MIRA INFORM REPORT

Report Date :

26.11.2012

IDENTIFICATION DETAILS

Name :	SCHINDLER INDIA PRIVATE LIMITED
Registered Office :	B\401 Delphi B-Wing, Hiranandani Business Park, Powai, Mumbai – 400076, Maharashtra
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	26.12.1997
Com. Reg. No.:	11-112690
Capital Investment / Paid-up Capital :	Rs. 1217.879 Millions
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 :	Provider of elevators, escalators and related services.
No. of Employees :	Information declined by management

RATING & COMMENTS

MIRA’s Rating :

B (26)

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

Maximum Credit Limit :	USD 3400000
Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is a 100% owned subsidiary of Schindler group, Switzerland. It is well established and reputed company. Subject is having moderate track record. The financial details for the year 2010-2011, 2011-2012 is missing from government department. And from the available details their appears huge accumulated losses. However, company get good support from its holding company and capital base appears to be strong. Trade relations are reported to be fair. Business is active. Payments are reported to be slow. The company can be considered for business dealing with some caution.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

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.

INFORMATION DENIED

MANAGEMENT NON CO-OPERATIVE

LOCATIONS

Registered/ Corporate Office :	B\401 Delphi B-Wing, Hiranandani Business Park, Powai, Mumbai – 400076, Maharashtra, India
Tel. No.:	91-22-67031000/ 61314444
Fax No.:	91-22-67030145/ 55
E-Mail :	abhijit.das@in.schindler.com
Website :	http://www.schindler.com
Corporate Offices :	Located at: Ø Ahmedabad Ø Bangalore Ø Chandigarh Ø Chennai Ø Cochin Ø Hyderabad Ø Jaipur Ø Kolkata Ø Mumbai Ø Navi Mumbai Ø New Delhi Ø Noida Ø Pune

DIRECTORS

AS ON 20.09.2012

Name :	Mr. Uday Atmanand Kulkarni
Designation :	Managing director
Address :	4/25, Haji Ali, Government Colony, Haji Ali Park, Mumbai – 400034, Maharashtra, India
Date of Birth/Age :	16.05.1958
Date of Appointment :	05.09.2012
DIN No.:	05316902
Name :	Miguel Angel Rodriguez
Designation :	Director
Address :	Paseo Alcobendas, Nr.14, House Nr. 44, Alcobendas, Madrid Spain 28109
Date of Birth/Age :	05.06.1953
Date of Appointment :	23.06.2010
DIN No.:	03018500
Name :	Priska Minder
Designation :	Director
Address :	Sonneggsteig 4, Kastanienbaum, 6047, Switzerland
Date of Birth/Age :	14.07.1961
Date of Appointment :	20.09.2012
DIN No.:	06367363

KEY EXECUTIVES

Name :	Mr. Vishal M. Shah
Designation :	Company Secretary
PAN No.:	ANZPS0103N

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 20.09.2012

Names of Shareholders	No. of Shares
Schindler Holding Limited, Switzerland	121787856
Schindler Aufzuge AG, Switzerland	1
Total	121787857

AS ON 20.09.2012

Equity Share Breakup	Percentage of Holding
Category
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Provider of elevators, escalators and related services.

GENERAL INFORMATION

No. of Employees :	Information declined by management
Bankers :	Corporation Bank, BG-1, Delphi, Orhard Avvenue, Hiranandani Business Park, Powai Branch, Mumbai – 400076, Maharashtra, India

Banking Relations :	--
Auditors :
Name :	S.R. Batliboi and Company Chartered Accountants
Address :	14th Floor, The Ruby, 29 Senapati Bapat Marg, Dadar West, Mumbai – 400028, Maharashtra, India
Tel. No.:	91-22-61920000
Fax No.:	91-22-61920000
Income-tax PAN of auditor or auditor's firm :	AALFS0506L
Holding Company :	Schindler Holding Limited, Switzerland
Fellow Subsidiaries :	Ø Elevator Car System, France Ø Schindler Fehnroppon International GmbH Ø Suzhou Schindler Elevator Company Limited Ø Schindler SA (Schindler Drive Systems) – Spain Ø Schindler Electronica SA Ø Schindler Elevators Limited, Switzerland Ø Schindler SPA, Italy Ø Schindler Informatic AG, Switzerland Ø Schindler Management AG Ø Inventio AG Ø Schindler (China) Elevator Company Limited Ø Schindler Electronics Suzhou Company Limited Ø Schindler Hungana Ktt. Ø Schindler Turkett Asansor Ø Schindler Lifts (SA) (Pty) Limited Ø Schindler Aufzuge and Fahrtreppen GmbH Ø Schindler Pars International Limited Ø Shanghai Schindler Trading Company Limited Ø Roux Combaluzier Schindler Ø Schindler Lifts Australia

CAPITAL STRUCTURE

AS ON 20.09.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
127,500,000	Equity Shares	Rs. 10/- each	Rs. 1275.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
121,787,857	Equity Shares	Rs.10/- each	Rs. 1217.879 Millions

AS ON 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
127,500,000	Equity Shares	Rs. 10/- each	Rs. 1275.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
119,187,857	Equity Shares	Rs.10/- each	Rs. 1191.879 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010	31.03.2009	31.03.2008
SHAREHOLDERS FUNDS
1] Share Capital		1191.879	1191.879	1191.879
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		0.000	0.000	0.000
4] (Accumulated Losses)		(325.112)	(448.633)	(788.077)
NETWORTH		866.767	743.246	403.802
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		0.000	0.000	0.000
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		866.767	743.246	403.802
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		125.287	96.211	68.311
Capital work-in-progress		0.000	0.171	5.789
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		52.115	49.277	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	229.041	165.970	189.536
	Sundry Debtors	827.668	791.773	609.659
	Cash & Bank Balances	1582.513	966.718	500.517
	Other Current Assets	313.609	239.723	305.697
	Loans & Advances	256.539	186.336	198.716
Total Current Assets		3209.370	2350.520	1804.125
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	801.080	439.945	337.689
	Other Current Liabilities	1658.593	1268.016	1096.709
	Provisions	60.332	44.972	40.025
Total Current Liabilities		2520.005	1752.933	1474.423
Net Current Assets		689.365	597.587	329.702
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		866.767	743.246	403.802

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income
		Other Income
		TOTAL	4201.941	3398.793	2398.881
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL	4025.644	3052.898	2184.041
	PROFIT BEFORE TAX		176.297	345.895	214.840
Less	TAX		N.A.	N.A.	N.A.
	PROFIT AFTER TAX		N.A.	N.A.	N.A.
	EARNINGS IN FOREIGN CURRENCY
		Export at FOB Value	28.433	0.000	0.000
	IMPORTS
		Lifts and Escalators	332.041	53.670	88.504
		Stores & Spares	281.982	257.617	209.181
		Capital Goods	0.116	2.708	1.900
	TOTAL IMPORTS		614.139	313.995	299.585

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
Return on Total Assets (PBT/Total Assets}	(%)	5.29	14.14	11.47
Return on Investment (ROI) (PBT/Networth)		0.20	0.47	0.53
Debt Equity Ratio (Total Liability/Networth)		2.91	2.36	3.65
Current Ratio (Current Asset/Current Liability)		1.27	1.34	1.22

LOCAL AGENCY FURTHER INFORMATION

SUNDRY CREDITORS DETAILS:

Particulars	31.03.2010	31.03.2009	31.03.2008
	(Rs. In Millions)
Total outstanding dues of Micro and Small Enterprises	18.315	0.000	0.000
Dues to other than Micro and Small Enterprises	782.765	439.945	337.689
Sundry Creditors	801.080	439.945	337.689

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)	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	No

COMPANY’S PERFORMANCE AND PROSPECTS:

The total income of the company for the year ended 31^st December, 2010 was Rs. 4201.941 Millions as compared to Rs. 3398.793 Millions for the year ended 31^st December, 2009. The profit before tax for the year ended 31^st December, 2010 was Rs. 176.297 Millions as compared to profit of Rs. 345.895 for the year ended 31^st December, 2009 in the previous year.

Rapid urbanization and booming infrastructure development projects has led India to become the second biggest market for elevators globally, second only in China. At present the global market accounts for approximately 500000 units annually, India’s closely competitive neighbor China takes up most of the demand i.e. 285000 units and India’s market demands are close to 35000 units.

The company’s order position as on the date of this report is healthy and in the year 2011 it expects to continue the growth trends of the last 5 years.

CONTINGENT LIABILITIES:

(Rs. in millions)

Particulars	31.03.2010	31.03.2009
Claims against the Company not acknowledged as debts
(i) Guarantees issued by bank on behalf of the Company	107.622	212.815
(ii) In respect of State Sales Tax matters	81.089	123.813
(iii) In respect of Income Tax matters	1.854	1.484

FIXED ASSETS:

Tangible assets:

Ø Plant and Machinery

Ø Computer Equipment

Ø Office Equipment

Ø Furniture and Fixture

Ø Motor Vehicle

Ø Computers

Ø Leasehold Improvements

Intangible assets:

Ø Computer Software

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 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. 55.34
UK Pound	1	Rs. 88.30
Euro	1	Rs. 71.37

INFORMATION DETAILS

Information Gathered by :	PJA
Report Prepared by :	BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		26

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.