MIRA INFORM REPORT

Report Date :

17.07.2012

IDENTIFICATION DETAILS

Name :	DAIMLER INDIA COMMERCIAL VEHICLES PRIVATE LIMITED (w.e.f. 27.05.2009)
Formerly Known As :	DAIMLER HERO COMMERCIAL VEHICLES LIMITED FORTIUS MOTOR LIMITED
Registered Office :	Unit 301 and 302, 3^rd Floor, Campus 3B, RMZ Millennia, Business Park, No.143, Dr. MGR Road, Perungudi, Chennai-600096, Tamilnadu.
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	10.12.2007
Com. Reg. No.:	18-072876
Capital Investment / Paid-up Capital :	Rs.10155.348 Millions
CIN No.: [Company Identification No.]	U34200TN2007PTC072876
TAN No.: [Tax Deduction & Collection Account No.]	CHED07527C
PAN No.: [Permanent Account No.]	AABCF1590N
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Motor Vehicles.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (27)

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

Maximum Credit Limit :	USD 39000000
Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is a subsidiary of Daimler Ag, Germany. It is an established company having moderate track. There appear some accumulated losses being recorded by the company. However, trade relations are 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

LOCATIONS

Registered Office/ Factory :	Unit 301 and 302, 3^rd Floor, Campus 3B, RMZ Millennia, Business Park, No.143, Dr. MGR Road, Perungudi, Chennai-600096, Tamilnadu, India.
Tel. No.:	91-44-42946300
Fax No.:	91-44-42036836
E-Mail :	dinakara.babu@daimler.com rishab.jain@daimler.com
Factory :	Orgadam Sriperumbudur – 602105, Tamilnadu, India
Tel. No.:	91-44-71710500

DIRECTORS

AS ON 06.07.2011

Name :	Mr. Andreas Hermann Renschler
Designation :	Director
Address :	Lenbachstrasse 31, Stuttgart-70192, Germany
Date of Birth/Age :	29.03.1958
Date of Appointment :	21.04.2008
DIN No.:	02159495
Name :	Mr. Stefan Erwin Buchner
Designation :	Director
Address :	Eichenweg 9, Tamm-71732, Germany
Date of Birth/Age :	18.01.1960
Date of Appointment :	21.04.2008
DIN No.:	02159549
Name :	Mr. Albert Xaver Kirchmann
Designation :	Director
Address :	Rosenstrasse 10, Ostfildern-73760, Germany
Date of Birth/Age :	16.12.1956
Date of Appointment :	21.04.2008
DIN No.:	02159541
Name :	Mr. Georg Weiberg
Designation :	Director
Address :	Hecknrosenweg 8, Stuttgart-70619, Germany
Date of Birth/Age :	01.08.1947
Date of Appointment :	21.04.2008
DIN No.:	02159559
Name :	Mr. Marc Llistosella Y Bischoff
Designation :	Managing Director
Address :	No. 5, Copper Beach Avenue, Akkarai ECR, Chennai-6000119, Tamilnadu, India
Date of Birth/Age :	12.03.1967
Date of Appointment :	19.06.2009
DIN No.:	02220265
Name :	Mr. Harald Friedrich Hermann Landmann
Designation :	Director
Address :	Josef Hollerbach, STR 19, Gaggenau-76571, Germany
Date of Birth/Age :	21.11.1944
Date of Appointment :	21.04.2008
DIN No.:	02220252
Name :	Mr. Frank Lindenberg
Designation :	Director
Address :	IM, Fritzler 1, Stadtteil Reudern, Nurtingen-72622,Germany
Date of Birth/Age :	08.07.1963
Date of Appointment :	13.08.2009
Date of Cessation :	19.04.2012
DIN No.:	02734759
Name :	Mr. Werner Thurner
Designation :	Director
Address :	Odenwaldstrabe 4B, Orsteil Leutershausen, Hirschberg Ad,Bergstrabe- 69493, Germany
Date of Birth/Age :	18.04.1957
Date of Appointment :	13.08.2009
DIN No.:	02734817
Name :	Mr. Rainer Bechmann
Designation :	Alternate Director
Address :	Hintere Schafstrasse 8, Stuttgart-70599, Germany
Date of Birth/Age :	07.06.1962
Date of Appointment :	10.11.2008
DIN No.:	02371676

KEY EXECUTIVES

Name :	Mr. Dinakara Babu Paruchuri
Designation :	Secretary
Address :	153/ 461, ADJ TO UCO Bank, Velachrryroad East Tambaram, Chennai-600059, Tamilnadu, India.
Date of Birth/Age :	01.06.1974
Date of Appointment :	27.03.2009
Pan No.:	AJNPP4651N

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 06.07.2011

Names of Shareholders	No. of Shares
Daimler AG, Germany	1235149789
Saniv Khurana	5
Thirumalai Narayanan	5
Andreas Renschler	10
Stefan Buchner	10
Marc Llistosella Y Bischoff	5
Dinakara Babu Paruchuri	5
TOTAL	1235149829

AS ON 19.04.2012

Names of Allottee	No. of Shares
Daimler AG, Germany	170207500
TOTAL	170207500

AS ON 13.02.2012

Names of Allottee	No. of Shares
Daimler AG, Germany	169569500
TOTAL	169569500

AS ON 12.12.2011

Names of Allottee	No. of Shares
Daimler AG, Germany	162262781
TOTAL	162262781

AS ON 01.06.2011

Names of Allottee	No. of Shares
Daimler AG, Germany	219615000
TOTAL	219615000

AS ON 18.02.2011

Names of Allottee	No. of Shares
Daimler AG, Germany	92711500
TOTAL	92711500

AS ON 06.07.2011

Equity Shares Break Up	Percentage of Holding
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 :

Manufacturer of Motor Vehicles.

Products :

Product Description	Item Code
Manufacturer of Motor Vehicles	373.2

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· State Bank of India

Facilities :

Unsecured Loan	Rs. In Millions 31.03.2011	Rs. In Millions 31.03.2010
Rupee term loans unsecured
Rupee term loans banks unsecured	1000.000	800.000
Other debt unsecured	4768.850	608.000
Total	5768.850	1408.000

Banking Relations :	--
Auditors :
Name :	BSR and Company Chartered Accountant
Address :	Lodha Excelus, 1^st Floor, Apollo Mills Compound, N M Joshi Marg, Mahalakshmi, Mumbai-400011, Maharashtra, India
PAN No.:	AAIFB4734C
Holding Company :	· Daimler AG, Germany
Fellow Subsidiaries :	· Daimler Truck North America LLC (DTNA) · Mercedes Benz Project Consult GmbH (MBPC) · Mitsubishi Fuso Truck and Bus Corporation (MFTBC) · Mercedes Benz Turk A.S · Mercedes -Benz do Brasil Ltda (MB Brasil) · Mercedes Benz India Private Limited (MB India) · Daimler South East Asia Pte Limited. · Daimler Financial Service AG, · Daimler Financial Services India Private Limited · PT Mercedes Benz Distribution, · Mercedes Benz Research and Development Private Limited (MBRD)

CAPITAL STRUCTURE

AFTER 06.07.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
2500000000	Equity Shares	Rs.10/- each	Rs. 25000.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1895814610	Equity Shares	Rs.10/- each	Rs. 18958.146 Millions

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
1500000000	Equity Shares	Rs.10/- each	Rs. 15000.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1015534829	Equity Shares	Rs.10/- each	Rs. 10155.348 Millions

AS ON 06.07.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
2500000000	Equity Shares	Rs.10/- each	Rs. 25000.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1235149829	Equity Shares	Rs.10/- each	Rs. 12351.498 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		10155.348	5921.309	1271.000
2] Share Application Money		621.900	0.000	1307.999
3] Reserves & Surplus		0.000	0.000	0.000
4] (Accumulated Losses)		(817.557)	(513.763)	(353.667)
NETWORTH		9959.691	5407.546	2225.332
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		5768.850	1408.000	0.000
TOTAL BORROWING		5768.850	1408.000	0.000
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		15728.541	6815.546	2225.332
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		1887.537	1543.852	87.119
Capital work-in-progress		13238.867	5592.105	3082.445
INVESTMENT		0.000	0.000	299.462
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	392.426	0.000	0.000
	Sundry Debtors	596.806	0.000	0.000
	Cash & Bank Balances	944.337	738.131	164.526
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	1118.254	629.204	451.311
Total Current Assets		3051.823	1367.335	615.837
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	2287.537	1599.421	1603.758
	Other Current Liabilities	133.624	78.498	248.724
	Provisions	28.525	9.827	7.049
Total Current Liabilities		2449.686	1687.746	1859.531
Net Current Assets		602.137	(320.411)	(1243.694)
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		15728.541	6815.546	2225.332

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	NA	53.098	57.215
		Other Income	NA
		TOTAL	NA	53.098	57.215
Less	EXPENSES
		Office Expenses	NA	NA	NA
		Administrative Expenses
		Advertising Expenses
		TOTAL	NA	NA	NA
	PROFIT / (LOSS) BEFORE TAX, EPRECIATION AND AMORTISATION		(290.410)	(155.410)	(327.140)
	DEPRECIATION/ AMORTISATION		13.370	4.610	5.300
	PROFIT / (LOSS) BEFORE TAX		(303.790)	(160.020)	(332.440)
	TAX		0.000	0.000	5.720
	PROFIT / (LOSS) AFTER TAX		(303.790)	(160.020)	(338.160)
	BALANCE CARRIED TO THE B/S		(817.550)	(513.690)	(353.670)
	IMPORTS
		Prototype and Testing Components	NA	63.023	0.000
		Capital Equipments	NA	25.402	0.000
	TOTAL IMPORTS		NA	88.425	0.000
	Earnings / (Loss) Per Share (Rs.)		(0.30)	(0.27)	(2.79)

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	NA	(301.37)	(591.03)
Return on Total Assets (PBT/Total Assets}	(%)	(6.15)	(5.50)	(47.29)
Return on Investment (ROI) (PBT/Networth)		(0.03)	(0.03)	(0.15)
Debt Equity Ratio (Total Liability/Networth)		0.83	0.57	0.84
Current Ratio (Current Asset/Current Liability)		1.25	0.81	0.33

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. Constructions 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	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%	------
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	Yes
21. Market information	------
22. Litigations that the firm / promoter involved	------
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

NOTE

The registered office of the company has been shifted from E-1, Qutab Hotel Complex, Shaheed Jeet Singh Marg, New Delhi-110016, India to the present address w.e.f. 01.09.2009.

FINANCIAL RESULTS

While the Company is yet to start commercial production, generated seed Sales revenue on account of sale of Mercedes-Benz Trucks during year. The Company has reported a loss of Rs (817.550) million (Loss of Rs. (513.690) Million in 2009-2010) after tax.

On February 17, 2011, Daimler AG (Parent Company) unveiled Bharat Benz an exclusive brand which will be used for sale of trucks that are manufactured by the Company. Further, this brand would represent entire portfolio of trucks from 6 to 49 tons across various applications.

The Company's truck manufacturing plant (at Oragadam, near Chennai) setting up is in advanced stage of completion.

During the year, the Company had received recognition of in-house R and D facility by the Department of Scientific and Industrial Research.

The Company is developing new Products for introduction into Indian Market in 2012.

FIXED ASSETS

· Building

· Plant and Machinery

· Computers

· Vehicles

· Office Equipments

· Furniture and Fixture

· Computer Software

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. 54.91
UK Pound	1	Rs. 85.46
Euro	1	Rs. 67.15

INFORMATION DETAILS

Information Gathered by :	--
Report Prepared by :	DPT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	3
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	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		27

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.