MIRA INFORM REPORT

Report Date :

20.03.2012

IDENTIFICATION DETAILS

Name :	TEREX INDIA PRIVATE LIMITED

Registered Office :	212, Mahatta Towers, B-Block Community Centre, Janak Puri, New Delhi – 110058

Country :	India

Financials (as on) :	31.03.2011

Date of Incorporation :	11.04.2007

Com. Reg. No.:	55-161869

Capital Investment / Paid-up Capital :	Rs.1423.517 Millions

CIN No.: [Company Identification No.]	U51101DL2007FTC161869

TAN No.: [Tax Deduction & Collection Account No.]	DELT07181G

PAN No.: [Permanent Account No.]	AACCT6500D

Legal Form :	Private Limited Liability Company

Line of Business :	Manufacturer of Terex Pegson and Powerscreen mobile crushing and screening Equipment.

No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (26)

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

Maximum Credit Limit :	USD 5100000

Status :	Moderate

Payment Behaviour :	Slow

Litigation :	Clear

Comments :	Subject is an established company having moderate track. There appreas huge accumulated losses recorded by the company. Profitability of the company is under pressure. However, trade relations are reported as fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings with some caution.

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

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

LOCATIONS

Registered Office :	212, Mahatta Towers, B-Block Community Centre, Janak Puri, New Delhi – 110058, India
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	skcs74@yahoo.com
Website :	www.terexvectra.com

Head Office :	Plot No. 22, Udyog Vihar, Greater Noida, P.O. Surajpur - 201306, Uttar Pradesh, India
Tel. No.:	91-120-4194000
Fax No.:	91-120-2560831

Branch office :	Locate At Pune Chennai Kolkata Bhopal Secunderabad

DIRECTORS

As on 30.11.2011

Name :

Mr. Jehangir Ardeshir

Designation :

Managing Director

Date of Birth/Age :

53 Years

Qualification :

B. Tec, PGDBM from IIM Bangalore

Experience :

28 Years

Date of Appointment :

14.10.2008

DIN No.:

02344835

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	U51101DL2007FTC161869	TEREX INDIA PRIVATE LIMITED	Managing director	26/12/2008	14/10/2008	-	Active	NO
2	U74999DL2003PTC119876	TEREX EQUIPMENT PRIVATE LIMITED	Director	25/09/2009	12/11/2008	-	Active	NO

Name :

Mr. Vijay Kumar Sharma

Designation :

Director

Date of Appointment :

07.10.2009

DIN No.:

00633322

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	U74999DL2003PTC119876	TEREX EQUIPMENT PRIVATE LIMITED	Whole-time director	1/11/2009	10/4/2003	-	Active	NO
2	U51101DL2007FTC161869	TEREX INDIA PRIVATE LIMITED	Director	30/09/2010	7/10/2009	-	Active	NO

Name :

Mr. Brian Jerome Henry

Designation :

Director

Date of Appointment :

11.04.2007

DIN No.:

00835028

Name :

Mr. Eric Cohen I

Designation :

Director

Date of Appointment :

19.07.2010

DIN No.:

02171716

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	U51101DL2007FTC161869	TEREX INDIA PRIVATE LIMITED	Director	30/09/2010	27/11/2007	-	Active	NO
2	U74999DL2003PTC119876	TEREX EQUIPMENT PRIVATE LIMITED	Director	25/09/2009	25/03/2009	-	Active	NO

Name :

Mr. Stoyan Filipov

Designation :

Director

Address :

Date of Appointment :

31.01.2008

DIN No.:

02171731

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	U51101DL2007FTC161869	TEREX INDIA PRIVATE LIMITED	Director	30/09/2010	31/01/2008	-	Active	NO
2	U74999DL2003PTC119876	TEREX EQUIPMENT PRIVATE LIMITED	Director	25/09/2009	12/11/2008	-	Active	NO

Name :

Mr. Cheelenahalli Srinivasa Rao Krishnaprasad

Designation :

Director

Qualification :

PHD, BE, MS

Date of Appointment :

07.10.2009

DIN No.:

02908815

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	U51101DL2007FTC161869	TEREX INDIA PRIVATE LIMITED	Director	30/09/2010	7/10/2009	-	Active	NO
2	U74999DL2003PTC119876	TEREX EQUIPMENT PRIVATE LIMITED	Director	30/11/2011	31/05/2011	-	Active	NO

Name :

Mr. Suraj Shetty

Designation :

Director

Date of Appointment :

31.03.2010

DIN No.:

03021465

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	U51101DL2007FTC161869	TEREX INDIA PRIVATE LIMITED	Director	30/09/2010	31/03/2010	-	Active	NO
2	U74999DL2003PTC119876	TEREX EQUIPMENT PRIVATE LIMITED	Director	30/11/2011	31/05/2011	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.11.2011

Names of Shareholders		No. of Shares
Terex Asia, Mauritius		140527849
Terex Corporation, USA		46833867
Total		187361716

As on 30.11.2011

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	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Terex Pegson and Powerscreen mobile crushing and screening Equipment.

PRODUCTION STATUS (As On 31.03.2010)

Licensed Capacity

Not Applicable

Installed Capacity *

238

Actual Production

* Installed capacity as certified by the management

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
Hire purchase installment payable secured	2.668	3.788
Total	2.668	3.788

Unsecured Loan	As on 31.03.2011	As on 31.03.2010

Other external commercial borrowing unsecured	316.680	319.208
Working capital loans unsecured	320.000	89.056
Interest accrued due unsecured loans	0.113	0.000
Total	636.793	408.264


Banking Relations :	--

Auditors :
Name :	Price Waterhouse and Company Chartered Accountants
Address :	Building No -8, 8^th Floor, Tower – B, DLF Cyber City, Gurgaon – 122002, Haryana, India
PAN.:	AADFP9359C

Ultimate Holding Company:	Terex Corporation, USA

Holding Company :	Terex Asia, Mauritius

Associates:	Terex Equipment Private Limited Terex Pegson Limited Powerscreen International Distribution Limited Terex Finlay hydrascreens (Omagh) Limited Jaques (International) Sdn Bhd Gru Comedil S.r.l. Terex Simplicity Terex GB Terex, USA, LLC Jaques (International) Australia

CAPITAL STRUCTURE

As on 30.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount

200000000	Equity Shares	Rs.10/- each	Rs.2000.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

187361716	Equity Shares	Rs.10/- each	Rs.1873.617 Millions

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount

200000000	Equity Shares	Rs.10/- each	Rs.2000.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

142351716	Equity Shares	Rs.10/- each	Rs.1423.517Millions

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		1423.517	458.095	456.821
2] Share Application Money		448.575	642.775	0.955
3] Reserves & Surplus		0.000	0.000	0.000
4] (Accumulated Losses)		(589.795)	(246.668)	(45.663)
NETWORTH		1282.297	854.202	412.113
LOAN FUNDS
1] Secured Loans		2.668	3.788	1.527
2] Unsecured Loans		636.793	408.264	310.000
TOTAL BORROWING		639.461	412.052	311.527
DEFERRED TAX LIABILITIES		0.000	0.000	0.000

TOTAL		1921.758	1266.255	723.640

APPLICATION OF FUNDS

FIXED ASSETS [Net Block]		1006.097	1076.492	134.670
Capital work-in-progress		44.971	5.242	526.287

INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.769

CURRENT ASSETS, LOANS & ADVANCES
	Inventories	586.475	208.124	0.475
	Sundry Debtors	364.166	128.663	19.285
	Cash & Bank Balances	264.014	93.826	6.836
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	280.281	146.712	81.662
Total Current Assets		1494.936	577.325	108.258
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	552.904	346.682	31.162
	Other Current Liabilities	33.063	37.406	11.912
	Provisions	38.279	8.707	3.270
Total Current Liabilities		624.246	392.795	46.344
Net Current Assets		870.690	184.530	61.914

MISCELLANEOUS EXPENSES		0.000	0.000	0.000

TOTAL		1921.758	1266.254	723.640

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Operational Income	1079.095	130.201	0.000
		Other Income	0.390	96.463	41.732
		TOTAL (A)	1079.485	226.664	41.732

Less	EXPENSES
		Cost of Good Sold		169.167	0.000
		Personnel Expenses		89.703	36.285
		Administrative and Other Expenses		81.167	34.883
		Selling and Distribution Expenses		3.492	0.369
		TOTAL (B)		343.529	71.537

Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B)		(1422.622 Including Financial Expenses and Depreciation)	(116.865)	(29.805)

Less	FINANCIAL EXPENSES (D)			34.103	0.715

	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)			(150.968)	(30.520)

Less/ Add	DEPRECIATION/ AMORTISATION (F)			49.258	2.038

	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		(343.137)	(200.226)	(32.558)

Less	TAX (H)		0.000	0.769	0.351

	PROFIT / (LOSS) AFTER TAX (G-H) (I)		(343.137)	(200.995)	(32.909)

Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(246.656)	(45.663)	(12.754)

	BALANCE CARRIED TO THE B/S		(589.793)	(246.658)	(45.663)

	EARNINGS IN FOREIGN CURRENCY
		Sale of Service	NA	64.362	41.723
		Interest Income	NA	0.959	1.157
	TOTAL EARNINGS		NA	65.321	42.880

	IMPORTS
		Raw Materials	NA	158.644	0.000
		Capital Goods	NA	34.642	0.217
	TOTAL IMPORTS		NA	193.286	0.217

	Earnings Per Share (Rs.)		(2.41)	(4.31)	(1.27)

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	(31.79)	(88.68)	(78.86)

Net Profit Margin (PBT/Sales)	(%)	(31.80)	(153.78)	NA

Return on Total Assets (PBT/Total Assets}	(%)	(13.72)	(12.11)	(13.40)

Return on Investment (ROI) (PBT/Networth)		(0.27)	(0.23)	(0.08)

Debt Equity Ratio (Total Liability/Networth)		0.99	0.94	0.87

Current Ratio (Current Asset/Current Liability)		2.39	1.47	2.34

LOCAL AGENCY FURTHER INFORMATION

Fixed Assets

Leasehold Land
Building
Computer
Office Equipments
Vehicles
Furniture and Fixture
Plant and Machinery

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.50.12
UK Pound	1	Rs.79.37
Euro	1	Rs.66.00

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10
--PROFITABILIRY	1~10	2
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	--
--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	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		26

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.

MIRA INFORM REPORT

586.475

0.475

364.166

19.285

264.014

6.836

0.000

0.000

280.281

81.662

1494.936

552.904

31.162

33.063

11.912

38.279

3.270

624.246

870.690

61.914

(31.79)

(31.80)

(13.72)

(0.27)

0.99

2.39

Unit