MIRA INFORM REPORT

Report Date :

30.11.2012

IDENTIFICATION DETAILS

Name :	BLAST CARBOBLOCKS PRIVATE LIMITED
Registered Office :	505 Persipolis Sector 17 Vashi, Navi Mumbai – 400705, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	10.05.1982
Com. Reg. No.:	11-027100
Capital Investment/ Paid-up Capital:	Rs.3.390 Millions
CIN No.: [Company Identification No.]	U74999MH1982PTC027100
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturers of BCARV Graphite Lined Reaction Vessels, BCAHEX Graphite Block Heat Exchanger, Pipes, Rupture Disc, Scrubbers, Falling Film Absorbers, Carbon Blocks, Tower Packings, Pollution Control System based on Evaporation and Absorption of spent acid solutions
No. of Employees:	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (29)

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

Maximum Credit Limit :	USD 27000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track. The management of the company has not filled its latest financial i.e 2011-12 with the government department form the available financials it seems reserves of the company appears to be low. However, 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 – June 30, 2012

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

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

INDIAN ECONOMIC OVERVIEW

India is developing into an open-market economy, yet traces of its past autarkic policies remain. Economic liberalization, including industrial deregulation, privatization of state-owned enterprises, and reduced controls on foreign trade and investment, began in the early 1990s and has served to accelerate the country's growth, which has averaged more than 7% per year since 1997. India's diverse economy encompasses traditional village farming, modern agriculture, handicrafts, a wide range of modern industries, and a multitude of services. Slightly more than half of the work force is in agriculture, but services are the major source of economic growth, accounting for more than half of India's output, with only one-third of its labor force. India has capitalized on its large educated English-speaking population to become a major exporter of information technology services and software workers. In 2010, the Indian economy rebounded robustly from the global financial crisis - in large part because of strong domestic demand - and growth exceeded 8% year-on-year in real terms. However, India's economic growth in 2011 slowed because of persistently high inflation and interest rates and little progress on economic reforms. High international crude prices have exacerbated the government's fuel subsidy expenditures contributing to a higher fiscal deficit, and a worsening current account deficit. Little economic reform took place in 2011 largely due to corruption scandals that have slowed legislative work. India's medium-term growth outlook is positive due to a young population and corresponding low dependency ratio, healthy savings and investment rates, and increasing integration into the global economy. India has many long-term challenges that it has not yet fully addressed, including widespread poverty, inadequate physical and social infrastructure, limited non-agricultural employment opportunities, scarce access to quality basic and higher education, and accommodating rural-to-urban migration.

Source : CIA

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 31-03-2012.

LOCATIONS

Registered Office :	505 Persipolis Sector 17 Vashi, Navi Mumbai – 400705, Maharashtra, India
Tel. No.:	91-22-27892927/7891907/7892032
Fax No.:	91-22-27893854/7821882
E-Mail :	blastcarbo@hotmail.com info@blastcarbo.com
Factory:	Plot No. B -23, MIDC Industrial Area, Murbad District, Thane -421401, Maharashtra, India

DIRECTORS

As on 30.09.2011

Name :

Mrs. Abha Praveen Saxena

Designation :

Director

Address :

Rh -5, J/18, Sector -6, Vashi, Navi Mumbai – 400703, Maharashtra, India

Date of Birth/Age :

30.09.1958

Date of Appointment :

10.05.1982

Din No.:

01911794

Name :

Mr. Sudheer Kumar Jagnandan Prasad Saxena

Designation :

Managing Director

Address :

Rh -5, J/18, Sector -6, Vashi, Navi Mumbai – 400703, Maharashtra, India

Date of Birth/Age :

04.09.1956

Date of Appointment :

10.05.1982

Din No.:

01911867

Name :

Mr. Arun Kumar Saxena

Designation :

Additional Director

Address :

G -24, Shakuntala, Sector – 6, Vashi, Navi Mumbai – 400703, Maharashtra, India

Date of Birth/Age :

07.07.1947

Date of Appointment :

04.11.2009

Din No.:

02729776

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U33100MH2006PLC161113	NUCLEOTECH MEDICAL SYSTEMS INTERNATIONAL LTD	Director	05/09/2009	05/09/2009	-	Active	NO
2	U74999MH1982PTC027100	BLAST CARBOBLOCKS PRIVATE LIMITED	Additional director	04/11/2009	04/11/2009	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Equity Shareholders	No. of Shares
Mr. Sudheer Kumar Saxena	3599
Ms. Abha Saxena	1531
Ms. Suman Saxena	731
Ms. Neeta Saxena	731
Mr. A. K. Saxena	2011
Mr. I'raveen Saxena	2011
Mr. Amaltash Saxena	731
Ms. Barkha Saxena	731
Mr. Dhawal Saxena	731
Ms. Ketki Saxena	731
Ms. Payal Saxena	731
Mr. Abhinav Saxena	731
Total	15000

Names of Preference Shareholders	No. of Shares
Ms. Abha Saxena	650
Mr. Abhinav Saxena	800
Mr. A. K. Saxena	1450
Mr. Amaltash Saxena	3450
Ms. Barkha Saxena	2800
Mr. Dhawal Saxena	1050
Ms. Ketki Saxena	1432
Ms. Neeta Saxena	650
Ms. I'ayal Saxena	1490
Mr. Prveen Saxena	550
Mr. Sudheer Kumar Saxena, (Jointly with Sunil Varma Archana Saxena)	1488
Ms. Suman Saxena	1500
Mr. Amaltash Saxena (Jointly with Sunil Mishra and S.R. Mangalam )	20
Mr. Amaltash Saxena (Jointly with Vinod and Meena Shrivastav )	50
Ms. Suman Saxena (Jointly with Monalisa and Achala Shrivastav )	50
Mr. Amaltash Saxena (Jointly with shubahm and priyam Shrivastav )	50
Ms. Suman Saxena (Jointly with Shweta Navathe and Sharad Saxena )	120
Mr. Amaltash Saxena (Jointly with V.K. Shrivastava and D.K Shrivastava)	100
Ms. Suman Saxena (Jointly with Shobha Shrivastav and Richa Shrivastav)	100
Ms. Suman Saxena (Jointly with Madhuri Gupta and Lpreeti Kona)	150
Ms. Neeta Saxena (Jointly with Namit and Rishi Saxena)	50
Ms. Abha Saxena (Jointly with Rahul and Smita Muluk)	150
Mr. A. K. Saxena (Jointly with C.V Kalyansundaram and Brijish Singh)	50
Ms. Neeta Saxena (Jointly with Namil and Rishi Saxena)	100
Ms. Neeta Saxena (Jointly with Ajay and Anjali Saxena)	100
Ms. Abha Saxena (Jointly with Achala Shrivastav and Pooja Minocha)	100
Ms. A. K. Saxena (Jointly with Mamta and Ashish Shrivastav)	50
Ms. Abha Saxena (Jointly with Disha and Shashi Minocha)	100
Mr. Praveen Saxena (Jointly with Uttambhai and M.C Saxena)	50
Mr. A. K. Saxena (Jointly with Rita and Akhil Saxena)	100
Mr. Praveen Saxena (Jointly with Amitabh and Avinash Saxena)	50
Mr. Abha Saxena (Jointly with Suman Lata Choubhe and B.N Saxena)	50
Total	18900

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2011

Category	Percentage
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturers of BCARV Graphite Lined Reaction Vessels, BCAHEX Graphite Block Heat Exchanger, Pipes, Rupture Disc, Scrubbers, Falling Film Absorbers, Carbon Blocks, Tower Packings, Pollution Control System based on Evaporation and Absorption of spent acid solutions

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· ICICI Bank

· Bank of Baroda

Facilities :

Secured Loans	As on 31.03.2011 Rs. in millions	As on 31.03.2010 Rs. in millions
Bank of Baroda Cash Credit	6.038	4.826
ICICI Bank Laon - Corolla	1.048	0.000
ICICI Bank Maruti Loan	0.016	0.061
Total	7.102	4.887

Banking Relations :	--
Auditors :
Name :	Narendra Mangal Chartered Accountant
Address :	1203/4, Krishna –Govinda, Plot No.24, Sector 24, Vashi, Navi Mumbai – 400705, Maharashtra, India
Pan No.:	AAHTM2363H
Associates/Subsidiaries/Group company :	Teknochem Graphite Equipment (India) P. Limited

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
25000	Equity Shares	Rs.100/- each	Rs.2.500 Millions
25000	Preference Shares	Rs.100/- each	Rs.2.500 Millions
	Total		Rs.5.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
15000	Equity Shares	Rs.100/- each	Rs.1.500 Million
18900	Preference Shares	Rs.100/- each	Rs.1.890 Million
	Total		Rs.3.390 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		3.390	3.390	3.390
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		3.368	3.742	4.708
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		6.758	7.132	8.098
LOAN FUNDS
1] Secured Loans		7.102	4.887	1.604
2] Unsecured Loans		1.731	1.091	0.838
TOTAL BORROWING		8.833	5.978	2.442
DEFERRED TAX LIABILITIES		0.009	0.000	0.00
TOTAL		15.600	13.110	10.540
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		8.108	7.275	7.635
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	15.963	13.108	7.069
	Sundry Debtors	10.837	8.304	9.176
	Cash & Bank Balances	0.106	0.060	0.034
	Other Current Assets	3.691	1.541	2.145
	Loans & Advances	0.000	0.000	0.000
Total Current Assets		30.597	23.013	18.424
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	15.749	16.043	0.318
	Other Current Liabilities	3.626	0.077	15.201
	Provisions	3.730	1.058
Total Current Liabilities		23.105	17.178	15.519
Net Current Assets		7.492	5.835	2.905
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		15.600	13.110	10.540

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	82.408	62.058	58.631
		Other Income	1.587	0.783	0.373
		TOTAL (A)	83.995	62.841	59.004
Less	EXPENSES
		Cost of goods sols	70.029	49.141	45.965
		Administrative and other expenses	8.094	9.407	10.815
		TOTAL (B)	78.123	58.548	56.780
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		5.872	4.293	2.224
Less	FINANCIAL EXPENSES (D)		0.872	0.448	NA
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		5.000	3.845	2.224
Less/ Add	DEPRECIATION/ AMORTISATION (F)		1.477	1.440	NA
	PROFIT BEFORE TAX (E-F) (G)		3.523	2.405	2.224
Less	TAX (H)		1.091	0.838	0.687
	PROFIT AFTER TAX (G-H) (I)		2.432	1.567	1.537
Less	APPROPRIATIONS
		Dividend	1.500	NA	NA
		Tax on Dividend	0.249	NA	NA
	BALANCE CARRIED TO THE B/S		0.682	NA	NA
	Earnings Per Share (Rs.)		162.12	104.48	-

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	2.90	2.49	2.60
Net Profit Margin (PBT/Sales)	(%)	4.28	3.88	3.79
Return on Total Assets (PBT/Total Assets}	(%)	9.10	7.84	8.53
Return on Investment (ROI) (PBT/Networth)		0.52	0.33	0.27
Debt Equity Ratio (Total Liability/Networth)		7.43	3.25	2.22
Current Ratio (Current Asset/Current Liability)		1.32	1.34	1.19

LOCAL AGENCY FURTHER INFORMATION

Check List by Info Agents	Available in Report [Yes/No]
Year of Establishment	Yes
Locality of the Firm	Yes
Constitution of the firm	Yes
Premises details	No
Type of Business	Yes
Line of Business	Yes
Promoters background	Yes
No. of Employees	No
Name of Person Contacted	No
Designation of contact person	No
Turnover of firm for last three years	Yes
Profitability for last three years	Yes
Reasons for variation <> 20%	-
Estimation for coming financial year	No
Capital the business	Yes
Details of sister concerns	Yes
Major Suppliers	No
Major Customers	No
Payment Terms	No
Export / Import Details [If Applicable]	No
Market Information	-
Litigations that the firm / promoter involved in	-
Banking Details	Yes
Banking Facility Details	Yes
Conduct of the banking account	-
Buyer visit details	-
Financials, if provided	Yes
Incorporation details, if applicable	Yes
Last accounts filed at ROC	No
Major Shareholders, if applicable	Yes
Date of Birth of Proprietor/Partner/Director, if available	Yes
PAN of Proprietor/Partner/Director, if available	No
Voter ID No of Proprietor/Partner/Director, if available	No
External Agency Rating, if available	No

FIXED ASSETS:

· Land

· Factory Building

· Furniture and Fixture

· Office Equipment

· Plant and Machinery

· Computer

· Vehicles

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 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.55.20
UK Pound	1	Rs.88.38
Euro	1	Rs.55.20

INFORMATION DETAILS

Report Prepared by :

BYI

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
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	-
--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		29

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.