MIRA INFORM REPORT

Report Date :

25.08.2012

IDENTIFICATION DETAILS

Name :	STANDARD RADIATORS PRIVATE LIMITED
Registered Office :	1/12, Industrial Estate, Gorwa, Vadodara-390016, Gujarat
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	23.06.1965
Com. Reg. No.:	04-01320
Paid Up Capital :	Rs.9.718 Millions
CIN No.: [Company Identification No.]	U34201GJ1965PTC001320
TAN No.: [Tax Deduction & Collection Account No.]	BRDS02025C
PAN No.: [Permanent Account No.]	AACCS5507K
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Radiators and Heat Exchangers.
No. of Employees :	85 [Approximately]

RATING & COMMENTS

MIRA’s Rating :

Ba (48)

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

Maximum Credit Limit :	USD 650000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is a well established company having satisfactory track. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct and as per commitments. The company can be considered normal for business dealing 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.

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	BBB [Long Term]
Rating Explanation	Moderate degree of safety and moderate credit risk.
Date	04.07.2012

Rating Agency Name	CRISIL
Rating	A3 [Short Term]
Rating Explanation	Moderate degree of safety.
Date	04.07.2012

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 31-03-2012.

INFORMATION PARTED BY

Name :	Mr. Mahesh Patel
Designation :	Assistant Accounts Manager
Contact No.:	91-9898310937
Date :	24.08.2012

LOCATIONS

Registered Office/ Factory :	1/12, Industrial Estate, Gorwa, Vadodara-390016, Gujarat, India
Tel. No.:	91-265-2280616 / 417 / 2281454
Mobile No.:	91-9898310937 (Mr. Mahesh Patel)
Fax No.:	91-265-2280522
E-Mail :	mahesh@standardradiators.com sales@standardradiators.com accounts@standardradiators.com
Website :	www.standardradiators.com
Area :	4500 sq ft
Location :	Owned

DIRECTORS

Name :	Ms. Trupti P. Singh
Designation :	Managing Director
Address :	401, Ramkrishna Apartment, 26, Alkapuri, Vadodara – 390 005, Gujarat, India
Date of Birth/Age :	21.04.1962
Date of Appointment :	27.09.1997
Din No.:	00136863
Name :	Mr. Divakar Nandlal Shukla
Designation :	Director
Address :	Sanchi Residency-II, 6 Shrijee Society, Vasna Road, Vadodara – 390015, Gujarat, India
Date of Birth/Age :	08.10.1939
Date of Appointment :	14.04.2001
Din No.:	00374125
Voter Id No.:	HDG4526689

KEY EXECUTIVES

Name :	Mr. Mahesh Patel
Designation :	Assistant Accounts Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

Names of Shareholders	No. of Shares
Trupti P. Singh	971510
Divakar Nandlal Shukla	145
Sumeru S. Patel	145
Total	971800

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

BUSINESS DETAILS

Line of Business :

Manufacturer of Radiators and Heat Exchangers.

Products :

Item Code No. (ITC Code)	87089100
Product Description	Radiators
Item Code No. (ITC Code)	87089900
Product Description	Pressure Caps
Item Code No. (ITC Code)	84195090
Product Description	Heater Core

• Oil Coolers
• Combi Coolers
• Cooling Units
• Air-Air Coolers

Exports :

Products :

Radiators and Heat Exchangers

Countries :

USA

Imports :

Products :

Raw Materials

Countries :

China

Terms :

Selling :

Cash and Credit

Purchasing :

Cash and Credit

GENERAL INFORMATION

Suppliers :

· Hindal Company Industries Limited

Customers :

Wholesalers and Retailers

· Ascot Limited

No. of Employees :

85 [Approximately]

Bankers :

Oriental Bank of Commerce, Fortune Towers, Ground Floor, Sayajigunj, Vadodara-390005, Gujarat, India

Facilities :

SECURED LOAN	As on 31.03.2011 [Rs. in Millions]	As on 31.03.2010 [Rs. in Millions]
Terms Loan From Oriental Bank of Commerce (Secured by equitable mortgage of immovable property of the company at 1/11 and 1/12 Industrial Estate, Gorwa and personal guarantee of Managing Directors of the company. Repayable within one year Rs. 7.500 Millions PY Rs.3.000 millions)	27.983	9.428
Working Capital Funds
From Oriental Bank of Commerce (Secured by hypothecation of inventories and receivable and first charge over fixed assets of the company at 1/11 and 1/12 Industrial Estate, Gorwa, personal guarantee of Managing Directors of the company.)	109.727	52.497
Total	137.710	61.925

Banking Relations :	--
Auditors :
Name :	P.J. Mankad and Company Chartered Accountants
Address :	201, Labh Smruti, Bapatista Road, Ville Parle (West), Mumbai - 400 056, Maharashtra, India
Tel. No.:	91-22-26152124/ 22830196
Fax No.:	91-22-22830196
Pan No.:	AADPM6922E

CAPITAL STRUCTURE

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
3000000	Equity Shares	Rs.10/-each	Rs.30.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
971800	Equity Shares	Rs.10/- each	Rs.9.718 Millions

(Out of which 69960 shares were issued pursuant to an agreement without payment being received in cash and 301800 Equity Shares of Rs.10/- each fully paid up as Bonus Shares by capitalization out of General Reserve.)

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		9.718	9.718	9.718
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		155.151	128.427	104.047
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		164.869	138.145	113.765
LOAN FUNDS
1] Secured Loans		137.710	61.925	33.107
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		137.710	61.925	33.107
DEFERRED TAX LIABILITIES		0.000	0.000	0.335
TOTAL		302.579	200.070	147.207
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		85.356	56.619	61.364
Capital work-in-progress		3.667	0.081	0.249
INVESTMENT		0.281	0.281	0.281
DEFERREX TAX ASSETS		0.075	0.745	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	88.249	57.745	36.468
	Sundry Debtors	188.302	123.905	69.692
	Cash & Bank Balances	1.988	2.341	0.382
	Other Current Assets	2.990	2.640	2.592
	Loans & Advances	20.665	20.931	10.031
Total Current Assets		302.194	207.562	119.165
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	77.058	53.309	26.276
	Other Current Liabilities	10.317	7.354	5.615
	Provisions	1.619	4.555	1.961
Total Current Liabilities		88.994	65.218	33.852
Net Current Assets		213.200	142.344	85.313
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		302.579	200.070	147.207

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	700.982	449.948	357.178
		Other Income		8.327	0.757
		TOTAL (A)	700.982	458.275	357.935
Less	EXPENSES
		Raw Material Consumed	637.478	284.773	227.616
		Stores, spares and tool consumed		13.844	9.622
		Packing materials consumed		13.299	9.081
		Personnel Expenses		35.898	30.366
		Other Manufacturing, Selling and Administrative Expenses		55.886	47.428
		Increase/(Decrease) in stock		(4.980)	5.254
		Short Credits/ Excess Debits of previous year		(1.644)	(0.926)
		TOTAL (B)	637.478 (Including Financial Charges)	397.076	328.441
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)			61.199	29.494
Less	FINANCIAL EXPENSES (D)			3.718	7.714
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		63.504	57.481	21.780
Less/ Add	DEPRECIATION/ AMORTISATION (F)		15.186	11.897	11.180
	PROFIT BEFORE TAX (E-F) (G)		48.318	45.584	10.600
Less	TAX (H)		15.909	15.519	4.143
	PROFIT AFTER TAX (G-H) (I)		32.409	30.065	6.457
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		20.295	5.915	8.095
Less	APPROPRIATIONS
		Interim Dividend	4.859	4.859	0.972
		Dividend Distribution Tax	0.826	0.826	0.165
		General Reserve	10.000	10.000	7.500
	BALANCE CARRIED TO THE B/S		37.019	20.295	5.915
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	108.147	115.683	89.503
		Design and Development Charges	0.000	0.879	0.084
	TOTAL EARNINGS		108.147	116.562	89.587
	IMPORTS
		Raw Materials	NA	37.502	33.897
		Stores, Spares & Tools	NA	7.543	2.241
	TOTAL IMPORTS		NA	45.045	36.138
	Earnings Per Share (Rs.)		33.35	30.94	6.64

Particulars	31.03.2012
Sales Turnover [Approximately]	910.000

Expected Sales (2012-13) : Rs.1000.000 Millions.

The above information has been parted by Mr. Mahesh Patel.

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	4.62	6.56	1.80
Net Profit Margin (PBT/Sales)	(%)	NA	10.13	2.97
Return on Total Assets (PBT/Total Assets}	(%)	12.46	17.25	5.87
Return on Investment (ROI) (PBT/Networth)		0.29	0.33	0.09
Debt Equity Ratio (Total Liability/Networth)		1.37	0.92	0.59
Current Ratio (Current Asset/Current Liability)		3.39	3.18	3.52

LOCAL AGENCY FURTHER INFORMATION

DETAILS OF SUNDRY CREDITORS:

Particulars	31.03.2011 (Rs. in millions)	31.03.2010 (Rs. in millions)	31.03.2009 (Rs. in millions)
Sundry Creditors
Others	37.467	23.967	4.530
Micro, Small and Medium Enterprises	27.342	19.554	10.713
Others	12.249	9.788	11.033
Total	77.058	53.309	26.276

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
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	Yes
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	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	--
14]	Estimation for coming financial year	Yes
15]	Capital in the business	Yes
16]	Details of sister concerns	No
17]	Major suppliers	Yes
18]	Major customers	Yes
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	Yes
21]	Market information	--
22]	Litigations 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	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	PAN of Proprietor/Partner/Director, if available	No
32]	Date of Birth of Proprietor/Partner/Director, if available	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	Yes
34]	External Agency Rating, if available	Yes

PERFORMANCE OF THE COMPANY:

The Company has achieved a gross turnover of Rs.747.887 millions during the year as against Rs.478.644 millions in the previous year.

The increase in the sales in the year 2010-11, is largely due to the demand in Automobile Industry and Capital Goods Sector.

EXPORTS:

For the year 2010-11 company achieved exports sales of Rs.121.552 Millions as against previous year Rs.115.620 Millions recording an increase of 5.13% over the previous year. Their efforts to increase their presence in export market will continue.

FUTURE OUTLOOK:

To overcome their dependence on the tractor industry and the Auto Industry their efforts continue to add OE customer from other segment of the market, as also to be aggressive on the Export Sales.

The facility to manufacture brazed aluminum heat exchangers achieved a gross turnover of Rs.250.911 millions (previous year Rs.133.352 millions) during the year and the company expects substantial growth in this segment in the coming years.

ISO 9001 ACCREDITATION

The company’s manufacturing plant continues to maintain the prestigious ISO 9001 certified by accreditation from TUV, Rheinland, and is now holding TS 16949 certificate.

BANKERS CHARGES REPORT AS PER REGISTRY

This form is for	Modification of charge
Charge identification number of the modified	80011080
Corporate identity number of the company	U34201GJ1965PTC001320
Name of the company	STANDARD RADIATORS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	1/12, Industrial Estate, Gorwa, Vadodara-390016, Gujarat, India
Type of charge	Immovable Property
Particular of charge holder	Oriental Bank of Commerce, Fortune Towers, Ground Floor, Sayajigunj, Vadodara-390005, Gujarat, India Email: bm0620@obc.co.in
Nature of description of the instrument creating or modifying the charge	Memorandum of Deposit of Title Deed for enhancement of limit
Date of instrument Creating the charge	20.10.2011
Amount secured by the charge	Rs.182.500 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest CC - Hypo and BP / UBD and TL @ BR + 2.75% p.a. (presently 10.75%) with monthly rest PC / Foreign BP / LC DP/DA - Renewal @ as per RBI directives / HO Guidelines issued from time to time Terms of Repayment CC / Foreign BP / BP / LC DP - DA and Bank Guarantee - Subject to yearly renew. Margin @ 25% for all the facilities except 15% in case of LC and BG. Extent and Operation of the charge First and Exclusive charge in favour of Oriental bank of commerce Others CC - Stock / BDs - Rs. 140.000 Millions (Sub Limit LC - Rs. 15.000 Millions, BP/BD/UBD - Rs. 2.500 Millions, PCL/FDBP/FUDBP - Rs. 15.000 Millions, Documentary Demand cum usance BP - Rs. 7.500 Millions and Forward Exchange contract - Rs. 30.000 Millions) BG - Rs. 5.000 Millions TL - I - Rs. 15.000 Millions TL - II - Rs. 22.500 Millions total amounting - Rs. 182.500 Millions
Short particulars of the property charged	Property bearing shed No. C-1/11, Baroda Industrial Development Corporation adm. 13065 Sq. Fts. situated on land bearing R.S. No. 1178 bearing City S. No. 1181 in Vill. Moje Gorwa, Vadodara. Property bearing shed no. C-1/12, Baroda Industrial Development Corporation admeas. 13065 Sq. Fts. situated on land bearing R.S. No. 178 bearing City S. No. 1181 in Vill. Moje Gorwa, Vadodara.
Date of latest modification prior to the present modification	19.10.2011
Particulars of the present modification	Under this modification total amount of charge has been increased to Rs. 182.500 Millions divided as follows: CC - Stock / BDs - Rs. 140.000 Millions (Sub Limit LC - Rs. 15.000 Millions, BP/BD/UBD - Rs. 2.500 Millions, PCL/FDBP/FUDBP - Rs. 15.000 Millions, Documentary Demand cum usance BP - Rs. 7.500 Millions and Forward Exchange contract - Rs. 30.000 Millions) BG - Rs. 5.000 Millions TL - I - Rs. 15.000 Millions TL - II - Rs. 22.500 Millions

FIXED ASSETS

• Freehold Land
• Building
• Plant and Machinery
• Furniture and Fixture
• Office Equipments
• Electric Fittings
• Air Conditioners
• Vehicles
• Data Processing Machine

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.55.38
UK Pound	1	Rs.87.80
Euro	1	Rs.69.47

INFORMATION DETAILS

Information Gathered by :	PJA
Report Prepared by :	TPT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	5
--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		48

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.