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Report Date : |
08.06.2012 |
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) : |
31.03.2011 |
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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.24.012 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
|
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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Maximum Credit Limit : |
USD 103000 |
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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
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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|
A1 |
A1 |
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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
|
Name : |
Mr. Arindham |
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Designation : |
General Manager |
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Contac No.: |
91-33-22904436 |
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Date : |
05.06.2012 |
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
|
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 No.: |
00240689 |
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Other Directorship:
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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 No.: |
00535150 |
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Other Directorship:
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MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2011
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Names of Shareholders |
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No. of Shares |
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Satya Narayan Tulsyan |
|
151150 |
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Upen Tulsyan |
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97750 |
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Sushila Devi Tulsyan |
|
100 |
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Manita Tulsyan |
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172500 |
|
Ramakrishna Vinimay Private Limited, |
|
277500 |
|
Axis Dealer Private Limited, |
|
712500 |
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Puskar Vyapar Private Limited, |
|
989750 |
|
Total |
|
2401250 |
As on 12.03.2012
|
Names of Allottees |
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No. of Shares
Allotted |
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Fine link Suppliers Private
Limited, |
|
25000 |
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Annex Trade link Private Limited, |
|
25000 |
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Sungold Vincom Private Limited, |
|
25000 |
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Aanavi Packaging Product Private Limited, |
|
25000 |
|
Upen Tulsyan |
|
36000 |
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Satya Narayan Tulsyan |
|
15000 |
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Sushila Tulsyan |
|
6650 |
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Satya Narayan Upen Tulsyan(H.U.F) |
|
18530 |
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Total |
|
176180 |
As on 30.09.2011
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Category |
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Percentage |
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Bodies corporate |
|
82.00 |
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Directors or relatives of directors |
|
18.00 |
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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. |
PRODUCTION STATUS As on 31.03.2011
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
|
Flexible Packaging (Laminates) |
MT/KG |
1500 |
NA |
485115 |
|
Corrugated and Sheels |
MT/PCS |
12000 |
NA |
6531790 |
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.: |
91-33-40673154 |
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Fax No.: |
91-33-22137014 |
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E-Mail : |
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Pan No.: |
AENPK2045L |
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CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2500000 |
Equity Share |
Rs.10/- each |
Rs.25.000 Millions |
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|
|
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|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2401250 |
Equity Share |
Rs.10/- each |
Rs.24.012
Millions |
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|
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Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
3000000 |
Equity Share |
Rs.10/- each |
Rs.30.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2577430 |
Equity Share |
Rs.10/- each |
Rs.25.774
Millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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|
SHAREHOLDERS FUNDS |
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|
|
|
|
1] Share Capital |
24.012 |
17.050 |
3.050 |
|
|
2] Share Application Money |
0.000 |
0.000
|
0.000 |
|
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3] Reserves & Surplus |
23.913 |
16.950 |
2.950 |
|
|
4] (Accumulated Losses) |
(22.216) |
[17.852] |
[2.564] |
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NETWORTH |
25.709 |
16.148 |
3.436 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
133.679 |
111.685 |
53.331 |
|
|
2] Unsecured Loans |
34.318 |
31.730 |
3.685 |
|
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TOTAL BORROWING |
167.997 |
143.415 |
57.016 |
|
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DEFERRED TAX LIABILITIES |
9.353 |
4.027 |
1.348 |
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|
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|
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|
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TOTAL |
203.059 |
163.590 |
61.800 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
154.739 |
91.352 |
83.233 |
|
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Capital work-in-progress |
0.000 |
57.286 |
0.000
|
|
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|
|
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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 |
|
|
|
|
|
|
Inventories |
71.112
|
15.875
|
0.860 |
|
|
Sundry Debtors |
21.608
|
10.429
|
0.148 |
|
|
Cash & Bank Balances |
1.288
|
1.253
|
2.762 |
|
|
Other Current Assets |
0.000
|
0.000
|
0.000 |
|
|
Loans & Advances |
13.061
|
14.461
|
6.060 |
|
Total
Current Assets |
107.069
|
42.018 |
9.830 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditor |
58.793
|
27.100 |
2.194 |
|
|
Other Current Liabilities |
0.000
|
0.000 |
29.129 |
|
|
Provisions |
0.006
|
0.041 |
0.041 |
|
Total
Current Liabilities |
58.799
|
27.141 |
31.364 |
|
|
Net Current Assets |
48.270
|
14.877 |
(21.534) |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.050 |
0.075 |
0.101 |
|
|
|
|
|
|
|
|
TOTAL |
203.059 |
163.590 |
61.800 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
156.200 |
42.200 |
0.326 |
|
|
|
Other Income |
10.200 |
NA |
NA |
|
|
TOTAL |
166.400 |
NA |
NA |
|
|
|
|
|
|
|
|
|
Less |
EXPENSES |
70.000 |
NA |
NA |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
96.400 |
(12.600) |
NA |
|
|
|
|
|
|
|
|
|
Less |
TAX |
NA |
2.678 |
NA |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX |
96.400 |
[15.287] |
[1.182] |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
1.693 |
NA |
NA |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
57.93
|
NA |
NA |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
61.72
|
29.86 |
NA |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
36.82
|
(9.45) |
NA |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
3.75
|
(0.78) |
NA |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
3.63
|
10.56 |
25.72 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.82
|
1.55 |
0.31 |
LOCAL AGENCY FURTHER INFORMATION
|
Available
in Report [Yes/No] |
|
|
Year
of Establishment |
Yes |
|
Locality
of the Firm |
Yes |
|
Constitution
of the firm |
Yes |
|
Premises
details |
No |
|
Type
of Business |
Yes |
|
Line
of Business |
Yes |
|
Promoters
background |
Yes |
|
No.
of Employees |
No |
|
Name
of Person Contacted |
Yes |
|
Designation
of contact person |
Yes |
|
Turnover
of firm for last three years |
Yes |
|
Profitability
for last three years |
Yes |
|
Reasons
for variation <> 20% |
- |
|
Estimation
for coming financial year |
No |
|
Capital
the business |
Yes |
|
Details
of sister concerns |
- |
|
Major
Suppliers |
No |
|
Major
Customers |
No |
|
Payment
Terms |
No |
|
Export
/ Import Details [If Applicable] |
No |
|
Market
Information |
- |
|
Litigations
that the firm / promoter involved in |
- |
|
Banking
Details |
Yes |
|
Banking
Facility Details |
Yes |
|
Conduct
of the banking account |
- |
|
Buyer
visit details |
- |
|
Financials,
if provided |
Yes |
|
Incorporation
details, if applicable |
Yes |
|
Last
accounts filed at ROC |
Yes |
|
Major
Shareholders, if applicable |
Yes |
Financial Performance:
The Company has achieved of Rs.156.200
Millions during the year compare to 42.200 Millions during previous year. Net profit
before tax during the year is Rs.96.400 Millions against loss of 12.600
Millions in previous year. The company earned net profit due to its other
income of 10.200 Millions. The turnover of the company on the date of this
report is around 120.000 Millions which 80 % of the turnover of FY -2010-11 in
five months only, They are expecting top line of at lest 350.000 Millions in
the running year and there will be handsome operating profit also. Their export to
Form : 8
|
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 Email: upen@tulsyanindia.com |
|
This form is for |
Modification of charge |
|
Charge identification (ID) number of the
charge to be modified |
10225349 |
|
Type of charge |
Book debts Immovable Property Movable property (not being pledge) |
|
Particular of charge holder |
Karnataka Bank Limited, Sarojini Naidu Sarani, Kolkata - 700017, West Bengal, Email: bankservices.3005@yahoo.in |
|
Nature of instrument creating charge |
1)Letter of Authority 2)Hypothecation Agreement 3)General Power of Attorney for Book Debts |
|
Date of instrument Creating the charge |
04.01.2012 |
|
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 Overdraft : Base Rate+3.75% i.e. at 14.75%
p.a. Letter of Credit/BG/Credit Line for
Forward Contract - As per Circular Terms
of repayment Overdraft: On demand Letter of Credit : As per terms of
Establishment BG : As per terms of issue Credit Line for Forward Contract : As per
terms of Establishment Margin Overdraft: 25% on stock, advance to
suppliers and book debts considered goods for not exceeding 90 days Letter of Credit : 25% Cash Margin BG : 25% Cash Margin |
|
Short particulars of the property or
asset(s) charged (including complete address and location of the property) |
PRIMARY: For OD - Hypothecation of stock
of raw materials,stock in process,finished goods and consumables and book
debts/receivables For BG - 25% cash margin in the form of
Term Deposit COLLATERAL: i)AEM by way of deposit of
title deeds of factory land shed and building including utilities situated at
village Razhat P.S Polba JL No.65, AD Chinsura under the Razhat Gram
Panchayat Dist Hoogly (Prime for Term Loans)
[Value:67.927 Millions, dated 08.11.2010] ii)Hypothecation of Plant and Machinery
and other fixed assets of the company (prime for term loans)[value Rs.76.155
Millions dtd 31.10.10 iii)Common Collateral with Credit
facilities sanctioned to M/s Tulsyan Cans and Cardboards Private Limited -
Equitable Mortgage by way of deposit of title deeds of commercial space
(office) flat in ground floor including car parking space and servants
quarters at 5 A, Robinson Street, Kolkata - 700017 belonging to Sri
Satyanarayan Tulsyan [value Rs.211 Millions dated 14.04.2011] Personal Guarantee of the directors of the
company i.e. Shri Satyanarayan Tulsyan and Upen Tulsyan |
|
Particulars of the present modification |
By this modification the overall limit
remain same i.e Rs.48.000 Millions comprising of: 1)Renewal of Overdraft facility with
existing limit of Rs.45.000 Millions with a fresh sub limit for
ILC/FLC/(DA/DP) of Rs.20.000 Millions from the existing overdraft limit of
Rs.45.000 Millions with a sub limit for FCDL of USD 0.500 Lac 2)Renewal of Bank guarantee facility with
an existing limit of Rs.2.500 Millions 3)Renewal of Credit Line for Forward
Contract with an existing limit of Rs.50.000 Millions |
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.55.12 |
|
|
1 |
Rs.85.22 |
|
Euro |
1 |
Rs.69.24 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Report Prepared
by : |
BYI |
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 |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.