MIRA INFORM REPORT

Report Date :

06.04.2013

IDENTIFICATION DETAILS

Name :	BATHINDA INDUSTRIAL GASES PRIVATE LIMITED
Registered Office :	656, Shakti Nagar, Bathinda - 151001, Punjab
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	09.06.1968
Com. Reg. No.:	16-008473
Capital Investment / Paid-up Capital :	Rs.5.708 Millions
CIN No.: [Company Identification No.]	U24111PB1988PTC008473
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and distributor of carbon dioxide (CO2).
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (42)

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

Maximum Credit Limit :	USD 110000
Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is a part of ‘BIG GROUP’. It is an established company having a satisfactory track record. The profitability of the company appears to be low. However, general financial seems to be good. Trade relations are reported to be fair. Business is active. Payments are reported to be slow but correct. The company can be considered for 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

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 :	656, Shakti Nagar, Bathinda - 151001, Punjab, India
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	ca_cpr@yahoo.com
Website :	www.bigplgroup.com
Factory 1 :	Sivian Road, Near NFL Gate No. 2, Bathinda - 151003, Punjab, India
E-Mail :	bathinda@BIGPLgroup.com
Factory 2 :	Barelly Road, Rampur – 244901, Uttar Pradesh, India
E-Mail :	rampur@BIGPLgroup.com
Factory 3 :	GDL Compund, Rairu Farm, A.B Road, RAIRU, GWALIOR (M.P)
E-Mail :	gwalior@BIGPLgroup.com

DIRECTORS

As on: 28.09.2012

Name :	Mr. Chamatkar Singh Grover
Designation :	Managing Director
Address :	656, Shakti Nagar, Bathinda - 151001, Punjab, India
Date of Appointment :	09.06.1988
DIN No.:	00763161
Name :	Mr. Sukhpreet Singh
Designation :	Director
Address :	656, Shakti Nagar, Bathinda - 151001, Punjab, India
Date of Appointment :	22.01.2001
DIN No.:	00763387
Name :	Mr. Narinder Grover
Designation :	Director
Address :	656, Shakti Nagar, Bathinda - 151001, Punjab, India
Date of Appointment :	08.05.1997
DIN No.:	01092459

MAJOR SHAREHOLDERS

As on: 28.09.2012

Names of Shareholders	No. of Shares
Chamatkar Singh Grover	5770
Narinder Grover	12130
Sukhpreet Singh	6180
Vidya Shankar Investment Private Limited , India	15000
Skyweb India Limited, India	10000
OEC Discan Private Limited, India	8000
Total	57080

Equity Share Break up (Percentage of Total Equity)

As on: 28.09.2012

Category	Percentage
Bodies corporate	52.00
Directors or relatives of Directors	48.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and distributor of carbon dioxide (CO2).
Products :	Carbon Dioxide Gas

GENERAL INFORMATION

Customers :

· Pepsi

· Parxair

· Skol

· Coca-Cola

No. of Employees :

Not Available

Bankers :

HDFC Bank Limited, HDFC Bank Housesenapati Bapat Marg, Lower Parel W, Mumbai – 400013, Maharashtra, India

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2012	As on 31.03.2011
LONG TERM BORROWINGS
ICICI BANK LIMITED
Secured against hypothecation of Tanker Lorreies-i (Repayable in 36 Equated monthly installments)	0.000	0.238
Secured against hypothecation of Tanker Lorreies-ii (Repayable in 36 Equated monthly installments)	0.000	0.238
Secured against hypothecation of Car (Repayable in 36 Equated monthly installments)	0.341	0.000
HDFC BANK	0	0
Secured against hypothecation of Tanker Lorreies (Repayable in 35 Equated monthly installments)	3.113	4.470
SHORT TREM BORROWINGS	0	0
HDFC BANK - Overdraft Limit (secured against hypothecation of Stocks, Book Debts)	0.000	1.017
Total	3.454	5.963

Banking Relations :	--
Auditors :
Name :	Chander Raheja and Company Chartered Accountants
Address :	3065,Street No 4, Power House Road, Bathinda – 151001, Punjab, India
Tel. No.:	91-164-2212712
PAN No.:	AAGFC9575N
Group Company:	· Big Carbonics Private Limited · Big Carbondioxide Private Limited

CAPITAL STRUCTURE

As on: 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
60000	Equity Shares	Rs.100/- each	Rs.6.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
57080	Equity Shares	Rs.100/- each	Rs.5.708 Millions

Detail of Shares held by each Shareholder holding more than 5% Shares

Class of shares / Name of shareholder	As at 31 M; arch, 2012
Equity shares with voting rights	Number of Shares	% of Holding
iName of the Share Holders
IChamatkar Singh Grover	1 5770	10.12%
Sukhpreet Singh Grover	6180	10.83%
Narinder Grover	12130	21.25%
Vidya Shanker Investment Pvt Ltd	15000	26.28%
Skv Web India Ltd	10000	17.52%
O.E.C.Diascans Limited	8000	14.00%

Reconciliation of number of shares outstanding

Particulars	Number of Shares
Equity Shares at the beginning of the year	44,970
Equity Shares alloted during the year	12,110
Equity Shares at the end of the year	57,080

Shares alloted in the last five years pursuant

to Agreement and without payment received in cash-NIL

Equity Shares allotted as fully paid up by way of bonus shares.- NIL

Buy Back of shares made by Company in the last five years- NIL

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2012	31.03.2011	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		5.708	4.497	3.497
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		22.822	16.826	5.558
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		28.530	21.323	9.055
LOAN FUNDS
1] Secured Loans		3.454	5.963	3.115
2] Unsecured Loans		9.635	1.463	0.763
TOTAL BORROWING		13.089	7.426	3.878
DEFERRED TAX LIABILITIES		0.905	1.115	0.992
TOTAL		42.524	29.864	13.925
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		35.568	35.016	24.805
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		7.550	3.200	3.200
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.416	0.308	0.000
	Sundry Debtors	30.629	23.865	3.012
	Cash & Bank Balances	2.332	1.582	0.000
	Other Current Assets	0.000	0.000	10.585
	Loans & Advances	12.462	12.681	0.000
Total Current Assets		45.839	38.436	13.597
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	25.212	26.369	6.491
	Other Current Liabilities	20.470	19.513	20.441
	Provisions	0.751	0.906	0.745
Total Current Liabilities		46.433	46.788	27.677
Net Current Assets		(0.594)	(8.352)	(14.080)
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		42.524	29.864	13.925

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	122.211	115.701	75.440
		Other Income
		TOTAL	122.211	115.701	75.440
Less	EXPENSES
		Office Expenses	113.448	106.040	51.128
		Administrative Expenses
		Advertising Expenses
		TOTAL	113.448	106.040	51.128
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		8.763	9.661	24.312
Less/ Add	DEPRECIATION/ AMORTISATION		7.070	6.363	3.796
	PROFIT BEFORE TAX		1.693	3.298	3.289
Less	TAX		0.541	1.030	1.072
	PROFIT AFTER TAX		1.152	2.268	2.217
	Earnings Per Share (Rs.)		20.18	50.44	63.39

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	0.94	1.96	2.94
Return on Total Assets (PBT/Total Assets}	(%)	2.08	4.49	8.56
Return on Investment (ROI) (PBT/Networth)		0.06	0.15	0.36
Debt Equity Ratio (Total Debt /Networth)		0.46	0.35	0.43
Current Ratio (Current Asset/Current Liability)		0.99	0.82	0.49

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	No
17]	Major suppliers	No
18]	Major customers	Yes
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	No
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

OPERATIONS:

The turnover of the company has been increased from Rs. 115.701 Millions to Rs122.211 Millions. The Company has earned net profit of Rs. 1.152 Millions after making provision of Rs. 7.070 Millions as depreciation as compare to Rs. 2.268 Millions after providing depreciation of Rs. 3.298 Millions. The quality of the product is accepted in the market. The working results of the unit are quite satisfactory and profitability of the Company has been increased.

UNSECURED LOAN:

(Rs. In Millions)

Particulars	As on 31.03.2012	As on 31.03.2011
LONG TERM BORROWINGS
Long Term Loans
Due to Directors	0.423	0.423
Due to Others	9.212	1.040
Total	9.635	1.463

BANKERS CHARGES REPORT AS PER REGISTRY:

Corporate identity number of the company	U24111PB1988PTC008473
Name of the company	BATHINDA INDUSTRIAL GASES PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	656, Shakti Nagaramrik, Singh Road, Bathinda, Punjab, India ca_cpr@yahoo.com
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	10039533
Type of charge	Immovable property
Particular of charge holder	HDFC Bank Limited, HDFC Bank Housesenapati Bapat Marg, Lower Parel W, Mumbai - 400013, Maharashtra, India CIN No.: L65920MH1994PLC080618
Nature of instrument creating charge	Memorandum recording past transactions of creation of Mortgage by Delivery of Title Deeds.
Date of instrument Creating the charge	05.05.2012
Amount secured by the charge	Rs.6.719 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest Interest at the rate as may be communicated by the Bank from time to time. Terms of Repayment On Demand Margin As may be stipulated by the Bank from time to time. Extent and Operation of the charge The Company accorded and gave oral consent to Bank to continue to hold and retain the title deeds (by way of Constructive delivery) in respect of its immovable properties as stated under Item No.15 below, as security for repayment of Rs.6.719 Millions granted by bank to Bathinda Industrial Gases Private Limited, Sukhpreet Singh Grover, Narinder Grover, Chamatkar Singh Grover ("the Borrowers'), together with principal, interest, liquidated damages, costs, charges and expenses. Others NIL
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Immovable property being One House No.656, measuring 333 sq. yds, Shakti Nagar, 25-A, Veer Colony, Amrik Singh Road, Bhatinda.
Date of instrument modifying the charge	07.01.2010
Particulars of the present modification	The charge shall now stand increased from Rs.6.290 Millions to Rs.6.719 Millions in favour the Bank against the equitable mortgage of immovable property being lying situated at Amrik Singh Road, Bhatinda.

FIXED ASSETS:

· Land

· Building

· Plant & Machinery

· Laboratory Equipment

· Storage Tank

· Cylinders

· Air Conditioner

· Office Equipment

· 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 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.54.88
UK Pound	1	Rs.83.54
Euro	1	Rs.70.90

INFORMATION DETAILS

Report Prepared by :

RAJ

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	4
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
--DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		42

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.