MIRA INFORM REPORT

Report Date :

09.06.2011

IDENTIFICATION DETAILS

Name :	PAREKH INTEGRATED SERVICES PRIVATE LIMITED
Formerly Known as :	BOMBAY ANKOOSH INDUSTRIES PRIVATE LIMITED
Registered Office :	C/o, Parekh Prints, 1^st Floor, IIT Bhatti, Italian Textile Compound, Goregaon – East, Mumbai - 400063, Maharasahtra
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	18.02.1992
Com. Reg. No.:	11 – 65482
Capital Investment / Paid-up Capital :	Rs.39.604 Millions
CIN No.: [Company Identification No.]	U51900MH1992PTC065482
TAN No.: [Tax Deduction & Collection Account No.]	MUMP15203G
PAN No.: [Permanent Account No.]	AADCP1503F
Legal Form :	Private Limited Liability Company
Line of Business :	Providing warehousing solutions
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (46)

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

Maximum Credit Limit :	USD 765000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. The company is doing well. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct and as per 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.

ECGC Country Risk Classification List – June 30, 2010

Country Name	Previous Rating (01.04.2010)	Current Rating (30.06.2010)
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 :	C/o, Parekh Prints, 1^st Floor, IIT Bhatti, Italian Textile Compound, Goregaon – East, Mumbai - 400063, Maharasahtra, India
Tel. No.:	91-22-24935087
Fax No.:	91-22-24953297
E-Mail :	usha@parekhgroup.net

DIRECTORS

As on 29.09.2010

Name :	Mr. Vikram Himatlal Parekh
Designation :	Director
Address :	1/A, Cosmopolis.21, L.D Ruparel Marg, Mumbai – 400 006, Maharashtra, India
Date of Birth/Age :	10.10.1949
Date of Appointment :	21.02.1992
DIN No.:	00419452
Name :	Mr. Mukesh Mahendra Kumar Maniar
Designation :	Director
Address :	A/7,3^rd Floor, Tulsi Villa, 27, Bajaj Road, Vile Parle (West), Mumbai
Date of Birth/Age :	20.06.1961
Date of Appointment :	01.03.2005
DIN No.:	0041912
Name :	Mr. Sandeep Aggarwal
Designation :	Additional Director
Address :	House No. 174, Sector – 31, Faridabad – 121008, Haryana, India
Date of Birth/Age :	23.03.1963
Date of Appointment :	15.05.2010
DIN No.:	01543751

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 29.09.2010

Names of Shareholders	No. of Shares
UNI Recyclers Private Limited, Mumbai, India	395990
Parekh Kumar Sujata (Nominee of UNI Recyclers Private Limited)	1
Parekh Himatlal Vikram (Nominee of UNI Recyclers Private Limited)	1
Parekh Distributors, Mumbai, India	2
Parekh Jivanlal Sevantilal	1
Parekh Sevantilal Sarala	1
Parekh Kumar Sujata	1
Parekh Jivanlal Sevantilal jointly with Parekh Sevantilal Sarla	1
Parekh Vikram Nimish	1
Parekh Himatlal Vikram	1
Parekh Vikram Nimish	1
Parekh Himatlal Vikram	10
D M Kothri	1
D M Kothri HUF	1
Indu Kothri	1
Sonal Choksey	1
Satish Choksey	1
Satish Choksey HUF	1
Gulab Jain	1
Jayshree Surana	1
Rama Rasik Parekh	1
R B Merchant HUF	1

As on 29.09.2010

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Bodies corporate	99.98
Directors or relatives of Directors	0.01
Other top fifty shareholders	0.01
Total	100.00

BUSINESS DETAILS

Line of Business :

Providing warehousing solutions

GENERAL INFORMATION

Bankers :

v HDFC Bank Limited, HDFC Bank House, Senapati Bapat Marg, Lower Parel (West), Mumbai – 400 013, Maharashtra, India

v ABN Amro Bank N.V., 71/72, 7^th Floor, Sakhar Bhavan, Nariman Point, Mumbai – 400 021, Maharashtra, India

v ICICI Bank Limited, ICICI Towers, Bandra Kurla Complex, Mumbai – 400 0051

Facilities :

Secured Loan	As on 31.03.2010 (Rs. in Millions)	As on 31.03.2009 (Rs. in Millions)
From Bank: HDFC Bank Limited	129.254	48.854
Total	129.254	48.854
Note: Secured against Stocks and Book Debts
Unsecured Loan	As on 31.03.2010 (Rs. in Millions)	As on 31.03.2009 (Rs. in Millions)
From Companies	143.543	57.578
From Others	268.882	177.711
Total	412.425	235.289

Banking Relations :	--
Auditors :
Name :	S.K. Loonker and Company Chartered Accountant
Address :	11/13, Botawala Building, 2^nd Floor, Room No.5, Horniman Circle, Fort, Mumbai – 400 023, Maharashtra, India
Pan No.:	AACPL3732H
Tel No :	91-22-2573313
PAN.:	AACPL3732H
Holding Company :	UNI Recyclers Private Limited CIN No: U37100MH1984PTC034250

CAPITAL STRUCTURE

As on 29.09.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
400000	Equity Shares	Rs.100/- Each	Rs.40.000 Millions
5000	Preference share	Rs.100/- Each	Rs. 0.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
396042	Equity Shares	Rs.100/- Each	Rs.39.604 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010	31.03.2009	31.03.2008
SHAREHOLDERS FUNDS
1] Share Capital		39.604	39.604	39.600
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		151.752	25.699	14.216
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		191.356	65.303	53.816
LOAN FUNDS
1] Secured Loans		129.254	48.854	111.341
2] Unsecured Loans		412.425	235.289	156.381
TOTAL BORROWING		541.679	284.143	267.722
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		733.035	349.446	321.538
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		79.871	54.432	26.391
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		14.449	14.450	32.586
DEFERREX TAX ASSETS		0.459	0.649	0.871
DEPOSITS		67.625	46.035	39.981
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	12.138	16.255	2.630
	Sundry Debtors	1300.615	725.148	222.191
	Cash & Bank Balances	53.395	116.590	23.770
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	243.091	6.884	36.303
Total Current Assets		1609.239	864.877	324.875
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	919.772	560.425	37.429
	Other Liabilities	36.627	30.613	4.819
	Provisions	82.209	39.959	20.937
Total Current Liabilities		1038.608	630.997	63.185
Net Current Assets		570.631	233.880	261.690
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		733.035	349.446	321.538

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income			111.040
		Other Income			95.780
		TOTAL	910.789	503.327	206.820
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		Financial Expenses
		TOTAL	726.062	438.169	194.260
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		184.727	65.158	12.560
Less/ Add	DEPRECIATION/ AMORTISATION		15.802	27.246	4.604
	PROFIT BEFORE TAX		168.925	37.912	7.956
Less	TAX		42.872	26.428	6.770
	PROFIT AFTER TAX		126.053	11.484	1.186
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		25.699	13.707	NA
	BALANCE CARRIED TO THE B/S		151.752	25.191	NA
	Earnings Per Share (Rs.)

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	13.84	2.28	0.57
Net Profit Margin (PBT/Sales)	(%)	--	--	7.16
Return on Total Assets (PBT/Total Assets}	(%)	10.00	4.12	2.26
Return on Investment (ROI) (PBT/Networth)		0.88	0.58	0.15
Debt Equity Ratio (Total Liability/Networth)		8.26	14.01	6.15
Current Ratio (Current Asset/Current Liability)		1.55	1.37	5.14

LOCAL AGENCY FURTHER INFORMATION

Change of Address:

Registered office of the company has been shifted from 1^st Floor, Udyog Bhavan, 29, Walchand Hirachand Marg, Ballard Estate, Mumbai – 400001, Maharasahtra, India to the Present Address w.e.f. 06.12.2010

Operations:

The company has shown growth prospects in all sectors in which the company is dealing. The year has been the challenging one and inspite of competition from local and international market the company has achieved turnover of Rs. 65868.12 M.T. as against 65884.696 M.T. of Polymer Division in Previous year. The income consist mainly of commission from Reliance Industries Limited

Company has registered good growth in the business od Soda Ash, Fly Ash and Met Coke.

Company has also shown tremendous growth in C and F. and consignment sales agency of the multinational Cos by expanding its business activity in various parts of the country. The company has achieved growth of 47% in sales of Alcon, i.e. from Rs. 1720.000 Millions during financial 2008-09 to Rs. 2530.000 Millions

Form: 8

This form is for	Modification of charge
Charge identification number of the modified	10086610
Corporate identity number of the company	10086610
Name of the company	PAREKH INTEGRATED SERVICES PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	C/o, Parekh Prints, 1^st Floor, IIT Bhatti, Italian Textile Compound, Goregaon – East, Mumbai - 400063, Maharasahtra, India
Type of charge	Movable Property
Particular of charge holder	HDFC Bank Limited, HDFC Bank House Senapati Bapat Marg, Lower Parel (West), Mumbai – 400013, Maharasahtra, India
Nature of description of the instrument creating or modifying the charge	Memorandum Relating to Hypothecation of Machinery.
Date of instrument Creating the charge	29.05.2009
Amount secured by the charge	Rs. 296.500 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest Interest at such rate/s as may be determined by the Bank from time to time. Terms of Repayment Repayable on demand Margin Company shall at all times during the continuance of this security maintain a sufficient amount to provide the margin of security as may from time to time advised by the Bank. Extent and Operation of the charge Hypothecation by way of First Charge on Company's Plant and Machinery, to secure as a continuing security, together with interest, costs, charges, expenses and other moneys due and payable by the Company to the Bank.
Short particulars of the property charged	All the movable Plant and Machinery both present and future consisting of Plant and Machinery, Office Equipments, Computers etc. being movable properties now stored at or being stored or which may hereafter be brought into or stored at or at present installed at Worli, Bhiwandi and various other location
Date of latest modification prior to the present modification	26.03.2008
Particulars of the present modification	By present modification, the Company has created an additional security over its Plant and Machinery to secure the credit facilities of Rs. 296.500 Millions granted by the Bank to the Company.

FIXED ASSETS:

Ø Plant and Machinery

Ø Office Equipment

Ø Electrical Installations

Ø Computers

Ø Furniture and Fixtures

Ø Motor Car

Ø Trucks

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.44.61
UK Pound	1	Rs.73.27
Euro	1	Rs.65.47

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
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	NO
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		46

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.