MIRA
INFORM REPORT
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Report Date : |
08.12.2008 |
IDENTIFICATION
DETAILS
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Name : |
VISUAL TECHNOLOGIES INDIA PRIVATE LIMITED |
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Registered Office : |
370-371/2, First Floor,
Hospital Road, Jungpura, New Delhi-110014 |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
05.02.1996 |
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Com. Reg. No.: |
55-76029 |
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CIN No.: [Company
Identification No.] |
U32109DL1996PTC076029 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DELV04998A/ DELV02009A |
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PAN No.: [Permanent
Account No.] |
AABCC0426B |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Distributor,
Supplier and Trader Company of Switcher, Audio mixer, Logo generators |
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 690000 |
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Status : |
Satisfactory |
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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. Financial position is satisfactory.
Payments are usually correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
LOCATIONS
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Registered Office/ Corporate Office : |
370-371/2, First Floor,
Hospital Road, Jungpura, New Delhi-110014, India |
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Tel. No.: |
91-11-24379961/64/ 24378592/94/ 24373965 |
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Fax No.: |
91-11-24378591/ 24375843 |
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Toll Free No.: |
91-11-24376951 |
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E-Mail : |
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Website : |
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Service Centre Station: |
Located at: ·
New Delhi ·
Mumbai ·
Chennai ·
Hyderabad ·
Kolkata ·
Thiruvananthpuram |
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Branches : |
Located At:- ·
Mumbai ·
Chennai ·
Hyderabad ·
Kolkata ·
Thiruvananthpuram |
DIRECTORS
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Name : |
Mrs. Rita Aggarwal |
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Designation : |
Director |
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Address : |
C-156, Mahendru Enclvee, GT Karnal Road, Delhi-110033, India |
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Date of Birth/Age : |
23.09.1962 |
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Date of Appointment : |
20.06.1996 |
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Name : |
Mr. Satish Aggarwal |
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Designation : |
Director |
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Address : |
C-156, Mahendru Enclvee, GT Karnal Road, Delhi-110033, India |
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Date of Birth/Age : |
13.01.1957 |
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Date of Appointment : |
15.01.2003 |
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Name : |
Mrs. Yamini Aggarwal |
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Designation : |
Director |
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Address : |
C-156, Mahendru Enclaves, G.T. Karnal Road, Delhi-110033, India |
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Date of Birth/Age : |
07.07.1983 |
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Date of Appointment : |
02.04.2008 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
As on 29.09.2007
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Names of Shareholders |
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No. of Shares |
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Rita Agarwal |
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689020 |
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Satish Kumar Agarwal |
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56000 |
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Yamin Agarwal |
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50 |
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Nidhi Aggarwal |
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50 |
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Total |
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745120 |
Equity Share Breakup (Percentage of Total Equity)
As on 29.09.2007
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Category |
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Percentage |
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Directors or relatives of directors |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Distributor,
Supplier and Trader Company of Switcher, Audio mixer, Logo generators |
GENERAL
INFORMATION
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No. of Employees : |
About 600 |
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Bankers : |
·
State Bank of India, Commercial Branch, Doa Building, Nehru Place, New
Delhi-110019, India ·
ICICI Bank Limited ·
HDFC ·
Canara Bank, Nehru Place, New Delhi-110019, India |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Satish K Gupta and Associates Chartered Accountant |
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Address : |
103, D. B Plaza, C-11-R.C.D, Ghaziabad-201001, Uttar Pradesh, India |
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Tel. No.: |
91-120-2700108/ 5371108 |
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Associates/Subsidiaries : |
Visual Techniques (India) Private Limited |
CAPITAL STRUCTURE
29.09.2007
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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750000 |
Equity Shares |
Rs. 10/- each |
Rs. 7.500 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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745120 |
Equity Shares |
Rs. 10/-
each |
Rs. 7.451
Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2007 |
31.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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7.451 |
7.451 |
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2] Share Application Money |
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0.000 |
0.000 |
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3] Reserves & Surplus |
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131.652 |
121.486 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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139.103 |
128.937 |
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LOAN FUNDS |
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1] Secured Loans |
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64.279 |
60.087 |
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2] Unsecured Loans |
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0.000 |
0.000 |
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TOTAL BORROWING |
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64.279 |
60.087 |
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DEFERRED TAX LIABILITIES |
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1.229 |
1.045 |
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TOTAL |
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204.611 |
190.069 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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41.203 |
39.010 |
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Capital work-in-progress |
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0.000 |
0.000 |
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INVESTMENT |
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0.400 |
0.400 |
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DEFERREX TAX ASSETS |
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0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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32.267 |
24.916 |
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Sundry Debtors |
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79.556 |
53.735 |
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Cash & Bank Balances |
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6.817 |
0.874 |
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Other Current Assets |
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29.115 |
19.147 |
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Loans & Advances |
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41.880 |
83.325 |
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Total
Current Assets |
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189.635 |
181.997 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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18.245 |
25.651 |
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Provisions |
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8.382 |
5.687 |
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Total
Current Liabilities |
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26.627 |
31.338 |
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Net Current Assets |
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163.009 |
150.659 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.000 |
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TOTAL |
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204.611 |
190.069 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
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Sales Turnover |
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560.621 |
251.457 |
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Other Income |
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9.512 |
8.783 |
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Total Income |
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570.133 |
260.240 |
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Profit/(Loss) Before Tax |
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18.480 |
23.642 |
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Provision for Taxation |
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8.314 |
9.695 |
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Profit/(Loss) After Tax |
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10.166 |
13.947 |
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Earnings in Foreign Currency : |
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Export Earnings |
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2.095 |
2.993 |
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Imports : |
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Import Value |
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64.675 |
101.554 |
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Expenditures : |
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Cost of Goods Sold |
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473.060 |
171.134 |
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Manufacturing Expenses |
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0.000 |
0.964 |
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Administrative Expenses |
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47.861 |
38.461 |
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Raw Material Consumed |
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0.000 |
4.118 |
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Selling and Distribution Expenses |
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17.652 |
12.804 |
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Financial and Other Charges |
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5.981 |
4.641 |
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Depreciation & Amortization |
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7.099 |
4.476 |
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Total Expenditure |
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551.653 |
236.598 |
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KEY RATIOS
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
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PAT / Total Income |
(%) |
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1.78 |
5.36 |
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Net Profit Margin (PBT/Sales) |
(%) |
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3.29 |
9.40 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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7.28 |
10.70 |
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Return on Investment (ROI) (PBT/Networth) |
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0.13 |
0.18 |
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Debt Equity Ratio (Total Liability/Networth) |
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0.65 |
0.71 |
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Current Ratio (Current Asset/Current Liability) |
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7.12 |
5.81 |
LOCAL AGENCY
FURTHER INFORMATION
The Registreed office of the company has been shifted from 370-371/2,
First Floor, Hospital Road, Jungpura, New Delhi to present address w.e.f.
24.07.2007
Dividend:
As the company is expending its business and in need of funds, the
Director do not recommend for any Dividend for the year.
Deposits:
During the year, the company has neither taken any deposits as defined
under section 58A of Companies Act, 1956 and rules framed thereunder nor there
any outstanding deposits of earlier years.
Bankers Charges
Report as per Registry
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Name of the company |
VISUAL TECHNOLOGIES INDIA PRIVATE LIMITED |
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Presented By |
Mr. Satish Kumar Agarwal (Director) |
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1) Date and description of instrument creating the change |
Agreement of Loan for Overall Limits (Form C.1) dated 09.11.2005 Agreement of Hypothecation of Goods and Assets (From C.2) dated
09.11.2005 Letter Regarding Grant of Individual Limits with in the Overall Limit
(Form C.5) dated 09.11.2005 |
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2) Amount secured by the charge/amount owing on the securities of
charge |
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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 |
Working Capital Limit: Primary: a) First Charge on Entire Current Assets of the Company including Receivables b) Omnibus Counter Guarantee of the borrower for Bank Guarantee / LC
Limit Collateral Extension of charge on entire fixed assets of the company. Term Loan: Primary: 1st Charge on all DSNG OB Vans and other fixed assets
(Present and Future) Collateral i) Extension of Charge on the entire current assets of the company ii) As applicable to Cash Credit |
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4) Gist of the terms and conditions and extent and operation of the
charge. |
Interest: Cash Credit SBAR i.e. 10.25% p.a. at monthly rests. Margin: Finished goods
25% Reveivables (Cover period 60 days) 40% LC and BG 25% Term Loan SBAR i.e. 10.25% p.a. at monthly rests. Repayment In 10 quarterly installments of Rs. 3.250 Millions starting from
December, 2005 |
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5) Name and Address and description of the person entitled to the
charge. |
State Bank of India, Commercial Branch, Doa Building, Nehru Place, New
Delhi-110019, India |
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6) Date and brief description
of instrument modifying the charge |
N.A |
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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. |
N.A |
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This form is for |
Modification of
charge |
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Charge identification
number of the modified |
80027784 |
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Corporate
identity number of the company |
U32109DL1996PTC076029 |
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Name of the
company |
VISUAL TECHNOLOGIES INDIA PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
370-371/2, First Floor,
Hopital Road, Jungpura, New Delhi-110014, India |
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Type of charge |
Book Debts Movable Property |
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Particular of
charge holder |
State Bank of India, Commercial Branch, Doa Building, Nehru Place, New
Delhi-110019, India |
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Nature of
description of the instrument creating or modifying the charge |
From C.2 –A, Supplemental Agreement of
Hypothecation of Goods and Assets for Increase in the overall limt. Form C-5, Letter
regarding the grant of individual limits within the overall limits. |
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Date of
instrument Creating the charge |
14.03.2007 |
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Amount secured by
the charge |
Rs. 136.800
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest On Working
Capital : SBAR Present effective rate 12.25% on Term Loan 3.25% above
applicable LIBOR Terms of
Repayment Term Loan
Repayable in Quarterly installments of Rs. 3.250 Millions Margin Finished goods:
25% Receivables
(Cover 60 days) : 40% Letter of Credit
: 25% BG : 25 Extent and
Operation of the charge First Charge |
CMT REPORT
(Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners, controlling
shareholders or senior officers as terrorist or terrorist organization or whom
notice had been received that all financial transactions involving their assets
have been blocked or convicted, found guilty or against whom a judgement or
order had been entered in a proceedings for violating money-laundering,
anti-corruption or bribery or international economic or anti-terrorism sanction
laws or whose assets were seized, blocked, frozen or ordered forfeited for
violation of money laundering or international anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper payments
to government officials for engaging in prohibited transactions or with
designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority for
any financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record exists
to suggest that any director or indirect owners, controlling shareholders,
director, officer or employee of the company is a government official or a
family member or close business associate of a Government official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE
RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.49.69 |
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UK Pound |
1 |
Rs.72.96 |
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Euro |
1 |
Rs.63.46 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
6 |
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PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
5 |
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--PROFITABILIRY |
1~10 |
5 |
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--LIQUIDITY |
1~10 |
5 |
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--LEVERAGE |
1~10 |
5 |
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--RESERVES |
1~10 |
5 |
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--CREDIT LINES |
1~10 |
5 |
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--MARGINS |
-5~5 |
-- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
YES |
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--AFFILIATION |
YES/NO |
YES |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
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46 |
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
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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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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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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