MIRA INFORM REPORT

Report Date :

26.09.2012

IDENTIFICATION DETAILS

Name :	INFRA ELEVATORS INDIA PRIVATE LIMITED [w.e.f. 06.02.2007]
Formerly Known As :	INFRA ELIVATORS INDIA PRIVATE LIMITED
Registered Office :	35/2223, Opposite ST. John Baptist Church, Pallipradarshina Road, Pallinada, Palarivattom PO, Cochin – 682025, Kerala
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	15.11.2006
Com. Reg. No.:	09-020001
Capital Investment / Paid-up Capital :	Rs. 0.880 Million
CIN No.: [Company Identification No.]	U29299KL2006PTC020001
IEC No.:	1008000329
TAN No.: [Tax Deduction & Collection Account No.]	CHNI00984E
PAN No.: [Permanent Account No.]	AABCI6608Q
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporters of Elevators.
No. of Employees :	250 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (42)

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

Maximum Credit Limit :	USD 11000
Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. Profitability of the company appears to be low. However, networth of the company appears to be satisfactory. Trade relations are reported as fair. Business is active. Payments are reported to be slow but correct. 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.

INFORMATION PARTED BY

Name :	Mr. Rajesh Raj Nair
Designation :	Director
Contact No.:	91-9249433141
Date :	17.09.2012

LOCATIONS

Registered Office :	35/2223, Opposite ST. John Baptist Church, Pallipradarshina Road, Pallinada, Palarivattom PO, Cochin – 682025, Kerala, India
Tel. No.:	91-484-6521007/ 2342022
Mobile No.:	91-9249433141 (Mr. Rajesh)
Fax No.:	91-484-2342022
E-Mail :	info@infraelevators.com infraindiaelevators@bsnl.in sales@infraelevators.com
Website :	http://www.infraelevators.in
Area :	5000 Sq. Ft.
Location :	Rented
Factory :	K.P. 3/362, 362 A, Amalgum Road, NCC Junction, Thuravoor PO, Cherthala, Alappuzha – 682522, Kerala, India
Tel. No.:	91-478-2565557
Fax No.:	91-478-2565557
E-Mail :	info@infraelevators.com
Area :	21000 Sq. ft.
Location :	Rented
Branches :	Located at: Ø Bangalore Ø Thiruvanathapuram Ø Kozhikode Ø Palakkad
Location :	Rented

DIRECTORS

AS ON 29.09.2011

Name :	Mr. Manojkumar Venugopalapuram Aravindakshan Nair
Designation :	Managing director
Address :	House No. 400/4, Panchajanyam Thuravoor PO, Cherthala, Alleppey – 688532, Kerala, India
Date of Birth/Age :	27.05.1975
Qualification :	Electrical Engineering
Date of Appointment :	19.01.2007
DIN No.:	01479519
Name :	Mr. Abujaksht Sundreswaran Govindan
Designation :	Director
Address :	7/872 Geetha Sadan Vkane Kalpathy Palakkad – 678003, Kerala, India
Date of Birth/Age :	15.05.1970
Qualification :	Electrical Engineering
Date of Appointment :	19.03.2007
DIN No.:	01588844
Name :	Mr. Bijukumar Painthattil Kuttappan
Designation :	Director
Address :	House No. 318, Painthatil Poozhikkol PO, Kaduthuruthy, Kottayam – 686604, Kerala, India
Date of Birth/Age :	25.04.1971
Qualification :	Electrical Engineering
Date of Appointment :	19.01.2007
DIN No.:	01856548
Name :	Mr. Rajeesh Raj Rajappan Nair
Designation :	Director
Address :	House No. 1/244A, Padmasree Arookutty PO, Cherthala, Alleppey – 688535, Kerala, India
Date of Birth/Age :	30.05.1977
Qualification :	Electrical Engineering
Date of Appointment :	15.11.2006
DIN No.:	02790677

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 29.09.2011

Names of Shareholders	No. of Shares
Manojkumar Venugopalapuram Aravindakshan Nair	2200
Bijukumar Painthattil Kuttappan	2200
Rajeesh Raj Rajappan Nair	2200
Abujaksht Sundreswaran Govindan	2200
Total	8800

AS ON 29.09.2011

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

BUSINESS DETAILS

Line of Business :	Manufacturer, Exporters and Importer of Elevators and Escalators
Exports :
Products :	Elevators
Countries :	Ø Uganda Ø UAE
Imports :
Products :	Elevators parts
Countries :	Ø China Ø Italy Ø Australia
Terms :
Selling :	Credit 30 Days to 60 Days
Purchasing :	Credit 30 Days to 60 Days

PRODUCTION STATUS [AS ON 31.03.2011]

Particulars	Installed Capacity	Actual Production
Lift	100	120

GENERAL INFORMATION

Suppliers :

Ø Bharat Bijli

Customers :

End Users and OEM’s

Ø Kerala Street Electricity Board

No. of Employees :

250 (Approximately)

Bankers :

Ø Bank of India, Kerala, India

Ø ICICI Bank Limited, Cochin, Kerala, India

Facilities :

CC – Rs. 2.000 Millions [Bank of India]

Secured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
Bank OD	0.003	1.205
MML Loan	0.224	0.242
Tata Vehicle Loan	0.297	0.410
Total	0.524	1.857
Unsecured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
Loan from Directors and Relatives	0.289	1.089
Total	0.289	1.089

Banking Relations :	--
Auditors :
Name :	N. Ramesh Chartered Accountants
Address :	III Floor, Edassery Bldgnear High Court Junction, Banerji Road, Cochin – 682031, Kerala, India
Tel. No.:	91-484-2390235
Mobile No.:	91-9447200877
Email ID :	nrameshfca.fca@gmail.com
Income-tax PAN of auditor or auditor's firm :	ACSPR0079C
Sister Concern :	Ø Infab Ø Infra Elevators

CAPITAL STRUCTURE

AS ON 31.03.2011

Authorised Capital :

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

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
8,800	Equity Share	Rs. 100/- each	Rs. 0.880 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		0.880	0.880	0.880
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		1.848	1.331	0.821
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		2.728	2.211	1.701
LOAN FUNDS
1] Secured Loans		0.524	1.857	0.000
2] Unsecured Loans		0.289	1.089	1.910
TOTAL BORROWING		0.813	2.946	1.910
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		3.541	5.157	3.611
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		4.439	4.284	2.439
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	50.146	23.130	11.706
	Sundry Debtors	12.591	4.638	3.995
	Cash & Bank Balances	4.045	5.897	2.230
	Other Current Assets	0.347	0.337	0.304
	Loans & Advances	9.088	2.241	1.555
Total Current Assets		76.217	36.243	19.790
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	3.762	1.231	0.866
	Other Current Liabilities	73.358	34.149	17.769
	Provisions	0.000	0.000	0.000
Total Current Liabilities		77.120	35.380	18.635
Net Current Assets		(0.903)	0.863	1.157
MISCELLANEOUS EXPENSES		0.005	0.010	0.015
TOTAL		3.541	5.157	3.611

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	29.595	24.912	17.083
		Other Income	0.908	0.535	0.038
		TOTAL	30.503	25.447	17.121
Less	EXPENSES
		Cost of Goods Sold	15.230	15.909	10.198
		Freight	1.289	0.767	0.658
		Loading and Unloading	0.183	0.103	0.048
		Custom Duty	2.364	0.860	0.920
		Salaries and Allowances	3.044	2.674	1.550
		Repairs and Maintenance	0.501	0.047	0.082
		Interest and Bank charges	0.253	0.189	0.245
		Rent	0.347	0.236	0.162
		Powder coating charges	0.575	0.528	0.287
		Administrative Expenses	3.900	1.335	0.667
		Directors Salary	1.020	1.020	0.488
		Other Expenses	0.850	0.904	0.891
		TOTAL	29.556	24.572	16.196
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		0.947	0.875	0.925
Less/ Add	DEPRECIATION/ AMORTISATION		0.525	0.501	0.266
	PROFIT BEFORE TAX		0.422	0.374	0.659
Less	TAX		0.000	0.000	0.000
	PROFIT AFTER TAX		0.422	0.374	0.659
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		1.195	0.821	0.162
	BALANCE CARRIED TO THE B/S		1.617	1.195	0.821
	IMPORTS
		Components and Spare Parts	8.361	3.800	3.290
	Earnings Per Share (Rs.)		47.95	42.50	74.89

Particulars	31.03.2012
Sales Turnover (Approximately)	75.000

Expected Sales ( 2012-2013 ) : Rs. 120.000 Millions

The above information has been parted by Mr. Rajesh Raj Nair (Director)

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	1.38	1.47	3.85
Net Profit Margin (PBT/Sales)	(%)	1.43	1.50	3.86
Return on Total Assets (PBT/Total Assets}	(%)	0.52	0.92	2.96
Return on Investment (ROI) (PBT/Networth)		0.15	0.17	0.39
Debt Equity Ratio (Total Liability/Networth)		28.57	17.33	12.08
Current Ratio (Current Asset/Current Liability)		0.99	1.02	1.06

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)	Yes
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

TRADE REFERENCES:

Ø Kerala Street Electricity Board

Ø Bharat Bijli

FIXED ASSETS:

Ø Land

Ø Building

Ø Plant and Machinery

Ø Furniture and Fixture

Ø Office Equipment

Ø Computer

Ø Vehicle

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. 53.53
UK Pound	1	Rs. 86.82
Euro	1	Rs. 69.03

INFORMATION DETAILS

Information Gathered by :	SVA
Report Prepared by :	BVA

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	4
--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	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		42

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

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.