MIRA INFORM REPORT

Report Date :

05.05.2007

IDENTIFICATION DETAILS

Name :	SCHINDLER INDIA PRIVATE LIMITED
Registered Office :	Solitaire Corporate Park, Building VI, Andheri (East), Mumbai – 400093, Maharashtra
Country :	India
Financials (as on) :	31.12.2003
Date of Incorporation :	26.12.1997
Com. Reg. No.:	112690
CIN No.: [Company Identification No.]	U29150MH1997PTC112690
TAN No.: [Tax Deduction & Collection Account No.]	MUMS34806C
PAN No.: [Permanent Account No.]	AAECS1548J
Legal Form :	Private Limited Liability Company.
Line of Business :	Manufacturing, buying, selling, sub-contracting, exchanging, hiring, altering, importing, exporting, assembling, distributing, servicing and dealing in all types of elevators, escalators, passenger conveyors, lifts, dumbwater, walkglater, travelators and similar equipments, spare parts, components, accessories, tools, implements and fittings thereof.

RATING & COMMENTS

MIRA’s Rating :

B

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average/normal.	Small

Maximum Credit Limit :
Status :	Moderate
Payment Behaviour :	Slow and Delayed
Litigation :	Clear
Comments :	It is a well-established company engaged in manufacture, supply, installation and maintenance of elevator and escalators. The last available financial information of the company is for the year 2001-2002 which was obtained through indirect source. Though the company’s business has been progressing well, its profitability was under pressure. The company’s trade relations are reported as fair. Payments are slow and delayed. The company has huge accumulated losses. It may be considered for business dealings against safe and secured trade terms and conditions.

LOCATIONS

Registered Office :	Solitaire Corporate Park, Building VI, Andheri (East), Mumbai – 400093, Maharashtra, India
Tel. No.:	91-22-28241934/1938
Fax No.:	91-22-28378176/7805
E-Mail :	india.schindler.com
Factory 1 :	Solitaire Corporate Park, Building VI, Andheri (East), Mumbai – 400093, Maharashtra, India
Tel. No.:	91-22-28241934/35/36/37/38
Fax No.:	91-22-28378176/7805
E-Mail :	india.schindler.com
Branches :	v E16, East of Kailash, New Delhi – 110 065 Tel.No: 91-11-26414064/65/26414068 Fax No: 91-11-26414067/26414079 v 1, Chapalkar House, Chapalkar Colony, Near Hotel Utsav Deluxe, Market Yard Road, Pune – 411037 Maharashtra Tel.No: 91-20-24214987/24229002/24229003 Fax No: 91-20-24213290 v Farah Point, 1^stFloor, No. 179/12-01, 2^nd Cross, Hosur Road, Wilson Garden, Bangalore-560027. Karnataka Tel.No: 91-80-51207870/71/72 Fax No: 91-80-51207873 v 426 (Old)/784 (New), Anna Salai, 2^ndFloor, Nandanam, Chennai – 600035 Tamilnadu Tel.No: 91-44-24357455 Fax No: 91-44-24357456 v G1, Bhavanam Estate, Plot No. 15, Somajiguda, Hyderabad – 500082, Andhra Pradesh Tel.No: 91-040-55631935/55636421 Fax No: 91-40-55631934 v 206, Shitiratna Complex, Panchvati Circle, Ahmedabad Tel.No: 91-79-6440017/6440086 Telefax: 91-79-9440086 v Vishwakarma , Ground Floor, 86C, Tposia Road (South), Kolkata – 700046, West Bengal Tel.No: 91-33-22851257/58 Fax No: 91-33-22851259 v Behind “Ruchita Hotel”, Dapoda Road, Bhiwandi Thane – 421302, Maharashtra, India

DIRECTORS

Name :	Mr. Richard Maiocchi (Foreign)
Designation :	Director
Address :	61, Rue Charles Laffitte, F-92200, Neuilly Peris, France
Date of Birth/Age :	11^th June 1944
Date of Appointment :	5^th November 1998
Name :	Mr. Mehar Karan Singh
Designation :	Managing Director
Address :	A-1/237, 1^st Floor, Safdarjung Enclave, New Delhi – 29, India
Date of Birth/Age :	12^th April 1956
Date of Appointment :	1^st May 1998
Name :	Mr. Heiki Poutanen (Foreign)
Designation :	Director
Address :	Bergstrasse 39, CH-6045 Meggen
Date of Birth/Age :	16^thNovember 1945
Date of Appointment :	7^th March 2002
Date of Ceasing :	8^th September 2003
Name :	Dr. Christoph Lindenmeyer (Foreign)
Designation :	Director
Address :	Sonnheimstrasse, 15, 6044, Udligenswil, Switzerland
Date of Birth/Age :	18^th January 1953
Date of Appointment :	1^st March 2003
Name :	Mauro de Curtis (Foreign)
Designation :	Director
Address :	Alaneda Dos Aicas No. 268, Apr. 173, Sao Paolo, Paolo, Brazil
Date of Appointment :	8^th September 2003

BUSINESS DETAILS

Line of Business :	Manufacturing, buying, selling, sub-contracting, exchanging, hiring, altering, importing, exporting, assembling, distributing, servicing and dealing in all types of elevators, escalators, passenger conveyors, lifts, dumbwater, walkglater, travelators and similar equipments, spare parts, components, accessories, tools, implements and fittings thereof.
Products :	Elevators and Escalators

GENERAL INFORMATION

No. of Employees :	300
Bankers :	Citi Bank NA

Banking Relations :	--
Auditors :
Name :	S. R. Batliboi and Company Chartered Accountants
Address :	Vaswani Mansions, Dinsha Vaccha Road, Churchgate, Mumbai – 400020 Maharashtra, India
Tel. No.:	91-22-22876485
Parent Company:	Schindler Holdings AG
Associates/Subsidiaries :	v Elevator Car System v ETS Henri Peigen (MEL) v Jardine Schindler Logistics Private Limited v Schindler Manufacturing Malaysia Sdn Bhd v Schindler Afzuge and Fartreppen v Suzhou Schindler Elevator Company Limited v Schindler Drive System v Schindler Electronica SA v Schindler Lifts (Elevators) v Schindler s.p.a. v Schindler Informatic AG v Schindler Management v Inventio AG v China Schindler Elevator Company Limited v Schindler Iberica Management AG v Schindler Holdings AG v Schindler Electronics (Suzhou) Company v Elevadores Atlas Schindler SA v Schindler Shares Services Gmbh

CAPITAL STRUCTURE

Authorised Capital :

No. of Shares	Type	Value	Amount
97,500,000	Equity Shares	Rs. 10/- each	Rs. 975.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
93,753,375	Equity Shares	Rs. 10/- each	Rs. 937.534 millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.12.2003	31.12.2002	31.12.2001
SHAREHOLDERS FUNDS
1] Share Capital		937.534	812.685	555.922
2] Share Application Money		54.949	0.000	0.000
3] Reserves & Surplus		0.000	0.000	0.000
4] (Accumulated Losses)		[1038.747]	[660.166]	[463.974]
NETWORTH		[46.264]	152.519	91.948
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		96.108	71.753	31.158
TOTAL BORROWING		96.108	71.753	31.158
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		49.844	224.272	123.106
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		31.460	32.840	28.377
Capital work-in-progress		1.199	0.000	3.372
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	418.072	382.366	193.485
	Sundry Debtors	116.323	109.824	81.897
	Cash & Bank Balances	33.075	5.629	5.115
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	66.750	92.330	84.078
Total Current Assets		634.220	590.149	364.575
Less : CURRENT LIABILITIES & PROVISIONS
	Current Liabilities	419.452	375.822	273.218
	Provisions	197.583	22.895
Total Current Liabilities		617.035	398.717	273.218
Net Current Assets		17.185	191.432	91.357
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		49.844	224.272	123.106

PROFIT & LOSS ACCOUNT

PARTICULARS		31.12.2003	31.12.2002	31.12.2001
Sales Turnover		575.232	526.756	409.851
Other Income
Total Income		575.232	526.756	409.851
Profit/(Loss) Before Tax		(378.535)	(196.156)	(110.855)
Provision for Taxation		(0.046)	(0.035)	(221.788)
Profit/(Loss) After Tax		(378.581)	(196.191)	(110.933)
Earnings in Foreign Currency :
	Export Earnings	NA	2.717	1.180
	Other Earnings	NA	NA	NA
Total Earnings		NA	2.717	1.180
Imports :
	Lifts and Escalators	45.394	51.668	135.221
	Components & Spares	36.153	88.695	31.891
	Capital Goods	0.147	1.179	0.552
Total Imports		81.694	141.542	167.664
Expenditures :
	Materials Consumed	549.907	517.627	NA
	Labour cost (Sub-contracting)	33.907	25.960	NA
	Salaries and employee related benefits	67.498	52.788	NA
	Operating and other expenses	110.463	109.624	NA
	Financial Expenses	7.836	7.501	NA
	Provision written back	6.415	(1.870)	NA
	Interest	0.000	0.000	0.810
	Depreciation	12.509	11.283	10.576
	Other Expenses	0.000	0.000	509.320
Total Expenditure		788.535	11.283	520.706

KEY RATIOS

PARTICULARS		31.12.2003	31.12.2002	31.12.2001
PAT / Total Income	(%)	[65.81]	[37.25]	[27.07]
Net Profit Margin (PBT/Sales)	(%)	[65.81]	[37.24]	[27.05]
Return on Total Assets (PBT/Total Assets}	(%)	[56.86]	[31.49]	[28.21]
Return on Investment (ROI) (PBT/Networth)		[8.18]	[1.29]	[1.21]
Debt Equity Ratio (Total Liability/Networth)		[15.41]	3.08	3.31
Current Ratio (Current Asset/Current Liability)		1.03	1.48	1.33

LOCAL AGENCY FURTHER INFORMATION

The Company’s entire shares are held by ‘Schindler Holding Limited (Switzerland),’ the holding Company.

profile

The company’s operations including installation of elevators escalators as well as the maintenance of the installed units progressed satisfactorily during the year under review.

The experience of the affordable housing sector across the markets served by the company, combined with lower housing finance costs is expected to have a positive effect on the business of the company.

Subject’s fixed assets of important value include plant and machinery, furniture and fixtures, motor vehicles, computers and office 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 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.40.90
UK Pound	1	Rs.81.29
Euro	1	Rs.55.47

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	2
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	1
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	4
--RESERVES	1~10	4
--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	YES
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		34

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	Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average/normal.	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
NR		In view of the lack of information, we have no basis upon which to recommend credit dealings	No Rating

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