MIRA
INFORM REPORT
|
Report Date : |
22.07.2008 |
IDENTIFICATION
DETAILS
|
Name : |
TULSI FOUNDRIES LIMITED |
|
|
|
|
Registered Office : |
58/1, Ganesh Krupamughbat Lane, Thakurdwar Road, Mumbai – 400 004,
Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as on) : |
31.03.2007 |
|
|
|
|
Date of Incorporation : |
10.12.2004 |
|
|
|
|
Com. Reg. No.: |
11-149952 |
|
|
|
|
CIN No.: [Company
Identification No.] |
U27100MH2004PLC149952 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
MUMT11806E |
|
|
|
|
PAN No.: [Permanent
Account No.] |
AACCT1637R |
|
|
|
|
Legal Form : |
A closely held Public Limited Liability Company |
|
|
|
|
Line of Business : |
Manufacturer and
Exporter of Ductile Iron Casting Components |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 270000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well – established company having satisfactory track.
Trade relations are fair. Financial position is satisfactory. Payments are
usually correct and as per commitments. The company can be considered good for normal business dealings at
usual trade terms and conditions. |
LOCATIONS
|
Registered Office : |
58/1, Ganesh Krupamughbat Lane, Thakurdwar Road, Mumbai – 400 004,
Maharashtra, India |
|
Tel. No.: |
91-233-2645546 / 23850687 |
|
Fax No.: |
91-233-2645522 / 23895568 |
|
E-Mail : |
|
|
Area : |
10 Acres |
|
Location : |
Leased |
|
|
|
|
Factory: |
Plot No. E -2, MIDC, Kupwad Block, Sangli – 416 436, Maharashtra,
India |
|
Tel. No.: |
91-233-2645542 |
|
E-Mail : |
91-233-2645522 |
DIRECTORS
|
Name : |
Mr. Bhavarlal Mangilal Jain |
|
Designation : |
Director |
|
Address : |
68/86 Harhoobhai Bldg Room No. 9, Mughbhat Lane, Mumbai – 400 002,
Maharashtra, India |
|
Date of Birth/Age : |
03.07.1956 |
|
Date of Appointment : |
10.12.2004 |
|
|
|
|
Name : |
Mr. Rajmal Mangilal Jain |
|
Designation : |
Director |
|
Address : |
68/96 Harhoobhai Bldg Room No. 9, Mughbhat Lane, Mumbai – 400 002,
Maharashtra, India |
|
Date of Birth/Age : |
02.08.1970 |
|
Date of Appointment : |
10.12.2004 |
|
|
|
|
Name : |
Mr. Sanjay Bichu |
|
Designation : |
Director |
|
Address ; |
308 Roy Road, Tilkawadi, Belgaum – 590 006, Karnataka, India |
|
Date of Birth/Age : |
30.08.1962 |
|
Date of Appointment : |
10.12.2004 |
KEY EXECUTIVES
|
Name : |
Mr. B N Ingale |
|
Designation : |
Vice President |
|
Mobile No.: |
91-9881072032 |
|
|
|
|
Name : |
Mr. Bikash Singhi |
|
Designation : |
Marketing Head |
|
Mobile No.: |
91-9881072040 |
|
|
|
|
Name : |
Mr. Mehara |
|
Designation : |
Account Manager |
|
Mobile No.: |
91-9881072036 |
|
|
|
|
Name : |
Mr. Nirmal |
|
Designation : |
Account Manager |
|
Mobile No.: |
91-9820374758 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names of Shareholders |
No. of Shares |
|
Mr. Bhavarlal Mangilal Jain |
800 |
|
Mr. Rajmal Mangilal Jain |
800 |
|
Mr. Mangilal Ghumermal Jain |
800 |
|
Mrs. Pushpadevi Bhavarlal Jain |
800 |
|
Mrs. Kanchan Rajmal Jain |
800 |
|
Mr. Sanjay Bichu |
800 |
|
Total
|
4800 |
|
Names of Allottee (As on 27.03.2008) |
No. of Shares |
|
Equity Shares |
|
|
|
|
|
Captown Mercantile Company private Limited
|
150000 |
|
Fast Strom Trading Private Limited |
100000 |
|
Gold Trading Company Private Limited |
200000 |
|
Hema Trading Company Private Limited |
200000 |
|
JPK Trading (India) Private Limited |
100000 |
|
Kush Hindustan Entertainment Limited |
150000 |
|
Oswal Trading Industries Private Limited |
100000 |
|
Baghbaan Distributors Private Limited |
2500000 |
|
Total
|
3500000 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and
Exporter of Ductile Iron Casting Components |
|
|
|
|
Products : |
·
Brake
Systems for Passenger Car: Calipers, Twin Calipers, Carriers ·
Heavy
Vehicle Brake Systems ·
Drive Shafts
for Passenger Car: Companion Flanges, End Yokes, Flange Yokes ·
Compressors:
Crank Shafts ·
Steering
Gears for Heavy Vehicles ·
Other
Products: Housing Covers, Body Castings, OPVL Blocks, Front Wheel Hubs, etc. |
|
|
|
|
Exports : |
|
|
Products : |
Ductile, Iron Casting |
|
Countries : |
UK, USA, Italy, Germany |
|
|
|
|
Imports : |
|
|
Products : |
Raw Materials |
|
Countries : |
China, |
|
|
|
|
Terms : |
|
|
Selling : |
Credit (30-60 Days), Bank Transfer |
|
|
|
|
Purchasing : |
L/C, Credit (30-60 Days) |
GENERAL
INFORMATION
|
Customers : |
OEM’s, End Users |
|
|
|
|
No. of Employees : |
300 |
|
|
|
|
Bankers : |
·
Bombay
Mercantile Co-op Bank Limited, Girgaum Branch, Duthpapeshwar Building, J S S
Road, Mumbai – 400 002, Maharashtra, India ·
State Bank of
India, Industrial Finance Branch, World Trade Centre, Cuffe Parade, Mumbai –
400 005, Maharashtra, India |
|
|
|
|
Facilities : |
Term Loan – Rs. 150.000 millions (State Bank of India) |
|
|
|
|
Banking
Relations : |
Satisfactory |
|
|
|
|
Auditors : |
|
|
Name : |
Mr. Manoj Huilgol & Company Chartered Accountants |
|
Address : |
E F -3, First Floor, 5855/A, Parvati Residency, Off Congress Roads V
Colony, Tilakwadi, Balgaum – 590 006, Karnataka, India |
|
|
|
|
Memberships : |
·
Confederation
of Indian Industry (CII), ·
Engineering
Export promotion Council of India ·
Federation
of Indian Export Organization (FIEO) |
|
|
|
|
Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
(As on 31.03.2007)
:
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
10000000 |
Equity Shares |
Rs. 10/- each |
Rs.100.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
4897300 |
Equity Shares |
Rs. 10/- each |
Rs.48.973
millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2007 |
31.03.2006 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
48.973 |
47.613 |
|
|
2] Share Application Money |
|
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
|
3.879 |
0.000 |
|
|
4] (Accumulated Losses) |
|
0.000 |
0.000 |
|
|
NETWORTH |
|
52.852 |
47.613 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
119.682 |
95.671 |
|
|
2] Unsecured Loans |
|
15.864 |
5.462 |
|
|
TOTAL BORROWING |
|
135.546 |
101.133 |
|
|
DEFERRED TAX LIABILITIES |
|
4.975 |
1.755 |
|
|
|
|
|
|
|
|
TOTAL |
|
193.373 |
150.501 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
107.755 |
98.822 |
|
|
Capital work-in-progress |
|
24.526 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
2.596 |
0.801 |
|
|
DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
29.547 |
17.756 |
|
|
Sundry Debtors |
|
55.244 |
38.888 |
|
|
Cash & Bank Balances |
|
6.508 |
3.457 |
|
|
Other Current Assets |
|
19.224 |
2.637 |
|
|
Loans & Advances |
|
5.750 |
7.629 |
|
Total
Current Assets |
|
116.273 |
70.367 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
|
48.365 |
18.838 |
|
|
Provisions |
|
9.688 |
1.064 |
|
Total
Current Liabilities |
|
58.053 |
19.902 |
|
|
Net Current Assets |
|
58.220 |
50.465 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
0.276 |
0.413 |
|
|
|
|
|
|
|
|
TOTAL |
|
193.373 |
150.501 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
|
|
Sales Turnover |
|
233.816 |
81.551 |
|
|
Other Income |
|
5.837 |
11.636 |
|
|
Total Income |
|
239.653 |
93.187 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
|
12.799 |
0.513 |
|
|
Provision for Taxation |
|
14.371 |
1.880 |
|
|
Profit/(Loss) After Tax |
|
[1.572] |
[1.367] |
|
|
|
|
|
|
|
|
Expenditures : |
|
|
|
|
|
|
Raw Material Consumed |
|
92.133 |
41.406 |
|
|
Salaries, Wages, Bonus, etc. |
|
4.410 |
2.624 |
|
|
Interest |
|
15.011 |
9.880 |
|
|
Insurance Expenses |
|
0.250 |
0.190 |
|
|
Depreciation & Amortization |
|
6.510 |
3.094 |
|
|
Other Expenditure |
|
108.540 |
35.480 |
|
Total Expenditure |
|
226.854 |
92.674 |
|
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2007 |
31.03.2006 |
|
PAT / Total Income |
(%) |
|
[0.66] |
[1.47] |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
|
5.47 |
0.63 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
5.10 |
0.30 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
|
0.24 |
0.01 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
|
3.67 |
2.54 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
2.00 |
3.54 |
LOCAL AGENCY
FURTHER INFORMATION
FORM 8 :-
|
Name of the company
|
TULSI FOUNDRIES LIMITED |
|
Presented By |
Bombay Mercantile Co-Operative Bank
Limited, Girgaum Branch, Mumbai – 400 002 |
|
1) Date and
description of instrument creating the change |
23.03.2005 Memorandum
Deposit of tile Deeds |
|
2) Amount secured
by the charge/amount owing on the securities of charge |
Rs. 5.000
millions |
|
3) Short
particular of the property charged. If the property acquired is subject to
charge, date of the acquired of the property should be given |
Art the present
request of the borrower, the bank has sanctioned term loan No. of Rs. 45.000
millions to secure the due repayment of the limits and to interest and other charges thereon at the request of the
bank , the borrower company has deposited
the title deeds of the following immovable property of the company and
security collateral security. That piece and
parcel of factory land building and on plot No. E -2, in the Sangli Miraj
industrial Area MIDC the Village limits of Kupwad, Taluka Miraj in
Sanlgi admeasuring 39200 Sq.Mtrs or thereabouts together admeasuring 3407
Sq.Mtrs Industrial shed together with alpurtenances and fixtures and fittings
and bounded as follow is to say:- On or towards the
North by : MIDC Land On or towards the
South by : MIDC Road On or towards the
East by : MIDC Land On or towards the
West by: Plot No. E -1 |
|
4) Gist of the
terms and conditions and extent and operation of the charge. |
Interest and
other charges as may be decided by the bank from time to time |
|
5) Name and Address
and description of the person entitled to the charge. |
Bombay Mercantile
Co-op Bank Limited Girgaum Branch,
Dupthpapeshwar Building, J S S Road,
Mumbai – 400 002, Maharashtra, India |
|
Corporate
identity number of the company |
U27100MH2004PLC149952 |
|
Name of the
company |
TULSI FOUNDRIES
LIMITED |
|
Address of the
registered office or of the principal place of business in India of the company |
58/1 Ganesh
Krupamughbat Lane Thakurdwar Road, Mumbai – 400 004, Maharashtra, India |
|
This form is for |
Modification of
charges |
|
Type of charge |
· Book Debts · Movable property · Others |
|
Particular of
charge holder |
State Bank of
India Address :
Industrial Finance Branch, World Trade Centre, Cuffe Parade, Mumbai – 400 005,
Maharashtra, India E-Mail ; kamalax-saraf@hotmail.com |
|
Nature of
instrument creating charge |
·
Supplemental
agreement of loan for increase in the overall limit ·
Supplemental
Agreement of hypothecation of goods and assets fro increase in the overall
limit |
|
Date of
instrument Creating the charge |
17.01.2007 |
|
Amount secured by
the charge |
Rs. 114.000
millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest : As would be
determined by bank from time to time |
|
Short Particulars
of the present modification |
All present and
future goods, book debts and all other movable assets including documents of title
goods, outstanding moneys, receivables including receivables by way of cash
assistance and / or cash incentives under the cash incentives scheme or any
other scheme claims including claims by way of refund of customs / excise
duties under the duty drawback credit scheme, bills, invoices, documents,
contracts, policies, guarantees, engagements, securities, investments,
investments and rights |
|
Particulars of
the present modification |
Original Charge
was created on 16.05.2005 for Rs. 75.000 millions 1stly
modified on 14.11.2005 By giving an
additional security. Now by the present modification dated 17.01.2004 the
limit increased from Rs. 75.000 millions to Rs. 114.000 millions Plant and
Machinery such as induction furnace
pouring system disa molding machine, fettling bins, air compressor – KPC EH
200 HMT Milling Machine etc |
TRADE REFERENCES:-
·
Bosth Chassis,
Pune, Maharashtra, India
·
Spicer, Pune,
Maharashtra, India
·
Arvind
Meritor, UK
WEBSITE DETAILS;-
Subject is a renowned
manufacturer, supplier and exporter of ductile iron casting components such as
Companion Flanges, End Yokes, Flange Yokes, Differential Housings, etc. They
have a strong quality management system conforming to TS 16949:2002 and ISO
9001:2000 certification. They also provide casting and machining services.
Their specialty
includes brake parts for passenger cars, commercial and heavy vehicles. They
are exporting their products to the markets of UK and USA. Subject was promoted
as a joint venture organization by Alucast Foundries Belgaum Private. Limited.,
Belgaum and Metal Link Alloys Limited., Daman, in 2004.
The company has a
DISA 2110 MK2 High Pressure molding line. Their product range has wide area of
applications and is used in the cross-section of industries like engineering,
automotive, automobile, refrigeration, locomotives, electronics, air
conditioning, etc. The company's sales volume has touched the figures of US$ 9
million. Some of their renowned clients are Arvin Meritor, Bosch Chassis
Systems, Haldex India, Spicer India, ZF Steering Gear, amongst others. Their
future plan includes the installation of one more high pressure molding line in
the next five years. They are a proud member of Confederation of Indian
Industry (CII), Engineering Export Promotion Council of India (EEPC), and
Federation of Indian Export Organizations (FIEO).
Product Range
They are specialized in the
manufacturing of ductile iron castings. Following is the product range of Tulsi
Foundries:
·
Brake Systems
for Passenger Car: Calipers, Twin Calipers, Carriers
·
Heavy Vehicle
Brake Systems
·
Drive Shafts
for Passenger Car: Companion Flanges, End Yokes, Flange Yokes
·
Compressors:
Crank Shafts
·
Steering Gears
for Heavy Vehicles
·
Other
Products: Housing Covers, Body Castings, OPVL Blocks, Front Wheel Hubs, etc.
Quality
Quality is paramount for
the company. The superior quality raw materials used in the manufacturing
process include CRCA Scrap, Copper, Iron Silicide (FeSi), Magnesium Silicon Ferro-Alloys
(FeSiMg), etc. All these sourced raw materials undergo stringent chemical and
physical analysis to check their productivity.
The chemical tests conducted
during the manufacturing process are Vacuum Emission Spectrometer (GNR Italy
make) PMT based 2 channels with digital remote display at furnace platform, wet
lab analysis of ferrous alloys, and smart lab-with thermal analysis for cooling
curve. A team of quality control professionals also performs physical testing
with 3000 kgs. Brinell hardness tester, 40 MT computerized tensile testing
machine with attached extensometer, and other technology based equipments.
Infrastructure
The manufacturing plant of
subject has highly sophisticated machinery and quality control equipment with
the capacity of developing new casting in bulk mode. They have high pressure
vertical flask-less molding line capable of producing up to 12 kgs. of castings
with mold size of 500mm X 400mm. Their latest technology machines include AFS
Sieve Analyzer, Compatibility and Permeability Meter, Green Shear Strength
Machine, Sand Analysis for VM, LOI, Wet Tensile Strength Machine, etc.
CMT REPORT
(Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources including
but not limited to: The Courts, India Prisons Service, Interpol, etc.
1] INFORMATION ON
DESIGNATED PARTY
No records 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.42.71 |
|
UK Pound |
1 |
Rs.85.11 |
|
Euro |
1 |
Rs.67.73 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
|
54 |
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 |
Unfavourable & favourable factors carry similar weight in credit consideration.
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 |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|