MIRA INFORM REPORT

Report Date :

22.09.2012

IDENTIFICATION DETAILS

Name :	BLB COMMODITIES LIMITED (w.e.f. 27.02.2012)
Formerly Known As :	BLB COMMODITIES TRADERS PRIVATE LIMITED
Registered Office :	Plot 1328, Sector-28, Faridabad-121002, Haryana
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	26.08.2003
Com. Reg. No.:	05-041919
Capital Investment / Paid-up Capital :	Rs. 45.000 millions
CIN No.: [Company Identification No.]	U51909HR2003PTC041919
PAN No.: [Permanent Account No.]	AACCB2443B
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Trading in Commodities, Commodity Derivative, Hedging, etc.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (30)

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

Maximum Credit Limit :	USD 200000
Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is a subsidiary of BLB Limited. It is an established company having moderate track. Reserves appears to be insufficient. However, trade relations are reported as fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings with some caution. Note: ‘ BLB Commodities Private Limited’ is known as ‘ BLB Commodities Limited’ with effect from 07.03.2012

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 :	Plot 1328, Sector-28, Faridabad-121002, Haryana, India
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	vikramrathi@blblimited.com uttam@blblimited.com drscgupta@hotmail.com
Head Office :	ECE House, 28-A, 3rd Floor, Annexe II, K.G. Marg, New Delhi (India) – 110001, India
Tel. No.:	91-11-49325650 / 32968111 / 23352749/ 23359521/ 23322835
Fax No.:	91-11-49325637 / 23352750
E-Mail :	trade@blbcommodities.com

DIRECTORS

As on 28.09.2011

Name :

Brij Rattan Bagri

Designation :

Director

Address :

4318/3, Ansari Road, Darya Ganj, New Delhi-110002, India

Date of Birth/Age :

12.12.1950

Date of Appointment :

26.08.2003

DIN No.:

00007441

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	L67120DL1981PLC012767	BLB LIMITED	Director	04/12/1981	04/12/1981	-	Active	NO
2	U51909HR2003PLC041919	BLB COMMODITIES LIMITED	Director	26/08/2003	26/08/2003	-	Active	NO
3	U80301DL2005PLC142042	BLB INSTITUTE OF FINANCIAL MARKETS LIMITED	Director	01/07/2008	21/10/2005	-	Active	NO
4	U70109DL2007PLC164266	SRI CHATURBHUJ PROPERTIES LIMITED	Director	01/07/2008	01/06/2007	-	Active	NO
5	U51909DL2011PLC225651	BLB GLOBAL BUSINESS LIMITED	Director	29/09/2011	29/09/2011	-	Active	NO

Name :

Vikram Rathi

Designation :

Director

Address :

14/7, First Floor, Kalkaji, New Delhi-110019, India

Date of Birth/Age :

13.01.1966

Date of Appointment :

26.08.2003

DIN No.:

00007325

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	L67120DL1981PLC012767	BLB LIMITED	Whole-time director	30/01/2011	28/01/1994	-	Active	NO
2	U51909HR2003PLC041919	BLB COMMODITIES LIMITED	Director	26/08/2003	26/08/2003	-	Active	NO
3	U70109DL2007PLC164266	SRI CHATURBHUJ PROPERTIES LIMITED	Director	01/06/2007	01/06/2007	-	Active	NO
4	U70200DL2010PLC211159	SRI SHARADAMBA PROPERTIES LIMITED	Director	07/12/2010	07/12/2010	-	Active	NO
5	U51909DL2011PLC225651	BLB Global Business Limited	Director	29/09/2011	29/09/2011	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 28.09.2011

Names of Shareholders	No. of Shares
BLB Limited	6999994
Brij Rattan Bagri	1
Vikram Rathi	1
Satish Kumar Sharma	1
Vikash Rawal	1
Deepak Srivastava	1
Ajay Sharma	1
Total	7000000

List of Allottees as on 30.06.2011

Names of Shareholders	No. of Shares
BLB Limited	2500000
Total	2500000

Equity Share Break up (Percentage of Total Equity)

As on 28.09.2011

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Trading in Commodities, Commodity Derivative, Hedging, etc.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

Yes Bank Limited, 9^th Floor, Nehru Centre, Discovery of India, Dr. Annie Besant Road, Worli, Mumbai-400018, Maharashtra, India

Facilities :

Secured Loan	31.03.2011 (Rs. in Millions)	31.03.2010 (Rs. in Millions)
Working capital loans banks secured	47.043	0.000
Total	47.043	0.000
Unsecured Loan	31.03.2011 (Rs. in Millions)	31.03.2010 (Rs. in Millions)
Loans directors unsecured	10.000	0.000
Deposits related parties unsecured	265.000	72.500
Interest accrued due other debt unsecured	12.771	0.037
Total	287.771	72.537

Banking Relations :	--
Auditors :
Name :	Rohit KC Jain and Company Chartered Accountants
Address :	124, Hans Bhavan, 1 Bahadur Shah Zafar Marg, New Delhi, India
PAN No.:	AAKFR4298R
Memberships :	· National Commodity and Derivatives Exchange Limited (NCDEX) · Multi Commodity Exchange (MCX) · ACE Derivatives and Commodity Exchange (ACE) · National Spot Exchange Limited (NSEL) · Indian Commodity Exchange Limited (ICEX)
Affiliations:	· Spice Board of India · Agricultural and Processed Food Products Export Development Authority (APEDA) · National Agricultural Co-Operative Marketing Federation of India Ltd (NAFED) · Member of Indian Oilseeds and Produce Export Promotion Council (IOPEPC) · Rubber Board of India · International Organization for Standardization (ISO 9001:2008) · U.S. Food and Drug Administration (U.S.-FDA)
Holding Company:	BLB Limited (L67120DL1981PLC012767)
Fellow Subsidiary:	BLB Institute of Financial Markets Limited

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital : Rs.75.000 Millions

Issued, Subscribed & Paid-up Capital : Rs. 45.000 Millions

As on 28.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
7500000	Equity Shares	Rs.10/- each	Rs.75.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
7000000	Equity Shares	Rs.10/- each	Rs.70.000 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		45.000	45.000	6.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		5.846	2.981	0.745
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		50.846	47.981	6.745
LOAN FUNDS
1] Secured Loans		47.043	0.000	0.000
2] Unsecured Loans		287.771	72.537	12.200
TOTAL BORROWING		334.814	72.537	12.200
DEFERRED TAX LIABILITIES		0.000	0.143	0.000
TOTAL		385.660	120.661	18.945
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		0.801	0.877	1.080
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		20.004	0.000	0.000
DEFERRED TAX ASSETS		0.245	0.000	0.284
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	226.501	59.030	0.000
	Sundry Debtors	66.079	0.000	0.000
	Cash & Bank Balances	48.655	34.159	8.760
	Other Current Assets	34.154	24.316	7.566
	Loans & Advances	41.778	4.871	1.106
Total Current Assets		417.167	122.376	17.432
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	42.676	2.346	0.191
	Other Current Liabilities	3.648	0.025	0.009
	Provisions	6.856	1.044	0.055
Total Current Liabilities		53.180	3.415	0.255
Net Current Assets		363.987	118.961	17.177
MISCELLANEOUS EXPENSES		0.623	0.823	0.404
TOTAL		385.660	120.661	18.945

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income		28.616	0.465
		Other Income		0.965	0.289
		TOTAL (A)	NA	29.581	0.754
Less	EXPENSES
		Purchases		77.487	0.000
		Operational Expenses		3.415	0.456
		Administrative Expenses and Other Expenses		0.771	0.121
		Personnel Expenses		0.388	0.001
		Miscellaneous Expenditure Written Off		0.231	0.101
		Increase/ (Decrease) in Stock		(59.030)	0.000
		TOTAL (B)	NA	23.262	0.679
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		NA	6.319	0.075
Less	FINANCIAL EXPENSES (D)		NA	2.274	0.260
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		NA	4.045	(0.185)
Less/ Add	DEPRECIATION/ AMORTISATION (F)		NA	0.362	0.573
	PROFIT/ (LOSS) BEFORE TAX AND PRIOR PERIOD ITEMS(E-F) (G)		NA	3.683	(0.758)
Less	PRIOR PERIOD ADJUSTMENT (H)		NA	0.012	0.010
	PROFIT BEFORE TAX (G-H) (I)		8.328	3.671	(0.768)
Less	TAX (J)		5.463	1.436	(0.034)
	PROFIT AFTER TAX (I-J) (K)		2.865	2.235	(0.734)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		2.981	0.746	1.480
	BALANCE CARRIED TO THE B/S		5.846	2.981	0.746
	Earnings Per Share (Rs.)		0.64	1.06	NA

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	NA	7.56	(97.35)
Net Profit Margin (PBT/Sales)	(%)	NA	12.83	(165.16)
Return on Total Assets (PBT/Total Assets}	(%)	1.99	2.98	(1.15)
Return on Investment (ROI) (PBT/Networth)		0.16	0.08	(0.11)
Debt Equity Ratio (Total Liability/Networth)		7.63	1.58	1.85
Current Ratio (Current Asset/Current Liability)		7.84	35.83	68.36

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	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

Note:

Registered office of the company has been shifted from 4764/ 23-A, Ansari Road, Daryaganj, New Delhi-110002, India to the present address w.e.f. 02.12.2010

Contingent liabilities not provided for:

(Rs. in Millions)

PARTICULARS	31.03.2011	31.03.2010
Guarantees issued by banks on behalf of the company.	75.000	30.000

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U51909HR2003PLC041919
Name of the company	BLB COMMODITIES LIMITED
Address of the registered office or of the principal place of business in India of the company	Plot 1328, Sector-28, Faridabad-121002, Haryana, India Email: vikramrathi@blblimited.com
This form is for	Creation of charge
Type of charge	· Book debts · Movable property (not being pledge) · Floating charge · Current Assets (p and f )
Particular of charge holder	Yes Bank Limited, 9^th Floor, Nehru Centre, Discovery of India, Dr. Annie Besant Road, Worli, Mumbai-400018, Maharashtra, India Email: dlbbcaddel@yesbank.in
Nature of instrument creating charge	Deed of Hypothecation
Date of instrument Creating the charge	25.07.2012
Amount secured by the charge	Rs. 50.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest FLC (U/S) -Commsn 1.25 % p.a. BC ( Sub Limit of FLC ) - LUT charges : 1.25 % p.a. Terms of Repayment FLC (U/S) - 120 days (including usance period of 90days ) BC ( Sub Limit of FLC ) - 90 days Margin FLC (U/S) -15% of the principal amount of the transaction value in the form of FD to be kept under lien with the YBL BC ( Sub Limit of FLC ) -15% of the principal amount of the transaction value in the form of FD to be kept under lien with the YBL Extent and Operation of the charge Exclusive charge by way of hypothecation on current assets (present or future )
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Exclusive charge by way of hypothecation on current assets (present or future).

FIXED ASSETS:

· Computers

· Telecom Equipments

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.53.91
UK Pound	1	Rs.87.60
Euro	1	Rs.70.01

INFORMATION DETAILS

Report Prepared by :

MRI

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	2
--LEVERAGE	1~10	3
--RESERVES	1~10	2
--CREDIT LINES	1~10	4
--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		30

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

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.