%20LIMITED-68387%2023-Dec-2008_files/image002.jpg){kind=small}
MIRA
INFORM REPORT
|
Report Date : |
23.12.2008 |
IDENTIFICATION DETAILS
|
Name : |
QUANTUM DIGITAL VISION ( |
|
|
|
|
Formerly Known As : |
QUANTUM INDUSTRIES LIMITED |
|
|
|
|
Registered Office : |
143, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.03.2007 |
|
|
|
|
Date of Incorporation : |
21.04.1980 |
|
|
|
|
Com. Reg. No.: |
008235 |
|
|
|
|
CIN No.: [Company
Identification No.] |
L35999TN1980PLC008235 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
MUMQ00661D |
|
|
|
|
PAN No.: [Permanent
Account No.] |
AAACQ0531B |
|
|
|
|
Legal Form : |
Public Limited Liability company The company’s shares are listed on the Stock Exchanges. |
|
|
|
|
Line of Business : |
Manufacturer and Marketer of Automotive Spring Leaves and
Assemblies. |
RATING & COMMENTS
|
MIRA’s Rating : |
C |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
Status : |
Poor |
|
|
|
|
Payment Behaviour : |
Delayed |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
The company’s ways and means positions are difficult. Its payment are
reported as slow and delayed. The company can be considered for any business dealings on safe and
secured trade terms and conditions, only. |
LOCATIONS
|
Registered Office : |
143, |
|
Tel. No.: |
91-4119-68625/ 68606 |
|
E-Mail : |
|
|
|
|
|
Corporate Office : |
108, B Mittal Towers, Nariman Point, Mumbai – 400 021, |
|
Tel. No.: |
91-22-2853748 |
|
|
|
|
Factory |
Leafspring Division
143 Athipattu Village, Ponneri Taluk, Chengai-MGR
District, Tamilnadu – 601 203, Polymer Bags Division
170/2p, Silli, Silvassa, Dadra and Nagar Havelli, |
|
|
|
|
Administrative Office : |
Satyam No. 26, |
DIRECTORS
|
Name : |
Mr. Himalay Dassani |
|
Designation : |
Managing Director |
|
|
|
|
Name : |
Mr. G K Bhandari |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr.
Ramchandra Murthy |
|
Designation : |
Director (resigned w.e.f. 20.11.2006) |
|
|
|
|
Name : |
Mr. R
Bhandari |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr.
R K Patel |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Jai Kishen Singh |
|
Designation : |
Director |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.03.2007
|
Category |
No. of Shares |
Percentage of
Holding |
|
Promoters, relatives and associates |
1843900 |
60.76 |
|
Public |
1078900 |
35.54 |
|
NRIs/ FIIs/ OCBs |
15200 |
0.50 |
|
FIIs/ MFs |
0 |
0.00 |
|
Others |
97000 |
3.20 |
|
Total |
3035000 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Marketer of Automotive Spring Leaves and
Assemblies. |
|
|
|
|
Products : |
|
|
|
|
|
Brand Names : |
CEETA |
GENERAL INFORMATION
|
Bankers : |
|
||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||
|
Facilities : |
Secured Loans :
Unsecured Loans :
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
S.R.A.I. and Associates Chartered Accountants |
|
Address : |
Mumbai – 400 050 |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
7000000 |
Equity Shares |
Rs.10/- each |
Rs.70.000 millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
3035000 |
Equity Shares |
Rs.10/- each |
Rs.30.350
millions |
|
|
|
|
|
(Includes 1540000 shares issued as bonus shares by capitalization of
reserves)
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
30.350 |
30.350 |
30.400 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
36.402 |
36.402 |
(37.500) |
|
|
4] (Accumulated Losses) |
(75.216) |
(73.893) |
0.000 |
|
|
NETWORTH |
(8.464) |
(7.141) |
(7.100) |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
52.868 |
52.903 |
52.900 |
|
|
2] Unsecured Loans |
80.946 |
79.919 |
79.900 |
|
|
TOTAL BORROWING |
133.814 |
132.822 |
132.800 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
125.350 |
125.681 |
125.700 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
127.120 |
127.439 |
127.800 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.005 |
0.005 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
0.954
|
0.954 |
1.100 |
|
|
Sundry Debtors |
0.551
|
0.800 |
0.300 |
|
|
Cash & Bank Balances |
0.345
|
0.073 |
0.100 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
3.556
|
3.597 |
3.600 |
|
Total
Current Assets |
5.406
|
5.424 |
5.100 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
7.181
|
7.187 |
6.800 |
|
|
Provisions |
0.000
|
0.000 |
0.400 |
|
Total
Current Liabilities |
7.181
|
7.187 |
7.200 |
|
|
Net Current Assets |
(1.775)
|
(1.763) |
(2.100) |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
125.350 |
125.681 |
125.700 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
Sales Turnover |
0.000 |
0.000 |
0.000 |
|
|
Other Income |
0.000 |
0.550 |
0.100 |
|
|
Total Income |
0.000 |
0.550 |
0.100 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
(1.323) |
(0.009) |
(0.400) |
|
|
Provision for Taxation |
- |
- |
- |
|
|
Profit/(Loss) After Tax |
(1.323) |
(0.009) |
(0.400) |
|
|
|
|
|
|
|
|
Expenditures : |
|
|
|
|
|
|
Manufacturing Expenses |
0.996 |
0.232 |
0.000 |
|
|
Depreciation & Amortization |
0.327 |
0.327 |
0.300 |
|
|
Other Expenditure |
0.000 |
0.000 |
0.200 |
|
Total Expenditure |
1.323 |
0.559 |
0.500 |
|
SUMMERISED RESULTS
|
PARTICULARS |
|
31.03.2008 |
|
Type |
|
Full
Year |
|
Sales Turnover |
|
0.000 |
|
Other Income |
|
0.500 |
|
Total Income |
|
0.500 |
|
Total Expenditure |
|
2.000 |
|
Operating Profit |
|
(1.500) |
|
Interest |
|
0.000 |
|
Gross Profit |
|
(1.500) |
|
Depreciation |
|
6.700 |
|
Tax |
|
0.000 |
|
Reported PAT |
|
(8.200) |
QUARTERLY RESULTS
|
PARTICULARS |
|
30.06.2008 |
|
Type |
|
1st
Quarter |
|
Sales Turnover |
|
0.000 |
|
Other Income |
|
0.000 |
|
Total Income |
|
0.000 |
|
Total Expenditure |
|
0.100 |
|
Operating Profit |
|
(0.100) |
|
Interest |
|
0.000 |
|
Gross Profit |
|
(0.100) |
|
Depreciation |
|
1.700 |
|
Tax |
|
0.000 |
|
Reported PAT |
|
(1.800) |
KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
0.00
|
(1.64) |
(400.00) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
0.00
|
0.00
|
0.00 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(1.00)
|
(0.01) |
(0.30) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.16
|
0.00 |
0.06 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
(2.42)
|
(19.61) |
(19.72) |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.75
|
0.75 |
0.71 |
LOCAL AGENCY FURTHER INFORMATION
HISTORY
AND BUSINESS:
Originally promoted by S S Poddar as Ceeta
Springs and Steels Private Limited in Apr.'80, Quantum Industries (I) was
acquired by the present promoter - Himalay Dassani in 1994. The company was
converted into a public limited company in 1986. It commenced commercial
production of laminated leaf springs in 1984. The company has been renamed
Quantum Digital Vision India Limited in view of its foray into media,
entertainment and IT related services during 1999-2000.
The company manufactures leaf springs for the automotive sector, at Attipattu,
Tamilnadu. The unit has an installed capacity of 2400 tpa of leaf springs. The
product is marketed under the Ceeta brand name. In 1995, the company undertook
a project to increase the installed capacity of the laminated leaf springs to
3000 tpa and also to set up a 100% EOU in the Raigad district of Maharashtra,
to manufacture polymer bags with a capacity of 2500 tpa. The project was
financed through a public issue made by the company in Mar.'95. The location of
the project was changed to Silli, Silvassa, due to which the project is getting
delayed. The company has a marketing arrangement with
As a part of Diversification the company enters into media industry by
obtaining industrial status from GOI. To provide contents and Software to
Satellite channels it has started operating separate division and this division
has undertook production of Serials, episodes, Sop-operas with major channels
like
Financial Results:
The Company posted a net loss of Rs.1.323 millions in the current
financial year as against a net loss of Rs.0.009 million during the previous
year. The leaf spring division is defunct and is closed since last 9 years.
Dividend:
The Directors do not recommend any dividend for the year ended 3Is' March,
2007. Due to losses suffered by the Company.
Deposits:
The Company has not accepted any deposits during the year ended on 31st March
2007 under section 58A of the Companies Act, 1956. Read with the Companies
(Acceptance of Deposits) Rules, 1975 and there are no outstanding, overdue,
unclaimed or unpaid deposits at the end of the year.
MANAGEMENT DISCUSSION AND
ANALYSIS:
The Company is in talks with lenders and creditors through BIFR for a
Restructuring and Restarting of the operations.
The Company is also making efforts to arrange some additional Capital
Investment.
The Company is hopeful about its talks with BIFR for Restructuring and
restarting the operations.
The Company intends to restart operations in the immediate future and trial
production was also held in the month of February 2007.
FIXED ASSETS:
- Land
- Building
- Plant and Machinery
- Office Equipment
- Furniture and Fixture
- Vehicles
- Electrical Equipment and Supply Distribution
- Miscellaneous Equipments
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.47.39 |
|
|
1 |
Rs.70.65 |
|
Euro |
1 |
Rs.66.33 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
- |
|
OPERATING SCALE |
1~10 |
- |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
- |
|
--PROFITABILIRY |
1~10 |
- |
|
--LIQUIDITY |
1~10 |
1 |
|
--LEVERAGE |
1~10 |
1 |
|
--RESERVES |
1~10 |
- |
|
--CREDIT LINES |
1~10 |
1 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
NO |
|
TOTAL |
|
7 |
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 |
|