MIRA INFORM REPORT

Report Date :

29.06.2012

IDENTIFICATION DETAILS

Name :	PATEL ALLOY STEEL PRIVATE LIMITED (w.e.f. 18.07.2003)
Formerly Known As :	PATEL ALLOY STEEL LIMITED
Registered Office :	297-300, Phase II, GIDC, Vatva, Ahmedabad - 382445, Gujarat
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	22.01.1979
Com. Reg. No.:	04-003273
Capital Investment/ Paid-up Capital:	Rs.79.998 Millions
CIN No.: [Company Identification No.]	U27320GJ1979PTC003273
TAN No.: [Tax Deduction & Collection Account No.]	AHMP00896A
PAN No.: [Permanent Account No.]	AABCP2984J
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Iron Casting and Windmill Parts.
No. of Employees:	Not Available

RATING & COMMENTS

MIRA’s Rating :

A (63)

RATING		STATUS	PROPOSED CREDIT LINE
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

Maximum Credit Limit :	USD 8600000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well established company having fine track. Financial position of the company appears to be sound. Trade relations are reported as fair. Business is active. Payments are reported to be regular and as per commitment. The company can be considered good for normal 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 – September 30, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

LOCATIONS

Registered Office :	297-300, Phase II, GIDC, Vatva, Ahmedabad - 382445, Gujarat, India
Tel. No.:	91-79-25898221/ 2/ 3/ 4
Fax No.:	91-79-25898226/ 7
E-Mail :	info@patelalloy.com krp.pasl@gmail.com ajaveri100@gmail.com akjaveri@patelalloy.com
Website :	www.patelalloy.com

DIRECTORS

As on: 30.09.2011

Name :

Mr. Kamalnayan Hasmukhlal Javeri

Designation :

Chairman and Managing Director

Address :

7, Lallubhai Park Beside St. Xaviers College Opposite Som Lalit College Navrangpura Ahmedabad- 380009, Gujarat, India

Date of Birth/Age :

23.11.1954

Qualification :

B.E. (Elec.)

Date of Appointment :

12.10.1988

DIN No.:

00118050

Other Directorships :

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	U27320GJ1979PTC003273	PATEL ALLOY STEEL PRIVATE LIMITED	Managing director	12-10-88	12-10-88	-	Active	NO
2	U65910GJ1997PTC031672	PASL WINDTECH PRIVATE LIMITED	Director	07-02-97	07-02-97	-	Active	NO
3	U31100GJ2008PTC055104	PASL WIND SOLUTIONS PRIVATE LIMITED	Director	23-09-08	23-09-08	-	Active	NO
4	U28110GJ2008PTC055185	PWS TOWERS PRIVATE LIMITED	Director	07-10-08	07-10-08	-	Active	NO

Name :

Mrs. Anjana Kamalnayan Javeri

Designation :

Whole Time Director

Address :

7, Lallubhai Park Beside St. Xaviers College Opposite Som Lalit College Navrangpura Ahmedabad- 380009, Gujarat, India

Date of Birth/Age :

16.09.1956

Date of Appointment :

12.12.1996

DIN No.:

00118096

Other Directorships :

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	U27320GJ1979PTC003273	PATEL ALLOY STEEL PRIVATE LIMITED	Whole-time director	12-12-96	12-12-96	-	Active	NO
2	U65910GJ1997PTC031672	PASL WINDTECH PRIVATE LIMITED	Director	07-02-97	07-02-97	-	Active	NO
3	U31100GJ2008PTC055104	PASL WIND SOLUTIONS PRIVATE LIMITED	Director	01-06-12	01-06-12	-	Active	NO

Name :

Mr. Abhishek Kamalnayan Javeri

Designation :

Whole Time Director

Address :

7, Lallubhai Park Beside St. Xaviers College Opposite Som Lalit College Navrangpura Ahmedabad- 380009, Gujarat, India

Date of Birth/Age :

26.06.1983

Qualification :

B.E. (Mech.)

Date of Appointment :

28.06.2001

DIN No.:

00118117

Other Directorships :

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	U27320GJ1979PTC003273	PATEL ALLOY STEEL PRIVATE LIMITED	Whole-time director	28-06-01	28-06-01	-	Active	NO
2	U65910GJ1997PTC031672	PASL WINDTECH PRIVATE LIMITED	Director	22-08-01	22-08-01	-	Active	NO
3	U31100GJ2008PTC055104	PASL WIND SOLUTIONS PRIVATE LIMITED	Director	23-09-08	23-09-08	-	Active	NO
4	U28110GJ2008PTC055185	PWS TOWERS PRIVATE LIMITED	Director	27-09-10	05-10-09	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 30.09.2011

Names of Shareholders	No. of Shares
Haribhai Jashibhai Patel	15000
Sikander Umerbhai	2000
Mariamben Rasul Savdi	2000
Jainaben Mohmed Kasam	2000
Rehmat Noormohmed Sea	2000
Kaliben Mohmed	2000
Sakiben Gani Mithapirji	2000
Hafiiji Suleman Vali	10000
Hafiji Zelekhan Iqbal	4000
Hafiji Iqbal Vali	6000
Hafiji Abdul Vali	6000
Hafiji Yusuf Rasul	10000
Hafiji Vali Rasul	8000
Hafiji Siddique Mohmed	6000
Bikkis Asaraf	10000
Kamalnayan H. Javeri	5127580
PASL Windtech Private Limited, India	1775000

Equity Share Break up (Percentage of Total Equity)

As on: 30.09.2011

Category	Percentage
Bodies corporate	22.19
Directors or relatives of directors	76.84
Other top fifty shareholders	0.97
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of Iron Casting and Windmill Parts.

Products :

Product Descriptions	ITC Code
Iron Casting Windmill Parts	73259910

PRODUCTION STATUS (As on: 31.03.2011)

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
Ductile Iron Castings	MT	NA	20000	9899
Alloy Steel/Copper Castings	MT	NA	800	-

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

• Standard Chartered Bank, Abhijeet II, Ground Floor, Near Mithakhali Six Road, Ahmedabad-380006, Gujarat, India
• IDBI Bank Limited, IDBI Complex, Near Lal Bungalow, Off. C.G. Road, Ahmedabad-380006, Gujarat, India

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2011	As on 31.03.2010
Rupee term loans banks secured	37.379	85.378
Working capital loans banks secured	92.668	24.096
Foreign currency loans banks secured	0.000	47.261
Interest accrued due other debt secured	0.000	0.684
Total	130.047	157.419

Banking Relations :	--
Auditors :
Name :	Dinesh R. Shah and Company Chartered Accountant
Address :	51, Madhuban, Near Madalpur Underbridge, Ellisbridge, Ahmedabad - 380006, Gujarat, India
PAN No.:	AAFFD0959G
Associates :	· PASL Windtech Private Limited CIN No.: U65910GJ1997PTC031672
Subsidiaries :	· PWS Towers Private Limited CIN No.: U28110GJ2008PTC055185 · PASL Wind Solutions Private Limited CIN No.: U31100GJ2008PTC055104

CAPITAL STRUCTURE

As on: 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
10000000	Equity Shares	Rs.10/- each	Rs.100.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
7999840	Equity Shares	Rs.10/- each	Rs.79.998 Millions

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		79.998	79.998	79.998
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		2089.954	1878.804	1628.633
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		2169.952	1958.802	1708.631
LOAN FUNDS
1] Secured Loans		130.047	157.419	234.412
2] Unsecured Loans		0.000	0.000	0.089
TOTAL BORROWING		130.047	157.419	234.501
DEFERRED TAX LIABILITIES		170.804	159.818	130.725
TOTAL		2470.803	2276.039	2073.857
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		1175.928	1162.925	1132.918
Capital work-in-progress		16.180	9.926	14.453
INVESTMENT		108.385	114.009	167.936
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	159.400	183.967	132.380
	Sundry Debtors	251.977	214.750	237.029
	Cash & Bank Balances	724.021	572.487	415.481
	Other Current Assets	38.576	0.000	0.000
	Loans & Advances	201.765	329.562	231.001
Total Current Assets		1375.739	1300.766	1015.891
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	59.413	73.603	77.139
	Other Current Liabilities	64.966	147.884	179.382
	Provisions	81.050	90.100	0.820
Total Current Liabilities		205.429	311.587	257.341
Net Current Assets		1170.310	989.179	758.550
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		2470.803	2276.039	2073.857

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	986.771	901.110	1343.374
		Other Income	92.941	148.757	14.820
		TOTAL (A)	1079.712	1049.867	1358.194
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL (B)	712.139	599.296	842.755
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		367.573	450.571	515.439
Less	FINANCIAL EXPENSES (D)		0.000	17.092	16.749
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		367.573	433.479	498.690
Less/ Add	DEPRECIATION/ AMORTISATION (F)		67.439	64.116	50.896
	PROFIT BEFORE TAX (E-F) (G)		300.134	369.363	447.794
Less	TAX (H)		88.985	119.192	167.836
	PROFIT AFTER TAX (G-H) (I)		211.149	250.171	279.958
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		1878.468	1628.297	1348.339
	BALANCE CARRIED TO THE B/S		2089.617	1878.468	1628.297
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	150.044	317.613	577.082
	TOTAL EARNINGS		150.044	317.613	577.082
	IMPORTS
		Raw Materials	57.165	NA	169.542
	TOTAL IMPORTS		57.165	NA	169.542
	Earnings Per Share (Rs.)		26.39	31.27	35.00

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	19.56	23.83	20.61
Net Profit Margin (PBT/Sales)	(%)	30.42	40.99	33.33
Return on Total Assets (PBT/Total Assets}	(%)	11.76	14.99	20.83
Return on Investment (ROI) (PBT/Networth)		0.14	0.19	0.26
Debt Equity Ratio (Total Liability/Networth)		0.15	0.24	0.29
Current Ratio (Current Asset/Current Liability)		6.70	4.17	3.95

LOCAL AGENCY FURTHER INFORMATION

Check List by Info Agents	Available in Report [Yes/No]
Year of Establishment	Yes
Locality of the Firm	Yes
Constitution of the firm	Yes
Premises details	No
Type of Business	Yes
Line of Business	Yes
Promoters background	Yes
No. of Employees	No
Name of Person Contacted	No
Designation of contact person	No
Turnover of firm for last three years	Yes
Profitability for last three years	Yes
Reasons for variation <> 20%	-
Estimation for coming financial year	No
Capital the business	Yes
Details of sister concerns	Yes
Major Suppliers	No
Major Customers	No
Payment Terms	No
Export / Import Details [If Applicable]	No
Market Information	-
Litigations that the firm / promoter involved in	-
Banking Details	Yes
Banking Facility Details	Yes
Conduct of the banking account	-
Buyer visit details	-
Financials, if provided	Yes
Incorporation details, if applicable	Yes
Last accounts filed at ROC	Yes
Major Shareholders, if applicable	Yes

OPERATIONS:

The Company has achieved manufacturing Sales of Rs. 986.771 Millions as compared to previous year’s figure of Rs. 901.110 Millions. Apart from the above, the Company has also effected labour Sales and trading sales of Rs. 199.47 Millions during the year. The profit after tax for the year under report is Rs. 211.149 Millions as compared to the previous years’ profit after tax of Rs. 250.171 Millions.

AS PER WEBSITE DETAILS:

PROFILE

They are large-scale manufacturer and exporter of Graded Cast Iron and Spheroidal (Nodular) Graphite Iron (SGI) Castings.

Built in 1982, starting with steel castings as main products, PASL has developed different grades of SGI castings as per need of market and established itself as a leading manufacturer of SGI casting parts on local and global market through consistent work of high quality. The company was an early pioneer in development of heavy weight castings for Wind Turbine Generator Industry and Plastic Injection Molding Machines.

From its location on four closely integrated works-sites spread over 42 acres of land and a built-up area of over 12 acres PASL has serviced both local needs and worldwide markets. The foundry is equipped with second-to-none melting and material handling facilities thus resulting in no limits to casting size and weight.

The maximum single casting weight they have obtained so far is 40Tons. High-quality, competitive prices, in-time deliveries are only some of the advantages PASL could offer to customers. Custom work is a specialty at PASL and trained and qualified engineers are available at the plant to service the specific needs.

They are an ISO 9001:2000, ISO 14001:2004 certified company and also are certified by Germainscher Lloyd for the manufacture of cast components for Wind turbine and for procedure certifications. They are at advanced stage of implementing ISO 18000.

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.56.92
UK Pound	1	Rs.88.91
Euro	1	Rs.71.25

INFORMATION DETAILS

Report Prepared by :

VRN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	8
PAID-UP CAPITAL	1~10	7
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	7
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	7
--LEVERAGE	1~10	7
--RESERVES	1~10	7
--CREDIT LINES	1~10	7
--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	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		63

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.