MIRA INFORM REPORT

 

 

Report Date :

10th June 2006

 

IDENTIFICATION DETAILS

 

Name :

ABHIMANI PUBLICATIONS PRIVATE LIMITED

 

 

Registered Office :

2/4 Dr. Rajkumar Road, Rajaji Nagar, Bangalore – 560 010, Karnataka, INDIA

 

 

Country :

India

 

 

Financials (as on) :

31.03.2004

 

 

Date of Incorporation :

16.03.1988

 

 

Com. Reg. No.:

08-08978

 

 

CIN No.:

[Company Identification No.]

U2212KA1988PLC008978

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

BLRA01802D / BLRA05226E

 

 

PAN No.:

[Permanent Account No.]

AABCA1934D

 

 

Legal Form :

Private Limited Liability company.

 

 

Line of Business :

The company is engaged in providing services of Printing and Publication.

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Maximum Credit Limit :

USD 50000

 

 

Status :

Good

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

 

Comments :

Subject is a well established company having satisfactory track. Trade relations are fair. Financial position is good. Payments are correct and as per commitment. 

 

The company can be considered good for any normal business dealings. It can be regarded as a promising business partner in a medium to long run.

 

LOCATIONS

 

Registered Office :

2/4 Dr. Rajkumar Road, Rajaji Nagar, Bangalore – 560 010, Karnataka, INDIA

Tel. No.:

91-80-2335 3141 / 2335 6291 / 2335 6297 / 2338 0324 / 23309819

Fax No.:

91-80-2330 4072 / 2330 4073

E-Mail :

abhimani@bgl.vsnl.net.in

abhimani@vsnl.com

Website :

http://www.abhimanigroup.com

 

 

Factory 1 :

96, 80 Feet Road, Rajaji Nagar, Bangalore – 560 021, Karnataka, INDIA

 

 

Factory 2 :

Plot No. 477E, 4th Phase, Peenya Industrial Area, Bangalore - 560 058, Karnataka, INDIA

Tel. No.:

91-80-28361294 / 28362260

 

DIRECTORS

 

Name :

Mr. T. Venkatesh

Designation :

Managing Director

Address :

No 104, 14th D Cross 11th Stage , II Phase Mahalakshmipuram, Bangalore – 560086

Date of Birth/Age :

04/10/1954

Date of Appointment :

16/03/1988

 

 

Name :

Mr. T. Nagaraj

Designation :

Director

Address :

No 104, 14th D Cross 11th Stage , II Phase Mahalakshmipuram, Bangalore – 560086

Date of Birth/Age :

08/11/1965

Date of Appointment :

16/03/1988

 

 

Name :

Mr. S. G. Vijayalakshmi

Designation :

Director

Address :

No 104, 14th D Cross 11th Stage , II Phase Mahalakshmipuram, Bangalore – 560086

Date of Birth/Age :

20/01/1961

Date of Appointment :

16/03/1988

 

 

Name :

Mrs. Sunanda Chinnappa

Designation :

Director

Address :

No 104, 14th D Cross 11th Stage , II Phase Mahalakshmipuram, Bangalore – 560086

Date of Birth/Age :

29/07/1962

Date of Appointment :

16/03/1988

 

 

 

MAJOR SHAREHOLDERS

 

Names of Shareholders

 

No. of Shares

Mr. T. Venkatesh

 

25000

Mr. T. Nagaraj

 

25000

Mr. S. G. Vijayalakshmi

 

25000

Mrs. Sunanda Chinnappa

 

25000

 

 

 

 

BUSINESS DETAILS

 

Line of Business :

The company is engaged in providing services of Printing and Publication.

 

 

Product :

Printing Products

 

 

 

GENERAL INFORMATION

 

 

 

No. of Employees :

200

 

 

Bankers :

Ř       Indian Bank, K. G. Road Branch, Bangalore – 560 009, Karnataka, INDIA

Ř       Allahabad Bank, Dr. Rajkumar Road, Rajaji Nagar, Bangalore – 560 010, Karnataka, INDIA

Ř       Janatha Seva Co-Operative Bank limited

Ř       Andhra Bank, Rajajinagar, Bangalore - 560010

 

 

Facilities :

Secured loan

Rs in millions

K S F C Term Loan (secured by first charge on machinery, land and building with additional guarantee of directors )

34.999

Andhra Bank OCC

1.850

Andhra Bank LC

0.000

Janatha Seva Co-Op Bank limited Loan

1.751

Janatha Seva Co-Op Bank limited OCC

1.208

Andhra Bank Packing Credit

(secured by first charge on stock , debtor  with additional guarantee of directors)

8.004

 

 

 

 

 

Banking Relations :

Satisfactory

 

 

Auditors :

B S Prakash and Company

Chartered Accountants

 

 

Parent Company :

Abhimani Prakashana

 

 

CAPITAL STRUCTURE

 

Authorised Capital :

No. of Shares

Type

Value

Amount

100000

Equity Shares

Rs.100/- each

Rs. 10.000 millions

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

100000

Equity Shares

Rs.100/- each

Rs. 10.000 millions

 

 

 

 

 

 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

 

31.03.2004

31.03.2003

SHAREHOLDERS FUNDS

 

 

 

1] Share Capital

 

 10.000

10.000

2] Share Application Money

 

0.000

0.000

3] Reserves & Surplus

 

2.587

2.377

4] (Accumulated Losses)

 

0.000

0.000

NETWORTH

 

12.587

12.377

LOAN FUNDS

 

 

 

1] Secured Loans

 

52.642

48.434

2] Unsecured Loans

 

0.371

0.000

TOTAL BORROWING

 

53.013

48.434

DEFERRED TAX LIABILITIES

 

12.984

13.518

 

 

 

 

TOTAL

 

78.584

74.329

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

 

46.910

39.765

Capital work-in-progress

 

0.000

0.000

 

 

 

 

INVESTMENT

 

0.000

0.000

DEFERREX TAX ASSETS

 

0.000

0.000

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
 

11.823

5.271

 

Sundry Debtors
 

32.230

29.644

 

Cash & Bank Balances
 

0.378

0.259

 

Other Current Assets
 

0.000

0.000

 

Loans & Advances
 

9.921

9.189

Total Current Assets
 

54.352

44.363

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

 

Current Liabilities
 

22.071

9.369

 

Provisions
 

0.607

0.430

Total Current Liabilities
 

22.678

9.799

Net Current Assets
 

31.674

34.564

 

 

 

 

MISCELLANEOUS EXPENSES

 

0.000

0.000

 

 

 

 

TOTAL

 

78.584

74.329

 

PROFIT & LOSS ACCOUNT

 

PARTICULARS

 

 

31.03.2004

31.03.2003

Sales Turnover [including other income]

 

70.966

76.985

 

 

 

 

Profit/(Loss) Before Tax

 

0.210

6.268

Provision for Taxation

 

--

--

Profit/(Loss) After Tax

 

0.210

6.268

 

 

 

 

Export Value

 

--

13.230

 

 

 

 

Total Expenditure

 

70.720

70.758

 

KEY RATIOS

 

PARTICULARS

 

 

 

31.03.2004

31.03.2003

PAT / Total Income

(%)
 

0.29

8.14

 

 
 

 

 

Net Profit Margin

(PBT/Sales)

(%)
 

0.29

8.14

 

 
 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)
 

0.20

7.45

 

 
 

 

 

Return on Investment (ROI)

(PBT/Networth)

 
 

0.01

0.50

 

 
 

 

 

Debt Equity Ratio

(Total Liability/Networth)

 
 

6.1

4.70

 

 
 

 

 

Current Ratio

(Current Asset/Current Liability)

 
 

2.39

4.52

 

 

LOCAL AGENCY FURTHER INFORMATION

 

Fixed Assets

 

Ř       Land

Ř       Building

Ř       Plant and Machinery

Ř       Electrical Fittings

Ř       Office Equipments

Ř       Furniture and Fixture

Ř       Computer

 

The company is also engaged in providing High quality multi printers and Manufacturers of all sorts of stationeries.

 

Working Result :

 

This is one more year of good performance of the company. The company has been able to get good export orders in the current year. Very good performance may be expected in the current financial year.

 

Printing and supply of Text Books 1999-2000 for A value of Rs. 9.200 millions Republic of Ghana, West Africa.

 

Items of export interest of Councils concern : Paper and Paper Products, Books Publications and Printing

Minimum time requirement for servicing of export orders : as per customers requirements.

 

This is a Publishing Wing of Abhimani Prakashana of which the above directors are partners. This is one of the lowest volume of publishing houses in Bangalore.

 

The circulation of these magazines and fortnightlies are far below normal. (Abhimani Tropical Fortnightly, Kreedabhimani, Sports Fortnightly).

 

The company's List of Publications is as under :

 

K                 Abhimana                                  - Kannada Daily

K                 Abhimani                                   - Topical Fortnightly

K                 Aragini                          - Kannada Film Weekly

K                 Police File                                 - Kannada Crime Weekly

K                 Kreedabhimani               - Kannada Sports Weekly

K                 EE Sanje                                  - Kannada Evening Daily

K                 Taayi                                        - Womens Monthly

 

The unit is being revived by restarting dailies.

 

Name of the company

ABHIMANI PUBLICATIONS PRIVATE LIMITED

Presented By

ABHIMANI PUBLICATIONS PRIVATE LIMITED

And Andhra Bank, Rajajinagar, Bangalore - 560010

1) Date and description of instrument creating the change

8th August, 2003, composite agreement from RF 289 A Both relate to single charge

2) Amount secured by the charge/amount owing on the securities of charge

OCC Rs. 2.000 millions, Money guarantee Rs. 15.00 millions LC Rs. 5.000 millions CBP Rs. 1.000 millions (Total Rs. 23.000 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 present and future stocks whether kept including goods in transit and book dents, second charge on plant and machinery 

4) Gist of the terms and conditions and extent and operation of the charge.

Interest minimum 13.5 % p.a. bank authorised to charge penal interest of 2 % Margin 25 %against stocks 50 % against book debts CBP 25 % SBP 10 % 

5) Name and Address and description of the person entitled to the charge.

Andhra Bank, Rajajinagar, Bangalore - 560010

6) Date  and brief description of instrument modifying the charge

7th September, 2004

composite agreement from RF 289 A Both relate to same charge

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.

Total limit increased to Rs. 55.000 millions form Rs. 23.000 millions sub limit, security, terms and conditions are as follows.:

 

Open cash credit : Rs. 4.000 millions

Security : paid stock used in activity, eligible book debts nor older than 90 days margin : 25 % against stocks 50 % against book dents. Interest commission : BMPLR + 1 % at present 11.50 %

 

Packing credit FBP : Rs. 10.000 millions

Security : Hypothecation of paid stocks of raw materials / Export bills payable at sight under LCs.

Margin : 25 % for PC and No margin for FBP period : 180 days

Interest : As per H O guidelines

 

Term Loan : Rs. 20.000 millions

Security : Second charge on the plant and machinery and building belonging AP Private Limited

Repayment : 48 Monthly instalment and interst is to be paid as and when debited interest : BMPLR + 1 % at present 11.50 %

 

Bank Guarantee : Rs. 15.00 millions

Security : Counters guarantee by the company and extension of charge over the collateral security margin : 10 % commission : as per HO guidelines.

 

 

Name of the company

ABHIMANI PUBLICATIONS PRIVATE LIMITED

Presented By

 Andhra Bank, Rajajinagar, Bangalore - 560010

1) Date and description of instrument creating the change

8th August, 2003, composite agreement from RF 289 A

2) Amount secured by the charge/amount owing on the securities of charge

OCC Rs. 2.000 millions, Money guarantee Rs. 15.00 millions LC Rs. 5.000 millions CBP Rs. 1.000 millions (Total Rs. 23.000 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 present and future stocks whether kept including goods in transit and book dents, second charge on plant and machinery 

4) Gist of the terms and conditions and extent and operation of the charge.

Interest minimum 1.5 % p.a. bank authorised to charge penal interest of 2 % Margin 25 % against stocks 50 % against book debts CBP 25 % SBP 10 % 

5) Name and Address and description of the person entitled to the charge.

Andhra Bank, Rajajinagar,

558 Iind Block Dr. Rajkumar Road,  Bangalore - 560010

6) Date  and brief description of instrument modifying the charge

23.03.2005

composite agreement from RF 289 B

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.

 

 

 

 

 

 

 

 

 

 

 

 

Existing Limit

New Limit

(Rs in millions)

OCC

4.000

4.000

Packing Credit

10.000

7.000

Term Loan

20.000

27.000

LC

5.000

4.500

Bank Guarantee

15.000

10.000

Clean Bill Purch:

1.000

0.000

Total

55.000

52.500

 

Additional security of machinery given. Creation of equitable mortgage of property at Survery no. 1820/57/1, 5th Main Road, Prakash Nagar, 3rd Phase Rajaji nagar, Bangalore .

 

Interest altered Margin : OCC 25 % against 50 % against bad debts PC : 25 % ILC : 25 % BG 10 % Repayable in 48  monthly instalments. 

 

 

Name of the company

ABHIMANI PUBLICATIONS PRIVATE LIMITED

Presented By

V R Rangarajan, officer, Allahabad Bank

1) Date and description of instrument creating the change

General letter of hypothecation of dated 03.10.1988

2) Amount secured by the charge/amount owing on the securities of charge

Rs. 2.720 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

Present and future product goods\, movable property of any kind of inclduign movable plant and engines, machines apparatus, too9ls, motors lorries, cars furniture stocks of paper, ink packing materials etc. Raw materials manufactured etc. raw materials facture gods under transit. All present and future book debts monies receivable under   claims, bills contracts, investments. Cash in hand and in bank rights and assets, title to doods and negotiable instruments insurance claim amount revocable. 

4) Gist of the terms and conditions and extent and operation of the charge.

Interest at 5.5 % p.a. over bank rate with a minimum of 15.5 % p.a. with quarterly rests. The charged goods and all sales realisation thereof and all documents specially appropriated to this security ana the company shall not withour written consent of the bank first had and obtained create or suffer to exits any mortgage charge, line or encumbrance in favour of any third party affecting the charged goods and the said book debts or any part thereof nor do or anything that may prejudice this security. 

5) Name and Address and description of the person entitled to the charge.

Allahabad Bank

2, Kempe Gowda Road

Bangalore : 560009

6) Date  and brief description of instrument modifying the charge

NA

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.

NA

 

 

 

 

Name of the company

ABHIMANI PUBLICATIONS PRIVATE LIMITED

Presented By

V R Rangarajan, officer, Allahabad Bank

1) Date and description of instrument creating the change

Date Agreement of creating second charge on properties belonging to the company already hypothecation to Allahabad Bank and letter for ceding second charge vide letter dated No. ENG: ADV: HEHIMANI : 227 dated 10.07.1991

2) Amount secured by the charge/amount owing on the securities of charge

Rs. 1.511 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

All the movable properties of the company which are already stand charged to Allahabad Bank on which second charge has been cheated. 

4) Gist of the terms and conditions and extent and operation of the charge.

All the movable properties of the company which have been charged to secured the loan and othe rfacilities granted to ABHIMANI PUBLICATIONS PRIVATE LIMITED until the facility granted to them stand fully satisfactory.  

5) Name and Address and description of the person entitled to the charge.

India Bank

K G Road branch

Bangalore : 560009

6) Date  and brief description of instrument modifying the charge

NA

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.

NA

 

 

 

 

Name of the company

ABHIMANI PUBLICATIONS PRIVATE LIMITED

Presented By

T Venkatesh , Director

1) Date and description of instrument creating the change

Hypothecation deed dated 25/11/1999

Created the equitable mortgage by way of deposit of title deeds without executing any instruments 

2) Amount secured by the charge/amount owing on the securities of charge

Rs. 3.200 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

All the piece of land and building and plant and machinery know as plot No. 177/E industrial area within the limits of village Nallakandaranahalkil Bangalore North together with the building, structures, fittings, fitting etc.  constructed and to be constructed thereon.  

4) Gist of the terms and conditions and extent and operation of the charge.

Rs. 3.200 millions repaid in 12 monthly instalments commencing form the 7th Quarter the rate of interest at 17.5 % p.a. and on the enhanced rate of interest at 2.5 % in case of default. 

5) Name and Address and description of the person entitled to the charge.

Karnataka State Financial corporation

No. 1/1 Thimmaiah Road, Bangalore 560052

6) Date  and brief description of instrument modifying the charge

NA

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.

NA

 

 

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.45.88

UK Pound

1

Rs.84.61

Euro

1

Rs.58.01

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

6

PAID-UP CAPITAL

1~10

6

OPERATING SCALE

1~10

6

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

6

--PROFITABILIRY

1~10

6

--LIQUIDITY

1~10

6

--LEVERAGE

1~10

6

--RESERVES

1~10

6

--CREDIT LINES

1~10

6

--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

 

54

 

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

 

 

 

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