MIRA INFORM REPORT

Report Date :

12.12.2011

IDENTIFICATION DETAILS

Name :	PAREKH ALUMINEX LIMITED
Registered Office :	601, Auto Commerce House, Kennedy Bridge, Nana Chowk, Mumbai-400036, Maharashtra.
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	01.09.1994
Com. Reg. No.:	11-080732
Capital Investment / Paid-up Capital :	Rs. 129.400 Millions
CIN No.: [Company Identification No.]	L27203MH1994PLC080732
TAN No.: [Tax Deduction & Collection Account No.]	MUMP15567G
PAN No.: [Permanent Account No.]	AAACP4696C
Legal Form :	Public Limited Liability Company. The company’s shares are listed on the Stock Exchanges.
Line of Business :	Manufacturer and exporter of Aluminium Foil Containers (AFC)
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

A (64)

RATING		STATUS	PROPOSED CREDIT LINE
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

Maximum Credit Limit :	USD 14000000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well established and reputed company having good track. Financials position of the company appears to be sound. Trade relations are reported as fair. Business is active. Payments are reported to be regular and as per commitments. The company can be considered good for normal business dealings at usual trade terms and conditions.

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 – September 30, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
India	A1	A1

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

LOCATIONS

Registered Office :	601, Auto Commerce House, Kennedy Bridge, Nana Chowk, Mumbai-400007, Maharashtra, India.
Tel. No.:	91-22-23523816/23521777
Fax No.:	91-22-23523777
E-Mail :	parekhcs@rocketmail.com
Website :	http://www.parekhluminex.com
Administrative Office :	G-11, Everest Building, 8^th Floor, Tardeo, Mumbai Central, Mumbai-400034, Maharashtra, India.
Tel. No.:	91-22-40844777
Fax No.:	91-22-23523777/23524777
E-Mail :	contact@parekhaluminex.com
Factory 1 :	Survey No. 204/1, Plot No. 2, Near Dadra Check Post, Village Dadra-396196, Dadra and Nagar Haveli, Union Territory, India.
Factory 2 :	Survey No.208, Gala No. 8, Near Dadra Check Post, Village Dadra - 396 191, Dadra and Nagar Haveli, Union Territory, India
Factory 3 :	Survey No.207, Plot No.4, Near Dadra Check Post, Village Dadra - 396 191, Dadra and Nagar Haveli, Union Territory, India
Branch Office :	H-4 and 5, Everest Building, 9^TH Floor, Tardeo, Mumbai–400034, Maharashtra, India

DIRECTORS

AS ON 31.03.2011

Name :	Mr. Kiran C. Parikh
Designation :	Director
Date of Birth/Age :	16.12.1940
Qualification :	B.A., D.P.Ed.
Name :	Mr. Amitabh Parekh
Designation :	Chairman and Managing Director
Date of Birth/Age :	08.03.1973
Qualification :	B. Com
Other Directorship:	1) Deepen Holding Limited 2) Arsenal Bulls Securities Limited 3) Arsenal Bulls Racing and Stud Farms Limited 4) Arsenal Bulls Entertainment Limited 5) Arsenal Bulls Realtors and Infrastructure Limited 6) Arsenal Bulls Hotel and Hospitality Limited 7) Arms Retails (India) Limited
Name :	Mr. Rajendra Gothi
Designation :	Director
Name :	Mr. Devanshu Desai
Designation :	Director
Name :	Mr. Vikram Mordani
Designation :	Director

KEY EXECUTIVES

Audit Committee:
Name :	Mr. Vikaram Modrani
Designation :	Chairman
Name :	Mr. Rajendra Gothi
Designation :	Member
Name :	Mr. Kiran C. Parikh
Designation :	Member
Shareholders / Investors Grievance Committee:
Name :	Mr. Rajendra Gothi
Designation :	Chairman
Name :	Mr. Kiran C. Parikh
Designation :	Member
Name :	Mr. Devanshu Desai
Designation :	Member
Share Transfer Committee:
Name :	Mr. Rajendra Gothi
Designation :	Chairman
Name :	Mr. Kiran C Parikh
Designation :	Member
Name :	Mr. Devanshu Desai
Designation :	Member
Debenture Issue Committee:
Name :	Mr. Amitabh Parekh
Designation :	Chairman
Name :	Mr. Rajendra Gothi
Designation :	Member
Name :	Mr. Devanshu Desai
Designation :	Member
Name :	Mr. Vikram Mordani
Designation :	Member

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2011

Names of Shareholders	No. of Shares	Percentage of Holding
(A) Shareholding of promoters and Promoter Group
1. Indian
Individuals / Hindu Undivided Family	4867400	37.62
(B) Public Shareholding
1. Institutions
Financial Institutions / Banks	17200	0.13
Foreign Institutional Investors	1515200	11.71
2. Non Institutions
Bodies Corporate	1964449	15.18
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 million	1046916	8.09
Individual shareholders holding nominal share capital in excess of Rs. 0.100 million	3528835	27.27
Shares held by custodians and against which depository receipts have been issued (C)	-	-
Total (A) + (B) +(C)	12940000	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and exporter of Aluminium Foil Containers (AFC)

Products :

ITC CODE	PRODUCTS
AA 3003	Aluminium Foil Trays / Containers / Casseroles, Lids for the same and Aluminium Foils Rolls.

PRODUCTION STATUS (AS ON 31.03.2011)

Particulars	Unit	Installed Capacity	Actual Production
Casseroles/Trays Containers/Dishes	Pcs.	5750	3560
Aluminium Foils/Rolls	Pcs.	98	65
Lids	Pcs.	1590	1050

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· Indian Overseas Bank

· Export-Import Bank of India

· Punjab National Bank

· State Bank of India

· Union Bank of India

Facilities :

Secured Loan	Rs. In Millions 31.03.2011	Rs. In Millions 31.03.2010
Cash Credit	1055.520	1402.910
Term Loan	0.000	1292.380
Working Capital facilities are secured by hypothecation of stocks and book debts. These are further secured by second charge on the fixed assets of the company.
Term loans from banks are secured by equitable mortgage of land and building and hypothecation of plant and machineries and movable assets, both present and future.
Non Convertible Debentures	2470.000	0.000
Secured by first pari-passu charge on fixed assets of the Company.
Total	3525.520	2695.290
Unsecured Loan	Rs. In Millions 31.03.2011	Rs. In Millions 31.03.2010
From Directors and Others	1840.010	1364.110
Total	1840.010	1364.110

Banking Relations :	--
Auditors :
Name :	C. V. Pabari and Company Chartered Accountant
Address :	Mumbai, India
Associates :	· Deepen Holding Limited · AAP Securities Limited · AAP Racing and Stud Farms Limited · AAP Entertainment Limited · AAP Realtors Limited · AAP Hotel and Hospitality Limited · Arms Retails (India) Limited · AAP Equity Capital Limited · AAP Minerva Builtcon Limited

CAPITAL STRUCTURE

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
20000000	Equity Shares	Rs.10/- each	Rs. 200.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
12940000	Equity Shares	Rs.10/- each	Rs. 129.400 Millions

Note:

Out of Which 63,100 equity shares are issued for Consideration Otherwise than cash. (Previous year 63,100 equity shares).

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		129.400	129.400	129.400
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		3553.770	2934.020	2525.590
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		3683.170	3063.420	2654.990
LOAN FUNDS
1] Secured Loans		3525.520	2695.290	1279.810
2] Unsecured Loans		1840.010	1364.110	806.510
TOTAL BORROWING		5365.530	4059.400	2086.320
DEFERRED TAX LIABILITIES		18.060	38.560	13.700
TOTAL		9066.760	7161.380	4755.010
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		4614.480	1529.380	1031.280
Capital work-in-progress		950.180	3378.870	1933.820
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	1752.160	1095.250	868.260
	Sundry Debtors	1942.120	1287.81	886.370
	Cash & Bank Balances	377.250	399.200	276.610
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	242.550	378.580	299.360
Total Current Assets		4314.080	3160.840	2330.600
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	524.900	664.140	269.900
	Other Current Liabilities	160.000	105.000	50.000
	Provisions	132.880	138.570	220.790
Total Current Liabilities		817.780	907.710	540.690
Net Current Assets		3496.300	2253.130	1789.910
MISCELLANEOUS EXPENSES		5.800	0.000	0.000
TOTAL		9066.760	7161.380	4755.010

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Sales	9023.460	6341.560	4212.600
		Other Income	17.820	15.710	10.660
		TOTAL (A)	9041.280	6357.270	4223.260
Less	EXPENSES
		Raw Material Consumed	6770.170	4759.880	3180.310
		Manufacturing, Trading and Other Expenses	654.170	492.330	316.090
		TOTAL (B)	7424.340	5252.210	3496.400
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		1616.940	1105.060	726.860
Less	FINANCIAL EXPENSES (D)		363.070	267.970	140.530
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		1253.870	837.090	586.330
Less/ Add	DEPRECIATION/ AMORTISATION (F)		441.860	251.720	151.430
	PROFIT BEFORE TAX (E-F) (G)		812.010	585.370	434.900
Less	TAX (H)		139.500	129.860	53.500
	PROFIT AFTER TAX (G-H) (I)		672.510	455.510	381.400
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		1185.920	823.090	521.150
Add	Excess/Short provision of I. Tax of earlier years, written back		0.230	(1.660)	(4.110)
Less	APPROPRIATIONS
		Transfer to General Reserve	67.500	45.600	37.500
		Proposed Dividend	45.290	38.820	32.350
		Tax on Proposed Dividend	7.700	6.600	5.500
		Debenture Redemption Reserve	67.600	0.000	0.000
	BALANCE CARRIED TO THE B/S		1670.570	1185.920	823.090
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	922.090	923.590	939.750
		Sale of Mould	2.700	0.000	0.000
	TOTAL EARNINGS		924.790	923.590	939.750
	IMPORTS
		Raw Materials	1062.100	536.950	919.590
		Stores	0.000	0.000	131.560
	TOTAL IMPORTS		1062.100	536.950	1051.150
	Earnings Per Share (Rs.)		51.97	35.20	29.48

QUARTERLY RESULTS

PARTICULARS	30.06.2011	30.09.2011
	1^st Quarter	2^nd Quarter
Net Sales	2826.970	3253.870
Total Expenditure	2324.990	2676.670
PBIDT (Excl OI)	501.980	577.200
Other Income	5.000	5.000
Operating Profit	506.980	582.200
Interest	128.400	175.030
Exceptional Items	0.000	0.000
PBDT	378.580	407.170
Depreciation	141.550	142.800
Profit Before Tax	237.030	264.370
Tax	57.500	65.000
Provisions and contingencies	0.000	0.000
Profit After Tax	179.530	199.370
Extraordinary Items	0.000	0.000
Prior Period Expenses	0.000	0.000
Other Adjustments	0.000	0.000
Net Profit	179.530	199.370

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	7.44	7.17	9.03
Net Profit Margin (PBT/Sales)	(%)	9.00	9.23	10.32
Return on Total Assets (PBT/Total Assets}	(%)	9.09	12.48	12.94
Return on Investment (ROI) (PBT/Networth)		0.22	0.19	0.16
Debt Equity Ratio (Total Liability/Networth)		1.68	1.63	0.99
Current Ratio (Current Asset/Current Liability)		5.28	3.48	4.31

LOCAL AGENCY FURTHER INFORMATION

OPERATIONS:

During the year, the total income increased to Rs. 9,041.28 Millions compared with Rs. 6,357.27 Millions for the year ended 31st March, 2010. The financial year 2010-11, the Company has maintained its growth. PBDIT and net profit after tax stood at Rs. 1,616.94 Millions and Rs. 672.51 Millions respectively compared with Rs. 1,105.06 Millions and Rs. 455.51 Millions for the corresponding previous year.

MANAGEMENT DISCUSSION AND ANALYSIS REPORT

The rising middle class and its conscious efforts to demand hygienic product was skillfully turned into a profitable opportunity. During the period their sales graph goes up from Rs. 6,341.56 Millions in 2009-10 to Rs. 9,023.46 Millions which is an appreciable performance of the Company. During the same period, net income rose from Rs. 455.51 Millions to Rs. 672.51 Millions. This kind of spectacular performance is a result of vision, long term planning, and meticulous implementation, dedicated efforts of employees and unfailing faith of shareholders in the management team.

The industry in which the Company operates is at a very nascent stage in India as the usage is largely restricted to airlines and railways. However with increased awareness for health and hygiene the demand for AFCs and AFRs is expected to pick up over the next couple of years in a big way. Moreover, AFCs and AFRs are slowly and steadily replacing other packaging substitutes like plastic, porcelain and glass containers as AFC’s offer various advantages; Aluminum Foil has amazing properties. It is light weight, aesthetic, attractive, resistant to odour, water, air, light, gas, oil and grease and possesses high thermal and electrical conductivity features. All this adds up to a highly versatile product that can be used in myriad applications from the traditional food industry to the hi-tech electronics and telecommunications industry.

They have established good manufacturing practices in accordance with international standards. They have been accredited with certification from BRC (British Retail Consortium) implying compliance with Global Standards for packaging and packaging materials.

Presently, shares are listed at both BSE and NSE. They are regularly traded in active mode in single segment.

Company is also aware about its social responsibilities and ethical responsibility. Company strives to provide a healthy, safe and secure working environment for its entire staff. It provides adequate on the job training, promotion and rewards for meritorious work. It also covers the employees with medical insurance. Their people are technically best in their knowledge and application. Management provides a climate which helps employees at all levels to realise their maximum potential. For needy and under privileged, Company provides helps by various means and ways to fulfil it’s social obligation.

Similarly, other stake holders like suppliers, financial institutions, distributors etc are also rewarded so that a family bond is created among all these which ultimately has magnifying beneficial effect for all. Shareholders who are the pillars of the Company have been benefited through higher dividend and increased intrinsic value of their shares. This has to rise further in future as Company scales new heights.

BUSINESS PERFORMANCE:

The expansion project of Rs. 2400.000 Millions was completed in March, 2010 and commercial production began from April, 2010. Based on the enhanced installed capacities, which were put to use during the year, the Company could achieve turnover of Rs. 9,023.46 Millions. However, the optimum utilisation of the capacities will be reflected in the sales for F.Y.2011-12

The Company is getting the tax benefit for 100% Export Oriented Unit U/s 10B of Income Tax Act, 1961.

Company’s property and plants are fully insured against predictable perils. They are maintained and serviced periodically to facilitate continuous production. Employees are sent for training to acquire and upgrade their job skill. Modern shop floor practices are followed to reduce fatigue and increase productivity.

Company considers employees as a business partner. Based on their performance they are rewarded and wherever necessary, imparted with skill and training so as to improve their contribution. This helps to maintain cordial industrial relations.

CURRENT YEAR'S OUTLOOK AND CAPACITY EXPANSION:

On completion of expansion project in April, 2010, the installed capacities have increased three times from the existing capacities with a wide range of product mix, which shall result in higher turnover and profitability of the Company.

Company enjoys healthy position in the international market. Quality of the Company’s product is best and comparable to any other products of World class suppliers. The expansion shall enable to capture the export market and the ever expanding retail market. Considering all these factors the board is very much optimistic about times to come.

INDUSTRY REVIEW

GLOBAL PACKAGING INDUSTRY

A major part of the global packaging industry is based in Europe, North America, Asia and Latin America, dominated by the consumer segment (70 percent) and the industrial segment accounting for the rest. The global packaging industry is growing at around 3.5 percent per annum. The concept of green packaging is gaining prominence. This segment is being catalysed by advanced technologies and even though it entailed a higher production cost, the segment is likely to enhance market share and emerge as a US$ 107.7 bn segment by 2011. This segment is finding growing preference following environment concerns, eco-friendly packaging, carbon emissions and waste reduction targets specified by countries. This green packaging segment, comprising aluminium packaging, is also likely to register consistent growth on account of increasing health awareness, higher incomes, growing economies, dearth of natural resources and rising energy consumption.

INDIAN PACKAGING INDUSTRY

India is the world’s eleventh largest packaging consumer, with a market size of US$ 550-billion that is expected to grow 18-20 percent (presently 15 percent). Evidently, it is projected that increased incomes will translate into higher industry growth. The Rs.650000.000 Millions Indian packaging industry is fragmented and dominated by unorganised players. Packaging accounts for only around 11 percent of aluminium use in India compared with a global average of around 20 percent. With an increase in disposable income in the hands of the rising middle-class, health awareness and a preference for eco-friendly packaging and serving solutions, aluminium container consumption is set to increase rapidly.

DEMAND DRIVERS RAILWAYS

Indian Railways is the world’s fourth-largest railway network, transporting more than 18 Millions passengers daily. It runs more than 17,000 trains a day. Even a marginal change in aluminium packaging consumption by the Indian Railways can potentially increase demand for such products in a significant way. The Railways announced the addition of 56 trains in Budget 2011-12, and the construction of four lines. This is expected to translate into increased demand for aluminium packaging products.

FOOD PROCESSING INDUSTRY

The Indian food processing sector is the fifth largest in the country in terms of production, consumption and export. The US$ 100 bn Indian food processing market is estimated to grow 13 percent annually.

FOOD RETAIL INDUSTRY

India’s food retail turnover is expected to grow from Rs.3393650.000 Millions in 2009-10 to Rs. 7272120.000 Millions by 2025, enhancing the demand for aluminium packaging solutions. This is expected to translate into an increased consumption of aluminium foil containers, lids and foil rolls. Besides, the Indian fast food industry is expected to grow at a CAGR of 30-35 percent during 2010-2013, which is expected to increase downstream foil packaging applications.

GROWING URBAN POPULATION

India's urban population is growing and the proportion of urban Indians is expected to rise from around 30 percent to 40 percent in a decade. This is likely to translate into an increased consumption of aluminium foil containers, lids and rolls.

AIRPORTS

The size of, India’s aviation market trebled in five years, according to the latest report by the International Air Transport Association (IATA). India is currently the world’s ninth-largest aviation market; domestic passenger traffic is estimated to reach 150–180 Millions by 2020. The Indian commercial aerospace market is estimated to absorb about 1,100 commercial jets worth US$ 130 billion over the next 20 years, widening the market for aluminium packaging products.

GROWING WORKING POPULATION

In 2010, half of India’s population was younger than 25 years old and 781 Millions individuals comprised the working-age population of 15-64. These numbers are expected to increase sharply over the next two decades. By 2020, the country’s working-age population is expected to reach 916 Millions and by 2030, India’s working-age population should reach an impressive 1.02 billion.

OPERATIONS

HIGHLIGHTS, 2010-11

· Increased aluminium foil container capacity from 4,000 mn pieces in 2009- 10 to 5,750 mn pieces

· Increased aluminium foil roll capacity from 75 mn pieces in 2009-10 to 98 mn pieces

· Increased aluminium foil lid capacity from 1,200 mn pieces in 2009-10 to 1,590 mn pieces

· Introduced more than 50 new mould varieties

OVERVIEW

The Company is engaged in the manufacture of aluminium foil containers (AFC), aluminium lids and aluminium foil rolls of various sizes, shapes and thicknesses as per customer requirements. The Company’s products are used in packaging food items in households, travel and hospitality sectors (airlines, railways, fast food chains, restaurants, hotels, among others). The Company’s automated manufacturing facilities (located in the Union Territory of Dadra and Nagar Haveli) are equipped with state-of-the-art equipment and a bank of over 180 multi-cavity moulds. It grew the country-specific mould facilities to cater to niche markets.

QUALITY MANAGEMENT

HIGHLIGHTS, 2010-11

· Reduced rejection rate

OVERVIEW

The strong member quality management team ensured conformance with quality control norms. The quality control measures began from incoming raw material (microns and elongation checking) to the production process (product defects) to finished goods. The Company housed cutting-edge quality measurement tools like micrometer, UTS, elongation machine (to ascertain tensile strength), bursting strength machine (to ensure packaging material quality) and paper weighing machine (to check GSM), among others.

The Company employed people in research and development with a view to improve manufacturing capabilities. As a result of world class quality control parameters, the Company’s manufacturing facilities were ISO 9001:2000, ISO 22000:2005 and HACCP-certified.

ROAD AHEAD

The Company will focus on quality improvement and reduce the internal rejection rate.

MARKETING

HIGHLIGHTS, 2010-11

· Increased average realization from Rs.1.67 per piece in 2009-10 to Rs.1.89 per piece

· Recorded 80 percent growth in domestic distributor sales

· Added seven institutional clients

· Premium trains started using compartmental foil containers to serve food

· Expanded presence in four new geographies

OVERVIEW

The Company’s products are sold in domestic and international markets (more than 30 countries across continents). Around 11 percent of the Company’s revenues were derived from exports. In India, the Company supplies products to wholesalers, airlines, Indian Railways, bakeries, retail outlets and catering companies, among others.

The Company provides customized products through a bank of more than 180 multi-cavity moulds. This enhanced acceptance of the Company’s products in Indian and international markets especially in an environment of limited mould supply.

The Company created a strong domestic client base comprising Jet Airways, Indian, Air India, Kingfisher, IRCTC and Taj Air Caterers, among others. The international clientele included B.E. International, U.K. (Danone Group), SOP International, U.K. (major in food packaging industry) and major airlines like Emirates, Singapore Airlines, Thai Airways, Gulf Air, Etihad Airways, Air Asthana and Sri Lankan, among others.

ROAD AHEAD

The Company is strengthening its focus on the modern trade segment and undertaking various branding campaigns for enhanced FMCG recall.

CONTINGENT LIABILITIES

(a) Disputed demand of Central Excise of Rs. 0.23 Million. And the matter is taken up before Central Excise and Service Tax Appellate Tribunal. The Company has made deposit of Rs. 0.23 Million with Central Excise and Service Tax Appellate Tribunal (Previous Year Rs. 0.23 Million).

(b) According to the records of the Company and information and explanations given to us, disputed Income tax demands aggregating to Rs. 9.20 Million and the matter is pending in Appeal with Commissioner of Income Tax (Appeal) (Previous Year Rs. 7.31Million).

(c) Outstanding L.C. and Bank Guarantee issued to clients / suppliers by Bankers secured by counter guarantee of the Company is Rs. 1,269.16 Million. (Previous Year Rs. 937.55Million).

(d) Export obligation of Rs. Nil to be met against EPCG License availed. (Previous year Rs. Nil)

(e) Guarantee given by the Company on behalf of others Rs. 125.00 Million (Previous year Rs. Nil)

UN-AUDITED FINANCIAL RESULTS FOR THE QUARTER / HALF YEAR ENDED 30TH SEPTEMBER, 2011

[Rs. In Million]

Particulars	Quarter Ended 30th September, 2011	Half Year Ended 30th September, 2011
Net Sales	3253.870	6080.840
Other Incomes	5.000	10.000
Consumption of R.M.	2439.770	4561.410
Other Expenditures	236.900	440.250
Total Expenditures	2676.670	5001.660
Profit Before Interest & Depreciation	582.200	1089.180
Interest	175.030	303.430
Depreciation	142.800	284.350
Profit (+) / Loss (-) before tax	264.370	501.400
Provision for taxes • Current • Deferred	60.00 5.00	115.00 7.50
Net Profit (+) / Loss (-)	199.370	378.900
Paid Up Equity Share Capital (Face Value Per Share)	129.400	129.400
Reserves (excluding revaluation reserves)	3932.670	3932.670
Basic and diluted EPS for the period, for the year to date and for the previous year (not to be annualized)	15.41	29.28
Aggregate of Non-Promoter’s Shareholding
a) No of Shares	8072600	8072600
b) Percentage of shareholding	62.38%	62.38%
Promoters And Promoter Group Shareholding
a) Pledged / Encumbered
- No. of Shares - % of Shares (as a % of the total shareholding of Promoter and Promoter Group) - % of shares ( as a % of the total share capital of the Company )	NIL NIL NIL	NIL NIL NIL
b) Non-Encumbered
- No. of Shares - % of shares ( as a % of the total shareholding of Promoter and Promoter Group) - % of shares (as a % of the total share capital of the Company)	4867400 100% 37.62%	4867400 100% 37.62%

Notes:

1. The above results have been subjected to a Limited Review by the Statutory Auditors and have also been reviewed by the Audit committee of the Board at its meeting held on 11.11.2011. The said results have been taken on record and approved by the Board of Directors of the Company at its meeting held on 11.11.2011.

2. The status of investor’s complaint: Pending at the beginning of the quarter- Nil. Complaint received and disposed off during the quarter 7. Pending at the end of the quarter- Nil.

3. Previous year’s figures have been regrouped wherever necessary.

4. Company trades only in single segment, so segment wise revenue results and capital employed is not applicable.

FIXED ASSETS

· Bore Wells

· Computers

· Electric Installations

· Factory Building

· Furniture and Fixtures

· Land

· Office Equipments

· Plant and Machinery

· Vehicles

WEB SITE DETAILS

BUSINESS DESCRIPTION

Subject is an India-based company. The Company is a manufacturer and exporter of aluminum foil containers, aluminum foil rolls, and aluminum lids, which is used for food and related items, ash trays, trays, medicinal trays, casseroles, gas-mats, barbeque servers and bake trays. The Company's Indian clients include Jet Airways, Indian Airlines, Air India, Kingfisher Airlines, Indian Railways Catering and Tourism Corporation and Taj Air Caterers. Its international clients include 8.E, International, Danone Group, SOP International, Emirates Airlines, Singapore Airlines, Thai Airways, Gulf Air, Etihad Airways, Air Asthana and Srilankan Airlines. During the fiscal year ended March 31, 2010, the Company produced 2,860 million casseroles/trays containers/dishes; 54 million aluminum foils/rolls, and 867 million lids. The Company has two manufacturing facilities situated Union Territory of Dadra and Nagar Haveli, India. For the nine months ended 31 December 2010, Subject revenues rose 55% to RS6.67B. Net income rose 52% to Rs 481.2M. Revenues reflect an increase in income from operations and higher other income. Net income was partially offset by an increase in other expenses, higher interest expenses, a rise in consumption of raw materials and a rise in depreciation charge. The company is operates in aluminum foil rolls and aluminum lids.

MANAGEMENT

AMITABH PAREKH

Mr. Amitabh Parekh is Executive Chairman of the Board, Managing Director of Parekh Aluminex Limited. Mr. Amitabh Parekh is a B.Com graduate from Sydnehm college, is affiliated to the University of Bombay. His other Directorships include Deepen Holding Limited, AAP Securities Limited, AAP Racing And Stud Farms Limited, AAP Entertainment Limited, AAP Realtors Limited, AAP Hotel And Hospitality Limited, Arms Retails (India) Limited and AAP Equity Capital Limited. He has been associated as Promoter and Executive Director of the Company since its inception. He has become the Chairman and Managing Director w.e.f. 1st November, 2000.

Education

· B, University of Bombay

DEVANSHU DESAI

Mr. Devanshu Desai serves as Non-Executive Independent Director of Parekh Aluminex Limited. Mr. Devanshu Desai is a practicing advocate of High Court as well as Supreme Court. He started his career in 1987 and has more than 20 years of experience in the legal matters chiefly relating to corporate and SEBI laws, banking regulations and property matters. He represents banks, corporate clients, firms and individuals before legal authorities on Company matters, Arbitration matters, intellectual property rights, Excise and Custom matters etc. His advises in respect of SEBI and corporate laws, commercial matters and banking regulations will be of great help to the board in formulating Company policy and practices in this area. He serves as Director of Bombay Swadeshi Stores Limited, Puru Investment and Consultants Private Limited, First Overseas Capital Limited. He holds B.Com, LLB degrees.

VIKRAM MORDANI

Mr. Vikram Mordani is Non-Executive Independent Director of Parekh Aluminex Limited. His other Directorships include Proton Construction Limited. Mr. Vikram Mordani is a B.E. in Computer Science and MBA specialized in Finance. He is having professional experience in setting up manufacturing unit. He has professional experience of more than 12 years.

KIRAN C. PARIKH

Mr. Kiran C. Parikh is Non-Executive Independent Director of Parekh Aluminex Limited. He is an Ex-principal and active social worker. He has background of administration and strategic planning. His experience of organizational matters and harmonizing inter-personal relationship to achieve human resources to the company. His guidance on this matters helps the company to achieve targets and improve productivity. It is therefore in the interest of the company to avail his services as a member of the board.

NEWS

REVISION IN BOOK CLOSURE

06 September 2011

India, Sept. 06 -- Parekh Aluminex Limited had informed the Exchange regarding Book Closure from September 22, 2011 to September 28, 2011 (both days inclusive) for the purpose of payment of dividend. The Company has now informed the Exchange that the Register of Members and the Share Transfer Books of the Company will remain closed from September 21, 2011 to September 28, 2011.

BOARD RECOMMENDS FINAL DIVIDEND

06 September 2011

India, Sept. 06 -- Parekh Aluminex Limited has informed BSE that the Board of Directors of the Company at its meeting held on August 31, 2011, inter alia, has recommended a final dividend of Rs. 3.50 per share of Rs. 10/- each (35%) for the financial year 2010-2011 subject to approval of shareholders at the ensuing Annual General Meeting.

PAREKH ALUMINEX BOARD RECOMMENDS FINAL DIVIDEND

06 September 2011

India, Sept. 06 -- Parekh Aluminex has informed that the board of directors of the company at its meeting held on August 31, 2011, has recommended a final dividend of Rs 3.50 per share of Rs 10 each for the financial year 2010-2011 subject to approval of shareholders at the ensuing annual general meeting. The above information is part of company's filing submitted to the BSE.

BOARD TO CONSIDER DIVIDEND

30 August 2011

Directors of the Company will be held on August 31, 2011, inter alia, to approve, the Audited Financial Results of the Company and declaration of dividend, if any, for the year ended March 31, 2011.

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 records 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 records 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. 52.22
UK Pound	1	Rs. 81.54
Euro	1	Rs. 69.60

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	8
--PROFITABILIRY	1~10	8
--LIQUIDITY	1~10	8
--LEVERAGE	1~10	7
--RESERVES	1~10	8
--CREDIT LINES	1~10	7
--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	YES
--LISTED	YES/NO	YES
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		64

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.