MIRA INFORM REPORT

Report Date :

29.12.2011

IDENTIFICATION DETAILS

Name :	TOYO ENGINEERING INDIA LIMITED
Registered Office :	Toyo House, Lal Bahadur Shashtri Marg, Kanjur Marg (West), Mumbai – 400 078, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	12.10.1981
Com. Reg. No.:	11-25413 (New) / 55-8400 (Old)
Capital Investment / Paid-up Capital :	Rs.100.000 millions
CIN No.: [Company Identification No.]	U28900MH1981PLC025413 / U31409DL1976PLC008400
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Providing Construction Services.
No. of Employees :	2000 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

A (65)

RATING		STATUS	PROPOSED CREDIT LINE
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

Maximum Credit Limit :	USD 5300000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a subsidiary of Toyo Engineering, Japan. It is one of the leading engineering organization. Financial position of the company appears to be sound. Trade relations are reported as fair. Business is active. Payments are reported to be regular and as per commitments. 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.

INFORMATION PARTED BY

Name :	Mr. Tushar
Designation :	Finance Manager
Tel No.:	91-22-25737085
Date :	27.12.2011

LOCATIONS

Registered/ Head Office :	Toyo House, Lal Bahadur Shashtri Marg, Kanjur Marg (West), Mumbai – 400 078, Maharashtra, India
Tel. No.:	91-22-25737000 / 55967000 / 25737085 / 25737044
Fax No.:	91-22-25737520 / 1 / 25737521
E-Mail :	sales@toyoindia.com pradhand@toyoindia.com contact@toyoindia.com pathaktushar@toyoindia.com tusharpathak@toyoindia.com toyo-delhi@toyoindia.com teilad@eim.ae patwardhans@toyoindia.com
Website :	http://www.toyoindia.com
Location :	Owned
Branch Office :	214, Splendor Forum, Jasola District Centre, Near Apollo Hospital, New Delhi - 110 044, India
Tel. No.:	91-11-40591240
Fax No.:	91-11-40591246
Overseas Office :	Post Box:36109, Abu Dhabi, U.A.E.
Tel. No.:	+971 267 16669
Fax No.:	+971 267 16648
Satellite Project Office :	71, Kanjur Marg Village Road, Kanjur Marg (East), Mumbai - 400 042, Maharashtra, India
Tel. No.:	91-22-25735000
Fax No.:	91-22-25735842

DIRECTORS

As on 23.09.2011

Name :	Mr. Hisashi Kenichi Osone
Designation :	Managing Director
Address :	Mont Blanc Co-Operative Housing Society Limited, Dadysath Hill, August Kranti Marg, Mumbai – 400 036, Maharashtra, India
Date of Birth/Age :	04.01.1954
Date of Appointment :	18.05.2004
DIN No.:	01354803

Other Directorship

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U28900MH1981PLC025413	Toyo Engineering India Limited	Managing director	27-01-10	18-05-04	Active	NO
2	U72900MH2004PLC147604	Toyo Infotech India Limited	Director	29-12-06	29-12-06	Amalgamated	NO

Name :	Mr. Makoto Takao Fusayama
Designation :	Director
Address :	4-16-23, Kamiigusa, Suginami-Ku, Tokyo, Japan 1670023
Date of Birth/Age :	23.08.1950
Date of Appointment :	23.09.2011
DIN No.:	03325946

Other Directorship

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U28900MH1981PLC025413	Toyo Engineering India Limited	Director	23-09-11	02-11-10	Active	NO

Name :	Mr. Eiji Kichizou Hosoi
Designation :	Director
Address :	1-39-25, Wada, Suginami-Ku, Tokyo, Japan 1660012
Date of Birth/Age :	06.10.1959
Date of Appointment :	04.09.2009
DIN No.:	02772892
Name :	Mr. Hiroshi Izumi Kasai
Designation :	Director
Address :	4-3-3-502, Takahama, Mihama-Ku, Chiba, Japan 2610003
Date of Birth/Age :	31.12.1953
Date of Appointment :	03.11.2010
DIN No.:	03326715
Name :	Mr. Juzan Chang Jifei Cho
Designation :	Director
Address :	Miyasaka 1-25-6, Setagaya, Tokyo, Japan 1560051
Date of Birth/Age :	05.05.1954
Date of Appointment :	03.11.2010
DIN No.:	03326786
Name :	Mr. Mehinder Amarnath Sharma
Designation :	Director
Address :	E-156, Greater Kailash, Part – I, New Delhi – 110 048, India
Date of Birth/Age :	04.02.1959
Date of Appointment :	07.08.2001
DIN No.:	00036252

Other Directorship

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	L15130HR1994PLC032362	Ans Limited	Managing director	10-08-09	03-08-94	-	Active	NO
2	U28900MH1981PLC025413	Toyo Engineering India Limited	Director	07-08-01	07-08-01	-	Active	NO
3	U45202DL2002PLC115098	Ans Constructions Limited	Director	24-04-02	24-04-02	-	Active	NO
4	U45201DL2004PTC124161	Growmore Properties Private Limited	Director	19-01-04	19-01-04	15-12-08	Active	NO
5	U70101DL2004PTC124668	Sharma Farms Private Limited	Director	16-02-04	16-02-04	-	Active	NO
6	U45202DL2004PTC125878	Ans Infrastructure Private Limited	Director	19-04-04	19-04-04	-	Active	NO
7	U70101DL2004PTC127254	Mehinder Properties Private Limited	Director	29-06-04	29-06-04	09-06-11	Active	NO
8	U70101DL2004PTC127513	Eleventh Floor Properties Private Limited	Director	12-07-04	12-07-04	-	Active	NO
9	U45200MH2004PTC147571	Agile Developers Private Limited	Director	19-07-04	19-07-04	-	Active	NO
10	U01122DL2004PTC129070	Hari Ganga Farms Private Limited	Director	15-09-04	15-09-04	09-06-11	Active	NO
11	U45201DL2004PTC129290	Ans Apartments Private Limited	Director	21-09-04	21-09-04	20-12-07	Active	NO
12	U85199KA2004PTC035248	Amruth Biological And Clinical Service Private Limited	Director	15-12-04	15-12-04	-	Active	NO
13	U74999DL2005PTC131930	Ans Farms Private Limited	Director	07-01-05	07-01-05	-	Active	NO
14	U72200DL2005PTC132384	Ans-Bpo Private Limited	Director	25-01-05	25-01-05	-	Active	NO
15	U70101DL2005PTC136485	Veenavadini Properties Private Limited	Director	20-05-05	20-05-05	30-10-10	Active	NO
16	U70101DL2005PTC136941	Banke Bihari Properties Private Limited	Director	31-05-05	31-05-05	-	Active	NO
17	U70101DL2005PTC137365	Jatadhari Properties Private Limited	Director	08-06-05	08-06-05	09-06-11	Active	NO
18	U45201DL2005PTC138251	Shambunath Properties Private Limited	Director	04-07-05	04-07-05	-	Active	NO
19	U72200DL2005PTC138250	Saraswati Infotech Private Limited	Director	04-07-05	04-07-05	09-06-11	Active	NO
20	U70101DL2005PTC139474	Om Namah Shivay Estates Private Limited	Director	09-08-05	09-08-05	-	Active	NO
21	U70101DL2005PTC142614	Tas Developers Private Limited	Director	17-11-05	17-11-05	-	Active	NO
22	U45201DL2005PLC143735	M Tech Developers Limited	Director	16-12-05	16-12-05	-	Active	NO
23	U74999DL2005PTC135383	Connoisseur Developers Private Limited	Director	19-06-06	18-05-06	-	Active	NO
24	U70109DL2006PTC152636	Omkareshwar Developers Private Limited	Director	28-08-06	28-08-06	-	Active	NO
25	U70109DL2006PTC152895	Ans Developers Private Limited	Additional director	28-07-11	01-09-06	-	Active	NO
26	U70109DL2006PTC153087	M-Tech Apartments Private Limited	Director	05-09-06	05-09-06	-	Active	NO
27	U70109DL2006PTC153086	M-Tech Builders Private Limited	Director	05-09-06	05-09-06	-	Active	NO
28	U70109DL2006PTC154176	Devrishi Developers Private Limited	Additional director	28-07-11	21-09-06	-	Active	NO
29	U70102DL2007PTC160171	M - Tech Township And Projects Private Limited	Director	06-03-07	06-03-07	-	Active	NO
30	U45200DL2007PTC160170	Ans Infratech Private Limited	Director	06-03-07	06-03-07	-	Active	NO
31	U70102DL2007PTC160406	Prestige Hitech City Private Limited	Director	12-03-07	12-03-07	09-06-11	Active	NO
32	U45400DL2007PTC162337	Titanium Buildwell Private Limited	Director	20-04-07	20-04-07	09-06-11	Active	NO
33	U45400DL2007PTC162399	Imperial Buildwell Private Limited	Director	23-04-07	23-04-07	09-06-11	Active	NO
34	U70200DL2007PTC162620	Prestige Real Estate Builders Private Limited	Director	26-04-07	26-04-07	09-06-11	Active	NO
35	U45400DL2007PTC162615	Titanium Realty Projects Private Limited	Director	26-04-07	26-04-07	09-06-11	Active	NO
36	L55100GJ1985PLC008264	Lords Ishwar Hotels Limited	Director	24-09-07	30-04-07	-	Active	NO
37	U55204MH2007PTC171002	Sai Ram Krupa Hotels Private Limited	Director	21-05-07	21-05-07	23-01-09	Active	NO
38	U72900DL2007PTC164651	Legacy Buildwell Private Limited	Director	12-06-07	12-06-07	09-06-11	Active	NO
39	U72900DL2007PTC164650	Prestige Sai Housing Private Limited	Director	12-06-07	12-06-07	09-06-11	Active	NO
40	U72900DL2007PTC164714	Prestige Hi-Tech Developers Private Limited	Director	13-06-07	13-06-07	09-06-11	Active	NO
41	U55204MH2007PLC166980	Lords Inn Hotels and Developers Limited	Director	11-10-08	12-02-08	-	Active	NO
42	U70200DL2010PTC198399	Bhiwadi Friends Realtors Private Limited	Director	28-01-10	28-01-10	-	Active	NO

Name :	Mr. Rajendra Yeshwant Kulkarni
Designation :	Whole Time Director
Address :	N/101, Ashok Nagar, Vazira Naka, Borivali (West), Mumbai – 400 091, Maharashtra, India
Date of Birth/Age :	26.01.1954
Date of Appointment :	17.12.2010
DIN No.:	02532373

Other Directorship

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U24100MH1964GAP012887	Process Plant and Machinery Association of India	Nominee director	16-09-11	01-04-03	Active	NO
2	U28900MH1981PLC025413	Toyo Engineering India Limited	Whole-time director	17-12-10	17-12-10	Active	NO

Name :	Mr. Krishnarao Subramanyam Vupparapalli
Designation :	Whole Time Director
Address :	74-301, Sonchampa Vasant Vihar, Thane (West), Thane – 400 601, Maharashtra, India
Date of Birth/Age :	01.07.1949
Date of Appointment :	17.12.2010
DIN No.:	03368039

KEY EXECUTIVES

Name :	Mr. Suhas Dinkar Patwardhan
Designation :	Secretary
Address :	Kaustubh, 780/3 Shivaji Nagar, Pune – 411 004, Maharashtra, India
Date of Birth/Age :	06.01.1961
Date of Appointment :	01.04.2011
DIN No.:	ADDPP6747P
Name :	Mr. Tushar
Designation :	Finance Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 23.09.2011

Names of Shareholders	No. of Shares
Toyo Engineering Corporation, Japan	7400000
Mehinder Amarnath Sharma	1410000
Hisashi Kenichi Osone	600000
Rajendra Yeshwant Kulkarni	500000
Poonam Mehinder Sharma	70000
Aanchal Mehinder Sharma	10000
Dhruv Mehinder Sharma	10000
Total	10000000

As on 23.09.2011

Equity Share Breakup	Percentage of Holding
Category
Foreign holdings (Foreign institutional investor(s), Foreign companies(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas corporate bodies or others	74.00
Directors or relatives of directors	15.00
Other top fifty (50) shareholders	11.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Providing Construction Services.
Terms :
Selling :	L/C, Cash and Credit
Purchasing :	L/C, Cash and Credit

GENERAL INFORMATION

Suppliers :

· Steel Authorities (India) Limited

· Larsen and Toubro

· G I Systems

Customers :

Retailers

· Oil and Natural Gas Corporation

· IndianOil Corporation Limited

· Hindustan Petroleum Corporation Limited

· Bharat Petroleum Corporation Limited

No. of Employees :

2000 (Approximately)

Bankers :

· Standard Chartered Bank, 90, M G Road, Fort, Mumbai – 400 001, Maharashtra, India

· Royal Bank of Scotland, Lower Parel, Mumbai

· Bank of Maharashtra, Kanjurmarg Branch, Mumbai

· Mizuho Corporate Bank Limited, Maker Chamber III, First Floor, Jamnalal Bajaj Road, Nariman Point, Mumbai – 400 021, Maharashtra, India

· ING Vysya Bank Limited, Mittal Towers, A – Wing, Ground Floor, 210 Nariman Point, Mumbai – 400021, Maharashtra, India

Facilities:

Over Draft Rs.1000.000 millions (Standard Chartered Bank)

Secured Loan	As on 31.03.2011 Rs. In Millions	As on 31.03.2010 Rs. In Millions
Rupee term loans banks secured	100.000	0.000
Working capital loans banks secured	900.000	604.000
Finance lease obligation long-term secured	25.698	0.000
Other debt secured	44.778	75.585
Total	1070.476	679.585

Notes

Overdraft from Bank: Standard Chartered Bank , Mumbai Rs.44.778 millions (Rs.75.585 millions) Axis Bank, Mumbai Rs.0.000 (Rs.0.000)

a) The Company has created pari passu charge in favour of Standard Chartered Bank, ING Vysya Bank, Mizuho Corporate Bank, Limited, The Bank of Tokyo-Mitsubishi UFJ Limited and Axis Bank on hypothecation of Book Debts, Claims and Receivable present and future and Goods covered under Letter of Credit opened by the Bank.

b) The company has created equitable mortgage in favour of M/s ING Vysya Bank Limited On its immovable property being Office premises at Toyo House for taking Secured Term Loan for a term of 5 years payable in 17 quarterly instalments beginning after a moratorium of 1 year.

Banking Relations :

--

Auditors :

Name :

S. R. Batliboi and Company

Chartered Accountants

Address :

16^th Floor, Zone D, The Ruby, Senapati Bapat Marg, Tulsi Pipe Road, Dadar (West), Mumbai – 400 028, Maharashtra, India

Holding Company :

Toyo Engineering Corporation, Japan

Other Related Parties :

· Toyo Business Engineering Corporation Japan

· Techno Frontier Company Limited, Japan

· TEC Software and Technical Services Corporation, Japan

· TEC Estate Corporation, Japan

· Suntec Corporation, Japan

· TEC Air Service Corporation, Japan

· TEC Accounting and Consulting Limited, Japan

· Chiba Data Centre Corporation, Japan

· Toyo USA Inc, USA

· Toyo Engineering Euro p e SA, Luxemburg

· Toyo Engineering Korea Limited, Korea

CAPITAL STRUCTURE

As on 23.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
10000000	Equity Shares	Rs.10/- each	Rs.100.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
10000000	Equity Shares	Rs.10/- Each	Rs.100.000 Millions

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		100.000	100.000	100.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		1230.737	1223.350	1029.425
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		1330.737	1323.350	1129.425
LOAN FUNDS
1] Secured Loans		1070.476	679.585	632.573
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		1070.476	679.585	632.573
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		2401.213	2002.935	1761.998
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		411.004	354.775	365.297
Capital work-in-progress		64.502	3.501	2.305
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		67.668	47.064	18.485
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000	0.000	0.000
	Sundry Debtors	2354.155	1544.071	1642.591
	Cash & Bank Balances	114.362	71.110	81.830
	Other Current Assets	2590.165	1952.885	1847.799
	Loans & Advances	1352.499	727.832	1468.335
Total Current Assets		6411.181	4295.898	5040.555
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	925.045	463.124	600.724
	Other Current Liabilities	3270.950	1922.145	2066.036
	Provisions	357.147	313.034	997.884
Total Current Liabilities		4553.142	2698.303	3664.644
Net Current Assets		1858.039	1597.595	1375.911
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		2401.213	2002.935	1761.998

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Operating revenue, net	7708.433	4713.824	7215.774
		Other Income	108.261	73.342	96.790
		TOTAL	7816.694	4787.166	7312.564
Less	EXPENSES
		Consumption materials changes inventories	2950.855	503.376	6902.084
		Manufacturing service costs	11.110	7.299
		Contract cost	31.380	90.390
		Employee related expenses	2056.013	1849.502
		Administrative selling other expenses	2400.552	1807.588
		TOTAL	7449.910	4258.155	6902.084
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		366.784	529.011	410.480
Less	INTEREST FINANCIAL CHAREGES		145.414	125.980	84.261
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		221.370	403.031	326.219
Less/ Add	DEPRECIATION/ AMORTISATION		81.935	57.252	70.261
Add	PRIOR PERIOD ITEMS BEFORE TAX		(2.862)	0.000	0.000
	PROFIT BEFORE TAX		136.573	345.779	255.958
Less	TAX		82.697	105.210	109.418
	PROFIT AFTER TAX		53.876	240.569	146.540
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		351.271	207.346	175.175
Add	TRANSFERRED AS PER THE SCHEME OF AMALGAMATION		0.000	0.000	(17.571)
Less	APPROPRIATIONS
		Proposed Dividend	40.000	40.000	40.000
		Tax on Proposed Dividend	6.489	6.644	6.798
		General Reserve	20.000	50.000	50.000
	BALANCE CARRIED TO THE B/S		338.658	351.271	207.346
	Earnings in Foreign Currency
	Consultancy Fees/Turnkey project Income		80.357	122.041	443.985
	Miscellaneous Incomer		0.000	0.000	9.206
	Interest		0.014	0.008	0.089
	Total		80.371	122.049	453.280
	IMPORTS
	Purchase of software		95.934	14.843	1.869
	Others			114.392	96.602
	Total		95.934	129.235	98.471
	Earnings Per Share (Rs.)		5.39	24.06	14.65

Expected Sales (2011-2012) : Rs.10000.000 millions

The above information has been parted by Mr. Tushar

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	0.69	5.03	2.00
Net Profit Margin (PBT/Sales)	(%)	1.77	7.34	3.55
Return on Total Assets (PBT/Total Assets}	(%)	2.00	7.44	4.73
Return on Investment (ROI) (PBT/Networth)		0.10	0.26	0.23
Debt Equity Ratio (Total Liability/Networth)		4.23	2.55	3.80
Current Ratio (Current Asset/Current Liability)		1.41	1.59	1.38

LOCAL AGENCY FURTHER INFORMATION

DETAILS OF SUNDRY CREDITORS

Particulars	As on 31.03.2011 Rs. in millions	As on 31.03.2010 Rs. in millions	As on 31.03.2009 Rs. in millions
Creditors due small micro enterprises	0.000	0.000	600.724
Creditors due others	925.045	463.124
Total	925.045	463.124	600.724

Sr. No.	Check List by Info Agents
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	--
8.	No. of employees	YES
9.	Name of person contacted	YES
10.	Designation of contact person	YES
11.	Turnover of firm for last two years	YES
12.	Profitability for last three years	--
13.	Reasons for variations <> 20%	--
14.	Estimation for coming financial year	YES
15.	Capital in the business	YES
16.	Details of sister concerns	YES
17.	Major Suppliers	YES
18.	Major Customers	YES
19.	Payment terms	YES
20.	Export / Import details (is applicable)	--
21.	Market information	--
22.	Litigation 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	NO
28.	Incorporation details, if applicable	--
29.	Last accounts filed at ROC	--
30.	Major Shareholders, is available	--

NOTE

The company changed its registered office from “UCO Bank Building, 1^st Floor, Parliament Street, New Delhi, India” to Maharashtra and a new company registration number 11 – 25413, of Mumbai R.O.C. was obtained.

OPERATIONS

The Company's operations during the year resulted in a turnover of Rs.7708.434 millions (Previous year Rs.4713.824 millions) and profit before taxation amounted to Rs.136.573 millions (Previous year Rs.345.779 millions).

BUSINESS PROSPECTS

Indian Business

Sustained project activity is seen in all the sectors that the Company is active.

Petroleum Refining sector continues to play a dominant role in the Company’s business. However, the project investments by the public sector units are showing signs of a slowdown mainly due to issues of under recoveries. Any pick up in momentum can be expected from early next year.

In the Petrochemicals sector, the Company sees increased activity from the project owners. The Company has actively participated in certain tenders, the results of which will be known in the current year.

In the Fertilizer sector, several fertilizer companies have shown interest in expansion of their existing capacities as well as setting up of Greenfield projects and the Company is actively participating in the tendering process. With gas becoming available for fertilizer companies on priority, increased project activity is noticed.

In the Oil and Gas sector, the Company lost out on couple of turnkey projects during the year and the Company is considering offering pure engineering services in the areas of its expertise rather than targeting for turnkey projects.

New Sectors

The Company’s concerted efforts in entering new areas of infrastructure projects in Railways, Water business and Power Plant business will slowly start showing results. The Company has strategically tied up with certain reputed companies in these sectors and hope to make inroads in the near future.

The Company continues to assist the investors from Japan in firming up their India plans by providing pre-project assistance.

Overseas Business

The Company has participated along with Toyo Japan in several proposals in Egypt, Brazil, Malaysia, Singapore and Vietnam.

Middle East Business

The Middle East business prospects continue to be upbeat and the Company is pursuing several opportunities in Abu Dhabi, Kuwait and Saudi Arabia.

Presently the Company has the contracts under execution of aggregate value of Rs.10110.000 millions.

CONTINGENT LIABILITIES

Particulars	As on 31.03.2011 Rs. in millions
Claims made by the Authorities in respect of Company's and Employees contribution under the Employees State Insurance Act, the Company has challenged the applicability of the said Act and consequently has rebutted the demands raised with effect from April 1st, 1980	Nil
Claims not acknowledged as debts	4.231
Total	4.231

FORM 8

Corporate identity number of the company	U28900MH1981PLC025413
Name of the company	TOYO ENGINEERING INDIA LIMITED
Address of the registered office or of the principal place of business in India of the company	Toyo House, Lal Bahadur Shashtri Marg, Kanjur Marg (West), Mumbai – 400 078, Maharashtra, India
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	10033144
Type of charge	Book debts
Particular of charge holder	Mizuho Corporate Bank Limited Maker Chamber III, First Floor, Jamnalal Bajaj Road, Nariman Point, Mumbai – 400 021, Maharashtra, India E-Mail : pradeep.panicker@mizuho-cb.com
Nature of instrument creating charge	Supplemental agreement of hypothecation of book debts increasing the overall limit dated September 7, 2011
Date of instrument Creating the charge	07.09.2011
Amount secured by the charge	Rs.1000.000 millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest WCDL - Linked to BPLR payable at monthly rests CC - Linked to BPLR payable at monthly rests BG - 0.60% P.A. (Payable in advance) LC - commission as per sanction LTR Dt 01.06. 2011 Forward Exchange Terms of repayment WCDL / CC - From time to time, nevertheless payable on demand BG - On fulfillment of obligations / expiry of the guarantee whichever is earlier LC - From time to time Forward Exchange - 6 Months Margin NIL Extent and operation of the charge 1^st pari passu hypothecation charge on book debts of the company
Short particulars of the property or asset(s) charged	All present and future book debts of the company
Particulars of the property charged	By present modification, the amount secured by the charge has been increased from Rs.650.000 millions to Rs.1000.000 millions

TRADE REFERENCES

· Oil and Natural Gas Corporation

· IndianOil Corporation Limited

· Hindustan Petroleum Corporation Limited

· Bharat Petroleum Corporation Limited

· Steel Authorities (India) Limited

· Larsen and Toubro

· G I Systems

FIXED ASSETS

· Goodwill

· Land – Freehold

· Buildings

· Temp. Structure

· Construction Equipment

· Furniture, Fixtures and Equipment

· Vehicles

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 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.53.21
UK Pound	1	Rs.83.32
Euro	1	Rs.69.51

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	7
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	8
--PROFITABILIRY	1~10	8
--LIQUIDITY	1~10	8
--LEVERAGE	1~10	7
--RESERVES	1~10	7
--CREDIT LINES	1~10	7
--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	NO
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		65

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.