MIRA INFORM REPORT

Report Date :

02.07.2013

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 – 700 027, West Bengal
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	09.08.2006
Com. Reg. No.:	21-111091
Capital Investment / Paid-up Capital :	Rs.686.823 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 is engaged in the business of trading and importing of coal and coal related allied products and also engaged in providing single point end-to-end services for the procurement and movement of Carbon products.
No. of Employees :	25 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (30)

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

Maximum Credit Limit :	USD 1230000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is a subsidiary of “Visa Infrastructure Limited”. It is an established company having a moderate track record. Even though the company has improved its sales turnover, it has incurred a loss during 2012 and failed to curtail the accumulated losses of past some years. Liquidity position is heavily stretched. However, trade relations are fair. Business is active. Payment terms are reported as slow but correct. The company can be considered for business dealings with some caution.

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 – March 31^st, 2013

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
India	A1	A1

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

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.

INFORMATION PARTED BY

Name :	Mr. Sanchayan Tiwari
Designation :	Chief - Forex Operation
Contact No.:	91-9874644006
Date :	02.07.2013

LOCATIONS

Registered Office :	VISA House, 8/10, Alipore Road, Kolkata – 700 027, West Bengal, India
Tel. No.:	91-33-30119000
Mobile No.:	91-9163057324 (Ms. Archita) 91-9874644006 (Mr. Sanchayan Tiwari)
Fax No.:	91-33-30119004/ 05
E-Mail :	secretarial@visa-group.com mk.khaitan@visacontrade.net sanchayan.tiwari@visaresources.in
Website :	http://www.visa-group.com
Branch Office :	Located at: · Chennai · Delhi · Mumbai · Haldia

DIRECTORS

AS ON 28.09.2012

Name :

Mr. Vishambhar Saran

Designation :

Director

Address :

VISA House, 10^th Floor, 8/10, Alipore Road, Kolkata – 700 027, 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	U23101OR2012PLC015728	VISA SUNCOKE LIMITED	Director	27/07/2012	27/07/2012	18/03/2013	Active	NO
22	U27100OR2012PLC015729	VISA SPECIAL STEEL LIMITED	Director	27/07/2012	27/07/2012	-	Active	NO

Name :

Mr. Vikas Agarwal

Designation :

Director

Address :

VISA House, 10^th Floor, 8/10, Alipore Road, Kolkata – 700 027, West Bengal, India

Date of Birth/Age :

14.09.1974

Qualification :

Masters Degree in Manufacturing Engineering from Trinity College, Cambr idge University

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 SUNCOKE 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 – 122 002, Haryana, India

Date of Birth/Age :

01.08.1946

Qualification :

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

Date of Appointment :

04.08.2008

PAN No.:

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	Director	19/09/2012	16/08/2012	-	Active	NO

Name :

Mr. Ashok Kumar Basu

Designation :

Director

Address :

GD 282, Sector III, Saltlake, Kolkata – 700 106, West Bengal, India

Date of Birth/Age :

24.03.1942

Qualification :

IAS

Date of Appointment :

10.09.2007

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 CO 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
14	U40109DL2001PLC111526	TATA POWER DELHI DISTRIBUTION LIMITED	Additional director	14/12/2012	14/12/2012	-	Active	NO
15	U74899DL2000PLC106999	MAITHON POWER LIMITED	Director appointed in casual vacancy	28/01/2013	28/01/2013	-	Active	NO
16	U27101WB2007PLC119673	TATA METALIKS KUBOTA PIPES LIMITED	Additional director	15/04/2013	15/04/2013	-	Active	NO

Name :

Mr. Jawahar Kantha Niyogi

Designation :

Managing Director

Address :

South City Tower 1, Flat 18B, 375, Prince Anwar Shah Road, Kolkata – 700 068, West Bengal, India

Date of Birth/Age :

04.09.1947

Qualification :

B Tech (Mechanical Engineering from IIT, Chennai) MBA (from IIM, Kolkata)

Experience :

32 Years

Date of Appointment :

01.09.2011

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	Date of cessation	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 – 700 007, West Bengal, India
Date of Birth/Age :	09.02.1970
Date of Appointment :	10.01.2008
PAN No.:	AESPK1859B
Name :	Mr. Sanchayan Tiwari
Designation :	Chief - Forex Operation

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 28.09.2012

Names of Shareholders	No. of Shares	Percentage of Holding
VISA Infrastructure Limited, India	68622330	99.94
Vishambhar Saran*	10000	0.01
Saroj Agarwal*	10000	0.01
Vishal Agarwal*	10000	0.01
Vikas Agarwal*	10000	0.01
Vivek Agarwal*	10000	0.01
Vishambhar Saran Karta of Vishambhar Saran and Sons (HUF) *	10000	0.01
Total	68682330	100.00

* As nominee of VISA Infrastructure Limited

AS ON 28.09.2012

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	100.00

BUSINESS DETAILS

Line of Business :

Subject is engaged in the business of trading and importing of coal and coal related allied products and also engaged in providing 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	Steam Coal
72071920	M.S. Billets

Imports :

Products :

Coal and coal related allied products

Countries :

• South Africa
• China
• Australia
• Indonesia

Terms :

Selling :

Cash and Credit

Purchasing :

Cash and Credit

GENERAL INFORMATION

Customers :

End Users

No. of Employees :

25 (Approximately)

Bankers :

• IndusInd Bank Limited, 3A Upper Wood Street, Kolkata – 700 017, West Bengal, India
• Syndicate Bank, Alipore Branch, 8-B, Alipore Road, Kolkata – 700 027, West Bengal, India
• Axis Bank Limited
• Punjab National Bank, 111A, Station Square, Bhubaneswar – 751 001, Orissa, India
• Union Bank of India

Facilities :

Letter of Credit: Rs.250.000 millions (From IndusInd Bank Limited)

Secured Loans	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. in Millions)
LONG-TERM BORROWINGS
Rupee term loans from banks - Vehicle loan	0.762	0.000
Rupee term loans from others - Vehicle loan	0.000	0.187
SHORT-TERM BORROWINGS
Loans repayable on demand from banks (Against Fixed Deposits)	53.000	20.900
Total	53.762	21.087

Banking Relations :	--
Financial Institution :	Kotak Mahindra Prime Limited Reliance Capital Limited TATA Motors Finance Limited
Auditors :
Name :	L.B. Jha and Company Chartered Accountants
Address :	GF-1 Gilander House, 8 Netaji Subhas Road, Kolkata – 700 001, West Bengal, India
Income-tax PAN of auditor or auditor's firm :	AABFL0464G
Holding Company :	VISA Infrastructure Limited, India (CIN No.: U74900WB2007PLC118834)
Fellow Subsidiaries :	VISA Steel Limited VISA Power Limited VISA Cement Limited VISA Aluminium Limited VISA Urban Infra Limited VISA Energy Ventures Limited
Enterprises over which Promoters exercise significant influence :	VISA Realty Limited VISA Minmetal Limited VISA International Limited

CAPITAL STRUCTURE

AFTER 28.09.2012

Authorised Capital : Rs.1000.000 Millions

Issued, Subscribed & Paid-up Capital : Rs.786.823 Millions

AS ON 28.09.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
80000000	Equity Shares	Rs.10/- each	Rs.800.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
68682330	Equity Shares	Rs.10/- each	Rs.686.823 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1) Shareholders' Funds
(a) Share Capital	686.823	636.823
(b) Reserves & Surplus	(379.221)	(161.793)
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1) + (2)	307.602	475.030
(3) Non-Current Liabilities
(a) Long-term borrowings	0.762	0.187
(b) Deferred tax liabilities (Net)	0.000	0.000
(c) Other long term liabilities	0.000	0.000
(d) Long-term provisions	0.632	0.697
Total Non-current Liabilities (3)	1.394	0.884
(4) Current Liabilities
(a) Short term borrowings	53.000	20.900
(b) Trade payables	5385.361	2498.350
(c) Other current liabilities	41.682	124.077
(d) Short-term provisions	0.176	0.264
Total Current Liabilities (4)	5480.219	2643.591
TOTAL	5789.215	3119.505
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	110.759	58.323
(ii) Intangible Assets	0.313	0.440
(iii) Capital work-in-progress	0.000	0.000
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.000	0.000
(c) Deferred tax assets (net)	192.355	92.959
(d) Long-term Loan and Advances	131.238	211.222
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	434.665	362.944
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	96.470	982.250
(c) Trade receivables	2903.992	741.338
(d) Cash and cash equivalents	1825.510	802.818
(e) Short-term loans and advances	520.878	179.607
(f) Other current assets	7.700	50.548
Total Current Assets	5354.550	2756.561
TOTAL	5789.215	3119.505

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		636.823
2] Share Application Money		0.000
3] Reserves & Surplus		0.000
4] (Accumulated Losses)		(229.485)
NETWORTH		407.338
LOAN FUNDS
1] Secured Loans		43.322
2] Unsecured Loans		0.000
TOTAL BORROWING		43.322
DEFERRED TAX LIABILITIES		0.000
TOTAL		450.660
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		74.518
Capital work-in-progress		0.000
INVESTMENT		0.000
DEFERRED TAX ASSETS		122.941
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	1004.241
	Sundry Debtors	1357.875
	Cash & Bank Balances	1682.959
	Other Current Assets	493.060
	Loans & Advances	179.843
Total Current Assets		4717.978
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	4398.572
	Other Current Liabilities	29.634
	Provisions	36.571
Total Current Liabilities		4464.777
Net Current Assets		253.201
MISCELLANEOUS EXPENSES		0.000
TOTAL		450.660

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Revenue from operations	10447.276	8118.975	9070.200
		Other Income	179.591	82.151	20.293
		TOTAL (A)	10626.867	8201.126	9090.493
Less	EXPENSES
		Purchases of stock-in-trade	9464.065	7688.637	8843.302
		Changes in inventories of finished goods, work-in-progress and stock-in-trade	885.780	21.991
		Employee benefit expense	39.131	35.509
		Other expenses	39.319	102.805
		Exceptional items	332.068	95.524
		TOTAL (B)	10760.363	7944.466	8843.302
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		(133.496)	256.660	247.191
Less	FINANCIAL EXPENSES (D)		159.884	159.297	130.415
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		(293.380)	97.363	116.776
Less/ Add	DEPRECIATION/ AMORTISATION (F)		23.444	14.994	15.243
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		(316.824)	82.369	101.533
Less	TAX (H)		(99.396)	14.677	35.571
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		(217.428)	67.692	65.963
	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(161.793)	(229.485)	(295.448)
	BALANCE CARRIED TO THE B/S		(379.221)	(161.793)	(229.485)
	EARNINGS IN FOREIGN CURRENCY
		CIF Value of exports of Goods	149.870	666.810	271.350
		Consultancy	14.850	14.060	14.110
		Others	1.260	0.000	19.990
	TOTAL EARNINGS		165.980	680.870	305.450
	CIF VALUE OF IMPORTS OF GOODS		7062.540	5447.110	5992.140
	Earnings/ (Loss) Per Share (Rs.)		(2.85)	1.06	1.04

Particulars	31.03.2013
Sales Turnover (Approximately)	6000.000 (Due to unfavourable market condition)

Expected Sales (2013-2014): Rs.11000.000 millions

The above information has been parted by Mr. Sanchayan Tiwari (Chief - Forex Operation)

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	(2.05)	0.83	0.73
Net Profit Margin (PBT/Sales)	(%)	(3.03)	1.01	1.12
Return on Total Assets (PBT/Total Assets}	(%)	(5.66)	2.72	2.12
Return on Investment (ROI) (PBT/Networth)		(1.03)	0.17	0.25
Debt Equity Ratio (Total Debt/Networth)		0.17	0.04	0.11
Current Ratio (Current Asset/Current Liability)		0.98	1.04	1.06

LOCAL AGENCY FURTHER INFORMATION

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 four years	Yes
12) Profitability for last three years	Yes
13) Reasons for variation <> 20%	Yes
14) Estimation for coming financial year	Yes
15) Capital in the business	Yes
16) Details of sister concerns	Yes
17) Major suppliers	No
18) Major customers	No
19) Payments terms	Yes
20) Export / Import details (if applicable)	Yes
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	No

Note:

The registered office of the company has been shifted from Brooke House, 9, Shakespeare Sarani, Kolkata – 700 071, West Bengal to the present address w.e.f. 01.03.2011.

GENERAL INFORMATION

Subject is an international trading company based in India, and is a part of the VISA Group. It is a supply chain integrator, providing single point end to end services for the procurement and movement of carbon products. It is a leading supplier of thermal coal to the private sector in India. It is a subsidiary of VISA Infrastructure Limited

OPERATIONS

During the year 2011-12, the Company has achieved a total income of Rs.10626.860 millions and incurred a loss after tax of Rs 217.430 millions, against a total income of Rs.8201.120 millions and a profit after tax of Rs.67.690 millions in 2010-11. The loss was due to an unforeseen, extraordinary and rapid depreciation in the value of the Rupee against the US Dollar between August and October 2011, with a further slide during February and March 2012 and the value reflects ‘mark to market’ calculations. The total forex losses were Rs.332.070 millions, treated as an exceptional item, which completely eroded the trading profit made under conditions of adverse market fluctuations in the prices of coal.

FUTURE OUTLOOK

The market for imported coal is expected to remain buoyant, even in a phase of 6% GDP growth. Thermal coal imports are expected to rise from 110 million MT in FY 2012, to between 160-180 million MT in FY 2017, i.e. an increase of 10-14 million MT per annum over the next 10 years. Imports of coking coal are expected to rise from 35 million MT in FY 2012 to close to 60 million MT in FY 2012. The construction sector will see a good demand for cement and steel. Sponge Iron units are hoping that some of the current constraints will largely be over during the next couple of years. New coal based power generation units will come on line for at least 5000-8000 MW per year over the next 5 years. India will account for around 15% in global sea borne coal trade.

The Company is planning to diversify from its current trading portfolio based mainly on traditional arbitrage trading in coal, to value addition in the supply chain though strategic stakes in mines, to logistics, to value added manufactured products, to trading in agro commodities, for which separate proposals will be made in due course. A medium to long term strategy study is also planned to be made during the course of the coming year, to identify and analyse various options for sustained profitable growth.

CHANGE OF NAME

Pursuant to the Shareholders’ approval obtained at the Extraordinary General Meeting, the name of the Company was changed from VISA Comtrade Limited to VISA Resources India Limited with effect from 5 October 2011.

INCREASE IN SHARE CAPITAL

The Company, in order to meet its working capital requirements and for business development, issued and allotted 50,00,000 equity shares of Rs.10 each to VISA Infrastructure Limited, holding company on right basis. Consequently, increased paid-up share capital of the Company after this allotment is Rs. 686.82 million.

Bankers Charges Report as per Registry

Corporate identity number of the company	U52110WB2006PLC111091
Name of the company	VISA RESOURCES INDIA LIMITED
Address of the registered office or of the principal place of business in India of the company	VISA House, 8/10, Alipore Road, Kolkata – 700 027, West Bengal, India E-Mail: secretarial@visa-group.com
This form is for	Modification of charge
Charge identification number of the modified	10070253
Type of charge	Book Debts Movable Property (not being pledge) Others (Hypothecation of stocks purchased under LC)
Particular of charge holder	Punjab National Bank (The Lead Bank), 111A, Station Square, Bhubaneswar – 751 001, Orissa, India E-Mail: bo0553@pnb.co.in
Nature of description of the instrument creating or modifying the charge	1. Sanction Letters from banks, 2. Working Capital Consortium Agreement, 3. Joint Deed of Hypothecation, 4. Inter se Agreement. 5. Letter of Authority from Consortium Members Bank to Lead Bank.
Date of instrument Creating the charge	30.04.2012
Amount secured by the charge	Rs.6910.000 millions
Brief particulars of the principal terms and conditions and extent and operation of the charge	Rate of Interest: As per individual banks sanctioned terms. Details as per consortium agreement. Terms of Repayment: Repayable on Demand. Margin: As per individual banks sanctioned terms. Details as per consortium agreement. Extent and Operation of the charge: 1. Shipping documents (DA/ DP) including Bills of Lading covering imported raw materials/ stores/ spares along with insurance and other usual documents, etc. 2. Hypothecation of stock and debtors against purchases made out of LC issued. 3. Counter Indemnity by the Company. 4. Letter of credit/Acceptance of Public Sector Banks Large approved Private/Foreign Banks. 5. Charge on Usance Bills accompanies by RRs/GRs receipted delivery orders/challans/invoices. Others: Corporate Guarantee of VISA International Limited.
Short particulars of the property charged	The whole of the Current Assets of the Borrower namely, stocks of raw materials, namely, all types of commodities, ferrous and non-ferrous metals, minerals, ores, concentrates, all types of ferro alloys, ferrous scraps, coal, coke, steel and all their related and by products, chemicals, petroleum products and all other products, stores and spares bills receivable and book debts both present and future whether now lying loose or in cases or which are now lying or stored in or shall hereinafter from time to time during the continuance of the security of these presents be brought into or upon or be stored or be in or about of the Borrower's premises and godowns situate at Haldia, Paradeep, Vizag and other parts of India or wherever else the same may be or be held by any party to the order or disposition of the Borrower or in the course of transit or on high seas or on order or delivery, howsoever and wheresoever in the possession of the Borrower and either by way of substitution or addition. All Computers, Vehicles, Office Equipments etc., both present and future.
Date of latest modification prior to the present modification	22.09.2008
Particulars of the present modification	By this modification the Consortium Finance Limit is enhanced from Rs.5640.000 millions to Rs.6910.000 millions. It comprises of Rs.2500.000 millions of PNB (enhanced from Rs.2000.000 millions), Rs.750.000 millions of UBI (same), Rs.1000.000 millions of IOB (enhanced from Rs.800.000 millions), Rs.250.000 millions of Vijaya Bank (same), Rs.500.000 millions of Dena Bank (same), Rs.310.000 millions of BOI (enhanced from Rs.250.000 millions), Rs.500.000 millions of CBI (same), Rs.500.000 millions of OBC (same), Rs.150.000 millions of IndusInd Bank (enhanced from Rs.90.000 millions) and Rs.450.000 millions of ICICI Bank (Fresh sanction).

FIXED ASSETS:

· Buildings

· Furniture and Fixtures

· Computer

· Office Equipments

· Vehicles

· 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.59.15
UK Pound	1	Rs.90.05
Euro	1	Rs.77.07

INFORMATION DETAILS

Information Gathered by :	SVA
Report Prepared by :	SMN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	4
--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	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTERS
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		30

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.