MIRA INFORM REPORT

Report Date :

14.05.2011

IDENTIFICATION DETAILS

Name :	NATIXIS COMMODITY MARKETS LIMITED
Formerly Known As :	NATEXIS COMMODITY MARKETS LIMITED.
Registered Office :	Cannon Bridge House, 25 Dowgate Hill, London, Ec4r 2ya.
Country :	United Kingdom
Financials (as on) :	31.12.2008
Date of Incorporation :	02.02.1976
Com. Reg. No.:	01242631
Legal Form :	Private Limited Company
Line of Business :	A dealer in commodities and commodity derivatives

RATING & COMMENTS

MIRA’s Rating :

A

RATING		STATUS	PROPOSED CREDIT LINE
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

Maximum Credit Limit :	GBP 1,000,000
Status :	Good
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 – December 31, 2010

Country Name	Previous Rating (30.09.2010)	Current Rating (31.12.2010)
United Kingdom	a1	a1

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

Company Identification Details

Subject Reported on	NATIXIS COMMODITY MARKETS LIMITED
Registration Number	01242631
VAT Number	GB740577036
Address	CAPITAL HOUSE, 85 KING WILLIAM STREET, LONDON, EC4N 7BL.
Telephone	020 72205000
Web Address	www.natexiscm.com

Creditline Recommendations

Monthly Credit Guide

GBP 1,000,000

Official Company Data

Legal Form	Private Limited
Registration Number	01242631
VAT Number	GB740577036
Subject Status	Trading
Date of Incorporation	02/02/1976
Registered Office	CANNON BRIDGE HOUSE, 25 DOWGATE HILL, LONDON, EC4R 2YA.
History	27/03/2008 : The Registered Office address changed from CAPITAL HOUSE, 85 KING WILLIAM STREET, LONDON.
	20/04/2007 : Change of name from NATEXIS COMMODITY MARKETS LIMITED.
	23/07/2005 : The Registered Office address changed from 5TH FLOOR MANSION COURT, 47-53 CANNON STREET,.
	4/01/2005 : Change of name from NATEXIS METALS LIMITED.
	15/06/2001 : Change of name from SOGEMIN METALS LIMITED.
	25/09/1999 : The Registered Office address changed from FOURTH FLOOR, 98 CANNON ST, LONDON, EC4N 6EN.
	27/05/1998 : The Registered Office address changed from FOURTH FLOOR, 98 CANNON ST, LONDON, EC4N 6EU,.
	15/05/1990 : Change of name from SOGEMIN (METALS) LIMITED.
Date of Last Annual Return to Registry	01/05/2010
Accounts	The last filed accounts at Companies House are those to 31/12/2009
Accounting Reference Date	31/12

Operations

Activities	A dealer in commodities and commodity derivatives. Accounts data expressed in US dollars. T/O = income from operations.
Nace Code	6523
Premises	Leased, Offices
Staff Employed	108
Import Countries	No Import Activity
Export Countries	No Export Activity
Bankers	HSBC BANK PLC
Address	ADDRESS NOT PROVIDED.
Auditors	Deloitte LLP
Subsidiaries	NATIXIS SERVICES (UK) LIMITED

Historical Rating

Date	Monthly Credit Guide
20/12/2010	1,000,000
20/09/2010	1,000,000
20/06/2010	1,000,000
20/03/2010	1,000,000
20/12/2009	1,000,000

Public Record Information

Summary of CCJ's/Scottish Decrees

No CCJs/Scottish Decrees are recorded in our file.

Summary of Mortgages, Charges and Satisfactions

Total Number of Mortgages/Charges Registered	1571
Number Outstanding	87
Number Partially Satisfied	0
Number Satisfied	1484
Date of Latest Mortgage Created	29/09/2010
Date of Latest Satisfaction	19/07/2010

Details of most recent Mortgages, Charges and Satisfactions

Date Fully Satisfied	Date Registered	Date Created	Charge Description	Form Type	Lender
	08/10/2010	29/09/2010	Deed Of Mortgage	MG01	Galena Fund L.P.
	11/12/2008	03/12/2008	Deed Of Pledge Of Deposit	395	Abn Amro Bank N.V.
06/07/2010	05/11/2008	29/10/2008	Security On Cash Deposit	395	Societe Generale
	29/10/2008	22/10/2008	Deed Of Pledge Of Deposit	395	Abn Amro Bank N.V.
	21/06/2008	30/05/2008	Deed Of Pledge Of Deposit Executed Outside The United Kingdom....	395	Abn Amro Bank N.V.
06/07/2010	07/05/2008	29/04/2008	Security On Cash Deposit	395	Societe Generale
	25/04/2008	18/04/2008	Deed Of Pledge Of Deposit	395	Abn Amro Bank Nv
	15/12/2007	29/11/2007	Deed Of Pledge Of Deposit	395	Abn Amro Bank N.V.
	30/10/2007	18/10/2007	Deed Of Pledge Of Deposit	395	Abn Amro Bank N.V.
06/07/2010	27/10/2007	17/10/2007	Security On Cash Deposit	395	Societe Generale

It should be noted that there is no legal requirement to file satisfaction details of mortgages/charges at Companies House.

Other Filings and Notices

Date

Source

Description

22/10/2010	Companies House Gazette	Notification of any change among the company's directors
18/11/2009	Companies House Gazette	Notification of any change among the company's directors
16/09/2009	Companies House Gazette	Change among directors of a company
15/07/2009	Companies House Gazette	Change among directors of a company
01/06/2009	Companies House Gazette	Change among directors of a company
20/05/2009	Companies House Gazette	Change among directors of a company
05/05/2009	Companies House Gazette	Change among directors of a company
30/04/2009	Companies House Gazette	Change among directors of a company
09/03/2009	Companies House Gazette	Change among directors of a company
05/02/2009	Companies House Gazette	Change among directors of a company
16/12/2008	Companies House Gazette	Change among directors of a company
26/03/2008	Companies House Gazette	Change among directors of a company
20/03/2008	Companies House Gazette	Change among directors of a company
18/02/2008	Companies House Gazette	Change among directors of a company
17/10/2007	Companies House Gazette	Change among directors of a company
05/07/2006	Companies House Gazette	Change among directors of a company
14/06/2006	Companies House Gazette	Change among directors of a company
11/05/2006	Companies House Gazette	Change among directors of a company
25/11/2005	Companies House Gazette	Alteration in memorandum or articles of association
11/11/2005	Companies House Gazette	Change among directors of a company

Company Secretary

Secretary	ADRIAN PAUL PENNEY
Service Address	109 WESTERN ROAD, BILLERICAY, ESSEX, CM12 9DT.
Country of Origin	UNITED KINGDOM
Date of Birth	19/02/1965
Appointment Date	29/12/2000

Directors

Director	EDWARD HENRY EWEN SAWBRIDGE
Service Address	LONGWOOD, KINGS ROAD, SUNNINGHILL, BERKSHIRE, SL5 0AG.
Country of Origin	UNITED KINGDOM
Date of Birth	14/08/1953
Appointment Date	26/10/2000
Director	ANDREW WILLIAM GOOCH
Service Address	CANNON BRIDGE HOUSE 25 DOWGATE HILL, LONDON, EC4R 2YA.
Country of Origin	UNITED KINGDOM
Date of Birth	04/07/1959
Appointment Date	08/10/2007
Director	MR TAOUFIK CHERIF
Service Address	CANNON BRIDGE HOUSE 25 DOWGATE HILL, LONDON, EC2R 4YA.
Country of Origin	FRANCE
Date of Birth	06/02/1962
Appointment Date	19/03/2008
Director	MR STEPHANE JEAN-PIERRE MARIE ABOUT
Service Address	CANNON BRIDGE HOUSE 25 DOWGATE HILL, LONDON, EC4R 2YA.
Country of Origin	FRANCE
Date of Birth	05/07/1960
Appointment Date	20/04/2009
Director	MR BRUNO ROGER JACQUES MARTIN
Service Address	CANNON BRIDGE HOUSE DOWGATE HILL, LONDON, EC4R 2YA.
Country of Origin	FRANCE
Date of Birth	04/06/1950
Appointment Date	15/07/2009
Director	MR PIERRE-HENRI DENAIN
Service Address	CANNON BRIDGE HOUSE 25 DOWGATE HILL, LONDON, EC4R 2YA.
Country of Origin	FRANCE
Date of Birth	13/05/1966
Appointment Date	16/09/2009
Director	DR ROBERT SMITH LEIGHTON
Service Address	CANNON BRIDGE HOUSE 25 DOWGATE HILL, LONDON, EC4R 2YA.
Country of Origin	UNITED KINGDOM
Date of Birth	01/09/1941
Appointment Date	20/10/2010
Director	MR LUC-EMMANUEL AUBERGER
Service Address	CANNON BRIDGE HOUSE 25 DOWGATE HILL, LONDON, EC4R 2YA.
Country of Origin	FRANCE
Date of Birth	26/08/1961
Appointment Date	20/10/2010

Share Capital

Shares	Ordinary GBP 1.00
Issued Number	20,000,000
Principal Shareholder	20,000,000 Natixis

The above reflects the principle shareholder(s) by number of shares held, irrespective of share classification type.

Holding Company	Natixis, a company incorporated in FRANCE
Ultimate Parent	NATIXIS, a company incorporated in FRANCE

Financial Data– Statutory Accounts

Profit and Loss

The following figures are shown in units of 1000

Number of Weeks	52	52	52	52
Accounts Date	31/12/2008	31/12/2007	31/12/2006	31/12/2005
Currency	USD	USD	USD	USD
SALES	114313	101655	96190
GROSS PROFIT				37352
Wages and Salaries	19508	24121	21920	12470
Directors Emoluments	2151	3156	4193	1515
Auditors Fees	136	125	121	118
Non-Audit Fees	13	12	26	11
Trading Profit	75371	53527	58731	15670
Depreciation	231	146	148	596
OPERATING PROFIT	75140	53381	58583	15074
Non Trading Income	26832	19928	20185	5537
Interest Payable	67631	64406	49237	16859
PRE TAX PROFIT	34341	8903	29531	3752
Taxation	9772	2833	9353	538
PROFIT AFTER TAX	24569	6070	20178	3214
RETAINED PROFITS	24569	6070	20178	3214

Balance Sheet

The following figures are shown in units of 1000

Number of Weeks	52	52	52	52
Accounts Date	31/12/2008	31/12/2007	31/12/2006	31/12/2005
Currency	USD	USD	USD	USD
TOTAL FIXED ASSETS	1015817	631351	489095	3037
Tangible Assets	1015817	631347	489087	3037
Fixed Assets		589	241	215
Intermediate assets	1015817	630758	488846	2822
Intangible Assets		4	8
TOTAL CURRENT ASSETS	5461022	2748699	2363998	1392334
Trade debtors	4306583	1457018	1653437	726892
Stocks	999126	1287363	698996	638407
Other Current Assets	155313	4318	11565	27035
Misc Current Assets	21175	2846	4238	5943
Due From Group	3342		662	16346
Cash	130796	1472	6665	4746
TOTAL ASSETS	6476839	3380050	2853093	1395371
TOTAL CURRENT LIABILITIES	5312897	2655698	2251545	1312528
Trade creditors	3915159	1284089	1287081	601102
Short Term Loans	1365230	1352327	943731	703282
Bank Overdraft	1350719	1348163	940243	701667
Due To Group	14511	4164	3488	1615
Other Liabilities	32508	19282	20733	8144
WORKING CAPITAL	148125	93001	112453	79806
TOTAL LONG TERM LIABS	1078072	661695	547021	50500
Long Term Loans	1075717	650860	543466	45000
Other Finance	975717	550860	466466
Due To Group	100000	100000	77000	45000
Other Liabilities	2355	10835	3555	5500
NET ASSETS/(LIABILITIES)	85870	62657	54527	32343
SHARE CAPITAL + RESERVES	85870	62657	54527	32343
Share Cap + Sundry Res	35907	35907	35907	35907
Issued Share Capital	35788	35788	35788	35788
Sundry Reserves	119	119	119	119
Profit and Loss account	49963	26750	18620	(3564)
SHAREHOLDERS FUNDS	85870	62657	54527	32343
CAPITAL EMPLOYED	1163942	724352	601548	82843

Financial Comparison

The following figures are shown in units of 1000

Number of Weeks	52	52	52	52
Accounts Date	31/12/2008	31/12/2007	31/12/2006	31/12/2005
Currency	USD	USD	USD	USD
Directors Remuneration	2151	3156	4193	1515
Auditors Remuneration	136	125	121	118
Liquid Assets	4437379	1458490	1660102	731638
Net Working Capital	148125	93001	112453	79806
Investments/Long Term Ass.	1
Long Term Debt(>12 Months)	1075717	650860	543466	45000
Other Deferred Liabs	2355	10835	3555	5500
Tangible Net Worth(T.N.W)	85870	62653	54519	32343
Equity	85870	62657	54527	32343
Number of Years Trading	32	31	30	29
Number of Employees	108	111	101	87
Profit per Employee	317972.2	80207.2	292386.1	43126.4
Sales per Employee	1058453.7	915810.8	952376.2

Key Credit Ratios

The following figures are shown as Ratios or Percentages

Accounts Date	31/12/2008	31/12/2007	31/12/2006	31/12/2005
Current Ratio	1	1	1	1.1
Long Term Debt/T.N.W	12.5	10.4	10	1.4
Pre Tax Profit Margin%	30	8.8	30.7
Debtors Days (D.S.O)	13751	5232	6274
Creditors Days (D.P.O)	12501	4611	4884
Quick Ratio	0.8	0.6	0.7	0.6
Return on Investment%	4	3.5	5.1	2.6
Return on Assets%	0.5	0.3	1	0.3
T.N.W/Total Assets%	1.3	1.9	1.9	2.3
Return on Capital%	3	1.2	4.9	4.5
Rtn on Shareholders Funds%	40	14.2	54.2	11.6
Working Capital/Sales%	129.6	91.5	116.9
Borrowing Ratio%	2842.6	3197.3	2727.9	2313.6
Equity Gearing%	1.3	1.9	1.9	2.4
Stock Turnover	0.1	0.1	0.1
Sales/Fixed Assets		172.6	399.1
Debt Gearing	1252.7	1038.8	996.8	139.1

Key Industry Sector Trends

Year	2010	2009	2008	2007
Sample Size	5591	18000	18843	18275
Pre-Tax Profit Margin	26.1	19	20.7	31.5
Current Ratio	3.5	3.5	3.4	3.4
Borrowing Ratio	1662.5	1991.5	2373.3	1705.9
Return on Capital	27.9	23.9	30	36.7
Creditors Days	732	476	548	693

Above figures relate to companies in 2003 Standard Industry Classification (Nace) sector : Other financial intermediation

Financial Summary

Auditors Qualification

The Auditors have expressed a clean opinion (i.e. unqualified with no referrals) on the accounts for the period ended 31/12/2008.

Turnover

Turnover has increased by 12 %, a growth of USD 12,658,000 in the period.

Operating Profit

Totalled USD 75,140,000. In the year prior a Profit of USD 53,381,000 was achieved.

Pre Tax Profit

The subject's profit increased by 285 % in the year.

Working Capital

The company's working capital has increased by 59 % in the period.

Net Worth

Net worth has increased by 37 % and now stands at USD 85,870,000.

Fixed Assets

The subject's fixed assets increased during the year by USD 384,466,000 to USD 1,015,817,000 and are now 15 % of total assets compared with 18 % in the previous year.

Long Term Liabilities

The company's long term liabilities increased during the period by 62% and are now 1,255 % of net worth compared with 1,056 % in the previous period.

Long Term Liabilities

Long term liabilities are now 17 % of total liabilities compared with 20 % in the previous period.

Long Term Liabilities

Long term liabilities are 93 % of capital employed, an increase of 2 % over the previous period.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.44.91
UK Pound	1	Rs.73.06
Euro	1	Rs.64.03

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%)

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