MIRA
INFORM REPORT
|
Report Date : |
19.07.2011 |
IDENTIFICATION DETAILS
|
Name : |
TULIP TELECOM LIMITED (w.e.f. 25.04.2008) |
|
|
|
|
Formerly Known
As : |
TULIP IT SERVICES LIMITED (w.e.f. 10.01.2002) TULIP SOFTWARE PRIVATE LIMITED |
|
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|
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Registered
Office : |
C – 160, Okhla Industrial Area, Phase – 1, New Delhi – 110020 |
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Country : |
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|
|
|
Financials (as
on) : |
31.03.2011 |
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|
|
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Date of
Incorporation : |
19.05.1992 |
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|
Com. Reg. No.: |
55-48817 |
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Capital
Investment / Paid-up Capital : |
Rs.290.000 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L74899DL1992PLC048817 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
DELT01319D |
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|
|
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PAN No.: [Permanent Account No.] |
AAACT2717J |
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|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchange. |
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Line of Business
: |
Subject is engaged in Data Connectivity and Network Integration. |
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|
|
|
No. of Employees
: |
3000 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (65) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Good |
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|
|
Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well established company having fine track. Financial
position of the company appears to be sound. Trade relations are reported as
fair. Business is active. Payments are reported to be regular and as per
commitments. However, it would be advisable to take adequate securities while
dealing with the subject. |
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) |
|
|
A1 |
A1 |
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|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
INFORMATION PARTED BY
|
Name : |
Ms. Shipra |
|
Designation : |
Finance Manager |
|
Contact No.: |
91-9910907071 |
|
Date : |
18.07.2011 |
LOCATIONS
|
Registered/ Corporate/ Head Office : |
C – 160, Okhla Industrial Area, Phase – 1, New Delhi – 110020, India |
|
Tel. No.: |
91-11-66205000/ 5150 (Extn-5600) |
|
Mobile No.: |
91-9910907071 (Ms. Shipra) |
|
Fax No.: |
91-11-41678002 |
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E-Mail : |
sales@tulip.net |
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Website : |
|
|
Location : |
Owned |
|
|
|
|
United States of
Am Erica Office : |
10702, Vandor Lane, Manassas, VA – 20109 |
|
Tel No.: |
+1(617)-314-6478 |
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|
|
|
Branch Offices: |
Located at: · Chennai · Mumbai · Chandigarh · Kolkata · Jammu · Pune · Lucknow · Ahmedabad · Nagpur · Secunderabad · Patna · Jaipur · Hyderabad · Kochi · Indore · Trivandrum · Aizawi · Guwahati · Bhopal · Bangalore |
DIRECTORS
|
Name : |
Mr. H. S. Bedi |
|
Designation : |
Chairman and Managing Director |
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|
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|
Name : |
Mr. Deepinder Singh Bedi |
|
Designation : |
Executive Director |
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|
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|
Name : |
Mr. Chandrahas Kutty |
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Designation : |
Director |
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|
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|
Name : |
Mr. Rajesh Gulshan |
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Designation : |
Director |
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|
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|
Name : |
Mr. A. N. Sinha |
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Designation : |
Director |
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|
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|
Name : |
Mr. Jasbinder Singh Rai |
|
Designation : |
Director |
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|
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Name : |
Mr. Vinod Chander Sinha |
|
Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. Sanjay Jain |
|
Designation : |
Chief Financial Officer |
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|
|
|
Name : |
Mr. Jagdish Patra |
|
Designation : |
Company Secretary and Head-Legal and Admn. |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(AS ON 31.03.2011)
|
Names of Shareholders |
No. of Shares |
Percentage of
Holding |
|
|
|
|
|
(A)
Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
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|
52,089,750 |
35.92 |
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|
47,908,750 |
33.04 |
|
|
99,998,500 |
68.96 |
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|
|
|
|
|
|
|
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Total
shareholding of Promoter and Promoter Group (A) |
99,998,500 |
68.96 |
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|
|
|
|
(B)
Public Shareholding |
|
|
|
|
|
|
|
|
2,752,000 |
1.90 |
|
|
20,475 |
0.01 |
|
|
25,742,901 |
17.75 |
|
|
28,515,376 |
19.67 |
|
|
|
|
|
|
|
|
|
|
9,934,612 |
6.85 |
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|
|
|
|
|
|
|
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5,147,844 |
3.55 |
|
|
158,000 |
0.11 |
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|
1,245,668 |
0.86 |
|
|
276,606 |
0.19 |
|
|
969,062 |
0.67 |
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|
16,486,124 |
11.37 |
|
|
|
|
|
Total
Public shareholding (B) |
45,001,500 |
31.04 |
|
|
|
|
|
Total
(A)+(B) |
145,000,000 |
100.00 |
|
|
|
|
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(C)
Shares held by Custodians and against which Depository Receipts have been
issued |
- |
- |
|
|
- |
- |
|
|
- |
- |
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|
- |
- |
|
|
|
|
|
Total
(A)+(B)+(C) |
145,000,000 |
100.00 |
(1) Indian
Individuals / Hindu Undivided Family
Individual shareholders holding nominal
share capital up to Rs.0.100 Million BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in Data Connectivity and Network Integration. |
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Terms : |
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Selling : |
L/C, Cash and Credit |
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Purchasing : |
L/C, Cash and Credit |
GENERAL INFORMATION
|
Customers : |
·
ALSTOM ·
Amar
Ujala ·
Bharti
·
DHL ·
DLF
Building India ·
Reliance
Infocomm ·
HDFC
Bank ·
Hindustan
Times ·
IndoAsian ·
Kotak ·
Sanyo ·
Philips ·
Ranbaxy ·
Metso
Minerals ·
Maruti
Suzuki ·
NDTV ·
Punjab
National Bank ·
Sony ·
Tata
Motors ·
NDPL ·
Barclays
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No. of Employees : |
3000 (Approximately) |
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Bankers : |
· Corporation Bank Bhikag Cama Place Branch, New Delhi, India · Bank of India · HDFC Bank Limited · Indian Overseas Bank · ICICI Bank Limited · Canara Bank · Standard Chartered Bank · Yes Bank Limited · HSBC Limited · DBS Limited · Deutche Bank · Axis Bank Limited |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
R. Chadha and Associates Chartered Accountant |
|
Address : |
A – 43, Naraina Industrial Area, Phase – 2, New Delhi – 110028, India |
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Internal
Auditors : |
· S. S. Kothari Mehta and Company · JRA and Associates |
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Associate
Companies (As
on 31.03.2010) : |
· Sukhmani Financial Advisors Private Limited · Cedar Infonet Private Limited · Encore Technologies Private Limited · Sukhmani Technologies Private Limited · Sharad Enterprises Private Limited |
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|
|
|
Subsidiary
Companies (As
on 31.03.2010): |
· Tulip IT Services Singapore Pte. Limited · Tulip SWAN IT Services Limited · Tulip Telecom Inc. |
CAPITAL STRUCTURE
(AS ON 31.03.2010)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
40000000 |
Equity Share |
Rs.10/- each |
Rs.400.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
29000000 |
Equity Share |
Rs.10/- each |
Rs.290.000
Millions |
|
|
|
|
|
Of the above 1,20,00,000 Equity Shares
(Previous year 1,20,00,000 Equity Shares) had been allotted as fully Bonus
Shares by way capitalization of reserve.
NOTE:
1. The company has formulated and implemented an Employees
Stock Option Scheme “TULIP ESOS” 2007, exercisable into not more than 1,00,000
options, these options are convertible into equviliant numbers of equity shares
of Rs.10/- each. However no stock options were granted during the year.
2. a) During the Financial year 2007-08 the company has
raised Zero Coupon Foreign Currency Convertible Bonds (FCCBs) aggregating to
USD 150 Million with an initial conversion price of Rs.1137.222 per share with
a maturity period of 5 years, i.e. 26th August 2012. These bonds upon
conversion would have resulted into issue of 54,00,001 equity shares.
b) During the Financial year 2009-10 the company has bought
back Zero Coupon Foreign Currency Convertible Bonds (FCCBs) aggregating to USD
19.6 Millions, resulting in outstanding FCCB liability to USD 97 Million as on
31.03.2010. Therefore, now upon conversion of bonds, number of shares to be
issued would get reduced to 3,492,037 equity shares.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
290.000 |
290.000 |
290.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
11875.149 |
8985.880 |
6513.865 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
12165.149 |
9275.880 |
6803.865 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
12011.149 |
5170.641 |
5141.378 |
|
|
2] Unsecured Loans |
5537.672 |
6715.045 |
6083.074 |
|
|
TOTAL BORROWING |
17548.821 |
11885.686 |
11224.452 |
|
|
DEFERRED TAX LIABILITIES |
31.726 |
29.190 |
9.223 |
|
|
|
|
|
|
|
|
TOTAL |
29745.696 |
21190.756 |
18037.540 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
13601.556 |
12078.620 |
8366.442 |
|
|
Capital work-in-progress |
2919.731 |
950.565 |
3772.114 |
|
|
|
|
|
|
|
|
INVESTMENT |
3782.152 |
18.374 |
15.058 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
992.470
|
687.923 |
916.446 |
|
|
Sundry Debtors |
6307.145
|
5302.409 |
3217.653 |
|
|
Cash & Bank Balances |
2497.638
|
3455.554 |
3457.890 |
|
|
Other Current Assets |
|
903.038 |
734.044 |
|
|
Loans & Advances |
|
605.905 |
354.870 |
|
Total
Current Assets |
12380.360
|
10954.829 |
8680.903 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditor |
|
883.957 |
1641.313 |
|
|
Other Current Liabilities |
2938.315
|
1439.124 |
816.514 |
|
|
Provisions |
|
488.867 |
339.569 |
|
Total
Current Liabilities |
2938.315
|
2811.948 |
2797.396 |
|
|
Net Current Assets |
9442.045
|
8142.881 |
5883.507 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.212 |
0.316 |
0.419 |
|
|
|
|
|
|
|
|
TOTAL |
29745.696 |
21190.756 |
18037.540 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Sales of Goods and Services |
23506.642 |
19651.142 |
16082.829 |
|
|
|
Other Income |
0.977 |
468.198 |
344.492 |
|
|
|
TOTAL (A) |
23507.619 |
20119.340 |
16427.321 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Goods/ Services Sold |
15187.521 |
12952.809 |
11510.481 |
|
|
|
Administrative Expenses |
599.462 |
579.052 |
463.451 |
|
|
|
Payment to and provision for Employees |
938.747 |
816.674 |
711.849 |
|
|
|
Selling and Distribution Expenses |
127.492 |
47.216 |
41.955 |
|
|
|
TOTAL (B) |
16853.222 |
14395.751 |
12727.736 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
6654.397 |
5723.589 |
3699.585 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
852.999 |
718.906 |
462.106 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
5801.398 |
5004.683 |
3237.479 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
1705.358 |
1352.964 |
414.400 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
4096.040 |
3651.719 |
2823.079 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
1000.684 |
896.406 |
327.322 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
3095.356 |
2755.313 |
2495.757 |
|
|
|
|
|
|
|
|
|
|
Add/ (Less)
Prior Period Income (Expenses) |
(10.802) |
(11.870) |
(6.804) |
|
|
|
|
|
|
|
|
|
Less |
Income Tax Paid/
(Excess Provision) for the previous year |
-- |
-- |
(0.717) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
6664.239 |
5101.088 |
3116.893 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Proposed Final Dividend |
232.000 |
232.000 |
116.000 |
|
|
|
Tax on Dividend |
38.532 |
39.428 |
19.714 |
|
|
|
General Reserve |
409.604 |
275.531 |
249.577 |
|
|
|
Debenture Redemption Reserve |
(241.667) |
633.333 |
118.750 |
|
|
BALANCE CARRIED
TO THE B/S |
9310.324 |
6664.239 |
5101.088 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
NA |
27.024 |
170.333 |
|
|
TOTAL EARNINGS |
NA |
27.024 |
170.333 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Trading Goods |
NA |
40.429 |
45.537 |
|
|
|
Capital Goods |
NA |
330.568 |
372.336 |
|
|
TOTAL IMPORTS |
NA |
370.997 |
417.873 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
|
|
|
|
|
- Basic |
107 |
95 |
86 |
|
|
|
- Diluted |
95 |
85 |
77 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
13.17
|
13.69 |
15.19 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
17.43
|
18.58 |
17.55 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
15.76
|
15.85 |
16.56 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.34
|
0.39 |
0.41 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.68
|
1.58 |
2.06 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
4.21
|
3.90 |
3.10 |
LOCAL AGENCY FURTHER INFORMATION
OPERATING STATEMENT
(RS.
IN MILLIONS)
|
Particulars
|
31.03.2011 |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Estimated) |
(Projected) |
||
|
Gross Sales |
|
|
|
|
|
Domestic Sales |
23581.370 |
28061.831 |
33393.578 |
39738.358 |
|
Export Sales |
-- |
-- |
-- |
-- |
|
Other Operating/ Revenue Income |
-- |
-- |
-- |
-- |
|
|
|
|
|
|
|
Total |
23581.370 |
28061.831 |
33393.578 |
39738.358 |
|
|
|
|
|
|
|
Less : Excise Duty |
-- |
-- |
-- |
-- |
|
|
|
|
|
|
|
Net Sales |
23581.370 |
28061.831 |
33393.578 |
39738.358 |
|
|
|
|
|
|
|
% rise [+] or fall [-] in net sales as compared to
previous year |
20.00% |
19.00% |
19.00% |
19.00% |
|
|
|
|
|
|
|
Cost
of Sales |
|
|
|
|
|
|
|
|
|
|
|
Raw Materials Consumed |
|
|
|
|
|
-
Imported |
-- |
-- |
-- |
-- |
|
-
Indigenous |
15389.984 |
18099.881 |
21705.826 |
26028.625 |
|
|
|
|
|
|
|
Fixed Assets |
|
|
|
|
|
-
Imported |
-- |
-- |
-- |
-- |
|
-
Indigenous |
-- |
-- |
-- |
-- |
|
|
|
|
|
|
|
Stores Consumed |
-- |
-- |
-- |
-- |
|
Power and Fuel |
-- |
-- |
-- |
-- |
|
Direct Labour and Wages |
-- |
-- |
-- |
-- |
|
Other Manufacturing Expenses |
-- |
-- |
-- |
-- |
|
Depreciation |
1706.326 |
2057.798 |
2460.155 |
2938.756 |
|
|
|
|
|
|
|
Sub
Total |
17096.310 |
20157.679 |
24165.981 |
28967.381 |
|
|
|
|
|
|
|
Add: Opening Stock-In-Process |
-- |
-- |
-- |
-- |
|
|
|
|
|
|
|
Less: Closing Stock-In-Process |
-- |
-- |
-- |
-- |
|
|
|
|
|
|
|
Cost
of Production |
17096.310 |
20157.679 |
24165.981 |
28967.381 |
|
|
|
|
|
|
|
Add: Opening Stock of Finished Goods |
-- |
-- |
-- |
-- |
|
|
|
|
|
|
|
Deduct: Closing Stock of Finished Goods |
-- |
-- |
-- |
-- |
|
|
|
|
|
|
|
SUB TOTAL (Total
cost of sales) |
17096.310 |
20157.679 |
24165.981 |
28967.381 |
|
|
|
|
|
|
|
Selling, General and Administrative Expenses |
1702.672 |
2007.292 |
2398.113 |
2757.830 |
|
|
|
|
|
|
|
Operating Profit before interests |
4782.388 |
5896.860 |
6829.484 |
8013.147 |
|
|
|
|
|
|
|
Interests |
892.000 |
1400.257 |
1545.388 |
1058.000 |
|
|
|
|
|
|
|
Operating Profit After Interests |
3890.388 |
4496.603 |
5284.096 |
6955.147 |
|
|
|
|
|
|
|
Other Non Operating Income |
20.000 |
20.000 |
20.000 |
15.000 |
|
Other Non Operating Expenses |
-- |
-- |
-- |
-- |
|
|
|
|
|
|
|
Net
of Non-operating Income and Expenses |
20.000 |
20.000 |
20.000 |
15.000 |
|
|
|
|
|
|
|
Profit
before Tax/ Loss [PBT] |
3910.388 |
4516.603 |
5304.096 |
6970.147 |
|
|
|
|
|
|
|
Provision for taxes |
977.597 |
1129.151 |
1326.024 |
1742.537 |
|
|
|
|
|
|
|
Net
Profit / Loss [PAT] |
2932.791 |
3387.452 |
3978.072 |
5227.610 |
------------------------------------------------------------------------------------------------------------------------------
ANALYSIS OF BALANCE SHEET
(RS.
IN MILLIONS)
|
Particulars
|
31.03.2011 |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Estimated) |
(Projected) |
||
|
Short Term Borrowing from Bank |
|
|
|
|
|
i. From Application Bank |
1154.510 |
3031.206 |
3450.480 |
3680.389 |
|
ii. From Other Banks |
-- |
-- |
-- |
-- |
|
iii. Of which BP and BD |
-- |
-- |
-- |
-- |
|
|
|
|
|
|
|
SUB
TOTAL (A) |
1154.510 |
3031.206 |
3450.480 |
3680.389 |
|
|
|
|
|
|
|
Short Term Borrowings From Others |
-- |
-- |
-- |
-- |
|
Sundry Creditors (Trader) |
850.000 |
890.000 |
1080.000 |
1200.000 |
|
Advances Payment from customers |
232.300 |
350.000 |
750.000 |
1150.000 |
|
Provision For Taxes |
150.500 |
259.000 |
269.000 |
280.000 |
|
Proposed Dividend |
232.000 |
232.000 |
440.000 |
440.000 |
|
Other Statutory Liabilities (due within one years) |
779.600 |
980.000 |
1078.000 |
1185.800 |
|
Deposits of term loans and Deferred Payment Credits |
1660.000 |
3282.800 |
4358.400 |
4303.800 |
|
Other current Liabilities and Provisions (due within one
years) |
656.200 |
212.300 |
256.400 |
355.500 |
|
|
|
|
|
|
|
Sub
Total (B) |
4560.600 |
6206.100 |
8231.800 |
8915.100 |
|
|
|
|
|
|
|
TOTAL
CURRENT LIABILITIES |
5715.110 |
9237.306 |
11682.280 |
12595.489 |
|
|
|
|
|
|
|
TERM
LIABILITIES |
|
|
|
|
|
|
|
|
|
|
|
Debentures |
3000.000 |
2500.000 |
1500.000 |
-- |
|
Redeemable Preference Shares |
-- |
-- |
-- |
-- |
|
Term Loan |
6527.200 |
6744.400 |
6145.000 |
4841.500 |
|
Deferred Payment Credits |
4320.700 |
4320.700 |
-- |
-- |
|
Unsecured Loans |
-- |
-- |
-- |
-- |
|
Term Deposit/ Deferred Tax
Liability |
36.208 |
36.208 |
36.208 |
36.208 |
|
Other Term Liabilities |
1575.000 |
-- |
-- |
-- |
|
|
|
|
|
|
|
TOTAL
TERM LIABILITIES |
15459.108 |
13601.308 |
7681.208 |
4877.708 |
|
|
|
|
|
|
|
TOTAL
OF OUTSIDE LIABILITIES |
21174.218 |
22838.614 |
19363.488 |
17473.197 |
|
|
|
|
|
|
|
NET
WORTH |
|
|
|
|
|
Ordinary Shares Capital |
290.000 |
290.000 |
440.000 |
440.000 |
|
General Reserve |
831.278 |
831.278 |
5181.200 |
5181.200 |
|
Deferred Tax Liabilities |
-- |
-- |
-- |
-- |
|
Share Application Money |
-- |
-- |
-- |
-- |
|
Other Reserve (Excluding Provision) |
-- |
-- |
-- |
-- |
|
Revolution Reserve |
-- |
-- |
-- |
-- |
|
Reserves and Surplus |
-- |
-- |
-- |
-- |
|
Unsecured Loans |
-- |
-- |
-- |
-- |
|
Share Premium Account |
-- |
-- |
-- |
-- |
|
Surplus (+) or deficit (-) in Profit and Loss Account |
10855.392 |
14010.854 |
17548.926 |
22336.546 |
|
Share Premium |
-- |
-- |
-- |
-- |
|
Other (Specify) – |
-- |
-- |
-- |
-- |
|
|
|
|
|
|
|
TOTAL
NET WORTH |
11976.670 |
15132.132 |
23170.126 |
27957.746 |
|
|
|
|
|
|
|
TOTAL
LIABILITIES |
33150.888 |
37970.746 |
42533.614 |
45430.943 |
|
|
|
|
|
|
|
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
CURRENT
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
Cash and Bank Balance |
2000.000 |
3448.812 |
3793.693 |
3973.063 |
|
Investments [Other than long term investments] |
220.000 |
550.000 |
550.000 |
550.000 |
|
Receivables other than deferred and exports |
6966.744 |
8121.109 |
9650.009 |
11506.709 |
|
Export receivables |
-- |
-- |
-- |
-- |
|
Installments of deferred receivable |
-- |
-- |
-- |
-- |
|
|
|
|
|
|
|
INVENTORY |
|
|
|
|
|
|
|
|
|
|
|
Raw Materials |
|
|
|
|
|
- Imported |
-- |
-- |
-- |
-- |
|
- Indigenous |
1031.400 |
1358.966 |
1642.135 |
2032.838 |
|
|
|
|
|
|
|
Stock in Process |
-- |
-- |
-- |
-- |
|
Finished Goods |
-- |
-- |
-- |
-- |
|
Other Consumable Spares |
-- |
-- |
-- |
-- |
|
Advances to suppliers |
1550.000 |
1851.665 |
2184.498 |
2333.810 |
|
Advance Payment of Taxes |
-- |
-- |
-- |
-- |
|
Other Current Assets |
1054.800 |
1316.760 |
1600.000 |
1850.000 |
|
|
|
|
|
|
|
TOTAL
CURRENT ASSETS |
12822.944 |
16647.311 |
19420.335 |
22246.420 |
|
|
|
|
|
|
|
FIXED
ASSETS |
5000.000 |
4500.000 |
4000.000 |
3000.000 |
|
|
|
|
|
|
|
Gross Block (Land and Building Machinery) |
20443.004 |
24943.004 |
28943.004 |
31943.004 |
|
Depreciation to date |
4120.145 |
6177.943 |
8638.098 |
11576.855 |
|
|
|
|
|
|
|
NET
BLOCK |
16322.859 |
18765.061 |
20304.906 |
20366.149 |
|
|
|
|
|
|
|
OTHER
NON CURRENT ASSETS |
|
|
|
|
|
|
|
|
|
|
|
Investments/ Book Debts. Advances/ Deposits which are not
current Assets |
4004.874 |
2558.374 |
2808.374 |
2818.374 |
|
Investments in sub |
3718.374 |
2318.374 |
2518.374 |
2518.374 |
|
Advances suppliers of Capital goods and contractors |
-- |
-- |
-- |
-- |
|
Investment in Others |
286.500 |
240.000 |
290.000 |
300.000 |
|
Other Non-Current Investment |
-- |
-- |
-- |
-- |
|
Loans and Advance |
-- |
-- |
-- |
-- |
|
|
|
|
|
|
|
TOTAL
OTHER NON CURRENT ASSETS |
4004.874 |
2558.374 |
2808.374 |
2818.374 |
|
|
|
|
|
|
|
Intangible Assets |
0.211 |
-- |
-- |
-- |
|
|
|
|
|
|
|
TOTAL
ASSETS |
33150.888 |
37970.746 |
42533.614 |
45430.943 |
|
|
|
|
|
|
|
Tangible Networth |
11976.459 |
15132.132 |
23170.126 |
27957.746 |
|
|
|
|
|
|
|
Net Working Capital
|
8547.834 |
10142.805 |
11546.454 |
13404.731 |
|
|
|
|
|
|
|
Current Ratio |
2.24 |
1.80 |
1.66 |
1.77 |
|
|
|
|
|
|
|
Total Outside Liabilities/ Tangible Net Worth |
1.77 |
1.51 |
0.84 |
0.62 |
|
|
|
|
|
|
|
Total Term Liabilities/ Tangible Net Worth |
1.29 |
0.90 |
0.33 |
0.17 |
------------------------------------------------------------------------------------------------------------------------------
COMPARATIVE STATEMENT OF CURRENT
ASSETS AND LIABILITIES
(RS. IN MILLIONS)
|
Particulars
|
31.03.2011 |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Estimated) |
(Projected) |
||
|
CURRENT
LIABILITIES |
|
|
|
|
|
|
|
|
|
|
|
A CURRENT ASSETS |
|
|
|
|
|
Raw Materials |
|
|
|
|
|
[a] Imported |
1031.400 |
1358.966 |
1642.135 |
2032.838 |
|
Months Consumption |
0.80 |
0.90 |
0.91 |
0.94 |
|
[b] Indigenous |
-- |
-- |
-- |
-- |
|
Months Consumption |
-- |
-- |
-- |
-- |
|
|
|
|
|
|
|
Other consumable spares |
|
|
|
|
|
Excluding those included 1 above |
|
|
|
|
|
[a] Imported |
-- |
-- |
-- |
-- |
|
Months Consumption |
-- |
-- |
-- |
-- |
|
[b] Indigenous |
-- |
-- |
-- |
-- |
|
Months Consumption |
-- |
-- |
-- |
-- |
|
|
|
|
|
|
|
Stock in process |
-- |
-- |
-- |
-- |
|
Months cost of production |
-- |
-- |
-- |
-- |
|
|
|
|
|
|
|
Finished goods |
-- |
-- |
-- |
-- |
|
Months cost of sales |
-- |
-- |
-- |
-- |
|
|
|
|
|
|
|
Receivable other than export and deferred
receivables [including bills purchased and discounted by bankers] |
6966.744 |
8121.109 |
9650.009 |
11506.709 |
|
Months domestic sales |
3.55 |
3.47 |
3.47 |
3.47 |
|
[excluding deferred payment sales] |
|
|
|
|
|
|
|
|
|
|
|
Export receivables [including bills
purchased and discounted by bankers] |
-- |
-- |
-- |
-- |
|
(Months Export Sales) |
-- |
-- |
-- |
-- |
|
|
|
|
|
|
|
Advances to suppliers of raw materials and
stores/ spares consumable |
1550.000 |
1851.665 |
2184.498 |
2333.810 |
|
|
|
|
|
|
|
Other current Assets including cash and bank
balances and deferred receivable due within one year |
3054.800 |
4765.572 |
5393.693 |
5823.063 |
|
|
|
|
|
|
|
TOTAL CURRENT ASSETS |
12602.944 |
16097.311 |
18870.335 |
21696.420 |
|
|
|
|
|
|
|
B CURRENT LIABILITIES |
|
|
|
|
|
[Other than bank borrowing for working
capital] |
|
|
|
|
|
|
|
|
|
|
|
Creditors for purchases of raw materials and
stores and consumable spares |
850.000 |
890.000 |
1080.000 |
1200.000 |
|
Months Purchases |
(0.65) |
(0.58) |
(0.59) |
(0.55) |
|
|
|
|
|
|
|
Advances from customers |
232.300 |
350.000 |
750.000 |
1150.000 |
|
|
|
|
|
|
|
Statutory Liabilities |
930.100 |
1239.000 |
1347.000 |
1465.800 |
|
|
|
|
|
|
|
Other current liability Specify Major Items) Current Loan Inst. |
410.200 |
444.300 |
696.400 |
795.500 |
|
Other Liabilities and Provision |
478.000 |
-- |
-- |
-- |
|
|
|
|
|
|
|
TOTAL |
2900.600 |
2923.300 |
3873.400 |
4611.300 |
------------------------------------------------------------------------------------------------------------------------------
COMPUTATION
OF MAXIMUM PERMISSIBLE BANK FINANCE FOR WORKING CAPITAL
(RS. IN MILLIONS)
|
Particulars
|
31.03.2011 |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Estimated) |
(Projected) |
||
|
FIRST
METHOD OF LENDING |
|
|
|
|
|
|
|
|
|
|
|
Total Current Assets |
12602.944 |
16097.311 |
18870.335 |
21696.420 |
|
|
|
|
|
|
|
Other current Liabilities (Other than Bank borrowings) |
2900.600 |
2923.300 |
3873.400 |
4611.300 |
|
|
|
|
|
|
|
Working Capital Gap |
9702.344 |
13174.011 |
14996.935 |
17085.120 |
|
|
|
|
|
|
|
Min. Stipulated net working capital (25% of WCG) |
3150.736 |
4024.328 |
4717.584 |
5424.105 |
|
|
|
|
|
|
|
Actual/ Project Net Working |
8547.834 |
10142.805 |
11546.454 |
13404.731 |
|
|
|
|
|
|
|
Item 3 minus item 4 |
6551.608 |
9149.684 |
10279.351 |
11661.015 |
|
|
|
|
|
|
|
Item 3 minus item 5 |
1154.510 |
3031.206 |
3450.480 |
3680.389 |
|
|
|
|
|
|
|
Maximum permissible bank finance |
1154.510 |
3031.206 |
3450.480 |
3680.389 |
|
|
|
|
|
|
|
Excess borrowing representing Shortfall in NWC |
(5397.098) |
(6118.477) |
(6828.871) |
(7980.626) |
------------------------------------------------------------------------------------------------------------------------------
FUND FLOW STATEMENT
(RS. IN MILLIONS)
|
Particulars
|
31.03.2011 |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Estimated) |
(Projected) |
||
|
SOURCES |
|
|
|
|
|
|
|
|
|
|
|
Net profit After Tax |
2932.791 |
3387.452 |
3978.072 |
5227.610 |
|
|
|
|
|
|
|
Depreciation |
1706.326 |
2057.798 |
2460.155 |
2938.756 |
|
|
|
|
|
|
|
Increase in Capital |
0.000 |
0.000 |
4499.922 |
0.000 |
|
|
|
|
|
|
|
Increase in Term Liability |
1686.879 |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
Decrease in |
|
|
|
|
|
- Fixed
Assets |
0.000 |
0.000 |
0.000 |
0.000 |
|
-
Other Non Current Assets |
0.000 |
1446.711 |
0.000 |
0.000 |
|
|
|
|
|
|
|
Others |
0.200 |
0.300 |
0.400 |
0.500 |
|
|
|
|
|
|
|
TOTAL SOURCES |
6326.197 |
6892.261 |
10938.549 |
8166.867 |
|
|
|
|
|
|
|
USES |
|
|
|
|
|
|
|
|
|
|
|
Net Loss |
0.000 |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
Decrease in Term Liability |
0.000 |
1857.800 |
5920.100 |
2803.500 |
|
|
|
|
|
|
|
Increase in |
|
|
|
|
|
-
Fixed Assets |
5000.000 |
4500.000 |
4000.000 |
3000.000 |
|
-
Other Non Current Assets |
3019.977 |
0.000 |
250.000 |
10.000 |
|
|
|
|
|
|
|
Dividend Payments |
232.000 |
232.000 |
440.000 |
440.000 |
|
|
|
|
|
|
|
Other Unsecured Loans |
0.000 |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
TOTAL USES |
8251.977 |
6589.800 |
10610.100 |
6253.500 |
|
|
|
|
|
|
|
Long Term Surplus (+) Deficit (-) |
(1925.780) |
302.461 |
328.449 |
1913.367 |
|
|
|
|
|
|
|
Increase/ Decrease in current Assets (as per details Given Below) |
607.185 |
3824.367 |
2773.023 |
2826.085 |
|
|
|
|
|
|
|
Increase/ decrease in current Liabilities other Than Bank Borrowing |
1378.654 |
1645.500 |
2025.700 |
683.300 |
|
|
|
|
|
|
|
Increase/ decrease Working Capital Gap |
(771.469) |
2178.867 |
747.323 |
2142.785 |
|
|
|
|
|
|
|
Net surplus (+)/ Deficit (-) |
(1154.311) |
(1876.406) |
(418.874) |
(229.419) |
|
|
|
|
|
|
|
Increase/ (Decrease) in Bank Borrowings |
1154.510 |
1876.696 |
419.274 |
229.909 |
|
|
|
|
|
|
|
Increase/
(Decrease) in Net Sales |
3930.228 |
4480.460 |
5331.748 |
6344.780 |
|
|
|
|
|
|
|
Break-Up of (4) |
1.98 |
2.90 |
4.00 |
4.90 |
|
|
|
|
|
|
|
Increase/ Decrease in Raw Material |
343.478 |
327.566 |
283.169 |
390.703 |
|
|
|
|
|
|
|
Increase/ Decrease in Stock in Process |
0.000 |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
Increase/ Decrease in Finished Goods |
0.000 |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
Increase/ Decrease in Receivables |
|
|
|
|
|
Domestic |
1664.335 |
1154.365 |
1528.900 |
1856.700 |
|
Export |
0.000 |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
Increase/ Decrease in Other Current Assets |
(1400.628) |
2342.437 |
960.954 |
578.682 |
|
|
|
|
|
|
|
Total |
607.185 |
3824.367 |
2773.023 |
2826.085 |
-----------------------------------------------------------------------------------------------------------------------------
TO WHOMSOEVER IT MAY CONCERN
MR. DEEPINDER SINGH BEDI
(RS. IN MILLIONS)
|
ASSETS |
Value (As on 31.03.2011) |
|
Details of Movable Property |
|
|
Cash
/ Bank Balance |
Bank
Rs.2.000 Millions |
|
Marketable
Investments |
Investments
12000 Equity Shares of Tulip Telecom Limited (Rs.1.700 Millions) |
|
Life
Insurance Policies |
Rs.2.200
Millions |
|
Realisable
Book Debts |
Nil |
|
Others
(Jewellery) |
Nil |
|
|
|
|
TOTAL ASSETS |
RS.5.900 MILLIONS |
|
|
|
|
LIABILITIES |
|
|
|
|
|
Borrowings
(Home Loan) |
Nil |
|
Other
Liabilities |
Nil |
|
|
|
|
TOTAL LIABILITIES |
Nil |
|
NET WORTH |
RS.5.900 MILLIONS |
------------------------------------------------------------------------------------------------------------------------------
TO WHOMSOEVER IT MAY CONCERN
MR. H. S. BEDI
(RS. IN MILLIONS)
|
ASSETS |
Value (As on 31.03.2011) |
|
|
|
|
Details of Immovable Property |
|
|
|
|
|
Land
|
Nil |
|
|
|
|
Building
A |
|
|
- Particulars |
H.
No.1149, Sector 21, Gurgaon, Haryana |
|
- Location |
|
|
- Whether Residential or Commercial |
Residential
|
|
- Ancestral or self acquired |
Self
Acquired |
|
- Share in the total property |
100%
|
|
- If Encumbered, to what extent |
Fully
Encumbered |
|
- Total Market Value |
Rs.15.000
Millions (Approx.) |
|
|
|
|
Building
B |
|
|
- Particulars |
C-4/4,
Vasant Vihar, New Delhi – 110057¸India
|
|
- Location |
|
|
- Whether Residential or Commercial |
Residential
|
|
- Ancestral or self acquired |
Self
Acquired |
|
- Share in the total property |
50% |
|
- If Encumbered, to what extent |
Fully
Encumbered |
|
- Total Market Value |
Rs.90.000
Millions (Approx.) |
|
|
|
|
Building
C |
|
|
- Particulars |
5,
Paschimi Marg, New Delhi, India |
|
- Location |
|
|
- Whether Residential or Commercial |
Residential
|
|
- Ancestral or self acquired |
Self
Acquired |
|
- Share in the total property |
-- |
|
- If Encumbered, to what extent |
Unencumbered
|
|
- Total Market Value |
Rs.200.000
Millions |
|
|
|
|
Total Immovable Assets (A1) |
Rs.305.000 Millions |
|
|
|
|
Details of Moveable Property |
|
|
Cash
/ Bank Balance |
Bank
Rs.5.000 Millions |
|
Marketable
Investments |
Investments
46361250 Equity Shares of Tulip Telecom Limited at a closing price of
Rs.140.80 per share at BSE (Rs.6527.600 Millions) |
|
Life
Insurance Policies |
Life
Insurance Rs.2.000 Millions |
|
Realisable
Book Debts |
Nil |
|
Others
(Jewellery) |
Nil |
|
|
|
|
Total Moveable Assets (A 2) |
6534.600 Millions |
|
|
|
|
TOTAL ASSETS |
RS.6839.600 MILLIONS |
|
|
|
|
LIABILITIES |
|
|
|
|
|
Borrowings
(Home Loan) |
Rs.68.700
Millions |
|
Other
Liabilities |
Nil |
|
|
|
|
TOTAL LIABILITIES |
RS.68.700 MILLIONS |
|
NET WORTH |
RS.6770.900 MILLIONS |
------------------------------------------------------------------------------------------------------------------------------
VALUATION REPORT
GENERAL
INFORMATION
|
Purpose for
which valuation is made |
Fair Market
Value for office internal purpose |
|
|
|
|
Date as on which
valuation is made |
1st
May 2011 |
|
|
|
|
Name of the
Owner/ Owners |
M/s Tulip IT
Services Limited |
|
|
|
|
If the property
is under joint ownership Co-ownership, share of each such owner, Are the
shares undivided? |
Full Shares |
|
|
|
|
Brief
Description of the Property |
It comprises an
Six Storeyed commercial building along with stilt and two basement built over
a leasehold plot of land in Maroil Industrial Area in Andheri (East) Mumbai. |
|
|
|
|
Location Street,
Ward No. |
Plot No.32,
MIDC, Marol, Andheri (East), Mumbai – 400093, Maharashtra, India |
|
|
|
|
Survey Plot No.
of Land |
Plot No.32,
MIDC, Marol, Andheri (East), Mumbai – 400093, Maharashtra, India |
|
|
|
|
Is the property
situated in residential/ Commercial/ Mixed / Industrial Area? |
Industrial Area |
|
|
|
|
Classification
of Locality High, Middle Class, Poor Class |
High Class Area. |
|
|
|
|
Proximity to
civic amenities like school, Hospitals, Offices, Market, Cinemas etc. |
All are
available within reasonable distance. |
|
|
|
|
Means an
Proximity to surface communication by which the locality is served. |
By means of
roads. |
|
|
|
|
LAND |
|
|
Area of Land,
supported by documentary proof. Shape, dimensions and physical features. |
Total Land area is 1000 sqm. |
|
|
|
|
Road Street of
Lanes on which the land is abutting |
North –
Samruddhi Venture Park South – Plot
No.33, Gyro Group Building East – MIDC
Central Road West - Plot No.23, Ashish Industries Building |
|
|
|
|
Is it Freehold
or Leasehold Land |
Leasehold |
|
|
|
|
If lease-hold
the name of lessor/ lessee, nature of lease, dated of commencement and
termination of lease and terms of renewal of lease. |
Lessor is MIDC
for 95 years |
|
|
|
|
Area there any
restrictive convents in regard to use of land? |
For Industrial/ Commercial use only |
|
|
|
|
Does the land
fall in an area included in any Town Planning Plan, Govt. or any statutory
body? If so give particulars. |
In the area of
Municipal corporation of Greater Mumbai |
|
|
|
|
Has any
contribution been made towards development or is any demand for such
contribution still outstanding? |
Developed Area |
|
|
|
|
SALES |
|
|
Give instance of sale of immovable property
in the locality on a separate sheet including the name and address of the
property, registration No., |
The working of
built up area rates have been calculated on the basis of other similar
properties available for sale in the market. |
|
|
|
|
COST OF
CONSTRUCTION |
|
|
Year of
commencement of construction and year of completion. |
2007-2008 |
TECHNICAL DETAILS
|
No. of floors
and height of each floor |
Av. Ht. 10’0” |
|
|
|
|
Plinth Area
Floor-wise (As per IS:
3861-1966) |
Lower Basement –
3918 sq. ft. Upper Basement –
3918 Sq. ft. Stilt – 3918 sq.
ft. 1st
Floor to 6th Floor – 23508 sq. ft. |
|
|
|
|
Year of
construction |
2007-2008 |
|
|
|
|
Estimated future
life |
Total economical
life shall be 60/80 years. |
|
|
|
|
Type of
construction- Load bearing walls/ RCC frame/ steel frame |
Load bearing/
Composite RCC frame Structure. |
|
|
|
|
Type of
foundations |
Spread footings/
individual footings. |
|
|
|
|
Walls a.
Basement and Plinth b.
Ground Floor c.
Superstructure above ground floor |
Brick masonary
wall in cement mortar |
|
|
|
|
Partitions |
4 1/2”, 9” thick
brick walls. |
|
|
|
|
Doors and
windows (Floor wise) |
Door and Window
frames are of 2nd class teak wood. The door shutters are of single
leaf flush type with commercial ply on one side. Windows are fully glazed.
Aluminium fittings are provided. Wood work is finished French polish. |
|
|
|
|
Flooring (Floor
wise) |
Marble/ Tiles/
Kota Stone Flooring. |
|
|
|
|
Finishing (
Floor wise) |
Walls are Cement plastered internally as
well as externally and finished with dry distemper internally and cement
based paint externally. |
|
|
|
|
Roofing and
terracing. |
RCC Roofing |
|
|
|
|
Special
architectural or decorative feature, if any |
The building has
good architectural features. It is a corner plot and facing ring road |
|
|
|
|
Electrical
Installations |
|
|
I] Internal
Wiring – Surface or Conduit |
Concealed
conduit Wiring |
|
Class of
fittings |
Ordinary |
|
|
|
|
Class of
fittings, Superior
coloured/ superior white/ ordinary. |
Ordinary White
Fittings |
|
|
|
|
No. of lifts and
capacity. |
Lift Installed |
|
|
|
|
Over head tank-
- 1) Where located ii) Capacity iii) Type of
construction. |
Terrace 1000 lits. RCC/ P.V.C. Tank
|
|
|
|
|
Pumps - No. and
their horse-power |
˝ H.P. 1 No. |
|
|
|
|
Roads and
pavings within the compound approximate area and type of paving. |
C.C. Flooring/
Lawn |
|
|
|
|
Sewage disposal-
Whether connected to public sewers. If septic tanks provided, No. and
capacity. |
Connected to
Municipal Sewer. |
DESCRIPTION AND
VALUATION
The purpose of valuation is to find out the Fair Market Value of the
property, if sold in open market to a genuine buyer. As the property valuation
is a self - occupied property and the vacant possession can be handed over.
Therefore, the appropriate method of valuation is by prevailing market rate for
per Sq.ft. of built up area.
FLAT
The value of the flat depends on the size of the plot, location, shape,
tenure, obsolescence, utility, rental yield, demand and supply in the class,
political stability, Government policies, condition and surroundings of
property and various factors.
Hon’ble Courts have defined certain conditions on which the market value
is to be determined as follows.
a) As observed by Supreme Court in case of Chaturbhuj Pande Vs.
Collector AIR 1969 SC 255.
b) Mehar and another Vs. The Controller of Durg AIR (1975) M.P. 46.
Characteristics of comparables. Comparables sales on the basis of which the market value is determined would be such lands as are: -
1. Similar in character as far as it can be.
2. Reasonable proximus to the land under value.
3. They should have similar amenities and advantages.
4. The sale should be of true reasonable proximus to the date of valuation.
Taking into consideration of all above mentioned facts, the Fair Market Value works out as follows.
The working of built up area rate has been relied upon the other similar
type of properties available in the market. The following sale instances are
collected from the same areas.
Sale – Instance
No.1.
An office space measuring 12500 sq. ft. situated on Marol Maroshi Road
Andheri East Mumbai. The office space is unfurnished. The asking price is
Rs.250.000 Millions.
The unit Built up area rate works out to = Rs.20,000/- sq. ft.
Sale – Instance
No.2
An fully furnished office measuring 200 sq. ft. situated at JB Nagar,
Kandivita Lane, Andheri (East) Mumbai. The asking Price is Rs.36.000 Millions.
The unit Built up area rate works out to = Rs.18,000/- sq. ft.
The average rate from sale - Instance No.1
and 2 = Rs.19,000/- sq. ft.
CALCULATION
FAIR MARKET VALUER
OF OFFICE SPACE
|
Ground Floor 3918 sq. ft. @ 19000/ sq. ft. |
Rs.74.442
Millions |
|
|
|
|
First Floor 3918 sq. ft. @ 19200/ sq. ft. |
Rs.75.226
Millions |
|
|
|
|
Second Floor 3918 sq. ft. @ 19200/ sq. ft. |
Rs.75.226
Millions |
|
|
|
|
Third Floor 3918 sq. ft. @ 19000/ sq. ft. |
Rs.76.009
Millions |
|
|
|
|
Fourth Floor 3918 sq. ft. @ 19400/ sq. ft. |
Rs.76.009
Millions |
|
|
|
|
Fifth Floor 3918 sq. ft. @ 19500/ sq. ft. |
Rs.76.401
Millions |
|
|
|
|
Sixth Floor 3918 sq. ft. @ 19500/ sq. ft. |
Rs.76.401
Millions |
|
|
|
|
Upper Basement 3918 sq. ft. @ Rs.9500/ sq. ft. |
Rs.37.221
Millions |
|
|
|
|
Lower Basement 3918 Sq. ft. @ Rs.6000 sq. ft. |
Rs.23.508
Millions |
|
|
|
|
Stilt Floor 3918 sq. ft. @ Rs.6500/- sq. ft. |
Rs.25.467
Millions |
|
|
|
|
Total |
Rs.615.910 Millions |
------------------------------------------------------------------------------------------------------------------------------
COMPANY
PROFILE
Subject is India’s enterprise communications service
provider.
The company offers IP-based infrastructural solutions to its
customers and is India’s largest MPLS/IP VPN player, which has been at the
forefront of offering multi-location wide area network across various
industries. The company, since 2009, has started laying its own optic fiber
which has enabled it to now provide additional services like IPLC, DLC, and VPN
on fibre and Internet.
Company’s deep entrenchment in the data telecom service
space is endorsed by its prestigious list of over 1,600 clients, spanning
across diverse segments including Banking, Telcos, Retail, Manufacturing,
Services, Education, Healthcare, Utilities and Government.
From a simple business nearly two decades ago as a software
reseller, company continuously moulded its operational focus as per the
transition and technology developments in the fast evolving IT and Telecom
space, always protecting itself from the technology commodity curve and the
resultant de-growth of its margin. As it evolved over the years, company
ensured that it captured a significant market share in each business of
presence.
From emerging as the largest network reseller for Cisco in
1999 to setting up the world’s largest rural wireless network in Kerala
(District Mallapuram) in 2002, company has always made significant strides as
it evolved its businesses. From 2004, Company began exploring VPN networking
across India, adopting a clear business focus of tapping regions away from the
radar of large competitors and seized opportunities catering to emerging and
mid-sized businesses. Its strategy of innovation has paid off as company has
not only carved a niche for itself but has been recognised as a player in the
MPLS VPN segment. The company has won the Frost and Sullivan award as India’s
largest MPLS/IP VPN provider for three consecutive years since 2007.
Company has now expanded its service portfolio from largely
wireless based connectivity (MPLS/VPN) to the entire suite of enterprise
connectivity solutions. While Tulip’s primary offering, based on wireless last
mile, was an effective solution for low bandwidth requirements, it limited the
provisioning of higher bandwidth services. To capture this market space,
company has rolled out fibre in central business districts across nearly 100
cities.
In a short span of one year, the company’s roll-out of last
mile fibre network across cities has resulted in company owning the largest
fibre last mile network in the country which now covers over 4,000 kms.
The fibre roll-out will drive increased bandwidth sales
related to VPN services, which is currently a mix of fibre and wireless and
enable company to offer other services like IPLC/DLC/ Internet, which require a
dedicated fibre last mile.
Thus, through the recent fibre rollout for last mile, the
company is now in a position to tap high-bandwidth connectivity market,
complementing its strong foothold in wireless segment and increase the
potential addressable data enterprise market. Company offers international
connectivity services through Global MPLS, IPLC and Ethernet Leased Lines. The
company has extended connectivity solutions to most international locations
including U.S., Middle East and the Asia Pacific.
The company offers connectivity to customers’ global
offices, along with the advantage of complete back-up in the domestic markets,
better governance with regard to redundancy, global reach and market ready
rollouts. Tulip Telecom, through stronger partnerships for holistic
connectivity, is equipped to offer carrier agnostic solutions for better
business agility.
The company also focuses on the large e-Governance
infrastructure space and has successfully worked on numerous projects for the
Government of India’s National e-Governance Plan.
Capabilities like managed services have helped company
fortify the data connectivity business, and downsizing the legacy low-margin
network integration business. Headquartered in New Delhi, the company has
regional offices at Kolkata, Mumbai, Chennai, with ISO 27001 and ISO 20000:1
certified Data Centers at Mumbai, Navi Mumbai, New Delhi and Bengaluru and
Network Operations Centers at Delhi and Mumbai. The company has established a
strong national presence with 26 branch offices spread across the country
supported by a strong employee-base of 2,600 of which over 70% are technical
staff.
The company enjoys a position of eminence in the enterprise
communication space with a countrywide network reach extending to over 1700
cities spanning across almost every district in India.
------------------------------------------------------------------------------------------------------------------------------
TRADE REFERENCE:
·
Tata
·
Reliance
·
HDFC Bank
------------------------------------------------------------------------------------------------------------------------------
FIXED ASSETS:
· Land
· Building
· Plant and Machinery
· Office Equipment
· Computers
· Furniture
· Vehicles
------------------------------------------------------------------------------------------------------------------------------
WEBSITE DETAILS:
COMPANY PROFILE
Subject is a data telecom service and IT solutions provider
that offers innovative IP based infrastructural solutions to its customers.
Company is India’s largest MPLS VPN player and has been the front-runner in
provisioning and managing multi location wide area networks for various
industry verticals.
Company is a public limited company and is listed on the
Bombay Stock Exchange and National Stock Exchange in India. The company has
displayed robust growth since its inception and its IPO has been ranked as one
of the top four IPO's in India, since 2005, by CNBC. With revenues in excess of
Rs.23511.000 Millions (USD 525 Million) in the financial year ending 31st
March, 2011 and a market capitalization in excess of Rs.25000.000 Millions (USD
500 Million as on 31st March 2011), company is one of the largest corporate in
its domain.
Company has been ranked 79 amongst Business World's India's
best performing mid-sized companies in a report titled “Tomorrow's Giants”. The
company is also ranked as India's fourth largest network integrator by Voice
and Data Magazine in their Networking Masters Issue.
Company provides network integration (NI), corporate data
connectivity (MPLS VPNs and Internet) within and outside India, infrastructure
management services and IT consulting services to enterprises.
Being the largest MPLS VPN Service Provider in India,
company has innovatively deployed a countrywide network using wireless on the
last mile and has successfully bridged the large digital divide that existed in
rural connectivity in India. Company has further strengthened its leadership
position by offering end-to-end fiber connectivity to all large metros of
India.
The company also specializes in providing eGovernance
infrastructure and has worked on numerous projects for the Government of
India's National eGovernance Plan.
Subject is the only service provider in its domain that
provides customers with end-to-end connectivity services include network
integration, bandwidth as well as managed services. This unique combination of
services is what distinguishes Tulip from its competitors.
MANAGEMENT
TEAM
LT.
COL. (RETD.) MR. H.S. BEDI, VSM
CHAIRMAN
AND MAN AGING DIRECTOR
Lt. Col. H.S. Bedi, VSM joined the Indian Army, following
his three generation old family tradition of serving the nation in the Army and
was commissioned in the 72 Armored regiment. A National Defence Academy pass
out, Lt. Col. Bedi developed management qualities during his tenure in the
army. He got an opportunity to learn computers in the Army's Faculty of
Computer Technology at MCTE, Mhow. After the completion of his training, Lt.
Col. Bedi was appointed as an instructor in the faculty. As part of the student
projects, Lt. Col. Bedi got an opportunity to interact with the industry
thought leaders and at the same time propose solutions to them. He was
thereafter called upon to develop a large number of technology solutions for
the then Chief of the Army Staff, General K Sundarji and various Army
Headquarters Directorates. After his initial success in the field, Lt. Col.
Bedi was posted to the Army Headquarters to coordinate the Army's Automation
plan.
Lt. Col. H.S. Bedi was awarded the `Vishisht Seva Medal'
(VSM) by the President of India for his role in the computerization of the
Indian Army.
After serving in the Indian Army for 22 years, Lt. Col. Bedi
recognized his entrepreneurial skills in the field of Information Technology
and decided to leave the Indian Army to start his own company. He took over the
business of Company as its Director. His leadership and vision has enabled the company
not only to constantly grow into more profitable business segments but also to
attain the leadership position in every segment that it has functioned in.
Under his guidance, Company Services has established itself
as one of the strongest network connectivity players in the industry. Company
has achieved enviable success in a short span and has experienced exponential
growth with a turnover of Rs.19664.000 Millions (USD 423 Million) for the FY
2010 and employee strength of over 2600.The company has been successful in
creating immense value for all its stake holders.
Often addressed as the 'King of Wireless', it is Lt. Col.
Bedi's foresight that envisaged the beginning of a new era in connectivity.
Today, Lt. Col. HS Bedi, is a well-recognized business leader in the IT and
telecom industry and has vast experience in this field.
MR.
DEEPINDER BEDI
EXECUTIVE
DIRECTOR
Mr. Deepinder Bedi (Deep) is the Executive Director at
Company. Deep is responsible for the International Business initiatives that have
been planned at Tulip, as well as all Marketing and Sales support activities
within the company.
Deep started his career at
Company Services as a trainee. He was soon promoted to a Sales Executive and
eventually a Sales Manager. After working in Tulip for three years, Deep left
to pursue an MBA and MS (Information Systems) from Boston University. Deep has
also completed his Bachelors in Electronic Engineering from Nagpur University.
Deep is a young and bright corporate professional.
After his studies, Deep worked in the US for EMC Corporation
as a Senior Offer Marketing Specialist. During his tenure with EMC he assisted
in formulating EMC's SMB Go-to-market strategy and was a key member of the
company's market segmentation team. He was also responsible for running the EMC
Express Solutions program, a program created to simplify the solution building
and ordering process for EMC partners in the US and Europe, and was awarded the
"Significant Contribution" Award for his role in the program.
After moving back to India, Deep worked as a consultant to
EMC Corp in the US and also joined subject as Director Sales in November 2005.
In his previous role in the company, Deep was responsible for all sales of the
company in South and East India, as well as all sales to strategic accounts
across India.
MR.
SANJAY JAIN
CHIEF
EXECUTIVE OFFICER
Mr. Sanjay Jain is the Chief Executive Officer (CEO) of the
company. Mr. Jain is responsible for driving the business augmentation,
operations and service excellence for company. He is spearheading the
management with all function heads reporting to him. As the CEO of the company,
he will play a key role in furtherance of Company’s business objectives.
Mr. Jain is armed with 16 years of rich international work
experience across diverse range of businesses. He has held senior leadership
positions with responsibilities across Global Strategy, M&A including
cross-border acquisitions and integration, structuring and mobilization of
funds both, in local and international markets, global ERP roll outs, accounts
conversion and consolidation and risk management across various jurisdictions.
He has also been a key member of leadership teams focused on transformation of
businesses. Prior to assuming his role at company, Sanjay has worked with
leading industrial houses like Eicher Group, Avantha Group and Essel Group.
MR. JITENDRA ISRANI
CHIEF SERVICES OFFICER
Mr. Jitendra Israni is the Chief Service Officer (CSO) of the company and is responsible for efficient delivery of services to the customers and continually innovating Tulip's service delivery processes, while ensuring compliance to industry best practices. As the Chief Services Officer he heads the technology functions of the company.
Mr. Israni brings with him a rich experience of 23 years in
extensive business leadership from telecom and IT domain. He has held senior
executive positions in leading technology and service provider organizations
including IBM, Reliance, Zee, Iridium, Siemens and DoT.
Mr. Israni's technical strengths include telecom and IP
network planning and implementation, Internet Data Centers design, deploy and
operations as well as managed IT and network services. In his last assignment
at IBM, he was responsible for winning business from telecom organizations
within the strategic outsourcing segment and some of his key wins include
mobile number portability and readying the IT systems for 3G services rollout.
MR. RAHUL AHUJA
CHIEF FINANCIAL OFFICER
Mr. Rahul Ahuja is the chief financial officer (CFO) of the company. Mr. Ahuja is responsible for the key financial and operational functions within the organization.
Mr. Ahuja is a Chartered Accountant with over 15 years of experience in
Corporate Banking and has previously worked with Bank of Nova Scotia, GE
Capital, Standard Chartered (SCB) and Barclays. In his previous role, Mr. Ahuja
was the Team Leader for the Middle Market business for North India at Standard
Chartered.
MR. RAJESH DUGGAL
PRESIDENT-GOVERNMENT BUSINESS
Mr. Rajesh Duggal is the President-Government Business in
the company. He is responsible for leading the Government, Defense and PSU
business by formulating strategic plans to advance Tulip's objectives in this
sector.
Mr. Duggal has a multi-disciplinary experience of over 23 years
in the entire value chain of Government business. He is an enterprising leader
with a solid record of contributions that streamlined operations, invigorated
businesses, heightened productivity and enhanced internal controls. In his last
assignment, Mr. Duggal was heading the Government Business for Reliance
Communications. Prior to that, he was working with Spanco Limited, where he
leveraged his entrepreneurial ability and skills in translating corporate
vision, and to overcome complex business challenges.
Mr. Duggal is a B. Tech from I.I.T. Delhi where he was
awarded the Institute Silver Medal. He has done his Masters in Engineering from
University of Tokyo on Japanese Government Scholarship.
RECENT COMPANY MILESTONES:
Key
achievements and performance highlights in the year 2009-2010.
· Subject was ranked as the largest data connectivity service provider in India with a market share of 29.7% - Frost and Sullivan.
· Featured as 8th "Hot Growth Company" in the Business Week Asia Hot Growth Companies List.
· Listed in "Forbes 200 Best under a Billion" list for the Asia Pacific region.
· Recognized the Top Indian Company under the 'Telecom Equipment and Support Services' by Dun and Bradstreet.
· Dataquest confers BEST e-Gov Vendor Award on company.
· Awarded the ISO 27001 and ISO 20000:1 certifications for its data centres and Network Operations centres.
· The company operates tier 3 + data centers in New Delhi, Mumbai, Navi Mumbai and Bangalore.
· Data network reaches 2000 cities in India.
· State Wide Area Network (SWAN) project in West Bengal is close to completion. SWAN's in Assam and Madhya Pradesh under implementation.
· Witnessed a substantial increase in customer acquisitions across all industry segments. Some of the customers include NDTV, West Bengal Education Department and Commercial Taxes Department, the Future Group, Bombay Stock Exchange, IDBI –Fortis, Future Generali Insurance, Indian Railway Catering and Tourism (IRCTC), State Bank of Patiala and MP State Electronic Department (MPSED).
PRESS
RELEASE
TULIP
TELECOM FY 2011 NET PROFIT AT RS.3064.000 MILLIONS UP 32.3%, DECLARES DIVIDEND
OF 80%
Net Profit Rs.826.700 Millions for the quarter ended 31st
March 2011, QoQ growth 25.7 %
Net Sales Rs.6379.700 Millions for the quarter ended 31st March 2011 QoQ growth
20.2%
Net Profit Rs.3064.000 Millions for the year ended 31st March 2011 YoY Growth
32.3 %
Net Sales Rs.23511.00 Millions for the year ended 31st March 2011 YoY growth
19.6%
Net Profit Rs.657.700 Millions for the quarter ended 31st March 2010
Net Sales Rs.5306.500 Millions for the quarter ended 31st
March 2010
Net Profit Rs.2316.000 Millions for the year ended 31st
March 2010
Net Sales Rs.19664.00 Millions for the year ended 31st March
2010
Tulip Telecom Limited (Tulip), India’s leading Enterprise Data Service provider
today announced its financial results for the fourth quarter and fiscal year
ending March 31, 2011. Tulip posted revenues of Rs.6379.000 Millions for the
fourth quarter ending March 31, 2011, up 20.2% over the previous quarter. With
this, the total revenues for the FY 2011 were reported as Rs.23511.000
Millions, up 19.6 % over FY 2010. Further, the company’s net profit for the
quarter and the financial year ending March 31, 2011 stood at Rs.827.000 Millions
(up 25.7% over the previous quarter and at Rs.3064.000 Millions (up 32.3% over
the previous fiscal) respectively.
The growth was primarily driven by the enterprise data services business of the
company with increased traction in existing and new industry segments. The
company further augmented it’s fast growing services portfolio by adding array
of new products complimenting its existing products viz. Managed VC, Video
Surveillance, Collaboration tools etc. Tulip signed new customers including
Apex Bank(Assam), Biocon, GMR Group, HP-India, Honeywell, MRF and TATA Steel to
name few. The Company posted a diluted EPS of Rs.5.09 for the year ending March
31, 2011 up 32,3% over the previous fiscal. With an increase in the volumes,
the company has realized significantly higher EBITDA margin for the financial
year at 29.3% delivering a growth of 20.8%.
In a statement, Lt. Col. H. S. Bedi,
Chairman and Managing Director of Tulip Telecom, said:
"Various initiatives undertaken during the last few years bring us closer
to achieving our vision of migrating from an Enterprise Connectivity provider
to an integrated Enterprise Data Service player. Our focus now is on
consolidating the management team with a view to enhance operational
efficiencies whilst increasing customer satisfaction by augmenting our service
delivery processes and product offerings which we believe, should pave the path
for future growth."
Sanjay Jain, CEO, Tulip Telecom, further added to the operational and financial
performance "We are glad to close the year on a robust note. Offering an
end-to-end data solution to our customers has not only enabled us to increase
our share in the Enterprise Data Service market to 12.7% but also has
facilitated us in achieving a higher wallet share of our customer’s which is
reflected in improved top-line and bottom-line performance. Enhancing
efficiencies whilst maximizing revenues per customer has facilitated a notable
rise in our operating margins"
Major achievements in FY2011
- Company building India?s largest and World?s 3rd largest Data center in
Bengaluru, India, with an overall investment of 9000.000 Millions spread over 3
years. Further, appointed IBM as the design consultant and Schnabel, as a peer
review consultant for the ambitious project.
- Entered into a joint venture with Qualcomm for its BWA venture in India.
- The company entered into a Network-to-Network Interconnection and joint
marketing arrangement with Hutchison Global Communication (HGC). The
arrangement to strengthen company’s global connectivity portfolio. Also
strongly complementing companies earlier investment in building 6 global
(POP’s)
- Company moving strongly in the process of creating one of the best integrated
fibre "last mile" networks in the country. With over 300 cities
already covered to provide high quality end-to-end data connectivity solution.
- Won R-APDRP project for the state of Andhra Pradesh – project value
Rs.320.000 Millions spread over 5 years. Taking companies overall tally of
R-APDRP projects to 5 (Uttarakhand, Uttar Pradesh, Punjab and Gujarat, with a
combined order value of over INR 2400.000 Millions spread over a period of 5
years.
- The company further strengthened its Management team with appointment of
various senior professionals viz. Rahul Ahuja as the CFO, Mr. Rajesh Duggal as
President Sales, Government Business and Mr. Jitendra Israni as the Chief
Services Officer (CSO).
Key recognitions in Q4 FY 2010
- Nominated for the award of‘ Emerging Company of the Year? at The Economic
Times Corporate Excellence Awards 2010
- Awarded the top Indian Company under the „Telecom Equipment & Support
Services? Sector by the prestigious Dun and Bradstreet-Rolta Awards 2010 for
third time in a row
- Emerged as a market leader in MPLS VPN space with 30.6% market share
according to the report by Frost and Sullivan
- Bagged the 9th position in the prestigious Dataquest- IDC Annual HR Survey of
the Top 20 Indian Technology companies for the year 2010.
About Tulip Telecom
Tulip Telecom Limited (BSE: 532691/NSE: TULIP) is India's leading Enterprise
Communications Service provider. The Company’s data network has the largest
reach of over 2,000 locations globally. The Company has a global presence with
over 3,350 employees and more than 2,200 customers. Tulip designs, implements
and manages communication networks of large enterprises on long term contracts
to include enterprise communications connectivity, network integration, managed
and value added services.
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 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.44.52 |
|
|
1 |
Rs.71.90 |
|
Euro |
1 |
Rs.62.97 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
65 |
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.