MIRA INFORM REPORT

Report Date :

23.04.2012

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) :	31.03.2011
Date of Incorporation :	16.06.2003
Com. Reg. No.:	05-35133
Capital Investment / Paid-up Capital :	Rs.5.200 Millions
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
No. of Employees :	100 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (26)

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

Maximum Credit Limit :	USD 33000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track. Profitability appears to be low of the company. However, trade relations are reported as 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. Vishal
Designation :	Accounts Manager
Contact No.:	91-129-3251597
Date :	18.04.2012

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 neelamrit145@yahoo.com
Area :	30000 sq.ft.
Location :	Rented

DIRECTORS

As on 30.09.2011

Name :	Mr. Khursheed Alam
Designation :	Director
Address :	H.No – 1027/34, JA Wahar Colony, NIT Faridabad-121001, Haryana, India
Date of Birth/Age :	06.07.1972
Qualification :	Graduate
Date of Appointment :	16.06.2003
DIN No.:	00219257
Name :	Mr. Sayeed Alam
Designation :	Director
Address :	H.No – 3747, JA Wahar Colony, NIT Faridabad-121001, Haryana, India
Date of Birth/Age :	06.07.1972
Date of Appointment :	16.06.2003
DIN No.:	00219245

KEY EXECUTIVES

Name :	Mr. Vishal
Designation :	Accounts Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
Khursheed Alam	196400
Sayeed Alam	165000
Shamim Alam	53600
Mumtaj Alam	88900
Shamsad Alam	6100
Ashma Parveen	2500
Azra Alam	2500
Irshad Alam	2500
Shahana Alam	2500
TOTAL	520000

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2011

Category	Percentage
Directors or relatives of Directors	100.00
Total	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
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

GENERAL INFORMATION

Suppliers :

Jyoti Industrial Corporation

Customers :

Wholesalers and Retailers

· Godrej

· Videocon

No. of Employees :

100 (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 Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
Other Loan	17.785	10.044
Bank Overdraft	0
Syndicate Bank	6.753	5.706
ICICI Bank Limited	0.090	0.714
Total	24.628	16.464
Unsecured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
From Directors and Their Relatives	0.000	1.703
Total	0.000	1.703

Banking Relations :	--
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
PAN.:	ABNPJ6258K

CAPITAL STRUCTURE

As on 30.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
1000000	Equity Shares	Rs.10/- each	Rs.10.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
520000	Equity Shares	Rs.10/- each	Rs.5.200 Millions

As on 31.03.2011

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

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		5.000	3.000	3.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		3.261	0.661	0.409
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		8.261	3.661	3.409
LOAN FUNDS
1] Secured Loans		21.628	16.464	13.200
2] Unsecured Loans		0.000	1.703	0.889
TOTAL BORROWING		21.628	18.167	14.089
DEFERRED TAX LIABILITIES		0.208	0.099	0.121
TOTAL		30.097	21.927	17.619
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		16.288	7.492	6.928
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.063
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	10.218	10.750	9.072
	Sundry Debtors	8.040	4.322	3.094
	Cash & Bank Balances	0.094	0.896	0.041
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	6.074	7.262	2.356
Total Current Assets		24.426	23.230	14.563
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	5.046	4.668	1.463
	Other Current Liabilities	5.430	4.010	2.372
	Provisions	0.141	0.117	0.100
Total Current Liabilities		10.617	8.795	3.935
Net Current Assets		13.809	14.435	10.628
MISCELLANEOUS EXPENSES		0.000	0.000	0.063
TOTAL		30.097	21.927	17.619

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	45.994	36.227	29.342
		Other Income	0.232	0.090	0.089
		TOTAL (A)	46.226	36.317	29.431
Less	EXPENSES
		Cost of Goods Sold	0.532	(1.678)	27.590
		Manufacturing and Operating Expenses	34.402	29.914
		Personnel Expenses	1.677	1.328
		Administrative Expenses	3.576	3.003
		Selling and Distribution Expenses	0.276	0.154
		TOTAL (B)	40.463	32.721	27.590
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		5.763	3.596
Less	FINANCIAL EXPENSES (D)		2.682	1.901
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		3.081	1.695	1.841
Less/ Add	DEPRECIATION/ AMORTISATION (F)		2.205	1.323	1.539
	PROFIT BEFORE TAX (E-F) (G)		0.876	0.372	1.302
Less	TAX (H)		0.276	0.120	0.163
	PROFIT AFTER TAX (G-H) (I)		0.600	0.252	0.139
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		0.661	0.409	0.270
	BALANCE CARRIED TO THE B/S		1.261	0.661	0.409
	Earnings Per Share (Rs.)		3.18	1.33	0.46

Particulars	31.03.2012
Sales Turnover (Approximately)	78.700

Expected Sales (2012-13) : Rs.80.000 Millions

The above information has been parted by Mr. Vishal – Account Management

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	1.30	0.69	0.47
Net Profit Margin (PBT/Sales)	(%)	1.90	1.03	1.03
Return on Total Assets (PBT/Total Assets}	(%)	2.15	1.21	1.41
Return on Investment (ROI) (PBT/Networth)		0.11	0.10	0.09
Debt Equity Ratio (Total Liability/Networth)		3.90	7.36	5.28
Current Ratio (Current Asset/Current Liability)		2.30	2.64	3.70

LOCAL AGENCY FURTHER INFORMATION

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	Yes
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	Yes
15) Capital in the business	Yes
16) Details of sister concerns	No
17) Major suppliers	No
18) Major customers	No
19) Payments terms	Yes
20) Export / Import details (if applicable)	Yes
21) Market information	--
22) Litigations that the firm / promoter	--
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

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

FORM 8

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	Book Debts Movable Property Floating Charge Immovable Property
Particular of charge holder	Syndiacate Bank, 48, Neelam Bata Road, Faridabad – 121001, Haryana, India priyangarg@gmail.com
Nature of instrument creating charge	Sanctioned letter, power of attorney for collection of bills, book debts and other receivables, charge and hypothecation of book debts agreement, composite hypothecation agreement.
Date of instrument Creating the charge	07.03.2012
Amount secured by the charge	Rs.12.500 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest Rate of Interest @ BR+2.50 i.e.13.25% at present. Terms of Repayment Repayable on demand. Margin 20% On stocks and on debtors. Extent and Operation of the charge Hypothecation of stock and book debts. Existing urem of industrial property at Plot No.86/87, Gali No.7, Sarurpur Industrial Area, Sohna Road, Faridabad in the name of sh. Hazi Sayed Alam. Personal guarantee of sh. Hazi Sayed Alam, Sh. Khurshid Alam, Sh. Mumtaz Alam, Sh Shamim Alam, sh Shamshad Alam. Extension of the charge of all current and fixed assets (present and future) in the name of the company.
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 Sh. Hazi Sayed Alam.
Particulars of the present modification	Limit enhanced from Rs..9.000 millions to Rs.12.500 millions (Sodh Rs.12.500 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.51.99
UK Pound	1	Rs.83.54
Euro	1	Rs.68.39

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--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	NO
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		26

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.