MIRA INFORM REPORT

Report Date :

11.02.2013

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) :	31.03.2012
Date of Incorporation :	16.08.2000
Com. Reg. No.:	10-014351
Capital Investment / Paid-up Capital :	Rs. 28.728 Millions
CIN No.: [Company Identification No.]	U23109MP2000PTC014351
PAN No.: [Permanent Account No.]	AACCA8468K
Legal Form :	Private Limited Liability Company
Line of Business :	Trading of Coal.
No. of Employees :	20 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (43)

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

Maximum Credit Limit :	USD 7130000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is a flagship company of “Agarwal Group” of Indore. It is a well established and reputed company having a satisfactory track record. There appears sharp fall in the profitability during the current year. The external borrowing seems to be high. However, networth of the company appears to be strong. The subject gets strong financial support from its group companies. Fundamental of the company is healthy. Trade relations are reported to be fair. Business is active. Payments are reported to be usually correct and as per commitments. In view of experienced promoters, the company can be considered normal 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	CRISIL
Rating	Long Term Rating : (CRISIL) A
Rating Explanation	Having adequate degree of safety regarding timely servicing of financial obligation. It carry low credit risk.
Date	September 2012

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 :	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
Website :	www.agarwalcoal.com
Head Office :	“Agarwal House”, 2^nd Floor, 5, Yeshwant Colony, Indore – 452003, Madhya Pradesh, India
Tel. No.:	91-731-2538874/ 2431709/ 2548851
Fax No.:	91-731-2531388
E-Mail :	agarcoal@sancharnet.in info@agarwalcoal.com
Location :	Owned

DIRECTORS

AS ON 24.09.2012

Name :	Mr. Vinod Kumar Agarwal
Designation :	Managing director
Address :	Matra Kripa 2, Chameli Park, Near Goyal Nagar, Indore – 452018, Madhya Pradesh, India
Date of Birth/Age :	11.06.1964
Qualification :	B.Com
Experience :	26 Years
Date of Appointment :	04.10.2000
PAN No.:	ABHPA2474Q
DIN No.:	00136613
Name :	Mr. Surendra Prasad Shukla
Designation :	Director
Address :	I – 25, LIG Colony, R A - VI, Shankar Shukla Nagar, Indore – 452008, Madhya Pradesh, India
Date of Birth/Age :	16.02.1949
Date of Appointment :	04.07.2002
PAN No.:	ANZPS2071B
DIN No.:	00353879

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 24.09.2012

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 Mittal	100
Archana Coal Private Limited, India	438000
Arero Dealcomiv 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

AS ON 24.09.2012

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	58.16
Directors or relatives of directors	41.84
Total	100.00

BUSINESS DETAILS

Line of Business :

Trading of Coal.

GENERAL INFORMATION

No. of Employees :

20 (Approximately)

Bankers :

v UCO Bank, Gram Pipliahana, Tilak Nagar, Indore – 452001, Madhya Pradesh, India

v Corporation Bank, 63, M.G. Road, Near Regal Square, Mahavir Empire, Indore – 452001, Madhya Pradesh, India

v State Bank of Indore

v ICICI Bank Limited, Indore, Madhya Pradesh, India

Facilities :

Secured Loans	31.03.2012	31.03.2011
	(Rs. In Millions)
Loans taken for fixed assets	0.000	8.699
Working capital loans from banks	10332.268	9695.353
Loans repayable on demand from banks	3792.948	1833.747
Total	14125.216	11537.799

Banking Relations :	--
Auditors :
Name :	Mahendra Badjatya and Company Chartered Accountants
Address :	208, Morya Centre, 16, Race Course Road, Indore, 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
Income-tax PAN of auditor or auditor's firm :	ACFPB4495F
Associates :	v Agarwal Coal Corporation (S) Pte. Limited
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives :	v Agarwal Dal Mills Private Limited [U15313MP1998PTC013008] v Agarwal Fiscal Private Limited [U65910MH1994PTC084019] v Agarwal Transport Corporation Private Limited [U60210MP2003PTC015665] v Archana Coal Private Limited [U01122MP1991PTC006664] v Agarwal Fuel Corporation Private Limited [U45203MP1980PTC001674] v Neena Warehousing Corporation v Shukla and Company, Surat v Shree Agarwal Coal India Private Limited [U10100MH2001PTC133444] v Maa Charitable Trust

CAPITAL STRUCTURE

AS ON 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
5,000,000	Equity Shares	Rs. 10/- each	Rs. 50.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2,872,800	Equity Shares	Rs. 10/- each	Rs. 28.728 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2012	31.03.2011	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		28.728	28.728	28.728
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		1754.454	1601.538	1098.156
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		1783.182	1630.266	1126.884
LOAN FUNDS
1] Secured Loans		14125.216	11537.799	4340.301
2] Unsecured Loans		120.818	116.909	133.750
TOTAL BORROWING		14246.034	11654.708	4474.051
DEFERRED TAX LIABILITIES		34.214	26.097	17.982
TOTAL		16063.430	13311.071	5618.917
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		136.660	150.798	70.577
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		63.892	55.700	57.995
DEFERRED TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	1472.644	1758.254	492.006
	Sundry Debtors	6635.386	6043.192	4100.065
	Cash & Bank Balances	9177.067	7478.574	6136.509
	Other Current Assets	15.947	0.000	0.000
	Loans & Advances	1572.022	1463.044	609.404
Total Current Assets		18873.066	16743.064	11337.984
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	2666.803	3144.177	2017.388
	Other Current Liabilities	281.385	236.314	3781.951
	Provisions	62.000	258.000	48.300
Total Current Liabilities		3010.188	3638.491	5847.639
Net Current Assets		15862.878	13104.573	5490.345
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		16063.430	13311.071	5618.917

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income			15419.263
		Direct Income			641.243
		Other Income			22.949
		Wind Power Sale			9.837
		TOTAL (A)			16093.292
Less	EXPENSES
		Cost of Goods Sold			14300.206
		Direct Expenses			938.638
		Employees Remuneration and Benefits			12.537
		Administrative & General Expenses	N.A.	N.A.	65.700
		Selling and Distribution Expenses			3.262
		Directors Remuneration			60.330
		Future and Option (Security)			4.836
		TOTAL (B)			15385.509
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)				707.783
Less	INTEREST & FINANCIAL EXPENSES (D)				144.824
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		243.480	782.004	562.959
Less/ Add	DEPRECIATION/ AMORTISATION (F)		19.974	12.496	9.948
	PROFIT BEFORE TAX (E-F) (G)		223.506	769.508	553.011
Less	TAX (H)		70.590	266.149	192.427
	PROFIT AFTER TAX (G-H) (I)		152.916	503.359	360.584
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		1443.706	940.325	579.741
	BALANCE CARRIED TO THE B/S		1596.622	1443.684	940.325
	Earnings Per Share (Rs.)		53.23	175.22	125.52

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	N.A.	N.A.	2.24
Net Profit Margin (PBT/Sales)	(%)	N.A.	N.A.	3.58
Return on Total Assets (PBT/Total Assets}	(%)	1.18	4.55	4.85
Return on Investment (ROI) (PBT/Networth)		0.13	0.47	0.49
Debt Equity Ratio (Total Debt/Networth)		7.99	7.15	3.97
Current Ratio (Current Asset/Current Liability)		6.27	4.60	1.94

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	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
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

UNSECURED LOANS

Unsecured Loans	31.03.2012	31.03.2011
	(Rs. In Millions)
Deposits from shareholders	9.180	15.306
Intercorporate deposits	111.638	101.603
Total	120.818	116.909

FIXED ASSETS:

v Freehold Land

v Flats

v Godown

v Air Conditioner

v Fax Machine

v Furniture and Fixture

v Mobiles

v Office Equipments

v Safe

v Xerox Machine

v Computers

v Vehicles

v 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 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. 53.57
UK Pound	1	Rs. 84.25
Euro	1	Rs. 71.79

INFORMATION DETAILS

Report Prepared by :

BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--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		43

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.