MIRA INFORM REPORT

Report Date :

20.01.2011

IDENTIFICATION DETAILS

Correct Name :	CARPENTER TECHNOLOGY CORPORATION
Registered Office :	Corporation Trust Center 1209 Orange Street - Wilmington - New Castle - DE
Country :	United States
Financials (as on) :	30.06.2010
Date of Incorporation :	03.10.1968
Legal Form :	Corporation for Profit
Line of Business :	The company engages in the manufacture, fabrication, and distribution of specialty metals

RATING & COMMENTS

MIRA’s Rating :

Ba

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

Maximum Credit Limit :	USD 1,000,000.
Status :	Satisfactory
Payment Behaviour :	Regular
Litigation :	Clear

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 – June 30, 2010

Country Name	Previous Rating (01.04.2010)	Current Rating (30.06.2010)
United States	a1	a1

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

GEOPOLITICS - UNITED STATES

POLITICAL DATA	ECONOMIC DATA
Form of Government: Federal Economic Risk: Nil	Currency: USD Branch Situation: Stable

IDENTIFICATION

Ordered as:	Carpenter TEchnology Corpn
Address in the order:	101, West Bern Street, Reading, P A 19601
Legal Name:	Carpenter Technology Corporation
Legal Address	Corporation Trust Center 1209 Orange Street - Wilmington - New Castle - DE - USA (Registered Agent Address)
Operative Address	101 West Bern Street, Reading, PA, 19601, United States (Headquarters)
Telephone:	(610) 208-2000	ID :	0688712
Fax:	(610) 208-3716	Legal Form:	Corporation for Profit
Email:	webmaster@cartech.com	Registered in:	Delaware
Website:	http://www.cartech.com/	Date Created:	1889
Manager:	Mr. William A. Wulfsohn, CEO and President	Date Incorporated:	October, 3rd. 1968
Staff:	3,000	Stock:	43,965,853
		Value:	par value $5
Activity:	The company engages in the manufacture, fabrication, and distribution of specialty metals

BANKS

Name of the Bank	Bank Trust National Association
Name of the Bank	Chase Manhattan Bank, N.A.

BUSINESS

HISTORY
	The company was created in 1889 by James Carpenter
PRINCIPAL ACTIVITY
	The company engages in the manufacture, fabrication, and distribution of specialty metals
Products/Services description:
	The company operates through two segments, Advanced Metals Operations and Premium Alloys Operations. The Advanced Metals Operations segment manufactures and distributes metal alloys, stainless steels, and titanium in the form of small bars and rods, wire, narrow strip, and powder.
Sales are:
	Wholesale
Brands:
	Carpenter, Dynamet, Talley, Carpenter Powder Products, and Aceros Fortuna
Clients:
	It offers its products in various end-use markets, including the aerospace, industrial, consumer, automotive, and medical industries.
Operations area:
	National, International
The company imports from Asia and Europe The company exports to Europe, the Asia Pacific, Mexico, and Canada.
The subject employs 3000 employee(s)
PAYMENTS
	made on a 75 days basis - monitored over the last 12 months
LOCATION
Headquarters
	The company is headquartered at: 101 West Bern Street Reading 19601 (as presented in the Secretary of State of Pennsylvania and the company's website)
Branches:
	2 Meridian Blvd - Wyomissing PA 19610 - USA (Financial and administrative headquarters)
Business Overview:
	The US primary metals industry includes 5,000 companies with combined annual sales of about $140 billion. The industry is highly concentrated: the 50 largest producers hold more than 90 percent of the raw steel market. Secondary production of products from raw steel and other metals is also concentrated. US exports of iron and steel jumped nearly 40 percent in the first 10 months of 2008 compared to the same period in 2007. The increase came in part because of a 250 percent jump in exports to Brazil, where consumption of steel is being driven by the need for 6.5 million housing units.

Shareholders - Manager - Related Companies

Listed at the stock exchange:
	YES
Capital:
	% of Shares Held by All Insider and 5% Owners: 1% % of Shares Held by Institutional & Mutual Fund Owners: 85% % of Float Held by Institutional & Mutual Fund Owners: 85% Number of Institutions Holding Shares: 178
Shareholders Parent Company(ies):
	Major Direct Holders: -Wulfsohn William -Stevens Anne -Shor Michael -Stephans Peter N. -Ralph K. Douglas Top Institutional Holders: -Price (T.Rowe) Associates Inc. -Vanguard Group, Inc. -State Street Corporation -Friess Associates Inc -Wells Fargo & Company -Neuberger Berman Group, LLC -Blackrock Institutional Trust Company, N.A. -Royce & Associates, LLC -Bank Of New York Mellon Corporation -Fmr LLC Top Mutual Fund Holders: -Price (T.Rowe) Small-Cap Value Fund -Fidelity Small Cap Value Fund -Wells Fargo Advantage Small Cap Value Fd. -Spdr (R) Ser Tr-Spdr (R) S&P (R) Metals & Mining ETF -Vanguard Small-Cap Index Fund -Fidelity Growth & Income Portfolio -Vanguard Total Stock Market Index Fund -Brandywine Fund, Inc. -Royce Opportunity Fund -Vanguard Small Cap Value Index Fund
Management:
	William A. Wulfsohn, President and CEO K. Douglas Ralph, Senior Vice President and Finance and Chief Financial Officer Michael L. Shor, Executive Vice President and Advanced Metals Operations & Premium Alloys Operations Thomas F. Cramsey, Vice President and Chief Accounting Officer Gregory A. Pratt, Chairman and Director Jeffrey Wadsworth, Director Stephen M. Ward, Jr., Director Dr. Phillip M. Anderson, Director Carl G. Anderson, Jr., Director Robert R. McMaster, Director I. Martin Inglis, Director Peter N. Stephans, Director Kathryn C. Turner, Director
Related Companies:
	Carpenter Investments, Inc. CRS Holdings, Inc. Dynamet Incorporated Talley Industries, Inc.

Financials - COMMERCIAL TRENDS AND FORECAST

The subject is a public company traded at the stock exchange at NYSE under the ticker symbol "CRS". Please find enclosed the financial statements.

Legal Fillings

There are several UCC** files listed with the Secretary of State of Delaware.

Filing Number: 2010 3025511

Filing Date: 08-30-2010

Filing Jurisdiction: DELAWARE

Secured Party: NMHG FINANCIAL SERVICES, INC.

Secured Party Address: PO BOX 35701 - BILLINGS MT 59107- 5701

Debtor: CARPENTER TECHNOLOGY CORPORATION

Filing Number: 2010 2504730

Filing Date: 07-19-2010

Filing Jurisdiction: DELAWARE

Secured Party: GLENCORE LTD. C/O FERRO ALLOYS DEPT.

Secured Party Address: 3 STAMFORD PLAZA 301 TRESSER BLVD

STAMFORD CT 06901

Debtor: CARPENTER TECHNOLOGY CORPORATION

Filing Number: 2010072002306

Filing Date: 07-16-2010

Filing Jurisdiction: PENNSYLVANIA

Secured Party: HI-TEMP SPECIALTY METALS, INC.

Secured Party Address: 355 COUNTY ROAD 101

YAPHANK NY 11980- 2302

Secured Party: WELLS FARGO BANK

Secured Party Address: 1600 JOHN F KENNEDY BLVD STE 810

PHILADELPHIA PA 19103- 2819

Debtor: CARPENTER TECHNOLOGY CORPORATION

Filing Number: 2009 0497161

Filing Date: 02-13-2009

Filing Jurisdiction: DELAWARE

Secured Party: NORTH AMERICAN REFRACTORIES COMPANY

Secured Party Address: 400 FAIRWAY DR

MOON TOWNSHIP PA 15108- 3190

Debtor: CARPENTER TECHNOLOGY CORPORATION

Filing Number: 2008 4057343

Filing Date: 12-08-2008

Filing Jurisdiction: DELAWARE

Secured Party: IBM CREDIT LLC

Secured Party Address: 1 N CASTLE DR

ARMONK NY 10504- 1725

Secured Party: IBM CREDIT LLC

Secured Party Address : 1 NORTH CASTLE DR

ARMONK NY 10504- 1725

Debtor: CARPENTER TECHNOLOGY CORPORATION

There are various claims, lawsuits, and pending actions against the Company and its subsidiaries incident to the operations of its businesses. It is the opinion of management, after consultation with counsel, that the ultimate resolution of such claims, lawsuits and pending actions will not have a material adverse effect on the Company's consolidated financial position, results of operations or liquidity.

The last annual report was filed on 8/20/2010.

THE COMPANY IS NOT LISTED ON THE OFAC LIST.*

For information:

* The Specially Designated Nationals (SDN) List is a publication of OFAC which lists individuals and organizations with whom United States citizens and permanent residents are prohibited from doing business.

** The Uniform Commercial Code (UCC) is one of a number of uniform acts that have been promulgated in conjunction with efforts to harmonize the law of sales and other commercial transactions in all 50 states within the United States of America.

The UCC deals primarily with transactions involving personal property (movable property), not real property (immovable property).

It allows a creditor to notify other creditors about a debtor’s assets used as collateral for a secured transaction by filing a public notice (financing statement) with a particular filing office.

The Uniform Commercial Code Bureau files and maintains on financial obligations (including IRS liens) incurred by individuals (in business as a sole proprietor), business entities and corporations.

Rating

Local credit bureau gave a Correct credit rate. The company is in Good Standing. This means that all local and federal taxes were paid on due date.
Final Opinion
	This American company has been in business for 121 years. It has a staff of 3,000 which makes it a large sized company. There were no significant legal filings found against the company or its legal representatives. A credit line may be consider for USD 1,000,000.

SUMMARY

FINANCIAL SUMMARY		DEBT COLLECTIONS AND PAYMENTS
Profitability	CORRECT	Public Records	YES
Indebtedness	CONTROLLED	Payments	REGULAR
Cash	NORMAL

Income Statement

View: Annual Data |

All numbers in thousands

Period Ending		Jun 30, 2010	Jun 30, 2009	Jun 30, 2008
Total Revenue		1,198,600	1,362,300	1,953,500
Cost of Revenue		1,053,800	1,155,100	1,496,300
Gross Profit		144,800	207,200	457,200
	Operating Expenses
	Research Development	-	-	-
	Selling General and Administrative	133,100	133,800	163,600
	Non Recurring	-	9,400	-
	Others	-	-	-
	Total Operating Expenses	-	-	-
Operating Income or Loss		11,700	64,000	293,600
	Income from Continuing Operations
	Total Other Income/Expenses Net	10,800	15,100	24,200
	Earnings Before Interest And Taxes	22,500	79,100	317,800
	Interest Expense	17,800	16,100	20,500
	Income Before Tax	4,700	63,000	297,300
	Income Tax Expense	2,600	15,100	96,800
	Minority Interest	-	-	-
	Net Income From Continuing Ops	2,100	47,900	200,500
	Non-recurring Events
	Discontinued Operations	-	-	77,200
	Extraordinary Items	-	-	-
	Effect Of Accounting Changes	-	-	-
	Other Items	-	-	-
Net Income		2,100	47,900	277,700
Preferred Stock And Other Adjustments		-	-	-
Net Income Applicable To Common Shares		$2,100	$47,900	$277,700

Balance Sheet

View: Annual Data |

All numbers in thousands

Period Ending		Jun 30, 2010	Jun 30, 2009	Jun 30, 2008
Assets
Current Assets
	Cash And Cash Equivalents	265,400	340,100	403,300
	Short Term Investments	105,200	15,000	5,300
	Net Receivables	210,000	154,600	304,900
	Inventory	203,600	185,400	209,000
	Other Current Assets	36,000	54,600	44,200
Total Current Assets		820,200	749,700	966,700
Long Term Investments		-	-	-
Property Plant and Equipment		617,500	634,100	583,800
Goodwill		35,200	35,200	35,200
Intangible Assets		17,600	18,700	19,800
Accumulated Amortization		-	-	-
Other Assets		76,500	59,700	106,700
Deferred Long Term Asset Charges		16,200	-	-
Total Assets		1,583,200	1,497,400	1,712,200
Liabilities
Current Liabilities
	Accounts Payable	218,100	178,500	273,200
	Short/Current Long Term Debt	-	20,000	45,700
	Other Current Liabilities	-	-	6,700
Total Current Liabilities		218,100	198,500	325,600
Long Term Debt		259,600	258,600	276,700
Other Liabilities		532,100	421,700	175,000
Deferred Long Term Liability Charges		-	1,600	95,700
Minority Interest		-	-	-
Negative Goodwill		-	-	-
Total Liabilities		1,009,800	880,400	873,000
Stockholders' Equity
Misc Stocks Options Warrants		-	-	-
Redeemable Preferred Stock		-	-	-
Preferred Stock		-	-	-
Common Stock		273,200	273,100	273,000
Retained Earnings		983,200	1,013,000	996,600
Treasury Stock		(535,200)	(531,500)	(484,000)
Capital Surplus		223,300	208,900	197,500
Other Stockholder Equity		(371,100)	(346,500)	(143,900)
Total Stockholder Equity		573,400	617,000	839,200
Net Tangible Assets		$520,600	$563,100	$784,200

Income Statement

View: | Quarterly Data

All numbers in thousands

Period Ending		Sep 30, 2010	Jun 30, 2010	Mar 31, 2010	Dec 31, 2009
Total Revenue		351,700	364,200	336,900	263,800
Cost of Revenue		301,900	320,500	290,600	228,200
Gross Profit		49,800	43,700	46,300	35,600
	Operating Expenses
	Research Development	-	-	-	-
	Selling General and Administrative	35,700	33,500	33,500	33,600
	Non Recurring	-	-	-	-
	Others	-	-	-	-
	Total Operating Expenses	-	-	-	-
Operating Income or Loss		14,100	10,200	12,800	2,000
	Income from Continuing Operations
	Total Other Income/Expenses Net	1,600	1,000	1,600	6,700
	Earnings Before Interest And Taxes	15,700	11,200	14,400	8,700
	Interest Expense	4,200	4,500	4,500	4,500
	Income Before Tax	11,500	6,700	9,900	4,200
	Income Tax Expense	3,900	800	7,800	800
	Minority Interest	-	-	-	-
	Net Income From Continuing Ops	7,600	5,900	2,100	3,400
	Non-recurring Events
	Discontinued Operations	-	-	-	-
	Extraordinary Items	-	-	-	-
	Effect Of Accounting Changes	-	-	-	-
	Other Items	-	-	-	-
Net Income		7,600	5,900	2,100	3,400
Preferred Stock And Other Adjustments		-	-	-	-
Net Income Applicable To Common Shares		$7,600	$5,900	$2,100	$3,400

Balance Sheet

View: | Quarterly Data

All numbers in thousands

Period Ending		Sep 30, 2010	Jun 30, 2010	Mar 31, 2010	Dec 31, 2009
Assets
Current Assets
	Cash And Cash Equivalents	258,300	265,400	243,400	327,500
	Short Term Investments	68,500	105,200	126,300	51,500
	Net Receivables	222,600	210,000	210,100	150,800
	Inventory	272,700	203,600	195,600	187,500
	Other Current Assets	43,800	36,000	53,900	35,400
Total Current Assets		865,900	820,200	829,300	752,700
Long Term Investments		-	-	-	-
Property Plant and Equipment		612,100	617,500	617,800	624,300
Goodwill		35,200	35,200	35,200	35,200
Intangible Assets		17,400	17,600	17,900	18,200
Accumulated Amortization		-	-	-	-
Other Assets		89,100	76,500	94,000	77,900
Deferred Long Term Asset Charges		12,700	16,200	-	-
Total Assets		1,632,400	1,583,200	1,594,200	1,508,300
Liabilities
Current Liabilities
	Accounts Payable	249,200	218,100	221,600	168,100
	Short/Current Long Term Debt	100,000	-	20,000	20,000
	Other Current Liabilities	-	-	-	-
Total Current Liabilities		349,200	218,100	241,600	188,100
Long Term Debt		160,100	259,600	258,900	258,500
Other Liabilities		527,200	532,100	439,700	429,700
Deferred Long Term Liability Charges		-	-	10,400	5,200
Minority Interest		-	-	-	-
Negative Goodwill		-	-	-	-
Total Liabilities		1,036,500	1,009,800	950,600	881,500
Stockholders' Equity
Misc Stocks Options Warrants		-	-	-	-
Redeemable Preferred Stock		-	-	-	-
Preferred Stock		-	-	-	-
Common Stock		273,300	273,200	273,200	273,200
Retained Earnings		982,700	983,200	985,300	991,100
Treasury Stock		(535,400)	(535,200)	(534,800)	(534,700)
Capital Surplus		226,900	223,300	219,800	218,500
Other Stockholder Equity		(351,600)	(371,100)	(299,900)	(321,300)
Total Stockholder Equity		595,900	573,400	643,600	626,800
Net Tangible Assets		$543,300	$520,600	$590,500	$573,400

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.45.38
UK Pound	1	Rs.72.71
Euro	1	Rs.61.15

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

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%)

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