MIRA
INFORM REPORT
|
Report Date : |
03RD
June, 2006 |
IDENTIFICATION
DETAILS
|
Name : |
AUTO
GRAPHICS DIGITAL – UNIT OF AUTO STRIPING INDIA PRIVATE LIMITED |
|
|
|
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Registered Office : |
# 250,
2nd Cross, Bommanahalli, Bangalore – 560068, Karnataka |
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Country : |
India |
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Financials (as on) : |
31.03.2005 |
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Date of Incorporation : |
22.02.1996 |
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Com. Reg. No.: |
08-19891 |
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CIN No.: [Company
Identification No.] |
U31909KA1996PTC019891 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
BLRA01310B |
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Legal Form : |
Private
Limited Liability Company |
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Line of Business : |
Company
is in engaged in as Manufacturer of
Printed Tapes and Labels of all types. |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Unfavourable & favourable factors
carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
Small |
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Maximum Credit Limit : |
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Status : |
Moderate
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Payment Behaviour : |
Slow
and Delayed |
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Litigation : |
Clear |
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Comments : |
Subject
is an established company but faces financial difficulties. Payment are
reported as slow and delayed. The
company is not faring well. It may
be considered for small to mediocre business dealings at usual trade terms
and conditions with some caution, initially. |
LOCATIONS
|
Registered Office/Printing Centre : |
# 250,
2nd Cross, Bommanahalli, Bangalore – 560068, Karnataka |
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Tel. No.: |
91-80-5525366 |
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Fax No.: |
91-80-5523916 |
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E-Mail : |
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Area |
16000 Sq. ft |
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Location |
Leased
|
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Head
Office/Factory : |
Plot
No. 7 – A1, Dyavasandra, 2ND Phase, Industrial Area, Bangalore –
560048, Karnataka |
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Tel.
No.: |
91-80-241163140 |
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Fax
No.: |
91-80-241163150 |
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E-Mail
: |
DIRECTORS
|
Name : |
Mr. D
J Bangara |
|
Designation : |
Director
|
|
Address : |
No.
249, 4th Main, 4TH Cross, 1st Block,
Koramangala, Bangalore – 560034 |
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Date of Birth/Age : |
30.12.1954 |
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Date of Appointment : |
22.02.1996 |
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|
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|
Name : |
Ms.
Bangara Jyothsna |
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Designation : |
Director
|
|
Address : |
No.
249, 4th Main, 4TH Cross, 1st Block,
Koramangala, Bangalore – 560034 |
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Date of Birth/Age : |
08.08.1954 |
|
Date of Appointment : |
22.02.1996 |
MAJOR SHAREHOLDERS
|
Names
of Shareholders |
No. of Shares |
|
Mr. D
J Bangara |
165759 |
|
Ms.
Bangara Jyothsna |
943625 |
|
Mr.
Burjarjee Nowrojee Sarosh |
1 |
BUSINESS DETAILS
|
Line of Business : |
Company
is in engaged in as Manufacturer of
Printed Tapes and Labels of all types. |
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|
|
|
Products : |
Printed
Tapes and Labels of all types - 39199000 |
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Exports to : |
Asian,
African and Middle East |
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Imports from : |
Far
East and Europe |
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Terms : |
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Selling : |
Credit
(30 to 90 days) |
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Purchasing : |
Local
90 days and Direct 60 days |
PRODUCTION
STATUS
|
Particulars |
Unit |
|
|
Actual Production |
|
Printed Tapes and Labels of all types |
Nos |
|
|
2584210 |
|
|
Sets |
|
|
22258 |
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|
Sqft |
|
|
18935 |
GENERAL
INFORMATION
|
Suppliers : |
3M –
Europe |
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|
|
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Customers : |
Hindustan
Lever Limited, India |
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|
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No. of Employees : |
60 |
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|
|
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Bankers : |
v
Citibank,
Prestige Meridian – 2, 30 M G Road, Bangalore – 560001 v
Dhanalakshmi
Bank Limited, M G Road Branch, 1A, Nitesh Broadway, 9/3, M G Road, Bangalore
– 560001 |
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|
|
|
Facilities : |
Secured Loan Cash
Credit & working Capital Demand Loan – Rs. 8.249 Millions (secured
by personal of director first exclusive charge on all stocks & book
debts, mortgage on residential property belonging to directed ) Overdraft
facility from Bank – Rs. 15.000 Millions (Overdraft
facility against the fixed deposits of the company) Vehicle
loan - Rs. 0.855 Millions (secured
by hypothecation of vehicles purchased) Total
– Rs. 24.104 Millions |
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|
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Banking Relations : |
Unknown
|
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Auditors : |
M R
Jayaprakash & Associates Chartered
Accountant |
|
Address: |
# 274,
27th Cross, 10th Main B S K 2nd Stage,
Bangalore – 560070 |
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Tel. No.: |
91-80-26715879 |
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Fax No.: |
91-80-26715878 |
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E-Mail : |
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Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
Authorised
Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
1350000 |
Equity
Shares |
Rs. 10/- Each |
Rs. 13.500 Millions |
Issued,
Subscribed & Paid-up Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
1109385 |
Equity
Shares |
Rs. 10/- Each |
Rs. 11.093 Millions |
FINANCIAL DATA
[all figures are in Rupees
Millions]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
|
31.03.2005 |
31.03.2004 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
11.093 |
11.093 |
|
|
2] Share Application Money |
|
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
|
38.962 |
50.732 |
|
|
4] (Accumulated Losses) |
|
0.000 |
0.000 |
|
|
NETWORTH |
|
50.055 |
61.825 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
24.104 |
17.715 |
|
|
2] Unsecured Loans |
|
20.400 |
5.400 |
|
|
TOTAL BORROWING |
|
44.504 |
23.115 |
|
|
DEFERRED TAX LIABILITIES |
|
0.000 |
2.245 |
|
|
|
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|
|
|
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TOTAL |
|
94.559 |
87.185 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
|
74.632 |
49.842 |
|
|
Capital work-in-progress |
|
0.000 |
0.000 |
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|
|
|
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INVESTMENT |
|
0.000 |
3.000 |
|
|
DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
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|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
11.823 |
6.101 |
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|
Sundry Debtors |
|
31.600 |
21.316 |
|
|
Cash & Bank Balances |
|
18.105 |
16.691 |
|
|
Other Current Assets |
|
0.199 |
0.413 |
|
|
Loans & Advances |
|
5.027 |
3.363 |
|
Total Current Assets |
|
66.754 |
47.884 |
|
|
Less : CURRENT LIABILITIES & PROVISIONS |
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|
|
|
|
|
Current Liabilities |
|
47.507 |
15.919 |
|
|
Provisions |
|
0.728 |
1.284 |
|
Total Current Liabilities |
|
48.235 |
17.203 |
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Net Current Assets |
|
18.519 |
30.681 |
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MISCELLANEOUS EXPENSES |
|
1.408 |
3.662 |
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|
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TOTAL |
|
94.559 |
87.185 |
|
PROFIT
& LOSS ACCOUNT
|
PARTICULARS |
|
31.03.2005 |
31.03.2004 |
|
Sales Turnover [including other income] |
|
70.349 |
57.869 |
|
|
|
|
|
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Profit/(Loss)
Before Tax |
|
(14.015) |
(9.979) |
|
Provision
for Taxation |
|
11.769 |
6.478 |
|
Profit/(Loss)
After Tax |
|
(11.769) |
(6.477) |
|
|
|
|
|
|
Export
Value |
|
2.233 |
0.099 |
|
|
|
|
|
|
Import
Value |
|
23.124 |
2.550 |
|
|
|
|
|
|
Total
Expenditure |
|
84.364 |
67.847 |
KEY
RATIOS
|
PARTICULARS |
|
|
31.03.2005 |
31.03.2004 |
|
PAT / Total Income |
(%) |
|
(16.72) |
(17.24) |
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|
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|
Net
Profit Margin (PBT/Sales) |
(%) |
|
(19.92) |
(17.24) |
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Return
on Total Assets (PBT/Total
Assets} |
(%) |
|
(9.91) |
(10.21) |
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Return
on Investment (ROI) (PBT/Networth) |
|
|
(0.27) |
(0.16) |
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Debt
Equity Ratio (Total
Liability/Networth) |
|
|
1.85 |
0.65 |
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|
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|
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Current
Ratio (Current
Asset/Current Liability) |
|
|
1.38 |
2.78 |
LOCAL AGENCY FURTHER
INFORMATION
Review
of Activities
The
company and the management had the satisfaction of restructuring the business
and direction of the company. The changing dynamics of the market and the high
level of competition prevailing they had to take the painful decision of
downsizing the company by shutting down the screen operation at Bommanahalli.
The company had made big investment and is actively looking at exports markets
in addition to its core competency in indigenous market for leveraging the huge
capacity that is in place in the Digital Space. The management reiterates that
customer satisfaction is the core area on which the future thrust of the
company would be based. The last 2 years and get the company back on track with
profitability and growth.
Challenges
Ahead
The
company plans aggressive forays into that would enable it to consolidate its
position as the market leader and accelerate its march towards profitability.
The company would be looking at scalling up the revenues through increased
capacity in the short term and spreading its marketing muscle in long term with
the economy booming retail is growing at an unimaginable pace, and the company
is at the forefront of this activity with its leadership position in the point
of sale and retail delivery and services levels demanded by the industry. This
is a continuous process and close attention is being paid to this with from the
international market being the guiding factor.
Director
Mr.
Sanjeev Babu and Mr. Vijay Mane co – opted as director on01.10.2004 Mr. Sumeet
Haran and mr. Suresh Bafna were co-opted as director on 14.04.2005
Fixed
Assets
v
Land
v
Goodwill
v
Plant
& Machinery
v
Electrical
Equipment & Fitting
v
Office
Equipment
v
Computer
v
Furniture
& Fixture
v
Vehicles
|
Name of the company |
AUTO
GRAPHICS DIGITAL – UNIT OF AUTO STRIPING INDIA PRIVATE LIMITED |
|
Presented By |
Mr. D J Bangara |
|
1) Date and description of instrument creating the change |
19.02.2005 Agreement of Hypothecation Overdraft Agreement |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 5.000 millions |
|
3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
Hypothecation of entire current assets and other assets of the company |
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4) Gist of the terms and conditions and extent and operation of the charge. |
The borrower shall pay to the bank on demand being made by the bank all dues then outstanding and owing to the date of payment The borrower shall pay interest on the principal amount and on outstanding from time to time the bank |
|
5) Name and Address and description of the person entitled to the charge. |
Dhanalakshmi Bank Limited, M G Road Branch, 1A, Nitesh Broadway, 9/3, M G Road, Bangalore – 560001 |
|
6) Date and brief description of instrument modifying the charge |
Not Applicable |
|
7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
Not Applicable |
|
|
|
|
Name of the company |
AUTO
GRAPHICS DIGITAL – UNIT OF AUTO STRIPING INDIA PRIVATE LIMITED |
|
Presented By |
Mr. D J Bangara |
|
1) Date and description of instrument creating the change |
09.10.2002 goods security agreement |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 15.000 millions |
|
3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
First exclusive charge on all present & future stock & book debts of the company First exclusive charge on all plant & machinery Including fixed assets belonging to the company both present and future located at either factory location or office or any other premises |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
The borrower shall pay to the bank on demand being made by the bank all dues then outstanding and owing to the date of payment The borrower shall pay interest on the principal amount and on outstanding from time to time the bank |
|
5) Name and Address and description of the person entitled to the charge. |
Citibank, Prestige Meridian – 2, 30 M G Road, Bangalore – 560001 |
|
6) Date and brief description of instrument modifying the charge |
Memorandum of entry dated 19.10.2002 |
|
7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
In additional to the existing security the bank would have equitable mortgage on property located at Survet No. 207, Khata No. 358/207 suited at Kasaba Hobli, Madivala Grama, Anekal Taluk, Bangalore, measuring 3 acres and 10 guntas belonging to the company |
|
|
|
|
Name of the company |
AUTO
GRAPHICS DIGITAL – UNIT OF AUTO STRIPING INDIA PRIVATE LIMITED |
|
Presented By |
Mr. D J Bangara |
|
1) Date and description of instrument creating the change |
09.10.2002 goods security agreement |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 15.000 millions |
|
3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
First exclusive charge on all present & future stock & book debts of the company First exclusive charge on all plant & machinery Including fixed assets belonging to the company both present and future located at either factory location or office or any other premises |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
The borrower shall pay to the bank on demand being made by the bank all dues then outstanding and owing to the date of payment The borrower shall pay interest on the principal amount and on outstanding from time to time the bank |
|
5) Name and Address and description of the person entitled to the charge. |
Citibank, Prestige Meridian – 2, 30 M G Road, Bangalore – 560001 |
|
6) Date and brief description of instrument modifying the charge |
Not Applicable |
|
7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
Not Applicable |
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 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.46.17 |
|
UK
Pound |
1 |
Rs.86.06 |
|
Euro |
1 |
Rs.59.14 |
SCORE &
RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
30 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this
report. The assessed factors and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit
history (10%) Market
trend (10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial
base with the strongest capability for timely payment of interest and
principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No
caution needed for credit transaction. It has above average (strong)
capability for payment of interest and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are
regarded healthy. General unfavourable factors will not cause fatal effect.
Satisfactory capability for payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal.
Capable to meet normal commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors
carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
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 |