MIRA
INFORM REPORT
|
Report Date : |
02.06.2011 |
IDENTIFICATION DETAILS
|
Name : |
TEMA INDIA LIMITED (w.e.f. 26.10.1999) |
|
|
|
|
Formerly Known
As : |
TEMA EXCHANGER MANUFACTURERS PRIVATE IMITED |
|
|
|
|
Registered
Office : |
B – 607, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2009 |
|
|
|
|
Date of
Incorporation : |
21.12.1984 |
|
|
|
|
Com. Reg. No.: |
11-034861 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.35.633 millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U29192MH1984PLC034861 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMT01057A |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACT1735C |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer, Exporter and Importer of Shell and Tube Heat
Exchangers. |
|
|
|
|
No. of Employees
: |
Approximately 850 (Office + Factory) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (61) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
USD 4762000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
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|
|
|
Comments : |
Subject is a well established and reputed company having satisfactory track.
Directors are reported as and experienced and respectable businessmen. 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.
INFORMATION DECLINED BY
|
Name : |
Mr. Vinod Narvekar |
|
Designation : |
Finance Manager |
|
Date : |
31.05.2011 |
LOCATIONS
|
Registered
Office : |
B – 607, |
|
Tel. No.: |
91-22-67124521-32/ 66900100 |
|
Fax No.: |
91-22-67124533-34 |
|
E-Mail : |
|
|
Website : |
|
|
Area : |
7000 sq. ft. |
|
Location : |
Owned |
|
|
|
|
Corporate Office
: |
B-205, Arjun Centre, |
|
Tel. No.: |
91-22-25974583 / 84 / 25567438 |
|
Fax No.: |
91-22-25560572 |
|
E-Mail : |
|
|
Website : |
|
|
Location : |
Rented |
|
|
|
|
Factory 1/ Workshop 1 : |
|
|
Tel. No.: |
91-2521-230061/ 230122 |
|
Fax No.: |
91-2521-230010/ 098241/ 70066 |
|
Email: |
|
|
Location : |
Owned |
|
|
|
|
Factory 2/ Workshop 2 : |
No.20/1/2, |
|
Tel. No.: |
91-260-2677344 |
|
Fax No.: |
91-260-2677348 |
|
Email: |
|
|
Location : |
Owned |
|
|
|
|
Factory 3 : |
Plot No.667, Road No.6, G.I.D.C Estate, Panoli – 394116 Ankleshwar,
Dist: Bharuch, |
|
Tel. No.: |
91-2646-272319/ 272085/ 272227 |
|
Fax No.: |
91-260-2677344 |
|
Email: |
|
|
Location : |
Owned |
|
|
|
|
|
|
|
Tel No.: |
(713) 729-6181/ 660-6740 |
|
Fax No.: |
(832) 476-636/ 476-6364 |
|
E Mail: |
DIRECTORS
As on 30.09.2010
|
Name : |
Mr. Haresh Khushiram Sippy |
|
Designation : |
Chairman cum Managing Director |
|
Address : |
10, |
|
Date of
Birth/Age : |
19.08.1946 |
|
Qualification : |
B. E. |
|
Date of
Appointment : |
21.12.1984 |
|
DIN No.: |
01593589 |
|
|
|
|
Name : |
Mr. Chetan Suman Doshi |
|
Designation : |
Whole Time Director
|
|
Address : |
7, |
|
Date of
Birth/Age : |
07.12.1953 |
|
Qualification : |
B. Tech. |
|
Date of
Appointment : |
21.12.1984 |
|
DIN No.: |
01213835 |
|
|
|
|
Name : |
Mr. Steven Mark Enderby |
|
Designation : |
Director |
|
Address : |
No. 11, Golf Links, |
|
Date of
Birth/Age : |
22.07.1962 |
|
Qualification : |
|
|
Date of Appointment : |
28.05.2005 |
|
DIN No.: |
00171101 |
|
|
|
|
Name : |
Mr. Girija Shankar Tripathy |
|
Designation : |
Director |
|
Address : |
H No.4091, Block C 4, Vasant Kunj, |
|
Date of
Birth/Age : |
07.12.1953 |
|
Qualification : |
Graduate |
|
Date of Appointment : |
09.06.2006 |
|
DIN No.: |
01199201 |
|
|
|
|
Name : |
Mr. Akhil Haresh Sippy |
|
Designation : |
Whole Time Director |
|
Address : |
10, |
|
Date of
Birth/Age : |
04.12.1981 |
|
Qualification : |
B. E. |
|
Date of Appointment : |
01.04.2007 |
|
DIN No.: |
01627490 |
|
|
|
|
Name : |
Mr. Bharat Dhirajlal Gandhi |
|
Designation : |
Director |
|
Address : |
602, B Wing, Emerald Court Co-Operative Housing Society
Limited, Regent H, Andheri (East), R.K. Mandir Road, Kondivita Lane Behind,
Mumbai – 400 059, Maharashtra, India |
|
Date of
Birth/Age : |
01.02.1954 |
|
Date of Appointment : |
12.11.2009 |
|
DIN No.: |
02822701 |
|
|
|
|
Name : |
Mr. Arvind Damodar Joshi |
|
Designation : |
Whole time Director
|
|
Address : |
SICON Limited, |
|
Date of Birth/Age
: |
15.07.1952 |
|
Date of Appointment : |
03.05.2002 |
|
Date of Ceasing : |
19.01.2003 |
KEY EXECUTIVES
|
Name : |
Mr. Parag Natrwarlal Mehta |
|
Designation : |
Company Secretary |
|
Address : |
22, |
|
Date of Birth/Age : |
24.04.1960 |
|
Date of Appointment : |
15.10.2005 |
|
Pan No. : |
ACRPM4084B |
|
|
|
|
Name : |
Ms. Bhumitra V Dholakla |
|
Designation : |
Company Secretary |
|
|
|
|
Name : |
Mr. Vinod Narvekar |
|
Designation : |
Finance Manager |
MAJOR SHAREHOLDERS
As on 30.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Haresh Khushiram Sippy |
|
1270100 |
|
Chetan
Suman Doshi |
|
817300 |
|
Reenu
Haresh Sippy |
|
20700 |
|
Asha
Chetan Doshi |
|
49200 |
|
Sulachani
Khushiram Sippy |
|
200 |
|
Suman
Ramji Doshi |
|
1200 |
|
Ramaben
S. Doshi |
|
400 |
|
Suman
R. Doshi |
|
121000 |
|
Chetan
S. Doshi (HUF) |
|
100 |
|
Akhil
Haresh Sippy |
|
100 |
|
Haresh
K. Sippy (HUF) |
|
18000 |
|
Actis
Tema Holdings Limited, |
|
1264956 |
|
Total |
|
3563256 |
As on 30.09.2010
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
35.50 |
|
Directors
or relatives of directors |
|
64.50 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business
: |
Manufacturer, Exporter and Importer of Shell and Tube Heat
Exchangers. |
||||||||
|
|
|
||||||||
|
Products : |
|
PRODUCTION STATUS (As On 31.03.2009)
|
Particulars |
Unit
|
|
Installed
Capacity |
Actual
Production |
|
Achhad
|
MT |
|
5000 |
-- |
|
Silvassa |
MT |
|
4750 |
-- |
|
Panoli
|
MT |
|
500 |
-- |
|
Achhad
Unit - Heat Exchangers |
MT |
|
-- |
517.79 |
|
Achhad Unit - Export Heat Exchanger |
MT |
|
-- |
-- |
|
Silvassa
– Unit - Heat Exchangers |
MT |
|
-- |
2144.22 |
|
Panoli Unit: Heat Exchangers |
MT |
|
-- |
642.16 |
GENERAL
INFORMATION
|
No. of Employees
: |
Approximately 850 (Office + Factory) |
|
|
|
|
Bankers : |
v
ICICI
Bank, Nariman Point, Mumbai, v
Bank
of v
Bank of
India, Andheri Corporate Banking Branch, MDI Building, 1st Floor,
28 S V Road, Andheri (West), Mumbai – 400 058, Maharashtra, India v
ING
Vysya Bank Limited, Patel Chambers, Opera House, Mumbai – 400 007, v
State
Bank of v
Barclays
Bank, Worli Branch, 801/808, Ceejay House, Shivsagar Estate, Dr. Annie Besant
Road, Worli, Mumbai – 400 018, Maharashtra, India v
State
Bank of v
Standard
Chartered Bank, v
Punjab National Bank, Brady House, |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Financial Institution : |
SBICAP Trustee Company Limited, 202, Maker
Tower, ‘E’, Cuffe Parade, Colaba, Mumbai – 400 005, Maharashtra, India |
|
|
|
|
Auditors : |
|
|
Name : |
Deloitte Haskins and Sells Chartered Accountants |
|
Address : |
12, |
|
Tel No.: |
91-22-66679000/ 66679116 |
|
Fax No.: |
91-22-66679100 |
|
Pan No. : |
AACFD4815A |
CAPITAL
STRUCTURE
As on 30.09.2010
Authorised Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
3744756 |
Equity Shares |
Rs.10/- each |
Rs.37.448 millions |
|
48755244 |
Preference Shares |
Rs.10/- each |
Rs.487.552 millions |
|
|
Total
|
|
Rs.525.000 Millions |
Issued, Subscribed
& Paid-up Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
3563256 |
Equity Shares |
Rs.10/- each |
Rs.35.633 millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2009 |
31.03.2008 |
31.03.2007 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
35.633 |
35.633 |
35.633 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
1154.793 |
1054.313 |
888.791 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
1190.426 |
1089.946 |
924.424 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
1059.365 |
495.631 |
478.689 |
|
|
2] Unsecured Loans |
19.792 |
19.961 |
19.881 |
|
|
TOTAL BORROWING |
1079.157 |
515.592 |
498.570 |
|
|
DEFERRED TAX LIABILITIES |
39.334 |
37.587 |
31.747 |
|
|
|
|
|
|
|
|
TOTAL |
2308.917 |
1643.125 |
1454.741 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
711.601 |
660.004 |
632.445 |
|
|
Capital work-in-progress |
264.760 |
197.100 |
184.969 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.501 |
0.501 |
0.001 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
1207.797 |
437.874
|
578.147
|
|
|
Sundry Debtors |
1031.441
|
758.737
|
360.480
|
|
|
Cash & Bank Balances |
57.190
|
4.274
|
16.210
|
|
|
Other Current Assets |
0.466
|
0.088
|
0.431
|
|
|
Loans & Advances |
202.950
|
109.610
|
124.753
|
|
Total
Current Assets |
2499.844
|
1310.583
|
1080.021
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
725.430 |
388.666 |
249.432 |
|
|
Other Current Liabilities |
341.323
|
79.678
|
156.242
|
|
|
Provisions |
101.036
|
56.719
|
37.020
|
|
Total
Current Liabilities |
1167.789
|
525.063
|
442.694
|
|
|
Net Current Assets |
1332.055
|
785.520
|
637.327
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
2308.917 |
1643.125 |
1454.741 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2009 |
31.03.2008 |
31.03.2007 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
1621.743 |
1592.283 |
1150.496 |
|
|
|
Other Income |
34.838 |
11.087 |
20.157 |
|
|
|
TOTAL (A) |
1656.581 |
1603.370 |
1170.653 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Raw materials and components consumed |
1207.696 |
618.746 |
627.685 |
|
|
|
Employees’ remuneration and benefits |
139.031 |
88.823 |
66.928 |
|
|
|
Operating and other expenses |
344.869 |
243.810 |
186.376 |
|
|
|
(Increase)/ Decrease in stock of work in process |
(434.142) |
255.394 |
52.687 |
|
|
|
Capitalised |
0.000 |
(9.936) |
(38.137) |
|
|
|
TOTAL (B) |
1257.454 |
1196.837 |
895.539 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
399.127 |
406.533 |
275.114 |
|
|
|
|
|
|
|
|
|
Less |
INTEREST &
FINANCIAL EXPENSES (D) |
125.764 |
79.087 |
64.208 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
273.363 |
327.446 |
210.906 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
71.315 |
59.807 |
35.889 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
202.048 |
267.639 |
175.017 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
79.883 |
79.656 |
54.217 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
122.165 |
187.983 |
120.800 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’
BALANCE BROUGHT FORWARD |
386.615 |
238.276 |
148.316 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
12.216 |
18.800 |
12.080 |
|
|
|
Proposed Dividend on Equity Shares |
17.816 |
17.816 |
16.035 |
|
|
|
Corporate Dividend Tax |
3.028 |
3.028 |
2.725 |
|
|
BALANCE CARRIED
TO THE B/S |
475.720 |
386.615 |
238.276 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export of goods on FOB basis |
0.266 |
330.451 |
164.721 |
|
|
TOTAL EARNINGS |
0.266 |
330.451 |
164.721 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials & Components |
736.530 |
271.506 |
418.467 |
|
|
|
Stores, Spares & Tools |
71.466 |
12.156 |
12.982 |
|
|
|
Machinery |
66.709 |
1.721 |
33.806 |
|
|
|
Computer Software |
0.000 |
0.187 |
0.000 |
|
|
|
Technical know – how |
0.970 |
0.000 |
0.000 |
|
|
TOTAL IMPORTS |
875.675 |
285.570 |
465.255 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
34.00 |
53.00 |
34.00 |
|
|
Particulars |
|
|
31.03.2010 |
|
Sales Turnover |
|
|
1800.000
(approximately) |
|
|
|
|
|
Expected Sales (2010-2011): Rs. 2000.000 Millions
KEY RATIOS
|
PARTICULARS |
|
31.03.2009 |
31.03.2008 |
31.03.2007 |
|
PAT / Total
Income |
(%) |
7.37
|
11.72
|
10.32
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
12.45
|
16.81
|
15.21
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
6.29
|
13.67
|
10.22
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.17
|
0.25
|
0.19
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.89
|
0.94
|
1.02
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.14
|
2.53
|
2.44
|
LOCAL
AGENCY FURTHER INFORMATION
Details of Sundry Creditors:
|
Particulars |
31.03.2009 (Rs. in millions) |
31.03.2008 (Rs. in millions) |
31.03.2007 (Rs. in millions) |
|
Sundry Creditors |
|
|
|
|
- Total outstanding
dues of micro enterprises and small enterprises |
-- |
0.162 |
-- |
|
- Total
outstanding dues of creditors other than micro enterprises and small
enterprises |
725.430 |
388.504 |
249.432 |
|
|
725.430 |
388.666 |
249.432 |
BUSINESS
PERFORMANCE
Gross Turnover
amounted to Rs.1784.500 millions, marginally increased compared to that of
previous year and the Gross Profit marginally decreased and amounted to
Rs.399.100 millions, compared to Rs.406.500 millions. After making provision
for interest of Rs.125.800 millions and depreciation of Rs.71.300 millions, the
Profit before Tax was Rs.202.000 millions compared to Rs.267.600 millions. The
Net Profit after making provision for Current Tax of Rs.73.100 millions, prior
year's provision of Rs.4.100 millions, Deferred Tax of Rs.1.700 millions and
FBT of Rs.1.000 million, amounted to Rs.122.100 millions against 188.000
millions in the previous year, a decline of about 35%.
The results of the
Company during the year was in line with the prevailing trend in the economy
which experienced sharp down turn. There was global meltdown in the economy and
it affected their economy too, throwing up many challenges. There was allround
increase in the various expenses, like employees' remuneration and benefits
increased by more than 50% due to revision in the emoluments at all levels,
operating and other expenses increased by about 40%, interest charges increased
by about 50% due to hardening of interest rates and increase in borrowings and
Depreciation and amortisation cost increased by about 20%. However, the saving
grace was decrease in the cost of raw materials and components.
The aforesaid
factors resulted in the decline of Profit before Tax during by about 25% as
compared to the previous year. The Provision for Taxation remained same as
provided in the previous year though there was decline in Profit before Tax due
to increase in interest payment to the I T Authorities for delay in payment of
Advance Tax.
During the year
the company successfully executed major orders of large public and private
sector corporate. Turnover of Rs.1780.000 millions prominently comprised of
orders executed at Bharat Oman Refineries Limited, BPCL Kochi Refinery, IOCL
Panipat, IOCL Haldia and IOCL Gujarat.
The performance
during the year was one of the hardest in the history of the Company as many
odds faced by the Company. However, such results were achieved solely due to
hard work put in by the Management. During the year, the Sales included
execution of some of the large Hi Tech jobs executed by the Company, such as
Bharat Oman Refineries Limited.Rs.530.000 millions and BPCL Kochi Rs.200.000
millions.
As on March 31,
2009, the Company had an order book of Rs.1670.000 millions. The company was
awarded the IS0 9000: 2001 certification for its Kherdi and Panoli.
As at the
beginning of the year the Company had a capital work in progress of Rs.1970.000
millions. During the year, Rs.170.000 millions was added as capital work in
progress and machineries aggregating to Rs.80.000 millions were installed.
FUTURE PROSPECTS
The Company had an
unexecuted order book position of Rs.1960.000 millions for heat exchangers of
different sizes, as on 31st March, 2009. The economic slowdown
coupled with increasing pressure on prices by competition is major concern and
threat faced by the Company. In view of lingering uncertainty, it is very
difficult to deliver a reliable assessment of the prospects for the economy for
the year 2009 - 10. The global economy will contract in the current year due to
falling economic output in the industrialized nations. Continuing volatility in
the markets will make it difficult to plan reliably on the basis of secured
assumptions. However, the management would strive hard to meet the goals with
flexible and forward looking approach. Looking at the aforesaid, the Company
hopes to achieve the topline of Rs.2000.000 millions and also healthy growth in
bottomline in the current year. Barring unforeseen circumstances, the
management hopes that the Company would show encouraging results in the current
year.
FINANCE
During the year,
the Company availed Rs.330.000 millions as the funded limits and Rs.1665.000
millions as non funded limits from its Bankers.
Due to continuous
hike in the Bank lending rates, cost of borrowings had increased. To reduce the
impact of this hike, the Company had taken adequate measures to cover up this
additional burden by negotiating better terms of payment from its customers as
well as suppliers. Besides, the Company had also renegotiated the terms with
the Lenders and repaid high cost bearing Loans with low cost bearing fresh
Loans. Apart from these, to improve liquidity and continuous cash flow position,
strenuous efforts are being made to expedite collections from the debtors.
FORM 8:
|
Corporate
identity number of the company |
U29192MH1984PLC034861 |
|
Name of the
company |
TEMA INDIA LIMITED |
|
Address of the registered
office or of the principal place of
business in |
B – 607, E-Mail: tema@temaindia.com |
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
10261870 |
|
Type of charge |
v
Immovable property v
Any interest in immovable property v
Book Debts v
Movable Property v
Others (Stock of RM, FG, semi finished and Stocks
in process) |
|
Particular of
charge holder |
SBICAP Trustee Company Limited, 202, Maker
Tower, ‘E’, Cuffe Parade, Colaba, Mumbai – 400 005, Maharashtra, India E-Mail: corporate@sbicaptrustee.com |
|
Nature of
description of the instrument creating or modifying the charge |
No fresh limit
has been added. The Company's moveable / immovable assets situated at plot
no. 20/1/2, Village Kherdi (Silvassa), U. T. of Dadra and Nagar Haveli, has
been extended as security to secure the existing facilities. Thus the
original Facility amount remains the same at Rs.2737.700 millions. No fresh
Document has been executed. |
|
Date of instrument
Creating the charge |
30.03.2011 |
|
Amount secured by
the charge |
Rs.2737.700
millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest: As stipulated by the
Lenders from time to time. Terms of
Repayment: As stipulated by
the Lenders from time to time. Margin: As stipulated by
the Lenders from time to time. Extent and
Operation of the charge: The existing facilities
shall also be secured against the Company's moveable / immovable assets
situated at Plot No. 20/1/2, Village Kherdi (Silvassa), U.T. of Dadra and
Nagar Haveli, in addition to the properties already mortgaged / hypothecated
as original facilities were secured. |
|
Short particulars
of the property charged |
The existing
facilities shall also be secured against the Company's moveable / immovable
assets situated at Plot No. 20/1/2, Village Kherdi (Silvassa), U.T. of Dadra
and Nagar Haveli, in addition to the properties already mortgaged /
hypothecated as original facilities were secured. |
|
Particulars of
the present modification |
The existing
facilities shall also be secured against the Company's moveable / immovable
assets situated at Plot No. 20/1/2, Village Kherdi (Silvassa), U.T. of Dadra
and Nagar Haveli, in addition to the properties already mortgaged /
hypothecated as original facilities were secured. Total Facilities granted by
all lenders to the Company remain the same i.e. at Rs.2737.700 millions. |
|
Corporate
identity number of the company |
U29192MH1984PLC034861 |
|
Name of the
company |
TEMA INDIA LIMITED |
|
Address of the
registered office or of the principal place of business in |
B – 607, BSEL Teck Park, Sector – 30 A, Vashi, Navi Mumbai
– 400705, Maharashtra, India |
|
This form is for |
Creation of
charge |
|
Type of charge |
Immovable Property |
|
Particular of
charge holder |
Barclays Bank, Worli Branch 801/808, Ceejay House, Shivsagar Estate, Dr. Annie Besant Road, Worli,
Mumbai – 400018, Maharashtra, India |
|
Nature of
description of the instrument creating or modifying the charge |
Memorandum of
Entry |
|
Date of
instrument Creating the charge |
03.12.2008 |
|
Amount secured by
the charge |
Rs.100.000
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest As Stipulated by
the Bank from time to time. Terms of
Repayment As agreed by and
with the Bank from time to time. Margin As agreed by and
with the Bank from time to time. Extent and
Operation of the charge Mortgage by way of
first pari passu charge on the mortgaged assets of the company as
particularly described in column No.14 for repayment of Rs.100.000 Millions
and all other amounts due and payable by the company to the Bank. Others The mortgaged
assets shall be the continuing security for payment of the facilities
together with all interests and all other movies due to the Bank and any
future loans provided by the Bank. |
|
Short particulars
of the property charged |
First pari passu
Charge on immovable Property of the company situated at A] Village
Kherdi, Silvassa, Dadra and Nagar Haveli B] Village
Achhad, Taluka Talasari District Thane. |
|
Name of the company
|
TEMA
INDIA LIMITED |
|
Presented By |
Mr. Chetan Doshi |
|
1) Date and description of instrument creating the change |
Agreement for
equipment loan and guarantee Date: 27.06.2005 |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 0.857 million |
|
3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
Power cable set |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
Loan repayable in
35 monthly installments @ 8.21% p.a. |
|
5) Name and Address and description of the person entitled to the charge. |
HDFC Bank Limited, Senapati Bapat Marg, |
|
6) Date and brief description of instrument modifying the charge |
N.A |
|
7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
N.A |
CONTINGENT
LIABILITIES: (As on 31.03.2009)
1. Guarantees issued by bankers on behalf of the company towards:
v
Advances from clients – Rs.383.203 millions (2008 –
Rs.229.781 millions)
v
Product performance etc – Rs.278.141 millions (2008
Rs.229.539 millions)
v
Electricity (counter guarantee by client) –
Rs.1.300 millions (2008 Rs.1.300 millions)
v
Customs – Rs. 5.465 millions (2008 – Rs.5.406)
v
Earnest money deposits – Rs.6.584 millions) 2008 –
Rs.6.150 millions)
2. Fringe Benefit Tax (Assessment year 2006-07) Rs.1.445 millions (2008
Rs. Nil)
FIXED ASSETS
v
Goodwill
v
Technical know How
v
Computer Software
v
v
v
v
Office Buildings
v
Ownership Flat
v
Plant and Machinery
v
Electrical Installation
v
Furniture and Fixtures
v
Office Equipments
v
Computers
v
Vehicles
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No 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.44.89 |
|
|
1 |
Rs.73.85 |
|
Euro |
1 |
Rs.64.76 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
|
61 |
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.