MIRA INFORM REPORT

Report Date :

10.10.2013

IDENTIFICATION DETAILS

Name :	ALFA SYSTEMS PRIVATE LIMITED
Registered Office :	417, G.I.D.C., Makarpura, Vadodara – 390010, Gujarat
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	19.01.1983
Com. Reg. No.:	04-005845
Capital Investment / Paid-up Capital :	Rs.0.300 Million
CIN No.: [Company Identification No.]	U32201GJ1983PTC005845
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of CNC Controllers, CNC Engraving Machines etc.
No. of Employees :	25 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (29)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 1000
Status :	Moderate
Payment Behaviour :	Unknown
Litigation :	Clear
Comments :	Subject is a small company in its field. Its scale of activities are limited. It is having moderate track record. The company has failed to file its latest financial as on 2012 due to which the status of the company appears to be “Dormant” with the registrar of companies. Mr. Byron Damaria, the director provided complete information confirming that the company is actively carrying on its business operations efficiently and has achieved a decent turnover during 2013. As per the available financial as on 2011, the company has reported a significant increase in its net sales as well as the net profitability. However, trade relations are fair. Business is active. Payment terms are unknown. The company can be considered for small 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 – 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

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 PARTED BY

Name :	Mr. Byron Damania
Designation :	Director
Contact No.:	91-9825094741
Date :	04.07.2013

LOCATIONS

Registered Office/ Factory :	417, G.I.D.C., Makarpura, Vadodara – 390010, Gujarat, India
Tel. No.:	91-265-2642724
Mobile No.:	91-9825094741 (Mr. Byron Damania)
Fax No.:	91-265-2334594/ 2642724
E-Mail :	byron@alfasystems.net
Website :	http://www.alfasystems.net
Area :	3000 Sq. ft.
Location :	Owned

DIRECTORS

As on: 30.09.2011

Name :	Loretta Margaret Pereira
Designation :	Director
Address :	8, Saraswati Society, B/H Taksh Complex, Vasna Road, Vadodara - 390007, Gujarat, India
Date of Birth/Age :	05.05.1962
Date of Appointment :	19.01.1983
DIN No.:	06568593
Name :	Mr. Byron Alexander Damaniya
Designation :	Director
Address :	Kamal – 35 69, Walkeshwer Road, Malbar Hill, Mumbai – 400006, Maharashtra, India
Date of Birth/Age :	15.06.1941
Date of Appointment :	19.01.1983
DIN No.:	06568583

MAJOR SHAREHOLDERS

As on: 30.09.2011

Names of Shareholders	No. of Shares
Byron Alexander Damaniya	2997
Piyush Amin	1
Hitesh Patel	1
Narendrabhai Patel	1
Total	3000

Equity Share Break up (Percentage of Total Equity)

As on: 30.09.2011

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of CNC Controllers, CNC Engraving Machines etc.
Exports :
Products :	CNC Controllers CNC Engraving Machines
Countries :	Australia Middle East
Imports :
Products :	Raw Material
Countries :	Thailand Japan China Taiwan Korea US UK
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

GENERAL INFORMATION

Customers :

End Users

No. of Employees :

25 (Approximately)

Bankers :

HDFC Bank Limited, Vadodara, Gujarat, India

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2011	As on 31.03.2010
From Bank against Motor Car	0.000	0.056
Total	0.000	0.056

Banking Relations :
Auditors :
Name :	Pradip J. Shah and Company Chartered Accountants
Address :	2nd Floor, 222, Unique Trade Center, Opposite Hotel P. M. Regency, Sayajigunj, Vadodara - 390005, Gujarat, India
Tel. No.:	91-265-2361119
Mobile No.:	91-9825559725
E-Mail :	pjshah@yahoo.com
PAN No.:	AFRPS0241R

CAPITAL STRUCTURE

As on: 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
5000	Equity Shares	Rs.100/- each	Rs.0.500 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
3000	Equity Shares	Rs.100/- each	Rs.0.300 Million

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		0.300	0.300	0.300
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		0.149	0.072	0.031
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		0.449	0.372	0.331
LOAN FUNDS
1] Secured Loans		0.000	0.056	0.160
2] Unsecured Loans		0.455	0.475	0.475
TOTAL BORROWING		0.455	0.531	0.635
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		0.904	0.903	0.966
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		0.983	1.190	1.400
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	9.717	10.116	5.270
	Sundry Debtors	2.055	3.451	4.512
	Cash & Bank Balances	3.173	0.838	2.292
	Other Current Assets	0.122	0.179	0.031
	Loans & Advances	0.057	0.047	0.447
Total Current Assets		15.124	14.631	12.552
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	0.363	0.419	0.348
	Other Current Liabilities	14.720	14.335	12.403
	Provisions	0.120	0.164	0.235
Total Current Liabilities		15.203	14.918	12.986
Net Current Assets		(0.079)	(0.287)	(0.434)
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		0.904	0.903	0.966

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	5.893	2.710	7.731
		Other Income
		TOTAL	5.893	2.710	7.731
Less	EXPENSES
		Office Expenses	5.776	2.650	7.535
		Administrative Expenses
		Advertising Expenses
		TOTAL	5.776	2.650	7.535
	PROFIT BEFORE TAX		0.117	0.060	0.196
Less	TAX		0.077	0.019	0.082
	PROFIT AFTER TAX		0.040	0.041	0.114
	Earnings Per Share (Rs.)		13.33	13.75	38.19

Particulars	31.03.2013	31.03.2012
Sales Turnover (Approximately)	9.500	7.000

Expected Sales (2013-14) : Rs.10.000 Millions

The above information has been parted by Mr. Byron Damania.

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	0.68	1.51	1.47
Return on Total Assets (PBT/Total Assets}	(%)	0.73	0.38	0.01
Return on Investment (ROI) (PBT/Networth)		0.26	0.16	0.59
Debt Equity Ratio (Total Debt /Networth)		1.01	1.43	1.92
Current Ratio (Current Asset/Current Liability)		0.99	0.98	0.97

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	No
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	No

NOTE: The registered office of the company has been shifted from Banco Products Compound, Banco Products Compound, BIL - Padra Rad ( District : Vadodara ), Bil – Padra, District Baroda - 391410, Gujarat, India to present address. (Confirmed by management.)

OPERATIONS:

During the year the Company has made a total turnover of Rs. 5.893 Millions (Previous year Rs. 2.710 Millions). The current year has resulted in Profit of Rs.0.117 Millions (Previous year Rs. 0.060 Millions). After providing for Taxation aggregating to Rs. 0.040 Million including provision for deferred tax, the resultant surplus has been adjusted against carried forward losses. The company is manufacturing specialized machine as par clients need and therefore have long development period. Considering order in hand position, the company is expected to do belter results in forthcoming years.

Looking to the orders position on hand, the directors foresee belter workings in future years.

UNSECURED LOAN:

(Rs. in Millions)

Particulars	As on 31.03.2011	As on 31.03.2010
From Directors and Members	0.455	0.475
Total	0.455	0.475

INDEX OF CHARGES

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	90108328	04/10/1985 *	100,000.00	BANK OF BARODA	MAIN OFFICE MANDVI, BARODA, Gujarat, INDIA	-

* Date of charge modification

FIXED ASSETS:

• Factory Shed
• Plant and Machinery
• Tools and Testing Equipments
• Furniture and Fixtures
• Telephone Equipments
• Computers
• Motor Car

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.61.92
UK Pound	1	Rs.99.45
Euro	1	Rs.83.92

INFORMATION DETAILS

Information Gathered by :	SVA
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	4
--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		29

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

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.