MIRA INFORM REPORT

Report Date :

13.02.2012

IDENTIFICATION DETAILS

Name :	OXBOW CARBON & MINERALS INTERNATIONAL LTD
Registered Office :	Caves Villages Building 8, Office 1, Suite 402, P.O. Box AP-59217 Nassau
Country :	Bahamas
Year of Establishment :	2003
Legal Form :	Limited Company
Line of Business :	International trading activities
No. of Employees :	8

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 :	USD 100,000.00
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 – September 30, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
Bahamas	B2	B2

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

GEOPOLITICS – BAHAMAS
POLITICAL DATA	ECONOMIC DATA
Form of Government: Commonwealth Realm - Parliamentary system Economic Risk: Nil	Currency: 100 BSD = 100.00 USD Branch Situation: Stable

IDENTIFICATION
Legal Name:	Oxbow Carbon & Minerals International Ltd
Legal Address	Caves Villages Building 8, Office 1, Suite 402, P.O. Box AP-59217 Nassau Bahamas
Operative Address	Caves Villages Building 8, Office 1, Suite 402, P.O. Box AP-59217 Nassau Bahamas
Telephone:	(242) 327-8160	Registration Number :	N.A.
Fax:	(242) 327-8408	Legal Form:	Limited Company
Email:	matthew.freilich@oxbowinternational.com	Registered in:	Bahamas
Website:	www.oxbowinternational.com	Date Created:	2003
Manager:	Matthew Freilich - Managing Director	Date Incorporated:	-
Staff:	8	Stock:	N.A.
		Value:	N.A.
Activity:	International trading activities

BANKS
Name of the Bank	Scotia Bank
BUSINESS
HISTORY
	The company was created in 2003.
PRINCIPAL ACTIVITY
	Oxbow Carbon & Minerals LLC has created Oxbow Carbon & Minerals International Ltd. (Oxbow International) to conduct stand-alone international trading activities. The establishment of the new affiliate is intended to centralize much of Oxbows international trading activities to offer better corporate synergies to Oxbows worldwide supplier and customer base.
Products/Services description:
	Oxbow International focus their primary businesses on the international trading and marketing of energy and commodities such as coal, natural gas, petroleum, metallurgical and calcined coke. Oxbow International will be the nucleus for all third party trading activities.
Suppliers:
	This information is considered as confidential.
Operations area:
	National, International
The subject employs 8 employee(s)
Comments on staff:
	Provided by the company.
PAYMENTS
	made on a 30 days basis - monitored over the last 12 months
LOCATION
Headquarters
	The company is headquartered and single located at Caves Village Building 8, Office 1, Suite 402, P.O. Box AP-59217 Nassau Bahamas.
Comments on location:
	The office and operations of the company can be found at the above listed address.
Branches:
	No branches were reported.

Shareholders - Manager - Related Companies
Listed at the stock exchange:
	NO
Shareholders Parent Company(ies):
	The company is owned by: Oxbow Carbon & Minerals LLC engages in mining, production, marketing and distribution of solid fuel and other carbon-related products, including coal, calcined coke and petroleum coke. 1601 Forum Place, Suite 1400 West Palm Beach, FL 33401 United States Tel: 561-640-8800 Fax: 561-697-1876
Management:
	Matthew Freilich, Managing Director Peter Angelklng, Treasurer
Related Companies:
	Oxbow 203-5460 152nd Street Surrey, BC V3S 5J9 Canada Tel: (604) 574-2447 Fax: (604) 574-2442 Email: info@oxbow.com ICEC Europe Ltd Nova Scotia House 70 Goldsworth Road Woking, Surrey GU21 6LQ United Kingdom Tel: +44.1483.729741 Fax: +44.1483.730590 Email: info@oxbow.com Oxbow Coal B.V. India Liaison Office 307, Block 4, Hiranandani Meadows Via Mumbai Thane, India 400607 Tel: 91 22 2173 0742 Fax: 91 22 2173 0743 Among many others

Financials - COMMERCIAL TRENDS AND FORECAST
As a private company the subject does not publish any financial statements.
We have contacted Peter Angelklng (Treasurer), who refused to provide us any financial data without knowing the name of the inquiring party.
Currency	DATE
USD	2010
Turnover	30,200,000
The cash flow is	normal

Comments on the financial data: The financial data was consolidated with those of the parent company "Oxbow Carbon & Minerals LLC".

Legal Fillings

The sources consulted record no detrimental legal or labor court information.

Rating
Local credit bureau gave a normal credit rate. The company is in Good Standing. This means that all local and federal taxes were paid on due date.
Final Opinion
	This company is related to a high profiled American entity. The company has 9 years of experience. It has international opereations. The creation of the company was made upon an optimizacion process which began in the parent company. A credit line may be considered for USD 100,000.00

SUMMARY
FINANCIAL SUMMARY		DEBT COLLECTIONS AND PAYMENTS
Profitability	N.A.	Public	NO
Indebtedness	CONTROLLED	Payments	REGULAR
Cash	NORMAL

APPENDIX
Person Interviewed
	Peter Angelklng
Position
	Treasurer
Comments
	The person contacted checked the address, staff number, activity and shareholder position.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.49.64
UK Pound	1	Rs.78.35
Euro	1	Rs.65.79

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.