From CMD’s Desk - Archives

On 20th November 2010


I appreciate your vigour in repeating the very same Australian precious met coke story over the years untiringly. Truly you have not bored to do so. But the investors are tired and bored to hear the same old story as nothing is reflected positively in the financial result. One cannot turn around the company by exporting one or 2 shipments. Pl. be kind enough on the investors who believe your words. Pl. do not take them for ride. We are not babies. we also read newspapers and have some common sense to analyse and compare the results.

Bhanu najeemudeen,


Dear Mr Bhanu

I can tell you that history is being repeated after a decade. I have faced the same comments for several years through 1999/2003 as well as 2005/2007 when I was building up the company and those investors who had patience did realise a gold mine in the form of GNCL.

GNCL holds 77% stake in 2 australian coking coal mines with a target production of 6 million tonnes of coking coal in 4 years' time. The potential value thereof is several times the present net worth/market cap of GNCL and would get reflected over next few years. We dont believe in playing around with investors with any false promise of short term returns and believe in longer term growth of the company and creating much larger wealth for all stakeholders in the long term. This is in addition to the value that remains and continues to grow due to our dominant position in coke business.

This strategy did lead to unbelievable investor returns in the decade 2000/2010 but was not without continued pain over several quarters and several years in 2001/2002 as well as 2003 as well as 2005, 2006, 2007, 2008/09 etc etc. I personally believe that decade to 2020 would see much higher investor returns than what we saw in the earlier decade, but this doesnt come without the current pains that we are happy to endure and always look forward to having such investors who are prepared to be on this journey with us.

The world is focussed on quarterly to such an extent as if the world is coming to an end tomorrow. I am an optimist and remain an optimist and cant end my life every quarter to start afresh in the next quarter. As about your comments about being babies and analysis, enclosed find my thoughts penned in april/may-2009 which would tell that sheep are not babies.



Click here to see the attachement of the above reply


On 4th September 2010

Dear Mr Armugam,

I am writing to thank your for your kind words.

I have personally believed in delivering my best and that God is there to judge our deeds.

Thank you once again for your noble words.


Arun Kumar Jagatramka

On 11th September 2009




Thank you



Thanks for your kind words and some good advise.

Presently we are concentrating on the development of 2 excellent hard coking coal mines that we have and it does not make sense to divert valuable energy or resources elsewhere. At the same time we are looking to add power plants in India and multiplying our coke making capacities in India.

We should never bite more than what we can chew.



On 11th September 2009

Thank you for your reply. you again proved your talent n excellent decision making.



On 7th September 2009

The MD
Gujarat NRE Coke Ltd

Dear Mr. Jagatramka ,

We have just read the announcement made to the Stock Exchanges reg.
Board Meeting to be held on 19.09.2009 reg. issue of Class B Equity Shares as bonus issue, and we are unable to understand that what has prompted the Management to do so.

The Cos. Diluted EPS on expanded equity base for 2008-09 is below Rs. 2 per share.
The June qtr EPS is hardly anything due to poor market conditions & Co. carrying high value inventory.

The market conditions hv improved but China is still selling Met Coke below USD 400 per tonne FOB. This means that even this years EPS will not be nothing much to write home about.

Now if u further expand the equity base, we fail to understand where this EPS will come from. Additionaly Dividend burden will increase for the coming years specially when the co. is expanding its production base & is in need of funds for doing so.

Last year when Bonus was declared the Shares fell badly on the exchages due to some of the above mentioned reasons.



WE REQUEST YOU HUMBLY to reconsider this Bonus issue very very carefully & if possible decide against it.

Our no. of shares is going on increasing but the per Share Value is still waiting to come to decent levels at the Stock Exchanges. We are anguished & are sorry if our words are on the stronger side, but if the Co. is going to be so liberal regarding increasing its Equity but not being able to simultaneously maintain its EPS & hence its share price, we may to have to reconsider reg continuing our investment in the shares of the Co. We have not sold a single share till date since June 2006 when we first purchased the shares & now hold 82,000 shares. We dont want more shares as Bonus but we want good EPS which leads to Shares maintaining at levels above at least Rs.100 at the stock exchanges.


Mr. Jagatramka, i saved your phone no. when you called me but on your request, have not called you back again, neither have i shared it with anybody else because i don't want to disturb you in day to day work. So please understand our point of view & take wise decisions for the future of the Co. Thanking You Waiting for quick & positive response.

On behalf of Smt. Santosh & Ruchi Agarwal
C.A. Anuj K. Agarwal

Dear Mr Anuj,

Pl be rest assured that all your queries are seen as well as replied by me personally.

I appreciate your sentiments and can only remind you that what matters for any investor is the total value of his wealth (or shares held by him) and terms like EPS or PE are relevant only in the context in which they are used.

I am sure you have a copy of my letter written in March this year, but I have enclosed a copy again for reading once again.

Effect of Bonus on market price of shares as well as total wealth of shareholders is a matter subject of debate and I have never found favour with most of my decisions on the day they were taken, but with the benefit of hindsight they have generally been found to benefit our investors immensely.

I can once again assure you that I strongly believe in a very interactive democratic thought building as part of our decision making process and all actions are taken with a strict sense of shareholders value creation in the longer term, which is proved beyond doubt in the attached letter as well.

As such my request not to be deeply concerned or carry any anguish and have faith in us to keep enhancing shareholders’ wealth.

I do appreciate your kind understanding in not disturbing me on phone.


On 9th May 2009

Dear Mr. Arun,

             I am am an investor who has just started investing in stock market. After really getting into research for a couple of months I zeroed down on NRE Coke as the company to look forward in the near future. I hope my optimism stays afloat as I have recently bought shares of your company. Mr. Arun my query was regarding nre's future plans outside the country, are you looking forward to see the company growing more aggressively and acquiring other players in the long term or are you just satisfied by your presence only in Australia. To be more precise how would you define the pace of growth plan of Gujarat NRE Coke in the future ahead. Would it be aggressive?.

Abhinav Bhushan
DP ID:IN302269


Dear Sir,

Acquisition for the sake of it makes no sense. The coal mines that we have acquired in Australia are all based on the quality & quantity of raw-materials availability at a given price. While our immediate focus is on the development of these mines with a view towards enhanced production to meet the growing global demand of coking coal, we are open and will consider good opportunities as and when they present themselves to us.

Allow us to take this opportunity to thank you for coming on board as an investor.

For further details, please visit our website

Thanks and regards,

Investor Service Cell
Gujarat NRE Coke Limited
Block C 5th Floor,
22 Camac Street,
Kolkata - 700016
Ph: (033) 22891471-75,
Fax: (033) 2289 1470,
Please Visit Us at:


Dear Arun,

            It gives me immense pleasure to congratulate you for having such an efficient investor service cell. I also thank everyone at NRE Coke for such an immediate and quick response on my query. I thank you for welcoming me aboard as an investor. I am happy to see that my hard earned money is in good and safe hands. My query just reflects on the way I want to see NRE Coke growing  as not only India's but world's largest and best Met Coke producing company in the world. I am an investor with a very long term view and hope that my dream realizes for NRE Coke sooner than later.

Abhinav Bhushan
DP ID:IN302269

On 22nd January 2009

Thanks for the information.

I went through your Press Release and found that the Co is gradually going to increase the Production Capacity to high amounts in the coming 1-2 years. Also, i found Mr Arun's statement that the Coke Demand is not just decreasing but has nearly Vanished. In such a time why is it being thought of Increasing the production since you already have piled up the stocks with the current level of Production.
My another doubt is that many investore are creating panic by posting their views on sites like etc. that there might be many other cases like Satyam and NRE can be one of them. I would suggest you to Respond to such things as this can also affect the value of shares significantly.
Awaiting your(Mr Arun's) Response to my doubts.



Dear ashish
I have said that the current demand has suddenly gone down as if vanished, but that does not mean that coke consumption is going to stop or we shall stop producing steel.  Demand would certainly come back if not in 3 months then certainly in 6 months time, and we need to be geared up when the demand booms again in 2-3 years time rather see the opportunity go away just because we did not take the right decision which we are taking right now.  I am not operating the company for one or 2 quarters but with a much longer term lifetime view and as such my remarks should not be read in isolation but request to read the full press release.
As far as various sites mentioned by you, these are for investors to correct themselves since we can only respond to those that ask us and post whatever information we have on our web site rather than posting on 3rd party sites which we are not supposed to do.
Arun Jagatramka

On 17th January 2009

Dear Sir

This is thank you for your CD on Gujarat NRE Coke Ltd. I have heard and saw the CD interviewed by CNBC. I appreciate your family co-operation for allowing you to travel India & Abroad.

I was little regretted as yourself have lesser estimated than Mr. Dhirubhai Ambani

Yourself has given to share holder by way of Bonus but every time Mr. Dhirubhai Ambani has given shares with extra premium. Actual Dhirubhai, Anil, Mukesh must try to become like you, inform this thing to CNBC.

Yourself must be praised or honored by share holder having started in Gujarat, in fact Mr. Ratan Tata has realised now about Gujarat for Nano car project.

I am little depressed to know that in the year 1997 yourself have traveled from Surat to Kolkata with Rs.200/- cash. Mr. Karsan Patel the Chairman of Nirma use to sell his Nirma Washing Powder on bicycle from door to door in the year 1975. This is possible only with God grace & good deeds from
Gujarat minerals, yourself also will be like Dhirubhai Ambani in few days

I wish you healthy, Happy & Prosperous New Year.


Baburao Naik

Dear Mr Naik

Thanks for your kind words.

In line with the global melt down, our industry is also passing through a slowdown phase, but we remain fully optimistic about a bright future and shall certainly meet all your expectations in the years to come.

We are using the current slow down to build up the company further with an eye on the future and remain committed to shareholders wealth creation as we move forward.



On 20th November 2008

Dear Arun

I am the Investor in your company for the past many years.
I am very much convinced the way you manage the affairs of the business.
We the investor community is very much grateful to you particularly, becuase unlike others who try to exploit the investors to the core, you care for the investor & reward him the maximum.

In this falling market, your promoter group companies are trying their best to absorb the floating stock and give support to the scrip and mopped up around 2.25 crores of shares from the market till date. Still the fall is not been arrested. why? and who is selling?
Where will it get support? Is Q4 order book is full? When are the earnings from mines get reflected in the company?

In this worst scenario when all the  companies are cutting down the output and postponing their development activities so to avoid debt trap, you are going ahead with your plans of expansion and increase the production.

I have invested about Rs.5 Lacs and bought around 10000 shares.

I was very confident when I was invested and I am observing the changes in my  mind that It is moving from very confident to just confident, Confident to ridiculous, ridiculous to worrisome and finally from woorisome to fear ( the big devil).


If you have any solace for me. please reply.

Thank you,

with regards

Dear Vijay

FIIs have been selling heavily without any regard to individual company fundamentals because of their own individual liquidity crisis.  Their holding has come down from around 35% in August to below 20% currently.  And everybody including yourself and ourselves have been caught unawares.

Fundamentally, yes the global economy is going through a freeze situation where nothing is moving but our working on the ground is not hampered because of the strength of the industry we are in and more particularly because of our faith in the Indian growth story.  It is only a matter of time before I would expect things to get moving. Of course, in the current shake up weaker players would be wiped out but those that remain thereafter shall certainly emerge much stronger.

I can only add this much that this is the worst period that all of us are facing in the best ever year that we have had for no fault of our own. We are confident of emerging much stronger from this crisis.

Have patience



DP ID:    12043200
Client ID:  00003961
Mailing Address:


i am a shareholder
please send me the DVD, as promised.
DP ID:  12043200
Client ID: 00004448
Mailing Address:
20A, DEODAR STREET, BALLYGUNGE,ground floor, KOLKATA-700019.
i am a shareholder
please send me the DVD, as promised.
DP ID: 12043200
Client ID: 00004545
Mailing address:
i am a shareholder
please send me the DVD, as promised.
DP ID:  12043200
Client ID: 00004910
Mailing address:
i am a shareholder
Please send me the DVD,as promised.

Dear Mr Rajesh Kumar Shaw, Mrs Astabala Devi Shaw, Mr Ganesh Lal Shaw and Mr Aswini Kumar Shaw

We regret to write that we have recd several emails from your different individual shareholders of your family requesting for DVD.  Pl appreciate that while the DVD does not have any commercial value and is meant solely for informative purposes, it does cost money to your company and trying to get as many copies as possible points to the wasteful attitude which cannot be appreciated.  Besides the waste of money, pl also note it is harmful for the environment from a disposal of e-waste like DVDs.  As such we humbly request you to be mindful of your actions and act more responsibly in future.

Pl note We are arranging to send one dvd to your address which pl acknowledge.


Investor Service Cell
Gujarat NRE Coke Limited

On 23rd October 2008

Dear Mr.Arunkumar

I wish to congratulate for record performance more than double for quarter ending Sept '08, wish you best luck for future performance, and grow company like same way. 

Tremendous growth Mr. Arun for Gujarat NRE coke, well don and good job .
This is nikul from Toronto (Canada) I purchase G-NRE share about 50,000 (with bonus) and next target to reach up to 100,000.00. Ask me why?

Simple reason sir, best company, Best product, Very important is ‘MD’ thinks for share holder, and that’s reason so many benefit given to share holders, think  like “Dirubhai Ambani”.
Keep it up Mr. Arunkumar ,as I can see you have so much potential to do , and make a target in this kind of  world economy   focus on day by day production and sale , must  be more than last 3 month, you can show your share holder ,what ability you have to drive this company .

I believe this is lowest price for NRE COKE share in Completely INDIAN stock market. I am out of Indian since 1995 and only 36 year old, I study world best company’s performance, including, Canada, USA and India .
I can say  this is the best price to enter ,which company can give you 25 % dividend on Rs. 10.00 share Means when you invest only  Rs. 3000.00 you get Rs. 250.00 interest bank can give you may be Rs. 300.00 and  may be  lock your money for some years ? 25 % average dividend for last 4 years, three-time bonus. There is no company in the world just now who gives you this much?

Price is only today 23rd Oct '08 Rs. 31.00, under price, really price for stock Minimum about Rs. 65.00 as per today’s market. One time R-power was Rs. 175.00 and Gujarat NRE coke was Rs. 105.00, now R-power is Rs.110.00 and Gujarat NRE is Rs. 31.00 today you get 3.5 Times  G NRE coke share and 25 %
25 % dividend.
Gape should be only 1.65 % not 3.5 %, so purchase best share price in this world.

In addition, compare with RNRL, R-petro, R-power, up to today no dividend given to share holder, think like bigger and future picture may be like
 "Warner buffet".


Thanks for your encouraging words.

All I can promise is that we shall be putting in all our efforts in making your words come true.



On 19th October 2008

Dear Arun Sir,

i am a shareholder of gujnre.i am very much pleased by the talent of the management of gujnre.when investors were worried about gujnre stock price crash,you came with press release showing its september quarter performance.i am really happy that i invested my money in an investor friendly company.i was looking ur website.i wish to know,other than mining coals, do you any other natural resource gold,uranium..etc?.



On 18th October 2008


I needed you guys to tell me if coking coal can be a substitute for thermal coal thats being used in power plants.

With steel industry going in doldrums, naturally demand for coking coal would also tank and if not tank, atleast the prices would tumble.

So I was wondering if an alternative use for coking coal in power plants is possible, since in the near future Gujarat NRE Coke's major production of coal from its Australian mines would be available for trading (after meeting its own requirements) to third parties.

Another thing I wanted to know was if coking coal can be used in coal to liquid fuel processes?

I hope to be clarified on this issue.


P.S : The colour red is symbolic of the value erosion of my holding in Gujarat NRE Coke :-)

who told you that coking coal is going to tank.  It had tripled last year and a correction would never be considered tanking.  Coking coal supply demand remains tight and even last month US settlements for 2009 have been at levels substantially higher than current year.  Coking coal is the premium variety of coal and one would never use them for low value uses like thermal although to answer your question, yes they could always be in a technical sense.

Pl try to understand the industry instead of being swayed by rumours.



On 16th September 2008

Mr. Arun Kumar Jagatramka,

i am, 23 year old from kerala,a new share holder of your company gujarat nre coke.usually i invest after analysing different companies listed in our stock exchange and i found your company is having good prospectus.For me gujarat nre coke is a wealth creator.i believe you are an investor friendly MD like narayan murthy of infosys.i bought your shares in the month of september 2008.i wish to know, whether i will be able to invest my money in your australian companies like gujarat nre minerals,resources etc.i am interested to invest in those companies there any source to invest in those companies?


Rohit Verma

yes, you may remit 200K USD per year for buying overseas stocks incldg GNM.  Pl visit our web site for further details


On 9th September, 2008


As Guj. NRE share price has been on decline, I am forced to share sentiments and anguish of a share holder,  which may be same of other share holders also, with you as you are the fittest person.

Guj. NRE has been claiming that LAM coke is being sold at $700 per tone. It is a very good price and it would boost the bottomline of Guj. NRE. If this price rise and profit is not refelected in its fin. results for the period July-Sept. 08, Guj. NRE price would drift lower further. Since you are in the helm of affairs, you know better than the share holders .. Though two private firms bought 8 lac Guj. NRE shares, the slide has not been arrested. As the Lam coke price is cyclical, it has not come down. yet, the sentiment is not encouraging. Guj. NRE may expnd its business activity by giving some more thrust in acquiring iron ore mines and uranium deposits. Already these searches are in the radar of Guj. NRE. Here in Cochin, Guj. NRE  shareholders used to talk and discuss about Macqarie's valuation  on Guj. NRE and the non-reflection of the same in its share price.  As Guj. NRE is an integrated company having interests in steel, it may try to acquire iron ore mines to give boost to the economy and fame of the company. As talk of the country is on 1-2-3 atomic treaty accord, Guj. NRE may explore the possibility of acquiring uranium deposits. This would certainly add more value addition to Guj. NRE in all aspects. AGM of Guj. NRE is to be held on Sept.17. If any announcements on the above is made, Guj. NRE may recover from the impact of misinformation/disinformation spread by Austral Coke. Kindly give due consideration to my humble request.


Bhanu Najeemudeen, Cochin 

Dear bhanu

Thanks for your suggestions. Let me tell you I strongly believe in building a good company through hard work and not through tall and lucrative announcements.

Most Other companies do believe in misleading investors by making tall announcements and boost stock prices in short term but in the long term all such announcements are shareholder value destroyers. I have very strong faith in the value system and our integrity and I am sure all my investors do appreciate our uprightful and transparent approach to our business. We believe our focus on enhancing our shareholders wealth by doing what we are best at. Our core competence is coke making and that's what we are concentrating instead of glamourous unrelated diversifications which may sound very good but are company destroyers. Examples are plenty and I need not mention any names here.

All I can say that such lower prices are very good for those investors who might have missed the bus earlier to get on board, while those already in the bus need not panic in what is like a refuelling stop in our long hopping flight. They could also grab a bite before the take off depending on apetite.

Stay invested and enjoy.
There is no need to panic.



Dear sir,

Good evening. I am Ajay K. Agrawal living at Ahmedabad.Known to you from Ahmedabad meeting held at Grand Bhagwati on 28-5-07.
I wish to congrulate on overwhelming response to your australian ipo of India NRE Minerals Ltd. Sir, you have opened the door for indian idiviuals to get benefit from overseas investment as per RBI Guidlines. Once again Congrulations!

Ajay Kumar K. Agrawal

Dear Mr Agrawal,

It was indeed a pleasure meeting you at the "investor's meet" in Ahmedabad. Thank you for your kind words of encouragement. It is communications like these that motivate us to do better and keep winning. Looking forward to having you with us for many such achievements to come.

With Best Regards

Arun Kumar Jagatramka

Dear Mr. Arun Kumar Jagatramka,

As a share holder of your company i continue to be impressed.But i am a bit confused about a few issues that need some clear vision.
1. I am already an investor in GUJARAT NRE COKE LIMITED
2. A few months ago i invested an additional Rs 1.00 lakh in Gujarat NRE Natural Resources.
3. Suddenly i see 2 communications both dated 23.05.2007 with a letter head which has two identities.
   (a ) one carries information about Australia and the other (b) about attending a meeting in Mumbai on May 30th 2007>
Both communications reached me on 31.05.07
So obviously i could not attend the 30.05 07 meeting
The question i have is;  when do you propose to launch the public issue of "NATURAL RESOURCES" part of your company --- relating to point 2 of this communication.
More specifically, were you here in Mumbai to invite more investors for " NATURAL RESOURCES" part of your company?
I would appreciate if i can receive a response to this communication, specifically with regard to the investment i have made in the proposed " NATURAL RESOURCES", at your earliest convenience.
Mohan Lallwani

Dear Mr Lallwani,

Thank you for your mail. It is indeed unfortunate that the mails sent to you reached you after the event as I would have loved to have the pleasure of meeting you personally. The meeting was held with the general objective of interacting with our shareholders and apprising them the various developments in the NRE group.

As for your queries, please note :


A) as I had mentioned during the initial offer of Gujarat NRE Mineral Resources (GNMRL), we have no plans of listing the scrip on the bourse for the initial three to four years. This is necessitated by the fact that the company is engaged in petroleum prospecting and till we sink our first drill, there is no point in listing. However, you will be happy to note that the various geological studies are currently on and our geologists are of the opinion that the studies are not only on schedule but are also going well.


B) there is currently no requirement of fresh infusion of funds in GNMRL and we are not taking on board fresh equity holders. We were in Mumbai to give our shareholders another exciting offer - that of investing in India NRE Minerals Limited, our flagship in Australia, where we propose to give firm allotment to our shareholders so that they can not only enjoy the fruits of coal play in Australia but also the benefits of investing overseas in a mature economy. 


For more information, you may either visit our website or the website of the Australian company or call the dedicated help-line 033 3258 5360.


With Best Regards,


Arun Kumar Jagatramka

Dear Mr.Jagatramka

It is always a pleasure to get your news letters. I am a old and committed shareholder of your company living in Bangalore.Between my family and myself we own around 30,000 shares in gujnre.For ordinary people like us with limited means that is a large amount.We have invested in your company based on our confidence in your ability. While the company has been doing ok, the last year has been difficult with share prices dropping a lot. Many money managers have been advising us to sell our holdings but we have stuck on because of our faith in you.yore's letters indicate a glorious future, which we hope will come true. I am writing this note to simply get your reassurance.

Warm regards

Sushil Haksar

Dear Mr Haskar,

Thank you for your mail. As a member of the Gujarat NRE Coke family, let me reassure you that every single member of the management is, as always, focussed on only one thing - excellence. It has been a long and continuous search for excellence for us and you must have noticed, how we have continuously excelled. It is through excellence in all that we do, we propose to continue growing bigger and faster year after year.

It is not for me to comment on the share price movement which is influenced by various factors like market sentiments, dynamics of demand etc. All I can say to assuage your feelings is that fundamentally, your company is much stronger today, as our search for excellence has started bearing fruits. You should also consider the fact that world wide, Coke prices are controlled from China and remains extremely volatile, often even logic defying. The prices which had seen a free fall in the immediate past, have however started firming up with China imposing export duties and seeking to curb wanton exports of the commodity.These steps have now resulted in the firming up, which has fund reflection in your company's performance in the last quarter.

Do keep writing. And if possible, take a look at the company website at, where you can learn about the latest happenings at your company.

With Best Regards

Arun Kumar Jagatramka

Dear Mr.Arun,

I have been following your company for the last couple of years and there are many admirable things that you have done. In particular, the vision to open the closed coal mines and the majority stake in Zelos are quite inspired moves to create long-term shareholder value.

However there have been some strategic mistakes as well. The main one being the steel division where quite some of your capital has been deployed and locked. This is an industry where Gujarat NRE has no particular competitive advantages (apart from operational strengths - which can really be easily replicated). & even if you could backward integrate, there are much bigger players and there's no meaningful business proposition for the smaller players.

I would really think you should hive off and sell the Steel division and concentrate on expanding the minerals business -- especially coal, uranium, gold, silver etc. There are many companies, especially juniors available for a throw-away price in Australia and freeing up your capital from a low-return business such as Steel would allow you to do this.

Good luck and hope we can meet sometime.


Shanmuganathan N

Thanks for your suggestions
The capital deployed in steel division includes investment in wind power which constituted more than 60% in the segment and actual investment in steel is much less and as largest coke maker we see steel industry as our bread and butter and it makes some sense to be involved in the industry to some extent to grab future opportunities as and when they arise. I appreciate your fear of the time old saying that steel companies destroy shareholder value, but despite this steel remains a major driving force and one of the most important sectors for growth.



Thank you.. it's not often that a CEO replies to a shareholder's concerns.


Shanmuganathan N

Sri Girdharilalji Jagatramka
Guj NRE Coke Ltd.

Respected Sir,

Since, and more than a decade, I am shareholder of your Company and with proud, I am happy  with, - dividends, Bonuses, Best & Noble – ‘Letters’ & NRE Minerals promotees’ Quota Shares. 

But recently, you have acequired mines in Foreign Countries. Sine then, Reports have been negative & in share market, Company’s rate decreased to 27 – 30 range.

As I am firm believer in Vastu  (VASTU SHASTRA), what I feel is – Negative Vastu results in previous owner’s sale to your Company and that negative Vastu may affect future prospects of NRE  Coke. If Vastu of these purchased Companies were positive and good, these would not have been for sale or transfer. Hence, I request you kindly check and verify and consult Vastu Experts and rectify if any mistakes. In case of any major defaults – sooner the better for the Company.

If possible, if you send plans of new companies with Making of Perfect Directions – East/North/North East/ S. West, I may be in position to advise. It should also contact – Lower/Higher levels in mines. If digging mines makes South ® down® negative results do apply for share value.

Sd/- Satish H. Betala 

Dear Sri Betala,

Thank you for your letter dated Feb 20 th 2007.  I appreciate your concern for our Company and am indeed touched by the sentiments expressed by you.

The dip in the characteristic profitability of the company that you have pointed out has occurred because of the steady down turn in the China dominated global prices of coke. I am enclosing herewith a table which harts the Chinese coke prices on a monthly basis and I am sure that you will find it enlightening. As such, suffice to say, the company's performance did not otherwise face any difficulty whatsoever except the effect of normal business cycles.

All the plants and mines of the company are functioning as is desired of them.

As for  Vastu Shashtra, I too share your respect for the same and allow me to inform you that all our plants, offices and mines are strictly as per the laws of vastu as laid down by our fore fathers.

Please harbour no fear about the mines in Australia not being Vastu compliant. They have been made so after our takeover and I am confident that your company will not only do well in the future but will continue to keep you happy as a shareholder, as you always have been.

With Best regards

Arun Kumar Jagatramka
Vice Chairman & Managing Director
Gujarat NRE Coke Limited

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