MIRA INFORM REPORT

Report Date :

05.11.2011

IDENTIFICATION DETAILS

Name :	BHATIA GLOBAL TRADING LIMITED (w.e.f.24.03.2010)
Formerly Known As :	BHATIA GLOBAL TRADING PRIVATE LIMITED (w.e.f.04.03.2010)
Formerly Known As :	BHATIA COAL TRADING AND CONSIGNMENT PRIVATE LIMITED
Registered Office :	BCC House, 8/5, Manoramaganj, Navratan Bagh, Main Raod, Indore - 452001, Madhya Pradesh
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	28.08.1991
Com. Reg. No.:	10-006626
Capital Investment / Paid-up Capital :	Rs.189.146 Millions
CIN No.: [Company Identification No.]	U60200MP1991PLC006626
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Trading of Coal.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (30)

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

Maximum Credit Limit :	USD 800000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track. Trade relations are reported as fair. Business is active. Payments are reported to be slow but correct. The company can be considered for business dealings with some caution

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)
India	A1	A1

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

LOCATIONS

Registered Office / Head Office / Quarters :	BCC House, 8/5, Manoramaganj, Navratan Bagh, Main Raod, Indore - 452001, Madhya Pradesh, India
Tel. No.:	91-731-4200219 / 4200211
Fax No.:	91-731-4030102
E-Mail :	cs.@bhatiacoalindia.com
Website :	http://www.bhatiacoalindia.com

DIRECTORS

As on 23.09.2010

Name :	Mr. Surinder Singh Bhatia
Designation :	Managing Director
Address :	Plot No 13 and 14. Aditya nagar, Indore – 452 001, Madhya Pradesh, India
Date of Birth/Age :	09.08.1963
Date of Appointment :	30.06.2011
DIN No.:	00038741

Other Directorship

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	L65922MP1993PLC007767	Bhatia Industries and Infrastructure Limited	Whole-time director	19-10-09	08-07-93	-	Active	NO
2	U63090MP1995PLC009476	BCC Cargo Limited	Director	25-05-95	25-05-95	-	Active	NO
3	U10102MP1997PLC011857	BCC Enterprises (India) Limited	Director	28-04-97	28-04-97	-	Active	NO
4	U70102MP1997PTC012118	BCC Estates Private Limited	Director	09-07-97	09-07-97	-	Active	NO
5	U23101MP1999PLC013713	Bhatia International Limited	Managing director	01-07-11	01-01-04	-	Active	NO
6	U15540MP1966PTC001016	Bhatia Software And Realtors Private Limited	Director	05-05-04	05-05-04	-	Active	NO
7	U51101MP1997PLC012380	Ishhar Overseas Limited	Director	04-03-05	04-03-05	-	Active	NO
8	U40100MP2008PLC020787	Bhatia Coke and Energy Limited	Director	13-06-08	13-06-08	-	Active	NO
9	U74140MP1974PLC015187	Reliance Services and Consultants Limited	Director	30-09-09	01-08-09	-	Active	NO
10	U14200MP2009PLC022462	Bhatia Natural Resources Limited	Director	05-10-09	05-10-09	-	Active	NO
11	U10100MP2009PLC022493	Bhatia Sons (India) Limited	Director	13-10-09	13-10-09	-	Active	NO
12	U45203MP2009PLC022492	Bhatia Port and Infrastructure Limited	Director	13-10-09	13-10-09	-	Active	NO
13	U10100MP2009PLC022514	Bhatia OSL Washeries and Minerals Limited	Director	16-10-09	16-10-09	-	Active	NO
14	U70100MP2010PTC023650	GSB Real Estates Private Limited	Director	28-05-10	28-05-10	-	Active	NO
15	U70101MP2010PTC023930	SSB Land Developers Private Limited	Director	16-07-10	16-07-10	-	Active	NO
16	U40100MP2010PLC024232	Bhatia Energy Limited	Director	01-09-10	01-09-10	-	Active	NO
17	U60200MP1991PLC006626	Bhatia Global Trading Limited	Managing director	01-07-11	30-06-11	-	Active	NO

Name :	Mr. Amandeep Singh Bhatia
Designation :	Director
Address :	Plot No. 1-4 , Near Aditya Nagar , Vishnupuri Indore - 452 001 ,Madhya Pradesh, India
Date of Birth/Age :	23.10.1981
Date of Appointment :	01.08.2009
DIN No.:	00038591

Other Directorship

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U70102MP1997PTC012118	BCC Estates Private Limited	Director	31-03-03	31-03-03	-	Active	NO
2	U23101MP1999PLC013713	Bhatia International Limited	Whole-time director	01-10-10	27-08-03	-	Active	NO
3	U74140MP1974PLC015187	Reliance Services and Consultants Limited	Director	30-09-08	16-06-08	-	Active	NO
4	U40100MP2008PLC020787	Bhatia Coke and Energy Limited	Director	30-09-09	21-06-08	-	Active	NO
5	U60200MP1991PLC006626	Bhatia Global Trading Limited	Director	30-09-09	01-08-09	-	Active	NO
6	U14200MP2009PLC022462	Bhatia Natural Resources Limited	Director	05-10-09	05-10-09	-	Active	NO
7	U40100MP2010PLC024232	Bhatia Energy Limited	Director	01-09-10	01-09-10	-	Active	NO
8	U10100MP2009PLC022493	Bhatia Sons (India) Limited	Director	30-09-11	02-07-11	-	Active	NO

Name :	Mr. Jitendra Kumar Jain
Designation :	Director
Address :	House No. 745 , Road No. 8 , Nanda Nagar , Indore – 452 001, Madhya Pradesh, India
Date of Birth/Age :	30.06.1963
Date of Appointment :	20.10.2009
DIN No.:	00051878

Other Directorship

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U63090MP1995PLC009476	BCC Cargo Limited	Director	30-09-09	25-05-95	-	Active	NO
2	L65922MP1993PLC007767	Bhatia Industries and Infrastructure Limited	Director	26-08-97	26-08-97	-	Active	NO
3	U23101MP1999PLC013713	Bhatia International Limited	Director	01-08-00	01-08-00	-	Active	NO
4	U51101MP1997PLC012380	Ishhar Overseas Limited	Director	30-09-09	01-08-09	-	Active	NO
5	U45203MP2009PLC022492	Bhatia Port and Infrastructure Limited	Director	13-10-09	13-10-09	-	Active	NO
6	U60200MP1991PLC006626	Bhatia Global Trading Limited	Director	23-09-10	20-10-09	-	Active	NO
7	U10102MP1997PLC011857	BCC Enterprises (India) Limited	Director	23-09-10	10-02-10	-	Active	NO

Name :	Mr. Lal Krishna Thanvi
Designation :	Director
Address :	7, Ganeshkripa, Appartment , Ichchanath, Surat – 395 001, Gujarat, India
Date of Birth/Age :	01.01.1962
Date of Appointment :	25.03.2010
DIN No.:	00051283

Other Directorship

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	L65922MP1993PLC007767	Bhatia Industries and Infrastructure Limited	Director	05-09-05	05-09-05	-	Active	NO
2	U60200MP1991PLC006626	Bhatia Global Trading Limited	Director	23-09-10	25-03-10	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 23.09.2010

Names of Shareholders	No. of Shares
Gurvinder Singh Bhatia	637429
Veena Bhatia	433151
Surinder Singh Bhatia	450
Gurvinder Kaur Bhatia	200
S.S. Bhatia HUF	150
Amandeep Singh Bhatia	818220
Ishipal Kaur Bhatia	10
G.S. Bhatia HUF	50
M.S. Bhatia	10
Inderjeet Kaur Bhatia	130
M.S. Bhatia HUF	200
Amitoj Kaur Bhatia	10
Narinder Kaur Bhatia	450
Ishhar Overseas Limited, India	20
BCC Enterprises (India) Limited, India	20
BCC Estates Private Limited, India	20
BCC Cargo Limited, India	20
Reliance Services and Consultants Limited, India	20
Bhatia Industries and Infrastructure Limited, India	450
Bhatia International Limited, India	450
Total	1891460

List of Allotees

As on 01.02.2011

Names of Allottees	No. of Shares Allotted
Bhatia International Limited, India	62371
Total	62371

List of Allotees

As on 31.03.2011

Names of Allottees	No. of Shares Allotted
Bhatia Sons (India) Limited, India	19000000
Total	19000000

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2010

Category	Percentage
Bodies corporate	0.05
Directors or relatives of Directors	99.93
Other top fifty shareholders	0.02
Total	100.00

BUSINESS DETAILS

Line of Business :

Trading of Coal

GENERAL INFORMATION

Supplier :

Maa Sharda Enteprises

Customer :

Bhatia International Limited, Indore

No. of Employees :

Not Available

Bankers :

• ICICI Bank, Landmark Race Cource Circle, Alkapuri, Baroda – 390 015, Gujarat, India
• State Bank of India
• Indusind Bank Limited
• IDBI Bank Limited
• Bank of India

Facilities :

Unsecured Loan	As on 31.03.2010 (Rs. in Millions)	As on 31.03.2009 (Rs. in Millions)
From Promoters
S S Bhatia	81.039	0.000
G S Bhatia	52.500	0.000
Total	133.539	0.000

Banking Relations :	--
Auditors :
Name :	R.S. Bansal and Company Chartered Accountants
Address :	Urvashi First Floor, 3, Jaora Compound, Indore – 452 001, Madhya Pradesh, India
Tel. No.:	91-731-2702834 / 35
Fax No.:	91-731-4003435
E-Mail :	viybansal@yahoo.co.in
PAN.:	AABFR4852J

CAPITAL STRUCTURE

After 23.09.2010

Authorised Capital : Rs.400.000 Millions

Issued, Subscribed & Paid-up Capital : Rs.379.770 Millions

As on 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
2000000	Equity Shares	Rs.100/- each	Rs.200.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1891460	Equity Shares	Rs.100/- each	Rs.189.146 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010	31.03.2009	31.03.2008
SHAREHOLDERS FUNDS
1] Share Capital		189.146	95.096	95.096
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		11.023	8.209	5.151
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		200.169	103.305	100.247
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		133.539	0.000	0.000
TOTAL BORROWING		133.539	0.000	0.000
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		333.708	103.305	100.247
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		0.000	0.000	0.000
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		240.202	33.442	33.442
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.178	0.000	0.000
	Sundry Debtors	4.428	0.000	0.000
	Cash & Bank Balances	12.663	8.832	0.280
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	64.800	61.294	66.765
Total Current Assets		82.069	70.126	67.045
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	4.500	0.000	0.000
	Other Current Liabilities	0.100	0.007	0.016
	Provisions	0.856	0.831	1.086
Total Current Liabilities		5.456	0.838	1.102
Net Current Assets		76.613	69.288	65.943
MISCELLANEOUS EXPENSES		16.893	0.575	0.862
TOTAL		333.708	103.305	100.247

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009
	SALES
		Income	6.516	6.498
		Other Income	2.010	1.815
		TOTAL (A)	8.526	8.313
Less	EXPENSES
		Purchase	4.591	4.125
		Auditors Remuneration	0.135	0.008
		Legal and Professional Expenses	0.096	0.005
		Rent and Taxes	0.042	0.005
		Petty Balance written off	0.015	0.004
		Bank charges and commission	0.004	0.001
		Preliminary Expenses written off	0.287	0.287
		(Increase)/ Decrease in stock	(0.177)	0.000
		TOTAL (B)	4.993	4.435
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		3.533	3.878
Less	FINANCIAL EXPENSES (D)		0.004	0.000
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		3.529	3.878
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.000	0.000
	PROFIT BEFORE TAX (E-F) (G)		3.529	3.878
Less	TAX (H)		0.715	0.820
	PROFIT AFTER TAX (G-H) (I)		2.814	3.058
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		8.209	5.151
	BALANCE CARRIED TO THE B/S		11.023	8.209
	Earnings Per Share (Rs.)		1.49	3.22

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	33.00	36.79	NA
Net Profit Margin (PBT/Sales)	(%)	54.16	59.68	NA
Return on Total Assets (PBT/Total Assets}	(%)	4.30	5.53	NA
Return on Investment (ROI) (PBT/Networth)		0.02	0.04	NA
Debt Equity Ratio (Total Liability/Networth)		0.69	0.01	0.01
Current Ratio (Current Asset/Current Liability)		15.04	83.68	60.84

LOCAL AGENCY FURTHER INFORMATION

BUSINESS OPERATIONS

During the period, the total Turnover of the Company increased from Rs.8.313 Millions to Rs.8.526 Millions. The company posted Profit after tax of Rs.2.814 Millions.

During the year the Company has acquired Coal Trading (Stock and sale) Business of Bhatia International Limited vide Business Transfer Agreement dated 28'h November, 2009, the process of transferring business division and assets thereof is under process.

The Company foresees that said acquisition of Coal Trading Business would lead to increased turnover, with higher profitability and greater market base.

CAPITAL STRUCTURE

During the year, the Authorized Share Capital of the Company was enhanced from Rs.200.000 Millions to Rs.400.000 Millions divided into 20,00,000 Equity Shares of Rs.100/- each and 2,00,00,000 Equity Shares of Rs.10/- each, with the approval of members in the Extra-Ordinary General Meeting of the Company held on 16th April, 2010.

Further the Company has called up the unpaid and uncalled amount Rs.50/- per equity share for 18,81,000 partly paid up equity shares, from respective shareholders. The Company has received Rs.94.050 Millions towards full and final call @ Rs.50/- per equity share for 18,81,000 equity shares. Thus, the Paid Up Equity Share Capital of the Company, as on 31.03.2010, stands at 18,91,460 Equity Shares of Rs.100 aggregating to Rs.189.146 Millions

FORM 8:

Corporate identity number of the company	U60200MP1991PLC006626
Name of the company	BHATIA GLOBAL TRADING LIMITED
Address of the registered office or of the principal place of business in India of the company	BCC House, 8/5, Manoramaganj, Navratan Bagh Main Road, Indore – 452001, Madhya Pradesh, India E-mail : cs@bhatiacoalindia.com
This form is for	Creation of charge
Type of charge	Movable property (not being pledge)
Particular of charge holder	HDFC Bank Limited, HDFC Bank House Senapati Bapat Marg, Lower Parel (West), Mumbai – 400 013, Maharashtra, India E-Mail : cpu-retailassetoperations.rocefiling@Hdfcbank.Com
Nature of instrument creating charge	Agreement for Loan and Guarantee.
Date of instrument Creating the charge	18.03.2011
Amount secured by the charge	Rs.1.700 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest Interest @ 11.98 % p.a. Terms of repayment The Loan is repayable in 36 EMI’s of Rs.0.055 (3 EMI is in Advance) starting from 05.03.2011 ending on 05.12.2013. Margin As may be stipulated by bank from time to time. Extent and operation of the charge The Company hypothecates to and charges in favour of the Bank by way of first and exclusive charge of the Vehicle/ equipment as security for the repayment/payment by the company of the loan granted or to be granted to the company by the Bank together with all fees, interest, costs and expenses incurred/to be incurred by the Bank and all other monies payable or to become payable by the company to the Bank. Others The Bank shall be absolutely entitled and have full power and authority to sell, assign or transfer in any manner, in whole or in part, and in such manner and on such terms as the Bank may decide, including reserving a right to the Bank to retain its power to proceed against the company on behalf of the purchaser, assignee or transferee, any or all outstanding dues of the company, to any third party of the Bank's choice without reference to or without written intimation to the company.
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Hypothecation of Equipment namely : AL 120 Wheel Loader (Year of Manufacture: 2010)

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 records 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 records 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.49.08
UK Pound	1	Rs.78.65
Euro	1	Rs.67.79

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		30

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.