MIRA INFORM REPORT

Report Date :

27.07.2011

IDENTIFICATION DETAILS

Name :	M.N. DASTUR AND COMPANY (PRIVATE) LIMITED

Registered Office :	Faraday House, P – 17 Mission Row Extension, Kolkata – 700013, West Bengal

Country :	India

Financials (as on) :	31.03.2010

Date of Incorporation :	31.05.1955

Com. Reg. No.:	21-022399

Capital Investment / Paid-up Capital :	Euro 124800

CIN No.: [Company Identification No.]	U74210WB1955PTC022399

TAN No.: [Tax Deduction & Collection Account No.]	CALM00350A

Legal Form :	Private Limited Liability Company

Line of Business :	Providing Engineering Consultancy Services

No. of Employees :	2500 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

A (65)

RATING

STATUS

PROPOSED CREDIT LINE

56-70

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 :	Euro 3436889

Status :	Good

Payment Behaviour :	Regular

Litigation :	Clear

Comments :	Subject is a well established and reputed company having fine track. Financial position of the company appears to be sound. Trade relations are reported as fair. Business is active. Payments reported to regular and as per commitments. 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 – April 1, 2010

Country Name

Previous Rating

(31.12.2009)

Current Rating

(01.04.2010)

India

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

LOCATIONS

Registered / Head Office :	Faraday House, P – 17 Mission Row Extension, Kolkata – 700013, West Bengal, India
Tel. No.:	91-33-22255420/22250500
Fax No.:	91-33-22251422/22257101
E-Mail :	eng@dasturco.in info@dasturco.com

Dastur Business and Technology Consulting:	7^th Floor, RDB Boulevard, Plot K1, Sector V, Block EP and GP, Salt Lake City, Kolkata-700091, West Bengal, India
Tel. No.:	91-33-40213100
Fax No.:	91-33-22251422
E-Mail :	info@dasturco.com

Branches :	Located At: Bangalore Mumbai Bhubaneswar Chennai New Delhi Hyderbad

Overseas Offices:	Located At: Tokyo Dusseldorf Pittsburgh

DIRECTORS

As on 10.09.2010

Name :	Mr. Supriya Dasgupta
Designation :	Chairman Cum Managing Director
Address :	Flat No.301, Dover Court, 22 Dover Road, Kolkata – 700019, West Bengal, India
Date of Birth :	01.08.1935
Date of Appointment :	10.04.2004
Email :	sdg@dasturco.in
Election Commission Card No.:	WB/23/146/171277

Name :	Mr. Shivaji Ray
Designation :	Managing Director
Address :	99/5/7 Ballygunge Place, Kolkata – 700019, West Bengal, India
Date of Birth :	28.05.1943
Date of Appointment :	01.01.2000
Email :	sr@dasturco.in
Election Commission Card No.:	WB/23/152/519319

Name :	Mr. Satyaki Sen
Designation :	Whole Time Director
Address :	CJ84, Sector II, Salt Lake City, Kolkata – 700091, West Bengal, India
Date of Birth :	28.05.1943
Date of Appointment :	01.01.1998
Email :	satyaki.s@dasturco.in
Election Commission Card No.:	WB/20/139/795610

Name :	Mr. Abhijit Dasgupta
Designation :	Whole Time Director
Address :	26/6/3 Lake East, 4^th Road, Santoshpur, Kolkata – 700075, West Bengal, India
Date of Birth :	05.01.1950
Date of Appointment :	01.01.1998
Email :	abhijit.dg@dasturco.in
Election Commission Card No.:	WB/18/108375481

Name :	Mr. C R Venkatraman
Designation :	Director
Address :	W2 CR, Flat No.2/5 Phase, IV B Teleview Co-op Housing Society, Golfgreen, Urban Complex, Kolkata – 700091, West Bengal, India
Date of Birth :	07.09.1957
Date of Appointment :	01.01.1998
Email :	venkatraman@dasturco.in
Election Commission Card No.:	WB/23/149/327316

Name :	Mr. Bhaskar Roy
Designation :	Director
Address :	14 Dr. Sundari Mohan Avenue, Kolkata – 700014, West Bengal, India
Date of Birth :	10.07.1948
Date of Appointment :	01.03.2003
Email :	bhaskar.r@dasturco.in

Name :	Mr. Sanjay Deb
Designation :	Director
Address :	P-467, CIT Scheme XLVII, Keyatala, Kolkata – 700029, West Bengal, India
Date of Birth :	10.04.1943
Date of Appointment :	01.03.2003
Email :	sanjay.deb@dasturco.in
Election Commission Card No.:	WB/23/149/438340

Name :	Mr. Gyanendra Kumar Jha
Designation :	Whole Time Director
Address :	73 A, Purna Das Road, Kolkata – 700029, West Bengal, India
Date of Birth :	03.06.1942
Date of Appointment :	01.03.2003
Email :	gyan.j@dasturco.in

Name :	Mr. Nariman Minu Dastur
Designation :	Director
Address :	11339 Berwick Street, Los Angles CA 10049
Date of Birth :	28.05.1964
Date of Appointment :	11.07.1988

Name :	Mr. Rustum Minu Dastur
Designation :	Chairman
Address :	70, Little West Street Apartment, 16D, New York, 10004, USA
Date of Birth :	18.11.1966
Date of Appointment :	01.09.2010

Name :	Mr. Pranab Kumar Mukhopadhyay
Designation :	Whole Time Director
Address :	15 M.N. Sen Lane, Kolkata-700040, West Bengal, India
Date of Birth :	14.01.1948
Date of Appointment :	01.03.2003
Election Commission Card No.:	LFB 0758736

Name :	Mr. Narayan Sengupta
Designation :	Whole Time Director
Address :	1/5 Paikpara Row, Kolkata-700037, West Bengal, India
Date of Birth :	23.09.1948
Date of Appointment :	01.03.2003
Election Commission Card No.:	WB/20/139/426909

Name :	Mr. Biswanath Maiti
Designation :	Whole Time Director
Address :	Ekta Heights, Apartment No. Block 2, 7E, 56 Raja S.C. Mullick Road, Kolkata-700031, West Bengal, India
Date of Birth :	01.01.1950
Date of Appointment :	03.01.2005
Election Commission Card No.:	WB/23/151/597395

Name :	Mr. Tushar Kanti Mandal
Designation :	Whole Time Director
Address :	7, Sambhu Chatterjee Street, Kolkata-700007, West Bengal, India
Date of Birth :	23.05.1947
Date of Appointment :	06.04.2005
Election Commission Card No.:	WB/21/143/132354

Name :	Subrata Mitra
Designation :	Whole Time Director
Address :	50/1/7, Raja Ram Mohan Roy Road, Barisha P.O Kolkata-700008, West Bengal, India
Date of Birth :	24.02.1950
Date of Appointment :	06.04.2005
Election Commission Card No.:	WB/18/112/573372

Name :	Mr. Bibhas Bhadury
Designation :	Whole Time Director
Address :	241 Jodhpur Park, Kolkata-700068, West Bengal, India
Date of Birth :	13.04.1945
Date of Appointment :	27.07.2005
Election Commission Card No.:	WB/23/151/243324

Name :	Mr. Jeroo Shiroy Ranji
Designation :	Director
Address :	28, High View Avenue, Woodclief Lake, New Jersy, 07675
Date of Birth :	16.02.1962
Date of Appointment :	01.10.1996

Name :	Mr. Subir Kumar Guha
Designation :	Whole Time Director
Address :	208/1B, Rashbehari Avenue, Kolkata-700029, West Bengal, India
Date of Birth :	06.10.1948
Date of Appointment :	18.10.2006
Election Commission Card No.:	WB/23/149/450455

Name :	Mr. Pradip Kumar De
Designation :	Whole Time Director
Address :	Flat C-2/2 Payamanti Co-operative Housing Society Limited, Em By-Pass (ECTP) Phase I, Kolkata-700107, West Bengal, India
Date of Birth :	23.11.1949
Date of Appointment :	15.09.2009
Election Commission Card No.:	WB/18/108/111967

Name :	Mr. Anjan Kumar Roy
Designation :	Whole Time Director
Address :	AD 21/5, Sector 1, Salt Lake, Kolkata-700064, West Bengal, India
Date of Birth :	20.10.1952
Date of Appointment :	15.09.2009
Election Commission Card No.:	WB/22/158/312360

Name :	Mr. Ranjit Panigrahi
Designation :	Director
Address :	4014, Turn Wood Lane, Moon Town, Pittsburgh-15108, USA
Date of Birth :	16.09.1956
Date of Appointment :	15.09.2009

KEY EXECUTIVES

Name :	Mr. Sekhar N. Nahar
Designation :	Company Secretary
Address :	Flat No.6, P – 240, Lake Road, Kolkata – 700029, West Bengal, India
Date of Birth/Age :	14.11.1955
Date of Appointment :	01.12.1994
Email :	nahar.s@dasturco.in
Election Commission Card No.:	WB/23/152/612097

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 10.09.2010

Names of Shareholders		No. of Shares
Bur Jor N. Billimoria		2148
H.S Vijaya Ranga Setty		112
Dorab Framroze Adenwalla		560
Anasuya Pearce		336
S.E. Mahableshwarvalla		3920
Jamshed Nariman Billimoria		658
Supriya Das Gupta		560
Shivaji Ray		300
Pradip Kumar Bose		104
Tushar Kanti Mondal		100
Homal Temurasp Dastur		900
Tehemi Pasy Dinshaw		300
Dhun Bur Jor Pavri		1800
Nariman Minu Dastur		15000
Rustam Minu Dastur		15000
Nariman Hormusji Dastur		2000
Perin Jamshed Vazifdar		1000
Perin Pervez Parakh		2100
Jeroo Shiroy Ranji		15000
Katayun Nariman Dastur		1200

As on 10.09.2010

Equity Share Breakup		Percentage of Holding
Category
Directors or relatives of directors		62.00
Other top fifty shareholders		25.00
Others		13.00
Total		100.00

BUSINESS DETAILS

Line of Business :

Providing Engineering Consultancy Services

GENERAL INFORMATION

Customers :	Sail Tata Arcelor Mittal Ispat JSPL India Steel and Power Limited Nalco OMC House of Glass PDVSA Bhutan Ferro Alloys Limited

No. of Employees :		2500 (Approximately)

Bankers :	Indian Bank, G C Avenue Branch, Kolkata, West Bengal, India


Banking Relations :	--

Auditors :
Name :	B M Chatrath and Company Chartered Accountant
Address :	21, Old Court House Street, Kolkata-700001, West Bengal, India

Associates/Subsidiaries :	Dastur Investment Limited (U85110KA1995PLC019417) Dastur Engineering International GmbH Dastur International Inc

CAPITAL STRUCTURE

As on 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
100000	Equity Shares	1.56 Euro each	156000

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
80000	Equity Shares	1.56 Euro each	124800

FINANCIAL DATA

[all figures are in Euro]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010	31.03.2009	31.03.2008
SHAREHOLDERS FUNDS
1] Share Capital		124800	124800	124800
2] Share Application Money		000	000	000
3] Reserves & Surplus		17059646	15460180	14503139
4] (Accumulated Losses)		000	000	000
NETWORTH		17184446	15584980	14627939
LOAN FUNDS
1] Secured Loans		000	000	000
2] Unsecured Loans		000	000	000
TOTAL BORROWING		000	000	000
DEFERRED TAX LIABILITIES		000	000	17167

TOTAL		17184446	15584980	14645106

APPLICATION OF FUNDS

FIXED ASSETS [Net Block]		4002512	4124750	4268412
Capital work-in-progress		000	000	000

INVESTMENT		14031233	16769577	15671257
DEFERREX TAX ASSETS		115566	31760	000

CURRENT ASSETS, LOANS & ADVANCES
	Inventories	000	000	000
	Sundry Debtors	13528593	11740866	14998700
	Cash & Bank Balances	12238682	7477022	8945027
	Other Current Assets	344054	208979	289962
	Loans & Advances	19921534	17378845	13762640
Total Current Assets		46032863	36805712	37996329
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors
	Other Current Liabilities	43008019	38391003	40683511
	Provisions	3989510	3755618	2607181
Total Current Liabilities		46997529	42146621	43290692
Net Current Assets		(964666)	(5340909)	(5294363)

MISCELLANEOUS EXPENSES		000	000	000
OTHERS		(199)	(198)	(200)

TOTAL		17184446	15584980	14645106

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	25828078	25440093	22459279
		Other Income	2476781	1494406	1277673
		TOTAL	28304859	26934499	23736952

Less	EXPENSES
		Office Expenses
		Administrative Expenses	25842798	24195438	20471960
		Advertising Expenses
		TOTAL	25842798	24195438	20471960

	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		2462061	2739061	3264992

Less/ Add	DEPRECIATION/ AMORTISATION		566265	536265	578421

	PROFIT BEFORE TAX		1895796	2202796	2686571

Less	TAX		150562	1099500	742304

	PROFIT AFTER TAX		1745234	1103296	1944267

Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		417625	632453	240692

Less	APPROPRIATIONS
		Transfer to General Reserve	1328125	1171875	1406250
		Income Tax on Proposed Dividend	20765	21250	21243
		Proposed Dividend	125000	125000	125000
	BALANCE CARRIED TO THE B/S		688969	417624	632466

	Earnings Per Share (Euro)		21.81	13.79	NA

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	6.17	4.09	8.19

Net Profit Margin (PBT/Sales)	(%)	7.34	8.66	11.96

Return on Total Assets (PBT/Total Assets}	(%)	3.79	5.38	6.36

Return on Investment (ROI) (PBT/Networth)		0.11	0.14	0.18

Debt Equity Ratio (Total Liability/Networth)		2.73	2.70	2.96

Current Ratio (Current Asset/Current Liability)		0.97	0.87	0.88

LOCAL AGENCY FURTHER INFORMATION

FINANCIAL RESULTS:

The aggressive Government activities across the Globe have enabled the global economy to step back into the path of recovery. The Indian economy also experienced a turnaround in the second quarter of 2009-10 when it grew by 7.9 per cent compared to the growth rate of 6.7 per cent during 2008-09. However caution has been sounded that the global economic recovery is still fragile and uneven.

The Indian Steel Industry has proved its mettle by weathering the recent economic slow down rather well, despite significant contraction in the global steel production and consumption. However, there has been some slow down in domestic capacity augmentation as projects in advanced stages of implementation. Or in the pipeline, have suffered delays in the aftermath of the global economic down turn, Another important factor in slowing down of green field projects has been the hurdles faced in land acquisition and in obtaining mining rights. The redeeming feature is that despite all these, some projects have still been able to achieve significant progress. The eleventh five year plan has set in impressive target for the infrastructure sector. This bodes well for the Indian steel industry. According to recent indication the international steel situation has also taken a turn for the better and should. In the near future, surpass the consumption levels prevailing before the global down turn. These factors, no doubt, have an influence on the Company’s performance and future prospects. Since their core area of business is directly interlinked with the growth and expansion of the Steel Industry.

Although the Company’s working for the year 2009-2010 can be considered to be satisfactory, they have to be cautiously optimistic for the future. The Indian steel industry is on the threshold of growth beyond any doubt. However, it has to overcome several challenges both domestic and international. Against this back drop, the Company is seriously exploring further areas of diversification by extending its range of services in the existing areas of consultancy services as well as in new areas such as super thermal and nuclear power plants by utilizing its vast expertise and business synergy in the consultancy field.

The Company continues to value its employees as their major assets, and they continue to play a pivotal role in the company performance and growth. Keeping this in mind the process of continuous training, development and enhancement of their technical skill arid knowledge are receiving utmost attention. In order to ensure sustained growth of the organization.

Fixed Assets:

Freehold Land
Building
Furniture and Fixtures
Plant and Machinery
Vehicles
Office Equipments
Computer

AS PER WEBSITE DETAILS;

PROFILE:

Subject was founded in 1955 by Dr. Minu Nariman Dastur, the pioneer in providing consulting engineering services in India. The company offers integrated design and engineering consultancy services from concept to completion in a wide range of sectors like iron and steel, ferro-alloys, power & utilities, environmental engineering, water and wastewater management, mining, chemical, cement, infrastructure and other allied industries. Subject specialises in project planning and appraisal, economic evaluation, design and detailed engineering, procurement assistance services, project management and supervision of construction and erection, environmental engineering and pollution control, energy management and optimisation, human resources development, and management consultancy.

Over the years, Subject has built up a multidisciplinary team of about 2,000 professionals and technical staff with varied experience, fully abreast of 'state-of-the-art' technologies, with intimate understanding of the latest trends, combining creativity with initiative. Subject provides a unique blend of experience and talent, catering to the specific requirements of each project.

Subject is an ISO 9001: 2008 certified organisation and is internationally recognised as one of the largest independent consulting engineering organisations in the world. In India, it is headquartered in Kolkata with its branch offices in Chennai, Mumbai, Bangalore, New Delhi, Bhubaneswar, and Hyderabad.

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.44.29
UK Pound	1	Rs.72.37
Euro	1	Rs.64.17

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	8
PAID-UP CAPITAL	1~10	7
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	8
--PROFITABILIRY	1~10	8
--LIQUIDITY	1~10	7
--LEVERAGE	1~10	7
--RESERVES	1~10	8
--CREDIT LINES	1~10	6
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		65

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

000

13528593

12238682

344054

19921534

46032863

43008019

3989510

46997529

(964666)

6.17

7.34

3.79

0.11

2.73

0.97

Unit