Country	India
Company Name	AJAX FIORI ENGINEERING (INDIA) PRIVATE LIMITED	Principal Name 1	Vijay Krishnaswamy
Status	Satisfactory	Principal Name 2	John Jacob
		Registration #	08-013306
Street Address	148/25, Industrial Suburb, Yeshwanthpur, Bangalore – 560022, Karnataka, India
Established Date	03.07.1992	SIC Code	--
Telephone#	91-80-39211000	Business Style 1	Manufacturer
Fax #	91-80-23379510/23471757	Business Style 2	-
Homepage	-	Product Name 1	Construction equipment
# of employees	Not Available	Product Name 2	-
Paid up capital	Rs. 32,500,000/-	Product Name 3	-
Shareholders	Foreign holdings – 40.00% Bodies corporate – 60.00%	Banking	State Bank Of India
Public Limited Corp.	No	Business Period	20 Years
IPO	No	International Ins.	-
Public Enterprise	No	Rating	Ba (48)
Related Company
Relation	Country	Company Name	CEO
Note	-

2. Summary Financial Statement

Balance Sheet as of	31.03.2011		(Unit: Indian Rs.)
Assets		Liabilities
Current Assets	211,455,000	Current Liabilities	208,537,000
Inventories	225,891,000	Long-term Liabilities	84,760,000
Fixed Assets	126,282,000	Other Liabilities	133,343,000
Deferred Assets	0,000	Total Liabilities	426,640,000
Invest& other Assets	175,855,000	Retained Earnings	280,343,000
		Net Worth	312,843,000
Total Assets	739,483,000	Total Liab. & Equity	739,483,000
Total Assets (Previous Year)	394,014,000
P/L Statement as of	31.03.2011		(Unit: Indian Rs.)
Sales	114,511,000	Net Profit	NA
Sales(Previous yr)	838,336,000	Net Profit(Prev.yr)	61,087,000

MIRA INFORM REPORT

Report Date :

21.04.2012

IDENTIFICATION DETAILS

Name :	AJAX FIORI ENGINEERING (INDIA) PRIVATE LIMITED
Registered Office :	148/25, Industrial Suburb, Yeshwanthpur, Bangalore – 560022, Karnataka
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	03.07.1992
Com. Reg. No.:	08-013306
Capital Investment / Paid-up Capital :	Rs. 32.500 Millions
CIN No.: [Company Identification No.]	U28920KA1992PTC013306
Legal Form :	Private Limited Liability Company
Line of Business :	Manufactures of construction equipment
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (48)

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

Maximum Credit Limit :	USD 1200000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. 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 dealing at usual trade terms and condition.

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

LOCATIONS

Registered Office :	148/25, Industrial Suburb, Yeshwanthpur, Bangalore – 560022, Karnataka, India
Tel. No.:	91-80-39211000
Fax No.:	91-80-23379510/23471757
E-Mail :	ravindra@ajax-fiori.com b.ravindra@ajax-fiori.com north@ajax-fiori.com
Factory 1 :	No. 16 and 17, KIADB Industrial Area, Bashettihalli, Daddabllapura - 561203
Tel. No.:	91-80-39216040
Fax No.:	91-80-39216004
Factory 2 :	No. 3, KIADB Industrial Area, Bashettihalli, Daddabllapura - 561203
Tel. No.:	91-80-39216001
Fax No.:	91-80-39216004
Branches :	Located at · Thane · Noida · Hyderabad
Where house 1 :	House no. 11/8, Road no. 4, IDA, Nacharam, Near BSNL Office, Hydrabad – 500076, India
Tel. No.:	91-9845058628
Fax No.:	91-40-27174175
E-Mail :	south@ajax-fiori.com
Where house 2 :	Building No .26, Unit no .1, India Corporation Village – Dapode, Mankoli Naka, Bhiwandi – 421302, India
Tel. No.:	91-9022288628
E-Mail :	west@ajax-fiori.com

DIRECTORS

As on 23.08.2011

Name :

Mr.Jacob John

Designation :

Director

Address :

370 Davis Road, ST Thomas Town, Bangalore, Karnataka

Qualification :

B.E(Mech)

Experience :

54 Years

Date of Birth/Age :

27/09/1930

Date of Appointment :

03.07.1992

DIN No.:

01126131

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	U28920KA1992PTC013306	AJAX FIORI ENGINEERING (INDIA) PRIVATE LIMITED	Director	3/7/1992	3/7/1992	-	Active	NO
2	U74200KA1983PTC005782	AJAX ENGINEERING PRIVATE LIMITED	Director	3/7/1992	3/7/1992	-	Active	NO

Name :

Mr. Vijay Krishnaswamy

Designation :

Director

Address :

3506, 13th Main 6th Cross, HAL 2nd Stage, Indiranagar Bangalore, Karnataka

Qualification :

B Tech

Experience :

36 Years

Date of Birth/Age :

31/03/1951

Date of Appointment :

03.07.1992

DIN No.:

00642715

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	U28920KA1992PTC013306	AJAX FIORI ENGINEERING (INDIA) PRIVATE LIMITED	Director	3/7/1992	3/7/1992	-	Active	NO
2	U74200KA1983PTC005782	AJAX ENGINEERING PRIVATE LIMITED	Director	3/7/1992	3/7/1992	-	Active	NO

Name :

Mr. Enrico Santini

Designation :

Director

Address :

329 1A Modenna Via Strada Santanna, Italliana, Italy

Date of Birth/Age :

2/2/1961

Date of Appointment :

07.10.1995

DIN No.:

02583241

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	U28920KA1992PTC013306	AJAX FIORI ENGINEERING (INDIA) PRIVATE LIMITED	Director	7/10/1995	7/10/1995	-	Active	NO
2	U74200KA1983PTC005782	AJAX ENGINEERING PRIVATE LIMITED	Additional director	23/10/2009	23/10/2009	-	Active	NO

Name :

Mr. Monica Pelliciari

Designation :

Director

Address :

286 1/A Sassuoco (Mo), Modenna Via Emilla Centron 222, Italy

Date of Birth/Age :

23/03/1965

Date of Appointment :

03.12.2005

DIN No.:

02583224

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	U28920KA1992PTC013306	AJAX FIORI ENGINEERING (INDIA) PRIVATE LIMITED	Director	3/12/2005	3/12/2005	-	Active	NO

Name :

Mr. Jacob Jiten John

Designation :

Director

Address :

370 Davis Road, ST Thomas Town, Bangalore, Karnataka

Date of Appointment :

01.04.2011

DIN No.:

03636873

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	U74200KA1983PTC005782	AJAX ENGINEERING PRIVATE LIMITED	Director	1/4/2011	1/4/2011	-	Active	NO
2	U28920KA1992PTC013306	AJAX FIORI ENGINEERING (INDIA) PRIVATE LIMITED	Director	1/4/2011	1/4/2011	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 23.08.2011

Names of Shareholders	No. of Shares
SPA Flori	113750
Ajax engineering Private Limited (India)	194920
Vijay Krishnaswamy	50
John Jacob	10
Monica Pelliciari	20
Santini Enrico	16250
Total	325000

As on 23.08.2011

Equity Share Break up (Percentage of Total Equity)

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	40.00
Bodies corporate	60.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufactures of construction equipment

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

State Bank Of India

Peenya Industrial Estate Branch, B-96, 2nd Cross, I Stage, Peenya Industrial Estate, Bangalore - 560058, Karnataka, India

(Rs. in

Millions)

Facilities :

Secured Loan	As on 31.03.2011	As on 31.03.2010
Rupee term loan banks secured	51.539	12.184
Working capital loans banks secured	33.221	11.177
Total	84.760	23.361
unsecured Loan	As on 31.03.2011	As on 31.03.2010
Rupee term loan banks unsecured	0.000	0.037
Total	0.000	0.037

Banking Relations :	--
Auditors :
Name :	Mr. Rajgopal and Badri Naranayan Chartered Accountant
Address :	No 25 Padmashree Mansions, 2nd Floor, 1st Cross, Sampige Road Malleswaram, Bangalore – 560003, Karnataka, India
PAN.:	AAFPN1707L

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
350000	Equity Shares	Rs.100/- each	Rs. 35.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
325000	Equity Shares	Rs.100/- each	Rs. 32.500 Million

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		32.500	32.500	32.500
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		280.343	165.421	104.334
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		312.843	197.921	136.834
LOAN FUNDS
1] Secured Loans		84.760	23.361	70.195
2] Unsecured Loans		0.000	0.037	0.782
TOTAL BORROWING		84.760	23.398	70.977
DEFERRED TAX LIABILITIES		7.216	4.941	3.590
TOTAL		404.819	226.260	211.401
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		126.282	71.339	73.179
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		175.855	0.000	0.179
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	225.891	180.584	159.712
	Sundry Debtors	61.451	57.697	41.428
	Cash & Bank Balances	27.416	33.143	17.424
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	122.588	51.251	48.010
Total Current Assets		437.346	322.675	266.574
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	146.646	87.975	71.145
	Other Current Liabilities	61.891	33.208	17.115
	Provisions	126.127	46.571	40.271
Total Current Liabilities		334.664	167.754	128.531
Net Current Assets		102.682	154.921	138.043
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		404.819	226.260	211.401

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income
		Other Income
		TOTAL	1145.116	838.336	705.808
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL	950.235	747.243	659.788
	PROFIT BEFORE TAX		194.881	91.093	46.020
Less	TAX		NA	30.006	16.166
	PROFIT AFTER TAX		NA	61.087	29.854
	Earnings Per Share (Rs.)		NA	188	NA

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	NA	7.29	4.23
Return on Total Assets (PBT/Total Assets}	(%)	34.58	23.12	13.55
Return on Investment (ROI) (PBT/Networth)		0.62	0.46	0.33
Debt Equity Ratio (Total Liability/Networth)		1.34	0.96	1.45
Current Ratio (Current Asset/Current Liability)		1.30	1.92	2.07

LOCAL AGENCY FURTHER INFORMATION

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	Yes
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	Yes
12) Profitability for last three years	Yes
13) Reasons for variation <> 20%	Yes
14) Estimation for coming financial year	Yes
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)	Yes
21) Market information	--
22) Litigations that the firm / promoter	--
23) Banking Details	Yes
24) Banking facility details	Yes
25) Conduct of the banking account	--
26) Buyer visit details	--
27) Financials, if provided	Yes
28) Incorporation details, if applicable	Yes
29) Last accounts filed at ROC	Yes
30) Major Shareholders, if available	Yes

OPERATIONS

Riding on a strong recovery of Indian infrastructure sector, they have been able to post a strong growth of 46 % over 2009-10.

Their new Plant catering exclusively to Self-loading concrete mixer went on stream by end of the year and will considerably aid their ability to meet the ever burgeoning demands for this products as they correspondingly expand their market presence.

They have also broadened and rounded off their Batching plant range by developing a Drag line plant which currently is the most popular version in the Indian market. With this they are confident of garnering a greater market share for Batching plants.

During the year, the Company had achieved sales of Rs.1139.056 Millions as compared to Rs.785.345 Millions in the previous year. The profit for the year amounts to Rs.199.305 Millions after considering depreciation of Rs.4.400 Millions. Hence there is a cash profit of Rs.190.457 Millions. The Company has made provision of Rs.647.82 Millions. for taxation.

The Directors has recommended a dividend of 40% on equity shares held for the year ended 31^st March 2011 amounting to Rs.15.159 Millions. (Including dividend distribution tax of Rs.2.159 Millions). The net surplus of Rs. 101.929 Millions is carried to Balance Sheet after transferring 10% of profits to General Reserve.

FIXED ASSETS

· Land

· Building

· Plant Machinery

· Electrical Installation

· Computer

· Software

· Furniture and Fixture

· Office Equipment

· Motor Vehicles

WEBSITE DETAILS

PROFILE

Subject based in Bangalore, India, is one of India’s leading manufacturers of construction equipment, providing innovative and cost-effective solutions for the concrete sector. It is equipped with technology support from leading Italian companies, in house design and development facilities and state-of-the-art manufacturing plants; thereby delivering high quality construction equipment that sets the benchmark in the industry.

Subject was established in 1993 as a joint venture company with FIORI S.p.A Italy, for manufacture of Self Loading Mobile Concrete Mixer. It has pioneered this innovative product concept of a combined mobile batching plant and transit mixer, and has revolutionized the concreting methods at various project sites.

In 1998, Subject started manufacturing Radius Lift Arm Concrete Batching Plants. These plants with its unique design of loading aggregates and low power cost, has been the perfect choice for contractors. In addition, Subject also offers a comprehensive range of Batching Plants with planetary pan mixers and twin shaft mixers. The planetary pan mixers are indigenously manufactured under technical collaboration with EUROSTAR Concrete Technology S.p.A, Italy, which commenced in 2004.

To increase its thrust in building mechanization, in 2009, Subject partnered with TURBOSOL Produzione S.p.A, Italy, for distributing their range of mortar and plaster spraying machines, which is destined to set the trends in mechanized plastering in India.

Subject’s journey of growth goes beyond regional boundaries. It has a widespread support network manned by highly proactive and dedicated workforce, which keeps Subject in touch with its customers anytime and anywhere.

Collaborators

FIORI S.p.A was established in 1942, with a philosophy of optimism, intuition, flexibility, a firm will to assert and develop. After specializing in the construction of transport vehicles for building sites (dumpers, cranes, and self-loading trucks) from the mid-forties to the mid-sixties, in 1956 the company presented

2-wheel drive dumper, which marked the beginning of a long and successful series of small specialized vehicles, economical and flexible in use. The success of the dumper, above all as concrete transport vehicle, in 1965 led to the creation of a means that could simultaneously produce and transport concrete: the self-loading concrete mixer. With this absolutely Italian product, Fiori proved its high capability of innovation and undoubted professionalism.

The two lines, dumpers and concrete mixers, kingpin of the company, were progressively optimized from the viewpoint of quality, versatility and efficiency with non-stop development activities and on the verge of the new millennium, FIORI was in a position to offer a complete series of four systems:

- SMS - Self-propelled mixing systems

- RDS - Transport systems with driving reversibility

- SJS - Excavation, loading and transport systems in the versions

Compact Line and Micro Line

Today Fiori is a leading company, both in commercial and in production structure: it is in fact one of the few enterprises that takes care of the entire production cycle, from the raw material and design to the finished machine distributed on the worldwide market.

TECHNICAL COLLABORATION WITH EUROSTAR

EUROSTAR Concrete Technology S.p.A was established in 1999 with the purpose to manufacture planetary mixers and relative accessories. The factory is located South of Udine, in the well industrialized North-East Region of Italy, now centre of the new European Union and, after three expansions, presently covers a total area of 11.000 m².

The wide range of mixers’ models, together with a wide range of mixing tools and the most suitable wear linings satisfy and meet the majority of the modern mixing industry requirements. EUROSTAR believes in having a dialogue on customer’s requirements, offering and providing suitable solutions, respecting the agreed terms, and providing an efficient after sales service and spare parts support. In order to meet the continuous ever changing market requirements, specific and thought-out technological improvements and upgrading of the product are another constant part of Eurostar policy, with the objective to always reach the maximum results with the most efficiency for customers.

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.52.00
UK Pound	1	Rs.83.54
Euro	1	Rs.68.40

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	6
--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	YES
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		48

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.