MIRA INFORM REPORT

Report Date :

29.12.2011

IDENTIFICATION DETAILS

Name :	JOHN DEERE INDIA PRIVATE LIMITED
Registered Office :	Tower XIV, Cybercity, Magarpatta City Hadapsar, Pune – 411013, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	12.12.1997
Com. Reg. No.:	11- 112441
Capital Investment / Paid-up Capital :	Rs.3448.574 Millions
CIN No.: [Company Identification No.]	U74220PN1997PTC112441
TAN No.: [Tax Deduction & Collection Account No.]	PNEJ00773D
PAN No.: [Permanent Account No.]	AAACJ4233B
Legal Form :	Private Limited Liability Company
Line of Business :	Providing IT and IT Enabled Services
No. of Employees :	2000 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (50)

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	USD 50000000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. The company is doing well. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct and as per commitments. The company can be considered normal for business dealings at usual trade terms and conditions. Latest Profit and Loss of the company is not Availble.

NOTES:

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

INFORMATION PARTED BY

Name :	Mr. Gaurav
Designation :	Finance Manager
Contact No.:	91-20-67264539
Date :	28.12.2011

LOCATIONS

Registered Office :	Tower XIV, Cybercity, Magarpatta City Hadapsar, Pune - 411013, Maharashtra, India
Tel. No.:	91-20-66425013/ 66425000/67264510
Fax No.:	91-20-66425001
E-Mail :	thitesudhir@johndeere.com sameer@johndeere.com higarkargaurav@johndeere.com
Website :	www.johndeere.com www.deere.com
Location :	Owned
Factory 1:	Parts Distn. Center, G.No.181 and 182, Off Pune Nagar Road, Sanas, Pune, Maharashtra, India
Factory 2:	166-167, Gate No. 271-291, At Post Sanawadi, Taluka – Shirur, Pune – 412208, Maharashtra, India

DIRECTORS

As on 02.09.2010

Name :

Mr. Ranjit Nair

Designation :

Managing Director

Address :

5788, JUDGE Road Bettendorf, IA,52722 USA

Date of Birth/Age :

06.06.1968

Date of Appointment :

14.09.2009

DIN No. :

00634768

Name :

Mr. Rajesh N.A. Kalathur

Designation :

Director

Address :

44,Talera Park, Kalyani Nagar, Pune-411006, Maharashtra, India

Date of Birth/Age :

06.06.1968

Date of Appointment :

15.06.2005

DIN No. :

00634768

Name :

Mr. Satish Bhimrao Nadiger

Designation :

Director

Address :

No. 601, Building A3, Aditya Shagun, NDA, Pashan Road, Bavadhan, Pune – 411021, Maharashtra, India

Date of Birth/Age :

13.01.1963

Date of Appointment :

01.04.2010

DIN No. :

00633892

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U29210PN1998PTC130449	JOHN DEERE EQUIPMENT PRIVATE LIMITED	Director	30/08/2008	31/07/2006	-	Amalgamated	NO
2	U74220PN1997PTC112441	JOHN DEERE INDIA PRIVATE LIMITED	Director	1/4/2010	1/4/2010	-	Active	NO
3	U65923PN2011PTC141149	JOHN DEERE FINANCIAL INDIA PRIVATE LIMITED	Director	21/10/2011	21/10/2011	-	Active	NO

Name :

Mr. Ashwin Ramani

Designation :

Director

Address :

4110 Falmouth Court, Bettendorf IA 52722

Date of Birth/Age :

12.11.1971

Date of Appointment :

02.09.2010

DIN No. :

03039755

Name :

Mr. Shailendra Jagtap

Designation :

Director

Address :

Row House-165, Sn. 46/1/3 and 46/1/2 NIBM Road, Cloud – 9, Kondhwa KD, Pune – 411028, Maharashtra, India

Date of Birth/Age :

19.08.1962

Date of Appointment :

02.09.2010

DIN No. :

02298467

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U29210PN1998PTC130449	JOHN DEERE EQUIPMENT PRIVATE LIMITED	Alternate director	25/07/2008	25/07/2008	-	Amalgamated	NO
2	U74220PN1997PTC112441	JOHN DEERE INDIA PRIVATE LIMITED	Director	2/9/2010	1/4/2010	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Sudhir Thite
Designation :	Company Secretary
Address :	56, Prachi Apartments, Lane 5, Dahanukar Colony, Kothrud, Pune – 411038, Maharashtra, India
Date of Birth/Age :	27.05.1976
Date of Appointment :	12.03.2003
Pan No. :	ACXPT9094L
Name :	Mr. Gaurav
Designation :	Finance Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 02.09.2010

Names of Shareholders	No. of Shares
Deere and Company One Jhon Deere Place, Moline US 61265	10
John Deere Asia (Singapore) Private Limited #06-02/03 Alexandra Point 438, Alexandra Road, Singapore	344857343
TOTAL	344857353

AS ON 02.09.2010

Equity Share Breakup	Percentage of Holding
Category
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	100.00
TOTAL	100.00

BUSINESS DETAILS

Line of Business :	Providing IT and IT enabled services
Terms :
Selling :	Cash and Credit (30 days)
Purchasing :	Cash and Credit (30 days)

GENERAL INFORMATION

Customers :	Corporate
No. of Employees :	2000 (Approximately)
Bankers:	· Industrial Investment Bank of India Limited – 19, Netaji Subhas Road, Calcutta – 700001, West Bengal, India · State Bank of India S. B. Road Branch, Pune, Maharashtra, India
Banking Relations :	--
Auditors :
Name :	Deloitte Haskins and sells Chartered Accountant
Address :	12,Dr. Annie Beasant Road, Opposite Shivsagar Industrial Estate, Worli, Mumbai - 400018, Maharashtra, India
Tel. No.:	91-22-66679000
Fax No.:	91-22-66679100
Pan No. :	AACFD4815A
Holding Company :	· John Deere Asia Singapore Pte. Limited
Ultimate Holding Company :	· Deere and Company
Fellow Subsidiary Companies :	· John Deere Usine De Saran · JD Worldwide C and F · John Deere Investment Company · John Deere Brazil Limited · John Deere S.A.S. · John Deere Pty Limited · John Deere Tianjin Product Resear · John Deere Tianjin Company Limited · John Deere Brasil Limited · John Deere Enschede B.V. · Industrias John Deere Argentina S. · Maschinenfabrik Kemper · John Deere Commercial Products Inc · John Deere Ningbo · Deere Tiantuo Company Limited · Motores John Deere S.A. De C.V. · Phoenix International · Industrias John Deere S.A. De C.V · John Deere Reman - Springfield · John Deere Thibodaux Incorporation · John Deere Jiamusi Agricultural · John Deere S.A.S - Euro · John Deere Limited · Industries John Deere Argentina S. · John Deere Pty Limited · John Deere Latin America S.A. · Industries John Deere S.A.De C.V · John Deere Limited · John Deere Iberica Spain · John Deere S.A. · John Deere Italiana S.R.L · John Deere International Gmbh · John Deere Makinalari Limited, Sirketi · John Deere Limited – Canada · John Deere Makinalari Limited Sti. · John Deere Information Systems · Deere Credit Services Incorporation · John Deere WW Lawn and Grounds Care · John Deere Turf Care · Waratah Nz Limited · John Deere Shared Services Incorporation · John Deere Israel · John Deere Australia · John Deere Shared Services Incorporation · John Deere Israel · John Deere Australia

CAPITAL STRUCTURE

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
653641000	Equity Shares	Rs.10/- each	Rs.6536.410 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
344857353	Equity Share	Rs.10/- each	Rs.3448.574 Millions

NOTES:

(A) Authorized 653,641,000 (Previous year 366,200,000) Equity Shares of Rs.10/- each

(B) Issued, Subscribed and Paid up: 344,857,353 Equity Shares of Rs. 10/- each, fully paid-up (All the above Shares of Rs. 10/- each are held by John Deere Asia (Singapore) Private Limited, the Holding company (Previous year held by Deere and Company, the then Holding Company including 10 equity shares held jointly)

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		3448.573	3448.574	3448.574
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		9873.568	1946.148	1622.031
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		13322.141	5394.722	5070.605
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		0.000	0.000	0.000
DEFERRED TAX LIABILITIES		94.951	0.000	0.000
TOTAL		13417.092	5394.722	5070.605
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		3429.493	994.803	628.289
Capital work-in-progress		930.755	0.000	0.000
INVESTMENT		0.000	4193.907	4117.660
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	3283.604	0.000	0.000
	Sundry Debtors	6213.833	92.775	265.316
	Cash & Bank Balances	2555.593	41.265	76.005
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	2201.222	460.433	238.875
Total Current Assets		14254.252	594.473	580.196
Less: CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	4647.986	320.816	71.655
	Current Liabilities	0.000	0.000	130.727
	Provisions	549.422	67.645	53.158
Total Current Liabilities		5197.408	388.461	255.540
Net Current Assets		9056.844	206.012	324.656
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		13417.092	5394.722	5070.605

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income		2885.070	2511.584
		Other Income
		TOTAL	3250.000 (Approximately)	2885.070	2511.584
Less	EXPENSES
		Operating Expenses	NA	2381.115	2061.578
		TOTAL	NA	2381.115	2061.578
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D)		NA	503.955	450.006
Less/ Add	DEPRECIATION/ AMORTISATION		NA	196.419	179.650
	PROFIT BEFORE TAX (E-F)		NA	307.536	270.356
Less	TAX		NA	(16.581)	13.008
	PROFIT AFTER TAX (G-I)		3569.987	324.117	257.347
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		NA	516.244	258.897
	BALANCE CARRIED TO THE B/S		NA	840.361	516.244
	EARNINGS IN FOREIGN CURRENCY		NA	2844.705	2482.355
	IMPORTS
		Capital Goods	NA	47.441	145.334
	TOTAL IMPORTS		NA	47.441	145.334
	Earnings Per Share (Rs.)		10.35	0.94	0.75

Expected Sales (2011-12): Rs.4000.000 Millions.

The above information has been parted by Mr. Gaurav.

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	NA	11.23	10.25
Return on Total Assets (PBT/Total Assets}	(%)	NA	19.35	22.37
Return on Investment (ROI) (PBT/Networth)		NA	0.06	0.05
Debt Equity Ratio (Total Liability/Networth)		0.39	0.07	0.05
Current Ratio (Current Asset/Current Liability)		2.74	1.53	2.27

LOCAL AGENCY FURTHER INFORMATION

SUNDRY CREDITORS DETAILS:

Particulars	31.03.2011	31.03.2010	31.03.2009
	(Rs. In Millions)
Creditors due small micro enterprises	0.606	0.169	71.655
Creditors due others	4647.380	320.647	0.000
Total	4647.986	320.816	71.655

Check list by info Agents	Available in Report (Yes/ No)
Year of Establishment	Yes
Locality of the Firm	Yes
Constitution 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 for last three years	Yes
Profitability for last three years	No
Reasons for variation <> 20%	-------
Estimation for coming financial year	Yes
Capital in the business	No
Details of sister concerns	Yes
Major Suppliers	No
Major Customers	No
Payments Terms	Yes
Export/ Imports Details (If applicable)	-------
Market Information	-------
Litigations that the firm/ Promoters Involved in	-------
Banking details	Yes
Banking Facility Details	Yes
Conduct of the Banking Account	-------
Buyer visit details	-------
Financials, if provided	No
Incorporation details is applicable	-------
Last Accounts filed at ROC	-------
Major Shareholders, if available	-------

NOTE:

The Registered Office of the company has been shifted from John Deera Technology Centre, Cybercity, Magarpatta City Hadapsar, Pune – 411013, Maharashtra, India to present address w.e.f - 01.04.2010.

OPERATIONS (2010):

During the year the Company continues to progress in providing IT and IT enabled Services The fifth year of this Business had created substantial value to the present company and is also the Net Positive Foreign Exchange earner in the fifth year of its operation

The Product Engineering Centre (PEC) Activities have picked up during the year with additional Engineering Support being provided by the Company.

Regional Supply Chain Management continued to support Overseas John Deere Units in sourcing components from India.

SUBSIDIARY COMPANY (2010):

In the Domestic Market erstwhile subsidiary of the Company recorded a sale of 28,329 units against 21,546 units sold during the last Financial Year recording a significant growth of 3l%. During the Current year the country faced less than normal monsoons. However, after several years of stagnant growth the Domestic market experienced a growth of more than 30% during the year. Total tractor sales in the Domestic market was 402,600 numbers against 304,600 numbers sold during the last financial year. The total domestic market share of the Company increased from 6% in the last Financial Year to 6.8% during the current Financial Year.

To cater to the growing needs for Water Management Solution, the Company announced its plan to establish a manufacturing, sales, and marketing setup in India to offer a suite of precision irrigation products and services under the brand name of John Deere Water. A manufacturing plant has been set up near Baroda for producing micro irrigation products.

MERGER

During the year the Company submitted application to Bombay High Court for merger of the operation of its subsidiary company John Deere Equipment Private Limited into the Company which was approved by the Bombay High Court in November 2009. This will help in optimizing the synergies of John Deere operations in India. The merger is effective from 01.04.2010.

FIXED ASSET

(A) Tangible Assts

• Furniture and Fixtures
• Office Equipment
• Computers
• Building
• Leasehold Improvements
• Motor Cars
• Plant and Machinery

(B) Intangible Assts

• Software and Licenses

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.52.89
UK Pound	1	Rs.82.71
Euro	1	Rs.69.15

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	7
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--CREDIT LINES	1~10	5
--MARGINS	-5~5	---
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--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
TOTAL		50

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.