MIRA INFORM REPORT

Report Date :

03.05.2013

IDENTIFICATION DETAILS

Name :	TOSHNIWAL INDUSTRIES PRIVATE LIMITED
Registered Office :	Unit No. 011, Ground Floor,    Srishti Plaza, Off Saki Vihar Road, Powai, Mumbai - 400072, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	07.07.1959
Com. Reg. No.:	11-011393
Capital Investment / Paid-up Capital :	Rs.1.275 Millions
CIN No.: [Company Identification No.]	U33120MH1959PTC011393
TAN No.: [Tax Deduction & Collection Account No.]	MUMT08961B
PAN No.: [Permanent Account No.]	AAACT1582B
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturers and Exporter of Temperature Sensors, Recorders and Radiation Pyrometers Thermometer, Thermal Measures, Temperature controllers and Security Solutions.
No. of Employees :	300 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (50)

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

Maximum Credit Limit :	USD 490000
Status :	Satisfactory
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is an established company having a satisfactory track record. It enjoys comfortable financial risk profile. Trade relations are reported to be decent. Business is active. Payments are reported to be regular and as per commitments. The company can be considered for normal business dealings at usual trade terms and conditions. Note: The latest Profit and Loss statement of the company is not available.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

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 31-03-2012.

INFORMATION PARTED BY

Name :	Ms. Rekha Satidasani
Designation :	Accounts Department
Contact No.:	91-145-2695171
Date :	02.05.2013

LOCATIONS

Registered Office :	Unit No. 011, Ground Floor,    Srishti Plaza, Off Saki Vihar Road, Powai, Mumbai - 400072, Maharashtra, India
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	rekha.satidasani@tipl.com
Website :	www.tipl.com
Head Office/ Factory :	Industrial Estate, Makhupura, Ajmer – 305002, Rajasthan, India
Tel. No.:	91-145-2695171 / 72 / 73 / 2695205 / 3299777
Fax No.:	91-145-2695174
E-Mail :	info@tipl.com
Area :	2 acres
Location :	Owned
Sales Offices :	Located at Kolkata Lucknow Chandigarh Punjab Himachal Pradesh Uttarakhand Ahemedabad Mumbai Dadar and Nagar Haveli Silvassa Chennai Bangalore Hyderabad Bhubaneshwar Raipur

DIRECTORS

As on: 27.09.2012

Name :	Ms. Manju Toshniwal
Designation :	Director
Address :	Todarmal Marg, Civil Lines, Ajmer, Rajasthan, India
Date of Birth/Age :	21.01.1934
Qualification :	B. Com
Date of Appointment :	29.03.1995
DIN No.:	00750091
Voter ID No.:	RJ/12/095/114195
Name :	Mr. Rajeev Toshniwal
Designation :	Managing Director
Address :	Todarmal Marg, Civil Lines, Ajmer, Rajasthan, India
Date of Birth/Age :	30.06.1959
Qualification :	Engineer
Date of Appointment :	27.10.1991
DIN No.:	00750167
Voter ID No.:	RJ/12/095/114259
Name :	Ms. Priti Toshniwal
Designation :	Director
Address :	Todarmal Marg, Civil Lines, Ajmer, Rajasthan, India
Date of Birth/Age :	26.09.1962
Date of Appointment :	01.11.2009
DIN No.:	02864176
Name :	Mr. Abhinav Toshniwal
Designation :	Director
Address :	Todarmal Marg, Civil Lines, Ajmer, Rajasthan, India
Date of Birth/Age :	02.12.1985
Date of Appointment :	01.07.2010
DIN No.:	03145421

KEY EXECUTIVES

Name :	Ms. Rekha Satidasani
Designation :	Accounts Department

MAJOR SHAREHOLDERS

As on: 27.09.2012

Names of Shareholders	No. of Shares
Arvind Toshniwal	153
K. C. Toshniwal	85
Ratan Devi Toshniwal	340
Kamlesh Toshniwal	17
Kamlesh Toshniwal	441
Manju Toshniwal	2940
M. G. Toshniwal	1544
Mahesh Toshniwal	324
Rajesh Toshniwal	537
Vandana Agarwalla	43
Pushpalata Toshniwal	17
Priti Toshniwal	10
Ratan Daga	114
Priti Toshniwal	671
Rajeev Toshniwal	2718
Abhinav Toshniwal	656
Avantika Toshniwal	9
Kamlesh Toshniwal Jointly with Mahesh Toshniwal	956
Kamlesh Toshniwal Jointly with Rajesh Toshniwal	956
K. K. Singhal	1
Hemlata Toshniwal	217
O. P. Sharda	1
Total	12750

Equity Share Break up (Percentage of Total Equity)

As on: 27.09.2012

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturers and Exporter of Temperature Sensors, Recorders and Radiation Pyrometers Thermometer, Thermal Measures, Temperature controllers and Security Solutions.
Exports :
Products :	Finished Goods
Countries :	China Pakistan
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

GENERAL INFORMATION

Customers :

Retailers and End Users

No. of Employees :

300 (Approximately)

Bankers :

Bank of Baroda, P. R. Marg, Ajmer – 305001, Rajasthan, India

Tel No.: 91-145-2622019

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2012	As on 31.03.2011
SHORT TERM BORROWINGS
Bank of Baroda- Cash Credit (Against Stock. Book Debts. Plant and Machinery collaterally secured by land and Building	8.869	11.296
Total	8.869	11.296

Banking Relations :	--
Auditors :
Name :	G. M. Jain and Company Chartered Accountants
Address :	354/ XI D H Building, Hathi Bhata, Tondon Gali, Ajmur – 305001, Rajasthan India
PAN No.:	AAGFG6615B

CAPITAL STRUCTURE

As on: 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
25000	Equity Shares	Rs.100/- each	Rs.2.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
12750	Equity Shares	Rs.100/- each	Rs.1.275 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2012	31.03.2011	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		1.275	1.275	1.275
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		121.472	115.358	109.498
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		122.747	116.633	110.773
LOAN FUNDS
1] Secured Loans		8.869	11.296	11.477
2] Unsecured Loans		24.504	18.649	14.501
TOTAL BORROWING		33.373	29.945	25.978
DEFERRED TAX LIABILITIES		1.785	2.348	0.860
TOTAL		157.905	148.926	137.611
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		43.934	43.090	42.954
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.990	2.542	2.026
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	73.080	57.703	42.749
	Sundry Debtors	61.023	60.488	56.671
	Cash & Bank Balances	13.740	8.382	26.881
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	9.170	20.761	12.408
Total Current Assets		157.013	147.334	138.709
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	11.683	32.705	28.262
	Other Current Liabilities	31.404	10.879	12.238
	Provisions	0.945	0.456	5.578
Total Current Liabilities		44.032	44.040	46.078
Net Current Assets		112.981	103.294	92.631
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		157.905	148.926	137.611

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	231.000 (Approximately)	221.034	175.602
		Other Income		NA	8.163
		TOTAL (A)		NA	183.765
Less	EXPENSES
		Cost of Goods Sold	NA	NA	108.148
		Payments and Benefits to Employees			29.555
		Manufacturing, Administrative, Selling and other Expenses			21.947
		TOTAL (B)		NA	159.650
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)			NA	24.115
Less	FINANCIAL EXPENSES (D)			NA	2.540
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)			13.254	21.575
Less/ Add	DEPRECIATION/ AMORTISATION (F)			1.337	1.340
(Add)	Prior period Adjustment			1.414	0.394
	PROFIT BEFORE TAX (E-F) (G)			13.331	20.629
Less	TAX (H)			6.336	8.113
	PROFIT AFTER TAX (G-H) (I)			6.995	12.516
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD			2 .000	2.000
Less	APPROPRIATIONS
		Transfer to General Reserve		6.549	11.029
		Dividend		0.382	1.275
		Tax on Dividend		0.064	0.212
	BALANCE CARRIED TO THE B/S			2.000	2.000
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings		0.822	NA
	TOTAL EARNINGS			0.822	NA
	TOTAL IMPORTS			90.933	NA
	Earnings Per Share (Rs.)		NA	548.63	NA

Expected Sales (2012-13) : Rs.255.600 Millions

The above information has been parted by Ms. Rekha Satidasani.

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	NA	NA	6.81
Net Profit Margin (PBT/Sales)	(%)	NA	6.03	11.75
Return on Total Assets (PBT/Total Assets}	(%)	NA	7.00	11.36
Return on Investment (ROI) (PBT/Networth)		NA	0.11	0.19
Debt Equity Ratio (Total Debt /Networth)		0.27	0.26	0.23
Current Ratio (Current Asset/Current Liability)		3.57	3.35	3.01

LOCAL AGENCY FURTHER INFORMATION

DETAILS OF SUNDRY CREDITORS:

PARTICULARS	31.03.2012	31.03.2011	31.03.2010
Trade Payable	11.683	32.705	28.262
Total	11.683	32.705	28.262

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
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	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 two 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	No
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	Yes
21]	Market information	----------------------
22]	Litigations 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	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

UNSECURED LOAN:

(Rs. in Millions)

Particulars	As on 31.03.2012	As on 31.03.2011
LONG TERM BORROWINGS
Fixed Deposits	2.100	18.649
Loan from Directors	12.754
Loan from Shareholders	9.650
Total	24.504	18.649

FIXED ASSETS:

• Well
• Factory General Buildings
• Buildings
• Plant and Machinery
• Diesel Generator
• Furniture, Computer and Equipments
• Electric Installation
• Motor Car
• Scooter
• Cycle
• Tools, Jigs and Dies

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.53.74
UK Pound	1	Rs.83.54
Euro	1	Rs.70.72

INFORMATION DETAILS

Information Gathered by :	PLK
Report Prepared by :	RAJ

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--CREDIT LINES	1~10	6
--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	YES
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
--DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		50

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.