MIRA
INFORM REPORT
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Report Date : |
12.07.2011 |
IDENTIFICATION DETAILS
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Name : |
THERMOSONICS PRIVATE LIMITED |
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Registered
Office : |
Shop No. 2, Rohit Apartment, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
12.03.1999 |
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Com. Reg. No.: |
11-118817 |
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Capital
Investment / Paid-up Capital : |
Rs.0.500 Million |
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CIN No.: [Company Identification
No.] |
U74999MH1999PTC118817 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMT11580C |
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PAN No.: [Permanent Account No.] |
AABCT4871E |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of Complete or Partial Acoustic Enclosures, Acoustic Panels, Special Acoustic Doors, Retractable
Partitions etc. |
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No. of Employees
: |
More than 50 (Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
B (28) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
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Maximum Credit Limit : |
USD 6000 |
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Status : |
Small Company |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is a small company in its field. Its scale of activities are
limited. Profitability of the company appears to be low. However, trade
relations are reported as fair. Business is active. Payments are reported to
be slow. The company can be considered for small to mediocre business dealings
with some cautions. |
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 – April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
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A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INFORMATION PARTED BY
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Name : |
Mr. Suresh |
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Designation : |
Finance Head Department |
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Contact No.: |
91-22-27411205 |
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Date : |
08.07.2011 |
LOCATIONS
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Registered Office: |
Shop No. 2, Rohit Apartment, |
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Tel. No.: |
91-22-27411205/27411206 |
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Fax No.: |
91-22-27411205/27411206 |
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E-Mail : |
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Website : |
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Area : |
Owned |
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Correspondence Office/
Works: |
Plot # L 36, MIDC, Taloja, Panvel, Navi Mumbai-410208, |
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Tel. No.: |
91-22-27411205/27411206 |
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Fax No.: |
91-22-27411205/27411206 |
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Area: |
Owned |
DIRECTORS
As on 30.09.2010
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Name : |
Mr. Mahesh Sadashiv Hegde |
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Designation : |
Managing Director |
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Address : |
Plot No. 7, Prabhav CHS Limited, Road No. 2, TPS 3, Santacruz (E),
Mumbai-400055, |
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Date of Birth/Age : |
10.06.1958 |
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Date of Appointment : |
12.03.1999 |
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Name : |
Ms. Bhadrasheela Mahesh Hegde |
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Designation : |
Director |
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Address : |
Plot No. 7, Prabhav CHS Limited, Road No. 2, TPS 3, Santacruz (E),
Mumbai-400055, |
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Date of Birth/Age : |
28.03.1962 |
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Date of Appointment : |
12.03.1999 |
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Name : |
Mr. Subhash Laxman Tekale |
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Designation : |
Director |
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Address : |
15, Mazgaon Dock Officers Flats, Amrut Nagar, Ghatkopar (W),
Mumbai-400086, |
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Date of Birth/Age : |
22.10.1948 |
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Date of Appointment : |
04.02.2005 |
KEY EXECUTIVES
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Name : |
Mr. Suresh |
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Designation : |
Finance Head Department |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2010
|
Names of Shareholders |
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No. of Shares |
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Mahesh Sadashiv Hegde |
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26010 |
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Bhadrasheela Mahesh Hegde |
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4010 |
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Subhash Laxman Tekale |
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19980 |
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Total |
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50000 |
As on 30.09.2010
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Equity Share Breakup |
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Percentage of Holding |
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Category |
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Directors
or relatives of directors |
|
100.00 |
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Total |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Complete or Partial Acoustic Enclosures, Acoustic Panels, Special Acoustic Doors, Retractable
Partitions etc. |
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Exports : |
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Products : |
Acoustic Enclosures |
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Countries : |
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GENERAL INFORMATION
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Suppliers : |
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Customers : |
End Users and Others |
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No. of Employees : |
More than 50 (Approximately) |
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Bankers : |
The Bharat Co-Operative Bank (Mumbai) Limited, Kalina-Santacruz (E)
Branch, Geesee Co-Operative Housing Society, |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Ganesh Associates Chartered Accountant |
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Address : |
503, Opulence, |
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Tel. No.: |
91-22-26120431/32979233 |
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Fax No.: |
91-22-26103238 |
CAPITAL STRUCTURE
As on 30.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
50000 |
Equity Shares |
Rs.10/- each |
Rs.0.500 Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
50000 |
Equity Shares |
Rs.10/- each |
Rs.0.500 Million |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
0.500 |
0.500 |
0.500 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
1.040 |
0.914 |
0.789 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
1.540 |
1.414 |
1.289 |
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LOAN FUNDS |
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1] Secured Loans |
2.607 |
4.073 |
4.562 |
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2] Unsecured Loans |
1.822 |
2.075 |
2.195 |
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TOTAL BORROWING |
4.429 |
6.148 |
6.757 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
5.969 |
7.562 |
8.046 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
6.491 |
7.161 |
6.899 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.100 |
0.100 |
0.100 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
1.446
|
1.020 |
0.933 |
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Sundry Debtors |
0.984
|
1.958 |
3.701 |
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Cash & Bank Balances |
0.066
|
0.025 |
0.184 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
0.789
|
0.527 |
0.469 |
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Total
Current Assets |
3.285
|
3.530 |
5.287 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
2.812
|
2.157 |
2.868 |
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Other Current Liabilities |
0.215
|
0.530 |
1.372 |
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Provisions |
0.880
|
0.542 |
0.000 |
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Total
Current Liabilities |
3.907
|
3.229 |
4.240 |
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Net Current Assets |
(0.622)
|
0.301 |
1.047 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
5.969 |
7.562 |
8.046 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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Income |
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Other Income |
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TOTAL |
13.236 |
11.411 |
14.649 |
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Less |
EXPENSES |
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Office Expenses |
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Administrative Expenses |
12.312 |
10.349 |
13.558 |
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Advertising Expenses |
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TOTAL |
12.312 |
10.349 |
13.558 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
0.924 |
1.062 |
1.091 |
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Less/ Add |
DEPRECIATION/
AMORTISATION |
0.709 |
0.807 |
0.575 |
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PROFIT BEFORE
TAX |
0.215 |
0.255 |
0.516 |
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Less |
TAX |
0.089 |
0.130 |
0.225 |
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PROFIT AFTER TAX
|
0.126 |
0.125 |
0.291 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
0.914 |
0.789 |
0.498 |
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BALANCE CARRIED TO
THE B/S |
1.040 |
0.914 |
0.789 |
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Earnings Per
Share (Rs.) |
2.52 |
2.50 |
5.82 |
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Particulars |
|
|
31.03.2011 |
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Sales Turnover (Approximately) |
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|
17.000 |
Expected Sales (2011-12) : Rs.20.000 Millions
The above information has been parted by Mr. Suresh.
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
0.95
|
1.10 |
1.99 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
2.20
|
2.38 |
4.23 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.14
|
0.18 |
0.40 |
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Debt Equity Ratio (Total Liability/Networth) |
|
5.41
|
6.63 |
8.53 |
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Current Ratio (Current Asset/Current Liability) |
|
0.84
|
1.09 |
1.25 |
LOCAL AGENCY FURTHER INFORMATION
OPERATIONS:
During the year, sales decreased by 15.99 % over that of the
previous year. The company is hopeful of achieving higher revenues and maintain
tempo of growth in the coming years.
Bankers Charges
Report as per Registry
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
80009664 |
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Corporate
identity number of the company |
U74999MH1999PTC118817 |
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Name of the
company |
THERMOSONICS
PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
Shop No. 2, Rohit Apartment, |
|
Type of charge |
Book Debts Movable Property
(not being pledge) Any Interest in
Immovable Property Others |
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Particular of
charge holder |
The Bharat Co-Operative Bank (Mumbai) Limited, Kalina-Santacruz (E)
Branch, Geesee Co-Operative Housing Society, |
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Email |
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Nature of
description of the instrument creating or modifying the charge |
1) Agreement for
Hypothecation of Tangible Moveable Property for Rs. 2.000 Millions 2) Agreement for
Creating Charge on Book Debts for Rs. 2.000 Millions 3) Agreement for
Hypothecation of Tangible Moveable Property for Rs. 2.200 Millions 4) Agreement for
Creating Charge on Book Debts for Rs. 2.200 Millions 5) Memorandum of
Entry Recording the Continuation of Deposit of Title Deeds [All the above
agreements constitute a single charge] |
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Date of
instrument Creating the charge |
28.07.2010 |
|
Amount secured by
the charge |
Rs.6.994 Millions
|
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest Interest rate and
penal interest rate as agreed between the borrower company and the bank from
time to time. Terms of
Repayment Repayment, as
agreed between the borrower company and the bank from time to time. Margin Margin Rate, as agreed
between the borrower company and the bank from time to time. Extent and
Operation of the charge At the request of
the borrower company, the bank has enhanced overall banking limits upto
Rs.6.994 Millions [i.e. Cash Credit Rs. 0.700 Millions, Bank Guarantee Rs.
2.000 Millions, Term Loan Rs. 2.200 Millions, Term Loan - 1 O/S bal. Rs.
1.715 Millions and Term Loan - 2 O/S bal. Rs. 0.378 Millions] against
hypothecation of stocks, book-debts and mortgage of the lease-hold rights
over the immoveable property i.e. Plot No. L-36, at Taloja Industrial Area,
MIDC. The Charge stands
modified upto Rs. 6.994 Millions |
|
Short particulars
of the property charged |
I)
Hypothecation
of stocks, book-debts. II)
Mortgage
of the lease-hold rights over the immoveable property i.e. Plot No. L-36,
admeasuring 1,000 Square Metres, situated at Taloja Industrial Area, MIDC. |
|
Particulars of
the present modification |
At the request of
the borrower company, the bank has enhanced overall banking limits upto
Rs.6.994 Millions [i.e. Cash Credit Rs. 0.700 Millions, Bank Guarantee Rs.
2.000 Millions, Term Loan Rs. 2.200 Millions, Term Loan - 1 O/S bal. Rs.
1.715 Millions and Term Loan - 2 O/S bal. Rs. 0.378 Million] against
hypothecation of stocks, book-debts and mortgage of the lease-hold rights
over the immoveable property i.e. Plot No. L-36, at Taloja Industrial Area,
MIDC. The Charge stands
modified upto Rs. 6.994 Millions. |
Trade References:
- Reliance
- BOC
Fixed Assets:
- Land
- Furniture and
Fittings
- Plant and
Machinery
- Computer
- Motor Car
- Air
Conditioner
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.44.37 |
|
|
1 |
Rs.70.84 |
|
Euro |
1 |
Rs.62.95 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
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 |
4 |
|
--CREDIT LINES |
1~10 |
2 |
|
--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 |
|
28 |
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.