MIRA INFORM REPORT

Report Date :

09.03.2012

IDENTIFICATION DETAILS

Name :	PRASHANT CASTINGS PRIVATE LIMITED
Formerly Known As :	PARSANA INVESTMENTS PRIVATE LIMITED
Registered Office :	1, Umakant Pandit Udyog Nagar, Mavdi Main Road, Mavdi, Rajkot – 360 004, Gujarat
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	08.10.1987
Com. Reg. No.:	04-010038
Capital Investment / Paid-up Capital :	Rs.1.894 millions
CIN No.: [Company Identification No.]	U65910GJ1987PTC010038
TAN No.: [Tax Deduction & Collection Account No.]	RKTP00239B
PAN No.: [Permanent Account No.]	AABCP6352L
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of C.I. Casting.
No. of Employees :	350 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (52)

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

Maximum Credit Limit :	USD 1021000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is an established company having fine track. Financial position of the company appears to be sound. Trade relations are fair. Business is active. Payments are reported to be 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.

INFORMATION PARTED BY

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

LOCATIONS

Registered Office/ Factory :	1, Umakant Pandit Udyog Nagar, Mavdi Main Road, Mavdi, Rajkot – 360 004, Gujarat, India
Tel. No.:	91-281-2360421/ 22/ 2360242
Fax No.:	Not Available
E-Mail :	accounts@prashantferex.com
Website :	www.prashantcast.com
Location :	Owned

DIRECTORS

As on 29.09.2011

Name :	Mr. Sambhubhai Bhurabhai Parsana
Designation :	Chairman cum Managing Director
Address :	Prashant Mayur Nagar, Near Shri Colony, Rajkot – 360 001, Gujarat, India
Date of Birth/Age :	06.07.1949
Date of Appointment :	08.10.1987
DIN No.:	00914058
Name :	Mr. Govindbhai Bhurabhai Parsana
Designation :	Whole Time Director
Address :	Mayur Nagar, Pratixa, Near Shri Colony, Rajkot – 360 001, Gujarat, India
Date of Birth/Age :	01.06.1958
Date of Appointment :	19.01.2010
DIN No.:	00914313
Name :	Mr. Prashant Sambhubhai Parsana
Designation :	Whole Time Director
Address :	C/O. Prashant Castings Private Limited, Mavdi Main Road, Rajkot – 360 004, Gujarat, India
Date of Birth/Age :	05.12.1978
Date of Appointment :	19.01.2010
DIN No.:	00914351
Name :	Mr. Narottam Bhurabhai Parsana
Designation :	Whole Time Director
Address :	C/O. Prashant Casting, Umakant Udhyog Nagar, Rajkot – 360 004, Gujarat, India
Date of Birth/Age :	08.09.1963
Date of Appointment :	19.01.2010
DIN No.:	01476874
Name :	Mr. Bharatbhai Bhurabhai Parsana
Designation :	Whole Time Director
Address :	C/O. Prashant Castings Private Limited, Mavdi Main Road, Rajkot – 360 004, Gujarat, India
Date of Birth/Age :	15.05.1966
Date of Appointment :	19.01.2010
DIN No.:	01727954

KEY EXECUTIVES

Name :	Mr. Narish Ajadiya
Designation :	Accounts Department
Name :	K.P. Rachchh and Company
Designation :	Company Secretaries
Address :	317, Krishna Con-Arch-2, 3rd Floor, Tagor Road, Rajkot, Gujarat, India
Tel. No.:	91-281-3013899
Mobile No.:	91-9824290889
E-Mail :	rachhkalpesh@gmail.com

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 29.09.2011

Names of Shareholders	No. of Shares
Govindbhai B. Parsana	33750
Sambhubhai B. Parsana (HUF)	27100
Madhuben G. Parsana	100
Anjanaben N. Parsana	100
Prabhaben S. Parsana	200
Dudhiben B. Parsana	100
Narottam B. Parsana	33750
Bhurabhai P. Parsana	15000
Bhurabhai P. Parsana (HUF)	100
Prashant S. Parsana	38000
Jyotiben B. Parsana	100
Rishita N. Parsana	100
Kartik N. Parsana	100
Pratik B. Parsana	100
Janki B. Parsana	100
Narottam B. Parsana (HUF)	100
Bharat B. Parsana (HUF)	100
Bharat B. Parsana	33750
Sambhubhai B. Parsana	6750
Total	189400

As on 29.09.2011

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	100.00

BUSINESS DETAILS

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

PRODUCTION STATUS (AS ON 31.03.2011)

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
C.I. Casting	M.T.	N.A.	N.A.	13128.213
Jobwork	M.T.	N.A.	N.A.	0.000
Molding Box	M.T.	N.A.	N.A.	--

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

GENERAL INFORMATION

Customers :

Manufacturing Company

v Siemens

v ABB

No. of Employees :

350 (Approximately)

Bankers :

Bank of India, Main Branch, Para Bazar, M.G. Road, Rajkot – 360 001, Gujarat, India

Facilities :

Export Packing Credit – Rs.60.000 millions

Secured Loans	31.03.2011 Rs. In Millions	31.03.2010 Rs. In Millions
From Bank of India
Working Capital Finance	1.570	2.379
Export Packing Credit Facility (Secured against hypothecation of Director's personal assets, Stock and Book Debts)	28.351	0.000
Total	29.921	2.379

Unsecured Loans	31.03.2011 Rs. In Millions	31.03.2010 Rs. In Millions
From Directors and Relative	69.335	42.685
From Shareholders	52.135	49.788
Total	121.470	92.473

Banking Relations :	--
Auditors :
Name :	R.K. Doshi and Company Chartered Accountants
Address :	Aditya Centre, 2^nd Floor, Opposite Phulchhab Chowk, Rajkot – 360 001, Gujarat, India
Tel. No.:	91-281-2448970/ 2447642
Fax No.:	91-281-2476118
E-Mail :	ca@rkdoshi.com
Income-tax PAN of auditor or auditor's firm :	AAIFR8841C
Associates/Subsidiaries :	v Prashant Castech (Private) Limited v Prashant Ferex (Private) Limited

CAPITAL STRUCTURE

As on 29.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
1000000	Equity Shares	Rs.10/- each	Rs.10.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
189400	Equity Shares	Rs.10/- each	Rs.1.894 millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		1.894	1.614	1.614
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		253.311	167.421	147.391
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		255.205	169.035	149.005
LOAN FUNDS
1] Secured Loans		29.921	2.379	18.881
2] Unsecured Loans		121.470	92.473	161.757
TOTAL BORROWING		151.391	94.852	180.638
DEFERRED TAX LIABILITIES		2.824	3.230	2.905
TOTAL		409.420	267.117	332.548
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		59.625	38.775	26.089
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.356	32.641	(19.854)
DEFERRED TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	30.750	59.818	9.459
	Sundry Debtors	285.825	104.127	290.283
	Cash & Bank Balances	0.839	1.074	2.262
	Other Current Assets	0.000	0.000	0.000
	Loans, Advances & Deposits	122.658	55.648	76.928
Total Current Assets		440.072	220.667	378.932
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	77.129	22.319	30.880
	Other Current Liabilities	0.176	0.000	0.000
	Provisions	13.451	2.647	21.739
Total Current Liabilities		90.756	24.966	52.619
Net Current Assets		349.316	195.701	326.313
MISCELLANEOUS EXPENSES		0.123	0.000	0.000
TOTAL		409.420	267.117	332.548

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	719.224	414.824	506.061
		Other Income	55.485	13.677	27.063
		TOTAL (A)	774.709	428.501	533.124
Less	EXPENSES
		Office Expenses	626.728	377.108	405.260
		Administrative Expenses
		Advertising Expenses
		TOTAL (B)	626.728	377.108	405.260
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		147.981	51.393	127.864
Less	INTEREST (D)		10.372	14.026	10.635
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		137.609	37.367	117.229
Less/ Add	DEPRECIATION/ AMORTISATION (F)		10.719	7.802	3.719
	PROFIT BEFORE TAX (E-F) (G)		126.890	29.565	113.510
Less	TAX (H)		41.000	9.536	40.861
	PROFIT AFTER TAX (G-H) (I)		85.890	20.029	72.649
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		167.402	147.373	74.724
	BALANCE CARRIED TO THE B/S		253.292	167.402	147.373
	EARNINGS IN FOREIGN CURRENCY		411.593	285.987	169.118
	Earnings Per Share (Rs.)		453.49	124.10	450.12

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	11.09	4.67	13.63
Net Profit Margin (PBT/Sales)	(%)	17.64	7.13	22.43
Return on Total Assets (PBT/Total Assets}	(%)	25.39	11.40	28.03
Return on Investment (ROI) (PBT/Networth)		0.50	0.17	0.76
Debt Equity Ratio (Total Liability/Networth)		0.95	0.71	1.57
Current Ratio (Current Asset/Current Liability)		4.85	8.84	7.20

LOCAL AGENCY FURTHER INFORMATION

Details of Sundry Creditors:

Particulars	31.03.2011 (Rs. in millions)	31.03.2010 (Rs. in millions)	31.03.2009 (Rs. in millions)
Sundry Creditors
- For Goods, Jobwork and Expenses	72.559	10.321	30.285
- For Capital Goods	4.570	11.998	0.595
Total	77.129	22.319	30.880

Check List by Info Agents	Available in Report (Yes / No)
1) Year of Establishment	Yes
2) Locality of the firm	Yes
3) Constitutions 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	No
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 (if applicable)	Yes
21) Market information	--
22) Litigations that the firm / promoter involved in	--
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	--

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.774.709 millions as against Rs.428.501 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.

FUTURE OUT LOOK AND PROSPECTS:

Barring unforeseen circumstances, the Directors are optimistic about the future growth of the company.

TRADE REFERENCES:

v Siemens

v ABB

FIXED ASSETS:

v Air Conditioner

v Bhathy and Furnace

v Bhathy

v Calibration Instrument

v Computer

v Xerox Machine

v Crain

v Cycle

v C.C.T.V. Camera

v Electric Scale and Equipments

v Electric Fittings

v Factory Building

v Fan

v Fork Lift Equipment

v Furniture and Type Writer

v Laboratory Instrument

v Molding Box Pattern

v Plant and Machinery

v Pattern

v Rotary Furnace

v Telephone

v Tractor and Trailer

v Vehicle

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.50.57
UK Pound	1	Rs.79.57
Euro	1	Rs.66.50

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	7
--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		52

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.