MIRA
INFORM REPORT
|
Report Date : |
04.10.2011 |
IDENTIFICATION DETAILS
|
Name : |
FRIENDS COLOR IMAGES PRIVATE LIMITED |
|
|
|
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Registered
Office : |
D – 868, New Friends Colony, New Delhi – 110 065. |
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|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2010 |
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|
|
|
Date of
Incorporation : |
31.03.1997 |
|
|
|
|
Com. Reg. No.: |
55-086289 |
|
|
|
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Capital
Investment / Paid-up Capital : |
Rs.5.000 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U22212DL1997PTC086289 |
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|
|
|
Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Subject is
engaged in the business of job work of transaction printing and related back
office services. |
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|
|
|
No. of Employees
: |
Not Available |
RATING and COMMENTS
|
MIRA’s Rating : |
Ba (50) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 715000 |
|
|
|
|
Status : |
Good |
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|
|
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Payment Behaviour : |
Regular |
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|
|
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Litigation : |
Clear |
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Comments : |
Subject is a well established company having fine track. Financial position
is good. Trade relations are reported as fair. Business is active. Payments
are reported to be regular and as per commitments. 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 |
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Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered Office : |
D – 868, New Friends Colony, New Delhi – 110 065, India |
|
Mobile No.: |
91-9810071492 (Mr. Amit Sawhney) |
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E-Mail : |
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Head Office : |
255, First Floor, Okhala Industrial Estate, Phase 3, New Delhi-110020,
India |
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Tel. No.: |
91-11-46461700 |
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Fax No.: |
91-11-46461701 |
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E-Mail : |
DIRECTORS
As on 30.09.2010
|
Name : |
Mr. Amit Sawhney |
|
Designation : |
Director |
|
Address : |
D – 868, New Friends Colony, |
|
Date of Birth/Age : |
23.05.1975 |
|
Date of Appointment : |
15.06.2000 |
|
DIN No.: |
01094010 |
|
|
|
|
Name : |
Mr. Vineet Sawhney |
|
Designation : |
Director |
|
Address : |
D – 868, New Friends Colony, |
|
Date of Birth/Age : |
03.12.1976 |
|
Date of Appointment : |
01.12.2005 |
|
DIN No.: |
01094109 |
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|
|
|
Name : |
Mr. Chander Prakash Sawhney |
|
Designation : |
Director |
|
Address : |
D – 868, New Friends Colony, |
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Date of Birth/Age : |
01.03.1946 |
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Date of Appointment : |
31.03.1997 |
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DIN No.: |
01190045 |
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|
|
|
Name : |
Ms. Madhu Sawhney |
|
Designation : |
Director |
|
Address : |
D – 868, New Friends Colony, |
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Date of Birth/Age : |
18.09.1952 |
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Date of Appointment : |
31.03.1997 |
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DIN No.: |
01190079 |
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MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
C.P. Sawhney |
|
405600 |
|
Madhu Sawhney |
|
21900 |
|
Vinnet Sawhney |
|
17500 |
|
Amit Sawhney |
|
55000 |
|
Total
|
|
500000 |
EQUITY SHARE BREAKUP
As on 30.09.2010
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Directors
or relatives of directors |
|
100.00 |
|
TOTAL |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged
in the business of job work of transaction printing and related back office
services. |
|
|
|
|
No. of Employees
: |
Not Available |
GENERAL INFORMATION
|
Bankers : |
·
State Bank of |
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|
|
|
Banking
Relations : |
-- |
|
|
|
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Auditors : |
|
|
Name : |
H.K. Chaudhry and Company Chartered Accountants |
|
Address : |
1/9-B, Jindal House, Asaf Ali Road, New Delhi – 110 002, India |
|
Tel. No.: |
91-11-23232510, 41514981 |
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Fax No.: |
91-11-23321101 |
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E-Mail : |
CAPITAL STRUCTURE
AS ON 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
500000 |
Equity Shares |
Rs.10/- each |
Rs.5.000 Millions |
|
|
|
|
|
Issued, Subscribed and Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
500000 |
Equity Shares |
Rs.10/- each |
Rs.5.000
Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
5.000 |
5.000 |
5.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves and Surplus |
173.766 |
140.409 |
110.687 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
178.766 |
145.409 |
115.687 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
191.153 |
191.748 |
142.835 |
|
|
2] Unsecured Loans |
22.994 |
37.701 |
35.753 |
|
|
TOTAL BORROWING |
214.147 |
229.449 |
178.588 |
|
|
DEFERRED TAX LIABILITIES |
18.722 |
16.316 |
11.973 |
|
|
|
|
|
|
|
|
TOTAL |
411.635 |
391.174 |
306.248 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
345.745 |
331.100 |
268.538 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS and ADVANCES |
|
|
|
|
|
|
Inventories |
10.500
|
11.827 |
4.012 |
|
|
Sundry Debtors |
125.420
|
107.581 |
90.854 |
|
|
Cash and Bank Balances |
2.121
|
4.492 |
4.868 |
|
|
Other Current Assets |
27.691
|
23.258 |
17.862 |
|
|
Loans and Advances |
30.097
|
23.564 |
28.772 |
|
Total
Current Assets |
195.829
|
170.722 |
146.368 |
|
|
Less : CURRENT
LIABILITIES and PROVISIONS |
|
|
|
|
|
|
Sundry Creditors and Other Current Liabilities |
112.902
|
95.983 |
97.912 |
|
|
Provisions |
17.044
|
14.684 |
10.776 |
|
Total
Current Liabilities |
129.946
|
110.667 |
108.688 |
|
|
Net Current Assets |
65.883
|
60.055 |
37.680 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.007 |
0.019 |
0.030 |
|
|
|
|
|
|
|
|
TOTAL |
411.635 |
391.174 |
306.248 |
|
PROFIT and LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Job Work Receipts (Net) |
493.956 |
452.567 |
367.639 |
|
|
|
Job Work Receipts Export |
3.735 |
2.340 |
3.697 |
|
|
|
Other Income |
12.475 |
7.805 |
2.443 |
|
|
|
TOTAL (A) |
510.166 |
462.712 |
373.779 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Employee costs |
24.290 |
19.717 |
14.871 |
|
|
|
Operating expenses |
328.611 |
293.445 |
260.278 |
|
|
|
General and Administration expenses |
29.147 |
26.009 |
20.030 |
|
|
|
Director Remuneration |
8.160 |
8.100 |
7.800 |
|
|
|
TOTAL (B) |
390.208 |
347.271 |
302.979 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
119.958 |
115.441 |
70.800 |
|
|
|
|
|
|
|
|
|
Less |
INTEREST (D) |
22.621 |
27.013 |
15.802 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
97.337 |
88.428 |
54.998 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
47.034 |
42.273 |
28.203 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
50.303 |
46.155 |
26.795 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
16.946 |
16.433 |
10.008 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
33.357 |
29.722 |
16.787 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOTHEN
YEARS’ BALANCE BROUGHT FORWARD |
90.388 |
60.666 |
43.879 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
123.745 |
90.388 |
60.666 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export of Goods on FOB basis |
3.735 |
2.340 |
3.697 |
|
|
TOTAL EARNINGS |
3.735 |
2.340 |
3.697 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
66.71 |
59.44 |
33.57 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
6.54
|
6.42 |
4.49 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
10.11
|
10.15 |
7.22 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
9.29
|
9.20 |
6.46 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.28
|
0.32 |
0.23 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.92
|
2.34 |
2.48 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.51
|
1.54 |
1.35 |
LOCAL AGENCY FURTHER INFORMATION
FORM 8
|
Corporate
identity number of the company |
U22212DL1997PTC086289 |
|
Name of the
company |
FRIENDS COLOR IMAGES PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
D – 868, New Friends Colony, E-Mail: hkcdelhi@yahoo.co.in |
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
10199115 |
|
Type of charge |
Immovable
Property |
|
Particular of
charge holder |
HDFC Bank Limited, HDFC Bank Hose Senapti Bapat Marg, Lower Parel
(West), Mumbai – 400 013, Maharashtra, India E-Mail: RBBform8@hdfcbank.com |
|
Nature of description
of the instrument creating or modifying the charge |
Memorandum
recording past transactions of creation of Mortgage by Delivery of Title
Deeds. |
|
Date of
instrument Creating the charge |
06/07/2010 |
|
Amount secured by
the charge |
Rs.113.800 millions
|
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest: Interest at the
rate as may be communicated by the Bank from time to time. Terms of Repayment: Working Capital facility
shall payable On Demand Term Loan
facility shall repayable in suitable installments. Margin: As may be
stipulated by the Bank from time to time. Extent and Operation of the charge: The Company
accorded and gave oral consent to Bank to continue to hold and retain the
title deeds (by way of Constructive delivery) in respect of its immovable
properties as stated under, as security for repayment of Rs.113.800 millions
by the Company, together with principal, interest, liquidated damages, costs,
charges and expenses. |
|
Short particulars
of the property charged |
Immovable
property situated at Plot No.148, Industrial Estate, Sector 4 TMT Manesar,
Gurgaon. Immovable
property situated at A 182 Trans Thane Creek Industrial Area, Taluka,
District -Thane. |
|
Date of latest
modification prior to the present modification |
06/02/2010 |
|
Particulars of
the present modification |
The equitable
mortgage/charge shall now stand increased from Rs.94.800 millions to Rs.113.800
millions (Comprising: Cash Credit of Rs.35.000 millions, PSR of Rs.5.200
millions, Term Loan (1 to 6) of Rs.48.600 millions, LC/ Bank Guarantee of
Rs.6.000 millions, Term Loan of Rs.10.000 millions, ODFC of Rs.9.000
millions) in favour the Bank. |
CONTINGENT LIABILITIES :- (As on 31.03.2010)
a) Contingent
liabilities exist in respect of pending assessment/in appeal of Income
Tax/Works Contract Tax/Vat/service Tax, amount unascertainable.
b) Contingent liabilities
exist in respect of Bank Guarantee issued in favour of customers/Government
Department amounting to Rs.7.273 millions.
CMT REPORT (Corruption, Money Laundering and 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.49.42 |
|
|
1 |
Rs.76.72 |
|
Euro |
1 |
Rs.65.85 |
SCORE and RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BTHENINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
50 |
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 |
STATTHEN |
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
unfavorable 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.