MIRA
INFORM REPORT
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Report Date : |
28.09.2007 |
IDENTIFICATION DETAILS
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Name : |
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Registered Office : |
B-95, Wazirpur Industrial Area, |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
25.09.1969 |
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Com. Reg. No.: |
55-5126 |
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CIN No.: [Company
Identification No.] |
U74950DL1969PLC005126 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DELA11910D |
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Legal Form : |
Closely Held
Public Limited Liability Company |
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Line of Business : |
Printing, Publishing, Lithographing, Type Founding,
Photographic Printing and Electro-typing. |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Maximum Credit Limit : |
USD 2100000 |
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Status : |
Good |
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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 fine track. Trade relations are fair. Financial position is good. Payments are reported as slow but correct. The company can
be considered good for normal business dealings at usual trade terms and
conditions. |
LOCATIONS
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Registered Office : |
B-95, Wazirpur Industrial Area, |
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Tel. No.: |
91-11-27254550 / 27117594 / 27117443 / 27414843 / 27414835 / 23715871 |
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Fax No.: |
91-11-27138321 / 23712692 |
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E-Mail : |
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Website : |
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Head /
Corporate / Domestic Sales
Office : |
Madani Hall, 1, Bahadurshah Zafar Marg, |
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Tel. No.: |
91-11-23715871 /
23320772 / 23320789, |
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Fax No.: |
91-11-23712692 |
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E-Mail : |
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Factory : |
Plot No. 61, Sector 27 C, M-1, Thiruvika Industrial Estate, Chennai - 600 032, Tamilnadu |
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Branches : |
Ř
Tel. No. 91-33-22362878 / 22376369 / 22375415 Fax No. 91-33-22258901 / 22362079 Ř
A-220, Okhla Industrial Area, Phase - 1, Tel. No. : 91-11-26815122 / 26819238 Fax No. : 91-11-26815122 E-mail : aptc@ajantaoffset.com Ř
Madani Hall 1, Bahadurshah Zafar Marg, |
DIRECTORS
|
Name : |
Mr. Govind Prasad
Todi |
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Designation : |
Chairman &
Managing Director |
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Address : |
C-757, New Friends
Colony, |
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Date of Birth/Age : |
25.09.1949 |
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Date of Appointment : |
25.09.1969 |
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Name : |
Mr. Jagdish Narain Pathak |
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Designation : |
Director |
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Address : |
A-4A, Mahavir Vidyan Path, Bajaj Nagar, Jaipur, Rajasthan |
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Date of Birth/Age : |
17.02.1923 |
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Date of Appointment : |
19.12.1986 |
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Name : |
Mr. Deepak Mohan |
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Designation : |
Director |
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Address : |
B – 1238, Palam Vihar, Gurgaon – 122217, |
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Date of Birth/Age : |
22.06.1941 |
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Date of Appointment : |
27.11.1997 |
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Name : |
Mr. Radhakrishnan Vallavan |
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Designation : |
Director |
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Address : |
AP 292, Sector 8, K. K.
Nagar, Chennai, |
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Date of Birth/Age : |
26.09.1957 |
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Date of Appointment : |
06.06.1996 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
|
Sunil Agarwal |
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21092001 |
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Krishnan Kumar Agarwal |
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72004 |
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Equity Share
Breakup |
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Category |
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Percentage of
Holding |
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Public Financial Companies |
|
5.84 |
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Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
10.62 |
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Bodies corporate |
|
60.63 |
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Directors or relatives of directors |
|
19.66 |
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Other top fifty shareholders |
|
3.22 |
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Others |
|
0.03 |
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Total
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|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Printing, Publishing, Lithographing, Type Founding,
Photographic Printing and Electro-typing. |
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Products : |
Generic Names of the Principal Products / Services of the Company are:-
Ř Printed Calanders, Diaries, Books, Posters, etc. Ř Other Sales Ř Processing Printing |
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Imports : |
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Countries : |
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GENERAL INFORMATION
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Customers : |
Ř Pepsi Ř Sony Ř Caltex Ř Citibank Ř The World Bank |
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No. of Employees : |
400 |
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Bankers : |
Central Bank of Janpath, ING Vysya Bank Limited Narian Manzil Group Floor, Shop No. G 1 to G 5, 1st
Floor, Shop No. 1001 to 1007, State Bank of Industrial
Finance Branch, 1, Tolstoy Marg, Corporation Bank Industrial
Finance Branch, K. G. Marg, Exim Bank WTC, Cuffe Parade, Mumbai |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
K. Prasad &
Company Chartered
Accountants |
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Address : |
C-31, South Extension Part I, |
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Parent Company : |
Shrachi Group |
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Associates : |
Ř Ajanta Offset Packing Limited C-7/15A, Rampura Marg, |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
10,000,000 |
Equity Shares |
Rs. 10/- each |
Rs. 100.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
6,849,700 |
Equity Shares |
Rs. 10/- each |
Rs. 68.497 millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
|
SHAREHOLDERS FUNDS |
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|
1] Share Capital |
68.497 |
68.497 |
68.497 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
463.948 |
391.299 |
305.290 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
532.445 |
459.796 |
373.787 |
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|
LOAN FUNDS |
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|
1] Secured Loans |
899.639 |
511.707 |
270.185 |
|
|
2] Unsecured Loans |
22.346 |
21.149 |
17.506 |
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TOTAL BORROWING |
921.985 |
532.856 |
287.691 |
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DEFERRED TAX LIABILITIES |
88.906 |
72.137 |
58.211 |
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TOTAL |
1543.336 |
1064.789 |
719.689 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
1087.648 |
722.227 |
589.880 |
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Capital work-in-progress |
0.497 |
77.895 |
0.000 |
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INVESTMENT |
0.255 |
0.315 |
0.315 |
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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 |
328.666
|
199.406 |
129.178 |
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Sundry Debtors |
194.035
|
176.353 |
182.621 |
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Cash & Bank Balances |
22.344
|
41.911 |
61.546 |
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Other Current Assets |
47.829
|
7.212 |
7.016 |
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Loans & Advances |
33.216
|
44.424 |
12.422 |
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Total
Current Assets |
626.090
|
469.306 |
392.783 |
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|
Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
159.599
|
193.871 |
256.467 |
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Provisions |
11.555
|
11.083 |
6.822 |
|
Total
Current Liabilities |
171.154
|
204.954 |
263.289 |
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Net Current Assets |
454.936
|
264.352 |
129.494 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
1543.336 |
1064.789 |
719.689 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
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Sales Turnover |
899.472 |
680.637 |
687.535 |
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Other Income |
39.073 |
40.988 |
5.954 |
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Total Income |
938.545 |
721.625 |
693.489 |
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Profit/(Loss) Before Tax |
39.524 |
57.768 |
58.075 |
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Provision for Taxation |
18.690 |
17.095 |
11.789 |
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Profit/(Loss) After Tax |
20.834 |
40.673 |
46.286 |
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Earnings in Foreign Currency : |
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Export Earnings |
NA |
342.294 |
368.505 |
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Other Earnings |
NA |
4.672 |
4.704 |
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Total Earnings |
NA |
346.966 |
373.209 |
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Imports : |
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Raw Materials |
NA |
77.331 |
99.459 |
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Stores & Spares |
NA |
8.744 |
6.073 |
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Capital Goods |
NA |
128.789 |
154.742 |
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Total Imports |
NA |
214.864 |
260.274 |
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Expenditures : |
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Manufacturing Expenses |
0.000 |
0.000 |
210.37 |
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Raw Material Consumed |
440.064 |
321.675 |
317.074 |
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Salaries, Wages, Bonus, etc. |
47.799 |
39.526 |
35.340 |
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Payment to Auditors |
0.875 |
0.858 |
0.000 |
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Interest |
53.813 |
31.680 |
28.726 |
|
|
Insurance Expenses |
7.620 |
5.996 |
0.000 |
|
|
Power & Fuel |
30.483 |
22.410 |
0.000 |
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Depreciation & Amortization |
72.644 |
65.162 |
43.926 |
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Other Expenditure |
245.723 |
176.550 |
0.000 |
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Total Expenditure |
899.021 |
663.857 |
635.436 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
PAT / Total Income |
(%) |
2.22
|
5.64 |
6.67 |
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Net Profit Margin (PBT/Sales) |
(%) |
4.39
|
8.49 |
8.45 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
2.31
|
4.85 |
5.90 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.07
|
0.13 |
0.16 |
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Debt Equity Ratio (Total Liability/Networth) |
|
2.05
|
1.60 |
1.47 |
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|
Current Ratio (Current Asset/Current Liability) |
|
3.66
|
2.29 |
1.49 |
LOCAL AGENCY FURTHER INFORMATION
History
Subject is an outfit of the Shrachi Group being one of the
three largest integrated print houses in
Trade Reference :
Ř
Escorts Limited,
Ř
Eicher Tractors Limited,
Fixed Assets
- Land
- Office Flat
- Tubewell and Water Pump
- Plant and Machinery
- Computer
- Electric Fitting
- Furniture and Fixture
- Office Equipment
- Process Equipment
- Air-conditioning and Cooler
- Vehicles
Bankers Charges
Report as per Registry
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Name of the company |
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Presented By |
ING VYSYA BANK
LIMITED AND |
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1) Date and description of instrument creating the changers. |
Letter of Deposit
of title deeds dated 03.12.2004 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 793.000
Millions to USD 2.000 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 |
Joint Equitable
mortgage by deposit of title deeds of property at Plot No. 56, Sector 27C,
and admeasuring 6993 sq. yds. Situated in the Urban Estate, |
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4) Gist of the terms and conditions and extent and operation of the charge. |
The following
credit facilities are secured by the above property ING Vysya Bank
Limited Term Loan Rs.
42.500 Millions ING Vysya Bank
Limited Working Capital
facilities : Rs. 104.500 Millions Corporation Bank Term Loan Rs.
223.000 Millions Bank of Rs. 423.000
Millions Exim Bank : FCTL
of USD 2 Million Mr. G. P. Todi, Managing
Director of the company called on the Bank on 02.12.2004 and accorded and
gave oral consent on behalf of the company to ING Vysya Bank Limited acting
as an agent of Bank of Baroda, Export Import Bank of India and Corporation
Bank to hold and retain the title deeds as and by way of Joint Equitable
mortgage by deposit of title deeds by constructive mentioned in Col No. 3
above more particularly described in the Second Schedule to the Declaration
for deposit of title deeds dated 02.12.2004 attached, to secure the above
mentioned credit facilities. |
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5) Name and Address and description of the person entitled to the charge. |
ING Vysya Bank
Limited 23, State Bank of Industrial
Finance Branch 1, Tolstoy Marg, Corporation Bank Industrial
Finance Branch K. G. Marg, Exim Bank WTC, Cuffe
Parade, Mumbai |
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6) Date and brief description of instrument modifying the charge |
Letter of
continuity dated 14.10.2005 |
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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. |
The amount
secured by this charge in increased to Rs. 1046.000 Millions + USD 2.000
millions to secure the following credit facilities sanctioned to the company
:
Exim Bank FCTL
USD 2.000 Millions The charge is
secured by extension of equitable mortage of property at plot No. 56, Sector 27
C and admeasuring 6993 sq. yds. situated in the Urban Estate, |
|
This form is for |
Modification of
charge |
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Charge identification
number of the charge to be modified |
80023343 |
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Corporate
identity number of the company |
U74950DL1969PLC005126 |
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Name of the
company |
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Address of the registered
office or of the principal place of
business in |
95-B, Wazirpur Industrial Area, |
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Type of charge |
Immovable Property |
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Particular of
charge holder |
ING Vysya Bank Limited, Narian Manzil Group Floor, Shop
No. G 1 to G 5, 1st Floor, Shop No. 1001 to 1007, |
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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 |
20.12.2006 |
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Amount secured by
the charge |
Rs. 1237.700
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Extent operation
of the charge First Pari –
Passu charge on the property for the term lending by ING Vysya Bank,
corporation Bank, State Bank of Second Pari-passu
charge on the property for the working capital lending by ING Vysya Bank,
Corporation Bank, and State Bank of |
|
Short particulars
of the property charged |
Industrial plot
land bearing No. 61 in sector 27 C measuring 5490 sq. yards situated in urban
estate |
|
Date of latest
modification prior to the present modification |
14.10.2005 |
|
Particulars of
the present modification |
The Equitable mortgage
on the property has been extended to the consortium lenders by memorandum of
deposit of title deeds dated 20.12.2007 |
WEBSITE DETAILS
APTC is a Communication Technology service and design solutions
provider, originally setup by Apple Computer Inc., the
Areas of Operation
Digital Photo Studio (under planning)
Pre-Press Labs
Typesetting
Multimedia
Web Designing
Concept Visualization & Designing
Facilities
High speed Apple and IBM compatible workstations supporting Macintosh OS, Windows 95/98/NT.
Specialized equipment for Pre-Press include image setter from Scitex with PS RIP, Scitex and UMAX scanners, connected over a high speed AT&T network.
A well stocked library of a wide variety of licensed software, to cater to the specific requirements of every assignment.
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.39.74 |
|
|
1 |
Rs.80.34 |
|
Euro |
1 |
Rs.56.30 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
9 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
66 |
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 |
|