MIRA INFORM REPORT

Report Date :

17.07.2008

IDENTIFICATION DETAILS

Name :	UNITHERM ENGINEERS LIMITED
Registered Office :	101 Laxmi Market, 1^st Floor, Vartak Nagar Junction, Pokhran Road, No. 1, Thane – 400 606, Maharashtra
Country :	India
Financials (as on) :	31.03.2007
Date of Incorporation :	29.01.1993
Com. Reg. No.:	11-70584
CIN No.: [Company Identification No.]	U99999MH1993PTC070584
TAN No.: [Tax Deduction & Collection Account No.]	PNEU05417G
PAN No.: [Permanent Account No.]	AAACU4041L
Legal Form :	A closely held Public Limited Liability Company
Line of Business :	Manufacturer and Exporter of Heat Treatment Furnaces and Foundry Moulding Machines

RATING & COMMENTS

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

Maximum Credit Limit :	USD 460000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Mr. Kundan Jha, Finance Manager of the Company confirmed the details. Subject is a well – established company having satisfactory track. Trade relations are fair. Financial position is satisfactory. Payments are usually correct and as per commitments. The company can be considered normal for business dealings at usual trade terms and conditions.

INFORMATION PARTED BY

Name :	Mr. Kundan Jha
Designation :	Finance Manager
Date :	16.07.2008

LOCATIONS

Registered Office / Corporate Office :	101 Laxmi Market, 1^st Floor, Vartak Nagar Junction, Pokhran Road, No. 1, Thane – 400 606, Maharashtra, India
Tel. No.:	91-22-6761 4848 / 2585 6022
Fax No.:	91-22-2585 6194
E-Mail :	kundan.jha@unithermfurnaces.com unitherm@vsnl.com info@unithermfurnaces.com bakshi@unithermfurnaces.com
Website :	www.unithermfurnaces.com
Location :	Owned
Manufacturing Works :	· Plot No.47-E, Opp. Indo US Wires Limited., Bommasandra Industrial Estate, Road No. 6, Hosur Road, Bangalore 560 099, Karnataka, India Phone:91-80-2783 4292 / 2780 1338 Fax : 91-80-2783 6115 E-mail: unitherm@bgl.vsnl.net.in · T-105, MIDC, Bhosari Industrial Estate, Pune, Maharashtra, India Phone:91-20-6630 0587/2712 8958 Fax : 91-20-6630 0587 E-mail: sawant@unithermfurnaces.com
Zonal Branches (Sales & Service) :	West Zone 101, Laxmi Market, 1st Floor, Vartak Nagar Junction, Pokhran Road No.1, Thane West 400 606. Mumbai, Maharashtra , India EPABX No. 91-22-6761 4848 / 2585 6022 Fax:           91-22-2585 6194 E-mail: info@unithermfurnaces.com sudhir@unithermfurnaces.com North Zone K-83/B, 1st Floor, Kalkaji, New Delhi 110 019 India Phone : 91-11-2642 5658 Fax :  91-11-2642 5659 Mobile : 91-9899283520 / 9350441744 E-mail: sarkar@unithermfurnaces.com nz@unithermfurnaces.com South Zone Plot No.47-E, Opp. Indo US Wires Limited., Bommasandra Industrial Estate, Road No. 6, Hosur Road, Bangalore 560 099, Karnataka,. India Phone: 91-80-2783 4292 / 2780 1338 Fax:     91-80-2783 6115 E-mail: unitherm@bgl.vsnl.net.in East Zone Shalom Duplex 22, Kharkai Enclave, Sonari, Jamshedpur 831 011. India Phone: 91-657-6452938 Fax:     91-657-2301949 E-mail: sarkar@unithermfurnaces.com ez@unithermfurnaces.com
Commercial H.T. Shop :	GAT No.257, Village Kharabwadi, Post Office: Chakan, Taluka: Khed, Dist. Pune, Maharashtra, India
Tel. No.:	91-2135-660251/2
Fax No.:	91-2135-280086
E-Mail :	brajadhyaksha@unithermfurnaces.com
Commercial Vacuum H.T. Shop :	Indo German Vacu Treat Private Limited., GAT No.257, Village Kharabwadi, Post Office: Chakan, Taluka: Khed, Dist. Pune, Maharashtra , India
Tel. No.:	91-2135-660251/2
Fax No.:	91-2135-280086
E-Mail :	info@igvtvacutreat.com

DIRECTORS

Name :	Mr. Dilip Govind Deo
Designation :	Director
Address :	102, Loknath Tower, Near Ramkrishna Ashram, Dhantoli, Nagpur – 440 012, Maharashtra India
Date of Birth/Age :	18.10.1947
Date of Appointment :	08.03.2007
Name :	Mr. R.N. Bakshi
Designation :	Managing Director
Profile :	Founder Promoter MR. R N Bakshi, has over 35 years of varied experience in engineering companies. He holds a Bachelor degree in Engineering and Masters Degree in Business Management. Before founding Unitherm, Mr. Bakshi successfully served in senior management positions in reputed engineering companies i.e Voltas Limited and Crompton Greaves Limited. Under his dynamic leadership company has vision to grow rapidly in the field of Heat Treatment Services and global scalability of Industrial Furnaces.
Name :	Mr. D. J. Kanal
Designation :	Director
Name :	Mr. Gunter Reuss
Designation :	Director
Name :	Mr. Ramnarain Bakshi
Designation :	Director
Address :	A -12 Nadanvan CHS S V Road, Andheri (West), Mumbai – 400 058, Maharashtra, India
Date of Birth/Age :	26.12.1948
Date of Appointment :	29.01.1993
Name :	Mrs. Rajni R. Bakshi
Designation :	Director
CORPORATE MANAGEMENT :
Mr. R.N. Bakshi	Managing Director
Mr. B K Rajadhyaksha	Chief Executive Officer – HT Services
Mr. N B Ramchandani	Chief Executive Officer – Industrial Furnaces
Mr. S Shankar	President – Technical, R & D - Industrial Furnaces Division
Mr. G Janarthanam	President – HT Services (New Projects)
Mr. V M Supekar	Works Manager – Industrial Furnaces, Pune
Mr. K N Gopinathan	Works Manager – Industrial Furnace, Bangalore
Mr. Kundan Jha	Group Manager – Finance & Accounts
Mr. Vijay Tambe	Divisional Manager – IT Services

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

Names of Shareholders (As on 17.08.2005) :-	No. of Shares
Mr. Ramnarain J Bakshi	708060
Mrs. Rajni Bakshi	44840
Mr. Ashish Bakshi	300500
Mr. Raj Channanlal Satia	10
Mrs. Veena Satia	10
Mr. Abdul M Attar	510
Mr. Paramjit S Chhatwal	2010
Mr. John Xavier	10
Mr. Sukhdeo Singh Soor	10
Mr. Purushottam Dk	10
Mr. Sukh N Keswani	1610
Mr. Vashdev T Merani	1010
Mr. Shriram S Rahalikar	10
Mr. Ashok M Shahani	10
Mr. Sital M Kattar	10
Mr. Mithbaonkar Shankar	10
Mr. Moti K Bijani	10
Mr. G V Seshan	1210
Mr. Naresh Ramchandani	1010
Mr. S Balsubramaniam	500
Ms. Sonia Joseph	200
Mrs. Chaya R Katre	500
Ms. Veronia Fernandes	1300
Mr. Ravindra T Phegade	200
Mr. Ram Krishna Tikku	31510
Mr. V N Chandiramani	200
Mr. Pradeep R Phadke	100
Mr. P N Parekh	900
Ms. Evan E D’souza	200
Mrs. Shweta Y Raina	55010
Mr. A K Sekar	2000
Mr. Ved Prakash	200
Mr. C Y Mahajan	200
Ms. Suriya D Kanal	50000
Mr. Dilip J Kanal	50000
Ms. Meeta D Kanal	500
Mr. Gaurav D Kanal	500
Mr. N Ranganath	100
Ms. Devyani Devdikar	200
Mr. Prediman K Tikku	1500
Mrs. Mohanrani Bakshi	1000
Mr. Rajindra Kumar Bakshi	1000
Mr. G Krishnamoorthy	200
Mr. Suresh Kotur	350
Mr. J Madhiazagan	200
Mr. Anand Motianey	10
Mr. C G Subhash	3000
Mr. K Sashidharan	500
Mrs. Nergesh Pesi Bharucha	10000
Ms. Aparna Yashpal Verma	30000
Mr. G R Shroff	5
Mr. Gautam Thakkar	5
Mr. Aditya R Bakshi	199550

List Of Allottee (As On 15.09.2006) :

Equity Shares

Names Of Allottee	No. Of Shares
Mr. V Vishwanathan	2500
Mrs. S Y Raina	2750
Mrs. Savita Dudhe	1000
Mrs. Raizy Mathew	2000
Mr. N B Ramchadani	8000
Mr. Tushar Chaudhary	750
Mr. Avinash Gaikwad	500
Mr. Anant V Andhale	1000
Mr. Ramdas Andre	250
Mr. Mandar R Bidawe	250
Mr. T K Sarkar	2000
Mr. D L Joshi	1000
Mr. R Sashidharan	1000
Mr. F Z Dadodwala	1000
Mr. J A Vyas	250
Ms. Aparna Verma	1500
Mr. D J Kanal	2500
Mrs. S D Kanal	2500
Mrs. Meeta Singh	25
Mr. Aditya Bakshi Mr. R N Bakshi Mrs. R R Bakshi	31200
Mr. R N Bakshi Mrs. R R Bakshi	530
Mr. Gunter Reuss	9995
Mr. Ramnarayan N Bakshi Jointly With Mrs. Rajini R Bakshi Mr. Aditay R Bakshi	53331

Ordinary Preference Shares

Names Of Allottee	No. Of Shares
Mr. R N Bakshi	16750
Mr. Ashish Bakshi	9766
Mrs. R R Bakshi	15750
Ms. Divya Raina	2305
Mr. Raveesh Raina	795
Nr. Yogin L Raina	13000
Ms. Shweta Raina	5100
Mr. Jagdeep A Vyas	700
Mr. Viraj Vyas	650
Ms. Shreya Vyas	2000
Mr. Aditya Bakshi	684
Ms. Shreya Vyas / Mr. Jagdeep Vyas Mrs. Kalyani Vyas	2250
Ms. Shreya Vyas / Mr. Viraj Vyas Mrs. Kalyani Vyas	1250
Mr. Jagdeep Vyas Mrs. Kalyani Vyas Mr. Viraj Vyas	1000
Mr. Ashish Bakshi Mr. Ramnarain Bakshi	5000
Ms. Shweta Raina Mr. Yogin Raina	2000
Mr. R N Bakshi Mrs. Rajni Bakshi	5000
Mr. Ramnarain Bakshi Mrs. Rajni R Bakshi	4000
Mrs. Rajni R Bakshi Mr. Aditya R Bakshi	2000
Mrs. Divya Raina Mr. Yogin Raina	1000
Mr. Ashish Bakshi Mr. Ramnarain Bakshi	6
Total	23506

List Of 11% Redeemable Preference Shares

Names Of Allottee	No. Of Shares
Mr. Raveesh Raina	500
Ms. Shweta Y Raina	2500
Ms. Divya Raina	1200
Mrs. R R Bakshi	2000
Mr. R N Bakshi	8000
Mr. Aditya R Bakshi	5000
Mr. Ashish R Bakshi	8000
Mr. Yogin Bakshi	1000
Total	28200

List Of Allottees Of Bonus Shares

Names Of Allottee	No. Of Shares
Mr. Raj C Satia	3
Mrs. Veena R Satia	3
Mr. Ashish R Bakshi Mr. Ramnarain Bakshi	100168
Mrs. Rajni R Bakshi Mr. Ramnarain J Bakshi	10000
Mr. Ramnarain J Bakshi Mrs. Rajni R Bakshi	108530
Mr. Abdul Majid Attar Mrs. Abeda Attar	170
Mr. Paramjit Singh Chatwal Mrs. Hardaman Kaur Chatwal	3
Mr. John Xavier	3
Mr. Sukhdeo Singh Soor	3
Mr. Purshottam D K	3
Mr. Sukhu N Keswani Mrs. Kiran S Keswani	3
Mr. Vashdev Merani Mr. Dinesh V Mirani	3
Mr. Shriram S Rahalikar Mrs. Snehal Rahalkar	3
Mr. Ashok M Sahani	3
Mr. Sital M Katthar	3
Mr. Mithbaonkar S Shankar	3
Mr. Moti K Bijani Mrs. Monica M Bijani	3
Mr. G V Seshan Mrs. Pushkala Seshan	403
Mr. N B Ramchandani	2670
Mr. S Balasubramaniam Mrs. Laxmi Balasubramaniam	167
Ms. Sonia Joseph Mr. P A Joseph	67
Mrs. Chaya R Katre	167
Mr. Ramnarain J Bakshi Mr. Aditya R Bakshi	17000
Mr. Ramnarain J Bakshi Mr. Ashish R Bakshi	97000
Mr. Paramjit Singh Chatwal Mrs. Hardaman Kaur Chatwal	667
Mr. N B Ramchandani Mrs. P B Ramchandani	333
Ms. Veronica Fernandes	433
Mr. Ravindra Tukaram Phegade Mrs. Kalavati Phegade	67
Dr. Ramkrishna Tiku	3503
Mr. V N Chandiramani Mrs. Pramila Chandiramani	67
Mr. Pradeep R Phadke	33
Mr. Praboodh N Parekh Mrs. Rekha Parekh	300
Mr. Vashdev T Merani	333
Mr. Sukhu Keswani Mrs. Kiran S Keswani	533
Mr. Ramnarain Bakshi Mrs. Rajni R Bakshi Mr. Aditya Bakshi	24445
Mr. Ramnarain Bakshi Mrs. Rajni R Bakshi Mr. Ashish Bakshi	8334
Mr. Evan E D’souza Mr. Elias D’souza	67
Mrs. Shweta Y Raina Mr. R N Bakshi	4375
Mr. Veda Prakash	67
Dr. Ramkrishna Tiku Dr. Aparna Tiku	7000
Mr. Chandrakant Y Mahajan Mrs. Smita C Mahajan	67
Mrs. Suriya D Kanal Mr. Dilip J Kanal	17500
Mr. Dilip J Kanal Mrs. Surya D Kanal	17500
Mr. N Ragnath	33
Ms. Devyani Devdikar Mrs. Mangala Devdikar	67
Ms. Meeta D Kanal Mrs. Suriya D Kanal	175
Mr. Gaurav D Kanal Mrs. Suriya D Kanal	167
Mr. Prediman Krishen Tiku	500
Mrs. Prabha Bakshi	333
Mr. Rajinder Kumar Bkashi	333
Mr. G Krishnamoorthy	67
Mr. Suresh Kotur	117
Mr. J Madhiazagan	67
Mr. Anand Motianey	3
Mr. C G Subash	1000
Mr. K Sasidharan	167
Mrs. Shweta Raina Mr. Yogin Raina	14878
Mrs. Nergesh Pesi Bharucha Mr. Pesi S Barucha	3333
Ms. Aparna Yashpal Verma Mr. Ashwin Y Verma	10500
Mr. G R Shroff	2
Mr. Gautam Thakkar	2
Mr. Aditya R Bakshi Mr. R N Bakshi	49850
Mr. Aditya R Bakshi Mrs. Rajni R Bakshi	16668
Mr.S Rajni Bakshi Mr. Aditya R Bakshi Mr. V Vishwanathan	4947
Mr. Vishwanathan	833
Mrs. Savita Dudhe	333
Mr. Tushar Chaudhary	250
Mr. Avinash Gaikwad	167
Mr. Anant Andhale	333
Mr. Ramdas Andre	83
Mr. Mandar Bidawe	83
Mr. T K Sarkar	667
Mr. D L Joshi	333
Mr. R Sasidharan	333
Mr. F Z Dahodwala	333
Mr. J A Vyas	83
Mr. Aditya R Bakshi Mr. R N Bakshi Mrs. R R Bakshi	10400
Mr. Gunter Reuss	3332
Total	542777

Equity Share Breakup (Percentage of Total Equity) :- [As on 31.03.2007]

Category	Percentage
Foreign Holdings (Foreign Institutional Investor(s), Foreign Companie(s), Foreign Financial Institution(s), Non –Resident Indian(s) Or Overseas Corporate Bodies Or Others	1.00
Directors or relative of directors	82.00
Others	17.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of Heat Treatment Furnaces and Foundry Moulding Machines
Exports :
Products :	Heat Treatment Furnace
Countries :	European Countries
Imports :
Products :	Raw Materials
Countries :	Europe, Japan
Terms :
Selling :	Depend on Customers
Purchasing :	L/C, Credit

GENERAL INFORMATION

Customers :	MNC Companies
No. of Employees :	200
Bankers :	Canara Bank, 4/A, Gokhale Road, Naupada, Thane – 400 602, Maharashtra, India
Banking Relations :	Satisfactory
Auditors :
Name 1:	JCR and Company Chartered Accountants
Address :	1 and 1 A, Unity CHS Limited, D -2, Khira Nagar, S V Road, Santacruz (West), Mumbai – 400 054, Mumbai – 400 054, Maharashtra, India
Name 2:	T R Chadha and Company {Mr. Vikas Kumar (Partner)} Chartered Accountants
Address :	106, Nirman Kendra, Dr. E Moses Road, Mahalaxmi, Mumbai – 400 011, Maharashtra, India
Collaborators :	· Atmospheric Furnaces · Atmospheric and Vacuum Furnaces · Aluminium Melting and H T Furnaces · Indo – German Vacu Treat Private Limited, a 50 : 50 Joint Venture Between Unitherm Engineers Limited and Systherms Holding GmbH – Germany, for commercial Vacuum Heat Treatment services at Chakan / Pune
Associates/Subsidiaries :	Unitherm Finance and Investment Company Limited CIN: U65923MH1996PTC096375

CAPITAL STRUCTURE

(As on 30.09.2007) :-

Authorised Capital :

No. of Shares	Type	Value	Amount
2150000	Equity Shares	Rs. 10/- each	Rs. 21.500 millions
135000	Preferences Shares	Rs. 100/- each	Rs. 13.500 millions
		Total	Rs.35.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1628331	Equity Shares	Rs. 10/- each	Rs.16.283 millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2007	31.03.2006	31.03.2005
SHAREHOLDERS FUNDS
1] Share Capital		24.951	15.000	15.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		66.104	37.344	20.285
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		91.055	52.344	35.285
LOAN FUNDS
1] Secured Loans		48.464	39.584	27.189
2] Unsecured Loans		1.000	4.465	4.213
TOTAL BORROWING		49.464	44.049	31.402
DEFERRED TAX LIABILITIES		12.318	10.316	6.792
TOTAL		152.837	106.709	73.479
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		109.608	89.667	64.868
Capital work-in-progress		15.612	1.482	0.000
INVESTMENT		17.946	20.818	0.818
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	61.959	32.258	33.937
	Sundry Debtors	55.714	31.499	17.933
	Cash & Bank Balances	18.690	22.528	6.215
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	34.987	10.657	8.099
Total Current Assets		171.350	96.942	66.184
Less : CURRENT LIABILITIES & PROVISIONS
	Current Liabilities	156.797	99.358	54.019
	Provisions	4.882	2.842	5.178
Total Current Liabilities		161.679	102.200	59.197
Net Current Assets		9.671	[5.258]	6.987
MISCELLANEOUS EXPENSES		0.000	0.000	0.806
TOTAL		152.837	106.709	73.479

KEY RATIOS

PARTICULARS	31.03.2007	31.03.2006	31.03.2005
Debt Equity Ratio (Total Liability/Networth)	2.32	2.79	2.57
Current Ratio (Current Asset/Current Liability)	1.06	0.95	1.12

` AGENCY FURTHER INFORMATION

FORM 8:-

Bankers Charges Report as per Registry

Name of the company	UNITHERM ENGINEERS LIMITED
Presented By	UNITHERM ENGINEERS LIMITED
1) Date and description of instrument creating the change	Letter evidencing deposit of title deeds darted 06.10.2005
2) Amount secured by the charge/amount owing on the securities of charge	Rs. 86.930 millions
3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given	Equitable mortgage of immovable properties viz. Industrial land and Building, Plot No. 47 E Kharabwadi Industrial Area, Attibele Bangalore Land with factory building Gut No. 257, Kharabwadi, Chakan, Pune District Shop No. 101, 102, 103, 104, 131, 132, 133, 133A, Laxmi Market, Pokhran Road, No. 1, Vartaknagar, Thane Together with buildings structures, fixtures , fittings , machineries standing / installed thereon (title deeds described in Schedule A and properties fully described in Schedule B )
4) Gist of the terms and conditions and extent and operation of the charge.	As per the terms sanction
5) Name and Address and description of the person entitled to the charge.	Canara Bank 41–A, Gokhale , Naupada, Thane, Maharashtra, India

Corporate identity number of the company	U99999MH1993PTC070584
Name of the company	UNITHERM ENGINEERS LIMITED
Address of the registered office or of the principal place of business in India of the company	101 Laxmi Market, 1^st Floor, Vartak Nagar Junction, Pokhran Road, No. 1, Thane – 400 606, Maharashtra, India
This form is for	Modification of charge
Type of charge	Equitable mortgage or mortgage of property by depositing the title deeds
Particular of charge holder	CIN : U99999KA1906PTC001069 Canara Bank, 4/A, Gokhale Road, Naupada, Thane – 400 602, Maharashtra, India
Nature of instrument creating charge	Letter evidencing deposit of title deeds
Date of instrument Creating the charge	06.10.2005
Amount secured by the charge	Rs. 86.930 millions
Brief of the principal terms an conditions and extent and operation of the charge	As per terms of sanction
Description of the property charged indicating whether it is a charged on	· Plant and Machinery · Furniture and Fixtures · Immovable Properties
Particulars of the property charged	Land and Building at 476, Bommasandra industrial Area, Bangalore Land with factory building Gate No. 257 Kharabwadi Village Chakan
Brief description of the instrument modifying the charge under section 135	Letter evidencing deposit title deeds
Date of instrument modifying the charge	23.03.2006
Particulars of the present modification	The charge is modified to include additional of Rs. 7.500 millions

TRADE REFERENCES:-

· Maruti

· Suzuki

· Hero Honda

· Kirloskar Brothers

WEBSIE DETAILS :-

Company overview

A Diversified Leading Engineering company in the field of manufacturing Industrial Furnaces and Heat Treatment Services in India since 1993.

Furnace production program covers

1) Batch and Continuous type Protective Atmospheric Furnaces,

2) Vacuum Furnaces for hardening, brazing, carburizing, annealing, tempering and

3) Aluminium Melting and Heat Treatment Furnaces.

Technology Collaborations and marketing Tie ups with World renowned Furnace manufacturing companies.

TUV – ISO 9001:2000 certified largest commercial Heat Treatment Plant at Chakan/Pune serving auto and engineering sector.

Indo-German Vacu Treat Private Limited, a 50:50 Joint venture between the company and Systherms Holding GmbH - Germany, for commercial Vacuum Heat Treatment services at Chakan/Pune commissioned in 2007.

Profit making and dividend paying company since inception

Company milestones

Subject incorporated in the year 1993, manufactures wide range of Heat Treatment Furnaces and offers engineering solutions as a part of turn-key project to engineering companies. The experience gained with eminent customers in competitive domestic and international markets has formed the basis of subject’s expertise. Head quartered at Thane/Mumbai. Subject has full fledged Engineering facility with CAD and key corporate functions. Sales and service functions are managed from four regional offices i.e Delhi, Jamshedpur, Bangalore and Pune.

1993: Unitherm inception.

1995: Unitherm establishes its first modern manufacturing Factory for Industrial Furnaces at Bommsandra, Bangalore.

1995: Unitherm entered into Technical Collaboration with AICHELIN, Austria for Protective Atmosphere Furnaces.

1997: Unitherm entered into Technology and sales co-operation with SYSTHERMS Germany for Vacuum furnaces.

1997: Unitherm became First Indian manufacturing Company to export Complete Sealed Quench Furnace Plant to SCANA, Sweden, Europe.

2002:  Unitherm entered into Technical Collaboration with NIHON KOHNETSU INDL. CO. LIMITED., a leading Japanese furnace manufacturing company for Aluminium Melting and Heat Treatment Furnaces.

2003:   Company commenced commercial Heat Treatment services from state-of-art Heat Treatment Plant at Chakan/Pune, to cater automobile and engineering sector.

2004:  Commercial Heat Treatment Plant at Chakan/Pune is certified by TUV – ISO 9001:2000.

2006:  Unitherm commences production of Industrial Furnaces from second manufacturing unit at Bhosari/Pune.

2006:  Unitherm establishes a new landmark – Sale of 100 Sealed Quench Furnaces.

2006:  Unitherm Establishes Indo - German Vacu-Treat Private Limited. a 50:50 Joint venture with Systherms Holding GmbH - Germany, for commercial Vacuum Heat Treatment services at Chakan/Pune.

2007:  Unitherm awarded SME 1, highest level of credit worthiness by CRISIL Limited.

2007:  Unitherm receives India international Trade Award – best emerging manufacturing unit in SME Sector.

2007:  Achieves highest Annual Sales INR 400 Millions. (10 million USD). Top Line CAGR – 40% based on past five years.

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.43.17
UK Pound	1	Rs.86.26
Euro	1	Rs.68.78

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	6
--CREDIT LINES	1~10	6
--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	NO
--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	Unfavourable & favourable factors carry similar weight in credit consideration. 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
NR		In view of the lack of information, we have no basis upon which to recommend credit dealings	No Rating

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