MIRA INFORM REPORT

Report Date :

31.10.2012

IDENTIFICATION DETAILS

Name :	EXPRESS LIFTS LIMITED (w.e.f. 14.12.2011)
Formerly Known As :	EXPRESS LIFTS PRIVATE LIMITED
Registered Office :	Express House, Behind Natraj Railway Crossing, Mithakhali, Ahmedabad – 380009, Gujarat
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	04.04.2006
Com. Reg. No.:	04-048060
CIN No.: [Company Identification No.]	Rs.0.500 Million
CIN No.: [Company Identification No.]	U31904GJ2006PTC048060
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturers of Lifts/ Elevators, Spare Parts.
No. of Employees :	200 [Approximately] [In Office + In Office]

RATING & COMMENTS

MIRA’s Rating :

Ba (43)

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

Maximum Credit Limit :	USD 16000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct and as per commitments. 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

INFORMATION PARTED BY

Name :	Mr. Hitesh
Designation :	Accounts Manager
Contact No. :	91-9426580140
Date :	29.10.2012

LOCATIONS

Registered Office / Corporate Office :	Express House, Behind Natraj Railway Crossing, Mithakhali, Ahmedabad – 380009, Gujarat, India
Tel. No.:	91-79-26420061/ 26420134
Mobile No.:	91-9426580140 (Mr. Hitesh)
Fax No.:	91-79-26420134
E-Mail :	joshishahparikh@yahoo.com info@expresslift.co.in account@expresslift.co.in
Location :	Owned
Factory :	13/14, Narayan Estate, Puna Estate Road, Near Soni Chawn, Rakalal, Ahmedabad-380009, Gujarat, India
Branch Office :	Located at · Baroda · Junagadh · Valsad Vapi · Jaipur · Surat · Rajkot · Ranchi

DIRECTORS

As On 30.09.2011

Name :	Mr. Vasantbhai Bhanjibhai Detroja
Designation :	Director
Address :	14, Sahjanand Bunglows, Behind Thaltej Village, Thaltej, Ahmedabad – 380 056, Gujarat, India
Date of Birth/Age :	05.08.1972
Date of Appointment :	04.04.2006
DIN No.:	00028487
Name :	Mr. Bhupatbhai Dhirubhai Khunt
Designation :	Director
Address :	9, Sahjanand Bunglows, Behind Thaltej Village, Thaltej, Ahmedabad – 380 056, Gujarat, India
Date of Birth/Age :	01.06.1972
Date of Appointment :	04.04.2006
DIN No.:	00028526

KEY EXECUTIVE

Name :	Mr. Hitesh
Designation :	Accounts Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
Vasantbhai Bhanjibhai Detroja	5000
Bhupatbhai Dhirubhai Khunt	5000
Total	10000

As on 30.09.2011

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

BUSINESS DETAILS

Line of Business :	Manufacturers of Lifts/ Elevators, Spare Parts.
Products :	Capsule Elevators Stretcher Elevators Traction Elevators Hydraulic Elevators Goods Lifting Machines Hydraulic Lifts - Car Parking Hydraulic Lifts - Structure Hydraulic Lifts Allied lift and elevator components in different materials: S.S. Airline Finish Cabin S.S. Mirror Finish Cabin M.S. Powder Coated Cabin Goods Cabin Wooden Decorative Cabin S.S. Auto Door M.S. Auto Door S.S. Telescopic Auto Door S.S. Telescopic Manual Door Glass Auto Door M.S. Telescopic Auto Door M.S. Telescopic Manual Door Imperforate Door Wooden Swing Door, etc.
Terms :
Purchasing :	Cash / Credit
Sales :	Cash / Credit

GENERAL INFORMATION

Suppliers :

• Bharat Bijlee Limited

Customers :

Wholesalers and Retailers

• Manav Nesvi Infrastructure Private Limited

No. of Employees :

200 [Approximately] [In Office + In Office]

Bankers :

• Kotak Mahindra Bank, Ahmedabad, Gujarat, India
• State Bank of India

Facilities :

Overdraft Facilities : Rs.0.590 Million (From Kotak Mahindra Bank)

SECURED LOANS	31.03.2012 (Rs. In Millions)	31.03.2011 (Rs. In Millions)
TERM LOAN
- Financial Institution	0.311	0.000
Total	0.311	0.000
UNSECURED LOANS	31.03.2012 (Rs. In Millions)	31.03.2011 (Rs. In Millions)
From Director	0.001	0.404
Total	0.001	0.404

Banking Relations :

--

Auditors :

Name :

Viral Patel and Associates

Chartered Accountants

Address :

C-102, Satyam Flat, Opposite Kirtisagar Tower, Near Jodhpurgam, Satellite, Ahmedabad – 380015, Gujarat, India

Tel No.:

91-79-26922028

Mobile No.:

91-9824484232

E-mail Id :

viralpatel.ca@gmail.com

PAN No.:

ARPPP1131R

Name :

Dhruv and Company

Chartered Accountant

Associates/ Subsidiaries :

Express Electro Elevators

CAPITAL STRUCTURE

As On 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
50000	Equity Shares	Rs.100/- each	Rs.0.500 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
50000	Equity Shares	Rs.100/- each	Rs.0.500 Million

Note:

Reconciliation of Share Capital :

Particulars	31.03.2012
	Number of Shares	Rs. In Millions
Balance at the beginning of the year	10000	0.010
Shares issued during the year	40000	-
Shares Brought back during the year	--	--
Shares Outstanding at the end of the year	50000	0.010

Shares held by Shareholders holding more than 5 percent shares in the Company:

Particulars	31.03.2012
	Number of Shares	% holding
Bhupatbhai Khunt	10000	20.00
Vasantbhai Detroja	10000	20.00
Bhanjibhai Detroja	5000	10.00
Bhupatbhai Khunt (HUF)	5000	10.00
Dhirubhai Khunt	5000	10.00
Kalashben Khunt	5000	10.00
Manishaben Detroja	5000	10.00
Vasantbhai Detroja (HUF)	5000	10.00

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2012	31.03.2011	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		0.500	0.500	0.100
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		3.433	1.925	1.254
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		3.933	2.425	1.354
LOAN FUNDS
1] Secured Loans		0.311	0.000	0.000
2] Unsecured Loans		0.001	0.404	0.543
TOTAL BORROWING		0.312	0.404	0.543
DEFERRED TAX LIABILITIES		0.044	0.045	0.032
TOTAL		4.289	2.874	1.929
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		1.796	1.086	0.990
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	34.529	35.230	10.834
	Sundry Debtors	37.322	17.172	9.714
	Cash & Bank Balances	1.484	2.455	0.757
	Other Current Assets	0.000	0.016	0.000
	Loans & Advances	5.380	4.504	1.653
Total Current Assets		78.715	59.377	22.958
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	27.551	17.999	8.968
	Current Liabilities	48.671	39.590	12.331
	Provisions	0.000	0.000	0.740
Total Current Liabilities		76.222	57.589	22.039
Net Current Assets		2.493	1.788	0.919
MISCELLANEOUS EXPENSES		0.000	0.000	0.020
TOTAL		4.289	2.874	1.929

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	168.927	80.226	50.212
		Other Income	0.074	0.063	0.050
		TOTAL (A)	169.001	80.289	50.262
Less	EXPENSES
		Purchases of stock-in-trade	151.112	92.852	48.939
		Employee benefits Expenses	3.929	3.192
		Other Expenses	10.665	7.285
		Changes in inventories of traded goods	0.701	(24.396)
		TOTAL (B)	166.407	78.933	48.939
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		2.594	1.356	1.323
Less	FINANCIAL EXPENSES (D)		0.094	0.132	0.117
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		2.500	1.224	1.206
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.299	0.200	0.161
	PROFIT BEFORE TAX (E-F) (G)		2.201	1.024	1.045
Less	TAX (H)		0.693	0.353	0.335
	PROFIT AFTER TAX (G-H) (I)		1.508	0.671	0.710
	Earnings Per Share (Rs.)		116.09	67.10	71.01

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	0.89	0.83	1.41
Net Profit Margin (PBT/Sales)	(%)	1.30	1.28	2.08
Return on Total Assets (PBT/Total Assets}	(%)	2.73	1.69	4.36
Return on Investment (ROI) (PBT/Networth)		0.56	0.42	0.77
Debt Equity Ratio (Total Liability/Networth)		19.46	23.91	16.68
Current Ratio (Current Asset/Current Liability)		1.03	1.03	1.04

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	Yes
13]	Reasons for variation <> 20%	--
14]	Estimation for coming financial year	Yes
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	Yes
18]	Major customers	Yes
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	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

OPERATION:

The gross income of the company during the year increased from 80.225 Millions to Rs.168.927 Millions and has earned net profit of Rs.1.508 Millions as against net profit of Rs.0.671 Million

Barring unforeseen circumstance, the directors are hopful to get better financial performance in the current year.

NOTE:

The registered office address of the company has been shifted from “106, Nandan Complex, Behind Natraj Cinema, Opposite Mithakhali Railway Crossing, Ahmedabad – 380 009, Gujarat, India” to the present address.

FIXED ASSETS:

• Air Condition
• Computer
• Laptop System
• Furniture and Fixtures
• Office Buildings
• Plant and Machinery
• Vehicles
• Office Equipments

TRADE REFERENCES:

· Manav Nesvi Infrastructure Private Limited

· Bharat Bijlee Limited

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.54.17
UK Pound	1	Rs.86.83
Euro	1	Rs.69.85

INFORMATION DETAILS

Information Gathered by :	PJA
Report Prepared by :	BSN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	4
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		43

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.