MIRA INFORM REPORT

Report Date :

23.07.2012

IDENTIFICATION DETAILS

Name :	GUPTA COAL INDIA PRIVATE LIMITED [w.e.f. 10.04.2012]
Formerly Known As :	GUPTA COAL INDIA LIMITED
Registered Office :	Shriram Towers, 7^th Floor, Kingsway, S.V. Patel Marg, Nagpur-440001, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	05.05.1989
Com. Reg. No.:	11-51640
Capital Investment / Paid-up Capital :	Rs.297.927 Millions
CIN No.: [Company Identification No.]	U51909MH1989PLC051640
TAN No.: [Tax Deduction & Collection Account No.]	NGPG00507D
PAN No.: [Permanent Account No.]	AAACG4587B
Legal Form :	Private Limited Liability Company
Line of Business :	Trader of Coal.
No. of Employees :	200 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

A (66)

RATING		STATUS	PROPOSED CREDIT LINE
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

Maximum Credit Limit :	USD 16200000
Status :	Excellent
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is associated with the Gupta Group. It is a well established and reputed company having fine track. The financial position of the company appears to be sound. Fundamentals are strong and healthy. Trade relations are reported as trustworthy. Business is active. Payments are reported to be regular and as per commitments. The company can be considered good 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 – September 30, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
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 / Admin Office :	Shriram Towers, 7^th Floor, Kingsway, S.V. Patel Marg, Nagpur-440001, Maharashtra, India
Tel. No.:	91-712-6603300 / 6613651 / 6613702
Fax No.:	91-712-6613702 / 6647144
E-Mail :	guptas_ngp@sancharnet.in rkt@guptacorporation.com ramantekriwal@hotmail.com ida@guptaglobal.com
Website :	http://www.guptacoal.com http://www.guptacorporation.com
Corporate Office :	Gupta Tower, 5^th Floor, Temple Road, Opposite Science Collage Ground, Civil Lines, Nagpur-440001, India
Tel No.:	91-712-6647141 / 42 / 43
Fax N.:	91-712-6647144
E-Mail :	guptas_ngp@sancharnet.in
Branch Office :	Located At: · Chandrapur · Bhopal · Surat · Chennai · Bellary

DIRECTORS

As on 29.09.2011

Name :

Mr. Padmesh Deodutta Gupta

Designation :

Director

Address :

Hari-Nikunj, House No. 190, Museum Road, Civil Lines, Nagpur – 440001, Maharashtra, India

Date of Birth/Age :

29.02.1964

Date of Appointment :

05.05.1989

Din No.:

00263859

Other Directorship:

S. No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U51909MH1989PTC051640	GUPTA COAL INDIA PRIVATE LIMITED	Director	05-05-89	05-05-89	-	Active	NO
2	U65910MH1994PLC076739	GUPTA LEASING AND FINANCE LIMITED	Director	22-02-94	22-02-94	01-08-11	Active	NO
3	U99999MH1994PLC082316	INDO-KRISHNA GREEN FIELDS LIMITED	Director	24-10-94	24-10-94	01-08-11	Active	NO
4	U45200MH1996PTC101141	GUPTA INFRA PROJECT DEVELOPERS PRIVATE LIMITED	Director	04-10-00	04-10-00	18-08-11	Active	NO
5	U10100MH2001PTC130464	GUPTA GLOBAL RESOURCES PRIVATE LIMITED	Managing director	01-10-10	15-01-01	-	Active	NO
6	U10102DL2002PTC116287	AP COAL WASHERIES PRIVATE LIMITED	Director	22-07-02	22-07-02	-	Active	NO
7	U45203MH2002PTC137098	GUPTA INFRATEC PRIVATE LIMITED	Director	18-07-05	05-09-02	-	Active	NO
8	U24292CT1999PLC013364	MARUTI CLEAN COAL AND POWER LIMITED	Director	09-09-02	09-09-02	-	Active	NO
9	U10200MH2003PTC140830	UNITED COAL WASHRIES PRIVATE LIMITED	Director	10-06-03	10-06-03	-	Amalgamated	NO
10	U40100MH2005PTC154038	GUPTA CORPORATION PRIVATE LIMITED	Director	17-06-05	17-06-05	-	Active	NO
11	U40100MH2005PTC156213	MAHARASHTRA VIDHYUT NIGAM PRIVATE LIMITED	Director	21-09-05	21-09-05	-	Active	NO
12	U27101MH2005PTC156270	GUPTA INDUSTRIES PRIVATE LIMITED	Director	22-09-05	22-09-05	-	Active	NO
13	U45200MH2005PTC157219	GUPTA INFRASTRUCTUR ( INDIA ) PRIVATE LIMITED	Director	09-11-05	09-11-05	-	Active	NO
14	U23109OR2002PLC006906	EARTH MINERALS COMPANY LIMITED	Director	18-02-06	18-02-06	-	Active	NO
15	U74999CT2002PTC000144	MONNET DANIELS COAL WASHERIES PRIVATE LIMITED	Director	20-03-06	20-03-06	-	Active	NO
16	U40106CT2003PLC015560	CHHATTISGARH POWER AND COAL BENEFICIATION LIMITED	Director	30-09-06	22-03-06	-	Active	NO
17	U51109WB1995PTC069628	TASMSEEM COMMERCIAL PRIVATE LIMITED	Director	20-07-06	20-07-06	18-08-11	Active	NO
18	U63011MH2006PLC164369	NAGPUR SICAL GUPTA LOGISTICS LIMITED	Director	06-09-06	06-09-06	-	Active	NO
19	U45202MH2007PLC169997	NAGPUR SICAL GUPTA ROAD TERMINAL LIMITED	Director	16-04-07	16-04-07	-	Active	NO
20	U51909WB2004PTC098061	MANASI COMMODITIES PRIVATE LIMITED	Director	08-05-07	08-05-07	18-08-11	Active	NO

Name :

Mr. Piyush Marodia

Designation :

Director

Address :

Hari-Nikunj, House No. 190, Museum Road, Civil Lines, Nagpur-440001, Maharashtra, India

Date of Birth/Age :

18.08.1984

Date of Appointment :

17.05.2007

Din No.:

01730162

Other Directorship:

S. No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U51909MH1989PTC051640	GUPTA COAL INDIA PRIVATE LIMITED	Director	29-09-07	17-05-07	-	Active	NO
2	U10100MH2001PTC130464	GUPTA GLOBAL RESOURCES PRIVATE LIMITED	Whole-time director	30-09-11	17-05-07	-	Active	NO
3	U10100MH2008PTC177715	WANI COALFIELDS PRIVATE LIMITED	Director	11-01-08	11-01-08	-	Active	NO
4	U45203MH2008PTC178136	RAGHAV BUILDMAT PRIVATE LIMITED	Additional director	28-08-09	22-01-08	-	Active	NO
5	U24292CT1999PLC013364	MARUTI CLEAN COAL AND POWER LIMITED	Director	30-09-08	04-04-08	16-02-09	Active	NO
6	U40102MH2007PTC175497	GUPTA ENERGY PRIVATE LIMITED	Director	25-09-08	18-07-08	-	Active	NO
7	U99999MH1994PLC082316	INDO-KRISHNA GREEN FIELDS LIMITED	Additional director	03-06-09	03-06-09	-	Active	NO
8	U51420WB2004PTC098176	SAPHIRE STEEL PRIVATE LIMITED	Director	29-09-09	03-06-09	16-03-10	Active	NO
9	U51909WB2004PTC098061	MANASI COMMODITIES PRIVATE LIMITED	Director	24-09-09	03-06-09	-	Active	NO
10	U45203MH2008PTC179951	NAGPUR HIGHWAY INFRACONS PRIVATE LIMITED	Director	28-09-09	03-06-09	-	Active	NO
11	U65910MH1994PLC076739	GUPTA LEASING AND FINANCE LIMITED	Additional director	04-06-09	04-06-09	-	Active	NO
12	U40100MH2005PTC154038	GUPTA CORPORATION PRIVATE LIMITED	Director	10-09-09	04-06-09	-	Active	NO
13	U45203MH2002PTC137098	GUPTA INFRATEC PRIVATE LIMITED	Director	15-09-09	04-06-09	-	Active	NO
14	U45200MH1996PTC101141	GUPTA INFRA PROJECT DEVELOPERS PRIVATE LIMITED	Director	26-09-09	05-06-09	-	Active	NO
15	U51109WB1995PTC069628	TASMSEEM COMMERCIAL PRIVATE LIMITED	Director	26-09-09	05-06-09	-	Active	NO
16	U14290MH2008PTC177392	GUPTA NATURAL RESOURCE VENTURES PRIVATE LIMITED	Director	25-09-09	15-07-09	-	Active	NO
17	U40109MH2008PTC177211	GUPTA POWER HOUSE PRIVATE LIMITED	Director	29-09-09	15-07-09	-	Active	NO
18	U70102MH2007PTC177054	GUPTA REALINFRA VENTURES PRIVATE LIMITED	Director	24-09-09	16-07-09	-	Active	NO
19	U52322WB2004PTC100484	RASIKA GARMENTS PRIVATE LIMITED	Director	08-04-10	08-04-10	-	Active	NO
20	U40100MH2005PTC156213	MAHARASHTRA VIDHYUT NIGAM PRIVATE LIMITED	Director	14-08-10	09-04-10	-	Active	NO

Name :

Mr. Ramakant Premkumar Tekriwal

Designation :

Director

Address :

30 Byramji Town, Nelson Suqre, Katol Road, Nagpur-440013, Maharashtra, India

Date of Birth/Age :

01.04.1974

Date of Appointment :

20.05.2010

Din No.:

00275872

Other Directorship:

S. No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	U72200MH2000PLC128681	OCEAN WIND ENERGY SYSTEMS LIMITED	Director	12-09-00	12-09-00	Active	NO
2	U27300MH1985PTC036131	TENSILE WIRES (INDIA) PRIVATE LIMITED	Director	07-08-02	07-08-02	Active	NO
3	U10200MH2003PTC140830	UNITED COAL WASHRIES PRIVATE LIMITED	Director	01-10-04	01-10-04	Amalgamated	NO
4	U10100MH2001PTC130464	GUPTA GLOBAL RESOURCES PRIVATE LIMITED	Director	29-09-07	25-01-07	Active	NO
5	U70100MH1998PTC113912	PREM TRUPTI BUILDERS AND DEVELOPERS PRIVATE LIMITED	Director	14-02-07	14-02-07	Active	NO
6	U51420WB2004PTC098176	SAPHIRE STEEL PRIVATE LIMITED	Director	24-09-10	16-03-10	Active	NO
7	U51909MH1989PTC051640	GUPTA COAL INDIA PRIVATE LIMITED	Whole-time director	01-04-11	20-05-10	Active	NO
8	U40102MH2007PTC175497	GUPTA ENERGY PRIVATE LIMITED	Director	29-09-10	25-05-10	Active	NO
9	U40100MH2005PTC154038	GUPTA CORPORATION PRIVATE LIMITED	Director	30-09-10	16-08-10	Active	NO
10	U74900CT2010PLC021772	CHHATTISGARH MALL MANAGEMENT LIMITED	Director appointed in casual vacancy	01-04-11	01-04-11	Active	NO
11	U65910MH1994PLC076739	GUPTA LEASING AND FINANCE LIMITED	Additional director	20-06-11	20-06-11	Active	NO
12	U99999MH1994PLC082316	INDO-KRISHNA GREEN FIELDS LIMITED	Additional director	20-06-11	20-06-11	Active	NO
13	U23109WB2011PTC165034	ALLIANCE COKE CALCINER PRIVATE LIMITED	Director	18-07-11	18-07-11	Active	NO

Name :

Mr. Krishna Gupta

Designation :

Director

Address :

Gupta Bhawan, Temple Bazar Road, Sitabuldi, Nagpur-440012, Maharashtra, India

Date of Birth/Age :

26.08.1976

Date of Appointment :

10.08.2011

Din No.:

00275889

Other Directorship:

S. No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U27101MH2005PTC156270	GUPTA INDUSTRIES PRIVATE LIMITED	Director	15-06-06	15-06-06	01-06-09	Active	NO
2	U63090MH2007PTC177038	GUPTA LOGISTICS PRIVATE LIMITED	Director	30-09-09	30-04-09	-	Active	NO
3	U51909MH1989PTC051640	GUPTA COAL INDIA PRIVATE LIMITED	Director	10-08-11	10-08-11	-	Active	NO

Name :

Mr. Suresh Kumar Agarwal

Designation :

Whole Time Director

Address :

A1/11, Century Staff Colony, Lalkua, Nainital-262402, Uttarakhand, India

Date of Birth/Age :

25.07.1950

Date of Appointment :

07.09.2011

Din No.:

05106839

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 29.09.2011

Names of Shareholders	No. of Shares
Padmesh Gupta	69267
Anuradha Gupta	53800
Anurag Gupta	7888
Kaustubh Gupta	7887
Padmesh Gupta HUF	16300
Srivats Gupta	410
Gupta Leasing and Finance Limited, India	89750
Indo-Krishna Green Fields Limited, India	13950
Tasmseen Commercial Private Limited, India	34400
Manasi Commodities Private Limited, India	41000
Gupta Corporation Private Limited, India	2626125
Sapphire Steel private Limited, India	3500
Gupta Natural Resources Ventures Private Limited, India	15000
Total	2979277

As on 29.09.2011

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	95.33
Directors or relatives of directors	4.67
Total	100.00

As on 31.03.2012

Names of Allottees	No. of Shares
Gupta Corporation Private Limited, India	71167
Total	71167

BUSINESS DETAILS

Line of Business :

Trader of Coal.

GENERAL INFORMATION

No. of Employees :

200 (Approximately)

Bankers :

· UCO Bank, Sitabuldi Branch, Nagpur – 440012, Maharashtra, India

· State Bank of India, Industrial Finance Branch, 5 Sai Complex, Amravati Road, Nagpur – 440 033, Maharashtra, India

· Bank of India, Nagpur Branch, Maharashtra, India

· IDBI Bank

· Punjab National Bank

· Allahabad Bank

· ICICI Bank

· India Overseas Bank

Facilities :

SECURED LOAN	As on 31.03.2011 [Rs. in Millions]	As on 31.03.2010 [Rs. in Millions]
Rupee term loans	791.182	35.487
Working capital loans	2992.310	733.861
Loans taken for vehicles	2.568	4.992
Total	3786.060	774.340
UNSECURED LOAN
Other debts	132.615	120.230
Total	132.615	120.230

Banking Relations :	--
Financial Institution :	SREI Infrastructure Finance Limited, Vishwakarma, 86C, Topsia Road (South), Kolkata-700046, West Bengal, India
Auditors :
Name :	Banthia Damani and Associates Chartered Accountants
Address :	SO-8, Amarjyoti Palace, Dhantoli, Wardha Road, Nagpur-440012, Maharashtra, India
PAN No.:	AAGFB7463E
Associates :	· Gupta Coalfield and Washeries Limited · Gupta Leasing and Finance Limited · Gupta Infraproject Developers Private Limited · Maruti Clean Coal and Power Limited · A.P. Coal Washeries Private Limited · Gupta Energy Limited · Gupta Industries Private Limited · Gupta Infrastructure (India) Private Limited · Maharashtra Vidyut Nigam Limited · P.D. Gupta Enterprises · Gupta Infratech Private Limited · P.T. Gupta Coal International · CISC Gupta Mines and Minerals Private Limited · Gupta Logistics Private Limited · Gupta Corporation Limited · Transasia Pacific GGNR Pte Limited · Gupta Natural Resource Ventures Private Limited · Osho Sa Coal Pte Limited · Nagpur Sical Gupta Logistic Limited · Nagpur Sical Gupta Road Terminal Limited

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
3000000	Equity Shares	Rs.100/- each	Rs.300.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2979277	Equity Shares	Rs.100/- each	Rs.297.927 Millions

As on 29.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
4000000	Equity Shares	Rs.100/- each	Rs.400.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
3050444	Equity Shares	Rs.100/- each	Rs.305.044 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		297.927	69.246	44.246
2] Share Application Money		97.500	220.040	0.000
3] Reserves & Surplus		3673.119	1318.025	830.055
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		4068.546	1607.311	874.301
LOAN FUNDS
1] Secured Loans		3786.060	774.340	377.040
2] Unsecured Loans		132.615	120.230	43.980
TOTAL BORROWING		3918.675	894.570	421.020
DEFERRED TAX LIABILITIES		118.318	31.133	36.247
TOTAL		8105.539	2533.014	1331.568
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		532.108	189.996	196.146
Capital work-in-progress		292.028	252.609	137.171
INVESTMENT		153.303	152.384	30.790
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	3584.084	1628.367	564.752
	Sundry Debtors	4688.444	1272.251	633.096
	Cash & Bank Balances	1410.894	485.646	158.634
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	4796.499	1822.320	934.126
Total Current Assets		14479.921	5208.584	2290.608
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	6083.232	2344.793	1035.930
	Other Current Liabilities	1082.503	767.016	78.903
	Provisions	190.652	167.883	208.887
Total Current Liabilities		7356.387	3279.692	1323.720
Net Current Assets		7123.534	1928.892	966.888
MISCELLANEOUS EXPENSES		4.566	9.133	0.573
TOTAL		8105.539	2533.014	1331.568

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	21870.651	9933.836	6168.645
		Other Income	71.497	13.229	25.679
		TOTAL (A)	21942.148	9947.065	6194.324
Less	EXPENSES
		Consumption Materials Changes Inventories	18329.766	8005.794	4575.482
		Manufacturing Service Cost	2431.893	1230.748	862.652
		Employee Related Expenses	50.391	18.856	12.062
		Administrative Selling and Other Expenses	281.180	161.949	182.950
		Prior Period Expenses	4.373	(0.079)	(27.716)
		TOTAL (B)	21097.603	9417.268	5605.430
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		844.545	529.797	588.894
Less	FINANCIAL EXPENSES (D)		295.729	98.804	107.538
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		548.816	430.993	481.356
Less/ Add	DEPRECIATION/ AMORTISATION (F)		23.823	12.958	16.340
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		524.993	418.035	465.016
Less	TAX (H)		208.386	149.886	172.610
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		316.607	268.149	292.406
Less	INCOME TAX EARLIER YEAR		19.600	5.180	9.021
	TRANSFER TO GENERAL RESERVE		297.007	262.969	283.385
	IMPORTS
		Traded Goods	12249.859	5291.431	1460.310
	Earnings / (Loss) Per Share (Rs.)		453.14	605.17	660.87

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	1.44	2.70	4.72
Net Profit Margin (PBT/Sales)	(%)	2.40	4.21	7.54
Return on Total Assets (PBT/Total Assets}	(%)	3.50	7.74	18.70
Return on Investment (ROI) (PBT/Networth)		0.13	0.26	0.53
Debt Equity Ratio (Total Liability/Networth)		2.77	2.60	2.00
Current Ratio (Current Asset/Current Liability)		1.97	1.59	1.73

LOCAL AGENCY FURTHER INFORMATION

Check List by Info Agents	Available in Report (Yes / No)
1) Year of Establishment	Yes
2) Locality of the firm	Yes
3) Constitutions of the firm	Yes
4) Premises details	No
5) Type of Business	Yes
6) Line of Business	Yes
7) Promoter’s background	Yes
8) No. of employees	Yes
9) Name of person contacted	No
10) Designation of contact person	No
11) Turnover of firm for last three years	Yes
12) Profitability for last three years	Yes
13) Reasons for variation <> 20%	--
14) Estimation for coming financial year	No
15) Capital in the business	Yes
16) Details of sister concerns	Yes
17) Major suppliers	No
18) Major customers	No
19) Payments terms	No
20) Export / Import details (if applicable)	No
21) Market information	--
22) Litigations that the firm / promoter involved in	--
23) Banking Details	Yes
24) Banking facility details	Yes
25) Conduct of the banking account	--
26) Buyer visit details	--
27) Financials, if provided	Yes
28) Incorporation details, if applicable	Yes
29) Last accounts filed at ROC	Yes
30) Major Shareholders, if available	Yes

REVIEW OF OPERATIONS:

The Company during the financial year continued to procure coal from domestic markets as well as from e-auctions conducted by Coal India Limited. The company also imported coal for sale to core and non - core industries. Besides this, the company has been providing coal handling, transportation and liasoning services to various end consumers involving movement of coal from mines to the consumers, managing the logistics enroute and quality verification and has been ensuring that the required quality and quantity of coal is delivered to the consumers on due time. Initially the extent of their company`s business was limited to building infrastructure, for bidding tenders for supply of coal to power sectors by setting up working capital limits and bank guarantees. However from last two years the Company expanded its operation by entering into Coal trading activities.

The members that pursuant to addition of coal trading operations, the revenue generation of the company, for the year increased by 120% to Rs. 21942.100 Millions as against Rs 9947.100 Millions in the corresponding previous financial year. The total expenditure during the year was Rs. 2141.27Millions as against Rs 9529.100 Millions in the corresponding period of previous year. The increase in expenditure is attributed to import of coal on a large scale, operating expenses and financial charges. The Company’s net profit after tax during the year after providing for income tax of earlier year stood at Rs. 296.900 Millions as against Rs.263.000 Millions achieved in the previous year indicating the increase in terms of value. However, the percentage of margin has reduced from 2.64% in FY 09-10 to 1.35% in FY 2010-11 due to increase in quantum of imported coal business.

In the year 2010-11 the Company has established Four Wind Turbine Generators (WTG’s) out of which three in Rajasthan and one in Maharashtra with a capacity of 2.1 mega watt each. The company purchased around 6 MMT (valued at Rs. 20290.000 Millions) non coking steam coal. Out of which indigenous coal amounting to 2.66 MMT and 3.64 MMT from South Africa and Indonesia.

The Company has also participated in various tenders like KPCL (Karnataka Power Corporation Limited), Mysore Paper Mills, Tamil Nadu News Print and Papers Limited, Madhya Pradesh Power Generation Company Limited etc in 2010-11 and has been awarded tender of KPCL (Karnataka Power Corporation Limited) and Mysore Paper Mills for supply of coal of 0.5 MMT and 1,75,000 MT respectively. Further the directors would like to inform the shareholders that in current financial year the Company is participating in various tenders like MAHAGENCO, Tamil Nadu News Print and Papers Limited, Lanco Power, KPCL etc and has been awarded with tender of Mysore Paper Mills for supply of Coal of 42000 MT.

Depending on present business scenario the Directors foresee further development in business of the Company. The Company will continue to focus on efficiency enhancement to further improve upon the earnings.

FUTURE PLANS:

The company is going very aggressively for imported coal trading. In order to reduce logistics cost the Company is targeting long term COA’s (Contract of Affreightment) with ports and shipping companies and in order to reduce its financial cost the Company is planning to shift the availing of Working capital facility to its subsidiary company in Singapore due to cheaper borrowing costs.

In addition to that the Company is planning to bid for tenders of entities viz. NTPC, West Bengal Power Development Corporation, Rajasthan Rajya Vidyuth Utpadan Nigam Limited, Haryana Power Corporation Limited for 4.00, 0.30, 1.45 and 1.45 MMT’s respectively.

Further based on the future growth prospects of the Company the Private Equity Investors are interested to invest in the Company. The Company envisages tenders from various entities for which Working Capital limits are to be enhanced.

MANAGEMENT DISCUSSION AND ANALYSIS:

INDUSTRY DEVELOPMENT:

Coal is the mainstay of India’s energy sector and accounts for over 50 per cent of the primary commercial energy supply. Around 74 per cent of the coal produced in India is consumed in power generation. In the Mid Time Appraisal of 11th Five year plan the Planning Commission is of the view to augment coal production from captive sources, including captive coal mines in the private sector. An important area of plan concerns revival of loss making companies, restructuring of coal sector by providing autonomy, setting up a regulatory authority for ensuring fair competition and facilitating private sector participation in commercial coal mining by necessary legislative amendments.

As per present economic scenario of India Coal Imports are projected to increase as the growth of thermal generation will require coal supplies which cannot be fully met from domestic mines. As per 12th Five year plan approach Import dependence of coal will increase from 19.8 per cent in 2010?11 to about 22.1 per cent in 2016?17. The reasons for low production in domestic coal as stated by planning commission are the inadequate incentive with the states to increase coal production and Environment Constraints because most of the coal reserves are under forest and tribal areas.

BANKERS CHARGES REPORT AS PER REGISTRY

This form is for	Creation of charge
Corporate identity number of the company	U51909MH1989PTC051640
Name of the company	GUPTA COAL INDIA PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Shriram Towers, 7^th Floor, Kingsway, S.V. Patel Marg, Nagpur – 440 001, Maharashtra, India
Type of charge	Book Debts Movable Property [not being pledge]
Particular of charge holder	SREI Infrastructure Finance Limited, Vishwakarma, 86C, Topsia Road (South), Kolkata-700046, West Bengal, India
Email	spatodia@srei.com
Nature of description of the instrument creating or modifying the charge	Deed of Hypothecation
Date of instrument Creating the charge	15.04.2012
Amount secured by the charge	Rs.500.000 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest Rate of Interest is SBR minus 1.5% per annum, payable monthly in arrears SBR = SRI Benchmark Rate Current SBR is at 17.50% p.a. Terms of Repayment In equal quarterly installments Year ii- 10% Year iii- 20% Year iv- 20% Year v- 25% Year vi- 25% Extent and Operation of the charge Security For The Financial Facility Sanctioned To Gupta Global Resources Private Limited
Short particulars of the property charged	Second pari passu charge on all current assets and fixed movable assets of the Gupta Coal India Private Limited

CONTINGENT LIABILITIES:

a) Corporate Guarantee given on behalf of Gupta Coalfields and Washeries Limited, a sister concern, to State Bank of India, Axis Bank, IDFC Bank Limited, Export Import Bank of India and L and T Infrastructure Finance Co. Limited towards Cash Credit, Term Loan and Bank Guarantee given by them amounting to Rs. 3650.000 Millions.

b) Corporate Guarantee given on behalf of Gupta Infrastructure Private Limited, a Subsidiary company, to Future Capital Holding Limited, towards Term Loan amounting to Rs. 750.000 Millions.

c) Corporate guarantee given on behalf of Earth Minerals Limited, an associate concern, to Bank of India, towards Cash Credit, Term Loan and Bank Guarantee given by the bankers amounting to Rs. 331.000 Millions.

d) Estimated amount of contracts remaining to be executed on capital account and not provided for Rs. 950.000 Millions.

e) Letter of credit and bank guarantee outstanding: Rs. 2782.200 Millions.

FIXED ASSETS:

· Land

· Shed and Building

· Ownership Premises

· Plant and Machinery

· Computers

· Furniture and Electrical Fittings

· Air Conditioner

· Office Equipments

· Vehicles

· Lorries (Tippers)

· Wind Mill

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.55.15
UK Pound	1	Rs.86.57
Euro	1	Rs.67.60

INFORMATION DETAILS

Report Prepared by :

TPT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	7
PAID-UP CAPITAL	1~10	8
OPERATING SCALE	1~10	8
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	8
--PROFITABILIRY	1~10	7
--LIQUIDITY	1~10	8
--LEVERAGE	1~10	6
--RESERVES	1~10	7
--CREDIT LINES	1~10	7
--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		66

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.