1. Summary Information
|
|
|
Country |
India |
|
Company Name |
IMAGE STAR PRINT SOLUTIONS PRIVATE LIMITED |
Principal Name 1 |
Mr. A Masood Ahmed Khan |
|
Status |
Satisfactory |
Principal Name 2 |
Mr. Manoj Nair |
|
|
|
Registration # |
18-068296 |
|
Street Address |
No. 29, Meermadan Ali Street, Pudupet, Chennai-600002, Tamil Nadu,
India |
||
|
Established Date |
20.06.2008 |
SIC Code |
-- |
|
Telephone# |
91-44-22743601 |
Business Style 1 |
Manufacturer |
|
Fax # |
91-44-28420413 |
Business Style 2 |
Supplier |
|
Homepage |
Product Name 1 |
Inkjet Ink |
|
|
# of employees |
-- |
Product Name 2 |
Inkjet Compatible Cartridges |
|
Paid up capital |
Rs.100,000/- |
Product Name 3 |
OPC drums |
|
Shareholders |
Directors and relatives of Directors – 100% |
Banking |
HDFC Bank |
|
Public Limited Corp. |
No |
Business Period |
3 years |
|
IPO |
No |
International Ins. |
- |
|
Public |
No |
Rating |
Ba (43) |
|
Related
Company |
|||
|
Relation
|
Country
|
Company
Name |
CEO |
|
Sister
Concern |
India
|
Mark Imaging |
-- |
|
Note |
- |
||
2. Summary
Financial Statement
|
Balance Sheet as of |
31.03.2010 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
78,927,000 |
Current Liabilities |
13,829,000 |
|
Inventories |
10,640,000 |
Long-term Liabilities |
20,923,000 |
|
Fixed Assets |
1,666,000 |
Other Liabilities |
50,565,000 |
|
Deferred Assets |
0 |
Total Liabilities |
85,317,000 |
|
Invest& other Assets |
0 |
Retained Earnings |
2,316,000 |
|
|
|
Net Worth |
5,916,000 |
|
Total Assets |
91,233,000 |
Total Liab. & Equity |
91,233,000 |
|
Total Assets (Previous Year) |
36,654,000 |
|
|
|
P/L Statement as of |
31.03.2010 |
(Unit: Indian Rs.) |
|
|
Sales |
188,892,000 |
Net Profit |
-- |
|
Sales(Previous yr) |
36,917,000 |
Net Profit(Prev.yr) |
-- |
MIRA
INFORM REPORT
|
Report Date : |
25.06.2011 |
IDENTIFICATION DETAILS
|
Name : |
IMAGE STAR PRINT SOLUTIONS PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
No. 29, Meermadan Ali Street, Pudupet, Chennai-600002, Tamil Nadu |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2010 |
|
|
|
|
Date of
Incorporation : |
20.06.2008 |
|
|
|
|
Com. Reg. No.: |
18-068296 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 0.100 million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U22219TN2008PTC068296 |
|
|
|
|
PAN No.: [Permanent Account No.] |
AACC10890H |
|
|
|
|
Legal Form : |
Private Limited Liability Company. |
|
|
|
|
Line of Business
: |
Manufacturer and Supplier of Inkjet Ink, Inkjet Compatible Cartridges,
Continuous ink supply system, inkjet remanufactured cartridges OPC drums etc. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (43) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 23000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a successor of Image Star, a proprietory concern started in
the year 1995. It is an established company having satisfactory track. Trade
relations are reported as fair. Business is active. Payments are reported to
be usually correct. The company can be considered normal for business dealings at usual
trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered Office : |
No. 29, Meermadan Ali Street, Pudupet, Chennai-600002, Tamil Nadu,
India |
|
Tel. No.: |
91-44-22743601 / 28550389 |
|
Mobile No.: |
91-9840470717 (Mr. Masood Khan) |
|
Fax No.: |
91-44-28420413 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Branches : |
Located At : Delhi Bangalore Hyderabad Madurai |
DIRECTORS
AS ON 30.09.2010
|
Name : |
Mr. A Masood Ahmed Khan |
|
Designation : |
Director |
|
Address : |
No. 829, Second Floor, Anna Salai, Chennai-600002, Tamil Nadu, India |
|
Date of Birth/Age : |
18.05.1968 |
|
Date of Appointment : |
20.06.2008 |
|
DIN No : |
02028001 |
|
|
|
|
Name : |
Mr. Manoj Nair |
|
Designation : |
Director |
|
Address : |
D No.1001, Muniappa Nagar, Virugambakkam, Chennai-600092, Tamil Nadu,
India |
|
Date of Birth/Age : |
26.05.1969 |
|
Date of Appointment : |
20.06.2008 |
|
DIN No : |
02127526 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2010
|
Names of Shareholders |
No. of Shares |
|
A Masood Ahmed Khan |
355000 |
|
Manoj Nair |
5000 |
|
|
|
|
Total |
360000 |
AS ON 30.09.2010
|
Category |
Percentage |
|
Directors or relatives of Directors |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Supplier of Inkjet Ink, Inkjet Compatible Cartridges,
Continuous ink supply system, inkjet remanufactured cartridges OPC drums etc. |
|
|
|
|
Terms : |
|
|
Selling : |
Credit |
GENERAL INFORMATION
|
Customers : |
·
Wholesalers ·
Retailers |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Bankers : |
·
Karnataka Bank Limited, Mount Road Branch,
No.839, Mount Road, Chennai-600002, Tamil Nadu, India ·
State Bank of India ·
HDFC Bank ·
Indian Overseas Bank |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
|
|
|
|
|
Auditors : |
|
|
Name : |
Rao and Jegadeesan Chartered Accountant |
|
Address : |
New No.36/19, Old No.77/19, Corporation Complex, CP Ramasamy Road,
Alwarpet, Chennai-600018, Tamil Nadu, India |
|
|
|
|
Sister Concern : |
·
Graphic Technologies ·
Image Star Technologies, Madurai ·
Image Star Technologies, Delhi ·
Mark Imaging |
CAPITAL STRUCTURE
AS ON 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
350000 |
Equity Shares |
Rs.10/- each |
Rs. 3.500 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10000 |
Equity Shares |
Rs.10/- each |
Rs. 0.100
Million |
|
|
|
|
|
AS ON 30.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
360000 |
Equity Shares |
Rs.10/- each |
Rs. 3.600 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
360000 |
Equity Shares |
Rs.10/- each |
Rs. 3.600
Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are in
Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
0.100 |
0.100 |
|
|
2] Share Application Money |
|
3.500 |
0.000 |
|
|
3] Reserves & Surplus |
|
2.316 |
0.176 |
|
|
4] (Accumulated Losses) |
|
0.000 |
0.000 |
|
|
NETWORTH |
|
5.916 |
0.276 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
11.691 |
0.351 |
|
|
2] Unsecured Loans |
|
9.232 |
7.666 |
|
|
TOTAL BORROWING |
|
20.923 |
8.017 |
|
|
DEFERRED TAX LIABILITIES |
|
0.022 |
0.001 |
|
|
ADVANCE IN BRANCH |
|
50.543 |
17.301 |
|
|
|
|
|
|
|
|
TOTAL |
|
77.404 |
25.594 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
1.666 |
0.014 |
|
|
Capital work-in-progress |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
10.640
|
6.240 |
|
|
Sundry Debtors |
|
20.130
|
15.523 |
|
|
Cash & Bank Balances |
|
1.330
|
1.223 |
|
|
Other Current Assets |
|
57.467
|
8.124 |
|
|
Loans & Advances |
|
0.000
|
0.000 |
|
Total
Current Assets |
|
89.567
|
31.110 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
13.829
|
5.530 |
|
|
Other Current Liabilities |
|
0.000
|
0.000 |
|
|
Provisions |
|
0.000
|
0.000 |
|
Total
Current Liabilities |
|
13.829
|
5.530 |
|
|
Net Current Assets |
|
75.738
|
25.580 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
77.404 |
25.594 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
|
|
|
|
|
|
|
|
TURNOVER |
|
188.892 |
36.917 |
|
|
|
|
|
|
|
|
NET
PROFTI BEFORE DEPRECIATION AND TAX |
|
2.339 |
0.178 |
|
|
|
|
|
|
|
Less |
DEPRECIATION/
AMORTISATION |
|
0.178 |
0.001 |
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
|
2.161 |
0.177 |
|
Particulars |
|
|
31.03.2011 |
|
Sales Turnover (Approximately) |
|
|
200.000 |
|
|
|
|
|
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2010 |
31.03.2009 |
|
Net Profit Margin (PBT/Sales) |
(%) |
|
1.14 |
0.48 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
2.37 |
0.57 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
|
0.36 |
0.64 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
|
5.88 |
49.09 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
6.48 |
5.63 |
LOCAL AGENCY FURTHER INFORMATION
Note : Registered Office
of the company has been shifted from No. 19, Meermadan Ali Street, Pudupet,
Chennai-600002, Tamil Nadu, India to the present address w.e.f. 10.02.2010
History
lmage star was
established as a proprietorship firm in 1995 with a view to provide quality inkjet
compatible cartridges and other allied products in the market. In 2008 they
have registered themselves as a Private Limited company at the registrar of
companies, Chennai. With more than a decade of experience in this field, they
have crafted a reputed position for themselves amongst the leading
manufacturers and suppliers of premium inkjet cartridges. Anticipating the
growing market trends, they seek to produce a reliable range of products
encompassing
·
lnkjet Ink
·
lnkjet compatible cartridges
·
Continuous ink supply system
·
lnkjet remanufactured cartridges
·
Compatible toner cartridges
·
Dot matrix accessories
·
OPCdrums
·
Ribbon cartridges
·
Refill packs
·
Blades.
The two founders
and directors Mr. A Masood Khan and Mr. K Manoj have now a network of 6000
dealers and distributors across the country. The brand name of their products
is IMAGE KING
The company is now ranked very high in their field and touches a
turnover of Rs. 200.000 millions.
PROFILE
It is the general
perception that people work to life, but in the case of Mr. M K Masood the
Director of lmage Star,
he lives 10 wolk. It is this
strong belief that has shaped him into what he is today. lmage star has been in-
during the year 1995 in Chennai by Mr. Masood Khan and Mr. Manoj as a
Printer Cartridges manufacturing company. Today after 15 years it has emerged
as the leading company in India with a 6000 strong dealer's net work and
distributors across the country serving the 6 branch offices with head office
at Chennai.
Image King is the flagship of the company. lmage stat has emerged as the first
company in India to start the fully
automated bottling
unit for its toner bottle and introduced the first shrink wrap bottles with
100% induction vat sealing to protect the toner powder against the
environmental conditions.
FORM 8
|
Corporate
identity number of the company |
U22219TN2008PTC068296 |
|
Name of the
company |
IMAGE STAR PRINT SOLUTIONS PRIVATE LIMITED |
|
Address of the registered
office or of the principal place of
business in |
No. 19, Meermadan Ali Street, Pudupet, Chennai-600002, Tamil Nadu,
India |
|
This form is for |
Creation of charge |
|
Type of charge |
·
Book debts ·
Movable property (not being pledge) ·
Floating charge |
|
Particular of
charge holder |
Karnataka Bank Limited, Mount Road Branch, No.839, Mount Road,
Chennai-600002, Tamil Nadu, India |
|
Nature of
instrument creating charge |
1)
Hypothecation Agreement 2) General
Power of Attorney for Book Debts 3)
Bills purchase agreement along with DPN for Rs. 1.000 millions |
|
Date of
instrument Creating the charge |
21.07.2009 |
|
Amount secured by
the charge |
Rs. 11.000 millions |
|
Brief of the principal
terms an conditions and extent and operation of the charge |
Rate of interest OD:
At PLR with a minimum of 15.00% p.a. payable monthly. Terms of
repayment OD:
On Demand. Margin OD: 25%
against stock-in-trade and 40% against Book Debts below 90 days. Extent and
operation of the charge As
per the instrument executed on 21.07.2009 and as mentioned in column no. 15
in this form 8 Other NATURE
OF FACILITY LIMIT (Rs.
in millions) Overdraft
10.000 BPC
1.000 TOTAL
11.000 All
other terms and conditions as per the sanction letter and instrument executed
on 21.07.2009 |
|
Short particulars
of the property charged (Including location of the property) |
First
charge by way of Hypothecation on Stock such as computer consumables,
cartridges, ribbon etc., First
charge by way of Hypothecation of Book Debts, receivables both present and
future. |
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources including
but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No 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.44.93 |
|
|
1 |
Rs.72.09 |
|
Euro |
1 |
Rs.64.21 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--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 |
|
43 |
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 |
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 |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.