MIRA
INFORM REPORT
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Report Date : |
02.11.2011 |
IDENTIFICATION DETAILS
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Name : |
TULSYAN FLEXSYS PRIVATE LIMITED |
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Registered
Office : |
5A, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
24.04.2006 |
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Com. Reg. No.: |
21-109049 |
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Capital
Investment / Paid-up Capital : |
Rs.17.050 Millions |
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CIN No.: [Company Identification
No.] |
U22219WB2006PTC109049 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
CALT04311G |
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PAN No.: [Permanent Account No.] |
AACCT4386N |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer and Exporter of Corrugated car board boxes, flexible
packaging materials. |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
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MIRA’s Rating : |
B [27] |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. There appears
huge accumulated losses recorded by the company. However, trade relations are
reported as fair. Business is active. Payments are reported to be slow. The company can be considered normal for business dealings with some
cautions. |
NOTES : Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting
report number, name and date.
ECGC Country Risk Classification List – September 30, 2011
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Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INFORMATION DECLINED BY
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Name : |
Mr. Mitter |
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Designation : |
General Manager |
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Date : |
01.11.2011 |
LOCATIONS
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Registered Office : |
5A, |
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Tel. No.: |
91-33-22875252 / 22875253 / 54 |
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Fax No.: |
91-33-22871003 / 2208 |
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E-Mail : |
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Website : |
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Factory : |
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DIRECTORS
As on 29.09.2010
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Name : |
Mr. Satya Narayan Tulsyan |
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Designation : |
Director |
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Address : |
5A, |
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Date of Birth/Age : |
29.12.1947 |
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Date of Appointment : |
24.04.2006 |
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DIN : |
00240689 |
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Name : |
Mr. Upen Satya Narayan Tulsyan |
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Designation : |
Director |
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Address : |
5A, |
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Date of Birth/Age : |
01.01.1978 |
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Date of Appointment : |
24.04.2006 |
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DIN : |
00535150 |
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MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 29.09.2010
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Names of Shareholders |
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No. of Shares |
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Satya Narayan Tulsyan |
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151150 |
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Upen Satya Narayan Tulsyan |
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6250 |
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Sushila Devi Tulsyan |
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100 |
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Manita Tulsyan |
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172500 |
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Puskar Vyapaar Private
Limited, |
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500000 |
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Ramakrishna Vinimay Private Limited, |
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112500 |
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Axis Dealer Private Limited, |
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627500 |
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Ajanta Sales Private Limited, |
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135000 |
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Total |
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1705000 |
As on 11.01.2011
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Names of Allottees |
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No. of Shares
Allotted |
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Puskar Vyapaar Private
Limited, |
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489750 |
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Upen Satya Narayan Tulsyan |
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91500 |
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Ajanta Sales Private Limited, |
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115000 |
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Total |
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696250 |
As on 29.09.2010
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Equity Share
Break Up Category |
Percentage |
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Bodies corporate |
81.00 |
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Directors or relatives of Directors |
19.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of Corrugated car board boxes, flexible
packaging materials. |
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Products : |
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GENERAL INFORMATION
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No. of Employees : |
Not Available |
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Bankers : |
Karnataka Bank Limited, Park Street Branch, "Shubham" 1st Floor, No.1, Sarojini
Naidu Sarani, Kolkata - 700017, West Bengal, India |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Kejriwal S. and Associates Chartered Accountants |
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Address : |
21, Hemanta Basu Sarani, 5th Floor, Kolkata –
700001, West |
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Tel. No.: |
91-33-22137014 |
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PAN : |
AENPK2045L |
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Associates [As on 31.03.2009] : |
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CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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1,750,000 |
Equity Shares |
Rs.10/- each |
Rs.17.500
millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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1,705,000 |
Equity Shares [fully paid in cash] |
Rs.10/- each |
Rs.17.050
millions |
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After 29.09.2010
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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2,500,000 |
Equity Shares |
Rs.10/- each |
Rs.25.000
millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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2,401,250 |
Equity Shares [fully paid in cash] |
Rs.10/- each |
Rs.24.012
millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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Particulars |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
17.050 |
3.050 |
3.050 |
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2] Share Application Money |
0.000
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0.000 |
0.000 |
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3] Reserves & Surplus |
16.950 |
2.950 |
2.950 |
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4] (Accumulated Losses) |
[17.852] |
[2.564] |
0.000 |
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NETWORTH |
16.148 |
3.436 |
6.000 |
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LOAN FUNDS |
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1] Secured Loans |
111.685 |
53.331 |
9.218 |
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2] Unsecured Loans |
31.730 |
3.685 |
1.500 |
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TOTAL BORROWING |
143.415 |
57.016 |
10.718 |
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Deferred Tax Reserve |
4.027 |
1.348 |
0.000 |
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TOTAL |
163.590 |
61.800 |
16.718 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
91.352 |
83.233 |
5.714 |
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Capital work-in-progress |
57.286 |
0.000
|
2.438 |
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INVESTMENT |
0.000
|
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.000
|
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
15.875
|
0.860 |
0.000 |
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Sundry Debtors |
10.429
|
0.148 |
0.000 |
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Cash & Bank Balances |
1.253
|
2.762 |
0.102 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
14.461
|
6.060 |
11.437 |
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Total
Current Assets |
42.018
|
9.830 |
11.539 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
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2.194 |
0.782 |
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Other Current Liabilities |
27.100
|
29.129 |
2.316 |
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Provisions |
0.041
|
0.041 |
0.000 |
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Total
Current Liabilities |
27.141
|
31.364 |
3.098 |
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Net Current Assets |
14.877
|
[21.534] |
8.441 |
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MISCELLANEOUS EXPENSES |
0.075 |
0.101 |
0.125 |
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TOTAL |
163.590 |
61.800 |
16.718 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
|
31.03.2010 |
31.03.2009 |
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TURNOVER
[Including Other Income] |
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40.164 |
0.326 |
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Less |
EXPENSES |
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Office Expenses |
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Administrative Expenses |
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Advertising Expenses |
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TOTAL |
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52.773 |
1.508 |
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PROFIT / [LOSS]
BEFORE TAX |
|
[12.609] |
[1.182] |
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Less |
TAX |
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2.678 |
NA |
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PROFIT / [LOSS]
AFTER TAX |
|
[15.287] |
NA |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
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PAT / Total Income |
(%) |
[38.06]
|
NA |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
[9.45]
|
[1.27] |
NA |
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Return on Investment (ROI) (PBT/Networth) |
|
[0.78]
|
[0.34] |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
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10.56
|
25.72 |
2.30 |
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Current Ratio (Current Asset/Current Liability) |
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1.55
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0.31 |
3.72 |
LOCAL AGENCY FURTHER INFORMATION
Financial
Performance :
The company achieved
turnover of Rs.42.200 millions during the year which is the 1st full
year of production. Due to cost overrun and effect of recession over the world,
the sale is much below the expectation and as a result company incurred net
loss of Rs. 12.600 millions. During the FY 2009-10
cardboard unit has become ready and production started in April 2010. The
Directors are expecting 250.000 millions turnover and cash profit during FY
2010-11 and more than 400.000 millions turnover and net profit of Rs. 10.000 millions in FY 2011-12.
Bankers Charges
Report as per Registry
|
Corporate identity
number of the company |
U22219WB2006PTC109049 |
|
Name of the
company |
TULSYAN FLEXSYS
PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in |
5A |
|
This form is for |
Modification of
charge |
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Charge
identification (ID) number of the charge to be modified |
10225349 |
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Type of charge |
Immovable
Property |
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Particular of
charge holder |
Karnataka Bank Limited, Park Street Branch, "Shubham" 1st Floor, No.1, Sarojini Naidu Sarani, Kolkata - 700017, West Bengal, India Email : sandipkej.home@yahoo.in
|
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Nature of
instrument creating charge |
|
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Date of
instrument Creating the charge |
14.01.2011 |
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Amount secured by
the charge |
Rs.48.000
millions |
|
Brief of the principal
terms an conditions and extent and operation of the charge |
Rate of Interest
- Base Rate + 3.25%
i.e. at 12.25% p.a. (with present base rate being 9.00% w.e.f.
01.11.10) Terms of
Repayment - on demand Margin – Overdraft : 25%
on stocks and book debts/receivables considered goods outstanding for not
more than 90 days in respect of receivables Bank Guarantee :
25% of cash margin in the form of term deposit |
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Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
PRIMARY:
OD(Rs.45.000 millions)- Hypothecation of stocks of raw materials, stock in
process, finished goods and consumables and book debts / receivables BG (Rs.2.500
millions) - 25% cash margin in the form of term deposit COLLATERAL : AEM
by way of deposit of title deeds of factory land shed and building including
utilities situated at village Razhat PS Polba J.L. No.65, AD Chinsura
under the Razhat Gram Panchayat,
Dist. Hooghly (valued Rs.67.927 millions dated
08.11.10) ii) Hypothecation
of plant and machinery and other fixed assets of the company (valued
Rs.73.155 millions dated 31.10.10) Common Collateral
with Credit Facilities sanctioned to Tulsyan Cans and Cardboards Private Limited : Already
mortgaged by way of deposit of title deeds of residential flat bearing no.
5-B, 5th Floor at premises no.5A, Robinson Street belonging to Shri Kanhaiya Lal Tulsyan (Valued Rs.8.346
millions dated 30.11.07) Personal
guarantee of all the directors of the company and Shri
Kanhaiya Lal Tulsyan |
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Particulars of
the present modification |
By this
modification the overall limit has been enhanced to Rs.48.000 millions. The
details as under: 1) Renewal of
overdraft facility with the enhanced limit of Rs.45.000 millions with sub
limit for FCDL of USD 0.500 million form the existing overdraft limit
Rs.34.000 millions with sub limit for FCDL of USD 0.500 million 2.Renewal of the
Bank Guarantee facility with enhanced limit of Rs.2.500 millions from the
existing limit of Rs.1.000 million 3. Renewal of
Credit Line Forward Contract with the enhanced limit Rs.0.500 million from
the existing limit |
Bankers Charges
Report as per Registry
|
Corporate
identity number of the company |
U22219WB2006PTC109049 |
|
Name of the
company |
TULSYAN FLEXSYS
PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
5A |
|
This form is for |
Creation of
charge |
|
Type of charge |
Others |
|
Particular of
charge holder |
Karnataka Bank Limited, Park Street Branch, "Shubham" 1st Floor, No.1, Sarojini Naidu Sarani, Kolkata - 700017, West Bengal, India Email : sandipkej.home@yahoo.in |
|
Nature of
instrument creating charge |
Guarantee Letter corporate
guarantee to M/s Scope Vincom Industries Private
Limited |
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Date of
instrument Creating the charge |
15.06.2010 |
|
Amount secured by
the charge |
Rs.40.600
millions |
|
Brief of the principal
terms an conditions and extent and operation of the charge |
Rate of Interest
- not applicable because corporate guarantee has been given by the company to
Scope Vincom Industries Private Limited Terms of
Repayment - not applicable because corporate guarantee has been given by the
company to Scope Vincom Industries Private Limited Margin - not
applicable because corporate guarantee has been given by the company to Scope
Vincom Industries Private Limited Extent and
Operation of the charge - not applicable because corporate guarantee has been
given by the company to Scope Vincom Industries
Private Limited |
|
Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
Corporate guarantee
has been given by the company for various facilities of Rs.
40.600 millions sanctioned by bank to Scope Vincom
Industries Private Limited |
FIXED ASSETS :
§
Land
§
Building
§
Plant and Machinery
§
Furniture and Fixtures
§
Tube Well
§
Computer
§
Office Equipments
§
Electrical Installations
§
Printing Cylinder
§
Tools and Dies
§
Laboratory and Testing Equipments
§
Motor
Car
§
Air
Conditioner and Air Curtain
§
Mobile
Phones
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.49.07 |
|
|
1 |
Rs.78.78 |
|
Euro |
1 |
Rs.67.75 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
2 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
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 |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
27 |
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 |
- |
Maximum Credit
Limit : USD 64000
This report is issued at your request without any risk
and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its
officials.