MIRA INFORM REPORT

Report No. :	489930
Report Date :	03.02.2018

IDENTIFICATION DETAILS

Name :	OTIS ELEVATOR COMPANY (INDIA) LIMITED
Registered Office :	Magnus Towers, 9^th Floor, Mindspace, Link Road, Malad (West), Mumbai – 400064, Maharashtra
Tel. No.:	91-22-66795151/ 28449700
Country :	India
Financials (as on) :	31.03.2016
Date of Incorporation :	30.10.1953
Com. Reg. No.:	11-009158
Capital Investment / Paid-up Capital :	INR 118.082 Million
CIN No.: [Company Identification No.]	U29150MH1953PLC009158
IEC No.:	0388005050
GSTIN:	27AAACO0481E1ZR
TIN No.:	29520095271 19200575082
TAN No.: [Tax Deduction & Collection Account No.]	MUMO02675B
PAN No.: [Permanent Account No.]	AAACO0481E
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Subject engaged inter-alia in the business of manufacture, erection, installation and maintenance of elevators, escalators and travolators. (Registered activity and also Confirmed by management)
No. of Employees :	2000 (Approximately)

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23^rd January 2017)

MIRA’s Rating :

A++

Credit Rating	Explanation	Rating Comments
A++	Minimum Risk	Business dealings permissible with minimum risk of default

Status :	Excellent
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well-established company incorporated in the year 1953. It is an elevator manufacturing company. The company is a subsidiary of United Technologies South Asia Pacific Pte. Limited, Singapore and is an ultimate subsidiary of United Technologies USA which stands at 50th position in the Fortune 500. As per Registrar of Companies the date of balance sheet (i.e., financial filed) is shown as 31-03-2017 but the documents related to the financial for the year 2017 are not available from any sources. As per available financials of 2016, the company possesses robust financial profile marked by strong operating efficiencies along with adequate net worth position and debt free balance sheet profile. Rating also takes into consideration its widespread geographical marketing and distribution network backed by its decent brand recognition in engineering and construction sector. Rating reflects its established and long track record of business along with strong financial and managerial support provided by its parent company. Trade relations are reported as fair. Payments are seems to be regular and as per commitment. In view of aforesaid, the company can be considered good 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

Country Name	Previous Rating (30.06.2017)	Current Rating (30.09.2017)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderately Low Risk	B1
Moderate Risk	B2
Moderately High Risk	C1
High Risk	C2
Very High Risk	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.

BIFR (Board for Industrial & Financial Reconstruction) LISTING STATUS

Subject’s name is not listed as a Sick Unit in the publicly available BIFR (Board for Industrial & Financial Reconstruction) list as of 03.02.2018

IBBI (Insolvency and Bankruptcy Board of India) LISTING STATUS

Subject’s name is not listed in the publicly available IBBI (Insolvency and Bankruptcy Board of India) list as of report date.

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 31-03-2016.

INFORMATION PARTED BY

Name :	Mr. Amol Patil
Designation :	Sales Manager
Contact No:	91-9987340702
Date	01.02.2018

LOCATIONS

Registered/ Head Office/ Western Region :	Magnus Towers, 9^th Floor, Mindspace, Link Road, Malad (West), Mumbai – 400064, Maharashtra, India
Tel. No.:	91-22-28449700/ 6679515
Mobile No.:	91-9987340702 (Mr. Amol Patil) 91-9967929070 (Mr. Nitin Ade)
Fax No.:	91-22-28449791/ 9793
E-Mail :	tanhieya.ghosh@otis.com sumanta.dash@otis.com sanu.kapoor@otis.com amol.patil@otis.com nitin.ade@otis.com
Website :	http://www.otis.com
Corporate Office:	Temple Steps Tower, Block-1, 9th Floor, No.184-187, Anna Salai, Little Mount, Saidapet, Chennai-600015, Tamilnadu, India
Factory :	92, KIADB Industrial Estate Phase 11, Jigani Industrial Area, Anekal Taluk, Bangalore – 562106, Karnataka, India
Tel. No.:	91-80-27825401/ 02/ 03
Fax No.:	91-80-27825404
Eastern Region :	Bengal Intelligent Park, Building – Delta, 4^th floor, Block EP&GP, Sector V, Salt Lake Electronics Complex, Kolkata – 700091, West Bengal, India
Tel. No.:	91-44-40524300/ 301
Fax No.:	91-44-40524302
Northern Region :	271 and 272, Aggarwal Cyber Plaza – II, C-7, Netaji Subhash Place, Pitampura, Delhi – 110034, India
Tel. No.:	91-11-46069000/ 9030/ 4606
Fax No.:	91-11-46069111
Southern Region :	Otis House, M K Towers, # 27, Langford Road, Shanti Nagar, Bangalore –560027, Karnataka, India
Tel. No.:	91-80-40314500
Fax No.:	91-80-22111191
National Service Centre :	Sai Dhara, Block 2, Warehouse 3 & 4, Mumbai-Nashik Highway – NH 3, Borivali (Kuksha) Village, Bhiwandi, District Thane – 421302, Maharashtra, India
Overseas Office:	Located at: Sri Lanka Bangladesh Nepal

DIRECTORS

As on 31.03.2017

Name :

Sebi Joseph

Designation :

Managing director

Address :

9th Floor, Magnus Tower, Mind Space, Link Road, Malad (West), Mumbai - 400064, Maharashtra, India

Date of Birth/Age :

19.12.1962

Qualification :

MBA, BE (Mech.)

Experience :

28 Years

Date of Appointment :

16.03.2015

DIN No.:

05221403

Experience: (Sources – Linkedin)

President, Otis India

Otis Elevator Co.

Oct 2015-Present *2 Years 2 Months

Mumbai Area, India

Managing Director

Otis Elevator Company India

Mar 2012-Present *5 Years 9 Months

Mumbai Area, India

Area Director, Gulf Region

Otis Elevator

Jan 2011- Mar 2012 *1 Year 3 Months

General manager, UAE

Otis

Jan 2009 – Jan 2011 * 2 Years 1 Month

Director, Marketing, Sales and Communication, South Asia Pacific and Gulf Area

Otis Elevator

Jan 2008-Feb 2009 *1 Years 2 Months

Education: (Sources – Linkedin)

• Indira Gandhi National Open University, Master of Business Administrative (MBA), Marketing 1993-1997

• National Institute of technology Calicut, 1980-1985

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U29150TN2008PLC068160	SUPRIYA ELEVATOR COMPANY (INDIA) LIMITED	24/09/2012	-

Name :

Ms. Priya Shankar Dasgupta

Designation :

Director

Address :

J-1810, Chittaranjan Park, New Delhi – 110019, Delhi, India

Date of Birth/Age :

30.06.1955

Qualification :

LLB, BA Eco Hons, PG-Corp laws & labour laws

Date of Appointment :

12.04.2001

DIN No.:

00012552

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U74999DL2009PTC191206	NDLO BUSINESS CONSULTING PRIVATE LIMITED	15/06/2009	-
U74900DL2009PTC186823	NDLO SECRETARIAL SERVICES PRIVATE LIMITED	30/09/2014	-
U80212DL2014NPL269798	SARVPRATHAM SHIKSHA FOUNDATION	01/08/2014	-
U80903DL2008NPL184192	SHUGAN CHANDRA KOTHARI EDUCATIONAL FOUNDATION	13/10/2008	-
L18101RJ2007PLC025502	BHILWARA TECHNICAL TEXTILES LIMITED	20/04/2009	-
U74140DL2007PTC158924	NDLO CONSULTING PRIVATE LIMITED	02/01/2014	-
U11101DL2006PTC148493	UNITED BIOFUELS INDIA BIODIESEL PRIVATE LIMITED	09/05/2006	-
L24111UR1985PLC015063	ESTER INDUSTRIES LIMITED	25/07/2011	-
L17115RJ1960PLC008216	RSWM LIMITED	19/09/2013	-
U29256DL2003PTC122332	SNAP-ON TOOLS PRIVATE LIMITED	27/06/2006	-
L29130KA1996PLC048230	TIMKEN INDIA LIMITED	28/04/2006	-
U45202DL1999PTC100677	KOTHARI EDUCATION INFRASTRUCTURE PRIVATE LIMITED	14/07/1999	-
U74140DL1998PTC092156	DAS GUPTA CONSULTING PRIVATE LIMITED	09/02/1998	-
L17124MP1989PLC008255	MARAL OVERSEAS LIMITED	28/09/2004	-
U74899DL1994PTC061851	HUNTER DOUGLAS WINDOW FASHIONS INDIA PRIVATE LIMITED	18/09/2003	-
U74120DL1986PLC025842	INTERSTAR FINANCIAL SERVICES LIMITED.	23/10/1986	-
U50300PN2000PLC014889	CUMMINS AUTO SERVICES LIMITED	30/10/2003	-
L29112PN1962PLC012276	CUMMINS INDIA LIMITED	26/02/1998	-

Name :

Mr. Anil Vaish

Designation :

Director

Address :

513, Vishwamitra Marg, Hanuman Nagar Extension, Jaipur – 302012, Rajasthan, India

Date of Birth/Age :

12.05.1947

Date of Appointment :

22.09.2016

DIN No.:

00208119

Name :

Mr. Puthan Naduvakkat Suma

Designation :

Additional director

Address :

No.29, Lakshmi Nilayam, N.R. Layout Fci Road, Vijanapura, Bangalore - 560016, Karnataka, India

Date of Birth/Age :

19.05.1969

Date of Appointment :

23.09.2015

DIN No.:

05350680

Name :

Mr. Nirmal Kumar Mohanty

Designation :

Additional director

Address :

E/4, Silver Valley No. 2, Shivaji Nagar, Vakola, Santacruz (East), Mumbai - 400055, Maharashtra, India

Date of Birth/Age :

06.08.1959

Date of Appointment :

23.09.2015

DIN No.:

07220804

KEY EXECUTIVES

Name :	Mr. Bharatkumar Sanjiva Nayak
Designation :	Chief Finance Officer
Address :	B-303, Hemalata Apartments, Jairaj Nagar, Borivali, (West), Mumbai-400091, Maharashtra, India
Date of Appointment :	05.10.2017
PAN No.:	AAAPN1078M
Name :	Mr. Amol Patil
Designation :	Sales Manager
Name :	BNP Associates
Designation :	Company Secretary
Address:	DBS Heritage, Prescott Road, Near Senior Cathedral School and End of Marzban Road, Fort, Mumbai – 400001, maharashtra, India
Tel. No:	91-22-40779207
Email:	info@bnp_associates.com

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 31.03.2016

SHAREHOLDING DETAILS FILE ATTACHED

Equity Share Break up (Percentage of Total Equity)

As on 22.09.2016

Category	Percentage
Promoter - Bodies corporate	98.24
Public – (Individual/ Hindu Undivided Family – Indian)	0.05
Public – Banks	0.01
Public – Others	1.70
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject engaged inter-alia in the business of manufacture, erection, installation and maintenance of elevators, escalators and travolators. (Registered activity and also Confirmed by management)

Products :

Item Code No.	Product Description
84311010	Contracts for supply and installation of elevators, escalators and Travolators

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Products :

Finished Goods

Countries :

Sri Lanka

Imports :

Not Divulged

Terms :

Selling :

RTGS

Purchasing :

RTGS

PRODUCTION STATUS NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

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

Customers :

Developers

Reference :	K. Raheja Corporation
Name of the Person :	--
Contact No.:	--
Since How Long Known :	--
Maximum Limit Dealt :	--
Experience :	--
Remark:	--

No. of Employees :

2000 (Approximately)

Bankers :

Bank Name	HDFC Bank Limited
Branch	Mumbai, Maharashtra, India
Person Name (With Designation)	--
Contact Number	--
Name of Account Holder	--
Account Number	--
Account Since (Date/Year of Account Opening)	--
Average Balance Maintained (If Possible)	--
Credit Facilities Enjoyed (If any)	--
Account Operation	--
Remarks (If any)	--

Auditors :
Name :	Price Waterhouse and Co. Bangalore LLP Chartered Accountants
Address :	Nesco IT building III, 8th floor, Nesco IT park, Nesco Complex, Gate no. 3, Western Express Highway, Goregaon East, Mumbai – 400063, Maharashtra, India
PAN :	AADFP9359C
Secretarial Auditors :
Name :	BNP and Associates
Address :	308, Orchid Plaza, Behind Gokul Shopping Centre, Near Railway Platform 8, Off S. V. Road, Borivli (West), Mumbai – 400092, Maharashtra, India
PAN N Income-tax PAN of auditor or auditor's firm :	AAOFB3147R
Memberships :	Not Available
Collaborators :	Not Available
Holding company :	United Technologies South Asia Pacific Pte. Limited, Singapore,
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives	UTC Fire and Security India Limited, India (U29193MH1981FLC024364) Otis Elevator Company, New Jersey, United States Carrier Race Technologies Private Limited, India (U30007TN1992PTC023051) Zardoya Otis S.A., Spain, SPAIN Otis High-Rise Elevator(Shanghai) Co., Limited, China, Xizi Otis Elevator Co., Limited, China, Otis GMBH and Co. OHG, Germany, Chubb Alba Control Systems Limited, India (U31909DL1989PLC038375) Nippon Otis Elevator Company, Japan Otis Elevators International Inc., Hong Kong OTIS SCS, France Otis Elevator (China) Company Limited, China Carrier Air-conditioning And Refrigeration Limited, India (U74999HR1992FLC036104) United Technologies Corporation India Private Limited, India (U63000DL2008FTC270957) Guangzhou Otis Elevator Company Limited, China Seral Otis Industria Metalurgica Ltda, Chile Otis Elevator Company (S) Pte. Limited, Singapore Otis A.S., Czech Republic (formerly known as Otis Escalators S.R.O.- Czech Republic), CZECH Republic Otis Elevator Co Pty Limited, Australia Pratt and Whitney, U. S. A., United States Otis L.L.C., U. A. E., United Arab Emirates JSC MOS OTIS Russia, Russian Federation Otis Elevator, Korea Concepcion-Otis Philippines, Inc., Philippines Otis Elevator Company (H.K.) Limited, Hong Kong Agnice Fire Protection Private Limited, India (U28920TN1995PTC031367) Otis Elevator Company (M) SDN BHD, Malaysia Otis Elevator Vietnam Company Limited, Vietnam Zao Shcherbinka Otis Lift, Russia PT Citas Otis Elevator, Indonesia UTC Building and Industrial Systems Emeasas, France Otis Elevator Traction Machine (China) Co. Limited, China Carrier Singapore (PTE) Limited, Singapore Elevators (Private) Limited, Sri Lanka Otis Elevator Company Saudi Arabia Limited, Saudi Arabia Buga Otis Asansor Sanayi Veticaret A.S., Turkey OTIS AS Norway Carrier Air Conditioning and Refrigeration R&D Management (Shanghai) Co. Limited, China
Associate :	Trio Elevators Co (India) Limited, India U31103GJ2006PLC048885
Subsidiary company:	Supriya Elevator Company (India) Limited, India U29150TN2008PLC068160

CAPITAL STRUCTURE

As on 31.03.2016

Authorised Capital :

No. of Shares	Type	Value	Amount
15000000	Equity Shares	INR 10/- each	INR 150.000 Million

Issued, Subscribed and Paid-up Capital :

No. of Shares	Type	Value	Amount
11808222	Equity Shares	INR 10/- each	INR 118.082 Million

FINANCIAL DATA

[all figures are in INR Million]

ABRIDGED BALANCE SHEET (STANDALONE)

SOURCES OF FUNDS	31.03.2016	31.03.2015	31.03.2014
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	118.082	118.082	118.082
(b) Reserves & Surplus	8048.966	8681.808	6875.547
(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)	8167.048	8799.890	6993.629
(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	97.032	92.898	78.508
(d) long-term provisions	2184.084	2232.605	2368.444
Total Non-current Liabilities (3)	2281.116	2325.503	2446.952
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	1438.519	1098.886	1050.381
(c) Other current liabilities	5138.926	4490.144	4316.086
(d) Short-term provisions	2803.960	1739.240	1699.034
Total Current Liabilities (4)	9381.405	7328.270	7065.501
TOTAL	19829.569	18453.663	16506.082
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	715.166	774.351	864.051
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	28.471	56.904
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	14.428	55.828	68.627
(c) Deferred tax assets (net)	1087.267	1071.680	977.713
(d) Long-term Loan and Advances	2621.606	1984.290	1628.042
(e) Other Non-current assets	1.969	2.013	1.353
Total Non-Current Assets	4440.436	3916.633	3596.690
(2) Current assets
(a) Current investments	0.000	0.000	43.573
(b) Inventories	846.223	819.073	886.993
(c) Trade receivables	3268.685	2831.997	2455.086
(d) Cash and cash equivalents	10707.153	10373.479	8627.563
(e) Short-term loans and advances	234.328	240.377	779.396
(f) Other current assets	332.744	272.104	116.781
Total Current Assets	15389.133	14537.030	12909.392
TOTAL	19829.569	18453.663	16506.082

PROFIT and LOSS ACCOUNT (STANDALONE)

	PARTICULARS	31.03.2016	31.03.2015	31.03.2014
	SALES
	Income	11502.497	10330.754	9726.141
	Other Income	1015.963	1388.694	910.399
	TOTAL	12518.460	11719.448	10636.540
Less	EXPENSES
	Cost of Materials Consumed	4259.016	3509.162	4138.317
	Purchases of Stock-in-Trade	0.000	0.000	0.000
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	14.829	(12.327)	18.207
	Employees benefits expense	2509.765	2367.929	2016.036
	Exceptional Items	68.317	(340.534)	116.312
	CSR Expenditure	34.300	28.260	0.000
	Other expenses	3560.467	3253.009	3330.893
	TOTAL	10446.694	8805.499	9619.765
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	2071.766	2913.949	1016.775
Less	FINANCIAL EXPENSES	0.000	0.000	0.000
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	2071.766	2913.949	1016.775
Less/ Add	DEPRECIATION/ AMORTISATION	137.273	173.685	97.201
	PROFIT/ (LOSS) BEFORE TAX	1934.493	2740.264	919.574
Less	TAX	648.697	720.821	335.471
	PROFIT/ (LOSS) AFTER TAX	1285.796	2019.443	584.103
	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD	8498.776	6692.333	6650.160
Less	APPROPRIATIONS
	Interim & Proposed Dividend	1594.000	177.000	413.290
	Dividend Distribution tax	325.000	36.000	70.230
	Transfer to General Reserve	0.000	0.000	58.410
	Total (M)	1919.000	213.000	541.930
	Balance Carried to the B/S	7865.572	8498.776	6692.333
	EARNINGS IN FOREIGN CURRENCY
	F.O.B. Value of Exports	54.746	120.540	28.843
	TOTAL EARNINGS	54.746	120.540	28.843
	IMPORTS
	Components and Spare Parts	1170.417	1112.392	1063.559
	Capital Goods	15.789	0.376	4.292
	TOTAL IMPORTS	1186.206	1112.768	1067.851
	Earnings / (Loss) Per Share (INR)	108.89	171.02	49.47

Particulars	31.03.2017
Sales Turnover (Approximately)	12600.000

The above information has been parted by Mr. Amol Patil (Sales Manager)

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2016	31.03.2015	31.03.2014
Current Maturities of Long term debt	NA	NA	NA
Net cash flows from (used in) operations	1720.870	1163.209	1350.884
Net cash flow from operating activity	649.076	517.101	730.017

KEY RATIOS

EFFICIENCY RATIOS

PARTICULARS	31.03.2016	31.03.2015	31.03.2014
Average Collection Days (Sundry Debtors / Income * 365 Days)	103.72	100.06	92.13
Account Receivables Turnover (Income / Sundry Debtors)	3.52	3.65	3.96
Average Payment Days (Sundry Creditors / Purchases * 365 Days)	122.85	114.70	92.24
Inventory Turnover (Operating Income / Inventories)	2.45	3.56	1.15
Asset Turnover (Operating Income / Net Fixed Assets)	2.90	3.63	1.10

LEVERAGE RATIOS

PARTICULARS	31.03.2016	31.03.2015	31.03.2014
Debt Ratio ((Borrowing + Current Liabilities) / Total Assets)	0.47	0.40	0.43
Debt Equity Ratio (Total Liability / Networth)	0.00	0.00	0.00
Current Liabilities to Networth (Current Liabilities / Net Worth)	1.15	0.83	1.01
Fixed Assets to Networth (Net Fixed Assets / Networth)	0.09	0.09	0.13
Interest Coverage Ratio (PBIT / Financial Charges)	0.00	0.00	0.00

PROFITABILITY RATIOS

PARTICULARS		31.03.2016	31.03.2015	31.03.2014
Net Profit Margin (PAT / Sales) * 100)	%	11.18	19.55	6.01
Return on Total Assets ((PAT / Total Assets) * 100)	%	6.48	10.94	3.54
Return on Investment (ROI) ((PAT / Networth) * 100)	%	15.74	22.95	8.35

SOLVENCY RATIOS

PARTICULARS	31.03.2016	31.03.2015	31.03.2014
Current Ratio (Current Assets / Current Liabilities)	1.64	1.98	1.83
Quick Ratio ((Current Assets – Inventories) / Current Liabilities)	1.55	1.87	1.70
G-Score Ratio Financial (Networth / Total Assets)	0.41	0.48	0.42
G-Score Ratio Debt (Debts / Equity Capital)	0.00	0.00	0.00
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities)	1.64	1.98	1.83

Total Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term debts

FINANCIAL ANALYSIS

[all figures are in INR Million]

DEBT EQUITY RATIO

Particular	31.03.2014	31.03.2015	31.03.2016
	(INR In Million)	(INR In Million)	(INR In Million)
Share Capital	118.082	118.082	118.082
Reserves & Surplus	6875.547	8681.808	8048.966
Net worth	6993.629	8799.890	8167.048
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	31.03.2014	31.03.2015	31.03.2016
	(INR In Million)	(INR In Million)	(INR In Million)
Sales	9726.141	10330.754	11502.497
		6.216	11.342

NET PROFIT MARGIN

Net Profit Margin	31.03.2014	31.03.2015	31.03.2016
	(INR In Million)	(INR In Million)	(INR In Million)
Sales	9726.141	10330.754	11502.497
Profit/ (Loss)	584.103	2019.442	1285.796
	6.01%	19.55%	11.18%

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2016	31.03.2015
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	118.082	118.082
(b) Reserves and Surplus	8039.249	8593.423
(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)	8157.331	8711.505
(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	97.032	92.898
(d) long-term provisions	2189.164	2237.533
Total Non-current Liabilities (3)	2286.196	2330.431
(4) Current Liabilities
(a) Short-term borrowings	10.000	11.250
(b) Trade payables	1457.773	1117.179
(c) Other current liabilities	5181.697	4543.365
(d) Short-term provisions	2805.559	1740.457
Total Current Liabilities (4)	9455.029	7412.251
TOTAL	19898.556	18454.187
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	715.513	774.825
(ii) Intangible Assets	0.127	0.000
(iii) Tangible assets capital work-in-progress	0.000	28.471
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	29.996	15.473
(c) Deferred tax assets (net)	1087.267	1071.680
(d) Long-term loans and advances	2623.944	1987.400
(e) Other Non-current assets	1.977	2.067
Total Non-Current Assets	4458.824	3879.916
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	860.403	837.741
(c) Trade receivables	3289.450	2855.802
(d) Cash and bank balances	10720.499	10392.977
(e) Short-term loans and advances	235.689	216.020
(f) Other current assets	333.691	271.731
Total Current Assets	15439.732	14574.271
TOTAL	19898.556	18454.187

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2016	31.03.2015
	SALES
	Total Revenue from operations	11647.002	10618.072
	Other Income	1019.099	1139.524
	TOTAL	12666.101	11757.596
Less	EXPENSES
	Cost of Materials Consumed	4324.864	3660.227
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	14.793	(13.981)
	Employee benefit expense	2541.861	2407.069
	Other expenses	3648.276	3382.493
	Exceptional items	0.000	(274.587)
	TOTAL	10529.794	9161.221
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	2136.307	2596.375
Less	FINANCIAL EXPENSES	0.000	0.000
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	2136.307	2596.375
Less/ Add	DEPRECIATION/ AMORTISATION	137.669	177.178
	PROFIT/ (LOSS) BEFORE TAX	1998.638	2419.197
Less	TAX	648.696	726.155
	PROFIT/ (LOSS) AFTER TAX	1349.942	1693.042
	Earnings / (Loss) Per Share (INR)	114.32	146.63

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	Yes
6	Contact numbers	Yes
7	Name of the person contacted	Yes
8	Designation of contact person	Yes
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)	Yes
16	No. of employees	No
17	Details of sister concerns	Yes
18	Major suppliers	No
19	Major customers	Yes
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	Yes
35	Negative Reporting by Auditors in the Annual Report	No

GENERAL INFORMATION

Subject the Company is incorporated on October 30, 1953 under the provisions of the Companies Act, 1956 (the "Act"). The Company is engaged inter-alia in the business of manufacture, erection, installation and maintenance of elevators, escalators and travolators.

REVIEW OF OPERATIONS

FINANCIALS

On standalone basis, Sales from operations for FY 2015-16 at INR11502.497 Million, was higher by 11% over last year (INR 10330.754 Million in FY 2014-15). New equipment sales and service business has shown good revenue growth. Profit after tax (“PAT”) for the year was INR 1285.796 Million registering a decline of 36% over the PAT of INR 2019.443 Million in FY 2014-15, driven by reduction in non - operating other income.

On consolidated basis, Sales from operations for FY 2015-16 at INR 11647.002 Million, was higher by 10% over last year (INR 10618.072 Million in FY 2014-15). Profit after tax (“PAT”) for the year was INR 1349.942 Million recording a decline of 20 % over the PAT of INR 1693.042 Million of FY 2014-15.

During the year, the Company took some strategic initiatives to improve its volumes and profitability. The effect of these changes is expected to bring in results in the coming years. There has been no material change that affects the financial position of the Company.

BUSINESS

The fiscal year 2015-16 saw a GDP growth rate of 7.6%. We have seen improvement in overall economy, in terms of Industrial production, inflation, FDI investments etc. While the Real estate sector has seen some sign of revival with increase in absorption, the new launches continue to show declining trend due to high inventory pile up. However, with absorption trend improving and inventory level dropping, the new launches are expected to see an improving trend in the near future.

There are also positive outlook for the industry with the implementation of The Real Estate (Regulation and Development) Act, 2016, which will bring more transparency to the industry and fuel long term efficiency and growth in the industry. The drop in borrowing rate is also expected to boost demand for more housing

CURRENT OUTLOOK:

Otis India has been progressing well in their effort to localize their global products at their state of art manufacturing facility in Bangalore. There are a number of products that are being planned to be launched both in the short term and long term. Our launches during the year 2014 and 2015 for products like Gen2 Infinity and Nova MRL will continue to bear traction in years to come. In the 1st quarter of 2016, they also had a new launch, Gen2 Core, for low rise residential segment. With these initiatives and execution, as planned, they are now poised to see sound growth in Order booking as well as segment share improvement.

India remains to be the second largest elevator-escalator market in the world after China, expected to grow at a healthy rate of 8-10% for the next 5 years. The Company management is closely monitoring and reviewing these changes to suitably modify its business strategy in accordance with the changing market environment. The Company continues to promote green products which will have a positive environmental impact. The Company is confident of forging ahead without compromising on its core values, while sustaining its brand-value with its customers.

INDEX OF CHARGES: NO CHARGES EXISTS FOR COMPANY 

CONTINGENT LIABILITIES:

(INR in million)

PARTICULARS	31.03.2016	31.03.2015
Guarantees	1402.829	955.405

FIXED ASSETS

• Land
• Buildings
• Furniture and fixtures
• Plant and equipment
• Motor vehicles
• Office equipment
• Computer equipments
• Leasehold improvements

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 records 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 records 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	INR
US Dollar	1	INR 64.08
UK Pound	1	INR 91.34
Euro	1	INR 80.04

INFORMATION DETAILS

Information Gathered by :	SLK
Analysis Done by :	DIV
Report Prepared by :	MTN

SCORE FACTORS

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	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES

RATING EXPLANATIONS

Credit Rating	Explanation	Rating Comments
A++	Minimum Risk	Business dealings permissible with minimum risk of default
A+	Low Risk	Business dealings permissible with low risk of default
A	Acceptable Risk	Business dealings permissible with moderate risk of default
B	Medium Risk	Business dealings permissible on a regular monitoring basis
C	Medium High Risk	Business dealings permissible preferably on secured basis
D	High Risk	Business dealing not recommended or on secured terms only
NB	New Business	No recommendation can be done due to business in infancy stage
NT	No Trace	No recommendation can be done as the business is not traceable

NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.

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 are as follows:

· Financial condition covering various ratios

· Company background and operations size

· Promoters / Management background

· Payment record

· Litigation against the subject

· Industry scenario / competitor analysis

· Supplier / Customer / Banker review (wherever available)

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.