|
|
|
MIRA INFORM REPORT
|
Report No. : |
493678 |
|
Report Date : |
24.02.2018 |
IDENTIFICATION DETAILS
|
Name : |
TOPWORTH STEELS AND POWER PRIVATE LIMITED (w.e.f. 07.04.2008) |
|
|
|
|
Formerly Known
As : |
TOPWORTH STEELS PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
308, 3rd Floor, Ceejay House, Dr. A.B. Road, Worli, Mumbai
– 400018, Maharashtra |
|
Tel. No.: |
91-22-49174500 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2016 |
|
|
|
|
Date of
Incorporation : |
18.05.2004 |
|
|
|
|
Com. Reg. No.: |
11-146381 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
INR 930.672 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U51420MH2004PTC146381 |
|
|
|
|
IEC No.: [Import-Export Code No.] |
Not Divulged |
|
|
|
|
GSTIN : [Goods & Service Tax
Registration No.] |
27AACCT0878L1ZW |
|
|
|
|
TIN No: |
27050387193 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
|
|
|
|
PAN No.: [Permanent Account No.] |
AACCT0878L1 |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business : |
Manufacturer of Sponge Iron, MS Billets, MS Structure, H R
Coils,
Steel and Power Generation. [Registered Activity] |
|
|
|
|
No. of Employees
: |
Not Divulged |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
|
MIRA’s Rating : |
C |
|
Credit Rating |
Explanation |
Rating Comments |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow and delayed |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject was incorporated in the year 2004 and it is having moderate track. Management of the company has not filed its financial with the
government department for the year 2017. For the financial year 2016, the company has registered decrease in
its revenue from operation as compared to previous year and reported heavy
losses. Rating takes into consideration huge accumulated losses registered by
the company which has resulted into erosion of its entire networth. The rating constrained on account of group’s weak financial profile
marked by huge sizeable debt, company’s deterioration in its operational and
financial performance during the year and modest liquidity position. Further, as per indirect sources “Topworth” group has been facing
severe stress in its debt servicing from past few years. Trade relations are reported as poor. Business is active. Payment are
seems to be slow and delayed. In view of aforesaid, the company can be considered for business
dealings on fully safe and secured trade terms and conditions. |
NOTES:
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List
|
Country Name |
Previous Rating (30.09.2017) |
Current Rating (31.12.2017) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
D |
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
31-03-2016.
BIFR (Board for Industrial & Financial Reconstruction) LISTING
STATUS
Subject’s name is not listed as a Sick Unit in
the publicly available BIFR (Board for Industrial & Financial
Reconstruction) list as of 24.02.2018
IBBI (Insolvency and Bankruptcy Board of India) LISTING STATUS
Subject’s name is not listed in the publicly
available IBBI (Insolvency and Bankruptcy Board of India) list as of report
date.
INFORMATION DENIED BY
|
Name : |
Mr. Avinash Dutta |
|
Contact No.: |
91-9322293263 |
|
Date : |
23.02.2018 |
LOCATIONS
|
Registered / Corporate Office : |
308, 3rd Floor, Ceejay House, Dr. A.B. Road, Worli, Mumbai
– 400018, Maharashtra, India |
|
Tel. No.: |
91-22-24812000/ 49174500 |
|
Fax No.: |
91-22-24905010 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Factory / Marketing Department : |
Borai Industrial Growth Center, Village and P.O-Rasmada, District:
Durg, Chhattisgarh – 491001, India |
|
Tel. No.: |
91-788-3201086 / 6669101 |
|
Fax No.: |
91-788-6669109 |
|
E-Mail : |
DIRECTORS
As on 31.03.2017
|
Name : |
Mr. Abhay Narendra Lodha |
|
Designation : |
Director |
|
Address : |
Vaitarna Building, Flat No. 502, Sir Pochkhanwala Road, Worli, Mumbai
– 400030, Maharashtra, India |
|
Date of Birth/Age : |
01.06.1971 |
|
Date of Appointment : |
01.05.2011 |
|
Qualification |
B. Com, LLB |
|
PAN No.: |
AAKPL7249L |
|
DIN No.: |
00052194 |
|
|
|
|
Name : |
Mr. Ashwin Narendra Lodha |
|
Designation : |
Whole-time director |
|
Address : |
502, Vaitarna Worli Sagar CHS Limited, Sir Pochkanwala Road, Worli
Seaface, Worli, Mumbai – 400030, Maharashtra, India |
|
Date of Birth/Age : |
03.05.1976 |
|
Date of Appointment : |
31.12.2012 |
|
PAN No.: |
AAFPL4505R |
|
Qualification |
B. Com |
|
DIN No.: |
00066948 |
|
|
|
|
Name : |
Mr. Nitin Golchha |
|
Designation : |
Director |
|
Address : |
SM 59, Ward – 43, Padmanbhpur, Durg – 491001, Chhattisgarh, India |
|
Date of Birth/Age : |
13.09.1978 |
|
Date of Appointment : |
02.01.2006 |
|
PAN No.: |
AGFPG5147D |
|
Qualification |
B. Com |
|
DIN No.: |
01669634 |
|
|
|
|
Name : |
Mr. Surendra Champalal Lodha |
|
Designation : |
Director |
|
Address : |
126-128, Shriram Tower, Kingsway, Sadar, Nagpur – 440001, Maharashtra,
India |
|
Date of Birth/Age : |
05.05.1965 |
|
Date of Appointment : |
10.05.2010 |
|
PAN No.: |
AAFPL4505J |
|
Qualification |
B. Com |
|
DIN No.: |
00044782 |
KEY EXECUTIVES
|
Name : |
Shivan Sharma and Associates |
|
Designation : |
Company Secretaries |
|
Address : |
304, Pavapuri Building, Opposite G.H. School/ Dena Bank, Cross M.G. Road,
Borivali (East), Mumbai – 400066, Maharashtra, India |
|
Mob. No: |
91-9769892542 |
|
Email: |
MAJOR SHAREHOLDERS
As on 31.03.2016
|
Names of Shareholders |
|
No. of Shares |
|
Abhay Narendra Lodha |
|
1 |
|
Crest Steel and Power Private Limited, India |
|
93067157 |
|
Total |
|
93067158 |
Equity Share Break up (Percentage of Total Equity)
As on: 30.09.2016
|
Category |
Percentage |
|
Promoters (Body corporate) |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Sponge Iron, MS Billets, MS Structure, H R
Coils,
Steel and Power Generation. [Registered Activity] |
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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 Divulged |
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|
||||||||||
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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 : |
Not Divulged |
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Bankers : |
|
||||||||||||||||||||||
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||||||||||||||||||||||
|
Facilities : |
|
|
Auditors : |
|
|
Name : |
Jain and Chhoriya Chartered Accountants |
|
Address : |
59, Gaya Building, 4th Floor, 109, Yusuf Meher Ali Road, Masjid Bunder, Mumbai – 400003, Maharashtra, India |
|
PAN No.: |
AADFJ9495M |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Holding Company: |
Crest Steel And Power Private Limited (U27109CT2004PTC016643) |
|
|
|
|
Associates : |
· Champalal Motilal Steel Company Private Limited, India (U27100MH2000PTC127176) · [U27100MH2000PTC127176] · Topworth Urja and Metal Limited, India [U27109MH1993PLC074950] · Satyarth Steel and Power Private Limited, India [U27106CT2002PTC015375] |
|
|
|
|
Subsidiary |
· Topworth Energy Private Limited (U40108MH2007PTC167396) · Topworth Steels and Power Singapore PTE Limited, Singapore · Topworth International Steels DMCC, United Arab Emirates · Topworth Energy Mozambique Limited, Mozambique · Topworth Metals (South Africa) Proprietary Limited, South Africa |
CAPITAL STRUCTURE
AS ON 30.09.2016
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
100000000 |
Equity Shares |
INR 10/- each |
INR 1000.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
93067158 |
Equity Shares |
INR 10/- each |
INR 930.672 Million |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in INR Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
930.672 |
930.672 |
904.585 |
|
(b) Reserves and Surplus |
(1151.289) |
4721.780 |
5357.121 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
(d) Minority interest |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending
allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
(220.617) |
5652.452 |
6261.706 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
2680.834 |
3339.288 |
2882.710 |
|
(b) Deferred tax liabilities (Net) |
574.724 |
559.321 |
528.358 |
|
(c) Other long-term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term
provisions |
0.000 |
0.000 |
0.000 |
|
Total Non-current
Liabilities (3) |
3255.557 |
3898.609 |
3411.068 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short-term
borrowings |
12790.510 |
4009.400 |
2488.453 |
|
(b) Trade
payables |
3105.297 |
10174.612 |
9520.356 |
|
(c) Other
current liabilities |
266.630 |
26.470 |
351.126 |
|
(d) Short-term
provisions |
526.343 |
522.500 |
529.909 |
|
Total Current Liabilities
(4) |
16688.780 |
14732.982 |
12889.844 |
|
|
|
|
|
|
TOTAL |
19723.721 |
24284.043 |
22562.618 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
3857.261 |
3792.021 |
4003.861 |
|
(ii)
Intangible Assets |
1.488 |
2.139 |
2.790 |
|
(iii) Tangible assets
capital work-in-progress |
0.000 |
349.504 |
349.164 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
729.329 |
668.537 |
1581.935 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d)
Long-term loans and advances |
951.409 |
991.552 |
114.588 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
5539.487 |
5803.753 |
6052.338 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
2928.542 |
5054.536 |
4563.210 |
|
(c) Trade
receivables |
6511.859 |
9579.505 |
8538.013 |
|
(d) Cash and
bank balances |
638.123 |
1487.061 |
1637.523 |
|
(e)
Short-term loans and advances |
4098.704 |
2252.688 |
1760.623 |
|
(f) Other
current assets |
7.006 |
106.500 |
10.911 |
|
Total
Current Assets |
14184.234 |
18480.290 |
16510.280 |
|
|
|
|
|
|
TOTAL |
19723.721 |
24284.043 |
22562.618 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
|
SALES |
|
|
|
|
|
Total
Revenue from operations |
14693.720 |
27766.984 |
26913.863 |
|
|
Other Income |
544.118 |
211.096 |
209.823 |
|
|
TOTAL |
15237.838 |
27978.080 |
27123.686 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
2948.239 |
8387.815 |
7892.727 |
|
|
Purchases of
Stock-in-Trade |
10349.730 |
17519.650 |
16775.839 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
83.792 |
146.998 |
(946.939) |
|
|
Employee benefit expense |
183.163 |
189.086 |
172.244 |
|
|
CSR expenditure |
1.029 |
0.059 |
0.516 |
|
|
Other expenses |
3716.257 |
841.874 |
1397.930 |
|
|
Exceptional items |
2241.984 |
1.393 |
0.000 |
|
|
TOTAL |
19524.194 |
27086.875 |
25292.317 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
(4286.356) |
891.205 |
1831.369 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
1351.969 |
1410.058 |
1105.362 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
(5638.325) |
(518.853) |
726.007 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
219.341 |
223.561 |
261.113 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
(5857.666) |
(742.414) |
464.894 |
|
|
|
|
|
|
|
Less |
TAX |
15.403 |
30.963 |
140.711 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
(5873.069) |
(773.377) |
324.183 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
(63.11) |
(8.311) |
3.48 |
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
Current Maturities of Long term debt |
NA |
NA |
NA |
|
|
|
|
|
|
Net cash flows from (used in) operations |
(8882.107) |
(1548.847) |
913.441 |
|
|
|
|
|
|
Net cash flows from (used in) operating activities |
(8897.510) |
(1579.810) |
913.441 |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
|
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
Average Collection Days [Sundry Debtors / Income * 365] |
|
161.76 |
125.92 |
115.79 |
|
|
|
|
|
|
|
Account Receivables Turnover [Income / Sunday Debtors] |
|
2.26 |
2.90 |
3.15 |
|
|
|
|
|
|
|
Average Payment Days [Sundry Creditors /
Purchases * 365] |
|
85.23 |
143.35 |
140.86 |
|
|
|
|
|
|
|
Inventory Turnover [Operating Income /
Inventories] |
|
(1.46) |
0.18 |
0.40 |
|
|
|
|
|
|
|
Asset Turnover [Operating Income / Net Fixed
Assets] |
|
(1.11) |
0.22 |
0.42 |
LEVERAGE RATIOS
|
PARTICULARS |
|
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
Debt Ratio [(Borrowing + Current Liabilities) / Total Assets] |
|
0.98 |
0.74 |
0.70 |
|
|
|
|
|
|
|
Debt Equity Ratio (Borrowings / NetWorth) |
|
(70.13) |
1.30 |
0.86 |
|
|
|
|
|
|
|
Current Liabilities to Networth (Current
Liabilities / NetWorth) |
|
(75.65) |
2.61 |
2.06 |
|
|
|
|
|
|
|
Fixed Assets to NetWorth (Net Fixed Assets /
NetWorth) |
|
(17.49) |
0.73 |
0.70 |
|
|
|
|
|
|
|
Interest Coverage Ratio [PBIT / Financial
Charges] |
|
(3.17) |
0.63 |
1.66 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
Net Profit Margin [(PAT / Sales) * 100] |
(%) |
(39.97) |
(2.79) |
1.20 |
|
|
|
|
|
|
|
Return on Total Assets [(PAT / Total Assets)
* 100] |
(%) |
(29.78) |
(3.18) |
1.44 |
|
|
|
|
|
|
|
Return on Investment (ROI) [(PAT / NetWorth)
* 100] |
(%) |
2662.11 |
(13.68) |
5.18 |
SOLVENCY RATIO
|
PARTICULARS |
|
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
Current Ratio [Current Assets / Current Liabilities] |
|
0.85 |
1.25 |
1.28 |
|
|
|
|
|
|
|
Quick Ratio [(Current Assets - Inventories) /
Current Liabilities] |
|
0.67 |
0.91 |
0.93 |
|
|
|
|
|
|
|
G-Score Ratio Financial [NetWorth / Total
Assets] |
|
(0.01) |
0.23 |
0.28 |
|
|
|
|
|
|
|
G-Score Ratio Debt [Debts / Equity Capital] |
|
16.62 |
7.90 |
5.94 |
|
|
|
|
|
|
|
G-Score Ratio Liquidity [Total Current
Assets / Total Current Liabilities] |
|
0.85 |
1.25 |
1.28 |
Total Liability =
Short-term Debt + Long-term Debt + Current Maturities of Long-term debts
FINANCIAL ANALYSIS
[all figures are
in INR Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2014 |
31.03.2015 |
31.03.2016 |
|
|
(INR
In Million) |
(INR
In Million) |
(INR
In Million) |
|
Share Capital |
904.585 |
930.672 |
930.672 |
|
Reserves & Surplus |
5357.121 |
4721.780 |
(1151.289) |
|
Net
worth |
6261.706 |
5652.452 |
(220.617) |
|
|
|
|
|
|
Long-term borrowings |
2882.710 |
3339.287 |
2680.833 |
|
Short term borrowings |
2488.453 |
4009.400 |
12790.510 |
|
Total
borrowings |
5371.163 |
7348.687 |
15471.343 |
|
Debt/Equity
ratio |
0.858 |
1.300 |
(70.128) |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2014 |
31.03.2015 |
31.03.2016 |
|
|
(INR
In Million) |
(INR
In Million) |
(INR
In Million) |
|
Sales |
26913.863 |
27766.984 |
14693.720 |
|
|
|
3.170 |
(47.082) |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2014 |
31.03.2015 |
31.03.2016 |
|
|
(INR
In Million) |
(INR
In Million) |
(INR
In Million) |
|
Sales |
26913.863 |
27766.984 |
14693.720 |
|
Profit/ (Loss) |
324.183 |
(773.377) |
(5873.069) |
|
|
1.20
% |
(2.79
%) |
(39.97
%) |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
No |
|
5 |
Buyer visit details |
-- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
Yes |
|
8 |
Designation of contact person |
No |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
Yes |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
No |
|
16 |
No. of employees |
No |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
Yes |
|
22 |
Conduct of the banking account |
-- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
No |
|
26 |
Turnover of firm for last three years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
No |
|
32 |
Litigations that the firm/promoter
involved in |
-- |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
BRIEF DESCRIPTION OF THE
COMPANY’S WORKING DURING THE YEAR/STATE OF COMPANY’S AFFAIR
During the year, the Company’s Total Turnover stood at INR 15237.838 million as against to INR 27.978 million in the previous year. The company posted a Loss before Depreciation and taxation INR 3396.341 million as against loss of INR 517.460 million in the previous year.
Since the accumulated losses have exceeded the net worth of the company, The Board have formed an opinion that the company has prima facie become a Sick Industrial Company and therefore it is required to make a reference to the BIFR under the proviso to Section 15(1) of the Sick Industrial (Special Provisions) Act, 1985 (SICA).
UNSECURED LOANS:
|
Particulars |
31.03.2016 INR In Million |
31.03.2015 INR In Million |
|
LONG TERM BORROWINGS |
|
|
|
Rupee term loans from others |
102.808 |
0.000 |
|
Loans and
advances from others |
0.000 |
920.736 |
|
Trade payable for
capital goods |
24.370 |
26.453 |
|
Deferred Payment
liabilities |
80.664 |
80.664 |
|
Total |
207.842 |
1027.853 |
INDEX
OF CHARGES:
|
SNo |
SRN |
Charge Id |
Charge Holder Name |
Date of Creation |
Date of Modification |
Date of Satisfaction |
Amount |
Address |
|
1 |
G75062273 |
100152740 |
SREI EQUIPMENT FINANCE LIMITED |
30/06/2017 |
- |
- |
9722057.0 |
'VISHWAKARMA', 86C, TOPSIA ROAD,KOLKATAWe700046IN |
|
2 |
C67113175 |
10596717 |
UNION BANK OF INDIA |
19/09/2015 |
- |
- |
250000000.0 |
INDUSTRIAL FINANCE BRANCH,66/80, MUMBAI SAMACHAR MARG, FORT,MUMBAIMH400023IN |
|
3 |
C47801121 |
10557209 |
CENTRAL BANK OF INDIA |
09/12/2014 |
- |
- |
180000000.0 |
CORPORATE FINANCE BRANCHCHANDER MUKHI, NARIMAN POINTMUMBAIMH400021IN |
|
4 |
C57295305 |
10506750 |
State Bank of India |
23/05/2014 |
30/04/2015 |
- |
17305900000.0 |
Backbay Reclamation Branch, Raheja Chambers,Free Press Journal Marg, Nariman Point,MumbaiMH400021IN |
|
5 |
B98849664 |
10483474 |
UNION BANK OF INDIA |
18/02/2014 |
- |
- |
820000000.0 |
INDUSTRIAL FINANCE BRANCH,66/80, MUMBAI SAMACHAR MARG, FORT,MUMBAIMH400023IN |
|
6 |
B87562302 |
10455102 |
ALLAHABAD BANK |
13/09/2013 |
- |
- |
1000000000.0 |
Industrial Finance Branch37,Mumbai Samachar Marg,FortMumbaiMH400023IN |
|
7 |
B76764182 |
10430209 |
STATE BANK OF PATIALA |
21/05/2013 |
- |
- |
250000000.0 |
COMMERCIAL BRANCH, ATLANTA FIRST FLOORJAMNALAL BAJAJ MARG NARIMAN POINTMUMBAIMH400021IN |
|
8 |
B66128018 |
10397675 |
The Cosmos Co-op. Bank Limited |
14/01/2013 |
- |
- |
410000000.0 |
36A, Maru NiketanD. L. Vaidya Road, Dadar (W)MumbaiMH400028IN |
|
9 |
B64289853 |
10392369 |
INDIAN BANK |
05/12/2012 |
- |
- |
86000000.0 |
Mumbai Fort BranchUnited India Building, Sir P.M. Road, FortMumbaiMH400001IN |
|
10 |
B97877575 |
10387352 |
CENTRAL BANK OF INDIA |
17/10/2012 |
25/02/2014 |
- |
932500000.0 |
CORPORATE FINANCE BRANCHCHANDER MUKHI, GROUND FLOOR, NARIMAN POINTMUMBAIMH400021IN |
FIXED ASSETS:
Tangible assets
· Land
· Buildings
· Plant and equipment
· Furniture and fixtures
· Vehicles
· Office equipment
· Computer equipments
· Other equipments
Intangible assets
· Computer software
PRESS RELEASE:
BANKS APPROACH COURTS
TO RECOVER TOPWORTH DEBT
MUMBAI/KOLKATA: Additions to India’s bloated bad-loans inventory are unlikely to cease soon, with about a dozen lenders now approaching debt-recovery courts to recover a part of their estimated credit exposure of INR 173000.000 million to Mumbai-based Topworth.
Lenders led by the State Bank of India (SBI) and Punjab National Bank (PNBBSE
-1.09 %) are filing cases in the Mumbai debt recovery tribunal (DRT) –– either
individually or as a consortium –– against Top worth Urja & Metals, Phoenix
Impex and Poscho Steels for cumulative defaults of about INR 32000.000 million,
two people familiar with the matter told ET.
Bank of Baroda has already filed a case against Topworth Pipes & Tubes in
Mumbai DRT to recover INR 3560.000 million.
Lenders are seeking quick recovery of loans to Topworth to prevent further
deterioration in asset-quality. “All our credit exposure to this group is now
marked as non-performing assets. We are taking legal action. We have filed
cases at DRT Mumbai, while some more cases will be filed in the next two
weeks,” said a senior PNB official. PNB has INR 9000.000 million of exposure to
Topworth.
The recovery initiative comes amid concerns over asset-quality slippages that caused lenders to recognise sticky loans of INR 0.697 lakh million, or 9.3% of total advances until December 31, according to statistics compiled by CARE Ratings. Bad loans have risen 135% from INR 0.262 lakh million in the past two years even after the central bank announcing multiple restructuring packages to provide stragglers the opportunity to revive their businesses. Topworth has disputed the quantum of loans. “The total exposure of INR 173000.000 million mentioned by the in the email is way beyond the real numbers,” the group said, responding to ET’s mail to chairman Abhay Lodha.
“Their exposure across the four flagship group companies i.e. Topworth Steel & Power, Crest Steel & Power, Topworth Urja & Metals and Topworth Pipes & Tubes is INR 52000.000 million,” the group said. “The other companies that are mentioned (in the mail) are holding companies which have assets under them and these companies have given corporate guarantees against loans. The banks create a charge against the collateral given, (and) it seems you are calculating total exposure including the charge created, which ideally should not be the case,” said the group.
Arijit Chakraborty, a practising chartered accountant, said creating a charge against collateral means that these are secured loans and are backed by tangible security. For a bank, however, secured loans also form a part of the total exposure to a business entity. Nishit Dhruva, managing partner at MDP & Partners that is representing PNB and SBI at DRT Mumbai, refused to comment as the matter is sub-judice. Anant Bamne, the advocate representing BoB, too declined to comment.
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 records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper payments
to government officials for engaging in prohibited transactions or with
designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority for
any financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
INR |
|
US Dollar |
1 |
INR 64.82 |
|
|
1 |
INR 90.40 |
|
Euro |
1 |
INR 79.76 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Analysis Done by
: |
PSD |
|
|
|
|
Report Prepared
by : |
MTN |
SCORE FACTORS
|
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 |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
D |
High Risk |
Business dealing not recommended or on
secured terms only |
|
NB |
New Business |
No recommendation can be done due to
business in infancy stage |
|
NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.