MIRA INFORM REPORT

 

 

Report No. :

495497

Report Date :

06.03.2018

 

 

 

IDENTIFICATION DETAILS

 

Name :

TOPWORTH URJA AND METALS LIMITED (w.e.f. 29.06.2010)

 

 

Formerly Known As :

SHREE VIRANGANA STEELS LIMITED (w.e.f19.11.2001)

 

SHREE VIRANGANA STEELS PRIVATE LIMITED

 

 

Registered Office :

308, 3rd Floor Ceejay House, Dr. A. B. Road, Worli, Mumbai – 400018, Maharashtra

Tel. No.:

91-22-24812000

 

 

Country :

India

 

 

Financials (as on) :

31.03.2016

 

 

Date of Incorporation :

05.11.1993

 

 

Com. Reg. No.:

11-074950

 

 

Capital Investment / Paid-up Capital :

INR 508.582 Million

 

 

CIN No.:

[Company Identification No.]

U27109MH1993PLC074950

 

 

IEC No.:

[Import-Export Code No.]

Not Available

 

 

GSTN :

[Goods & Service Tax Registration No.]

Not Available

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

Not Available

 

 

PAN No.:

[Permanent Account No.]

AACCS5396N

 

 

Legal Form :

A Closely Held Public Limited Liability Company

 

 

Line of Business :

Manufacturer of sponge iron, steel and power generation. (Registered Activity)

 

 

No. of Employees :

Not Available

 

 

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 is a part of Top Worth Group and it is a subsidiary of “Crest Steel and Power Private Limited”. Incorporated in the year 1993.

 

Management has failed to file its financials with the Government Registry for the year 2017.

 

As per the available financials of 2016, the company has reported a decline in its revenue as compared to its previous year and has incurred heavy operational losses. The losses has been accumulated which led to complete erosion of the net worth.

 

Rating gets 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 along with modest liquidity position.

 

Further, as per indirect source “Top Worth Group has been facing severe stress in its debt servicing from past few years.

 

Payments seems to be slow and delayed.

 

In view of aforesaid, the company can be considered for business dealing on fully safe and secured 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 05.03.2018

 

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.

 

 

LOCATIONS

 

Registered Office :

308, 3rd Floor Ceejay House, Dr. A. B. Road, Worli, Mumbai – 400018, Maharashtra, India

Tel. No.:

91-22-24812000

Fax No.:

91-22-24905010

E-Mail :

secretarial@topworthgroup.com

info@topworthgroup.com

Website :

www.topworthgroup.com

 

 

Corporate Office :

16th Floor, Tower 3, Indiabulls Finance Centre Senapati Bapat Marg,
Elphistone Road (West), Mumbai – 400013, Maharashtra, India

 

 

Factory 1:

Mouza Ukkerwadi, Village : Heti, Umred Road, Nagpur – 441204, Maharashtra, India

Tel. No.:

91-7116-249071/73

E-Mail :

tuml@topworthgroup.com

 

Factory 2:

126-128, 1st Floor, Shriram Towers, Kingsway, Sadar, Near NIT Office, Nagpur – 400001, Maharashtra, India 

Telefax No. :

91-712-2527120/2527122

E-Mail :

mailadmin@topworthgroup.com

 

 

DIRECTORS

 

AS ON 31.03.2017

 

Name :

Mr. Surendra Champalal Lodha

Designation :

Whole Time Director

Address :

126-128, 1st Floor, Shriram Towers, Kingsway, Sadar, Nagpur – 400001, Maharashtra, India 

Date of Birth/Age :

05.05.1965

Qualification :

B.Com

Date of Appointment :

28.02.2008

DIN No.:

00044782

Other Directorship:

CIN/FCRN

COMPANY NAME

BEGIN DATE

END DATE

U70102MH2005PTC150547

PHOENIX REALTORS PRIVATE LIMITED

20/01/2012

-

U51420MH2004PTC146381

TOPWORTH STEELS AND POWER PRIVATE LIMITED

10/05/2010

-

U45400MH2012PTC229926

TOPWORTH TOLLWAYS (BELA) PRIVATE LIMITED

19/04/2012

-

U45400MH2012PTC229479

TOPWORTH TOLLWAYS (MANGAWAN) PRIVATE LIMITED

11/04/2012

-

U45203MH2010PTC202797

TOPWORTH TOLLWAYS (UJJAIN) PRIVATE LIMITED

28/09/2012

-

U45208MH2010PTC202453

TOPWORTH TOLLWAYS (SATNA) PRIVATE LIMITED

28/09/2012

-

U45202MH2008PTC182415

TOPWORTH INFRA PRIVATE LIMITED

01/01/2018

-

U14200MH2008PTC182964

TOPWORTH METALS & ENERGY PRIVATE LIMITED

16/11/2015

-

U14100MH2008PTC179793

TOPWORTH CEMENT PRIVATE LIMITED

07/03/2008

-

U27109CT2004PTC016643

CREST STEEL AND POWER PRIVATE LIMITED

28/06/2007

-

 

 

Name :

Mr. Shishir Shivaji Hiray

Designation :

Director

Address :

Opposite LIC Camp Road, Malegaon – 423203, Maharashtra, India

Date of Appointment :

30.09.2013

DIN No.:

02032125

Other Directorship:

CIN/FCRN

COMPANY NAME

BEGIN DATE

END DATE

U27109CT2004PTC016643

CREST STEEL AND POWER PRIVATE LIMITED

29/09/2014

-

U33125MH2008PTC181822

MALEGAON MEDICAL RESEARCH FOUNDATION PRIVATE LIMITED

01/05/2008

-

U74990MH2010PLC211295

GIRANAMOSAM SUGAR AGRO AND ALLIED INDUSTRIES LIMITED

23/12/2010

-

U27310MH2012PTC235183

AURUM ISPAT PRIVATE LIMITED

17/05/2013

-

U52300MH2012PTC235767

KARTIKA MULTITRADING PRIVATE LIMITED

17/05/2013

-

U70102MH2005PTC150548

AKSHATA REALTORS PRIVATE LIMITED

28/09/2015

-

U29120MH2005PTC157395

TOPWORTH PIPES & TUBES PRIVATE LIMITED

27/09/2014

-

 

 

Name :

Mr. Harshraj Shantilal Bagmar

Designation :

Director

Address :

Main Road Dhanraj Nagar, District Amravati, Chandur Railway, Amravati -   444904, Maharashtra, India

Date of Appointment :

13.11.2014

DIN No.:

06939529

Other Directorship:

CIN/FCRN

COMPANY NAME

BEGIN DATE

END DATE

U40108MH2007PTC167396

TOPWORTH ENERGY PRIVATE LIMITED

24/08/2015

-

U27203MH2007PTC176991

TOPWORTH ALUMINIUM PRIVATE LIMITED

11/09/2014

-

U11200MH2009PTC190088

TOPWORTH PETROLEUM PRIVATE LIMITED

11/09/2014

-

U40109MH2009PTC196427

TOPWORTH GUJARAT POWER PRIVATE LIMITED

11/09/2014

-

U62200MH2010PTC199116

TOPWORTH AIRWAYS PRIVATE LIMITED

18/09/2014

-

U29120MH2005PTC157395

TOPWORTH PIPES & TUBES PRIVATE LIMITED

30/09/2015

-

U45400DL2007PTC166124

YAMUNOTRI PROJECT COMPANY PRIVATE LIMITED

30/09/2015

-

 

 

Name :

Mr. Madhurr Soma Manghnani

Designation :

Additional Director

Address :

503, Ivory Tower, I Juhu Tara Road, Mumbai - 400049, Maharashtra, India

Date of Appointment :

28.08.2015

DIN No.:

07266565

 

 

KEY EXECUTIVES

 

Name :

Kavita Anil Javher

Designation :

Company Secretary

Address :

Javheri Niwas, Sathe Wada Gandhi Chowk, Kalyan (West), Thane-421301, Maharashtra, India

Date of Appointment :

15.12.2015

PAN No.:

AKGPJ6492B

 

 

MAJOR SHAREHOLDERS

 

AS ON 31.03.2016

 

Names of Shareholders

No. of Shares

Abhay Narendra Lodha

1

Ashwin Lodha

1

Sheela Lodha

1

Mona Lodha

1

Surendra Lodha

1

Rajesh Kumar Jain

1

Crest Steel and Power Private Limited, India

4741684

Total

4741690

 

Names of Preference Shareholders

 

No. of Shares

Crest Steel and Power Private Limited, India

916667

Total

916667

 

 

Equity Share Break up (Percentage of Total Equity)

 

AS ON 16.09.2016

 

Category

Percentage

Promoters- Body corporate

100.00

Total

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer of sponge iron, steel and power generation. (Registered Activity)

 

 

Products / Services :

Name and Description of main products / services

NIC Code of the Product/service

TMT Bar sale

24103

HR Coils, CR, scrap

24109

 

 

Brand Names :

Not Available

 

 

Agencies Held :

Not Available

 

 

Exports :

Not Available

 

 

Imports :

Not Available

 

 

Terms :

Not Available

 

 

PRODUCTION STATUS – (NOT AVAILABLE)

 

 

GENERAL INFORMATION

 

Suppliers :

Reference :

Not Available

Name of the Person :

--

Contact No.:

--

Since How Long Known :

--

Maximum Limit Dealt :

--

Experience :

--

Remark:

--

 

 

Customers :

 

Reference :

Not Available

Name of the Person :

--

Contact No.:

--

Since How Long Known :

--

Maximum Limit Dealt :

--

Experience :

--

Remark:

--

 

 

No. of Employees :

Not Available

 

 

Bankers :

Banker Name :

State Bank of India

Branch :

Backbay Reclamation, Nariman Point, Mumbai-400021, Maharashtra, India

Person Name (With Designation) :

--

Contact Number :

--

Name of Account Holder :

--

Account Number :

--

Account Since (Date/Year of Account Opening) :

--

Average Balance Maintained :

--

Credit Facilities Enjoyed (CC/OD/Term Loan) :

--

Account Operation :

--

Remark :

--

 

 

Facilities :

(INR In Million)

SECURED LOAN

As on

31.03.2016

As on

31.03.2015

LONG TERM BORROWING

 

 

Term loans from banks

4203.520

3774.899

SHORT TERM BORROWING

 

 

Working capital loans from banks

4883.668

917.300

Total

9087.188

4692.199

 

 

Auditors :

 

Name :

Jain and Chhoriya

Chartered Accountants

Address :

59, Gaya Building, 4th Floor, Yusuf Meher Ali Road, Masjid Bunder, Mumbai-400003, Maharashtra, India

Tel No.:

91-9320278797

Email:

fcajain@gmail.com

sunilgjain@gmail.com

PAN N Income-tax PAN of auditor or auditor's firm :

AADFJ9495M

 

 

Memberships :

Not Available

 

 

Collaborators :

Not Available

 

 

Holding Company:

·         Crest Steel And Power Limited – [U27109CT2004PTC016643]

·         Topworth Steels and Power Private Limited - [U51420MH2004PTC146381]

 

 

Subsidiary/Associates:

·         Topworth Pipes and Tubes Private Limited - [U29120MH2005PTC157395]

·         Topworth Infra Private Limited – [U45202MH2008PTC182415]

·         Akshata Realtors Private Limited

·         TopworthAluminium Private Limited

·         Topworth Infra Private Limited

·         Phoenix Realtors Private Limited

 

 

CAPITAL STRUCTURE

 

AS ON 31.03.2016

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

5700000

Equity Shares

INR 100/- each

INR 570.000 Million

1000000

Preference Shares

INR 10/each

INR 10.000 Million

 

Total

 

INR 580.000 Million

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

4994159

Equity Shares

INR 100/- each

INR 499.415 Million

916667

Preference Shares

INR 10/each

INR 9.167 Million

 

Total

 

INR 508.582 Million

 

 

FINANCIAL DATA

[all figures are 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

508.582

483.336

483.336

(b) Reserves & Surplus

(926.947)

2382.489

3844.752

(c) Money received against share warrants

0.000

0.000

0.000

 

 

 

 

(2) Share Application money pending allotment

0.000

230.000

0.000

Total Shareholders’ Funds (1) + (2)

(418.365)

3095.825

4328.088

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

4203.520

3774.899

3509.983

(b) Deferred tax liabilities (Net)

365.246

2065.154

1682.522

(c) Other long term liabilities

2065.153

677.522

524.501

(d) long-term provisions

0.000

0.000

0.000

Total Non-current Liabilities (3)

6633.919

6517.575

5717.006

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

4883.668

917.300

1674.422

(b) Trade payables

4893.532

6834.231

5291.835

(c) Other current liabilities

216.120

1107.844

413.708

(d) Short-term provisions

436.983

337.252

304.874

Total Current Liabilities (4)

10430.303

9196.627

7684.839

 

 

 

 

TOTAL

16645.857

18810.027

17729.933

 

 

 

 

II.          ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

6725.777

7218.244

7609.216

(ii) Intangible Assets

0.000

0.000

0.000

(iii) Capital work-in-progress

231.853

219.344

312.495

(iv) Intangible assets under development

0.000

0.000

0.000

(b) Non-current Investments

0.000

0.000

0.000

(c) Deferred tax assets (net)

0.000

0.000

0.000

(d)  Long-term Loan and Advances

0.000

0.000

1.840

(e) Other Non-current assets

0.000

0.000

0.000

Total Non-Current Assets

6957.630

7437.588

7923.551

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

2.595

2.595

0.855

(b) Inventories

1023.511

1287.710

1514.374

(c) Trade receivables

7194.641

8631.843

6352.937

(d) Cash and cash equivalents

452.120

793.745

739.258

(e) Short-term loans and advances

976.027

619.656

1150.555

(f) Other current assets

39.333

36.890

48.403

Total Current Assets

9688.227

11372.439

9806.382

 

 

 

 

TOTAL

16645.857

18810.027

17729.933

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2016

31.03.2015

31.03.2014

 

SALES

 

 

 

 

Income

11710.671

18418.600

15181.299

 

Other Income

191.073

248.725

129.367

 

TOTAL

11901.744

18667.325

15310.666

 

 

 

 

 

Less

EXPENSES

 

 

 

 

Cost of Materials Consumed

11358.510

17531.316

13028.755

 

Changes in inventories of finished goods, work-in-progress and Stock-in-Trade

223.485

86.938

(172.688)

 

Employees benefits expense

110.176

117.388

87.928

 

CSR expenses

1.455

313.787

267.607

 

exceptional item

186.419

213.550

0.000

 

Other expenses

2423.473

102.166

80.263

 

TOTAL

14303.518

18365.145

13291.865

 

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION

(2401.774)

302.180

2018.801

 

 

 

 

 

Less

FINANCIAL EXPENSES

1146.079

1112.843

925.985

 

 

 

 

 

 

PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION

(3547.853)

(810.663)

1092.816

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION

278.611

282.208

304.709

 

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE TAX

(3826.464)

(1092.871)

788.107

 

 

 

 

 

Less

TAX

(312.276)

153.021

325.167

 

 

 

 

 

 

PROFIT/ (LOSS)  AFTER TAX 

(3514.188)

(1245.892)

462.940

 

 

 

 

 

 

IMPORTS

 

 

 

 

Raw Materials

0.000

0.000

47.354

 

Components and Stores parts

0.000

1.115

0.432

 

Capital Goods

0.000

0.000

0.000

 

TOTAL IMPORTS

0.000

1.115

47.786

 

 

 

 

 

 

Earnings / (Loss) Per Share (INR)

 (703.36)

(262.75)

108

 

 

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

Cash generated from operations

(4149.352)

753.602

765.862

Net cash flows from (used in) operations

(4149.352)

753.602

765.862

 

 

KEY RATIOS

 

EFFICIENCY RATIOS

 

PARTICULARS

 

31.03.2016

31.03.2015

31.03.2014

Average Collection Days

(Sundry Debtors / Income * 365 Days)

224.24

171.06

152.74

 

 

 

 

Account Receivables Turnover

(Income / Sundry Debtors)

1.63

2.13

2.39

 

 

 

 

Average Payment Days

(Sundry Creditors / Purchases * 365 Days)

157.25

142.29

148.25

 

 

 

 

Inventory Turnover

(Operating Income / Inventories)

(2.35)

0.23

1.33

 

 

 

 

Asset Turnover

(Operating Income / Net Fixed Assets)

(0.35)

0.04

0.25

 

LEVERAGE RATIOS

 

PARTICULARS

 

31.03.2016

31.03.2015

31.03.2014

Debt Ratio

((Borrowing + Current Liabilities) / Total Assets)

0.88

0.69

0.63

 

 

 

 

Debt Equity Ratio

(Total Liability / Networth)

(21.72)

1.56

1.20

 

 

 

 

Current Liabilities to Networth

(Current Liabilities / Net Worth)

(24.93)

2.97

1.78

 

 

 

 

Fixed Assets to Networth

(Net Fixed Assets / Networth)

(16.63)

2.40

1.83

 

 

 

 

Interest Coverage Ratio

(PBIT / Financial Charges)

(2.10)

0.27

2.18

 

PROFITABILITY RATIOS

 

PARTICULARS

 

 

31.03.2016

31.03.2015

31.03.2014

Net Profit Margin

((PAT / Sales) * 100)

%

(30.01)

(6.76)

3.05

 

 

 

 

 

Return on Total Assets

((PAT / Total Assets) * 100)

%

(21.11)

(6.62)

2.61

 

 

 

 

 

Return on Investment (ROI)

((PAT / Networth) * 100)

%

839.98

(40.24)

10.70

 

SOLVENCY RATIOS

 

PARTICULARS

 

31.03.2016

31.03.2015

31.03.2014

Current Ratio

(Current Assets / Current Liabilities)

0.93

1.24

1.28

 

 

 

 

Quick Ratio

((Current Assets – Inventories) / Current Liabilities)

0.83

1.10

1.08

 

 

 

 

G-Score Ratio Financial

(Networth / Total Assets)

(0.03)

0.16

0.24

 

 

 

 

G-Score Ratio Debt

(Debts / Equity Capital)

17.87

9.98

10.73

 

 

 

 

G-Score Ratio Liquidity

(Total Current Assets / Total Current Liabilities)

0.93

1.24

1.28

Total Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term debts

 

 

FINANCIAL ANALYSIS

[all figures are 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

483.336

483.336

508.582

Reserves & Surplus

3844.752

2382.489

(926.947)

Share Application money pending allotment

0.000

230.000

0.000

Net worth

4328.088

3095.825

(418.365)

 

 

 

 

long-term borrowings

3509.983

3774.899

4203.520

Short term borrowings

1674.422

1048.668

4883.668

Total borrowings

5184.405

4823.567

9087.188

Debt/Equity ratio

1.198

1.558

(21.721)

 

 

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

15181.299

18418.600

11710.671

 

 

21.324

(36.419)

 

 

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

15181.299

18418.600

11710.671

Profit/(Loss)

462.940

(1245.892)

(3514.188)

 

3.05%

(6.76)%

(30.01)%

 

 

 

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

No

7

Name of the person contacted

No

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

No

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

 

 

 

REVIEW OF OPERATIONS/STATE OF COMPANY’S AFFAIRS

 

During the year the Company’s Turnover stood at INR 11901.744 Million (P.Y. of INR 18667.324 Million) Loss after tax for the year stood at INR 3514.188 Million against loss in the previous year at INR 1245.892 Million The financial year FY 2015-16 was marked by structural excess steel capacity globally, falling demand and steep drop in prices. Indian Steel Industry, inspite of growth in demand faced severe stress and fall in margins caused by surge in steel imports at predatory prices. In these challenging conditions, the Company’s profitability was also impacted.

 

 

INDEX OF CHARGE:

 

SNO

SRN

CHARGE ID

CHARGE HOLDER NAME

DATE OF CREATION

DATE OF MODIFICATION

DATE OF SATISFACTION

AMOUNT

ADDRESS

1

C78974326

10621350

STATE BANK OF INDIA

24/09/2015

-

-

390500000.0

BACKBAY RECLAMATIONNARIMAN POINTMUMBAIMH400021IN

2

C30316822

10526686

ORIENTAL BANK OF COMMERCE

13/10/2014

-

-

150000000.0

LARGE CORPORATE BRANCH MAKER TOWER-E, 14TH FLOORCUFFE PARADEMUMBAIMH400005IN

3

C06900823

10503503

BANK OF BARODA

24/03/2014

-

-

200000000.0

FORT UNIVERSITY BRANCH, 119, MAHATMA GANDHI MARG,AGRA BUILDINGMUMBAIMH400001IN

4

B92915180

10468650

CANARA BANK

05/12/2013

-

-

550000000.0

145 FARM LAND, MAHARJBAGH ROAD,RAMDASPETHNAGPURMH440010IN

5

B81308629

10441281

ALLAHABAD BANK

26/07/2013

-

-

300000000.0

INDUSTRIAL FINANCE BRANCH37,MUMBAI SAMACHAR MARG,FORTMUMBAIMH400023IN

6

G35254457

10430874

ALLAHABAD BANK

28/05/2013

17/10/2016

-

2518100000.0

INDUSTRIAL FINANCE BRANCH 37MUMBAI SAMACHAR MARG, FORTMUMBAIMH400021IN

7

B77081487

10431076

ORIENTAL BANK OF COMMERCE

24/05/2013

-

-

100000000.0

OVERSEAS BRANCH, DALAMAL TOWERS,211, NARIMAN POINTMUMBAIMH400021IN

8

B63602544

10390654

ALLAHABAD BANK

16/11/2012

-

-

150000000.0

INDUSTRIAL FINANCE BRANCH37,MUMBAI SAMACHAR MARG,FORTMUMBAIMH400023IN

9

B60085792

10381548

ALLAHABAD BANK

20/09/2012

-

-

500000000.0

INDUSTRIAL FINANCE BRANCHFORTMUMBAIMH400023IN

10

B56388614

10372563

PUNJAB NATIONAL BANK

21/08/2012

-

-

100000000.0

FORSHORE ROAD BRANCH, RAHEJA CHAMBERSNARIMAN POINTMUMBAIMH400021IN

 

 

FIXED ASSETS:

 

  • Land
  • Buildings
  • Factory building
  • Plant and equipment
  • Furniture and fixtures
  • Vehicles
  • Office equipment
  • Computer Equipments

 

BANKS APPROACH COURTS TO RECOVER TOPWORTH DEBT

 

Mar 06, 2017

 

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 1730.000 Million to Mumbai-based Topworth.

 

Lenders led by the State Bank of India (SBI) and Punjab National Bank (PNBBSE -0.25 %) 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 320.000 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 356.000 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 900.000 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 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 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 .

 

CMT REPORT (Corruption, Money Laundering & Terrorism]

 

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

 

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 65.22

UK Pound

1

INR 89.70

Euro

1

INR 79.50

 

 

INFORMATION DETAILS

 

Analysis Done by :

NIS

 

 

Report Prepared by :

NKTS

 

 

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)

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.