MIRA INFORM REPORT

Report Date :

14.02.2013

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) :	31.03.2011
Date of Incorporation :	31.05.1955
Com. Reg. No.:	21-022399
Capital Investment / Paid-up Capital :	Rs. 8.000 Millions
CIN No.: [Company Identification No.]	U74210WB1955PTC022399
PAN No.: [Permanent Account No.]	AABCM2136M
Legal Form :	Private Limited Liability Company
Line of Business :	Providing Engineering Consultancy, Computer Software Consultancy and Allied Services.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (54)

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

Maximum Credit Limit :	USD 4870000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is an established company having fine track record. Latest financial i.e.2011-12 is missing from the government department. From the previous year financial of 2011, it seems that financial position of the company appears to be sound. Trade relations are reported as 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 condition.

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, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
India	A1	A1

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

INDIAN ECONOMIC OVERVIEW

India is developing into an open-market economy, yet traces of its past autarkic policies remain. Economic liberalization, including industrial deregulation, privatization of state-owned enterprises, and reduced controls on foreign trade and investment, began in the early 1990s and has served to accelerate the country's growth, which has averaged more than 7% per year since 1997. India's diverse economy encompasses traditional village farming, modern agriculture, handicrafts, a wide range of modern industries, and a multitude of services. Slightly more than half of the work force is in agriculture, but services are the major source of economic growth, accounting for more than half of India's output, with only one-third of its labor force. India has capitalized on its large educated English-speaking population to become a major exporter of information technology services and software workers. In 2010, the Indian economy rebounded robustly from the global financial crisis - in large part because of strong domestic demand - and growth exceeded 8% year-on-year in real terms. However, India's economic growth in 2011 slowed because of persistently high inflation and interest rates and little progress on economic reforms. High international crude prices have exacerbated the government's fuel subsidy expenditures contributing to a higher fiscal deficit, and a worsening current account deficit. Little economic reform took place in 2011 largely due to corruption scandals that have slowed legislative work. India's medium-term growth outlook is positive due to a young population and corresponding low dependency ratio, healthy savings and investment rates, and increasing integration into the global economy. India has many long-term challenges that it has not yet fully addressed, including widespread poverty, inadequate physical and social infrastructure, limited non-agricultural employment opportunities, scarce access to quality basic and higher education, and accommodating rural-to-urban migration.

Source : CIA

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

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 :	info@dasturco.in
Website :	www.dasturco.in www.dasturco.com
Branch Offices :	Located at Ø Bangalore Ø Bhubaneswar Ø Chennai Ø Hyderabad Ø Mumbai Ø New Delhi
Overseas Offices :	Located at Ø Düsseldorf Ø Tokyo Ø Pittsburgh

DIRECTORS

AS ON 28.09.2012

Name :

Mr. Rustam Minu Dastur

Designation :

Chairman and Managing director

Address :

70 Little West Street Apartment, 16D New York, NY 10004, USA

Date of Birth/Age :

18.11.1966

Date of Appointment :

01.10.2011

DIN No.:

00445335

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	U85110KA1995PLC019417	DASTUR INVESTMENTS LIMITED	Director	18/12/1995	18/12/1995	Active	YES
2	U74210WB1955PTC022399	M.N. DASTUR AND COMPANY (PRIVATE) LIMITED	Managing director	01/10/2011	11/07/1998	Active	NO
3	U40102KA2009PTC050800	BHRAMAPUTRA POWER PRIVATE LIMITED	Director	01/09/2009	01/09/2009	Active	NO

Name :

Mr. Shivaji Ray

Designation :

Joint Managing director

Address :

99/5/7 Ballygunge Place, Kolkata – 700019, West Bengal, India

Date of Birth/Age :

28.05.1943

Date of Appointment :

01.01.2000

DIN No.:

00149687

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	U74210WB1955PTC022399	M.N. DASTUR AND COMPANY (PRIVATE) LIMITED	Managing director	01/01/2000	01/01/2000	Active	NO
2	U85110KA1995PLC019417	DASTUR INVESTMENTS LIMITED	Director appointed in casual vacancy	23/10/2009	23/10/2009	Active	YES

Name :

Nariman Minu Dastur

Designation :

Director

Address :

11339, Berwick Street, Los Angles CA 10049, USA

Date of Birth/Age :

28.05.1964

Date of Appointment :

11.07.1988

DIN No.:

00445507

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	U74210WB1955PTC022399	M.N. DASTUR AND COMPANY (PRIVATE) LIMITED	Director	11/07/1988	11/07/1988	Active	NO
2	U85110KA1995PLC019417	DASTUR INVESTMENTS LIMITED	Director	18/12/1995	18/12/1995	Active	YES
3	U72400KA2009PTC051432	CELESTIAL TECHSOFT AND SERVICES PRIVATE LIMITED	Director	26/03/2010	26/03/2010	Active	NO

Name :

Mr. Abhijit Dasgupta

Designation :

Whole-time director

Address :

26/6/3 Laske East, 4^th Road, Santoshpur, Kolkata – 700075, West Bengal, India

Date of Birth/Age :

05.01.1950

Date of Appointment :

01.01.1998

DIN No.:

00245453

Name :

Mr. Pranab Kumar Mukhopadhyay

Designation :

Whole-time director

Address :

15 M.N. Sen Lane, Kolkata – 700040, West Bengal, India

Date of Birth/Age :

14.01.1948

Date of Appointment :

01.03.2003

DIN No.:

00214735

Name :

Mr. Bhaskar Roy

Designation :

Whole-time director

Address :

14 Dr Sundari Mohan Avenue, Kolkata – 700014, West Bengal, India

Date of Birth/Age :

10.07.1948

Date of Appointment :

01.03.2003

DIN No.:

00206993

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	U74210WB1955PTC022399	M.N. DASTUR AND COMPANY (PRIVATE) LIMITED	Whole-time director	01/03/2003	01/03/2003	Active	NO
2	U80301WB1947GAP015157	THE INDIAN INSTITUTE OF METALS	Director	30/07/2004	30/07/2004	Active	NO

Name :

Mr. Biswanath Maiti

Designation :

Whole-time director

Address :

Ekta Heights, Apartment No. Block 2, 7E 56 Raja S. C. Mullick Road, Kolkata – 700032, West Bengal, India

Date of Birth/Age :

01.01.1950

Date of Appointment :

03.01.2005

DIN No.:

00207225

Name :

Subrata Mitra

Designation :

Whole-time director

Address :

“SIDDHI” Flat No. 16, 148 Deshapran Sashmal Road, Kolkata – 700033, West Bengal, India

Date of Birth/Age :

24.02.1950

Date of Appointment :

06.04.2005

DIN No.:

00214683

Name :

Jeroo Shiroy Ranji

Designation :

Director

Address :

28, High View Avenue, Woodclief Lake, New Jersy, 07675

Date of Birth/Age :

16.02.1962

Date of Appointment :

01.10.1996

DIN No.:

00445733

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	U85110KA1995PLC019417	DASTUR INVESTMENTS LIMITED	Director	18/12/1995	18/12/1995	Active	YES
2	U74210WB1955PTC022399	M.N. DASTUR AND COMPANY (PRIVATE) LIMITED	Director	01/10/1996	01/10/1996	Active	NO
3	U72200KA2009PTC051414	VISION EL-TECH AND SERVICES PRIVATE LIMITED	Director	26/03/2010	26/03/2010	Active	NO

Name :

Mr. Venkatraman Chathapuram Rajan

Designation :

Whole-time director

Address :

Teleview Co-operative Housing Society Limited, W2(2)R, Flat 2/5 Golf Green, Kolkata – 700095, West Bengal, India

Date of Birth/Age :

07.09.1957

Date of Appointment :

01.01.1998

DIN No.:

00207496

Name :

Mr. Subir Kumar Guha

Designation :

Whole-time director

Address :

208/1B, Rashbehari Avenue, Kolkata – 700029, West Bengal, India

Date of Birth/Age :

06.10.1948

Date of Appointment :

18.10.2006

DIN No.:

00962723

Name :

Mr. Pradip Kumar De

Designation :

Director

Address :

Flat C-2/2 Payamanti Co-operative Hoising Society Limited, EM By-Pass (ECTP) Phase-1, Kolkata – 700107, West Bengal, India

Date of Birth/Age :

23.11.1949

Date of Appointment :

15.09.2009

DIN No.:

02808466

Name :

Mr. Anjan Kumar Roy

Designation :

Director

Address :

AD 21/5 Sector -1, Salt Lake, Kolkata – 700064, West Bengal, India

Date of Birth/Age :

20.10.1952

Date of Appointment :

15.09.2009

DIN No.:

02809562

KEY EXECUTIVES

Name :	Mr. Sekhar Nahar
Designation :	Secretary
Address :	P-240 Lake Road, Flat No. 6, Kolkata – 700029, West Bengal, India
Date of Birth/Age :	14.11.1955
Date of Appointment :	01.12.1974
PAN No.:	ABTPN4046M

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

SHAREHOLDING DETAILS FILE ATTACHED

AS ON 28.09.2012

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	12.64
Directors or relatives of directors	63.83
Other top fifty shareholders	23.28
Others	0.25
Total	100.00

BUSINESS DETAILS

Line of Business :

Providing Engineering Consultancy, Computer Software Consultancy and Allied Services.

GENERAL INFORMATION

Customers :	Ø AL NASSER Ø AL-TUWAIRQI Ø Arcelor Mittal Ø Arco Steel Ø Bellary Steel And Alloys Limited Ø Bhutan Ferro Alloys Limited Ø CGCRI Ø DRDO Ø Electrosteel Castings Limited Ø GIIC Ø G Steel Ø Hindustan Copper Ø HRBC Ø IHI Ø IMFA Ø IPCOL Ø ISPAT Ø Jayaswal Neco Ø JSPL
No. of Employees :	Not Available
Bankers :	Not Available

Banking Relations :	--
Auditors :
Name :	B. M. Chatrath and Company Chartered Accountants
Address :	21 Hemanta Basu Sarani, Centre Point, 4th Floor, Room No. 440, Kolkata – 700001, West Bengal, India
Income-tax PAN of auditor or auditor's firm :	AACFB7576N
Subsidiaries :	Ø Dastur Engineering International GmbH. Ø Dastur International Inc. Ø Dastur Investments (Private) Limited

CAPITAL STRUCTURE

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
100,000	Equity Shares	Rs. 100/- each	Rs. 10.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
80,000	Equity Shares	Rs. 100/- each	Rs. 8.000 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		8.000	8.000	8.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		1208.701	1091.817	989.452
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		1216.701	1099.817	997.452
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		0.000	0.000	0.000
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		1216.701	1099.817	997.452
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		239.437	256.161	263.984
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		887.726	897.999	1073.253
DEFERRED TAX ASSETS		11.062	7.396	2.033
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000	0.000	0.000
	Sundry Debtors	1080.118	865.830	751.415
	Cash & Bank Balances	811.563	783.276	478.529
	Other Current Assets	40.640	22.019	13.375
	Loans & Advances	912.290	1274.978	1112.246
Total Current Assets		2844.611	2946.103	2355.565
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	474.665	385.474	267.485
	Other Current Liabilities	2175.020	2367.039	2189.539
	Provisions	116.450	255.329	240.359
Total Current Liabilities		2766.135	3007.842	2697.383
Net Current Assets		78.476	(61.739)	(341.818)
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		1216.701	1099.817	997.452

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	1946.907	1652.997	1628.166
		Other Income	97.005	158.514	95.642
		TOTAL	2043.912	1811.511	1723.808
Less	EXPENSES
		TOTAL	1840.053	1653.939	1548.508
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		203.859	157.572	175.300
Less/ Add	DEPRECIATION/ AMORTISATION		26.344	36.241	34.321
	PROFIT BEFORE TAX		177.515	121.331	140.979
Less	TAX		51.334	9.636	70.368
	PROFIT AFTER TAX		126.181	111.695	70.611
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		44.094	26.728	40.477
Less	APPROPRIATIONS
		Transfer to General Reserve	100.000	85.000	75.000
		Dividend	8.000	8.000	8.000
		Tax on Dividend	1.297	1.329	1.360
	BALANCE CARRIED TO THE B/S		60.978	44.094	26.728
	EARNINGS IN FOREIGN CURRENCY
		Services Rendered	68.814	62.428	154.549
		Foreign Currency	0.796	24.064	32.577
		Dividend from Foreign Subsidiary Company	14.026	13.287	14.743
	TOTAL EARNINGS		83.636	99.779	201.869
	Earnings Per Share (Rs.)		1577.00	1396.00	883.00

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	6.17	6.17	4.10
Net Profit Margin (PBT/Sales)	(%)	9.12	7.34	8.66
Return on Total Assets (PBT/Total Assets}	(%)	5.76	3.79	5.38
Return on Investment (ROI) (PBT/Networth)		0.15	0.11	0.14
Debt Equity Ratio (Total Debt/Networth)		0.00	0.00	0.00
Current Ratio (Current Asset/Current Liability)		1.03	0.98	0.87

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	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	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	No
9]	Name of person contacted	No
10]	Designation of contact person	No
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	--
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	No
20]	Export / Import details (if applicable)	No
21]	Market information	--
22]	Litigations that the firm / promoter involved in	--
23]	Banking Details	No
24]	Banking facility details	No
25]	Conduct of the banking account	--
26]	Buyer visit details	--
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	No
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

CONTINGENT LIABILITIES:

i) The Company has given guarantee on behalf of one of its subsidiary to a Bank for securing banking facilities aggregating to US Dollar 8,000,000. The amount outstanding as at 31.03.2011 is US Dollar is 6,000,000 (Previous Year US Dollar 6,750,000)

ii) Outstanding Bank Guarantees Rs.199.307 Millions (Previous Year Rs.174.495 Millions)

FIXED ASSETS:

Ø Freehold Land

Ø Building

Ø Furniture and Fixture

Ø Plant and Machinery

Ø Vehicles

Ø Office Equipment

Ø Computers

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 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 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. 53.85
UK Pound	1	Rs. 84.43
Euro	1	Rs. 72.40

INFORMATION DETAILS

Report Prepared by :

BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	7
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	7
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	5
--RESERVES	1~10	8
--CREDIT LINES	1~10	5
--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		54

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.