MIRA INFORM REPORT

Report Date :

22.09.2011

IDENTIFICATION DETAILS

Name :	L N METALS INTERNATIONAL LTD.

Registered Office :	20 Gracechurch Street London, EC3V 0BG

Country :	United Kingdom

Financials (as on) :	31.12.2010

Date of Incorporation :	18.11.1998

Com. Reg. No.:	03669575

Legal Form :	Private Independent

Line of Business :	Other Professional, Scientific and Technical Services Not Elsewhere Classified

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Moderate
Payment Behaviour :	Unknown
Litigation :	--

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

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

Company name and address

Top of Form

Bottom of Form

Top of Form

L N Metals International Ltd.

20 Gracechurch Street


London, EC3V 0BG
United Kingdom
Map

Tel:	020 7929 3614

lnmetals.

Employees:	29
Company Type:	Private Independent

Quoted Status:	Non-quoted Company
Incorporation Date:	18-Nov-1998
Auditor:	Littlejohn LLP

Financials in:	USD (mil)

Fiscal Year End:	31-Dec-2010
Reporting Currency:	British Pound Sterling
Annual Sales:	919.7 ¹
Net Income:	(3.0)
Total Assets:	279.7

Business Description

LN Metals International Ltd. serves as a holding company and a primary trading vehicle for the LN Group. The LN Group acts as an international trader of zinc, lead, copper, aluminium and nickel. The company is involved in the trade of base metal concentrates, such as lead bullion, blister copper and aluminium alloy. It supplies copper wire rod for the cable industry, lead alloys for the battery industry, specification brass alloys for casting and aluminium alloys for the automobile industry. The company handles various types of production residues, including anode slimes, filter cakes, drosses and filter dusts. It manages Gryphon Futures Ltd., a provider of hedging and price risk management services. LN Metals International Ltd., incorporated in 1998, maintains its head offices in London.

Industry

Industry	Business Services
ANZSIC 2006:	6999 - Other Professional, Scientific and Technical Services Not Elsewhere Classified
NACE 2002:	7487 - Other business activities not elsewhere classified
NAICS 2002:	5619 - Other Support Services
UK SIC 2003:	7487 - Other business activities not elsewhere classified
US SIC 1987:	7389 - Business Services, Not Elsewhere Classified

Key Executives

Name	Title
Iain Roy Scott Paterson	Managing Director
Kevin John Rhodes	Finance Director
Nigel Kenneth Dentoom	Chairman
Mark Charles Lowe	Non Executive Director
Michael Louis Schonfeld	Non Executive Director

Financial Summary

FYE: 31-Dec-2010

USD (mil)

Key Figures
Current Assets	278.78
Fixed Assets	0.94
Total Liabilities	260.29
Net Worth	18.92

Key Ratios
Current Ratio	1.07
Acid Test	0.33
Debt Gearing	0.23

1 - Profit & Loss Item Exchange Rate: USD 1 = GBP 0.6475734
2 - Balance Sheet Item Exchange Rate: USD 1 = GBP 0.6387123

Corporate Overview

Location
20 Gracechurch Street
London, EC3V 0BG
London County
United Kingdom

Tel:	020 7929 3614

lnmetals.

Sales GBP(mil):	595.5
Assets GBP(mil):	178.7
Employees:	29
Fiscal Year End:	31-Dec-2010


Industry:	Business Services

Registered Address:
20 Gracechurch Street
London, EC3V 0BG
United Kingdom

Incorporation Date:	18-Nov-1998
Company Type:	Private Independent
Quoted Status:	Not Quoted
Registered No.(UK):	03669575

Contents

· Industry Codes

· Business Description

· Financial Data

· Key Corporate Relationships

Industry Codes

ANZSIC 2006 Codes:
6999	-	Other Professional, Scientific and Technical Services Not Elsewhere Classified

NACE 2002 Codes:
7487	-	Other business activities not elsewhere classified

NAICS 2002 Codes:
5619	-	Other Support Services

US SIC 1987:
7389	-	Business Services, Not Elsewhere Classified

UK SIC 2003:
7487	-	Other business activities not elsewhere classified

Business Description

More Business Descriptions

Alloys Production

Financial Data

Financials in:	GBP(mil)

Revenue:	595.5
Net Income:	-2.0
Assets:	178.7
Current Assets:	178.1
Fixed Assets:	0.6
Long Term Debt:	0.0
Total Liabilities:	166.3
Issued Capital:	1.7
Working Capital:	11.8
Net Worth:	12.1

Date of Financial Data:	31-Dec-2010

1 Year Growth

1,193.2%

Key Corporate Relationships

Auditor:	Littlejohn LLP
Bank:	Barclays Bank PLC

Auditor:	Littlejohn LLP

Auditor History
Littlejohn LLP	31-Dec-2010
Littlejohn LLP	31-Dec-2009
Littlejohn LLP	31-Dec-2008
Littlejohn	31-Dec-2007
Clb Littlejohn Frazer	31-Dec-2006

	GBP(mil)
Audit Fees:	0.1
Non Audit Fees:	0.0
Audit Fiscal Year:	12-31-2010

Executives Report

Board of Directors

Name

Title

Function

Nigel Kenneth Dentoom

Chairman

Mark Charles Lowe

Non Executive Director

Director/Board Member

Michael Louis Schonfeld

Non Executive Director

Director/Board Member

Executives

Name

Title

Function

Iain Roy Scott Paterson

Managing Director

Kevin John Rhodes

Finance Director

Finance Executive

Directors and Shareholders Report

Annual Return Date: 18 Nov 2010
Total Issued Capital (GBP 000): 1,715

Individual Directors

Name	Status	DOB	Filed Address	Appointment Date	Resignation Date	Summary of Directorships
Kevin John Rhodes	Current	04 Jan 1965	30 Lankester Square, Oxted, Surrey RH8 0LJ	31 Jul 2003	NA	Current:5 Previous:10 Disqualifications:0
Nigel Kenneth Dentoom	Current	23 Aug 1956	Elden Lodge Hutton Mount, Brentwood, Essex CM13 2LT	24 Sep 2002	NA	Current:6 Previous:3 Disqualifications:0
Michael Louis Schonfeld	Current	18 Aug 1950	42 Rockley Road, South Yarra, Victoria Vic 3141	24 Sep 2002	NA	Current:1 Previous:3 Disqualifications:0
Iain Roy Scott Paterson	Current	01 Oct 1956	Cooper Bridge Tunbridge Lane, Liphook, Hampshire GU30 7RF	02 Jan 2007	NA	Current:2 Previous:3 Disqualifications:0
Ian Stuart Mcintosh	Previous	08 Aug 1961	16 Plateau De Champel, Geneve	31 Oct 2007	15 Sep 2008	Current:0 Previous:1 Disqualifications:0
Mark Charles Lowe	Previous	28 Dec 1960	16 Chemin Charles-Bougeaud, 1213 Onex, Geneve	31 Oct 2007	12 Jul 2010	Current:0 Previous:1 Disqualifications:0
Damien Chung-Yin Chung	Previous	06 Jan 1971	Rue Louis-Curval 4, Geneva	19 Feb 2009	09 Dec 2009	Current:0 Previous:2 Disqualifications:0
Nigel Mamalis	Previous	17 Jul 1960	Swiss Air Centre 29 Route De L'aeroport, Po Box 236, Le Grand Saconnex, Geneva	14 Dec 2010	07 Jun 2011	Current:3 Previous:1 Disqualifications:0
Nicholas Kenneth Harold John	Previous	28 Aug 1957	1A Ridgeway Avenue, Newport, Newport NP20 5AJ	18 Nov 1998	09 Apr 2003	Current:3 Previous:2 Disqualifications:0
Luciano Peri	Previous	03 Jun 1950	Via Teddoro Frizzoni N.12, 24100 Bergano	26 Aug 1999	31 Mar 2005	Current:0 Previous:1 Disqualifications:0
Paul Francois John Hellinckx	Previous	30 Sep 1966	10 Rue N. Wezter, Luxembourg	19 Nov 2004	22 Jun 2006	Current:0 Previous:1 Disqualifications:0
Patricia John	Previous	NA	1A Ridgeway Avenue, Newport, Newport NP20 5AJ	18 Nov 1998	08 Nov 1999	Current:2 Previous:2 Disqualifications:0

Corporate Directors

Company Name	Status	Registered Address	Appointment Date	Resignation Date
Instant Companies Limited	Previous	1 Mitchell Lane, Bristol, Avon BS1 6BU	18 Nov 1998	18 Nov 1998

Individual Secretaries

Name	Status	DOB	Filed Address	Appointment Date	Resignation Date	Summary of Directorships
Kevin John Rhodes	Current	04 Jan 1965	30 Lankester Square, Oxted, Surrey RH8 0LJ	10 Apr 2003	NA	Current:5 Previous:10 Disqualifications:0
Linda Margaret Cousins	Previous	NA	37 Newport Road, Pontllanfraith, Blackwood, Caerphilly NP12 2JW	08 Nov 1999	28 Feb 2001	Current:0 Previous:1 Disqualifications:0
Mark Stuart Tyler	Previous	NA	8 Vishwell Road, Canton, Cardiff, Cardiff CF5 1GE	01 Jun 2001	10 Apr 2003	Current:0 Previous:3 Disqualifications:0
Patricia John	Previous	NA	1A Ridgeway Avenue, Newport, Newport NP20 5AJ	18 Nov 1998	08 Nov 1999	Current:2 Previous:2 Disqualifications:0

Corporate Secretaries

Company Name	Status	Registered Address	Appointment Date	Resignation Date
Swift Incorporations Limited	Previous	26 Church Street, St John's Wood, London NW8 8EP	18 Nov 1998	18 Nov 1998

Individual Shareholders

Name	Share Details (As Reported)	Share Type	# of Shares	Share Price (GBP)	Share Value (GBP)	% of Total Shares
Alexei Abramov	400 Ordinary GBP 1.00	Ordinary	400	1.00	400.00	0.02
Anthony Every	3759 Ordinary GBP 1.00	Ordinary	3,759	1.00	3,759.00	0.22
Daixin Hu	5000 Ordinary GBP 1.00	Ordinary	5,000	1.00	5,000.00	0.29
Derek Johnson	3650 Ordinary GBP 1.00	Ordinary	3,650	1.00	3,650.00	0.21
First Rand International Ltd	97738 Ordinary GBP 1.00	Ordinary	97,738	1.00	97,738.00	5.70
Iain Paterson	144231 Ordinary GBP 1.00	Ordinary	144,231	1.00	144,231.00	8.41
John Shaw	5100 Ordinary GBP 1.00	Ordinary	5,100	1.00	5,100.00	0.30
Kevin Rhodes	132847 Ordinary GBP 1.00	Ordinary	132,847	1.00	132,847.00	7.75
LN Employee Benefit Trust	45969 Ordinary GBP 1.00	Ordinary	45,969	1.00	45,969.00	2.68
Louis Dreyfus Commodities Suisse SA	438706 Ordinary GBP 1.00	Ordinary	438,706	1.00	438,706.00	25.58
Monika Cyprys	5330 Ordinary GBP 1.00	Ordinary	5,330	1.00	5,330.00	0.31
Nigel Dentoom	132847 Ordinary GBP 1.00	Ordinary	132,847	1.00	132,847.00	7.75
RMB International (Dublin) Ltd	699178 Ordinary GBP 1.00	Ordinary	699,178	1.00	699,178.00	40.77

Corporate Shareholders

There are no corporate shareholders for this company.

Annual Profit & Loss

Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)

Financial Glossary

	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007	31-Dec-2006
Period Length	52 Weeks	52 Weeks	52 Weeks	52 Weeks	52 Weeks
Filed Currency	GBP	USD	USD	USD	USD
Exchange Rate (Period Average)	0.647573	1	1	1	1
Consolidated	No	No	No	Yes	Yes

Total Turnover	919.7	413.1	433.3	359.7	271.8
Cost of Sales	912.4	404.2	421.4	348.8	263.8
Gross Profit	7.3	8.9	11.9	10.9	8.0
Depreciation	0.3	0.1	0.1	0.0	0.0
Other Expenses	11.7	7.0	7.9	5.5	3.8
Operating Profit	-4.4	1.8	4.0	5.5	4.2
Other Income	0.0	0.0	0.1	0.2	0.1
Interest Paid	0.0	0.0	0.1	4.3	3.3
Exceptional Income	0.0	0.0	0.0	0.0	0.0
Discontinued Operations	0.0	0.0	0.0	0.0	0.0
Profit Before Taxes	-4.4	1.8	4.0	1.3	1.0
Tax Payable / Credit	-1.4	0.6	1.2	0.4	-0.3
Extraordinary Items/Debits	0.0	0.0	0.0	0.0	0.0
Dividends	0.0	0.0	0.0	0.0	0.0
Profit After Taxes	-3.0	1.2	2.8	0.9	1.3
Minority Interests (Profit & Loss)	0.0	0.0	0.0	0.0	0.0
Audit Fees	0.2	0.1	0.1	0.1	0.1
Non Audit Fees	0.0	0.0	0.0	0.0	0.1
Number of Employees	29	27	24	17	16
Wages	6.3	3.5	4.7	3.2	1.5
Social Security Costs	0.6	0.5	0.5	0.3	0.2
Other Pension Costs	0.0	0.0	0.0	0.0	0.0
Employees Remuneration	6.9	4.0	5.3	3.5	1.7
Directors Remuneration	1.0	1.5	1.3	1.2	0.4
Highest Paid Director	0.4	0.5	0.1	0.4	0.2

Annual Balance Sheet

Financials in: USD (mil)

Financial Glossary

	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007	31-Dec-2006
Filed Currency	GBP	USD	USD	USD	USD
Exchange Rate	0.638712	1	1	1	1
Consolidated	No	No	No	Yes	Yes

Land & Buildings	0.0	0.0	0.0	0.0	0.0
Fixtures & Fittings	0.3	0.1	0.2	0.0	0.1
Plant & Vehicles	0.0	0.0	0.0	0.0	0.0
Total Tangible Fixed Assets	0.3	0.2	0.2	0.0	0.1
Intangible Assets	0.5	0.4	0.5	0.5	0.0
Investments	0.2	0.0	0.0	0.0	0.0
Total Fixed Assets	0.9	0.6	0.7	0.6	0.1
Total Stocks Work In Progress	193.1	112.5	46.6	36.9	58.5
Trade Debtors	72.8	39.8	38.4	34.8	36.2
Inter-Company Debtors	-	-	0.0	0.0	0.0
Other Debtors	12.9	5.4	4.7	0.9	1.6
Total Debtors	85.7	45.3	43.1	35.7	37.8
Cash and Equivalents	0.0	0.1	2.3	1.3	1.0
Other Current Assets	0.0	0.0	0.0	0.0	0.0
Total Current Assets	278.8	157.9	92.0	73.9	97.3
Total Assets	279.7	158.5	92.7	74.4	97.4
Trade Creditors	45.8	35.7	10.7	13.5	21.5
Bank Overdraft	211.7	106.5	59.1	46.8	68.3
Inter-Company Creditors	0.0	0.0	0.0	0.0	0.0
Total Finance Lease/Hire Purchase (Current Liability)	0.2	0.1	0.1	0.2	-
Total Short Term Loans	-	-	0.0	2.0	-
Accruals/Deferred Income (Current Liability)	2.4	0.5	3.1	2.2	0.6
Social Security/VAT	0.2	0.6	0.4	0.5	0.1
Corporation Tax	0.0	0.6	1.0	0.0	0.1
Other Current Liabilities	0.0	0.0	5.7	0.0	0.0
Total Current Liabilities	260.3	144.0	80.1	65.2	90.6
Group Loans (Long Term Liability)	0.0	0.0	0.0	0.0	0.0
Director Loans (Long Term Liability)	0.0	0.0	0.0	0.0	0.0
Hire Purchase (Long Term Liability)	-	0.0	-	-	0.0
Leasing (Long Term Liability)	-	0.1	-	-	0.0
Total Hire Purchase Loans (Long Term Liability)	0.0	0.1	0.2	0.6	0.0
Other Long Term Loans	0.0	0.0	0.0	0.0	3.1
Accruals/Deferred Income (Long Term Liability)	0.0	0.2	0.2	0.0	0.0
Other Long Term Liabilities	0.0	0.0	0.0	0.0	0.0
Total Long Term Liabilities	0.0	0.4	0.5	0.6	3.1
Deferred Taxation	0.0	0.0	0.0	0.0	0.0
Other Provisions	0.0	0.0	0.0	0.0	0.0
Total Provisions	0.0	0.0	0.0	0.0	0.0
Issued Capital	2.7	1.7	1.7	1.3	0.6
Share Premium Accounts	12.7	8.1	8.0	7.4	4.1
Revaluation Reserve	0.0	0.0	0.0	0.0	0.0
Retained Earnings	3.2	4.0	2.6	-0.2	-1.1
Other Reserves	0.8	0.3	-0.3	0.1	0.1
Minority Interests (Balance Sheet)	0.0	0.0	0.0	0.0	0.0
Total Shareholders Funds	19.4	14.1	12.1	8.7	3.7
Net Worth	18.9	13.7	11.6	8.2	3.7

Annual Cash Flows

Financials in: USD (mil)

Financial Glossary

	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007	31-Dec-2006
Period Length	52 Weeks	52 Weeks	52 Weeks	52 Weeks	52 Weeks
Filed Currency	GBP	USD	USD	USD	USD
Exchange Rate (Period Average)	0.647573	1	1	1	1
Consolidated	No	No	No	Yes	Yes

Net Cash Flow From Operating Activities	-42.1	-48.5	-9.0	22.6	-42.6
Net Cash Flow from ROI and Servicing of Finance	0.0	0.0	0.0	-4.1	-3.2
Taxation	-1.0	-1.1	-0.1	-0.1	0.0
Capital Expenditures	-0.6	-0.2	-0.3	0.0	-0.1
Acquisitions and Disposals	0.0	0.0	0.0	0.0	0.0
Paid Up Equity	0.0	0.0	0.0	0.0	0.0
Management of Liquid Resources	0.0	0.0	0.0	0.0	0.0
Net Cash Flow From Financing	-0.8	0.2	-1.8	3.4	1.3
Increase in Cash	-44.5	-49.6	-11.3	21.8	-44.6

Annual Ratios

Financials in: USD (mil)

	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007	31-Dec-2006
Period Length	52 Weeks	52 Weeks	52 Weeks	52 Weeks	52 Weeks
Filed Currency	GBP	USD	USD	USD	USD
Exchange Rate	0.638712	1	1	1	1
Consolidated	No	No	No	Yes	Yes

Current Ratio	1.07	1.10	1.15	1.13	1.07
Liquidity Ratio	0.33	0.32	0.57	0.57	0.43
Stock Turnover	4.83	3.67	9.29	9.75	4.65
Credit Period (Days)	28.49	35.20	32.32	35.34	48.57
Working Capital by Sales	1.98%	3.36%	2.74%	2.41%	2.46%
Trade Credit by Debtors	0.63	0.90	0.28	0.39	0.59
Return on Capital	-23.05%	12.51%	31.87%	14.49%	15.04%
Return on Assets	-1.60%	1.14%	4.33%	1.80%	1.04%
Profit Margin	-0.48%	0.44%	0.93%	0.37%	0.37%
Return on Shareholders Funds	-23.10%	12.83%	33.11%	15.41%	27.52%
Borrowing Ratio	1,120.20%	780.83%	510.50%	606.90%	1,935.39%
Equity Gearing	6.93%	8.91%	13.08%	11.66%	3.79%
Debt Gearing	0.23%	1.05%	2.11%	6.79%	83.00%
Interest Coverage	-126.23	38.49	80.17	0.31	0.31
Sales by Tangible Assets	2,946.06	2,684.85	1,804.49	13,249.57	4,388.76
Average Remuneration per Employee	0.2	0.1	0.2	0.2	0.1
Profit per Employee	-0.2	0.1	0.2	0.1	0.1
Sales per Employee	32.2	15.3	18.1	21.2	17.0
Capital Employed per Employee	0.7	0.5	0.5	0.5	0.4
Tangible Assets per Employee	0.0	0.0	0.0	0.0	0.0
Total Assets per Employee	9.6	5.9	3.9	4.4	6.1
Employee Remuneration by Sales	0.75%	0.98%	1.22%	0.98%	0.64%
Creditor Days (Cost of Sales Based)	18.07	32.20	9.26	14.12	29.74
Creditor Days (Sales Based)	17.92	31.51	9.00	13.69	28.86

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.47.89
UK Pound	1	Rs.75.31
Euro	1	Rs.65.63

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.