MIRA INFORM REPORT

Report Date :

18.05.2013

IDENTIFICATION DETAILS

Name :	REVTI INDUSTRIES PRIVATE LIMITED
Registered Office :	F-104, Madhuban, Near Telephone Exchange, Western Express Highway, Dahisar (East), Mumbai – 400068, Maharashtra
Country :	India
Financials as on :	31.03.2012
Date of Incorporation :	31.03.2011
Com. Reg. No.:	11-215623
Capital Investment / Paid-up Capital :	Rs. 75.786 Millions
CIN No.: [Company Identification No.]	U29100MH2011PTC215623
PAN No.: [Permanent Account No.]	AAFCR2231Q
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Elevators Cabins, Doors, Frames, Sheet Metal Fabricated Products and Assembly.
No. of Employees :	150 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (44)

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

Maximum Credit Limit :	USD 349000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is a successor of partnership concern started in the year 1990 by the name “Revti Industries” and later in the year 2011 it got converted into private limited company. It is having a satisfactory track record. Financial position seems to be good. Trade relations are reported to be fair. Business is active. Payments are usually correct. 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.

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long term borrowings : BBB-
Rating Explanation	Moderate degree of safety and moderate credit risk.
Date	February 21, 2013

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. Mahesh Shenoy
Designation :	Accounts Manager
Contact No.:	91-22-28972184
Date :	17.05.2013

LOCATIONS

Registered Office :	F-104, Madhuban, Near Telephone Exchange, Western Express Highway, Dahisar (East), Mumbai – 400068, Maharashtra, India
Tel. No.:	91-22-28972184/ 3184
Mobile No.:	91-9757167451 (Mr. Mahesh Shenoy)
Fax No.:	91-22-28978643
E-Mail :	hctawde@gmail.com revtind.w@gmail.com
Website :	www.revtiindustries.com
Area :	2400 Sq. ft.
Location :	Owned
Factory :	Unit No. 17 and 18, Building No. 4, Extension – 11, Agarwal Udyog Nagar, Sativali Road, Valiv, Vasai [East], Thane – 401208, Maharashtra, India
Tel. No.:	91-250-2454224/ 2453423/ 2457303
Fax No.:	91-250-2455573
Location :	Owned

DIRECTORS

AS ON 29.09.2012

Name :	Mr. Hemant Tulsiram Rane
Designation :	Director
Address :	160, Abhinav Nagar, Appasaheb Dhaye Marg, Borivali (East), Mumbai – 400092, Maharashtra, India
Date of Birth/Age :	29.09.1959
Date of Appointment :	31.03.2011
PAN No.:	AAHPR3095D
DIN No.:	02223193
Name :	Mr. Bharatkumar Maganlal Sarvaiya
Designation :	Director
Address :	C-201, Vasant Sadhana, Opposite Pushpa Heritage, Panchshil Enclave Mahavir Nagar, Kandivali, Mumbai – 400067, Maharashtra, India
Date of Birth/Age :	23.03.1957
Date of Appointment :	31.03.2011
PAN No.:	AAEPS7806A
DIN No.:	02714709
Name :	Mr. Hemant Chandrakant Tawde
Designation :	Director
Address :	203, Bhavna Avenue, L.M. Road, Kanderpada, Dahisar (West), Mumbai – 400068, Maharashtra, India
Date of Birth/Age :	15.09.1960
Date of Appointment :	31.03.2011
PAN No.:	AACPT2554J
DIN No.:	02714627
Name :	Mr. Suhas Rajaram Arbune
Designation :	Director
Address :	159/4, Amirabai Mansion, Chunabhatti, Sion, Mumbai – 400022, Maharashtra, India
Date of Birth/Age :	29.11.1960
Date of Appointment :	31.03.2011
PAN No.:	AAHPA9583D
DIN No.:	02714695

KEY EXECUTIVES

Name :	Mr. Mahesh Shenoy
Designation :	Accounts Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 29.09.2012

Names of Shareholders	No. of Shares
Hemant Chandrakant Tawde	1882900
Bharatkumar Maganlal Sarvaiya	1882900
Suhas Rajaram Arbune	1882900
Hemant Tulashiram Rane	1882900
Vandana Hemant Tawde	11750
Madhuben Bharatkumar Sarvaiya	11750
Sangeeta Suhas Arbune	11750
Charulata Hemant Rane	11750
Total	7578600

AS ON 29.09.2012

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

BUSINESS DETAILS

Line of Business :

Manufacturer of Elevators Cabins, Doors, Frames, Sheet Metal Fabricated Products and Assembly.

Products :

ITC Code	Product Descriptions
84313100	Machinery and Mechanical appliances
85381010	Electrical and Electronics Equipments or Appliances
87081090	Parts and Accessories of vehicles
72044100	Scrap

Ø Sheet Metal Fabricated Products and Assembly

Ø Elevators Cabins, Doors, Frames

Ø PTD Products Fabrication and Assembly

Ø Battery and UPS Enclosure

Ø Rolling Stock Fabrication

Ø Medical Equipment Fabrication

Ø HVAC Sheet Metal Components and Assembly

Terms :

Selling :

Cash and Credit

Purchasing :

Cash and Credit

GENERAL INFORMATION

Customers :

Building Construction

No. of Employees :

150 (Approximately)

Bankers :

Bank of Baroda, Opposite to Railway Station, Dahisar (West), Mumbai - 400068, Maharashtra, India [Tel No.: 91-22-28955218]

Facilities :

Secured Loans	31.03.2012	31.03.2011
	(Rs. In Millions)
Term loans from banks	8.509	0.000
Working capital loans from banks	65.954	0.000
Total	74.463	0.000

Banking Relations :	--
Auditors :
Name :	Doshi Devani and Company Chartered Accountants
Address :	407 Rajshila, 597, J.S.S. Road, Princess Street, Mumbai – 400002, Maharashtra, India
Income-tax PAN of auditor or auditor's firm :	AAAFD0821C
Related Party :	Ø Sematic Re Elevator Products (India) Private Limited [U28910MH2010PTC201258]

CAPITAL STRUCTURE

AS ON 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
8,000,000	Equity Shares	Rs. 10/- each	Rs. 80.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
7,578,600	Equity Shares	Rs. 10/- each	Rs. 75.786 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2012	31.03.2011
SHAREHOLDERS FUNDS
1] Share Capital		75.786	0.100
2] Share Application Money		0.000	0.000
3] Reserves & Surplus		11.450	0.000
4] (Accumulated Losses)		0.000	0.000
NETWORTH		87.236	0.100
LOAN FUNDS
1] Secured Loans		74.463	0.000
2] Unsecured Loans		0.000	0.000
TOTAL BORROWING		74.463	0.000
DEFERRED TAX LIABILITIES		1.522	0.000
TOTAL		163.221	0.100
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		91.342	0.000
Capital work-in-progress		0.000	0.000
INVESTMENT		0.178	0.000
DEFERRED TAX ASSETS		0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	37.545	0.000
	Sundry Debtors	86.667	0.000
	Cash & Bank Balances	7.236	0.100
	Other Current Assets	0.000	0.000
	Loans & Advances	5.632	0.000
Total Current Assets		137.080	0.100
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	49.140	0.000
	Other Current Liabilities	5.318	0.000
	Provisions	10.921	0.000
Total Current Liabilities		65.379	0.000
Net Current Assets		71.701	0.100
MISCELLANEOUS EXPENSES		0.000	0.000
TOTAL		163.221	0.100

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012
	GROSS REVENUE		368.287
Less	EXPENSES
		TOTAL	N.A.
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		27.245
Less/ Add	DEPRECIATION/ AMORTISATION		9.946
	PROFIT BEFORE TAX		17.299
Less	TAX		5.913
	PROFIT AFTER TAX		11.386
	Earnings Per Share (Rs.)		1.50

Particulars	31.03.2013
Sales Turnover (Approximately)	440.000

The above information has been parted by Mr. Mahesh Shenoy [Accounts Manager]

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011
Return on Total Assets (PBT/Total Assets}	(%)	7.57	0.00
Return on Investment (ROI) (PBT/Networth)		0.20	0.00
Debt Equity Ratio (Total Debt/Networth)		0.85	0.00
Current Ratio (Current Asset/Current Liability)		2.10	0.00

LOCAL AGENCY FURTHER INFORMATION

SUNDRY CREDITORS DETAILS:

Particulars		31.03.2012	31.03.2011
	(Rs. In Millions)
Trade Payables		49.140	0.000

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 two years	Yes
12]	Profitability for last one year	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	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	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

FINANCIAL RESULTS:

During the period, the Company has earned gross revenue of Rs. 368.287 Millions (including Income from other sources of Rs. 4.328 Millions). The Company has earned a profit of Rs. 17.299 Millions after providing depreciation of Rs. 9.946 Millions during the period. The Company has made tax provisions of Rs. 4.391 Millions for current year tax and Rs. 1.522 Millions for deferred tax. The balance amount carried to the balance sheet.

The status of the erstwhile Partnership firm Revti Industries was converted into a Private Limited Company under part IX of the Companies Act, 1956 w.e.f. 1st April, 2011 and the existing running business of Revti Industries is uninterruptedly continued by the Company effective from said date.

FIXED ASSETS:

Ø Land

Ø Buildings

Ø Office building

Ø Factory building

Ø Plant and equipment

Ø Other plant and equipment

Ø Furniture and fixtures

Ø Vehicles

Ø Motor vehicles

Ø Office equipment

Ø Computer equipments

Ø Other equipments

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. 54.89
UK Pound	1	Rs. 83.66
Euro	1	Rs. 70.58

INFORMATION DETAILS

Information Gathered by :	PLK
Report Prepared by :	BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	6
--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
DEFAULTERS
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		44

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.