MIRA INFORM REPORT

Report Date :

01.10.2011

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)

No. of Employees :	Not Divulged by the management

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.

INFORMATION DECLINED BY

Name :	Mr. Arun Lodha
Designation :	Finance Manager
Contact No.:	91-22-40467500
Date :	30.09.2011

LOCATIONS

Registered Office :	Office 93 9^th Floor Mittal Tower, Nariman Point, Mumbai – 400021, Maharashtra, India
Tel. No.:	91-22-56550621
E-Mail :	mumbai@saurashtracorp.com
Website :	http://www.saurshtrafuels.com

Mumbai Office :	93 / C Mittal Tower , Nariman Point, Mumbai 400021, Maharashtra , India
Tel. No.:	91-22-40467500
Fax No.:	91-22-66550623
E-Mail :	vikassawant@saurashtracorp.com

Porbandar Office :	4th Floor, Shree Chambers, Opp. M.E.M.School, Near Kamla Nehru Baug, Porbander-360575, 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, 2nd floor, Saurashtra CFS, Admin Bldg, BharatCFS Zone-1 MP and SEZ Limited Road, Mundra-370421 (Dist.Kutch), India
Tel. No.:	91-2838-222525
Fax No.:	91-2838-224141

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 :

Ms. Kunda Singh

Designation :

Director

Address :

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

Date of Appointment :

01.07.1995

DIN No.:

00971459

Name :

Raghav Argarwalla

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. 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. Navin Kumar Sinha

Designation :

Director

Address :

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

Date of Birth/Age :

22.05.1979

Date of Appointment :

22.12.2010

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

Name :

Mr. Rajesh Manharlal Desai

Designation :

Director

Address :

8 Chapsey Terrace30 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 & 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 :

Hariharan Vishwanatha Iyer

Designation :

Director

Address :

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

Date of Appointment :

01.04.2008

DIN No. :

02187247

KEY EXECUTIVES

Name :	Mr. Arun Lodha
Designation :	Finance Manager

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	65000
Molshree Trade Invest private Limited, Mumbai, India	166600
Divyajyoti Holdings Private limited, Mumbai, India	166600
Surendra Kumar Sinha-HUF	33550
Navin Kumar Sinha	150000
Great Valley Company Limited, Mauritius	1475100
Kirti G. Saparia	10
M/S. Swapnalok Properties Private Limited, Mumbai, India	13800
Nihant Management Private Limited	1000000

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	26.94
Directors or relatives of Directors	43.26
Other top fifty shareholders	0.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of low ash metallurgical coke (LAM)

PRODUCTION STATUS AS ON 25.08.2011

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
Low Ash Metallurgical Cock (Production of saleable quality)	MT. per Year		1006000	389605
Electricity	Units	--	--	5008221

Note : # As Certified by the Management Industrial License not required for the company’s product and hence licensed capacities are not stated

GENERAL INFORMATION

No. of Employees :

Not Divulged by the Management

Bankers :

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 India Connercial Branch, 3^rd Floor, Paramshiddhi Complex, Opp .V.S. Hospital, Ashram Road, Ahmedabad-380006
State Bank Of Saurashtra Bhadra Branch, Ahmedabad

Facilities :

Particulars	31.03.2010 (Rs. In Millions)	31.03.2009 (Rs. In Millions)
Secured Loans 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

Particulars	31.03.2010 (Rs. In Millions)	31.03.2009 (Rs. In Millions)
Unsecured Loans
Loans	172.258	1.750
Deferred Sales Tax Liabilities	610.999	521.287

Total	783.257	523.037

Banking Relations :

Auditors :

Name :

Pravin Kumar and Associates

Chartered Accountant

Address :

33/2^nd floor,160 D N Road, Mumbai 400001, Maharashtra, India

PAN.:

AABPA5760C

Associates/Subsidiaries :

Name Of Subsidiary	CIN Of subsidiary company
Saurashtra Ferrous Private Limited	U27100mh2005PTC152830
Classic Energy (India) Private Limited	U23100GJ2004PTC044962
Kutch Coal Carbonization Private Limited	U10102GJ2002PTC040374
Hindustan Fuels Private Limited	U10102GJ2004PTC044337
Kandla Power Private Limited	U40100MH2004PTC149461
Saurashtra World Holding Private Limited, Singapore	--

CAPITAL STRUCTURE

As on 25.08.2011

Authorised Capital:

No. of Shares	Type	Value	Amount

7500000	Equity Shares	Rs.10/- each	Rs.75.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

4950100	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	347.831	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		4295.444	4411.099	3121.792
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	0.000	0.000	0.000
	Other Current Liabilities	2816.565	4642.473	2112.413
	Provisions	23.981	1.047	88.107
Total Current Liabilities		2840.546	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	3379.839
		Other Income	471.802	86.168	92.514
		TOTAL (A)	5880.358	9288.358	3472.353

Less	EXPENSES
		Raw material consumption	5404.489	6283.980	2217.752
		Cost of Trade goods	196.367	2126.859	415.474
		Stores consumed	9.985	20.264	10.405
		Power and fuel oil	78.830	62.660	35.249
		Employees cost	93.103	119.498	57.216
		Repairs and maintenance	55.065	140.326	121.983
		Director remuneration	27.603	26.811	17.000
		Establishment and other Exp	201.331	79.788	99.579
		Selling and Distribution exp	114.945	97.138	73.783
		Increase/(Decrease ) in stock	(506.290)	635.732	(534.071)
		TOTAL (B)	5675.428	9593.056	2514.370

Less	PROFIT/LOSS BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		204.930	304.698	957.983

Less	FINANCIAL EXPENSES (D)		255.628	202.641	106.917

	PROFIT/LOSS BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		(50.698)	102.057	851.066

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 (I)		9.762	318.233	336.446

	PROFIT/LOSS AFTER TAX (G-I) (J)		(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 exports	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		464.309	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)	20.59

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

DETAILS OF SUNDRY CREDITORS NOT AVAILABLE

CONTINGENT LIABILITIES NOT PROVIDED FOR

PARTICULARS	31.03.2010	31.03.2009
a) Corporate Guarantee in favour of Subsidiary and Associate company	7.090	7.090
a) Guarantees issued to the company by its banker secured by fixed deposits	3.044	3.044
b) Outstanding Bills discounted by bank	6.363	75.306
c) For Income tax demand pending under appeals	129.994	129.994
d) Sales Tax	6.211	6.211
e) Estimated amount of contracts remaining to be executed on capital account and not provided	--	--

FINANCIAL RESULT

During the year the company has achieved turnover of Rs. 5880.400 millions as against Rs. 9288.300 millions in the previous year. Decline in turnover mainly on account of decrease in exports as well as decline in net realization rate of the finished goods due to slow down in steel sector along with general recession .

However during the current year the demand of company’s product grew gradually. With this concurrence of Demand the Company has increased its production gradually.

The company has imported 621000MT new coking coal and consumed 130000MT high cost inventory of coking coal during the year. The company had adopted strategy for blending old coal with new coal which has shown better results.

In view of good growth indicator of steel industry in domestic as well as international market and having good sales order position in the first quarter of 2010-11 your company foresees good growth in coming months. The over all performance of the Company for the year under review has been satisfactory.

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

FINANCE

Due to Global Meltdown and Recession in Industrial activity in second half of the year 2008-09, your company has incurred huge losses as well as value of its inventory has reduced substantially. Hence company has submitted proposal for Corporate Debt Restructuring with State Bank of India ( Lead Bank), which has been admitted on 30th June,2009 with Corporate Debt Restructuring Cell at IDBI and the same has been approved by CDR-EG and implemented with effect from 1st July 2009 by all the banks.

The company has been regular in payment of interest to the lender banks as stipulated in CDR-EG sanction.

The Company continues to enjoy good support from all consortium Banks i.e. State Bank of India, State Bank of Travancore, State Bank of Hyderabad, Union Bank of India, The ING Vysya Bank, Punjab and Sind Bank and Development Credit Bank Limited to meet its working capital requirements from time to time.

SUBSIDIARY AND ASSOCIATES COMPANIES

Saurashtra Ferrous Private Limited

Is the manufacturer of Pig Iron and steel having manufacturing facility at Mundra . The company has invested in 2007-08 amount of Rs.99.800 millions towards equity and preference share of the said company. The future of this company seems to be bright in view of increase of steel demand in India.

Saurashtra World Holding Private Limited

Is wholly owned subsidiary of the company. The company has invested amount of Rs.11.000 millions towards equity share of the said company. Saurashtra World Holding Private Limited has equity stake in PIKE RIVER COAL COMPANY LIMITED, a company which has coal mines in New Zealand. The company will be benefited for assured supply of company’s raw material in future.

The company has invested in equity and preference shares of four companies namely Kutch Coal Carbonisation Private Limited, Classic Energy ( India ) Private Limited, Kandla Power Private Limited , Hindustan Fuels (Gujarat) private Limited who has LAM Coke manufacturing capacities. Company`s investment remains the same in all the companies except a further investment of Rs.149.900 millions in Classic Energy (India) Private during the year.

Saurashtra Exim Private Limited

The company has invested Rs.37.000 millions in Redeemable preference shares of Saurashtra Exim Private Limited in 2008-09 the said company was expected to set up new manufacturing facility of Lam Coke at Mundra in Mundra Adani SEZ Project. Due to global meltdown last year this company put on hold its project and redeemed Rs.35.000 millions value of preference share during the year. The company has received the redemption proceed of the same.

Fixed Assets

Free hold land
Building-Factory –Office-Resevio
Building-office
Pant and Machinery
Wind Mills
Furniture & fixture
Office equipments
computer
Weighbridge
Vehicles
Ship M V Shakti

Form : 8

Corporate identity number of the company	U23200MH1993PTC075455
Name of the company	SAURASHTRA FUELS P LTD
Address of the registered office or of the principal place of business in India of the company	Office 93 9th Floormittal tower, Nariman point Mumbai – 400021, Maharashtra, India
This form is for	Creation of charge
Type of charge	Book debts Movable property (not being pledge)
Particular of charge holder	UNION BANK OF INDIA, Overseas Branch, Union Bank Bhavan, Ground Floor, 239, Vidhan Bhavan Marg, Nariman Point, Mumbai – 400021, Maharashtra, India
Nature of instrument creating charge	Hypothecation Agreement of Goods and Debts
Date of instrument Creating the charge	05/10/2010
Amount secured by the charge	Rs. 50.000 millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest : Base rate +3.75% +2% with monthly rests or at such other revised rate/s as may be prescribed by the Bank from time to time depending upon the changes in the PLR of the Bank or the directives of RBI. Terms of repayment : On Demand Margin : As per sanction terms. Extent and operation of the charge : To secure Adhoc Cash Credit (Hypothecation) facility of Rs.50.000 millions granted by the Bank to the Company Other : Nil
Short particulars of the property charged (Including location of the property)	The Borrower hereby Hypothecates by way of First Charge in favour of the Bank: 1.Stock of Goods such as Coal and Coke etc. both present and future lying in party's godown and elsewhere including(cont) Raw Materials, Semi Finished Goods, Finished Goods, Stores and Spares, which expression shall include All Raw Materials, Semi Finished Goods and Finished Goods, Consumable Stores and Spares Movable (cont) Property of any kind now or at any time hereafter belonging to or at the disposal of the Borrower and which are now stored or being stored or which hereafter may from time to time be brought (cont).. into or stored or be in or about the Borrower's premises or godown/s at Gujarat, Mumbai and elsewhere and at other places hired by the Borrower for the Purposes of storage in the Union of India (cont) 2.The Borrower's Book-Debts, Outstanding Monies, Deposits, Receivables, Claims and Bills, Contracts, Securities, Investments which are now due and owing or which may at any time hereafter (cont) During the continuance of this security becoming due and owing.

As per Website Details :

Profile

Subject is the largest merchant manufacturer of Low ash metallurgical coke ( LAM coke) in India. With a cumulative production of 1.1 million tonnes spread over 6 manufacturing facilities, Saurashtra Fuels is the market leader in the domestic coke sector. Sauarashtra has earned a reputation of a regular supplier of premium quality LAM coke in the international market, making it the leading exporter of coke from India.

Their valued customers and suppliers have helped Saurashtra Fuels cross a turnover of USD 350 million this year. They are on the path of achieving a 2 mtpa capacity in the near future and invite to be a part of their success story.

Plants :

The company’s largest manufacturing facility having a production of 800k mtpa. Located 20 kms from Mundra Port enables it to serve the international sea borne trade of coke. Fully upgraded Kumbraj ovens, having a charging capacity of 54 tonnes each. Maha Shakti Coke has become the first brand in the coke Industry.

Exports :

Saurashtra Fuels has emerged as the leading exporter of metallurgical coke from India. In the calendar year of 2010, the company has exported more than 500,000 tonnes to various markets in the world. This strong position in the international sea borne trade is due to many factors exclusive to Saurashtra. Its close promity of all its plants to ports, production of 1.1 mtpa and premium quality played important roles in making Saurashtra a major player in the international market.

The company is currently exporting to Brazil, EU, South korea, Middle East, Pakistan, Sri lanka, Australia , Africa , Siriya, Bangladesh. They are in a position to supply various specfication’s and size’s of coke. Having a group shipping and logistics company, they can supply your required tonnage’s either by break bulk or containers

DOMESTIC

Hindustan Zinc Limited .
Jindal Steel and Power Limited
Gujarat Heavy Chemicals Limited
Sona Alloys Private Limited
Sun Flag Limited
Nirma Limited
Kirloskar Brothers, Dewas.
Electrotherm (India) Limited
ISPAT Mettalics

INTERNATIONAL

Noble Resources Ple. Limited, Singapore
Glencore International SA, Switzerland

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.48.92
UK Pound	1	Rs.76.51
Euro	1	Rs.66.64

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

347.831

95.614

0.000

173.574

4295.444

0.000

2816.565

23.981

2840.546

1454.896

(4.65)

(4.88)

(4.85)

(0.92)

1.96

1.51

Unit