MIRA INFORM REPORT

Report Date :

18.05.2013

IDENTIFICATION DETAILS

Name :	GUPTA COAL INDIA PRIVATE LIMITED [w.e.f. 10.04.2012]
Formerly Known As :	GUPTA COAL INDIA LIMITED
Registered Office :	Gupta Tower, 4^th Floor, Temple Road, Opposite Science Collage Ground, Civil Lines, Nagpur-440001, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	05.05.1989
Com. Reg. No.:	11-051640
Capital Investment / Paid-up Capital :	Rs. 305.044 Millions
CIN No.: [Company Identification No.]	U51909MH1989PTC051640
TAN No.: [Tax Deduction & Collection Account No.]	NGPG00507D
PAN No.: [Permanent Account No.]	AAACG4587B
Legal Form :	Private Limited Liability Company
Line of Business :	Trader of Coal and Transportation and Handling of coal.
No. of Employees :	800 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (36)

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

Maximum Credit Limit :	USD 16200000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having a moderate track record. There appears drastic fall in it profitability during 2012. The external borrowing seems to be huge. However, the net worth appears to be strong. The promoters seem to be experience businessmen. Trade relations are reported to be fair. Business is active. Payments are reported to be slow but correct. The company can be considered for business dealings with some caution. Profit and Loss A/c for the year 2012 is not available

NOTES :

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

EXTERNAL AGENCY RATING

Rating Agency Name	CARE
Rating	Long term bank facilities: BB-
Rating Explanation	Having moderate risk of default regarding timely servicing of financial obligation.
Date	April, 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.

INFORMATION PARTED BY (GENERAL DETAILS)

Name :	Ms. Smita
Designation :	Accounts Department
Contact No.:	91-712-6664000
Date :	17.05.2013

LOCATIONS

Registered Office :	Gupta Tower, 4^th Floor, Temple Road, Opposite Science Collage Ground, Civil Lines, Nagpur-440001, Maharashtra, India
Tel. No.:	91-712-6657400
Fax No.:	91-712-6647144
E-Mail :	guptas_ngp@sancharnet.in rkt@guptacorporation.com ramantekriwal@hotmail.com ida@guptaglobal.com
Website :	http://www.guptacoal.com http://www.guptacorporation.com
Location:	Owned

DIRECTORS

As on 29.09.2012

Name :	Mr. Padmesh Deodutta Gupta
Designation :	Director
Address :	Hari-Nikunj, House No. 190, Museum Road, Civil Lines, Nagpur – 440001, Maharashtra, India
Date of Birth/Age :	29.02.1964
Date of Appointment :	05.05.1989
Din No.:	00263859
Name :	Mr. Piyush Marodia
Designation :	Director
Address :	Hari-Nikunj, House No. 190, Museum Road, Civil Lines, Nagpur-440001, Maharashtra, India
Date of Birth/Age :	18.08.1984
Date of Appointment :	17.05.2007
PAN No.:	AMPPM8122L
Din No.:	01730162
Name :	Mr. Ramakant Premkumar Tekriwal
Designation :	Director
Address :	30 Byramji Town, Nelson Suqre, Katol Road, Nagpur-440013, Maharashtra, India
Date of Birth/Age :	01.04.1974
Date of Appointment :	20.05.2010
PAN No.:	AARPT8993L
Din No.:	00275872
Name :	Mr. Krishna Gupta
Designation :	Director
Address :	Gupta Bhawan, Temple Bazar Road, Sitabuldi, Nagpur-440012, Maharashtra, India
Date of Birth/Age :	26.08.1976
Date of Appointment :	10.08.2011
PAN No.:	AJRPG2059F
Din No.:	00275889
Name :	Mr. Suresh Kumar Agarwal
Designation :	Whole Time Director
Address :	A1/11, Century Staff Colony, Lalkua, Nainital-262402, Uttarakhand, India
Date of Birth/Age :	25.07.1950
Date of Appointment :	07.09.2011
PAN No.:	ABXPA4049F
Din No.:	05106839

KEY EXECUTIVES

Name :	Ms. Smita
Designation :	Accounts Department

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 29.09.2012

Names of Shareholders	No. of Shares
Padmesh Gupta	69267
Anuradha Gupta	53800
Anurag Gupta	7888
Kaustubh Gupta	7887
Padmesh Gupta HUF	16300
Srivats Gupta	410
Gupta Leasing and Finance Limited, India	89750
Indo-Krishna Green Fields Limited, India	13950
Tasmseen Commercial LLP, India	34400
Manasi Commodities LLP, India	41000
Gupta Corporation Private Limited, India	2697292
Saphire Steel private Limited, India	3500
Gupta Natural Resource Ventures Private Limited, India	15000
Total	3050444

As on 29.09.2012

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Bodies corporate	94.90
Directors or relatives of Directors	4.56
Others	0.54
Total	100.00

BUSINESS DETAILS

Line of Business :

Trader of Coal and Transportation and Handling of coal.

Products :

Item Code No.	Product Description
27011920	Coal Trading

Terms :

Selling :

L/C, Cash and Credit

Purchasing :

L/C, Cash and Credit

PRODUCTION STATUS (AS ON 31.03.2011)

Particulars	Wash Coal
A) Licensed Capacity	- N.A. -
B) Installed Capacity	- N.A. -
C) Details Of Processing Item	Quantity
Coal * Quantity Got Processed On Job Work Basis	* 113539.020 M.T.

GENERAL INFORMATION

Customers :

End Users

No. of Employees :

800 (Approximately)

Bankers :

• UCO Bank, Sitabuldi Branch, Nagpur – 440012, Maharashtra, India

Tel. No.: 91-712-2522230

ICICI Bank

Facilities :

Secured Loan	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. in Millions)
Term loans from banks	203.500	234.687
Term loans from others	1010.785	10.231
Loans and advances from related parties	1249.920	0.000
Other loans and advances	1.542	0.771
Working capital loans from banks	14816.866	2992.310
Total	17282.613	3237.999

Banking Relations :	--
Financial Institution :	SREI Infrastructure Finance Private Limited, Vishwakarma, 86C, Topsia Road (South), Kolkata-700046, West Bengal, India
Auditors :
Name :	Banthia Damani and Associates Chartered Accountants
Address :	SO-8, Amarjyoti Palace, Dhantoli, Wardha Road, Nagpur-440012, Maharashtra, India
PAN.:	AAGFB7463E
Holding company:	Gupta Corporation Private Limited, India CIN No.: U40100MH2005PTC154038
Associates :	Gupta Global Resources Private Limited, India CIN No.: U10100MH2001PTC130464 Gupta Infrastructur (India) Private Limited, India CIN No.: U45200MH2005PTC157219 Nagpur Sical Gupta Logistics Limited, India CIN No.: U63011MH2006PLC164369 Gupta Power House Private Limited, India CIN No.: U40109MH2008PTC177211 Nagpur Sical Gupta Road Terminal Limited, India CIN No.: U45202MH2007PLC169997 Maharashtra Vidhyut Nigam Private Limited, India CIN No.: U40100MH2005PTC156213 Nagpur Sical Gupta Road Terminal Limited, India CIN No.: U45202MH2007PLC169997 Gupta Energy Private Limited, India CIN No.: U40102MH2007PTC175497 Gupta Power House Private Limited, India CIN No.: U40109MH2008PTC177211 Gupta Industries Private Limited, India CIN No.: U27101MH2005PTC156270 Gupta Infratec Private Limited, India CIN No.: U45203MH2002PTC137098 AP Coal Washeries Private Limited, India CIN No.: U10102DL2002PTC116287 Gupta Logistics Private Limited, India CIN No.: U63090MH2007PTC177038 P.D. Gupta Enterprises
Subsidiary :	Transasia Pacific GGNR Pte Limited, Indonesia
Group Companies:	Gupta Global Private Limited Chattisgarh Mall Management Limited Monnel Daniel Coal Washeries Limited Earth Minerals Company Limited Nagpur Highway Infracons Private Limited

CAPITAL STRUCTURE

As on 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
4000000	Equity Shares	Rs.100/- each	Rs. 400.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
3050444	Equity Shares	Rs.100/- each	Rs. 305.044 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		305.044	297.928	69.246
2] Share Application Money		0.000	97.500	220.040
3] Reserves & Surplus		3750.906	3673.119	1318.025
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		4055.950	4068.547	1607.311
LOAN FUNDS
1] Secured Loans		17282.613	3237.999	774.340
2] Unsecured Loans		235.803	132.615	120.230
TOTAL BORROWING		17518.416	3370.614	894.570
DEFERRED TAX LIABILITIES		180.848	118.318	31.132
TOTAL		21755.214	7557.479	2533.013
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		925.446	532.108	189.996
Capital work-in-progress		361.324	292.028	252.609
INVESTMENT		495.727	153.303	140.474
DEFERRED TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	7954.061	3584.084	1628.367
	Sundry Debtors	13062.956	4690.534	1277.129
	Cash & Bank Balances	2535.166	1342.914	485.646
	Other Current Assets	143.035	127.754	0.000
	Loans & Advances	8202.070	4638.029	1829.351
Total Current Assets		31897.288	14383.315	5220.493
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	6183.620	6367.627	2344.793
	Other Current Liabilities	5617.370	1244.996	767.016
	Provisions	123.581	190.652	167.883
Total Current Liabilities		11924.571	7803.275	3279.692
Net Current Assets		19972.717	6580.040	1940.801
MISCELLANEOUS EXPENSES		0.000	0.000	9.133
TOTAL		21755.214	7557.479	2533.013

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	NA	21870.651	9933.836
		Other Income	NA	71.497	13.229
		TOTAL (A)	NA	21942.148	9947.065
Less	EXPENSES
		Consumption Materials Changes Inventories	NA	18329.766	8005.794
		Manufacturing Service Cost		2431.893	1230.748
		Employee Related Expenses		50.391	18.856
		Administrative Selling and Other Expenses		281.180	161.949
		Prior Period Expenses		4.373	(0.079)
		TOTAL (B)	NA	21097.603	9417.268
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		NA	844.545	529.797
Less	FINANCIAL EXPENSES (D)		NA	295.729	98.804
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		NA	548.816	430.993
Less/ Add	DEPRECIATION/ AMORTISATION (F)		NA	23.823	12.958
	PROFIT BEFORE TAX (E-F) (G)		NA	524.993	418.035
Less	TAX (H)		NA	208.386	149.886
	PROFIT AFTER TAX (G-H) (I)		NA	316.607	268.149
Less	INCOME TAX EARLIER YEAR		NA	19.651	5.180
	BALANCE CARRIED TO THE B/S		NA	296.956	262.969
	EARNINGS IN FOREIGN CURRENCY		34.387	0.000	0.000
	IMPORTS		20156.330	12249.859	5291.431
	Earnings Per Share (Rs.)		NA	453.14	605.17

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	NA	1.44	2.70
Net Profit Margin (PBT/Sales)	(%)	NA	2.40	4.21
Return on Total Assets (PBT/Total Assets}	(%)	NA	3.52	7.73
Return on Investment (ROI) (PBT/Networth)		NA	0.13	0.26
Debt Equity Ratio (Total Debt/Networth)		4.32	0.83	0.56
Current Ratio (Current Asset/Current Liability)		2.67	1.84	1.59

LOCAL AGENCY FURTHER INFORMATION

SUNDRY CREDITORS DETAILS:

Particulars	31.03.2012	31.03.2011	31.03.2010
	(Rs. In Millions)
Sundry Creditor	6183.620	6367.627	2344.793

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	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last two years	Yes
12]	Profitability for last two 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	Yes
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

COMPANIES AFFAIR

The Company has been providing coal handling, transportation and liasoning services to various end consumers involving movement of coal from mines to the consumers, managing the logistics enroute and quality verification and has been ensuring that the required quality and quantity of coal is delivered to the consumers on due time. Since Last Three years the Company is involved in Coal Trading through which it supplies coking and non-coking imported coal to core and non-core industries. The Company has continued to procure coal from domestic markets as well as from e-auctions conducted by Coal India Limited to supply to end use customers. Further the Company has established Four Wind Turbine Generators i.e Three in Rajasthan and One in Maharashtra with a capacity of 2.1 MW each, through which it supplies power to various Electricity Boards.

UNSECURED LOAN

Particulars	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. In Millions)
Loans and advances from related	235.803	132.615
Total	235.803	132.615

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U51909MH1989PTC051640
Name of the company	GUPTA COAL INDIA Private Limited
Address of the registered office or of the principal place of business in India of the company	Shriram Towers, 7^th Floor, Kingsway, S.V. Patel Marg, Nagpur – 440 001, Maharashtra, India guptas_ngp@sancharnet.in
This form is for	Creation of charge
Type of charge	Movable property (not being pledge)
Particular of charge holder	SREI Infrastructure Finance Limited, Vishwakarma, 86C, Topsia Road (South), Kolkata-700046, West Bengal, India CIN No.: U70101WB2006PTC109898 sanjay_chaurasia@srei.com
Nature of instrument creating charge	Deed of Hypothecation.(LBY714) Deed of Hypothecation.(LBY715)
Date of instrument Creating the charge	03.09.2012
Amount secured by the charge	Rs. 156.255 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest 16.00% per annum. Terms of Repayment As per attached Repayment Schedule. Margin NIL Extent and Operation of the charge As per Deed of Hypothecation(s).
Short particulars of the property or asset(s) charged (including complete address and location of the property)	For Deed of Hypothecation LBY714 :- 5 no. Wind Turbine Generator with accessories.(Within India) For Deed of Hypothecation LBY715 :- 5 no. Wind Turbine Generator with accessories.(Within India)

FIXED ASSETS

• Land
• Buildings
• Office building
• Other building
• Plant and equipment
• Other plant and equipment
• Furniture and fixtures
• Vehicles
• Office equipment
• Computer equipments
• Computer software

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 records exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

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

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] 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.54.89
UK Pound	1	Rs.83.66
Euro	1	Rs.70.58

INFORMATION DETAILS

Information Gathered by :	PLK
Report Prepared by :	MRI

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	4
--RESERVES	1~10	4
--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	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		36

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.