MIRA
INFORM REPORT
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Report Date : |
17.01.2011 |
IDENTIFICATION DETAILS
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Name : |
TML INDUSTRIES LIMITED |
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Formerly Known
As : |
TRANSMETAL LIMITED |
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Registered
Office : |
301 B Tower, Alkapuri Arcade, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
07.061989 |
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Com. Reg. No.: |
012329 |
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CIN No.: [Company Identification
No.] |
U27100GJ1989PLC012329 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
BRDT00540B |
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PAN No.: [Permanent Account No.] |
AABCT0793K |
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Legal Form : |
A Closely held public limited liability company. |
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Line of Business
: |
Manufacturers
of Metal and Plastic Containers. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (49) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 1226884 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an old and established company having satisfactory track.
Trade relations are reported as fair. Business is active payments are
reported to be usually correct and as per commitments. The company can be considered normal for business dealings at usual
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 – April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
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A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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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 |
INFORMATION DECLINED BY
Management Non Co- Operative
LOCATIONS
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Registered Office : |
301 B Tower, Alkapuri Arcade, R. C. Dutt Road, Vadodara – 390007,
Gujarat, India |
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Tel. No.: |
91-265-2343302/ 2343304/ 2341375 |
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Fax No.: |
91-265/2337361 |
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E-Mail : |
tml@transmetal-ltd.com |
DIRECTORS
As On 23.08.2010
|
Name : |
Mr. Tushar Charandas Dayal |
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Designation : |
Chairman cum Managing Director |
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Address : |
“Harsh” 1/A, B Saimee Society-2, Subhanpura, Vadodara-390022, |
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Date of Birth/Age : |
14.12.1952 |
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Date of Appointment : |
16.07.1992 |
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Name : |
Mr. Rajendra Vrajlal Mehta |
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Designation : |
Director |
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Address : |
A/58 Samarpan Housing Complex, |
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Date of Birth/Age : |
13.11.1947 |
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Date of Appointment : |
16.07.1992 |
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Name : |
Mrs. Usha Ashwin Shroff |
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Designation : |
Director |
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Address : |
15/B, |
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Date of Birth/Age : |
28.03.1947 |
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Date of Appointment : |
16.07.1992 |
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Name : |
Mr. Prakash Keshavji Shroff |
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Designation : |
Director |
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Address : |
B-2203, |
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Date of Birth/Age : |
18.03.1946 |
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Date of Appointment : |
07.06.1989 |
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Name : |
Mr. Chandrahas Charandas Dayal |
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Designation : |
Director |
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Address : |
“Sanket”, 39, Hatkesh Society, 6th |
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Date of Birth/Age : |
31.01.1944 |
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Date of Appointment : |
16.07.1992 |
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Name : |
Mr. Praful Manilal Saraiya |
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Designation : |
Director |
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Address : |
301, |
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Date of Birth/Age : |
08.12.1947 |
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Date of Appointment : |
26.09.1998 |
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Name : |
Mrs. Sushma Sharma |
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Designation : |
Director |
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Address : |
114/B, |
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Date of Birth/Age : |
12.01.1947 |
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Date of Appointment : |
28.06.1997 |
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Name : |
Mr. Dipesh Kantisen Shroff |
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Designation : |
Director |
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Address : |
“Arun” B-7, |
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Date of Birth/Age : |
03.02.1960 |
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Date of Appointment : |
20.06.2007 |
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Name : |
Mr. Ninad Dwarkanath Gupte |
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Designation : |
Director |
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Address : |
425, View Villa, |
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Date of Birth/Age : |
31.08.1953 |
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Date of Appointment : |
18.03.2009 |
KEY EXECUTIVES
|
Name : |
Mr. Hiren Virendra Zaveri |
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Designation : |
Secretary |
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Address : |
164, Nathibh Cooperative Housing Society, |
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Date of Birth/Age : |
21.12.1964 |
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Date of Appointment : |
09.05.2005 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2010
|
Names of Shareholders |
No. of Shares |
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Mr. Praful Manilal Saraiya |
23000 |
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Mrs. Usha Ashwin Shroff |
15300 |
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Mr. Dipesh Kantisen Shroff |
46500 |
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Mr. Prakash Keshavji Shroff |
34500 |
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Mr. Chandrahas Charandas Dayal |
32000 |
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Mr. Tushar Charandas Dayal |
266350 |
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Mr. Rajendra Vrajlal Mehta |
32050 |
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Mrs. Sushma Sharma |
26000 |
|
Mr. Hiren Virendra Zaveri |
300 |
AS ON 30.09.2010
|
Equity Share
Breakup |
|
Percentage of
Holding |
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Category |
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Bodies corporate |
|
45.75 |
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Directors or relatives of directors |
|
33.23 |
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Other top fifty shareholders |
|
6.20 |
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Others |
|
14.82 |
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Total
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers of
Metal and Plastic Containers. |
GENERAL INFORMATION
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No. of Employees: |
Not divulged by the management |
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Bankers : |
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Facilities : |
Note : 1. Term Loans are
secured by way of hypothecation of all the movable fixed assets; both present
and future, of the Company, situated at village Piludara, Jambusar, District
Bharuch and Wind Mills situated at Taluka Kalyanpur, District Jamnagar. The
said loans are further secured by first pari charge by way of an equitable
mortgage on the whole of the immovable fixed assets of the Company situated
at places stated above, both present and future. 2. Term Loan is secured by way of hypothecation of all the movable
fixed assets both present and future of the Company situated at Village
Karakhadi, Taluka Padra, District, Vadodara. The said loan is further secured
by first exclusive charge by way of an equitable mortgage on the whole of the
immovable fixed assets of the Company situated at place stated above, both
present and future. 3. Working Capital Facilities on cash credit accounts are secured by
first charge by way of hypothecation of stock of raw materials, packing
material, consumable stores, finished goods, semi-finished goodsand
book-debts and collaterally secured by way of second pari pasu charge over
the entire fixed assets of the Company, both movable and immovable. 4. Credit under Hire Purchase Arrangements are secured by way of
hypothecation of vehicles financed. 5. Repayable within one year Rs. 65.140 millions (Previous Year : Rs.
50.887 millions) .
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Deloitte Haskin and Sells Chartered Accountant |
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Address : |
31, Nutan Bharat Society, Alkapuri, Vadodara-390007, |
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Subsidiaries : |
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CAPITAL STRUCTURE
As On 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
5000000 |
Equity Shares |
Rs. 10 each |
Rs. 50.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
5000000 |
Equity Shares |
Rs. 10 each |
Rs. 50.000
millions |
Note : Nil (P. Y. : 400000) Redeemable Preference
Shares of Rs. 100/- each fully Paid up.
FINANCIAL DATA
[all figures are
in Rupees Millions]
|
SOURCES OF FUNDS |
31.03.2010 (9 Months) |
30.06.2009 |
30.06.2008 |
|
|
SHAREHOLDERS FUNDS |
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|
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1] Share Capital |
50.000 |
90.000 |
100.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
256.721 |
276.621 |
254.533 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
306.721 |
366.621 |
354.533 |
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LOAN FUNDS |
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|
1] Secured Loans |
386.546 |
313.316 |
335.236 |
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2] Unsecured Loans |
139.102 |
99.684 |
58.392 |
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TOTAL BORROWING |
525.648 |
413.000 |
393.628 |
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DEFERRED TAX LIABILITIES |
52.849 |
76.347 |
71.834 |
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TOTAL |
885.218 |
855.968 |
819.995 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
652.308 |
574.486 |
484.535 |
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Capital work-in-progress |
22.866 |
50.256 |
69.660 |
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INVESTMENT |
43.820 |
44.768 |
53.308 |
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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 |
141.988
|
88.016 |
68.850 |
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Sundry Debtors |
172.731
|
140.703 |
177.800 |
|
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Cash & Bank Balances |
11.796
|
6.602 |
3.983 |
|
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Other Current Assets |
0.000 |
0.000 |
0.000 |
|
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Loans & Advances |
44.761
|
125.897 |
104.734 |
|
Total
Current Assets |
371.276
|
361.218 |
355.367 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
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|
Sundry Creditors |
119.664
|
91.288 |
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Other Current Liabilities |
60.722
|
40.861 |
119.275 |
|
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Provisions |
24.666
|
42.611 |
23.600 |
|
Total
Current Liabilities |
205.052
|
174.760 |
142.875 |
|
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Net Current Assets |
166.224
|
186.458 |
212.492 |
|
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
885.218 |
855.968 |
819.995 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 (9 Months) |
30.06.2009 |
30.06.2008 |
|
|
|
SALES |
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|
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|
Domestic -Sales of Goods Manufactured |
816.228 |
753.164 |
613.203 |
|
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Export -Sales of Goods Manufactured |
16.974 |
201.178 |
189.802 |
|
|
|
Other Income |
18.643 |
30.269 |
28.080 |
|
|
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TOTAL (A) |
851.845 |
984.611 |
831.085 |
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Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials |
445.899 |
493.882 |
503.440 |
|
|
|
Consumption of stores and Spare |
25.164 |
19.358 |
15.907 |
|
|
|
Employees Remuneration |
83.627 |
90.635 |
67.615 |
|
|
|
Increase/(Decrease) in Finished Goods |
(55.242) |
(2.763) |
(25.950) |
|
|
|
Managerial remuneration |
4.165 |
8.223 |
7.381 |
|
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|
Office Expenses |
0.605 |
0.600 |
0.750 |
|
|
|
Other Expenses |
220.813 |
136.045 |
98.893 |
|
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|
Insurance Expenses |
2.492 |
3.145 |
3.566 |
|
|
|
Power and Fuel |
91.069 |
95.646 |
61.866 |
|
|
|
TOTAL (B) |
818.592 |
844.771 |
733.468 |
|
|
|
|
|
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|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
33.253 |
139.840 |
97.617 |
|
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|
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|
Less |
FINANCIAL
EXPENSES (D) |
37.245 |
45.425 |
31.030 |
|
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|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(3.992) |
94.415 |
66.587 |
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|
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|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
31.327 |
35.817 |
30.476 |
|
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|
PROFIT BEFORE
TAX (E-F) (G) |
(35.319) |
58.598 |
36.111 |
|
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|
Less |
TAX (H) |
(25.179) |
25.284 |
12.359 |
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|
PROFIT AFTER TAX
(G-H) (I) |
(60.498) |
33.314 |
23.752 |
|
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|
|
|
|
|
Earnings Per
Share (Rs.) |
(2.23) |
|
|
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 (9 Months) |
30.06.2009 |
30.06.2008 |
|
PAT / Total Income |
(%) |
(7.10)
|
3.38 |
2.85 |
|
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|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(4.23)
|
6.14 |
4.49 |
|
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
(3.45)
|
6.26 |
4.29 |
|
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|
Return on Investment (ROI) (PBT/Networth) |
|
(0.12)
|
0.16 |
0.10 |
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|
Debt Equity Ratio (Total Liability/Networth) |
|
2.55
|
1.81 |
1.72 |
|
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|
Current Ratio (Current Asset/Current Liability) |
|
1.81
|
2.07 |
2.48 |
LOCAL AGENCY FURTHER INFORMATION
Details of Sundry Creditors:
|
Particulars |
31.03.2010 (9 Months) (Rs. in millions) |
30.06.2009 (Rs. in millions) |
30.06.2008 (Rs. in millions) |
|
Sundry Creditors |
119.664
|
91.288 |
NA |
Fixed Assets:
- Land
(Freehold)
- Building
- Plant and
Machinery
- Electrical
Installation
- Furniture and
Fixtures
- Office
Equipments
- Vehicles
- Intangible
Assets
Form 8
|
Corporate
identity number of the company |
U27100GJ1989PLC012329 |
|
Name of the
company |
TML INDUSTRIES
LIMITED |
|
Address of the
registered office or of the principal place of business in |
301 B Tower, Alkapuri Arcade, R. C. Dutt Road, Vadodara – 390007,
Gujarat, India |
|
This form is for |
Modification of
charge |
|
Type of charge |
Book debts Movable property
(not being pledge) Floating charge |
|
Particular of
charge holder |
IDBI Bank Limited |
|
Nature of
instrument creating charge |
Supplemental deed
of Hypothecation dates 26th October, 2010. |
|
Date of
instrument Creating the charge |
26.10.2010 |
|
Amount secured by
the charge |
Rupees Thirty
Four Crore Sixty Lacs only |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of interest As per the
Stipulations given in the Sanction
Letter attached herewith. Terms of repayment As per the
Stipulations given in the Sanction
Letter attached herewith. Margin As per the
Stipulations given in the Sanction
Letter attached herewith. Extent and operation of the charge WC Facilities are
secured by 1st pari passu charge on all current assets and 2nd pari passu
charge on fixed assets as per sanction letter attached. All other TL are
secured by 1st pari passu charge on fixed assets and 2nd pari passu charge on
current assets |
|
Short particulars
of the property charged (Including location of the property) |
Entire current
assets of the company including raw materials, semi finished and finished
goods, book debts as per agreement. Entire movable
fixed assets as per agreement. |
|
Charge identification
number of the charge to be modified |
10003213 |
|
Amount secured by
the charge |
Rs. 346.000
millions |
|
Particulars of
the present modification |
Present
modification seeks to secure additional Working Capital Facilities of Rs. 40.000
millions and thereby total Working Capital facility increased from Rs.
140.000 millions to 180.000 millions, and total charge increased from Rs.
306.000 millions to Rs. 346.000 millions. Break up of which are Working
Capital Rs. 180.000 millions and Term
Loan Rs. 166.000 millions |
Website
Details:
TML Industries, today,
continues to Distribute products for Crown Cork and Seal, Industrial
Containers, Reliance Products and several Plastic Container and Closure Manufacturers.
We also have a complete line of stock Plastic Bottles and Jars from our own
molds.
In 1973, Continental Can
exited the more specialized General Can Market in several areas and offered the
business and equipment to TML. They continued to supply this business and over
the years built on that base to become a world class Manufacturer of Specialty
and General Line Cans for Custom Chemicals, Paints and Coatings, Camping Fuels,
Inks and Automotive Additives.
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.45.30 |
|
|
1 |
Rs.71.73 |
|
Euro |
1 |
Rs.60.40 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
49 |
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.