MIRA INFORM REPORT

Report Date :

21.05.2012

IDENTIFICATION DETAILS

Name :	SIZE CONTROL GAUGES AND TOOLS PRIVATE LIMITED
Registered Office :	218, Poornima Towers, 397 Shankar Sheth Road, Pune – 411037, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	20.09.1977
Com. Reg. No.:	25-019870
Capital Investment / Paid-up Capital :	Rs.0.502 Million
CIN No.: [Company Identification No.]	U29299MH1977PTC019870
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Panel Gauges and Thread Gauges etc.
No. of Employees :	50 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (49)

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	USD 112000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an old and a well 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 of the company 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 PARTED BY (General Details)

Name :	Mr. Atul Durve
Designation :	Marketing Executive
Contact No.:	91-9822040830
Date :	19.05.2012

LOCATIONS

Registered/ Corporate Office :	218, Poornima Towers, 397 Shankar Sheth Road, Pune – 411037, Maharashtra, India
Tel. No.:	91-20-24445345/ 24443486/ 65220146
Mobile No.:	91-9822040830 (Mr. Atul Durve)
Fax No.:	91-20-24443486
E-Mail :	sizecontrol@vsnl.com sizecontrol@yahoo.com
Website :	www.sizecontrolgauges.com
Location :	Owned
Factory :	D-5, MIDC Industrial Area, Ahmednagar – 414111, Maharashtra, India
Tel. No.:	91-241-2777715
Fax No.:	91-241-2777459
E-Mail :	sizecontrolgauge@gmail.com

DIRECTORS

(AS ON 30.09.2011)

Name :	Mr. Ashok Shankar Durve
Designation :	Director
Address :	Anjore 686/1-B/A-2, Chandrika HSG Society, Bibwewadi Road, Pune – 411037, Maharashtra, India
Date of Birth/Age :	31.03.1943
Date of Appointment :	20.09.1977
DIN No.:	00871531
Name :	Mrs. Anuradha Ashok Durve
Designation :	Director
Address :	Anjore 686/1-B/A-2, Chandrika HSG Society, Bibwewadi Road, Pune – 411037, Maharashtra, India
Date of Birth/Age :	30.06.1949
Date of Appointment :	14.02.1994
DIN No.:	00871625

KEY EXECUTIVES

Name :	Mr. Atul Durve
Designation :	Marketing Executive

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 30.09.2011)

Names of Shareholders	No. of Shares
Ashok Shankar Durve	2440
Anuradha Ashok Durve Jointly with Ashok Shankar Durve	1930
Ramprasad Ramnath Zawar Jointly with Pushpa Ramprasad Zawar	100
Shubhangi Sharad Durve	50
Shrinivas Bansilal Soni	100
Shrinivas Bapulal Bhalghat	100
Sureshkumar Amolchand Bhalghat	100
Shakunta Rameshchandra Bihani	200
Total	5020

(AS ON 30.09.2011)

Equity Shares Break – up

Category	Percentage
Directors or relatives of directors	87.05
Other top fifty shareholders	12.95
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Panel Gauges and Thread Gauges etc.
Exports :
Products :	· Panel Gauges · Thread Gauges
Countries :	· Canada · Australian
Imports :
Products :	Raw Materials
Countries :	England
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

GENERAL INFORMATION

Customers :

Wholesalers and Retailers

· Axles India Limited

· Ashok Leyland

· Audco India Limited

· Bharat Dynamics Limited

· Bharat Electronics

· ESCORTS

· Engine Factory

· Eicher

· Godrej

· Heavy Vehicles Factory

· Hero Honda

· Mahindra

· Ordinance Factory

· Sundaram Fasteners Limited

· Wipro

· Larson Educational Services

· Turbo

· SANMAR

· BHEL

· Bharat Gears

No. of Employees :

50 (Approximately)

Bankers :

· Union Bank of India

Pune, Maharashtra, India

· Ahmednagar Shahar Sahakari Bank Limited

Sarvarth Peth, Ahmednagar – 414111, Maharashtra, India

· Ahmednagar Shahar Sahakari Bank Limited

MIDC Branch, “Arthakam”, Dr. Chavan Hospital Compound, Ahmednagar – 414001, Maharashtra, India

· Janaseva Sahakari Bank Limited

· Pune Peoples Co-operative Bank

· Centurian Bank

· HDFC Bank

Facilities :

Secured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
Cash Credit from Ahmednagar Shahar Sahakari Bank Limited (secured by hypothecations of Raw Materials, Tools and Alloy Steel etc. as well as stock in process, finished goods and Book debts not older than 90 days. All the above loans are also personally guaranteed jointly and severally by the Directors.)	0.974	1.416
Term Loan from Ahemednagar Shahar Sahakari Bank Limited (unscheduled Bank) against the security and Plant and Machinery and Building.	3.357	4.758
Vehicles Loans
HDFC Bank for Vehicles	1.390	0.000
Tata Finance Limited	0.156	0.430
Total	5.877	6.604

Banking Relations :	--
Auditors :
Name :	Behede Joshi and Associates Chartered Accountant
Address :	14-17, Suyash Commercial Mall, Near Pancard Club, S. No. 74 and 75 Baner, Pune – 411045, Maharashtra, India
PAN No.:	AAGFB6550Q

CAPITAL STRUCTURE

(AS ON 30.09.2011)

Authorised Capital :

No. of Shares	Type	Value	Amount
6000	Equity Shares	Rs.100/- each	Rs.0.600 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
5020	Equity Shares	Rs.100/- each	Rs.0.502 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		0.502	0.502	0.502
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		27.588	24.004	19.625
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		28.090	24.506	20.127
LOAN FUNDS
1] Secured Loans		5.877	6.604	8.658
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		5.877	6.604	8.658
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		33.967	31.110	28.785
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		20.852	13.011	14.427
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		1.121	0.740	0.532
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	1.952	2.016	1.054
	Sundry Debtors	22.933	18.227	13.229
	Cash & Bank Balances	1.927	4.735	8.140
	Other Current Assets	6.922	7.517	7.848
	Loans & Advances	9.648	11.414	6.960
Total Current Assets		43.382	43.909	37.231
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	20.587	15.514	11.299
	Other Current Liabilities	8.342	8.695	9.200
	Provisions	2.459	2.341	2.906
Total Current Liabilities		31.388	26.550	23.405
Net Current Assets		11.994	17.359	13.826
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		33.967	31.110	28.785

KEY RATIOS

PARTICULARS	31.03.2011	31.03.2010	31.03.2009
Debt Equity Ratio (Total Liability/Networth)	1.33	1.35	1.59
Current Ratio (Current Asset/Current Liability)	1.38	1.65	1.59

LOCAL AGENCY FURTHER INFORMATION

SUNDRY CREDITORS DETAILS:

Particulars	31.03.2011	31.03.2010	31.03.2009
	(Rs. In Millions)
Sundry Creditors	20.587	15.514	11.299
Total	20.587	15.514	11.299

Check list by info Agents	Available in Report (Yes/ No)
Year of Establishment	Yes
Locality of the Firm	Yes
Constitution of the Firm	Yes
Premises details	No
Type of Business	Yes
Line of Business	Yes
Promoter’s Background	Yes
No. of Employees	Yes
Name of Person Contacted	Yes
Designation of Contact person	Yes
Turnover of Firm for last three years	No
Profitability for last three years	No
Reasons for variation <> 20%	-----
Estimation for coming financial year	No
Capital in the business	Yes
Details of sister concerns	No
Major Suppliers	No
Major Customers	Yes
Payments Terms	Yes
Export/ Imports Details (If applicable)	Yes
Market Information	-----
Litigations that the firm/ Promoters Involved in	-----
Banking details	Yes
Banking Facility Details	Yes
Conduct of the Banking Account	-----
Buyer visit details	-----
Financials, if provided	Yes
Incorporation details is applicable	Yes
Last Accounts filed at ROC	Yes
Major Shareholders, if available	Yes

TRADE REFERENCE:

· Hero Honda

· Trident Corporation

FORM 8:

This form is for	Creation of charge
Corporate identity number of the company	U29299MH1977PTC019870
Name of the company	SIZE CONTROL GAUGES AND TOOLS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	218, Poornima Towers, 397 Shankar Sheth Road, Pune – 411037, Maharashtra, India sizecontrol@vsnl.com
Type of charge	Immovable Property Movable Property (Not being Pledge)
Particular of charge holder	Ahmednagar Shahar Sahakari Bank Limited MIDC Branch, ‘Arthakam’, Dr. Chavan Hospital Compound, Ahmednagar – 414001, Maharashtra, India shbank_anr@sancharnet.in
Nature of description of the instrument creating or modifying the charge	1) Mortgage Deed 2) Hypothecation Agreement 3) Sanction Letter (All the documents executed for creation of a single charge)
Date of instrument Creating the charge	17/02/2012
Amount secured by the charge	Rs.16.100 Millions
Brief particulars of the principal terms and conditions and extent and operation of the charge	Rate of Interest Rate of Interest @15% p.a. or the rate as may be prescribed by bank from time to time. Terms of Repayment As per Agreement with the Bank Margin As per Agreement with the Bank Extent and Operation of the charge Facility: Term Loan. Exclusive charge of Bank on the hypothecated and mortgaged assets. Charge shall continue till full repayment of Loan
Short particulars of the property charged	Prime Security : Hypothecation of Machinery purchased out of Bank Finance (CNC Matrix Thread Grinding Machine) Collateral Security: Property taken on Lease from M.I.D.C. by the Company - Plot No.D-5 area adm.7800 Sq. Mtrs. located at M.I.D.C. Mouje Nagapur, District Ahmednagar alongwith all construction on the Plot, trees, Building Construction (present and future), all easementary rights. Property of Mr. Ashok Durve and Mrs. Anuradha Durve, Directors of the Company - Plot No.2A area adm.4250 Sq. Ft. alongwith construction area 185.87 Sq. Mtrs. in S.No.686/1B,Munjeri Bibwewadi, District Pune. alongwith all construction on the Plot, trees, Building Construction (present and future), all easementary rights.

FIXED ASSETS:

· Plant and Machinery

· Factory Building

· Electrical Installation

· Furniture

· Vehicles

· Office Equipments

· Dies

· Office Equipments

· Computers

· Air Conditioner

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.54.88
UK Pound	1	Rs.86.46
Euro	1	Rs.69.49

INFORMATION DETAILS

Information Gathered by :	PJA
Report Prepared by :	NIT

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	6
--RESERVES	1~10	6
--CREDIT LINES	1~10	6
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		49

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.