MIRA
INFORM REPORT
|
Report Date : |
08.09.2014 |
IDENTIFICATION DETAILS
|
Name : |
TOLANI SHIPPING COMPANY LIMITED |
|
|
|
|
Registered
Office : |
10-A, Bakhtawar, Nariman Point, Mumbai - 400021, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
29.01.1974 |
|
|
|
|
Com. Reg. No.: |
11-017161 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 486.520 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U61100MH1974PLC017161 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMT00958G |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACT4127C |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Providing Shipping Services. |
|
|
|
|
No. of Employees
: |
Not Divulged |
RATING & COMMENTS
|
MIRA’s Rating : |
B (36) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Exist |
|
|
|
|
Comments : |
Subject is an established company having moderate track record. The rating is constrained on account of continuous dip in the turnover
and also heavy loss incurred by a company during 2013. However, trade relations are reported as fair. Business is active.
Payments terms are reported to be slow but correct. The company can be considered for business dealings with some caution. |
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
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. China may surpass the US over the next few 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 India’s economy have been seriously compromised due to
political corruption. High inflation, poor standard of living are to a great
extent a result of rampant corruption in the country. China on the other hand,
seems to be facing diametrically opposite challenge. American hedge fund
manager Jim Chanos has been keenly following the political and economic
development in the dragon economy and has figured out something that is quite
worrying. He is of the view that the Chinese economy could be heading toward
trouble on account of new Chinese President Xi Jingping’s very aggressive
anti-corruption drive. Chanos believes that many things such as apartment
sales, luxury products, etc. were largely bought with dirty money. And it is
now beginning to impact consumption. This may indeed be bad news for an economy
that is struggling to transition from an investment-driven export-oriented
economy to a domestic consumption-driven economy.
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
. India seeks MFN status from Pakistan ahead of meeting
. Ukrain’s clashes with rebels hinder MH17 crash investigation
. India exploring merger of state-owned hydro PSUs
..Higher costs weigh down profit growth to slowest in 9 quarters
..Wal-Mart to expand wholesale business in India
. 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.
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 DECLINED
MANAGEMENT NON-COOPERATIVE (Tel. No.: 91-22-66568989)
LOCATIONS
|
Registered Office : |
10-A, Bakhtawar, Nariman Point, Mumbai - 400021, Maharashtra, India |
|
Tel. No.: |
91-22-22926878 / 22026878 / 66568989 |
|
Fax No.: |
91-22-22870697 / 22870697 |
|
E-Mail : |
|
|
Website : |
DIRECTORS
As on 17.09.2013
|
Name : |
Mr. Nandlal Pribhdas Tolani |
|
Designation : |
Managing Director |
|
Address : |
1100, Prabhu Kutir, 15, Altamount Road, Mumbai - 400026, Maharashtra,
India |
|
Date of Birth/Age : |
15.02.1924 |
|
Qualification : |
PH.D (Agricultural) , M.S.(Agricultural Economics) |
|
Date of Appointment : |
19.11.2009 |
|
PAN No.: |
AAAPT9316N |
|
DIN No.: |
00006475 |
|
|
|
|
Name : |
Mr. Rohet Nandlal Tolani |
|
Designation : |
Director |
|
Address : |
55, |
|
Date of Birth/Age : |
19.12.1953 |
|
Qualification : |
Graduate in Electrical Engineering, MBA |
|
Date of Appointment : |
06.04.1978 |
|
DIN No.: |
00006313 |
|
|
|
|
Name : |
Dr. (Mrs.) Sujata Arun Naik |
|
Designation : |
Director |
|
Address : |
4, |
|
Date of Birth/Age : |
16.10.1961 |
|
Qualification : |
M S (Otolaryngology) |
|
Date of Appointment : |
01.09.2009 |
|
PAN No.: |
AACPN3331K |
|
DIN No.: |
00009393 |
|
|
|
|
Name : |
Mr. Nareshchand C. Singhal |
|
Designation : |
Director |
|
Address : |
D-107, Poornima, 23, Pedder Road, Mumbai - 400026, Maharashtra, India |
|
Date of Birth/Age : |
10.08.1936 |
|
Qualification : |
Master In Economics, Statistics and Public Administration |
|
Date of Appointment : |
18.09.2003 |
|
DIN No.: |
00004916 |
|
|
|
|
Name : |
Mr. Michael Philip Pinto |
|
Designation : |
Director |
|
Address : |
405, Shalaka, |
|
Date of Birth/Age : |
27.05.1943 |
|
Qualification : |
Master in Sociology and Public Administration |
|
Date of Appointment : |
17.07.2009 |
|
DIN No.: |
00021565 |
|
|
|
|
Name : |
Mr. Tahil Jagatra Reejhsinghani
|
|
Designation : |
Director |
|
Address : |
603, Prabhu Kunj, |
|
Date of Birth/Age : |
28.08.1920 |
|
Qualification : |
Engineering Graduate |
|
Date of Appointment : |
30.04.1982 |
|
DIN No.: |
00006426 |
|
|
|
|
Name : |
Mr. Manohar Prahlad Awati |
|
Designation : |
Director |
|
Address : |
Pavan Vinchurni, P.O Nirguti, Phaltan, Satara - 415523, |
|
Date of Birth/Age : |
07.09.1927 |
|
Qualification : |
Attended Defence Service Staff College, Welington, Nilgiri and Royal College of Defence Studies, London |
|
Date of Appointment : |
04.11.1986 |
|
DIN No.: |
00007383 |
|
|
|
|
Name : |
Mr. Rammurthi Kumar |
|
Designation : |
Managing Director |
|
Address : |
A-303, Cascade Vasant Oscar, LBS Marg, Mulund (West), Mumbai - 400080,
|
|
Date of Birth/Age : |
17.01.1965 |
|
Qualification : |
B.COM, ACS, ACWA |
|
Date of Appointment : |
26.09.2007 |
|
PAN No.: |
AACPR7788Q |
|
DIN No.: |
00007415 |
|
|
|
|
Name : |
Mr. Seshadri Venkatachalam |
|
Designation : |
Whole Time Director |
|
Address : |
8/57, 1st Floor, Gemini CHS Limited, Road No.2, Pestom
Sagar, Opposite Glass Factory, Chembur, Mumbai – 400089, Maharashtra, India |
|
Date of Birth/Age : |
17.09.1957 |
|
Qualification : |
M.Com, LLB, ACS |
|
Date of Appointment : |
28.09.2007 |
|
PAN No.: |
AAQPS7156K |
|
DIN No.: |
01815517 |
|
|
|
|
Name : |
Mr. Virendra Sitaram Gharat |
|
Designation : |
Whole Time Director |
|
Address : |
D-1101, Sarovar Darshan Tower, CHS, Almeida Road, Panchpakhadi, Thane
- 400602, Maharashtra, India |
|
Date of Birth/Age : |
07.06.1955 |
|
Qualification : |
BE (Mechanical), Class I Marine Engineer |
|
Date of Appointment : |
26.09.2007 |
|
PAN No.: |
AKJPG8693A |
|
DIN No.: |
01815581 |
|
|
|
|
Name : |
Mr. Chunduri Venkata Veerabhadra Rao |
|
Designation : |
Director |
|
Address : |
502, Empress Court, 184, Sher-E-Punjab Society, Andheri (East), Mumbai
- 400093, Maharashtra, India |
|
Date of Birth/Age : |
01.07.1958 |
|
Qualification : |
Chartered Engineer and Class I Marine Engineer |
|
Date of Appointment : |
28.09.2007 |
|
PAN No.: |
AABPC6750G |
|
DIN No.: |
01815475 |
KEY EXECUTIVES
|
Name : |
Ms. Seeta Venkatraman Iyer |
|
Designation : |
Secretary |
|
Address : |
H-1203, Mayuresh Park, Lake Road, Bhandup (West), Mumbai - 400078,
Maharashtra, India |
|
Date of Birth/Age : |
01.04.1977 |
|
Date of Appointment : |
26.09.2007 |
|
PAN No.: |
AJTPM5628G |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 17.09.2013
|
Names of Equity Shareholders |
No. of Shares |
|
Nandlal Pribhdas Tolani |
16987885 |
|
N. P. Tolani (HUF) |
941218 |
|
Papu Nandlal Tolani |
3248097 |
|
Sujata Arun Naik |
2474788 |
|
Tolani Private Limited, India |
1 |
|
Arun Chandrakant Naik |
10 |
|
Tolani Bulk Carriers Limited, India |
1 |
|
Total |
23652000 |
|
Names of Preference Shareholder |
No. of Shares |
|
Nandlal Pribhdas Tolani |
500000 |
|
Total |
500000 |
Allottee as on 23.09.2013
|
Names of Allottee |
No. of Shares |
|
Nandlal Pribhdas Tolani |
120000 |
|
Total |
120000 |
As on 17.09.2013
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage of Holding |
|
Bodies corporate |
0.01 |
|
Directors or relatives of Directors |
99.99 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Providing Shipping Services. |
||||
|
|
|
||||
|
Products : |
|
GENERAL INFORMATION
|
No. of Employees : |
Not Divulged |
||||||||||||
|
|
|
||||||||||||
|
Bankers : |
·
The Royal Bank of Scotland Plc, Shipping Business
Centre, 4th Floor, 1 Princes Street, London EC2R 8PB, London - 28,
United Kingdom HSH Nordbank AG, 3 Temasek Avenue, #33-00 Centennial
Tower, Singapore – 039190 The Bank of Nova Scotia Asia Limited, One Raffles Quay,
#20-01, North Tower, Singapore – 048583 ·
DNB Asia Limited, 8 Shenton Way, #48-02,
Singapore – 068811 ·
DVB Gruup Merchant Bank Asia Ltd, 77 Robison
Road 06/03 A Sua Building, Singapore - 068896 |
||||||||||||
|
|
|
||||||||||||
|
Facilities : |
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Chandabhoy and Jassoobhoy Chartered Accountants |
|
Address : |
M / S Chandabhoy and Jasoobhoy, 208, Phoenix House, A Wing, 2nd Floor, 462, Senapati Bapat Marg, Lower Parel , Mumbai – 400013, Maharashtra, India |
|
Income-tax PAN of auditor or auditor's firm : |
AAAFC5274C |
|
|
|
|
Subsidiaries : |
· Tolani Bulk Carriers Limited CIN No.: U60300MH1991PLC062375 Top Investments and Finance Private Limited CIN No.: U65990MH1976PTC019386 |
|
|
|
|
Associates : |
· Nandlal Tolani Charitable Trust Tolani Shipping Singapore Pte. Limited |
CAPITAL STRUCTURE
After 17.09.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
25,000,000 |
Equity Shares |
Rs.10/- each |
Rs. 250.000 Millions |
|
800,000 |
Preference Shares |
Rs.500/- each |
Rs. 400.000 Millions |
|
|
|
|
|
|
|
Total |
|
Rs. 650.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
23,652,000 |
Equity Shares |
Rs.10/- each |
Rs. 236.520 Millions |
|
620,000 |
Preference Shares |
Rs.500/- each |
Rs. 310.000 Millions |
|
|
|
|
|
|
|
Total |
|
Rs. 546.520
Millions |
As on 17.09.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
25,000,000 |
Equity Shares |
Rs.10/- each |
Rs. 250.000 Millions |
|
800,000 |
Preference Shares |
Rs.500/- each |
Rs. 400.000 Millions |
|
|
|
|
|
|
|
Total |
|
Rs. 650.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
23,652,000 |
Equity Shares |
Rs.10/- each |
Rs. 236.520 Millions |
|
500,000 |
Preference Shares |
Rs.500/- each |
Rs. 250.000 Millions |
|
|
|
|
|
|
|
Total |
|
Rs. 486.520
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 |
486.520 |
236.520 |
236.520 |
|
(b) Reserves & Surplus |
11168.346 |
12282.135 |
12201.298 |
|
(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) |
11654.866 |
12518.655 |
12437.818 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
7295.471 |
7398.454 |
4783.361 |
|
(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 |
4.191 |
8.981 |
4.370 |
|
Total Non-current Liabilities (3) |
7299.662 |
7407.435 |
4787.731 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Trade payables |
80.333 |
62.113 |
50.340 |
|
(c) Other current
liabilities |
841.728 |
766.789 |
689.827 |
|
(d) Short-term provisions |
37.863 |
34.518 |
89.007 |
|
Total Current Liabilities (4) |
959.924 |
863.420 |
829.174 |
|
|
|
|
|
|
TOTAL |
19914.452 |
20789.510 |
18054.723 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
18433.785 |
18066.747 |
14399.080 |
|
(ii) Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii) Capital
work-in-progress |
46.348 |
1186.689 |
1832.284 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
263.263 |
299.958 |
313.242 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
10.274 |
12.900 |
7.207 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current Assets |
18753.670 |
19566.294 |
16551.813 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
436.685 |
616.433 |
1140.205 |
|
(b) Inventories |
305.566 |
76.866 |
23.145 |
|
(c) Trade receivables |
25.548 |
192.338 |
118.426 |
|
(d) Cash and cash
equivalents |
14.038 |
6.468 |
2.433 |
|
(e) Short-term loans and
advances |
372.601 |
330.762 |
218.275 |
|
(f) Other current assets |
6.344 |
0.349 |
0.426 |
|
Total Current Assets |
1160.782 |
1223.216 |
1502.910 |
|
|
|
|
|
|
TOTAL |
19914.452 |
20789.510 |
18054.723 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
1972.488 |
2037.332 |
2700.178 |
|
|
|
Other Income |
99.474 |
158.897 |
177.324 |
|
|
|
TOTAL (A) |
2071.962 |
2196.229 |
2877.502 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Employees benefits expense |
515.505 |
428.510 |
351.197 |
|
|
|
Other expenses |
1205.725 |
467.002 |
622.514 |
|
|
|
TOTAL (B) |
1721.230 |
895.512 |
973.711 |
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION (A-B) (C) |
350.732 |
1300.717 |
1903.791 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
202.041 |
134.856 |
101.110 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
148.691 |
1165.861 |
1802.681 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/ AMORTISATION (F) |
1212.184 |
1038.887 |
862.907 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX (E-F) (G) |
(1063.493) |
126.974 |
939.774 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
23.796 |
18.648 |
37.997 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX (G-H) (I) |
(1087.289) |
108.326 |
901.777 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
2733.680 |
1953.930 |
2509.010 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
(46.51) |
4.58 |
38.13 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
(52.48) |
4.93 |
31.34 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(53.92) |
6.23 |
34.80 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(5.42) |
0.66 |
5.91 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.09) |
0.01 |
0.08 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.63 |
0.59 |
0.38 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.21 |
1.42 |
1.81 |
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 |
236.520 |
236.520 |
486.520 |
|
Reserves & Surplus |
12201.298 |
12282.135 |
11168.346 |
|
Net
worth |
12437.818 |
12518.655 |
11654.866 |
|
|
|
|
|
|
long-term borrowings |
4783.361 |
7398.454 |
7295.471 |
|
Short term borrowings |
0.000 |
0.000 |
0.000 |
|
Total
borrowings |
4783.361 |
7398.454 |
7295.471 |
|
Debt/Equity
ratio |
0.385 |
0.591 |
0.626 |
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 |
2700.178 |
2037.332 |
1972.488 |
|
|
|
-24.548 |
(3.183) |
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 |
2700.178 |
2037.332 |
1972.488 |
|
Profit |
901.777 |
108.326 |
(1087.289) |
|
|
33.40% |
5.32% |
(55.12%) |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES
OF LONG TERM DEBTS
|
Particulars |
31.03.2013 (Rs.
In Millions) |
31.03.2012 (Rs.
In Millions) |
31.03.2011 (Rs.
In Millions) |
|
|
|
|
|
|
Current maturities of long-term debt |
667.732 |
703.002 |
600.222 |
|
|
|
|
|
|
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 |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
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 |
No |
|
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 |
No |
LITIGATION DETAILS
|
HIGH COURT OF BOMBAY |
||||||
|
CASE DETAILS |
||||||
|
BENCH:- BOMBAY |
||||||
|
PRESENTATION DATE:- 10/10/2013 |
||||||
|
STAMP NO:- ITXAL/1653/2013 |
FILING DATE:- 10/10/2013 |
REG. NO.: ITXA/2308/2013 |
REG. DATE: 10/12/2013 |
|||
|
PETITIONER:- |
THE COMMISSIONER OF INCOME TAX |
RESPONDENT:- |
TOLANI SHIPPING COMPANY LIMITED |
|||
|
PETN.ADV:- |
DINDAYAL KHYRATISINFGH KAMWAL |
RESP. ADV. :- |
ATUL K. JASANI |
|||
|
DISTRICT:- |
MUMBAI |
|||||
|
|
||||||
|
BENCH:- |
DIVISION |
|
|
|||
|
STATUS:- |
PRE-ADMISSION |
CATEGORY:- |
TAX APPEALS |
|||
|
LAST DATE:- |
16/09/2014 |
|
|
|||
|
LAST CORAM:- |
ACCODING TO SITTING LIST ACCODING TO SITTING LIST |
|||||
|
|
|
|||||
|
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 |
10400913 |
05/02/2013 |
956,638,200.00 |
THE ROYAL BANK OF SCOTLAND PLC |
SHIPPING BUSINESS CENTRE, 4TH FLOOR, 1 PRINCES STREET, LONDON EC2R 8PB, LONDON, - 28, UNITED KINGDOM |
B67219048 |
|
2 |
10400911 |
05/02/2013 |
1,807,540,313.00 |
THE ROYAL BANK OF SCOTLAND PLC |
SHIPPING BUSINESS CENTRE, 4TH FLOOR, 1 PRINCES STREET, LONDON EC2R 8PB, LONDON, - 28, UNITED KINGDOM |
B67218610 |
|
3 |
10357528 |
31/05/2012 |
1,414,600,075.00 |
HSH NORDBANK AG |
3 TEMASEK AVENUE,, #33-00 CENTENNIAL TOWER, SINGAPORE, - 039190, SINGAPORE |
B40320608 |
|
4 |
10316850 |
15/11/2011 |
1,044,339,346.00 |
THE BANK OF NOVA SCOTIA ASIA LIMITED |
ONE RAFFLES QUAY, #20-01, NORTH TOWER, SINGAPORE, - 048583, SINGAPORE |
B25002338 |
|
5 |
10296279 |
10/05/2013 * |
1,010,711,867.00 |
DNB ASIA LTD |
8 SHENTON WAY, #48-02, SINGAPORE, - 068811, SINGAPORE |
B75848010 |
|
6 |
10204541 |
23/07/2010 * |
918,000,000.00 |
DBS BANK LTD. |
CREDIT CONTROL UNIT, 3RD FLOOR, FORT HOUSE, DR. |
A90690082 |
|
7 |
10115685 |
12/08/2008 |
2,940,000,000.00 |
HSH NORDBANK AG |
3 TEMASEK AVENUE, #33-00 CENTENNIAL TOWER, SINGAP |
A43016237 |
|
8 |
10112527 |
14/07/2008 |
2,990,400,000.00 |
HSH NORDBANK AG |
3 TEMASEK AVENUE,, #33-00 CENTENNIAL TOWER, SINGAPORE, - 039190, SINGAPORE |
A41311804 |
|
9 |
10111897 |
07/07/2008 |
3,018,400,000.00 |
HSH NORDBANK AG |
3 TEMASEK AVENUE,, #33-00 CENTENNIAL TOWER, SINGAPORE, - 039190, SINGAPORE |
A40965972 |
|
10 |
10073511 |
08/11/2007 |
1,178,700,000.00 |
THE ROYAL BANK OF SCOTLAND PLC |
SHIPPING BUSINESS CENTRE, 5-10 GREAT TOWER STREET, |
A25793266 |
|
11 |
10056148 |
19/06/2007 |
1,173,888,000.00 |
THE ROYAL BANK OF SCOTLAND PLC |
SHIPPING BUSINESS CENTRE, 5-10 GREAT TOWER STREET, LONDON EC3P 3HX, ENGLAND, LONDON, - 33, UNITED KINGDOM |
A17045568 |
|
12 |
10041322 |
26/03/2007 |
1,528,100,000.00 |
HSH NORDBANK AG SINGAPORE BRANCH |
3 TEMASEK AVENUE,, #33-00 CENTENNIAL TOWER, SINGA |
A12246658 |
* Date of charge modification
UNSECURED LOANS
|
PARTICULAR |
31.03.2013 (Rs.
In Millions) |
31.03.2012 (Rs.
In Millions) |
|
LONG TERM
BORROWINGS |
|
|
|
Deposits from directors |
2.600 |
8.600 |
|
Deposits from shareholders |
85.485 |
5.650 |
|
Deposits from others |
18.014 |
30.992 |
|
Total |
106.099 |
45.242 |
OPERATIONS AND FUTURE
OUTLOOK
During the year, the Company’s income from operations stood at Rs. 1972.490 million compared to Rs. 2037.330 million of the previous year. Net Loss after tax was Rs. 1087.280 million against Net Profit of Rs. 100.680 million of the previous year.
The loss of Rs. 1087.280 million was basically driven by the adverse market conditions in the dry bulk segment during financial year 2012-13. The market suffered from a high tonnage influx and declining demand growth. The global economic scenario continued to be fraught with challenges with major economies witnessing slower growth and the business environment remained quite difficult.
With the Baltic Freight Index remaining below 1,000 level, freight and charter rates have remained unremunerative in all segments of the dry bulk market. At these levels, profitability of almost all shipping companies stood eroded.
The adverse market conditions had its own impact on the ship values, warranting the Company to prepay some of its borrowings and maintain the security cover ratio. In an effort to improve its liquidity, the Company also sold one of its older vessel, before the end of the financial year. The Company is also focusing its efforts to reduce its non core assets and support its operations.
The prolonged recession has posed a challenge to the shipping companies to enhance their potentials through innovations and cost controls. The Company continues to emphasize on good maintenance of its vessels and constantly upgrade its equipments and machineries. In the financial year 2012-13, the company completed the dry docking of five of its vessels and plan to dry dock two more vessels in the current financial year 2013-14. These will enable the vessels to trade uninterrupted for the next five years and take advantage of the expected recovery ahead.
The Company’s vessels are managed by highly skilled personnel who are proficient in their fields. There is a constant endeavor to enhance their talents and efficiencies by periodical training and awareness programs. This has enabled the Company to operate its vessels with minimum manpower and costs.
While it has been a long drawn recession to cope with, the Company’s strategy has been effective deployment of its vessels, consolidate its operations and improve efficiencies, pare down its debts and position itself to capitalize on the opportunities that will emerge from the inevitable turnaround.
MARKET TREND AND
ANALYSIS
The year 2012-13 was one of the toughest years for the ship-owners. The depressed market conditions witnessed in the previous year continued albeit with some temporary rallies. The shipping business has been plagued by overcapacity of vessels, which has led to declining freight rates amidst intense competition. Despite strong Chinese iron ore demand and spurt in demand for thermal coal from China and India, the freight rates remained subdued due to continuous tonnage additions.
During the year 2012, 98 million dwt was added to the dry bulk fleet, while scrapping was about 35 million. Despite record high scrapping, fleet grew by 10% compared to 15% in the year 2011. New orders during the period were to the tune of 21 million dwt against 41 million dwt in 2011. As scrapping and new deliveries continue, the overall fleet age is getting younger with about 49% below five years. There is also an emphasis for fuel efficient vessels that meets the changing emission norms which will pare down the operating costs.
The prolonged recession has severely impacted the fortunes of many shipping companies and their financers worldwide. In the subdued market, ship owners were forced to deploy their vessels on short-term or spot market related contracts.
The events like drought in the US, the Indonesian raw material export ban, Iron ore ban from certain Indian States and the tropical storms Isaac and Sandy also dampened the Bulk cargo trade.
While scrapping, postponements and cancellations will continue in the current year, the freight rates will bear the pressure from the unabated spate of new vessel deliveries. The grim outlook is likely to continue as falling freight rates, narrowing cash flow and limited access to liquidity will adversely impact the fortunes of Shipping Companies.
FIXED ASSETS
Tangible Assets
· Buildings
Furniture
and Fixtures
Vehicles
Ships
Vessels
Motor
Vehicles
Office
Equipment
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.60.44 |
|
|
1 |
Rs.98.64 |
|
Euro |
1 |
Rs.78.20 |
INFORMATION DETAILS
|
Information
Gathered by : |
PRT |
|
|
|
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
MRI |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
4 |
|
--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 |
|
36 |
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.