MIRA INFORM REPORT

Report Date :

28.09.2012

IDENTIFICATION DETAILS

Name :	OTIS ELEVATOR COMPANY (INDIA) LIMITED
Registered Office :	Magnus Towers, 9^th Floor, Mindspace, Link Road, Malad (West), Mumbai – 400 064, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	30.10.1953
Com. Reg. No.:	11-009158
Capital Investment/ Paid-up Capital:	Rs.118.082 Millions
CIN No.: [Company Identification No.]	U29150MH1953PLC009158
TAN No.: [Tax Deduction & Collection Account No.]	MUMO00083G
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of Lifting and Handling Equipment
No. of Employees:	500 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Aa (75)

RATING		STATUS	PROPOSED CREDIT LINE
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

Maximum Credit Limit :	USD 24000000
Status :	Excellent
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well established and a reputed company having fine track. Financial position of the company appears to be sound. Directors are reported to be experienced and respectable businessmen. Trade relations are reported as fair. Business is active. Payments are reported to be regular 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

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 (GENERAL INFORMATION)

Name :	Ms. Nidhi
Designation :	Legal Department
Contact No.:	91-22-66795151
Date :	27.09.2012

LOCATIONS

Registered Office/Head Office/ Western Region :	Magnus Towers, 9^th Floor, Mindspace, Link Road, Malad (West), Mumbai – 400 064, Maharashtra, India
Tel. No.:	91-22-28449700/6679515
Fax No.:	91-22-28449791/9793
E-Mail :	Tanhieya.Ghosh@otis.com Sumanta.dash@otis.com k.manivannan@otis.com (for New Sales Enquires) sandeep.madan@otis.com (for mod Enquires) manoj.nair@oits.com (Customer complaints) anjali.Bijpuria@otis.com (job Opportunities)
Factory :	Manufacturing Facility, 92, KIADB Industrial Estate Phase 11, Jigani Industrial Area, Anekal Taluk, Bangalore – 562 106, Karnataka, India
Tel. No.:	91-80-27825401 / 02 / 03
Fax No.:	91-80-27825404
Eastern Region :	Jeevan Deep (6^th Floor)1, Middleton Street, Kolkata – 700 071, West Bengal, India
Tel. No.:	91-33-22882220 / 9724
Fax No.:	91-33-22884270
Northern Region :	504-505, 5^th Floor, Rectangle One, D -4, Saket Place, Saket, New Delhi –110 017, India
Tel. No.:	91-11-46069000 / 9030 / 4606
Fax No.:	91-11-46069111
Southern Region :	Otis House, The Phoenix 2-A, Hayes Cross Road, Hayes Road, Bangalore – 560 025, India
Tel. No.:	91-80-22111190 / 40314500
Fax No.:	91-80-22111191

DIRECTORS

As on 30.09.2011

Name :	Mr. Dr. Ram Sukhraj Tarneja
Designation :	Director
Address :	4, Pashmina, 33A, Peddae Road, Mumbai – 400026, Maharashtra, India
Date of Birth/Age :	07.12.1931
Qualification :	LLB
Date of Appointment :	22.03.1977
Din No.:	00009395

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	U51503WB1954PTC021494	ARIM METAL INDUSTRIES PVT LTD	Director	07/03/1962	07/03/1962	-	Active	NO
2	U25111WB1972PTC028535	ARIM SYNTHETICS & CHEMICALS PVT LTD	Director	14/11/1972	14/11/1972	01/10/2007	Active	NO
3	L17100MH1946PLC004886	NESCO LIMITED	Director	21/04/1976	21/04/1976	-	Active	NO
4	U29150MH1953PLC009158	OTIS ELEVATOR CO (INDIA)LTD	Director	22/03/1977	22/03/1977	-	Active	NO
5	U22120MH1913PLC000391	BENNETT COLEMAN AND COMPANY LIMITED	Director	01/05/1979	01/05/1979	16/08/2011	Active	NO
6	L20200MH1956PLC009899	JOLLY BOARD LIMITED	Director	26/11/1979	26/11/1979	-	Active	NO
7	L29130HR1971PLC034365	BHARAT GEARS LIMITED	Director	30/12/1981	30/12/1981	-	Active	NO
8	L36992MH1948PLC014083	RALLIS INDIA LIMITED	Director	30/05/1985	30/05/1985	01/04/2007	Active	NO
9	L21010MH1945PLC010337	BALLARPUR INDUSTRIES LIMITED	Director	03/09/1991	03/09/1991	12/12/2006	Active	NO
10	L23109WB1960PLC024602	PHILLIPS CARBON BLACK LTD	Director	04/10/1993	04/10/1993	-	Active	NO
11	L70100MH1977PLC019916	HOUSING DEVELOPMENT FINANCE CORPORATION LIMITED	Director	15/12/1994	15/12/1994	-	Active	NO
12	L63011AP1995PLC020121	GATI LIMITED	Director	25/04/1995	25/04/1995	-	Active	NO
13	L16005WB1910PLC001985	ITC LIMITED	Director	25/11/1996	25/11/1996	27/08/2008	Active	NO
14	U63090WB1999PTC089473	NISSIN ABC LOGISTICS PRIVATE LIMITED	Director	21/05/1999	21/05/1999	-	Active	NO
15	L51909DL1994PLC235697	TRANSCORP INTERNATIONAL LIMITED	Director	07/09/2001	07/09/2001	-	Active	NO
16	U67190GA1993PLC001327	PHOENIX TOWNSHIP LIMITED	Director	14/10/2002	14/10/2002	-	Active	NO
17	U45202MH1996PLC102855	SOWIL LIMITED	Director	30/10/2003	30/10/2003	-	Active	NO
18	U27109DL1970GOI117585	ENGINEERING PROJECTS (INDIA) LIMITED	Director	21/02/2006	21/02/2006	20/02/2009	Active	NO
19	L18101HR1993PLC032010	GIVO LIMITED	Director	23/06/2007	31/10/2006	-	Active	NO
20	U63040RJ2010PTC032902	RITCO TRAVELS AND TOURS PRIVATE LIMITED	Director	20/01/2011	20/01/2011	-	Active	NO

Name :	Ms. Priya Shankar Dasgupta
Designation :	Director
Address :	J-1810, Chittaranjan Park, New Delhi – 110019, Delhi, India
Date of Birth/Age :	30.06.1955
Qualification :	LLB
Date of Appointment :	12.04.2001
Din No.:	00012552

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	U74120DL1986PLC025842	INTERSTAR FINANCIAL SERVICES LIMITED.	Director	23/10/1986	23/10/1986	-	Active	NO
2	U74140DL1998PTC092156	DAS GUPTA CONSULTING PRIVATE LIMITED	Director	09/02/1998	09/02/1998	-	Active	NO
3	L29112PN1962PLC012276	CUMMINS INDIA LIMITED	Director	26/02/1998	26/02/1998	-	Active	NO
4	U45202DL1999PTC100677	Kothari Education Infrastructure Private Limited	Director	14/07/1999	14/07/1999	-	Active	NO
5	U22219MH1956PTC178274	BATES INDIA PRIVATE LIMITED	Director	01/08/1999	01/08/1999	19/11/2007	Active	NO
6	U26945MH1985PLC165329	Saint-Gobain Gyproc India Limited	Director	18/01/2000	18/01/2000	30/09/2008	Active	NO
7	U29150MH1953PLC009158	OTIS ELEVATOR CO (INDIA)LTD	Director	12/04/2001	12/04/2001	-	Active	NO
8	U33119DL2000PTC105978	BAUSCH AND LOMB EYECARE (INDIA) PRIVATE LIMITED	Alternate director	25/04/2008	01/11/2001	-	Active	NO
9	U26943DL2002PTC116851	HOLCIM (INDIA) PRIVATE LIMITED	Director	05/08/2003	05/08/2003	-	Active	NO
10	U74899MH1994PTC182093	HUNTER DOUGLAS INDIA PVT LTD	Director	18/09/2003	18/09/2003	03/12/2010	Active	NO
11	U74899DL1994PTC061851	HUNTER DOUGLAS WINDOW FASHIONS INDIA PRIVATE LIMITED	Director	18/09/2003	18/09/2003	-	Amalgamated	NO
12	U50300PN2000PLC014889	CUMMINS AUTO SERVICES LIMITED	Director	30/10/2003	30/10/2003	-	Amalgamated	NO
13	L17124MP1989PLC008255	MARAL OVERSEAS LIMITED	Director	28/09/2004	28/09/2004	-	Active	NO
14	U74140DL2006PTC147013	Hines India Real Estates Private Limited	Director	02/03/2006	02/03/2006	11/12/2009	Active	NO
15	U74899DL2005PLC141614	TRICONE PROJECTS INDIA LIMITED	Director	13/04/2006	13/04/2006	-	Active	NO
16	L29130KA1996PLC048230	TIMKEN INDIA LIMITED	Director	28/04/2006	28/04/2006	-	Active	NO
17	U11101DL2006PTC148493	UNITED BIOFUELS INDIA BIODIESEL PRIVATE LIMITED	Director	09/05/2006	09/05/2006	-	Strike off	NO
18	U29256DL2003PTC122332	SNAP-ON TOOLS PRIVATE LIMITED	Director	27/06/2006	27/06/2006	-	Active	NO
19	U72200DL1997PTC090806	LPS BOSSARD INFORMATION SYSTEMS PRIVATE LIMITED	Alternate director	22/08/2008	30/06/2006	31/05/2009	Active	NO
20	U72200DL1997PTC090805	LPS BOSSARD PRIVATE LIMITED	Alternate director	22/08/2008	30/06/2006	31/05/2009	Active	NO
21	U17110GJ1990PLC013397	GUJARAT GUARDIAN LIMITED	Alternate director	02/11/2006	02/11/2006	24/03/2007	Active	NO
22	U74140DL2007PTC158924	ndlo Consulting Private Limited	Director	30/04/2007	30/04/2007	-	Active	NO
23	U80903DL2008NPL184192	Shugan Chandra Kothari Educational Foundation	Director	13/10/2008	13/10/2008	-	Active	NO
24	L18101RJ2007PLC025502	BHILWARA TECHNICAL TEXTILES LIMITED	Director	20/04/2009	06/04/2009	-	Active	NO
25	U74999DL2009PTC191206	Afforce Business Consulting Private Limited	Director	15/06/2009	15/06/2009	-	Active	NO
26	L55101DL1980PLC011037	ASIAN HOTELS (NORTH) LIMITED	Director	22/09/2011	11/11/2010	-	Active	NO
27	L24111UR1985PLC015063	ESTER INDUSTRIES LIMITED	Director	25/07/2011	14/02/2011	-	Active	NO
28	U70109DL2012PTC233405	SEVENSTAR REALCON PRIVATE LIMITED	Director	24/03/2012	24/03/2012	01/09/2012	Active	NO

Name :	Jean Pierre Dejoux
Designation :	Director
Address :	35, Rue Malar 75007, Paris, France
Date of Birth/Age :	22.05.1965
Qualification :	BE
Date of Appointment :	28.06.2007
Din No.:	01534971

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	U29150MH1953PLC009158	OTIS ELEVATOR CO (INDIA)LTD	Director	28/06/2007	28/06/2007	16/02/2012	Active	NO

Name :	Mr. Wijeyakumar Ratnabalasurier
Designation :	Director
Address :	11, Ardmore Park, Apt # 12-03, Singapore
Date of Birth/Age :	24.10.1947
Qualification :	Masters- Accountancy
Date of Appointment :	22.06.2004
Din No.:	02508712

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	U29150MH1953PLC009158	OTIS ELEVATOR CO (INDIA)LTD	Director	22/06/2004	22/06/2004	-	Active	NO

Name :	Mr. Laurent Jean Robert Bruyere Pirot
Designation :	Managing Director
Address :	Flat No.5, Le-Papeyon Cooperative Housing Society, 13 and 14^th Floor, Mount Marry, Bandra –West, Mumbai – 400050, Maharashtra, India
Date of Birth/Age :	13.08.1960
Qualification :	BE
Date of Appointment :	01.02.2010
Din No.:	03144509

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	U29150MH1953PLC009158	OTIS ELEVATOR CO (INDIA)LTD	Managing director	07/07/2010	01/02/2010	16/03/2012	Active	NO
2	U74999HR1992FLC036104	CARRIER AIRCONDITIONING & REFRIGERATION LIMITED	Director	14/09/2010	23/07/2010	28/03/2012	Active	NO
3	U29150TN2008PLC068160	SUPRIYA ELEVATOR COMPANY (INDIA) LIMITED	Director	28/07/2010	28/07/2010	16/03/2012	Active	NO
4	U31103GJ2006PLC048885	TRIO ELEVATORS CO (INDIA) LIMITED	Director	27/09/2010	02/09/2010	16/03/2012	Active	NO

KEY EXECUTIVES

Name :	Tanhieya Ghosh
Designation :	Secretary
Address :	Flat No.604, Sai Shristi CHS. Plot No.7, Charkop Sector 8, Kandivali west, Mumbai – 400067
Date of Birth/Age :	18.10.1976
Date of Appointment :	05.01.2010
Pan No.:	AGDPG5747R
Name :	Xavier Lesort
Designation :	Director – Manufacturing and SIT
Date of Birth/Age :	35 Years
Experience :	9 Years
Name :	Gavin Le Brocq
Designation :	Director – NE Field Operations
Date of Birth/Age :	44 Years
Experience :	28 Years
Name :	Sanjeev S Joshi
Designation :	Director - Finance
Date of Birth/Age :	41 Years
Experience :	18 Years
Name :	Frank Higgins
Designation :	Director - Engineering
Date of Birth/Age :	51 Years
Experience :	28 Years
Name :	Sundar Parthasarathy
Designation :	President & Managing Director
Date of Birth/Age :	47 Years
Experience :	24 Years
Name :	Raghib Azmi
Designation :	GM - Marketing & NE Sales
Date of Birth/Age :	46 Years
Experience :	24 Years

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

SHAREHOLDING DETAILS FILE ATTACHED

As on 30.09.2011

Category	Percentage
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	98.24
Bodies corporate	0.25
Other top fifty shareholders	1.51
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Lifting and Handling Equipment
Imports :
Products :	Raw Materials
Countries :	· Taiwan · Italy · China · United States of America
Terms :
Selling :	Cash, Credit
Purchasing :	Cash, Credit

PRODUCTION STATUS As on 31.03.2010

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
Elevators			3000	2460

Note: The installed capacity is as certified by managing director and not verified by the auditors, as it is technical matter

Following the industry pattern, the company considers an Elevators escalator and produced when total components comprising a complete lift/escalator are dispatched from the shipping department. Accordingly, there is no closing stock of goods produced on march 31.2010 and march 2009

GENERAL INFORMATION

Costumers:	· End Users · OEM’s
No. of Employees :	500 (Approximately)
Bankers :	· Citi Bank N. A., 293, Dr. D. N. Road, Mumbai – 400 001 · Standard Chartered Grindlays Bank, 90, Mahatma Gandhi Road, Mumbai – 400 001 · Canara Bank, B.S. Marg, Mumbai – 400 001 · HDFC Bank Limited, Tulsiani Chambers, Nariman Point, Mumbai – 400 021
Facilities :	-

Banking Relations :	--
Auditors :
Name :	Price Waterhouse Chartered Accountant
Address:	Mumbai, Maha
Pan No.:	AAEFP3641G
Subsidiaries :	· Supriya Elevator Company (India) Limited CIN No.: U29150TN2008PLC068160 · Trio Elevators Co (India) Limited CIN No.:U31103GJ2006PLC048885

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
15,000,000	Equity shares	Rs. 10/- each	Rs.150.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
11,808,222	Equity Shares	Rs. 10/- each	Rs.118.082 Millions

NOTES:

(1) Of the above, 10,586,044 Equity Shares of Rs. 10 each were allotted as fully paid-up Bonus Shares by way of Capitalisation of General Reserve and Share Premium Account.

(2) Of the above, 5,644,800 (Previous Year 5,644,800) Equity Shares, 2,995,810 (Previous Year 2,995,810) Equity Shares and 2,959,209 (Previous Year 2,959,209) Equity Shares are held by Otis Elevator Company, New Jersey, U. S. A., Otis Elevator Company (S) Pte. Limited, Singapore and Otis Mauritius Limited, Mauritius, respectively. The ultimate holding Company is United Technologies Corporation Inc.

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		118.082	118.082	118.082
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		5906.764	4827.763	4008.251
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		6024.846	4945.845	4126.333
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		6024.846	4945.845	4126.333
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		242.072	265.458	300.255
Capital work-in-progress		6.937	3.031	1.627
INVESTMENT		112.200	100.000	100.000
DEFERREX TAX ASSETS		117.260	118.595	48.304
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	605.575	562.546	435.753
	Contract work – in progress	0.000	0.000	207.973
	Sundry Debtors	1544.134	1522.271	1376.022
	Cash & Bank Balances	6949.217	6179.212	5071.279
	Other Current Assets	313.223	154.549	17.632
	Loans & Advances	935.450	1054.797	730.043
Total Current Assets		10347.599	9473.375	7838.702
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	1070.504	1138.488	1169.430
	Other Current Liabilities	3234.444	3413.322	2634.469
	Provisions	496.274	462.804	376.185
Total Current Liabilities		4801.222	5014.614	4180.084
Net Current Assets		5546.377	4458.761	3658.618
MISCELLANEOUS EXPENSES		0.000	0.000	17.529
TOTAL		6024.846	4945.845	4126.333

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	8990.993	7461.798	7232.199
		Other Income	508.981	360.721	627.297
		TOTAL	9499.974	7822.519	7859.496
Less	EXPENSES
		Consumption materials changes inventories	3984.414	3021.843
		Manufacturing service costs	0.000	0.000
		Employee related expenses	1440.926	1181.020
		Administrative selling other expenses	2317.440	2156.024
		TOTAL	7742.780	6358.887	5904.062
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		1757.194	1463.632	1955.434
Less	FINANCIAL EXPENSES		0.000	0.000	0.000
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		1757.194	1463.634	1955.434
Less/ Add	DEPRECIATION/ AMORTISATION		61.746	96.304	66.711
Less	EXTRA ORDINARY ITEMS BEFORE TAX		43.738	92.135	0.000
	PROFIT BEFORE TAX		1651.711	1275.193	1888.723
Less	TAX		572..711	455.679	749.884
	PROFIT AFTER TAX		1079.000	819.514	1138.839
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		4820.425	4000.912	3141.704
Less	Utilized for buy back of equity shares		0.000	0.000	279.631
	BALANCE CARRIED TO THE B/S		5899.425	4820.426	4000.912
	EARNINGS IN FOREIGN CURRENCY
		Export of Goods on FOB Basis	9.247	29.195	31.000
		Technical Design Fees	0.888	7.890	35.195
		Export Services	0.391	0.276	0.161
		Other Income [Freight, insurance etc.]	0.784	2.476	2.630
		Other Earnings	0.130	0.344	0.000
	TOTAL EARNINGS		11.440	40.181	68.986
	IMPORTS
		Components	778.946	565.610	486.776
		Capital Goods	12.528	51.917	5.858
	TOTAL IMPORTS		791.474	617.527	492.634
	Earnings Per Share (Rs.)		91.38	69.40	92.09

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	11.36	10.48	14.49
Net Profit Margin (PBT/Sales)	(%)	18.37	17.09	26.12
Return on Total Assets (PBT/Total Assets}	(%)	15.60	13.09	23.20
Return on Investment (ROI) (PBT/Networth)		0.27	0.26	0.46
Debt Equity Ratio (Total Liability/Networth)		0.80	1.01	1.01
Current Ratio (Current Asset/Current Liability)		2.16	1.89	1.87

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	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	No
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

OPERATIONS:

FINANCIALS

During the year, the Indian economy continued on an upswing. The current fiscal year saw a GDP growth rate of 8.5%. During this previous year, the Company took some strategic initiatives to improve its volumes and profitability. The effects of these changes have borne results in the current year and will do so in the coming years. During the year ended March 31, 2011, the company has registered a Sales Turnover of Rs. 9121.56million as compared to Rs.7539.900 million, recorded last year, up by 21%. The profit before tax was Rs.1651.71 million against Rs.1275.190 millions, recorded last year, up by nearly 30%.

BUY BACK OF SHARES

The Company had successfully concluded its First Buyback of Shares at a rate of Rs.1333/- per share in the year 2008. 339 shareholders participated in the offer by surrendering 773,444 shares. The offer was for 733,863 shares and hence the excess shares were returned back to the shareholders. Company proposes to keep open the option of buy back and hence, it is proposed to seek a fresh enabling authorisation from the shareholders.

BUSINESS

In the current economic scenario, they have witnessed good activity in the construction industry in a large number of non-metro cities, besides the metro themselves. The company has experienced growth in revenues in the year .As you are aware, the company’s revenue accrue from the two major business segments - New Equipment sales (including modernisation) and Service sales.

CURRENT OUTLOOK:

Things are expected to turnaround for better. There is a lot of activity happening in the realty sector. With the political stability, the GDP is expected to again reach a level of 9% in the year 2011-2012. Company management is closely monitoring and reviewing these changes to suitably modify its business strategy to suit changed market environment. The Company is confident of making its way ahead, without compromising on its core values, as well as sustaining its brand-value with its customers.

At a time when input costs remain high and price volatility brings added challenges, they will continue to focus on the best value for their customers through innovations and strong cost efficiency programmes. They see these as key drivers of value creation for their business.

While they manage their business dynamically to deliver consistent and profitable growth, they also recognise that responsible growth is as important. They have started highlighting and showcasing their Green products which will have positive environmental impact. In an increasingly resource-constrained world, this decoupling of growth from the impact on the planet is the model that consumers will ultimately demand.

CONTINGENT LIABILITIES NOT PROVIDED FOR

(a) Claims against the Company not acknowledged as debts Rs. 205.350 Millions (Previous Year Rs. 179.266 Millions) pertains to litigations/ claims against the Company by customers/ ex-employees/ general public. The Company has strong grounds of appeal and does not foresee any outflow in this regard.

(b) Assessed Sales Tax liability of the Company not acknowledged as debts and not provided for, in respect of which the Company is in appeal Rs. 2211.360 Millions (Previous Year Rs.467.718 Millions) pertains to litigations/ disputes with various Sales tax authorities. The Company is in appeal at various appellate levels. Based on opinion received from legal counsel / Expert, the Management is of view that the Company does not expect an outflow in this regard.

(c) Guarantees issued by banks on behalf of the Company Rs. 709.083 Millions (Previous Year Rs.622.047 Millions). These are issued in favour of the various government departments and customers for specific business purpose. The Management is of opinion that there will be no impact on future cash flow of the Company.

(d) The Company has received various Show-cause-Notices aggregating Rs.2232.398 Millions (Previous Year Rs. 1375.797 Millions) and demand notices aggregating Rs.1101.992 Millions (Previous Year Rs. 1103.341 Millions) [inclusive of Service Tax demand of Rs. 436.235 Millions (Previous Year Rs. 436.235 Millions)] from the Central Excise Department, which the Company has disputed.

Based on opinion received from legal counsel / Expert, the Management is of view that the Company has strong grounds of appeal and does not foresee any outflow in this regard.

(e) The Company has made and retained the provisions for Income Tax on the basis of decisions of Commissioner of Income Tax (Appeals), Income Tax Appellate Tribunal, High Court and Supreme Court.

Demands outstanding against the Company not acknowledged as debts and not provided for, in respect of which the Company is in appeal and exclusive of the effect of similar matters in respect of assessments to be completed: Rs. 224.815 Millions (Previous Year Rs. 25.601 Millions). The Company has strong grounds of appeal and does not foresee any outflow in this regard.

FIXED ASSETS:

· Leasehold Improvement

· Freehold Land

· Leasehold Improvements

· Buildings

· Plant And Machinery

· Electrical Installation

· Furniture And Fixtures

· Office Equipments

· Vehicles.

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.53.25
UK Pound	1	Rs.86.23
8Euro	1	Rs.68.64

INFORMATION DETAILS

Information Gathered by :	SVA
Report Prepared by :	SDA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	7
PAID-UP CAPITAL	1~10	8
OPERATING SCALE	1~10	8
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	9
--PROFITABILIRY	1~10	9
--LIQUIDITY	1~10	9
--LEVERAGE	1~10	8
--RESERVES	1~10	9
--CREDIT LINES	1~10	8
--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		75

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.