MIRA INFORM REPORT

Report No. :	320442
Report Date :	28.04.2015

IDENTIFICATION DETAILS

Name :	PILBARA TRADING LIMITED
Registered Office :	Floor One, Commercial House 3 Commercial Street St Helier JE2 3RU
Country :	Jersey (Channel Island)
Financials (as on) :	30.06.2014
Date of Incorporation :	13.09.2010
Com. Reg. No.:	106494
Legal Form :	Private Company Limited by Shares
Line of Business :	Subject is a supplier of manganese ore.
No. of Employees :	1,100

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 :	Slow but correct
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.

JERSEY - ECONOMIC OVERVIEW

Jersey's economy is based on international financial services, agriculture, and tourism. In 2010 the financial services sector accounted for about 50% of the island's output. Potatoes, cauliflower, tomatoes, and especially flowers are important export crops, shipped mostly to the UK. The Jersey breed of dairy cattle is known worldwide and represents an important export income earner. Milk products go to the UK and other EU countries. Tourism accounts for one-quarter of GDP. In recent years, the government has encouraged light industry to locate in Jersey with the result that an electronics industry has developed, displacing more traditional industries. All raw material and energy requirements are imported as well as a large share of Jersey's food needs. Light taxes and death duties make the island a popular tax haven. In January 2013, Jersey signed a tax agreement with Guernsey and the Isle of Man, in order to enable the islands' authorities to end tax avoidance and evasion. Living standards come close to those of the UK

Source : CIA

Company name and address

Company name	PILBARA TRADING LIMITED
Operative address	Floor One, Commercial House 3 Commercial Street St Helier JE2 3RU Jersey (Channel Isl.)
Correspondence address	Floor One, Commercial House 3 Commercial Street St Helier JE2 3RU Jersey (Channel Isl.)

Telephone number	+44 (1534) 513300
Fax number	+44 (1534) 513333
Website	www.consminerals.com.au (Group)

Registration

Registration number	106494
VAT-number	Unknown
Status	Active
Establishment date	13-09-2010

Legal form	Private Company Limited by Shares
Subscribed share capital	USD 1,000

Activities

The Subject is a supplier of manganese ore. The group is a major manganese ore producer with mining operations in Australia and Ghana, and with headquarters in Jersey. The group's principal activities are the exploration, mining, processing and sale of manganese ore.

Relations

Shareholders	CONSOLIDATED MINERALS LIMITED First Floor, Commercial House 3 Commercial Street St Helier JE2 3RU Jersey, Channel Islands 100%
Related companies	See list below

Management

Management

- David Alan Slater Born: 15-12-1964 Date appointed: 24-04-2012 - Mark Camaj Born: 29-10-1976 Date appointed: 12-12-2013

Employees

Year	2014
	Approx. 1,100 in the Group

Bank

Unknown

Finances

Sound Group financial and operational base; financial statements of the Subject are not available. Small to medium credits can be considered with some confidence that commitments can be met under normal circumstances. A cautious credit control policy applies.

Bankruptcy filings: None

Court judgements: None

GROUP FINANCIAL ACCOUNTS

Description
Required to file:	No
Source:	Group Consolidated Statements
Presentation:	Attached to this report / Summarised below
Date of accounts:	30-06-2014
Type of accounts:	Unaudited & Full audited
Currency:	US Dollar (USD)
Summarised
	30-06-2014	31-12-2013	31-12-2012
Consolidation:	Group consolidated	Group consolidated	Group consolidated
Period:	6 months	12 months	12 months
Sales turnover:	225,300,000	687,700,000	554,100,000
Gross profit:	110,100,000	354,600,000	131,700,000
Operating profit:	54,400,000	127,700,000	-23,100,000
Profit before tax:	23,900,000	152,200,000	-43,700,000
Profit after tax:	28,900,000	145,200,000	-48,600,000
Non-current assets:	541,400,000	501,600,000	650,000,000
Current assets:	224,200,000	343,500,000	232,800,000
Total assets:	765,600,000	845,100,000	882,800,000
Current liabilities:	73,200,000	114,000,000	98,100,000
Non-current liabilities:	498,000,000	333,200,000	478,000,000
Total liabilities:	571,200,000	447,200,000	576,100,000
Shareholders' equity:	194,400,000	397,900,000	306,700,000
Comments	Financial statements of the Subject are not available. The above Group consolidated figures relate to the Subject's Parent Company CONSOLIDATED MINERALS LIMITED and its subsidiaries.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.63.61
UK Pound	1	Rs.96.56
Euro	1	Rs.69.18

INFORMATION DETAILS

Report Prepared by :

ANK

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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