MIRA
INFORM REPORT
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Report Date : |
01.07.2011 |
IDENTIFICATION DETAILS
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Name : |
TOYO ENGINEERING INDIA LIMITED |
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Registered Office : |
Toyo House, Lal Bahadur Shashtri Marg, Kanjur Marg (West), Mumbai –
400 078, |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
12.10.1981 |
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Com. Reg. No.: |
11 – 25413 (New) / 55 – 8400 (Old) |
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Capital Investment / Paid-up Capital : |
Rs.100.000 Millions |
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CIN No.: [Company
Identification No.] |
U28900MH1981PLC025413 / U31409DL1976PLC008400 |
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Legal Form : |
A Closely held Public Limited Liability Company |
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Line of Business : |
Providing Construction Services |
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No. of Employees : |
2000 (Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
A (65) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
USD 5293400 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a subsidiary of Financial position of the company appears to be sound. Trade relations
are reported as fair. Business is active. Payments are reported to be regular
and as per commitments. The Company can be considered normal for 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.
INFORMATION PARTED BY
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Name : |
Mr. Tushar |
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Designation : |
Finance Manager |
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Tel No.: |
91-22-25737085 |
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Date : |
01.06.2011 |
LOCATIONS
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Registered/ Head Office : |
Toyo House, Lal Bahadur Shashtri Marg, Kanjur Marg (West), Mumbai –
400 078, |
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Tel. No.: |
91-22-25737000 |
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Fax No.: |
91-22-25737520 / 1 |
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E-Mail : |
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Branches : |
214, Splendor Forum, Jasola District Centre, Near |
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Tel. No.: |
91-11-4059 1240 |
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Fax No.: |
91-11-4059 1246 |
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E-Mail : |
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Overseas Office : |
Post Box:36109, |
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Tel. No.: |
971 267 16669 |
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Fax No.: |
971 267 16648 |
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E-Mail : |
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Satellite Project Office : |
Toyo Engineering
India Limited 1-B, Kailash Complex, Tel No: 91-22-2573 6000 Fax No: 91-22-2573 6381/ 6272 Toyo Engineering
India Limited 1202,Ashok Silk Mill Compound, LBS Marg, Ghatkopar (West),
Mumbai - 400 086, Tel No: 91-22-2573 5000 Fax No: 91-22-2573 5281/ 82 |
DIRECTORS
AS ON 30.09.2010
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Name : |
Mr. Donde Moreshwar Vinayak |
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Designation : |
Executive Chairman |
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Address : |
Riddhi Siddhi, |
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Date of Birth/Age : |
05.07.1939 |
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Date of Appointment : |
27.08.1990 |
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Name : |
Mr. Osone Kenichi Hisashi |
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Designation : |
Managing Director |
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Address : |
181, Maont Blanc Co-op Housing Society Limited, Dadysath Hill, August
Kranti Marg, Mumbai – 400 036, |
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Date of Birth/Age : |
04.01.1954 |
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Date of Appointment : |
18.05.2004 |
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Directorship in other company : |
Toyo Infotech CIN No: L72900MH2004PLC147604 |
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Name : |
Mr. Sharma Amarnath Mehinder |
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Designation : |
Director |
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Address : |
E-156, Greater Kailash Part – I, |
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Date of Birth/Age : |
04.02.1959 |
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Date of Appointment : |
07.08.2001 |
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Name : |
Mr. Wani Hiralal Balkrishna |
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Designation : |
Director |
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Address : |
B-5, Wayward, Miraway Co-op Society, |
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Date of Birth/Age : |
21.10.1933 |
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Date of Appointment : |
22.08.2005 |
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Name : |
Mr. Murayama Toraji Kazuharu |
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Designation : |
Director |
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Address : |
1-10-1, Miyasaja, Setagaya Ku, |
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Date of Birth/Age : |
06.01.1953 |
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Date of Appointment : |
10.05.2007 |
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Name : |
Mr. Kita Maski Masahiko |
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Designation : |
Director |
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Address : |
2-374-1-205, Hazama-Cho, Funabashi-Shi, Chiba – 2740822, Japan |
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Date of Birth/Age : |
15.05.1956 |
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Date of Appointment : |
04.09.2009 |
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Name : |
Mr. Hosoi Kichizou |
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Designation : |
Director |
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Address : |
1-39-25 Wada, Suginami-Ku, Tokya
- 1660012, Japan |
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Date of Birth/Age : |
06.10.1959 |
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Date of Appointment : |
04.09.2009 |
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Name : |
Mr. Pradhan Gajanan Devenra |
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Designation : |
Director |
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Address : |
D-1, Ground Floor, Shri Ramchandra Apartments, Karnik Road, Kalyan,
Thane – 421304, Maharashtra, India |
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Date of Birth/Age : |
08.08.1955 |
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Date of Appointment : |
27.06.1996 |
KEY EXECUTIVES
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Name : |
Mr. Pradhan Gajanan Devendra |
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Designation : |
Secretary |
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Address : |
D-1, Ground Floor, Shri Ram,achandra Apartment, (Thange Chawl), Karnik
Road, Kalyan, Thane – 421 304, Maharashtra, India |
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Date of Birth/Age : |
08.08.1955 |
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Qualification : |
27.06.1996 |
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Name : |
Ms. Midhi |
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Designation : |
Accounts |
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Name : |
Mr. Tushar |
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Designation : |
Finance Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2010
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Names of Shareholders |
No. of Shares |
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Toyo Engineering Corporation, Tokyo |
7400000 |
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Sharma Amarnath Mehinder |
1410000 |
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Sharma Mehinder Poonam |
70000 |
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Sharma Mhinder Aanchal |
10000 |
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Master Sharma Mehinder Dhruv |
10000 |
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Osone Kenichi Hisashi |
600000 |
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Donde Moreshwar Vinayak (Trustee – Toyo Engineering India Limited
Employees’ Benefit Trust) |
500000 |
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Total |
10000000 |
AS ON 30.09.2010
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Equity Share
breakup (percentage of total equity) |
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Category |
Percentage |
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Foreign holdings (Foreign institutional investor(s), Foreign
companies(s) Foreign financial institution(s), Non-resident Indian(s) or
Overseas corporate bodies or others |
74.00 |
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Directors or relatives of directors |
15.00 |
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Other top fifty (50) shareholders |
11.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Providing Construction Services |
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Terms : |
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Selling : |
Cash, Credit (30 days, 60 days) |
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Purchasing : |
Cash, Credit (30 days, 60 days) |
GENERAL INFORMATION
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Customers : |
Retailers |
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No. of Employees : |
2000 (Approximately) |
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Bankers : |
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Facilities: |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
N.M. Raiji and Company Chartered Accountant |
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Address : |
6th Floor, Universal Insurance Buidling, pherozshah |
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Tel No.: |
91-22-22870068/3463/7482 |
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Fax No.: |
91-22-22828646/22650578 |
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Pan No.: |
AAAFN4217G |
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Holding Company : |
Toyo Engineering Corporation, Japan |
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Associates/Subsidiaries : |
CIN No: L72900MH2004PLC147604
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CAPITAL STRUCTURE
AS ON 30.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
10000000 |
Equity Shares |
Rs.10/- Each |
Rs.100.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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10000000 |
Equity Shares |
Rs.10/- Each |
Rs.100.000
Millions |
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NOTE:
Of the above:
1) 95,00,000 (previous year 95,00,000) Equity
Shares are allotted as fully paid Bonus Shares by capitalizing Rs.0.095 Million
out of general reserve
2) 74,00,000 Equity Shares are held by Toyo
Engineering Corporation,
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
100.000 |
100.000 |
100.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
1223.350 |
1029.425 |
947.254 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
1323.350 |
1129.425 |
1047.254 |
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LOAN FUNDS |
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1] Secured Loans |
679.688 |
632.573 |
56.104 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
679.688 |
632.573 |
56.104 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
47.409 |
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TOTAL |
2003.038 |
1761.998 |
1150.767 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
354.775 |
365.297 |
398.101 |
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Capital work-in-progress |
3.501 |
2.305 |
0.328 |
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INVESTMENT |
0.000 |
0.000 |
5.000 |
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DEFERREX TAX ASSETS |
47.064 |
18.485 |
106.187 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
0.000
|
0.000
|
0.000
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Sundry Debtors |
1544.071
|
1642.591
|
1111.365
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Cash & Bank Balances |
71.110
|
81.830
|
176.789
|
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Other Current Assets |
1952.885
|
1847.799
|
11019.157
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Loans & Advances |
1530.334
|
1468.335
|
1568.250
|
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Total
Current Assets |
5098.400
|
5040.555
|
13875.561 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
463.124
|
600.724
|
286.728
|
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Other Current Liabilities |
1922.042
|
2066.036
|
12056.382
|
|
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Provisions |
1115.536
|
997.884
|
891.300
|
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Total
Current Liabilities |
3500.702
|
3664.644
|
13234.410
|
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Net Current Assets |
1597.698
|
1375.911
|
641.151
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
2003.038 |
1761.998 |
1150.767 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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Technical Service Contracts |
1872.423 |
1578.373 |
1659.832 |
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Work Execution Contracts |
2841.401 |
5637.401 |
5494.140 |
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Other Income |
73.342 |
96.790 |
86.118 |
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TOTAL (A) |
4787.166 |
7312.564 |
7240.090 |
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Less |
EXPENSES |
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Contract and Other Expenses |
4352.665 |
6897.131 |
6672.215 |
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Increased / (Decreased) In stock |
(55.526) |
4.953 |
18.720 |
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TOTAL (B) |
4297.139 |
6902.084 |
6690.935 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
490.027 |
410.480 |
549.155 |
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Less |
FINANCIAL
EXPENSES (D) |
86.996 |
84.261 |
38.063 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
403.031 |
326.219 |
511.092 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
57.252 |
70.261 |
75.826 |
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PROFIT BEFORE
TAX (E-F) (G) |
345.779 |
255.958 |
435.266 |
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Less |
TAX (I) |
105.211 |
109.418 |
145.684 |
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PROFIT AFTER TAX
(G-I) (J) |
240.568 |
146.540 |
289.582 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
207.346 |
175.175 |
32.391 |
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Add |
TRANSFERRED AS
PER THE SCHEME OF AMALGAMATION |
0.000 |
(17.571) |
0.000 |
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Less |
APPROPRIATIONS |
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Proposed Dividend |
40.000 |
40.000 |
40.000 |
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Tax on Dividend |
6.644 |
6.798 |
6.798 |
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|
Transfer to General Reserve |
50.000 |
50.000 |
100.000 |
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BALANCE CARRIED
TO THE B/S |
351.271 |
207.346 |
175.175 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
5.03 |
2.00 |
4.00
|
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Net Profit Margin (PBT/Sales) |
(%) |
18.47 |
16.21 |
26.22
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Return on Total Assets (PBT/Total Assets} |
(%) |
6.34 |
5.07 |
3.05
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Return on Investment (ROI) (PBT/Networth) |
|
0.26 |
0.23 |
0.42
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Debt Equity Ratio (Total Liability/Networth) |
|
3.16 |
3.80 |
12.64
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Current Ratio (Current Asset/Current Liability) |
|
1.46 |
1.38 |
1.05
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LOCAL AGENCY FURTHER INFORMATION
DETAILS OF SUNDRY
CREDITORS
(Rs.
In Millions)
|
Particulars |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
Sundry Creditors |
463.124
|
600.724
|
286.728
|
NOTE:
The company changed its registered office from
“UCO Bank Building, 1st Floor, Parliament Street, New Delhi, India”
to Maharashtra and a new company registration number 11 – 25413, of Mumbai
R.O.C. was obtained.
FORM: 8
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Name of the company
|
TOYO ENGINEERING INDIA LIMITED |
|
Presented By |
ING Vysya Bank Limited, Mumbai |
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1) Date and description of instrument creating the change |
General
Hypothecation Agreement dtd: 05.11.2004 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.300.000
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 by
way of first pari passu charges on entire book debts, claims and receivables
of the company both present and future an goods covered under letter of
credit opened by the bank. |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
Security to
secure ILC/LC/BG facilities together with interest, cost, expenses, charges, commission
etc. |
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5) Name and Address and description of the person entitled to the charge. |
ING Vysya Bank
Limited, |
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6) Date and brief description of instrument modifying the charge |
Supplemental
General Hypothecation agreement dtd. 28th December 2005 |
|
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. |
The original charge
dtd 05.11.2004 for Rs.300.000 Millions now modified on 28.12.2005 enhancing
the facilities from Rs.300.000 Millions to Rs.400.000 Millions |
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Corporate
identity number of the company |
U28900MH1981PLC025413 |
|
Name of the
company |
TOYO ENGINEERING
INDIA LIMITED |
|
Address of the
registered office or of the principal place of business in |
Toyo House, Lal Bahadur Shashtri Marg, Kanjur Marg (West), Mumbai –
400 078, |
|
This form is for |
Creation of charge |
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Type of charge |
Book debts |
|
Particular of
charge holder |
Standard Chartered Bank, 90, M |
|
Nature of
instrument creating charge |
Supplementary
Hypothecation of Book Debts |
|
Date of
instrument Creating the charge |
09.10.2009 |
|
Amount secured by
the charge |
Rs.1970.000
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of interest Credit
Facilities: Interest / Commission
– As agreed by and with the Bank from time to time. Terms of
repayment As agreed by and
with the Bank from time to time. Margin As applicable, if
any Extent and
operation of the charge Hypothecation by
way of first charge to the bank on all the present and future book debts,
outstanding, moneys receivables, claims and bills, etc. Others |
|
Short particulars
of the property or asset(s) charged |
Hypothecation by
way of first charge to the bank on all the present and future book debts, outstanding,
moneys receivables, claims and bills, etc. |
|
Particulars of
the property charged |
By present
modification, the exiting charge amount of Rs. 1470.000 Millions to Rs.
1970.000 Millions for funded and non funded limits to the customer. |
|
Corporate identity number of the company |
U28900MH1981PLC025413 |
|
Name of the company |
TOYO ENGINEERING
INDIA LIMITED |
|
Address of the registered office or of the
principal place of business in |
Toyo House, Lal Bahadur Shashtri Marg, Kanjur Marg (West), Mumbai –
400 078, |
|
This form is for |
Modification of charge |
|
Type of charge |
Book Debts |
|
Particular of charge holder |
STANDARD CHARTERED BANK |
|
Nature of instrument creating charge |
SUPPLEMENTARY HYPOTHECATION AGREEMENT OF
BOOK DEBTS ( INCREASE IN LIMIT) |
|
Date of instrument Creating the charge |
11/04/2011 |
|
Amount secured by the charge |
Rs.3870.000 Millions |
|
Brief of the principal terms an conditions
and extent and operation of the charge |
Rate of Interest Interest / Commission - As Negotiated With And Agreed By The Bank Extent and Operation of the charge Extension of The First Pari Passu Charge By
Way of Hypothecation In Favour of The Bank over The Borrower`S Present And
Future Book Debts, Bills, Moneys Receivable, Claims Etc., Created By The
Agreement of Hypothecation of Book Debts Dated 25.09.2006 And As Modified
From Time To Time By Supplementary Hypothecation Agreement of Book Debts, The
Last Being Dated 08.03.2010 To Secure The Enhanced Limits of Rs. 3870.000
Millions. |
|
Short particulars of the property charged |
First Pari Passu Charge By Way of Hypothecation
In Favour of The Bank over The Borrowers Present And Future Book Debts,
Bills, Moneys Receivable, Claims Etc. |
|
Date of instrument modifying the charge |
08/03/2010 |
|
Particulars of the present modification |
By Present Modification, The Amount
Secured By The Charge Is Enhanced From Rs.2970.000 Millions To Rs. 3870.000
Millions For Funded And Non Funded Limits. |
TRADE REFERENCES:
Uday India Limited
FIXED ASSETS:
- Goodwill
- Land – Freehold
- Building
- Temp. Structure
- Construction Equipment
- Furniture, Fixtures and Equipment
- Vehicles
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 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.44.72 |
|
|
1 |
Rs.71.95 |
|
Euro |
1 |
Rs.64.79 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
|
65 |
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 |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.