MIRA INFORM REPORT
|
Report Date : |
01.04.2014 |
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) : |
31.03.2013 |
|
|
|
|
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
: |
1000 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (27) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 3300000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Exist |
|
|
|
|
Comments : |
Subject is an established company having moderate track record. The rating reflects moderate financial risk profile marked by continuous
losses that company has incurred from its operation and below average
financial performance. However, trade relations are fair. Business is active. Payment terms
are slow but correct. The company can be considered for business dealing with some 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 – December 1, 2013
|
Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
|
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’s current account deficit for the fiscal third quarter ended
September 2013 narrowed to $4.2 billion or 0.9 % of the gross domestic product
from $31.9 billion or 6.5 % of GDP a year earlier, thanks to a pick-up in exports
and moderation in gold imports. Manufacturing activity and new orders in India
showed their strongest growth in a year in February. The news comes as a relief
after data showed Asia’s third largest economy grew by a slower-than-expected
4.7 % annually in the three months through December. The HSBC Manufacturing
Purchasing Managers’ Index which gauges the business activity of India’s
factories but not its’ utilities, rose to 52.5 in February, its highest in a
year from 51.4 in January. Overall new orders for factory goods which rose to a
one-year high of 54.9 contributed to the surge. China has emerged as India’s
biggest trading partner in the current financial year replacing the United Arab
Emirates and pushing it to the third spot. India-China trade has reached $49.5
billion with a 8.7 % share in India’s total trade. The US comes second at $46
billion with 8.1 % share during the first nine months of the current financial
year.
The Reserve Bank of India has granted an additional nine months to the
public to exchange currency notes printed before 2005 including Rs 500 and Rs
1,000 denominations, pushing the deadline to January 1, 2015. A day before
dates for the Lok Sabha polls were announced, the government decided to hike
interest rates on fixed deposit schemes offered by post offices up to 0.2 per
cent. The new rates will be effective April, 1. The Supreme Court will resume
hearing on March, 11 Nokia’s appeal against a ruling over transferring
ownership of its local mobile phones plant which is the subject of a tax
dispute to Microsoft Corp.
In the last days of the current Government, another scam has surfaced.
The defence ministry has ordered a probe into Hindustan Aeronautics Limited’s contracts
from Britain’s Rolls-Royce Holdings worth at least $ 1.2 billion. The Central
Bureau of Investigation will look into allegations that over $80 million was
paid in kickbacks in a deal signed in 2011. India has asked Boeing Co. to
find a solution for problems with state-owned Air India’s 787 Dreamliners. The
aircraft has experienced a series of malfunctions since its debut in 2011.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
Long Term – Term Loan BB |
|
Rating Explanation |
Moderate risk of default and high credit
risk |
|
Date |
January 2014 |
|
Rating Agency Name |
ICRA |
|
Rating |
Short Term Non Fund Based Limits = A4 |
|
Rating Explanation |
Minimal degree of safety and very high
credit risk |
|
Date |
January 2014 |
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. Dinesh Parkar |
|
Designation : |
Accounts Assistant |
|
Contact No.: |
91-22-66900100 |
|
Date : |
29.03.2014 |
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:
|
DIRECTORS
As on 30.09.2013
|
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 |
|||||||||||||||||||||||||||
|
Other Directorship:
|
||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||
|
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 |
|||||||||||||||||||||||||||
|
Other Directorship:
|
||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||
|
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 : |
Mr. Sriniwas Nagarajan |
|||||||||||||||||||||||||||
|
Designation : |
Director |
|||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||
|
Name : |
Mr. Mahesh Chhabria |
|||||||||||||||||||||||||||
|
Designation : |
Director |
|||||||||||||||||||||||||||
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. Dinesh Parkar |
|
Designation : |
Accounts Assistant |
MAJOR SHAREHOLDERS
As on 30.09.2013
|
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 |
Equity Share Break up (Percentage of Total Equity)
As on 30.09.2013
|
Category |
Percentage |
|
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. |
||||||||
|
|
|
||||||||
|
Products : |
Metallurgy
Oil and Gas
Power
Fertilizer
Ammonia Conv. Feed / Effluent Exchanger |
||||||||
|
|
|
||||||||
|
Exports : |
|
||||||||
|
Products : |
Heat Exchanger |
||||||||
|
Countries : |
|
||||||||
|
|
|
||||||||
|
Imports : |
|
||||||||
|
Products : |
Raw Material |
||||||||
|
Countries : |
|
||||||||
|
|
|
||||||||
|
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
|
Suppliers : |
Not Divulged |
|||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||
|
Customers : |
Not Divulged |
|||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||
|
No. of Employees : |
1000 (Approximately) |
|||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||
|
Bankers : |
|
|||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Financial
Institutions : |
SBI Cap Trustee Company Limited, 202, Maker Tower, 'E', Cuffe Parade,
Colaba, Mumbai - 400005, Maharashtra,
India |
|
|
|
|
Auditors : |
|
|
Name : |
Deloitte Haskins and Sells Chartered Accountants |
|
Address : |
12, |
|
Tel. No.: |
91-22-66679000/ 66679116 |
|
Fax No.: |
91-22-66679100 |
|
PAN No.: |
AACFD4815A |
CAPITAL STRUCTURE
As on 30.09.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
7480000 |
Equity Shares |
Rs.10/- each |
Rs.74.800 Millions |
|
45020000 |
Preference Shares |
Rs.10/- each |
Rs.450.200 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 |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
35.633 |
35.633 |
35.633 |
|
(b) Reserves & Surplus |
777.001 |
1,117.241 |
1452.594 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending
allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
812.634 |
1,152.874 |
1488.227 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
298.363 |
121.337 |
171.222 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
63.555 |
|
(c) Other long term
liabilities |
36.072 |
0.000 |
0.000 |
|
(d) long-term
provisions |
9.437 |
7.005 |
13.124 |
|
Total Non-current
Liabilities (3) |
343.872 |
128.342 |
247.901 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
558.951 |
723.131 |
786.431 |
|
(b) Trade
payables |
414.803 |
494.063 |
609.415 |
|
(c) Other
current liabilities |
552.290 |
397.460 |
443.240 |
|
(d) Short-term
provisions |
7.533 |
8.660 |
80.534 |
|
Total Current
Liabilities (4) |
1,533.577 |
1,623.314 |
1919.620 |
|
|
|
|
|
|
TOTAL |
2,690.083 |
2,904.530 |
3655.748 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
943.079 |
1,037.780 |
770.385 |
|
(ii)
Intangible Assets |
7.117 |
11.247 |
15.043 |
|
(iii)
Capital work-in-progress |
8.950 |
9.024 |
277.778 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.427 |
0.501 |
0.500 |
|
(c) Deferred tax assets (net) |
108.763 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
92.734 |
89.375 |
94.963 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current Assets |
1,161.070 |
1,147.927 |
1158.669 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
855.493 |
933.179 |
1028.012 |
|
(c) Trade
receivables |
509.558 |
708.489 |
1238.257 |
|
(d) Cash
and cash equivalents |
39.659 |
3.445 |
124.570 |
|
(e)
Short-term loans and advances |
123.737 |
111.490 |
104.105 |
|
(f) Other
current assets |
0.566 |
0.000 |
2.135 |
|
Total
Current Assets |
1,529.013 |
1,756.603 |
2497.079 |
|
|
|
|
|
|
TOTAL |
2,690.083 |
2,904.530 |
3655.748 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
||
|
|
SALES |
|
|
|
||
|
|
|
Income |
684.201 |
1,325.732 |
2033.606 |
|
|
|
|
Other Income |
17.990 |
55.471 |
70.419 |
|
|
|
|
TOTAL (A) |
702.191 |
1,381.203 |
2,104.025 |
|
|
|
|
|
(Due to less orders ) |
|||
|
|
|
|
|
|
||
|
Less |
EXPENSES |
|
|
|
||
|
|
|
Cost of Materials Consumed |
350.957 |
895.345 |
1007.328 |
|
|
|
|
Purchase of Stock-in-trade |
0.000 |
0.000 |
0.000 |
|
|
|
|
Changes in Inventories of finished goods, work-in-progress and
stock-in-trade |
52.599 |
(92.394) |
70.422 |
|
|
|
|
Employee Benefits Expenses |
163.309 |
196.952 |
156.077 |
|
|
|
|
Other Expenses |
328.870 |
531.626 |
432.72 |
|
|
|
|
TOTAL (B) |
895.735 |
1,531.529 |
1,666.547 |
|
|
|
|
|
|
|
||
|
Less |
PROFIT/(LOSS)
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
(193.544) |
(150.326) |
437.478 |
||
|
|
|
|
|
|
||
|
Less |
FINANCIAL
EXPENSES (D) |
191.732 |
178.109 |
133.903 |
||
|
|
|
|
|
|
||
|
|
PROFIT/(LOSS)
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D)
(E) |
(385.276) |
(328.435) |
303.575 |
||
|
|
|
|
|
|
||
|
Less |
DEPRECIATION/
AMORTISATION (F) |
63.027 |
70.510 |
84.112 |
||
|
|
|
|
|
|
||
|
|
PROFIT/(LOSS)
BEFORE TAX (E-F) (G) |
(448.303) |
(398.945) |
219.463 |
||
|
|
|
|
|
|
||
|
Less |
TAX (H) |
(108.063) |
(63.591) |
108.287 |
||
|
|
|
|
|
|
||
|
|
PROFIT/(LOSS) AFTER
TAX (G-H) (I) |
(340.240) |
(335.354) |
111.176 |
||
|
|
|
|
|
|
||
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
407.984 |
743.338 |
643.662 |
||
|
|
|
|
|
|
||
|
Less |
APPROPRIATIONS |
|
|
|
||
|
|
|
Transfer to General Reserve |
0.000 |
0.000 |
11.500 |
|
|
|
BALANCE CARRIED
TO THE B/S |
67.744 |
407.984 |
743.338 |
||
|
|
|
|
|
|
||
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
||
|
|
|
Export Earnings |
109.383 |
126.282 |
1.917 |
|
|
|
TOTAL EARNINGS |
109.383 |
126.282 |
1.917 |
||
|
|
|
|
|
|
||
|
|
IMPORTS |
|
|
|
||
|
|
|
Raw Materials |
28.723 |
191.026 |
512.758 |
|
|
|
|
Stores & Spares |
58.314 |
222.422 |
34.824 |
|
|
|
|
Capital Goods |
0.000 |
0.200 |
37.731 |
|
|
|
TOTAL IMPORTS |
87.037 |
413.648 |
585.313 |
||
|
|
|
|
|
|
||
|
|
Earnings Per
Share (Rs.) |
(95.49) |
(94.11) |
31.20 |
||
Expected sales (2013-2014): Rs.1350.000 Millions
Above information has been parted by Mr. Dinesh Parkar
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
(48.45) |
(24.28) |
5.28 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(65.52) |
(30.09) |
10.79 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(17.43) |
(13.78) |
6.50 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.55) |
(0.35) |
0.15 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
1.05 |
0.73 |
0.64 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.00 |
1.08 |
1.30 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
Rs.
In Millions |
Rs.
In Millions |
Rs.
In Millions |
|
Share Capital |
35.633 |
35.633 |
35.633 |
|
Reserves & Surplus |
1452.594 |
1117.241 |
777.001 |
|
Net
worth |
1488.227 |
1152.874 |
812.634 |
|
|
|
|
|
|
long-term borrowings |
171.222 |
121.337 |
298.363 |
|
Short term borrowings |
786.431 |
723.131 |
558.951 |
|
Total
borrowings |
957.653 |
844.468 |
857.314 |
|
Debt/Equity
ratio |
0.643 |
0.732 |
1.055 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
Rs.
In Millions |
Rs.
In Millions |
Rs.
In Millions |
|
Sales |
2,033.606 |
1,325.732 |
684.201 |
|
|
|
(34.809) |
(48.391) |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
Rs.
In Millions |
Rs.
In Millions |
Rs.
In Millions |
|
Sales
|
2,033.606 |
1,325.732 |
684.201 |
|
Profit |
111.176 |
(335.354) |
(340.240) |
|
|
5.47% |
(25.30%) |
(49.73%) |
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 |
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% |
Yes |
|
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 |
Yes |
|
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 |
LITIGATION
DETAILS:
|
CASE DETAILS BENCH: BOMBAY
Main Matter
Bench: DIVISION Status: Admitted (Unready) Category:- APPEALS. Last Date: 13/09/2013 Stage: APPEALS
FOR ADMISSION - FRESH [ORIGINAL
SIDE MATTERS)
Last
Coram:- HON'BLE SHRI JUSTICE DR. D.Y. CHANDRACHUD
HON'BLE SHRI JUSTICE M.S. SONAK
|
UNSECURED LOANS:
|
Particulars |
31.03.2013 Rs. In Millions |
31.03.2012 Rs. In Millions |
|
Long Term Borrowings |
|
|
|
Term loans from others |
60.000 |
0.000 |
|
Deferred payment liabilities |
8.345 |
9.390 |
|
Loans and advances from related parties |
31.284 |
6.184 |
|
Short Term Borrowings |
|
|
|
Term loans from
others |
0.000 |
118.875 |
|
Other loans and
advances |
0.000 |
103.401 |
|
Total |
99.629 |
237.850 |
BACKGROUND OF THE
COMPANY
The Company is in the business of design and manufacture of specialized tailor made capital equipment, namely heat exchangers, mainly for petroleum, refinery, chemical, fertilizer and power industries.
FINANCIAL
HIGHLIGHTS
The performance of
the Company for the year was as under: Revenue from operations was Rs.702.200
Millions which was down by half as compared to that of previous year of
Rs.1381.200 Millions. The Company incurred Loss amounting to Rs.448.300
Millions compared to loss of Rs.398.900 Millions in the previous year, after
meeting all the expenses. The interest outgo was Rs.191.700 Millions and
provision for depreciation amounted to Rs.63.000 Millions during the year.
After taking credit of deferred tax of Rs.121.800 Millions the Loss amounted to
Rs.340.200 Millions compared to loss of Rs.335.300 Millions in the previous
year, which remained more or less same and was carried to the Balance Sheet.
In spite of less turnover, the company was able to keep loss under
control mainly due to diligent cost cutting efforts.
MANAGEMENT
OVERVIEW
The company was
not able to perform well mainly due to Delay in realisation of dues from the
few customers resulted into more difficult liquidity conditions. Tight
liquidity lead to short term cash flows problems which resulted in not able to
execute order in time and, less execution of orders resulted in less than
expected turnover; however, fixed costs had to be incurred, there by achieving
adverse result, Indecision by the Governments at Centre and States for
accelerating investment in infrastructure project Due to prevailing situation,
the Company accepted selected orders from reputed private and public sector
customers only, at very competitive rates resulting in severe pressure on
margins.
Aforesaid were the
few reasons highlighted by the management which resulted into discouraging
results achieved during the year.
Nonetheless,
management could take effective steps to control the costs, improving
efficiency and aggressive marketing wherever possible as under: Particularly
employee’s remuneration, which was less by about Rs.30.000 Millions mainly due
rationalization of workforce, Outcome of the same healthy order book and
bankers support,
Management sold office premises and Promoters contributed fresh
unsecured loans to improve financial liquidity.
FUTURE PROSPECTS
The recent past two years are under shadow of few bad orders which are direct contributors of losses but now with pragmatic management initiative slowly company has virtually came out of that shadow and looking for a bright future again mainly due to following mile stone indicators
· Customer’s loyalty and recognition has resulted in strong and healthy order book of Rs.3120.000 Millions of which Rs.1260.000 Millions is for exports. This is a morale booster and demonstrates customer’s faith in TEMA. During the year under review, the Company has received fresh orders aggregating to Rs.2270.000 Millions from its various customers. Total order backlog as on 31st March, 2013, was Rs.2415.000 Millions.
· Management did their best to bring liquidity in company by bringing their own personal funds as well as by selling of non-strategic assets.
· Strong man power force stood by company in this difficult time. Low attrition ratio shows employee loyalty and faith.
· State of art facilities, technological knowledge and experience of handling challenging orders remain forte of company which will always ·
INDEX OF CHARGE:
|
Sr. 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 |
17/02/2014 * |
2,072,700,000.00 |
SBICAP
TRUSTEE COMPANY LIMITED |
202,
Maker Tower, 'E', Cuffe Parade, Colaba, Mumbai, Maharashtra - 400005, India |
B98489107 |
|
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 modification Charges
FIXED ASSETS:
·
Land
·
Building
·
Plant and Machinery
·
Computer
·
Vehicles
·
Furniture and Fixture
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.60.10 |
|
|
1 |
Rs.99.85 |
|
Euro |
1 |
Rs.82.86 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Report Prepared
by : |
VNT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
-- |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--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 |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
|
|
|
|
TOTAL |
|
27 |
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.