MIRA INFORM REPORT

Report Date :

02.11.2012

IDENTIFICATION DETAILS

Name :	THYSSENKRUPP ELEVATOR (INDIA) PRIVATE LIMITED
Formerly Known As :	FREMONT NOVO SCIENCES (INDIA) PRIVATE LIMITED
Registered Office :	Plot No. 429, Functional Industrial Estate, Patparganj, Delhi-110092
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	01.02.1999
Com. Reg. No.:	55-098162
Capital Investment / Paid-up Capital :	Rs. 881.620 Millions
CIN No.: [Company Identification No.]	U24239DL1999PTC098162
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is engaged in the business of Installation and Maintenance of Elevators and Escalators
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (44)

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is a subsidiary of ThyssenKrupp Elevator AG. It is an established company having satisfactory track. There company has achieved an increase in its sales turnover. There appears some dip in the profitability during 2011. Accumulated losses recorded by the company appear to be declining. Trade relations are reported as decent. Business is active. Payments are reported to be usually correct. In view of strong holding, 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

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.

LOCATIONS

Registered Office :	Plot No. 429, Functional Industrial Estate, Patparganj, Delhi-110092, India
Tel. No.:	91-11-41770200
Fax No.:	91-11-41770300
E-Mail :	garima.agarwal@elevator-in-thyssenkrupp.com tkehq@elevator-in-inthyssenkrupp.com
Head Office :	Vardhan House, A-4, St No.3, MIDC, Andheri (East), Mumbai-400093, Maharashtra, India

DIRECTORS

AS ON 30.09.2011

Name :	Mr. Vyomesh Tansukhlal Rajani
Designation :	Managing Director
Address :	18/61, Silver Sand Apartments Oshiwara, Jogeshwari (West), Mumbai-400102, Maharashtra, India
Date of Birth/Age :	22.04.1958
Date of Appointment :	18.11.2008
PAN No.:	AAAPR8062P
DIN No.:	02012564

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	Company/ LLP Status	Defaulting status
1	U29100MH1989PTC053119	KARE ELEVATOR AND ENGINEERING COMPANY PRIVATE LIMITED	Director	21/08/1989	21/08/1989	Active	NO
2	U24239DL1999PTC098162	THYSSENKRUPP ELEVATOR (INDIA) PRIVATE LIMITED	Managing director	18/11/2008	18/11/2008	Active	NO

Name :	Mr. Heinrich Dickens
Designation :	Director
Address :	Flat No.501, 502, Karma 15, Road, Khar (West), Mumbai-411001, Maharashtra, India
Date of Birth/Age :	06.10.1953
Date of Appointment :	01.09.2010
DIN No.:	03287381
Name :	Mr. Dara Nadirshaw Damania
Designation :	Director
Address :	11-Abbas Road, 11G.G., Thakar Road, Pune-411001, Maharashtra, India
Date of Birth/Age :	02.12.1936
Date of Appointment :	21.05.2007
DIN No.:	00403834

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	U74999MH1947PTC005508	THYSSENKRUPP INDUSTRIES INDIA PRIVATE LIMITED	Director	01/01/1978	01/01/1978	-	Active	NO
2	L29120MH1960PLC011635	K S B PUMPS LIMITED	Director	30/12/1981	30/12/1981	-	Active	NO
3	L24119PN1951PLC008409	SUDARSHAN CHEMICAL INDUSTRIES LIMITED	Director	20/11/1984	20/11/1984	-	Active	NO
4	U74200MH1977PTC020041	UHDE INDIA PRIVATE LIMITED	Director	07/06/1996	07/06/1996	-	Active	NO
5	U34300TN1998PTC046810	JBM AUTO SYSTEM PRIVATE LIMITED	Director	08/06/1998	08/06/1998	23/04/2009	Active	NO
6	U24239DL1999PTC098162	THYSSENKRUPP ELEVATOR (INDIA) PRIVATE LIMITED	Director	25/09/2007	21/05/2007	-	Active	NO
7	U74900AP2008PTC060646	BERCO UNDERCARRIAGES (INDIA) PRIVATE LIMITED	Director	19/08/2008	19/08/2008	-	Active	NO
8	L29150PN1989PLC054143	SANGHVI MOVERS LIMITED	Director	24/07/2009	20/10/2008	-	Active	NO
9	U29268MH2010PTC205326	THYSSENKRUPP ENGINE COMPONENTS INDIA PRIVATE LIMITED	Director	02/08/2010	07/07/2010	-	Active	NO
10	U29220PN2011FTC139382	THYSSENKRUPP SYSTEM ENGINEERING INDIA PRIVATE LIMITED	Director	29/04/2011	29/04/2011	-	Active	NO
11	L40108PN1981PLC024153	FINOLEX INDUSTRIES LIMITED	Additional director	29/07/2011	29/07/2011	-	Active	NO

Name :	Mr. Peter James Walker
Designation :	Director
Address :	House No.1, Stanley Court, 9, Stanley Mount Road, Stanley, Hong Kong
Date of Birth/Age :	09.11.1962
Date of Appointment :	25.05.2005
DIN No.:	00784360

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	Company/ LLP Status	Defaulting status
1	U24239DL1999PTC098162	THYSSENKRUPP ELEVATOR (INDIA) PRIVATE LIMITED	Director	25/05/2005	25/05/2005	Active	NO
2	U31909MH2010PTC200179	EROS ELEVATORS AND ESCALATORS PRIVATE LIMITED	Director	21/02/2012	23/01/2012	Active	NO

KEY EXECUTIVES

Name :	Ms. Garima Agarwal
Designation :	Secretary
Address :	A-11, Gaurav Apartments, IP Extension, Delhi-110092, India
Date of Birth/Age :	19.09.1983
Date of Appointment :	30.05.2008
PAN No.:	AFNPA1038E

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2011

Names of Equity Shareholders	No. of Shares
Thyssenkrupp Elevator AG, Germany	72211999
Eleg Europasche Lift and Escalator Gmbh, Deutschland	1
TOTAL	72212000

Names of Preference Shareholders	No. of Shares
Thyssenkrupp Elevator AG, Germany	15950000
TOTAL	15950000

AS ON 30.09.2011

Equity Shares Break Up	Percentage of Holding
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	100.00
TOTAL	100.00

BUSINESS DETAILS

Line of Business :

Subject is engaged in the business of Installation and Maintenance of Elevators and Escalators

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

Not Available

Facilities :

Unsecured Loan	Rs. In Millions 31.03.2011	Rs. In Millions 31.03.2010
Rupee term loans unsecured
Rupee term loans financial institutions unsecured	0.000	30.000
TOTAL	0.000	30.000

Banking Relations :	--
Auditors :
Name :	B S R and Associates Chartered Accountants
Address :	Building No.18, 8^th Floor Tower B, DLF Cyber City, Phase II, Gurgaon, Haryana, India
PAN No.:	AADFB6889R
Holding Company :	· ThyssenKrupp Elevator AG
Ultimate Holding Company :	· ThyssenKrupp AG, Germany
Subsidiaries :	· ThyssenKrupp Elevator (BD) Private Limited, Bangladesh
Fellow Subsidiaries :	· Thyssen Elevators Company Limited · ThyssenKrupp USA, Inc. · ThyssenKrupp Aufzugswerke GMBH · ThyssenKrupp Elevator (HK) Limited · ThyssenKrupp Elevator (Korea) Limited · ThyssenKrupp Elevators (Shanghai) Company Limited · ThyssenKrupp Elevator Asia Pacific Limited · ThyssenKrupp Elevator Australia Pty Limited · ThyssenKrupp Elevator Manufacturing Spain S.L · ThyssenKrupp Escalator Company (China) Limited · ThyssenKrupp Printmedia GMBH · ThyssenKrupp Industries India Private Limited · Uhde India Private Limited · ThyssenKrupp Airport Systems

CAPITAL STRUCTURE

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
77003600	Equity Shares	Rs.10/- each	Rs. 770.036 Millions
15950000	1% Redeemable Preference Shares	Rs.10/- each	Rs. 159.500 Millions
	TOTAL		Rs. 929.536 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
72212000	Equity Shares	Rs.10/- each	Rs. 722.120 Millions
15950000	1% Redeemable Preference Shares	Rs.10/- each	Rs. 159.500 Millions
	TOTAL		Rs. 881.620 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		881.620	881.620	881.620
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		0.000	0.000	0.000
4] (Accumulated Losses)		(99.165)	(167.086)	(280.199)
NETWORTH		782.455	714.534	601.421
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		0.000	30.000	108.447
TOTAL BORROWING		0.000	30.000	108.447
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		782.455	744.534	709.868
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		259.386	245.574	227.629
Capital work-in-progress		10.313	1.168	0.050
INVESTMENT		5.652	2.413	2.413
DEFERREX TAX ASSETS		122.921	85.188	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	418.276	270.483	254.819
	Sundry Debtors	819.343	707.921	547.134
	Cash & Bank Balances	107.179	165.186	229.300
	Other Current Assets	162.115	161.292	160.002
	Loans & Advances	266.446	204.225	190.531
Total Current Assets		1773.359	1509.107	1381.786
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	377.322	250.776	261.889
	Other Current Liabilities	907.641	780.401	581.595
	Provisions	104.213	67.739	58.526
Total Current Liabilities		1389.176	1098.916	902.010
Net Current Assets		384.183	410.191	479.776
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		782.455	744.534	709.868

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	2601.227	2002.133	1835.542
		Other Income	NA	NA	NA
		TOTAL	NA	NA	NA
Less	EXPENSES
		Office Expenses	NA	NA	NA
		Administrative Expenses
		Advertising Expenses
		TOTAL	NA	NA	NA
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		196.725	135.369	113.566
Less/ Add	DEPRECIATION/ AMORTISATION		52.505	53.282	53.284
	PROFIT BEFORE TAX		144.220	82.087	60.282
Less	TAX		76.300	(31.026)	3.451
	PROFIT AFTER TAX		67.920	113.113	56.831
	EARNINGS IN FOREIGN CURRENCY
		Commission Earnings	NA	23.970	12.320
	TOTAL EARNINGS		NA	23.970	12.320
	IMPORTS
		Components & Spares Parts	NA	378.905	229.005
	TOTAL IMPORTS		NA	378.905	229.005
	Earnings Per Share (Rs.)		0.94	1.57	--

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
Net Profit Margin (PBT/Sales)	(%)	5.54	4.10	3.28
Return on Total Assets (PBT/Total Assets}	(%)	6.69	4.46	3.75
Return on Investment (ROI) (PBT/Networth)		0.18	0.11	0.10
Debt Equity Ratio (Total Liability/Networth)		1.78	1.58	1.68
Current Ratio (Current Asset/Current Liability)		1.28	1.37	1.53

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	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	No
9]	Name of person contacted	No
10]	Designation of contact person	No
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	-----
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	Yes
21]	Market information	-----
22]	Litigations that the firm / promoter involved in	-----
23]	Banking Details	No
24]	Banking facility details	Yes
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	Yes
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	No

NOTE

Registered office has been shifted from Plot No.330, Functional Industrial Estae, Patparganj, Delhi-110092, India to the present address w.e.f. 21.12.2009.

OPERATIONS PERFORMANCE

Their Company has achieved an impressive turnover of Rs. 2601.227 Millions as compared to Rs. 2002.133 Millions in previous year 2009-10, thereby registering a growth of 30%. The company hopes to achieve the same growth in the coming year also. The profit before depreciation is Rs. 196.725 Millions.

OUTLOOK FOR THE CURRENT YEAR

The outlook for the current year looks promising. The Company hopes to achieve considerable growth in its business during the current year. The Company is also expanding its operations in neighboring countries like Srilanka, Bhutan, Nepal and Bangladesh.

FIXED ASSETS

· Freehold Land

· Building

· Leasehold Improvement

· Plant and Machinery

· Furniture and Fixtures

· Vehicles

· Office Equipments

· Computers

· Goodwill

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. 53.77
UK Pound	1	Rs. 86.76
Euro	1	Rs. 69.71

INFORMATION DETAILS

Report Prepared by :

DPT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	2
--CREDIT LINES	1~10	6
--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	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		44

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.