MIRA INFORM REPORT

Report Date :

27.11.2014

IDENTIFICATION DETAILS

Name :	INDIA COKE AND POWER PRIVATE LIMITED
Registered Office :	904, Windfall, Sahar Plaza Complex, Andheri Kurla Road, Andheri (East), Mumbai – 400059, Maharashtra
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	18.03.2010
Com. Reg. No.:	11-201017
Capital Investment / Paid-up Capital :	Rs.351.100 Millions
CIN No.: [Company Identification No.]	U23200MH2010PTC201017
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AACCI2848H
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is engaged in the business of trading in raw materials for steel plants, such as Low Ash Metallurgical Coke, Coking Coal, Ferro Alloys, and Iron Ore etc.
No. of Employees :	Not Divulged

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

Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Not Available
Comments :	Subject is an established company having moderate track record. The company has incurred a loss from its operations during 2014. However, trade relations are fair. Business is active. Payment terms are reported to be 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 – June 1, 2014

Country Name	Previous Rating (31.03.2014)	Current Rating (01.06.2014)
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

N E W S

Verdict Implications : Apex court order may alter coal import dynamics. Traders go slow on talks over coal supply contracts, uncertainty over cancellation of blocks weigh on stocks.

Recent arrest of the Chennai head of the Registrar of Companies, the ministry of corporate affairs arm that ensures that companies file all the information required by the Companies Act is the latest manifestation of a messy fight between a father and his adopted son for the control of Rs 40000 mn business empire. The Central Bureau of Investigation arrested Manumeethi Cholan after he accepted Rs 10 lakhs as bribe from M A M Ramaswamy, a CBI official said.

Central Bureau of Investigation books Electrotherm for cheating Central Bank of Rs 4360 mn.

Infosys maintains revenue guidance. COO Rao says attrition still an area of concern and it would take a few more quarters to bring down levels to 13-15 %.

DHL  to invest Euro 100 mn in India over next 2 years. The firm has chosen India to pilot its e-commerce business model for the Asia-Pacific region.

Blackstone may buy stake in BlueRidge SEZ in line with the fund’s real estate strategy in India.

Kingfisher Airlines Ltd grounded in October 2012 under the weight of heavy debt and accumulated losses, recently approached the Delhi high court for relief in two separate cases. The airline challenged a notice by Punjab & National Bank alleging that It had wilfully defaulted on Rs 7700 mn of loans and sought more time to comply with the requirements under the listing agreements with the Stock Exchanges.

OnMobile likely to sack another 300 employees. The lay-offs follow a spate of senior-level exits over the past two years, starting with of its founder. The overall lay-offs could number around 600 and are driven by the need to cut costs, says a former employee.

EXTERNAL AGENCY RATING

NOT AVAILABLE

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 31-03-2014.

INFORMATION DENIED BY

Name :	Mr. Anil Modani
Designation :	VP Finance
Contact No.:	91-22-40942500
Date :	25.11.2014

LOCATIONS

Registered Office :	904, Windfall, Sahar Plaza Complex, Andheri Kurla Road, Andheri (East), Mumbai – 400059, Maharashtra, India
Tel. No. :	91-22-40942500
Fax No. :	Not Available
E-Mail :	pradeep.bhotika@icppl.co.in

DIRECTORS

As on 30.09.2013

Name :

Mr. Arun Kumar Goenka

Designation :

Director

Address :

703, Meadows Sahar Plaza Complex, Andheri Kurla, Road, Near Kohinoor Continental, Andheri (East), Mumbai - 400059, Maharashtra, India

Date of Birth/Age :

10.06.1957

Date of Appointment :

18.03.2010

DIN No. :

00844069

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	U74140WB1984PTC037202	UDIT FINANCIAL AND MANAGEMENT CONSULTANTS PVT LTD	Director	29/04/87	29/04/87	-	Active	NO
2	U74899DL1988PTC030448	ASK GIRI ASSOCIATES PRIVATE LIMITED	Director	05/04/91	05/04/91	-	Active	NO
3	U67120WB1994PTC062132	ANG FINANCIAL CONSULTANTS PRIVATE LIMITED	Director	12/05/97	12/05/97	-	Active	NO
4	U67190WB1994PTC062130	AGRIM CREDIT & AGENCY PVT LTD	Director	11/11/99	11/11/99	-	Active	NO
5	U67120KA1991PTC059126	Vistaar Financial Services Private Limited	Director	25/06/07	25/06/07	05/08/09	Active	NO
6	U65993WB1994PTC062122	AALAP LEASEFIN PVT. LTD.	Director	17/12/07	17/12/07	29/09/11	Active	NO
7	U67120WB1994PTC062128	ANUBHAV CREDIT & VINIYOG PVT. LTD.	Director	16/02/08	16/02/08	-	Active	NO
8	U65923WB1990PTC048215	MUNDHRA FISCAL SERVICES PVT LTD	Additional director	17/03/08	17/03/08	-	Active	NO
9	U67120WB1994PTC062123	CHAMAN LEASE & VINIYOG PVT. LTD.	Director	03/05/08	03/05/08	-	Active	NO
10	U67120WB1994PTC062131	MUGDHA FINALEASE PVT. LTD.	Director	27/08/08	27/08/08	-	Active	NO
11	U23200MH2010PTC201017	INDIA COKE AND POWER PRIVATE LIMITED	Director	18/03/10	18/03/10	-	Active	NO
12	U51900MH2010PTC209673	IMR RESOURCES INDIA PRIVATE LIMITED	Director	01/11/10	01/11/10	-	Active	NO
13	U06592KA1997PTC021983	GUNDLUPET FINANCE AND INVESTMENTS PRIVATE LIMITED	Director	22/02/11	22/02/11	-	Active	NO
14	L65993WB1993PLC060377	GOLDEN GOENKA FINCORP LIMITED	Director	22/08/12	27/06/12	17/12/13	Active	NO

Name :

Mr. Anirudh Misra

Designation :

Director

Address :

Staffords, Northgate, Northwood, Ha 62th, United Kingdom

Date of Birth/Age :

01.01.1965

Date of Appointment :

10.06.2010

DIN No. :

03101359

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	U23200MH2010PTC201017	INDIA COKE AND POWER PRIVATE LIMITED	Director	10/06/10	10/06/10	-	Active	NO
2	U51900MH2010PTC209673	IMR RESOURCES INDIA PRIVATE LIMITED	Director	01/11/10	01/11/10	-	Active	NO

Name :

Mr. Hans Rudolf Wild

Designation :

Director

Address :

Rothusstrasse 21, Hunenberg, Hunenberg, 6331, Switzerland

Date of Birth/Age :

25.06.1956

Date of Appointment :

28.07.2010

DIN No. :

03113155

Name :

Mr. Sanjay Sinha Ramrupprasad

Designation :

Director

Address :

A-1702, Safal Twins, Punjabwadi, Deonar, Mumbai - 400088, Maharashtra, India

Date of Appointment :

19.06.2014

DIN No. :

03517341

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	U51900MH2010PTC209673	IMR RESOURCES INDIA PRIVATE LIMITED	Additional director	26/04/11	26/04/11	-	Active	NO
2	U23200MH2010PTC201017	INDIA COKE AND POWER PRIVATE LIMITED	Director	19/06/14	19/06/14	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2013

Names of Shareholders	No. of Shares	%age
Arun Kumar Goenka	10000	0.03
Vipram Investment Limited, India	35100000	99.97
Total	35110000	100.00

As on 30.09.2013

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	99.97
Directors or relatives of Directors	0.03
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject is engaged in the business of trading in raw materials for steel plants, such as Low Ash Metallurgical Coke, Coking Coal, Ferro Alloys, and Iron Ore etc.

Products :

ITC Code	Product or Service
27040030	Coke (Low Ash Metallurgical Coke And Coking Coal)

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Not Divulged

Imports :

Not Divulged

Terms :

Not Divulged

PRODUCTION STATUS – NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Not Divulged

Customers :

Not Divulged

No. of Employees :

Not Divulged

Bankers :

Not Divulged

Facilities :

SECURED LOANS	31.03.2014 (Rs. In Millions)	31.03.2013 (Rs. In Millions)
SHORT TERM BORROWINGS
Rupee term loans from banks	35.000	0.000
Total	35.000	0.000

Auditors :
Name :	Hinesh R Doshi and Company Chartered Accountants
Address :	102-A Wing, Rajgir Court, 6, Kohinoor Road, Dadar East, Mumbai - 400001, Maharashtra, India
PAN No. :	AACFH3118C
Memberships :	--
Collaborators :	--
Holding Company :	v Vipram Investment Limited

CAPITAL STRUCTURE

As on 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
50000000	Equity Shares	Rs.10/- each	Rs.500.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
35110000	Equity Shares	Rs.10/- each	Rs.351.100 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	351.100	351.100	351.100
(b) Reserves & Surplus	(135.945)	(92.584)	(38.870)
(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)	215.155	258.516	312.230
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	0.000
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	0.000	0.574	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	0.000	0.574	0.000
(4) Current Liabilities
(a) Short term borrowings	35.000	0.000	0.000
(b) Trade payables	1173.280	1003.443	1405.438
(c) Other current liabilities	10.453	6.449	8.887
(d) Short-term provisions	1.450	0.975	0.890
Total Current Liabilities (4)	1220.183	1010.867	1415.215
TOTAL	1435.338	1269.957	1727.445
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	3.122	243.590	245.493
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	6.827	11.436	11.335
(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)	63.853	44.708	21.102
(d) Long-term Loan and Advances	111.770	104.937	7.585
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	185.572	404.671	285.515
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	56.046	8.210	484.955
(c) Trade receivables	351.182	198.968	407.766
(d) Cash and cash equivalents	804.685	650.733	520.690
(e) Short-term loans and advances	24.117	1.910	23.447
(f) Other current assets	13.736	5.465	5.072
Total Current Assets	1249.766	865.286	1441.930
TOTAL	1435.338	1269.957	1727.445

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	TURNOVER		983.177	1258.271	1533.116
Less	EXPENSES
		TOTAL	NA	NA	NA
	PROFIT/ (LOSS) BEFORE TAX		NA	NA	NA
Less	TAX		NA	NA	NA
	PROFIT/ (LOSS) AFTER TAX		(43.361)	(53.714)	(44.926)
	Earnings / (Loss) Per Share (Rs.)		(1.23)	(1.53)	(1.28)

KEY RATIOS

PARTICULARS	31.03.2014	31.03.2013	31.03.2012
Debt Equity Ratio (Total Debt/Networth)	0.16	0.00	0.00
Current Ratio (Current Asset/Current Liability)	1.02	0.86	1.02

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	351.100	351.100	351.100
Reserves & Surplus	(38.870)	(92.584)	(135.945)
Net worth	312.230	258.516	215.155
long-term borrowings	0.000	0.000	0.000
Short term borrowings	0.000	0.000	35.000
Total borrowings	0.000	0.000	35.000
Debt/Equity ratio	0.000	0.000	0.163

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Turnover	1533.116	1258.271	983.177
		(17.927)	(21.863)

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Turnover	1533.116	1258.271	983.177
Profit	(44.926)	(53.714)	(43.361)
	(2.93%)	(4.27%)	(4.41%)

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	No
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
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	-----
22]	Litigations that the firm / promoter involved in	-----
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	-----
26]	Buyer visit details	-----
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

NOTE:

The registered address of the company has been shifted from 703 Meadows, Sahar Plaza Complex, Andheri – Kurla Road, Andheri (East), Mumbai – 400059, Maharashtra, India to the present address w.e.f 19.08.2013

INDEX OF CHARGES

No Charges Exist for Company

CORPORATE INFORMATION

Subject is a private limited company incorporated on 18^th March, 2010 under the Companies Act; 1956. The Company is engaged in the business of trading in raw materials for steel plants, such as Low Ash Metallurgical Coke, Coking Coal, Ferro Alloys, and Iron Ore etc.

FINANCIAL RESULTS

During the year the Company achieved the turnover of Rs. 983.177 millions. After offsetting the expenses the Company incurred Loss (after deferred tax) of Rs. 43.360 millions.

OPERATIONS

1. The Project

The Company is continuing to evaluate various options of setting up metallurgical coke oven project, subject to its financial and economic viability.

2. Trading Activity

During the year, the Company continued its trading business, primarily in Low Ash Metallurgical Coke (LAMC) and Low Ash Metallurgical Coal. The Company traded in 50,963.21 MT of LAMC procured from the domestic market for supply to customers in India. The Company also imported 5,686.25 MT of Low Ash Metallurgical Coal for sale in the domestic market. The Company is seeing opportunities for sale of imported steaming coal to customers in the domestic market engaged in the power, cement and allied industries. Depending on the market demand, the Company may decide to import steam coal.

FIXED ASSETS

œ Land

œ Furniture and Fixtures

œ Vehicles

œ Office Equipment

œ Computer Equipment’s

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.61.86
UK Pound	1	Rs.97.23
Euro	1	Rs.77.21

INFORMATION DETAILS

Information Gathered by :	HNA
Analysis Done by :	RAS
Report Prepared by :	ANK

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	2
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	2
--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		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.