH	:	USD 1,128,676,526 [2016]
STAFF STRENGTH	:	100 [2018]
LITIGATION	:	CLEAR
FINANCIAL CONDITION	:	LIMITED
PAYMENT	:	NO COMPLAINTS
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) trading in agribusiness, sugar, bioenergy, food, oilseed, sugar cane,ingredients and fertilizer..

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

Former Address(es)

Address	As At Date
77, ROBINSON ROAD, 28-00, ROBINSON 77, 068896	N/A

Share Capital History

Date	Issue & Paid Up Capital
22/03/2018	SGD 1,000,000.00 & USD 1,505,961,520.00

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

Current Shareholder(s) :

Name	Address	IC/PP/Loc No	Shareholding	(%)
BUNGE LIMITED [ORDINARY = USD 1,505,961,520 & SGD 1,000,000]	CLARENDON HOUSE CHURCH ST, HAMILTON BERMUDA	S97UF0023	1,506,961,520.00	100.00
			---------------	------
			1,506,961,520.00	100.00
			============	=====

+ Also Director

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

Local No	Country	Company	Status	(%)	As At
526055U	MALAYSIA	BUNGE AGRIBUSINESS (M) SDN. BHD.	-	100.00	31/12/2015
200923446K	SINGAPORE	BUNGE INDO-CHINA HOLDINGS PTE. LTD.	-	90.00	20/10/2016

DIRECTORS

DIRECTOR 1

Name Of Subject	:	ROBERT JOHN COVIELLO
Address	:	33, GREENLEAF ROAD, BAN GUAN PARK, 279333, SINGAPORE.
IC / PP No	:	G5824801R
Nationality	:	AMERICAN
Date of Appointment	:	10/09/2015

INTEREST CHECK

Interest in companies	:	see below
Interest in business	:	none in our databank
Former interest	:	none in our databank

INTEREST IN COMPANY

No	Local No	Company	Designation	App Date	Shareholding		Profit/(loss) After Tax	Financial Year	Status	As At
					No.	%
1	199708376W	BUNGE ASIA PTE. LTD.	Director	10/09/2015	0.00	-	USD(27,362,438.00)	2016	-	22/03/2018
2	200923446K	BUNGE INDO-CHINA HOLDINGS PTE. LTD.	Director	24/12/2015	0.00	-	USD16,810,420.00	2015	-	17/10/2016
3	200301302K	GRAINS AND INDUSTRIAL PRODUCTS TRADING PTE. LTD.	Director	16/09/2015	0.00	-	USD2,128,118.00	2014	-	08/07/2016

DIRECTOR 2

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

INTEREST CHECK

Interest in companies	:	see below
Interest in business	:	none in our databank
Former interest	:	none in our databank

INTEREST IN COMPANY

No	Local No	Company	Designation	App Date	Shareholding		Profit/(loss) After Tax	Financial Year	Status	As At
					No.	%
1	199708376W	BUNGE ASIA PTE. LTD.	Director	01/01/2014	0.00	-	USD(27,362,438.00)	2016	-	22/03/2018
2	200923446K	BUNGE INDO-CHINA HOLDINGS PTE. LTD.	Director	31/03/2014	0.00	-	USD16,810,420.00	2015	-	17/10/2016
3	200301302K	GRAINS AND INDUSTRIAL PRODUCTS TRADING PTE. LTD.	Director	01/01/2014	0.00	-	USD2,128,118.00	2014	-	08/07/2016

MANAGEMENT

1)	Name of Subject	:	JACOB JESS BIERLEY
	Position	:	DIRECTOR

AUDITOR

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

COMPANY SECRETARIES

1)	Company Secretary	:	ABELENE YEO HWI TIENG
	IC / PP No	:	S8341130I
	Address	:	18C, CIRCUIT ROAD, 19-242, MACPHERSON RESIDENCY, 373018, SINGAPORE.

BANKING

No Banker found in our databank.

ENCUMBRANCE (S)

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

CIVIL LITIGATION CHECK - SUBJECT COMPANY AS A DEFENDANT

* 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 AUSTRALIA
Credit Term	:	N/A
Payment Mode	:	CHEQUES TELEGRAPHIC TRANSFER (TT)

OPERATIONS

Goods Traded

:

AGRIBUSINESS, SUGAR, BIOENERGY, FOOD, OIL SEED, SUGAR CANE, INGREDIENTS AND FERTILIZER

Ownership of premises

:

LEASED/RENTED

Total Number of Employees:
YEAR	2018	2017	2016	2015	2014
GROUP	N/A	N/A	N/A	N/A	N/A
COMPANY	100	100	100	100	100

Branch

:

NO

Other Information:

The Subject is principally engaged in the (as a / as an) trading in agribusiness, sugar, bioenergy, food, oilseed, sugar cane, 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.

The Subject is one of the leading agricultural commodity trader.

CURRENT INVESTIGATION

Latest fresh investigations carried out on the Subject indicated that :

Telephone Number Provided By Client	:	N/A
Current Telephone Number	:	65-62270090
Match	:	N/A
Address Provided by Client	:	I WALLICH STREET, #08-01 GUOCO TOWER SINGAPORE 078881
Current Address	:	1 WALLICH STREET, 08 - 01, GUOCO TOWER, 078881, SINGAPORE.
Match	:	YES

Other Investigations

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

FINANCIAL ANALYSIS

Profitability
Turnover	:	Erratic	[	2012 - 2016	]
Profit/(Loss) Before Tax	:	Decreased	[	2012 - 2016	]
Return on Shareholder Funds	:	Unfavourable	[	(2.42%)	]
Return on Net Assets	:	Unfavourable	[	0.81%	]
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	[	4 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	:	Favourable	[	1.73 Times	]
Current Ratio	:	Unfavourable	[	1.98 Times	]
A minimum liquid ratio of 1 should be maintained by the Subject in order to assure its creditors of its ability to meet short term obligations and the Subject was in a good liquidity position. Thus, we believe the Subject is able to meet all its short term obligations as and when they fall due.
Solvency
Interest Cover	:	Unfavourable	[	0.29 Times	]
Gearing Ratio	:	Favourable	[	0.00 Times	]
The Subject's interest cover was low. If its profits fall or when interest rate rises, it  may not be able to meet all its interest payment. 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. The Subject was in good liquidity position with its total current liabilities well covered by its total current assets. With its current net assets, the Subject should be able to repay its short term obligations. If there is a fall in the Subject's profit or any increase in interest rate, the Subject may not be able to generate sufficient cash-flow to service its interest. 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 :	2013	2014	2015	2016	2017*
Population (Million)	5.40	5.47	5.54	5.61	5.61
Gross Domestic Products ( % )	5.1	3.9	2.2	2.4	3.6
Consumer Price Index	2.4	1.0	(0.5)	(0.5)	0.6
Total Imports (Million)	466,762.0	463,779.1	407,767.9	398,372.0	403,300.0
Total Exports (Million)	513,391.0	518,922.7	476,285.4	468,552.0	466,900.0
Unemployment Rate (%)	1.9	1.9	1.9	2.1	-
Tourist Arrival (Million)	15.46	15.01	15.23	16.28	-
Hotel Occupancy Rate (%)	86.3	85.5	84.0	83.1	84.7
Cellular Phone Subscriber (Million)	1.97	1.98	1.99	-	-
Registration of New Companies (No.)	37,288	41,589	34,243	35,227	37,395
Registration of New Companies (%)	9.8	11.5	(17.7)	2.9	6.2
Liquidation of Companies (No.)	17,369	18,767	21,384	23,218	22,379
Liquidation of Companies (%)	(5.3)	8.0	13.9	8.6	(3.6)
Registration of New Businesses (No.)	22,893	35,773	28,480	27,120	22,148
Registration of New Businesses (%)	1.70	56.30	(20.39)	(4.78)	(18.33)
Liquidation of Businesses (No.)	22,598	22,098	26,116	35,866	24,344
Liquidation of Businesses (%)	0.5	(2.2)	18.2	37.3	(32.1)
Bankruptcy Orders (No.)	1,992	1,757	1,776	1,797	1,638
Bankruptcy Orders (%)	14.0	(11.8)	1.0	1.2	(8.9)
Bankruptcy Discharges (No.)	2,584	3,546	3,499	4,359	2,030
Bankruptcy Discharges (%)	37.4	37.2	(1.3)	24.6	(53.4)
INDUSTRIES ( % of Growth ) :
Agriculture
Production of Principal Crops	1.78	4.29	3.04	-	-
Fish Supply & Wholesale	(3.8)	(8.6)	(8.5)	(9.9)	-
Manufacturing #
Food, Beverages & Tobacco	97.9	99.4	100.0	103.7	110.3
Textiles	119.5	102.7	100.0	92.4	84.4
Wearing Apparel	334.1	212.6	100.0	83.4	88.2
Leather Products & Footwear	122.0	106.5	100.0	88.8	79.0
Wood & Wood Products	103.0	107.2	100.0	95.0	92.9
Paper & Paper Products	104.4	104.5	100.0	97.3	96.1
Printing & Media	113.8	105.968	100.0	85.1	73.1
Crude Oil Refineries	100.7	92.2	100.0	104.2	113.5
Chemical & Chemical Products	88.4	96.7	100.0	98.9	105.3
Pharmaceutical Products	101.421	109.4	100.0	113.8	96.0
Rubber & Plastic Products	109.497	109.2	100.0	91.4	93.7
Non-metallic Mineral	107.4	90.759	100.0	89.8	72.9
Basic Metals	77.2	99.3	100.0	106.2	108.3
Fabricated Metal Products	107.5	107.757	100.0	93.8	91.3
Machinery & Equipment	109.1	118.2	100.0	80.8	86.1
Electrical Machinery	87.4	97.871	100.0	101.5	111.7
Electronic Components	105.0	105.6	100.0	114.1	151.4
Transport Equipment	111.1	106.68	100.0	101.0	99.5
Construction	25.40	22.00	-	-	-
Real Estate	88.5	145.1	-	-	-
Services
Electricity, Gas & Water	6.70	6.50	-	-	-
Transport, Storage & Communication	9.80	14.20	-	-	-
Finance & Insurance	3.30	6.00	-	7.40	-
Government Services	6.50	6.30	-	-	-
Education Services	3.10	5.98	-	2.40	-
* Estimate / Preliminary
# Based on Index of Industrial Production (2015 = 100)

INDUSTRY ANALYSIS

INDUSTRY :	TRADING
The wholesale & retail trade sector expanded by 6.8% in the third quarter of 2015, higher than the 6.0% growth in the preceding quarter. Growth was supported by both the wholesale trade and retail trade segments. The wholesale trade segment was boosted by an increase in both domestic and foreign wholesale trade sales volume. In particular, the domestic wholesale trade index rose by 7.4%, following the 8.1 % increase in the previous quarter. The strong performance in domestic wholesale trade was due to a surge in the sales of petroleum and petroleum products (14%), chemicals & chemical products (39%) and telecommunications & computers (18%).
Similarly, the foreign wholesale trade index rose by 10% in the third quarter of 2015, accelerating from the 6.9% rise in the previous quarter. Growth was driven by improvements in the sales of petroleum & petroleum products (21%), metals, timber & construction materials (10%) and general wholesale trade (8.8%).
Overall retail trade sales volume also recorded resilient growth of 5.6% in the third quarter of 2015, extending the 6.4 % expansion in the second quarter. Growth was supported by a surge in the volume of motor vehicle sales (44%), which was in turn due to a substantial increase in the supply of Certificate of Entitlements. Excluding motor vehicles, retail sales volume increased at a much slower pace of 0.7% over the same period. The increase in retail sales volume (excluding motor vehicles) was due to improved non-discretionary goods sales. For instance, the sales of medical goods & toiletries and department store goods rose by 8.1% and 3.6% respectively.
According to the Retail News Asia, Food and beverage has overtaken fashion as the primary driver of demand for retail real estate in Singapore. Despite declining retail sales and consumer spending, the prime retail sector remained in good shape during the third quarter 2015.
OVERALL INDUSTRY OUTLOOK : AVERAGE GROWTH

CREDIT RISK EVALUATION & RECOMMENDATION

Incorporated in 1997, the Subject is a Private Limited company, focusing on trading in agribusiness, sugar, bioenergy, food, oilseed, sugar cane,ingredients and fertilizer. 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. The Subject has a strong capital position of SGD 1,000,000 & USD 1,505,961,520. We are confident with the Subject's business and its future growth prospect. Having strong support from its holding company has enabled the Subject to remain competitive despite the challenging business environment.

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. Being a moderate size company, 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. The Subject 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. 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 1,128,676,526, 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 ASIA PTE. LTD.

Financial Year End	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31
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	15,754,923,915	21,304,951,444	20,218,153,318	20,488,556,551	15,366,407,351
	----------------	----------------	----------------	----------------	----------------
Total Turnover	15,754,923,915	21,304,951,444	20,218,153,318	20,488,556,551	15,366,407,351
Costs of Goods Sold	(15,664,351,559)	(21,278,849,516)	(20,304,509,579)	(20,354,912,578)	(15,367,263,428)
	----------------	----------------	----------------	----------------	----------------
Gross Profit	90,572,356	26,101,928	(86,356,261)	133,643,973	(856,077)
	----------------	----------------	----------------	----------------	----------------
PROFIT/(LOSS) FROM OPERATIONS	(22,771,887)	(59,944,247)	(166,100,798)	39,600,100	(81,818,611)
	----------------	----------------	----------------	----------------	----------------
PROFIT/(LOSS) BEFORE TAXATION	(22,771,887)	(59,944,247)	(166,100,798)	39,600,100	(81,818,611)
Taxation	(4,590,551)	(15,128,596)	4,813,327	(5,347,120)	3,570,052
	----------------	----------------	----------------	----------------	----------------
PROFIT/(LOSS) AFTER TAXATION	(27,362,438)	(75,072,843)	(161,287,471)	34,252,980	(78,248,559)
	----------------	----------------	----------------	----------------	----------------
RETAINED PROFIT/(LOSS) BROUGHT FORWARD
As previously reported	(348,049,108)	(272,976,265)	(111,688,794)	(145,941,774)	(67,693,215)
	----------------	----------------	----------------	----------------	----------------
As restated	(348,049,108)	(272,976,265)	(111,688,794)	(145,941,774)	(67,693,215)
	----------------	----------------	----------------	----------------	----------------
PROFIT AVAILABLE FOR APPROPRIATIONS	(375,411,546)	(348,049,108)	(272,976,265)	(111,688,794)	(145,941,774)
	----------------	----------------	----------------	----------------	----------------
RETAINED PROFIT/(LOSS) CARRIED FORWARD	(375,411,546)	(348,049,108)	(272,976,265)	(111,688,794)	(145,941,774)
	=============	=============	=============	=============	=============
INTEREST EXPENSE (as per notes to P&L)
Others	31,901,440	45,837,903	37,183,134	44,148,585	42,183,367
	----------------	----------------	----------------	----------------	----------------
	31,901,440	45,837,903	37,183,134	44,148,585	42,183,367
	=============	=============	=============	=============	=============
DEPRECIATION (as per notes to P&L)	508,017	660,584	415,340	403,021	267,060
AMORTIZATION	4,050,726	3,736,965	3,526,979	3,871,469	2,785,950
	----------------	----------------	----------------	----------------	----------------
Total Amortization And Depreciation	4,558,743	4,397,549	3,942,319	4,274,490	3,053,010
	=============	=============	=============	=============	=============

BALANCE SHEET

BUNGE ASIA PTE. LTD.

ASSETS EMPLOYED:
FIXED ASSETS	1,882,476	1,463,655	1,188,482	593,808	541,933
LONG TERM INVESTMENTS/OTHER ASSETS
Subsidiary companies	404,292,095	372,147,249	352,147,249	320,221,249	228,667,913
Associated companies	43,247,576	72,732,649	72,732,649	72,732,649	72,732,649
Investments	13,499,500	-	-	-	-
Loans & advances - non-current	29,473,487	31,486,014	31,953,986	31,953,986	31,953,986
Deferred assets	-	-	14,740,086	7,080,323	10,143,030
Others	25,058,096	30,331,223	36,144,406	40,781,348	49,859,549
	----------------	----------------	----------------	----------------	----------------
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS	515,570,754	506,697,135	507,718,376	472,769,555	393,357,127
	----------------	----------------	----------------	----------------	----------------
TOTAL LONG TERM ASSETS	517,453,230	508,160,790	508,906,858	473,363,363	393,899,060
CURRENT ASSETS
Short term quoted/unquoted investments	-	4,152,160	9,075,732	21,561,187	12,473,740
Stocks	165,303,115	310,621,467	483,495,126	560,689,822	316,925,775
Trade debtors	107,235,000	91,903,602	111,799,541	179,553,872	131,475,783
Other debtors, deposits & prepayments	386,826,573	127,974,136	1,110,478,966	51,097,172	66,899,991
Amount due from subsidiary companies	134,468,180	54,386,485	205,958,417	128,285,640	178,902,674
Amount due from related companies	205,470,323	547,713,463	127,564,918	346,361,500	56,486,565
Amount due from associated companies	8,191,611	16,808,222	6,869,357	7,656,444	6,441,144
Cash & bank balances	144,726	46,531	123,865	102,359	512,572
Others	288,002,472	228,257,510	529,818,787	498,671,817	279,333,366
	----------------	----------------	----------------	----------------	----------------
TOTAL CURRENT ASSETS	1,295,642,000	1,381,863,576	2,585,184,709	1,793,979,813	1,049,451,610
	----------------	----------------	----------------	----------------	----------------
TOTAL ASSET	1,813,095,230	1,890,024,366	3,094,091,567	2,267,343,176	1,443,350,670
	=============	=============	=============	=============	=============
CURRENT LIABILITIES
Trade creditors	145,355,347	124,387,236	147,774,973	108,926,746	118,072,232
Other creditors & accruals	213,375,130	602,538,543	311,942,435	30,542,500	12,861,517
Amounts owing to holding company	330,715	48,140	145,304	210,592	-
Amounts owing to subsidiary companies	12,026,012	43,487,196	54,995,992	55,577,207	277,908
Amounts owing to related companies	114,210	554,349,463	774,314,320	1,145,187,425	651,307,635
Amounts owing to associated companies	325,302	457,500	940,579,787	-	-
Provision for taxation	-	-	-	294,556	480,079
Other liabilities	283,418,501	229,531,310	491,572,963	454,476,886	263,477,015
	----------------	----------------	----------------	----------------	----------------
TOTAL CURRENT LIABILITIES	654,945,217	1,554,799,388	2,721,325,774	1,795,215,912	1,046,476,386
	----------------	----------------	----------------	----------------	----------------
NET CURRENT ASSETS/(LIABILITIES)	640,696,783	(172,935,812)	(136,141,065)	(1,236,099)	2,975,224
	----------------	----------------	----------------	----------------	----------------
LONG TERM LIABILITIES
Others	29,473,487	31,486,014	31,953,986	31,953,986	31,953,986
	----------------	----------------	----------------	----------------	----------------
TOTAL LONG TERM LIABILITIES	29,473,487	31,486,014	31,953,986	31,953,986	31,953,986
	----------------	----------------	----------------	----------------	----------------
TOTAL NET ASSETS	1,128,676,526	303,738,964	340,811,807	440,173,278	364,920,298
	=============	=============	=============	=============	=============
FINANCED BY:
SHARE CAPITAL
Ordinary share capital	1,504,088,072	651,788,072	613,788,072	551,862,072	510,862,072
	----------------	----------------	----------------	----------------	----------------
TOTAL SHARE CAPITAL	1,504,088,072	651,788,072	613,788,072	551,862,072	510,862,072
RESERVES
Retained profit/(loss) carried forward	(375,411,546)	(348,049,108)	(272,976,265)	(111,688,794)	(145,941,774)
	----------------	----------------	----------------	----------------	----------------
TOTAL RESERVES	(375,411,546)	(348,049,108)	(272,976,265)	(111,688,794)	(145,941,774)
	----------------	----------------	----------------	----------------	----------------
SHAREHOLDERS' FUNDS/EQUITY	1,128,676,526	303,738,964	340,811,807	440,173,278	364,920,298
	=============	=============	=============	=============	=============

FINANCIAL RATIO

BUNGE ASIA PTE. LTD.

TYPES OF FUNDS
Cash	144,726	46,531	123,865	102,359	512,572
Net Liquid Funds	144,726	46,531	123,865	102,359	512,572
Net Liquid Assets	475,393,668	(483,557,279)	(619,636,191)	(561,925,921)	(313,950,551)
Net Current Assets/(Liabilities)	640,696,783	(172,935,812)	(136,141,065)	(1,236,099)	2,975,224
Net Tangible Assets	1,128,676,526	303,738,964	340,811,807	440,173,278	364,920,298
Net Monetary Assets	445,920,181	(515,043,293)	(651,590,177)	(593,879,907)	(345,904,537)
PROFIT & LOSS ITEMS
Earnings Before Interest & Tax (EBIT)	9,129,553	(14,106,344)	(128,917,664)	83,748,685	(39,635,244)
Earnings Before Interest, Taxes, Depreciation And Amortization (EBITDA)	13,688,296	(9,708,795)	(124,975,345)	88,023,175	(36,582,234)
BALANCE SHEET ITEMS
Total Borrowings	0	0	0	0	0
Total Liabilities	684,418,704	1,586,285,402	2,753,279,760	1,827,169,898	1,078,430,372
Total Assets	1,813,095,230	1,890,024,366	3,094,091,567	2,267,343,176	1,443,350,670
Net Assets	1,128,676,526	303,738,964	340,811,807	440,173,278	364,920,298
Net Assets Backing	1,128,676,526	303,738,964	340,811,807	440,173,278	364,920,298
Shareholders' Funds	1,128,676,526	303,738,964	340,811,807	440,173,278	364,920,298
Total Share Capital	1,504,088,072	651,788,072	613,788,072	551,862,072	510,862,072
Total Reserves	(375,411,546)	(348,049,108)	(272,976,265)	(111,688,794)	(145,941,774)
GROWTH RATIOS (Year on Year) (%)
Revenue	(26.05)	5.38	(1.32)	33.33	(4.22)
Proft/(Loss) Before Tax	62.01	63.91	(519.45)	148.40	6.30
Proft/(Loss) After Tax	63.55	53.45	(570.87)	143.77	6.59
Total Assets	(4.07)	(38.92)	36.46	57.09	(0.57)
Total Liabilities	(56.85)	(42.39)	50.69	69.43	(8.95)
LIQUIDITY (Times)
Cash Ratio	0	0	0	0	0
Liquid Ratio	1.73	0.69	0.77	0.69	0.70
Current Ratio	1.98	0.89	0.95	1.00	1.00
WORKING CAPITAL CONTROL (Days)
Stock Ratio	4	5	9	10	8
Debtors Ratio	2	2	2	3	3
Creditors Ratio	3	2	3	2	3
SOLVENCY RATIOS (Times)
Gearing Ratio	0	0	0	0	0
Liabilities Ratio	0.61	5.22	8.08	4.15	2.96
Times Interest Earned Ratio	0.29	(0.31)	(3.47)	1.90	(0.94)
Assets Backing Ratio	0.75	0.47	0.56	0.80	0.71
PERFORMANCE RATIO (%)
Operating Profit Margin	(0.14)	(0.28)	(0.82)	0.19	(0.53)
Net Profit Margin	(0.17)	(0.35)	(0.80)	0.17	(0.51)
Return On Net Assets	0.81	(4.64)	(37.83)	19.03	(10.86)
Return On Capital Employed	0.79	(4.21)	(34.58)	17.74	(9.99)
Return On Shareholders' Funds/Equity	(2.42)	(24.72)	(47.32)	7.78	(21.44)
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	INR 66.02
UK Pound	1	INR 92.73
Euro	1	INR 81.46
SGD	1	INR  50.28

Note : Above are approximate rates obtained from sources believed to be correct

INFORMATION DETAILS

Analysis Done by :	NIS
Report Prepared by :	NIT

RATING EXPLANATIONS

Credit Rating	Explanation	Rating Comments
A++	Minimum Risk	Business dealings permissible with minimum risk of default
A+	Low Risk	Business dealings permissible with low risk of default
A	Acceptable Risk	Business dealings permissible with moderate risk of default
B	Medium Risk	Business dealings permissible on a regular monitoring basis
C	Medium High Risk	Business dealings permissible preferably on secured basis
D	High Risk	Business dealing not recommended or on secured terms only
NB	New Business	No recommendation can be done due to business in infancy stage
NT	No Trace	No recommendation can be done as the business is not traceable

NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.

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 are as follows:

· Financial condition covering various ratios

· Company background and operations size

· Promoters / Management background

· Payment record

· Litigation against the subject

· Industry scenario / competitor analysis

· Supplier / Customer / Banker review (wherever available)

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