MIRA INFORM REPORT

Report Date :

21.12.2011

IDENTIFICATION DETAILS

Name :	SAURASHTRA FUELS PRIVATE LIMITED

Registered Office :	Office 93, 9^th Floor, Mittal Tower, Nariman Point, Mumbai – 400021, Maharashtra

Country :	India

Financials (as on) :	31.03.2010

Date of Incorporation :	06.12.1993

Com. Reg. No.:	11-075455

Capital Investment / Paid-up Capital :	Rs.49.501 Millions

CIN No.: [Company Identification No.]	U23200MH1993PTC075455

TAN No.: [Tax Deduction & Collection Account No.]	MUMS18257B

Legal Form :	Private Limited Liability Company

Line of Business :	Manufacturer of low ash metallurgical coke (LAM coke).

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 1140000

Status :	Moderate

Payment Behaviour :	Slow but correct

Litigation :	Clear

Comments :	Subject is a well established company having moderate track. There appears some losses being incurred by the company continuously in two years. However, trade relations are reported as 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 – September 30, 2011

Country Name

Previous Rating

(30.06.2011)

Current Rating

(30.09.2011)

India

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

LOCATIONS

Registered/Corporate Office :	Office 93, 9^th Floor, Mittal Tower, Nariman Point, Mumbai – 400021, Maharashtra, India
Tel. No.:	91-22-66550621 / 40467500
Fax No.:	91-22-66550623
E-Mail :	vikassawant@saurashtracorp.com mumbai@saurashtracorp.com

Porbandar Office :	4^thFloor, Shree Chambers, Opposite M.E.M.School, Near Kamla Nehru Baug, Porbander-360575, Gujarat, India
Tel. No.:	91-286-2243586
Fax No.:	91-286-2240908

Ahmedabad Office :	202, Sarthik – II, Opposite Rajpath Club, S.G. Highway, Ahmedabad – 380054, Gujarat, India
Tel. No.:	91-79-40227500
Fax No.:	91-79-40034142
E-Mail :	riteshoza@saurashtracorp.com

Mundra Office :	Maha Shakti Coke, 2^nd Floor, Saurashtra CFS, Admin Building, Bharat CFS Zone-1 MP and SEZ Limited Road, Mundra-370421 (District Kutch), Gujarat, India
Tel. No.:	91-2838-222525
Fax No.:	91-2838-224141

Factory 1 :	Village Lakhapur and Baraya, Mundra, Kutch – 370421, Gujarat, India

Factory 2 :	Village Bhod, Ranavav, Porbandar – 360575, Gujarat, India

DIRECTORS

As on 25.08.2011

Name :

Mr. Dipak Santosh Agarwalla

Designation :

Director

Address :

13/14, 13^th Floor, Buckley Court, Wodehouse Road, Colaba, Mumbai - 400005, Maharashtra, India

Date of Appointment :

06.12.1993

DIN No.:

00267085

Other Directorship :

CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
L74140WB1957PLC023533	B P AGARWALLA AND SONS LIMITED	Director	2/01/1976	2/01/1976	23/11/2007	Active	NO
L14101RJ1985PLC003396	MEWAR MARBLES LIMITED	Director	4/09/1985	4/09/1985	30/09/2010	Active	NO
U23200MH1993PTC075455	SAURASHTRA FUELS PRIVATE LIMITED	Director	6/12/1993	6/12/1993	-	Active	NO
U10101WB1918PLC000660	BENGAL NAGPUR COAL COMPANY LIMITED	Director	6/07/1999	6/07/1999	23/11/2007	Active	NO
U45500WB1962PTC025513	MINING MACHINERY AND EXPLOSIVE PRIVATE LIMITED	Director	19/08/2002	19/08/2002	23/11/2007	Strike off	NO
U23100MH2004PTC149820	SAURASHTRA EXIM PRIVATE LIMITED C/N	Director	6/12/2004	6/12/2004	-	Active	NO
U35110MH2004PTC150100	DKS SHIPPING PRIVATE LIMITED	Director	20/12/2004	20/12/2004	-	Active	NO
U63090MH2005PTC150685	SAURASHTRA CONTAINERS PRIVATE LIMITED	Director	17/01/2005	17/01/2005	-	Active	NO
U27100MH2005PTC152830	SAURASHTRA FERROUS PRIVATE LIMITED	Director	26/04/2005	26/04/2005	-	Active	NO
U40102MH2008PTC180833	SAURASHTRA POWER PRIVATE LIMITED	Director	4/04/2008	4/04/2008	30/03/2011	Active	NO
U23100GJ2004PTC044962	CLASSIC ENERGY (INDIA) PRIVATE LIMITED	Additional director	31/05/2008	31/05/2008	-	Active	NO
U40100MH2004PTC149461	KANDLA POWER PRIVATE LIMITED	Additional director	31/05/2008	31/05/2008	-	Active	NO
U10102GJ2004PTC044337	HINDUSTAN FUELS PRIVATE LIMITED	Director	31/03/2009	31/03/2009	-	Active	NO
U10102GJ2002PTC040374	KUTCH COAL CARBONISATION PRIVATE LIMITED	Director	31/03/2009	31/03/2009	-	Active	NO
U67120MH2001PTC132404	DIVYAJYOTI HOLDINGS PRIVATE LIMITED	Director	22/12/2010	22/12/2010	-	Active	NO

Name :

Mr. Kunda Singh

Designation :

Director

Address :

House No-1604, Phase-10, Mohali - 160062, Punjab, India

Date of Appointment :

01.07.1995

DIN No.:

00971459

Name :

Mr. Surendra Kumar Sinha

Designation :

Director

Address :

Brahma House, Dhirendra Puram, Dhaiya, P.O-ISM, Dhanbad - 826004, Jharkhand, India

Date of Appointment :

06.12.2003

DIN No.:

01511505

Other Directorship :

CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
U91110JH1935GAP000071	INDUSTRIES AND COMMERCE ASSOCIATION	Director	29/03/1980	29/03/1980	-	Active	NO
U23109WB1989PTC046970	B.D.S.COKE INDUSTRIES PRIVATE LIMITED	Director	30/05/1989	30/05/1989	-	Active	NO
U27310WB1972PTC028422	NARANG IRON AND STEEL COMPANY PRIVATE LIMITED	Director	2/06/1995	2/06/1995	-	Active	NO
U22219WB1984PTC037419	AWAZ PRAKASHAN PRIVATE LIMITED	Director	5/05/2000	5/05/2000	-	Active	NO
U23200MH1993PTC075455	SAURASHTRA FUELS PRIVATE LIMITED	Director	6/12/2003	6/12/2003	-	Active	NO
U23100MH2004PTC149820	SAURASHTRA EXIM PRIVATE LIMITED C/N	Director	6/12/2004	6/12/2004	-	Active	NO
U35110MH2004PTC150100	DKS SHIPPING PRIVATE LIMITED	Director	12/01/2005	12/01/2005	-	Active	NO
U23109WB2005PTC102402	RAJGANJ COKE PRODUCTS PRIVATE LIMITED	Director	22/03/2005	22/03/2005	-	Active	NO
U27100MH2005PTC152830	SAURASHTRA FERROUS PRIVATE LIMITED	Director	16/05/2005	16/05/2005	-	Active	NO
U63090MH2005PTC150685	SAURASHTRA CONTAINERS PRIVATE LIMITED	Director	16/05/2005	16/05/2005	-	Active	NO
U26931WB2005PTC105941	SHREEGANGA BRICKS PRIVATE LIMITED	Director	19/10/2005	19/10/2005	-	Active	NO
U23109WB2005PTC102302	BRAHMDEO SINHA AND COMPANY (HARD COKE) PRIVATE LIMITED	Director	10/05/2007	10/05/2007	-	Active	NO
U26959WB2005PTC102339	BRAHMA REFRACTORIES PRIVATE LIMITED	Director	1/04/2008	1/04/2008	-	Active	NO
U40102MH2008PTC180833	SAURASHTRA POWER PRIVATE LIMITED	Director	4/04/2008	4/04/2008	30/03/2011	Active	NO
U23100GJ2004PTC044962	CLASSIC ENERGY (INDIA) PRIVATE LIMITED	Additional director	31/05/2008	31/05/2008	-	Active	NO
U40100MH2004PTC149461	KANDLA POWER PRIVATE LIMITED	Additional director	31/05/2008	31/05/2008	-	Active	NO
U10102GJ2004PTC044337	HINDUSTAN FUELS PRIVATE LIMITED	Director	31/03/2009	31/03/2009	-	Active	NO
U10102GJ2002PTC040374	KUTCH COAL CARBONISATION PRIVATE LIMITED	Director	31/03/2009	31/03/2009	-	Active	NO

Name :

Mr. Rajesh Manharlal Desai

Designation :

Director

Address :

8, Chapsey Terrace, 30, Altamount Road, Mumbai - 400023, Maharashtra India

Date of Appointment :

15.09.2008

DIN No.:

01719358

Other Directorship :

CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
U99999MH1990PTC058911	BRIGHTSTAR EXPORTS PRIVATE LIMITED	Director	8/11/1990	8/11/1990	7/09/2009	Active	NO
U65990MH1994PTC077965	CALCICOLE INVESTMENTS PRIVATE LIMITED	Director	25/04/1994	25/04/1994	-	Active	NO
U51900MH1994PTC082375	CATERINA OVERSEAS PRIVATE LIMITED	Director	25/10/1994	25/10/1994	-	Strike off	NO
U67120MH1995PTC085043	SHREE NAMAN SECURITIES AND FINANCE PRIVATE LIMITED	Director	12/06/1998	12/06/1998	-	Active	NO
U67120MH1998PTC117082	SHREE NAMAN COMMTRADE INDIA PRIVATE LIMITED	Director	11/11/1998	11/11/1998	-	Active	NO
U45200MH2005PTC156701	EKNATH PROPERTIES PRIVATE LIMITED	Director	1/04/2006	1/04/2006	-	Active	NO
U65990MH2000PTC127181	J P R INVESTMENTS AND TRADING PRIVATE LIMITED	Director	1/09/2006	1/09/2006	-	Active	NO
U23200MH1993PTC075455	SAURASHTRA FUELS PRIVATE LIMITED	Director	15/09/2008	15/09/2008	-	Active	NO
U55101MH2009PTC189351	CHECK-INN HOTELS PRIVATE LIMITED	Director	29/09/2010	2/08/2010	-	Active	NO
U55204MH2007PTC175253	PILGRIMAGE HOTELS PRIVATE LIMITED	Director	29/09/2010	2/08/2010	-	Active	NO
U67190MH2011PTC214102	SHREE NAMAN WEALTH MANAGEMENT PRIVATE LIMITED	Director	26/02/2011	26/02/2011	-	Active	NO

Name :

Mr. Hariharan Viswanatha Iyer

Designation :

Director

Address :

B-33, Vishal Appartments, Anand Nagar, Satellite, Ahmedabad - 380015, Gujarat, India

Date of Appointment :

01.04.2008

DIN No.:

02187247

Name :

Mr. Raghav Dipak Agarwalla Agarwalla

Designation :

Director

Address :

13/14, Buckely Court, 13^th Floor 5, Woodhouse Road, Colaba, Mumbai – 400005, Maharashtra, India

Date of Birth/Age :

12.03.1987

Date of Appointment :

01.11.2010

DIN No.:

01085318

Other Directorship :

CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
U70101MH2004PTC149327	SWAPNALOK PROPERTIES PRIVATE LIMITED	Director	22/12/2005	22/12/2005	-	Active	NO
U27100MH2005PTC152830	SAURASHTRA FERROUS PRIVATE LIMITED	Director	1/12/2006	1/12/2006	-	Active	NO
U63090MH2005PTC150685	SAURASHTRA CONTAINERS PRIVATE LIMITED	Director	1/09/2008	1/09/2008	-	Active	NO
U10102GJ2004PTC044337	HINDUSTAN FUELS PRIVATE LIMITED	Director	31/03/2009	31/03/2009	-	Active	NO
U10102GJ2002PTC040374	KUTCH COAL CARBONISATION PRIVATE LIMITED	Director	31/03/2009	31/03/2009	-	Active	NO
U23100MH2004PTC149820	SAURASHTRA EXIM PRIVATE LIMITED C/N	Director	1/04/2009	1/04/2009	-	Active	NO
U23100GJ2004PTC044962	CLASSIC ENERGY (INDIA) PRIVATE LIMITED	Director	1/04/2009	1/04/2009	-	Active	NO
U74140WB1993PTC057705	NISHANT MANAGEMENT PRIVATE LIMITED	Director	23/11/2009	23/11/2009	-	Active	NO
U40100MH2004PTC149461	KANDLA POWER PRIVATE LIMITED	Director	17/03/2010	17/03/2010	-	Active	NO
U67120MH2001PTC132404	DIVYAJYOTI HOLDINGS PRIVATE LIMITED	Director	15/05/2010	15/05/2010	-	Active	NO
U23200MH1993PTC075455	SAURASHTRA FUELS PRIVATE LIMITED	Director	1/11/2010	1/11/2010	-	Active	NO
U40102MH2008PTC180833	SAURASHTRA POWER PRIVATE LIMITED	Director	22/12/2010	22/12/2010	-	Active	NO

Name :

Mr. Navin Kumar Sinha

Designation :

Director

Address :

Brahma House, Dhirendra Puram, Dhaiya, P.O – Ism Dhanbad, Jharkhand – 826004, India

Date of Birth/Age :

22.05.1979

Date of Appointment :

15.09.2008

DIN No.:

01593775

Other Directorship :

CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
U23109WB1989PTC046970	B.D.S.COKE INDUSTRIES PRIVATE LIMITED	Director	17/04/2003	17/04/2003	-	Active	NO
U35110MH2004PTC150100	DKS SHIPPING PRIVATE LIMITED	Director	12/01/2005	12/01/2005	-	Active	NO
U23109WB2005PTC102402	RAJGANJ COKE PRODUCTS PRIVATE LIMITED	Director	22/03/2005	22/03/2005	-	Active	NO
U27100MH2005PTC152830	SAURASHTRA FERROUS PRIVATE LIMITED	Director	1/12/2006	1/12/2006	-	Active	NO
U23109WB2005PTC102302	BRAHMDEO SINHA AND COMPANY (HARD COKE) PRIVATE LIMITED	Director	10/05/2007	10/05/2007	-	Active	NO
U26959WB2005PTC102339	BRAHMA REFRACTORIES PRIVATE LIMITED	Director	1/04/2008	1/04/2008	-	Active	NO
U10102GJ2004PTC044337	HINDUSTAN FUELS PRIVATE LIMITED	Director	31/03/2009	31/03/2009	-	Active	NO
U10102GJ2002PTC040374	KUTCH COAL CARBONISATION PRIVATE LIMITED	Director	31/03/2009	31/03/2009	-	Active	NO
U23100GJ2004PTC044962	CLASSIC ENERGY (INDIA) PRIVATE LIMITED	Director	1/04/2009	1/04/2009	-	Active	NO
U74140WB1993PTC057705	NISHANT MANAGEMENT PRIVATE LIMITED	Director	23/11/2009	23/11/2009	-	Active	NO
U40100MH2004PTC149461	KANDLA POWER PRIVATE LIMITED	Director	17/03/2010	17/03/2010	-	Active	NO
U23100MH2004PTC149820	SAURASHTRA EXIM PRIVATE LIMITED C/N	Director	22/12/2010	22/12/2010	-	Active	NO
U23200MH1993PTC075455	SAURASHTRA FUELS PRIVATE LIMITED	Director	22/12/2010	22/12/2010	-	Active	NO
U40102MH2008PTC180833	SAURASHTRA POWER PRIVATE LIMITED	Director	22/12/2010	22/12/2010	-	Active	NO
U63090MH2005PTC150685	SAURASHTRA CONTAINERS PRIVATE LIMITED	Director	22/12/2010	22/12/2010	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 25.08.2011

Names of Shareholders	No. of Shares
Dipak Agarwalla	181750
Surendra Kumar Sinha	1624890
Dipak Agarwalla – HUF	72800
Vibha Agarwalla	78800
Molshree Trade Invest Private Limited, India	166600
Divyajyoti Holdings Private Limited, India	166600
Surendra Kumar Sinha – HUF	33550
Navin Kumar Sinha	150000
Great Valley Company Limited, India	1475100
Kirti G. Saparia	10
Total	4950100

Equity Share Break up (Percentage of Total Equity)

As on 25.08.2011

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	29.80
Bodies corporate	29.08
Directors or relatives of Directors	41.12
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of low ash metallurgical coke (LAM coke).

PRODUCTION STATUS [AS ON 31.03.2010]

Particulars	Unit	Installed Capacity	Actual Production
Low Ash Metallurgical Coke (Production of saleable Quantity)	MT per year	1006000	389605
Electricity	Units		5008221

# As certified by the Management

Industrial License not required for the company’s products and hence licensed capacities are not stated.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· State Bank of India, Commercial Branch, Paramsiddhi Complex, Opposite V. S. Hospital, Ellis Bridge, Ahmedabad – 380006, Gujarat, India

· State Bank of Hyderabad

· State Bank of Travancore

· ING Vysya Bank Limited

· Development Credit Bank Limited

· HDFC Bank Limited

· ICICI Bank

Punjab National Bank, Sola Road Branch, Sola Road Ahmedabad-380061, Gujarat, India
Union Bank of India, Overseas Branch, Union Bank Bhavan, Ground Floor, 239, Vidhan Bhavan Marg, Nariman Point Mumbai-400021, Maharashtra, India

· State Bank of Saurashtra Bhadra Branch, Ahmedabad, Gujarat, India

Facilities :

Secured Loan	As on 31.03.2010 (Rs. In Millions)	As on 31.03.2009 (Rs. In Millions)
Bank Term Loans	487.141	439.590
Secured Loans in Foreign Currency	4.883	55.800
Vehicle Loan	56.044	87.822
Bank CC/ OD Loans	55.344	21.428
Bank - Working Capital Term Loan	1250.000	0.000
Bank – Funded Interest Term Loan	82.828	0.000
Total	1936.240	604.640

Unsecured Loan	As on 31.03.2010 (Rs. In Millions)	As on 31.03.2009 (Rs. In Millions)
Loans	172.258	1.750
Deferred Sales Tax Liabilities	610.999	521.288
Total	783.257	523.038

Financial Institute :

· Sundaram Finance Limited

· Tata Motors Finance Limited

· SREI Finance Limited


Banking Relations :	--

Auditors :
Name :	Pravin Kumar and Associates Chartered Accountants
Address :	33/ 2^nd Floor, 160, Dr. D.N. Road, Mumbai – 400001, Maharashtra, India
PAN.:	AABPA5760C

Subsidiaries :	· Saurashtra Ferrous Private Limited CIN No.: U27100MH2005PTC152830 · Kutch Coal Carbonization Private Limited CIN No.: U10102GJ2002PTC040374 · Hindustan Fuels Private Limited · CIN No.: U10102GJ2004PTC044337 · Classic Energy (India) Private Limited CIN No.: U23100GJ2004PTC044962 · Kandla Powers Private Limited CIN No.: U40100MH2004PTC149461 · Saurashtra World Holding Private Limited

Enterprise under significant Influence of key management personnel :	· DKS Shipping Private Limited · Saurashtra Exims Private Limited · Brahma Refectories Private Limited · Swapnalok Properties Private Limited · Magnum Shipping · Saurashtra Containers Private Limited · Saurashtra Power Private Limited

CAPITAL STRUCTURE

As on 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount

7,500,000	Equity Shares	Rs.10/- each	Rs.75.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

4,950,100	Equity Shares	Rs.10/- each	Rs.49.501 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010	31.03.2009	31.03.2008
SHAREHOLDERS FUNDS
1] Share Capital		49.501	49.501	49.501
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		235.426	509.294	971.421
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		284.927	558.795	1020.922
LOAN FUNDS
1] Secured Loans		1936.240	604.640	1142.719
2] Unsecured Loans		783.257	523.038	420.856
TOTAL BORROWING		2719.497	1127.678	1563.575
DEFERRED TAX LIABILITIES		0.000	0.000	228.129

TOTAL		3004.424	1686.473	2812.626

APPLICATION OF FUNDS

FIXED ASSETS [Net Block]		1142.059	1438.020	1762.799
Capital work-in-progress		0.000	6.089	17.619

INVESTMENT		304.929	374.508	110.936
DEFERREX TAX ASSETS		102.540	100.277	0.000

CURRENT ASSETS, LOANS & ADVANCES
	Inventories	3678.425	3768.767	1744.791
	Sundry Debtors	347.830	116.003	656.849
	Cash & Bank Balances	95.614	293.541	482.218
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	173.574	232.788	237.934
Total Current Assets		4295.443	4411.099	3121.792
Less : CURRENT LIABILITIES & PROVISIONS
	Other Current Liabilities	2816.565	4642.473	2112.413
	Provisions	23.982	1.047	88.107
Total Current Liabilities		2840.547	4643.520	2200.520
Net Current Assets		1454.896	(232.421)	921.272

MISCELLANEOUS EXPENSES		0.000	0.000	0.000

TOTAL		3004.424	1686.473	2812.626

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	5408.556	9202.190	3379.724
		Other Income	471.802	86.168	92.514
		TOTAL (A)	5880.358	9288.358	3472.238

Less	EXPENSES
		Raw material consumption	5404.489	6283.981	2205.233
		Cost of Trade goods	196.367	2126.860	415.474
		Stores consumed	9.985	20.265	10.405
		Power and fuel oil	78.830	62.660	28.936
		Employees cost	93.103	119.499	57.217
		Repairs and maintenance	55.065	140.326	120.459
		Director remuneration	27.603	26.811	17.000
		Establishment and other Exp	201.331	79.788	132.088
		Selling and Distribution exp	114.945	97.139	61.518
		Increase/(Decrease ) in stock	(506.290)	635.732	(534.071)
		TOTAL (B)	5675.428	9593.061	2514.259

	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		204.930	(304.703)	957.979

Less	FINANCIAL EXPENSES (D)		255.628	202.641	106.917

	PROFIT/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		(50.698)	(507.344)	851.062

Less/ Add	DEPRECIATION/ AMORTISATION (F)		213.407	273.016	135.768

	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		(264.105)	(780.360)	715.294

Less	TAX (H)		9.762	318.233	336.446

	PROFIT/ (LOSS) AFTER TAX (G-I) (I)		(273.867)	(462.127)	378.848

Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		469.294	931.421	552.573

	BALANCE CARRIED TO THE B/S		195.427	469.294	931.421

	EARNINGS IN FOREIGN CURRENCY
		F. O. B value of Export	518.211	2706.373	34.053
	TOTAL EARNINGS		518.211	2706.373	34.053

	IMPORTS
		Traded Goods	110.528	1079.360	368.716
		Raw Materials	4532.562	8201.049	2657.514
	TOTAL IMPORTS		4643.090	9280.409	3026.230

	Earnings Per Share (Rs.)		(55.32)	(93.35)	76.53

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	(4.65)	(4.97)	10.91

Net Profit Margin (PBT/Sales)	(%)	(4.88)	(8.48)	21.16

Return on Total Assets (PBT/Total Assets}	(%)	(4.85)	(13.34)	0.14

Return on Investment (ROI) (PBT/Net worth)		(0.92)	(1.39)	0.70

Debt Equity Ratio (Total Liability/Networth)		1.96	10.32	3.68

Current Ratio (Current Asset/Current Liability)		1.51	0.94	1.41

LOCAL AGENCY FURTHER INFORMATION

OPERATIONS

The Company has produced 389605 MT of Low Ash Metallurgic Coke (LAM Coke) as against 330849, registering a growth of 17% as compared to the previous year.

The Coke demand is expected to increase in view of the expansion of steel capacity in India as well as globally. The company is of the view that the prices of the coke will increase in-coming months due to expected increase in demand in the domestic as well as the international market, as currently China is not in the Market.

The Company is operating two wind mills in Gujarat which is mainly for captive consumption and performance of the above is satisfactory.

FORM 8

Corporate identity number of the company	U23200MH1993PTC075455
Name of the company	SAURASHTRA FUELS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Office 93, 9th Floor, Mittal Tower, Nariman Point, Mumbai – 400021, Maharashtra, India Email Id : mumbai@saurashtracorp.com
This form is for	Creation of charge
Type of charge	Immovable property
Particular of charge holder	State Bank of India, Commercial Branch, Paramsiddhi Complex, Opposite V.S. Hospital, Ellis Bridge, Ahmedabad – 380006, Gujarat, India Email Id : rm.1cbahm@sbi.co.in
Nature of instrument creating charge	Supplemental Memorandum of deposit of title deeds for extension of equitable mortgage
Date of instrument Creating the charge	07.07.2011
Amount secured by the charge	Rs.3536.200 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest 1.Term Loan and Working Capital Term Loan: 1.00% below SBAR with reset after two years 2.Funded Interest Term Loan:- 2.00% below SBAR 3.FBWC Limit Terms of repayment FBWC : Payable on demand Term Loan, Working Capital Term Loan (WCTL) and Funded Interest Term Loan (FITL) to be repaid in 24 quarterly installments commencing after moratorium period of two years i.e. repayment to commence from June 2011 in stepped up basis Margin Stocks-25%, Receivables/Book debts (cover 90 days) -50%, Letter of Credit (Max. usance 180 days)- 15% and Bank Guarantee-15% Extent and operation of the charge First Pari passu Charge over the immovable Property at Mundra ,Probandar and one Wind Mill at S.No. 380/p, Village Lamba, to secure term lenders for their aggregate limit of Rs.2120.700 Millions and Exclusive pari passu basis over the immovable Property at (1) Plot No. 22 paiki, porbandar, (2) C/93 and C/91 Mittal Tower, Nariman Point Mumbai and Office No 720,721 and 722 at Vasundhara complex , Porbandar to secure total limit of Rs.1415.500 Millions to WC lenders Other Company has created equitable mortgage (EM) on 24.12.2009 and same has been registered under CID 10201417 for Hypothecation of movable assets and EM of Immovable property for total facility of Rs.2598.100 Millions. Now Company/bank want to split the charge (a) for hypothecation of movable assets and (b) for mortgage of Immovable Property Hence fresh charge over the immovable prop. for present enhancement aggregate facility of Rs.3536.200 Millions is being filed
Short particulars of the property charged (Including location of the property)	Survey No. 170/1, admeasuring 42489 sq. mtrs, situated at Village- Bhod, Taluka - Ranavav, District -Porbandar, Gujarat Survey No. 170/2, admeasuring 42489 sq. mtrs, situated at Village- Bhod, Taluka - Ranavav, District -Porbandar, Gujarat Survey No. 171, admeasuring 56859 sq. mtrs, situated at Village- Bhod, Taluka - Ranavav, District -Porbandar, Gujarat Survey No. 176/4, admeasuring 9004 sq. mtrs, situated at Village- Bhod, Taluka - Ranavav, District -Porbandar, Gujarat Survey No. 165 admeasuring 30255 sq. mtrs & Survey No. 167 admeasuring 41787 sq. mtrs situated at Village- Lakhapar, Taluka Mundra, Dist. Kachchh, Gujarat Survey No. 166/1 admeasuring 63435 sq. mtrs situated at Village- Lakhapar, Taluka Mundra, Dist. Kachchh, Gujarat Survey No. 168 admeasuring 34702 sq. mtrs situated at Village- Lakhapar, Taluka Mundra, Dist. Kachchh, Gujarat Survey No. 170 admeasuring 51800 sq. mtrs situated at Village- Lakhapar, Taluka Mundra, Dist. Kachchh, Gujarat Survey No. 44 admeasuring 35309 sq. mtrs situated at Village- Baraya, Taluka Mundra, Dist. Kachchh, Gujarat Other immovable Properties

Contingent Liabilities not provided for (31.03.2010) :

· Corporate Guarantee in favour of Subsidiary and Associate Company – Rs.709.000 Millions

· Guarantees issued to the Company by its banker secured by fixed deposits – Rs.3.044 Millions

· Outstanding Bills discounted by bank – Rs.6.362 Millions

· For Income tax demand pending under Appeals – 129.994 Millions

· Sales Tax – Rs.6.211 Millions

· Estimated amount of contracts remaining to be executed on capital account and not provided – Nil

Fixed Assets

Free hold land
Building-Factory –Office- Resevio
Building-office
Plant and Machinery
Wind Mills
Furniture and Fixture
Office equipments
Computer
Weighbridge
Vehicles
Ship M V Shakti

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.53.02
UK Pound	1	Rs.82.34
Euro	1	Rs.68.99

SCORE & RATING EXPLANATIONS

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

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.

MIRA INFORM REPORT

3678.425

347.830

95.614

0.000

173.574

4295.443

2816.565

23.982

2840.547

1454.896

(4.65)

(4.88)

(4.85)

(0.92)

1.96

1.51

Unit