MIRA INFORM REPORT

Report Date :

30.10.2012

IDENTIFICATION DETAILS

Name :	BHATIA GLOBAL TRADING LIMITED
Registered Office :	BCC House, 8/5 Manorama Ganj, Navratan Bagh, Main Road, Indore – 452001, Madhya Pradesh
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	28.08.1991
Com. Reg. No.:	10-006626
Capital Investment / Paid-up Capital :	Rs. 379.770 Millions
CIN No.: [Company Identification No.]	U60200MP1991PLC006626
TAN No.: [Tax Deduction & Collection Account No.]	BPLB02964D
PAN No.: [Permanent Account No.]	AAACB6751C
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Trader and Importer of Coal
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (50)

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

Maximum Credit Limit :	USD 9600000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is an established company having good track record. In the year 2010-2011 company has performed well. Financially company appears to be strong. Trade relations are reported to be fair. Business is active. Payments are reported to be regular and as per commitments. The company can be considered for normal business dealings at usual trade terms and condition.

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

EXTERNAL AGENCY RATING

Rating Agency Name	CARE
Rating	Long Term bank facilities : (CARE) BBB+
Rating Explanation	Having moderate degree of safety regarding timely servicing of financial obligation it carry moderate credit risk.
Date	April 2012

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 :	BCC House, 8/5 Manorama Ganj, Navratan Bagh, Main Road, Indore – 452001, Madhya Pradesh, India
Tel. No.:	91-731-4200211 / 4066101
Fax No.:	91-731-4066102
E-Mail :	cs@bhatiacoalindia.com roshitjain@bhatiacoalindia.com
Website :	www.bhatiacoalindia.com
Head Office :	“BCC House”, Plot No. 4, 6^th Avenue, Harrington Road, Chetpet, Chennai – 600031, Tamilnadu, India
Tel. No.:	91-44-45590050 / 51
Fax No.:	91-44-45590057 / 58
E-Mail :	chennai@bhatiacoalindia.com
Branch Office :	Ambika Apartment 24 Wardhman Nagar, Nagpur – 440008, Maharashtra, India

DIRECTORS

AS ON 29.09.2011

Name :

Mr. Surinder Singh Bhatia

Designation :

Managing director

Address :

Plot No. 13 and 14, Aditya Nagar, Indore – 452001, Madhya Pradesh, India

Date of Birth/Age :

09.08.1963

Date of Appointment :

01.09.2012

PAN No.:

ABHPB5246R

DIN No.:

00038741

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	L65922MP1993PLC007767	BHATIA INDUSTRIES AND INFRASTRUCTURE LIMITED	Whole-time director	19/10/2009	08/07/1993	-	Active	NO
2	U63090MP1995PLC009476	BCC CARGO LIMITED	Director	25/05/1995	25/05/1995	-	Active	NO
3	U10102MP1997PLC011857	BCC ENTERPRISES (INDIA) LIMITED	Director	28/04/1997	28/04/1997	30/04/2012	Active	NO
4	U70102MP1997PTC012118	BCC ESTATES PRIVATE LIMITED	Director	09/07/1997	09/07/1997	-	Active	NO
5	U23101MP1999PLC013713	ASIAN NATURAL RESOURCES (INDIA) LIMITED	Director	31/08/2012	01/01/2004	-	Active	NO
6	U15540MP1966PTC001016	BHATIA SOFTWARE AND REALTORS PRIVATE LIMITED	Director	05/05/2004	05/05/2004	-	Active	NO
7	U51101MP1997PLC012380	ISHHAR OVERSEAS LIMITED	Director	04/03/2005	04/03/2005	-	Active	NO
8	U51102MP2008PLC020780	BHATIA COAL WASHERIES LIMITED	Director	13/06/2008	13/06/2008	06/07/2011	Active	NO
9	U40100MP2008PLC020787	BHATIA COKE AND ENERGY LIMITED	Director	13/06/2008	13/06/2008	-	Active	NO
10	U74140MP1974PTC015187	RELIANCE SERVICES AND CONSULTANTS PRIVATE LIMITED	Director	30/09/2009	01/08/2009	-	Active	NO
11	U80300MP2009PLC022462	BHATIA PROFESSIONAL EDUCATION INSTITUTIONS (INDORE) LIMITED	Director	05/10/2009	05/10/2009	-	Active	NO
12	U10100MP2009PLC022493	BHATIA SONS (INDIA) LIMITED	Director	13/10/2009	13/10/2009	-	Active	NO
13	U45203MP2009PLC022492	BHATIA PORT AND INFRASTRUCTURE LIMITED	Director	13/10/2009	13/10/2009	-	Active	NO
14	U10100MP2009PLC022514	BHATIA OSL WASHERIES AND MINERALS LIMITED	Director	16/10/2009	16/10/2009	-	Active	NO
15	U70100MP2010PTC023650	GSB REAL ESTATES PRIVATE LIMITED	Director	28/05/2010	28/05/2010	-	Active	NO
16	U70101MP2010PTC023930	SSB LAND DEVELOPERS PRIVATE LIMITED	Director	16/07/2010	16/07/2010	-	Active	NO
17	U40100MP2010PLC024232	BHATIA ENERGY LIMITED	Director	01/09/2010	01/09/2010	-	Active	NO
18	U60200MP1991PLC006626	BHATIA GLOBAL TRADING LIMITED	Managing director	01/09/2012	30/06/2011	-	Active	NO
19	U92100MP2012PTC027986	BHATIA ENTERTAINMENT PRIVATE LIMITED	Director	15/03/2012	15/03/2012	-	Active	NO

Name :

Mr. Amandeep Singh Bhatia

Designation :

Director

Address :

360 Vishnupuri NX, Indore – 452001, Madhya Pradesh, India

Date of Birth/Age :

23.10.1981

Date of Appointment :

30.09.2009

DIN No.:

00038591

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	U70102MP1997PTC012118	BCC ESTATES PRIVATE LIMITED	Director	31/03/2003	31/03/2003	-	Active	NO
2	U23101MP1999PLC013713	ASIAN NATURAL RESOURCES (INDIA) LIMITED	Whole-time director	01/10/2010	27/08/2003	11/08/2012	Active	NO
3	U74140MP1974PTC015187	RELIANCE SERVICES AND CONSULTANTS PRIVATE LIMITED	Director	30/09/2008	16/06/2008	-	Active	NO
4	U51102MP2008PLC020780	BHATIA COAL WASHERIES LIMITED	Director	24/09/2012	21/06/2008	-	Active	NO
5	U40100MP2008PLC020787	BHATIA COKE AND ENERGY LIMITED	Managing director	11/08/2012	21/06/2008	-	Active	NO
6	U60200MP1991PLC006626	BHATIA GLOBAL TRADING LIMITED	Director	30/09/2009	01/08/2009	-	Active	NO
7	U80300MP2009PLC022462	BHATIA PROFESSIONAL EDUCATION INSTITUTIONS (INDORE) LIMITED	Director	05/10/2009	05/10/2009	-	Active	NO
8	U40100MP2010PLC024232	BHATIA ENERGY LIMITED	Director	01/09/2010	01/09/2010	-	Active	NO
9	U10100MP2009PLC022493	BHATIA SONS (INDIA) LIMITED	Director	30/09/2011	02/07/2011	-	Active	NO
10	U51101MP1997PLC012380	ISHHAR OVERSEAS LIMITED	Director	29/09/2012	11/08/2012	-	Active	NO
11	U63090MP1995PLC009476	BCC CARGO LIMITED	Director	29/09/2012	11/08/2012	-	Active	NO

Name :

Mr. Lal Krishna Thanvi

Designation :

Director

Address :

7 Ganeshkripa Appartment, Ichchanath, Surat – 395001, Gujarat, India

Date of Birth/Age :

01.01.1962

Date of Appointment :

23.09.2010

DIN No.:

00051283

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	U23101MP1999PLC013713	ASIAN NATURAL RESOURCES (INDIA) LIMITED	Director	01/01/2004	01/01/2004	08/03/2008	Active	NO
2	L65922MP1993PLC007767	BHATIA INDUSTRIES AND INFRASTRUCTURE LIMITED	Director	05/09/2005	05/09/2005	-	Active	NO
3	U60200MP1991PLC006626	BHATIA GLOBAL TRADING LIMITED	Director	23/09/2010	25/03/2010	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Ravi Kumar
Designation :	Branch Incharge
Name :	Mr. Kailash Kasliwal
Designation :	General Manager-Coordination

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 29.09.2011

Names of Shareholders	No. of Shares
Gurvinder Singh Bhatia	63429
Veena Bhatia	433151
Surinder Singh Bhatia	450
Gurvinder Kaur Bhatia	200
S. S. Bhatia (HUF)	150
Amandeep Singh Bhatia	8182200
Ishipal Kaur Bhatia	10
G. S. Bhatia (HUF)	50
M. S. Bhatia	10
Inderjeet Kaur Bhatia	130
M. S. Bhatia HUF	200
Amitoj Kaur Bhatia	10
Narinder Kaur Bhatia	450
Ishhar Overseas Limited, India	20
BCC Enterprises (India) Limited, India	20
BCC Estates Private Limited, India	20
BCC Cargo Limited, India	20
Reliance Services and Consultants Limited, India	20
Bhatia Industries and Infrastructure Limited, India	450
Bhatia International Limited, India	450

Fully paid-up Equity Shares	No. of Shares
Bhatia International Limited, India	62371
Bhatia Sons (India) Limited, India	19000000
Total	19062371

AS ON 29.09.2011

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	90.98
Directors or relatives of directors	9.02
Total	100.00

BUSINESS DETAILS

Line of Business :

Trader and Importer of Coal

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

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

Facilities :

Secured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
Rupee term loans banks secured	5.142	0.000
Working capital loans banks secured	5905.709	0.000
Loans taken for vehicles secured	21.775	0.000
Total	5932.626	0.000
Unsecured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
Loans directors unsecured	43.204	133.539
Total	43.204	133.539

Banking Relations :	--
Auditors :
Name :	R. S. Bansal and Company Chartered Accountants
Address :	"Uravshi" 1st Floor, 3 Jaora Compound, Indore – 452001, Madhya Pradesh, India
Income-tax PAN of auditor or auditor's firm :	AABFR4852J
Holding Company :	Bhatia Sons (India) Limited [U10100MP2009PLC022493]
Associates :	Ø Bhatia International Limited [U23101MP1999PLC013713] Ø Bhatia Coke and Energy Limited [U40100MP2008PLC020787] Ø Bhatia Coal Washeries Limited [U10100MP2008PLC020780] Ø Bhatia Industries and Infrastructure Limited [L65922MP1993PLC007767] Ø BCC Enterprises (India) Limited [U10102MP1997PLC011857] Ø BCC Estates Private Limited [U70102MP1997PTC012118] Ø Ishhar Overseas Limited [U51101MP1997PLC012380] Ø Reliance Services and Consultants Limited [U74140MP1974PLC015187] Ø Bhatia International Pte. Limited Ø IOF Pte Limited Ø BCC Cargo Limited [U63090MP1995PLC009476]
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives :	Associated Transport

CAPITAL STRUCTURE

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
20000000	Equity Shares	Rs. 10/- each	Rs. 200.000 Millions
2000000	Equity Shares	Rs. 100/- each	Rs. 200.000 Millions
	Total		Rs. 400.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
19062371	Equity Shares	Rs.10/- each	Rs. 190.624 Millions
1891460	Equity Shares	Rs. 100/- each	Rs. 189.146 Millions
	Total		Rs. 379.770 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		379.770	189.146	95.096
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		2043.799	11.023	8.209
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		2423.569	200.169	103.305
LOAN FUNDS
1] Secured Loans		5932.626	0.000	0.000
2] Unsecured Loans		43.204	133.539	0.000
TOTAL BORROWING		5975.830	133.539	0.000
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		8399.399	333.708	103.305
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		263.555	0.000	0.000
Capital work-in-progress		15.476	0.000	0.000
INVESTMENT		238.556	240.202	33.442
DEFERREX TAX ASSETS		0.043	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	2799.913	0.177	0.000
	Sundry Debtors	2909.791	4.428	0.000
	Cash & Bank Balances	461.609	12.663	8.832
	Other Current Assets	42.864	4.874	0.000
	Loans & Advances	6198.099	59.926	61.294
Total Current Assets		12412.276	82.068	70.126
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	4051.946	4.500	0.000
	Other Current Liabilities	234.757	0.240	0.018
	Provisions	262.056	0.715	0.820
Total Current Liabilities		4548.759	5.455	0.838
Net Current Assets		7863.517	76.613	69.288
MISCELLANEOUS EXPENSES		18.252	16.893	0.575
TOTAL		8399.399	333.708	103.305

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	4237.510	4.435	6.498
		Other Income	596.078	4.091	1.815
		TOTAL	4833.588	8.526	8.313
Less	EXPENSES
		Consumption materials changes inventories	3747.998	4.413
		Employee related expenses	23.606	0.000
		Administrative selling other expenses	285.309	0.585
		Research development expenditure	3.200	0.000
		TOTAL	4060.113	4.998	4.434
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		773.475	3.528	3.879
Less	FINANCIAL EXPENSES		52.520	0.004	0.001
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		720.955	3.524	3.878
Less/ Add	DEPRECIATION/ AMORTISATION		6.219	0.000	0.000
	NET PROFIT (LOSS) BEFORE TAX, PRIOR PERIOD AND EXTRAORDINARY ITEMS		714.736	3.524	3.878
	PRIOR PERIOD ITEMS BEFORE TAX		0.374	0.000	0.000
	PROFIT BEFORE TAX		715.110	3.524	3.878
Less	TAX		240.004	0.715	0.820
	PROFIT AFTER TAX		475.106	2.809	3.058
	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		11.023	8.209	5.151
	APPROPRIATIONS
		Transfer to General Reserve	12.500	0.000	0.000
		Dividend	18.914	0.000	0.000
		Tax on Dividend	3.142	0.000	0.000
	BALANCE CARRIED TO THE B/S		451.573	11.023	8.209
	CIF VALUE OF IMPORTS		2645.280	Nil	Nil
	Earnings Per Share (Rs.)		21.60	1.49	3.22

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	9.83	32.95	36.79
Net Profit Margin (PBT/Sales)	(%)	16.88	79.46	59.68
Return on Total Assets (PBT/Total Assets}	(%)	5.64	4.29	5.53
Return on Investment (ROI) (PBT/Networth)		0.30	0.02	0.04
Debt Equity Ratio (Total Liability/Networth)		4.34	0.69	0.01
Current Ratio (Current Asset/Current Liability)		2.73	15.04	83.68

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	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	No
9]	Name of person contacted	No
10]	Designation of contact person	No
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	--
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
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	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

BUSINESS OPERATIONS

During the period, the total Turnover of the Company increased from Rs. 4.435 Millions to Rs. 4237.510 Millions The company posted Profit after tax of Rs.475.105 Millions. The Sales of the Company is increased by 954.45% and Profit after Tax is increased by 167.83% as compared to the previous year. During the year company handled 2,54,890 Metric Tons of Indigenous Coal and 15,10,499 Metric Tons of Imported Coal.

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U60200MP1991PLC006626
Name of the company	BHATIA GLOBAL TRADING LIMITED
Address of the registered office or of the principal place of business in India of the company	BCC House, 8/5, Manoramaganj, Navratan Bagh Main Road, Indore- 452001, Madhya Pradesh, India Email: cs@bhatiacoalindia.com
This form is for	Creation of charge
Type of charge	Movable Property
Particular of charge holder	HDFC Bank Limited, HDFC Bank House Senapati Bapat Marg, Lower Parel W, Mumbai – 400013, Maharashtra, India CIN No.: L65920MH1994PLC080618 Email: cpu-retailassetoperations.rocefiling@hdfcbank.com
Nature of description of the instrument creating or modifying the charge	Agreement for Loan and Guarantee. (Contracts No.: 3362323 )
Date of instrument Creating the charge	18.03.2011
Amount secured by the charge	Rs. 1.700 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest Interest @ 11.98 % p.a. Terms of Repayment The Loan is repayable in 36 EMIs of Rs. 0.055 Million (3 EMI is in Advance) starting from 5th April, 2011 ending on 5th December, 2013. Margin As may be stipulated by bank from time to time. Extent and Operation of the charge The Company hypothecates to and charges in favour of the Bank by way of first and exclusive charge of the Vehicle/ equipment for the repayment/payment by the company of the loan granted or to be granted to the company by the Bank together with all fees, interest, costs and expenses incurred/to be incurred by the Bank and all other monies payable or to become payable by the company to the Bank. Others The Bank shall be absolutely entitled and have full power and authority to sell, assign or transfer in any manner, in whole or in part, and in such manner and on such terms as the Bank may decide, including reserving a right to the Bank to retain its power to proceed against the company on behalf of the purchaser, assignee or transferee, any or all outstanding dues of the company, to any third party of the Bank's choice without reference to or without written intimation to the company.
Short particulars of the property charged	Hypothecation of Equipment namely : AL 120 Wheel Loader (Year of Manufacture: 2010)

CONTINGENT LIABILITIES NOT PROVIDED FOR:

(Rs. in Millions)

Contingent Liability not provided for :	31.03.2011	31.03.2010
i. Bills Discounted with Banks.	308.903	Nil
ii. Bank Guarantees issued in favor of Customers/ various Parties.	9.540	Nil
iii. Corporate Guarantee issued on behalf of Group Companies.	2600.000	4000.000
vi. Letter of Credit Outstanding	10.815	Nil

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. 53.81
UK Pound	1	Rs. 86.52
Euro	1	Rs. 69.50

INFORMATION DETAILS

Report Prepared by :

BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--CREDIT LINES	1~10	6
--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	YES
--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.