MIRA INFORM REPORT

Report No. :	346230
Report Date :	26.10.2015

IDENTIFICATION DETAILS

Name :	MITSUBISHI ELEVATOR INDIA PRIVATE LIMITED (w.e.f.27.04.2015)
Formerly Known As :	MITSUBISHI ELEVATOR ETA INDIA PRIVATE LIMITED
Registered Office :	Chennai Citi Centre, 5th Floor, 10 and 11, Dr. Radhakrishnan Salai, Mylapore, Chennai – 600004, Tamilnadu
Tel. No.:	91-44-28477373
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	24.08.2012
Com. Reg. No.:	18-087354
Capital Investment / Paid-up Capital :	Rs. 55.174 Million
CIN No.: [Company Identification No.]	U29300TN2012PTC087354
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	CHEM13980B
PAN No.: [Permanent Account No.]	AAICM1338G
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is engaged in providing services in relation to installing, repairing and maintaining of lifts, 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 :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company incorporated in the year 2012. For the financial year ended 2014, the company has shown steady growth in its sales turnover and achieved profitability margin of 10.08%. The company has strong financial base, comfortable capital structure marked by zero debt balance sheet profile along with favorable gap between trade payables and receivables. Trade relations are fair. Business is active. Payments are usually 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 – 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 CO-OPERATIVE (91-44-28477373)

LOCATIONS

Registered Office :	Chennai Citi Centre, 5th Floor, 10 and 11, Dr. Radhakrishnan Salai, Mylapore, Chennai – 600004, Tamilnadu, India
Tel. No.:	91-44-28477373 / 28477370
Fax No.:	91-44-28477374
E-Mail :	venkatraman.kp@mitsubishielevator.in saranath@etamelco.com yukihide.sanada@mitsubishicorp.com
Branch Office :	Located At Andheri, Mumbai, Maharashtra, India

DIRECTORS

AS ON 29.09.2014

Name :	Masahito Endo
Designation :	Managing director
Address :	# 706, Shatore Aishi Inazaw Hill, 74 Otsubocho, Inokuchi, Inazawa City, Aichi – 4928164, Japan
Date of Birth/Age :	21.04.1961
Date of Appointment :	29.08.2012
DIN No.:	05264985
Pan No.:	ABKPE8883A
Name :	Mr. Kaori Takahashi
Designation :	Whole-time director
Address :	4-2, 5 Chome, Nakakokubun, Chiba, 2720835, Japan
Date of Birth/Age :	28.10.1967
Date of Appointment :	25.03.2015
DIN No.:	06886056
Name :	Mr. Venkatagiri Sampath
Designation :	Whole-time director
Address :	3/3, Anand Ashram, III Main Road, West Shenoy Nagar, Chennai - 600030, Tamilnadu, India
Date of Birth/Age :	01.05.1967
Date of Appointment :	25.03.2015
DIN No.:	06829380
Name :	Mr. Masanobu Matsuhashi
Designation :	Director
Address :	3-30-10, Commore Shiotsu, Uenohara City, Yamanashi, 4090121, Japan
Date of Birth/Age :	18.12.1962
Date of Appointment :	01.11.2012
DIN No.:	06444948
Name :	Mr. Masakazu Sakakida
Designation :	Director
Address :	13, Panchsheel Marg, Chanakya Puri, New Delhi - 110021, India
Date of Appointment :	25.03.2015
DIN No.:	06505056
Name :	Tomoo Yoshikawa
Designation :	Director
Address :	309 Leaf Court Shin-Toshin, 2-3-4, Hatagaya, Shibuya-Ku, Tokyo, Japan, 1520072
Date of Birth/Age :	17.12.1962
Date of Appointment :	12.09.2013
DIN No.:	06665363
Name :	Kitai Makoto
Designation :	Director
Address :	Flat No. B-43, Park Place, Golf Course Road, Gurgaon - 122002, Haryana, India
Date of Appointment :	08.06.2015
DIN No.:	06840460
Name :	Mr. Soichiro Oda
Designation :	Director
Address :	6-6-12 Shimorenjaku, Mitaka City, Tokyo, 1810013, Japan
Date of Appointment :	08.06.2015
DIN No.:	07191763

KEY EXECUTIVES

Name :	Mr. Balaji G
Designation :	Secretary
Address :	31, Sri Jyothi Nagar, Nemilicherry, Tiruninravur Post, Tiruvallur, 602024, Tamilnadu, India
Date of Appointment :	03.02.2015
PAN No:	AKZPB0417D
Name :	Kaori Takahashi
Designation :	Chief Finance Officer
Address :	4-2, 5 Chome, Nakakokubun, Ichikawa, 2720835, Japan
Date of Appointment :	03.02.2015
PAN No:	AVQPT0740F

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 29.09.2014

Names of Shareholders	No. of Shares
ETA Ascon Holding LLC. Dubai	5067
Mitsubishi Electric Corporation, Japan	4504
Mitsubishi Corporation, Japan	1126
Mitsubishi Electric Building Techno Service Company Limited, Japan	563
Total	11260

AS ON 08.06.2015

Names of Allottees	No. of Shares
Mitsubishi Electric Building Techno Service Company Limited, Japan	56
Mitsubishi Corporation, Japan	504
Mitsubishi Electric Building India Private Limited, India	560
Total	1120

Equity Share Break up (Percentage of Total Equity)

AS ON 29.09.2014

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	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject is engaged in providing services In relation to installing, repairing and maintaining of lifts, elevators and escalators.

Products:

Code ITC	Description of product
84281021	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 :

Banker Name	Not Divulged
Branch Address	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 :	B S R and Associates Chartered Accountants
Address :	No. 10, Mahatma Gandhi Road, Nungambakkam, Chennai – 600034, Tamilnadu, India
Tel. No.:	91-44-39185000
Fax No.:	91-44-39145999
PAN N Income-tax PAN of auditor or auditor's firm :	AAKFB1884H
Memberships :	Not Available
Collaborators :	Not Available
Associates:	Mitsubishi Electric Building Techno-Service Company Limited, Japan Mitsubishi Corporation, Japan Mitsubishi Electric Trading Corporation, Japan Mitsubishi Electric and Electronics Shanghai Company Limited, Japan Mitsubishi Electric Korea, Korea Democratic People's Republic Of Mitsubishi Electric Corporation, Japan, Japan ETA Ascon Holdings LLC, Dubai, United Arab Emirates MC Lift and Solutions Company Limited , Japan

CAPITAL STRUCTURE

AS ON 29.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
125000	Equity Shares	Rs.4900/- each	Rs. 612.500 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
12380	Equity Shares	Rs.4900/- each	Rs. 60.662 Million

AS ON 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
125000	Equity Shares	Rs.4900/- each	Rs. 612.500 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
11260	Equity Shares	Rs.4900/- each	Rs. 55.174 Million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	55.174	49.000
(b) Reserves & Surplus	608.155	(15.301)
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1) + (2)	663.329	33.699
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000
(b) Deferred tax liabilities (Net)	0.000	0.000
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	51.786	0.000
Total Non-current Liabilities (3)	51.786	0.000
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000
(b) Trade payables	316.697	15.780
(c) Other current liabilities	467.645	37.989
(d) Short-term provisions	157.758	0.000
Total Current Liabilities (4)	942.100	53.769
TOTAL	1657.215	87.468
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	70.542	7.407
(ii) Intangible Assets	45.868	0.210
(iii) Capital work-in-progress	1.644	0.000
(iv) Intangible assets under development	6.074	0.000
(b) Non-current Investments	0.000	0.000
(c) Deferred tax assets (net)	49.037	0.000
(d) Long-term Loan and Advances	35.027	0.815
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	208.192	8.432
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	101.922	0.000
(c) Trade receivables	485.100	18.617
(d) Cash and cash equivalents	660.256	50.438
(e) Short-term loans and advances	21.140	9.981
(f) Other current assets	180.605	0.000
Total Current Assets	1449.023	79.036
TOTAL	1657.215	87.468

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013
	SALES
	Gross Income from Operations	1870.660	19.680
	Other Income	NA	NA
	TOTAL	NA	NA
Less	EXPENSES	NA	NA
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	333.830	(15.590)
Less/ Add	DEPRECIATION/ AMORTISATION	52.450	(0.290)
	PROFIT/ (LOSS) BEFORE TAX	281.380	(15.300)
Less	TAX	92.750	0.000
	PROFIT/ (LOSS) AFTER TAX	188.630	(15.300)
	EARNINGS IN FOREIGN CURRENCY	NA	18.577
	Earnings / (Loss) Per Share (Rs.)	16752.22	NA

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

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

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013
Return on Total Assets (PBT/Total Assets}	(%)	17.58	(17.49)
Return on Investment (ROI) (PBT/Networth)		0.42	(0.45)
Debt Equity Ratio (Total Debt /Networth)		0.00	0.00
Current Ratio (Current Asset/Current Liability)		1.54	1.47

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)
Share Capital	49.000	55.174
Reserves & Surplus	(15.301)	608.155
Money received against share warrants	0.000	0.000
Share Application money pending allotment	0.000	0.000
Net worth	33.699	663.329
long-term borrowings	0.000	0.000
Short term borrowings	0.000	0.000
Total borrowings	0.000	0.000
Debt/Equity ratio	0.000	0.000

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)
Gross Income from Operations	19.680	1870.660
		9,405.386

NET PROFIT MARGIN

Net Profit Margin	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)
Gross Income from Operations	19.680	1870.660
Profit	(15.300)	188.630
	(77.74%)	10.08%

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 two 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 Chennai City Centre, 5th Floor, 10 and 11, Dr. Radhakrishnan Salai, Mylapore Chennai -600004, Tamilnadu, India to the present address w.e.f. 29.08.2012

INDEX OF CHARGES: NO CHARGES EXIST FOR COMPANY

REVIEW OF OPERATIONS

During the year, the Company has earned revenue of Rs.965.000 Million from supply and installation of elevators, Rs.799.000 Million from maintenance and repairs of elevators. The Directors are continuously looking for avenues for future growth of the Company

FIXED ASSETS

Tangible assets

• Land
• Plant and equipment
• Furniture and fixtures
• Vehicles
• Office equipment
• Computer equipments
• Other equipments

Intangible assets

• Goodwill
• Brands and trade marks
• Trade marks
• Computer software

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.64.88
UK Pound	1	Rs.99.89
Euro	1	Rs.72.06

INFORMATION DETAILS

Information Gathered by :	PPT
Analysis Done by :	TRI
Report Prepared by :	KVT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILITY	1~10	5
--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	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	--

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.