MIRA INFORM REPORT

Report Date :

25.06.2013

IDENTIFICATION DETAILS

Name :	REAL ELEVATORS LIMITED
Registered Office :	A-21-A, Mayapuri Industrial Area, Phase-II, New Delhi - 110064
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	17.10.2005
Com. Reg. No.:	55-141803
Capital Investment / Paid-up Capital :	Rs. 5.736 Millions
CIN No.: [Company Identification No.]	U74899DL2005PLC141803
TAN No.: [Tax Deduction & Collection Account No.]	DELR12266C
PAN No.: [Permanent Account No.]	AADCR1629J
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer and Exporter of Lift, Escalator and Car Parking Systems.
No. of Employees :	25 (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 56000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having a satisfactory track record. There appears slight dip in its sales and profitability during 2012. However, general financial position is good. Trade relations are reported to be fair. Business is active. Payments are reported to be usually correct and as per commitment. The company can be considered for normal 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 – March 31^st, 2013

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

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. Prashant
Designation :	Senior Marketing Manager
Contact No.:	91-9310590691
Date :	24.06.2013

LOCATIONS

Registered Office/ Factory :	A-21-A, Mayapuri Industrial Area, Phase-II, New Delhi - 110064, India
Tel. No.:	91-11-47117117 / 30523781
Mobile No.:	91-9310590691 (Mr. Prashant)
Fax No.:	91-11-47117117
E-Mail :	sikassociates@vsnl.net elevators.real@gmail.com
Website :	http://www.real-elevators.com
Location :	Owned
Branch Office :	Located at: · Mumbai · Bangalore · Nagpur

DIRECTORS

As on: 29.09.2012

Name :	Mr. Shakeel Ahmed
Designation :	Director
Address :	331, Guru Apartment, Plot No.2, Sector-6, Dwarka, New Delhi-110075, India
Date of Birth/Age :	03.02.1964
Date of Appointment :	17.10.2005
DIN No.:	00339334
Name :	Mr. Suman Yadav
Designation :	Director
Address :	C-1/8, Barola Village, New Delhi-110059, India
Date of Birth/Age :	10.09.1966
Date of Appointment :	28.04.2007
DIN No.:	01332794
Name :	Ms. Kalima Sheikh
Designation :	Director
Address :	D-358, DDA Flats P-3, Bindapur, New Delhi-110059, India
Date of Birth/Age :	01.04.1966
Date of Appointment :	28.04.2007
DIN No.:	01332889

KEY EXECUTIVES

Name :	Mr. Prashant
Designation :	Senior Marketing Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 29.09.2012

Names of Shareholders	No. of Shares
Shakeel Ahmed	112667
P.N.P. Haris	112667
Parmanand Yadav	112666
Ahmed Ruby	79000
Sheikh Kalima	79000
Kumar Amit Yadav	2000
Suman Devi	75650
Total	573650

Equity Share Break up (Percentage of Total Equity)

As on: 29.09.2012

Category	Percentage
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of Lift, Escalator and Car Parking Systems.
Products :	· Escalators · Lifts · Elevators Car Lifts · Automatic Door Lift · Manual Door Lift · Car Parking Systems · Hospital Lifts · Heavy Duty Freight Lifts · Goods Lifts · Dumb Waiters
Exports :
Products :	Lifts
Countries :	South Africa
Imports :
Products :	Parts
Countries :	Korea
Terms :
Selling :	Cheque
Purchasing :	Cheque

GENERAL INFORMATION

Customers :

Wholesalers and Retailers

No. of Employees :

25 (Approximately)

Bankers :

· Indian Bank, A-3, Local Shopping Complex, Janakpuri, New Delhi-110058, India

· Barclays Bank

· HDFC Bank Limited

· Kotak Mahindra Bank

· ICICI Bank Limited

· Syndicate Bank

· Standard Chartered Bank

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2012	As on 31.03.2011
LONG TERM BORROWINGS
Kotak Mahindra Bank Limited	0.033	0.033
HDFC Loan Car Loan	0.476	0.999
Tata Capital Limited Car Loan	0.115	0.334
Kotak Mahindra Prime Limited Auto Loan	0.106	0.000
SHORT TERM BORROWINGS
Bank overdraft (CL)	7.584	0.645
Other short-term borrowings (CL)	0.279	0.000
Total	8.593	2.011
Notes: Term of Repayment of Loan i. Business Loan taken from Barclays Bank in the F.Y. 2010-11 @ 18% interest p.a. The installment of loan is repayable in Rs. 0.103 Million per month along with interest. ii. Business Loan taken from Tata Capital Limited in the F.Y. 2010-11 @ 16% interest p.a. The installment of loan is repayable in Rs. 0.070 Million per month along with interest. iii. Business Loan was taken from Reliance Capital Limited in the F.Y. 2008-09 @ 17% interest p.a. The installment of loan is repayable in Rs. 0.060 Million per month along with interest. iv. Business Loan taken from India Bulls Financial Services Limited in the F.Y. 2009-10 @18% interest p.a. The installment of loan is repayable in Rs. 0.077 Million per month along with interest. v. Kotak Mahindra Prime Limited Car Loan was taken during 2011-12 and carries interest @ 15.96% p.a. The loan is repayable in 12 installment of Rs. 0.022 Million each along with interest, from the date of loan. The loan is secured by hypothecation of Car of the company. vi. HDFC Bank Loan was taken during 2009-10 and carries interest @ 9.50% p.a. The loan is repayable in 36 installment of Rs. 0.050 Million each along with interest, from the date of loan. The loan is secured by hypothecation of Car of the company. vii. Kotak Mahindra Bank Limited Loan Amount Rs 0.033 Million outstanding from last year there is no confirmation available with the company regarding this amount.

Banking Relations :	--
Auditors :
Name :	Vikas Katyal Chartered Accountant
Address :	R 291-A, Greater Kailash Part-I, New Delhi – 110048, India
PAN No.:	AGQPK7561G

CAPITAL STRUCTURE

As on: 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
600000	Equity Shares	Rs.10/- each	Rs.6.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
573650	Equity Shares	Rs.10/- each	Rs.5.736 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	5.736	2.000
(b) Reserves & Surplus	8.398	7.437
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	3.737
Total Shareholders’ Funds (1) + (2)	14.134	13.174
(3) Non-Current Liabilities
(a) long-term borrowings	2.649	4.935
(b) Deferred tax liabilities (Net)	0.000	0.000
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	0.552	0.552
Total Non-current Liabilities (3)	3.201	5.487
(4) Current Liabilities
(a) Short term borrowings	7.863	0.645
(b) Trade payables	20.688	11.854
(c) Other current liabilities	25.410	17.096
(d) Short-term provisions	0.420	1.950
Total Current Liabilities (4)	54.381	31.545
TOTAL	71.716	50.206
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	3.831	4.025
(ii) Intangible Assets	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000
(iv) Intangible assets under development	0.155	0.155
(b) Non-current Investments	3.952	2.185
(c) Deferred tax assets (net)	0.190	0.154
(d) Long-term Loan and Advances	6.729	7.047
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	14.857	13.566
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	7.843	1.754
(c) Trade receivables	43.959	30.303
(d) Cash and cash equivalents	4.865	3.819
(e) Short-term loans and advances	0.000	0.000
(f) Other current assets	0.192	0.764
Total Current Assets	56.859	36.640
TOTAL	71.716	50.206

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		2.000
2] Share Application Money		0.000
3] Reserves & Surplus		4.133
4] (Accumulated Losses)		0.000
NETWORTH		6.133
LOAN FUNDS
1] Secured Loans		2.144
2] Unsecured Loans		5.092
TOTAL BORROWING		7.236
DEFERRED TAX LIABILITIES		0.000
TOTAL		13.369
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		4.489
Capital work-in-progress		0.074
INVESTMENT		5.029
DEFERREX TAX ASSETS		0.077
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	8.913
	Sundry Debtors	23.542
	Cash & Bank Balances	0.503
	Other Current Assets	2.183
	Loans & Advances	3.669
Total Current Assets		38.810
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	10.659
	Other Current Liabilities	23.282
	Provisions	1.169
Total Current Liabilities		35.110
Net Current Assets		3.700
MISCELLANEOUS EXPENSES		0.000
TOTAL		13.369

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	82.864	105.273	59.038
		Other Income	0.253	0.139	0.000
		TOTAL (A)	83.117	105.412	59.038
Less	EXPENSES
		Purchase of stock-in-trade	61.486	65.610
		Changes in inventories	(6.089)	7.159
		Employee benefit expenses	6.496	8.225
		Other expenses	17.994	17.102
		TOTAL (B)	79.887	98.096	56.344
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		3.230	7.316	2.694
Less	FINANCIAL EXPENSES (D)		1.108	0.991	0.020
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		2.122	6.325	2.674
Less/ Add	DEPRECIATION/ AMORTISATION (F)		1.038	1.127	0.777
	PROFIT BEFORE TAX (E-F) (G)		1.084	5.198	1.897
Less	TAX (H)		0.384	1.873	0.613
	PROFIT AFTER TAX (G-H) (I)		0.700	3.325	1.284
	EARNINGS IN FOREIGN CURRENCY
		Finished Goods	1.120	1.289	NA
	TOTAL EARNINGS		1.120	1.289	NA
	Earnings Per Share (Rs.)		1.22	16.62	6.42

Particulars	31.03.2013
Sales Turnover (Approximately)	250.000

Expected Sales (2013-2014): Rs.350.000 Millions

The above information has been parted by Mr. Prashant

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	0.84	3.15	2.17
Net Profit Margin (PBT/Sales)	(%)	1.31	4.93	3.21
Return on Total Assets (PBT/Total Assets}	(%)	1.61	10.89	4.37
Return on Investment (ROI) (PBT/Networth)		0.08	0.39	0.31
Debt Equity Ratio (Total Debt/Networth)		0.74	0.42	1.18
Current Ratio (Current Asset/Current Liability)		1.05	1.16	1.11

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	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	No
17]	Major suppliers	No
18]	Major customers	No
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

FUTURE PROSPECTS

The turnover as well as profit has increased. But the directors are hopeful to increase it further in the near future.

UNSECURED LOAN

(Rs. In Millions)

Particular	As on 31.03.2012	As on 31.03.2011
LONG TERM BORROWINGS
Barclays Bank Business Loan	2.723	3.399
India Bulls Financial Services Limited	0.000	0.296
Reliance Capital Limited	0.219	0.839
Tata Capital Limited Business Loan	1.369	1.966
Current maturities of long-term debt	(2.392)	(2.931)
Total	1.919	3.569

Bankers Charges Report as per Registry

Corporate identity number of the company	U74899DL2005PLC141803
Name of the company	REAL ELEVATORS LIMITED
Address of the registered office or of the principal place of business in India of the company	A-21-A, Mayapuri Industrial Area, Phase-II, New Delhi-110064, India E-mail: slkassociates@vsnl.net
This form is for	Creation of charge
Type of charge	· Immovable property · Book debts · Movable property (not being pledge) · Others (guarantee by directors and Exten. of EM on property)
Particular of charge holder	Indian Bank, A-3, Local Shopping Complex, Janakpuri, New Delhi-110058, India E-mail: nirajkumarjethawa@rediffmail.com
Nature of instrument creating charge	1. Agreement for open cash credit (stocks / book debts) dated 17-02-12 (d 105) and agreement of hypothecation of movables dated 17-02-12 (d 101) for limit Rs. 8.500 millions. 2. Form d - 57 executed by directors as guarantor by mrs. Ruby Ahmed (nw 30.78), PNP Harris (nw 57.17) and PNP Yadav (nw 113.37) 3. Extension of EM of property in name of Mr. S hakeel ahmed, valued at Rs. 11.000 millions, Mr. PNP Harris valued at Rs. 9.000 millions and Mr. Parmanand Yadav valued at Rs. 9.500 millions and all properties valued by Mr. S. K. Jain.
Date of instrument Creating the charge	17.02.2012
Amount secured by the charge	Rs. 8.500 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest Base rate + 4% spread + 0.50 (TP) i.e. 15.25% (10.75+4.50) with monthly rests payable at monthly intervals. Terms of repayment One year and account to be renewed every year. Margin 25% of value of stocks and book debts and 50% on value of property under EM. Extent and operation of the charge The charge inter allia operated as 100% in favour of the bank Other Extension of EM of property in name of Mr. Shakeel Ahmed, valued at Rs. 11.000 Millions, Mr. PNP Harris valued at Rs. 9.000 Millions and Mr. Parmanand Yadav valued at Rs. 9.500 Millions and all properties valued by Mr. S. K. Jain. Form D - 57 executed by directors as guarantor by Mrs. Ruby Ahmed (NW 30.78), PNP Harris (NW 57.17) and PNP Yadav (NW 113.37)
Short particulars of the property charged (Including location of the property)	Extension of EM of property in name of Mr. Shakeel Ahmed, valued at Rs. 11.000 Millions, Mr. PNP Harris valued at Rs. 9.000 Millions and Mr. Parmanand Yadav valued at Rs. 9.500 Millions and all properties valued by Mr. S. K. Jain.
Whether any of the property or interest therein under reference is not registered in the name of the company.	Yes
If yes, in whose name it is registers	Mr. Shakeel Ahmed PNP Harris and Mr. Parmanand Yadav

FIXED ASSETS

Tangible Assets

· Air Conditioner

· Almirah

· Attendance Machine-

· Car

· Computer

· Fax Machines

· Fire Extinguisher

· Furniture and Fixtures

· Generator

· Machinery and Tools

· Mobile Phone

· Office Equipment

· Scooters

· Printer

· Refrigerator

· Water Purifier

· Ups

Intangible Assets

· Software Development

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.59.73
UK Pound	1	Rs.91.82
Euro	1	Rs.78.23

INFORMATION DETAILS

Information Gathered by :	NYN
Report Prepared by :	VRN

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	4
--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	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	NO
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
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
-	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.