MIRA INFORM REPORT

Report Date :

06.12.2012

IDENTIFICATION DETAILS

Name :	REVTI INDUSTRIES PRIVATE LIMITED
Registered Office :	F - 104, Madhuban, Near Telephone Exchange, Western Express Highway, Dahisar (East), Mumbai – 400068, Maharashtra
Country :	India
Date of Incorporation :	31.03.2011
Com. Reg. No.:	11-215623
Capital Investment / Paid-up Capital :	Rs.1.250 Millions
CIN No.: [Company Identification No.]	U29100MH2011PTC215623
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Elevators Cabins, Doors, Frames, Sheet Metal Fabricated Products and Assembly
No. of Employees :	150 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (32)

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

Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject was established as a partnership concern during 1990 by the name ‘Revti Industries’ and during April 2011 it was reconstituted as a private limited. It has moderate track. Trade relations are reported as fair. Business is active. Payment terms are slow but correct. The company can be considered normal 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 – June 30, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
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

India is developing into an open-market economy, yet traces of its past autarkic policies remain. Economic liberalization, including industrial deregulation, privatization of state-owned enterprises, and reduced controls on foreign trade and investment, began in the early 1990s and has served to accelerate the country's growth, which has averaged more than 7% per year since 1997. India's diverse economy encompasses traditional village farming, modern agriculture, handicrafts, a wide range of modern industries, and a multitude of services. Slightly more than half of the work force is in agriculture, but services are the major source of economic growth, accounting for more than half of India's output, with only one-third of its labor force. India has capitalized on its large educated English-speaking population to become a major exporter of information technology services and software workers. In 2010, the Indian economy rebounded robustly from the global financial crisis - in large part because of strong domestic demand - and growth exceeded 8% year-on-year in real terms. However, India's economic growth in 2011 slowed because of persistently high inflation and interest rates and little progress on economic reforms. High international crude prices have exacerbated the government's fuel subsidy expenditures contributing to a higher fiscal deficit, and a worsening current account deficit. Little economic reform took place in 2011 largely due to corruption scandals that have slowed legislative work. India's medium-term growth outlook is positive due to a young population and corresponding low dependency ratio, healthy savings and investment rates, and increasing integration into the global economy. India has many long-term challenges that it has not yet fully addressed, including widespread poverty, inadequate physical and social infrastructure, limited non-agricultural employment opportunities, scarce access to quality basic and higher education, and accommodating rural-to-urban migration.

Source : CIA

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	BBB- (Cash Credit)
Rating Explanation	Moderate degree of safety and moderate credit risk.
Date	21.12.2011

Rating Agency Name	CRISIL
Rating	BBB- (Term Loan)
Rating Explanation	Moderate degree of safety and moderate credit risk.
Date	21.12.2011

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

Name :	Mr. Mahesh Shenoy
Designation :	Account Manager
Contact No.:	91-22-28972184
Date :	23.11.2012

LOCATIONS

Registered Office :	F - 104, Madhuban, Near Telephone Exchange, Western Express Highway, Dahisar (East), Mumbai – 400068, Maharashtra, India
Tel. No.:	91-22-28972184/ 3184
Mobile No.:	91-9757167451 (Mr. Mahesh Shenoy)
Fax No.:	91-22-28978643
E-Mail :	hctawde@gmail.com revtind.w@gmail.com
Website :	www.revtiindustries.com
Area :	2400 Sqft.
Location :	Owned
Factory :	Agarwal Udyog Nagar, Unit No.17 and 18, Building No.4, Extension – 11, Agarwal Udyog Nagar, Sativali Road, Valiv, Vasai East, Thane – 401208, Maharashtra, India
Tel. No.:	91-250-2454224 / 2453423 / 2457303
Fax No.:	91-250-2455573
Location :	Owned
Assembly Unit :	S. No.236, Kupri Wada - Bhivandi Road, Opposite Murali Manohar Hotel, Wada, Thane, Maharashtra, India
Tel. No.:	91-2522-344409
Location :	Rented

DIRECTORS

As on: 22.03.2011

Name :

Mr. Hemant Chandrakant Tawde

Designation :

Director

Address :

203 , Bhavna Avenue , L.M. Road, Kanderpada, Dahisar (West), Mumbai – 400068, Maharashtra, India

Date of Birth/Age :

15.09.1960

Date of Appointment :

31.03.2011

DIN :

02714627

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	U28910MH2010PTC201258	SEMATIC RE ELEVATOR PRODUCTS (INDIA) PRIVATE LIMITED	Director	02/08/2010	29/07/2010	-	Active	NO
2	U29100MH2011PTC215623	REVTI INDUSTRIES PRIVATE LIMITED	Director	31/03/2011	31/03/2011	-	Active	NO

Name :

Mr. Bharat Kumar Sarvaiya

Designation :

Director

Address :

C-201 , Vasant Sadhana , Opposite Pushpa Heritage, Panchshil Enclave Mahavir Nagar , Kandivali, Mumbai – 400067, Maharashtra, India

Date of Birth/Age :

23.03.1957

Date of Appointment :

31.03.2011

DIN :

02714709

Name :

Mr. Suhas Rajaram Arbune

Designation :

Director

Address :

159/4, Amirabai Mansion, Chunabhatti, Sion, Mumbai – 400022, Maharashtra, India

Date of Birth/Age :

29.11.1960

Date of Appointment :

31.03.2011

DIN :

02714695

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	U28910MH2010PTC201258	SEMATIC RE ELEVATOR PRODUCTS (INDIA) PRIVATE LIMITED	Director	02/08/2010	29/07/2010	-	Active	NO
2	U29100MH2011PTC215623	REVTI INDUSTRIES PRIVATE LIMITED	Director	31/03/2011	31/03/2011	-	Active	NO

Name :

Mr. Hemant Tulsiram Rane

Designation :

Director

Address :

160, Abhinav Nagar, Appasaheb Dhaye Marg, Borivali (East), Mumbai – 400092, Maharashtra, India

Date of Birth/Age :

29.09.1959

Date of Appointment :

31.03.2011

DIN :

02223193

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	U55101MH2008PTC184606	HOLIDAY 365 RESORTS AND INFRASTRUCTURE PRIVATE LIMITED	Director	11/07/2008	11/07/2008	-	Active	YES
2	U29100MH2011PTC215623	REVTI INDUSTRIES PRIVATE LIMITED	Director	31/03/2011	31/03/2011	-	Active	NO

Name :

Mrs. Vandana Hemant Tawde

Designation :

Director

Address :

203 , Bhavna Avenue , L.M. Road, Kanderpada, Dahisar (West), Mumbai – 400068, Maharashtra, India

Name :

Mrs. Madhuben Bharat Kumar Sarvaiya

Designation :

Director

Address :

C-201 , Vasant Sadhana , Opposite Pushpa Heritage, Panchshil Enclave Mahavir Nagar , Kandivali, Mumbai – 400067, Maharashtra, India

Name :

Mrs. Sangita Suhas Arbune

Designation :

Director

Address :

E.C./7, A003, Delta, Evershine City, Vasai (East), Thane – 401205, Maharashtra, India

Name :

Mrs. Charulata Hemant Rane

Designation :

Director

Address :

160, Abhinav Nagar, Appasaheb Dhaye Marg, Borivali (East), Mumbai – 400092, Maharashtra, India

KEY EXECUTIVES

Name :	Mr. Mahesh Shenoy
Designation :	Account Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 22.03.2011

Names of Shareholders	No. of Shares
Hemant Chandrakant Tawde	25000
Bharatkumar Maganlal Sarvaiya	25000
Suhas Rajaram Arbune	25000
Hemant Tulashiram Rane	25000
Vandana Hemant Tawde	6250
Madhuben Bharatkumar Sarvaiya	6250
Sangita Suhas Arbune	6250
Charulata Hemant Rane	6250
Total	125000

As on: 25.11.2011

Names of Allottee	No. of Shares
Bharatkurnar M Sarvaiya	1857900
Charulara H Rane	5500
Hemant C Tawde	1857900
Hemant T Rane	1857900
Madhuben B Sarvaiya	5500
Sangeeta Suhas Arbune	5500
Suhas R Arbune	1857900
Vandana H Tawde	5500
Total	7453600

BUSINESS DETAILS

Line of Business :	Manufacturer of Elevators Cabins, Doors, Frames, Sheet Metal Fabricated Products and Assembly
Products :	Sheet Metal Fabricated Products and Assembly Elevators Cabins, Doors, Frames PTD Products Fabrication and Assembly Battery and UPS Enclosure Rolling Stock Fabrication Medical Equipment Fabrication HVAC Sheet Metal Components and Assembly
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

GENERAL INFORMATION

Customers :	Building Construction
No. of Employees :	150 (Approximately)
Bankers :	Bank of Baroda, Opposite to Railway Station, Dahisar (West), Mumbai - 400068, Maharashtra, India

Banking Relations :	--
Auditors :
Name :	Doshi Devani and Company Chartered Accountants

CAPITAL STRUCTURE

Authorised Capital :

No. of Shares	Type	Value	Amount
8000000	Equity Shares	Rs.10/- each	Rs.80.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
7578600	Equity Shares	Rs.10/- each	Rs.75.786 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

Particulars	31.03.2012
Sales Turnover (Approximately)	460.000

REVTI INDUSTRIES

(Partnership Concern)

Particulars	31.03.2011	31.03.2010
Sales Turnover (Approximately)	420.000	385.200

The above information has been parted by Mr. Mahesh Shenoy

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	Yes
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	No
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	No
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	No
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	No
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

Bankers Charges Report as per Registry

Corporate identity number (CIN) or foreign company registration number of the company	U29100MH2011PTC215623
Name of the company	REVTI INDUSTRIES PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	F - 104, Madhuban, Near Telephone Exchange, Western Express Highway, Dahisar (East), Mumbai – 400068, Maharashtra, India E-mail: hctawde@gmail.com
This form is for	Creation of charge
Type of charge	· Immovable property · Book debts · Movable property (not being pledge)
Particular of charge holder	Bank of Baroda, Opposite to Railway Station, Dahisar (West), Mumbai - 400068, Maharashtra, India E-mail: dahisa@bankofbaroda.com
Nature of instrument creating charge	(1). Third Supplementary Memorandum of Deposit of Title Deeds in respect of following Immovable Properties dated: 12.08.2011. (2) Deed of Declaration and Confirmation dated 12.08.2011 (3) Composite Hypothecation Agreement dated 12.08.2011
Date of instrument Creating the charge	12.08.2011
Amount secured by the charge	Rs.97.216 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest Base rate plus 4% i.e. 14.00% p.a. at present with monthly rest. (concessional rate of interest subject to approval of our higher authorities) Terms of Repayment Term Loan III (Rs.2.428 Millions): Monthly Installment of Rs. 0.203 Million for 87 Months. (Interest to be recover as and when applicable). Term Loan V (Rs.6.488 Million): Monthly Installment of Rs. 0.564 Million for 60 Months. Term Loan VI (Rs.16.800 Millions): Monthly Installment of Rs. 0.216 Million for 77 Months and last installment of Rs. 0.207. Interest to be paid separately as and when applied. Cash Credit (Rs.71.500 Millions): On Demand - Subject to Annual Review. Margin Term Loan III - 20%., Term Loan V - 25%., Term Loan VI - 25%., Cash Credit - 25 % Extent and Operation of the charge To Secure the Financial Facility of Rs.97.216 Millions granted by Bank to the Company as follows: (1) Term Loan III – Rs.2.428 Millions. (2) Term Loan V – Rs.6.488 Millions (3) Term Loan VI –Rs.16.800 Millions (4) Cash Credit – Rs.71.500 Millions. The Financial facility was originally obtained by Revti Industries (partnership firm) from time to time, the status of the said firm has been converted into Private Limited Company under Part IX (Sec. 566) of the Companies Act, 1956, Charge created assets as per attached aggmt. Others In terms of the Provisions of Section 575 of the Companies Act, 1956 all the existing charge held by the Partnership firm has been passed and vested into the Company and hence Deed of Declaration and Confirmation dated 12.08.2011 to this effect has been entered by the Company with the Bank. The Company has also availed additional financial facility in the form of Term Loan VI of Rs.16.800 Millions in addition to the rearranged existing facility of Rs. 80.416 Millions.
Short particulars of the property or asset(s) charged (including complete address and location of the property)	All stock both present and future of Raw materials, stock in progress, semi finished goods and finished goods. All book debts, movable machinery and plant Industrial Unit No. 10 Ground Floor, Agarwal Udyog Nagar, Plot No. 4, Gram Panchaval, House No. 1975, admeasuring 200 sq. meters, situated at village Walvi, Taluka-Vasai, District-Thane. ii. Industrial Unit Nos. 17 and 18, admeasuring in aggregate 238.28 sq. metres, in Agarwal Udyog Nagar (Extention 2), Survey No. 92, Hissa No. 5,6 and 7 situated at village Walvi, Taluka-Vasai, District-Thane, all belonging to erstwhile Revathi Enterprises, a partnership firm with Bank of Baroda, Dahisar (West) Branch.

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.54.57
UK Pound	1	Rs.87.90
Euro	1	Rs.71.53

INFORMATION DETAILS

Information Gathered by :	PDT
Report Prepared by :	VRN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--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
TOTAL		32

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	-

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.