MIRA INFORM REPORT

Report Date :

09.06.2011

IDENTIFICATION DETAILS

Name :	MICRO FLAT DATUMS PRIVATE LIMITED
Registered Office :	Zone D-3, Plot No.25-26, GIDC, Vithal Udyognagar, Vallabh Vidyanagar, District Anand – 388 121, Gujarat
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	04.04.1997
Com. Reg. No.:	04-032046
Capital Investment / Paid-up Capital :	Rs.8.970 millions
CIN No.: [Company Identification No.]	U29224GJ1997PTC032046
TAN No.: [Tax Deduction & Collection Account No.]	BRDM01690D
PAN No.: [Permanent Account No.]	AABCM6713E
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturers of CI and Granite Surface Plates, Angle Plates, Box Angle Plates, Straight Edges, Bench Centers, Parallels, Squares, Cubes, Sine Bars, Sine Centers, Tooling Blocks, Pallet Sub Tables and Miscellaneous Precision Inspection Equipments.
No. of Employees :	60 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (30)

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

Maximum Credit Limit :	USD 68000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track. Profitability of the company appears to be low. However, trade relations are reported as fair. Business is active. Payments are reported to be slow but correct. The company can be considered for business dealings with some cautions.

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 – April 1, 2010

Country Name	Previous Rating (31.12.2009)	Current Rating (01.04.2010)
India	A1	A1

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

INFORMATION PARTED BY

Name :	Mr. Rohan Patel
Designation :	Accounts Manager
Contact No.:	91-9898577488
Date :	07.06.2011

LOCATIONS

Registered Office :	Zone D-3, Plot No.25-26, GIDC, Vithal Udyognagar, Vallabh Vidyanagar, District Anand – 388 121, Gujarat, India
Tel. No.:	91-2692-235730/ 235730/ 235205
Mobile No.:	91-9898577488 (Mr. Rohan Patel)
Fax No.:	91-2692-236577/ 235332
E-Mail :	microflat@gmail.com rohan.microflat@gmail.com micro_flat@satyam.net.in
Website :	http://www.microflatdatums.com
Area :	10000 sq. mt.
Location :	Leased

DIRECTORS

As on 20.09.2010

Name :	Mr. Rohit Arvindbhai Patel
Designation :	Whole Time Director
Address :	1, Park Avenue Co-Operative Society, B/h Prof. Soc., , Vallabh Nagar, Vidya Nagar, Anand – 388 120, Gujarat, India
Date of Birth/Age :	18.08.1950
Qualification :	B.Com, LLB
Date of Appointment :	04.04.1997
DIN No.:	00174467
Name :	Mr. Udayan Jashbhai Patel
Designation :	Chairman
Address :	“UPVAN” Vinukaka Marg, Anand – Bakrol Road, Vallabh Nagar, Vidya Nagar, Anand – 388 120, Gujarat, India
Date of Birth/Age :	11.10.1949
Date of Appointment :	04.04.1997
DIN No.:	00174563
Name :	Mrs. Pallavi Patel
Designation :	Director
Date of Birth/Age :	58 Years
Qualification :	B.Com

KEY EXECUTIVES

Name :	Mr. Rohan Patel
Designation :	Accounts Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 20.09.2010

Names of Shareholders	No. of Shares
Udayan Jashbahi Patel	89400
Rohit Arvindbhai Patel	130000
Pratik Navinbhai Patel	120000
Laxminandan Amin	127500
Suresh Jashbhai Patel HUF	121800
Pravin Jashbhai Patel HUF	120500
Girish J. Patel HUF	126800
Suresh Jashbhai Patel	5000
Geetaben Sureshbhai Patel	5000
Rutvik Rohit Patel	3000
Rohan Rohitbhai Patel	3000
Bhairvi Pratik Patel	10000
Girishbhai Jashbhai Patel	4000
Shakuntalaben Girishbhai Patel	6000
Pravinbhai Jashbhai Patel	5000
Rekhaben Pravinbhai Patel	5000
Archanaben Raseshbhai Amin	5000
Jyotsanaben Laxminandan Amin	5000
Pallaviben Udyanbhai Patel	5000
Total	897000

As on 20.09.2010

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	100.00

BUSINESS DETAILS

Line of Business :	Manufacturers of CI and Granite Surface Plates, Angle Plates, Box Angle Plates, Straight Edges, Bench Centers, Parallels, Squares, Cubes, Sine Bars, Sine Centers, Tooling Blocks, Pallet Sub Tables and Miscellaneous Precision Inspection Equipments.
Products :	v Precision Surface Equipments v Lapping Machine v Rough C I Castings
Exports :
Products :	v Precision Surface Equipments v Lapping Machine v Rough C I Castings
Countries :	USA, UK, Germany, Holland, Spain, France, Italy, Belgium, Argentina, Brazil, Israel, Australia, New Zealand, Taiwan, Singapore, Malaysia, Thailand, Iran, Dubai, Muscat, Pakistan, etc.
Terms :
Selling :	30% Advance (Depend)
Purchasing :	Credit

PRODUCTION STATUS (AS ON 31.03.2010)

Particulars	2009-2010
Actual Production of Finished Goods	1260 Nos.

GENERAL INFORMATION

Customers :

End Users

No. of Employees :

60 (Approximately)

Bankers :

v Axis Bank Limited, Vallabh Vidya Branch

v The Vallabh Vidyanagar Commercial Co-Operative Bank Limited, Opposite B and B, Polytechnic College, Vallabh Vidyanagar – 388 120, Gujarat, India

v State Bank of India RASMECCC, Anand, V Squarec Com. Complex, Near Bhaikaka Statue, V.V. Nagar – 388 120, Gujarat, India

v State Bank of India, Spl. Commercial Branch, Jay Laxmi Plaza, Ganesh Crossing, Anand – 388 001, Gujarat, India

Facilities :

Secured Loans	31.03.2010 Rs. In Millions	31.03.2009 Rs. In Millions
A. From State Bank of India, Spl. Commercial Branch Anand
1. Cash Credit Account (Against Stock of Raw Materials, Semi-Finished Goods and Finished Goods and Personal Guarantee of Directors)	2.703	2.555
2. Cash Credit Account (Bills Discounting) Against Bills	0.207	0.672
3. Term Loan Against Machinery and personal guarantee of Directors	0.159	0.486
4. Term Loan Against Machinery and personal guarantee of Directors	0.296	1.387
5. Term Loan Against Machinery and personal guarantee of Directors	4.181	5.015
6. Over Draft against Fixed Deposit	(0.015)	0.914
Total	7.531	11.029

Unsecured Loans	31.03.2010 Rs. In Millions	31.03.2009 Rs. In Millions
From Shareholders	3.007	2.938
From Shareholder as Share Application Money	0.000	0.000
Total	3.007	2.938

Banking Relations :	--
Auditors :
Name :	P.D. Parikh and Company Chartered Accountants
Address :	Opposite UCO Bank, Vallabh Vidyanagar – 388 120, Gujarat, India
Parent Company :	Jash Engineering Limited, Indore, Madhya Pradesh, India Line of Business: Manufacturing wide range of equipment used in water and waste water industry like Penstocks / Sluice gates, Open channel gates, Weir gates, Flap gates, Stop logs, Knife gate valves, Step screens, Drum screens, Raking screens, Static screens and Butterfly valves.
Associates/Subsidiaries :	v Jash Precision Tools Limited v Jash-Schutte Components Private Limited

CAPITAL STRUCTURE

As on 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
1000000	Equity Shares	Rs.10/- each	Rs.10.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
897000	Equity Shares	Rs.10/- each	Rs.8.970 millions

(827000 shares are allotted as fully paid pursuant to contract without payments being received in cash and 70000 Equity Shares are allotted as fully paid up by cash during the previous year.)

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010	31.03.2009	31.03.2008
SHAREHOLDERS FUNDS
1] Share Capital		8.970	8.970	8.270
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		8.032	7.376	5.980
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		17.002	16.346	14.250
LOAN FUNDS
1] Secured Loans		7.531	11.029	5.320
2] Unsecured Loans		3.007	2.938	3.549
TOTAL BORROWING		10.538	13.967	8.869
DEFERRED TAX LIABILITIES		0.199	0.199	0.000
TOTAL		27.739	30.512	23.119
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		21.090	23.361	17.223
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.050	0.050	0.050
DEFERREX TAX ASSETS		0.000	0.000	0.031
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	4.156	4.482	3.822
	Sundry Debtors	2.162	3.946	3.230
	Cash & Bank Balances	3.351	3.182	3.069
	Other Current Assets	0.598	0.306	0.127
	Loans & Advances	1.604	2.295	1.663
Total Current Assets		11.871	14.211	11.911
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	3.669	4.430	2.993
	Other Current Liabilities	0.684	0.917	1.655
	Provisions	0.919	1.763	1.448
Total Current Liabilities		5.272	7.110	6.096
Net Current Assets		6.599	7.101	5.815
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		27.739	30.512	23.119

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Sales	23.806	25.666	23.197
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		3.270	3.893	3.692
Less/ Add	DEPRECIATION/ AMORTISATION		2.295	1.662	1.559
	PROFIT BEFORE TAX		0.975	2.231	2.133
Less	TAX		0.314	0.835	0.730
	PROFIT AFTER TAX		0.661	1.396	1.403
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		7.376	5.980	4.888
	Less: Short Provision of Expenses of the earlier year FB Tax		0.009	0.000	0.021
	Add: Excess provision of Income Tax of the earlier year		0.004	0.000	0.000
Less	APPROPRIATIONS
		Proposed Dividend @ 2.5%	0.000	0.000	0.248
		Tax on Proposed Dividend @ 16.995%	0.000	0.000	0.042
	BALANCE CARRIED TO THE B/S		8.032	7.376	5.980
	EARNINGS IN FOREIGN CURRENCY
		Earning in Foreign Currency	1.676	5.638	6.269
	TOTAL EARNINGS		1.676	5.638	6.269
	IMPORTS
		Capital Goods	0.000	4.397	0.000
	TOTAL IMPORTS		0.000	4.397	0.000
	Earnings Per Share (Rs.)		0.74	1.56	1.70

Particulars	31.03.2011 (Approximately)
Sales Turnover	22.600

Expected Sales (2011-2012): Rs.28.000 millions

The above information has been parted by Mr. Rohan Patel (Accounts Manager).

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
Net Profit Margin (PBT/Sales)	(%)	4.10	8.69	9.20
Return on Total Assets (PBT/Total Assets}	(%)	2.96	5.94	7.32
Return on Investment (ROI) (PBT/Networth)		0.06	0.14	0.15
Debt Equity Ratio (Total Liability/Networth)		0.93	1.29	1.05
Current Ratio (Current Asset/Current Liability)		2.25	2.00	1.95

LOCAL AGENCY FURTHER INFORMATION

PERFORMANCE:

Due to continued recession and glut in US and European Market unfortunately there is a substantial drop in Export business resulting in to sales for the year @ 10% below the sales of previous year. However, company has intensified efforts in penetrating in to Domestic Market which has yielded fairly result. As economy in Western Countries recovers, lost business would be regained.

In the meantime company has also decided to concentrate efforts for offering solutions in Measurement and Quality Control field by giving unique solutions to the customers, Company expects better margins for such activities.

FORM 8:

Corporate identity number of the company	U29224GJ1997PTC032046
Name of the company	MICRO FLAT DATUMS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Zone D 3, Plot No.25-26, GIDC, Vithal Udyognagar, Vallabh Vidyanagar – 388 121, Gujarat, India E-Mail: micro_flat@satyam.net.in
This form is for	Creation of charge
Type of charge	Book Debts Floating Charge
Particular of charge holder	The Vallabh Vidyanagar Commercial Co-Operative Bank Limited, Opposite B and B, Polytechnic College, Vallabh Vidyanagar – 388 120, Gujarat, India E-Mail: vvccbank@yahoo.com
Nature of description of the instrument creating or modifying the charge	Deed of Hypothecation
Date of instrument Creating the charge	25.10.2010
Amount secured by the charge	Rs.4.800 millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest: 11.90% with monthly rest Terms of Repayment: On demand Margin: 30% on stock 40% on book debts Extent and Operation of the charge: The charge shall operate as the first charge over the hypothecated properties of the company hypothecated to the bank to secure the working capital limit granted by bank with interest, cost, charges, etc.
Short particulars of the property charged	Stock of raw materials, semi and finished goods and book debts of the company situated at Vithal Udyognagar or lying at any other places.

FIXED ASSETS:

v Land

v Factory Building

v G.I.D.C. Quarters

v Plant and Machinery

v Furniture

v Vehicle

v Machinery under errection

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 records 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 records 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.44.61
UK Pound	1	Rs.73.27
Euro	1	Rs.65.47

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--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
TOTAL		30

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.