MIRA INFORM REPORT

Report Date :

10.02.2012

IDENTIFICATION DETAILS

Name :	CHEMITO TECHNOLOGIES PRIVATE LIMITED [w.e.f. 1980]
Formerly Known As :	TOSHNIWAL INSTRUMENTS (INDIA) PRIVATE LIMITED
Registered Office :	8, Mohatta Bhavan, Off Dr. E Moses Road, Worli, Mumbai - 400018, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	20.06.1979
Com. Reg. No.:	11-021402
Capital Investment / Paid-up Capital :	Rs.3.375 Millions
CIN No.: [Company Identification No.]	U33100MH1979PTC021402
IEC No.:	0388110490
TAN No.: [Tax Deduction & Collection Account No.]	MUMT08933B
PAN No.: [Permanent Account No.]	AAACT1930B
Legal Form :	Private Limited Liability Company
Line of Business :	The Company is engages in the fields of chemical engineering, purification solutions, and LED display products. Also provides chromatography based purification solutions
No. of Employees :	44 [In Office 28 + 16 in Factory] Approximately

RATING & COMMENTS

MIRA’s Rating :

Ba [44]

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

Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct 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.

ECGC Country Risk Classification List – September 30, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
India	A1	A1

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

INFORMATION PARTED BY

Name :	Mr. Kirtiraj A. Shah
Designation :	Senior General Manager – Commerce
Contact No.:	91-9322232238
Date :	09.02.2012

LOCATIONS

Registered Office :	8, Mohatta Bhavan, Off Dr. E Moses Road, Worli, Mumbai - 400018, Maharashtra, India
Tel. No.:	91-22-43552727
Fax No.:	91-22-24936166
E-Mail :	info@chemito.net
Website :	http://www.chemito.net
Location :	Rented
Factory 1 :	D/1/27, MIDC, Ambad, Nashik – 422010, Maharashtra, India
Factory 2 :	Plot No.30, Panvel Industrial Cooperative Society Limited, Panvel, District Raigad, Maharashtra, India
Branch Office :	Located at : Ahmedabad Ankleshwar Bangalore Chennai Guwahati Hyderabad Indore Kochi Kolkata Lucknow Mumbai Nashik New Delhi Pune Vadodar Visakhapatnam

DIRECTORS

As on 23.09.2011

Name :

Mr. Arun Bhagwandas Toshniwal

Designation :

Chairman / Director

Address :

16/4, Ishwar Bhavan, A Road, Churchgate, Mumbai – 400020, Maharashtra, India

Date of Birth/Age :

29.08.1942

PAN :

AADPT9121C

Date of Appointment :

01.07.193

DIN :

00144662

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	U74210MH1977PTC019810	CHEMITO CONSULTANTS SERVICES PRIVATE LIMITED	Director	19/08/1977	19/08/1977	Active	NO
2	U99999MH1980PTC022065	NIVO CONTROLS PRIVATE LIMITED	Director	1/1/1980	1/1/1980	Active	NO
3	U51507MH1981PTC023745	TOSHBRO PRIVATE LIMITED	Director	23/01/1981	23/01/1981	Active	NO
4	U33100MH1979PTC021402	CHEMITO TECHNOLOGIES PRIVATE LIMITED	Director	1/7/1983	1/7/1983	Active	NO
5	U32200MH1983PTC029793	CHEMITO INSTRUMENTS PRIVATE LIMITED	Director	1/6/1985	1/6/1985	Active	NO
6	U29290MH1992PTC067901	TOSHBRO TRADING PRIVATE LIMITED	Director	28/07/1992	28/07/1992	Active	NO
7	U99999MH1948PTC006453	TOSHNIWAL BROTHERS PRIVATE LIMITED	Director	28/07/1994	28/07/1994	Active	NO
8	U51900MH1945PTC004497	SALUINT INTERMEDIATES AND CHEMICALS PRIVATE LIMITED	Director	30/09/1998	30/09/1998	Active	NO
9	U25199MH1983PTC030558	POLYBOND (INDIA) PRIVATE LIMITED	Director	30/07/1999	30/07/1999	Active	NO
10	U33110MH2001PTC134243	TOSHBRO MEDICALS PRIVATE LIMITED	Director	14/12/2001	14/12/2001	Active	NO

Name :

Mr. Praveen Bhagwandas Toshniwal

Designation :

Director

Address :

3, Roshan Singh BHandari Marg, Indore – 452003, Madhya Pradesh, India

Date of Birth/Age :

14.08.1953

PAN :

AACPT2995C

Date of Appointment :

01.07.1983

DIN :

00474878

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	U99999MH1980PTC022065	NIVO CONTROLS PRIVATE LIMITED	Director	1/1/1980	1/1/1980	Active	NO
2	U51507MH1981PTC023745	TOSHBRO PRIVATE LIMITED	Director	23/01/1981	23/01/1981	Active	NO
3	U33100MH1979PTC021402	CHEMITO TECHNOLOGIES PRIVATE LIMITED	Director	1/7/1983	1/7/1983	Active	NO
4	U65990MH1990PTC056806	NIVO HOLDINGS PRIVATE LIMITED	Director	11/6/1990	11/6/1990	Active	YES
5	U33112MP1998PTC013007	NIVO INSTRUMENTS PRIVATE LIMITED	Director	13/08/1998	13/08/1998	Active	NO
6	U33125MH2001PTC134374	TOSHBRO CONTROLS PRIVATE LIMITED	Managing director	31/12/2001	31/12/2001	Active	YES
7	U25199MH1983PTC030634	RATHI TRANSPOWER PRIVATE LIMITED	Director	4/1/2005	4/1/2005	Active	NO

Name :

Mr. Anurag Arun Toshniwal

Designation :

Director

Address :

12/3, Ishwar Bhavan, A Road, Churchgate, Mumbai – 400020, Maharashtra, India

Date of Birth/Age :

10.06.1973

PAN :

AADPT9118P

Date of Appointment :

01.01.2003

DIN :

00426913

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	U32200MH1983PTC029793	CHEMITO INSTRUMENTS PRIVATE LIMITED	Director	1/8/1993	1/8/1993	Active	NO
2	U33110MH2001PTC134243	TOSHBRO MEDICALS PRIVATE LIMITED	Director	14/12/2001	14/12/2001	Active	NO
3	U74210MH1977PTC019810	CHEMITO CONSULTANTS SERVICES PRIVATE LIMITED	Director	1/4/2002	1/4/2002	Active	NO
4	U33100MH1979PTC021402	CHEMITO TECHNOLOGIES PRIVATE LIMITED	Director	1/1/2003	1/1/2003	Active	NO
5	U93090MH2010PTC211220	EYERIS MEDICAL CENTER PRIVATE LIMITED	Director	22/12/2010	22/12/2010	Active	NO
6	U51507MH1981PTC023745	TOSHBRO PRIVATE LIMITED	Director	23/09/2011	24/03/2011	Active	NO

Name :

Mrs. Kamla Arun Toshniwal

Designation :

Director

Address :

16/4, Ishwar Bhavan, A Road, Churchgate, Mumbai – 400020, Maharashtra, India

Date of Birth/Age :

13.08.1947

PAN :

AADPT9119N

Date of Appointment :

29.09.2010

DIN :

00427047

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	U74210MH1977PTC019810	CHEMITO CONSULTANTS SERVICES PRIVATE LIMITED	Director	12/3/1991	12/3/1991	Active	NO
2	U33100MH1979PTC021402	CHEMITO TECHNOLOGIES PRIVATE LIMITED	Director	29/09/2010	2/6/2008	Active	NO

KEY EXECUTIVES

Name :	Mr. Kirtiraj A. Shah
Designation :	Senior General Manager – Commerce

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 23.09.2011

Names of Shareholders	No. of Shares
Arun Toshniwal	10340
Kamla Arun Toshniwal	5750
Anurag Arun Toshniwal	4375
Svetlana Toshniwal	1000
Aparna Toshniwal	1375
Shiv Toshniwal	350
Alka Karnani	350
Bimladevi Karnani	300
Chemito Consultants Services Private Limited	8880
Praveen Bhagwandas Toshniwal	1030
Total	33750

As on 23.09.2011

Equity Share Break Up Category	Percentage
Bodies corporate	26.00
Directors or relatives of Directors	74.00
Total	100.00

BUSINESS DETAILS

Line of Business :

The Company is engages in the fields of chemical engineering, purification solutions, and LED display products. Also provides chromatography based purification solutions

Products :

Products Description	ITC Code No.
Reactors	90318000
Display Boards	85312000
Pas Clocks	85319000

§ Reactor System

§ Chrome Skid

Brand Names :

CHEMITO

Imports :

Products :

Raw Material

Countries :

Europe

USA

Terms :

Selling :

Credit [30 Days]

Purchasing :

Credit [30 Days]

PRODUCTION STATUS [As on 31.03.2011]

Particulars	Unit	Actual Production
Other Instruments / Bought-out Items	Nos.	9
Reactor	Nos.	16
Display Boards	Nos.	41

GENERAL INFORMATION

Customers :

End Users

No. of Employees :

44 [In Office 28 + 16 in Factory] Approximately

Bankers :

• State Bank of India, Industrial Finance Branch, Shiv Sagar Estate, Dr. A. B. Road, Worli[S], Mumbai – 400018, Maharashtra, India
• HDFC Bank Limited

Facilities :

Secured Loan	Rs. In Millions 31.03.2010	Rs. In Millions 31.03.2009
From State Bank of India secured by pledge of fixed deposit receipts	0.000	4.409
Total	0.000	4.409

Banking Relations :	--
Auditors :
Name :	S.K. Khandelwal and Company Chartered Accountants
Address :	A-41, Technocrat, Bombay Dyeing Compound, Prabhadevi, Mumbai – 400025, Maharashtra, India
Tel. No.:	91-22-24223080
PAN :	AADPK9402F
Associates :	Chemito Instruments Private Limited Chemito Consultants Services Private Limited Toshbro Private Limited Toshbro Medicals Private Limited

CAPITAL STRUCTURE

As on 23.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
50,000	Equity Shares	Rs.100/- each	Rs.5.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
33,750	Equity Shares	Rs.100/- each	Rs.3.375 millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

Particulars		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		3.375	3.375	4.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		346.198	344.787	395.859
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		349.573	348.162	399.859
LOAN FUNDS
1] Secured Loans		0.000	4.409	0.000
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		0.000	4.409	0.000
DEFERRED TAX LIABILITIES		0.539	0.548	0.303
TOTAL		350.112	353.119	400.162
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		13.918	10.776	8.161
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		109.415	87.552	112.860
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	6.529	7.143	7.037
	Sundry Debtors	39.733	15.147	38.278
	Cash & Bank Balances	102.458	141.561	259.929
	Other Current Assets	26.987	17.535	4.806
	Loans & Advances	70.522	85.879	14.288
Total Current Assets		246.229	267.265	324.338
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	13.501	9.443	26.103
	Other Current Liabilities	5.949	3.031	7.030
	Provisions	0.000	0.000	12.064
Total Current Liabilities		19.450	12.474	45.197
Net Current Assets		226.779	254.791	279.141
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		350.112	353.119	400.162

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	43.427	13.989	82.932
		Sales [Exports]	0.000	0.000	8.885
		Long term capital gain on sale of analytical and environment instrumentation divisions	0.000	0.000	411.992
		Other Income	52.954	54.937	59.667
		TOTAL (A)	96.381	68.926	563.476
Less	EXPENSES
		Manufacturing and other Expenses	91.676	67.420	143.346
		Increase / [Decrease] in Stocks	0.000	0.000	4.074
		TOTAL (B)	91.676	67.420	147.420
	PROFIT/[LOSS] BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		4.705	1.506	416.056
Less	FINANCIAL EXPENSES (D)		0.487	2.191	2.116
	PROFIT/[LOSS] BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		4.218	0.685	413.940
Less/ Add	DEPRECIATION/ AMORTISATION (F)		2.497	0.765	2.722
	PROFIT / [LOSS] BEFORE TAX (E-F) (G)		1.721	[1.450]	411.218
Less	TAX		0.310	0.245	89.372
	Income tax of earlier years		0.000	0.002	1.092
	PROFIT / [LOSS] AFTER TAX		1.411	[1.697]	320.754
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		317.570	319.267	44.693
Less	APPROPRIATIONS
	Transfer to General Reserve		0.000	0.000	41.500
	Provision for Dividend		0.000	0.000	4.000
	Tax on Dividend		0.000	0.000	0.680
	BALANCE CARRIED TO THE B/S		318.981	317.570	319.267
	EARNINGS IN FOREIGN CURRENCY
		Agency Sales Commission	6.981	1.341	17.838
		Service Income	0.000	0.076	0.000
		Export Sales	0.000	0.000	6.228
	TOTAL EARNINGS		6.981	1.417	24.066
	IMPORTS
		Raw Materials	6.049	3.343	11.488
	TOTAL IMPORTS		6.049	3.343	11.488
	Earnings/[Loss] Per Share (Rs.)		42.00	--	--

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	1.46	[2.46]	56.92
Net Profit Margin (PBT/Sales)	(%)	3.96	[10.36]	81.62
Return on Total Assets (PBT/Total Assets}	(%)	0.66	[0.52]	123.67
Return on Investment (ROI) (PBT/Networth)		0.00	0.00	1.03
Debt Equity Ratio (Total Liability/Networth)		0.05	0.05	0.11
Current Ratio (Current Asset/Current Liability)		12.66	21.42	7.18

LOCAL AGENCY FURTHER INFORMATION

Trade References :

• Excel Point System Pte Limited – Mr, Raj Pathak [91-9819623223]
• S.M. Electronic Tech Private Limited – Mr. Hemant [91-20-25283387 / 25283353]
• Prompt Data Product Private Limited – Mr. Sanjeev [91-9870588829]

Bankers Charges Report as per Registry

This form is for	Modification of charge
Charge identification number of the modified	80029247
Corporate identity number of the company	U33100MH1979PTC021402
Name of the company	CHEMITO TECHNOLOGIES PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	8, Mohata Bhawan, Off Dr. E Moses Road, Worli, Mumbai – 400018, Maharashtra, India
Type of charge	Immovable Property
Particular of charge holder	State Bank of India, Industrial Finance Branch, Shiv Sagar Estate, Dr. A.B.Road, Worli[S], Mumbai – 400018, Maharashtra, India Email : kamalax_saraf@hotmail.com
Nature of description of the instrument creating or modifying the charge	Memorandum for recording extension of mortgage by deposit of title deeds covering enhanced limits and or creation of equitable mortgage on additional properties for existing limits and enhanced limits and additional facilities.
Date of instrument Creating the charge	04.10.2007
Amount secured by the charge	Rs.112.000 millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest – N.A. Terms of Repayment – N.A. Margin – N.A. Extent and Operation of the charge – N.A. Others – N.A.
Short particulars of the property charged	First charge present and future hypothecation of company’s entire current assets. Including stock/goods book debts receivables. Hypothecation of all fixed assets movables and movable fixed assets of the company hypothecation of assets purchased created out of bank finance including EMG of D-96 MIDC Satpur Nashik.
Date of latest modification prior to the present modification	04.10.2007
Particulars of the present modification	Now by this modification the comapany offered its following immovable Properties as an addl. Security to secure its enhanced credit facilities to the extent of Rs. 112.000 millions D-96 MIDC Satpur Nashik

FIXED ASSETS :

• Building
• Plant and Machinery
• Testing Equipment
• Furniture and Fixtures
• Computer
• Office Equipments
• Electrical Installations
• Vehicles
• Air Conditioner

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 records 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.49.28
UK Pound	1	Rs.78.09
Euro	1	Rs.65.58

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	4
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		44

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.