MIRA INFORM REPORT

Report Date :

15.06.2012

IDENTIFICATION DETAILS

Name :	GANPATI ENERGY PRIVATE LIMITED
Registered Office :	1249, Neel Kamal Central Avenue, Gandhiputla, Nagpur – 440 002, Maharashtra
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	30.03.2006
Com. Reg. No.:	11-160886
Capital Investment / Paid-up Capital :	Rs.9.100 Millions
CIN No.: [Company Identification No.]	U40106MH2006PTC160886
Legal Form :	Private Limited Liability Company
Line of Business :	Trader of Coal
No. of Employees :	18 (In Office) (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (27)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 170000
Status :	Moderate
Payment Behaviour :	Unknown
Litigation :	Clear
Comments :	Subject is an established company having moderate track. But latest financial detail of the company is missing and Director Mr. Om Prakash denied to give financial information of the company. Trade relations are reported as fair. Business is active. Payments are unknown. The company can be considered for business dealings with some cautions.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

INFORMATION DENIED BY

Name :	Mr. Om Prakash
Designation :	Director
Contact No.:	91-9825111059
Date :	14.06.2012

LOCATIONS

Registered Office :	1249, Neel Kamal Central Avenue, Gandhiputla, Nagpur – 440 002, Maharashtra, India
Tel. No.:	91-712-2760873
Mobile No.:	91-9825111059 (Mr. Om Prakash)
Fax No.:	91-712-2761315
E-Mail :	ganpatienergy@yahoo.com prmalu@satyam.net.in
Corporate Office :	B-412, L B Apartment, Near Kinnary Talkies, Surat – 395 002, Gujarat, India
Tel. No.:	91-261-2313868 / 2326942
Fax No.:	91-261-2326942 / 2325585

DIRECTORS

As on 30.09.2011

Name :	Mr. Damodarlal Ramlal Malu
Designation :	Director
Address :	1249, Neelkamal, Gandhiputla, C A Road, Nagpur – 440 002, Maharashtra, India
Date of Birth/Age :	07.07.1946
Date of Appointment :	30.03.2006
DIN No.:	00301120
Name :	Mr. Purushottam R Malu
Designation :	Director
Address :	1249, Neelkamal, Gandhi Bagh, Central Avenue, Nagpur – 440 002, Maharashtra, India
Date of Birth/Age :	14.07.1957
Date of Appointment :	30.03.2006
DIN No.:	01720007
Name :	Mr. Omprakash Zhumarlal Malu
Designation :	Director
Address :	C-409, Green Avenue Apartment, Near Agriculture University, Ghod Dod Road, Surat – 395 002, Gujarat, India
Date of Birth/Age :	15.07.1961
Date of Appointment :	30.03.2006
DIN No.:	00201352
Name :	Mr. Brijmohan Mandhani
Designation :	Director
Address :	412, Raj Tilak Apartment, Canar Road, City Light, Surat – 395 007, Gujarat, India
Date of Birth/Age :	21.08.1968
Date of Appointment :	30.03.2006
DIN No.:	00201351

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
Damodarlal Ramlal Malu	163800
Purushottam R Malu	163800
Omprakash Zhumarlal Malu	171000
Brijmohan Mandhani	155000
Shravankumar Malu	163800
Punamchand Malu	163800
Ghasiram Malu	106400
Venugopal Malu	63700
Radheshyam Malu	63700
Vimla G Malu	50000
Pushpa O Malu	50000
Mahavir G Malu	50000
Bharat Malu	63700
Damodarlal Ramlal Malu HUF	63700
Pawan Malu	163800
Ghasiram Malu HUF	163800
Total	1820000

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2011

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Trader of Coal

GENERAL INFORMATION

No. of Employees :

18 (In Office) (Approximately)

Bankers :

· Axis Bank Limited, Millenium Market, Ring Road, Surat – 395 002, Gujarat, India

· ICICI Bank Limited

Facilities :

Secured Loans	As on 31.03.2010 Rs. in millions	As on 31.03.2009 Rs. in millions
From Axis Bank Limited (C/C A/C) (Cash Credit Secured against Hypothecation of Trading Goods, Debtors and personal guarantee of Directors)	77.115	90.277
From ICICI Bank Limited – Car Loan	0.132	0.483
From Tata Capital Limited – Truck Loan	1.146	2.910
Total	78.393	93.670

Unsecured Loans	As on 31.03.2010 Rs. in millions	As on 31.03.2009 Rs. in millions
From Directors	6.662	8.568
From Others	17.403	20.560
Total	24.065	29.128

Banking Relations :	--
Auditors :
Name :	Vijay Ramani Chartered Accountant
Address :	M/S. Demble Ramani and Company Chartered Accountant 201, M G House, R T Road, Civil Lines, Nagpur – 440 001, Maharashtra, India
Tel. No.:	91-712-3918630 / 3918631
E-Mail :	deraco@nagpur.dot.net.in

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
2250000	Equity Shares	Rs.10/- each	Rs.22.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1820000	Equity Shares	Rs.10/- each	Rs.18.200 Millions

As on 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
2250000	Equity Shares	Rs.10/- each	Rs.22.500 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
910000	Equity Shares	Rs.10/- each	Rs.9.100 millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		9.100	9.100
2] Share Application Money		0.000	0.000
3] Reserves & Surplus		33.031	22.332
4] (Accumulated Losses)		0.000	0.000
NETWORTH		42.131	31.432
LOAN FUNDS
1] Secured Loans		78.393	93.670
2] Unsecured Loans		24.065	29.128
TOTAL BORROWING		102.458	122.798
DEFERRED TAX LIABILITIES		0.697	0.000
TOTAL		145.286	154.230
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		22.664	20.090
Capital work-in-progress		0.000	0.000
INVESTMENT		1.200	0.000
DEFERREX TAX ASSETS		0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	8.983	0.000
	Sundry Debtors	111.590	105.157
	Cash & Bank Balances	20.248	32.127
	Other Current Assets	0.000	0.000
	Loans & Advances	15.226	17.380
Total Current Assets		156.047	154.664
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	34.680	20.635
	Other Current Liabilities
	Provisions
Total Current Liabilities		34.680	20.635
Net Current Assets		121.367	134.029
MISCELLANEOUS EXPENSES		0.055	0.111
TOTAL		145.286	154.230

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009
	SALES
		Income	1135.619	532.902
		Other Income		17.277
		TOTAL (A)	1135.619	550.179
Less	EXPENSES
		Purchases	1104.376	507.070
		Sales, Administration and Other Expenses		19.999
		Misc. Expenses Written Off		0.056
		TOTAL (B)	1104.376	527.125
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		31.243	23.054
Less	FINANCIAL EXPENSES (D)		12.835	7.168
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		18.408	15.886
Less/ Add	DEPRECIATION/ AMORTISATION (F)		1.290	0.602
	PROFIT BEFORE TAX (E-F) (G)		17.118	15.284
Less	TAX (H)		6.418	5.203
	PROFIT AFTER TAX (G-H) (I)		10.700	10.081
	Earnings Per Share (Rs.)		11.76	--

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009
PAT / Total Income	(%)	0.94	1.83
Net Profit Margin (PBT/Sales)	(%)	NA	2.87
Return on Total Assets (PBT/Total Assets}	(%)	9.58	8.75
Return on Investment (ROI) (PBT/Networth)		0.41	0.49
Debt Equity Ratio (Total Liability/Networth)		3.26	4.56
Current Ratio (Current Asset/Current Liability)		4.50	7.50

LOCAL AGENCY FURTHER INFORMATION

Sundry Creditors details are not available

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	Yes
10) Designation of contact person	Yes
11) Turnover of firm for last two years	Yes
12) Profitability for last two 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	No
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	--
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	No
30) Major Shareholders, if available	Yes

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U40106MH2006PTC160886
Name of the company	GANPATI ENERGY PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	1249, Neel Kamal Central Avenue, Gandhiputla, Nagpur – 440 002, Maharashtra, India Email: ganpatienergy@drdcs.net
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	10038822
Type of charge	Book debts Movable property (not being pledge)
Particular of charge holder	Axis Bank Limited, Millenium Market, Ring Road, Surat – 395 002, Gujarat, India Email: bharat.kale@axisbank.com
Nature of instrument creating charge	Supplemental deed of hypothecation
Date of instrument Creating the charge	11.10.2011
Amount secured by the charge	Rs.180.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest C.C : Base Rate + 3.75 % i.e 13.75 % p.a LCBD : Base Rate + 1.75 % i.e 11.75 % p.a & WCDL: Base Rate + 3.25 % i.e 13.25 % p.a (Sub Limit to CC) L/C: As Per Bank's Standard Rate (Sub Limit to CC) Terms of Repayment Cash Credit: On Demand Margin Cash Credit: Inventory - 25 % Book Debts(Max 90 Days) - 30 % LCBD - NIL WCDL: Inventory - 25 % Book Debts(Max 90 Days) - 30 % Letter Of Credit: Cash Margin - 15.00 % Extent and Operation of the charge First And Exclusive Charge On the Assets
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Hypothecation of entire Current Assets of the Company including Stocks, Book Debts and all other Current Assets both Present And Future situated at Point No. 2(b) above. Hypothecation of entire Current Assets of the Company including Stocks, Book Debts and all other Current Assets both Present And Future
Date of instrument modifying the charge	06.01.2011
Particulars of the present modification	Financial assistance revised and re-scheduled as stated below, making total Charge On the Assets Rs. 180.000 Millions as stated below: Cash Credit : Rs. 180.000 Millions (LCBD : sub limit CC- Rs. 30.000 Millions) (WCDL: sub limit CC- Rs. 60.000 Millions) (Letter Of Credit -inland : sub limit CC- Rs. 60.000 Millions) Total: Rs. 180.0.0 Millions

FIXED ASSETS

· Plot

· Computer and Software

· Furniture and Fixtures

· Plant and Machinery

· Vehicle

· Electrical System

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.55.79
UK Pound	1	Rs.86.37
Euro	1	Rs.70.07

INFORMATION DETAILS

Information Gathered by :	PJA
Report Prepared by :	KVT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		27

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.