MIRA INFORM REPORT

Report Date :

11.11.2013

IDENTIFICATION DETAILS

Name :	TRAFIGURA PTE LTD
Registered Office :	1, Marina Boulevard, 28-00, One Marina Boulevard, 018989
Country :	Singapore
Financials (as on) :	30.09.2012
Date of Incorporation :	07.03.1996
Com. Reg. No.:	199601595-D
Legal Form :	Private Limited
Line of Business :	Trading of Oil, Ferrous & Non Ferrous Metal, Coal
No. of Employees :	80

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 – March, 31^st, 2013

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
Singapore	A1	A1

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

SINGAPORE - ECONOMIC OVERVIEW

In real terms Bangladesh's economy has grown 5.8% per year since 1996 despite political instability, poor infrastructure, corruption, insufficient power supplies, and slow implementation of economic reforms. Bangladesh remains a poor, overpopulated, and inefficiently-governed nation. Although more than half of GDP is generated through the service sector, 45% of Bangladeshis are employed in the agriculture sector with rice as the single-most-important product. Bangladesh's growth was resilient during the 2008-09 global financial crisis and recession. Garment exports, totaling $12.3 billion in FY09 and remittances from overseas Bangladeshis, totaling $11 billion in FY10, accounted for almost 12% of GDP.

Source : CIA

* Adopted abbreviations :	SC - Subject Company (the company enquired by you)
	N/A - Not Applicable

EXECUTIVE SUMMARY

REGISTRATION NO.	:	199601595-D
COMPANY NAME	:	TRAFIGURA PTE LTD
FORMER NAME	:	N/A
INCORPORATION DATE	:	07/03/1996
COMPANY STATUS	:	EXIST
LEGAL FORM	:	PRIVATE LIMITED
LISTED STATUS	:	NO
REGISTERED ADDRESS	:	1, MARINA BOULEVARD, 28-00, ONE MARINA BOULEVARD, 018989, SINGAPORE.
BUSINESS ADDRESS	:	10 COLLYER QUAY #29-00, OCEAN FINANCIAL CENTRE, 049315, SINGAPORE.
TEL.NO.	:	65-63192960
FAX.NO.	:	65-67349448
WEB SITE	:	WWW.TRAFIGURA.COM
CONTACT PERSON	:	JONATHAN DAVID PEGLER ( MANAGING DIRECTOR )
PRINCIPAL ACTIVITY	:	TRADING OF OIL, FERROUS & NON FERROUS METAL,COAL
ISSUED AND PAID UP CAPITAL	:	6,100,002.00 ORDINARY SHARE, OF A VALUE OF SGD 6,100,002.00
SALES	:	USD 29,281,988,000 [2012]
NET WORTH	:	USD 449,865,000 [2012]
BANKER (S)		ABN AMRO BANK N.V. BANK OF COMMUNICATIONS BNP PARIBAS COMMERZBANK AKTIENGESELLSCHAFT CREDIT AGRICOLE (SUISSE) SA ING BANK N. V. MIZUHO CORPORATE BANK, LTD NATIONAL AUSTRALIA BANK LTD NATIXIS OVERSEA-CHINESE BANKING CORPORATION LTD RAIFFEISEN BANK INTERNATIONAL AG SOCIETE GENERALE STANDARD CHARTERED BANK THE BANK OF TOKYO-MITSUBISHI UFJ, LTD (SINGAPORE BRANCH) THE ROYAL BANK OF SCOTLAND BHD UNITED OVERSEAS BANK LTD WESTPAC BANKING CORPORATION SUMITOMO MITSUI BANKING CORPORATION SINGAPORE BRANCH KBC BANK N.V. RABOBANK INTERNATIONAL GOLDMAN SACHS INTERNATIONAL BNP PARIBAS (SUISSE) SA FIRST GULF BANK PJSC
STAFF STRENGTH	:	80 [2013]
LITIGATION	:	TRACED
FINANCIAL CONDITION	:	FAIR
PAYMENT	:	AVERAGE
MANAGEMENT CAPABILITY	:	AVERAGE
COMMERCIAL RISK	:	LOW
CURRENCY EXPOSURE	:	MODERATE
GENERAL REPUTATION	:	SATISFACTORY
INDUSTRY OUTLOOK	:	AVERAGE GROWTH

HISTORY / BACKGROUND

The SC is a private limited company and is allowed to have a minimum of one and a maximum of forty-nine shareholders. As a private limited company, the SC must have at least two directors. A private limited company is a separate legal entity from its shareholders. As a separate legal entity, the SC is capable of owning assets, entering into contracts, sue or be sued by other companies. The liabilities of the shareholders are to the extent of the equity they have taken up and the creditors cannot claim on shareholders' personal assets even if the SC is insolvent. The SC is governed by the Companies Act and the company must file its annual returns, together with its financial statements with the Registrar of Companies.

The SC is principally engaged in the (as a / as an) trading of oil, ferrous & non ferrous metal,coal.

The immediate holding company of the SC is TRAFIGURA TRADE INVESTMENTS B. V., a company incorporated in NETHERLANDS.

The ultimate holding company of the SC is FARRINGFORD N.V., a company incorporated in NETHERLANDS ANTILLES.

The major shareholder(s) of the SC are shown as follows :

Name	Address	IC/PP/Loc No	Shareholding	(%)
TRAFIGURA TRADE INVESTMENTS B. V.	GUSTAV MAHLERPLEIN 102, MA AMSTERDAM, THE, 1082 , NETHERLANDS.	T12UF3938A	6,100,002.00	100.00
			---------------	------
			6,100,002.00	100.00
			============	=====

+ Also Director

The SC interest in other companies (Subsidiaries/Associates) are shown as follow :

Local No	Country	Company	(%)	As At
201017494M	SINGAPORE	TRAFIGURA PACIFIC COAL HOLDINGS PTE. LTD.	100.00	30/09/2012
201208083	SINGAPORE	ARAVIS PTE. LTD.	100.00	30/09/2012
201208083	SINGAPORE	NOCL REFINING SUPPLY PTE. LTD.	100.00	30/09/2012
201218384	SINGAPORE	ORMET INTERNATIONAL PTE. LTD.	100.00	30/09/2012
201119446G	SINGAPORE	TRAFIGURA MARITIME LOGISTICS PTE. LTD.	100.00	29/03/2013
201132622H	SINGAPORE	TRAFIGURA (SINGAPORE) TRADING PTE. LTD.	100.00	30/09/2012
200605310W	SINGAPORE	TRAFIGURA SERVICES PTE. LTD.	100.00	30/09/2012
201017451H	SINGAPORE	TN SINGAPORE TRADING PTE. LTD.	51.00	30/09/2012
200916892Z	SINGAPORE	DTS HOLDINGS SINGAPORE PTE. LTD.	50.00	30/09/2012

DIRECTORS

DIRECTOR 1

Name Of Subject	:	JONATHAN DAVID PEGLER
Address	:	15, NASSIM ROAD, 01-05, NASSIM PARK RESIDENCES, 258386, SINGAPORE.
IC / PP No	:	G5244400X
Nationality	:	BRITISH
Date of Appointment	:	07/03/2011

DIRECTOR 2

Name Of Subject	:	EDMUNDO ABDON VIDAL CORNELIO
Address	:	AV CLUB DE GOLF 8, VIA ROBLE, 10, FRACC. VILLA MAGNA HUIXQUILUCAN, EDO. MEX. CP, 52779
IC / PP No	:	5968228
Nationality	:	PERUVIAN
Date of Appointment	:	15/03/2013

DIRECTOR 3

Name Of Subject	:	DOMINIC PATRICK WATTERS
Address	:	7D, HILLCREST ROAD, HILLCREST VILLA, 286687, SINGAPORE.
IC / PP No	:	G5790036P
Nationality	:	BRITISH
Date of Appointment	:	01/12/2010

DIRECTOR 4

Name Of Subject	:	PIERRE ANDRE JACQUES LORINET
Address	:	25, SWETTENHAM ROAD, 248129, SINGAPORE.
IC / PP No	:	G5275429T
Nationality	:	FRENCH
Date of Appointment	:	07/03/2011

DIRECTOR 5

Name Of Subject	:	NICOLAS SIMIAN
Address	:	BOLIVAR 156, BECCAR (CP 1643) B3 A3, ARGENTINA.
IC / PP No	:	23469123N
Nationality	:	ARGENTINE
Date of Appointment	:	31/08/2012

DIRECTOR 6

Name Of Subject	:	AMJAD JAMIL HABBAS
Address	:	VILLA W-15, JULNAR STREET, EMIRATES HILLS, DUBAI, UNITED ARAB EMIRATES.
IC / PP No	:	452692145
Nationality	:	AMERICAN
Date of Appointment	:	31/08/2012

DIRECTOR 7

Name Of Subject	:	SIMON MATTHEW COLLINS
Address	:	CHEMIN JULES-COUGNARD 3, 1224 CHENE-BOUGERIES, SWITZERLAND.
IC / PP No	:	F4012763
Nationality	:	SWISS
Date of Appointment	:	31/08/2012

DIRECTOR 8

Name Of Subject	:	GARY JULIEN LE-MEN
Address	:	19, NASSIM ROAD, 04-13, NASSIM PARK RESIDENCES, 258461, SINGAPORE.
IC / PP No	:	G527512M
Nationality	:	BRITISH
Date of Appointment	:	31/08/2012

DIRECTOR 9

Name Of Subject	:	JOSE MARIA LAROCCA
Address	:	CHEMIN DE PRINCES, 37, CH-1253, VANDOEUVRES, SWITZERLAND.
IC / PP No	:	YA0708660
Nationality	:	ITALIAN
Date of Appointment	:	31/08/2012

DIRECTOR 10

Name Of Subject	:	JEAN, PIERRE, BAPTISTE VALENTINI
Address	:	49, OXFORD AVENUE, SANDHURST, JOHANNESBURG, 2196, SOUTH AFRICA.
IC / PP No	:	12AR13075
Nationality	:	FRENCH
Date of Appointment	:	15/03/2013

MANAGEMENT

1)	Name of Subject	:	JONATHAN DAVID PEGLER
	Position	:	MANAGING DIRECTOR

AUDITOR

Auditor	:	ERNST & YOUNG LLP
Auditor' Address	:	N/A

COMPANY SECRETARIES

1)	Company Secretary	:	CHEN MEIZUAN @ TAN BEE SUAN
	IC / PP No	:	S7124493H
	Address	:	761, CHOA CHU KANG NORTH 5, 12-179, 680761, SINGAPORE.

2)	Company Secretary	:	ANG YEE KOON DAPHNE
	IC / PP No	:	S7526599I
	Address	:	596D, ANG MO KIO, STREET 52, 11-307, 564596, SINGAPORE.

BANKING

Banking relations are maintained principally with :

1)

Name

:

ABN AMRO BANK N.V.

2)

Name

:

BANK OF COMMUNICATIONS

3)

Name

:

BNP PARIBAS

4)

Name

:

COMMERZBANK AKTIENGESELLSCHAFT

5)

Name

:

CREDIT AGRICOLE (SUISSE) SA

6)

Name

:

ING BANK N. V.

7)

Name

:

MIZUHO CORPORATE BANK, LTD

8)

Name

:

NATIONAL AUSTRALIA BANK LTD

9)

Name

:

NATIXIS

10)

Name

:

OVERSEA-CHINESE BANKING CORPORATION LTD

11)

Name

:

RAIFFEISEN BANK INTERNATIONAL AG

12)

Name

:

SOCIETE GENERALE

13)

Name

:

STANDARD CHARTERED BANK

14)

Name

:

THE BANK OF TOKYO-MITSUBISHI UFJ, LTD (SINGAPORE BRANCH)

15)

Name

:

THE ROYAL BANK OF SCOTLAND BHD

16)

Name

:

UNITED OVERSEAS BANK LTD

17)

Name

:

WESTPAC BANKING CORPORATION

18)

Name

:

SUMITOMO MITSUI BANKING CORPORATION SINGAPORE BRANCH

19)

Name

:

KBC BANK N.V.

20)

Name

:

RABOBANK INTERNATIONAL

21)

Name

:

GOLDMAN SACHS INTERNATIONAL

22)

Name

:

BNP PARIBAS (SUISSE) SA

23)

Name

:

FIRST GULF BANK PJSC

ENCUMBRANCE (S)

Charge No	Creation Date	Charge Description	Chargee Name	Total Charge	Status
1	0000-00-00	N/A	COOPERATIEVE CENTRALE RAIFFEISEN-BOERENLEENBANK BA. (TRADING AS RABOBANK INTL.), LONDON BRANCH	N/A	Unsatisfied
2	0000-00-00	N/A	ABN AMRO BANK N.V. AMSTERDAM BRANCH	N/A	Unsatisfied
200202251	17/05/2002	N/A	BNP PARIBAS	N/A	Unsatisfied
200202574	10/06/2002	N/A	STANDARD CHARTERED BANK	N/A	Unsatisfied
C200507310	24/11/2005	N/A	ING BANK N. V.	N/A	Unsatisfied
C200602541	20/04/2006	N/A	SUMITOMO MITSUI BANKING CORPORATION SINGAPORE BRANCH	N/A	Unsatisfied
C200602542	20/04/2006	N/A	SUMITOMO MITSUI BANKING CORPORATION SINGAPORE BRANCH	N/A	Unsatisfied
C200606379	22/09/2006	N/A	UNITED OVERSEAS BANK LTD	N/A	Unsatisfied
C200606741	02/10/2006	N/A	STANDARD CHARTERED BANK	N/A	Unsatisfied
C200608114	30/11/2006	N/A	CREDIT AGRICOLE CORPORATE & INVESTMENT BANK	N/A	Unsatisfied
C200700296	12/01/2007	N/A	NATIXIS	N/A	Unsatisfied
C200700297	12/01/2007	N/A	NATIXIS	N/A	Unsatisfied
C200802277	06/03/2008	N/A	OVERSEA-CHINESE BANKING CORPORATION LTD	N/A	Unsatisfied
C200804950	30/05/2008	N/A	COMMERZBANK AKTIENGESELLSCHAFT, LONDON BRANCH	N/A	Unsatisfied
C200807115	31/07/2008	N/A	MIZUHO CORPORATE BANK, LTD	N/A	Unsatisfied
C200807116	31/07/2008	N/A	MIZUHO CORPORATE BANK, LTD	N/A	Unsatisfied
C200807117	31/07/2008	N/A	MIZUHO CORPORATE BANK, LTD	N/A	Unsatisfied
C200807118	31/07/2008	N/A	MIZUHO CORPORATE BANK, LTD	N/A	Unsatisfied
C200808503	12/09/2008	N/A	COOPERATIEVE CENTRALE RAIFFEISEN-BOERENLEENBANK B A, LONDON BRANCH	N/A	Unsatisfied
C200808522	12/09/2008	N/A	COOPERATIEVE CENTRALE RAIFFEISEN-BOERENLEENBANK BA. (TRADING AS RABOBANK INTL.), SINGAPORE BRANCH	N/A	Unsatisfied
C200809301	09/10/2008	N/A	NATIXIS	N/A	Unsatisfied
C200809742	23/10/2008	N/A	DEUTSCHE BANK AG, AMSTERDAM BRANCH	N/A	Unsatisfied
C200901086	17/02/2009	N/A	NATIONAL BANK OF GREECE S. A.	N/A	Unsatisfied
C200901088	17/02/2009	N/A	NATIONAL BANK OF GREECE S.A	N/A	Unsatisfied
C200902668	08/05/2009	N/A	SOCIETE GENERALE, PARIS	N/A	Unsatisfied
C200904714	30/07/2009	N/A	RAIFFEISEN BANK INTERNATIONAL AG	N/A	Unsatisfied
C200904717	30/07/2009	N/A	RAIFFEISEN BANK INTERNATIONAL AG	N/A	Unsatisfied
C200904796	04/08/2009	N/A	RAIFFEISEN BANK INTERNATIONAL AG	N/A	Unsatisfied
C200904797	04/08/2009	N/A	RAIFFEISEN BANK INTERNATIONAL AG	N/A	Unsatisfied
C200905264	24/08/2009	N/A	SOCIETE GENERALE	N/A	Unsatisfied
C200905464	01/09/2009	N/A	CREDIT AGRICOLE CORPORATION & INVESTMENT BANK	N/A	Unsatisfied
C200907243	10/11/2009	N/A	AUSTRALIA & NEW ZEALAND BANKING GROUP LTD	N/A	Unsatisfied
C200907512	18/11/2009	N/A	WESTPAC BANKING CORPORATION	N/A	Unsatisfied
C200907526	19/11/2009	N/A	CREDIT AGRICOLE CORPORATE & INVESTMENT BANK	N/A	Unsatisfied
C201000640	19/01/2010	N/A	ABN AMRO BANK N. V. AMSTERDAM BRANCH	N/A	Unsatisfied
C201001412	12/02/2010	N/A	NATIONAL BANK OF GREECE S.A	N/A	Unsatisfied
C201001415	12/02/2010	N/A	NATIONAL BANK OF GREECE S.A	N/A	Unsatisfied
C201001418	12/02/2010	N/A	NATIONAL BANK OF GREECE S.A	N/A	Unsatisfied
C201002893	07/04/2010	N/A	CREDIT AGRICOLE (SUISSE) SA	N/A	Unsatisfied
C201002894	07/04/2010	N/A	CREDIT AGRICOLE (SUISSE) SA	N/A	Unsatisfied
C201002896	07/04/2010	N/A	CREDIT AGRICOLE (SUISSE) SA	N/A	Unsatisfied
C201002898	07/04/2010	N/A	CREDIT AGRICOLE (SUISSE) SA	N/A	Unsatisfied
C201002900	07/04/2010	N/A	CREDIT AGRICOLE (SUISSE) SA	N/A	Unsatisfied
C201002902	07/04/2010	N/A	CREDIT AGRICOLE (SUISSE) SA	N/A	Unsatisfied
C201002903	07/04/2010	N/A	CREDIT AGRICOLE (SUISSE) SA	N/A	Unsatisfied
C201003444	26/04/2010	N/A	ING BANK N. V.	N/A	Unsatisfied
C201003764	07/05/2010	N/A	NATIXIS	N/A	Unsatisfied
C201003767	07/05/2010	N/A	NATIXIS	N/A	Unsatisfied
C201003768	07/05/2010	N/A	NATIXIS	N/A	Unsatisfied
C201005536	01/07/2010	N/A	COMMERZBANK AKTIENGESELLSCHAFT, LONDON BRANCH	N/A	Unsatisfied
C201006101	16/07/2010	N/A	WESTPAC BANKING CORPORATION	N/A	Unsatisfied
C201006169	20/07/2010	N/A	STANDARD CHARTERED BANK	N/A	Unsatisfied
C201006481	28/07/2010	N/A	THE BANK OF TOKYO-MITSUBISHI UFJ, LTD (SINGAPORE BRANCH)	N/A	Unsatisfied
C201006483	28/07/2010	N/A	THE BANK OF TOKYO-MITSUBISHI UFJ, LTD (SINGAPORE BRANCH)	N/A	Unsatisfied
C201008921	01/10/2010	N/A	STANDARD CHARTERED BANK	N/A	Unsatisfied
C201010438	03/11/2010	N/A	UNICREDIT BANK AG	N/A	Unsatisfied
C201010440	03/11/2010	N/A	UNICREDIT BANK AG	N/A	Unsatisfied
C201012532	23/12/2010	N/A	BANK OF COMMUNICATIONS CO., LTD.	N/A	Unsatisfied
C201012677	29/12/2010	N/A	BNP PARIBAS	N/A	Unsatisfied
C201100831	18/01/2011	N/A	DBS BANK LTD.	N/A	Unsatisfied
C201101919	15/02/2011	N/A	CHINATRUST COMMERCIAL BANK CO LTD	N/A	Unsatisfied
C201101921	15/02/2011	N/A	CHINATRUST COMMERCIAL BANK CO LTD	N/A	Unsatisfied
C201102896	09/03/2011	N/A	BNP PARIBAS	N/A	Unsatisfied
C201102899	09/03/2011	N/A	BNP PARIBAS	N/A	Unsatisfied
C201102902	09/03/2011	N/A	BNP PARIBAS	N/A	Unsatisfied
C201102911	09/03/2011	N/A	BNP PARIBAS	N/A	Unsatisfied
C201102912	09/03/2011	N/A	BNP PARIBAS	N/A	Unsatisfied
C201104208	05/04/2011	N/A	NATIXIS	N/A	Unsatisfied
C201105053	21/04/2011	N/A	UBS AG	N/A	Unsatisfied
C201105056	21/04/2011	N/A	UBS AG	N/A	Unsatisfied
C201105060	21/04/2011	N/A	UBS AG	N/A	Unsatisfied
C201105063	21/04/2011	N/A	UBS AG	N/A	Unsatisfied
C201105068	21/04/2011	N/A	UBS AG	N/A	Unsatisfied
C201105069	21/04/2011	N/A	UBS AG	N/A	Unsatisfied
C201106344	26/05/2011	N/A	UNION DE BANQUES ARABES ET FRANCAISES-UABF	N/A	Unsatisfied
C201106397	27/05/2011	N/A	COOPERATIEVE CENTRALE RAIFFEISEN-BOERENLEENBANK B A	N/A	Unsatisfied
C201106402	27/05/2011	N/A	COOPERATIEVE CENTRALE RAIFFEISEN-BOERENLEENBANK B A	N/A	Unsatisfied
C201106403	27/05/2011	N/A	COOPERATIEVE CENTRALE RAIFFEISEN-BOERENLEENBANK B A	N/A	Unsatisfied
C201107964	01/07/2011	N/A	NATIONAL AUSTRALIA BANK LTD	N/A	Unsatisfied
C201110284	18/08/2011	N/A	SOCIETE GENERALE	N/A	Unsatisfied
C201110641	25/08/2011	N/A	THE ROYAL BANK OF SCOTLAND N. V.	N/A	Unsatisfied
C201111188	08/09/2011	N/A	BNP PARIBAS	N/A	Unsatisfied
C201111189	08/09/2011	N/A	BNP PARIBAS	N/A	Unsatisfied
C201111506	14/09/2011	N/A	SOCIETE GENERALE	N/A	Unsatisfied
C201112828	12/10/2011	N/A	ICICI BANK UK PLC	N/A	Unsatisfied
C201112831	12/10/2011	N/A	ICICI BANK UK PLC	N/A	Unsatisfied
C201112833	12/10/2011	N/A	ICICI BANK UK PLC	N/A	Unsatisfied
C201114174	10/11/2011	N/A	ING BANK N. V.	N/A	Unsatisfied
C201115121	01/12/2011	N/A	BNP PARIBAS	N/A	Unsatisfied
C201115134	01/12/2011	N/A	BNP PARIBAS	N/A	Unsatisfied
C201202370	01/03/2012	N/A	THE ROYAL BANK OF SCOTLAND N.V.	N/A	Unsatisfied
C201204507	25/04/2012	N/A	STANDARD CHARTERED BANK	N/A	Unsatisfied
C201204508	25/04/2012	N/A	STANDARD CHARTERED BANK	N/A	Unsatisfied
C201204510	25/04/2012	N/A	STANDARD CHARTERED BANK	N/A	Unsatisfied
C201204511	25/04/2012	N/A	STANDARD CHARTERED BANK	N/A	Unsatisfied
C201204512	25/04/2012	N/A	STANDARD CHARTERED BANK	N/A	Unsatisfied
C201205557	21/05/2012	N/A	COMMERZBANK AKTIENGESELLSCHAFT	N/A	Unsatisfied
C201205558	21/05/2012	N/A	COMMERZBANK AKTIENGESELLSCHAFT	N/A	Unsatisfied
C201205913	30/05/2012	N/A	BANQUE DE COMMERCEET DE PLACEMENTS S.A.	N/A	Unsatisfied
C201206118	06/06/2012	N/A	RABOBANK INTERNATIONAL	N/A	Unsatisfied
C201206123	06/06/2012	N/A	RABOBANK INTERNATIONAL	N/A	Unsatisfied
C201207067	27/06/2012	N/A	KBC BANK N.V.	N/A	Unsatisfied
C201207084	27/06/2012	N/A	KBC BANK N.V.	N/A	Unsatisfied
C201208288	24/07/2012	N/A	SOCIETE GENERALE	N/A	Unsatisfied
C201209205	14/08/2012	N/A	BANK CIC (SWITZERLAND) LTD	N/A	Unsatisfied
C201209816	28/08/2012	N/A	BNP PARIBAS	N/A	Unsatisfied
C201209820	29/08/2012	N/A	BNP PARIBAS	N/A	Unsatisfied
C201211590	09/10/2012	N/A	BHF-BANK AKTIENGSELLSCHAFT	N/A	Unsatisfied
C201211602	09/10/2012	N/A	BHF-BANK AKTIENGSELLSCHAFT	N/A	Unsatisfied
C201211822	15/10/2012	N/A	SOCIETE GENERALE	N/A	Unsatisfied
C201211832	15/10/2012	N/A	SOCIETE GENERALE	N/A	Unsatisfied
C201211834	15/10/2012	N/A	SOCIETE GENERALE	N/A	Unsatisfied
C201211835	15/10/2012	N/A	SOCIETE GENERALE	N/A	Unsatisfied
C201211838	15/10/2012	N/A	SOCIETE GENERALE	N/A	Unsatisfied
C201212205	23/10/2012	N/A	RAIFFEISEN BANK INTERNATIONAL AG	N/A	Unsatisfied
C201212206	23/10/2012	N/A	RAIFFEISEN BANK INTERNATIONAL AG	N/A	Unsatisfied
C201212207	23/10/2012	N/A	RAIFFEISEN BANK INTERNATIONAL AG	N/A	Unsatisfied
C201212208	23/10/2012	N/A	RAIFFEISEN BANK INTERNATIONAL AG	N/A	Unsatisfied
C201213604	23/11/2012	N/A	ICICI BANK LIMITED	N/A	Unsatisfied
C201214518	10/12/2012	N/A	BNP PARIBAS	N/A	Unsatisfied
C201214519	10/12/2012	N/A	BNP PARIBAS	N/A	Unsatisfied
C201214520	10/12/2012	N/A	BNP PARIBAS	N/A	Unsatisfied
C201214530	11/12/2012	N/A	SOCIETE GENERALE, LONDON BRANCH	N/A	Unsatisfied
C201214748	14/12/2012	N/A	BNP PARIBAS	N/A	Unsatisfied
C201214999	20/12/2012	N/A	BNP PARIBAS	N/A	Unsatisfied
C201215159	26/12/2012	N/A	BANK LEUMI (UK) PLC	N/A	Unsatisfied
C201215160	26/12/2012	N/A	BANK LEUMI (UK) PLC	N/A	Unsatisfied
C201215161	26/12/2012	N/A	BANK LEUMI (UK) PLC	N/A	Unsatisfied
C201300135	03/01/2013	N/A	GOLDMAN SACHS INTERNATIONAL	N/A	Unsatisfied
C201300386	09/01/2013	N/A	COOPERATIVE CENTRALE RAIFFEISEN - BOERENLEENBANK B. A. (TRADING AS RABOBANK INTL.), LONDON BRANCH	N/A	Unsatisfied
C201300506	11/01/2013	N/A	COOPERATIVE CENTRALE RAIFFEISEN - BOERENLEENBANK B. A. (TRADING AS RABOBANK INTL.), LONDON BRANCH	N/A	Unsatisfied
C201302451	08/02/2013	N/A	COOPERATIVE CENTRALE RAIFFEISEN - BOERENLEENBANK B. A. ("RABOBANK NEDERLAND, RABOBANK INTERNATIONAL")	N/A	Unsatisfied
C201303620	07/03/2013	N/A	NATIXIS	N/A	Unsatisfied
C201303675	08/03/2013	N/A	UNICREDIT BANK AG	N/A	Unsatisfied
C201303709	08/03/2013	N/A	UNICREDIT BANK AG	N/A	Unsatisfied
C201304024	19/03/2013	N/A	ING BELGIQUE, BRUXELLES, SUCCURSALE	N/A	Unsatisfied
C201304338	26/03/2013	N/A	ING BELGIQUE, BRUXELLES, SUCCURSALE	N/A	Unsatisfied
C201304356	26/03/2013	N/A	DEUTSCHE BANK AG, AMSTERDAM BRANCH	N/A	Unsatisfied
C201304424	27/03/2013	N/A	BANQUE CANTONALE DE GENEVE	N/A	Unsatisfied
C201304425	27/03/2013	N/A	BANQUE CANTONALE DE GENEVE	N/A	Unsatisfied
C201304426	27/03/2013	N/A	BANQUE CANTONALE DE GENEVE	N/A	Unsatisfied
C201304427	27/03/2013	N/A	BANQUE CANTONALE DE GENEVE	N/A	Unsatisfied
C201304794	05/04/2013	N/A	BNP PARIBAS (SUISSE) SA	N/A	Unsatisfied
C201304795	05/04/2013	N/A	BNP PARIBAS (SUISSE) SA	N/A	Unsatisfied
C201304931	10/04/2013	N/A	STARDARD CHARTERED BANK	N/A	Unsatisfied
C201304950	10/04/2013	N/A	BNP PARIBAS	N/A	Unsatisfied
C201304990	11/04/2013	N/A	BNP PARIBAS	N/A	Unsatisfied
C201305134	15/04/2013	N/A	CHINA CONSTRUCTION BANK CORPORATION - JOHANNEBURG BRANCH	N/A	Unsatisfied
C201305135	15/04/2013	N/A	CITIBANK N. A.	N/A	Unsatisfied
C201305738	26/04/2013	N/A	CHINA CONSTRUCTION BANK CORPORATION - JOHANNESBURG BRANCH	N/A	Unsatisfied
C201307367	31/05/2013	N/A	FIRST GULF BANK PJSC	N/A	Unsatisfied
C201307975	12/06/2013	N/A	GOLDMAN SACHS INTERNATIONAL	N/A	Unsatisfied
C201308789	28/06/2013	N/A	NATIXIS	N/A	Unsatisfied
C201309623	16/07/2013	N/A	AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED	N/A	Unsatisfied
C201309627	16/07/2013	N/A	AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED	N/A	Unsatisfied
C201310777	06/08/2013	N/A	NATIXIS	N/A	Unsatisfied
C201310779	06/08/2013	N/A	NATIXIS	N/A	Unsatisfied
C201311034	13/08/2013	N/A	BNP PARIBAS	N/A	Unsatisfied
C201311469	21/08/2013	N/A	NATIXIS, SHANGHAI BRANCH	N/A	Unsatisfied
C201311910	30/08/2013	N/A	SOCIETE GENERALE	N/A	Unsatisfied
C201312476	11/09/2013	N/A	CITIBANK N.A., LONDON BRANCH	N/A	Unsatisfied
C201312531	12/09/2013	N/A	CHINA CONSTRUCTION BANK CORPORATION - JOHANNESBURG BRANCH	N/A	Unsatisfied
C201212053	25/09/2013	N/A	ABN AMRO BANK N.V.	N/A	Unsatisfied

LEGAL CHECK AGAINST SC

* A check has been conducted in our databank against the SC whether the subject has been involved in any litigation.

LEGAL ACTION
Code No	:	99	Case No	:	3168
Year	:	2010	Place	:	SINGAPORE
Court	:	DISTRICT COURT
Date Filed	:	21/09/2010
Solicitor Ref	:	TBT.SK.226-107
Solicitor Firm	:	B T TAN & CO.
Plaintiff	:	PT.GREEN BAY RESOURCES
Defendants	:	TRAFIGURA PTE LTD (199601595) 1, MARINA BOULEVARD, 28-00, ONE MARINA BOULEVARD, 018989, SINGAPORE.
Amount Claimed	:	86000
Nature of Claim	:	USD
Remark	:	OTHERS/MISCELLANEOUS

NOTE:

Please check with creditors for confirmation as alleged debts may have been paid since recorded or are being disputed. The person wo has been sued has the same name as the subject. However, we are unable to determine whether the person sued is the one and the same person.

No winding up petition was found in our databank

PAYMENT RECORD

SOURCES OF RAW MATERIALS:
Local	:	N/A
Overseas	:	N/A

The SC refuse to provide their supplier's information.

The SC refused to provide any name of trade/service supplier and we are unable to conduct any trade enquiry. However, from financial historical data we conclude that :

OVERALL PAYMENT HABIT
Prompt 0-30 Days	[	]	Good 31-60 Days	[	]	Average 61-90 Days	[	X	]
Fair 91-120 Days	[	]	Poor >120 Days	[	]

CLIENTELE

Local	:	YES
Domestic Markets	:	SINGAPORE
Overseas	:	YES
Export Market	:	WORLDWIDE
Credit Term	:	N/A
Type of Customer	:	MARINE INDUSTRY,OIL & GAS INDUSTRIES

OPERATIONS

Goods Traded

:

OIL, FERROUS & NON FERROUS METAL,COAL

Services

:

SHIPPING SERVICES

Ownership of premises

:

LEASED/RENTED

Total Number of Employees:
YEAR	2013
GROUP	N/A
COMPANY	80

Branch

:

NO

Other Information:

The SC is principally engaged in the (as a / as an) trading of oil, ferrous & non ferrous metal,coal.

The SC refused to disclose any information on its operation.

CURRENT INVESTIGATION

Latest fresh investigations carried out on the SC indicated that :

Telephone Number Provided By Client	:	6563192960
Current Telephone Number	:	65-63192960
Match	:	YES
Address Provided by Client	:	10 COLLYER QUAY, #29-00 OCEAN FINANCIAL CENTRE, SINGAPORE 049315
Current Address	:	10 COLLYER QUAY #29-00, OCEAN FINANCIAL CENTRE, 049315, SINGAPORE.
Match	:	YES

Other Investigations

On 6th November 2013, we contacted one of the staff from the SC and she provided some information on the SC.

The amount of the SC's share capital in its financial statement is less than USD 1,000.

FINANCIAL ANALYSIS

Profitability
Turnover	:	Increased	[	2009 - 2012	]
Profit/(Loss) Before Tax	:	Increased	[	2009 - 2012	]
Return on Shareholder Funds	:	Acceptable	[	13.61%	]
Return on Net Assets	:	Acceptable	[	20.74%	]
The SC's turnover increased steadily as the demand for its products / services increased due to the goodwill built up over the years.The higher profit could be attributed to the increase in turnover. The SC's management had generated acceptable return for its shareholders using its assets.
Working Capital Control
Stock Ratio	:	Favourable	[	16 Days	]
Debtor Ratio	:	Favourable	[	20 Days	]
Creditors Ratio	:	Favourable	[	2 Days	]
The SC's stocks were moving fast thus reducing its holding cost. This had reduced funds being tied up in stocks. The favourable debtors' days could be due to the good credit control measures implemented by the SC. The SC had a favourable creditors' ratio where the SC could be taking advantage of the cash discounts and also wanting to maintain goodwill with its creditors.
Liquidity
Liquid Ratio	:	Acceptable	[	0.87 Times	]
Current Ratio	:	Unfavourable	[	1.03 Times	]
The SC's liquid ratio was slightly low. This could indicate that the SC's working capital was slightly deficient. The SC will have to improve its liquidity position either by obtaining short term financing or increase its paid up capital so that it can meet all its short term obligations as and when they fall due.
Solvency
Interest Cover	:	Acceptable	[	3.40 Times	]
Gearing Ratio	:	Unfavourable	[	2.74 Times	]
The SC's interest cover was slightly low. If there is no sharp fall in its profit or sudden increase in the interest rates, we believe the SC is able to generate sufficient income to service its interest and repay the loans. The SC was highly geared, thus it had a high financial risk. The SC was dependent on loans to finance its business needs. In times of economic downturn and / or high interest rate, the SC will become less profitable and competitive than other firms in the same industry, which are lowly geared. This is because the SC has to service the interest and to repay the loan, which will erode part of its profits. The profits will fluctuate depending on the SC's turnover and the interest it needs to pay.
Overall Assessment :
Generally, the SC's performance has improved with higher turnover and profit. The SC's liquidity was at an acceptable range. If the SC is able to obtain further short term financing, it should be able to meet all its short term obligations. The SC had an acceptable interest cover. If there is no sudden sharp increase in interest rate or fall in the SC's profit, we do believe the SC is able to generate sufficient cash flow to service its interest payment. The SC's gearing level was high and its going concern will be in doubt if there is no injection of additional shareholders' funds in times of economic downturn and / or high interest rates.
Overall financial condition of the SC : FAIR

SINGAPORE ECONOMIC / INDUSTRY OUTLOOK

Major Economic Indicators :	2008	2009	2010	2011	2012
Population (Million)	4.84	4.98	5.08	5.18	5.31
Gross Domestic Products ( % )	1.5	<0.8>	14.5	4.9	1.3
Consumer Price Index	6.6	0.6	2.8	5.2	4.6
Total Imports (Million)	450,892.6	356,299.3	423,221.8	459,655.1	474,554.0
Total Exports (Million)	476,762.2	391,118.1	478,840.7	514,741.2	510,329.0
Unemployment Rate (%)	2.2	3.2	2.2	2.1	2.0
Tourist Arrival (Million)	10.12	9.68	11.64	13.17	14.37
Hotel Occupancy Rate (%)	81.0	75.8	85.6	86.5	86.4
Cellular Phone Subscriber (Million)	1.31	1.37	1.43	1.50	1.52
Registration of New Companies (No.)	25,327	26,414	29,798	32,317	31,892
Registration of New Companies (%)	<2.2>	4.3	12.8	8.5	<1.3>
Liquidation of Companies (No.)	10,493	22,393	15,126	19,005	17,218
Liquidation of Companies (%)	13.7	113.4	<32.5>	25.6	9.4
Registration of New Businesses (No.)	24,850	26,876	23,978	23,494	24,788
Registration of New Businesses (%)	0.36	8.15	<10.78>	2.02	5.51
Liquidation of Businesses (No.)	21,150	23,552	24,211	23,005	22,489
Liquidation of Businesses (%)	<0.8>	11.4	2.8	<5>	<2.2>
Bankruptcy Orders (No.)	2,326	2,058	1,537	1,527	1,748
Bankruptcy Orders (%)	<15.9>	<11.5>	<25.3>	<0.7>	14.5
Bankruptcy Discharges (No.)	1,500	3,056	2,252	1,391	1,881
Bankruptcy Discharges (%)	<7.7>	103.7	<26.3>	<38.2>	35.2
INDUSTRIES ( % of Growth ) :
Agriculture
Production of Principal Crops	<0.32>	3.25	<0.48>	4.25	3.64
Fish Supply & Wholesale	<6.31>	<1.93>	<10.5>	12.10	<0.5>
Manufacturing *	74.6	71.5	92.8	100.0	100.3
Food, Beverages & Tobacco	94.8	90.4	96.4	100.0	103.5
Textiles	180.1	145.9	122.1	100.0	104.0
Wearing Apparel	334.6	211.0	123.3	100.0	92.1
Leather Products & Footwear	128.2	79.5	81.8	100.0	98.6
Wood & Wood Products	132.0	101.4	104.0	100.0	95.5
Paper & Paper Products	101.0	95.4	106.1	100.0	97.4
Printing & Media	118.2	100.9	103.5	100.0	93.0
Crude Oil Refineries	113.1	96.4	95.6	100.0	99.4
Chemical & Chemical Products	84.5	80.3	97.6	100.0	100.5
Pharmaceutical Products	43.7	49.1	75.3	100.0	109.7
Rubber & Plastic Products	120.1	101.2	112.3	100.0	96.5
Non-metallic Mineral	96.5	91.9	92.5	100.0	98.2
Basic Metals	109.8	92.6	102.2	100.0	90.6
Fabricated Metal Products	101.3	90.8	103.6	100.0	104.3
Machinery & Equipment	65.0	57.3	78.5	100.0	112.9
Electrical Machinery	81.7	86.8	124.1	100.0	99.3
Electronic Components	93.1	85.2	113.6	100.0	90.6
Transport Equipment	102.0	96.0	94.0	100.0	106.3
Construction	45.90	<36.9>	14.20	20.50	28.70
Real Estate	<11.2>	1.4	21.3	25.4	31.9
Services
Electricity, Gas & Water	<1.3>	1.70	4.00	7.00	6.30
Transport, Storage & Communication	11.60	3.90	12.80	7.40	5.30
Finance & Insurance	<5.9>	<16.4>	<0.4>	8.90	0.50
Government Services	17.40	4.50	9.70	6.90	6.00
Education Services	0.50	0.10	<0.9>	<1.4>	0.30
* Based on Index of Industrial Production (2011 = 100)
(Source : Department of Statistics)

INDUSTRY ANALYSIS

INDUSTRY :	TRADING
The wholesale and retail trade sector contracted by 1.5% in the fourth quarter of 2012, extending the 0.2% decline in the preceding quarter. For the whole of 2012, the sector declined by 0.7%, reversing the 1.6% growth in 2011. The sector was weighed down primarily by the wholesale trade segment. In 2012, the wholesale trade segment contracted by 1.0%, a reversal from the 1.4% growth in 2011. Growth of the retail trade segment also moderated to 2.0%, from 3.2% in the year 2011.
The domestic wholesale trade index grew by 1.2% in the fourth quarter of 2012, an improvement from the 5.4% decline in the third quarter. This was partly due to an increase in the sales of chemicals & chemical products and ship chandlers & bunkering. For the full year of 2012, the domestic wholesale trade index contracted by 2.2%, extending the 1.7% decline in 2011. The foreign wholesale trade index grew by 8.6% in the fourth quarter, an increase from the 6.6% growth in the third quarter. The expansion was partly due to resilient sales of petroleum & petroleum products. For the whole of 2012, the foreign wholesale trade index expanded by 9.1%, faster than the 4.3% increase in 2011.
In the fourth quarter of 2012, retail sales volume declined by 2.0%, extending the 0.3% decline in the third quarter. Excluding motor vehicles, retail sales volume grew by 0.4%, a slight moderation compared to the 1.5% gain in the third quarter of 2012. The sales volume of motor vehicles fell by 11% in the fourth quarter of 2012, after contracting by 6.1% in the third quarter. The sales of several discretionary items also declined in the fourth quarter. Besides, the sales of optical goods & books in 2012 fell by 3.6%, while the sales of telecommunications apparatus & computers declined by 1.4%.
For 2012 as a whole, retail sales volume grew by 1.3%, compared to the 2.0% expansion in 2011. Excluding motor vehicle sales, the increase in retail sales volume also moderated from 5.4% in 2011 to 1.7% in 2012. Medical goods & toiletries registered the largest increase (9.3%) in sales, followed by telecommunications apparatus & computers (6.9%). By contrast, the sales of watches & jewellery (-2.2%) and optical goods & books (-3.6%) declined.
OVERALL INDUSTRY OUTLOOK : AVERAGE GROWTH

CREDIT RISK EVALUATION & RECOMMENDATION

Incorporated in 1996, the SC is a Private Limited company, focusing on trading of oil, ferrous & non ferrous metal and coal. Having been in the industry for over a decade, the SC has achieved a certain market share and has built up a satisfactory reputation in the market. It should have received supports from its regular customers. Having strong support from its holding company has enabled the SC to remain competitive despite the challenging business environment. The capital standing of the SC is fair. With an adequate share capital, the SC has the potential of expanding its business in future.

Over the years, the SC has penetrated into both the local and overseas market. The SC has positioned itself in the global market and is competing in the industry. Its stable clientele base will enable the SC to further enhance its business in the near term. Being a moderate size company, the SC has a total workforce of 80 employees in its business operations. Overall, we regard that the SC's management capability is average. This indicates that the SC has greater potential to improve its business performance and raising income for the SC.

We noted that both the turnover and profits have increased compared to the previous year. The higher profit could be due to increase in turnover and better control over its operating costs. Return on shareholders' funds of the SC was at an acceptable range which indicated that the management was efficient in utilising its funds to generate income. The SC managed to maintain an adequate liquidity level, indicating that the SC has the ability to meet its financial obligations. The high gearing ratio clearly implied that the SC was supported by more debt than equity. Nevertheless, given a positive net worth standing at USD 449,865,000, the SC should be able to maintain its business in the near terms.

The SC's payment habit is average. With its adequate working capital, the SC should be able to pay its short term debts.

The industry shows an upward trend and this trend is very likely to sustain in the near terms. Hence, the SC is expected to benefit from the favourable outlook of the industry.

Based on the above condition, we recommend credit be granted to the SC normally.

PROFIT AND LOSS ACCOUNT

THE FINANCIAL STATEMENTS WERE PREPARED IN ACCORDANCE WITH SINGAPORE FINANCIAL REPORTING STANDARDS.

TRAFIGURA PTE LTD

Financial Year End	2012-09-30	2011-09-30	2010-09-30	2009-09-30
Months	12	12	12	12
Consolidated Account	Company	Company	Company	Company
Audited Account	YES	YES	YES	YES
Unqualified Auditor's Report (Clean Opinion)	YES	YES	YES	YES
Financial Type	FULL	FULL	FULL	FULL
Currency	USD	USD	USD	USD
TURNOVER	29,281,988,000	22,072,750,000	15,483,475,000	8,925,641,000
	----------------	----------------	----------------	----------------
Total Turnover	29,281,988,000	22,072,750,000	15,483,475,000	8,925,641,000
Costs of Goods Sold	<29,126,745,000>	<21,964,979,000>	<15,408,523,000>	-
	----------------	----------------	----------------	----------------
Gross Profit	155,243,000	107,771,000	74,952,000	-
	----------------	----------------	----------------	----------------
PROFIT/(LOSS) FROM OPERATIONS	66,527,000	38,579,000	16,683,000	188,543,000
	----------------	----------------	----------------	----------------
PROFIT/(LOSS) BEFORE TAXATION	66,527,000	38,579,000	16,683,000	188,543,000
Taxation	<5,322,000>	<2,014,000>	<1,129,000>	<9,846,000>
	----------------	----------------	----------------	----------------
PROFIT/(LOSS) AFTER TAXATION	61,205,000	36,565,000	15,554,000	178,697,000
	----------------	----------------	----------------	----------------
RETAINED PROFIT/(LOSS) BROUGHT FORWARD
As previously reported	297,879,000	261,314,000	245,760,000	67,063,000
	----------------	----------------	----------------	----------------
As restated	297,879,000	261,314,000	245,760,000	67,063,000
	----------------	----------------	----------------	----------------
PROFIT AVAILABLE FOR APPROPRIATIONS	359,084,000	297,879,000	261,314,000	245,760,000
	----------------	----------------	----------------	----------------
RETAINED PROFIT/(LOSS) CARRIED FORWARD	359,084,000	297,879,000	261,314,000	245,760,000
	=============	=============	=============	=============
INTEREST EXPENSE (as per notes to P&L)
Bank overdraft	20,982,000	16,189,000	6,714,000	8,151,000
Loan from holding company	3,844,000	-	-	-
Others	2,901,000	3,316,000	461,000	54,000
	----------------	----------------	----------------	----------------
	27,727,000	19,505,000	7,175,000	8,205,000

BALANCE SHEET

TRAFIGURA PTE LTD

ASSETS EMPLOYED:
FIXED ASSETS	13,226,000	2,949,000	2,442,000	2,452,000
LONG TERM INVESTMENTS/OTHER ASSETS
Subsidiary companies	52,268,000	52,207,000	50,965,000	-
Associated companies	11,868,000	-	-	-
Investments	83,844,000	-	-	-
Others	32,797,000	-	-	-
	----------------	----------------	----------------	----------------
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS	180,777,000	52,207,000	50,965,000	-
	----------------	----------------	----------------	----------------
TOTAL LONG TERM ASSETS	194,003,000	55,156,000	53,407,000	2,452,000
CURRENT ASSETS
Stocks	1,259,204,000	866,475,000	777,983,000	1,135,676,000
Trade debtors	1,624,576,000	1,560,690,000	1,072,348,000	943,113,000
Other debtors, deposits & prepayments	4,107,406,000	769,330,000	425,413,000	294,323,000
Short term deposits	141,622,000	80,915,000	98,090,000	22,154,000
Amount due from holding company	-	118,115,000	160,800,000	155,111,000
Amount due from related companies	469,016,000	237,180,000	24,932,000	23,658,000
Cash & bank balances	44,810,000	57,365,000	5,534,000	2,190,000
Others	320,866,000	241,112,000	92,594,000	107,432,000
	----------------	----------------	----------------	----------------
TOTAL CURRENT ASSETS	7,967,500,000	3,931,182,000	2,657,694,000	2,683,657,000
	----------------	----------------	----------------	----------------
TOTAL ASSET	8,161,503,000	3,986,338,000	2,711,101,000	2,686,109,000
	=============	=============	=============	=============
CURRENT LIABILITIES
Trade creditors	131,946,000	216,279,000	261,646,000	276,190,000
Other creditors & accruals	4,952,972,000	1,387,930,000	827,626,000	695,037,000
Bank overdraft	541,865,000	532,544,000	293,605,000	539,701,000
Short term borrowings/Term loans	691,897,000	258,834,000	358,033,000	433,757,000
Amounts owing to holding company	100,000,000	-	-	-
Amounts owing to related companies	945,735,000	995,526,000	492,788,000	292,912,000
Provision for taxation	4,079,000	2,379,000	714,000	10,927,000
Other liabilities	338,532,000	210,136,000	134,648,000	176,041,000
	----------------	----------------	----------------	----------------
TOTAL CURRENT LIABILITIES	7,707,026,000	3,603,628,000	2,369,060,000	2,424,565,000
	----------------	----------------	----------------	----------------
NET CURRENT ASSETS/(LIABILITIES)	260,474,000	327,554,000	288,634,000	259,092,000
	----------------	----------------	----------------	----------------
TOTAL NET ASSETS	454,477,000	382,710,000	342,041,000	261,544,000
	=============	=============	=============	=============
SHARE CAPITAL
Ordinary share capital	0	0	0	0
	----------------	----------------	----------------	----------------
RESERVES
Capital reserve	90,781,000	84,831,000	80,727,000	15,784,000
Retained profit/(loss) carried forward	359,084,000	297,879,000	261,314,000	245,760,000
	----------------	----------------	----------------	----------------
TOTAL RESERVES	449,865,000	382,710,000	342,041,000	261,544,000
	----------------	----------------	----------------	----------------
SHAREHOLDERS' FUNDS/EQUITY	449,865,000	382,710,000	342,041,000	261,544,000
LONG TERM LIABILITIES
Others	4,612,000	-	-	-
	----------------	----------------	----------------	----------------
TOTAL LONG TERM LIABILITIES	4,612,000	-	-	-
	----------------	----------------	----------------	----------------
	454,477,000	382,710,000	342,041,000	261,544,000
	=============	=============	=============	=============

FINANCIAL RATIO

TRAFIGURA PTE LTD

TYPES OF FUNDS
Cash	186,432,000	138,280,000	103,624,000	24,344,000
Net Liquid Funds	<355,433,000>	<394,264,000>	<189,981,000>	<515,357,000>
Net Liquid Assets	<998,730,000>	<538,921,000>	<489,349,000>	<876,584,000>
Net Current Assets/(Liabilities)	260,474,000	327,554,000	288,634,000	259,092,000
Net Tangible Assets	454,477,000	382,710,000	342,041,000	261,544,000
Net Monetary Assets	<1,003,342,000>	<538,921,000>	<489,349,000>	<876,584,000>
BALANCE SHEET ITEMS
Total Borrowings	1,233,762,000	791,378,000	651,638,000	973,458,000
Total Liabilities	7,711,638,000	3,603,628,000	2,369,060,000	2,424,565,000
Total Assets	8,161,503,000	3,986,338,000	2,711,101,000	2,686,109,000
Net Assets	454,477,000	382,710,000	342,041,000	261,544,000
Net Assets Backing	449,865,000	382,710,000	342,041,000	261,544,000
Shareholders' Funds	449,865,000	382,710,000	342,041,000	261,544,000
Total Share Capital	0	0	0	0
Total Reserves	449,865,000	382,710,000	342,041,000	261,544,000
LIQUIDITY (Times)
Cash Ratio	0.02	0.04	0.04	0.01
Liquid Ratio	0.87	0.85	0.79	0.64
Current Ratio	1.03	1.09	1.12	1.11
WORKING CAPITAL CONTROL (Days)
Stock Ratio	16	14	18	46
Debtors Ratio	20	26	25	39
Creditors Ratio	2	4	6	11
SOLVENCY RATIOS (Times)
Gearing Ratio	2.74	2.07	1.91	3.72
Liabilities Ratio	17.14	9.42	6.93	9.27
Times Interest Earned Ratio	3.40	2.98	3.33	23.98
Assets Backing Ratio	0.00	0.00	0.00	0.00
PERFORMANCE RATIO (%)
Operating Profit Margin	0.23	0.17	0.11	2.11
Net Profit Margin	0.21	0.17	0.10	2.00
Return On Net Assets	20.74	15.18	6.98	75.23
Return On Capital Employed	9.46	6.35	3.75	24.56
Return On Shareholders' Funds/Equity	13.61	9.55	4.55	68.32
Dividend Pay Out Ratio (Times)	0.00	0.00	0.00	0.00
NOTES TO ACCOUNTS
Contingent Liabilities	0	0	0	0

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.62.73
UK Pound	1	Rs.100.92
Euro	1	Rs.84.06

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%)

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.