MIRA INFORM REPORT

Report No. :	304675
Report Date :	23.01.2015

IDENTIFICATION DETAILS

Name :	PARLE GLOBAL TECHNOLOGIES PRIVATE LIMITED [w.e.f.14.09.2007]
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) :	31.03.2014
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.]	Not Available
PAN No.: [Permanent Account No.]	Not Available
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturing of Pharmaceutical Machinery and Machine Spares.
No. of Employees :	200 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (27)

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

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 from its operations during 2014. External borrowings of the company also seem to be huge. However, trade relations are fair. Business is active. Payment terms 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 – September 30, 2014

Country Name	Previous Rating (30.06.2014)	Current Rating (30.09.2014)
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 31-03-2014.

INFORMATION PARTED BY

Name :	Mr. Shailesh Prajapati
Designation :	General Finance Manager
Contact No.:	91-250-6456838
Date :	22.01.2015

LOCATIONS

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, India
Tel. No.:	91-250-6632222/ 6456838
Fax No.:	91-250-6632266
E-Mail :	finance@parleglobal.com
Website :	http://www.parleglobal.com
Branch Offices :	Located at: · Ahmedabad  · Salcete  · Bangalore · Chennai · Chandigarh · Secundrabad  · Panchkula

DIRECTORS

AS ON 22.08.2014

Name :

Mr. Rajmal Lavji Mehta

Designation :

Managing director

Address :

702, Prangan, 15, Malviya Road, Vile Parle (East), Mumbai – 400057, Maharashtra, India

Date of Birth/Age :

14.04.1947

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	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
5	U29253MH2014PTC258985	PARLE LEEPACK MACHINERY PRIVATE LIMITED	Director	30/10/2014	30/10/2014	Active	NO

Name :

Mr. Mahendra Rajmal Mehta

Designation :

Director

Address :

702, Prangan, 15, Malviya Road, Vile Parle (East), Mumbai – 400057, Maharashtra, India

Date of Birth/Age :

26.12.1972

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	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
6	U29253MH2014PTC258985	PARLE LEEPACK MACHINERY PRIVATE LIMITED	Director	30/10/2014	30/10/2014	Active	NO

Name :

Rajamani Ramanathan

Designation :

Director

Address :

C/503, Purnima Building, Vasant Utsav, Thakur Village, Kandivali [East], Mumbai – 400066, Maharashtra, India

Date of Birth/Age :

30.07.1971

Date of Appointment :

27.09.2008

DIN No.:

01875295

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	Company/ LLP Status	Defaulting status
1	U24239MH1983PTC031397	PARLE GLOBAL TECHNOLOGIES PRIVATE LIMITED	Director	27/09/2008	11/03/2008	Active	NO

KEY EXECUTIVES

Name :	Mr. Shailesh Prajapati
Designation :	General Finance Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 22.08.2014

Names of Shareholders	No. of Shares	% of Holding
Rajmal Lavji Mehta	623000	41.20
Mahendra Rajmal Mehta	224000	14.81
Manjula Rajmal Mehta	532000	35.19
Hetal Mahendra Mehta	133000	8.80
Total	1512000	100.00

AS ON 22.08.2014

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

BUSINESS DETAILS

Line of Business :	Manufacturing of Pharmaceutical Machinery and Machine Spares.
Exports :	--
Imports :	--

GENERAL INFORMATION

Suppliers :

--

Customers :

--

No. of Employees :

200 (Approximately)

Bankers :

· HDFC Bank Limited, HDFC Bank House, Senapati Bapat Marg, Lower Parel [West], Mumbai - 400013, Maharashtra, India

· Bank of Baroda, Vile Parle Branch, Mumbai - 400056, Maharashtra, India

Facilities :

SECURED LOANS	31.03.2014 (Rs. In Millions)	31.03.2013 (Rs. In Millions)
LONG-TERM BORROWINGS
From Banks Terms of Repayment – 5 Years	19.345	34.776
SHORT TERM BORROWINGS
Working Capital Loans From Banks Cash Credit	30.862	28.283
Working capital term loans	2.998	4.607
Total	53.205	67.666

Banking Relations :	--
Auditors :
Name :	S S Jain and Associates Chartered Accountants
Address :	504, Shraddha Shoping Center, 81 Old Nagar Das Road, Andheri [East], Mumbai – 400069, Maharashtra, India
Tel. No.:	91-22-26841212
Income-tax PAN of auditor or auditor's firm :	AABPJ7505J
Associates :	· Parle Properties · Parle Elizabeth Tools Private Limited

CAPITAL STRUCTURE

AS ON 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
2,250,000	Equity Shares	Rs. 10/- each	Rs. 22.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1,512,000	Equity Shares	Rs. 10/- each	Rs. 15.120 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	15.120	15.120	15.120
(b) Reserves & Surplus	25.289	38.095	31.705
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	40.409	53.215	46.825
(3) Non-Current Liabilities
(a) long-term borrowings	197.143	186.162	180.729
(b) Deferred tax liabilities (Net)	13.834	13.156	11.512
(c) Other long term liabilities	25.963	2.739	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	236.940	202.057	192.241
(4) Current Liabilities
(a) Short term borrowings	33.860	32.890	7.384
(b) Trade payables	33.163	23.915	16.109
(c) Other current liabilities	23.910	20.383	18.473
(d) Short-term provisions	18.014	11.648	10.091
Total Current Liabilities (4)	108.947	88.836	52.057
TOTAL	386.296	344.108	291.123
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	95.833	100.756	100.879
(ii) Intangible Assets	20.634	19.223	20.820
(iii) Capital work-in-progress	86.376	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	12.597	40.000	28.103
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	34.719	28.630	27.150
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	250.159	188.609	176.952
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	52.558	45.053	45.061
(c) Trade receivables	70.172	64.246	59.849
(d) Cash and cash equivalents	2.656	1.866	3.500
(e) Short-term loans and advances	10.751	44.334	5.761
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	136.137	155.499	114.171
TOTAL	386.296	344.108	291.123

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Revenue from Operations	215.522	199.138	197.079
		Other Income	39.426	25.480	7.050
		TOTAL	254.948	224.618	204.129
Less	EXPENSES
		TOTAL	260.156	214.725	182.434
	PROFIT/ (LOSS) BEFORE TAX		(5.208)	9.893	21.695
Less	TAX		7.593	3.498	6.840
	PROFIT/ (LOSS) AFTER TAX		(12.801)	6.395	14.855
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	42.094	19.739	10.431
		Commission Earnings	39.000	46.774	86.079
	TOTAL EARNINGS		81.094	66.513	96.510
	Earnings/ (Loss) Per Share (Rs.)		(8.47)	4.23	9.82

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	(5.94)	3.21	7.54
Return on Total Assets (PBT/Total Assets}	(%)	(1.81)	3.25	8.25
Return on Investment (ROI) (PBT/Networth)		(0.13)	0.19	0.46
Debt Equity Ratio (Total Debt/Networth)		5.72	4.12	4.02
Current Ratio (Current Asset/Current Liability)		1.25	1.75	2.19

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	15.120	15.120	15.120
Reserves & Surplus	31.705	38.095	25.289
Net worth	46.825	53.215	40.409
Long-term borrowings	180.729	186.162	197.143
Short term borrowings	7.384	32.890	33.860
Total borrowings	188.113	219.052	231.003
Debt/Equity ratio	4.017	4.116	5.717

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	197.079	199.138	215.522
		1.045	8.227

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	197.079	199.138	215.522
Profit/ (Loss)	14.855	6.395	(12.801)
	7.54%	3.21%	(5.94%)

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	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

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10513954	01/08/2014	20,000,000.00	HDFC BANK LIMITED	HDFC BANK HOUSE, SENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, MAHARASHTRA - 400013, INDIA	C15674021
2	10240292	14/10/2014 *	131,500,000.00	HDFC BANK LIMITED	HDFC BANK HOUSE, SENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, MAHARASHTRA - 400013, INDIA	C30211569
3	90229538	15/01/2000	576,415.00	THE HONGKONG AND SHANGHAI BANKING CORP. LIMITED	NETWORK SERVUCE CENTRE, WORLI, MUMBAI, MAHARASHTRA - 400025, INDIA	-

* Date of charge modification

UNSECURED LOANS

UNSECURED LOANS	31.03.2014 (Rs. In Millions)	31.03.2013 (Rs. In Millions)
LONG-TERM BORROWINGS
Loans from Related parties	177.798	151.386
Total	177.798	151.386

CHANGE OF ADDRESS:

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.

FIXED ASSETS:

· Building

· Plant and Machinery

· Electrical Installation

· Office Equipments

· Furniture and Fixture

· Vehicles

· Computers

· Air Conditioner

· Other 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 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. 61.69
UK Pound	1	Rs. 93.33
Euro	1	Rs. 71.49

INFORMATION DETAILS

Information Gathered by :	HNA
Analysis Done by :	RAS
Report Prepared by :	NKT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILITY	1~10	2
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	2
--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	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		27

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	--

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.