MIRA INFORM REPORT

Report Date :

17.04.2013

IDENTIFICATION DETAILS

Name :	GMR COAL RESOURCES PTE. LTD.
Formerly Known as:	GMR INFRASTRUCTURE INVESTMENTS (SINGAPORE) PTE. LTD.
Registered Office :	460 Alexandra Road #10-01 Psa Building Singapore 119963
Country :	Singapore
Financials (as on) :	March 2012 (Group) March 2012 (Company)
Date of Incorporation :	04.06.2010
Com. Reg. No.:	201011900h
Legal Form :	Limited Private Company
Line of Business :	Other Investment Holding Companies
No. of Employees :	Not available

RATING & COMMENTS

MIRA’s Rating :

Ca

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Moderate
Payment Behaviour :	Slow and delayed
Litigation :	Clear

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^th, 2012

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

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

Singapore - ECONOMIC OVERVIEW

Singapore has a highly developed and successful free-market economy. It enjoys a remarkably open and corruption-free environment, stable prices, and a per capita GDP higher than that of most developed countries. The economy depends heavily on exports, particularly in consumer electronics, information technology products, pharmaceuticals, and on a growing financial services sector. Real GDP growth averaged 8.6% between 2004 and 2007. The economy contracted 1.0% in 2009 as a result of the global financial crisis, but rebounded 14.8% in 2010 and 4.9% in 2011, on the strength of renewed exports. Over the longer term, the government hopes to establish a new growth path that focuses on raising productivity, which has sunk to a compound annual growth rate of just 1.8% in the last decade. Singapore has attracted major investments in pharmaceuticals and medical technology production and will continue efforts to establish Singapore as Southeast Asia's financial and high-tech hub.

Source : CIA

Company Name:	Registered Number:
GMR COAL RESOURCES PTE. LTD.	201011900H

Date Incorporated:	Registered Office:	Telephone Number:
04/06/2010	460 ALEXANDRA ROAD #10-01 PSA BUILDING SINGAPORE 119963	NA
Age of Company:	Website:	Industry Type:
3	NA	HOLDINGS

Risk Dashboard
Days Beyond Terms	Trend:	No. of Litigation Counts:
Company DTC:		NA
NA
The entity is paying current to the creditors		No. of Charges(s): 1
Industry DTC
28

Directors		Corporate Structure
Number of Current Directors	4	Holding Company:	GMR ENERGY LIMITED
Number that are shareholders	2	No. of Subsidiaries & Associated Companies:	NA

EXECUTIVE SUMMARY

Company Name	:	GMR COAL RESOURCES PTE. LTD.
Registration No	:	201011900H
Date of Registration	:	04/06/2010
Former Name	:	GMR INFRASTRUCTURE INVESTMENTS (SINGAPORE) PTE. LTD. Eff. date : 04/06/2010 Eff. date : 04/06/2010
Date of Change of Name	:	16/12/2011
Type of Company	:	LIMITED PRIVATE COMPANY
Registered Address	:	460 ALEXANDRA ROAD #10-01 PSA BUILDING SINGAPORE 119963
Date of Change of Address	:	17/09/2012
Contact No.	:	NA
Fax No.	:	NA
Website	:	NA
Registered Activities	:	OTHER INVESTMENT HOLDING COMPANIES
Issued Ordinary Capital*	:	$600,000.00 SINGAPORE, DOLLARS ,NO. OF SHARE : 600,000
Issued Preference Capital	:	$5,750,000.00 UNITED STATES OF AMERICA, DOLLARS NO. OF SHARE : 5,750,000
Paid-Up Ordinary Capital	:	$600,000.00 SINGAPORE, DOLLARS
Paid-Up Preference Capital	:	$5,750,000.00 UNITED STATES OF AMERICA, DOLLARS
* Number of Shares includes number of Issued Treasury Shares
Issued Treasury Capital	:	NA
Paid-Up Treasury Capital	:	NA
No. of Local Subsidiaries	:	NA
No. of Local Associates	:	NA
Auditor	:	LIXIN INTERNATIONAL
Bankers / Financiers	:	STANDARD CHARTERED BANK
Turnover	:	SGD - SIN 16,647,628.00 (FY2012)
Net Worth	:	SGD - SIN (8,968,611.00) (FY2012)
No. of Bank Charges	:	1
No. of Litigation Suits	:	NA
S1000 / SME 1000 / FG50 Ranking	:	No found for SINGAPORE 1000 and SME 1000
Compounded Annual Growth Rate (CAGR)	:	NA

SHAREHOLDER DETAILS

NAME	:	GMR ENERGY LIMITED
SHAREHOLDER ID	:	T11UF3117G
NATIONALITY	:	INDIA
ADDRESS	:	SKIP HOUSE, 25/1, MUSEUM ROAD BANGALORE-560 025
NO. OF ORD SHARES	:	570,000 5,750,000
% OF SHAREHOLDING	:	9% 90.6%
CURRENCY	:	SINGAPORE, DOLLARS UNITED STATES OF AMERICA, DOLLARS
NAME	:	GMR INFRASTRUCTURE LIMITED
SHAREHOLDER ID	:	T10UF1663E
NATIONALITY	:	NA
ADDRESS	:	SKIP HOUSE, 25/1, MUSEUM ROAD, BANGALORE KARNATAKA 560 025 INDIA
NO. OF ORD SHARES	:	30,000
% OF SHAREHOLDING	:	0.5%
CURRENCY	:	SINGAPORE, DOLLARS

OFFICER DETAILS

NAME	:	APURVA SURESH JHALANI
ADDRESS	:	33 JALAN RAMA RAMA #32-05 DE ROYALE SINGAPORE 329112
POSITION	:	DIRECTOR
DATE OF APPT	:	31/10/2011
NATIONALITY	:	INDIAN
I/C PASSPORT	:	G6488280K
NAME	:	YU TAT MING
ADDRESS	:	17 HUME AVENUE #02-01 HUME PARK I SINGAPORE 598726
POSITION	:	DIRECTOR
DATE OF APPT	:	31/10/2011
NATIONALITY	:	SINGAPORE CITIZEN
I/C PASSPORT	:	S2222001B
NAME	:	TOH CHUN-ENG TERRY
ADDRESS	:	10B BRADDELL HILL #09-06 BRADDELL VIEW SINGAPORE 579721
POSITION	:	SECRETARY
DATE OF APPT	:	17/09/2012
NATIONALITY	:	SINGAPORE CITIZEN
I/C PASSPORT	:	S7405074C
NAME	:	BHASKAR ANAND RAO
ADDRESS	:	# 1168 BRIGADIER GOKALE ROAD, BEML 3RD STAGE RAJARAJESHWARI NAGAR BANGALORE 560098 INDIA
POSITION	:	DIRECTOR
DATE OF APPT	:	03/08/2011
NATIONALITY	:	INDIAN
I/C PASSPORT	:	Z1864445
NAME	:	ASHIS BASU
ADDRESS	:	A 332 CENTURY PARK APARTMENT, 48 RICHMOND ROAD, BANGALORE 560025, KARNATAKA
POSITION	:	DIRECTOR
DATE OF APPT	:	03/08/2011
NATIONALITY	:	INDIAN
I/C PASSPORT	:	Z2462276

KEY PERSONNEL PROFILE

Name:	BHASKAR ANAND RAO
NRIC Number:	Z1864445
Available Address:	# 1168 BRIGADIER GOKALE ROAD, BEML 3RD STAGE RAJARAJESHWARI NAGAR BANGALORE 560098 INDIA

Current Business Interest

No.	Name	Position	Appt Date	#of Share	%
1	GMR COAL RESOURCES PTE. LTD.	DIRECTOR	03/08/2011	-	NA

Previous Business

No.	Name	Status	Position	Appt Date	Last Known Inactive Date
No Trace

Bankruptcy Record

Case No.	Year	Date of Filing	Petitioner Name	Amount
No Trace

Litigation Search – Writ of Summons

Court	Case No.	Transfer	Year	Date of Filing	Amount	Cause Category
No Trace

SUBSIDIARIES AND ASSOCIATE COMPANIES

Company	Shareholdings (%)
NA

BANKERS/ FINANCIERS

Subject enjoys a normal banking routine with its bankers. To date, there have been 1 bank charges registered against Subject by its bankers. The charge numbers are:

1)	Charge No.	:	C201113703
	Date of Registration	:	28/10/2011
	Chargee	:	STANDARD CHARTERED BANK
	Amount Secured and Currency	:	All Monies
	Address	:	6 BATTERY ROAD SINGAPORE 049909

LITIGATION

Clear

COMPLIANCE RECORDS

Date of Last AGM	:
Date of Last AR	:	14/08/2012
Date of A/C Laid At Last AGM	:	31/03/2012

COMPLIANCE RATING FOR ANNUAL FILING

ANNUAL GENERAL MEETING,ANNUAL RETURN AND ACCOUNTS UP-TO-DATE

Note:

Provided by ACRA (Accounting and Corporate Regulatory Authority), the Compliance Rating for Annual Filing measures a company’s compliance with the provisions under S175, S197 or S201 of the Companies Act, Cap. 50.

Applicable to all “Live” locally incorporated companies except for the Limited Partnerships, Limited Liability Partnerships, Business Entities, Foreign Companies and Public Accounting Firms, the rating provide information on whether a company is up-to-date with the holding of its Annual General Meeting (AGM) with up-to-date financial statements and filing of its Annual Return (AR).

For more information: www.acra.gov.sg/compliance

FINANCIAL HIGHLIGHTS

Financial Figures	Group
	MAR 2012
Currency	SGD - SIN
Profit and Loss Key Figures
Turnover	16,647,628
Profit/(Loss) Before Tax	(12,582,594)
Profit After Tax attributable to Shareholders	(12,577,028)
Balance Sheet Key Figures
Total Assets	683,299,964
Current Assets	110,134,172
Non Current Assets	573,165,792
Total Liabilities	692,268,574
Current Liabilities	92,696,281
Non Current Liabilities	599,572,293
Shareholders' Funds	(8,968,611)
Share Capital	636,545
Total Reserves	(9,605,156)

FINANCIAL RATIOS

	Group
	MAR 2012
Growth %
Year-on-Year Growth	NA
Profitability
Profit Margin (%)	NA
Return on Equity (%)	NA
Return on Assets (%)	NA
Leverage
Total Debt/Equity (Times)	NA
Current Debt/Equity (Times)	NA
Long Term Debt To Equity (Times)	NA
Total Asset To Total Equity (Times)	NA
Asset Management
Total Assets Turnover (Times)	0.02
Fixed Assets Turnover (Times)	0.03
Liquidity
Current Ratio (Times)	1.19

FINANCIAL HIGHLIGHTS

Financial Figures	Company
	MAR 2012	% Change	MAR 2011
Currency	SGD - SIN		SGD - SIN
Profit and Loss Key Figures
Turnover	0	NA	0
Profit/(Loss) Before Tax	(12,859,970)	NA	0
Profit After Tax attributable to Shareholders	(12,859,970)	NA	0
Balance Sheet Key Figures
Total Assets	650,490,719	619,514,870.48	105
Current Assets	4,454,353	4,242,140.95	105
Non Current Assets	646,036,366	NA	0
Total Liabilities	659,910,464	NA	0
Current Liabilities	71,940,464	NA	0
Non Current Liabilities	587,970,000	NA	0
Shareholders' Funds	(9,419,745)	NA	105
Share Capital	625,475	595,590.48	105
Total Reserves	(10,045,220)	NA	0

FINANCIAL RATIOS

	Company
	MAR 2012	MAR 2011
Growth %
Year-on-Year Growth	NA	NA
Profitability
Profit Margin (%)	0.00	0.00
Return on Equity (%)	136.52	0.00
Return on Assets (%)	-1.98	0.00
Leverage
Total Debt/Equity (Times)	-70.06	0.00
Current Debt/Equity (Times)	0.00	0.00
Long Term Debt To Equity (Times)	0.00	0.00
Total Asset To Total Equity (Times)	-69.06	1.00
Asset Management
Total Assets Turnover (Times)	0.00	0.00
Fixed Assets Turnover (Times)	0.00	0.00
Liquidity
Current Ratio (Times)	0.06	0.00

FINANCIAL COMMENTARY

Profitability

We are unable to comment on Subject's profitability.

Liquidity

Current ratio stood at 1.19 times in FY12. This means that the group has SGD - SIN 1.19 of current assets for every SGD - SIN of current liability incurred.

A minimum figure of 1.0 would be considered the lowest limit that this figure should reach. Any business that has a current ratio near 1.0 may be heading for liquidity problems, and would need to be closely monitored. A figure greater than 2.0 would be more desirable, to act as a buffer against any short-term liquidity problems, and give creditors/bank managers a degree of comfort when granting credit/finance.

Leverage

We are unable to comment on Subject's leverage.

Efficiency Ratio

We are unable to comment on Subject's return on equity.

We are unable to comment on Subject's return on assets.

Total assets turnover ratio logged at 0.02 times in FY12. This ratio measures the group's ability to make productive use of its total assets to generate sales which reflects the efficiency of the management in utilising its resources.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.54.33
UK Pound	1	Rs.83.17
Euro	1	Rs.71.05

INFORMATION DETAILS

Report Prepared by :

MNL

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	----

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%)

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.