Available Finance Limited is a holding company that lives inside the Agarwal Group - it exists to lend money to a single group finance entity and to hold minority stakes in two group coal-trading firms, not to serve outside customers. It was incorporated in Madhya Pradesh in 1993 as a public limited company, originally registered as a non-bank lender, but in 2022 it voluntarily surrendered that licence and now operates as an unregistered Core Investment Company under RBI rules. The recurring idea that explains everything is that the company runs with almost no overhead - just three employees, no SAP system, and a conviction that its exposure is entirely to group companies, so it faces no material market, credit, or liquidity risk. # Business segments Two engines, both group-facing - a loan book that funnels money to a single related-party borrower, and a portfolio of minority stakes in two coal-trading associates - each run with the same lean, no-risk philosophy. ## 1. Group lending: a single-borrower loan book **The company lends almost exclusively to one group entity, Ad-Manum Finance Limited, on unsecured, demand terms with no fixed repayment schedule - it is a capital conduit, not a diversified lender.** - **One borrower, no diversification** - across every disclosed period, the sole loan counterparty is Ad-Manum Finance Limited, a group company, meaning 100% of the loan book is concentrated in a single related-party name. - **Unsecured and loosely documented** - loans are repayable on demand, carry no stipulated principal repayment schedule, and in earlier years had no written agreement; repayment happens on the basis of mutual understanding between group entities. - **Interest priced off the RBI bank rate** - the company charges interest at a rate over and above the Reserve Bank of India’s bank rate, which ties its lending yield to a policy benchmark rather than to competitive market pricing. - **No fresh lending after a shareholder veto** - no new loan was extended to Ad-Manum Finance after the September 2024 annual general meeting because the related-party transaction resolution failed to secure a majority vote, so the outstanding balance of about ₹62 million is now in run-off. - **Zero credit losses, by design** - the company reports no non-performing assets and no bad debts across all periods, and states it does not envisage material credit risk because its exposure is entirely to group companies. ## 2. Strategic investment portfolio: minority stakes in group coal traders **The company holds long-term equity stakes in two Agarwal-group coal-trading firms - it is a passive investor that collects dividends and marks its quoted holdings to market, not an operator.** - **Two associates, both in coal trading** - the portfolio consists of a 32.63% stake in Agarwal Coal Corporation Private Limited (held since 2004) and a 43.55% stake in Agarwal Fuel Corporation Private Limited (held since 2011), both unlisted Indian companies in the trading sector. - **No subsidiaries, no control** - the company has zero subsidiaries and no joint ventures, so it exercises no operational control over any business; its consolidated accounts simply equity-account for these associates. - **Dividends are not the only cash return** - the company earns dividend income from these stakes, recognised when the right to receive payment is established, along with other operating cash flows from the investee businesses such as revenue from services, sale of goods, interest income, and other operational revenue. - **Fair-value accounting for the quoted portion** - quoted investments are measured at fair value through other comprehensive income, while unquoted holdings sit at amortised cost or cost, so market movements flow through reserves rather than profit. - **No risk, in management’s view** - because the stakes are in group companies, the company states it does not envisage any market risk, currency risk, interest rate risk, price risk, or liquidity risk from its investment portfolio. # Group structure and partners **Available Finance sits inside the Agarwal Group’s Indore-based ecosystem, controlled by a coal-focused promoter family that recently reduced its direct holding - the company shares an address, key personnel, and its entire asset base with related parties.** - **Promoter pivot from subsidiary to associate** - Archana Coal Private Limited held 57.22% of the company as of March 2025, but sold 8% of its stake on 24 March 2026, reducing its holding to 49.22% and causing Available Finance to cease being a subsidiary and become an associate of Archana Coal. - **Shared address, shared people** - the company’s registered office is Agarwal House, 5 Yeshwant Colony, Indore, the same address used by Agarwal Coal Corporation, Archana Coal, Emerald Developers, Agarwal Real City, and Agarwal Real Infra, while Tapan Agarwal serves as a senior executive across several of these entities. - **Lean governance with three employees** - as of March 2025 the company had just three employees, and management has consistently stated that an ERP system like SAP is not financially viable or practically feasible at this scale. - **No external borrowings, no guarantees** - the company has zero finance costs, has never defaulted on any loan, has not pledged securities of associates, and has not provided guarantees or security to any entity, reflecting a balance sheet with no outside leverage.