Resolution
To backup your Virtual Machine:
1. Shut down your Virtual Machine and close Parallels Desktop for Mac application.
2. Open Macintosh HD->(Your User Name)->Library->Parallels. This folder contains all your VM files.
3. Just copy the folder contents to the safe place (like external USB/Firewire HDD, etc).
4. You can continue using your Virtual Machine now.
To restore your Virtual Machine:
1. Shut down your Virtual Machine and close Parallels Desktop for Mac application.
2. Open Macintosh HD->(Your User Name)->Library->Parallels. This folder contains all your VM files.
3. Copy the previously stored folder contents back into this folder overwriting the files there. ATTENTION! Your current Virtual Machine state and hard disk will be replaced by the previously saved state and lost!
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