MIRA INFORM REPORT

Report Date :

08.12.2011

IDENTIFICATION DETAILS

Name :	PRIME THERMALS PRIVATE LIMITED
Registered Office :	P 214, C.I.T. Road, Kolkata – 700 010, West Bengal
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	17.11.1995
Com. Reg. No.:	21-75418
Capital Investment / Paid-up Capital :	Rs.0.528 million
CIN No.: [Company Identification No.]	U28133WB1995PTC075418
IEC No.:	0297016326
TAN No.: [Tax Deduction & Collection Account No.]	CALP03080A
PAN No.: [Permanent Account No.]	AABCP5772C
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Industrial Boilers, Oil Boilers, Agro-Waste Fire Boilers, Oil Gas Fired Boilers.
No. of Employees :	27 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (30)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 9000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track. Profitability of the company appears to be low. Trade relations are reported as fair. Business is active. Payments are reported to be slow but correct. The company can be considered for small 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.

ECGC Country Risk Classification List – September 30, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
India	A1	A1

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

INFORMATION PARTED BY

Name :	Suman Devanath
Designation :	Junior Accountant
Contact No.:	91-33-23731718
Date :	02.12.2011

LOCATIONS

Registered Office/ Factory 1 :	P 214, C.I.T. Road, Kolkata – 700 010, West Bengal, India
Tel. No.:	91-33-23708506 / 23536029 / 23731718
Mobile No.:	91-9831024198 (Mr. Ajit Das)
Fax No.:	91-33-23731718
E-Mail :	primethermals@gmail.com ajitdas6@gmail.com bssahay@cal3.vsnl.net.in
Website :	www.primethermals.com
Location :	Owned
Factory 2 :	274, N S Road, Okhila, Rahtana, Post Office Narendrapur, Dargonas, South, Kolkata, West Bengal, India
Location :	Owned

DIRECTORS

As on 30.09.2010

Name :

Mr. Ajit Das

Designation :

Director

Address :

P – 214, CIT Road, Kolkata – 700 010, West Bengal, India

Date of Birth/Age :

24.06.1952

Qualification :

B. Tech

Date of Appointment :

28.08.1997

DIN No.:

00585317

Other Directorship

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U28133WB1995PTC075418	Prime Thermals Private Limited	Director	28-08-97	28-08-97	Active	NO
2	U29307WB2007PTC113647	Prime Cogen Systems Private Limited	Director	23-02-07	23-02-07	Strike off	NO

Name :

Mrs. Roma Das

Designation :

Director

Address :

P – 214, CIT Road, Kolkata – 700 010, West Bengal, India

Date of Birth/Age :

25.11.1955

Qualification :

M.A.

Date of Appointment :

17.11.1995

DIN No.:

00585331

Other Directorship

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U28133WB1995PTC075418	Prime Thermals Private Limited	Director	17-11-95	17-11-95	Active	NO
2	U29307WB2007PTC113647	Prime Cogen Systems Private Limited	Director	12-03-07	12-03-07	Strike off	NO

KEY EXECUTIVES

Name :	Suman Devanath
Designation :	Junior Accountant

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2010

Names of Shareholders	No. of Shares
Roma Das	100
Mrinal Kanti Das	100
Ajit Das	52500
Vibha Sahay	100
Total	52800

As on 30.09.2010

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	99.81
Other top fifty shareholders	0.19
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Industrial Boilers, Oil Boilers, Agro-Waste Fire Boilers, Oil Gas Fired Boilers.

Products :

· Boilers

o Coal-Fired Boiler

o Oil or Gas Fired Boiler

o Agro-Waste Fired Boiler

o Fluidised Bed Boiler

· Incinerator

· Thermic Fluid Heaters

Item Code No. (ITC Code)	840310.00
Product Description	Boiler
Item Code No. (ITC Code)	NA
Product Description	Service Charges
Item Code No. (ITC Code)	NA
Product Description	Interest Income

Exports :

Products :

Industrial Boilers, Oil Boilers, Agro-Waste Fire Boilers, Oil Gas Fired Boilers

Countries :

· Bangladesh

· Nepal

· Sri Lanka

Imports :

Products :

Instruments

Countries :

· Germany

· Italy

Terms :

Selling :

L/C, Cash and Credit (30 days) – Cheque

Purchasing :

L/C, Cash and Credit (30 days) – Cheque

GENERAL INFORMATION

Customers :

Wholesalers, Retailers, End Users and Manufacturer

· Super Refinery Limited

· BHEL, Bhopal

No. of Employees :

27 (Approximately)

Bankers :

Bank of Baroda

Beliaghata Branch, P-344, C.I.T. Road, Scheme-VIM, Kolkata – 700 054, West Bengal, India

Facilities :

Cash Credit Rs.7.000 millions (Bank of Baroda)

Secured Loans	As on 31.03.2010 Rs. in millions	As on 31.03.2009 Rs. in millions
Bank of Baroda, Beliaghata Branch (CC A/c) (Secured against Stock Debtors)	2.475	2.324
Total	2.475	2.324

Unsecured Loans	As on 31.03.2010 Rs. in millions	As on 31.03.2009 Rs. in millions
Unsecured Loans	1.357	3.104
Total	1.357	3.104

Banking Relations :	--
Auditors :
Name :	B.S. Sahay and Company Chartered Accountants
Address :	Room No. 431, Center Point, 21, Hemant Basu Sarani, Kolkata – 700 001, West Bengal, India
Head Office :	11, Ezra Street, Kolkata – 700 001, West Bengal, India
Tel. No.:	91-33-22254771/ 22250204
Fax No.:	bssahay@cal3.vsnl.net.in
PAN No.:	AAFFB2184H

CAPITAL STRUCTURE

As on 30.09.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
100000	Equity Shares	Rs.10/- each	Rs.1.000 million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
52800	Equity Shares	Rs.10/- each	Rs.0.528 million

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010	31.03.2009	31.03.2008
SHAREHOLDERS FUNDS
1] Share Capital		0.528	0.528	0.528
2] Share Application Money		0.552	0.552	0.052
3] Reserves & Surplus		1.287	1.015	0.846
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		2.367	2.095	1.426
LOAN FUNDS
1] Secured Loans		2.475	2.324	2.695
2] Unsecured Loans		1.357	3.104	2.505
TOTAL BORROWING		3.832	5.428	5.200
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		6.199	7.523	6.626
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		1.329	1.462	1.641
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.040	0.031	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	5.435	5.639	0.590
	Sundry Debtors	0.539	4.107	5.733
	Cash & Bank Balances	4.859	2.698	2.421
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	1.276	1.261	1.044
Total Current Assets		12.109	13.705	9.788
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	6.604	6.935	4.803
	Other Current Liabilities
	Provisions	0.675	0.740
Total Current Liabilities		7.279	7.675	4.803
Net Current Assets		4.830	6.030	4.985
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		6.199	7.523	6.626

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Sales and Other Income	27.206	23.818	32.902
		TOTAL (A)	27.206	23.818	32.902
Less	EXPENSES
		Purchase	16.228	19.364	21.579
		Manufacturing and other Expenses	8.791	7.510	7.742
		Directors Remuneration	0.840	0.840	0.630
		Increase / Decrease in stock	0.205	(5.049)	1.636
		TOTAL (B)	26.064	22.665	31.587
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		1.142	1.153	1.315
Less	INTEREST (D)		0.507	0.567	0.623
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		0.635	0.586	0.692
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.233	0.262	0.240
	PROFIT BEFORE TAX (E-F) (G)		0.402	0.324	0.452
Less	TAX (H)		0.131	0.155	0.210
	PROFIT AFTER TAX (G-H) (I)		0.271	0.169	0.242
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		1.015	0.846	0.604
	BALANCE CARRIED TO THE B/S		1.286	1.015	0.846
	Earnings Per Share (Rs.)		5.13	3.20	4.58

Expected Sales (2011-12): Rs.60.000 millions

The above information has been parted by Suman Devanath

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	0.99	0.71	0.74
Return on Total Assets (PBT/Total Assets}	(%)	2.99	2.14	3.95
Return on Investment (ROI) (PBT/Networth)		0.17	0.15	0.32
Debt Equity Ratio (Total Liability/Networth)		4.69	6.25	7.01
Current Ratio (Current Asset/Current Liability)		1.66	1.79	2.04

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents
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	NO
12.	Profitability for last three years	NO
13.	Reasons for variations <> 20%	--
14.	Estimation for coming financial year	YES
15.	Capital in the business	YES
16.	Details of sister concerns	--
17.	Major Suppliers	--
18.	Major Customers	YES
19.	Payment terms	YES
20.	Export / Import details (is applicable)	YES
21.	Market information	--
22.	Litigation 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, is available	--

FORM 8

Corporate identity number of the company	U28133WB1995PTC075418
Name of the company	PRIME THERMALS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	P 214, C.I.T. Road, Kolkata – 700 010, West Bengal, India
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	90246651
Type of charge	· Immovable property · Book debts · Movable property (not being pledge) · Others o Stock and P and M and Other Current and Fixed Assets
Particular of charge holder	Bank of Baroda Beliaghata Branch, P-344, C.I.T. Road, Scheme-VIM, Kolkata – 700 054, West Bengal, India
Nature of instrument creating charge	Composite Hypothecation Agreement (For Stocks / Book-debts / Vehicles /Movable Machinery) Memorandum of Entry
Date of instrument Creating the charge	23.11.2010
Amount secured by the charge	Rs.9.000 millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest Interest and other charges will be paid as per terms and conditions of Sanction Letter . Presently for CC - 2.50% above BR i.e. 11.00% p.a.w.m.r , however ROI are subject to change from time to time. Terms of Repayment The working capital limit (Rs.7.000 millions by way of Cash Credit and Rs.2.000 millions by BG) shall be repayable on demand. Margin The borrower shall maintain appropriate margin as stipulated in the sanction terms, however the same is subject to change from time to time. Presently the applicable margin is CC:- 25% on Stock and Book-debts BG- 10% cash margin by way of Short/ Fixed Deposit Extent and Operation of the charge The security created under said Agreement shall operate by way of First Charge and as continuing security. The charged assets property be kept at the Company risk and expense in good condition and fully insured against loss or damage by fire, lighting or explosion or theft and also against loss or damage by riot and civil commotion etc. as may be required by the Bank in the joint names of the Bank and the Company. Others The Company hereby declares that all the charged property now existing are absolute property of and at the sole disposal of the Company and free from any prior charge or encumbrance and undertakes that all future property shall like wise be the unencumbered and absolute and disposable property of the Company. Other terms and conditions are as per terms and conditions of above referred Agreement/Papers and Sanction Letter of the bank.
Short particulars of the property or asset(s) charged (including complete address and location of the property)	The Company hereby hypo. and charges by way of1st charge a) all stocks of raw material stock in process of manufacturing and finished products packing material and stores and spares and all other movable assets of whatever nature now being and lying in the Borrower's unit or other places of storage or any where else whether lying loose or in cases or in transit b) all the book-debts and receivables etc c) all other Current Assets of the Company d) all movable / immovable Plant, machinery cranes, Vehicles with spares, tools and accessories and other office equipment and other Fixed Assets of the Company as mentioned in the Agreement. e) The Company created equitable mortgage by deposit of Title Deeds in respect of - Land admeasuring 3 Cottahs 10 Chittacks 16 Sq. Ft. more or less with structure and shed of 2000 Sq. Ft. in Plot no. 2180, R.S. Khatian No. 782, Mouza Ukila Paikpara, J.L. No. 56, R.S and Sub-Registry Office Sonarpur within Rajpur Municipality within the district of 24 Parganas (S) Original Title Deed No. I-2145 for the year 1998 both present and future
Particulars of the present modification	By present modification the overall limit secured by charge has been enhanced from Rs.3.500 millions to Rs.9.000 millions. The revised credit facilities- Rs.7.000 millions by way of CC and Rs.2.000 millions by way of BG. Further the company created EMDTD in respect of Land admeasuring 3 Cottahs 10 Chittacks 16 Sq. Ft. more or less in Plot no. 2180, R.S. Khatian No. 782, Mouza Ukila Paikpara, J.L. No. 56, R.S and Sub-Registry Office Sonarpur within Rajpur Municipality.

TRADE REFERENCES

· Super Refinery Limited

· BHEL, Bhopal

FIXED ASSETS

· Land

· Computer

· Furniture and Fixtures

· Machinery and Equipments

· Motor Cycle

· Mobile Phone

· Office Equipment

· Factory Shed

· Car SX4

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.51.45
UK Pound	1	Rs.80.38
Euro	1	Rs.69.12

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	2
--RESERVES	1~10	4
--CREDIT LINES	1~10	3
--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		30

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.