MIRA INFORM REPORT

Report Date :

02.04.2012

IDENTIFICATION DETAILS

Name :	BGH EXIM LIMITED (w.e.f. 18.03.2002)

Formerly Known As :	BIRLA CONVERGENCE HOLDINGS LIMITED

Registered Office :	213, 2^nd Floor, T. V. Industrial Estate, 52 S. K. Ahire Marg, Worli, Mumbai – 400030, Maharashtra

Country :	India

Financials (as on) :	31.03.2011

Date of Incorporation :	27.06.2000

Com. Reg. No.:	11-127428

Capital Investment / Paid-up Capital :	Rs.549.983 millions

CIN No.: [Company Identification No.]	U17110MH2000PLC127428

TAN No.: [Tax Deduction & Collection Account No.]	RKTB00742A/ MUMB09419E

PAN No.: [Permanent Account No.]	AABCB6755B

Legal Form :	A Closely Held Public Limited Liability Company.

Line of Business :	Trader, Exporter and Importer of Petro Products, Coal. and Agro Commodities.

No. of Employees :	25 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	USD 23870000

Status :	Satisfactory

Payment Behaviour :	Usually Correct

Litigation :	Clear

Comments :	Subject is an established company having satisfactory track. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct and as per commitments. The Company can be considered normal for business dealings at usual trade terms and conditions.

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

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

LOCATIONS

Registered Office :	213, 2^nd Floor, T. V. Industrial Estate, 52 S. K. Ahire Marg, Worli, Mumbai – 400030, Maharashtra, India
Tel. No.:	91-22-24952543/ 24952544
Mobile No.:	91-9924440904 (Mr. Deepak)
Fax No.:	91-22-24955249
Email :	opjajodia.abg@gmail.com sushil.chopra@adityabirla.com rajeev.agrawal@adityabirla.com rajeevacs@gmail.com
Website :	http://www.bghexim.net

Branch Office 1 :	71-A, Mittal Chamber, 7^th Floor, Nariman Point, Mumbai-400021, Maharashtra, India
Tel. No.:	91-22-22846030
E-Mail :	opjajodia@gmail.com opjajodia.abg@gmail.com
Website :	http://www.bghexim.net

Head / Branch Office 2 :	DBZ S 140, Ward 12A, Opposite Bank of Baroda, Gandhidham, Kutch-370110, Gujarat, India
Tel. No.:	91-2836-231252/ 3/ 231179
Fax No.:	91-2836-231218
E-Mail :	info@bghexim.net omjee.kesarwani@bghexim.net objee.kesarwani@yahoo.com gsinghvi@bghexim.net
Website :	http://www.bghexim.net

Branch Office 3:	701, Bhikaji Cama Bhavan, Bhikaji Cama Palace, New Delhi, India
Tel No.:	91-11-51659041/44
Fax No.:	91-11-51659045
E mail:	rajeshthapar@bghexim.net

Branch Office 4:	16^th Floor, Industry House, 10 Camac Street, Kolkata, India
Tel No.:	91-33-22829286/ 22825122
Fax No.:	91-33-22825212
E mail:	blbothra@adityabirla.com

DIRECTORS

As on 30.09.2011

Name :

Mr. Krishna Kishore Maheshwari

Designation :

Director

Address :

Chitrakoot Housing Society, Flat No.22, Altamount Road, Mumbai – 4000026, Maharashtra, India

Date of Birth/Age :

01.03.1955

Date of Appointment :

30.06.2008

DIN No.:

00017572

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	L24117TN1972PLC006271	TANFAC INDUSTRIES LIMITED	Director	12-04-01	12-04-01	22-01-10	Active	NO
2	U65910GJ1994PLC022685	ABNL INVESTMENT LIMITED	Director	20-04-01	20-04-01	20-05-10	Active	NO
3	L24100JH1976PLC001255	ADITYA BIRLA CHEMICALS (INDIA) LIMITED	Director	09-05-01	09-05-01	06-08-11	Active	NO
4	U99999MH1987NPL043302	ASSOCIATION OF MANMADE FIBRE INDUSTRY OF INDIA	Managing director	07-08-03	07-08-03	-	Active	NO
5	L17199GJ1956PLC001107	ADITYA BIRLA NUVO LIMITED	Whole-time director	01-10-05	01-10-05	20-05-10	Active	NO
6	U73100MH1999PTC118379	ADITYA BIRLA MANAGEMENT CORPORATION PRIVATE LIMITED	Director	29-08-06	29-08-06	-	Active	NO
7	U17110MH2000PLC127428	BGH EXIM LIMITED	Director	30-09-08	30-06-08	-	Active	NO
8	L17124MP1947PLC000410	GRASIM INDUSTRIES LIMITED	Managing director	06-03-12	20-05-10	-	Active	NO
9	U74200MH2006PLC158951	ADITYA BIRLA SCIENCE AND TECHNOLOGY COMPANY LIMITED	Additional director	07-06-11	07-06-11	-	Active	NO

Name :

Mr. Gopi Krishna L Tulsian

Designation :

Director

Address :

32, Peacock Palace, 69, Bhulabhai Desai Road, Mumbai-400028, Maharashtra, India

Date of Birth/Age :

02.02.1937

Date of Appointment :

27.06.2000

DIN No.:

00017786

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	U70109WB1985PLC038472	PIC PROPERTIES LIMITED	Director	09-09-85	09-09-85	-	Active	NO
2	U67120MP1994PLC008447	SAMRUDDHI SWASTIK TRADING AND INVESTMENTS LIMITED	Nominee director	10-05-95	10-05-95	-	Active	NO
3	U67120MP1994PLC008446	SUN GOD TRADING AND INVESTMENT LIMITED	Nominee director	15-05-95	15-05-95	-	Active	NO
4	U99999MH1952PLC008941	INDUSTRY HOUSE LIMITED	Director	25-06-97	25-06-97	-	Active	NO
5	U67120WB1997PTC085594	SUNBEAM TRADING & INVESTMENTS PRIVATE LIMITED	Director	13-09-97	13-09-97	-	Active	NO
6	U67120MH1987PLC043065	BIRLA INDUSTRIAL INVESTMENTS (INDIA) LIMITED	Director	21-08-98	21-08-98	24-06-11	Active	NO
7	U65920MH1986PLC041322	BIRLA INDUSTRIAL FINANCE (INDIA) LIMITED	Director	21-08-98	21-08-98	24-06-11	Active	NO
8	U64200MH1995PLC086464	BIRLA TELECOM LIMITED	Director	30-06-99	30-06-99	-	Strike off	NO
9	U17110MH2000PLC127427	ADITYA BIRLA POWER COMPANY LIMITED	Director	27-06-00	27-06-00	-	Active	NO
10	U17110MH2000PLC127428	BGH EXIM LIMITED	Director	27-06-00	27-06-00	-	Active	NO
11	U72900MH2000PTC129116	BIRLA TMT HOLDINGS PRIVATE LIMITED	Director	12-10-00	12-10-00	-	Active	NO
12	U64200MH2000PTC129356	IGH HOLDINGS PRIVATE LIMITED	Director	24-10-00	24-10-00	-	Active	NO
13	U99999GJ2001PLC062239	ADITYA BIRLA INSURANCE BROKERS LIMITED	Director	26-12-01	26-12-01	-	Active	NO
14	U92110MH2002PTC135228	APPLAUSE ENTERTAINMENT PRIVATE LIMITED	Director	15-04-02	15-04-02	-	Active	NO
15	U70100MH2000PTC127785	B G H PROPERTIES PRIVATE LIMITED	Director	15-04-02	15-04-02	-	Active	NO
16	U65993MH2002PTC135827	TGS INVESTMENT & TRADE PRIVATE LIMITED	Director	09-05-02	09-05-02	-	Active	NO
17	U72300MH1999PTC122375	INFOCYBER INDIA PRIVATE LIMITED	Director	27-11-02	27-11-02	-	Active	NO
18	U72900MH2003PTC138702	APPLAUSE BHANSALI FILMS PRIVATE LIMITED	Director	16-01-03	16-01-03	-	Active	NO
19	U92132AP2004PTC042536	APPLAUSE ENTERTAINMENT AP PRIVATE LIMITED	Director	30-01-04	30-01-04	-	Active	NO
20	U24111OR1981PLC000917	MANGALAM CARBIDE LTD	Director	23-07-04	23-07-04	-	Active	NO
21	U65900MH1988PTC048551	NAMAN FINANCE AND INVESTMENT PRIVATE LIMITED	Director	28-09-07	14-08-07	-	Active	NO
22	U65990MH1988PLC048117	ADITYA BIRLA RETAIL LIMITED	Director	29-09-08	12-03-08	-	Active	NO
23	U18101AP2002PTC073589	FABMALL (INDIA) PRIVATE LIMITED	Director	29-09-08	22-04-08	-	Active	NO
24	U52520AP1990PTC011172	TRINETHRA SUPERRETAIL PRIVATE LIMITED	Director	29-09-08	22-04-08	-	Active	NO
25	U01409MH2002PTC135738	GREEN ACRE AGRO SERVICES PRIVATE LIMITED	Director	23-06-08	09-06-08	-	Active	NO
26	U45200MH2007PTC173199	ABG REALTY AND INFRASTRUCTURE COMPANY PRIVATE LIMITED	Director	30-09-09	03-11-08	-	Active	NO
27	U67190MH2007PTC171369	BIRLA FAMILY INVESTMENTS PRIVATE LIMITED	Additional director	03-11-08	03-11-08	30-01-09	Active	NO
28	U72300MH2007PTC170118	OSIRIS E-INFRATECH PRIVATE LIMITED	Director	30-09-09	09-05-09	-	Active	NO
29	U72200MH2008PTC182132	OSIRIS INFO SERVICES PRIVATE LIMITED	Director	30-09-09	09-05-09	-	Active	NO
30	U93000MH2008PTC185265	OSIRIS CORPORATE SERVICES PRIVATE LIMITED	Director	30-09-09	09-05-09	-	Active	NO
31	U14220MH2011PLC219760	ADITYA BIRLA NATURAL RESOURCES LIMITED	Director	13-07-11	13-07-11	-	Active	NO

Name :

Mr. Sushil G Agarwal

Designation :

Director

Address :

301, Ocean View, Union Park, Khar (West), Mumbai-400052, Maharashtra, India

Date of Birth/Age :

13.06.1963

Date of Appointment :

27.06.2000

DIN No.:

00060017

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	U17110MH2000PLC127428	BGH EXIM LIMITED	Director	27-06-00	27-06-00	-	Active	NO
2	U17110MH2000PLC127427	ADITYA BIRLA POWER COMPANY LIMITED	Director	26-07-00	26-07-00	-	Active	NO
3	U72900MH2000PTC129116	BIRLA TMT HOLDINGS PRIVATE LIMITED	Director	12-10-00	12-10-00	-	Active	NO
4	U64200MH2000PTC129356	IGH HOLDINGS PRIVATE LIMITED	Director	24-10-00	24-10-00	-	Active	NO
5	U64200MH1995PLC086464	BIRLA TELECOM LIMITED	Director	09-02-01	09-02-01	-	Strike off	NO
6	U67190MH1996PTC099628	BGFL CORPORATE FINANCE PRIVATE LIMITED	Director	12-10-01	12-10-01	-	Active	NO
7	U92110MH2002PTC135228	APPLAUSE ENTERTAINMENT PRIVATE LIMITED	Director	20-03-02	20-03-02	-	Active	NO
8	U70100MH2000PTC127785	B G H PROPERTIES PRIVATE LIMITED	Director	20-03-02	20-03-02	-	Active	NO
9	U65993MH2002PTC135827	TGS INVESTMENT & TRADE PRIVATE LIMITED	Director	09-05-02	09-05-02	-	Active	NO
10	U72300MH1999PTC122375	INFOCYBER INDIA PRIVATE LIMITED	Director	27-11-02	27-11-02	-	Active	NO
11	U72900MH2003PTC138702	APPLAUSE BHANSALI FILMS PRIVATE LIMITED	Director	16-01-03	16-01-03	-	Active	NO
12	U92132AP2004PTC042536	APPLAUSE ENTERTAINMENT AP PRIVATE LIMITED	Director	30-01-04	30-01-04	-	Active	NO
13	U24111OR1981PLC000917	MANGALAM CARBIDE LTD	Director	23-07-04	23-07-04	-	Active	NO
14	U85300MH2007NPL170194	MUMBAI VAISH SEVA SANSTHAN	Director	21-04-07	21-04-07	05-01-12	Active	NO
15	U65900MH1988PTC048551	NAMAN FINANCE AND INVESTMENT PRIVATE LIMITED	Director	28-09-07	14-08-07	-	Active	NO
16	U36911MH2007PTC170349	AZURE JOUEL PRIVATE LIMITED	Director	01-08-08	08-04-08	-	Active	NO
17	U01409MH2002PTC135738	GREEN ACRE AGRO SERVICES PRIVATE LIMITED	Director	23-06-08	09-06-08	-	Active	NO
18	U45200MH2007PTC173199	ABG REALTY AND INFRASTRUCTURE COMPANY PRIVATE LIMITED	Director	30-09-09	03-11-08	-	Active	NO
19	U67190MH2007PTC171369	BIRLA FAMILY INVESTMENTS PRIVATE LIMITED	Additional director	03-11-08	03-11-08	30-01-09	Active	NO
20	U18101KA2007PLC042754	INDIGOLD TRADE AND SERVICES LIMITED	Director	11-08-09	15-07-09	10-12-09	Active	NO
21	U65910GJ1994PLC022685	ABNL INVESTMENT LIMITED	Director	06-08-10	15-07-09	-	Active	NO
22	U72200KA2000PLC031939	ADITYA BIRLA MINACS TECHNOLOGIES LIMITED	Director	15-07-10	15-07-09	-	Amalgamated	NO
23	U85110GJ1994PLC058690	MADURA GARMENTS EXPORTS LIMITED	Director	15-07-09	15-07-09	-	Amalgamated	NO
24	U18101GJ2007PLC058604	MADURA GARMENTS LIFESTYLE RETAIL COMPANY LIMITED	Director	11-08-09	20-07-09	-	Active	NO
25	U72200KA1976PLC027564	ADITYA BIRLA MINACS IT SERVICES LIMITED	Director	02-09-10	22-07-09	28-05-11	Amalgamated	NO
26	U99999KA1995PLC052040	ADITYA BIRLA MINACS WORLDWIDE LIMITED	Director	02-08-10	22-07-09	-	Active	NO
27	U18101GJ2007PLC058606	Peter England Fashions and Retail Limited	Director	15-07-10	06-08-09	-	Active	NO
28	U61190GJ1997PLC062406	ADITYA BIRLA MONEY MART LIMITED	Director appointed in casual vacancy	19-07-10	19-07-10	-	Active	NO
29	U67190MH2008PTC179283	ADITYA BIRLA SECURITIES PRIVATE LIMITED	Director	24-09-10	31-07-10	-	Active	NO
30	U99999GJ2001PLC062239	ADITYA BIRLA INSURANCE BROKERS LIMITED	Director	23-09-11	24-01-11	-	Active	NO
31	L17199GJ1956PLC001107	ADITYA BIRLA NUVO LIMITED	Whole-time director	28-09-11	30-05-11	-	Active	NO
32	U74120MH2012PTC227069	Svatantra Microfin Private Limited	Director	17-02-12	17-02-12	13-03-12	Active	NO

KEY EXECUTIVES

Name :	Mr. Sushil Kumar Saboo
Designation :	Manager
Address :	44, Satnam Apartments, 93, Cuffe Parade, Mumbai-400005, Maharashtra, India
Date of Birth/Age :	05.11.1942
Date of Appointment :	01.07.2008
Pan No. :	AAVPS2660M

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Equity Shares

Dwarka Das Rathi	100
Sushil Agarwal	100
Jagdish Bajaj	100
Sanjeev Bafna	100
Kapil Agarwal	100
Bharat Banka	100
Gopi Krishna Tulsian	100
Rajratna Holdings Private Limited, Maharashtra, India	50000
Birla Group Holdings Private Limited, Maharashtra, India	9949300
Trapti Trading and Investments Private Limited, Maharashtra, India	2500000
Turquoise Investments and Finance Private Limited , Maharashtra, India	2500000
P T Indo Bharat Rayon , Indonesia	14998304

Total	29998304

Names of Shareholders	No. of Preference Shares

IGH Holdings Private Limited, Maharashtra, India	2500000
Total	2500000

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2011

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	49.99
Bodies corporate	50.00
Other top fifty shareholders	0.01
Total	100.00

BUSINESS DETAILS

Line of Business :	Trader, Exporter and Importer of Petro Products, Coal and Agro Commodities.

Products:	Petro-products Coal Agro-commodities

GENERAL INFORMATION

No. of Employees :

25 (Approximately)

Bankers :

· Bank of America, 5^th Floor, DCM Building, 16 Barakhamba Road, New Delhi-110001, India

· HDFC Bank Limited, HDFC Bank House Senapati Bapat Marg, Lower Parel West, Mumbai – 400013, Maharashtra, India

· HDFC Bank Limited, Central Plaza, 2/6 Sarat Bose Road, Kolkata

Facilities :

Secured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
Working capital loans banks secured	316.448	120.764
Interest accrued due other debt secured	0.499	0.000
Total	316.947	120.764

Banking Relations :	--

Auditors :
Name :	Khimji Kunverji and Company Chartered Accountants
Address :	Suite 52, Bombay Mutual Building, Sir Phirozshah Mehta Road, Fort, Mumbai-400001, Maharashtra, India
Tel. No.:	91-22-22662550/22661270/22662011
Fax No.:	91-22-22664045
E-Mail :	info@khimjikunverji.com info@kkc.in
Web site:	www.khimjikunverji.com www.kkc.in
PAN.:	AAAFK1142M

Related Parties :	Infocyber India Private Limited Applause Entertainment Private Limited

Investing party in respect of which the company is an associate:	Birla Group Holdings Private Limited P T Indo Bharat Rayon, Indonesia

Associates :	Aditya Birla Securities Private Limited (Ceased to be an associate w.e.f. 23rd July, 2010)

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital:

No. of Shares	Type	Value	Amount

30000000	Equity Shares	Rs.10/- each	Rs.300.000 millions
2500000	Preference Shares (6% optionally convertible non cumulative redeemable preference shares of Rs. 100/-each)	Rs.100/- each	Rs.250.000 millions
	Total		Rs.550.000 millions

Issued, Subscribed & Paid-up Capital:

No. of Shares	Type	Value	Amount

29998304	Equity Shares	Rs.10/- each	Rs.299.983 millions
2500000	Preference Shares (6% optionally convertible non cumulative redeemable preference shares of Rs. 100/-each)	Rs.100/- each	Rs.250.000 millions
	Total		Rs.549.983 millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		549.983	549.983	549.983
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		5417.499	5362.315	5276.375
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		5967.482	5912.298	5826.358
LOAN FUNDS
1] Secured Loans		316.947	120.764	38.825
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		316.947	120.764	38.825
DEFERRED TAX LIABILITIES		0.013	1.916	2.712

TOTAL		6284.442	6034.978	5867.895

APPLICATION OF FUNDS

FIXED ASSETS [Net Block]		32.595	32.809	39.000
Capital work-in-progress		0.000	7.794	1.706

INVESTMENT		5684.705	5715.235	5682.051
DEFERREX TAX ASSETS		0.000	0.000	0.000

CURRENT ASSETS, LOANS & ADVANCES
	Inventories	828.298	474.433	635.799
	Sundry Debtors	859.808	551.151	150.510
	Cash & Bank Balances	4.713	1.147	35.351
	Other Current Assets	21.409	16.982	15.741
	Loans & Advances	279.801	232.711	187.903
Total Current Assets		1994.029	1276.424	1025.304
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	950.106	736.835	665.273
	Other Current Liabilities	281.112	56.120	59.812
	Provisions	195.669	204.329	155.078
Total Current Liabilities		1426.887	997.284	880.163
Net Current Assets		567.142	279.140	145.138

MISCELLANEOUS EXPENSES		0.000	0.000	0.000

TOTAL		6284.442	6034.978	5867.895

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	6407.509	4890.211	5382.193
		Other Income	27.958	113.307	152.156
		TOTAL (A)	6435.467	5003.518	5534.349

Less	EXPENSES
		Consumption materials changes inventories	5852.417	4501.595	5417.391
		Manufacturing service costs	308.594	177.052
		Employee related expenses	60.109	66.218
		Administrative selling other expenses	86.612	73.772
		TOTAL (B)	6307.732	4818.637	5417.391

Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		127.735	184.881	116.958

Less	FINANCIAL EXPENSES (D)		7.994	8.857	68.846

	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		119.741	176.024	48.112

Less/ Add	DEPRECIATION/ AMORTISATION (F)		6.856	6.962	6.906

	PROFIT BEFORE TAX (E-F) (G)		112.885	169.062	41.206

Less	TAX (I)		40.267	65.633	24.445

	PROFIT AFTER TAX (G-I) (J)		72.618	103.429	16.761

Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		312.524	226.584	227.372

Less	APPROPRIATIONS
		Proposed Dividend on Preference Shares	15.000	15.000	15.000
		Corporate Dividend Tax	2.433	2.489	2.549
	BALANCE CARRIED TO THE B/S		367.709	312.524	226.584

	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	2634.687	1220.439	1201.703
		Commission Earnings	0.000	0.000	10.146
		Other Claim Received	0.000	11.867	7.720
	TOTAL EARNINGS		2634.687	1232.306	1219.569

	IMPORTS
		Raw Materials	31.847	32.347	23.930
		Finished Goods	3120.176	2472.603	2742.484
		Others	3.200	2.193	2.775
	TOTAL IMPORTS		3155.223	2507.143	2769.189

	Earnings Per Share (Rs.)		1.84	2.86	[0.03]

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	1.13	2.07	0.30

Net Profit Margin (PBT/Sales)	(%)	1.76	3.47	0.77

Return on Total Assets (PBT/Total Assets}	(%)	7.73	12.91	3.87

Return on Investment (ROI) (PBT/Networth)		2.45	0.03	0.01

Debt Equity Ratio (Total Liability/Networth)		0.29	0.19	0.16

Current Ratio (Current Asset/Current Liability)		1.40	1.28	1.16

LOCAL AGENCY FURTHER INFORMATION

BUSINESS OPERATIONS

During the year the Profit after Tax stood at Rs.72.621 millions as compared to Rs.103.428 millions in the previous financial year.

The Directors are hopeful of better performance by the company in the forthcoming years.

CONTINGENT LIABILITIES NOT PROVIDED FOR

(Rs in Millions)

S.N.	In Respect of	31.03.2011	30.03.2010
1	Income Tax matters	Nil	Nil
2	Custom Duty matters	13.634	16.261
3	Sales Tax matters	162.958	153.562
4	Others	1.808	1.388
	Total	178.400	171.211

b) Guarantees given by Banks on behalf of the company for Rs.44.362 millions (Previous Year Rs.21.226 millions) out of which Rs.0.294 millions (Previous Year Rs.0.294 millions) is secured by way of lien on Fixed Deposits with the guaranteeing bank

c) Value of Bonds given to the Custom Department under section 59 of the Custom Act, 1962 for warehousing the goods in Bonded Warehouse :- Rs.522.974 millions (Previous Year Rs.235.727 millions)

d) Rent not provided due to pending dispute with Licensor Rs. Nil (Previous year Rs.3.079 millions)

FORM 8

Corporate identity number of the company	U17110MH2000PLC127428
Name of the company	BGH EXIM LIMITED
Address of the registered office or of the principal place of business in India of the company	213, 2nd Floor, T. V. Industrial Estate, 52, S. K. Ahire Marg, Worli, Mumbai - 400030, Maharashtra, India
This form is for	Modification of charge
Charge identification number of the charge to be modified	90145305
Type of charge	Book Debts Movable Property (Not being pledge) Floating Charge Others
Particular of charge holder	HDFC Bank Limited, HDFC Bank House Senapati Bapat Marg, Lower Parel West, Mumbai – 400013, Maharashtra, India
Nature of instrument creating charge	Supplemental Letter of Hypothecation of Stocks and Book Debts dated 28 January 2011.
Date of instrument Creating the charge	28.01.2011
Amount secured by the charge	Rs. 1000.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest As mutually agreed form time to time Terms of Repayment On Demand Margin - 25% on Stock for CC - 25% on book debts < 90 Days for CC - 90% of FOB value of LC/ confirmed Order/ Running account for pre shipment credit - Nil for Post shipment Credit - Or such other margin as may be stipulated by the bank from time to time Extent and Operation of the charge Exclusive First charge on entire stocks and book debt both present and future.
Short particulars of the property charged	Exclusive First Charge on entire stocks and book debts both present and future
Date of instrument modifying the charge	29.08.2008
Particulars of the present modification	By executing the present supplemental letter of hypothecation of stocks and book debts dated 28.01.2011, some modification have been carried out and the existing fund based limited of Rs. 150.000 Millions has been increased to Rs. 300.000 Millions. Total sanctioned limits remain same at Rs. 1000.000 Millions

FIXED ASSETS

· Land

· Buildings

· Plant and Machinery

· Office Equipment

· Furniture and Fixture

· Computers

· Vehicles

· Technical Know-how

· Marketing know-how

· Trade name

· Goodwill

· Computer software

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.51.16
UK Pound	1	Rs.81.80
Euro	1	Rs.68.34

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--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	YES
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		50

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.

MIRA INFORM REPORT

828.298

474.433

635.799

859.808

551.151

150.510

4.713

1.147

35.351

21.409

16.982

15.741

279.801

232.711

187.903

1994.029

950.106

736.835

665.273

281.112

56.120

59.812

195.669

204.329

155.078

1426.887

997.284

880.163

567.142

279.140

145.138

1.13

0.30

1.76

0.77

7.73

3.87

2.45

0.01

0.29

0.16

1.40

1.16

Unit