MIRA INFORM REPORT

Report Date :

06.12.2014

IDENTIFICATION DETAILS

Name :	LIFT AND SHIFT INDIA PRIVATE LIMITED (w.e.f 07.04.2007)
Formerly Known As :	BIZCARE SERVICES PRIVATE LIMITED
Registered Office :	96, Chembur Mankhurd Link Road, Mumbai-400043, Maharashtra
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	12.04.2005
Com. Reg. No.:	11-174770
Capital Investment / Paid-up Capital :	Rs. 45.050 Millions
CIN No.: [Company Identification No.]	U74140MH2005PTC174770
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	MUML0599C
PAN No.: [Permanent Account No.]	AACCB6406A
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is offers transportation, handling and lifting services to the engineering and capital goods industry.
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

B (31)

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

Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track. Management has failed to file latest financials of FY14, with the statutory authorities. The company has reported a loss from its operations and a stressed liquidity profile during FY13. However, trade relations seem to be fair. Business is active payment terms are reported as slow but correct. The company can be considered for business dealings with 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 1, 2014

Country Name	Previous Rating (31.03.2014)	Current Rating (01.06.2014)
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

N E W S

Verdict Implications : Apex court order may alter coal import dynamics. Traders go slow on talks over coal supply contracts, uncertainty over cancellation of blocks weigh on stocks.

Recent arrest of the Chennai head of the Registrar of Companies, the ministry of corporate affairs arm that ensures that companies file all the information required by the Companies Act is the latest manifestation of a messy fight between a father and his adopted son for the control of Rs 40000 mn business empire. The Central Bureau of Investigation arrested Manumeethi Cholan after he accepted Rs 10 lakhs as bribe from M A M Ramaswamy, a CBI official said.

Central Bureau of Investigation books Electrotherm for cheating Central Bank of Rs 4360 mn.

Infosys maintains revenue guidance. COO Rao says attrition still an area of concern and it would take a few more quarters to bring down levels to 13-15 %.

DHL  to invest Euro 100 mn in India over next 2 years. The firm has chosen India to pilot its e-commerce business model for the Asia-Pacific region.

Blackstone may buy stake in BlueRidge SEZ in line with the fund’s real estate strategy in India.

Kingfisher Airlines Ltd grounded in October 2012 under the weight of heavy debt and accumulated losses, recently approached the Delhi high court for relief in two separate cases. The airline challenged a notice by Punjab & National Bank alleging that It had wilfully defaulted on Rs 7700 mn of loans and sought more time to comply with the requirements under the listing agreements with the Stock Exchanges.

OnMobile likely to sack another 300 employees. The lay-offs follow a spate of senior-level exits over the past two years, starting with of its founder. The overall lay-offs could number around 600 and are driven by the need to cut costs, says a former employee.

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long term rating BB+
Rating Explanation	Moderate risk of default regarding timely servicing of financial obligations
Date	January 27, 2014

Rating Agency Name	CRISIL
Rating	Short term rating A4+
Rating Explanation	Minimal degree of safety and very high credit risk
Date	January 27, 2014

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 31-03-2014.

INFORMATION DENIED

Management non co –operative (91-22-25560101)

LOCATIONS

Registered Office :	96, Chembur Mankhurd Link Road, Mumbai-400043, Maharashtra, India
Tel. No.:	91-22-25560101 / 25484180 / 25578796 / 25563472
Fax No.:	91-22-25563573
E-Mail :	Indravadan.patel@anpg.in projects@anpg.in
Website :	www.anpg.in

DIRECTORS

As on 30.09.2013

Name :

Mr. Apurva Natvarlal Parikh

Designation :

Managing Director

Address :

23, Vijay Mahal D Road, Marine Drive, Mumbai-400020, Maharashtra, India

Date of Birth/Age :

20.02.1951

Date of Appointment :

02.09.2005

DIN No.:

00155235

Name :

Mr. Upendra Ratilal Parikh

Designation :

Director

Address :

103, Indraprasth Neelkanthvaley, Ghatkopar (East), Mumbai-400077, Maharashtra, India

Date of Birth/Age :

02.11.1936

Date of Appointment :

02.09.2005

DIN No.:

00155296

Name :

Mr. Ketan Champaklal Parikh

Designation :

Director

Address :

D-101, The Springfields Lokhandwala Complex, Andheri (West), Mumbai-400053, Maharashtra, India

Date of Birth/Age :

22.05.1958

Date of Appointment :

12.12.2006

DIN No.:

00155487

Name :

Mr. Sameer Upendra Parikh

Designation :

Director

Address :

202, Indraprasth Neelkanthvaley, Ghatkopar (East), Mumbai-400077, Maharashtra, India

Date of Birth/Age :

31.10.1968

Date of Appointment :

12.12.2006

DIN No.:

00155527

Name :

Mr. Rohan Apurva Parikh

Designation :

Director

Address :

23, Vijay Mahal D Road, Marine Drive, Mumbai-400020, Maharashtra, India

Date of Birth/Age :

22.05.1979

Date of Appointment :

02.09.2014

DIN No.:

00155626

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	U55100MH2005PTC155644	RIO HOSPITALITY AND MANAGEMENT PRIVATE LIMITED	Director	26/08/2005	26/08/2005	24/12/2009	Active	NO
2	U63010MH1959PTC011380	APURVA NATVAR PARIKH & CO PRIVATE LIMITED	Whole-time director	02/09/2014	21/04/2006	-	Active	NO
3	U74140MH2005PTC174770	LIFT & SHIFT INDIA PRIVATE LIMITED	Whole-time director	02/09/2014	12/12/2006	-	Active	NO
4	U63090WB2006PTC108304	ACS SHIPPING PVT LTD	Director	02/01/2007	02/01/2007	-	Active	NO
5	U74210MH1959PTC011288	RELIANCE CONSTRUCTION PRIVATE LIMITED	Director	01/04/2009	01/04/2009	-	Active	NO
6	U63090MH2005PTC156637	LE MILL PRIVATE LIMITED	Director	10/03/2010	01/04/2009	-	Active	NO
7	U93000MH2012PTC235441	Kool Solutions India Private Limited	Director	29/09/2014	11/10/2013	-	Active	NO

Name :

Mr. Romil Apurva Parikh

Designation :

Managing Director

Address :

23, Vijay Mahal D Road, Marine Drive, Mumbai-400020, Maharashtra, India

Date of Birth/Age :

08.03.1982

Date of Appointment :

12.12.2006

DIN No.:

01139840

KEY EXECUTIVES

Name :	Mr. Manohar Waman Oak
Designation :	Secretary
Address :	A 302, Gagangiri Park Co-operative Housing Society, Samanta Nagar, Thane-400604, Maharashtra, India
Date of Birth/Age :	07.07.1954
Date of Appointment :	15.06.2010
PAN No.:	AAAPO1328D

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2013

Names of Shareholders	No. of Shares	Percentage
Apurava Parikh	93809	18.58
Romil Parikh	27035	5.35
Romil Parikh	71898	14.24
Neela Parikh	86818	17.19
Apurva Parikh HUF	25505	5.05
Apurva Parikh and Company Private Limited	1	0.00
Rohan Parikh	92047	18.23
Rohan Parikh	6886	1.36
Reliance Construction Private Limited, India	1	0.00
Sameer Parikh	95899	18.99
Sejal Parikh	5101	1.01
Total	505000	100.00

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Subject is offers transportation, handling and lifting services to the engineering and capital goods industry.
Exports :	Not Available
Imports :	Not Available
Terms :	Not Available

GENERAL INFORMATION

Suppliers :

Not Divulged

Customers :

Not Divulged

No. of Employees :

Not Divulged

Bankers :

Yes Bank Limited 4th Floor, Nehru Centre, Worli, Mumbai 400018, Maharashtra, India

Facilities :

(Rs. In Millions)

SECURED LOAN	As on 31.03.2013	As on 31.03.2012
Long Term Borrowing
Foreign currency term
Loans from bank	51.881	165.536
Deferred payment liability	1.375	1.011
Total	53.256	166.547

Financial Institution :	GE Capital Services India, Aifacs Building, A Rafi Marg, New Delhi-110001, Delhi, India
Auditors :
Name :	Kashiparekh and Associates Chartered Accountant
Address :	Akshay Apartment, Old High Court Lane, Ashram Road, Ahmedabad-380009, Gujarat, India
Tel. No.:	91-79-2556770
Fax No.:	91-79-26585770
PAN No.:	AADFK5903H

CAPITAL STRUCTURE

As on 30.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
1000000	Equity Shares	Rs.10/- each	Rs. 10.000 Millions
100000	8% Cumulative Redeemable Preference Shares	Rs.1000/- each	Rs. 100.000 Millions
	Total		Rs. 110.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value		Amount
505000	Equity Shares	Rs.10/- each		Rs. 5.050 Millions
40000	8% Cumulative Redeemable Preference Shares	Rs.1000/- each	Rs. 40.000 Millions
	Total		Rs. 45.050 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	45.050	45.050	45.050
(b) Reserves & Surplus	147.503	256.575	193.516
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	192.553	301.625	238.566
(3) Non-Current Liabilities
(a) long-term borrowings	300.756	266.547	238.275
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	49.309	71.157	2.452
Total Non-current Liabilities (3)	350.065	337.704	240.727
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	161.594
(b) Trade payables	62.310	57.197	82.923
(c) Other current liabilities	150.879	123.360	8.251
(d) Short-term provisions	4.661	0.404	72.575
Total Current Liabilities (4)	217.850	180.961	325.343
TOTAL	760.468	820.290	804.636
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	367.082	496.529	489.682
(ii) Intangible Assets	0.759	0.566	0.754
(iii) Capital work-in-progress	36.128	20.259	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	16.567	0.005	0.252
(c) Deferred tax assets (net)	14.444	9.987	0.707
(d) Long-term Loan and Advances	115.183	102.212	107.286
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	550.163	629.558	598.681
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	0.000	0.000	0.000
(c) Trade receivables	146.484	128.106	156.683
(d) Cash and cash equivalents	50.096	50.595	35.090
(e) Short-term loans and advances	13.725	12.031	14.182
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	210.305	190.732	205.955
TOTAL	760.468	820.290	804.636

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	TOTAL REVENUE
		TOTAL (A)	477.700	808.200	944.000
Less	EXPENSES
		TOTAL (B)	355.660	476.000	704.100
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		122.040	332.200	239.900
Less	FINANCIAL EXPENSES (D)		49.400	59.800	35.000
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		72.640	272.400	204.900
Less/ Add	DEPRECIATION/ AMORTISATION (F)		184.400	171.000	145.200
	PROFIT/LOSS BEFORE TAX (E-F) (G)		(111.760)	101.400	59.700
Less	TAX (H)		0.040	34.600	25.400
	PROFIT/LOSS AFTER TAX (G-H) (I)		(111.800)	66.800	34.300
	Earnings Per Share (Rs.)		(205.13)	----	----

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
Return on Total Assets (PBT/Total Assets}	(%)	(16.12)	12.83	7.43
Return on Investment (ROI) (PBT/Networth)		(0.58)	0.34	0.25
Debt Equity Ratio (Total Debt /Networth)		1.56	0.88	1.68
Current Ratio (Current Asset/Current Liability)		0.97	1.05	0.63

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	45.050	45.050	45.050
Reserves & Surplus	193.516	256.575	147.503
Net worth	238.566	301.625	192.553
long-term borrowings	238.275	266.547	300.756
Short term borrowings	161.594	0.000	0.000
Total borrowings	399.869	266.547	300.756
Debt/Equity ratio	1.676	0.884	1.562

YEAR ON YEAR GROWTH

Year on Year Growth	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	944.000	808.200	477.700
		(14.386)	(40.893)

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	944.000	808.200	477.700
Profit	34.300	66.800	(111.800)
	3.63%	8.27%	(23.40%)

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	No
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	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

UNSECURED LOAN

UNSECURED LOAN	As on 31.03.2013	As on 31.03.2012
Long Term Borrowing
Incorporate loan	247.500	100.000
Total	247.500	100.000

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10515127	02/08/2014	100,000,000.00	YES BANK LIMITED	9TH FLOOR, NEHRU CENTRE, DISCOVERY OF INDIA,, DR.  ANNIE BESANT ROAD, WORLI,, MUMBAI, Maharashtra -  400018, INDIA	C16538910
2	10488431	27/03/2014	20,000,000.00	Vijaya Bank	VIJAYA BANK, R CHEMBURKAR MARG , CHEMBUR, MUMBAI,  Maharashtra - 400071, INDIA	C02662047
3	10239033	06/09/2011 *	310,000,000.00	YES BANK LIMITED	9TH FLOOR, NEHRU CENTRE, DISCOVERY OF INDIA,, DR.  ANNIE BESANT ROAD, WORLI,, MUMBAI, Maharashtra -  400018, INDIA	B22209225
4	10235090	24/08/2011 *	70,000,000.00	YES BANK LTD	4TH FLOOR,, NEHRU CENTRE,WORLI,, MUMBAI, Maharashtra - 400018, INDIA	B20755476
5	10229214	11/07/2013 *	24,000,000.00	YES BANK LIMITED	4TH FLOOR, NEHRU CENTRE, WORLI, MUMBAI, Maharashtra - 400018, INDIA	B81190936

* Date of charge modification

FIXED ASSETS

· Buildings

· Plant and machinery

· Furniture and fixture

· Office equipment

· Transport vehicle

· Computers

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.61.85
UK Pound	1	Rs.97.72
Euro	1	Rs.76.53

INFORMATION DETAILS

Information Gathered by :	NYA
Analysis Done by :	SUB
Report Prepared by :	JYTK

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	4
--RESERVES	1~10	4
--CREDIT LINES	1~10	3
--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		31

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.