MIRA INFORM REPORT

Report Date :

22.07.2013

IDENTIFICATION DETAILS

Name :	PARLE GLOBAL TECHNOLOGIES PRIVATE LIMITED
Formerly Known As :	PARLE TABLET TOOLS PRIVATE LIMITED
Registered Office :	Gala 1, 2, 101, 102 and 201, Building No.3, “A” Wing, Survey, No.14, Hissa No.2, Shripal Industrial Estate Vasai – 401208, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	21.11.1983
Com. Reg. No.:	11-031397
Capital Investment / Paid-up Capital :	Rs. 15.120 Millions
CIN No.: [Company Identification No.]	U24239MH1983PTC031397
TAN No.: [Tax Deduction & Collection Account No.]	MUM15056G/ MUMPO5716E
PAN No.: [Permanent Account No.]	AAACP2058C
Legal Form :	Private Limited Liability Company
Line of Business :	· Manufacturer of Machinery For Pharma Industries. · Commission Agent and Service of Machinery for Pharma Industries.
No. of Employees :	300 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (33)

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

Maximum Credit Limit :	USD 180000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having a moderate track record. There appear huge external borrowing recorded by the company. However, trade relations are fair. Business is active. Payment terms are 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

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.

LOCATIONS

Registered Office / Factory :	Gala 1, 2, 101, 102 and 201, Building No.3, “A” Wing, Survey, No.14, Hissa No.2, Shripal Industrial Estate Vasai – 401208, Maharashtra, India
Tel. No.:	91-250-2451867 / 68
Fax No.:	91-250-2452842
E-Mail :	info@parleglobal.com finance@parleglobal.com
Website :	http://www.parleglobal.com
Marketing Office : :	Parle Elizabeth Tools Private Limited Rajvidesh Building No.9, Prime Industrial Complex, Sativali Road, Waliv, Vasai (East), Thane – 401208, Maharashtra, India
Tel. No.:	91-250-2451867 / 68/ 6456833 to 6456856
Fax No.:	91-250-2452842
Area :	20000 Sq. ft
Location :	Rented
Packaging Division :	Shripal Industrial Estate Building No.3, Wing A, Surve No. 14, Hissa No.2, Vasai, Waliv Road, Village-Waliv, Vasai (East), Thane – 401208, Maharashtra, India
Tel. No.:	91-250-6456857 to 6456868
Branches :	· Bangalore · Chennai · Chandigarh · Ahmedabad · Hyderabad
Overseas Agents :	Middle East v Iran v Jordan v Syria v Yemen SAARC v Bangladesh v Pakistan Africa v South Africa S E Asia v Indonesia v Malaysia v Philipines v Thailand C.I.S. v Russia Europe v Czech Republic

DIRECTORS

As on: 24.07.2012

Name :

Mr. Rajmal Lavji Mehta

Designation :

Managing Director

Address :

702, Prangan, 15 Malvia Road, Ville Parle (East), Mumbai - 400 057, Maharashtra, India

Date of Birth/Age :

14.04.1947

Qualification :

Graduate

Date of Appointment :

01.11.2006

DIN No.:

00265958

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U24239MH1983PTC031397	Parle Global Technologies Private Limited	Managing director	01/11/2006	21/11/1983	-	Active	NO
2	U29297MH2005PTC158506	Parle Tools International Private Limited	Director	30/12/2005	30/12/2005	-	Amalgamated	NO
3	U51504MH2008PTC184067	Parle Elizabeth Tools Private Limited	Director	07/07/2008	27/06/2008	-	Active	NO
4	U29253MH2013PTC242037	Parle Kovai Machinery Private Limited	Director	18/04/2013	18/04/2013	-	Active	NO

Name :

Mr. Mahendra Rajmal Mehta

Designation :

Director

Address :

702, Prangan, 15 Malvia Road, Ville Parle (East), Mumbai - 400 057,Maharashtra, India

Date of Birth/Age :

26.12.1972

Qualification :

Graduate

Date of Appointment :

01.04.1995

DIN No.:

00266038

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U24239MH1983PTC031397	Parle Global Technologies Private Limited	Director	01/04/1995	01/04/1995	-	Active	NO
2	U29297MH2005PTC158506	Parle Tools International Private Limited	Director	30/12/2005	30/12/2005	-	Amalgamated	NO
3	U51504MH2008PTC184067	Parle Elizabeth Tools Private Limited	Managing director	07/07/2008	27/06/2008	-	Active	NO
4	U29253MH2013PTC242037	Parle Kovai Machinery Private Limited	Director	18/04/2013	18/04/2013	-	Active	NO
5	U72900MH2013PTC244705	Cnctimes Private Limited	Director	20/06/2013	20/06/2013	-	Active	NO

Name :

Mr. Ramanathan Rajamani

Designation :

Director

Address :

Building No. III/E, 501, 5^th Floor, Dhreeraj Upvan, Near Dhreeraj Savera, Opposite Siddharth Nagar, Borivali (East), Mumbai – 400 066, Maharashtra, India

Date of Birth/Age :

30.07.1971

Date of Appointment :

27.09.2008

DIN No.:

01875295

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 24.07.2012

Names of Shareholders	No. of Shares
Rajmal Lavji Mehta	623000
Mahendra Rajmal Mehta	224000
Manjula Rajmal Mehta	532000
Hetal Mahendra Mehta	133000
Total	1512000

Equity Share Break up (Percentage of Total Equity)

As on: 24.07.2012

Category	Percentage
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	· Manufacturer of Machinery For Pharma Industries. · Commission Agent and Service of Machinery for Pharma Industries.
Products :	· Tooling · Tablet Section · Hard Capsules Sectiond · Liquids Section · Ointment Section · Injectables Section · R and D Section · Material Handling Equipments · Spansules Section · Packaging Section · Consumer Health Care And Food Products · Printing Section · Moulding Section

GENERAL INFORMATION

No. of Employees :

300 (Approximately)

Bankers :

· Bank of Baroda, Vile Parle (West) Branch, Somaiya Sadan, D. J. Road, Mumbai – 400 056, Maharashtra, India

· HDFC Bank Limited, HDFC Bank Housesenapati Bapat Marg, Lower Parel (West), Mumbai – 400013, Maharashtra, India

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2012	As on 31.03.2011
Form banks terms of repayable	46.114	0.326
Cash credit	3.173	14.510
working capital term loan	4.211	0.000
Total	53.498	14.836
Note: 1) Vehicle loan from Kotak Mahindra Bank and ICICI Bank is secured against Hypothecation of respective Vehicle. 2) Term loan from HDFC is secured by way of equitable mortgage of property and furniture and fixture at shripal industrial estate, personal guarantee by directors, members and corporate guarantee of associate concern. 3) Cash credit and working capital term loan from HDFC is secured by Hypothecation by way of first and exclusive charge on all present and future stock and book-debts, equitable mortgage of property, furniture and fixture at shripal industrial estate, collateral security of industrial gala of associate concern, corporate guarantee of associate concern and personal guarantee of directors and members.

Banking Relations :	--
Auditors :
Name :	S. S. Jain and Associates Chartered Accountants
Address :	504, Shraddha Shopping Centre, Old Nagardas Road, Andheri (East) Mumbai – 400 069, Maharashtra, India
Tel. No.:	91-22-26841212
PAN No.:	AABPJ7505J
Associates:	· Parle Properities · Parle Elizabeth Tools Private Limited

CAPITAL STRUCTURE

As on: 24.07.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
2250000	Equity Shares	Rs.10/- each	Rs. 22.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1512000	Equity Shares	Rs.10/- each	Rs. 15.120 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	15.120	15.120
(b) Reserves & Surplus	31.705	25.059
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1) + (2)	46.825	40.179
(3) Non-Current Liabilities
(a) long-term borrowings	180.729	118.534
(b) Deferred tax liabilities (Net)	11.512	8.826
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	192.241	127.360
(4) Current Liabilities
(a) Short term borrowings	7.384	14.510
(b) Trade payables	16.109	33.262
(c) Other current liabilities	18.473	55.722
(d) Short-term provisions	10.091	18.905
Total Current Liabilities (4)	52.057	122.399
TOTAL	291.123	289.938
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	100.879	32.739
(ii) Intangible Assets	20.820	17.300
(iii) Capital work-in-progress	0.000	56.135
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	28.103	28.103
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	27.150	27.657
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	176.952	161.934
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	45.061	61.407
(c) Trade receivables	59.849	51.365
(d) Cash and cash equivalents	3.500	4.085
(e) Short-term loans and advances	5.761	9.652
(f) Other current assets	0.000	1.495
Total Current Assets	114.171	128.004
TOTAL	291.123	289.938

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		15.120
2] Share Application Money		0.000
3] Reserves & Surplus		11.235
4] (Accumulated Losses)		0.000
NETWORTH		26.355
LOAN FUNDS
1] Secured Loans		19.718
2] Unsecured Loans		106.137
TOTAL BORROWING		125.855
DEFERRED TAX LIABILITIES		10.453
TOTAL		162.663
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		107.142
Capital work-in-progress		0.000
INVESTMENT		28.102
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	46.681
	Sundry Debtors	42.018
	Cash & Bank Balances	1.217
	Other Current Assets	0.000
	Loans & Advances	25.615
Total Current Assets		115.531
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	0.000
	Other Current Liabilities	85.939
	Provisions	8.593
Total Current Liabilities		94.532
Net Current Assets		20.999
MISCELLANEOUS EXPENSES		6.420
TOTAL		162.663

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	GROSS TURNOVER / RECEIPTS		204.120	178.898	156.388
Less	EXPENSES		NA	NA	NA
	PROFIT BEFORE TAX		21.695	21.296	12.037
Less	TAX		6.840	7.118	1.515
	PROFIT AFTER TAX		14.855	14.178	10.522
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		26.366	12.188	1.666
	BALANCE CARRIED TO THE B/S		41.221	26.366	12.188
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	86.079	67.706	66.087
	TOTAL EARNINGS		86.079	67.706	66.087
	Earnings Per Share (Rs.)		98.25	9.42	--

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
Return on Total Assets (PBT/Total Assets}	(%)	8.25	10.35	5.41
Return on Investment (ROI) (PBT/Networth)		0.46	0.54	0.46
Debt Equity Ratio (Total Debt/Networth)		4.01	3.31	4.78
Current Ratio (Current Asset/Current Liability)		2.19	1.05	1.22

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	Yes
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	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 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]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

UNSECURED LOAN

(Rs. In Millions)

Particulars	As on 31.03.2012	As on 31.03.2011
Loans from related parties	134.615	118.208
Total	134.615	118.208

Bankers Charges Report as per Registry

Corporate identity number (CIN) or foreign company registration number of the company	U24239MH1983PTC031397
Name of the company	PARLE GLOBAL TECHNOLOGIES PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Gala 1, 2, 101, 102 and 201, Building No.3, “A” Wing, Survey, No.14, Hissa No.2, Shripal Industrial Estate Vasai – 401208, Maharashtra Email-id - finance@parleglobal.com
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	10240292
Type of charge	Immovable property Book debts Movable property (not being pledge) Floating charge
Particular of charge holder	HDFC Bank Limited, HDFC Bank Housesenapati Bapat Marg, Lower Parel (West), Mumbai – 400013, Maharashtra, India Email-id - RBBform8@hdfcbank.com
Nature of instrument creating charge	Memorandum Recording Past Transactions of Creation of Mortgage by Delivery of Title Deeds.
Date of instrument Creating the charge	18.01.2013
Amount secured by the charge	Rs. 118.000 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 repayable 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 the charge The Company accorded and gave oral consent to Bank to continue to hold and retain the title deeds (by way of Constructive delivery) in respect of its immovable properties, as security for repayment of Rs.118.000 millions by the Company together with principal, interest, liquidated damages, costs, charges and expenses. Others NIL.
Short particulars of the property or asset(s) charged (including complete address and location of the property)	i) Immovable property situated at Gala No.1, 2, 101, 102, 201 Bldg No.3, Wing A, Shripal Industrial Estate, Waliv Village, District Thane. ii) Hypothecation by way of First Charge on Stocks, Book Debts, Plant and Machinery, Vehicles of the Company.
Date of instrument modifying the charge	31.12.2012
Particulars of the present modification	In addition to the existing securities of Stocks, Book Debts, Plant and Machinery, Vehicles, the charge of Rs.118.000 Millions shall also now further secured against the equitable mortgage of immovable properties of the Company situated at Gala No.1, 2, 101, 102, 201 Bldg No.3, Wing A, Shripal Industrial Estate, Waliv Village, District Thane.

Note:

The Registered Office of the company has been shifted from Plot No.22, Rajvaibhav, Rajhans Industrial Area, Village Chinchpada, Vasai Road (East), Mumbai – 401208, Maharashtra, India to the present address w.e.f. 01.06.2011.

BASIS OF PREPARATION OF FINANCIAL STATEMENT

The financial statements are prepared under the historical cost convention, on an accrual basis and in accordance with applicable accounting standards.

Fixed Assets

· Building

· Plant and Machinery

· Air Conditioner

· Generator

· Electric Fittings

· Tools and Equipment

· Vehicle

· Office Equipment

· Mobile

· Computers

· Furniture and Fixture

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. 59.80
UK Pound	1	Rs. 91.03
Euro	1	Rs. 78.52

INFORMATION DETAILS

Report Prepared by :

DPH

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--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	NO
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		33

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.