MIRA INFORM REPORT

Report Date :

12.01.2011

IDENTIFICATION DETAILS

Name :	AGARWAL COAL CORPORATION PRIVATE LIMITED
Registered Office :	Matra Kripa, Chameli Park, Near Goyal Nagar, Indore – 452001, Madhya Pradesh
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	16.08.2000
Com. Reg. No.:	10-14351
CIN No.: [Company Identification No.]	U23109MP2000PTC014351
Legal Form :	Private Limited Liability Company
Line of Business :	Wholesaler and Dealer of Imported and Indian Steam Coal and Slack Coal.

RATING & COMMENTS

MIRA’s Rating :

Ba (49)

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

Maximum Credit Limit :	USD 4507536
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct and as per commitments. The company can be considered normal for 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 – April 1, 2010

Country Name	Previous Rating (31.12.2009)	Current Rating (01.04.2010)
India	A1	A1

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

LOCATIONS

Registered Office :	Matra Kripa, Chameli Park, Near Goyal Nagar, Indore – 452001, Madhya Pradesh, India
Tel. No.:	91-731-2538874/ 2539575/ 2592183(R)
Fax No.:	91-731-2531388
E-Mail :	agarcoal@sancharnet.in agarcoal@airtelmail.in admanum_ho@rediffmail.com mrsheikh_cs2005@rediffmail.com
Head Office :	Agarwal House No 5, Yeshwant Colony, Indore – 452003, Madhya Pradesh, India
Tel. No.:	91-731-2538874/2431709
Fax No.:	91-731-2531388
E-Mail :	agarcoal@sancharnet.in
Area :	Owned

DIRECTORS

As on 30.09.2009

Name :	Mr. Vinod Kumar Agarwal
Designation :	Managing Director
Address :	Matra Kripa 2, Chameli Park, Near Goyal Nagar, Ring Road, Indore – 452018, Madhya Pradesh, India
Date of Birth/Age :	11.06.1964
Date of Appointment :	04.10.2000
Name :	Mr. Surendra Prasad Shukla
Designation :	Whole Time Director
Address :	I – 25, LIG Colony, R A - VI, Shankar Shukla Nagar, Indore – 452 008, Madhya Pradesh, India
Date of Birth/Age :	16.02.1949
Date of Appointment :	04.07.2002

KEY EXECUTIVES

Name :	Ms. Anjali Kabra
Designation :	Company Secretary
Address :	304, Trade House, 14, 3, South Tukoganj, Indore-452001, Madhya Pradesh, India
Date of Birth/Age :	30.09.1980
Date of Appointment :	01.03.2008
Date of Ceasing :	01.05.2009

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(As on 30.09.2009)

Names of Shareholders	No. of Shares
V K Agrwal	1201100
Neena Devi Agarwal	200
Available Finance Limited, Indore	800000
Sanjay Kumar Agarwal	200
Vinod Kumar Agarwal (HUF)	200
Archana Agarwal	100
N C Mittal	1000
Meena Devi	100
Sampark Distributors Private Limited, Kolkata	177000
Satvichar Suppliers Private Limited, Kolkata	260000
Lunkad Media and Entertainment Limited, Indore	18100
Rajveer Marketing and Investments Limited, Indore	23700
Jayant Security and Finance Limited, Vadodara	25000
Lunkad Securities Limited, Indore	48500
Parksons Securities Limited, Indore	45000
Rajvir Biotech Private Limited, Indore	8000
West End Management Technologies (Private) Limited, Indore	43500
Purvi Finvest Limited, Chattisgarh	56000
East West Finvest India Limited, Chattisgarh	59000
Trimurthy Finvest Limited, Chattisgarh	58500
Maars Software International Limited, Chennai	32500
Alpine Infosys Private Limited, Indore	10000
Alpine Agrotech Private Limited, Indore	5000
Aditi Agarwal	100
Total	2872800

(As on 30.09.2009)

Category	Percentage
Bodies corporate (not mentioned above)	58.12
Directors or relatives of directors	41.85
Other top fifty (50) shareholders (Other than listed above)	0.03
Total	100.00

BUSINESS DETAILS

Line of Business :

Wholesaler and Dealer of Imported and Indian Steam Coal and Slack Coal.

GENERAL INFORMATION

No. of Employees :

20

Bankers :

· UCO Bank, Gram Pipliahana Branch, Tilak Nagar, Indore – 452018, Madhya Pradesh, India

· State Bank of Indore

Facilities :

Secured loans	31.03.2010 Rs. In Millions
Overdraft (Clean) From
UCO Bank Tilak Nagar, Indore	204.159
State Bank of Indore, P.Y. Road, Indore	50.520
Loan Against FDR from State Bank of India, and UCO, Tilak Nagar, Indore	745.841
Rollover Buyer’s Line of Credit (Supported by SBI & UCO Bank)	3322.813
Term Loan from State Bank of India, P.Y. Road, Indore	12.916
Car Loan from ICIC Bank Limited, Indore	4.051
Total	4340.300
Unsecured Loans	31.03.2010 Rs. In Millions
From Intercorporate Loans	123.124
From Shareholders	10.625
Total	133.749

Banking Relations :	----
Auditors :
Name :	M. K. Badjatya and Company Chartered Accountants
Address :	208, Morya Centre, 16, Race Course, Indore – 452 001, Madhya Pradesh, India
Tel. No.:	91-731-2532783/ 2535934/ 2430542
Mobile No.:	91-9827023923
Fax No.:	91-731-2532783
E-Mail :	jainok@hotmail.com okmkb@yahoo.co.in
Associates/Subsidiaries :	Nil

CAPITAL STRUCTURE

As on 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
40,00,000	Equity Shares Carrying Voting Rights	Rs.10/- each	Rs.40.000 Millions
10,00,000	Non Voting Equity Shares	Rs.10/- each	Rs.10.000 Millions
	Total		Rs.50.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
24,32,800	Equity Shares Cash Carrying Voting right	Rs.10/- each	Rs.24.328 Millions
4,40,000	Equity Shares Cash Carrying non Voting right	Rs.10/- each	Rs.4.400 Millions
	Total		Rs.28.728 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		28.728	28.728	28.728
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		1098.156	737.573	572.227
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		1126.884	766.301	600.955
LOAN FUNDS
1] Secured Loans		4340.301	4617.646	1401.612
2] Unsecured Loans		133.750	208.492	195.879
TOTAL BORROWING		4474.051	4826.138	1597.491
DEFERRED TAX LIABILITIES		17.982	21.582	23.450
TOTAL		5618.917	5614.021	2221.896
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		70.577	73.494	81.837
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		57.995	51.339	46.338
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	492.006	1061.597	661.426
	Sundry Debtors	4100.065	2190.731	1519.535
	Cash & Bank Balances	6136.509	5319.092	2849.780
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	609.404	499.768	391.653
Total Current Assets		11337.984	9071.188	5422.394
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	5735.154	3492.586	3157.124
	Other Current Liabilities	64.185	33.530	64.769
	Provisions	48.300	55.884	106.780
Total Current Liabilities		5847.639	3582.000	3328.673
Net Current Assets		5490.345	5489.188	2093.721
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		5618.917	5614.021	2221.896

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	15419.263	11154.146	8306.543
		Direct Income	641.242	460.762	226.152
		Other Income	22.949	18.376	60.156
		Wind Power Sale	9.837	10.293	5.235
		TOTAL (A)	16093.291	11643.577	8598.086
Less	EXPENSES
		Cost of Goods Sold	14300.206	10298.063	7857.883
		Direct Expenses	938.638	856.721	110.072
		Employees Remuneration and Benefits	12.536	10.584	7.411
		Administrative & General Expenses	65.699	38.918	71.857
		Selling and Distribution Expenses	3.262	0.332	3.491
		Directors Remuneration	60.330	2.730	1.137
		Future and Option (Security)	4.836	2.817	12.298
		Short Term Capital Loss	0.000	0.000	13.893
		TOTAL (B)	15385.507	11210.165	8078.042
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		707.784	433.412	520.044
Less	FINANCIAL EXPENSES (D)		144.823	171.168	72.223
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		562.961	262.244	447.821
Less/ Add	DEPRECIATION/ AMORTISATION (F)		9.947	9.300	8.832
	PROFIT BEFORE TAX (E-F) (G)		553.014	252.944	438.989
Less	TAX (I)		192.426	87.597	150.197
	PROFIT AFTER TAX (G-I) (J)		360.588	165.347	288.792

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	2.24	1.42	3.35
Net Profit Margin (PBT/Sales)	(%)	3.58	2.26	5.28
Return on Total Assets (PBT/Total Assets}	(%)	4.84	2.76	7.97
Return on Investment (ROI) (PBT/Networth)		0.49	0.33	0.73
Debt Equity Ratio (Total Liability/Networth)		9.15	10.97	8.20
Current Ratio (Current Asset/Current Liability)		1.93	2.53	1.63

LOCAL AGENCY FURTHER INFORMATION

FORM 8:

Corporate identity number of the company

U23109MP2000PTC014351

Name of the company

Agarwal Coal Corporation Private Limited

Address of the registered office or of the principal place of business in India of the company

Matra Kripa, Chameli Park, Near Goyal Nagar, Indore-452001, Madhya Pradesh, India

mrsheikh_cs2005@rediffmail.com

This form is for

Modification of charge

Type of charge

Immovable property

Book debts

Movable property

Particular of charge holder

Name :	UCO Bank,
Address :	Gram Pipliahana Branch, Tilak Nagar, Indore-452018, Madhya Pradesh, India
Email :	ucotilakind@sify.com

Nature of instrument creating charge

Credit Facilities Increased Upto Rs. 4250.000 millions (Uco Bank Rs. 2680.000 millions+State Bank of Indore Rs.1570.000 millions).

Date of instrument Creating the charge

25.08.2010

Amount secured by the charge

Rs. 4250.000 Millions

Brief of the principal terms an conditions and extent and operation of the charge

Rate of Interest

BPLR-2% i.e. 10.25% p.a. (monthly rest)

Terms of Repayment

Terms of the agreement

Margin

15% At the time of issue of ILC/FLC by way of FDR with Lien noted in favour of the Bank.

Extent and Operation of the charge

Terms of the agreement

Others

Nil

Particulars of the property charged

As per the Terms and Conditions of the Agreement.

Date of instrument modifying the charge

02.08.2010

Particulars of the present modification

Credit Facilities Increased Upto Rs. 4250.000 millions (Uco Bank Rs. 2680.000 millions+State Bank of Indore Rs.1570.000 millions).

This form is for	Modification of charge
Corporate identity number of the company	U23109MP2000PTC014351
Name of the company	Agarwal Coal Corporation Private Limited
Address of the registered office or of the principal place of business in India of the company	Matra Kripa, Chameli Park, Near Goyal Nagar, Indore-452001, Madhya Pradesh, India mrsheikh_cs2005@rediffmail.com
Type of charge	Charge on current Assets
Particular of charge holder	UCO Bank, Gram Pipliahana Branch, Tilak Nagar, Indore-452018, Madhya Pradesh, India ucotilakind@sify.com
Nature of description of the instrument creating or modifying the charge	Ad-hoc one time limit for 180 days of Rs.350.000 millions
Date of instrument Creating the charge	30.12.2009
Amount secured by the charge	Rs.350.000 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest As per Terms and Conditions of sanctioned Terms of Repayment As per Terms and Conditions of sanctioned Extent and Operation of the charge Ad-hoc Foreign Letter of Credit one time basis of Rs.350.000 millions

FIXED ASSETS:

· Freehold Land

· Flats

· Godown

· Air Conditioner

· Fax Machine

· Furniture and Fixture

· Mobiles

· Office Equipments

· Safe

· Xerox Machine

· Computers

· Vehicles

· Wind Energy

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.45.32
UK Pound	1	Rs.70.54
Euro	1	Rs.58.70

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	6
--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
TOTAL		49

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.