MIRA INFORM REPORT

Report Date :

28.11.2011

IDENTIFICATION DETAILS

Name :	LEMKEN INDIA AGRO EQUIPMENT PRIVATE LIMITED (w.e.f. 04.08.2010)
Formerly Known As :	SINKAL ENGINEERING PRIVATE LIMITED
Registered Office :	Plot No. D-59, MIDC, Butibori, Taluka Hingna, District Nagpur, Nagpur-441108, Maharashtra
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	17.12.2008
Com. Reg. No.:	11-188977
Capital Investment / Paid-up Capital :	Rs.0.100 Million
CIN No.: [Company Identification No.]	U74210MH2008PTC188977
TAN No.: [Tax Deduction & Collection Account No.]	NGPS09929D
PAN No.: [Permanent Account No.]	AANCS5432Q
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of agricultural tools, hydraulic reversible plough, hydraulically operator tractor drawn reversible plough.
No. of Employees :	10 Approximately

RATING & COMMENTS

MIRA’s Rating :

Ca (12)

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Yet to Commence Business
Payment Behaviour :	Unknown
Litigation :	Clear
Comments :	Though the company was incorporated in the year 2008, the company is yet to commence its commercial business activities. As claim by the management, the company will start its business activities in March, 2012. Payments are unknown. The company can be considered for business dealings on a secured 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 – April 1, 2010

Country Name	Previous Rating (31.12.2009)	Current Rating (01.04.2010)
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. Nilesh Waghode
Designation :	Marketing Manager
Contact No.:	91-9545192229
Date :	23.11.2011

LOCATIONS

Registered Office :	Plot No. D-59, MIDC, Butibori, Taluka Hingna, District Nagpur, Nagpur-441108, Maharashtra, India
Tel. No.:	91-20-26741027
Mobile No.:	91-9545192229 (Mr. Nilesh Waghode)
Fax No.:	91-20-26741000
E-Mail :	n.waghode@lemken.com dhrub.t@mv-india.com
Area :	Owned
Sales Office:	Survey No. 206/3, Plot No. 17, Lohgaon, Viman Nagar, Pune-411014, Maharashtra, India.
Tel No.:	91-20-26741027/2761024
Fax No.:	91-20-26741000/27641000

DIRECTORS

AS ON 30.09.2011

Name :	Mr. Rudolf Johann Vervoorst
Designation :	Director
Date of Birth/Age :	28.08.1966
Date of Appointment :	31.12.2009
DIN No.:	02817267

OTHER DIRECTORSHIP

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	U74210MH2008PTC188977	Lemken India Agro Equipment Private Limited	Director	30/09/2010	30/12/2009	-	Active	NO

Name :	Mr. Arvind Kumar
Designation :	Director
Date of Birth/Age :	13.01.1962
Date of Appointment :	05.01.2011
Name :	Mr. Christian Jungmann
Designation :	Director
Date of Birth/Age :	15.05.1964
Date of Appointment :	13.01.2010
DIN No.:	02817272

OTHER DIRECTORSHIP

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	U74210MH2008PTC188977	Lemken India Agro Equipment Private Limited	Director	30/09/2010	13/01/2010	-	Active	NO

Name :	Mr. Shavikesh Goel
Designation :	Director
Date of Birth/Age :	28.11.1971
Date of Appointment :	05.04.2010

KEY EXECUTIVES

Name :	Mr. Nilesh Waghode
Designation :	Marketing Manager
Name :	Ms. Priyanka Virmani
Designation :	Secretary
Date of Birth/Age :	30.07.1984
Date of Appointment :	01.05.2011

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2011

Names of Shareholders	No. of Shares
Lemken GmbH and Company KG, Germany	1
Lemken Landtechnik GmbH and Company KG, Germany	9829329
Total	9829330

AS ON 30.09.2011

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 :	Manufacturer of agricultural tools, hydraulic reversible plough, hydraulically operator tractor drawn reversible plough.
Products :	Reliable Reversing System Strong Turn Over Shaft Height Adjustable Drawbar Easy Adjustment of Working Width Durable Body Great Under Frame Clearance

GENERAL INFORMATION

Customers :

Wholesalers, Retailers

No. of Employees :

10 Approximately

Bankers :

Axis Bank, Branch Viman Nagar, Pune, Maharashtra, India

Facilities:

Rs. In Millions

UNSECURED LOAN	31.03.2010	31.03.2009
Loans From Directors
Ritesh Singhania	0.000	3.150
Ashish Kale	0.000	3.150
TOTAL	0.000	6.300

Banking Relations :	--
Auditors :
Name :	K.K. Mankeshwar and Company Chartered Accountant
Address :	243, Shrika Residency, Canal Road, Dharampeth, Nagpur 440010, Maharashtra, India
Tel. No.:	91-712-2554223/6629946/47
Fax No.:	91-712-6613404/6629948
E-Mail :	mail@kkmindia.com
Holding Company:	Lemken Landtechnik GmbH and Company KG, Germany

CAPITAL STRUCTURE

AS ON 30.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
10800000	Equity Shares	Rs.10/- each	Rs.108.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
9829330	Equity Shares	Rs.10/- each	Rs.98.293 Millions

AS ON 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
10000	Equity Shares	Rs.10/- each	Rs.0.100 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
10000	Equity Shares (The above 10000 shares have been issued for consideration in cash)	Rs.10/- each	Rs.0.100 Million

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		0.100	0.100
2] Share Application Money		8.309	0.000
3] Reserves & Surplus		0.000	0.000
4] (Accumulated Losses)		(1.989)	0.000
NETWORTH		6.420	0.100
LOAN FUNDS
1] Secured Loans		0.000	0.000
2] Unsecured Loans		0.000	6.300
TOTAL BORROWING		0.000	6.300
DEFERRED TAX LIABILITIES		0.000	0.000
TOTAL		6.420	6.400
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		6.300	6.300
Capital work-in-progress		0.000	0.000
INVESTMENT		0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000	0.000
	Sundry Debtors	0.000	0.000
	Cash & Bank Balances	0.011	0.085
	Other Current Assets	0.000	0.000
	Loans & Advances	0.111	0.000
Total Current Assets		0.122	0.085
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	0.000	0.000
	Other Current Liabilities	0.019	0.007
	Provisions	0.000	0.000
Total Current Liabilities		0.019	0.007
Net Current Assets		0.103	0.078
MISCELLANEOUS EXPENSES		0.017	0.022
TOTAL		6.420	6.400

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010
	SALES
		Sales	0.000
		Other Income	0.000
		TOTAL (A)	0.000
Less	EXPENSES
		Preliminary Expenses Written Off	0.004
		Administrative Expenses	0.075
		TOTAL (B)	0.079
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		(0.079)
Less	FINANCIAL EXPENSES (D)		1.910
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		(1.989)
Less/ Add	DEPRECIATION/ AMORTISATION (F)		NA
	PROFIT BEFORE TAX (E-F) (G)		(1.989)
Less	TAX (H)		0.000
	PROFIT AFTER TAX (G-H) (I)		(1.989)
	Earnings Per Share (Rs.)		--

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009
PAT / Total Income	(%)	NA	NA
Net Profit Margin (PBT/Sales)	(%)	NA	NA
Return on Total Assets (PBT/Total Assets}	(%)	(30.97)	NA
Return on Investment (ROI) (PBT/Networth)		(0.31)	NA
Debt Equity Ratio (Total Liability/Networth)		0.00	63.07
Current Ratio (Current Asset/Current Liability)		6.42	12.14

LOCAL AGENCY FURTHER INFORMATION

FINANCIAL RESULTS:

There is no business activity during the period ended 31^st March, 2010, hence all expenses debited to Profit and Loss account and subsequently carried forward to the Balance Sheet.

Note: The registered office of the company has been shifted from Post Box No. 17, Near Railway Station, Kingsway, Nagpur-44001, Maharashtra, India to the present address w.e.f. 21.09.2010

Check List by Info Agents	Available in Report (Yes / No)
1) Year of Establishment	Yes
2) Locality of the firm	Yes
3) Constitutions of the firm	Yes
4) Premises details	Yes
5) Type of Business	Yes
6) Line of Business	Yes
7) Promoter's background	--
8) No. of employees	Yes
9) Name of person contacted	Yes
10) Designation of contact person	Yes
11) Turnover of firm for last three years	No
12) Profitability for last three years	No
13) Reasons for variation <> 20%	--
14) Estimation for coming financial year	No
15) Capital in the business	Yes
16) Details of sister concerns	No
17) Major suppliers	No
18) Major customers	No
19) Payments terms	No
20) Export / Import details (if applicable)	No
21) Market information	--
22) Litigations that the firm / promoter involved in	--
23) Banking Details	Yes
24) Banking facility details	--
25) Conduct of the banking account	--
26) Buyer visit details	--
27) Financials, if provided	No
28) Incorporation details, if applicable	--
29) Last accounts filed at ROC	--
30) Major Shareholders, if available	--

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 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.52.17
UK Pound	1	Rs.80.64
Euro	1	Rs.69.43

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	--
--PROFITABILIRY	1~10	--
--LIQUIDITY	1~10	2
--LEVERAGE	1~10	2
--RESERVES	1~10	--
--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	NO
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		12

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.