MIRA INFORM REPORT

Report Date :

03.03.2011

IDENTIFICATION DETAILS

Correct Name :	WORLD FUEL SERVICES (SINGAPORE) PTE LTD
Registered Office :	238A THOMSON ROAD #17-03 NOVENA SQUARE SINGAPORE 307684
Country :	Singapore
Financials (as on) :	31.12.2009
Date of Incorporation :	02.03.1995
Com. Reg. No.:	199501485M
Legal Form :	Limited Private Company
Line of Business :	Wholesale of Solid, Liquid and Gaseous Fuels and Related Products Nec

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 :	S$1,000,000
Status :	Excellent
Payment Behaviour :	No complaints
Litigation :	Exists

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 – June 30, 2010

Country Name	Previous Rating (01.04.2010)	Current Rating (30.06.2010)
Singapore	A1	A1

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

Executive Summary

Company Name	:	WORLD FUEL SERVICES (SINGAPORE) PTE LTD
Registration No	:	199501485M
Date of Registration	:	02/03/1995
Former Name	:	NA
Date of Change of Name	:	NA
Type of Company	:	LIMITED PRIVATE COMPANY
Registered Address	:	238A THOMSON ROAD #17-03 NOVENA SQUARE SINGAPORE 307684
Date of Change of Address	:	25/09/2006
Contact No.	:	6215 6920
Fax No.	:	6215 6905
Website	:	www.worldfuel.com
Registered Activities	:	1. WHOLESALE OF SOLID, LIQUID AND GASEOUS FUELS AND RELATED PRODUCTS NEC (EG BITUMEN) 2. GENERAL WHOLESALE TRADE (INCLUDING GENERAL IMPORTERS AND EXPORTERS)
Issued Ordinary Capital*	:	$14,680,440.00 SINGAPORE, DOLLARS ,NO. OF SHARE : 128,000
Issued Preference Capital	:	NA
Paid-Up Ordinary Capital	:	$14,680,440.00 SINGAPORE, DOLLARS
Paid-Up Preference Capital	:	NA
* Number of Shares includes number of Issued Treasury Shares
Issued Treasury Capital	:	NA
Paid-Up Treasury Capital	:	NA
No. of Local Subsidiaries	:	12
No. of Local Associates	:	NA
Auditor	:	PRICEWATERHOUSECOOPERS LLP
Bankers / Financiers	:	NA
Turnover	:	SGD - SIN 4,892,431,813.00 (FY2009)
Net Worth	:	SGD - SIN 357,895,038.00 (FY2009)
No. of Bank Charges	:	NA
No. of Litigation Suits	:	2
S1000 / SME 500 / FG50 Ranking	:	46 POSITION IN SINGAPORE 1000 (2008/2009) 54 POSITION IN SINGAPORE 1000 (2007/2008)
Compounded Annual Growth Rate (CAGR)	:	5.24% (4 years)

Credit Recommendation

Recommended Credit Line

:

S$1,000,000

SHAREHOLDER DETAILS

NAME	:	WORLD FUEL SINGAPORE HOLDING COMPANY II PTE LTD
SHAREHOLDER ID	:	200107255D
NATIONALITY	:	SINGAPORE
ADDRESS	:	238A THOMSON ROAD #17-03 NOVENA SQUARE SINGAPORE 307684
NO. OF ORD SHARES	:	128,000
% OF SHAREHOLDING	:	100%
CURRENCY	:	SINGAPORE, DOLLARS

OFFICER DETAILS

NAME	:	CARLOS MANUEL VELAZQUEZ
ADDRESS	:	784 SW 159TH LANE, PEMBROKE PINES FL 33027, USA
POSITION	:	DIRECTOR
DATE OF APPT	:	22/02/2010
NATIONALITY	:	AMERICAN
I/C PASSPORT	:	047608935
NAME	:	ROBERT PETER VREDENBURGH
ADDRESS	:	7425 SW 159 TERRACE PALMETTO BAY, FL 33157, USA
POSITION	:	DIRECTOR
DATE OF APPT	:	26/10/2009
NATIONALITY	:	AMERICAN
I/C PASSPORT	:	217628668
NAME	:	ELLEN LOW LYE CHUN
ADDRESS	:	16 AMBER GARDENS #23-02 AMBER PARK SINGAPORE 439961
POSITION	:	SECRETARY
DATE OF APPT	:	01/06/2006
NATIONALITY	:	SINGAPORE CITIZEN
I/C PASSPORT	:	S1098544G
NAME	:	CHONG HOCK CHAI PHILIP
ADDRESS	:	627 BUKIT BATOK CENTRAL #11-646 SINGAPORE 650627
POSITION	:	DIRECTOR
DATE OF APPT	:	26/10/2009
NATIONALITY	:	SINGAPORE CITIZEN
I/C PASSPORT	:	S1333361J
NAME	:	LEE BOON MENG FRANCIS
ADDRESS	:	1 GOLDEN WALK GOLDENHILL VILLAS SINGAPORE 554667
POSITION	:	DIRECTOR MANAGING DIRECTOR
DATE OF APPT	:	02/03/1995 30/03/1995
NATIONALITY	:	SINGAPORE CITIZEN
I/C PASSPORT	:	S1428869D
NAME	:	PHILIP TAN ENG LAY
ADDRESS	:	6 HOUGANG STREET 92 #09-02 REGENTVILLE SINGAPORE 538685
POSITION	:	DIRECTOR
DATE OF APPT	:	22/02/2010
NATIONALITY	:	SINGAPORE P.R.
I/C PASSPORT	:	S2638844I
NAME	:	CARYN TAN KEE BOON
ADDRESS	:	724 YISHUN STREET 71 #06-169 SINGAPORE 760724
POSITION	:	SECRETARY
DATE OF APPT	:	01/06/2006
NATIONALITY	:	SINGAPORE P.R.
I/C PASSPORT	:	S6875589A

KEY PERSONNEL PROFILE

Name:	LEE BOON MENG FRANCIS
NRIC Number:	S1428869D
Available Address:	1 GOLDEN WALK GOLDENHILL VILLAS SINGAPORE 554667

Current Business Interest

No.	Name	Position	Appt Date	#of Share	%
1	BUNKERFUELS	MANAGER	23/12/2004	-	-
2	MARINE ENERGY	MANAGER	04/08/2005	-	-
3	NORSE BUNKERS	MANAGER	28/06/2004	-	-
4	OIL SHIPPING	MANAGER	27/01/2005	-	-
5	PACIFIC HORIZON	MANAGER	04/07/2003	-	-
6	TRAMP OIL	MANAGER	24/02/2005	-	-
7	TRAMP OIL & MARINE	MANAGER	01/03/2005	-	-
8	TRANS-TEC	MANAGER	15/11/2002	-	-
9	WORLD FUEL SERVICES	MANAGER	09/06/2005	-	-
10	WORLD FUEL SERVICES (SINGAPORE) PTE LTD	DIRECTOR	02/03/1995	-	-
11	WORLD FUEL SERVICES (SINGAPORE) PTE LTD	MANAGING DIRECTOR	30/03/1995	-	-
12	WORLD FUEL SINGAPORE HOLDING COMPANY I PTE LTD	DIRECTOR	26/11/2001	-	-
13	WORLD FUEL SINGAPORE HOLDING COMPANY II PTE LTD	DIRECTOR	29/01/2002	-	-

Previous Business

No.	Name	Status	Position	Appt Date	Last Known Inactive Date
1	OIL SHIPPING (SINGAPORE) PTE LTD	DISSOLVED - MEMBERS' VOLUNTARY WINDING UP	DIRECTOR	28/02/2002	-
2	TRAMP OIL & MARINE (FAR EAST) PTE LTD	DISSOLVED - MEMBERS' VOLUNTARY WINDING UP	DIRECTOR	24/03/2005	-
3	TRANS-TEC SERVICES (SINGAPORE) PTE LIMITED	DISSOLVED - MEMBERS' VOLUNTARY WINDING UP	DIRECTOR	01/10/1992	-

KEY PERSONNEL PROFILE

Bankruptcy Record

Case No.	Year	Date of Filing	Petitioner Name	Amount
No Trace

Litigation Search – Writ of Summons

Court	Case No.	Year	Date of Filing	Amount	Cause Category
No Trace

SUBSIDIARIES AND ASSOCIATE COMPANIES

Company	Shareholdings (%)
BASEOPS ASIA	NA (SOLE-PROPRIETOR)
BUNKERFUELS INTERNATIONAL	NA (SOLE-PROPRIETOR)
TRANS-TEC	NA (SOLE-PROPRIETOR)
NORSE	NA (SOLE-PROPRIETOR)
PACIFIC HORIZON	NA (SOLE-PROPRIETOR)
NORSE BUNKERS	NA (SOLE-PROPRIETOR)
BUNKERFUELS	NA (SOLE-PROPRIETOR)
OIL SHIPPING	NA (SOLE-PROPRIETOR)
TRAMP OIL & MARINE	NA (SOLE-PROPRIETOR)
TRAMP OIL	NA (SOLE-PROPRIETOR)
WORLD FUEL SERVICES	NA (SOLE-PROPRIETOR)
MARINE ENERGY	NA (SOLE-PROPRIETOR)

BANKERS/ FINANCIERS

Subject enjoys a normal banking routine with its bankers. To date, there are no bank charges registered against Subject by its bankers.

LITIGATION

The following litigation suits were traced against Subject. For the latest status of the suit, please obtain the full details of the suit through Litigation Detail Search (DLIT) offered

To date, there have been 2 litigation suits filed against Subject.

	Current Year On/After 01 Jan 2011	Past Years Wef 01 Jan 2011
Court (Claim under normal circumstances)
Magistrate (< $80,000)	0	0
District ($80,000 - $250,000)	0	1
High (>$250,000)	1	0
Winding Up Trace		No
In litigation/Dissolved/Struck Off/In receivership		No

The details are as follows:

1)	Court	:	District Court
	Case No.	:	848
	Date of Filing	:	19/03/2007
	Amount	:	10,000.00
	Cause	:	Land (including Sale and Tenancy)
	Case Status	:	CONCLUDED
	Plaintiff	:	SC PEIRCE (TWO) PTE. LTD.
	Last Update Date	:	03/06/2008
2)	Court	:	Supreme Court
	Case No.	:	78
	Date of Filing	:	08/02/2011
	Amount	:	410,927.81
	Cause	:	Contract - Others
	Case Status	:	PENDING
	Plaintiff	:	ONSYS ENERGY PTE LTD
	Last Update Date	:	09/02/2011

COMPLIANCE

Date of Last AGM	:	30/06/2010
Date of Last AR	:	12/07/2010
Date of A/C Laid At Last AGM	:	31/12/2009

FINANCIAL HIGHLIGHTS

Financial Figures	Group
	DEC 2009	% Change	DEC 2008	DEC 2007	DEC 2006	DEC 2005
Currency	SGD - SIN		SGD - SIN	SGD - SIN	SGD - SIN	SGD - SIN
Profit and Loss Key Figures
Turnover	4,892,431,813	-35.51	7,585,850,747	6,657,400,426	5,312,527,284	3,988,610,414
Profit/(Loss) Before Tax	90,384,531	-13.92	105,001,678	67,701,171	57,299,539	46,311,165
Profit After Tax attributable to Shareholders	82,292,355	-14.67	96,436,861	58,748,397	49,898,162	41,927,273
Balance Sheet Key Figures
Total Assets	861,680,465	54.21	558,774,584	846,240,949	633,184,704	439,322,688
Current Assets	860,576,480	54.16	558,220,920	835,573,398	630,954,792	437,429,054
Non Current Assets	1,103,985	99.40	553,664	10,667,551	2,229,912	1,893,634
Total Liabilities	503,785,426	82.52	276,014,716	644,937,877	482,883,056	329,386,557
Current Liabilities	502,882,969	83.63	273,863,749	633,502,064	481,053,687	327,505,805
Non Current Liabilities	902,457	-58.04	2,150,967	11,435,813	1,829,369	1,880,752
Shareholders' Funds	357,895,038	26.57	282,759,868	201,303,074	150,301,647	109,936,132
Share Capital	12,957,000	3.13	12,563,803	13,379,814	14,106,925	118,835
Total Reserves	344,938,038	27.66	270,196,065	187,923,260	136,194,722	109,817,297

FINANCIAL RATIOS

	Group
	DEC 2009	DEC 2008	DEC 2007	DEC 2006	DEC 2005
Growth %
Year-on-Year Growth	-35.51	13.95	25.32	33.19	NA
Profitability
Profit Margin (%)	1.68	1.27	0.88	0.94	1.05
Return on Equity (%)	22.99	34.11	29.18	33.20	38.14
Return on Assets (%)	9.55	17.26	6.94	7.88	9.54
Leverage
Total Debt/Equity (Times)	1.41	0.98	3.20	3.21	3.00
Current Debt/Equity (Times)	1.41	0.97	3.15	3.20	2.98
Long Term Debt To Equity (Times)	0.00	0.01	0.06	0.01	0.02
Total Asset To Total Equity (Times)	2.41	1.98	4.20	4.21	4.00
Asset Management
Total Assets Turnover (Times)	5.68	13.58	7.87	8.39	9.08
Fixed Assets Turnover (Times)	4,431.61	13,701.18	624.08	2,382.39	2,106.33
Liquidity
Current Ratio (Times)	1.71	2.04	1.32	1.31	1.34

FINANCIAL HIGHLIGHTS

Financial Figures	Company
	DEC 2006	% Change	DEC 2005
Currency	SGD - SIN		SGD - SIN
Profit and Loss Key Figures
Turnover	*	NA	0
Profit/(Loss) Before Tax	*	NA	0
Profit After Tax attributable to Shareholders	*	NA	0
Balance Sheet Key Figures
Total Assets	407,825,513	57.79	258,457,365
Current Assets	399,871,858	59.66	250,457,861
Non Current Assets	7,953,655	-0.57	7,999,504
Total Liabilities	316,013,710	62.03	195,038,527
Current Liabilities	315,132,872	62.33	194,135,337
Non Current Liabilities	880,838	-2.47	903,190
Shareholders' Funds	0	NA	0
Share Capital	8,904,341	12,386.98	71,309
Total Reserves	82,907,462	30.88	63,347,529

* As per Companies Act, section 201 Accounts, Consolidated accounts and directors report, sub-section 3A.

FINANCIAL RATIOS

	Company
	DEC 2006	DEC 2005
Growth %
Year-on-Year Growth	NA	NA
Profitability
Profit Margin (%)	0.00	0.00
Return on Equity (%)	0.00	0.00
Return on Assets (%)	0.00	0.00
Leverage
Total Debt/Equity (Times)	0.00	0.00
Current Debt/Equity (Times)	0.00	0.00
Long Term Debt To Equity (Times)	0.00	0.00
Total Asset To Total Equity (Times)	0.00	0.00
Asset Management
Total Assets Turnover (Times)	0.00	0.00
Fixed Assets Turnover (Times)	0.00	0.00
Liquidity
Current Ratio (Times)	1.27	1.29

FINANCIAL COMMENTARY

Compound Annual Growth Rate

The company's CAGR is 5.24% (4 years).

CAGR is the year-over-year growth rate of a company over a specified period. Instead of looking at the average growth rate, CAGR allow users to look at the annualized growth rate of a company over a given period, a more indicative measure of growth of a company’s performance over a given period.

Profitability

The group yielded a rate of net profit on sales of 1.68 per cent in FY09 (FY08: 1.27 per cent). The group is now able to book in SGD - SIN 0.02 of profit for every SGD - SIN of sales in FY09, as compared with SGD - SIN 0.01 a year ago.

Liquidity

Current ratio stood at 1.71 times in FY09 (FY08: 2.04 times). This means that the group has SGD - SIN 1.71 of current assets for every SGD - SIN of current liability incurred.

A minimum figure of 1.0 would be considered the lowest limit that this figure should reach. Any business that has a current ratio near 1.0 may be heading for liquidity problems, and would need to be closely monitored. A figure greater than 2.0 would be more desirable, to act as a buffer against any short-term liquidity problems, and give creditors/bank managers a degree of comfort when granting credit/finance.

Leverage

Total debt-to-equity ratio notched 1.41 times in FY09, as compared with 0.98 times in FY08. This means that the group requires additional external financing of SGD - SIN 1.41 for every SGD - SIN injected into its operations.

Generally, a total debt-to-equity ratio of less than 0.5 times is preferred. The ratio measures the proportion of the company's reliance on external debt for financing, relative to the shareholder's fund. A lower ratio would imply a greater financial safety and operating freedom for the company.

Efficiency Ratio

Return on equity was 22.99 per cent for Subject in the current financial period, as compared to 34.11 per cent a year ago. The return on equity measures the return earned on the owner's investment. Generally, the higher this return, the better off the owner.

Return on assets stood at 9.55 per cent (FY08: 17.26 per cent). The return on asset measures the overall effectiveness of management in generating profit with its available assets.

Total assets turnover ratio logged at 5.68 times in FY09 (FY08: 13.58 times). This ratio measures the group's ability to make productive use of its total assets to generate sales which reflects the efficiency of the management in utilising its resources.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.45.12
UK Pound	1	Rs.73.43
Euro	1	Rs.62.32

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 Company	----

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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