MIRA INFORM REPORT

Report No. :	304779
Report Date :	03.02.2015

IDENTIFICATION DETAILS

Name :	BENGAL ENERGY LIMITED

Registered Office :	Room No. 301, 3^rd Floor, Om Tower, 32 Chowringhee Road, Kolkata-700071, West Bengal

Country :	India

Financials (as on) :	31.03.2014

Date of Incorporation :	18.05.2007

Com. Reg. No.:	21-115887

Capital Investment / Paid-up Capital :	Rs. 1861.493 Millions

CIN No.: [Company Identification No.]	U10100WB2007PLC115887

IEC No.:	Not Available

TAN No.: [Tax Deduction & Collection Account No.]	CALB09555A

PAN No.: [Permanent Account No.]	Not Available

Legal Form :	A Closely Held Public Limited liability Company

Line of Business :	Subject is engaged in Manufacturing of Low Ash Metallurgical Coke (LAMC).

No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Status :	Satisfactory

Payment Behaviour :	Usually Correct

Litigation :	--

Comments :	Subject is an established company having satisfactory track. Trade relations are reported as fair. Business is active. Payments are usually correct. The company can be considered for business dealings at usual trade terms and conditions.

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 – September 30, 2014

Country Name

Previous Rating

(30.06.2014)

Current Rating

(30.09.2014)

India

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

EXTERNAL AGENCY RATING

Rating Agency Name	CARE
Rating	BBB – [Long Term Bank Facilities]
Rating Explanation	Moderate degree of safety and moderate credit risk.
Date	13.01.2014

Rating Agency Name	CARE
Rating	Short Term bank Facilities “A3”
Rating Explanation	Moderate degree of safety and higher credit risk
Date	13.01.2014

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.

LOCATIONS

Registered / Corporate Office :	Room No. 301, 3^rd Floor, Om Tower, 32 Chowringhee Road, Kolkata-700071, West Bengal, India
Tel. No.:	91-33-22883355 / 56
Fax No.:	91-33-22883354
E-Mail :	ashish.banerjee@bengalenergy.in

Factory :	Mouza: Dauka PO Tentulmuri, P. S. Narayangarh, District Midnapore-721347 West Bengal, India
Tel. No.:	91-322-2236692 / 98
Fax No.:	91-322-2236697

DIRECTORS

AS ON 30.09.2013

Name :

Mr. Rajeev Maheshwari

Designation :

Managing Director

Address :

Flat 10 C, Tower 1, South City, 375, Prince Anwar Shah Road, Kolkata-700068, West Bengal, India

Date of Birth/Age :

27.05.1965

Date of Appointment :

01.04.2013

Din No.:

00558130

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	U74210WB1998PTC088061	DMT CONSULTING PRIVATE LIMITED	Director	25/11/2001	25/11/2001	01/08/2007	Active	NO
2	U23101OR2003PTC007329	PURVI BHARAT COAL PRODUCTS PRIVATE LIMITED	Director	25/09/2003	25/09/2003	-	Active	NO
3	U13100WB2004PTC099706	SRG EARTH RESOURCES PRIVATE LIMITED	Director	09/09/2004	09/09/2004	-	Active	NO
4	U63090WB2005PTC104372	VISTAAR MARINE PRIVATE LIMITED	Director	26/07/2005	26/07/2005	08/12/2011	Active	NO
5	U10100WB2007PLC115887	BENGAL ENERGY LIMITED	Managing director	01/04/2013	18/05/2007	-	Active	NO
6	U13209OR2007PLC009537	PURBI BHARAT RARE EARTH LIMITED	Director	18/09/2007	18/09/2007	-	Strike off	NO
7	U51109WB1993PTC061138	KARNI SYNTEX PVT. LTD.	Director	05/12/2007	05/12/2007	14/03/2012	Active	NO
8	U74999WB2010PTC142344	BENGAL SOLAR SYSTEMS PRIVATE LIMITED	Director	16/02/2010	16/02/2010	-	Active	NO
9	U51909WB2010PTC141928	BRAHMA EXIM SERVICES PRIVATE LIMITED	Director	18/05/2010	18/05/2010	-	Active	NO
10	U51909WB2010PTC142004	ALAK NANDA EXIM PRIVATE LIMITED	Director	18/05/2010	18/05/2010	-	Active	NO
11	U23109WB2004PTC099705	RICHA ENERGY RESOURCES PRIVATE LIMITED	Director	03/01/2012	03/01/2012	-	Active	NO
12	U51109WB1995PTC070875	PERKIN DEALERS PVT LTD	Director	26/04/2012	26/04/2012	-	Active	NO

Name :

Mr. Om Prakash Jalan

Designation :

Director

Address :

20, O.C. Ganguly Sarani, Po-lala Lajpat Rai Sarani, Kolkata-700020, West Bengal, India

Date of Birth/Age :

06.05.1967

Date of Appointment :

18.05.2007

Din No.:

00578764

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	U51909WB1995PTC071573	RICHA PROPERTIES PRIVATE LIMITED	Director	25/05/2001	25/05/2001	-	Active	NO
2	U51410WB2002PTC095161	APEX FUELS PRIVATE LIMITED	Director	16/09/2002	16/09/2002	-	Active	NO
3	U74900WB2003PTC096150	APEX ENERGY PRIVATE LIMITED	Director	02/05/2003	02/05/2003	-	Active	NO
4	U23101OR2003PTC007329	PURVI BHARAT COAL PRODUCTS PRIVATE LIMITED	Director	25/09/2003	25/09/2003	-	Active	NO
5	U10100WB2007PLC115887	BENGAL ENERGY LIMITED	Director	18/05/2007	18/05/2007	-	Active	NO
6	U23109WB2004PTC097752	APEX ENERGY RESOURCES Private Limited	Director	06/06/2007	06/06/2007	-	Active	NO
7	U13209OR2007PLC009537	PURBI BHARAT RARE EARTH LIMITED	Director	18/09/2007	18/09/2007	-	Strike off	NO
8	U51909WB1991PTC051698	GANGOTRI COMMODITIES & FINVEST PVT LTD	Director	01/04/2008	01/04/2008	-	Active	NO
9	U27102WB1920PTC004048	THERMIC STEEL CO PVT LTD	Director	01/04/2008	01/04/2008	-	Active	NO
10	U51109WB1995PTC070875	PERKIN DEALERS PVT LTD	Director	01/02/2010	01/02/2010	02/05/2012	Active	NO
11	U74999WB2010PTC142344	BENGAL SOLAR SYSTEMS PRIVATE LIMITED	Director	16/02/2010	16/02/2010	-	Active	NO
12	U63090WB2005PTC104372	VISTAAR MARINE PRIVATE LIMITED	Director	12/08/2011	12/08/2011	-	Active	NO

Name :

Mr. Navin Maheshwari

Designation :

Director

Address :

166, Jessore Road, Kolkata-700055, West Bengal, India

Date of Birth/Age :

17.02.1974

Date of Appointment :

06.08.2007

Din No.:

01246039

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	U51909WB2005PTC103342	NAVIN EXIM PRIVATE LIMITED	Director	26/05/2005	26/05/2005	19/11/2008	Active	NO
2	U10100WB2007PLC115887	BENGAL ENERGY LIMITED	Director	06/08/2007	06/08/2007	-	Active	NO
3	U74999WB2010PTC142344	BENGAL SOLAR SYSTEMS PRIVATE LIMITED	Director	16/02/2010	16/02/2010	-	Active	NO
4	U13100WB2004PTC099706	SRG EARTH RESOURCES PRIVATE LIMITED	Director	01/04/2010	01/04/2010	-	Active	NO
5	U52100WB2010PTC144601	CAMPUS DEALCOM PRIVATE LIMITED	Director	30/04/2010	30/04/2010	02/03/2012	Active	NO
6	U67190WB1991PTC051082	STEAD TRADERS PVT.LTD.	Director	03/05/2010	03/05/2010	02/03/2012	Active	NO
7	U65921WB1993PTC143668	BRIGHT FINANCE PRIVATE LIMITED	Director	08/02/2011	08/02/2011	02/03/2012	Active	NO
8	U70109WB2008PTC126828	MANGALAM BUILDCON PRIVATE LIMITED	Director	12/05/2014	12/05/2014	-	Active	NO

MAJOR SHAREHOLDERS

As on 30.09.2013

Names of Equity Shareholders	No. of Equity Shares
Om Prakash Jalan	1500000
Suman Jalan	10000
Rajeev Maheshwari	165000
Varsha Maheshwari	10000
Bishwanath Agarwal	500
Gokul Lodha	500
Satish Kumar Singh	500
Perkin Dealers Private Limited, India	4387000
Karni Syntex Private Limited, India	8250000
Gangotri Commodities and Invest Private Limited, India	8545000
Thermic Steel Company Private Limited, India	8118000
SRG Earth Resources Private Limited, India	3660000
Richa Energy Resources Private Limited, India	500000
Apex Energy Private Limited, India	1050000
Apex Energy Resources Limited, India	2000000
Stead Traders Private Limited, India	1780000
TOTAL	39976500

Names of Preference Shareholders
Mega Venture Holdings Pte. Limited, Singapore	41402839
Karani Syntex Private Limited, India	1215000
Bright Finance Private Limited, India	3455000
Gangotri Commodities and Invest Private Limited, India	14000000
Karani Syntex Private Limited, India	36500000
Thermic Steel Company Private Limited, India	14500000
Night Bird Marketing Private Limited, India	18500000
Safalta Agencies Private Limited, India	16600000
TOTAL	146172839

As on 30.09.2013

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Bodies corporate	95.78
Directors or relatives of Directors	4.21
Other top fifty shareholders	0.01
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject is engaged in Manufacturing of Low Ash Metallurgical Coke (LAMC).

Products :

Item Code No. (ITC Code)	Product Description
27040030	Hard Coke of Coal

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Not Available

Imports :

Not Available

Terms :

Selling :

Not Available

Purchasing :

Not Available

PRODUCTION STATUS Not Available

GENERAL INFORMATION

Suppliers :

Reference :	Not Available
Name of the Person :	Not Available
Contact No.:	Not Available
Since How Long Known :	Not Available
Experience :	Not Available
Maximum Limit Dealt :	Not Available

Customers :

Reference :	Not Available
Name of the Person :	Not Available
Contact No.:	Not Available
Since How Long Known :	Not Available
Experience :	Not Available
Maximum Limit Dealt :	Not Available

No. of Employees :

Not Available

Bankers :

Banker Name	Oriental Bank of Commerce
Branch Address	Strand Road,2, N.C. Dutta Sarani
Person Name (With Designation)	Not Available
Contact Number	Not Available
Name of Account Holder	Not Available
Account Number	03921011001916
Account Since (Date/Year of Account Opening)	Not Available
Average Balance Maintained (If Possible)	Not Available
Credit Facilities Enjoyed (If any)	Not Available
Account Operation	Not Available
Remarks (If any)	Not Available

· Indian Overseas Bank, Indian Exchange Place Branch, P-35, Indian Exchange Place, Kolkata – 700001, West Bengal, India

· State Bank of Travancore, Kolkata Main Branch, 36, Chowringhee Road, Kolkata-700071, West Bengal, India

· UCO Bank, Flagship Corporate Branch, 2, India Exchange Place, Kolkata-700001, West Bengal, India

Facilities :

SECURED LOANS	31.03.2014 (Rs. in Millions)	31.03.2013 (Rs. in Millions)
LONG TERM BORROWINGS
Rupee term loans from banks	2233.244	2763.202
Other loans and advances	4.759	3.311
SHORT TERM BORROWINGS
Rupee term loans from banks	100.634	149.209
Working Capital loans from banks	59.058	75.834
Total	2397.695	2991.556


Auditors :
Name :	R.K. Jhunjhunwala Chartered Accountants
Address :	103, Mahatma Gandhi Road, 1^st Floor, Kolkata-700007, West Bengal, India
PAN No:	ACUPJ4346E

Memberships :	Not Available

Collaborators :	Not Available

Subsidiary Company:	· Bengal Coal Pty. Limited

Enterprises owned or significantly influenced by key management personnel (KMP) or their relatives	· Richa Energy Resources Private Limited · Apex Energy Resources Private Limited · Gangotri Commodities and Finvest Private Limited · GRM Resources Pte. Limited · Karni Syntex Private Limited · SRG Earth Resources Private Limited · Thermic Steel Co Private Limited · Vistaar Marine Private Limited

CAPITAL STRUCTURE

As on 30.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount

40000000	Equity Shares	Rs.10/- each	Rs.400.000 Millions
150000000	Preferences Shares	Rs.10/- each	Rs. 1500.000 Millions
	Total		Rs. 1900.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

39976500	Equity Shares	Rs.10/- each	Rs. 399.765 Millions
146172839	Preferences Shares	Rs.10/- each	Rs. 1461.728 Millions
	Total		Rs. 1861.493 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	1861.493	1861.493	860.493
(b) Reserves & Surplus	2479.206	2312.509	2076.477
(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)	4340.699	4174.002	2936.970

(3) Non-Current Liabilities
(a) long-term borrowings	2964.579	3578.497	3012.731
(b) Deferred tax liabilities (Net)	592.880	520.476	433.512
(c) Other long term liabilities	285.210	207.690	436.568
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	3842.669	4306.663	3882.811

(4) Current Liabilities
(a) Short term borrowings	373.907	1834.529	2156.333
(b) Trade payables	6942.388	4715.898	5158.941
(c) Other current liabilities	1192.943	1098.354	868.418
(d) Short-term provisions	69.132	83.976	38.852
Total Current Liabilities (4)	8578.370	7732.757	8222.544

TOTAL	16761.738	16213.422	15042.325

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	5822.082	6151.699	6474.694
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	262.740	247.548	164.919
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	1.040	1.040	1.040
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	1495.504	1841.085	1160.394
(e) Other Non-current assets	606.254	194.632	154.634
Total Non-Current Assets	8187.620	8436.004	7955.681

(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	3305.600	2421.142	2662.245
(c) Trade receivables	2392.628	2299.724	2204.960
(d) Cash and cash equivalents	1754.552	1409.109	977.673
(e) Short-term loans and advances