MIRA
INFORM REPORT
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Report Date : |
10.12.2008 |
IDENTIFICATION
DETAILS
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Name : |
R. R. DONNELLEY PUBLISHING INDIA PRIVATE LIMITED |
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Registered Office : |
Plot No. C 11, Sipcot Industrial Park, Irrungattukottai, Sriperumpudur
Taluk, Kancheepuram - 602105, Tamilnadu |
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Country : |
India |
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Financials (as on) : |
31.03.2008 |
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Date of Incorporation : |
23.12.2005 |
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Com. Reg. No.: |
058416 |
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CIN No.: [Company
Identification No.] |
U22110TN2005PTC058416 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CHER08056G |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of Printed Booklets, Catalogues and Brochures. |
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 4335000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
No complaints |
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Litigation : |
Clear |
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Comments : |
Subject is a Subsidiary of RR Donnelley and Sons, USA. Trade relations
are fair. Business is active. General financial position is satisfactory. No
complaints have been heard. The company can be considered for small to mediocre business dealings
with slight caution initially. |
INFORMATION PARTED
BY
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Name : |
Mr. Subramaniam |
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Designation : |
Company Secretary |
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Contact No.: |
91-44-27151109 |
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Date : |
09.12.2008 |
LOCATIONS
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Registered Office/ Factory : |
Plot No. C 11, Sipcot Industrial Park, Irrungattukottai, Sriperumpudur
Taluk, Kancheepuram - 602105, Tamilnadu, India |
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Tel No.: |
91-44-47100601/ 42241000/ 27151000 |
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Fax No. : |
91-44-27151111 |
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Email : |
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Website : |
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Location : |
Leased |
DIRECTORS
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Name : |
Mr. Bijesh Thakker |
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Designation : |
Director |
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Address : |
183-B, Heera Panna, Haji Ali, Mumbai – 400 026, Maharashtra, India. |
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Qualification : |
Solicitor |
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Date of Birth/Age : |
12.11.1962 |
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Date of Appointment : |
23.12.2005 |
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Date of Ceasing : |
17.07.2006 |
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Name : |
Mrs. Sangita Thakker |
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Designation : |
Director |
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Address : |
183-B, Heera Panna, Haji Ali, Mumbai – 400 026, Maharashtra, India. |
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Qualification : |
Advocate |
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Date of Birth/Age : |
13.06.1963 |
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Date of Appointment : |
23.12.2005 |
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Date of Ceasing : |
17.07.2006 |
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Name : |
Mr. James Tompkins Mauck |
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Designation : |
Director |
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Address : |
10th Floor, One Corporate Avenue, 222, Hubin Road, Shanghai
– 200 021, China. |
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Date of Birth/Age : |
21.02.1959 |
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Date of Appointment : |
20.01.2006 |
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Name : |
Mr. Shum Cheong Tong Benjamin |
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Designation : |
Director |
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Address : |
No. 47, Wu He Nan Road, Bantian Ind Zone, Shenzhen – 518 129, China. |
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Date of Birth/Age : |
22.09.1959 |
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Date of Appointment : |
20.01.2006 |
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DIN or Income-tax PAN : |
01649176 |
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Name : |
Mr. Michael Qian Liang |
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Designation : |
Director |
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Address : |
Room No.404, 19 Yi Shan Road, (N) Xu Hui, Shanghai – 200 021, China. |
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Date of Birth/Age : |
09.01.1973 |
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Date of Appointment : |
20.01.2006 |
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DIN or Income-tax PAN : |
00487839 |
KEY EXECUTIVES
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Name : |
Mr. Vikramaadithya V. Reddi |
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Designation : |
General Manager |
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Name : |
Mr. Subramaniam |
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Designation : |
Company Secretary |
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Address : |
New No.13, Bandala Venugopal Street, Triplicane, Chennai – 600 005,
Tamilnadu, India |
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Date of Birth/Age : |
13.01.1965 |
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Date of Appointment : |
22.10.2007 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
As on 12.05.2008
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Names of Shareholders (Equity Shares) |
No. of Equity
Shares |
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RR Donnelley (Mauritius) Holdings Limited |
9999 |
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RR Donnelley Holdings BV |
1 |
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Total |
10000 |
As on 12.05.2008
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Names of Shareholders (Preference Shares) |
No. of Equity
Shares |
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RR Donnelley Holdings BV |
105 |
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Total |
105 |
As on 12.05.2008
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Equity Share Breakup |
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Percentage of Holding |
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Category |
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Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
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100.00 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Printed Booklets, Catalogues and Brochures. |
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Products : |
· Manuals · Handbooks · Booklets · Encyclopedic · Almanac · Directory · Calendar · Yearbook · Reference Books · Instruction
Booklets · Guiding Material · Stationeries · Brochures · Advertisement
Materials · Promotional
Material Letterheads · Stickers, Files · Note Books · Exercise Books · Computer
Stationary
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Terms : |
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Selling : |
Credit 60 days |
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Purchasing : |
Credit |
GENERAL
INFORMATION
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Customers : |
Wholesalers |
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No. of Employees : |
400 (In office – 50, In factory – 350) |
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Bankers : |
Citi Bank, Chennai |
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Facilities : |
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Banking
Relations : |
--- |
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Auditors : |
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Name : |
Deloitte Haskins and Sells Chartered Accountants Address 1: 2nd Floor, Temple Tower, 672, Anna Salai,
Nandanam, Chennai – 600 035, Tamilnadu, India Address 2: ASV N Ramana Tower, 52, Venkatnarayana Road, T. Nagar,
Chennai – 600 017, Tamilnadu, India |
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Holding Company
: |
RR Donnelley (Mauritius) Holdings Limited |
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Ultimate Holding
Company: |
RR Donnelley and Sons, USA |
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Fellow
Subsidiaries : |
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CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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50000 |
Equity Shares |
Rs. 10/- Each |
Rs. 0.500 Million |
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105 |
1% Non Cumulative Preferences Shares |
Rs.2500000/- Each |
Rs.262.500 Millions |
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Total |
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Rs.263.000
Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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10000 |
Equity Shares |
Rs. 10/- Each |
Rs. 0.100 Million |
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105 |
1% Non Cumulative Preferences Shares |
Rs.2500000/- Each |
Rs.262.500 Millions |
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Total |
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Rs.262.600
Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
|
01.01.2007 to
31.03.2008 |
23.12.2005 to
31.12.2006 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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262.600 |
0.100 |
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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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604.444 |
0.000 |
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4] (Accumulated Losses) |
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0.000 |
(32.246) |
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NETWORTH |
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867.044 |
(32.146) |
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LOAN FUNDS |
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1] Secured Loans |
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0.000 |
0.000 |
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2] Unsecured Loans |
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326.819 |
278.625 |
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TOTAL BORROWING |
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326.819 |
278.625 |
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DEFERRED TAX LIABILITIES |
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50.661 |
0.000 |
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TOTAL |
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1244.524 |
246.479 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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567.890 |
240.455 |
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Capital work-in-progress |
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18.831 |
131.261 |
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INVESTMENT |
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0.000 |
0.000 |
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DEFERREX TAX ASSETS |
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0.000 |
16.294 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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67.402 |
35.601 |
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Sundry Debtors |
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300.948 |
131.340 |
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Cash & Bank Balances |
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413.805 |
4.870 |
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Other Current Assets |
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0.000 |
0.000 |
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Loans & Advances |
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28.967 |
8.651 |
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Total
Current Assets |
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811.122 |
180.462 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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125.525 |
321.403 |
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Provisions |
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27.794 |
0.590 |
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Total
Current Liabilities |
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153.319 |
321.993 |
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Net Current Assets |
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657.803 |
(141.531) |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.000 |
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TOTAL |
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1244.524 |
246.479 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
|
01.01.2007 to
31.03.2008 |
23.12.2005 to
31.12.2006 |
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Sales Turnover |
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1910.280 |
340.840 |
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Other Income |
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0.000 |
0.000 |
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Total Income |
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1910.280 |
340.840 |
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Profit/(Loss) Before Tax |
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1007.150 |
(48.080) |
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Provision for Taxation |
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367.870 |
(15.830) |
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Profit/(Loss) After Tax |
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639.280 |
(32.250) |
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Expenditures : |
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Interest |
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29.700 |
8.620 |
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Depreciation & Amortization |
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72.150 |
4.590 |
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Other Expenditure |
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801.280 |
375.710 |
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Total Expenditure |
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903.130 |
388.920 |
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KEY RATIOS
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PARTICULARS |
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01.01.2007 to
31.03.2008 |
23.12.2005 to
31.12.2006 |
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PAT / Total Income |
(%) |
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33.47 |
(9.46) |
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Net Profit Margin (PBT/Sales) |
(%) |
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52.72 |
(14.11) |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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72.05 |
(8.71) |
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Return on Investment (ROI) (PBT/Networth) |
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1.16 |
1.50 |
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Debt Equity Ratio (Total Liability/Networth) |
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0.55 |
(18.68) |
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Current Ratio (Current Asset/Current Liability) |
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5.29 |
0.56 |
LOCAL AGENCY
FURTHER INFORMATION
Note:
The registered address of the company has been shifted from 43A, 1st Main
Roadra Puram, Chennai – 600028, Tamilnadu, India to the present address w.e.f.
16.06.2006.
FIXED ASSETS:
- Lease hold
Improvements
- Furniture and
Fixtures
- Computers
- Plant and
Machinery
OPERATIONS:
RRD PIP in the business of providing print solutions and utilizes
sheet-fed printing equipment. RRD PIP production process is an end solution
which comprises of pre-press, press and post press activity. The SIPCOT
facility is kitted with state of the art print manufacturing equipments ranging
from CTP, Press, Folding and Bindery.
The factory has been in operation since October 2006 and produces
Printed User Guides, Folders and Cards. Being a 100% Export Oriented Unit (EOU)
Unit, all these products are meant for export only. Performance of PIP plant
has been good with On-stream efficiency and quality produce. Capacity
Utilization of the plant is at 70%. They are committed to produce quality on
time, every time.
SALES:
The sales focus is currently on the Telecom and Technology and related
segment customers. RRD is a global company and has strengthened its market
leader position by servicing large blue chip customers for their in box
materials comprising of User Guides, Leaflets and Warranty cards. The sales
team follows a very high standard of professionalism and all service delivery
activity is customer centric.
RR Donnelley PIP with its only operations in India is equipped with
in-house printing and binding facilities. As a 100% EOU and an ISO 9001-2000
certified company, they have impressive pre-press, press and post-press
divisions in a large 180000 sq ft facility housed in Chennai’s much-touted
address, on the Chennai – Bangalore Highway, Sriperumbudur.
The 2007 Sales Turnover was approximately US $36 Million with a movement
of 94 million Manuals. The growth rate is 35% to hit a volume of 140 million
manuals.
With a host of friendly client relationship executives in a data driven
environment provide end-to-end solutions for Quality Product, On time, Every
time.
WEBSITE DETAILS:
Profile:
Subject is the world's premier full-service provider of print and
related services, including document-based business process outsourcing.
Founded more than 140 years ago, the company provides solutions in commercial
printing, direct mail, financial printing, product customization, print
fulfillment, forms and labels, logistics, call centers, transactional
print-and-mail, print management, online services, digital photography, color
services, and content and database management to customers in the publishing,
healthcare, insurance, advertising, non-profit, consumer package goods, retail,
technology, financial services and many other industries.
The largest companies in the world and others rely on company scale, scope and
insight through a comprehensive range of web-based tools and innovative
technology, variable printing services, market-specific, and customized supply
chain solutions.
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 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.49.22 |
|
UK Pound |
1 |
Rs.73.03 |
|
Euro |
1 |
Rs.63.14 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
4 |
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PAID-UP CAPITAL |
1~10 |
6 |
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OPERATING SCALE |
1~10 |
6 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
7 |
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--PROFITABILIRY |
1~10 |
5 |
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--LIQUIDITY |
1~10 |
7 |
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--LEVERAGE |
1~10 |
7 |
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--RESERVES |
1~10 |
6 |
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--CREDIT LINES |
1~10 |
6 |
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--MARGINS |
-5~5 |
- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
NO |
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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 |
NO |
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--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
|
54 |
This score serves as a reference to assess SC’s credit risk and
to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING
EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average/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 |
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