MIRA
INFORM REPORT
|
Report Date : |
24.11.2008 |
IDENTIFICATION DETAILS
|
Name : |
VASANTS LABELS PRIVATE LIMITED |
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Registered Office : |
5/6, Saiman House, 1st Floor Office, |
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Country : |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
18.08.1995 |
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Com. Reg. No.: |
11-91922 |
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CIN No.: [Company
Identification No.] |
U18101MH1995PTC091922 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMV10193B/ MUMV11020C |
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PAN No.: [Permanent
Account No.] |
AAACV1308D/ AACV1308D |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturers,
exporters and suppliers of barcode label, clothing label, barcode labels, clothing labels,
printed barcode label etc |
RATING & COMMENTS
|
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 36000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Slow but Correct |
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Litigation : |
Clear |
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Comments //: |
Subject is a well established company having steady business. Trade
relations are fair. Financial position is satisfactory. Payments are reported
as slow but correct. However the company can be considerd normal for business dealings at
usual trade terms and conditions. |
LOCATIONS
|
Registered Office/ Factory |
6, Saiman House, 1st Floor Office, |
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Tel. No.: |
91-22-24221901/ 24310511/ 24221909 |
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Fax No.: |
91-22-24310171 |
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E-Mail : |
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Website : |
DIRECTORS
|
Name : |
Mr. Manoj Uttam Shah |
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Designation : |
Chairman cum Director |
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Address : |
51-B, Damodar Bhavan, |
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Date of Birth/Age : |
13.04.1965 |
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Date of Appointment : |
18.08.1995 |
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Name : |
Mr. Harkhachand Ravji Shah |
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Designation : |
Director |
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Address : |
57-C, Siddh Kunj, |
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Date of Birth/Age : |
28.05.1952 |
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Date of Appointment : |
18.08.1996 |
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Name : |
Mrs. Kala Manoj Shah |
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Designation : |
Director |
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Address : |
51-B, Damodar Bhavan, |
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Date of Birth/Age : |
09.09.1966 |
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Date of Appointment : |
01.04.1996 |
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Name : |
Mr. Premal Vasant Shah |
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Designation : |
Director |
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Address : |
57-C, Siddh Kunj, |
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Date of Birth/Age : |
18.10.1976 |
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Date of Appointment : |
01.04.1996 |
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Name : |
Mr. Hiren Vasant Shah |
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Designation : |
Director |
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Address : |
57-C, Siddh Kunj, |
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Date of Birth/Age : |
01.12.1977 |
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Date of Appointment : |
01.10.2002 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 29.09.2007
|
Names of Shareholders |
|
No. of Shares |
|
Vasant R Shah |
|
6800 |
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Harakhachand R Shah |
|
7900 |
|
Manoj U Shah |
|
8100 |
|
Dipti H Shah |
|
500 |
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Harkhchand R Shah (HUF) |
|
5200 |
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Hiren V Shah |
|
5500 |
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Kala M Shah |
|
6000 |
|
M R Shah |
|
500 |
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Neeta P Shah |
|
5300 |
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Prabha V Shah |
|
5300 |
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Premal V Shah |
|
5500 |
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Shashikala U Shah |
|
5300 |
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Sushila H Shah |
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5600 |
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Uttam R Shah |
|
5300 |
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Uttam R Shah (HUF) |
|
5500 |
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Vasant R Shah (HUF) |
|
300 |
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Jinal H Shah |
|
5000 |
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Total |
|
83600 |
As on 10.06.2008
|
List of allottees |
|
No. of Shares Allotted |
|
Anil |
|
10000 |
|
Bhavesh B Pandya |
|
10000 |
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Jayant R Shah |
|
10000 |
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Kiran G Joshi |
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10000 |
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Nikesh P Doshi |
|
10000 |
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Total |
|
50000 |
Equity Share Breakup (Percentage of Total Equity)
As on 30.09.2007
|
Category |
|
Percentage |
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Directors or relatives of directors |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturers,
exporters and suppliers of barcode label, clothing label, barcode labels, clothing labels,
printed barcode label etc |
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Products : |
Printed Lables: ·
Size Labels ·
Washcare Labels ·
Patch label / tinted labels ·
Halftone / offset labels ·
Stick on / Gumming labels ·
Iron on Labels ·
Barcode Labels ·
Multi coloured Labels ·
Front & Back Printed labels ·
Foil Embossed Labels Stickers/ Pressure
·
Barcode Stickers ·
Tinted / Patch Stickers ·
Halftone Stickers ·
Muticoloured Stickers ·
Plain Stickers : ·
Transperent Stickers Paper Tags/ Insetrs ·
Inserts ·
Hangtags Continous Printed Tapes ·
Elastic Tapes ·
Twill Tapes ·
Packaging Tapes |
GENERAL INFORMATION
|
Suppliers : |
·
Ahuja Type Foundry ·
Allied Sales Corporation ·
All ·
Anil Binding Works ·
Ankeet Arts ·
Ansal Impex ·
Anupam Electricals ·
Archana Packaging ·
Bhavin Palstic ·
Bhuvan Lables Private Limited ·
B.K Enterprises ·
Creed Engineering Private Limited ·
Devani Graphics ·
Devanshi Graphics ·
Ennel Vision ·
Express Supplying Agency ·
Fakhri Iron and Steel Mart ·
Gemini Paper Waxers ·
Gurudas Todankar ·
Industrial Box Company |
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Customers : |
·
Abacus Tex Private Limited ·
ABJ Fashion Per Exp. ·
Accent Industries Limited ·
Adisamode Acces (Adit Mode) ·
Adit Mode ·
Agarwal Exports ·
A Klass Fashions ·
Ali Hassan Exports ·
Aloka Exports ·
Ana Exports ·
Ansh International ·
Arpan Publishing Private Limited ·
Atit Textiles Industry Limited ·
Bang Overseas Private Limited ·
Beepee Enterprises ·
Blue Nixie ·
Byeways Kailash Asia Lab Private Limited ·
Christina ·
Colour Incorporated ·
Creative Garments |
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No. of Employees : |
25 |
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Bankers : |
·
Industrial Development Bank of India Limited,
Silver Apartment, Shankar Ghanekar Marg, Prabhadevi, Mumbai-400028, ·
The United Western Bank Limited, Prabhadevi
Branch, Mumbai-400028, |
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Banking Relations
: |
Satisfactory |
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Auditors : |
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Name : |
Mr. Kamlesh M Gajaria Chartered Accountant |
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Address : |
3, Laxmi Niwas, 1st Floor, |
CAPITAL STRUCTURE
As on 29.09.2007
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
250000 |
Equity Shares |
Rs. 10/- each |
Rs. 2.500 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
83600 |
Equity Shares |
Rs. 10/-
each |
Rs. 0.836
Million |
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 |
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1] Share Capital |
0.836 |
0.836 |
0.836 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
4.526 |
4.060 |
3.419 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
5.362 |
4.896 |
4.255 |
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LOAN FUNDS |
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1] Secured Loans |
3.913 |
1.620 |
2.108 |
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2] Unsecured Loans |
11.132 |
9.551 |
9.321 |
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TOTAL BORROWING |
15.045 |
11.171 |
11.429 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
20.407 |
16.067 |
15.684 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
13.376 |
11.347 |
10.676 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
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 |
0.000
|
0.000 |
3.006 |
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Sundry Debtors |
7.224
|
6.322 |
4.270 |
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Cash & Bank Balances |
0.379
|
0.189 |
0.223 |
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Other Current Assets |
2.880
|
2.639 |
0.286 |
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Loans & Advances |
0.636
|
0.451 |
0.344 |
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Total
Current Assets |
11.119
|
9.601 |
8.129 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
3.665
|
4.570 |
2.750 |
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Provisions |
0.423
|
0.311 |
0.371 |
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Total
Current Liabilities |
4.088
|
4.881 |
3.121 |
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Net Current Assets |
7.031
|
4.720 |
5.008 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
20.407 |
16.067 |
15.684 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
|
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Sales Turnover |
|
28.271 |
22.856 |
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Other Income |
|
0.039 |
0.000 |
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Total Income |
|
28.310 |
22.856 |
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Profit/(Loss) Before Tax |
|
0.526 |
0.701 |
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Provision for Taxation |
|
0.059 |
0.060 |
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Profit/(Loss) After Tax |
|
0.467 |
0.641 |
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Expenditures : |
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Employees Remuneration |
|
1.767 |
1.388 |
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Manufacturing Expenses |
|
1.926 |
1.292 |
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Administrative Expenses |
|
3.395 |
3.031 |
|
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Selling and Distribution Expenses |
|
0.038 |
0.083 |
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Consumption of stores and spares parts |
|
18.937 |
15.709 |
|
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Depreciation & Amortization |
|
1.721 |
0.652 |
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Total Expenditure |
|
27.784 |
22.155 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
1.65
|
2.80 |
NA |
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Net Profit Margin (PBT/Sales) |
(%) |
1.86
|
307 |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
2.15
|
3.35 |
NA |
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Return on Investment (ROI) (PBT/Networth) |
|
0.09
|
0.14 |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
|
3.57
|
3.28 |
3.42 |
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Current Ratio (Current Asset/Current Liability) |
|
2.72
|
1.97 |
2.60 |
LOCAL AGENCY FURTHER INFORMATION
Performance of the
Company:
During the year, the company achieved Gross Receipt of Rs. 28.310
Millions and made a profit before depreciation of Rs 2.188 Millions. After providing
for depreciation of Rs. 1.721 Million the Company posted profit of Rs. 0.467
Million and profit to the tune of Rs. 0.467 Million is being carried forward to
the Balance Sheet.
Bankers Charges
Report as per Registry
|
This form is for |
Creation of
charge |
|
Corporate
identity number of the company |
U18101MH1995PTC091922 |
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Name of the
company |
VASANTS LABELS PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
6, Saiman House, |
|
Type of charge |
Book Debts Movable Property |
|
Particular of
charge holder |
Industrial Development Bank of India Limited, Silver Apartment, Shankar
Ghanekar Marg, Prabhadevi, Mumbai-400028, |
|
Nature of
description of the instrument creating or modifying the charge |
Loan cum
Hypothecation Agreement |
|
Date of
instrument Creating the charge |
30.04.2008 |
|
Amount secured by
the charge |
Rs. 5.000
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest Interest @ 14%
p.a. Terms of
Repayment Repayment –
Periodical / Annuel Review Margin 25% Extent and
Operation of the charge Security to cover
principal amount together with interest, costs, charges and expenses etc. Others Cash Credit Rs.
5.000 Millions |
|
Short particulars
of the property charged |
First and exclusive
charge and security by way of hypothecation of present and future stock of
raw materials, book debts, receivables and sundry debtors upto 90 days and
first charge / hypothecation charge on plant and machinery under the gross
block of the company. |
Bankers Charges
Report as per Registry
|
Name of the company |
VASANTS LABELS PRIVATE LIMITED |
|
Presented By |
The United Western Bank Limited, Prabhadevi Branch, Mumbai-400028, |
|
1) Date and description of instrument creating the change |
Term Loan
Agreement of Hypothecation – Movable Dated 27th June, 1998 |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 0.436 Million |
|
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 |
Prime Security:
Five Co lour Label Printing Machineries Additional
Security: Hypothecation of Fixed Assets |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
Interest @ 17.85%
p.a. Margin: 25% Repayment Period
: 36 Isntallment of Rs. 0.015 Million (EMI) Each |
|
5) Name and Address and description of the person entitled to the charge. |
The United Western Bank Limited, Prabhadevi Branch, Mumbai-400028, |
|
6) Date and brief description of instrument modifying the charge |
N.A |
|
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. |
N.A |
Fixed Assets :
·
Air Condition
·
Computer
·
Delivery Van
·
Electric Fittings
·
Fax Machine
·
Furniture
·
Machine
·
Motor Car
·
Studio Camera
·
Spectrophotometer Meter
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 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.50.03 |
|
|
1 |
Rs.74.42 |
|
Euro |
1 |
Rs.67.71 |
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 |
NO |
|
--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 |
|