About TMF Business Services Limited
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TMF Business Services Limited is a public limited company based in Mumbai, Maharashtra, India, a subsidiary of Tmf Holdings Limited. It operates in the asset financing companies segment of the financial services sector. It was incorporated on 24 January 1989 and has been in existence for over 37 years.
The company is registered with the Registrar of Companies (ROC), Mumbai, under CIN U45200MH1989PLC050444. Its GSTIN is 27AAECS0591F1ZE (Maharashtra). The company holds 38 GST registrations, of which 33 are active.
The company has an authorised share capital of ₹2,000 Cr and a paid-up capital of ₹979.66 Cr. It was formerly known as Sheba Properties Limited. It is led by directors including Sudeep Bhalla and Asim Kumar Mukhopadhyay.
Its last annual general meeting (AGM) was held on 04 September 2025, and its latest financial statements are for the year ended 31 March 2025. The registered office is at 14 4th Floor Sir H.C. Dinshaw Building 16 Horniman Circle Fort, Mumbai, Maharashtra, India – 400001.
As per the financials filed for FY 2025, the company reported a revenue of ₹53.47 Cr, a decline of 4% compared to the previous year. For the same year it recorded a net loss of ₹63.54 Cr (net margin -118.8%) and EBITDA of ₹5.33 Cr (EBITDA margin 10%). Revenue has grown at a compounded annual rate (CAGR) of 92% over three years and 63% over five years.
The company has about 894 employees on its provident fund (EPFO) records.
As per MCA filings, the company has open charges of ₹33,719 Cr and satisfied charges of ₹8,058.47 Cr on record. Court records list 45 cases involving the company, including 36 filed by the company and 9 filed against it; 7 cases are pending. The company has 19 deals on record (7 debt financings, 7 funding rounds, 3 secondary share transfers), with disclosed funding of ₹8,469 Cr; the latest was in May 2020. Its 7 peer companies in the BFSI industry (Asset Financing Companies, Large NBFC, NBFC Investment and Credit Companies), with the same principal business activity (other financial activities) are compared by revenue, 3 larger and 4 smaller; the largest is Idf Financial Services Private Limited with revenue of ₹54.62 Cr.
The current compliance status is marked as compliant by the Registrar of Companies. For more details, the company can be reached via its website tmf.co.in.
Company details
Contact details
TMF Business Services Limited's registered office is in Mumbai, Maharashtra. Its website is tmf.co.in. Its e-mail address and telephone number are in the company report.
- Email
- Telephone
- Website
- Registered Address14 4th Floor Sir H.C. Dinshaw Building 16 Horniman Circle Fort, Mumbai, Maharashtra, India – 400001
- IndustryFinancial Services, Asset Financing Companies, NBFC, Investment & Credit NBFC
To see the full contact details of TMF Business Services Limited, buy the company report.
- Company details, directors and signatories
- Historical financials and ratios
- Shareholding pattern and group structure
- Charges with holder and property details
- Legal cases, compliance and MCA filings
Business activity
The main business activity of TMF Business Services is financial and insurance service. In detail, this covers other financial activities.
| Main activity group code | Main activity | Business activity code | Business activity | Share of turnover |
|---|---|---|---|---|
| K | Financial and insurance Service | K8 | Other financial activities |
To see the full business activity and turnover split of TMF Business Services Limited, buy the company report.
Financials of TMF Business Services Limited
FY 2025 filings availableTMF Business Services Limited reported revenue of ₹53.47 Cr (down 4% YoY) for FY 2025.
Compounded Annual Growth Rate (CAGR)
Revenue fell 4% in the latest year, but over five years it has grown at a compounded annual rate (CAGR) of 63%. EBITDA fell 88% in the latest year. Three- and five-year figures are compounded annual growth rates (CAGR): the steady yearly rate that links the first and the last year. All are worked out from the filed statements.
Financial Statement Summary
| Metrics | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 |
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| EBITDA | ₹5.33 Cr | ||||
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| Net Profit (PAT) | -₹63.54 Cr | ||||
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Financial Ratios
| Metrics | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 |
|---|---|---|---|---|---|
| Profitability | |||||
| EBITDA Margin | 10% | ||||
| Net Profit Margin | -118.8% | ||||
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To see the full financial statements and ratios of TMF Business Services Limited, buy the company report.
Board of directors and KMP of TMF Business Services Limited
TMF Business Services Limited currently reports 3 directors and 1 key managerial person. 26 former directors have served the organization.
| Name | Designation | Appointment Date | Tenure | Status |
|---|---|---|---|---|
| Sudeep Bhalla | Director | 26 Jun 2025 | 1 Years 3 Months | Current |
| Asim Kumar Mukhopadhyay Also directs: Navtom Consulting Private Limited | Director | 09 Jun 2025 | 1 Years 4 Months | Current |
| Prakash Pandey | Director | 23 Dec 2024 | 1 Years 10 Months | Current |
| Neeraj Kumar Dwivedi Also directs: TMF Holdings Limited | Company Secretary | 31 Oct 2025 | 0 Years 11 Months | Current |
Peer comparison
TMF Business Services Limited is compared with the 7 companies closest to it by revenue in the BFSI industry (Asset Financing Companies, Large NBFC, NBFC Investment and Credit Companies), with the same principal business activity (other financial activities), from the latest filed financials of each company.
| Company | Revenue | Net profit | Margin | Growth (1 yr) | Employees | Location |
|---|---|---|---|---|---|---|
| Idf Financial Services Private Limited | ₹54.62 Cr (FY 2025) | 11.0% | Bangalore, Karnataka, India | |||
| Amritkunj Capital Markets Ltd | ₹54.17 Cr (FY 2025) | -35.0% | Kolkata, West Bengal, India | |||
| Krone Finstock Private Limited | ₹53.84 Cr (FY 2025) | -51.0% | Ahmedabad, Gujarat, India | |||
| TMF Business Services Limitedthis company | ₹53.47 Cr (FY 2025) | -₹63.54 Cr | -118.8% | -4.0% | 894 | Mumbai, Maharashtra, India |
| Snapmint Financial Services Private Limited | ₹53.33 Cr (FY 2024) | 122.0% | Mumbai, Maharashtra, India | |||
| Bhansali Fincom Pvt Ltd | ₹53.14 Cr (FY 2024) | 508.0% | Kolkata, West Bengal, India | |||
| Goldrock Travels Pvt Ltd | ₹52.9 Cr (FY 2025) | 18.0% | Kolkata, West Bengal, India | |||
| Best Capital Services Limited | ₹52.77 Cr (FY 2024) | 100.0% | Jaipur, Rajasthan, India |
To see the full peer comparison of TMF Business Services Limited, buy the company report.
Auditor
TMF Business Services Limited is audited by SHARP & TANNAN ASSOCIATES for the financial year 2024.
| Auditor firm | Financial year | Firm registration number |
|---|---|---|
| SHARP & TANNAN ASSOCIATES | FY 2024 | 109983W |
Shareholding
The shareholding of TMF Business Services Limited is on record for 5 financial years, the latest being FY 2023, split between promoters, domestic institutions, foreign institutions, public shareholders and others.
| Shareholder category | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|
| Promoters | |||||
| Domestic institutional investors (DII) | |||||
| Foreign institutional investors (FII) | |||||
| Public | |||||
| Others |
To see the full shareholding pattern of TMF Business Services Limited, buy the company report.
Charges & borrowings
| Date | Charge ID | Lender | Amount | Status | Modified or satisfied on |
|---|---|---|---|---|---|
| 29 Sep 2021 | 100496283 | Vistra Itcl (India) Limited | ₹3,000 Cr | Open | |
| 22 Dec 2020 | 100399148 | International Finance Corporation | ₹718.6 Cr | Open | |
| 18 Jun 2018 | 100189950 | Vistra Itcl (India) Limited | ₹5,000 Cr | Open | |
| 12 Jan 2007 | 10033874 | Vistra Itcl (India) Limited | ₹25,000 Cr | Open | |
| 12 Dec 2018 | 100227756 | Idbi Trusteeship Services Limited | ₹58.47 Cr | Satisfied |
To see the full charge records of TMF Business Services Limited, buy the company report.
Total charge records: 9 View all charges
Deals & funding
TMF Business Services Limited has 19 deals on record (7 debt financings, 7 funding rounds, 3 secondary share transfers), with disclosed funding of ₹8,469 Cr; the latest was in May 2020.
Deals on record (5 of 19)
| When | Deal | Amount | Parties |
|---|---|---|---|
| Nov 2019 | Debt financing | ₹150 Cr | Investors: AK Capital Finance, Bhandari Automobiles Private Limited , Phillipcapital (India) Private Limited |
| Jun 2019 | Rights issue | ₹150 Cr | Investors: TMF Holdings Limited |
| Mar 2019 | Secondary share transfer | Undisclosed | Buyer: Gravity Family Trust, Voltamp Transformers Limited , 2 individuals Seller: ASK Pravi Capital, Gravity Family Trust, IIFL Cash Opportunities Fund |
| Mar 2019 | Debt financing | ₹550 Cr | Investors: TMF Holdings Limited , HDFC Life Insurance Company Limited , AK Capital Finance |
| Feb 2019 | Rights issue | ₹300 Cr | Investors: TMF Holdings Limited |
To see the full deal history of TMF Business Services Limited, buy the company report.
Deal records are compiled from filings and public sources; amounts are shown only where the source reported them.
Legal cases
TMF Business Services Limited has 45 court cases on record: 36 filed by TMF Business Services, 9 filed against it. 7 cases are pending and 38 are disposed.
Cases by court
| Court | Cases | Against the company | Pending |
|---|---|---|---|
| High courts | 28 | 2 | 2 |
| District courts | 16 | 6 | 5 |
| Supreme Court | 1 | 1 | 0 |
Cases on record (5 of 45)
| Court | Type of case | Party | Status |
|---|---|---|---|
| District court, Calcutta, West Bengal | Civil suit | Filed by the company against Pirojiwal Infrastructure Ltd. | Pending |
| High Court | Court case (EC) | Filed by the company against Pirojiwal Timbers Pvt. Ltd. & Anr. | Pending |
| District court, Calcutta, West Bengal | Court case (MEX) | Filed by the company against Ms Pirojiwal Timbers Pvt Ltd | Disposed |
| District court, Calcutta, West Bengal | Court case (MEX) | Filed by the company against Ms Poddar Udyog Ltd. | Disposed |
| Calcutta High Court | Court case (CO) | Filed by the company against Pirojiwal Timbers Pvt Ltd. & Anr | Disposed |
To see the full case history of TMF Business Services Limited, buy the company report.
Case records are compiled from court listings and may lag the court's own records. A case filed against a company is not a finding against it.
Credit ratings & regulatory alerts
TMF Business Services Limited was last rated by Icra on 15 Feb 2022.
| Rating agency | Rated on | Rating |
|---|---|---|
| Icra | 15 Feb 2022 |
To see the full credit ratings and regulatory alerts of TMF Business Services Limited, buy the company report.
MSME payment delays
No delayed payments to MSME suppliers are on our record for TMF Business Services Limited; the supplier-wise MSME Form 1 check is in the company report Buy the company report.
Employees & EPFO
TMF Business Services Limited has a workforce of 894 employees on its EPFO records as of Apr 07, 2024, across 1 active EPFO establishment.
GST
TMF Business Services has 38 GST registrations: 33 active and 5 cancelled or inactive. The first 4 active GSTINs are listed below.
| GSTIN | State | Status | Registered on |
|---|---|---|---|
| 27AAECS0591F1ZE | Maharashtra | Active | 01 Jul 2017 |
| 27AAECS0591F3ZC | Maharashtra | Active | 25 Aug 2017 |
| 02AAECS0591F1ZQ | Himachal Pradesh | Active | 01 Jul 2017 |
| 03AAECS0591F1ZO | Punjab | Active | 01 Jul 2017 |
To see the full GST registrations and return filing status of TMF Business Services Limited, buy the company report.
Recent activity
TMF Business Services Limited has 48 board changes on record since 1996: 26 appointments and 22 cessations. The latest: Neeraj Kumar Dwivedi was appointed as Company Secretary on 31 Oct 2025.
59 earlier events are in the company report.
News
Frequently asked questions
TMF Business Services is an active public limited company based in Mumbai, Maharashtra, India. The company works in asset financing companies, within the financial services industry. It was incorporated on 24 January 1989 (37+ years old) and is registered under CIN U45200MH1989PLC050444.
TMF Business Services has 4 current directors and KMP:
- Sudeep Bhalla - Director
- Asim Kumar Mukhopadhyay - Director
- Prakash Pandey - Director
- Neeraj Kumar Dwivedi - Company Secretary
The latest financial statements of TMF Business Services on record with the MCA are for the year ended 31 March 2025. Its last annual general meeting was held on 04 September 2025. Year-wise statements from 2015 are in the company report.
The GSTIN of TMF Business Services is 27AAECS0591F1ZE, registered in Maharashtra. The company has 38 GST registrations in all, of which 33 are active and 5 are cancelled or inactive. Other active GSTINs include 27AAECS0591F3ZC (Maharashtra), 02AAECS0591F1ZQ (Himachal Pradesh), 03AAECS0591F1ZO (Punjab).
The CIN (Corporate Identification Number) of TMF Business Services is U45200MH1989PLC050444. It is issued by the Ministry of Corporate Affairs under the Companies Act, 2013, and uniquely identifies the company in India.
TMF Business Services has 45 court cases on record: 36 filed by the company and 9 filed against it. 7 are pending. Most are in the high courts.
TMF Business Services was incorporated on 24 January 1989, making it 37+ years old. It is registered with the Registrar of Companies, Mumbai.
TMF Business Services has 19 deals on record (7 debt financings, 7 funding rounds, 3 secondary share transfers), with disclosed funding of ₹8,469 Cr; the latest was in May 2020.
The peers of TMF Business Services by revenue are Idf Financial Services Private Limited, Amritkunj Capital Markets Ltd, Krone Finstock Private Limited, Snapmint Financial Services Private Limited, Bhansali Fincom Pvt Ltd and 2 more, all in the BFSI industry (Asset Financing Companies, Large NBFC, NBFC Investment and Credit Companies), with the same principal business activity (other financial activities).
Neeraj Kumar Dwivedi was appointed as Company Secretary on 31 Oct 2025. Sudeep Bhalla was appointed as Director on 26 Jun 2025. Varsha Vasant Purandare ceased to be Director on 26 Jun 2025. TMF Business Services has 48 board changes on record in total.
TMF Business Services can be reached through the website tmf.co.in. Its registered office is in Mumbai, Maharashtra, India.