MIRA INFORM REPORT

Report Date :

28.12.2013

IDENTIFICATION DETAILS

Name :	SCHWING STETTER (INDIA) PRIVATE LIMITED
Registered Office :	F-71, SIPCOT Industrial Park, Irungattukottai, Sriperumbudur, Kanchipuram-602105, Tamilnadu
Country :	India
Financials (as on) :	31.12.2011
Date of Incorporation :	18.06.1998
Com. Reg. No.:	18-046270
Capital Investment / Paid-up Capital :	Rs.240.945 Millions
CIN No.: [Company Identification No.]	U45309TN1998PTC046270
TAN No.: [Tax Deduction & Collection Account No.]	CHES20172F
PAN No.: [Permanent Account No.]	AADCS5069D
Legal Form :	Private Limited Liability Company
Line of Business :	The subject is engaged in the business of Manufacturing and MARKETING of Ready-Mix Concrete Handling Machinery and related Spares and Services.
No. of Employees :	1800 [Approximately]

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

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	A+ [Long Term]
Rating Explanation	Adequate degree of safety and low credit risk.
Date	05.10.2012

Rating Agency Name	CRISIL
Rating	A1 [Short Term]
Rating Explanation	Very strong degree of safety and low credit risk.
Date	05.10.2012

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.

INFORMATION PARTED BY [GENERAL DETAILS]

Name :	Mr. Madhavan
Designation :	Department Manager
Contact No.:	91-44-27156781
Date :	16.07.2013

LOCATIONS

Registered / Corporate Office / Factory :	F-71, SIPCOT Industrial Park, Irungattukottai, Sriperumbudur, Kanchipuram-602105, Tamilnadu, India
Tel. No.:	91-44-27156780 / 1 / 27156537 / 8 / 47108100 / 37178100
Fax No.:	91-44-27156539
E-Mail :	subramanian.ar@schwingstetterindia.com schwing@vsnl.com Chennai@schwingstetterindia.com
Website :	www.schwingstetterindia.com
Location:	Owned
Branch Office :	Located At: · Mumbai · Bangalore · Hyderabad · Chandigarh · Pune · New Delhi · Ahmedabad · Cochin · Kolkata

DIRECTORS

AS ON 30.06.2012

Name :	Mr. Gerhard Schwing
Designation :	Chairman cum Director
Address :	Holbeinstr 3, Herne, Germany – 44651
Date of Birth/Age :	13.09.1947
Date of Appointment :	25.02.2008
DIN No.:	02166664
Name :	Mr. Ananthanarayan Sundaresan
Designation :	Managing Director
Address :	Flat No. D-2, Block II, Mangolia Park, Five Furlong Road, Guindy, Chennai-600032, Tamilnadu, India
Date of Birth/Age :	24.05.1957
Date of Appointment :	06.01.2002
DIN No.:	01028552
Name :	Mr. Achim Michael Waldemar Schoder
Designation :	Director
Address :	Stuttgarter Strate 86, Kirschheim Unter Teck, Germany – 73230
Date of Birth/Age :	21.03.1953
Date of Appointment :	25.02.2008
DIN No.:	02166685
Name :	Mr. Gunther DR Abolins
Designation :	Director
Address :	Raupolzer Weg 22A, Bad Gornenbach, Germany – 87730
Date of Birth/Age :	01.11.1950
Date of Appointment :	29.05.2008
DIN No.:	02330188

KEY EXECUTIVES

Name :	Mr. Subramanian Raghavan Angarai
Designation :	Company Secretary
Address :	Flat P2, Ragavilla No.15, Jagadambal Colony, I, Street Royapettah, Chennai-600014, Tamilnadu, India
Date of Birth/Age :	18.08.1958
Date of Appointment :	01.07.2003
Pan No.:	AIGPS3888L
Name :	Mr. Madhavan
Designation :	Department Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.06.2012

Names of Shareholders	No. of Shares
Schwing GmbH, Germany	24094510
Schwing Verwaltungs-UND Beteiligungs GmbH, Germany	1
TOTAL	24094511

AS ON 30.06.2012

Equity Share Breakup	Percentage of Holding
Category
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	100.00

BUSINESS DETAILS

Line of Business :

The subject is engaged in the business of Manufacturing and MARKETING of Ready-Mix Concrete Handling Machinery and related Spares and Services.

Products :

Product Description	ITC Code
Concrete Mixers, Pump and Plants	84.74.10

Exports :

Products :

Ready-Mix Concrete Handling Machinery

Countries :

· South Asia

· Central Africa

· Germany

Imports :

Products :

Raw Materials Concrete

Countries :

Germany

Terms :

Selling :

L/C / Cash and Credit

Purchasing :

L/C / Cash and Credit

PRODUCTION STATUS (AS ON 31.12.2010)

Particulars	Unit	Installed Capacity*
Concrete Mixers	Nos.	4500
Concrete Pumps	Nos.	1800
Batching Plants and Recycling Plants	Nos.	1344

*Installed capacities are as certified by the management and have not been verified by the auditors as this is a technical matter.

GENERAL INFORMATION

Customers :

Wholesalers and Retailers

No. of Employees :

1800 [Approximately]

Bankers :

• Kotak Mahindra Bank Limited, Capitale, 11^th Floor, 555, Anna Salai, Teynampet, Chennai-600018, Tamilnadu, India
• State Bank of India, Overseas Branch, No.86, Rajaji Salai, Chennai-600001, Tamilnadu, India
• Barclays Bank Plc, Dhanya Vyaparigal Sangam, 20/21, Kamarajar Salai, Kancheepuram-631501, Tamilnadu, India

Facilities :

Secured Loan	As on 31.12.2011 [Rs. in Millions]	As on 31.12.2010 [Rs. in Millions]
Non-Convertible Debenture	550.000	550.000
Rupee Term Loans	1930.433	831.005
Working Capital Loans	237.267	65.277
Finance Lease Obligation Long-Term	6.450	12.392
TOTAL	2724.150	1458.674
Unsecured Loan	As on 31.12.2011 [Rs. in Millions]	As on 31.12.2010 [Rs. in Millions]
Working Capital Loans Banks	78.502	80.739
Working Capital Loans Others	250.000	0.000
Other Debts	10.603	26.592
TOTAL	339.105	107.331

Banking Relations :	--
Auditors :
Name :	BSR and Company Chartered Accountants
Address :	No. 10, Mahatma Gandhi Road, Nungambakkam, Chennai 600034, Tamilnadu, India
Tel. No.:	91-44-39145000
Fax No.:	91-44-39145999
PAN No:	AAAFB9852F
Holding Company :	Schwing GmbH, Germany
Fellow Subsidiaries :	· Stetter GmbH, Germany · SCHWING America Inc., USA · SCHWING Equipamentos Industrials Ltda, Brazil · SCHWING GmbH, Austria · SCHWING Hydraulik Elektronik, Germany · SCHWING Project GmbH, Herne · SCHWING- Stetter S.A, France · SCHWING-Stetter Baumaschinen GmbH, Austria · SCHWING-Stetter Ostrava, S.R.O. Czech Republic · SCHWING- Stetter B.V. Netherlands · SCHWING- Stetter Skandinavien, Sweden · SCHWING Shanghai Machinery Co Limited Shanghai, China · SCHWING- Stetter Iberica S.L.U. Madrid, Spain

CAPITAL STRUCTURE

AS ON 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
25000000	Equity Shares	Rs.10/- each	Rs.250.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
24094511	Equity Shares	Rs.10/- each	Rs.240.945 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.12.2011	31.12.2010	31.12.2009
SHAREHOLDERS FUNDS
1] Share Capital		240.945	240.945	240.945
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		1671.052	1486.072	1213.389
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		1911.997	1727.017	1454.334
LOAN FUNDS
1] Secured Loans		2724.150	1458.674	1748.061
2] Unsecured Loans		339.105	107.331	700.000
TOTAL BORROWING		3063.255	1566.005	2448.061
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		4975.252	3293.022	3902.395
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		579.306	493.455	555.602
Capital work-in-progress		209.539	18.222	2.298
INVESTMENT		0.000	13.000	0.000
DEFERREX TAX ASSETS		18.756	14.182	21.988
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	3305.625	2847.566	3116.614
	Sundry Debtors	1054.346	778.091	821.303
	Cash & Bank Balances	854.486	460.308	376.219
	Other Current Assets	55.602	0.000	0.000
	Loans & Advances	403.873	211.278	208.728
Total Current Assets		5673.932	4297.243	4522.864
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	1255.529	1281.386	990.842
	Other Current Liabilities	177.133	183.249	161.177
	Provisions	83.918	84.541	58.285
Total Current Liabilities		1516.580	1549.176	1210.304
Net Current Assets		4157.352	2748.067	3312.560
MISCELLANEOUS EXPENSES		10.299	6.096	9.947
TOTAL		4975.252	3293.022	3902.395

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.12.2011	31.12.2010	31.12.2009
	SALES
		Sales Excluding Excise Duty	9434.100	8079.670	4773.640
		Service Income	260.500	203.770	112.610
		Other Income	194.080	137.620	118.170
		TOTAL	9888.680	8421.060	5004.420
Less	EXPENSES
		TOTAL	9304.800	7721.510	4729.010
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		583.880	699.550	275.410
Less/ Add	DEPRECIATION/ AMORTISATION		80.920	84.730	89.400
	PROFIT / (LOSS) BEFORE TAX		502.960	614.820	186.010
Less	TAX		168.070	208.250	72.270
	PROFIT / (LOSS) AFTER TAX		334.890	406.570	113.740
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		1274.500	1116.550	1305.720
Less	APPROPRIATIONS
		Transfer to General Reserve	33.480	40.660	11.370
		Transfer to Debenture Redemption Reserves	64.170	74.080	16.830
		Tax on Dividend	149.910	133.880	274.710
	BALANCE CARRIED TO THE B/S		1361.830	1274.500	1116.550
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	NA	105.572	80.197
		Freight reimbursement	NA	0.320	0.000
		Interest income	NA	8.986	7.156
	TOTAL EARNINGS		NA	114.878	87.353
	IMPORTS
		Components & Spares	NA	1420.636	797.476
		Capital Goods	NA	0.000	9.913
	TOTAL IMPORTS		NA	1420.636	807.389
	Earnings / (Loss) Per Share (Rs.)		13.90	16.87	4.72

KEY RATIOS

PARTICULARS		31.12.2011	31.12.2010	31.12.2009
PAT / Total Income	(%)	3.39	4.83	2.27
Net Profit Margin (PBT/Sales)	(%)	5.19	7.61	3.90
Return on Total Assets (PBT/Total Assets}	(%)	8.04	12.80	3.65
Return on Investment (ROI) (PBT/Networth)		0.26	0.36	0.13
Debt Equity Ratio (Total Debt/Networth)		1.60	1.80	2.52
Current Ratio (Current Asset/Current Liability)		3.74	2.77	3.74

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	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	--
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	Yes
20]	Export / Import details (if applicable)	Yes
21]	Market information	--
22]	Litigations that the firm / promoter involved in	--
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	No
30]	Major Shareholders, if available	Yes
31]	PAN of Proprietor/Partner/Director, if available	No
32]	Date of Birth of Proprietor/Partner/Director, if available	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

COMPANY BACKGROUND:

Subject a wholly owned subsidiary of SCHWING GmbH, Germany was incorporated on June 18, 1998. The Company is engaged in the business of manufacturing and marketing of ready-mix concrete handling machinery and related spares and services. The Company operates predominantly in domestic market.

PERFORMANCE OF THE COMPANY:

· In the year 2011, the Company recorded an increase of 17.42 % in turnover, compared to the previous year. The profit before tax was lower by 17.63% over the previous year due to high cost on inputs.

· The Company continues to face intensive competition from new players in the field, mainly in the pricing front. However the key factors, viz. quality and service are shielding us from the aggression of competition.

· The Company has been continuously upgrading the vendors to align themselves to its growth rate.

· The Company participated in the largest fair for construction equipments in India viz. EXCON in November, 2011. Participation in this fair had given new orders worth Rs 1000.000 millions to the Company.

· The Company introduced 19 new products in EXCON 2011.

FUTURE PROSPECTS:

The Company is planning to set up a few more Service Centers and Spares Depots during the next year.

The Company has set up a new facility adjacent to the existing facility, for carrying out fabrication of certain components, which will reduce the dependence on sub contractors and also reduce the cost of production by eliminating trade margin in procuring welded accessories. The new facility is expected to go in for full scale production by June 2012.

The budget proposals have placed immense stress on the infrastructure development and investment on various other projects. It is expected that the Indian construction equipment business will grow as in the past and the market demand for the products of the Company will also increase proportionately by later part of the year 2012 after Euro crisis settles down.

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U45309TN1998PTC046270
Name of the company	SCHWING STETTER (INDIA) PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	F-71, SIPCOT Industrial Park, Irungattukottai, Sriperumbudur, Kanchipuram-602105, Tamilnadu, India subramanian.ar@schwingstetterindia.com
This form is for	Modification of charge
Charge identification number of the charge to be modified	90285699
Type of charge	Book debts Movable property (not being pledge)
Particular of charge holder	State Bank of India, Overseas Branch, No.86, Rajaji Salai, Chennai-600001, Tamilnadu, India mahendiran56@gmail.com
Nature of instrument creating charge	Letters for Ceding Pari Passu Charge
Date of instrument Creating the charge	16.04.2012
Amount secured by the charge	Rs. 200.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest As per the existing Terms and Conditions. Terms of repayment As per the existing Terms and Conditions. Margin As per the existing Terms and Conditions. Extent and operation of the charge As mentioned in the "Letter for ceding - Pari Passu Charge"
Short particulars of the property charged (Including location of the property)	Pari Passu First Charge on all the Current Assets of the Company and Second Pari Passu Charge all the Fixed Assets of the Company
Date of instrument modifying the charge	25.04.2011
Particulars of the present modification	By the present modification the existing Credit Facilities to an extent of Rs. 200.000 Millions remain same and secured by all the Current Assets of the Company by way of Pari Passu First Charge and all the Fixed Assets of the Company by way of Second Pari Passu Charge.

FIXED ASSETS:

· Leasehold Land

· Leasehold Improvements

· Buildings

· Plant and Machinery

· Office and Communication Equipments

· Electrical Installation

· Furniture and Fixtures

· Vehicles

· Software

· Computers

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.62.06
UK Pound	1	Rs.102.03
Euro	1	Rs.85.27

INFORMATION DETAILS

Information Gathered by :	PLV
Report Prepared by :	SDA

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.