MIRA INFORM REPORT

Report Date :

21.05.2012

IDENTIFICATION DETAILS

Name :	PARIKH FABRICS PRIVATE LIMITED
Registered Office :	H. No. 4-3-338, Bank Street, Hyderabad – 500095, Andhra Pradesh
Country :	India
Financials (as on) :	30.06.2011
Date of Incorporation :	04.06.2002
Com. Reg. No.:	01-039072
Capital Investment / Paid-up Capital :	Rs. 141.800 Millions
CIN No.: [Company Identification No.]	U17219AP2002PTC039072
TAN No.: [Tax Deduction & Collection Account No.]	HYDP02488D
PAN No.: [Permanent Account No.]	AACCP5359E
Legal Form :	Private Limited Liability Company
Line of Business :	Exporter, Supplier and Manufacturer of all varieties of socks, socks, cotton socks, 3d socks, Knee – high anklets, sneakers, rib socks terry etc
No. of Employees :	Not Available

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 1700000
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 condition.

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 :	H. No. 4-3-338, Bank Street, Hyderabad – 500095, Andhra Pradesh, India
Tel. No.:	91-40-24755359
Mobile No.:	91-9849013100 (Mr. Ankit B Parikh)
Fax No.:	91-40-24756706
E-Mail :	ankitco59@rediffmail.com info@parikhfabrics.com
Website:	www.parikhfabric.com
Factory:	Plot No.: 37 and 38 Apparel Export Park, Gundlapochampally  Medchal Mandal Ranga Reddy District, Hyderabad – 500014, Andhra Pradesh, India
Tel. No.:	91-40-23792139/40
Fax No.:	91-40-23792141

DIRECTORS

As on 30.11.2011

Name :

Mr. Ankit Brijkumar Parikh

Designation :

Director

Address :

4-7-106, Esamia Bazar, Hyderabad – 500027, Andhra Pradesh, India

Date of Birth/Age :

05.11.1976

Date of Appointment :

04.06.2002

DIN No.:

00093626

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	U17219AP2002PTC039072	PARIKH FABRICS PRIVATE LIMITED	Director	4/06/2002	4/06/2002	-	Active	NO
2	U74999AP2007PTC054985	PARIKH SOCKS AND ACCESSORIES PRIVATE LIMITED	Director	2/08/2007	2/08/2007	-	Active	NO
3	U29253AP2009PTC064076	SECURANT FUEL SYSTEMS PRIVATE LIMITED	Director	22/06/2009	22/06/2009	26/05/2011	Active	NO

Name :

Mr. Nikhil Brijkumar Parikh

Designation :

Director

Address :

4-7-106, Esamia Bazar, Hyderabad – 500027, Andhra Pradesh, India

Date of Birth/Age :

16.03.1981

Date of Appointment :

06.06.2002

DIN No.:

00097298

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	U17219AP2002PTC039072	PARIKH FABRICS PRIVATE LIMITED	Managing director	4/06/2002	4/06/2002	-	Active	NO
2	U25209AP2007PTC054141	PARIKH PACKERS AND MOVERS PRIVATE LIMITED	Director	24/05/2007	24/05/2007	-	Active	NO
3	U24100AP2007PTC054303	PARIKH DYE-CHEM PRIVATE LIMITED	Director	5/06/2007	5/06/2007	-	Active	NO
4	U74999AP2007PTC054985	PARIKH SOCKS AND ACCESSORIES PRIVATE LIMITED	Director	2/08/2007	2/08/2007	-	Active	NO
5	U17303AP2007PTC055338	PANTONE YARNS PRIVATE LIMITED	Director	30/08/2007	30/08/2007	1/11/2011	Active	NO

Name :

Mrs. Rita Brijkumar Parikh

Designation :

Director

Address :

4-7-106, Esamia Bazar, Hyderabad – 500027, Andhra Pradesh, India

Date of Birth/Age :

14.12.1951

Date of Appointment :

04.06.2002

DIN No.:

00093589

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	U17219AP2002PTC039072	PARIKH FABRICS PRIVATE LIMITED	Director	4/06/2002	4/06/2002	-	Active	NO
2	U74999AP2007PTC054985	PARIKH SOCKS AND ACCESSORIES PRIVATE LIMITED	Director	2/08/2007	2/08/2007	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.11.2011

Names of Shareholders	No. of Shares
S Brij Kumar	1256600
Rita B Parikh	1200000
Ankit B Parikh	1200000
Nikhil B Parikh	1200000
Shamdas Kissendas	1391000
Shamdas (HUF)	809000
S Brij Kumar (HUF)	945000
Ankit B Parikh (HUF)	240000
Nikhil B Parikh (HUF)	420000
Namita A Parikh	424000
Darshna N Parikh	174000
Shabbir A	30000
Meenal Shah (USA)	10000
Madhu Shah (Dubai)	228930
Dr. Mayuri Shah (Dubai)	294200
Dr. Daven Shah	110000
M/s Lonati	4249100
Total	14181830

Equity Share Break up (Percentage of Total Equity)

As on 30.11.2011

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Exporter, Supplier and Manufacturer of all varieties of socks, socks, cotton socks, 3d socks, Knee – high anklets, sneakers, rib socks terry etc

Products :

Item Code	Product Description
4390	Men Women Children Hosiry Goods

PRODUCTION STATUS As on 31.03.2010

Particulars	Unit	31.03.2010
Installed Capacity	Pairs	0.900
Actual Production	Pairs	659046

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· State Bank of India, Commerical Branch 4158, Bank Street Koti, Hyderabad – 500095, Andhra Pradesh, India

· Punjab National Bank, Kothi Branch, 4-1-427, Bank Street, Hyderabad – 500001, Andhra Pradesh, India

Facilities :

(Rs. in Millions)

Secured Loan	As on 30.06.2011 (15 Months)	As on 31.03.2010 (12 Months)
Rupee term loans banks secured	638.705	271.735
Working capital loans banks secured	222.842	84.977
Total	861.547	356.712

Banking Relations :	--
Auditors :
Name :	Jayant and Sadashiv Chartered Accountant
Address :	Himayatnagar, Hyderabad – 500001, Andhra Pradesh, India
PAN.:	AABFJ9845R

CAPITAL STRUCTURE

As on 30.11.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
14500000	Equity Shares	Rs.10/- each	Rs.145.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
14180000	Equity Shares	Rs.10/- each	Rs. 141.800 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		30.06.2011 (15 Months)	31.03.2010 (12 Months)	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		141.800	125.000	100.000
2] Equity Share Capital Pending Allotment		25.837	94.020	22.320
3] Reserves & Surplus		258.750	73.157	56.889
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		426.387	292.177	179.209
LOAN FUNDS
1] Secured Loans		861.547	356.712	256.548
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		861.547	356.712	256.548
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		1287.934	648.889	435.757
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		602.228	250.006	293.291
Capital work-in-progress		388.257	247.561	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	217.534	101.407	83.571
	Sundry Debtors	34.656	24.135	8.145
	Cash & Bank Balances	5.493	5.229	14.151
	Other Current Assets	16.490	11.056	0.000
	Loans & Advances	39.696	18.035	46.431
Total Current Assets		313.869	159.862	152.298
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	8.845	1.584	2.287
	Other Current Liabilities	7.575	6.956	3.021
	Provisions	0.000	0.000	4.524
Total Current Liabilities		16.420	8.540	9.832
Net Current Assets		297.449	151.322	142.466
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		1287.934	648.889	435.757

PROFIT & LOSS ACCOUNT

	PARTICULARS		30.06.2011 (15 Months)	31.03.2010 (12 Months)	31.03.2009
	SALES
		Income		142.119	120.460
		Other Income		6.462	8.316
		TOTAL (A)	289.900	148.581	128.776
Less	EXPENSES
		Manufacturing Expenses		63.667	61.541
		Salaries, Wages and Benefit to Employees		12.074	11.727
		Administrative, Selling and other Expenses		15.250	13.837
		Increase / (Decrease) in Stock		2.238	(9.804)
		TOTAL (B)	268.500 (Including financial and depreciation expenses)	93.229	77.301
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)			55.352	51.475
Less	FINANCIAL EXPENSES (D)			25.190	28.037
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)			30.162	23.438
Less/ Add	DEPRECIATION/ AMORTISATION (F)			12.026	11.677
	PROFIT BEFORE TAX (E-F) (G)		21.400	18.136	11.761
Less	TAX (I)		4.000	1.868	1.348
	PROFIT AFTER TAX (G-I) (J)		17.400	16.268	10.413
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		73.157	56.889	46.476
	BALANCE CARRIED TO THE B/S		NA	73.157	56.889
	EARNINGS IN FOREIGN CURRENCY
		FOB Value Export	289.900	142.100	120.500
	TOTAL EARNINGS		289.900	142.100	120.500
	IMPORTS
		Raw Materials	2.100	1.100	0.100
		Capital Goods	464.200	4.600	1.800
	TOTAL IMPORTS		466.300	5.700	1.900
	Earnings Per Share (Rs.)

KEY RATIOS

PARTICULARS		30.06.2011 (15 Months)	31.03.2010 (12 Months)	31.03.2009
PAT / Total Income	(%)	6.00	10.95	8.09
Net Profit Margin (PBT/Sales)	(%)	NA	12.76	9.76
Return on Total Assets (PBT/Total Assets}	(%)	6.82	11.34	7.72
Return on Investment (ROI) (PBT/Networth)		0.05	0.06	0.07
Debt Equity Ratio (Total Liability/Networth)		0.04	0.03	0.05
Current Ratio (Current Asset/Current Liability)		19.12	18.72	15.49

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	Yes
5) Type of Business	No
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	No
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

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U17219AP2002PTC039072
Name of the company	PARIKH FABRICS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	H. No. 4-3-338, Bank Street, Hyderabad – 500095, Andhra Pradesh, India Email: ankitco59@rediffmail.com
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	80004038
Type of charge	· Immovable property · Book debts · Movable property (not being pledge) · Floating charge
Particular of charge holder	Punjab National Bank Kothi Branch, 4-1-427, Bank Street, Hyderabad – 500001, Andhra Pradesh, India Email: bo0207@pnb.co.in
Nature of instrument creating charge	Enhancement of EPC and FOUBP facility by Punjab National Bank, Kothi Branch overall limit Rs.80.000 Millions.
Date of instrument Creating the charge	20.10.2011
Amount secured by the charge	Rs. 80.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest 11.5% (base rate +0.75%) Terms of Repayment On Demand Each PC to be adjusted within 180 days Margin 20% on FOB value of the confirmed order, 15% deposit for Letter of Credit. Extent and Operation of the charge Cover the EPC facility of Rs.80.000 Millions with FOUBP Rs.20.000 Millions (Sub limit) and Inland Letter of Credi Rs.20.000 Millions (Sub Limit) of EPC Aggregate, not exceeding Rs.80.000 Millions.
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Hypothecation of all current assets of the company on pari passu basis (present and future), lying at Hyderabad and TADA factory sites of the company. Second pari passu charge on all fixed assets (present and future), of the company at Hyderabad and TADA factory sites.
Particulars of the present modification	Enhancement of working capital facility by Punjab National Bank from Rs. 50.0000 Millions to Rs.80 .000 Millions apart from the working capital facility of Rs.120.000 Millions by SBI.

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.54.87
UK Pound	1	Rs.86.46
Euro	1	Rs.69.48

INFORMATION DETAILS

Report Prepared by :

KVT

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	NO
--AFFILIATION	YES/NO	NO
--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.