MIRA
INFORM REPORT
|
Report Date : |
12.02.2008 |
IDENTIFICATION
DETAILS
|
Name : |
EXETER PREMEDIA SERVICES PRIVATE LIMITED |
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Registered Office : |
40, Eldams Road, Teynampet, Chennai 600018, Tamilnadu |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
23.11.2004 |
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Com. Reg. No.: |
18-54735 |
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CIN No.: [Company
Identification No.] |
U22219TN2004PTC054735 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CHEE03596F |
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PAN No.: [Permanent
Account No.] |
AABCE3960B |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Providing High Technology Services and Media Support Solutions |
RATING & COMMENTS
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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 39000 |
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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 having moderate track. Its financial position is weak, having
sizeable amount of accumulated losses, which might take sometime to be
written off. Trade relations are
fair. 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 : |
40, Eldams Road, Teynampet, Chennai 600018, Tamilnadu, India |
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Tel. No.: |
91-44-23452921 / 23452922 |
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Fax No.: |
91-44-23452920 |
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E-Mail : |
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Website : |
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Branch Office : |
SINGAPORE The Cuscaden Group Pte. Limited Level 31, 6 Battery Road, Singapore 049909 |
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Tel. No.: |
+65-65509661 |
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Fax No.: |
+65-65509662 |
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E-Mail : |
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Located at : |
UK Mobile No. : +44-20-30020673 US Mobile No. : +1-214-636-0176 |
DIRECTORS
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Name : |
Mr. Mark H. Daneill |
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Designation : |
Director |
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Address : |
Four Seasons Park Summer Block 10, Cuscaden walk26 02, Singapore
249693 |
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Date of Birth/Age : |
17.04.1955 |
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Date of Appointment : |
26.11.2004 |
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Name : |
Mr. R. Jayachandran |
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Designation : |
Director |
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Address : |
1, Belmount Road 06 00 The Belmount, Singapore 269852 |
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Date of Birth/Age : |
27.04.1944 |
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Date of Appointment : |
26.11.2004 |
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Name : |
Mr. Krishnamurthi Venkataramani |
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Designation : |
Director |
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Address : |
Flat No. BS2, Pallava Heights, 73/1 Luz Avenue, 5th Street,
Mylapore, Chennai 600004, Tamilnadu, India |
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Date of Birth/Age : |
16.10.1943 |
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Date of Appointment : |
26.11.2004 |
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Name : |
Mr. Sivaprakasam Vijayakumar |
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Designation : |
Director |
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Address : |
No. 130A, L. B. Road, Thiruvanmiyur, Chennai 600041, Tamilnadu, India |
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Date of Birth/Age : |
12.03.1973 |
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Date of Appointment : |
26.11.2004 |
KEY EXECUTIVES
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Name : |
G. Porselvam |
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Designation : |
Company Secretary |
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Address : |
No. 25, Thiyagaraja Street,
North Usman Road, T. Nagar, Chennai 600017, Tamilnadu, India |
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Tel. No. : |
91-44-28142955 / 42122148 |
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Fax No. : |
91-9841016465 |
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E-mail : |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Equity Share
Break-up |
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Percentage of
Holding |
|
Venture Capital |
|
67.00 |
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Directors or relatives of the Directors |
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28.00 |
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Other top fifty shareholders |
|
5.00 |
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Total |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Providing High Technology Services and Media Support Solutions |
GENERAL INFORMATION
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Bankers : |
State Bank of India SEMCCC, 16
Whannels Road, Egmore, Chennai 600008, Tamilnadu, India |
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Banking
Relations : |
--- |
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Auditors : |
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Name : |
RRSK and Associates Chartered Accountants |
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Address : |
A-2, Ground Floor, Lloyds Road, Royapettah, Chennai 600014, Tamilnadu,
India |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
4000000 |
Equity Shares |
Rs. 5/- each |
Rs. 20.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
3254800 |
Equity Shares |
Rs. 5/- each
|
Rs. 16.274
Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2007 |
31.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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16.274 |
14.974 |
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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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0.000 |
0.000 |
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4] (Accumulated Losses) |
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[6.446] |
[8.378] |
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NETWORTH |
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9.828 |
6.596 |
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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 |
|
0.600 |
0.000 |
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TOTAL BORROWING |
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0.600 |
0.000 |
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DEFERRED TAX LIABILITIES |
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0.000 |
0.000 |
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TOTAL |
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10.428 |
6.596 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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3.733 |
3.848 |
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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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0.000 |
0.000 |
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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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1.603 |
0.460 |
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Sundry Debtors |
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5.456 |
0.894 |
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Cash & Bank Balances |
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0.815 |
1.076 |
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Other Current Assets |
|
0.006 |
0.069 |
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Loans & Advances |
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0.904 |
0.825 |
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Total
Current Assets |
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8.784 |
3.324 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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1.392 |
0.311 |
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Provisions |
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0.817 |
0.425 |
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Total
Current Liabilities |
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2.209 |
0.736 |
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Net Current Assets |
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6.575 |
2.588 |
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MISCELLANEOUS EXPENSES |
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0.120 |
0.160 |
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TOTAL |
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10.428 |
6.596 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
|
31.03.2007 |
31.03.2006 |
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Sales Turnover |
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14.250 |
3.740 |
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Other Income |
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0.040 |
0.030 |
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Total Income |
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14.290 |
3.770 |
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Profit/(Loss) Before Tax |
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1.930 |
[8.380] |
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Provision for Taxation |
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-- |
-- |
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Profit/(Loss) After Tax |
|
1.930 |
[8.380] |
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Expenditures : |
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Depreciation & Amortization |
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1.320 |
1.920 |
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Other Expenditure |
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11.040 |
10.230 |
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Total Expenditure |
|
12.360 |
12.150 |
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KEY RATIOS
|
PARTICULARS |
|
|
31.03.2007 |
31.03.2006 |
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PAT / Total Income |
(%) |
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13.50 |
[222.28] |
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Net Profit Margin (PBT/Sales) |
(%) |
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13.54 |
[224.06] |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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15.41 |
[116.84] |
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Return on Investment (ROI) (PBT/Networth) |
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0.19 |
[1.27] |
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Debt Equity Ratio (Total Liability/Networth) |
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0.28 |
0.11 |
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Current Ratio (Current Asset/Current Liability) |
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3.97 |
4.51 |
LOCAL AGENCY
FURTHER INFORMATION
Form 8
Bankers charges
Report as per Registry
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This Form is for |
Creation of charge |
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Charge identification
number of the charge to be modified |
NA |
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Corporate
identity number of the company |
U22219TN2004PTC054735 |
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Name of the
company |
EXETER PREMEDIA SERVICES PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
40, Eldams Road, Chennai 600018, Tamilnadu, India |
|
Type of charge |
Book Debts |
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Particular of
charge holder |
State Bank of
India SEMCCC, 16
Whannels Road, Egmore, Chennai 600008, Tamilnadu, India |
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Nature of description
of the instrument creating or modifying the charge |
Letter of
arrangement dated 14.11.2007 Agreement of loan
cum hypothecation dated 14.11.2007 |
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Date of
instrument Creating the charge |
14.11.2007 |
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Amount secured by
the charge |
Rs. 4.600
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
[a] Rate of
Interest For Receivables
upto 90 days – 2.75% below SBAR effective 10.00% p.a. For Receivable
beyond 90 days upto 180 days – 1.50% below SBAR effective 11.25% p.a. [b] Terms of
repayment Sanctioned for a
period of 12 months and renewal subject to review. [c] Margin 25% [d] Extent and
operation of the charge Rs. 4.600
Millions |
|
Short particulars
of the property charged |
NA |
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Date of latest
modification prior to the present modification |
NA |
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Particulars of
the present modification |
NA |
AS PER WEBSITE DETAILS:
PROFILE:
Subject provides high technology services and media support solutions to
a full range of publishing and media clients. From their central office in
Chennai, and a representative office in Singapore, they are able to provide
services which are fast, reliable, and of the highest quality in their
industry. Offices will soon be added in Europe and the USA.
Drawing on an experienced and professional staff, exeter offers a composite
SGML/XML service to book and journal publishers, and provides a complete set of
prepress, e-publication and project management services to corporations and
commercial printing enterprises. Their own vision is to serve their clients'
premedia needs in a manner which achieves the highest levels of competitive
performance and client satisfaction.
ADVANTAGES:
Ř
Skilled workforce and high
quality infrastructure at low cost.
Ř
24x7 customer support.
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Effective communication and
quick response.
Ř
Customized process flow for
every project.
Ř
Continuous technical
innovation to add value to their
service capabilities.
Ř
Software support team equipped
with the latest technologies.
Ř
A high performance culture
that ensures that they spare no effort to meet the constantly evolving needs
of their clients.
Ř
An ability to serve the
needs of clients across various media, layouts/formats, academic disciplines,
industry sectors and technologies.
Ř
A proven capability to meet
the exacting demands of technical journals, books and other products.
Books
A
major focus of their
company is in creating full layout of STM books with various style elements in platforms
such as QuarkXpress and LaTeX. Sample are designed at their end for visual appeal to readers and authors. They are also capable of giving a newer look and feel to
existing books by refreshing their design and reproducing them with a suite of their own design products. They have expertise to handle colour book production, both
two-colour and four-colour.
As
a technology driven company, you can rely on exeter for any complex data design
or setting in fields related to science, technology, computers, medicine, law,
and other publication areas requiring accurate rendition of complex formulae,
designs or layouts. Generation of custom-tailored style sheets and templates
are part of their focus on superior delivery.
JOURNALS
They have the expertise to produce articles and complete technical
journals in demanding scientific areas including Physics, Mathematics, Biology,
Chemistry, Aerospace, Engineering, Architecture, and Medicine. This requires
special skills in complex formula setting, use of symbols and specified design.
Time-to-delivery is also a critical component of high-end solutions to
publishers of technical journals. Their capabilities in the technical journals
sector for creating and designing multiple style articles and XML/SGML files create
a flexible base for online purposes.
TECHNOLOGY:
Tracking Projects Online
Based on the specific requirements of a
project, key steps are tracked during all stages of the process flow. The
exeter tracking system is customized to report progress against all
checkpoints. A status report can be viewed online through a secure area from
their extranet site.
Software used (examples
only)
• 3B2, Adobe InDesign,
QuarkXpress, Adobe FrameMaker, Y&Y
• Adobe Photoshop, Adobe
Illustrator
• Epsilon Double-entry
software (Proprietary)
• XML Spy, NSGMLS, Internet
Explorer
Safe Data
• Offsite Backup
• Mirror and Daily Backups
Data Transfer
• FTP Upload/Download
• High-speed Internet
connections
Thin Client-Thick Server
• Their
server-centric computing architecture is secure, scalable and reliable.
• This thick server - thin client approach keeps their IT costs under control yet provides a much higher
level of management control and
efficiency.
• Their
web based infrastructure is used for end to end integration across
organizational functions - including the exeter intranet and client extranet.
• This unique IT infrastructure contributes significantly
to their goal of consistent on time, within budget services to their customers.
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
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 39.73 |
|
UK Pound |
1 |
Rs. 77.34 |
|
Euro |
1 |
Rs. 57.80 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
2 |
|
--CREDIT LINES |
1~10 |
2 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
29 |
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 |
|