MIRA INFORM REPORT

Report No. :	339980
Report Date :	10.09.2015

IDENTIFICATION DETAILS

Name :	KONE ELEVATOR INDIA PRIVATE LIMITED (w.e.f. 01.06.1990)

Formerly Known As :	BEACON KONE LIMITED

Registered Office :	50 / 55 and 58, Vanagaram Road, Ayanambakkam, Chennai – 600095, Tamilnadu
Tel no.:	91-44-26533901 / 26533902 / 903 / 904 / 905 / 906

Country :	India

Financials (as on) :	31.03.2014

Date of Incorporation :	12.06.1984

Com. Reg. No.:	18-010913

Capital Investment / Paid-up Capital :	Rs. 349.000 Million

CIN No.: [Company Identification No.]	U29141TN1984FTC010913

IEC No.:	Not Divulged

TAN No.: [Tax Deduction & Collection Account No.]	CHEB00075F

PAN No.: [Permanent Account No.]	AAACK2567P

Legal Form :	Private Limited Liability Company

Line of Business :	Subject is engaged in the business of manufacturing, supply, installation and commissioning of new elevators, supply, installation and commissioning of new escalators, maintenance, servicing and modernization of existing elevators and escalators and is also engaged in rendering software services to the group companies.

No. of Employees :	Information declined by the management

RATING & COMMENTS

MIRA’s Rating :

Aa (72)

RATING		STATUS	PROPOSED CREDIT LINE
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

Maximum Credit Limit :	USD 3000000

Status :	Good

Payment Behaviour :	Regular

Litigation :	Clear

Comments :	Subject is a subsidiary of “KONE OY”, Finland. Subject is a well-established company having fine track record. The rating reflects company’s healthy financial risk profile marked by adequate net worth base and decent profitability margins of the company. Company receives strong financial and managerial support from its holding company. Trade relations are reported as fair. Business is active. Payments are reported to be regular and as per commitment. The company can be considered good for normal 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

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 31-03-2013.

INFORMATION DECLINED

Management Non Cooperative (91-44-26533901)

LOCATIONS

Registered Office / Factory :	50 / 55 and 58, Vanagaram Road, Ayanambakkam, Chennai – 600095, Tamilnadu, India
Tel. No. :	91-44-26533901 / 26533902 / 903 / 904 / 905 / 906
Fax No. :	91-44-26533912
E-Mail :	c.v.s.krishnakumar@KONE.com
Website :	http://www.KONE.in

Corporate Office :	9th Floor "prestiage Centre Court", The Office Block, Vijaya Forum Mill, No. 183, NSK Salai, Arcot Road, Vadapalani, Chennai – 600026, Tamilnadu, India

DIRECTORS

As on 31.03.2014

Name :

Mr. Klaus Thomas Cawen

Designation :

Director

Address :

Kuninkaanniemi, 10 B ESPOO, Finland 02160

Date of Birth/Age :

21.05.1957

Date of Appointment :

09.01.2009

DIN No.:

02417329

Name :

Mr. Arnoldus Ludovicus Josephus Veeger

Designation :

Director

Address :

Fox Hollow St. Marys Road, Ascot Brekshire, United Kingdom SL59AX

Date of Birth/Age :

16.04.1961

Date of Appointment :

11.02.2011

DIN No.:

03414247

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	U29141TN1984FTC010913	KONE ELEVATOR INDIA PRIVATE LIMITED	Director	11/02/2011	11/02/2011	-	Active	NO
2	U29150TN2004PTC075704	OLYMPUS ELEVATOR PRIVATE LIMITED	Additional director	09/03/2011	09/03/2011	-	Amalgamated	NO

Name :

Chittatoorveeravalli Seshadri Krishnakumar

Designation :

Whole-time Director

Address :

99, SRP Colony, Third Street, Chennai 600082, Tamilnadu, India

Date of Birth/Age :

21.03.1965

Date of Appointment :

13.09.2013

DIN No.:

06652406

Name :

CVS Krishnakumar

Designation :

Whole time Director

Address :

99, SRP Colony, Third Street, Chennai 600082, Tamilnadu, India

Date of Birth/Age :

21.03.1965

Date of Appointment :

29.08.2013

KEY EXECUTIVES

Name :	Mr. Chittatoor Veeravalli Seshadri Krishnakumar
Designation :	Company Secretary
Address :	99, SRP Colony, Third Street, Chennai 600082, Tamilnadu, India
Date of Birth/Age :	21.03.1965
Date of Appointment :	27.02.2007
PAN No.:	AAYPK6368D

MAJOR SHAREHOLDERS

As on 31.03.2014

Names of Shareholders	No. of Shares
KONE OY, Finland	34946961
KONE Capital Corporation, Finland	234

Total	34947195

As on 31.03.2014

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 manufacturing, supply, installation and commissioning of new elevators, supply, installation and commissioning of new escalators, maintenance, servicing and modernization of existing elevators and escalators and is also engaged in rendering software services to the group companies.

Products :

Item Code No. (ITC Code)	Product Description
84313100	Parts of Lifts, Skip / Hoists / Escalators

Brand Names :

Not divulged

Agencies Held :

Not divulged

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
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

Customers :

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

No. of Employees :

Information declined by the management

Bankers :

Standard Chartered Bank, No. 19, Rajaji Salai, Chennai – 600001, Tamilnadu, India

Auditors :
Name :	Price Waterhouse and Company Chartered Accountants
Address :	14 Block, EP, Sector V, Salt Lake Electronics Complex Bidhan Nagar Kolkata – 700091, West Bengal, India
PAN No. :	AADFP9359C

Memberships :	Not Available

Collaborators :	Not Available

Holding Company :	KONE OY, Finland

Fellow subsidiaries :	KONE OYJ, Finland KONE Industrial Oy, Finland KONE Telc Industries company Limited, China KONE SSC s.r.o., Slovakia KONE PTE. Limited, Singapore KONE Inc. (Canada), Canada Simpa S.R.L., Italy KONE Elevators Company Limited, China KONE Elevators (HK) Limited, Hong Kong KONE Thai Lift Public Company Limited, Thailand KONE Elevators Pty Limited, Australia KONE Hissit Oy, Finland KONE Elevators South Africa (PTY) Limited, South Africa KONE (Ireland) Limited, Ireland KONE Middle East Lcc, United Arab Emirates KONE Inc. (USA), United States KONE Industrial S.A. de C.V., Mexico KONE Plc., Slovakia KONE Industrial SPA, Italy

CAPITAL STRUCTURE

As on 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount

92800000	Equity Shares	Rs.10/- each	Rs. 928.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

34900000	Equity Shares	Rs.10/- each	Rs. 349.000 Million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.12.2011
	(12 Months)	(15 Months)
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	349.000	149.000	149.000
(b) Reserves & Surplus	831.000	862.000	704.000
(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)	1180.000	1011.000	853.000

(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	92.000	29.000	22.000
Total Non-current Liabilities (3)	92.000	29.000	22.000

(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	975.000	1256.000	1023.000
(c) Other current liabilities	11198.000	8540.000	6865.000
(d) Short-term provisions	696.000	687.000	832.000
Total Current Liabilities (4)	12869.000	10483.000	8720.000

TOTAL	14141.000	11523.000	9595.000

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	872.000	844.000	727.000
(ii) Intangible Assets	8.000	70.000	145.000
(iii) Capital work-in-progress	30.000	11.000	14.000
(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)	210.000	165.000	133.000
(d) Long-term Loan and Advances	153.000	105.000	82.000
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	1273.000	1195.000	1101.000

(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	7384.000	6161.000	4695.000
(c) Trade receivables	785.000	735.000	735.000
(d) Cash and cash equivalents	3506.000	2465.000	2051.000
(e) Short-term loans and advances	1099.000	895.000	934.000
(f) Other current assets	94.000	72.000	79.000
Total Current Assets	12868.000	10328.000	8494.000

TOTAL	14141.000	11523.000	9595.000

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.12.2011
		(12 Months)	(15 Months)

	TOTAL REVENUE	11565.000	11720.000	8549.000

Less	EXPENSES	8870.000	9296.000	6761.000

Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	2694.000	2424.000	1788.000

Less	FINANCIAL EXPENSES	3.000	4.000	9.000

	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	2691.000	2420.000	1779.000

Less/ Add	DEPRECIATION/ AMORTISATION	274.000	282.000	219.000

	PROFIT/ (LOSS) BEFORE TAX	2417.000	2138.000	1560.000

Less	TAX	817.000	722.000	487.000

	PROFIT/ (LOSS) AFTER TAX	1600.000	1416.000	1073.000

Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD	73.000	57.000	64.000

Less	APPROPRIATIONS
	Transfer to General Reserve	160.000	142.000	107.000
	Dividend	1223.000	1080.000	837.000
	Tax on Dividend	208.000	178.000	136.000
	Total	1591.000	1400.000	1080.000

	Balance Carried to the B/S	82.000	73.000	57.000

	EARNINGS IN FOREIGN CURRENCY
	F.O.B. Value of Exports	684.000	0.000	19.872
	Software development	0.000	0.000	374.032
	Income from Shared Services	0.000	0.000	36.025
	TOTAL EARNINGS	684.000	0.000	429.929

	IMPORTS
	Raw Materials	0.000	0.000	1166.8
	Components and Stores parts	0.000	0.000	14.671
	Capital Goods	0.000	0.000	25.955
	TOTAL IMPORTS	0.000	0.000	1207.426

	Earnings / (Loss) Per Share (Rs.)	0.045	95.03	71.18

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.12.2011
Current Maturities of Long term debt	NA	NA	NA
Cash generated from operations	NA	NA	NA
Net cash flows from (used in) operations	3421.000	2766.000	1868.000

KEY RATIOS

PARTICULARS		31.03.2014 (12 Months)	31.03.2013 (15 Months)	31.12.2011
Net Profit Margin (PAT/Sales)	(%)	13.83	12.08	12.55

Operating Profit Margin (PBDIT / Sales)	(%)	23.29	20.68	20.91

Return on Total Assets (PBT/Total Assets}	(%)	17.39	18.84	16.51

Return on Investment (ROI) (PBT/Networth)		2.05	2.11	1.83

Debt Equity Ratio (Total Debt /Networth)		0.00	0.00	0.00

Current Ratio (Current Asset/Current Liability)		1.00	0.99	0.97

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.12.2011	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	149.000	149.000	349.000
Reserves & Surplus	704.000	862.000	831.000
Net worth	853.000	1011.000	1180.000

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	31.12.2011	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Total Revenue	8549.000	11720.000	11565.000
		37.092	(1.323)

NET PROFIT MARGIN

Net Profit Margin	31.12.2011	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Total Revenue	8549.000	11720.000	11565.000
Profit	1073.000	1416.000	1600.000
	12.55%	12.08%	13.83%

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	No
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	Yes
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 three 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

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	90304106	12/11/1986 *	3,850,000.00	FINNISH FUND FOR INDUSTRIAL DEVELOPMENT COOPERATIO N LIMITED	RATAKATU, 27; 00120; HELSINKI, FINLAND, FINLAND	-

* Date of charge modification

FIXED ASSETS

Land
Leasehold improvements
Buildings
Plant and equipment
Furniture and fixtures
Vehicles
Office equipment

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 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.66.29
UK Pound	1	Rs.101.88
Euro	1	Rs.73.98

INFORMATION DETAILS

Information Gathered by :	MNJ

Analysis Done by :	KAR

Report Prepared by :	ART

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	8
PAID-UP CAPITAL	1~10	8
OPERATING SCALE	1~10	8
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	8
--PROFITABILIRY	1~10	8
--LIQUIDITY	1~10	8
--LEVERAGE	1~10	8
--RESERVES	1~10	8
--CREDIT LINES	1~10	8
--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		72

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.