MIRA
INFORM REPORT
|
Report Date : |
03.04.2013 |
IDENTIFICATION DETAILS
|
Name : |
TEMA INDIA LIMITED (w.e.f. 26.10.1999) |
|
|
|
|
Formerly Known
As : |
TEMA EXCHANGER MANUFACTURERS PRIVATE IMITED |
|
|
|
|
Registered
Office : |
Hamilton House, 3rd Floor, J N Heredia Marg, Ballard
Estate, Mumbai-400038, Maharashtra |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
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
: |
Subject is in the business of designing and manufacturing specialized tailor made capital equipment, namely heat exchangers, mainly for petroleum, refinery, chemical, fertilizer and power industries. |
|
|
|
|
No. of Employees
: |
Approximately 1000 (Office + Factory + Branch) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (31) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
Maximum Credit Limit : |
USD 4600000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having a moderate track record. The
company has incurred heavy loss during current year. Rating also takes into
account delays in payments from some of the large customers. However, trade
relations are reported as fair. Business is active. Payments are reported to
slow. The company can be considered for business dealings with great
caution. |
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 – June 30, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
India is developing into an open-market economy, yet traces of
its past autarkic policies remain. Economic liberalization, including
industrial deregulation, privatization of state-owned enterprises, and reduced
controls on foreign trade and investment, began in the early 1990s and has
served to accelerate the country's growth, which has averaged more than 7% per
year since 1997. India's diverse economy encompasses traditional village
farming, modern agriculture, handicrafts, a wide range of modern industries,
and a multitude of services. Slightly more than half of the work force is in
agriculture, but services are the major source of economic growth, accounting
for more than half of India's output, with only one-third of its labor force.
India has capitalized on its large educated English-speaking population to become
a major exporter of information technology services and software workers. In
2010, the Indian economy rebounded robustly from the global financial crisis -
in large part because of strong domestic demand - and growth exceeded 8%
year-on-year in real terms. However, India's economic growth in 2011 slowed
because of persistently high inflation and interest rates and little progress
on economic reforms. High international crude prices have exacerbated the
government's fuel subsidy expenditures contributing to a higher fiscal deficit,
and a worsening current account deficit. Little economic reform took place in
2011 largely due to corruption scandals that have slowed legislative work.
India's medium-term growth outlook is positive due to a young population and
corresponding low dependency ratio, healthy savings and investment rates, and
increasing integration into the global economy. India has many long-term
challenges that it has not yet fully addressed, including widespread poverty,
inadequate physical and social infrastructure, limited non-agricultural
employment opportunities, scarce access to quality basic and higher education,
and accommodating rural-to-urban migration.
|
Source
: CIA |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
Fund Base – Term Loan ‘D’ (Revised From BBB) |
|
Rating Explanation |
Lowest credit quality. Very low prospects of recovery. |
|
Date |
March 2012 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter in
the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
LOCATIONS
|
Registered Office / Head Office : |
Hamilton House, 3rd Floor, J N Heredia Marg, Ballard
Estate, Mumbai-400038, Maharashtra, India
|
|
Tel. No.: |
91-22-66900100 |
|
Fax No.: |
91-22-67124533 / 34 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
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: |
|
|
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 –394116 Ankleshwar,
District: Bharuch, Gujarat, India |
|
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, Gujarat, India |
|
Tel. No.: |
91-2646-272060 |
|
Fax No.: |
91-260-2677344 |
|
Email: |
temapanoli@temaindia.com |
|
|
|
|
Representative
Office: |
Located
at: v
v
v
|
DIRECTORS
AS ON 28.09.2012
|
Name : |
Mr. Haresh Khushiram Sippy |
|
Designation : |
Whole Time Director |
|
Address : |
10, |
|
Date of
Birth/Age : |
19.08.1946 |
|
Qualification : |
B.E. (Structural) |
|
Date of Appointment
: |
21.12.1984 |
|
PAN
No.: |
AAIPSO140H |
|
DIN No.: |
01593589 |
Other Directorship:
|
S.No. |
CIN/LLPIN |
Name
of the Company/ LLP |
Current
designation of the Director/ Designated Partner |
Date
of appointment at current designation |
Original
date of appointment |
Company/
LLP Status |
Defaulting
status |
|
1 |
U29192MH1984PLC034861 |
TEMA
INDIA LIMITED |
Managing
director |
19/09/2012 |
21/12/1984 |
Active |
NO |
|
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 |
|
PAN
No.: |
AAHPD0242N |
|
DIN No.: |
01213835 |
Other Directorship:
|
S.No. |
CIN/LLPIN |
Name
of the Company/ LLP |
Current
designation of the Director/ Designated Partner |
Date
of appointment at current designation |
Original
date of appointment |
Date
of cessation |
Company/
LLP Status |
Defaulting
status |
|
1 |
U29192MH1984PLC034861 |
TEMA
INDIA LIMITED |
Whole-time
director |
19/09/2012 |
21/12/1984 |
- |
Active |
NO |
|
2 |
U74900MH2009PTC190998 |
TRPL
RESOURCES AND CONSULTANCY SERVICES PRIVATE LIMITED |
Director |
17/03/2009 |
17/03/2009 |
17/03/2009 |
Active |
NO |
|
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 |
|
PAN No.: |
AMEPS1046C |
|
DIN No.: |
01627490 |
Other Directorship:
|
S.No. |
CIN/LLPIN |
Name
of the Company/ LLP |
Current
designation of the Director/ Designated Partner |
Date
of appointment at current designation |
Original
date of appointment |
Date
of cessation |
Company/
LLP Status |
Defaulting
status |
|
1 |
U29192MH1984PLC034861 |
TEMA
INDIA LIMITED |
Whole-time
director |
19/09/2012 |
19/09/2007 |
- |
Active |
NO |
|
2 |
U74900MH2009PTC190998 |
TRPL
RESOURCES AND CONSULTANCY SERVICES PRIVATE LIMITED |
Director |
17/03/2009 |
17/03/2009 |
16/11/2009 |
Active |
NO |
|
Name : |
Mr. Mahesh Ramchand Chhabria |
|
Designation : |
Director |
|
Address : |
11, |
|
Date of
Birth/Age : |
19.04.1964 |
|
Date of Appointment : |
30.09.2011 |
|
DIN No.: |
00166049 |
Other Directorship:
|
S.No. |
CIN/LLPIN |
Name
of the Company/ LLP |
Current
designation of the Director/ Designated Partner |
Date
of appointment at current designation |
Original
date of appointment |
Date
of cessation |
Company/
LLP Status |
Defaulting
status |
|
1 |
U65993MH2005PTC155032 |
3i
INDIA PRIVATE LIMITED |
Director |
19/01/2006 |
19/01/2006 |
31/03/2010 |
Active |
NO |
|
2 |
L85110KA1980PLC003913 |
WENDT
INDIA LIMITED |
Director |
10/04/2006 |
10/04/2006 |
23/01/2009 |
Active |
NO |
|
3 |
U74300MH2006PTC163636 |
OUT-OF-HOME
MEDIA (INDIA) PRIVATE LIMITED |
Director |
08/08/2006 |
08/08/2006 |
15/03/2010 |
Active |
NO |
|
4 |
U92120DL2005PLC135845 |
UFO
MOVIEZ LIMITED |
Nominee
director |
24/08/2007 |
08/01/2007 |
- |
Amalgamated |
NO |
|
5 |
U22120DL2004PLC164728 |
UFO
MOVIEZ INDIA LIMITED |
Director |
02/08/2007 |
27/03/2007 |
16/03/2010 |
Active |
NO |
|
6 |
U24230MH2000PTC125061 |
SIRO
CLINPHARM PRIVATE LIMITED |
Nominee
director |
16/06/2007 |
16/06/2007 |
22/03/2010 |
Active |
NO |
|
7 |
U99999MH2006PTC159322 |
ADIMPACT
MEDIA PRIVATE LIMITED |
Additional
director |
18/12/2007 |
18/12/2007 |
28/03/2009 |
Active |
NO |
|
8 |
U74300MH2008PTC179059 |
FOCUS
OUT-OF-HOME MEDIA (INDIA) PRIVATE LIMITED |
Director |
19/02/2008 |
19/02/2008 |
15/03/2010 |
Active |
NO |
|
9 |
U67190DL1998PTC092947 |
ACTIS
ADVISERS PRIVATE LIMITED |
Director |
24/09/2010 |
12/07/2010 |
- |
Active |
NO |
|
10 |
U29192MH1984PLC034861 |
TEMA
INDIA LIMITED |
Director |
30/09/2011 |
23/12/2010 |
- |
Active |
NO |
|
11 |
U72200MH2002PLC138213 |
AGS TRANSACT
TECHNOLOGIES LIMITED |
Additional
director |
22/11/2012 |
22/11/2012 |
- |
Active |
NO |
|
12 |
U74120MH2012PLC230193 |
SECUREVALUE
INDIA LIMITED |
Additional
director |
22/11/2012 |
22/11/2012 |
- |
Active |
NO |
|
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 |
|
PAN No.: |
AADPG0753H |
|
DIN No.: |
02822701 |
Other Directorship:
|
S.No. |
CIN/LLPIN |
Name
of the Company/ LLP |
Current
designation of the Director/ Designated Partner |
Date
of appointment at current designation |
Original
date of appointment |
Company/
LLP Status |
Defaulting
status |
|
1 |
U29192MH1984PLC034861 |
TEMA
INDIA LIMITED |
Whole-time
director |
12/11/2012 |
12/11/2009 |
Active |
NO |
|
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 |
Other Directorship:
|
S.No. |
CIN/LLPIN |
Name
of the Company/ LLP |
Current
designation of the Director/ Designated Partner |
Date
of appointment at current designation |
Original
date of appointment |
Date
of cessation |
Company/
LLP Status |
Defaulting
status |
|
1 |
U65999MH2004PTC147345 |
ACTIS
ASSET RECONSTRUCTION COMPANY PRIVATE LIMITED |
Director |
06/07/2004 |
06/07/2004 |
- |
Strike
off |
NO |
|
2 |
U74899DL1995PLC069353 |
ORTEL
COMMUNICATIONS LIMITED |
Director |
30/09/2004 |
30/09/2004 |
20/04/2008 |
Active |
NO |
|
3 |
U67190MH2005PTC157235 |
SIRIUS
FINANCIAL SERVICES PRIVATE LIMITED |
Director |
10/11/2005 |
10/11/2005 |
18/08/2008 |
Active |
NO |
|
4 |
U52599KA2006PTC040316 |
KETTY
RETAIL VENTURES PRIVATE LIMITED |
Director |
14/12/2006 |
14/12/2006 |
24/11/2009 |
Active |
NO |
|
5 |
U85110KA1988PTC009463 |
NILGIRI'S
MECHANISED BAKERY PRIVATE LIMITED |
Director |
14/12/2006 |
14/12/2006 |
24/11/2009 |
Active |
NO |
|
6 |
U65910KA1996PTC019885 |
NILGIRIS
FRANCHISE PRIVATE LIMITED |
Director |
14/12/2006 |
14/12/2006 |
24/11/2009 |
Active |
NO |
|
7 |
U01541KA1985PTC006784 |
APPU
NUTRITIONS PRIVATE LIMITED |
Director |
14/12/2006 |
14/12/2006 |
24/11/2009 |
Active |
NO |
|
8 |
U00000DL2001PLC109548 |
NITREX
CHEMICALS INDIA LIMITED |
Additional
director |
02/03/2009 |
02/03/2009 |
16/05/2011 |
Active |
NO |
|
9 |
U85110KA1970PTC001942 |
THE
NILGIRI DAIRY FARM PRIVATE LIMITED |
Director |
30/12/2009 |
25/11/2009 |
08/11/2012 |
Active |
NO |
|
10 |
U29192MH1984PLC034861 |
TEMA
INDIA LIMITED |
Director |
28/09/2012 |
09/02/2012 |
- |
Active |
NO |
|
11 |
U72200MH2002PLC138213 |
AGS
TRANSACT TECHNOLOGIES LIMITED |
Nominee
director |
10/08/2012 |
10/08/2012 |
22/11/2012 |
Active |
NO |
|
12 |
U74120MH2012PLC230193 |
SECUREVALUE
INDIA LIMITED |
Nominee
director |
18/09/2012 |
18/09/2012 |
22/11/2012 |
Active |
NO |
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 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 28.09.2012
|
Names of Shareholders |
No. of Shares |
|
Haresh Khushiram Sippy Jointly With Reenu Haresh Sippy |
1163100 |
|
Chetan
Suman Doshi Jointly With Asha Chetan Doshi |
850500 |
|
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 |
196100 |
|
Haresh
K. Sippy (HUF) |
18000 |
|
Actis
Tema Holdings Limited, |
200 |
|
Actis
Tema Holdings Limited, |
1264756 |
|
TOTAL
|
3563256 |
AS ON 28.09.2012
|
Equity Shares
Break Up |
Percentage of
Holding |
|
Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s),
Non-resident Indian(s) or Overseas Corporate bodies or Others |
35.50 |
|
Directors or relatives of Directors |
64.50 |
|
TOTAL |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is in
the business of designing and manufacturing specialized tailor made capital
equipment, namely heat exchangers, mainly for petroleum, refinery, chemical,
fertilizer and power industries. |
||||||
|
|
|
||||||
|
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) |
|||||||||||||||||||||
|
|
|
|||||||||||||||||||||
|
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, Mid Corporate Branch, Brady
House, v
HDFC Bank Limited |
|||||||||||||||||||||
|
|
|
|||||||||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
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 31.03.2012
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 |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
35.633 |
35.633 |
35.633 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
1117.241 |
1452.594 |
1342.087 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
1152.874 |
1488.227 |
1377.720 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
710.020 |
841.529 |
774.116 |
|
|
2] Unsecured Loans |
134.449 |
116.124 |
118.857 |
|
|
TOTAL BORROWING |
844.469 |
957.653 |
892.973 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
63.555 |
39.545 |
|
|
|
|
|
|
|
|
TOTAL |
1997.343 |
2509.435 |
2310.238 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
1049.027 |
785.428 |
816.166 |
|
|
Capital work-in-progress |
9.023 |
277.778 |
242.327 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.501 |
0.501 |
0.501 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
933.179
|
1028.012
|
963.083
|
|
|
Sundry Debtors |
708.489
|
1238.256
|
792.749
|
|
|
Cash & Bank Balances |
3.445
|
124.570
|
162.845
|
|
|
Other Current Assets |
0.001
|
2.135
|
0.582
|
|
|
Loans & Advances |
200.866
|
199.068
|
143.120
|
|
Total
Current Assets |
1845.980
|
2592.041 |
2062.379 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
476.751
|
609.415 |
443.441
|
|
|
Other Current Liabilities |
414.772
|
443.240
|
236.454
|
|
|
Provisions |
15.665
|
93.658
|
131.240
|
|
Total
Current Liabilities |
907.188
|
1146.313 |
811.135 |
|
|
Net Current Assets |
938.792
|
1445.728
|
1251.244
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
1997.343 |
2509.435 |
2310.238 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
1288.778 |
2033.606 |
1988.800 |
|
|
|
Other Income |
92.425 |
70.419 |
104.081 |
|
|
|
TOTAL (A) |
1381.203 |
2104.025 |
2092.881 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
895.345 |
1007.328 |
|
|
|
|
Employee benefit expense |
179.520 |
156.077 |
|
|
|
|
Other expenses |
549.057 |
432.720 |
|
|
|
|
Changes in inventories
of finished goods, work-in-progress and stock-in-trade |
(92.393) |
70.422 |
|
|
|
|
TOTAL (B) |
1531.529 |
1666.547 |
1573.556 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
(150.326) |
437.478 |
519.325 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
178.109 |
133.903 |
143.385 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(328.435) |
303.575 |
375.940 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
70.510 |
84.112 |
76.003 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
(398.945) |
219.463 |
299.937 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
(63.591) |
108.287 |
104.498 |
|
|
|
|
|
|
|
|
|
|
Prior Period
Adjustment – Depreciation Written Back |
0.000 |
0.000 |
14.247 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
(335.354) |
111.176 |
209.686 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
NA |
NA |
475.720 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
NA |
NA |
20.968 |
|
|
|
Proposed Dividend on Equity Shares |
NA |
NA |
17.816 |
|
|
|
Corporate Dividend Tax |
NA |
NA |
2.960 |
|
|
BALANCE CARRIED
TO THE B/S |
NA |
NA |
643.662 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
126.282 |
1.917 |
214.687 |
|
|
TOTAL EARNINGS |
126.282 |
1.917 |
214.687 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials & Components |
191.026 |
512.758 |
391.760 |
|
|
|
Stores, Spares & Tools |
222.422 |
34.824 |
42.336 |
|
|
|
Plant and Machinery |
0.200 |
37.731 |
46.970 |
|
|
|
Computer Software |
0.000 |
0.000 |
0.072 |
|
|
TOTAL IMPORTS |
413.648 |
585.313 |
481.138 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
(94.11) |
31.20 |
54.85 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
(24.28)
|
5.28 |
10.02
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(30.96)
|
10.79 |
15.08
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(13.78)
|
6.50 |
10.42
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.35)
|
0.15 |
0.22
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.73
|
0.64 |
0.65
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.03
|
2.26 |
2.54
|
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
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 |
No |
|
10] |
Designation of contact
person |
No |
|
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) |
Yes |
|
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 |
|
31] |
Date of Birth
of Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
Yes |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External
Agency Rating, if available |
Yes |
|
UNSECURED LOAN |
Rs.
In Millions 31.03.2012 |
Rs.
In Millions 31.03.2011 |
|
Deferred Payment Indian Sources |
9.390 |
10.539 |
|
Deposits From Directors |
3.579 |
3.579 |
|
Deposits From Shareholders |
2.605 |
2.605 |
|
Other Loans and Advances |
118.875 |
99.401 |
|
|
|
|
|
TOTAL |
134.449 |
116.124 |
NOTE
The registered office of the company has been shifted from
B-607, BSEL Tech Tower, Opposite Vashi Railway Station, Navi Mumbai – 400 705,
Maharashtra to the present address w.e.f. 03.12.2012.
BACKGROUND
Subject is in the business of designing and manufacturing specialized
tailor made capital equipment, namely heat exchangers, mainly for petroleum,
refinery, chemical, fertilizer and power industries.
YEAR IN RETROSPECT
Subject has
reported gross turnover amounting to Rs.1381.200 Millions compared to that of
previous year of Rs. 2104.000 Millions. The Company has declared a loss
amounting to pretax 398.900 Millions, compared to profit of Rs. 219.400
Millions last year, after meeting all the expenses. The interest outgo was Rs.
178.100 Millions and depreciation Rs. 70.500 Millions during the year. As the
Company incurred Loss, there was no provision for taxation compared to Rs.
108.300 Millions as in the previous year. After taking credit of deferred tax
of Rs. 63.600 Millions, the Loss amounted to Rs. 335.300 Millions compared to
Profit of Rs. 111.100 Millions in the previous year, which was carried to the
Balance Sheet.
FINANCE
During the year,
the Company faced severe financial crunch, resulting in a mismatch cash flow
situation. The continuous hike in the Bank lending rates resulted in the
increase in cost of borrowings. The Company is in the process of preparing and
forwarding a bilateral restructure plan to for final approval from its Bankers
led by State Bank of India. Steps are being taken by negotiating better terms
of payment from its customers as well as suppliers. 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 |
Hamilton House, 3rd Floor, J N Heredia Marg, Ballard
Estate, Mumbai-400038, Maharashtra |
|
This form is for |
Creation of
charge |
|
Type of charge |
·
Immovable
property ·
Book
debts ·
Others |
|
Particular of
charge holder |
State Bank of India,
Overseas Branch, The Arcade, World Trade Centre, Cuffe Parade, Mumbai – 400
005, Maharashtra, India |
|
Nature of
instrument creating charge |
A Memorandum of
Agreement was executed between the Company and State Bank of India. |
|
Date of instrument
Creating the charge |
30.01.2013 |
|
Amount secured by
the charge |
Rs. 26.500
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of interest As per the terms and
conditions stated in the Sanction Letter issued by the Bank. Terms of repayment As per the terms
and conditions stated in the Sanction Letter issued by the Bank. Margin As per the terms
and conditions stated in the Sanction Letter issued by the Bank. Extent and operation of the charge Hypothecation of
the Company's entire Book Debts, Inventory and other Moveable Current Assets
on pari-passu basis with other Lenders / FIs. |
|
Short particulars
of the property charged (Including location of the property) |
Hypothecation of
the Company's entire Book Debts, Inventory and other Moveable Current Assets
on pari-passu basis with other Lenders / FIs. |
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
WEBSITE DETAILS
PROFILE
One man's vision,
entrepreneurship and love for innovation set the wheels rolling, laying a
strong foundation for the future of an engineering company. In 1975, Mr. Sippy
set-up his own facility, Leo Engineering Works, which manufactured Shell and
Tube Heat Exchangers. After being witness to several key developments such as the
country's first Torispherical Dished End and its very first Welded Air
Receiver, Mr. Sippy decided to hone his skills at manufacturing world-class
engineering products on a larger scale. Later, with Mr. Chetan Doshi and Mr.
Khushroo Bulsara, he formed TEMA INDIA LIMITED, starting with a modest revenue
of USD 100,000 in 1987 to a healthy USD 45 Million turnover in 2010.
They were the first to computerize designs and drawings of Shell and Tube
Heat Exchangers.
They invented the “Shrink Fit” Technology on
channel barrel and have a proprietary design and manufacturing process of Screw
Plug Heat Exchangers.
NEWS
TEMA INDIA RAISES CONCERN ABOUT THE US ASSISTANT
TRADE REPRESENTATIVE'S LETTER TO DOT
The Telecom Equipment Manufacturers Association (TEMA) of India, in a communication to the Secretary, Department of Telecommunications (DoT), Government of India, have expressed their dismay over the recent media reports about the letter from the US Assistant Trade Representative suggesting India should take a soft stand on national security issues as far as the Indian telecommunication industry is concerned.
The letter from the US Assistant Trade
Representative (South and Central Asia), Mr. Michael J Delaney to DoT's DDG
(Security) questions the upcoming security framework in the telecom industry
wherein the Government of India has indicated that 50 per cent of all 'core
telecom network equipment ' will have to be indigenously developed or
manufactured.
Mr. Delaney has also questioned some of the
provisions contained in the draft National Security Policy like:
- The Indian
telecom service provider to induct hardware and software only from
"trusted sources" with Indian certification ;
2.
Mandatory requirement by the telecom network
operators to install telecom equipment only after obtaining the certification
in India.
"Going by the media reports, the contents of
the letter from US, ATR are not in our nation's interest. Mr. Delaney has
impressed upon Government of India to ignore / dilute such provisions. This
stand not only challenges the Indian policy, but also increases the national
security threat," said Mr. Ashok K Aggarwal Honorary Director-General,
Telecommunication Equipment Manufacturers Association of India. Mr. Aggarwal
also said that the U.S Government has stringent checks and balances in their
country to thwart all possibilities of security threat for their critical
infrastructure like Telecom, which is clearly evident from the recent
investigations ordered by the US House Intelligence Committee in this regard.
This letter from US ATR clearly demonstrates the double standards being adopted
by the US
TEMA in its communication stressed upon the Government of India that the
concerns raised by Mr. Delaney should be ignored and not taken cognizance of in
the nation's security interest in the final National Security Policy 2011.
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 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 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. 54.38 |
|
|
1 |
Rs. 82.04 |
|
Euro |
1 |
Rs. 69.58 |
INFORMATION DETAILS
|
Report Prepared
by : |
DPT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
|
31 |
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.