MIRA INFORM REPORT

Report No. :	319466
Report Date :	02.05.2015

IDENTIFICATION DETAILS

Name :	ARIHANT COAL SALES (INDIA) PRIVATE LIMITED
Registered Office :	Dhanshree Villa, Plot No. E – 4 / 108, Arera Colony, Opposite Baghira Apartment, Bhopal – 462016, Madhya Pradesh
Tel No.:	91-755-4027500
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	13.10.2003
Com. Reg. No.:	10-016143
Capital Investment / Paid-up Capital :	Rs.30.000 Million
CIN No.: [Company Identification No.]	U10102MP2003PTC016143
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	BPLA02790E
PAN No.: [Permanent Account No.]	AAFCA0718F
Legal Form :	Private Limited Liability Company
Line of Business :	Trading of coal.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (43)

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

Maximum Credit Limit :	USD 767000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. The rating reflects ACSIPL’s promoters’ long-standing experience in the coal trading industry supported by sound financial base and fair profitability margins of the company. Trade relations are fair. Business is active. Payments are reported to be usually correct. The company can be considered for business dealings at usual trade terms and condition.

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 – December 31, 2014

Country Name	Previous Rating (30.09.2014)	Current Rating (31.12.2014)
India	A1	A1

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

EXTERNAL AGENCY RATING

Rating Agency Name	CARE
Rating	Long term rating BB+
Rating Explanation	Inadequate-credit-quality and high credit risk.
Date	March 12, 2014

Rating Agency Name	CARE
Rating	Short term rating A4+
Rating Explanation	Minimal degree of safety and very high credit risk.
Date	March 12, 2014

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.

LOCATIONS

Registered Office :	Dhanshree Villa, Plot No. E-4/108, Arera Colony, Opposite Baghira Apartment, Bhopal – 462016, Madhya Pradesh, India
Tel. No. :	91-755-4027500
Fax No. :	91-755-4236738
E-Mail :	dscmtnl@rediffmail.com arihantcoal@arihantcoal.com arihantcoals@gmail.com mljainarihant@gmail.com mumbaioffice@arihantcoal.com
Website :	http://www.arihantcoal.com
Mumbai Office:	304, Tanishka,WE Highway, Kandivali (East), Mumbai – 400101, Maharashtra, India

DIRECTORS

As on 30.09.2014

Name :	Mr. Anil Kumar Jain
Designation :	Managing director
Address :	E – 4/108, Arera Colony, Bhopal – 462016, Madhya Pradesh India
Date of Birth/Age :	30.05.1957
Date of Appointment :	13.10.2003
DIN No. :	00162191
Name :	Kalpana Jain
Designation :	Director
Address :	E – 4/108, Arera Colony, Bhopal – 462016, Madhya Pradesh India
Date of Birth/Age :	23.07.1963
Date of Appointment :	13.10.2003
DIN No. :	00162210
Name :	Nirmala Jain
Designation :	Director
Address :	E - 7/435, Arera Colony, Bhopal – 462016, Madhya Pradesh India
Date of Birth/Age :	21.02.1962
Date of Appointment :	13.10.2003
DIN No. :	00162224
Name :	Mr. Kapoor Chand Jain
Designation :	Director
Address :	E – 4/108, Arera Colony, Bhopal – 462016, Madhya Pradesh India
Date of Birth/Age :	15.08.1930
Date of Appointment :	13.10.2003
DIN No. :	00162242
Name :	Mr. Ankit Jain
Designation :	Director
Address :	E - 7/435, M.I.G. Arera Colony, Bhopal – 462016, Madhya Pradesh India
Date of Birth/Age :	08.08.1989
Date of Appointment :	10.08.2007
DIN No. :	01717590

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2014

Names of Shareholders	No. of Shares
K C Jain	2700
Anil Jain	132150
Kalpana Jain	128700
Nirmala Jain	6200
Ruchi Jain	200
Neeraj Jain	1500
Arvind Jain	2500
Sunita Jain	4000
Arun Jain (HUF)	5000
Anil Jain (HUF)	5000
Arvind Jain (HUF)	5500
Andaz Mercantile Private Limited	1500
Amber Enclave Private Limited	500
Libra Dealcom Private Limited	2000
Adarsh Commosales Private Limited	500
Bestway Hire Purchase Private Limited	1550
Jasmine Conclave Private Limited	500
Total	300000

As on 30.09.2014

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Trading of coal.
Products :	Not Available
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Available
Imports :	Not Available
Terms :	Not Available

PRODUCTION STATUS – NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :	Not Available
Name of the Person :	Not Available
Contact No.:	Not Available
Since How Long Known :	Not Available
Maximum Limit Dealt:	Not Available
Experience :	Not Available
Remark :	--

Customers :

v Grasim Industries Limited

v Avantha Power and Infrastructure Limited (Previously known as Bilt Power Limited)

v HEG

v Ambuja Cements Limited

v Maratha Cement Works

v Hindustan Zinc Limited

v Birla Cellulosic

v ACC Limited

v Mangalam Cements Limited

v Abishek Industries Limited

v Adhunik Alloys and Power Limited

v Nahar Industrial Enterprises

v Mysore Cements Limited

v Navbhrat Fuse Company

v DCM Group (Shriram Rayons and Shriram Fertilizer) (RAJ)

v Ballarpur Industries Limited

v Star Paper Mills Limited

No. of Employees :

Not Available

Bankers :

v Bank of Baroda T. T. Nagar, Bhopal - 462011, Madhya Pradesh, India

v State Bank of India, Commercial Branch, LHO Complex, Hoshangabad, Bhopal – 462011, Madhya Pradesh, India

Facilities :

SECURED LOANS	31.03.2014 (Rs. In Millions)	31.03.2013 (Rs. In Millions)
LONG TERM BORROWINGS
Term loans from banks	1.832	3.060
SHORT TERM BORROWINGS
Other loans and advances	369.944	279.763
Total	371.776	282.823

Auditors :
Name :	Jayant Kothari and Company Chartered Accountants
Address :	129 Malviya Nagar, Bhopal, Madhya Pradesh India
PAN No. :	AAAAJ1234R
Memberships :	--
Collaborators :	--
Associates / Subsidiaries :	Nil

CAPITAL STRUCTURE

After 30.09.2014

Authorised Capital : Rs. 35.000 Millions

Issued, Subscribed & Paid-up Capital : Rs. 32.235 Millions

As on 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
350000	Equity Shares	Rs.100/- each	Rs.35.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
300000	Equity Shares	Rs.10/- each	Rs.30.000 Million

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	30.000	30.000	16.150
(b) Reserves & Surplus	238.372	222.299	150.065
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	37.837
Total Shareholders’ Funds (1) + (2)	268.372	252.299	204.052
(3) Non-Current Liabilities
(a) long-term borrowings	48.910	43.181	1.088
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	0.000	0.000	1442.507
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	48.910	43.181	1443.595
(4) Current Liabilities
(a) Short term borrowings	369.944	279.763	60.753
(b) Trade payables	739.612	1226.805	0.000
(c) Other current liabilities	0.000	0.000	0.000
(d) Short-term provisions	17.493	12.773	3.096
Total Current Liabilities (4)	1127.049	1519.341	63.849
TOTAL	1444.331	1814.821	1711.496
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	12.574	16.534	14.819
(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	0.000	0.000
(c) Deferred tax assets (net)	0.350	0.350	0.350
(d) Long-term Loan and Advances	0.000	0.000	0.000
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	12.924	16.884	15.169
(2) Current assets
(a) Current investments	1.649	1.250	7.502
(b) Inventories	596.025	431.989	0.000
(c) Trade receivables	670.337	1055.046	707.598
(d) Cash and cash equivalents	134.986	271.170	653.700
(e) Short-term loans and advances	26.617	37.387	90.074
(f) Other current assets	1.793	1.095	237.453
Total Current Assets	1431.407	1797.937	1696.327
TOTAL	1444.331	1814.821	1711.496

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income		2423.210	2428.009
		Other Income		41.465	24.885
		TOTAL	NA	2464.675	2452.894
Less	EXPENSES
		Purchase of Stock in trade		1935.110	1764.133
		Change in inventories of finished goods (including stock-in-trade) and work-in-process		(195.635)	94.009
		Employee benefit expenses		25.892	21.959
		Operation and Other Expenses		564.216	483.559
		TOTAL	NA	2329.583	2363.660
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION			135.092	89.234
Less	FINANCIAL EXPENSES			81.041	33.695
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		NA	54.051	55.539
Less/ Add	DEPRECIATION/ AMORTISATION			3.333	3.943
	PROFIT/ (LOSS) BEFORE TAX		52.467	50.718	51.596
Less	TAX		NA	7.621	18.389
	PROFIT/ (LOSS) AFTER TAX		NA	43.097	33.207
	Earnings / (Loss) Per Share (Rs.)		--	143.66	205.62

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	NA	1.78	1.37
Operating Profit Margin (PBDIT/Sales)	(%)	NA	5.57	3.68
Return on Total Assets (PBT/Total Assets}	(%)	3.63	2.80	3.02
Return on Investment (ROI) (PBT/Networth)		0.20	0.20	0.25
Debt Equity Ratio (Total Debt/Networth)		1.56	1.28	0.30
Current Ratio (Current Asset/Current Liability)		1.27	1.18	26.57

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	16.150	30.000	30.000
Reserves & Surplus	150.065	222.299	238.372
Net worth	166.215	252.299	268.372
long-term borrowings	1.088	43.181	48.910
Short term borrowings	60.753	279.763	369.944
Total borrowings	61.841	322.944	418.854
Debt/Equity ratio	0.372	1.280	1.561

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	No
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	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

UNSECURED LOANS

PARTICULAR	31.03.2014 (Rs. In Millions)	31.03.2013 (Rs. In Millions)
LONG TERM BORROWINGS
Loans and advances from related parties	47.078	38.616
Other loans and advances	0.000	1.505
Total	47.078	40.121

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10255520	30/09/2014 *	1,750,000,000.00	BANK OF BARODA	TT NAGAR BRANCH, TT NAGAR, BHOPAL, Madhya Pradesh - 462011, INDIA	C31403330

* Date of charge modification

FIXED ASSETS

v Land

v Plant and Equipment

v Furniture and Fixtures

v Vehicles

v Office Equipment

v Computer Equipments

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.63.58
UK Pound	1	Rs.97.99
Euro	1	Rs.70.53

INFORMATION DETAILS

Analysis Done by :	KAR
Report Prepared by :	ANK

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
-- PROFITABILITY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	4
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		43

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.