MIRA
INFORM REPORT
|
Report Date : |
08.03.2008 |
IDENTIFICATION
DETAILS
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Name : |
AJANTA OFFSET AND
PACKAGING LIMITED |
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Registered Office : |
B-95, Wazirpur Industrial Area, Delhi – 110 052 |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
25.09.1969 |
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Com. Reg. No.: |
55-5126 |
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CIN No.: [Company
Identification No.] |
U74950DL1969PLC005126 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DELA11910D |
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Legal Form : |
Closely Held
Public Limited Liability Company |
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Line of Business : |
Printing, Publishing, Lithographing, Type Founding,
Photographic Printing and Electro-typing. |
RATING &
COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
USD 2200000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well
established and reputed company having fine track. Trade relations are fair.
Financial position is good.
Payments are reported as slow but correct. The company can
be considered good for normal business dealings at usual trade terms and
conditions. |
INFORMATION PARTED
BY
|
Name : |
Mr. Vinod K Verma |
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Designation : |
Accountant Manager |
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Email : |
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Date : |
08.03.2007 |
LOCATIONS
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Registered Office : |
B-95, Wazirpur Industrial Area, Delhi – 110 052, India |
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Tel. No.: |
91-11-27377443 / 27377594 |
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Fax No.: |
91-11-27374559 |
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E-Mail : |
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Website : |
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Head /
Corporate / Domestic Sales
Office : |
Madani Hall, 1, Bahadurshah Zafar Marg, New Delhi - 110
002 |
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Tel. No.: |
91-11-23715871 /
23320772 / 23320789 |
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Fax No.: |
91-11-23712692 |
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E-Mail : |
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Factory : |
Plot No. 61, Sector 27 C, Faridabad - 121 003, Haryana, India |
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Tel. No.: |
91-129-2275524, 2275589 |
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Fax No.: |
91-011-2277036 |
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Factory : |
M-1, Thiruvika Industrial Estate, Chennai - 600 032, Tamilnadu |
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Branches : |
Ř Todi Mansion, 5th Floor, P-15, India Exchange Place Extension, Kolkata - 700 073, West Bengal Tel. No. 91-33-22362878 / 22376369 / 22375415 Fax No. 91-33-22258901 / 22362079 Ř A-220, Okhla Industrial Area, Phase - 1, New Delhi – 110020, India Tel. No. : 91-11-26815122 / 26819238 Fax No. : 91-11-26815122 E-mail : aptc@ajantaoffset.com Ř Madani Hall 1, Bahadurshah Zafar Marg, New Delhi - 110 002 |
DIRECTORS
|
Name : |
Mr. Govind Prasad
Todi |
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Designation : |
Chairman &
Managing Director |
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Address : |
C-757, New Friends Colony, New Delhi, India |
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Date of Birth/Age : |
25.09.1949 |
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Date of Appointment : |
25.09.1969 |
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Name : |
Mr. Jagdish Narain Pathak |
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Designation : |
Director |
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Address : |
A-4A, Mahavir Vidyan Path, Bajaj Nagar, Jaipur, Rajasthan |
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Date of Birth/Age : |
17.02.1923 |
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Date of Appointment : |
19.12.1986 |
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Name : |
Mr. Deepak Mohan |
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Designation : |
Director |
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Address : |
B – 1238, Palam Vihar, Gurgaon – 122217, Haryana, India |
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Date of Birth/Age : |
22.06.1941 |
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Date of Appointment : |
27.11.1997 |
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Name : |
Mr. Radhakrishnan Vallavan |
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Designation : |
Director |
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Address : |
AP 292, Sector 8, K. K. Nagar, Chennai, Tamilnadu, India |
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Date of Birth/Age : |
26.09.1957 |
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Date of Appointment : |
06.06.1996 |
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Name : |
Mr. Sunil Agarwal |
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Designation : |
Director |
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Name : |
Mr. K. K. Agarwal |
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Designation : |
Director |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
|
Sunil Agarwal |
|
21092001 |
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Krishnan Kumar Agarwal |
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72004 |
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Equity Share
Breakup |
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Category |
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Percentage of
Holding |
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Public Financial Companies |
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5.84 |
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Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
10.62 |
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Bodies corporate |
|
60.63 |
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Directors or relatives of directors |
|
19.66 |
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Other top fifty shareholders |
|
3.22 |
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Others |
|
0.03 |
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Total
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|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Printing, Publishing, Lithographing, Type Founding,
Photographic Printing and Electro-typing. |
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Products : |
Generic Names of the Principal Products / Services of the Company are:-
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Imports : |
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Countries : |
Germany, Japan, U.K. and France [Chemicals and Papers] |
GENERAL
INFORMATION
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Customers : |
Ř Pepsi Ř Sony Ř Caltex Ř Citibank Ř The World Bank |
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No. of Employees : |
400 |
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Bankers : |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
K. Prasad and
Company Chartered
Accountants |
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Address : |
C-31, South Extension Part I, New Delhi – 110049, India |
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Associates : |
Ř Ajanta Offset Packing Limited C-7/15A, Rampura Marg, New Delhi - 110 035 Ř Viesta Stationery and Print Limited, UK |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
10,000,000 |
Equity Shares |
Rs. 10/- each |
Rs. 100.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
6,849,700 |
Equity Shares |
Rs. 10/- each |
Rs. 68.497 millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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|
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1] Share Capital |
68.497 |
68.497 |
68.497 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
484.454 |
463.948 |
391.299 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
552.951 |
532.445 |
459.796 |
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|
LOAN FUNDS |
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|
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1] Secured Loans |
1036.018 |
899.639 |
511.707 |
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2] Unsecured Loans |
24.121 |
22.346 |
21.149 |
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TOTAL BORROWING |
1060.139 |
921.985 |
532.856 |
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DEFERRED TAX LIABILITIES |
104.899 |
88.906 |
72.137 |
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TOTAL |
1717.989 |
1543.336 |
1064.789 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
1137.831 |
1087.648 |
722.227 |
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Capital work-in-progress |
12.348 |
0.497 |
77.895 |
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INVESTMENT |
0.256 |
0.255 |
0.315 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
|
328.666
|
199.406 |
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Sundry Debtors |
704.077
|
194.035
|
176.353 |
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Cash & Bank Balances |
|
22.344
|
41.911 |
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Other Current Assets |
|
47.829
|
7.212 |
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Loans & Advances |
57.011
|
33.216
|
44.424 |
|
Total
Current Assets |
761.088
|
626.090
|
469.306 |
|
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Less : CURRENT LIABILITIES & PROVISIONS |
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|
|
|
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Current Liabilities |
193.534
|
159.599
|
193.871 |
|
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Provisions |
0.000
|
11.555
|
11.083 |
|
Total
Current Liabilities |
193.534
|
171.154
|
204.954 |
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Net Current Assets |
567.554
|
454.936
|
264.352 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
1717.989 |
1543.336 |
1064.789 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Sales Turnover |
984.588 |
899.473 |
680.637 |
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Other Income |
26.234 |
20.856 |
40.988 |
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Total Income |
1010.822 |
920.329 |
721.625 |
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Profit/(Loss) Before Tax |
31.373 |
39.524 |
57.768 |
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Provision for Taxation |
17.609 |
18.690 |
17.095 |
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Profit/(Loss) After Tax |
13.764 |
20.834 |
40.673 |
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Earnings in Foreign Currency : |
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Export Earnings |
NA |
NA |
342.294 |
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Other Earnings |
NA |
NA |
4.672 |
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Total Earnings |
NA |
NA |
346.966 |
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Imports : |
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Raw Materials |
NA |
NA |
77.331 |
|
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Stores & Spares |
NA |
NA |
8.744 |
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Capital Goods |
NA |
NA |
128.789 |
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Total Imports |
NA |
NA |
214.864 |
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Expenditures : |
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|
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Increase / [Decrease] in Stock |
[15.323] |
[18.217] |
0.000 |
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Raw Material Consumed |
501.302 |
440.063 |
321.675 |
|
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Personnel Expenses |
51.190 |
47.798 |
0.000 |
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Manufacturing and other Expenses |
258.030 |
284.703 |
245.34 |
|
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Interest |
88.252 |
53.813 |
31.680 |
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Depreciation |
95.998 |
72.644 |
65.162 |
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Total Expenditure |
979.449 |
880.804 |
663.857 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total
Income |
(%) |
1.36 |
2.26
|
5.64 |
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Net Profit Margin (PBT/Sales) |
(%) |
3.19 |
4.39
|
8.49 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
1.65 |
2.31
|
4.85 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.06 |
0.07
|
0.13 |
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Debt Equity Ratio (Total Liability/Networth) |
|
2.27 |
2.05
|
1.60 |
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Current Ratio (Current Asset/Current Liability) |
|
3.93 |
3.66
|
2.29 |
LOCAL AGENCY
FURTHER INFORMATION
History
Subject is an outfit of the Shrachi Group being one of the three largest integrated print houses in India. It shifted focus to high quality printing in 1980 with massive modernisation programmes following in 1987, 1993 and 1996. This modernisation resulted in establishment of four integrated plants, a consistent growth rate of 20% p.a. over the last seven years. The steady growth rate of the company is almost twice the industry rate in India.
Trade Reference :
Ř Escorts Limited, Faridabad, Haryana
Ř Eicher Tractors Limited, Faridabad, Haryana
Fixed Assets
- Land
- Factory Building
- Office Flat
- Tubewell and Water Pump
- Plant and Machinery
- Computer
- Electric Fitting
- Furniture and Fixture
- Office Equipment
- Process Equipment
- Air-conditioning and Cooler
- Vehicles
Bankers Charges
Report as per Registry
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Name of the company |
AJANTA OFFSET AND PACKAGING LIMITED |
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Presented By |
ING VYSYA BANK LIMITED
AND AJANTA OFFSET AND PACKAGING LIMITED |
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1) Date and description of instrument creating the changers. |
Letter of Deposit
of title deeds dated 03.12.2004 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 793.000
Millions to USD 2.000 Millions |
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3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
Joint Equitable
mortgage by deposit of title deeds of property at Plot No. 56, Sector 27C,
and admeasuring 6993 sq. yds. Situated in the Urban Estate, Faridabad
together with super structure constructed thereon / to be constructed. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
The following
credit facilities are secured by the above property ING Vysya Bank
Limited Term Loan Rs.
42.500 Millions ING Vysya Bank
Limited Working Capital
facilities : Rs. 104.500 Millions Corporation Bank Term Loan Rs.
223.000 Millions Bank of Baroda Rs. 423.000
Millions Exim Bank : FCTL
of USD 2 Million Mr. G. P. Todi,
Managing Director of the company called on the Bank on 02.12.2004 and
accorded and gave oral consent on behalf of the company to ING Vysya Bank
Limited acting as an agent of Bank of Baroda, Export Import Bank of India and
Corporation Bank to hold and retain the title deeds as and by way of Joint
Equitable mortgage by deposit of title deeds by constructive mentioned in Col
No. 3 above more particularly described in the Second Schedule to the
Declaration for deposit of title deeds dated 02.12.2004 attached, to secure
the above mentioned credit facilities.
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5) Name and Address and description of the person entitled to the charge. |
ING Vysya Bank
Limited 23, Barakhmba
Road, New Delhi State Bank of
India Industrial
Finance Branch 1, Tolstoy Marg,
New Delhi Corporation Bank Industrial
Finance Branch K. G. Marg, New
Delhi Exim Bank WTC, Cuffe
Parade, Mumbai |
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6) Date and brief description of instrument modifying the charge |
Letter of
continuity dated 14.10.2005 |
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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. |
The amount
secured by this charge in increased to Rs. 1046.000 Millions + USD 2.000
millions to secure the following credit facilities sanctioned to the company
:
Exim Bank FCTL
USD 2.000 Millions The charge is
secured by extension of equitable mortage of property at plot No. 56, Sector
27 C and admeasuring 6993 sq. yds. situated in the Urban Estate, Faridabad
together with super structure constructed thereon / to be constructed terms
and conditions remain same. |
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This form is for |
Modification of
charge |
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Charge
identification number of the charge to be modified |
80023343 |
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Corporate
identity number of the company |
U74950DL1969PLC005126 |
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Name of the
company |
AJANTA OFFSET AND
PACKAGING LIMITED |
|
Address of the
registered office or of the principal place of business in India of the company |
95-B, Wazirpur Industrial Area, New Delhi – 110052, India |
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Type of charge |
Immovable Property |
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Particular of
charge holder |
ING Vysya Bank Limited, Narian Manzil Group Floor, Shop No. G 1 to G 5, 1st Floor, Shop No. 1001 to 1007, Barakhamba Road, New Delhi – 110001, India |
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Nature of
description of the instrument creating or modifying the charge |
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|
Date of
instrument Creating the charge |
20.12.2006 |
|
Amount secured by
the charge |
Rs. 1237.700
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Extent operation
of the charge First Pari –
Passu charge on the property for the term lending by ING Vysya Bank,
corporation Bank, State Bank of India and Exim Bank Second Pari-passu
charge on the property for the working capital lending by ING Vysya Bank,
Corporation Bank, and State Bank of India |
|
Short particulars
of the property charged |
Industrial plot
land bearing No. 61 in sector 27 C measuring 5490 sq. yards situated in urban
estate Faridabad with super structure constructed thereon. |
|
Date of latest
modification prior to the present modification |
14.10.2005 |
|
Particulars of
the present modification |
The Equitable
mortgage on the property has been extended to the consortium lenders by
memorandum of deposit of title deeds dated 20.12.2007 |
WEBSITE DETAILS
Subject is amongst the largest integrated print houses in
India providing comprehensive design, pre-press and printing services to a wide
range of private, professional and corporate clients. They are also looking at
new media technology through their partner, to provide education as well as
consultancy services for Internet, Graphics & Multimedia, Digital
Photography and Reprography (typesetting/pre-press).
Subject
was established in 1969 as the flagship company of the Todi/Shrachi Group.
Today, the Group's combined turnover exceeds US $ 100 million and it has
offices in several cities in India. They started small - with just a packaging
unit, but shifted focus to high quality printing in 1980. With massive
modernization programmes in 1993, 1996 and 1999, they soon became a serious
player on the printing scene - with five integrated production units and a
consistent growth rate of 20% per annum over the last 8 years, which is almost
double the industry rate in India.
Subject
is recognized as one of the biggest exporters of quality printed materials from
the country. And to live up to this recognition, they are constantly upgrading
their technologies to give their clients total value for their money …and much
more. Reducing the process time, consolidating the production facilities are
the key areas they are focusing on in the near future. To this end, they are
setting up one large comprehensive unit to include all print solutions under
one roof.
Cloning is a process by which an exact replica of a particular organism is generated, and they have been in the business of cloning for decades - not organisms or physical objects but the images and ideas present in the minds of their clients. Their dedicated and technically strong personnel take every problem as a challenge and ensure that the practical difficulties in giving physical shape to a nebulous idea are ironed out - with innovative ideas and lateral thinking. And their high-quality finishing, binding and packaging services complete the job.
The key services include:
- Typesetting
- Prepress
- Printing
- Binding and
Finishing
APTC
is a Communication Technology service and design solutions provider, originally
setup by Apple Computer Inc., the US based worldwide computer giant and Ajanta
Offset & Packaging Limited. Now it is known as Ajanta Publishing Technology
Centre. Manpower is APTC's core strength. They have experienced, full time
professionals from Information Technology, Printing Technology, Graphic Design
and Multimedia. In addition, a panel of eminent faculty and industry
specialists drawn from all over the world conduct seminars, symposiums and
workshops. They also have a panel of consultants from Information Technology as
well as Print & Publishing and Telecom Industries for turnkey assignments.
Areas of Operation
Digital Photo Studio (under planning)
Pre-Press Labs
Typesetting
Multimedia
Web Designing
Concept Visualization & Designing
Facilities
High speed Apple and IBM compatible workstations supporting Macintosh OS, Windows 95/98/NT.
Specialized equipment for Pre-Press include image setter from Scitex with PS RIP, Scitex and UMAX scanners, connected over a high speed AT&T network.
A well stocked library of a wide variety of licensed software, to cater to the specific requirements of every assignment.
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.39.74 |
|
UK Pound |
1 |
Rs.80.34 |
|
Euro |
1 |
Rs.56.30 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
9 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
66 |
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 |
|