MIRA
INFORM REPORT
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Report Date : |
17.05.2012 |
IDENTIFICATION DETAILS
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Name : |
SPICO PRINTING INKS PRIVATE LIMITED |
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Registered
Office : |
No. 136, SIDCO Industrial Estate, Ambattur, Chennai – 600098,
Tamilnadu |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
15.03.2002 |
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Com. Reg. No.: |
18-048621 |
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Capital Investment
/ Paid-up Capital : |
Rs.3.500 Millions |
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CIN No.: [Company Identification
No.] |
U24223TN2002PTC048621 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
CHES15724C |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer, Exporter and Importer of Printing Inks |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
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MIRA’s Rating : |
B (28) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 20000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. Profitability
of the company appears to be low. However, trade relations are reported as
fair. Business is active. Payments are reported to be slow but correct. The company can be considered for business dealings with some caution.
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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 – September 30, 2011
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Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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A1 |
A1 |
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Risk Category |
ECGC Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
LOCATIONS
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Registered Office : |
No. 136, SIDCO Industrial Estate, Ambattur, Chennai – 600098, |
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Tel. No.: |
91-44-26253214/ 26253215/ 26253215 |
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Mobile No.: |
91-9382139792 |
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Fax No.: |
91-44-26252921 |
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E-Mail : |
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Website : |
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Location : |
Owned |
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Factory : |
Located at Mumbai, Chennai and |
DIRECTORS
As on: 31.03.2011
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Name : |
Mr. Raghavan Sridharan |
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Designation : |
Managing Director |
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Address : |
No.19, Nile Block, Akshya Apartment, Noolambur, Chennai – 600095, |
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Date of Birth/Age : |
07.08.1948 |
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Date of Appointment : |
15.03.2002 |
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DIN No.: |
00517367 |
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Other Directorship :
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Name : |
Mr. Sridharan Shantha |
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Designation : |
Director |
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Address : |
No.19, Nile Block, Akshya Apartment, Noolambur, Chennai – 600095, |
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E-Mail : |
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Date of Birth/Age : |
23.09.1957 |
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Date of Appointment : |
13.03.2002 |
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DIN No.: |
00517364 |
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Name : |
Mr. Bhanumurthy Bhaskaran |
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Designation : |
Director |
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Address : |
D2/22, 3rd Floor, DABC – Ishwarya I, 4th |
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E-Mail : |
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Date of Birth/Age : |
24.01.1971 |
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Date of Appointment : |
13.03.2002 |
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DIN No.: |
02359680 |
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MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 30.09.2011
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Names of Shareholders |
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No. of Shares |
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Raghavan Sridharan |
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240000 |
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Sridharan Shantha |
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79900 |
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Bhanumurthy Bhaskaran |
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30100 |
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Total |
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350000 |
Equity Share Break up (Percentage of Total Equity)
As on: 31.03.2011
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Category |
Percentage |
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Directors or relatives of Directors |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer, Exporter and Importer of Printing Inks |
PRODUCTION STATUS (31.03.2011)
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Particulars |
Unit |
Actual
Production |
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Pigments/ Dyes |
Qty |
440320 |
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Resins |
Qty |
86035 |
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Solvents |
Qty |
231186 |
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Others |
Qty |
10563 |
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Finished Goods |
Qty |
332018 |
GENERAL INFORMATION
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Customers : |
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No. of Employees : |
Not Available |
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Bankers : |
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Facilities : |
(Rs.
In Millions)
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Banking
Relations : |
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Auditors : |
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Name : |
K Palaniappan Chartered Accountant |
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Address : |
D2, 3rd Floor, S.V.T. Maligai, 18, |
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Tel. No.: |
91-44-24842964 |
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Mobile No.: |
91-9381013401 |
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E-Mail : |
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PAN.: |
AADPP4733G |
CAPITAL STRUCTURE
As on: 31.03.2011
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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350000 |
Equity Shares |
Rs.10/- each |
Rs.3.500 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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350000 |
Equity Shares |
Rs.10/- each |
Rs.3.500 Millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
3.500 |
2.000 |
2.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
1.734 |
1.421 |
1.234 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.00 |
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NETWORTH |
5.234 |
3.421 |
3.234 |
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LOAN FUNDS |
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1] Secured Loans |
18.407 |
11.250 |
9.997 |
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2] Unsecured Loans |
1.691 |
3.501 |
2.898 |
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TOTAL BORROWING |
20.098 |
14.751 |
12.895 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
25.332 |
18.172 |
16.129 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
6.862 |
6.856 |
5.037 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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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 |
12.545
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8.029 |
7.990 |
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Sundry Debtors |
14.116
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7.811 |
8.369 |
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Cash & Bank Balances |
1.546
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0.743 |
0.712 |
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Other Current Assets |
0.787
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0.907 |
1.426 |
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Loans & Advances |
0.665
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2.032 |
3.512 |
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Total
Current Assets |
29.659
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19.522 |
22.009 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
10.999
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8.177 |
10.874 |
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Other Current Liabilities |
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Provisions |
0.195
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0.039 |
0.059 |
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Total
Current Liabilities |
11.194
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8.216 |
10.933 |
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Net Current Assets |
18.465
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11.306 |
11.076 |
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MISCELLANEOUS EXPENSES |
0.005 |
0.010 |
0.016 |
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TOTAL |
25.332 |
18.172 |
16.129 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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SALES |
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Income |
48.544 |
43.647 |
41.209 |
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Other Income |
0.213 |
1.876 |
1.476 |
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TOTAL (A) |
48.757 |
45.523 |
42.685 |
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Less |
EXPENSES |
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Administrative Expenses |
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Advertising Expenses |
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TOTAL (B) |
48.128 |
45.091 |
42.188 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) |
0.629 |
0.432 |
0.497 |
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0.193 |
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Less/ Add |
DEPRECIATION/
AMORTISATION |
|
0.205 |
0.197 |
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PROFIT BEFORE
TAX (E-F) (G) |
0.436 |
0.227 |
0.300 |
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Less |
TAX (H) |
0.123 |
0.40 |
0.058 |
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PROFIT AFTER TAX
(G-H) (I) |
0.313 |
0.187 |
0.242 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
1.391 |
1.203 |
NA |
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BALANCE CARRIED
TO THE B/S |
1.703 |
1.391 |
1.203 |
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EARNINGS IN
FOREIGN CURRENCY |
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Export Sales |
18.606 |
16.483 |
13.094 |
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TOTAL EARNINGS |
18.606 |
35.089 |
29.577 |
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Earnings Per
Share (Rs.) |
0.89 |
0.93 |
0.41 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
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PAT / Total Income |
(%) |
0.64
|
0.41 |
0.57 |
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Net Profit Margin (PBT/Sales) |
(%) |
0.90
|
0.63 |
0.73 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
1.19
|
0.86 |
1.10 |
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Return on Investment (ROI) (PBT/Networth) |
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0.08
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0.07 |
0.09 |
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Debt Equity Ratio (Total Liability/Networth) |
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5.98
|
6.71 |
7.37 |
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Current Ratio (Current Asset/Current Liability) |
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2.65
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2.38 |
2.01 |
LOCAL AGENCY FURTHER INFORMATION
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Available
in Report [Yes/No] |
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Year
of Establishment |
Yes |
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Locality
of the Firm |
Yes |
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Construction
of the firm |
Yes |
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Premises
details |
No |
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Type
of Business |
Yes |
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Line
of Business |
Yes |
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Promoters
background |
Yes |
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No.
of Employees |
No |
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Name
of Person Contacted |
No |
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Designation
of contact person |
No |
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Turnover
of firm for last three years |
Yes |
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Profitability
for last three years |
Yes |
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Reasons
for variation <> 20% |
- |
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Estimation
for coming financial year |
No |
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Capital
the business |
No |
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Details
of sister concerns |
No |
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Major
Suppliers |
No |
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Major
Customers |
Yes |
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Payment
Terms |
No |
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Export
/ Import Details [If Applicable] |
No |
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Market
Information |
- |
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Litigations
that the firm / promoter involved in |
- |
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Banking
Details |
Yes |
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Banking
Facility Details |
Yes |
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Conduct
of the banking account |
- |
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Buyer
visit details |
- |
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Financials,
if provided |
Yes |
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Incorporation
details, if applicable |
Yes |
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Last
accounts filed at ROC |
Yes |
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Major
Shareholders, if applicable |
Yes |
OPERATIONS:
During the year the company has reached a turnover of Rs.48.757. Millions against Rs.455.23 Millions over the previous year, this includes Sales of Rs.48.544 Millions and Other Income of Rs.0.213 Million, and Profit after tax is Rs.0.312 Million, against Rs.0.187 Million of previous year.
FINANCIAL RESULTS:
The Net Profit before depreciation during the year is Rs.0.629 Million and after depreciation the net Profit is Rs.0.436 Million. This result has been achieved in spite of the recessionary Market conditions and considerable down fall in the Printing Ink Industry.
OUTLOOK:
The Company though increased the turn over during 10-11 marginally over the turnover of 2009-10 it has not been up to the expectation. This will be compensated in the ensuing year 2011-12. The turn over during January 11 to March 11 has been quite high compared to year average and hence the turn over for the year 2011-12 will see an increase by a minimum of 15 to 20%.
The export turn over of the Company has improved during the
year 2010-11 and they have added few customers from Ghana and Sri Lanka which
gives as hope to improve the export turn over further during the year 2011-12.
The Company has participated in one of the international exhibitions DRUPA
during May 2008 and another
The company has successfully upgraded from ISO 9001: 2001 to ISO 9001:2008 during the year.
The Company has commenced building construction and applied for Term Loan with PIPDIC to complete the construction which will enable them to increase there sale manifold.
Bankers Charges
Report as per Registry
|
Corporate identity
number (CIN) or foreign company registration
number of the company |
U24223TN2002PTC048621 |
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Name of the
company |
SPICO PRINTING INKS PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in |
No. 136, SIDCO Industrial Estate, Ambattur, Chennai – 600098, E-mail: spico98@yahoo.com |
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This form is for |
Modification of Charge |
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Charge
identification (ID) number of the charge to be modified |
10262568 |
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Type of charge |
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Particular of
charge holder |
Axis Bank Limited, Corporate Banking Branch, Ground Floor, Karumuthu
Nilayam, 192 Annai Salai, Chennai – 600002, |
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Nature of
instrument creating charge |
1. Supplemental
Deed of Hypothecation. 2. Declaration
cum Deed of Confirmation for the extension of mortgage |
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Date of
instrument Creating the charge |
10.03.2012 |
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Amount secured by
the charge |
Rs.20.000
Millions |
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Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest CC-BR+3.35%,
presently 13.35% p.a.,EPC upto 180 days-BR+1.75%, 181-270 days-BR+2%, Foreign
bill-upto 90 days-BR+1.75%, 91-180 days-BR+2%, Inland LC Bill
Disc-BR+3%,Present Base rate (BR) is 10%. Terms of
repayments Working capital
limits repayable on demand. Margin CC-25% on stocks
and receivables, EPC-10%, Inland bill discounting 10% of bill value, LC- 15%
to be collected upfront and kept in TDR with Bank's lien noted thereon,
BG-15% Cash margin, 100% cash margin in case of disputed liabilities. Extend and
operation of the charge First and excl
charge by way of Hypothecation of
entire current assets, unencumbered movable fixed assets of the company,
Goods procured under LC, both P and F, and Counter guarantee of the Co, bills
with title to the goods duly endorsed in favour of the bank and Extensions of
EM by constructive delivery of documents of immovable properties more fully
described in clause 15 of this form 8.The Charge operates as security for the
repayment of the dues by the company to the bank along with interest, charges
etc. Others All other terms
and conditions as per sanction letter date 10.01.2012 and documents obtained
by the Bank. |
|
Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
First and
exclusive charge by way of Hypothecation
of entire current assets, unencumbered movable fixed assets of the
company, Goods procured under LC, both present and future, and Counter guarantee
of the company, bills with title to the goods duly endorsed in favour of the
bank and Extension of Equitable Mortgage by constructive delivery of
documents of all that piece and parcel of
land measuring 0.2613 acres comprised in S.No.95 and 97 parts of at SIDCO
Industrial Estate and bounded on the North by Shed No.135 (NP), South by Shed
No.137 (NP), East by SIDCO Plots 26-B/3 and 26-B/4 and West by 40 feet Road |
|
Date of
instrument modifying the charge |
13.01.2011 |
|
Particulars of
the present modification |
There is no
change in the Total limit of Rs.20.000 Millions sanctioned to the company.
The company has been sanctioned with various other limits as sub limits under
CC and hence this modification. Securities as mentioned in clause 15 of this
form 8. Break up of limits =CC Rs.20.000 Millions- sub limits under CC-(1)
EPC/FBP/FBD Rs.7.500 Millions, (2) LC-inland/import/BG/Inland LC Bill
Discounting Rs.5.000 Millions, (3) LER Rs.0.500 Millions= Total limits
Rs.20.000 Millions |
AS PER WEBSITE DETAILS:
PROFILE
Subject was established in the year 1975 by the promoter
Mr.R.SRIDHARAN as Proprietorship Company under the name “THE SUPERIOR PRINTING
INK COMPANY.” Mr.R.Sridharan is a B.Sc graduate in Chemistry and B.Tech in
Paints and Printing Ink technology. He has worked in a leading Printing Ink
manufacturing company in
The Company operates from its own premises at one of the
largest Industrial Estates of Asia which is located at the outskirts of
Chennai. This is the first Small Scale Industry started in the southern parts
of
The Company’s technical base was further strengthened by the
induction of Mr. B.Bhaskaran in the year 1994 who has subsequently become one of
the Directors of the Company in the year 2002. Mr. B.Bhaskaran is a Master
degree holder in chemistry and has wide experience in working in Ink plant in
The Company is equipped with Liquid Ink manufacturing
equipments of different capacities from 25 kgs to 400 kgs per shift and is
capable of producing different colours and different base inks simultaneously.
The Unit is planning to increase the capacity by modernising the plant shortly.
The unit is equipped with adequate lab facility to take care of the quality.
Since its inception, the Company has played a significant role in the progress
of the Graphic industry in
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.54.29 |
|
|
1 |
Rs.86.61 |
|
Euro |
1 |
Rs.68.87 |
INFORMATION DETAILS
|
Report Prepared
by : |
VRN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
|
28 |
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.