MIRA INFORM REPORT
|
Report No. : |
318896 |
|
Report Date : |
24.04.2015 |
IDENTIFICATION DETAILS
|
Name : |
TOLANI SHIPPING COMPANY LIMITED |
|
|
|
|
Registered
Office : |
10-A, Bakhtawar, Nariman Point, Mumbai - 400021, Maharashtra |
|
Tel. No.: |
91-22-22926878 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2014 |
|
|
|
|
Date of
Incorporation : |
29.01.1974 |
|
|
|
|
Com. Reg. No.: |
11-017161 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 546.520 Million |
|
|
|
|
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
: |
Information declined by the management |
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. Company has processed a below average financial risk profile which has
resulted into losses from its operational activities. However, rating takes into consideration extensive experience from
promoters backed by sound liquidity profile. 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 dealing 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.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
Not Available |
|
Rating |
Not Available |
|
Rating Explanation |
Not Available |
|
Date |
Not Available |
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 BY
|
Name : |
Mr. P V Raman |
|
Designation : |
Chief Financial Officer |
|
Contact No.: |
91-22-66568989 |
|
Date : |
23.04.2015 |
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 23.09.2014
|
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 : |
C/O Dr. N P Tolani, 1100, Prabhu Kutir, 15, Altamount Road, Mumbai -
400026, Maharashtra, India |
|
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 |
|
|
|
|
Name : |
Mr. P V Raman |
|
Designation : |
Chief Financial Officer |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 23.09.2014
|
Names of Equity Shareholders |
No. of Shares |
|
Nandlal Pribhdas Tolani |
16987885 |
|
N. P. Tolani (HUF) |
941218 |
|
Papu Nandlal Tolani |
3248097 |
|
Sujata Arun Naik |
2474788 |
|
Arun Chandrakant Naik |
10 |
|
Chunduri Venkata Veerabhadra Rao |
1 |
|
Ramamurthy Kumar |
1 |
|
Total |
23652000 |
|
Names of Preference Shareholder |
No. of Shares |
|
Nandlal Pribhdas Tolani |
500000 |
|
Nandlal Pribhdas Tolani |
120000 |
|
Total |
620000 |
Equity Share Break up (Percentage of Total Equity)
As on 23.09.2014
|
Category |
Percentage |
|
Directors or relatives of Directors |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Providing Shipping Services. |
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Products : |
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Brand Names : |
Not Divulged |
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Agencies Held : |
Not Divulged |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
Not Divulged |
PRODUCTION STATUS NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
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Customers : |
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No. of Employees : |
Information declined by the management |
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||||||||||||||
|
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 ·
DNB Nor Bank ASA, 8 Shenton Way, #48-02,
Singapore - 068811, Singapore ·
Corporation Bank, Nariman Point Bran, ch,
Earnest House, Mumbai - 400021, Maharashtra, India |
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Facilities : |
|
|
Auditors : |
|
|
Name : |
Chandabhoy and Jassoobhoy Chartered Accountants |
|
Address : |
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 |
|
|
|
|
Memberships : |
-- |
|
|
|
|
Collaborators : |
-- |
|
|
|
|
Subsidiaries : |
· Top Investments and Finance Private Limited CIN No.: U65990MH1976PTC019386 |
|
|
|
|
Associates : |
· Tolani Shipping Singapore Pte. Limited |
|
|
|
|
Other related party: |
|
CAPITAL STRUCTURE
As on 23.09.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
165000000 |
Equity Shares |
Rs.10/- each |
Rs. 1650.000 Million |
|
800000 |
Preference Shares |
Rs.500/- each |
Rs. 400.000Million |
|
10000000 |
Preference Shares |
Rs.10/- each |
Rs. 100.000 Million |
|
|
|
|
|
|
|
Total |
|
Rs. 2150.000
Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
23652000 |
Equity Shares |
Rs.10/- each |
Rs. 236.520 Million |
|
620000 |
Preference Shares |
Rs.500/- each |
Rs. 310.000 Million |
|
2723138 |
Preference Shares |
Rs.10/- each |
Rs. 27.231 Million |
|
|
|
|
|
|
|
Total |
|
Rs. 573.751 Million |
As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
25000000 |
Equity Shares |
Rs.10/- each |
Rs. 250.000 Million |
|
800000 |
Preference Shares |
Rs.500/- each |
Rs. 400.000 Million |
|
|
|
|
|
|
|
Total |
|
Rs. 650.000
Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
23652000 |
Equity Shares |
Rs.10/- each |
Rs. 236.520 Million |
|
620000 |
Preference Shares |
Rs.500/- each |
Rs. 310.000 Million |
|
|
|
|
|
|
|
Total |
|
Rs. 546.520
Million |
FINANCIAL DATA
[all figures are
in Rupees Million]
ABRIDGED BALANCE
SHEET
|
SOURCES
OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
546.520 |
486.520 |
236.520 |
|
(b) Reserves & Surplus |
10841.600 |
11168.360 |
12282.135 |
|
(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) |
11388.120 |
11654.880 |
12518.655 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
7062.280 |
7295.480 |
7398.454 |
|
(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 |
6.530 |
4.190 |
8.981 |
|
Total
Non-current Liabilities (3) |
7068.810 |
7299.670 |
7407.435 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Trade payables |
2.710 |
3.540 |
62.113 |
|
(c) Other current liabilities |
1015.980 |
918.480 |
766.789 |
|
(d) Short-term provisions |
29.400 |
37.870 |
34.518 |
|
Total
Current Liabilities (4) |
1048.090 |
959.890 |
863.420 |
|
|
|
|
|
|
TOTAL |
19505.020 |
19914.440 |
20789.510 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
17645.070 |
18433.780 |
18066.747 |
|
(ii) Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii) Capital work-in-progress |
46.350 |
46.350 |
1186.689 |
|
(iv) Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
254.360 |
263.260 |
299.958 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
8.700 |
10.270 |
12.900 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total
Non-Current Assets |
17954.480 |
18753.660 |
19566.294 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
697.600 |
436.690 |
616.433 |
|
(b) Inventories |
104.490 |
305.570 |
76.866 |
|
(c) Trade receivables |
257.990 |
25.550 |
192.338 |
|
(d) Cash and cash equivalents |
70.090 |
14.040 |
6.468 |
|
(e) Short-term loans and
advances |
419.570 |
372.590 |
330.762 |
|
(f) Other current assets |
0.800 |
6.340 |
0.349 |
|
Total
Current Assets |
1550.540 |
1160.780 |
1223.216 |
|
|
|
|
|
|
TOTAL |
19505.020 |
19914.440 |
20789.510 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
SALES |
|
|
|
|
|
Income |
2545.100 |
1972.490 |
2037.332 |
|
|
Other Income |
40.390 |
99.470 |
158.897 |
|
|
TOTAL
(A) |
2585.490 |
2071.960 |
2196.229 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Employees benefits expense |
515.670 |
515.510 |
428.510 |
|
|
Other expenses |
1016.760 |
1205.710 |
467.002 |
|
|
TOTAL
(B) |
1532.430 |
1721.220 |
895.512 |
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION (C) |
1053.060 |
350.740 |
1300.717 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
193.440 |
202.040 |
134.856 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
859.620 |
148.700 |
1165.861 |
|
|
|
|
|
|
|
Less/
Add |
DEPRECIATION/
AMORTISATION (F) |
1198.970 |
1212.180 |
1038.887 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX (E-F) (G) |
(339.350) |
(1063.480) |
126.974 |
|
|
|
|
|
|
|
Less |
TAX (H) |
3.970 |
23.800 |
18.648 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX (G-H) (I) |
(343.320) |
(1087.280) |
108.326 |
|
|
|
|
|
|
|
|
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
9449.080 |
9915.870 |
9838.830 |
|
|
|
|
|
|
|
|
Transfer
from Tonnage Tax Reserve (utilised) |
0.000 |
647.000 |
0.000 |
|
|
|
|
|
|
|
|
APPROPRIATIONS |
|
|
|
|
|
Transfer
to general reserves |
0.000 |
0.000 |
2.800 |
|
|
Proposed Dividend on
Preference Shares |
0.000 |
10.830 |
0.000 |
|
|
Tax on Proposed Preference
Dividend |
0.000 |
1.840 |
0.000 |
|
|
Proposed Dividend on Equity
Shares |
11.830 |
11.830 |
23.650 |
|
|
Tax on Proposed Equity
Dividend |
2.010 |
2.010 |
3.840 |
|
|
Balance
Carried to the B/S |
9091.920 |
9449.080 |
9915.870 |
|
|
|
|
|
|
|
|
EARNINGS
IN FOREIGN CURRENCY |
2567.130 |
2733.680 |
1953.930 |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (Rs.) |
(14.52) |
(46.51) |
4.58 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT / Sales) |
(%) |
(13.49) |
(55.12) |
5.32 |
|
|
|
|
|
|
|
Operating Profit Margin (PBIDT/Sales) |
(%) |
41.38 |
17.78 |
63.84 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(1.77) |
(5.42) |
0.66 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.03) |
(0.09) |
0.01 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.62 |
0.63 |
0.59 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.48 |
1.21 |
1.42 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Share Capital |
236.520 |
486.520 |
546.520 |
|
Reserves & Surplus |
12282.135 |
11168.360 |
10841.600 |
|
Net
worth |
12518.655 |
11654.880 |
11388.120 |
|
|
|
|
|
|
long-term borrowings |
7398.454 |
7295.480 |
7062.280 |
|
Short term borrowings |
0.000 |
0.000 |
0.000 |
|
Total
borrowings |
7398.454 |
7295.480 |
7062.280 |
|
Debt/Equity
ratio |
0.591 |
0.626 |
0.620 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
2037.332 |
1972.490 |
2545.100 |
|
|
|
(3.183) |
29.030 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
2037.332 |
1972.490 |
2545.100 |
|
Profit |
108.326 |
(1087.280) |
(343.320) |
|
|
5.32% |
(55.12%) |
(13.49%) |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES
OF LONG-TERM DEBT DETAILS:
|
Particulars |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
(Rs. In Million) |
||
|
Current maturities of long-term debt |
821.360 |
667.730 |
703.002
|
|
|
|
|
|
|
Total |
821.360 |
667.730 |
703.002
|
|
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 |
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 |
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 |
|||||
AMALGAMATION
During the year, the Company made an application to the Honorable High Court of Judicature at Bombay for approval to a Scheme of Amalgamation whereby all the assets and liabilities of Tolani Private Limited. and Tolani Bulk Carriers Limited. (Transferor Companies) as of 1st April, 2013 (Appointed Date) will be transferred to the Company (Transferee Company). The Scheme of Amalgamation was approved by the High Court on 27th June, 2014. The amalgamation will be Effective from the date a copy of the Order will be filed with the Registrar of Companies by the Transferor Companies and the Transferee Company.
The Amalgamation will enable consolidation of the Tolani Groups operations into one entity and provide impetus for the growth of the Company. The Amalgamation will result in economy of scale and reduction in administrative, managerial and other expenditure, operational rationalization and optimal utilization of various resources.
In consideration for the Amalgamation, the Company will upon the Scheme becoming Effective, issue and allot on a proportionate basis 14 (Fourteen) 7.5% Cumulative Redeemable Preference Shares of Rs. 10/- each for every 1(one) Equity share of Rs. 10/- each held in Tolani Bulk Carriers Limited.
In consideration for the Amalgamation, the Company will upon the Scheme becoming Effective, issue and allot on a proportionate basis 2 (Two) 7.5% Cumulative Redeemable Preference Shares of Rs. 10/- each for every 1(one) Equity share of Rs. 10/- each held in Tolani Private Limited.
With the approval of the Scheme by the Honorable High Court as of 27th June, 2014, the effect of the Scheme has been recognized in the financial statements for the year.
OPERATIONS AND FUTURE
OUTLOOK
During the year, the Company’s income from operations stood at Rs. 2,545.100 million compared to Rs. 1,972.490 million of the previous year. Net Loss after tax was Rs. 343.320 million against Net Loss of Rs. 1,087.280 million of the previous year. The dry bulk market continued to operate with historically low freight rates in the first half of 2013. However, the sentiments in the second half of 2013 improved, mainly driven by increasing Chinese steel production and restocking of iron ore inventories as well as grain exports from the US Gulf and the Black Sea. The upturn in the trade growth and the resultant commodity shipments contributed to the improved freight rates. The first quarter of 2014 also began on a better note than the first quarter of 2013. The pick up, on the back drop of recovery in global trade and economy have contributed to improved revenues of shipping companies, including thes. The Company also disposed off some of its non-core assets during the year, which also contributed to prop up the revenues. The Company, incorporated in 1974 completed its 40 years of operations in 2014. Since the beginning, the Company has successfully navigated through changing environment, inherent to the cyclical nature of shipping industry. The Company has made remarkable progress over the years and is rated amongst one of the leading bulk cargo ship operator with strong fundamentals.
The Companys focus has been in:
(i) achieving optimum utilization of its vessels;
(ii) quality maintenance of all its vessels and equipments;
(iii) ensuring operational safety of all its crew and officers;
(iv) achieving low operational costs;
(v) strict compliance of environmental regulations and rules;
(vi) professional management of its technical operations and crewing;
(vii) obtaining competitive rates for financing;
(viii) develop and maintain good relationship with charterers, brokers and agents.
The Directors believe that the Companys efforts to constantly bring in improvements in operations, technology up gradation, improving the skills and talent of its employees will further consolidate the Companys operations and performance in the years to come.
MARKET TREND AND
ANALYSIS
The Shipping Industry continues to face challenging times on the backdrop of uncertain freight rates and increasing operating costs. Ship values and freight rates have started to rebound, marked by economic recoveries in several nations. After years of turmoil, it appears that the dry bulk shipping is in the path of recovery. However, this could be under cloud from the rising new ship orders and the high level of new building deliveries from past orders.
A chronic oversupply of ships has been one of the major reasons for the depressed condition in shipping over the years. Hundreds of ships were ordered, when the Industry was booming. However, it now appears that the order books have started to dry up and the pace of new deliveries have shown marked reduction. During the year 2013, the bulk carrier fleet grew at 4.3% compared to 8.4%, 10.7%, 10.4% and 7.3% during the years 2009, 2010, 2011 and 2012.
The importance of China to the shipping is second to none. However, the growth of Chinese economy has been showing signs of weakness over the years. A stable and improved Chinese economy is vital for a sound shipping market. The strengthening of the US and improved conditions in Eurozone and Asian Countries augurs well for Global trade and International Shipping. Looking ahead, the global merchant fleet growth in 2015 is expected to remain below the tonnage demand growth of 5-6 %, indicating improved freight market conditions.
On the domestic front, the people of India have elected a new Government at the Center with a massive mandate. The new Government has promised greater focus on infrastructural development and intents to bring in policy initiatives in this regard. The positive steps will encourage new investments in power and coal sector. The roads and ports sectors are also expected to see increased activity with new projects being given a fillip. Infrastructure development is critical for improving the economic potential of the country and the Indian Shipping Industry will extend all support to the Government in its efforts.
UNSECURED LOAN
|
PARTICULARS |
31.03.2014 (Rs.
in Million) |
31.03.2013 (Rs.
in Million) |
|
Long-term
Borrowings |
|
|
|
Deposits from directors |
9.500 |
2.600 |
|
Deposits from shareholders |
3.440 |
85.490 |
|
Deposits from others |
32.120 |
18.010 |
|
Total |
45.060 |
106.100 |
INDEX
OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE
CREATION/MODIFICATION |
CHARGE AMOUNT
SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST
NUMBER (SRN) |
|
1 |
10546693 |
05/02/2015 |
1,461,816,000.00 |
HSH NORDBANK AG SINGAPORE BRANCH |
3 TEMASEK AVENUE,,
#33-01, CENTENNIAL TOWER, SIN |
C42276014 |
|
2 |
10546694 |
05/02/2015 |
1,461,816,000.00 |
HSH NORDBANK AG |
3 TEMASEK AVENUE,,
#33-01, CENTENNIAL TOWER, SIN |
C42276253 |
|
3 |
10547909 |
15/01/2015 |
780,000,000.00 |
HDFC BANK LIMITED |
METROPOLIS II, 2ND
FLOOR,, BEHIND CACULO MALL, ST |
C42948174 |
|
4 |
10400911 |
05/02/2013 |
1,807,540,313.00 |
THE ROYAL BANK OF SCOTLAND PLC |
SHIPPING BUSINESS
CENTRE, 4TH FLOOR, 1 PRINCES ST |
B67218610 |
|
5 |
10400913 |
05/02/2013 |
956,638,200.00 |
THE ROYAL BANK OF SCOTLAND PLC |
SHIPPING BUSINESS
CENTRE, 4TH FLOOR,, 1 PRINCES S |
B67219048 |
|
6 |
10316850 |
15/11/2011 |
1,044,339,346.00 |
THE BANK OF NOVA SCOTIA ASIA LIMITED |
ONE RAFFLES QUAY,,
#20-01, NORTH TOWER,, SINGAPOR |
B25002338 |
|
7 |
10296279 |
10/05/2013 * |
1,010,711,867.00 |
DNB ASIA LTD |
8 SHENTON WAY,,
#48-02,, SINGAPORE, - 068811, SI |
B75848010 |
|
8 |
10115685 |
12/08/2008 |
2,940,000,000.00 |
HSH NORDBANK AG |
3 TEMASEK AVENUE,
#33-00 CENTENNIAL TOWER, SINGAP |
A43016237 |
|
9 |
10112527 |
14/07/2008 |
2,990,400,000.00 |
HSH NORDBANK AG |
3 TEMASEK AVENUE,,
#33-00 CENTENNIAL TOWER, SINGA |
A41311804 |
|
10 |
10111897 |
07/07/2008 |
3,018,400,000.00 |
HSH NORDBANK AG |
3 TEMASEK AVENUE,, #33-00
CENTENNIAL TOWER,, SING |
A40965972 |
* Date of charge modification
FIXED ASSETS
Tangible assets
- Buildings
- Furniture and fixtures
- Vehicles
- Ships vessels
- 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.63.19 |
|
|
1 |
Rs.94.94 |
|
Euro |
1 |
Rs.67.66 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
KVT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILITY |
1~10 |
2 |
|
--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.