MIRA INFORM REPORT

Report Date :

31.07.2013

IDENTIFICATION DETAILS

Name :	ASIAN NATURAL RESOURCES (INDIA) LIMITED
Formerly Known As :	BHATIA INTERNATIONAL LIMITED
Registered Office :	BCC House, 8/5, Manorama Ganj, Navratan Bagh, Main Road, Indore-452001, Madhya Pradesh
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	30.08.1999
Com. Reg. No.:	10-013713
Capital Investment / Paid-up Capital :	Rs.94.100 Millions
CIN No.: [Company Identification No.]	U23101MP1999PLC013713
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Trading of Coal and Shipping.
No. of Employees :	150 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (48)

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

Maximum Credit Limit :	USD 15480000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is a well established company having a satisfactory track record. There appears drastic dip in sales and profitability during 2012. However, general financial strength seems to be strong. Liquidity position is good. Trade relations are reported to be fair. Business is active. Payments are reported to be usually correct and as per commitments. The company can be considered for normal business dealings at usual trade terms and conditions.

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 – March 31^st, 2013

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
India	A1	A1

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

EXTERNAL AGENCY RATING

Rating Agency Name	CARE
Rating	Suspended
Rating Explanation	It’s rating due to lack of information.
Date	July 2013

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 (GENERAL DETAILS)

Name :	Mr. Naval Jain
Designation :	Assistant Vice President Finance
Contact No.:	91-731-4200214
Date :	30.07.2013

LOCATIONS

Registered Office :	BCC House, 8/5, Manorama Ganj, Navratan Bagh, Main Road, Indore-452001, Madhya Pradesh, India
Tel. No.:	91-731-4066101/4200214
Fax No.:	91-731-4066102
E-Mail :	naval@bhatiacoalindia.com cs@bhatiacoalindia.com
Website :	http://www.bhatiacoalindia.com

DIRECTORS

AS ON 24.09.2012

Name :

Mr. Khalid Sayeed Baig

Designation :

Director

Address :

Flat No. 104, Amar Aangan, Basant Vihar Colony, Indore-452010, Madhya Pradesh, India

Date of Birth/Age :

11.07.1961

Date of Appointment :

11.08.2012

DIN No.:

05312553

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	U23101MP1999PLC013713	ASIAN NATURAL RESOURCES (India) LIMITED	Whole-time director	24/09/2012	11/08/2012	Active	NO

Name :

Mr. Surinder Singh Bhatia

Designation :

Director

Address :

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

Date of Birth/Age :

09.08.1963

Date of Appointment :

01.01.2004

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. Jitendra Kumar Jain

Designation :

Director

Address :

Flat No. 507-Sai Sam Pada Apartment, 16 Chhoti Khajrani, Indore-452001, Madhya Pradesh, India

Date of Birth/Age :

30.06.1963

Date of Appointment :

01.08.2000

DIN No.:

00051878

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	U63090MP1995PLC009476	BCC CARGO LIMITED	Director	30/09/2009	25/05/1995	11/08/2012	Active	NO
2	L65922MP1993PLC007767	BHATIA INDUSTRIES AND INFRASTRUCTURE LIMITED	Director	26/08/1997	26/08/1997	-	Active	NO
3	U23101MP1999PLC013713	ASIAN NATURAL RESOURCES (India) LIMITED	Director	01/08/2000	01/08/2000	-	Active	NO
4	U45201MP2008PTC020296	FCC ENTERPRISES AND INFRASTRUCTURE PRIVATE LIMITED	Director	05/02/2008	05/02/2008	01/06/2011	Active	NO
5	U51101MP1997PLC012380	ISHHAR OVERSEAS LIMITED	Director	30/09/2009	01/08/2009	11/08/2012	Active	NO
6	U51102MP2008PLC020780	BHATIA COAL WASHERIES LIMITED	Director	30/09/2009	12/08/2009	06/07/2011	Active	NO
7	U40100MP2008PLC020787	BHATIA COKE AND ENERGY LIMITED	Director	30/09/2009	12/08/2009	27/07/2011	Active	NO
8	U10100MP2009PLC022493	BHATIA SONS (India) LIMITED	Director	13/10/2009	13/10/2009	02/07/2011	Active	NO
9	U45203MP2009PLC022492	BHATIA PORT AND INFRASTRUCTURE LIMITED	Director	13/10/2009	13/10/2009	-	Active	NO
10	U60200MP1991PLC006626	BHATIA GLOBAL TRADING LIMITED	Director	23/09/2010	20/10/2009	11/08/2012	Active	NO
11	U10102MP1997PLC011857	BCC ENTERPRISES (India) LIMITED	Director	23/09/2010	10/02/2010	-	Active	NO
12	U92100MP2012PTC027986	BHATIA ENTERTAINMENT PRIVATE LIMITED	Director	15/03/2012	15/03/2012	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Shivatosh Chakraborty
Designation :	Secretary
Address :	504-A, Lotus Garden, Manoramaganj, Indore-452001, Madhya Pradesh, India
Date of Birth/Age :	12.06.1957
Date of Appointment :	02.04.2012
Pan No.:	ACXPC4997P
Name :	Mr. Naval Jain
Designation :	Assistant Vice President Finance

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 24.09.2012

Names of Shareholders	No. of Equity Shares
Govinder Singh Bhatia HUF	240709
Ishhar Overseas Limited, India	687286
BCC Cargo Limited, India	656000
Surinder Singh Bhatia HUF	340380
GS Bhatia Family Trust	1720
S.S. Bhatia Family Trust	2300
BCC Enterprises India Limited, India	1195000
Bhatia Global Trading Limited, India	641000
BCC Estates Private Limited, India	53000
Reliance Services and Consultants Private Limited, India	79000
Master Gurpreet Singh Bhatia	19482
Master Inshipal Singh Bhatia	79922
Rupalpreet Kaur Bhatia	3166
Surinder Singh Bhatia	2026786
Gurvinder Kaur Bhatia	235299
Ishipal Kaur Bhatia	5500
Veena Bhatia	55932
Amandeep Singh Bhatia	595165
Gurvinder Singh Bhatia	1303630

Names of Shareholders	No. of Preferences Shares
Bhatia Global Trading Limited, India	1067000
TOTAL	1067000

AS ON 24.09.2012

Equity Shares Break – up

Category	Percentage
Bodies corporate	40.10
Directors or relatives of directors	51.38
Other top fifty shareholders	8.52
TOTAL	100.00

BUSINESS DETAILS

Line of Business :	Trading of Coal and Shipping.
Imports :
Products :	Coal
Countries :	Indonesia
Terms :
Selling :	Credit
Purchasing :	Credit / Depend

GENERAL INFORMATION

Customers :

End Users and Others

No. of Employees :

150 (Approximately)

Bankers :

• UCO Bank, Sanyogitaganj Branch, Indore-452001, Madhya Pradesh, India
• Oriental Bank of Commerce, Sneh Nagar, Indore - 452001, Madhya Pradesh, India
• State Bank of Indore, Yeshwant Niwas Road Branch, Indore - 452001, Madhya Pradesh, India
• IDBI Bank Limited, Upper Ground Floor, Captain C.S. Nayudu Arcade, 10/2, Old Palasia,, Indore - 452001, Madhya Pradesh, India

Facilities :

Secured Loans	31.03.2012	31.03.2011
	(Rs. In Millions)
Short Term Borrowings
Loans repayable on demand	2400.170	3577.690
Total	2400.170	3577.690

Banking Relations :	--
Auditors :
Name :	R.S. Bansal and Company Chartered Accountants
Address :	Urvashi, 1^st Floor, 3, Jaora Compound, Indore, Madhya Pradesh, India
PAN No.:	AABFR4852J
Associates/Subsidiaries :	Bhatia Coal Washeries Limited [U51102MP2008PLC020780] Bhatia Coke and Energy Limited [U40100MP2008PLC020787] Bhatia Industries and Infrastructure Limited [L65922MP1993PLC007767] Bhatia International Pte Limited, Singapore IOF Pte Limited, Singapore Bhatia Sons (India) Limited [U10100MP2009PLC022493] Reliance Services and Consultants Private Limited [U74140MP1974PTC015187] Bhatia Global Trading Limited Bhatia OSL Washeries and Minerals Limited [U10100MP2009PLC022514] Vinde Trading S. A., South Africa BCC Cargo Limited [U63090MP1995PLC009476] BCC Enterprises (India) Limited [U10102MP1997PLC011857] BCC Estates Private Limited [U70102MP1997PTC012118] Ishhar Overseas Limited [U51101MP1997PLC012380] Bhatia Professional Education Institutions (Indore) Limited [U80300MP2009PLC022462] Bhatia Port and Infrastructure Limited [U45203MP2009PLC022492] Pure Oils and Products Limited [U15141MP2008PLC020746]

CAPITAL STRUCTURE

AS ON 24.09.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
13000000	Equity Shares	Rs.10/- each	Rs.130.000 Millions
2000000	Preferences Shares	Rs.10/- each	Rs.20.000 Millions
	TOTAL		Rs.150.000 Millions

Issued Capital :

No. of Shares	Type	Value	Amount
8491277	Equity Shares	Rs.10/- each	Rs.84.913 Millions
1067000	Preferences Shares	Rs.10/- each	Rs.10.670 Millions
	TOTAL		Rs.95.583 Millions

Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
8194277	Equity Shares	Rs.10/- each	Rs.81.943 Millions
1067000	Preferences Shares	Rs.10/- each	Rs.10.670 Millions
	TOTAL		Rs.92.613 Millions

AS ON 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
13000000	Equity Shares	Rs.10/- each	Rs.130.000 Millions
2000000	Preferences Shares	Rs.10/- each	Rs.20.000 Millions
	TOTAL		Rs.150.000 Millions

Issued Capital :

No. of Shares	Type	Value	Amount
8491500	Equity Shares	Rs.10/- each	Rs.84.915 Millions
1067000	Preferences Shares	Rs.10/- each	Rs.10.670 Millions
	TOTAL		Rs.95.585 Millions

Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
8194500	Equity Shares	Rs.10/- each	Rs.81.945 Millions
1067000	Preferences Shares	Rs.10/- each	Rs.10.670 Millions
297000	Subscribed Shares	Rs.5/- each	Rs.1.485 Millions
	TOTAL		Rs.94.100 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	94.100	94.100
(b) Reserves & Surplus	3777.240	3755.470
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1)+(2)	3871.340	3849.570
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000
(b) Deferred tax liabilities (Net)	0.000	0.000
(c) Other long term liabilities	12.300	10.840
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	12.300	10.840
(4) Current Liabilities
(a) Short term borrowings	3755.670	7597.470
(b) Trade payables	1820.350	3795.240
(c) Other current liabilities	253.610	438.740
(d) Short-term provisions	65.480	171.350
Total Current Liabilities (4)	5895.110	12002.800
TOTAL	9778.750	15863.210
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	56.250	51.630
(ii) Intangible Assets	0.000	0.000
(iii) Capital work-in-progress	46.720	31.880
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	62.890	60.640
(c) Deferred tax assets (net)	0.480	0.000
(d) Long-term Loan and Advances	502.570	385.090
(e) Other Non-current assets	168.380	0.000
Total Non-Current Assets	837.290	529.240
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	554.420	1865.030
(c) Trade receivables	4794.870	8479.430
(d) Cash and cash equivalents	714.800	2163.130
(e) Short-term loans and advances	2786.920	2710.360
(f) Other current assets	90.450	116.020
Total Current Assets	8941.460	15333.970
TOTAL	9778.750	15863.210

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		102.927
2] Share Application Money		0.000
3] Reserves & Surplus		2537.514
4] (Accumulated Losses)		0.000
NETWORTH		2640.441
LOAN FUNDS
1] Secured Loans		7515.339
2] Unsecured Loans		5.863
TOTAL BORROWING		7521.202
DEFERRED TAX LIABILITIES		0.000
TOTAL		10161.643
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		1274.570
Capital work-in-progress		316.078
INVESTMENT		44.503
DEFERREX TAX ASSETS		12.045
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	2899.983
	Sundry Debtors	7683.729
	Cash & Bank Balances	1761.429
	Other Current Assets	249.774
	Loans & Advances	865.428
Total Current Assets		13460.343
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	3838.660
	Other Current Liabilities	906.658
	Provisions	200.578
Total Current Liabilities		4945.896
Net Current Assets		8514.447
MISCELLANEOUS EXPENSES		0.000
TOTAL		10161.643

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	13897.280	41376.240	28179.233
		Other Income	128.320	141.820	175.668
		TOTAL (A)	14025.600	41518.060	28354.901
Less	EXPENSES
		Cost of materials consumed	0.000	1214.360
		Purchases of stock-in-trade	11006.680	37332.360
		Employee benefit expense	48.200	151.550
		Other expenses	626.710	927.560	27424.731
		Extraordinary items	0.000	909.750
		Changes in inventories of finished goods, work-in-progress and stock-in-trade	1659.180	(16.480)
		Exceptional items	6.540	(3.160)
		TOTAL (B)	13347.310	40515.940	27424.731
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		678.290	1002.120	930.170
Less	FINANCIAL EXPENSES (D)		639.240	477.480	116.915
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		39.050	524.640	813.255
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.150	143.670	184.138
	PROFIT BEFORE TAX (E-F) (G)		38.900	380.970	629.117
Less	TAX (H)		13.520	139.950	168.277
	PROFIT AFTER TAX (G-H) (I)		25.380	241.020	460.840
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	2040.750	2320.000	743.000
	Earnings Per Share (Rs.)		2.96	27.76	--

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	0.18	0.58	1.63
Net Profit Margin (PBT/Sales)	(%)	0.27	0.92	2.23
Return on Total Assets (PBT/Total Assets}	(%)	0.40	2.42	4.27
Return on Investment (ROI) (PBT/Networth)		0.01	0.10	0.23
Debt Equity Ratio (Total Debt/Networth)		0.97	1.97	2.85
Current Ratio (Current Asset/Current Liability)		1.52	1.27	2.72

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	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
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	Yes
20]	Export / Import details (if applicable)	Yes
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]	PAN of Proprietor/Partner/Director, if available	No
32]	Date of Birth 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

INDEX OF CHARGES:

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10388359	06/10/2012	1,180,000,000.00	SBICAP TRUSTEE COMPANY LIMITED	202, MAKER TOWER, 'E', CUFFE PARADE, COLABA,, MUMBAI - 400005, MAHARASHTRA, INDIA	B62738604
2	10259475	29/12/2010	1,500,000,000.00	UCO Bank	SANYOGITAGANJ BRANCH, INDORE - 452 001, MADHYA PRADESH, INDIA	B02652659
3	10246640	27/10/2010	3,250,000,000.00	Standard Chartered Bank	23, BARAKHAMBHA ROAD, NARAIN MANZIL, NEW DELHI - 110001, INDIA	A97520498
4	10166399	02/07/2009	17,242,500.00	HDFC BANK LIMITED	HDFC BANK HOUSE SENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI - 400013, MAHARASHTRA, INDIA	A65499592
5	10166377	02/07/2009	17,340,000.00	HDFC BANK LIMITED	HDFC BANK HOUSE SENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI - 400013, MAHARASHTRA, INDIA	A65473605
6	10160865	03/06/2009	16,981,480.00	HDFC BANK LIMITED	HDFC BANK HOUSE SENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI - 400013, MAHARASHTRA, INDIA	A63565931
7	10158259	11/05/2009	5,216,626.00	HDFC BANK LIMITED	HDFC BANK HOUSE SENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI - 400013, MAHARASHTRA, INDIA	A62237623
8	10156537	29/03/2009	17,109,000.00	HDFC BANK LIMITED	HDFC BANK HOUSE SENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI - 400013, MAHARASHTRA, INDIA	A61471116
9	10150461	10/03/2009	2,979,000.00	HDFC BANK LIMITED	HDFC BANK HOUSE SENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI - 400013, MAHARASHTRA, INDIA	A58978834
10	10148179	10/03/2009	8,554,500.00	HDFC BANK LIMITED	HDFC BANK HOUSE SENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI - 400013, MAHARASHTRA, INDIA	A58601097
* Date of charge modification

Unsecured Loans	31.03.2012	31.03.2011
	(Rs. In Millions)
Short Term Borrowings
Loans and advances from related parties	1300.69	4019.780
Other loans and advances	54.810	0.000
Total	1355.500	4019.780

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.59.83
UK Pound	1	Rs.91.76
Euro	1	Rs.79.33

INFORMATION DETAILS

Information Gathered by :	PDT
Report Prepared by :	TPT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--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		48

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.