MIRA
INFORM REPORT
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Report Date : |
18.12.2008 |
IDENTIFICATION
DETAILS
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Name : |
GRAFFITI [INDIA] PRIVATE LIMITED |
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Registered Office : |
F/69 Ratilal Parkst, St. Xaviers School Road, Ahmedabad – 380014,
Gujarat |
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Country : |
India |
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Financials (as on) : |
31.03.2008 |
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Date of Incorporation : |
09.02.2001 |
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Com. Reg. No.: |
04-39252 |
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CIN No.: [Company
Identification No.] |
U26916GJ2001PTC039252 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
AHMG00939B / AHMG01272F |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturers and Importers of Decorative Ceramic Tiles |
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 207000 |
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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 records. Trade relations are fair. Business is active. Payments are
reported as usually correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
INFORMATION PARTED
BY
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Name : |
Mr. Jayendra C. Panchal |
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Designation : |
Manager (Finance and Accounts) |
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Contact No.: |
91-9428245869 |
LOCATIONS
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Registered Office : |
F/69 Ratilal Parkst, St. Xavier School Road, Ahmedabad – 380014,
Gujarat, India |
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Tel. No.: |
91-79-26406811 / 12 / 13 |
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Fax No.: |
91-79-26405289 |
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E-Mail : |
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Website : |
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Area : |
2000 sq. ft. |
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Location : |
Owned |
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Corporate Office : |
602/603, 6th Floor, ‘Rembrandt’, C G Road, Ahmedabad –
380005, Gujarat, India |
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Tel. No.: |
91-79-26406811 / 12 / 13 |
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Fax No.: |
91-79-26405289 |
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Area : |
6000 sq. ft. [Rented] |
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Factory : |
766/772, Rakanpur, Sola-Santej Road, Taluka Kalol – 382721, District
Mehsana |
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Tel. No.: |
91-2764-286961 / 62 |
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Fax No.: |
91-2764-286107 |
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Area : |
Owned |
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Warehouse : |
123, Prime Logistics, Park Building, Sarkej Bavla
Highway, Village Navapura, Taluka – Sanand, Ahmedabad |
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Area : |
Rented |
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Dealers Network : |
Located at :
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Branches : |
Located at :
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DIRECTORS
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Name : |
Mrs. Pallavika M Shah |
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Designation : |
Director |
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Date of Birth/Age : |
04.11.1944 |
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Qualification : |
Graduates |
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Date of Appointment : |
09.02.2001 |
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Name : |
Mrs. Kalpu Bhavin Shah |
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Designation : |
Director |
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Date of Birth/Age : |
07.12.1968 |
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Qualification : |
Graduates |
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Date of Appointment : |
09.02.2001 |
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Name : |
Mrs. Rupa Sachin Shah |
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Designation : |
Director |
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Date of Birth/Age : |
08.03.1969 |
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Qualification : |
Graduates |
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Date of Appointment : |
09.02.2001 |
KEY EXECUTIVES
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Name : |
Mr. Pradip |
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Designation : |
Accountants |
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Name : |
Mr. Jayendra C. Panchal |
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Designation : |
Manager (Finance and Accounts) |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Pallavika M Shah |
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75000 |
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Kalpu Bhavin Shah |
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37500 |
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Rupa Sachin Shah |
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37500 |
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Total |
|
150000 |
As on 30.09.2006
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Equity Share
Breakup |
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Percentage of
Holding |
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Directors or relatives of directors |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers and Importers of Decorative Ceramic Tiles |
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Brand Name : |
“Graffiti” |
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Imports : |
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Products : |
Tiles |
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Countries : |
Italy |
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Terms : |
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Selling : |
L/C, Cash and Credit [30-60 days] |
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Purchasing : |
L/C and Credit [30 days] |
GENERAL
INFORMATION
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Customers : |
·
Wholesalers ·
Retailers ·
End Users ·
Dealers |
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No. of Employees : |
400 |
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Bankers : |
·
Corporation Bank, Navrangpura, Bhadra Branch ·
Bank of Baroda, Bhadra Branch |
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Facilities : |
Cash Credit – Rs. 1.400 millions |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Yogendra and Company Chartered Accountants |
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Address : |
202-203, Benkesha Bus Stop, Navrangpura, Ahmedabad – 380009, Gujarat,
India |
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Associates/Subsidiaries : |
Shree Ambica
Decoprints Private Limited Address : B/11, Chinaibaug Estate, Dudheshwar Road, Ahmedabad - 380004, Gujarat, India Tel. No.: 91-79-5625803 Fax No.: 91-79-5625899 Activity : Manufacturers and Importers of Decorative Ceramic Tiles Shaleen Ceramics
[Partnership] Address : 602/603, 6th Floor, ‘Rembrandt’, C G Road,
Ahmedabad – 380005, Gujarat, India Activity : Manufacturers and Importers of Decorative Ceramic Tiles |
CAPITAL STRUCTURE
AS ON 31.03.2008
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1250000 |
Equity Shares |
Rs. 10/- each |
Rs. 12.500 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1250000 |
Equity Shares |
Rs. 10/- each |
Rs.12.500
millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
12.500 |
3.000 |
1.500 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
29.057 |
8.498 |
8.539 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
41.557 |
11.498 |
10.039 |
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LOAN FUNDS |
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1] Secured Loans |
61.583 |
24.698 |
21.972 |
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2] Unsecured Loans |
37.352 |
47.409 |
32.327 |
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TOTAL BORROWING |
98.935 |
72.107 |
54.299 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
140.492 |
83.605 |
64.338 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
18.565 |
18.921 |
3.066 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.016 |
0.015 |
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 |
111.916
|
62.095 |
59.272 |
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Sundry Debtors |
48.567
|
26.661 |
14.583 |
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Cash & Bank Balances |
3.199
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[0.001] |
1.788 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
7.735
|
16.961 |
5.386 |
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Total
Current Assets |
171.417
|
105.716 |
81.029 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
39.482
|
36.674 |
17.337 |
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Provisions |
10.573
|
5.197 |
3.519 |
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Total
Current Liabilities |
50.055
|
41.871 |
20.856 |
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Net Current Assets |
121.362
|
63.845 |
60.173 |
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MISCELLANEOUS EXPENSES |
0.549 |
0.824 |
1.099 |
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TOTAL |
140.492 |
83.605 |
64.338 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
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Sales Turnover |
176.747 |
150.131 |
94.947 |
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Other Income |
1.495 |
15.145 |
16.847 |
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Total Income |
178.242 |
165.276 |
111.794 |
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Profit/(Loss) Before Tax |
4.170 |
3.900 |
3.048 |
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Provision for Taxation |
1.558 |
1.800 |
1.378 |
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Profit/(Loss) After Tax |
2.612 |
2.100 |
1.670 |
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Expenditures : |
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Cost of Goods Sold |
101.184 |
114.913 |
81.803 |
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Administrative Expenses |
38.501 |
25.013 |
13.920 |
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Selling Expenses |
0.000 |
12.816 |
8.035 |
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Interest and Financial Charges |
12.026 |
6.724 |
4.320 |
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Depreciation |
4.194 |
1.909 |
0.668 |
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Other Expenditure |
18.167 |
0.000 |
0.000 |
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Total Expenditure |
174.072 |
161.375 |
108.746 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2008 |
31.03.2007 |
31.03.2006 |
|
PAT / Total Income |
(%) |
1.46
|
1.27
|
1.49 |
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Net Profit Margin (PBT/Sales) |
(%) |
2.35
|
2.60
|
3.21 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
2.19
|
3.13
|
3.62 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.10
|
0.34
|
0.30 |
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Debt Equity Ratio (Total Liability/Networth) |
|
3.58
|
9.91
|
7.49 |
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Current Ratio (Current Asset/Current Liability) |
|
3.42
|
2.52
|
3.89 |
LOCAL AGENCY
FURTHER INFORMATION
TRADE REFERENCES
· Gandhi Glaze Tiles, Morbi
· Italica Floor Tiles, Morbi
Bankers Charges
Report as per Registry
|
Name of the company |
GRAFFITI [INDIA]
PRIVATE LIMITED |
|
Presented By |
Mrs. Rupa Sachin
Shah, Director |
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1) Date and description of instrument creating the change |
Common deed of hypothecation
dated 07.12.2004 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 10.000
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 |
All the present
and future Stock of goods, which now belong to and may hereafter, during the
subsistence of the borrowers liability belong to the borrower which are / shall
/ may be brought into or stores or be in / upon the borrower’s premises or
wherever else or in the course of transits or any other premises or wherever
else on in course of transits or delivery to the borrower. All the present
and future receivable of the company.
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4) Gist of the terms and conditions and extent and operation of the charge. |
Interest at the
rate of 11.00 % p.a. being 0.50 % over and above Corporation bank Bench mark
advance Rate which is 10.50 % p.a. at present rising and falling therewith. |
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5) Name and Address and description of the person entitled to the charge. |
Corporation Bank Navrangpura Ahmedabad –
380009 |
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Corporate
identity number of the company |
U26916GJ2001PTC039252 |
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Name of the
company |
GRAFFITI [INDIA] PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
F/69 Ratilal Parkst, St. Xavier School Road, Ahmedabad – 380014,
Gujarat |
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This form is for |
Modification of
charge |
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Type of charge |
Hypothecation |
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Particular of
charge holder |
Corporation Bank Navrangpura Ahmedabad –
380009, Gujarat, India |
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Nature of
instrument creating charge |
Deed of
Hypothecation |
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Date of
instrument Creating the charge |
07.12.2004 |
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Amount secured by
the charge |
Rs. 10.000
Millions |
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Brief of the
principal terms an conditions and extent and operation of the charge |
Working capital
facilities interest @ 11 % p.a. Running Account Repayable on demand. |
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Description of the
property charged indicating whether it is a charged on |
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Particulars of
the property charged |
Movable and
current assets of the company |
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Charge identification
number of the charge to be modified |
14 |
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Brief description
of the instrument modifying the charge under section 135 |
Supplementary
Deed of Hypothecation |
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Date of
instrument modifying the charge |
28.02.2006 |
|
Particulars of the
present modification |
Enhancement in
cash credit facilities from Rs. 10 Millions to 30 millions in rate 11.25 %
p.a. other terms as specified in sanction letter on ZO/ADV/02/F 163/8/2005-06
dated 06.02.2006 |
WEBSITE DETAILS:-
Brand Graffiti was launched in 1994. Its flagship company, Shree Ambica
Industries was founded in 1972. Behind the genesis of this company was the
vision to revolutionise the tile and surface décor industry. It started by
pioneering creative designs, patterns, applications and formats to the existing
product, thus giving tiles a great aesthetic value and never before looks.
From adorning palaces for pharaohs in Egypt to being an embodiment of spiritual
inspiration in churches of the new world, the tile has been looked upon by man
as the medium that brings forth the true spirit of beauty. An artistic décor of
tiles in citadels and chateaus gave monarchs of Rome and the rest of Europe the
pleasure of being in the company of beauty.
But somewhere down the passage of time, tiles were forgotten as envoys of
richness and beauty and remembered only for their functionality.
The company was born with a vision of reviving and restoring the art of laying
tiles. With its designer tiles, innovation in formats, designs, patterns and
ranges for wall and floor décor, subject puts tiles back on the pedestal of
design and elegance.
The company designer tiles are exclusive by way of creativity, technicality,
surface texture, feel or design on the surface. Over the years, subject has
garnered a reputation for its quality and innovation in designer application of
tiles.
In its constant endeavor to give great quality and trendy products, the company
equipped its plant with state-of-the-art European technology and automation in
2000.
It formed distribution alliances with leading Italian tile manufacturing
companies like Marazzi, Refin, Monocibec, Naxos and Hi Tech Gres Saicis to
introduce international high-end products in the Indian market, using its
strength of doing value additions by creating designs, patterns and various
formats for suitable applications required by architects for better marketing
synergies.
Today subject has evolved as a complete surface décor brand to suit all
lifestyles. Now, the company products are not only used as floor or wall tiles,
but are also used extensively as decorative wall hangings and to enhance living
and other areas. Such innovative applications of tiles has completely redefined
and revolutionised the way tiles are perceived.
They are products of their environment. The internal environment that
they live in plays an integral part in making their lives comfortable.
In today’s fast paced lives there are many things that they cannot control but
their internal environment is what they can control and make into something
they look forward to being a part of.
If their internal environment is one of balance and harmony, a space that is
nurturing and aesthetic, it soothes the senses and rejuvenates the mind,
inspiring one to start each new day with energy and anticipation of new things
to come.
In order to create a life of clarity, a successful environment will be calming,
uplifting, and healing.
This environment can be one’s home, or office where the mind is quite and at
peace to sort out what is important and what is not, create new ideas and see
solutions that one could not see before.
The spirit of the brand - subject lies in creating a balance in
imbalance and harmony in chaos by offering value added design options for
interiors and décor.
The Balance and Harmony in their environment is a critical factor in dealing
with stress and are important for success and happiness.
Visual description
of the philosophy and the vision through the logo
The art of subject symbolizes free and uninterrupted expression of
oneself. It is this catharsis that helps them to attain balance in a chaotic
environment.
Balance in imbalance and symmetry in asymmetry forms the core essence of the
innovation and creativity that goes into each designer tile created by the
company.
The philosophy of creating balance and harmony in their lives is portrayed
through three pebbles of varied sizes kept on top of each other symbolising
symmetry in asymmetry and balance in imbalance.
The uniqueness of the brand is portrayed through the elliptical shape.
Normally, whenever one thinks of tiles or designer tiles the basic square form
of shape comes to mind but Graffiti’s oval pebbles break the cliché.
The colors are warm and sober to connote the classiness of the brand and also
signify the abstraction and subjectivity of art and innovation.
In 2006 the company made its foray into the
Retail segment in a big way with the launch of Graffiti Design HQ in Mumbai.
The Graffiti Design HQ in Mumbai, is an extension of companies commitment to
offer its customers the contemporary ambience of creativity and versatility
en-route the selection process of products with design and surface décor.
Graffiti DHQ was created with an insight of bringing its customers in touch
with new and refreshing ideas and applications.
It is a place where imagination is translated into reality. It blends the
fantasy of design with the realism of practicality.
The ambience at Graffiti DHQ gives the mind fabric and space to contemplate on
current and future trends in architecture and lifestyle. In Graffiti DHQ the
mind and body are free to absorb and cherish the synergized blend of creativity
and experience.
During the current year, the company plans to open exclusive retail outlets in
all metro cities and forge ahead in its mission to make innovations in surface
décor to enhance and upgrade lifestyle
ADDRESS OF BRANCHES LOCATED OUTSIDE GUJARAT STATE
|
State : |
Maharashtra |
|
Address : |
Shed No. 4, Godown No. 10, Arihant Compound,
Nr. Kopar Stand, Vill. Purna, TA, Bhiwandi, Mumbai |
|
Tel. No.: |
91-952522-275128 |
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R.C. Number under State Act : |
421302/S/2929 |
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R.C. Number under C.S.T. Act : |
421302/C/1829 |
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|
State : |
Maharashtra |
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Address : |
582/D, Next To Market Yard Post Office,
Gueltekri, Pune – 411 037 |
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Tel. No.: |
91-20-24266133 / 39503102 |
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R.C. Number under State Act : |
27760009133 V |
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R.C. Number under C.S.T. Act : |
27760009133 C |
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State : |
Delhi |
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Address : |
B-25, Situated At Road No. 2 And 3, Gazipur
Dairy Farm, Illaqa Shahdara, Delhi – 110096 |
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State : |
Gujarat |
|
Address : |
Block No. 771/P, Rakanpur, Sola – Santej
Road, Taluka – Kalol, Dist. Gandhinagar – 382721 |
|
Tel. No.: |
91-2764-286961 |
|
R.C. Number under State Act : |
24072901260 |
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R.C. Number under C.S.T. Act : |
24572901260 |
|
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|
|
State : |
Gujarat |
|
Address : |
Godown No. 1,2,3, Prime Logistic Park
Building, Sarkhej – Bavla Road, Gram : Navapura, Tal : Sanand, Dist :
Ahmedabad – 382 213 |
|
Tel. No.: |
91-79-26406811 /12 |
|
R.C. Number under State Act : |
24072901260 |
|
R.C. Number under C.S.T. Act : |
24572901260 |
|
|
|
|
State : |
Karnataka |
|
Address : |
92-A, New Timber Yard, Mysore Road,
Bangalore – 560 026 |
|
Tel. No.: |
91-80-30919264 |
|
R.C. Number under State Act : |
29270208656 |
|
R.C. Number under C.S.T. Act : |
91367876 |
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|
State : |
Madhya Pradesh |
|
Address : |
65/3/2 Bhagirathpura, Opposite Polo Ground,
Indore – 452 003 |
|
Tel. No.: |
91-731-2537226 |
|
R.C. Number under State Act : |
23641104492 |
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.47.33 |
|
UK Pound |
1 |
Rs.73.92 |
|
Euro |
1 |
Rs.66.69 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
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 |
|
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 |
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 |
|