MIRA INFORM REPORT

PRELIMINARY REPORT

Report Date :

21.11.2013

IDENTIFICATION DETAILS

Name :	METAL POWER ANALYTICAL (INDIA) PRIVATE LIMITED
Registered Office :	B 48, Raj Industrial Complex, Military Road, Marol, Andheri (East), Mumbai 400059, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	21.09.1990
Com. Reg. No.:	11-058251
Capital Investment / Paid-up Capital :	Rs. 1.500 Millions
CIN No.: [Company Identification No.]	U51909MH1990PTC058251
TAN No.: [Tax Deduction & Collection Account No.]	MUMM08615F
PAN No.: [Permanent Account No.]	AACCM4836D
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer, Exporter and Importer of Spectrometers for Metals, High-tech Analytical and Metallurgical Products.
No. of Employees :	Information denied by management

NOTES :

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

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 DENIED BY

Name :	Mr. Priyadarshan Divyadarshan Pant
Designation :	Director
Contact No.:	91-22-67830505

LOCATIONS

Registered Office/Factory 1 :	B 48, Raj Industrial Complex, Military Road, Marol, Andheri (East), Mumbai 400059, Maharashtra, India
Tel. No.:	91-22-67830505 / 29203753 / 29203756 / 67830505 / 29250321 / 29251399 / 28526281 / 67830525 (Service Department)
Mobile No.:	91-9930736909 (Mr. Nagendra Rawat)
Fax No.:	91-22-29251373
E-Mail :	metpower@vsnl.com info@metpower.co.in
Website :	http://www.metpowerin.com
Area :	4500 sq ft
Location :	Owned
Factory 2 :	C-35, 36, 37 and 40, Raj Industrial Complex, Military Road, Marol, Andheri (East), Mumbai – 400 059, Maharashtra, India
Branch Office :	Located at: Kolkata Chennai Delhi

DIRECTORS

As on 29.09.2012

Name :

Mr. Priyadarshan Divyadarshan Pant

Designation :

Director

Address :

11/10, Blossom Society, Marol, Andheri (East), Mumbai – 400059, Maharashtra, India

Date of Birth/Age :

26.07.1949

Qualification :

B. Tech ( I.I.T./ Kanpur ) and P.G.D.B.M. ( I.I.M./ Calcutta )

Voter ID :

UEE0156752

Date of Appointment :

21.09.1990

DIN No.:

00062216

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	U27200MH1990PTC056146	METAL POWER (INDIA) PRIVATE LIMITED	Director	11/04/1990	11/04/1990	-	Active	NO
2	U51909MH1990PTC058251	METAL POWER ANALYTICAL (INDIA) PRIVATE LIMITED	Director	21/09/1990	21/09/1990	-	Active	NO

Name :

Mr. Anant Vithal Kulkarni

Designation :

Director

Address :

Flat No.304, B/2 Wing, Sai Ashish, Bal Rajeshwar Road, Mulund (West), Mumbai – 400 080, Maharashtra, India

Date of Birth/Age :

27.12.1948

Qualification :

B.E (Met/ Gold Medalist) and M. Tech ( Physical Metallurgy)

Date of Appointment :

21.09.1990

DIN No.:

00062250

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	U27200MH1990PTC056146	METAL POWER (INDIA) PRIVATE LIMITED	Director	11/04/1990	11/04/1990	-	Active	NO
2	U51909MH1990PTC058251	METAL POWER ANALYTICAL (INDIA) PRIVATE LIMITED	Director	21/09/1990	21/09/1990	-	Active	NO

MAJOR SHAREHOLDERS

As on 29.09.2012

Names of Shareholders	No. of Shares
Pant Darshan Priya	60
Anant Vithal Kulkarni	10
Mandalik Hari Shashank	14
Priolkar H. Swapna	14
R. Parmeshwaran	24
N. Sampathkumar	20
Negandhai Haren	14
Pant Darshan Priya Joint with Shobha Pant	698
Kulkarni Vithal Anant Joint with Anuradha Kulkarni	654
Mrs. Anuradha Anant Kulkarni joint with Anant Kulkarni	500
Mukund Pant joint with Priya D Pant	464
Shobha P Pant Joint with Priya Darshan Pant	300
Aditi Anant Kulkarni Joint with Anant Kulkarni	228
Total	3000

Equity Share Break up (Percentage of Total Equity)

As on 29.09.2012

Category	Percentage
Directors or relatives of Directors	97.00
Other top fifty shareholders	3.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer, Exporter and Importer of Spectrometers for Metals, High-tech Analytical and Metallurgical Products.

Products :

· Atomic(Optical) Emission Spectrometers · 3-in-1 Spectrometer Sample Preparation Machines · Analysers for Hydrogen content in Molten Aluminium · Spectrometric Standards · Mass Spectrometers / Systems · Metallurgical Image Analysers · Optical Microscopes of various kinds o Stereo Microscope Unit Systems o Microscopes for Electronic Applications o Color Monitor Scope Systems o Metallurgical Microscopes o Measuring Microscope Systems o Biological Microscopes o Tissue Culture Microscopes o Zoom Contact Scope · Laboratory Metallographic Sample Preparation Equipment · Portable NDT Metallography Kit · Portable Vickers Hardness Testers, etc. · Gas Analysis using QUAD 'MASS' SPECTROMETERS o Process Gas Analysis  o Residual Gas Analysis  · Intelligent Gravimetric Analysers · SIMS- (Secondary Ion Mass Spectrometers) · Plasma Probes Analysis · Ion Miling Probes for Thin Film Etching · Moisture Absorption Analysis · Bomb Calorimeter · Professional software and Instrumentation for behavioral studies o The Observer o Ethovision

GENERAL INFORMATION

Customers :

· Toyo Engineering India Limited

· The Tata Iron and Steel Company Limited

· Sundaram - Clayton Limited

· Synergies - Dooray Automotive Limited

· Steel Authority of India Limited

· Kirloskar Brothers Limited

· Bhabha Atomic Research Centre

· Indira Gandhi Centre for Atomic Research

· Best Cast IT Limited

· Ashok Leyland Limited

· Ennore Foundries Limited

· Pooja Castings Private Limited

· Shree Pomani Alloys

· Arjay Alloys Private Limited

· Universal Engineers

No. of Employees :

Information denied by management

Bankers :

· ICICI Bank Limited

· State Bank of India, Marol Branch, Silver Arcade, Marol Maroshi Road, Andheri (East), Mumbai – 400059, Maharashtra, India

Facilities :

SECURED LOANS	31.03.2012 Rs. In Millions	31.03.2011 Rs. In Millions
Long Term Borrowings
Term loan from State Bank of India (Secured against hypothecation of Galas) Terms of repayment Monthly for purchase of office, dated 25.09.2009	11.725	15.475
O/D with State Bank of India (Against security of stock in trade) Terms of repayment Monthly for purchase of work shop A2,A3 A62 and A63, dated 22.11.2010	2.784	15.899
Total	14.509	31.374

Banking Relations :	--
Auditors :
Name :	J J Mehra and Company Chartered Accountants
Address :	11, Laxmi Building, Off Turner Road, Bandra (West), Mumbai – 400050, Maharashtra, India
Tel. No.:	91-22-26553920
PAN No.:	AABPM4738L
Memberships :	· Institute of Indian Foundrymen · Aluminium Association of India · Engineering Export Promotion Council · National Small Industries Corporation · Indian Analytical Instruments Association

CAPITAL STRUCTURE

As on 29.09.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
5000	Equity Shares	Rs. 500/- each	Rs. 2.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
3000	Equity Shares	Rs. 500/- each	Rs. 1.500 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	1.500	1.500
(b) Reserves & Surplus	44.580	35.931
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1) + (2)	46.080	37.431
(3) Non-Current Liabilities
(a) long-term borrowings	21.634	38.763
(b) Deferred tax liabilities (Net)	0.000	0.000
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	21.634	38.763
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000
(b) Trade payables	0.000	0.000
(c) Other current liabilities	43.463	26.072
(d) Short-term provisions	0.000	0.000
Total Current Liabilities (4)	43.463	26.072
TOTAL	111.177	102.267
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	43.940	47.091
(ii) Intangible Assets	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	1.368	0.878
(c) Deferred tax assets (net)	1.385	0.877
(d) Long-term Loan and Advances	20.453	14.404
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	67.146	63.250
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	28.813	26.710
(c) Trade receivables	13.889	10.693
(d) Cash and cash equivalents	0.381	0.943
(e) Short-term loans and advances	0.000	0.000
(f) Other current assets	0.948	0.671
Total Current Assets	44.031	39.017
TOTAL	111.177	102.267

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		1.500
2] Share Application Money		0.000
3] Reserves & Surplus		28.048
4] (Accumulated Losses)		0.000
NETWORTH		29.548
LOAN FUNDS
1] Secured Loans		16.596
2] Unsecured Loans		6.565
TOTAL BORROWING		23.161
DEFERRED TAX LIABILITIES		0.000
TOTAL		52.709
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		30.650
Capital work-in-progress		0.000
INVESTMENT		0.386
DEFERRED TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	24.238
	Sundry Debtors	6.131
	Cash & Bank Balances	2.136
	Other Current Assets	0.000
	Loans & Advances	10.778
Total Current Assets		43.283
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	14.131
	Other Current Liabilities	0.000
	Provisions	8.475
Total Current Liabilities		22.606
Net Current Assets		20.677
MISCELLANEOUS EXPENSES		0.996
TOTAL		52.709

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income
		Other Income
		TOTAL (A)	139.052	111.148	90.685
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL (B)	118.549	94.923	74.342
Less	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		(including Finance Expenses)	19.898	16.343
Less	FINANCIAL EXPENSES (D)			3.673	1.940
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		20.503	16.225	14.403
Less/ Add	DEPRECIATION/ AMORTISATION (F)		7.563	4.895	4.805
	PROFIT/(LOSS) BEFORE TAX (E-F) (G)		12.940	11.330	9.598
Less	TAX (H)		4.292	3.447	3.225
	PROFIT/(LOSS) AFTER TAX (G-H) (I)		8.648	7.883	6.373
	Deferred Tax Asset / (Liability)		0.000	0.117	0.237
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		35.931	28.048	21.478
	BALANCE CARRIED TO THE B/S		44.579	35.931	28.048
	EARNINGS IN FOREIGN CURRENCY
		Commission / Reimbursement of Expenses	7.989	6.388	5.142
	TOTAL EARNINGS		7.989	6.388	5.142
	IMPORTS
		Machines & Spares / consumables	NA	11.898	19.320
	TOTAL IMPORTS		NA	11.898	19.320
	Earnings Per Share (Rs.)		2882.67	2666.67	2124.33

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	6.22	7.09	7.03
Return on Total Assets (PBT/Total Assets}	(%)	20.07	21.21	12.98
Return on Investment (ROI) (PBT/Networth)		0.28	0.30	0.32
Debt Equity Ratio (Total Debt /Networth)		0.47	1.04	0.78
Current Ratio (Current Asset/Current Liability)		1.01	1.50	1.91

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	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 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

UNSECURED LOANS:

Particulars	31.03.2012 Rs. In Millions	31.03.2011 Rs. In Millions
Long Term Borrowings
From Directors	4.025	4.268
From Shareholders	3.100	3.121
Total	7.125	7.389

INDEX OF CHARGE:

Sr .No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10060818	06/06/2011 *	42,000,000.00	State Bank of India	Marol Branch, Silver Arcade, Marol Maroshi Road, Andheri (East), Mumbai, Maharashtra - 400059, INDIA	B14871321
2	90154717	18/08/2004 *	2,800,000.00	STATE BANK OF INDIA	MAROL BRANCH, BOMBAY, Maharashtra - 400059, INDIA	-
3	90154635	22/12/2000 *	1,200,000.00	STATE BANK OF INDIA	MAROL BRANCH, ANDHERI (E), MUMBAI, Maharashtra - 400059, INDIA	-
4	90154753	28/09/1999	826,322.00	CITI BANK N.A.	CITI TOWER; DR. S.S. RAO ROAD, PAREL, MUMBAI, Maharashtra, INDIA	-
5	90154586	23/10/1998	160,000.00	STATE BANK OF INDIA	MAROL BRANCH, MUMBAI, Maharashtra, INDIA	-
6	90154517	27/03/1997 *	80,000.00	STATE BANK OF INDIA	MAROL BRANCH, MUMBAI, Maharashtra, INDIA	-
7	90154746	09/12/1995	80,000.00	STATE BANK OF INDIA	MAROL BRANCH, BOMBAY, Maharashtra, INDIA	-
8	90152996	19/02/1994	52,875.00	UNION BANK OF INDIA	BHAVAN NAGAR BRANCH, MAROL, MUMBAI, Maharashtra - 40059, INDIA	-

* Date of modification charge

PERFORMANCE

The year recorded significant growth in turnover. The turnover of the company increased to Rs. 139.052 Millions during the year as against Rs. 111.148 Millions in the previous year. The Company earned profit after tax of Rs. 8.648 Millions during the year as against Rs. 7.883 Millions in the previous year. The directors have decided to plough back the entire profit in to the business and do not recommend payment of any dividend. The Directors also hope to achieve better results in the current year.

BUSINESS OUTLOOK

The Company has become one of the major suppliers of Analytical and Metallurgical Laboratory Equipment and their spares/accessories. It also prides itself on the high level of specialized Applications and Service Support it provides for all the products it manufactures/ sells. The Company is expecting a favorable market situation in current fiscal year too and hopes to achieve a higher turnover along with better profitability during the current year.

FIXED ASSETS:

· Air Conditioner

· Computers

· Furniture and Fixture

· Motor Car

· Office Equipments

· Office Premises at Mumbai

· Plant and Machinery

· Guest House

· Office 48/48A/49/50

· Gala A2-A3-A62-A63 C

· Gala A47 - 2nd floor –

· Work Shop C 40

· Work Shop C 39

· Lab A-1

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. 62.56
UK Pound	1	Rs. 100.77
Euro	1	Rs. 84.71

INFORMATION DETAILS

Information Gathered by :	SVD
Report Prepared by :	RAJ

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.