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Report Date : |
09.04.2012 |
IDENTIFICATION DETAILS
|
Name : |
MAGNA GRAPHICS ( |
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Registered
Office : |
101, C and D, Industrial Estate, Kandivali West, Mumbai- 400067, |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
03.03.1948 |
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Com. Reg. No.: |
11-006203 |
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Capital
Investment / Paid-up Capital : |
Rs. 8.400 Millions |
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CIN No.: [Company Identification
No.] |
U17110MH1948PLC006203 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMM22735G |
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PAN No.: [Permanent Account No.] |
AAACM9281A |
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Legal Form : |
A closely held Public limited liability company. |
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Line of Business
: |
Subject
is engaged in the business of Printing and Publishing. |
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No. of Employees
: |
400 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (44) |
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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 170000 |
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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 an old and established company having satisfactory track.
The company has incurred some losses in the current year i.e.2010-2011.
However, trade relations are reported as fair. Business is active. Payments are
reported to be usually correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
INFORMATION PARTED BY
|
Name : |
Ms. Surekha |
|
Designation : |
Personal Officer |
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Contact No.: |
91-22-28683738 |
|
Date : |
07.04.2012 |
LOCATIONS
|
Registered Office : |
101, C and D, Industrial Estate, Kandivali West, Mumbai- 400067, |
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Tel. No.: |
91-22-28683738 / 9279 / 2290/ 7475 / 2479 / 67241234 |
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Fax No.: |
91-22-28682905 |
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E-Mail : |
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Website : |
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Location : |
Owned |
DIRECTORS
AS ON 30.09.2011
|
Name : |
Ms. Nari Motiram Hira |
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Designation : |
Director |
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Address : |
25 Millenium Towers, Opposite American Consulate Breach Candy, Mumbai-
400026, |
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Date of Birth/Age : |
26.01.1938 |
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Date of Appointment : |
15.04.1986 |
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DIN No.: |
00044936 |
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Name : |
Mr. Tomy Thomas |
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Designation : |
Whole- time –director |
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Address : |
206 Krishna Dham, Dewan Kuldip Singh Nagar, Evershine City, Vasai
(East), Thane, Maharashtra, India |
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Date of Birth/Age : |
30.05.1960 |
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Date of Appointment : |
01.03.1999 |
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DIN No.: |
00036923 |
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Name : |
Mr. Mario Ronald Ferreira |
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Designation : |
Director |
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Address : |
C/1/6, Kripa Nagar, Irla Vile Parle (West), Mumbai-400056,
Maharashtra, India |
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Date of Birth/Age : |
16.11.1960 |
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Date of Appointment : |
23.02.2010 |
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DIN No.: |
02958259 |
KEY EXECUTIVES
|
Name : |
Ms. Surekha |
|
Designation : |
Personal Officer |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2011
|
Names of Shareholders |
No. of Shares |
|
Nari M Hira |
739598 |
|
Nahira Cosmetics Enterprises Private Limited, India |
4500 |
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Vikram Nari Hira |
15900 |
|
Nahira Holding Private Limited, India |
40000 |
|
Vihira Holdings Private Limited, India |
40000 |
|
Ashok Devo Dhamankar |
1 |
|
Ashwin S Varde |
1 |
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Total
|
840000 |
AS ON 30.09.2011
|
Equity Shares
Break Up |
Percentage |
|
Bodies corporate |
10.06 |
|
Directors or relatives of Directors |
89.94 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Subject
is engaged in the business of Printing and Publishing. |
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Products : |
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Exports : |
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Products : |
Magazines |
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Countries : |
·
New York ·
London ·
Dubai |
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Imports : |
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Products : |
·
Paper ·
Machinery |
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Countries : |
·
China ·
Germany ·
Italy ·
Hong Kong |
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Terms : |
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Selling : |
L/C |
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Purchasing : |
L/C |
GENERAL INFORMATION
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Customers : |
Commercial |
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No. of Employees : |
400 (Approximately) |
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Bankers : |
SVC Tower, Jawaharla Nehru
Road, Vakola, Santacruz (East), Mumbai- 400055, Maharashtra, India ·
The Kurla Nagarik Sahakari Bank Limited, Kurla ·
ICICI Bank ·
HDFC Bank Limited ·
Kotak Mahindra Bank Limited |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
S M Kapoor and Company Chartered Accountant |
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Address : |
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Pan No.: |
AACFS4278E |
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Associates : |
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CAPITAL STRUCTURE
AS ON 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
|
|
|
1000000 |
Equity Shares |
Rs.10/- each |
Rs. 10.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
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|
840000 |
Equity Shares |
Rs.10/- each |
Rs. 8.400
Millions |
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|
Notes:
Out of the above shares 9400 Equity shares have
been allotted as fully paid pursuant to a contact without payment being
received in cash and 642500 Equity shares have been allotted as Bonus Shares by
capitalization of Reserve and Surplus.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
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|
|
|
|
1] Share Capital |
8.400 |
8.400 |
8.400 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
35.605 |
44.156 |
42.892 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
44.005 |
52.556 |
51.292 |
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LOAN FUNDS |
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1] Secured Loans |
195.929 |
221.041 |
193.443 |
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2] Unsecured Loans |
32.323 |
15.800 |
9.939 |
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TOTAL BORROWING |
228.252 |
236.841 |
203.382 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.017 |
2.199 |
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TOTAL |
272.257 |
289.414 |
256.873 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
91.742 |
100.456 |
28.071 |
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Capital work-in-progress |
0.000 |
0.000 |
61.908 |
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INVESTMENT |
0.637 |
0.637 |
0.637 |
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DEFERREX TAX ASSETS |
1.630 |
0.000 |
0.000 |
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|
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|
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|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
53.212
|
38.291 |
109.673 |
|
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Sundry Debtors |
166.368
|
190.056 |
100.230 |
|
|
Cash & Bank Balances |
3.010
|
5.150 |
0.537 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
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Loans & Advances |
41.630
|
41.941 |
35.883 |
|
Total
Current Assets |
264.220
|
275.438 |
246.323 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
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Sundry Creditors |
74.993 |
70.378 |
41.635 |
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Other Current Liabilities |
6.032
|
11.901 |
31.051 |
|
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Provisions |
4.947
|
4.838 |
7.380 |
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Total
Current Liabilities |
85.972
|
87.117 |
80.066 |
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Net Current Assets |
178.248
|
188.321 |
166.257 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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|
|
|
|
|
|
|
TOTAL |
272.257 |
289.414 |
256.873 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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|
|
SALES |
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|
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|
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Income from Operations |
332.623 |
422.061 |
267.601 |
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|
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Other Income |
10.335 |
18.275 |
11.123 |
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|
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TOTAL (A) |
342.958 |
440.336 |
278.724 |
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|
|
|
|
|
|
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Less |
EXPENSES |
|
|
|
|
|
|
|
Manufacturing & Trading Expenses |
232.923 |
239.875 |
219.388 |
|
|
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Payment to and provision for Employees |
48.657 |
47.272 |
41.553 |
|
|
|
Administrative Expenses |
30.082 |
57.311 |
40.637 |
|
|
|
Increase / (Decrease) in Stocks |
(6.173) |
56.145 |
(58.021) |
|
|
|
TOTAL (B) |
305.489 |
400.603 |
243.557 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
37.469 |
39.733 |
35.167 |
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|
|
|
|
|
|
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Less |
FINANCIAL
EXPENSES (D) |
33.558 |
29.490 |
17.914 |
|
|
|
|
|
|
|
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|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
3.911 |
10.243 |
17.253 |
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|
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|
|
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
12.948 |
11.064 |
5.823 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
(9.037) |
(0.821) |
11.430 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
1.648 |
(2.182) |
2.410 |
|
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|
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|
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|
PROFIT AFTER TAX
(G-H) (I) |
(7.389) |
1.361 |
9.020 |
|
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|
|
|
|
|
|
|
Less |
Tax Paid for earlier years |
(1.078) |
0.000 |
0.000 |
|
|
|
|
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|
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|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
40.965 |
39.604 |
30.584 |
|
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|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
32.498 |
40.965 |
39.604 |
|
|
|
|
|
|
|
|
|
|
EXPORT VALUE |
6.922 |
34.280 |
8.834 |
|
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|
|
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|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
4.720 |
2.087 |
2.237 |
|
|
|
Stores & Spares |
0.423 |
0.000 |
0.184 |
|
|
|
Capital Goods |
0.00 |
0.000 |
12.800 |
|
|
TOTAL IMPORTS |
5.143 |
2.087 |
15.221 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
(8.80) |
1.62 |
10.74 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
(2.15)
|
0.31 |
3.24 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(2.72)
|
(0.19) |
4.27 |
|
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|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(2.53)
|
(0.22) |
4.17 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.21)
|
(0.02) |
0.22 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
7.14
|
6.16 |
5.57 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.07
|
3.16 |
3.08 |
LOCAL AGENCY FURTHER INFORMATION
|
Check List by Info Agents |
Available in Report (Yes / No) |
|
1. Year of Establishment |
Yes |
|
2. Locality of the firm |
Yes |
|
3. Constructions of the firm |
Yes |
|
4. Premises details |
Yes |
|
5. Type of Business |
Yes |
|
6. Line of Business |
Yes |
|
7. Promoter’s background |
Yes |
|
8. No. of Employees |
Yes |
|
9. Name of person contacted |
Yes |
|
10. Designation of contact person |
Yes |
|
11. Turnover of firm for last three years |
Yes |
|
12. Profitability for last three years |
Yes |
|
13. Reasons for variation <> 20% |
------ |
|
14. Estimation for coming financial year |
No |
|
15. Capital in the business |
Yes |
|
16. Details of sister concerns |
Yes |
|
17. Major suppliers |
No |
|
18. Major customers |
No |
|
19. Payments terms |
Yes |
|
20. Export / Import details |
Yes |
|
21. Market information |
------ |
|
22. Litigations that the firm / promoter involved |
------ |
|
23. Banking Details |
Yes |
|
24. Banking facility details |
Yes |
|
25. Conduct of the banking account |
------ |
|
26. Buyer visit details |
------ |
|
27. Financials, if provided |
Yes |
|
28. Incorporation details, if applicable |
Yes |
|
29. Last accounts filed at ROC |
Yes |
|
30. Major Shareholders, if available |
Yes |
SUNDRY CREDITORS
DETAILS
(Rs.
In Millions)
|
Particulars |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
|
|
|
Sundry Creditors |
74.993 |
70.378 |
41.635 |
OPERATIONS
The total income of the company for the year was Rs. 343.000 Millions
compared to Rs. 440.300 Millions for the previous year. The Company regularly
gets outside jobs of printing and expects to improve the working barring
unforeseen circumstances. The Company continues to secure and execute export
orders, which has earned foreign exchange to the country.
FORM 8
|
Corporate
identity number of the company |
U17110MH1948PLC006203 |
|
Name of the
company |
MAGNA GRAPHICS
(INDIA) LIMITED |
|
Address of the registered
office or of the principal place of
business in |
101, C and D, Industrial Estate, Kandivali West, Mumbai- 400067, Maharashtra, India |
|
This form is for |
Modification of
charge |
|
Type of charge |
Book debts Movable property
(not being pledge) |
|
Particular of
charge holder |
The Shamrao Vithal Co-Op Bank Limited SVC Tower, Jawaharla Nehru
Road, Vakola, Santacruz (East), Mumbai- 400055, Maharashtra, India |
|
Nature of
instrument creating charge |
Third Supplemental
Joint Deed of Hypothecation |
|
Date of
instrument Creating the charge |
16.03.2011 |
|
Amount secured by
the charge |
Rs. 160.000
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of interest As per Sanction
Letter of the Bank. Terms of repayment As per Sanction
Letter of the Bank. Margin As may be
decided, from time to time, by the Bank. Extent and operation of the charge To secure the due
repayment of Credit facilities aggregating Rs.160.000 Millions, together with
interest, costs, charges and expenses thereon, granted by the following Banks
to the Company. Other Total Facilities: Shamrao Vithal
Co-operative Bank Limited (SVCB) CC: Rs.75.000
Millions Bank Guarantee:
Rs.20.000 Millions ( enhanced by Rs.5.000 Millions) Letter of Credit
Rs.15.000 Millions ------------------------- Total: Rs.
110.000 Millions Kurla Nagrik
Sahakari Bank (KNSB) Cash Credit:
Rs.50.000 Millions Total (both
Banks): Rs. 160.000 Millions |
|
Short particulars
of the property charged (Including location of the property) |
The whole of the
current assets, namely, Stocks of Raw Materials, Stocks in Process,
Semi-Finished and Finished Goods, Consumable Stores and Spares and all other
movables(1st Pari Passu Charge) All of the
Borrower's present and future, book debts, outstanding monies, receivables,
claims, bills, rights to or in moveable properties and assets of the
Company.(1st Pari Passu Charge) 2nd Pari Passu
Charge on all tangible movable machinery, plant, fixtures, fittings, other
installation, cranes, furniture, computers and other accessories and all
articles. |
|
Charge
identification number of the charge to be modified |
10145604 |
|
Date of
instrument modifying the charge |
01.02.2010 |
|
Particulars of the
present modification |
By this present
modification, the charge shall hold good to secure enhanced credit facilities
granted by the Banks to the Company, enhanced from Rs.155.000 Millions to
Rs.160.000 Millions, the details of which are as under : SVCB -- Cash
Credit facility of Rs.75.000 Millions, Bank Guarantee of Rs.20.000 Millions
(enhanced by Rs.5.000 Millions) and Letter of Credit of Rs.15.000 Millions KNSB -- Cash
Credit facility of Rs.50.000 Millions Therefore, the
overall charge now stands modified to Rs.160.000 Million. |
FIXED ASSETS
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners, controlling
shareholders or senior officers as terrorist or terrorist organization or whom
notice had been received that all financial transactions involving their assets
have been blocked or convicted, found guilty or against whom a judgement or
order had been entered in a proceedings for violating money-laundering,
anti-corruption or bribery or international economic or anti-terrorism sanction
laws or whose assets were seized, blocked, frozen or ordered forfeited for
violation of money laundering or international anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper payments
to government officials for engaging in prohibited transactions or with
designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l Anti-Money
Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws, regulations
or policies that prohibit, restrict or otherwise affect the terms and
conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 51.04 |
|
|
1 |
Rs. 81.08 |
|
Euro |
1 |
Rs. 67.39 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
4 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
44 |
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 |
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 |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.