MIRA INFORM REPORT

Report Date :

07.12.2012

IDENTIFICATION DETAILS

Name :	BULK TRADING SA
Registered Office :	Piazza Molino Nuovo 17, 6900 Lugano/TI
Country :	Switzerland
Date of Incorporation :	07.06.1994
Com. Reg. No.:	514.3.007.372-0 / 337239
Legal Form :	Company limited by shares
Line of Business :	Subject is engaged in the international trade with raw materials within the hydro-electricity, natural gas, carbon fuels, fuel grade petroleum coke, steam coal and anthracite
No. of Employees :	40 employees

RATING & COMMENTS

MIRA’s Rating :

B

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

Status :	Moderate
Payment Behaviour :	Unknown
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 – June 30^th, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
Switzerland	A1	A1

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

Switzerland - ECONOMIC OVERVIEW

Switzerland is a peaceful, prosperous, and modern market economy with low unemployment, a highly skilled labor force, and a per capita GDP among the highest in the world. Switzerland's economy benefits from a highly developed service sector, led by financial services, and a manufacturing industry that specializes in high-technology, knowledge-based production. Its economic and political stability, transparent legal system, exceptional infrastructure, efficient capital markets, and low corporate tax rates also make Switzerland one of the world's most competitive economies. The Swiss have brought their economic practices largely into conformity with the EU's, to enhance their international competitiveness, but some trade protectionism remains, particularly for its small agricultural sector. The fate of the Swiss economy is tightly linked to that of its neighbors in the euro zone, which purchases half of all Swiss exports. The global financial crisis of 2008 and resulting economic downturn in 2009 stalled export demand and put Switzerland in a recession. The Swiss National Bank (SNB) during this period effectively implemented a zero-interest rate policy to boost the economy as well as prevent appreciation of the franc, and Switzerland's economy recovered in 2010 with 2.7% growth. The sovereign debt crises currently unfolding in neighboring euro-zone countries pose a significant risk to Switzerland's financial stability and are driving up demand for the Swiss franc by investors seeking a safehaven currency. The independent SNB has upheld its zero-interest rate policy and conducted major market interventions to prevent further appreciation of the Swiss franc, but parliamentarians have urged it to do more to weaken the currency. The franc's strength has made Swiss exports less competitive and weakened the country's growth outlook; GDP growth fell to 2.1% in 2011. Switzerland has also come under increasing pressure from individual neighboring countries, the EU, the US, and international institutions to reform its banking secrecy laws. Consequently, the government agreed to conform to OECD regulations on administrative assistance in tax matters, including tax evasion. The government has renegotiated its double taxation agreements with numerous countries, including the US, to incorporate the OECD standard, and in 2011 it reached deals with Germany and the UK to resolve outstanding issues, particularly the possibility of imposing taxes on bank deposits held by foreigners. These steps will have a lasting impact on Switzerland's long history of bank secrecy.

Source : CIA

Company name

Bulk Trading SA

Operating address

Piazza Molino Nuovo 17

6900 Lugano/TI

Switzerland/CH

Telephone: 091 6115130

Fax: 091 6115137

Web site: http://www.bulktrading.ch

E-mail: info@bulktrading.ch

VAT-No.: CHE107614327

Profile

Established: 1994

Line of Business: Consumer goods wholesale

Industry Division: Wholesale trade

Industry-code (NACE): 4671 Wholesale of solid, liquid and gaseous fuels and related products

Import/Export: Import, Export

Banks: unknown

Organisation level: Ultimate Parent

Operational Figures

Coverage: Company

Figures: estimated

Employees: 40

Activity

The company is engaged in the international trade with raw materials within the hydro-electricity, natural gas, carbon fuels, fuel grade petroleum coke, steam coal and anthracite.

Real Estate

Real Estate: The company owns no property.

Company Register

Company No: 514.3.007.372-0 / 337239

Legal form: Company limited by shares

Registration: 07.06.1994

Legal status: active

Responsible Register: Registro di commercio del Cantone Ticino

History: Date of Statutes: 15.12.1994

Date of Incorporation Statutes: 24.05.1994

Date of Statutes: 20.11.2012

Date of Statutes: 29.01.2007

Date of Statutes: 22.06.2006

Date of Statutes: 30.06.2005

Date of Statutes: 13.07.2005

Date of Statutes: 15.03.2002

Date of Statutes: 30.01.1997

Entry Deleted Name

active Bulk Trading SA

Entry Deleted Legal domicile

30.01.2007 Lugano, Switzerland

10.02.1997 30.01.2007 Manno, Switzerland

Entry Deleted Address

30.01.2007 Piazza Molino Nuovo 17, 6900 Lugano/TI, Switzerland/CH

Entry Deleted Capital

23.06.2006 Share Capital CHF 3'000'000, paidup CHF 3'000'000

Entry Deleted Capital Structure

23.06.2006 30'000 Bearer shares of CHF 100.--

Entry Deleted Activity (original Language)

21.11.2012 L'importazione, l'esportazione ed il commercio di ogni combustibile solido, liquido e gassoso, dei relativi derivati e sottoprodotti e di altre materie prime, merci e materiali e di ogni prodotto siderurgico e suoi derivati, e ogni materiale subordinato o derivato della produzione del cemento. Inoltre può occuparsi di ricerca, sfruttamento e esercizio di miniere di carbon fossile e lignite, lo svolgimento di ogni attività di trasporto, ivi compreso il noleggio di mezzi ad esso adibiti, e attività connesse. La società può concedere a società da essa partecipate e/o con partecipazioni comuni o ad essa in altro modo legate, compresi gli azionisti diretti o indiretti della società o alle società cui questi partecipano, finanziamenti diretti o indiretti, sia per mezzo di prestiti od altri metodi di finanziamento, sia per mezzo di garanzie di ogni genere, con o senza controprestazione. Essa potrà inoltre assumere partecipazioni in imprese commerciali, finanziarie ed industriali ed eseguire tutte le operazioni commerciali o finanziarie ritenute utili o connesse allo scopo sociale. La società può partecipare a altre imprese in Svizzera e all'estero.

21.11.2012 L'importazione, l'esportazione ed il commercio di minerali e di ogni combustibile solido, liquido e gassoso, dei relativi derivati e sottoprodotti e di altre materie prime, merci e materiali e di ogni prodotto siderurgico; e suoi derivati; e ogni materiale subordinato o derivato della produzione del cemento; la ricerca, lo sfruttamento e l'esercizio di miniere di carbon fossile e lignite, di torbifere e di pozzi petroliferi, la produzione e la commercializzazione di energia elettrica, lo svolgimento di ogni attività di trasporto, ivi compreso il noleggio di mezzi ad esso adibiti, e attività connesse alla distribuzione di gas naturale e LPG. Può procedere alla assunzione di partecipazioni e alla costituzione di società.

Entry Deleted Remarks (original Language)

active Publishing authority: FUSC.

23.06.2006 Financial data: Compensazione crediti: CHF 1'000'000.--.

15.07.2005 Financial data: Compensazione crediti: CHF 1'900'000.--.

13.05.2002 Note: Statuto modificato su punti non soggetti a pubblicazione.

Official Administration

Title Name

President Daniele (Raoul) Avallone, Origin: Italy, Residential address: 6900 Lugano/TI, Switzerland, joint signature of two

Director Gianluca Generali, Origin: Giornico, Switzerland, Residential address: Breganzona, Switzerland, joint signature of two, Registered since: 13.05.2002

Director Giovanni Risso, Origin: Italy, Residential address: 6900 Lugano/TI, Switzerland, joint signature of two, Registered since: 02.11.2007

Director Daniele Severoni, Origin: Viganello, Switzerland, Residential address: Vezia, Switzerland, joint signature of two, Registered since: 27.05.1999

Management

Title Name

Director Michele Ortelli, Origin: Lugano, Switzerland, Residential address: 6962 Viganello/TI, Switzerland, joint signature of two, Registered since: 02.11.2007

Member with signing authority Nicola Pozza, Origin: Italy, Residential address: 6900 Lugano/TI, Switzerland, joint signature of two, with a Director or member of the board, Registered since: 02.11.2007

Member with signing authority Paola Vercellino, Origin: Italy, Residential address: 6900 Lugano/TI, Switzerland, joint signature of two, with a Director or member of the board, Registered since: 02.11.2007

External Positions

Title Name

Auditor Ernst & Young AG, Residential address: Lugano, Switzerland

Executive board

Title Name

Chief Financial Officer Giovanni Risso (grisso@bulktrading.ch)

Chief Sales Officer Nicola Pozza (npozza@bulktrading.ch)

Chief Business Segment Officer Daniele (Raoul) Avallone (ravallone@bulktrading.ch)

Chief Controlling Officer Paola Vercellino (pvercellino@bulktrading.ch)

Owner/-s

Owner: The company is privately owned.

Investments

Class: 100%

Name: Bulk Trading SA

City/Country: Katowice, Poland/PL

Interest: 100.00% voting right, 100.00% capital interest

Class: 100%

Name: C.I. Bulk Trading Suramerica Ltda

City/Country: Cúcuta, Colombia/CO

Interest: 100.00% voting right, 100.00% capital interest

Legal Actions

Control date Year No. Amount CHF Status

01.08.2002 2002 1 1'576'092. -- Opposition filed

01.08.2002 2001 0

01.08.2002 2000 0

01.08.2002 1999 0

01.08.2002 1998 0

An updated legal action check is only available against proof of interest. e.g. a copy of an enquiry letter, and order or invoice relating to the subject company.

Remarks

Mr Avallone holds no further Swiss board positions. Mr Generali holds a further 7 positions.

Credit Information

Financial Statements: The company does not disclose any financial statements. Third parties are not permitted any insight into the financial affairs. It is therefore difficult to make a proper assessment of the actual situation.

Financial Situation: The financial situation is difficult to assess.

Payment experiences: There are no objections regarding the payment of financial obligations.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.54.47
UK Pound	1	Rs.87.63
Euro	1	Rs.71.12

INFORMATION DETAILS

Report Prepared by :

MNL

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.