MIRA INFORM REPORT

Report Date :

17.10.2014

IDENTIFICATION DETAILS

Name :	TECNO DOORS PRIVATE LIMITED
Registered Office :	Plot No. L-1, Sipcot Industrial Estate, Sriperumbudur Taluk, Kancheepuram – 602105, Tamilnadu
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	06.07.2006
Com. Reg. No.:	18-089185
Capital Investment / Paid-up Capital :	Rs.274.417 Millions
CIN No.: [Company Identification No.]	U28111TN2006PTC089185
TAN No.: [Tax Deduction & Collection Account No.]	CHET13477C
PAN No.: [Permanent Account No.]	AACCT4786F
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Automatic Doors and Spare Part, Accessories used in Automatic Doors and Manual Doors.
No. of Employees :	200 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (54)

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

Maximum Credit Limit :	USD 2679000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a subsidiary of “Tecnolama S.A. Spain. It is an established company having good track record. General financial position of the company is sound. Trade relations are reported as fair. Business is active. Payments terms are reported to be regular and as per commitment. The company can be considered normal 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

Name :	Mr. Harihara Krishna
Designation :	Assistant Manager
Contact No.:	91-9600068687
Date :	10.10.2014

LOCATIONS

Registered Office/ Factory :	Plot No. L – 1, Sipcot Industrial Estate, Sriperumbudur Taluk, Kancheepuram District – 602105, Tamilnadu, India
Tel. No.:	91-44-27168012 / 27168013 / 67139541
Fax No.:	Not Available
E-Mail :	yprakash@tecnovaglobal.com mdg@airtelbroadband.in ageorge@in.fermator.com prlaksh@hotmail.com erclient@gmail.com

DIRECTORS

As on 28.09.2013

Name :

Mr. Eduard Amigo Correig

Designation :

Director

Address :

C / Duesaigues I, Reus, 043201, Spain

Date of Birth/Age :

01.06.1972

Date of Appointment :

31.12.2007

DIN No.:

00091200

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	U32109MH1995PTC084468	LIFT SYSTEMS (INDIA) PRIVATE LIMITED	Director	29/03/03	29/03/03	29/06/11	Active	NO
2	U28111TN2006PTC089185	TECNO DOORS PRIVATE LIMITED	Director	31/12/07	06/07/06	-	Active	NO
3	U29100DL2013FTC253876	INNOVATEC INDIA PRIVATE LIMITED	Director	12/06/13	12/06/13	-	Active	NO

Name :

Mr. Eduard Gomis Egea

Designation :

Director

Address :

Tarragona, Reus, 043201, Spain

Date of Birth/Age :

16.05.1977

Date of Appointment :

31.12.2007

DIN No.:

00091391

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	U28111TN2006PTC089185	TECNO DOORS PRIVATE LIMITED	Director	31/12/07	06/07/06	-	Active	NO
2	U29100DL2013FTC253876	INNOVATEC INDIA PRIVATE LIMITED	Director	12/06/13	12/06/13	-	Active	NO

Name :

Mr. Juan Ramon Gomis Rabassa

Designation :

Director

Address :

Federic Solar 78, Tarragona, Reus, 043201, Spain

Date of Birth/Age :

20.04.1953

Date of Appointment :

31.12.2007

DIN No.:

00091451

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	U28111TN2006PTC089185	TECNO DOORS PRIVATE LIMITED	Director	31/12/07	06/07/06	-	Active	NO

Name :

Mr. Francisco Javier Lozano LLima

Designation :

Director

Address :

C/Josep, M Benaiges, I Pujol 13, Rues, 043206, Spain

Date of Birth/Age :

05.08.1974

Date of Appointment :

31.12.2007

DIN No.:

00139857

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	U28111TN2006PTC089185	TECNO DOORS PRIVATE LIMITED	Director	31/12/07	06/07/06	-	Active	NO

Name :

Mr. Parunkammoottil Abey George

Designation :

Director

Address :

T-1, Golden Enclave, No.7/8, SSR Pankajam Salai, Saligramam, Chennai- 600093, Tamilnadu, India

Date of Birth/Age :

23.09.1968

Date of Appointment :

29.09.2010

PAN No.:

ADOPA5229L

DIN No.:

03285570

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	U28111TN2006PTC089185	TECNO DOORS PRIVATE LIMITED	Director	29/09/10	03/09/10	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Harihara Krishna
Designation :	Assistant Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 28.09.2013

Names of Shareholders	No. of Shares
Tecnolama S.A., Spain	27441721
Technical Minds Investments S.L., Spain	1
Total	27441722

As on 28.09.2013

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Automatic Doors and Spare part, Accessories used in Automatic Doors and Manual Doors.

Products :

Item Code No. (ITC Code)	Product Description
84281011	Lifts of a kind used in buildings

Terms :

Selling :

Cash and Cheque

Purchasing :

Cash and Cheque

PRODUCTION STATUS (As on 31.03.2011)

Particulars	Unit	Installed Capacity	Actual Production
Lift Doors	Nos	48000	22257

Note:

Licensed capacity is not applicable in view of the companies having been de-licensed as per the licensing policy of Government of India. Installed capacity is as certified by the Management and accepted by the Auditors being a technical matter.

GENERAL INFORMATION

No. of Employees :	200 (Approximately)
Bankers :	· The Hong Kong and Shanghai Banking Corporation Limited · State Bank of India

Banking Relations :	--
Auditors :
Name :	E.Radhakrishnan and Company Chartered Accountants
Address :	Flat 2, Radha Terrace, No.20, East Road, West C.I.T. Nagar, Chennai – 600035, Tamilnadu, India
Tel. No. :	91-44-24328838 / 24328848
PAN No. :	AAAFE0253H
Holding Company :	Tecnolama S.A., Spain
Others Related party:	Door Movements Technology SL

CAPITAL STRUCTURE

As on 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
30000000	Equity Shares	Rs.10/- each	Rs.300.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
27441722	Equity Shares	Rs.10/- each	Rs.274.417 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	274.417	274.417	274.417
(b) Reserves & Surplus	395.480	205.899	72.671
(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)	669.897	480.316	347.088
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	0.000
(b) Deferred tax liabilities (Net)	5.972	6.836	6.735
(c) Other long term liabilities	11.683	11.684	11.683
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	17.655	18.520	18.418
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	70.767	119.599	98.148
(c) Other current liabilities	7.284	5.888	2.201
(d) Short-term provisions	18.772	4.390	34.633
Total Current Liabilities (4)	96.823	129.877	134.982
TOTAL	784.375	628.713	500.488
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	213.403	236.418	249.262
(ii) Intangible Assets	0.277	0.000	0.000
(iii) Capital work-in-progress	11.208	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)	0.000	0.000	0.000
(d) Long-term Loan and Advances	4.036	4.048	3.648
(e) Other Non-current assets	0.000	0.000	0.032
Total Non-Current Assets	228.924	240.466	252.942
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	203.233	136.707	102.174
(c) Trade receivables	231.186	173.684	83.990
(d) Cash and cash equivalents	109.749	62.606	36.429
(e) Short-term loans and advances	9.878	9.128	18.013
(f) Other current assets	1.405	6.122	6.940
Total Current Assets	555.451	388.247	247.546
TOTAL	784.375	628.713	500.488

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	938.137	639.102	379.635
		Other Income	NA	NA	NA
		TOTAL	NA	NA	NA
Less	EXPENSES
		TOTAL	NA	NA	NA
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		309.171	229.008	150.528
Less	FINANCIAL EXPENSES		0.687	0.425	0.000
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		308.484	228.583	150.528
Less/ Add	DEPRECIATION/ AMORTISATION		26.213	28.659	30.686
	PROFIT/ (LOSS) BEFORE TAX		282.271	199.924	119.842
Less	TAX		92.690	66.696	33.053
	PROFIT/ (LOSS) AFTER TAX		189.581	133.228	86.789
	Earnings / (Loss) Per Share (Rs.)		6.91	4.85	3.16

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
Net Profit Margin (PBT/Sales)	(%)	30.09	31.28	31.57
Return on Total Assets (PBT/Total Assets}	(%)	36.51	31.80	23.95
Return on Investment (ROI) (PBT/Networth)		0.42	0.42	0.35
Debt Equity Ratio (Total Debt/Networth)		0.00	0.00	0.00
Current Ratio (Current Asset/Current Liability)		5.74	2.99	1.83

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	274.417	274.417	274.417
Reserves & Surplus	72.671	205.899	395.480
Net worth	347.088	480.316	669.897
long-term borrowings	0.000	0.000	0.000
Short term borrowings	0.000	0.000	0.000
Total borrowings	0.000	0.000	0.000
Debt/Equity ratio	0.000	0.000	0.000

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)
Income	379.635	639.102	938.137
		68.346	46.790

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Income	379.635	639.102	938.137
Profit	86.789	133.228	189.581
	22.86%	20.85%	20.21%

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	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

NOTE

The registered office of the company has been shifted from A-10, Green Park, New Delhi – 110016, India to the present address w.e.f. 17.12.2012.

INDEX OF CHARGES

No Charges Exist for Company

OPERATIONS

The company has been able to absorb and deliver the significant growth of 47% in volumes. The new punching line has been installed and is working satisfactorily. Many new customers have been added to the portfolio. Many new finishes in Stainless steel has been introduced in the market. New methods of production, automation of processes, leveraging IT for day to day operations and improving the skill sets of our operating and administrative staff have been and continue to be the thrust areas.

FIXED ASSETS

œ Land

œ Buildings

œ Plant and equipment

œ Furniture and fixtures

œ Vehicles

œ Office equipment

œ Computer 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.61.48
UK Pound	1	Rs.98.24
Euro	1	Rs.78.66

INFORMATION DETAILS

Information Gathered by :	DIP
Analysis Done by :	DIV
Report Prepared by :	ANK

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	6
--CREDIT LINES	1~10	6
--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		54

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.