MIRA INFORM REPORT

Report Date :

13.12.2011

IDENTIFICATION DETAILS

Name :	SAME DEUTZ – FAHR INDIA PRIVATE LIMITED
Registered Office :	72/72 M, Sipcot Industrial Complex, Ranipet – 632403, Tamilnadu
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	17.12.1999
Com. Reg. No.:	18-043776
Capital Investment / Paid-up Capital :	Rs. 743.668 Millions
CIN No.: [Company Identification No.]	U40105TN1999PTC043776
TAN No.: [Tax Deduction & Collection Account No.]	CHES07947C
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacture of Tractor Spare Parts. i.e Agricultural Tractors and Internal Combustion Diesel
No. of Employees :	290 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (28)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 2160000
Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established company having moderate track. There appears some accumulated losses recorded by the company. However, trade relations are reported as fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings with some cautions.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – September 30, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
India	A1	A1

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

INFORMATION PARTED BY

Name :	Mr. S. Tamil Celvan
Designation :	DGM Finance
Date :	12.12.2011

LOCATIONS

Registered Office :	72/72 M, Sipcot Industrial Complex, Ranipet – 632403, Tamilnadu, India
Tel. No.:	91-4172-247156
Fax No.:	91-4172-246330/244981
E-Mail :	samedeute@fahrindia.com s.tamilselvan@sdfgroup.com

DIRECTORS

As on 30.09.2011

Name :	Mr. Simonetti Filippo
Designation :	Director
Address :	Desio MI, Fiume Nr44, Coniugato, Nr.44, Italy
Date of Birth/Age :	19.07.1967
Date of Appointment :	09.01.2009
DIN No.:	02414682
Name :	Mr. Gopikrishnan Krishna Nambiar
Designation :	Director
Address :	C-82, Krishnagiri Upavan, Near National Park Gate, Borivali, Mumbai – 400066, Maharashtra, India
Date of Birth/Age :	10.02.1964
Date of Appointment :	01.08.2009
DIN No.:	02852644
Name :	Mr. Bhanu Sharma
Designation :	Director
Address :	C-2/94, Sector – 36, Noida – 201303, Uttar Pradesh, India
Date of Birth/Age :	15.09.1964
Date of Appointment :	23.06.2010
DIN No.:	03113513
Name :	Mr. Andrea Angelo Paganelli
Designation :	Director
Address :	V Le Dalmazia 169, Vasto CH 66054
Date of Birth/Age :	11.06.1967
Date of Appointment :	23.06.2010
DIN No.:	03375802

KEY EXECUTIVES

Name :	Mr. S. Tamil Celvan
Designation :	DGM Finance

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
Same Deuz Fahr Group Spa 14-24047, Viale F, Cassani, Treviglio BG, Italy	43376952
Same Deuz Fahr Italia Spa 15-24047, Viale F, Cassani, Treviglio BG, Italy	30989879
TOTAL	74366831

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2011

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 :

Manufacture of Tractor Spare Parts. i.e Agricultural Tractors and Internal Combustion Diesel

Products :

Item Description	Item Code No
Agricultural Tractors	87019090
Internal Combustion Diesel Engine	84089090

Terms :

Selling :

L/C, Cash and Credit

Purchasing :

L/C, Cash and Credit

GENERAL INFORMATION

Suppliers :

v Addon Engineering Private Limited

v Emdet Engineering Private Limited

v G Forge & Mech Private Limited

v Kovai Cnc Application Private Limited

v Mecho Light Components Private Limited

v Meenakshi Moulding Private Limited

v Monochem Graphic Private Limited

v Naveen Precision Product Private Limited

v Sasco Engineering (India) Private Limited

v Suprajit Engineering Limited

Customers :

End Users

No. of Employees :

290 (Approximately)

Bankers :

Citi Bank, Groun Floor, Club House Road, Chennai – 600061, Tamilnadu, India

Facilities :

Unsecured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
Other External Commercial Borrowing Unsecured	27.551	51.045
Other Debt Unsecured	0.394	2.639
Interest Accrued due Unsecured Loan	0.000	0.486
Total	27.945	54.170

Banking Relations :	--
Auditors :
Name :	Deloitte Haskins and Sells Chartered Accountant
Address :	672, Anna Salai Temple Tower, Nandanam, Chennai – 600035, Tamilnadu, India
PAN.:	AACFD3771D
Subsidiaries :	v Same Deutz – Fahr Italia SpA, Italy v Same Deutz –Fahr Holding and Finance BV, Netherlands
Holding Company :	Same Deutz Fahr Group Spa

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
850000000	Equity Shares	Rs.10/- each	Rs. 850.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
74366831	Equity Shares	Rs.10/- each	Rs. 743.668 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		743.668	743.668	743.668
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		0.000	0.000	0.000
4] (Accumulated Losses)		(202.601)	(465.479)	(638.602)
NETWORTH		541.067	278.189	105.066
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		27.945	54.169	90.832
TOTAL BORROWING		27.945	54.169	90.832
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		569.012	332.358	195.898
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		526.130	470.495	472.392
Capital work-in-progress		20.328	79.663	15.396
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	1022.225	617.586	812.261
	Sundry Debtors	1181.731	997.699	794.932
	Cash & Bank Balances	19.594	88.165	102.015
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	391.874	248.712	288.664
Total Current Assets		2615.424	1952.162	1997.872
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	2502.908	2139.641	2151.276
	Other Current Liabilities	0.000	0.000	107.108
	Provisions	89.962	30.321	31.378
Total Current Liabilities		2592.870	2169.962	2289.762
Net Current Assets		22.554	(217.800)	(291.890)
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		569.012	332.359	195.898

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	4286.982	2689.428	2901.754
		Other Income	29.722	107.840	15.557
		TOTAL (A)	4316.704	2797.268	2917.311
Less	EXPENSES
		Increase/ Decrease in Stock	NA	2623.678	(16.407)
		Purchase of Finished Goods	NA		0.000
		Material Consumption	NA		2354.100
		Employee Cost	NA		114.893
		Industrial, Administration and Selling Expenses	NA		300.345
		TOTAL (B)	NA	2623.678 (Including Depreciation and Financial charges)	2752.931
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		NA		164.380
Less	FINANCIAL EXPENSES (D)		NA		15.874
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		NA		148.506
Less/ Add	DEPRECIATION/ AMORTISATION (F)		NA		75.002
	PROFIT BEFORE TAX (E-F) (G)		NA	173.590	73.504
Less	TAX (I)		NA	0.467	3.137
	PROFIT AFTER TAX (G-I) (J)		262.878	173.123	70.366
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		NA	NA	(708.969)
	BALANCE CARRIED TO THE B/S		NA	NA	(638.603)
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	3306.039	1634.311	2342.401
	TOTAL EARNINGS		3306.039	1634.311	2342.401
	IMPORTS
		Raw Materials and Components	1348.813	656.387	1024.493
		Fixed Assets	0.000	0.000	4.703
	TOTAL IMPORTS		1348.813	656.387	1029.196
	Earnings Per Share (Rs.)		3.53	2.33	0.95

Expected Sales (2011-2012 ) : Rs.6500.000 Millions

The above information has been parted by Mr. Mr. S. Tamil Celvan

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	6.09	6.19	2.41
Net Profit Margin (PBT/Sales)	(%)	NA	6.45	2.53
Return on Total Assets (PBT/Total Assets}	(%)	NA	5.53	3.03
Return on Investment (ROI) (PBT/Networth)		NA	0.62	0.70
Debt Equity Ratio (Total Liability/Networth)		5.76	8.00	22.65
Current Ratio (Current Asset/Current Liability)		1.01	0.90	0.87

LOCAL AGENCY FURTHER INFORMATION

Check list by Info Agents	Available in Reports ( Yes/No)
Year of Establishment	Yes
Locality of the Firm	Yes
Constitutions of the Firm	Yes
Premises Details	Yes
Type of Business	Yes
Line of Business	Yes
Promoter’s Background	--
No. of Employees	Yes
Name of person contacted	Yes
Designation of contact person	Yes
Turnover of Firm fort last three years	Yes
Profitability for last three years	No
Reasons For Variation<>20%	No
Estimation for coming financial year	Yes
Capital in Business	No
Details of Sister Concern	Yes
Major Suppliers	Yes
Major Customers	No
Payment Terms	Yes
Export / Import Details (if Applicable)	No
Market Information	--
Litigations that the firm / Promoter involved in	--
Banking Details	Yes
Banking Facility Details	No
Conduct of the banking account	--
Buyer visit details	--
Financial, if provided	Yes
Incorporation details, if applicable	--
Last Account filed at ROC	--
Major shareholder , if available	--

NOTES:

The registered office address has been shifted from Plot No.72, Sipcot Industrial Complex, Ranipet – 632403, Tamilnadu, India to Present Address w.e.f 01.04.2002

FORM 8

Corporate identity number of the company	U40105TN1999PTC043776
Name of the company	SAME DEUTZ-FAHR INDIA PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Plot No. 72/72M, Sipcot Industrial Complex, Ranipet – 632403, Tamilnadu Email: s.tamilselvan@sdfgroup.com
This form is for	Creation of charge
Type of charge	Others
Particular of charge holder	Citi Bank, Groun Floor, Club House Road, Chennai – 600061, Tamilnadu, India Email: chennai@citibank.com
Nature of instrument creating charge	Security Agreement attached herewith
Date of instrument Creating the charge	10.12.2009
Amount secured by the charge	Rs. 122.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest: As announced from time to time Terms of Repayment: All facilities are repayable on Demand Margin: As agreed from time to time Extent and Operation of charge: The Charge will be to the extent of the amount financed by Citibank and will operate on the specific receivables pertaining to the export order, namely, Sahsuvaroglu Tarim Ve Motorlu Araclar San VeTic A. S. Turkey.
Short particulars of the property or asset(s) charged (including complete address and location of the property)	RECEIVABLES PERTAINING TO THE EXPORT ORDER namely ,Sahsuvaroglu Tarim Ve Motorlu Araclar San VeTic A.S. Turkey.

Fixed Assets

• Land and Building
• Lease Hold Land
• Building
• Plant and Machinery
• Office Equipment
• Vehicle
• Computer

· 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	Indian Rupees
US Dollar	1	Rs.52.42
UK Pound	1	Rs.81.92
Euro	1	Rs.69.94

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	2
--CREDIT LINES	1~10	2
--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	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		28

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.