MIRA INFORM REPORT

Report Date :

23.01.2012

IDENTIFICATION DETAILS

Name :	PATEL INFRASTRUCTURE PRIVATE LIMITED
Registered Office :	Patcon House, Kotecha Chowk, Kalawad Road, Rajkot – 360007, Gujarat
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	13.04.2004
Com. Reg. No.:	04-043955
Capital Investment / Paid-up Capital :	Rs.38.000 Millions
CIN No.: [Company Identification No.]	U45201GJ2004PTC043955
TAN No.: [Tax Deduction & Collection Account No.]	RKTP01171C
PAN No.: [Permanent Account No.]	AADCP2670D
Legal Form :	Private Limited Liability Company
Line of Business :	They are engaged into construction activity.
No. of Employees :	50 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (49)

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	USD 1800000
Status :	Good
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is a well established company having good track. The company is doing well. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct and as per commitments. The company can be considered normal 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.

INFORMATION PARTED BY

Name :	Mr. Mahesh
Designation :	Accounts Manager
Contact No.:	91-2692-245801
Date :	21.01.2012

LOCATIONS

Registered Office :	Patcon House, Kotecha Chowk, Kalawad Road, Rajkot – 360007, Gujarat, India
Tel. No.:	91-281-2458286
Fax No.:	91-281-2459286
E-Mail :	maheshp@patelinfra.com ho@patelinfra.com
Website :	www.patelinfra.com
Location :	Owned
Corporate Office :	Patcon House, 80 ft. Road, Near Patcon Circle, Anand – 388001, Gujarat, India
Tel. No.:	91-2692-245801/802/803
Fax No.:	91-2692-245804
E-Mail :	anand@patelinfra.com
Branch Office :	1, Anubhuti Apartments, 82, Swastik Society, Behind St. Xavier’s Ladies Hostel, Navrangpura, Ahmedabad – 380009, Gujarat, India
Tel. No.:	91-79-26462879
E-Mail :	ahmedabad@patelinfra.com

DIRECTORS

As on 17.09.2010

Name :

Mr. Pravinbhai Vithalbhai Patel

Designation :

Whole-Time Director

Address :

“Ishavashyam” , 23 – B, Vidyut Nagar Society, Amin Marg, Rajkot - 360001, Gujarat, India

Date of Birth/Age :

05.10.1960

Date of Appointment :

13.04.2004

DIN No.:

00008911

Other Directorship :

CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
U24236GJ1997PTC032083	Patel Structural Private Limited	Director	9/04/1997	9/04/1997	-	Active	NO
U45201GJ2004PTC043955	Patel Infrastructure Private Limited	Whole-time director	13/04/2004	13/04/2004	-	Active	NO
U45203GJ2009PTC058178	Patel Highway Management Private Limited	Director	24/09/2009	24/09/2009	-	Active	NO
U45202GJ2011PTC066793	Patel Bridge Nirman Private Limited	Director	17/08/2011	17/08/2011	-	Active	NO

Name :

Mr. Arvindbhai Vithalbhai Patel

Designation :

Managing Director

Address :

“Radhevi Krupa”, Near Nehru Baug, Abhyoday Park Society, Anand, Gujarat, India

Date of Birth/Age :

10.04.1965

Date of Appointment :

02.04.2007

DIN No.:

00009089

Other Directorship :

CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
U45201GJ1998PTC033592	Jatin Housing Private Limited	Director	11/02/2006	11/02/2006	-	Active	NO
U45203GJ2006PLC048981	Ahmedabad Ring Road Infrastructure Limited	Director	27/08/2007	24/11/2006	-	Active	NO
U45201GJ2004PTC043955	Patel Infrastructure Private Limited	Managing director	2/04/2007	2/04/2007	-	Active	NO
U45203GJ2009PTC058178	Patel Highway Management Private Limited	Director	24/09/2009	24/09/2009	-	Active	NO
U45202GJ2011PTC066793	Patel Bridge Nirman Private Limited	Director	17/08/2011	17/08/2011	-	Active	NO

Name :

Mr. Dineshbhai Pragjibhai Vaviya

Designation :

Whole-Time Director

Address :

B – 2, Krishna Flats, Navrangpura, Behind Navrangpura Telephone Exchange, Ahmedabad – 380009, Gujarat, India

Date of Birth/Age :

17.11.1967

Date of Appointment :

13.04.2004

DIN No.:

00009097

Name :

Mr. Madhubhai Pragjibhai Vaviya

Designation :

Whole-Time Director

Address :

“Radhevi Krupa”, Near Nehru Baug, Abhyoday Park Society, Anand - 388001, Gujarat, India

Date of Birth/Age :

18.03.1970

Date of Appointment :

13.04.2004

DIN No.:

00009100

Other Directorship :

CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
U45201GJ2004PTC043955	Patel Infrastructure Private Limited	Whole-time director	13/04/2004	13/04/2004	-	Active	NO
U45202GJ2011PTC066793	Patel Bridge Nirman Private Limited	Director	1/10/2011	1/10/2011	-	Active	NO

Name :

Mr. Sureshbhai Pragjibhai Vaviya

Designation :

Whole-Time Director

Address :

“Radhevi Krupa”, Near Nehru Baug, Abhyoday Park Society, Anand, Gujarat, India

Date of Birth/Age :

03.06.1972

Date of Appointment :

13.04.2004

DIN No.:

00009106

KEY EXECUTIVES

Name :	Mr. Mahesh
Designation :	Accounts Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 17.09.2010

Names of Shareholders	No. of Shares
Pravinbhai Vitthalbhai Patel	1185000
Arvindbhai Vitthalbhai Patel	1185000
Dineshbhai Pragjibhai Vaviya	380000
Madhubhai Pragjibhai Vaviya	380000
Sureshbhai Pragjibhai Vaviya	380000
Smitaben Pravinbhai Patel	144993
Kaminiben Arvindbhai Patel	144997
Mukesh Rasikbhai Patel	1
Hitesh Pragjibhai Patel	1
Arvind V. Patel (HUF)	1
Pravin V. Patel (HUF)	1
Chhaganbhai Busa	1
Gordhanbhai Moliya	1
Piyushbhai Moliya	1
Shantilal A. Patel	1
Haridarshan Association, India	1
Premilaben Dineshchandra Patel	1
Total	3800000

Equity Share Break up (Percentage of Total Equity)

As on 17.09.2010

Category	Percentage
Directors or relatives of Directors	99.99
Other top fifty shareholders	00.01
Total	100.00

BUSINESS DETAILS

Line of Business :	They are engaged into construction activity.
Terms :
Selling :	Cash/ Credit
Purchasing :	Cash/ Credit

GENERAL INFORMATION

No. of Employees :

50 (Approximately)

Bankers :

· Standard Chartered Bank, Ground Floor, Abhijeet II, Mithakhali Six Roads, Ahmedabad – 380006, Gujarat, India

· ICICI Bank Limited, Landmark Race Cource Circle, Alkapuri, Baroda – 390015, Gujarat, India

Facilities :

Secured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
Loans from Private Bank/Finance Institutions
Secured against Machinery/CVs (Secured by Hypothecation of Machinery and Commercial Vehicles)		9.678
Secured against Vehicles (Secured by Hypothecation of Motor Cars)	272.119	3.837
Cash Credit (Secured by Hypothecation of Stock and Debtors)		105.125
Total	272.119	118.640
Unsecured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
Inter Corporate Deposits		0.000
Deposits from Directors and Relatives	26.055	4.185
Deposits from Shareholders		45.000
From Banks		1.698
Total	26.055	50.883

Banking Relations :	--
Auditors :
Name :	Ketan P. Bhansali Chartered Accountant
Address :	K. P. Bhanshali and Company, 708, Everest Complex, Rajkot – 360001, Gujarat, India
PAN.:	ABTPB9381B
Subsidiaries :	Patel Highway Management Private Limited

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
4000000	Equity Shares	Rs.10/- each	Rs.40.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
3800000	Equity Shares	Rs.10/- each	Rs.38.000 Millions

Notes:

(Of the above, 1900000 equity shares are issued for consideration other than cash on conversion of firm)

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		38.000	38.000	38.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		424.034	323.021	235.985
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		462.034	361.021	273.985
LOAN FUNDS
1] Secured Loans		272.119	118.640	152.336
2] Unsecured Loans		26.055	50.883	43.236
TOTAL BORROWING		298.174	169.523	195.572
DEFERRED TAX LIABILITIES		29.513	21.453	16.677
TOTAL		789.721	551.997	486.234
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		462.861	293.722	252.871
Capital work-in-progress		6.623	0.000	28.323
INVESTMENT		113.542	113.542	106.141
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	57.101	73.678	56.684
	Sundry Debtors	150.107	146.711	122.891
	Cash & Bank Balances	206.348	173.758	142.462
	Other Current Assets	200.408	141.417	101.609
	Loans & Advances	128.691	84.069	48.592
Total Current Assets		742.655	619.633	472.238
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors		151.367	76.655
	Other Current Liabilities	535.960	290.850	273.663
	Provisions		32.683	23.021
Total Current Liabilities		535.960	474.900	373.339
Net Current Assets		206.695	144.733	98.899
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		789.721	551.997	486.234

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Direct Income	2144.517	1814.519	1268.817
		Indirect Income	12.200	19.454	9.996
		TOTAL (A)	2156.717	1833.973	1278.813
Less	EXPENSES
		Cost of Material Sold/Consumed	607.220	558.617	386.821
		Direct Expenses	1124.061	949.826	664.740
		Payment to and provisions for Employees	73.629	50.623	40.625
		Administrative Expenses	129.807	100.751	55.124
		TOTAL (B)	1934.717	1659.817	1147.310
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		222.000	174.156	131.503
Less	FINANCIAL EXPENSES (D)		37.586	29.464	28.418
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		184.414	144.692	103.085
Less/ Add	DEPRECIATION/ AMORTISATION (F)		31.000	20.137	18.450
	PROFIT BEFORE TAX (E-F) (G)		153.414	124.555	84.635
Less	TAX (H)		53.711	37.337	27.563
	PROFIT AFTER TAX (G-H) (I)		99.703	87.218	57.072
Less	SHORT PROVISION FOR TAX OF EARLIER YEARS		(1.309)	0.182	1.676
	BALANCE CARRIED TO THE B/S		101.012	87.036	55.396 V
	Earnings Per Share (Rs.)		26.24	22.95	15.02

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	4.62	4.76	4.46
Net Profit Margin (PBT/Sales)	(%)	7.15	6.86	6.67
Return on Total Assets (PBT/Total Assets}	(%)	12.73	13.63	11.67
Return on Investment (ROI) (PBT/Networth)		0.33	0.35	0.31
Debt Equity Ratio (Total Liability/Networth)		1.81	1.79	2.08
Current Ratio (Current Asset/Current Liability)		1.39	1.30	1.26

LOCAL AGENCY FURTHER INFORMATION

DETAILS OF SUNDRY CREDITORS

(Rs. in Millions)

PARTICULARS	31.03.2011	31.03.2010	31.03.2009
Sundry Creditors	NA	151.367	76.655
TOTAL	NA	151.367	76.655

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	--
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	No
12) Profitability for last three years	No
13) Reasons for variation <> 20%	No
14) Estimation for coming financial year	No
15) Capital in the business	No
16) Details of sister concerns	No
17) Major suppliers	No
18) Major customers	No
19) Payments terms	Yes
20) Export / Import details (if applicable)	No
21) Market information	--
22) Litigations that the firm / promoter	--
23) Banking Details	Yes
24) Banking facility details	No
25) Conduct of the banking account	--
26) Buyer visit details	--
27) Financials, if provided	No
28) Incorporation details, if applicable	--
29) Last accounts filed at ROC	--
30) Major Shareholders, if available	--

FORM 8

Corporate identity number of the company	U45201GJ2004PTC043955
Name of the company	PATEL INFRASTRUCTURE PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Patcon House, Kotecha Chowk, Kalawad Road, Rajkot – 360007, Gujarat, India Email Id : ho@patelinfra.com
This form is for	Creation of charge
Type of charge	Movable property (not being pledge) Maruti Suzuki Ritz VDI
Particular of charge holder	ICICI Bank Limited, Landmark Race Cource Circle, Alkapuri, Baroda – 390015, Gujarat, India Email Id : shanthi.venkatesan@icicibank.com
Date of instrument Creating the charge	25.11.2011
Amount secured by the charge	Rs.0.485 Million
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest 11.24% PER ANNUM Terms of repayment The Amount of Loan is repayable in 36 equal monthly installments of Rs.0.015 Million starting from 15th December, 2011 and ending on 15th November, 2014 Margin Nil Extent and operation of the charge The Charge extends on the Maruti Suzuki Ritz VDI Car purchased from loan finance of the ICICI Bank Limited together with interest coast and charges
Short particulars of the property or asset(s) charged (including complete address and location of the property)	MARUTI Suzuki Ritz VDI CAR purchased from the loan finance of ICICI Bank Limited

FIXED ASSETS

· Buildings

· Plant and Machinery

· Earth Movers

· Computers

· Two Wheelers

· Furniture and Fixtures

· Motor Vehicles

· Office Equipment

· Motor Lories

· Land

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 records 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 records 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.50.33
UK Pound	1	Rs.77.97
Euro	1	Rs.65.31

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	5
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--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
TOTAL		49

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.