MIRA
INFORM REPORT
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Report Date : |
26.07.2007 |
IDENTIFICATION DETAILS
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Name : |
TFL QUINN INDIA PRIVATE LIMITED |
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Registered Office : |
TFL Estate, |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
02.09.1998 |
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Com. Reg. No.: |
01-45836 |
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CIN No.: [Company
Identification No.] |
U18209AP1998PTC045836 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
HYDQ00007A CHEQ00011E |
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Legal Form : |
Private Limited
Liability Company |
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Line of Business : |
Manufacturers of Leather Speciality Chemicals |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Maximum Credit Limit : |
USD 900000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well
established company having fine track records. Directors are reported as experienced,
respectable and resourceful Professionals. Their trade relations are fair.
Financial position is good. Payments are correct and as per commitments. The company can
be considered good for any normal business dealings at usual trade terms and conditions. |
LOCATIONS
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Registered Office / Corporate Office / Factory : |
TFL Estate, |
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Tel. No.: |
91-40-23046531 |
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Fax No.: |
91-40-23056540 |
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E-Mail : |
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Website : |
http://www.tfl.com (parent company web id) |
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Factory 2 : |
Plot 4A, IDA,
Phase I, Patancheru, Medak District, |
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Tel. No.: |
91-8455-242067/246337 |
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Fax No.: |
91-40-23056540 |
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Area : |
27,000 sq. yds |
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Branches : |
123, By |
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Tel. No.: |
91-4174-242877 |
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Fax No.: |
91-4174-249337 |
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Branches : |
54, |
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Tel. No.: |
91-44-22212040/41/42 |
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Fax No.: |
91-44-22212045 |
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Branches : |
185, |
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Tel. No.: |
91-181-3957429 |
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Branches : |
3A, |
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Tel. No.: |
91-33-23439784/
30996404 |
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Fax No.: |
91-33-23439784 |
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Branches : |
508, C-3,
“Balarama”, Bandra – Kurla Complex, Bandra (East), Mumbai – 400 051, |
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Tel. No.: |
91-22-26591678/26591676 |
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Fax No.: |
91-22-26591698 |
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Branches : |
A-157, DDA Shed
Okhla Industrial Area, Phase II, |
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Tel. No.: |
91-11-26388233/
26382334 |
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Fax No.: |
91-11-26388235 |
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Branches : |
No. 135/136,
SIDCO Industrial Estate, SIPCOT, Ranipet – 632 403, |
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Tel. No.: |
91-4172-244950 |
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Fax No.: |
91-4172-245743 |
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Branches : |
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Tel. No.: |
91-944-3328995 |
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Fax No.: |
91-944-3734989 |
DIRECTORS
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Name : |
Mr. Roger
Palmberg |
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Designation : |
Director |
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Address : |
Hauptstrasse 79, 4148, |
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Date of Birth/Age : |
28.09.1950 |
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Date of Appointment : |
27.09.2002 |
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Name : |
Mr. Schber Georg |
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Designation : |
Director |
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Address : |
D – 78639, Grenzach – Wyhlen, Jaspers – Str, 8A, |
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Date of Birth/Age : |
24.07.1949 |
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Date of Appointment : |
01.01.2004 |
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Name : |
Mr. Simson Chan |
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Designation : |
Director |
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Address : |
BK 30 2/F, Bagulo Villa, |
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Date of Birth/Age : |
11.12.1950 |
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Date of Appointment : |
01.01.2004 |
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Name : |
Mr. Trikutam Durga Prasad |
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Designation : |
Managing Director |
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Address : |
Plot No. 128, House No. 20-103, Dayanand Nagar, Malkajgiri, |
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Date of Birth/Age : |
01.08.1956 |
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Date of Appointment : |
12.03.2004 |
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Name : |
Mr. Eugen Katzenstein |
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Designation : |
Director |
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Address : |
E. U. Talztrasse 34, 71229, |
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Date of Birth/Age : |
16.01.1958 |
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Date of Appointment : |
27.09.2002 |
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Name : |
Mr. Haier Heinz Karl |
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Designation : |
Director |
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Address : |
Freigurg 1 Breisgau, Oritsteil Kappel |
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Date of Birth/Age : |
13.05.1970 |
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Date of Appointment : |
09.09.2004 |
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Name : |
Mr. Kommandur Achyuthan |
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Designation : |
Director |
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Address : |
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Date of Birth/Age : |
20.03.1948 |
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Date of Appointment : |
20.06.2005 |
KEY EXECUTIVES
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Name : |
Mr. Chelluri Durga Prasad |
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Designation : |
Company Secretary |
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Address : |
Sai Sujatha Apartments, 3rd Floor, Boosa Reddy, Guda west
Red Pally Secunderabad – 500026, |
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Date of Birth/Age : |
28.03.1957 |
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Date of Appointment : |
07.06.2004 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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TFL Ledertechnik GmbH |
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10253096 |
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TFL Holding GmbH |
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17 |
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Total |
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10253113 |
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Equity Share
Breakup |
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Category |
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Percentage of
Holding |
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Foreign holdings [Foreign
institutional investors, Foreign Companies, Foreign Financial Institutions,
Non-resident Indian or Overseas corporate bodies or others] |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers of Leather Speciality Chemicals |
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Products : |
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Exports : |
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Countries : |
Far East and |
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Imports : |
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Countries : |
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GENERAL INFORMATION
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No. of Employees : |
Around 180 |
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Bankers : |
Ř
State
Bank of S.I.B. Branch, Saifabad, Ř
Deutsche
Bank |
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Banking
Relations : |
Good |
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Auditors : |
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Name : |
BSR and
Associates Chartered
Accountant |
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Address : |
Maruthi Info – tech, Center, 11-12/1, |
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Memberships : |
Ř
Leather
Chemical Manufacturers Association of Ř
CHEMEXIL |
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Group
Companies: |
Ř
Odewald
&Compagnie Gesellschaft fur Beteiligungen GmbH, Ř
TFL
Holding GmbH, Gremany Ř
TFL
Ledertechnik Ř
TFL Ř
TFL Ř
TFL Ř
TFL
Thailand Company Limited, Ř
TFL
Hong Kong Limited, Ř
TFL
Ledertechnik AG , Ř
TFL |
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Associates : |
Ř
Quinn
International Limited, ‘Quinn House’,
8-2-268/N/28/A, Kamalapuri Colony, Road No. 2, Banjara Hills, |
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Holding
Companies: |
Ř
TFL Ledertechnik Ř
IM Schwarzenbach, D –
79576, Weil Am |
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Ultimate
Holding Companies: |
Odewald
and Compagnie Gesellschaft fur Beteiligungen GmbH, |
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Company Having
Significant Influence on the Holding Companies: |
TFL
Ledertechnik |
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Subsidiaries :
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Bharat
Enterprises Chemgems
( Perfect
Finishing Chemicals Private Limited Tfl
Quinn India Private Limited TFL TFL TFL Argentina SA, TFL Thailand Company , Limited, TFL Hong Kong Limited, TFL Ledertechnik AG, TFL TFL Lanka (Private) Limited, TFL China Limited, |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
10500000 |
Equity Shares |
Rs.
10/- each |
Rs. 105.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
10253113 |
Equity Shares |
Rs.
10/- each |
Rs.102.531 Millions |
Note:
The entire share capital is held by Odewald and
Companies Gesellschaft fur Beeiligungen GmbH,
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
102.531 |
102.531 |
94.531 |
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2] Share Application Money |
0.000 |
0.000 |
8.000 |
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3] Reserves & Surplus |
124.539 |
104.486 |
101.428 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
227.070 |
207.017 |
203.959 |
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LOAN FUNDS |
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1] Secured Loans |
210.134 |
219.023 |
40.310 |
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2] Unsecured Loans |
49.860 |
72.272 |
174.331 |
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TOTAL BORROWING |
259.994 |
291.295 |
214.641 |
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DEFERRED TAX LIABILITIES |
14.756 |
14.440 |
9.295 |
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TOTAL |
501.820 |
512.754 |
427.895 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
307.255 |
270.098 |
256.596 |
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Capital work-in-progress |
2.006 |
28.080 |
1.391 |
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INVESTMENT |
0.129 |
0.151 |
0.148 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
152.447
|
267.435
|
84.598
|
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Sundry Debtors |
322.390
|
286.209
|
204.097
|
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Cash & Bank Balances |
18.064
|
29.541
|
19.244
|
|
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Other Current Assets |
0.000
|
0.000
|
0.000
|
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Loans & Advances |
31.930
|
24.713
|
19.291
|
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Total
Current Assets |
524.831
|
607.898 |
327.230 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
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Current Liabilities |
326.434
|
383.227
|
154.801
|
|
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Provisions |
5.967
|
10.247
|
2.669
|
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Total
Current Liabilities |
332.401
|
393.474 |
157.470 |
|
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Net Current Assets |
192.430
|
214.424 |
169.760 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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|
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TOTAL |
501.820 |
512.754 |
427.895 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
Sales Turnover |
969.377 |
811.111 |
688.898 |
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Other Income |
28.634 |
22.259 |
|
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Total Income |
998.011 |
833.370 |
688.898 |
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|
|
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Profit/(Loss) Before Tax |
26.552 |
29.006 |
29.651 |
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Provision for Taxation |
5.114 |
23.745 |
12.530 |
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Profit/(Loss) After Tax |
21.438 |
5.261 |
17.121 |
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Earnings in Foreign Currency : |
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FOB Value of Exports |
261.299 |
197.159 |
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Commission Income |
7.070 |
11.907 |
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Total Earnings |
268.369 |
209.066 |
226.612 |
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Imports : |
|
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|
Capital Goods |
8.599 |
12.352 |
|
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Raw Materials |
160.260 |
206.842 |
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Total Imports |
168.859 |
219.194 |
35.277 |
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Expenditures : |
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Financial Charges |
27.204 |
22.363 |
|
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Depreciation |
18.930 |
15.897 |
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Other Expenses |
879.188 |
727.844 |
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Total Expenditure |
925.325 |
766.104 |
659.247 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
PAT / Total Income |
(%) |
2.14
|
.63
|
2.49
|
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|
Net Profit Margin (PBT/Sales) |
(%) |
2.73
|
3.57
|
4.30
|
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Return on Total Assets (PBT/Total Assets} |
(%) |
3.19
|
3.30
|
5.07
|
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Return on Investment (ROI) (PBT/Networth) |
|
0.11
|
0.14
|
0.15
|
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Debt Equity Ratio (Total Liability/Networth) |
|
2.60
|
3.30
|
1.82
|
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Current Ratio (Current Asset/Current Liability) |
|
1.57
|
1.54
|
2.08
|
LOCAL AGENCY FURTHER INFORMATION
Further
information:
Amalgamation of
Quinn International Private Limited
In accordance with the Scheme of amalgamation of erstwhile “ Quinn International
Private Limited” (QIPL) with the subject company as approved by the board of
directors and members at their meetings helsd on 29th August 2003
and subsequently by the Honourable High Court at Chennai and Hyderabad on 29
January 2004 and 15 February 2004, Respectively, the assets and liabilities of
QIPL were transferred and vested in the company with effect from 1st
April 2003. Accordingly, the scheme was given effect to in the accounts for the
year ended 31st March 2004.
History
The company was
originally incorporated in the name of TFL Leather Technique Private Limited
and the name was changed to present w. e. f. 01/10/2004.
Amalgamation of
Quinn International Private Limited and Quinn India Private Limited with the
company w. e. f. 01/04/2003 was approved by High Court of Andhra Pradesh and
High Court of Chennai in the year 2004. After this scheme of Amalgamation the
name has been changed to present w. e. f. 01/10/2004.
The situation of
the registered office of the company was changed from 54, Thiruneermalai Road,
Bachupally Village, Near Miyapur, Hyderabad – 500072 w.e.f. the date of
Registration of eh Order of the Company law Board by the Registered of
Companies, Andhra Pradesh, Hyderabad confirming transfer of the Registered
Office of the company from the State of Tamilnadu to the State of Andhra
Pradesh.
The company’s
products range include:
·
Leather
Chemicals
·
Binders
·
Pigments
·
Dyes
for Leather, Lacquers
·
Polyurethane
Dispersion
·
Syntans
·
Wattle
Extracts
·
Myrobalam
Extract
·
Leather
Auxiliaries
The company imports
Polyurethane Binders and Auxiliaries
The company has
technical and financial collaboration with K J Quinn GmbH,
In
Trade Term With
v
Spak
Orgochem India Private Limited
v
Pamek
Chemicals Private Limited
v
Aytowood
Industries
v
Deccan
Chromates Limited
v
Grand
Organics Private Limited
v
Gujarat
Polysol Chemical Private Limited
v
Swathi
Organics and Specialties Private Limited
v
Bharat
Dye Chem
v
Panchsheel
Intermediates
v
Patel
Sales Corporation
v
Vibha
Chem products Private Limited
v
Solar
Dye industries
v
Vapi
Products Industries
v
Godavari
Plasto Container Private Limited
v
Somu
Solvents Private Limited
v
B. S.
A. Ploy Container
v
Mahata
Petrolieum Private Limited
v
Rolax
lanolin Products Limited
v
Esteem
Industries Private Limited.
Fixed
Assets
Ř
Land
Ř
Building
Ř
Plant
And Machinery
Ř
Laboratory
Equipment
Ř
Computers
Ř
Office
Equipment
Ř
Furniture
And Fixtures
Ř
Motor
Car And Vehicles
Ř
Goodwill
Bankers Charges Report as per Registry
|
This form is for |
Modification of
charge |
|
Charge identification
number of the charge to be modified |
80029273 |
|
Corporate
identity number of the company |
U18209AP1998PTC045836 |
|
Name of the
company |
TFL QUINN INDIA PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
TFL Estate, |
|
Type of charge |
|
|
Particular of
charge holder |
State Bank of MID Corporate
Group, Saifabad Branch HFCA Bhavan, |
|
Nature of
description of the instrument creating or modifying the charge |
|
|
Date of
instrument Creating the charge |
28.03.2007 |
|
Amount secured by
the charge |
Rs. 339.300
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest On Cash Credit
Limit : 0.25 % below SBAR, effective
rate 12 % p.a. with monthly rests On Term Loan :
SBAR, effective rate 12.25 % with monthly rests with a reset clause after
every 2 months. Terms of
repayment Cash Credit Limit
: Re payable on demand Term Loan :
Re-payable in 11 quarterly installments after a moratorium of 6 months Margin Cash Credit Limit
: 25 % Term Loan : 27.36
% Letters of Credit
: 15 % Bank Guarantee :
15 % Extent operation
of the charge Charge on all
current assets and fixed assets of the company. |
|
Short particulars
of the property charged |
|
|
Date of latest
modification prior to the present modification |
29.08.2005 |
|
Particulars of
the present modification |
Overall limits
enhanced from Rs. 280.000 Millions to Rs. 339.300 Millions |
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
|
Indian Rupees |
|
US Dollar |
1 |
Rs.40.30 |
|
|
1 |
Rs.82.97 |
|
Euro |
1 |
Rs.55.64 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
57 |
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 |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average/normal. |
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 |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|