MIRA INFORM REPORT

Report Date :

20.02.2012

IDENTIFICATION DETAILS

Name :	INDIAN TIN BOX MANUFACTURING COMPANY PRIVATE LIMITED

Registered Office :	5A Robinson Street, Kolkata-700017, West Bengal

Country :	India

Financials (as on) :	31.03.2011

Date of Incorporation :	11.04.1974

Com. Reg. No.:	21-029363

Capital Investment / Paid-up Capital :	Rs.20.000 Millions

CIN No.: [Company Identification No.]	U51420WB1974PTC029363

TAN No.: [Tax Deduction & Collection Account No.]	CALI01594F

PAN No.: [Permanent Account No.]	AAACI5377H

Legal Form :	Private Limited Liability Company

Line of Business :	Manufacturer of Metal container, Plastic containers and Other tin plates

No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	USD 210000

Status :	Satisfactory

Payment Behaviour :	Usually correct

Litigation :	Clear

Comments :	Subject is an established company having satisfactory track. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct and as per commitments. The company can be considered normal for business dealing at usual trade terms and conditions.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – September 30, 2011

Country Name

Previous Rating

(30.06.2011)

Current Rating

(30.09.2011)

India

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

LOCATIONS

Registered Office :	5A Robinson Street, Kolkata-700017, West Bengal, India
Tel. No.:	91-33-22475252 / 22872208 / 22904436
Fax No.:	Not Available
E-Mail :	upen@tulsyanindia.com

Factory :	Dhulagori Industrial Park, Nh-6, Bhagwatipur, Dhulagori, Ai Howrah-711109, W.B., India
Tel. No.:	91-33-65396046

DIRECTORS

As on 29.09.2011

Name :

Mr. Satyaa Narayan Tulsyan

Designation :

Director

Address :

5A Robinson Street, Kolkata-700017, West Bengal, India

Date of Birth/Age :

29.12.1947

Date of Appointment :

111.10.1989

DIN No.:

00240689

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U27209WB1968PTC027347	G.L.& SONS (METAL & PRODUCTS) PRIVATE LIMITED	Director	13/08/1968	13/08/1968	-	Active	NO
2	U51420WB1974PTC029363	INDIAN TIN BOX MANUFACTURING COMPANY PRIVATE LIMITED	Director	13/03/1975	13/03/1975	-	Active	NO
3	U70101WB1978PTC031470	SREE BASUKINATH COLD STORAGE PRIVATE LIMITED	Director	3/3/1979	3/3/1979	30/04/2010	Amalgamated	NO
4	U51399WB1989PTC047707	TULSYAN CANS & CARDBOARDS PRIVATE LIMITED	Director	11/10/1989	11/10/1989	-	Active	NO
5	U70109WB1991PTC050984	PRAGATI VINIYOG PRIVATE LIMITED	Director	27/02/1991	27/02/1991	30/04/2010	Active	NO
6	U70101WB1991PTC050983	ROBINSON HOLDINGS PRIVATE LIMITED	Director	27/02/1991	27/02/1991	30/04/2010	Active	NO
7	U17111WB1987PTC042744	SHREE BALAJI SAREES PRIVATE LIMITED	Director	1/4/1998	1/4/1998	4/3/2009	Active	NO
8	U67120WB1990PTC048327	G.L. FINANCE PRIVATE LIMITED	Director	7/2/1999	7/2/1999	30/04/2010	Active	NO
9	U65993WB1991PTC051072	G L INVESTMENT PRIVATE LIMITED	Director	24/02/1999	24/02/1999	30/04/2010	Active	NO
10	U28129WB1953PTC021291	BHARAT TIN & ENAMEL COPMANY PRIVATE LIMITED	Director	1/4/2002	1/4/2002	-	Active	NO
11	U60210WB2002PTC094570	TULSYAN TRANSPACK UDYON PRIVATE LIMITED	Director	15/10/2002	15/10/2002	-	Amalgamated	NO
12	U51909WB2003PTC095839	TULSYAN AUTOMOBILES PRIVATE LIMITED	Director	24/02/2003	24/02/2003	30/04/2010	Active	NO
13	U22219WB2006PTC109049	TULSYAN FLEXSYS PRIVATE LIMITED	Director	24/04/2006	24/04/2006	-	Active	NO
14	U51109WB1995PTC074096	JYOTIMOY EMPORIUM PRIVATE LIMITED	Director	20/07/2006	20/07/2006	-	Amalgamated	NO
15	U51109WB1995PTC074640	COLEL DEALCOM PRIVATE LIMITED	Director	20/07/2006	20/07/2006	-	Active	NO
16	U25209WB2007PTC113766	AANAVI PACKAGING PRODUCTS PRIVATE LIMITED	Director	28/02/2007	28/02/2007	-	Active	NO
17	U45400WB1978PTC031465	YASHRAJ ENCLAVE PRIVATE LIMITED	Director	1/3/2007	1/3/2007	7/5/2009	Active	NO
18	U28129WB1936PTC008649	BENGAL TIN BOX MFG.CO.PVT LTD.	Director	16/07/2007	16/07/2007	-	Active	NO
19	U51109WB2007PTC120960	AXIS DEALER PRIVATE LIMITED	Director	28/04/2010	28/04/2010	-	Active	NO
20	U51109WB2005PTC106350	PUSKAR VYAPAAR PRIVATE LIMITED	Director	30/04/2010	30/04/2010	-	Active	NO
21	U45400WB2007PTC121004	METROCITY DEVLOPER PRIVATE LIMITED	Director	15/07/2010	15/07/2010	-	Amalgamated	NO
22	U51109WB2006PTC108097	RAMAKRISHNA VINIMAY PRIVATE LIMITED	Director	6/12/2010	6/12/2010	-	Active	NO

Name :

Mr. Upen Tulsyan

Designation :

Director

Address :

5A Robinson Street, Kolkata-700017, West Bengal, India

Date of Birth/Age :

01.01.1978

Date of Appointment :

30.04.2010

DIN No.:

00535150

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U51420WB1989PTC047708	TULSYAN ENTERPRISE PRIVATE LIMITED	Director	15/07/1997	15/07/1997	30/04/2010	Active	NO
2	U51399WB1989PTC047707	TULSYAN CANS & CARDBOARDS PRIVATE LIMITED	Director	28/08/1999	28/08/1999	-	Active	NO
3	U63022WB2004PTC100243	RAMDIHA REFRIGERATIONS PRIVATE LIMITED	Director	26/10/2004	26/10/2004	30/04/2010	Amalgamated	NO
4	U22219WB2006PTC109049	TULSYAN FLEXSYS PRIVATE LIMITED	Director	24/04/2006	24/04/2006	-	Active	NO
5	U28129WB1936PTC008649	BENGAL TIN BOX MFG.COMPANY PRIVATE LIMITED.	Director	16/07/2007	16/07/2007	-	Active	NO
6	U15412WB2007PTC117567	SCOPE VINCOM INDUSTRIES PRIVATE LIMITED	Director	1/8/2007	1/8/2007	-	Active	NO
7	U28129WB1953PTC021291	BHARAT TIN & ENAMEL COMPANY PRIVATE LIMITED	Director	21/01/2008	21/01/2008	-	Active	NO
8	U25209WB2007PTC113766	AANAVI PACKAGING PRODUCTS PRIVATE LIMITED	Director	2/4/2008	2/4/2008	-	Active	NO
9	U51909WB2008PTC125834	MANAVI IMPEX PRIVATE LIMITED	Director	19/05/2008	19/05/2008	-	Strike off	NO
10	U51109WB1995PTC074096	JYOTIMOY EMPORIUM PRIVATE LIMITED	Director	30/06/2008	30/06/2008	-	Amalgamated	NO
11	U51109WB1995PTC074640	COLEL DEALCOM PRIVATE LIMITED	Director	30/06/2008	30/06/2008	-	Active	NO
12	U51109WB2005PTC106350	PUSKAR VYAPAAR PRIVATE LIMITED	Director	11/8/2008	11/8/2008	-	Active	NO
13	U51109WB2006PTC108097	RAMAKRISHNA VINIMAY PRIVATE LIMITED	Director	6/4/2009	6/4/2009	-	Active	NO
14	U51109WB2007PTC120960	AXIS DEALER PRIVATE LIMITED	Director	28/04/2010	28/04/2010	-	Active	NO
15	U51420WB1974PTC029363	INDIAN TIN BOX MANUFACTURING COMPANY PRIVATE LIMITED	Director	30/04/2010	30/04/2010	-	Active	NO
16	U45400WB2007PTC121004	METROCITY DEVLOPER PRIVATE LIMITED	Director	15/07/2010	15/07/2010	-	Amalgamated	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 29.09.2011

Names of Shareholders		No. of Shares
Satyanarayan Tusyan		250730
Sushila Devi Tulsyan		62080
Upen Tulsyan		215615
Manita Tulsyan		1100
Satyanarayan Upen Tulsyan (HUF)		10010
Tulsyan Cansand Caedboards Private Limited, India		1000
Puskar Vyapaar Private limited, India		547830
Axis Dealer private Limited, India		911525
Deepak Choudhury		10
Ratan Kumar Sarawagi		100
		2000000

As on 29.09.2011

Equity Share Break up

Category	Percentage
Bodies corporate	73.00
Directors or relatives of Directors	27.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Metal container, Plastic containers and Other tin plates

Products :

Egg Cartons
Gable Top Cartons
Baltic Carton
Aseptic Cartons
Die Cut Cartons and Boxes
Mono Cartons

Item Code No.	Product Description
731029.01	Metal Containers
392310.09	Plastic Containers
800400.09	Other Tin Plates

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

Canara Bank, Park Street, 8/1, Middleton Row, Kolkata-700071, West Bengal, India
HDFC Bank Limited

(Rs. In Millions)

Facilities :

Secured Loan	As on 31.03.2011	As on 31.03.2010
Cash Credit (Secured against hypothecation of stock in trade work-in-progress, Finished goods, book debts and personal guarantee of all the director of the company and corporate guarantee of a group company )	57.618	48.767
Term Loan (Secured against hypothecation of machineries and personal guarantee of all the director of the company and corporate guarantee of a group company )	1.822	2.427
From HDFC Bank Limited Vehicle Loan (Secured against Hypothecation of Car)	0.291	0.560
Total	59.731	51.754

Unsecured Loan	As on 31.03.2011	As on 31.03.2010
From Bodies Corporate	5.093	12.500
From a Shareholder	0.000	0.900
Total	5.093	13.400


Banking Relations :	---

Auditors :
Name :	G.P. Agarwal and Company Chartered Accountants
Address :	7A, K S Roy Road, kolkata-700001, West Bengal, India
PAN.:	AACFG8964F

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount

2000000	Equity Shares	Rs.10/- each	Rs.20.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

2000000	Equity Shares	Rs.10/- each	Rs.20.000 Millions

Note:

Out of the above 30,020 Equity Shares have been issued to the member of erstwhile Tulsyan Containers Company Private Limited merged with the company under the scheme of Amalgamation approved by Hon’ble high court, Calcutta w.e.f.01.04.1996 As full paid up without payment received in cash

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		20.000	20.000	14.625
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		33.118	31.816	29.344
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		53.118	51.816	43.969
LOAN FUNDS
1] Secured Loans		59.731	51.754	44.787
2] Unsecured Loans		5.093	13.400	8.345
TOTAL BORROWING		64.824	65.154	53.132
DEFERRED TAX LIABILITIES		0.000	0.000	0.000

TOTAL		117.942	116.970	97.101

APPLICATION OF FUNDS

FIXED ASSETS [Net Block]		27.245	29.621	24.905
Capital work-in-progress		6.640	0.790	2.056

INVESTMENT		0.005	0.015	0.015
DEFERREX TAX ASSETS		0.762	0.734	0.060

CURRENT ASSETS, LOANS & ADVANCES
	Inventories	28.071	35.730	35.934
	Sundry Debtors	50.851	36.275	27.312
	Cash & Bank Balances	1.428	0.776	2.211
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	27.311	26.143	21.831
Total Current Assets		107.661	98.924	87.288
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	11.263	5.193	8.185
	Other Current Liabilities	6.959	2.336	3.347
	Provisions	6.149	5.585	5.691
Total Current Liabilities		24.371	13.114	17.223
Net Current Assets		83.290	85.810	70.065

MISCELLANEOUS EXPENSES		0.000	0.000	0.000

TOTAL		117.942	166.970	97.101

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009

	Turnover		238.400	165.032	192.940

Less	EXPENSES
		Office Expenses	232.545	160.454	185.262
		Administrative Expenses
		Advertising Expenses
		TOTAL	232.545	160.454	185.262

	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D)		5.855	4.578	7.678

Less/ Add	DEPRECIATION/ AMORTISATION		3.837	3.768	5.829

	PROFIT BEFORE TAX		2.018	0.810	1.849

Less	TAX		0.716	(0.662)	0.353

	PROFIT AFTER TAX		1.302	1.472	1.469

	ADJUSTMENT		0.000	0.000	(5247)

	ADJUSTMENT PROFIT		0.000	0.000	1.464

Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		29.806	28.334	4.207

	BALANCE CARRIED TO THE B/S		31.108	29.806	5.671

	Earnings Per Share (Rs.)		0.65	0.78	13.03

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
Net Profit Margin (PBT/Sales)	(%)	0.55	0.91	0.76

Return on Total Assets (PBT/Total Assets}	(%)	1.49	0.63	1.64

Return on Investment (ROI) (PBT/Networth)		0.02	0.02	0.04

Debt Equity Ratio (Total Liability/Networth)		1.68	1.51	1.60

Current Ratio (Current Asset/Current Liability)		4.42	7.54	5.07

LOCAL AGENCY FURTHER INFORMATION

Form 8

Corporate identity number of the company	U51420WB1974PTC029363
Name of the company	INDIAN TIN BOX MANUFACTURING COMPANY PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	5A Robinson Street, Kolkata-700017, West Bengal upen@tulsyanindia.com
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	80041342
Type of charge	Immovable property Book debts Movable property (not being pledge)
Particular of charge holder	Canara Bank, Park Street, 8/1, Middleton Row, Kolkata-700071, West Bengal, India koLk2559@canbank.co.in
Nature of instrument creating charge	1) Letter Extending / Enhancing Credit limits 2) Supplemental Common Hypothecation Agreement
Date of instrument Creating the charge	04.11.2010
Amount secured by the charge	Rs.145.500 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest Applicable ROL + 2% (ie, BPLR + 2%) Terms of repayment On Demand Margin OCC :25%-Stocks ODBD: 50%-Book Debts
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Primary Security: a) Hypothecation of Plant and Machinery and Other fixed assets of the company b) EMT of landed property at Rajpur, P.S. Sinarpur, III NSC bose road (situated at narendrapur area) in the name of Bharat tin and enamel company (Private) Limited c) EMT pf property at sankrail in Jalan Industrial Park, District Howrah, in the name of Indian Tin Box Manufacturing Company (Private) Limited.
Date of instrument modifying the charge	By this modification the overall limit has been enhanced from Rs.133.500 Millions to Rs.145.500 millions

Fixed Assets:

Land (Freehold)
Shed and Building
Plant and Machinery
Fan
Air Conditioner
Electrical Installation
Office Equipments
Tbewell
Skoda
Honda
Honda Civic (5463)
Motor Cycle (D199)
Scoter (Bajaj 8850)
Tata Truck
Mobile Phone
Computer
Refrigerator
Drums and Dies
Weighing Machine
Pager
Cycle
Testing Equipments
Fire Extinguisher
Weigh Bridge

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No records exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No records exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards :

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.49.21
UK Pound	1	Rs.77.75
Euro	1	Rs.64.58

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		45

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	-

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.

MIRA INFORM REPORT

28.071

50.851

1.428

0.000

27.311

107.661

11.263

6.959

6.149

24.371

83.290

0.55

1.49

0.02

1.68

4.42

Unit