MIRA INFORM REPORT

Report No. :	349314
Report Date :	27.11.2015

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
Tel. No.:	91-79-40264646

Country :	India

Financials (as on) :	31.03.2014

Date of Incorporation :	22.01.1979

Com. Reg. No.:	04-003273

Capital Investment / Paid-up Capital :	Rs.79.998 Million

CIN No.: [Company Identification No.]	U27320GJ1979PTC003273

IEC No.:	0895001501

TAN No.: [Tax Deduction & Collection Account No.]	AHMP00896A

PAN No.: [Permanent Account No.]	AABCP2984J

Legal Form :	Private Limited Liability Company

Line of Business :	Manufacturing, Exporting and Importing of Casting and Windmill Parts.

No. of Employees :	500 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (53)

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

Maximum Credit Limit :	USD 6800000

Status :	Satisfactory

Payment Behaviour :	Usually correct

Litigation :	Exist

Comments :	Subject is an established company incorporated in the year 1997. It is a manufacturer, Exporter and Importer of casting and windmill parts. It has a satisfactory track record. The rating takes into consideration sound financial risk profile marked by strong networth base along with minimal debt level of the company. Further healthy cash accruals from its operations leading to strong liquidity position in FY14. However, the company has reported down trend in its revenue base since last few couple of financial years. However, has earned fair profit margin of nearly 6% in the year under consideration. Trade relations are fair. Business is active. Payment terms are reported to be usually correct. In view of aforesaid, the company can be considered for business dealings with 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.

HENKEL RATING

HENKEL’s Rating :

350 (Significant risk)

Credit Rating	Henkel Rating (Customer Risk Assesment- CRA)
Mira Inform	Risk Category	Credit Limit	Description
Aaa	100	Inter Company, credit limit not required	Very low risk (blue ships)
Aa	200, 201	(120% of Gross Annualised Sales/365)*Credit Term.	Low risk
A	300, 301	(100% of Gross Annualised Sales/365)*Credit Term.	Moderate risk
Ba	350	(90% of Gross Annualised Sales/365)*Credit Term.	Significant risk
B	400	(80% of Gross Annualised Sales/365)*Credit Term.	High risk
B	450	(80% of Gross Annualised Sales/365)*Credit Term.	Very high risk
Ca or C	500*	NIL/ Legal/ Bad/No Transaction	Doubtful accounts
	007*	NIL	Small unrated customers
	009*	NIL	Inactive customers
	999*	Initially First Invoice vales, CRA will be done and based on report the CL would get revised.	New customer

ECGC Country Risk Classification List – March 31, 2015

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

India

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

EXTERNAL AGENCY RATING

Rating Agency Name	Not Available
Rating	Not Available
Rating Explanation	Not Available
Date	Not Available

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 31-03-2015.

INFORMATION PARTED BY

Name :	Mr. Sunil
Designation :	Assistant Accounts Manager
Contact No.:	91-79-40264646
Date :	26.11.2015

LOCATIONS

Registered Office/ Factory :	297-300, Phase II, GIDC, Vatva, Ahmedabad - 382445, Gujarat, India
Tel. No.:	91-79-40264646/25898221/2/3/4
Fax No.:	91-79-40264676/25898226/7
E-Mail :	info@paspl.com pastad1@sancharnet.in npparekh@pastl.com
Website :	http://www.paspl.com www.patelalloy.com
Location :	Owned
Locality:	Commercial

DIRECTORS

AS ON 30.09.2014

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

PAN No.:

ADNPJ1164A

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	Date of cessation	Company/ LLP Status	Defaulting status
1	U27320GJ1979PTC003273	PATEL ALLOY STEEL PRIVATE LIMITED	Managing director	12/10/1988	12/10/1988	-	Active	NO
2	U65910GJ1997PTC031672	PASL WINDTECH PRIVATE LIMITED	Director	07/02/1997	07/02/1997	-	Active	NO
3	U31100GJ2008PTC055104	PASL WIND SOLUTIONS PRIVATE LIMITED	Director	23/09/2008	23/09/2008	-	Active	NO
4	U28110GJ2008PTC055185	PWS TOWERS PRIVATE LIMITED	Director	07/10/2008	07/10/2008	-	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

PAN No.:

ADNPJ1166C

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	Date of cessation	Company/ LLP Status	Defaulting status
1	U27320GJ1979PTC003273	PATEL ALLOY STEEL PRIVATE LIMITED	Whole-time director	12/12/1996	12/12/1996	-	Active	NO
2	U65910GJ1997PTC031672	PASL WINDTECH PRIVATE LIMITED	Director	07/02/1997	07/02/1997	-	Active	NO
3	U31100GJ2008PTC055104	PASL WIND SOLUTIONS PRIVATE LIMITED	Director	01/06/2012	01/06/2012	-	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

PAN No.:

ADGPJ0044C

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	Date of cessation	Company/ LLP Status	Defaulting status
1	U27320GJ1979PTC003273	PATEL ALLOY STEEL PRIVATE LIMITED	Whole-time director	28/06/2001	28/06/2001	-	Active	NO
2	U65910GJ1997PTC031672	PASL WINDTECH PRIVATE LIMITED	Director	22/08/2001	22/08/2001	-	Active	NO
3	U31100GJ2008PTC055104	PASL WIND SOLUTIONS PRIVATE LIMITED	Director	23/09/2008	23/09/2008	-	Active	NO
4	U28110GJ2008PTC055185	PWS TOWERS PRIVATE LIMITED	Director	27/09/2010	05/10/2009	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Sunil
Designation :	Assistant Accounts Manager

MAJOR SHAREHOLDERS

AS ON 30.09.2014

SHAREHOLDING DETAILS FILE ATTACHED.

Equity Share Break up (Percentage of Total Equity)

AS ON 30.09.2014

Category	Percentage
Bodies corporate	22.19
Directors or relatives of Directors	76.65
Other top fifty shareholders	1.16
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturing, Exporting and Importing of Casting and Windmill Parts.

Products :

Item Code No.	Product Description
73259910	Iron Casting

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Products :

Finished Goods

Countries :

USA
Sweden

Imports :

Products :

Raw Materials

Countries :

China

Terms :

Selling :

L\C, Cheque and Credit

Purchasing :

L\C, Cheque and Credit

PRODUCTION STATUS: NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Maximum Limit Dealt :	Not Divulged
Experience :	Not Divulged
Remark:	Not Divulged

Customers :

Wholesalers and End Users

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Maximum Limit Dealt :	Not Divulged
Experience :	Not Divulged
Remark:	Not Divulged

No. of Employees :

500 (Approximately)

Bankers :

IDBI Bank Limited, IDBI Complex, Near Lal Bungalow, Off C. G. Road,
Ahmedabad - 380006, Gujarat, India

Standard Chartered Bank, Abhijeet Ii, Ground Floor, Near Mithakhali Six Roads, Ahmedabad - 380006, Gujarat, India

Banker Name	HDFC Bank Limited
Branch Address	Vatva Industrial Estate, Ahmedabad, Gujarat, India
Person Name (With Designation)	Mr. Vishal (Relationship Manager)
Contact Number	91-9377068921
Name of Account Holder	Not Divulged
Account Number	Not Divulged
Account Since (Date/Year of Account Opening)	Not Divulged
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Not Divulged
Account Operation	Not Divulged
Remarks (If any): Mr. Vishal (Relationship Manager) Denied to provide any information on phone about the subject company, he asked me sent Mail he will revert on mail only.

Facilities :

(Rs. In Million)

SECURED LOAN	As on 31.03.2014	As on 31.03.2013
SHORT TERM BORROWINGS
Loans repayable on demand	10.077	5.233
Total	10.077	5.233

Auditors :
Name :	Dinesh R. Shah and Company Chartered Accountant
Address :	51, Madhuban, Near Madalpur Underbridge, Ellisbridge, Ahmedabad - 380006, Gujarat, India
PAN N Income-tax PAN of auditor or auditor's firm :	AAFFD0959G

Memberships :	Not Available

Collaborators :	Not Available

Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives:	Pasl Wind Solutions Private Limited, India [U31100GJ2008PTC055104] Pasl Windtech Private Limited, India [U65910GJ1997PTC031672]

CAPITAL STRUCTURE

AS ON 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount

10000000	Equity Shares	Rs.10/- each	Rs.100.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

7999840	Equity Shares	Rs.10/- each	Rs. 79.998 Million

FINANCIAL DATA

[all figures are in Rupees Million]

FINANCIAL DETAILS ATTACHED

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	79.998	79.998	79.998
Reserves & Surplus	2222.149	2239.989	2295.365
Net worth	2302.147	2319.987	2375.363

Long-term borrowings	0.000	0.000	0.000
Short term borrowings	32.576	5.233	10.077
Total borrowings	32.576	5.233	10.077
Debt/Equity ratio	0.014	0.002	0.004

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	888.634	481.497	191.864
		(45.816)	(60.153)

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	888.634	481.497	191.864
Profit	132.195	17.840	55.375
	14.88%	3.71%	28.86%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check list by info agents	Available in Report (Yes/No)
1	Year of establishment	Yes
2	Constitution of the entity -Incorporation details	Yes
3	Locality of the entity	Yes
4	Premises details	No
5	Buyer visit details	--
6	Contact numbers	Yes
7	Name of the person contacted	Yes
8	Designation of contact person	Yes
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	Yes
11	Pan Card No. of Proprietor / Partners	Yes
12	Voter Id Card No. of Proprietor / Partners	No
13	Type of business	Yes
14	Line of Business	Yes
15	Export/import details (if applicable)	Yes
16	No. of employees	Yes
17	Details of sister concerns	Yes
18	Major suppliers	No
19	Major customers	No
20	Banking Details	Yes
21	Banking facility details	Yes
22	Conduct of the banking account	--
23	Financials, if provided	Yes
24	Capital in the business	Yes
25	Last accounts filed at ROC, if applicable	Yes
26	Turnover of firm for last three years	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	No
29	Profitability for last three years	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	No
32	Litigations that the firm/promoter involved in	Yes
33	Market information	--
34	Payments terms	Yes
35	Negative Reporting by Auditors in the Annual Report	No

LITIGATION DETAILS

HIGH COURT OF GUJARAT

TAX APPEAL No. 1417 of 2007

Status : PENDING

( Converted from : ST/3197/2007 )

CCIN No : 001092200701417

Next Listing Date:

01/12/2015

Coram

· HONOURABLE MS.JUSTICE

HARSHA DEVANI

· HONOURABLE MR.JUSTICE

G.B.SHAH

S.NO.

Name of the Petitioner

Advocate On Record

THE COMMISSIONER OF INCOME TAX-III

MR NITIN K MEHTA for: Appellant(s) 1

S.NO.

Name of the Respondent

Advocate On Record

PATEL ALLOY STEEL PRIVATE LIMITED

MR MANISH J SHAH for :Opponent(s) 1

S. No.

Filing Date

Document Name

Advocate Name

Court Fee on Document

Document Details

15/08/2007

VAKALATNAMA

MR MANISH J SHAH ADVOCATE
for RESPONDENT(s) 1

MR MANISH J SHAH:1

15/08/2007

VAKALATNAMA

MS PAURAMIB SHETH ADVOCATE
for PETITIONER(s) 1

MS PAURAMI B SHETH:1

12/05/2008

VAKALATNAMA

MR MANISH J SHAH ADVOCATE
for RESPONDENT(s) 1

MR MANISH J SHAH:1

17/05/2012

APPEARANCE NOTE

MS PAURAMIB SHETH ADVOCATE
for PETITIONER(s) 1

MS PAURAMI B SHETH:1

20/01/2014

APPEARANCE NOTE

MR NITIN K MEHTA ADVOCATE
for PETITIONER(s) 1

MR NITIN K MEHTA(3286) for P:1

COURT PROCEEDINGS

S. NO.

NOTIFIED DATE

COURT CODE

BOARD SR. NO.

STAGE

ACTION

CORAM

28/02/2008

FOR FINAL HEARING - TAX MATTERS

RULE/ADMIT

· HONOURABLE THE CHIEF JUSTICE Y.R.MEENA

· HONOURABLE MR.JUSTICE J.C.UPADHYAYA

22/12/2014

WARNED LIST - TAX APPEAL

NEXT DATE

· HONOURABLE MR.JUSTICE KS JHAVERI

· HONOURABLE MR.JUSTICE K.J.THAKER

19/08/2015

WARNED LIST - TAX APPEAL

NEXT DATE

· HONOURABLE MS.JUSTICE HARSHA DEVANI

· HONOURABLE MR.JUSTICE A.G.URAIZEE

07/09/2015

118

FOR FINAL HEARING

NEXT DATE

· HONOURABLE MS.JUSTICE HARSHA DEVANI

· HONOURABLE MR.JUSTICE A.G.URAIZEE

20/10/2015

FOR FINAL HEARING

NEXT DATE

· HONOURABLE MS.JUSTICE HARSHA DEVANI

· HONOURABLE MR.JUSTICE A.G.URAIZEE

01/12/2015

FOR FINAL HEARING

· HONOURABLE MS.JUSTICE HARSHA DEVANI

· HONOURABLE MR.JUSTICE G.B.SHAH and HONOURABLE MR.JUSTICE A.G.URAIZEE

OPERATIONS:

The Company has achieved manufacturing Sales of Rs.190.322 Million as compared to previous year’s figure of Rs.461.730 Million. Apart from the above, the Company has also effected Labour Sales of Rs.0.049 Million (Previous Year Rs.17.194 Million), Trading Sales of Rs.1.493 Million (Previous Rs.2.572 Million), Other Operating Revenue of Rs.21.050 Million (Previous year Rs.10.540 Million) and earned other income of Rs.167.598 Million (Previous Year Rs.99.414 Million) during the year. The profit after tax for the year under report is Rs.55.376 Million as compared to the previous year’s profit after tax of Rs.17.840 Million.

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	80002719	11/09/2008 *	490,000,000.00	IDBI BANK LIMITED	IDBI COMPLEX, NEAR LAL BUNGALOW, OFF C. G. ROAD, AHMEDABAD- 380006, GUJARAT, INDIA	A46658720

* Date of charge modification

FIXED ASSETS

Tangible assets

Land
Buildings
Plant and equipment
Furniture and fixtures
Vehicles
Office equipment
Computer equipment’s

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.66.55
UK Pound	1	Rs.100.64
Euro	1	Rs.70.70

INFORMATION DETAILS

Information Gathered by :	KAM

Analysis Done by :	KIN

Report Prepared by :	GEET

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILITY	1~10	6
--LIQUIDITY	1~10	7
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--CREDIT LINES	1~10	5
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	YES
--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
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		53

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.

MIRA INFORM REPORT

INDEX OF CHARGES

Unit