MIRA
INFORM REPORT
|
Report Date : |
15.06.2012 |
IDENTIFICATION DETAILS
|
Name : |
TEMA INDIA LIMITED (w.e.f. 26.10.1999) |
|
|
|
|
Formerly Known
As : |
TEMA EXCHANGER MANUFACTURERS PRIVATE IMITED |
|
|
|
|
Registered
Office : |
B-607, |
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|
|
|
Country : |
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|
|
Financials (as
on) : |
31.03.2011 |
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|
|
|
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 |
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|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Manufacturer of Heat Exchangers, Vessels, High-Pressure Heat Exchangers, Columns etc. |
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|
|
|
No. of Employees
: |
Approximately 1000 (Office + Factory + Branch) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (59) |
|
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 5953000 |
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|
|
|
Status : |
Good |
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|
|
|
Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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|
Comments : |
Subject is a well established and reputed company having good track.
Directors are reported as experienced and respectable businessmen. There
appears some dip in the profitability of the company. Trade relations are reported to be trustworthy. Business is active.
Payments are reported to be regular and as per commitments. The company can be considered good 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 : |
Chief Finance Officer |
|
Contact No.: |
91-22-67124521 |
|
Date : |
14.06.2012 |
LOCATIONS
|
Registered /
Head Office : |
B-607, |
|
Tel. No.: |
91-22-67124521-32/ 66900100 |
|
Fax No.: |
91-22-67124533-34 |
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E-Mail : |
|
|
Website : |
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|
Area : |
7000 sq. ft. |
|
Location : |
Owned |
|
|
|
|
Corporate Office
1 : |
B-205, Arjun Centre, |
|
Tel. No.: |
91-22-25974583/ 84/ 25567438 |
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Fax No.: |
91-22-25560572 |
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E-Mail : |
|
|
Website : |
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|
Location : |
Rented |
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|
|
|
Corporate Office
2 : |
9, Tulsiani Chamber, Free |
|
Tel. No.: |
91-22-22822328 |
|
Fax No.: |
91-22-22823512 |
|
E-Mail : |
|
|
|
|
|
Factory 1/ Workshop 1 : |
Achhad Works, Survey No. 9, Village Achhad, |
|
Tel. No.: |
91-2521-230061/ 230122/ 230119/ 120 |
|
Fax No.: |
91-2521-230010 |
|
Email: |
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|
Area : |
149400 Sq.mtrs. |
|
Location : |
Owned |
|
|
|
|
Factory 2/ Workshop 2 : |
No.20/1/2, |
|
Tel. No.: |
91-260-2677344 |
|
Fax No.: |
91-260-2677348 |
|
Email: |
|
|
Area : |
13800 Sq.mtrs. |
|
Location : |
Owned |
|
|
|
|
Factory 3 : |
Plot No.667, Road No.6, G.I.D.C Estate, Panoli – 394 116 Ankleshwar,
District: Bharuch, |
|
Tel. No.: |
91-2646-272319/ 272085/ 272227 |
|
Fax No.: |
91-2646-272319 |
|
Email: |
temapanoli@temaindia.com |
|
Area : |
19346 Sq.mtrs. |
|
Location : |
Owned |
|
|
|
|
Factory 4: |
Plot No.201/18 and 201/19, G.I.D.C. Estate, Panoli – 394
116, Ankleshwar, District: Bharuch, |
|
Tel. No.: |
91-2646-272060 |
|
Fax No.: |
91-260-2677344 |
|
Email: |
temapanoli@temaindia.com |
|
|
|
|
Representative
Office: |
Located
at: v
v
v
|
DIRECTORS
As on 30.09.2011
|
Name : |
Mr. Haresh Khushiram Sippy |
|
Designation : |
Chairman cum Managing Director |
|
Address : |
10, |
|
Date of
Birth/Age : |
19.08.1946 |
|
Qualification : |
B.E. (Structural) |
|
Experience : |
42 Years |
|
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. E. (Mechanical) |
|
Date of
Appointment : |
21.12.1984 |
|
DIN No.: |
01213835 |
|
|
|
|
Name : |
Mr. Akhil Haresh Sippy |
|
Designation : |
Whole Time Director |
|
Address : |
10, |
|
Date of
Birth/Age : |
04.12.1981 |
|
Qualification : |
B. E. (Structural) |
|
Date of Appointment : |
19.09.2007 |
|
DIN No.: |
01627490 |
|
|
|
|
Name : |
Mr. Bharat Dhirajlal Gandhi |
|
Designation : |
Additional 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. Mahesh Ramchand Chhabria |
|
Designation : |
Additional Director |
|
Address : |
11, |
|
Date of Birth/Age
: |
19.04.1964 |
|
Date of Appointment : |
23.12.2010 |
|
DIN No.: |
00166049 |
|
|
|
|
Name : |
Nagarajan Srinivasan |
|
Designation : |
Additional Director |
|
Address : |
64, 31st Cross, Jayanagar, VII
Block, |
|
Date of
Birth/Age : |
08.08.1962 |
|
Date of Appointment : |
09.02.2012 |
|
DIN No.: |
01480303 |
KEY EXECUTIVES
|
Name : |
Mr. Parag Natwarlal Mehta |
|
Designation : |
Secretary |
|
Address : |
22, |
|
Date of Birth/Age : |
24.04.1960 |
|
Date of Appointment : |
15.10.2005 |
|
PAN No.: |
ACRPM4084B |
|
|
|
|
Name : |
Mr. Vinod Narvekar |
|
Designation : |
Chief Finance Officer |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2011
|
Names of Shareholders |
|
No. of Shares |
|
Haresh Khushiram Sippy Jointly With Reenu Haresh Sippy |
|
1230600 |
|
Chetan
Suman Doshi Jointly With Asha Chetan Doshi |
|
914500 |
|
Reenu
Haresh Sippy Jointly With Haresh
Khushiram Sippy |
|
20700 |
|
Asha
Chetan Doshi Jointly With Chetan
Suman Doshi |
|
49200 |
|
Sulachani
Khushiram Sippy Jointly With Akhil Haresh Sippy |
|
200 |
|
Ramaben
S. Doshi Jointly With Suman Doshi |
|
400 |
|
Chetan
S. Doshi (HUF) |
|
100 |
|
Akhil
Haresh Sippy Jointly With Haresh Khushiram Sippy |
|
64600 |
|
Haresh
K. Sippy (HUF) |
|
18000 |
|
Actis
Tema Holdings Limited, |
|
200 |
|
Actis
Tema Holdings Limited, |
|
1264756 |
|
Total |
|
3563256 |
As on 30.09.2011
|
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 of Heat Exchangers, Vessels, High-Pressure Heat Exchangers, Columns etc. |
||||||
|
|
|
||||||
|
Products : |
Metallurgy
Oil and Gas
Power
Fertilizer
|
PRODUCTION STATUS (AS ON 31.03.2011)
|
Particulars |
2010-11 |
|
Licensed Capacity |
Not applicable |
|
Installed capacity: |
|
|
Achhad |
5,000 MT |
|
Silvassa |
4,750 MT |
|
Panoli |
500 MT |
|
TOTAL |
10,250 MT |
|
Particulars |
Actual
Production |
|
Achhad Unit: |
|
|
Heat Exchangers |
2394.55 MT |
|
Silvassa Unit: |
|
|
Heat Exchangers |
1235.99 MT |
|
Panoli Unit: |
|
|
Heat Exchangers |
1266.81 MT |
GENERAL INFORMATION
|
No. of Employees : |
Approximately 1000 (Office + Factory + Branch) |
||||||||||||||||||||||||||||||||||||
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|
Bankers : |
v
ICICI Bank,
Nariman Point, Mumbai, v
ING
Vysya Bank Limited, Patel Chambers, Opera House, Mumbai – 400 007, v
State
Bank of v
Barclays Bank PLC, 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, v
Punjab National Bank, Mid Corporate Branch, Brady
House, v
HDFC Bank Limited |
||||||||||||||||||||||||||||||||||||
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|
||||||||||||||||||||||||||||||||||||
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Facilities : |
Notes: a) Loans from
Punjab National Bank, HDFC Bank Limited and Barclays Bank PLC are secured by
first legal mortgage and hypothecation of all properties of the company including
its land, building, plant, machinery and electrical installation etc., both
present and future (save and except book debts and current assets) situated
at Achhad, Talasari Taluka, Thane District: 401 606, and at survey No.20/1/2,
Udhva, Khanvel Road, Kherdi, Dadra and Nagar Haveli, Silvassa. b) Cash credit,
buyer’s credit and non-funded facilities with State Bank of India, ICICI Bank
Limited, Punjab National Bank, Standard Chartered Bank and Barclays Bank PLC
are secured by hypothecation of inventories, book debts and second charge on
fixed assets and bank fixed deposits. Overdraft facility with HDFC Bank is
secured by assignment of the keyman insurance policy on directors of the
company. c) Vehicle loans are secured by hypothecation of vehicles.
|
|
|
|
|
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 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
3744756 |
Equity Shares |
Rs.10/- each |
Rs.37.448 millions |
|
20000 |
13.5% Cumulative Redeemable Preference Shares |
Rs.10/- each |
Rs.0.200 million |
|
48735244 |
5% Cumulative Optionally Convertible Preference Shares |
Rs.10/- each |
Rs.487.352 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 |
|
|
|
|
|
Of the above:
(a) 9,600 equity shares
of Rs.10/- each were allotted as fully paid-up pursuant to a contract for
consideration other than case;
(b) 1,848,220
equity shares of Rs.10/- each were issued as fully paid-up bonus shares by
capitalisation of general reserve and revaluation reserve;
(c) 1,264,756
equity shares were issued on conversion of cumulative optionally convertible
preference shares
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
35.633 |
35.633 |
35.633 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
1452.594 |
1342.087 |
1154.793 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
1488.227 |
1377.720 |
1190.426 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
906.052 |
774.116 |
1059.365 |
|
|
2] Unsecured Loans |
117.218 |
118.857 |
19.792 |
|
|
TOTAL BORROWING |
1023.270 |
892.973 |
1079.157 |
|
|
DEFERRED TAX LIABILITIES |
63.555 |
39.545 |
39.334 |
|
|
|
|
|
|
|
|
TOTAL |
2575.052 |
2310.238 |
2308.917 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
785.428 |
816.166 |
711.601 |
|
|
Capital work-in-progress |
346.334 |
242.327 |
264.760 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.501 |
0.501 |
0.501 |
|
|
DEFERRED TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
1028.012
|
963.083
|
1207.797 |
|
|
Sundry Debtors |
1238.257
|
792.749
|
1031.441
|
|
|
Cash & Bank Balances |
124.535
|
162.845
|
57.190
|
|
|
Other Current Assets |
2.136
|
0.582
|
0.466
|
|
|
Loans & Advances |
130.511
|
143.120
|
202.950
|
|
Total
Current Assets |
2523.451
|
2062.379
|
2499.844
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
632.003 |
443.441
|
725.430 |
|
|
Other Current Liabilities |
355.001
|
236.454
|
341.323
|
|
|
Provisions |
93.658
|
131.240
|
101.036
|
|
Total
Current Liabilities |
1080.662
|
811.135
|
1167.789
|
|
|
Net Current Assets |
1442.789
|
1251.244
|
1332.055
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
2575.052 |
2310.238 |
2308.917 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Operating revenue, net |
2033.606 |
1988.800 |
1621.743 |
|
|
|
Other Income |
70.419 |
104.081 |
34.838 |
|
|
|
TOTAL (A) |
2104.025 |
2092.881 |
1656.581 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Consumption materials changes inventories |
1132.412 |
1104.308 |
1257.454 |
|
|
|
Manufacturing service costs |
34.025 |
49.639 |
|
|
|
|
Contract cost |
83.191 |
169.688 |
|
|
|
|
Employee related expenses |
170.194 |
172.604 |
|
|
|
|
Administrative selling other expenses |
246.725 |
77.317 |
|
|
|
|
TOTAL (B) |
1666.547 |
1573.556 |
1257.454 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
437.478 |
519.325 |
399.127 |
|
|
|
|
|
|
|
|
|
Less |
INTEREST
FINANCIAL CHARGES (D) |
133.903 |
143.385 |
125.764 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
303.575 |
375.940 |
273.363 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
84.112 |
76.003 |
71.315 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
219.463 |
299.937 |
202.048 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
108.287 |
104.498 |
79.883 |
|
|
|
|
|
|
|
|
|
|
Prior Period
Adjustment – Depreciation Written Back |
0.000 |
14.247 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
111.176 |
209.686 |
122.165 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
643.662 |
475.720 |
386.615 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
11.500 |
20.968 |
12.216 |
|
|
|
Proposed Dividend on Equity Shares |
0.000 |
17.816 |
17.816 |
|
|
|
Corporate Dividend Tax |
0.000 |
2.960 |
3.028 |
|
|
BALANCE CARRIED
TO THE B/S |
743.338 |
643.662 |
475.720 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export of Goods on FOB Basis |
1.917 |
214.687 |
0.266 |
|
|
TOTAL EARNINGS |
1.917 |
214.687 |
0.266 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials & Components |
512.758 |
391.760 |
736.530 |
|
|
|
Stores, Spares & Tools |
34.824 |
42.336 |
71.466 |
|
|
|
Plant and Machinery |
37.731 |
46.970 |
66.709 |
|
|
|
Computer Software |
0.000 |
0.072 |
0.000 |
|
|
|
Technical know – how |
0.000 |
0.000 |
0.970 |
|
|
TOTAL IMPORTS |
585.313 |
481.138 |
875.675 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
31.20 |
54.85 |
34.28 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
5.28
|
10.02
|
7.37
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
10.79
|
15.08
|
12.46
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
6.63
|
10.42
|
6.29
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.15
|
0.22
|
0.17
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.41
|
1.24
|
1.89
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.34
|
2.54
|
2.14
|
LOCAL AGENCY FURTHER INFORMATION
Details of Sundry Creditors:
|
Particulars |
31.03.2011 (Rs. in millions) |
31.03.2010 (Rs. in millions) |
31.03.2009 (Rs. in millions) |
|
Sundry Creditors |
|
|
|
|
- Creditors due small micro enterprises |
0.000 |
0.000 |
0.000 |
|
- Creditors due others |
632.003 |
443.441 |
725.430 |
|
Total |
632.003 |
443.441 |
725.430 |
|
Check List by Info Agents |
Available in Report (Yes / No) |
|
1) Year of
Establishment |
Yes |
|
2) Locality of
the firm |
Yes |
|
3) Constitutions
of the firm |
Yes |
|
4) Premises
details |
Yes |
|
5) Type of
Business |
Yes |
|
6) Line of
Business |
Yes |
|
7) Promoter’s
background |
Yes |
|
8) No. of
employees |
Yes |
|
9) Name of person
contacted |
Yes |
|
10) Designation
of contact person |
Yes |
|
11) Turnover of
firm for last three years |
Yes |
|
12) Profitability
for last three years |
Yes |
|
13) Reasons for
variation <> 20% |
-- |
|
14) Estimation
for coming financial year |
No |
|
15) Capital in
the business |
Yes |
|
16) Details of
sister concerns |
No |
|
17) Major
suppliers |
No |
|
18) Major
customers |
No |
|
19) Payments
terms |
No |
|
20) Export / Import
details (if applicable) |
No |
|
21) Market
information |
-- |
|
22) Litigations
that the firm / promoter involved in |
-- |
|
23) Banking
Details |
Yes |
|
24) Banking
facility details |
Yes |
|
25) Conduct of
the banking account |
-- |
|
26) Buyer visit
details |
-- |
|
27) Financials,
if provided |
Yes |
|
28) Incorporation
details, if applicable |
Yes |
|
29) Last accounts
filed at ROC |
Yes |
|
30) Major
Shareholders, if available |
Yes |
Note:
The registered office of the company has been shifted from
B-602, BSEL Tech Tower, Opposite Vashi Railway Station, Navi Mumbai – 400 705,
Maharashtra to the present address w.e.f. 30.06.2007.
BUSINESS PERFORMANCE:
Gross Turnover
amounted to Rs.2243.500 millions, which was almost same as compared to that of
previous year of Rs.2143.900 millions. The Gross Profit decreased by about 16%
and amounted to Rs.437.500 millions, compared to Rs.519.300 millions, after
meeting all the expenses. The interest outgo was Rs.133.900 millions and
depreciation Rs.84.100 millions during the year. The Profit before Tax dipped
by 27% and amounted to Rs.219.500 millions compared to Rs.299.900 millions in
the previous year. The Net Profit after making provision for Current Tax of
Rs.80.000 millions (including interest of Rs.7.700 millions), prior year’s
provision of Rs.4.300 millions and debit of Deferred Tax of Rs.24.000 millions,
amounted to Rs.111.100 millions against 195.400 millions in the previous year,
a decline of about 43% as compared to the previous year.
The result of the
Company during the year was not encouraging. The meltdown in the economy
affected their working seriously. Raw material cost has gone up due to rise in
metal prices, but the Company could not increase its finished products price
due to competition from other entities engaged in similar business.
Nonetheless, management could take effective steps to control other costs of
operation. The benefits of such cost reduction initiatives and improved product
mix were, however, outweighed by the write-off of bad debts and advances of
Rs.158.400 millions. Had it been for the writing-off of bad debts and advances,
the financial results for the year would have been better than the previous
year.
The Provision for
Taxation (including deferred tax) went up by about 4% due increase in deferred
tax charge. The Company had to make interest payment of Rs.7.700 millions to
the Income Tax Authorities for delay in payment of Advance Tax.
During the year the
Company successfully executed major orders of large domestic public and private
sector Companies, like, IOCL, HPCL – Mittal Energy, HPCL, MRPL , NOCL,ESSAR
etc. Due to hard work put in by the Management and the employees in this
difficult year, the Company consolidated its position in all the segments in
which it operates. However, the major external hurdles faced by the Company
were, non availability on time of some raw materials, power cuts, changes in
the technical specifications as set by the customers, etc., which resulted in
disruption and elongation of production cycle, due to which several jobs could
not be completed on schedule.
The Company was awarded the ISO 9001: 2008 certification for Quality
Management
FUTURE PROSPECTS:
There has been a decline
in new projects taking off during FY 2010-11 due to sluggish economy and
tightening on disbursements of loans for new projects by Banks, especially in
the infrastructure sector. No new refinery came up during FY 2010-11and none
planned in FY 2011-12, except for modernization and expansion at one refinery.
The Company is
well poised to garner a good share in the Fertiliser segment by getting
approvals for the “proprietary” range of exchangers from the Process Licensors.
Six
The Company has entered
the Power sector by cracking the first order for high pressure feed water
heaters for super-critical Power plant of 660MW and thereafter has received
additional orders for a total of 6 plants of 660MW and 2 plants of 600MW
besides some smaller sized plants. These will be the first instance of such
large feed water heaters to be built in
The company has
been facing threats of severe competition from many small companies for the
standard conventional exchangers, established players for the exchangers with
complex metallurgy and Chinese Companies in the Power sector thereby squeezing
the bottomlines. Fluctuation in exchange rate is also affecting the bottomline
as they are heavily dependant on imports for critical materials such as heavy
forgings, plates and tubes.
FINANCE:
Due to continuous
hike in the Bank lending rates, cost of borrowings had increased. The Company
had taken adequate measures by negotiating better terms of payment from its
customers as well as suppliers. The Company had 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.
CONTINGENT
LIABILITIES:
|
Particulars |
31.03.2011 (Rs. in
millions) |
|
1. Guarantees issued by bankers on behalf of the company towards: |
|
|
· Advances from clients |
486.402 |
|
· Product performance |
518.073 |
|
· Electricity (Counter guarantee by company) |
1.300 |
|
· Customs duty |
5.465 |
|
· Earnest money deposits |
5.038 |
|
2. Fringe Benefit Tax (Assessment Year 2006-07) |
1.445 |
Bankers Charges
Report as per Registry
|
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 |
Creation of
charge |
|
Type of charge |
Immovable
Property |
|
Particular of
charge holder |
Punjab National Bank, Mid Corporate Branch, Brady House, E-Mail: pnbbradyhouse@gmail.com |
|
Nature of
description of the instrument creating or modifying the charge |
Deed of Mortgage
was executed on 15/09/2011, for CC, ILC/FLC, Buyers' Credit, Letter of
Guarantee and Term Loan. |
|
Date of
instrument Creating the charge |
15.09.2011 |
|
Amount secured by
the charge |
Rs.644.700
millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest: At BPLR as
regulated by the Bank. Terms of
Repayment: As stipulated by
the Lender. Margin: NIL Extent and
Operation of the charge: The Finance
facilities are being secured against present and future Fixed Assets
including Land and Building, situated at its factory at GIDC, Panoli
Industrial Estate, Taluka Ankleshwar, District Bharuch, |
|
Short particulars
of the property charged |
The Finance
facilities are being secured against present and future Fixed Assets
including Land and Building, situated at Mouje: Sanjali, Taluka Ankleshwar,
District Bharuch, bearing Survey No.462 paiki, Plot No.667, admeasuring 1917-00 sq mtrs, in Panoli
Industrial Estate, situated within Gujarat Industrial Development Corporation
(GIDC), in the Regn Districtt and Sub District Ankleshwar, on or towards
East: Plot No.556, on or towards West: Plot No.568, on or towards North: Road
No.6-30 M. Wide, on or towards South Plot No.524 and 523. |
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.55.79 |
|
|
1 |
Rs.86.37 |
|
Euro |
1 |
Rs.70.07 |
INFORMATION DETAILS
|
Information
Gathered by : |
PJA |
|
|
|
|
Report Prepared
by : |
SMN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
8 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
59 |
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.