MIRA INFORM REPORT

Report Date :

26.07.2014

IDENTIFICATION DETAILS

Name :	TRAFIGURA PTE LTD
Registered Office :	1, Marina Boulevard, 28-00, One Marina Boulevard, 018989
Country :	Singapore
Financials (as on) :	30.09.2013
Date of Incorporation :	07.03.1996
Com. Reg. No.:	199601595-D
Legal Form :	Private Limited Company
Line of Business :	· engaged as a commodity and Futures Brokers and Dealers Engaged in trading of Oil, Ferrous & Non-Ferrous Metal as well as Coal
No of Employees :	200 [2014]

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 :	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 – March 31, 2014

Country Name	Previous Rating (31.12.2013)	Current Rating (31.03.2014)
Singapore	A1	A1

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

Singapore ECONOMIC OVERVIEW

Singapore has a highly developed and successful free-market economy. It enjoys a remarkably open and corruption-free environment, stable prices, and a per capita GDP higher than that of most developed countries. The economy depends heavily on exports, particularly in consumer electronics, information technology products, pharmaceuticals, and on a growing financial services sector. The economy contracted 0.6% in 2009 as a result of the global financial crisis, but rebounded 15.1% in 2010, on the strength of renewed exports, before slowing to in 2011-13, largely a result of soft demand for exports during the second European recession. Over the longer term, the government hopes to establish a new growth path that focuses on raising productivity. Singapore has attracted major investments in pharmaceuticals and medical technology production and will continue efforts to establish Singapore as Southeast Asia's financial and high-tech hub.

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

:

· engaged as a commodity and futures brokers and dealers

Engaged in trading of oil, ferrous & non-ferrous metal as well as coal

ISSUED AND PAID UP CAPITAL

:

10,000.00 ORDINARY SHARE, OF A VALUE OF USD 207,950,389.00 
6,100,002.00 ORDINARY SHARE, OF A VALUE OF SGD 6,100,002.00 

SALES

:

USD 98,780,800,000 [2013]

NET WORTH

:

USD 1,055,000,000 [2013]

STAFF STRENGTH

:

200 [2014]

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 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 OVERSEA-CHINESE BANKING CORPORATION LIMITED AUSTRALIA AND NEW ZEALAND BANKING GROUP LTD ING BANK N.V. CITIBANK N.A.  UNITED OVERSEAS BANK LIMITED

LITIGATION

:

TRACED

FINANCIAL CONDITION

:

LIMITED

PAYMENT

:

PROMPT

MANAGEMENT CAPABILITY

:

GOOD

COMMERCIAL RISK

:

LOW

CURRENCY EXPOSURE

:

MODERATE

GENERAL REPUTATION

:

GOOD

INDUSTRY OUTLOOK

:

AVERAGE GROWTH

HISTORY / BACKGROUND

The Subject 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 Subject must have at least two directors. A private limited company is a separate legal entity from its shareholders. As a separate legal entity, the Subject 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 Subject is insolvent. The Subject 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 Subject is principally engaged in the (as a / as an) commodity and futures brokers and dealers.

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

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

The penultimate holding company of the Subject is TRAFIGURA BEHEER B.V, a company incorporated in NETHERLANDS.

Share Capital History

Date	Issue & Paid Up Capital
22/07/2014	USD 207,950,389.00 & SGD 6,100,002.00

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

Name	Address	IC/PP/Loc No	Shareholding	(%)
TRAFIGURA TRADE INVESTMENTS B.V. [USD=10,000, SGD=6,100,002]	GUSTAV MAHLERPLEIN 102, 1082, THE MA AMSTERDAM, NETHERLANDS.	T12UF3938	6,110,002.00	100.00
			---------------	------
			6,110,002.00	100.00
			============	=====

+ Also Director

The Subject's interest in other companies (Subsidiaries/Associates) are shown as follow :

Local No	Country	Company	(%)	As At
	UNITED KINGDOM	TRAFIGURA NAT GAS LTD	100.00	30/09/2013
201119446G	SINGAPORE	TRAFIGURA MARITIME LOGISTICS PTE. LTD.	100.00	30/09/2013
	UNITED KINGDOM	TRAFIGURA ENERGY LIMITED	100.00	30/09/2013
	UNITED KINGDOM	TRAFIGURA DERIVATIVES LIMITED	100.00	30/09/2013
	SWITZERLAND	TRAFIGURA TRADING GMBH	100.00	30/09/2013
	MALTA	BULAVISTA LTD	100.00	30/09/2013
	LUXEMBOURG	TRAFIGURA TRADE INVESTMENT	100.00	30/09/2013
SG011000	SINGAPORE	TRAFIGURA SERVICES PTE. LTD.	100.00	30/09/2013
	INDONESIA	PT TRAFIGURA	99.00	30/09/2013
	ECUADOR	DEPOSITO COMERCIAL PRIVADO DE GAS	99.00	30/09/2013
201017451H	SINGAPORE	TN SINGAPORE TRADING PTE. LTD.	51.00	30/09/2013
200916892Z	SINGAPORE	DTS HOLDINGS SINGAPORE PTE. LTD.	50.00	30/09/2013

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. CP, 52779, MEXICO.
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	:	8, CABLE ROAD, 249904, 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	:	JOSE MARIA LAROCCA
Address	:	CHEMIN DES PRINCES, 37, CH-1253, VANDOEUVRES, SWITZERLAND.
IC / PP No	:	YA0708660
Nationality	:	ITALIAN
Date of Appointment	:	31/08/2012

DIRECTOR 9

Name Of Subject	:	GARY JULIEN LE-MEN
Address	:	19, NASSIM ROAD, 04-13, NASSIM PARK RESIDENCES, 258461, SINGAPORE.
IC / PP No	:	G5275121M
Nationality	:	BRITISH
Date of Appointment	:	31/08/2012

DIRECTOR 10

Name Of Subject	:	JEAN, PIERRE, BAPTISTE VALENTINI
Address	:	49, OXFORD AVENUE, SANDHURST, 2196, JOHANNESBURG, 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	:	DAPHNE ANG YEE KOON
	IC / PP No	:	S7526599I
	Address	:	354, KANG CHING ROAD, 11-31, 610354, SINGAPORE.

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

:

RAIFFEISEN BANK INTERNATIONAL AG

11)

Name

:

SOCIETE GENERALE

12)

Name

:

STANDARD CHARTERED BANK

13)

Name

:

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

14)

Name

:

THE ROYAL BANK OF SCOTLAND BHD

15)

Name

:

UNITED OVERSEAS BANK LTD

16)

Name

:

WESTPAC BANKING CORPORATION

17)

Name

:

SUMITOMO MITSUI BANKING CORPORATION SINGAPORE BRANCH

18)

Name

:

KBC BANK N.V.

19)

Name

:

RABOBANK INTERNATIONAL

20)

Name

:

GOLDMAN SACHS INTERNATIONAL

21)

Name

:

BNP PARIBAS (SUISSE) SA

22)

Name

:

FIRST GULF BANK PJSC

23)

Name

:

OVERSEA-CHINESE BANKING CORPORATION LIMITED

24)

Name

:

AUSTRALIA AND NEW ZEALAND BANKING GROUP LTD

25)

Name

:

ING BANK N.V.

26)

Name

:

CITIBANK N.A.

27)

Name

:

UNITED OVERSEAS BANK LIMITED

ENCUMBRANCE (S)

Charge No	Creation Date	Charge Description	Chargee Name	Total Charge	Status
NULL	-	N/A	COOPERATIEVE CENTRALE RAIFFEISEN-BOERENLEENBANK BA. (TRADING AS RABOBANK INTL), LONDON BRANCH	-	Unsatisfied
NULL	-	N/A	ABN AMRO BANK N.V. AMSTERDAM BRANCH	-	Unsatisfied
NULL	-	N/A	COMMONWEALTH BANK OF AUSTRALIA, LONDON BRANCH	-	Unsatisfied
NULL	-	N/A	CITIBANK INTERNATIONAL PLC	-	Unsatisfied
NULL	-	N/A	CITIBANK N.A.	-	Unsatisfied
200202251	17/05/2002	N/A	BNP PARIBAS	-	Unsatisfied
200202574	10/06/2002	N/A	STANDARD CHARTERED BANK	-	Unsatisfied
C200507310	24/11/2005	N/A	ING BANK N. V.	-	Unsatisfied
C200602541	20/04/2006	N/A	SUMITOMO MITSUI BANKING CORPORATION SINGAPORE BRANCH	-	Unsatisfied
C200602542	20/04/2006	N/A	SUMITOMO MITSUI BANKING CORPORATION SINGAPORE BRANCH	-	Unsatisfied
C200606379	22/09/2006	N/A	UNITED OVERSEAS BANK LIMITED	-	Unsatisfied
C200606741	02/10/2006	N/A	STANDARD CHARTERED BANK	-	Unsatisfied
C200608114	30/11/2006	N/A	CREDIT AGRICOLE CORPORATE AND INVESTMENT BANK	-	Unsatisfied
C200700296	12/01/2007	N/A	NATIXIS	-	Unsatisfied
C200700297	12/01/2007	N/A	NATIXIS	-	Unsatisfied
C200802277	06/03/2008	N/A	OVERSEA-CHINESE BANKING CORPORATION LIMITED	-	Unsatisfied
C200804950	30/05/2008	N/A	COMMERZBANK AKTIENGESELLSCHAFT, LONDON BRANCH	-	Unsatisfied
C200807115	31/07/2008	N/A	MIZUHO CORPORATE BANK, LTD.	-	Unsatisfied
C200807116	31/07/2008	N/A	MIZUHO CORPORATE BANK, LTD.	-	Unsatisfied
C200807117	31/07/2008	N/A	MIZUHO CORPORATE BANK, LTD.	-	Unsatisfied
C200807118	31/07/2008	N/A	MIZUHO CORPORATE BANK, LTD.	-	Unsatisfied
C200808503	12/09/2008	N/A	COOPERATIEVE CENTRALE RAIFFEISEN-BOERENLEENBANK B A., LONDON BRANCH	-	Unsatisfied
C200808522	12/09/2008	N/A	COOPERATIEVE CENTRALE RAIFFEISEN-BOERENLEENBANK BA., (TRADING AS RABOBANK INTL), SINGAPORE BRANCH	-	Unsatisfied
C200809301	09/10/2008	N/A	NATIXIS	-	Unsatisfied
C200809742	23/10/2008	N/A	DEUTSCHE BANK AG, AMSTERDAM BRANCH	-	Unsatisfied
C200901086	17/02/2009	N/A	NATIONAL BANK OF GREECE S.A.	-	Unsatisfied
C200901088	17/02/2009	N/A	NATIONAL BANK OF GREECE S.A	-	Unsatisfied
C200902668	08/05/2009	N/A	SOCIETE GENERALE,PARIS	-	Unsatisfied
C200904714	30/07/2009	N/A	RAIFFEISEN BANK INTERNATIONAL AG	-	Unsatisfied
C200904717	30/07/2009	N/A	RAIFFEISEN BANK INTERNATIONAL AG	-	Unsatisfied
C200904796	04/08/2009	N/A	RAIFFEISEN BANK INTERNATIONAL AG	-	Unsatisfied
C200904797	04/08/2009	N/A	RAIFFEISEN BANK INTERNATIONAL AG	-	Unsatisfied
C200905264	24/08/2009	N/A	SOCIETE GENERALE	-	Unsatisfied
C200905464	01/09/2009	N/A	CREDIT AGRICOLE CORPORATION AND INVESTMENT BANK	USD 75,000,000.00	Unsatisfied
C200907243	10/11/2009	N/A	AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED	-	Unsatisfied
C200907512	18/11/2009	N/A	WESTPAC BANKING CORPORATION	-	Unsatisfied
C200907526	19/11/2009	N/A	CREDIT AGRICOLE CORPORATE AND INVESTMENT BANK	USD 75,000,000.00	Unsatisfied
C201000640	19/01/2010	N/A	ABN AMRO BANK N.V. AMSTERDAM BRANCH	-	Unsatisfied
C201001412	12/02/2010	N/A	NATIONAL BANK OF GREECE S.A.	-	Unsatisfied
C201001415	12/02/2010	N/A	NATIONAL BANK OF GREECE S.A.	-	Unsatisfied
C201001418	12/02/2010	N/A	NATIONAL BANK OF GREECE S.A.	-	Unsatisfied
C201002893	07/04/2010	N/A	CREDIT AGRICOLE (SUISSE) SA	-	Unsatisfied
C201002894	07/04/2010	N/A	CREDIT AGRICOLE (SUISSE) SA	-	Unsatisfied
C201002896	07/04/2010	N/A	CREDIT AGRICOLE (SUISSE) SA	-	Unsatisfied
C201002898	07/04/2010	N/A	CREDIT AGRICOLE (SUISSE) SA	-	Unsatisfied
C201002900	07/04/2010	N/A	CREDIT AGRICOLE (SUISSE) SA	-	Unsatisfied
C201002902	07/04/2010	N/A	CREDIT AGRICOLE (SUISSE) SA	-	Unsatisfied
C201002903	07/04/2010	N/A	CREDIT AGRICOLE (SUISSE) SA	-	Unsatisfied
C201003444	26/04/2010	N/A	ING BANK N.V.	-	Unsatisfied
C201003764	07/05/2010	N/A	NATIXIS	-	Unsatisfied
C201003767	07/05/2010	N/A	NATIXIS	-	Unsatisfied
C201003768	07/05/2010	N/A	NATIXIS	-	Unsatisfied
C201005536	01/07/2010	N/A	COMMERZBANK AKTIENGESELLSCHAFT, LONDON BRANCH	-	Unsatisfied
C201006101	16/07/2010	N/A	WESTPAC BANKING CORPORATION	-	Unsatisfied
C201006169	20/07/2010	N/A	STANDARD CHARTERED BANK	-	Unsatisfied
C201006481	28/07/2010	N/A	THE BANK OF TOKYO-MITSUBISHI UFJ, LTD.	-	Unsatisfied
C201006483	28/07/2010	N/A	THE BANK OF TOKYO-MITSUBISHI UFJ, LTD.	-	Unsatisfied
C201008921	01/10/2010	N/A	STANDARD CHARTERED BANK	-	Unsatisfied
C201010438	03/11/2010	N/A	UNICREDIT BANK AG	-	Unsatisfied
C201010440	03/11/2010	N/A	UNICREDIT BANK AG	-	Unsatisfied
C201012532	23/12/2010	N/A	BANK OF COMMUNICATIONS CO., LTD	-	Unsatisfied
C201012677	29/12/2010	N/A	BNP PARIBAS	-	Unsatisfied
C201100831	18/01/2011	N/A	DBS BANK LTD.	-	Unsatisfied
C201101919	15/02/2011	N/A	CHINATRUST COMMERCIAL BANK CO., LTD.	-	Unsatisfied
C201101921	15/02/2011	N/A	CHINATRUST COMMERCIAL BANK CO., LTD.	-	Unsatisfied
C201102896	09/03/2011	N/A	BNP PARIBAS	-	Unsatisfied
C201102899	09/03/2011	N/A	BNP PARIBAS	-	Unsatisfied
C201102902	09/03/2011	N/A	BNP PARIBAS	-	Unsatisfied
C201102911	09/03/2011	N/A	BNP PARIBAS	-	Unsatisfied
C201102912	09/03/2011	N/A	BNP PARIBAS	-	Unsatisfied
C201104208	05/04/2011	N/A	NATIXIS	-	Unsatisfied
C201105053	21/04/2011	N/A	UBS AG	-	Unsatisfied
C201105056	21/04/2011	N/A	UBS AG	-	Unsatisfied
C201105060	21/04/2011	N/A	UBS AG	-	Unsatisfied
C201105063	21/04/2011	N/A	UBS AG	-	Unsatisfied
C201105068	21/04/2011	N/A	UBS AG	-	Unsatisfied
C201105069	21/04/2011	N/A	UBS AG	-	Unsatisfied
C201106344	26/05/2011	N/A	UNION DE BANQUES ARABES ET FRANCAISES-UABF	-	Unsatisfied
C201106397	27/05/2011	N/A	COOPERATIEVE CENTRALE RAIFFEISEN-BOERENLEENBANK B.A.("RABOBANK	-	Unsatisfied
C201106402	27/05/2011	N/A	COOPERATIEVE CENTRALE RAIFFEISEN-BOERENLEENBANK B.A.("RABOBANK	-	Unsatisfied
C201106403	27/05/2011	N/A	COOPERATIEVE CENTRALE RAIFFEISEN-BOERENLEENBANK B.A.("RABOBANK	-	Unsatisfied
C201107964	01/07/2011	N/A	NATIONAL AUSTRALIA BANK LIMITED	-	Unsatisfied
C201110284	18/08/2011	N/A	SOCIETE GENERALE	-	Unsatisfied
C201110641	25/08/2011	N/A	THE ROYAL BANK OF SCOTLAND N.V.	-	Unsatisfied
C201111188	08/09/2011	N/A	BNP PARIBAS	-	Unsatisfied
C201111189	08/09/2011	N/A	BNP PARIBAS	-	Unsatisfied
C201111506	14/09/2011	N/A	SOCIETE GENERALE	-	Unsatisfied
C201112828	12/10/2011	N/A	ICICI BANK UK PLC	-	Unsatisfied
C201112831	12/10/2011	N/A	ICICI BANK UK PLC	-	Unsatisfied
C201112833	12/10/2011	N/A	ICICI BANK UK PLC	-	Unsatisfied
C201114174	10/11/2011	N/A	ING BANK N.V.	-	Unsatisfied
C201115121	01/12/2011	N/A	BNP PARIBAS (FORMERLY KNOWN AS BANQUE NATIONALE DE PARIS)	-	Unsatisfied
C201115134	01/12/2011	N/A	BNP PARIBAS (FORMERLY KNOWN AS BANQUE NATIONALE DE PARIS)	-	Unsatisfied
C201202370	01/03/2012	N/A	THE ROYAL BANK OF SCOTLAND N.V.	-	Unsatisfied
C201204507	25/04/2012	N/A	STANDARD CHARTERED BANK	-	Unsatisfied
C201204508	25/04/2012	N/A	STANDARD CHARTERED BANK	-	Unsatisfied
C201204510	25/04/2012	N/A	STANDARD CHARTERED BANK	-	Unsatisfied
C201204511	25/04/2012	N/A	STANDARD CHARTERED BANK	-	Unsatisfied
C201204512	25/04/2012	N/A	STANDARD CHARTERED BANK	-	Unsatisfied
C201205557	21/05/2012	N/A	COMMERZBANK AKTIENGESELLSCHAFT	-	Unsatisfied
C201205558	21/05/2012	N/A	COMMERZBANK AKTIENGESELLSCHAFT	-	Unsatisfied
C201205913	30/05/2012	N/A	BANQUE DE COMMERCEET DE PLACEMENTS S.A.	-	Unsatisfied
C201206118	06/06/2012	N/A	RABOBANK INTERNATIONAL	-	Unsatisfied
C201206123	06/06/2012	N/A	RABOBANK INTERNATIONAL	-	Unsatisfied
C201207067	27/06/2012	N/A	KBC BANK N.V.	-	Unsatisfied
C201207084	27/06/2012	N/A	KBC BANK N.V.	-	Unsatisfied
C201208288	24/07/2012	N/A	SOCIETE GENERALE	-	Unsatisfied
C201209205	14/08/2012	N/A	BANK CIC (SWITZERLAND) LTD.	-	Unsatisfied
C201209816	28/08/2012	N/A	BNP PARIBAS	-	Unsatisfied
C201209820	29/08/2012	N/A	BNP PARIBAS	-	Unsatisfied
C201211590	09/10/2012	N/A	BHF-BANK AKTIENGSELLSCHAFT	-	Unsatisfied
C201211602	09/10/2012	N/A	BHF-BANK AKTIENGSELLSCHAFT	-	Unsatisfied
C201211822	15/10/2012	N/A	SOCIETE GENERALE, LONDON BRANCH	-	Unsatisfied
C201211832	15/10/2012	N/A	SOCIETE GENERALE, LONDON BRANCH	-	Unsatisfied
C201211834	15/10/2012	N/A	SOCIETE GENERALE, LONDON BRANCH	-	Unsatisfied
C201211835	15/10/2012	N/A	SOCIETE GENERALE, LONDON BRANCH	-	Unsatisfied
C201211838	15/10/2012	N/A	SOCIETE GENERALE, LONDON BRANCH	-	Unsatisfied
C201212205	23/10/2012	N/A	RAIFFEISEN BANK INTERNATIONAL AG	-	Unsatisfied
C201212206	23/10/2012	N/A	RAIFFEISEN BANK INTERNATIONAL AG	-	Unsatisfied
C201212207	23/10/2012	N/A	RAIFFEISEN BANK INTERNATIONAL AG	-	Unsatisfied
C201212208	23/10/2012	N/A	RAIFFEISEN BANK INTERNATIONAL AG	-	Unsatisfied
C201213604	23/11/2012	N/A	ICICI BANK LIMITED	-	Unsatisfied
C201214518	10/12/2012	N/A	BNP PARIBAS	-	Unsatisfied
C201214530	11/12/2012	N/A	SOCIETE GENERALE, LONDON BRANCH	-	Unsatisfied
C201214748	14/12/2012	N/A	BNP PARIBAS	-	Unsatisfied
C201214999	20/12/2012	N/A	BNP PARIBAS	-	Unsatisfied
C201215159	26/12/2012	N/A	BANK LEUMI (UK) PLC	-	Unsatisfied
C201215160	26/12/2012	N/A	BANK LEUMI (UK) PLC	-	Unsatisfied
C201215161	26/12/2012	N/A	BANK LEUMI (UK) PLC	-	Unsatisfied
C201300135	03/01/2013	N/A	GOLDMAN SACHS INTERNATIONAL	-	Unsatisfied
C201300386	09/01/2013	N/A	COOPERATIVE CENTRALE RAIFFEISEN - BOERENLEENBANK B.A. (TRADING AS RABOBANK INTL), LONDON BRANCH	-	Unsatisfied
C201300506	11/01/2013	N/A	COOPERATIVE CENTRALE RAIFFEISEN - BOERENLEENBANK B.A. (TRADING AS RABOBANK INTL), LONDON BRANCH	-	Unsatisfied
C201302451	08/02/2013	N/A	COOPERATIVE CENTRALE RAIFFEISEN - BOERENLEENBANK B.A. ("RABOBANK NEDERLAND, RABOBANK INTERNATIONAL")	-	Unsatisfied
C201303620	07/03/2013	N/A	NATIXIS	-	Unsatisfied
C201303675	08/03/2013	N/A	UNICREDIT BANK AG	-	Unsatisfied
C201303709	08/03/2013	N/A	UNICREDIT BANK AG	-	Unsatisfied
C201304024	19/03/2013	N/A	ING BELGIQUE, BRUXELLES, SUCCURSALE	-	Unsatisfied
C201304338	26/03/2013	N/A	ING BELGIQUE, BRUXELLES, SUCCURSALE	-	Unsatisfied
C201304356	26/03/2013	N/A	DEUTSCHE BANK AG, AMSTERDAM BRANCH	-	Unsatisfied
C201304424	27/03/2013	N/A	BANQUE CANTONALE DE GENEVE	-	Unsatisfied
C201304425	27/03/2013	N/A	BANQUE CANTONALE DE GENEVE	-	Unsatisfied
C201304426	27/03/2013	N/A	BANQUE CANTONALE DE GENEVE	-	Unsatisfied
C201304427	27/03/2013	N/A	BANQUE CANTONALE DE GENEVE	-	Unsatisfied
C201304794	05/04/2013	N/A	BNP PARIBAS (SUISSE) SA	-	Unsatisfied
C201304795	05/04/2013	N/A	BNP PARIBAS (SUISSE) SA	-	Unsatisfied
C201304931	10/04/2013	N/A	STARDARD CHARTERED BANK	-	Unsatisfied
C201304950	10/04/2013	N/A	BNP PARIBAS	-	Unsatisfied
C201304990	11/04/2013	N/A	BNP PARIBAS	-	Unsatisfied
C201305134	15/04/2013	N/A	CHINA CONSTRUCTION BANK CORPORATION - JOHANNEBURG BRANCH	-	Unsatisfied
C201305135	15/04/2013	N/A	CITIBANK N.A.	-	Unsatisfied
C201305738	26/04/2013	N/A	CHINA CONSTRUCTION BANK CORPORATION - JOHANNESBURG BRANCH	-	Unsatisfied
C201307367	31/05/2013	N/A	FIRST GULF BANK PJSC	-	Unsatisfied
C201307975	12/06/2013	N/A	GOLDMAN SACHS INTERNATIONAL	-	Unsatisfied
C201308789	28/06/2013	N/A	NATIXIS	-	Unsatisfied
C201309623	16/07/2013	N/A	AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED	-	Unsatisfied
C201309627	16/07/2013	N/A	AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED	-	Unsatisfied
C201310777	06/08/2013	N/A	NATIXIS	-	Unsatisfied
C201310779	06/08/2013	N/A	NATIXIS	-	Unsatisfied
C201311034	13/08/2013	N/A	BNP PARIBAS	-	Unsatisfied
C201311469	21/08/2013	N/A	NATIXIS, SHANGHAI BRANCH	-	Unsatisfied
C201311910	30/08/2013	N/A	SOCIETE GENERALE	-	Unsatisfied
C201312476	11/09/2013	N/A	CITIBANK N.A., LONDON BRANCH	-	Unsatisfied
C201312531	12/09/2013	N/A	CHINA CONSTRUCTION BANK CORPORATION - JOHANNESBURG BRANCH	-	Unsatisfied
C201212053	25/09/2013	N/A	ABN AMRO BANK N.V.	-	Unsatisfied
C201313383	02/10/2013	N/A	SOCIETE GENERALE	-	Unsatisfied
C201313386	02/10/2013	N/A	SOCIETE GENERALE	-	Unsatisfied
C201313589	07/10/2013	N/A	SOCIETE GENERALE	-	Unsatisfied
C201313729	09/10/2013	N/A	COMMONWEALTH BANK OF AUSTRALIA, LONDON BRANCH	-	Unsatisfied
C201313730	09/10/2013	N/A	COMMONWEALTH BANK OF AUSTRALIA	-	Unsatisfied
C201313881	12/10/2013	N/A	CITIBANK N.A., LONDON BRANCH	-
C201313882	12/10/2013	N/A	CITIBANK N.A., LONDON BRANCH	-	Unsatisfied
C201313905	14/10/2013	N/A	UNICREDIT BANK AG	-	Unsatisfied
C201313921	14/10/2013	N/A	SOCIETE GENERALE	-	Unsatisfied
C201314176	21/10/2013	N/A	SOCIETE GENERALE	-
C201314611	29/10/2013	N/A	STANDARD CHARTERED BANK	-	Unsatisfied
C201314612	29/10/2013	N/A	STANDARD CHARTERED BANK	-	Unsatisfied
C201314822	31/10/2013	N/A	BNP PARIBAS	-	Unsatisfied
C201315882	27/11/2013	N/A	CITIBANK EUROPE PLC	-	Unsatisfied
C201315974	29/11/2013	N/A	SOCIETE GENERALE	-	Unsatisfied
C201315976	29/11/2013	N/A	SOCIETE GENERALE	-	Unsatisfied
C201315979	29/11/2013	N/A	SOCIETE GENERALE	-	Unsatisfied
C201317259	20/12/2013	N/A	CREDIT SUISSE AG	-	Unsatisfied
C201317363	23/12/2013	N/A	STANDARD CHARTERED BANK	-	Unsatisfied
C201317364	23/12/2013	N/A	STANDARD CHARTERED BANK	-	Unsatisfied
C201317365	23/12/2013	N/A	STANDARD CHARTERED BANK	-	Unsatisfied
C201403903	21/04/2014	N/A	ABN AMRO BANK N.V.	-	Unsatisfied
C201404275	29/04/2014	N/A	ABN AMRO BANK N.V. AMSTERDAM BRANCH	-	Unsatisfied
C201405654	06/06/2014	N/A	SOCIETE GENERALE	-	Unsatisfied
C201405659	06/06/2014	N/A	SOCIETE GENERALE	-	Unsatisfied
C201405867	12/06/2014	N/A	SOCIETE GENERALE	USD 225,000,000.00	Unsatisfied
C201405868	12/06/2014	N/A	SOCIETE GENERALE	USD 225,000,000.00	Unsatisfied
C201406115	19/06/2014	N/A	NATIXIS	-	Unsatisfied
C201406992	10/07/2014	N/A	ING BELGIUM, BRUSSELS, GENEVA BRANCH	-	Unsatisfied

LEGAL CHECK AGAINST SUBJECT

* A check has been conducted in our databank against the Subject 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 who 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 Subject refused to provide its supplier's information. 

The Subject 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	[	X	]	Good 31-60 Days	[	]	Average 61-90 Days	[	]
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	2014	2013
GROUP	N/A	N/A
COMPANY	200	80

Branch

:

NO

Other Information:

The Subject is principally engaged in the (as a / as an) commodity and futures brokers and dealers. 

Engaged in trading of oil, ferrous & non-ferrous metal as well as coal

The Subject is one of the companies listed under the Trafigura group of companies. 

CURRENT INVESTIGATION

Latest fresh investigations carried out on the Subject indicated that :

Telephone Number Provided By Client	:	6563192960
Current Telephone Number	:	65-63192960
Match	:	YES
Address Provided by Client	:	ONEMARINA BOULERARD NO 28-00 SINGAPORE 018989
Current Address	:	10 COLLYER QUAY #29-00, OCEAN FINANCIAL CENTRE, 049315, SINGAPORE.
Match	:	NO

Other Investigations

we contacted one of the staff from the Subject and she provided some information.

The address provided belongs to the Subject's registered office.

FINANCIAL ANALYSIS

Profitability
Turnover	:	Increased	[	2009 - 2013	]
Profit/(Loss) Before Tax	:	Increased	[	2009 - 2013	]
Return on Shareholder Funds	:	Favourable	[	32.24%	]
Return on Net Assets	:	Acceptable	[	21.80%	]
The Subject'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. Generally the Subject was profitable. The favourable return on shareholders' funds and return on net assets indicate that the Subject's management was efficient in utilising the assets to generate returns.
Working Capital Control
Stock Ratio	:	Favourable	[	15 Days	]
Debtor Ratio	:	Favourable	[	50 Days	]
Creditors Ratio	:	Favourable	[	5 Days	]
The Subject'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 Subject. The Subject had a favourable creditors' ratio where the Subject could be taking advantage of the cash discounts and also wanting to maintain goodwill with its creditors.
Liquidity
Liquid Ratio	:	Acceptable	[	0.97 Times	]
Current Ratio	:	Unfavourable	[	1.17 Times	]
The Subject's liquid ratio was slightly low. This could indicate that the Subject's working capital was slightly deficient. The Subject 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	:	Unfavourable	[	1.64 Times	]
Gearing Ratio	:	Unfavourable	[	8.76 Times	]
The Subject's interest cover was low. If its profits fall or when interest rate rises, it  may not be able to meet all its interest payment. The Subject was highly geared, thus it had a high financial risk. The Subject was dependent on loans to finance its business needs. In times of economic downturn and / or high interest rate, the Subject will become less profitable and competitive than other firms in the same industry, which are lowly geared. This is because the Subject has to service the interest and to repay the loan, which will erode part of its profits. The profits will fluctuate depending on the Subject's turnover and the interest it needs to pay.
Overall Assessment :
Generally, the Subject's performance has improved with higher turnover and profit. The Subject's liquidity was at an acceptable range. If the Subject is able to obtain further short term financing, it should be able to meet all its short term obligations. If there is a fall in the Subject's profit or any increase in interest rate, the Subject may not be able to generate sufficient cash-flow to service its interest. The Subject'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 Subject : LIMITED

SINGAPORE ECONOMIC / INDUSTRY OUTLOOK

Major Economic Indicators :	2009	2010	2011	2012	2013
Population (Million)	4.98	5.08	5.18	5.31	5.40
Gross Domestic Products ( % )	(0.8)	14.5	4.9	1.3	3.7
Consumer Price Index	0.6	2.8	5.2	4.6	2.4
Total Imports (Million)	356,299.3	423,221.8	459,655.1	474,554.0	466,762.0
Total Exports (Million)	391,118.1	478,840.7	514,741.2	510,329.0	513,391.0
Unemployment Rate (%)	3.2	2.2	2.1	2.0	1.9
Tourist Arrival (Million)	9.68	11.64	13.17	14.49	15.46
Hotel Occupancy Rate (%)	75.8	85.6	86.5	86.4	86.3
Cellular Phone Subscriber (Million)	1.37	1.43	1.50	1.52	1.97
Registration of New Companies (No.)	26,414	29,798	32,317	31,892	37,288
Registration of New Companies (%)	4.3	12.8	8.5	(1.3)	9.8
Liquidation of Companies (No.)	22,393	15,126	19,005	17,218	17,369
Liquidation of Companies (%)	113.4	(32.5)	25.6	9.4	(5.3)
Registration of New Businesses (No.)	26,876	23,978	23,494	24,788	22,893
Registration of New Businesses (%)	8.15	(10.78)	2.02	5.51	1.70
Liquidation of Businesses (No.)	23,552	24,211	23,005	22,489	22,598
Liquidation of Businesses (%)	11.4	2.8	(5)	(2.2)	0.5
Bankruptcy Orders (No.)	2,058	1,537	1,527	1,748	1,992
Bankruptcy Orders (%)	(11.5)	(25.3)	(0.7)	14.5	14.0
Bankruptcy Discharges (No.)	3,056	2,252	1,391	1,881	2,584
Bankruptcy Discharges (%)	103.7	(26.3)	(38.2)	35.2	37.4
INDUSTRIES ( % of Growth ) :
Agriculture
Production of Principal Crops	3.25	(0.48)	4.25	3.64	-
Fish Supply & Wholesale	(1.93)	(10.5)	12.10	(0.5)	-
Manufacturing *	71.5	92.8	100.0	100.3	102.0
Food, Beverages & Tobacco	90.4	96.4	100.0	103.5	103.5
Textiles	145.9	122.1	100.0	104.0	87.1
Wearing Apparel	211.0	123.3	100.0	92.1	77.8
Leather Products & Footwear	79.5	81.8	100.0	98.6	109.8
Wood & Wood Products	101.4	104.0	100.0	95.5	107.4
Paper & Paper Products	95.4	106.1	100.0	97.4	103.2
Printing & Media	100.9	103.5	100.0	93.0	86.1
Crude Oil Refineries	96.4	95.6	100.0	99.4	93.5
Chemical & Chemical Products	80.3	97.6	100.0	100.5	104.1
Pharmaceutical Products	49.1	75.3	100.0	109.7	107.2
Rubber & Plastic Products	101.2	112.3	100.0	96.5	92.9
Non-metallic Mineral	91.9	92.5	100.0	98.2	97.6
Basic Metals	92.6	102.2	100.0	90.6	76.5
Fabricated Metal Products	90.8	103.6	100.0	104.3	105.1
Machinery & Equipment	57.3	78.5	100.0	112.9	114.5
Electrical Machinery	86.8	124.1	100.0	99.3	108.5
Electronic Components	85.2	113.6	100.0	90.6	94.3
Transport Equipment	96.0	94.0	100.0	106.3	107.5
Construction	(36.9)	14.20	20.50	28.70	-
Real Estate	1.4	21.3	25.4	31.9	-
Services
Electricity, Gas & Water	1.70	4.00	7.00	6.30	-
Transport, Storage & Communication	3.90	12.80	7.40	5.30	-
Finance & Insurance	(16.4)	(0.4)	8.90	0.50	-
Government Services	4.50	9.70	6.90	6.00	-
Education Services	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 Subject is a Private Limited company, focusing on commodity and futures brokers and dealers. With its long establishment in the market, the Subject has received strong support from its stable customers base. Its business position in the market is quite stable and it is expected to enjoy better market shares over its rivals. Having strong support from its shareholder has enabled the Subject to remain competitive despite the challenging business environment. The Subject is a large entity with strong capital position. We are confident with the Subject's business and its future growth prospect. 

Over the years, the Subject has penetrated into both the local and overseas market. The Subject has positioned itself in the global market and is competing in the industry. Its stable clientele base will enable the Subject to further enhance its business in the near term. The Subject is a fairly large and rapidly growing company with over 200 staff in its operations The Subject has a good  management capability. Its capable management team has enabled the Subject to keep its business on going. Hence, the future prospect of the Subject is bright. 

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. Based on the higher profitability, the Subject has generated a favourable return based on its existing shareholders' funds which indicated that the management was efficient in utilising its funds to generate income. The Subject managed to maintain an adequate liquidity level, indicating that the Subject has the ability to meet its financial obligations. The high gearing ratio clearly implied that the Subject was supported by more debt than equity. Thus, the Subject is exposed to high financial risk. Given a positive net worth standing at USD 1,055,000,000, the Subject should be able to maintain its business in the near terms. 

Having a strong assets backing, the Subject possesses latent assets as collateral for further financial extension. Hence, it has good chance of getting loans if the needs arises. 

We regard that the Subject's overall payment habit is prompt. The Subject had a favourable creditors' ratio as evidenced by its favourable collection days. 

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

Based on the above condition, we recommend credit be granted to the Subject promptly.

PROFIT AND LOSS ACCOUNT

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

TRAFIGURA PTE LTD

Financial Year End	2013-09-30	2012-09-30	2011-09-30	2010-09-30	2009-09-30
Months	12	12	12	12	12
Consolidated Account	Company	Company	Company	Company	Company
Audited Account	YES	YES	YES	YES	YES
Unqualified Auditor's Report (Clean Opinion)	YES	YES	YES	YES	YES
Financial Type	FULL	FULL	FULL	FULL	FULL
Currency	USD	USD	USD	USD	USD
TURNOVER	98,780,800,000	29,282,000,000	22,072,750,000	15,483,475,000	8,925,641,000
Other Income	(10,800,000)	(15,600,000)	-	-	-
	----------------	----------------	----------------	----------------	----------------
Total Turnover	98,770,000,000	29,266,400,000	22,072,750,000	15,483,475,000	8,925,641,000
Costs of Goods Sold	(97,808,000,000)	(29,126,800,000)	(21,964,979,000)	(15,408,523,000)	-
	----------------	----------------	----------------	----------------	----------------
Gross Profit	962,000,000	139,600,000	107,771,000	74,952,000	-
	----------------	----------------	----------------	----------------	----------------
PROFIT/(LOSS) FROM OPERATIONS	385,000,000	66,500,000	38,579,000	16,683,000	188,543,000
	----------------	----------------	----------------	----------------	----------------
PROFIT/(LOSS) BEFORE TAXATION	385,000,000	66,500,000	38,579,000	16,683,000	188,543,000
Taxation	(44,900,000)	(5,300,000)	(2,014,000)	(1,129,000)	(9,846,000)
	----------------	----------------	----------------	----------------	----------------
PROFIT/(LOSS) AFTER TAXATION	340,100,000	61,200,000	36,565,000	15,554,000	178,697,000
	----------------	----------------	----------------	----------------	----------------
RETAINED PROFIT/(LOSS) BROUGHT FORWARD
As previously reported	359,100,000	297,900,000	261,314,000	245,760,000	67,063,000
Prior year adjustment	-	-	21,000	-	-
	----------------	----------------	----------------	----------------	----------------
As restated	359,100,000	297,900,000	261,335,000	245,760,000	67,063,000
	----------------	----------------	----------------	----------------	----------------
PROFIT AVAILABLE FOR APPROPRIATIONS	699,200,000	359,100,000	297,900,000	261,314,000	245,760,000
	----------------	----------------	----------------	----------------	----------------
RETAINED PROFIT/(LOSS) CARRIED FORWARD	699,200,000	359,100,000	297,900,000	261,314,000	245,760,000
	=============	=============	=============	=============	=============
INTEREST EXPENSE (as per notes to P&L)
Bank overdraft	-	-	16,189,000	6,714,000	8,151,000
Others	600,400,000	27,700,000	3,316,000	461,000	54,000
	----------------	----------------	----------------	----------------	----------------
	600,400,000	27,700,000	19,505,000	7,175,000	8,205,000
	=============	=============	=============	=============	=============

BALANCE SHEET

TRAFIGURA PTE LTD

ASSETS EMPLOYED:
FIXED ASSETS	116,100,000	13,200,000	2,949,000	2,442,000	2,452,000
LONG TERM INVESTMENTS/OTHER ASSETS
Subsidiary companies	286,600,000	52,300,000	52,207,000	50,965,000	-
Associated companies	54,200,000	11,900,000	-	-	-
Investments	90,000,000	83,800,000	-	-	-
Loans & advances - non-current	439,700,000	-	-	-	-
Deferred assets	34,400,000	-	-	-	-
Others	7,700,000	32,800,000	-	-	-
	----------------	----------------	----------------	----------------	----------------
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS	912,600,000	180,800,000	52,207,000	50,965,000	-
Others	62,700,000	-	-	-	-
	----------------	----------------	----------------	----------------	----------------
TOTAL INTANGIBLE ASSETS	62,700,000	-	-	-	-
	----------------	----------------	----------------	----------------	----------------
TOTAL LONG TERM ASSETS	1,091,400,000	194,000,000	55,156,000	53,407,000	2,452,000
Stocks	4,116,100,000	1,259,200,000	866,475,000	777,983,000	1,135,676,000
Trade debtors	13,584,600,000	6,187,900,000	1,560,690,000	1,072,348,000	943,113,000
Other debtors, deposits & prepayments	920,500,000	13,100,000	769,330,000	425,413,000	294,323,000
Short term deposits	104,700,000	141,600,000	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	-	-	237,180,000	24,932,000	23,658,000
Cash & bank balances	1,978,600,000	44,800,000	57,365,000	5,534,000	2,190,000
Others	3,213,600,000	320,900,000	241,112,000	92,594,000	107,432,000
	----------------	----------------	----------------	----------------	----------------
TOTAL CURRENT ASSETS	23,918,100,000	7,967,500,000	3,931,182,000	2,657,694,000	2,683,657,000
	----------------	----------------	----------------	----------------	----------------
TOTAL ASSET	25,009,500,000	8,161,500,000	3,986,338,000	2,711,101,000	2,686,109,000
	=============	=============	=============	=============	=============
CURRENT LIABILITIES
Trade creditors	1,358,000,000	131,900,000	216,279,000	261,646,000	276,190,000
Other creditors & accruals	5,184,100,000	2,151,600,000	1,387,930,000	827,626,000	695,037,000
Bank overdraft	1,917,800,000	-	532,544,000	293,605,000	539,701,000
Short term borrowings/Term loans	4,167,400,000	1,233,800,000	258,834,000	358,033,000	433,757,000
Amounts owing to holding company	600,000,000	100,000,000	-	-	-
Amounts owing to related companies	3,941,600,000	3,747,200,000	995,526,000	492,788,000	292,912,000
Provision for taxation	46,000,000	4,000,000	2,379,000	714,000	10,927,000
Other liabilities	3,273,600,000	338,500,000	210,136,000	134,648,000	176,041,000
	----------------	----------------	----------------	----------------	----------------
TOTAL CURRENT LIABILITIES	20,488,500,000	7,707,000,000	3,603,628,000	2,369,060,000	2,424,565,000
	----------------	----------------	----------------	----------------	----------------
NET CURRENT ASSETS/(LIABILITIES)	3,429,600,000	260,500,000	327,554,000	288,634,000	259,092,000
	----------------	----------------	----------------	----------------	----------------
TOTAL NET ASSETS	4,521,000,000	454,500,000	382,710,000	342,041,000	261,544,000
	=============	=============	=============	=============	=============
SHARE CAPITAL
Ordinary share capital	213,000,000	0	0	0	0
	----------------	----------------	----------------	----------------	----------------
TOTAL SHARE CAPITAL	213,000,000	-	-	-	-
Capital reserve	142,800,000	90,800,000	84,831,000	80,727,000	15,784,000
Retained profit/(loss) carried forward	699,200,000	359,100,000	297,900,000	261,314,000	245,760,000
Others	-	-	(21,000)	-	-
	----------------	----------------	----------------	----------------	----------------
TOTAL RESERVES	842,000,000	449,900,000	382,710,000	342,041,000	261,544,000
	----------------	----------------	----------------	----------------	----------------
SHAREHOLDERS' FUNDS/EQUITY	1,055,000,000	449,900,000	382,710,000	342,041,000	261,544,000
Long term loans	3,160,400,000	-	-	-	-
Deferred taxation	173,300,000	-	-	-	-
Others	132,300,000	4,600,000	-	-	-
	----------------	----------------	----------------	----------------	----------------
TOTAL LONG TERM LIABILITIES	3,466,000,000	4,600,000	-	-	-
	----------------	----------------	----------------	----------------	----------------
	4,521,000,000	454,500,000	382,710,000	342,041,000	261,544,000
	=============	=============	=============	=============	=============

FINANCIAL RATIO

TRAFIGURA PTE LTD

TYPES OF FUNDS
Cash	2,083,300,000	186,400,000	138,280,000	103,624,000	24,344,000
Net Liquid Funds	165,500,000	186,400,000	(394,264,000)	(189,981,000)	(515,357,000)
Net Liquid Assets	(686,500,000)	(998,700,000)	(538,921,000)	(489,349,000)	(876,584,000)
Net Current Assets/(Liabilities)	3,429,600,000	260,500,000	327,554,000	288,634,000	259,092,000
Net Tangible Assets	4,458,300,000	454,500,000	382,710,000	342,041,000	261,544,000
Net Monetary Assets	(4,152,500,000)	(1,003,300,000)	(538,921,000)	(489,349,000)	(876,584,000)
BALANCE SHEET ITEMS
Total Borrowings	9,245,600,000	1,233,800,000	791,378,000	651,638,000	973,458,000
Total Liabilities	23,954,500,000	7,711,600,000	3,603,628,000	2,369,060,000	2,424,565,000
Total Assets	25,009,500,000	8,161,500,000	3,986,338,000	2,711,101,000	2,686,109,000
Net Assets	4,521,000,000	454,500,000	382,710,000	342,041,000	261,544,000
Net Assets Backing	1,055,000,000	449,900,000	382,710,000	342,041,000	261,544,000
Shareholders' Funds	1,055,000,000	449,900,000	382,710,000	342,041,000	261,544,000
Total Share Capital	213,000,000	0	0	0	0
Total Reserves	842,000,000	449,900,000	382,710,000	342,041,000	261,544,000
LIQUIDITY (Times)
Cash Ratio	0.10	0.02	0.04	0.04	0.01
Liquid Ratio	0.97	0.87	0.85	0.79	0.64
Current Ratio	1.17	1.03	1.09	1.12	1.11
WORKING CAPITAL CONTROL (Days)
Stock Ratio	15	16	14	18	46
Debtors Ratio	50	77	26	25	39
Creditors Ratio	5	2	4	6	11
SOLVENCY RATIOS (Times)
Gearing Ratio	8.76	2.74	2.07	1.91	3.72
Liabilities Ratio	22.71	17.14	9.42	6.93	9.27
Times Interest Earned Ratio	1.64	3.40	2.98	3.33	23.98
Assets Backing Ratio	20.93	0.00	0.00	0.00	0.00
PERFORMANCE RATIO (%)
Operating Profit Margin	0.39	0.23	0.17	0.11	2.11
Net Profit Margin	0.34	0.21	0.17	0.10	2.00
Return On Net Assets	21.80	20.73	15.18	6.98	75.23
Return On Capital Employed	15.16	20.73	6.35	3.75	24.56
Return On Shareholders' Funds/Equity	32.24	13.60	9.55	4.55	68.32
Dividend Pay Out Ratio (Times)	0.00	0.00	0.00	0.00	0.00
NOTES TO ACCOUNTS
Contingent Liabilities	0	0	0	0	0

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.60.14
UK Pound	1	Rs.102.22
Euro	1	Rs.81.02

INFORMATION DETAILS

Analysis Done by :	KAR
Report Prepared by :	MNL

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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