MIRA
INFORM REPORT
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Report Date : |
11.04.2007 |
IDENTIFICATION
DETAILS
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Name : |
KALA JYOTHI PROCESS PRIVATE LIMITED |
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Registered Office : |
1-1-60/5RTC X Roads, Musheerabad, Hyderabad, Andhra Pradesh |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
11.09.1989 |
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Com. Reg. No.: |
10439 |
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CIN No.: [Company
Identification No.] |
U22211AP1989PTC010439 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
HYDK00266A |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Multi Color Offset Printing and Service activities |
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 590000 |
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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 records. 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 : |
1-1-60/5RTC X Roads, Musheerabad, Hyderabad :500020, Andhra Pradesh |
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Tel. No.: |
91-40-27645536 |
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Fax No.: |
91-40-27612323 |
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E-Mail : |
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Website : |
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Branches : |
S. No:185, Kondapur R.R. Dist. 500 133 A.P. |
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Tel. No.: |
91-40-23010861 |
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Fax No.: |
91-40-23010864 |
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Branches : |
701, Satyam Apt., Subash Cross Road, Vile Parle (E), Mumbai:400057 |
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Tel. No.: |
91-22-26825052 |
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Fax No.: |
91-22-26826957 |
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E-Mail : |
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DIRECTORS
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Name : |
Mr. Bapanna Alapati |
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Designation : |
Managing Director |
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Address : |
Plot No337 A, Road No:10, Jubilee Hills, Hyderabad, Andhra
Pradesh:500034 |
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Date of Birth/Age : |
15.02.1960 |
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Date of Appointment : |
12.02.1996 |
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Name : |
Mr. Devendranath Alapati |
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Designation : |
Whole time Director |
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Address : |
B-17, Journalist Colony, Jubilee Hills, Hyderabad:500034, Andhra
Pradesh |
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Date of Birth/Age : |
18.09.1953 |
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Date of Appointment : |
11.09.1989 |
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Name : |
Mr. Ramnath Alpati |
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Designation : |
Whole Time Director |
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Address : |
Plot No:337 A Road No:10, Jubliee Hills, Hyderabad:500034, Andra
Pradesh |
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Date of Birth/Age : |
23.12.1978 |
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Date of Appointment : |
25.07.1998 |
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MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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A Devendranath |
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2077100 |
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A Bapanna |
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3124105 |
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A. Ratna Kumari |
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281300 |
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A. Annapurna |
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441480 |
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A. Girija |
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37495 |
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A. Ramnath |
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836010 |
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A. Kala Jyothi |
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102510 |
BUSINESS DETAILS
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Line of Business : |
Printing and Service activities |
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Products : |
Printing Services |
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GENERAL
INFORMATION
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No. of Employees : |
About 200 |
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Bankers : |
State Bank of India Saifabad (Hyd SIB) Branch Haca Bhavan Hyderabad |
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Facilities : |
-- |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
M/s Seshachalam And Company Chartered Accountant |
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Address : |
97 S.P. Road, Secunderabad:500003, Andhra Pradesh |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
8,000,000 |
Equity Shares |
Rs.10/- each |
Rs.80.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
6900000 |
Equity Shares |
Rs.10/- each |
Rs.69.000 Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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69.000 |
69.000 |
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2] Share Application Money |
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0.000 |
0.000 |
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3] Reserves & Surplus |
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78.549 |
65.182 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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147.549 |
134.182 |
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LOAN FUNDS |
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1] Secured Loans |
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196.637 |
136.719 |
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2] Unsecured Loans |
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65.841 |
11.984 |
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TOTAL BORROWING |
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262.478 |
148.703 |
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DEFERRED TAX LIABILITIES |
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41.887 |
39.790 |
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TOTAL |
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451.914 |
322.675 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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374.095 |
249.499 |
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Capital work-in-progress |
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8.635 |
0.000 |
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INVESTMENT |
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0.103 |
0.103 |
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DEFERREX TAX ASSETS |
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0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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26.007 |
17.481 |
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Sundry Debtors |
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69.848 |
47.883 |
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Cash & Bank Balances |
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0.572 |
1.305 |
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Other Current Assets |
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0.000 |
0.000 |
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Loans & Advances |
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53.132 |
39.115 |
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Total
Current Assets |
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149.559 |
105.784 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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74.183 |
29.732 |
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Provisions |
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6.330 |
3.480 |
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Total
Current Liabilities |
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80.513 |
33.212 |
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Net Current Assets |
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69.046 |
72.572 |
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MISCELLANEOUS EXPENSES |
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0.035 |
0.501 |
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TOTAL |
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451.914 |
322.675 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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Sales Turnover |
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297.388 |
328.010 |
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Other Income |
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4.000 |
1.231 |
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Total Income |
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301.388 |
329.241 |
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Profit/(Loss) Before Tax |
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20.515 |
40.943 |
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Provision for Taxation |
|
7.131 |
8.543 |
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Profit/(Loss) After Tax |
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13.384 |
32.400 |
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Earnings in Foreign Currency : |
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Export Earnings |
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13.042 |
96.458 |
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Commission Earnings |
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0.000 |
0.000 |
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Other Earnings |
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0.000 |
0.000 |
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Total Earnings |
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13.042 |
96.458 |
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Expenditures : |
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Cost of Goods Sold |
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Manufacturing Expenses |
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Administrative Expenses |
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Raw Material Consumed |
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Purchases made for re-sale |
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Consumption of stores and spares parts |
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Increase/(Decrease) in Finished Goods |
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238.525 |
248.769 |
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Salaries, Wages, Bonus, etc. |
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Managerial Remuneration |
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Payment to Auditors |
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Interest |
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Insurance Expenses |
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Power & Fuel |
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Depreciation & Amortization |
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Other Expenditure |
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Total Expenditure |
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238.525 |
248.769 |
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KEY RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
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4.44 |
9.84 |
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Net Profit Margin (PBT/Sales) |
(%) |
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6.89 |
12.48 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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3.91 |
11.52 |
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Return on Investment (ROI) (PBT/Networth) |
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0.13 |
0.30 |
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Debt Equity Ratio (Total Liability/Networth) |
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0.54 |
0.24 |
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Current Ratio (Current Asset/Current Liability) |
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1.85 |
3.18 |
LOCAL AGENCY
FURTHER INFORMATION
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Name of the company |
M/s.Kala Jyothi Process
Private Limited |
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Presented By |
Mr. A. Bapanna
Managing Director |
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1) Date and description of instrument creating the change |
General agreement for the grant Industrial advanced. Hypothecation of movable
properties like book debts, Stocks etc.dt:07.12.1989 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Import Rs.4.000 Millions Total: Rs.4.000 Millions |
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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
all movable assets what present or future such as raw material, semi finished
and finished goods and receivables |
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4) Gist of the terms and conditions and extent and operation of the charge. |
1) Requirement on
Demand: 2) Rate of
Interest 2.75% above SBAR and of 17.75% |
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5) Name and Address and description of the person entitled to the charge. |
State bank of
India Saifabad (hyd Branch Hac Bhavan
Hyderabad. |
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6) Date and brief description of instrument modifying the charge |
Agreement of loan
for overall limits: Dt.02.07.2005
(form C.I) Agreement of
Hypothecation of goods and assets dt.02.07.05 (form C3) Letter regarding
the grant of individual limits within the overall limit dt:02.07.05.2005
(form C5) |
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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. |
1) The credit facilities continue as
follows
2) Extent and operation of the charge is
as follows: A) For Cash Credit i) Primary
Security- Hypothecation of all chargeable current assets. a) EM of land and
building at 1-1-60/5. Musheerabad, RTC X Roads. Hyderabad. b) EM of land and
building at 1-1-60/6 adjacent to city press Musheerabad. RTC X Road Hyderabad c) EM of land
admeasuring Ac.2.85 with building at S.No.185. Kondapur village
Serilingampalli Muncipality RR D d) EM of land
admeasuring Ac. 2 and 16.2 gunats at S.No.185. adjacent to suburban press Kondapur
village. Serilingampad Muncipality RR Dt. e)EM of land
admeasuring Ac.1and 4 gunts at S.No.185. Kondapur village. Serilinganpalli
Muncipality RR Dt. f) EM fo land
admeasuring 8 kanals located at Chauma village Gurgaon. g) Charge on
machinery and equipment situated at city press and kondapur press. h) Charge on
furniture, fixture, electrical installation, office equipments, computers,
situated at city pressand kondapur press. B) For Export Packaging Credit: i)Primary
Security- Stock and export debtors covered under EPC ii) Collateral
Security: As applicable to cash credit (Hy. Of stocks and books debts)limits C) For Standby Line of Credit and Standby
limit: i) Primary
Security – charge on current assets of the company. ii) Colleteral
Security- As applicable to Cash Credit (Hyp of stock and book debts) Limits D) For Term Loans- 1,2,3 and Corporate
Loan: i) Primary
security – i) EM of company’s land and buildings at Musheerabad and Kondapur
and Gurgaon .ii) exclusive charge on company’s plant and machinery and other
Fas located at Musheerabad and Kondapur (hyd) ii) Colleteral
Security – Extension of charge on all the current assets of the company which
are the primary securities for the working capital facilities. E) For LCs: i) Primary security:
stock covere under FLC/Lc ii) Colleteral
Security – As applicable to Cash Credit Limits F) Bank Guarantees: i) Primary and
collateral Security As applicable to Cash Credit (Hyp. Of Stock and Book
debts)m Limits. 3. Term and conditions: i. Working
Capital- Repayable on Demand. Rate of Interest is 9.75% ii. Term Loan- 1-
repable qtly at Rs. 8.66 each iii. Term Loan-2-
repayable in 24 quarterly installments first 23 installments a Rs. 4.542
Millions each and the last installments is of Rs. 4.534 Millions commencing
form 31.12.2003 Rate fo Interest is 10.25% iv. Term Loan-3
repyable in 24 qtly Installments first 12 installments a Rs. 1.000 Millions
each next 11 installments at Rs. 2.800 Millions and the last installments is
of Rs.2.700 Millions commencing from June.05.Rate of interest is9.75% v. Corporate
Loan- repayable in 10qtly installments @ Rs.2.000 Millions each commencing
from 01.04.2006 (moratorium period of 2 yrs and 4 mths) Rate of interest is
10.25% vi. standby Line
of Credit- repayable within 60 days (maximum period) and can be availed for 3
times in a calander year. Rate of interest I s10.25%] vii. Export
Packing Credit-upto 180 days Rate of interest is 6.50% p.a with monthly rests
beyond 180 days 8.15% p.a |
About Them
They are a multicolour offset printing company established
in the year 1946. What started with a small letter press is today one of South
India's largest commercial printing companies which specialises in all forms of
offset printing i..e, Sheetfed (conventional and U.V ) and Webfed (coldset and
heatset). They have two fully integrated printing facilities in Hyderabad, A.P,
India with state of the art prepress, press and postpress facilities.
Kala Jyothi has been certified as an ISO 9001: 2000 printing facility by UKAS,
and ANSI in the year 2002 and has since exported millions of dollars of printed
products worldwide.
Kala Jyothi employs 300 people of which many are engineers with graduate degrees and diploma holders in printing technology. Kala Jyothi believes in continuous training of its workforce and encourages staff to update their skills and knowledge by both in house programmes and also deputing them to conferences, seminars, training programmes and international exhibitions. Such an approach has resulted in keeping abreast of the latest in the world of graphic arts.
Absorbing new technology is a continuous processes at Kala Jyothi. No wonder
they are the pioneers among commercial printers in India to adopt heatset
printing way back in 1996. Kala Jyothi is proud to be the first commercial
printer in India to venture into U.V sheetfed printing with the commissioning
of the state of the art new Mitsubishi Diamond LS 3000 press. (Configuration: 6
Colours + cylinder extension + Anilox roller coater with extended delivery).
This press is equipped with inter deck U.V. dryers and end of press U.V. and
I.R. dryers, complete with temperature controlled ink train and with closed
loop Mitsubishi Colour Control System.
What They Do
Design to delivery aptly sums up what they do. From a few
copies of the personal stationery to a hundred thousand plus copies of 24 page
broadsheet newspaper in colour. It is all in a days (or should they say nights)
work at Kala Jyothi. They work 24x7 to ensure the books, magazine, posters,
brochures, labels, cartons, stickers, danglers etc., are printed packed and
delivered on time, every time. Some of their products are shown in Gallery.
Prepress services: Highly skilled
staff using popular design softwares offer customised solutions to their
clients. Accurate digital proofs are generated on a range of proofing machines
which are often calibrated to their presses.
In case you send the own digital artwork, they preflight it and if required,
rectify errors, rescan the images on their highend drum scanner and give you a
digital proof. They output from Computer to Film (CTF) or Computer to Plates
(CTP).
Print services: They print on coated
and uncoated paper and board, plastics, metalised PVC, Newsprint, LWC both reel
and sheet form. They print upto 6 colour in one pass and do aqueous and U.V
coating in line.
Postpress: Enhancement is the name
of the game. To add that extra zing and special effects to the job they have
what it needs. Be it gold foiling, U.V. Spot varnishing, die punching,
embossing, perfect binding or thermal lamination their finishing department
adds that little bit extra touch to make the printed product stand out.
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.42.86 |
|
UK Pound |
1 |
Rs.84.40 |
|
Euro |
1 |
Rs.57.53 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
|
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
48 |
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 |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|