MIRA INFORM REPORT
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Report No. : |
310767 |
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Report Date : |
07.03.2015 |
IDENTIFICATION DETAILS
|
Name : |
TOYOP RELIEF PRIVATE LIMITED |
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Registered
Office : |
Madhu Kunj, Navroji X Lane, Ghatkopar (West), Mumbai-400086,
Maharashtra |
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Country : |
India |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
06.09.2007 |
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Com. Reg. No.: |
11-173852 |
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Capital
Investment / Paid-up Capital : |
Rs. 45.000 Million |
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CIN No.: [Company Identification
No.] |
U51909MH2007PTC173852 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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PAN No.: [Permanent Account No.] |
Not Available |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Subject is Engaged is primarily engaged trade, exchange of deal
globally in relief materials and goods. |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (27) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 170000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track record. The rating reflects company moderate financial risk profile marked by
low reserves level and huge borrowings recorded by the company during FY 2014. However, trade relations are reported as fair. Business is active.
Payment 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.
ECGC Country Risk Classification List – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
Long term Rating (B-) |
|
Rating Explanation |
High risk of default |
|
Date |
May 2014 |
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Rating Agency Name |
ICRA |
|
Rating |
Short term Rating (A4) |
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Rating Explanation |
Minimal degree of safety and carry very high credit risk. |
|
Date |
May 2014 |
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.
LOCATIONS
|
Registered Office : |
Madhu Kunj, Navroji X Lane, Ghatkopar (West), Mumbai-400086,
Maharashtra, India |
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Tel. No.: |
91-22-67590000/25771647 |
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Fax No.: |
91-22-67590090/25778855 |
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E-Mail : |
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Website : |
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Administrative Office: |
Kanti Engineering Works, Harichand Mill Compound, L.B.S. Marg, Vikhroli
(West), Mumbai – 400079, Maharashtra, India |
DIRECTORS
As on: 30.09.2014
|
Name : |
Mr. Sachin Shashikanth Shah |
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Designation : |
Director |
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Address : |
Madhu Kunj, Navroji X Lane, Ghatkopar (West), Mumbai-400086,
Maharashtra, India |
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Date of Birth/Age : |
30.03.1962 |
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Date of Appointment : |
06.09.2007 |
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DIN No.: |
00732463 |
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Other Directorship:
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Name : |
Mr. Torall Sachin Shah |
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Designation : |
Director |
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Address : |
Madhu Kunj, Navroji X Lane, Ghatkopar (West), Mumbai-400086,
Maharashtra, India |
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Date of Birth/Age : |
11.02.1966 |
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Date of Appointment : |
06.09.2007 |
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DIN No.: |
01269627 |
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MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 23.09.2014
|
Names of Shareholders |
No. of Shares |
Percentage |
|
Sachin Shah |
3940000 |
87.55 |
|
Torall Shah |
140000 |
3.11 |
|
S S Shah (HUF) |
20000 |
0.45 |
|
Kanti Engineering Works |
400000 |
8.89 |
|
Total |
4500000 |
100.00 |
Equity Share Break up (Percentage of Total Equity)
As on: 30.09.2014
|
Category |
Percentage |
|
Directors or relatives of Directors |
91.00 |
|
Other top fifty shareholders |
9.00 |
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Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is Engaged is primarily engaged trade, exchange of deal
globally in relief materials and goods. |
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Products : |
- |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Available |
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Imports : |
Not Available |
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Terms : |
Not Available |
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
Not Available |
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Bankers : |
Bank of India, Ghatkopar (West) Branch,Deasi Niwas, M.G.Road, Ghatkopar (West), Mumbai - 400086, Maharashtra, India |
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Facilities : |
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Auditors : |
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Name : |
J P J and Company Chartered Accountants |
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Address : |
E-314, Neminath Apartment, Kambli Wadi Tejpal Road, Vile Parle East,
Mumbai-400057, Maharashtra, India |
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Tel. No.: |
91-22-26123447 |
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E-Mail : |
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PAN N Income-tax PAN of auditor or auditor's firm : |
AAIFJ8515F |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Fellow subsidiaries: |
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CAPITAL STRUCTURE
As on 30.09.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
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|
6,000,000 |
Equity Shares |
Rs.10/- each |
Rs. 60.000 Million |
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|
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
|
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|
4,500,000 |
Equity Shares |
Rs.10/- each |
Rs. 45.000
Million |
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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 |
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|
|
|
(1)Shareholders' Funds |
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|
|
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(a) Share Capital |
45.000 |
45.000 |
45.000 |
|
(b) Reserves & Surplus |
16.008 |
(2.953) |
18.453 |
|
(c) Money received against share warrants |
0.000 |
0.000 |
0.000 |
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|
|
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(2) Share
Application money pending allotment |
0.000 |
0.000 |
0.000 |
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Total
Shareholders’ Funds (1) + (2) |
61.008 |
42.047 |
63.453 |
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(3)
Non-Current Liabilities |
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(a) Long-term borrowings |
32.742 |
68.973 |
71.172 |
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(b) Deferred tax liabilities (Net) |
11.937 |
12.459 |
16.169 |
|
(c)
Other long term liabilities |
0.000 |
0.000 |
0.000 |
|
(d)
long-term provisions |
0.000 |
0.000 |
0.000 |
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Total
Non-current Liabilities (3) |
44.679 |
81.432 |
87.341 |
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(4) Current Liabilities |
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(a)
Short term borrowings |
246.397 |
204.056 |
244.400 |
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(b)
Trade payables |
38.659 |
173.501 |
152.215 |
|
(c)
Other current liabilities |
5.742 |
12.641 |
0.000 |
|
(d)
Short-term provisions |
9.186 |
0.631 |
11.067 |
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Total
Current Liabilities (4) |
299.984 |
390.829 |
407.682 |
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|
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TOTAL |
405.671 |
514.308 |
558.476 |
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II.
ASSETS |
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(1) Non-current assets |
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(a)
Fixed Assets |
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(i)
Tangible assets |
55.198 |
131.999 |
153.321 |
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(ii)
Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii)
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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(iv) Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
0.006 |
0.006 |
0.000 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan
and Advances |
6.430 |
5.169 |
0.000 |
|
(e)
Other Non-current assets |
0.000 |
0.000 |
0.000 |
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Total
Non-Current Assets |
61.634 |
137.174 |
153.321 |
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(2) Current assets |
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|
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|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
120.465 |
75.794 |
93.974 |
|
(c)
Trade receivables |
148.670 |
199.389 |
187.556 |
|
(d)
Cash and cash equivalents |
36.732 |
60.429 |
70.908 |
|
(e)
Short-term loans and advances |
36.784 |
36.615 |
52.717 |
|
(f)
Other current assets |
1.386 |
4.907 |
0.000 |
|
Total
Current Assets |
344.037 |
377.134 |
405.155 |
|
|
|
|
|
|
TOTAL |
405.671 |
514.308 |
558.476 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
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|
SALES |
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|
|
|
|
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|
Income |
703.131 |
544.816 |
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Other Income |
12.264 |
12.621 |
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|
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TOTAL (A) |
715.395 |
557.437 |
891.932 |
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|
|
|
|
|
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Less |
EXPENSES |
|
|
|
|
|
|
|
Purchases of Stock-in-Trade |
632.916 |
441.082 |
|
|
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(44.671) |
18.179 |
|
|
|
|
Employees benefits expense |
13.810 |
13.368 |
|
|
|
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Other expenses |
47.425 |
49.799 |
|
|
|
|
TOTAL
(B) |
649.480 |
522.428 |
|
|
|
|
|
|
|
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
65.915 |
35.009 |
901.826 |
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|
|
|
|
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|
Less |
FINANCIAL
EXPENSES (D) |
27.623 |
33.832 |
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|
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|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
38.292 |
1.177 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
12.270 |
24.912 |
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|
PROFIT (LOSS) BEFORE
TAX (E-F) (G) |
26.022 |
(23.736) |
(9.894) |
|
|
|
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|
|
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|
Less |
TAX (H) |
7.950 |
(3.710) |
(3.992) |
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|
PROFIT (LOSS)
AFTER TAX (G-H) (I) |
18.072 |
(20.026) |
(5.902) |
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EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
321.039 |
181.406 |
225.840 |
|
|
TOTAL EARNINGS |
321.039 |
181.406 |
225.840 |
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IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
241.615 |
159.811 |
178.086 |
|
|
TOTAL IMPORTS |
241.615 |
159.811 |
178.086 |
|
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|
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|
|
|
Earnings Per
Share (Rs.) |
4.02 |
(4.45) |
1.31 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT / Sales) |
(%) |
2.57 |
(3.68) |
NA |
|
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|
|
Operating Profit Margin (PBIDT/Sales) |
(%) |
9.37 |
6.43 |
NA |
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
6.41 |
(4.62) |
(1.77) |
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Return on Investment (ROI) (PBT/Networth) |
|
0.43 |
(0.56) |
(0.16) |
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|
Debt Equity Ratio (Total Debt /Networth) |
|
4.58 |
6.49 |
4.97 |
|
|
|
|
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|
|
Current Ratio (Current Asset/Current Liability) |
|
1.15 |
0.96 |
0.99 |
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 |
45.000 |
45.000 |
45.000 |
|
Reserves & Surplus |
18.453 |
(2.953) |
16.008 |
|
Net worth |
63.453 |
42.047 |
61.008 |
|
|
|
|
|
|
long-term borrowings |
71.172 |
68.973 |
32.742 |
|
Short term borrowings |
244.400 |
204.056 |
246.397 |
|
Total borrowings |
315.572 |
273.029 |
279.139 |
|
Debt/Equity ratio |
4.973 |
6.493 |
4.575 |
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) |
|
Total Revenue |
891.932 |
557.437 |
715.395 |
|
|
|
(37.502) |
28.336 |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Total Revenue |
891.932 |
557.437 |
715.395 |
|
Profit/Loss |
(5.902) |
(20.026) |
18.072 |
|
|
(0.66%) |
(3.59%) |
2.53% |
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 |
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 |
-- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
-- |
|
26] |
Buyer visit details |
-- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of Proprietor/Partner/Director,
if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
FINANCIALS
RESULTS:
The Gross Sales including other income for the current year was Rs. 715.300 million as against Rs. 557.400 million for the previous year. The company earned a profit of Rs. 26.000 Million before taxation as against Rs. (23.700) Million loss for the last year. The earning per shares was Rs. 40.200 per share as against Rs. (44.500) per share for the previous year. The company is confident of achieving higher growth in the financial; year 2015.
UNSECURED LOAN
|
|
|
|
|
Unsecured Loan |
31.03.2013 (Rs.
in Million) |
31.03.2012 (Rs.
in Million) |
|
Long-term Borrowings |
|
|
|
Unsecured Loan |
31.450 |
31.672 |
|
Short-term
borrowings |
|
|
|
Unsecured Loan |
0.586 |
3.151 |
|
|
|
|
|
Total |
32.036 |
34.823 |
CONTINGENT
LIABILITIES:
(Rs. in million)
|
PARTICULARS |
31.03.2014 |
|
Disputed Income Tax dues |
0.394 |
|
Disputed Indirect Income Tax dues |
0.169 |
|
Total |
0.563 |
INDEX OF CHARGES:
|
S.NO. |
CHARGE ID |
DATE OF CHARGE
CREATION/MODIFICATION |
CHARGE AMOUNT
SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST
NUMBER (SRN) |
|
1 |
10482095 |
30/01/2014 |
1,100,000.00 |
BANK OF INDIA |
GHATKOPAR (WEST) BRANCH, DEASI NIWAS,, M.G. ROAD,
GHATKOPAR (WEST), MUMBAI, MAHARASHTRA - 400086, INDI |
B98317423 |
|
2 |
10290511 |
28/04/2011 |
20,000,000.00 |
BANK OF INDIA |
GHATKOPAR (WEST) BRANCH, DESAI NIWAS, M. G. ROAD, |
B14381347 |
|
3 |
10208614 |
03/02/2010 |
182,000,000.00 |
BANK OF INDIA |
GHATKOPAR (WEST) BRANCH, DESAI NIWAS, M.G. ROAD, GHAKOPAR (WEST), MUMBAI, MAHARASHTRA - 400086, INDIA |
A81644577 |
|
4 |
10145064 |
28/04/2011 * |
474,000,000.00 |
BANK OF INDIA |
GHATKOPAR (WEST) BRANCH, DESAI NIWAS, M. G. ROAD, |
B14311104 |
|
5 |
10141793 |
29/12/2008 |
1,600,000.00 |
BANK OF INDIA |
GHATKOPAR (WEST) BRANCH, DESAI NIWAS,, M.G. ROAD, |
A56447626 |
* Date of charge modification
FIXED ASSETS:
- Plant and Machinery
- Tools and Machineries
- Furniture
- Office Equipment
- Computers
- Vehicles
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.61.20 |
|
|
1 |
Rs.94.71 |
|
Euro |
1 |
Rs.68.60 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
MTN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILITY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
27 |
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.