MIRA INFORM REPORT

Report No. :	320742
Report Date :	21.05.2015

IDENTIFICATION DETAILS

Name :	THERMOTECH INDUSTRIES (INDIA) PRIVATE LIMITED
Registered Office :	1501, Raj Darshan Apartments, Sarvodaya Parshavnath Nagar, Nahur Road, Mulund (West), Mumbai – 400080, Maharashtra
Country :	India
Financials (as on) :	31.03.2014
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
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	MUMT11567D
PAN No.: [Permanent Account No.]	Not Available
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacture and Exporter of finned tubes, steam / thermic, fluid Rodiators and finned tube equipments.
No. of Employees :	30 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (42)

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

Maximum Credit Limit :	USD 88000
Status :	Satisfactory
Payment Behaviour :	Sloe but Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. The rating takes into consideration company’s improved operational risk profile backed by zero debt and decent net worth profile of the company. Trade relations are fair. Business is active. Payments are reported to be slow but correct. The company can be considered for business dealings at usual trade terms and condition.

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, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
India	A1	A1

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

EXTERNAL AGENCY RATING

Rating Agency Name	Not Available
Rating	Not Available
Rating Explanation	Not Available
Date	Not Available

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 31-03-2014.

INFORMATION PARTED BY

Name :	Mrs. Leena
Designation :	Accountant Executive
Contact No.:	91-22-27603893
Date :	05.05.2015

LOCATIONS

Registered Office :	1501, Raj Darshan Apartments, Sarvodaya Parshavnath Nagar, Nahur Road, Mulund (West), Mumbai – 400080, Maharashtra, India
Tel. No.:	91-22-25663893 / 25654139
Fax No.:	91-22-27603893
E-Mail :	thermofin@vsnl.com panchal.raman@gmail.com jdsoni@rediffmail.com
Website :
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
E-Mail :	thermofin@mtnl.net.in response@thermotech_finnedtubes.com thermotech.ind@gmail.com thermofin@vsnl.com
Website :	http://www.heatexchanges_india.com
Location :	Rented
Branch Office:	13, Vishal Industries Estate, Village Road, Bhandup, Mumbai – 400076, Maharashtra, India
Tel. No.:	91-2227603893 / 27603136 / 65291171
Fax No.:	91-22-27603893 / 25665675

DIRECTORS

As on 30.09.2014

Name :	Mr. Mahendra Narsidas Mistry
Designation :	Director
Address :	1501, Raj Darshan Apartments, 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 Apartments, 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 :	Mrs. Vina Mahendra Mistry
Designation :	Director
Address :	1501, Raj Darshan Apartments, 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 :	Mrs. Bhavika Amit Mistry
Designation :	Director
Address :	1501, Raj Darshan Apartments, 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 :	Mrs. Leena
Designation :	Accountant Executive

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2014

Names of Shareholders	No. of Shares	%age holding
Mahendra Naridas 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

As on 30.09.2014

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacture and Exporter of finned tubes, steam / thermic, fluid Rodiators and finned tube equipments.
Products :	All Kinds of Engineering Goods, Machimeries. 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 Fabrication of Tanks and Bulk Storage Vessels
Brand Names :	Not Divulged
Agencies Held :	Not Divulged
Exports :
Products :	Items as Above
Countries :	Indonesia London Singapore
Imports :	Not Divulged
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

PRODUCTION STATUS NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :	Banco Aluminium - Gujarat, India
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Maximum Limit Dealt :	Not Divulged
Experience :	Not Divulged
Remark:	Not Divulged

Customers :

Wholesalers, Retailers and End Users

Reference :	Aarthi Drugs Limited
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Maximum Limit Dealt :	Not Divulged
Experience :	Not Divulged
Remark:	Not Divulged

· 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 :

30 (Approximately) )

Bankers :

Bank Name
Branch	HDFC Bank Limited
Person Name (With Designation)	Navi Mumbai, Mumbai, Maharashtra, India
Contact Number	Not Divulged
Name of Account Holder	Not Divulged
Account Number	Not Divulged
Account Since (Date/Year of Account Opening)	Not Divulged
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

• HDFC Bank Limited - Housesenapati Bapat Marg, Lower Parel (West), Mumbai - 400013, Maharashtra, India

Facilities :

Secured Loan	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Short-term borrowings
Term Loan From Bank (Original Loan amount of Rs.12.50 lakhs repayable in 63 equal monthly instalments of Rs. 39319 @ 8.75% interest on reducing balanced method)	0.000	0.304
Total	0.000	0.304

Auditors :
Name :	Alok Chaturvedi and Associates Chartered Accountants
Address :	602, Samarpan Complex, 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 N Income-tax PAN of auditor or auditor's firm :	ADLPC8157G
Memberships :	Not Available
Collaborators :	Not Available
Associates/Subsidiaries :	Not Available

CAPITAL STRUCTURE

As on 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
20000	Equity Shares	Rs.10/- each	Rs.2.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2000	Equity Shares	Rs.10/- each	Rs.0.200 Million

FINANCIAL DATA

[all figures are in Rupees Million]

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	0.200	0.200	0.200
(b) Reserves & Surplus	30.597	25.436	20.852
(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)	30.797	25.636	21.052
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.096	1.655
(b) Deferred tax liabilities (Net)	0.524	0.496	0.446
(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)	0.524	0.592	2.101
(4) Current Liabilities
(a) Short term borrowings	0.000	0.304	0.389
(b) Trade payables	7.433	6.307	3.518
(c) Other current liabilities	1.881	1.504	1.078
(d) Short-term provisions	10.760	7.963	6.093
Total Current Liabilities (4)	20.074	16.078	11.078
TOTAL	51.395	42.306	34.231
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	4.973	5.237	5.591
(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	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	21.969	20.130	17.645
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	26.942	25.367	23.236
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	3.441	2.821	0.799
(c) Trade receivables	3.044	0.914	1.240
(d) Cash and cash equivalents	8.985	6.012	4.457
(e) Short-term loans and advances	8.983	7.192	4.499
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	24.453	16.939	10.995
TOTAL	51.395	42.306	34.231

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	35.912	28.267	28.947
	Other Income	NA	NA	NA
	TOTAL	NA	NA	NA
Less	EXPENSES
	TOTAL	27.962	21.250	19.216
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	7.950	7.017	9.731
Less	DEPRECIATION/ AMORTISATION	0.372	0.369	0.363
	PROFIT/ (LOSS) BEFORE TAX	7.588	6.648	9.368
Less	TAX	2.428	2.013	2.974
	PROFIT/ (LOSS) AFTER TAX	5.160	4.585	6.394
	Earnings / (Loss) Per Share (Rs.)	2580.00	2292.00	3197.00

Expected Sales (2014-2015) 50.000 Million

The above information has been parted by Mrs. Leena (Account Executive)

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	NA	NA	NA
Cash generated from operations	NA	NA	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	14.37	16.22	22.09
Operating Profit Margin (PBIDT/Sales)	(%)	22.14	24.82	33.62
Return on Total Assets (PBT/Total Assets}	(%)	14.76	15.71	27.37
Return on Investment (ROI) (PBT/Networth)		0.25	0.26	0.44
Debt Equity Ratio (Total Debt /Networth)		0.00	0.02	0.10
Current Ratio (Current Asset/Current Liability)		1.22	1.05	0.99

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	0.200	0.200	0.200
Reserves & Surplus	20.852	25.436	30.597
Net worth	21.052	25.636	30.797
long-term borrowings	1.655	0.096	0.000
Short term borrowings	0.389	0.304	0.000
Total borrowings	2.044	0.400	0.000
Debt/Equity ratio	0.097	0.016	0.000

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	28.947	28.267	35.912
		(2.349)	27.046

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	28.947	28.267	35.912
Profit	6.394	4.585	5.160
	22.09%	16.22%	14.37%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check list by info agents	Available in Report (Yes/No)
1	Year of establishment	Yes
2	Constitution of the entity -Incorporation details	Yes
3	Locality of the entity	Yes
4	Premises details	No
5	Buyer visit details	--
6	Contact numbers	Yes
7	Name of the person contacted	Yes
8	Designation of contact person	Yes
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	Yes
11	Pan Card No. of Proprietor / Partners	Yes
12	Voter Id Card No. of Proprietor / Partners	No
13	Type of business	Yes
14	Line of Business	Yes
15	Export/import details (if applicable)	Yes
16	No. of employees	Yes
17	Details of sister concerns	No
18	Major suppliers	No
19	Major customers	Yes
20	Banking Details	Yes
21	Banking facility details	Yes
22	Conduct of the banking account	--
23	Financials, if provided	Yes
24	Capital in the business	Yes
25	Last accounts filed at ROC, if applicable	Yes
26	Turnover of firm for last three years	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	Yes
29	Profitability for last three years	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	No
32	Litigations that the firm/promoter involved in	--
33	Market information	--
34	Payments terms	Yes
35	Negative Reporting by Auditors in the Annual Report	No

UNSECURED LOAN

PARTICULARS	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Long Term Borrowing
Loan From Directors	0.000	0.096
Total	0.000	0.096

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10415833	29/03/13	2,500,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, Maharashtra – 400013, INDIA	B72019870

FIXED ASSETS

Tangible Assets

• Factory Premises
• Plant and Machinery
• Airconditioner
• Office Equipments
• Motor Car Sckoda
• Computers 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.63.87
UK Pound	1	Rs.98.89
Euro	1	Rs.70.73

INFORMATION DETAILS

Information Gathered by :	REK
Analysis Done by :	KAR
Report Prepared by :	SUD

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	4
--PROFITABILITY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	4
--RESERVES	1~10	5
--CREDIT LINES	1~10	4
--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	YES
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		42

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.