MIRA INFORM REPORT

Report Date :

29.06.2012

IDENTIFICATION DETAILS

Name :	XSTRATA COAL SALES PTE. LIMITED
Registered Office :	Temasek Avenue #31-01 Millenia Tower Singapore 039192
Country :	Singapore
Financials (as on) :	31.12.2011
Date of Incorporation :	08.03.2011
Com. Reg. No.:	201105601G
Legal Form :	Limited Private Company
Line of Business :	General Wholesale Trade (Including General Importers And Exporters) Distribution And Trading Of Coal And Related Products
No. of Employees :	Not Available

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

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 – March 31^st, 2012

Country Name	Previous Rating (31.12.2011)	Current Rating (31.03.2012)
Singapore	A1	A1

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

Company Name:	Registered Number:
XSTRATA COAL SALES PTE. LIMITED	201105601G

Date Incorporated:	Registered Office:	Telephone Number:
08/03/2011	1 TEMASEK AVENUE #31-01 MILLENIA TOWER SINGAPORE 039192	NA
Age of Company:	Website:	Industry Type:
1		COMMERCE - WHOLESALE

Credit Assessment	Risk Dashboard
Risk & Rating	Days Beyond Terms	Trend:	No. of Litigation Counts:
	Company DTC:		NA
	20 Days
	Worse off than last month;last month the entity took 0 days to pay		No. of Charges(s): 20
	Industry DTC
	25 Days

Directors		Corporate Structure
Number of Current Directors	5	Holding Company:	Xstrata Plc
Number that are shareholders	2	No. of Subsidiaries & Associated Companies:	8

Executive Summary

Company Name	:	Xstrata Coal Sales Pte. Limited
Registration No	:	201105601G
Date of Registration	:	08/03/2011
Former Name	:	NA
Date of Change of Name	:	NA
Type of Company	:	Limited Private Company
Registered Address	:	1 TEMASEK AVENUE #31-01 MILLENIA TOWER SINGAPORE 039192
Date of Change of Address	:	01/11/2011
Contact No.	:	NA
Fax No.	:	NA
Website	:	NA
Registered Activities	:	1. General Wholesale Trade (Including General Importers And Exporters) Distribution And Trading Of Coal And Related Products 2. Other Business Support Services Activities Nec (Eg Administration Of Loyalty Programmes) Marketing Of Coal And Related Products And Provision Of Support Services
Issued Ordinary Capital*	:	$2,000,010.00 U.S. DOLLAR NO. OF SHARE : 2,000,010
Issued Preference Capital	:	NA
Paid-Up Ordinary Capital	:	$2,000,010.00 U.S. DOLLAR
Paid-Up Preference Capital	:	NA
* Number of Shares includes number of Issued Treasury Shares
Issued Treasury Capital	:	NA
Paid-Up Treasury Capital	:	NA
No. of Local Subsidiaries	:	8
No. of Local Associates	:	NA
Auditor	:	Ernst & Young Llp
Bankers / Financiers	:	Marubeni Coal Pty Limited Pos-Np Pty Limited Citicorp Investment Bank (Singapore) Limited Icra Oc Pty Ltd Sumitomo Corporation Icra Rolleston Pty Ltd Sumisho Coal Australia Pty Limited Itochu Coal Resources Australia Pty Limited Icra Nca Pty Ltd
Turnover	:	$665,120,142.00 (FY2011)
Net Worth	:	$14,860,451.00 (FY2011)
No. of Bank Charges	:	20
No. of Litigation Suits	:	NA
S1000 / SME 1000 / FG50 Ranking	:	No found for SINGAPORE 1000 and SME 1000

SHAREHOLDER DETAILS

NAME	:	XSTRATA PLC
SHAREHOLDER ID	:	T11UF0956H
NATIONALITY	:	UNITED KINGDOM
ADDRESS	:	4TH FLOOR, PANTON HOUSE, 25/27 HAYMARKET, LONDON SW1Y 4EN, UNITED KINGDOM
NO. OF ORD SHARES	:	1,800,009
% OF SHAREHOLDING	:	90%
CURRENCY	:	U.S. DOLLAR
NAME	:	XSTRATA (SCHWEIZ) AG
SHAREHOLDER ID	:	T05UF1592L
NATIONALITY	:	NA
ADDRESS	:	BAHNHOFSTRASSE 2 CH-6301 ZUG, SWITZERLAND
NO. OF ORD SHARES	:	200,001
% OF SHAREHOLDING	:	10%
CURRENCY	:	U.S. DOLLAR

OFFICER DETAILS

NAME	:	PETER CARL FREYBERG
ADDRESS	:	6 MITCHELL ROAD DARLING POINT NSW 2027, AUSTRALIA
POSITION	:	DIRECTOR
DATE OF APPT	:	08/03/2011
NATIONALITY	:	BRITISH
I/C PASSPORT	:	761293309
NAME	:	EARL IVAN MELAMED
ADDRESS	:	1 CHRIS BANG CRESCENT VAUCLUSE NSW 2030, AUSTRALIA
POSITION	:	DIRECTOR
DATE OF APPT	:	08/03/2011
NATIONALITY	:	AUSTRALIAN
I/C PASSPORT	:	E4002032
NAME	:	NICHOLAS JOHN EDWARD TALINTYRE
ADDRESS	:	UNIT 1E, 8 KING STREET, WOLLSTONECRAFT NSW, 2065, AUSTRALIA
POSITION	:	DIRECTOR
DATE OF APPT	:	23/03/2012
NATIONALITY	:	AUSTRALIAN
I/C PASSPORT	:	E4046921
NAME	:	GARRY MICHAEL BECK
ADDRESS	:	108 GRANGE ROAD #23-06 CLIVEDEN AT GRANGE SINGAPORE 249595
POSITION	:	DIRECTOR
DATE OF APPT	:	21/03/2012
NATIONALITY	:	AUSTRALIAN
I/C PASSPORT	:	G0465669K
NAME	:	CHRISTOPHER MARK HATHERLY
ADDRESS	:	30 MACARTHUR PARADE, DULWICH HILL NSW 2203, AUSTRALIA
POSITION	:	DIRECTOR
DATE OF APPT	:	23/03/2012
NATIONALITY	:	AUSTRALIAN
I/C PASSPORT	:	M1682261
NAME	:	CHAN LAI YIN
ADDRESS	:	26 SIMEI STREET 1 #11-08 MELVILLE PARK SINGAPORE 529947
POSITION	:	SECRETARY
DATE OF APPT	:	19/04/2011
NATIONALITY	:	SINGAPORE P.R.
I/C PASSPORT	:	S7480587F
NAME	:	TAN PING PING
ADDRESS	:	112 LENGKONG TIGA #11-219 SINGAPORE 410112
POSITION	:	SECRETARY
DATE OF APPT	:	19/04/2011
NATIONALITY	:	SINGAPORE P.R.
I/C PASSPORT	:	S7484709I

KEY PERSONNEL PROFILE

Name:	PETER CARL FREYBERG
NRIC Number:	761293309
Available Address:	6 MITCHELL ROAD DARLING POINT NSW 2027, AUSTRALIA

Current Business Interest

No.	Name	Position	Appt Date	#of Share	%
1	RAVENSWORTH UNDERGROUND COAL SALES PTE. LIMITED	DIRECTOR	20/03/2012	-	NA
2	XSTRATA COAL SALES (SERVICES) PTE. LIMITED	DIRECTOR	08/03/2011	-	NA
3	XSTRATA COAL SALES PTE. LIMITED	DIRECTOR	08/03/2011	-	NA

Previous Business

No.	Name	Status	Position	Appt Date	Last Known Inactive Date
No Trace

Bankruptcy Record

(Status include petition filed, order made, discharge, annulment, set aside, rescinded and withdrawn)

Case No.	Year	Date of Filing	Petitioner Name	Amount
No Trace

Note: Please purchase case details to know the latest status.

Litigation Search – Writ of Summons

Court	Case No.	Transfer	Year	Date of Filing	Amount	Cause Category
No Trace

SUBSIDIARIES AND ASSOCIATE COMPANIES IN S’PORE

Company	Shareholdings (%)
XSTRATA COAL SALES (SERVICES) PTE. LIMITED	100
CUMNOCK COAL SALES PTE. LIMITED	100
LIDDELL COAL SALES PTE. LIMITED	100
MACQUARIE COAL SALES PTE. LIMITED	80
ROLLESTON COAL SALES PTE. LIMITED	75
RAVENSWORTH UNDERGROUND COAL SALES PTE. LIMITED	70
NCA COAL SALES PTE. LIMITED	55
OAKY CREEK COAL SALES PTE. LIMITED	55

BANKERS/ FINANCIERS

Subject enjoys a normal banking routine with its bankers. To date, there have been 20 bank charges registered against Subject by its bankers. The charge numbers are:

1)	Charge No.	:	C201205777
	Date of Registration	:	25/05/2012
	Chargee	:	MARUBENI COAL PTY LIMITED
	Amount Secured and Currency	:	1,400,000.00 U.S. DOLLAR
	Address	:	---
2)	Charge No.	:	C201205777
	Date of Registration	:	25/05/2012
	Chargee	:	POS-NP PTY LIMITED
	Amount Secured and Currency	:	1,400,000.00 U.S. DOLLAR
	Address	:	---
3)	Charge No.	:	C201205776
	Date of Registration	:	25/05/2012
	Chargee	:	MARUBENI COAL PTY LIMITED
	Amount Secured and Currency	:	1,400,000.00 U.S. DOLLAR
	Address	:	---
4)	Charge No.	:	C201205776
	Date of Registration	:	25/05/2012
	Chargee	:	POS-NP PTY LIMITED
	Amount Secured and Currency	:	1,400,000.00 U.S. DOLLAR
	Address	:	---
5)	Charge No.	:	C201205399
	Date of Registration	:	17/05/2012
	Chargee	:	CITICORP INVESTMENT BANK (SINGAPORE) LIMITED
	Amount Secured and Currency	:	999,999,999,999.00 U.S. DOLLAR
	Address	:	---
6)	Charge No.	:	C201204657
	Date of Registration	:	27/04/2012
	Chargee	:	ICRA OC PTY LTD
	Amount Secured and Currency	:	1,100,000.00 U.S. DOLLAR
	Address	:	---
7)	Charge No.	:	C201204657
	Date of Registration	:	27/04/2012
	Chargee	:	SUMITOMO CORPORATION
	Amount Secured and Currency	:	1,100,000.00 U.S. DOLLAR
	Address	:	---

BANKERS/ FINANCIERS

8)	Charge No.	:	C201204656
	Date of Registration	:	27/04/2012
	Chargee	:	ICRA ROLLESTON PTY LTD
	Amount Secured and Currency	:	1,500,000.00 U.S. DOLLAR
	Address	:	---
9)	Charge No.	:	C201204656
	Date of Registration	:	27/04/2012
	Chargee	:	SUMISHO COAL AUSTRALIA PTY LIMITED
	Amount Secured and Currency	:	1,500,000.00 U.S. DOLLAR
	Address	:	---
10)	Charge No.	:	C201204655
	Date of Registration	:	27/04/2012
	Chargee	:	ICRA ROLLESTON PTY LTD
	Amount Secured and Currency	:	1,500,000.00 U.S. DOLLAR
	Address	:	---
11)	Charge No.	:	C201204655
	Date of Registration	:	27/04/2012
	Chargee	:	SUMISHO COAL AUSTRALIA PTY LIMITED
	Amount Secured and Currency	:	1,500,000.00 U.S. DOLLAR
	Address	:	---
12)	Charge No.	:	C201204648
	Date of Registration	:	27/04/2012
	Chargee	:	ICRA OC PTY LTD
	Amount Secured and Currency	:	1,100,000.00 U.S. DOLLAR
	Address	:	---
13)	Charge No.	:	C201204648
	Date of Registration	:	27/04/2012
	Chargee	:	ITOCHU COAL RESOURCES AUSTRALIA PTY LIMITED
	Amount Secured and Currency	:	1,100,000.00 U.S. DOLLAR
	Address	:	---
14)	Charge No.	:	C201204648
	Date of Registration	:	27/04/2012
	Chargee	:	SUMITOMO CORPORATION
	Amount Secured and Currency	:	1,100,000.00 U.S. DOLLAR
	Address	:	---

BANKERS/ FINANCIERS

15)	Charge No.	:	C201204184
	Date of Registration	:	17/04/2012
	Chargee	:	ICRA NCA PTY LTD
	Amount Secured and Currency	:	1,100,000.00 U.S. DOLLAR
	Address	:	---
16)	Charge No.	:	C201204184
	Date of Registration	:	17/04/2012
	Chargee	:	ITOCHU COAL RESOURCES AUSTRALIA PTY LIMITED
	Amount Secured and Currency	:	1,100,000.00 U.S. DOLLAR
	Address	:	---
17)	Charge No.	:	C201204184
	Date of Registration	:	17/04/2012
	Chargee	:	SUMISHO COAL AUSTRALIA PTY LIMITED
	Amount Secured and Currency	:	1,100,000.00 U.S. DOLLAR
	Address	:	---
18)	Charge No.	:	C201204162
	Date of Registration	:	17/04/2012
	Chargee	:	ICRA NCA PTY LTD
	Amount Secured and Currency	:	1,100,000.00 U.S. DOLLAR
	Address	:	---
19)	Charge No.	:	C201204162
	Date of Registration	:	17/04/2012
	Chargee	:	ITOCHU COAL RESOURCES AUSTRALIA PTY LIMITED
	Amount Secured and Currency	:	1,100,000.00 U.S. DOLLAR
	Address	:	---
20)	Charge No.	:	C201204162
	Date of Registration	:	17/04/2012
	Chargee	:	SUMISHO COAL AUSTRALIA PTY LIMITED
	Amount Secured and Currency	:	1,100,000.00 U.S. DOLLAR
	Address	:	---

COMPLIANCE RECORDS

Date of Last AGM	:	11/06/2012
Date of Last AR	:	15/06/2012
Date of A/C Laid at Last AGM	:	31/12/2011

COMPLIANCE RATING FOR ANNUAL FILING

ANNUAL GENERAL MEETING,ANNUAL RETURN AND ACCOUNTS UP-TO-DATE

Note:

Provided by ACRA (Accounting and Corporate Regulatory Authority), the Compliance Rating for Annual Filing measures a company’s compliance with the provisions under S175, S197 or S201 of the Companies Act, Cap. 50.

Applicable to all “Live” locally incorporated companies except for the Limited Partnerships, Limited Liability Partnerships, Business Entities, Foreign Companies and Public Accounting Firms, the rating provide information on whether a company is up-to-date with the holding of its Annual General Meeting (AGM) with up-to-date financial statements and filing of its Annual Return (AR).

For more information: www.acra.gov.sg/compliance

FINANCIAL HIGHLIGHTS

Auditor’s Comments – True and Fair? Qualified Opinion

	Company
FINANCIAL YEAR	08/03/2011 to 31/12/2011 $
Turnover	665,120,142
Profit Before Tax and Minority Interest	39,559,829
Profit After Tax and Minority Interest	37,581,838
ASSETS
Current Assets	99,932,966
Non-current Assets	3,918,938
- Fixed Assets	1,996,442
- Intangible Assets	660,183
- Long-term Investments	0
Total Assets	103,851,904
LIABILITIES
Current Liabilities	88,991,453
Long-Term Liabilities	0
Total Liabilities	88,991,453
SHAREHOLDERS’ FUNDS
Share Capital	2,524,613
Share Premium	0
Retained Earnings	12,335,838
Minority Interest	0
Other Reserves	0
Shareholders Funds	14,860,451

Financial figures are presented in USD - USA as reflected in Subject's financial statements and are converted to S$ at the rate of S$1.2623 per USD - USA in FYE11 as presented in this report.

FINANCIAL RATIOS

	Company
FINANCIAL YEAR END	08/03/2011 to 31/12/2011
PROFITABILITY
Rate of Net Profit (%)	5.65
Return on Equity (%)	252.90
Return on Assets (%)	36.19
Return on Capital Employed	2.67
DEBT MANAGEMENT
Total Liabilities/Equity (times)	5.99
Current Liabilities/Equity (times)	5.99
Long Term Liabilities/Equity (times)	0.00
Debt Service Cover Ratio	868.33
Short-term Borrowings-to-cash Ratio	NA
EFFICIENCY MANAGEMENT
Total Assets Turnover (times)	6.40
Fixed Assets Turnover (times)	169.72
Interest Coverage Ratio	868.33
Average Payment Period (days)	46
LIQUIDITY MANAGEMENT
Current Ratio (times)	1.12
Quick Ratio (times)	1.12
Average Collection Period (days)	24

FINANCIAL COMMENTARY

Profitability

The company yielded a rate of net profit on sales of 5.65 per cent in FY11. The company is now able to book in $0.06 of profit for every dollar of sales.

Liquidity

Current ratio stood at 1.12 times in FY11. This means that the company has $1.12 of current assets for every dollar of current liability incurred. Subject's current ratio is noted to be within the industry norm for the sector in which the company is operating.

A minimum figure of 1.0 would be considered the lowest limit that this figure should reach. Any business that has a current ratio near 1.0 may be heading for liquidity problems, and would need to be closely monitored. A figure greater than 2.0 would be more desirable, to act as a buffer against any short-term liquidity problems, and give creditors/bank managers a degree of comfort when granting credit/finance.

FINANCIAL COMMENTARY

Leverage

Total liabilities-to-equity ratio notched 5.99 times in FY11. This means that the company requires additional external financing of $5.99 for every dollar injected into its operations. Subject's total liability-to-equity is noted to be higher than the industry norm for the sector in which the company is operating.

Generally, a total liability-to-equity ratio of less than 0.5 times is preferred. The ratio measures the proportion of the company's reliance on external debt for financing, relative to the shareholder's fund. A lower ratio would imply a greater financial safety and operating freedom for the company.

Efficiency Ratio

Return on equity was 252.90 per cent for Subject in the current financial period. The return on equity measures the return earned on the owner's investment. Generally, the higher this return, the better off the owner.

Return on assets stood at 36.19 per cent. The return on asset measures the overall effectiveness of management in generating profit with its available assets.

Total assets turnover ratio logged at 6.40 times in FY11. This ratio measures the company's ability to make productive use of its total assets to generate sales which reflects the efficiency of the management in utilising its resources.

FOREIGN EXCHANGE RATES

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

INFORMATION DETAILS

Report Prepared by :

PDT

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%)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.