MIRA INFORM REPORT

Report Date :

09.07.2011

IDENTIFICATION DETAILS

Name :	KOREL ENERGY LLP
Registered Office :	Global House 5a Sandys Row, London, E1 7hw
Country :	United Kingdom
Financials (as on) :	31.12.2010
Date of Incorporation :	23.03.2009
Com. Reg. No.:	OC344243
Legal Form :	Limited Liability Partnership
Line of Business :	The international shipping trade of solid fuels

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

Maximum Credit Limit :	GBP 100,000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
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, 2011

Country Name	Previous Rating (31.12.2010)	Current Rating (31.03.2011)
United Kingdom	a1	a1

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

Bottom of Form

Company Identification Details

Subject Reported on	KOREL ENERGY LLP
Registration Number	OC344243

Creditline Recommendations

Monthly Credit Guide

GBP 100,000

Payment Behaviour

( No Payment Analysis Data is Available )

Official Company Data

Legal Form	See Report
Registration Number	OC344243
Subject Status	Trading
Date of Incorporation	23/03/2009
Registered Office	GLOBAL HOUSE 5A SANDYS ROW, LONDON, E1 7HW.
Date of Last Annual Return to Registry	23/03/2011
Accounts	The last filed accounts at Companies House are those to 31/12/2010
Accounting Reference Date	31/12

Operations

Activities	The international shipping trade of solid fuels. Accounts data expressed in US Dollars.
Nace Code	6340
Auditors	Garbutt & Elliott LLP

Historical Rating

Date	Monthly Credit Guide
09/07/2011	100,000
09/04/2011	100,000
09/01/2011	40,000
09/10/2010	40,000
09/07/2010	40,000

Search History Summary

Last 3 Months	Last 6 Months	Last 12 Months
0	0	0

Search History Details

The Search History Details shows details of the most recent 40 searches

Public Record Information

Summary of CCJ's/Scottish Decrees

No CCJs/Scottish Decrees are recorded in our file.

Summary of Mortgages, Charges and Satisfactions

Total Number of Mortgages/Charges Registered	1
Number Outstanding	1
Number Partially Satisfied	0
Number Satisfied	0
Date of Latest Mortgage Created	03/06/2011

Details of most recent Mortgages, Charges and Satisfactions

Date Fully Satisfied	Date Registered	Date Created	Charge Description	Form Type	Lender
	09/06/2011	03/06/2011	Trade Finance Security Agreement	MG01	Bnp Paribas (Suisse) Sa

It should be noted that there is no legal requirement to file satisfaction details of mortgages/charges at Companies House.

Other Filings and Notices

Date

Source

Description

09/06/2011	Companies House TCD	Particulars of a mortgage or charge in respect of a Limited Liability Partnership
27/03/2009	Companies House Gazette	Change among directors of a company

Directors

Director	KURO INVESTMENTS LIMITED
Service Address	HENVILLE BUILDING, PRINCE CHARLES STREET, CHARLESTOWN.
Appointment Date	23/03/2009
Director	AKA INVESTMENTS LTD
Service Address	HENVILLE BUILDING, PRINCE CHARLES STREET, CHARLESTOWN.
Appointment Date	23/03/2009

Financial Data– Statutory Accounts

Profit and Loss

The following figures are shown in units of 1000

Number of Weeks	52	40
Accounts Date	31/12/2010	31/12/2009
Currency	USD	USD
SALES	20518	6427
Cost of goods sold	19033	5485
GROSS PROFIT	1485	942
Auditors Fees	4
Trading Profit	713	610
OPERATING PROFIT	713	610
Non Trading Income	1	2
PRE TAX PROFIT	714	612
PROFIT AFTER TAX	714	612
RETAINED PROFITS	714	612

Balance Sheet

The following figures are shown in units of 1000

Number of Weeks	52	40
Accounts Date	31/12/2010	31/12/2009
Currency	USD	USD
TOTAL CURRENT ASSETS	2644	1617
Stocks		565
Other Current Assets	2644	1052
Misc Current Assets	2	2
Cash	2642	1050
TOTAL ASSETS	2644	1617
TOTAL CURRENT LIABILITIES	1543	615
Trade creditors	425
Short Term Loans	1114	612
Due To Group	1114	612
Other Liabilities	4	3
WORKING CAPITAL	1101	1002
NET ASSETS/(LIABILITIES)	1101	1002
SHARE CAPITAL + RESERVES	1101	1002
Share Cap + Sundry Res	1101	1002
Sundry Reserves	1101	1002
SHAREHOLDERS FUNDS	1101	1002
CAPITAL EMPLOYED	1101	1002

Financial Comparison

The following figures are shown in units of 1000

Number of Weeks	52	40
Accounts Date	31/12/2010	31/12/2009
Currency	USD	USD
Auditors Remuneration	4
Liquid Assets	2642	1050
Net Working Capital	1101	1002
Tangible Net Worth(T.N.W)	1101	1002
Equity	1101	1002
Number of Years Trading	1

Key Credit Ratios

The following figures are shown as Ratios or Percentages

Accounts Date	31/12/2010	31/12/2009
Current Ratio	1.7	2.6
Pre Tax Profit Margin%	3.5	9.5
Gross Profit%	7.2	14.7
Creditors Days (D.P.O)	8
Quick Ratio	1.7	1.7
W.I.P/Inventory Days		37.6
Return on Investment%	32.2	37.9
Return on Assets%	27	37.8
T.N.W/Total Assets%	41.6	62
Return on Capital%	64.9	61.1
Rtn on Shareholders Funds%	64.9	61.1
Working Capital/Sales%	5.4	15.6
Borrowing Ratio%	101.2	61.1
Equity Gearing%	71.4	162.9
Stock Turnover		11.4
Days Purchases Outstanding	8.2

Key Industry Sector Trends

Year	2011	2010	2009	2008
Sample Size	56	2152	2998	3103
Pre-Tax Profit Margin	5.3	5	5.6	8
Current Ratio	1.7	1.5	1.5	1.5
Borrowing Ratio	(12.2)	73.2	79.4	81.6
Return on Capital	34.1	39.6	37.3	48
Creditors Days	67	75	120	90

Above figures relate to companies in 2003 Standard Industry Classification (Nace) sector : Activities of other transport agencies

Financial Summary

Auditors Qualification

The Auditors have expressed a clean opinion (i.e. unqualified with no referrals) on the accounts for the period ended 31/12/2010.

Turnover

Turnover increased by 219 % in the period and now totals USD 20,518,000.

Operating Profit

Totalled USD 713,000. In the year prior a Profit of USD 610,000 was achieved.

Pre Tax Profit

The subject's profit increased by 16 % in the year.

Working Capital

The subject's working capital has improved by 99,000 in the period.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.44.33
UK Pound	1	Rs.70.74
Euro	1	Rs.63.65

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.