MIRA INFORM REPORT

Report Date :

17.07.2013

IDENTIFICATION DETAILS

Name :	ALFA FLEXITUBES PRIVATE LIMITED
Registered Office :	M-439, 1^ST Floor, Guru Harkishan Nagar, Paschim Vihar, New Delhi – 110087
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	31.01.1996
Com. Reg. No.:	55-075886
Capital Investment / Paid-up Capital :	Rs.24.500 Millions
CIN No.: [Company Identification No.]	U65993DL1996PTC075886
TAN No.: [Tax Deduction & Collection Account No.]	DELA05868C
PAN No.: [Permanent Account No.]	AAACA7046D
Legal Form :	Private Limited Liability Company.
Line of Business :	Manufacturer, Exporter and Supplier of an extensive range of highly sophisticated products.
No. of Employees :	240 (Approximately)

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 250000
Status :	Moderate
Payment Behaviour :	Unknown
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. The latest financial (2012) is not available. Mr. Dhanraj, Export Manager has provided all information but the financial are not verified. However, trade relations are fair. Business is active. Payments are reported to be unknown. The company can be considered for business dealings with great 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 – March 31^st, 2013

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	D (Long Term Rating)
Rating Explanation	Default (Suspended)
Date	01.04.2013

INFORMATION PARTED BY

Name :	Mr. Dhanraj
Designation :	Export Manager
Contact No.:	91-1276-268119
Date :	28.06.2013

LOCATIONS

Registered Office :	M-439, 1^st Floor, Guru Harkishan Nagar, Paschim Vihar, New Delhi – 110087, India
Tel. No.:	91-11-25288796/ 25261475 (R)
Mobile No.:	91-9811209178 (Mr. Saurabh Tondon)
Fax No.:	Not Available
E-Mail :	alfaflexi@gmail.com skhanna303@hotmail.com info@gskassociates.com mca@gskassociates.com
Website :	www.alfa-flexitubes.com
Area :	1000 sq. ft.
Location :	Owned
Factory/ Marketing Office :	1726 and 1743, Modern Industrial Estate, Bahadurgarh, Haryana – 124507, Punjab, India
Tel. No.:	91-1276-268119/ 267157/ 268134
Fax No.:	91-1276-267134
E-Mail :	alfaflexitube@eth.net
Website :	http://www.alfaflexitubes.com
Area :	40000 sq. ft.
Location :	Owned

DIRECTORS

(AS ON 30.09.2011)

Name :

Mr. Rajendra Kumar Sardana

Designation :

Managing Director

Address :

M-439, 1^ST Floor, Guru Harkishan Nagar, Paschim Vihar, New Delhi – 110087, India

Date of Birth/Age :

15.06.1948

Date of Appointment :

31.01.1996

DIN No.:

00732421

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U65993DL1996PTC075886	ALFA FLEXITUBES PRIVATE LIMITED	Managing director	31/01/1996	31/01/1996	-	Active	NO
2	U34300DL2008PTC173317	ALFA AUTOTECH PRIVATE LIMITED	Director	30/01/2008	30/01/2008	-	Active	NO
3	U19116HR2011PTC042037	VIKING LEATHER GOODS AND GARMENTS PRIVATE LIMITED	Director	30/09/2011	10/02/2011	-	Active	NO

Name :

Mr. Surabh Tandon

Designation :

Director

Address :

D-146, 2^nd Floor, New Rajendra Nagar, New Delhi – 110060, India

Date of Birth/Age :

17.06.1982

Date of Appointment :

06.09.2000

DIN No.:

01994583

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U65993DL1996PTC075886	ALFA FLEXITUBES PRIVATE LIMITED	Director	06/09/2000	06/09/2000	-	Active	NO
2	U74899DL1995PTC065090	BAJAJ MASCHINEN PRIVATE LIMITED	Director	01/10/2003	01/10/2003	-	Active	NO
3	U34300DL2008PTC173317	ALFA AUTOTECH PRIVATE LIMITED	Director	15/02/2008	15/02/2008	-	Active	NO
4	U29195DL2005PTC136376	BAJAJ PROCESSPACK MASCHINEN PRIVATE LIMITED	Director	24/12/2010	24/12/2010	05/11/2011	Active	NO
5	U29299DL2010PLC205623	BAJAJ PROCESSPACK LIMITED	Director appointed in casual vacancy	21/02/2011	21/02/2011	-	Active	NO

Name :

Mrs. Indra Sardana

Designation :

Director

Address :

M-439, 1^ST Floor, Guru Harkishan Nagar, Paschim Vihar, New Delhi – 110087, India

Date of Birth/Age :

01.07.1950

Date of Appointment :

31.01.1996

DIN No.:

00724745

Name :

Ms. Pooja Sardana

Designation :

Director

Address :

M-439, 1^ST Floor, Guru Harkishan Nagar, Paschim Vihar, New Delhi – 110087, India

Date of Birth/Age :

11.02.1983

Date of Appointment :

15.02.2005

DIN No.:

00724683

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U65993DL1996PTC075886	ALFA FLEXITUBES PRIVATE LIMITED	Director	15/02/2005	15/02/2005	-	Active	NO
2	U34300DL2008PTC173317	ALFA AUTOTECH PRIVATE LIMITED	Director	30/01/2008	30/01/2008	-	Active	NO

Name :

Mr. Rajendra Kumar Tandon

Designation :

Director

Address :

E-35, Kamla Nagar, Agra – 282004, Uttar Pradesh, India

Date of Appointment :

15.02.2005

DIN No.:

00663813

KEY EXECUTIVES

Name :	Mr. Dhanraj
Designation :	Export Manager

MAJOR SHAREHOLDERS

(AS ON 30.09.2011)

Names of Shareholders	No. of Shares
Rajendra Kumar Sardana	980000
Indra Sardana	611000
Janak Tandon	25000
Rajendra Kumar Tandon	25000
Saurabh Tandon	767500
Gaurav Tandon	40000
Akshay	100
Asha Kataria	100
K. K. Garg and HUF	100
K. K. Garg	100
Krishna Baweja	100
Kumari Nidhi	100
Neha	100
Nirmal Garg	100
Natai Chandra Gorain	100
Rashmi	100
Sanjeev Rishi	100
Shilpi Ganguly	100
Sube Singh	100
Sudesh	100
Vidhya Devi	100
Total	2450000

(AS ON 31.03.2012)

Names of Allottee	No. of Shares Allotted
Maheshwari Financial Services Private Limited, India	40000
Total	40000

(AS ON 15.03.2012)

Names of Allottee	No. of Shares Allotted
Alfa Autotech Private Limited, India	76000
Total	76000

(AS ON 30.09.2011)

Equity Shares Break – up

Category	Percentage
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer, Exporter and Supplier of an extensive range of highly sophisticated products.
Products :	· Stainless Steel Corrugated Hoses · Metal Hoses and Assemblies · Gas Hoses · EPG Tubes · Flex Connectors · Pump Connectors · Pipe Fittings · Telephone Cords · Metal Hose Manufacturing Machines · Electric Wire Covering Cords · Wire Braiding Machines · Exhaust Flame Pipes · Interlock Hoses
Exports :
Products :	Sophisticated products
Countries :	· Canada · Egypt
Imports :
Products :	Stainless Steal
Countries :	Korea
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

PRODUCTION STATUS (AS ON 31.03.2011)

Particulars	Unit	Actual Production
SS Hose	Mtr	100303.74
SS Hose With Braid	Mtr	56960.88
SS Hose Assembly	Mtr	21902.24
SS Tube	Mtr	114894.34
Exhaust Connector	Mtr	631743.00
SS Brading	Mtr	7966.17

GENERAL INFORMATION

Customers :

Wholesalers, Retailers and End Users

No. of Employees :

240 (Approximately)

Bankers :

State Bank of India, Industrial Commercial Branch, Bahadurgath (05697), District Jhajjar, Bahadurgath – 124507, Haryana, India

Facilities :

Secured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
Term Loan Car and Scooter
Bank Term Loan	23.263	36.480
Vehicle Loan	0.258	1.135
Working Capital Limit	69.905	70.045
Total	93.426	107.660

Banking Relations :	--
Auditor 1 :
Name :	GSK and Associates Chartered Accountants
Auditor 2 :
Name :	DJS and Company Chartered Accountants
Address :	Shop No.20, 1^st Floor, East Avenue Market, East Punjabi Bagh, New Delhi-110026, Delhi, India
PAN No.:	AAEFD5729M
Tel No.:	91-11-28316891
Mobile No.:	91-9312238932
Email :	skhanna303@hormail.com
Memberships :	Engineering Export Promotion Council (EEPC)

CAPITAL STRUCTURE

(AS ON 30.09.2011)

Authorised Capital :

No. of Shares	Type	Value	Amount
3000000	Equity Shares	Rs. 10/- each	Rs.30.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2566000	Equity Shares	Rs. 10/- each	Rs.25.660 millions

(AS ON 31.03.2011)

Authorised Capital :

No. of Shares	Type	Value	Amount
3000000	Equity Shares	Rs. 10/- each	Rs.30.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2450000	Equity Shares	Rs. 10/- each	Rs. 24.500 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		24.500	24.500	22.000
2] Share Application Money		15.495	10.500	1.000
3] Reserves & Surplus		21.876	20.790	18.757
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		61.871	55.790	41.757
LOAN FUNDS
1] Secured Loans		93.426	107.660	111.705
2] Unsecured Loans		11.875	11.457	17.161
TOTAL BORROWING		105.301	119.117	128.866
DEFERRED TAX LIABILITIES		10.612	9.529	8.106
TOTAL		177.784	184.436	178.729
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		90.399	92.903	90.622
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	95.415	79.052	71.066
	Sundry Debtors	45.878	37.574	42.552
	Cash & Bank Balances	5.196	4.612	4.994
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	13.940	12.589	16.423
Total Current Assets		160.429	133.827	135.035
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	56.107	36.676
	Other Current Liabilities	16.937	5.618	46.959
	Provisions	0.000	0.000
Total Current Liabilities		73.044	42.294	46.959
Net Current Assets		87.385	91.533	88.076
MISCELLANEOUS EXPENSES		0.000	0.000	0.031
TOTAL		177.784	184.436	178.729

PROFIT & LOSS ACCOUNT

PARTICULARS	31.03.2011	31.03.2010	31.03.2009
TURNOVER	NA	120.000	160.817
EXPENSES	NA	NA	NA
PROFIT BEFORE TAX	NA	NA	2.709
EARNINGS IN FOREIGN CURRENCY	106.050	NA	89.825
IMPORTS VALUE	13.013	NA	6.286
Earnings Per Share (Rs.)	NA	NA	NA

Particulars	31.03.2013	31.03.2012
Sales Turnover (Approximately)	293.900	260.000

Expected Sales (2013-14): Rs.350.000 Millions

The above information has been parted by Mr. Dhanraj.

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
Return on Total Assets (PBT/Total Assets}	(%)	NA	NA	1.20
Return on Investment (ROI) (PBT/Networth)		NA	NA	0.06
Debt Equity Ratio (Total Debt/Networth)		1.70	2.14	3.09
Current Ratio (Current Asset/Current Liability)		2.20	3.16	2.87

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	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	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 involved in	----------------------
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
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

NOTE:

The Registered Office of the company has been shifted from 14-A, Supriya Apartment, Menes, Paschim Vihar, New Delhi – 110063, India, to the present address w.e.f. 11.02.2003.

UNSECURED LOANS:

Particulars	31.03.2011	31.03.2010
	(Rs. In Millions)
Short Term Loan From Directors, Shareholders and Outsiders	11.875	11.457
Total	11.875	11.457

TRADE REFERENCE:

· IUP Jindal

· A D Flex Hose

FIXED ASSETS:

· Land

· Building

· Motor Car

· Scooter

· Cycle

· Plant and Machinery

· Electric Fittings

· Tools and Equipments

· Moulds and Dies

· Office Equipment

· Computer

· Machinery

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 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 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.59.39
UK Pound	1	Rs.89.90
Euro	1	Rs.77.73

INFORMATION DETAILS

Information Gathered by :	PLV
Report Prepared by :	RAJ

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
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	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	YES
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
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.