MIRA INFORM REPORT

Report Date :

12.03.2014

IDENTIFICATION DETAILS

Name :	ALP NONWOVEN PRIVATE LIMITED
Registered Office :	9, Sahakar Complex, S T Road, Char Rasta, Modasa-383315, Gujarat
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	10.01.2012
Com. Reg. No.:	04-068542
Capital Investment / Paid-up Capital :	Rs.0.100 Million
CIN No.: [Company Identification No.]	U19116GJ2012PTC068542
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of non-woven fabric
No. of Employees :	10 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ca (11)

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Yet To Commence Its Commercial Activities
Payment Behaviour :	Unknown
Litigation :	Clear
Comments :	Even though the company was incorporated during 10^th January 2012. It is yet to commence its commercial activities. As claimed by Mr. Hareshkumar Dahyabhai Patel, director that company will start its commercial operation after 1 month. Further as per available financial of 2013, there appears huge pre-operative expense which has eroded the net worth of the company. As per status in registrar of companies business appears to be active. Payment terms are unknown. The company can be considering for business dealing on safe and secured 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.

ECGC Country Risk Classification List – December 1, 2013

Country Name	Previous Rating (30.09.2013)	Current Rating (01.12.2013)
India	A1	A1

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

INDIAN ECONOMIC OVERVIEW

State-run banks hired nearly 300000 personnel including more than 94000 officers in the last four years, according to the Indian Banks Association. A study by trade lobby Assocham in September 2013 indicated that banks would need 800000 people in the next six years. It estimated that state-run lenders alone would hire 50000 people in 2013/14.

The Competition Commission of India plans to issue final orders within a broad time-frame of one year in matters where it decides to carry out detailed investigations. The number of complaints received by the watchdog which keeps tabs on unfair trade practices in the marketplace.

The government has detected custom tax evasion totaling around Rs 37920 mn in 14 states until December. Maharashtra topped the list of Rs 14190 mn followed by Andhra Pradesh at Rs 8140 mn, Gujarat Rs 5240 mn, Karnataka Rs 1670 mn and Tamilnadu Rs 1610 mn.

Connaught Place in New Delhi slipped four notches to become the world’s eighth most expensive office locations. London’s West End is the world’s most expensive office market.

There are 4.072 mn number of high value spenders under the scanner of the income tax department. The income tax department has information that they have made cash deposits announcing to Rs 1 mn or more in their savings bank accounts in the current financial year. It plans to check potential evasion before the closing of the financial year on March 31.

Estimated pharmaceutical sales in the country for 2016 is $ 27 bn. It is 14.4 per cent higher than a year ago. The life sciences and health care industry is up against challenges such as quality management, says a recent Deloitte report.

The gross non-performing assets of listed banks rose 35.2 % to Rs 2.43 lakh crore during the first three months of the financial year. In absolute terms, the 40 listed banks added Rs 3386 crore to their gross NPAs in nine months with the State Bank of India leading with the State Bank of India leading with an accretion of Rs 16610 crore.

The inflow of smuggled gold doubled in 2013 following restrictions to curb the supply from official channels to contain the current account deficit. China surpassed India in the demand for gold for the first time in 2013 due to liberalization of gold trading norms by its local governments

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. Hareshkumar Dahyabhai Patel
Designation :	Director
Contact No.:	91-9426361719
Date :	28.02.2014

LOCATIONS

Registered Office :	9, Sahakar Complex, S T Road, Char Rasta, Modasa-383315, Gujarat, India
Tel. No.:	91-2774-243719 / 242719
Mobile No.:	91-9426361719 (Mr. Haresh Patel)
Fax No.:	Not Available
E-Mail :	bhavin.ratanghayra@gmail.com
Website :	www.alpnonwoven.in
Factory 1 :	GIDC, Plot # 67/82, Taluka: Modasa-383315, Gujarat, India
Area :	4000 Sq. Meter
Location :	Leased

DIRECTORS

AS ON 30.09.2013

Name :	Ms. Kalpanaben Mahendrabhai Patel
Designation :	Director
Address :	167, Lalpur Kampa, Sablpur-2, Sabalpur Taluka, Modasa District, Sabarkantha-383315, India
Date of Birth :	21.01.1978
Date of Appointment :	10.01.2012
DIN No.:	05151501
Name :	Mr. Mahendrakumar Hansarajbhai Patel
Designation :	Director
Address :	78, Sablpur-2, Sabalpur Taluka, Modasa District, Sabarkantha-383315, India
Date of Birth :	10.10.1977
Date of Appointment :	10.01.2012
DIN No.:	05151504
Name :	Mr. Jagdish Ratilal Patel
Designation :	Director
Address :	G 1, Paras Society-2, Modasa-4, Modasa-383315, Sabarkantha, Gujarat, India
Date of Birth :	10.12.1975
Date of Appointment :	10.01.2012
DIN No.:	05147518
Name :	Mr. Chetan Ramji Patel
Designation :	Director
Address :	219, Lalpur Kampa, Sablpur-2, Sabalpur Taluka, Modasa District, Sabarkantha-383315, India
Date of Birth :	26.01.1974
Date of Appointment :	10.01.2012
DIN No.:	05147512
Name :	Mr. Pamin Amrutlal Patel
Designation :	Director
Address :	76K, Modasa-383315, Sabarkantha, Gujarat, India
Date of Birth :	03.11.1972
Date of Appointment :	10.01.2012
DIN No.:	05151506
Name :	Mr. Nareshkumar Jayantilal Patel
Designation :	Director
Address :	272, Kesharpura Kampo, Palanpur-383315, Taluka Modasa, District Sabarkantha, Gujarat, India
Date of Birth :	02.10.1977
Date of Appointment :	10.01.2012
DIN No.:	05147534
Name :	Mr. Mukeshkumar Jayantibhai Patel
Designation :	Director
Address :	272, Kesharpura Kampo, Palanpur-383315, Taluka Modasa, District Sabarkantha, Gujarat, India
Date of Birth :	27.07.1983
Date of Appointment :	10.01.2012
DIN No.:	05147536
Name :	Mr. Hareshkumar Dahyabhai Patel
Designation :	Director
Address :	1214, Hariom Society, Modasa-5, Sabarkantha-383315, Gujarat, India
Date of Birth :	21.06.1974
Date of Appointment :	10.01.2012
DIN No.:	05147515
Name :	Mr. Dipakkumar Dahyabhai Patel
Designation :	Director
Address :	28, Hariom Society, Behind Taluka Panchayat Malpur Road, Modasa, District Sabarkantha-38331, Gujarat, India
Date of Birth :	07.07.1971
Date of Appointment :	10.01.2012
DIN No.:	05151512
Name :	Mr. Rajeshkumar Jayantilal Nakarani
Designation :	Director
Address :	15, Patel Vas Nandisan, Taluka Modasa, District Sabarkantha-383250, Gujarat, India
Date of Birth :	04.03.1983
Date of Appointment :	10.01.2012
DIN No.:	05147561

MAJOR SHAREHOLDERS

AS ON 30.09.2013

Names of Shareholders	No. of Shares
Kalpanaben Mahendra Patel	30100
Mahendra Hansaraj Patel	270900
Jagdish Ratilal Patel	301000
Chetan Ramji Patel	150500
Pamin Amrutlal Patel	150500
Nareshkumar Jayantilal Patel	150500
Mukesh Jayantibhai Patel	90300
Hareshkumar Dahyabhai Patel	451500
Dipakkumar Dahyabhai Patel	210700
Rajeshkumar Jayantilal Nakarani	60200
Rajubhai Ratilal Patel	120400
Ratilal Harjibhai Patel	30100
Somajibhai Ramjibhai Patel	60200
Dahyalal Arjanbhai Patel	90300
Manharbhai Ramjibhai Patel	150500
Ambalal Arjanbhai Patel	60200
Jyotsanaben Hareshkumar Patel	150500
Chetanaben Rameshbhai Patel	30100
Chhayaben Dipakbhai Patel	90300
Chhayaben Rasikbhai Patel	30100
Rameshbhai Somjibhai Patel	30100
Rasikbhai Somjibhai Patel	60200
Hemlataben Rajeshbhai Nakrani	30100
Dilip Ambalal Patel	30100
Bharatkumar Ambalal Patel	60200
Kamleshkumar Jayantilal Nakrani	30100
Manishaben Dilipkumar Patel	30100
Pushpaben Kamleshbhai Patel	30100
Shilpaben Bharatkumar Patel	30100
Total	3010000

Equity Share Break up (Percentage of Total Equity)

AS ON 30.09.2013

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of non-woven fabric.

GENERAL INFORMATION

Customers :	· PAMA · DKNY · Xmaxima · Carnivar · Adidas · Flymax Exim
No. of Employees :	10 (Approximately)
Bankers :	· Bank of Baroda · Dena Bank, Suvira Shopping Centre, Dr. Gandhi Road, Himmatnagar-383430, Gujarat, India

Banking Relations :	--
Auditors :
Name :		Jayesh Hareshkumar Chandala Chartered Accountant
Address :		4-FF, Narnarayan Complex, Swastik Char Rasta, Navranpura, Ahmedabad-380009, Gujarat, India
PAN No.:		AKMPC2167N

CAPITAL STRUCTURE

After 30.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
3100000	Equity Shares	Rs.10/- each	Rs.31.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
3010000	Equity Shares	Rs.10/- each	Rs.30.100 Millions

AS ON 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
100000	Equity Shares	Rs.10/- each	Rs.1.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
10000	Equity Shares	Rs.10/- each	Rs.0.100 Million

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	0.100	0.100
(b) Reserves & Surplus	(0.602)	(0.015)
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1) + (2)	(0.502)	0.085
(3) Non-Current Liabilities
(a) long-term borrowings	34.483	0.000
(b) Deferred tax liabilities (Net)	0.000	0.000
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	34.483	0.000
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000
(b) Trade payables	0.735	0.000
(c) Other current liabilities	0.038	0.005
(d) Short-term provisions	0.000	0.000
Total Current Liabilities (4)	0.773	0.005
TOTAL	34.754	0.090
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	0.506	0.000
(ii) Intangible Assets	0.000	0.000
(iii) Capital work-in-progress	9.388	0.000
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	0.000	0.000
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	9.894	0.000
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	0.000	0.000
(c) Trade receivables	0.000	0.000
(d) Cash and cash equivalents	0.317	0.050
(e) Short-term loans and advances	24.513	0.000
(f) Other current assets	0.030	0.040
Total Current Assets	24.860	0.090
TOTAL	34.754	0.090

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012
	SALES
		Income	0.000	0.000
		Other Income	0.000	0.000
		TOTAL (A)	0.000	0.000
Less	EXPENSES
		Other Expenses	0.586	0.015
		TOTAL (B)	0.586	0.015
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		(0.586)	(0.015)
Less	FINANCIAL EXPENSES (D)		0.001	0.000
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		(0.587)	(0.015)
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.000	0.000
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		(0.587)	(0.015)
Less	TAX (H)		0.000	0.000
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		(0.587)	(0.015)
	BALANCE CARRIED TO THE B/S		(0.587)	(0.015)
	Earnings / (Loss) Per Share (Rs.)		(58.70)	(1.50)

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012
PAT / Total Income	(%)	0.00	0.00
Net Profit Margin (PBT/Sales)	(%)	0.00	0.00
Return on Total Assets (PBT/Total Assets}	(%)	(2.31)	(16.67)
Return on Investment (ROI) (PBT/Networth)		1.17	(0.18)
Debt Equity Ratio (Total Debt /Networth)		(68.69)	0.00
Current Ratio (Current Asset/Current Liability)		32.16	18.00

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013
	Rs. In Millions	Rs. In Millions
Share Capital	0.100	0.100
Reserves & Surplus	(0.015)	(0.602)
Net worth	0.085	(0.502)
long-term borrowings	0.000	34.483
Short term borrowings	0.000	0.000
Total borrowings	0.000	34.483
Debt/Equity ratio	0.000	(68.691)

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

UNSECURED LOANS:

Particulars	31.03.2013 Rs. In Millions	31.03.2012 Rs. In Millions
Long Term Borrowings
Chetan Bhai Patel 13%	0.100	0.000
Dipak Patel 15%	0.116	0.000
Haresh Bhai Patel 20%	0.651	0.000
Jagdish Bhai Patel 10%	0.077	0.000
Jentibhai A Patel	0.050	0.000
Kalpana Ben M Patel 5%	0.036	0.000
Mahendra Patel 12%	0.092	0.000
Mukesh Bhai Patel 5%	0.039	0.000
Naresh Patel 5%	0.033	0.000
Pamin Bhai Patel 5 %	0.047	0.000
Rajesh Bhai Patel 10%	0.077	0.000
J D	1.000	0.000
Chetan Bhai Ramjibhai Patel 13%	3.060	0.000
Dipak Kumar 15%	5.161	0.000
Haresh Bhai 20%	6.662	0.000
Kalpanaben Mahendrabhai 5%	0.660	0.000
Mahendrabhai 12%	2.878	0.000
Mukesh Bhai 5%	2.338	0.000
Rajesh Bhai 10%	3.514	0.000
Jagdish Patel (10%)	2.792	0.000
Naresh Bhai 5%	0.900	0.000
N M C Company (7%)	2.475	0.000
Paminbhai 5%	1.725	0.000
Total	34.483	0.000

OPERATIONS

The company was incorporated as on 10.01.2012 as a private limited company. The company had started the manufacturing and trading business of nonwoven fabrics including any other products made from non woven fabrics.

FIXED ASSETS

· Air Conditioner

· GIDC Plot

INDEX OF CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10429890	05/06/2013 *	90,500,000.00	DENA BANK	Suvira Shopping Centre, Dr. Gandhi Road, Himmatnagar, Gujarat - 383430, India	B76674324

*Date of modification Charges

FIXED ASSETS:

· Land

· Building

· Plant and Machinery

· Computer

· Vehicles

· Furniture and Fixture

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.61.17
UK Pound	1	Rs.102.35
Euro	1	Rs.85.95`

INFORMATION DETAILS

Information Gathered by :	HTL
Report Prepared by :	VNT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	2
PAID-UP CAPITAL	1~10	1
OPERATING SCALE	1~10	2
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	2
--PROFITABILIRY	1~10	1
--LIQUIDITY	1~10	1
--LEVERAGE	1~10	1
--RESERVES	1~10	--
--CREDIT LINES	1~10	1
--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		11

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.