%20PRIVATE%20LIMITED%20-%2066965%2003-Dec-2008_files/image002.jpg){kind=small}
MIRA INFORM REPORT
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Report Date : |
03.12.2008 |
IDENTIFICATION
DETAILS
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Name : |
PAKONA ENGINEERS (INDIA) PRIVATE LIMITED |
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Registered Office : |
1st Floor, Wadia Charities Building, Building 22/D, S A Brelvi Road, Fort, Mumbai – 400023, Maharashtra. |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
05.09.1986 |
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Com. Reg. No.: |
11-40834 |
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CIN No.: |
U29290MH1986PTC040834 |
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TAN No.: (Tax Deduction & Collection Account No.) |
MUMP15032D / MUMP13133B |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer and Exporter of Packaging Machinery |
RATING &
COMMENTS
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MIRA’s Rating : |
Ba |
RATING
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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 36305 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well established company having fine track. Trade relations are fair. Financial position is good. Payments are correct and as per commitments. The company can be considered good for normal business dealings at usual trade terms and conditions. The company can be regarded as a promising business partners in a medium to long-run. |
INFORMATION PARTED
BY
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Name : |
Ms Divya |
LOCATIONS
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Registered Office/ Sales Office/ Head Office : |
22-D, Wadia Charities Building, S A Brelvi Road, Fort, Mumbai – 400023, Maharashtra, India |
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Tel. No.: |
91-22-22854138/22826751/22048660 |
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Fax No.: |
91-22-22876171 |
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Email: |
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Website: |
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Factory : |
971/3, G.I.D.C. Makarpura Industrial Estate, Baroda- 390010 |
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Tel. No.: |
91-265-2643889/2638225 |
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Fax No.: |
91-265-2638520 |
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Email: |
DIRECTORS
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Name : |
Mr. Kothari J Ashok |
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Designation : |
Managing Director |
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Address : |
206, Panchsheel “C” Road, Vhurchgate, Mumbai- 400020 |
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Date of Birth/Age : |
25/12/1945 |
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Date of Appointment : |
05/09/1986 |
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Name : |
Mr. Shah J Rohit |
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Designation : |
Director |
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Address : |
38/ Green Park Society, Makarpura, Baroda-390010 |
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Date of Birth/Age : |
19/09/1955 |
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Date of Appointment : |
06/05/1991 |
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Name : |
Mrs. Kothari A Rekha |
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Designation : |
Director |
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Address : |
206, Panchsheel “C” Road, Vhurchgate, Mumbai- 400020 |
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Date of Birth/Age : |
10/09/1945 |
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Date of Appointment : |
14/12/1992 |
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Name : |
Mr. Kothari A Rahul |
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Designation : |
Director |
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Address : |
206, Panchsheel “C” Road, Vhurchgate, Mumbai- 400020 |
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Date of Birth/Age : |
28/09/1975 |
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Date of Appointment : |
01/02/2001 |
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Name : |
Mrs. Shushma Pranav Shah |
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Designation : |
Director |
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Address : |
Suman House, 05th Floor, Morvi Lane, Chowpatty Seaface, Mumbai-400007, Maharashtra, India |
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Date of Birth/Age : |
31.01.1971 |
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Date of Appointment : |
26.02.2007 |
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Other Directorship : |
Triangle Machines Private Limited U29195MH2003PTC142977 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
As on 28.09.2004
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Names of Shareholders |
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No. of Shares |
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Mr. Kothari J Ashok |
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23 |
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Mr. Kothari J Ashok Smt. Kothari A Rekha |
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39964 |
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Smt. Kothari A Rekha Mr. Kothari J Ashok |
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10907 |
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Mrs. Kothari J Veena Mr. Kothari J Bharat |
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3333 |
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Mrs. Kumbhani A. Chandrika Mr. Kumbjhani A Vijay |
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290 |
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Mr Shah Popatlal Virendra Mrs. Shah Virendra kalpana |
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3000 |
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Mr Shah Popatlal Virendra Mrs. Shah Virendra kalpana |
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3000 |
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Mr. Kothari A Rahul Smt. Kothari A Rekha |
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9900 |
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Smt. Kothari A Sushma Smt. Kothari A Rekha |
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3300 |
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Mrs Shah Rohit Deepali Mr. Shah J Rohit |
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1200 |
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Mr Parikh Sandip Sehal Mr. Parikh P Sandip |
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250 |
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Shah Virendra Darshini Mr Shah Popatlal Virendra |
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3010 |
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Mr Shah Virendra Bhavesh Mr Shah Popatlal Virentra |
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4000 |
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Mr. Shah J Rohit Mr. Shah J Mridula |
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2400 |
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Mr. Kothari J Ashok Smt. Kothari A Rekha |
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370 |
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Mrs. Shah Virendra kalpana Mr Shah Popatlal Virendra |
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4000 |
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Mr. Shah J Rohit Mrs Shah Rohit Deepali |
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1000 |
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Mr. Dixit Shamilal Mukeshchandra Mr. Dexit M. Nayanben |
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100 |
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Mr. Shah M Viral Mrs. Shah V Bela |
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50 |
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Mr. Dsouza A Anthony Mrs. Dsouza Fanzy |
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50 |
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Mr. Shah Hitesh Jinesh Ms. Shah Hitesh varsha |
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50 |
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Ms. Jadav H Preeti Ms. Jadav J Pushpa |
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78 |
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Mr. Shah L. Parul Mrs Shah P Sushma |
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300 |
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Parikh Aroom Daksha Shah Bimal Meenal |
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6 |
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Shah Janak Minal Shah Kantilal Janak |
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125 |
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Shah Bimal Meenal Mr Shah Virendra Bimal |
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2000 |
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Gandhi R Vinaben Parekh S P |
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100 |
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Kothari Rahul Aditi Kothari Ashok Rahul |
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125 |
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Mehta V kanshik Mehta Kaushik Aruna |
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125 |
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Mehta Kaushik Aruna Mehta V kanshik |
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125 |
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Shah Rohit Chintan Shah J Rohit |
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1200 |
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Desai P R. Desai J P |
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7 |
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Shah Rohit Atman Shah Rohit Deepali |
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1200 |
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Jadav Harisingh P Jadav H Preeti |
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4 |
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Parikh Sehul Rakhi Parikh S Sehul |
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50 |
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Gandhi B Rasiklal Parikh S Panna |
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25 |
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Shah Virendra bimal Shah Bimal Meenal |
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4000 |
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Shah Virendra Kalpana Shah P Virendra |
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293 |
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Doshi Abhay Vibha Doshi Bhagwandas Abhay |
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10 |
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Kapadia P M Kapadia M Nila |
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10 |
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Shah Hitesh Varsha Shah Panalal Hitesh |
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10 |
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Udani J Hetal Udani Hetal Manisha |
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10 |
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Total |
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100000 |
Equity Share Breakup (Percentage of Total Equity)
As on 30.09.2007
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Category |
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Percentage |
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Directors or Relatives of directors |
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75.76 |
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Other top fifty (50) shareholders (other than Listed above) |
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24.24 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of Packaging Machinery |
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Products : |
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Exports : |
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Countries : |
West |
East |
Africa |
Middle East |
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GENERAL
INFORMATION
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Customers : |
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Bankers : |
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Facilities : |
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Banking Relations
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Good |
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Auditors : |
Ketan Shantilal Jhaveri Chartered Accountants |
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Address: |
02nd Floor, Sonawalla Building, 59/61, Mumbai Samachar Marg, Fort, Mumbai-400023, Maharashtra, India |
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Tel. No.: |
91-22-22662968 |
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Fax No.: |
91-22-56318367 |
CAPITAL STRUCTURE
As on 29.09.2007
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 |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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112500 |
Equity Shares |
Rs. 100/- each |
Rs. 11.250 Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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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 |
11.250 |
11.250 |
11.250 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
61.360 |
48.812 |
45.363 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
72.610 |
60.062 |
56.613 |
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LOAN FUNDS |
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1] Secured Loans |
29.895 |
29.369 |
24.515 |
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2] Unsecured Loans |
21.775 |
23.542 |
14.970 |
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TOTAL BORROWING |
51.670 |
52.911 |
39.485 |
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DEFERRED TAX LIABILITIES |
5.360 |
5.349 |
3.767 |
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TOTAL |
129.640 |
118.322 |
99.865 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
78.040 |
67.433 |
56.480 |
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Capital work-in-progress |
7.780 |
0.000 |
0.141 |
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INVESTMENT |
1.757 |
1.757 |
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 |
62.320
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46.011 |
46.135 |
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Sundry Debtors |
46.013
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40.035 |
32.127 |
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Cash & Bank Balances |
16.395
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12.070 |
12.271 |
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Other Current Assets |
0.000
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0.000 |
0.000 |
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Loans & Advances |
7.656
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6.124 |
4.352 |
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Total
Current Assets |
132.384
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104.240 |
94.885 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
78.489
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45.088 |
44.727 |
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Provisions |
11.832
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10.020 |
6.914 |
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Total
Current Liabilities |
90.321
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55.108 |
51.641 |
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Net Current Assets |
42.063
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49.132 |
43.244 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
129.640 |
118.322 |
99.865 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
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Sales Turnover |
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320.800 |
276.272 |
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Total Income |
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320.800 |
276.272 |
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Profit/(Loss) Before Tax |
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41.363 |
27.939 |
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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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41.363 |
27.939 |
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Earnings in Foreign Currency : |
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Export Earnings |
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166.532 |
162.572 |
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Expenditures : |
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Interest |
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4.219 |
3.379 |
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Depreciation & Amortization |
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4.130 |
3.801 |
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Other Expenditure |
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271.088 |
241.153 |
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Total Expenditure |
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279.437 |
248.333 |
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KEY RATIOS
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ARTICULARS |
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31.03.2007 |
31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
12.89 |
10.11 |
N.A. |
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Net Profit Margin (PBT/Sales) |
(%) |
12.89 |
10.11 |
N.A. |
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Return on Total Assets (PBT/Total Assets} |
(%) |
19.66 |
16.27 |
N.A. |
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Return on Investment (ROI) (PBT/Networth) |
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0.57 |
0.47 |
N.A. |
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Debt Equity Ratio (Total Liability/Networth) |
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15.73 |
1.78 |
1.61 |
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Current Ratio (Current Asset/Current Liability) |
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1.47 |
0.18 |
1.84 |
LOCAL AGENCY
FURTHER INFORMATION
Bankers Charges
Report as per Registry
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Name of the company |
PAKONA ENGINEERS
(INDIA) PRIVATE LIMITED |
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Presented By |
Mr. Ahok J.
Kothari |
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1) Date and description of instrument creating the change |
Goods Security
Agreement dated 18th November 2005 executed by M/S Pakona
Engineers (India) Private Limited (Hereinafter referred to as “the Company”)
in favour of Citibank N.A (hereinafter referred to as “the Lender” |
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2) Amount secured by the charge/amount owing on the securities of charge |
Total working
capital facilities of Rs. 62.500 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
moveable assets, including plant and machinery, both present an future,
stocks of raw materials, goods in process of manufacture, semi-finished
goods, and all finished and manufactured goods and articles together with all
stores, components and spares which now belongs to and pertains to or may
hereafter from time to time during the continuance of this security belong to
and pertains to, The Company and which are or shall or may be brought into
stored or be in or lying or being including any such raw materials,
inventories, article or goods, any stores spares and components or other
similar moveable assets in course of transit or delivery to the Company and
all of The Company’s present and future book debts, outstanding Monies,
receivables, claims, bills, investments, right to or on moveable properties
and moveable assets forming part of current and moveable fixed assets which
are now due owing or payable or belonging to or pertaining to the company or which may at any time
hereafter during the continuance of this security become due, owing payable
or belonging to or pertaining to The Company in the course of its business
and Together with all benefits, advantages and legal incidence thereof. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
In consideration
of the lender having agreed to lend advance to the company the said credit
facilities under agreement, the company covenants inter alia, as follows :
Margin – 28% for stocks and 28% for book debts
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5) Name and Address and description of the person entitled to the charge. |
CITI Bank N.A.,
Citigroup Centre, Bandra Kurla Complex, Bandra (East), Mumabi-400051,
Maharashtra, India |
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6) Date and brief description of instrument modifying the charge |
Not Applicable |
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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. |
Not Applicable |
Fixed Assets :
Ř Land
Ř Factory Building
Ř Plant and Machinery
Ř Electrical Installation
Ř Furniture and Fixture
Ř Office equipments
Ř Patterns
Ř Office Premises
Ř Computer
Ř Vehicles
Ř Technical Know – how
CMT REPORT
(Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist organization
or whom notice had been received that all financial transactions involving
their assets have been blocked or convicted, found guilty or against whom a
judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE
GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.50.52 |
|
UK Pound |
1 |
Rs.75.08 |
|
Euro |
1 |
Rs.63.72 |
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 |
6 |
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OPERATING SCALE |
1~10 |
6 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
6 |
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--LIQUIDITY |
1~10 |
6 |
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--LEVERAGE |
1~10 |
6 |
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--RESERVES |
1~10 |
6 |
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--CREDIT LINES |
1~10 |
6 |
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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 |
YES |
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--AFFILIATION |
YES/NO |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
|
54 |
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 |
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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 |
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<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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