MIRA
INFORM REPORT
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Report Date : |
25.05.2007 |
IDENTIFICATION DETAILS
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Name : |
PARI AUTOMATION LIMITED |
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Registered Office : |
Hisssa No R/23, Survey No. 38/2, Village Narhe, Pune,;411041, |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
10.02.2003 |
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Com. Reg. No.: |
017677 |
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CIN No.: [Company
Identification No.] |
U72200PN2003PLC017677 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
PNEP09095C |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business : |
Manufacturing Of Ergonomics, Robotic, Automation Systems
And Parts Thereof. |
RATING & COMMENTS
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MIRA’s Rating : |
Ca |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Maximum Credit Limit : |
USD 23000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is an old established company having moderate track. Company’s
profitability is under severe pressure. It has some accumulated losses. Payments
are reported as slow but correct. The company can be considered normal for small business dealings at
usual trade terms and conditions, with slight caution initially. |
LOCATIONS
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Registered Office : |
Hisssa No R/23, Survey No. 38/2, Village Narhe, Pune,;411041, |
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Tel. No.: |
91-20-24392080 / 243920821 |
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Fax No.: |
91-20-24392843 /24392812 |
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E-Mail : |
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Website : |
DIRECTORS
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Name : |
Mr. Mahesh Ashik kale |
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Designation : |
Director |
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Address : |
C-6, Sugyog Nagar, Sr. No.102-4, shivajinagar, Pune; 411016, |
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Date of Birth/Age : |
19.09.1965 |
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Date of Appointment : |
05.02.2003 |
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Name : |
Mr. Ranjit Arun Dr. Date |
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Designation : |
Director |
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Address : |
13/4, Nalini- Mahadev, Near Lokmanya Hosiptal, |
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Date of Birth/Age : |
07.08.1966 |
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Date of Appointment : |
05.02.2003 |
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Name : |
Mr. Atul Ganesh Dixit |
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Designation : |
Director |
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Address : |
Flat No:21, Akash Darshan Society, Plot No.76, Ram Baug colony, |
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Date of Birth/Age : |
21.04.1968 |
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Date of Appointment : |
05.02.2003 |
MAJOR SHAREHOLDERS
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Names of Shareholders |
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No. of Shares |
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Ganesh Atul Dixit |
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10 |
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Gajana Mukund Kelkar |
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10 |
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Arun Ranjit Date. DR |
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10 |
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Mahadeo Arun Date DRA |
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10 |
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Bhaskar Ashok Kale |
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10 |
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Shashikant Makarand Rajguru |
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10 |
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Precision Automation and Robotics India Limited |
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49940 |
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Category |
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Percentage |
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Bodies Corporate |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturing Of Ergonomics, Robotic, Automation Systems
And Parts Thereof. |
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Products : |
Ergonomic System Robots and Industrial Automations Systems |
GENERAL INFORMATION
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Customers : |
Emerson Industrial Automation Flame Proof & Wood Welding Solutions Inc. USA Etc |
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Bankers : |
Bank of Corporate Banking
Branch, Shivajinagar, ICICI Bank
Limited, Landmark, Race Vadadara; 390007 |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
B L Pathak and Company Chartered Accountant |
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Address : |
1 Jay Apartmetns Sunderrao Rege Narg 64/3, Erandwane 14th
lane Prabhat Raod, Pune;411004, |
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Associates/Subsidiaries : |
Pari Robotic Inc |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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1250000 |
Equity Shares |
Rs.10/- each |
Rs.12.500 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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1000000 |
Equity Shares |
Rs.10/- each |
Rs.10.000
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
10.000 |
0.500 |
0.500 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
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4] (Accumulated Losses) |
(4.108) |
(2.881) |
(2.551) |
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NETWORTH |
5.892 |
(2.381) |
(2.051) |
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LOAN FUNDS |
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1] Secured Loans |
0.000 |
3.500 |
3.500 |
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2] Unsecured Loans |
7.432 |
2.248 |
2.847 |
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TOTAL BORROWING |
7.432 |
5.748 |
6.347 |
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DEFERRED TAX LIABILITIES |
0.182 |
0.000 |
0.000 |
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TOTAL |
13.506 |
3.367 |
4.296 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
4.226 |
0.000 |
0.000 |
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Capital work-in-progress |
0.111 |
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 |
5.001 |
3.135 |
3.135 |
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Sundry Debtors |
8.229 |
0.000 |
0.000 |
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Cash & Bank Balances |
4.599 |
0.142 |
1.273 |
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Other Current Assets |
0.000 |
0.000 |
0.000 |
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Loans & Advances |
0.681 |
0.084 |
0.076 |
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Total
Current Assets |
18.510 |
3.361 |
4.484 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
9.620 |
0.020 |
0.000 |
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Provisions |
0.025 |
0.000 |
0.223 |
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Total
Current Liabilities |
9.645 |
0.020 |
0.223 |
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Net Current Assets |
8.865 |
3.341 |
4.261 |
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MISCELLANEOUS EXPENSES |
0.304 |
0.026 |
0.035 |
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TOTAL |
13.506 |
3.367 |
4.296 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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Sales Turnover |
10.046 |
0.000 |
3.135 |
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Other Income |
2.009 |
0.013 |
0.018 |
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Total Income |
12.055 |
0.13 |
3.333 |
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Profit/(Loss) Before Tax |
(1.014) |
(0.330) |
(2.551) |
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Provision for Taxation |
0.207 |
0.000 |
0.000 |
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Profit/(Loss) After Tax |
(1.22) |
(0.330) |
(2.551) |
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Expenditures : |
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Raw Material Consumed |
2.282 |
0.000 |
0.000 |
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Payments to and Provisions for Employees |
0.000 |
0.000 |
3.566 |
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Selling and Administration |
0.000 |
0.000 |
1.779 |
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Purchases made for re-sale |
4.246 |
0.000 |
0.000 |
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Consumption of stores and spares parts |
0.658 |
0.000 |
0.000 |
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Increase/(Decrease) in Finished Goods |
(0.033) |
0.000 |
0.000 |
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Salaries, Wages, Bonus, etc. |
1.761 |
0.000 |
0.000 |
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Managerial Remuneration |
0.000 |
0.000 |
0.000 |
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Payment to Auditors |
0.017 |
0.003 |
0.000 |
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Interest |
0.338 |
0.282 |
0.359 |
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Insurance Expenses |
0.016 |
0.000 |
0.000 |
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Power & Fuel |
0.070 |
0.000 |
0.000 |
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Depreciation & Amortization |
0.085 |
0.000 |
0.000 |
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Other Expenditure |
3.629 |
0.058 |
0.000 |
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Total Expenditure |
13.069 |
0.343 |
5.704 |
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KEY RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
31.03.2004 |
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PAT / Total Income |
(%) |
(10.12)
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(238.84) |
(76.53) |
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Net Profit Margin (PBT/Sales) |
(%) |
(10.09)
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(81.37) |
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Return on Total Assets (PBT/Total Assets} |
(%) |
(4.46)
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(9.81) |
(56.89) |
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Return on Investment (ROI) (PBT/Networth) |
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(17.20)
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(0.13) |
(1.24) |
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Debt Equity Ratio (Total Liability/Networth) |
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2.80
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(2.42) |
(3.20) |
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Current Ratio (Current Asset/Current Liability) |
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(1.91
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168.05 |
20.10 |
LOCAL AGENCY FURTHER INFORMATION
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Name of the company |
Pari Automation
Limited |
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Presented By |
Mangesh Ashok
Kale, Director |
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1) Date and description of instrument creating the change |
Deed of hypothecation dated the 30th day of June 2003 executed
by Pari Automation Limited (therein and hereinafter referred to as “ the
company) in favour of ICICI Bank Limited (therein and hereinafter referred to
as ICICI Bank a Copy of Which is enclosed. |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rupee Term Loan
of Rs.17.000 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 |
The Whole of the moveable properties of the company situated at
Village Narthe, Taluka Havellli, Pune including the Company’s movable plant
and machinery machinery spares, tools and accessories and other moveable,
both present and future (therein and hereinafter referred to as the said
Goods) short particular whereof age given in the Annexure. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
In consideration
of ICICI Bank having agreed to lend and advance to the Company the Facility, agreement
and declaration by the Company, inter alia, as Follows:
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5) Name and Address and description of the person entitled to the charge. |
ICICI Bank
Limited, Landmark, Race Vadadara; 390007 |
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6) Date and brief description of instrument modifying the charge |
-- |
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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. |
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Corporate
identity number of the company |
L72200PN2003PLC017677 |
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Name of the
company |
PARI AUTOMATION
LIMITED |
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Address of the
registered office or of the principal place of business in |
Survey No. 38/2, Village Narhe, Pune,;411041, |
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This form is for |
Creation of
Charge |
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Type of charge |
Hypothecation |
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Particular of
charge holder |
Bank of Corporate Banking
Branch, Shivajinagar, |
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Nature of
instrument creating charge |
Hypothecation Cum
loan Agreement (Plant and Machinery, Stock and Book Debts) |
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Date of
instrument Creating the charge |
22.06.2006 |
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Amount secured by
the charge |
Rs.42.500
Millions |
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Brief of the principal
terms an conditions and extent and operation of the charge |
FB Limits : Rs.
in Millions, Term Loan Rs.10.000 Millions, CC Rs. 2.500 Millions, Export
Packing Credit Rs.20.000 Millions, Export Bills Purchased / Negotiation
Rs.22.500 Millions, Maximum FB Limits Rs.32.500 Millions, NFB Limit of LC Rs.
10.000 Millions, Maximum Rs. 42.500 Millions, TL Repaymetn @ Rs..625 Millions
by 16 Qtly Installmetns WEF Oct.06 Other FB/ NFB Limits Repayable on Demand.
INT for TL/CC: 0.75% Below BPLR 10.50% At present |
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Description of
the property charged |
Plant and
Machinery Book Debts Stock in Trade |
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Particulars of
the property charged |
All Tangible
Movable machinery and Plant, All Tangible Movable properties and Stocks of
Raw material finished Semi finished goods, Spares parts, components Etc. At
Company’s Property At C/o. Chandan Glass Traderes, new s No:1, Hissa
No:48/2/1/1, Yewlewadi Tal: Haveli Dist: Pune 411040 All Present and Future
Book Debts , OutStanding money Receivables, Claims Due From Any Party More
Details as per Agreement Dated 22.06.2006 |
As Per Web Site:
New Developments
They are focusing on developing future generation robotic and industrial automation system and ergonomic systems.
Team
The company has team of automation expert which includes qualified engineers with expert knowledge in machine designing, software, controls, equipment manufacturing and in project management, which are the assets of the company
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.40.60 |
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1 |
Rs.80.65 |
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Euro |
1 |
Rs.54.55 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
3 |
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PAID-UP CAPITAL |
1~10 |
3 |
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OPERATING SCALE |
1~10 |
2 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
5 |
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--PROFITABILIRY |
1~10 |
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--LIQUIDITY |
1~10 |
3 |
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--LEVERAGE |
1~10 |
3 |
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--RESERVES |
1~10 |
2 |
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--CREDIT LINES |
1~10 |
2 |
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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 |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
NO |
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--AFFILIATION |
YES/NO |
YES |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
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23 |
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
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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