MIRA INFORM REPORT

Report Date :

03.09.2013

IDENTIFICATION DETAILS

Name :	BHATIA GLOBAL TRADING LIMITED (w.e.f.24.03.2010)
Formerly Known As :	BHATIA GLOBAL TRADING PRIVATE LIMITED (w.e.f. 04.03.2010) BHATIA COAL TRADING AND CONSIGNMENT PRIVATE 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 :	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 and also engaged in providing logistic services.
No. of Employees :	200 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (33)

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

Maximum Credit Limit :	USD 9740000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having a moderate track record. There appears drastic dip in its profitability during 2012. The profit margin seems to be low. However, 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 with some caution.

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

INDIAN ECONOMIC OVERVIEW

We are living in a world where volatility and uncertainty have become the New Normal. We saw a change of government in countries like Tunisia, Egypt, Libya and Vietnam. Once powerful countries in Europe are now fighting for bankruptcy. We have taken growth in the developing part of the world for granted but economic growth in China and India has begun to slow. Companies that were synonymous with their product categories just a few years ago are now no longer in existence. Kodak, the inventor of the digital camera had to wind up its operations, HMV, the British entertainment retailing company and Borders, once the second largest bookstore have shut down due to their inability to evolve their business models with the changing time. Readers’ Digest, Thomson Register are no more !

There is another megatrend happening. The World order is changing as economic power shifts from West to East. According to McKinsey study, it took Britain more than 100 years to double its economic output per person during its industrial revolution and the US later took more than 50 years to do the same. More than a century later, China and India have doubled their GDP per capital in 12 and 18 years respectively. By 2020, emerging Asia will become the world’s largest consuming block, overtaking North America.

The years after the outbreak of the global financial crisis, the world economy continues to remain fragile. The Indian economy demonstrated remarkable resilience in the initial years of the contagion but finally lost ground last year. GDP growth slowed down. Currency has been weakening. There is a marked deceleration in agriculture, industry and services. Dampening sentiment led to a cut-back in investment as well as private consumption expenditure.  Inflation remained at high levels fuelled by the pressure from the food and fuel sectors. The large fiscal and current account deficit s continued to cause grave concern. It is imperative that India regains its growth trajectory of 8-9 % sooner than later. This is crucially important given the need to create gainful livelihood opportunities for the millions living in poverty as also the large contingent of young people joining the job market every year.

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	B+ (Long Term Fund)
Rating Explanation	Having high risk of default regarding timely servicing of financial obligation.
Date	August 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

Name :	Mr. Naval Jain
Designation :	AVP Finance Department
Contact No.:	91-731-4200206
Date :	02.09.2013

LOCATIONS

Registered Office/ Corporate 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
Location :	Owned
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: 24.09.2012

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

Qualification :

M.Com

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	U63090MH1995PLC246710	BCC CARGO LIMITED	Director	25/05/1995	25/05/1995	-	Active	NO
3	U10102MH1997PLC246824	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	U51101MH1997PLC246823	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

Qualification :

B.Com

Date of Appointment :

30.09.2009

PAN No.:

AGOPB3205E

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	U51101MH1997PLC246823	ISHHAR OVERSEAS LIMITED	Director	29/09/2012	11/08/2012	-	Active	NO
11	U63090MH1995PLC246710	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

Qualification :

HSC

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	08/11/2012	Active	NO
3	U60200MP1991PLC006626	BHATIA GLOBAL TRADING LIMITED	Director	23/09/2010	25/03/2010	-	Active	NO

Name :

Mr. Chitranjan Singh Kahlon

Designation :

Director

Address :

D-1/49, Rabindra Nagar, New Delhi – 110003, India

Date of Birth/Age :

22.02.1951

Date of Appointment :

24.09.2012

DIN No.:

02823501

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	U93000DL1901NPL000024	DELHI GYMKHANA CLUB LIMITED	Director	29/09/2012	26/09/2009	-	Active	NO
2	U60200MP1991PLC006626	BHATIA GLOBAL TRADING LIMITED	Director	24/09/2012	11/08/2012	-	Active	NO
3	L65922MP1993PLC007767	BHATIA INDUSTRIES AND INFRASTRUCTURE LIMITED	Director	12/07/2013	08/11/2012	-	Active	NO
4	U67190MH2012PLC238473	ILANDFS AMC TRUSTEE LIMITED	Director	04/12/2012	04/12/2012	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Naval Jain
Designation :	AVP Finance Department
Name :	Mr. Raj Kumar Bhawsar
Designation :	Secretary
Address :	24A, Nagin Nagar, Near Kalami Nagar, Indore – 452002, Madhya Pradesh, India
Date of Birth/Age :	03.07.1976
Date of Appointment :	15.02.2012
PAN No.:	AKPPB1665F

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 24.09.2012

Names of Shareholders	No. of Shares
Gurvinder Singh Bhatia	6374290
Veena Bhatia	4331510
Surinder Singh Bhatia	4500
Gurvinder Kaur Bhatia	2000
S. S. Bhatia (HUF)	1500
Amandeep Singh Bhatia	8182200
Ishipal Kaur Bhatia	100
G. S. Bhatia (HUF)	500
M. S. Bhatia	100
Inderjeet Kaur Bhatia	1300
M. S. Bhatia HUF	2000
Amitoj Kaur Bhatia	100
Narinder Kaur Bhatia	4500
Ishhar Overseas Limited, India	200
BCC Enterprises (India) Limited, India	200
BCC Estates Private Limited, India	200
BCC Cargo Limited, India	200
Reliance Services and Consultants Limited, India	200
Bhatia Industries and Infrastructure Limited, India	4500
Asian Natural Resources (India) Limited, India	66871
Bhatia Sons (India) Limited, India	19000000
Total	37976971

As on: 26.06.2013

Names of Allottee	No. of Shares
Ishhar Overseas Limited, India	90838
Total	90838

As on: 28.03.2013

Names of Allottee	No. of Shares
Bhatia Sons (India) Limited, India	319875
Total	319875

As on: 30.03.2013

Names of Allottee	No. of Shares
Ishhar Overseas Limited, India	295031
Reliance Services and Consultants Limited, India	23291
Total	318322

As on: 23.03.2013

Names of Allottee	No. of Shares
Bhatia Sons (India) Limited, India	361801
Total	361801

As on: 22.03.2013

Names of Allottee	No. of Shares
Bhatia Sons (India) Limited, India	232919
Total	232919

As on: 19.03.2013

Names of Allottee	No. of Shares
Ishhar Overseas Limited, India	170807
Total	170807

As on: 05.03.2013

Names of Allottee	No. of Shares
Bhatia Sons (India) Limited, India	131987
Total	131987

As on: 07.02.2013

Names of Allottee	No. of Shares
Bhatia Sons (India) Limited, India	1944875
Total	1944875

Equity Share Break up (Percentage of Total Equity)

As on: 24.09.2012

Category	Percentage
Bodies corporate	50.20
Directors or relatives of directors	49.78
Other top fifty shareholders	0.02
Total	100.00

BUSINESS DETAILS

Line of Business :	Trader and Importer of Coal and also engaged in providing logistic services.
Imports :
Products :	Coal
Countries :	Indonesia South Africa
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

GENERAL INFORMATION

No. of Employees :

200 (Approximately)

Bankers :

• HDFC Bank Limited, HDFC Bank House Senapati Bapat Marg, Lower Parel (West), Mumbai – 400013, Maharashtra, India
• State Bank of India, Indore, Madhya Pradesh, India
• HDFC Bank Limited, Indore, Madhya Pradesh, India
• Bank of Baroda, 13, Old Palasia, A.B. Road Branch, Indore - 452018, Madhya Pradesh, India

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2012	As on 31.03.2011
LONG TERM BORROWINGS
Term loans from banks	11.671	26.917
SHORT TERM BORROWINGS
Loans repayable on demand from banks	4667.144	5905.709
Total	4678.815	5932.626

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 CIN No.: U10100MP2009PLC022493
Associates :	Asian Natural Resources (India) Limited CIN No.: U23101MP1999PLC013713 Bhatia Coal Washeries Limited CIN No.: U51102MP2008PLC020780 Reliance Services and Consultants Private Limited CIN No.: U74140MP1974PTC015187 Bhatia Industries and Infrastructure Limited CIN No.: L65922MP1993PLC007767 Bhatia Coke and Energy Limited CIN No.: U40100MP2008PLC020787 BCC Enterprises (India) Limited CIN No.: U10102MP1997PLC011857 BCC Estates Private Limited CIN No.: U70102MP1997PTC012118 Ishhar Overseas Limited CIN No.:U51101MP1997PLC012380
Fellow Subsidiary Company :	IOF Pte Limited
Subsidiary Company :	Bhatia International Pte Limited

CAPITAL STRUCTURE

After: 24.09.2012

Authorised Capital : Rs.420.000 Millions

Issued, Subscribed & Paid-up Capital : Rs.418.590 Millions

As on: 31.03.2012

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	31.03.2012	31.03.2011
EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	379.770	379.770
(b) Reserves & Surplus	2057.370	2025.548
(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)	2437.140	2405.318
(3) Non-Current Liabilities
(a) long-term borrowings	11.671	26.917
(b) Deferred tax liabilities (Net)	0.000	0.000
(c) Other long term liabilities	3.418	0.000
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	15.089	26.917
(4) Current Liabilities
(a) Short term borrowings	4667.144	5948.913
(b) Trade payables	4631.544	4051.921
(c) Other current liabilities	357.630	209.599
(d) Short-term provisions	70.280	286.603
Total Current Liabilities (4)	9726.598	10497.036
TOTAL	12178.827	12929.271
ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	255.539	263.555
(ii) Intangible Assets	1.478	0.000
(iii) Capital work-in-progress	33.857	15.476
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	1849.218	238.556
(c) Deferred tax assets (net)	2.928	0.043
(d) Long-term Loan and Advances	17.562	13.006
(e) Other Non-current assets	47.741	5.928
Total Non-Current Assets	2208.323	536.564
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	2979.976	2799.913
(c) Trade receivables	4820.653	2909.791
(d) Cash and cash equivalents	628.422	461.636
(e) Short-term loans and advances	1517.006	6220.111
(f) Other current assets	24.447	1.256
Total Current Assets	9970.504	12392.707
TOTAL	12178.827	12929.271

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		189.146
2] Share Application Money		0.000
3] Reserves & Surplus		11.023
4] (Accumulated Losses)		0.000
NETWORTH		200.169
LOAN FUNDS
1] Secured Loans		0.000
2] Unsecured Loans		133.539
TOTAL BORROWING		133.539
DEFERRED TAX LIABILITIES		0.000
TOTAL		333.708
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		0.000
Capital work-in-progress		0.000
INVESTMENT		240.202
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.177
	Sundry Debtors	4.428
	Cash & Bank Balances	12.663
	Other Current Assets	4.874
	Loans & Advances	59.926
Total Current Assets		82.068
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	4.500
	Other Current Liabilities	0.240
	Provisions	0.715
Total Current Liabilities		5.455
Net Current Assets		76.613
MISCELLANEOUS EXPENSES		16.893
TOTAL		333.708

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	24700.266	4237.510	4.435
		Other Income	844.504	11.876	4.091
		TOTAL (A)	25544.770	4249.386	8.526
Less	EXPENSES
		Purchases of stock-in-trade	23681.881	6505.272
		Changes in inventories of finished goods, work-in-progress and stock-in-trade	307.974	(2535.580)
		Employee benefit expense	97.480	23.303
		Other expenses	827.321	12.973
		Exceptional items	(5.622)	(0.374)
		Extraordinary items	0.000	(580.599)
		TOTAL (B)	24909.034	3424.995	4.998
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		635.736	824.391	3.528
Less	FINANCIAL EXPENSES (D)		571.315	103.063	0.004
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		64.421	721.328	3.524
Less/ Add	DEPRECIATION/ AMORTISATION (F)		30.042	6.218	0.000
	PROFIT BEFORE TAX (E-F) (G)		34.379	715.110	3.524
Less	TAX (H)		8.315	240.004	0.715
	PROFIT AFTER TAX (G-H) (I)		26.064	475.106	2.809
	Profit Transfer as per Business Transfer Agreement (2009-10)		0.000	21.080	0.000
	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		472.650	11.020	8.209
	APPROPRIATIONS
		Proposed Dividend on Equity Share	18.990	18.910	0.000
		Dividend Distribution Tax	3.080	3.140	0.000
		Transferred to General Reserve	300.000	12.500	0.000
	BALANCE CARRIED TO THE B/S		176.690	472.650	11.023
	CIF VALUE OF IMPORTS		NA	2645.280	NA
	Earnings Per Share (Rs.)		0.69	21.60	1.49

Particulars	31.03.2013
Sales Turnover (Approximately)	24000.000

Expected Sales (2013-2014): Rs.30000.000 Millions

The above information has been parted by Mr. Naval Jain

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	0.10	11.18	32.95
Net Profit Margin (PBT/Sales)	(%)	0.14	16.88	79.46
Return on Total Assets (PBT/Total Assets}	(%)	0.33	5.64	4.29
Return on Investment (ROI) (PBT/Networth)		0.01	0.30	0.02
Debt Equity Ratio (Total Debt/Networth)		1.92	2.48	0.67
Current Ratio (Current Asset/Current Liability)		1.03	1.18	15.04

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 four years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	--
14]	Estimation for coming financial year	Yes
15]	Capital in the business	Yes
16]	Details of sister concerns	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]	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 financial year:

The total Turnover of the Company increased by 5.83 times from Rs. 4237.510 Millions to Rs. 24700.270 Millions; however during the previous year operations was only for two months;

PBIDT is increased to Rs. 630.120 Millions against Rs. 243.420 Millions in previous year.

During the year company handled 430,609 Metric Tons of Indigenous Coal and 4,988,302 Metric Tons of Imported Coal.

UNSECURED LOAN

(Rs. In Millions)

Particular	As on 31.03.2012	As on 31.03.2011
SHORT TERM BORROWINGS
Loans and advances from related parties	0.000	43.204
Total	0.000	43.204

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10281963	18/03/2011	1,700,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, MAHARASHTRA - 400013, INDIA	B11343746
2	10274694	19/03/2011 *	12,990,000,000.00	SBICAP TRUSTEE COMPANY LIMITED	202, MAKER TOWER, 'E', CUFFE PARADE, COLABA, MUMBAI, MAHARASHTRA - 400005, INDIA	B10209963

Note: * Date of charge modification

FIXED ASSETS

Tangible Assets

• Land
• Buildings
• Plant and Equipment
• Furniture and Fixtures
• Vehicles
• Office Equipment

Intangible Assets

• Computer Software
• Licenses and Franchise

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.65.86
UK Pound	1	Rs.102.52
Euro	1	Rs.87.06

INFORMATION DETAILS

Information Gathered by :	SVA
Report Prepared by :	VRN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	4
--RESERVES	1~10	4
--CREDIT LINES	1~10	3
--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		33

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.