MIRA INFORM REPORT

Report Date :

29.05.2013

IDENTIFICATION DETAILS

Name :	FUJITEC INDIA PRIVATE LIMITED [w.e.f.28.03.2007]
Formerly Known As :	FSP ELEVATORS PRIVATE LIMITED
Registered Office :	Plot No. 52, Eigth Avenue, Domestic Tariff Area, Mahindra World City, Chengalpattu - 603002, Tamilnadu
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	26.05.2004
Com. Reg. No.:	18-068688
Capital Investment / Paid-up Capital :	Rs. 243.200 Millions
CIN No.: [Company Identification No.]	U29150TN2004PTC068688
PAN No.: [Permanent Account No.]	AAACF8048A
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer, Installation and Maintenance of Lifts and Escalators and also Exporter of Technical Drawings.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (29)

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

Maximum Credit Limit :	USD 546000
Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is a subsidiary of “Fujitec Singapore Corporation Limited”. It has a moderate track record. There appears heavy loss during 2012. Long term borrowing seems to be increasing. However, trade relations are fair. Business is active. Payments are reported as slow. In view of the strong holding and parent company, the subject 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 – 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

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.

LOCATIONS

Registered Office :	Plot No. 52, Eigth Avenue, Domestic Tariff Area, Mahindra World City, Chengalpattu - 603002, Tamilnadu, India
Tel. No.:	91-44-47418800
Fax No.:	91-44-47418899
E-Mail :	finance.ho@fujitecindia.com

DIRECTORS

AS ON 21.09.2012

Name :	Mr. Mohan Kumar Panicker
Designation :	Managing Director
Address :	‘Highlands’ 1 Ormes Road, 4^th Cross, Kilpauk, Chennai – 600010, Tamilnadu, India
Date of Birth/Age :	20.09.1952
Date of Appointment :	02.10.2007
DIN No.:	02002812
Name :	Mr. Hiroki Tokuami
Designation :	Whole-time director
Address :	Alakananda Apartment, B3, No.10, (Old No. 63), Seethammal Road, Alwarpet, Chennai – 600018, Tamilnadu, India
Date of Birth/Age :	28.08.1962
Date of Appointment :	01.02.2012
DIN No.:	05183973
Name :	Mr. Sugumaran Narayana Pillai
Designation :	Director
Address :	Block-41, Bedok Reservoir Road, # 13-67, Singapore 410641
Date of Birth/Age :	20.01.1948
Date of Appointment :	26.05.2004
DIN No.:	00408752

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 21.09.2012

Names of Shareholders	No. of Shares
Fujitec Singapore Corporation Limited, Singapore	14592000
Fujitec Company Limited, Tokyo	9728000
Total	24320000

AS ON 24.09.2012

Names of Allottees	No. of Shares
Fujitec Singapore Corporation Limited, Singapore	41384101
Total	41384101

AS ON 12.11.2012

Names of Allottees	No. of Shares
Fujitec Company Limited, Tokyo	31200000
Total	31200000

AS ON 21.09.2012

Equity Share Breakup	Percentage of Holding
Category
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer, Installation and Maintenance of Lifts and also Exporter of Technical Drawings.

Products :

ITC Code	Product Descriptions
84281011	Lists of a kind used in buildings

Brand Name :

“KYUTO”

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

Not Available

Facilities :

Secured Loans	31.03.2012	31.03.2011
	(Rs. In Millions)
Rupee term loans from banks	2.020	0.248
Loans and advances from related parties	383.292	343.594
Total	385.312	343.842

Banking Relations :	--
Auditors :
Name :	Varma and Varma Chartered Accountants
Address :	105, "Sreela Terrace", First Main Road, Gandhi Nagar, Adyar, Chennai – 600020, Tamilnadu, India
Tel. No.:	91-44-24452239
Fax No.:	91-44-24454234
E-Mail :	chennai@varmaandvarma.com
Income-tax PAN of auditor or auditor's firm :	AABFV9555E
Holding Company :	Ø FujItec Singapore Corporation Limited

CAPITAL STRUCTURE

AFTER 21.09.2012

Authorised Capital : Rs. 1200.000 Millions

Issued, Subscribed & Paid-up Capital : Rs. 1023.200 Millions

AS ON 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
30,000,000	Equity Shares	Rs. 10/- each	Rs. 300.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
24,320,000	Equity Shares	Rs. 10/- each	Rs. 243.200 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2012	31.03.2011	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		243.200	243.200	243.200
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		0.000	29.270	51.810
4] (Accumulated Losses)		(106.577)	0.000	0.000
NETWORTH		136.623	272.470	295.010
LOAN FUNDS
1] Secured Loans		385.312	343.842	225.451
2] Unsecured Loans		9.633	20.116	0.000
TOTAL BORROWING		394.945	363.958	225.451
DEFERRED TAX LIABILITIES		2.527	0.000	0.000
TOTAL		534.095	636.428	520.461
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		430.262	431.588	193.943
Capital work-in-progress		8.098	0.343	32.984
INVESTMENT		0.000	0.000	0.000
DEFERRED TAX ASSETS		0.000	0.507	0.894
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	55.347	8.051	6.064
	Sundry Debtors	44.086	13.626	7.714
	Cash & Bank Balances	67.049	248.151	288.327
	Other Current Assets	1.097	3.430	3.970
	Loans & Advances	46.036	31.167	26.586
Total Current Assets		213.615	304.425	332.661
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	27.103	19.727	7.130
	Other Current Liabilities	59.371	44.832	19.172
	Provisions	31.406	35.876	13.719
Total Current Liabilities		117.880	100.435	40.021
Net Current Assets		95.735	203.990	292.640
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		534.095	636.428	520.461

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	140.520	66.812	51.575
		Other Income	13.033	20.333	28.332
		TOTAL	153.553	87.145	79.907
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL	N.A.	N.A.	N.A.
	PROFIT/ (LOSS) BEFORE TAX		N.A.	N.A.	N.A.
Less	TAX		N.A.	N.A.	N.A.
	PROFIT/ (LOSS) AFTER TAX		(135.847)	(22.540)	12.432
	EARNINGS IN FOREIGN CURRENCY
		Professional and Consultancy fees	N.A.	23.434	25.142
	IMPORTS
		Components and Spares	N.A.	3.903	2.223
	Earnings/ (Loss) Per Share (Rs.)		(5.59)	(0.93)	0.70

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	(88.47)	(25.86)	15.56
Debt Equity Ratio (Total Debt/Networth)		2.89	1.34	0.76
Current Ratio (Current Asset/Current Liability)		1.81	3.03	8.31

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	No
9]	Name of person contacted	No
10]	Designation of contact person	No
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	No
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

Unsecured Loans	31.03.2012	31.03.2011
	(Rs. In Millions)
Loans and advances from related parties	9.633	20.116
Total	9.633	20.116

Note:

The registered office of the company has been shifted from No.25-D/4, New Colony Main Road, Virugambakkam, Chennai – 600092, Tamilnadu, India to the present w.e.f.01.11.2010.

OPERATIONS:

During the year, the factory was fully operational. The company is manufacturing lifts under the brand name KYUTO which product is well accepted in the market. The factory is catering to the whole of Indian market. Besides the production in the factory, the Company is also installing and maintaining its Parent Company’s products. For the 1st time in India the company will install lifts with a speed of 6 mps manufactured by the Holding Company. The company has done a fairly good business of Manufacturing, installation and maintenance of lifts as well as export of technical drawings. The income from operations of the Company for the financial year 2011-12 rapidly increased to Rs. 140.520 Millions from Rs.66.812 Millions (in the previous year). The other income during the year was Rs.13.033 Millions (previous years figure was Rs. 20.333 Millions). During the year the company suffered a net loss of Rs.135.847 Millions (previous years loss was Rs.22.540 Millions). The loss was partly due to onetime costs. The Company is moving toward and breakeven position. Pending utilization of the loan amount borrowed from the holding company, the amount was kept in term deposit with the Company’s bank and the interest income earned thereform was the miscellaneous income shown in the Balance Sheet. The investment was since closed and the proceeds were utilized for the project. As the Company is in need of further capital for its business, further share capital is proposed to be raised from the holding companies.

FIXED ASSETS:

Ø Land

Ø Buildings

Ø Office building

Ø Plant and equipment

Ø Factory equipments

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. 55.74
UK Pound	1	Rs. 84.17
Euro	1	Rs. 72.03

INFORMATION DETAILS

Report Prepared by :

BVA

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	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	2
--CREDIT LINES	1~10	2
--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		29

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.