MIRA INFORM REPORT

Report Date :

11.10.2011

IDENTIFICATION DETAILS

Correct Name :	INDUSTRIAL CORPORATION OF MONGOLIA LLC

Registered Office :	Bayangol Hotel Office, Chinggis Avenue, Sukhbaatar district, Ulaanbaatar

Country :	Mongolia

Date of Incorporation :	April 2007

Legal Form :	Limited Liability Company

Line of Business :	Mineral Processing, Extraction and Mining of metallurgical and mineral resources.

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Yet to commence business

Payment Behaviour :	Unknown

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)

Mongolia

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

Company NAME

Industrial Corporation of Mongolia LLC (Correct)

ICM Industrial Corporation of Mongolia LLC (Requested)

company ADDRESS

Building : Bayangol Hotel Office

Street : Chinggis Avenue, Sukhbaatar district

Town : Ulaanbaatar

Country : Mongolia

Telephone : (976 70) 120 621 / Mobile (976 99) 116 422 (Batsukh Y.) / (976 99) 012 615 (Soyoloo Tumee)

Fax : (976 70) 110 612

E-Mail : icm_mon@magicnet.mn / soyoloo2@yahoo.com / judy@icm.mn / dandii_genco@yahoo.co.uk

Website : www.icm.mn

Shortform name : ICM

SENIOR COMPANY PERSONNEL

Name Position

1. Batsukh Y. Chief Executive Officer

2. Soyoloo Tumee Administrator

3. Judy Byun Representative of Foreign Relations

Total Employees : 7

PAYMENTS

No trade experience of payment is available.

Subject was established in April 2007 and has not yet commenced operations. Subject plans to commence operations in 2012.

Opinion on maximum credit : As the subject has not yet commenced

operations and has no financial or

payment track record, we recommend

dealing on fully secured terms.

Trade risk assessment : High

It is normal accepted practice for international suppliers to deal on secured terms with Mongolian importers.

PRINCIPAL BANKERS

NAME : TRADE AND DEVELOPMENT BANK OF MONGOLIA

Street : Khudaldaany Gudamj 7

P.O. Box : 11

Town : Ulaanbaatar

Telephone : (976 11) 311 537 / 321 051 / 326 729 / 325 449

Fax : (976 11) 325 449 / 312 418

FINANCIAL INFORMATION

As the Company has not yet commenced operations, relevant financial information is not available.

LEGAL STATUS AND HISTORY

Date Started : April 2007

History : The subject company was established in Mongolia in April 2007 and has not yet commenced operations. Subject plans to commence operations in 2012.

Capital : not given

Limited Liability Company with the following sole shareholder :

Batsukh Y. 100%

ACTIVITIES

The Company is involved in the following activities :

Subject plans to engage in mineral processing, extraction and mining of metallurgical and mineral resources.

Subject does not import nor export.

Subject plans to import from China, Germany and South Korea.

Projects :

- SYNTETHIC NATURAL GAS PLANT (SNG) PROJECT. SNG plant is to be built at the Tugrug Nuur coal deposit. The SNG production capacity is estimated to be 660,000 tons per year based on two gasifiers;

- COAL-TO-GASOLINE PROJECT. A Coal-to-Gasoline complex will have a production capacity of 1 mil tons of gasoline per year which will be built at the Tugrug Nuur coal deposit, Central Province, Mongolia.

80,000 tons of Liquid Petroleum Gas (LPG) will be generated as a by-product. Realizing the advantages of Mongolia’s first CTG project, it will provide a basis of economic growth and development for the country;

- POWER PLANT PROJECT. 600 MW Power Plant will be established for the purpose of providing electricity and steam to the Coal-to-Gasoline Complex in Tugrug Nuur coal deposit, which is situated approximately 170 km south of Ulaanbaatar, Mongolia;

- COPPER SMELTER PROJECT. The copper smelter plant will have the capacity of 2,0 mil tons of copper per year, located in Sainshand, Mongolia. The Feasibility Study is prepared by a well known Australian company;

- PIG IRON PLANT PROJECT. The plant will have the capacity to produce 750.000 tons of iron ore and 500.000 tons of pig iron per annum;

- COKE PLANT PROJECT High quality metallurgical coke will be produced with the production capacity of 2.0 mil tons per year located in Sainshand. The end product will be marketed to steel smelters domestically and internationally;

- TRANS-MONGOLIAN HIGHWAY PROJECT. The proposed 990.4 km highway project is between Altanbulag and Zamiin-Uud. This interconnection through Mongolia’s landmarks will also be a link between Russia and China, Mongolia’s Northern and Southern neighbors. The project will increase opportunities for trade and commerce, development of

closer relationship between countries in Central and South East region as well as access to sea routes through Asia’s network of highways;

FACILITIES

The Company has the following facilities :

Administrative offices located at the heading address.

SPECIAL NOTE

You enquired on: ICM Industrial Corporation of Mongolia LLC. Please note that the correct name is as per heading.

Interviewed : Soyoloo Tumee (Administrator).

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.49.07
UK Pound	1	Rs.76.65
Euro	1	Rs.66.17

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.