March 2014 JOB REF : WTM-1400865 REPORT OF AUDIT …...Bar List Date : 4th March 2014 Commencing...

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Registered in England No. 638315 Registered Address 2 Perry Road, Witham, Essex CM8 3TU

All services are rendered in accordance with Inspectorate’s General Terms and

Conditions of Business, available on request or at www.inspectorate.com/terms_and_conditions/index.asp

Certified to ISO 9001:2008

Inspectorate International Limited 2 Perry Road, Witham Essex CM8 3TU T: +44(0) 1376 536800 F: +44(0) 1376 520819 E: [email protected] www.inspectorate.com

6th

March 2014

JOB REF : WTM-1400865

REPORT OF : AUDIT

Client : Net Transactions Ltd.

Material : Silver Bars

Works : Brink’s Canada Ltd – Canada Vault

= = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = =

This is to certify that in connection with the above consignment, we have acted on the

instructions of Net Transactions Ltd., following the agreed procedures, and report the

following:

Bar List Date : 4th

March 2014

Commencing Date : 5th

March 2014

Completion Date : 5th

March 2014

Certification Date : 6th

March 2014

Description of Material

London Good Delivery, Large Silver Bars said to be purity 99.90% minimum, up to

and including 99.99%, owned by customers of Net Transactions Ltd.

Audit Procedure A sample of 26 bars was selected from the 697 bars held at the vault as at close of

business (COB) on 4th

March 2014.

The number of bars held on each selected pallet was checked and reconciled with

Brink’s records.

One bar was selected at random from each pallet in the sample for detailed check

(total 26 bars of 697 bars) which comprised:

- check weighing

- visual inspection of each bar for the bar number, refiner code, and purity

- reconciliation with Brink’s vault records.

Registered Bars: no registered bars held in this vault.

Anomalies: no anomalies were found.

mailto:[email protected]

http://www.inspectorate.com/

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Remarks

1. Total number of bars as at COB 4th

March 2014 said to be 697 silver bars.

2. Total gross weight as at COB 4th

March 2014 said to be 696,030.886 Tr. Oz.

3. Bars audited showed no counting anomalies with supplied records.

4. The weight scale was provided by Brink’s Canada Ltd.

Scale information:

Mark: SARTORIUS

Model: CPA34001S, Isocal auto calibrating Unit

The scale was calibrated the 5th

March 2014 with a 20kg certified test weight

prior to the audit.

For and on behalf of

INSPECTORATE INTERNATIONAL LIMITED

Paul Alston



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6th

March 2014

JOB REF : WTM-1400865

REPORT OF : AUDIT


Material : Gold Bars

Works : Brink’s Canada Ltd – Canada Vault

= = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = =

This is to certify that in connection with the above consignment, we have acted on

the instructions of Net Transactions Ltd, following the agreed procedures, and

report the following:

Bar List Date : 4th

March 2014


March 2014


March 2014


March 2014


London Good Delivery, Large Gold Bars said to be purity 99.50% minimum, up to


Audit Procedure All of the bars held at the vault as at close of business, (COB) on 4

th March 2014

were visually checked for the bar number, refiner code and purity and then

reconciled with Brink’s vault records.

All 23 Bars were check weighed.

Registered Bars: There are no registered bars currently held in this vault.

Anomalies: no anomalies were found.



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Remarks


March 2014 verified to be 23.

2. Total gross Gold weight as at COB 4th

March 2014 said to be 9,228.485

Tr. Oz. and fine weight said to be 9,213.671 Tr. Oz.


4. The weight scale was provided by Brink’s Canada Ltd

Scale information:

Mark: SARTORIUS

Model: CPA34001S, Isocal auto calibrating Unit

The scale was calibrated on 5th

March 2014 with a 20kg certified test

weight prior to the audit.



Paul Alston



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6th

March 2014

Report No. : 1400883

Job No. : MM2014-0069SH

REPORT OF : AUDIT



Works : G4S International Logistics (Hong Kong) Ltd – Hong Kong

Vault

= = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = =

This is to certify that in connection with the above consignment, we have acted on the instructions

of Net Transactions Ltd, following the agreed procedures, and report the following:

Bar List Date : 4th

March 2014


March 2014


March 2014


March 2014


London Good Delivery, Large Silver Bars said to be purity 99.90% minimum, up to and including

99.99%, owned by customers of Net Transactions Ltd.

Audit Procedure

A sample of 20 pallets was selected from the 721 bars held at the vault as at close of business,

(COB) on 4th

March 2014.

The number of bars held on each selected pallet was checked and reconciled with G4SI’s records.

One bar was selected at random from each pallet in the sample for detailed check, (total 20 bars)

which comprised:

- Check weighing

- Visual inspection of each bar for the bar number, refiner code, and purity

- Reconciliation with G4SI’s vault records.

Anomalies: no anomalies were found



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Remarks


March 2014 said to be 721 silver bars.


March 2014 said to be 700,357.927 Tr. Oz.


4. The weight scale was provided by G4S International (Hong Kong) Ltd.

Scale information:

- Sam Hing Scales Fty Ltd

- Model: HT9800-V7-601C

- The scale was last calibrated on 28-02-2014.



Paul Alston

7476p

200 pcs WC 388066

30 May 06 TONY

X X X

X

X



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6th

March 2014

Report No. : 1400883

Job No. : MM2014-0069SH

REPORT OF : AUDIT



Works : G4S International Logistics (Hong Kong) Ltd – Hong Kong Vault

= = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = =

This is to certify that in connection with the above consignment, we have acted on the instructions of

Net Transactions Ltd, following the agreed procedures, and report the following:

Bar List Date : 4th

March 2014


March 2014


March 2014


March 2014


London Good Delivery, Large Gold Bars said to be purity 99.50% minimum, up to and including

99.99%, owned by customers of Net Transactions Ltd.

Audit Procedure

All of the bars held at the vault as at close of business, (COB) on 4th

March 2014 were visually

checked for the bar number, refiner code and purity and then reconciled with G4SI’s vault records.

Check all bars for bar number, refiner code and purity against G4SI’s records.

Check weighs all 22 bars.

Registered Bars

Bar Refiner Serial

Number

Assay Gross

Weight

OZ

Fine

Weight

OZ

Heraeus Hong

Kong

MA0441 0.9999 399.640 399.600

Anomalies: no anomalies were found



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Remarks

1. Total number of bars as at COB 4th March 2014 verified to be 22 bars.

2. Total gross Gold weight as at COB 4th March 2014 said to be 8,992.459 Tr. Oz. and fine

weight said to be 8,992.405 Tr.Oz.


4. The weight scale was provided by G4S International Logistics (Hong Kong) Ltd.

Scale information:

- Sam Hing Scales Fty Ltd

- Model: HT9800-V7-601C

- The scale was last calibrated on 28-02-2014



Paul Alston

7476p

200 pcs WC 388066

30 May 06 TONY



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5th

March 2014

JOB REF : 1400840

REPORTOF : AUDIT



Works : Rhenus Freight Logistics AG - Zurich Vault

= = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = =


instructions of Net Transactions Ltd, following the agreed procedures, and report the

following:

Bar List Date : 4th

March 2014


March 2014


March 2014


March 2014


London Good Delivery, Large Gold Bars said to be purity 99.52% minimum, up to


Audit Procedure All of the 27 bars held at the vault as at close of business (COB) on 4

th March 2014

were visually checked for the bar number, refiner code and purity and then reconciled

with Rhenus vault records.

A random sample of 7 bars was selected for check weighing plus all 13 registered bars

making a total of 20 bars.

Registered bars (audited):

Brand Bar Number Purity Gross Weight

Tr.oz Fine Weight

Tr.oz

METALOR 988029 0.9999 399.595 399.555

PAMP A0851.06.01 0.9998 410.359 410.277

PAMP A0851.11.08 0.9990 392.757 392.364

PAMP A0851.11.11 0.9990 386.908 386.521

PAMP A0851.12.01 0.9952 406.961 405.007

PAMP A0851.12.02 0.9952 407.787 405.829

PAMP A0825.02.03 0.9998 412.922 412.839

PAMP A0825.02.10 0.9998 409.781 409.699

PAMP A0825.03.03 0.9997 390.812 390.694

PAMP A0825.03.07 0.9997 390.095 389.978

PAMP A0825.03.09 0.9997 400.872 400.751

PAMP A0825.04.03 0.9998 396.116 396.036

VALCAMBI AA38215 0.9968 412.494 411.174



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Anomalies: No anomalies observed for this particular audit.

Remarks



2. Total gross Gold weight as at COB 4th

March 2014 said to be

10,845.662 Tr. Oz. and fine weight said to be 10,828.111 Tr. Oz.

3. Of the total of 27 bars, 20 bars were selected for weighing, which

includes 13 registered bars plus a randomly 7 selected bars - all were

found to be correct as per Rhenus vault records.


5. Scale used: Electronic top loading balance Mettler Toledo XS16001L,

serial No. B31112207, having display. The weight data: Max 16.1 kg or

16,100 g and d = 0.1 g. Balance was checked before bars weighing. Last

official calibration dated 14.03.2013 as per producer’s certificate.



Paul Alston



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Date: 6th

March 2014

JOB REF : 1400808

REPORT OF : AUDIT



Works : VIA MAT International Ltd - UK Vault

= = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = =



following:

Bar List Date : 4th

March 2014


March 2014


March 2014


March 2014


London Good Delivery, Large Silver Bars said to be purity 99.90% minimum, up to and

including 99.99%, owned by customers of Net Transactions Ltd.

Audit Procedure A sample of 20 pallets was selected from the 7,752 bars held at the vault as at close of

business (COB) on 4th

March 2014.

The number of bars held on each selected pallet was checked and reconciled with VIA

MAT’s records.

One bar was selected at random from each pallet in the sample for detailed check, (total

20 bars) which comprised:

- check weighing

- visual inspection of each bar for the bar number, refiner code and purity

- reconciliation with VIA MAT’s records.

Anomalies The 1 bar listed below had a bar numbering anomaly in VIA MAT records, they have it

recorded as 242V-66469 when 2 2V-66469 is actually stamped on the bar. This appears

to be an error in stamping at the refinery as a gap is clearly visible between the 2’s where

another number is normally stamped.



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Pallet Brand ASSAY Bar Number Actual Bar Number

PAL/06080 Penoles /

Metmex

9999 242V-66469 22V-66469

There were no further anomalies found.

Remarks


March 2014 said to be 7,752.


March 2014 said to be 7,816,247.400 Tr. Oz.

3. Bars audited showed 1 Bar Number anomaly with supplied records.

4. Scale used:

- PRECISA 400000G

- 1290 X 0.01 Tr. Oz.

- Serial no. 34534

- Last calibration date: 31/01/14



Paul Alston



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Date: 6th

March 2014

JOB REF : 1400808

REPORT OF : AUDIT



Works : VIA MAT International Ltd - UK Vault

= = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = =



following:

Bar List Date : 4th

March 2014


March 2014


March 2014


March 2014


London Good Delivery, Large Gold Bars said to be purity 99.50% minimum, up to and

including 99.99%, owned by customers of Net Transactions Ltd.

Audit Procedure All of the bars held at the vault as at close of business, (COB) on 4

th March 2014 were

visually checked for the bar number, refiner code and purity and then reconciled with

VIA MAT’s vault records.

A random sample of 20 bars was selected for check weighing plus all 10 registered bars

making a total of 30 bars.

Registered Bars

All the markings and gross weights for the following registered bars were confirmed to

be correct.

Bar Refiner Serial

Number

Assay Gross

Weight

OZ

Fine

Weight

OZ

Argor Heraeus 111814 0.9972 403.150 402.021

Argor Heraeus 115559 0.9969 402.800 401.551

Boliden 49402 0.9999 398.250 398.210

Johnson Matthey Ltd

Canada 114019 0.9999 428.700 428.657

Johnson Matthey Ltd

Canada 114015 0.9999 426.700 426.657



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Metalor 202703 0.9995 356.975 356.796

Rand Refinery UJ 7052 0.9979 400.700 399.858

Rand Refinery UJ9257 0.9970 400.200 398.999

Rand Refinery UJ 7053 0.9980 409.425 408.606

Rand Refinery AR258 0.9974 409.275 408.210

Anomalies

None

Remarks



2. Total gross weight as at COB Date 4th

March said to be 174,071.800 Tr. Oz.

and fine weight said to be 173,733.282 Tr. Oz.

3. Of the 30 bars selected for weighing, which included all 10 registered bars

plus 20 randomly selected bars, all were found to be correct as per VIA

MAT’s vault records.

4. Scale used:

- Sartorius GBB142025

- 450 Tr. Oz. x 0.001 Tr. Oz

- Serial no. 26002355

- Last calibration date: 02/12/13.



Paul Alston



March 2014 JOB REF : WTM-1400865 REPORT OF AUDIT …...Bar List Date : 4th March 2014 Commencing...

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