- **Sizemasters Technology is a precision engineering firm that was born from a reverse takeover - in 2022, a family-run gauges business acquired a listed shell company named Mewat Zinc Limited, renamed it, and moved it from Delhi to Pune to create a ready-made public platform for its manufacturing ambitions.** The recurring approach is to use the listed entity as a hub, spinning out new ventures - calibration labs, telecom infrastructure, plastic moulding, auto-equipment design - into separate subsidiaries and LLPs, often before they generate revenue, while the core gauges business provides the operational anchor. # Business segments One operating engine with a cluster of early-stage satellites - a precision gauges manufacturing and trading business that is the company's sole revenue generator, flanked by four pre-revenue or minority ventures in calibration services, telecom infrastructure, plastic moulding, and industrial equipment design. ## 1. Precision gauges and measuring instruments: the company's only operating business **It makes and trades the gauges that oil-and-gas companies use to check that threaded pipes and fittings meet exact specifications - a niche where an API Monogram licence separates approved suppliers from everyone else.** - **The API Monogram is the entry ticket** - the company holds a Certificate of Authority from the American Petroleum Institute to stamp its products with the official API Monogram, a requirement for supplying thread gauges and measuring instruments to the oil-and-gas industry. - **An accredited lab sits inside the factory** - its in-house testing facility is approved by India's National Accreditation Board for Laboratories (NABL) under ISO/IEC 17025:2017, so it can perform certified dimensional calibration on the very products it manufactures. - **It both makes and trades** - as of FY23, the company carried inventories of roughly INR 3.65 crore, almost entirely stock of traded goods rather than raw materials, which means a large portion of what it sells is sourced from others and resold alongside its own factory output. - **Technicians are trained project-by-project** - the company says it trains its technicians well in advance so they can deliver whatever new product a specific customer project demands, which matters in a business where every oilfield or pipeline job can call for a different gauge configuration. - **It is still building national reach** - the company has stated it is in the process of spreading into parts of India where it is under-represented, suggesting the distribution footprint is still concentrated rather than nationwide. ## 2. Calibration and engineering services: an accredited lab-for-hire, housed in a separate LLP **The same NABL-accredited lab that supports the gauges factory is being offered as a standalone service to outside customers through a 51%-owned LLP that was already operating before the company bought in.** - **Bought into an existing operation** - Sizemasters Calibration Services LLP was incorporated in October 2023 and had already commenced business before the company acquired its 51% stake in September 2024 for INR 25,500, meaning the company bought a going concern rather than building from scratch. - **Promoter overlap** - the LLP was originally a related-party entity whose designated partners included the company's own promoters, so the investment formalised an activity that was already within the promoter group's orbit. ## 3. Telecom network infrastructure: a diversification bet that has not yet started **Through a 55% stake in an LLP, the company has positioned itself to build telecom towers and related civil and electrical works - a business entirely outside its core metrology expertise, and one that had not generated any activity as of the latest filing.** - **A different industry entirely** - Aurum Turnkey Services LLP was formed to carry out civil, electrical, mechanical, and telecom works for network infrastructure, and the company's own disclosures state this is outside its main line of business. - **Capital committed, operations pending** - the company became a designated partner in July 2024 with an obligated capital contribution of INR 58,667 and a 45% profit share, but the LLP was yet to commence business as of the FY25 reporting date. ## 4. Plastic and polymer moulding: a post-balance-sheet bet on injection moulding **Incorporated in February 2026, after the FY25 year-end, this 60%-owned subsidiary plans to manufacture plastic and polymer products using injection moulding and extrusion - another pre-revenue vertical added to the group.** - **A fresh subsidiary with meaningful authorised capital** - Sizemasters Mould-Tech Private Limited was set up with an authorised capital of INR 4 crore and a paid-up capital of INR 2.5 crore, of which the company put in INR 1.5 crore for its 60% stake, signalling intent to build something of scale. - **Yet to begin** - as of the incorporation announcement, the subsidiary had not commenced business operations, so this is a declared intention rather than an active business. ## 5. Automobile and industrial equipment design: a dormant subsidiary since 2023 **A 51%-owned subsidiary incorporated in April 2023 to design and manufacture automobile, engineering, and construction equipment has reported no turnover in two years.** - **Broad mandate, no activity** - Proto D Technology Private Limited was formed to manufacture and design automobile, engineering, construction, and industrial equipment and to provide design and automation services, but it had not commenced operations as of the FY23 filing. - **Minimal capital deployed** - the company incorporated a subsidiary with an authorised capital of INR 1 lakh, so the financial commitment to date is small. # Group structure and partners **The listed company is a holding entity with one operating business and a web of subsidiaries and promoter-linked firms - most of them pre-revenue - all controlled by the Zanwar family, which owns just under 65% of the equity.** - **Promoter control** - Managing Director Gopal Zanwar holds 64.06% directly, and together with Kiran Zanwar and Mayur Zanwar the promoter group holds 64.87%, giving it effective control of the listed entity. - **Four satellite entities, one active** - the group consists of the core gauges business plus three LLPs or subsidiaries that were yet to commence operations as of FY25 (Proto D Technology, Aurum Turnkey Services, and the post-year-end Sizemasters Mould-Tech), and one - Sizemasters Calibration Services LLP - that was already operating before the company invested. - **Promoter proprietorships sit alongside** - the company transacts with several unincorporated businesses owned by the promoters and their family members, including Size Master Guages & Tools (the Managing Director's sole proprietorship) and Size Masters Calibration Services (a partnership of two promoters), creating a network of related-party entities that operate in the same or adjacent fields. - **Working capital comes from the promoters** - the company had short-term borrowings of INR 188.17 lakhs from its promoters as of March 2025, interest-free and repayable on demand, which funds day-to-day operations.