MIRA INFORM REPORT

Report Date :

02.03.2013

IDENTIFICATION DETAILS

Name :	SMS INDIA PRIVATE LIMITED
Registered Office :	B-402, Somdutt Chambers-I, 5, Bhikaji Cama Place, New Delhi – 110066
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	17.03.1994
Com. Reg. No.:	55-117043
Capital Investment / Paid-up Capital :	Rs. 10.015 millions
CIN No.: [Company Identification No.]	U74140DL1994PTC117043
TAN No.: [Tax Deduction & Collection Account No.]	DELS19960D
PAN No.: [Permanent Account No.]	AABCS8348B
Legal Form :	Private Limited Liability Company
Line of Business :	Importer and Exporter of Convertors, Ladles, Casting Machine, Rolling Machines, Arc Furnance, etc.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

A (63)

RATING		STATUS	PROPOSED CREDIT LINE
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

Maximum Credit Limit :	USD 11770000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is an established company having a good track record. The financial position of the company appears to be strong. Performance capability seems to be high. Trade relations are reported to be fair. Business is active. Payments are reported to be regular and as per commitment. The company can be considered for normal business dealings at usual trade terms and condition.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – June 30, 2012

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

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

INDIAN ECONOMIC OVERVIEW

India is developing into an open-market economy, yet traces of its past autarkic policies remain. Economic liberalization, including industrial deregulation, privatization of state-owned enterprises, and reduced controls on foreign trade and investment, began in the early 1990s and has served to accelerate the country's growth, which has averaged more than 7% per year since 1997. India's diverse economy encompasses traditional village farming, modern agriculture, handicrafts, a wide range of modern industries, and a multitude of services. Slightly more than half of the work force is in agriculture, but services are the major source of economic growth, accounting for more than half of India's output, with only one-third of its labor force. India has capitalized on its large educated English-speaking population to become a major exporter of information technology services and software workers. In 2010, the Indian economy rebounded robustly from the global financial crisis - in large part because of strong domestic demand - and growth exceeded 8% year-on-year in real terms. However, India's economic growth in 2011 slowed because of persistently high inflation and interest rates and little progress on economic reforms. High international crude prices have exacerbated the government's fuel subsidy expenditures contributing to a higher fiscal deficit, and a worsening current account deficit. Little economic reform took place in 2011 largely due to corruption scandals that have slowed legislative work. India's medium-term growth outlook is positive due to a young population and corresponding low dependency ratio, healthy savings and investment rates, and increasing integration into the global economy. India has many long-term challenges that it has not yet fully addressed, including widespread poverty, inadequate physical and social infrastructure, limited non-agricultural employment opportunities, scarce access to quality basic and higher education, and accommodating rural-to-urban migration.

Source : CIA

RBI DEFAULTERS’ LIST STATUS

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

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

LOCATIONS

Registered Office :	B-402, Somdutt Chambers-I, 5, Bhikaji Cama Place, New Delhi – 110066, India
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	sms-siemag@in.sms-siemag.com
Website :	www.sms-siemag.com
Head Office :	286, Udyog Vihar, Phase II, Gurgaon – 122016, Haryana, India
Tel. No.:	91-124-4351500

DIRECTORS

As on 28.09.2012

Name :

Guido Kleinschmidt

Designation :

Director

Address :

Am Domacker 25 47447, Moers Germany

Date of Birth/Age :

28.10.1968

Date of Appointment :

04.06.2012

DIN No.:

05283021

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	U51420DL1989PTC122000	SMS IRON TECHNOLOGY PRIVATE LIMITED	Director	04-06-12	04-06-12	-	Active	NO
2	U74140DL1994PTC117043	SMS INDIA PRIVATE LIMITED	Director	04-06-12	04-06-12	-	Active	NO

Name :

Peter Joachim Piepers

Designation :

Director

Address :

Anden Weiherwissen 30 91334 Germany

Date of Birth/Age :

12.07.1953

Date of Appointment :

29.06.2012

DIN No.:

03025580

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	U29255MH2008PTC179671	ESMECH EQUIPMENT PRIVATE LIMITED	Director	30-09-10	30-03-10	-	Active	NO
2	U51420DL1989PTC122000	SMS IRON TECHNOLOGY PRIVATE LIMITED	Director	29-06-12	29-06-12	-	Active	NO
3	U74140DL1994PTC117043	SMS INDIA PRIVATE LIMITED	Director	29-06-12	29-06-12	-	Active	NO

Name :

Michael Rzepczyk

Designation :

Director

Address :

Corinnastrabe 44 46537 Dinslaken Germany

Date of Birth/Age :

11.06.1966

Date of Appointment :

29.06.2012

DIN No.:

05283033

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	U74140DL1994PTC117043	SMS INDIA PRIVATE LIMITED	Director	29-06-12	29-06-12	-	Active	NO
2	U51420DL1989PTC122000	SMS IRON TECHNOLOGY PRIVATE LIMITED	Director	29-06-12	29-06-12	-	Active	NO

Name :

Marcel Fasswald

Designation :

Director

Address :

KH. NO. 2041-42-43-44, Min Village-Rajokri, New Delhi-110038, India

Date of Birth/Age :

15.11.1969

Qualification :

Diplom Engineer(equivalent To M.Tech)

Date of Appointment :

29.05.2007

PAN No.:

AAKPF5089Q

DIN No.:

00140134

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	U74140DL1994PTC117043	SMS INDIA PRIVATE LIMITED	Director	29-05-07	17-05-05	-	Active	NO
2	U51420DL1989PTC122000	SMS IRON TECHNOLOGY PRIVATE LIMITED	Director	09-03-07	09-03-07	-	Active	NO

Name :

Reiner Kulchen

Designation :

Director

Address :

Flunnertzdyk 360D, Krefeld, Germany

Date of Birth/Age :

31.07.1963

Date of Appointment :

20.10.2008

DIN No.:

02328250

Other Directorship:

Name :

Mr. Sankaran Ravi Shankar

Designation :

Director

Address :

127D, Pocket-1, Phase-1, Mayur Vihar, New Delhi-110091, India

Date of Birth/Age :

10.07.1961

Qualification :

Chartered Accountant

Date of Appointment :

23.01.2007

PAN No.:

AAOPS3396R

DIN No.:

01278720

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	U74140DL1994PTC117043	SMS INDIA PRIVATE LIMITED	Director	23-01-07	23-01-07	-	Active	NO
2	U29999PN1998PTC012625	SMS CONCAST ENGINEERING (INDIA) PRIVATE LIMITED	Director	23-06-09	26-03-09	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Manish Sinha
Designation :	Secretary
Address :	FF-28, Siddhi Vinayak Appartments, Abhay Khand-111 Indi, Ghaziabad-201010, Uttar Pradesh, India
Date of Birth/Age :	10.03.1975
Date of Appointment :	09.03.2007
PAN No.:	ASPPS8157F

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 28.09.2012

Names of Shareholders	No. of Shares
Dodsal Enterprises Private Limited, India	5350
SMS Siemag AG	94666
Kilachand A Rajen	130
SMS Sack Verwaltun GS GMBH	1
SMS Meer GMBH	1
SMS Mevac GMBH	1
Burkhard Dahmen with SMS Siemag AG	1
Total	100150

Equity Share Break up (Percentage of Total Equity)

As on 28.09.2012

Category	Percentage
Bodies corporate	99.87
Others	0.13
Total	100.00

BUSINESS DETAILS

Line of Business :

Importer and Exporter of Convertors, Ladles, Casting Machine, Rolling Machines, Arc Furnance, etc.

Products :

Item Code No.	Product Description
84579090	Metallurgical Plant and Rolling Mill Technology

GENERAL INFORMATION

No. of Employees :	Not Available
Bankers :	Not Available

Banking Relations :	--
Auditors :
Name :	Haribhakti and Company Chartered Accountants
Address :	42, Free Press House, 215 Nariman Point, Mumbai-400021, Maharashtra, India
PAN No.:	AAAFH2010F
Holding company:	SMS Siemag AG, Germany
Ultimate holding Company :	· SMS GmbH (Holding Company of SMS Siemag AG)
Fellow Subsidiary company:	· SMS Mevac GMBH, Germany · SMS Siemag Technology Company Limited, China · SMS Millcrat LLC, United States · SMS Concast AG, Germany · SMS Meer India Private Limited, India CIN No.:U27203WB2008FTC123612 · SMS Concast Engineering (India) Private Limited U29999PN1998PTC012625 · SMS Mevac UK Limited, United Kingdom (formerly Vacmetal UK Limited) · Drever International S.A., Belgium · SMS Iron Technology Private Limited, India (formerly SMS Demag Private Limited) CIN No.:U51420DL1989PTC122000 · Lux Automation GMBH, Germany · S.I.M.A.C S.p.A

CAPITAL STRUCTURE

As on 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
1500000	Equity Shares	Rs. 100/- each	Rs. 150.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
100150	Equity Shares	Rs. 100/- each	Rs. 10.015 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2012	31.03.2011	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		10.015	10.015	10.015
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		2932.653	2177.295	1486.982
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		2942.668	2187.310	1496.997
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		0.000	0.000	0.000
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		2942.668	2187.310	1496.997
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		1833.224	242.691	136.213
Capital work-in-progress		0.000	742.194	0.000
INVESTMENT		0.000	0.000	0.000
DEFERRED TAX ASSETS		426.631	315.698	215.585
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	38.803	7.541	7.126
	Sundry Debtors	3782.941	3766.146	6099.775
	Cash & Bank Balances	3425.220	2551.389	2007.113
	Other Current Assets	2749.518	2169.264	7.063
	Loans & Advances	1293.328	1397.786	1335.757
Total Current Assets		11289.810	9892.126	9456.834
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	1139.669	1130.249	1532.366
	Other Current Liabilities	8119.964	6861.118	6119.698
	Provisions	1347.364	1014.032	659.571
Total Current Liabilities		10606.997	9005.399	8311.635
Net Current Assets		682.813	886.727	1145.199
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		2942.668	2187.310	1496.997

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	6192.238	5705.192	6962.042
		Other Income	NA	NA	NA
		TOTAL (A)	NA	NA	NA
Less	EXPENSES
		Office Expenses	NA	NA	NA
		Administrative Expenses
		Advertising Expenses
		TOTAL (B)	NA	NA	NA
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B)		959.342	974.997	1078.477
Less	FINANCIAL EXPENSES (D)		(262.864)	(125.167)	(77.460)
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		1222.206	1100.164	1155.937
Less/ Add	DEPRECIATION/ AMORTISATION (F)		75.124	43.563	34.572
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		1147.082	1056.601	1121.365
Less	TAX (H)		391.724	366.288	385.297
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		755.358	690.313	736.068
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		1426.382	736.069	0.001
	BALANCE CARRIED TO THE B/S		2181.740	1426.382	736.069
	EARNINGS IN FOREIGN CURRENCY
		Supply & Services	NA	246.148	207.236
		Others	NA	18.535	25.836
	TOTAL EARNINGS		NA	264.683	233.072
	Earnings / (Loss) Per Share (Rs.)		7542.27	6892.79	7349.66

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
Net Profit Margin (PBT/Sales)	(%)	18.52	18.52	16.11
Return on Total Assets (PBT/Total Assets}	(%)	8.74	10.43	11.69
Return on Investment (ROI) (PBT/Networth)		0.39	0.48	0.75
Debt Equity Ratio (Total Debt/Networth)		0.00	0.00	0.00
Current Ratio (Current Asset/Current Liability)		1.06	1.10	1.14

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	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
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

NOTE

The Registered office address of the company has been changed New Delhi - 110019, India, to present w.e.f. 16.07.2007

YEAR IN RETROSPECT AND NEW PROJECTS AND EXPANSION

During the year, Orders worth INR 5,161.468 Million (Euro 76.967 Million) were booked by the Company. Notable among these were orders of Tata Steel, Jindal Steel and Power, Rourkela Steel Plant etc.

Order worth INR 2,676.186 Million (Euro 39.907 Million) were satisfactorily completed and the facilities commissioned to the satisfaction of the customer.

FIXED ASSETS

· Land

· Buildings

· Plant and equipment

· Furniture and fixtures

· Vehicles

· 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 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.54.48
UK Pound	1	Rs.82.72
Euro	1	Rs.71.27

INFORMATION DETAILS

Report Prepared by :

MRI

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	7
PAID-UP CAPITAL	1~10	7
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	7
--PROFITABILIRY	1~10	7
--LIQUIDITY	1~10	7
--LEVERAGE	1~10	7
--RESERVES	1~10	7
--CREDIT LINES	1~10	7
--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
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		63

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
NB		NEW BUSINESS

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