MIRA
INFORM REPORT
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Report Date : |
14.11.2008 |
IDENTIFICATION
DETAILS
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Name : |
ITDL IMAGETEC LIMITED |
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Registered Office : |
5E, Gopala Tower, 25-Rajendra Place, New Delhi-110008 |
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Country : |
India |
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Financials (as on) : |
31.03.2008 |
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Date of Incorporation : |
24.01.2007 |
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Com. Reg. No.: |
55-158393 |
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CIN No.: [Company
Identification No.] |
U93090DL2007PLC158393 |
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TAN No.: [Tax
Deduction and Collection Account No.] |
DELI06269E |
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PAN No.: [Permanent
Account No.] |
AABCI6284L |
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Legal Form : |
A Closely held Public Limited Company The company is a subsidiary of Indian Toners and Developers Limited, a
listed company on the Stock Exchange. |
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Line of Business : |
Manufacturer of compatible black toners for
photocopiers, laser printers, digital machines and multi function printers. |
RATING and
COMMENTS
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MIRA’s Rating : |
Ca |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
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Status : |
New Project |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is a new project under implementation. Directors are
experienced, respectable and respectful businessmen. However, the company has
to establish its track. Payments are reported as slow. Initially, the company can be considered for the small to moderate
business dealings on safe and secured trade terms and conditions in a current
economic scenario. |
LOCATIONS
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Registered Office/ Factory : |
5E, Gopala Tower, 25-Rajendra Place, New Delhi-110008, India |
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Tel. No.: |
91-11-2751420/ 1421 |
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Fax No.: |
91-11-25751422 |
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E-Mail : |
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Website : |
DIRECTORS
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Name : |
Mr. Sushil Jain |
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Designation : |
Director |
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Address : |
14, Alipur Road, Civil Lines, Delhi-110054, India |
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Date of Birth/Age : |
30.09.1958 |
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Date of Appointment : |
24.01.2007 |
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Name : |
Mr. Sanjeev Goel |
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Designation : |
Director |
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Address : |
A-46, Gujranwala Town-I, Delhi-110009, India |
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Date of Birth/Age : |
20.04.1959 |
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Date of Appointment : |
24.01.2007 |
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Name : |
Mr. Nirankar Saran Sharma |
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Designation : |
Director |
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Address : |
Flat No. 1, Nehru Apartments, SFS Outer Ring Road, Kalakji, New
Delhi-110019, India |
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Date of Birth/Age : |
01.01.1932 |
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Date of Appointment : |
24.01.2007 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
As on 12.08.2008
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Names of Shareholders |
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No. of Shares |
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Subhash Chander Singhal on behalf of Indian Toners and Developers
Limited |
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26000 |
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Sanjeev Goel |
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10 |
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Nriankar Saran Sharma |
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10 |
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Subhash Chandar Singhal |
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10 |
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Sushila Devi Jain |
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10 |
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Sushil Jain |
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23940 |
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Akshat Jain |
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10 |
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Nandita Jain |
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10 |
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Indian Toners and Developers Limited |
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484000 |
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Sushil Jain |
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143000 |
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Akshat Jain |
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100000 |
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Aashima Jain |
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90000 |
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Nandita Jain |
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133000 |
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Total |
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1000000 |
As on 15.09.2007
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List of Allottees |
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No of Shares Allotted |
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Indian Toner and Developers Limited |
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484000 |
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Sushil Jain |
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466000 |
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Total |
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950000 |
Equity Share Breakup (Percentage of Total Equity)
As on 30.09.2008
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Category |
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Percentage |
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Bodies Corporate (not mentioned above) |
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51.00 |
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Directors or relatives of directors |
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49.00 |
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Total |
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100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of compatible black toners for
photocopiers, laser printers, digital machines and multi function printers. |
GENERAL
INFORMATION
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Bankers : |
State Bank of India, Commercial Branch, Civil Lines, Moraddbad-24001,
Uttar Pradesh, India |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
K.N. Gutgutia and Company Chartered Accountant |
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Address : |
11-K Gopala Tower, 25, Rajendra Place, Delhi-110088, India |
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Parent Company : |
Indian Toners and Developers Limited L74993UP19990PLC015721 Line of Business: Manufacturer of Toners and Developers Sales Turnover Rs. 384.700 Millions Net Profit: Rs. 27.900 Millions Net Worth : Rs. 320.100 Millions Net Block R.s 145.800 Millions Current Share Price : Rs. 9 (Face Value Rs. 10) |
CAPITAL STRUCTURE
As on 12.08.2008
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1000000 |
Equity Shares |
Rs. 10/- each |
Rs. 10.000 Millions |
Issued, Subscribed and Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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1000000 |
Equity Shares |
Rs. 10/- each |
Rs. 10.000 Millions |
||
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2008 |
31.03.2007 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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10.000 |
0.500 |
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2] Share Application Money |
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0.000 |
0.000 |
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3] Reserves and Surplus |
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0.000 |
0.000 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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10.000 |
0.500 |
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LOAN FUNDS |
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1] Secured Loans |
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15.380 |
0.000 |
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2] Unsecured Loans |
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57.120 |
31.151 |
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TOTAL BORROWING |
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72.500 |
31.151 |
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DEFERRED TAX LIABILITIES |
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0.000 |
0.000 |
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TOTAL |
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82.500 |
31.651 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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30.562 |
30.553 |
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Capital work-in-progress |
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42.403 |
0.152 |
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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 and ADVANCES |
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Inventories |
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0.000 |
0.000 |
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Sundry Debtors |
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0.000 |
0.000 |
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Cash and Bank Balances |
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10.623 |
0.465 |
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Other Current Assets |
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0.000 |
0.000 |
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Loans and Advances |
|
0.275 |
0.368 |
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Total
Current Assets |
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10.898 |
0.833 |
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Less : CURRENT
LIABILITIES and PROVISIONS |
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Current Liabilities |
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1.548 |
0.072 |
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Provisions |
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0.000 |
0.000 |
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Total
Current Liabilities |
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1.548 |
0.072 |
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Net Current Assets |
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9.350 |
0.761 |
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MISCELLANEOUS EXPENSES |
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0.185 |
0.185 |
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TOTAL |
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82.500 |
31.651 |
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PROFIT AND LOSS
ACCOUNT
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PARTICULARS |
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31.03.2008 |
31.03.2007 |
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Sales Turnover |
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0.000 |
0.000 |
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Other Income |
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3.998 |
0.000 |
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Total Income |
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3.998 |
0.000 |
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Profit/(Loss) Before Tax |
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[1.425] |
[0.138] |
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Provision for Taxation |
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0.000 |
0.000 |
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Profit/(Loss) After Tax |
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[1.425] |
[0.138] |
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Expenditures : |
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Salaries, Wages, Bonus, etc. |
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0.755 |
0.038 |
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Payments of auditors |
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0.015 |
0.000 |
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Interest |
|
2.348 |
0.000 |
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Other Expenditure |
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2.305 |
0.100 |
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Total Expenditure |
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5.423 |
0.138 |
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KEY RATIOS
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PARTICULARS |
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31.03.2008 |
31.03.2007 |
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PAT / Total Income |
(%) |
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[35.64] |
NA |
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Net Profit Margin (PBT/Sales) |
(%) |
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[0.00] |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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[3.43] |
[0.43] |
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Return on Investment (ROI) (PBT/Networth) |
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[0.14] |
[0.27] |
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Debt Equity Ratio (Total Liability/Networth) |
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7.40 |
62.45 |
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Current Ratio (Current Asset/Current Liability) |
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7.04 |
11.56 |
LOCAL AGENCY
FURTHER INFORMATION
Operations:
The company was incorporated on 24.01.2007 and got Certificate for Commencement
of Business on 25.01.2007. There were no operations in the company during the
year, as the company is setting up a new project of 1200 MT capacity of the
manufacture of Toners and Developers in Sitarganj (Uttarkhand)
The land for the project has already been acquired in Eldeco-Sidcul
Industrial Park, Phase-II Sijgatarganj (Uttrakhand) and most of the Plant and
Machinery has already arrived at site. The deconstruction at Project sit e is
in full swing and it is expected that the project will start functioning from
September, 2008.
During the year the company incurred Rs. 1.288 Millions which has been
treated as pre operative expenses (Pending capitalization). In addition to
this, the Company acquired land in Sitarganj at a Cost of Rs. 30.566 Millions
which has been capitalized. Indian Toners and Developers Limited is the Holding
Company of the company.
Prospects:
In view of the Excise and Income Tax exemption/ concession available to
the New Projects being set up in Uttarkhand, the project has bright future.
Bankers Charges
Report as per Registry
|
This form is for |
Creation of
charge |
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Corporate
identity number of the company |
U93090DL2007PLC158393 |
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Name of the
company |
ITDL IMAGETEC LIMITED |
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Address of the registered
office or of the principal place of
business in India of the company |
5E, Gopala Tower, 25-Rajendra Place, New Delhi-110008, India |
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Type of charge |
Immovable
Property |
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Particular of
charge holder |
State Bank of India, Commercial Branch, Civil Lines, Moraddbad-24001,
Uttar Pradesh, India |
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Nature of
description of the instrument creating or modifying the charge |
Agreement to
create equitable Mortgage |
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Date of
instrument Creating the charge |
29.12.2007 |
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Amount secured by
the charge |
Rs. 270.000
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest (i)
On Cash
Credit - @ SBAR Present effective rate is 12.75% per annum with monthly rests (ii)
On EPC and FBP
– As per RBI/ Bank’s directives for import6 finance under SBI as per
Exporters Gold Card Scheme presently @ 9.75% p.a. (iii)
Term Loan –
If availed as Rupee TL @ 1.50% below State Bank Advance Rate. Present effective
rate is 11.25% p.a. with monthly rests. If availed FCNRB- TL @ 3.25% above
LIBOR or at such other rate(s) as may be notified by the bank to the borrower
for time to time. Terms of
Repayment Working Capital –
Repayable on Demand Term Loan of Rs.
145.000 Millions shall be repayable in 18 quarterly installments commencing
form 31.12.2008 first installments will be of Rs. 3.500 Millions 2nd
installments of rs. 12.500 Millions each and last 18th
installments of Rs. 10.000 Millions Margin 25% on Raw
Material 25% on Stock in
Process 25% on Finished
Goods 30% on Consumable
Stores (Imported) 40% on Consumable
stores (indigenous) 40% on Book
debts/ receivables (Cov period 45 days) Extent and
Operation of the charge The co’s
immovable properties as mentioned hereunder (As per column 14) are mortgaged
to secured following credit facilities granted by the Bank to the Borrower – 1.
CC (Stocks)
Rs. 25.000 Millions (Sub Limit EPC Rs. 10.000 Millions and Trust Letter
Facility Rs. 3.500 Millions) 2.
CC (Book
Debts) Rs. 20.000 Millions (Sub Limit
FBP Rs.15.000 Millions) 3.
T/L
(RTL/FCNR) Rs. 145.000 Millions (LC for Import of Capital Goods Rs. 60.000
Millions) 4.
Import LC
Rs. 75.000 Millions 5.
BG Rs. 5.000
Millions Total Rs. 270.000 Millions |
|
Short particulars
of the property charged |
The Company has
undertaken to create Equitable mortgage by deposit of title deeds in respect
of Company’s immovable properties situated at Plot No. D-11, ELDECO SIDCUL
Industrial Park, Sitarganj, Uttaranchal together with all the building,
structure now standing thereon and together with the constructions that may
hereafter be mad thereon and also together with the fixtures, fittings and
other things attached thereto, free form all other charges and encumbrances. |
AS PER WEBSITE
Company Profile:
Toner
manufacturer in Asia (India)
Subject is an entrepreneurial venture, which was founded by
its Chairman and Managing Director, Mr. Sushil Jain, a technocrat with an
innovative vision. Quality consciousness, dedication to technological progress
and determination for satisfaction of its customers, shareholders and employees
underline the values set forth by its founder.
Employing a highly automated and integrated Swiss/German
plant, subject has a capacity to produce 2400 mt of toners per annum. Subject
has formed a subsidiary by the name of ITDL Imagetec Limited which has a
production capacity of 1200 mt for the manufacturing of Toners and
Developers. The new manufacturing unit (ITDL Imagetec Limited) is located at
Sitarganj in the state of Uttrakhand, thus enhancing the total capacity of ITDL
to 2400 mt.Research and Development has been the cornerstone of ITDL's success.
Backed by a pilot plant and know-how assistance from Japan, subject is well
equipped to develop a wide range of toner products to meet the emerging needs
of the market. Raw materials are sourced from world-renowned manufacturers in
Japan, Germany and The United States of America.
Being the First Company of its kind, ITDL thus came onto the
Indian business scenario as a pioneer in this highly technical field and since
then has established itself firmly as the leader in the domestic market with
the single largest market share. Subject has the most widespread network of
dealers numbering 500, which is constantly growing, present in every nook and
corner of the country. With its Head Office based in New Delhi, ITDL has 13 C
adn F Agents catering to the needs of various States in the country. The sales
team of the company comprises of around 150 people stationed in various parts
of India to look after the sales of the company's products. The regional
offices of the company are located in the 4 Metropolitan cities of India –
Delhi, Mumbai, Chennai and Kolkata. Subject has a strong work force of
employees in excess of 250.
Having established itself as a pioneer in the domestic
market, subject exports Toners and Developers of best quality standards for use
in various international brands and models of Photocopiers, Laser Printers and Digital
Machines to more than 32 countries in the world. The Government of India has
awarded ITDL for its “Excellence in Export Performance” for 3 consecutive years
after which it again received the same award in 2006. ITDL has also opened its
representative office in Zhuhai, China. ITDL USA was incorporated in the year
2004 as a wholly owned subsidiary of ITDL India. The company also has a
representative office in Singapore as well as sole distributors in U.A.E and
Singapore.
Every department of ITDL consists of a team of highly
experienced and dedicated professionals in order to maintain a privileged
relationship with the large and ever growing family of valued and satisfied
customers.
About Group Company:
Product –Domestic
Indian Toners and Developers Limited, is manufacturer of compatible
black toner for Photocopiers, Laser Printers, Digital Machines and Multi
Function Printers. It is sold under the brand name of Supremo in the domestic
market. It has established itself firmly as the leader in the domestic market
with the single largest market share.
The company has recently introduced consumables for laser printer
cartridges – OPC Drums, Doctor Blades and Wiper Blades.
ITDL has the most widespread network of dealers numbering 500 present in
every nook and corner of the country. With its head office based in New Delhi,
ITDL has 14 C adn F Agents catering to the needs of various States in the
country. The sales team of the company comprises of 150 people stationed in
various parts of India to look after the product sales of the company. The
regional offices of the company are located in the 4 Metropolitan cities of
India – Delhi, Mumbai, Chennai and Kolkata. ITDL has a strong work force of
employees in excess of 250.
International
ITDL exports toners and developers of best quality standards for use in
various international makes and models of Photocopiers, Laser Printers and
Digital Machines to more than 32 countries in the world. The Government of
India has awarded ITDL for its “Excellence in Export Performance” for 3
consecutive years. ITDL USA was incorporated in the year 2004 as a wholly owned
subsidiary of ITDL, India. The company also has a representative office in
Singapore as well as sole distributors in U.A.E and Singapore.
CMT REPORT (Corruption,
Money Laundering and 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.48.79 |
|
UK Pound |
1 |
Rs.75.41 |
|
Euro |
1 |
Rs.61.48 |
SCORE and RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
-- |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
-- |
|
--PROFITABILIRY |
1~10 |
-- |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
-- |
|
--CREDIT LINES |
1~10 |
4 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
18 |
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 and 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 and 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 |
|