MIRA INFORM REPORT

Report Date :

24.06.2011

IDENTIFICATION DETAILS

Name :	GLENCORE INTERNATIONAL AG
Registered Office :	Baarermattstrasse 3, Postfach 777, 6340 Baar
Country :	Switzerland
Financials (as on) :	31.12.2009
Date of Incorporation :	12.06.1987
Com. Reg. No.:	170.3.012.738-3 / 341238
Legal Form :	Company limited by shares
Line of Business :	Trader in raw materials of all types and investments in companies. Commodity departments

RATING & COMMENTS

MIRA’s Rating :

Aa

RATING		STATUS	PROPOSED CREDIT LINE
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

Maximum Credit Limit :	CHF 50'000'000
Status :	Excellent
Payment Behaviour :	Regular
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^st, 2011

Country Name	Previous Rating (31.12.2010)	Current Rating (31.03.2011)
Switzerland	a1	a1

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

Company name

Glencore International AG

Operating address

Baarermattstrasse 3

Postfach 777

6340 Baar

Switzerland/CH

Telephone: 041 7092000

Fax: 041 7093000

Web site: http://www.glencore.com

E-mail: info@glencore.com

VAT-No.

CHE-106.909.694

Profile

Established: 1974

Line of Business: Financial services, Trade brokers

Industry Division: Services, Wholesale trade

Industry-code (NACE): 6420 Activities of holding companies

4617 Agents involved in the sale of food, beverages and tobacco

4612 Agents involved in the sale of fuels, ores, metals and industrial chemicals

Import/Export: Import, Export

Banks: UBS Ltd

CS Credit Suisse

Organisation level: Ultimate Parent

Operational Figures

Coverage: Group

Employees: 40'000-59'999

Sales: CHF 10 Bil +

Activity

The business activities of the group are trade in raw materials of all types and investments in companies. Commodity departments: Aluminium & Alumina, Zinc & Copper & Lead, Ferroalloys & Nickel, Coal, Oil, Agricultural.

Real Estate

Real Estate: It is understood that the company owns certain property.

Company Register

Company No: 170.3.012.738-3 / 341238

Legal form: Company limited by shares

Registration: 12.06.1987

Legal status: active

Responsible Register: Handelsregister des Kantons Zug

Auditor: Deloitte AG, Zürich

History: Date of Statutes: 07.12.1994

Date of Statutes: 29.01.2009

Date of Statutes: 25.01.2005

Date of Statutes: 28.11.2002

Date of Statutes: 01.02.2000

Date of Statutes: 04.02.1999

Date of Statutes: 19.12.1995

Date of Statutes: 24.05.1995

Entry Deleted Name

active Glencore International AG

active Glencore International Ltd (Name translated)

active Glencore International SA (Name translated)

01.01.1994 Marc Rich + Co AG

01.01.1994 Marc Rich + Co Ltd (Name translated)

01.01.1994 Marc Rich + Co SA (Name translated)

Entry Deleted Legal domicile

15.01.1996 Baar, Switzerland

15.01.1996 Zug, Switzerland

Entry Deleted Address

15.01.1996 Baarermattstrasse 3, 6340 Baar/ZG, Switzerland/CH

15.01.1996 Baarerstrasse 37, 6300 Zug/ZG, Switzerland/CH

Entry Deleted Capital

active Share Capital CHF 75'000'000, paidup CHF 75'000'000

Entry Deleted Capital Structure

02.12.2002 150'000 Registered shares with restricted transferability of CHF 500.--

31.05.1995 22'500 Registered shares of CHF 500.--

31.05.1995 127'500 Preferred registered shares of CHF 500.--

31.05.1995 02.12.2002 22'500 Registered shares with restricted transferability of CHF 500.--

31.05.1995 02.12.2002 127'500 Preferred registered shares of CHF 500.--

Entry Deleted Activity (original Language)

active Handel mit Rohstoffen aller Art und anderen Gütern für eigene und fremde Rechnung; kann damit zusammenhängende Dienstleistungen erbringen oder vermitteln, Finanzierungen durchführen, Tochtergesellschaften errichten, sich an anderen Unternehmungen beteiligen oder sich mit diesen zusammenschliessen sowie Grundstücke erwerben, halten, belasten und veräussern

Entry Deleted Remarks (original Language)

active Publishing authority: SHAB.

active Merger: Übernahme der Aktiven und Passiven der "Alromi Invest AG", in Zug, gemäss Bilanz per 31.12.1993 nach Massgabe von Art. 748 OR. Die übernehmende Gesellschaft ist Eigentümerin sämtlicher Aktien der übernommenen Gesellschaft.

active Merger: Übernahme der Aktiven und Passiven der "Clarendon Holding AG", in Zug, gemäss Bilanz per 30.06.1993 nach Massgabe von Art. 748 OR. Die übernehmende Gesellschaft ist Eigentümerin sämtlicher Aktien der übernommenen Gesellschaft.

active Dividend right certificates: Ausgabe von 150'000 Genussscheinen, welche zur Abgabe an Mitarbeiter der Gesellschaft oder von der Gesellschaft direkt oder indirekt kontrollierten anderen Gesellschaften bestimmt sind und Anspruch auf Anteil am Bilanzgewinn gewähren.

06.02.2009 Shares: Die Übertragbarkeit der Namenaktien ist nach Massgabe der Statuten beschränkt.

06.02.2009 Reports: Die Mitteilungen an die Aktionäre erfolgen an ihre letzte im Aktienbuch eingetragene Adresse durch einfachen Brief.

18.04.2007 Merger: Übernahme der Aktiven und Passiven der Stafford AG, in Zug (CH-170.3.019.748-5), gemäss Fusionsvertrag vom 30.03.2007 und Bilanz per 30.03.2007. Aktiven von CHF 9'109'856.00 und Passiven (Fremdkapital) von CHF 7'751'481.00 gehen auf die übernehmende Gesellschaft über. Da die übernehmende Gesellschaft sämtliche Aktien der übertragenden Gesellschaft hält, findet weder eine Kapitalerhöhung noch eine Aktienzuteilung statt.

04.10.2004 Merger: Grenzüberschreitende Uebernahme der Aktiven und der Passiven der "Glencore ORA SA", in Paris (FR), (B 314 842 196), Société anonyme nach dem Recht des Staates Frankreich, gemäss Fusionsvertrag vom 17.08.2004 und Bilanz per 30.06.2004. Aktiven von CHF 210'882'000.00 und Fremdkapital von CHF 9'000.00 gehen auf die übernehmende Gesellschaft über. Da die übernehmende Gesellschaft sämtliche Aktien der übertragenden Gesellschaft hält, findet weder eine Kapitalerhöhung noch eine Aktienzuteilung statt

17.01.2002 Merger: Uebernahme der Aktiven von CHF 40'984'000.00 und der Passiven von CHF 804'000.00 der "Glencore Grain Holding AG", in Baar, gemäss Bilanz per 30.11.2001 und Fusionsvertrag vom 24.12.2001 nach Massgabe von Art. 748 OR. Da die übernehmende Gesellschaft Eigentümerin sämtlicher Aktien der übernommenen Gesellschaft ist, findet keine Kapitalerhöhung statt.

Official Administration

Title Name

President Willy R. Strothotte, Origin: Germany, Address: Feusisberg, Switzerland, joint signature of two

Executive Director Ivan Glasberg, Origin: Australia, Address: Rüschlikon, Switzerland, joint signature of two

Executive Director Zbynek Zak, Origin: Zug, Switzerland, Address: Zug/ZG, Switzerland, joint signature of two

Executive Director Craig Davis, Origin: United States of America, Address: Pebble Beach, United States of America, joint signature of two

Executive Director Dr. Peter A. Pestalozzi, Origin: Zürich, Switzerland, Address: Meilen, Switzerland, joint signature of two

Management

Title Name

Member with signing authority Barbara Anna Bodmer, Origin: Zürich, Wetzikon ZH, Switzerland, Address: Thalwil, Switzerland, joint signature of two, Appointment: 16.12.2009

Member with signing authority Richard James Marshall, Origin: United Kingdom, Address: Walchwil, Switzerland, joint signature of two, Appointment: 16.12.2009

Member with signing authority Tor Peterson, Origin: United States of America, Address: Oberägeri, Switzerland, joint signature of two

Member with signing authority Daniel Maté, Origin: Spain, Address: Wollerau, Switzerland, joint signature of two

Member with signing authority Aristotelis Mistakidis, Origin: United Kingdom, Address: Walchwil, Switzerland, joint signature of two

Member with signing authority Steven Frank Kalmin, Origin: Australia, Address: Wollerau, Switzerland, joint signature of two

Member with signing authority Gerda Constanze Schwindt, Origin: Arbon, Switzerland, Address: Zofingen, Switzerland, joint signature of two, Appointment: 14.02.2011

Member with signing authority Stuart Anthony Cutler, Origin: South Africa, Address: Baar, Switzerland, joint signature of two

Member with signing authority Stefan H. Peter, Origin: Zell ZH, Switzerland, Address: Cham, Switzerland, joint signature of two

Member with signing authority Christian Wolfensberger, Origin: Zürich, Wetzikon ZH, Switzerland, Address: Zug/ZG, Switzerland, joint signature of two

Member with signing authority Steven Anthony Blumgart, Origin: South Africa, Address: 6340 Baar/ZG, Switzerland, joint signature of two

Member with signing authority Gary Fegel, Origin: Zürich, Switzerland, Address: 8802 Kilchberg /ZH, Switzerland, joint signature of two

Member with signing authority Andreas Peter Hubmann, Origin: Bichelsee, Switzerland, Address: Zug/ZG, Switzerland, joint signature of two

Executive board

Title Name

Chief Executive Officer Willy R. Strothotte

Chief Financial Officer Zbynek Zak

Financial Data Glencore Group

Consolidation: consolidated

Industry: Trade/Industry

Fiscal year end: 31.12.2009 31.12.2008 31.12.2007 31.12.2006 31.12.2005

Number of months: 12 12 12 12 12

Currency: mil. USD mil. USD mil. USD mil. USD mil. USD

Operating revenue 106'364.0 152'236.0 142'343.0 116'500.0 91'031.0

Operating result 3'291.0 5'343.0 7'703.0 5'850.0 3'442.0

Result before minority interests 2'724.0 4'754.0 5'190.0

Total shareholders equity 16'686.0 15'405.0 15'671.0 10'900.0 6'400.0

Total assets 66'300.0 61'300.0 60'000.0 47'100.0 32'400.0

Employees at year end 52'000 52'000 52'000 52'000 52'000

Employees inland 400 400 400 400 400

Employees abroad 51'600 51'600 51'600 51'600 51'600

Owner/-s

No. of Owner/-s: 2

Owner: The company is domestic owned.

Class: 50-99%

Name: Glencore Holding AG

City/Country: Baar, Switzerland/CH

Interest: 85.00% voting right, 85.00% capital interest

Class: 10-19%

Name: Glencore L.T.E. AG

City/Country: Baar, Switzerland/CH

Interest: 15.00% voting right, 15.00% capital interest (since 2002)

Investments

Class: 100%

Name: Carbones de La Jagua

City/Country: La Jagua, Colombia/CO

Interest: 100.00% voting right, 100.00% capital interest (since 2005)

Class: 100%

Name: CI Prodeco SA

City/Country: Santafe de Bogota, Colombia/CO

Interest: 100.00% voting right, 100.00% capital interest (since 1995)

Class: 100%

Name: Cobar Management Pty Limited

City/Country: Cobar, Australia/AU

Interest: 100.00% voting right, 100.00% capital interest (since 1999)

Class: 100%

Name: Columbia Falls Aluminium Comapny Llc

City/Country: Columbia Falls, United States of America/US

Interest: 100.00% voting right, 100.00% capital interest (since 1999)

Class: 100%

Name: Compania Minera Aguilar SA

City/Country: Buenos Aires, Argentina/AR

Interest: 100.00% voting right, 100.00% capital interest (since 2005)

Class: 100%

Name: Evergreen Aluminium Llc

City/Country: Vancouver, United States of America/US

Interest: 100.00% voting right, 100.00% capital interest (since 2002)

Class: 100%

Name: Glencobar AG

City/Country: Baar, Switzerland/CH

Interest: 100.00% voting right, 100.00% capital interest

Class: 100%

Name: Glencore AG

City/Country: Baar, Switzerland/CH

Interest: 100.00% voting right, 100.00% capital interest (since 1978)

Class: 100%

Name: Glencore (Asia) AG

City/Country: Baar, Switzerland/CH

Interest: 100.00% voting right, 100.00% capital interest (since 1983)

Class: 100%

Name: Glencore Capital Limited

City/Country: Hamilton, Bermuda/BM

Interest: 100.00% voting right, 100.00% capital interest

Class: 100%

Name: Glencore (Europe) AG

City/Country: Baar, Switzerland/CH

Interest: 100.00% voting right, 100.00% capital interest (since 1991)

Class: 100%

Name: Glencore (Far East) AG

City/Country: Baar, Switzerland/CH

Interest: 100.00% voting right, 100.00% capital interest (since 1975)

Class: 100%

Name: Glencore Finance AG

City/Country: Baar, Switzerland/CH

Interest: 100.00% voting right, 100.00% capital interest (since 1991)

Class: 100%

Name: Glencore Finance (Bermuda) Limited

City/Country: Hamilton, Bermuda/BM

Interest: 100.00% voting right, 100.00% capital interest

Class: 100%

Name: Glencore Financial Services AG

City/Country: Baar, Switzerland/CH

Interest: 100.00% voting right, 100.00% capital interest (since 2004)

Class: 100%

Name: Glencore Gastroservice AG

City/Country: Baar, Switzerland/CH

Interest: 100.00% voting right, 100.00% capital interest (since 1995)

Class: 100%

Name: Glencore Grain Trading NV

City/Country: Curaçao, Netherlands Antilles/AN

Interest: 100.00% voting right, 100.00% capital interest

Class: 100%

Name: Glencore Grain UK Ltd

City/Country: Thame, United Kingdom/GB

Interest: 100.00% voting right, 100.00% capital interest

Class: 100%

Name: Glencore Investment AG

City/Country: Baar, Switzerland/CH

Interest: 100.00% voting right, 100.00% capital interest (since 1992)

Class: 100%

Name: Glencore L.T.E. AG

City/Country: Baar, Switzerland/CH

Interest: 100.00% voting right, 100.00% capital interest (since 2002)

Class: 100%

Name: Glencore Minera AG

City/Country: Baar, Switzerland/CH

Interest: 100.00% voting right, 100.00% capital interest (since 1987)

Class: 100%

Name: Glencore Mining AG

City/Country: Baar, Switzerland/CH

Interest: 100.00% voting right, 100.00% capital interest (since 1987)

Class: 100%

Name: Glencore NV

City/Country: Curaçao, Netherlands Antilles/AN

Interest: 100.00% voting right, 100.00% capital interest

Class: 100%

Name: Glencore Oil Projects AG

City/Country: Baar, Switzerland/CH

Interest: 100.00% voting right, 100.00% capital interest (since 1991)

Class: 100%

Name: Glencore Proline AG

City/Country: Baar, Switzerland/CH

Interest: 100.00% voting right, 100.00% capital interest (since 2005)

Class: 100%

Name: Glencore (South East Asia) AG

City/Country: Baar, Switzerland/CH

Interest: 100.00% voting right, 100.00% capital interest (since 1990)

Class: 100%

Name: Glencore Trading AG

City/Country: Baar, Switzerland/CH

Interest: 100.00% voting right, 100.00% capital interest (since 1986)

Class: 100%

Name: Oleaginosa Moreno Hermanos SACIFIA

City/Country: Bahia Blanca, Argentina/AR

Interest: 100.00% voting right, 100.00% capital interest (since 1997)

Class: 100%

Name: Oleaginosa Oeste SA

City/Country: Capital Federal, Argentina/AR

Interest: 100.00% voting right, 100.00% capital interest

Class: 100%

Name: Portovesme Srl

City/Country: Roma, Italy/IT

Interest: 100.00% voting right, 100.00% capital interest (since 1999)

Class: 100%

Name: Poysa Investments SA

City/Country: Buenos Aires, Argentina/AR

Interest: 100.00% voting right, 100.00% capital interest

Class: 100%

Name: Sinchi Wayra SA

City/Country: La Paz, Bolivia/BO

Interest: 100.00% voting right, 100.00% capital interest (since 2005)

Class: 50-99%

Name: Kazzinc JSC

City/Country: Ust-Kamenogorsk, Kazakhstan/KZ

Interest: 99.00% voting right, 99.00% capital interest (since 1997)

Class: 50-99%

Name: Empresa Minera Los Quenuales SA

City/Country: Lima, Peru/PE

Interest: 97.00% voting right, 97.00% capital interest (since 1995)

Class: 50-99%

Name: Perubar SA

City/Country: Lima, Peru/PE

Interest: 85.00% voting right, 85.00% capital interest (since 1988)

Class: 50-99%

Name: Katanga Mining Limited

City/Country: Katanga, Congo/CG

Interest: 77.90% voting right, 77.90% capital interest

Class: 50-99%

Name: Mopani Copper Mines Plc

City/Country: Mufulira, Zambia/ZM

Interest: 73.00% voting right, 73.00% capital interest (since 2000)

Class: 50-99%

Name: Philippine Associated Smelting and Refining Corporaton

City/Country: Makati City, Philippines/PH

Interest: 73.00% voting right, 73.00% capital interest (since 1999)

Class: 50-99%

Name: Minara Resources Limited

City/Country: Perth, Australia/AU

Interest: 70.60% voting right, 70.60% capital interest (since 1996)

Class: 50-99%

Name: BIOPETROL INDUSTRIES AG

City/Country: Baar, Switzerland/CH

Interest: 50.01% voting right, 50.01% capital interest (since 2009)

Class: 30-39%

Name: Century Aluminum Company

City/Country: Monterey, United States of America/US

Interest: 38.10% voting right, 49.00% capital interest

Class: 30-39%

Name: Xstrata Plc

City/Country: Zug, Switzerland/CH

No. of shares: 3'368'013'000

Interest: 34.45% voting right, 34.45% capital interest

Class: 30-39%

Name: Carbones del Cerrejon SA

City/Country: Barranquilla, Colombia/CO

Interest: 33.30% voting right, 33.30% capital interest (since 1995)

Class: 30-39%

Name: Recylex SA

City/Country: Paris, France/FR

Interest: 32.22% voting right, 32.16% capital interest

Class: 0-9%

Name: United Company Rusal

City/Country: Moscow, Russia/RU

Interest: 9.70% voting right, 9.70% capital interest (since 2007)

Legal Actions

An updated legal action check is only available against proof of interest. e.g. a copy of an enquiry letter, and order or invoice relating to the subject company.

Credit Information

Financial Situation: The financial situation is very good.

Payment experiences: Payment habits are considered good.

Maximum Credit: CHF 50'000'000.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.44.93
UK Pound	1	Rs.72.09
Euro	1	Rs.64.21

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

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.