MIRA INFORM REPORT

Report Date :

04.08.2012

IDENTIFICATION DETAILS

Name :	KEYTRADE AG
Registered Office :	Zurcherstrasse 66-68, Thalwil, 8800
Country :	Switzerland
Date of Incorporation :	1997
Legal Form :	Private Independent
Line of Business :	Manufacture of fertilisers and nitrogen compounds
No. of Employees :	50

RATING & COMMENTS

MIRA’s Rating :

Ba

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

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 – September 30^th, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
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 AND ADDRESS

Keytrade AG

Zurcherstrasse 66-68

Thalwil, 8800

Switzerland

Tel: 41 (44) 787 80 80

Fax: 41 (44) 787 80 95

Website: www.keytrade.ch

Employees: 50

Company Type: Private Independent

Incorporation Date: 1997

Financials in: USD (Millions)

Fiscal Year End: 31-Dec-2010

Reporting Currency: Swiss Franc

Annual Sales: 1,166.3

Total Assets: NA

Business Description

Production and distribution of fertiliser. The company produces between three and four million tonnes of fertiliser per annum

Industry

Industry	Chemical Manufacturing
ANZSIC 2006:	1831 - Fertiliser Manufacturing
NACE 2002:	2415 - Manufacture of fertilisers and nitrogen compounds
NAICS 2002:	325314 - Fertilizer (Mixing Only) Manufacturing
UK SIC 2003:	2415 - Manufacture of fertilisers and nitrogen compounds
US SIC 1987:	2875 - Fertilizers, Mixing only

Key Executives

Name	Title
Melih Keyman	Chief Executive Officer
Errol Brandt	Chief Financial Officer
Juan Gonzalaez Navarro	Vice President, Trading - Latin America
Sergey Rudakov	Executive Vice President
Andreas Vaterlaus	Chief Operating Officer

NEWS

Title	Date
CF Industries Holdings, Inc. Announces Agreement to Acquire Viterra's Interests in Canadian Fertilizers Limited Business Wire (952 Words)	2-Aug-2012
CF Industries Holdings, Inc. Announces Dates for Second Quarter 2012 Results and Conference Call Business Wire (329 Words)	24-Jul-2012
CF Industries Holdings, Inc. Reports Record First Quarter Earnings Business Wire (5229 Words)	3-May-2012
CF Industries Holdings, Inc. Announces Dates for First Quarter 2012 Results and Conference Call Business Wire (330 Words)	20-Apr-2012
CF Industries Announces Power Outage at Woodward, Oklahoma, Nitrogen Complex Business Wire (343 Words)	16-Apr-2012

1 - Profit & Loss Item Exchange Rate: USD 1 = CHF 1.042658
2 - Balance Sheet Item Exchange Rate: USD 1 = CHF 0.9321

Corporate Overview

Location
Zürcherstrasse 66-68
Thalwil, 8800
Switzerland

Tel: 41 (44) 787 80 80

Fax: 41 (44) 787 80 95

Sales CHF(mil): 1,216.0

Assets CHF(mil): NA

Employees: 50

Fiscal Year End: 31-Dec-2010

Industry: Chemical Manufacturing

Incorporation Date: 1997

Company Type: Private Independent

Quoted Status: Not Quoted

Chief Executive Officer: Melih Keyman

Industry Codes

ANZSIC 2006 Codes:
3319	-	Other Agricultural Product Wholesaling
1831	-	Fertiliser Manufacturing

NACE 2002 Codes:
5121	-	Wholesale of grain, seeds and animal feeds
2415	-	Manufacture of fertilisers and nitrogen compounds

NAICS 2002 Codes:
325314	-	Fertilizer (Mixing Only) Manufacturing
424910	-	Farm Supplies Merchant Wholesalers

US SIC 1987:
5191	-	Farm Supplies
2875	-	Fertilizers, Mixing only

UK SIC 2003:
5121	-	Wholesale of grain, seeds and animal feeds
2415	-	Manufacture of fertilisers and nitrogen compounds

Business Description

Production and distribution of fertiliser. The company produces between three and four million tonnes of fertiliser per annum

More Business Descriptions

Keytrade AG is primarily engaged in the merchant wholesale distribution of chemicals and allied products (except agricultural and medicinal chemicals, paints and varnishes, fireworks, and plastics materials and basic forms and shapes).

Financial Data

Financials in:	CHF(mil)	1 Year Growth
Revenue:	1,216.0	NA
Date of Financial Data:	31-Dec- 2010

Subsidiaries

Company	Percentage Owned	Country
Keytrade Iberia SL	100%	SPAIN
Keytrade Ho Chi Minh City	100%	VIETNAM
Keytrade SE Asia Pacific Pte Ltd	100%	SINGAPORE
Keyfert	100%	MOROCCO
Keytrade North America Inc	100%	USA
Keytrade Africa SA	100%	SWITZERLAND
Keytrade Polska Sp Zoo	100%	POLAND

Board of Directors

Name	Title	Function
Emrah Basaran	Vice President, Europe and Brazil	Chairman
Georges Bürgi	Vice President	Chairman
David Livesey	Senior Vice President	Chairman
Stephen R Wilson	Chairman	Chairman
Bao Heng Yang	Senior Vice President, Keytrade Beijing	Chairman
Peter Arnold	Director	Director/Board Member
Christoph Heiz	Director	Director/Board Member
Dennis Kelleher	Director	Director/Board Member
Thomas van Berkel	Director	Director/Board Member

Executives

Name	Title	Function
Melih Keyman	Chief Executive Officer	Chief Executive Officer

Education: University of New Hampshire, BA

Social:

Andreas Vaterlaus	Chief Operating Officer	Managing Director
Sergey Rudakov	Executive Vice President	Administration Executive
Errol Brandt	Chief Financial Officer	Finance Executive
Juan Gonzalaez Navarro	Vice President, Trading - Latin America	Investment Executive
Astrid Guenthard	Vice President Human Resources	Human Resources Executive

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.56.08
UK Pound	1	Rs.87.03
Euro	1	Rs.68.36

INFORMATION DETAILS

Report Prepared by :

SDA

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%)

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.