MIRA INFORM REPORT

Report Date :

07.03.2012

IDENTIFICATION DETAILS

Name :	PRASHANT CASTECH PRIVATE LIMITED
Registered Office :	Mavdi Plot Main Road, Near Anand Banglow Chowk, Rajkot-360004, Gujarat
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	01.04.2009
Com. Reg. No.:	04-056501
Capital Investment / Paid-up Capital :	Rs. 6.250 Millions
CIN No.: [Company Identification No.]	U27310GJ2009PTC056501
TAN No.: [Tax Deduction & Collection Account No.]	RKTP02312C
PAN No.: [Permanent Account No.]	AAFCP0052M
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of C I Castings
No. of Employees :	300 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (48)

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

Maximum Credit Limit :	USD 310000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is a successor of Prashant Castech, erstwhile a partnership concern. It is an established company having satisfactory track. Trade relations are 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.

INFORMATION PARTED BY

Name :	Mr. Narish Ajadiya
Designation :	Accounts Department
Contact No.:	91-281-2360421
Date :	06.03.2012

LOCATIONS

Registered Office :	Mavdi Plot Main Road, Near Anand Banglow Chowk, Rajkot-360004, Gujarat, India
Tel. No.:	91-281-2360421 / 2360422
Fax No.:	91-281-2388899
E-Mail :	marketing@prashantferex.com
Website :	www.prashantcast.com
Location :	Owned
Factory :	Gondal Road, Near Hotel Krishna Park, Vavdi Road, Rajkot-360004, Gujarat, India

DIRECTORS

AS ON 29.09.2011

Name :	Mr. Shambhubhai Bhurabhai Parsana
Designation :	Chairman cum Managing Director
Address :	Prashant Mayur Nagar, Near Shri Colony, Rajkot-360001, Gujarat, India
Date of Birth/Age :	06.07.1949
Date of Appointment :	01.04.2009
DIN No.:	00914058
Name :	Mr. Govindbhai Bhurabhai Parsana
Designation :	Whole Time Director
Address :	Mayor Nagar, Pratixa Near Shri Colony, Rajkot-360001, Gujarat, India
Date of Birth/Age :	01.06.1958
Date of Appointment :	01.04.2009
DIN No.:	00914313
Name :	Mr. Prashant Shambhubhai Parsana
Designation :	Whole Time Director
Address :	C/O. Prashant Casting, Mavdi Main Road, Rajkot-360004, Gujarat, India
Date of Birth/Age :	05.12.1978
Date of Appointment :	01.04.2009
DIN No.:	00914351
Name :	Mr. Narottam Bhurabhai Parsana
Designation :	Whole Time Director
Address :	C/O. Prashant Casting, Umakant Udhyog Nagar, Rajkot-360004, Gujarat, India
Date of Birth/Age :	08.09.1963
Date of Appointment :	01.04.2009
DIN No.:	01476874
Name :	Mr. Bharatbhai Bhurabhai Parsana
Designation :	Whole Time Director
Address :	C/O. Prashant Casting, Mavdi Main Road, Rajkot-360004, Gujarat, India
Date of Birth/Age :	15.05.1966
Date of Appointment :	01.04.2009
DIN No.:	01727954

KEY EXECUTIVES

Name :	Mr. Narish Ajadiya
Designation :	Accounts Department

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 29.09.2011

Names of Shareholders	No. of Shares
Shambhubhai Prasana	35000
Govindbhai Prasana	125000
Narrotambhai Prasana	90000
Bharatbhai Prasana	90000
Prashantbhai Prasana	215000
Kartik Prasana	35000
Pratik Prasana	35000
Total	625000

AS ON 29.09.2011

Equity Shares Break Up	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of C I Castings
Exports :
Products :	Finished Goods
Countries :	· Germany · Mexico · Finland
Imports :
Products :	Raw Materials
Countries :	· China · Tanzania
Terms :
Selling :	L/C, Cash and Credit
Purchasing :	L/C, Cash and Credit

PRODUCTION STATUS (AS ON 31.03.2011)

Particulars	Unit	Actual Production
C. I. Casting	MT	11154.004

Note: Installed capacity is not applicable being an S.S.I. unit.

GENERAL INFORMATION

Customers :

Manufacturer Company

· Siemens

· ABB

No. of Employees :

300 (Approximately)

Bankers :

· Standard Chartered Bank, Abhijeet II, Ground Floor, Near Mithakali Six Roads, Ahmedabad-380006, Gujarat, India

Facilities :

Secured Loan	Rs. In Millions 31.03.2011	Rs. In Millions 31.03.2010
Working Capital Finance
From Standard Chartered Bank – 80605006553	14.573	0.000
From Standard Chartered Bank – EPC A/c	50.974	0.000
(Secured against hypothecation of stock of and Book Debts)
Total	65.547	0.000
Unsecured Loan	Rs. In Millions 31.03.2011	Rs. In Millions 31.03.2010
From Directors and Relative	189.929	185.051
From Shareholders	52.200	50.237
Total	242.129	235.288
Standard Chartered Bank – Export Packing Credit Limit Rs. 60.000 Millions

Banking Relations :	--
Auditors :
Name :	R. K. Doshi and Company Chartered Accountant
Address :	Aditya Centre, 2^nd Floor, Opposite Phulchhab Chowk, Rajkot-360001, Gujarat, India
Pan No.:	AAIFR841C
Sister Concern :	· Prashant Castings Private Limited · Prashant Ferex Private Limited

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
500000	Equity Shares	Rs.10/- each	Rs. 5.000 Millions
	Total		Rs. 10.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
500000	Equity Shares	Rs.10/- each	Rs. 5.000 Millions
125000	Equity Shares	Rs.10/- each	Rs. 1.250 Millions
	Total		Rs. 6.250 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		6.250	5.000
2] Share Application Money		0.000	0.000
3] Reserves & Surplus		72.671	16.874
4] (Accumulated Losses)		0.000	0.000
NETWORTH		78.921	21.874
LOAN FUNDS
1] Secured Loans		65.547	0.000
2] Unsecured Loans		242.129	235.288
TOTAL BORROWING		307.676	235.288
DEFERRED TAX LIABILITIES		4.191	0.000
TOTAL		390.788	257.162
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		122.772	94.405
Capital work-in-progress		0.000	0.000
INVESTMENT		4.308	4.124
DEFERREX TAX ASSETS		0.000	3.083
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	55.601	44.927
	Sundry Debtors	154.507	86.881
	Cash & Bank Balances	88.108	41.981
	Other Current Assets	0.000	0.000
	Loans & Advances	0.358	4.512
Total Current Assets		298.574	178.301
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	24.686	17.345
	Other Current Liabilities	1.765	1.075
	Provisions	8.558	4.471
Total Current Liabilities		35.009	22.891
Net Current Assets		263.565	155.410
MISCELLANEOUS EXPENSES		0.143	0.140
TOTAL		390.788	257.162

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010
	SALES
		Income	728.693	353.124
		Other Income
		TOTAL (A)	728.693	353.124
Less	EXPENSES
		Office Expenses	582.559	290.087
		Administrative Expenses
		Advertising Expenses
		TOTAL (B)	582.559	290.087
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		146.134	63.037
Less	FINANCIAL EXPENSES (D)		30.481	29.063
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		115.653	33.974
Less/ Add	DEPRECIATION/ AMORTISATION (F)		21.728	17.494
	PROFIT BEFORE TAX (E-F) (G)		93.925	16.480
Less	TAX (H)		38.128	(0.394)
	PROFIT AFTER TAX (G-H) (I)		55.797	16.874
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		16.874	--
	BALANCE CARRIED TO THE B/S		72.671	16.874
	EXPORT VALUE		359.351	176.308
	IMPORTS
		Raw Materials	72.664	45.883
	TOTAL IMPORTS		72.664	45.883
	Earnings Per Share (Rs.)		89.27	33.75

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010
PAT / Total Income	(%)	7.66	4.78
Return on Total Assets (PBT/Total Assets}	(%)	22.29	5.98
Return on Investment (ROI) (PBT/Networth)		1.19	0.75
Debt Equity Ratio (Total Liability/Networth)		4.40	11.80
Current Ratio (Current Asset/Current Liability)		8.53	7.79

LOCAL AGENCY FURTHER INFORMATION

Check List by Info Agents	Available in Report (Yes / No)
1. Year of Establishment	Yes
2. Locality of the firm	Yes
3. Constructions of the firm	Yes
4. Premises details	Yes
5. Type of Business	Yes
6. Line of Business	Yes
7. Promoter’s background	------
8. No. of Employees	Yes
9. Name of person contacted	Yes
10. Designation of contact person	Yes
11. Turnover of firm for last three years	Yes
12. Profitability for last three years	Yes
13. Reasons for variation <> 20%	No
14. Estimation for coming financial year	No
15. Capital in the business	Yes
16. Details of sister concerns	Yes
17. Major suppliers	No
18. Major customers	Yes
19. Payments terms	Yes
20. Export / Import details	Yes
21. Market information	-------
22. Litigations that the firm / promoter involved	------
23. Banking Details	Yes
24. Banking facility details	Yes
25. Conduct of the banking account	------
26. Buyer visit details	------
27. Financials, if provided	No
28. Incorporation details, if applicable	------
29. Last accounts filed at ROC	------
30. Major Shareholders, if available	------

SUNDRY CREDITORS DETAILS

(Rs. In Millions)

Particulars	31.03.2011	31.03.2010
Sundry Creditors
- For Expenses, Misc. Goods, Goods	23.933	17.001
- For Capital Goods	0.753	0.344
Total	24.686	17.345

YEAR IN RETROSPECT

The main activity of the company during the year was Casting and Moulding works. During the year Turnover and Other Income was Rs. 728.693 Millions as against Rs. 353.124 Millions in the previous year. The directors are hopeful that with economy showing signs of improvement the performance of the company as regards sales and profitability would further improve.

FORM 8

Corporate identity number of the company	U27310GJ2009PTC056501
Name of the company	PRASHANT CASTECH PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Mavdi Plot Main road, Near Anand Banglow Chowk, Rajkot-360004, Gujarat, India
This form is for	Modification of charge
Type of charge	Book debts Movable property (not being pledge) Floating charge
Particular of charge holder	Standard Chartered Bank, Abhijeet II, Ground Floor, Near Mithakali Six Roads, Ahmedabad-380006, Gujarat, India
Nature of instrument creating charge	Supplemental To Unattested Memorandum of Hypothecation
Date of instrument Creating the charge	03.03.2011
Amount secured by the charge	RS. 80.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest Credit facilities. Interest / Commission - As agreed by and with the Bank from time to time Terms of repayment As agreed by and with the Bank from time to time. Margin As agreed by and with the Bank from time to time. Extent and operation of the charge First and exclusive charge in favour of Bank over Current Assets and Movable Fixed Assets. More particularly described in the schedule of attached Supplemental to Unattested Memorandum of Hypothecation Agreement dated 03.03.2011.
Short particulars of the property charged (Including location of the property)	Hypothecation of all Present and future movable properties including without limitation its Plant and Machinery, Furniture and Fittings, Equipments, Computer Hardware and Software etc All present and future book debts, out standings, money receivables, claims and bills which are now due or which may at any time All present and future Stock in trade consisting of raw materials, finished goods, goods in process of manufacturing and other merchandise whatsoever As more specifically described in Schedule to the attached Supplemental to Unattested Memorandum of Hypothecation
Charge identification number of the charge to be modified	10222866
Particulars of the present modification	Charge has been modified by changes in various facilities granted by the Bank and hence now the total amount of Charge increased from Rs. 40.000 millions to Rs. 80.000 millions.

FIXED ASSETS

· Land

· Plant and Machinery

· Pattern

· Telephone

· Projector

· Energy Saver Equipments

· Electric Fittings

· Tractor and Trailer

· Factory Building

· Molding Box

· Fork Lift Equipments

· Fan

· Furniture

· Calibration Instrument

· Laboratory Machine and Equipments

· Air Conditioner

· Computer

· Mobile

· Cycle

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. 50.02
UK Pound	1	Rs. 79.31
Euro	1	Rs. 66.02

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	6
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	7
--CREDIT LINES	1~10	5
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		48

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.