MIRA INFORM REPORT

Report Date :

28.06.2014

IDENTIFICATION DETAILS

Name :	THERMOTECH INDUSTRIES (INDIA) PRIVATE LIMITED
Registered Office :	1501, Raj Darshan Apartment, Sarvodaya Parshavnath Nagar, Nahur Road, Mulund (West), Mumbai - 400080, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	08.03.2004
Com. Reg. No.:	11-144906
Capital Investment / Paid-up Capital :	Rs. 0.200 million
CIN No.: [Company Identification No.]	U74999MH2004PTC144906
TAN No.: [Tax Deduction & Collection Account No.]	MUMT11567D
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Finned Tubes, Steam / Thermic, Fluid Radiators and Finned Tube Equipment’s.
No. of Employees :	Not Divulged

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 59000
Status :	Moderate
Payment Behaviour :	Unknown
Litigation :	Clear
Comments :	Subject is an established company having a moderate track record. The management has failed to file its financial for 2012 with the government department. However, trade relations are reported to be fair. Business is active. Payments are reported to be unknown. 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 – March 31, 2014

Country Name	Previous Rating (31.12.2013)	Current Rating (31.03.2014)
India	A1	A1

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

INDIAN ECONOMIC OVERVIEW

N E W S

The economy grew 4.7 %in 2013/14, marking a second straight year of sub-5 % growth – the worst slowdown in more than a quarter of a century. The data was below an official estimate of 4.9 % annual growth and compared with 4.5 % in the last fiscal year. However, the current account deficit narrowed sharply to $ 32.4 billion at 1.7 % of gross domestic product, in 2013/14 from a record high of $ 98.8 billion or 4.7 %, the year before.A sharp fall in gold imports due to restrictions on overseas purchases and muted import of capital goods helped shrink the current account deficit.

Online retailer Flipkart has acquired fashion portal Myntra as it prepares to battle with the rapidly expanding India arm of the global e-commerce giant Amazon. The company raised $ 210 million from Russian Investment firm DST Global which has also invested in companies like Facebook, Twitter and Alibaba Group.

General Motors will start exporting vehicles from its Talegaon plant near Pune in the second half of 2014. GM was one of the few global carmakers that was using its India plant only for the domestic market.

Google has overtaken Apple as the world’s top brand in terms of value, according to global market research agency Millward Brown. Google’s brand value shot up 40 % in a year to $ 158.84 billion. The top 10 of the 100 slots were dominated by US companies.

Infosys lost another heavy weight when B G Srinivas, a board member put in his papers. He is the third CEO-hopeful to quit after Chairman N R Narayana Murthy’s return to the company – Ashok Vemuri and V Balakrishnan being the other two.While Vemuri went on to lead IGate, Balakrishnan joined politics.

Naresh Goyal – promoted Jet Airways posted biggest quarterly loss – Rs 2153.37 crore – in the three months ended March 31, mainly because it has been offering discounts to passengers to fill planes.

William S Pinckney – Chairman and CEO of Amway India was arrested by the Andhra Pradesh Police in connection with a complaint against the direct selling firm. This is the second time that he has been taken into custody. A year, ago the Kerala Police had arrested Pinckney and two company directors on charges of financial irregularities.

China has told its state-owned enterprises to sever links with American consulting firms after the United States charged five Chinese military officers wih hacking US companies. China’s action which targets consultancies like McKinsey & Co. and the Boston Consulting Group, sterns from fears that the first are providing trade secrets to the US governments.

India has emerged as a country with some of the highest unregistered businesses in the world. Indonesia has the maximum number of shadow businesses, says a study of 68 countries by Imperial College Business School in London.

Pfizer has abandoned its attempt to buy AstraZeneca for nearly $ 118 billion after the latter refused an offer of 55 pounds a share.

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 DECLINED BY

Name :	Mr. Amit Mahendra Mistry
Designation :	Director
Contact No.:	91-22-25663893
Date :	17.09.2013

LOCATIONS

Registered Office :	1501, Raj Darshan Apartment, Sarvodaya Parshavnath Nagar, Nahur Road, Mulund (West), Mumbai - 400080, Maharashtra, India
Tel. No.:	91-22-25663893/ 25654139
E-Mail :	jdsoni@rediffmail.com, thermofin@vsnl.com panchal.raman@gmail.com
Website :	www.thermotechind.tradeindia.com
Location :	Owned
Factory :	Plot No. R - 71, TTC Industrial Area, MIDC Rabale, Navi Mumbai - 400701, Maharashtra, India
Tel No.:	91-22-27603893/ 27603136/ 65291171
Fax No.:	91-22-27603893/ 25665675
	response@thermotech-finnedtubes.com thermofin@mtnl.net.in thermotech.ind@gmail.com thermofin@vsnl.com
Website :	www.heatexchangers-india.com
Location :	Rented
Branch Office :	13, Vishal Industries Estate, Village Road, Bhandup, Mumbai - 400076, Maharashtra, India
Tel. No.:	91-22-27603893/ 27603136/ 65291171
Fax No.:	91-22-27603893/ 25665675

DIRECTORS

As on 23.09.2011

Name :	Mr. Mahendra Narsidas Mistry
Designation :	Director
Address :	1501, Raj Darshan Apartment, Sarvodaya Parshavnath Nagar, Nahur Road, Mulund - (West), Mumbai - 400080, Maharashtra, India
Date of Birth/Age :	14.10.1944
Date of Appointment :	08.03.2004
DIN No.:	00733565
Name :	Mr. Amit Mahendra Mistry
Designation :	Director
Address :	1501, Raj Darshan Apartment, Sarvodaya Parshavnath Nagar, Nahur Road, Mulund - (West), Mumbai - 400080, Maharashtra, India
Date of Birth/Age :	04.11.1977
Date of Appointment :	08.03.2004
DIN No.:	00733645
Name :	Ms. Vina Mahendra Mistry
Designation :	Director
Address :	1501, Raj Darshan Apartment, Sarvodaya Parshavnath Nagar, Nahur Road, Mulund - (West), Mumbai - 400080, Maharashtra, India
Date of Birth/Age :	26.04.1953
Date of Appointment :	08.03.2004
DIN No.:	00733750
Name :	Ms. Bhavika Amit Mistry
Designation :	Director
Address :	1501, Raj Darshan Apartment, Sarvodaya Parshavnath Nagar, Nahur Road, Mulund - (West), Mumbai - 400080, Maharashtra, India
Date of Birth/Age :	04.05.1980
Date of Appointment :	08.03.2004
DIN No.:	00733860

KEY EXECUTIVES

Name :	Ms. Sunanda
Designation :	Accounts Executive

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 23.09.2011

Names of Shareholders	No. of Shares	Percentage of Holding
Mahendra Narsidas Mistry	700	35.00
Amit Mahendra Mistry	700	35.00
Vina Mahendra Mistry	400	20.00
Bhavika Amit Mistry	200	10.00
Total	2000	100.00

Equity Share Break up (Percentage of Total Equity)

As on 23.09.2011

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of Finned Tubes, Steam / Thermic, Fluid Radiators and Finned Tube Equipment’s.

Products :

All Kinds of Engineering Goods, Machimeries, etc. Finned Tubes oContinuous Spiral Crimped Fins oContinuous Spiral ‘G’ Type Fins oContinuous Spiral ‘L’ Type Fins oSquare & Rectangular Fins oWire Wound Finned Tubes (Root Soldered) Heat Exchangers o Steam/Thermic Fluid Heated Air Heaters o Multiple Cell Heat Exchangers o Air Coolers or Condensers o Heat Exchangers for Heat Recovery o Heat Exchangers With ‘U’ Tube Construction o Shell & Tube  Type Heat Exchangers o Sheet Metal or Pressed Components o Fabrication of Tanks and Bulk Storage Vessels.

GENERAL INFORMATION

Customers :

· Aarthi Drugs Limited

· Camlin Limited

· Davy Power Gas Limited

· Eurrestra Ind. Limited

· Jain Plastics

· Ruby Ceramics Private Limited

· Sulzer India Limited

· Nestle India Limited

· Surana Strips Limited

· Voltas Limited

· Zuari Ind. Limited

No. of Employees :

Not Divulged

Bankers :

HDFC Bank Limited, Navi Mumbai, Maharashtra, India

Facilities :

Secured Loan	31.03.2011 (Rs. in Millions)	31.03.2010 (Rs. in Millions)
HDFC Bank Car Loan	1.118	0.000
Total	1.118	0.000

Banking Relations :	--
Auditors :
Name :	Alok Chaturvedi and Associate Chartered Accountant
Address :	602, Samarpan Compex, New Link Road, Chakala, Andheri (East), Mumbai - 400099, Maharashtra, India
Tel. No.:	91-22-28261123
Mobile No.:	91-9370643311
E-Mail :	chaturvedi_alok1@rediffmail.com
PAN No.:	ADLPC8157G

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
20000	Equity Shares	Rs.100/- each	Rs.2.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2000	Equity Shares	Rs.100/- each	Rs.0.200 Million

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		0.200	0.200	0.200
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		14.458	9.916	6.022
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		14.658	10.116	6.222
LOAN FUNDS
1] Secured Loans		1.118	0.000	0.000
2] Unsecured Loans		1.515	2.515	3.022
TOTAL BORROWING		2.633	2.515	3.022
DEFERRED TAX LIABILITIES		0.373	0.367	0.303
TOTAL		17.664	12.998	9.547
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		5.819	4.567	4.600
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	1.002
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.819	0.270	0.964
	Sundry Debtors	0.422	1.849	0.243
	Cash & Bank Balances	2.531	1.354	1.689
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	15.055	13.863	8.883
Total Current Assets		18.827	17.336	11.779
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	2.794	3.047	3.779
	Other Current Liabilities	0.916	0.207	0.624
	Provisions	3.272	5.651	3.431
Total Current Liabilities		6.982	8.905	7.834
Net Current Assets		11.845	8.431	3.945
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		17.664	12.998	9.547

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	22.185	20.314
		Other Income	1.941	1.241
		TOTAL	24.126	21.555	18.941
Less	EXPENSES
		TOTAL	17.229	15.656	13.433
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		6.897	5.899	5.508
Less/ Add	DEPRECIATION/ AMORTISATION		0.265	0.237	0.234
	PROFIT BEFORE TAX		6.632	5.662	5.274
Less	TAX		2.091	1.768	1.687
	PROFIT AFTER TAX		4.541	3.894	3.587
	Earnings Per Share (Rs.)		2270.50	1947.00	1793.00

Particulars	31.03.2013	31.03.2012
Sales Turnover (Approximately)	30.000	25.200

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	18.82	18.07	18.94
Net Profit Margin (PBT/Sales)	(%)	29.89	27.87	NA
Return on Total Assets (PBT/Total Assets}	(%)	26.91	25.85	32.20
Return on Investment (ROI) (PBT/Networth)		0.45	0.55	0.85
Debt Equity Ratio (Total Debt/Networth)		0.18	0.25	0.49
Current Ratio (Current Asset/Current Liability)		2.70	1.95	1.50

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2009	31.03.2010	31.03.2011
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	0.200	0.200	0.200
Reserves & Surplus	6.022	9.916	14.458
Net worth	6.222	10.116	14.658
Secured Loans	0.000	0.000	1.118
Unsecured Loans	3.022	2.515	1.515
Total borrowings	3.022	2.515	2.633
Debt/Equity ratio	0.486	0.249	0.180

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2009	31.03.2010	31.03.2011
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Total Income	18.941	21.555	24.126
		13.801	11.928

NET PROFIT MARGIN

Net Profit Margin	31.03.2009	31.03.2010	31.03.2011
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Total Income	18.941	21.555	24.126
Profit	3.587	3.894	4.541
	18.94%	18.07%	18.82%

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	No
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last five 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	No
17]	Major suppliers	No
18]	Major customers	Yes
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
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	No
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

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10415833	29/03/2013	2,500,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL (WEST), MUMBAI - 400013, MAHARASHTRA, INDIA

UNSECURED LOANS

PARTICULARS	31.03.2011 (Rs. in Millions)	31.03.2010 (Rs. in Millions)
M.N. Mistry	0.296	0.596
Amit Mistry	0.632	0.632
Bhavika Mistry	0.147	0.147
Vina Mistry	0.440	0.440
Thermotech Industries (from Associate Concerns)	0.000	0.700
Total	1.515	2.515

FIXED ASSETS

· Factory Premises

· Motor Car

· Plant and Machinery

· Air Conditioner

· Office Equipment

· Computer and Printers

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.60.10
UK Pound	1	Rs.102.40
Euro	1	Rs.81.88

INFORMATION DETAILS

Information Gathered by :	PRT
Analysis Done by :	SUB
Report Prepared by :	MRI

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
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	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
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
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
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.