MIRA
INFORM REPORT
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Report Date : |
20.08.2007 |
IDENTIFICATION DETAILS
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Name : |
VERSATILE CARD TECHNOLOGY PRIVATE LIMITED |
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Formerly Known As : |
CREATIVE AUTOMATION PRIVATE LIMITED |
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Registered Office : |
51, |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
06.01.1998 |
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Com. Reg. No.: |
18-39730 |
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CIN No.: [Company Identification No.] |
U30006TN1998PTC039730 |
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IEC No.: |
0400011328 |
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TAN No.: [Tax Deduction & Collection Account No.] |
CHEV2414G |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturers and Exporters of PVC Sheets, Overlay, paper
Board and Plastic Cards. |
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 1200000 |
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Status : |
Good |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a well established company having satisfactory
track records. Trade relations are fair. General financial position is
satisfactory. Payments are usually correct and as per commitments. The company can be considered good for normal business
dealings at usual trade terms and conditions. |
LOCATIONS
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Registered Office : |
51 -
B, |
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Tel. No.: |
91-44-24781551 / 22336233 / 34
/ 35 / 25019435 |
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Mobile No.: |
91-98400 85209 |
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Fax No.: |
91-44-24781561 |
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E-Mail : |
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Website : |
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Area
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21000 sq. fts. |
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Location: |
Owned |
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Factory 1 : |
AC 21 Fourth |
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Tel. No.: |
91-44-2478 1551 / 24781559 |
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Fax No.: |
91-44-2478 1571 / 24781561 |
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Area
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126440 sq. ft. |
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Location: |
Owned |
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Branch office : |
15 & 16, Dr. |
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Tel. No.: |
91-44-28158799 |
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Branch office : |
6-B, Sriram Nagar, Chennai – 600 039, |
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Tel. No.: |
91-44-25515656 |
DIRECTORS
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Name : |
Mr. Pethinaidu Veluchamy |
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Designation : |
Director |
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Address : |
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Date of Birth/Age : |
30.12.1945 |
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Qualification : |
M.S. |
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Date of Appointment : |
06.01.1998 |
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Name : |
Mrs. Parmeswari Veluchamy |
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Designation : |
Director |
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Address : |
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Date of Birth/Age : |
12.03.1948 |
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Qualification : |
B. Sc |
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Date of Appointment : |
06.01.1998 |
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Name : |
Mrs. Mahalakshmi Parthasarthy |
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Designation : |
Director |
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Address : |
24, Karpagambal Nagar,
Mylapore – 600 004, Chennai, Tamil |
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Date of Birth/Age : |
25.03.1955 |
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Date of Appointment : |
06.01.1998 |
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Name : |
Mr. K. G. Parthawarathy |
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Designation : |
Director |
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Address : |
24, Karpagambal Nagar,
Mylapore – 600 004, Chennai, Tamil |
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Date of Appointment : |
06.01.1998 |
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Name : |
Mr. Pushparaj Venkitasamy |
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Designation : |
Director |
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Address : |
10, South 280, |
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Qualification : |
B.E. |
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Date of Appointment : |
27.05.2000 |
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Name : |
Ms. N. Bhuvaneswari |
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Designation : |
Director |
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Address : |
No. 5 DA Nithya Flats, |
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Qualification : |
10.09.1979 |
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Date of Appointment : |
26.10.2002 |
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Date of Ceasing : |
03.01.2004 |
KEY EXECUTIVES
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Name : |
Mr. Push |
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Designation : |
President |
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Email : |
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Name : |
Mr. Pothiraj.
R |
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Designation : |
CEO and CISO |
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Email : |
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Name : |
Mr. Sridhar.
T.S |
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Designation : |
Vice President - International
Sales and Marketing |
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Email : |
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Name : |
Mr. Dinesh
Kumar. H |
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Designation : |
Business Development Manager |
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Email : |
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Name : |
Mr. Manoj
Mathew |
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Designation : |
GM - Operations |
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Email : |
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Name : |
Mr. Giri. B.K |
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Designation : |
GM - Quality and Information Systems |
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Email : |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
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No.
of Shares |
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Mahalakshmi |
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1 |
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Parthasarathy |
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1 |
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Joint Holders – Mr. Pethinaidu Veluchamy and Mrs.
Parameswari Veluchamy |
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8720900 |
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Total
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8720902 |
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Equity
Share Breakup |
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Category
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Percentage
of Holding |
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Directors or relatives of directors |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers and Exporters of PVC Sheets, Overlay, paper
Board and Plastic Cards. |
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Products : |
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Agencies Held : |
VCT, |
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Exports : |
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Products
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Plastic Cards |
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Countries
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Middle East Asian Countries, |
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Imports : |
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Products
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PVC Sheets and PVC Overlay |
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Countries
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Terms : |
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Selling
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L/C or Credit (90 days) terms |
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Purchasing
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L/C or Credit (90 days) terms |
PRODUCTION STATUS
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Particulars |
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Unit |
Installed Capacity |
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Laminates
Plastic Cards |
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Millions |
240 |
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UV
and Paper Cards |
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Millions |
180 |
GENERAL INFORMATION
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Customers : |
Buying Agents, Trading Firms, Government Bodies and
Bankers
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No. of Employees : |
400 |
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Bankers : |
Ř
Central Bank of Chennai – 600 006, Tamilnadu Ř
The ING Vysya Bank Limited 185, Mount Road, Near TVS,
Chennai – 600 002, Tamilnadu |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name
: |
V. Ramakrishnan Chartered Accountant |
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Address
: |
54, |
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Tel.
No.: |
91-452-2532288 / 89 |
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Memberships : |
ICMA |
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Parent Company: |
Versatile Card Technology VCT’s focus on the needs of the direct marketing industry meant
providing high quality card products delivered quickly and economically. The
VCT has been ready with new products. During the 80’s and early 90’s this
meant direct marketing and membership cards. In 1989 VCT became a Visa and MasterCard certified manufacturer
to meet the requirements for bank and retail credit cards. The early 90’s saw
the beginning of the telephone card market. Gift and loyalty cards started
being used in the mid 90’s as did the use of key tags to manage supermarket
loyalty programs. Each one of these products represented a new set of
challenges and opportunities that VCT worked closely with customers meet. One of the most significant developments at VCT has been
the addition of related accessories to the product line. The introduction of
smartcards offers amazingly vast array of new opportunities to consider. |
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Associates/Subsidiaries : |
v
Versatile Card Technology, Inc. Tel. (630) 852
5600 Fax. (630) 852
5817 Website. http://www.versacard.com v
VCT Goldbergweg 26, 71686 Tel. +49 7146 8976 20 Fax. +49 7146 8976 30 Website. http://www.plastikkarte.de v
Versatile Card Technology, 7/8 Kisim, Turkuaz Sitesi,
A-23-A Blok Daire 3, Atakoy 34750 Tel. +(90) 212 661 80 15 Fax.+(90) 212 661 19 89 v
Versatile Cards (S) Pte. Limited Golden Mile Complex,
Singapore-199588 Tel. +65 6774 4300 Fax. +65 6774 6400 |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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20,000,000 |
Equity Shares |
Rs.10.00 each |
Rs. 200.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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8,702,902 |
Equity Shares |
Rs.10.00 each |
Rs. 87.209 millions |
FINANCIAL DATA
[all
figures are in Rupees Millions]
ABRIDGED
BALANCE SHEET
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SOURCES OF FUNDS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
87.209 |
87.209 |
87.209 |
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2] Share Application Money |
110.133 |
108.087 |
108.087 |
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3] Reserves & Surplus |
122.889 |
102.372 |
86.287 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
320.231 |
297.668 |
281.583 |
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LOAN FUNDS |
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1] Secured Loans |
146.162 |
219.289 |
178.576 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL
BORROWING |
146.162 |
219.289 |
178.576 |
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DEFERRED TAX LIABILITIES |
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TOTAL |
466.393 |
516.957 |
460.159 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
365.682 |
401.879 |
329.693 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
88.682 |
81.809 |
75.106 |
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Sundry Debtors |
162.794
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104.620 |
48.395 |
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Cash & Bank Balances |
5.766
|
7.894 |
2.727 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
24.739
|
30.261 |
26.716 |
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Total Current Assets |
281.981
|
224.584 |
152.944 |
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Less :
CURRENT LIABILITIES & PROVISIONS |
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Current Liabilities |
180.663
|
109.453 |
22.211 |
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Provisions |
1.165
|
0.659 |
0.669 |
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Total Current Liabilities |
181.828
|
110.112 |
22.880 |
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Net Current Assets |
100.153
|
114.472 |
130.064 |
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MISCELLANEOUS EXPENSES |
0.558 |
0.606 |
0.402 |
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TOTAL |
466.393 |
516.957 |
460.159 |
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PROFIT
& LOSS ACCOUNT
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PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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Sales Turnover |
554.680 |
400.343 |
446.802 |
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Other Income |
1.787 |
8.284 |
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Total Income |
556.567 |
408.627 |
446.802 |
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Profit/(Loss) Before Tax |
20.517 |
16.165 |
73.482 |
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Provision for Taxation |
7.402 |
1.268 |
(21.686) |
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Profit/(Loss) After Tax |
13.115 |
14.897 |
95.168 |
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Export Value |
367.331 |
273.813 |
214.174 |
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Imports : |
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Raw Materials |
222.726 |
160.197 |
69.520 |
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Stores & Spares |
66.870 |
92.543 |
52.966 |
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Total Imports |
289.596 |
252.740 |
122.486 |
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Expenditures : |
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Depreciation and Financial Charges |
63.230 |
52.766 |
30.602 |
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Interest |
0.000 |
0.000 |
17.423 |
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Administrative, Selling and Other Expenses |
472.720 |
339.696 |
173.036 |
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Total Expenditure |
535.950 |
392.462 |
221.061 |
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KEY
RATIOS
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
PAT / Total Income |
(%) |
2.36
|
3.65 |
21.30 |
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Net Profit Margin (PBT/Sales) |
(%) |
3.70
|
4.04 |
16.45 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
3.17
|
2.58 |
15.23 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.06
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0.05 |
0.26 |
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Debt Equity Ratio (Total Liability/Networth) |
|
1.02
|
1.11 |
0.72 |
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Current Ratio (Current Asset/Current
Liability) |
|
1.55
|
2.04 |
6.68 |
LOCAL AGENCY FURTHER INFORMATION
BUSINESS
The company has the most sophisticated card production
facility in
One of the company’s specialities is secure printing
including holograms. The degree of security in its facility is such that it
meets with the stringent security requirements of Visa International and other
international security organizations.
This method enables the company to supply short run orders
of 1000 cards per order to large run orders of many million cards per order
including personalization of variable data and pictures at relatively short
delivery time to the client.
The company offers its clients the following integrated
solution graphic design for cards, production, personalization, direct mailing
and smart cards.
The company produces quality product keeping in mind that
the customer needs them in the shortest possible time.
Its product range includes:-
v
Smartcards, Software and Gear
v
Personalization, Fulfillment and
Packaging
v
Credit, Debit and ATM Cards
v
Plastic Cards and Custom Tags
This company is a group company of Versatile Card
Technology, Inc.,
The company operates from a modern production facility
situated in the SIDCO Industrial Estate in Chennai, with state-of-the art
equipment to produce quality cards meeting international standards. Their
highly secured facility can design, print, manufacture, personalize and mail
plastic cards.
The company aims at servicing the Asian,
The company is a member of ICMA and is also certified by
VISA and MasterCard to produce transaction cards. The company produces the
highest quality cards with competitive pricing.
The company caters to many different types of organizations
that are in need of plastic cards. Those industries include Financial Services,
Telecommunication, Health Care, Retail Companies, Travel organizations and
Membership Industries.
The company has the capability to complete any size reissue
job on time, while at the same time, they are able to offer daily turn key
services for only card program. They offer a wide range of services which
includes cost-effective solutions for any card program such as Visa and/or
MasterCard, Credit Cards, Debit Cards, Check Cards, ATM cards, retail gift
cards, Health Care cards or travel/membership cards.
FIXED ASSETS
- Land
- Building
- Machinery
- Electrical
Equipments
- Air Condition
Unit
- Computer and
Accessories
- Furniture
& Fittings
- Office
Equipments
- Safety
Equipments
- Vehicles
Bankers Charges
Report as per Registry
|
This form is for |
Modification of
charge |
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Charge identification
number of the charge to be modified |
80008877 |
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Corporate
identity number of the company |
U30006TN1998PTC039730 |
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Name of the
company |
VERSATILE CARD TECHNOLOGY PRIVATE LIMITED |
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Address of the registered
office or of the principal place of
business in |
51, |
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Type of charge |
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Particular of
charge holder |
The ING Vysya Bank Limited 185, Mount Road, Near TVS, Chennai – 600 002, Tamilnadu |
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Nature of description
of the instrument creating or modifying the charge |
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Date of
instrument Creating the charge |
26.03.2007 |
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Amount secured by
the charge |
Rs. 275.270
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest CC : IVRR 2.5 %
p.a. LC as per bank
norms TL1 : IVRR 2.5 %
p.a. TLIII 3 months
Libor + 250 Bps TLIV : IVRR 2.5 %
p.a. Terms of
repayment CC, PCL, PSL,
ILC, LEF : On Demand TL : non change
in the terms of repayments Margin CC : 25 % on
stock and book debts PCL / PCFC : 10 %
PSL : Nil LC / BG 10 % in
term deposit Extent operation of
the charge Exclusive first
chare on current assets of the company both present and future First charge on
the book debts of the company Exclusive first
charge on the fixed assets of the company both present and future First charge on
the land measuring 2.919 acres comprised in survey no. 88 part, 89 part, 90
part and 91/1 part and 92 part in plot no. AC 21, situated at SIDCO
Industrial estate, Thirumudivakkam, Chennai
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Short particulars
of the property charged |
|
|
Date of latest
modification prior to the present modification |
30.05.2005 |
|
Particulars of
the present modification |
The total limit
has been revised to Rs. 275.270 Millions |
AS PER
WEBSITE
Subject is a chip
of the (g) old block, the famous Versatile Card Technology Inc.,
Triumphing and excelling at every competition, the Indian
Avtar - VCT, has gained the privilege of being the first and the only
manufacturer to be accredited by VISA and MASTERCARD International in
With a wide and impeccable range of products and services,
VCT has created a niche for itself in the market spanning the oriental, the Far
East and the
Service adding signature panels, bar codes, encoded magnetic strips and individual names on each card are coupled with numerous other specialties like difficult color matching, foil stamping, holograms, unusual die cuts and high resolution inkjet imaging. To help clients in their endeavor to reach out, VCT under takes personalizing cards, card carries and even mails them directly to customers pricing.
Touching newer and newer horizons and keeping abreast with latest technology and expertise that gives clients a competitive edge over the rest, VCT aims at building bridges towards better customer relationship.
Subject produces cards for every application: Banking, Telecom, Smart Cards, Contactless Cards, Identification, Retail, Loyalty, Direct Mail and other card applications. Subject offers complete fulfillment services and turkey solutions such as Chip Personalization, Embossing, Encoding, Photo Personalization, Thermal Printing, Inkjet, Indent Printing and Mailing.
Subject’s client
list includes the most prestigious banks and telecom companies in countries
extending from Asia, Middle East, Africa and
Subject is the only company in the Indian subcontinent approved to manufacture and personalize MasterCard and VISA cards. These certifying organizations demand strict compliance to rigorous security and quality standards.
At all stages of the card manufacturing process, security is considered paramount to safeguard both the product and the information required to manufacture it.
With proven expertise and in-depth understanding of the Asian market, Versatile Card Technology makes its reputation as a value-leader, through technical achievements and product innovation. At Subject, technology and quality are inseparable, adding value to the products at a competitive price.
Location
AC 21 Fourth
Facilities
65,000 square feet (Controlled atmosphere) built area, spread over 3 acres.
Capacity
400 Million Cards per Year
Workforce
220+ Strong, 3 Shifts
Equipment
Equipment they use in their manufacturing and personalization process:
- Fully equipped Pre-Press Department
- 8-color UV offset press
- 6-color UV offset press
- Silk Screen Press
- Automated gathering/Tape laying/Automated lamination facilities
- Punching machines for regular and special die-cut cards
- Hot foil stamping machines
- Hologram hot stamping machines
- Card counters
- Tools for embossing, encoding and insertions
- Inkjet printers
- Wrapping machines
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from
various sources including but not limited to: The Courts,
1] INFORMATION
ON DESIGNATED PARTY
No records exist designating subject or any of its
beneficial owners, controlling shareholders or senior officers as terrorist or
terrorist organization or whom notice had been received that all financial
transactions involving their assets have been blocked or convicted, found
guilty or against whom a judgement or order had been entered in a proceedings
for violating money-laundering, anti-corruption or bribery or international
economic or anti-terrorism sanction laws or whose assets were seized, blocked,
frozen or ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court
Declaration :
No records exist to suggest that
subject is or was the subject of any formal or informal allegations, prosecutions
or other official proceeding for making any prohibited payments or other
improper payments to government officials for engaging in prohibited
transactions or with designated parties.
3] Asset
Declaration :
No records exist to suggest that the property or assets of
the subject are derived from criminal conduct or a prohibited transaction.
4] Record
on Financial Crime :
Charges or
conviction registered against subject: None
5] Records
on Violation of Anti-Corruption Laws :
Charges or investigation
registered against subject: None
6] Records
on Int’l Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal
Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation
with Government :
No
record exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation
Package :
Our
market survey revealed that the amount of compensation sought by the subject is
fair and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report
:
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments
on Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the
interactions between a company’s management, its Board of Directors,
Shareholders and other financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local
laws, regulations or policies that prohibit, restrict or otherwise affect the
terms and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian
Rupees |
|
US Dollar |
1 |
Rs.41.57 |
|
|
1 |
Rs.82.14 |
|
Euro |
1 |
Rs.55.74 |
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 |
NO |
|
--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. |
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 |
|