MIRA
INFORM REPORT
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Report Date : |
19.10.2007 |
IDENTIFICATION DETAILS
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Name : |
CANARA SECURITY PRESS PRIVATE LIMITED |
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Registered Office : |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
25.10.1982 |
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Com. Reg. No.: |
08-5014 |
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CIN No.: [Company
Identification No.] |
U22219KA1982PTC005014 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
BLRC02698D |
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PAN No.: [Permanent
Account No.] |
NC-1580 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Printing of Lottery Tickets |
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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Maximum Credit Limit : |
USD 57000 |
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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 company of Manipal Group who are
resourceful, respectable and experienced businessmen. Their trade relations
are fair. Payment are usually correct and as per commitments. The company can be considered good for normal business dealings at
usual trade terms and conditions. |
LOCATIONS
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Registered Office : |
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Tel. No.: |
91-820-2571149 / 2570690 / 2570690 |
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Fax No.: |
91-820-2575056 / 2570563 |
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E-Mail : |
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Website : |
DIRECTORS
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Name : |
Mr. Katapadi Ramdas Shenoy |
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Designation : |
Director |
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Address : |
10-333, Corporation Bank, Udupi, |
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Date of Birth/Age : |
03.02.1924 |
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Date of Appointment : |
16.03.1998 |
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Date of Ceasing : |
03.04.2006 |
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Name : |
Mr. Baikadi Narahari |
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Designation : |
Director |
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Address : |
Sadhana, Manipal – |
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Date of Birth/Age : |
13.05.1957 |
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Date of Appointment : |
16.03.1998 |
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Name : |
Mr. K Laxminarayan Rao |
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Designation : |
Director |
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Address : |
302 Deepa Arcade Copicad, Bejai, Mangalore, |
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Date of Birth/Age : |
05.03.1940 |
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Date of Appointment : |
23.08.2004 |
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Name : |
Mr. Bharath Krishna Nayak |
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Designation : |
Additional Director |
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Address : |
Sindhoora, Plot No. 7, 10th Cross, ALN Layout, Manipal –
576104, |
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Date of Birth/Age : |
11.04.1964 |
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Date of Appointment : |
24.08.2006 |
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Name : |
Mr. B. P. Vardaraya Pai |
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Designation : |
Director |
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Address : |
Ganapathi Vilas, Brahmavar, Udupi, |
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Date of Birth/Age : |
30.11.1959 |
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Date of Appointment : |
11.03.1997 |
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Date of Ceasing : |
16.08.2004 |
KEY EXECUTIVES
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Name : |
Mr. Sadananda S Kamath |
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Designation : |
Company Secretary |
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Address : |
“Srinivas” HIG 55, KHB Colony, Manipal – 576104, |
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Tel No. : |
91-820-2570283 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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T Satish U Pai |
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92210 |
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T Gautham Pai |
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30000 |
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K Ramdas Shenoy |
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100 |
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B Narahari |
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100 |
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B P Varadaraya Pai |
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100 |
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Manipal Prakashana Private Limited |
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52510 |
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Dr. Ramdas M Pai |
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70000 |
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Total |
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245020 |
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Equity Share
Breakup |
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Percentage of
Holding |
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Category |
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Bodies corporate |
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21.43 |
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Directors or relatives of directors |
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0.12 |
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Other top fifty shareholders |
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78.45 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Printing of Lottery Tickets |
GENERAL INFORMATION
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No. of Employees : |
About 50 |
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Bankers : |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Pai Nayak and Associates Chartered Accountants |
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Address : |
3rd Floor, |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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250,000 |
Equity Shares |
Rs. 10/-
each |
Rs. 2.500 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
|
245,020 |
Equity Shares |
Rs. 10/-
each |
Rs. 2.450
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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2.450 |
2.450 |
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2] Share Application Money |
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0.000 |
0.000 |
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3] Reserves & Surplus |
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11.748 |
8.112 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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14.198 |
10.562 |
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LOAN FUNDS |
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1] Secured Loans |
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5.495 |
4.223 |
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2] Unsecured Loans |
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0.116 |
0.327 |
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TOTAL BORROWING |
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5.611 |
4.550 |
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DEFERRED TAX LIABILITIES |
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TOTAL |
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19.809 |
15.112 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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5.839 |
6.126 |
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INVESTMENT |
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0.010 |
0.010 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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12.174 |
7.132 |
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Sundry Debtors |
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6.605 |
4.205 |
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Cash & Bank Balances |
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0.122 |
0.022 |
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Other Current Assets |
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10.781 |
0.435 |
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Loans & Advances |
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12.952 |
17.977 |
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Total
Current Assets |
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42.634 |
29.771 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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26.522 |
18.093 |
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Provisions |
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2.152 |
2.702 |
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Total
Current Liabilities |
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28.674 |
20.795 |
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Net Current Assets |
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13.960 |
8.976 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.000 |
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TOTAL |
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19.809 |
15.112 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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Sales Turnover |
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142.196 |
NA |
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Other Income |
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5.415 |
NA |
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Total Income |
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147.611 |
NA |
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Profit/(Loss) Before Tax |
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5.576 |
NA |
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Provision for Taxation |
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1.940 |
NA |
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Profit/(Loss) After Tax |
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3.636 |
NA |
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Imports : |
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Raw Materials |
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0.147 |
0.111 |
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Stores & Spares |
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0.105 |
0.000 |
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Total Imports |
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0.252 |
0.111 |
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Expenditures : |
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Total Expenditure |
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142.035 |
NA |
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KEY RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
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2.46 |
NA |
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Net Profit Margin (PBT/Sales) |
(%) |
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3.92 |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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11.50 |
NA |
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Return on Investment (ROI) (PBT/Networth) |
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0.39 |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
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2.41 |
2.40 |
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Current Ratio (Current Asset/Current Liability) |
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1.49 |
1.43 |
LOCAL AGENCY FURTHER INFORMATION
Bankers Charges
Report as per Registry
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Name of the company |
CANARA SECURITY
PRESS PRIVATE LIMITED |
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Presented By |
K. Ramdas Shenoy
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1) Date and description of instrument creating the change |
09.12.2005 Hypothecation
Deed |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 15.000
Millions |
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3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
Hypothecation of
all movable properties stock of raw materials, goods in process of
manufacture, finished goods, and that may belong to the company in future
whether lying in company’s premises or in transit, present and future plant
and machinery. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Interest at the
rate of 8 % p.a. or such other rates as may be fixed by the Bank from time to
time. The said cash
credit to be repaid on or before 09.12.2006 |
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5) Name and Address and description of the person entitled to the charge. |
Syndicate Bank,
Manipal Branch, Manipal |
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6) Date and brief description of instrument modifying the charge |
Nil |
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7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
Nil |
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This form is for |
Creation of
charge |
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Corporate
identity number of the company |
U22219KA1982PTC005014 |
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Name of the
company |
CANARA SECURITY PRESS PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in |
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Type of charge |
Movable property |
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Particular of
charge holder |
Syndicate Bank, Syndicate Main Branch,
Manipal – 576104, |
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Nature of
description of the instrument creating or modifying the charge |
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Date of
instrument Creating the charge |
04.09.2006 |
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Amount secured by
the charge |
Rs. 5.000
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest Bank Commission at
the rate of 3 % p.a. or such other rates as may be fixed by the Bank from
time to time. Terms of
repayment Repayment on
Demand Margin 10 % of Bank
Guarantee to the deposited. Extent operation
of the charge Bank Guarantee
limit of Rs. 5.000 Millions sanctioned. |
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Short particulars
of the property charged |
Collerally
secured by plant and machinery. |
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.39.79 |
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|
1 |
Rs.81.62 |
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Euro |
1 |
Rs.56.98 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
5 |
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PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
5 |
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--PROFITABILIRY |
1~10 |
5 |
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--LIQUIDITY |
1~10 |
5 |
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--LEVERAGE |
1~10 |
5 |
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--RESERVES |
1~10 |
5 |
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--CREDIT LINES |
1~10 |
5 |
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--MARGINS |
-5~5 |
- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
NO |
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--AFFILIATION |
YES/NO |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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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 |
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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 |
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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 |
|
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 |
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