MIRA INFORM REPORT

Report Date :

23.11.2011

IDENTIFICATION DETAILS

Name :	ALPA INTERNATIONAL PRIVATE LIMITED (w.e.f 25.10.2005)
Formerly known as :	ALPATAN CHEMICALS PRIVATE LIMITED
Registered Office :	Old No.10, New No.8, Manohar Avecaja, Major Road, Egmore, Chennai-600008, Tamilnadu
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	07.04.1992
Com. Reg. No.:	01-022455
Capital Investment/ Paid-up Capital:	Rs.70.355 millions
CIN No.: [Company Identification No.]	U24231TN1992PTC022455
TAN No.: [Tax Deduction & Collection Account No.]	CHEA02065A
PAN No.: [Permanent Account No.]	AAACA4680P
Legal Form :	Private Limited Liability Company.
Line of Business :	Manufacturer and Importer of Leather tanning chemicals fat liquoring, syntans, beam house auxiliary, resin syntans
No. of Employees:	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (30)

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

Maximum Credit Limit :	USD 310000
Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established company having moderate track. Profitability of the company appears to be low. However, trade relations are reported as fair. Business is active. Payments are reported to be slow. 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

LOCATIONS

Registered Office :	Old No.10, New No.8, Manohar Avecaja, Major Road, Egmore, Chennai-600008, Tamilnadu, India
Tel. No.:	91-44-28193006 / 28191556
Fax No.:	91-44-28190015
E-Mail :	alpainternational@airtelbroadband.in
Website :	http://alpa-international.com
Factory :	R.S. No.1 and 2, Pondur Village, Sriperumbudur Taluk, Kancheepuram District, Tamilnadu, India.
Tel. No.:	91-44-27169031 / 27169032
Fax No.:	91-44-27169030

DIRECTORS

(AS ON 19.09.2011)

Name :

Mr. Mahesh Chelaka

Designation :

Managing Director

Address :

No.2, Bishop Garden, Raja annamalaipuram, Chennai-600028, Tamilnadu, India

Date of Birth/Age :

24.09.1951

Date of Appointment :

24.05.1999

DIN No. :

00215479

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	U24231TN1992PTC022455	Alpa International Private Limited	Managing director	24/05/1999	24/05/1999	-	Active	NO
2	U26960TN1993PTC024166	Zenith Monuments Granites Private Limited	Director	23/06/2000	23/06/2000	-	Strike off	NO

Name :

Mr. Bruno Mario Beltramo

Designation :

Director

Address :

K Block, Flat BG, Second Floor, Alsa Sherif Mano Anna Nagar East, Chennai-600102, Tamilnadu, Idnia

Date of Birth/Age :

02.07.1961

Date of Appointment :

18.07.1998

DIN No. :

00986206

Name :

Mr. Aghoram Vaidyanatha Swamy

Designation :

Director

Address :

112, Dr. Lakshmanaswamy Salai, K. K. Nagar, Chennai-600078, Tmilnadu, India

Date of Birth/Age :

12.11.1940

Date of Appointment :

22.05.2003

DIN No. :

01186791

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	U72200TN2002PTC049546	Ram Knowledge Systems Private Limited	Director	15/12/2002	15/12/2002	-	Active	NO
2	U24231TN1992PTC022455	Alpa International Private Limited	Director	22/05/2003	22/05/2003	-	Active	NO
3	U51396KL1995PLC009367	Maharaj Continental Trades Limited	Director	19/11/2004	19/11/2004	-	Active	NO

Name :

Mr. Kolathur Canathadai Sthalasayanam

Designation :

Director

Address :

Old No.87, New No.177, Kutchery road, Vinayaka Nagar, Mylapore, Chennai-600004, India

Date of Birth/Age :

15.03.1945

Date of Appointment :

21.03.2011

DIN No. :

03504401

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
1	U72200TN2002PTC049546	Ram Knowledge Systems Private Limited	Director	15/12/2002	15/12/2002	-	Active
2	U24231TN1992PTC022455	Alpa International Private Limited	Director	22/05/2003	22/05/2003	-	Active
3	U51396KL1995PLC009367	Maharaj Continental Trades Limited	Director	19/11/2004	19/11/2004	-	Active

KEY EXECUTIVES

Name :	Mr. Krishnaswamy Veravalli
Designation :	Secretary
Address :	15-Corporation school Road, Nungambakkam, Chennai-600034, Tamilnadu, India
Date of Birth/Age :	15.05.1948
Date of Appointment :	01.07.2005

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 30.09.2011)

Names of Shareholders	No. of Shares
Worldchem Holding Limited, United Kingdom	3897000
A V Kishore	322500
C Mahesh	175000
Alpa Spa, Italy	2641020
Total	7035520

Equity Share Breakup

(AS ON 30.09.2011)

Category	Percentage
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	92.93
Directors or relatives of directors	2.49
Others	4.58
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Importer of Leather tanning chemicals fat liquoring, syntans, beam house auxiliary, resin syntans.

Products :

· Magnesium edta

· Potassium sulphate fertilizer

· Vegetable fertilizer

· Amino fertilizer

· Calcium fertilizer

· Seaweed fertilizer powder

Product Description	Item Code No.
Tanning Chemicals	290629-09
Tanning Chemicals	340391-00

PRODUCTION STATUS

Particulars	Units	As on 31.03.2010
Licensed Capacity	MT	2000

Particulars	Units	As on 31.03.2010
Actual production:
Leather Chemicals (Net of Intermediary consumption)	MT	936.462

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· Indian Overseas Bank. Aminjikarai branch, Pachaiyappa’s Trust Board Building, Pachaiyappa’s College Campus, Harrington Road, Chennai-600030, Tamilnadu, India.

Facilities :

Secured Loans	As on 31.03.2010	As on 31.03.2009
Bills Discounting Facility with bank	0.000	0.769
Others	1.719	0.252
Total	1.719	1.021

(Rs. in millions)

Notes:

Bills discounted with bank is primarily secured by document of title to goods / accepted delivery challan and collaterally secured by deposit of title deeds and creation of equitable mortgage of land and building at R.S. No 1 and 2 at Pondur Village, Sriperumpudur Taluk, Kancheepuram District, hypothecation of plant and machinery, other fixed assets and book debts of the company.

Other Secured loans are secured by hypothecation of respective assets purchased with the said loan.

Banking Relations :	--
Auditors :
Name :	Mr. Rangamani and Sridharan Chartered Accontant
Address :	No.5, Rajagopalan Street, West Mambalam, Chennai-600033, Tamilnadu, India
Income-tax PAN of auditor or auditor’s firm :	AGPPM2096P
Holding Company :	Worldchem Holding Limited

CAPITAL STRUCTURE

(AS ON 31.03.2010)

Authorised Capital :

No. of Shares	Type	Value	Amount
10000000	Equity Share	Rs.10/- each	Rs.100.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
7035520	Equity Share	Rs.10/- each	Rs.70.355 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		70.355	70.355	70.355
2] Advance towards Share Capital		0.052	0.052	0.052
3] Reserves & Surplus		7.113	6.034	12.122
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		77.520	76.441	82.529
LOAN FUNDS
1] Secured Loans		1.719	1.021	3.251
2] Unsecured Loans		5.919	9.186	8.288
TOTAL BORROWING		7.638	10.207	11.539
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		85.158	86.648	94.068
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		36.239	38.231	43.790
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		2.422	3.838	0.648
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	10.096	21.910	20.368
	Sundry Debtors	42.365	29.772	51.182
	Cash & Bank Balances	11.727	12.696	11.447
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	18.075	14.456	15.087
Total Current Assets		82.263	78.834	98.084
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	25.775	24.272	41.103
	Other Current Liabilities	2.246	2.694	0.702
	Provisions	7.745	7.289	6.649
Total Current Liabilities		35.766	34.255	48.454
Net Current Assets		46.497	44.579	49.630
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		85.158	86.648	94.068

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	TURNOVER		94.127	81.919	NA
	EXPENDITURE		91.177	90.557	NA
	PROFIT/LOSS BEFORE TAX, DEPRECIATION AND AMORTISATION		8.292	(2.861)	1.168
Less/ Add	DEPRECIATION/ AMORTISATION		5.342	5.777	5.843
	PROFIT/LOSS BEFORE TAX		2.950	(8.638)	(4.675)
Less	TAX		1.872	(2.550)	(2.115)
	PROFIT/LOSS AFTER TAX		1.078	(6.088)	(2.560)
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	1.852	3.294	13.425
		Commission Earnings	8.534	7.251	6.384
	TOTAL EARNINGS		10.386	10.545	19.809
	IMPORTS
		Raw Materials	0.467	10.302	12.690
		Finished Goods	7.349	2.951	10.391
		Maintenance Spares	0.000	0.000	0.306
	TOTAL IMPORTS		7.816	13.253	23.387
	Earnings Per Share (Rs.)		NA	NA	NA

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	1.14	(7.43)	NA
Return on Total Assets (PBT/Total Assets}	(%)	2.49	(7.38)	(3.29)
Return on Investment (ROI) (PBT/Networth)		0.04	(0.11)	(0.06)
Debt Equity Ratio (Total Liability/Networth)		0.56	0.58	0.73
Current Ratio (Current Asset/Current Liability)		2.30	2.30	2.02

LOCAL AGENCY FURTHER INFORMATION

BUSINESS PERFORMANCE AND PROSPECTS:

The Company has achieved a turnover of Rs.94.127 millions. The Gross Profit and Net Profit are Rs.8.292 millions and Rs.7.078 millions respectively. The Directors are hopeful of improving the performance in the coming year.

CONTINGENT LIABILITIES NOT PROVIDED FOR IN RESPECT OF:

Particulars	As on 31.03.2010	As on 31.03.2009
Guarantees given by bank	0.439	0.439

FIXED ASSETS:

· Land

· Building

· Plant and Machinery

· Vehicles

· Furniture and Fittings

· Patent and Designs

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.52.70
UK Pound	1	Rs.82.44
Euro	1	Rs.71.08

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	2
--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	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		30

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	-

7

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.