MIRA INFORM REPORT

Report No. :	338685
Report Date :	03.09.2015

IDENTIFICATION DETAILS

Name :	METAFLEX DOORS INDIA PRIVATE LIMITED
Registered Office :	C-2/32, Safdarjuung Development Area, New Delhi-110016
Tel. No.:	91-11-41076080
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	24.01.2007
Com. Reg. No.:	55-158356
Capital Investment / Paid-up Capital :	Rs. 83.019 Million
CIN No.: [Company Identification No.]	U45403DL2007PTC158356
IEC No.:	0507003071
TAN No.: [Tax Deduction & Collection Account No.]	DELM14148B
PAN No.: [Permanent Account No.]	AAECM9216H
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer, Seller, Installation and providing services of insulated doors, OT doors, Radiation proof doors, fire resistant doors, etc.
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

B (26)

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

Maximum Credit Limit :	USD 46000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is a subsidiary of Metaflex Beheer B.V. Netherlands, it was incorporated during the year 2007. It has a moderate track record. For the financial year 2014, the company possesses average operational activity and incurred huge losses. The rating is constrain on account of moderate financial risk profile and it has negative reserves position. However, trade relations are reported as fair. Business is active. Payments terms are slow but correct. The company can be considered for business dealings with some cautions.

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, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
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

NOT AVAILABLE

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 31-03-2013.

INFORMATION DECLINED

MANAGEMENT NON-COOPERATIVE

(Contact No: 91-120-4751000/ 91-11-41076080)

LOCATIONS

Registered Office :	C-2/32, Safdarjuung Development Area, New Delhi-110016, India
Tel. No.:	91-11-41076080
Fax No.:	Not Available
E-Mail :	prmohan@metaflex.in
Website :	http://www.metaflexdoors.in
Factory 1 :	8-A, Udyog Vihar, Part I and II, Greater Noida – 201306, Uttar Pradesh, India
Tel. No.:	91-120- 4751000
Fax No.:	91-120- 4751026
E-Mail :	info@metaflex.in
Factory 2 :	716/966/2, 9^th Main Road, 7^th Sector, H. S. R. Layout, (Near B. D. A. Complex), Bangalore – 560102, Karnataka, India
Tel. No.:	91-80-25723031/37

DIRECTORS

AS ON 23.07.2014

Name :

Mr. Rajesh Sikka

Designation :

Managing Director

Address :

D-82, Kalkaji, New Delhi-110019, Delhi, India

Date of Appointment :

28.02.2014

PAN No.:

ACCPS9999L

DIN No.:

02023607

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	U52334DL2007FTC170115	TRANE INDIA PRIVATE LIMITED	Additional director	31-12-2007	31-12-2007	-	Amalgamated	NO
2	U24233MH1996PTC162322	INGERSOLL - RAND CLIMATE SOLUTIONS PRIVATE LIMITED	Director	29-09-2011	02-12-2010	26-09-2013	Active	NO
3	U85100DL2010NPL206327	METAFLEX AID FOUNDATION	Director	30-09-2014	24-02-2014	-	Active	NO
4	U45403DL2007PTC158356	METAFLEX DOORS INDIA PRIVATE LIMITED	Managing director	28-02-2014	24-02-2014	-	Active	NO

Name :

Mr. Petrus Gerardus Maria Ruigrok

Designation :

Director

Address :

Koninginneweg 188 II 1075, EJ, Amsterdam, NA, , Netherlands

Date of Appointment :

26.03.2007

DIN No.:

01270549

Name :

Mr. Martinus Antonius Adrianus Maria Trommels

Designation :

Director

Address :

Emmasingel 31 191 5611, AZ, Eindhoven, NA, Netherlands

Date of Appointment :

03.09.2010

DIN No.:

02937929

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	U45403DL2007PTC158356	Metaflex Doors India Private Limited	Director	03-09-2010	08-02-2010	-	Active	NO
2	U85100DL2010NPL206327	METAFLEX AID FOUNDATION	Director	27-07-2010	27-07-2010	21-12-2010	Active	NO

Name :

Mr. Herman Coenraad Haan

Designation :

Director

Address :

Bongenkamp, 46 7122, TZ Aalten, Aalten, NA, Netherlands

Date of Appointment :

15.09.2011

DIN No.:

03621278

Name :

Mr. Surendra Prasad

Designation :

Alternate Director

Address :

A-294, MU-1, Greater Noida, Gautam Budh Nagar-201308, Uttar Pradesh, India

Date of Appointment :

02.03.2015

DIN No.:

05341490

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	Company/ LLP Status	Defaulting status
1	U45403DL2007PTC158356	METAFLEX DOORS INDIA PRIVATE LIMITED	Alternate director	02-03-2015	27-07-2012	Active	NO
2	U85100DL2010NPL206327	METAFLEX AID FOUNDATION	Director	29-09-2012	27-07-2012	Active	NO

KEY EXECUTIVES

Name :	Mr. Promila Aggarwal
Designation :	Secretary
Date of Appointment :	01.04.2013
PAN No.:	BBYPA3697R

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 23.07.2014

Names of Shareholders	No. of Shares	Percentage of Holding
Metaflex Beheer B V, Netherlands	8545241	99.82
Anil Kumar Sachdeva	15000	0.18
Total	8560241	100.00

AS ON 23.07.2014

Equity Share Breakup	Percentage of Holding
Category
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	99.82
Other top fifty shareholders	0.18
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer, Seller, Installation and providing services of insulated doors, OT doors, Radiation proof doors, fire resistant doors, etc.
Brand Names :	--
Agencies Held :	--
Exports :	Not Divulged
Imports :	Not Divulged
Terms :	Not Divulged

PRODUCTION STATUS: NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference:	Not Divulged
Name of the Person (Designation):	Not Divulged
Contact Number:	Not Divulged
Since how long known:	Not Divulged
Maximum limit dealt:	Not Divulged
Experience:	Not Divulged
Remark	Not Divulged

Customers :

Reference:	Not Divulged
Name of the Person (Designation):	Not Divulged
Contact Number:	Not Divulged
Since how long known:	Not Divulged
Maximum limit dealt:	Not Divulged
Experience:	Not Divulged
Remark	Not Divulged

· Al-Kabeer Food Processing Private Limited

· Bakers Circle India Private Limited

· Bangera Overseas Limited

· Bangera Seaworld Private Limited

· Baxter (India) Private Limited

· Blue Star

No. of Employees :

Not Divulged

Bankers :

Bank Name:	Not Divulged
Branch:	Not Divulged
Person Name (with Designation):	Not Divulged
Contact Number:	Not Divulged
Name of Account Holder:	Not Divulged
Account Number:	Not Divulged
Account Since (Date/ Year of A/c Opening):	Not Divulged
Average Balance Maintained (Optional):	Not Divulged
Credit Facilities Enjoyed (CC/OD/Term Loan):	Not Divulged
Account Operation:	Not Divulged
Remarks:	Not Divulged

Facilities :

SECURED LOANS	31.03.2014 (Rs. In Million)	31.03.2013 (Rs. In Million)
LONG-TERM BORROWINGS
Fully convertible debentures others	6.916	0.000
SHORT TERM BORROWINGS
Working capital loans from banks	7.897	11.992
Total	14.813	11.992

Banking Relations :	--
Auditors :
Name :	Savmit Grover and Associates Chartered Accountants
Address :	C-2/32, Safdarjung Development Area, New Delhi-110016, India
Income-tax PAN of auditor or auditor's firm :	AATFS8673C
Memberships :	--
Collaborators :	--
Holding Company:	Metaflex Beheer B.V, Netherlands
Subsidiary Company:	Metaflex Aid Foundation, India (U85100DL2010NPL206327)
Fellow Subsidiary Company:	Metaflex Doors Europe BV (Formerly known as Metaflex Isosystem B.V), Netherlands
Related Parties :	· Kalindia Services Private Limited, India · H2R Industries BV, Netherlands

CAPITAL STRUCTURE

AS ON 23.07.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
15000000	Equity Shares	Rs. 10/- each	Rs. 150.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
8560241	Equity Shares	Rs. 10/- each	Rs. 85.602 Million

AS ON 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
10000000	Equity Shares	Rs. 10/- each	Rs. 100.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
8301927	Equity Shares	Rs. 10/- each	Rs. 83.019 Million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	83.019	83.019	83.019
(b) Reserves & Surplus	(75.188)	(59.220)	(56.759)
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	8.266	0.000	0.000
Total Shareholders’ Funds (1) + (2)	16.097	23.799	26.260
(3) Non-Current Liabilities
(a) Long-term borrowings	81.235	62.589	61.260
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	2.404	1.795	1.318
Total Non-current Liabilities (3)	83.639	64.384	62.578
(4) Current Liabilities
(a) Short term borrowings	7.897	11.992	0.000
(b) Trade payables	49.912	33.224	40.513
(c) Other current liabilities	14.437	18.341	19.126
(d) Short-term provisions	2.331	1.273	0.492
Total Current Liabilities (4)	74.577	64.830	60.131
TOTAL	174.313	153.013	148.969
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	54.563	50.312	51.790
(ii) Intangible Assets	5.962	0.728	0.729
(iii) Capital work-in-progress	0.000	5.327	4.673
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.100	0.100	0.090
(c) Deferred tax assets (net)	30.155	24.977	24.123
(d) Long-term Loan and Advances	3.963	0.535	2.350
(e) Other Non-current assets	1.295	0.076	0.070
Total Non-Current Assets	96.038	82.055	83.825
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	37.236	29.098	42.285
(c) Trade receivables	32.398	14.587	13.655
(d) Cash and cash equivalents	1.396	16.911	2.406
(e) Short-term loans and advances	1.703	4.520	1.621
(f) Other current assets	5.542	5.842	5.177
Total Current Assets	78.275	70.958	65.144
TOTAL	174.313	153.013	148.969

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Revenue from Operation	240.609	195.140	187.896
		Other Income	NA	NA	NA
		TOTAL	NA	NA	NA
Less	EXPENSES
		TOTAL	NA	NA	NA
	PROFIT/ (LOSS) BEFORE TAX		NA	NA	NA
Less	TAX		NA	NA	NA
	PROFIT/ (LOSS) AFTER TAX		(15.967)	(2.461)	(7.861)
	Earnings/ (LOSS) Per Share (Rs.)		(1.92)	(0.30)	(0.95)

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	NA	NA	NA
Cash Generated from Operations	NA	NA	NA
Net Cash Flow from used in Operations	NA	NA	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	(6.64)	(1.26)	(4.18)
Debt Equity Ratio (Total Liability/Networth)		5.54	3.13	2.33
Current Ratio (Current Asset/Current Liability)		1.05	1.09	1.08

Total Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term debts

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	83.019	83.019	83.019
Reserves & Surplus	(56.759)	(59.220)	(75.188)
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	8.266
Net worth	26.260	23.799	16.097
Long-term borrowings	61.260	62.589	81.235
Short term borrowings	0.000	11.992	7.897
Total borrowings	61.260	74.581	89.132
Debt/Equity ratio	2.333	3.134	5.537

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Revenue from Operation	187.896	195.140	240.609
		3.855	23.301

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Revenue from Operation	187.896	195.140	240.609
Profit	(7.861)	(2.461)	(15.967)
	(4.18%)	(1.26%)	(6.64%)

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check list by info agents	Available in Report (Yes/No)
1	Year of establishment	Yes
2	Constitution of the entity -Incorporation details	Yes
3	Locality of the entity	Yes
4	Premises details	No
5	Buyer visit details	--
6	Contact numbers	Yes
7	Name of the person contacted	Yes
8	Designation of contact person	No
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	No
11	Pan Card No. of Proprietor / Partners	Yes
12	Voter Id Card No. of Proprietor / Partners	No
13	Type of business	Yes
14	Line of Business	Yes
15	Export/import details (if applicable)	No
16	No. of employees	No
17	Details of sister concerns	Yes
18	Major suppliers	No
19	Major customers	Yes
20	Banking Details	No
21	Banking facility details	No
22	Conduct of the banking account	--
23	Financials, if provided	Yes
24	Capital in the business	Yes
25	Last accounts filed at ROC, if applicable	Yes
26	Turnover of firm for last three years	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	No
29	Profitability for last three years	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	No
32	Litigations that the firm/promoter involved in	--
33	Market information	--
34	Payments terms	No
35	Negative Reporting by Auditors in the Annual Report	No

INDEX OF CHARGES: NO CHARGES EXIST FOR COMPANY

UNSECURED LOANS

PARTICULARS	31.03.2014 (Rs. In Million)	31.03.2013 (Rs. In Million)
LONG-TERM BORROWINGS
Loans and advances from related parties	74.319	62.589
Total	74.319	62.589

OPERATIONS AND FINANCIAL RESULT:

Metaflex Doors India Private Limited was established in 2007. The Company is a subsidiary of Metaflex Beheer B.V., Netherlands. The Company is engaged in the business of manufacture, sell, install and service doors with technology from Metaflex Isosystems BV a group company. Metaflex India is the first European manufacturer to set up manufacturing of special application doors in India bringing the Robust Dutch Quality at affordable prices.

During the year ended 31st March 2014 Revenue from Operations is Rs.240.609 Million in comparison to the previous financial year ended 31^st March, 2013 Rs. 195.140 Million.

The Company has incurred a Loss of Rs.15.967 Million in comparison to the loss incurred in the previous financial year ended 31st March, 2013 amounting to Rs.2.461 Million. The loss has been increased by Rs.13.506 Million.

FUTURE OUTLOOK:

The Directors hope that the company may achieve its breakeven level in the next financial year keeping in view the past trend and Indian Industry behavior.

CORPORATE INFORMATION:

Metaflex Doors India Private Limited is a private limited company domiciled in India and incorporated under the provisions of the Companies Act, 1956. The company provides door solutions based on robust Dutch Technology for cold chain, industrial, storage, warehousing, Health, medical, Pharma and many other applications. The company develops, produces and provides after sales service to its customers, meeting the desired quality requirements of customers whether the doors may be manual or automated. The company is specializing in providing hermetic and non hermetic doors.

CHANGE OF ADDRESS:

The Registered Office of the company has been shifted from H-40, Green Park Extention, New Delhi-110016, India to the present address w.e.f 07.07.2008

FIXED ASSETS:

Tangible Assets

· Buildings

· Plant and Equipment

· Furniture and Fixtures

· Vehicles

· Office Equipment

· Computer Equipments

Intangible assets

· Brands and trade marks

· Trade marks

· Computer software

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. 66.26
UK Pound	1	Rs. 101.99
Euro	1	Rs. 74.79

INFORMATION DETAILS

Information Gathered by :	MAN
Analysis Done by :	TRI
Report Prepared by :	IND

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	2
--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	NO
--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		26

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.