MIRA INFORM REPORT

Report Date :

27.06.2013

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
Capital Investment / Paid-up Capital :	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 :

B (36)

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

Maximum Credit Limit :	USD 16000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having a moderate track record. The company has recorded modest scale of operation. The profit Margin seems to be low. However, trade relations are reported to be fair. Business is active. Payments are reported to be slow but correct. The company can be considered for business dealings with some caution.

NOTES:

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

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. Hitesh
Designation :	Accounts Manager
Contact No.:	91-9426580140

LOCATIONS

Registered/ 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 EXECUTIVES

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.

GENERAL INFORMATION

No. of Employees :

200 [Approximately] [In Office + In Office]

Bankers :

· Kotak Mahindra Bank, Ahmedabad, Gujarat, India

· State Bank of India

Facilities :

Secured Loans	31.03.2012	31.03.2011
	(Rs. In Millions)
TERM LOAN
- Financial Institution	0.311	0.000
Total	0.311	0.000

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 : Rs.0.500 Million

Issued, Subscribed & Paid-up Capital : Rs.0.500 Million

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	0.500	0.100
(b) Reserves & Surplus	3.433	1.925
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1)+(2)	3.933	2.025
(3) Non-Current Liabilities
(a) long-term borrowings	0.206	0.000
(b) Deferred tax liabilities (Net)	0.044	0.044
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	0.250	0.044
(4) Current Liabilities
(a) Short term borrowings	0.105	0.404
(b) Trade payables	27.552	17.999
(c) Other current liabilities	48.672	39.690
(d) Short-term provisions	0.000	0.000
Total Current Liabilities (4)	76.329	58.093
TOTAL	80.512	60.162
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1.796	1.086
(ii) Intangible Assets	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	0.110	0.179
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	1.906	1.265
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	34.529	35.230
(c) Trade receivables	37.322	17.172
(d) Cash and cash equivalents	1.484	2.455
(e) Short-term loans and advances	5.271	4.025
(f) Other current assets	0.000	0.015
Total Current Assets	78.606	58.897
TOTAL	80.512	60.162

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		0.100
2] Share Application Money		0.000
3] Reserves & Surplus		1.254
4] (Accumulated Losses)		0.000
NETWORTH		1.354
LOAN FUNDS
1] Secured Loans		0.000
2] Unsecured Loans		0.543
TOTAL BORROWING		0.543
DEFERRED TAX LIABILITIES		0.032
TOTAL		1.929
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		0.990
Capital work-in-progress		0.000
INVESTMENT		0.000
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	10.834
	Sundry Debtors	9.714
	Cash & Bank Balances	0.757
	Other Current Assets	0.000
	Loans & Advances	1.653
Total Current Assets		22.958
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	8.968
	Other Current Liabilities	12.331
	Provisions	0.740
Total Current Liabilities		22.039
Net Current Assets		0.919
MISCELLANEOUS EXPENSES		0.020
TOTAL		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	1.70	4.36
Return on Investment (ROI) (PBT/Networth)		0.56	0.51	0.77
Debt Equity Ratio (Total Debt/Networth)		0.08	0.20	0.40
Current Ratio (Current Asset/Current Liability)		1.03	1.01	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	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	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	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

UNSECURED LOANS

Particulars	31.03.2012	31.03.2011
	(Rs. In Millions)
From Director	0.001	0.404
Total	0.001	0.404

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.

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 hopeful to get better financial performance in the current year.

FIXED ASSETS:

· Air Condition

· Computer

· Laptop System

· Furniture and Fixtures

· Office Buildings

· Plant and Machinery

· Vehicles

· Office Equipment

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards :

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.59.85
UK Pound	1	Rs.92.31
Euro	1	Rs.78.23

INFORMATION DETAILS

Report Prepared by :

NIT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	4
--RESERVES	1~10	4
--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
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		36

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.