MIRA
INFORM REPORT
|
Report Date : |
01.09.20114 |
IDENTIFICATION DETAILS
|
Name : |
TOYO ENGINEERING INDIA LIMITED |
|
|
|
|
Registered
Office : |
Toyo House, Lal Bahadur Shashtri Marg, Kanjur Marg (West), Mumbai –
400078, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
12.10.1981 |
|
|
|
|
Com. Reg. No.: |
11-025413 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.1000.000
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U28900MH1981PLC025413 |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACT1772H |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Construction of Petrochemical Refinery. |
|
|
|
|
No. of Employees
: |
Information Declined by management |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (45) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 11000000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually correct |
|
|
|
|
Litigation : |
Exist |
|
|
|
|
Comments : |
Subject is a subsidiary of ‘Toyo Engineering Corporation, There appears losses recorded by the company from its operational
activities during the year 2013. However, the company gets good financial support from its parent
company. Trade relations are fair. Business is active. Payment terms are
reported to be usually correct. In view of strong parent, the company can be considered for business
dealings at usual trade terms and condition. |
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 – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
N E W S
As per the latest IMF study, the total weigh of emerging markets in the
GDP of the world on a purchasing power parity basis has seen a sizeable shift.
It highlights how as against 51 % in 2005, the emerging economies now account
for close to 56 % of the global purchasing power GDP as per the latest survey.
And with the emerging economies growing at a faster rate than their developed
counterparts, there are every possibility that the their share goes up further
in the coming years.
Politics and economics are very intricately connected. They tend to
influence each other in ways that could be very complex and far-reaching. The
prospects of the
A study published by Firstpost has revealed that asset classes like real
estate and equities were the biggest beneficiaries of the liberalization policies.
A firm called Ciane Analytics studied returns from assets including
equities, gold, fixed deposits, G-Secs and real estate since 1991. Real estate
outperformed every other asset classes during the 23-year period with an
annualized return of 20 % ! Equities came in second with annualized return of
15.5 % ! However, while these returns may seem mouthwatering, the fact is that
the return from equities adjusted for inflation came down to just 7.1 %.
Some brief news are as under
. R-Power to buy Jaypee’s hydro assets
. Investors await justice in NSEL case
.
. Ukrain’s clashes with rebels hinder MH17 crash investigation
.
..Higher costs weigh down profit growth to slowest in 9 quarters
..Wal-Mart to expand wholesale business in
. GMR group moves to strengthen balance sheet
. Central Bank to sell 4 % stake to Life Insurance Corporation
. Tata Chemicals plans to raise up to Rs 10000 mn.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long term bank facilities: “A” |
|
Rating Explanation |
Adequate degree of safety and low credit risk. |
|
Date |
07.11.2013 |
|
Rating Agency Name |
CARE |
|
Rating |
Short term bank facilities: “A1+” |
|
Rating Explanation |
Very strong degree of safety and lowest credit risk. |
|
Date |
07.11.2013 |
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
31-03-2014.
INFORMATION PARTED BY
|
Name : |
Mr. Samir |
|
Designation : |
Accounts Executive |
|
Contact No.: |
91-22-25737000 |
LOCATIONS
|
Registered/ Head Office : |
Toyo House, Lal Bahadur Shashtri Marg, Kanjur Marg (West), Mumbai –
400078, |
|
Tel. No.: |
91-22-25737000/ 55967000/ 25737085/ 25737044 |
|
Fax No.: |
91-22-25737520/ 1/ 25737521 |
|
E-Mail : |
|
|
Website : |
|
|
Location : |
Owned |
|
Locality : |
Commercial |
|
|
|
|
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, |
|
Tel. No.: |
91-22-25735000 |
|
Fax No.: |
91-22-25735842 |
DIRECTORS
As on 10.09.2013
|
Name : |
Mr. Makoto Takao Fusayama |
|
Designation : |
Director |
|
Address : |
4-16-23, Kamiigusa, Suginami-Ku, |
|
Date of Birth/Age : |
23.08.1950 |
|
Qualification: |
Bachelor of Law (LLB) |
|
Date of Appointment : |
23.09.2011 |
|
DIN No.: |
03325946 |
|
|
|
|
Name : |
Mr. Hisashi Kenichi Osone |
|
Designation : |
Managing Director |
|
Address : |
Flat No.181, Mont Blanc Co-Operative Housing Society
Limited, Dady Seth Hill, Kemps Corner, Mumbai – 400036, |
|
Date of Birth/Age : |
04.01.1954 |
|
Qualification: |
Bachelor of Politics, Graduate from Faculty of Law |
|
Date of Appointment : |
27.01.2010 |
|
PAN No.: |
AAKPO6577A |
|
DIN No.: |
01354803 |
|
|
|
|
Name : |
Mr. Rajendra Yeshwant Kulkarni |
|
Designation : |
Whole Time Director |
|
Address : |
A/503/A and B, 5th Floor, Brentwood Co-operative Housing
Limited, |
|
Date of Birth/Age : |
26.01.1954 |
|
Qualification: |
B Com, ACA, LLB |
|
Date of Appointment : |
17.12.2010 |
|
PAN No.: |
AAAPK9619D |
|
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, |
|
Date of Birth/Age : |
01.07.1949 |
|
Qualification: |
BE (Mech) |
|
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 |
|
Date of Birth/Age : |
06.07.1952 |
|
Qualification: |
Master of Engineering |
|
Date of Appointment : |
29.08.2012 |
|
DIN No.: |
05313469 |
|
|
|
|
Name : |
Shoji Koshikawa |
|
Designation : |
Director |
|
Address : |
2-9-14, Mizuhodai, Oamishirasato – Shi, |
|
Date of Birth/Age : |
07.04.1957 |
|
Date of Appointment : |
10.09.2013 |
|
DIN No. : |
06575399 |
|
|
|
|
Name : |
Hiroshi Fujita |
|
Designation : |
Director |
|
Address : |
Konan, 4-6-2-2502, Minato-Ku, |
|
Date of Birth/Age : |
24.04.1959 |
|
Date of Appointment : |
10.09.2013 |
|
DIN No. : |
06585235 |
KEY EXECUTIVES
|
Name : |
Mr. Suhas Dinekar Patwardhan |
|
Designation : |
Secretary |
|
Address : |
Kaustubh, 780/3 Shivaji Nagar, Pune – 411004, |
|
Date of Birth/Age : |
06.01.1961 |
|
Date of Appointment : |
01.04.2011 |
|
PAN No.: |
ADDPP6747P |
|
|
|
|
Name : |
Mr. Samir |
|
Designation : |
Accounts Executive |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 10.09.2013
|
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, |
|
1 |
|
Tecno Frontier Company Limited (Nominee of Toyo Engineering
Corporation, |
|
1 |
|
Tec Air Service Corporation (Nominee of Toyo Engineering Corporation, |
|
1 |
|
Tec Accounting and Consulting Limited (Nominee of Toyo Engineering
Corporation, |
|
1 |
|
Total |
|
100000000 |
As on 10.09.2013
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage of Holding |
|
Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s),
Non-resident Indian(s) or Overseas Corporate bodies or Others |
98.90 |
|
Other top fifty shareholders |
1.10 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Construction of Petrochemical Refinery. |
||||||
|
|
|
||||||
|
Products : |
|
GENERAL INFORMATION
|
No. of Employees : |
Information Declined by management |
|||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||
|
Bankers : |
· Axis Bank Limited, Trishul, 3rd Floor, Opposite Samartheshwar Temple, Law Garden Ellisbridge, Ahmedabad - 380006, Gujarat, India · Mizuho Corporate Bank Limited, Maker Chamber III, First Floor, Jamnalal Bajaj Road, Nariman Point, Mumbai – 400021, Maharashtra, India ·
Standard Chartered Bank, 90, M ·
Ing Vysya Bank Limited, Narian Manzil,Ground
Floor,Shop No. G1 To G5, I Floor,Shop No.1001 To 1007, |
|||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||
|
Facilities : |
|
|
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 |
|
Income-tax
PAN of auditor or auditor's firm : |
ABSFS4151K |
|
|
|
|
Holding Company: |
Toyo Engineering Corporation, |
|
|
|
|
Subsidiaries of
holding company: |
·
Toyo Business Engineering Corporation, · TEC Project Services Corporation · TEC Business Services Corporation ·
TEC Estate Corporation, ·
TEC Air Service Corporation, · TEC Accounting and Consulting Ltd, Japan ·
Chiba Data Centre Corporation, ·
Toyo USA Inc, ·
Toyo Engineering Europe SA, ·
Toyo Engineering Korea Limited, ·
Toyo Engineering and Construction Sdn. ·
Toyo Engg. ·
TEC Engineering Corporation ·
Toyo · TEC Netherland B.V.-Netherlands ·
Toyo Canada Corporation, ·
Toyo do ·
O.O.O. TECHEM, ·
Toyo Ingenieria De · Pt. Inti Karya Persada Tehnik |
|
|
|
|
Other
related parties Where common control exits: |
· Toyo Engineering India Limited (Employees’ Benefit Trust) · Toyo Engineering India Limited (Provident Fund) |
CAPITAL STRUCTURE
As on 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
100,000,000 |
Equity Shares |
Rs.10/- each |
Rs. 1000.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
100,000,000 |
Equity Shares |
Rs.10/- each |
Rs. 1000.000 Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders'
Funds |
|
|
|
|
(a) Share Capital |
1000.000 |
100.000 |
100.000 |
|
(b) Reserves & Surplus |
1856.246 |
995.639 |
1231.000 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1)+(2) |
2856.246 |
1095.639 |
1331.000 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
196.602 |
292.817 |
96.000 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
0.000 |
0.000 |
0.000 |
|
Total Non-current Liabilities (3) |
196.602 |
292.817 |
96.000 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
1667.135 |
1860.230 |
945.000 |
|
(b) Trade payables |
2048.085 |
2531.863 |
1969.000 |
|
(c) Other current liabilities |
2197.591 |
2278.862 |
2256.000 |
|
(d) Short-term provisions |
406.865 |
331.383 |
357.000 |
|
Total Current Liabilities (4) |
6319.676 |
7002.338 |
5527.000 |
|
|
|
|
|
|
TOTAL |
9372.524 |
8390.794 |
6954.000 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
647.387 |
737.425 |
379.000 |
|
(ii) Intangible Assets |
42.353 |
40.726 |
32.000 |
|
(iii) Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
142.228 |
126.153 |
68.000 |
|
(d) Long-term Loan and Advances |
108.553 |
96.314 |
164.000 |
|
(e) Other Non-current assets |
5.787 |
0.735 |
5.000 |
|
Total Non-Current Assets |
946.308 |
1001.353 |
648.000 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
0.000 |
0.000 |
0.000 |
|
(c) Trade receivables |
3422.119 |
2874.375 |
2354.000 |
|
(d) Cash and cash
equivalents |
76.477 |
70.394 |
110.000 |
|
(e) Short-term loans and advances |
2107.413 |
1601.496 |
1252.000 |
|
(f) Other current assets |
2820.207 |
2843.176 |
2590.000 |
|
Total Current Assets |
8426.216 |
7389.441 |
6306.000 |
|
|
|
|
|
|
TOTAL |
9372.524 |
8390.794 |
6954.000 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from |
10034.601 |
9899.239 |
7709.000 |
|
|
|
Other Income |
95.416 |
92.709 |
108.000 |
|
|
|
TOTAL |
10130.017 |
9991.948 |
7817.000 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
4179.949 |
|
|
|
|
|
Purchases of stock-in-trade |
2242.571 |
2034.484 |
|
|
|
|
Changes in inventories of finished goods, work-in-progress and stock-in-trade |
(0.917) |
(7.140) |
|
|
|
|
Employee benefit expense |
2383.768 |
2155.131 |
|
|
|
|
Other expenses |
1030.247 |
1028.405 |
|
|
|
|
TOTAL |
9835.618 |
9731.763 |
7439.000 |
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
294.399 |
260.185 |
378.000 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
347.163 |
361.435 |
158.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
(52.764) |
(101.250) |
220.000 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
180.724 |
181.455 |
82.000 |
|
|
|
|
|
|
|
|
|
Add |
PRIOR PERIOD
ITEMS BEFORE TAX |
0.000 |
1.277 |
(3.000) |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX |
(233.488) |
(281.428) |
135.000 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
(16.075) |
(46.331) |
81.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX |
(217.413) |
(235.097) |
54.000 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
103.561 |
338.658 |
351.271 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Proposed Dividend |
0.000 |
0.000 |
40.000 |
|
|
|
Tax on Proposed Dividend |
0.000 |
0.000 |
6.489 |
|
|
|
General Reserve |
0.000 |
0.000 |
20.000 |
|
|
BALANCE CARRIED
TO THE B/S |
(113.852) |
103.561 |
338.658 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Consultancy Fees/ Turnkey project Income |
1294.500 |
252.100 |
80.357 |
|
|
|
Other Income |
0.010 |
0.000 |
0.014 |
|
|
TOTAL EARNINGS |
1294.51 |
252.100 |
80.371 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
902.610 |
308.950 |
95.934 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
(2.17) |
(23.51) |
5.39 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
(2.15)
|
(2.35)
|
0.69 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(2.33)
|
(2.84)
|
1.75 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(2.53)
|
(3.41)
|
1.96 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.08)
|
(0.26)
|
0.10 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.65
|
1.97
|
0.78 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.33
|
1.06
|
1.14 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
100.000 |
100.000 |
1000.000 |
|
Reserves & Surplus |
1231.000 |
995.639 |
1856.246 |
|
Net
worth |
1331.000 |
1095.639 |
2856.246 |
|
|
|
|
|
|
long-term borrowings |
96.000 |
292.817 |
196.602 |
|
Short term borrowings |
945.000 |
1860.230 |
1667.135 |
|
Total
borrowings |
1041.000 |
2153.047 |
1863.737 |
|
Debt/Equity
ratio |
0.782 |
1.965 |
0.653 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
7709.000 |
9899.239 |
10034.601 |
|
|
|
28.411 |
1.367 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
7709.000 |
9899.239 |
10034.601 |
|
Profit |
54.000 |
(235.097) |
(217.413) |
|
|
0.70% |
(2.37%) |
(2.17%) |
LOCAL AGENCY FURTHER INFORMATION
|
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 |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
Yes |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
----- |
|
22] |
Litigations that the firm
/ promoter involved in |
Yes |
|
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 |
Yes |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
LITIGATION DETAILS
|
HIGH COURT OF |
|
CASE DETAILS BENCH: |
|
Lodging No: ITXAL/1696/2012 Filing Date: 29/10/2012 Reg. No.: ITXA/513/2013 Reg. Date: 13/03/2013 |
|
Petitioner: THE COMMISSIONER OF INCOME TAX - 10
Respondent: M/S. TOYO ENGINEERING Petn. Adv : TEJVEER SINGH (0) LIMITED District: MUMBAI |
|
Bench: DIVISION Status: Admitted (Unready)
Category: TAX APPEAL Last Date: 08/02/2013
Stage: FOR DIRECTION Last Coram: HON’BLE SHRI JUSTICE J.P. DEVADHAR HON’BLE SHRI
JUSTICE M.S. SANKLECHA |
|
Act: Income Tax Act, 1961 UNDER SECTION: 260A |
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
10276209 |
08/03/2011 |
400,000,000.00 |
ING VYSYA BANK LIMITED |
MITTAL TOWERS,A-WING,GROUND
FLOOR, 210 NARIMAN POINT, MUMBAI - 400021, |
B09192436 |
|
2 |
10211223 |
20/06/2012 * |
2,000,000,000.00 |
AXIS BANK LIMITED |
TRISHUL 3RD |
B42843862 |
|
3 |
10199202 |
25/01/2012 * |
500,000,000.00 |
THE BANK OF TOKYO-MITSUBISHI UFJ LIMITED |
HOECHST HOUSE, 15TH
FLOOR, 193, VINAY K. SHAH MARG, NARIMAN POINT, MUMBAI - 400021, |
B32640237 |
|
4 |
10033144 |
07/09/2011 * |
1,000,000,000.00 |
MIZUHO CORPORATE BANK LIMITED |
MAKER CHAMBER III, FIRST FLOOR, JAMNALAL BAJAJ ROAD, NARIMAN POINT, MUMBAI - 400021, MAHARASHTRA, INDIA |
B20991782 |
|
5 |
10021549 |
11/04/2011 * |
3,870,000,000.00 |
STANDARD CHARTERED BANK |
90, M G ROAD, FORT,
MUMBAI - 400001, |
B10680825 |
|
6 |
90241219 |
07/02/2013 * |
1,500,000,000.00 |
ING VYSYA BANK LIMITED |
NARIAN
MANZIL,GROUND FLOOR,SHOP NO. G1 TO G5, I FLOOR, SHOP NO.1001 TO 1007, |
B69678829 |
* Date of charge modification
CORPORATE INFORMATION
Toyo
OPERATIONS
The Company's operations during the year resulted in a turnover of Rs.10035.000 millions (Previous year Rs. 9899.000 millions) and the Company incurred loss of Rs.233.000 millions (Previous year Loss Rs.283.000 millions).
The Company, during the year, incurred the loss primarily due to cost overrun in two major projects apart from unabsorbed corporate interest cost and deferment of project income due to unapproved change orders.
BUSINESS PROSPECTS
INDIAN BUSINESS
The sluggish Indian economy in previous couple of years is predicted to improve in FY 2013-14, in light of several reforms recently announced by the Government. One of the important reforms, very relevant to their industry, is setting up Cabinet Committee to expedite decisions on investments for implementation of mega-projects. Business prospects for the Company, in relevant sectors, anticipated through such reforms and other reasons are narrated below:
OIL AND GAS
PROCESSING, REFINERY SECTOR:
The country imports large quantity of Crude oil and LNG for natural gas to meet it’s energy requirements. To curtail imports, several project initiatives are planned by corporates in this sector to augment crude oil and gas production. These include 7 mega-projects for setting up onshore facilities in western region and couple of projects in southern region. The Company intends to participate in these projects.
Few project opportunities are foreseen in Refinery sector. One of the projects is grassroots-mega project for refinery integrated with petrochemicals. Other two prospects are projects for capacity augmentation of existing facilities. The Company plans to participate aggressively in these prospects by leveraging it’s core experience and capability in this sector.
PETROCHEMICAL SECTOR:
Most of the mega-project prospects in Petrochemical sector are at nascent stage. The Company is active in this sector hence intends to participate in these prospects right from pre-project activities like Feasibility study, Cost estimation, etc. This will benefit the Company for participation at implementation stage.
CRYOGENIC SECTOR:
The Company has vast experience in implementing projects with Cryogenic process or applications i.e. sub-zero temperatures. Such projects include LNG import terminals, LPG terminals, Ammonia storage terminals and C2/C3 recovery plants. The Company is aiming to consolidate it’s experience through participation in forthcoming prospects in this sector.
Unexpected shortage in Natural Gas production in the country is leading to several LNG import terminal project initiatives by PSU and private sector companies. Three projects have already reached the implementation stage in the beginning of this financial year.
The Company would leverage the capability and past experience to bag contracts for implementing such projects to augment the sales.
FERTILISER SECTOR:
The country is importing large quantities of Urea. To reduce
this import dependency, the Government of India has already announced the
Fertiliser policy to attract investments for setting up new Fertiliser manufacturing
units in
The Company undertakes mega-size contracts for implementation of Ammonia and Urea plant projects. In association with parent company, the Company offers Total solution to the client comprising technology supply integrated with implementation through EPC-LSTK contract scope.
One mega-project is awarded at the beginning of the year 2013-14. The Company would be participating in couple of other opportunities of similar nature in this sector.
OTHER SECTORS:
The Company is also striving to secure business in non-core sectors like Water, Power and Industrial. It has successfully secured and completed Water Treatment project in previous year. Leveraging this experience and support of the group, the Company looks forward in tapping prospects in Water sector business.
OVERSEAS BUSINESS
Currently, the Company is executing several assignments,
along with Toyo
MIDDLE-EAST BUSINESS
The Company is continuously pursuing prospects from
Presently the Company has the contracts under execution of aggregate value of Rs. 7474.000 millions.
CONTINGENT
LIABILITIES:
|
PARTICULARS |
31.03.2013 (Rs.
In Millions) |
31.03.2012 (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 |
4.231 |
4.231 |
|
VAT (under KVAT Act 2003) |
255.565 |
255.565 |
|
VAT(under GVAT Act 2003) |
9.352 |
39.196 |
|
Service Tax demand (under show cause notice) |
234.607 |
0.000 |
|
Total |
503.755 |
298.992 |
FIXED ASSETS
v
Tangible
Assets
· Land
· Buildings
· Plant and Equipment
· Furniture and Fixtures
· Vehicles
· Office Equipment
· Leasehold Improvements
v
Intangible
Assets
· Goodwill
· Computer 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 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.60.47 |
|
|
1 |
Rs.100.35 |
|
Euro |
1 |
Rs.79.86 |
INFORMATION DETAILS
|
Information
Gathered by : |
PLK |
|
|
|
|
Analysis Done by
: |
SUB |
|
|
|
|
Report Prepared
by : |
KVT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
-- |
|
--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 |
YES |
|
--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 |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
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.