MIRA INFORM REPORT

Report Date :

19.07.2012

IDENTIFICATION DETAILS

Name :	PARLE ELIZABETH TOOLS PRIVATE LIMITED
Registered Office :	Plot No.9, Gala No.2, 102 and 202, Rajvidesh Building, Prime, Industrial Complex, Sativli Road, Waliv, Vasai Road (East), Mumbai – 401 208, Maharashtra.
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	27.06.2008
Com. Reg. No.:	11-184067
Capital Investment / Paid-up Capital :	Rs.0.800 Million
CIN No.: [Company Identification No.]	U51504MH2008PTC184067
TAN No.: [Tax Deduction & Collection Account No.]	PNEP12532C
PAN No.: [Permanent Account No.]	AAECP7357A
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Parle Industrial Products.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (50)

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

Maximum Credit Limit :	USD 569000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. 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 – 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

INFORMATION PARTED

Management Non Co-operative

LOCATIONS

Registered Office / Marketing Office :	Plot No.9, Gala No.2, 102 and 202, Rajvidesh Building, Prime, Industrial Complex, Sativli Road, Waliv, Vasai Road (East), Mumbai – 401 208, Maharashtra, India.
Tel. No.:	91-250-2454770/2451867/68/2452841
Fax No.:	91-250-2451869 / 2452842
E-Mail :	ampagdhare@parleglobal.com mrmehta@parleglobal.com finance@parleglobal.com
Website :	www.parleglobal.com
Factory	(Tooling Division), Rajvidesh (South block), Building No. 9, Prime, Industrial Complex, Sativli Road, Waliv, Vasai Road (East), Mumbai – 401 208, Maharashtra, India
Tel No.:	91-250-2451867 / 68 / 6456833 to 6456856
Fax No.:	91-250-2452842
Branch Office :	Located at: Bangalore Chennai Chandigarh Ahmedabad Hyderabad

DIRECTORS

As on 09.08.2011

Name :

Mr. Rajmal Lavji Mehta

Designation :

Director

Address :

702, Prangan, TPS V 15, Malviya Road, Vile Parle (East), Mumbai – 400 057, Maharashtra, India.

Date of Birth/Age :

14.04.1947

Date of Appointment :

27.06.2008

DIN No.:

00265958

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	U24239MH1983PTC031397	Parle Global Technologies Private Limited	Managing director	01-11-06	21-11-83	-	Active	NO
2	U29297MH2005PTC158506	Parle Tools International Private Limited	Director	30-12-05	30-12-05	-	Amalgamated	NO
3	U51504MH2008PTC184067	Parle Elizabeth Tools Private Limited	Director	07-07-08	27-06-08	-	Active	NO

Name :

Mr. Mahendra Rajmal Mehta

Designation :

Director

Address :

702, Prangan, TPS V 15, Malviya Road, Vile Parle (East), Mumbai – 400 057, Maharashtra, India.

Date of Birth/Age :

26.12.1972

Date of Appointment :

27.06.2008

DIN No.:

00266038

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	U24239MH1983PTC031397	Parle Global Technologies Private Limited	Director	01-04-95	01-04-95	-	Active	NO
2	U29297MH2005PTC158506	Parle Tools International Private Limited	Director	30-12-05	30-12-05	-	Amalgamated	NO
3	U51504MH2008PTC184067	Parle Elizabeth Tools Private Limited	Managing director	07-07-08	27-06-08	-	Active	NO

Name :

Mr. Alokchandra A Gupta

Designation :

Director

Address :

Flat No 2, 1^st Floor, Rasnh Avan, Plot No. 159, Sector 28, Vashi, NAvi Mumbai-400703, Maharashtra, India

Date of Birth/Age :

30.08.1965

Date of Appointment :

07.07.2008

DIN No.:

00764478

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	U24299GJ1987PLC009942	Rubamin Limited	Director	23-08-07	01-09-06	01-01-08	Active	NO
2	U24119DL2005PTC203507	J And K Pigments Private Limited	Director	10-08-07	16-01-07	01-01-08	Active	NO
3	U51504MH2008PTC184067	Parle Elizabeth Tools Private Limited	Director	23-06-09	07-07-08	-	Active	NO
4	U01120MP1996PTC010571	Indus Eximtech Private Limited	Director	16-03-09	16-03-09	-	Active	NO
5	U15412MP2010PTC023473	Premiyum Aahar Private Limited	Director	30-04-10	30-04-10	-	Active	NO

Name :

Mr. David D Keefer

Designation :

Director

Address :

412, Ardendrive, Monroville, Pa15146, Monroville, US

Date of Birth/Age :

18.09.1948

Date of Appointment :

29.07.2009

DIN No.:

02261308

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 09.08.2011

Names of Shareholders	No. of Shares
Mr. Rajmal Mehta	5000
Mr. Mahendra Mehta	5000
Parle Golbal Technologies Private Limited , India	30000
Elizabeth Carbide Die Co Inc, USA	40000
TOTAL	80000

Equity Share Break up (Percentage of Total Equity)

As on 09.08.2011

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	50.00
Bodies corporate	37.50
Directors or relatives of Directors	12.50
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Parle Industrial Products.
Products :	Item Code No. : 82073000 Product Description : Dies And Punch

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

• Bank of Baroda, Vile Parle (west) Branch, Somaiya Sadan, D.J. Road, Vile Parle (West), Mumbai – 400056, Maharashtra, India
• HDFC Bank Limited, HDFC Bank Senapati Bapat Marg, Lower Parel (West), Mumbai – 400013, Maharashtra, India

Facilities :

Secured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
Vehicle Loan
ICICI Bank (Secured against hypothecation of Car)	0.000	0.050
Kotak Mahindra Prime Limited (Secured against hypothecation of Car)	0.691	1.025
Cash Credit With Bank of Baroda (Secured against hypothecation of Stock of Raw Material, WIP, Finished Goods and Book Debts)	0..000	17.649
Cash Credit With HDFC Bank Limited (Secured against hypothecation of Stock of Raw Material, WIP, Finished Goods and Book Debts)	22.661	0.000
Working Capital Term Loan with Bank of Baroda (Secured against equitable mortgage of Plant and machinery)	0.000	16.704
Working Capital Term Loan with HDFC Bank Limited (Secured against equitable mortgage of Plant and machinery)	12.435	0.000
Total	35.787	35.428
Unsecured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
From Directors	7.507	2.500
Total	7.507	2.500

Banking Relations :	---
Auditors :
Name :	M L Sharma And Co Chartered Accountant
Address :	Maheshwari Sadan, Behind Parasmani Mall, Jayendra Ganj, Gwalior-474009, Madhya Pradesh, India
PAN.:	ACLPG8637Q
Associates/Subsidiaries :	Parle Global Technologies Private Limited Address : 7^th Floor, B Wing, Mangalya, Off Marrol Maroshi Road, Andheri(E), Mumbai-400059, India Tel. No. : 91-22-40300000 Fax. No. :91-22-40300099

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

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

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
80000	Equity Shares	Rs. 10/- Each	Rs.0.800 Million

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		0.800	0.800	0.800
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		94.784	79.682	50.928
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		95.584	80.482	51.728
LOAN FUNDS
1] Secured Loans		35.787	35.428	0.335
2] Unsecured Loans		7.507	2.500	53.472
TOTAL BORROWING		43.294	37.928	53.807
DEFERRED TAX LIABILITIES		3.361	1.784	0.514
TOTAL		142.239	120.194	106.049
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		92.304	83.196	69.483
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		10.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	22.846	16.165	15.119
	Sundry Debtors	47.593	55.421	39.530
	Cash & Bank Balances	3.999	3.523	5.848
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	32.561	21.870	7.972
Total Current Assets		106.999	96.979	68.469
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	38.012	36.605	24.488
	Other Current Liabilities	8.651	8.775	6.436
	Provisions	20.401	14.601	0.979
Total Current Liabilities		67.064	59.981	31.903
Net Current Assets		39.935	36.998	36.566
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		142.239	120.194	106.049

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	Gross Turnover/ Receipts		234.038	225.978	80.606
	PROFIT BEFORE TAX		22.600	43.670	9.507
Less	TAX		7.377	14.892	1.709
	PROFIT AFTER TAX		15.222	28.778	7.798
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		35.521	8.119	NA
Less	APPROPRIATIONS
		Transfer to General Reserve	1.000	1.000	NA
		Dividend	0.000	0.000	NA
		Tax on Dividend	0.000	0.000	NA
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	NA	75.863	26.167
		Commission Earnings	NA	0.409	0.000
	TOTAL EARNINGS		NA	76.272	26.167
	IMPORTS
		Raw Materials	NA	2.012	1.449
		Stores & Spares	NA	0.236	0.133
		Capital Goods	NA	10.672	0.000
	TOTAL IMPORTS		NA	12.920	1.582
	Earnings Per Share (Rs.)		190.28	359.73	97.48

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
Return on Total Assets (PBT/Total Assets}	(%)	11.34	24.24	8.80
Return on Investment (ROI) (PBT/Networth)		0.24	0.54	0.18
Debt Equity Ratio (Total Liability/Networth)		1.15	1.22	1.65
Current Ratio (Current Asset/Current Liability)		1.60	1.62	2.15

LOCAL AGENCY FURTHER INFORMATION

Check List by Info Agents	Available in Report (Yes / No)
1) Year of Establishment	Yes
2) Locality of the firm	Yes
3) Constitutions of the firm	Yes
4) Premises details	No
5) Type of Business	Yes
6) Line of Business•	Yes
7) Promoter’s background	Yes
8) No. of employees	No
9) Name of person contacted	No
10) Designation of contact person	No
11) Turnover of firm for last three years	Yes
12) Profitability for last three years	Yes
13) Reasons for variation <> 20%	--
14) Estimation for coming financial year	No
15) Capital in the business	Yes
16) Details of sister concerns	Yes
17) Major suppliers	No
18) Major customers	No
19) Payments terms	No
20) Export / Import details (if applicable)	No
21) Market information	--
22) Litigations that the firm / promoter	--
23) Banking Details	Yes
24) Banking facility details	Yes
25) Conduct of the banking account	--
26) Buyer visit details	--
27) Financials, if provided	Yes
28) Incorporation details, if applicable	Yes
29) Last accounts filed at ROC	Yes
30) Major Shareholders, if available	Yes

TURNOVER AND PROFIT

During the year ended 31.03.2011 gross turnover/ receipt achieved is Rs.234.038 millions. The increased demand can be attributed to increase in exports and increased demand in domestic market. The decision of the company to optimize the product mix, better capacity utilization and strengthening of marketing channel resulted in improvement in sale. Profit after tax Rs.15.222 millions.

FORM 8

Corporate identity number of the company	U51504MH2008PTC184067
Name of the company	Parle Elizabeth Tools Private Limited
Address of the registered office or of the principal place of business in India of the company	PlotNo.9,GalaNo.2,102and202,Rajvidesh Building, Prime Industrial Complex, Sativli Rd, Waliv, Vasai Rd(East), Vasai-401208, Maharashtra, India Email : finance@parleglobal.com
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	10240291
Type of charge	Book debts Movable Property (nor being pledge) Floating charge
Particular of charge holder	HDFC Bank Limited, HDFC Bank House Senapati Bapat Marg, Lower Parel W, Mumbai – 400013, Maharasahtra, India Email : RBBform8@hdfcbank.com
Nature of instrument creating charge	Supplementary Letter of Hypothecation.
Date of instrument Creating the charge	14.12.2011
Amount secured by the charge	Rs.117.115 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest: Interest at the rate as may be communicated by the Bank from time to time. Terms of Repayment: Working capital facility shall be payable On Demand. Term Loan facility shall be repayable in suitable installments. Margin: As may be stipulated by the Bank from time to time. Extent and operation of charge: Hypothecation by way of First Charge on Company's Stocks, Book Debts, Plant and Machinery and Vehicles etc, as a continuing security as mentioned in Column No.15 to secure below for the repayment of Rs.117.115 millions together with interest, costs, charges, expenses and other moneys due and payable by the Company to the Bank.
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Stock in Trade, consisting of raw materials, goods in process of manufacturing finished goods, and other merchandise whatsoever being movable properties All the debts, that is, all the book debts, outstanding, monies receivables, claims, bills, invoice documents, contracts, guarantees, and rights The movable plant and machinery and vehicles which may now or at any time hereafter belong to the Borrower or come to the Borrower's disposal
Particulars of the present modification	The Charge shall now stand increased from Rs.97.400 million to Rs.117.115 million against the security of Stocks, Book Debts, plant and machinery and vehicles of the Company.

CONTINGENT LIABILITY

Letter of Credit

The outstanding L.C opened for import of raw material with bank for Rs.NIL (Previous Year : NIL) and for import of capital goods Rs.7.813 Millions (Previous Year : 6.559 Millions)

Bank Guarantee

Following bank guarantee is issued by company and laying outstanding as of 31.03.2011 and 31.03.2010

The president of India through the commissioner of customs EPCG Department and Other Companies Rs.0.500 Millions (Previous Year Rs.0.300 Millions)

FIXED ASSETS

• Plant And Machinery
• Air Conditioner
• Vehicle
• Office Equipment
• Computer
• Furniture And Fixture
• Generator

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.55.34
UK Pound	1	Rs.86.55
Euro	1	Rs.67.95

INFORMATION DETAILS

Information Gathered by :	SVA
Report Prepared by :	BSN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	6
--RESERVES	1~10	6
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		50

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.