MIRA INFORM REPORT

Report Date :

15.02.2012

IDENTIFICATION DETAILS

Name :	KUMAR ELEVATORS PRIVATE LIMITED
Registered Office :	404, “Silver Cross”, Shivrajani Char Rasta, Satellite Cross Road, Ahmedabad-380015, Gujarat
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	28.02.1992
Com. Reg. No.:	04-017198
Capital Investment / Paid-up Capital :	Rs.0.200 Million
CIN No.: [Company Identification No.]	U29150GJ1992PTC017198
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Trader of Control System and Elevator etc.
No. of Employees :	25 [Office + Factory] Approximately

RATING & COMMENTS

MIRA’s Rating :

Ca [16]

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Small Company
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is a small company in its field. Its scale of activities are limited. The company has stopped its business activities in the year 1996 due to personal reason and restarted its business activities in the year 2010 as reported by the director Mr. Prashant. He further stated that the company is going to start manufacturing activities in the year 2012. Trade relations are reported as fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings on a secured 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 – September 30, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
India	A1	A1

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

INFORMATION PARTED BY

Name :	Mr. Prashant Patel
Designation :	Director
Contact No.:	91-9879307500
Date :	10.02.2012

LOCATIONS

Registered Office / Factory :	404, “Silver Cross”, Shivrajani Char Rasta, Satellite Cross Road, Ahmedabad-380015, Gujarat, India
Tel. No.:	91-79-26922856
Mobile No.:	91-9879307500 (Mr. Prashant Patel)
Fax No. :	Not Available
E-Mail :	info@kumarelevators.co.in info.kumarelevators@gmail.com rdanda_82@yahoo.com
Website :	www.kumarelevators.com
Area :	4000 Sq.ft.
Location :	Owned
Factory :	Thongodar Main Road, Ahmedabad – 380012, Gujarat, India

DIRECTORS

As On : 30.09.2011

Name :

Mr. Hitendra Kumar Maganlal Trambadia

Designation :

Director

Address :

A-51, Someshwar II, A –Tower, Satellite Road, Ahmedabad, Gujarat, India

Date of Birth/Age :

01.08.1961

Qualification :

B. Com

Date of Appointment :

28.02.1992

DIN :

00131592

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U29150GJ1992PTC017198	KUMAR ELEVATORS PRIVATE LIMITED	Director	28/02/1992	28/02/1992	Active	NO
2	U36998GJ1997PTC032052	KUMAR LIFTS PRIVATE LIMITED	Director	31/08/2007	1/3/2007	Active	NO

Name :

Mr. Animesh Ramesh Desai

Designation :

Director

Address :

18, Paramohan Society, Bopal Road, Ahmedabad-380068, Gujarat, India

Date of Birth/Age :

07.05.1986

Qualification :

MBA

Date of Appointment :

15.03.2010

DIN :

02995694

Name :

Mr. Kevin Kishorbhai Rabara

Designation :

Director

Address :

26, Mahakali Nagar, At Mahuva, District Bhavnagar, Ahamedabad-364290, Gujarat, India

Date of Birth/Age :

15.12.1989

Qualification :

BCA

Date of Appointment :

15.03.2010

DIN :

02995721

Name :

Mr. Prashant Maheshbhai Patel

Designation :

Director

Address :

Block No. 26, Gujrat Housing, Mahuva, Bhavnagar, Gujarat, India

Date of Birth/Age :

24.07.1985

Qualification :

Mechanical Engineering

Date of Appointment :

15.03.2010

DIN :

02244447

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U15490GJ2008PTC054664	PLATINA FOODS PRIVATE LIMITED	Director	1/8/2008	1/8/2008	30/01/2012	Active	NO
2	U29150GJ1992PTC017198	KUMAR ELEVATORS PRIVATE LIMITED	Director	15/03/2010	15/03/2010	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2011

Names of Shareholders	No. of Shares
Hitendrakumar Maganlal Trambadia	3500
Animesh Ramesh Desai	5000
Kevin Kishorbhai Rabara	5000
Prashant Maheshbhai Patel	5000
Varshagauri Patel	1500
Total	20000

AS ON 30.09.2011

Equity Share Breakup Category	Percentage of Holding
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter or Importer of control System and Elevator etc.
Products :	Control System Passenger Lift Residence Lift Passenger Elevators Car Operating Panel All type of Elevators Elevator Parts
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

GENERAL INFORMATION

Customers :

Wholesalers and Retailers

· Ranjit Dyeing and Printing Works

Suppliers :

· B. R. Enterprises

No. of Employees :

25 [Office + Factory] Approximately

Bankers :

• IDBI Bank, Ahmedabad Branch, Cross Road, Ahmedabad, Gujarat, India
• Nutan Nagrik Sahkari Bank Limited
• Shri Swaminarayan Cooperative Bank Limited, Baroda, Gujarat, India
• Charotar Nagrik Sahakari Bank Limited
• Navnirman Cooperative Bank Limited

Facilities :

UNSECURED LOAN	31.03.2011 Rs.In Millions	31.03.2010 Rs.In Millions
From Directors	1.814	0.027
From Shareholders	0.013	0.000
Total	1.827	0.027

Banking Relations :	--
Auditors :
Name :	Ramesh Desai and Associates Chartered Accountants
Address :	305, Silver Cross Building, Behind Petrol Pump, Near Shivranjani Char Rasta, Satellite Road, Ahmedabad-380015, Gujarat, India
Tel. No. :	91-79-26923572
PAN :	AANPD6526F

CAPITAL STRUCTURE

As On 30.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
100,000	Equity Shares	Rs. 10/- each	Rs. 1.000 million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
20,000	Equity Shares	Rs. 10/- each	Rs. 0.200 million

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		0.200	0.200	0.200
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		0.000	0.000	0.000
4] (Accumulated Losses)		(0.522)	(0.218)	(0.217)
NETWORTH		(0.322)	(0.018)	(0.017)
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		1.827	0.027	0.027
TOTAL BORROWING		1.827	0.027	0.027
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		1.505	0.009	0.010
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		0.046	0.000	0.000
Capital work-in-progress		0.302	0.000	0.000
INVESTMENT		0.020	0.000	0.000
DEFERREX TAX ASSETS		0.175	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	1.126	0.000	0.000
	Sundry Debtors	0.000	0.000	0.000
	Cash & Bank Balances	0.575	0.021	0.021
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	0.299	0.000	0.000
Total Current Assets		2.000	0.021	0.021
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	0.446	0.012	0.011
	Other Current Liabilities	0.592	0.000	0.000
	Provisions	0.000	0.000	0.000
Total Current Liabilities		1.038	0.012	0.011
Net Current Assets		0.962	0.009	0.010
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		1.505	0.009	0.010

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	0.387	0.005	0.000
		Other Income	0.000	0.000	0.000
		TOTAL	0.387	0.005	0.000
Less	EXPENSES		0.861	0.006	0.004
	PROFIT/[LOSS] BEFORE TAX, DEPRECIATION AND AMORTISATION		(0.474)	(0.001)	(0.004)
Less/ Add	DEPRECIATION/ AMORTISATION		0.005	0.000	0.000
	PROFIT / [LOSS] BEFORE TAX		(0.479)	(0.001)	(0.004)
Less	TAX		0.176	0.000	0.000
	PROFIT / [LOSS] AFTER TAX		(0.303)	(0.001)	(0.004)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(0.218)	(0.217)	(0.213)
	BALANCE CARRIED TO THE B/S		(0.521)	(0.218)	(0.217)
	Earnings/[Loss] Per Share (Rs.)		(15.15)	(0.05)	-

Expected Sales (2011- 2012) : Rs.25.000 millions

The above information has been parted by Mr. Prashant Patel [Director]

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	(78.29)	(20.00)	NA
Net Profit Margin (PBT/Sales)	(%)	(123.77)	(20.00)	NA
Return on Total Assets (PBT/Total Assets}	(%)	(23.41)	(4.76)	(19.05)
Return on Investment (ROI) (PBT/Networth)		(1.49)	(0.05)	(0.23)
Debt Equity Ratio (Total Liability/Networth)		(8.90)	(2.17)	(2.23)
Current Ratio (Current Asset/Current Liability)		1.93	1.75	1.91

LOCAL AGENCY FURTHER INFORMATION

Check List by Info Agents	Available in Report [Yes/No]
Year of Establishment	Yes
Locality of the Firm	Yes
Construction of the firm	Yes
Premises details	Yes
Type of Business	Yes
Line of Business	Yes
Promoters background	-
No. of Employees	Yes
Name of Person Contacted	Yes
Designation of contact person	Yes
Turnover of firm for last two years	Yes
Profitability for last three years	No
Reasons for variation <> 20%	-
Estimation for coming financial year	Yes
Capital the business	No
Details of sister concerns	-
Major Suppliers	Yes
Major Customers	Yes
Payment Terms	Yes
Export / Import Details [If Applicable]	No
Market Information	-
Litigations that the firm / promoter involved in	-
Banking Details	Yes
Banking Facility Details	No
Conduct of the banking account	-
Buyer visit details	-
Financials, if provided	No
Incorporation details, if applicable	-
Last accounts filed at ROC	-
Major Shareholders, if applicable	-

Note : Registered office address of the company has been shifted from 116, Someshwara Complex II, Near Jodhpur Char Rasta, Satellite Road, Ahmedabad, Gujarat, India to the present address w.e.f. 31.08.2005

OPERATING RESULT :

During the year, the Company has commenced the business iof trading in lift parts and components. The company also conducted development work on electronic panel of lifts. The company is confident to develop it successfully and put to commercial advantage. During the year, the company could achieve a sales of Rs.0.386 million. However, this being the first year of commencing this business, it ended up with a net loss of Rs.0.303 million. The directors are now confident about the future of the company.

Trade Reference :

• Ranjit Dyeing and Printing Works
• B. R. Enterprises

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.49.33
UK Pound	1	Rs.77.41
Euro	1	Rs.64.83

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	2
OPERATING SCALE	1~10	2
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	-
--LIQUIDITY	1~10	2
--LEVERAGE	1~10	2
--RESERVES	1~10	-
--CREDIT LINES	1~10	2
--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		16

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.