MIRA
INFORM REPORT
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Report Date : |
06.09.2008 |
IDENTIFICATION
DETAILS
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Name : |
VIJAS PROCESS |
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Registered Office : |
273, New Ashirwad Industrial Estate Mo. 5, Ram Mandir Road, Goregaon (
West), Mumbai-400063, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2008 |
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Date of Incorporation : |
01.05.1995 |
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IEC No.: |
0302036083 |
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PAN No.: [Permanent
Account No.] |
AAGPA5917Q |
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Legal Form : |
Sole Proprietory Concern |
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Line of Business : |
Graphic Designing and Offset Processing |
RATING &
COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a well established and reputed concern having satisfactory
track. Trade relations are fair. Business is active. General financial
position is satisfactory. Payments are reported as usually correct and as per
commitments. The concern can be considered normal for business dealings at usual
trade terms and conditions. |
INFORMATION PARTED
BY
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Name : |
Mr. Jamal Kasam Agwan |
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Designation : |
Proprietor |
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Contact No.: |
91-9821244142 |
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Date : |
02.09.2008 |
LOCATIONS
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Registered Office/ Factory : |
273, New Ashirwad Industrial Estate Mo. 5, Ram Mandir Road, Goregaon (
West), Mumbai-400063, Maharashtra, India |
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Tel. No.: |
91-22-40934700 ( 100 Lines) / 66942513/ 14/15 |
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Mobile No.: |
91-9821244142 |
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Fax No.: |
91-22-66942515 |
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E-Mail : |
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Website : |
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Area : |
2000 sq.ft ( Rented) |
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Factory1: |
New Ashirwad Industrial Esate, Building No. 5, Gala No. 273, Ram
Mandir Road, Goregaon West, Mumbai – 400104, Maharashtra, India |
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Tel. No.: |
91-22-22750208 / 28767348 |
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Fax No.: |
91-22-26942515 |
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E-Mail : |
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Factory 2 : |
B – 113, Virwani Industrial Estate, Near Western Express Highway,
Goregaon [East], Mumbai – 400063, Maharashtra, India |
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Tel. No.: |
91-22-40934700/ 66942513/14/15 |
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Mobile No.: |
91-9821244142 |
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Fax No.: |
91-22-66942515 |
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Area : |
Rented |
SOLE PROPRIETOR
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Name : |
Mr. Jamal Kasam Agwan |
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Designation : |
Proprietor |
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Address : |
T-2, A101, Vastu Tower, Evershine Nagar, Malad ( West), Mumbai-400064,
Maharashtra, India |
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Date of Birth/Age : |
37 Years ( 14.12.1971) |
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Qualification : |
SSC |
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Experience : |
17 Years |
BUSINESS DETAILS
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Line of Business : |
Graphic Designing and Offset Processing |
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Services : |
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Terms : |
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Selling : |
Credit ( 90 Days) |
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Purchasing : |
Credit ( 60 Days) |
GENERAL
INFORMATION
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Suppliers : |
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Customers : |
Wholesalers, Retailers and OEM’s
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No. of Employees : |
40 (Office 5, Factory 35) |
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Bankers : |
Saraswat Co-operative Bank |
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Facilities : |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Anil Jain and Associates Chartered Accountant |
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Address : |
1603, Gaurav Heights, Mahavir Nagar, Dahanukar Wadi, Kandivali (West),
Mumbai-400067, Maharashtra, India |
SISTER CONCERN :
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Name |
Interested Concern |
Address |
Activity (Estimated) |
Banker |
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Altaf K Agwan |
a) Vijas Digital |
239, New Ashirwad Industrial Estate No. 5, Ram Mandir Road, Goregaon (
west), Mumbai-400104, Maharashtra, India |
Digital Printing etc. (Activity Closed W.E.F 01.06.2006) |
a) Corporation Bank |
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b) Vijas Graphics Private Limited |
263, New Ashirwad Industrial Estate No. 5, Ram Mandir Road, Goregaon (
West), Mumbai-400104, Maharashtra, India |
Digital Printing etc. |
a)
Corporation Bank |
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c) Vijas Digital (India) Private Limited |
279, New Ashirwad Industrial Estate No. 5, Ram Mandir Road, Goregaon
(West) Mumbai-400104, Maharashtra, India |
Digital Printing Ect. |
b)
Corporation Bank c)
ICICI Bank |
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Anisha J. Agwan |
a) KGN Graphics |
239, New Ashirwad Industrial Estate No. 5, ram Mandir Road, Goregaon
(West), Mumbai-400104, Maharashtra, India |
Plate and CTP makers |
The Saraswat Co-Operative Bank Limited |
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Jamal K. Agwan |
a) Vijas Process |
273, New Ashirwad Inudstrial Estate No. 5, Ram Mandir Road, Goregaon (West),
Mumbai-400104, Maharashtra, India |
Off set Processor and Image Setter |
The Saraswat Co-operative Bank ICICI Bank Corporation Bank |
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b) Vijas Graphics Private Limited |
263, New Ashirwad Industrial Estate No. 5, Ram Mandir Road, Goregaon (
West), Mumbai-400104, Maharashtra, India |
Graphic and Solution for Advertising |
Corporation Bank |
CAPITAL STRUCTURE
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Capital Investment : |
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Owned : |
Rs. 4.211 Millions |
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Borrowed : |
-- |
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Total : |
Rs. 4.211 Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
4.211 |
5.595 |
5.170 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
4.211 |
5.595 |
5.170 |
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LOAN FUNDS |
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1] Secured Loans |
2.832 |
3.441 |
4.855 |
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2] Unsecured Loans |
3.166 |
4.276 |
2.811 |
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3] Non C/L |
7.566 |
0.000 |
0.000 |
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TOTAL BORROWING |
13.564 |
7.717 |
7.666 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
17.775 |
13.312 |
12.836 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
9.779 |
5.943 |
8.441 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.025 |
1.417 |
0.509 |
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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 |
0.300
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0.290 |
0.281 |
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Sundry Debtors |
5.526
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10.749 |
11.006 |
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Cash & Bank Balances |
0.120
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0.024 |
0.071 |
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Other Current Assets |
0.030
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0.000 |
0.000 |
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Loans & Advances |
3.050
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5.262 |
1.686 |
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Deposits |
0.000
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1.312 |
1.197 |
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Total
Current Assets |
9.026
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17.637 |
14.241 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
1.055
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11.685 |
10.355 |
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Provisions |
0.000
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0.000 |
0.000 |
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Total
Current Liabilities |
1.055
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11.685 |
10.355 |
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Net Current Assets |
7.971
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5.952 |
3.886 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
17.775 |
13.312 |
12.836 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
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Sales Turnover |
17.853 |
22.801 |
22.181 |
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Other Income |
0.000 |
0.005 |
0.003 |
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Total Income |
17.853 |
22.806 |
22.184 |
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Profit/(Loss) Before Tax |
2.001 |
2.007 |
1.097 |
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Provision for Taxation |
0.000 |
0.000 |
0.000 |
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Profit/(Loss) After Tax |
2.001 |
2.007 |
1.097 |
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Expenditures : |
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Cost of Goods Sold |
12.788 |
12.067 |
12.377 |
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Manufacturing Expenses |
0.000 |
0.000 |
0.000 |
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Administrative Expenses |
1.532 |
0.000 |
0.000 |
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Interest |
0.560 |
0.180 |
0.180 |
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Depreciation & Amortization |
0.972 |
1.537 |
1.906 |
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Electricity charges |
0.000 |
0.504 |
0.513 |
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Bad Debts |
0.000 |
0.737 |
0.000 |
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Insurance Charges |
0.000 |
0.019 |
0.088 |
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Salary and Wages |
0.000 |
1.936 |
2.292 |
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Other Expenditure |
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3.819 |
3.731 |
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Total Expenditure |
15.852 |
20.799 |
21.087 |
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KEY RATIOS
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PARTICULARS |
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31.03.2008 |
31.03.2007 |
31.03.2006 |
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PAT / Total Income |
(%) |
11.21
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8.80 |
4.95 |
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Net Profit Margin (PBT/Sales) |
(%) |
11.21
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8.80 |
4.95 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
10.64
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8.51 |
4.84 |
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Return on Investment (ROI) (PBT/Networth) |
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0.48
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0.36 |
0.21 |
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Debt Equity Ratio (Total Liability/Networth) |
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3.47
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3.47 |
3.48 |
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Current Ratio (Current Asset/Current Liability) |
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8.56
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1.51 |
1.38 |
LOCAL AGENCY
FURTHER INFORMATION
Trade References:
- Mr. Hitesh-
Mobile No. -91-98226031
M/s. Max Flex and Imaging Systems Private
Limited
Unit No. 101/102, Prince Plaza, J.V. Patel
Compound, Elphinston Road (West), Mumbai-400013, Maharashtra, India
- Mr. Mukesh-
Mobile No. 91-9820067642
M/s. SMK Digital
170\1A, RNA Hieghts, J.V. Link Road, Andheri
( East), Mumbai-400092, Maharashtra, India
Fixed Assets:
- Electrical
Installation
- Computer
Systems
- Furniture and
Fixture
- Cycle
- Air
Conditioner
- Mobile
Telephone
- Office
Equipment
- Industrial
Gala ( 272)
- Gala No.(
33/257)
- Motor Car
- Plant and
Machinery
- Scooters
- Photography
Studio
- Industrial
Gala ( 103)
- Pager
- Palghar
Property
FINANCIAL
PROJECTIONS:
ASSUMPTIONS:
SALES:
Sales are taken at current prices.
Sales of the Computer to Plate and Digital Image Setting business (
Existing lines of KGN and VIJAS PROCESS) are assumed to grow only at 10%
Sales from off set printing unit area based on the indicators given by
the existing clients reliance, Globus, Big Bazar, Food Bazar, BOB, SBI, and
suitably reduced by 25%- 35% Range According to the Clients to factor
unexpected contingencies.
Sales From the new Clients are assumed only from the third year-2010-11
Sales From Direct Clients are based on the Past Experience.
Material Cost:
Material Cost for the existing line of business is assumed at the Current
level of 53% ad in the past and that for the off set printing is assumed at a
slightly higher than the industry standard at 70%, After providing for nominal
loss. Material cost is based on the available price list.
Labour :
Labour Cost is based on the current levels with increments provided for
each year.
Requirement of additional labour for valume increase, especially packing
and delivery have also been provided.
Synergies arising out of combined business are factored.
Power:
Though the unit does not require large power, power is based on the
technical factors and the cost is inflated every year as evidenced by the past
experience.
Sales and
Administration Expenses:
Inflation impact and wherever applicable volume impacts have been
considered.
Interest:
Interest figures also include various charges to be paid. Interest to be
received is netted off wherever applicable.
Depreciation:
Depreciation has been assumed as per IT rates
on WDV basis and the assets are also shown on WDV basis in the balance sheet as
has been the practice.
Financial Arrangement:
The machines are planned to be financed by a
rupee term looan of Rs. 30.000 Millions payable over period of 84 months
commencing from Jan. 2010 and ending on 31012-2016
The working capital needs would be supported
by OCC limit against book debts of Rs. 15.000 Millions
Comparability of Figurs:
The oprations of 2008-09 include part of the
oprations of KGN and one quarter operation of OFF SET PRINT, along with PRE
PRINT DIGITAL PROCESS. The operations from 2009-10 include the full effect of
KGN, PRE PRINT DIGITAL PROCESS and OFFSET PRINT
The operations of 2007-08 and 2006-07 comprise
of only DIDGITAL PRE PRINT.
Further rationalization of head count,
expenditure,etc would be done form 2008-09.
Hence all the figures are not comparable.
BUSINESS ACTIVITIES:
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Details of Fixed Assets (WDV) |
Rs. In Millions |
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7.507 1.107 0.739 0.183 |
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Premises
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Rs.1500.000 Per Month |
PERSONAL ASSET OF THE PROPERITOR:
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Name |
Description of the Assets owned by them as
on 31.03.2008 |
Amount ( Rs. In Millions) |
Whether offered as security |
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Jamal K. Agwan |
Industrial Gala |
1.756 |
YES |
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Murbad Property |
0.351 |
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Agricultural Land At Nasik |
0.350 |
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Land at Mumbai |
1.575 |
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Palghar Property |
2.990 |
YES |
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Agricultural Land At Pune |
0.501 |
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FINANCIAL ANALYSIS:
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Last available financial statement (Year ended dd/mm/yy) |
31.03.2008 |
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Recent summary Financials (Upto a period not more than two months old) |
As on 30.06.2008 Sales Rs. 5.160 Millions Purchase Rs. 2.550 Millions |
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Advance Tax Paid |
Will be paid in September, 2008 |
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Change in borrowings (From FY……to FY……..) |
All existing loans will be cleared in a
month’s time |
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Debtors Position (At last month ended 30.063.2008 specify
amounut>90 days) |
Rs. 6.700 Millions |
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Creditors Position (At last month ended 30.06.2008 specify
amount>90 days) |
Rs. 0.700 Million |
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Stock Position (at last month end) |
Rs. 0.300 Million |
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Drawing Power |
Credit Balance – NA |
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Any other material development |
New unit is being established |
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Whether the critical ratios conforms to the
bench mark stipulation |
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OTHER BUSINESS INTERESTS OF THE PROMOTERS:
Vijas Group comprises of Vijas Digital India
Private Limited, a company which specialize in Digital printing. The Company
took over the business of the erstwhile Vijas Digital a proprietary concern.
The company has the state fo the art imported and local machines to cater to
the various needs. The company achieved a turnover of Rs. 118.600 Millions for
the year ended 31.03.2008. The company has carved at a special place in the
line of business in which it is engaged.
Vijas Graphics India Private Limited was
started with joint equity participation in 2006 and the unit specializes in All
kinds of Graphics, Advertising solutiosn including Event Management. The
Company achieved a turnover of Rs. 11.200 Millions for the year ended 31st
March, 2008.
KGN Graphics is also a proprietary concern and
is engaged in Computer to Plate Process.
The Unit achieved a turnover of Rs. 15.500
Millions for the year ended 31st March, 2008.
The group has chaled out detailed and ambitjous
plans with re-organisation and re-structuring of the business of various units.
These are also synchronized with the expansion and diversification plans. As a
first step, the Vijas Digital India Private Limited was formed to carry with
the business of the erstwhile proprietary concern.
The second step is to continue the business
operations of Vijas Process and KGN Graphics. Vijas Process would also
implement the off set printing projects. This would ensure the syergy of
various business operations. This would also enable to cater smoothly the
various requirements of the major clients at single point.
Due to tax implications, direct and indirect,
and the business exigencies, the reorgnisation and re-construction plan is
implemented in phases along with the expansion and diversification programmes.
The market value of immovable assets of the group is around Rs. 80.000 Millions and
the Gross Block value of the movable assets of the group is around R.s 79.500
Millions the vombined turnover of the group for the year ended 31st
March 2008 was Rs. 159.400 Millions. This does not include any inter group
transactions.
REVIEW FO BANK STATEMENTS FOR THE LAST SIX MONTHS
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Number of Credit/ Debits, month-wise |
PAYMT-753 : CREDIT-814 |
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Month-wise credits into the Account ( Block
credits and bounces/reversals to be ignored) |
For the Last 6 Months Deposit Rs. 18.100 Million Payment Rs. 12.600 Million (Rs. In Millions)
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Cheque Bounces |
NA |
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Evidence of serving existence debt
obligations |
YES |
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Line Utilisation- any evidence of perennial
overdrawing |
YES |
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Evidence of Statutory dues being paid on
time |
YES |
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PF and employee related |
NA |
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Municipal and Corporation Taxes |
NA |
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Last utility payment made (electricity) |
Paid upto June, 2008 |
ACTIVITY LEVELS AT THE TIME OF VISIT
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Number of Employees observed |
40 |
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Level of activity (description of
production/ Delivery/ Custormers) |
Process, Satisfactory. |
FOR MANUFACTURING ENTITIES/ FACTORY SITE(S):
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Location of Plot, accessibility, proximity
to other units |
Convenient |
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Principal raw material(s) and sources |
Graphic Film |
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Manufacturing Process |
Digital |
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Major branded and imported machines, installed |
Major Machines are imported |
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Pollution Control: Any pollutants being
generated and their disposal |
NA |
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Power: Connected load and back up
availability |
Not Singnificant and available |
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Inventory/ WIP/ Finished Goods at the site |
Available |
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Storage/ Security/ Perishability/
Susceptibility to fire and weather |
Satisfactory |
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Quality Certification |
NA |
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Workers/ Split of temporary and permanent/
any unions |
NA |
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History of any strikes/ any child labour/
working conditions |
NA |
OTHER PARTICULARS:
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Months (During the current year) |
Purchase (Nos) |
Sales ( Nos) |
|
Last 3 month (April 08 to June 08) |
90 |
1900 |
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Document verified |
Test Checked |
Test Checked |
RECORD FO ORGINALS VERIFIED:
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Balance sheet and schedule |
YES |
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Profit and Loss statements and Schedules |
YES |
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Computation of income |
YES |
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Income Tax Return |
Last Filed for Y.E. 31.03.2007 |
|
Photo Indentification |
YES |
SWOT ANALYSIS OF THE UNIT
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STRENGTHS |
WEAKNESS |
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Group in business for more then one
decade-well accepted corporate clients such as Big Bazar, Pantaloon,
Relinace, SBI etc. |
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Opportunities |
Threats |
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Plenty and growing rapidly. |
Competition is on the increase |
CONCLUDING REMARKS/ SUMMARY OF FINDINGS:
|
Summary of Findings |
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PROJECTION OF PERFORMANCE, PROFITABILITY AND REPAYEMNT
(Rs. In Millions)
|
Particulars |
31.03.2009 |
31.03.2010 |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
[PROJECTED] |
|||||
|
SALES |
|
|
|
|
|
|
Sales including miscellaneous receipt |
|
|
|
|
|
|
Less: Excise Duty |
|
|
|
|
|
|
Net Sales |
46.722 |
88.395 |
104.434 |
113.878 |
123.765 |
|
COST OF PRODUCTION |
|
|
|
|
|
|
Raw material consumed |
26.663 |
55.309 |
65.750 |
71.605 |
77.796 |
|
Power and fuel |
1.500 |
2.100 |
2.300 |
2.473 |
2.658 |
|
Direct Labour and Wages |
5.330 |
8.500 |
9.500 |
10.500 |
11.500 |
|
Consumable Stores |
0.075 |
0.300 |
0.400 |
0.575 |
0.600 |
|
Repairs and Maintenance |
0.075 |
0.300 |
0.400 |
0.500 |
0.550 |
|
Other Manufacturing Expenses |
|
|
|
|
|
|
Depreciation |
7.794 |
6.169 |
5.673 |
5.184 |
6.936 |
|
|
41.437 |
72.678 |
84.023 |
90.837 |
100.039 |
|
Add: Opening Stock of WIP/ FG |
0.300 |
0.500 |
0.800 |
1.000 |
1.200 |
|
Less: Closing Stock of WIP/ FG |
0.500 |
0.800 |
1.000 |
1.200 |
1.500 |
|
COST OF SALES |
41.237 |
72.378 |
83.823 |
90.637 |
99.739 |
|
GROSS PROIT |
5.485 |
46.017 |
20.611 |
23.241 |
24.026 |
|
INTEREST ON: |
|
|
|
|
|
|
Term Loan |
1.475 |
4.451 |
3.888 |
3.101 |
2.500 |
|
Working Capital |
0.500 |
1.960 |
2.100 |
2.240 |
2.240 |
|
Other Loans |
0.513 |
0.583 |
0.583 |
0.583 |
0.583 |
|
Selling and Administration Expenses |
1.700 |
3.400 |
4.800 |
6.000 |
7.300 |
|
PBT |
1.297 |
5.623 |
9.239 |
11.316 |
11.403 |
|
PROFIT ON SALE OF ASSETS |
6.710 |
|
|
|
|
|
Provision for taxes |
1.000 |
1.912 |
3.141 |
3.847 |
3.877 |
|
Net Profit |
7.007 |
3.711 |
6.098 |
7.469 |
7.526 |
|
Depreciation added |
7.794 |
5.919 |
5.198 |
4.756 |
6.551 |
|
Net Cash Accrual |
14.801 |
9.630 |
11.296 |
12.226 |
14.077 |
|
REPAYMENT OBLIGATION |
|
|
|
|
|
|
Term Loan |
0.905 |
2.850 |
5.728 |
4.502 |
4.286 |
|
Other Loans |
|
|
|
|
|
|
Debt Service Ratio |
1.635 |
0.363 |
0.197 |
0.272 |
0.328 |
|
|
|
|
|
|
|
|
WITHDRAWAL |
|
|
1.200 |
2.400 |
2.400 |
|
TRANSFER TO CAPITAL |
7.007 |
3.711 |
4.898 |
5.069 |
5.126 |
|
|
|
|
|
|
|
|
PBDIT/SALES |
2.842 |
2.510 |
2.517 |
2.496 |
2.502 |
|
PBT/SALES |
0.278 |
0.636 |
0.885 |
0.994 |
0.921 |
CASH FLOW STATEMENT
(Rs. In Millions|)
|
Particulars |
31.03.2009 |
31.03.2010 |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
[PROJECTED] |
|||||
|
SOURCES OF FUNDS: |
|
|
|
|
|
|
Cash Accrual |
3.785 |
12.617 |
15.727 |
17.240 |
16.726 |
|
Increase in equity |
|
|
|
|
|
|
Depreciation |
7.794 |
6.169 |
5.673 |
5.184 |
6.936 |
|
Increase in term loan-net |
32.307 |
|
|
|
|
|
Increase in Def. facilities |
|
|
|
|
|
|
Increase in unsecured loans |
1.000 |
|
|
|
|
|
Increase in bank borrowings |
9.294 |
1.192 |
2.498 |
0.018 |
2.996 |
|
Sale of assets/ investments |
7.500 |
|
|
|
|
|
Decrease in net current assets |
|
|
|
|
|
|
Other |
|
|
|
|
|
|
|
61.680 |
19.978 |
23.898 |
22.442 |
26.658 |
|
DISPOSITION OF FUNDS: |
|
|
|
|
|
|
Preliminary Expenses |
|
|
|
|
|
|
Increase in Capital Expenditure |
39.250 |
5.000 |
3.000 |
3.000 |
8.000 |
|
Increase in net current assets |
18.942 |
3.402 |
4.341 |
2.769 |
2.772 |
|
Decrease in term loans-net |
|
2.670 |
5.728 |
4.502 |
4.286 |
|
Decrease in bank borrowings |
|
|
|
|
|
|
Decrease in unsecured loans |
|
|
|
|
|
|
Increase in investments |
|
|
|
|
|
|
Interest |
2.488 |
6.994 |
6.488 |
5.924 |
5.323 |
|
Taxation |
1.000 |
1.912 |
3.141 |
3.847 |
3.877 |
|
Dividend |
|
|
1.200 |
2.400 |
2.400 |
|
Others |
61.680 |
19.978 |
23.898 |
22.442 |
26.658 |
PROJECTED BALANCE SHEET
(Rs. In Millions)
|
Particulars |
31.03.2009 |
31.03.2010 |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
[PROJECTED] |
|||||
|
LIABILITIES: |
|
|
|
|
|
|
Capital |
11.218 |
14.929 |
19.527 |
24.896 |
30.022 |
|
|
|
|
|
|
|
|
Term Loans |
32.903 |
30.233 |
24.505 |
20.003 |
15.717 |
|
Bank Borrowings |
11.530 |
12.722 |
15.220 |
15.238 |
18.234 |
|
Unsecured Loans |
4.166 |
4.166 |
4.166 |
4.166 |
4.166 |
|
Other Liabilities |
1.845 |
3.354 |
3.958 |
4.394 |
4.852 |
|
|
|
|
|
|
|
|
|
61.662 |
65.404 |
67.676 |
68.697 |
72.991 |
|
ASSETS: |
|
|
|
|
|
|
Gross Block |
|
|
|
|
|
|
Depreciation |
|
|
|
|
|
|
Net Block |
40.445 |
39.276 |
36.603 |
34.419 |
35.483 |
|
Investments |
0.025 |
0.025 |
0.025 |
0.025 |
0.025 |
|
Current Assets |
21.192 |
26.103 |
31.048 |
34.253 |
37.483 |
|
|
61.662 |
65.404 |
67.676 |
68.697 |
72.991 |
|
|
|
|
|
|
|
|
TOTAL OUTSIDE LIABILITIES TANGIBLE NW |
0.301 |
0.243 |
0.182 |
0.136 |
0.113 |
|
|
|
|
|
|
|
|
LT DEBT/ EQUITY |
0.214 |
0.158 |
0.102 |
0.069 |
0.046 |
|
|
|
|
|
|
|
|
NET FIXED ASSETS/ L T LOAN |
0.123 |
0.130 |
0.149 |
0.172 |
0.226 |
ASSESMENT OF WORKING CAPITAL REQUIREMENTS:
(Rs. In Millions)
|
Particulars |
31.03.2009 |
31.03.2010 |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
[PROJECTED] |
|||||
|
CURRENT ASSETS: |
|
|
|
|
|
|
Raw Material |
1.111 |
2.305 |
2.740 |
2.984 |
3.242 |
|
|
|
|
|
|
|
|
Finished goods |
0.500 |
0.800 |
1.0007 |
1.200 |
1.500 |
|
Receivables |
19.181 |
22.099 |
26.109 |
28.469 |
30.941 |
|
Cash and Bank |
0.200 |
0.400 |
0.500 |
0.600 |
0.700 |
|
Other Current Assets |
0.200 |
0.500 |
0.700 |
1.000 |
1.100 |
|
|
21.192 |
26.103 |
31.048 |
34.253 |
37.483 |
|
|
|
|
|
|
|
|
CURRENT LIABILITIES: |
|
|
|
|
|
|
Creditors (15d) |
1.145 |
2.354 |
2.758 |
2.994 |
3.252 |
|
Long Overdue |
|
|
|
|
|
|
Accrued Expenses |
0.700 |
1.000 |
1.200 |
1.400 |
1.600 |
|
Statutory Liabilities |
|
|
|
|
|
|
Other Current Liabilities |
|
|
|
|
|
|
|
1.845 |
3.354 |
3.958 |
4.394 |
4.852 |
|
Working Capital Gap |
19.347 |
22.749 |
27.090 |
29.859 |
32.631 |
|
Margin 25% of CA |
5.298 |
6.526 |
7.762 |
8.563 |
9.371 |
|
MBPF |
14.049 |
16.223 |
19.328 |
21.296 |
23.260 |
|
PROJECTED BANK FINANCE |
11.500 |
12.700 |
15.200 |
15.200 |
18.200 |
|
EXCESS BORROWING |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
|
DP@60%OFBD |
11.500 |
13.300 |
15.700 |
17.100 |
18.600 |
|
|
|
|
|
|
|
|
BANK FINANCE/ MPBF – MD II |
0.082 |
0.078 |
0.079 |
0.072 |
0.078 |
|
|
|
|
|
|
|
|
CURRENT RATIO WITH BANK BORROWINGS |
0.158 |
0.162 |
0.162 |
0.174 |
0.162 |
SALES PROJECTIONS:
(Rs. In Millions)
|
Particulars |
31.03.2009 |
31.03.2010 |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
[PROJECTED] |
|||||
|
COMP TO PLATE |
17.084 |
18.793 |
20.672 |
22.739 |
25.013 |
|
COMP DIGITAL PRE PRESS |
19.638 |
21.602 |
23.762 |
26.139 |
28.752 |
|
OFF SET PRINT |
10.000 |
48.000 |
60.000 |
65.000 |
70.000 |
|
|
|
|
|
|
|
|
TOTAL |
46.722 |
88.395 |
104.434 |
113.878 |
123.765 |
|
|
|
|
|
|
|
|
MATERIAL COSTS: |
|
|
|
|
|
|
COMP TO PLATE |
9.055 |
9.960 |
10.956 |
12.052 |
13.257 |
|
COMP DIGITAL PRE PRESS |
10.408 |
11.449 |
12.594 |
13.853 |
15.239 |
|
OFF SET PRINT |
7.000 |
33.600 |
42.000 |
45.500 |
49.000 |
|
|
|
|
|
|
|
|
TOTAL |
26.463 |
55.009 |
65.550 |
71.405 |
77.496 |
DIRECT LABOUR:
(Rs. In Millions)
|
Particulars |
31.03.2009 |
31.03.2010 |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
[PROJECTED] |
|||||
|
|
|
|
|
|
|
|
COMP TO PLATE |
2.300 |
2.530 |
2.783 |
3.061 |
3.367 |
|
COMP DIGITAL PRE PRESS |
2.700 |
2.970 |
3.267 |
3.594 |
3.953 |
|
OFF SET PRINT |
0.330 |
3.000 |
3.450 |
3.845 |
4.179 |
|
|
|
|
|
|
|
|
TOTAL |
5.330 |
8.550 |
9.500 |
10.500 |
11.500 |
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.44.37 |
|
UK Pound |
1 |
Rs.78.09 |
|
Euro |
1 |
Rs.63.41 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
|
45 |
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 |
|