MIRA
INFORM REPORT
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Report Date : |
19.03.2007 |
IDENTIFICATION
DETAILS
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Name : |
GOKALDAS IMAGES PRIVATE LIMITED |
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Registered Office : |
7 & 12, Industrial Suburb, 2nd
Stage, Yeshwantpur, Tumkur Road, Bangalore - 560 022, Karnataka, India |
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Country : |
India |
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Financials (as on) : |
31.03.2003 |
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Date of Incorporation : |
01.02.1995 |
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Com. Reg. No.: |
08-17081 |
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CIN No.: [Company
Identification No.] |
U18101KA1995PTC017081 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
BLRG00978F |
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PAN No.: [Permanent
Account No.] |
AAACG6637Q |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer, Importer and Exporter of all types of Readymade
Garments. |
RATING &
COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Maximum Credit Limit : |
USD 2000000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well-established company having fine track. Directors are
reported as experienced, respectable and having substantial means of their
own. Their trade relations are reported as fair. Payments are correct and as
per commitments. The Company can be considered normal for business dealings at usual
trade terms and conditions. |
LOCATIONS
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Registered Office : |
7 & 12, Industrial Suburb, 2nd
Stage, Yeshwantpur, Tumkur Road, Bangalore - 560 022, Karnataka, India |
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Tel. No.: |
91 - 80 - 23377059 / 23377060 |
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Fax No.: |
91 - 80 - 23377054 |
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E-Mail : |
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Website : |
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Factory 1 : |
English
Blazer Division :
# 67, Kadirenahalli Main Road, Subramanyapur Post, Bangalore – 560
022, Karnataka Tel. 91-80-26666181/191 Fax. 91-80-26666190 Designer
Suit Division:
18A, Industrial Suburb, 2nd
Stage, Yeshwantpur, Tumkur Road, Bangalore – 560 022, Karnataka Tel. 91-80-23377059 Fax. 91-80-23377056 Indian
Connection Division & Contour Apparels Division :
135/5, Industrial Suburb, 2nd Stage, Yeshwantpur, Tumkur
Road, Bangalore - 560 022, Karnataka Tel. 91-80-23377059 Fax. 91-80-23377056 |
DIRECTORS
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Name : |
Ms. Archana Niranjan |
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Designation : |
Director |
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Address : |
10, Jeevan Dhara, Dr. Ambedkar Road, Bandra (West), Mumbai – 400050 |
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Date of Appointment : |
10.12.2005 |
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Name : |
Mr. Jagadish N Hinduja |
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Designation : |
Managing Director |
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Name : |
Mrs. Pushpa J Hinduja |
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Designation : |
Director |
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Name : |
Mr. Sumeer J Hinduja |
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Designation : |
Director |
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Name : |
Mr. Munish J Hinduja |
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Designation : |
Director |
KEY EXECUTIVES
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Other personnel |
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MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
The company’s entire share capital is held by the directors and their
relatives.
BUSINESS DETAILS
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Line of Business : |
Manufacturer, Importer and Exporter of all types of Readymade
Garments. |
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Products : |
Woven Garments & Knitted Garments |
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Exports : |
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Products : |
Suits, Knitwear, Outwear and Fashionwear, etc |
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Countries : |
USA, UK and Canada |
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Imports : |
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Products : |
Fabrics and Accessories |
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Countries : |
Turkey, Taiwan, Korea, Hong Kong, USA etc |
PRODUCTION STATUS
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Particulars |
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Actual Production (In
millions) |
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Woven Garments |
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2.970 |
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Knitted Garments |
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1.070 |
GENERAL
INFORMATION
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Customers : |
v
Liz Claiborne, USA v
Tommy Hill Figure, USA v
Secaucus Industries, USA v
Gapp, USA |
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No. of Employees : |
1000 |
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Bankers : |
Canara Bank, Avenue Road, Bangalore - 560 002, Karnataka Tel. 91-80-22215925/22214607 Hongkong & Shanghai Banking Corporation, Manipal Centre, Dickenson
Road, Bangalore - 560 042, Karnataka Tel. 91-80-25585444 Fax. 91-80-25584411 Standard Chartered Bank, Reheja Towers, 6th Floor, No.
26-27, M G Road, Bangalore – 560001 Centurion Bank of Punjab Limited 17, Cunningham Road, Bangalore – 560052 Export Import Bank of India, Floor 21 Centre One Building, World Trade
Centre Complex, Mumbai – 400005 |
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Facilities : |
-- |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
B K Ramadhayani & Company Chartered Accountants |
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Address : |
45, 15th Cross, 8th Main, Malleswaram, Bangalore
- 560 055, Karnataka |
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Tel. No.: |
91-80-23344295/23344316 |
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Memberships : |
Nil |
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Collaborators : |
Nil |
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Associates : |
v
Gokaldas Apparels Private Limited v
Gokaldas Weil Private Limited v
H I Image Private Limited v
Personality Limited v
Performa Clothing v
Professional Clothing v
Garment Impex v
Hi Images v
Catalogue Clothing v
Sri Venkateswara Garments |
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Subsidiaries |
Gokaldas Images (USA) Inc. Suite 2704/05,1400 Broadway, New York, HY – 10018 Tel. 001-212-7303950 Fax. 001-212-7303970 |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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15,000,000 |
Equity Shares |
Rs.10/- each |
Rs.150.000
millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
|
7,500,000 |
Equity Shares |
Rs.10/- each |
Rs.75.000
millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2003 |
31.03.2002 |
31.03.2001 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
75.000 |
75.000 |
75.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
474.120 |
391.160 |
335.670 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
549.120 |
466.160 |
410.670 |
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LOAN FUNDS |
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1] Secured Loans |
806.680 |
765.320 |
670.440 |
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2] Unsecured Loans |
0.000 |
0.000 |
13.360 |
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TOTAL BORROWING |
806.680 |
765.320 |
683.800 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
1355.800 |
1231.480
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1094.470
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
261.280 |
210.320 |
206.270 |
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Capital work-in-progress |
0.000 |
0.000 |
0.960 |
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INVESTMENT |
81.670 |
50.970 |
31.110 |
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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 |
420.290 |
480.060 |
465.220 |
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Sundry Debtors |
526.730 |
485.850 |
304.140 |
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Cash & Bank Balances |
32.410 |
58.690 |
54.490 |
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Other Current Assets |
0.000
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0.000 |
0.000 |
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Loans & Advances |
235.090
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177.530 |
238.830 |
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Total
Current Assets |
1214.520
|
1202.130 |
1062.680 |
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Less : CURRENT LIABILITIES & PROVISIONS |
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Current Liabilities |
201.220 |
231.490 |
202.070 |
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Provisions |
0.500 |
0.540
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4.620
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Total
Current Liabilities |
201.720
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232.030 |
206.690 |
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Net Current Assets |
1012.800 |
970.100 |
855.990 |
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MISCELLANEOUS EXPENSES |
0.050 |
0.090 |
0.140 |
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TOTAL |
1355.800 |
1231.480
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1094.4700
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2003 |
31.03.2002 |
31.03.2001 |
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Sales Turnover |
2173.890 |
2078.710 |
1971.470 |
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Other Income |
0.000 |
0.000 |
0.000 |
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Total Income |
2173.890 |
2078.710 |
1971.470 |
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Profit/(Loss) Before Tax |
82.960 |
59.650 |
112.660 |
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Provision for Taxation |
0.000 |
0.040 |
4.480 |
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Profit/(Loss) After Tax |
82.960 |
59.610 |
108.180 |
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Earnings in Foreign Currency : |
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Export Earnings |
1878.080 |
1744.520 |
1710.180 |
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Total Earnings |
1878.080 |
1744.520 |
1710.180 |
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Imports : |
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Raw Materials |
521.490 |
587.430 |
736.960 |
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Total Imports |
521.490 |
587.430 |
736.960 |
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Expenditures : |
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Interest |
86.36
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81.72
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NA |
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Depreciation & Amortization |
36.090
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28.800
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NA |
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Total Expenditure |
122.450
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110.520
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NA |
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KEY RATIOS
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PARTICULARS |
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31.03.2003 |
31.03.2002 |
31.03.2001 |
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PAT / Total
Income |
(%) |
3.81
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2.86 |
5.48 |
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Net Profit Margin (PBT/Sales) |
(%) |
3.81
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2.86 |
5.71 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
5.62
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4.22 |
8.87 |
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Return on Investment (ROI) (PBT/Networth) |
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0.15
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0.12 |
0.27 |
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Debt Equity Ratio (Total Liability/Networth) |
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1.83
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2.13 |
2.16 |
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Current Ratio (Current Asset/Current Liability) |
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6.02
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5.18 |
5.14 |
LOCAL AGENCY
FURTHER INFORMATION
HISTORY
Subject was incorporated on 7th March, 1995 at Bangalore in
Karnataka having Company Registration Number 17081.
Subject was initially established in the year 1979 as a Partnership
Concern later on which was converted into Joint Stock Company with effect from
1st February, 1995 under Part IX of the Companies Act 1956.
The company’s registered office was situated at 123, Chord Road, Rajaji
Nagar, Bangalore - 560 010, Karnataka, now functioning at the new address
furnished above.
The company’s fixed assets of important value includes land, building,
plant & machinery, furniture & fixtures, vehicle, electrical and
computers.
It is in trade terms with:-
v
Tride & Creations, Hong Kong
v
PMQ Trading Company, Korea
v
Uni Trading Company, Korea
v
Ritz Resources, Hong Kong
v
Baird Magnet, USA
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Corporate identity
number (CIN) Foreign company registration number |
U18101KA1995PTC017081 |
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Name of the
Company |
GOKALDAS IMAGES PRIVATE LIMITED |
|
Address |
7 & 12, Industrial Suburb, 2nd
Stage, Yeshwantpur, Tumkur Road, Bangalore - 560 022, Karnataka, India |
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Type of Charge |
Book Debts,
Movable Property and Floating Charge |
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Particulars of
the charge holder |
Centurion Bank of Punjab Limited, 17, Cunningham Road, Bangalore –
560052 |
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Nature of the
instrument modifying charge |
Agreement of hypothecation of goods, vehicle, plant and machinery,
stock and book debts |
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Date of
Instrument charge |
14.12.2006 |
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Amount secured by
the charge |
Rs. 200.000
Millions |
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Brief of the
principal terms and conditions |
Rate of Interests
Packaging credit
foreign currency – 125 basis above libor with monthly rests Cash credit – 4%
below BPLR 9% Terms of
Repayment – Repayable on demand Margin – Stocks –
For Packing Credit – 10% For Cash
Credit – 25% Book Debts with
age upto 180 days – 25% Extent and operation
of the charge – To cover loan amount plus costs, expenses, interest and other
incidentals Others – Letter
of credit |
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Description of
the property charged indicating |
Stock of raw
material, accessories, finished garments, work in progress existing and to be
purchases from time to time |
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.44.17 |
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UK Pound |
1 |
Rs.85.58 |
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Euro |
1 |
Rs.58.67 |
RATING
EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average/normal. |
Small |
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11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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