MIRA
INFORM REPORT
|
Report Date : |
25.01.2008 |
IDENTIFICATION
DETAILS
|
Name : |
TAYAL SONS LIMITED |
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Registered Office : |
Kath Mandi Road, Hisar – 125001, Haryana |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
29.04.1998 |
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Com. Reg. No.: |
05-033932 |
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CIN No.: [Company
Identification No.] |
U52190HR1998PLC033932 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
RTKT00826A/RTKT01730B |
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Legal Form : |
A Closely Held
Public Limited Liability Company |
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Line of Business : |
Trading and Dealing of Chemical, Paper, Leather and Petroleum Products
etc |
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 96700 |
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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
reported as usually correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
LOCATIONS
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Registered Office : |
Kath Mandi Road, Hisar – 125001, Haryana |
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Tel. No.: |
91-1662-231546/230664/230764/ Resident 91 – 1662-
232875/232358 |
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Fax No.: |
91 – 1662 – 232454 |
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E-Mail : |
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Website : |
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Location : |
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Coordinating Office
: |
X-36, Regency Park-II,
DLF City, Phase-IV, Gurgaon -122 002, Haryana |
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Tel. No.: |
91- 124-2392890/5042336 |
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Branches : |
Sriganganagar |
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Tel. No.: |
91 -154 - 2434875 |
DIRECTORS
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Name : |
Mr. Tayal Gyan Dev |
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Designation : |
Director |
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Address : |
Kath Mandi Road, Hisar – 125001 |
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Date of Birth/Age : |
24.12.1935 |
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Date of Appointment : |
29.04.1998 |
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Name : |
Mr. Tayal Mukul Dev |
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Designation : |
Director |
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Address : |
Kath Mandi Road, Hisar – 125001 |
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Date of Birth/Age : |
05.02.1963 |
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Date of Appointment : |
29.04.1998 |
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Name : |
Mr. Tyal Atul Dev |
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Designation : |
Director |
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Address : |
Kath Mandi Road, Hisar – 125001 |
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Date of Birth/Age : |
01.10.1966 |
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Date of Appointment : |
29.04.1998 |
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Name : |
Mrs. Tayal Girish |
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Designation : |
Durector |
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Address : |
Kath Mandi Road, Hisar – 125001 |
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Date of Birth/Age : |
05.01.1937 |
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Date of Appointment : |
01.04.1999 |
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Name : |
Mrs. Sumita |
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Designation : |
Director |
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Address : |
Kath Mandi Road, Hisar – 125001 |
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Date of Birth/Age : |
23.03.1934 |
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Date of Appointment : |
01.04.1999 |
KEY EXECUTIVES
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Name : |
Mr. Rajesh Garg & Company |
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Designation : |
Company Secretary |
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Address : |
Office – 16, Green Park, Hisar, Haryana |
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Tel. No.: |
91-1662-236517 |
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Mobile No.: |
91-9812010694 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
31.03.2007
|
Category |
Percentage |
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Bodies Corporate |
13.50 |
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Directors or relatives of directors |
86.50 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Trading and Dealing of Chemical, Paper, Leather and Petroleum Products
etc |
GENERAL
INFORMATION
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Bankers : |
State Bank of Patiala Main Branch, Railway Road, Hisar – 125001, Haryana E. Mail. Rajeshgargcs2002@yahoo.com |
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Facilities : |
-- |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Mr. O P Gupta Chartered Accountant |
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Address : |
SCF 130 Green Square Market, Hisar 125001, Haryana |
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Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1000000 |
Equity Shares |
Rs. 10/- Each |
Rs. 10.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
951600 |
Equity Shares |
Rs. 10/- Each |
Rs. 9.516 Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
9.516 |
9.516 |
9.255 |
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2] Share Application Money |
0.000 |
0.000 |
1.480 |
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3] Reserves & Surplus |
14.673 |
10.974 |
5.059 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
24.189 |
20.490 |
15.794 |
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LOAN FUNDS |
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1] Secured Loans |
21.263 |
7.608 |
7.803 |
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2] Unsecured Loans |
21.312 |
20.222 |
15.174 |
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TOTAL BORROWING |
42.575 |
27.830 |
22.977 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
66.764 |
48.320 |
38.771 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
2.042 |
1.337 |
1.855 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
1.984 |
2.607 |
2.607 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
28.095
|
3.431 |
2.478 |
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Sundry Debtors |
69.999
|
62.894 |
46.316 |
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Cash & Bank Balances |
5.496
|
0.261 |
1.758 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
6.892
|
5.901 |
11.666 |
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Total
Current Assets |
110.482
|
72.487 |
62.218 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
46.782
|
27.711 |
27.117 |
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Provisions |
0.970
|
0.414 |
0.810 |
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Total
Current Liabilities |
47.752
|
28.125 |
27.927 |
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Net Current Assets |
62.730
|
44.362 |
34.291 |
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MISCELLANEOUS EXPENSES |
0.008 |
0.014 |
0.018 |
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TOTAL |
66.764 |
48.320 |
38.771 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Sales Turnover |
637.034 |
405.494 |
835.880 |
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Other Income |
42.868 |
15.473 |
6.344 |
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Total Income |
679.902 |
420.967 |
842.224 |
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Profit/(Loss) Before Tax |
4.699 |
1.369 |
1.361 |
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Provision for Taxation |
0.000 |
0.000 |
0.510 |
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Profit/(Loss) After Tax |
4.699 |
1.369 |
0.851 |
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Expenditures : |
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Purchases made for re-sale |
660.668 |
406.374 |
9.831 |
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Consumption of stores and spares parts |
2.468 |
1.770 |
0.000 |
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Increase/(Decrease) in Finished Goods |
3.431 |
2.478 |
0.000 |
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Salaries, Wages, Bonus, etc. |
2.404 |
1.744 |
1.476 |
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Payment to Auditors |
0.012 |
0.012 |
0.000 |
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Insurance Expenses |
0.023 |
0.004 |
0.000 |
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Depreciation & Amortization |
0.538 |
0.423 |
0.000 |
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Other Expenditure |
5.689 |
6.793 |
1.826 |
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Total Expenditure |
675.233 |
419.598 |
13.133 |
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KEY RATIOS
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PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
0.69
|
0.32 |
0.10 |
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Net Profit Margin (PBT/Sales) |
(%) |
0.73
|
0.33 |
0.16 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
4.17
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1.85 |
2.12 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.19
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0.06 |
0.08 |
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Debt Equity Ratio (Total Liability/Networth) |
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3.73
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2.73 |
3.22 |
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Current Ratio (Current Asset/Current Liability) |
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2.31
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2.57 |
2.22 |
LOCAL AGENCY
FURTHER INFORMATION
Fixed Assets
- Air
Conditioner
- Furniture
- Electric
Items
- Computer
- Office
Equipment
- Motor Car
- Trash Machine
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Name of the company |
TAYAL SONS LIMITED |
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Presented By |
Mr. Mukul Dev Tayal |
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1) Date and description of instrument creating the change |
Memorandum of Agreement
dated 28.11.2000 (Reg. 26.12.200) |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 9.000
Millions |
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3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
Hypothecation of
stock in trade box debts and discounting of Bills |
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4) Gist of the terms and conditions and extent and operation of the charge. |
On the terms and
conditions set out in the banks form SBP 1611, SBP 1612 and SBP 1619 DT.
28.11.2000 |
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5) Name and Address and description of the person entitled to the charge. |
State Bank of Patiala Main Branch, Railway Road, Hisar – 125001, Haryana |
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6) Date and brief description of instrument modifying the charge |
Agreement of
Hypothecation of goods & assets dt 23.09.2005 |
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7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
Hypothecation is
enhanced to Rs. 25.000 Millions from Rs. 20.000 Millions |
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Corporate
identity number (CIN) Foreign company registration number |
U52190HR1998PLC033932 |
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Name of the
Company |
TAYAL SONS LIMITED |
|
Address |
Kath Mandi Road, Hisar – 125001, Haryana |
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Type of Charge |
Book Debts and
Movable Property |
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Particulars of
the charge holder |
State Bank of Patiala Main Branch, Railway Road, Hisar – 125001, Haryana |
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Nature of the
instrument |
Agreement of
hypothecation of goods and Assets |
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Amount secured by
the charge |
Rs. 225.000
Millions |
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Brief of the
principal terms and conditions |
Rate of Interest The borrower shall
pay effective rate of intl. by monthly rests by the bank on its cash credit
account from time to time Terms of
repayment On demand Margin 25% on finished
goods 50% on book
debts/receivables Extent and
operations of the charge CC Stock 37.500 Millions
CC 37.500
Millions Bill Discounting
150.000 Millions |
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Description of
the property charged indicating |
Hypothecation of
stock in trade, book debts and discounting of bills as per agreement |
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Date of
Instrument |
12.12.2006 |
As per Website Details
Indian
Sub-Continent Network
Subject established In-House-Network in Northern India, covering the
states of Punjab, Haryana and Rajasthan, supplies Medium Staple Cotton in 4s to
30s count. They ship about 150,000 Bales of Cotton yearly, which amounts to
nearly 8% of the total North India Crop. They resource matching capacities from
other select networks in Central and West India, who are their close
associates. With these networks under their arm, they can ship cotton from
coarse to medium to fine count- 4s to 60 s. Tayal Sons can also handle all the
import requirements of Mills in India.
Their self-owned Farmlands, Ginnery and Buying House are constantly interacting
with other Ginners, Farm-owners, Merchants and Mill owners. Together, they have
a forceful presence in NICA- North India Cotton Management Association ( an
active associate of EICA- East India Cotton Association)
Proud Patronage
- Nahar Group
of Companies
- The Bombay Dyeing
& Mfg. Co. Limited.
- Ashima
Limited.
- The Arvind
Mills Limited.
- Pasupati Spg.
And Wvg. Mills Limited.
- Aarti
International Limited.
- Oswal Spg.
And Wvg. Mills Limited.
- Indocount
Choongnam Textiles Limited.
- Vardhman
Group of Companies
- Ginni
International Limited.
- Forbes Gokak
Limited
- Raymond
Limited.
- Thiagarajar
Mills Limited.
- Gontermann
Peipers (India) Limited.
- DCM Shriram
Consolidated Limited.
The Company
Subject is a third generation enterprise, commanding over three decades of
experience.Based in the townshop of Hisar in one of the most farmer-friendly
states of North-India, they are amongst the country's foremost Ginners, Cotton
Traders and Buying Houses.
The company is an integral part of a renowned and financially sound group
of companies.
Based in the townshop of Hisar in one of the most farmer-friendly states
of North-India, they are amongst the country's foremost Ginners, Cotton Traders
and Buying Houses.
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.39.40 |
|
UK Pound |
1 |
Rs.78.28 |
|
Euro |
1 |
Rs.58.23 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
4 |
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--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
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 |
Unfavourable & favourable factors carry similar weight in credit
consideration. 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 |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|