MIRA
INFORM REPORT
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Report Date : |
18.10.2007 |
IDENTIFICATION DETAILS
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Name : |
CANARA TRADERS AND PRINTERS PRIVATE LIMITED |
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Registered Office : |
142 B, |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
24.11.1995 |
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Com. Reg. No.: |
18-33631 |
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CIN No.: [Company
Identification No.] |
U22219TN1995PTC033631 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CHEC05052F |
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PAN No.: [Permanent
Account No.] |
AAAFC3139L |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacture
and supply of printed materials, including labels, annual reports, books, visual
aids, brochures and other printed materials for commercial use. |
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 88000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well-established and reputed company having satisfactory
track. Directors are reported as experience and respectable businessmen.
Trade relations are reported as fair. Business is active. Payments are
usually 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 : |
142 B, |
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Tel. No.: |
91-44-24955088 |
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Fax No.: |
91-44-28522498 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. M Vasanth Shanbhag |
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Designation : |
Chairman |
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Address : |
714, 7TH Cross Street, Indira Nagar, Adayar, Chennai –
600020, |
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Date of Birth/Age : |
07.04.1944 |
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Date of Appointment : |
24.11.1995 |
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Name : |
Mr. V Mahesh Shanbhag |
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Designation : |
Director |
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Address : |
714, 7TH Cross Street, Indira Nagar, Adayar, Chennai –
600020, |
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Date of Birth/Age : |
22.12.1970 |
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Date of Appointment : |
24.11.1995 |
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Name : |
Mr. V Manjvnath Shanbhag |
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Designation : |
Director |
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Address : |
714, 7TH Cross Street, Indira Nagar, Adayar, Chennai –
600020, |
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Date of Birth/Age : |
29.10.1973 |
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Date of Appointment : |
24.11.1995 |
KEY EXECUTIVES
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Name : |
Mr. S Rajakumari |
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Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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M Vasanth Shanbhag |
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660000 |
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V Mahesh Shanbhag |
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370000 |
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V Manjvnath Shanbhag |
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370000 |
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Total |
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1400000 |
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Equity Share
Breakup |
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Percentage of
Holding |
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Category |
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Directors or relatives of directors |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacture
and supply of printed materials, including labels, annual reports, books,
visual aids, brochures and other printed materials for commercial use. |
GENERAL INFORMATION
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Bankers : |
Andhra Bank 265, |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Raghu and Prakesh Chartered Accountants |
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Address : |
No. 103, 1st Floor, |
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Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
As on 30.09.2006
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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2,500,000 |
Equity Shares |
Rs. 10/- each |
Rs. 25.000 Millions |
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200,000 |
Preference Shares |
Rs. 100/- each |
Rs. 20.000 Millions |
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Total |
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Rs. 45.000
Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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2,300,000 |
Equity Shares |
Rs. 10/- each |
Rs. 23.000
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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16.748 |
14.000 |
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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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5.421 |
4.727 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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22.169 |
18.727 |
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LOAN FUNDS |
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1] Secured Loans |
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53.838 |
48.989 |
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2] Unsecured Loans |
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2.566 |
2.565 |
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TOTAL BORROWING |
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56.404 |
51.554 |
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DEFERRED TAX LIABILITIES |
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8.876 |
9.293 |
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TOTAL |
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87.449 |
79.574 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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79.363 |
74.847 |
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Capital work-in-progress |
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0.000 |
0.000 |
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INVESTMENT |
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0.207 |
0.025 |
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DEFERREX TAX ASSETS |
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0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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2.002 |
1.500 |
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Sundry Debtors |
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27.345 |
22.408 |
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Cash & Bank Balances |
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5.783 |
0.055 |
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Other Current Assets |
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0.000 |
0.000 |
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Loans & Advances |
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9.462 |
8.239 |
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Total
Current Assets |
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44.592 |
32.202 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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35.419 |
27.045 |
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Provisions |
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1.294 |
0.455 |
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Total
Current Liabilities |
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36.713 |
27.500 |
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Net Current Assets |
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7.879 |
4.702 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.000 |
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2TOTAL |
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87.449 |
79.574 |
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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 including Other Income |
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135.548 |
121.733 |
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Total Income |
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135.548 |
121.733 |
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Profit/(Loss) Before Tax |
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1.615 |
6.041 |
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Provision for Taxation |
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0.920 |
3.375 |
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Profit/(Loss) After Tax |
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0.695 |
2.666 |
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Expenditures : |
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Interest |
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6.793 |
5.003 |
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Depreciation & Amortization |
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11.020 |
9.201 |
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Other Expenditure |
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116.120 |
101.488 |
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Total Expenditure |
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133.933 |
115.692 |
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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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0.51 |
2.19 |
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Net Profit Margin (PBT/Sales) |
(%) |
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1.19 |
4.96 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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1.30 |
5.64 |
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Return on Investment (ROI) (PBT/Networth) |
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0.07 |
0.32 |
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Debt Equity Ratio (Total Liability/Networth) |
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4.20 |
4.22 |
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Current Ratio (Current Asset/Current Liability) |
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1.21 |
1.17 |
LOCAL AGENCY FURTHER INFORMATION
Bankers Charges
Report as per Registry
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Name of the company |
CANARA TRADERS
AND PRINTERS PRIVATE LIMITED |
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Presented By |
Canara Traders
And Printers Private Limited and Andhra Bank, 265, |
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1) Date and description of instrument creating the change |
27.09.2000
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2) Amount secured by the charge/amount owing on the securities of charge |
Secured
overdraft : Rs. 2.000 Millions Term Loan : Rs. 3.000
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 |
First charge on
all assets of the company. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
SOD : Purpose : To meet the day
to day business requirements interest PLR + 3.75 % Term Loan : Margin 40 % Purpose : to
purchase the industrial and shed at Taramani adm 8500 sq. ft. Interest : PLR +
3.75 % spread Repayment : 60
monthly installments with holiday period of 3 months All other terms
and conditions are as per the above agreements. |
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5) Name and Address and description of the person entitled to the charge. |
Andhra Bank 265, Chennai – 6000018 |
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6) Date and brief description of instrument modifying the charge |
22.09.2004
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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. |
Charge on
company’s book debts both present and future modified from Rs. 48.485
Millions to Rs. 189.504 Millions Charge on movable
machinery both present and future modified from Rs. 48.485 Millions and to
Rs. 189.504 millions All other terms
and conditions are as per the above agreements The limits
secured by the charge stand modified as below :
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This form is for |
Modification of
charge |
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Charge
identification number of the charge to be modified |
90284010 |
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Corporate
identity number of the company |
U22219TN1995PTC033631 |
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Name of the
company |
CANARA TRADERS AND PRINTERS PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in |
142 B, |
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Type of charge |
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Particular of
charge holder |
Andhra Bank 265, |
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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 |
04.10.2006 |
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Amount secured by
the charge |
Rs. 215.972
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest Interest at the
applicable PLR 11.50 % minus 0.50 % presently 11 % p.a. Terms of
repayment Repayable on
demand Margin 50 % margin on
the book debts not older than 90 days Extent operation
of the charge Hypothecation of
book debts both present and future. Hypothecation of
all movable machinery and plant both present and future. |
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Date of latest
modification prior to the present modification |
28.08.2006 |
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
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Indian Rupees |
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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 |
6 |
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PAID-UP CAPITAL |
1~10 |
6 |
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OPERATING SCALE |
1~10 |
6 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
7 |
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--PROFITABILIRY |
1~10 |
5 |
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--LIQUIDITY |
1~10 |
6 |
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--LEVERAGE |
1~10 |
6 |
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--RESERVES |
1~10 |
6 |
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--CREDIT LINES |
1~10 |
6 |
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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 |
YES |
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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 |
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54 |
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 |
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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 |
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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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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. |
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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