MIRA INFORM REPORT

Report Date :

01.08.2012

IDENTIFICATION DETAILS

Name :	LEVCON CONTROLS PRIVATE LIMITED

Registered Office :	Rajkamal, 6^th Floor, 13 Camac Street, Kolkata – 700 017, West Bengal

Country :	India

Financials (as on) :	31.03.2011

Date of Incorporation :	04.08.1986

Com. Reg. No.:	21-041051

Capital Investment / Paid-up Capital :	Rs. 0.100 million

CIN No.: [Company Identification No.]	U51909WB1986PTC041051

TAN No.: [Tax Deduction & Collection Account No.]	CALL01630G

PAN No.: [Permanent Account No.]	AAACL4808N

Legal Form :	Private Limited Liability Company

Line of Business :	Manufacturer and Exporter of Electronic Level Measuring Instruments.

No. of Employees :	Not Available

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 3296000

Status :	Moderate

Payment Behaviour :	Slow

Litigation :	Clear

Comments :	Subject is a relatively small company having moderate track. Profitability of the company appears to be low. However, trade relations are reported as a fair. Business is active. Payments are reported to be slow. The company can be considered for small to mediocre 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 – June 30, 2012

Country Name

Previous Rating

(31.03.2012)

Current Rating

(30.06.2012)

India

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

RBI DEFAILTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAILTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

INFORMATION PARTED BY

Name :	Mr. Jana
Designation :	Export Manager
Contact No.:	91-9831826885
Date :	26.07.2012

LOCATIONS

Registered Office / Factory :	Rajkamal, 6^th Floor, 13 Camac Street, Kolkata – 700 017, West Bengal, India
Tel. No.:	91-33-22832766 / 84 / 23438528 / 4325/22832784/22832764
Mobile No.:	91-9831826885 (Mr. Jana)
Fax No.:	91-33-22832719 / 23442680 / 22809645
E-Mail :	info@levcongroup.com levoconh@vsnl.net
Website :	www.levcongroup.com
Location :	Owned

Factory :	138 K, Picnic Garden Road, Kolkata – 700 039, West Bengal, India
Tel. No.:	91-33-2343 4325 / 8528
Fax No.:	91-33-23442680
Location :	Owned

Branch:	301, Protoprima Chambers 1, Suren Road, Andheri (East), Mumbai – 400 093, Maharashtra, India
Tel. No.:	91-22-2683 2127 / 2683 3015
Fax No.:	91-22-2683 3015

Representative Office (Hyderabad) :	House No. 23/6/121, Haribowli, Hyderabad – 500 265, India
Tel. No.:	91-40-2441 2024

DIRECTORS

As on 30.09.2011

Name :

Mr. Satrajit Gupta

Designation :

Managing Director

Address :

11-Hindustan Road, Ground Floor, Kolkata – 700 029, West Bengal, India

Date of Birth/Age :

18.06.1935

Date of Appointment :

04.08.1986

DIN No.:

00884102

Voter ID No.:

WB / 23 / 149 / 399687

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	U51909WB1973PTC028955	LEVCON INSTRUMENTS PRIVATE LIMITED	Managing director	20/08/1973	20/08/1973	-	Active	NO
2	U27101WB1979PTC031857	LEVCON VALVES PRIVATE LIMITED	Director	29/01/1979	29/01/1979	-	Active	NO
3	U32109WB1986PTC041050	LEVCON ELECTRONICS PRIVATE LIMITED	Director	04/08/1986	04/08/1986	-	Strike off	NO
4	U51909WB1986PTC041051	LEVCON CONTROLS PRIVATE LIMITED	Director	04/08/1986	04/08/1986	-	Active	NO
5	U21011WB1995PTC075028	LEVCON JAYKAY MACHINERY PRIVATE LIMITED	Director	19/11/1996	19/11/1996	-	Active	NO

Name :

Mr. Arun Kumar Ghosh

Designation :

Director

Address :

Aradhana Building, 29- Sadananda Road, Kolkata – 700 029, West Bengal, India

Date of Birth/Age :

18.11.1938

Date of Appointment :

08.08.1986

DIN No.:

00884131

Voter ID No.:

WB / 21 / 144 / 291135

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	U27101WB1979PTC031857	LEVCON VALVES PRIVATE LIMITED	Director	29/01/1979	29/01/1979	-	Active	NO
2	U51909WB1986PTC041051	LEVCON CONTROLS PRIVATE LIMITED	Director	08/08/1986	08/08/1986	-	Active	NO
3	U32109WB1986PTC041050	LEVCON ELECTRONICS PRIVATE LIMITED	Director	30/09/1986	30/09/1986	-	Strike off	NO
4	U51909WB1973PTC028955	LEVCON INSTRUMENTS PRIVATE LIMITED	Director	13/07/1987	13/07/1987	-	Active	NO

Name :

Mr. Sayak Gupta

Designation :

Director

Address :

11-Hindustan Road, Ground Floor, Kolkata – 700 029, West Bengal, India

Date of Birth/Age :

09.08.1973

Date of Appointment :

20.11.2000

DIN No.:

01351719

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	U27101WB1979PTC031857	LEVCON VALVES PRIVATE LIMITED	Director	08/05/2000	08/05/2000	-	Active	NO
2	U32109WB1986PTC041050	LEVCON ELECTRONICS PRIVATE LIMITED	Director	20/11/2000	20/11/2000	-	Strike off	NO
3	U51909WB1986PTC041051	LEVCON CONTROLS PRIVATE LIMITED	Director	20/11/2000	20/11/2000	-	Active	NO
4	U31402WB1990PTC049436	FTS ENGINEERING PVT.LTD.	Director	28/11/2002	28/11/2002	-	Active	NO
5	U29191WB1997PTC086018	F T S ELECTRICALS PRIVATE LIMITED	Director	28/11/2002	28/11/2002	-	Active	NO
6	U51909WB1973PTC028955	LEVCON INSTRUMENTS PRIVATE LIMITED	Director	04/09/2004	04/09/2004	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
Satrajit Gupta	850
Krishna Gupta	800
Arun Kumar Ghosh	3300
Jyotirmoyee Ghosh	2100
Ibha Lahiri	300
Usha Ghosh	100
Surabhi Bhattachary	200
Jayanta Choudhury	700
Sudeshna Ghosh	200
Steel and Work Craft	50
Shayak Gupta	1050
Arun Kumar Bhaduri	100
Shimonti Gupta	350
Sagnik Gupta	400
Reshmi Gupta	350
Monami Chowdhury	600
Surajit Ghosh	100
Indra Nath Lahiri	500
Dhanpat Brothers Company	50
Total	10000

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Directors or relatives of Directors	83.00
Other top fifty shareholders	17.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of Electronic Level Measuring Instruments.

Products :	· Level and Flow Measuring · Instruments · Measurement and Meter · Cast Steel and Forged · Steel Valves

Exports :
Products :	Electronic Level Measuring Instruments
Countries :	Middle East

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· State Bank of India, Kolkata Main Branch

· State Bank of India, Ballygunge Branch

Facilities :

Unsecured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
From Join Stock Companies	0.472	0.410
From Share holders	0.425	0.225
From Financial Institution	0.490	0.000
Total	1.387	0.635


Banking Relations :	--

Auditors :
Name :	S Ghosh and Company Chartered Accountants
Address :	2, Anthony Bagan Lane, Kolkata – 700009, West Bengal, India
Tel. No.:	91-33-23521959
Mobile No.:	91-9830463126
Fax No.:	91-33-23521958
E-Mail :	www.ghoshauro@hotmail.com www.ghoshshyam@hotmail.com
PAN No.:	AAOSP3331G

CAPITAL STRUCTURE

As on 30.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount

49000	Equity Shares	Rs. 10/-each	Rs. 0.490 million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

10000	Equity Shares	Rs. 10/-each	Rs. 0.100 million

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		0.100	0.100	0.100
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		0.724	0.663	0.425
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		0.824	0.763	0.525
LOAN FUNDS
1] Secured Loans		0.000	0.00	0.517
2] Unsecured Loans		1.387	0.635	0.255
TOTAL BORROWING		1.387	0.635	0.772
DEFERRED TAX LIABILITIES		0.000	0.000	0.000

TOTAL		2.211	1.398	1.297

APPLICATION OF FUNDS

FIXED ASSETS [Net Block]		0.116	0.111	0.073
Capital work-in-progress		0.000	0.000	0.000

INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000

CURRENT ASSETS, LOANS & ADVANCES
	Inventories	2.010	0.875	0.951
	Sundry Debtors	4.811	4.433	4.421
	Cash & Bank Balances	0.378	0.359	0.233
	Other Current Assets	0.155	0.000	0.000
	Loans & Advances	0.900	0.544	0.341
Total Current Assets		8.254	6.211	5.946
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	5.580	3.644	3.127
	Others Current Liabilities	0.440	0.881	1.318
	Provisions	0.139	0.399	0.277
Total Current Liabilities		6.159	4.924	4.722
Net Current Assets		2.095	1.287	1.224

MISCELLANEOUS EXPENSES		0.000	0.000	0.000

TOTAL		2.211	1.398	1.297

PROFIT & LOSS ACCOUNT

PARTICULARS	31.03.2011	31.03.2010	31.03.2009
Turnover	13.076	12.280	9.220

EXPENSES	12.713	11.894	8.931

NET PROFIT BEFORE TAX	0.363	0.386	0.289

Particulars

31.03.2012

31.03.2011

Sales Turnover (Approximately)

15.000

13.000

Expected Sales (2012-2013 ) : Rs. 18.000 millions

The above information has been parted by Mr. Jana.

KEY RATIOS

PARTICULARS	31.03.2011	31.03.2010	31.03.2009
Debt Equity Ratio (Total Liability/Networth)	9.15	7.28	10.46

Current Ratio (Current Asset/Current Liability)	1.34	1.26	1.25

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	No
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	Yes
15]	Capital in the business	Yes
16]	Details of sister concerns	No
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	Yes
21]	Market information	----
22]	Litigations that the firm / promoter involved in	----
23]	Banking Details	Yes
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]	PAN of Proprietor/Partner/Director, if available	No
32]	Passport No of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	Yes

State of Affairs

During the year the company has achieved a turnover of Rs. 13.076 millions as compared to previous year turnover of Rs. 12.280 millions and profit of Rs.0.363 millions. The Board of directors is pleased to recommend dividend of 20%. Staffs get 20% bonus.

Fixed Assets

· Plant, Machinery and Testing Equipments

· Furniture and Fixture

· Computer Machine

· Air Conditioner Machine

· Office Equipments

· Loose Tools And Implements

· Pattern, Dise, Fixture

AS PER WEBSITE DETAILS

Citations and Certifications

· ISO 9001 Certification from LRQA and SWISO (Group Companies)

· CMRI certification, BIS license, CCE approval, DGFASLI approval for flameproof enclosures for use in Gas Groups IIA, IIB and IIC.

Registrations

· NTPC

· WBPDCL

· State Electricity Boards

· Nuclear Power Corporation of India Limited

· Bhilai Steel Plant, Bokaro Steel Plant, Durgapur Steel Plant and Rourkela Steel Plant

· Visakhapatnam Steel Plant

· TISCO

· Jindal Stainless Limited

· Hindalco Industries Limited, BALCO and NALCO

· ACC Limited.

· Rajashree Cements Limited.

· Indian Farmers and Fertilizer Co-operative Limited, Paradeep

· Gujarat Alkalies and Chemicals Limited.

· Tata Chemicals Limited.

· Indian Petrochemicals Corporation Limited.

· Haldia Petrochemicals Limited.

· IOCL, ONGC, BPCL, HPCL and CPCL

· BHEL

· Thermax Limited.

· Driplex Water Engineering Limited.

· Ion Exchange (India) Limited.

· Degremont Limited.

· Kirloskar Brothers Limited.

· Subhash Projects and Marketing Limited.

· Kolkata Municipal Development Authority.

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.55.44
UK Pound	1	Rs.87.12
Euro	1	Rs.68.14

INFORMATION DETAILS

Information Gathered by :	JML

Report Prepared by :	NID

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
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	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	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
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.

MIRA INFORM REPORT

2.010

0.875

0.951

4.811

4.433

4.421

0.378

0.359

0.233

0.155

0.000

0.000

0.900

0.544

0.341

8.254

6.211

5.946

5.580

3.644

3.127

0.440

0.881

1.318

0.139

0.399

0.277

6.159

4.924

4.722

2.095

1.287

1.224

9.15

1.34

Unit