MIRA INFORM REPORT

Report Date :

11.09.2013

IDENTIFICATION DETAILS

Name :	PARMAR INTERNATIONAL PRIVATE LIMITED
Registered Office :	31, Shree Adinath Shopping Centre, Pune Satara Road, Pune – 411037, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	04.03.2010
Com. Reg. No.:	25-135706
Capital Investment / Paid-up Capital :	Rs. 13.000 Millions
CIN No.: [Company Identification No.]	U25209PN2010PTC135706
TAN No.: [Tax Deduction & Collection Account No.]	PNEP14122D
PAN No.: [Permanent Account No.]	AAFCP3570L
Legal Form :	Private Limited Liability Company
Line of Business :	Trading of Plastic Raw Material.
No. of Employees :	Not Divulged

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 416000
Status :	Satisfactory
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is an established company having a satisfactory track record. Trade relations are fair. Business is active. Payment terms are regular and as per commitments. The company can be considered 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 – 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

We are living in a world where volatility and uncertainty have become the New Normal. We saw a change of government in countries like Tunisia, Egypt, Libya and Vietnam. Once powerful countries in Europe are now fighting for bankruptcy. We have taken growth in the developing part of the world for granted but economic growth in China and India has begun to slow. Companies that were synonymous with their product categories just a few years ago are now no longer in existence. Kodak, the inventor of the digital camera had to wind up its operations, HMV, the British entertainment retailing company and Borders, once the second largest bookstore have shut down due to their inability to evolve their business models with the changing time. Readers’ Digest, Thomson Register are no more !

There is another megatrend happening. The World order is changing as economic power shifts from West to East. According to McKinsey study, it took Britain more than 100 years to double its economic output per person during its industrial revolution and the US later took more than 50 years to do the same. More than a century later, China and India have doubled their GDP per capital in 12 and 18 years respectively. By 2020, emerging Asia will become the world’s largest consuming block, overtaking North America.

The years after the outbreak of the global financial crisis, the world economy continues to remain fragile. The Indian economy demonstrated remarkable resilience in the initial years of the contagion but finally lost ground last year. GDP growth slowed down. Currency has been weakening. There is a marked deceleration in agriculture, industry and services. Dampening sentiment led to a cut-back in investment as well as private consumption expenditure.  Inflation remained at high levels fuelled by the pressure from the food and fuel sectors. The large fiscal and current account deficit s continued to cause grave concern. It is imperative that India regains its growth trajectory of 8-9 % sooner than later. This is crucially important given the need to create gainful livelihood opportunities for the millions living in poverty as also the large contingent of young people joining the job market every year.

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	Fund based limits - Cash Credit : BBB+
Rating Explanation	Moderate credit quality and average credit risk.
Date	August 2013

Rating Agency Name	ICRA
Rating	Non Fund based limits – LCs : A2+
Rating Explanation	Strong degree of safety and low credit risk.
Date	August 2013

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 DECLINED

MANAGEMENT NON-COOPERATIVE [91-20-32545999]

LOCATIONS

Registered Office :	31, Shree Adinath Shopping Centre, Pune Satara Road, Pune – 411037, Maharashtra, India
Tel. No.:	91-20-32545999/ 24264166
Fax No.:	91-20-24275147/ 24264167
E-Mail :	parmarindia@yahoo.com parmar@parmarglobal.com
Corporate Office :	2^nd and 3^rd Floor, JDC Platinum Towers, Near Zhambare Palace, Maharshi Nagar, Pune – 411037, Maharashtra, India
Tel. No.:	91-20-24529999
Fax No.:	91-20-24529997/ 24529998
Warehouse :	Located at: · Nhava Sheva [Mumbai] · Nellore · Chennai · Bangalore · Daman · Vapi

DIRECTORS

AS ON 02.08.2013

Name :

Mr. Rohit Popatlal Parmar

Designation :

Director

Address :

31, Shree Adinath Shopping Centre, Pune Satara Road, Pune – 411037, Maharashtra, India

Date of Birth/Age :

31.03.1975

Qualification :

B.Com

Date of Appointment :

04.03.2010

PAN No.:

ABEPP1800E

DIN No.:

02000811

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	U45203PN2008PTC131516	SHRI BHAVANI INFRASTRUCTURE AND REALITIES PRIVATE LIMITED	Additional director	09/06/2008	09/06/2008	-	Active	NO
2	U25209PN2010PTC135706	PARMAR INTERNATIONAL PRIVATE LIMITED	Director	04/03/2010	04/03/2010	-	Active	NO
3	AAA-0310	SIDDHIVINAYAK LIFESPACES LLP	Designated Partner	26/10/2009	26/10/2009	28/03/2012	Active	NO

Name :

Mrs. Rekha Rohit Parmar

Designation :

Director

Address :

31, Shree Adinath Shopping Centre, Pune Satara Road, Pune – 411037, Maharashtra, India

Date of Birth/Age :

13.03.1975

Qualification :

B.Com

Date of Appointment :

04.03.2010

PAN No.:

AHIPP6050C

DIN No.:

02100321

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 02.08.2013

Names of Shareholders	No. of Shares
Rekha Rohit Parmar	210661
Rohit Popatial Parmar	33072
Sushila Parmar	852623
Popatlal Prmar	5513
Total	1101869

AS ON 02.08.2013

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

BUSINESS DETAILS

Line of Business :

Trading of Plastic Raw Material.

GENERAL INFORMATION

No. of Employees :

Not Divulged

Bankers :

· Bank of Baroda, Corporate Financial Services, Mantri Court, 39, Ramabai Ambedkar Road, Pune - 411001, Maharashtra, India

· Canara Bank, Prime Corporate Branch 11 Mahatma Gandhi Road, First Floor Red Cross Building Camp, Pune - 411001, Maharashtra, India

Facilities :

Secured Loans	31.03.2012	31.03.2011
	(Rs. In Millions)
SHORT TERM BORROWINGS
Working capital loans from banks	49.034	45.955
Total	49.034	45.955

Banking Relations :	--
Auditors :
Name :	Mzsk and Associates Chartered Accountants
Address :	Level 3, Business Bay, Plot No 84, Wellesley Road, Near RTO (Sangam Bridge), Pune - 411001, Maharashtra, India
Income-tax PAN of auditor or auditor's firm :	AACFK3470F
Associate :	Reliable Polmers

CAPITAL STRUCTURE

AS ON 02.08.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
1,110,000	Equity Shares	Rs. 100/- each	Rs. 111.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1,101,869	Equity Shares	Rs. 100/- each	Rs. 110.187 Millions

AS ON 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
150,000	Equity Shares	Rs. 100/- each	Rs. 15.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
130,000	Equity Shares	Rs. 100/- each	Rs. 13.000 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	13.000	3.000
(b) Reserves & Surplus	91.085	65.895
(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)	104.085	68.895
(3) Non-Current Liabilities
(a) long-term borrowings	10.508	10.482
(b) Deferred tax liabilities (Net)	0.022	0.004
(c) Other long term liabilities	3.440	0.000
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	13.970	10.486
(4) Current Liabilities
(a) Short term borrowings	49.034	45.955
(b) Trade payables	573.191	195.692
(c) Other current liabilities	44.297	66.528
(d) Short-term provisions	22.661	5.260
Total Current Liabilities (4)	689.183	313.435
TOTAL	807.238	392.816
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	2.088	1.393
(ii) Intangible Assets	0.018	0.000
(iii) Capital work-in-progress	19.145	0.000
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	77.208	69.705
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	0.000	0.000
(e) Other Non-current assets	2.828	7.137
Total Non-Current Assets	101.287	78.235
(2) Current assets
(a) Current investments	39.036	0.000
(b) Inventories	130.356	46.928
(c) Trade receivables	435.689	248.371
(d) Cash and cash equivalents	17.619	10.383
(e) Short-term loans and advances	0.000	0.000
(f) Other current assets	83.251	8.899
Total Current Assets	705.951	314.581
TOTAL	807.238	392.816

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		0.300
2] Share Application Money		0.000
3] Reserves & Surplus		0.000
4] (Accumulated Losses)		(0.034)
NETWORTH		0.266
LOAN FUNDS
1] Secured Loans		0.000
2] Unsecured Loans		0.000
TOTAL BORROWING		0.000
DEFERRED TAX LIABILITIES		(0.015)
TOTAL		0.251
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		0.007
Capital work-in-progress		0.000
INVESTMENT		0.000
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000
	Sundry Debtors	0.000
	Cash & Bank Balances	0.270
	Other Current Assets	0.025
	Loans & Advances	0.027
Total Current Assets		0.322
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	0.169
	Other Current Liabilities	0.000
	Provisions	0.003
Total Current Liabilities		0.172
Net Current Assets		0.150
MISCELLANEOUS EXPENSES		0.094
TOTAL		0.251

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income
		Other Income
		TOTAL	NA	NA	NA
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL	NA	NA	NA
	PROFIT/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		53.208	32.154	(0.049)
Less/ Add	DEPRECIATION/ AMORTISATION		0.623	0.365	0.000
	PROFIT/ (LOSS) BEFORE TAX		52.585	31.789	(0.049)
Less	TAX		17.418	5.278	(0.015)
	PROFIT/ (LOSS) AFTER TAX		35.167	26.511	(0.034)
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	1.315	2.477	NA
	Earnings/ (Loss) Per Share (Rs.)		270.52	883.70	(11.33)

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
Return on Total Assets (PBT/Total Assets}	(%)	7.40	9.84	(14.89)
Return on Investment (ROI) (PBT/Networth)		0.51	0.46	(0.18)
Debt Equity Ratio (Total Debt/Networth)		0.57	0.82	0.00
Current Ratio (Current Asset/Current Liability)		1.02	1.00	1.87

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	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	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	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	10313135	26/09/2011	100,000,000.00	CANARA BANK	PRIME CORPORATE BRANCH, RED CROSS BUILDING, 1ST FLOOR, 11, MAHATMA GANDHI ROAD, CAMP, PUNE - 411001, MAHARASHTRA, INDIA	B23523665
2	10250904	05/04/2013 *	1,454,700,000.00	BANK OF BARODA	CORPORATE FINANCIAL SERVICES, MANTRI COURT, 39, RAMABAI AMBEDKAR ROAD, PUNE - 411001, MAHARASHTRA, INDIA	B74270489

* Date of charge modification

UNSECURED LOANS

Unsecured Loans	31.03.2012	31.03.2011
	(Rs. In Millions)
LONG-TERM BORROWINGS
Loans and Advance from Related Parties	10.508	10.482
Total	10.508	10.482

REVIEW OF BUSINESS OPERATIONS:

This is the third year of operations of the company. The company has earned profit during the year of Rs. 35.167 Millions. The Directors are confident of better prospects in the future.

FIXED ASSETS:

· Furniture and fixtures

· Vehicles

· Motor vehicles

· Office equipment

· Computer software

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. 64.22
UK Pound	1	Rs. 100.83
Euro	1	Rs. 85.21

INFORMATION DETAILS

Information Gathered by :	SVA
Report Prepared by :	BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--CREDIT LINES	1~10	6
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTERS
--RBI	YES/NO	NO
--EPF	YES/NO	NO
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.