MIRA INFORM REPORT

Report Date :

26.06.2014

IDENTIFICATION DETAILS

Name :	RIO TINTO MARKETING PTE. LTD.
Formerly Known As :	RIO TINTO ALCAN PTE. LTD
Registered Office :	12, Marina Boulevard, 20 - 01, Marina Bay Financial Centre, 018982
Country :	Singapore
Financials (as on) :	31.12.2012
Date of Incorporation :	29.08.2005
Com. Reg. No.:	200511942-N
Legal Form :	Private Limited
Line of Business :	Other Investment Holding Companies Note: Subject's registered office refused to disclose any information on its operation
No. of Employees :	45

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, 2014

Country Name	Previous Rating (31.12.2013)	Current Rating (31.03.2014)
Singapore	A1	A1

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

SINGAPORE - ECONOMIC OVERVIEW

Singapore has a highly developed and successful free-market economy. It enjoys a remarkably open and corruption-free environment, stable prices, and a per capita GDP higher than that of most developed countries. The economy depends heavily on exports, particularly in consumer electronics, information technology products, pharmaceuticals, and on a growing financial services sector. Real GDP growth averaged 8.6% between 2004 and 2007. The economy contracted 0.8% in 2009 as a result of the global financial crisis, but rebounded 14.8% in 2010, on the strength of renewed exports, before slowing to 5.2% in 2011 and 1.3% in 2012, largely a result of soft demand for exports during the second European recession. Over the longer term, the government hopes to establish a new growth path that focuses on raising productivity, which has sunk to an average of about 1.0% in the last decade. Singapore has attracted major investments in pharmaceuticals and medical technology production and will continue efforts to establish Singapore as Southeast Asia's financial and high-tech hub

Source : CIA

EXECUTIVE SUMMARY

REGISTRATION NO.	:	200511942-N
COMPANY NAME	:	RIO TINTO MARKETING PTE. LTD.
FORMER NAME	:	RIO TINTO ALCAN PTE. LTD. (13/08/2013) RIO TINTO ALUMINIUM SINGAPORE PTE LIMITED (22/01/2008)
INCORPORATION DATE	:	29/08/2005
COMPANY STATUS	:	EXIST
LEGAL FORM	:	PRIVATE LIMITED
LISTED STATUS	:	NO
REGISTERED ADDRESS	:	12, MARINA BOULEVARD, 20 - 01, MARINA BAY FINANCIAL CENTRE, 018982, SINGAPORE.
BUSINESS ADDRESS	:	12 MARINA BOULEVARD, MARINA BAY FINANCIAL CENTRE TOWER 3, # 20-01 , 018982, SINGAPORE.
TEL.NO.	:	65-62363333
FAX.NO.	:	N/A
CONTACT PERSON	:	SIMON CHARLES WENSLEY ( DIRECTOR )
PRINCIPAL ACTIVITY	:	OTHER INVESTMENT HOLDING COMPANIES
ISSUED AND PAID UP CAPITAL	:	150,000,000.00 ORDINARY SHARE, OF A VALUE OF USD 150,000,000.00 1.00 PREFERENCE SHARE, OF A VALUE OF SGD 1.00
SALES	:	USD 6,679,239,000 [2012]
NET WORTH	:	USD 503,329,000 [2012]
STAFF STRENGTH	:	45 [2013]
LITIGATION	:	CLEAR
FINANCIAL CONDITION	:	STRONG
PAYMENT	:	GOOD
MANAGEMENT CAPABILITY	:	GOOD
COMMERCIAL RISK	:	N/A
CURRENCY EXPOSURE	:	N/A
GENERAL REPUTATION	:	SATISFACTORY
INDUSTRY OUTLOOK	:	MARGINAL GROWTH

HISTORY / BACKGROUND

The Subject is a private limited company and is allowed to have a minimum of one and a maximum of forty-nine shareholders. As a private limited company, the Subject must have at least two directors. A private limited company is a separate legal entity from its shareholders. As a separate legal entity, the Subject is capable of owning assets, entering into contracts, sue or be sued by other companies. The liabilities of the shareholders are to the extent of the equity they have taken up and the creditors cannot claim on shareholders' personal assets even if the Subject is insolvent. The Subject is governed by the Companies Act and the company must file its annual returns, together with its financial statements with the Registrar of Companies.

The Subject is principally engaged in the (as a / as an) other investment holding companies.

The immediate holding company of the Subject is RIO TINTO SINGAPORE HOLDINGS PTE. LTD., a company incorporated in SINGAPORE.

The ultimate holding company of the Subject is RIO TINTO PLC, a company incorporated in UNITED KINGDOM.

Share Capital History

Date	Issue & Paid Up Capital
03/10/2013	USD 150,000,001.00

The major shareholder(s) of the Subject are shown as follows :

Name	Address	IC/PP/Loc No	Shareholding	(%)
RIO TINTO SINGAPORE HOLDINGS PTE. LTD. [1 ORDINARY SHARE IN SGD & 150,000,000 ORDINARY SHARE IN USD]	12, MARINA BOULEVARD, 20 - 01, MARINA BAY FINANCIAL CENTRE, 018982, SINGAPORE.	200517548Z	150,000,001.00	100.00
			---------------	------
			150,000,001.00	100.00
			============	=====

+ Also Director

DIRECTORS

DIRECTOR 1

Name Of Subject	:	SCOTT LAWRENCE SINGER
Address	:	18, MARINA BOULEVARD, 35 - 10, MARINA BAY RESIDENCES, 018980, SINGAPORE.
IC / PP No	:	G5269782X
Nationality	:	AMERICAN
Date of Appointment	:	08/10/2013

DIRECTOR 2

Name Of Subject	:	CLAYTON SIMON PATRICK FARRY
Address	:	40, NASSIM HILL, 09-42, NASSIM MANSION, 258474, SINGAPORE.
IC / PP No	:	G6279373U
Nationality	:	NEW ZEALANDER
Date of Appointment	:	09/10/2009

DIRECTOR 3

Name Of Subject	:	SIMON CHARLES WENSLEY
Address	:	47, VERNEY ROAD WEST, GRACEVILLE, QUEENSLAND, 4075, AUSTRALIA.
IC / PP No	:	L1431069
Nationality	:	AUSTRALIAN
Date of Appointment	:	09/03/2008

DIRECTOR 4

Name Of Subject	:	PHILLIP DAVID STRACHAN
Address	:	49, CHARLTON STREET, ASCOT, QLD, 4005, AUSTRALIA.
IC / PP No	:	E7580811
Nationality	:	AUSTRALIAN
Date of Appointment	:	29/08/2005

DIRECTOR 5

Name Of Subject	:	HIROKI FUJIEDA
Address	:	2, LINCOLN ROAD, 18-03, PARK INFINIA AT WEE NAM, 308342, SINGAPORE.
IC / PP No	:	G6326864Q
Nationality	:	JAPANESE
Date of Appointment	:	08/10/2013

MANAGEMENT

1)	Name of Subject	:	SIMON CHARLES WENSLEY
	Position	:	DIRECTOR

AUDITOR

Auditor	:	PRICEWATERHOUSECOOPERS LLP
Auditor' Address	:	8, CROSS STREET #17- 00 PWC BUILDING, 048424, SINGAPORE.

COMPANY SECRETARIES

1)	Company Secretary	:	LOW SIEW TIAN
	IC / PP No	:	S6963151G
	Address	:	453, TAMPINES STREET 42, 11 - 204, 520453, SINGAPORE.

2)	Company Secretary	:	CHAN LAI YIN
	IC / PP No	:	S7480587F
	Address	:	26, SIMEI STREET 1, 11 - 08, MELVILLE PARK, 529947, SINGAPORE.

3)	Company Secretary	:	OOI BEE LYNN
	IC / PP No	:	G5385093L
	Address	:	69, TELOK BLANGAH HEIGHTS, 02 - 273, 100069, SINGAPORE.

BANKING

No Banker found in our databank.

ENCUMBRANCE (S)

No encumbrance was found in our databank at the time of investigation.

LEGAL CHECK AGAINST SUBJECT

* A check has been conducted in our databank againt the Subject whether the subject has been involved in any litigation.

No legal action was found in our databank.

No winding up petition was found in our databank.

PAYMENT RECORD

SOURCES OF RAW MATERIALS:
Local	:	N/A
Overseas	:	N/A

The Subject's registered office refused to disclose its suppliers.

The Subject refused to provide any name of trade/service supplier and we are unable to conduct any trade enquiry. However, from financial historical data we conclude that :

OVERALL PAYMENT HABIT
Prompt 0-30 Days	[	]	Good 31-60 Days	[	X	]	Average 61-90 Days	[	]
Fair 91-120 Days	[	]	Poor >120 Days	[		]

CLIENTELE

Local	:	N/A
Overseas	:	N/A

The Subject's registered office refused to disclose its clientele information.

OPERATIONS

Services

:

OTHER INVESTMENT HOLDING COMPANIES

Total Number of Employees:
YEAR	2013
GROUP	N/A
COMPANY	45

Branch

:

NO

Other Information:

The Subject is principally engaged in the (as a / as an) other investment holding companies.

The Subject's registered office refused to disclose any information on its operation.

CURRENT INVESTIGATION

Latest fresh investigations carried out on the Subject indicated that :

Telephone Number Provided By Client	:	N/A
Current Telephone Number	:	65-62363333
Match	:	N/A
Address Provided by Client	:	12 MARIAN BOULEVARD #201-01 MARINA BAY FINANCIAL CENTRE, TOWER 3, SINGAPORE
Current Address	:	12 MARINA BOULEVARD, MARINA BAY FINANCIAL CENTRE TOWER 3, # 20-01 , 018982, SINGAPORE.
Match	:	NO

Other Investigations

we contacted one of the staff from the Subject's registered office and she provided limited information on the Subject.

The address provided is incorrect.

The Subject's registered office refused to disclose the Subject's fax number and banker.

FINANCIAL ANALYSIS

Profitability
Turnover	:	Decreased	[	13.29%	]
Profit/(Loss) Before Tax	:	Decreased	[	26.12%	]
Return on Shareholder Funds	:	Favourable	[	39.19%	]
Return on Net Assets	:	Favourable	[	41.21%	]
The lower turnover could be due to the intense market competition.The dip in profit could be due to the stiff market competition which reduced the Subject's profit margin. Generally the Subject was profitable. The favourable return on shareholders' funds and return on net assets indicate that the Subject's management was efficient in utilising the assets to generate returns.
Working Capital Control
Stock Ratio	:	Favourable	[	2 Days	]
Debtor Ratio	:	Favourable	[	24 Days	]
Creditors Ratio	:	Favourable	[	36 Days	]
The Subject's stocks were moving fast thus reducing its holding cost. This had reduced funds being tied up in stocks. The favourable debtors' days could be due to the good credit control measures implemented by the Subject. The Subject had a favourable creditors' ratio where the Subject could be taking advantage of the cash discounts and also wanting to maintain goodwill with its creditors.
Liquidity
Liquid Ratio	:	Favourable	[	1.68 Times	]
Current Ratio	:	Unfavourable	[	1.72 Times	]
A minimum liquid ratio of 1 should be maintained by the Subject in order to assure its creditors of its ability to meet short term obligations and the Subject was in a good liquidity position. Thus, we believe the Subject is able to meet all its short term obligations as and when they fall due.
Solvency
Interest Cover	:	Nil	[	0.00 Times	]
Gearing Ratio	:	Favourable	[	0.00 Times	]
The Subject's interest cover was nil as it did not pay any interest during the year. The Subject had no gearing and hence it had virtually no financial risk. The Subject was financed by its shareholders' funds and internally generated fund. During the economic downturn, the Subject, having a zero gearing, will be able to compete better than those which are highly geared in the same industry.
Overall Assessment :
The Subject's performance deteriorated over the years with lower turnover and profit. The Subject was in good liquidity position with its total current liabilities well covered by its total current assets. With its current net assets, the Subject should be able to repay its short term obligations. The Subject did not make any interest payment during the year. The Subject was dependent on its shareholders' funds to finance its business needs. The Subject was a zero gearing company, it was solely dependant on its shareholders to provide funds to finance its business. The Subject has good chance of getting loans, if the needs arises.
Overall financial condition of the Subject : STRONG

SINGAPORE ECONOMIC / INDUSTRY OUTLOOK

Major Economic Indicators :	2008	2009	2010	2011	2012
Population (Million)	4.84	4.98	5.08	5.18	5.31
Gross Domestic Products ( % )	1.5	<0.8>	14.5	4.9	1.3
Consumer Price Index	6.6	0.6	2.8	5.2	4.6
Total Imports (Million)	450,892.6	356,299.3	423,221.8	459,655.1	474,554.0
Total Exports (Million)	476,762.2	391,118.1	478,840.7	514,741.2	510,329.0
Unemployment Rate (%)	2.2	3.2	2.2	2.1	2.0
Tourist Arrival (Million)	10.12	9.68	11.64	13.17	14.37
Hotel Occupancy Rate (%)	81.0	75.8	85.6	86.5	86.4
Cellular Phone Subscriber (Million)	1.31	1.37	1.43	1.50	1.52
Registration of New Companies (No.)	25,327	26,414	29,798	32,317	31,892
Registration of New Companies (%)	<2.2>	4.3	12.8	8.5	<1.3>
Liquidation of Companies (No.)	10,493	22,393	15,126	19,005	17,218
Liquidation of Companies (%)	13.7	113.4	<32.5>	25.6	9.4
Registration of New Businesses (No.)	24,850	26,876	23,978	23,494	24,788
Registration of New Businesses (%)	0.36	8.15	<10.78>	2.02	5.51
Liquidation of Businesses (No.)	21,150	23,552	24,211	23,005	22,489
Liquidation of Businesses (%)	<0.8>	11.4	2.8	<5>	<2.2>
Bankruptcy Orders (No.)	2,326	2,058	1,537	1,527	1,748
Bankruptcy Orders (%)	<15.9>	<11.5>	<25.3>	<0.7>	14.5
Bankruptcy Discharges (No.)	1,500	3,056	2,252	1,391	1,881
Bankruptcy Discharges (%)	<7.7>	103.7	<26.3>	<38.2>	35.2
INDUSTRIES ( % of Growth ) :
Agriculture
Production of Principal Crops	<0.32>	3.25	<0.48>	4.25	3.64
Fish Supply & Wholesale	<6.31>	<1.93>	<10.5>	12.10	<0.5>
Manufacturing *	74.6	71.5	92.8	100.0	100.3
Food, Beverages & Tobacco	94.8	90.4	96.4	100.0	103.5
Textiles	180.1	145.9	122.1	100.0	104.0
Wearing Apparel	334.6	211.0	123.3	100.0	92.1
Leather Products & Footwear	128.2	79.5	81.8	100.0	98.6
Wood & Wood Products	132.0	101.4	104.0	100.0	95.5
Paper & Paper Products	101.0	95.4	106.1	100.0	97.4
Printing & Media	118.2	100.9	103.5	100.0	93.0
Crude Oil Refineries	113.1	96.4	95.6	100.0	99.4
Chemical & Chemical Products	84.5	80.3	97.6	100.0	100.5
Pharmaceutical Products	43.7	49.1	75.3	100.0	109.7
Rubber & Plastic Products	120.1	101.2	112.3	100.0	96.5
Non-metallic Mineral	96.5	91.9	92.5	100.0	98.2
Basic Metals	109.8	92.6	102.2	100.0	90.6
Fabricated Metal Products	101.3	90.8	103.6	100.0	104.3
Machinery & Equipment	65.0	57.3	78.5	100.0	112.9
Electrical Machinery	81.7	86.8	124.1	100.0	99.3
Electronic Components	93.1	85.2	113.6	100.0	90.6
Transport Equipment	102.0	96.0	94.0	100.0	106.3
Construction	45.90	<36.9>	14.20	20.50	28.70
Real Estate	<11.2>	1.4	21.3	25.4	31.9
Services
Electricity, Gas & Water	<1.3>	1.70	4.00	7.00	6.30
Transport, Storage & Communication	11.60	3.90	12.80	7.40	5.30
Finance & Insurance	<5.9>	<16.4>	<0.4>	8.90	0.50
Government Services	17.40	4.50	9.70	6.90	6.00
Education Services	0.50	0.10	<0.9>	<1.4>	0.30
* Based on Index of Industrial Production (2011 = 100)
(Source : Department of Statistics)

INDUSTRY ANALYSIS

INDUSTRY :	ECONOMY
According to Ministry of Trade and Industry (MTI), the Singapore economy is expected to grow by 1.0 to 3.0% in 2013 as growth in the global economy is likely to remain subdued despite macroeconomic conditions stablising in recent months of 2013.
However, the global economic outlook is still clouded with uncertainties. Notably, concerns remain over the extent of the fiscal cutback with the budget sequester in the US and potential flareup of the debt crisis in the Eurozone. Should any of these risks materialise, Singapore's economic growth could come in lower than expected.
Although resilient domestic demand in emerging Asia will provide some support to global demand, it will not fully mitigate the effects of an economic slowdown in the advanced economies. Consequently, Singapore's externally-oriented sectors such as electronics and wholesale trade will continue to perform poorly, while the financial services sector will be affected by heightened uncertainties in the external environment. Nevertheless, there will be some modest support to growth from the biomedical manufacturing cluster and tourism-related sectors. The former will likely see increased production of active pharmaceutical ingredients and biologics while the latter will benefit from rising visitor arrivals from the region.
For the whole of 2012, Singapore's GDP growth slowed to 1.3%, from 5.2% in 2011, mainly due to weakness in the externally-oriented sectors. Manufacturing sector growth slowed sharply from 7.8% in the year 2011 to 0.1%. The hudge decline was largely due to a rebound in the output of the biomedical manufacturing and transport engineering clusters, which together helped to mitigate part of the fall in output in the electronics cluster. By contrast, the construction sector growth accelerated from 6.3% to 8.2% in 2012, due to the expansion in both public and private building activities.
Growth in the services producing industries also moderated to 1.2% in 2012, compared to 4.6% in 2011. This was mainly due to the slowdown in wholesale and retail trade, accommodation and food services as well as other services industries. In particular, the wholesale and retail trade sector contracted by 0.7%, compared to the 1.6% growth in year 2011. The accommodation and food services as well as other services industries posted lower gains of 2.8% and 0.1% respectively, compared to 8.2% and 6.3% in 2011.
For the whole of 2012, all sectors, except the wholesale and retail trade, contributed to growth. Business services was the largest contributor with 0.4 percentage-points, followed by construction with 0.3 percentage-points and transportation and storage at 0.2 percentagepoints. Besides, growth in total demand moderated to 2.4%, compared to 4.2% in 2011. Domestic demand was the key contributor to total demand growth, accounting for 2.2 percentage-points, or over 90 per cent, of the increase.
In 2012, total domestic demand rose by 9.7%, following the 6.5% increase in 2011. The growth in total domestic demand was broad-based across consumption, gross fixed capital formation (GFCF) and changes in inventories. The total consumption expenditure in 2012 grew slightly by 0.9%, easing from the 3.7% growth in 2011. Public consumption expenditure fell by 3.6%, reversing the 0.5% growth in 2011. Private consumption expenditure registered a 2.2% gain, moderating from the 4.6% increase in the preceding year.
Overall, the Singapore economy is expected to grow by 1.0 to 3.0% in 2013.
OVERALL INDUSTRY OUTLOOK : MARGINAL GROWTH

CREDIT RISK EVALUATION & RECOMMENDATION

Incorporated in 2005, the Subject is a Private Limited company, focusing on investment holding companies. Having been in business for 8 years, the Subject has established a remarkable clientele base for itself which has contributed to its business growth. Having strong support from its holding company has enabled the Subject to remain competitive despite the challenging business environment. The Subject is a large entity with strong capital position. We are confident with the Subject's business and its future growth prospect.

The Subject has approximately 45 employees in its business operations. The Subject has a good management capability. Its capable management team has enabled the Subject to keep its business on going. Hence, the future prospect of the Subject is bright.

The Subject's business performance showed a reverse trend as both its turnover and pre-tax profit have decreased compared to the previous year. However, the Subject has generated a favourable return based on its existing shareholders' funds which indicated that the management was efficient in utilising its funds to generate income. The Subject is in good liquidity position with its current liabilities well covered by it current assets. Hence, it has sufficient working capital to meet its short term financial obligations. Being a zero geared company, the Subject virtually has no financial risk as it is mainly dependent on its internal funds to finance its business. Given a positive net worth standing at USD 503,329,000, the Subject should be able to maintain its business in the near terms.

Overall, the Subject's payment habit is good as the Subject has a good credit control and it could be taking advantage of the cash discounts while maintaining a good reputation with its creditors.

The industry has reached its maturity stage and only enjoying a marginal growth. The steady growth of the country's economy will further enhance the industry activities. With the Subject’s favourable conditions, it should have acquired competitive edge from its competitors.

Based on the above condition, we recommend credit be granted to the Subject promptly.

PROFIT AND LOSS ACCOUNT

THE FINANCIAL STATEMENTS WERE PREPARED IN ACCORDANCE WITH SINGAPORE FINANCIAL REPORTING STANDARDS.

RIO TINTO MARKETING PTE. LTD.

Financial Year End	2012-12-31	2011-12-31
Months	12	12
Consolidated Account	Company	Company
Audited Account	YES	YES
Unqualified Auditor's Report (Clean Opinion)	YES	YES
Financial Type	FULL	FULL
Currency	USD	USD
TURNOVER	6,679,239,000	7,702,536,000
	----------------	----------------
Total Turnover	6,679,239,000	7,702,536,000
	----------------	----------------
PROFIT/(LOSS) FROM OPERATIONS	208,342,000	281,984,000
	----------------	----------------
PROFIT/(LOSS) BEFORE TAXATION	208,342,000	281,984,000
Taxation	<11,091,000>	<14,163,000>
	----------------	----------------
PROFIT/(LOSS) AFTER TAXATION	197,251,000	267,821,000
	----------------	----------------
RETAINED PROFIT/(LOSS) BROUGHT FORWARD
As previously reported	376,078,000	178,257,000
	----------------	----------------
As restated	376,078,000	178,257,000
	----------------	----------------
PROFIT AVAILABLE FOR APPROPRIATIONS	573,329,000	446,078,000
DIVIDENDS - Ordinary (paid & proposed)	<220,000,000>	<70,000,000>
	----------------	----------------
RETAINED PROFIT/(LOSS) CARRIED FORWARD	353,329,000	376,078,000
	=============	=============

BALANCE SHEET

RIO TINTO MARKETING PTE. LTD.

ASSETS EMPLOYED:
FIXED ASSETS	634,000	1,023,000
LONG TERM INVESTMENTS/OTHER ASSETS
Deferred assets	-	84,000
Others	3,201,000	5,071,000
	----------------	----------------
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS	3,201,000	5,155,000
INTANGIBLE ASSETS
Others	13,869,000	19,363,000
	----------------	----------------
TOTAL INTANGIBLE ASSETS	13,869,000	19,363,000
	----------------	----------------
TOTAL LONG TERM ASSETS	17,704,000	25,541,000
CURRENT ASSETS
Stocks	28,174,000	49,029,000
Trade debtors	439,492,000	583,349,000
Other debtors, deposits & prepayments	24,367,000	21,136,000
Amount due from holding company	670,021,000	579,941,000
Cash & bank balances	7,000	323,000
	----------------	----------------
TOTAL CURRENT ASSETS	1,162,061,000	1,233,778,000
	----------------	----------------
TOTAL ASSET	1,179,765,000	1,259,319,000
	=============	=============
CURRENT LIABILITIES
Trade creditors	660,713,000	717,352,000
Other creditors & accruals	2,615,000	1,997,000
Provision for taxation	10,855,000	13,892,000
	----------------	----------------
TOTAL CURRENT LIABILITIES	674,183,000	733,241,000
	----------------	----------------
NET CURRENT ASSETS/(LIABILITIES)	487,878,000	500,537,000
	----------------	----------------
TOTAL NET ASSETS	505,582,000	526,078,000
	=============	=============
SHARE CAPITAL
Ordinary share capital	150,000,000	150,000,000
	----------------	----------------
TOTAL SHARE CAPITAL	150,000,000	150,000,000
RESERVES
Retained profit/(loss) carried forward	353,329,000	376,078,000
	----------------	----------------
TOTAL RESERVES	353,329,000	376,078,000
	----------------	----------------
SHAREHOLDERS' FUNDS/EQUITY	503,329,000	526,078,000
LONG TERM LIABILITIES
Deferred taxation	7,000	-
Others	2,246,000	-
	----------------	----------------
TOTAL LONG TERM LIABILITIES	2,253,000	-
	----------------	----------------
	505,582,000	526,078,000
	=============	=============

FINANCIAL RATIO

RIO TINTO MARKETING PTE. LTD.

TYPES OF FUNDS
Cash	7,000	323,000
Net Liquid Funds	7,000	323,000
Net Liquid Assets	459,704,000	451,508,000
Net Current Assets/(Liabilities)	487,878,000	500,537,000
Net Tangible Assets	491,713,000	506,715,000
Net Monetary Assets	457,451,000	451,508,000
BALANCE SHEET ITEMS
Total Borrowings	0	0
Total Liabilities	676,436,000	733,241,000
Total Assets	1,179,765,000	1,259,319,000
Net Assets	505,582,000	526,078,000
Net Assets Backing	503,329,000	526,078,000
Shareholders' Funds	503,329,000	526,078,000
Total Share Capital	150,000,000	150,000,000
Total Reserves	353,329,000	376,078,000
LIQUIDITY (Times)
Cash Ratio	0.00	0.00
Liquid Ratio	1.68	1.62
Current Ratio	1.72	1.68
WORKING CAPITAL CONTROL (Days)
Stock Ratio	2	2
Debtors Ratio	24	28
Creditors Ratio	36	34
SOLVENCY RATIOS (Times)
Gearing Ratio	0.00	0.00
Liabilities Ratio	1.34	1.39
Times Interest Earned Ratio	0.00	0.00
Assets Backing Ratio	3.28	3.38
PERFORMANCE RATIO (%)
Operating Profit Margin	3.12	3.66
Net Profit Margin	2.95	3.48
Return On Net Assets	41.21	53.60
Return On Capital Employed	40.11	51.70
Return On Shareholders' Funds/Equity	39.19	50.91
Dividend Pay Out Ratio (Times)	1.12	0.26
NOTES TO ACCOUNTS
Contingent Liabilities	0	0

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.60.28
UK Pound	1	Rs.102.28
Euro	1	Rs.82.05

INFORMATION DETAILS

Report Prepared by :

NIS

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.