MIRA INFORM REPORT

Report Date :

10.12.2014

IDENTIFICATION DETAILS

Name :	THERMADYNE PRIVATE LIMITED
Registered Office :	C-120, Naraina Industrial Area, New Delhi – 110028, Delhi
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	29.11.1969
Com. Reg. No.:	55 - 005160
Capital Investment / Paid-up Capital :	Rs. 3.000 Millions
CIN No.: [Company Identification No.]	U74899DL1969PTC005160
IEC No.:	Not Divulged
TAN No.: [Tax Deduction & Collection Account No.]	Not Divulged
PAN No.: [Permanent Account No.]	Not Divulged
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer, Exporter and Importer of Air Filters.
No. of Employees :	200 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (46)

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

Maximum Credit Limit :	USD 260000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. General financial position of the company is sound. Trade relations are reported as fair. Business is active. Payments terms are reported to be usually correct. The company can be considered normal for 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, 2014

Country Name	Previous Rating (30.06.2014)	Current Rating (30.09.2014)
India	A1	A1

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

RBI DEFAILTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAILTERS’ 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 (GENERAL DETAILS)

Name :	Mrs. Harsh
Designation :	Personal Assistant to Director
Contact No.:	91-129-2258818
Date :	04.12.2014

LOCATIONS

Registered Office :	C-120, Naraina Industrial Area, New Delhi – 110028, Delhi, India
Tel. No.:	91-129-2258818/2258877/2250626
Fax No.:	91-129-2275418
E-Mail :	thermadyne@vsnl.net sales@thermadyne.co.in
Website :	http://www.thermadyne.co.in
Factory :	14/5, Mile Stone, (24^th K.M), Mathura Road, Faridabad – 121003, Haryana, India

DIRECTORS

Name :

Mr. Kumar Srinivasan

Designation :

Director

Address :

EA – 314, Maya Enclave, New Delhi – 110064, Delhi, India

Date of Birth/Age :

05.03.1949

Date of Appointment :

15.07.1992

DIN No.:

00173717

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	L32109DL1982PLC013838	DELTRON LIMITED	Whole-time director	27/09/2010	27/09/1990	-	Active	NO
2	U74899DL1969PTC005160	THERMADYNE PRIVATE LIMITED	Director	15/07/1992	15/07/1992	-	Active	NO
3	U74899DL1978PTC009262	HALLMARK AUTOMATION PRIVATE LIMITED	Director	15/07/1992	15/07/1992	-	Active	NO
4	U67120DL2001PTC111221	M D HOLDINGS PRIVATE LIMITED	Director	05/03/2004	05/03/2004	-	Active	NO
5	U45201DL2001PTC111217	RAGHAV PROPERTIES PRIVATE LIMITED	Director	08/03/2004	08/03/2004	-	Active	NO
6	U72900DL2006PLC153842	Nile Tech LIMITED	Director	29/09/2007	16/09/2006	28/02/2011	Active	NO
7	U45201DL2003PTC123474	MULBERRY PROJECTS PRIVATE LIMITED	Director	29/09/2007	27/10/2006	-	Active	NO
8	U74140DL2011PTC216948	BELLA VISTA MANAGEMENT SOLUTIONS PRIVATE LIMITED	Director	04/04/2011	04/04/2011	-	Active	NO

Name :

Mr. Rashmi Nagabhushan

Designation :

Director

Address :

M – 89, Saket, New Delhi – 110067, Delhi, India

Date of Birth/Age :

20.03.1952

Date of Appointment :

15.07.1992

DIN No.:

00173914

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U74899DL1969PTC005160	THERMADYNE PRIVATE LIMITED	Whole-time director	01/08/2012	15/07/1992	-	Active	NO
2	U64200DL2008PTC176244	SHIVARAM TECHNOLOGIES PRIVATE LIMITED	Director	30/09/2009	14/05/2008	-	Active	NO

Name :

Mr.Pankaj Gulati

Designation :

Director

Address :

182, Double Storey, New Rajinder Nagar, New Delhi – 110060, Delhi, India

Date of Birth/Age :

28.05.1956

Date of Appointment :

15.07.1992

DIN No.:

00173789

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U74899DL1978PTC009262	HALLMARK AUTOMATION PRIVATE LIMITED	Director	15/07/1992	15/07/1992	-	Active	NO
2	U74899DL1969PTC005160	THERMADYNE PRIVATE LIMITED	Director	15/07/1992	15/07/1992	-	Active	NO
3	U74899DL1967NPL015218	ELCINA ELECTRONIC INDUSTRIES ASSOCIATION OF INDIA	Director	12/09/2007	12/09/2007	-	Active	NO
4	U32109DL1964PLC004291	CONTINENTAL DEVICE INDIA LIMITED	Whole-time director	18/09/2014	26/12/2013	-	Active	NO
5	U72200DL2006PTC154058	Continental Device Infotech Private Limited	Director	30/09/2014	28/03/2014	-	Active	NO

KEY EXECUTIVES

Name :	Mrs. Harsh
Designation :	Personal Assistant to Director

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 31.03.2014

Names of Shareholders	No. of Shares
Jasbir Singh	10
Inderdeep Singh	20000
Inderdeep Singh	10
Inderdeep Singh	500
Simran Bhargava	4980
Gurpreet Singh (HUF)	15000
Kushal G. Singh	9500
Punita G Singh	27000
Kushal G Singh	25000
Simran Bhargava	25000
Inderdeep Singh	25000
Reena I Singh	25000
Gurupreet Singh	68000
Simran Bhargava	25000
Gitana Singh	5000
Punita G Singh	10000
Tara Bhargava	5000
Amira Bhargava	5000
Prithvideep Singh	5000
Total	300000

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Other top fifty shareholders	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer, Exporter and Importer of Air Filters.
Products :	Not Divulged
Brand Names :	Not Divulged
Agencies Held :	Not Divulged
Exports :
Products :	Ø Air Filter
Countries :	Ø Nepal Ø Bangladesh
Imports :
Products :	Ø Raw Material
Countries :	Ø USA Ø Germany Ø UK Ø Taiwan
Terms :
Selling :	Cash, L/C, Credit (30 Days)
Purchasing :	Cash, L/C, Credit (30 Days)

GENERAL INFORMATION

Suppliers :	Hollingsworth and Vose – USA.
Customers :	Wholesalers, Retailers, Manufacturer Waves Aircon, Haryana
No. of Employees :	200 (Approximately)
Bankers :	Punjab National Bank, Mewla, Maharajpur, Faridabad – 121003, India State Bank of Bikaner and Jaipur Naraina, New Delhi – 110028, India

Banking Relations :	--
Auditors :
Name :	K.S. Bawa and Associates Chartered Accountant
Address :	3/9, Desh Bandhu Gupta Road, Pahar Ganj, Delhi – 110055, India
Pan No.:	AADPB2045F
Memberships :	--
Collaborators :	--
Sister Concern :	Ø Continental Device India Limited

CAPITAL STRUCTURE

As on: 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
850,000	Equity Shares	Rs. 10 per Share	Rs. 8.500 Million
15,000	Preference Shares	Rs.100 per share	Rs. 1.500 Million
Total			Rs. 10.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
300,000	Equity Shares	Rs. 10 per Share	Rs.3.000 Million

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	3.000	3.000	3.000
(b) Reserves & Surplus	88.229	85.042	82.709
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	91.229	88.042	85.709
(3) Non-Current Liabilities
(a) long-term borrowings	40.000	40.000	0.000
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	40.000	40.000	0.000
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	7.198	7.125	5.380
(c) Other current liabilities	12.632	7.153	3.154
(d) Short-term provisions	2.511	1.717	5.869
Total Current Liabilities (4)	22.341	15.995	14.403
TOTAL	153.570	144.037	100.112
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	20.286	21.136	21.551
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	79.216	69.936	33.405
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	0.020	0.020	0.020
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	99.522	91.092	54.976
(2) Current assets
(a) Current investments	0.000	7.500	2.500
(b) Inventories	13.131	10.704	9.991
(c) Trade receivables	30.151	26.051	25.404
(d) Cash and cash equivalents	8.155	6.724	5.797
(e) Short-term loans and advances	0.751	0.924	1.094
(f) Other current assets	1.860	1.042	0.350
Total Current Assets	54.048	52.945	45.136
TOTAL	153.570	144.037	100.112

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income
		Other Income
		TOTAL	133.027	113.866	108.320
Less	EXPENSES		119.916	103.446	91.050
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		13.111	10.420	17.270
Less/ Add	DEPRECIATION/ AMORTISATION		1.318	1.340	1.380
	PROFIT BEFORE TAX		11.793	9.080	15.890
Less	TAX		6.851	8.630	14.690
	PROFIT AFTER TAX		4.942	0.450	1.200
	Earnings Per Share (Rs.)		1.64	0.15	0.40

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Return on Total Assets (PBT/Total Assets}	(%)	15.86	12.25	23.82
Return on Investment (ROI) (PBT/Networth)		0.13	0.10	0.19
Debt Equity Ratio (Total Debt /Networth)		0.44	0.45	0.00
Current Ratio (Current Asset/Current Liability)		2.42	3.31	3.13

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	3.000	3.000	3.000
Reserves & Surplus	82.709	85.042	88.229
Net worth	85.709	88.042	91.229
long-term borrowings	0.000	40.000	40.000
Short term borrowings	0.000	0.000	0.000
Total borrowings	0.000	40.000	40.000
Debt/Equity ratio	0.000	0.454	0.438

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	108.320	113.866	133.027
		5.120	16.828

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	108.320	113.866	133.027
Profit	1.200	0.450	4.942
	1.11%	0.40%	3.72%

LOCAL AGENCY FURTHER INFORMATION

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	No
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	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
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	No
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]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

UNSECURED LOAN

(Rs. In Million)

Particular	As on 31.03.2014	As on 31.03.2013
Long Term Borrowing
Fixed Deposits – From Other	40.000	40.000
Total	40.000	40.000

INDEX OF CHARGES: NO CHARGES EXIST FOR THE COMPANY

FIXED ASSETS

Ø Land

Ø Building

Ø Plant and Machinery

Ø Electrical Fittings

Ø Furniture and Fixture

Ø Computers

Ø Vehicles

Ø Office Equipment

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 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 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.61.87
UK Pound	1	Rs.96.90
Euro	1	Rs.76.29

INFORMATION DETAILS

Analysis Done by :	DIP
Report Prepared by :	SPR

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--CREDIT LINES	1~10	5
--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
DEFAULTER
RBI	YES/NO	No
EPF	YES/NO	No
TOTAL		46

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.