MIRA INFORM REPORT

Report Date :

14.03.2011

IDENTIFICATION DETAILS

Name :	APEX ENERGY RESOURCES PRIVATE LIMITED (w.e.f. 02.11.2007)
Formerly Known as:	APEX ENERGY RESOURCES LIMITED
Registered Office :	Room No.302, OM Tower, 32, Jawahar Lal Nehru Road, Kolkata – 700071, West Bengal
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	30.01.2004
Com. Reg. No.:	097752
CIN No.: [Company Identification No.]	U23109WB2004PLC097752
TAN No.: [Tax Deduction & Collection Account No.]	CALA06322B
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Trader of Coal and Coke.

RATING & COMMENTS

MIRA’s Rating :

Ba (46)

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

Maximum Credit Limit :	USD 792232
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject isan established company having satisfactory track. Trade relations are reported as fair. Business is active. Payments terms are reported to be usually correct and as per commitments. The company can be considered normal 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 – 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

INFORMATION PARTED BY

Name :	Mr. G. Lodha
Designation :	Chief Accountant

LOCATIONS

Registered Office :	Room No.302, OM Tower, 32, Jawahar Lal Nehru Road, Kolkata – 700071, West Bengal, India
Tel. No.:	91-33-22103301
Fax No.:	91-33-22135613
E-Mail :	omjalan@satyam.net.in bna_naredi@yahoo.co.in
Area :	1300 sq. ft.
Location :	Owned

DIRECTORS

AS ON 29.09.2010

Name :	Mr. Om Prakash Jalan
Designation :	Director
Address :	P-108, Block –B, Laketown, Kolkata – 700089, West Bengal, India
Date of Birth/Age :	06.05.1967
Qualifications :	B. Com
Date of Appointment :	06.06.2007
Name :	Mrs. Suman Jalan
Designation :	Director
Address :	P-108, Block –B, Laketown, Kolkata – 700089, West Bengal, India
Date of Birth/Age :	18.07.1974
Qualifications :	B. Com
Date of Appointment :	30.01.2004
Name :	Mr. Radhey Shyam Jalan
Designation :	Director
Address :	P-108, Block –B, Laketown, Kolkata – 700089, West Bengal, India
Date of Birth/Age :	23.06.1980
Qualifications :	Chartered Accountant
Date of Appointment :	30.01.2007
Name :	Mr. Kailash Chandra Jalan
Designation :	Director
Address :	P-108, Block –B, Laketown, Kolkata – 700089, West Bengal, India
Date of Birth/Age :	19.03.1982
Date of Appointment :	11.01.2010

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 29.09.2010

Names of Shareholders	No. of Shares
Mr. Om Prakash Jalan	20000
Mrs. Suman Jalan	345000
Mr. Ram Niwas Jalan	505000
Mrs. Pushpa Devi Jalan	445000
Mr. Pawan Kumar Jalan	5000
Mr. Satyanarayan Jalan	205000
Ram Niwas Jalan HUF	341000
Mr. Kailash Chandra Jalan	88500
Mr. Pawan Kumar Jalan HUF	445000
Satyanarayan Jalan HUF	200000
Ms. Rekha Jalan	150000
Mr. Chandra Jalan	150000
Apex Energy Private Limited, Kolkata	976000
Om Prakash Jalan HUF	200000
North Star Distributors Private Limited, Kolkata	5000
Apex Fuel Private Limited,	240000
Akshara Construction Private Limited, Kolkata	172000
Vistaar Marine Private Limited,	368000
Delight Grih Nirman Private Limited, Kolkata	130000
Total	4990500

AS ON 29.09.2010

Category	Percentage
Bodies Corporate (not mentioned above)	37.89
Directors or Relatives of Directors	62.11
Total	100.00

BUSINESS DETAILS

Line of Business :	Trader of Coal and Coke.
Products :	· Coal · Coke
Imports :
Countries :	· Australia · China
Terms :
Selling :	Cash and Credit
Purchasing :	L/C

GENERAL INFORMATION

Customers :

Wholesalers

No. of Employees :

15

Bankers :

State Bank Of Travancore, Kolkata Main Branch, 36, Jawaharlal Nehru Road, Kolkata - 700071, West Bengal, India

Facilities :

Secured Loan	Rs. In Millions 31.03.2010	Rs. In Millions 31.03.2009
Secured Loan (Against Hypothecation of Motor Car)
HDFC Car Loan – II	0.000	0.058
HDFC Car Loan – III	0.371	0.552
Total	0.371	0.610
Unsecured Loan	Rs. In Millions 31.03.2010	Rs. In Millions 31.03.2009
From Corporates Bodies	40.405	32.495
Total	40.405	32.495

Banking Relations :	-
Auditors :
Name :	B N Agarwal and Company Chartered Accountant
Address :	1 and 2 Old Court House Corner, Room No. 511, 5^th Floor, Kolkata – 700001, West Bengal, India
Associates :	Bengal Energy Limited Apex Fuel Private Limited Apex Energy Private Limited Akshara Construction Private Limited Apex Trading Company

CAPITAL STRUCTURE

Authorised Capital :

No. of Shares	Type	Value	Amount
7000000	Equity Shares	Rs.10/- each	Rs.70.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
4990500	Equity Shares	Rs.10/- each	Rs.49.905 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		49.905	49.905	46.905
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		148.153	118.084	58.212
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		198.058	167.989	105.117
LOAN FUNDS
1] Secured Loans		0.372	0.611	0.278
2] Unsecured Loans		40.406	32.495	3.452
TOTAL BORROWING		40.778	33.106	3.730
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		238.836	201.095	108.847
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		1.260	1.604	10.235
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		20.000	20.000	8.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	341.578	1557.141	208.013
	Sundry Debtors	2133.121	3380.254	194.400
	Cash & Bank Balances	49.881	1237.346	38.542
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	74.744	488.172	80.396
Total Current Assets		2599.324	6662.913	521.351
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	2143.803	6434.614	356.612
	Other Current Liabilities	206.133	18.031	59.228
	Provisions	31.893	30.777	14.971
Total Current Liabilities		2381.829	6483.422	430.811
Net Current Assets		217.495	179.491	90.540
MISCELLANEOUS EXPENSES		0.081	0.000	0.072
TOTAL		238.836	201.095	108.847

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	8541.803	10968.665	5691.165
		Other Income	0.718	4.705	1.164
		Interest Account	83.521	51.744	12.050
		TOTAL (A)	8626.042	11025.114	5704.379
Less	EXPENSES
		Cost of Goods Sold	8493.636	10767.638	5410.157
		Direct Expenses	64.445	193.285	238.303
		Selling and Administrative Expenses	20.437	15.183	16.355
		TOTAL (B)	8578.518	10976.106	5664.815
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		47.524	49.008	39.564
Less	FINANCIAL EXPENSES (D)		0.000	0.000	0.000
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		47.524	49.008	39.564
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.409	0.300	0.323
	PROFIT BEFORE TAX (E-F) (G)		47.115	48.708	39.241
Less	TAX (I)		17.044	15.837	13.438
	PROFIT AFTER TAX (G-I) (J)		30.071	32.871	25.803
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		62.443	29.572	3.769
	BALANCE CARRIED TO THE B/S		92.515	62.443	29.572
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	385.741	NA	NA
	TOTAL EARNINGS		385.741	NA	NA
	Earnings Per Share (Rs.)		6.03	7.01	--

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	0.35	0.28	0.45
Net Profit Margin (PBT/Sales)	(%)	0.55	0.44	0.69
Return on Total Assets (PBT/Total Assets}	(%)	1.81	0.73	7.38
Return on Investment (ROI) (PBT/Networth)		0.24	0.29	0.37
Debt Equity Ratio (Total Liability/Networth)		12.23	38.79	4.13
Current Ratio (Current Asset/Current Liability)		1.10	1.03	1.21

LOCAL AGENCY FURTHER INFORMATION

Note:

The registered office address of the company has been shifted from Room No.302, Om Tower 32, Jawahar Lal Road, Kolkata – 700071, West Bengal, India to present w.e.f. 01.04.2009

Trade Reference:

· Jindal Steel

· Tata Steel

Form 8:

Corporate identity number (CIN) Foreign company registration number	U23109WB2004PLC097752
Name of the Company	APEX ENERGY RESOURCES LIMITED
Address	3B, Lal Bazar Street, Sri RNM House, 4^th Floor, R N 2, Kolkata – 700001, West Bengal, India
This form is for	Modification of Charge
Type of Charge	Immovable Property Movable Property (not being pledge)
Particulars of the charge holder	· Oriental Bank of Commerce 2, N C Dutta Sarani, Sagar Estate, Kolkata – 700001, west Bengal, India jjainco@gmail.com
Nature or description of the instrument(s) creating or modifying the charge	Loan Doc 13 – Supplemental Sgreement to Secure Credit/ Loan Facilities. Date 15.06.2007 Loan Doc 11 – Agreement of Guarantee Date 15.06.2007 LTR – 18.2
Date of the instrument creating or modifying the charge	15.06.2007
Amount secured by the charge	Rs.450.000 Millions
Brief particulars of the principal terms and conditions and extent and operation of the charge	Rate of Interests : Demand bill – 2.5% below PLR with 9.25% p.a. from the date advance bill till realisation. Usance bill – 2.5% below PLR with 9.25% p.a. from the date advance bill till realisation. Penal Interests @2% p.a. over and above the normal rate of Interests shall be charged as under. Demand bill – from the date of presentation or 14 days from date of advance is not know, till date of realisation Usance bill – from the due date till the date of realisation. Terms of Repayment: As per Terms of Sanction Margin: 25% in shape of unencumbered duly discharge FDR/ CDR Extent and operation of the charge: The Credit facilities have been enhanced as provided in the supplemental agreement of hypothecation of assets, repayable with interests cost charges and expenses Others : As per Term of Sanction
Short particulars of the property charged (including location of the property)	Documentary demand/ usance bills having maximum tenor of 90 days accompanied with Rs. And/or approved transport operation in case of upcountry parties or accepted hundi accompanied with received challan along with invoice in case of local parties convening consignment of goods
Particular of the present modification	By this modification, the credit limit has been enhanced by Rs.310.000 Millions from Rs.140.000 Millions to Rs.450.000 Millions.

Name of the company	APEX ENERGY RESOURCES LIMITED
Presented By	Oriental Bank of Commerce Strand Road Branch, 2 N C Dutta Sarani, Kolkata – 700001, India
1) Date and description of instrument creating the change	Agreement of Hypothecation of Assets Dated 12.09.2005
2) Amount secured by the charge/amount owing on the securities of charge	Rs.140.000 Millions
3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given	Hypothecation of Stock of Coke and Coal Procured under Letter of Credit on DA basis and document of title to goods in case of letter of credit on DP basis
4) Gist of the terms and conditions and extent and operation of the charge.	LC (Inland/ Foreign) Margin : 35% Document: Usance Bill/ Clean Usance Bill Margin : Nil Commission: As per FEDAI Rules Favoring Reputed Suppliers of Raw Materials Tenor: DP or DA with 90 days Usance
5) Name and Address and description of the person entitled to the charge.	Oriental Bank of Commerce Strand Road Branch, 2 N C Dutta Sarani, Kolkata – 700001, India
6) Date and brief description of instrument modifying the charge	NA
7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification.	NA

This form is for	Creation of charge
Corporate identity number of the company	U23109WB2004PLC097752
Name of the company	APEX ENERGY RESOURCES LIMITED
Address of the registered office or of the principal place of business in India of the company	3B, LAL BAZAR STREET, ROOM NO- 2, 4TH FLOOR, KOLKATA – 700001, West Bengal, INDIA
Type of charge	Immovable Property
Particular of charge holder	STATE BANK OF TRAVANCORE
Nature of description of the instrument creating or modifying the charge	MEMORANDUM OF ENTRY ( TITLE DEED NARRATION ) DATED-16.10.2008
Date of instrument Creating the charge	16/10/2008
Amount secured by the charge	Rs.250.000 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest Bank reserves the right to charge interest,commission, discount, cost & charges at such rates(s) as may be determined by the Bank from time to time according to Banking Norms & RBI Guidelines, the present rate of interest as applicable to the Borrower.:- For Term Loan : 0.25% above SBTPLR present effective rate 14.25% per annum ( floating ) with monthly rests and also interest tax, if any, subject to first reset one year COD and thereafter every two years Terms of Repayment The Term Loan of Rs.250.000 Millions is repayable by the borrower in 26 equal quarterly installments commencing from the quarter after 14 months' start-up period. Margin 29.1% of all moveable fixed assets applicable to the borrower. Extent and Operation of the charge The charge operates as pari passu first charge basis amongst the Term Lenders on the whole of the mortgaged properties to secure the maximum amount under the said charge fixed at Rs.250.000 Millions granted or to be granted by the Bank (the charge holder) to M/S. BENGAL ENERGY LIMITED (the Borrower) together with interest, costs and charges thereon. Others The Borrower shall not do or allow anything which may prejudice the security and shall comply with the terms and conditions of the Agreements. The Company stands as a security provider for securing the overall limit granted to M/S. BENGAL ENERGY LIMITED (the Borrower).
Short particulars of the property charged	Land measuring 10.51 acres together with all the buildings, structures, factory sheds and power houses situated at Mouza Dauka, P.O. Tentulmuri, P.S. Narayangarh District Medinipur West , Pin- 721437, West Bengal.

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.45.21
UK Pound	1	Rs.72.54
Euro	1	Rs.62.43

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--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		46

his 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.