MIRA
INFORM REPORT
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Report Date : |
22.10.2007 |
IDENTIFICATION DETAILS
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Name : |
EURO MULTIVISION LIMITED |
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Registered Office : |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
29.04.2004 |
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Com. Reg. No.: |
11-145995 |
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CIN No.: [Company
Identification No.] |
U32300MH2004PTC145995 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUME05023E |
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Legal Form : |
A closely held public limited liability company |
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Line of Business : |
Manufacturers of CD-R's
and DVD-R's |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
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Maximum Credit Limit : |
USD 350000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is a 3 years old company and has incurred come initial losses as
per last available financials of 31.03.2006. Directors are reported to be
experienced and respectable businessmen. Payments are reported as slow but
correct. The company can be considered for small to mediocre business dealings
with slight caution initially. |
LOCATIONS
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Registered Office : |
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Tel. No.: |
91 - 22 - 40364036 |
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Fax No.: |
91 - 22 - 40364037 |
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E-Mail : |
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Website : |
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Corporate Office : |
204, Vuom Arcade, Off |
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Tel. No.: |
91-22-26832222 |
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E-Mail : |
91-22-26822115 |
DIRECTORS
|
Name : |
Mr. Hitesh Shah |
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Designation : |
Director |
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Address : |
A 302 Parle Abhishek Building, |
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Date of Birth/Age : |
10.04.1978 |
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Date of Appointment : |
01.08.2006 |
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Name : |
Mr. Suresh Shah |
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Designation : |
Whole Time Director |
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Address : |
94, Satyam, Dr. M B Raut Road, Shivaji Park, Dadar, Mumbai – 400028,
Maharashtra, India |
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Date of Birth/Age : |
17.10.1964 |
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Date of Appointment : |
01.08.2006 |
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Name : |
Mr. Rayshi Shah |
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Designation : |
Director |
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Address : |
8, Satya Niwas, |
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Date of Birth/Age : |
20.12.1949 |
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Date of Appointment : |
29.04.2004 |
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Name : |
Mr. Chirag Shah |
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Designation : |
Director |
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Address : |
8, Satya Niwas, |
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Date of Birth/Age : |
27.02.1982 |
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Date of Appointment : |
29.04.2004 |
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Name : |
Mr. Nenshi Ladhabhai Shah |
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Designation : |
Director |
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Address : |
202, Asha Niketan, |
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Date of Birth/Age : |
26.09.1959 |
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Date of Appointment : |
21.04.2004 |
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Name : |
Mr. Shantilal Ladhabhai Shah |
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Designation : |
Director |
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Address : |
A 302 Parle Abhishek Building, |
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Date of Birth/Age : |
12.04.1958 |
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Date of Appointment : |
21.04.2004 |
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Date of Ceasing : |
30.08.2004 |
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Name : |
Mr. Harshit Dinesh Shah |
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Designation : |
Director |
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Address : |
94, Satyam, Dr. M B Raut Road, Shivaji Park, Dadar, Mumbai – 400028,
Maharashtra, India |
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Date of Birth/Age : |
09.10.1985 |
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Date of Appointment : |
21.04.2004 |
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Date of Ceasing : |
30.09.2005 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
|
Names of Shareholders |
|
No. of Equity
Shares |
|
Shantilal Shah |
|
6000 |
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Nenshi Shah |
|
510300 |
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Rayshi Shah |
|
2707970 |
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Suresh Shah |
|
2707970 |
|
Hitesh Shah |
|
400000 |
|
Chirag Shah |
|
8330 |
|
Haresh Shah |
|
8330 |
|
Aruna Shah |
|
140 |
|
Damji K Shah |
|
120 |
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Jayantilal L Nishar |
|
120 |
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Laljibhai K Shah |
|
120 |
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Shantaben L Shah |
|
120 |
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Shantaben V Shah |
|
120 |
|
Unity International |
|
120 |
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Vanita D Shah |
|
120 |
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Velji Vanvir Shah |
|
120 |
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G N Shah |
|
500000 |
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Ladhabhai S Shah – HUF |
|
150000 |
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Daksha S Shah |
|
200000 |
|
Lyons Technologies Limited |
|
500000 |
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Sonalben S Shah |
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300000 |
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Subhash L Shah |
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100000 |
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Dhaval S Shah |
|
50000 |
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Total |
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8150000 |
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Names of Shareholders |
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No
of preference Shares |
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Reena Shah |
|
181000 |
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Valji Karsan Hirani |
|
4000 |
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Total |
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185000 |
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Equity Share
Breakup |
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Percentage of
Holding |
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Category |
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Bodies corporate |
|
6.14 |
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Directors or relatives of directors |
|
88.33 |
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Other top fifty shareholders |
|
5.53 |
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Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturers of CD-R's
and DVD-R's |
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Products : |
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GENERAL INFORMATION
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Bankers : |
State Bank of Industrial
Finance Branch, Marble Arch, Cosmos Co-Operative Bank Limited Vile Parle Branch, |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
C. Ayyaswamy Chartered Accountants |
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Address : |
618, Arneja Corner, Sector – 17, Vashi, Navi Mumbai – 400705, |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
8,150,000 |
Equity Shares |
Rs. 10/- each |
Rs. 81.500 Millions |
|
185,000 |
Preference Shares |
Rs. 100/- each |
Rs. 18.500 Millions |
|
|
Total |
|
Rs. 100.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
8,150,000 |
Equity Shares |
Rs. 10/- each |
Rs. 81.500 Millions |
|
185,000 |
Preference Shares |
Rs. 100/- each |
Rs. 18.500 Millions |
|
|
Total |
|
Rs. 100.000
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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|
|
|
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1] Share Capital |
|
100.00 |
100.000 |
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2] Share Application Money |
|
0.000 |
0.000 |
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3] Reserves & Surplus |
|
0.000 |
0.000 |
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4] (Accumulated Losses) |
|
[12.869] |
[27.425] |
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NETWORTH |
|
87.131 |
72.575 |
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LOAN FUNDS |
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1] Secured Loans |
|
322.704 |
343.889 |
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2] Unsecured Loans |
|
211.715 |
98.172 |
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TOTAL BORROWING |
|
534.419 |
442.061 |
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DEFERRED TAX LIABILITIES |
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TOTAL |
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621.550 |
514.636 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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523.707 |
474.496 |
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Capital work-in-progress |
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0.000 |
0.000 |
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INVESTMENT |
|
0.100 |
0.100 |
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DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
|
75.145 |
60.487 |
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Sundry Debtors |
|
82.688 |
0.000 |
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Cash & Bank Balances |
|
12.361 |
31.164 |
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Other Current Assets |
|
0.000 |
0.000 |
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Loans & Advances |
|
6.672 |
3.843 |
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Total
Current Assets |
|
176.866 |
95.494 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
|
76.974 |
58.596 |
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Provisions |
|
5.676 |
1.267 |
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Total
Current Liabilities |
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82.650 |
59.863 |
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Net Current Assets |
|
94.216 |
35.631 |
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MISCELLANEOUS EXPENSES |
|
3.527 |
4.409 |
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TOTAL |
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621.550 |
514.636 |
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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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Debt Equity Ratio (Total Liability/Networth) |
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7.08 |
6.92 |
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Current Ratio (Current Asset/Current Liability) |
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2.14 |
1.60 |
LOCAL AGENCY FURTHER INFORMATION
Bankers Charges
Report as per Registry
|
Name of the company |
EURO MULTIVISION
LIMITED |
|
Presented By |
Cosmos
Co-Operative Bank Limited, Vile Parle Branch, Mumbai – 400057 |
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1) Date and description of instrument creating the change |
Hypothecation of
Tangible Goods / Movable property to secure A demand Cash credit Account /
Demand Overdraft Account Demand Loan Account dated 18.02.2005 |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 25.000
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
the goods of the borrowers namely book debts including there in the stocks
thereof the time being whether raw or manufactured or in process of
manufacture and also all products, goods and any every tangible movable
property of the borrowers whether new lying or at any time hereafter during
the continuance of this security lying or being in or about the borrowers
premises and godowns or where ever else the same may be or be held by ay
party anywhere. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
R. O. I. : 13 %
p.a. or as determined by the bank from time to time This is a Cash
Credit Limit |
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5) Name and Address and description of the person entitled to the charge. |
Cosmos Co-Operative Bank Limited Vile Parle Branch, Vile Parle [East], Mumbai – 400057 |
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6) Date and brief description of instrument modifying the charge |
NA |
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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. |
NA |
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This form is for |
Creation of
charge |
|
Corporate
identity number of the company |
U32300MH2004PTC145995 |
|
Name of the
company |
EURO MULTIVISION LIMITED |
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Address of the
registered office or of the principal place of business in |
204, Vuom Arcade, Off |
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Type of charge |
|
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Particular of
charge holder |
State Bank of Industrial
Finance Branch, Marble Arch, Race Vadodara 390007 |
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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 |
12.09.2006 |
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Amount secured by
the charge |
Rs. 490.000
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest Working capital and
term loan – 1 % below SBAR Terms of
repayment Working capital
on demand Term loan – in 60
installments with moratorium of 8 months, first 12 monthly installments of
Rs. 2.500 Millions Next 12 monthly
installments of Rs. 5.000 Millions Next 12 monthly
installments of Rs. 6.500 Millions Next 24 monthly
installments of Rs. 8.000 Millions Margin RM, SIP, FG,
Stores and spares 25 % , Receivables 50 %, L/C 15 % BG [EPCG] 25 % Extent operation
of the charge Hypothecation of
whole of current assets viz. stocks of RM, SIP, FG, stores and Spares not
relating to P & M, Bills receivables and book debts and all other
movable, both present and future lying / situated at factories, premises at
Bhavhau – Kutch ot at different places. Hypothecation of plant, machinery and
other assets purchased under the term loan. |
|
Short particulars
of the property charged |
Hypothecation of
whole of current assets viz. stocks of RM, SIP, FG, stores and Spares not
relating to P & M, Bills receivables and book debts and all other
movable, both present and future lying / situated at factories, premises at
Bhavhau – Kutch ot at different places. Hypothecation of plant, machinery and
other assets purchased under the term loan. |
As Per
Website
About Parent Group
Eurovision is a brand
owned and manufactured by Euro Multivision Limited, part of the multifaceted Euro
Group. The multi-crore, multi-product Euro Group is a well-established business
group with widely diversified business presence in high-quality building
materials like Vitrified tiles, Veneer, Mica, Glass, Furniture, Ply, Aluminum
Composite Panels, etc. through its high profile companies like Euro Ceramics,
Subhnen Décor, Tangent , Eurobond. Over the years, the Euro Group has earned a
reputation for its commitment quality, technological edge, value-addition and
total customer satisfaction. With Euro Multivision, the group has made an
ambitious foray into the IT industry, starting with high-definition and
international class product range in the data storage segment.
About
Euro Multivision
Founded upon the golden principles of its parent group, Euro Multivision Limited aims to take an ambitious step further in the world of IT products, The company adheres to the Euro group philosophy of safeguarding its core business values and ethics, while aiming high - with a focused eye on market leadership through assured quality, handsome bottom-lines and creating equal opportunities for clients, employees and suppliers. The company aims to become the most favoured choice of its business associates through long lasting, value-based partnership.
Plant
LOCATION
- The
Euro Multivision Plant is situated in Bachau (Kutch) in the state of
- It is a state of the art plant admeasuring 40,000 sq.ft., sprawling amidst 12 acres of land.
- is classified as a "Class 10,000" category manufacturing facility.
- The plant operates in a dust-free environment, as per Orange Book Part 2 procedures.
INFRASTRUCTURE
Highlights :-
- Total
production capacity of 70 million CDs p.a.
- Technical collaboration
with ODME B. V. Netherlands, a world leader and major supplier of
manufacturing lines for Compact Disc Recordables.
- Sophisticated
In-line scanners from Dr.
- Moulding
machines from Netstal (
- Stampers (for
data storage treatment) from Plasmon, No.1 company in the
- QC machines
from CATS in the
- Dyes are used
from CIBA,
- Use of
"Phtalocyanine dye" (Green), more stable and lending greater
longevity and write-speed range.
Experienced team of production, technical & quality control personnel.
Products
Eurovision CD-Rs & DVD-Rs are
manufactured using the state-of- the art technology.
All Eurovision recordable products
undergo the most stringent in-line and off-line quality checks in keeping with
the high end of the Orange Book II specifications. The discs are made of high
quality polycarbonate and coated with pure silver reflector layer and UV
lacquer protective layers. All their products are scratch resistant and ensure
longer data life.
Eurovision CD-Rs & DVD-Rs are
specially developed for DATA/AUDIO/VIDEO RECORDING. EUROVISION offers 100%
replacement warranty on its products against manufacturing defects.
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 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.39.57 |
|
|
1 |
Rs.81.01 |
|
Euro |
1 |
Rs.56.35 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
2 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
- |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
|
26 |
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 |
|