MIRA INFORM REPORT

Report Date :

22.01.2011

IDENTIFICATION DETAILS

Name :	STG HEATING PRIVATE LIMITED
Registered Office :	Hiji Baug, T. J. Road, Behind Balmer Lawrie and Company, Opposite Sunder Tower, Sewri (West), Mumbai-400 015, Maharashtra
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	22.04.2009
Com. Reg. No.:	11-191920
CIN No.: [Company Identification No.]	U29268MH2009PTC191920
TAN No.: [Tax Deduction & Collection Account No.]	MUMS6344E
Legal Form :	Private limited liability company
Line of Business :	Trader of Oil, Gas Fired Steam Boilers, Thermic Fluid Heaters.

RATING & COMMENTS

MIRA’s Rating :

Ca (16)

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	New Company
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is a relatively new company and yet to established track. Business is active. Payments are reported to be slow. The company can be considered for business dealings on a secured 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 – April 1, 2010

Country Name	Previous Rating (31.12.2009)	Current Rating (01.04.2010)
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 :	Mr. Rohan Shah
Designation :	Director
Date :	21.01.2011

LOCATIONS

Registered Office :	Hiji Baug, T. J. Road, Behind Balmer Lawrie and Company, Opposite Sunder Tower, Sewri (West), Mumbai-400 015, Maharashtra, India
Tel. No.:	91-22-24184009
Fax No.:	91-22-24175858
E-Mail :	bimal@s-tgroup.com vinoshadelhi@s-tgroup.com
Website :	www.s-tgroup.com
Area :	1500 sq. ft. (approximately)
Location :	Owned
Branch Office:	10, Avatar Enclave, 2^nd Floor, Near shamrock Bells, Ring Road, Paschim Vihar, New Delhi-110 063, Delhi, India
Tel. No.:	91-11-25277051/25273453
Fax No.:	91-11-25273453
E-Mail :	vinoshadelhi@s-tgroup.com

DIRECTORS

As on 30.09.2010

Name :	Mr. Mahasukhlal Popatlal Shah
Designation :	Director
Address :	17, Sharda, A- Road, Churchgate, Mumbai-400 020, Maharashtra, India
Date of Appointment :	22.04.2009
Name :	Mr. Ajajy Narrottam Tanna
Designation :	Managing Director
Address :	Mumbai Middle Class CHS, Gope Niwas, 32-275, Sion (East), Mumbai-400 022, Maharashtra, India
Date of Birth/Age :	01.05.1965
Date of Appointment :	22.04.2009
Name :	Mr. Rohan Mahasukh Shah
Designation :	Director
Address :	18, Owner’s Court, 4^th Floor, A- Road, Churchgate, Mumbai-400 020, Maharashtra, India
Date of Birth/Age :	31.12.1974
Date of Appointment :	22.04.2009
Name :	Mr. Ashok Narottam Tanna
Designation :	Director
Address :	Mumbai Middle Class CHS, Gope Niwas, Sion (East), Mumbai-400 022, Maharashtra, India
Date of Birth/Age :	10.05.1964
Date of Appointment :	22.04.2009

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2010

Names of Shareholders	No. of Shares
Ashok Narottam Shah	2500
Ajay Narrottam Shah	2500
Rohan Mahasukh Shah	2500
M. P. Shah	2500
Total	10000

As on 30.09.2010

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

BUSINESS DETAILS

Line of Business :	Trader of Oil, Gas Fired Steam Boilers, Thermic Fluid Heaters.
Terms :
Selling :	Cash and Credit (30 to 60 to 90 days)
Purchasing :	Cash and Credit (30 to 60 to 90 days)

GENERAL INFORMATION

Customers :

· End Users

· OEM’s

No. of Employees :

20 (Approximately)

Bankers :

The Saraswat Company Operative Bank Limited, Dadar, Mumbai-400 028, Maharashtra, India

Facilities :

Unsecured Loans :	As on 31.03.2010 Rs. in Millions	As on 31.03.2009 Rs. in Millions
Unsecured Loans from Directors / Managers	3.200	0.000
Total	3.200	0.000

Banking Relations :	-
Auditors :
Name :	C M Gabhawala and Company Chartered Accountants
Address :	42,Nanik Nivas, 30, Dr. D D Sathe Marg, Girgaum, Mumbai-400 006, Maharashtra, India
Tel. No.:	91-22-23880101/23823923
Fax No.:	91-22-23850931
E-Mail :	cmgco@hathway.com
Associates/Subsidiaries :	· STG Refractory Services Private Limited Address : Hiji Baug, T. J. Road, Behind Balmer Lawrie and Company, Opposite Sunder Tower, Sewri (West), Mumbai-400 015, Maharashtra, India Line of Business: Trader of Oil, Gas Fired Steam Boilers, Thermic Fluid Heaters · Linnhoff Technologies India Private Limited

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
10000	Equity Shares	Rs.10/- Each	Rs.0.100 million

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		0.100
2] Share Application Money		0.000
3] Reserves & Surplus		0.016
4] (Accumulated Losses)		0.000
NETWORTH		0.116
LOAN FUNDS
1] Secured Loans		0.000
2] Unsecured Loans		3.200
TOTAL BORROWING		3.200
DEFERRED TAX LIABILITIES		0.000
TOTAL		3.316
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		0.010
		2.516
		2.526
Capital work-in-progress		0.000
INVESTMENT		2.537
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000
	Sundry Debtors	0.663
	Cash & Bank Balances	0.871
	Other Current Assets	0.000
	Loans & Advances	0.982
Total Current Assets		2.516
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	0.871
	Other Current Liabilities	0.907
	Provisions	0.008
Total Current Liabilities		1.786
Net Current Assets		0.730
MISCELLANEOUS EXPENSES		0.039
TOTAL		3.316

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010
	SALES
		TOTAL	3.761
Less	EXPENSES
		TOTAL	3.737
	PROFIT BEFORE TAX		0.024
Less	TAX		0.008
	PROFIT AFTER TAX		0.016
	Earnings Per Share (Rs.)		3.05

Expected Sales (2010-2011): Rs.10.000 millions (Approximately)

KEY RATIOS

PARTICULARS		31.03.2010
PAT / Total Income	(%)	0.43
Return on Total Assets (PBT/Total Assets}	(%)	0.95
Return on Investment (ROI) (PBT/Networth)		0.21
Debt Equity Ratio (Total Liability/Networth)		42.98
Current Ratio (Current Asset/Current Liability)		1.41

LOCAL AGENCY FURTHER INFORMATION

Details of Sundry Creditors:

Particulars	31.03.2010 (Rs. in millions)
Sundry Creditors – Others	0.871

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.45.70
UK Pound	1	Rs.72.78
Euro	1	Rs.61.65

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	2
OPERATING SCALE	1~10	2
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	2
--PROFITABILIRY	1~10	1
--LIQUIDITY	1~10	2
--LEVERAGE	1~10	2
--RESERVES	1~10	1
--CREDIT LINES	1~10	1
--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	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		16

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.