MIRA INFORM REPORT

Report Date :

04.09.2013

IDENTIFICATION DETAILS

Name :	SAURASHTRA FUELS PRIVATE LIMITED MAHA SHAKTI COKE (UNIT OF SAURASHTRA FUELS PRIVATE LIMITED)
Registered Office :	C/93, 9^th Floor, Mittal Tower, Nariman Point, Mumbai – 400021, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	06.12.1993
Com. Reg. No.:	11-075455
Capital Investment / Paid-up Capital :	Rs. 49.501 millions
CIN No.: [Company Identification No.]	U23200MH1993PTC075455
TAN No.: [Tax Deduction & Collection Account No.]	MUMS18257B
PAN No.: [Permanent Account No.]	AAACS7271G
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Low Ash Metallurgical Coke (LAM Coke).
No. of Employees :	1000 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (27)

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

Maximum Credit Limit :	USD 1500000
Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established company having a moderate track record. There appears dip in its sales and incurred loss during 2011-2012. The external borrowing seems to be huge. However, trade relations are reported to be fair. Business is active. Business is active. Payments are reported to be slow. The company can be considered for business dealings with great 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

INDIAN ECONOMIC OVERVIEW

We are living in a world where volatility and uncertainty have become the New Normal. We saw a change of government in countries like Tunisia, Egypt, Libya and Vietnam. Once powerful countries in Europe are now fighting for bankruptcy. We have taken growth in the developing part of the world for granted but economic growth in China and India has begun to slow. Companies that were synonymous with their product categories just a few years ago are now no longer in existence. Kodak, the inventor of the digital camera had to wind up its operations, HMV, the British entertainment retailing company and Borders, once the second largest bookstore have shut down due to their inability to evolve their business models with the changing time. Readers’ Digest, Thomson Register are no more !

There is another megatrend happening. The World order is changing as economic power shifts from West to East. According to McKinsey study, it took Britain more than 100 years to double its economic output per person during its industrial revolution and the US later took more than 50 years to do the same. More than a century later, China and India have doubled their GDP per capital in 12 and 18 years respectively. By 2020, emerging Asia will become the world’s largest consuming block, overtaking North America.

The years after the outbreak of the global financial crisis, the world economy continues to remain fragile. The Indian economy demonstrated remarkable resilience in the initial years of the contagion but finally lost ground last year. GDP growth slowed down. Currency has been weakening. There is a marked deceleration in agriculture, industry and services. Dampening sentiment led to a cut-back in investment as well as private consumption expenditure.  Inflation remained at high levels fuelled by the pressure from the food and fuel sectors. The large fiscal and current account deficit s continued to cause grave concern. It is imperative that India regains its growth trajectory of 8-9 % sooner than later. This is crucially important given the need to create gainful livelihood opportunities for the millions living in poverty as also the large contingent of young people joining the job market every year.

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	Term Loan: “B-”
Rating Explanation	High risk of default
Date	November, 2012

Rating Agency Name	ICRA
Rating	Non fund based limits: “A4”
Rating Explanation	Minimal degree of safety and very high credit risk.
Date	November, 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 :	Mr. Mayur
Designation :	Administrator
Contact No.:	91-22-40467500
Date :	02.09.2013

LOCATIONS

Registered / Corporate Office :	C/93, 9^th Floor, Mittal Tower, Nariman Point, Mumbai – 400021, Maharashtra, India
Tel. No.:	91-22-66550621 / 40467500
Fax No.:	91-22-66550623
E-Mail :	vikassawant@saurashtracorp.com mumbai@saurashtracorp.com
Website:	www.saurashtracorp.com
Location:	Owned
Factory 1 :	Village Lakhapur and Baraya, Mundra, Kutch – 370421, Gujarat, India
Factory 2 :	Village Bhod, Ranavav, Porbandar – 360575, Gujarat, India
Porbandar Office :	4^th Floor, Shree Chambers, Opposite M.E.M.School, Near Kamla Nehru Baug, Porbander - 360575, Gujarat, India
Tel. No.:	91-286-2243586
Fax No.:	91-286-2240908
Ahmedabad Office :	202, Sarthik – II, Opposite Rajpath Club, S.G. Highway, Ahmedabad – 380054, Gujarat, India
Tel. No.:	91-79-40227500
Fax No.:	91-79-40034142
E-Mail :	riteshoza@saurashtracorp.com
Mundra Office :	Maha Shakti Coke, 2^nd Floor, Saurashtra CFS, Admin Building, Bharat CFS Zone-1 MP and SEZ Limited Road, Mundra, Kutch - 370421, Gujarat, India
Tel. No.:	91-2838-222525
Fax No.:	91-2838-224141

DIRECTORS

As on 20.08.2012

Name :

Mr. Dipak Agarwalla

Designation :

Director

Address :

13/14, 13^th Floor, Buckley Court, Wodehouse Road, Colaba, Mumbai- 400005, Maharashtra, India

Date of Appointment :

06.12.1993

PAN No.:

ADDPA3497R

DIN No.:

00267085

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	L74140WB1957PLC023533	B P AGARWALLA AND SONS LIMITED	Director	02/01/1976	02/01/1976	23/11/2007	Active	NO
2	U14101RJ1985PLC003396	MEWAR MARBLES LIMITED	Director	04/09/1985	04/09/1985	30/09/2010	Active	NO
3	U23200MH1993PTC075455	SAURASHTRA FUELS PRIVATE LIMITED	Director	06/12/1993	06/12/1993	-	Active	NO
4	U10101WB1918PLC000660	BENGAL NAGPUR COAL COMPANY LIMITED	Director	06/07/1999	06/07/1999	23/11/2007	Active	NO
5	U45500WB1962PTC025513	MINING MACHINERY AND EXPLOSIVE PRIVATE LIMITED	Director	19/08/2002	19/08/2002	23/11/2007	Strike off	NO
6	U23100MH2004PTC149820	SAURASHTRA EXIM PRIVATE LIMITED C/N	Director	06/12/2004	06/12/2004	-	Active	NO
7	U35110MH2004PTC150100	DKS SHIPPING PRIVATE LIMITED	Director	20/12/2004	20/12/2004	-	Active	NO
8	U63090MH2005PTC150685	SAURASHTRA CONTAINERS PRIVATE LIMITED	Director	17/01/2005	17/01/2005	-	Active	NO
9	U27100MH2005PTC152830	SAURASHTRA FERROUS PRIVATE LIMITED	Director	26/04/2005	26/04/2005	-	Active	NO
10	U40102MH2008PTC180833	SAURASHTRA POWER PRIVATE LIMITED	Director	04/04/2008	04/04/2008	30/03/2011	Active	NO
11	U23100MH2004PTC225007	CLASSIC ENERGY (INDIA) PRIVATE LIMITED	Additional director	31/05/2008	31/05/2008	-	Amalgamated	NO
12	U40100MH2004PTC149461	KANDLA POWER PRIVATE LIMITED	Additional director	31/05/2008	31/05/2008	-	Amalgamated	NO
13	U10102MH2002PTC225006	KUTCH COAL CARBONISATION PRIVATE LIMITED	Director	31/03/2009	31/03/2009	-	Amalgamated	NO
14	U10102MH2004PTC225005	HINDUSTAN FUELS PRIVATE LIMITED	Director	31/03/2009	31/03/2009	-	Amalgamated	NO
15	U67120MH2001PTC132404	DIVYAJYOTI HOLDINGS PRIVATE LIMITED	Director	22/12/2010	22/12/2010	-	Active	NO

Name :

Mr. Kunda Singh

Designation :

Director

Date of Appointment :

01.07.1995

PAN No.:

AAAPK0712C

DIN No.:

00971459

Name :

Mr. Raghav Dipak Agarwalla

Designation :

Director

Date of Appointment :

01.11.2010

PAN No.:

AHBPA8174F

DIN No.:

01085318

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	U70101MH2004PTC149327	SWAPNALOK PROPERTIES PRIVATE LIMITED	Director	22/12/2005	22/12/2005	-	Active	NO
2	U27100MH2005PTC152830	SAURASHTRA FERROUS PRIVATE LIMITED	Director	01/12/2006	01/12/2006	-	Active	NO
3	U63090MH2005PTC150685	SAURASHTRA CONTAINERS PRIVATE LIMITED	Director	01/09/2008	01/09/2008	-	Active	NO
4	U10102MH2002PTC225006	KUTCH COAL CARBONISATION PRIVATE LIMITED	Director	31/03/2009	31/03/2009	-	Amalgamated	NO
5	U10102MH2004PTC225005	HINDUSTAN FUELS PRIVATE LIMITED	Director	31/03/2009	31/03/2009	-	Amalgamated	NO
6	U23100MH2004PTC225007	CLASSIC ENERGY (INDIA) PRIVATE LIMITED	Director	01/04/2009	01/04/2009	-	Amalgamated	NO
7	U23100MH2004PTC149820	SAURASHTRA EXIM PRIVATE LIMITED C/N	Director	01/04/2009	01/04/2009	-	Active	NO
8	U74140WB1993PTC057705	NISHANT MANAGEMENT PRIVATE LIMITED	Director	23/11/2009	23/11/2009	-	Active	NO
9	U40100MH2004PTC149461	KANDLA POWER PRIVATE LIMITED	Director	17/03/2010	17/03/2010	-	Amalgamated	NO
10	U67120MH2001PTC132404	DIVYAJYOTI HOLDINGS PRIVATE LIMITED	Director	15/05/2010	15/05/2010	-	Active	NO
11	U23200MH1993PTC075455	SAURASHTRA FUELS PRIVATE LIMITED	Director	01/11/2010	01/11/2010	-	Active	NO
12	U40102MH2008PTC180833	SAURASHTRA POWER PRIVATE LIMITED	Director	22/12/2010	22/12/2010	-	Active	NO

Name :

Mr. Surendra Kumar Sinha

Designation :

Director

Address :

Brahma House, Dhirendra Puram, Dhaiya, P. O. - ISM, Dhanbad, Jharkhand – 826004, India

Date of Appointment :

06.12.2003

PAN No.:

AHFPS8855D

DIN No.:

01511505

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	U91110JH1935GAP000071	INDUSTRIES AND COMMERCE ASSOCIATION	Director	29/03/1980	29/03/1980	-	Active	NO
2	U23109WB1989PTC046970	B.D.S.COKE INDUSTRIES PRIVATE LIMITED	Director	30/05/1989	30/05/1989	-	Active	NO
3	U27310WB1972PTC028422	NARANG IRON AND STEEL CO PRIVATE LIMITED	Director	02/06/1995	02/06/1995	-	Active	NO
4	U22219WB1984PTC037419	AWAZ PRAKASHAN PRIVATE LIMITED	Director	05/05/2000	05/05/2000	-	Active	NO
5	U23200MH1993PTC075455	SAURASHTRA FUELS PRIVATE LIMITED	Director	06/12/2003	06/12/2003	-	Active	NO
6	U23100MH2004PTC149820	SAURASHTRA EXIM PRIVATE LIMITED C/N	Director	06/12/2004	06/12/2004	-	Active	NO
7	U35110MH2004PTC150100	DKS SHIPPING PRIVATE LIMITED	Director	12/01/2005	12/01/2005	-	Active	NO
8	U23109WB2005PTC102402	RAJGANJ COKE PRODUCTS PRIVATE LIMITED	Director	22/03/2005	22/03/2005	-	Active	NO
9	U63090MH2005PTC150685	SAURASHTRA CONTAINERS PRIVATE LIMITED	Director	16/05/2005	16/05/2005	-	Active	NO
10	U27100MH2005PTC152830	SAURASHTRA FERROUS PRIVATE LIMITED	Director	16/05/2005	16/05/2005	-	Active	NO
11	U26931WB2005PTC105941	SHREEGANGA BRICKS PRIVATE LIMITED	Director	19/10/2005	19/10/2005	-	Active	NO
12	U23109WB2005PTC102302	BRAHMDEO SINHA AND COMPANY (HARD COKE) PRIVATE LIMITED	Director	10/05/2007	10/05/2007	-	Active	NO
13	U26959WB2005PTC102339	BRAHMA REFRACTORIES PRIVATE LIMITED	Director	01/04/2008	01/04/2008	-	Active	NO
14	U40102MH2008PTC180833	SAURASHTRA POWER PRIVATE LIMITED	Director	04/04/2008	04/04/2008	30/03/2011	Active	NO
15	U23100MH2004PTC225007	CLASSIC ENERGY (INDIA) PRIVATE LIMITED	Additional director	31/05/2008	31/05/2008	-	Amalgamated	NO
16	U40100MH2004PTC149461	KANDLA POWER PRIVATE LIMITED	Additional director	31/05/2008	31/05/2008	-	Amalgamated	NO
17	U10102MH2002PTC225006	KUTCH COAL CARBONISATION PRIVATE LIMITED	Director	31/03/2009	31/03/2009	-	Amalgamated	NO
18	U10102MH2004PTC225005	HINDUSTAN FUELS PRIVATE LIMITED	Director	31/03/2009	31/03/2009	-	Amalgamated	NO

Name :

Mr. Navin Kumar Sinha

Designation :

Director

Address :

Brahma House, Dhirendra Puram, Dhaiya, P.O – ISM, Dhanbad, Jharkhand-826004, India

Date of Birth/Age :

22.05.1979

Date of Appointment :

22.12.2010

PAN No.:

AIEPS3226L

DIN No.:

01593775

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	U23109WB1989PTC046970	B.D.S.COKE INDUSTRIES PRIVATE LIMITED	Director	17/04/2003	17/04/2003	-	Active	NO
2	U35110MH2004PTC150100	DKS SHIPPING PRIVATE LIMITED	Director	12/01/2005	12/01/2005	-	Active	NO
3	U23109WB2005PTC102402	RAJGANJ COKE PRODUCTS PRIVATE LIMITED	Director	22/03/2005	22/03/2005	-	Active	NO
4	U27100MH2005PTC152830	SAURASHTRA FERROUS PRIVATE LIMITED	Director	01/12/2006	01/12/2006	-	Active	NO
5	U23109WB2005PTC102302	BRAHMDEO SINHA AND COMAPANY (HARD COKE) PRIVATE LIMITED	Director	10/05/2007	10/05/2007	-	Active	NO
6	U26959WB2005PTC102339	BRAHMA REFRACTORIES PRIVATE LIMITED	Director	01/04/2008	01/04/2008	-	Active	NO
7	U10102MH2002PTC225006	KUTCH COAL CARBONISATION PRIVATE LIMITED	Director	31/03/2009	31/03/2009	-	Amalgamated	NO
8	U10102MH2004PTC225005	HINDUSTAN FUELS PRIVATE LIMITED	Director	31/03/2009	31/03/2009	-	Amalgamated	NO
9	U23100MH2004PTC225007	CLASSIC ENERGY (INDIA) PRIVATE LIMITED	Director	01/04/2009	01/04/2009	-	Amalgamated	NO
10	U74140WB1993PTC057705	NISHANT MANAGEMENT PVT.LTD.	Director	23/11/2009	23/11/2009	-	Active	NO
11	U40100MH2004PTC149461	KANDLA POWER PRIVATE LIMITED	Director	17/03/2010	17/03/2010	-	Amalgamated	NO
12	U63090MH2005PTC150685	SAURASHTRA CONTAINERS PRIVATE LIMITED	Director	22/12/2010	22/12/2010	01/04/2012	Active	NO
13	U40102MH2008PTC180833	SAURASHTRA POWER PRIVATE LIMITED	Director	22/12/2010	22/12/2010	-	Active	NO
14	U23200MH1993PTC075455	SAURASHTRA FUELS PRIVATE LIMITED	Director	22/12/2010	22/12/2010	-	Active	NO
15	U23100MH2004PTC149820	SAURASHTRA EXIM PRIVATE LIMITED C/N	Director	22/12/2010	22/12/2010	-	Active	NO

Name :

Mr. Rajesh Manharlal Desai

Designation :

Director

Date of Appointment :

15.09.2008

DIN No.:

01719358

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	U99999MH1990PTC058911	BRIGHTSTAR EXPORTS PRIVATE LIMITED	Director	08/11/1990	08/11/1990	07/09/2009	Active	NO
2	U65990MH1994PTC077965	CALCICOLE INVESTMENTS PRIVATE LIMITED	Director	25/04/1994	25/04/1994	-	Active	NO
3	U51900MH1994PTC082375	CATERINA OVERSEAS PRIVATE LIMITED	Director	25/10/1994	25/10/1994	-	Strike off	NO
4	U67120MH1995PTC085043	SHREE NAMAN SECURITIES AND FINANCE PRIVATE LIMITED	Director	12/06/1998	12/06/1998	-	Active	NO
5	U67120MH1998PTC117082	SHREE NAMAN COMMTRADE INDIA PRIVATE LIMITED	Director	11/11/1998	11/11/1998	-	Active	NO
6	U45200MH2005PTC156701	EKNATH PROPERTIES PRIVATE LIMITED	Director	01/04/2006	01/04/2006	-	Active	NO
7	U65990MH2000PTC127181	J P R INVESTMENTS AND TRADING PRIVATE LIMITED	Director	01/09/2006	01/09/2006	-	Active	NO
8	U23200MH1993PTC075455	SAURASHTRA FUELS PRIVATE LIMITED	Director	15/09/2008	15/09/2008	-	Active	NO
9	U55204MH2007PTC175253	PILGRIMAGE HOTELS PRIVATE LIMITED	Director	29/09/2010	02/08/2010	-	Active	NO
10	U55101MH2009PTC189351	CHECK-INN HOTELS PRIVATE LIMITED	Director	29/09/2010	02/08/2010	-	Active	NO
11	U67190MH2011PTC214102	SHREE NAMAN WEALTH MANAGEMENT PRIVATE LIMITED	Director	26/02/2011	26/02/2011	-	Active	NO
12	U45400MH2012PTC228777	ILLUMINATI BUILDING SOLUTIONS PRIVATE LIMITED	Director	27/03/2012	27/03/2012	-	Active	NO
13	U55101MH2009PTC191015	GO-GO FOODS PRIVATE LIMITED	Director	13/05/2013	13/05/2013	-	Active	NO

Name :

Mr. Hariharan Viswanatha Iyer

Designation :

Director

Date of Appointment :

01.04.2008

PAN No.:

ABUPV1964B

DIN No.:

02187247

KEY EXECUTIVES

Name :	Mr. Vikas Sawant
Designation :	Import Export Manager
Name :	Mr. Mayur
Designation :	Administrator

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 20.08.2012

Names of Shareholders	No. of Shares
Dipak Agarwalla	181750
Surendra Kumar Sinha	1624890
Dipak Agarwalla- HUF	72800
Vibha Agarwalla	78800
Molshree Trade Invest Private Limited, India	166600
Divyajyoti Holdings Private Limited, India	166600
Surendra Kumar Sinha-HUF	33550
Navin Kumar Sinha	150000
Great Valley Company Limited, Mauritus	1475100
Kirti G. Saparia	10
Nishant Management Private Limited, India	1000000
Total	4950100

Equity Share Break up (Percentage of Total Equity)

As on 20.08.2012

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	29.80
Bodies corporate	26.93
Directors or relatives of Directors	43.27
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Low Ash Metallurgical Coke (LAM Coke).
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

GENERAL INFORMATION

Customer :

End Users

No. of Employees :

1000 (Approximately)

Bankers :

· State Bank of Hyderabad

· State Bank of Travancore

· Development Credit Bank Limited

· HDFC Bank Limited

· ICICI Bank

· Punjab National Bank, Sola Road Branch, Sola Road Ahmedabad-380061, Gujarat, India

· Union Bank of India, Overseas Branch, Union Bank Bhavan, Ground Floor, 239, Vidhan Bhavan Marg, Nariman Point Mumbai-400021, Maharashtra, India

· State Bank of Saurashtra, Bhadra Branch, Ahmedabad, Gujarat, India

· ING Vysya Bank Limited, P.B.No.4038 Chanakya Building, Near Dinesh Hall Off Ashram Road, Ahmedabad - 380009, Gujarat, India

· State Bank of India, Commercial Branch, Paramsiddhi Complex, Opposite V. S. Hospital, Ellis Bridge, Ahmedabad – 380006, Gujarat, India

· HDFC Bank Limited, HDFC Bank Housesenapati Bapat Marg, Lower Parel (West), Mumbai - 400013, Maharashtra, India

Facilities :

SECURED LOANSS	31.03.2012 (Rs. In Millions)	31.03.2011 (Rs. In Millions)
LONG TERM BORROWINGS
Term loans from banks	1158.382	1485.059
Term loans from others	0.934	1.927
SHORT TERM BORROWINGS
Working capital loans from banks	482.491	51.744
Total	1641.807	1538.730

Banking Relations :	--
Auditors :
Name :	Pravin Kumar and Associates Chartered Accountants
Address :	33/ 2^nd Floor, 160, Dr. D.N. Road, Mumbai – 400001, Maharashtra, India
PAN No.:	AABPA5760C
Subsidiaries :	· Saurashtra Ferrous Private Limited, India CIN No.: U27100MH2005PTC152830 · Kutch Coal Carbonization Private Limited, India CIN No.: U10102MH2002PTC225006 · Hindustan Fuels Private Limited, India CIN No.: U10102MH2004PTC225005 · Classic Energy (India) Private Limited, India CIN No.: U23100MH2004PTC225007 · Kandla Power Private Limited, India CIN No.: U40100MH2004PTC149461
Enterprises under significant influence of key management Personnel :	· DKS Shipping Private Limited, India CIN No.: U35110MH2004PTC150100 · Saurashtra Exim Private Limited, India CIN No.: U23100MH2004PTC149820 · Brahma Refractories Private Limited, India CIN No.: U26959WB2005PTC102339 · Magnum Shipping Company Private Limited, India CIN No.: U74899DL1993PTC052155 · Saurashtra Containers Private Limited, India CIN No.: U63090MH2005PTC150685

CAPITAL STRUCTURE

As on 31.03.2012

Authorized Capital:

No. of Shares	Type	Value	Amount
7500000	Equity Shares	Rs.10/- each	Rs.75.000 Millions

Issued, Subscribed & Paid-up Capital:

No. of Shares	Type	Value	Amount
4950100	Equity Shares	Rs.10/- each	Rs.49.501 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	49.501	49.501
(b) Reserves & Surplus	329.057	609.311
(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)	378.558	658.812
(3) Non-Current Liabilities
(a) long-term borrowings	1940.530	2217.912
(b) Deferred tax liabilities (Net)	0.000	60.138
(c) Other long term liabilities	152.610	0.000
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	2093.140	2278.050
(4) Current Liabilities
(a) Short term borrowings	482.491	51.744
(b) Trade payables	2484.062	567.758
(c) Other current liabilities	299.746	378.112
(d) Short-term provisions	0.000	90.267
Total Current Liabilities (4)	3266.299	1087.881
TOTAL	5737.997	4024.743
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	837.421	982.508
(ii) Intangible Assets	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	290.408	293.899
(c) Deferred tax assets (net)	69.270	0.000
(d) Long-term Loan and Advances	78.951	78.879
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	1276.050	1355.286
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	3168.686	1177.944
(c) Trade receivables	633.616	837.109
(d) Cash and cash equivalents	139.849	86.416
(e) Short-term loans and advances	519.796	567.988
(f) Other current assets	0.000	0.000
Total Current Assets	4461.947	2669.457
TOTAL	5737.997	4024.743

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		49.501
2] Share Application Money		0.000
3] Reserves & Surplus		235.426
4] (Accumulated Losses)		0.000
NETWORTH		284.927
LOAN FUNDS
1] Secured Loans		1936.240
2] Unsecured Loans		783.257
TOTAL BORROWING		2719.497
DEFERRED TAX LIABILITIES		0.000
TOTAL		3004.424
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		1142.059
Capital work-in-progress		0.000
INVESTMENT		304.929
DEFERRED TAX ASSETS		102.540
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	3678.425
	Sundry Debtors	347.830
	Cash & Bank Balances	95.614
	Other Current Assets	0.000
	Loans & Advances	173.574
Total Current Assets		4295.443
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	2840.547
	Other Current Liabilities	0.000
	Provisions	0.000
Total Current Liabilities		2840.547
Net Current Assets		1454.896
MISCELLANEOUS EXPENSES		0.000
TOTAL		3004.424

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	14711.193	15575.340	5408.556
		Other Income			471.802
		TOTAL (A)	14711.193	15575.340	5880.358
Less	EXPENSES
		Raw material consumption			5404.489
		Cost of Trade goods	14308.966	14665.447	196.367
		Stores consumed			9.985
		Power and fuel oil			78.830
		Employees cost			93.103
		Repairs and maintenance			55.065
		Director remuneration			27.603
		Establishment and other Expenses			201.331
		Selling and Distribution Expenses			114.945
		Increase/(Decrease ) in stock			(506.290)
		TOTAL (B)	14308.966	14665.447	5675.428
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		402.227	909.893	204.930
Less	FINANCIAL EXPENSES (D)		299.773	268.443	255.628
	PROFIT/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		102.454	641.450	(50.698)
Less/ Add	DEPRECIATION/ AMORTISATION (F)		144.636	172.678	213.407
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		(42.182)	468.772	(264.105)
Less	TAX (H)		238.071	94.887	9.762
	PROFIT/ (LOSS) AFTER TAX (G-I) (I)		(280.253)	373.885	(273.868)
	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		569.310	195.426	469.294
	BALANCE CARRIED TO THE B/S		289.057	569.311	195.426
	EARNINGS IN FOREIGN CURRENCY
		F. O. B value of Export	5726.597	7851.097	518.211
	TOTAL EARNINGS		5726.597	7851.097	518.211
	IMPORTS
		Traded Goods	507.745	1204.343	110.528
		Raw Materials	12370.821	5991.097	4532.562
	TOTAL IMPORTS		12878.566	7195.440	4643.090
	Earnings Per Share (Rs.)		(56.62)	75.53	(55.32)

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	(1.91)	2.40	(4.66)
Net Profit Margin (PBT/Sales)	(%)	NA	NA	(4.88)
Return on Total Assets (PBT/Total Assets}	(%)	(0.78)	12.56	(4.86)
Return on Investment (ROI) (PBT/Networth)		(0.11)	0.71	(0.93)
Debt Equity Ratio (Total Debt/Networth)		6.40	3.45	9.54
Current Ratio (Current Asset/Current Liability)		1.37	2.45	1.51

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	Yes
10]	Designation of contact person	Yes
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	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	Yes

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10298744	22/05/2012 *	3,551,800,000.00	STATE BANK OF INDIA	COMMERCIAL BRANCH, PARAMSIDHI COMPLEX, OPPOSITE V.S. HOSPITAL, ELLISBRIDGE, AHMEDABAD - 380006, GUJARAT, INDIA	B41448267
2	10298763	22/05/2012 *	3,551,800,000.00	STATE BANK OF INDIA	COMMERCIAL BRANCH, PARAMSIDHI COMPLEX, OPPOSITE V.S. HOSPITAL, ELLISBRIDGE, AHMEDABAD - 380006, GUJARAT, INDIA	B41447632
3	10298767	22/05/2012 *	3,551,800,000.00	STATE BANK OF INDIA	COMMERCIAL BRANCH, PARAMSIDHI COMPLEX, OPPOSITE V.S. HOSPITAL, ELLISBRIDGE, AHMEDABAD - 380006, GUJARAT, INDIA	B41447517
4	10298775	22/05/2012 *	3,551,800,000.00	STATE BANK OF INDIA	COMMERCIAL BRANCH, PARAMSIDHI COMPLEX, OPPOSITE V.S. HOSPITAL, ELLISBRIDGE, AHMEDABAD - 380006, GUJARAT, INDIA	B41450164
5	10298808	22/05/2012 *	3,551,800,000.00	STATE BANK OF INDIA	COMMERCIAL BRANCH, PARAMSIDHI COMPLEX, OPPOSITE V.S. HOSPITAL, ELLISBRIDGE, AHMEDABAD - 380006, GUJARAT, INDIA	B41446675
6	10201417	22/05/2012 *	3,551,800,000.00	STATE BANK OF INDIA	COMMERCIAL BRANCH, PARAMSIDHI COMPLEX, OPPOSITE V.S. HOSPITAL, ELLISBRIDGE, AHMEDABAD - 380006, GUJARAT, INDIA	B41447020
7	10201483	22/05/2012 *	3,551,800,000.00	STATE BANK OF INDIA	COMMERCIAL BRANCH, PARAMSIDHI COMPLEX, OPPOSITE V.S. HOSPITAL, ELLISBRIDGE, AHMEDABAD - 380006, GUJARAT, INDIA	B41447970
8	10201586	22/05/2012 *	3,551,800,000.00	STATE BANK OF INDIA	COMMERCIAL BRANCH, PARAMSIDHI COMPLEX, OPPOSITE V.S. HOSPITAL, ELLISBRIDGE, AHMEDABAD - 380006, GUJARAT, INDIA	B41449745
9	10205620	22/05/2012 *	3,551,800,000.00	STATE BANK OF INDIA	COMMERCIAL BRANCH, PARAMSIDHI COMPLEX, OPPOSITE V.S. HOSPITAL, ELLISBRIDGE, AHMEDABAD - 380006, GUJARAT, INDIA	B41448036
10	10207206	22/05/2012 *	3,551,800,000.00	STATE BANK OF INDIA	COMMERCIAL BRANCH, PARAMSIDHI COMPLEX, OPPOSITE V.S. HOSPITAL, ELLISBRIDGE, AHMEDABAD - 380006, GUJARAT, INDIA	B41448358

* Date of charge modification

NOTE

The registered office of the company has been shifted from Office 93, 9^th Floormittal Tower, Nariman Point, Mumbai-400021, Maharashtra, India to the present address w.e.f. 12.12.2012

FINANCIAL RESULTS:

During the year, the company has achieved sales (net of excise) of Rs. 14364.600 millions as against Rs. 15345.800 millions in the previous year. The sales (net of excise) of Rs.14364.600 millions includes amount of sales of goods traded Rs.798.400 millions as compared to Rs.2697.500 millions in the previous year. Hence, the overall sales has decreased in the current financial year compared to previous year, but the sales of goods manufactured has infact increased by 7%.

During the Year Company has achieved export turnover of Rs. 5774.100 millions as compared to Rs. 7880.300 millions in Previous year. This reduction in export turnover is because of global economic slowdown. However during the current year, the domestic demand of company’s products grew gradually. With this improvement of domestic demand, the Company has increased its production.

The steel demand in the developed economies is expected to be moderate, while most of the emerging and developing economies are estimated to enjoy robust growth in their steel demand. It is estimated that demand of Company’s products will increase by about 5% in the coming financial year.

The company remains optimistic on the demand and price outlook for company’s products i.e. Coke in the coming year. The overall performance of the Company for the year under review has been satisfactory.

OPERATIONS

During the year, the Company has faced a number of external challenges including the ban on iron ore mining in Karnataka in August 2011.This led to a major slowdown in the demand for Coke especially from Pig Iron manufacturers in India. Moreover, the company has had to depend completely on imports for its raw material requirement (i.e. coking coal). As a result, the company’s significant exposure to foreign exchange fluctuation increased considerably. Due to the sharp depreciation of rupee against US dollar during the year from Rs. 44.59 on 1^st April 2011 to a high of Rs.54.30 in month of December 2011 led to an increase in the cost of raw material by approximately Rs.527.500 millions in the financial year resulting in lower operating margins.

During the year, a contingent liability pertaining to the dispute on import of coking coal in 2008-09 from Mechel trading Ltd- Russia has been crystallized on account of final arbitration award by London Arbitrators resulting in Company’s liability for damages to the tune of US$ 72 lacs (Rs. 364.200 millions). The company has provided for this liability during the current financial year and reflected in the profit and loss statement as exceptional item.

Despite the above challenges, the company remains focused on extracting the maximum internal efficiencies and operational productivity in order to achieve sustainable growth as envisaged.

The company is operating two wind mills in Gujarat which is mainly for captive consumption and performance of the same is satisfactory.

MERGER OF SUBSIDIARY COMPANIES:

As the shareholders are aware, the company has subsidiary companies having common activities. The Board of Directors has decided to merge M/s. Kutch Coal Carbonisation Private Limited, M/s. Classic Energy [India] Private Limited, Hindustan Fuels Private Limited and Kandla Power Private Limited with their Company which is a Holding Company. The said step will save cost on many areas and will synergies with the operations of the company.

UNSECURED LOANS

PARTICULARS	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. In Millions)
LONG TERM BORROWINGS
Fully convertible debentures others	37.002	37.002
Term loans from others	185.257	185.257
Deferred sales tax loan	558.955	508.667
Total	781.214	730.926

CONTINGENT LIABILITIES (NOT PROVIDED FOR):

(Rs. in millions)

PARTICULARS	31.03.2012	31.03.2011
Corporate Guarantee in favour of Subsidiary & Associate company	689.000	689.000
Guarantees issued to the Company by its banker secured by fixed deposits.	3.044	3.044
Outstanding Bills discounted by bank.	1234.867	1558.280
For Income tax demand pending under Appeals.	32.185	32.185
Sales Tax (Amount paid Rs. 6.211 millions under protest)	14.401	6.211
Estimated amount of contracts remaining to be executed on capital account and not provided.	NIL	NIL
As per CDR Scheme sanctioned by Consortium Banks, the Company is required to compensate the Banks in respect of interest sacrificed by Banks as per CDR Scheme. As the loans outstanding under CDR Scheme are to be paid during the next five years, the quantum of interest sacrificed by the Banks cannot be ascertained as of date. The same will be provided as and when it is ascertained
The company has imported Raw Material from PEC Limited. Vide Vessel Named Y. M. Rightness. Due to flood situation prevalent during December 2010 – February 2011 at the load port the original supplier declared force majeure. since company had arranged the vessel and liable to pay demurrage if any on account of delay in loading at load port. The vessel has charged demurrage on load port amounting to Rs.31.100 millions (USD$612044).the company has rejected their claim and filed for arbitration in U K which is pending for final award.	31.100	27.300

FIXED ASSETS

• Land
• Buildings
• Plant and Equipment
• Furniture and Fixtures
• Vehicles
• Office Equipment

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.66.89
UK Pound	1	Rs.103.95
Euro	1	Rs.88.10

INFORMATION DETAILS

Information Gathered by :	PLV
Report Prepared by :	MRI

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--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
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		27

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.