|
Report Date : |
13.03.2013 |
IDENTIFICATION DETAILS
|
Name : |
TSI TECH PARK (PUNE) PRIVATE LIMITED [w.e.f. 23.07.2007] |
|
|
|
|
Formerly Known
As : |
TSI BUSINESS PARKS (BANGALORE) 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 : |
13.02.2006 |
|
|
|
|
Com. Reg. No.: |
08-038465 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.430.200
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U45202KA2006PTC038465 |
|
|
|
|
PAN No.: [Permanent Account No.] |
AACCT3913G |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Construction Activity. |
|
|
|
|
No. of Employees
: |
40 [Approximately] |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (41) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 1630000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Unknown |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company whose project is under
implementation stage. It is having satisfactory track record due to strong
promoters. Mr. Koti, Secretary has claimed that the company is engaged in construction
activity and the construction work is not fully completed and the income will
be generated only after the building is ready for sale. It receives better support from TS Mauritius 8 and IDBI Trusteeship
Services Limited. The company has incurred some loss as a part of expenditure. The paid
up capital of the company appears to be strong. Trade relations are reported as fair. Business is active. Payments
terms are unknown. In view of strong holding, the company can be considered for business dealings
at usual trade terms and conditions.
|
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) |
|
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 is developing into an open-market economy, yet traces
of its past autarkic policies remain. Economic liberalization, including industrial
deregulation, privatization of state-owned enterprises, and reduced controls on
foreign trade and investment, began in the early 1990s and has served to
accelerate the country's growth, which has averaged more than 7% per year since
1997. India's diverse economy encompasses traditional village farming, modern
agriculture, handicrafts, a wide range of modern industries, and a multitude of
services. Slightly more than half of the work force is in agriculture, but
services are the major source of economic growth, accounting for more than half
of India's output, with only one-third of its labor force. India has
capitalized on its large educated English-speaking population to become a major
exporter of information technology services and software workers. In 2010, the
Indian economy rebounded robustly from the global financial crisis - in large
part because of strong domestic demand - and growth exceeded 8% year-on-year in
real terms. However, India's economic growth in 2011 slowed because of persistently
high inflation and interest rates and little progress on economic reforms. High
international crude prices have exacerbated the government's fuel subsidy
expenditures contributing to a higher fiscal deficit, and a worsening current
account deficit. Little economic reform took place in 2011 largely due to
corruption scandals that have slowed legislative work. India's medium-term
growth outlook is positive due to a young population and corresponding low
dependency ratio, healthy savings and investment rates, and increasing
integration into the global economy. India has many long-term challenges that
it has not yet fully addressed, including widespread poverty, inadequate
physical and social infrastructure, limited non-agricultural employment
opportunities, scarce access to quality basic and higher education, and
accommodating rural-to-urban migration.
|
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 : |
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 : |
|
|
Website : |
DIRECTORS
AS ON 24.09.2012
|
Name : |
Mr. Manish Ramesh Desai |
|
Designation : |
Director |
|
Address : |
504, Gopal Sadan, Service Road, Highway Subway, Pump House, Andheri
(East), Mumbai-400093, Maharashtra, India |
|
Date of Birth/Age : |
08.09.1972 |
|
Qualification : |
Manish holds Bachelor’s Degree with Honors in Construction Engineering
from Mumbai University and Post Graduate Diploma in Construction Management
From National Institute of Construction Management and Research [NICMAR] |
|
Date of Appointment : |
15.09.2009 |
|
DIN No.: |
02240504 |
|
|
|
|
Name : |
Mr. Gautam Hora |
|
Designation : |
Director |
|
Address : |
D-9, New Rising Building, Juhu Tara Road, Santacruz (West),
Mumbai-400049, Maharashtra, India |
|
Date of Birth/Age : |
17.08.1978 |
|
Qualification : |
Gautam has a Masters in Finance and Control (MFC) form the Delhi
University and is also currently pursuing Level III of the Chartered
Financial Analyst (CFA) Program conducted by the CFA Institute, USA. |
|
Date of Appointment : |
12.06.2012 |
|
DIN No.: |
05136098 |
KEY EXECUTIVES
|
Name : |
Mr. Koti |
|
Designation : |
Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 24.09.2012
|
Names of Shareholders |
No. of Shares |
|
IDBI Trusteeship Services Limited, India (India Advantage Fund III) |
10755000 |
|
IDBI Trusteeship Services Limited, India (India Advantage Fund IV) |
10755000 |
|
TS Mauritius 8, Mauritius |
21510000 |
|
|
|
|
TOTAL
|
43020000 |
AS ON 24.09.2012
|
Equity Shares
Break Up |
Percentage of
Holding |
|
Category |
|
|
Venture Capital |
50.00 |
|
Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident
Indian(s) or Overseas Corporate bodies or Others |
50.00 |
|
TOTAL |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Construction Activity. |
|
|
|
|
Terms : |
|
|
Purchasing : |
Depend |
GENERAL INFORMATION
|
Customers : |
End Users |
|
|
|
|
No. of Employees : |
40 [Approximately] |
|
|
|
|
Bankers : |
·
Bank of India, Surat Mid Corporate Branch, BOI
Building, 1st Floor, Near BSNL Office, Ghoddod Road, Surat-395001,
Gujarat, India ·
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:
http://www.icicibank.com |
|
|
|
|
Facilities : |
-- |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
BSR and Associates Chartered Accountants |
|
Address : |
Maruthi Info-Tech Centre, 11-12/1, Inner Ring Road, Koramangala,
Bangalore-560071, Karnataka, India |
|
Tel No.: |
91-80-39806000 |
|
Fax No.: |
91-80-39806999 |
|
Email: |
|
|
PAN No.: |
AAIFB7355D |
|
|
|
|
Other Related Parties : |
·
TSI Homes (Chennai) Private Limited
[U70109KA2006PTC039758] ·
TS Mauritius 8 ·
IDBI Trusteeship Services Limited (A/c India
Advantage Fund III) ·
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 |
|
|
|
|
|
|
43100000 |
Equity Shares |
Rs.10/- each |
Rs.431.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
43020000 |
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 |
(21.266) |
(18.538) |
0.000 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
(15.867) |
|
|
NETWORTH |
408.934 |
411.662 |
414.333 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
398.350 |
394.950 |
360.000 |
|
|
TOTAL BORROWING |
398.350 |
394.950 |
360.000 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
807.284 |
806.612 |
774.333 |
|
|
|
|
|
|
|
|
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 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
818.195
|
818.307 |
818.122 |
|
|
Sundry Debtors |
0.000
|
0.000 |
0.000 |
|
|
Cash & Bank Balances |
0.841
|
0.076 |
0.291 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
2.177
|
1.983 |
1.900 |
|
Total
Current Assets |
821.213
|
820.366 |
820.313 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
0.076
|
0.768 |
11.958 |
|
|
Other Current Liabilities |
13.853
|
12.986 |
34.022 |
|
|
Provisions |
0.000
|
0.000 |
0.000 |
|
Total
Current Liabilities |
13.929
|
13.754 |
45.980 |
|
|
Net Current Assets |
807.284
|
806.612 |
774.333 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
807.284 |
806.612 |
774.333 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
0.000 |
0.000 |
0.000 |
|
|
|
Other Income |
0.003 |
0.002 |
1.345 |
|
|
|
TOTAL |
0.003 |
0.002 |
1.345 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
2.730 |
2.672 |
2.805 |
|
|
|
TOTAL |
2.730 |
2.672 |
2.805 |
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX |
(2.727) |
(2.670) |
(1.460) |
|
|
|
|
|
|
|
|
|
Less |
TAX |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX |
(2.727) |
(2.670) |
(1.460) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(18.537) |
(15.867) |
(14.407) |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(21.264) |
(18.537) |
(15.867) |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
(0.06) |
(0.06) |
(0.03) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
(90900.00)
|
(133500.00) |
(108.55) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
0.00
|
0.00 |
0.00 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(0.33)
|
(0.33) |
(0.17) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.01)
|
(0.01) |
0.00 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.97
|
0.95 |
0.87 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
58.95
|
59.65 |
17.84 |
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% |
-- |
|
14] |
Estimation for coming financial year |
No |
|
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) |
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] |
PAN of Proprietor/Partner/Director, if available |
No |
|
32] |
Date
of Birth of Proprietor/Partner/Director, if available |
Yes |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
No |
NOTE:
The registered office of the company has been shifted from Level 17-18, Canberra, UB City, # 24, Vittal Mallya Road, Bangalore-560001, Karnataka, India to the present address w.e.f. 26.04.2010.
BACKGROUND:
Subject was incorporated on 13 February 2006 as a 50:50 joint
venture between TS Mauritius ERISA PH and The Western India Trustee and
Executor Company Ltd (comprising of India Advantage Fund III and IV). The
Company has been formed for the purpose of real estate development. 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 8 (entity in the same group).
|
Unsecured Loan |
Rs.
In Millions 31.03.2012 |
Rs.
In Millions 31.03.2011 |
|
Fully Convertible Debentures Others* * The above 0% fully and compulsorily
convertible debentures shall be compulsorily converted into compulsorily
convertible preference shares in the fixed proportion of one compulsorily
convertible cumulative preference shares for every fifty fully and
compulsorily convertible debentures at the end of the term (ten years) or at
any time before the expiry of the term with the mutual consent of the Company
and all the debenture holders. Above Compulsorily convertible preference
shares shall be compulsorily converted into Equity shares in the fixed
proportion of one equity shares of Rs 1 each for every one compulsorily
convertible cumulative preference shares at the end of the term (twenty
years) or at any time before the expiry of the term with the mutual consent
of the Company and all the preference share holders. |
360.000 |
360.000 |
|
Loans repayable on demand |
38.350 |
34.950 |
|
TOTAL |
398.350 |
394.950 |
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 records 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.54.34 |
|
|
1 |
Rs.80.90 |
|
Euro |
1 |
Rs.70.73 |
INFORMATION DETAILS
|
Information
Gathered by : |
JML |
|
|
|
|
Report Prepared
by : |
TPT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
41 |
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.