MIRA INFORM REPORT

Report Date :

28.03.2012

IDENTIFICATION DETAILS

Name :	ALP OVERSEAS PRIVATE LIMITED (w.e.f.06.02.2008)
Formerly Known As :	ALP ELASTOMERS PRIVATE LIMITED GTP OVERSEAS PRIVATE LIMITED
Registered Office :	Anbros House, 25/ 31, East Patel Nagar, New Delhi – 110008
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	03.07.1996
Com. Reg. No.:	55-080083
Capital Investment / Paid-up Capital :	Rs. 47.353 Millions
CIN No.: [Company Identification No.]	U74900DL1996PTC080083
TAN No.: [Tax Deduction & Collection Account No.]	DELG03915C
PAN No.: [Permanent Account No.]	AAACG6366L
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of EPDM Rubber Products.
No. of Employees :	120 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (49)

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

Maximum Credit Limit :	USD 580000
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 :	Anbros House, 25/ 31, East Patel Nagar, New Delhi – 110008, Delhi, India
Tel. No.:	91-124-4002945
Fax No.:	91-124-4002942 / 4731598
E-Mail :	marketing@alpoverseas.com safaya.alp@anbros.com
Website :	http://www.alpoverseas.com
Corporate Office :	Plot No 32 (Huda), Sector 18, Gurgaon – 122015, Haryana, India
Tel No.:	91-124-4731500
Factory :	C – 10, Sector 1, Gautam Budha Nagar, Noida – 201 301, Uttar Pradesh, India
Tel. No.:	91-120-3052433 91-118-4545863
Fax No.:	91-120-4346735, 4324736, 4324737

DIRECTORS

AS ON 30.09.2010

Name :	Ms. Surinder Kaur Anand
Designation :	Whole Time Director
Address :	G – 8 B, Pushpanjali Farms, Bijwasan, New Delhi – 110061, Delhi, India
Date of Birth/Age :	17.10.1954
Date of Appointment :	03.07.1996
DIN No.:	00023385

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	U74900DL1996PTC080083	ALP OVERSEAS PRIVATE LIMITED	Director	03-07-96	03-07-96	Active	NO
2	U70200DL2012PTC233179	SKA ESTATES PRIVATE LIMITED	Director	20-03-12	20-03-12	Active	NO

Name :	Mr. Tejbir Singh Anand
Designation :	Managing Director
Address :	G – 8 B, Pushpanjali Farms, Bijwasan, New Delhi – 110061, Delhi, India
Date of Birth/Age :	29.11.1978
Date of Appointment :	01.01.1999
DIN No.:	00038356

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	U74900DL1996PTC080083	ALP OVERSEAS PRIVATE LIMITED	Whole-time director	01-01-99	01-01-99	Active	NO
2	U51109DL1999PTC099092	AJAX INDUSTRIAL PRODUCTS PRIVATE LIMITED	Director	31-03-99	31-03-99	Active	NO
3	U30007DL2000PTC103701	ISA SOFTECH SOLOTIONS PRIVATE LIMITED	Director	22-05-00	22-05-00	Active	NO
4	U74999DL2007PTC161995	ALP LAUREN MANUFACTURING PRIVATE LIMITED	Director	13-04-07	13-04-07	Active	YES
5	U40101HP2007PTC030738	GTP POWER PROJECTS PRIVATE LIMITED	Director	03-05-07	03-05-07	Strike off	NO
6	U74140DL2011PTC218585	ALP POLYMER PARK PRIVATE LIMITED	Director	04-05-11	04-05-11	Active	NO
7	U74140DL2011PTC220003	ALP AEROFLEX INDIA PRIVATE LIMITED	Director	27-05-11	27-05-11	Active	NO

Name :	Ms. Jaswinder Kaur Anand
Designation :	Whole Time Director
Address :	H 5/2, Model Town, New Delhi – 110009, Delhi, India
Date of Birth/Age :	22.01.1958
Date of Appointment :	03.07.1996
DIN No.:	00023316

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	U74900DL1996PTC080083	ALP OVERSEAS PRIVATE LIMITED	Director	03-07-96	03-07-96	Active	NO
2	U25202DL2004PTC130759	ALP PLASTICS PRIVATE LIMITED	Director	31-03-10	07-07-07	Active	NO
3	U51109DL1999PTC099092	AJAX INDUSTRIAL PRODUCTS PRIVATE LIMITED	Director	07-07-07	07-07-07	Active	NO

Name :	Mr. Ravleen Kaur
Designation :	Whole Director
Address :	G – 8 B, Pushpanjali Farms, Bijwasan, New Delhi – 110061, Delhi, India
Date of Birth/Age :	19.07.1984
Date of Appointment :	01.06.2009
DIN No.:	02720547

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	U74900DL1996PTC080083	ALP OVERSEAS PRIVATE LIMITED	Whole-time director	01-06-09	01-06-09	Active	NO
2	U74140DL2011PTC220003	ALP AEROFLEX INDIA PRIVATE LIMITED	Director	27-05-11	27-05-11	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2010

Names of Shareholders	No. of Shares
Surinder Kaur Anand	1375150
Jaswinder Kaur Anand	1375150
Pawandeep Singh Anand	992500
Tejbir Singh Anand	992500
Awbros Management Services Private Limited, India	500000
Total	5235300

AS ON 30.09.2010

Equity Shares Break Up	Percentage
Bodies corporate	9.55
Directors or relatives of Directors	90.45
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of EPDM Rubber Products.
Products :	EPDM Extrusion Profiles Brake Pads and Linings Pu Arm Rest EPDM Moulded Items PVC Extrusion Profiles Stearing and Suspension Parts Clips and Fasteners Picture Frames

GENERAL INFORMATION

No. of Employees :

120 (Approximately)

Bankers :

• ICICI Bank, ICICI Bank Towers, Bandra Kurla Complex, Mumbai – 400051, Maharashtra, India
• Syndicate Bank, 4, BSZ Marg, IP Estate Branch, New Delhi – 110002, Delhi, India

Facilities :

Secured Loan	Rs. In Millions 31.03.2010	Rs. In Millions 31.03.2009
From Bank* - Term Loans		69.279
- Packing Credit		49.735
- Post Shipment Limit	245.469	34.625
- Cash Credit		44.116
- Vehicle Loan		4.407
- Housing Loan		15.713
Property Loan		2.611
Total	245.469	220.486
NOTES *Secured by Term loan from Syndicate Bank is secured against mortgage of land and building and Hypothecated of fixed assets Packing credit from Syndicate Bank is secured against Hypothecation of stocks in trade consisting of raw materials; semi processed and finished goods, stores and spares meant for export. Post shipment limit is secured against export bulls negotiated Cash credit limit is secured against Hypothecation of stock meant for domestic sales and receivables from domestic sales Loan from ICICI Limited is secured against specific assets financed i.e. against vehicles and house. City Bank loan is secured against Bombay commercial flat.
Unsecured Loan	Rs. In Millions 31.03.2010	Rs. In Millions 31.03.2009
From Others
Ajax Industries Products Private Limited		5.930
Anbros Management Services Private Limited	84.505	2.500
Selling Associates		3.088
Business Deposits		1.422
City Bank Unsercured Loan		1.302
Anand Nishikawa Company Limited		71.583
Total	84.505	85.825

Banking Relations :	--
Auditors :
Name :	B.S. Sawhney and Associates Chartered Accountants
Address :	F-249(G.F.), New Rajinder Nagar, New Delhi – 110060, Delhi, India
Tel. No.:	91-11-45082854 / 28743598
Pan No.:	AAEFB5767F
Subsidiaries :	· ISA Softech Solutions Private Limited · Ajax Idustrial Products Private Limited
Associates :	ALP Automotives Limited ALP Plastics Private Limited Anbros Holding Private Limited Anand Nishikawa Company Limited Anbros Management Services Private Limited Annapurna Industrial Resources Limited

CAPITAL STRUCTURE

AFTER 30.09.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
6500000	Equity Share	Rs.10/- Each	Rs. 65.000 Millions

Issued, Subscribed & Paid-up Capital : Rs. 64.853 Millions.

AS ON 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
5000000	Equity Share	Rs.10/- Each	Rs. 50.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
4735300	Equity Share	Rs.10/- Each	Rs. 47.353 Millions

AS ON 30.09.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
6500000	Equity Share	Rs.10/- Each	Rs. 65.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
5235300	Equity Share	Rs.10/- Each	Rs. 52.353 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		47.353	47.353	47.353
2] Share Application Money		20.000	0.000	0.000
3] Reserves & Surplus		79.390	64.855	87.624
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		146.743	112.208	134.977
LOAN FUNDS
1] Secured Loans		245.469	220.486	141.546
2] Unsecured Loans		84.505	85.825	10.000
TOTAL BORROWING		329.974	306.311	151.546
DEFERRED TAX LIABILITIES		1.930	0.000	0.000
TOTAL		478.647	418.519	286.523
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		252.498	194.416	148.063
Capital work-in-progress		0.000	33.067	4.727
INVESTMENT		18.150	15.533	15.630
DEFERREX TAX ASSETS		0.000	3.412	4.702
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	111.339	78.528	34.107
	Sundry Debtors	165.535	146.399	66.905
	Cash & Bank Balances	2.589	6.744	5.467
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	51.612	61.663	61.176
Total Current Assets		331.075	293.334	167.655
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors		76.576	40.001
	Other Current Liabilities	102.388	15.240	4.242
	Provisions	20.688	29.427	10.011
Total Current Liabilities		123.076	121.243	54.254
Net Current Assets		207.999	172.091	113.401
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		478.647	418.519	286.523

PROFIT & LOSS ACCOUNT

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
SALES
	Net Sales	649.994	554.912	280.226
EXPENSES
	Cost of Sales	428.581	378.068	179.333
	Personnel Cost	72.719	79.346	26.392
	General and Administrative Cost	24.642	24.353	7.585
	Sales and Distribution Cost	63.817	65.039	39.008
DEPRECIATION/ AMORTISATION		29.980	28.155	15.926
PROFIT BEFORE TAX		22.601	(3.752)	48.661
PROFIT AFTER TAX		14.535	(6.534)	45.797
EXPORT VALUE		271.212	234.605	256.178
IMPORTS VALUE		NA	68.814	10.797
Earnings Per Share (Rs.)		3.07	(1.38)	9.90

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
Net Profit Margin (PBT/Sales)	(%)	3.48	(0.68)	17.36
Return on Total Assets (PBT/Total Assets}	(%)	3.87	(0.76)	15.19
Return on Investment (ROI) (PBT/Networth)		0.15	(0.03)	0.36
Debt Equity Ratio (Total Liability/Networth)		3.10	3.81	1.52
Current Ratio (Current Asset/Current Liability)		2.69	2.42	3.09

LOCAL AGENCY FURTHER INFORMATION

NOTE

Corporate Office of the company has been shifted from Plot No.119, Udyog Vihar Phase I, Gurgaon, Haryana, India to the Plot No.32, Sector 18, Huda, Gurgaon Haryana, India.

OPERATIONAL REVIEW

During the year the company achieved sale revenue of Rs. 649.994 Millions as compared to Rs. 554.912 Millions in previous year, an increase of sales by 17% and the Board of Directors expects that it will increased by 34% in the year 2010-2011.

FORM 8

Corporate identity number of the company	U74900DL1996PTC080083
Name of the company	ALP OVERSEAS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Anbros House, 25/ 31, East Patel Nagar, New Delhi – 110008, Delhi, India
This form is for	Creation of charge
Type of charge	Others
Particular of charge holder	Syndicate Bank, 4, BSZ Marg, IP Estate Branch, New Delhi – 110002, Delhi, India
Nature of instrument creating charge	Guarantee Agreement
Date of instrument Creating the charge	21.05.2011
Amount secured by the charge	Rs. 94.200 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest As per sanction terms. Terms of repayment As per sanction terms. Margin As per sanction terms. Extent and operation of the charge Corporate Guarantee is to secure OSL-Synd Rent limit of Rs. 94.200 Millions sanction by syndicate Bank to M/s Starling Associates
Short particulars of the property charged (Including location of the property)	Corporate Guarantee is to secure all money which are now or shall at any time be owing to the bank by the borrower.

FIXED ASSETS

• Land
• Furniture and Fixtures
• Building
• Plant and Machinery
• Mould and Dies
• Office Equipment
• Vehicles

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. 50.90
UK Pound	1	Rs. 81.27
Euro	1	Rs. 67.98

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--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	YES
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		49

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.