MIRA INFORM REPORT

Report Date :

23.10.2012

IDENTIFICATION DETAILS

Name :	BALAJI HYDRO CARBONS PRIVATE LIMITED
Registered Office :	Nasser Avenue, Durgapur-713212, West Bengal
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	26.11.2007
Com. Reg. No.:	21-120602
Capital Investment / Paid-up Capital :	Rs. 11.100 Millions
CIN No.: [Company Identification No.]	U1010NWB2007PTC120602
TAN No.: [Tax Deduction & Collection Account No.]	CALB10282G
PAN No.: [Permanent Account No.]	AAADCB3561H
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Coal Tar Pitch, Heavy Creosote Oil and Crude Naphtha
No. of Employees :	30 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (26)

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

Maximum Credit Limit :	USD 85000
Status :	Recently Commence Business
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Though the company was incorporated in the year 2007. The company has recently commenced with its commercial operation from November 2011. The company has achieved sizable turnover from its first year of operation. Trade relations are reported as fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings with caution. Current year profit and loss account is not available

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.

INFORMATION PARTED BY

Name :	Mr. Arijit De
Designation :	Director
Contact No.:	91-9830751243
Date :	15.10.2012

LOCATIONS

Registered Office :	Nasser Avenue, Durgapur-713212, West Bengal, India
Tel. No.:	Not Available
Mobile No.:	91-9830751243 (Mr. Arjit De)
Fax No.:	Not Available
E-Mail :	bhcpltd@gmail.com
Website :	www.balajihydrocarbons.com
Area :	150 Sq. Ft.
Location :	Leased
Corporate Office :	19, 3^rd Floor, Kenderdine Lane, Kolkata-700012, West Bengal, India
Tel. No.:	91-33-22122656/30257783
Area :	750 Sq. Ft.
Location :	Rented
Factory :	Village Gopal, Post Narayanpur, P.S., Heturis, District Purulia, West Bengal, India
Area :	7.5 Biga
Location :	Owned

DIRECTORS

AS ON 30.09.2011

Name :	Mr. Anil Kumar De
Designation :	Director
Address :	P-104, Bangur Avenue, Block-A, Kolkata-700055, West Bengal, India
Date of Birth/Age :	10.07.1944
Date of Appointment :	13.11.2010
DIN No.:	00549310

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	Company/ LLP Status	Defaulting status
1	U63022WB1998PTC086842	MAHESHWARI MULTIPLE MILLS PRIVATE LIMITED	Director	26/03/1998	26/03/1998	Active	NO
2	U01111WB2000PTC091637	SALASAR FARM PRODUCTS PRIVATE LIMITED	Director	07/04/2000	07/04/2000	Active	NO
3	U24119WB1998PTC087350	DURGAPUR NAPTHALENE PRIVATE LIMITED	Director	28/04/2004	28/04/2004	Active	NO
4	U51109WB1995PTC069459	BOSCO TIE-UP PRIVATE LIMITED	Director	20/10/2010	20/10/2010	Active	NO
5	U10102WB2007PTC120602	BALAJI HYDRO CARBONS PRIVATE LIMITED	Director	13/11/2010	13/11/2010	Active	NO

Name :	Mr. Anubha De
Designation :	Director
Address :	P-104, Bangur Avenue, Block-A, Kolkata-700055, West Bengal, India
Date of Birth/Age :	11.02.1951
Date of Appointment :	13.11.2010
DIN No.:	00549317

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	Company/ LLP Status	Defaulting status
1	U63022WB1998PTC086842	MAHESHWARI MULTIPLE MILLS PRIVATE LIMITED	Director	26/03/1998	26/03/1998	Active	NO
2	U01111WB2000PTC091637	SALASAR FARM PRODUCTS PRIVATE LIMITED	Director	13/09/2002	13/09/2002	Active	NO
3	U24119WB1998PTC087350	DURGAPUR NAPTHALENE PRIVATE LIMITED	Director	31/03/2007	31/03/2007	Active	NO
4	U51109WB1995PTC069459	BOSCO TIE-UP PRIVATE LIMITED	Director	20/10/2010	20/10/2010	Active	NO
5	U10102WB2007PTC120602	BALAJI HYDRO CARBONS PRIVATE LIMITED	Director	13/11/2010	13/11/2010	Active	NO

Name :	Mr. Arijit De
Designation :	Director
Address :	P-104, Bangur Avenue, Block-A, Kolkata-700055, West Bengal, India
Date of Appointment :	23.12.2010
DIN No.:	00549332

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	Company/ LLP Status	Defaulting status
1	U24119WB1998PTC087350	DURGAPUR NAPTHALENE PRIVATE LIMITED	Director	28/04/2004	28/04/2004	Active	NO
2	U01111WB2000PTC091637	SALASAR FARM PRODUCTS PRIVATE LIMITED	Director	28/04/2004	28/04/2004	Active	NO
3	U63022WB1998PTC086842	MAHESHWARI MULTIPLE MILLS PRIVATE LIMITED	Director	28/04/2004	28/04/2004	Active	NO
4	U51109WB1995PTC069459	BOSCO TIE-UP PRIVATE LIMITED	Director	20/10/2010	20/10/2010	Active	NO
5	U10102WB2007PTC120602	BALAJI HYDRO CARBONS PRIVATE LIMITED	Director	23/12/2010	23/12/2010	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2011

Names of Shareholders	No. of Shares
Salasar Farm Products (Private) Limited, India	216000
Arjit De	58667
Bosco Tie-Up (Private) Limited, India	421333
Durgapur Napthalene (Private) Limited, India	197000
Maheshwari Multiple Mills (Private) Limited, India	191200
Anil Kumar De	25800
TOTAL	1110000

AS ON 30.09.2011

Equity Shares Break Up	Percentage of Holding
Bodies corporate	92.00
Directors or relatives of Directors	8.00
TOTAL	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Coal Tar Pitch, Heavy Creosote Oil and Crude Naphtha
Terms :
Selling :	Cash, Credit
Purchasing :	Cash, Credit

PRODUCTION STATUS (AS ON : 31.03.2010)

Particulars	Unit	Actual Production
Coal Tar	MT	25.570

GENERAL INFORMATION

Suppliers :

· IISCO

Customers :

End Users

· Graphite India Limited

No. of Employees :

30 (Approximately)

Bankers :

· Punjab National Bank, Bhiringee, Durgapur-713213, West Bengal, India

Facilities :

Secured Loan	Rs. In Millions 31.03.2011	Rs. In Millions 31.03.2010
Term Loan From Punjab National Bank, Durgapur	15.883	0.000
Cash Credit with Punjab National Bank, Durgapur	0.096	0.000
TOTAL	15.979	0.000
NOTES 1. Term loan from PNB is secured against hypothecation of all movable and immovable fixed assets, Fixed Deposits and personal Guarantee of directors. 2. Cash credit with PNB is secured against hypothecation of stock, receivables and other current assets and personal Guarantee of Directors.
Unsecured Loan	Rs. In Millions 31.03.2011	Rs. In Millions 31.03.2010
From Bodies Corporates	0.000	8.360
TOTAL	0.000	8.360

Banking Relations :	--
Auditors :
Name :	Jian Khemka and Associates Chartered Accountant
Address :	Shahid Khudiram Sarani, City Cntre, Durgapur-713216, West Bengal, India
PAN No.:	AADFJ9988P

CAPITAL STRUCTURE

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
1250000	Equity Shares	Rs.10/- each	Rs. 12.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1110000	Equity Shares	Rs.10/- each	Rs. 11.100 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		11.100	11.100	11.100
2] Share Application Money		0.000	3.500	0.000
3] Reserves & Surplus		10.216	10.219	12.300
4] (Accumulated Losses)		0.000	0.000	(0.017)
NETWORTH		21.316	24.819	23.383
LOAN FUNDS
1] Secured Loans		15.979	0.000	0.000
2] Unsecured Loans		0.000	8.360	5.197
TOTAL BORROWING		15.979	8.360	5.197
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		37.295	33.179	28.580
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		28.185	27.940	23.466
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	0.604	0.605	0.103
	Sundry Debtors	0.000	0.000	0.000
	Cash & Bank Balances	2.697	0.045	1.503
	Other Current Assets	0.000	0.000	2.059
	Loans & Advances	5.761	4.951	1.555
Total Current Assets		9.062	5.601	5.220
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	0.017	0.333	0.089
	Other Current Liabilities	0.000	0.073	0.082
	Provisions	0.000	0.021	0.021
Total Current Liabilities		0.017	0.427	0.192
Net Current Assets		9.045	5.174	5.028
MISCELLANEOUS EXPENSES		0.065	0.065	0.086
TOTAL		37.295	33.179	28.580

PROFIT & LOSS ACCOUNT

	PARTICULARS			31.03.2010	31.03.2009
	SALES
		Income		4.770	0.055
		Other Income
		TOTAL		4.770	0.055
Less	EXPENSES
		Office Expenses		6.832	0.052
		Administrative Expenses
		Advertising Expenses
		TOTAL		6.832	0.052
	PROFIT / (LOSS) BEFORE TAX			(2.062)	0.003
Less	TAX			0.076	0.021
	PROFIT / (LOSS) AFTER TAX			(2.138)	(0.018)
	Earnings Per Share (Rs.)			(1.86)	--

Particulars	31.03.2012
Sales Turnover (Approximately)	98.000

Expected Sales (2012-2013) : Rs. 160.000 Millions

The above information has been parted by Mr. Arijit De.

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	NA	(44.82)	(32.73)
Return on Total Assets (PBT/Total Assets}	(%)	NA	(6.15)	0.01
Return on Investment (ROI) (PBT/Networth)		NA	(0.08)	0.00
Debt Equity Ratio (Total Liability/Networth)		0.75	0.35	0.23
Current Ratio (Current Asset/Current Liability)		533.06	13.12	27.19

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	Yes
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last two years	Yes
12]	Profitability for last two years	Yes
13]	Reasons for variation <> 20%	-----
14]	Estimation for coming financial year	Yes
15]	Capital in the business	Yes
16]	Details of sister concerns	No
17]	Major suppliers	Yes
18]	Major customers	Yes
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	No
21]	Market information	-----
22]	Litigations that the firm / promoter involved in	-----
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	-----
26]	Buyer visit details	-----
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

NOTE

Registered office has been shifted from 35,Chittranjan Avenue, 2^nd Floor, Kolkata-700012, West Bengal, India to the present address w.e.f. 28.02.2011

OPERATIONS

They are in the process of setting up a coal tar manufacturing unit. The company is taking necessary steps to start production at the earliest possible. Barring unforeseen circumstances, the directors are hopeful of better results in the ensuing year.

FORM 8

Corporate identity number of the company	U10102WB2007PTC120602
Name of the company	BALAJI HYDRO CARBONS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Nasser Avenue, Durgapur-713212, West Bengal, India
This form is for	Creation of charge
Type of charge	· Immovable property · Book debts · Others
Particular of charge holder	Punjab National Bank, Bhiringee, Durgapur-713213, West Bengal, India
Nature of instrument creating charge	Hypothecation of assets to secure term loan, Hypothecation of Goods and Book debts to secure cash credit facilities
Date of instrument Creating the charge	18.02.2011
Amount secured by the charge	Rs. 38.500 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest Term Loan-Base Rate+4%+TP of 0.50% i.e 14%. Cash Credit-Base Rate + 4% i.e 13.5%.(presently BR 9.5%), subject to change as per bank norms Terms of repayment Term Loan- Monthly installment from Rs.0.233 Million w.e.f Nov 11 and interest will be paid as and when due. Margin Term Loan-64%, Cash Credit-25% on stock,40% on book debt, Letter of Credit-25% in the form of bank's fixed deposit Extent and operation of the charge Exclusive first charge on entire Land, Building, Plant and Machinery and other Fixed assets of the company. Exclusive first charge on entire current assets, stock in trade and receivables of the company.
Short particulars of the property charged (Including location of the property)	Exclusive first charge on entire Land, Building, Plant and Machinery and other Fixed assets of the company Exclusive first charge on entire current assets, stock in trade and receivables of the company.

TRADE REFERENCES

· Graphite India Limited

· IISCO

FIXED ASSETS

· Land

· Factory Shed and Building

· Furniture and Fixtures

· Plant and Machinery

· Chimney

· Generator

· Invertors

· Laboratory Equipment

· Pipeline and Pipe Fitting

· Tank

· Tubewell

· Kitchen Equipment

· Welding Machine

· Computer

· Air Compressor

· Fire Extinguisher

· Motor Pump

· Pollution Control System

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 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. 53.67
UK Pound	1	Rs. 86.04
Euro	1	Rs. 70.06

INFORMATION DETAILS

Information Gathered by :	SVA
Report Prepared by :	DPT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
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	2
--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		26

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.