MIRA INFORM REPORT

Report Date :

23.07.2012

IDENTIFICATION DETAILS

Name :	ALPLA INDIA PRIVATE LIMITED
Registered Office :	B-4, B-5 and B-5A, Phase – I, IDA, Jeedimetla, Hyderabad – 500055, Andhra Pradesh
Country :	India
Financials (as on) :	31.12.2010
Date of Incorporation :	05.01.2005
Com. Reg. No.:	01- 045055
Capital Investment / Paid-up Capital :	Rs.154.765 Millions
CIN No.: [Company Identification No.]	U51909AP2005PTC045055
TAN No.: [Tax Deduction & Collection Account No.]	HYDA05430F
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer, Exporters and Importer of Plastic Caps and Bottles
No. of Employees :	Not Available

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 560000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track. It has incurred some loss during the year Dec, 2010. Accumulated losses appears to be increasing. 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 caution.

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 :	B-4, B-5 and B-5A, Phase – I, IDA, Jeedimetla, Hyderabad – 500055, Andhra Pradesh, India
Tel. No.:	91-40-23093622 / 23097950 / 30882241 / 23093328
Fax No.:	91-40-23095189 / 45823455
E-Mail :	sharma786@rediffmail.com diwakar.sharma@alpla.com infoindia@alpla.com
Website :	http://www.alpla.com
Area :	B-4 1911.93 sq. mt B-5 1720.07 sq. mt B-5A 2078 sq. mt
Corporate Office :	No.8-2-293/82/3-III/304C, Road No.7B, Jubilee Hills, Hyderabad – 500033, Andhra Pradesh, India
Tel. No.:	91-40-30882251
Factory 1 :	Plot No. 100, Epip, Phase-2, Thana, Baddi, Solan, Himachal Pradesh, Baddi - 173 205, Himachal Pradesh, India
Factory 2 :	Plot No.14, PPTP, Phase – IV, Industrial Park, Pashamylaram, District Medak – 502307, Andhra Pradesh, India

DIRECTORS

As on 30.06.2011

Name :	Mr. Vagish Dixit
Designation :	Director
Address :	198, Road No.3, Banjara Hills, Hyderabad – 500034, Andhra Pradesh, India
Date of Birth/Age :	03.08.1961
Qualification :	M.B.A. (USA) B.Com (Hons)
Experience :	26 Years
Date of Appointment :	05.01.2005
DIN No.:	00549646
Name :	Mrs. Shobha Dixit
Designation :	Director
Address :	198, Road No.3, Banjara Hills, Hyderabad – 500034, Andhra Pradesh, India
Date of Birth/Age :	28.03.1963
Date of Appointment :	05.01.2005
DIN No.:	01735106
Name :	Mr. Guenther Lehner
Designation :	Director
Address :	Lochbachstrasse, 6, A6971, Harb 6, Austria
Date of Birth/Age :	19.08.1959
Date of Appointment :	21.06.2006
DIN No.:	01734784
Name :	Mr. Georg Johannes Mag Fruh
Designation :	Director
Address :	Seestrasse, A6971, Hard -06, Austria
Date of Birth/Age :	19.05.1961
Date of Appointment :	21.06.2006
DIN No.:	01734770

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.06.2011

Names of Shareholders	No. of Shares
Vagish Dixit	4019000
Shobha Dixit	5000
Gmbh Holding Alpla, Austria	11452460
Total	15476460

As on 30.06.2011

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	74.00
Directors or relatives of Directors	26.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer, Exporters and Importer of Plastic Caps and Bottles

Products :

Product Description	ITC Code
Plastic Bottles and Sirnilar Articles	392330
Plastic Caps and Closure for Bottles	39235010

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

Deutsche Bank

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.12.2010	As on 31.12.2009
Deutsche Bank - Overdraft form Bank	840.227	259.873
Deutsche Bank – Bill Discounting	309.886	225.847
Deutsche Bank – Buyers Credit	214.403	0.000
Vehicle Loans (Amount due in the next 12 months 0.791 Millions)	2.171	0.000
Total	1366.687	485.720
Note: 1) The Loans form Deutsche Bank are Secured by an umbrella Corporate Gurantee given by Alpla Holding 2) Vehicle Loans are secured by hypothecation of the vehicles
Unsecured Loan	As on 31.12.2010	As on 31.12.2009
Alpls Holding GmbH - The Holding Company – External Commercial Borrowing (repayable within one year - 53013600)	437.038	369.645
Total	437.038	369.645

Banking Relations :	--
Auditors :
Name :	Ray and Ray Chartered Accountants
Address :	205, Ansal Bhawan, 16, Kasturba Gandhi Marg, New Delhi – 110001, India
Tel. No.:	91-11-23705415 / 23705416 / 41525215
Fax No.:	91-11-23705428
E-Mail :	rayandraydelhi@vsnl.com
PAN.:	AADFR8764R
Subsidiaries :	Yodeva Plastics Private Limited

CAPITAL STRUCTURE

As on 31.12.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
16000000	Equity Shares	Rs.10/- each	Rs.160.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
15476460	Equity Shares	Rs.10/- each	Rs.154.765 Millions

Note:

11452460 Equity Stores of Rs.10 each fully paid up are held by Alpla Holding Gmbh, Austria – the Holding Company.

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.12.2010	31.12.2009	31.12.2008
SHAREHOLDERS FUNDS
1] Share Capital		154.765	154.765	154.765
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		0.000	0.000	0.000
4] (Accumulated Losses)		(13.878)	(4.034)	(17.176)
NETWORTH		140.887	150.731	137.589
LOAN FUNDS
1] Secured Loans		1366.687	485.720	0.000
2] Unsecured Loans		437.038	369.645	660.109
TOTAL BORROWING		1803.725	855.365	660.109
DEFERRED TAX LIABILITIES		23.086	11.167	0.000
Deferred Government Grants		1.966	2.276	0.000
TOTAL		1969.664	1019.539	797.698
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		1493.594	688.016	543.501
Capital work-in-progress		47.350	42.087	6.616
INVESTMENT		92.798	92.788	92.763
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	190.936	106.083	68.632
	Sundry Debtors	325.792	121.996	87.470
	Cash & Bank Balances	7.732	6.732	4.804
	Other Current Assets	0.112	0.124	0.048
	Loans & Advances	199.884	82.972	127.333
Total Current Assets		724.456	317.907	288.287
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	288.492	91.384	81.892
	Other Current Liabilities	94.880	29.336	51.509
	Provisions	5.162	0.539	0.068
Total Current Liabilities		388.534	121.259	133.469
Net Current Assets		335.922	196.648	154.818
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		1969.664	1019.539	797.698

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.12.2010	31.12.2009	31.12.2008
	SALES
		Income	1491.642	798.882	572.552
		Other Income	47.980	40.969	29.433
		TOTAL (A)	1539.622	839.851	601.985
Less	EXPENSES
		Manufacturing and other Direct Expenses		626.602	440.334
		Salary, Administrative, Selling and Other Expenses	1338.797	82.060	88.268
		Transferred to Capital Work in progress		(0.345)	(0.316)
		TOTAL (B)	1338.797	708.317	528.286
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		200.825	131.534	73.699
Less	FINANCIAL EXPENSES (D)		95.188	56.131	48.242
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		105.637	75.403	25.457
Less/ Add	DEPRECIATION/ AMORTISATION (F)		105.372	50.948	30.101
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		0.265	24.455	(4.644)
Less	TAX (H)		11.919	11.313	0.602
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		(11.654)	13.142	(5.246)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(4.034)	(17.176)	(11.930)
	BALANCE / (LOSS) CARRIED TO THE B/S		(15.688)	(4.034)	(17.176)
	Earnings Per Share (Rs.)		(0.75)	0.85	(0.34)

KEY RATIOS

PARTICULARS		31.12.2010	31.12.2009	31.12.2008
PAT / Total Income	(%)	(0.76)	1.56	(0.87)
Net Profit Margin (PBT/Sales)	(%)	0.02	3.06	(0.81)
Return on Total Assets (PBT/Total Assets}	(%)	0.01	2.43	(0.56)
Return on Investment (ROI) (PBT/Networth)		0.00	0.16	(0.03)
Debt Equity Ratio (Total Liability/Networth)		15.56	6.48	5.77
Current Ratio (Current Asset/Current Liability)		1.86	2.62	2.16

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	Yes
5) Type of Business	Yes
6) Line of Business	Yes
7) Promoter’s background	Yes
8) No. of employees	No
9) Name of person contacted	No
10) Designation of contact person	No
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	No
15) Capital in the business	Yes
16) Details of sister concerns	Yes
17) Major suppliers	No
18) Major customers	No
19) Payments terms	No
20) Export / Import details (if applicable)	No
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	No
30) Major Shareholders, if available	Yes

ECONOMIC OVERVIEW:

The year 2010 turned out to be a much halter year for the global economy. According to information contained in the new report by the International Monetary Fund's (IMF) World Economic Outlook, the world GDP grew by 4.2% which is well above the trend rate and a lot faster than what was forecasted 12 months ago.

The US economy grew at about 3.1% backed by more stability in the housing markets and the Japanese economy grew at 1.9%. but the effects of the devastating tsunami arc expected to last for some more time. The euro-zone continued to struggle as the debt-crisis, severely hit Greece, looming large on other countries like Portugal, Ireland and Spain.

The momentum of growth has clearly shifted to emerging economies, more so to countries like China and India and they continue to surge ahead relentlessly in spite of fears of inflation, China grew at almost 10% while India grew at 8.8% p.a.

The Indian economy muscles ahead in spite of recent scams and corruption. The GDP continued its impressive performance backed by strong revival of consumer confidence, accelerated spending, governmental spending, growth in manufacturing, services and agricultural sectors. According to IMF estimates. GDP will grow in excess of 8% for the year 2011.

India continues to remain an attractive destination for foreign investors and was ranked fourth in the top five most attractive FDI destinations in an Ernst and Young's 2010 European Attractiveness Survey. According to the UNCTAP report, India was the second most important FDI destination (after China) for transnational corporations, and will remain in the top 5 most attractive destinations during the 2010-2012 periods.

FIXED ASSETS

· Land

· Building

· Plant and Machinery

· Furniture and Fixture

· Office Equipment

· Computer

· Vehicle

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.55.15
UK Pound	1	Rs.86.58
Euro	1	Rs.67.60

INFORMATION DETAILS

Report Prepared by :

NTH

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	--
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	--
--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		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.