MIRA INFORM REPORT

Report No. :	345669
Report Date :	16.10.2015

IDENTIFICATION DETAILS

Name :	TOSHIBA JOHNSON ELEVATORS (INDIA) PRIVATE LIMITED (w.e.f. 02.11.2012)
Formerly Known As :	TOSHIBA ELEVATOR (INDIA) PRIVATE LIMITED
Registered Office :	602, 6th Floor, C & B Square, Sangam Complex, 127, Andheri Kurla Road, Andheri (East), Mumbai – 400059, Maharashtra
Tel. No.:	91-22-61911600
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	05.04.2011
Com. Reg. No.:	11-215756
Capital Investment / Paid-up Capital :	Rs.470.588 Million
CIN No.: [Company Identification No.]	U29253MH2011FTC215756
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AADCT8296M
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is engaged in the business of manufacturing elevators and escalators, it also provides installation, removal, maintenance, servicing and modification services for elevators and escalators.
No. of Employees :	Information declined by the management

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

Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is a joint venture between Toshiba Elevator and Building Systems Corporation (TELC) and Johnson Lifts Private Limited (JLPL). It is established in the year 2011. It has a satisfactory track record. The rating takes into consideration sound financial risk profile of the company marked by debt free capital structure in FY14. However, the company has incurred losses from its operations and accumulation of the same resulted in partially erosion of networth base. Trade relations are reported as fair. Business is active. Payments terms are slow but correct. In view of support from its joint venture entities, 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 – March 31, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

EXTERNAL AGENCY RATING

Rating Agency Name	Not Available
Rating	Not Available
Rating Explanation	Not Available
Date	Not Available

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 31-03-2015.

INFORMATION DECLINED

Management non-cooperative (91-22-61911600 / 124-4996899)

LOCATIONS

Registered Office/ Head Office :	602, 6th Floor, C and B Square, Sangam Complex, 127, Andheri Kurla Road, Andheri (East), Mumbai – 400059, Maharashtra, India
Tel. No.:	91-22-61911600/1601
Fax No.:	91-22-61911649
E-Mail :	someswar.mukherjee@toshiba-tei.com tanujajalan@yahoo.co.oin
Website :	http://www.toshiba-india.com

DIRECTORS

As on 31.03.2015

Name :

Yoshiyuki Mabuchi

Designation :

Managing Director

Address :

Waterstones Hotel, Sahar, Andheri East, Mumbai-400059, Maharashtra, India

Date of Appointment :

13.03.2015

DIN No.:

07121573

Name :

Masato Innami

Designation :

Director

Address :

#205 Sanirito, Kitakolwa, 33-19, Kitkolwa-4, Chome Edogawa-Ku, Tokyo – 1310051, Japan

Date of Birth/Age :

03.05.1970

Date of Appointment :

11.09.2012

DIN No.:

06377410

Name :

Mr. Thomas

Designation :

Director

Address :

W-661 4^th Avenue, Arina Nagar, West Extension, Chennai – 600101, Tamilnadu, India

Date of Birth/Age :

18.12.1948

Date of Appointment :

17.10.2012

DIN No.:

00457580

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	U27209TN1981PTC008718	JOHNSON LIFTS PRIVATE LIMITED	Whole-time director	03/01/1985	03/01/1985	-	Active	NO
2	U29253MH2011FTC215756	Toshiba Johnson Elevators (India) Private Limited	Director	17/10/2012	17/10/2012	-	Active	NO

Name :

Mr. Yohan Kongalath John

Designation :

Director

Address :

1843, 13^th Main Road, Anna Nagar, Chennai – 600040, Tamilnadu, India

Date of Birth/Age :

16.07.1985

Date of Appointment :

17.10.2012

DIN No.:

03106569

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	U27209TN1981PTC008718	JOHNSON LIFTS PRIVATE LIMITED	Director	21/06/2010	21/06/2010	-	Active	NO
2	U29253MH2011FTC215756	Toshiba Johnson Elevators (India) Private Limited	Director	17/10/2012	17/10/2012	-	Active	NO

Name :

Mr. Varadachari Jagannathan

Designation :

Director

Address :

New No. K-22, Old No. K-10, Subhasree Apartment, Flat No. 4, Anna Nagar East, Chennai – 600102, Tamilnadu, India

Date of Birth/Age :

15.08.1956

Date of Appointment :

30.09.2013

DIN No.:

06406807

Name :

Mr. Kazunari Hirayama

Designation :

Director

Address :

Flat No. 2001, 20^th Floor, Somerset CHS, Hiranandani Gardens, POwai, Mumbai – 400076, Maharashtra, India

Date of Birth/Age :

29.08.1963

Date of Appointment :

30.09.2013

PAN No.:

AJPPH6023A

DIN No.:

06491867

Name :

Katsuhiko Iwasaka

Designation :

Director

Address :

301, 1-6, Takashimadai, Kanagawa-Ku, Yokohama-Shi, Kanagawa, 2210833, Japan

Date of Appointment :

15.06.2015

DIN No.:

03364920

KEY EXECUTIVES

Name :	Ms. Shweta Malpani
Designation :	Secretary
Address :	G004,B Wing, Vrindavan Chs Limited Gen. A. K. Vaidya Marg, Behind Dindoshi Depot, Goregaon East, Mumbai-400097, Maharashtra, India
Date of Birth/Age :	29.07.1984
Date of Appointment :	14.12.2013
PAN No.:	AIYPM4462E

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 07.08.2014

Names of Shareholders	No. of Shares
Toshiba Elevator and Building Systems Corporation, Japan	23999999
Telt Engineering Company Limited, Japan	1
Johnson Lifts Private Limited, India	23058823
Total	47058823

Equity Share Break up (Percentage of Total Equity)

As on 07.08.2014

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	51.10
Bodies corporate	48.90
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject is engaged in the business of manufacturing elevators and escalators, it also provides installation, removal, maintenance, servicing and modification services for elevators and escalators.

Products :

Item Code No.	Product Description
84282020	Elevators

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Not Divulged

Imports :

Not Divulged

Terms :

Not Divulged

PRODUCTION STATUS NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Maximum Limit Dealt :	Not Divulged
Experience :	Not Divulged
Remark:	Not Divulged

Customers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Maximum Limit Dealt :	Not Divulged
Experience :	Not Divulged
Remark:	Not Divulged

No. of Employees :

Information declined by the management

Bankers :

Bank Name	Not Divulged
Branch	Not Divulged
Person Name (With Designation)	Not Divulged
Contact Number	Not Divulged
Name of Account Holder	Not Divulged
Account Number	Not Divulged
Account Since (Date/Year of Account Opening)	Not Divulged
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Auditors :
Name :	S. V. Ghatalia and Associates LLP Chartered Accountants
Address :	14th Floor, The Ruby, 29, senapati bapt Marg, Dadar (West), Mumbai -400028, Maharashtra, India
PAN N Income-tax PAN of auditor or auditor's firm :	ACHFS9181P
Memberships :	--
Collaborators :	--
Holding company :	Toshiba Elevator and Building Systems Corporation, Japan

CAPITAL STRUCTURE

As on 07.08.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
47,058,823	Equity Shares	Rs.10/- each	Rs. 470.588 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
47,058,823	Equity Shares	Rs.10/- each	Rs. 470.588 Million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	470.588	470.588	240.000
(b) Reserves & Surplus	(153.418)	(55.478)	(2.933)
(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)	317.170	415.110	237.067
(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	1.829	0.478	0.000
Total Non-current Liabilities (3)	1.829	0.478	0.000
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	23.329	24.891	10.596
(c) Other current liabilities	55.472	21.929	8.046
(d) Short-term provisions	12.765	13.542	0.683
Total Current Liabilities (4)	91.566	60.362	19.325
TOTAL	410.565	475.950	256.392
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	30.966	23.829	0.446
(ii) Intangible Assets	2.403	1.843	0.208
(iii) Capital work-in-progress	0.000	0.461	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	16.210	12.286	0.329
(e) Other Non-current assets	6.943	7.419	0.000
Total Non-Current Assets	56.522	45.838	0.983
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	4.392	0.000	0.000
(c) Trade receivables	81.791	92.009	33.195
(d) Cash and cash equivalents	251.933	327.752	217.637
(e) Short-term loans and advances	4.695	8.251	4.070
(f) Other current assets	11.232	2.100	0.507
Total Current Assets	354.043	430.112	255.409
TOTAL	410.565	475.950	256.392

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income
		Other Income
		TOTAL	183.917	112.573	NA
Less	EXPENSES
		TOTAL	281.857 (Including Depreciation)	165.118 (Including Depreciation)	NA
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION				NA
Less/ Add	DEPRECIATION/ AMORTISATION				NA
	PROFIT/ (LOSS) BEFORE TAX		(97.940)	(52.545)	(2.933)
Less	TAX		0.000	0.000	0.000
	PROFIT/ (LOSS) AFTER TAX		(97.940)	(52.545)	(2.933)
	Earnings / (Loss) Per Share (Rs.)		(2.08)	(1.12)	NA

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	NA	NA	NA
Cash generated from operations	NA	NA	NA
Net cash flows from (used in) operation	(97.940)	(52.545)	(21.555)

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Total Income)	(%)	(53.25)	(46.68)	NA
Return on Total Assets (PBT/Total Assets}	(%)	(23.85)	(11.05)	(1.14)
Return on Investment (ROI) (PBT/Networth)		(0.31)	(0.13)	(0.01)
Debt Equity Ratio (Total Debt /Networth)		0.00	0.00	0.00
Current Ratio (Current Asset/Current Liability)		3.87	7.13	13.22

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	240.000	470.588	470.588
Reserves & Surplus	(2.933)	(55.478)	(153.418)
Net worth	237.067	415.110	317.170
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	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)
Total Income	112.573	183.917
		63.376

NET PROFIT MARGIN

Net Profit Margin	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)
Total Income	112.573	183.917
Profit	(52.545)	(97.940)
	(46.68%)	(53.25%)

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of establishment	Yes
2]	Constitution of the entity Incorporation details	Yes
3]	Locality of the entity	Yes
4]	Premises details	No
5]	Buyer visit details	--
6]	Contact numbers	Yes
7]	Name of the person contacted	No
8]	Designation of contact person	No
9]	Promoter’s background	Yes
10]	Date of Birth of Proprietor / Partners / Directors	Yes
11]	Pan Card No. of Proprietor / Partners	Yes
12]	Voter Id Card No. of Proprietor / Partners	No
13]	Type of business	Yes
14]	Line of Business	Yes
15]	Export/import details (if applicable)	No
16]	No. of employees	No
17]	Details of sister concerns	Yes
18]	Major suppliers	No
19]	Major customers	No
20]	Banking Details	No
21]	Banking facility details	No
22]	Conduct of the banking account	--
23]	Financials, if provided	Yes
24]	Capital in the business	Yes
25]	Last accounts filed at ROC, if applicable	Yes
26]	Turnover of firm for last two years	Yes
27]	Reasons for variation <> 20%	--
28]	Estimation for coming financial year	No
29]	Profitability for last three years	Yes
30]	Major shareholders, if available	Yes
31]	External Agency Rating, if available	No
32]	Litigations that the firm/promoter involved in	--
33]	Market information	--
34]	Payments terms	No
35]	Negative Reporting by Auditors in the Annual Report	No

NOTE: Registered office of the company has been shifted from Office Number 415, located at Level 4, Dynasty, Business Park, Andheri Kurla Road, Andheri (East), Mumbai – 400059, Maharashtra, India to the present address w.e.f. 18.02.2013

INDEX OF CHARGES NO CHARGES EXIST FOR COMPANY

FIXED ASSETS

· Land and Building

· Plant and Machinery

· Furniture and Fixture

· Computer

· Vehicles

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.64.82
UK Pound	1	Rs.100.41
Euro	1	Rs.74.50

INFORMATION DETAILS

Information Gathered by :	SVA
Analysis Done by :	TRI
Report Prepared by :	JYTK

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILITY	1~10	3
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	6
--RESERVES	1~10	3
--CREDIT LINES	1~10	4
--MARGINS	-5~5	---
DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--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		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	--

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.