MIRA
INFORM REPORT
|
Report Date : |
03.01.2013 |
IDENTIFICATION DETAILS
|
Name : |
TOYO ENGINEERING INDIA LIMITED |
|
|
|
|
Registered
Office : |
Toyo House, Lal Bahadur Shashtri Marg, Kanjur Marg (West), Mumbai –
400078, Maharashtra |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
12.10.1981 |
|
|
|
|
Com. Reg. No.: |
11-025413 (New) 55-008400 (Old) |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.100.000
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U28900MH1981PLC025413 (New) U31409DL1976PLC008400 (Old) |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACT1772H |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Engineering Consultancy and Providing Construction Services. |
|
|
|
|
No. of Employees
: |
2200 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (46) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 4400000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a subsidiary of ‘Toyo Engineering Corporation, Japan’. It
is a well-established company having a satisfactory track record. Even though the company has achieved better growth in its turnover
during 2012, it has incurred loss. However, trade relations are reported as decent. Business is active.
Payment terms are reported as usually correct and as per commitments. The company can
be considered 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.
INDIAN ECONOMIC OVERVIEW
India is developing into an open-market economy, yet traces
of its past autarkic policies remain. Economic liberalization, including
industrial deregulation, privatization of state-owned enterprises, and reduced
controls on foreign trade and investment, began in the early 1990s and has
served to accelerate the country's growth, which has averaged more than 7% per
year since 1997. India's diverse economy encompasses traditional village
farming, modern agriculture, handicrafts, a wide range of modern industries,
and a multitude of services. Slightly more than half of the work force is in
agriculture, but services are the major source of economic growth, accounting
for more than half of India's output, with only one-third of its labor force.
India has capitalized on its large educated English-speaking population to
become a major exporter of information technology services and software
workers. In 2010, the Indian economy rebounded robustly from the global
financial crisis - in large part because of strong domestic demand - and growth
exceeded 8% year-on-year in real terms. However, India's economic growth in
2011 slowed because of persistently high inflation and interest rates and
little progress on economic reforms. High international crude prices have
exacerbated the government's fuel subsidy expenditures contributing to a higher
fiscal deficit, and a worsening current account deficit. Little economic reform
took place in 2011 largely due to corruption scandals that have slowed legislative
work. India's medium-term growth outlook is positive due to a young population
and corresponding low dependency ratio, healthy savings and investment rates,
and increasing integration into the global economy. India has many long-term
challenges that it has not yet fully addressed, including widespread poverty,
inadequate physical and social infrastructure, limited non-agricultural
employment opportunities, scarce access to quality basic and higher education,
and accommodating rural-to-urban migration.
|
Source
: CIA |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long term Bank Facilities = A |
|
Rating Explanation |
Having adequate degree of safety regarding
timely servicing of financial obligation, it carry low credit risk. |
|
Date |
August, 2012 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter in
the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION PARTED BY
|
Name : |
Mr. Tushar Pathak |
|
Designation : |
Finance Manger |
|
Contact No.: |
91-22-25737000 |
|
Date : |
02.01.2013 |
LOCATIONS
|
Registered Head Office : |
Toyo House, Lal Bahadur Shashtri Marg, Kanjur Marg (West), Mumbai –
400 078, |
|
Tel. No.: |
91-22-25737000/ 55967000/ 25737085/ 25737044 |
|
Fax No.: |
91-22-25737520/ 1/ 25737521 |
|
E-Mail : |
|
|
Website : |
|
|
Location : |
Owned |
|
|
|
|
Branch Office : |
214, Splendor Forum, Jasola District Centre, Near |
|
Tel. No.: |
91-11-40591240 |
|
Fax No.: |
91-11-40591246 |
|
Email : |
|
|
|
|
|
Overseas Office : |
Post Box:36109, |
|
Tel. No.: |
+971 267 16669 |
|
Fax No.: |
+971 267 16648 |
|
Email : |
|
|
|
|
|
Toyo Technology Centre/ Satellite Project Office : |
71, Kanjur Marg Village Road, Kanjur Marg (East), Mumbai - 400042,
Maharashtra, India |
|
Tel. No.: |
91-22-25735000 |
|
Fax No.: |
91-22-25735842 |
DIRECTORS
(AS ON 29.08.2012)
|
Name : |
Mr. Hisashi Kenichi Osone |
|
Designation : |
Managing Director |
|
Address : |
Flat No.181, Mont Blanc Co-Operative Housing Society Limited, Dadysath
Hill, August Kranti Marg, Mumbai – 400 036, Maharashtra, India |
|
Date of Birth/Age : |
04.01.1954 |
|
Date of Appointment : |
27.01.2010 |
|
DIN No.: |
01354803 |
|
|
|
|
Name : |
Mr. Makoto Takao Fusayama |
|
Designation : |
Director |
|
Address : |
4-16-23, Kamiigusa, Suginami-Ku, |
|
Date of Birth/Age : |
23.08.1950 |
|
Date of Appointment : |
23.09.2011 |
|
DIN No.: |
03325946 |
|
|
|
|
Name : |
Mr. Eiji Kichizou Hosoi |
|
Designation : |
Director |
|
Address : |
1-39-25, Wada, Suginami-Ku, |
|
Date of Birth/Age : |
06.10.1959 |
|
Date of Appointment : |
29.08.2012 |
|
DIN No.: |
02772892 |
|
|
|
|
Name : |
Mr. Hiroshi Izumi Kasai |
|
Designation : |
Director |
|
Address : |
4-3-3-502, Takahama, Mihama-Ku, |
|
Date of Birth/Age : |
31.12.1953 |
|
Date of Appointment : |
29.08.2012 |
|
DIN No.: |
03326715 |
|
|
|
|
Name : |
Mr. Rajendra Yeshwant Kulkarni |
|
Designation : |
Whole Time Director |
|
Address : |
A/503/A and B, 5th Floor, Brentwood Co-operative Housing Limited,
Main Street Hiranandani Gardens, Powai, Mumbai – 400076, Maharashtra, India |
|
Date of Birth/Age : |
26.01.1954 |
|
Date of Appointment : |
17.12.2010 |
|
DIN No.: |
02532373 |
|
|
|
|
Name : |
Mr. Krishnarao Subramanyam Vupparapalli |
|
Designation : |
Whole Time Director |
|
Address : |
B/1002/A and B, 10th Floor, Birchwood Co-operative Housing
Limited, Main Street Hiranandani Gardens, Powai, Mumbai – 400076,
Maharashtra, India |
|
Date of Birth/Age : |
01.07.1949 |
|
Date of Appointment : |
17.12.2010 |
|
DIN No.: |
03368039 |
|
|
|
|
Name : |
Yutaka Koukichi Kita |
|
Designation : |
Director |
|
Address : |
1-20-21-901, Chuoko Chuo KU Chibra-Shi, Chibra Japan 2600024 |
|
Date of Birth/Age : |
06.07.1952 |
|
Date of Appointment : |
29.08.2012 |
|
DIN No.: |
05313469 |
KEY EXECUTIVES
|
Name : |
Mr. Tushar Pathak |
|
Designation : |
Finance Manger |
|
|
|
|
Name : |
Mr. Suhas Dinkar Patwardhan |
|
Designation : |
Secretary |
|
Address : |
Kaustubh, 780/3 Shivaji Nagar, Pune – 411 004, |
|
Date of Birth/Age : |
06.01.1961 |
|
Date of Appointment : |
01.04.2011 |
|
PAN No.: |
ADDPP6747P |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(AS ON 29.08.2012)
|
Names of Shareholders |
|
No. of Shares |
|
|
|
|
|
Toyo Engineering Corporation, |
|
98899996 |
|
Hisashi Kenichi Osone |
|
600000 |
|
Rajendra Yeshwant Kulkarni |
|
500000 |
|
Tec Estate Limited (Nominee of Toyo Engineering Corporation, Japan) |
|
1 |
|
Tecno Frontier Company Limited (Nominee of Toyo Engineering
Corporation, Japan) |
|
1 |
|
Tec Air Service Corporation (Nominee of Toyo Engineering Corporation,
Japan) |
|
1 |
|
Tec Accounting and Consulting Limited (Nominee of Toyo Engineering
Corporation, Japan) |
|
1 |
|
|
|
|
|
Total |
|
100000000 |
(AS ON 30.09.2012)
Equity Shares Break – up
|
Category |
|
Percentage |
|
|
|
|
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
98.90 |
|
Other top fifty shareholders |
|
1.10 |
|
|
|
|
|
Total
|
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Engineering Consultancy and Providing Construction Services. |
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Products : |
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Terms : |
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||||||
|
Selling : |
Cash and Credit |
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|
Purchasing : |
Cash and Credit |
GENERAL INFORMATION
|
Suppliers : |
· Maharashtra Seamless Limited |
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Customers : |
End Users and OEM’s ·
Indian Oil Corporation Limited |
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|
|||||||||||||||||||||||||||
|
No. of Employees : |
2200 (Approximately) |
|||||||||||||||||||||||||||
|
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|
|||||||||||||||||||||||||||
|
Bankers : |
·
Standard Chartered Bank, 90, M G Road, Fort, Mumbai – 400 001, Maharashtra, India ·
Royal Bank of Scotland, Lower Parel, Mumbai, Maharashtra, India ·
Bank of Maharashtra, Kanjurmarg Branch, Mumbai, Maharashtra, India ·
Mizuho
Corporate Bank Limited, Maker Chamber
III, First Floor, Jamnalal Bajaj Road, Nariman Point, Mumbai – 400 021,
Maharashtra, India ·
ING
Vysya Bank Limited, Mittal Towers, A –
Wing, Ground Floor, 210 Nariman Point, Mumbai – 400021, Maharashtra,
India · Axis Bank Limited Trishul, 3rd
Floor, Opposite Samartheshwar Temple, Law Garden Ellisbridge, Ahmedabad -
380006, Gujarat, India · The Bank of Tokyo-Mitsubishi UFJ Limited Hoechst House, 15th Floor, 193, Vinay K. Shah Marg, Nariman Point,
Mumbai - 400021, Maharashtra, India |
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|
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Facilities : |
|
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|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
S. R. Batliboi and Company Chartered Accountants |
|
Address : |
16th Floor, Zone D, The Ruby, Senapati Bapat Marg, Tulsi
Pipe Road, Dadar (West), Mumbai – 400 028, Maharashtra, India |
|
PAN No.: |
ABSFS4151K |
|
|
|
|
Holding Company : |
Toyo Engineering Corporation, |
|
|
|
|
Subsidiary Company : |
· Toyo Business Engineering Corporation, Japan · Techno Frontier Company Limited, Japan · TEC Software and Technical Services Corporation, Japan · TEC Estate Corporation, Japan · Suntec Corporation, Japan · TEC Air Service Corporation, Japan · TEC Accounting and Consulting Limited, Japan · Chiba Data Centre Corporation, Japan · Toyo USA Inc, USA · Toyo Engineering Europe SA, Luxemburg · Toyo Engineering Korea Limited, Korea · Toyo Engineering and Construction Sdn. Bhd, Malaysia · Toyo Engg. Corporation., China · TEC Engineering Corporation China (Procurement) · Toyo UK Ltd, United Kingdom · TEC Netherland B.V.-Netherlands · Toyo Canada Corporation, Canada · Toyo do Brazil, Ltda-Brazil · O.O.O. TECHEM, Russia · Toyo Ingenieria De Venezuela, C.A. |
|
|
|
|
Other related
parties where common control exits: |
· Toyo Engineering India Limited Employees’ Benefit Trust · Toyo Engineering India Limited Provident Fund |
CAPITAL STRUCTURE
AS ON 29.08.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
100000000 |
Equity Shares |
Rs.10/- each |
Rs.1000.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
100000000 |
Equity Shares |
Rs.10/- Each |
Rs.1000.000 Millions |
|
|
|
|
|
(AS ON 31.03.2012)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10000000 |
Equity Shares |
Rs.10/- each |
Rs.100.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10000000 |
Equity Shares |
Rs.10/- Each |
Rs.100.000
Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
100.000 |
100.000 |
100.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
996.000 |
1231.000 |
1223.350 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
1096.000 |
1331.000 |
1323.350 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
2153.000 |
1041.00 |
679.585 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
2153.000 |
1041.000 |
679.585 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
3249.000 |
2372.000 |
2002.935 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
778.000 |
411.000 |
354.775 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
3.501 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
126.000 |
68.000 |
47.064 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
0.000
|
0.000
|
0.000
|
|
|
Sundry Debtors |
2874.000
|
2354.000
|
1544.071
|
|
|
Cash & Bank Balances |
71.000
|
110.000
|
71.110
|
|
|
Other Current Assets |
2844.000
|
2595.000
|
1952.885
|
|
|
Loans & Advances |
1698.000
|
1416.000
|
727.832
|
|
Total
Current Assets |
7487.000
|
6475.000
|
4295.898
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditor |
2532.000
|
1969.000
|
463.124
|
|
|
Other Current Liabilities |
2279.000
|
2256.000
|
1922.145
|
|
|
Provisions |
331.000
|
357.000
|
313.034
|
|
Total
Current Liabilities |
5142.000
|
4582.000
|
2698.303
|
|
|
Net Current Assets |
2345.000
|
1893.000
|
1597.595
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
3249.000 |
2372.000 |
2002.935 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from Sale |
9899.000 |
7709.000 |
4713.824 |
|
|
|
Other Income |
93.000 |
108.000 |
73.342 |
|
|
|
TOTAL |
9992.000 |
7817.000 |
4787.166 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
4521.000 |
2870.000 |
|
|
|
|
Changes in inventories of finished goods, work-in-progress and
stock-in-trade |
(7.000) |
81.000 |
4258.155 |
|
|
|
Employee benefit expense |
2155.000 |
2056.000 |
|
|
|
|
Other Expenses |
3063.000 |
2432.000 |
|
|
|
|
TOTAL |
9732.000 |
7439.000 |
4258.155 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
260.000 |
378.000 |
529.011 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
361.000 |
158.000 |
125.980 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
(101.000) |
220.000 |
403.031 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
182.000 |
82.000 |
57.252 |
|
|
|
|
|
|
|
|
|
Add |
PRIOR PERIOD
ITEMS BEFORE TAX |
1.000 |
(3.000) |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
(282.000) |
135.000 |
345.779 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
(46.331) |
81.000 |
105.210 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
(235.000) |
54.000 |
240.569 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
NA |
351.271 |
207.346 |
|
|
|
|
|
|
|
|
|
Add |
TRANSFERRED AS
PER THE SCHEME OF AMALGAMATION |
NA |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Proposed Dividend |
NA |
40.000 |
40.000 |
|
|
|
Tax on Proposed Dividend |
NA |
6.489 |
6.644 |
|
|
|
General Reserve |
NA |
20.000 |
50.000 |
|
|
BALANCE CARRIED
TO THE B/S |
NA |
338.658 |
351.271 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Consultancy Fees/Turnkey project Income |
252.100 |
80.357 |
122.041 |
|
|
|
Miscellaneous Income |
0.000 |
0.000 |
0.000 |
|
|
|
Interest |
0.000 |
0.014 |
0.008 |
|
|
TOTAL EARNINGS |
252.100 |
80.371 |
122.049 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Purchase of software |
|
95.934 |
14.843 |
|
|
|
Others |
|
|
114.392 |
|
|
TOTAL IMPORTS |
308.950 |
95.934 |
129.235 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
(23.51) |
5.39 |
24.06 |
|
Expected Sales (2012-13): Rs.10000.000 Millions
The above information has been parted by Mr. Tushar.
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
(2.35)
|
0.69 |
5.03 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(2.85)
|
1.75 |
7.34 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(3.41)
|
1.96 |
7.44 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.26
|
0.10 |
0.26 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
6.66
|
4.22 |
2.55 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.46
|
1.41 |
1.59 |
LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITORS
DETAILS:
|
Particulars |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
(Rs. In Millions) |
||
|
|
|
|
|
|
Sundry Creditors |
2532.000
|
1969.000
|
463.124
|
|
|
|
|
|
|
Total |
2532.000
|
1969.000
|
463.124
|
|
Sr. No. |
Check List by Info Agents |
Available in Report (Yes
/ No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact person |
Yes |
|
11] |
Turnover of firm for last three years |
Yes |
|
12] |
Profitability for last three years |
Yes |
|
13] |
Reasons for variation <> 20% |
----- |
|
14] |
Estimation for coming financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister concerns |
Yes |
|
17] |
Major suppliers |
Yes |
|
18] |
Major customers |
Yes |
|
19] |
Payments terms |
Yes |
|
20] |
Export / Import details (if applicable) |
No |
|
21] |
Market information |
----- |
|
22] |
Litigations that the firm / promoter
involved in |
----- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking account |
----- |
|
26] |
Buyer visit details |
----- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if applicable |
Yes |
|
29] |
Last accounts filed at ROC |
Yes |
|
30] |
Major Shareholders, if available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of Proprietor/Partner/Director, if
available |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director,
if available |
No |
|
34] |
External Agency Rating, if available |
Yes |
NOTE
The 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.
OPERATIONS
The Company's
operations during the year resulted in a turnover of Rs.9899.239 Millions
(Previous year Rs.7708.434 Millions) and the Company incurred loss before
taxation of Rs.281.428 Millions (Previous year Profit before taxation
Rs.136.573 Millions)
The Company,
during the year, incurred the loss primarily due to change in the method of accounting
with respect to revenue recognition for consultancy jobs, write off of
substantial amount of bad debts and increased interest burden on borrowings.
BUSINESS PROSPECTS
Indian Business
The slowdown in
the Indian economy, unexpected shortage of gas production, slow pace of
decision making in the government’s fertiliser policy, rising interest rates
and high inflation have combined to slow down the pace in project activity. A
further weakening of the Rupee has also made decision making difficult for the
project owners.
However, the
Company expects the momentum in the economy to continue in spite of the near
term challenges. A brief sector-wise analysis where the Company is
participating is given:
Refining and Petrochemical Sector:
With the refining
capacity of India set to go above 300 MMTPA and the Polymer domestic demand to
cross 13 MM Tons in coming few years, many projects are on the anvil in the
sector. The Company anticipates increased activity from Project Owners, and
plans to actively participate in the targeted tenders. However, the short term
prospects seem to have all dried up.
Fertiliser Sector:
With India
importing large quantities of Urea, a new Urea fertiliser policy is in the
making to improve the viability of setting up new units in India to increase
the fertiliser manufacturing capacity in the country. The policy will also
address the pricing of gas to these units. The Company has actively
participated in the tenders issued by the fertiliser companies, the results of
which will be known in the current year subject to gas allocation / fertiliser
policy by GOI.
LNG Terminal:
With the KG-D6 gas
output going down, and with the impending massive demand for Natural Gas, many
LNG Import Terminals are planned to be set up in India. Having a strong and
successful prior experience in such projects in India, the Company plans to
actively pursue the targeted projects in this sector. Two major projects are
expected to be approved during this financial year.
New Sectors:
The Company has been
successful in securing an important project in Water Business. The Company has
actively participated in select Water projects, using the advantage of
strategic tie-ups with reputed companies in these sectors.
Overseas Business Currently
the Company is executing several assignments, along with Toyo Japan, in
countries like Egypt, Malaysia, Brazil and Singapore. Results are awaited for
projects bid in Venezuela and Brazil.
Middle-East Business
The Company is
working on one turnkey project in Saudi Arabia secured by Toyo Japan. The
Company is aggressively pursuing and targeting some important projects in
U.A.E. and Saudi Arabia this fiscal.
Whilst the
investment slowdown can be attributed mainly due to external factors such as the
economic crisis in the West creating uncertainty and volatility in the near
term, the Company is optimistic that such external factors will not hamper the
India growth story.
Presently the
Company has the contracts under execution of aggregate value of Rs.9470.000
million.
CONTINGENT
LIABILITIES
|
Particulars |
As on 31.03.2012 Rs. in millions |
As on 31.03.2011 Rs. in millions |
|
|
|
|
|
Claims made by
the Authorities in respect of Company's and Employees contribution under the Employees
State Insurance Act, the Company has challenged the applicability of the said
Act and consequently has rebutted the demands raised with effect from April
1st, 1980 |
Indeterminate |
Indeterminate |
|
Claims not acknowledged as debts |
4.000 |
4.000 |
|
VAT (under KVAT Act 2003) |
256.00 |
0.000 |
|
Service Tax demand (under show cause notice) |
39.000 |
0.000 |
|
|
|
|
|
Total |
299.000 |
4.000 |
TRADE REFERENCE:
· Indian Oil Corporation Limited
· Maharashtra Seamless Limited
FORM 8
|
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 |
|
Charge identification (ID) number of the charge to be modified |
10211223 |
|
Type of charge |
Book debts |
|
Particular of charge holder |
Axis Bank Limited Trishul, 3rd Floor, Opposite Samartheshwar Temple, Law Garden
Ellisbridge, Ahmedabad – 380006, Gujarat, India CIN No.: L65110GJ1993PLC020769 Email : arti.gadodia@axisbank.com
|
|
Nature of instrument creating charge |
Supplemental deed of hypothecation dated June 20, 2012 |
|
Date of instrument Creating the charge |
20/06/2012 |
|
Amount secured by the charge |
Rs.2000.000 millions |
|
Brief of the principal terms and conditions and extent and operation
of the charge |
Rate of interest CC: base rate + 3%p.a., presently 13% p.a. payable mothly LC: commission as per sanction letter dated 14.11.2011 BG: commission as per sanction letter dated 14.11.2011 Terms of repayment CC: On Demand Margin CC: Book Debts 25% LC: NIL BG: NIL, 100% cash margin in case of disputed liabilities Extent and operation of the charge Extension of the first pari passu charge by way of hypothecation in
favour of the bank on all outstanding, monies receivable, claims and bills
which are now due and owing or which
may at any time hereafter during the continuance of this security become due
and owing to the borrower in the course of its business. |
|
Short particulars of the property or asset(s) charged |
First pari passu charge on all present and future outstanding, monies
receivable, claims and bills due and owing to the borrower in the course of
its business. |
|
Particulars of the property charged |
By present modification, the amount secured by the charge is enhanced
from Rs.1000.000 Millions to Rs.2000.000 Millions for fund based and non fund
based limits. |
FIXED ASSETS
·
Land
·
Buildings
·
Plant and Equipment
·
Furniture and Fixtures
·
Office Equipment
·
Vehicles
NEWS
TOYO AWARDED
CONTRACT TO BUILD PUR MANUFACTURING FACILITY FOR BASF IN INDIA
SpecialChem - July 24, 2012
Toyo Engineering India Limited (Toyo-India), an Indian subsidiary of Toyo Engineering Corporation (TOYO, President and CEO Katsumoto Ishibashi), has been awarded an Engineering, Procurement and Construction Contract (EPC) to build a new multi-business chemical production site for BASF India Limited part of BASF, one of the world's leading chemical company, at the Dahej Petroleum, Chemicals and Petrochemicals Investment Region (PCPIR), located in Dahej, on the west coast of India in Gujarat Province. The new site will be an integrated hub for polyurethane manufacturing and will also house production facilities for care chemicals and polymer dispersions for coatings and paper. Toyo-India will execute the project under an EPC turnkey contract at lump sum price (EPC-LSTK). The plant is expected to commence operations in 2014.
The new production site at Dahej will ensure local supply of products and solutions for India's growing markets and will cater to industries such as appliances, footwear, automotive, building materials, adhesives, architectural coatings, paper and personal care, thereby contributing to BASF's business expansion in the northern and western regions of India. The polyurethane facility will produce thermoplastic polyurethane, microcellular polyurethane elastomers for automotive NVH (noise, vibration and harshness) parts and polyurethane systems. The care chemicals facility will produce surfactants for home and personal care. The polymer dispersions facility will produce products for architectural coatings, construction materials and paper coating.
Last year, Toyo-India was awarded a contract for the first large-scale synthetic rubber plant with annual production of 120,000 tons per annum in India for Indian Synthetic Rubber Limited as well as a synthetic rubber plant with annual production of 40,000 tons per annum for Reliance Industries Limited. Toyo will actively develop business in India where vigorous investment continues to be expected.
About Toyo Engineering
Toyo Engineering Corporation is an engineering, procurement and construction company serving mainly the hydrocarbons (oil and natural gas) and petrochemical sectors worldwide. It was established in 1961. Its various business include R and D collaboration, design, engineering, equipment procurement, construction, test operations and technical guidance in such areas as general chemicals, petrochemicals, oil refinement, natural gas, electric power, nuclear power, advanced production systems, distribution, medical facilities, biotechnology, environment at each manufacturing plant, procurement, development and sales of systems engineering and other software.
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 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.54.39 |
|
|
1 |
Rs.88.76 |
|
Euro |
1 |
Rs.72.19 |
INFORMATION DETAILS
|
Information
Gathered by : |
PJA |
|
|
|
|
Report Prepared
by : |
NIT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
46 |
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.