MIRA
INFORM REPORT
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Report Date : |
21.09.2007 |
IDENTIFICATION DETAILS
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Name : |
TOYO SPRINGS LIMITED |
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Registered Office : |
20th Mile, |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
06.10.1982 |
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Com. Reg. No.: |
55-14450 |
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CIN No.: [Company
Identification No.] |
U74999HR1982PLC014450 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
RTKT01231G |
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PAN No.: [Permanent
Account No.] |
AABCT0481G |
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Legal Form : |
A Closely held Public Limited Liability Company. |
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Line of Business : |
Manufacturers of Laminated and Parabolic Automobile Leaf Springs. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 540000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well
established and reputed company having satisfactory track. Directors are reported
as experienced and respectable businessmen. Trade relations are fair.
Business is active. Payments are usually correct and as per commitments. The
company can be considered normal for business dealings at usual trade terms
and conditions. The company has some accumulated losses but they are expected to be
wiped off soon in view of the improvement shown in the profitability of the
company. |
LOCATIONS
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Registered Office/ Factory : |
20th Mile, |
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Tel. No.: |
91-130-2366247-90-91, 2366397 |
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Fax No.: |
91-130-2366248 |
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E-Mail : |
toyo-springs@eth.net
, sales@toyosprings.com , batra.tarun@rediffmail.com |
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Website : |
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Corporate Office : |
TOYO HOUSE, 99, Banarsi Dass Estate, |
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Tel. No.: |
91-11-23816183-84-85 |
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Fax No.: |
91-11-23816181 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. P. K. Sharma |
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Designation : |
Director |
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Address : |
F-1/3, |
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Date of Birth/Age : |
07.06.1949 |
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Date of Appointment : |
Since Incorporation |
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Other Directorship : |
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Name : |
Mrs. Reena Gupta |
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Designation : |
Director |
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Address : |
1178, Sector D, Pocket 1, Vasant Kunj, |
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Date of Birth/Age : |
17.09.1969 |
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Date of Appointment : |
01.04.1995 |
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Name : |
Mr. Nitin Kumar Sharma |
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Designation : |
Director |
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Address : |
F-1/3, |
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Date of Birth/Age : |
07.09.1981 |
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Date of Appointment : |
15.11.2002 |
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Name : |
Mr. Praveen Kumar Sharma |
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Designation : |
Director |
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Address : |
191, SFS DDA Flats, Dwarka , |
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Date of Birth/Age : |
01.05.1962 |
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Date of Appointment : |
15.11.2002 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Mr. G S Sahmbey |
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11956 |
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Mr. Prem Kumar Sharma |
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1426800 |
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Ms. Uma Kumar Sharma |
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11916 |
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D R Batra and Sons Private Limited |
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40 |
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Mr. Nitin Sharma |
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11916 |
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Names of Shareholders |
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Percentage of
Holding |
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Directors or Relatives of Director |
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100.00 |
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BUSINESS DETAILS
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Line of Business : |
Manufacturers of Laminated and Parabolic Automobile Leaf Springs. |
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Products : |
Laminated and Parabolic Automobile Leaf Springs |
GENERAL INFORMATION
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Suppliers : |
Its major Suppliers include : n
Dogra Automobiles n
Paruthi Rodalines Private Limited n
R J Enterprises n
Telco House n
Akash Automobiles n
Dashmesh Automobiles n
Deepshikha Automobiles Private Limited n
Al Salam Trading Company, n
Gagan Motors n
Nidhi Auto Agencies n
Capulum Engineering Private Limited n
National Auto Parts n
n
Amar Conduit Pipe n
Chandra Bushings Private Limited n
Check Well Special Gauges n
Deep Castings n
Ecko Enterprises n
G.S.Auto International Limited n
Harco Auto n
HardGrip n
Haryana Plastic And Engineering Works n
Innova Rubber Private Limited n
Lakhani Hardware Store n
Manu Plastics n
Metal King n
Modern Steel Limited n
Parkem Enterprises n
Pawan Enterprises n
Perfect Industries ( |
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Customers : |
Its Major Customers include :
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No. of Employees : |
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Bankers : |
n
Canara Bank, Wazirpur, Ashok Vihar, n
HDFC Bank Limited, K G Marg, n
State Bank of n
Kotak Mahindra Premus Limited |
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Facilities : |
Secured Loan (Rs. in
millions)
Unsecured Loan (Rs. in
millions)
The Company enjoys OCC / ODBD Mortgage facilities of Rs. 60.000
millions to Rs. 75.000 millions form Canara Bank. |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
R.K.Batra and Company Chartered Accountant |
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Address : |
906, |
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Subsidiaries : |
n
Richa Engineers n
Toyo Automotive Components Private Limited n
Oasis International Private Limited |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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1500000 |
Equity Shares |
Rs. 100/- each |
Rs. 150.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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1462628 |
Equity Shares |
Rs. 100/- each |
Rs. 146.263 millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
146.263 |
146.263 |
146.263 |
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2] Share Application Money |
8.780 |
2.000 |
0.000 |
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3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
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4] (Accumulated Losses) |
(19.956) |
(22.240) |
(29.288) |
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NETWORTH |
135.087 |
126.023 |
116.975 |
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LOAN FUNDS |
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1] Secured Loans |
136.250 |
142.496 |
92.339 |
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2] Unsecured Loans |
0.076 |
0.076 |
0.076 |
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TOTAL BORROWING |
136.326 |
142.572 |
92.415 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
271.413 |
268.595 |
209.390 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
78.014 |
64.740 |
57.291 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.831 |
0.831 |
0.831 |
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DEFERREX TAX ASSETS |
1.253 |
6.559 |
12.428 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
122.936
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146.498 |
105.095 |
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Sundry Debtors |
96.948
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86.235 |
75.125 |
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Cash & Bank Balances |
10.435
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4.299 |
2.627 |
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Loans & Advances |
90.539
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75.076 |
56.558 |
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Total
Current Assets |
320.858
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312.108 |
239.405 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
124.308
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110.923 |
95.569 |
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Provisions |
5.235
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4.821 |
5.240 |
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Total
Current Liabilities |
129.543
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115.744 |
100.809 |
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Net Current Assets |
191.315
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196.364 |
138.596 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.101 |
0.244 |
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TOTAL |
271.413 |
268.595 |
209.390 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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Sales Turnover |
752.429 |
742.006 |
478.739 |
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Other Income |
1.733 |
6.873 |
5.723 |
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Total Income |
754.163 |
748.879 |
484.162 |
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Profit/(Loss) Before Tax |
7.591 |
12.916 |
7.906 |
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Provision for Taxation |
0.000 |
0.000 |
3.063 |
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Profit/(Loss) After Tax |
7.591 |
12.916 |
4.843 |
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Total Expenditures |
746.572 |
735.963 |
476.256 |
KEY RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
31.03.2004 |
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PAT / Total Income |
(%) |
1.00
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1.72 |
1.00 |
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Net Profit Margin (PBT/Sales) |
(%) |
1.01
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1.74 |
1.65 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
1.89
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3.36 |
2.55 |
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Return on Investment (ROI) (PBT/Networth) |
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0.05
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0.10 |
0.06 |
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Debt Equity Ratio (Total Liability/Networth) |
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2.97
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3.05 |
2.65 |
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Current Ratio (Current Asset/Current Liability) |
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2.47
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2.69 |
2.37 |
LOCAL AGENCY FURTHER INFORMATION
Form 8 Particular for
creation or modification of charges
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Corporation identity number (CIN) or foreign company registrations number of the company |
U74999HR1982PLC014450 |
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Name of the company |
TOYO SPRINGS LIMITED |
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Address |
20th Mile, |
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This Form is for |
Creation of charge |
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Type of Charges |
Immovable property, book debts, movable property, floating charge |
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Particular of the charge holder |
Canara Bank Wazirpur, Ashok Vihar, |
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Nature or description of the instrument creating charge |
Agreement for CDB / SDB / BE advances dated 25.06.2007 supplemental collateral security agreement dated 25.06.2007 and letter evidencing extension of equitable mortgage alongwith dated 25.06.2007 |
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Date of the instrument creating charge |
25.06.2007 |
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Amount Secure by the charge |
Rs. 20.000 millions |
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Brief of the principal terms and conditions and extent and operation of the charge |
Rate of Interest: @15% p.a. at monthly rest such rate as mey be specified by the bank from time to time with an overdue interest of 2% p.a. over and above the interest rate charged in the account, in case of default. Terms of repayment: payable on demand Extent and operation of charge: 100% Others: the above is to secure all amounts payable under BE limit of Rs. 20.000 millions granted to the company together with all interest, costs, charges, expenses, etc. |
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Description of the property charge whether it is a charge on |
N A |
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Modification charge Charge identification number of the charge to be modified |
N A |
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Date of instrument modifying the charge |
N A |
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Particulars of the Property charged |
N A |
The Company’s fixed assets of Imported value includes :
- Land and
Building
- Plant and
Machinery
- Furniture and
Fixture
- Office
Equipments
- Air Conditioners
- Refrigerators
- Tools and
Jigs
- Vehicles
As Per Web:
Profile :
Toyo Springs is today among
Their goal is to achieve and enhance customer satisfaction and this is reflected in our overall commitment to the continuous improvement of our products and services. However, the TOYO persual towards qualitative products does not stop here, it extends to the prestigious ISO 9002 Certification, which has been achieved after immense hard work and a carefully laid out quality policy which is strictly adhered to.
Toyo Springs also have a proven track record with the TELCO vehicles. The Company's O.E. supplier to TATA Motors, Mahindra, Swaraj Mazda, Scooters India Ltd. & Bajaj Tempo, bespeaks high quality, reliability and unswerving performance of the Toyo Leaf Springs, not to mention its ability to say in stride with new advancements in automotive technology.
Leaf Springs (Laminated and Parabolic)
- Heavy duty Trucks and Buses
- Light duty Trucks and Buses
- Light Commercial Vehicles
- Agricultural Trailers
- Boat Trailers
- Mobile Homes
- Main Support member for air suspension
- Tractor Trailers
- MUV, SUV
The Company has got ISO – 9002 Certification.
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.39.91 |
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|
1 |
Rs.79.88 |
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Euro |
1 |
Rs.55.88 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
6 |
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PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
4 |
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--LIQUIDITY |
1~10 |
6 |
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--LEVERAGE |
1~10 |
6 |
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--RESERVES |
1~10 |
5 |
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--CREDIT LINES |
1~10 |
5 |
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--MARGINS |
-5~5 |
-- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
YES |
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--AFFILIATION |
YES/NO |
YES |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
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48 |
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
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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