MIRA
INFORM REPORT
|
Report Date : |
08.10.2007 |
IDENTIFICATION DETAILS
|
Name : |
MANIPAL PRESS
LIMITED |
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Registered
Office : |
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Country : |
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Financials (as
on) : |
31.03.2007 |
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Date of
Incorporation : |
13.01.2000 |
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Com. Reg. No.: |
08-26222 |
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CIN No.: [Company Identification No.] |
U22219KA2000PTC026222 |
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TAN No.: [Tax Deduction & Collection Account No.] |
BLRM05742C |
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PAN No.: [Permanent Account No.] |
AABCM9516H |
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|
Legal Form : |
Closely held
Public Limited Liability Company |
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|
Line of
Business : |
Subject is
engaged in as Printers and Publishers. |
RATING & COMMENTS
|
MIRA’s Rating
: |
Aa |
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 |
|
Maximum Credit
Limit : |
USD 1700000 |
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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 an old
established company having fine track records. Available information indicates high financial
responsibility of the company.
Financial position is good having strong Reserves and Surplus
position. Trade relations are
fair. Payments are correct and as per
commitments. The company can
be considered good for normal business dealings at usual trade terms and
conditions. |
LOCATIONS
|
Registered
Office : |
|
|
Tel. No.: |
91-820-2571121 /
2571151 to 55 / 271149-59 |
|
Fax No.: |
91-820-2570131 /
2571162 / 70563 |
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E-Mail : |
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Website : |
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Area : |
50000 sq. ft. |
|
Location : |
Owned |
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|
|
|
Branches : |
Ø
Manipal
Centre, 47, Tel. No. 91-80-5581779/5588467 Fax No. 91-80-5586898 E-mail : richard@manipalpress.com Ø
Auras
Corporate Center, Dr. Radhakrishnan Salai – 600004, Chennai, Tel. No. 91-44-28544836/28544761/28530177 Fax No. 91-44-28530177 Ø
81/8,
2nd Floor, Tel. No. 91-433-2215302 Fax No. 91-433-2215302 Ø
Tel. No. 91-40-27706649 Fax No. 91-40-27700448 Ø
2nd
Floor, Ø
616, |
DIRECTORS
|
Name : |
Mr. Tonse Satish
Upendra pai |
|
Designation : |
Managing Director |
|
|
|
|
Name : |
Mr. Giulio
Olivotto |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Satish T Pai |
|
Designation : |
Director |
|
Address : |
38, Anant Nagar,
Manipal – 576 119, |
|
Date of
Birth/Age : |
26.11.1941 |
|
Date of
Appointment : |
13.01.2000 |
|
|
|
|
Name : |
Mr. Perdoor V
Mallya |
|
Designation : |
Director |
|
Address : |
D63C,
Ananthnagar, II Stage, Manipal, Udupi-576104, Karnataka |
|
Date of
Birth/Age : |
31.08.1948 |
|
Date of
Appointment : |
25.01.2000 |
|
|
|
|
Name : |
Mr. Katapady
Prabhakar Kamath |
|
Designation : |
Director |
|
Address : |
Shivaprabha,
Udupi, Katapady – 547 105, |
|
Date of
Birth/Age : |
21.04.1966 |
|
Date of
Appointment : |
25.01.2000 |
|
|
|
|
Name : |
Mr. Gautam T
Pai |
|
Designation : |
Director |
|
Address : |
38, Ananth Nagar,
Manipal – 576 119, |
|
Date of
Birth/Age : |
26.09.1974 |
|
Date of
Appointment : |
30.09.2003 |
|
|
|
|
Name : |
Mr. Sachin Tonse
Pai |
|
Designation : |
Director |
|
Address : |
14, Anant Nagar,
Manipal – 576 119, |
|
Date of
Birth/Age : |
10.03.1976 |
|
Date of
Appointment : |
16.04.2004 |
|
|
|
|
Name : |
Mr. Prabhu
Sudhakar |
|
Designation : |
Director |
|
Address : |
Gerukatte Karnad,
Mulki, Udupi, Karnataka-574154 |
|
Date of
Birth/Age : |
12.04.1968 |
|
Date of
Appointment : |
25.01.2000 |
|
Date of
Ceasing : |
24.03.2005 |
KEY EXECUTIVES
|
Name : |
Mr. Bharat K Nayak |
|
Designation : |
Chief Financial Officer |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
|
Names
of Shareholders |
|
No. of Shares |
|
T. Mohandas Pai |
|
40500 |
|
T. Satish U. Pai |
|
170904 |
|
Madhav Ramadas
Pai |
|
190128 |
|
T. Narayana Pai |
|
81000 |
|
T. Ashok Pai |
|
186474 |
|
T. Gautam Pai |
|
163314 |
|
Manipal
Prakashana Private Limited |
|
1215000 |
|
T. Sachin Pai |
|
6000 |
|
Sandhya S Pai |
|
14064 |
|
T. Gayathri Pai |
|
23436 |
|
K. K. Pai |
|
5450 |
|
Rajan Ramdas Pai |
|
7026 |
|
Vasanthi Ramdas
Pai |
|
14064 |
|
Sharath
Investment company Private Limited |
|
47808 |
|
Shivalli Investment
Company Private Limited |
|
88128 |
|
T Sunil Ponse |
|
7032 |
|
T Sanjay pai |
|
9375 |
|
T. Narayan Pai
and Mrs. Vijaylaxmi N. Pai |
|
3516 |
|
Savoy Investment
Private Limited |
|
4686 |
|
T Upendra Satish
Pai, HUF |
|
3750 |
|
Manipal Media
Network Limited |
|
4359409 |
|
Legoprint SpA |
|
2846170 |
|
Total |
|
9487234 |
BUSINESS DETAILS
|
Line of
Business : |
Subject is
engaged in as Printers and Publishers. |
|
|
|
|
Products : |
Printing &
Call Centre Service |
PRODUCTION STATUS
|
Particulars |
Unit |
Licensed Capacity |
Installed Capacity |
|
Printed Letter
Pads |
Nos. |
478.525 millions |
478.525 millions |
GENERAL INFORMATION
|
No. of
Employees : |
250 |
|
|
|
|
Bankers : |
v
Syndicate
Bank, Manipal Branch, Manipal-576104, v
Corporation
Bank, Manipal Branch, Manipal-576104, v
Vijaya
Bank, Founders Branch, v
Manipal
Co-operative Bank Limited |
|
|
|
|
Facilities : |
Credit Limit: Rs.
75.500 millions from Syndicate Bank Credit Limit: Rs.
13.000 millions from Corporation Bank |
|
|
|
|
Banking Relations : |
Good |
|
|
|
|
Auditors : |
Ø
Sriramulu
Naidu & Company Chartered Accountants 2nd Floor, Rambhavan Complex, Kodialbail, Mangalore -
Manipal, Ø
Pai
Nayak and Associates Chartered Accountants 3rd Floor, |
|
|
|
|
Associates : |
Sharath
Investment company Private Limited Shivalli
Investment Company Private Limited Manipal Prakashna
Private Limited |
|
|
|
|
Holding
Company : |
Manipal Media
Network Limited |
|
|
|
|
Membership : |
Ø
Bank
Stationers Association Inc., Ø
Graphic
Arts Ø
|
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
20000000 |
Equity
Shares |
Rs. 10/- each |
Rs. 200.000 millions |
|
5000000 |
Redeemable
Preference Shares |
Rs. 10/- each |
Rs. 50.000 millions |
|
|
Total |
|
Rs.250.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
9,487,234 |
Equity
Shares |
Rs. 10/- each |
Rs.94.872 millions |
FINANCIAL DATA
[all figures are in
Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2007 |
31.03.2006 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
66.411 |
49.000 |
|
|
2] Share Application Money |
|
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
|
369.888 |
280.057 |
|
|
4] (Accumulated Losses) |
|
0.000 |
0.000 |
|
|
NETWORTH |
|
436.299 |
329.057 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
754.016 |
281.154 |
|
|
2] Unsecured Loans |
|
69.159 |
17.821 |
|
|
TOTAL BORROWING |
|
823.175 |
298.975 |
|
|
DEFERRED TAX LIABILITIES |
|
67.673 |
33.188 |
|
|
|
|
|
|
|
|
TOTAL |
|
1327.147 |
661.220 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
897.437 |
455.355 |
|
|
Capital work-in-progress |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
0.600 |
0.435 |
|
|
DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
132.748 |
88.794 |
|
|
Sundry Debtors |
|
297.796 |
164.884 |
|
|
Cash & Bank Balances |
|
6.161 |
2.185 |
|
|
Other Current Assets |
|
0.000 |
0.000 |
|
|
Loans & Advances |
|
158.033 |
48.375 |
|
Total
Current Assets |
|
594.738 |
304.238 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
|
111.563 |
68.863 |
|
|
Provisions |
|
54.065 |
29.945 |
|
Total
Current Liabilities |
|
165.628 |
98.808 |
|
|
Net Current Assets |
|
429.110 |
205.430 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
1327.147 |
661.220 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
|
|
|
|
|
|
|
|
Sales Turnover |
|
1105.665 |
697.993 |
|
|
Other Income |
|
5.494 |
2.753 |
|
|
Total Income |
|
1111.159 |
700.746 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
|
184.592 |
96.995 |
|
|
Provision for Taxation |
|
63.280 |
33.823 |
|
|
Profit/(Loss) After Tax |
|
121.312 |
63.172 |
|
|
|
|
|
|
|
|
Earnings in Foreign Currency : |
|
|
|
|
|
|
Printing |
|
3.757 |
27.326 |
|
|
Informatics |
|
50.578 |
49.558 |
|
Total Earnings |
|
54.335 |
76.884 |
|
|
|
|
|
|
|
|
Imports : |
|
|
|
|
|
|
Raw Materials |
|
53.459 |
14.704 |
|
|
Stores & Spares |
|
6.104 |
4.129 |
|
|
Capital Goods |
|
368.763 |
32.106 |
|
Total Imports |
|
428.326 |
50.939 |
|
|
|
|
|
|
|
|
Expenditures : |
|
|
|
|
|
|
Raw Material Consumed |
|
458.199 |
259.085 |
|
|
Operating Expenses |
|
136.000 |
105.442 |
|
|
Personnel Expenses |
|
98.855 |
85.492 |
|
|
Selling Expenses |
|
106.033 |
77.698 |
|
|
Interest |
|
51.975 |
27.203 |
|
|
Depreciation & Amortization |
|
49.813 |
35.596 |
|
|
Other Expenditure |
|
25.692 |
13.235 |
|
Total Expenditure |
|
926.567 |
603.751 |
|
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2007 |
31.03.2006 |
PAT / Total Income
|
(%)
|
|
10.92 |
9.01 |
|
|
|
|
|
|
Net Profit Margin
(PBT/Sales) |
(%) |
|
16.61 |
13.84 |
|
|
|
|
|
|
Return on Total Assets
(PBT/Total
Assets} |
(%) |
|
12.37 |
12.77 |
|
|
|
|
|
|
Return on Investment (ROI)
(PBT/Networth) |
|
|
0.42 |
0.29 |
|
|
|
|
|
|
Debt Equity Ratio
(Total
Liability/Networth) |
|
|
2.27 |
1.21 |
|
|
|
|
|
|
Current Ratio
(Current
Asset/Current Liability) |
|
|
3.59 |
3.08 |
LOCAL AGENCY FURTHER INFORMATION
History
The company was
Partnership concern reconstituted on 28.11.1999, with name and style of
‘Manipal Power Press’. Later on it has converted
as Joint Stock company on 13.01.2000 with the name and style of “Manipal Press
Private Limited”.
Again the company
has been converted as public limited company w.e.f. 04.04.2000.
The company’s
Security Products are as under :
Ø
FD
(Fixed Deposit) Receipts
Ø
Gift
Vouchers, Food Coupons
Ø
Game
Tickets, Passes, Booklets
Ø
Scratch
off Cards/Tickets and other promotional security
Ø
Statement
of Accounts
Ø
Billing
Statements
Ø
OCR/OMR
Sheets with Bar Coding
Ø
Ø
ATM
Rolls
Ø
Fax
Rolls
Ø
On line
Lottery Tickets
Ø
On line
Lottery AuthenticationTicket Rolls
Ø
Other
High Security Items
Ø
Cheques
Ø
Demand
Drafts
Ø
Pay
Orders
Ø
Personalised
Cheques with MIRC Numbering
Profile
The company was established
in the year 1941 as Manipal Power Press with the firm belief that keen
enterprise and refined professionalism lead to success.
The company lead
Security Printing in
Born out of a
vision to perfect the printed word, the Manipal Press Limited (MPL) is now at
the center of
It has grown with the times to embrace the latest in technology, and to offer
clients quality and punctuality at costs that make business sense.
In fact, this state-of-the-art 100,000 sq.ft. facility today offers 360 degree
solutions for all print-related projects.
Started in 1941, MPL prints a large variety of products in the commercial,
security, business forms and digital categories. Its advanced pre-press and
post-press divisions offer complete services from product design and
development to logistics.
Subject’s allied media-house Manipal Media Network Limited provides the vital
experience and link with publishing, while its BPO division, Manipal
Informatics, ensures 24x7 connectivity that always keeps MPL on its toes.
Vigil is incorporated into every step and the best quality assurance tools are
deployed. It’s no wonder then that the last 5 years have seen subject grow in
international presence. In the end, it’s all about Precision and Perfection in
Printing.
Services
Subject offers
complete Print Management Services to cover all your printing requirements.
Subject is in touch
with the growing demands and technological leaps in the industry to provide
optimal print solutions from Pre-Press to Press to Post-Press.
In fact, it doesn’t stop with printing. Subject is probably the only one of its
kind to offer Business Process Outsourcing facilities to handle your downstream
marketing, order taking, support and other requirements.
Manipal Informatics, a wholly owned subsidiary of Manipal Press, is its
typesetting, origination & e-publishing and BPO division and already
handles CRM for many offshore clients. Other examples of MPL's synergy with IT
include:
Infone Communications Inc.,
Sahara Homes, UK for its Catalogue designing and printing,
and e-commerce applications.
Daminis, UK for its Stationery printing and e-commerce
applications.
While in
Products
The subject offers a comprehensive range of
highly specialized print solutions covering the entire gamut of products from
high-quality commercial printing to classified security printing. This has made
it one of the most sought-after printing facilities in
Commercial
Products
Books
Directories
Magazines
Catalogues
Promotional Material
Annual Reports
Direct Mailers
Calendars
Comics
Diaries
Business Stationery
Security Products
Bond and Bearer Securities
Traveler's Cheques
Bank Cheques
Demand Drafts
Pay Orders
Share Certificates
Dividend Warrants
Interest Warrants
FD Receipts
Food Coupons
Scratch Cards
High-value Event, Lotto Tickets
Personalised Cheques with MIRC Numbering
Business Forms
Air Waybills
Bank Statements
Mark Sheets
Pre-printed Stationery
Direct Mailers
Vouchers and Invoices
Security Products available in the continuous stationery form:
Cheques
Demand Drafts
Dividend Warrants
Interest Warrants
Bond and Bearer Securities
Share Certificates
FD Receipts
Confidential Documents
Card Products
Telephone cards
Promotional scratch cards
Magnetic swipe cards
Digital Variable Data
Direct Mailers
Telephone Bills
Utility Bills
Frequent Flyer Statements
On-demand Books
Personalized Catalogues
Instruction Manuals
Personalized Security Products
It is in trade
terms with :
Ø
Bank of
Ø
Dhanalakshmi
Bank
Ø
Lord
Krishna Bank
Ø
Mangalore
Chemicals and Fertilisers
Ø
Nagarjuna
Fertilisers and Chemicals Limited
Ø
Reliance
Capital Limited
Ø
Reliance
Industries Limited
Ø
Reliance
Petroleum Limited
Ø
Syndicate
Bank
Ø
The
Jindal Vijayanagar Steel Limited
Ø
Vijaya
Bank
Ø
Canara
Bank
Ø
Indian
Overseas Bank
Ø
Karnataka
Bank
Ø
Ø
Manipal
Media Network Limited
Ø
PVS
Group
Ø
Syndicate
Bank
Ø
BASF
Ø
Bostic
India Limited
Ø
C.P. Aquaculture
India Limited
Ø
Can Fin
Homes Limited
Ø
DHL
Worldwide Express
Ø
Hindustan
Lever Limited
Ø
HPCL
Ø
I.N.G.
Vysya Bank
Ø
Jindal
Vijayanagar Steels
Ø
Kirloskar
Electric Company Limited
Ø
Life
Insurance Corporation India Limited
Ø
Mangalore
Refinery and Petrochemicals Limited
Ø
Premier
Instruments and Controls Limited
Ø
Reliance
Industries Limited
Ø
Standard
Chartered Grindlays Bank Limited
Ø
Taj GVK
Hotesl
Ø
Ø
TVS
Motors Limited
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.44.27 |
|
|
1 |
Rs.86.87 |
|
Euro |
1 |
Rs.58.53 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
8 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
9 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
9 |
|
--CREDIT LINES |
1~10 |
8 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--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 |
NO |
|
TOTAL |
|
74 |
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 |
|