MIRA
INFORM REPORT
|
Report Date : |
27.05.2008 |
IDENTIFICATION
DETAILS
|
Name : |
LETRA GRAPHIX PRIVATE LIMITED |
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Registered Office : |
13, 1st Floor, New York Tower-A, Thaltej Cross Road, Sarkhej-Gandhinagar
Highway, Thaltej, Ahmedabad - 380054,
Gujarat |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
30.06.1997 |
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Com. Reg. No.: |
04-32594 |
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CIN No.: [Company
Identification No.] |
U51909GJ1997PTC032594 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
AHML00222F |
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|
Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer, Seller and Exporter Self Adhesive and Non- Self Adhesive
Labels, Blood Bag Labels and Others Labels. |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 160000 |
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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 having satisfactory track
records. Directors are reported as experienced, respectable and having
satisfactory means of their own. Their trade relations are fair. Payments are
reported as correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
LOCATIONS
|
Registered Office/ Factory : |
13, 1st Floor, New York Tower-A, Thaltej Cross Road,
Sarkhej-Gandhinagar Highway, Thaltej,
Ahmedabad - 380054, Gujarat, India |
|
Tel. No.: |
91-79-6856221 (4 Lines) 91-79-6924614 (A. R. Shah) 91-79-6924714 (K. R. Shah) |
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Fax No.: |
91-796858811 |
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E-Mail : |
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Website : |
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Factory 1 : |
Plot 60/ 3, Opp Aranya Farm Village, Palodiya, PO Rancharda, Ahmedabad
382 115, Gujarat, India |
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Tel. No.: |
91-2764-260410 (3 Lines) |
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Fax No.: |
91-2764-260415 |
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E-Mail : |
DIRECTORS
|
Name : |
Mr. Arunbhai Ramanlal Shah |
|
Designation : |
Managing Director |
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Address : |
27, Tejdhara Bunglows, Opposite Karnavati
Club, Ahmedabad – 380 054, Gujarat |
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Date of Birth/Age : |
03.06.1940 |
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Date of Appointment : |
30.06.1997 |
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Name : |
Mr. Kamleshbhai Ramanlal Shah |
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Designation : |
Director |
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Address : |
4/5, Chitrakoot Bungalows, Near Premchand
Nagar, Bodakdev, Ahmedabad - 380 054, Gujarat |
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Date of Birth/Age : |
08.04.1949 |
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Date of Appointment : |
30.06.1997 |
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Name : |
Mr. Nirav Arunbhai Shah |
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Designation : |
Director |
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Address : |
27, Tejshara Bunglows, Opposite Karnavati
Club, Ahmedabad – 380054, Gujarat |
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Date of Birth/Age : |
28.02.1970 |
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Date of Appointment : |
30.06.1997 |
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|
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Name : |
Mrs. Minakshi Kamleshbhai Shah |
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Designation : |
Director |
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Address : |
4/5, Chitrakoot Bungalows, Opposite
Karnavati Club, Ahmedabad – 380054, Gujarat |
|
Date of Birth/Age : |
31.01.1947 |
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Date of Appointment : |
21.07.1997 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 30.09.2005)
|
Names of Shareholders |
|
No. of Shares |
|
Mr. Arunbhai R. Shah |
|
130000 |
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Mr. Kamleshbhai R. Shah |
|
195000 |
|
Mr. Niirav A. Shah |
|
195000 |
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Mrs. Meenaxiben Kamleshbhai Shah |
|
130000 |
|
Ms. Rena K Shah |
|
100 |
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Ms. Umangi K Shah |
|
100 |
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Ms. Jyotsanaben A Shah |
|
200 |
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Ms. Archana Shah |
|
100 |
|
Ms. Joyal Shah |
|
100 |
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Ms. Bhariben Shah |
|
100 |
|
Ms. Amla Shah |
|
100 |
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Mr. Bhupender Shah |
|
100 |
|
Ms. Kumudben Deshpandey |
|
100 |
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Mr. Chandresh Prajapati |
|
100 |
|
Ms. Daminiben Shah |
|
100 |
|
Mr. Dhaval Shah (Minor) |
|
100 |
(As on 30.09.2007)
|
Names of Shareholders |
|
Percentage |
|
|
|
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Directors or Relative of Directors |
|
100.00 |
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Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer, Seller and Exporter Self Adhesive and Non- Self Adhesive
Labels, Blood Bag Labels and Others Labels. |
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Products : |
· Self Adhesive
and Non- Self Adhesive Labels · Blood Bag Labels
· Others Labels |
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Imports : |
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Products : |
· Raw materials · Capital goods |
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Countries : |
· Europe · U.S.A. |
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Terms : |
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Purchasing : |
L/C and Credit (upto 90 days) terms |
GENERAL
INFORMATION
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No. of Employees : |
About 60 |
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Bankers : |
· ICICI Bank
Limited Ahmedabad Branch, Gujarat, India · Nutan Nagrik
Sahakari Bank, Law Garden Branch, Near Samartheshwar
Mahadev, Near Law Garden, Ellisbridge, Ahmedabad 380 006, Gujarat, India · Kalupur
Commercial Co-operative Bank Limited · Bank of Baroda |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Dhirubhai Shah and Associates Chartered Accountants |
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Address : |
408, “Aditya” Opp Manu Apartments, Near Khadayata Colony, Ellisbridge,
Ahmedabad – 380 006, Gujarat, India |
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Tel. No.: |
91-79-640 3326 |
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Fax No.: |
91-79-6403325 |
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Associates : |
· K. Brothers · K. Agency · Arun Agency |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
75000 |
Equity Shares |
Rs. 100/- each |
Rs. 7.500 millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
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|
65240 |
Equity Shares |
Rs. 100/- each |
Rs. 6.524 millions |
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FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
6.524 |
6.524 |
6.524 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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|
3] Reserves & Surplus |
33.184 |
25.300 |
23.168 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
39.708 |
31.824 |
29.692 |
|
|
LOAN FUNDS |
|
|
|
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|
1] Secured Loans |
32.062 |
38.844 |
43.026 |
|
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2] Unsecured Loans |
9.035 |
11.249 |
7.584 |
|
|
TOTAL BORROWING |
41.097 |
50.093 |
50.610 |
|
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DEFERRED TAX LIABILITIES |
9.417 |
6.401 |
5.091 |
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TOTAL |
90.222 |
88.318 |
85.393 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
73.531 |
77.106 |
77.653 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.011 |
0.011 |
0.011 |
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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 |
7.101
|
7.465 |
7.870 |
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Sundry Debtors |
18.901
|
13.433 |
12.362 |
|
|
Cash & Bank Balances |
1.386
|
1.038 |
0.835 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
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Loans & Advances |
3.739
|
3.450 |
10.288 |
|
Total
Current Assets |
31.127
|
25.386 |
31.355 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
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Current Liabilities |
9.849
|
13.350 |
14.634 |
|
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Provisions |
4.603
|
0.846 |
9.003 |
|
Total
Current Liabilities |
14.452
|
14.196 |
23.637 |
|
|
Net Current Assets |
16.675
|
11.190 |
7.718 |
|
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MISCELLANEOUS EXPENSES |
0.005 |
0.011 |
0.011 |
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TOTAL |
90.222 |
88.318 |
85.393 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2007
|
31.03.2006 |
31.03.2005 |
|
|
Sales Turnover |
81.504 |
73.390 |
59.050 |
|
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Other Income |
0.604 |
1.051 |
0.105 |
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Total Income |
82.108 |
74.441 |
59.155 |
|
|
|
|
|
|
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Profit/(Loss) Before Tax |
14.962 |
3.952 |
4.357 |
|
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Provision for Taxation |
5.551 |
1.819 |
1.234 |
|
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Profit/(Loss) After Tax |
9.411 |
2.133 |
3.123 |
|
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|
|
|
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Export Value |
20.675 |
16.569 |
6.734 |
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Import Value |
21.042 |
15.807 |
13.129 |
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Expenditures : |
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|
|
|
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|
Financial Charge |
6.085 |
5.268 |
1.304 |
|
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Depreciation |
4.284 |
4.081 |
1.951 |
|
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Other Expenditure |
56.777 |
61.140 |
51.543 |
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Total Expenditure |
67.146 |
70.489 |
54.798 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2007
|
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
11.46
|
2.86 |
5.28 |
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Net Profit Margin (PBT/Sales) |
(%) |
18.36
|
5.38 |
7.38 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
14.30
|
3.85 |
4.00 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.38
|
0.12 |
0.15 |
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Debt Equity Ratio (Total Liability/Networth) |
|
2.65
|
3.22 |
3.67 |
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Current Ratio (Current Asset/Current Liability) |
|
2.15
|
1.79 |
1.32 |
LOCAL AGENCY
FURTHER INFORMATION
FORM 8
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Name of the company |
LETRA GRAPHIX PRIVATE LIMITED |
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Presented By |
Mr. Nirav A. Shah |
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1) Date and description of instrument creating the change |
Hypothecation agreement of goods, book debts, movable machinery and vehicles dated 07.03.2003 |
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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 goods, book debts, movable machinery and vehicles to secure various limits totaling to Rs. 15.000 millions |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Term Loan: Period 24 months subject to annual review Rate of Interest: 24% over Bank of Baroda Term PLR i.e. 13.5% with monthly rest By 24 months equal installations each of Rs. 2.500 millions commencing 30 days after disbursement installations to be paid separately every month. CC: Period 12 months Rate of Interest 1.5% over bank of Baroda STPLR i.e. 12.5% with monthly rest. Margin: Book Debts – 50% Raw Material – 25% FG – 30% Inland / FGN I/C Period 12 months Margin 10% Bank Guarantee: Period 12 months Margin 20% Other terms and conditions as per sanction letter dated 26.02.2003 and as per the agreement of hypothecation dated. |
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5) Name and Address and description of the person entitled to the charge. |
Bank of Baroda Navarangapura Branch, Ahmedabad, Gujarat, India |
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6) Date and brief description of instrument modifying the charge |
Supplemental composite instrument of hypothecation of goods, book debts, movable machinery and vehicles dated 16.02.2005 |
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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. |
The charge midofied to cover increase in limit from Rs. 27.750 millions to Rs. 55.682 millions terms and conditions as per the supplemental composite instrument of hypothecation of goods, book debts, movable machineries and vehicles dated 16.02.2005 |
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This form is for |
Creation of charge |
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Corporation identity number (CIN) or foreign company registrations number of the company |
U51909GJ1997PTC032594 |
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Name of the company |
LETRA GRAPHIX PRIVATE LIMITED |
|
Address |
13, 1st Floor, New York Tower-A, Thaltej Cross Road,
Sarkhej-Gandhinagar Highway, Thaltej,
Ahmedabad - 380 054, Gujarat |
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Type of Charges |
Motor Car |
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Whether consortium finance is involved |
No |
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Whether joint charge involved |
No |
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Number of charge holder(s) |
1 |
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Particular of the charge holder |
Nutan Nagrik Sahakari Bank Limited Law Garden Branch, Near Samartheshwar Mahadev, Near Law Garden, Ellisbridge, Ahmedabad 380 006, Gujarat, India |
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Nature or description of the instrument creating or modifying the charge |
Hypothecation (Vehicles) agreement dated 23.05.2007 |
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Date of the instrument creating charge |
23.05.2007 |
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Whether charge created or modified outside India |
No |
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Amount Secure by the charge |
Rs. 0.400 million |
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Brief particulars of the principal terms and conditions and extent and operation of the charge |
Rate of Interest: 10.50% p.a. chargeable on monthly basis Terms of repayment: repayment in 3 years by EMI of Rs. 0.013 million Margin: 20.00% Extent and operation of the charge: personal guarantee of all directors of the company Others: invest in bank’s shares of Rs. 10000/- |
|
Short particulars of the Property charged |
The charge is created on Chevrolet Aveo Motor Car – U-VA CAR Registration No.: GJ-18-AC-6449 Engine No.: B1251831385KAZ Chasis No.: MA6TF482M7HE03909 Maek : 2007 |
|
Whether any of the property or interest therein under reference is not registered in the name of the company |
No |
AS PER WEB:
Profile
Subject, a specialty
product provider, commenced its business in 1990 is a renowned manufacturer of
customized Labels and Stickers.
At Letra, the specialization lies in activities that have enabled the
generation of Labels suitable for every kind of surface. The surface may be
hard or soft or rough or smooth, Letra will always be in a position to provide
Labels and Stickers that stick to it.
Subject’s range of products includes customized Labels & Stickers, bar code
Labels and self-adhesive Labels.
In 1996, subject was
incorporated as a private limited company to cater to the ever-growing market
of the Fast Moving Consumer Goods (FMCG) manufacturers. With new products
hitting the consumer markets every single day the shelf-life of every product
started getting lesser and lesser. Hence it has aroused the need to create
brand awareness and consciousness. While mass communication campaigns were and
are carried out by FMCG manufacturers, a very important tool of the process
sometimes left unattended is the product Labels and Stickers.
The company was created with the vision and mission of using its
capabilities and expertise to produce and deliver stunning, attention grabbing
Labels and Stickers that decorate, identify and protect the products.
Subject has been honoured by the 4th AFTA Asian Print Excellence Awards
for its pursuit of cleanliness and dedication towards quality control.
The company won the ‘Gold Award’ in the ‘Tag & Label Film Line’
category and the ‘Bronze Award’ in the ‘Tag & Label Paper Halftone’
category.
The company is in trade terms with the following :
§
Mactac S. A., Belgium
§
Hindustan Inks & Resins Limited, Daman (Union Territory)
§
SICPA Inks, Mumbai, Maharashtra
Subject is the Sole Selling Agent in India for Jac of Germany.
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.42.56 |
|
UK Pound |
1 |
Rs.84.32 |
|
Euro |
1 |
Rs.67.08 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--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 |
|
46 |
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 |
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