MIRA INFORM REPORT

Report Date :

18.01.2013


Contact No.:	07752213317

IDENTIFICATION DETAILS

Name :	MAHAVIR COAL WASHERIES PRIVATE LIMITED

Registered Office :	198, Ist Floor, Vasant Enclave, Vasant Vihar, New Delhi – 110057

Country :	India

Financials (as on) :	31.03.2013

Date of Incorporation :	26.04.2007

Com. Reg. No.:	55-162608

Capital Investment / Paid-up Capital :	Rs. 44.994 Millions

CIN No.: [Company Identification No.]	U10100DL2007PTC162608

TAN No.: [Tax Deduction & Collection Account No.]	DELM16652G

PAN No.: [Permanent Account No.]	AAFCM1923J

Legal Form :	Private Limited Liability Company

Line of Business :	Manufacturer of Coal.

No. of Employees :	200 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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

Maximum Credit Limit :	USD 510000

Status :	Satisfactory

Payment Behaviour :	Usually correct

Litigation :	Clear

Comments :	Subject is an established company having satisfactory track record. The management has seen a better increase in its sales volume as well as net profitability during 2013. Further, the company possesses an acceptable financial position marked by huge receivables and low cash balance reported during the year under review. However, trade relations are fair. Business is active. Payment terms are reported as usually correct. The company can be considered for business dealings at usual trade terms and conditions.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – September 30, 2013

Country Name

Previous Rating

(30.06.2013)

Current Rating

(30.09.2013)

India

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

INDIAN ECONOMIC OVERVIEW

India’s current account deficit narrowed in the quarter ended September as government measures to curb imports, especially gold, kicked in. The current account deficit, the excess of a country’s imports of goods and services over exports, narrowed to $ 5.2 billion from $ 21 billion in the year ago period, according to provisional Reserve Bank of India data. Finance Minister P. Chidambaram said the CAD for the year will be less than $ 60 billion or 3 per cent of GDP and the latest data suggests the government may achieve the target.

India was ranked 94^th among the world’s most corrupt nations list. Denmark and New Zealand topped as the cleanest while Somalia emerged as the most corrupt.

India’s services sector activity witnessed a moderate improvement in November over the previous month, even while indicating the fifth successive monthly contraction, according the HSBC survey.

$53 million estimated losses suffered by India due to phishing attacks during the third quarter, according to a study by RSA. India ranks fourth in the list of nations hit by phishing attacks. The US remained at the top of the charts. Phishing is the process of acquiring information such as user names, passwords and credit card details by sending e-mails disguised as official mails.

Rs.4080 million worth of mobile-phone-based transactions by July 2013 compared to Rs.260 million in September, 2012, according to Deloitte report. The number of transactions has shot up from 94000 to 701000.

India aims to earn Rs.400000 million from the bandwidth auction set for January. The merger and acquisition guidelines, cleared by a group of ministers, will be out before the auction begins so that players can make informed decisions on the auctions.

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 (GENERAL DETAILS)

Name :	Mr. Fazal
Designation :	Account Department
Contact No.:	91-9752312384
Date :	17.01.2014

LOCATIONS

Registered Office :	198, Ist Floor, Vasant Enclave, Vasant Vihar, New Delhi – 110057, India
Tel. No. :	91-11-26141902
Mobile No. :	91-9752312384 (Mr. Fazal)
Fax No. :	Not Available
E-Mail :	mcwpl.baloda@gmail.com cashweta23@gmail.com mcwlp.bsp@gmail.com

Administrative Office:	Lakhmi Tower, Near Triveni Bhawan, Vyapar Vihar, Bilaspur, Chhattisgarh, India

Corporate Office:	C/O Mahavir Inspire House, Behind Deendayal Garden, Vyapar Vihar, Bilaspur-495001, Chhattisgarh, India

Factory:	Village Bhelai, District Janjgir – Champa, Chhattisgarh, India

DIRECTORS

As on 30.09.2013

Name :

Mr. Pramod Kumar Jain

Designation :

Director

Address :

198, 1^st Floor, Vasant Enclave, Vasant Vihar, New Delhi, India

Date of Appointment :

26.04.2007

DIN No. :

00036019

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	U60231CT1995PTC010269	VARDHMAN ROAD LINES PRIVATE LIMITED	Director	20/12/1995	20/12/1995	-	Active	NO
2	U51909MH2002PLC138369	MAHAVIR GLOBAL COAL LIMITED	Director	24/01/2003	24/01/2003	-	Active	NO
3	U27102DL2003PTC259757	ARYAN ISPAT AND POWER PRIVATE LIMITED	Managing director	09/04/2011	28/04/2003	-	Active	NO
4	U45102MH2006PLC161175	MAHAVIR ENERGY AND COAL BENEFICATION LIMITED	Director	17/04/2006	17/04/2006	-	Active	NO
5	U01122CT1988PTC004451	GAGAN FARMS PVT LTD	Director	18/07/2006	18/07/2006	-	Active	NO
6	U10100DL2007PTC162608	MAHAVIR COAL WASHERIES PRIVATE LIMITED	Director	26/04/2007	26/04/2007	-	Active	NO
7	U10100DL2007PTC162663	MAHAVIR WASHERIES AND POWER PRIVATE LIMITED	Director	27/04/2007	27/04/2007	-	Active	NO
8	U51909CT1996PTC021982	SIMCO CONSULTANTS PRIVATE LIMITED	Director	01/02/2008	01/02/2008	-	Active	NO
9	U36109DL2008PTC179475	MAHAVIR BENEFICATION PRIVATE LIMITED	Managing director	23/01/2010	13/06/2008	-	Active	NO
10	U27106CT1995PLC009693	JAIN REROLLERS LIMITED	Director	01/09/2008	01/09/2008	-	Active	NO
11	U51310DL2008PTC183071	MAHAVIR MULTITRADE PRIVATE LIMITED	Director	09/09/2008	09/09/2008	26/03/2011	Active	NO
12	U10200DL2002PTC115155	KARTIKAY COAL WASHERIES PRIVATE LIMITED	Director	30/09/2011	25/02/2011	-	Active	NO
13	U51909WB2009PTC140196	LUMINA MARKETING PRIVATE LIMITED	Director	26/07/2011	26/07/2011	-	Active	NO
14	U51909WB2008PTC130336	ROSEMARY COMMERCIAL PRIVATE LIMITED	Director	08/11/2011	08/11/2011	-	Active	NO
15	U51909WB2010PTC145823	ASHA DEALCOM PRIVATE LIMITED	Director	02/12/2011	02/12/2011	-	Active	NO
16	U52100WB2010PTC145605	PROMPT DEALTRADE PRIVATE LIMITED	Director	02/12/2011	02/12/2011	-	Active	NO
17	U27100DL2013PTC252349	MAHAVIR ARYAN INDUSTRIES PRIVATE LIMITED	Director	20/05/2013	20/05/2013	-	Active	NO

Name :

Mr. Vinod Kumar Jain

Designation :

Director

Address :

Mangal Sri, Kranti Nagar, Bilaspur, Chhattisgarh, India

Date of Appointment :

03.03.2008

DIN No. :

00123795

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	Company/ LLP Status	Defaulting status
1	U51909MH2002PLC138369	MAHAVIR GLOBAL COAL LIMITED	Director	30/09/2005	24/01/2003	Active	NO
2	U60231CT1995PTC010269	VARDHMAN ROAD LINES PRIVATE LIMITED	Director	01/02/2003	01/02/2003	Active	NO
3	U27102DL2003PTC259757	ARYAN ISPAT AND POWER PRIVATE LIMITED	Director	30/04/2003	30/04/2003	Active	NO
4	U04520CT2005PTC017721	GLOBAL ESTATES AND DEVELOPERS PRIVATE LIMITED	Director	17/06/2005	17/06/2005	Active	NO
5	U45102MH2006PLC161175	MAHAVIR ENERGY AND COAL BENEFICATION LIMITED	Director	17/04/2006	17/04/2006	Active	NO
6	U01122CT1988PTC004451	GAGAN FARMS PRIVATE LIMITED	Director	18/07/2006	18/07/2006	Active	NO
7	U10100DL2007PTC162663	MAHAVIR WASHERIES AND POWER PRIVATE LIMITED	Director	24/08/2007	24/08/2007	Active	NO
8	U80301MH2007PTC174724	INSPIRE MEDICAL AND EDUCATION COMPANY PRIVATE LIMITED	Director	04/10/2007	04/10/2007	Active	NO
9	U45201MH2007PTC174889	INSPIRE CONSTRUCTION AND COAL PRIVATE LIMITED	Director	10/10/2007	10/10/2007	Active	NO
10	U51909CT1996PTC021982	SIMCO CONSULTANTS PRIVATE LIMITED	Director	01/02/2008	01/02/2008	Active	NO
11	U10100DL2007PTC162608	MAHAVIR COAL WASHERIES PRIVATE LIMITED	Director	03/03/2008	03/03/2008	Active	NO
12	U51909WB2009PTC140196	LUMINA MARKETING PRIVATE LIMITED	Director	26/07/2011	26/07/2011	Active	NO

Name :

Mr. Vishal Kumar Jain

Designation :

Director

Address :

Mangalshri, Near Park, Sbi Colony, Kranti Nagar, Bilaspur - 495001, Chhattisgarh, India

Date of Appointment :

30.07.2010

DIN No. :

01750650

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	Company/ LLP Status	Defaulting status
1	U80301MH2007PTC174724	INSPIRE MEDICAL AND EDUCATION COMPANY PRIVATE LIMITED	Director	15/10/2007	15/10/2007	Active	NO
2	U45201MH2007PTC174889	INSPIRE CONSTRUCTION AND COAL PRIVATE LIMITED	Director	15/10/2007	15/10/2007	Active	NO
3	U13100CT2007PTC020463	INSPIRE INDUSTRIES PRIVATE LIMITED	Director	30/11/2007	30/11/2007	Active	NO
4	U10100DL2007PTC162608	MAHAVIR COAL WASHERIES PRIVATE LIMITED	Director	30/07/2010	30/07/2010	Active	NO
5	U51101CT2011PTC000042	INSPIRE COAL AND LOGISTICS PRIVATE LIMITED	Director	05/12/2011	05/12/2011	Active	NO
6	U45102MH2006PLC161175	MAHAVIR ENERGY AND COAL BENEFICATION LIMITED	Director	14/10/2013	14/10/2013	Active	NO
7	U27106CT1995PLC009693	JAIN REROLLERS LIMITED	Director	19/10/2013	19/10/2013	Active	NO
8	U22210CT2013PTC001181	MAHAVIR TELEMEDIA AND NEWS PRIVATE LIMITED	Director	13/12/2013	13/12/2013	Active	NO

Name :

Mr. Vikas Jain

Designation :

Director

Address :

Mangalshri, Near Park, Sbi Colony, Kranti Nagar, Bilaspur - 495001, Chhattisgarh, India

Date of Birth/Age :

22.08.1983

Date of Appointment :

30.07.2010

DIN No. :

01750741

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	Company/ LLP Status	Defaulting status
1	U80301MH2007PTC174724	INSPIRE MEDICAL AND EDUCATION COMPANY PRIVATE LIMITED	Director	15/10/2007	15/10/2007	Active	NO
2	U45201MH2007PTC174889	INSPIRE CONSTRUCTION AND COAL PRIVATE LIMITED	Director	15/10/2007	15/10/2007	Active	NO
3	U13100CT2007PTC020463	INSPIRE INDUSTRIES PRIVATE LIMITED	Director	30/11/2007	30/11/2007	Active	NO
4	U10100DL2007PTC162608	MAHAVIR COAL WASHERIES PRIVATE LIMITED	Director	30/07/2010	30/07/2010	Active	NO
5	U51101CT2011PTC000042	INSPIRE COAL AND LOGISTICS PRIVATE LIMITED	Director	05/12/2011	05/12/2011	Active	NO
6	U74120MH2013PTC247667	BEYOND MODEL AND EVENT MANAGEMENT PRIVATE LIMITED	Director	29/08/2013	29/08/2013	Active	NO
7	U51909MH2002PLC138369	MAHAVIR GLOBAL COAL LIMITED	Director	14/10/2013	14/10/2013	Active	NO
8	U27106CT1995PLC009693	JAIN REROLLERS LIMITED	Director	19/10/2013	19/10/2013	Active	NO
9	U22210CT2013PTC001181	MAHAVIR TELEMEDIA AND NEWS PRIVATE LIMITED	Director	13/12/2013	13/12/2013	Active	NO

KEY EXECUTIVES

Name :	Mr. Fazal
Designation :	Account Department

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2013

Names of Shareholders		No. of Shares
Vinod Kumar Jain		3000
Pramod Kumar Jain (SA)		80280
Vikash Jain		70000
Vishal Jain		115000
Ankit Jain		1200
Ankur Jain		111000
Mahavir Global Coal Limited		4500
Lumina Marketing Private Limited		2130900
Mahavir Washeries and Power Private Limited		64109
Jain Transport Corporation		2000
Vsg Leasing and Financing Company Private Limited		25000
Welkin Investment Consultants Private Limited		40000
M.K. Thapar		2400
Titanic Distributors Private Limited		1850000
Total		4499389

As on 30.09.2013

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Bodies corporate	91.49
Directors or relatives of Directors	8.51
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Coal.

Terms :
Selling :	Cash and Credit

Purchasing :	Cash, Credit and Depend

GENERAL INFORMATION

Suppliers :

· ACB (India) Limited

· Godavari Commodities Limited

· Hind Energy and Coal Benefication (India) Limited

· Mahavir Global Coal Limited

· Saraogi Udyog Private Limited

· Swastik Coal Corporation Private Limited

Customers :

End Users

· Alok and Company

· Bhagwati Enterprises

· Budhiya Enterprises

· Ganpati Enterprises

· Jagannath Associates

· Inspire Industries Private Limited

· Krishna Traders

· Lafarge India Private Limited

· Nikhil Traders

· Om Traders

No. of Employees :

200 (Approximately)

Bankers :

Axis Bank Limited, Rama Trade Centre, Opposite Rajiv Plaza, Near Bus Stand, Bilaspur, Bilaspur - 495001, Chhattisgarh, India

Facilities :

SECURED LOANS	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
LONG TERM BORROWINGS
TERM LOAN (From Bank) Axis Bank Limited [Secured by way of hypothecation of Land / Entire fixed and current assets in the name of Mahavir Coal Washeries Private Limited and Mahavir Washeries and Power Private Limited] [Guarantee of Directors Mr. Vinod Kr. Jain, Mr. Prammod Kr.Jain, Mr. Vishal Jain and Mr.Vikas Jain] [Repayable within 20 EMI of Rs.1.000 Million Qtr.]	14.205	19.258
COMMERCIAL LOAN [Secured by way of hypothecation of HDFC Bank Limited] [Secured by way of hypothecation of Vehicles] [Guarantee of Directors] [Repayable EMI of Rs.197764/-]	10.435	4.556

SHORT TERM BORROWINGS
CASH CREDIT ACCOUNT AXIS Bank Limited, Bilaspur CC A/c [Secured by way of hypothecation of Land / Entire fixed and current assets in the name of Mahavir Coal Washeries Private Limitedand Mahavir Washeries and Power Private Limited] [Guarantee of Directors Mr. Vinod Kr. Jain, Mr. Prammod Kr.Jain, Mr. Vishal Jain and Mr. Vikas Jain]	50.501	50.083
Total	75.141	73.897

Banking Relations :	--

Auditors :
Name :	Shweta Mazumdar and Company Chartered Accountants
Address :	Link Road, Behind Sumangalam Apartment, Bilaspur – 495001, Chattisgarh, India
Income-tax PAN of auditor or auditor's firm :	AILPM5119P

Enterprises owned by the Key Management Personnel or their relatives:	· Arihant Coal Traders · Inspire Industries Private Limited · Mahavir Coal Resources Private Limited · Mahavir Global Coal Limited · Paras Power and Coal Benefication Limited · Indian Enterprises · Mahavir Multitrade Private Limited

CAPITAL STRUCTURE

As on 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount

10,000,000	Equity Shares	Rs.10/- each	Rs. 100.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

4,499,389	Equity Shares	Rs.10/- each	Rs. 44.994 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	44.994	9.994	9.994
(b) Reserves & Surplus	70.635	64.781	62.479
(c) Money received against share warrants	0.000	0.000	0.000

(2) Share Application money pending allotment	12.000	28.500	14.521
Total Shareholders’ Funds (1) + (2)	127.629	103.275	86.994

(3) Non-Current Liabilities
(a) long-term borrowings	54.340	23.814	46.923
(b) Deferred tax liabilities (Net)	1.553	0.736	0.000
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	55.893	24.550	46.923

(4) Current Liabilities
(a) Short term borrowings	50.501	50.083	47.497
(b) Trade payables	135.082	101.363	0.000
(c) Other current liabilities	20.168	7.361	6.351
(d) Short-term provisions	0.000	0.180	0.256
Total Current Liabilities (4)	205.751	158.987	54.104

TOTAL	389.273	286.812	188.021

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	129.969	130.027	112.631
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	3.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.062
(d) Long-term Loan and Advances	0.000	0.000	0.000
(e) Other Non-current assets	3.296	3.046	2.321
Total Non-Current Assets	133.265	136.073	115.014

(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	25.461	52.237	16.171
(c) Trade receivables	211.910	80.248	36.200
(d) Cash and cash equivalents	2.175	4.966	9.077
(e) Short-term loans and advances	15.245	12.060	11.415
(f) Other current assets	1.217	1.228	0.144
Total Current Assets	256.008	150.739	73.007

TOTAL	389.273	286.812	188.021

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income		213.387	6.316
		Other Income		0.160	0.000
		TOTAL (A)	330.172	213.547	6.316

Less	EXPENSES
		Cost of Materia Sold (Purchase)		191.650	19.246
		Change in inventories of stovk in trade		(36.066)	(16.171)
		Employee benefit expenses		4.583	0.065
		Other Expenditure		23.572	1.979
		TOTAL (B)	292.435	183.739	5.119

	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		37.737	29.808	1.197

Less	FINANCIAL EXPENSES (D)		11.728	11.222	0.000

	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		26.009	18.586	1.197

Less/ Add	DEPRECIATION/ AMORTISATION (F)		17.537	15.179	0.569

	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		8.472	3.407	0.628

Less	TAX (H)		2.618	1.105	0.194

	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		5.854	2.302	0.434

Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		2.736	0.434	0.000

	BALANCE CARRIED TO THE B/S		8.590	2.736	0.434

	Earnings / (Loss) Per Share (Rs.)		1.30	2.30	0.43

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	1.77	1.08	6.87

Net Profit Margin (PBT/Sales)	(%)	N.A.	1.60	9.94

Return on Total Assets (PBT/Total Assets}	(%)	2.18	1.20	0.33

Return on Investment (ROI) (PBT/Networth)		0.07	0.03	0.01

Debt Equity Ratio (Total Debt/Networth)		0.82	0.72	1.09

Current Ratio (Current Asset/Current Liability)		1.24	0.95	1.35

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	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	Yes
18]	Major customers	Yes
19]	Payments terms	Yes
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

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10406418	09/02/2013	2,893,500.00	ICICI BANK LIMITED	LANDMARKRACE COURCE CIRCLE, ALKAPURI, VADODARA - 390015, GUJARAT, INDIA	B68972256
2	10306803	02/08/2011	2,880,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL (WEST), MUMBAI - 400013, MAHARASHTRA, INDIA	B20783437
3	10225607	25/07/2013 *	419,000,000.00	AXIS BANK LIMITED	RAMA TRADE CENTRE, OPP. RAJIV PLAZA, NEAR BUS STAND, BILASPUR, BILAS PUR - 495001, CHHATTISGARH, INDIA	B83618314

* Date of charge modification

UNSECURED LOANS

PARTICULAR	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
LONG TERM BORROWINGS
OTHERS Mahavir Global Coal Limited	29.700	0.000
Total	29.700	0.000

MANAGEMENT’S DISCUSSION AND ANALYSIS

OVERALL REVIEW : BUSINESS SEGMENTWISE ANALYSIS:

The Company is incorporated for setting Washery and mainly intended for actual coal washing of high ash indigenous coal. The company is engaged in benefication of coal on behalf of various plant/ industries. After Washing / Benefication quantity is left with the Washeries being wastage /rejects. The reject coal is accumulating at Washries and disposal thereof is a big problem for them. Small consumers like bricks manufacturer etc. are consuming reject coal and their Company is handling / disposing the reject coal for Washeries.

COMPANY’S FINANCIAL PERFORMANCE AND ANALYSIS:

SALES AND PROFIT

Gross turnover of the Company during the year is Rs. 330.172 Millions as compared to previous year Rs. 213.547 Millions; increase by 54.61 % is due to increase in trading of coal. Profit before depreciation is Rs. 26.009 Millions as compare to Rs. 18.586 Millions in the Previous year.

FIXED ASSETS

· Land

· Building

· Plant and Machinery

· Transport Equipments

· Furniture and Fixture

· Computer

· Building U/Construction

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 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.61.35
UK Pound	1	Rs.100.21
Euro	1	Rs.83.52

INFORMATION DETAILS

Information Gathered by :	PDT

Report Prepared by :	MRI

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	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		45

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.

MIRA INFORM REPORT

1.77

N.A.

2.18

0.07

0.82

1.24

Unit