MIRA INFORM REPORT

Report Date :

13.01.2011

IDENTIFICATION DETAILS

Name :	L N METALS INTERNATIONAL LIMITED

Registered Office :	20 Gracechurch Street London EC3V 0BG

Country :	United Kingdom

Financials (as on) :	31.12.2009

Date of Incorporation :	18.11.1998

Com. Reg. No.:	03669575

Legal Form :	Private Limited With Share Capital

Line of Business :	A multi-product mid-tier commodity trading operation

RATING & COMMENTS

MIRA’s Rating :

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

Maximum Credit Limit :	£ 540,000
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 – June 30, 2010

Country Name

Previous Rating

(01.04.2010)

Current Rating

(30.06.2010)

United Kingdom

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

summary

Company Name	L N METALS INTERNATIONAL LIMITED	Company Number	03669575
Registered Address	20 GRACECHURCH STREET	Trading Address	Suite 9 02 Exchange Tower 1 Harour Exchange E14 9GE
	LONDON

	EC3V 0BG

Website Address	http://www.lnmetals.co.uk
Telephone Number		Fax Number
TPS	Yes	FPS	No
Incorporation Date	18/11/1998	Company Status	Active - Accounts Filed
Previous Name		Type	Private limited with Share Capital
		Filing Date of Accounts	24/06/2010
Date of Change	-	Share Capital	£1,714,755
Sic Code	7487	Currency	USD
Sic Description	OTHER BUSINESS ACTIVITIES
Principal Activity	A multi-product mid-tier commodity trading operation. Accounts data converted from US Dollars.

Accounts Due Date 30/09/2011

Credit Rating & Limit

Limit	£540,000
Contract Limit	£37,150,000

Rating - Newly Incorporated

Limit Definition

COMMENTARY

No exact match CCJs are recorded against the company.
The credit limit on this company has fallen 1.8% in comparison to the previously suggested credit limit.
The previous 12 month trading period saw a drop in Sales of 4.7%.
In the previous 12 month trading period Net Worth increased by 17.4%.
A 70.9% growth in Total Assets occurred in the previous 12 month trading period.
Pre-tax profits decreased by 54.9% in the previous 12 month trading period.
The company saw an decrease in their Cash Balance of 95.4% in the previous 12 month trading period.
The audit report contains no adverse comments.
The company has undergone recent changes in its directorships.
The company is part of a group.
The company has changed its registered address recently.
The company was established over 12 years ago.

Last 3 Years Limit

Date	Limit
31/12/2010	£540,000
31/12/2009	£650,000
31/12/2008	£50,000

Key Financials

Year to Date	Turnover	Pre Tax Profit	Shareholder Funds	Employees
31/12/2009	£285,714,377	£1,253,076	£9,764,584	27
31/12/2008	£299,673,481	£2,776,819	£8,386,800	26
31/12/2007	£182,029,098	£676,796	£4,391,577	17

Payment Information Summary

Total number of Invoices available	16
Total number of Invoices paid within or up to 30 days after the due date	11
Total number of Invoices paid more than 30 days after the due date	5
Total number of Invoices currently outstanding where the due date has not yet been reached	0
Total number of Invoices currently outstanding beyond the due date	0

CCJ

Total Number of Exact CCJs -	0	Total Value of Exact CCJs -
Total Number of Possible CCJs -	0	Total Value of Possible CCJs -
Total Number of Satisfied CCJs -	0	Total Value of Satisfied CCJs -
Total Number of Writs -	0

Exact CCJ Details

There are No Exact CCJ Details

Possible CCJ Details

Writ Details

There are no Writ Details

Mortgage Summary

Outstanding	33
Satisfied	10
Total Current Directors		5
Total Current Secretaries		1
Total Previous Directors / Company Secretaries		12

Current Directors

Name	Kevin John Rhodes	Date of Birth	04/01/1965
Officers Title	Mr	Nationality	British
Present Appointments	8	Function	Director
Appointment Date	31/07/2003
Address	30 Lankester Square, Eastlands Way, Oxted, RH8 0LJ
Other Actions	View Director Report	View Consumer Report	View Trace Report

Disqualified		Disqualified End Date
Disqualification Exception	No

Name	Nigel Kenneth Dentoom	Date of Birth	23/08/1956
Officers Title	Mr	Nationality	British
Present Appointments	7	Function	Director
Appointment Date	24/09/2002
Address	Elden Lodge, Longaford Way Hutton, Brentwood, CM13 2LT
Other Actions	View Director Report	View Consumer Report	View Trace Report

Disqualified		Disqualified End Date
Disqualification Exception	No

Name	Michael Louis Schonfeld	Date of Birth	18/08/1950
Officers Title	Mr	Nationality	German
Present Appointments	1	Function	Director
Appointment Date	24/09/2002
Address	36 Albert Court, Prince Consort Road, London, SW7 2BE
Other Actions	View Director Report	View Consumer Report	View Trace Report

Disqualified		Disqualified End Date
Disqualification Exception	No

Name	Iain Roy Scott Paterson	Date of Birth	01/10/1956
Officers Title	Mr	Nationality	British
Present Appointments	1	Function	Director
Appointment Date	02/01/2007
Address	Coopers Bridge, Tunbridge Lane, Bramshott, GU30 7RF
Other Actions	View Director Report	View Consumer Report	View Trace Report

Disqualified		Disqualified End Date
Disqualification Exception	No

Name	Mark Charles Lowe	Date of Birth	28/12/1960
Officers Title	Mr	Nationality	British
Present Appointments	1	Function	Director
Appointment Date	31/10/2007
Address	16 Chemin Charles-Bougeaud, , 1213 Onex,
Other Actions	View Director Report	View Consumer Report	View Trace Report

Disqualified		Disqualified End Date
Disqualification Exception	No

Current Company Secretary

Name	Kevin John Rhodes	Date of Birth	04/01/1965
Officers Title	Mr	Nationality	British
Present Appointments	8	Function	Company Secretary
Appointment Date	10/04/2003
Address	30 Lankester Square, Eastlands Way, Oxted, RH8 0LJ
Other Actions		View Consumer Report	View Trace Report

Disqualified		Disqualified End Date
Disqualification Exception	No

Top 20 Shareholders

Name	Individual Share Value
RMB INTERNATIONAL (DUBLIN) LTD	699,178 ORDINARY USD 1.00
LOUIS DREYFUS COMMODITIES SUISSE SA	438,706 ORDINARY USD 1.00
IAIN PATERSON	144,231 ORDINARY USD 1.00
KEVIN RHODES	132,847 ORDINARY USD 1.00
NIGEL DENTOOM	132,847 ORDINARY USD 1.00
FIRST RAND INTERNATIONAL LTD	97,738 ORDINARY USD 1.00
LN EMPLOYEE BENEFIT TRUST	45,969 ORDINARY USD 1.00
MONIKA CYPRYS	5,330 ORDINARY USD 1.00
JOHN SHAW	5,100 ORDINARY USD 1.00
DAIXIN HU	5,000 ORDINARY USD 1.00
ANTHONY EVERY	3,759 ORDINARY USD 1.00
DEREK JOHNSON	3,650 ORDINARY USD 1.00
ALEXEI ABRAMOV	400 ORDINARY USD 1.00

Profit & Loss

Date Of Accounts	31/12/09	(%)	31/12/08	(%)	31/12/07	(%)	31/12/06	(%)	31/12/05
Weeks	52	(%)	52	(%)	52	(%)	52	(%)	52
Currency	GBP	(%)	GBP	(%)	GBP	(%)	GBP	(%)	GBP
Consolidated A/cs	N	(%)	N	(%)	Y	(%)	Y	(%)	Y
Turnover	£285,714,377	-4.7%	£299,673,481	64.6%	£182,029,098	31.9%	£138,007,252	129.8%	£60,044,000
Export	-	-	-	-	-	-	-	-	-
Cost of Sales	£279,562,104	-	£291,442,322	-	£176,501,388	-	£133,934,278	132.6%	£57,577,000
Gross Profit	£6,152,273	-25.3%	£8,231,158	48.9%	£5,527,710	35.7%	£4,072,974	65.1%	£2,467,000
Wages & Salaries	£2,791,053	-23.4%	£3,642,934	103.6%	£1,789,108	102.9%	£881,630	71.2%	£515,000
Directors Emoluments	£1,065,843	22.1%	£872,975	47.6%	£591,315	161.2%	£226,424	169.6%	£84,000
Operating Profit	£1,279,069	-53.4%	£2,743,516	-0.7%	£2,761,614	29.8%	£2,126,834	183.6%	£750,000
Depreciation	£92,978	17.7%	£79,003	266.9%	£21,531	29.8%	£16,583	136.9%	£7,000
Audit Fees	£64,561	-0.3%	£64,769	11%	£58,364	-	-	-	£36,000
Interest Payments	£32,554	-6%	£34,636	-98.4%	£2,192,442	30.4%	£1,680,913	217.2%	£530,000
Pre Tax Profit	£1,253,076	-54.9%	£2,776,819	310.3%	£676,796	31.3%	£515,424	111.2%	£244,000
Taxation	-£398,957	50.6%	-£807,312	-302.2%	-£200,740	-221.9%	£164,719	999.9%	£11,000
Profit After Tax	£854,119	-56.6%	£1,969,507	313.7%	£476,056	-30%	£680,144	166.7%	£255,000
Dividends Payable	-	-	-	-	-	-	-	-	-
Retained Profit	£854,119	-56.6%	£1,969,507	313.7%	£476,056	-30%	£680,144	166.7%	£255,000

Balance Sheet

Date Of Accounts	31/12/09	(%)	31/12/08	(%)	31/12/07	(%)	31/12/06	(%)	31/12/05
Tangible Assets	£107,657	-53.5%	£231,767	57.6%	£147,045	-54.7%	£324,743	999.9%	£13,000
Intangible Assets	£309,489	-6.9%	£332,269	24.7%	£266,357	-	0	-	0
Total Fixed Assets	£417,146	-26%	£564,036	36.4%	£413,402	27.3%	£324,743	999.9%	£13,000
Stock	£77,806,104	141.3%	£32,250,456	72.8%	£18,668,687	-37.1%	£29,685,490	225%	£9,133,000
Trade Debtors	£27,555,617	3.8%	£26,534,504	50.6%	£17,623,847	-3.9%	£18,340,548	161.1%	£7,023,000
Cash	£72,750	-95.4%	£1,585,704	146.3%	£643,873	23.8%	£520,133	-32.1%	£766,000
Other Debtors	£3,745,498	17.5%	£3,187,983	949.7%	£303,693	-45.9%	£561,481	-27.6%	£776,000
Miscellaneous Current Assets	0	-	0	-	0	-	0	-	0
Total Current Assets	£109,179,970	71.8%	£63,558,647	70.7%	£37,240,101	-24.2%	£49,107,651	177.5%	£17,698,000
Trade Creditors	£24,663,627	233.6%	£7,393,022	8.2%	£6,829,764	-37.4%	£10,911,245	693%	£1,376,000
Bank Loans & Overdrafts	£73,623,932	80.2%	£40,860,421	72.7%	£23,665,476	-31.8%	£34,696,110	147.6%	£14,015,000
Other Short Term Finance	£104,431	18.4%	£88,173	-91.9%	£1,090,303	-	0	-	0
Miscellaneous Current Liabilities	£1,185,406	-83.2%	£7,068,528	406.2%	£1,396,266	251.5%	£397,264	72.7%	£230,000
Total Current Liabilities	£99,577,397	79.7%	£55,410,143	68%	£32,981,809	-28.3%	£46,004,618	194.5%	£15,622,000
Bank Loans & Overdrafts and LTL	£73,879,067	79.4%	£41,186,162	72%	£23,945,594	-33.9%	£36,250,831	143.5%	£14,889,000
Other Long Term Finance	£99,522	-41.5%	£170,128	-39.3%	£280,117	-77.9%	£1,269,422	45.2%	£874,000
Total Long Term Liabilities	£255,135	-21.7%	£325,740	16.3%	£280,117	-82%	£1,554,721	77.9%	£874,000

Capital & Reserves

Date Of Accounts	31/12/09	(%)	31/12/08	(%)	31/12/07	(%)	31/12/06	(%)	31/12/05
Called Up Share Capital	£1,185,943	0.6%	£1,179,145	73%	£681,490	117.8%	£312,901	-5.5%	£331,000
P & L Account Reserve	£2,760,331	50.8%	£1,830,999	999.9%	-£98,410	82.9%	-£576,449	60%	-£1,441,000
Revaluation Reserve	-	-	-	-	-	-	-	-	-
Sundry Reserves	£5,818,310	8.2%	£5,376,656	41.2%	£3,808,497	78.3%	£2,136,603	-8.1%	£2,326,000
Shareholder Funds	£9,764,584	16.4%	£8,386,800	91%	£4,391,577	134.5%	£1,873,055	54%	£1,216,000

Other Financial Items

Date Of Accounts	31/12/09	(%)	31/12/08	(%)	31/12/07	(%)	31/12/06	(%)	31/12/05
Net Worth	£9,455,095	17.4%	£8,054,531	95.3%	£4,125,220	120.2%	£1,873,055	54%	£1,216,000
Working Capital	£9,602,573	17.8%	£8,148,504	91.4%	£4,258,292	37.2%	£3,103,033	49.5%	£2,076,000
Total Assets	£109,597,115	70.9%	£64,122,683	70.3%	£37,653,503	-23.8%	£49,432,394	179.1%	£17,711,000
Total Liabilities	£99,832,531	79.1%	£55,735,884	67.6%	£33,261,926	-30.1%	£47,559,339	188.3%	£16,496,000
Net Assets	£9,764,584	16.4%	£8,386,800	91%	£4,391,577	134.5%	£1,873,055	54.2%	£1,215,000

Cash Flow

Date Of Accounts	31/12/09	(%)	31/12/08	(%)	31/12/07	(%)	31/12/06	(%)	31/12/05
Net Cashflow from Operations	-£33,527,913	-436.4%	-£6,250,636	-154.7%	£11,422,032	152.8%	-£21,613,037	-383.6%	£7,620,000
Net Cashflow before Financing	-£34,417,635	-426.1%	-£6,542,580	-170.4%	£9,295,759	140%	-£23,260,724	-387.8%	£8,083,000
Net Cashflow from Financing	£141,170	111.1%	-£1,266,546	-172.7%	£1,741,018	174.3%	£634,713	409.6%	-£205,000
Increase in Cash	-£34,276,465	-338.9%	-£7,809,126	-170.8%	£11,036,777	148.8%	-£22,626,010	-373%	£8,288,000

Miscellaneous

Date Of Accounts	31/12/09	(%)	31/12/08	(%)	31/12/07	(%)	31/12/06	(%)	31/12/05
Contingent Liability	NO	-	NO	-	NO	-	NO	-	NO
Capital Employed	£10,019,719	15%	£8,712,540	86.5%	£4,671,694	36.3%	£3,427,775	64.1%	£2,089,000
Number of Employees	27	3.8%	26	52.9%	17	6.3%	16	6.7%	15
Auditors	LITTLEJOHN LLP
Auditor Comments	The audit report contains no adverse comments
Bankers	BARCLAYS BANK PLC
Bank Branch Code	20-00-00

Ratios

Date Of Accounts	31/12/09	31/12/08	31/12/07	31/12/06	31/12/05
Pre-tax profit margin %	0.44	0.93	0.37	0.37	0.41
Current ratio	1.10	1.15	1.13	1.07	1.13
Sales/Net Working Capital	29.75	36.78	42.75	44.47	-
Gearing %	756.60	491.10	545.30	1935.40	1224.40
Equity in %	8.90	13.10	11.70	3.80	6.90
Creditor Days	31.42	8.97	13.66	28.78	8.36
Debtor Days	35.10	32.23	35.24	48.37	42.69
Liquidity/Acid Test	0.31	0.56	0.56	0.42	0.55
Return On Capital Employed %	12.50	31.87	14.49	15.04	11.68
Return On Total Assets Employed %	1.14	4.33	1.79	1.04	1.38
Current Debt Ratio	10.19	6.60	7.51	24.56	12.85
Total Debt Ratio	10.22	6.64	7.57	25.39	13.57
Stock Turnover Ratio %	27.23	10.76	10.26	21.51	15.21
Return on Net Assets Employed %	12.83	33.10	15.41	27.52	20.08

Event History

Date	Description
24/11/2010	Annual Returns
01/07/2010	New Accounts Filed
01/07/2010	New Accounts Filed
08/06/2010	Change in Reg.Office
08/06/2010	Change of Company Postcode
23/03/2010	Mr D.C. Chung has left the board
21/12/2009	Annual Returns
11/06/2009	New Accounts Filed
09/03/2009	New Board Member Mr D.C. Chung appointed
26/02/2009	Mr N. Mamalis has left the board
14/01/2009	Annual Returns
12/01/2009	New Board Member Mr N. Mamalis appointed
14/10/2008	New Board Member Mr N. Manalis appointed
29/09/2008	Mr I.S. McIntosh has left the board
05/06/2008	New Accounts Filed

Limit History

Date	Limit
23/11/2010	£540,000
01/07/2010	£550,000
23/03/2010	£600,000
17/12/2009	£650,000
11/06/2009	£650,000
10/06/2009	£600,000
28/05/2009	£700,000
11/05/2009	£600,000
30/04/2009	£1,000,000
09/03/2009	£900,000

Previous Company Names

No Previous Names found

Company Name	L N METALS INTERNATIONAL LIMITED	Company Number	03669575
Holding Company	L N METALS INTERNATIONAL LIMITED	Ownership Status	Ultimately Owned
Ultimate Holding Company	L N METALS INTERNATIONAL LIMITED	Companies in Group	2

Ultimate Parent Company	L N METALS INTERNATIONAL LIMITED
Companies in Group	2
Company Name	Registered Number	Latest Key Financials	Consol. Accounts	Limit	Turnover
L N METALS INTERNATIONAL LIMITED	03669575	31-12-2009	N	£540,000	£285,714,377
LN FUTURES LIMITED	04171751	31-12-2009	N	-	-

Bottom of Form

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.45.16
UK Pound	1	Rs.70.64
Euro	1	Rs.58.68

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.