MIRA INFORM REPORT

Report Date :

10.05.2013

IDENTIFICATION DETAILS

Name :	ALPHA FOAM LIMITED
Registered Office :	J - 172, M.I.D.C., Bhosari, Pune – 411026, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	03.05.1999
Com. Reg. No.:	11-013559
Capital Investment / Paid-up Capital :	Rs. 25.000 Millions
CIN No.: [Company Identification No.]	U30104PN1999PLC013559
TAN No.: [Tax Deduction & Collection Account No.]	PNEA02474D
PAN No.: [Permanent Account No.]	AACCA4196J
Legal Form :	A Closely Held Public Limited Liability Company.
Line of Business :	Manufacturer and Supplier of ABS, HIPS, Polypropylene Sheets, Polyethylene Foam, Polyurethane Foam.
No. of Employees :	Information denied by management.

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 600000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having a satisfactory track record. Trade relations are reported to be fair. Business is active. Payments are reported to be usually correct and as per commitment. The company can be considered for normal business dealings at usual trade terms and condition.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long Term Rating: BBB-
Rating Explanation	Having moderate degree of safety regarding timely servicing of financial obligation, it carry moderate credit risk.
Date	January, 2013

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

INFORMATION DENIED

Management Non C-operative (91-20-30642622)

LOCATIONS

Registered Office :	J - 172, M.I.D.C., Bhosari, Pune – 411026, Maharashtra, India
Tel. No.:	91-20-27121211, 24113641, 30683652/ 30642621/ 30642622
Fax No.:	91-20-27128227
E-Mail :	afoam@vsnl.com info@alphafoamltd.com
Website :	http://alphafoam.co.in/
Factory :	Gat No.310, Nanekarwadi, Chakan, Pune - 410501, Maharashtra, India

DIRECTORS

As on: 29.09.2012

Name :	Mr. Rajiv Ishwarlal Ranka
Designation :	Director
Address :	Plot No.8, Survey No.55/ 2/ 1, Near Hotel Pichola, University Road, Aundh, Pune – 411007, Maharashtra, India
Date of Birth/Age :	18.11.1953
Qualification :	B.E. Hon. – Mech.
Experience :	32 Years working experience at Senior Management Levels
Date of Appointment :	03.05.1999
PAN No.:	ABLPR3065N
DIN No.:	00392438
Name :	Mr. Sanjay Lalchand Lalwani
Designation :	Director
Address :	10, Amol Bunglow, Anandnagar Society, Mehershi Nagar, Pune – 411037, Maharashtra, India
Date of Birth/Age :	11.01.1961
Date of Appointment :	03.05.1999
DIN No.:	00477758
Name :	Ms. Surekha Rajiv Ranka
Designation :	Director
Address :	S. No. 55/2/1 / Plot No. 8, Aundh, Behind Hotel Pichola, Pune University Road, Pune – 411007, Maharashtra, India
Date of Birth/Age :	21.09.1955
Qualification :	B.Sc. Chemistry
Date of Appointment :	15.10.2002
PAN NO.:	ABJPR3320A
DIN No.:	02701628
Name :	Ms. Apurva Rajiv Ranka
Designation :	Director
Address :	55/ 2/ 1, Pune University Road, Aundh, Pune – 411007, Maharashtra, India
Date of Birth/Age :	09.11.1980
Qualification :	Chemical Engineer, M.S. in Bio Tech.
Date of Appointment :	15.10.2002
PAN No.:	ADQPR1901E
DIN No.:	02731655

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 29.09.2012

Names of Shareholders	No. of Shares
Rajiv Ishwarlal Ranka	44950
Sanjay Lalchand Lalwani	10
Kshma Rajiv Ranka	10
Surekha Rajiv Ranka	2455000
Kantilal Ramchandra Nahar	10
Sayaji Govindrao Jadhav	10
Ranka Rajiv Ishwarlal HUF	10
Total	2500000

Equity Share Break up (Percentage of Total Equity)

As on: 29.09.2012

Category	Percentage
Directors or relatives of Directors	99.99
Other top fifty shareholders	0.01
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Supplier of ABS, HIPS, Polypropylene Sheets, Polyethylene Foam, Polyurethane Foam.

GENERAL INFORMATION

No. of Employees :

Information denied by management.

Bankers :

• State Bank of India, Industrial Finance Branch, Pimpri, Pune - 411034, Maharashtra, India
• ICICI Bank Limited

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2012	As on 31.03.2011
Rupee term loans from banks	15.961	30.961
Loans taken for vehicles	0.842	1.844
Loans repayable on demand from banks	88.938	84.180
Total	105.741	116.985
· Secured by first charge on movable assets, immovable properties and further secured by personal Guarantees of the Directors of the Company. Secured against hypothecation of respective vehicles acquired out of bank finance. Secured against hypothecation of current assets such as stock of raw material, components, stores and spares, finished goods, work-in-progress, book debts etc. of the company

Banking Relations :	--
Auditors :
Name :	S. Gautam and Associates Chartered Accountant
Address :	# 25 B Wing (Rear), 1^st Floor, Kamala Cross Road, Opposite PCMC Building, Pune – 411018, Maharashtra, India
PAN.:	ABLFS5656G

CAPITAL STRUCTURE

As on: 31.03.2012

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
2500000	Equity Shares	Rs.10/- each	Rs. 25.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2012	31.03.2011	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		25.000	25.000	25.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		130.389	96.526	85.729
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		155.389	121.526	110.729
LOAN FUNDS
1] Secured Loans		105.741	116.985	132.218
2] Unsecured Loans		46.435	42.639	65.465
TOTAL BORROWING		152.176	159.624	197.683
DEFERRED TAX LIABILITIES		0.346	1.416	3.942
TOTAL		307.911	282.566	312.354
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		152.316	139.582	156.880
Capital work-in-progress		1.900	5.671	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	65.506	55.422	48.694
	Sundry Debtors	165.884	153.535	130.984
	Cash & Bank Balances	3.144	2.119	1.384
	Other Current Assets	9.814	18.432	0.000
	Loans & Advances	19.487	21.993	38.724
Total Current Assets		263.835	251.501	219.786
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	49.093	53.021	48.731
	Other Current Liabilities	56.517	57.229	6.134
	Provisions	4.530	3.938	9.447
Total Current Liabilities		110.140	114.188	64.312
Net Current Assets		153.695	137.313	155.474
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		307.911	282.566	312.354

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011
	SALES
		Income	960.853	774.722
		Other Income	1.478	0.226
		TOTAL (A)	962.331	774.948
Less	EXPENSES
		Cost of materials consumed	656.411	533.803
		Changes in inventories of finished goods, work-in-progress and stock-in-trade	(6.001)	(6.460)
		Employee benefit expense	42.770	38.411
		Other expenses	167.686	140.022
		Extraordinary items	(3.037)	(2.683)
		TOTAL (B)	857.829	703.093
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		104.532	71.855
Less	FINANCIAL EXPENSES (D)		23.436	23.760
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		81.096	48.095
Less/ Add	DEPRECIATION/ AMORTISATION (F)		28.958	30.923
	PROFIT BEFORE TAX (E-F) (G)		52.138	17.172
Less	TAX (H)		18.275	6.375
	PROFIT AFTER TAX (G-H) (I)		33.863	10.797
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		96.526	85.729
	BALANCE CARRIED TO THE B/S		130.389	96.526
	EARNINGS IN FOREIGN CURRENCY
		F.O.B Value of Exports	2.586	0.667
	TOTAL EARNINGS		2.586	0.667
	IMPORTS
		Raw Materials	31.821	27.189
		Capital Goods	14.717	2.964
	TOTAL IMPORTS		46.538	30.153
	Earnings Per Share (Rs.)		13.55	4.32

	PARTICULARS		31.03.2010
	SALES
		Income	592.197
		Other Income	0.636
		TOTAL (A)	592.833
Less	EXPENSES
		Material Consumed	376.778
		Employee Cost	37.762
		Manufacturing Expenses	90.332
		Administrative Expenses	7.857
		Selling and Marketing Expenses	10.529
		TOTAL (B)	523.258
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		69.575
Less	INTEREST (INCLUDING BANK CHARGES) (D)		20.752
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		48.823
Less/ Add	DEPRECIATION/ AMORTISATION (F)		28.908
	PROFIT BEFORE TAX (E-F) (G)		19.915
Less	TAX (H)		8.849
	PROFIT AFTER TAX (G-H) (I)		11.066
Less:	Prior Year Adjustments (Net)		(0.010)
Less:	Extraordinary Items		(4.542)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		70.111
	BALANCE CARRIED TO THE B/S		85.729
	EARNINGS IN FOREIGN CURRENCY
		F.O.B. Value of Exports	6.783
	TOTAL EARNINGS		6.783
	IMPORTS
		Capital Goods	50.252
	TOTAL IMPORTS		50.252
	Earnings Per Share (Rs.)		4.43

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	3.52	1.39	1.87
Net Profit Margin (PBT/Sales)	(%)	5.43	2.22	3.36
Return on Total Assets (PBT/Total Assets}	(%)	12.53	4.39	5.29
Return on Investment (ROI) (PBT/Networth)		0.34	0.14	0.18
Debt Equity Ratio (Total Debt /Networth)		0.98	1.31	1.78
Current Ratio (Current Asset/Current Liability)		2.39	2.20	3.42

LOCAL AGENCY FURTHER INFORMATION

SUNDRY CREDITOR DETAILS

(Rs in Millions)

Particular	31.03.2012	31.03.2011	31.03.2010
Sundry Creditor	49.093	53.021	48.731
Total	49.093	53.021	48.731

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	No
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	No
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 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	Yes
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	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

UNSECURED LOAN

(Rs in Millions)

Particular	As on 31.03.2012	As on 31.03.2011
Loans and advances from directors	46.435	42.639
Total	46.435	42.639

FIXED ASSETS:

• Land
• Factory Building
• Plant and Machinery
• Electrical Installation
• Computers and Peripherals
• Office Equipments
• Furniture and Fixtures
• 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 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. 54.24
UK Pound	1	Rs. 84.30
Euro	1	Rs. 71.36

INFORMATION DETAILS

Information Gathered by :	PDT
Report Prepared by :	UDS

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
--DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
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.