MIRA
INFORM REPORT
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Report Date : |
05.05.2011 |
IDENTIFICATION DETAILS
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Name : |
TOLANI EDUCATION FOUNDATION |
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Formerly Known
As : |
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Registered
Office : |
10 A, Bakhtawar, Nariman Point, Mumbai – 400021, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
24.09.1993 |
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Com. Reg. No.: |
11-074133 |
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CIN No.: [Company Identification
No.] |
U80300MH1993NPL074133 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Promoting and
Supporting Higher Education |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (45) |
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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 530000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track. It is a
foundation which is having main object to run educational institutions
schools, colleges, etc. 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.
ECGC Country Risk Classification List – April 1, 2010
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Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
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A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
LOCATIONS
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Registered Office : |
10 A, Bakhtawar, Nariman Point, Mumbai – 400021, |
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E-Mail : |
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Website : |
DIRECTORS
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Name : |
Mr. Nandlal Pribhdas Tolani |
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Designation : |
Director |
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DIN : |
00006475 |
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Name : |
Mrs. Sujata Arun Naik |
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Designation : |
Director |
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Address : |
4, |
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Date of Birth/Age : |
16.10.1961 |
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Date of Appointment : |
28.09.2007 |
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DIN : |
00009393 |
BUSINESS DETAILS
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Line of Business : |
Promoting and
Supporting Higher Education |
GENERAL INFORMATION
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Bankers : |
Not Available |
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Auditors : |
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Name : |
Messers Chandabhoy and
Jassoobhoy Chartered Accountant |
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Address : |
208, Phoenix House, A Wing, 2nd Floor, 462, Senapati Bapat
Marg, Lower Parel, Mumbai – 400013, Maharashtra, India |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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NOT DIVULGED |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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NOT DIVULGED |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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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 |
0.000 |
0.000 |
0.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
132.718 |
61.808 |
30.168 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
132.718 |
61.808 |
30.168 |
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LOAN FUNDS |
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1] Secured Loans |
0.000 |
0.000 |
0.000 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
0.000 |
0.000 |
0.000 |
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CORPUS FUND AND
SCHOLARSHIP FUND |
702.659 |
702.297 |
701.781 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
835.377 |
764.105 |
731.949 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
297.035 |
290.407 |
266.858 |
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Capital work-in-progress |
32.522 |
30.431 |
55.606 |
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INVESTMENT |
552.898 |
498.393 |
458.193 |
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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 |
0.241
|
0.333 |
0.074 |
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Sundry Debtors |
0.641
|
0.441 |
0.891 |
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Cash & Bank Balances |
10.635
|
5.609 |
4.145 |
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Other Current Assets |
0.000 |
0.000 |
0.000 |
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Loans & Advances |
93.904
|
79.166 |
65.926 |
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Total
Current Assets |
105.421
|
85.549 |
71.036 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
18.906
|
28.257 |
16.031 |
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Other Current Liabilities |
118.813
|
101.044 |
95.428 |
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Provisions |
14.780
|
11.374 |
8.285 |
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Total
Current Liabilities |
152.499
|
140.675 |
119.744 |
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Net Current Assets |
(47.078)
|
(55.126) |
(48.708) |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
835.377 |
764.105 |
731.949 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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Academic Fees |
235.558 |
207.597 |
187.857 |
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Other Income |
40.341 |
33.712 |
30.899 |
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TOTAL |
275.899 |
241.309 |
218.756 |
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Less |
EXPENSES |
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Office Expenses |
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Administrative Expenses |
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Advertising Expenses |
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Finance Expenses |
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TOTAL |
179.260 |
181.775 |
144.236 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
96.639 |
59.534 |
74.520 |
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Less/ Add |
DEPRECIATION/
AMORTISATION |
25.729 |
27.895 |
46.623 |
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PROFIT BEFORE
TAX |
70.910 |
31.639 |
27.897 |
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Less |
TAX |
0.000 |
0.000 |
0.000 |
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PROFIT AFTER TAX
|
70.910 |
31.639 |
27.897 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
61.808 |
30.169 |
2.272 |
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BALANCE CARRIED
TO THE B/S |
132.718 |
61.808 |
30.168 |
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EARNINGS IN
FOREIGN CURRENCY |
10.924 |
7.151 |
8.440 |
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Earnings Per
Share (Rs.) |
-- |
-- |
-- |
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KEY RATIOS
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PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
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PAT / Total Income |
(%) |
25.44
|
13.11 |
12.75 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
17.44
|
8.42 |
8.26 |
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Return on Investment (ROI) (PBT/Networth) |
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0.53
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0.51 |
0.92 |
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Debt Equity Ratio (Total Liability/Networth) |
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3.03
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2.28 |
3.97 |
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Current Ratio (Current Asset/Current Liability) |
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0.69
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0.61 |
0.59 |
LOCAL AGENCY FURTHER INFORMATION
OPERATIONS :
Tolani Maritime Institute, set up by the Company, has emerged as a leading Institution for maritime education and continues to be amongst one of the most sought after destinations for students seeking career at sea. The students’ strength of the Institute, which was 120 at the time of commencement of its first batch in the year 1998 has increased many folds and presently stands at 1400. The Institute has responded pragmatically to the increase in its intake by substantially reorienting itself academically, technologically and administratively. The Institute has taken several new initiatives in strengthening its academic programs over the years. Introduction of new programs and focus on quality education have helped the Institute to position itself as a premier institute for higher learning in the maritime field. The greatest asset of the Institute has been the quality faculty, dedicated staff and sincere students, besides its commendable infrastructure.
The biggest challenge facing the Institute is in maintaining its path of excellence while simultaneously managing the increased number of students. The Directors are proud to state that the Institute continues to maintain its highest track record, which is internationally recognized. The Institute has been conferred with the “Winner of Lloyd’s List Middle East and Indian Subcontinent Maritime Training Award 2009” in recognition of its contribution in imparting quality education. This was the second time that the Institute received this coveted Award, the first
one being in the year 2006.
The Tolani Group and Tolani Family continue to be the
backbone of support to the Institute. The Institute has also been receiving
generous support from the shipping industry and other patrons in its path
towards progress. The vision of the Institute is to promote knowledge through
continuous technological development and new initiatives in maritime education.
The Directors are confident that with the support of all patrons, students and
faculty, the Institute will be able to consolidate further in the years to come
and successfully meet the challenges
Contingent
Liability :
Contingent Liability in respect of income tax demand disputed in appeals
Rs.130.170 million [previous year 181.566 million]
Fixed Assets
·
Land
·
Computer
·
Printer
·
Furniture and Fixture
·
Property Time Share
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Data Processing Equipment
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Office Equipment
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Electrical Appliances
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Vehicles
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Workshop Tools
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Fire Fighting Equipment
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Temporary Constructions
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Agricultural Equipment
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Bore well
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Infrastructure
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Building
·
Machinery and Equipment
AS PER WEBSITE
The Promoters
The Tolani family is
steeped in a tradition of promoting and supporting higher education and today
over 9,500 students are enrolled in Tolani educational institutes across
Mr. P. S. (Kaka) Tolani
Soon after the
family had been able to rehabilitate itself after the loss of all its assets in
the Indian partition of 1947, the patriarch of the family Mr. P.S. (Kaka)
Tolani committed himself to help uplift a backward township in the Kutch
district of western
The Adipur campus
now consists of a diverse set of institutions that provide a very broad range
of education and social service. The initiative at Adipur has established:
- Tolani Arts and
- Tolani Foundation Gandhidham Polytechnic
- Tolani Institute of Pharmacy
- Tolani Kala Niketan
- Ramakrishna Seva Kendra
- Community Polytechnic
- Centre for Development of Rural
Technology.
The Adipur
educational complex now has an enrolment of over 5,500 students.
Dr. N. P. Tolani
Kaka Tolani's zeal
for social service has been inherited by his progeny. His son Dr. N.P. Tolani
has continued the tradition, establishing the Nandlal Tolani Charitable Trust,
the Tolani Education Society and the Tolani Education Foundation. Since 1988
this group of charitable entities has established:
- Tolani Maritime Institute (Induri campus
and Distance Learning Centre, Mumbai)
- Tolani Institute, Pune (in collaboration
with NCST).
These institutions
now have an enrolment of over 4,000 students.
The Tolani Group
Over the years the
Tolani family and their Tolani Group of Companies have generously supported the
activities of the family trusts through donations and committed leadership. The
commitment of the family is born of the absolute belief that
This dedication has
created institutions that have come to be recognized as centres of excellence.
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
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.59 |
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|
1 |
Rs.73.42 |
|
Euro |
1 |
Rs.66.04 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
5 |
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PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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|
--BUSINESS SCALE |
1~10 |
5 |
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--PROFITABILIRY |
1~10 |
5 |
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--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
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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 |
NO |
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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 |
NO |
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--AFFILIATION |
YES/NO |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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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 |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.