MIRA INFORM REPORT

Report Date :

11.04.2011

IDENTIFICATION DETAILS

Name :	SAIFI CON-FAB SYSTEM PRIVATE LIMITED

Registered Office :	Plot No. 86-87, Road No. 7, Surupur Industrial Area, Ballabgarh, Sohna Roadl, Faridbad-121004, Haryana

Country :	India

Financials (as on) :	31.03.2009

Date of Incorporation :	16.06.2003

Com. Reg. No.:	05-35133

CIN No.: [Company Identification No.]	U34300HR2003PTC035133

TAN No.: [Tax Deduction & Collection Account No.]	RTKS04743E

Legal Form :	Private Limited Liability Company

Line of Business :	Manufacturing of Conveyors, Machinery Parts and Fabrication Job

RATING & COMMENTS

MIRA’s Rating :

B (28)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 14000

Status :	Moderate

Payment Behaviour :	Slow but Correct

Litigation :	Clear

Comments :	Subject is an established company having moderate track. Profitability of the company appears to be low. However, trade relations are fair. Business is active. Payments are reported to be slow but correct. The company can be considered for business dealings with some caution.

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

Name :	Mr. Khursheed Alam
Designation :	Director
Contact No. :	91-9818783116
Date :	06.04.2011

LOCATIONS

Registered Office :	Plot No. 86-87, Road No. 7, Surupur Industrial Area, Ballabgarh, Sohna Roadl, Faridbad-121004, Haryana, India
Tel. No.:	91-129-3251597/ 3251597/ 2470786/ 3251585/ 2475156/ 2470026
Mobile No. :	91-9818783116 [Mr. Khursheed Alam]
Fax No.:	91-129-2445156
E-Mail :	saifisystems@yaho.com tlkalra80@yahoo.co.in taruna.cs@gmail.com kundanlakhani99@yahoo.in
Area :	30000 sq.ft. (Rented)

DIRECTORS

Name :	Mr. Khursheed Alam
Designation :	Director
Address :	3737-38, Nangla Road, JA Wahar Colony, NIT Faridabad-121001, Haryana, India
Date of Birth/Age :	06.07.1972
Qualification :	Graduate
Date of Appointment :	16.06.2003

Name :	Mr. Hazi Sayed Alam
Designation :	Director
Address :	3737-38, Nangla Road, JA Wahar Colony, NIT Faridabad-121001, Haryana, India
Date of Birth/Age :	01.08.1949
Qualification :	Under Graduate
Date of Appointment :	16.06.2003

Name :	Mr. Sayeed Alam
Designation :	Director
Date of Appointment :	16.06.2003

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2009

Names of Shareholders		No. of Shares
Khursheed Alam		54900
Sayeed Alam		165000
Shamim Alam		50600
Mumtaj Alam		25900
Shamsad Alam		3600
Total		300000

As on 30.07.2010

Names of Shareholders		No. of Shares
Khursheed Alam		140000
Mumtaj Alam		60000
Total		200000

Equity Share Breakup (Percentage of Total Equity)

As on 30.09.2009

Category		Percentage of Holding
Directors or relatives of directors		100.00

BUSINESS DETAILS

Line of Business :	Manufacturing of Conveyors, Machinery Parts and Fabrication Job

Products :	· Overhead Conveyors · Floor Conveyors · Belt Conveyors · Chain and Slate Conveyors · I- Beam Conveyors · Conveyor Chains · Conveyor Belts · Fasteners Conveyors · All type of Material Handing Equipments

Exports :
Products :	Conveyors and Machinery Parts

Imports :
Products :	Machinery Parts
Countries :	China, USA and Taiwan

Terms :
Selling :	Cash and Credit

Purchasing :	Cash and Credit

PRODUCTION STATUS

As on 31.03.2009

Particulars	Unit			Actual Production
Conveyors	Mtones			100

GENERAL INFORMATION

Suppliers :

· Arora and Company

· Basnal Tube Company

· Control Engineering Company

· Golden Paints and Chemicals

· Gurushbh Power

· Harinder Industries

· Jyoti Industrial Corporation

· Kalson Industries

· lllKamal Traders

· M A Enterprises

· Maya Machine Tools

· M K Enterprises

· Nagpal Associates

· Pankaj Enterprises

· Pankaj Traders

· Pashupati Engineers

Customers :

End Users

Airtech Private Limited
APEX Finishing Systems
Arya Engineering
Auto Coat Engineering (India) Private Limited
Badve Auto Comps (Private) Limited
Badve Engineering (Private) Limited
Concept Industries
Coparo Fasteners
Day Line Spray Systems (Private) Limited
Devanshu Appliances (Private) Limited
Dyanatech Controls (Private) Limited
Extreme Machine High Tech Private Limited
Flash Electronics Private Limited

No. of Employees :

15 [Approximately]

Bankers :

· Syndicate Bank, 48, Neelam Bata Road, NIT Faridabad Branch, Faridabad-121001, Haryana, India

· United Bank of India, NIT, Faridabad - 121006, Haryana

· ICICI Bank Limited, Faridabad

Facilities :

Secured Loans	31.03.2009 Rs. In Millions	31.03.2008 Rs. In Millions
Against Hypothecation of Vehicles	1.402	2.135
Against Hypothecation of Machinery	2.987	4.125
Against Business Loan	3.105	0.000
Cholamandlam DBS Finance Limited	0.000	0.262
ICICI Bank Limited (O/D A/c)	0.950	0.562
ICICI Bank Limited	0.130	0.000
Syndicate Bank	4.627	4.067
Total	13.201	11.151


Banking Relations :	Satisfactory

Financial Institute:	Cholamandlam DBS Finance Limited

Auditors :
Name :	Salekh Chand Jain and Company Chartered Accountant
Address :	B-501, Nehru Ground, NIT Faridabad-121001, Haryana, India
Tel. No.:	91-129-2413076
Mobile No.:	91-9811585579

Memberships :	SSI

CAPITAL STRUCTURE

After 30.09.2009

Authorised Capital :

No. of Shares	Type	Value	Amount

500000	Equity Shares	Rs. 10/- each	Rs. 5.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

500000	Equity Shares	Rs. 10/- each	Rs. 5.000 Millions

As on 30.09.2009

Authorised Capital :

No. of Shares	Type	Value	Amount

500000	Equity Shares	Rs. 10/- each	Rs. 5.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

300000	Equity Shares	Rs. 10/- each	Rs. 3.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2009	31.03.2008	31.03.2007
SHAREHOLDERS FUNDS
1] Share Capital		3.000	3.000	0.100
2] Share Application Money		0.000	0.000	0.500
3] Reserves & Surplus		0.409	0.270	0.213
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		3.409	3.270	0.813
LOAN FUNDS
1] Secured Loans		13.200	11.151	3.033
2] Unsecured Loans		0.889	0.000	0.181
TOTAL BORROWING		14.089	11.151	3.214
DEFERRED TAX LIABILITIES		0.000	0.000	0.000

TOTAL		17.498	14.421	4.027

APPLICATION OF FUNDS

FIXED ASSETS [Net Block]		6.928	8.817	3.141
Capital work-in-progress		0.000	0.000	0.000

INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.063	0.084	0.000

CURRENT ASSETS, LOANS & ADVANCES
	Inventories	9.072	8.650	3.858
	Sundry Debtors	3.094	2.481	3.142
	Cash & Bank Balances	0.041	0.625	0.191
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	2.356	2.110	0.045
Total Current Assets		14.563	13.866	7.236
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	1.463	4.671	3.478
	Current Liabilities	2.372	3.539	2.759
	Provisions	0.221	0.136	0.113
Total Current Liabilities		4.056	8.346	6.350
Net Current Assets		10.507	5.520	0.886

MISCELLANEOUS EXPENSES		0.000	0.000	0.000

TOTAL		17.498	14.421	4.027

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2009	31.03.2008	31.03.2007
	SALES
		Sales Turnover	29.342	17.193	16.723
		Interest Against Securities Deposit	0.089	0.039	0.000
		TOTAL	29.431	17.232	16.723

Less	EXPENSES
		Cost of Goods Sold		11.032	10.695
		Packing Material		0.079	0.101
		Custom Duty		0.011	0.070
		Direct Expenses		2.989	3.126
		Other Expenditure		2.042	1.912
		TOTAL	27.590	16.153	15.904

	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		1.841	1.079	0.819

Less/ Add	DEPRECIATION/ AMORTISATION		1.539	0.900	0.641

	PROFIT BEFORE TAX		0.302	0.179	0.178

Less	TAX		0.163	0.122	0.116

	PROFIT AFTER TAX		0.139	0.057	0.062

Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		0.270	0.213	0.150

	BALANCE CARRIED TO THE B/S		0.409	0.270	0.212

	Earnings Per Share (Rs.)		0.46	0.19	---

Particulars			31.03.2010

Sales Turnover			40.000

Expected Sales (2010-2011) : Rs. 50.000 Millions

KEY RATIOS

PARTICULARS		31.03.2009	31.03.2008	31.03.2007
PAT / Total Income	(%)	0.47	0.33	0.37

Net Profit Margin (PBT/Sales)	(%)	1.03	1.04	1.06

Return on Total Assets (PBT/Total Assets}	(%)	1.41	0.79	1.73

Return on Investment (ROI) (PBT/Networth)		0.09	0.05	0.22

Debt Equity Ratio (Total Liability/Networth)		5.32	5.96	11.76

Current Ratio (Current Asset/Current Liability)		3.59	1.66	1.14

LOCAL AGENCY FURTHER INFORMATION

Note:

The registered office of the company has been shifted from Plot No. 3737/ 38 Manglal Road, Near Masjid Jawahar Colony, NIT Faridabad-121005, Haryana, India to present address w.e.f. 05.10.2009

Financial Report and Operation Results:

Inspite of recession in Market, the performance of the company during this year remain satisfactory, the company earned Profit of Rs. 0.139 Million (Previous year Rs. 0.057 Million) after charging depreciation year Rs. 1.539 Million (Previous yare Rs. 0.900 Million), Provision for Income Tax and Differed Tax, FBT Rs. 0.162 Million (Previous year Rs. 0.122 Million) on the sale turnover of Rs. 29.342 Millions (Previous year Rs. 17.193 Millions) However keeping into the view if the future requirement of the company. Directors have not recommended any dividend.

Trade References:

· Krishna Scientific Work – Noida

· Imax Engineering System, Faridbad

Bankers Charges Report as per Registry

Corporate identity number of the company	U34300HR2003PTC035133
Name of the company	SAIFI CON-FAB SYSTEM PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Plot No. 86-87, Road No. 7, Sururpur Industrial Area, Ballabgarh, Sohna Road, Faridabad -121004, Haryana, India kundanlakhani99@yahoo.in
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	10071913
Type of charge	Immovable property Book debts Movable property Floating charge
Particular of charge holder	Syndiacate Bank, 48, Neelam Bata Road, Faridabad – 121001, Haryana, India priyangarg@gmail.com
Nature of instrument creating charge	Composite hypothecation agreement, charge and hypothecation of book debts agreement, sanctioned letter and resolution.
Date of instrument Creating the charge	23.02.2011
Amount secured by the charge	Rs. 9.000 Millions

Short particulars of the property or asset(s) charged (including complete address and location of the property)	Plot No.86/87, Gali No.7, Sarurpur Industrial Area, Sohna Road, Faridabad In The Name Of Hazi Sayed Alam.
Particulars of the present modification	Limit Enhanced Cash Credit Limit from RS.6.300 Millions TO RS. 9.000 Millions (SODH RS.9.000 Millions).

Fixed Assets:

· Computer

· Generator Set

· Office Equipments

· Plant and Machinery

· Tools and Dies

· Furniture and Fixtures

· Motor Car

· Mobile Phone

· Motor Cycle

· Cycle

· Weighing Scale

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.44.04
UK Pound	1	Rs.72.19
Euro	1	Rs.63.40

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	2
--CREDIT LINES	1~10	2
--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		28

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.

MIRA INFORM REPORT

9.072

8.650

3.094

2.481

0.041

0.625

0.000

0.000

2.356

2.110

14.563

13.866

1.463

4.671

2.372

3.539

0.221

0.136

4.056

8.346

10.507

5.520

0.33

1.04

1.41

0.79

0.09

0.05

5.32

5.96

3.59

1.66

Unit