MIRA INFORM REPORT

Report Date :

29.01.2013

IDENTIFICATION DETAILS

Name :	BHAVYAA GLOBAL LIMITED (w.e.f. 09.08.2010)
Formerly Known As :	BHAVYAA GLOBAL PRIVATE LIMITED DEV ISPAT PRIVATE LIMITED
Registered Office :	229, A. J. C. Bose Road, 9-C, 9^th Floor, Kolkata – 700020, West Bengal
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	29.10.2008
Com. Reg. No.:	21-130197
Capital Investment / Paid-up Capital :	Rs.65.443 Millions
CIN No.: [Company Identification No.]	U27100WB2008PLC130197
PAN No.: [Permanent Account No.]	AADCD0215E
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	The company is engaged in the Coal Lifting and Transporting Business.
No. of Employees :	21 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (35)

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 :	Clear
Comments :	Subject is an established company having a moderate track record. It is engaged in the business of coal mining. The management of the company has failed to file its financials with the government department for the year 2012. As per previous year’s record, the profitability of the company appears to be low. However, trade relations are reported as fair. Business is active. Payment terms are slow but correct. The company can be considered for business dealings with some cautions.

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 30, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
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

India is developing into an open-market economy, yet traces of its past autarkic policies remain. Economic liberalization, including industrial deregulation, privatization of state-owned enterprises, and reduced controls on foreign trade and investment, began in the early 1990s and has served to accelerate the country's growth, which has averaged more than 7% per year since 1997. India's diverse economy encompasses traditional village farming, modern agriculture, handicrafts, a wide range of modern industries, and a multitude of services. Slightly more than half of the work force is in agriculture, but services are the major source of economic growth, accounting for more than half of India's output, with only one-third of its labor force. India has capitalized on its large educated English-speaking population to become a major exporter of information technology services and software workers. In 2010, the Indian economy rebounded robustly from the global financial crisis - in large part because of strong domestic demand - and growth exceeded 8% year-on-year in real terms. However, India's economic growth in 2011 slowed because of persistently high inflation and interest rates and little progress on economic reforms. High international crude prices have exacerbated the government's fuel subsidy expenditures contributing to a higher fiscal deficit, and a worsening current account deficit. Little economic reform took place in 2011 largely due to corruption scandals that have slowed legislative work. India's medium-term growth outlook is positive due to a young population and corresponding low dependency ratio, healthy savings and investment rates, and increasing integration into the global economy. India has many long-term challenges that it has not yet fully addressed, including widespread poverty, inadequate physical and social infrastructure, limited non-agricultural employment opportunities, scarce access to quality basic and higher education, and accommodating rural-to-urban migration.

Source : CIA

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Proposed Long Term Bank Loan Facility: BB+
Rating Explanation	Moderate risk of default.
Date	31.08.2012

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

INFORMATION PARTED BY

Name :	Mr. Indranil Bose
Designation :	Deputy General Manager
Contact No.:	91-33-22902415
Date :	25.01.2013

LOCATIONS

Registered/ Head Office :	229, A. J. C. Bose Road, 9-C, 9^th Floor, Kolkata – 700020, West Bengal, India
Tel. No.:	91-33-22902415/ 2416
Fax No.:	91-33-22902417
E-Mail :	bgl@bhavyaaglobal.com contact@bhavyaaglobal.com kckhandelwal@yahoo.co.in modiindustries@yahoo.com ho@sbassociates.co.in
Website :	http://www.bhavyaaglobal.com
Location :	Owned

DIRECTORS

(AS ON 30.09.2011)

Name :	Mr. Ravi Modi
Designation :	Director
Address :	2A/2, Satyam Tower, 3, Alipore Road, Kolkata – 700027, West Bengal, India
Date of Birth/Age :	06.09.1972
Date of Appointment :	29.10.2008
DIN No.:	00571506
Name :	Mrs. Anjana Modi
Designation :	Director
Address :	2A/2, Satyam Tower, 3, Alipore Road, Kolkata – 700027, West Bengal, India
Date of Birth/Age :	27.10.1975
Date of Appointment :	29.10.2008
DIN No.:	00580236
Name :	Mr. Amit Modi
Designation :	Director
Address :	302, Krishna Kripa – II, Subash Nagar, Shopping Centre, Shastri Nagar, Jaipur – 300016, Rajasthan, India
Date of Birth/Age :	01.08.1979
Date of Appointment :	29.04.2010
DIN No.:	00571668

KEY EXECUTIVES

Name :	Mr. Indranil Bose
Designation :	Deputy General Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 30.09.2011)

Names of Shareholders	No. of Shares
Ravi Modi	5000
Anjana Modi	5000
Jagadamba Designer Private Limited, India	25000
Rohini Goods Private Limited, India	240000
Sujali Fashion Private Limited, India	50000
Kalakanj Tradecom Private Limited, India	290000
Bigot Suppliers Private Limited, India	285000
ESS DEE EM Fincom Private Limited, India	100000
Aalekha Supply Private Limited, India	40000
M T Tracon Private Limited, India	260000
Vanaspati Vincom Private Limited, India	280000
Juniper Vinimay Private Limited, India	370000
Kripalu Vincom Private Limited, India	195000
Hinadri Vinimay Private Limited, India	125000
Clarity Vinimay Private Limited, India	255000
Sapphire Vintrade Private Limited, India	175000
Mehi Vinimay Private Limited, India	330000
Sutanuti Vyapaar Private Limited, India	362000
Achinta Tie-Up Private Limited, India	225000
Marina Dealcom Private Limited, India	285000
Upendra Tie-Up Private Limited, India	330000
Mayur Commosales Private Limited, India	180000
Orbital Contractors and Financieries, India	160000
Image Commosales Private Limited, India	388000
Trilok Vincom Private Limited, India	305000
Abhilasha Exports (Private) Limited, India	100000
Grow Realtors (Private) Limited, India	75000
Barsoputri Exim (Private) Limited, India	75000
Khushaboo Bearing (Private) Limited, India	50000
Chandimata Management (Private) Limited, India	50000
Alihan Complex (Private) Limited, India	50000
Pushpanjali Hirise (Private) Limited, India	25000
Subhdrishri Complex (Private) Limited, India	30000
Jagarnath Consultants (Private) Limited, India	25000
Bahar Paper (Private) Limited, India	25000
Alishan Estates (Private) Limited, India	25000
Joyprit Plastic Dealers (Private) Limited, India	25000
Dev Roadlines (Private) Limited, India	724300
Total	6544300

(AS ON 30.09.2011)

Equity Shares Break – up

Category	Percentage
Bodies corporate	99.85
Directors or relatives of directors	0.15
Total	100.00

BUSINESS DETAILS

Line of Business :

The company is engaged in the Coal Lifting and Transporting Business.

GENERAL INFORMATION

Suppliers :

Name of the Suppliers	Relationship (No. of years)
Soha Minerals	3-4 days
Megha Coals Private Limited	3-4 days

Customers :

Name of the Customers	Relationship (No. of years)
Nokia Siemens Networks Private Limited	7-8 years
Orient International Limited	4-5 years

No. of Employees :

21 (Approximately)

Bankers :

· State Bank of India

Chowringhee, Kolkata, West Bengal, India

· State Bank of India

Commercial Branch, N. S. Road, 8 N. S. Road, Kolkata – 700001, West Bengal, India

Facilities :

Secured Loans	31.03.2012	31.03.2011
	(Rs. In Millions)
Term Loans
From Bank	0.000	55.606
From State Bank of India	0.000	0.000
Other Borrowings
Long Term Maturities of finance lease obligations (Secured against hypothecation of Motor Cars)	0.000	0.000
Working Capital Loan
Cash Credit from Bank	0.000	36.515
Total	0.000	92.121

Banking Relations :	--
Financial Institutions :	· SREI Equipment Finance Private Limited ‘Vishwakarma’, 86-C, Topsia Road, Kolkata – 700046, West Bengal, India
Auditors :
Name :	A. K. Shah and Company Chartered Accountant
Address :	125, Netaji Subhas Road, Room No.45, Kolkata – 700001, West Bengal, India
Tel No.:	91-33-22716179 (O)/ 26664813 (R)
Group Companies :	· Dev Roadlines Private Limited · Bhavyaadev Roadlines Private Limited · Bhavyaa Resorts and Hotels Private Limited · Modi Infra Projects Private Limited · Robust Packaging Company Private Limited · Traverse Vacation Tours Private Limited

CAPITAL STRUCTURE

(AS ON 31.03.2012)

Authorised Capital :

No. of Shares	Type	Value	Amount
7000000	Equity Shares	Rs.10/- each	Rs.70.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
6544300	Equity Shares	Rs.10/- each	Rs.65.443 Millions

Reconciliation of the number shares and amount outstanding at the beginning and at the end of the reporting.

Particulars	31.03.2012
Equity Shares of Rs.10/- each	No. of Shares	Rs. In Millions
At the begning of the period	6544300	65.443
Add: Issued during the period	--	--
Outstanding at the end of the period	6544300	65.443

Term/ rights attached to equity hares

The company has only one class of equity shares having a par value of Rs.10/- each share. Each holder of equity shares is entitled to only one vote per shares.

In the event of liquidation of the company, the holders of equity shares will be entitle to receive remaining assets of the company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders,

The company has no holding/ultimate holding company and/or their subsidiaries/ associates.

The company has not issued any number of shares for consideration other than cash and has not bought back any number of shares during the period of five years immediately preceding the reporting date.

Details of share holder holding more than 5% shares in the company.

Particulars	31.03.2012
	No of Shares	% Holding the class
Ravi Modi	3482000	53.20%
Anjana Modi	2338000	35.72%
Juniper Vinimay Private Limited	--	--
Mehi Vinimay Private Limited	--	--
Sutanuti Vyapaar Private Limited	--	--
Upendra Tie Up Private Limited	--	--
Image Commosales Private Limited	--	--
Dev Roadlines Private Limited	724300	11.10%

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2012	31.03.2011	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		65.443	65.443	65.443
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		620.167	606.307	596.116
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		685.610	671.750	661.559
LOAN FUNDS
1] Secured Loans		0.000	92.121	152.484
2] Unsecured Loans		9.097	57.931	28.190
TOTAL BORROWING		9.097	150.052	180.674
DEFERRED TAX LIABILITIES		4.367	1.044	4.752
TOTAL		699.074	822.846	846.985
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		92.213	109.492	171.650
Capital work-in-progress		1.603	1.576	0.352
INVESTMENT		3.142	3.142	1.081
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	109.076	250.084	340.902
	Sundry Debtors	267.860	257.272	155.034
	Cash & Bank Balances	0.503	0.289	2.034
	Other Current Assets	0.700	0.000	0.000
	Loans & Advances	303.987	335.563	244.437
Total Current Assets		682.126	843.208	742.407
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	55.914	30.026	35.005
	Other Current Liabilities	2.148	86.543	26.923
	Provisions	21.970	18.047	6.643
Total Current Liabilities		80.032	134.616	68.571
Net Current Assets		602.094	708.592	673.836
MISCELLANEOUS EXPENSES		0.022	0.044	0.066
TOTAL		699.074	822.846	846.985

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	1129.440	990.495	824.275
		Other Income	89.082	69.196	21.529
		Loss of Stock by Flood	0.000	0.000	211.411
		TOTAL (A)	1218.522	1059.691	1057.215
Less	EXPENSES
		Increase/(Decrease) in Stock	141.008	90.818	(211.452)
		Direct Expenses	824.541	780.165	1083.028
		Employee Benefit Expenses	4.357	3.847	4.773
		Administrative and Other Expenses	186.215	107.013	90.290
		TOTAL (B)	1156.121	981.843	966.639
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		62.401	77.848	90.576
Less	FINANCIAL EXPENSES (D)		17.479	22.243	19.196
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		44.922	55.605	71.380
Less/ Add	DEPRECIATION/ AMORTISATION (F)		23.860	38.372	53.809
	PROFIT BEFORE TAX (E-F) (G)		21.062	17.233	17.571
Less	TAX (H)		7.245	7.154	11.165
	PROFIT AFTER TAX (G-H) (I)		13.817	10.079	6.406
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		18.108	8.029	1.623
	BALANCE CARRIED TO THE B/S		31.925	18.108	8.029
	Earnings Per Share (Rs.)		2.12	1.54	12.40

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	1.13	0.95	0.61
Net Profit Margin (PBT/Sales)	(%)	1.86	1.74	2.13
Return on Total Assets (PBT/Total Assets}	(%)	2.72	1.81	1.92
Return on Investment (ROI) (PBT/Networth)		0.03	0.03	0.03
Debt Equity Ratio (Total Liability/Networth)		0.13	0.42	0.38
Current Ratio (Current Asset/Current Liability)		8.52	6.26	10.83

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	Yes
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	Yes
18]	Major customers	Yes
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	Yes

------------------------------------------------------------------------------------------------------------------------------

ASSESSMENT OF WORKING CAPITAL REQUIREMENTS

OPERATING STATEMENT

(RS. IN MILLIONS)

	PARTICULARS	31.03.2013	31.03.2014	31.03.2015	31.03.2016
		Estimates	Projections	Projections	Projections
Gross Sales
	Capacity Utilisation
	Sale Value of production	2140.000	3040.000	4450.000	5800.000
i.	Domestic Sales	1695.000	2500.000	3750.000	5000.000
ii.	Export Sales
iii.	Trading Sales
iv.	Other operating/revenue income	105.000	140.000	170.000	200.000
	Total	1800.000	2640.000	3920.000	5200.000
Less Excise Duty		--	--	--	--
Net Sales (1 - 2)		1800.000	2640.000	3920.000	5200.000
% age rise (+) or fall (-) in net sales as compared to previous year (Annualised)		47.72%	46.67%	48.48%	32.65%
Cost of Sales
i.	Raw materials (including stores and other items used in the process of manufacture)
	a. Imported	0.000	0.000	0.000	0.000
	b. Indigenous	361.800	497.300	725.400	941.400
ii.	Other Spares
	a. Imported	0.000	0.000	0.000	0.000
	b. Indigenous	0.000	0.000	0.000	0.000
iii.	Purchases for trading	0.000	0.000	0.000	0.000
iv.	Power and Fuel	0.000	0.000	0.000	0.000
v.	Direct Labour (Factory wages)	723.500	994.774	1450.800	1882.900
vi.	Other variable costs	0.000	0.000	0.000	0.000
vii.	Other manufacturing expenses	0.000	0.000	0.000	0.000
viii.	Depreciation	51.000	53.153	63.000	54.000
ix.	Sub-total (i to viii)	1136.300	1545.227	2239.200	2878.300
x.	Add: Opening Stock-in-process	0.000	0.000	0.000	0.000
	Sub-total (ix + x)	1136.300	1545.227	2239.200	2878.300
xi.	Deduct: Closing Stock-in-process	0.000	0.000	0.000	0.000
xii.	Cost of Production	1136.300	1545.227	2239.200	2878.300
xiii.	Add: Opening Stock of FG	109.000	449.000	849.000	1379.000
	Sub-total (xii + xiii)	1245.300	1994.227	3088.200	4257.300
xiv.	Deduct: Closing Stock of FG	449.000	849.000	1379.000	1979.000
xv.	Sub-total (Total Cost of Sales)	796.300	1145.227	1709.200	2278.300
Selling, General and Admn. Expenses		723.538	994.773	1450.800	1883.000
Sub-total		1519.838	2140.000	3160.000	4161300
Operating Profit before Interest		280.162	500.000	760.000	1038.700
Interest on Term Loan @ 14.00%		1.167	6.683	6.002	5.219
Interest on working capital		3.833	38.317	43.998	54.781
Total Interest		5.000	45.000	50.000	60.000
Operating Profit after Interest		275.162	455.000	710.000	978.700
i.	Add: Other non-operating Income
a.	Interest	0.000	0.000	0.000	0.000
b.	Misc	0.000	0.000	0.000	0.000
	Sub-total (Income)	0.000	0.000	0.000	0.000
ii.	Deduct: Other non-operating expenses
a.	Prelim/Pre-op Expense written-off	0.000	0.000	0.000	0.000
	Sub-total (Expenses)	0.000	0.000	0.000	0.000
iii.	Net of other non-operating income/ expenses	0.000	0.000	0.000	0.000
Profit before tax/loss		275.162	455.000	710.000	978.700
a. Provision for taxes : Current tax		85.300	140.000	220.000	303.700
Net Profit/Loss for the year		189.862	315.000	490.000	675.000
Net Profit/Loss (After deferred tax)		189.862	315.000	490.000	675.000
a.	Dividend paid/Drawings	--	--	--	--
b.	Dividend Rate (% age)	--	--	--	--
Retained Profit		189.862	315.000	490.000	675.000
Retained Profit / Net Profit (% age)		100.00%	100.00%	100.00%	100.00%

------------------------------------------------------------------------------------------------------------------------------

BALANCE SHEET

(RS. IN MILLIONS)

	PARTICULARS			31.03.2013	31.03.2014	31.03.2015	31.03.2016
				Estimates	Projections	Projections	Projections
CURRENT LIABILITIES
1.	Short-term borrowing from banks (including bills purchased, discounted & excess borrowing placed on repayment basis)
	i.	From applicant bank		250.000	300.000	350.000	400.000
	ii.	From other banks		0.000	0.000	0.000	0.000
	iii.	(of which BP & BD)		0.000	0.000	0.000	0.000
		Sub-total [i + ii] (A)		250.000	300.000	350.000	400.000
2.	Short term borrowings from others			0.000	0.000	0.000	0.000
3.	Sundry Creditors (Trade)			54.000	80.000	110.000	145.000
4.	Advance payments from customers / deposits from dealers			0.000	0.000	0.000	0.000
5.	Provision for taxation			0.000	0.000	0.000	0.000
6.	Dividend payable			0.000	0.000	0.000	0.000
7.	Other statutory liabilities (due within 1 year)			0.000	0.000	0.000	0.000
8A.	Instalments of prop. term loan due within 1 year			4.527	5.204	5.980	6.873
8B.	Deposits / instalments of exist. term loans / DPGs / debentures etc. (due within 1 year)			0.000	0.000	0.000	0.000
9.	Other current liabilities and provisions
	(due within 1 year) - specify major items			46.000	66.184	95.088	120.768
	a.	Other Provisions		31.600	46.184	65.088	85.768
	b.	Term loan repayment		0.000	0.000	0.000	0.000
	c.	Misc Liabilities		14.400	20.000	30.000	35.000
	SUB TOTAL [2 to 9] (B)			104.527	151.388	211.068	272.641
10.	Total current liabilities [A + B]			354.527	451.388	561.068	672.641
TERM LIABILITIES
11.	Debentures (not maturing within 1 year)			0.000	0.000	0.000	0.000
12.	Preference Shares (redeemable after 1 year)			0.000	0.000	0.000	0.000
13A.	Prop. Term loan excluding instalments < 1 year			45.473	40.269	34.289	27.416
13B.	Existing Term loans (excluding instalments payable within 1 year)			0.000	0.000	0.000	0.000
14.	Deferred Payment Credits (excluding instalments due within 1 year)			0.000	0.000	0.000	0.000
15.	Unsecured loan (director's own sources)			0.000	0.000	0.000	0.000
16.	Other term liabilities - Car Loan			0.000	0.000	0.000	0.000
17.	Total Term Liabilities [11 to 16]			45.473	40.269	34.289	27.416
18.	Total Outside Liabilities [10 + 17]			400.000	491.657	595.357	700.057
NET WORTH
19.	Ord. Share Capital / Proprietor's/Partners' capital			65.443	65.443	65.443	65.443
20.	General Reserve			0.000	0.000	0.000	0.000
21.	Revaluation Reserve (not included in Total 24)			0.000	0.000	0.000	0.000
22.	Other Reserves (excluding Provisions)			0.000	0.000	0.000	0.000
23.	Surplus (+) or deficit (-) in Profit & Loss a/c			221.913	536.913	1026.913	1701.913
23.	a.	Share application money		0.000	0.000	0.000	0.000
	b.	Share premium account		588.087	588.087	588.087	588.087
	c.	Deferred Tax Liability/Asset		0.000	0.000	0.000	0.000
	d.	Drawing/Dividend		0.000	0.000	0.000	0.000
24.	Net Worth			875.443	1190.443	1680.443	2355.443
25.	TOTAL LIABILITIES [18 + 24]			1275.443	1682.100	2275.800	3055.500
Net Worth including Revaluation reserves				875.443	1190.443	1680.443	2355.443
Net Worth+ Secured Loans+ Unsecured Loans				1175.443	1535.916	2070.712	2789.732
CURRENT ASSETS
26.	Cash and Bank Balances			0.900	1.400	2.400	3.500
27.	Investments (other than long term)
	i.	Govt. and other trustee securities		0.000	0.000	0.000	0.000
	ii.	Fixed Deposits with banks		0.000	0.000	0.000	0.000
28.	i.	Receivables (upto six months) other than deferred & exports (including bills purchased and discounted by banks)		630.000	660.000	800.000	1000.000
	ii.	Export receivables (including bills purchased/discounted by banks)		0.000	0.000	0.000	0.000
29.	Instalments of deferred receivables (< 1 year)
30.	Inventory:			449.000	849.000	1379.000	1979.000
	i.	Raw materials (including stores)
		a.	Imported	0.000	0.000	0.000	0.000
		b.	Indigenous	0.000	0.000	0.000	0.000
	ii.	Stocks-in-process		0.000	0.000	0.000	0.000
	iii.	Finished goods		449.000	849.000	1379.000	1979.000
	iv	Other consumable spares
		a.	Imported	0.000	0.000	0.000	0.000
		b.	Indigenous	0.000	0.000	0.000	0.000
31.	Advances to suppliers of raw materials			0.000	0.000	0.000	0.000
32.	Advance payment of taxes			0.000	0.000	0.000	0.000
33.	Other current assets (specify major items)
	a.	Misc		60.100	79.600	3.600	0.000
34.	Total Current Assets (26 to 33)			1140.000	1590.000	2185.000	2982.500
FIXED ASSETS
35A	Gross Block (Land, Building, Plant and machinery)			246.040	255.980	315.980	355.980
35B	Capital work-in-progress			0.000	0.000	0.000	0.000
21.	Revaluation Reserve			0.000	0.000	0.000	0.000
36.	Depreciation to date			144.827	197.980	260.980	314.980
37.	Net Block (35A + 35B - 21 - 36)			101.213	58.000	55.000	41.000
OTHER NON-CURRENT ASSETS
38.	Investments/ book debts/ advances/ deposits which are not current assets			34.230	34.100	35.800	32.000
	i.	a.	Investments in subsidiary / affiliates	0.000	0.000	0.000	0.000
		b.	Investment in Others	5.200	5.100	5.300	0.000
	ii.	Advances to suppliers of capital goods
	iii.	Deferred receivables (maturity > 1 year)
	iv	Others
		a.	Capital Work in Progress	20.017	22.000	23.000	23.500
		b.	Long Term Loan and Advances	9.013	7.000	7.500	8.500
39.	Non-consumable stocks, stores and spares			0.000	0.000	0.000	0.000
40.	Other non-current assets including dues from directors			0.000	0.000	0.000	0.000
41.	Total Other Non-current Assets (38 to 40)			34.230	34.100	35.800	32.000
42.	Intangible Assets (patents, good will, etc)			0.000	0.000	0.000	0.000
43.	Total Assets (34+37+41+42)			1275.443	1682.100	2275.800	3055.500
44.	Tangible Net Worth (24 - 42)			875.443	1190.443	1680.443	2355.443
45.	Net Working Capital (34 - 10)			785.473	1138.612	1623.932	2309.859
46.	Current Ratio (34 / 10)			3.22	3.52	3.89	4.43
47.	Total Outside Liabilities / Tangible Net Worth			0.46	0.41	0.35	0.30
48.	Total Term Liabilities/ Tangible Net Worth (17/ 44)			0.05	0.03	0.02	0.01

------------------------------------------------------------------------------------------------------------------------------

COMPARATIVE STATEMENT OF CURRENT ASSETS AND CURRENT LIABILITIES

(RS. IN MILLIONS)

PARTICULARS	31.03.2013	31.03.2014	31.03.2015	31.03.2016
	Estimates	Projections	Projections	Projections
A. CURRENT ASSETS
1. Raw materials (incl. stores & other items used in the process of manufacture)
a. Imported	0.000	0.000	0.000	0.000
Month's Consumption	--	--	--	--
b. Indigenous	0.000	0.000	0.000	0.000
Month's Consumption	--	--	--	--
2. Other Consumable spares, excluding those included in 1 above
a. Imported	0.000	0.000	0.000	0.000
Month's Consumption	--	--	--	--
b. Indigenous	0.000	0.000	0.000	0.000
Month's Consumption	--	--	--	--
3. Stock-in-process	0.000	0.000	0.000	0.000
Month's cost of production	--	--	--	--
4. Finished goods	449.000	849.000	1379.000	1979.000
Month's cost of sales	(8.90)	(9.68)	(10.42)	(11.34)
5. Receivables other than export & deferred receivables (incl. bills purchased & discounted by bankers)	630.000	660.000	800.000	1000.000
Month's domestic sales: excluding deferred payment sales	(4.46)	(3.17)	(2.56)	(2.40)
6. Export receivables (Including bills purchased and discounted)	0.000	0.000	0.000	0.000
Month's export sales	--	--	--	--
7. Advances to suppliers of raw materials & stores / spares, consumables	0.000	0.000	0.000	0.000
8. Other current assets incl. cash & bank balances & deferred receivables due within one year
-Cash and Bank Balances Investments (other than long term):	0.900	1.400	2.400	3.500
I] Govt. and other trustee securities	0.000	0.000	0.000	0.000
II] Fixed Deposits with banks	0.000	0.000	0.000	0.000
-Instalments of deferred receivables (due within 1 year)	0.000	0.000	0.000	0.000
-Advance payment of taxes	0.000	0.000	0.000	0.000
-Other current assets	60.100	79.600	3.600	0.000
TOTAL CURRENT ASSETS	1140.000	1590.000	2185.000	2982.500
B. CURRENT LIABILITIES (Other than bank borrowings for working capital)
10. Creditors for purchase of raw materials, stores, consumable spares & for trading	54.000	80.000	110.000	145.000
Month's purchases	(1.79)	(1.93)	(1.82)	(1.85)
11. Advances from customers	0.000	0.000	0.000	0.000
12. Statutory liabilities	0.000	0.000	0.000	0.000
13. Other current liabilities:
- Short term borrowings from others	0.000	0.000	0.000	0.000
- Provision for taxation	0.000	0.000	0.000	0.000
- Dividend payable	0.000	0.000	0.000	0.000
- Deposits / instalments of term loans / DPGs/ debentures etc. (due within 1 year)	0.000	0.000	0.000	0.000
- Other current liabilities & provisions(due within 1 year)	46.000	66.184	95.088	120.768
TOTAL CURRENT LIABILITIES	100.000	146.184	205.088	265.768
Inventory & Receivable Levels (months)
Raw materials (Imported)	0.000	0.000	0.000	0.000
Month's Consumption	--	--	--	--
Raw materials (Indigenous)	0.000	0.000	0.000	0.000
Month's Consumption	--	--	--	--
Stock-in-process	0.000	0.000	0.000	0.000
Month's cost of production	--	--	--	--
Finished goods	449.000	849.000	1379.000	1979.000
Month's cost of sales	6.77	8.90	9.68	10.42
Receivables (Inland)	630.000	660.000	800.000	1000.000
Month's domestic sales	4.46	3.17	2.56	2.40
Export receivables (incl. bills purchased)	0.000	0.000	0.000	0.000
Month's export sales	--	--	--	--
Sundry Creditors for purchases	54.000	80.000	110.000	145.000
Month's purchases	1.79	1.93	1.82	1.85

------------------------------------------------------------------------------------------------------------------------------

COMPUTATION OF MAXIMUM PERMISSIBLE BANK FINANCE FOR WORKING CAPITAL

(RS. IN MILLIONS)

PARTICULARS	31.03.2013	31.03.2014	31.03.2015	31.03.2016
	Estimates	Projections	Projections	Projections
FIRST METHOD OF LENDING
1. Total Current Assets	1140.000	1590.000	2185.000	2982.500
2. Other Current Liabilities (other than bank borrowings	100.000	146.184	205.088	265.768
3. Working Capital Gap (WCG) (1-2)	1040.000	1443.816	1979.912	2716.732
4. Min. stipulated net working capital: (25% of WCG excluding export receivables)	260.000	360.954	494978	679.183
5. Actual / Projected net working capital	785.473	1138.612	1623.932	2309.859
6. Item-3 minus Item-4	780.000	1082.862	1484.934	2037.549
7. Item-3 minus Item-5	254.527	305.204	355.980	406.873
8. Max. permissible bank finance	254.527	305.204	355.980	406.873
9. Excess borrowings representing shortfall in NWC (4 - 5)	--	--	--	--
SECOND METHOD OF LENDING
1. Total Current Assets (Form-IV-9)	1140.000	1590.000	2185.000	2982.500
2. Other Current Liabilities (other than bank borrowings	100.000	146.184	205.088	265.768
3. Working Capital Gap (WCG) (1-2)	1040.000	1443.816	1979.912	2716.732
4. Min. stipulated net working capital: (25% of total Current Assets excluding export receivables)	285.000	397.500	546.250	745.625
5. Actual / Projected net working capital	785.473	1138.612	1623.932	2309.859
6. Item-3 minus Item-4	755.000	1046.316	1433.662	1971.107
7. Item-3 minus Item-5	254.527	305.204	355.980	406.873
8. Max. permissible bank finance (item-6 or 7, whichever is lower)	254.527	305.204	355.980	406.873
9. Excess borrowings representing shortfall in NWC (4 - 5)	--	--	--	--

------------------------------------------------------------------------------------------------------------------------------

FUNDS FLOW STATEMENT

(RS. IN MILLIONS)

PARTICULARS	31.03.2013	31.03.2014	31.03.2015	31.03.2016
	Estimates	Projections	Projections	Projections
SOURCES
Net Profit (after deferred tax)	189.862	315.000	490.000	675.000
Depreciation	51.000	53.153	63.000	54.000
Increase in share capital/appln./premium	0.000	0.000	0.000	0.000
Increase in Term Liabilities (including Public Deposits)	45.473	--	--	--
Decrease in
I] Fixed Assets & Capital WIP	--	--	--	--
II] Other non-current Assets	274.306	0.130	0.00	3.800
Increase/(Decrease) in deferred tax liability/(asset)	0.000	0.000	0.000	0.000
Others	0.000	0.000	0.000	0.000
TOTAL	560.641	368.283	553.000	732.800
USES
Net loss	0.000	0.000	0.000	0.000
Decrease in Term Liabilities (including Public Deposits)	0.000	5.204	5.980	6.873
Increase in
I] Fixed Assets & Capital WIP	60.000	9.940	60.000	40.000
II] Other non-current Assets	0.000	0.000	1.700	0.000
Dividend Payments	0.000	0.000	0.000	0.000
Inc./(Dec.) in deferred tax asset/(liability)	4.367	0.000	0.000	0.000
Others	0.000	0.000	0.000	0.000
Total	64.367	15.144	67.680	46.873
Long Term Surplus (+) / Deficit (-) [1-2]	496.274	353.139	485.320	685.927
Increase/decrease in current assets *(as per details given below)	761.644	450.000	595.000	797.500
Increase/decrease in current liabilities other than bank borrowings	15.370	46.861	59.680	61.573
Increase/decrease in Working Capital Gap	746.274	403.139	535.320	735.927
Net Surplus / Deficit (-) [3-6]	(250.000)	(50.000)	(50.000)	(50.000)
Increase/decrease in Bank Borrowings	250.000	50.000	50.000	50.000
Increase/decrease in Net Sales	581.479	840.000	1280.000	1280.000
* BREAK UP OF ITEM-4
Increase/decrease in Raw Materials	0.000	0.000	0.000	0.000
Increase/decrease in Stocks-in-Process	0.000	0.000	0.000	0.000
Increase/decrease in Finished Goods	340.000	400.000	530.000	600.000
Increase/decrease in Receivables
I] Domestic	362.140	30.000	140.000	200.000
II] Export	0.000	0.000	0.000	0.000
Increase/decrease in Stores & Spares	0.000	0.000	0.000	0.000
Increase/decrease in other current assets	59.504	20.000	(75.000)	(2.500)
TOTAL	761.644	450.000	595.000	797.500
LONG TERM SOURCES	560.641	368.283	553.000	732.800
LONG TERM USES	64.367	15.144	67.680	46.873
LONG TERM SURPLUS/DEFECIT	496.274	353.139	485.320	685.927

------------------------------------------------------------------------------------------------------------------------------

PERFORMANCE AND FINANCIAL INDICATORS

(RS. IN MILLIONS)

PARTICULARS	31.03.2013	31.03.2014	31.03.2015	31.03.2016
	Estimates	Projections	Projections	Projections
Net Sales	1800.000	2640.000	3920.000	5200.000
Exports	0.000	0.000	0.000	0.000
Operating Profit after interest	275.162	455.000	710.000	978.700
PBT	275.162	455.000	710.000	9,78.700
PBT/Net Sales %	15.29	17.23	18.11	18.82
PAT	189.862	315.000	490.000	675.000
Cash Accruals	240.862	368.153	553.000	729.000
PBDIT	331.162	553.153	823.000	10,92.700
Paid up Capital	65.443	65.443	65.443	65.443
TNW	875.443	1190.443	1680.443	2355.443
Adjusted TNW	875.443	1190.443	1680.443	2355.443
TOL/TNW	0.46	0.41	0.35	0.30
TOL/Adjusted TNW	0.46	0.41	0.35	0.30
Total Current Assets (TCA)	1140.000	1590.000	2185.000	2982.500
Current Ratio	3.22	3.52	3.89	4.43
Net Working Capital (NWC)	785.473	1138.612	1623.932	2309.859
Other Ratios
ROCE (PBDIT/Total Assets) %	25.96%	32.88%	36.16%	35.76%
Retained Profit/Total Assets %	14.89%	18.73%	21.53%	22.09%
PBDIT/Interests	66.23	12.29	16.46	18.21
PAT/Net Sales %	10.55%	11.93%	12.50%	12.98%
Net Cash Accruals/Total Debt (TOL) %	60.22%	74.88%	92.89%	104.13%
(Inventory/N. Sales)+(Receiv./G. Sales)	219	209	203	209
Gross DSCR	207.39	33.44	49.88	65.56
Efficiency Ratios
Net Sales / Total Tangible Assets	1.41	1.57	1.72	1.70
Return on Assets (PBT / TTA) %	21.57	27.05	31.20	32.03
Operating Costs / Net Sales %	80.39	75.36	74.02	72.42
Bank Finance / Current Assets (%)	21.93	18.87	16.02	13.41
Inventory and Receiv. / Net Sales (days)	219	209	203	209
Break-even at installed capacity	0.00%	0.00%	0.00%	0.00%

------------------------------------------------------------------------------------------------------------------------------

COMPUTATION OF TOTAL INCOME FOR THE YEAR ENDED 31.03.2012

PARTICULARS		(RS. IN MILLIONS)
I] Income from Business
Profit ads per profit and loss account		21.062
Add: Filing Fees for change in capital		--
Add: amount disallowed U/s 40(a)(is)		--
Professional Fees
Add: Donation Made		0.158
Add: Loss on sale of fixed assets		--
Add: Loss on cancellation of flat		--
Add: (i) Depreciation as per companies Act		23.948
		45.168
Less: Profit on sale of fixed assets		--
Less: Rent Received		--
Less: Depreciation as per Income Tax Act		32.970	12.198
II] Income from House Property
Rent Received		--
Less: Municipal Tax		--
Net Annual Value		--
Deduction U/s 24
Standard Deduction u/s 24 (a)			--
	Gross Total Income		12.198
	Less: Deduction U/s 8C to 8U		0.111
	Total Income		12.087
	Total Income Rounded Off U/s 288A		12.087
	Tax on Income @ 30%		3.626
	Add: Surcharge @ 5%		0.181
	Tax and Surcharges		3.807
	Add: Education Cess @2%		0.076
	Add: S and HED Cess @ 1%		0.038
	Tax Liability		3.921
	Add: Interests		0.472
	Tax and Interests		4.393
	Less: Advanced Tax		--
	Less: TDS		--
	Tax Payable		4.393

------------------------------------------------------------------------------------------------------------------------------

UNSECURED LOANS

Particulars	31.03.2012	31.03.2011
	(Rs. In Millions)
Loans from Directors	9.097	7.827
Advances from Body Corporate	0.000	50.104
Total	9.097	57.931

------------------------------------------------------------------------------------------------------------------------------

FIXED ASSETS:

· Lease Hold Mine

· Earthmoving Machines

· Trucks and Tipper

· Motor Cars

· Computers

· Office Equipments

· Cycle

------------------------------------------------------------------------------------------------------------------------------

WEBSITE DETAILS:

Subject a privately held, unlisted registered limited company that is largely occupied in emergent mining sector in India. The Company ranks amongst India’s fast emerging conglomerates in the coal mining and coal logistics space in the North Eastern India. Company is part of the diversified Rs.7000.000 Millions, Dwarka Das Modi (DDM) Group of Industries. The company has built its business model centred on the huge coal reserve in the north eastern hill state of Meghalaya.

Headed by young dynamic entrepreneur Mr. Ravi Modi,  company has its registered office at 229, Acharya Jagdish Chandra Bose Road, 9C, 9th Floor, Kolkata.

Company and group company Dev Roadlines Private Limited (DRPL) been playing a pioneering role in mining of coal and seamless transportation logistics space in the naturally challenging and rugged hilly terrains of north eastern India by leveraging its logistics backbone.  

Though, new to mining, Mr. Ravi Modi with his astute business acumen and  enthusiasm to take up  challenges, has been the key driving force behind company and DRPL’s mining and transport logistics businesses. His self-motivated leadership has turned the Group companies into some of the most promising and profit making organisations in the mining and logistics spectrum. In addition to acquiring a 99-year lease on a coalmine at Langmar in the West Khasi Hills, Meghalaya, with an estimated coal reserve of 11.25 million tonnes, Mr. Ravi Modi has set his sights and energies on expanding present mining business and is looking for new opportunities in the allied sectors. The Group has also chalked out an ambitious roadmap to foray into the highly competitive international coal and logistics markets.

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 records 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 n 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.53.89
UK Pound	1	Rs.84.93
Euro	1	Rs.72.51

INFORMATION DETAILS

Report Prepared by :

NIT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	4
--CREDIT LINES	1~10	4
--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
TOTAL		35

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.