MIRA INFORM REPORT

Report Date :

10.05.2010

IDENTIFICATION DETAILS

Name :	MICRO TURNERS PRIVATE LIMITED (w.e.f. 26.03.2007 )
Formerly Known As :	A K TURNERS PRIVATE LIMITED
Registered Office :	Hissar Road, Rohtak – 124001, Haryana
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	20.03.1991
Com. Reg. No.:	05-031226
Capital Investment / Paid-up Capital :	Rs. 2.000 Millions
CIN No.: [Company Identification No.]	U28991HR1991PTC031226
TAN No.: [Tax Deduction & Collection Account No.]	RTKA02333C
PAN No.: [Permanent Account No.]	AABCA8302M
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturing of Precision Machined Components – Axles – Fastners – Spline Shafts – Gear and Gear assemblies for Two Wheelers.
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 100000
Status :	No commercial activities
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	As per the latest financials available with the government departments, there is no commercial activities for the last two years (i.e, 2009-10 and 2010-11). However, Business is active. Payments are reported to be slow. The company can be considered for business dealings on a secured 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 – September 30, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
India	A1	A1

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

LOCATIONS

Registered Office :	Hissar Road, Rohtak – 124001, Haryana, India
Tel. No.:	91-1262-26706817
Fax No.:	91-1262-248223
E-Mail :	Camanmohan1968@rediffmail.com akmicro@gmial.com
Website:	http://www.microturners.com
Head Office / Works:	Village Naryal, Sector-4, Parwanoo. Distt. Solan, Himachal Pradesh, India
Tel. No.:	91-1792-234270 / 232523
Fax No.:	91-1792-232923
E-Mail :	parwanoo@microturners.com
Tractor Parts Division:	Plto No. 31, Sector-5, Parwanoo, Distt Solan, Himachal Pradesh, India
Tel. No.:	91-1792-233023
E-Mail :	ajit@microturners.com psrana@microturners.com
Connecting Rod Division:	Plot No. 35-D, HPMC Road, Sector-2, Parwanoo, Distt Solan, Himachal Pradesh, India
Tel. No.:	91-1792-232923
E-Mail :	hartej@microturners.com
Sales Office Mumbai:	Office No.-1, Bhuvnaeshwari Building, SAHAJI RAJE ROAD,  Ville-Parle (East), Mumbai, Maharashtra, India
Tel. No.:	91-22-26827242 / 65735856
Fax No.:	91-22-26827242
E-Mail :	marketing@microturners.com
Factory 1:	Delhi-Jaipur highway NH-8, 57-58 KM Mile Stone, Village. Binola, Gurgaon – 122413, Haryana, India
Factory 2:	Art Center Complex, Phase–IV, Sector-18, Gurgaon, Haryana, India
Tel. No.:	91-1262-3266400
E-Mail :	manesar@microturners.com rahulsharma@microturners.com
Factory 3:	Jharmajri, P.O. Barotiwala  -  173205, Teh. Nalagarh, Distt. Solan, Himachal Pradesh, India
Factory 4:	Gat  No. 343, Plot No. 54/A, Village Mahalunge, Taluka Khed – 410501, Chakan – Pune, Maharashtra, India
Factory 5:	Plot No. 13,Sector – 10, IIE, Pant Nagar  - 263 153, Disit: U.S Nagar, Uttarkhand, India
Factory 6:	I Village: Harraipur, P.O: Khruli, (Near Bhud Barrier), Tehsil- Baddi – 174 101, Distt Solan, Himachal Pradesh, India
Factory 7:	Plot  No. 8, IP – 4, Begumpur,  Bhadarabad, Haridwar – 249 402, Uttarkhand, India

DIRECTORS

As on 30.09.2011

Name :

Mr. Sachin Kapoor

Designation :

Managing Director

Address :

789/8, Sant Nagar, Rohtak – 124001, Haryana, India

Date of Birth/Age :

21.101971

Date of Appointment :

02.02.1998

DIN No.:

00830326

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	U28991HR1991PTC031226	MICRO TURNERS PRIVATE LIMITED	Managing director	2/02/1998	2/02/1998	-	Active	NO
2	U27202HP1985PLC006277	PRECISION TUBES INDIA LIMITED	Director	2/07/2001	2/07/2001	-	Active	NO
3	U35900HP2011PTC031604	KHM DRIVE SYSTEMS PRIVATE LIMITED	Director	25/03/2011	25/03/2011	-	Active	NO

Name :

Mr. Naresh Chander KApoor

Designation :

Director

Address :

1323/12, Sant Nagar, Rohtak – 124001, Haryana, India

Date of Birth/Age :

07.04.1943

Date of Appointment :

29.08.2011

DIN No.:

00830333

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	U27202HP1985PLC006277	PRECISION TUBES INDIA LIMITED	Director	2/07/2001	2/07/2001	-	Active	NO
2	U28991HR1991PTC031226	MICRO TURNERS PRIVATE LIMITED	Director	29/08/2011	29/08/2011	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
Sachin Kapoor	17000
Basant Kumar Sehgal	3000
Total	20000

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2011

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturing of Precision Machined Components – Axles – Fastners – Spline Shafts – Gear and Gear assemblies for Two Wheelers.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

Citi Bank, Jeevan Vihar, 3, Sansad Marg, New Delhi – 110001, India

Facilities :

(Rs. in Millions)

Unsecured Loan	As on 31.03.2011	As on 31.03.2010
Mr. N C Kapoor	2.825	2.825
Mr. Sachine Kapoor (Director)	3.221	3.089
Mr. Anil Sehgal	0.160	0.160
Total	6.206	6.074

Banking Relations :	--
Auditors :
Name :	N.C Garg and company Chartered Accountant
Address :	M.G Road, Rohtak – 124001, Haryana, India
Tel No.:	91-1262-269051/268051
PAN.:	ACTPG7838B

CAPITAL STRUCTURE

As on 30.09.2011

No. of Shares	Type	Value	Amount
400000	Equity Shares	Rs.100/- each	Rs. 40.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
330000	Equity Shares	Rs.100/- each	Rs. 33.000 Millions

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
400000	Equity Shares	Rs.100/- each	Rs. 40.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
20000	Equity Shares	Rs.100/- each	Rs. 2.000 Millions

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		2.000	2.000	2.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		24.382	23.934	24.609
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		26.382	25.934	26.609
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		6.206	6.074	5.362
TOTAL BORROWING		6.206	6.074	5.362
DEFERRED TAX LIABILITIES		0.247	0.271	0.301
TOTAL		32.835	32.279	32.272
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		20.397	20.647	20.937
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	0.114	0.114	0.114
	Sundry Debtors	7.70	7.070	5.211
	Cash & Bank Balances	0.143	0.222	2.532
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	5.022	4.909	4.773
Total Current Assets		12.987	12.316	12.630
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	0.276	0.276	0.653
	Other Current Liabilities	0.273	0.408	0.643
	Provisions	0.000	0.000	0.000
Total Current Liabilities		0.549	0.684	1.296
Net Current Assets		12.438	11.632	11.334
MISCELLANEOUS EXPENSES		0.000	0.000	0.001
TOTAL		32.835	32.279	32.272

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	0.000	0.000	10.441
		Other Income	1.080	1.195	1.099
		TOTAL (A)	1.080	1.195	11.540
Less	EXPENSES
		Manufacturing Expenses	0.000	0.008	5.010
		Office and Administrative Expenses	0.407	0.957	1.285
		Increase/(Decrease) in Stock	0.000	0.000	0.655
		TOTAL (B)	0.407	0.965	6.950
Less	PROFIT/LOSS BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		0.673	0.230	4.590
Less	FINANCIAL EXPENSES (D)		0.000	0.644	0.690
	PROFIT/LOSS BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		0.673	(0.414)	3.900
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.250	0.290	0.337
	PROFIT/LOSS BEFORE TAX (E-F) (G)		0.423	(0.704)	3.563
Less	TAX (H)		(0.025)	(0.029)	(0.037)
	PROFIT/LOSS AFTER TAX (G-H) (I)		0.448	(0.675)	3.600
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		23.933	24.608	21.008
	BALANCE CARRIED TO THE B/S		24.381	23.933	24.608
	Earnings/Loss Per Share (Rs.)		22.4	NA	NA

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	41.48	(56.48)	31.19
Net Profit Margin (PBT/Sales)	(%)	0.000	0.000	34.12
Return on Total Assets (PBT/Total Assets}	(%)	3.25	(5.71)	28.21
Return on Investment (ROI) (PBT/Networth)		0.02	(0.03)	0.13
Debt Equity Ratio (Total Liability/Networth)		0.02	0.03	0.04
Current Ratio (Current Asset/Current Liability)		23.65	18.00	9.74

LOCAL AGENCY FURTHER INFORMATION

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	No
10) Designation of contact person	No
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	No
17) Major suppliers	No
18) Major customers	No
19) Payments terms	No
20) Export / Import details (if applicable)	No
21) Market information	--
22) Litigations that the firm / promoter	--
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

REVIEW OF OPERATION

During the period under consideration the company has made a profit of Rs. 0.448 Millions. The Directors hope for better results during the current year.

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U28991HR1991PTC031226
Name of the company	MICRO TURNERS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Hissar Road, Rohtak – 124001, Haryana, India Email: camanmohan1968@rediffmail.com
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	10221509
Type of charge	Immovable property
Particular of charge holder	Citi Bank, Jeevan Vihar, 3, Sansad Marg, New Delhi – 110001, India Email: roc@sdpa.in
Nature of instrument creating charge	Deed modification for Deed of Confirmation.
Date of instrument Creating the charge	19.05.2011
Amount secured by the charge	Rs. 282.420 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest As per sanction terms and as may be decided by the bank and company mutually from time to time. Terms of Repayment Repayable on demand, annually renewable. Margin Borrower shall at all times during the continuance of the security maintain a sufficient amount to provide the margin of security as may from time to time advised by the bank. Extent and Operation of the charge First exclusive charge by way of mortgage of Village Jharmajri, Barotiwala, Tehsil Nalagarh, District: Solan, Himachal Pradesh in favour of Citibank N.A Delhi for the repayment of all monies in respect of the credit facility granted to M/s. Micro Turners (Borrower), including outstanding balance and also all interest, costs, charges and expenses.
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Mortgage on Property located at Village Jharmajri, Barotiwala, Tehsil Nalagarh, District: Solan, Himachal Pradesh.
Date of instrument modifying the charge	17.01.2011
Particulars of the present modification	By this modification the overall limit is enhanced from Rs. 257.42 million to Rs. 282.42 million and the charge is secured by first exclusive charge by way of mortgage of Village Jharmajri, Barotiwala, Tehsil Nalagarh, District: Solan, Himachal Pradesh in favour of Citibank N.A Delhi for the repayment of all monies in respect of the credit facility granted to M/s. Micro Turners (Borrower).

FIXED ASSETS

· Plant and Machinery

· Land

· Building (Chakan)

· Building (Barotiwala)

· Electrical Equipment

· Computer

· Furniture

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 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.53.46
UK Pound	1	Rs.86.27
Euro	1	Rs.69.40

INFORMATION DETAILS

Report Prepared by :

KVT

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	2
--LIQUIDITY	1~10	2
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	2
--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	NO
--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.