MIRA INFORM REPORT

Report Date :

08.10.2012

IDENTIFICATION DETAILS

Name :	VISA RESOURCES INDIA LIMITED (w.e.f. 05.10.2011)
Formerly Known As :	VISA COMTRADE LIMITED
Registered Office :	VISA House, 8/10, Alipore Road, Kolkata – 700027, West Bengal
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	09.08.2006
Com. Reg. No.:	21-111091
Capital Investment / Paid-up Capital :	Rs. 636.823 Millions
CIN No.: [Company Identification No.]	U52110WB2006PLC111091
TAN No.: [Tax Deduction & Collection Account No.]	CALV02328E
PAN No.: [Permanent Account No.]	AACCV3366R
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Subject provides single point end-to-end services for the procurement and movement of Carbon products.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (42)

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

Maximum Credit Limit :	USD 1900000
Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is a part of VISA GROUP. It is a international trading company based in India. It is well established and reputed company having satisfactory track record. There appears some accumulated losses recorded by the company. However, trade relations are reported to be fair. Business is active. Payments are reported to be slow but correct. In view of strong holding company can be considered for business dealings at usual trade terms and condition.

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 – June 30, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
India	A1	A1

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

INDIAN ECONOMIC OVERVIEW

India is developing into an open-market economy, yet traces of its past autarkic policies remain. Economic liberalization, including industrial deregulation, privatization of state-owned enterprises, and reduced controls on foreign trade and investment, began in the early 1990s and has served to accelerate the country's growth, which has averaged more than 7% per year since 1997. India's diverse economy encompasses traditional village farming, modern agriculture, handicrafts, a wide range of modern industries, and a multitude of services. Slightly more than half of the work force is in agriculture, but services are the major source of economic growth, accounting for more than half of India's output, with only one-third of its labor force. India has capitalized on its large educated English-speaking population to become a major exporter of information technology services and software workers. In 2010, the Indian economy rebounded robustly from the global financial crisis - in large part because of strong domestic demand - and growth exceeded 8% year-on-year in real terms. However, India's economic growth in 2011 slowed because of persistently high inflation and interest rates and little progress on economic reforms. High international crude prices have exacerbated the government's fuel subsidy expenditures contributing to a higher fiscal deficit, and a worsening current account deficit. Little economic reform took place in 2011 largely due to corruption scandals that have slowed legislative work. India's medium-term growth outlook is positive due to a young population and corresponding low dependency ratio, healthy savings and investment rates, and increasing integration into the global economy. India has many long-term challenges that it has not yet fully addressed, including widespread poverty, inadequate physical and social infrastructure, limited non-agricultural employment opportunities, scarce access to quality basic and higher education, and accommodating rural-to-urban migration.

Source : CIA

EXTERNAL AGENCY RATING

Rating Agency Name	CARE
Rating	Non fund based rating : (CARE) A3
Rating Explanation	Having moderate degree of safety regarding timely payment of financial obligation.
Date	October 2011

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

LOCATIONS

Registered Office :	VISA House, 8/10, Alipore Road, Kolkata – 700027, West Bengal, India
Tel. No.:	91-33-30119000
Fax No.:	91-33-30119004 / 05
E-Mail :	secretarial@visa-group.com mk.khaitan@visacontrade.net
Website :	http://www.visa-group.com

DIRECTORS

AS ON 27.07.2011

Name :

Mr. Vishambhar Saran

Designation :

Director

Address :

VISA House, 10th Floor, 8/10, Alipore Road, Kolkata – 700027, West Bengal, India

Date of Birth/Age :

04.12.1947

Qualification :

Mining Engineer from BHU

Date of Appointment :

05.09.2006

PAN No.:

AJWPS2095L

DIN No.:

00121501

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	L51109OR1996PLC004601	VISA STEEL LIMITED	Whole-time director	15/12/2010	10/09/1996	-	Active	NO
2	U51109WB1998PLC086454	VISA INTERNATIONAL LIMITED	Director	03/02/1998	03/02/1998	-	Active	NO
3	U27209OR2003PLC007228	VISA ALUMINIUM LIMITED	Director	27/09/2010	08/07/2003	14/01/2012	Active	NO
4	U10102OR2003PLC007348	GHOTARINGA MINERALS LIMITED	Director	20/10/2003	20/10/2003	26/09/2008	Active	NO
5	U40101WB2005PLC105797	VISA POWER LIMITED	Director	05/10/2005	05/10/2005	-	Active	NO
6	U13100OR2006PTC008672	PATRAPADA COAL MINING COMPANY PRIVATE LIMITED	Nominee director	10/04/2006	10/04/2006	01/09/2008	Strike off	NO
7	U52110WB2006PLC111091	VISA RESOURCES INDIA LIMITED	Director	05/09/2006	05/09/2006	-	Active	NO
8	U51109WB1945NPL012572	COAL CONSUMERS ASSOCIATION OF INDIA	Director	25/09/2006	25/09/2006	-	Active	NO
9	U85300WB1926GAP005585	INDIAN CHAMBER OF COMMERCE CALCUTTA	Director	27/06/2009	30/06/2007	02/07/2010	Active	NO
10	U74900WB2007PLC118834	VISA INFRASTRUCTURE LIMITED	Director	19/09/2007	19/09/2007	-	Active	NO
11	U27101OR2008PLC009790	VISA BAO LIMITED	Director	01/02/2008	01/02/2008	-	Active	NO
12	U70200WB2009PLC132821	VISA REALTY LIMITED	Director	17/02/2009	17/02/2009	31/03/2012	Active	NO
13	U51102WB2009PLC139648	VISA MINMETAL LIMITED	Director	23/11/2009	23/11/2009	31/03/2012	Active	NO
14	U55101WB2010PLC144874	VISA URBAN INFRA LIMITED	Director	06/04/2010	06/04/2010	-	Active	NO
15	U26941WB2007PLC118636	VISA CEMENT LIMITED	Director	27/09/2010	16/06/2010	-	Active	NO
16	U40101WB2011PLC160256	VISA POWER TRADING COMPANY LIMITED	Director	05/03/2011	05/03/2011	31/03/2012	Active	NO
17	U40101WB2011PLC160313	VISA POWER (M.P) LIMITED	Director	07/03/2011	07/03/2011	31/03/2012	Active	NO
18	U40102WB2011PTC162455	VISA POWER (ORISSA) PRIVATE LIMITED	Director	10/05/2011	10/05/2011	31/03/2012	Active	NO
19	U40102WB2011PTC162454	VISA POWER (JHARKHAND) PRIVATE LIMITED	Director	10/05/2011	10/05/2011	31/12/2011	Active	NO
20	U40108OR2012PLC015173	VISA ENERGY VENTURES LIMITED	Director	30/03/2012	30/03/2012	-	Active	NO
21	U27100OR2012PLC015729	VISA SPECIAL STEEL LIMITED	Director	27/07/2012	27/07/2012	-	Active	NO
22	U23101OR2012PLC015728	VISA COKE LIMITED	Director	27/07/2012	27/07/2012	-	Active	NO

Name :

Mr. Vikas Agarwal

Designation :

Director

Address :

VISA House, 10th Floor, 8/10, Alipore Road, Kolkata – 700027, West Bengal, India

Date of Birth/Age :

14.09.1974

Date of Appointment :

09.08.2006

PAN No.:

ACYPA6879M

DIN No.:

00352778

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	L51109OR1996PLC004601	VISA STEEL LIMITED	Director	10/09/1996	10/09/1996	28/04/2012	Active	NO
2	U51109WB1998PLC086454	VISA INTERNATIONAL LIMITED	Director	03/02/1998	03/02/1998	-	Active	NO
3	U13100WB2000PTC092731	FAR EAST METALS PRIVATE LIMITED	Director	20/12/2000	20/12/2000	-	Amalgamated	NO
4	U40101WB2005PLC105797	VISA POWER LIMITED	Managing director	01/10/2010	05/10/2005	-	Active	NO
5	U52110WB2006PLC111091	VISA RESOURCES INDIA LIMITED	Director	09/08/2006	09/08/2006	-	Active	NO
6	U74900WB2007PLC118834	VISA INFRASTRUCTURE LIMITED	Director	23/09/2008	21/09/2007	16/01/2012	Active	NO
7	U27101OR2008PLC009790	VISA BAO LIMITED	Director	01/02/2008	01/02/2008	17/09/2008	Active	NO
8	U15400WB2008PTC123669	TASTEBUDS GOURMET FOODS PRIVATE LIMITED	Director	05/03/2008	05/03/2008	-	Active	NO
9	U10102CT2008PTC020640	FATEHPUR EAST COAL PRIVATE LIMITED	Director	21/04/2008	21/04/2008	-	Active	NO
10	U70200WB2009PLC132821	VISA REALTY LIMITED	Director	17/02/2009	17/02/2009	-	Active	NO
11	U51102WB2009PLC139648	VISA MINMETAL LIMITED	Director	23/11/2009	23/11/2009	-	Active	NO
12	U55101WB2010PLC144874	VISA URBAN INFRA LIMITED	Director	06/04/2010	06/04/2010	-	Active	NO
13	U27209OR2003PLC007228	VISA ALUMINIUM LIMITED	Director	27/09/2010	16/06/2010	28/12/2011	Active	NO
14	U26941WB2007PLC118636	VISA CEMENT LIMITED	Director	27/09/2010	16/06/2010	-	Active	NO
15	U40101WB2011PLC160256	VISA POWER TRADING COMPANY LIMITED	Director	05/03/2011	05/03/2011	-	Active	NO
16	U40101WB2011PLC160313	VISA POWER (M.P) LIMITED	Director	07/03/2011	07/03/2011	-	Active	NO
17	U40102WB2011PTC162455	VISA POWER (ORISSA) PRIVATE LIMITED	Director	10/05/2011	10/05/2011	-	Active	NO
18	U40102WB2011PTC162454	VISA POWER (JHARKHAND) PRIVATE LIMITED	Director	10/05/2011	10/05/2011	-	Active	NO
19	U40108OR2012PLC015173	VISA ENERGY VENTURES LIMITED	Director	30/03/2012	30/03/2012	-	Active	NO
20	U27100OR2012PLC015729	VISA SPECIAL STEEL LIMITED	Director	27/07/2012	27/07/2012	-	Active	NO
21	U23101OR2012PLC015728	VISA COKE LIMITED	Director	27/07/2012	27/07/2012	-	Active	NO

Name :

Mr. Shiv Dayal Kapoor

Designation :

Director

Address :

Plot No. 199 P, Sector 47, Gurgaon – 122002, Haryana, India

Date of Birth/Age :

01.08.1946

Qualification :

Metallurgical Engineer and MBA from the University of Leeds, U.K

Date of Appointment :

05.12.2007

AAAPK6173G

DIN No.:

00043634

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	U45201DL1999PLC125988	IL&FS INFRASTRUCTURE DEVELOPMENT CORPORATION LIMITED	Director	03/05/2007	26/10/2006	-	Active	NO
2	U63023DL2005PTC140106	GREATER NOIDA INTEGRATED WAREHOUSING PRIVATE LIMITED(100% F.SUB.CO)	Additional director	05/07/2007	05/07/2007	25/06/2010	Active	NO
3	L74899DL1990PLC041350	ERA INFRA ENGINEERING LIMITED	Director	29/09/2008	01/12/2007	-	Active	NO
4	L45400DL1993PLC051603	ERA E-ZONE (INDIA)LIMITED	Director	29/09/2008	01/12/2007	-	Active	NO
5	U52110WB2006PLC111091	VISA RESOURCES INDIA LIMITED	Director	04/08/2008	05/12/2007	-	Active	NO
6	L51109OR1996PLC004601	VISA STEEL LIMITED	Director	26/08/2009	01/09/2008	-	Active	NO
7	L74210MH1974PLC017644	HINDUSTAN DORR OLIVER LIMITED	Director	15/09/2010	30/10/2009	-	Active	NO
8	U27101OR2008PLC009790	VISA BAO LIMITED	Director	13/08/2012	29/10/2010	-	Active	NO
9	U45200DL2007PLC169191	ERA INFRASTRUCTURE (INDIA) LIMITED	Additional director	16/08/2012	16/08/2012	-	Active	NO

Name :

Mr. Ashok Kumar Basu

Designation :

Director

Address :

GD282, Sector III, Saltlake, Kolkata – 700106, West Bengal, India

Date of Birth/Age :

24.03.1942

Date of Appointment :

24.03.2007

PAN No.:

AFCPB2913A

DIN No.:

01411191

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	U52110WB2006PLC111091	VISA RESOURCES INDIA LIMITED	Director	10/09/2007	24/03/2007	-	Active	NO
2	L27310WB1990PLC050000	TATA METALIKS LIMITED	Director	13/07/2007	25/04/2007	-	Active	NO
3	L31400WB1986PLC091621	USHA MARTIN LIMITED	Director	25/07/2007	17/05/2007	30/07/2011	Active	NO
4	U31909WB2007PTC114003	CARTER ENGINEERING PRIVATE LIMITED	Director	14/08/2007	14/08/2007	26/06/2012	Active	NO
5	U63030MH2005PLC152747	NATIONAL BULK HANDLING CORPORATION LIMITED	Director	01/08/2008	15/10/2007	06/12/2008	Active	NO
6	L63090WB1919GOI003229	ANDREW YULE AND COMPANY LIMITED	Director	16/09/2008	05/11/2007	05/11/2010	Active	NO
7	U27106MH2007PLC170160	JSW BENGAL STEEL LIMITED	Director	04/07/2009	11/09/2008	-	Active	NO
8	L28112WB1920PLC003606	THE TINPLATE COMPANY OF INDIA LIMITED	Director	31/08/2009	23/10/2008	-	Active	NO
9	U40104WB1985SGC039154	THE WEST BENGAL POWER DEVELOPMENT CORPORATION LIMITED	Director	24/03/2009	24/03/2009	21/09/2011	Active	NO
10	L28920MH1919PLC000567	THE TATA POWER COMPANY LIMITED	Director	06/08/2009	26/03/2009	-	Active	NO
11	U40101WB2005PLC105797	VISA POWER LIMITED	Director	23/09/2009	31/03/2009	-	Active	NO
12	L74899DL1964GOI004281	BHARAT HEAVY ELECTRICALS LIMITED	Director	17/09/2009	22/06/2009	21/06/2012	Active	NO
13	U04010CT1995PLC008985	JINDAL POWER LIMITED	Additional director	18/12/2009	18/12/2009	28/01/2010	Active	NO

Name :

Mr. Jawahar Kantha Niyogi

Designation :

Director

Address :

South City Tower 1, Flat 18B, 375 Prince Anwar Shah Road, Kolkata – 700068, West Bengal, India

Date of Birth/Age :

04.09.1947

Date of Appointment :

27.06.2011

PAN No.:

AAXPN8082A

DIN No.:

03560148

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	U52110WB2006PLC111091	VISA RESOURCES INDIA LIMITED	Managing director	01/09/2011	27/06/2011	Active	NO

KEY EXECUTIVES

Name :	Mr. Manoj Kumar Khaitan
Designation :	Secretary
Address :	129A, Mukta Ram Babu Street, Kolkata – 700007, West Bengal, India
Date of Birth/Age :	09.02.1970
Date of Appointment :	10.01.2008
PAN No.:	AESPK1859B

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 27.07.2011

Names of Shareholders	No. of Shares
Vishambhar Saran	10000
Saroj Agarwal	10000
Vishal Agarwal	10000
Vikas Agarwal	10000
Vivek Agarwal	10000
Vishambhar Saran and Sons HUF	10000
Visa Infrastructure Limited, India	63622330
Total	63682330

AS ON 31.03.2012

Names of Allottees	No. of Shares
Visa Infrastructure Limited Company, India	5000000
Total	5000000

AS ON 27.07.2011

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject provides single point end-to-end services for the procurement and movement of Carbon products.

Products :

ITC Code No.	Product Description
27040030	Lam Coke
27011910	Coking Coal
27011990	Stream Coal
72024100	Ferro Chrome

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

Ø Indusind Bank Limited, 3A Upper Wood Street, Kolkata – 700017, West Bengal, India

Ø Syndicate Bank, Alipore Branch, 8-B, Alipore Road, Kolkata – 700027, West Bengal, India

Facilities :

Secured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
Rupee term loans banks secured	21.024	17.119
Loans taken for vehicles secured	1.059	26.203
Total	22.083	43.322
Note: (A) [Secured by lien over fixed deposits of Rs 24.600 millions, (previous year Rs 20.000 millions), fully repayable within 1 year] (B) [Secured by the hypothecation of vehicles financed under the loan arrangement repayable within one year Rs 0.872 Million (Previous Year Rs. 24.794 Millions)]

Banking Relations :	--
Auditors :
Name :	L.B. Jha and Company Chartered Accountants
Address :	GF-1 Gilander House, 8 Netaji Subhas Road, Kolkata -700001, West Bengal, India
Income-tax PAN of auditor or auditor's firm :	AABFL0464G
Holding Company :	VISA Infrastructure Limited
Fellow subsidiaries :	Ø VISA Steel Limited Ø VISA Power Limited Ø VISA Cement Limited (formerly North East Resources Limited) Ø VISA Aluminium Limited (formerly Khandadhar Minerals Limited) Ø VISA Urban Infra Limited

CAPITAL STRUCTURE

AFTER 27.07.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
80,000,000	Equity Shares	Rs. 10/- each	Rs. 800.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
68,682,330	Equity Share	Rs.10/- each	Rs. 686.823 Millions

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
80,000,000	Equity Shares	Rs. 10/- each	Rs. 800.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
63,682,330	Equity Share	Rs.10/- each	Rs. 636.823 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		636.823	636.823	636.823
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		0.000	0.000	0.000
4] (Accumulated Losses)		(161.793)	(229.485)	(295.448)
NETWORTH		475.030	407.338	341.375
LOAN FUNDS
1] Secured Loans		22.084	43.322	48.898
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		22.084	43.322	48.898
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		497.114	450.660	390.273
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		58.764	74.518	91.087
Capital work-in-progress		80.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		92.959	122.941	143.207
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	982.250	1004.241	1427.140
	Sundry Debtors	729.498	1357.875	1915.103
	Cash & Bank Balances	802.818	1682.959	2310.950
	Other Current Assets	60.009	493.060	90.437
	Loans & Advances	357.863	179.843	97.381
Total Current Assets		2932.438	4717.978	5841.011
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	2491.010	4398.572	5545.180
	Other Current Liabilities	122.993	29.634	118.586
	Provisions	53.044	36.571	21.266
Total Current Liabilities		2667.047	4464.777	5685.032
Net Current Assets		265.391	253.201	155.979
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		497.114	450.660	390.273

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	8115.866	9070.200	9926.350
		Other Income	0.573	20.293	9.100
		TOTAL	8116.439	9090.493	9935.450
Less	EXPENSES
		Consumption materials changes inventories	7707.520	8837.135
		Employee related expenses	31.723	34.839
		Administrative selling other expenses	202.020	(28.673)
		TOTAL	7941.263	8843.301	9706.600
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		175.176	247.192	228.850
Less	FINANCIAL EXPENSES		77.720	130.415	0.000
	PROFIT/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		97.456	116.777	228.850
Less/ Add	DEPRECIATION/ AMORTISATION		14.994	15.243	11.480
	PROFIT/ (LOSS) BEFORE EXCEPTIONAL ITEM AND TAX		82.462	101.534	217.370
	EXCEPTIONAL ITEM		0.000	0.000	684.740
	PROFIT/ (LOSS) BEFORE TAX		82.462	101.534	(467.370)
Less	TAX		14.770	35.571	(142.380)
	PROFIT/ (LOSS) AFTER TAX		67.692	65.963	(324.990)
	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(229.485)	(295.448)	29.530
	BALANCE CARRIED TO THE B/S		(161.793)	(229.485)	(295.460)
	EARNINGS IN FOREIGN CURRENCY
		Export Sales	666.810	271.350	0.000
		Consultancy	14.060	14.110	6.370
		Insurance Claim	0.000	19.990	0.000
	TOTAL EARNINGS		680.870	305.450	6.370
	IMPORTS
		Purchase of Trading Goods	5447.110	5992.140	7349.920
	Earnings/ (Loss) Per Share (Rs.)		1.06	1.04	(8.87)

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	0.83	0.73	(3.27)
Net Profit Margin (PBT/Sales)	(%)	1.02	1.12	(4.71)
Return on Total Assets (PBT/Total Assets}	(%)	2.76	2.12	(7.88)
Return on Investment (ROI) (PBT/Networth)		0.17	0.25	(1.37)
Debt Equity Ratio (Total Liability/Networth)		5.66	11.07	16.80
Current Ratio (Current Asset/Current Liability)		1.10	1.06	1.03

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	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	No
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
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

OPERATIONS

During the year 2010-11 the Company has achieved a total income of Rs.8116.440 millions and profit after tax of Rs.67.700 millions against total income of Rs.9090.490 millions and profit after tax of Rs.65.960 millions in the year 2009-10.

FUTURE OUTLOOK

The Company's growth is closely linked with the demand of imported coal and coke by the Indian industry. It is heartening to note that the demand of these commodities is on a continuous growth path which shows no respite in the near future. Market is particularly bullish on the outlook of thermal coal, which is the principal commodity in our trading basket. In a recent report, ABARE, the official commodity forecaster of the Australian Government, has predicted that the global thermal coal trade would rise from 771 million tons in 2010 to 962 million tons in 2016, and, in the same period, Indian trade will increase from 60 to 128 million tons. Thus, Indian demand will account for more than 35% of the global growth in the 6 year horizon.

Despite the seemingly comfortable scenario, it is not prudent for the Company to concentrate all the risks and endeavour into a narrow product range. The Company therefore proposes to diversify into other products and activities including entering into manufacturing sector, for which separate proposals will follow, are being evaluated.

CONTINGENT LIABILITIES

(Rs. in Millions)

Particulars	31.03.2011	31.03.2010
a. Contingent liability not provided for in respect of :
-Bank Guarantees	12.750	0.200
-Bills discounted under Letters of Credit	378.350	508.270
b. Estimated amount of Contracts remaining to be executed on capital account not provided for	Nil	80.000

FIXED ASSETS:

Ø Computer

Ø Office Equipments

Ø Vehicles

Ø Furniture and Fixture

Ø Heavy Vehicle

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 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 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. 51.62
UK Pound	1	Rs. 83.57
Euro	1	Rs. 67.17

INFORMATION DETAILS

Report Prepared by :

BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	4
--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		42

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

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.