MIRA INFORM REPORT

Report Date :

19.11.2013

IDENTIFICATION DETAILS

Name :	VIDARBHA ENTERPRISES PRIVATE LIMITED
Registered Office :	H. No. 905, Harlalka Bhavan, Santra Market, Empress Mill Road, Nagpur -  440018, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	25.09.1985
Com. Reg. No.:	11-037589
Capital Investment / Paid-up Capital :	Rs.15.865 Millions
CIN No.: [Company Identification No.]	U70910MH1985PTC037589
PAN No.: [Permanent Account No.]	AAACV5149E
Legal Form :	Private Limited Liability Company
Line of Business :	Trader, Importer and Transportation of Coal.
No. of Employees :	10 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (42)

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

Maximum Credit Limit :	USD 260000
Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. There appears dip in sales and profit of the company. However, liquidity position of the company appears to be good. Trade relation reported to be fair. Business is active. Payment terms are reported to be slow but correct. The company can be considered for business dealing 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 – March 31^st, 2013

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
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

The current downturn provides an opportunity to push ahead with reforms to accelerate growth, says the latest India Development Update report released by the World Bank. The report says that the adverse effects of rupee depreciation are likely to be offset by the gains in the exports performance due to improved external competitiveness. Since May this year, the local currency has depreciated substantially and fell to a record level of Rs 68.85 to a dollar on August, 28.

A stagflation like situation appears to have arisen as inflation jumped to an eight month high of 6.46 % for the month of September. It is up from 6.10 % in August. Growth continues to be muted with factory output plunging to 0.6 % in August. Onion prices have risen nearly 300 % from last September. Vegetables cost nearly 90 % more than they did last year. Wake up to the economic contribution of slum dwellers. They contribute more than 7.5 % to the country’s gross domestic product, according to a recent study conducted in 50 top cities.

136000 estimated number of jobs created during the second quarter of the current financial year. 50000 estimated number of additional jobs in the field of corporate social responsibility in the coming years.

The International Finance Corporation expects to come out with its rupee linked bonds issue before the end of 2013 as a part of its plan to raise $ 1 billion. The Apple iPhone 5c (Rs 41900 for 16 GB variant) and 5s (Rs 53500 for 16GB variant) has been launched in India from 1^st November.

The Land Acquisition Act to provide just and fair compensation to farmers will come into force from January 1 next year, said Rural Development Minister Jairam Ramesh. The Act replaces a 119 year old registration. The Securities and Exchange Board of India has approved the trading of currency futures on the Bombay Stock Exchange. The exchange plans to launch the currency futures platform with advanced trading technology by the end of November.

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. Santosh Agarwal
Designation :	Director
Contact No.:	91-9849001851
Date :	12.11.2013

LOCATIONS

Registered Office :	H. No. 905, Harlalka Bhavan, Santra Market, Empress Mill Road, Nagpur -  440018, Maharashtra, India
Tel. No.:	Not Available
Mobile No.:	91-9849001581 (Mr. Santosh Agarwal) 91-9849981851 (Mr. Rajendra)
Fax No.:	Not Available
E-Mail :	sky1851@gmail.com dembleramani@yahoo.co.in
Location :	Owned
Liaison Office :	1513 Pushpa Kunj Apartment, 2nf Floor, Ramdas Pet, Nagpur – 440010, Maharashtra, India

DIRECTORS

As on 29.09.2012

Name :

Mr. Tushar Agarwal

Designation :

Director

Address :

3-3-85 Lane Beside Manjeera Hotel, Kutbiguda Kachiguda, Hyderabad – 500027, Andhra Pradesh, India

Date of Birth/Age :

20.06.1994

Date of Appointment :

30.05.2013

DIN No.:

06595111

Name :

Mr. Santosh Kumar Agarwal

Designation :

Director

Address :

1st Floor, Hillal Market, Old Feel Khana , Hyderabad, Andhra Pradesh, India

Date of Birth/Age :

14.01.1962

Date of Appointment :

01.06.2005

DIN No.:

01686337

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U70910MH1985PTC037589	VIDARBHA ENTERPRISES PRIVATE LIMITED	Director	01/06/2005	01/06/2005	-	Active	NO
2	U23209AP1992PLC013774	MAHESWARI BROTHERS COAL LIMITED	Director	01/08/2005	01/08/2005	-	Active	NO
3	U14102GA1996PLC002109	SCORPIO IRON LIMITED	Director	02/06/2010	02/06/2010	20/12/2012	Active	NO

Name :

Mr. Rama Agarwal

Designation :

Director

Address :

1st Floor, Hillal Market, Old Feel Khana , Hyderabad, Andhra Pradesh, India

Date of Birth/Age :

15.02.1966

Date of Appointment :

01.06.2005

DIN No.:

02443222

KEY EXECUTIVES

Name :	Mr, Rajendra
Designation :	Accountant

MAJOR SHAREHOLDERS

As on 29.09.2012

Names of Shareholders	No. of Shares
Santosh Kumar Agrawal	650000
Rama Agrawal	100000
Ankita Agrawal	75000
Ashika Agrawal	75000
Akarti Agrawal	75000
Premabai	225000
Jeetender Agrawal	75000
Jamuna Agrawal	35000
Ratanlal Agrawal	40000
Shobha Goyal	40000
Abhishek Goyal	35000
Shree Balaji Maharaj and Company, India	5000
Swarn Lata	9000
Shakumbari Steel Private Limited, India	7500
Shalab Garg	7500
Pallavi Garg	7500
Sudhir Kumar Garg	7500
Priti Garg	11000
Sudhir Anand and Associates, India	7500
Kamakshi Sales	7500
S. K. Garg and Sons	7500
Naugawan Leasing and Investment Limited, India	10000
Shree Shakumbhari Enterprises, India	5000
Garima Trading Company, India	7500
Shree Veer Bhadra Sales Corporation , India	7500
Shree Bala Sundry Enterprises, India	7500
Laxmikant Finance and Trading Company, India	5000
Shree Mahalaksmi Trading Corporation, India	7500
Saurabh Garg	5000
Garima Gupta	5000
Swapnil Finance and Hire Purchase Company Private Limited, India	4000
Shalab Garg and Priti Garg	2500
Shakuntla Bai	17500
Total	1586500

Equity Share Break up (Percentage of Total Equity)

As on 29.09.2012

Category	Percentage
Bodies corporate	1.35
Directors or relatives of Directors	85.09
Other top fifty shareholders	13.56
Total	100.00

BUSINESS DETAILS

Line of Business :	Trader, Importer and Transportation of Coal.
Imports :
Products :	Coal
Countries :	· Indonesia · South Africa
Terms :
Selling :	L/C and Cash
Purchasing :	L/C and Cash

GENERAL INFORMATION

Customers :

End Users

No. of Employees :

10 (Approximately)

Bankers :

HDFC Bank, Secunderabad, Andhra Pradesh, India

Facilities :

SECURED LOANS	31.03.2012 Rs. In Millions	31.03.2011 Rs. In Millions
Short Term Borrowings
From Bank : Fortuner Car Loan from HDFC Bank	0.686	1.223
From Bank : Vema Car Loan from HDFC Bank	0.747	0.000
From Bank : Bank OD from The APM Co-Operative Urban Bank	0.015	0.000
Total	1.448	1.223

Banking Relations :	--
Auditors :
Name :	Demble Ramani and Company Chartered Accountants
Address :	201, M G House, R.T. Road, Civil Lines, Nagpur – 440001, Maharashtra, India
Tel. No.:	91-712-3918630/3918631
Fax No.:	91-712-3918654
E-Mail :	dembleramani@yahoo.co.in
PAN No.:	AABFD9880A
Related Parties :	· Santosh Kumar Agarwal HUF · Maheshwari Brothers Coal Limited

CAPITAL STRUCTURE

As on 29.09.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
4000000	Equity Shares	Rs. 10/- each	Rs.40.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1586500	Equity Shares	Rs. 10/- each	Rs.15.865 Millions

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	15.865	14.000
(b) Reserves & Surplus	50.394	10.485
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1) + (2)	66.259	24.485
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000
(b) Deferred tax liabilities (Net)	0.000	0.000
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	0.000	0.000
(4) Current Liabilities
(a) Short term borrowings	6.448	1.973
(b) Trade payables	131.982	152.860
(c) Other current liabilities	1.192	4.687
(d) Short-term provisions	0.026	1.783
Total Current Liabilities (4)	139.648	161.303
TOTAL	205.907	185.788
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	2.375	1.841
(ii) Intangible Assets	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	0.020	0.020
(e) Other Non-current assets	0.109	0.146
Total Non-Current Assets	2.504	2.007
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	1.863	23.795
(c) Trade receivables	150.134	114.600
(d) Cash and cash equivalents	21.206	22.450
(e) Short-term loans and advances	29.905	22.578
(f) Other current assets	0.295	0.358
Total Current Assets	203.403	183.781
TOTAL	205.907	185.788

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		14.000
2] Share Application Money		0.000
3] Reserves & Surplus		3.568
4] (Accumulated Losses)		0.000
NETWORTH		17.568
LOAN FUNDS
1] Secured Loans		4.286
2] Unsecured Loans		0.000
TOTAL BORROWING		4.286
DEFERRED TAX LIABILITIES		0.000
TOTAL		21.854
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		0.000
Capital work-in-progress		0.000
INVESTMENT		15.612
DEFERRED TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.686
	Sundry Debtors	25.727
	Cash & Bank Balances	3.203
	Other Current Assets	0.000
	Loans & Advances	0.000
Total Current Assets		29.616
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	22.309
	Other Current Liabilities	0.000
	Provisions	1.064
Total Current Liabilities		23.373
Net Current Assets		6.242
MISCELLANEOUS EXPENSES		0.000
TOTAL		21.854

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income
		Other Income
		TOTAL	271.232	465.722	37.618
Less	EXPENSES
		Cost of Materials Consumed
		Purchase of Stock-in-trade
		Other Expenses
		TOTAL	264.307	455.268	35.231
	PROFIT/(LOSS) BEFORE TAX		6.925	10.454	2.387
Less	TAX		2.450	3.537	0.587
	PROFIT/(LOSS) AFTER TAX		4.475	6.917	1.800
	Earnings Per Share (Rs.)
	Basic		2.82	49.40	12.85
	Diluted		3.18	49.40	12.85

Particulars	31.03.2013
Sales Turnover (Approximately)	250.000

The above information has been parted by Mr. Santosh Agarwal (Director)

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	1.65	1.49	4.78
Return on Total Assets (PBT/Total Assets}	(%)	3.36	5.63	8.05
Return on Investment (ROI) (PBT/Networth)		0.1	0.43	0.13
Debt Equity Ratio (Total Debt /Networth)		0.09	0.08	0.24
Current Ratio (Current Asset/Current Liability)		1.45	1.14	1.27

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	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	Yes
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 Borrowings
Loans repayable on demand from other parties
Goa Sponge and Power Limited	5.000	0.000
Om Shiv Shakti Iron Industries	0.000	0.750
Total	5.000	0.750

NOTE: NO CHARGES EXIST FOR THE COMPANY

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.63.06
UK Pound	1	Rs.101.15
Euro	1	Rs.84.95

INFORMATION DETAILS

Information Gathered by :	PLK
Report Prepared by :	NKT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--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
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		42

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.