MIRA INFORM REPORT

Report No. :	349288
Report Date :	10.11.2015

IDENTIFICATION DETAILS

Name :	CRESCENT FOUNDRY COMPANY PRIVATE LIMITED
Registered Office :	"Lords Building", Suite No. 406, 4^th Floor, 7/1, Lord Sinha Road, Kolkata - 700071, West Bengal
Tel. No.:	91-33-22827703/ 30520707/ 22827707/ 22826819
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	11.11.1982
Com. Reg. No.:	21-035426
Capital Investment / Paid-up Capital :	Rs. 8.026 Million
CIN No.: [Company Identification No.]	U24248WB1982PTC035426
IEC No.:	0288001028
TAN No.: [Tax Deduction & Collection Account No.]	CALC00044C
PAN No.: [Permanent Account No.]	AABCC0101C
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer, Supplier and Exporter of Manhole, Iron Manhole Covers, Channel Gratings, Manhole Covers Castings, etc.
No. of Employees :	200 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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

Maximum Credit Limit :	USD 1970000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject was incorporated in the year 1982 and it is engaged in manufacturing of iron castings. Its products include grey iron and ductile iron, gas and air tight inspection covers, trench gates, riser rings, tree grates, bollards, bench legs, manhole covers, solid top multi leaf cover, gas and air tight inspection covers, channel and gully gratings etc. For the financial year ended 2014, the company possesses above average performance and it has reported 21.70% in its net profit profile during the year under a review. Rating also takes into consideration company’s established track record of business marked by its above average financial base along with sound debt protection indicators and favorable gap between trade payables to its receivable. Trade relations are reported as fair. Payment terms are reported to be usually correct. In view of aforesaid, the company can be considered for 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 – March 31, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
India	A1	A1

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

EXTERNAL AGENCY RATING

Rating Agency Name	Not Available
Rating	Not Available
Rating Explanation	Not Available
Date	Not Available

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 31-03-2015.

INFORMATION DENIED

Name :	Mr. Abhishek Mukherjee
Designation :	Marketing Manager
Contact No.:	91-33-22826819
Date :	09.11.2015

LOCATIONS

Registered Office :	Lords Building", Suite No. 406, 4^th Floor, 7/1, Lord Sinha Road, Kolkata - 700071, West Bengal, India
Tel. No. :	91-33-22827703/ 30520707/ 22827707/ 22826819
Fax No. :	91-33-22821886/ 22823952
E-Mail :	accmgr@crescentfoundry.in cf@crescentfoundry.in finance@crescentfoundry.in
Website :	http://www.crescentmanholecover.com
Factory :	Located at · Howrah, West Bengal, India

DIRECTORS

As on 20.09.2014

Name :

Mr. Sandip Poddar

Designation :

Director

Address :

17/1D, Alipore Road, Kolkata – 700027, West Bengal, India

Date of Birth/Age :

01.12.1966

Date of Appointment :

01.02.2001

PAN No.:

AFHPP9217L

DIN No. :

00382527

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	Date of cessation	Company/ LLP Status	Defaulting status
1	U24248WB1982PTC035426	CRESCENT FOUNDRY COMPANY PRIVATE LIMITED	Director	01/02/2001	01/02/2001	-	Active	NO
2	U91200WB1952NPL020468	INDIAN FOUNDRY ASSOCIATION	Director	14/02/2007	14/02/2007	29/10/2013	Active	NO
3	U45203WB2005GAP102891	FOUNDRY CLUSTER DEVELOPMENT ASSOCIATION	Director	13/12/2007	13/12/2007	29/10/2013	Active	NO
4	U27100GJ2011PTC068224	BARODA FOUNDRY PRIVATE LIMITED	Director	15/12/2011	15/12/2011	-	Active	NO

Name :

Mr. Amit Nathany

Designation :

Director

Address :

Apartment – 203, 12, Ashoka Road, Kolkata – 700027, West Bengal, India

Date of Appointment :

30.09.2011

PAN No. :

AKJPN3271D

DIN No. :

03212970

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	U24248WB1982PTC035426	CRESCENT FOUNDRY COMPANY PRIVATE LIMITED	Director	30/09/2011	09/10/2010	Active	NO
2	U27100GJ2011PTC068224	BARODA FOUNDRY PRIVATE LIMITED	Director	15/12/2011	15/12/2011	Active	NO

KEY EXECUTIVES

Name :	Ms. Indrani
Designation :	Admin Excecutive
Name :		Mr. Abhishek Mukherjee
Designation :		Marketing Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 20.09.2014

Names of Shareholders	No. of Shares	Percentage of Holding
Ramprasad Poddar	173104	21.57
Saroj Nathany	387256	48.25
Sandip Poddar	172000	21.43
Amit Nathany	70200	8.75
Total	802560	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer, Supplier and Exporter of Manhole, Iron Manhole Covers, Channel Gratings, Manhole Covers Castings, etc.

Products :

Item Code No. (ITC Code)	Product Description
73259910	Iron Castings

· Manhole

· Iron Manhole Covers

· Manhole Covers Castings

· Channel Gratings.

Brand Names :

-

Agencies Held :

-

Exports :

Products :

Finished Goods

Countries :

All over the world

Imports :

Not Divulged

Terms :

Selling :

Cash, L/C and Credit

Purchasing :

Cash, L/C and Credit

PRODUCTION STATUS NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Maximum Limit Dealt :	Not Divulged
Experience :	Not Divulged
Remark:	Not Divulged

Customers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Maximum Limit Dealt :	Not Divulged
Experience :	Not Divulged
Remark:	Not Divulged

No. of Employees :

200 (Approximately)

Bankers :

Bank Name	The Hongkong and Shanghai Banking Corporation Limited
Branch	Hongkong House, 31 BBD Bag, Kolkata - 700001, West Bengal, India
Person Name (With Designation)	Not Divulged
Contact Number	Not Divulged
Name of Account Holder	Not Divulged
Account Number	Not Divulged
Account Since (Date/Year of Account Opening)	Not Divulged
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Facilities :

SECURED LOANS	31.03.2014 (Rs. In Million)	31.03.2013 (Rs. In Million)
LONG TERM BORROWINGS
Rupee term loans from banks	75.000	6.094
SHORT TERM BORROWINGS
Loans repayable on demand from banks	61.435	36.344
Total	136.435	42.438

NOTE

LONG TERM BORROWINGS

Details of personal security given by promoters, other shareholders or other third parties, though such security does not result in classification of borrowings as secured

"Term Loan from HSBC amounting to Rs NIL (Previous Year 14.219 Million) is secured against Exclusive charge on Plant and Machinery of the Nibhra and Kulgachia Units till the time exclusive charge on entire movable and immovable Fixed Assets of Kulgachia Plant and any other assets created out of the proposed Term Loan is perfected and on the personal guarantee of Directors. Term Loan is repayable in 16 Qtly installments. Last installment falling due in Jan-2015.But the management had repaid the full amount.

Auditors :
Name :	Rustagi and Company Chartered Accountants
Address :	1 9 R N Mukherjee, Eastern Building, 1^st Floor , Kolkata – 700001, West Bengal, India
Income-tax PAN of auditor or auditor's firm :	AAUFS1566M
Memberships :	--
Collaborators :	--
Enterprise in which key Management have significant interest :	· Vulcan Global Holdings LLP · Samitex Corporation · Vulcan International

CAPITAL STRUCTURE

As on 20.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
1,000,000	Equity Shares	Rs.10/- each	Rs. 10.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
802,560	Equity Shares	Rs.10/- each	Rs. 8.026 Million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	8.026	8.026	8.026
(b) Reserves & Surplus	681.932	527.358	400.481
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	689.958	535.384	408.507
(3) Non-Current Liabilities
(a) long-term borrowings	87.500	41.776	59.569
(b) Deferred tax liabilities (Net)	10.572	6.804	6.528
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	98.072	48.580	66.097
(4) Current Liabilities
(a) Short term borrowings	61.435	36.344	75.184
(b) Trade payables	19.241	20.825	8.845
(c) Other current liabilities	8.427	20.369	24.901
(d) Short-term provisions	12.393	23.667	19.960
Total Current Liabilities (4)	101.496	101.205	128.890
TOTAL	889.526	685.169	603.494
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	271.676	193.978	157.682
(ii) Intangible Assets	6.129	6.751	0.592
(iii) Capital work-in-progress	103.650	3.271	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.003	0.003	0.003
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	68.493	24.289	18.146
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	449.951	228.292	176.423
(2) Current assets
(a) Current investments	0.000	103.230	53.297
(b) Inventories	140.823	145.180	119.727
(c) Trade receivables	167.015	135.352	175.187
(d) Cash and cash equivalents	61.569	25.730	41.874
(e) Short-term loans and advances	67.652	45.635	35.694
(f) Other current assets	2.516	1.750	1.292
Total Current Assets	439.575	456.877	427.071
TOTAL	889.526	685.169	603.494

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		TOTAL	NA	NA	NA
Less	EXPENSES
		TOTAL	NA	NA	NA
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		255.406	214.089	177.376
Less/ Add	DEPRECIATION/ AMORTISATION		17.843	18.081	17.095
	PROFIT/ (LOSS) BEFORE TAX		237.563	196.008	160.281
Less	TAX		80.172	66.314	53.219
	PROFIT/ (LOSS) AFTER TAX		157.391	129.694	107.062
Less	APPROPRIATIONS
		General Reserve	15.739	12.969	10.706
		Final Dividend	2.408	2.408	3.210
		Dividend Tax	0.409	0.409	0.521
	BALANCE CARRIED TO THE B/S		138.835	113.908	92.625
	EARNINGS IN FOREIGN CURRENCY
		FOB Value of Exports	1153.946
	TOTAL EARNINGS		1153.946	45.503	49.863
	IMPORTS
		Fixed Assets	25.095	NA	NA
		Spares & Stores	0.257	NA	NA
	TOTAL IMPORTS		25.352	NA	NA
	Earnings / (Loss) Per Share (Rs.)		196.11	161.60	133.40

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	0.000	8.125	8.125
Cash generated from operations	NA	NA	NA
Net Cash flows from operating activities	NA	NA	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Return on Total Assets (PBT/Total Assets}	(%)	30.23	28.74	26.56
Return on Investment (ROI) (PBT/Networth)		0.34	0.37	0.39
Debt Equity Ratio (Total Debt/Networth)		0.22	0.16	0.35
Current Ratio (Current Asset/Current Liability)		4.33	4.51	3.31

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	8.026	8.026	8.026
Reserves & Surplus	400.481	527.358	681.932
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	408.507	535.384	689.958
long-term borrowings	59.569	41.776	87.5
Short term borrowings	75.184	36.344	61.435
Current Maturities of Long-Term Debts	8.125	8.125	0.000
Total borrowings	142.878	86.245	148.935
Debt/Equity ratio	0.350	0.161	0.216

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check list by info agents	Available in Report (Yes/No)
1	Year of establishment	Yes
2	Constitution of the entity -Incorporation details	Yes
3	Locality of the entity	Yes
4	Premises details	No
5	Buyer visit details	--
6	Contact numbers	Yes
7	Name of the person contacted	Yes
8	Designation of contact person	Yes
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	Yes
11	Pan Card No. of Proprietor / Partners	Yes
12	Voter Id Card No. of Proprietor / Partners	No
13	Type of business	Yes
14	Line of Business	Yes
15	Export/import details (if applicable)	Yes
16	No. of employees	Yes
17	Details of sister concerns	Yes
18	Major suppliers	No
19	Major customers	No
20	Banking Details	Yes
21	Banking facility details	Yes
22	Conduct of the banking account	--
23	Financials, if provided	Yes
24	Capital in the business	Yes
25	Last accounts filed at ROC, if applicable	No
26	Turnover of firm for last three years	No
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	No
29	Profitability for last three years	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	No
32	Litigations that the firm/promoter involved in	---
33	Market information	---
34	Payments terms	Yes
35	Negative Reporting by Auditors in the Annual Report	No

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10520247	11/09/2014	15,000,000.00	THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED	HONGKONG HOUSE, 31 B B D BAGH, KOLKATA, WEST BENGAL - 700001, INDIA	C20889861
2	10518768	13/10/2014 *	214,000,000.00	THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED	HONGKONG HOUSE, 31 B B D BAGH, KOLKATA, WEST BENGAL - 700001, INDIA	C30621155
3	10263659	13/10/2011 *	160,000,000.00	THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED	HONGKONG HOUSE, 31 B B D BAG, KOLKATA, WEST BENGAL - 700001, INDIA	B23464209
4	80048290	12/05/2011 *	160,000,000.00	CITIBANK N.A	KANAK BUILDING, 41 CHOWRINGHEE ROAD, KOLKATA, WEST BENGAL - 700071, INDIA	B12534913

* Date of charge modification

UNSECURED LOANS

PARTICULAR	31.03.2014 (Rs. In Million)	31.03.2013 (Rs. In Million)
LONG TERM BORROWINGS
Rupee term loans from others	12.500	35.682
Total	12.500	35.682

BUSINESS OPERATION

During the year, the Profit Before Depreciation and Tax has increased by Rs. 41.318 Million (19.30%) and Profit After Tax has increased by Rs.27.697 Million (21.36 %) in comparison to 20.70 % increase in Profit Before Depreciation and Tax and 21.40 % increase in Profit After Tax respectively in previous year.

CONTINGENT LIABILITIES:

PARTICULARS	31.03.2014 (Rs. In Million)
Bank Guarantee	34.180
Sales Tax for F.Y 2008-09*1	28.791
Income Tax for F.Y 2010-11*2	0.190
Excise Duty for F.Y 2012-13*3	0.106
NOTE *1 Pending with West Bengal Commercial Taxes Appellate Revisional Board. *2 Pending with Commissioner of Income Tax (Appeals) *3 Objection raised by Indian Audit Department, Haldia Division. Further, issue of Show Cause Notice is pending.

FIXED ASSETS

Tangible Assets

· Land

· Buildings

· Plant and Equipment

· Other pollution Reduction Equipment

· Furniture and Fixtures

· Vehicles

· Motor Vehicles

· Office Equipment

· Computer Equipments

· Other Equipments

Intangible Assets

· Computer Software

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.66.34
UK Pound	1	Rs.100.03
Euro	1	Rs.71.45

INFORMATION DETAILS

Information Gathered by :	NYA
Analysis Done by :	KAR
Report Prepared by :	MTN

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	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--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
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		45

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.