MIRA INFORM REPORT

Report Date :

14.08.2012

IDENTIFICATION DETAILS

Name :	CASE NEW HOLLAND CONSTRUCTION EQUIPMENT (INDIA) PRIVATE LIMITED (w.e.f.16.05.2011)
Formerly Known As :	L AND T CASE EQUIPMENT PRIVATE LIMITED
Registered Office :	B1-207, 2^ndFloor, Boomerang, Chandivali Farm Road, Near Chandivali Studio, Andheri (East), Mumbai – 400072, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	20.11.1998
Com. Reg. No.:	11-117183
Capital Investment / Paid-up Capital :	Rs. 240.100 Millions
CIN No.: [Company Identification No.]	U29240MH1998PTC117183
PAN No.: [Permanent Account No.]	AAACL4176B
Legal Form :	Private Limited Liability Company
Line of Business :	Manufactures and Markets Construction and Road Building Equipment.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (47)

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

Maximum Credit Limit :	USD 4700000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. Profits have increased during 2011. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct. The company can be considered for 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 – June 30, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
India	A1	A1

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

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	AA- (Long Term Rating)
Rating Explanation	High degree of safety and very low credit risk
Date	14.05.2012

Rating Agency Name	CRISIL
Rating	A1+ (Short Term Rating)
Rating Explanation	Very strong degree of safety and lowest credit risk
Date	14.05.2012

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

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 31-03-2012.

LOCATIONS

Registered Office :	B1-207, 2^ndFloor, Boomerang, Chandivali Farm Road, Near Chandivali Studio, Andheri (East), Mumbai – 400072, Maharashtra
Tel. No.:	Not Available
Mobile No.:	Not Available
Fax No.:	Not Available
E-Mail :	dk.narang@cnh.com
Factory :	Plot No 157, Industrial Area III, Pithampur Dhar, Indore - 454774, India
Tel. No.:	91-72-92402901
Fax No.:	91-72-92401513

DIRECTORS

As on 07.06.2012

Name :

Rakesh Malhotra

Designation :

Director

Address :

228, Bhera Enclave, Delhi – 110087, India

Date of Birth/Age :

06.04.1958

Date of Appointment :

12.09.2009

DIN No.:

00015911

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U99999DL1998PTC097355	NEW HOLLAND TRACTORS (INDIA) PRIVATE LIMITED	Alternate director	07/12/2007	15/03/2004	-	Amalgamated	NO
2	U29220MH1992PTC069675	NEW HOLLAND FIAT (INDIA) PRIVATE LIMITED	Managing director	01/09/2011	25/09/2008	-	Active	NO
3	U29240MH1998PTC117183	CASE NEW HOLLAND CONSTRUCTION EQUIPMENT (INDIA) PRIVATE LIMITED	Director	12/09/2009	12/09/2009	-	Active	NO

Name :

Mario Gasparri

Designation :

Director

Address :

69, Friends Colony, (West), Delhi – 110065, India

Date of Birth/Age :

01.10.1960

Date of Appointment :

31.03.2011

DIN No.:

00468272

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U99999DL1998PTC097355	NEW HOLLAND TRACTORS (INDIA) PRIVATE LIMITED	Managing director	28/11/2002	28/11/2002	-	Amalgamated	NO
2	U29220MH1992PTC069675	NEW HOLLAND FIAT (INDIA) PRIVATE LIMITED	Director	30/11/2009	25/09/2008	-	Active	NO
3	U29240MH1998PTC117183	CASE NEW HOLLAND CONSTRUCTION EQUIPMENT (INDIA) PRIVATE LIMITED	Director	25/07/2011	31/03/2011	-	Active	NO

Name :

Fabrizio Cepollina

Designation :

Director

Address :

Via Serenella, 25 Castagnola 6976, Switzerland

Date of Birth/Age :

02.02.1969

Date of Appointment :

18.12.2009

DIN No.:

02927913

Name :

Devinder Kumar Narang

Designation :

Managing director

Address :

1^st Floor, Trishul No 2/1, Old No. 10, Brunton Cross Road, Bangalore – 560025, India

Date of Birth/Age :

21.08.1954

Date of Appointment :

01.09.2011

DIN No.:

01917846

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U74210TN2006PLC061845	L & T VISION VENTURES LIMITED	Director	29/04/2008	18/12/2007	30/04/2011	Active	NO
2	U45202KA2002PLC030180	CYBER PARK DEVELOPMENT & CONSTRUCTION LIMITED	Director	30/04/2008	18/12/2007	05/01/2011	Active	NO
3	U55101TN2006PLC061668	L&T BANGALORE AIRPORT HOTEL LIMITED	Director	05/06/2008	27/12/2007	30/05/2011	Active	NO
4	U52520AP2001PLC037105	HYDERABAD INTERNATIONAL TRADE EXPOSITIONS LIMITED	Director	01/09/2008	24/03/2008	30/04/2011	Active	NO
5	U24233AP2003PTC041279	PHOENIX INFOCITY PRIVATE LIMITED	Director	27/09/2008	24/03/2008	30/03/2010	Active	NO
6	U74200MH2007PLC176358	L&T REALTY LIMITED	Director	14/07/2009	25/03/2008	24/02/2011	Active	NO
7	U45203KA2001PLC028418	BANGALORE INTERNATIONAL AIRPORT LIMITED	Nominee director	09/07/2008	09/07/2008	19/01/2010	Active	NO
8	U45209TN2006PTC060274	L&T COMMERCIAL PROJECTS PRIVATE LIMITED	Director	10/06/2010	17/02/2009	30/04/2011	Active	NO
9	U45203TN2006PTC059591	L&T CHENNAI PROJECTS PRIVATE LIMITED	Director	18/06/2009	17/02/2009	30/04/2011	Active	NO
10	U45201TN2006PTC060515	ARUN EXCELLO REALTY PRIVATE LIMITED	Director	18/06/2009	17/02/2009	06/05/2011	Active	NO
11	U45203TN2006PLC059133	L & T URBAN INFRASTRUCTURE LIMITED	Director appointed in casual vacancy	19/02/2009	19/02/2009	30/05/2011	Active	NO
12	U70101TN2006PLC058866	L & T SOUTH CITY PROJECTS LIMITED	Director	21/04/2010	30/03/2009	30/05/2011	Active	NO
13	U45209TN2005PLC057133	L&T TECH PARK LIMITED	Alternate director	11/09/2009	11/09/2009	25/02/2010	Active	NO
14	U72200AP1997PLC026885	L & T INFOCITY LIMITED	Additional director	15/09/2010	15/09/2010	30/04/2011	Active	NO
15	U29240MH1998PTC117183	CASE NEW HOLLAND CONSTRUCTION EQUIPMENT (INDIA) PRIVATE LIMITED	Managing director	07/06/2012	01/09/2011	-	Active	NO

Name :

Stefano Pampalone

Designation :

Director

Address :

Istinye, Hill Park, Sit 47, Parsel, CS Istinye, Sariyer, Turkey

Date of Birth/Age :

09.11.1967

Date of Appointment :

15.12.2011

DIN No.:

02784982

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U29220MH1992PTC069675	NEW HOLLAND FIAT (INDIA) PRIVATE LIMITED	Whole-time director	31/08/2011	14/09/2009	-	Active	NO
2	U29240MH1998PTC117183	CASE NEW HOLLAND CONSTRUCTION EQUIPMENT (INDIA) PRIVATE LIMITED	Director	07/06/2012	15/12/2011	-	Active	NO

KEY EXECUTIVES

Name :	Mr. James E. McCullough
Designation :	Chief Executive Officer and President
Date of Birth/Age :	62 Years
Name :	Preeti Jaiswal
Designation :	Secretary
Address :	132, Mahaveer Nagar, Kanadia Road, Indore - 452018, Madhya Pradesh, India
Date of Birth/Age :	22.11.1982
Date of Appointment :	05.03.2012

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 07.06.2012

Names of Shareholders	No. of Shares
CNH America LLC	12005000
New Holland Fiat (India) Private Limited	12005000
TOTAL	24010000

Equity Share Break up (Percentage of Total Equity)

As on

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	50.00
Bodies corporate	50.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufactures and Markets Construction and Road Building Equipment.
Exports :
Products :	Finished Goods
Countries :	· Nepal · Bhutan · Bangladesh · Srilanka

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

Not Available

Facilities :

(Rs. in Millions)

Secured Loan	As on 31.03.2011	As on 31.03.2010
Rupee term loans banks secured	176.076	114.988
Rupee term loans others secured	0.000	0.271
Total	176.076	115.259
Unsecured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
Rupee term loans banks unsecured	0.000	50.000
Total	0.000	50.000

Banking Relations :	--
Auditors :
Name :	Deloitte Haskins and Sells Chartered Accountant
Address :	7^th Floor, Building 10, Tower B, DLF Cyber City Complex, DLF City Phase II, Gurgaon – 122002, Haryana, India
PAN No.:	AABFD2095B
Associates/Subsidiaries : Entities exercising control: Joint Venture Partners: Entities under common control:	· Fiat Industrial S.P.A · Fiat Netherlands Holding N.V. – Subsidiary of Fiat Industrial S.P.A · CNH Global N.V. – Subsidiary of Fiat Netherlands Holding N.V. · Larsen & Toubro Limited (L&T) · CNH America LLC v Entities controlled by CNH Global N.V. · CNH America LLC · New Holland Fiat ( India ) Private Limited (NHI) v Entities controlled by L&T · L&T-Komatsu Limited · Larsen & Toubro Infotech Limited · L&T Finance Limited · Entities controlled by CNH · New Holland Tractors Limited, Belgium (NHTL) · CNH France S.A.

CAPITAL STRUCTURE

As on 07.06.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
30000000	Equity Shares	Rs.10/- Each	Rs.300.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
24010000	Equity Shares	Rs.10/- Each	Rs.240.100 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		240.100	240.100	240.100
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		938.640	761.782	613.380
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		1178.740	1001.882	853.480
LOAN FUNDS
1] Secured Loans		176.076	115.259	173.639
2] Unsecured Loans		0.000	50.000	50.000
TOTAL BORROWING		176.076	165.259	223.639
DEFERRED TAX LIABILITIES		14.384	18.054	13.381
TOTAL		1369.200	1185.195	1090.500
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		484.920	481.014	495.696
Capital work-in-progress		8.876	8.490	22.043
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	899.428	735.903	522.292
	Sundry Debtors	1191.145	934.127	610.338
	Cash & Bank Balances	83.928	50.488	67.272
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	173.287	154.345	101.792
Total Current Assets		2347.788	1874.863	1301.694
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	1141.104	914.236	632.861
	Other Current Liabilities	74.147	65.267	38.002
	Provisions	257.133	199.669	58.070
Total Current Liabilities		1472.384	1179.172	728.933
Net Current Assets		875.404	695.691	572.761
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		1369.200	1185.195	1090.500

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income
		Other Income
		TOTAL	6050.000	4969.000	3365.000
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL	5476.000	4466.000	3142.000
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		574.000	503.000	223.000
Less/ Add	DEPRECIATION/ AMORTISATION		47.000	64.000	48.000
	PROFIT BEFORE TAX		527.000	439.000	175.000
Less	TAX		175.000	151.000	63.000
	PROFIT AFTER TAX		352.000	288.000	112.000
Less	APPROPRIATIONS
		Transfer to General Reserve	40.000	30.000	0.000
		Dividend	175.000	140.000	0.000
	BALANCE CARRIED TO THE B/S		137.000	118.000	112.000
	EARNINGS IN FOREIGN CURRENCY		130.257	165.150	67.592
	IMPORTS		596.400	771.799	415.736
	Earnings Per Share (Rs.)		14.65	12.01	4.65

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	5.82	5.79	3.33
Return on Total Assets (PBT/Total Assets}	(%)	18.60	18.63	9.74
Return on Investment (ROI) (PBT/Networth)		0.45	43.82	0.20
Debt Equity Ratio (Total Liability/Networth)		1.40	1.34	1.12
Current Ratio (Current Asset/Current Liability)		1.59	1.59	1.78

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	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	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	No
9]	Name of person contacted	No
10]	Designation of contact person	No
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	-----
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
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 involved in	--------
23]	Banking Details	No
24]	Banking facility details	No
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
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

YEAR IN RETROSPECT:

During the year, the Company sold 3012 nos. of Backhoe Loaders and 651 nos. of Vibratory Compactors. The sales (net) and other income for the year amounted to Rs.6050.000 Millions. The Profit before tax (PBT) was Rs.527.000 Millions and the Profit after tax (PAT) was Rs.352.000 Millions.

FUTURE PROSPECTS:

With the emphasis on investments being made in the infrastructure field, particularly in Road Construction, the business for the products of the Company, viz., Backhoe Loaders & Vibratory Compactors, is expected to grow in the current year and company expects a better performance in the current year. Thrust will also be given to explore the export market. The prospects for the Company, thus, are very bright.

FUTURE PLAN OF ACTION:

· Development of New 11 Ton vibratory soil compactor.

· New formed engine compartment for 770 & 851 machines to improve front aesthetics of the machine.

FIXED ASSETS:

· Building

· Leasehold Land

· Plant and Machinery

· Electrical installation

· Furniture and Fittings

· Office Equipment

· Vehicles

· Computers

· Intangible assets – Marketing Rights

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.55.41
UK Pound	1	Rs.86.78
Euro	1	Rs.68.03

INFORMATION DETAILS

Report Prepared by :

MRI

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		47

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

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.