MIRA INFORM REPORT

Report Date :

29.12.2011

IDENTIFICATION DETAILS

Name :	PARIXIT INDUSTRIES LIMITED [w.e.f. 20.09.2000]

Formerly Known As :	PARIXIT PLASTICS PRIVATE LIMITED

Registered Office :	301 to 308, 3^rd Floor, Silver Oaks Building, Mahalaxmi Cross Road, Paldi, Ahmedabad – 380 007, Gujarat

Country :	India

Financials (as on) :	31.03.2011

Date of Incorporation :	23.08.1989

Com. Reg. No.:	04-12672

Capital Investment / Paid-up Capital :	Rs.49.417 Millions

CIN No.: [Company Identification No.]	U25200GJ1989PLC012672

TAN No.: [Tax Deduction & Collection Account No.]	AHMP00853G

PAN No.: [Permanent Account No.]	AABC8985D

Legal Form :	A Closely Held Public Limited Liability Company

Line of Business :	Manufacturers of Drip Irrigation Systems, Sprinkler Systems, HDPE and PVC Pipes, etc.

No. of Employees :	750 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	USD 1580000

Status :	Satisfactory

Payment Behaviour :	Usually Correct

Litigation :	Clear

Comments :	Subject is an established company having satisfactory track. the company has incurred a loss in the current year. However, trade relations are reported as fair. Business is active. Payments are reported to be usually correct and as pr commitments. The company can be considered normal for 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.

INFORMATION PARTED BY

Name :	Mr. Bhavin Shah
Designation :	Accounts Manager
Contact No. :	91-79-66318124
Date :	28.12.2011

LOCATIONS

Registered Office :	301 to 308, 3^rd Floor, Silver Oaks Building, Mahalaxmi Cross Road, Paldi, Ahmedabad – 380 007, Gujarat, India
Tel. No.:	91-79-66318121-24
Mobile No.:	91-9974089272 (Mr. Tanuj Sharma)
Fax No.:	91-79-66318125
E-Mail :	parixit@parixit.com rssharma42@yahoo.co.in ho@parixit.com finance@parixit.com accounts@parixit.com
Website :	http://www.parixit.com
Area :	6000 Sq. ft
Location :	Owned

Factory :	Survey No. 214/ 1, 214/ 2, VIrpur Bus Stop, P.O. Iyava, Taluka Sanand, Ahmedabad – 382 170, Gujarat, India
Tel. No.:	91-79-66318121
Area :	130000 Sq. Mtrs
Location :	Owned

Branch Office :	Located at Deesa Vadodara Junagadh Udaipur Jaipur Bhopal Jabalpur Bangalore Pune Chhattisgarh Lucknow Coimbatore Chennai Hyderabad

DIRECTORS

As on 28.09.2011

Name :

Mr. Srinivasan Sethuraman

Designation :

Managing Director

Address :

Old No: 133, New No: 243, Peters Road, Gopalapuram, Chennai – 600086, Tamil Nadu, India

Date of Birth/Age :

21.02.1971

Date of Appointment :

01.10.2010

DIN :

03175616

Name :

Mr. Amrutbhai Ichchhabhai Patel

Designation :

Managing Director

Address :

16, Abhishree Residency, in Between Rajpath Club to 100 Ring Road, IV Ambli Taluka Daskroi, Ahmedabad-380 059, Gujarat, India

Date of Birth/Age :

20.07.1949

Qualification :

B.Sc. Chemistry

Date of Appointment :

01.04.2009

DIN :

01286423

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U25200GJ1989PLC012672	PARIXIT INDUSTRIES LIMITED	Managing director	1/4/2009	23/08/1998	-	Active	NO
2	U11101GJ2003PLC042712	PRATIK GAS COMPANY LIMITED	Director	1/8/2003	1/8/2003	1/2/2011	Active	NO
3	U45201GJ2004PLC044776	JP ISCON LIMITED	Director	30/09/2010	15/07/2010	-	Active	NO
4	U45201GJ2004PTC043615	NEELDEEP DEVELOPERS PRIVATE LIMITED	Director	30/09/2011	12/9/2010	-	Active	NO
5	U45200GJ2011PTC063831	NAMI DEVELOPERS PRIVATE LIMITED	Director	27/01/2011	27/01/2011	-	Active	NO
6	U27109GJ2011PTC068007	NAMI ALLOYS PRIVATE LIMITED	Director	29/11/2011	29/11/2011	-	Active	NO

Name :

Mr. Parixit Amrutlal Patel

Designation :

Whole-time Director

Address :

E-701, Ashawari Tower, Behind Fun Republic Cinema, Setelite, Ahmedabad – 380015, Gujarat, India

Date of Birth/Age :

01.08.1976

Qualification :

Mechanical Engineering

Date of Appointment :

01.10.2010

DIN :

02253878

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U25200GJ1989PLC012672	PARIXIT INDUSTRIES LIMITED	Whole-time director	1/10/2010	15/04/1995	-	Active	NO
2	U11101GJ2003PLC042712	PRATIK GAS COMPANY LIMITED	Director	1/8/2003	1/8/2003	1/2/2011	Active	NO
3	U27109GJ2011PTC068007	NAMI ALLOYS PRIVATE LIMITED	Director	29/11/2011	29/11/2011	-	Active	NO

Name :

Mr. Sanjeev Kumar

Designation :

Additional Director

Address :

Appartment No. 402, Block – 22, Heritage City, Gurgaon - 122002, Haryana, India

Date of Birth/Age:

20.08.1955

Date of Appointment :

27.09.2010

DIN :

00094725

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U25209TN1997PTC038312	MAINETTI (INDIA) PRIVATE LIMITED	Director	4/3/2008	1/4/2004	30/09/2009	Active	NO
2	U51909DL1991PLC042645	JMA RANE MARKETING LIMITED	Director	24/06/2005	24/06/2005	-	Active	NO
3	U32204DL1985PLC020720	ACL COMPONENTS LIMITED	Director	7/7/2005	7/7/2005	-	Active	NO
4	U34101DL1959PLC003066	JULLUNDUR AUTO SALES CORPORATION LIMITED	Director	7/7/2005	7/7/2005	-	Active	NO
5	U25209DL1996PTC081248	DURA-LINE INDIA PRIVATE LIMITED	Managing director	14/01/2008	14/01/2008	13/01/2010	Active	NO
6	U74999PB2008PTC031692	AZURE LIFESTYLES PRIVATE LIMITED	Additional director	5/4/2008	5/4/2008	1/2/2010	Active	NO
7	U51909PB2008PTC031584	AZURE MERCHANTS PRIVATE LIMITED	Additional director	5/4/2008	5/4/2008	1/2/2010	Active	NO
8	U63030PB2008PTC031585	EMPEZAR LOGISTICS PRIVATE LIMITED	Director	1/7/2009	5/4/2008	1/2/2010	Active	NO
9	L35999HR1998PLC033943	JULLUNDUR MOTOR AGENCY (DELHI) LTD (TRS. CO.-DELHI TO HARANA)	Director	10/9/2008	30/04/2008	-	Active	NO
10	U25200GJ1989PLC012672	PARIXIT INDUSTRIES LIMITED	Additional director	27/09/2010	27/09/2010	-	Active	NO
11	U92490MH2010PTC198323	IMAGINATION EDUTAINMENT INDIA PRIVATE LIMITED	Nominee director	5/10/2011	5/10/2011	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Bhavin Shah
Designation :	Accounts Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 28.09.2011

Names of Shareholders		No. of Shares
Amrutbhai I. Patel		589410
Narmadaben K. Patel		10
Piyushbhai Manubhai Patel		10
Parixit A. Patel		893050
Sureshbhai Kashibhai Patel		10
Meenaben S. Patel		10
Vishnubhai Shankarbhai Patel		10
Emtelle Asia Pacific Pte Limited, SIngapore		3115358
Emtelle Holdings B.V., Natherlands		343832
Total		4941700

As on 28.09.2011

Equity Share Breakup		Percentage of Holding
Category
Directors or relatives of directors		100.00
Total		100.00

BUSINESS DETAILS

Line of Business :

Manufacturers of Drip Irrigation Systems, Sprinkler Systems, HDPE and PVC Pipes, etc.

Products :

Item Code No. (ITC Code)	393917
Product Description	Pipes and Fitting
Item Code No. (ITC Code)	842410
Product Description	Sprinkler Drip
Item Code No. (ITC Code)	848481
Product Description	P P Ball Valve

Exports :

Products :

Finished Goods

Countries :

China
Australia
Pakistan
Middle East

Imports :

Products :

Raw Material

Countries :

China

Terms :

Selling :

L/C, Cash, Credit

Purchasing :

L/C, Cash, Credit

PRODUCTION STATUS AS on 31.03.2011)

Particulars	Unit	Installed Capacity	Actual Production
Ball Valves	Nos	25000	-
Pipes	Mtrs.	30114	2253225
Fittings	Nos	280000	27804
Drip Set	Sets	27500	11117
Sprinkler Set	Sets	24000	13576

GENERAL INFORMATION

Customers :

Adani
AKRSP
GGRC
Zydus Cadila
Pepsico Hoardings Limited
Lupin Laboratories
Colourtex and Group Companies
Asian Paints Limited
Essar Constructions Limited
Tata
GNFC
ONGC
KRIBHCO
Arvind Mills Limited
Torrent Pharmaceuticals Limited
Larsen and Toubro Limited

No. of Employees :

750 (Approximately)

Bankers :

Axis Bank Limited, Trishul 3^rd Floor, Opposite Samartheshwar Temple Law Garden Ellisbridge, Ahmedabad – 380 006, Gujarat, India
State Bank of India, Industrial Finance Branch, Gujarat Bhawan, Ellisbridge, Ahmedabad – 380 006, Gujarat, India
HDFC Bank Limited
HDFC Bank House Senapati Bapat Marg, Lower Parel (West), Mumbai- 400 013, Maharashtra, India

Facilities :

SECURED LOANS	31.03.2011 (Rs. In millions)	31.03.2010 (Rs. In millions)
Term Loans:
a) From Bank for company’s project	198.388	152.143
b) From Banks for purchase of vehicles	6.899	4.658
c) Financial Institution	0.000	0.000
Working Capital Loans from Bank:
a) Cash credit	534.741	399.039
b) Bills payable against LC	145.401	99.427
Total	885.429	655.267
(A) Notes for Rupee Term Loan (a) Term Loans outstanding of Rs. 90.158 millions from State Bank of India are Secured by Equitable Mortgage of land and building and hypothecation of plant and machinery. The Loans are also secured by second charges on specific machineries financed by Export Import Bank of India and personal guarantee/ collateral securities of Chairman and Executive Director. Amount payable in respect of such loans within next one year is Rs.36.931 millions (Previous Year Rs. 21.303 millions) (b) Term Loan outstanding of Rs. 108.229 millions from Export Import Bank of India is Secured by hypothecation of specific plant and machinery financed by the same. The Loan is further secured by second charge on other fixed assets and personal guarantee of some directors. Amount payable in respect of such loan within next one year is Rs.31.740 millions (Previous Year Rs. 7.968 millions) (B) Notes for working capital Loans Bank Secured: Working Capital Loans from Banks are Secured by hypothecation of inventories, receivables, other fixed assets of the company and personal guarantee/ collateral securities of some of Directors. (C) Working Capital Loans others secured includes Bills Payable against LC (D)Loans for purchase of vehicles from bank and financial company are secured by hypothecation of vehicles financed by them. Amount payable in respect of such loans within next one year is Rs.3.473 millions (Previous Year Rs. 2.594 millions)
UNSECURED LOANS	31.03.2011 (Rs. In millions)	31.03.2010 (Rs. In millions)
From banks and financial institutions	60.351	4.269
Fixed deposit
- From Directors	0.000	0.000
- From Others	0.000	0.000
Inter Corporate Deposit	0.000	0.000
Trade deposit	8.088	7.146
Total	68.439	11.415

(A) Other Debts unsecured includes Trade Deposits

Banking Relations :	-

Auditors :
Name :	Manubhai and Company Chartered Accountants
Address :	2^nd Floor, B Wing, Premium House, Near Gandhigram Railway Station, Navrangpura, Ahmedabad – 380 009, Gujarat, India
Tel. No.:	91-79-26580956/ 26580966/ 26582484/ 26585064
Fax No.:	91-79-26583573
E-Mail :	info@manubhaico.com
Website :	www.manubhaico.com
PAN :	AAFFM2086H

Holding Company ( w.e.f. 29.09.2010) :	Emtelle Asia Pacific PTE Limited Emtelle Holdings B.V.

Fellow Subsidiary :	Emtelle UK Limited Emtelle Asia Pacific (M) SDN. BHD. Bali Industries India Private Limited

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount

12,000,000	Equity Shares	Rs.10/- each	Rs.120.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

4,941,700	Equity Shares	Rs.10/- each	Rs.49.417 millions

Note : Out of the Issued and Subscribed shares for the year 2010-2011:

(A) 3,115,358 (Previous Year Nil) shares are held by the Holding Company Emtelle Asia Pacific PTE Limited

(B) 343,832 (Previous Year Nil) are held by ultimate holding company Emtelle Holdings B.V. holding company Emtelle Holdings B.V.

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		49.417	46.417	46.417
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		345.593	357.064	225.909
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		395.010	403.481	272.326
LOAN FUNDS
1] Secured Loans		885.429	655.267	375.777
2] Unsecured Loans		68.439	11.415	45.510
TOTAL BORROWING		953.868	666.682	421.287
DEFERRED TAX LIABILITIES		0.000	28.974	25.443

TOTAL		1348.878	1099.137	719.056

APPLICATION OF FUNDS

FIXED ASSETS [Net Block]		400.675	347.801	207.320
Capital work-in-progress		4.790	1.502	0.000

INVESTMENT		0.081	0.081	0.080
DEFERREX TAX ASSETS		13.077	0.000	0.000

CURRENT ASSETS, LOANS & ADVANCES
	Inventories	385.894	375.668	165.279
	Sundry Debtors	527.516	411.891	385.612
	Cash & Bank Balances	49.777	51.690	29.692
	Other Current Assets	29.479	21.110	0.182
	Loans & Advances	190.285	50.816	43.982
Total Current Assets		1182.951	911.175	624.747
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	177.462	88.994	81.244
	Other Current Liabilities	68.697	28.627	6.387
	Provisions	6.537	43.801	25.460
Total Current Liabilities		252.696	161.422	113.091
Net Current Assets		930.255	749.753	511.656

MISCELLANEOUS EXPENSES		0.000	0.000	0.000

TOTAL		1348.878	1099.137	719.056

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	1314.084	1067.156	725.566
		Other Income	19.818	30.532	19.644
		TOTAL (A)	1333.902	1097.688	745.210

Less	EXPENSES
		Consumption materials changes inventories	891.383	551.365
		Manufacturing service costs	80.956	62.409	561.864
		Employee related expenses	110.583	69.291
		Administrative selling other expenses	242.758	141.069
		TOTAL (B)	1325.680	824.134	561.864

	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		8.222	273.554	183.346

Less	FINANCIAL EXPENSES (D)		103.456	74.414	52.254

	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		[95.234]	199.140	131.092

Less/ Add	DEPRECIATION/ AMORTISATION (F)		40.479	27.048	23.364

	Prior period items before tax		[1.970]	3.585	0.000

	PROFIT / [LOSS] BEFORE TAX (E-F) (G)		[137.683]	175.677	107.728

Less	TAX (H)		[41.147]	31.532	22.128

	PROFIT / [LOSS] AFTER TAX (G-H) (I)		[96.536]	144.145	85.600

Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		312.913	196.258	118.289

Less	APPROPRIATIONS
		General Reserve	0.000		2.200
		Proposed Dividend on Equity Shares	0.000	27.490	4.642
		Tax on Proposed Dividend	0.000		0.789
	BALANCE CARRIED TO THE B/S		216.377	312.913	196.258

	EARNINGS IN FOREIGN CURRENCY		28.101	5.982	3.561

	IMPORTS
		Raw Materials	17.524	73.657	22.232
		Capital Goods	28.135	123.431	0.108
	TOTAL IMPORTS		45.659	197.088	22.340

	Earnings/[Loss] Per Share (Rs.)		[20.50]	31.05	18.44

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	[7.24]	13.13	11.49

Net Profit Margin (PBT/Sales)	(%)	[10.48]	16.46	14.85

Return on Total Assets (PBT/Total Assets}	(%)	[8.69]	13.95	12.95

Return on Investment (ROI) (PBT/Networth)		[0.35]	0.43	0.40

Debt Equity Ratio (Total Liability/Networth)		3.05	2.05	1.96

Current Ratio (Current Asset/Current Liability)		4.68	5.64	5.52

LOCAL AGENCY FURTHER INFORMATION

Details of Sundry Creditors:

Particulars	31.03.2011 (Rs. in millions)	31.03.2010 (Rs. in millions)	31.03.2009 (Rs. in millions)
Sundry Creditors
- Due to Micro and Small Enterprises	6.223	4.160	1.521
- Due to Others	171.239	84.834	79.723
Total	177.462	88.994	81.244

Check List by Info Agents	Available in Report [Yes/No]
Year of Establishment	Yes
Locality of the Firm	Yes
Construction of the firm	Yes
Premises details	Yes
Type of Business	Yes
Line of Business	Yes
Promoters background	-
No. of Employees	Yes
Name of Person Contacted	Yes
Designation of contact person	Yes
Turnover of firm for last three years	Yes
Profitability for last three years	No
Reasons for variation <> 20%	-
Estimation for coming financial year	No
Capital the business	No
Details of sister concerns	No
Major Suppliers	No
Major Customers	Yes
Payment Terms	Yes
Export / Import Details [If Applicable]	Yes
Market Information	-
Litigations that the firm / promoter involved in	-
Banking Details	Yes
Banking Facility Details	No
Conduct of the banking account	-
Buyer visit details	-
Financials, if provided	No
Incorporation details, if applicable	-
Last accounts filed at ROC	-
Major Shareholders, if applicable	-

Note: The registered office of the company has been shifted from Plot No. 4912, Phase IV, GIDC, VATWA, Ahmedabad – 382 445, Gujarat, India to the present address w. e. f. 14.12.2007.

FINANCIAL PERFORMANCE

The company has witnessed overall growth of 21.60% in turnover during nine month period ended on 31-03-2011 compared to corresponding period of previous year. Further, agriculture segment shows 3.70% increase and industrial segment shows the growth of 146.72%.

REVIEW OF OPERATIONS

STRATEGIC PARTNERSHIP WITH “EMTELLE GROUP”

During the period the company has entered into a strategic alliance with Emtelle Holding B.V. a Dutch base group to manufacture and market a comprehensive range of Micro Irrigation System, HDPE Pressure Pipe and Ducted Network Solution for telecom, power and infrastructure in Indian as well as overseas market. The Emtelle group has acquired 70% stake from the existing shareholders of the company.

With 20 years' experience, Emtelle's competitive strength lies in strong technological capabilities, in relentless research and development, and in people whose dedication and professionalism are exemplary. In addition, to ensure maximum value for their customers, the company has pioneered new technologies to create an integrated management system that streamlines all their operations—from supplies and production through to distribution and sales.

Emtelle group has its operation in United Kingdom, Australia, Denmak, Malaysia, Singaporeand by entering into alliance with their company Emtelle is making entry in Indian Market also.

Emtelle focuses on two business sectors: blown fiber solutions and ducted network solutions. The company can point to many years of experience and success in both of these sectors. To maximise its impact in the global market, Emtelle has identified those areas of the world in which activities in the above-mentioned sectors offer the greatest potential for development: North America, Continental Europe, the UK and the Asia Pacific Region. Its objective is to intensify its activities in these regions, establishing them as the company of choice when organizations need a fiber or ducted network that optimises financial savings and performance levels.

With its passive infrastructure system, Emtelle is the world leader in blown fiber technology. Emtelle produces a very small, lightweight, extremely robust passive infrastructure system based on microducts (starting at 3 mm), into which Emtelle produced fiber units from 2-12 fibers are laterblown. Emtelle also produces blowing equipment and accessories, and offers extensive training in both installation and maintenance and design and engineering.

INVESTMENT IN BALI INDUSTRIES INDIA PRIVATE LIMITED (BIIPL)

During the year 2010-11 the Company has invested in Bali Industries India Private Limited by acquiring 92.5% stake in the Company. BIIPL is specialized in manufacturing of Permanently Lubricated High Density Polyethylene Telecom Ducts of 40/33 mm and 50/42 mm along with accessories viz. Plastic Coupler, End Plugs and Cable Sealing Plugs as per BSNL Specification.

Investment in BIIPL is a strategic investment made by the Company.The Companyintends to use the infrastructure of BIIPL to cater to demand of Southern India Region i.e. Andhra Pradesh, Karnataka, Kerala, and Tamilnaduthis will also save the transportation cost and bring the improvement in delivering the material to the customers on time. Further the Company candevelop new market for MIS, HDPE Pipe, Duct Pipe and PVC Pipe

in this region.

EXPANSION – AN EXERCISE CONTINUED :

During the year 2010-11, the Company has installed new machineries for Telecom Duct Pipe, PVC Pipe, Emitting (inline) Round Dripper Pipe, Dripper and various mould products. With these installations of machineries, the Company has added Mtr for Emitting (inline) Round Dripper Pipe, 25 Kms per day for telecom duct pipe, 6500 MT per annum for PVC into its production capacity.

Further, the Company has enhanced the power capacity (contractual demand) to 2,500 KVA and erected 11 KVA transformer.

CURRENT YEAR OUTLOOK

The outlook and prospects for the next financial year looks bright, The sales for the 1st quarter (April-11 to June-11) Rs. 490.000 millions showing increase of 58%as compare to sales in corresponding period of previous year.

The Company has good orders on hand and will continue with strong momentum of growth in current financial year by virtue of excellent projects in Micro Irrigation, HDPE pipes and Rigid PVC pipes.

THE MIS SCENARIO AND FUTURE PROSPECTS

The micro irrigation sector and Polymer Pipes are ever growing areas, are basic to the nation’s growth and are also market for the Company. With only about 5% of potential land covered under MIS installations in India. To cover the available land into MIS takes decades to come. Even with more players entering the field, there is room enough for sustained growth.

In addition to that there are some additional steps, taken by Government to boost up the growth of this sector, such as reduction in custom duty on Micro Irrigation equipment by 2.5%, additional 1 Lac crore loan by banks to farmers, interest subvention scheme.

The Company is already doing bulk business as a prime supplier of MIS to Gujarat Green Revolution Company Ltd. (Gujarat Government’s nodal agency for MIS installations). In Gujarat 3.5 Million Hectare area has potential for MIS, out of that only 0.3 Million Hectare area are covered under MIS which is only 10% of total area. The Company is registered with 13 states in India as an approved supplier of MIS products. A sizeable share of this market as one of 5 leading Companies in this line will come to the Company.

Rigid PVC pipes, HDPE pipes, Compression Fittings market potential is also increasing due to infrastructure boom in the country and Company is taking steps to capture significant share of this increased market.

PATENT OF “DRIP EMITTER”

The Company has patented “Drip Emitter” with the patent office. Drip emitter being placed inside a pipe of drip irrigation system, the drip emitter comprising: a housing; at least two inlets through which water from only one of which water get discharged out of emitter; a filter system being fitted at each inlet to ensure pure supply of water inside the emitter; three pools of water from only one of which water get discharged out of emitter and from emitter to the land to be irrigated via opening provided over periphery of the pipe of the drip irrigation system, the two pools out of three having the same capacity of discharging the water at a first flow rate and the said two polls are placed at the ends of the housing, the third poll is placed in the middle and having a capacity of discharging the water at a second flow rate, the second flow rate be being greater that the first flow rate; a labyrinth in fluid communication with each pool and the filter system, the water entering through each inlet passes into labyrinth through respective filter system and from labyrinth comprises a plurality of zigzag water path s; wherein the labyrinth connects middle pool with remaining two pools through the zigzag water path in such a way that even in case of partial clogging to the zigzag water path, the remaining partial zigzag water path remain active and ensure the discharge of water at a selected flow rate from the emitter.

EXPORT POTENTIAL

The Company has achieved export market for Non-MIS product particularly telecom duct pipe during the year 2010-11 and added six customers and made direct export of 3.23Crore to them. Beside this Company has also made indirect export to the Rs.5.47Crore out which MIS exports are Rs. 45.800 millions and Non MIS Exports are Rs. 41.200 millions. For the next year Company has good export order in hand for export of telecom ducts.

Contingent Liabilities :

Particulars	31.03.2011 (Rs. in millions)	31.03.2010 (Rs. in millions)
Income Tax Matters:
The Income Tax department has raised demand for Assessment Year 2005-06, considering certain TDS Certificates as defective. Against which the company has filed a rectification application u/s 154 of the Income Tax Act, 1961.	1.725	1.725
The Income Tax department has raised demand for Assessment Years 2008-09 and 2009-10 in respect of which amount of `7,208,000/- is paid under protest.	35.716	-
Sales Tax: The sales tax department has raised demand for Financial year 2004-05.	0.651	-

FORM 8

Corporate identity number of the company	U25200GJ1989PLC012672
Name of the company	PARIXIT INDUSTRIES LIMITED
Address of the registered office or of the principal place of business in India of the company	301 to 308, 3^rd Floor, Silver Oaks Building, Mahalaxmi Cross Road, Paldi, Ahmedabad – 380 007, Gujarat, India
This form is for	Modification of charge
Charge identification number of the modified	10070372
Type of charge	Immovable Property
Particular of charge holder	State Bank of India, Industrial Finance Branch, Gujarat Bhawan, Ellisbridge, Ahmedabad – 380006, Gujarat, India E-Mail: mclau.zoahm@sbi.co.in
Nature of description of the instrument creating or modifying the charge	Indenture of mortgage deed dated 11-03-2010
Date of instrument Creating the charge	11.03.2010
Amount secured by the charge	Rs.1115.500 millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest - A. SBI : as per agreement for various sanction credit facilities B. Exim Bank : 5% over LIBOR for FCTL of Exim Bank with quarterly rests. Terms of Repayment - As Per Agreement Margin - Raw Materials- 25% Stock-in-Process- 25% Finished Goods-25% Book Debts/Receivable-35% Land and Buildings/Plant and Machinery (Various for different term loan)- 15% 2. For Exim Bank 12.25% of Plant and Machinery value Extent and Operation of the charge - 1.. SBI has 1st Charge on all Immovable Properties listed at Sr. No.15 (i) to (ix) bellow, (and both Present and future), for its enhanced credit facilities aggregating to Rs.988.000 millions 2.Exim Bank has 2nd Charge on all Immovable Properties listed at Sr. No.15 (i) to (ix) bellow (and both Present and future), for its Foreign Currency Term Loan equivalent to Rs.127.500 millions for machinery acquired/to be acquired therefrom 3. Exim Bank's 2nd Charge is subject to 1st charge of SBI
Short particulars of the property charged	Equitable Mortgage of Factory Land and Building Situated At S.No.214/1,214/2, At Iyava (Sim) Ta. Sanand District Ahmedabad Admeasuring About 65973 Sq Mts Together With Construction of Building, Structures. Office No 706 In 'Silver Oaks Commercial Complex' At Paldi(Sim) Ta.City District Ahmedabad, Sub District Ahmedabad-4(Paldi) Bearing Sub Plot No.3/B of Final Plot No.985 of TPS No. 3 Together With Structures Office No 806 In 'Silver Oaks Commercial Complex' At Paldi (Sim) Ta. City District Ahmedabad, Sub District Ahmedabad-4( Paldi) Bearing Sub Plot No.3/B of Final Plot No.985 of Tps No. 3 Together With Structures Office No 301 to 304 in 'Silver Oaks Commercial Complex' At Paldi (Sim) Ta. City District Ahmedabad, Sub District Ahmedabad-4 (Paldi) Bearing Sub Plot No.3/B of Final Plot No.985 of TPS No. 3 Together Structures All Pieces And Parcels of Land At Khoda(Sim) Ta. Sanand District Ahmedabad Bearing Survey No. 175/Part Adm. 25656sq. Mts Out of Total 32066 Sq Mts. Together With Construction and Fixed Structures Installs All Pieces And Parcels of Land At Iyava(Sim) Ta. Sanand District Ahmedabad Bearing Survey No. 214/1part-2 Adm. 24282sq. Mts. Together With Construction and Fixed Structures Installs. All Pieces and Parcels of Land At Iyava(Sim) Ta. Sanand District A'bad Bearing Survey No. 214/2/Part 4/Part 2 Adm. 1809 Sq. Mts. Out of 22930 Sq Mts Together With Construction and Fixed Structures Installs. House No. 16, Abhishree Residency, Ambli, Ahmedabad Having Land Adm About.1281.77 Sq Mts With Construction At Ambli (Sim) Ta. Dascroi, District Ahmedabad Block No. 135.157,158 A and 68 (Fp 82, 88, 7/1 and 53 of TPS 212 and 215
Date of latest modification prior to the present modification	10.03.2010
Particulars of the present modification	1. SBI's existing 1st Charge over the Immovable Properties extended to secure and cover SBI's enhanced and increased credit facilities aggregating to Rs.988.000 millions 2. The Exim Banks has 2nd charge on the Immovable Property of the Company only 3. SBI charge is further extended on immovable property of the Chairman cum Managing Director detailed at sr. no. 15(ix) above. 4. SBI has 2nd Charge on P and M on which Exim has 1st exclusive charge.

Bankers Charges Report as per Registry

Name of the company	PARIXIT INDUSTRIES LIMITED
Presented By	Mr. Amrutbhai I. Patel, Director
1.Date and description of instrument creating the change	Memorandum of Entry dated 31.03.2005
2.Amount secured by the charge/amount owing on the securities of charge	Rs.110.000 millions only Facility Amount Cash Credit Rs.80.000 millions Term Loan Rs.5.000 millions Bank Guarantee Rs.25.000 millions ----------------- Rs.110.000 millions ----------------
3.Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given	Equitable Mortgage is created in respect of Immovable properties of the company as mentioned below. Non agricultural freehold property office No.706 and 806, Adm 735 sq.fts and 540 sq. fts. Respectively In Silver Oak Commercial Complex of Emerald Green Association Bearing sub plot no3-B, of final plot No. 985 3-B T. P. Scheme no 3 situated and lying at Mouje Paldi, Tal. City in the registration district, sub district of Ahmedabad. Non agricultural constructed leasehold property of shed No 3825 adm 1526 sq. mtrs with construction thereon in Vatva Industrial Estate Phase IV of GIDC, bearing R S No. 332 and 333 part situated, lying and being at Registration district of Sub District of Ahmedabad and also on non agricultural constructed Leasehold Property of Shed No. 4912 and 1874 sq. mtrs with construction thereon in Vatva Industrial Estate – Phase IV of GIDC, bearing Survey No. 334 part, being at Mouje: Ramol, in Taluka Dascroi, in the Registration District subject district of Ahmedabad Semi Government body or authority. Whatsoever including those relating to the asset leased out and or given on hire purchase basis.
4. Gist of the terms and conditions and extent and operation of the charge.	Interest will be charged at BPLR + 1.50% p.a. (Presently PLR is 12%) for both term loan and cash credit facilities.
5. Name and Address and description of the person entitled to the charge.	Axis Bank Limited, Law Garden, Ahmedabad
6) Date and brief description of instrument modifying the charge	Memorandum of Entry i.e. equitable mortgage of despite of title deeds dated 02.06.2005
7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification.	The said charge was further extended over the properties.

Trade references

Larsen and Turbo Limited
ONGC
TATA
Railway

FIXED ASSETS

Land
Office Building
Factory Building
Plant and Machinery
Office Equipments
Furniture and Fixture
Vehicles

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No 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.53.21
UK Pound	1	Rs.83.32
Euro	1	Rs.69.51

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		45

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
--	NB	New Business	--

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.

MIRA INFORM REPORT

385.894

375.668

165.279

527.516

411.891

385.612

49.777

51.690

29.692

29.479

21.110

0.182

190.285

50.816

43.982

1182.951

911.175

624.747

68.697

28.627

6.387

6.537

43.801

25.460

252.696

161.422

113.091

930.255

749.753

511.656

[7.24]

13.13

11.49

[10.48]

16.46

14.85

[8.69]

13.95

12.95

[0.35]

0.43

0.40

3.05

2.05

1.96

4.68

5.64

5.52

Unit