MIRA INFORM REPORT

Report Date :

03.11.2011

IDENTIFICATION DETAILS

Name :	ALFA FLEXITUBES PRIVATE LIMITED
Registered Office :	M-439, 1^ST Floor, Guru Harkishan Nagar, Paschim Vihar, New Delhi-110087, Delhi.
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	31.01.1996
Com. Reg. No.:	075886
Capital Investment/ Paid-up Capital:	Rs.24.500 millions
CIN No.: [Company Identification No.]	U65993DL1996PTC075886
TAN No.: [Tax Deduction & Collection Account No.]	DELA05868C
PAN No.: [Permanent Account No.]	AAACA7046D
Legal Form :	Private Limited Liability Company.
Line of Business :	Manufacturer and Exporter of Metal hoses, bellow Expansion joints, Automotive Exhaust Connectors etc.
No. of Employees:	150 (In Office-50 and In Factory-100) (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (31)

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

Maximum Credit Limit :	USD 200000
Status :	Moderate
Payment Behaviour :	Slow But Correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track. 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 cautions.

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 – September 30, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
India	A1	A1

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

INFORMATION PARTED BY

Name :	Mr. Saurabh
Designation :	Director
Contact No.:	91-9811209178

LOCATIONS

Registered Office :	M-439, 1^ST Floor, Guru Harkishan Nagar, Paschim Vihar, New Delhi-110087, Delhi, India
Mobile No.:	91-9811209178 (Mr. Saurabh)
Fax No.:	alfaflex1@gmail.com skhanna303@hotmail.com info@gskassociates.com
E-Mail :	www.alfa-flexitubes.com
Area :	1000 sq. ft.
Location :	Owned
Factory :	1726 and 1743, Modern Industrial Estate, Bahadurgarh, Haryana-124507, Punjab, India
Tel. No.:	91-1276-268119 / 267157
Mobile No.	91-9811209178 (Mr. Saurabh Tondon)
Fax No.:	91-1276 / 267134
E-Mail :	alfaflex1@gmail.com

DIRECTORS

(AS ON 30.09.2010)

Name :

Mr. Rajendra Kumar Sardana

Designation :

Director

Address :

M-439, 1^ST Floor, Guru Harkishan Nagar, Paschim Vihar, New Delhi-110087, Delhi, India

Date of Birth/Age :

15.06.1948

Date of Appointment :

31.01.1996

DIN No :

00732421

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U65993DL1996PTC075886	Alfa Flexitubes Private Limited	Managing director	31/01/1996	31/01/1996	-	Active	NO
2	U34300DL2008PTC173317	Alfa Autotech Private Limited	Director	30/01/2008	30/01/2008	-	Active	NO
3	U19116HR2011PTC042037	Viking Leather Goods And Garments Private Limited	Additional director	########	########	-	Active	NO

Name :

Mr. Surabh Tandon

Designation :

Director

Address :

D-146, 2^nd Floor, New Rajendra Nagar, New Delhi-110060, Delhi, India

Date of Birth/Age :

17.06.1982

Date of Appointment :

06.09.2000

DIN No :

01994583

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U65993DL1996PTC075886	Alfa Flexitubes Private Limited	Director	6/9/2000	6/9/2000	-	Active	NO
2	U74899DL1995PTC065090	Bajaj Maschinen Private Limited	Director	########	########	-	Active	NO
3	U34300DL2008PTC173317	Alfa Autotech Private Limited	Director	15/02/2008	15/02/2008	-	Active	NO
4	U29195DL2005PTC136376	Bajaj Processpack Maschinen Private Limited	Director	24/12/2010	24/12/2010	-	Active	NO
5	U29299DL2010PLC205623	Bajaj Processpack Limited	Director appointed in casual vacancy	21/02/2011	21/02/2011	-	Active	NO

Name :

Mrs. Indra Sardana

Designation :

Director

Address :

M-439, 1^ST Floor, Guru Harkishan Nagar, Paschim Vihar, New Delhi-110087, Delhi, India

Date of Birth/Age :

01.07.1950

Date of Appointment :

31.01.1996

DIN No :

00724745

Name :

Ms. Pooja Sardana

Designation :

Director

Address :

M-439, 1^ST Floor, Guru Harkishan Nagar, Paschim Vihar, New Delhi-110087, Delhi, India

Date of Birth/Age :

11.02.1983

Date of Appointment :

15.02.2005

DIN No :

00724683

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U65993DL1996PTC075886	Alfa Flexitubes Private Limited	Director	15/02/2005	15/02/2005	-	Active	NO
2	U34300DL2008PTC173317	Alfa Autotech Private Limited	Director	30/01/2008	30/01/2008	-	Active	NO

Name :

Mr. Rajendra Kumar Tandon

Designation :

Director

Address :

E-35, Kamla Nagar, Agra, Uttar Pradesh-282004, India

Date of Appointment :

15.02.2005

DIN No :

00663813

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 30.09.2010)

Names of Shareholders	No. of Shares
Rajendra Kumar Sardana	980000
Indra Sardana	611000
Janak Tandon	25000
Rajendra Kumar Tandon	25000
Sourabh Tandon	767500
Gaurav Tandon	40000
Akshay	100
Asha Kataria	100
K. K. Garg and HUF	100
K. K. Garg	100
Krishna Baweja	100
Kumara Nidhi	100
Neha	100
Nirmal Garg	100
Natai Chandra Gorain	100
Rashmi	100
Sanjeev Rishi	100
Shilpi Ganguly	100
Sube Singh	100
Sudesh	100
Vidhya Devi	100
Total	2450000

Equity Share Breakup

(AS ON 30.09.2010)

Category	Percentage
Directors or relatives of Directors	99.99
Other top fifty shareholders	0.01
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of Metal hoses, bellow Expansion joints, Automotive Exhaust Connectors etc.
Products :	Ø Stainless Steel Corrugated Hoses Ø Metal Hoses and Assemblies Ø Gas Hoses Ø EPG Tubes Ø Flex Connectors Ø Pump Connectors Ø Pipe Fittings Ø Telephone Cords Ø Metal Hose Manufacturing Machines Ø Electric Wire Covering Cords Ø Wire Braiding Machines Ø Exhaust Flame Pipes Ø Interlock Hoses
Exports :
Products :	Ø Metal hoses Ø Bellow Expansion Joints Automotive Exhaust Connectors
Countries :	Ø Germany Ø France Ø Italy
Imports :
Products :	Ø Raw Materials Ø Finished Goods
Countries :	Ø Korea Ø Japan
Terms :
Selling :	L/C, Cash, Credit (60 days)
Purchasing :	L/C, Cash, Credit (30 days)

GENERAL INFORMATION

Customers :

· Wholesalers

· Retailers

· End Users

· OEM’s

No. of Employees :

150 (In Office-50 and In Factory-100) (Approximately)

Bankers :

· State Bank of India, Industrial Commercial Branch, Bahadurgath, District Jhajjar, Jhajjar-124507, Haryana, Indias

Facilities :

(Rs. in millions)

SECURED LOAN	As on 31.03.2010	As on 31.03.2009
Term Loan Car and Scooter
Bank Term Loan	36.480	21.884
Vehicle Loan	1.135	1.946
H.S.I.D.C.	0.000	2.220
Working Capital Limit	70.045	85.655
Total	107.660	111.705

(Rs. in millions)

UNSECURED LOAN	As on 31.03.2010	As on 31.03.2009
Short Term Loan From Directors, Shareholders and Outsiders	11.457	17.161
Total	11.457	17.161

Banking Relations :	---
Auditors :
Name :	DJS and Company Chartered Accountant
Address :	Shop No.20, 1^st Floor, East Avenue Market, East Punjabi Bagh, New Delhi-110026, Delhi, India

CAPITAL STRUCTURE

(AS ON 30.09.2010)

Authorised Capital :

No. of Shares	Type	Value	Amount
2500000	Equity Shares	Rs. 10/- each	Rs. 25.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2450000	Equity Shares	Rs. 10/- each	Rs. 24.500 millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010	31.03.2009	31.03.2008
SHAREHOLDERS FUNDS
1] Share Capital		24.500	22.000	22.000
2] Share Application Money		10.500	1.000	0.000
3] Reserves & Surplus		20.790	18.757	18.806
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		55.790	41.757	40.806
LOAN FUNDS
1] Secured Loans		107.660	111.705	82.384
2] Unsecured Loans		11.457	17.161	15.358
TOTAL BORROWING		119.117	128.866	97.742
DEFERRED TAX LIABILITIES		9.529	8.106	6.110
TOTAL		184.436	178.729	144.658
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		92.903	90.622	82.384
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	79.052	71.066	50.069
	Sundry Debtors	37.574	42.552	30.786
	Cash & Bank Balances	4.612	4.994	6.302
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	12.589	16.423	33.415
Total Current Assets		133.827	135.035	120.572
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors
	Other Current Liabilities	42.294	46.959	58.355
	Provisions	0.000	0.000	0.000
Total Current Liabilities		42.294	46.959	58.355
Net Current Assets		91.533	88.076	62.217
MISCELLANEOUS EXPENSES		0.000	0.031	0.057
TOTAL		184.436	178.729	144.658

PROFIT & LOSS ACCOUNT

PARTICULARS	31.03.2010	31.03.2009	31.03.2008
TURNOVER	120.000	160.817	216.689
PROFIT BEFORE TAX	NA	2.709	7.841
EXPORT VALUE	NA	89.825	135.832
IMPORT VALUE	NA	6.286	6.416

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
Return on Total Assets (PBT/Total Assets}	(%)	NA	1.20	3.86
Return on Investment (ROI) (PBT/Networth)		NA	0.06	0.19
Debt Equity Ratio (Total Liability/Networth)		2.89	4.21	3.82
Current Ratio (Current Asset/Current Liability)		3.16	2.87	2.07

LOCAL AGENCY FURTHER INFORMATION

Note : Registered Office of the company has been shifted from 14-A, Supriya Apartment, Menes, Paschim Vihar, New Delhi-110063, Delhi, India to the present address w.e.f. 11.02.2003

FORM 8

Corporate identity number of the company

U65993DL1996PTC075886

Name of the company

ALFA FLEXITUBES PRIVATE LIMITED

Address of the registered office or of the principal place of business in India of the company

M-439, 1^ST Floor, Guru Harkishan Nagar, Paschim Vihar, New Delhi-110087, Delhi, India

This form is for

Modification of charge

Type of charge

· Immovable property

· Book debts

· Movable property (not being pledge)

· Others

Particular of charge holder

State Bank of India, Industrial Commercial Branch, Bahadurgath, District Jhajjar, Jhajjar-124507, Haryana, Indias

Nature of instrument creating charge

1. letter for Agreement- S.M.E. 1

2. Agreement of loan - cum hypothecation

Date of instrument Creating the charge

30.12.2009

Amount secured by the charge

Rs. 149.600 millions

Brief of the principal terms an conditions and extent and operation of the charge

Rate of interest

W.C.and WCDL =2 % Above SBAR (effective rate-13.75 p.a)

T.L-V, VI and Corporate Loan:- 0.75% above SBAR (effective rate- 14.50 p.a)

SME Care== Nil

Terms of repayment

1. W.C.== On demand

2. T.L. == In 36 monthly installments of Rs. 00.625 million w.e.f. April 2010.

Margin

1. RM- Domestic === 25%

2. SIP === 25%

3. FG === 25%

4. Receivables === 40%

5. T.L. === 30%

6. L.C. === 20%

7. B.G. === 25%

Extent and operation of the charge

Personal guarantee of the following persons:

Sh .R. K .Sardana [Director]

Smt. Indra Sardana [Director]

Sh. Saurabh Tandon [Director]

Sh. R. K. Tandon [Director]

Ms. Pooja sardana [Director]

Mrs. Priya Ahuja.

Others

1. assignment of SBI life policies in the name of Saurabh Tandon, Mrs. Priya Ahuja, Ms Pooja charge on fixed assets of the company being Rs. 82.400 millions

2. extension of charge on the fixed assets

Short particulars of the property charged (Including location of the property)

1. Primary Security :W.C= 1st charge by way of hypothecation on the company's entire raw materials, stores, stock-in process and finished goods, receivables and all other current assets.

2. Primary Security: T.L.= (1). Hyp. of entire plant and machinery- existing and proposed having residual WDV of Rs. 76.500 millions. as on 31.03.09. (2) E.M. of plot at 82, sec-16,I.E. Bahadurgarh.

3. Primary Security: SME Car Loan= Hypothecation of the vehicle financed. Collateral Security: (1) E.M. of factory land and building at Plot no. 1726 and 1743, MIE, Bahadurgarh, 1005 sq.mtr (2) E.M. of residential flat no. M-439, FF, Guru Harikishan Nagar, Paschim Vihar, Delhi. (3) E.M. of residential property at D-146, 2nd floor, New Rajinder Nagar, Delhi

Whether any of the property or interest therein under reference is not registered in the name of the company.

Yes

If yes, in whose name it is registers

Sh Rajendra Kumar Sardana Sh Saurabh Tandon

Charge identification number of the charge to be modified

90038521

Date of instrument modifying the charge

14.02.2009

Particulars of the present modification

(Rs. in millions)

Particulars	Existing	Current
Fund based	12.21	11.96
Non Fund Based	5.00	3.00
Total	17.21	14.96

TRADE REFERENCES:

Ø Reliance Industries

Ø S R Steel

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.49.25
UK Pound	1	Rs.78.73
Euro	1	Rs.67.64

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
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	3
--CREDIT LINES	1~10	3
--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		31

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.