MIRA INFORM REPORT

Report No. :	307821
Report Date :	16.02.2015

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) :	31.03.2014
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 :	Below 300 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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

Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established having satisfactory track record. Profitability of the company seems to be low during 2014. However, general financial position of the company seems to be decent. Trade relations are reported as fair. Business is active. Payments terms are reported to be slow but correct. The company can be considered for normal 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.

EXTERNAL AGENCY RATING

Rating Agency Name	Not Available
Rating	Not Available
Rating Explanation	Not Available
Date	Not Available

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 31-03-2014.

INFORMATION PARTED BY (GENERAL DETAILS)

Name :	Mr. Vipin Patni
Designation :	Deputy Manager in Finance
Contact No.:	91-145-2695171
Date :	13.02.2015

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 · Vadodara

DIRECTORS

As on 25.09.2014

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 :	Mr. Vipin Patni
Designation :	Deputy Manager in Finance

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 25.09.2014

Names of Shareholders	No. of Shares
Manju Toshniwal	4470
Rajeev Toshniwal	2715
Priti Toshniwal	681
Abhinav Toshniwal	657
Somya Toshniwal	114
Avantika Toshniwal	9
Vandana Agarwalla	43
M G Toshniwal HUF	1544
Rajeev Toshniwal HUF	3
Kamlesh Toshniwal	1147
Rajeev Toshniwal	199
R C Toshniwal HUF	355
Naveen Toshniwal	217
Pushpalata Toshniwal	17
Arvind Toshniwal	153
K C Toshniwal	85
Ratan Devi Toshniwal	340
O P Sharda	1
Total	12750

Equity Share Break up (Percentage of Total Equity)

As on 25.09.2014

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.
Products :	· Temperature Sensors · Recorders and Radiation Pyrometers Thermometer · Thermal Measures · Temperature controllers · Security Solutions
Brand Names :	Not Divulged
Agencies Held :	Not Divulged
Exports :
Products :	Finished Goods
Countries :	· Nepal · Bhutan · Dubai · Saudi · Arabia
Imports :
Products :	Raw Material
Countries :	· China · Germany · UK · US · Japan · Singapore
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

PRODUCTION STATUS NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Maximum Limit Dealt :	Not Divulged
Experience :	Not Divulged
Remark:	Not Divulged

Customers :

Retailers and End Users

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Maximum Limit Dealt :	Not Divulged
Experience :	Not Divulged
Remark:	Not Divulged

No. of Employees :

Below 300 (Approximately)

Bankers :

Bank Name	Bank of Baroda
Branch	P. R. Marg, Ajmer – 305001, Rajasthan, India
Person Name (With Designation)	Not Divulged
Contact Number	Not Divulged
Name of Account Holder	Not Divulged
Account Number	Not Divulged
Account Since (Date/Year of Account Opening)	Not Divulged
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Facilities :

Secured Loan	31.03.2014 (Rs. in Millions)	31.03.2013 (Rs. in Millions)
Long-term Borrowings
Term loan From bank	2.571	1.394
Short-term borrowings
From Bank – BoB cash credit (Against stock, book debt, plant and machinery collaterally secured by land and building. Additionally, the above loan is guaranteed by all the directors of the company jointly and severally)	44.941	19.253
Total	47.512	20.647

Auditors :
Name :	G M Jain and Associates Chartered Accountants
Address :	354/XI D H Building, Hathi Bhata,Tondon Gali, Ajmer – 305001, Rajasthan, India
PAN N Income-tax PAN of auditor or auditor's firm :	AAGFG6615B
Memberships :	--
Collaborators :	--
Associates/Subsidiaries :	--

CAPITAL STRUCTURE

As on 31.03.2014

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	31.03.2014	31.03.2013	31.03.2012
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	1.275	1.275	1.275
(b) Reserves & Surplus	124.125	124.939	121.472
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	125.400	126.214	122.747
(3) Non-Current Liabilities
(a) long-term borrowings	2.571	1.393	0.000
(b) Deferred tax liabilities (Net)	2.346	2.138	1.785
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	4.917	3.531	1.785
(4) Current Liabilities
(a) Short term borrowings	80.456	48.783	33.373
(b) Trade payables	15.506	23.312	13.091
(c) Other current liabilities	24.232	24.230	30.644
(d) Short-term provisions	0.000	0.000	0.296
Total Current Liabilities (4)	120.194	96.325	77.404
TOTAL	250.511	226.070	201.936
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	53.459	52.080	43.528
(ii) Intangible Assets	0.135	0.270	0.405
(iii) Capital work-in-progress	0.564	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.990	0.990	0.990
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	2.631	1.007	0.721
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	57.779	54.347	45.644
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	71.712	68.330	73.080
(c) Trade receivables	111.894	89.774	61.023
(d) Cash and cash equivalents	4.371	4.277	13.740
(e) Short-term loans and advances	4.755	9.342	8.449
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	192.732	171.723	156.292
TOTAL	250.511	226.070	201.936

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	NA	NA	NA
	Other Income	NA	NA	NA
	TOTAL	NA	NA	NA
Less	EXPENSES	NA	NA	NA
	PROFIT/ (LOSS) BEFORE TAX	NA	NA	NA
Less	TAX	NA	NA	NA
	PROFIT/ (LOSS) AFTER TAX	1.531	3.762	6.953
	Earnings / (Loss) Per Share (Rs.)	120.08	NA	NA

KEY RATIOS

PARTICULARS	31.03.2014	31.03.2013	31.03.2012
Debt Equity Ratio (Total Debt /Networth)	0.66	0.40	0.27
Current Ratio (Current Asset/Current Liability)	1.60	1.78	2.02

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	1.275	1.275	1.275
Reserves & Surplus	121.472	124.939	124.125
Net worth	122.747	126.214	125.400
long-term borrowings	0.000	1.393	2.571
Short term borrowings	33.373	48.783	80.456
Total borrowings	33.373	50.176	83.027
Debt/Equity ratio	0.272	0.398	0.662

LOCAL AGENCY FURTHER INFORMATION

CURRENT MATURITIES OF LONG-TERM DEBT DETAILS:

Particulars	31.03.2014	31.03.2013	31.03.2012
	(Rs. In Millions)
Current maturities of long-term debt	1.110	1.110	0.000
Total	1.110	1.110	0.000

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	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	No
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	--
14]	Estimation for coming financial year	No
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	Yes

NOTE: The Registered Office of the company has been shifted from C/O Shri Yatendra Goyal (CA) D-201 Shiv Manthan, Soni Complex, Chincholi Bunder Road, Malad (East), Mumbai – 400064, Maharashtra, India to the present address w.e.f. 15.11.2012

UNSECURED LOAN

PARTICULARS	31.03.2014 (Rs. in Millions)	31.03.2013 (Rs. in Millions)
Short-term borrowings
Loans from directors	20.395	16.138
Loans from shareholders	13.804	11.677
Fixed deposit – from shareholders	1.316	1.715
Total	35.515	29.530

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10197354	23/12/2013 *	84,051,000.00	BANK OF BARODA	PR MARG, AJMER, RAJASTHAN - 305001, INDIA	B93869972
2	90226846	15/04/1987	240,000.00	RAJASTHAN FINANCIAL CORPORATION	JAIPUR, JAIPUR, RAJASTHAN - 305001, INDIA	-
3	90226840	24/11/1986	223,000.00	RAJASTHAN FINANCIAL CORPORATION	JAIPUR, JAIPUR, RAJASTHAN - 305001, INDIA	-
4	90226838	21/05/1986	1,290,000.00	RAJASTHAN FINANCIAL CORPORATION	JAIPUR, JAIPUR, RAJASTHAN - 305001, INDIA	-
5	90226821	28/02/1980	600,000.00	RAJASTHAN FINANCIAL CORPORATION	JAIPUR, JAIPUR, RAJASTHAN, INDIA	-
6	90227455	26/09/1977	600,000.00	SHRI G.S TOSHNIWAL AND SHRO MOHAN TOHNIWAL	198; JAMSHEDJI TATA ROAD, BOMBAY, MAHARASHTRA - 40 0020, INDIA	-
7	90227315	01/11/1972	676,000.00	RAJASTHAN FINANCIAL CORPORATION	POST BOX NO. 65, JAIPUR, RAJASTHAN, INDIA	-

* Date of charge modification

FIXED ASSETS

· Building

· Plant, Machinery and Equipment

· Furniture and Furniture

· Electric Installations

· Motor Car

· Scooter Car

· Cycle

· Diesel Generator Set

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.62.14
UK Pound	1	Rs.95.78
Euro	1	Rs.71.05

INFORMATION DETAILS

Information Gathered by :	PRT
Analysis Done by :	RAS
Report Prepared by :	KVT

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
--PROFITABILITY	1~10	3
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--CREDIT LINES	1~10	5
--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		45

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.