MIRA INFORM REPORT

Report Date :

20.09.2014

IDENTIFICATION DETAILS

Name :	MW MINES PRIVATE LIMITED
Registered Office :	10, Sarvapriya Vihar Apartments, Sarvapriya Vihar, New Delhi – 110016, Delhi
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	19.02.2001
Com. Reg. No.:	55-109729
Capital Investment / Paid-up Capital :	Rs. 13.675 Millions
CIN No.: [Company Identification No.]	U74899DL2001PTC109729
Legal Form :	Private Limited Liability Company
Line of Business :	Mining Natural Limestone and Mineral Aggregates
No. of Employees :	Information Declined By The Management

RATING & COMMENTS

MIRA’s Rating :

B (27)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 83000
Status :	Moderate
Payment Behaviour :	Slow But Correct
Litigation :	Clear
Comments :	Subject is an established company having a moderate track record. Reserves of the company seems to be low during 2013. However, trade relations are reported as fair. Business is active. Payment terms are reported 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 1, 2014

Country Name	Previous Rating (31.03.2014)	Current Rating (01.06.2014)
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

N E W S

Verdict Implications : Apex court order may alter coal import dynamics. Traders go slow on talks over coal supply contracts, uncertainty over cancellation of blocks weigh on stocks.

Recent arrest of the Chennai head of the Registrar of Companies, the ministry of corporate affairs arm that ensures that companies file all the information required by the Companies Act is the latest manifestation of a messy fight between a father and his adopted son for the control of Rs 40000 mn business empire. The Central Bureau of Investigation arrested Manumeethi Cholan after he accepted Rs 10 lakhs as bribe from M A M Ramaswamy, a CBI official said.

Central Bureau of Investigation books Electrotherm for cheating Central Bank of Rs 4360 mn.

Infosys maintains revenue guidance. COO Rao says attrition still an area of concern and it would take a few more quarters to bring down levels to 13-15 %.

DHL  to invest Euro 100 mn in India over next 2 years. The firm has chosen India to pilot its e-commerce business model for the Asia-Pacific region.

Blackstone may buy stake in BlueRidge SEZ in line with the fund’s real estate strategy in India.

Kingfisher Airlines Ltd grounded in October 2012 under the weight of heavy debt and accumulated losses, recently approached the Delhi high court for relief in two separate cases. The airline challenged a notice by Punjab & National Bank alleging that It had wilfully defaulted on Rs 7700 mn of loans and sought more time to comply with the requirements under the listing agreements with the Stock Exchanges.

OnMobile likely to sack another 300 employees. The lay-offs follow a spate of senior-level exits over the past two years, starting with of its founder. The overall lay-offs could number around 600 and are driven by the need to cut costs, says a former employee.

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 31-03-2014.

INFORMATION DENIED BY

Management Non co – operative

Tel No.: 91-291-2517832

91-9829098568

LOCATIONS

Registered Office :	10, Sarvapriya Vihar Apartmentrs, Sarvapriya Vihar, New Delhi – 110016, Delhi, India
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	sry.info@yahoo.com info@mwmines.com
Website :	http://www.mwmines.com

DIRECTORS

As on: 30.09.2013

Name :

Mr. Raghubir Singh Grewal

Designation :

Director

Address :

House No. 162, Sector – 11a, Chandigarh – 160011, India

Date of Birth/Age :

04.03.1957

Date of Appointment :

19.02.2001

DIN No.:

01062748

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	U74899DL2001PTC109729	MW MINES PRIVATE LIMITED	Director	19/02/2001	19/02/2001	-	Active	NO
2	U80110DL2005PTC132115	MEDIWELL HEALTHCARE PRIVATE LIMITED	Director	14/01/2005	14/01/2005	04/02/2009	Active	NO
3	U13204TN2005PTC057360	REAL GOLD MINE (INDIA) PRIVATE LIMITED	Director	01/09/2007	01/09/2007	-	Strike off	NO
4	U10200DL2008PTC176601	SUBAAN LIME PRIVATE LIMITED	Director	10/04/2008	10/04/2008	16/12/2008	Active	NO
5	U22190CH2010PTC032300	PARTNERS ADVERTISING PRIVATE LIMITED	Director	25/06/2010	25/06/2010	-	Active	NO
6	U70101CH2010PTC032539	GARIB NAWAZ CONSTRUCTIONS PRIVATE LIMITED	Director	03/11/2010	03/11/2010	01/12/2011	Active	NO
7	U50401CH2010PTC032604	MARCEL AUTOMOTIVES PRIVATE LIMITED	Director	01/12/2010	01/12/2010	01/12/2011	Active	NO
8	U51909DL2010PTC210369	THINKFAST TRADING PRIVATE LIMITED	Additional director	08/12/2011	08/12/2011	-	Active	NO

Name :

Mr. Hardayal Singh Grewal

Designation :

Director

Address :

House No. 36, Public Park, Shriganganagar – 335001, Rajasthan, India

Date of Birth/Age :

03.11.1929

Date of Appointment :

22.09.2005

DIN No.:

01556487

Name :

Mr. Kuldip Singh

Designation :

Director

Address :

115, Gali No. 2, Jujar Singh Avenue, Po. Gumtala, Amritsar – 143008, Punjab, India

Date of Birth/Age :

26.06.1969

Date of Appointment :

03.10.2008

DIN No.:

02338724

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	U74899DL2001PTC109729	MW MINES PRIVATE LIMITED	Director	03/10/2008	03/10/2008	-	Active	NO
2	U45209CH2010PTC032428	IAY CONSTRUCTION PRIVATE LIMITED	Director	25/08/2010	25/08/2010	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 30.09.2013

Names of Shareholders	No. of Shares	% of Holding
Raghubir Singh Grewal	1242500	91.46
Hardayal Singh Grewal	1000	0.07
Omni Agate System Private Limited, India	115000	8.47
Total	1358500	100.00

Equity Share Break up (Percentage of Total Equity)

As on: 30.09.2013

Category	Percentage
Bodies corporate	8.00
Directors or relatives of directors	92.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Mining Natural Limestone and Mineral Aggregates

GENERAL INFORMATION

No. of Employees :

Information Declined By The Management

Bankers :

UCO Bank, S. C. O. 55-56-57, Sector – 17 – B, Chandigarh, India

Facilities :

Secured Loan	As on 31.03.2013	As on 31.03.2012
	(Rs. In Millions)
LONG TERM BORROWINGS:
Tata capital limited	0.818	1.150
SHORT TERM BORROWINGS:
Working capital facility from UCO bank	29.905	29.605
Total	30.723	30.755

Banking Relations :	--
Auditors :
Name :	Kansal Single and Asoociates Chartered Accountants
Address :	Sco 80-81, Sector 17-C, Chandigarh – 160017, India
Tel. No.:	91-172-5078401 / 5078402
Fax No.:	91-172-5072903
Website :	www.cakansalsingla.com
PAN No.:	AAAFK9144R
Associates/Subsidiaries :	· J. K. G. and Company · JMW Solutions

CAPITAL STRUCTURE

As on: 31.03.2013

Authorized 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
1367500	Equity Shares	Rs.10/- each	Rs. 13.675 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	13.675	13.675	13.675
(b) Reserves & Surplus	7.010	6.627	5.818
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	20.685	20.302	19.493
(3) Non-Current Liabilities
(a) long-term borrowings	14.675	13.972	10.963
(b) Deferred tax liabilities (Net)	0.000	0.000	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)	14.675	13.972	10.963
(4) Current Liabilities
(a) Short term borrowings	29.905	29.605	15.927
(b) Trade payables	70.280	40.837	15.786
(c) Other current liabilities	13.529	8.767	12.753
(d) Short-term provisions	0.212	0.452	0.950
Total Current Liabilities (4)	113.926	79.661	45.416
TOTAL	149.286	113.935	75.872
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	10.095	11.930	13.730
(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	0.010	0.010	0.010
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	2.435	2.923	2.236
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	12.540	14.863	15.976
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	54.143	47.766	37.884
(c) Trade receivables	57.659	44.995	18.521
(d) Cash and cash equivalents	1.016	1.687	2.048
(e) Short-term loans and advances	3.933	4.415	1.197
(f) Other current assets	19.995	0.209	0.246
Total Current Assets	136.746	99.072	59.896
TOTAL	149.286	113.935	75.872

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	184.938	165.927	134.643
		Other Income	9.390	13.188	14.176
		TOTAL	194.328	179.115	148.819
Less	EXPENSES		193.887	177.728	145.332
	PROFIT BEFORE TAX		0.441	1.387	3.487
Less	TAX		0.057	0.579	0.950
	PROFIT AFTER TAX		0.384	0.808	2.537
	Earnings Per Share (Rs.)		0.28	0.59	1.85

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	0.20	0.45	1.70
Net Profit Margin (PBT/Sales)	(%)	0.24	0.84	2.59
Return on Total Assets (PBT/Total Assets}	(%)	0.30	1.22	4.60
Return on Investment (ROI) (PBT/Networth)		0.02	0.07	0.18
Debt Equity Ratio (Total Debt/Networth)		2.16	2.15	1.38
Current Ratio (Current Asset/Current Liability)		1.20	1.24	1.32

FINANCIAL ANALYSIS

[All figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	13.675	13.675	13.675
Reserves & Surplus	5.818	6.627	7.010
Net worth	19.493	20.302	20.685
long-term borrowings	10.963	13.972	14.675
Short term borrowings	15.927	29.605	29.905
Total borrowings	26.890	43.577	44.580
Debt/Equity ratio	1.379	2.146	2.155

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	134.643	165.927	184.938
		23.235	11.457

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	134.643	165.927	184.938
Profit	2.537	0.808	0.384
	1.88%	0.49%	0.21%

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	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	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 LOAN

Particulars	As on 31.03.2013	As on 31.03.2012
	(Rs. In Millions)
LONG TERM BORROWINGS:
Loans and advances from related parties and directors	10.378	10.378
Inter corporate loans	3.479	2.444
Total	13.857	12.822

INDEX OF CHARGES:

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10134626	01/08/2011 *	30,738,000.00	UCO BANK	S.C.O. 55-56-57, SECTOR-17B, CHANDIGARH - 160017, CHANDIGARH, INDIA	B20675658

FIXED ASSETS:

· Air Condition

· Computer

· Conveyor Belt

· Car

· D. G. Set

· Dumper

· Furniture and Fixtures

· Mining Assets

· Office Equipment

· Plant and Machinery

· Stores and Spaires

· Tele/ Mobile

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 judgment 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.60.80
UK Pound	1	Rs.100.06
Euro	1	Rs.78.47

INFORMATION DETAILS

Information Gathered by :	GYT
Analysis Done by :	RAS
Report Prepared by :	JAY

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	2
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	2
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		27

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.