MIRA INFORM REPORT

Report No. :	339222
Report Date :	05.09.2015

IDENTIFICATION DETAILS

Name :	DEMAG CRANES AND COMPONENTS (INDIA) PRIVATE LIMITED (w.e.f DECEMBER 2001)
Formerly Known As :	MANNESMANN DEMATIC [INDIA] PRIVATE LIMITED
Registered Office :	Plot No.E-18, Phase – II, Expansion – II, SIPCOT Industrial Complex, Hosur – 635109, Tamilnadu
Tel. No.:	91-2135-614200
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	16.07.1997
Com. Reg. No.:	18-020837
Capital Investment / Paid-up Capital :	Rs.1939.000 Million
CIN No.: [Company Identification No.]	U29299TZ1997PTC020837
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	PNED03871A
PAN No.: [Permanent Account No.]	AABCM9351Q
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturing, trading, installation and commissioning and service of Industrial cranes.
No. of Employees :	Information declined by the management

RATING & COMMENTS

MIRA’s Rating :

B (26)

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

Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. The company has reported continue heavy losses from its operations during the years, and it has been accumulated resulting in the deterioration of its capital structure. This rating strength is partially offset by the experienced promoter and long track record of its business backed by zero debt balance sheet position. However} trade relations are fair. Business is active. Payment terms are slow but correct. 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 – March 31, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
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	Not Available
Rating	Not Available
Rating Explanation	Not Available
Date	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 31-03-2013.

INFORMATION DECLINED

MANAGEMENT NON CO-OPERATIVE (91-2135-614200)

LOCATIONS

Registered Office :	Plot No.E-18, Phase – II, Expansion – II, SIPCOT Industrial Complex, Hosur – 635109, Tamilnadu, India
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	vrushali.oak@terex.com
Website :	http://www.demagcranes.co.in
Works Office:	Gat No-330, 332, 333 ,334, Nanekarwadi, Chakan, Khed, Pune – 410501, Maharashtra, India
Tel. No.:	91-2135-614200
Fax No.:	91-2135-614300
Regional Offices:	Located at: · Pune · Delhi · Chennai · Bangalore · Kolkata · Vadodara

DIRECTORS

As on 28.11.2014

Name :	Eric Cohen I
Designation :	Director
Address :	32-Burn Ham Hill Road, Westport, Ct06880
Date of Birth/Age :	19.10.1958
Date of Appointment :	30.10.2013
DIN No.:	02171716
Name :	Stoyan Filipov
Designation :	Director
Address :	12-Gate House Lane, Mamaroneck, New York, 10543
Date of Birth/Age :	26.06.1968
Date of Appointment :	30.10.2013
DIN No.:	02171731
Name :	Mr. Srikanth Ekambaram
Designation :	Director
Address :	B-102, Sterling Park Kodigehalli, Main Road Kodigehalli, Bangalore – 560092, Karnataka, India
Date of Birth/Age :	05.10.1966
Date of Appointment :	30.10.2013
DIN No.:	03607330
Name :	Mr. Ravin Wadhawan
Designation :	Additional director
Address :	Flt No E-1010, Golden Magic Block, Brigade Gardenia, J P Nagar 8th Phase,, Bangalore - 560078, Karnataka, India
Date of Appointment :	15.05.2015
DIN No.:	07185862

KEY EXECUTIVES

Name :	Ms. Vrushali Chinmay Oak
Designation :	Secretary
Address :	Flat No.4 A-1,Building Sukhwani Udyan Co-operative Housing Society, Pimpari Chinchwad, Pune-411033, Maharashtra, India
Date of Birth/Age :	01.12.1982
Date of Appointment :	28.11.2011
PAN No.:	BOYPS4094F

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 28.11.2014

Names of Shareholders	No. of Shares	%age holding
Terex MHPS GMBH, Germany	5124000	26.43
Terex Singapore Pte. Limited, Singapore	14266000	73.57
Total	19390000	100.00

Equity Share Break up (Percentage of Total Equity)

As on 28.11.2014

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 :

Manufacturing, trading, installation and commissioning and service of Industrial cranes.

Products :

Products Description	Item Code No
EOT, JIB and KBK Cranes, Chain Hoists, Drivers, Motors etc. under one segment.	84261100

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Not Divulged

Imports :

Not Divulged

Terms :

Not Divulged

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
Maximum Limit Dealt :	Not Divulged
Experience :	Not Divulged
Remark:	Not Divulged

Customers :

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

No. of Employees :

Information declined by the management

Bankers :

Bank Name	ABN Amro Bank N.V
Branch	327 M.G. Road, Pune - 411001, Maharashtra, India
Person Name (With Designation)	Not Divulged
Contact Number	Not Divulged
Name of Account Holder	Not Divulged
Account Number	Not Divulged
Account Since (Date/Year of Account Opening)	Not Divulged
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Auditors :
Name :	Price Waterhouse Chartered Accountant
Address :	Muttha Towers, 5th Floor, Suite No.-8, Airport Road, Yerwada , Pune – 411006, Maharashtra, India
PAN N Income-tax PAN of auditor or auditor's firm :	AADFP9359C
Memberships :	--
Collaborators :	--
Holding company:	Terex Singapore Pte Limited
Associates:	Demag Cranes and Components Pty. Limited Demag Cranes and Components Russland Demag Cranes and Components Sas Demag Cranes and Components, Spol, Sro Demag Weihua (Liaoning) Material Demag Cranes and Components Gmbh Demag Cranes and Components Sau Demag Cranes and Components Shanghai Demag Cranes and Components Spa Demag Cranes and Components Za Demag Cranes Ag Dusseldorf Donati Solievamenti Srl Gottwald Port Technologies Noell Cranes Systems (China) Limited Terex Corporation Terex Demag Gmbh Terex Equipment Private Limited Terex India Private Limited

CAPITAL STRUCTURE

As on 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
20120000	Equity Shares	Rs.10/- each	Rs. 2012.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
19390000	Equity Shares	Rs.10/- each	Rs. 1939.000 Million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	1939.000	1012.000	87.000
(b) Reserves & Surplus	(977.401)	(670.977)	(240.832)
(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)	961.599	341.023	(153.832)
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	357.500	294.617
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	49.684	42.260	22.627
(d) long-term provisions	13.246	10.992	8.820
Total Non-current Liabilities (3)	62.930	410.752	326.064
(4) Current Liabilities
(a) Short term borrowings	0.000	230.089	112.120
(b) Trade payables	543.614	941.417	1636.143
(c) Other current liabilities	155.358	109.917	122.367
(d) Short-term provisions	32.578	33.042	18.933
Total Current Liabilities (4)	731.550	1314.465	1889.563
TOTAL	1756.079	2066.240	2061.795
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	322.438	348.068	357.898
(ii) Intangible Assets	2.708	9.165	17.715
(iii) Capital work-in-progress	0.592	1.440	1.440
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	45.084
(d) Long-term Loan and Advances	223.415	184.095	139.889
(e) Other Non-current assets	6.158	7.028	18.639
Total Non-Current Assets	555.311	549.796	580.665
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	325.802	396.385	449.235
(c) Trade receivables	573.173	963.939	865.511
(d) Cash and cash equivalents	208.487	48.680	42.588
(e) Short-term loans and advances	93.306	107.440	121.796
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	1200.768	1516.444	1479.130
TOTAL	1756.079	2066.240	2059.795

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	1895.220	2366.920	2309.000
	Other Income	5.660	57.700	14.000
	TOTAL (A)	1900.880	2424.620	2323.000
Less	EXPENSES
	TOTAL (B)	2113.430	2713.600	2447.000
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	(212.550)	(288.980)	(124.000)
Less	FINANCIAL EXPENSES (D)	41.930	47.020	52.000
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	(254.480)	(336.000)	(176.000)
Less/ Add	DEPRECIATION/ AMORTISATION (F)	51.940	49.060	43.000
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	(306.420)	(385.060)	(219.000)
Less	TAX (H)	0.000	45.080	(4.000)
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)	(306.420)	(430.140)	(215.000)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD	(670.980)	(240.840)	(26.000)
	Balance Carried to the B/S	(977.400)	(670.980)	(241.000)
	Earnings / (Loss) Per Share (Rs.)	(15.80)	NA	NA

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	NA	0.000	44.699
Cash generated from operations	NA	NA	NA
Net cash flows from (used in) operations	(306.424)	(385.061)	(219.747)

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	(16.17)	(18.17)	(9.31)
Operating Profit Margin (PBIDT/Sales)	(%)	(11.22)	(12.21)	(5.37)
Return on Total Assets (PBT/Total Assets}	(%)	(17.45)	(18.65)	(10.88)
Return on Investment (ROI) (PBT/Networth)		(0.32)	(1.13)	1.42
Debt Equity Ratio (Total Debt /Networth)		0.00	1.72	(2.93)
Current Ratio (Current Asset/Current Liability)		1.64	1.15	0.78

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	87.000	1012.000	1939.000
Reserves & Surplus	(240.832)	(670.977)	(977.401)
Net worth	(153.832)	341.023	961.599
long-term borrowings	294.617	357.500	0.000
Short term borrowings	112.120	230.089	0.000
Total borrowings	406.737	587.589	0.000
Debt/Equity ratio	(2.644)	1.723	0.000

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	2309.000	2366.920	1895.220
		2.508	(19.929)

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	2309.000	2366.920	1895.220
Profit	(215.000)	(430.140)	(306.420)
	(9.31%)	(18.17%)	(16.17%)

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check list by info agents	Available in Report (Yes/No)
1	Year of establishment	Yes
2	Constitution of the entity -Incorporation details	Yes
3	Locality of the entity	Yes
4	Premises details	No
5	Buyer visit details	--
6	Contact numbers	Yes
7	Name of the person contacted	No
8	Designation of contact person	No
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	Yes
11	Pan Card No. of Proprietor / Partners	No
12	Voter Id Card No. of Proprietor / Partners	No
13	Type of business	Yes
14	Line of Business	Yes
15	Export/import details (if applicable)	No
16	No. of employees	No
17	Details of sister concerns	Yes
18	Major suppliers	No
19	Major customers	No
20	Banking Details	Yes
21	Banking facility details	Yes
22	Conduct of the banking account	--
23	Financials, if provided	Yes
24	Capital in the business	Yes
25	Last accounts filed at ROC, if applicable	Yes
26	Turnover of firm for last three years	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	No
29	Profitability for last three years	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	No
32	Litigations that the firm/promoter involved in	--
33	Market information	--
34	Payments terms	No
35	Negative Reporting by Auditors in the Annual Report	No

OPERATIONS:

In 2013-14, the company concentrated on consolidation of the operations focussing particularly on cost reduction in SG and A and factory costs. The slowdown in the market especially in Automotive and Engineering segment continued, thereby adding pressure for the Universal Crane and Modular Crane business. The earlier created focus on the Steel and Power sectors for the sales of Process Cranes & Refurbishment projects continued, thereby helping the overall sales figures. The overall reduction in costs helped the company to improve the profitability.

GENERAL INFORMATION

Subject was incorporated on July 16, 1997, as subsidiary of Demag Cranes and Components GmbH (formerly known as Mannesmann Dematic AG, Germany), is engaged primarily in manufacturing, trading, installation and commissioning and service of Industrial cranes. The Company has manufacturing plant in Pune, Maharashtra, India and sells primarily in India. The Company is a private limited company

UNSECURED LOAN

PARTICULARS	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Long-term Borrowings
Other external commercial borrowings	0.000	357.500
Short-term borrowings
Working capital loans from banks	0.000	230.089
Total		587.589

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10583364	16/01/2015	686,426.00	KOTAK MAHINDRA PRIME LIMITED	27BKC, C 27, G BLOCK, BANDRA KURLA COMPLEX, BANDR A (E),, MUMBAI, MAHARASHTRA - 400051, INDIA	C60475431
2	10583082	31/12/2014	845,075.00	KOTAK MAHINDRA PRIME LIMITED	27BKC, C 27, G BLOCK, BANDRA KURLA COMPLEX, BANDR A (E),, MUMBAI, MAHARASHTRA - 400051, INDIA	C60322922
3	10583081	11/12/2014	1,107,328.00	KOTAK MAHINDRA PRIME LIMITED	27BKC, C 27, G BLOCK, BANDRA KURLA COMPLEX, BANDR A (E),, MUMBAI, MAHARASHTRA - 400051, INDIA	C60320728

FIXED ASSETS

Tangible assets

• Plant and equipment
• Furniture and fixtures
• Vehicles
• Office equipment
• Computer equipments
• Leasehold improvements

Intangible assets

• 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.63.20
UK Pound	1	Rs.91.01
Euro	1	Rs.69.34

INFORMATION DETAILS

Information Gathered by :	SVA
Analysis Done by :	KAS
Report Prepared by :	KVT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILITY	1~10	--
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	4
--RESERVES	1~10	--
--CREDIT LINES	1~10	3
--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		26

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.