MIRA INFORM REPORT

Report Date :

12.07.2012

IDENTIFICATION DETAILS

Name :	TOSHBRO CONTROLS PRIVATE LIMITED
Registered Office :	8, Mohatta Bhavan, Off. Dr. E. Moses Road, Worli, Mumbai – 400018, Maharashtra
Country :	India.
Financials (as on) :	31.03.2009
Date of Incorporation :	31.12.2001
Com. Reg. No.:	11-134374
Capital Investment / Paid-up Capital :	Rs. 3.500 Millions
CIN No.: [Company Identification No.]	U33125MH2001PTC134374
Legal Form :	Private Limited Liability Company
Line of Business :	Trader of Scientific level Instruments and Measuring Instruments.
No. of Employees :	35 (Approximately)

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 5000
Status :	Moderate
Payment Behaviour :	Unknown
Litigation :	Clear
Comments :	Subject is an established company having moderate track. Latest financials of the company are not made available. Business is active. Payment terms are not known. The company can be considered for business dealings with great caution.

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. Sunderlal
Designation :	Director
Contact No.:	91-9893555267
Date :	11.07.2012

LOCATIONS

Registered Office :	8, Mohatta Bhavan, Off. Dr. E. Moses Road, Worli, Mumbai – 400018, Maharashtra, India
Tel. No.:	91-22-32425970
Mobile No.:	91-9893555267 (Mr. Sunderlal)
Fax No.:	Not Available
E-Mail :	sadanis@vsnl.net pandyan@toshbrocontrols.com sadari@toshbrocontrols.com
Website :	http://www.toshbrocontrols.com
Location :	Owned
Administrative / Head Office / Directors Office :	104-115, Electronics Complex, Pardeshipura, Indore – 452010, Madhya Pradesh, India.
Tel. No.:	91-731-2553248
Fax No.:	91-731-2550075
E-Mail :	nivocontrols@nivocontrols.com
Corporate Office :	F – 68, Solaris – 1, Opp. L&T Gate 6, Saki Vihar Road, Powai, Mumbai – 400072, Maharashtra, India.
Tel. No.:	91-22-28470728
Fax No.:	91-22-28470763
E-Mail :	sales.mum@toshbrocontrols.com
Location :	Owned by Group Company

DIRECTORS

AS ON 29.09.2011

Name :	Mr. Praveen Toshniwal
Designation :	Managing director
Address :	3, Dr. R.S. Bhandari Marg, Indore – 452003, Madhya Pradesh, India.
Date of Birth/Age :	14.08.1953
Qualification :	BE
Date of Appointment :	31.12.2001
DIN No.:	00474878
Name :	Mr. Sunder Lal Sadani
Designation :	Director
Address :	101, Yash Apt, 8, New Palasia, Indore – 452001 Madhya Pradesh, India.
Date of Birth/Age :	17.07.1955
Qualification :	M. Com.
Date of Appointment :	31.12.2001
DIN No.:	00445648
Name :	Mr. Nitin Ramchandra Tamhane
Designation :	Director
Address :	101, Ajay Apt, Hansraj Lane, Byculla, Mumbai – 400027, Maharashtra, India.
Date of Birth/Age :	18.11.1953
Qualification :	BSC
Date of Appointment :	02.01.2002
DIN No.:	02608346
Name :	Mr. Biplab Saha
Designation :	Additional Director
Address :	F-525, Sarita Vihar, New Delhi - 110076, India
Date of Birth/Age :	02.06.1950
Date of Appointment :	22.07.2009
DIN No.:	02688266
Name :	Mr. Arun Toshniwal
Designation :	Director
Address :	Ishwar Bhavan, A-Road, Chruchgate, Mumbai-400020,Maharashtra, India
Date of Birth/Age :	29.08.1943
Date of Appointment :	01.01.1980

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 29.09.2011

Names of Shareholders	No. of Shares
Kamla Toshniwal	350
Madulika Toshniwal	956
Praveen Toshniwal	1820
Khushagra Toshniwal	282
Varun Toshniwal	275
Nivo Holdings Private Limited, India	2150
Total	5833

AS ON 29.09.2011

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	38.00
Directors or relatives of directors	62.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Trader of Scientific level Instruments and Measuring Instruments.

Products :

ITC Code	Product Descriptions
90.26	Process Control Instruments

Imports :

Products :

Measuring Instruments

Countries :

v Switzerland

v Germany

v Canada

Terms :

Selling :

Cash and Credit

Purchasing :

Cash and Credit

GENERAL INFORMATION

Suppliers :

v Cenera

Customers :

End Users

v Larsen and Toubro

No. of Employees :

35 (Approximately)

Bankers :

Bank of Baroda – Back Bay Reclamation Branch

Facilities :

Fund Base – Rs. 5.000 Millions (Bank of Baroda)

Non Fund Base – Rs. 10.000 Millions (Bank of Baroda)

Secured Loan	As on 31.03.2009 (Rs. in Millions)	As on 31.03.2008 (Rs. in Millions)
From Bank of Baroda
Cash credit account against Hypothecation of Inventories, Bills and Book Debts.	4.506	4.988
Total	4.506	4.988
Unsecured Loan	As on 31.03.2009 (Rs. in Millions)	As on 31.03.2008 (Rs. in Millions)
From Directors	4.464	4.106
From Shareholders	18.424	17.283
From Others (Inter Corporate)	10.097	10.044
Total	32.985	31.433

Banking Relations :	--
Auditors :
Name :	V.K. Karnani and Company Chartered Accountants
Address :	7/20 and 29, Tardeo A.C. Market, Tardeo, Mumbai – 400034, Maharashtra, India
Tel. No.:	91-22-23514295/ 23514261
Fax No.:	91-22-23514297
Income-tax PAN of auditor or auditor's firm :	AABPK4964Q
Associates/Subsidiaries :	Chemito Technologies Private Limited Address : Worli, Mumbai, Maharashtra, India. Toshbro Medicals Private Limited Address : Worli, Mumbai, Maharashtra, India Nivo Controls Private Limited Address : Indore, Madhya Pradesh, India. Nivo Holdings Private Limited Nivo Instruments Private Limited

CAPITAL STRUCTURE

AS ON 29.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
10,000	Equity Shares	Rs. 100/- each	Rs. 1.000 Million
60,000	Preference Shares	Rs. 100/- each	Rs. 6.000 Millions
	Total		Rs. 7.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
5,000	Equity Shares	Rs. 100/- each	Rs. 0.500 Million
60,000	Preference Shares	Rs. 100/- each	Rs. 6.000 Millions
	Total		Rs. 6.500 Millions

AS ON 31.03.2009

Authorised Capital :

No. of Shares	Type	Value	Amount
10,000	Equity Shares	Rs. 100/- each	Rs. 1.000 Million
30,000	Preference Shares	Rs. 100/- each	Rs. 3.000 Millions
	Total		Rs. 4.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
5,000	Equity Shares	Rs. 100/- each	Rs. 0.500 Million
30,000	Preference Shares	Rs. 100/- each	Rs. 3.000 Millions
	Total		Rs. 3.500 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2009	31.03.2008	31.03.2007
SHAREHOLDERS FUNDS
1] Share Capital		3.500	0.500	0.500
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		0.000	0.426	0.000
4] (Accumulated Losses)		(2.229)	0.000	(0.148)
NETWORTH		1.271	0.926	0.352
LOAN FUNDS
1] Secured Loans		4.506	4.988	4.784
2] Unsecured Loans		32.985	31.433	30.998
TOTAL BORROWING		37.491	36.421	35.782
DEFERRED TAX LIABILITIES		0.000	0.124	0.000
TOTAL		38.762	37.471	36.134
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		3.211	2.186	2.081
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT
DEFERREX TAX ASSETS		0.000	0.000	0.000
		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	11.715	10.560	5.679
	Sundry Debtors	25.599	19.226	28.253
	Cash & Bank Balances	4.794	4.748	5.081
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	8.588	17.734	8.601
Total Current Assets		50.696	52.268	47.614
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	13.310	14.815	10.421
	Other Current Liabilities	1.320	0.569	1.328
	Provisions	0.515	1.599	1.812
Total Current Liabilities		15.145	16.983	13.561
Net Current Assets		35.551	35.285	34.053
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		38.762	37.471	36.134

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2009	31.03.2008	31.03.2007
	SALES
		Income	63.515	83.669	60.356
		Other Income	11.245	10.081	8.400
		TOTAL (A)	74.760	93.750	68.756
Less	EXPENSES
		Cost of Goods sold	49.354	64.625	45.469
		Expenses	24.609	24.232	20.516
		Loss on Sales/ Discard of Fixed Assets	0.000	0.002	0.042
		TOTAL (B)	73.963	88.859	66.027
Less	PROFIT/ LOSS BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		0.797	4.891	2.729
Less	FINANCIAL EXPENSES (D)		2.880	3.483	2.785
	PROFIT/ LOSS BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		(2.083)	1.408	(0.056)
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.378	0.356	0.319
	PROFIT/ LOSS BEFORE TAX (E-F) (G)		(2.461)	1.052	(0.375)
Less	TAX (H)		0.194	0.478	0.204
	PROFIT/ LOSS AFTER TAX (G-H) (I)		(2.655)	0.574	(0.579)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		0.426	(0.148)	0.431
	BALANCE CARRIED TO THE B/S		(2.229)	0.426	(0.148)
	C.I.F. VALUE OF IMPORTS		6.931	29.531	31.456
	Earnings/ Loss Per Share (Rs.)		(531.08)	114.85	(115.79)

Particulars	31.03.2012
Sales Turnover (Approximately)	60.000

Expected Sales ( 2012-2013 ) : Rs. 80.000 Millions

The above information has been parted by Mr. Sunderlal (Director)

KEY RATIOS

PARTICULARS		31.03.2009	31.03.2008	31.03.2007
PAT / Total Income	(%)	(3.55)	0.61	(0.84)
Net Profit Margin (PBT/Sales)	(%)	(3.87)	1.26	(0.62)
Return on Total Assets (PBT/Total Assets}	(%)	(4.57)	1.93	(0.75)
Return on Investment (ROI) (PBT/Networth)		(1.94)	1.14	(1.07)
Debt Equity Ratio (Total Liability/Networth)		41.41	57.67	140.18
Current Ratio (Current Asset/Current Liability)		3.35	3.08	3.51

LOCAL AGENCY FURTHER INFORMATION

SUNDRY CREDITORS:

(Rs. in Millions)

Particulars	31.03.2009	31.03.2008	31.03.2007
Sundry Creditors
Due to Others	13.310	14.815	10.421
Total	13.310	14.815	10.421

Check List by Info Agents	Available in Report (Yes / No)
1. Year of Establishment	Yes
2. Locality of the firm	Yes
3. Constructions 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	Yes
9. Name of person contacted	Yes
10. Designation of contact person	Yes
11. Turnover of firm for last three years	Yes
12. Profitability for last three years	Yes
13. Reasons for variation <> 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. Payments terms	Yes
20. Export / Import details	Yes
21. Market information	--
22. Litigations that the firm / promoter involved	--
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

WORKING RESULTS:

During the current year the company achieved sales turnover of Rs. 63.514 Millions as compared to Rs. 83.669 Millions for the previous year.

TRADE REFERENCES:

v Larsen and Toubro

v Cenera

FIXED ASSETS:

v Business Undertaking

v Testing Equipments

v Cooling Equipment

v Electric Installation

v Computer and Computer Software

v Office Equipment

v Vehicles

v Furniture and Fixtures

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. 55.37
UK Pound	1	Rs. 85.95
Euro	1	Rs. 67.87

INFORMATION DETAILS

Information Gathered by :	PJA
Report Prepared by :	BVA

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	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
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

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.