MIRA INFORM REPORT

Report Date :

25.11.2014

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) :	31.12.2013
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
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	CHES20172F
PAN No.: [Permanent Account No.]	AADCS5069D
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturing, Exporter and Importer of Ready-mix Concrete Handling Machinery and Spares and Services.
No. of Employees :	1800 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (46)

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is a well-established company having satisfactory track record. The company has incurred a loss from its operations during 2013. Reserves of the company also seems to be low. However, the rating takes into consideration the strong brand name, robust market position, technology and product support from Schwing Gmbh (Holding Company), a global leader in the ready mix concrete equipment sector. Tarde relations are fair. Business is active. Payment terms are reported to be usually correct and as per commitment. The company can be considered normal for 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 – June 1, 2014

Country Name	Previous Rating (31.03.2014)	Current Rating (01.06.2014)
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

N E W S

Verdict Implications : Apex court order may alter coal import dynamics. Traders go slow on talks over coal supply contracts, uncertainty over cancellation of blocks weigh on stocks.

Recent arrest of the Chennai head of the Registrar of Companies, the ministry of corporate affairs arm that ensures that companies file all the information required by the Companies Act is the latest manifestation of a messy fight between a father and his adopted son for the control of Rs 40000 mn business empire. The Central Bureau of Investigation arrested Manumeethi Cholan after he accepted Rs 10 lakhs as bribe from M A M Ramaswamy, a CBI official said.

Central Bureau of Investigation books Electrotherm for cheating Central Bank of Rs 4360 mn.

Infosys maintains revenue guidance. COO Rao says attrition still an area of concern and it would take a few more quarters to bring down levels to 13-15 %.

DHL  to invest Euro 100 mn in India over next 2 years. The firm has chosen India to pilot its e-commerce business model for the Asia-Pacific region.

Blackstone may buy stake in BlueRidge SEZ in line with the fund’s real estate strategy in India.

Kingfisher Airlines Ltd grounded in October 2012 under the weight of heavy debt and accumulated losses, recently approached the Delhi high court for relief in two separate cases. The airline challenged a notice by Punjab & National Bank alleging that It had wilfully defaulted on Rs 7700 mn of loans and sought more time to comply with the requirements under the listing agreements with the Stock Exchanges.

OnMobile likely to sack another 300 employees. The lay-offs follow a spate of senior-level exits over the past two years, starting with of its founder. The overall lay-offs could number around 600 and are driven by the need to cut costs, says a former employee.

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long term rating BBB+
Rating Explanation	Have moderate degree of safety and carry moderate credit risk.
Date	June 11, 2014

Rating Agency Name	CRISIL
Rating	Short term rating A2
Rating Explanation	Have strong degree of safety and carry low credit risk.
Date	June 11, 2014

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 31-03-2014.

INFORMATION PARTED BY

Name :	Mr. Sudarshan
Designation :	Deputy Manager
Contact No.:	91-44-47108100
Date :	25.11.2014

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 / 37178301
Fax No.:	91-44-27156539 / 37178319
E-Mail :	subramanian.ar@schwingstetterindia.com schwing@vsnl.com chennai@schwingstetterindia.com balaji.j@schwingstetterindia.com ars.manian@schwingstetterindia.com madhavan.p@schwingstetterindia.com
Website :	www.schwingstetterindia.com
Location:	Owned
Branch Office:	620 / 621, Nirmal Lifestyle Corporate Centre, 6^th Floor, LBS Marg, Mulund (West), Mumbai – 400080, Maharashtra, India
Tel. No.:	22-25624863 / 64 / 30718300
Fax No.:	22-25624865 / 66
E-Mail :	mumbai@schwingstetterindia.com
Other Branch Offices :	Located At: · Mumbai Bangalore Hyderabad Chandigarh Pune New Delhi Ahmedabad Cochin Kolkata
Service Centers :	Located At: · Chennai New Delhi Mumbai Ahmedabad Hyderabad Pune Kolkata

DIRECTORS

As on 26.06.2014

Name :

Mr. Gerhard Schwing

Designation :

Chairman cum Director

Address :

Holbeinstr 3, Herne, Germany – 44651

Date of Birth/Age :

13.09.1947

Date of Appointment :

27.06.2008

DIN No.:

02166664

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	U45309TN1998PTC046270	SCHWING STETTER (INDIA) PRIVATE LIMITED	Director	27/06/08	25/02/08	-	Active	NO

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

PAN No.:

ADEPA3158J

DIN No.:

01028552

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	U45309TN1998PTC046270	SCHWING STETTER (INDIA) PRIVATE LIMITED	Managing director	06/01/02	06/01/02	-	Active	NO
2	U51900TN2012PTC088576	SCHWING Stetter Sales and Services Private Limited	Director	01/10/13	21/11/12	-	Active	NO

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 :

27.06.2008

DIN No.:

02166685

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	U45309TN1998PTC046270	SCHWING STETTER (INDIA) PRIVATE LIMITED	Director	27/06/08	25/02/08	-	Active	NO

Name :

Mr. Gunther Abolins

Designation :

Director

Address :

Raupolzer Weg 22A, Bad Gornenbach, Germany – 87730

Date of Birth/Age :

01.11.1950

Date of Appointment :

27.06.2008

DIN No.:

02330188

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	U45309TN1998PTC046270	SCHWING STETTER (INDIA) PRIVATE LIMITED	Director	27/06/08	29/05/08	-	Active	NO

Name :

Mr. Angarai Raghavan Subramanian

Designation :

Executive Director (Finance)

Address :

Flat P2, Ragavilla No.15, Jagadambal Colony, I, Street Royapettah, Chennai-600014, Tamilnadu, India

Date of Birth/Age :

18.08.1958

Qualification:

FCA, FCS,

Date of Appointment :

28.06.2013

DIN No.:

01544903

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	U45309TN1998PTC046270	SCHWING STETTER (INDIA) PRIVATE LIMITED	Director	28/06/13	01/01/13	-	Active	NO
2	U51900TN2012PTC088576	SCHWING Stetter Sales and Services Private Limited	Additional director	01/10/13	01/10/13	-	Active	NO

Name :

Mr. Sakthikumar Velayutham Govindarajan

Designation :

Whole Time Director - Operations

Address :

Ceebros Boulevard, FL 511, 3/381, OMR, Rajiv Gandhi Salai, Thuraipakkam, Chennai – 600097, Tamilnadu, India

Date of Birth/Age :

30.01.1965

Qualification:

B.Tech, MBA,

Date of Appointment :

28.06.2013

DIN No.:

06475756

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	U45309TN1998PTC046270	SCHWING STETTER (INDIA) PRIVATE LIMITED	Director	28/06/13	01/01/13	-	Active	NO
2	U51900TN2012PTC088576	SCHWING Stetter Sales and Services Private Limited	Managing director	01/10/13	01/10/13	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Angarai Raghavan Subramanian
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. Sudarshan
Designation :	Deputy Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 26.06.2014

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

As on 26.06.2014

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturing, Exporter and Importer of Ready-mix Concrete Handling Machinery and Spares and Services.

Products :

Item Code No. (ITC Code)	Product Description
84743110	Batching Plant
84743110	Mixer
84134000	Pump

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Products :

Finished Good

Countries :

· Germany

Africa

South East Asia

Imports :

Products :

Raw Materials

Countries :

· Germany

Brazil

China

Terms :

Selling :

L/C and Credit

Purchasing :

L/C and Credit

PRODUCTION STATUS – NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Not Divulged

Customers :

Not Divulged

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

ING Vysya Bank Limited, 185,Anna Salai, Near TVS, Chennai - 600006, Tamilnadu, India

HDFC Bank Limited, HDFC Bank Housesenapati Bapat Marg, Lower Parel (West), Mumbai - 400013, Maharashtra, India

Barclays Bank PLC Dhanya Vyaparigal Sangam, 20/21, Kamarajar Salai, Kancheepuram - 631501, Tamilnadu, India

Indusind Bank Limited, Thimmayya Road, Contonment, Pune - 411001, Maharashtra, India

Facilities :

SECURED LOANS	31.12.2013 (Rs. In Millions)	31.12.2012 (Rs. In Millions)
LONG TERM BORROWINGS
Rupee term loans from banks	25.914	37.431
Foreign currency term loans from banks	327.525	421.934
Long-term maturities of finance lease obligations	9.171	6.444
SHORT TERM BORROWINGS
Rupee term loans from banks	1150.000	700.000
Term loans from others	527.531	133.435
Working capital loans from banks	92.563	51.733
Total	2132.704	1350.977

Financial Institution :	IDBI Trusteeship Services Limited, Asian Building, Ground Floor, 17, R. Kamani Marg, Ballard Estate, Mumbai – 400001, Maharashtra, India
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
Memberships :	--
Collaborators :	--
Ultimate Holding Company :	v XCMG Construction Machinery Company Limited
Holding company :	v SCHWING GmbH, Germany
Wholly owned subsidiary :	v SCHWING Stetter India Trading GMBH v SCHWING Stetter Sales and Services Private Limited
Associates / Fellow subsidiaries :	v Stetter GmbH, Germany v SCHWING America Inc., USA v SCHWING Brasilien Equipmentos Industriais Ltda, Brazil v SCHWING GmbH, Austria v SCHWING Hydraulik Electronik GmbH, Germany v SCHWING Project GmbH, Herne v SCHWING- Stetter S.A France v SCHWING- Stetter Ges. Austria v SCHWING- Stetter Ostrava, Czech Republic v SCHWING- Stetter B.V. Netherlands v SCHWING- Stetter Skandinav, Sweden v SCHWING Shanghai Machinery Co Ltd. Shanghai, China v SCHWING Stetter Iberica S.L, Spain v Schwing GmbH, Dubai

CAPITAL STRUCTURE

As on 31.12.2013

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	31.12.2013	31.12.2012	31.12.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	240.945	240.945	240.945
(b) Reserves & Surplus	1555.777	1703.797	1671.052
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	1796.722	1944.742	1911.997
(3) Non-Current Liabilities
(a) long-term borrowings	362.610	465.809	376.532
(b) Deferred tax liabilities (Net)	1.263	0.876	0.000
(c) Other long term liabilities	58.777	68.484	2.083
(d) long-term provisions	0.000	0.000	57.030
Total Non-current Liabilities (3)	422.650	535.169	435.645
(4) Current Liabilities
(a) Short term borrowings	2059.423	1868.784	2685.000
(b) Trade payables	1238.715	1156.706	1196.825
(c) Other current liabilities	563.041	367.632	230.137
(d) Short-term provisions	24.811	21.666	26.888
Total Current Liabilities (4)	3885.990	3414.788	4138.850
TOTAL	6105.362	5894.699	6486.492
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1009.724	1053.799	493.863
(ii) Intangible Assets	104.842	76.693	85.443
(iii) Capital work-in-progress	5.376	15.510	173.998
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	10.660	19.463	0.000
(c) Deferred tax assets (net)	103.111	19.391	18.756
(d) Long-term Loan and Advances	174.316	155.483	124.950
(e) Other Non-current assets	18.389	16.083	12.638
Total Non-Current Assets	1426.418	1356.422	909.648
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	2841.005	3020.862	3305.625
(c) Trade receivables	1366.858	1038.813	1054.346
(d) Cash and cash equivalents	181.065	240.167	854.486
(e) Short-term loans and advances	287.478	238.005	319.709
(f) Other current assets	2.538	0.430	42.678
Total Current Assets	4678.944	4538.277	5576.844
TOTAL	6105.362	5894.699	6486.492

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.12.2013	31.12.2012	31.12.2011
	SALES
		Sales excluding excise duty	7332.090	7539.550	9434.100
		Service Income	243.770	234.050	260.500
		Other Income	73.790	119.300	194.080
		TOTAL	7649.650	7892.900	9888.680
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL	7726.380	7731.300	9304.800
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		(76.730)	161.600	583.880
Less/ Add	DEPRECIATION/ AMORTISATION		155.010	113.590	80.920
	PROFIT/ (LOSS) BEFORE TAX		(231.740)	48.010	502.960
Less	TAX		(83.720)	15.270	168.070
	PROFIT/ (LOSS) AFTER TAX		(148.020)	32.740	334.890
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		1374.340	1361.830	1274.500
Less	APPROPRIATIONS
		Transfer to General Reserve	0.000	0.000	33.480
		Transfer to Debenture Redemption Reserves	0.000	20.240	64.170
		Tax on Dividend	0.000	0.000	149.910
	BALANCE CARRIED TO THE B/S		1226.320	1374.340	1361.830
	Earnings / (Loss) Per Share (Rs.)		(6.14)	1.36	13.90

KEY RATIOS

PARTICULARS		31.12.2013	31.12.2012	31.12.2011
Net Profit Margin (PAT/Sales)	(%)	(60.72)	13.99	128.56
Return on Total Assets (PBT/Total Assets}	(%)	(3.87)	0.82	7.99
Return on Investment (ROI) (PBT/Networth)		(0.13)	0.02	0.26
Debt Equity Ratio (Total Debt/Networth)		1.35	1.20	1.60
Current Ratio (Current Asset/Current Liability)		1.20	1.33	1.35

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.12.2011	31.12.2012	31.12.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	240.945	240.945	240.945
Reserves & Surplus	1671.052	1703.797	1555.777
Net worth	1911.997	1944.742	1796.722
long-term borrowings	376.532	465.809	362.610
Short term borrowings	2685.000	1868.784	2059.423
Total borrowings	3061.532	2334.593	2422.033
Debt/Equity ratio	1.601	1.200	1.348

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.12.2011	31.12.2012	31.12.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Total Income	9888.680	7892.900	7649.650
		(20.182)	(3.082)

NET PROFIT MARGIN

Net Profit Margin	31.12.2011	31.12.2012	31.12.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Total Income	9888.680	7892.900	7649.650
Profit	334.890	32.740	(148.020)
	3.39%	0.41%	(1.93%)

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	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	Yes

UNSECURED LOANS

PARTICULAR	31.12.2013 (Rs. In Millions)	31.12.2012 (Rs. In Millions)
SHORT TERM BORROWINGS
Loans repayable on demand from banks	289.329	983.616
Total	289.329	983.616

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10529229	29/08/2014	400,000,000.00	YES BANK LIMITED	9TH FLOOR, NEHRU CENTRE, DISCOVERY OF INDIA, DR. ANNIE BESANT ROAD, WORLI, MUMBAI, Maharashtra -  400018, INDIA	C32328007
2	10364406	15/06/2012	60,000,000.00	KOTAK MAHINDRA BANK LIMITED	555, CAPITALE, 11TH FLOOR, ANNA SALAI, TEYNAMPET, CHENNAI, Tamil Nadu - 600018, INDIA	B43155910
3	10289389	16/04/2011	200,000,000.00	INDUSIND BANK LTD.	2401 GEN THIMMAYYA ROAD, CONTONMENT, PUNE, Maharashtra - 411001, INDIA	B13924857
4	10066904	06/08/2007	1,306,659,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, Maharashtra - 400013, INDIA	A22745731
5	10061891	12/03/2010 *	400,000,000.00	ICICI BANK LIMITED	NO.110, PRAKASH PRESIDIUM, NUNGAMBAKKAM HIGH ROAD, CHENNAI, Tamil Nadu - 600034, INDIA	A82814179
6	10053417	25/09/2012 *	250,000,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, Maharashtra - 400013, INDIA	B61625646
7	90288421	15/05/2013 *	450,000,000.00	KOTAK MAHINDRA BANK LIMITED	Capitale, 11th Floor,, 555, Anna Salai, Teynampet, Chennai, Tamil Nadu - 600018, INDIA	B77408250
8	90285699	23/07/2012 *	270,000,000.00	State Bank of India	Overseas Branch, No.86. Rajaji Salai, Chennai, Tamil Nadu - 600001, INDIA	B56353006
9	90285615	25/06/2011 *	500,000,000.00	IDBI Bank Limited	7 Chevalier Shivaji Ganesan Salai, T Nagar, CHENNAI, Tamil Nadu - 600017, INDIA	B16952749
10	90285511	28/01/2013 *	350,000,000.00	ING VYSYA BANK LIMITED	185,ANNA SALAI, NEAR TVS, CHENNAI, Tamil Nadu - 600006, INDIA	B71351548
11	80036449	24/07/2010 *	380,000,000.00	INDIAN OVERSEAS BANK	SSI BRANCH, NO.10, G.S.T. ROAD, GUINDY, CHENNAI, Tamil Nadu - 600032, INDIA	A91211136

* Date of charge modification

PERFORMANCE OF THE COMPANY

In the year 2013, the Company recorded a decrease of 3.08% in turnover, compared to the previous year and incurred a loss on profit before tax level, due to high cost of inputs. This was due to delay in sanctioning the several infrastructure projects announced by Government in the Budget. The total spending of the Government on infrastructure projects took a beating leading to reduction in infrastructure machinery spending by contractors. Competition with international presence and with deep pockets resorted to dumping of their inventory thus taking the Company’s market price realization to abysmal levels.

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 the Company from the aggression of competition.

The Company had appointed an internationally reputed consultancy firm M/s. AT Kearney, who had completed their 8 month exercise on the cost reduction initiatives and efficiency improvement initiatives that can be implemented in the Company. They had given their suggestions on Technical Cost Reduction, Long Term Sourcing, Ramp-up of new designs/ suppliers and Inventory reduction, etc. and the Company is in the process of implementing their suggestions in various phases. Huge cost savings is expected out this exercise and there will be a considerable improvement in the bottom line beginning 2nd half of the year 2014.

FIXED ASSETS

Tangible Assets

œ Buildings

œ Plant and Equipment

œ Furniture and Fixtures

œ Vehicles

œ Office Equipment

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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.61.78
UK Pound	1	Rs.96.78
Euro	1	Rs.76.59

INFORMATION DETAILS

Information Gathered by :	NYA
Analysis Done by :	RAS
Report Prepared by :	ANK

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	3
--CREDIT LINES	1~10	6
--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
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		46

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.