MIRA INFORM REPORT

Report Date :

22.06.2011

IDENTIFICATION DETAILS

Name :	LIBRATHERM INSTRUMENTS PRIVATE LIMITED
Registered Office :	402, Diamond Industrial Estate, Ketki Pada Road, Dahisar (East), Mumbai – 400 068, Maharashtra
Country :	India
Financials (as on) :	31.03.2009
Date of Incorporation :	10.02.2006
Com. Reg. No.:	11-159638
Capital Investment / Paid-up Capital :	Rs.1.603 millions
CIN No.: [Company Identification No.]	U31909MH2006PTC159638
IEC No.:	0307010465
TAN No.: [Tax Deduction & Collection Account No.]	MUML06287B
PAN No.: [Permanent Account No.]	AABCL1732A
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Trader of Electronic Equipments.
No. of Employees :	50 Approximately

RATING & COMMENTS

MIRA’s Rating :

B (27)

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

Maximum Credit Limit :	USD 2452
Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established company having moderate track. There appears some accumulated losses being recorded by the company. However, Trade relations are reported as fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings with some caution.

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. Ramniklal Dedhia
Designation :	Accounts Manager
Date :	10.06.2011

LOCATIONS

Registered Office/Factory :	402, Diamond Industrial Estate, Ketki Pada Road, Dahisar (East), Mumbai – 400 068, Maharashtra, India
Tel. No.:	91-22-28964769 / 28963823
Fax No.:	91-22-28960569
E-Mail :	marketing@libratherm.com sales@libratherm.com jagdishbansal@hotmail.com libratherm@libratherm.com accounts@libratherm.com
Website :	http://www.libratherm.co.in
Area :	790 Sq. ft.
Location :	Owned

DIRECTORS

AS ON 30.09.2010

Name :	Mr. Kamlesh Maganlal Panchal
Designation :	Director
Address :	D/2, Shreenath Nagar, Shiv Vallabh Road, Ashok Van, Dahisar (East), Mumbai – 400 068, Maharashtra, India
Date of Birth/Age :	30.08.1961
Qualification :	Physics Electronics
Date of Appointment :	10.02.2006
Name :	Mrs. Parul Kamlesh Panchal
Designation :	Director
Address :	D/2, Shreenath Nagar, Shiv Vallabh Road, Ashok Van, Dahisar (East), Mumbai – 400 068, Maharashtra, India
Date of Birth/Age :	17.10.1963
Qualification :	M. Sc., Physics Electronics
Date of Appointment :	10.02.2006

KEY EXECUTIVES

Name :	Mr. Kiran Panchal
Designation :	Accounts
Name :	Mr. Ramniklal Dedhia
Designation :	Accounts Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2010

Names of Shareholders (Equity Shares)	No. of Shares
Kamlesh Maganlal Panchal	20000
Parul Kamlesh Panchal	15000
Maganlal Prabhudas Mistry	100
Nirmala Maganlal Panchal	100
Kamlesh Maganlal Panchal (HUF)	10100
Ramaniklal Lakhamshi Dedhia	12600
Kirti Jayantilal Panchal	100
Nilesh Himatlal Kanadia	100
Deepak Vrajlal Kanakia	100
Tapan Jayant Thanawala	100
Rajesh Bholanath Yadav	100
Ashok Dattareya Yende	100
Anand Mahadeo Kamble	100
Rajesh Rampadarth Gaud	100
Rajendra Tukaram Desai	100
Dhanjajay Vasant Goankar	100
Pandurang Adinath Ekavade	100
Jayant Thanawala	100
Anjali Jayant Thanawala	100
S M Shah	1100
Total	60300

AS ON 30.09.2010

Equity share breakup (percentage of total equity)

Category	Percentage
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Trader of Electronic Equipments.
Products :	· Temperature Indicator Controller (Digital) · Temperature Indicator Controller (Digital Linearized) · Process Indicator Controller (Digital) · Temperature / Process Indicator Controller (Microcontroller based) · Bar Graph Indicator Controller (Microcontroller based) · Temperature Indicator Controller (Series 900) · Temperature Scanners (Digital and Microprocessor based) · Data Loggers (Microprocessor based) · Data Acquisition System - Software · PID Controllers -Single and Two Loops (Microcontroller based) · PID Controllers – Multi-loop ( 1 to 8 Loops – Microprocessor based) · Programmable Ramp / Soak PID Controllers  (1 to 10 patterns each of 16 steps – Microprocessor based) · Programmable Ramp/Soak PID Controllers (Multi loop for Multi-zone control – Microprocessor based) · Humidity and Temperature Controllers, Loggers, Transmitter · Process Transmitter (Universal Input) · Temperature Transmitters · Signal Isolator – Converter · Molten Metal Temperature Indicator (Microcontroller based) · SCR firing cards and Thyristor Power Controller (Phase Angle and Burst Firing) · DC Motor Controller (Thyristor based) · Instrumentation Control Panels · Timer – Counter – Stop Watch (Microcontroller based) · Turnkey Projects for Electrical Heating Systems.
Exports :
Products :	Electronic Equipment
Countries :	USA
Terms :
Selling :	Cash
Purchasing :	Cash

GENERAL INFORMATION

Suppliers :

v Aditya Enterprises

v Adarsh Enterprises

v Adinath Electronics

v Dimension

v R. Enterprises

v Natural Light

v Precision Light

v Shamal Shah

v Saruka Enterprises

v Wintech

v Trimurti Coat

v Royal Electronics

v Surya Enterprises

v Vajra Electro Sales

v Mahavir Plywood

v Durga Industries

Customers :

v End Users

No. of Employees :

50 Approximately

Bankers :

· Bank of Maharashtra, Dahisar West Branch, Dahisar (West), Mumbai – 400 068, Maharashtra, India

· HDFC Bank

Facilities :

UNSECURED LOANS :	As on 31.03.2009 Rs. in Millions	As on 31.03.2009 Rs. in Millions
Loans from Directors
Kamlesh M Panchal (HUF)	0.332	0.300
Kamlesh M Panchal	0.200	0.000
Ramniklal Dedhia	0.222	0.200
Total	0.754	0.500

Banking Relations :	-
Auditors :
Name :	Gada and Haria Chartered Accountant
Address :	2^nd Floor, Faramroz Court, Dada Saheb Falke Road, Dadar, Mumbai – 400 014, Maharashtra, India
Tel. No.:	91-22-40794141
Associates/Subsidiaries :	Libratherm Electronics Address : 425, Diamond Industrial Estate, Ketki Pada Road, Dahisar (East), Mumbai – 400 068, Maharashtra, India Line of Business: Trading of Electronic Systems

CAPITAL STRUCTURE

AS ON 30.09.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
250000	Equity Shares	Rs.10/- each	Rs.2.500 millions
250000	Preference Shares	Rs.10/- each	Rs.2.500 millions
	Total		Rs.5.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
60300	Equity Shares	Rs.10/- each	Rs.0.603 million
100000	Preference Shares	Rs.10/- each	Rs.1.000 million
	Total		Rs.1.603 millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2009	31.03.2008	31.03.2007
SHAREHOLDERS FUNDS
1] Share Capital		1.603	0.100	0.100
2] Share Application Money		0.000	0.503	0.503
3] Reserves & Surplus		0.000	0.000	0.000
4] (Accumulated Losses)		(0.990)	(0.246)	(0.251)
NETWORTH		0.613	0.357	0.352
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		0.754	0.500	0.500
TOTAL BORROWING		0.754	0.500	0.500
DEFERRED TAX LIABILITIES		0.004	0.016	0.015
TOTAL		1.371	0.873	0.867
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		0.763	0.915	0.176
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.332	0.039	0.122
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	3.573	2.049	0.695
	Sundry Debtors	1.276	0.978	0.799
	Cash & Bank Balances	(0.121)	0.798	0.499
	Other Current Assets	0.173	0.095	0.035
	Loans & Advances	0.000	0.000	0.000
Total Current Assets		4.901	3.920	2.028
Less : CURRENT LIABILITIES & PROVISIONS
		2.257	1.113	1.273
	Current Liabilities	4.675	4.074	1.557
	Provisions	0.000	0.000	0.000
Total Current Liabilities		4.675	4.074	1.557
Net Current Assets		0.226	(0.154)	0.472
MISCELLANEOUS EXPENSES		0.050	0.073	0.097
TOTAL		1.371	0.873	0.867

PROFIT & LOSS ACCOUNT

Particulars	31.03.2011	31.03.2010	31.03.2009
Sales Turnover (Approximately)	Not Divulged	30.000	10.000

The above information has been parted by Mr. Ramniklal Dedhia (Accounts Manager)

	PARTICULARS		31.03.2008
	SALES
		Sales Turnover and Other Income	13.143
		TOTAL	13.143
Less	EXPENSES
		Office Expenses
		Administrative Expenses	12.796
		Advertising Expenses
		TOTAL	12.796
	PROFIT BEFORE TAX		0.347
Less	TAX		0.000
	PROFIT AFTER TAX		0.347
	Earnings Per Share (Rs.)		34.70

KEY RATIOS

PARTICULARS		31.03.2009	31.03.2008	31.03.2007
PAT / Total Income	(%)	NA	2.64	NA
Net Profit Margin (PBT/Sales)	(%)	NA	2.64	NA
Return on Total Assets (PBT/Total Assets}	(%)	NA	7.18	NA
Return on Investment (ROI) (PBT/Networth)		NA	0.97	NA
Debt Equity Ratio (Total Liability/Networth)		8.86	12.81	5.84
Current Ratio (Current Asset/Current Liability)		1.05	0.96	1.30

LOCAL AGENCY FURTHER INFORMATION

TRADE REFERENCES

· International Equipment

· BRC

FIXED ASSETS:-

v Machinery

v Computer system

v Furniture and Fitting

v Office and other Equipments

v Moving Assets

Bankers Charges Report as per Registry

Corporate identity number of the company	U31909MH2006PTC159638
Name of the company	LIBRATHERM INSTRUMENTS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	402, Diamond Industrial Estate, Ketki Pada Road, Dahisar (East), Mumbai – 400 068, Maharashtra, India
This form is for	Modification of charge
Type of charge	· Immovable property · Book debts · Movable property (not being pledge) · Others · Good Will · Patent, License under a patent · Trademark · Copyright or license under a copyright
Particular of charge holder	Bank of Maharashtra, Dahisar West Branch, Dahisar (West), Mumbai – 400 068, Maharashtra, India Email: bom964@mahabank.co.in
Nature of instrument creating charge	Composite deed of hypothecation for all facilities
Date of instrument Creating the charge	20.01.2011
Amount secured by the charge	Rs. 6.000 millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest Base rate + 3% i.e.presently @12% p.a. with monthly rest. Terms of repayment One year Margin 25% in banks figure Extent and operation of the charge India
Short particulars of the property charged (Including location of the property)	Hypothecation of books debts and stock and equitable mortagage of industrial gala premises situated at 403 diamond industrial premises co-operative society ltd., kathipada road, dahisar (east) fixed assets and personal guarantee by Kamlesh M. Panchal, Parul K. Panchal, and Kamlesh M.Panchal (Huf).
Whether any of the property or interest therein under reference is not registered in the name of the company. If yes, in whose name it is registers	Yes, Kamlesh M.Panchal (Huf).
Date of instrument modifying the charge	22.05.2009
Particulars of the present modification	Credit facility has been increased from RS 40 lacs to Rs 6.000 millions

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.44.91
UK Pound	1	Rs.72.89
Euro	1	Rs.64.48

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
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	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	2
--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
TOTAL		27

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

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.