MIRA INFORM REPORT

Report Date :

09.09.2014

IDENTIFICATION DETAILS

Name :	THYSSENKRUPP ELEVATOR (INDIA) PRIVATE LIMITED (w.e.f. 15.03.2005)
Formerly Known As :	THYSSENKRUPP ECE ELEVATOR PRIVATE LIMITED FREMONT NOVO SCIENCES (INDIA) PRIVATE LIMITED
Registered Office :	Plot No. 429, Functional Industrial Estate, Patparganj, Delhi - 110092
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	01.02.1999
Com. Reg. No.:	55-098162
Capital Investment / Paid-up Capital :	Rs. 881.620 Millions
CIN No.: [Company Identification No.]	U24239DL1999PTC098162
PAN No.: [Permanent Account No.]	AABCT6921F
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is engaged in the business of Installation and Maintenance of Elevators and Escalators
No. of Employees :	Not Divulged

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 4180000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. Reserves of the company seems to be low during 2013. However, trade relations are to be fair. Business is active. Payment terms are reported to be slow but correct. The company can be considered for business dealing with some cautions.

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

As per the latest IMF study, the total weigh of emerging markets in the GDP of the world on a purchasing power parity basis has seen a sizeable shift. It highlights how as against 51 % in 2005, the emerging economies now account for close to 56 % of the global purchasing power GDP as per the latest survey. And with the emerging economies growing at a faster rate than their developed counterparts, there are every possibility that the their share goes up further in the coming years.  China may surpass the US over the next few years.

Politics and economics are very intricately connected. They tend to influence each other in ways that could be very complex and far-reaching. The prospects of the India’s economy have been seriously compromised due to political corruption. High inflation, poor standard of living are to a great extent a result of rampant corruption in the country. China on the other hand, seems to be facing diametrically opposite challenge. American hedge fund manager Jim Chanos has been keenly following the political and economic development in the dragon economy and has figured out something that is quite worrying. He is of the view that the Chinese economy could be heading toward trouble on account of new Chinese President Xi Jingping’s very aggressive anti-corruption drive. Chanos believes that many things such as apartment sales, luxury products, etc. were largely bought with dirty money. And it is now beginning to impact consumption. This may indeed be bad news for an economy that is struggling to transition from an investment-driven export-oriented economy to a domestic consumption-driven economy.

A study published by Firstpost has revealed that asset classes like real estate and equities were the biggest beneficiaries of the liberalization policies.  A firm called Ciane Analytics studied returns from assets including equities, gold, fixed deposits, G-Secs and real estate since 1991. Real estate outperformed every other asset classes during the 23-year period with an annualized return of 20 % ! Equities came in second with annualized return of 15.5 % ! However, while these returns may seem mouthwatering, the fact is that the return from equities adjusted for inflation came down to just 7.1 %.

Some brief news are as under

. R-Power to buy Jaypee’s hydro assets

. Investors await justice in NSEL case

. India seeks MFN status from Pakistan ahead of meeting

. Ukrain’s clashes with rebels hinder MH17 crash investigation

. India exploring merger of state-owned hydro PSUs

..Higher costs weigh down profit growth to slowest in 9 quarters

..Wal-Mart to expand wholesale business in India

. GMR group moves to strengthen balance sheet

. Central Bank to sell 4 % stake to Life Insurance Corporation

. Tata Chemicals plans to raise up to Rs 10000 mn.

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 DECLINED

MANAGEMENT NON-COOPERATIVE (Tel. No.: 91-11-41770200)

LOCATIONS

Registered / Headquarter :	Plot No. 429, Functional Industrial Estate, Patparganj, Delhi - 110092, India
Tel. No.:	91-11-41770200 / 41770228
Fax No.:	91-11-41770300
E-Mail :	garima.agarwal@elevator-in-thyssenkrupp.com tkehq@elevator-in-inthyssenkrupp.com
Website :	www.elevator-in-thyssenkrupp.com
Head Office :	1007, Windfall, Sahar Plazfa, J.B. Nagar, Vardhan House, A-4, St No.3, MIDC, Andheri (East), Mumbai - 400093, Maharashtra, India
Tel. No.:	91-22-40429429
Fax No.:	91-22-40429430
E-Mail :	info@elevator-in-thyssenkrupp.com
Regional Offices :	Located At: · Mumbai Kolkata New Delhi Chennai Bangalore Pune Bangladesh

DIRECTORS

As on 30.09.2013

Name :

Mr. Heinrich Dickens

Designation :

Director

Address :

Flat No.501, 502, Karma 15, Road, Khar (West), Mumbai - 411001, Maharashtra, India

Date of Birth/Age :

06.10.1953

Date of Appointment :

01.05.2014

DIN No.:

03287381

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	U24239DL1999PTC098162	THYSSENKRUPP ELEVATOR (INDIA) PRIVATE LIMITED	Director	01-05-2014	01-09-2010	-	Active	NO
2	U31909MH2010PTC200179	EROS ELEVATORS & ESCALATORS PRIVATE LIMITED	Alternate director	24-06-2013	05-09-2012	01-05-2014	Active	NO

Name :

Mr. Peter James Walker

Designation :

Director

Address :

House No.1, Stanley Court, 9, Stanley Mount Road, Stanley, Hong Kong

Date of Birth/Age :

09.11.1962

Date of Appointment :

25.05.2005

DIN No.:

00784360

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	Company/ LLP Status	Defaulting status
1	U24239DL1999PTC098162	THYSSENKRUPP ELEVATOR (INDIA) PRIVATE LIMITED	Director	25-05-2005	25-05-2005	Active	NO
2	U31909MH2010PTC200179	EROS ELEVATORS AND ESCALATORS PRIVATE LIMITED	Director	21-02-2012	23-01-2012	Active	NO

Name :

Mr. Manish Mehan

Designation :

Director

Address :

12/33, Punjabi Bagh, Delhi – 110026, India

Date of Birth/Age :

05.05.1979

Date of Appointment :

01.07.2013

DIN No. :

06636092

KEY EXECUTIVES

Name :	Ms. Garima Agarwal
Designation :	Secretary
Address :	A-11, Gaurav Apartments, IP Extension, Delhi - 110092, India
Date of Birth/Age :	19.09.1983
Date of Appointment :	30.05.2008
Pan No.:	AFNPA1038E

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2013

Names of Equity Shareholders	No. of Shares
Thyssenkrupp Elevator AG, Germany	72211999
Eleg Europasche Lift and Escalator GmbH,	1
Total	72212000

Names of Preference Shareholder	No. of Shares
Thyssenkrupp Elevator AG, Germany	15950000
Total	15950000

Allottee as on 12.03.2014

Names of Allottee	No. of Shares
Thyssenkrupp Elevator AG, Germany	42000000
Total	42000000

As on 30.09.2013

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 :

Subject is engaged in the business of Installation and Maintenance of Elevators and Escalators.

Products :

Item Code No. (ITC Code)	Product Description
99871300	Supply, Erection, Commissioning and Maintenance of Elevators

GENERAL INFORMATION

No. of Employees :	Not Divulged
Bankers :	· Credit Agricole Corporate and Investment bank Deutsche Bank AG

Banking Relations :	--
Auditors :
Name :	B S R and Associates Chartered Accountants
Address :	8^th Floor, Tower B, DLF Building No. 10, DLF cyber city, Phase - II, Gurgaon -122002, Haryana, India
Income-tax PAN of auditor or auditor's firm :	AADFB6889R
Holding company :	Thyssenkrupp Elevator AG, Germany
Ultimate Holding Company :	Thyssenkrupp AG, Germany
Associate :	Eros Elevators and Escalators Private Limited
Subsidiary Company :	Thyssenkrupp Elevator (Bangladesh) Private Limited
Fellow Subsidiary Company :	· Thyssenkrupp escalator Co. (china) Limited Thyssenkrupp elevator (Shanghai) Co. Limited Thyssen elevators Co. Limited Thyssenkrupp Aufzugswerke GMBH Thyssenkrupp Elevator Australia Pty Limited Thyssenkrupp Elevator AG, Asia Pacific Office Thyssenkrupp Elevator Corp. USA UHDE India Private Limited CIN No.: U74200MH1977PTC020041

CAPITAL STRUCTURE

After 30.09.2013

Authorised Capital : Rs. 1529.536 Millions

Issued, Subscribed & Paid-up Capital : Rs. 1301.620 Millions

As on 30.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
137,003,600	Equity Shares	Rs.10/- each	Rs. 1370.036 Millions
15,950,000	Preference Shares	Rs.10/- each	Rs. 159.500 Millions
	Total		Rs. 1529.536 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
72,212,000	Equity Shares	Rs.10/- each	Rs. 722.120 Millions
15,950,000	Preference Shares	Rs.10/- each	Rs. 159.500 Millions
	Total		Rs. 881.620 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	881.620	881.620	881.620
(b) Reserves & Surplus	163.290	39.020	(99.170)
(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)	1044.910	920.640	782.450
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	0.000
(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	124.690	86.410	60.660
Total Non-current Liabilities (3)	124.690	86.410	60.660
(4) Current Liabilities
(a) Short term borrowings	230.000	251.200	0.000
(b) Trade payables	468.710	466.750	344.360
(c) Other current liabilities	1707.890	1039.430	948.130
(d) Short-term provisions	54.690	79.920	43.550
Total Current Liabilities (4)	2461.290	1837.300	1336.040
TOTAL	3630.890	2844.350	2179.150
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	150.590	214.710	167.360
(ii) Intangible Assets	35.990	68.260	92.020
(iii) Capital work-in-progress	4.100	27.080	10.310
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	214.800	214.800	5.650
(c) Deferred tax assets (net)	173.490	176.880	122.920
(d) Long-term Loan and Advances	138.730	117.680	62.820
(e) Other Non-current assets	14.370	8.650	12.050
Total Non-Current Assets	732.070	828.060	473.130
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	669.290	628.250	418.280
(c) Trade receivables	1401.890	995.470	819.340
(d) Cash and cash equivalents	353.350	80.280	101.700
(e) Short-term loans and advances	171.860	141.340	204.590
(f) Other current assets	302.430	170.950	162.110
Total Current Assets	2898.820	2016.290	1706.020
TOTAL	3630.890	2844.350	2179.150

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	3780.470	3118.010	2582.922
		Other Income	NA	NA	NA
		TOTAL	NA	NA	NA
Less	EXPENSES
		TOTAL	NA	NA	NA
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		301.320	238.730	196.725
Less/ Add	DEPRECIATION/ AMORTISATION		57.510	72.060	52.505
	PROFIT/ (LOSS) BEFORE TAX		243.810	166.670	144.220
Less	TAX		119.550	28.480	76.300
	PROFIT/ (LOSS) AFTER TAX		124.260	138.190	67.920
	EARNINGS IN FOREIGN CURRENCY		0.009	0.021	19.761
	Earnings / (Loss) Per Share (Rs.)		1.42	1.57	0.94

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
Net Profit Margin (PBT/Sales)	(%)	6.45	5.35	5.58
Return on Total Assets (PBT/Total Assets}	(%)	7.53	6.87	7.07
Return on Investment (ROI) (PBT/Networth)		0.23	0.18	0.18
Debt Equity Ratio (Total Debt/Networth)		0.22	0.27	0.00
Current Ratio (Current Asset/Current Liability)		1.18	1.10	1.28

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	881.620	881.620	881.620
Reserves & Surplus	(99.170)	39.020	163.290
Net worth	782.450	920.640	1044.910
long-term borrowings	0.000	0.000	0.000
Short term borrowings	0.000	251.200	230.000
Total borrowings	0.000	251.200	230.000
Debt/Equity ratio	0.000	0.273	0.220

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	2582.922	3118.010	3780.470
		20.716	21.246

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	2582.922	3118.010	3780.470
Profit	67.920	138.190	124.260
	2.63%	4.43%	3.29%

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	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	No

INDEX OF CHARGES: NO CHARGES EXIST FOR COMPANY

UNSECURED LOANS

PARTICULAR	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
SHORT TERM BORROWINGS
Working capital loans from banks	0.000	21.200
Loans and advances from others	230.000	230.000
Total	230.000	251.200

OUTLOOK FOR THE CURRENT YEAR

The outlook for the current year looks promising. The Company hopes to achieve considerable growth in its business during the current year. The Company is also expanding its operations in neighboring countries like Srilanka, Bhutan, Nepal and Bangladesh. Subsidiary Companies In June 2005, they have established a wholly owned subsidiary, ThyssenKrupp Elevator (BD) Private Limited, in Bangladesh to expand its operations in Bangladesh. In the eighth year of operations, the subsidiary reported Revenue of INR 20.360 Millions as compared to previous year INR 15.301 Millions and profit after taxation is INR 0.848 Millions as compared to the loss after taxation of INR 0.913 Millions to previous year.

FIXED ASSETS

Tangible Assets

· Land

Buildings

Plant and Equipment

Furniture and Fixtures

Vehicles

Motor Vehicles

Office Equipment

Computer Equipments

Other Equipments

Leasehold Improvements

Intangible Assets

Goodwill

Computer Software

Commercial Contractual Rights

Know-How

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.60.26
UK Pound	1	Rs.97.51
Euro	1	Rs.77.94

INFORMATION DETAILS

Information Gathered by :	HTL
Analysis Done by :	RAS
Report Prepared by :	MRI

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
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	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		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.