MIRA
INFORM REPORT
|
Report Date : |
25.10.2013 |
IDENTIFICATION DETAILS
|
Name : |
TEMA INDIA LIMITED (w.e.f. 26.10.1999) |
|
|
|
|
Formerly Known
As : |
TEMA EXCHANGER MANUFACTURERS PRIVATE IMITED |
|
|
|
|
Registered
Office : |
|
|
|
|
|
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
: |
Manufacturer and Exporter of Heat Exchangers. |
|
|
|
|
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 2012. 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.
INDIAN ECONOMIC OVERVIEW
India’s current
account deficit or CAD in April-June widened to 4.9 % of gross domestic
product. High imports of gold and oil led to a worsening of the trade deficit,
resulting in CAD jumping to $ 21.8 billion to the latest quarter from $ 16.9
billion in the corresponding quarter of the previous financial year. The
government aims to bring down CAD to 3.7 % or $ 70 billion, in 2013/14, from
4.8 % or $ 88.2 billion in 2012/13.
The finance ministry
has started preparations for Budget 2014/15. With general elections scheduled
to be held by May next year, there will only be an interim budget. The new
government will present the fiscal Budget.
The Supreme Court
has barred clinical trials for new drugs till a monitoring mechanism is put in
place to protect the lives of people on which the drugs are tested.
Mumbai has been
named the world’s second most honest city according to a survey on 15 cities
worldwide by Readers’ Digest magazine. Finnish capital Helsinki bagged the top
spot for the world’s most honest city while Lisbon, the capital of Portugal,
proved to be the least honest. The survey put hundreds of people to test
in four continents to find out just how honest they were by dropping wallets
and seeing how many would be returned.
3.7 % Growth of the
core sector in August, a seven month high. This takes the overall growth in
April-August this year to 2.3 % compared with 6.3 % in the corresponding period
next financial year.
$19 million
Estimated average spending by companies across the globe including India, on
social media this year, according to a global study by information technology
major Tata Consultancy Services. This will rise to $ 24 million in 2015.
Rising inflation,
fewer employment avenues and dwindling earnings are taking a toll on the
spending capacity in India. Over 72 % respondents from middle and lower middle
income families would be forced to slash their Diwali expenditure by 40 % and
on average spend nearly 25 % of their monthly salary on Diwali, according to a
survey by Assochem.
Analysts believe the
shutdown of the US government would have limited impact in sectors such as IT
or tourism that are dependent on Visa clearances.
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.
INFORMATION PARTED BY
|
Name : |
Mr. Ankush Mane |
|
Designation : |
Assistance Account Manager |
|
Contact No.: |
91-22-66900100 |
|
Date : |
24.10.2013 |
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: |
|
|
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: |
|
|
|
|
|
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 : |
19.09.2012 |
|
PAN
No.: |
AAIPSO140H |
|
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 : |
19.09.2012 |
|
PAN
No.: |
AAHPD0242N |
|
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 : |
19.09.2012 |
|
PAN No.: |
AMEPS1046C |
|
DIN No.: |
01627490 |
|
|
|
|
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 |
|
|
|
|
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 : |
12.11.2012 |
|
PAN No.: |
AADPG0753H |
|
DIN No.: |
02822701 |
|
|
|
|
Name : |
Nagarajan Srinivasan |
|
Designation : |
Additional Director |
|
Address : |
64, 31st Cross, Jayanagar, VII
Block, |
|
Date of
Birth/Age : |
08.08.1962 |
|
Date of Appointment : |
28.09.2012 |
|
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 |
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 : |
Manufacturer and Exporter of Heat Exchangers. |
||||||||
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|
|
||||||||
|
Products : |
Metallurgy
Oil and Gas
Power
Fertilizer
|
||||||||
|
|
|
|
|||||||
|
Exports : |
|
|
|||||||
|
Products : |
Heat Exchangers |
|
|||||||
|
Countries : |
Ř USA Ř Gulf Country Ř Middle East Ř Germany Ř Switzerland Ř Europe |
|
|||||||
|
|
|
|
|||||||
|
Imports : |
|
|
|||||||
|
Products : |
Raw Material |
|
|||||||
|
Countries : |
Ř Germany Ř China Ř South Korea Ř Taiwan Ř Thailand |
|
|||||||
|
|
|
|
|||||||
|
Terms : |
|
|
|||||||
|
Selling : |
Cash and Credit |
|
|||||||
|
|
|
|
|||||||
|
Purchasing : |
Cash and Credit |
|
|||||||
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
|
Customers : |
End Users |
|||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||
|
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 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
35.633 |
35.633 |
|
(b) Reserves & Surplus |
|
1117.241 |
1452.594 |
|
(c) Money
received against share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
|
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
|
1152.874 |
1488.227 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
121.337 |
171.222 |
|
(b) Deferred tax liabilities (Net) |
|
0.000 |
63.555 |
|
(c) Other long term liabilities |
|
0.000 |
0.000 |
|
(d) long-term provisions |
|
7.005 |
13.124 |
|
Total Non-current Liabilities (3) |
|
128.342 |
247.901 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
|
723.131 |
786.431 |
|
(b) Trade payables |
|
476.751 |
609.415 |
|
(c) Other current
liabilities |
|
414.772 |
443.240 |
|
(d) Short-term provisions |
|
8.659 |
80.534 |
|
Total Current Liabilities (4) |
|
1623.313 |
1919.620 |
|
|
|
|
|
|
TOTAL |
|
2904.529 |
3655.748 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
|
1037.780 |
770.385 |
|
(ii) Intangible Assets |
|
11.247 |
15.043 |
|
(iii) Capital
work-in-progress |
|
9.023 |
277.778 |
|
(iv)
Intangible assets under development |
|
0.000 |
0.000 |
|
(b) Non-current Investments |
|
0.500 |
0.500 |
|
(c) Deferred tax assets (net) |
|
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
|
89.375 |
94.963 |
|
(e) Other Non-current assets |
|
0.000 |
0.000 |
|
Total Non-Current Assets |
|
1147.925 |
1158.669 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
0.000 |
0.000 |
|
(b) Inventories |
|
933.179 |
1028.012 |
|
(c) Trade receivables |
|
708.489 |
1238.257 |
|
(d) Cash and cash
equivalents |
|
3.444 |
124.570 |
|
(e) Short-term loans and
advances |
|
111.491 |
104.105 |
|
(f) Other current assets |
|
0.001 |
2.135 |
|
Total Current Assets |
|
1756.604 |
2497.079 |
|
|
|
|
|
|
TOTAL |
|
2904.529 |
3655.748 |
|
SOURCES OF FUNDS |
|
|
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
35.633 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
1342.087 |
|
|
4] (Accumulated Losses) |
|
|
0.000 |
|
|
NETWORTH |
|
|
1377.720 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
774.116 |
|
|
2] Unsecured Loans |
|
|
118.857 |
|
|
TOTAL BORROWING |
|
|
892.973 |
|
|
DEFERRED TAX LIABILITIES |
|
|
39.545 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
2310.238 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
816.166 |
|
|
Capital work-in-progress |
|
|
242.327 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
0.501 |
|
|
DEFERREX TAX ASSETS |
|
|
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
963.083
|
|
|
Sundry Debtors |
|
|
792.749
|
|
|
Cash & Bank Balances |
|
|
162.845
|
|
|
Other Current Assets |
|
|
0.582
|
|
|
Loans & Advances |
|
|
143.120
|
|
Total
Current Assets |
|
|
2062.379 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
443.441
|
|
|
Other Current Liabilities |
|
|
236.454
|
|
|
Provisions |
|
|
131.240
|
|
Total
Current Liabilities |
|
|
811.135 |
|
|
Net Current Assets |
|
|
1251.244
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
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/(LOSS)
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/(LOSS)
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/(LOSS)
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/(LOSS) 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
Profit/(Loss) Per Share (Rs.) |
(94.11) |
31.20 |
54.85 |
|
|
Particulars |
|
|
31.03.2013 |
|
Sales Turnover (Approximately) |
|
|
680.000 |
|
|
|
|
|
Expected Sales (2013-2014): Rs.2000.000 Millions
The above information has been parted by Mr. Ankush Mane
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 Debt /Networth) |
|
0.73
|
0.64 |
0.65
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.08
|
2.15 |
2.54
|
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES
OF LONG TERM DEBT:
|
Particulars |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
Current
maturities of long-term debt |
49.884 |
63.549 |
NA |
|
Total |
49.884 |
63.549 |
NA |
|
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 |
Yes |
|
10] |
Designation of contact
person |
Yes |
|
11] |
Turnover of firm for last
four years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
----- |
|
14] |
Estimation for coming
financial year |
Yes |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
No |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
Yes |
|
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:
|
Particulars |
31.03.2012 [Rs.
in Millions] |
31.03.2011 [Rs.
in Millions] |
|
Long Term
Borrowing |
|
|
|
Deferred payment Indian sources |
9.390 |
10.539 |
|
Loans taken for fixed assets |
0.763 |
1.166 |
|
Deposits |
6.184 |
6.184 |
|
|
|
|
|
Short Term
Borrowing |
|
|
|
Other loan and advances |
118.875 |
99.401 |
|
|
|
|
|
Total |
135.212 |
117.290 |
INDEX CHARGES:
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10413806 |
30/01/2013 |
26,500,000.00 |
State Bank of India |
Overseas Branch, 2nd floor, The Arcade,
Cuffe Parade,, MUMBAI, Maharashtra 400005, INDIA |
B71447544 |
|
2 |
10339279 |
15/09/2011 |
644,700,000.00 |
PUNJAB NATIONAL BANK |
MID CORPORATE BRANCH, BRADY HOUSE, V N
ROAD,, MUMBAI, Maharashtra - 400023, INDIA |
B26750133 |
|
3 |
10261870 |
30/03/2011 * |
2,737,700,000.00 |
SBICAP TRUSTEE COMPANY LIMITED |
202, MAKER TOWER, 'E', CUFFE PARADE,,
COLABA,, MUMBAI, Maharashtra - 400005, INDIA |
B09013038 |
|
4 |
10165901 |
26/06/2009 |
510,000,000.00 |
Standard Chartered Bank |
90, M G Road,, Fort,, Mumbai, Maharashtra -
400001, INDIA |
A65182354 |
|
5 |
10039570 |
08/02/2007 |
65,000,000.00 |
STATE BANK OF INDIA |
OVERSEAS BRANCH, WORLD TRADE CENTRE, CUFFE
PARADE, MUMBAI, Maharashtra - 400005, INDIA |
A11465572 |
* Date of charge modification
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.
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:
1. 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.
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 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. 61.41 |
|
|
1 |
Rs. 99.53 |
|
Euro |
1 |
Rs. 84.81 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Report Prepared
by : |
ANK |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
4 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
30 |
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.