MIRA INFORM REPORT

Report Date :

19.02.2014

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) :	31.03.2013
Date of Incorporation :	09.08.2006
Com. Reg. No.:	21-111091
Capital Investment / Paid-up Capital :	Rs.786.823 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 (26)

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

Maximum Credit Limit :	USD 1099800
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. There incurred accumulated loss recorded by the company during 2013. 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 – December 1, 2013

Country Name	Previous Rating (30.09.2013)	Current Rating (01.12.2013)
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

The worst is over for India’s economy with gross domestic product likely to expand 5 %to 5.5 % this year and more than 6 % in 2015, according to Moody’s Analytics. Concerns over the rupee and current account deficit are under control, said the agency. Ratings firm Crisil has forecast 6 % growth for 2014/15 up from the estimated 4.8 % for 2013/14.  Total economic growth, infrastructure bottlenecks and lack of transparency and consistency in foreign direct investment policies seem to have taken a toll on India’s attractiveness as an investment destination, says an Ernst & Young survey.  Projects with FDI component fell 16.4 % across the globe in 2012 from the previous year.  The drop in India was steeper at 21 %. State run carrier Air India is doling out free tickets to its 24000 employees, even as it expects to incur a loss of Rs 39000 mn this financial year and has a debt of Rs 350000 mn. 550000 number of jobs generated across India in 2013, a fall of 0.4 % as compared to with a year earlier. The National Capital Region has a one-fourth share in total jobs created, according to a study by industry lobby group Assochem, Banks, real estate, automobile and telecommunications sectors are showing a rise of job creation. $ 805 mn investments by venture capital firms in India during 2013, registering a drop of about 18 % over the previous year. The Information Technology and IT-Enabled Services Industry retained its status as the favourable venture capital investors in 2013. Pakistan has temporarily banned gold imports for the second time in six months, as it tries to stem smuggling into India. India’s import duty on gold is 10 % and curbs on purchases have dried up legal imports into what used to be the world’s biggest bullion buyers. The World Gold Council puts the amount smuggled into India at upto 200 tonnes in 2013. The Reserve Bank of India has proposed that unclaimed bank deposits estimated to be about Rs 35000 mn be used for education and awareness among depositors.  According to the plan, deposits that have not been claimed for at least 10 years will be transferred to the scheme.

EXTERNAL AGENCY RATING

Rating Agency Name	CARE
Rating	Suspended
Rating Explanation	Suspended Reason: The rating has been suspended as the company has not furnished the information required by care for monitoring of the rating.
Date	18.03.2013

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 DECLINED BY

Name :	Mr. Vishwajeet Sarkar
Designation :	Accounts Manager
Contact No.:	91-33-30119000
Date :	17.02.2014

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 27.09.2013

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

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

KEY EXECUTIVES

Name :	Anushree Agarwal
Designation :	Secretary
Address :	202, Jessore Road, Shyam Lake Garden, Kolkata-700089, West Bengal, India
Date of Birth/Age :	16.10.1985
Date of Appointment :	18.08.2013
PAN No.:	AGNPA4426B
Name :	Mr. Vishwajeet Sarkar
Designation :	Accounts Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 27.09.2013

Names of Shareholders	No. of Shares	% of Holding
Visa Infrastructure Limited, India	78622330	99.92
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
Saroj Agarwal Jointly with Vishambhar Saran	10000	0.01
TOTAL	78682330	100.00

* As nominee of Visa Infrastructure Limited

AS ON 27.09.2013

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

GENERAL INFORMATION

No. of Employees :

25 (Approximately)

Bankers :

• Indus-Ind 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 :

Secured Loan	As on 31.03.2013 [Rs. in Millions]	As on 31.03.2012 [Rs. in Millions]
Long Term Borrowings
Other loans and advances	0.290	0.760
Short Term Borrowings
Loans repayable on demand	0.000	53.000
TOTAL	0.290	53.760

Banking Relations :	--
Auditors :
Name :	L.B. Jha and Company Chartered Accountants
Address :	GF-1 Gilander House, 8 Netaji Subhas Road, Kolkata – 700 001, West Bengal, India
PAN No:	AABFL0464G
Holding Company :	Visa Infrastructure Limited, India (CIN No.: U74900WB2007PLC118834)
Fellow Subsidiaries :	Visa Steel Limited [L51109OR1996PLC004601] Visa Power Limited [U40101WB2005PLC105797] Visa Cement Limited [U26941WB2007PLC118636] Visa Aluminium Limited [U27209OR2003PLC007228] Visa Urban Infra Limited [U55101WB2010PLC144874] Visa Energy Ventures Limited [U40108OR2012PLC015173]
Other Related Parties :	Visa Realty Limited [U70200WB2009PLC132821] Visa Minmetal Limited [U51102WB2009PLC139648] Visa International Limited [U51109WB1998PLC086454]

CAPITAL STRUCTURE

AS ON 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
100000000	Equity Shares	Rs.10/- each	Rs.1000.000 Millions

Issued & Subscribed Capital :

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

Paid-up Capital :

No. of Shares	Type	Value	Amount
78682330	Equity Shares	Rs.10/- each	Rs.786.823 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1) Shareholders' Funds
(a) Share Capital	786.820	686.820	636.823
(b) Reserves & Surplus	(511.870)	(379.220)	(161.793)
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	274.950	307.600	475.030
(3) Non-Current Liabilities
(a) Long-term borrowings	0.290	0.760	0.187
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	0.000	0.000	0.000
(d) Long-term provisions	0.670	0.630	0.697
Total Non-current Liabilities (3)	0.960	1.390	0.884
(4) Current Liabilities
(a) Short term borrowings	0.000	53.000	20.900
(b) Trade payables	4011.530	5385.360	2498.350
(c) Other current liabilities	11.390	41.680	124.077
(d) Short-term provisions	0.290	0.180	0.264
Total Current Liabilities (4)	4023.210	5480.220	2643.591
TOTAL	4299.120	5789.210	3119.505
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	88.360	110.770	58.323
(ii) Intangible Assets	0.180	0.310	0.440
(iii) Capital work-in-progress	0.000	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred tax assets (net)	257.100	192.350	92.959
(d) Long-term Loan and Advances	260.330	131.230	211.222
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	605.970	434.660	362.944
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	114.570	96.470	982.250
(c) Trade receivables	2398.760	2903.990	741.338
(d) Cash and cash equivalents	2.670	1825.510	802.818
(e) Short-term loans and advances	1162.350	520.880	179.607
(f) Other current assets	14.800	7.700	50.548
Total Current Assets	3693.150	5354.550	2756.561
TOTAL	4299.120	5789.210	3119.505

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	4853.720	10447.280	8118.975
		Other Income	223.830	179.580	82.151
		TOTAL (A)	5077.550	10626.860	8201.126
Less	EXPENSES
		Purchases of stock-in-trade	4929.910	9464.070	7688.637
		Employee benefit expense	40.340	39.130	35.509
		Other expenses	36.050	39.320	102.805
		Exceptional items	205.920	332.070	95.524
		Changes in inventories of finished goods, work-in-progress and stock-in-trade	(18.100)	885.780	21.991
		TOTAL (B)	5194.120	10760.370	7944.466
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		(116.570)	(133.510)	256.660
Less	FINANCIAL EXPENSES (D)		57.500	159.880	159.297
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		(174.070)	(293.390)	97.363
Less/ Add	DEPRECIATION/ AMORTISATION (F)		23.300	23.440	14.994
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		(197.370)	(316.830)	82.369
Less	TAX (H)		(64.720)	(99.400)	14.677
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		(132.650)	(217.430)	67.692
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(379.220)	(161.790)	(229.485)
	BALANCE CARRIED TO THE B/S		(511.870)	(379.220)	(161.793)
	EARNINGS IN FOREIGN CURRENCY
		FOB Value of Exports Goods	132.950	149.870	666.810
		Earnings on Professional and Consultation Fees	16.940	16.110	14.060
	TOTAL EARNINGS		149.890	165.980	680.870
	IMPORTS
		Raw Materials	3934.710	7062.540	5447.110
	TOTAL IMPORTS		3934.710	7062.540	5447.110
	Earnings / (Loss) Per Share (Rs.)		(1.92)	(3.35)	1.06

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	(2.61)	(2.05)	0.83
Net Profit Margin (PBT/Sales)	(%)	(4.07)	(3.03)	1.01
Return on Total Assets (PBT/Total Assets}	(%)	(4.88)	(5.66)	2.72
Return on Investment (ROI) (PBT/Networth)		(0.72)	(1.03)	0.17
Debt Equity Ratio (Total Debt/Networth)		0.00	0.17	0.04
Current Ratio (Current Asset/Current Liability)		0.92	0.97	1.04

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	(INR in Mlns.)	(INR in Mlns.)	(INR in Mlns.)
Share Capital	636.823	686.820	786.820
Reserves & Surplus	(161.793)	(379.220)	(511.870)
Net worth	475.030	307.600	274.950
long-term borrowings	0.187	0.760	0.290
Short term borrowings	20.900	53.000	0.000
Total borrowings	21.087	53.760	0.290
Debt/Equity ratio	0.044	0.175	0.001

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2011	31.03.2012	31.03.2013
	(INR in Mlns)	(INR in Mlns)	(INR in Mlns)
Sales	8118.975	10447.280	4853.720
		28.677	(53.541)

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(INR in Mlns)	(INR in Mlns)	(INR in Mlns)
Sales	8118.975	10447.280	4853.720
Profit	67.692	(217.430)	(132.650)
	0.83%	(2.08%)	(2.73%)

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	No
20]	Export / Import details (if applicable)	No
21]	Market information	--
22]	Litigations that the firm / promoter involved in	--
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	--
26]	Buyer visit details	--
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	PAN of Proprietor/Partner/Director, if available	No
32]	Date of Birth 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	10243356	08/10/2010 *	450,000,000.00	ICICI BANK LIMITED	2 B GORKY TERRACE, KOLKATA, WEST BENGAL - 700017, INDIA	A98733306
2	10235502	13/07/2010	60,000,000.00	BANK OF INDIA	KOLKATA LARGE CORPORATE BRANCH, 5, B.T.M. SARANI, KOLKATA - 700001, WEST BENGAL, INDIA	A92645498
3	10224372	08/06/2010	200,000,000.00	INDIAN OVERSEAS BANK	SEALDAH BRANCH, 146/1, BIPIN BEHARI GANGULY STREET, KOLKATA - 700012, WEST BENGAL, INDIA	A87410692
4	10070253	30/04/2012 *	6,910,000,000.00	PUNJAB NATIONAL BANK (THE LEAD BANK)	111A, STATION SQUARE, BHUBANESWAR - 751001, ORISSA, INDIA	B40056228
* Date of charge modification

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 2012-13, the Company has achieved a total income of Rs 5077.550 millions and incurred a loss after tax of Rs 132.650 millions, against a total income of Rs 10626.860 millions and a loss after tax of Rs 217.430 millions in 2011-12. The loss was mainly due the extraordinary and rapid depreciation of the Indian Rupee against the US Dollar during the year and the value represents ‘mark to market’ basis. The total forex losses of Rs 205.920 millions, treated as an exceptional item, were lower than the forex losses of Rs 332.070 incurred in 2011-12. The fall in total income was due to the steep fall in the price of thermal coal by nearly 25% during the year and also due to several of our customers preferred to procure coal directly from suppliers through foreign letters of credit on overseas suppliers due to lower bank charges and ability to manage their forex risks individually. This resulted in a reduction in the volume of coal traded to 790,013 MT during the year, as against 1,290,000 MT during 2011-12. There was however a volume of 1,210,000 MT of coal which was marketed on an agency basis.

FUTURE OUTLOOK:

The company is optimistic on the prospects of trading in imported coals. The country imported 138 million MT of all coals during 2012-13 with the expected volume reaching 170 million MT in 2016-17. Domestic production lags demand and Coal India is unable to meet its supply obligations. The continuing impasse and controversies over Coal blocks has set back expectations of supplies from captive blocks by five years. This is leading to a situation where non availability of coal is leading to slow down in financial closure of private power projects, with even NTPC’s expansion projects slowing down. The steel sector is emerging from a slowdown, and there is increased availability of Iron Ore for the industry, which was one of the bottlenecks in the earlier years. The cement sector is looking up and with several infrastructure projects being fast tracked, the demand will increase. Overall, the demand imported coal in India is buoyant.

The Company is expecting to commence exports of Limestone to Bangladesh from Meghalaya during 2013-14. Towards this end, the necessary permits and licences have been obtained. Starting with trading in procured Limestone, activities will be extended to contract mining in due course. The Company is working to strengthen its supply chain, with stress on its procurement activities in Indonesia and South Africa, through strategic sourcing and agency arrangements with leading mines. A medium to longer term strategy is being worked out to identify various options for sustained profitable growth.

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.62.12
UK Pound	1	Rs.103.93
Euro	1	Rs.85.17

INFORMATION DETAILS

Information Gathered by :	SVA
Report Prepared by :	TPT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	2
--LIQUIDITY	1~10	2
--LEVERAGE	1~10	4
--RESERVES	1~10	1
--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
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		26

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.