March 31, 2012 (Successor)

Thermon
Holding,
Corp.
(Guarantor)

Thermon
Industries, Inc.
(Issuer)

Thermon
Manufacturing
Company
and US
Subsidiaries
(Guarantor)

International
Subsidiaries
(Non-
guarantors)

Eliminations

Consolidated

Assets

Current assets:

Cash and cash equivalents

$

—

$

—

$

5,815

$

15,653

$

—

$

21,468

Accounts receivable, net

—

—

28,466

38,431

(16,860

)

50,037

Inventories, net

—

—

20,225

19,949

(1,721

)

38,453

Costs and estimated earnings in excess of billings on uncompleted contracts

—

—

1,458

538

—

1,996

Income taxes receivable

—

—

5,193

—

—

5,193

Prepaid expenses and other current assets

—

—

932

5,398

523

6,853

Deferred Income taxes

—

—

2,758

906

—

3,664

Total current assets

—

—

64,847

80,875

(18,058

)

127,664

Property, plant and equipment, net

—

—

21,870

5,791

—

27,661

Goodwill

—

—

47,391

70,616

—

118,007

Intangible assets, net

1,078

—

72,019

71,704

—

144,801

Debt Issuance costs, net

—

7,446

—

—

—

7,446

Intercompany loans

160

—

(160

)

—

Investment in subsidiaries

127,622

252,209

118,455

—

(498,286

)

—

$

128,700

$

259,655

$

324,742

$

228,986

$

(516,504

)

$

425,579

Liabilities and shareholder’s equity

Current liabilities:

Accounts payable

$

—

$

—

$

8,615

$

18,768

$

(11,655

)

$

15,728

Accrued liabilities

—

6,136

8,577

11,779

(4,050

)

22,442

Current portion of long term debt

—

21,000

—

—

—

21,000

Billings in excess of costs and estimated earnings on uncompleted contracts

—

—

2,098

348

—

2,446

Income taxes payable

—

—

114

1,260

—

1,374

Obligations in settlement of the CHS Transactions

—

—

3,528

—

—

3,528

Intercompany payables

(70,732

)

110,062

(38,288

)

273

(1,315

)

—

Total current liabilities

(70,732

)

137,198

(15,356

)

32,428

(17,020

)

66,518

Long-term debt, net of current maturities

—

118,145

—

—

—

118,145

Deferred Income taxes

—

—

29,725

16,274

—

45,999

Other noncurrent liabilities

—

—

1,702

735

—

2,437

Shareholder’s equity

199,432

4,312

308,671

179,549

(499,484

)

192,480

$

128,700

$

259,655

$

324,742

$

228,986

$

(516,504

)

$

425,579

March 31, 2011 (Successor)

Thermon
Holding,
Corp.
(Guarantor)

Thermon
Industries, Inc.
(Issuer)

Thermon
Manufacturing
Company
and US
Subsidiaries
(Guarantor)

International
Subsidiaries
(Non-
guarantors)

Eliminations

Consolidated

Assets

Current assets:

Cash and cash equivalents

$

—

$

—

$

41,829

$

9,187

$

—

$

51,016

Accounts receivable, net

—

—

22,613

31,175

(13,775

)

40,013

Inventories, net

—

—

14,426

18,461

(1,769

)

31,118

Costs and estimated earnings in excess of billings on uncompleted contracts

—

—

1,816

247

—

2,063

Income taxes receivable

—

—

2,001

461

—

2,462

Prepaid expenses and other current assets

620

—

1,065

5,402

546

7,633

Deferred Income taxes

—

—

966

525

—

1,491

Total current assets

620

—

84,716

65,458

(14,998

)

135,796

Property, plant and equipment, net

—

—

15,257

6,429

—

21,686

Goodwill

—

—

47,391

73,359

—

120,750

Intangible assets, net

1,332

—

77,860

79,864

—

159,056

Debt Issuance costs, net

—

11,573

—

—

—

11,573

Other noncurrent assets

—

—

633

—

—

633

Intercompany loans

130

—

(130

)

—

Investment in subsidiaries

105,738

226,904

100,848

—

(433,490

)

—

$

107,690

$

238,477

$

326,835

$

225,110

$

(448,618

)

$

449,494

Liabilities and shareholder’s equity

Current liabilities:

Accounts payable

$

—

$

—

$

10,713

$

19,308

$

(11,448

)

$

18,573

Accrued liabilities

—

9,023

7,554

13,500

(1,105

)

28,972

Current portion of long term debt

—

21,000

—

—

—

21,000

Borrowing under revolving lines of credits

—

—

—

2,063

—

2,063

Billings in excess of costs and estimated earnings on uncompleted contracts

—

—

1,119

(9

)

—

1,110

Income taxes payable

—

—

3,139

3,507

—

6,646

Obligations in settlement of the CHS Transactions

—

—

4,213

—

—

4,213

Intercompany payables

(18,592

)

10,167

9,580

197

(1,352

)

—

Total current liabilities

(18,592

)

40,190

36,318

38,566

(13,905

)

82,577

Long-term debt, net of current maturities

—

189,000

—

—

—

189,000

Deferred Income taxes

—

—

31,134

18,675

—

49,809

Other noncurrent liabilities

—

—

1,298

528

—

1,826

Shareholder’s equity

126,282

9,287

258,085

167,341

(434,713

)

126,282

$

107,690

$

238,477

$

326,835

$

225,110

$

(448,618

)

$

449,494

For the Year Ended March 31, 2012 (Successor)

Thermon
Holding,
Corp.
(Guarantor)

Thermon
Industries,
Inc.
(Issuer)

Thermon
Manufacturing
Company and
U.S. Subsidiaries
(Guarantors)

International
Subsidiaries
(Non-guarantors)

Eliminations

Consolidated

Revenues

$

—

$

—

$

151,457

$

184,727

$

(65,669

)

$

270,515

Cost of sales

—

—

99,670

104,447

(65,717

)

138,400

Gross profit

—

—

51,787

80,280

48

132,115

Operating expenses:

Marketing, general and administrative and engineering

7,135

7,357

29,992

31,796

—

76,280

Amortization of other intangible assets

255

—

5,842

5,282

—

11,379

Income (loss) from operations

(7,390

)

(7,357

)

15,953

43,202

48

44,456

Other income/(expenses):

Equity in earnings of subsidiaries

21,884

25,305

17,607

—

(64,796

)

—

Interest income

—

—

33

89

—

122

Interest expense

—

(19,097

)

(133

)

(354

)

—

(19,584

)

Loss on retirement of debt

—

(3,825

)

—

—

—

(3,825

)

Miscellaneous income/(expense)

—

—

7,354

(9,025

)

—

(1,671

)

Income (loss) before provision for income taxes

14,494

(4,974

)

40,814

33,912

(64,748

)

19,498

Income tax expense benefit (expense)

(2,464

)

1,890

(15,509

)

(9,198

)

17,813

(7,468

)

Net income (loss)

$

12,030

$

(3,084

)

$

25,305

$

24,714

$

(46,935

)

$

12,030

For the Period From May 1, 2010 To March 31, 2011 (Successor)

Thermon
Holding,
Corp.
(Guarantor)

Thermon
Industries,
Inc.
(Issuer)

Thermon
Manufacturing
Company and
U.S. Subsidiaries
(Guarantors)

International
Subsidiaries
(Non-guarantors)

Eliminations

Consolidated

Revenues

$

—

$

—

$

114,775

$

161,378

$

(50,408

)

$

225,745

Cost of sales

—

—

78,480

101,395

(50,248

)

129,627

Gross profit

—

—

36,295

59,983

(160

)

96,118

Operating expenses:

Marketing, general and administrative and engineering

2,366

—

25,180

26,616

—

54,162

Amortization of other intangible assets

297

—

8,182

9,551

—

18,030

Income (loss) from operations

(2,663

)

—

2,933

23,816

(160

)

23,926

Other income/(expenses):

Equity in earnings of subsidiaries

(5,176

)

14,487

9,609

—

(18,920

)

—

Interest income

—

—

5

37

—

42

Interest expense

—

(22,372

)

(229

)

(170

)

—

(22,771

)

Miscellaneous income/(expense)

(6,101

)

(1,091

)

4,625

(7,410

)

—

(9,977

)

Income (loss) before provision for income taxes

(13,940

)

(8,976

)

16,943

16,273

(19,080

)

(8,780

)

Income tax benefit (expense)

(1,000

)

—

(396

)

(4,830

)

66

(6,160

)

Net income (loss)

$

(14,940

)

$

(8,976

)

$

16,547

$

11,443

$

(19,014

)

$

(14,940

)

For the Period From April 1, 2010 To April 30, 2010 (Predecessor)

Thermon
Holdings,
LLC

Thermon
Holding,
Corp.
(Guarantor)

Thermon
Industries,
Inc.
(Issuer)

Thermon
Manufacturing
Company
and U.S.
Subsidiaries
(Guarantors)

International
Subsidiaries
(Non-
guarantors)

Eliminations

Consolidated

Revenues

$

—

$

—

$

—

$

8,621

$

8,342

$

(3,900

)

$

13,063

Cost of sales

—

—

—

5,223

5,027

(3,803

)

6,447

Gross profit

—

—

—

3,398

3,315

(97

)

6,616

Operating expenses:

Marketing, general and administrative and engineering

—

—

—

2,304

1,959

—

4,263

Amortization of other intangible assets

—

—

—

38

177

—

215

Income (loss) from operations

—

—

—

1,056

1,179

(97

)

2,138

Other income/(expenses):

Equity in earnings of subsidiaries

(267

)

7,689

11,780

(307

)

—

(18,895

)

—

Interest income

—

—

—

1

6

—

7

Interest expense

—

(1,245

)

—

(3,404

)

(1,580

)

—

(6,229

)

Miscellaneous income/(expense)

—

(6,711

)

(3,080

)

(2,076

)

(1,750

)

—

(13,617

)

(267

)

(267

)

8,700

(5,786

)

(3,324

)

(18,895

)

(19,839

)

Income (loss) before provision for income taxes

(267

)

(267

)

8,700

(4,730

)

(2,145

)

(18,992

)

(17,701

)

Income tax benefit (expense)

—

—

—

17,063

341

30

17,434

Net income (loss)

$

(267

)

$

(267

)

$

8,700

$

12,333

$

(1,804

)

$

(18,962

)

$

(267

)

For the Year Ended March 31, 2010 (Predecessor)

Thermon
Holdings,
LLC

Thermon
Holding,
Corp.
(Guarantor)

Thermon
Industries,
Inc.
(Issuer)

Thermon
Manufacturing
Company
and U.S.
Subsidiaries
(Guarantors)

International
Subsidiaries
(Non-
guarantors)

Eliminations

Consolidated

Revenues

$

—

$

—

$

—

$

101,712

$

131,256

$

(40,255

)

$

192,713

Cost of sales

—

—

—

65,554

76,462

(40,615

)

101,401

Gross profit

—

—

—

36,158

54,794

360

91,312

Operating expenses:

Marketing, general and administrative and engineering

—

—

—

22,069

25,274

—

47,343

Amortization of other intangible assets

—

—

—

454

1,972

—

2,426

Income (loss) from operations

—

—

—

13,635

27,548

360

41,543

Other income/(expenses):

Equity in earnings of subsidiaries

18,940

18,940

12,271

11,274

—

(61,425

)

—

Interest income

—

4,016

4,016

41

(16

)

(8,051

)

6

Interest expense

—

(4,016

)

(4,016

)

(4,016

)

(3,341

)

8,032

(7,357

)

Miscellaneous income/(expense)

—

—

—

4,397

(5,683

)

—

(1,286

)

Income (loss) before provision for income taxes

18,940

18,940

12,271

25,331

18,508

(61,084

)

32,906

Income tax benefit (expense)

—

—

—

(8,309

)

(5,547

)

(110

)

(13,966

)

Net income (loss)

$

18,940

$

18,940

$

12,271

$

17,022

$

12,961

$

(61,194

)

$

18,940

For the Year Ended March 31, 2012 (Successor)

Thermon
Holding,
Corp.
(Guarantor)

Thermon
Industries,
Inc.
(Issuer)

Thermon
Manufacturing
Company and
U.S.
Subsidiaries
(Guarantor)

International
Subsidiaries
(Non-guarantors)

Eliminations

Consolidated

Net cash provided by (used in) operations

$

—

$

(25,215

)

$

14,408

$

15,210

$

890

$

5,293

Investing activities

Purchases of P.P.&E.

—

—

(8,560

)

(323

)

—

(8,883

)

Cash paid for Thermon

—

—

(685

)

—

—

(685

)

Net cash provided by (used in) investing activities

—

—

(9,245

)

(323

)

—

(9,568

)

Financing activities

Payments on senior secured notes

—

(70,855

)

—

—

—

(70,855

)

Premium paid on notes

—

(3,825

)

—

—

—

(3,825

)

Payments on revolving lines of credit and long-term debt

—

—

—

(2,063

)

—

(2,063

)

Payments of intercompany dividends

5,389

(5,389

)

––

Capital contributions

52,141

—

—

—

—

52,141

Change in affiliate debt

(52,141

)

99,895

(46,565

)

(245

)

(944

)

—

Net cash provided by (used in) financing activities

—

25,215

(41,176

)

(7,697

)

(944

)

(24,602

)

Effect of exchange rates on cash and cash equivalents

—

—

—

(725

)

54

(671

)

Change in cash and cash equivalents

—

—

(36,013

)

6,465

—

(29,548

)

Cash at beginning of period

—

—

41,829

9,187

—

51,016

Cash at End of period

$

—

$

—

$

5,816

$

15,652

$

—

$

21,468

For the Period May 1, 2010 To March 31, 2011 (Successor)

Thermon
Holding,
Corp.
(Guarantor)

Thermon
Industries,
Inc.
(Issuer)

Thermon
Manufacturing
Company and
U.S.
Subsidiaries
(Guarantor)

International
Subsidiaries
(Non- guarantors)

Eliminations

Consolidated

Net cash provided by (used in) operations

$

(7,527

)

$

(10,491

)

$

21,426

$

35,424

$

130

$

38,962

Investing activities

Purchases of P.P.&E.

—

(1,364

)

(338

)

—

(1,702

)

Other investing transaction

(503

)

—

10

—

—

(493

)

Cash paid for Thermon

(121,882

)

(199,018

)

3,715

2,775

—

(314,410

)

Net cash provided by (used in) investing activities

(122,385

)

(199,018

)

2,361

2,437

—

(316,605

)

Financing activities

Proceeds from senior secured notes

—

210,000

—

—

—

210,000

Proceeds from revolving line of credit

—

—

—

6,662

—

6,662

Payments on revolving lines of credit and long-term debt

—

—

—

(4,599

)

—

(4,599

)

Capital contributions

129,252

—

—

—

—

129,252

Debt issuance costs

—

(15,249

)

—

—

—

(15,249

)

Payment of intercompany dividends

—

—

33,339

(33,339

)

—

—

Change in affiliate debt

660

14,758

(15,297

)

9

(130

)

—

Net cash provided by (used in) financing activities

129,912

209,509

18,042

(31,267

)

(130

)