MIRA INFORM REPORT

Report Date :

13.03.2012

IDENTIFICATION DETAILS

Name :	AGARWAL COAL CORPORATION PRIVATE LIMITED

Registered Office :	Matra Kripa, Chameli Park, Near Goyal Nagar, Indore – 452001, Madhya Pradesh

Country :	India

Financials (as on) :	31.03.2011

Date of Incorporation :	16.08.2000

Com. Reg. No.:	10-14351

Capital Investment / Paid-up Capital :	Rs.28.728 Millions

CIN No.: [Company Identification No.]	U23109MP2000PTC014351

Legal Form :	Private Limited Liability Company

Line of Business :	Wholesale Dealer, Agent and Stockists of Imported and Indian Steam Coal and Slack Coal.

No. of Employees :	20 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (49)

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

Maximum Credit Limit :	USD 6521000

Status :	Satisfactory

Payment Behaviour :	Usually Correct

Litigation :	Clear

Comments :	Subject is an established company having satisfactory track. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct and as per commitments. The company can be considered normal for business dealings at usual trade terms and conditions.

NOTES :

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

ECGC Country Risk Classification List – September 30, 2011

Country Name

Previous Rating

(30.06.2011)

Current Rating

(30.09.2011)

India

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

LOCATIONS

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

Head Office :	Agarwal House No 5, Yeshwant Colony, Indore – 452003, Madhya Pradesh, India
Tel. No.:	91-731-2538874/2431709
Fax No.:	91-731-2531388
E-Mail :	agarcoal@sancharnet.in
Location :	Owned

DIRECTORS

As on 30.09.2011

Name :

Mr. Vinod Kumar Agarwal

Designation :

Managing Director

Address :

Matra Kripa 2, Chameli Park, Near Goyal Nagar, Ring Road, Indore – 452018, Madhya Pradesh, India

Date of Birth/Age :

11.06.1964

Date of Appointment :

04.10.2000

DIN No.:

00136613

Other Directorship:

S.No.	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
1	L52520MP1986PLC003405	AD- MANUM FINANCE LIMITED	Managing director	01-10-10	11-08-92	-	Active	NO
2	U45203MP1980PTC001674	EAGLE FUEL PRIVATE LIMITED	Director	27-06-96	27-06-96	-	Active	NO
3	U15205MP1991PTC006651	SANJANA COLD STORAGE PRIVATE LIMITED	Director	15-03-99	15-03-99	-	Active	NO
4	U23109MP2000PTC014351	AGARWAL COAL CORPORATION PRIVATE LIMITED	Managing director	04-10-00	04-10-00	-	Active	NO
5	U60210MP2003PTC015665	AGARWAL TRANSPORT CORPORATION PRIVATE LIMITED	Director	21-03-03	21-03-03	-	Active	NO
6	U45201MP2005PTC017291	AGARWAL REAL CITY PRIVATE LIMITED	Director	28-01-05	28-01-05	-	Active	NO
7	U01010MP2005PTC017426	AGARMIN COALWASHERY PRIVATE LIMITED	Director	14-03-05	14-03-05	-	Active	NO

Name :

Mr. Surendra Prasad Shukla

Designation :

Whole Time Director

Address :

I – 25, LIG Colony, R A - VI, Shankar Shukla Nagar, Indore – 452 008, Madhya Pradesh, India

Date of Birth/Age :

16.02.1949

Date of Appointment :

04.07.2002

DIN No.:

00353879

Other Directorship:

S.No.	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
1	L23101MP1989PLC015116	P.K.WORLDWIDE LIMITED	Director	24-06-97	24-06-97	-	Active	NO
2	U23109MP2000PTC014351	AGARWAL COAL CORPORATION PRIVATE LIMITED	Director	04-07-02	04-07-02	-	Active	NO
3	U17234MP1994PLC008745	AD-MANUM PACKAGINGS LIMITED	Director	08-04-06	08-04-06	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders		No. of Shares
Vinod Kumar Agarwal		1201100
Neena Devi Agarwal		200
Available Finance Limited, India		800000
Sanjay Kumar Agarwal		200
Vinod Kumar Agarwal HUF		200
Archana Agarwal		100
Meena Devi Agarwal		100
Alpin Infosys Private Limited, India		10000
Aditi Agarwal		100
Archana Coal Private Limited, India		438000
Arero Dealcomm Private Limited, India		114600
Jagdamba Enclave Private Limited, India		60000
Kalika Vyapar Private Limited, India		55000
Shardha Vanijya Private Limited, India		68500
Gourist Vyapar Private Limited, India		47500
Abhilasha Tieup Private Limited, India		77200
TOTAL		2872800

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2011

Category	Percentage
Bodies corporate	58.16
Directors or relatives of Directors	41.84
Total	100.00

BUSINESS DETAILS

Line of Business :

Wholesale Dealer, Agent and Stockists of Imported and Indian Steam Coal and Slack Coal.

GENERAL INFORMATION

No. of Employees :

20 (Approximately)

Bankers :

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

Facilities :

Secured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
Rupee term loans banks secured	7.912	12.917
Working capital loans banks secured	6841.574	4323.333
Loans taken for vehicles secured	0.787	4.051
Total	6850.273	4340.301

Unsecured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
Working capital loans others unsecured	116.909	133.750
Total	116.909	133.750

Banking Relations :	--

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

Enterprises in which Key Managerial Person and their Relatives exercise significant influence :	Ad-Manum Finance Limited Agarmin Coal Washery Private Limited Agarwal Coal Corporation Private Limited Agarwal Dal Mills Private Limited Agarwal Fiscal Private Limited Agarwal Transport Corporation Private Limited Archana Coal Pvt LtdAvailable Finance Limited Eagle Fuel Private Limited Maa Charitable Trust Neena Warehousing Corporation Sanjana Cold Storage Private Limited Shree Agarwal Coal India Private Limited

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount

40,00,000	Equity Shares Carrying Voting Rights	Rs.10/- each	Rs.40.000 Millions
10,00,000	Equity Shares Non Voting	Rs.10/- each	Rs.10.000 Millions

	Total		Rs.50.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

24,32,800	Equity Shares Cash Carrying Voting right	Rs.10/- each	Rs.24.328 Millions
4,40,000	Equity Shares Cash Carrying non Voting right	Rs.10/- each	Rs.4.400 Millions

	Total		Rs.28.728 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		28.728	28.728	28.728
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		1601.538	1098.156	737.573
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		1630.266	1126.884	766.301
LOAN FUNDS
1] Secured Loans		6850.274	4340.301	4617.646
2] Unsecured Loans		116.909	133.750	208.492
TOTAL BORROWING		6967.183	4474.051	4826.138
DEFERRED TAX LIABILITIES		26.097	17.982	21.582

TOTAL		8623.546	5618.917	5614.021

APPLICATION OF FUNDS

FIXED ASSETS [Net Block]		150.798	70.577	73.494
Capital work-in-progress		0.000	0.000	0.000

INVESTMENT		55.700	57.995	51.339
DEFERREX TAX ASSETS		0.000	0.000	0.000

CURRENT ASSETS, LOANS & ADVANCES
	Inventories	1758.254	492.006	1061.597
	Sundry Debtors	5907.655	4100.065	2190.731
	Cash & Bank Balances	7478.574	6136.509	5319.092
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	895.285	609.404	499.768
Total Current Assets		16039.768	11337.984	9071.188
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	2874.106	2017.388	3492.586
	Other Current Liabilities	4687.527	3781.951	33.530
	Provisions	61.087	48.300	55.884
Total Current Liabilities		7622.720	5847.639	3582.000
Net Current Assets		8417.048	5490.345	5489.188

MISCELLANEOUS EXPENSES		0.000	0.000	0.000

TOTAL		8623.546	5618.917	5614.021

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income		15419.263	11154.146
		Direct Income		641.243	460.762
		Other Income		22.949	18.377
		Wind Power Sale		9.837	10.293
		TOTAL (A)		16093.292	11643.577

Less	EXPENSES
		Cost of Goods Sold		14300.206	10298.063
		Direct Expenses		938.638	856.722
		Employees Remuneration and Benefits		12.537	10.584
		Administrative & General Expenses	NA	65.700	38.918
		Selling and Distribution Expenses		3.262	0.332
		Directors Remuneration		60.330	2.730
		Future and Option (Security)		4.836	2.817
		Short Term Capital Loss		0.000	0.000
		TOTAL (B)		15385.509	11210.166

Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)			707.783	433.411

Less	FINANCIAL EXPENSES (D)			144.824	171.168

	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		782.004	562.959	262.243

Less/ Add	DEPRECIATION/ AMORTISATION (F)		12.496	9.948	9.301

	PROFIT BEFORE TAX (E-F) (G)		769.508	553.011	252.942

Less	TAX (H)		266.149	192.427	87.597

	PROFIT AFTER TAX (G-H) (I)		503.359	360.584	165.345

Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		940.325	579.741	414.396

	BALANCE CARRIED TO THE B/S		1443.684	940.325	579.741

	Earnings Per Share (Rs.)		175.22	125.52	57.56

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	NA	2.24	1.42

Net Profit Margin (PBT/Sales)	(%)	NA	3.58	2.26

Return on Total Assets (PBT/Total Assets}	(%)	4.75	4.84	2.76

Return on Investment (ROI) (PBT/Networth)		0.47	0.49	0.33

Debt Equity Ratio (Total Liability/Networth)		8.95	9.15	10.97

Current Ratio (Current Asset/Current Liability)		2.10	1.93	2.53

LOCAL AGENCY FURTHER INFORMATION

FORM 8

Corporate identity number of the company	U23109MP2000PTC014351
Name of the company	Agarwal Coal Corporation Private Limited
Address of the registered office or of the principal place of business in India of the company	Matra Kripa, Chameli Park, Near Goyal Nagar, Indore-452001, Madhya Pradesh, India mrsheikh_cs2005@rediffmail.com
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	10040828
Type of charge	Book Debts
Particular of charge holder	UCO Bank, Gram Pipliahana Branch, Tilak Nagar, Indore-452018, Madhya Pradesh, India Email : ucotilakind@sify.com
Nature of instrument creating charge	Consortium Financial Assistance in the form of various Credit Facilities (Fund based and NMON-fund based) Aggregating to Rs.6750.000 millions (UCO Bank=Rs.3050.000 millions, Corporation Bank= Rs.1570.000 millions, Indian Overseas Bank=Rs.900.000 millions, Bank of India = Rs.630.000 millions, Bank of Baroda=Rs.600.000 millions) UCO Bank as a Lead Banker and other banks are Consortium members.
Date of instrument Creating the charge	27.09.2011
Amount secured by the charge	Rs.6750.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest Rate of interest and service charges as per documents and sanction letters. Terms of Repayment on demand Margin As per documents and sanction letters. Extent and Operation of the charge As per documents and sanction letters.
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Hypothecation of Stocks, Book Debts and other current assets situated at various Godown/ location. Equitable Mortgage of Agriculture Land situated at Khasra Nos. 207/2 and 208 gram Mudwara Gram Pancahayat Ghoghrikala District. Katni.
Date of instrument modifying the charge	28.06.2011
Particulars of the present modification	Consortium Financial Assistance in the form of various Credit Facilities (Fund based and NMON-fund based) Aggregating to Rs.6750.000 millions (UCO Bank=Rs.3050.000 millions, Corporation Bank= Rs.1570.000 millions, Indian Overseas Bank=Rs.900.000 millions, Bank of India = Rs.630.000 millions, Bank of Baroda=Rs.600.000 millions) UCO Bank as a Lead Banker and other banks are Consortium members.

FIXED ASSETS:

· Freehold Land

· Flats

· Godown

· Air Conditioner

· Fax Machine

· Furniture and Fixture

· Mobiles

· Office Equipments

· Safe

· Xerox Machine

· Computers

· Vehicles

· Wind Energy

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No records exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No records exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards :

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.49.94
UK Pound	1	Rs.78.25
Euro	1	Rs.65.40

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--CREDIT LINES	1~10	5
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		49

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
-	NB	New Business	-

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.

MIRA INFORM REPORT

1758.254

492.006

5907.655

4100.065

7478.574

6136.509

0.000

0.000

895.285

609.404

16039.768

2874.106

4687.527

61.087

48.300

7622.720

8417.048

5490.345

NA

2.24

NA

3.58

4.75

4.84

0.47

0.49

8.95

9.15

10.97

2.10

1.93

2.53

Unit