|
Report Date : |
26.02.2013 |
IDENTIFICATION DETAILS
|
Name : |
TSI HOSPITALITIES (PUNE) PRIVATE LIMITED (w.e.f.23.07.2007) |
|
|
|
|
Formerly Known
As : |
TSI TOWNSHIPS (KOLKATA) PRIVATE LIMITED |
|
|
|
|
Registered Office
: |
B-3, 2nd Floor,
Embassy Heights Annexe, 13, Magrath Road, Bangalore – 560025, Karnataka |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
15.06.2006 |
|
|
|
|
Com. Reg. No.: |
08-039733 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 430.200 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U70102KA2006PTC039733 |
|
|
|
|
PAN No.: [Permanent Account No.] |
AACCT4640E |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Construction Activities |
|
|
|
|
No. of Employees
: |
40 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (28) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 1640000 |
|
|
|
|
Status : |
Project under implementation stage |
|
|
|
|
Payment Behaviour : |
Unknown |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Eventhough the company was incorporated in the year 2006, the
company’s project is under implementation stage. As claimed by Mr. Koti
(Secretary), the company is engaged in Construction Activity and the income
will be generated only after building is constructed and ready for sale.
However, capital base of company is good. Trade relations are reported to be improving. Business is active.
Payments are unknown. The company can be considered for business dealings 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 – June 30, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
|
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
|
Source
: CIA |
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. Koti |
|
Designation : |
Company Secretary |
|
Contact No.: |
91-9000717154 |
|
Date : |
22.02.2013 |
LOCATIONS
|
Registered Office : |
B-3, 2nd Floor,
Embassy Heights Annexe, 13, Magrath Road, Bangalore – 560025, Karnataka, India |
|
Tel. No.: |
91-80-42764589 |
|
Mobile No.: |
91-9000717154 (Mr. Koti) |
|
Fax No.: |
Not Available |
|
E-Mail : |
|
|
Location : |
Owned |
DIRECTORS
AS ON 24.09.2012
|
Name : |
Mr. Rohith Bhandary |
|
Designation : |
Director |
|
Address : |
901 Shuchi Heights, Shuchidham Film City Road, Malad (East), Mumbai –
400094, Maharashtra, India |
|
Date of Birth/Age : |
06.10.1973 |
|
Qualification : |
Bachelor’s degree in Mechanical Engineering from Mysore University and
a MBA from the Indian Institute of Management, Calcutta |
|
Date of Appointment : |
14.09.2009 |
|
DIN No.: |
02381960 |
|
|
|
|
Name : |
Mr. Kovilvedu Venkatesh Raghavan |
|
Designation : |
Director |
|
Address : |
No. 1652, C Block, 7th Cross, Sai Shraddha Sahakara Nagar,
Bangalore – 560008, Karnataka, India |
|
Date of Birth/Age : |
28.04.1962 |
|
Qualification : |
Bachelor’s degree in Engineering in Electrical Power from National
Institute of Engineering, Mysore |
|
Date of Appointment : |
22.06.2011 |
|
DIN No.: |
03221488 |
KEY EXECUTIVES
|
Name : |
Mr. Koti |
|
Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 24.09.2012
|
Names of Shareholders |
|
No. of Shares |
|
IDBI Trusteeship Services India Limited (India Advantage Fund II),
India |
|
10755000 |
|
IDBI Trusteeship Services India Limited (India Advantage Fund IV),
India |
|
10755000 |
|
TS Mauritius 7, Mauritius |
|
21510000 |
|
|
|
|
|
Total |
|
43020000 |
AS ON 24.09.2012
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Venture capital |
|
50.00 |
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
50.00 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Construction Activities |
GENERAL INFORMATION
|
Customers : |
End Users |
|
|
|
|
No. of Employees : |
40 (Approximately) |
|
|
|
|
Bankers : |
ICICI Bank Limited, No. 1, 2nd Floor, ICICI Bank Towers,
Shobha Pearl, Opposite to Mayo Hall, Commissariat Road, Bangalore – 560025,
Karnataka, India Tel No.: 91-80-41296003/
41131877 Website: www.icicibank.com |
|
|
|
|
|
|
|
Banking Relations
: |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
BSR and Associates Chartered Accountants |
|
Address : |
Maruthi
Info-Tech Center, 11-12/1, Inner Ring Road, Koramangala, Bangalore – 560071, Karnataka, India |
|
Tel. No.: |
91-80-39806000 |
|
Fax No.: |
91-80-39806999 |
|
E-Mail : |
|
|
Income-tax
PAN of auditor or auditor's firm : |
AAIFB7355D |
|
|
|
|
Enterprises which are owned, or have significant influence
of or are partners with Key management personnel and their relatives : |
v TSI Homes
(Chennai) Private Limited [U70109KA2006PTC039758] v TSMauritius 7 v IDBI Trusteeship
Services Limited (A/c. India Advantage Fund III) v IDBI Trusteeship
Services Limited (A/c. India Advantage Fund IV) |
CAPITAL STRUCTURE
AS ON 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
43,020,000 |
Equity Shares |
Rs. 10/- each |
Rs. 430.200 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
43,020,000 |
Equity Shares |
Rs. 10/- each |
Rs. 430.200 Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
430.200 |
430.200 |
430.200 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
|
|
4] (Accumulated Losses) |
(19.489) |
(17.040) |
(14.582) |
|
|
NETWORTH |
410.711 |
413.160 |
415.618 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
314.250 |
310.850 |
280.000 |
|
|
TOTAL BORROWING |
314.250 |
310.850 |
280.000 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
724.961 |
724.010 |
695.618 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
0.000 |
0.000 |
0.000 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERRED TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
734.883
|
734.982 |
734.824 |
|
|
Sundry Debtors |
0.000
|
0.000 |
0.000 |
|
|
Cash & Bank Balances |
1.025
|
0.021 |
0.273 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
1.989
|
1.809 |
1.717 |
|
Total
Current Assets |
737.897
|
736.812 |
736.814 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
0.068
|
0.689 |
11.182 |
|
|
Other Current Liabilities |
12.868
|
12.113 |
30.014 |
|
|
Provisions |
0.000
|
0.000 |
0.000 |
|
Total
Current Liabilities |
12.936
|
12.802 |
41.196 |
|
|
Net Current Assets |
724.961
|
724.010 |
695.618 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
724.961 |
724.010 |
695.618 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
0.000 |
0.000 |
0.000 |
|
|
|
Other Income |
0.010 |
0.002 |
1.208 |
|
|
|
TOTAL |
0.010 |
0.002 |
1.208 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Other Expenses |
2.459 |
2.459 |
2.673 |
|
|
|
TOTAL |
2.459 |
2.459 |
2.673 |
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
(2.449) |
(2.457) |
(1.465) |
|
|
|
|
|
|
|
|
|
Less |
TAX |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
(2.449) |
(2.457) |
(1.465) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’
BALANCE BROUGHT FORWARD |
(17.039) |
(14.582) |
(13.117) |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(19.488) |
(17.039) |
(14.582) |
|
|
|
|
|
|
|
|
|
|
Earnings/ (Loss)
Per Share (Rs.) |
(0.06) |
(0.06) |
(0.03) |
|
Note: As claimed by Mr.
Koti, Secretary that sales turnover of the subject company is low because company
is engaged in construction activity and the construction is going on, the
income will generate only after building is constructed and ready for
sale.
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
(24490.00)
|
(122850.00) |
(121.27) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
0.00 |
0.00 |
0.00 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(0.33) |
(0.33) |
(0.20) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.01) |
(0.01) |
(0.00) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.77
|
0.75 |
0.67 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
57.04
|
57.55 |
17.89 |
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 |
No |
|
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 |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
Yes |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm
/ promoter involved in |
-- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
No |
|
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 |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
No |
UNSECURED LOANS
|
Unsecured Loans |
31.03.2012 |
31.03.2011 |
|
|
(Rs. In Millions) |
|
|
Bonds/debentures |
280.000 |
280.000 |
|
Loans and advances from related parties |
34.250 |
30.850 |
|
Total |
314.250 |
310.850 |
Note: The registered
address of the company has been shifted from Level 17-18, ‘Canberra’, UB City,
# 24, Vittal Mallya Road, Bangalore – 560001, Karnataka, India to the present
w.e.f. 26.04.2010
BACKGROUND
Subject was
incorporated on 15 June 2006 as a 50:50 joint venture between TS Mauritius
ERISA PH and The Western India Trustee and Executor Company Limited (comprising
of India Advantage Fund III and IV). The Company has been primarily formed for
the purpose of developing residential and related properties.
Subsequently,
Western India Trustee and Executor Company Limited (comprising of India
Advantage Fund III and IV) was merged with IDBI Trusteeship Services Limited
(comprising of A/c. India Advantage Fund III and IV) and pursuant to such
merger, the entities holding the balance 50% shares are IDBI Trusteeship
Services Limited (comprising of A/c. India Advantage Fund III and IV)equally.
TS Mauritius ERISA PH also transferred its entire stake to TS Mauritius 7
(entity in the same group).
OPERATIONAL
PERFORMANCE
All architectural,
development and related matters continue to remain suspended due to the present
market conditions.
Total income comprises of interest income on investments.
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on Corporate
Governance to identify management and governance. These factors often have been
predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 54.43 |
|
|
1 |
Rs. 83.20 |
|
Euro |
1 |
Rs. 71.91 |
INFORMATION DETAILS
|
Information Gathered
by : |
JML |
|
|
|
|
Report Prepared
by : |
BVA |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
2 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTERS |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
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.