MIRA
INFORM REPORT
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Report Date : |
29.05.2007 |
IDENTIFICATION DETAILS
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Name : |
PRECISION AUTOMATION AND ROBOTICS INDIA LIMITED |
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Registered Office : |
701A, |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
10.08.1990 |
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Com. Reg. No.: |
11-57687 |
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CIN No.: [Company
Identification No.] |
U72200PN1990PLC057687 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
PNEP00979G |
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PAN No.: [Permanent
Account No.] |
AABCP2572Q |
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Legal Form : |
Closely Held Public Limited Liability Company |
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Line of Business : |
Manufacturers and Exporters of Industrial Robotics and Automation Systems |
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 260000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well-established and reputed company having satisfactory
track. Directors are reported as experienced and respectable businessmen.
Trade relations are reported as fair. Business is active. Payments are
usually correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
LOCATIONS
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Registered Office : |
701A, |
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Tel. No.: |
91-22-26365238 |
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Fax No.: |
91-22-26365238 |
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E-Mail : |
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Website : |
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Head Office : |
1203-A, |
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Tel. No.: |
91-22-25063931 |
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E-Mail : |
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Factory 1 : |
S. No. 144, |
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Tel. No.: |
91-20-24392080/82/83/24390914/15 |
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Fax No.: |
91-20-24392843 |
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E-Mail : |
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Factory 2 : |
Narhe Works, S. No.38/2, Village Narhe Off Pune, |
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Branches : |
Located at : v
v
v
v
v Chennai v
v Nashik v Uttaranchal v
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DIRECTORS
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Name : |
Mr. Kantilal M Gandhi |
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Designation : |
Chairman cum Managing Director |
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Address : |
701A, |
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Date of Birth/Age : |
22.10.1932 |
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Date of Appointment : |
28.08.1998 |
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Name : |
Mr. Yogesh Gandhi |
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Designation : |
Managing Director |
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Address : |
B-62, Sector 14, Noida, Noida 201301, Uttar Pradesh |
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Date of Birth/Age : |
12.12.1955 |
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Date of Appointment : |
22.05.1987 |
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Name : |
Mr. Harsh Gandhi |
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Designation : |
Whole time Director |
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Address : |
B-62, Sector 14, Noida, Noida 201301, Uttar Pradesh |
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Date of Birth/Age : |
05.06.1981 |
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Date of Appointment : |
22.08.2003 |
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Name : |
Mr. Parul Y Gandhi |
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Designation : |
Whole time Director |
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Address : |
B-62, Sector 14, Noida, Noida 201301, Uttar Pradesh |
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Date of Birth/Age : |
29.10.1959 |
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Date of Appointment : |
01.10.2004 |
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Name : |
Mr. Jitendra H Shah |
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Designation : |
Director |
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Address : |
146/3, Nutan Villa, Garodia Nagar, Ghatkopar East, Mumbai-400077, |
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Date of Birth/Age : |
07.01.1954 |
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Date of Appointment : |
01.04.2004 |
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Name : |
Mr. Shailesh J Jobalia |
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Designation : |
Director |
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Address : |
12, Mahesh Villa, V B Lane Extension, Ghatkopar East, Mumbai-400077, |
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Date of Birth/Age : |
22.05.1957 |
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Date of Appointment : |
01.04.2004 |
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Name : |
Mr. Vithaldas H Shah |
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Designation : |
Director |
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Address : |
6, |
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Date of Birth/Age : |
09.10.1936 |
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Date of Appointment : |
01.04.2004 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
No. of Shares |
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Jitendra Gandhi HUF |
44000 |
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Dhruv Gandhi and Jintendra Gandhi |
55000 |
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Surbhi Gandhi |
23000 |
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Surbhi Gandhi and Jayendra Gandhi |
8000 |
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Vrajlal Gandhi |
25000 |
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Shahsikala Gandhi |
25000 |
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Shashikala Gandhi and Vrajlal Gandhi |
30000 |
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Vrajlal Gandhi and Shashikala Gandhi |
30000 |
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Bhupendra Gandhi |
6000 |
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Bhupendra Gandhi and Nayana Gandhi |
25000 |
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Chandralekha Gandhi |
24000 |
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Viral Gandhi and Jayendra Gandhi |
33000 |
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Jitendra Gandhi |
22000 |
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Chandralekha Gandhi and Jitendra Gandhi |
20000 |
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Nimisha Gandhi |
5500 |
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Purvi Gandhi and Jitendra Gandhi |
5500 |
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Dharini Gandhi and Bhupendra Gandhi |
11000 |
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Ashish Gandhi and Jayendra Gandhi |
22000 |
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Amish Gandhi and Jayendra Gandhi |
22000 |
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Jayendra Gandhi |
22000 |
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Surbhi Gandhi and Jayendra Gandhi |
2000 |
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Nayana Gandhi |
23500 |
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Jay Gandhi and Bhupendra Gandhi |
33000 |
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Nayana Gandhi and Bhupendra Gandhi |
15000 |
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Bhupendra Gandhi |
18500 |
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Yogesh Gandhi |
80500 |
All the shares are held by directors or their relatives.
BUSINESS DETAILS
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Line of Business : |
Manufacturers and Exporters of Industrial Robotics and Automation Systems |
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Products : |
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Exports : |
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Countries : |
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Terms : |
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Selling : |
Credit of 45 days or L/C terms. |
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Purchasing : |
L/C or credit upto 30 days terms |
PRODUCTION STATUS
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Particulars |
Unit |
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Actual
Production |
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Plastic Components |
Nos. in millions |
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5.127 |
GENERAL INFORMATION
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Customers : |
Manufacturers, government bodies and end users LG Escorts Hyundai Exide Ford Bajaj Ashok Layland Philips Suzuki John Deere Hero Honda BPL Godrej Tata |
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No. of Employees : |
150 |
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Bankers : |
The United Western Bank Limited Deccan Gymkhana Branch, HDFC Bank Limited Kotak Mahindra Bank Limited, 36-38A, Nariman Bhavan, 227, D Nariman
Point, Mumbai-400021, Kotak Mahindra Bank Limited, |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Kamdar Desai & Patel Chartered Accountants |
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Address : |
Vasaikar House, 296, |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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3000000 |
Equity Shares |
Rs.10/- each |
Rs.30.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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1303500 |
Equity Shares |
Rs.10/- each |
Rs.13.035
millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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13.035 |
13.035 |
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2] Share Application Money |
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0.000 |
0.000 |
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3] Reserves & Surplus |
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53.797 |
51.096 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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66.832 |
64.131 |
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LOAN FUNDS |
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1] Secured Loans |
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76.369 |
93.842 |
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2] Unsecured Loans |
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21.290 |
22.017 |
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TOTAL BORROWING |
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97.659 |
115.859 |
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DEFERRED TAX LIABILITIES |
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0.137 |
0.739 |
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TOTAL |
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164.628 |
180.729 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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91.387 |
87.469 |
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Capital work-in-progress |
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0.050 |
0.000 |
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INVESTMENT |
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0.050 |
0.050 |
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DEFERREX TAX ASSETS |
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0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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35.051 |
46.863 |
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Sundry Debtors |
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52.829 |
72.204 |
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Cash & Bank Balances |
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5.205 |
10.828 |
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Other Current Assets |
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0.000 |
0.036 |
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Loans & Advances |
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21.735 |
17.700 |
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Total
Current Assets |
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114.820 |
147.631 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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27.976 |
42.661 |
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Provisions |
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13.703 |
11.760 |
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Total
Current Liabilities |
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41.679 |
54.421 |
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Net Current Assets |
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73.141 |
93.210 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.000 |
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TOTAL |
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164.628 |
180.729 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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Sales Turnover |
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412.818 |
510.770 |
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Other Income |
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0.696 |
0.227 |
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Total Income |
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413.514 |
510.997 |
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Profit/(Loss) Before Tax |
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4.502 |
13.682 |
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Provision for Taxation |
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0.000 |
0.000 |
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Profit/(Loss) After Tax |
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4.502 |
13.682 |
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Expenditures : |
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Raw Material Consumed |
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234.613 |
293.192 |
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Consumption of stores and spares parts |
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1.283 |
2.228 |
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Salaries, Wages, Bonus, etc. |
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16.875 |
16.205 |
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Managerial Remuneration |
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1.551 |
1.814 |
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Payment to Auditors |
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0.050 |
0.055 |
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Interest |
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9.229 |
12.613 |
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Insurance Expenses |
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2.843 |
2.934 |
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Power & Fuel |
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20.568 |
22.023 |
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Depreciation & Amortization |
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11.997 |
11.534 |
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Other Expenditure |
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110.003 |
134.717 |
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Total Expenditure |
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409.012 |
497.315 |
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KEY RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
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1.09 |
2.68 |
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Net Profit Margin (PBT/Sales) |
(%) |
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1.09 |
2.68 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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2.18 |
5.82 |
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Return on Investment (ROI) (PBT/Networth) |
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0.07 |
0.21 |
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Debt Equity Ratio (Total Liability/Networth) |
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2.08 |
2.65 |
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Current Ratio (Current Asset/Current Liability) |
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2.75 |
2.71 |
LOCAL AGENCY FURTHER INFORMATION
Form 8 Particular for creation or modification of charges
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Corporation identity number or foreign company registrations number of the company |
U72200PN1990PLC057687 |
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Name of the company |
PRECISION AUTOMATION AND ROBOTICS INDIA LIMITED |
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Address |
1203/A, |
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This Form is for |
Modification of charge |
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Type of Charges |
Immovable property |
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Particular of the charge holder |
Kotak Mahindra Bank Limited, 36-38A,
Nariman Bhavan, 227, D Nariman Point, Mumbai-400021, |
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Nature or description of the instrument creating charge |
Memorandum of deposit of title deed dated 06.02.2007 |
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Date of the instrument creating charge |
06.02.2007 |
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Amount Secure by the charge |
Rs.20.000 millions |
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Brief of the principal terms and conditions and extent and operation of the charge |
Rate of interest Short term loan of Rs.20.000 millions. Rate of interest @ 10.50% p.a. Panel interest @ 24% p.a. Compounding monthly Terms of repayment Repayment at the end of tenure Margin As per terms and conditions mentioned in the agreement and bank rule Extent and operation of the charge As first/ Exclusive charge byway of hypothecation of movable assets of borrower both present and future in favour of bank. Equitable mortgage in respect in immovable properties belonging to borrower situated at D-1 admeasuring 7190 Sq.mtrs. situated at Industrial Area Surajpur site V, Kasna, Greater Noida, Uttar Pradesh |
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Modification charge Charge identification number of the charge to be modified |
10014305 |
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Particulars of the Property charged |
D-1 admeasuring 7190 Sq.mtrs. situated at Industrial Area Surajpur site V, Kasna, Greater Noida, Uttar Pradesh |
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Particulars of the present modification |
Additional property situated at D-1 admeasuring 7190 Sq.mtrs. situated at Industrial Area Surajpur site V, Kasna, Greater Noida, Uttar Pradesh |
History :
Subject was incorporated on 10th August, 1990 at
Pune in
Subject was incorporated in 1990 by highly qualified
technocrats with rich experience in the field of automation and robotics in
BUSINESS
Subject acts as manufacturers and exporters of Industrial Robotics and Automation Systems having very wide applications, in various industries such as Automobiles, Tractors, White Goods, FMCG, Foundries, Defence, Railways, Sugar, Cement and Plastic industry, etc.
Subject also undertakes robotic system integration, using off the shelf robotic systems and processing tooling from established international brands, like Fanuc, Yaskawa (Motoman), ABB and supplementing them with custom designed systems built by the company to undertake a turn-key responsibility.
Subject is engaged in merchandise or raw materials are
sourced within
Its business mission is to be a Global Leader in delivering cost-effective Automated Systems Solutions for enhancing the process capability, productivity and competitiveness of the customer.
The company’s Generic Names of Principal Products are: -
l Automation & Ergonomic System
l Robotic System
l Mechanical Assemblies
l Valves and Bearings
l Accessories
It had developed standard range of products, and systems, which can be identified by following the Standard Solutions.
In addition to these solutions completely built by PARI, it also undertakes Robotic System Integration, using off the shelf robotic systems built by PARI to undertake a turnkey responsibility.
Standard Solutions:
Ř Machine Handling Automation
Ř Press Handling Automation
Ř Dispensing Automation
Ř Pick & Place Automation
Ř Welding Automation
Ř Plastic Moulding Automation
Ř Ergonomic Systems
Ř Thermal Cutting Automation Systems
Robotic System
Integration:
Ř Standard Robots
Ř End of Arm Tooling
Ř Jigs & Fixtures
Ř Part Positioners & Transporters
Ř Robot Slides & Shuttles
Custom Systems:
Ř Special Purpose Machines
Ř Custom Configuration Manipulators
Ř Extreme Duty System
Ř
Custom
Ř Remote & Master-Slave Applications
Ř Custom Servo Control Systems
Ř Hydraulic & Pneumatic Controls
Robotic System
Integration:
Ř Standard Robots
Ř End of Arm Tooling
Ř Jigs & Fixtures
Ř Part Positioners & Transporters
Ř Robot Slides & Shuttles
Subject is a Small Scale Industrial Unit.
The company is in trade terms with :
˜ B & R Industrial Automation Private Limited
˜ Sharayu Engineering
˜ Shobha Engineering
˜ Metal Arts
˜ Ace Multi Axes
˜ System Engineers
˜ Electromech Engineers
˜ Shubhangi Electricals
˜ Kalashree Engineering
Subject employs around 150 persons in its set up.
Company’s fixed assets include Electrical installation, Lease hold Land, Furniture an Fixture, Office Equipment, Motor Vehicle, Computer, Building, Plant and Machinery, mould and Material Handling Crates.
Contingent Liabilities not provided for in respect of :
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Letter of Credit issued by Kotak Mahindra
Bank Limited |
Rs.2.925 millions |
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Disputed Sales tax dues |
Rs.11.851 millions |
Website Details :
Subject is amongst the largest global automation companies
with over 500 employees and 8 facilities worldwide. The solid engineering
strength enables Subject to be a
complete “Solution Provider”, from conceptualizing, designing, manufacturing,
implementing and supporting advanced factory automation systems. It provides
its customers with the solutions they need to enhance productivity and achieve
their manufacturing goals.
The company began operations in 1990, and has experienced
business growth exceeding 50% year on year, though innovative solutions and
focus on complete customer satisfaction.
Subject has provided over 600 automated solutions world wide. Subject
was founded by technocrats with the knowledge and experience to understand the
needs of the manufacturing industry.
Striving for excellence in every step of the process from
sales to commissioning has allowed SUBJECT to attain success. This excellence
can be seen in their products, people and solutions.
Subject is a Global Automation Solution provider
using world class Robotic products & technologies
Team
Subject has a unique distinction of one of the largest experienced Automation & Robotic engineering teams under one roof. Subject has over 2000 man-years of automation experience, giving it an unparalleled advantage of achieving complete success on the assignments taken.
Team Strength
Over 500 employees with a 30% growth annually
More than 350 qualified engineers with skills in machine
design, controls, software, manufacturing, quality control, equipment
manufacturing an project management
Training system of training & inducting 100 fresh
graduates every year with new in house state of the art training facility
Products and Services
Subject has a unique blend of robotic system
integration, product design & manufacturing and machine building abilities,
enabling it to provide the customers a complete solution, which is the best fit
for the requirement.
Standard Products
Subject
integrates standard robots from most manufacturers, manufactures a standard
range of gantry & portal robots, and designs & builds integration
components like transporters, trunions, auxiliary axis, robotic enclosures
& end-arm tooling. Subject
manufactured standard products are available for third party system integrators
and partners for use in systems being built or integrated by them.
Standard Articulated Robot
Auxiliary Axis Modules (Linear &
Rotary)
Customers
For Subject, Customer is the focal point. Taking care
of Customer is their business. A PARI project is complete only when it starts working
for the customer, and not customer working to get it working. It is this single
minded business principle has achieved a repeat business rate of over 98% for
customers who have deployed further automation.
Partnerships :
Partnerships are one
of the core values at Subject. Subject believes that the synergies
formed with the right company can achieve exceptional solutions.
A few partnerships formed are:
v PARI- MARPOSS – Gauging Applications
v PARI- CINETIC – Converyors & Vehicle
Assembly
v PARI- DANAHER – Automated Guided Vehicles
v PARI- KNIGHT – Overhead Rails
v PARI- ATEQ – Leak Testing
v PARI- KMT – Waterjet Cutting
v PARI- REINHART – Engine Plug Fitting
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
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Indian Rupees |
|
US Dollar |
1 |
Rs.40.73 |
|
|
1 |
Rs.80.43 |
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Euro |
1 |
Rs.54.74 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
6 |
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PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
6 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
7 |
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--PROFITABILIRY |
1~10 |
4 |
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--LIQUIDITY |
1~10 |
6 |
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--LEVERAGE |
1~10 |
6 |
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--RESERVES |
1~10 |
5 |
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--CREDIT LINES |
1~10 |
5 |
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--MARGINS |
-5~5 |
-- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
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 |
|
50 |
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/normal. |
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 |
|