MIRA INFORM REPORT

Report Date :

21.06.2007

IDENTIFICATION DETAILS

Name :	Vitol Energy SA

Registered Office :	Case postale 384, 1211 Geneve 4/GE

Country :	Switzerland

Date of Incorporation :	30-10-1986

Legal Form :	Joint Stock Company

Line of Business :	Engaged in the international trade in petroleum products and derivates.

RATING & COMMENTS

MIRA’s Rating :

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

Maximum Credit Limit :	EUR 1.000.000

Status :	Satisfactory

Payment Behaviour :	Regular

Litigation :	Clear

Detail assessment:

payments:

The financial affairs are considered good and in order.

Individual credit limit*:

EUR 1.000.000,--

Name

Vitol Energy SA

Line of Business

Produits petroliers

Legal domicile

Bd du Pont-d'Arve 28

1205 Geneve/GE

Business address

Case postale 384

1211 Geneve 4/GE

Switzerland

Telephone: 022 3221111

Fax: 022 7816611

E-Mail: www.vitol.com

CREDIT ADVICE

Credit opinion: EUR 1.000.000,--

This credit advice is based on information available at the time of conducting the research, being the above indicated date.

All amounts in this report are given in Swiss Francs (CHF) unless otherwise stated.

GENERAL COMPANY DATA

OFFICIAL DATA:

Legal form: Joint stock company

Registration: 30-10-1986

First Publication: 12-11-1986

Last Publication: 28-11-2006

Share capital: 1.000.000

Paid up: 1.000.000

Divided into: 1.000 Registered shares of 1.000

Direct Parent com.: Vitol Holding SARL, 1205 Geneve/GE with a share of 100%.

Company Management: Roland Favre

ACTIVITY:

Line of business: Petroleum products

Sector: Wholesale

Activity:

The company is engaged in the international trade in petroleum products and derivates.

Course of business: Compared to the previous year the course of business remained stable.

EMPLOYEES:

Number of employees: 2

Vitol SA, at the same address, employs 60 people.

The group employs about 400 staff.

PAYMENT AND FINANCIAL DATA

PAYMENT EXPERIENCES:

Legal actions: No legal actions or distraints are registered.

Report from 11-02-2002, in 1200 Geneve.

A current check of the legal actions requires a document of justification with a legitimate signature.

There are no recorded complaints on the business conduct of the company and current liabilities are settled in an orderly manner.

FINANCIAL DATA:

Financial position: The financial affairs are considered good and in order.

Financial Statements: The company does not disclose any financial statements.

Consolidated key figures (in USD 1.000.000):

Groupe Vitol

31.12.2006 31.12.2005 31.12.2004 31.12.2003

Sales 113'900.0 82'400.0 61'100.0 46'700.0

Banker(-s): UBS Ltd, 1200 Geneve

Credit Suisse (CS), 1200 Geneve

BNP Paribas (Suisse) SA, Geneve

ABN Amro Bank, Rotterdam

ING Bank, Rotterdam

Auditors : Ernst & Young SA, Petit-Lancy

Premises: The premises at the above mentioned address are rented.

Fiscal taxation: No information is available due to the local tax authority regulation.

COMPANY AND PERSON RELATIONS

COMPANY CONNECTIONS:

Direct Parent com.: Vitol Holding SARL, 1205 Geneve/GE with a share of 100%.

Vitol Holding SARL, also located at the header address, was registered in the commercial register on 14 November 1978, share capital of CHF 2'000'000.--.

The latter is wholly owned by Vitol Holding BV in Rotterdam.

This holding controls 60 to 70 companies worldwide.

Vitol Holding SARL wholly owns the following companies:

- Arkham SA, Geneva

- Vitol SA, Geneva

- Vitol Energy SA, Geneva

- Vitol Refining SA, Geneva

- Vitol Refining Capital Management SA, Fribourg

- Vitol Sugar SA, Geneva

- Euromin SA, Meyrin

- R & M. Vito SA, Geneva

- Vitol Central Asia SA, Geneva

- Vitol GPC Investments SA, Geneva

- Vitol NatGas SA, Geneva

Associated companies: Vitol SA, Geneve/GE

Vitol Sugar SA, Geneve/GE

Vitol Refining SA, Geneve/GE

Vitol Ltd, Geneva was registered in the commercial register on 22 March, 1972, with a fully liberalized share capital of CHF 4'900'000.--.

BOARD OF DIRECTORS:

Roland Favre, from Pont (Veveyse), in Vandoeuvres/GE/Switzerland,

President, sole signature.

Gerard Delsad, from France, in Grand-Lancy/GE/Switzerland,

Member, sole signature.

David B. Fransen, from United Kingdom, in Chene-Bougeries/GE/Switzerland,

Member, sole signature.

MANAGEMENT:

Frida Haessig, from Oberwil, in Geneve/GE/Switzerland,

Authorised signatory, sole signing authority.

PERSONNEL INFORMATION:

Roland Favre was born on 14 February 1949. In addition he is also board member or director of several companies of the Vitol Group, inter alia the following:

- Vitol SA, Geneva

- Vitol Refining SA, Geneva

- Vitol Sugar SA, Geneva (director with individual signature)

- R & M Vitol SA, Geneva

- Vitol Central Asia SA, Geneva

- Vitol Euroasia SA, Geneva

- Vitol NatGas SA, Geneva

- Vitol Refining Capital Management SA, Fribourg

- Vitol Holding SARL, Geneva (managing director with individual

signature)

- etc.

David B. Fransen is managing director with individual signature of Vitol Holding SARL, Geneva and director with individual signature of several companies of the Vitol Group.

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	Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average/normal.	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
NR		In view of the lack of information, we have no basis upon which to recommend credit dealings	No Rating

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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