MIRA INFORM REPORT

Report Date :

06.02.2012

IDENTIFICATION DETAILS

Name :	BLA COKE PRIVATE LIMITED
Registered Office :	87, Maker Chambers III, Nariman Point, Mumbai – 400021, Maharashtra
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	18.03.2005
Com. Reg. No.:	11-189826
Capital Investment / Paid-up Capital :	Rs.133.220 Millions
CIN No.: [Company Identification No.]	U2310MH2005PTC189826
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Low Ash Metallurgical Coke.
No. of Employees :	Not Available

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 2890000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. There appears some dip in the turnover due to global crisis in the year 2009-10. However, 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	A1	A1

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

LOCATIONS

Registered/ Corporate Office :	87, Maker Chambers III, Nariman Point, Mumbai – 400021, Maharashtra, India
Tel. No.:	91-22-40001600
Fax No.:	91-22-40001616
E-Mail :	info@blacoke.in compsec@blacoke.in
Website :	www.bla.co.in
Factory :	Plot No. 28, Village – Arambhada, P. O. Mithapur, Taluka – Dwarka, District – Jamnagar – 361345, Gujarat, India
Tel. No.:	91-2892-227352
Fax No.:	91-2892-226678

DIRECTORS

As on 25.05.2011

Name :

Mr. Asim Kumar Agarwalla

Designation :

Managing director

Address :

50, Ameeta, 7 Gen J Bhonsle Marg, Mumbai – 400021, Maharashtra, India

Date of Birth/Age :

10.04.1962

Date of Appointment :

18.03.2005

DIN No.:

00622173

Other Directorship :

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
U10200MH1964PTC162314	B L A Industries Private Limited	Director	1/09/1993	1/09/1993	30/03/2007	Active	NO
U74999MH1995PTC086413	Blaenergy Private Limited	Director	14/03/1995	14/03/1995	-	Active	NO
U51909MH1974PTC148227	Dipco Extraction Export House Private Limited	Director	17/07/2002	17/07/2002	-	Active	NO
U23101MH2005PTC189826	BLA Coke Private Limited	Managing director	18/03/2005	18/03/2005	-	Active	NO
U27100MH2005PTC152082	Ma Kali Iron and Steel Company Private Limited	Director	21/03/2005	21/03/2005	23/03/2009	Active	NO
U13100MH2005PTC152079	Shri Jagannath Metallurgical Coal and Coke Private Limited	Director	21/03/2005	21/03/2005	9/01/2010	Active	NO
U13100MH2005PTC152078	Om Mining Company Private Limited	Director	21/03/2005	21/03/2005	9/01/2010	Active	NO
U13100MH2005PTC152081	BLA Coal Mining and Washeries Private Limited	Director	21/03/2005	21/03/2005	9/01/2010	Active	NO
U70101WB1987PTC042302	Dey Commercial (Holdings) Private Limited	Director	25/08/2007	7/07/2007	-	Active	NO
U45209WB1989PTC046987	Insat Promoters Private Limited	Director	25/08/2007	7/07/2007	-	Active	NO
U51909WB1995PTC073325	Utkal Merchandise Private Limited	Director	25/08/2007	7/07/2007	-	Active	NO
U65922WB1988PTC045685	Upgrah Investments Private Limited	Director	25/08/2007	7/07/2007	-	Active	NO
U70101WB1989PTC046989	Poddar Promoters Private Limited	Director	25/08/2007	7/07/2007	-	Active	NO
U71110WB1989PTC046191	Neelima Estates Private Limited	Director	25/08/2007	7/07/2007	-	Active	NO
U24239WB1986PTC041015	Multy Drugs Private Limited	Director	25/08/2007	7/07/2007	-	Active	NO
U65922WB1988PTC045677	Jai Tara Construction and Finance Private Limited	Director	25/08/2007	7/07/2007	-	Active	NO
U65993WB1988PTC044750	Insat Finance Private Limited	Director	25/08/2007	7/07/2007	-	Active	NO
U70109WB1989PTC046988	Happy Highrises Private Limited	Director	25/08/2007	7/07/2007	-	Active	NO

Name :

Mr. Nageshwar Sharma

Designation :

Whole-time director

Address :

C/o, M R Padh, Ashapura Housing Society, Surajkaradi, Mithapur, Jamnagar – 361347, Gujarat, India

Date of Birth/Age :

02.06.1943

Date of Appointment :

13.10.2005

DIN No.:

00642038

Other Directorship :

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
U23101MH2005PTC189826	BLA Coke Private Limited	Whole-time director	16/09/2006	13/10/2005	-	Active	NO

Name :

Mr. Manoj Jalan

Designation :

Director

Address :

11, Ameeta, Bhosale Road, Opposite Mantralaya, Mumbai – 400021, Maharashtra, India

Date of Birth/Age :

21.04.1967

Date of Appointment :

29.04.2011

DIN No.:

00796153

Other Directorship :

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
U51900MH1992PTC066454	Shalin Exports Private Limited	Director	22/04/1992	22/04/1992	-	Active	NO
U23101MH2005PTC189826	BLA Coke Private Limited	Director	25/05/2011	29/04/2011	-	Active	NO

Name :

Mr. Kishor Kumar Poddar

Designation :

Director

Address :

152, Tarangan – 1, Behind Cadbury Limited, Thane – 400606, Maharashtra, India

Date of Birth/Age :

18.11.1960

Date of Appointment :

29.04.2011

DIN No.:

01184264

Other Directorship :

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
U27200MH1989PTC054405	Siddhesh Steel Treatment Private Limited	Director	28/11/1989	28/11/1989	-	Active	NO
U23101MH2005PTC189826	BLA Coke Private Limited	Director	25/05/2011	29/04/2011	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Kiran Harishchandra Kudu
Designation :	Secretary
Address :	602, Sadhana, Vasant Housing Complex, Mahavir Nagar, Kandivali (West), Mumbai – 400067, Maharashtra, India
Date of Birth/Age :	03.02.1958
Date of Appointment :	03.03.2007
PAN No.:	AAAPK6713C

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 25.05.2011

Names of Shareholders	No. of Shares
Asim Kumar Agarwalla	6874958
Aditi Asim Agarwalla	2652569
Abha D Agarwal	74100
Neha Asim Agarwalla	1292190
Udbhav Asim Agarwalla	2395683
Vibha Kishore Mittal	32500
Total	13322000

Equity Share Break up (Percentage of Total Equity)

As on 25.05.2011

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Low Ash Metallurgical Coke.

Products :

PRODUCT DESCRIPTION	ITEM CODE NO
Coke of Coal	2704

PRODUCTION STATUS (AS ON 31.03.2009)

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
Low Ash Metallurgical Coke@	M.T.	N.A	187500	83488

@As certified by the management

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· State Bank of India, Commercial Branch, N.G.N. Vaidya Marg, Mumbai – 400023, Maharashtra, India

· Bank of Baroda

Facilities :

Secured Loan	As on 31.03.2010 (Rs. in Millions)	As on 31.03.2009 (Rs. in Millions)
Cash Credit facilities from State Bank of India	51.324	48.934
Cash Credit facilities from Bank of Baroda (Both facilities are Secured against stocks, books debts, and personal guarantee of a director and further secured by equitable mortgage on Company's immovable property situated at village Arambhda District Jamnagar Gujarat State and office premises of Mumbai (By way of 2nd charge)).	0.000	8.705
Total	51.324	57.639

Banking Relations :	--
Auditors :
Name :	N. A. Shah Associates Chartered Accountants
Address :	65-C, Mittal Tower, Nariman Point, Mumbai – 400021, Maharashtra, India
Tel No.:	91-22-40733000
Fax No.:	91-22-40733090
Email :	info@nashah.com
PAN.:	AAAFN5380N
Name of the enterprises having same Key Management Personnel and/or their relatives as the reporting enterprise (As on 31.03.2009) :	· BLA Industries Private Limited · B.L.Enterprise · Dipco Extraction Exporthouse Private Limited · Hardeodas Agarwalla Trust · Urmila Devi Memorial charitable Trust' · BLA Energy Private Limited* · Happy Highrises Private Limited* · Dey Commercial Holdings Private Limited* · lnsat Finance Private Limited* · lnsat Promoters Private Limited* · Jaitara Construction and Finance Private Limited* · Multy Drugs Private Limited* · Neelima Estates Private Limited* · Poddar Promoters Private Limited* · Upgrah Investment Private Limited* · Utkal Merchandise Private Limited* · Abha Family Trust · Vibha Family Trust *No transaction during the year.

CAPITAL STRUCTURE

As on 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
14000000	Equity Shares	Rs.10/- each	Rs.140.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
13322000	Equity Shares	Rs.10/- each	Rs.133.220 Millions

Note:

Out of the above:

13312000 Equity shares of Rs.10/- each were issued as fully paid up in pursuant of the approved Scheme of Arrangement without payment received in cash.

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		133.220	133.220	133.220
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		590.130	572.799	548.045
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		723.350	706.019	681.265
LOAN FUNDS
1] Secured Loans		51.324	57.639	94.138
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		51.324	57.639	94.138
DEFERRED TAX LIABILITIES		115.766	118.264	122.751
TOTAL		890.440	881.922	898.154
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		566.883	561.446	589.906
Capital work-in-progress		1.183	32.923	2.285
INVESTMENT		0.792	0.450	0.785
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	222.855	226.273	347.373
	Sundry Debtors	124.088	45.761	121.325
	Cash & Bank Balances	81.195	53.823	56.053
	Other Current Assets	0.000	0.000	12.624
	Loans & Advances	40.577	43.042	20.620
Total Current Assets		468.715	368.899	557.995
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	74.824	66.484	227.909
	Current Liabilities	69.037	10.557	22.866
	Provisions	3.272	4.755	2.042
Total Current Liabilities		147.133	81.796	252.817
Net Current Assets		321.582	287.103	305.178
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		890.440	881.922	898.154

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	747.640	1735.744	915.861
		Other Income	NA	8.676	5.305
		Exchange Rate Difference (Net)	NA	0.000	5.517
		TOTAL (A)	NA	1744.420	926.683
Less	EXPENSES
		Increase/ (Decrease) in Stocks		(23.374)	38.531
		Cost of Raw Material Consumed		1469.730	589.203
		Manufacturing Expenses		34.068	26.432
		Personnel Cost		47.296	61.884
		Other Expenses	NA	56.337	42.934
		Exchange Rate Difference (Net)		25.709	0.000
		Loss on Abandonment of Capital Projects		0.698	9.166
		Asset held for Disposal Written Off		12.624	0.000
		Prior Period Items		1.446	0.002
		TOTAL (B)		1624.534	768.152
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		72.674	119.886	158.531
Less	FINANCIAL EXPENSES (D)		11.482	30.083	23.843
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		61.192	89.803	134.688
Less/ Add	DEPRECIATION/ AMORTISATION (F)		40.159	41.186	37.554
	PROFIT BEFORE TAX (E-F) (G)		21.033	48.617	97.134
Less	TAX (H)		3.702	23.863	31.090
	PROFIT AFTER TAX (G-H) (I)		17.331	24.754	66.044
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		206.305	181.551	115.507
	BALANCE CARRIED TO THE B/S		223.636	206.305	181.551
	IMPORTS
		Raw Materials	NA	1179.556	567.971
	TOTAL IMPORTS		NA	1179.556	567.971
	Earnings Per Share (Rs.)		1.30	1.86	4.96

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	NA	1.42	7.13
Net Profit Margin (PBT/Sales)	(%)	2.81	2.80	10.61
Return on Total Assets (PBT/Total Assets}	(%)	2.03	5.23	8.46
Return on Investment (ROI) (PBT/Networth)		0.03	0.07	0.14
Debt Equity Ratio (Total Liability/Networth)		0.27	0.20	0.51
Current Ratio (Current Asset/Current Liability)		3.19	4.51	2.21

LOCAL AGENCY FURTHER INFORMATION

Note:

The registered address of the company 239, A.J.C. Bose Road, Loyalka House, Kolkata – 700020, West Bengal, India has been shifted to the present address w.e.f. 03.01.2009

BUSINESS OPERATIONS

In spite of the global crisis prevailing during the period and lower turnover compared to previous year, the company managed to earn profit. The market outlook, though sluggish, is positive and the company expects to perform better during the current year.

FORM 8

Corporate identity number of the company	U23101MH2005PTC189826
Name of the company	BLA COKE PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	87, Maker Chambers III, Nariman Point, Mumbai – 400021, Maharashtra, India Email Id : compsec@blacoke.in
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	10035018
Type of charge	Immovable property Book debts Movable property (not being pledge)
Particular of charge holder	State Bank of India, Commercial Branch, N.G.N.Vaidya Marg, Mumbai – 400023, Maharashtra, India Email Id : panda.kumar@sbi.co.in
Nature of instrument creating charge	1. Joint Deed of Hypothecation dated 24.11.2009 entered with SBI and Bank of Baroda for hypothecation of stocks, book debts, etc. for working capital limits sanctioned upto Rs.1640.000 Millions and recording the fact of merger of State Bank of Saurashtra with SBI. 2. Memorandum of Entry dated 24.11.2009 signed by SBI for recording the receipt of all the title deeds of plot no. 28 and 51 of Mithapur plant and new collateral being original title deed of Office 87, Maker Chambers III, Nariman Point, Mumbai, Maharashtra, India
Date of instrument Creating the charge	24.11.2009
Amount secured by the charge	Rs.1640.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest SBI-0.25% above SBAR and BOB - at BPLR Terms of repayment On Demand Margin As per sanction letters Extent and operation of the charge parri passu charge on hypothecated stocks and book debts and fixed assets at Mithapur Plant and Office 87, Maker Chambers III, Nariman Point, Mumbai (SBI -Rs.1105.000 Millions BOB - Rs. 535.000 Millions)
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Plot No. 28 and 51 situate at Village Arambhada, Taluka Okhamandal, District Jamnagar, Gujarat, India Office no. 87 situate at Maker Chambers III, Nariman Point, Mumbai – 400021, Maharashtra, India
Date of instrument modifying the charge	22.02.2008
Particulars of the present modification	Now by Joint Deed of Hypothecation dated 24-11-2009 entered with SBI and Bank of Baroda for hypothecation of stocks, book debts, etc. for working capital limits upto Rs.1640.000 Millions and recording the fact of merger of State Bank of Saurashtra with SBI and Memorandum of Entry dated 24-11-09 signed by SBI for recording the receipt of all the title deeds of plot no. 28 and 51 of Mithapur plant and new collateral being original title deed of Office 87, Maker Chambers III, Nariman Point, Mumbai for 1st parri passu charge

FIXED ASSETS

· Freehold Land

· Building

· Plant and Machinery

· Vehicles

· Furniture and Fixtures

· Office Equipment

· Computer

· Capital Spare Parts

· Improvement in Lease Premises

· Goodwill

· 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.48.96
UK Pound	1	Rs.77.46
Euro	1	Rs.64.40

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	NO
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		45

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.