1. Summary Information

		Country	India
Company Name	ALPINE POLYRUB PRIIVATE LIMITED	Principal Name 1	Mr. Inder Chhabra
Status	Satisfactory	Principal Name 2	Mrs. Rita Chhabra
		Registration #	55-115749
Street Address	A-20, MangolpurI Industrial Area, Phase II, Delhi – 110034
Established Date	10.06.2002	SIC Code	--
Telephone#	91-11-27031695 / 96	Business Style 1	Manufacturer -
Fax #	91-11-27031698	Business Style 2	Supplier
Homepage	-	Product Name 1	Extra light footwear
# of employees	309 [Approximately]	Product Name 2	Footwear accessories
Paid up capital	Rs.7,905,930/-	Product Name 3	-
Shareholders	Bodies corporate – 18.34% Directors or relatives of Directors- 72.28% Others top fifty shareholders – 9.38%	Banking	Bank of Baroda
Public Limited Corp.	No	Business Period	10 Years
IPO	No	International Ins.	-
Public Enterprise	No	Rating	Ba [45]
Related Company
Relation	Country	Company Name	CEO
Other Related Party	-	Alpine Polyflex	-
Note	-

2. Summary Financial Statement

Balance Sheet as of	31.03.2011		(Unit: Indian Rs.)
Assets		Liabilities
Current Assets	82,977,000	Current Liabilities	77,186,000
Inventories	40,586,000	Long-term Liabilities	86,169,000
Fixed Assets	95,851,000	Other Liabilities	10,105,000
Deferred Assets	335,000	Total Liabilities	173,460,000
Invest& other Assets	382,000	Retained Earnings	37,265,000
		Net Worth	46,671,000
Total Assets	220,131,000	Total Liab. & Equity	220,131,000
Total Assets (Previous Year)	157,496,000
P/L Statement as of	31.03.2011		(Unit: Indian Rs.)
Sales	390,281,000	Net Profit	9,142,000
Sales(Previous yr)	387,521,000	Net Profit(Prev.yr)	9,138,000

MIRA INFORM REPORT

Report Date :

17.01.2012

IDENTIFICATION DETAILS

Name :	ALPINE POLYRUB PRIIVATE LIMITED
Registered Office :	A-20, MangolpurI Industrial Area, Phase II, Delhi – 110034
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	10.06.2002
Com. Reg. No.:	55-115749
Capital Investment / Paid-up Capital :	Rs.7.906 Millions
CIN No.: [Company Identification No.]	U51312DL2002PTC115749
TAN No.: [Tax Deduction & Collection Account No.]	DELA10074B
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and supplier of extra light footwear and footwear accessories.
No. of Employees :	309 [Approximately]

RATING & COMMENTS

MIRA’s Rating :

Ba [45]

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	USD 186000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct and as per commitments. The company can be considered normal for business dealings at usual trade terms and conditions.

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 :	A-20, MangolpurI Industrial Area, Phase II, Delhi – 110034, India
Tel. No.:	91-11-27031695 / 96
Fax No.:	91-11-27031698
E-Mail :	inderchhabra@yahoo.co.in

DIRECTORS

As on 29.09.2011

Name :

Mr. Inder Chhabra

Designation :

Director

Address :

3/71, Punjabi Bagh [West], Delhi – 110026, India

Date of Appointment :

10.06.2002

DIN :

00333016

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U51312DL2002PTC115749	ALPINE POLYRUB PRIVATE LIMITED	Director	10/6/2002	10/6/2002	Active	NO
2	U74899DL1985PTC021431	KANSAL ISPAT PRIVATE LIMITED	Director	12/9/2005	12/9/2005	Active	NO
3	U74899DL1996PTC077074	PAY-WELL SECURITIES PRIVATE LIMITED	Additional director	26/11/2008	26/11/2008	Active	NO
4	U74899DL1986PTC023854	A.B.PRINT WRAP PRIVATE LIMITED	Director	26/11/2008	26/11/2008	Active	NO
5	U70101DL2009PTC192932	AVENUES REALTECH PRIVATE LIMITED	Director	16/11/2009	16/11/2009	Active	NO
6	U52100DL2010PTC204294	EMERALD CONSUMER PRODUCTS PRIVATE LIMITED	Director	18/06/2010	18/06/2010	Active	NO

Name :

Mrs. Rita Chhabra

Designation :

Director

Address :

3/71, Punjabi Bagh [West], Delhi – 110026, India

Date of Appointment :

10.06.2002

DIN :

00672053

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U51312DL2002PTC115749	ALPINE POLYRUB PRIVATE LIMITED	Director	10/6/2002	10/6/2002	Active	NO
2	U74899DL1985PTC021431	KANSAL ISPAT PRIVATE LIMITED	Director	12/9/2005	12/9/2005	Active	NO
3	U74899DL1986PTC023854	A.B.PRINT WRAP PRIVATE LIMITED	Director	26/11/2008	26/11/2008	Active	NO
4	U74899DL1996PTC077074	PAY-WELL SECURITIES PRIVATE LIMITED	Additional director	2/11/2009	2/11/2009	Active	NO
5	U70101DL2009PTC192932	AVENUES REALTECH PRIVATE LIMITED	Director	16/11/2009	16/11/2009	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 29.09.2011

Names of Shareholders	No. of Shares
Inder Chhabra	492460
Rita Chhabra	79000
Des Raj Ahuja	15100
Govind Singh HUF	50
Hardeep Singh HUF	50
Jugal Kishore Ahuja	50
Kamaljeet Gogia	50
Swantanter Singh HUF	50
Kuldeep Singh	50
Rajinder Kaur	50
Swantanter Singh	50
Subhash Chhabra	30000
Iternational Genetator Private Limited, India	70000
Veena Gupta	12500
N.D.G. Management Consultant Private Limited, India	12500
N.D. Gupta	5000
Anshu Gupta	10000
Pawan Kumar	7500
Seema	5000
Ved Prakash	100
Ram Gupta	100
Pavish Textile Private Limited	33
B.T. Technet Limited	50000
Abhijit Trading Company	100
Shri Vinayak Enterprise	100
Suvidhi Enterprise	100
Manju Lata Sharma	100
Navkar Enterprise	100
Sanjay Devgan	100
Shri Sidhi Enterprises	100
Vijay Singh Bhotra	100
Rajesh Gupta	100
Total	790593

As on 29.09.2011

Equity Share Break Up Category	Percentage
Bodies corporate	18.34
Directors or relatives of Directors	72.28
Other top fifty shareholders	9.38
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and supplier of extra light footwear and footwear accessories.

GENERAL INFORMATION

No. of Employees :

309 [Approximately]

Bankers :

• Bank of Baroda, Community Centre, Club Road, Punjabi Bagh, New Delhi - 110026, India
• ICICI Bank Limited
• HDFC Bank

Facilities :

Secured Loan	Rs. In Millions 31.03.2011	Rs. In Millions 31.03.2010
Secured loans with Bank of Baroda – Cash credit limit	4.074	4.655
ICICI Car Loan	0.073	0.210
HDFC Car Loan	0.554	1.233
Total	4.701	6.098
Unsecured Loan	Rs. In Millions 31.03.2011	Rs. In Millions 31.03.2010
From Directors and Shreholders	81.468	28.716
Total	81.468	28.716

Banking Relations :	--
Auditors :
Name :	AKGVG and Associates Chartered Accountants
Address :	307, Pearls Corporate Tower, Sector-3, Rohini, Delhi – 110085, India
Tel./ Fax No.:	91-11-45009323
Mobile No.:	91-9811118031
PAN :	AAQFA2461F
Other Related Parties :	Kansal Ispat Private Limited Alpine Polyflex Azalea Teracom Limited

CAPITAL STRUCTURE

As on 29.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
1,000,000	Equity Shares	Rs.10/- each	Rs.10.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
790,593	Equity Shares	Rs.10/- each	Rs.7.906 millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

Particulars		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		7.906	7.906	7.896
2] Share Application Money		1.500	1.500	1.500
3] Reserves & Surplus		37.265	28.123	18.970
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		46.671	37.529	28.366
LOAN FUNDS
1] Secured Loans		4.701	6.098	9.522
2] Unsecured Loans		81.468	28.716	21.904
TOTAL BORROWING		86.169	34.814	31.426
DEFERRED TAX LIABILITIES		0.000	0.736	1.299
TOTAL		132.840	73.079	61.091
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		95.851	56.356	41.806
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.335	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	40.586	35.594	26.492
	Sundry Debtors	58.996	49.173	63.592
	Cash & Bank Balances	6.882	6.786	15.293
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	17.099	9.587	6.618
Total Current Assets		123.563	101.140	111.995
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	71.354	72.318	84.465
	Other Current Liabilities	5.832	3.753	3.589
	Provisions	10.105	8.346	4.656
Total Current Liabilities		87.291	84.417	92.710
Net Current Assets		36.272	16.723	19.285
MISCELLANEOUS EXPENSES		0.382	0.000	0.000
TOTAL		132.840	73.079	61.091

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	390.281	387.521	402.755
		Other Income	0.781	1.265	0.371
		TOTAL (A)	391.062	388.786	403.126
Less	EXPENSES
		Purchases [Traded Goods]	19.553	14.527	8.023
		Material Cost	257.367	262.028	304.084
		Manufacturing Expenses	44.273	40.559	48.987
		Employee Cost	12.018	10.502	5.894
		Personnel, Administrative and other Expenses	30.987	30.747	20.690
		Increase / [Decrease] in Stocks	[3.666]	3.157	[4.613]
		TOTAL (B)	360.532	361.520	383.065
	PROFIT/[LOSS] BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		30.530	27.266	20.061
Less	FINANCIAL EXPENSES (D)		4.155	2.468	2.586
	PROFIT/[LOSS] BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		26.375	24.798	17.475
Less/ Add	DEPRECIATION/ AMORTISATION (F)		11.604	10.245	7.913
	PROFIT / [LOSS] BEFORE TAX (E-F) (G)		14.771	14.553	9.562
Less	TAX (H)		5.629	5.415	3.661
	PROFIT / [LOSS] AFTER TAX (G-H) (I)		9.142	9.138	5.901
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		28.108	18.970	NA
	BALANCE CARRIED TO THE B/S		37.250	28.108	NA
	EARNINGS IN FOREIGN CURRENCY		3.086	4.450	NA
	IMPORTS
		Raw Materials	113.337	155.783	-
		Capital Goods	3.864	7.471	-
	TOTAL IMPORTS		117.201	163.254	NA
	Earnings/[Loss] Per Share (Rs.)		11.56	11.55	-

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	2.34	2.35	1.46
Net Profit Margin (PBT/Sales)	(%)	3.78	3.75	2.37
Return on Total Assets (PBT/Total Assets}	(%)	6.73	9.24	6.22
Return on Investment (ROI) (PBT/Networth)		0.32	0.39	0.34
Debt Equity Ratio (Total Liability/Networth)		3.72	3.18	4.38
Current Ratio (Current Asset/Current Liability)		1.42	1.20	1.21

LOCAL AGENCY FURTHER INFORMATION

Note : Registered office address of the company has been shifted from B-23, Mangolpuri Industrial Area, Phase II

Delhi – 110034, India to the present address w.e.f. 07.09.2011

Review of Operation :

The year has recorded growth in the turnover and profitability. The sales and other income have touched Rs.390.280 millions. Profit before tax at Rs.14.771 millions is higher as compared to Rs.14.553 million of last year.

Contingent Liability : [As on 31.03.2011]

Outstanding letter of credit as at the end of the year Rs.12.163 millions which is paid after 31.03.2011

Bankers Charges Report as per Registry

Corporate identity number of the company	U51312DL2002PTC115749
Name of the company	ALPINE POLYRUB PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	B-23, Mangolpur Industrial Area, Phase II, Delhi – 110034, India
This form is for	Creation of charge
Type of charge	Book Debts Movable Property Floating Charge Immovable Property
Particular of charge holder	Bank of Baroda, Community Centre, Club Road, Punjabi Bagh, New Delhi - 110026, India Email : akandco@hotmail.com
Nature of instrument creating charge	Composite Hypothecation Agreement and Memorandum of Entry dated 04.05.2011
Date of instrument Creating the charge	04.05.2011
Amount secured by the charge	Rs.100.000 millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest - Cash Credit - @13.75% p.a., Term Loan - 14.50% p.a., FLC/ILC - As per Bank Guidelines. Terms of Repayment – Cash Credit - Payable on demand. Term Loan - As per Repayment Schedule of Agreement. Margin - Cash Credit - 25% , Term Loan - 63.64% and FLC/ILC Limit - 15% Extent and Operation of the charge – 100% Others - To secure all amounts payable under Cash Credit Limit of Rs.40.000 millions, Term Loan of Rs.20.000 millions and FLC/ILC Limit of Rs.40.000 millions aggregating Rs.100.000 millions granted to the Company together with all interests, costs, charges, expenses etc.

FIXED ASSETS :

§ Computer

§ Car

§ Cycle

§ Die Washing Machine

§ Dust Removing Machine

§ Extruder Machine

§ Fire Extinguisher

§ Gun Machine

§ Mobile Phone

§ Moulding Machine

§ Pad Printing Machine

§ Paper Shredder Machine

§ Strapping Machine

§ Vacuum Pump

§ Water Pump

§ Water Purifier

§ Furniture

§ Electrical Installations

§ Drilling Machine

§ Labeling Machine

§ Scooter

§ Fax Machine

§ Air Dyer

§ Air Compressor

§ Compounding Machine

§ Conveyor Machine

§ Cooling Machine

§ Air Conditioner

§ Generator

§ Telephone EPABX

§ Printing Machine

§ Vending Machine

§ Welding Machine

§ Weighing Machine

§ Sewing Machine

§ Refrigerator

§ CCTV

§ Scanner

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.51.65
UK Pound	1	Rs.79.09
Euro	1	Rs.65.31

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--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		45

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.