MIRA INFORM REPORT

Report Date :

30.05.2012

IDENTIFICATION DETAILS

Name :	EASA ELEVATORS PRIVATE LIMITED
Registered Office :	Plot No.116, Sector 15-I, Gurgaon – 122001, Haryana
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	28.11.2003
Com. Reg. No.:	05-035253
Capital Investment / Paid-up Capital :	Rs.6.800 Millions
CIN No.: [Company Identification No.]	U74899HR2003PTC035253
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Supplier of Elevators and its Accessories like Collapsible Doors, Telescopic Doors, Passenger Elevators etc.
No. of Employees :	Not Available

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

Maximum Credit Limit :	USD 43000
Status :	Moderate
Payment Behaviour :	Slow but Correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track. Trade relations are reported as fair. Business is active. Payments are reported to be slow but correct. The company can be considered for small 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 – 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

LOCATIONS

Registered Office :	Plot No.116, Sector 15-I, Gurgaon – 122001, Haryana, India
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	easaelevators@yahoo.com sales@easaelevators.com easaelevators@yahoo.com omeshnarula@yahoo.com
Website :	http://easaelevators.com
Corporation Office :	No. 2, Aravali Complex, Rajiv Colony, Near Rajiv Chowk, NH-8, Gurgaon – 122001, Haryana, India
Tel. No.:	91-124-2201621/ 622/ 623
Fax No.:	91-124-2201624
Factory 1:	G-1, 604-605, RIICO Industrial Area, Khush-Khera, District Alwar - 300717, Rajasthan, India
Factory 2:	F-625, RIICO Industrial Area, Khush-Khera, District Alwar - 300717, Rajasthan, India

DIRECTORS

(AS ON 30.09.2011)

Name :

Mr. Omesh Narula

Designation :

Managing Director

Address :

Plot No.116, Sector 15-I, Gurgaon – 122001, Haryana, India

Date of Birth/Age :

20.12.1961

Date of Appointment :

10.03.2012

DIN No.:

00039020

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	U74899HR2003PTC035253	EASA ELEVATORS PRIVATE LIMITED	Managing director	10/3/2012	1/5/2004	Active	NO
2	U55101HR2008PTC037581	AMORE RESTAURANTS PRIVATE LIMITED	Director	1/2/2008	1/2/2008	Under Process of Striking off	NO
3	U51101RJ2008PTC026610	STELLA LIFT PARTS INDIA PRIVATE LIMITED	Director	23/05/2008	23/05/2008	Active	NO

Name :

Mr. Pramod Narula

Designation :

Whole-time Director

Address :

Plot No.116, Sector 15-I, Gurgaon, Haryana, India

Date of Birth/Age :

10.06.1949

Date of Appointment :

01.05.2004

DIN No.:

00039033

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	U74899HR2003PTC035253	EASA ELEVATORS PRIVATE LIMITED	Whole-time director	1/5/2004	1/5/2004	Active	NO
2	U51101RJ2008PTC026610	STELLA LIFT PARTS INDIA PRIVATE LIMITED	Director	23/05/2008	23/05/2008	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 30.09.2011)

Names of Shareholders	No. of Shares
Neenu Narula	9000
Sharon Narula	9000
Omesh Narula	251000
Pramod Narula	256000
Omesh Narula – HUF	77500
Pramod Narula – HUF	77500
Total	680000

(AS ON 30.09.2011)

Equity Shares Break – up

Category	Percentage
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Supplier of Elevators and its Accessories like Collapsible Doors, Telescopic Doors, Passenger Elevators etc.

GENERAL INFORMATION

Suppliers :

· Asian Cranes and Elevators

· Big Prints

· Bombay Dyeing and Mfg. Company Limited

· Caparo Maruti Limited

· Chadha Sugar lnd. Limited

· Cric Phanna (India) Limited

· Energetic Lighting Private Limited

· Fabcare Garments and Textile Machinery

· Ganesh Polytex Limited

· Gee Pee Software Service Private Limited

· Iskon Promoters Private Limited

· JPM Automobiles Limited

· M S and Company

· Montage Enterprises Private Limited

· Pasco Automobile

· RCG Enterprises Private Limited

· R V International

· Star Wire India Limited

· Super Screw Private Limited

· T D Infrastructure Limited

· Venus Elevators

Customers :

· AA Autotek Private Limited

· Alpine Polyrub Private Limited

· ASK Automobiles Private Limited

· Arvind Engineers

· B. L. Life Sciences Limited

· Bajaj Motors Limited

· Bikanerwala Food Private Limited

· Dabur India Limited (Pant Nagar)

· Deutsche Motor Private Limited

· Continental Hardware Private Limited

· Donna Apparels Private Limited

· EI Mech Engineers and Consultants

· Express Infoom Private Limited

· Fiem Industries Limited

· Fibcom India Limited

· Hero Honda Motors Limited

· ITP Infotech Private Limited

· Ishman International

· Jasmine Industrial Company

· Jumps Auto Ind. Limited

· K K G Industries

· Krishna Automobiles

· Lakhani Rubbers Limited

· Magna Automations Limited

No. of Employees :

Not Available

Bankers :

· Bank of Maharashtra

Line-1, Kirti Nagar, Jharsa Road, Gurgaon - 122001, Haryana, India

· Bank of Maharashtra

Jharsa Road, Sector 15, Gurgaon - 122001, Haryana, India

· Canara Bank

Facilities :

Secured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
Bank of Maharashtra (OD A/c)	1.714	0.000
Bank of Maharashtra (Term Loans)	9.047	11.067
Bank of Maharashtra (Term Loam) IMT	8.289	2.083
ICICI Bank Limited (For Alto Car)	0.254	0.000
ICICI Bank Limited (For Cargo Van)	0.016	0.075
Total	19.320	13.225
Unsecured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
Mrs. Neenu Narula	0.535	0.535
Mrs. Avinash Narula	0.989	0.000
Mrs. Sharon Narula	0.573	0.573
Mr. Pramod Narula	0.350	0.350
Mr. Omesh Narula	0.630	0.630
Total	3.077	2.088

Banking Relations :	--
Auditors :
Name :	S. K. Gulati and Associates Chartered Accountant
Address :	A-3, Rajouri Garden, New Delhi – 110027,India
Tel No.:	91-11-41447601-02
Email :	skgass@gmail.com
PAN No.:	AAAFS8511L

CAPITAL STRUCTURE

(AS ON 30.09.2011)

Authorised Capital :

No. of Shares	Type	Value	Amount
750000	Equity Shares	Rs.10/- each	Rs.7.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
680000	Equity Shares	Rs.10/- each	Rs.6.800 Millions

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		6.800	4.600	3.600
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		3.970	2.999	2.159
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		10.770	7.599	5.759
LOAN FUNDS
1] Secured Loans		19.320	13.225	13.738
2] Unsecured Loans		3.077	2.088	2.588
TOTAL BORROWING		22.397	15.313	16.326
DEFERRED TAX LIABILITIES		0.038	0.065	0.087
TOTAL		33.205	22.977	22.172
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		33.402	27.873	28.148
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	10.455	6.201	2.407
	Sundry Debtors	9.409	9.799	7.964
	Cash & Bank Balances	0.517	1.783	2.337
	Other Current Assets	1.141	0.424	0.143
	Loans & Advances	2.640	2.426	1.522
Total Current Assets		24.162	20.633	14.373
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	12.696	16.577	11.833
	Other Current Liabilities	11.204	8.598	8.212
	Provisions	0.489	0.399	0.366
Total Current Liabilities		24.389	25.574	20.411
Net Current Assets		(0.227)	(4.941)	(6.038)
MISCELLANEOUS EXPENSES		0.030	0.045	0.062
TOTAL		33.205	22.977	22.172

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	68.278	73.318	47.127
		Other Income	NA	NA	0.071
		TOTAL	NA	NA	47.198
Less	EXPENSES
		TOTAL	NA	NA	44.969
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		4.817	3.892	2.229
Less/ Add	DEPRECIATION/ AMORTISATION		2.538	2.673	1.082
	PROFIT BEFORE TAX		2.279	1.219	1.147
Less	TAX		NA	NA	0.366
	PROFIT AFTER TAX		NA	NA	0.781
	Earnings Per Share (Rs.)		NA	NA	2.17

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	NA	NA	1.65
Net Profit Margin (PBT/Sales)	(%)	3.34	1.66	2.43
Return on Total Assets (PBT/Total Assets}	(%)	3.96	2.51	2.70
Return on Investment (ROI) (PBT/Networth)		0.21	0.16	0.20
Debt Equity Ratio (Total Liability/Networth)		4.34	5.38	6.38
Current Ratio (Current Asset/Current Liability)		0.99	0.81	0.70

LOCAL AGENCY FURTHER INFORMATION

Check list by info Agents	Available in Report (Yes/ No)
Year of Establishment	Yes
Locality of the Firm	Yes
Constitution of the Firm	Yes
Premises details	No
Type of Business	Yes
Line of Business	Yes
Promoter’s Background	Yes
No. of Employees	No
Name of Person Contacted	No
Designation of Contact person	No
Turnover of Firm for last three years	Yes
Profitability for last three years	Yes
Reasons for variation <> 20%	-----
Estimation for coming financial year	No
Capital in the business	Yes
Details of sister concerns	No
Major Suppliers	Yes
Major Customers	Yes
Payments Terms	No
Export/ Imports Details (If applicable)	No
Market Information	-----
Litigations that the firm/ Promoters Involved in	-----
Banking details	Yes
Banking Facility Details	Yes
Conduct of the Banking Account	-----
Buyer visit details	-----
Financials, if provided	Yes
Incorporation details is applicable	Yes
Last Accounts filed at ROC	Yes
Major Shareholders, if available	Yes

FINANCIAL RESULTS

The Company has a total turnover including job work of Rs.68.278 Millions. The company has earned a net profit of Rs.2.279 Millions after providing for depreciation of Rs.2.537 Millions. The company has shown a good performance this year and the directors expect better performance next year.

FORM 8:

Corporate identity number of the company	U74899HR2003PTC035253
Name of the company	EASA ELEVATORS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Plot No.116, Sector 15-I, Gurgaon – 122001, Haryana, India easaelevators@yahoo.com
This form is for	Creation of charge
Type of charge	Immovable Property Movable Property
Particular of charge holder	Bank of Maharashtra Jharsa Road, Sector 15, Gurgaon – 122001, Haryana, India brmgr1189@mahabank.co.in
Nature of description of the instrument creating or modifying the charge	Composite Deed of Hypothecation Memorandum of record of equitable mortgage Memorandum requiring deposit of title deeds to create additional mortgage
Date of instrument Creating the charge	12.01.2010
Amount secured by the charge	Rs.8.600 Millions
Brief particulars of the principal terms and conditions and extent and operation of the charge	Rate of Interest BPLR-1.25 %, Presently 11.00 % Terms of Repayment Installment of Rs.0.112 Million per month + interest extra as and when applied. Repayment of Rs.0.112 Million to begin six months after first disbursement. Margin 32% Extent and Operation of the charge First and exclusive charge and security by way of hypothecation and equitable mortgage of immovable property for a term loan of Rs.8.600 Millions.
Short particulars of the property charged	First and exclusive charge and security by way of hypothecation of the borrower's present and future movables, plants and machineries such as vlddring machine, crane, cutting machines, lifts etc. Equitable mortgage by deposit of conveyance deed of company property situated at Manesar Gurgaon. Additional mortgage by deposit of lease deed of property situated at G-604 and 605 Kurukhera, Bhiwadi

FIXED ASSETS:

· Land

· Building

· Furniture and Fixture

· Machinery and Equipment

· Office Equipments

· Car

· Van

· Scooter

· Computer

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 records 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.55.58
UK Pound	1	Rs.87.14
Euro	1	Rs.69.73

INFORMATION DETAILS

Report Prepared by :

NIT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	4
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--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
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	-

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.