MIRA INFORM REPORT

Report No. :	339243
Report Date :	07.09.2015

IDENTIFICATION DETAILS

Name :	MAGNUM MINERALS PRIVATE LIMITED
Registered Office :	C/O S.N. Dhawan and Company, C-37, Cannought Place, Delhi – 110001
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	01.02.2005
Com. Reg. No.:	55-132569
Capital Investment / Paid-up Capital :	Rs.0.100 Million
CIN No.: [Company Identification No.]	U13100DL2005PTC132569
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AAECM1535B
Legal Form :	Private Limited Liability Company
Line of Business :	The company is engaged in extracting and selling ores.
No. of Employees :	Information declined by the management

RATING & COMMENTS

MIRA’s Rating :

B (27)

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

Maximum Credit Limit :	USD 210000
Status :	Moderate
Payment Behaviour :	Unknown
Litigation :	Clear
Comments :	Subject is a holding company of Magnum Minerals Holding Austria GMBH. It was incorporated during the year 2005 having a moderate track record. Management has failed to file its financial record with the government department for the year ended 2014 and 2013 but the document related to the year 2012 are also not available from any source. As per the available financials for the year 2011, the company possesses decent operational activity along with decent sales turnover and fine profit earnings. The company has healthy financial risk profile. Business is active. Payments are unknown. Business is active. Payments are unknown. In view of unavailability of latest financials, the company can be considered for business dealings with some cautions.

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, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
India	A1	A1

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

EXTERNAL AGENCY RATING

Rating Agency Name	Not Available
Rating	Not Available
Rating Explanation	Not Available
Date	Not Available

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2013.

INFORMATION DENIED

Management Non-Cooperative (Tel No.:91-832-2463391)

LOCATIONS

Registered Office :	C/O S.N. Dhawan and Company, C-37, Cannought Place, Delhi – 110001, India
Tel. No.:	91-832-2463391
Fax No.:	Not Available
E-Mail :	sunilkhanna_ca@hotmail.com ps@magnumminerals.in
Head Office :	215, Kamat Towers, 9, EDC Complex, Patto, Panaji, Goa – 403001, Maharashtra, India
Associates Office :	Locate At: Mumbai Bangalore Hyderabad Chennai New Delhi Pune Baroda

DIRECTORS

As on 29.09.2012

Name :	Mr. Slobodan Andjic
Designation :	Director
Address :	Rige Od Fere St. 5/11, 11158, Beograd-Stari Grad, Belgrade, NA, , Serbia
Date of Appointment :	22.02.2013
DIN No.:	06505893
Name :	Mr. Dragan Arsenijevic
Designation :	Director
Address :	101 Pancevacki Put, Palilula, Belgrade, NA, , Serbia
Date of Appointment :	22.02.2013
DIN No.:	06505885

KEY EXECUTIVES

Name :	Mr. Ravindra Prakash
Designation :	Chairman cum Director

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 29.09.2012

Names of Shareholders	No. of Shares	%age holding
Magnum Minerals Holdings Austria gmbh, Austria	9999	99.99
MFE Holding Austria gmbh, Austria	1	0.01
Total	10000	100.00

As on 29.09.2012

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	The company is engaged in extracting and selling ores.
Products :	Not Available
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Available
Imports :	Not Available
Terms :	Not Available

PRODUCTION STATUS NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Maximum Limit Dealt :	Not Divulged
Experience :	Not Divulged
Remark:	Not Divulged

Customers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Maximum Limit Dealt :	Not Divulged
Experience :	Not Divulged
Remark:	Not Divulged

No. of Employees :

Information declined by the management

Bankers :

Bank Name	Not Divulged
Branch	Not Divulged
Person Name (With Designation)	Not Divulged
Contact Number	Not Divulged
Name of Account Holder	Not Divulged
Account Number	Not Divulged
Account Since (Date/Year of Account Opening)	Not Divulged
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Banking Relations :	--
Auditors :
Name :	Sharp and Tannan Chartered Accountants
Address :	215, Kamat Towers, 9 Edc Complex, Patto, Panaji – Goa, Maharashtra, India
PAN N Income-tax PAN of auditor or auditor's firm :	ABFFS3012G
Memberships :	--
Collaborators :	--
Intermediate Holding Company	MFC Holding Austria GmbH (Formerly Hovis Commodities Trading GmbH)
Holding Company	Magnum Minerals Holding Austria GmbH
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their Relatives:	MFC Commodities GmbH
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their Relatives:	MFC Corporate Services AG

CAPITAL STRUCTURE

As on 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
300000	Equity Shares	Rs.10/- each	Rs.3.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
10000	Equity Shares	Rs.10/- each	Rs.0.100 Million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		0.100	0.100	0.100
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		73.477	0.000	0.000
4] (Accumulated Losses)		0.000	(46.033)	(95.195)
NETWORTH		73.577	(45.933)	(95.095)
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		0.000	0.000	0.000
DEFERRED TAX LIABILITIES		0.000	0.000	0.087
TOTAL		73.577	(45.933)	(95.008)
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		42.168	52.360	51.454
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		14.091	(0.039)	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	5.387	16.759	0.000
	Sundry Debtors	158.828	0.000	0.000
	Cash & Bank Balances	3.658	6.041	3.625
	Other Current Assets	39.968	56.447	14.084
	Loans & Advances	38.243	24.516	12.702
Total Current Assets		246.084	103.763	30.411
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors
	Other Current Liabilities	164.839	189.897	175.416
	Provisions	63.927	12.120	1.457
Total Current Liabilities		228.766	202.017	176.873
Net Current Assets		17.318	(98.254)	(146.462)
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		73.577	(45.933)	(95.008)

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2011	31.03.2010
	TOTAL INCOME	1329.126	354.256
Less	Operational Expenditure	1132.709	272.854
	PROFIT/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	196.417	81.402
Less	DEPRECIATION/ AMORTISATION	28.952	21.194
	PROFIT/ (LOSS) BEFORE TAX	167.465	60.208
Less	TAX	47.955	11.046
	PROFIT/ (LOSS) AFTER TAX	119.510	49.162
	EARNINGS IN FOREIGN CURRENCY
	F.O.B. Value of Exports	1170.037	267.401
	TOTAL EARNINGS	1170.037	267.401
	Earnings / (Loss) Per Share (Rs.)	1195.10	4916.20

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2011	31.03.2010
Current Maturities of Long term debt	NA	NA
Cash generated from operations	NA	NA
Net cash flow from operating activity	NA	NA

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
Net Profit Margin (PAT / Sales)	(%)	8.99	13.88	NA
Return on Investment (ROI) (PBT/Networth)		2.29	(1.31)	0.00
Debt Equity Ratio (Total Debt /Networth)		0.00	0.00	0.00
Current Ratio (Current Asset/Current Liability)		1.08	0.51	0.17

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2010	31.03.2011
	(Rs. In Million)	(Rs. In Million)
Total Income	354.256	1329.126
		275.188

NET PROFIT MARGIN

Net Profit Margin	31.03.2010	31.03.2011
	(Rs. In Million)	(Rs. In Million)
Sales	354.256	1329.126
Profit	49.162	119.510
	13.88%	8.99%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check list by info agents	Available in Report (Yes/No)
1	Year of establishment	Yes
2	Constitution of the entity -Incorporation details	Yes
3	Locality of the entity	Yes
4	Premises details	No
5	Buyer visit details	--
6	Contact numbers	Yes
7	Name of the person contacted	No
8	Designation of contact person	No
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	No
11	Pan Card No. of Proprietor / Partners	No
12	Voter Id Card No. of Proprietor / Partners	No
13	Type of business	Yes
14	Line of Business	Yes
15	Export/import details (if applicable)	No
16	No. of employees	No
17	Details of sister concerns	Yes
18	Major suppliers	No
19	Major customers	No
20	Banking Details	No
21	Banking facility details	No
22	Conduct of the banking account	--
23	Financials, if provided	Yes
24	Capital in the business	Yes
25	Last accounts filed at ROC, if applicable	Yes
26	Turnover of firm for last three years	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	No
29	Profitability for last three years	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	No
32	Litigations that the firm/promoter involved in	--
33	Market information	--
34	Payments terms	No
35	Negative Reporting by Auditors in the Annual Report	No

NOTE: Registered office of the company has been shifted from 13, Bazar Lane, New Delhi – 11001, India to the present address w.e.f.30.07.2009

OPERATIONAL PERFORMANCE

All the required permissions, No objection Certificates from different Government Departments have been obtained for both the mines and the operation of the mines continued during the year 2010-11 in full swing. Chunimolo Mine produced 374,000 MT of Iron Ore and Bategal Mine produced 203,224 MT of Iron Ore during the FY 2010-11. Both the Mines received several recognitions in Environment and Safety aspects from different Government departments.

The Company takes utmost care in maintaining the quality of the ore and had established a well-equipped Quality Control Laboratory at Chunimolo Mine. The quality of iron ore is being monitored on a day to day basis. Besides, the Company has also engaged a well renowned third party quality control agency for monitoring the quality of ore from the mine to vessel. Both the mines have sufficient number of technical and non-technical people to look after the operations. The Company is using EMCO and ACM Jetty (both situated at Sanvordem) for barge loading. The Company is determined to set a gold standard in mining.

FUTURE OUTLOOK

The Company is looking for new leases of various minerals in Goa and in adjoining Maharashtra. Besides, the company is also looking for Mining Lease s in Indonesia. The Company is also in the process of negotiations with some mining lease owners.

INDEX OF CHARGES

No Charges Exist for Company 

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards :

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.66.40
UK Pound	1	Rs.101.19
Euro	1	Rs.73.89

INFORMATION DETAILS

Information Gathered by :	PRP
Analysis Done by :	TRI
Report Prepared by :	SUD

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILITY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		27

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%)

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	--

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.