MIRA INFORM REPORT

Report Date :

10.12.2013

IDENTIFICATION DETAILS

Name :	PARIKH PACKAGING PRIVATE LIMITED
Registered Office :	Opposite Rotomac Pens, Sarkhej-Bavla Highway, Village Moraiya, Taluka – Sanand, Ahmedabad – 382 213, Gujarat
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	22.10.1999
Com. Reg. No.:	04-036763
Capital Investment / Paid-up Capital :	Rs.31.114 Millions
CIN No.: [Company Identification No.]	U25209GJ1999PTC036763
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Packaging Materials.
No. of Employees :	600 [Approximately]

RATING & COMMENTS

MIRA’s Rating :

B (29)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 645000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. The company has incurred a loss during current year. External borrowings of the company also seems to be increasing. Trade relations are reported as fair. Business is active. Payments are reported to be slow but correct. The company can be considered for business dealings with some caution.

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 – March 31^st, 2013

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
India	A1	A1

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

INDIAN ECONOMIC OVERVIEW

The current downturn provides an opportunity to push ahead with reforms to accelerate growth, says the latest India Development Update report released by the World Bank. The report says that the adverse effects of rupee depreciation are likely to be offset by the gains in the exports performance due to improved external competitiveness. Since May this year, the local currency has depreciated substantially and fell to a record level of Rs 68.85 to a dollar on August, 28.

A stagflation like situation appears to have arisen as inflation jumped to an eight month high of 6.46 % for the month of September. It is up from 6.10 % in August. Growth continues to be muted with factory output plunging to 0.6  % in August. Onion prices have risen nearly 300 % from last September. Vegetables cost nearly 90 % more than they did last year. Wake up to the economic contribution of slum dwellers. They contribute more than 7.5 % to the country’s gross domestic product, according to a recent study conducted in 50 top cities.

136000 estimated number of jobs created during the second quarter of the current financial year. 50000 estimated number of additional jobs in the field of corporate social responsibility in the coming years.

The International Finance Corporation expects to come out with its rupee linked bonds issue before the end of 2013 as a part of its plan to raise $ 1 billion. The Apple iPhone 5c (Rs 41900 for 16 GB variant) and 5s (Rs 53500 for 16GB variant) has been launched in India from 1^st November.

The Land Acquisition Act to provide just and fair compensation to farmers will come into force from January 1 next year, said Rural Development Minister Jairam Ramesh. The Act replaces a 119 year old registration. The Securities and Exchange Board of India has approved the trading of currency futures on the Bombay Stock Exchange. The exchange plans to launch the currency futures platform with advanced trading technology by the end of November.

EXTERNAL AGENCY RATING

Rating Agency Name	CARE
Rating	BB+ [Long Term Bank Facilities]
Rating Explanation	Moderate risk of default.
Date	15.05.2012

Rating Agency Name	CARE
Rating	A4+ [Short Term Bank Facilities]
Rating Explanation	Minimal degree of safety. It carry very high credit risk.
Date	15.05.2012

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

INFORMATION PARTED BY

Name :	Mr. Bhadresh
Designation :	Accounts Executive
Name :	Mr. Manish Pathak
Designation :	Finance Manager
Contact No.:	91-9909954982
Date :	25.11.2013

LOCATIONS

Registered Office / Factory :	Opposite Rotomac Pens, Sarkhej-Bavla Highway, Village Moraiya, Taluka – Sanand, Ahmedabad – 382 213, Gujarat, India
Tel. No.:	91-2717-251106 / 251375 / 251376 / 251377
Mobile No. :	91-9825018965 / 9825018957 (Mr. Roumil) 91-9909954982 (Mr. Manish Pulel)
Fax No.:	91-2717-251106
E-Mail :	marketin@parikhpackaging.com mail@parikhpackaging.com saurin@parikhpackaging.com ajay_ajay21@yahoo.com mail@parikh-group.com pranav@parikhpacking.com tkp@parikhpacking.com manishpathak@parikhpacking.com
Website :	www.parikhpackaging.com www.parikh-group.com
Administrative / Corporate Office :	29, 3^rd Floor, Sri Krishna Centre, Near Mithakhali Six Road, Navrengpura, Ahmedabad – 380 009, Gujarat, India

DIRECTORS

AS ON 29.09.2012

Name :	Mr. Rameshchandra Ochhavlal Parikh
Designation :	Managing Director
Address :	514, Lane No 21, Satagrah Chhavni, Satellite Road, Ahmedabad – 380015, Gujarat, India
Date of Birth/Age :	14.08.1945
Date of Appointment :	22.10.1999
Voter ID No. :	GJ/11/064/1080534
DIN No.:	00060663
Name :	Mr. Pavan Rameshchandra Parikh
Designation :	Director
Address :	514, Lane No 21, Satagrah Chhavni, Satellite Road, Ahmedabad – 380015, Gujarat, India
Date of Birth/Age :	23.12.1975
Date of Appointment :	22.10.1999
Voter ID No. :	GJ/11/064/1080703
DIN No.:	00060697
Name :	Mr. Pranav Rameshchandra Parikh
Designation :	Director
Address :	514, Lane No 21, Satagrah Chhavni, Satellite Road, Ahmedabad – 380015, Gujarat, India
Date of Birth/Age :	11.03.1974
Date of Appointment :	22.10.1999
Voter ID No. :	GJ/11/064/1080536
DIN No.:	00060678

KEY EXECUTIVES

Name :	Mr. Bhadresh
Designation :	Accounts Executive
Name :	Mr. Manish Pathak
Designation :	Finance Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 29.09.2012

NOTE: SHAREHOLDING DETAILS FILE ATTACHED.

AS ON 29.09.2012

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

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of Packaging Materials.

Products :

PRODUCTS DESCRIPTION	ITC CODE NO.
Printed / Laminated Film in Roll Form / Pouch Form	3920

Exports :

Products :

Packaging Materials

Countries :

· USA

· Canada

Imports :

Products :

Granules

Countries :

· Dubai

· Singapore

Terms :

Selling :

LC / Cash and Credit [30 and 60 Days ]

Purchasing :

LC / Cash and Credit [30 Days]

GENERAL INFORMATION

Suppliers :

Ester India Limited, Mumbai

Customers :

Others [Manufacture]

· Parle India Limited

No. of Employees :

600 [Approximately]

Bankers :

The Karur Vysya Bank Limited, Sakar – VII, Ground Floor, B Block, Near Nehru Bridge Corner, Ashram Road, Ahmedabad – 380009, Gujarat, India

Facilities :

Secured Loan	As on 31.03.2013 [Rs. in Millions]	As on 31.03.2012 [Rs. in Millions]
Long Term Borrowings
Rupee term loans from bank	51.844	49.425
Foreign currency term loans from banks	8.453	0.000
Working capital loans from banks	0.000	36.403
Deferred payment liabilities	0.000	67.425
Loan taken for vehicle	0.000	3.653
Short Term Borrowings
Rupee term loans from bank	123.760	55.107
Foreign currency term loans from banks	83.542	78.142
TOTAL	267.599	290.155

Banking Relations :	--
Auditors :
Name :	Tarang R. Kothari and Associates Chartered Accountants
Address :	A 102, Ratnadeep II, Opposite Prernatirth Derasar, Satellite, Ahmedabad – 380015, Gujarat, India
PAN No:	AGHPK4250B
Other Related Parties :	Kamal Metals Private Limited [U27310PB1985PTC006470]
Joint Venture :	Constantia Flexibles, Austria

CAPITAL STRUCTURE

AS ON 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
4300000	Equity Shares	Rs.10/- each	Rs.43.000 Millions
500000	Preferences Shares	Rs.10/- each	Rs.5.000 Millions
	TOTAL		Rs.48.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
3111429	Equity Shares	Rs.10/- each	Rs.31.114 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

FINANCIAL DETAILS FILE ATTACHED.

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	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	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
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	Yes
18]	Major customers	Yes
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	Yes
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	Yes
30]	Major Shareholders, if available	Yes
31]	PAN of Proprietor/Partner/Director, if available	No
32]	Date of Birth of Proprietor/Partner/Director, if available	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

INDEX OF CHARGES:

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10032499	24/07/2006	2,500,000.00	THE KARUR VYSYA BANK LIMITED	ASHRAM ROAD, AHMEDABAD - 380009, GUJARAT, INDIA	A03704970
2	10009194	29/06/2006	1,700,000.00	THE KARUR VYASYA BANK LIMITED	ASHRAM ROAD, AHMEDABAD - 380009, GUJARAT, INDIA	A02369486
3	90104151	26/11/2012 *	593,750,000.00	THE KARUR VYSYA BANK LIMITED	SAKAR - VII, GROUND FLOOR, B BLOCK, NEAR NEHRU BRIDGE CORNER, ASHRAM ROAD, AHMEDABAD - 380009, GUJARAT, INDIA	B65670200
4	90105145	26/11/2012 *	593,750,000.00	THE KARUR VYSYA BANK LIMITED	SAKAR - VII, GROUND FLOOR, B BLOCK, NEAR NEHRU B RIDGE CORNER, ASHRAM ROAD, AHMEDABAD - 380009, GUJARAT, INDIA	B65671752
5	90105090	09/07/2001	856,000.00	NUTAN NAGARIK SAHAKARI BANK LIMITED	LAW GARDEN BRANCH, ELLISBRIDGE, AHMEDABAD, GUJARAT, INDIA	-
6	90104937	09/07/2001 *	5,000,000.00	NUTAN NAGARIK SAHAKARI BANK LIMITED	LAW GARDEN BRANCH, ELLISBRIDGE, AHMEDABAD, GUJARAT, INDIA	-
* Date of charge modification

Unsecured Loan	As on 31.03.2013 [Rs. in Millions]	As on 31.03.2012 [Rs. in Millions]
Long Term Borrowings
Term loans from others	115.261	31.600
Deferred payment liabilities	139.669	20.000
Other loans and advances	2.369	31.883
TOTAL	257.299	83.483

FIXED ASSETS:

· Plant and Machinery

· Building

· Furniture and Fixture

· Electric Installation

· Calculator

· Vehicles

· Lab Equipment’s

· Xerox Machine

· Water Cooler

· U.P.S.

· Cylinder

· Fax Machine

· Computer

· Refrigerator

· Camera

· Office Equipment’s

· Mobile

· Land

· Electrical Weigh Scale

· Television

· S.S. Plates

· Rubber Roll

· Inverter

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 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.61.17
UK Pound	1	Rs.100.01
Euro	1	Rs.83.82

INFORMATION DETAILS

Information Gathered by :	HNA
Report Prepared by :	TPT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	4
--CREDIT LINES	1~10	3
--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
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		29

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.