MIRA INFORM REPORT

Report Date :

05.08.2013

IDENTIFICATION DETAILS

Name :	JCB INDIA LIMITED (w.e.f. January, 2003)
Formerly Known As :	ESCORTS JCB LIMITED
Registered Office :	B-1/ I-1, 2^nd Floor, Mohan Co-operative Industrial Estate, Mathura Road, New Delhi – 110 044
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	01.02.1979
Com. Reg. No.:	55-009431
Capital Investment / Paid-up Capital :	Rs. 88.500 Millions
CIN No.: [Company Identification No.]	U74899DL1979PLC009431
TAN No.: [Tax Deduction & Collection Account No.]	DELJ05267D
PAN No.: [Permanent Account No.]	AAACE0078D
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer and Trading of Excavators/Loaders, Construction Equipments, Related Spares and Components.
No. of Employees :	Information declined by the management

RATING & COMMENTS

MIRA’s Rating :

Aa (72)

RATING		STATUS	PROPOSED CREDIT LINE
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

Maximum Credit Limit :	USD 69840000
Status :	Excellent
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a subsidiary of J.C. Bamford Excavators Limited, U.K. It is a well established and reputed company having excellent track record. Financial position of the company appears to be sound. Trade relations are reported as fair. Business is active. Payments are reported to be regular and as per commitments. The company can be considered good for normal 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 – March 31^st, 2013

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
India	A1	A1

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

INDIAN ECONOMIC OVERVIEW

We are living in a world where volatility and uncertainty have become the New Normal. We saw a change of government in countries like Tunisia, Egypt, Libya and Vietnam. Once powerful countries in Europe are now fighting for bankruptcy. We have taken growth in the developing part of the world for granted but economic growth in China and India has begun to slow. Companies that were synonymous with their product categories just a few years ago are now no longer in existence. Kodak, the inventor of the digital camera had to wind up its operations, HMV, the British entertainment retailing company and Borders, once the second largest bookstore have shut down due to their inability to evolve their business models with the changing time. Readers’ Digest, Thomson Register are no more !

There is another megatrend happening. The World order is changing as economic power shifts from West to East. According to McKinsey study, it took Britain more than 100 years to double its economic output per person during its industrial revolution and the US later took more than 50 years to do the same. More than a century later, China and India have doubled their GDP per capital in 12 and 18 years respectively. By 2020, emerging Asia will become the world’s largest consuming block, overtaking North America.

The years after the outbreak of the global financial crisis, the world economy continues to remain fragile. The Indian economy demonstrated remarkable resilience in the initial years of the contagion but finally lost ground last year. GDP growth slowed down. Currency has been weakening. There is a marked deceleration in agriculture, industry and services. Dampening sentiment led to a cut-back in investment as well as private consumption expenditure.  Inflation remained at high levels fuelled by the pressure from the food and fuel sectors. The large fiscal and current account deficit s continued to cause grave concern. It is imperative that India regains its growth trajectory of 8-9 % sooner than later. This is crucially important given the need to create gainful livelihood opportunities for the millions living in poverty as also the large contingent of young people joining the job market every year.

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.

INFORMATION DECLINED

Management Non Co-operative (91-129-4299000)

LOCATIONS

Registered Office :	B-1/ I-1, 2^nd Floor, Mohan Co-operative Industrial Estate, Mathura Road, New Delhi – 110 044, India
Tel. No.:	91-11-23310145/ 26959157/ 26941139/ 26959997/ 40539745
Fax No.:	91-11-23310271/ 74/ 26959351/ 26959039/ 40539744
E-Mail :	rnanda@del12.vsnl.net.in sanjeev.gemawat@jcbindia.com cs.legal@jcb.com bhakta@kangacompany.com s.ramaswamy@jcb.com
Website :	http://www.jcbindia.com http://www.jcb.com
Location :	Industrial
Head Office/ Factory 1/ Warehouse :	23/7, Mathura Road, Ballabhgarh - 121 004, Haryana, India
Tel. No.:	91-129-2232308/ 2232874/ 2232875/ 2232805 / 4299000
Fax No.:	91-129-2233453/ 2232407/ 2230194/ 2309050
Email :	delhi.marketing@jcb.com
Location :	Industrial
Factory 2 :	Talegaon Floriculture and Industrial Park, Village AMBI, Navlakh Umbhre, Taluka Maval, Talegaon Dabhade – 410 507, Maharashtra, India
Branch Office :	Located at: · Pune · Chennai · Kolkata

DIRECTORS

As on : 12.09.2012

Name :

Mr. Mansingh Laxmidas Bhakta

Designation :

Director

Address:

Readymoney Mansion 43, Veer, Nariman Road, Mumbai – 400 001, Maharashtra, India

Date of Birth/Age

03.12.1931

Qualification :

B.A. (Hons) LLB

Date of Appointment :

21.01.2003

DIN No.:

00001963

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	L17110MH1973PLC019786	RELIANCE INDUSTRIES LIMITED	Director	27-09-77	27-09-77	-	Active	NO
2	L26942GJ1981PLC004717	AMBUJA CEMENTS LIMITED	Director	07-09-85	07-09-85	05-04-13	Active	NO
3	U24220GJ1991PLC016598	MICRO INKS LIMITED	Director	27-06-00	27-06-00	01-05-13	Active	NO
4	U74899DL1979PLC009431	JCB INDIA LIMITED	Director	21-01-03	21-01-03	-	Active	NO
5	U29240PN2004FLC129486	JCB MANUFACTURING LIMITED	Director	21-06-04	21-06-04	-	Amalgamated	NO
6	L28939PN1987PLC043953	BILCARE LIMITED	Director	31-12-05	31-12-05	31-07-07	Active	NO
7	U45200MH1995PTC093041	LODHA DEVELOPERS Private Limited	Director	22-09-09	01-08-09	10-02-12	Active	NO
8	U40103WB2002PLC145294	ABHIJEET POWER LIMITED	Director	25-11-10	03-11-10	03-01-13	Active	NO
9	U29221GJ1991PLC014914	JYOTI CNC AUTOMATION LIMITED	Additional director	17-09-12	17-09-12	-	Active	NO

Name :

Mr. Vipin Sondhi

Designation :

Managing Director

Address:

N – 43, Panchshila Park, New Delhi – 110 017, India

Date of Birth/Age

27.04.1960

Qualification :

B. Tech (Mech) IIT D, PGDM, IIMA

Date of Appointment :

01.01.2009

DIN No.:

00327400

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	U74899DL1979PLC009431	JCB INDIA LIMITED	Managing director	01-01-09	01-02-06	-	Active	NO
2	U29240PN2004FLC129486	JCB MANUFACTURING LIMITED	Managing director	23-09-08	01-02-08	-	Amalgamated	NO
3	U74999DL2004PLC125276	JCB CONSTRUCTION EQUIPMENT LIMITED	Director	25-09-08	01-05-08	-	Active	NO
4	U29199DL2005PTC132969	JCB WORLD BRANDS INDIA PRIVATE LIMITED	Director	25-09-08	01-06-08	-	Active	NO
5	U65923DL2007FTC162589	JCB FINANCIAL ADVISOR PRIVATE LIMITED	Alternate director	03-09-12	03-09-12	-	Active	NO

Name :

Sir Anthony Paul Bamford

Designation :

Director

Address:

JC Bamford, Excavators Limited, Rocestor, England, UK

Date of Birth/Age

23.10.1945

Qualification :

Engineer

Date of Appointment :

27.09.1993

Din No.:

00560644

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	U74899DL1979PLC009431	JCB INDIA LIMITED	Director	27-09-93	27-09-93	-	Active	NO

Name :

Mr. David Frederick Peter Miller

Designation :

Director

Address:

17, Lees Road, Bramhall Cheshire, Bramhall Vheshire, England

Date of Birth/Age

13.07.1953

Qualification :

Chartered Accountant

Date of Appointment :

29.09.2003

DIN No.:

00560666

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	U74899DL1979PLC009431	JCB INDIA LIMITED	Director	29-09-03	29-09-03	-	Active	NO

Name :

Mr. Onkar Singh Sunar

Designation :

Director

Address:

26, Ishwar Nagar, New Delhi – 110 065, India

Date of Birth/Age

02.05.1953

Qualification :

Engineer (Masters of Science)

Date of Appointment :

24.08.2001

DIN No.:

00560684

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	U74899DL1979PLC009431	JCB INDIA LIMITED	Director	24-08-01	24-08-01	-	Active	NO
2	U74999DL2004PLC125276	JCB CONSTRUCTION EQUIPMENT LIMITED	Director	18-03-04	18-03-04	01-05-08	Active	NO

Name :

Mr. Michael Hargreaves

Designation :

Director

Address:

16, Northesk Street, Stone, Staffordshire, NA

Date of Birth/Age

01.03.1957

Qualification :

Solicitor

Date of Appointment :

30.09.2006

DIN No.:

00684725

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	U29240PN2004FLC129486	JCB MANUFACTURING LIMITED	Director	30-10-07	03-08-06	-	Amalgamated	NO
2	U74899DL1979PLC009431	JCB INDIA LIMITED	Director	30-09-06	30-09-06	-	Active	NO
3	U65923DL2007FTC162589	JCB FINANCIAL ADVISOR PRIVATE LIMITED	Director	25-04-07	25-04-07	-	Active	NO

Name :

Mr. Alan Raussel Blake

Designation :

Additional Director

Address:

Dovedale House, Calwich, Ashbourne, Derbyshire, DE62HE

Date of Birth/Age

07.08.1949

Qualification :

Engineer

Date of Appointment :

22.09.2010

DIN No.:

02881062

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	U29240PN2004FLC129486	JCB MANUFACTURING LIMITED	Additional director	01-01-10	01-01-10	-	Amalgamated	NO
2	U74899DL1979PLC009431	JCB INDIA LIMITED	Director	22-09-10	01-01-10	-	Active	NO
3	U65923DL2007FTC162589	JCB FINANCIAL ADVISOR PRIVATE LIMITED	Director	22-09-10	01-01-10	-	Active	NO

Name :

Mr. Balaraman Pillaimani

Designation :

Alternate Director

Address:

H – 153, Sarita Vihar, New Delhi – 110076, India

Date of Birth/Age

21.06.1958

Date of Appointment :

16.06.2011

DIN No.:

03545572

Name :

Mr. Subir Chawdhury

Designation :

Director

Address:

C – 12, Westend Heights, DLF City Phase, Gurgaon, Haryana, India

Date of Birth/Age

25.01.1959

Date of Appointment :

12.09.2012

DIN No.:

03633998

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	U74899DL1979PLC009431	JCB INDIA LIMITED	Director	12-09-12	15-09-11	-	Active	NO
2	U65923DL2007FTC162589	JCB FINANCIAL ADVISOR PRIVATE LIMITED	Director	10-09-12	16-01-12	-	Active	NO
3	U74999DL2004PLC125276	JCB CONSTRUCTION EQUIPMENT LIMITED	Director	12-09-12	16-01-12	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Subramaniam Ramaswamy
Designation :	Company Secretary
Address:	Flat No.105, Ghoanda Housing Society, GH-06, Alpha-1, Greater Noida – 201 310, Uttar Pradesh, India
Date of Birth/Age	15.04.1962
Qualification :	LLB, PGDBA, FCS
Date of Appointment :	01.11.2007
PAN No.:	AADPR7366R

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on : 12.09.2012

Names of Shareholders	No. of Shares
J.C. Bamford Excavators Limited, England	884994
J.C. Bamford Excavators Limited Jointly with Sir Anthony Bamford	1
J.C. Bamford Excavators Limited Jointly with Michael Hargreaves	1
J.C. Bamford Excavators Limited Jointly with David Miller	1
J.C. Bamford Excavators Limited Jointly with Alan Blake	1
J.C. Bamford Excavators Limited Jointly with Steve Ovens	1
J.C. Bamford Excavators Limited Jointly with Adrian Ross	1
Total	885000

Equity Share Break up (Percentage of Total Equity)

As on : 12.09.2012

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 and Trading of Excavators/Loaders, Construction Equipments, Related Spares and Components.

Products :

Products	Item Code No.
Excavators and Loaders	842900

· JS 200l- Tracked excavator

· JCB Robot- Skid Steer

· JCB 4CX- Backhoe Loader

· JCB 3D- Backhoe Loader

· Artivulated Loading Shovel

· Skid Steer Loaders

· Track Excavator

· JCB 430Z- Artivulated loading shovel

· Backhoe Loaders

· Wheeled Excavator

· Mini Excavator

· Wheeled Loaders

· Skid Steer Loaders

· Telescopic Handlers

· Artivulated Dump Trucks

· Rough Terrain Forklifts

· Teletruks

Exports :

Not Divulged

Imports :

Not Divulged

PRODUCTION STATUS (AS ON 30.03.2011)

Particulars	Installed Capacity *	Actual Production
Earthmoving machinery
-Ballabhgarh Plant** (Note A)	19,530	21,331
-Pune Plant (Note B)	2,838	2,025
Welded Steel Fabrication (In MT)*** (Note C)	44,220	38,842

Installed capacity is as certified by the Management and relied upon by the auditors, being a technical matter.

A. Installed capacity is on single shift basis for the assembly of 3DX Backhoe Loader and its equivalent machines based on the assumption that the fabrication / machine shops shall work on double / triple shift basis for 5 days a week.

B. (i) Installed capacity is on single shift basis for the assembly of JS 200 excavator and its equivalent machines for 5 days a week but on the assumption that the paint shop shall work on triple shift basis for 6 days a week.

(ii) Production includes 13 machines used for experimental purposes.

C. (i) Installed capacity of Welded Steel Fabrication is based on Steel Cutting Capacity on triple shift basis for 6 days a week.

(ii) Production of Welded Steel Fabrication includes 26,239 MT (Previous Year 19,942 MT) used in own production of Earthmoving Machinery

GENERAL INFORMATION

Suppliers :	Not Divulged
Customers :	Not Divulged
No. of Employees :	Information declined by the management
Bankers :	Standard Chartered Bank, 17, Parliament Street, New Delhi, India
Facilities :	--

Auditors :
Name :	Price Waterhouse Chartered Accountants
Address :	Building No.8, Tower B, DLF Phase II DLF Cyber City, Gurgaon – 122 002, Haryana, India
PAN No.:	AAEFP1428R
Holding Company:	· J C Bamford Excavators Limited, UK · Parent of Holding Company · JCB Service, UK · Ultimate Holding Company · Transmissions and Engineering Service Netherlands B V, Netherlands
Subsidiaries :	JCB Construction Equipment Limited, India
Fellow Subsidiaries:	· JCB Heavy Products Limited, UK · JCB Transmissions, UK · JCB Sales Limited, UK · JCB Earthmovers Limited, UK · JCB Material Handling Limited UK · JCB Landpower Limited, UK · JCB Inc., USA · JCB Compact Products Limited, UK · JCB Cab Systems Limited, UK · JCB Power Systems Limited, UK · JCB Sales Asia Pacific PTE Limited, Singapore · J C Bamford Investments, UK · JCB Defence Products Limited, UK · JCB Vibromax GmBH, Germany · JCB Construction Equipment (Shanghai) Company Limited. China · JCB Do Brasila Limited, Brazil
Associates :	· JCB Research, UK · Bholdings Limited, UK · JCB World Brands India Private Limited, India CIN : U29199DL2005PTC132969
Enterprise which is in the same ultimate beneficial ownership and with which the Company has transactions during the year :	· JCB Financial Advisor Private Limited, India · CIN : U65923DL2007FTC162589 · JCB Mauritius Limited
Firm in which one director is a partner :	Kanga and Company
Trust :	Employees Superannuation Trust

CAPITAL STRUCTURE

As on : 12.09.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
4500000	Equity Shares	Rs.100/- each	Rs. 450.000 Millions
56500000	Preference Shares	Rs.100/- each	Rs. 5650.000 Millions
	Total		Rs. 6100.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
885000	Equity Shares	Rs.100/- each	Rs. 88.500 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	88.500	90.767
(b) Reserves & Surplus	17371.767	13869.537
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1) + (2)	17460.267	13960.304
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000
(b) Deferred tax liabilities (Net)	37.414	59.212
(c) Other long term liabilities	104.087	72.874
(d) long-term provisions	108.658	101.611
Total Non-current Liabilities (3)	250.159	233.697
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000
(b) Trade payables	6748.355	6472.759
(c) Other current liabilities	961.030	1162.273
(d) Short-term provisions	793.230	699.725
Total Current Liabilities (4)	8502.615	8334.757
TOTAL	26213.041	22528.758
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	6210.159	5483.349
(ii) Intangible Assets	45.969	93.443
(iii) Capital work-in-progress	533.922	114.542
(iv) Intangible assets under development	42.258	17.646
(b) Non-current Investments	0.500	0.500
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	513.163	380.422
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	7345.971	6089.902
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	3972.294	3330.891
(c) Trade receivables	6937.909	5768.665
(d) Cash and cash equivalents	5585.361	5451.875
(e) Short-term loans and advances	2338.055	1871.091
(f) Other current assets	33.451	16.334
Total Current Assets	18867.070	16438.856
TOTAL	26213.041	22528.758

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		88.500
2] Share Application Money Pending Allotment		2.267
3] Reserves & Surplus		9044.452
4] (Accumulated Losses)		0.000
NETWORTH		9135.219
LOAN FUNDS
1] Secured Loans		0.000
2] Unsecured Loans		0.000
TOTAL BORROWING		0.000
DEFERRED TAX LIABILITIES		80.527
TOTAL		9215.746
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		5183.001
Capital work-in-progress		283.232
INVESTMENT		0.500
DEFERRED TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	2518.696
	Sundry Debtors	4034.170
	Cash & Bank Balances	1944.175
	Other Current Assets	2.889
	Loans & Advances	1544.248
Total Current Assets		10044.178
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	5167.954
	Other Current Liabilities	478.115
	Provisions	649.096
Total Current Liabilities		6295.165
Net Current Assets		3749.013
MISCELLANEOUS EXPENSES		0.000
TOTAL		9215.746

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Operating revenue, net	54554.521	44505.257	30949.971
		Other Income	1083.203	784.769	675.628
		TOTAL (A)	55637.724	45290.026	31625.599
Less	EXPENSES
		Cost of Materials Consumed	32932.629	25923.087
		Purchase of Stock in Trade	3551.678	3009.103
		Changes in Inventories of Finished Goods	(13.750)	(517.476)	25352.116
		Employee related expenses	2242.669	1863.845
		Other expenses	8059.408	7020.658
		TOTAL (B)	46772.634	37299.217	25352.116
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		8865.090	7990.809	6273.483
Less	INTEREST FINANCIAL CHARGES (D)		5.400	35.868	31.332
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		8859.690	7954.941	6242.151
Less/ Add	DEPRECIATION/ AMORTISATION (F)		752.857	647.840	642.395
	PROFIT BEFORE TAX (E-F) (G)		8106.833	7307.101	5599.756
Less	TAX (H)		2627.345	2482.016	1469.212
	PROFIT AFTER TAX (G-H) (I)		5479.488	4825.085	4130.544
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		13345.700	8520.591	7120.096
Less	APPROPRIATIONS
		Interim Dividend Paid	0.000	0.000	1858.500
		Interim Dividend Payable	0.000	0.000	47.606
		Corporate Dividend Tax Paid / Payable on interim Dividend	0.000	0.000	323.943
		Transfer to General Reserve	2.267	0.000	500.000
		Utilization for Equity Share buyback during the year	1464.897	0.000	0.000
	BALANCE CARRIED TO THE B/S		17358.000	13345.676	8520.591
	EARNINGS IN FOREIGN CURRENCY
		Export of goods calculated on F.O.B. basis	5143.602	3279.819	1992.798
		Export of services	133.786	79.129	74.677
	TOTAL EARNINGS		5277.388	3358.948	2067.475
	IMPORTS
		Raw material, components and spare parts	4991.676	3404.266	2207.429
		Capital goods	466.543	177.626	82.901
		Trading machines	73.234	73.878	36.764
	TOTAL IMPORTS		5531.453	3655.770	2327.094
	Earnings Per Share (Rs.)		6038.53	5315.90	4550.71

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	10.65	10.65	13.06
Net Profit Margin (PBT/Sales)	(%)	16.51	16.42	18.09
Return on Total Assets (PBT/Total Assets}	(%)	32.77	32.63	36.77
Return on Investment (ROI) (PBT/Networth)		0.52	0.52	0.61
Debt Equity Ratio (Total Debt /Networth)		0.00	0.00	0.00
Current Ratio (Current Asset/Current Liability)		1.96	1.97	1.60

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)	No
21]	Market information	--------
22]	Litigations that the firm / promoter involved in	---------
23]	Banking Details	Yes
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

NOTE:

The Registered Office of the company has been shifted from A-36, Mohan Co-operative Industrial Estate Mathura Road, New Delhi - 110 044, India to the present address w.e.f. 01.05.2007.

MARKET OUTLOOK :

In the year 2011-12, the economy grew by 6.5%, appreciably lower than 8.4% in the previous year. Industrial growth in particular was severely affected. Significant depreciation of currency led to costlier imports and higher domestic input costs. High levels of interest rates with continuing inflation adversely impacted growth.

Current Scenario: The world economy as also our economy is passing through a phase of deceleration. The Indian markets saw a large decline in inflow of funds from the Foreign Institutional Investors partly due to the concerns over the longer term impact of higher current account deficits and partly due to risk aversion to investing in emerging markets. The flight of capital by foreign investors was also influenced by the melt down in Europe. Near recessionary growth rates also added to this negative sentiment. To add to the woes, the country saw sticky inflation which crossed the double digit mark sometime late last year. During the year April 2011 to March 2012, inflation rates moderated from a peak of 10.0 per cent in September 2011 to 7.7 per cent in March 2012. However, during 2012-13 so far, provisional data suggest that it inched up from 7.2 per cent in April 2012 to 7.6 per cent in May 2012. The major factors contributing to such inflation was due to high prices of vegetables , eggs , meat and fish due to change in dietary pattern of rural households , increasing global commodity prices leading to higher cost of production and continuous high prices of crude oil. Industrial growth suffered a real set-back with production in eight core industries growing by merely by 2.2% in April 2012 as compared to 4.2 % in April 2011 whereas that of in May 2012 there is a growth of 3.8 % as compared to 5.8 % in May 2011. Actually it is deadly trio at work – falling growth, continuing inflation amidst high fiscal deficit. Economic activity in 2011-12 moderated sequentially over the quarters to take growth to a low of 5.3 per cent in Q4.

The sovereign risk concerns in the Euro area especially with the overhang of Greece’s sovereign debt, spread to India and other economies which had a volatile effect. Constraints in the International foreign markets is likely to adversely impact the availability and cost of foreign funding both for banks and companies in India who have been somewhat dependent on the offshore funding options. Future actions will depend on a continuing assessment of external and domestic developments that contribute to lowering inflation risks.

The infrastructure development story in India has been plagued with issues of implementation. As a result, the growth has simply been much slower than the needs of an economy. During the year 2011-12, there has been a considerable slowdown in development in the infrastructure sector. Near term, the growth prospects for 2012-2013 remain uncertain

However, the increasing cost as well as an absolute shortage of labour will encourage faster mechanization and the same augurs well for the growth of the Construction Equipment segment. As per CII study, the volume of construction equipment sales is expected to increase from over 60,000 units in 2010 to 330,000 units in 2020. The huge infrastructure deficit juxtaposed with high growth aspirations provides an optimistic outlook for the construction sector, and the Construction Equipment segment in particular appears promising in medium-to-long-term. Government’s plan of doubling the infrastructure expenditure outlay to USD 1 trillion for the 12th five year plan (2012-2017) shall provide further fillip to the demand in this segment. Government’s thrust on road projects, cooling down of interest rates and improved availability of long-term credit bode well for the road-making sector. The Company continues to focus on expanding its customer base through increased efficiency of the equipment and technology up-gradation and thereby enhance shareholders value.

The Company continues to reach at all segments of the customer base by way of regional launches and customers’ meet, increased advertising and share of voice by way of electronic and print media in order to access the traditional and normal market horizon.

With this objective in mind and hope for favourable conditions, through a large well spread network of fifty six dealers in India and dealers in neighboring countries viz., Bhutan, Nepal and Bangladesh and Sri Lanka, twenty regional and area offices, one national parts centre at Faridabad and three regional parts warehouses at Pune, Kolkata and Chennai and presence at more than 300+ locations nationwide along with a range of products in its basket, the Company is well equipped to provide the best products and parts, support and services to its increasing number of customers. The company continues to work with its dealer network to improve their infrastructure and thereby to provide the best services and support to the customers.

With a view to enhance shareholder value, the Company continues to focus on expanding its customer base through cost reduction, increased efficiency and technology up gradation.

The Company’s confidence in building a positive future stems from the continued and dedicated focus of its management team to maximize customer satisfaction, growth in revenue, increased market penetration and addition to the product portfolio.

BUSINESS PERFORMANCE :

The Sales and Other Income of the Company for the financial year of the Company were Rs. 55637.700 Millions as against Rs. 45290.000 Millions for the previous year. The Profit before tax (after interest and depreciation charges) of Rs. 8106.800 Millions and the Profit after tax of Rs. 5479.500 Millions for the financial year as against Rs. 7307.100 Millions and Rs. 4825.100 Millions respectively for the previous financial year.

JCB India’s Ballabgarh Plant production has been on the rise. During Financial Year 2011-12, it produced 24,211 machines up by 13.50% compared to 21,331 machines during 2010-11. The production of machines at the Pune Plant also reflected growth with the production of 2497 machines as against 2,025 machines reflecting an impressive growth of 23%. In volume, the Fabrication Business Unit at Pune also recorded a growth with production of 43,025MT as against 38,842 MT during the previous year resulting in a growth of 11%.

The company continues to focus on managing cash through improved working capital management and efficient utilization of its assets. The company initiated integration of major processes to work as integrated team in India. In order to integrate the IT functions with Pune plant, the project name SPANDAN was launched in the year 2011 accomplishing the SAP consolidation process and has been extremely successful. With the Customer Relationship Management (CRM) project 'Project Srujan' which was kick started in the previous year has covered 80% of dealers in business successfully integrating the Information Technology systems across the country resulting in consistent processes across dealerships and better services to the customers. The Company continues its endeavour to perform well and maintain its leadership position in the market. Various steps taken by the Company have helped to retain its leadership position in Backhoe segment and increase in market share in Excavators Wheeled Loaders, Compactors and Pick and Carry Cranes.

SUBSIDIARIES :

During the period, JCB Construction Equipment Limited (JCBCE) continues to be a wholly owned subsidiary of the Company with a paid-up capital base of Rs. 0.500 Million JCBCE has not commenced its operations during the period under review.

INDUSTRIAL RELATIONS :

The Company has always maintained healthy Industrial Relations. Transparency and building trust with the employees is always a key intent of the company. JCB has a culture of sharing information at different platforms like open house business communication and regular meeting with associates. Despite turbulent Industrial Relation scenario in the vicinity industrial belt, JCB has confidently build trust among its associates and sustained year on year productivity growth and maintained cordial and collaborative relations. JCB as ever strategically build the foundation of converting challenges into opportunities through engaging people, driving multiple initiatives, along with providing learning opportunities. Sustained focus on Safety, Health, Training and Development, Quality Circle, 5S, Kaizen and Daily Work Management has strengthened the industrial relations scenario and at JCB we will keep the sustained focus in these areas.

INDEX OF CHARGES: NO CHARGES EXIST FOR THE COMPANY

FIXED ASSETS:

Tangible Assets

· Land (Leasehold)

· Land (Freehold)

· Buildings

· Plant and Machinery

· Furniture and Fixtures

· Vehicles

Intangible Assets

· Technical Know-how

· 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 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 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.60.80
UK Pound	1	Rs.91.95
Euro	1	Rs.80.37

INFORMATION DETAILS

Information Gathered by :	SVA
Report Prepared by :	NTH

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	8
PAID-UP CAPITAL	1~10	8
OPERATING SCALE	1~10	8
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	8
--PROFITABILIRY	1~10	8
--LIQUIDITY	1~10	8
--LEVERAGE	1~10	8
--RESERVES	1~10	8
--CREDIT LINES	1~10	8
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		72

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.