MIRA INFORM REPORT

Report Date :

11.10.2014

IDENTIFICATION DETAILS

Name :	APPLE TREE BUILDING MAINTENANCE PRIVATE LIMITED
Registered Office :	F – 14, Ansal Villassatbari, New Delhi – 110030
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	11.07.2005
Com. Reg. No.:	55-138561
Capital Investment / Paid-up Capital :	Rs. 2.000 Millions
CIN No.: [Company Identification No.]	U74930DL2005PTC138561
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Façade Cleaning Equipment’s.
No. of Employees :	400 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (43)

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

Maximum Credit Limit :	USD 70000
Status :	Satisfactory
Payment Behaviour :	Slow But Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. Trade relations are fair. Business is active. Payments terms are reported as slow but correct. The company can be considered for 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 – 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.

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 PARTED BY (GENERAL DETAILS)

Name :	Mr. Siddharth
Designation :	Not Divulged
Contact No.:	91-9560593971
Date :	07.10.2014

LOCATIONS

Registered Office / Factory:	F – 14, Ansal Villassatbari, New Delhi – 110030, India
Tel. No.:	91-124-4056915
Mobile No.:	91-9860089915 (Mr. Sunil)
Fax No.:	Not Available
E-Mail :	mail@appletree.co.in
Correspondence Office :	Plot No. 176, Sector – 8, Manesar, Gurgaon - 122001, Haryana, India

DIRECTORS

As on 30.09.2013

Name :

Mr. Sunil Malhotra

Designation :

Director

Address :

F-11 Ansal Villas Satbadi P.O. Chattarpur, Mehrauli, Delhi – 110030, India

Date of Birth/Age :

20.01.1961

Date of Appointment :

09.12.2006

DIN No.:

00799400

Others 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	U51909DL2003PTC118917	STAR ALUBUILD PRIVATE LIMITED	Director	18/08/2004	18/08/2004	01/04/2011	Active	NO
2	U74930DL2005PTC138561	APPLETREE BUILDING MAINTENANCE PRIVATE LIMITED	Director	09/12/2006	09/12/2006	-	Active	NO
3	U13200DL2007PTC171919	PILOT METAL ENGINEERING PRIVATE LIMITED	Director	27/12/2007	27/12/2007	-	Strike off	NO
4	U93000HR2013PTC050720	APPLETREE FACADE MAINTENANCE PRIVATE LIMITED	Director	18/10/2013	18/10/2013	-	Active	NO

Name :

Mrs. Monica Malhotra

Designation :

Director

Address :

C- 596 Sushant Lok -1, Gurgaon – 122002, Haryana, India

Date of Birth/Age :

05.01.1965

Date of Appointment :

11.07.2005

DIN No.:

00287202

Others 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	U51909DL2003PTC118917	STAR ALUBUILD PRIVATE LIMITED	Director	18/08/2004	18/08/2004	08/10/2013	Active	NO
2	U74930DL2005PTC138561	APPLETREE BUILDING MAINTENANCE PRIVATE LIMITED	Director	11/07/2005	11/07/2005	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.9.2013

Names of Shareholders	No. of Shares
Mrs. Monica Malhotra	42000
Mr. Sunil Malhotra	80000
Mr. Romi Malhotra	78000
Total	200000

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 :	Manufacturer of Façade Cleaning Equipment’s.
Products :	Permanent Access System Building maintenance units (BMU) Monorails DS power platform Services v Consultancy v AMC v After Sales Services v Rentals
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

GENERAL INFORMATION

Customers :

Wholesalers, Retailers

No. of Employees :

400 (Approximately)

Bankers :

• Yes Bank,
• ING VYSYA Bank limited, Unit No. 8, Ground Floor, Vatika Business Park, Sohna Road, Gurgaon – 122001, Haryana, India

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2013	As on 31.03.2012
LONG TERM BORROWING
Term loans
From bank
Vehicle loan (Hypothecated against vehicles)	0.421	0.553
Others loan (Hypothecated against property and guaranteed by directors)	20.231	0.000
From Others Parties	0.000	0.826
SHORT TERM BORROWING
Loans repayable on demand
From Banks	0.000	4.944
Total	20.652	6.323

Banking Relations :	---
Auditors :
Name :	RKACA and Associates LLP Chartered Accountant
Address :	E – 186 Basement, GK-1, New Delhi – 110048, India
PAN No.:	AAOFR6313H
Related Parties :	Star Alubuild Private Limited

CAPITAL STRUCTURE

As on 30.9.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
1000000	Equity Shares	Rs.10/- each	Rs. 10.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
200000	Equity Shares	Rs.10/- each	Rs. 2.000 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	2.000	2.000	2.000
(b) Reserves & Surplus	14.800	13.387	9.321
(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)	16.800	15.387	11.321
(3) Non-Current Liabilities
(a) long-term borrowings	21.153	1.928	19.400
(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	0.000	0.000	0.000
Total Non-current Liabilities (3)	21.153	1.928	19.400
(4) Current Liabilities
(a) Short term borrowings	0.000	4.944	5.041
(b) Trade payables	26.999	26.235	13.336
(c) Other current liabilities	36.457	42.273	14.450
(d) Short-term provisions	2.426	4.620	2.352
Total Current Liabilities (4)	65.882	78.072	35.179
TOTAL	103.835	95.387	65.900
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	8.864	9.591	10.311
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred tax assets (net)	3.320	1.930	1.490
(d) Long-term Loan and Advances	7.131	10.523	7.157
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	19.315	22.044	18.958
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	1.601	1.545	1.061
(c) Trade receivables	51.010	41.609	28.443
(d) Cash and cash equivalents	5.448	4.957	5.648
(e) Short-term loans and advances	26.115	25.054	11.708
(f) Other current assets	0.346	0.178	0.082
Total Current Assets	84.520	73.343	46.942
TOTAL	103.835	95.387	65.900

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
		Turnover	93.262	99.213	78.700
		Other Income	NA	NA	NA
		TOTAL	NA	NA	NA
Less	EXPENSES
		TOTAL	NA	NA	NA
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B)		4.272	8.857	4.550
Less	FINANCIAL EXPENSES		6.094	9.582	5.048
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		(1.822)	(0.725)	(0.498)
Less/ Add	DEPRECIATION/ AMORTISATION		(2.4960	(2.963)	(1.617)
	PROFIT BEFORE TAX (E-F)		0.674	2.238	1.119
Less	TAX		(0.551)	(1.828)	(0.907)
	PROFIT AFTER TAX (G-H)		1.225	4.066	2.026
	Earnings Per Share (Rs.)		6.125	20.33	10.13

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	1.31	4.10	2.57
Net Profit Margin (PBT/Sales)	(%)	0.72	2.26	1.42
Return on Total Assets (PBT/Total Assets}	(%)	0.67	2.39	1.74
Return on Investment (ROI) (PBT/Networth)		0.04	0.15	0.10
Debt Equity Ratio (Total Debt /Networth)		1.26	0.45	2.16
Current Ratio (Current Asset/Current Liability)		1.28	0.94	1.33

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	2.000	2.000	2.000
Reserves & Surplus	9.321	13.387	14.800
Net worth	11.321	15.387	16.800
long-term borrowings	19.400	1.928	21.153
Short term borrowings	5.041	4.944	0.000
Total borrowings	24.441	6.872	21.153
Debt/Equity ratio	2.159	0.447	1.259

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)
Total Turnover	78.700	99.213	93.262
		26.065	(5.998)

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Turnover	78.700	99.213	93.262
Profit	2.026	4.066	1.225
	2.57%	4.10%	1.31%

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	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	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	No
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	No

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10510255	13/03/2014	42,000,000.00	YES BANK LIMITED	9TH FLOOR, NEHRU CENTRE, DISCOVERY OF INDIA,, DR.  ANNIE BESANT ROAD, WORLI,, MUMBAI, Maharashtra -  400018, INDIA	C12160792
2	10422189	28/02/2013	20,000,000.00	ING Vysya Bank Ltd	UNIT NO. 8, GROUND FLOOR, VATIKA BUSINESS PARK,,  SOHNA ROAD, GURGAON, Haryana - 122001, INDIA	B73877946
3	10123784	07/10/2008	3,280,000.00	CITI BANK	2, CLUB HOUSE ROAD,, CHENNAI, CHENNAI, Tamil Nadu  - 600002, INDIA	A47024781

* Date of charge modification

(Rs. In Millions)

Unsecured Loan	As on 31.03.2013	As on 31.03.2012
LONG TERM BORROWING
From other parties	0.500	0.549
Total	0.500	0.549

FIXED ASSETS

v Furniture and Fixture

v Computers

v Mobile

v Office Equipment

v Tools and Dies

v Plant and Machinery

v Vehicle

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 records 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] 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.61.03
UK Pound	1	Rs.98.63
Euro	1	Rs.77.74

INFORMATION DETAILS

Information Gathered by :	DIP
Analysis Done by :	SUB
Report Prepared by :	ANU

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	5
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		43

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.