MIRA INFORM REPORT

Report Date :

15.11.2011

IDENTIFICATION DETAILS

Name :	HERTZ CONTROLS (INDIA) PRIVATE LIMITED
Registered Office :	D- 837, DDA Flats, Pocket- 3, Bindapur, Dwarka, Delhi – 110075
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	13.11.1997
Com. Reg. No.:	55-90681
Capital Investment / Paid-up Capital :	Rs.1.122 Millions
CIN No.: [Company Identification No.]	U31909DL1997PTC090681
PAN No.: [Permanent Account No.]	AAPCH1849L
Legal Form :	Private Limited Liability Company.
Line of Business :	Manufacturer of Sheet Metal Machines.
No. of Employees :	40 Approximately

RATING & COMMENTS

MIRA’s Rating :

B (29)

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

Maximum Credit Limit :	USD 6636
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track. The 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 small 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 – 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. Avneesh Malik
Designation :	Director
Contact No.:	91-9811225961
Date :	11.11.2011

LOCATIONS

Registered Office :	D- 837, DDA Flats, Pocket- 3, Bindapur, Dwarka, Delhi – 110075
Tel. No.:	91-120-2780531
Mobile No.:	91-9811225961 (Mr. Avneesh Malik)
Fax No.:	91-120-2782682
E-Mail :	hertzindia@hotmail.com pbalodia@gmail.com hertzautomation@gmail.com
Website :	www.hertzfeeders.com
Location :	Owned
Factory :	593, Village Razapur Industrial Area, Opposite Kavi Nagar Industrial Area, Ghaziabad-201002, Uttar Pradesh, India
Tel. No.:	91-120-2780531/ 3292638
Fax No.:	91-120-2782682
E-Mail :	hertzindia@rediffmail.com hertzindia@hotmail.com
Website :	http://www.hertzfeeders.com
Area :	3000 sq. ft
Location :	Owned

DIRECTORS

AS ON 30.09.2010

Name :	Mr. Avneesh Malik
Designation :	Director
Address :	M-65. Sector-25, Gautam Nagar, Noida-201301, Uttar Pradesh, India
Date of Birth/Age :	15.06.1975
Qualification :	Mechanical Engineer
Date of Appointment :	13.11.1997
DIN No.:	00929823

OTHER DIRECTORSHIP

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U31909DL1997PTC090681	HERTZ CONTROLS (INDIA) PRIVATE LIMITED	Director	10/08/1999	10/08/1999	-	Active	NO
2	U74999DL2001PTC113030	EZEE SHOP PRIVATE LIMITED	Director	05/11/2001	05/11/2001	-	Strike off	NO

Name :	Mr. Manoj Kumar
Designation :	Director
Address :	M-65. Sector-25, Gautam Nagar, Noida-201301, Uttar Pradesh, India
Date of Birth/Age :	10.02.1970
Qualification :	Mechanical Engineer
Date of Appointment :	10.08.1999
DIN No.:	00929853

OTHER DIRECTORSHIP

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U31909DL1997PTC090681	HERTZ CONTROLS (INDIA) PRIVATE LIMITED	Director	13/11/1997	13/11/1997	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2010

Names of Shareholders	No. of Shares
Avneesh Malik	41700
Manoj Kumar	31900
Navneesh Kuamar	2500
Harpal Singh	12500
Vinod Kumar	3000
Shakuntala Devi	7000
Sudheesh Kumar	1100
Vithik Kumar	3500
Anju Malik	3000
Neetu	1000
Prakashwati	5000
Total	112200

AS ON 30.09.2010

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Sheet Metal Machines.
Products :	· Pneumatic Feeders · Air Feeder · Mechanical Gripper Feeder · NC Servo Feeder · De-Coiler · De-Coiler Cum Straightener · Strip Straightener · NC 3-1 Series · Hydraulic Die-Loader · Hydraulic Lifting Table · Strip Straightener/ Sheet Leveler · Component Flattener · Cut to Length Lines Machine
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

GENERAL INFORMATION

Customers :

End Users, OEM’s and Manufacturer

No. of Employees :

40 (Approximately )

Bankers :

· ICICI Bank,

Branch Shastri Nagar Ghaziabad, India

· Punjab National Bank

Branch Shastri Nagar Ghaziabad, India

· GBD Urban Co-operative Bank Limited

· Electronica Finance Limited, 128/A, Plot No. 3 Kailash Chandra Appartments, Paud Road, Kothrud, Pune 411038, Maharashtra, India

Facilities :

Secured Loans	31.03.2010 (Rs. In Millions)	31.03.2009 (Rs. In Millions)
From Kotak Mahindra Prime Limited (Secured against motor car)	0.487	0.784
Total	0.487	0.784
Unsecured Loans	31.03.2010 (Rs. In Millions)	31.03.2009 (Rs. In Millions)
From ICICI Bank Limited, Ghaziabad (OD Limit)	0.000	0.196
Total	0.000	0.196

Banking Relations :	--
Auditors :
Name :	Deeo Garg and Company Chartered Accountant
Address:	206, Chabra Complex, 8 Veer Savarkar Block Madhuban Road, Shakarpur- 110090, Delhi, India
Tel No.:	91-11-22011691/ 43710370
Telefax :	91-11-22460531
E-Mail :	dcgarg1@yahoo.com
Pan No.:	AACFD7238F
Associates/Subsidiaries :	· Hertz Machine Tools Ghaziabad, Uttar Pradesh, India Line of Business: Manufacturer of Machines

CAPITAL STRUCTURE

AS ON 30.09.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
200000	Equity Shares	Rs.10/- each	Rs.2.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
112200	Equity Shares	Rs.10/- each	Rs.1.122 Millions

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		1.122	0.622	0.622
2] Share Application Money		0.000	0.150	0.000
3] Reserves & Surplus		0.537	0.439	0.383
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		1.659	1.211	1.005
LOAN FUNDS
1] Secured Loans		0.487	0.784	0.216
2] Unsecured Loans		0.000	0.196	0.000
TOTAL BORROWING		0.487	0.980	0.216
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		2.146	2.191	1.221
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		4.506	2.682	1.725
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.007	0.006	0.013
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.948	0.494	0.311
	Sundry Debtors	1.927	1.564	1.555
	Cash & Bank Balances	0.103	0.322	0.135
	Other Current Assets	0.147	0.056	0.222
	Loans & Advances	0.000	0.050	0.134
Total Current Assets		3.125	2.486	2.357
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	1.968	1.486	1.542
	Other Current Liabilities	3.472	1.429	1.251
	Provisions	0.072	0.095	0.081
Total Current Liabilities		5.512	3.010	2.874
Net Current Assets		(2.387)	(0.524)	(0.517)
MISCELLANEOUS EXPENSES		0.020	0.027	0.000
TOTAL		2.146	2.191	1.221

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	13.650	13.197	11.441
		Other Income	0.013	0.011
		TOTAL (A)	13.663	13.208	11.441
Less	EXPENSES
		Manufacturing Expenses	2.300	2.013
		Employees Remuneration	1.080	0.754
		Increase/(Decrease) in Finished Goods	(0.455)	(0.204)	11.218
		Administrative Expenses	1.140	1.074
		Purchase	8.822	8.869
		TOTAL (B)	12.887	12.506	11.218
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		0.776	0.702	0.223
Less	FINANCIAL EXPENSES (D)		0.095	0.083	NA
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		0.681	0.619	0.223
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.535	0.488	NA
	PROFIT BEFORE TAX (E-F) (G)		0.146	0.131	0.223
Less	TAX (H)		0.073	0.096	0.081
	PROFIT AFTER TAX (G-H) (I)		0.073	0.035	0.142
	Earnings Per Share (Rs.)		0.65	0.90	2.29

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	0.53	0.26	1.21
Net Profit Margin (PBT/Sales)	(%)	1.06	0.99	NA
Return on Total Assets (PBT/Total Assets}	(%)	1.91	2.53	5.46
Return on Investment (ROI) (PBT/Networth)		0.08	0.10	0.22
Debt Equity Ratio (Total Liability/Networth)		3.61	3.29	2.86
Current Ratio (Current Asset/Current Liability)		0.56	0.80	0.82

LOCAL AGENCY FURTHER INFORMATION

TRADE REFERENCE

· Omax Auto Limited

· Minda Silca Engineering Limited

FIXED ASSETS

· Motor Car

· Air Conditioner

· Computer

· Mobile Handset

· Refrigerators

· Plant and Machinery

· Store, Spares and Tools

· Voltage Stablizer

· Furniture and Fixture

· Generators

FORM 8

Corporate identity number of the company	U31909DL1997PTC090681
Name of the company	HERTZ CONTROLS (INDIA) PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	D- 837, DDA Flats, Pocket- 3, Bindapur, Dwarka, Delhi – 110075
This form is for	Creation of charge
Type of charge	Movable property (not being pledge)
Particular of charge holder	Electronica Finance Limited, 128/A, Plot No. 3 Kailash Chandra Appartments, Paud Road, Kothrud, Pune 411038, Maharashtra, India Email: finance@electronicafinance.com
Nature of instrument creating charge	Deed of Hypothecation dated 30th May,2011.
Date of instrument Creating the charge	30.05.2011
Amount secured by the charge	Rs. 0.490 million
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest 15% per annum Terms of repayment 24 monthly installments. Extent and operation of the charge First Charge.
Short particulars of the property charged (Including location of the property)	82.5 Kva Slient Dg Set Lying At, 593, Razapur Village Industrial Ar Opp. Kavi Nagar Industrial Area, Ghaziabad -201002.

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	Yes
5) Type of Business	Yes
6) Line of Business	Yes
7) Promoter's background	--
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)	No
21) Market information	--
22) Litigations that the firm / promoter involved in	--
23) Banking Details	Yes
24) Banking facility details	--
25) Conduct of the banking account	--
26) Buyer visit details	--
27) Financials, if provided	No
28) Incorporation details, if applicable	--
29) Last accounts filed at ROC	--
30) Major Shareholders, if available	--

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.50.08
UK Pound	1	Rs.80.36
Euro	1	Rs.68.83

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		29

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

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.