>Prakash Steelage Ltd.: IPO NOTE

Business Overview: Prakash Steelage Limited (‘PSL’) a flagship company of Prakash Group is engaged in the manufacturing of seamless & welded stainless steel Pipes, Tubes and U-tubes. PSL carries production through its two stateof- the-art production units situated at Silvasa and Umbergaon (Gujarat) with total installed capacity of 15,600 MTPA.

Key Rationale:
■ PSL is an ISO 9001: 2008 & PED certified company. Company is also a government recognized 'Star Export House' exporting to several multinationals in over 40 countries across the globe.

■ The Company manufactures a wide range of products based on the customer specifications. Company also plans to add Duplex, Super Duplex and Super Austenitic pipes/ tubes to its product portfolio.

■ PSL's installed capacity has increased at a compounded annual growth rate (CAGR) of 40.5% over FY2007-10. The company's utilization rate has steadily increased from the low of 35.3% in FY2008 to 68.6% in FY2010. PSL is planning to increase its capacity from 15,600MT to 19,000MT by FY2011.

To read the full report: PSL