MIRA INFORM REPORT

Report Date :

16.09.2011

IDENTIFICATION DETAILS

Name :	ACCURATE SALES AND SERVICES PRIVATE LIMITED
Registered Office :	67, Hadapsar Industrial Estate, P.B. No. 1202, Pune – 411 013, Maharashtra
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	25.09.1986
Com. Reg. No.:	25-041041
Capital Investment / Paid-up Capital :	Rs.0.975 Million
CIN No.: [Company Identification No.]	U74999MH1986PTC041041
TAN No.: [Tax Deduction & Collection Account No.]	PNEA00160G
PAN No.: [Permanent Account No.]	AABCA5154F
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Industrial Guages.
No. of Employees :	Approximately 50 (30 – In Office + 20 – In Factory)

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

Maximum Credit Limit :	USD 155000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct and as per commitments. The company can be considered normal for business dealings at usual trade terms and conditions. Profit and loss account of the company for the current year is not available.

NOTES :

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

INFORMATION DECLINED BY

Name :	Mr. Rawde
Designation :	Accounts Department
Date :	16.09.2011

LOCATIONS

Registered Office/ Factory :	67, Hadapsar Industrial Estate, P.B. No. 1202, Pune – 411 013, Maharashtra, India
Tel. No.:	91-20-26870159/ 66039000/ 26870158/ 66039200
Mobile No.:	91-9970098403 (Mr. Suresh Patil)
Fax No.:	91-20-26870858
E-Mail :	accurate@vsnl.com sales@accurategauging.com richa@accurategauging.com calibrationpune@accurategauging.com sales@accurategauging.com hr@accurategauging.com cmmsupport@accurategauging.com accurate@vsnl.com
Website :	www.accurategauging.com
Location :	Owned
Sales Network :	Delhi Faridabad Uttar Pradesh Uttarakhand Chandigarh Gurgaon Bhiwadi Jamshedpur Kolkatta Pimpri-Chinchwad Chakan Ranjangaon Mumbai Aurangabad Kolhapur Madhya Pradesh Rajkot Ahmedabad Guindy Sriperumbudur Ambattur Coimbatore Hosur Peenya Hyderabad

DIRECTORS

As on 28.09.2010

Name :

Mr. Vikram Vilasrao Salunke

Designation :

Managing Director

Address :

PL No. 14116 Clover Pinnacle Ridge, Nibmcorianti / Hian Road, Pune – 411 048, Maharashtra, India

Date of Birth/Age :

04.07.1968

Qualification :

B.Com

Date of Appointment :

25.09.1986

DIN No. :

00479352

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	U74999MH1986PTC041041	Accurate Sales and Services Private Limited	Managing director	25-09-86	25-09-86	-	Active	NO
2	U33125MH1987PTC042232	Accurate Gauging and Instruments Private Limited	Director	15-01-87	15-01-87	-	Active	NO
3	U33129MH1963PTC012591	Accurate Engineering Company Private Limited	Managing director	23-07-91	23-07-91	-	Active	NO
4	U29222MH1985PTC038400	Worldwide Oilfield Machine Private Limited	Director	11-07-96	11-07-96	28-04-09	Active	NO
5	U74210PN2003PTC018684	Hoyt Engineering Solutions Private Limited	Director	09-06-06	09-06-06	-	Active	NO
6	U45209PN2006PTC128727	Pune Hi-Tech Infra Engineering Private Limited	Director	11-07-06	11-07-06	-	Active	NO
7	U91110PN2004PLC019210	Auto Cluster Development and Research Institute Limited	Nominee director	12-02-08	12-02-08	-	Active	NO
8	U29299PN2008PTC132716	Accurate Measuring Services Private Limited	Director	28-08-08	28-08-08	-	Active	YES
9	U31900PN2008PTC132749	Universal Metrology Private Limited	Director	11-09-08	11-09-08	-	Active	YES
10	U01409MH1974PLC017803	Mahratta Chamber of Commerce Industries And Agriculture	Director	30-10-09	13-07-09	-	Active	NO
11	U74900PN2010PLC136724	Pune Restoration and Navigation Company Limited	Director	30-06-10	30-06-10	-	Active	NO

Name :

Mr. Aditya Vilas Salunke

Designation :

Director

Address :

113, Saint Patrick Town, Hadapsar Industrial Estate, Pune – 411 013, Maharashtra, India

Date of Birth/Age :

24.04.1970

Qualification :

B.E

Date of Appointment :

23.04.2002

DIN No. :

00186031

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	U74999MH1986PTC041041	Accurate Sales and Services Private Limited	Director	23-04-02	23-04-02	-	Active	NO
2	U33129MH1963PTC012591	Accurate Engineering Company Private Limited	Director	21-09-04	21-09-04	-	Active	NO
3	U45209PN2006PTC128727	Pune Hi-Tech Infra Engineering Private Limited	Director	11-07-06	11-07-06	-	Active	NO
4	U29299PN2008PTC132172	Accurate Precision Machines Private Limited	Director	05-06-08	05-06-08	-	Active	YES
5	U29299PN2008PTC132716	Accurate Measuring Services Private Limited	Director	28-08-08	28-08-08	-	Active	YES
6	U31900PN2008PTC132749	Universal Metrology Private Limited	Director	11-09-08	11-09-08	-	Active	YES

Name :

Mr. Shreenivasrao Venkatramana Yadavilli

Designation :

Additional Director

Address :

401, A 8, Ganga Satellite Wanowrie, Pune – 411 040, Maharashtra, India

Date of Birth/Age :

02.01.1968

Date of Appointment :

13.02.2009

DIN No. :

02482093

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	U74999MH1986PTC041041	Accurate Sales and Services Private Limited	Additional director	13-02-09	13-02-09	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Rawde
Designation :	Accounts Department

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 28.09.2010

Names of Shareholders	No. of Shares
Vikram V. Salunke	5100
Aditya V. Salunke	1800
Sonali P. Shinde	1800
Kalpana V. Salunke	1050
Total	9750

As on 28.09.2010

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

BUSINESS DETAILS

Line of Business :

Manufacturer of Industrial Guages.

Products :

Item Code No (ITC Code)	Product Description
90310000	Measuring Instruments and Checking Gauges, Multi Gauging Fixtures, Electronic Gauges and 3 D Co Ordinate Measuring Machines.

GENERAL INFORMATION

No. of Employees :

Approximately 50 (30 – In Office + 20 – In Factory)

Bankers :

v Bank of Maharashtra – Branch Hadapsar Industrial, Pune, Maharashtra, India

v ICICI Bank Limited, Branch Kondhwa, Pune, Maharashtra, India

v HDFC Bank Limited

Facilities :

Secured Loan and unsecured Loan 31.03.2010 is not available

Secured Loans	31.03.2009 (Rs. In Millions)
ICICI Bank Limited	1.486
HDFC Bank Limited	1.320
Total	2.806

Unsecured Loans	31.03.2009 (Rs. In Millions)
Deposits
From Directors/ Members	0.788
Total	0.788

Banking Relations :	-
Auditors :
Name :	A.A. Mehendale and Company Chartered Accountants
Address :	776-B, Sadashiv Peth, Near Vishrambag Wada, Pune – 411 030, Maharashtra, India
Income-tax PAN of auditor or auditor's firm :	ABRPM2822N
Associates/Subsidiaries :	Accurate Gauging and Instruments Private Limited Address: Hadapsar Industrial, Pune, Maharashtra, India

CAPITAL STRUCTURE

As on 28.09.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
10000	Equity Shares	Rs.100/- each	Rs.1.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
9750	Equity Shares	Rs.100/- each	Rs.0.975 Million

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		0.975	0.975	0.975
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		37.770	34.898	35.120
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		38.745	35.873	36.095
LOAN FUNDS
1] Secured Loans		2.689	2.806	1.651
2] Unsecured Loans		0.425	0.788	0.788
TOTAL BORROWING		3.114	3.594	2.439
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		41.859	39.467	38.534
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		9.032	9.776	8.525
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.235	0.235	0.235
DEFERRED TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	1.133	1.777	3.035
	Sundry Debtors	12.833	19.117	22.397
	Cash & Bank Balances	14.633	5.112	6.929
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	10.528	12.899	12.144
Total Current Assets		39.127	38.905	44.505
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	2.594	0.819	0.688
	Other Current Liabilities		1.350	1.497
	Provisions	3.941	7.280	12.546
Total Current Liabilities		6.535	9.449	14.731
Net Current Assets		32.592	29.456	29.774
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		41.859	39.467	38.534

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2009	31.03.2008
	SALES
		Income	2.306	11.649
		Other Income	33.560	44.151
		TOTAL	35.866	55.800
Less	TOTAL EXPENSES		34.735	40.405
	PROFIT BEFORE TAX		1.131	15.395
Less	TAX		0.913	5.764
	PROFIT AFTER TAX		0.218	9.631
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		5.950	5.298
Add/ Less	ADJUSTMENT FOR EARLIER YEAR		0.118	0.017
Less	APPROPRIATIONS
		Dividend	0.487	1.706
		Tax on Dividend	0.083	0.290
		Transfer to General Reserve	0.000	7.000
	BALANCE CARRIED TO THE B/S		5.716	5.950
	EARNINGS IN FOREIGN CURRENCY
		Commission	4.654	4.100
		Exports	1.596	0.000
		Others	0.000	0.011
	TOTAL EARNINGS		6.250	4.111
	Earnings Per Share (Rs.)		22.00	988.00

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	NA	0.61	17.26
Net Profit Margin (PBT/Sales)	(%)	NA	49.05	132.16
Return on Total Assets (PBT/Total Assets}	(%)	NA	2.32	29.03
Return on Investment (ROI) (PBT/Networth)		NA	0.03	0.43
Debt Equity Ratio (Total Liability/Networth)		0.25	0.36	0.48
Current Ratio (Current Asset/Current Liability)		5.99	4.12	3.02

LOCAL AGENCY FURTHER INFORMATION

Sundry Creditors Details:

Particulars	Rs. In Millions 31.03.2010	Rs. In Millions 31.03.2009	Rs. In Millions 31.03.2008
Sundry Creditors - Goods	NA	0.000	0.688
Sundry Creditors - Expenses	NA	0.819	0.000
Total	NA	0.819	0.688

Bankers Charges Report as per Registry

Name of the company	ACCURATE SALES AND SERVICES PRIVATE LIMITED
Presented By	Shri Aditya Vilasrao Salunke
1) Date and description of instrument creating the change	30.04.2002 Bank Guarantee Agreement with Bank of Maharashtra, Hadapsar Industrial Estate Branch, Pune – 411013
2) Amount secured by the charge/amount owing on the securities of charge	Rs. 1.500 millions
3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given	Counter guarantee of the company 10% margin in deposit account. Hypothecation of plant and machinery/ equipment / furniture / fixture existing and proposed
4) Gist of the terms and conditions and extent and operation of the charge.	Bank guarantee limit of Rs. 1.500 millions Commission as per bank’s rules (commission: 2% p.a. for performance guarantees and 3% p.a. for other guarantees.
5) Name and Address and description of the person entitled to the charge.	Bank of Maharashtra, Hadapsar Industrial Estate Branch, Pune – 411 013, Maharashtra, India
6) Date and brief description of instrument modifying the charge	NA
7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification.	NA

FIXED ASSETS:

v Land/Farm

v Buildings

v Office furnishing

v Electrical fittings

v Vehicles

v Office equipments

v Computers and Softwares

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.47.80
UK Pound	1	Rs.75.16
Euro	1	Rs.65.11

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--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		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.