MIRA INFORM REPORT

Report No. :	300166
Report Date :	27.01.2015

IDENTIFICATION DETAILS

Name :	JUNGHEINRICH LIFT TRUCK INDIA PRIVATE LIMITED
Registered Office :	502 Alpha Building, Hiranandani Business Park, Powai, Mumbai – 400076, Maharashtra
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	21.02.2012
Com. Reg. No.:	11-227265
Capital Investment / Paid-up Capital :	Rs.35.000 Millions
CIN No.: [Company Identification No.]	U35204MH2012FTC227265
TIN No.:	Not Available
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	Not Available
Legal Form :	Private Limited Liability Company
Line of Business :	Buying and Selling of Trucks and Spares.
No. of Employees :	60 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (27)

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

Maximum Credit Limit :	USD 109000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. The company has been successful in wiping of its accumulated losses of the previous year’s reserves of the company. Trade relations are reported as fair. Business is active. Payments terms are reported to be slow. The company can be considered for business dealings with some caution.

NOTES:

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

ECGC Country Risk Classification List – September 30, 2014

Country Name	Previous Rating (30.06.2014)	Current Rating (30.09.2014)
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

NOT AVAILABLE

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 :	Ms. Deepika
Designation :	Sales Coordinator
Contact No.:	91-22-25727926
Date :	15.01.2015

LOCATIONS

Registered Office / Head Office :	502 Alpha Building, Hiranandani Business Park, Powai, Mumbai – 400076, Maharashtra, India
Tel. No.:	91-22-25727926 / 25727900
Fax No.:	91-22-25727945
E-Mail :	sneha.dalvi@jungheinrich.in
Website :	www.junghenrich.in

DIRECTORS

As on 19.08.2013

Name :

Klaus Peter Edgar Simon

Designation :

Managing Director

Address :

Esswurmstrasse 32, Munich, 81371, Germany

Date of Birth/Age :

18.09.1958

Date of Appointment :

25.10.2012

DIN No.:

2040597

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	U29220KA1997PTC022762	GUHRING (INDIA) PRIVATE LIMITED	Managing director	01/10/2004	01/10/2004	24/05/2008	Active	NO
2	U35204MH2012FTC227265	Jungheinrich Lift Truck India Private Limited	Managing director	25/10/2012	25/10/2012	-	Active	NO

Name :

Achim Keller Schwy

Designation :

Director

Address :

Mellenbergweg 111, Hamburg, 22359, Germany

Date of Birth/Age :

21.02.1975

Date of Appointment :

24.06.2013

DIN No.:

06613737

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	U35204MH2012FTC227265	Jungheinrich Lift Truck India Private Limited	Director	19/08/2013	24/06/2013	-	Active	NO

KEY EXECUTIVES

Name :	Ms. Deepika
Designation :	Sales Coordinator

MAJOR SHAREHOLDERS

As on 19.08.2013

Names of Shareholders	No. of Shares
Jungheinrich Beteiligungs GmbH, Germany	34999999
Jungheinrich Aktiengesellschaft, Germany	1
Total	35000000

Equity Share Break up (Percentage of Total Equity)

As on 19.08.2013

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 :	Buying and Selling of Trucks and Spares.
Products :	Trucks and Spares
Brand Names :	--
Agencies Held :	--
Exports :	Not Divulged
Imports :
Products :	Spare Parts
Countries :	Italy
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

PRODUCTION STATUS – NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged
Remark :	Not Divulged

Customers :

• Asian Paints Limited, Mumbai, Maharashtra, India
• Times of India, Mumbai, Maharashtra, India
• Mahindra and Mahindra, Mumbai, Maharashtra, India

No. of Employees :

60 (Approximately)

Bankers :

Not Divulged

Facilities :

SECURED LOANS	31.03.2014 Rs. In Millions	31.03.2013 Rs. In Millions
SHORT TERM BORROWINGS
Loans repayable on demand from bank k	0.000	12.224
Total	0.000	12.224

Auditors :
Name :	Deloitte Haskins and sells LLP Chartered Accountants
Address :	Indiabulls Finance Centre, Tower 3, 27th 32nd Floor, Senapati Bapat Marg, Elphinstone Road West, Mumbai – 400013, Maharashtra, India
Tel. No.:	91-22-61854000
Fax No.:	91-22-61854501 / 4601
PAN No.:	AACFD4815A
Memberships :	--
Collaborators :	--
Holding Company :	Jungheinrich Beteiligungs GmbH, Germany
Ultimate Holding Company :	Jungheinrich Aktiengesellschaft, Germany
Fellow Subsidiary :	Jungheinrich Singapore Pte Limited Jungheinrich Lift Truck Manufacturing (Shanghai) Company Limited

CAPITAL STRUCTURE

As on 19.08.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
3500000	Equity Shares	Rs.10/- each	Rs.35.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
3500000	Equity Shares	Rs.10/- each	Rs.35.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	35.000	35.000
(b) Reserves & Surplus	3.221	(32.257)
(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)	38.221	2.743
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000
(b) Deferred tax liabilities (Net)	0.000	0.000
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	5.586	0.155
Total Non-current Liabilities (3)	5.586	0.155
(4) Current Liabilities
(a) Short term borrowings	0.000	12.224
(b) Trade payables	124.052	19.140
(c) Other current liabilities	26.132	2.885
(d) Short-term provisions	13.021	3.321
Total Current Liabilities (4)	163.205	37.570
TOTAL	207.012	40.468
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	26.136	14.633
(ii) Intangible Assets	0.881	0.026
(iii) Capital work-in-progress	0.000	0.000
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.000	0.000
(c) Deferred tax assets (net)	2.188	0.000
(d) Long-term Loan and Advances	8.545	2.975
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	37.750	17.634
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	45.308	7.714
(c) Trade receivables	75.898	13.780
(d) Cash and cash equivalents	44.628	0.189
(e) Short-term loans and advances	3.428	1.151
(f) Other current assets	0.000	0.000
Total Current Assets	169.262	22.834
TOTAL	207.012	40.468

PROFIT & LOSS ACCOUNT

	PARTICULARS			31.03.2014	31.03.2013
	SALES
		Income		302.093	25.143
		Other Income		1.011	0.000
		TOTAL (A)		303.104	25.143
Less	EXPENSES
		Purchase of Stock-in-trade		174.981	12.222
		Changes in Inventories of finished goods, work-in-progress and stock-in-trade		(37.595)	(7.714)
		Employee Benefits Expenses		58.944	18.004
		Other Expenses		57.423	31.807
		TOTAL (B)		253.753	54.319
	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)			49.351	(29.176)
Less	FINANCIAL EXPENSES (D)			0.847	0.120
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)			48.504	(29.296)
Less	DEPRECIATION/ AMORTISATION (F)			5.915	2.961
	PROFIT/(LOSS) BEFORE TAX (E-F) (G)			42.589	(32.257)
Less	TAX (H)			7.111	0.000
	PROFIT/(LOSS) AFTER TAX (G-H) (I)			35.478	(32.257)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD			(32.257)	0.000
	BALANCE CARRIED TO THE B/S			3.221	(32.257)
	EARNINGS IN FOREIGN CURRENCY
			Export Earnings	98.451	15.837
	TOTAL EARNINGS			98.451	15.837
	IMPORTS
			Trucks	127.233	4.191
			Stores & Spares	20.702	5.378
			Fixed Assets	14.546	0.544
	TOTAL IMPORTS			162.481	10.113
	Earnings / (Loss) Per Share (Rs.)			10.14	(23.58)

Expected Sales (2014-2015): Rs.500.000 Millions

The above information has been parted by Ms. Deepika

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013
Net Profit Margin (PAT/Sales)	(%)	11.74	(128.29)
Operating Profit Margin (PBDIT/Sales)	(%)	16.34	(116.04)
Return on Total Assets (PBT/Total Assets}	(%)	20.79	(79.71)
Return on Investment (ROI) (PBT/Networth)		1.11	(11.76)
Debt Equity Ratio (Total Debt /Networth)		0.00	4.46
Current Ratio (Current Asset/Current Liability)		1.04	0.61

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2013	31.03.2014
	Rs. In Millions	Rs. In Millions
Share Capital	35.000	35.000
Reserves & Surplus	(32.257)	3.221
Share Application money pending allotment	0.000	0.000
Net worth	2.743	38.221
Long Term borrowings	0.000	0.000
Short Term borrowings	12.224	0.000
Total borrowings	12.224	0.000
Debt/Equity ratio	4.456	0.000

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2013	31.03.2014
	Rs. In Millions	Rs. In Millions
Sales	25.143	302.093
		1,101.499

NET PROFIT MARGIN

Net Profit Margin	31.03.2013	31.03.2014
	Rs. In Millions	Rs. In Millions
Sales	25.143	302.093
Profit	(32.257)	35.478
	(128.29%)	11.74%

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 two years	Yes
12]	Profitability for last two years	Yes
13]	Reasons for variation <> 20%	-----------
14]	Estimation for coming financial year	Yes
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	Yes
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	No
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	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

NO CHARGES EXIST FOR THE COMPANY

FIXED ASSETS:

· Land

· Building

· Plant and Machinery

· Computer

· Vehicles

· Furniture and Fixture

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.61.69
UK Pound	1	Rs.93.33
Euro	1	Rs.71.49

INFORMATION DETAILS

Information Gathered by :	PPT
Analysis Done by :	DIV
Report Prepared by :	VNT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILITY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	2
--CREDIT LINES	1~10	2
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	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		27

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.