MIRA
INFORM REPORT
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Report Date : |
19TH
May, 2006 |
IDENTIFICATION
DETAILS
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Name : |
INDIAN
TONER AND DEVELOPER LIMITED |
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Registered Office : |
10.5 KM, Rampur-Bareilly Road, Rampur 224 901, Uttar Pradesh, INDIA |
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Country : |
India |
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Financials (as on) : |
31.03.2005 |
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Date of Incorporation : |
1990 |
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Com. Reg. No.: |
20-15721 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
LKNI05168C |
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Legal Form : |
A
public limited liability company. The
company’s shares are listed on the Stock Exchanges |
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Line of Business : |
Manufacturer
and sales of Toners for Photocopiers, Developers for Photocopier |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal.
Capable to meet normal commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD
825000 |
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Status : |
Satisfactory
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Payment Behaviour : |
Regular
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Litigation : |
Clear |
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Comments : |
Subject
is a well – established and reputed company having satisfactory track.
Directors are reported as experienced and respectable businessmen. Trade
relations are reported as fair. Business is active. Payments are usually
correct and as per commitments. The
company can be considered normal for business dealings at usual trade terms
and conditions. |
LOCATIONS
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Registered Office/Factory: |
10.5 KM, Rampur-Bareilly Road, Rampur 224 901, Uttar Pradesh, INDIA |
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Tel. No.: |
91-5960-228174/228148 |
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Fax. No.: |
91-5960-228175 |
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E-Mail : |
itdl@giasdl01.vsnl.net.in,
itdl@vsnl.com,plant@indiantoners.com |
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Corporate
Office : |
5-E,
Gopala Tower, 25, Rajendra Place, New Delhi – 110 008, India |
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Tel.
No.: |
91-11-2575
1420 / 2574 2509 / 2574 8160 / 2576 3993 |
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Fax
No.: |
91-11-2575
1422 |
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E-Mail
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itdl@giasdl01.vsnl.net.in, itdl@vsnl.com, info@indiantoners.com |
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Website : |
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Domestic |
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International |
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DIRECTORS
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Name : |
Mr.
Sushil Jain |
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Designation : |
Chairman and Managing Director |
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Name : |
Mr. P.
K. Kanoria |
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Designation : |
Director |
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Name : |
Mr. J.
S. Varshneya |
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Designation : |
Director |
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Name : |
Mr.
Vikram Parkash |
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Designation : |
Director |
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Name : |
Dr. M.
R. Jain |
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Designation : |
Director |
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Name : |
Mr. N.
S. Sharma |
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Designation : |
Director |
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Name : |
Mr.
Sanjeev Goel |
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Designation : |
Director
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KEY EXECUTIVES
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Name
: |
Mr. S
C Singhal |
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Designation
: |
Company
Sectary |
MAJOR SHAREHOLDERS
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Names
of Shareholders |
No. of Shares |
Percentage of Holding |
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Promoters |
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Indian Promoters |
3603780 |
44.718 |
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Non Promoters Holding |
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Mutual Funds and UTI |
9900 |
0.123 |
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Institutions/Non government Institutions) |
100 |
0.001 |
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Others |
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Private Corporate Bodiesd |
347991 |
4.318 |
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Indian Public |
4094828 |
50.811 |
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NRIs/OCBs |
2301 |
0.028 |
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Total
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8058900 |
100.000 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer
and sales of Toners for Photocopiers, Developers for Photocopier |
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Products : |
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PRODUCTION
STATUS
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Particulars |
Unit |
Licensed Capacity |
Installed Capacity |
Actual Production |
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Toners |
M.T. |
330 |
700 |
608.68 |
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Developers |
M.T. |
250 |
250 |
3.74 |
GENERAL
INFORMATION
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No. of Employees : |
274 |
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Bankers : |
State
Bank of India |
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Facilities : |
NOTES: 1 Working Capital facilities from State Bank
of India are secured against hypothecation of raw materials, stock in
transit, finished goods, stock in process, chemicals, spares and stores and
book debts etc. alongwith personal guarantee of the Managing Director and
second charge over all the immoveable assets both present and
future of the Company. 2 Loan From ICICI Bank Ltd., HDFC Bank, &
Ford Kotak Mahindra is Secured By Hypothecation of specific vehicles financed
by them. 3 ECB form SBI, Frankfurt is
secured against the Letter of Comfort issued by SBI, Overseas Branch,
Moradabad which has been issued against the Guarantee of Financial
Institutions (who have given guarantees against the charge of the immovable
properties of the company including moveable Plant & Machinery, machinery
spares, tools and accessories and other moveables, present and future (save
and except book-debts), whether in stores or in transit or on high seas or
order or delivery) alongwith the personal guarantee of
Managing Director of the company. 4 Term Loans & other Loans repayable
within a year Rs. 9263927- & ECB Loan repayable within a year
Rs.186783457-. |
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Banking Relations : |
Satisfactory
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Auditors : |
K. S.
Gutgutia & Company Chartered
Accountant |
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Address: |
11-K,
Gopala Tower, 25, Rajendra Place, New Delhi – 110 008, India |
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Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
Authorised
Capital :
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No.
of Shares |
Type |
Value |
Amount |
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17,000,000 |
Equity Shares |
Rs. 10/- each |
Rs. 170.000 million |
Issued,
Subscribed & Paid-up Capital :
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No.
of Shares |
Type |
Value |
Amount |
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8,058,900 |
Equity Shares |
Rs. 10/- each |
Rs.
80.589 million |
FINANCIAL DATA
[all figures are in Rupees
Millions]
ABRIDGED
BALANCE SHEET
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SOURCES OF FUNDS |
31.03.2005 |
31.03.2004 |
31.03.2003 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
80.589 |
80.589 |
80.600 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
128.504 |
99.564 |
51.900 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
209.093 |
180.153 |
132.500 |
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LOAN FUNDS |
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1] Secured Loans |
20.606 |
64.151 |
78.100 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
20.606 |
64.151 |
78.100 |
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DEFERRED TAX LIABILITIES |
38.083 |
40.951 |
0.000 |
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TOTAL |
267.782 |
285.255 |
210.600 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
170.176 |
175.514 |
140.600 |
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Capital work-in-progress |
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INVESTMENT |
23.708 |
60.273 |
49.100 |
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DEFERREX TAX ASSETS |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
68.411
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65.970 |
59.000 |
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Sundry Debtors |
53.063
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41.993 |
43.800 |
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Cash & Bank Balances |
26.094
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45.174 |
20.900 |
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Other Current Assets |
0.000
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0.000 |
0.000 |
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Loans & Advances |
56.690
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35.396 |
20.600 |
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Total Current Assets |
204.258
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188.533 |
144.300 |
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Less : CURRENT LIABILITIES & PROVISIONS |
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Current Liabilities |
86.451
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111.799 |
116.000 |
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Provisions |
43.909
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27.266 |
10.100 |
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Total Current Liabilities |
130.360
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139.065 |
126.100 |
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Net Current Assets |
73.898
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49.468 |
18.200 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
2.700 |
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TOTAL |
267.782 |
285.255 |
210.600 |
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PROFIT
& LOSS ACCOUNT
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PARTICULARS |
31.03.2005 |
31.03.2004 |
31.03.2003 |
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Sales Turnover [including other income] |
355.590 |
370.533 |
326.900 |
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Profit/(Loss)
Before Tax |
42.714 |
64.961 |
41.200 |
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Provision
for Taxation |
13.774 |
14.628 |
16.300 |
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Profit/(Loss)
After Tax |
28.940 |
50.333 |
24.900 |
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Export
Value |
64.752 |
50.628 |
NA |
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Import
Value |
100.803 |
133.757 |
NA |
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Total
Expenditure |
312.876 |
305.571 |
325.800 |
QUARTERLY
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PARTICULARS |
30.06.2005 [1ST Quarter] |
30.09.2005 [2nd Quarter] |
31.12.2005 [3rd Quarter] |
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Sales Turnover |
65.600 |
94.700 |
99.200 |
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Other Income |
1.800 |
2.600 |
4.800 |
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Total Income |
67.400 |
97.300 |
104.000 |
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Total Expenditure |
52.700 |
78.400 |
78.900 |
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Operating Profit |
14.700 |
18.900 |
25.100 |
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Interest |
1.000 |
1.200 |
1.100 |
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Gross Profit |
13.700 |
17.700 |
24.000 |
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Depreciation |
4.200 |
4.100 |
4.400 |
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Tax |
3.800 |
5.000 |
6.800 |
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Reported PAT |
6.600 |
8.200 |
12.800 |
200506
Quarter 1
- Expenditure Includes (Increase)/Decrease in Stock in Trade Rs (4.150)
million Consumption of Raw Materials Rs 31.020 million Power & Fuel Rs
5.755 million Staff Cost Rs 8.789 million Other Expenditure Rs 11.246 million
Tax Includes Provision for Current Tax & Fringe Benefit Tax Rs 3.775
million Deferred Tax Rs (0.885) million Status of Investor Complaints for the
quarter ended June 30, 2005 Complaints Pending at the beginning of the quarter
Nil Complaints Received during the quarter 02 Complaints disposed off during
the quarter 02 Complaints unresolved at the end of the quarter Nil 1. The above
results were taken on record by the Board of Directors in their meeting held on
July 29, 2005. 2. Figures have been regrouped wherever necessary to make them
comparable with those of the previous period / year. 3. The activities of the
Company are only in one segment, namely Toners & Developers. 4. The
Quarterly results for the period ended June 30, 2005 are subject to review by
the Auditors. 5. The above results do not include the effect of transaction of
ITDL (U.S.A) Inc, wholly owned subsidiary, as it is yet to Commence its
activities. 6. The Company has decided to do trading in photocopier accessories
/ spares.
200509
Quarter 2
- Expenditure Includes (Increase)/Decrease in Stock in Trade Rs 2.277
million Consumption of Raw Materials Rs 40.277 million Trading purchase Rs
0.980 million Power & Fuel Rs 7.277 million Staff Cost Rs 9.229 million
Other Expenditure Rs 18.354 million Tax Includes Provision for Current Tax
& Fringe Benefit Tax Rs 4.991 million Deferred Tax Rs 0.374 million EPS is
Basic & Diluted Status of Investor Complaints for the quarter ended
September 30, 2005 Complaints Pending at the beginning of the quarter Nil
Complaints Received during the quarter 02 Complaints disposed off during the
quarter 02 Complaints unresolved at the end of the quarter Nil 1. The above
results were taken on record by the Board of Directors in their meeting held on
October 31, 2005. 2. The above financial result are suject to review by the
Auditors. 3. Figures have been regrouped wherever necessary to make them
comparable with those of the previous period. 4. The activities of the Company
are mainly only in one segment, namely Toners & Developers. 5. The above
results transactions do not include the effect of transaction of
ITDL (USA), 100% subsidiary,of the Copany in view of the insignificant
transaction there.
KEY
RATIOS
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PARTICULARS |
31.03.2005 |
31.03.2004 |
31.03.2003 |
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Debt
Equity Ratio |
0.22 |
0.45 |
0.75 |
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Long
Term Debt Equity Ratio |
0.15 |
0.36 |
0.72 |
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Current
Ratio |
1.05 |
0.99 |
1.29 |
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TURNOVER
RATIOS |
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Fixed
Assets |
1.13 |
1.24 |
1.34 |
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Inventory
|
5.04 |
5.43 |
5.62 |
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Debtors |
7.12 |
7.91 |
6.62 |
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Interest
Cover Ratio |
8.75 |
9.65 |
4.96 |
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Operating
Profit Margin (%) |
18.87 |
25.26 |
20.45 |
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Profit
Before Interest and Tax Margin (%) |
14.21 |
21.34 |
16.65 |
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Cash
Profit Margin (%) |
13.20 |
18.74 |
11.84 |
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Adjusted
Net Profit Margin (%) |
8.54 |
14.82 |
8.03 |
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Return
on Capital Employed (%) |
20.30 |
32.02 |
24.93 |
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Return on Net Worth (%) |
14.85 |
32.17 |
20.74 |
STOCK PRICES
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Face
Value |
Rs.10/- |
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High |
Rs.30.60/- |
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Low |
Rs.29.00/- |
LOCAL AGENCY
FURTHER INFORMATION
History:
Sushil
Jain is the Chairman & Managing Director of the Indian Toners and
Developers Limited was incorporated in the year 1990. The company is mainly
engaged Manufacturing of Toners for Photocopiers and also Developers of
Photocopiers.During the year 2001 the company's total turnover increased by
7.9% compared to previous year turnover of Rs.255.800 Millions This slight
increase was due to tough competition in the market and import of toner by
traders,
The company has decided to install a Pilot Plant to develop new quality
products at competitive prices. The company is also planning to import
substitution of plant/machinery items by developing indigenous ones for economy
in working.
The total Equity Share Capital of the Company till March 2001 was
Rs.80.6 Millions ,consisting of 8058900 equity shares of
Rs.10/- each.
The company’s fixed assets of important value
include land, building, plant and machinery, electric installations, furniture
and fixtures, office equipments and vehicles.
Operation
During the year under review, the
Companyachieved a turnover of Rs. 338.600 Millions which was almost equal to
the last year. However quantity wise sales was more by 7.62% than last year but
pressure on selling prices, affected the profits of the Company in comparison
to the last year. The production during the year increased to 612 MT as against
559 MT of the last yean. Though the production and sales have increased in
terms of quantity but the per unit sales realization has fallen due to tough
competition in the market, import of toner by traders and increase in the
prices of some of the major raw materials . However, it will be the efforts of
the management to maintain the previous level of profits in the Current Year by
increasing the volume of sales of value added products in domestic and
international markets, tight control on expenses and lower interest cost.
FUTURE OUTLOOK AND PLANS
Tough competition in the market specially from
the import of Toners by the traders will continue to be a challenge for the
Company. The only solution is to increase their market share by more
production, development of new products including Toners for the upcoming new
generation and Digital Machines and Laser Printers. Keeping this in mind, the
Company has taken steps to increase its manufacturing
capacity and export turnover. In the last
report, you were informed about the Company's plan to add a Kneader in the manufacturing line to increase the Toner
Manufacturing capacity to 1200 MT. During
the year, the orders were placed for the Import
of this extruder which has already been shipped and will be received,
installed, and start functioning by August, 2005. The Company has also set up a
wholly owned subsidiary in USA by the name of ITDL (U.S.A.), Inc. with a view
to enter into the North & South American Market. It should hopefully start
giving results in 2005-2006 and help in boosting the
exports of the Company. As mentioned earlier, the Company has been
participating in exhibitions all over the world. It has helped to
attract/contact new customers and to introduce new products in the
international market. The fight against clandestine import by unethical means
is an ongoing process and the Company is quite hopeful that inspite of these
odds, it will be able to manage and maintain its race to increase its turnover
and profits by increasing its market share both in domestic and international
markets. Customers' satisfaction, strengthening the established brand image by
offering customers quality products at reasonable prices is the continuing aim
of the Company. Expansion of the distribution channels to ensure faster
service, more effective distribution, better presence and greater market
penetration is a continuous process.
RESEARCH AND DEVELOPMENT ACTIVITIES
Research and Development has always been the
cornerstone of the Company's success. With the help of the Pilot Plant, the
Company has successfully developed new quality products at competitive
prices to face the global competition and is
very optimistic to develop many more products in the times to come. The R &
D center has strengthened its professionals in delivering new and higher quality
products and thus maintained their privileged standing with their valued
customers. Recognition by the Department of Scientific and Industrial Research,
Ministry of Science & Technology to the In - House R & D Unit on
10.12.2004 has added one more feather to the cap of the Research &
Development Centre. During the year the Company has incurred R & D expenses
of Rs. 50301377- in various heads (including Raw Material Consumption of Rs.
391058) in addition to Rs. 5381937- for purchase of capital items. The Company
has exhaustive programme of R & D activities in the coming years.
INDUSTRY AND OUTLOOK
The Company manufactures Compatible Toners and
Developers for Photocopiers, Laser Printers and Digital Printers. Jhe Industry
is affected by the clandestine import of Toners by under invoicing, by the
traders,leading to tough competition in the market. The long term aim of the
'Company is tostreng then its established brand image by offering customers
quality products atreasonable prices. The aim of the Quality Policy of the
Company is to provide satisfaction to its customers. To achieve this, the
Company is
committed to develop, produce and market
products that cater continuously to the need and
expectations of customers and succeed in giving
the Company competitive advantage. The Pilot Plant installed by the Company is
giving good results as the Company has developed several new products at
competitive prices which will help in facing competition and boosting export.
The Company has already
added a Milling Plant in the last year and a
Kneader will be added by August, 2005 in the Manufacturing line to increase the
Toner Manufacturing Capacity to 1200 MT. The Company has also set up a wholly
owned subsidiary in USA by the name ITDL (U.S.A.), Inc. with a view to enter
into the North & South
American Market. It should hopefully start
giving results in 2005 - 2006 and help in boosting the exports.
RISKS & CONCERNS
Nearly 70% of the Company's sales is within
India and hence the growth and profitability of the Company depends upon the
growth of the Indian economy. Since 100% raw materials of the Company is
imported, Foreign Exchange fJuctuations, increase in oil prices and
international freight etc. may have adverse
affect on the costing of the Co.'s products. The
Company's ability to pass on the cost increase
by corresponding increase in the selling prices
of its products is constrained due to tough competition in the market.
Unfavourable trends in import tariffs on raw materials and products may
adversely
affect the input cost or sales realization
thereby reducing the profitability.
OPPORTUNITIES
Exports present the biggest opportunity for the
Company for increasing the capacity utilisation and improving profitability.
The Company is taking steps to increase its presence in other countries Setting
up a wholly owned subsidiary in USA is one step in this direction. In the
domestic market, the Company aims
to achieve a larger share and also develop new
value added products for specific applications.
FINANCIAL PERFORMANCE
The sales (including Excise Duty) for the year
was Rs. 338.600 Millions as compared to Rs. 339.200 Millions for previous year.
The Company earned a profit before tax of Rs. 42.700 Millions as
compared to Rs. 65.000 Millions for the
previous year. The factors contributing to lower profitability include low
realization due to pressure on selling prices, increase in the prices of some
of the major raw materials and tough competition from traders who import toner
by adopting unethical practices. Repayment of loans to Financial Institutions
including ECB and improved liquidity resulted in significantly lowering the
interest cost.
As per Website Details:
ITDL
will shortly obtain the ISO 9001:2000 certification – company has planned
for.....
We
are introducing shortly toner for Brother.
News
We have
introduced the following new toners :
1) Kyocera Mita 2530/3530/4030/3035/4035/5035
2) HP-1160/1320
3) SHARP AL-1000
4) SHARP AR-160/161
5) XEROX XD-100/102
News
ITDL will shortly
obtain the ISO 9001:2000 certification – company has planned for implementing
the Quality Management Systems conforming to ISO – 9001:2000 and expect to
receive the certificate from a reputed certifying body very shortly.
News
ITDL is
in the process of shortly introducing a representative office in China – in
order to cater to the needs of the customers in China and establish new and
successful business relationships.
Company
Profile
Indian
Toners and Developers Limited (ITDL), was incorporated in 1990 as a Public
Limited Company with more than 18000 shareholders. ITDL is a leading
manufacturer of compatible black toners for Photocopiers, Laser Printers,
Digital Machines and Multi Function Printers.
ITDL
is an entrepreneurial venture, which was founded by its Chairman & Managing
Director, Mr. Sushil Jain, a technocrat with an innovative vision. Quality
consciousness, dedication to technological progress and determination for
satisfaction of its customers, shareholders and employees underline the values
set forth by its founder.
Employing
a highly automated and integrated Swiss/German plant, ITDL had a capacity to
produce 650 mt of toners per annum, which in the year 2004-05 was augmented to
1200 mt . With its vast experience in the industry along with an efficient and
sound technical team, ITDL is poised for further expending its capacity to meet
the growing needs of the market.
Research
and Development has been the cornerstone of ITDL's success. Backed by a pilot
plant and know how assistance from Japan, ITDL is well equipped to
develop a wide range of toner products to meet the emerging needs of the
market. Raw materials are sourced from world-renowned manufacturers in Japan,
Germany and The United States of America.
Being
the First Company of its kind, ITDL thus came onto the Indian business scenario
as a pioneer in this highly technical field and since then has established
itself firmly as the leader in the domestic market with the single largest
market share. ITDL has the most widespread network of dealers numbering 500,
which is constantly growing, present in every nook and corner of the country.
With its head office based in New Delhi, ITDL has 14 C&F Agents catering to
the needs of various States in the country. The sales team of the company
comprises of around 150 people stationed in various parts of India to look
after the sales of the company's products. The regional offices of the company
are located in the 4 Metropolitan cities of India – Delhi, Mumbai, Chennai and
Kolkata. ITDL has a strong work force of employees in excess of 250.
Having
established itself as a pioneer in the domestic market, ITDL exports toners and
developers of best quality standards for use in various international makes and
models of Photocopiers, Laser Printers and Digital Machines to more than 29
countries in the world. The Government of India has awarded ITDL for its
“Excellence in Export Performance” for 3 consecutive years. ITDL USA was
incorporated in the year 2004 as a wholly owned subsidiary of ITDL, India. The
company also has a representative office in Singapore as well as sole
distributors in U.A.E and Singapore.
The
company has recently introduced premier quality consumables for laser printer
cartridges – OPC Drums, Doctor Blades and Wiper Blades. The consumables
represent highly sophisticated technology, which are used in laser cartridges.
Every
department of ITDL consists of a team of highly experienced and dedicated
professionals in order to maintain a privileged relationship with the large and
ever growing family of valued and satisfied customers.
ITDL Culture and Vision
ITDL Culture - to meet and surpass customer
expectations by consistently providing them with excellent quality products and
customer satisfaction.
Vision – to be one of the premier toner manufacturers
in the world. We also plan to open offices in Europe and China shortly in order
to further expand their global presence.
Quality
Control
INDIAN
TONERS & DEVELOPERS LTD takes steps to ensure that Toners supplied to both
Indian and the export markets are made to OEM's standards for copy quality and
yield. Their QC Lab consists of hundreds of different machines (including laser
printers, and copiers) on which the final toner is tested.
Right
from the initial stages, all raw materials are tested for various parameters.
During the production process, samples are drawn at different stages and
analyzed for their physical, electrical and thermal specifications.
Every
batch of toner is subjected to intensive tests for various important factors
and parameters including Particle Size Distribution, Tribo Electric Charge,
Melt Flow Index, Dielectric Constancy Properties, Magnetic Content, Black
Density, Flowability, Fixing Quality and copy volume.
INDIAN
TONERS & DEVELOPERS LTD products are manufactured under strict quality
control standards. However, the performance & suitability of a product for
customer purpose depends on particular conditions of use. As such we suggest
that customers test and evaluate products to ensure their suitability, meeting
their requirements in all aspects.
R&D
Research
& Development has been the cornerstone of ITDL's success. Great emphasis is
given to the experience and expertise of all the dedicated professionals in
every department in order to maintain our privileged standing with our valued
customers. The company's focused R&D efforts, backed by a pilot plant,
technical assistance from Japan and feedback from customers help us to
continuously expand our product range to meet the emerging needs of the market.
Our in-house R&D facility is recognized by the Government of India.
Continuous
R&D is carried out to develop new toner formulations, comparable or even
better than the OEM's quality. As a result of our ongoing R&D efforts, they
have been constantly expanding our product range for use in Laser printers, and
also for the upcoming Digital machines and Multi Function Printers.
Domestic
Indian
Toners and Developers Limited, is the leading manufacturer of compatible black
toner for Photocopiers, Laser Printers, Digital Machines and Multi Function Printers.
It is sold under the brand name of Supremo in the domestic
market. It has established itself firmly as the leader in the domestic market
with the single largest market share.
The
company has recently introduced consumables for laser printer cartridges – OPC
Drums, Doctor Blades and Wiper Blades.
ITDL has
the most widespread network of dealers numbering 500 present in every nook and
corner of the country. With its head office based in New Delhi, ITDL has 14
C&F Agents catering to the needs of various States in the country. The
sales team of the company comprises of 150 people stationed in various parts of
India to look after the product sales of the company. The regional offices of
the company are located in the 4 Metropolitan cities of India – Delhi, Mumbai,
Chennai and Kolkata. ITDL has a strong work force of employees in excess of
250.
International
ITDL exports toners
and developers of best quality standards for use in various international makes
and models of Photocopiers, Laser Printers and Digital Machines to more than 29
countries in the world. The Government of India has awarded ITDL for its
“Excellence in Export Performance” for 3 consecutive years. ITDL USA was
incorporated in the year 2004 as a wholly owned subsidiary of ITDL, India. The
company also has a representative office in Singapore as well as sole
distributors in U.A.E and Singapore.
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.45.52 |
|
UK
Pound |
1 |
Rs.85.79 |
|
Euro |
1 |
Rs.58.46 |
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 |
7 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--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 |