MIRA INFORM REPORT

Report Date :

04.06.2013

IDENTIFICATION DETAILS

Name :	A.S. CONTROLS PRIVATE LIMITED
Registered Office :	A - 160, TTC Industrial Area, MIDC, Khairne, Navi Mumbai – 400705, Maharashtra, India
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	10.12.2007
Com. Reg. No.:	11-176604
Capital Investment / Paid-up Capital :	Rs. 2.100 Millions
CIN No.: [Company Identification No.]	U29192MH2007PTC176604
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer, Exporter and Supplier of Electronics and Electrical Suppliers.
No. of Employees :	100 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ca (12)

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established company having a moderate track record. There appears huge loss during 2012. The external borrowing seems to be huge. However, trade relations are reported to be fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings on a safe and secured trade terms and condition.

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	A1	A1

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

RBI DEFAULTERS’ LIST STATUS

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

EPF (Employee Provident Fund) DEFAULTERS’ 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 (GENERAL DETAILS)

Name :	Ms. Saheli
Designation :	Admin Incharge
Contact No.:	91-22-27782006
Date :	31.05.2013

LOCATIONS

Registered Office :	A - 160, TTC Industrial Area, MIDC, Khairne, Navi Mumbai – 400705, Maharashtra, India
Tel. No.:	91-22-27782005/27782006
Mobile No.:	91-9867006105 (Mr. G.P. Deshpande)
Fax No.:	91-22-27782008
E-Mail :	iggurnani@rediffmail.com sales@ascontrols.com anoop@ascontrols.com
Website :	http://www.ascontrols.com
Area :	800 sq. mtrs
Location :	Owned

DIRECTORS

As on : 29.09.2012

Name :

Mr. Anoop Shankardas Sabnani

Designation :

Director

Address :

72, Basant Apartments, Near G.D Somani School, Cuffe Parade, Mumbai – 400055, Maharashtra, India

Date of Birth/Age :

15.11.1966

Date of Appointment :

10.12.2007

DIN No.:

00747361

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	U29190HP2004PTC027797	ACR INSTRUMENTS AND VALVES PRIVATE LIMITED	Director	31-12-04	31-12-04	-	Active	NO
2	U29192MH2007PTC176604	A.S. CONTROLS PRIVATE LIMITED	Director	10-12-07	10-12-07	-	Active	NO

Name :

Mrs. Pooja Anoop Sabnani

Designation :

Director

Address :

72, Basant Apartments, Near G.D Somani School, Cuffe Parade, Mumbai – 400055, Maharashtra, India

Date of Birth/Age :

05.04.1969

Date of Appointment :

10.12.2007

DIN No.:

00747435

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	U29190HP2004PTC027797	ACR INSTRUMENTS AND VALVES PRIVATE LIMITED	Director	31-12-04	31-12-04	-	Active	NO
2	U29192MH2007PTC176604	A.S. CONTROLS PRIVATE LIMITED	Director	10-12-07	10-12-07	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on : 29.09.2012

Names of Shareholders	No. of Shares
Anoop Shankardas Sabnani	105000
Pooja Anoop Sabnani	105000
Total	210000

Equity Share Break up (Percentage of Total Equity)

As on : 29.09.2012

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer, Exporter and Supplier of Electronics and Electrical Suppliers.
Exports :
Products :	· Electronics · Electrical Supplier
Countries :	Dubai
Imports :
Products :	Raw Materials
Countries :	· Hong Kong · China
Terms :
Selling :	L/C, Credit
Purchasing :	L/C, Credit

GENERAL INFORMATION

No. of Employees :

100 (Approximately)

Bankers :

· Canara Bank, Cuffe Parade, 13^th Floor, Maker Towers, E-Wing, Mumbai, Maharashtra, India

· Citibank, Wockhardt Towers, West Wing, Ground Floor, Bandra (East), Mumbai - 400051, Maharashtra, India

Facilities :

SECURED LOAN	31.03.2012 (Rs. In Millions)	31.03.2011 (Rs. In Millions)
Term Loan from Canara Bank (Secured by Mortgage of factory land, Building and Machinery, (ii) Hypothecation of stacok and debtors, (iii) Collateral security by way of personal guarantee by Directors	10.578	12.208
Loan repayable on demand Working capital borrowings from Canara Bank (Secured by (i) Mortgage of factory land, Building and Machinery (ii) Hypothecation of stock and debtors, (iii) Collateral security by way of personal guarantee by Directors.	28.568	28.047
TOTAL	39.146	40.255

Banking Relations :	--
Auditors :
Name :	I. G. Gurnani and Company Chartered Accountants
Address :	Parsram Niwas, Ground Floor, Sion (East), Mumbai – 400022, Maharashtra, India
E-Mail :	iggurnani@rediffmail.com
PAN No.:	AALPG9150C
Associates :	· ACR Instruments Valves Private Limited, India

CAPITAL STRUCTURE

As on : 29.09.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
5000000	Equity Shares	Rs. 10/- each	Rs. 50.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
210000	Equity Shares	Rs. 10/- each	Rs. 2.100 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2012	31.03.2011	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		2.100	2.100	2.100
2] Share Application Money		18.445	0.000	0.000
3] Reserves & Surplus		0.000	0.723	0.688
4] (Accumulated Losses)		(5.211)	0.000	0.000
NETWORTH		15.334	2.823	2.788
LOAN FUNDS
1] Secured Loans		39.146	40.255	29.149
2] Unsecured Loans		45.699	41.692	34.133
TOTAL BORROWING		84.845	81.947	63.282
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		100.179	84.770	66.070
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		42.826	41.544	29.458
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERRED TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	53.362	42.351	32.262
	Sundry Debtors	34.356	38.498	27.332
	Cash & Bank Balances	1.714	1.189	0.064
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	5.511	1.998	1.850
Total Current Assets		94.943	84.036	61.508
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	31.880	36.141	24.798
	Other Current Liabilities	5.710	4.669	0.000
	Provisions	0.000	0.000	0.098
Total Current Liabilities		37.590	40.810	24.896
Net Current Assets		57.353	43.226	36.612
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		100.179	84.770	66.070

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	112.392	125.704	118.320
		Other Income	1.775	0.282	0.000
		TOTAL (A)	114.167	125.986	118.320
Less	EXPENSES
		Cost of Materials Consumed	69.813	71.874
		Changes in Inventories of Finished Goods and Work in Progress	(12.043)	(1.439)
		Employees Benefits Expenses	20.861	17.427
		Other Expenses	25.830	28.404
		TOTAL (B)	104.461	116.266	108.736
Less	PROFIT / LOSS BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		9.706	9.720	9.584
Less	FINANCIAL EXPENSES (D)		9.201	5.937	5.458
	PROFIT / LOSS BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		0.505	3.783	4.126
Less/ Add	DEPRECIATION/ AMORTISATION (F)		6.439	3.635	3.157
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		(5.934)	0.148	0.969
Less	TAX (H)		0.000	0.113	0.348
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		(5.934)	0.035	0.621
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		0.723	0.688	0.067
	BALANCE CARRIED TO THE B/S		0.000	0.723	0.688
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	0.000	0.927	0.425
	TOTAL EARNINGS		0.000	0.927	0.425
	IMPORTS
		Raw Materials	13.447	12.018	0.134
	TOTAL IMPORTS		13.447	12.018	0.134
	Earnings / (Loss) Per Share (Rs.)		(28.26)	0.16	NA

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	(5.20)	0.03	0.52
Net Profit Margin (PBT/Sales)	(%)	(5.28)	0.12	0.82
Return on Total Assets (PBT/Total Assets}	(%)	(4.31)	0.12	1.07
Return on Investment (ROI) (PBT/Networth)		(0.39)	0.05	0.35
Debt Equity Ratio (Total Debt /Networth)		5.53	29.03	22.70
Current Ratio (Current Asset/Current Liability)		2.53	2.06	2.47

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	Yes
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
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)	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]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

FINANCIAL RESULTS :

The company achieved the turnover of Rs. 112.392 Millions (Previous year 125.704 Millions) and its net loss before tax was 5.934 Millions (Previous year 0.148 Million).

UNSECURED LOAN :

[Rs. In Millions]

Particulars	31.03.2012	31.03.2011
From Banks	1.607	2.048
From Others	44.092	39.644
TOTAL	45.699	41.692

BANKERS CHARGES REPORT AS PER REGISTRY ;

Corporate identity number of the company	U29192MH2007PTC176604
Name of the company	A.S. CONTROLS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	A - 160, TTC Industrial Area, MIDC, Khairne, Navi Mumbai – 400705, Maharashtra, India Email : iggurnani@rediffmail.com
This form is for	Modification of Charge
Charge identification (ID) number of the charge to be modified	10218988
Type of charge	· Immovable Property · Any Interest in immovable Property
Particular of charge holder	Canara Bank, Cuffe Parade, 13^th Floor, Maker Towers, E-Wing, Mumbai, Maharashtra, India Email : cb1879@canarabank.com
Nature of instrument creating charge	Draft of LEDTD to be used where additional limit is granted on the very security (Inclusive of third party property already given to the bank) dated 04/07/2012
Date of instrument Creating the charge	04.07.2012
Amount secured by the charge	Rs. 61.938 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest : Term Loan of 2.000 Millions @15.25% p.a(floating), ROI @ 15.75% p.a floating for TL above Rs.2.500 Millions but less than Rs.10.000 Millions. Terms of Repayment : Fresh Term Loan of Rs 0.200 Million, moratorium period of three months from date of first disbursement. Repaid in 56 EMI's 1st 12 EMIs of 36,000 each = Rs 0.432 Million Next 12 EMIs of 36,000 each = Rs 0.432 Million Next 12 EMIs of 36,000 each = Rs 0.432 Million Next 12 EMIs of 36,000 each = Rs 0.432 Million Next 7 EMIs of 36,000 each = Rs 0.252 Million Last 1 installment Rs 0.020 Million Total 60 EMIs of Rs. 0.020 Million Secured DPN of Rs 0.030 Million-Amount to be repaid in 34 EMI's of Rs 0.086 Million and last installment of Rs 0.086 Million Margin : Stock-25% Book debts-30% Fresh TL of Rs 2.000 Millions- 28.06% upfront. secured DPN- 32% Extend of operation of the charge : To secure due repayment of credit facilities aggregating Rs.619.38 Millions ie. A.S Controls Private Limited. (Rs. 44.900 Millions) and A. C. R Instruments and Valves Private Limited. (Rs.17.038 Millions), together with interest, cost, charges and expenses thereof, granted by the Bank to the Company Others: Total Facilities: A.S.Controls Rs.44.900 Millions ACR Instruments Rs.17.038 Millions ----------------------------------------------- Total Rs. 61.938 Millions
Short particulars of the property or asset(s) charged (including complete address and location of the property)	1. Plot no.A-143/2, TTC Industrial Area MIDC, Khairane, District Thane Area 600 sq. ft, Village Borivali, Taluka Thane, District Thane in the name of AS Controls Private Limited, India 2. Plot no.A-160, 800 sq.ft, Village Khairane, Taluka Khairane, District Thane in the name of Mr.Anoop Sabnani and all the land and buildings
Date of instrument modifying the charge	19/04/2012
Particulars of the present modification	By the present modification, the charge shall hold good to secure total credit facilities aggregating Rs.61.938 Millions (being total facilities A.S.Controls Rs.44.900 Millions (CC- 25.000 Millions, Fresh TL-2.000 Millions, TL1-3.300 Millions, TL2-3.700 Millions, TL3-7.400 Millions, TL4-3.500 Millions) and ACR Instruments Rs.17.038 Millions (OCC:10.000 Millions, TL:1.278 Millions, DPN-1: 0.760 Million, DPN(new): 3.000 Millions, Standby OCC limit 2.000 Millions). Therefore the overall charge stands modified to Rs.61.938 Millions.

FIXED ASSETS :

· Air Conditioner

· Computer

· Cycle

· Delivery Van

· Design and Development

· Dies

· Electric Fittings

· Electric Generator

· Factory Building

· Factory Plot

· Fax Machine

· Furniture and Fixtures

· Jigs and Fixtures

· Mobile

· Motor Cars

· Motor Cycle, etc.

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 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. 54.57
UK Pound	1	Rs. 86.15
Euro	1	Rs. 73.64

INFORMATION DETAILS

Information Gathered by :	HTL
Report Prepared by :	NIS

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	2
PAID-UP CAPITAL	1~10	2
OPERATING SCALE	1~10	2
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	1
--PROFITABILIRY	1~10	1
--LIQUIDITY	1~10	1
--LEVERAGE	1~10	1
--RESERVES	1~10	1
--CREDIT LINES	1~10	1
--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	YES
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		12

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.