MIRA INFORM REPORT

Report Date :

28.05.2012

IDENTIFICATION DETAILS

Name :	PARIKH SOCKS AND ACCESSORIES PRIVATE LIMITED
Registered Office :	4-3-338, Bank Street, Sultan Bazar, Hyderabad-500095, Andhra Pradesh
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	02.08.2007
Com. Reg. No.:	01-054985
Capital Investment / Paid-up Capital :	Rs.28.795 Millions
CIN No.: [Company Identification No.]	U74999AP2007PTC054985
TAN No.: [Tax Deduction & Collection Account No.]	HYDP06296D
PAN No.: [Permanent Account No.]	AAECP4933C
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Quality Socks.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ca (13)

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	No Business Activity
Payment Behaviour :	Unknown
Litigation :	Clear
Comments :	Though the company was incorporated in the year 2007. It has not yet started its commercial activities. Business is active. payments are unknown. The company can be considered for business dealings on a safe and secured trade terms and conditions.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – September 30, 2011

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

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

LOCATIONS

Registered Office :	4-3-338, Bank Street, Sultan Bazar, Hyderabad-500095, Andhra Pradesh, India
Tel. No.:	91-40-24755359
Fax No.:	91-40-24756706
E-Mail :	ankitco59@rediffmai.com info@parikhfabrics.com
Factory 1 :	Plot No. 37 and 38, Apparel Export Park, Gundlapochampally, Medchal Mandal, District Ranga Reddy-500014, Andhra Pradesh, India
Tel. No.:	91-40-23792139/40
Fax No.:	91-40-23792141
Factory 2 :	Survey No. 198/P, APIIC Industrial Park, Mambattu Village, Tada Mandal, District SPS Nellore-524121, Andhra Pradesh, India
Tel. No.:	91-8623-270018/19/20
Fax No.:	91-8623-270021

DIRECTORS

As on 10.08.2010

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 :

08.02.2007

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	04-06-02	04-06-02	-	Active	NO
2	U74999AP2007PTC054985	PARIKH SOCKS AND ACCESSORIES PRIVATE LIMITED	Director	02-08-07	02-08-07	-	Active	NO
3	U29253AP2009PTC064076	SECURANT FUEL SYSTEMS PRIVATE LIMITED	Director	22-06-09	22-06-09	26-05-11	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 :

08.02.2007

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	04-06-02	04-06-02	-	Active	NO
2	U25209AP2007PTC054141	PARIKH PACKERS AND MOVERS PRIVATE LIMITED	Director	24-05-07	24-05-07	-	Active	NO
3	U24100AP2007PTC054303	PARIKH DYE-CHEM PRIVATE LIMITED	Director	05-06-07	05-06-07	-	Active	NO
4	U74999AP2007PTC054985	PARIKH SOCKS AND ACCESSORIES PRIVATE LIMITED	Director	02-08-07	02-08-07	-	Active	NO
5	U17303AP2007PTC055338	PANTONE YARNS PRIVATE LIMITED	Director	30-08-07	30-08-07	01-11-11	Active	NO

Name :

Ms. 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 :

08.02.2007

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	Company Status	Defaulting status
1	U17219AP2002PTC039072	PARIKH FABRICS PRIVATE LIMITED	Director	04-06-02	04-06-02	Active	NO
2	U74999AP2007PTC054985	PARIKH SOCKS AND ACCESSORIES PRIVATE LIMITED	Director	02-08-07	02-08-07	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 10.08.2010

Names of Shareholders	No. of Shares
S. Brijkumar	250000
Rita Brijkumar Parikh	439500
Ankit Brijkumar Parikh	470000
Nikhil Brijkumar Parikh	470000
Madhu Shah	250000
Mayuri Shah	250000
Rajan Shah	150000
Kushal Shah	150000
Anirudh Shah	150000
Mukul Shah	150000
Dilip Shah	150000
Total	2879500

As on 10.08.2010

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

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of Quality Socks.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· Bank of India Limited, Oriental Building, Espanade Road, Mumbai-500001, Maharashtra, India

· Bank of India, Sultan Bazar Branch, 4-3-165, 539 and 450, Ground Floor, Hanumantekdi, Hyderabad-500095, Andhra Pradesh, India

Facilities :

Secured Loan	As on 31.03.2010 [Rs. in Millions]	As on 31.03.2009 [Rs. in Millions]
Term Loan	34.628	0.000
Working Capital Loan	47.200	0.000
Total	81.828	0.000

Banking Relations :	--
Auditors :
Name :	Jayant and Sadashiv Chartered Accountants
Address :	404 and 405, Santana Enerla, 3-6-108/1, Liberty Road, Himayatnagar, Hyderabad-500002, Andhra Pradesh, India
Pan No.:	AABHJ9845R

CAPITAL STRUCTURE

As on 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
3000000	Equity Shares	Rs.10/- each	Rs.30.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2879500	Equity Shares	Rs.10/- each	Rs.28.795 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		28.795	0.100	0.100
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		0.000	0.000	0.000
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		28.795	0.100	0.100
LOAN FUNDS
1] Secured Loans		81.828	0.000	0.000
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		81.828	0.000	0.000
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		110.623	0.100	0.100
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		0.000	0.000	0.000
Capital work-in-progress		54.087	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000	0.000	0.000
	Sundry Debtors	0.000	0.000	0.000
	Cash & Bank Balances	48.551	0.037	0.012
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	13.348	0.045	0.070
Total Current Assets		61.899	0.082	0.082
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	5.570	0.000	0.000
	Other Current Liabilities	0.013	0.007	0.002
	Provisions	0.000	0.000	0.000
Total Current Liabilities		5.583	0.007	0.002
Net Current Assets		56.316	0.075	0.080
MISCELLANEOUS EXPENSES		0.220	0.025	0.020
TOTAL		110.623	0.100	0.100

KEY RATIOS

PARTICULARS	31.03.2010	31.03.2009	31.03.2008
Debt Equity Ratio (Total Liability/Networth)	3.04	0.07	0.02
Current Ratio (Current Asset/Current Liability)	11.09	11.71	41.00

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	No
12) Profitability for last three years	No
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 involved in	--
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	No
30) Major Shareholders, if available	Yes

YEAR IN RETROSPECT:

The company has been allotted land admeasuring 7.5 acres in Mambattu Village, TADA Mandal, Nellore District, Andhra Pradesh. In view of this The Company has entered into agreement with Delta Galil Industries, Israel for taking over the socks knitting machines numbering 220 on lease from their plant situated at Silvasa along with buying the entire stocks of current assets i.e. Raw material, WIP, Finished Goods, Stores and Spares, Chemicals etc. The Company has also entered into buy back arrangement for the production with Delta Galil Industries.

For this Bank of India, Hyderabad Corporate branch has sanctioned Term Loan of Rs.40.000 Millions and EPC facility of Rs.60.000 Millions to the Company.

The company has constructed factory shed along with all electrical installations and other facilities and has shifted part of the machinery from Silvasa to the TADA plant and commissioned production in June 2010. The balance machines will be shifted in batches. Till that time the production will continue from the factory site at Silvasa.

The directors have very goods exposure and experience in the same line of activity from their existing unit at Hyderabad.

BANKERS CHARGES REPORT AS PER REGISTRY

This form is for	Modification of charge
Charge identification number of the modified	10170472
Corporate identity number of the company	U74999AP2007PTC054985
Name of the company	PARIKH SOCKS AND ACCESSORIES PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	4-3-338, Bank Street, Sultan Bazar, Hyderabad-500095, Andhra Pradesh, India
Type of charge	Book Debts Movable Property [not being pledge] Immovable Property
Particular of charge holder	Bank of India, Sultan Bazar Branch, 4-3-165, 539 and 450, Ground Floor, Hanumantekdi, Hyderabad-500095, Andhra Pradesh, India
Email	sultanbazar.hyderabad@bankofindia.co.in
Nature of description of the instrument creating or modifying the charge	IFD-X Hypothecation cum loan agreement dated.30.06.11
Date of instrument Creating the charge	30.06.2011
Amount secured by the charge	Rs.115.296 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest TL : 3.75% over base rate + tenor premium 1.25% presently a 15% EPC: As per RBI guidelines. CC: 3.75% Over Base Rate presently 13.75%. Terms of Repayment 26 Quarterly installments of Rs.1.500 Millions each and 27th installment of Rs.1.000 Million. Working capital on demand Margin Term Loan: 24.50% Extent and Operation of the charge Till the repayment of all liabilities to the bank.
Short particulars of the property charged	7.5 acres of Land situated at Mambattu Village, APIIC Industrial park, TADA (M), Nellore District, Andhra Pradesh including building constructed there on and electrical installations. All Current assets of the company.
Particulars of the present modification	Enhancement of Working capital limit from 60.000 Millions to 80.000 Millions.

FIXED ASSETS:

· Land

· Building

· Plant and Machinery

· Electrical Installation

· Furniture and Fixtures

· Office Equipment

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 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.55.73
UK Pound	1	Rs.87.26
Euro	1	Rs.69.89

INFORMATION DETAILS

Report Prepared by :

TPT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	2
PAID-UP CAPITAL	1~10	2
OPERATING SCALE	1~10	2
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	2
--PROFITABILIRY	1~10	1
--LIQUIDITY	1~10	1
--LEVERAGE	1~10	1
--RESERVES	1~10	1
--CREDIT LINES	1~10	1
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--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		13

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.