MIRA INFORM REPORT

Report Date :

21.03.2012

Tel. No.:

91-7940220411 (Mr. Hasmukhbhai Shah)

IDENTIFICATION DETAILS

Name :	PARTH EQUIPMENT LIMITED
Registered Office :	Shed No.1/4209, Phase IV, GIDC, Vatwa, Ahmedabad – 382445, Gujarat
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	24.05.2007
Com. Reg. No.:	050942
Capital Investment / Paid-up Capital :	Rs.4.408 Millions
CIN No.: [Company Identification No.]	U29300GJ2007PTC050942
TAN No.: [Tax Deduction & Collection Account No.]	AHMP05629B
Legal Form :	A closely held Public Limited Liability Company
Line of Business :	Manufacturer and Exporter of Coil Slitting Line, Cut To Length Line Machines and Hydrostatic Test Bench Machine.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (44)

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

Maximum Credit Limit :	USD 135888
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. 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.

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/Factory :	Shed No.1/4209, Phase IV, GIDC, Vatwa, Ahmedabad – 382445, Gujarat, India
Tel. No.:	91-79-40220400/25841863-64/25840939
Fax No.:	91-79-25841720
E-Mail :	ppsystems@yahoo.co.in

DIRECTORS

AS ON 30.09.2011

Name :	Mr. Hasmukhbhai Trikamlal Shah
Designation :	Director
Address :	27, Nehrupark Society, Bhairavnath Road, Maninagar, Ahmedabad - 380022, Gujarat, Inida
Date of Birth/Age :	28.02.1961
Date of Appointment :	24.05.2007

Other Directorship:

Top of Form

Bottom of Form

S.No.	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
1	U28999GJ1998PLC034690	DIVY ROLLFORM LIMITED	Whole-time director	01/04/2008	21/09/1998	-	Active	NO
2	U29300GJ2007PLC050942	PARTH EQUIPMENT LIMITED	Whole-time director	01/02/2008	24/05/2007	-	Active	NO

Name :	Ms. Bhavnaben Hasmukhbhai Shah
Designation :	Director
Address :	27, Nehrupark Society, Bhairavnath Road, Maninagar, Ahmedabad - 380022, Gujarat, Inida
Date of Birth/Age :	17.08.1964
Date of Appointment :	24.05.2007

Other Directorship:

Top of Form

Bottom of Form

S.No.	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
1	U28999GJ1998PLC034690	DIVY ROLLFORM LIMITED	Whole-time director	01/04/2008	21/09/1998	-	Active	NO
2	U29300GJ2007PLC050942	PARTH EQUIPMENT LIMITED	Whole-time director	01/04/2008	24/05/2007	-	Active	NO

Name :	Ms. Neeta Navnitkumar Shah
Designation :	Director
Address :	27, Nehrupark Society, Bhairavnath Road, Maninagar, Ahmedabad - 380022, Gujarat, Inida
Date of Birth/Age :	06.01.1959
Date of Appointment :	24.05.2007

Other Directorship:

Top of Form

Bottom of Form

S.No.	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
1	U28999GJ1998PLC034690	DIVY ROLLFORM LIMITED	Whole-time director	01/04/2008	21/09/1998	-	Active	NO
2	U29300GJ2007PLC050942	PARTH EQUIPMENT LIMITED	Whole-time director	01/04/2008	24/05/2007	-	Active	NO

Name :	Mr. Navnitkumar Trikamlal Shah
Designation :	Director
Address :	27, Nehrupark Society, Bhairavnath Road, Maninagar, Ahmedabad - 380022, Gujarat, Inida
Date of Birth/Age :	23.09.1955
Date of Appointment :	24.05.2007

Other Directorship:

Top of Form

Bottom of Form

S.No.	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
1	U28999GJ1998PLC034690	DIVY ROLLFORM LIMITED	Managing director	01/04/2008	21/09/1998	-	Active	NO
2	U29300GJ2007PLC050942	PARTH EQUIPMENT LIMITED	Managing director	01/02/2008	24/05/2007	-	Active	NO

Name :	Mr. Manuben Trikamlal Shah
Designation :	Director
Address :	27, Nehrupark Society, Bhairavnath Road, Maninagar, Ahmedabad - 380022, Gujarat, Inida
Date of Birth/Age :	07.11.1933
Date of Appointment :	31.03.2009

Other Directorship:

Top of Form

Bottom of Form

S.No.	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
1	U29300GJ2007PLC050942	PARTH EQUIPMENT LIMITED	Director	31/03/2009	31/03/2009	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2011

Names of Shareholders	No. of Shares
Navnitlal Trikamlal Shah	314280
Hasmukh T Shah	64800
Neetaben N Shah	11500
Bhavnaben H Shah	25000
Manuben T Shah	25000
Jyotiben T Parikh	100
Trushant I Parekh	100
Total	440780

AS ON 30.09.2011

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of Coil Slitting Line, Cut To Length Line Machines and Hydrostatic Test Bench Machine.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· Yes Bank Limited, 9th Floor, Nehru Centre, Discovery Of India,, Dr. Annie Besant Road, Worli,, Mumbai - 400018, Maharashtra, India

· Corporation Bank, Industrial Finance Branch, Opp. V. S. Hospital, Ellisbridge, Ahmedabad - 380006, Gujarat, India

Facilities :

SECURED LOAN	Rs. In Millions 31.03.2011	Rs. In Millions 31.03.2010
corporation Bank (Book Over Drawn) Term Loan A/c Cash Credit :- Yes Bank Cash Credit Cash Credit Facility (Corporation Bank CC) (Secured by YES BANK Limited (P. Y. Corporation Bank Ltd.)Against Equitable Mortgage of Land and Factory Building, Stock of Raw Materials, Work - In - Progress, FinishedGoods, Book Debts, further Gauranteed by Directors of the Company.) Vehicle Loan	2.305 6.536 35.814 -- 0.800	-- 2.561 -- 26.396 0.931
TOTAL	45.456	29.889
UNSECURED LOAN	Rs. In Millions 31.03.2011	Rs. In Millions 31.03.2010
From Banks : From Directors : From Inter Corporate Bodies From Members & Others :	-- 5.157 0.638 8.219	3.337 7.609 6.956 6.049
TOTAL	14.014	23.952

Banking Relations :	--
Auditors :
Name :	P. Parakh and Associates Chartered Accountant
Address :	504 - C, Sahajanand Shopping Centre, Shahibaug, Ahmedabad – 380004, Gujarat, India
Associates/Subsidiaries :	NA

CAPITAL STRUCTURE

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
500000	Equity Shares	Rs.10/- each	Rs.5.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
440780	Equity Shares	Rs.10/- each	Rs.4.408 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		4.408	4.408	4.408
2] Share Application Money		0.183	0.000	0.000
3] Reserves & Surplus		29.381	24.753	21.081
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		33.972	29.161	25.489
LOAN FUNDS
1] Secured Loans		45.456	29.889	17.351
2] Unsecured Loans		14.014	23.952	23.321
TOTAL BORROWING		59.470	53.841	40.672
SECURITIES DEPOSITES		10.819	5.158	0.000
DEFERRED TAX LIABILITIES		2.199	2.033	0.837
TOTAL		106.460	90.193	66.998
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		52.428	46.971	33.593
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	42.928	48.621	52.263
	Sundry Debtors	43.081	27.402	30.515
	Cash & Bank Balances	0.976	0.715	0.563
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	5.980	9.452	9.566
Total Current Assets		92.965	86.190	92.907
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	34.893	38.055	38.862
	Other Current Liabilities	2.297	4.136	19.550
	Provisions	1.750	0.791	1.111
Total Current Liabilities		38.940	42.982	59.523
Net Current Assets		54.025	43.208	33.384
MISCELLANEOUS EXPENSES		0.007	0.014	0.021
TOTAL		106.460	90.193	66.998

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	156.845	186.155	123.254
		Other Income	0.205	0.883	0.223
		TOTAL (A)	157.050	187.038	123.477
Less	EXPENSES
		Cost of Materials Consumed	120.615	118.577	89.943
		Manufacturing & Other Expenses	16.785	20.061	18.775
		Payment to Employees	17.199	14.737	12.732
		Admin & Selling Expenses	7.107	7.034	3.898
		Increased / (Decreased) In Stock	(18.780)	14.195	(11.316)
		TOTAL (B)	142.926	174.604	114.032
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		14.124	12.434	9.445
Less	FINANCIAL EXPENSES (D)		5.703	4.577	3.247
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		8.421	7.857	6.198
Less/ Add	DEPRECIATION/ AMORTISATION (F)		1.749	1.593	1.314
	PROFIT BEFORE TAX (E-F) (G)		6.672	6.264	4.884
Less	TAX (I)		1.531	2.592	1.539
	PROFIT AFTER TAX (G-I) (J)		5.141	3.672	3.345
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		7.583	3.911	0.566
Less	APPROPRIATIONS
		Dividend	0.441	0.000	0.000
		Tax on Dividend	0.073	0.000	0.000
	BALANCE CARRIED TO THE B/S		12.210	7.583	3.911

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	3.27	1.96	2.71
Net Profit Margin (PBT/Sales)	(%)	4.25	3.35	3.96
Return on Total Assets (PBT/Total Assets}	(%)	4.59	4.70	3.86
Return on Investment (ROI) (PBT/Networth)		0.19	0.21	0.19
Debt Equity Ratio (Total Liability/Networth)		2.89	3.32	3.93
Current Ratio (Current Asset/Current Liability)		2.39	2.00	1.56

LOCAL AGENCY FURTHER INFORMATION

OPERATION :

The companies operation in the current year shows that the companies growth ability which can seen by drastic increase in the gross revenue by Rs.0.410 Million, that is by 6.54 % as compare to last year, so for company is planning to come up with one major expansion programme, where by the company would going to utilize its retained earnings as well new term loan.

FORM 8:

Corporate identity number of the company	U29300GJ2007PLC050942
Name of the company	PARTH EQUIPMENT LIMITED
Address of the registered office or of the principal place of business in India of the company	Shed No. I / 4209, Phase - Iv, Gidc, Vatwa, Ahmedabad – 382445, Gujarat, India
This form is for	Creation of charge
Type of charge	Immovable Property
Particular of charge holder	YES BANK LIMITED
Nature of instrument creating charge	Memorandum of Equitable Mortgage by Deposit of Title deeds.
Date of instrument Creating the charge	23/05/2011
Amount secured by the charge	Rs.55.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest Rates as communicated by the bank from time to time. Terms of Repayment Unless Demanded earlier at the end of the facility tenor. Margin Margins as communicated by the bank from time to time. Extent and Operation of the charge Exclusive Charge on Company's immovable properties both present and future as attached in the document.
Short particulars of the property charged	Property located at industrial plot adm.4624 sq.mtrs situated at Survey No.522/1 paiki (total adm,11595) Khata No 54 Original Plot No.17/1 Darf T.P.Secheme No.107 of Mouje Ramol, Taluka Daskroi, Ahd. Property located plot adm.I-4208 adm. 326 sq.mtrs plot area and in Vatwa Industrial Estate of GIDC Phase- IV, situated at Survey No.381/P of Mouje Ramol, Taluka City and Daskroi, Dist. Ahmedabad. Property located plot adm.I-4209 adm. 326 sq.mtrs plot area & in Vatwa Industrial Estate of GIDC Phase- IV, situated at Survey No.381/P of Mouje Ramol, Taluka City and Daskroi, Dist. Ahmedabad. Exclusive Charge on Company's immovable properties both present and future as attached in the document.

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.50.25
UK Pound	1	Rs.79.76
Euro	1	Rs.66.52

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	4
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		44

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.