MIRA INFORM REPORT

Report Date :

17.06.2013

IDENTIFICATION DETAILS

Name :	P AND H JOY MINING EQUIPMENT INDIA LIMITED (w.e.f. 23.05.2003)
Formerly Known As :	JOY MINING MACHINERY (INDIA) LIMITED (w.e.f. 06.09.1996) GULLICK EQUIPMENT LIMITED
Registered Office :	Mining Centre, 85/1 Topsia Road (South), Kolkata – 700046, West Bengal
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	16.12.1988
Com. Reg. No.:	21-045761
Capital Investment / Paid-up Capital :	Rs.0.500 Million
CIN No.: [Company Identification No.]	U29241WB1988PLC045761
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Subject is primarily engaged in trading and sale of mining machinery and its related spares.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (48)

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

Maximum Credit Limit :	USD 100000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having a satisfactory track record. There appears a drastic dip in the total revenue during 2012. Financial position of the company seems to be strong. Liquidity position is good. Trade relations are fair. Business is active. Payment terms are reported as usually correct. The company can be considered normal 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 – 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

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.

LOCATIONS

Registered Office :	Mining Centre, 85/1 Topsia Road (South), Kolkata – 700046, West Bengal, India
Tel. No.:	91-33-23022302
Fax No.:	Not Available
E-Mail :	admin@phjoyindia.com

DIRECTORS

As on 10.04.2013

Name :	Mr. Anirudha Gupta
Designation :	Managing Director
Address :	28, Roy Bahadur Road, Kolkata – 700053, West Bengal, India
Date of Birth/Age :	10.08.1953
Date of Appointment :	28.09.2006
DIN No.:	00885730
Name :	Mr. Edward Lawrence Doheny II
Designation :	Director
Address :	803, Chapel Hill Drive, Gibsonia, Pennsylvania, USA
Date of Birth/Age :	30.05.1962
Date of Appointment :	28.09.2006
DIN No.:	02655837
Name :	Mr. John David Major
Designation :	Director
Address :	N28W30202, Red Hawk Court, Pewaukee, Wisconsin, USA
Date of Birth/Age :	26.03.1964
Date of Appointment :	25.07.2008
DIN No.:	00524872
Name :	Mr. Kim Robert Kodousey
Designation :	Director
Address :	W33IN3525, Maplewood Road, Nashotah WI - 53058, USA
Date of Birth/Age :	10.08.1951
Date of Appointment :	27.04.2009
DIN No.:	02656732

MAJOR SHAREHOLDERS

As on 10.04.2013

Names of Shareholders	No. of Shares
Mach Mining Joy	49993
Nirmalendu Dutta	01
Chhanda Dutta	02
S P Mukherjee	01
Indrani Dutta	01
K Pavithran	01
Monica Mukherjee	01
TOTAL	50000

Equity Share Break up (Percentage of Total Equity)

As on 10.04.2013

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	99.99
Other top fifty shareholders	0.01
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject is primarily engaged in trading and sale of mining machinery and its related spares.

Production:

Item Code	Product Description
84.28	Material Handling Equipment
84.31	Spares for Mining Machinery
84.79	Mining Machinery

GENERAL INFORMATION

No. of Employees :	Not Available
Bankers :	· Standard Chartered Bank, Shakespeare Sarani

Banking Relations :	--
Auditors :
Name :	S.V. Ghatalia and Company Chartered Accountant
Address :	22, Camac Street, 3^rd Floor, Block – C, Kolkata – 700016, West Bengal, India
PAN No.:	AACFS6921Q

CAPITAL STRUCTURE

As on 10.04.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
1500000	Equity Shares	Rs.10/- each	Rs.15.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
50000	Equity Shares	Rs.10/- each	Rs.0.500 Million

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	0.500	0.500
(b) Reserves & Surplus	543.113	233.366
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
(3) Non-current liabilities	0.000	0.000
(a) long-term borrowings	0.000	0.000
(b) Deferred tax liabilities (Net)	0.000	0.000
(c) Other long term liabilities	0.867	1.706
(d) long-term provisions	0.000	0.000
(4) Current liabilities	0.000	0.000
(a) Short term borrowings	25.000	205.000
(b) Trade payables	409.664	37.886
(c) Other current liabilities	188.341	54.086
(d) Short-term provisions	111.690	37.423
TOTAL	1279.175	569.967
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	24.874	25.626
(ii) Intangible Assets	0.482	0.602
(iii) Capital work-in-progress	1.537	0.295
(iv) Intangible assets under development	0.172	0.000
(b) Non-current Investments	0.000	0.500
(c) Deferred tax assets (net)	2.383	2.254
(d) Long-term Loan and Advances	35.697	34.553
(e) Other Non-current assets	0.000	0.000
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	563.402	74.847
(c) Trade receivables	118.227	331.369
(d) Cash and cash equivalents	463.031	88.853
(e) Short-term loans and advances	52.754	9.793
(f) Other current assets	16.616	1.275
TOTAL	1279.175	569.967

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		0.500
2] Share Application Money		0.000
3] Reserves & Surplus		179.244
4] (Accumulated Losses)		0.000
NETWORTH		179.744
LOAN FUNDS
1] Secured Loans		0.000
2] Unsecured Loans		55.000
TOTAL BORROWING		55.000
DEFERRED TAX LIABILITIES		0.000
TOTAL		234.744
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		20.719
Capital work-in-progress		0.109
INVESTMENT		0.500
DEFERRED TAX ASSETS		1.615
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	218.686
	Sundry Debtors	57.441
	Cash & Bank Balances	83.303
	Other Current Assets	1.129
	Loans & Advances	34.538
Total Current Assets		395.097
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	0.000
	Other Current Liabilities	165.696
	Provisions	17.600
Total Current Liabilities		183.296
Net Current Assets		211.801
MISCELLANEOUS EXPENSES		0.000
TOTAL		234.744

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	277.922	631.933	172.399
		Other Income	29.234	6.170	10.308
		TOTAL	307.156	638.103	182.707
Less	EXPENSES
		Cost of raw materials, sub assemblies and components consumed	432.431	15.748
		Purchase of traded goods	120.635	165.165
		Decrease in inventories	(464.474)	144.720
		Direct expenses	31.526	111.966
		Employee benefit expenses	57.508	46.560
		Other expenses	54.934	44.993
		TOTAL	232.559	529.152	145.527
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION, EXCEPTIONAL		74.597	108.951	37.180
Add	EXCEPTIONAL ITEMS		333.951	0.000	0.000
	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		408.548	108.951	37.180
Less	FINANCIAL EXPENSES		4.598	22.440	4.896
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		403.951	86.511	32.284
Less/ Add	DEPRECIATION/ AMORTISATION		6.399	5.038	4.322
	PROFIT BEFORE TAX		397.552	81.473	27.962
Less	TAX		87.805	27.351	16.008
	PROFIT AFTER TAX		309.747	54.122	11.954
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		233.366	179.244	167.290
	BALANCE CARRIED TO THE B/S		543.113	233.366	179.244
	EARNINGS IN FOREIGN CURRENCY
		Sales	94.238	46.019	129.404
		Resource Utilization	5.887	12.210	40.793
		Commission	60.010	63.648	0.000
	TOTAL EARNINGS		160.135	121.877	170.197
	IMPORTS
		Component and Spare Parts	574.849	129.053	173.107
	TOTAL IMPORTS		574.849	129.053	173.107
	Earnings Per Share (Rs.)		6.195	1.082	0.239

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	100.84	8.48	6.54
Net Profit Margin (PBT/Sales)	(%)	143.04	12.89	16.22
Return on Total Assets (PBT/Total Assets}	(%)	31.18	14.37	6.72
Return on Investment (ROI) (PBT/Networth)		0.73	0.35	0.16
Debt Equity Ratio (Total Debt /Networth)		0.05	0.88	0.31
Current Ratio (Current Asset/Current Liability)		1.65	1.51	2.16

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	No
10]	Designation of contact person	No
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	No
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

UNSECURED LOANS:

Particulars	31.03.2012 Rs. In Millions	31.03.2011 Rs. In Millions
Short term loan bank	25.000	205.000
Total	25.000	205.000

NOTE: Jay Global Inc. USA, the ultimate holding Company has given a corporate guarantee towards such borrowings.

COMPANY PERFORMANCE:

In the year total revenue has gone down from 638.10 Million to 307.15 Million a decrease by 48.15%, profit before depreciation and tax has also gone down from 86.51 Million to 21.45 Million. The total profit amount includes profit on sale of shares in Joy Mining Services India Private Limited, which is 382.50 Million.

FUTURE OUTLOOK:

One JoyGlobal : Global branding operation has been started under one 'JOYGLOBAL' in all operations worldwide. Component Exchange Program (CEP) which was started in the year 2007 at our workshop in Nagpur has successfully repaired and supplied the spares required for Continuous Miner Packages installed in six numbers of different projects of subsidiaries of Coal India for smooth and uninterrupted operation of Continuous Mine Projects running in India. Revenue in new stream under the Cost per Tonne Model has completed successfully two years on account of supply of Maintenance Spares to the Continuous Miner Project of Sarpi Project of Eastern Coalfields Limited and Cbirimiri Project in South Eastern Coalfields Ltd. The company expects to have good margin from this new revenue stream in near future.

The Company has already received Order from South Eastern Coalfields Limited (SECL) for supplying three number of indigenously manufactured 1900AL Shovels. Out of that, one shovel has been supplied in last financial year and it has been commissioned this year. The balance two shovels are currently being manufactured and expected to be delivered and commissioned in next financial year. Coal India has also awarded another P.O. for supplying two numbers of 40CuM Shovel to our Associate Enterprise P and Ii Mining Equipment hie. USA. Maintenance & Repair Contract (MARC) for a period of 17 years from the date of commissioning for these two 40CuM Shovels would be executed by your company.

During the period the company has hived off its investment in the shares of its 100% subsidiary named Joy Mining Services India Private Limited to Simplex hifrastructure Limited a listed company highly reputed in Construction and Infrastructure development. A Business Development Agreement was also entered into with Simplex to cater to the Underground Mining business in India.

FIXED ASSETS:

· Building

· Leasehold Improvements

· Plant and Machinery

· Electrical Installations

· Furniture and Fixtures

· Office Equipment

· Data Processing Equipment

· Vehicles

· Application Software

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.57.74
UK Pound	1	Rs.77.02
Euro	1	Rs.90.64

INFORMATION DETAILS

Report Prepared by :

AHN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--CREDIT LINES	1~10	5
--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	No
--LISTED	YES/NO	No
--OTHER MERIT FACTORS	YES/NO	Yes
DEFAULTER
--RBI	YES/NO	No
--EPF	YES/NO	No
TOTAL		48

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.