MIRA
INFORM REPORT
|
Report Date : |
03.11.2008 |
IDENTIFICATION
DETAILS
|
Name : |
PRASAD NC MACHINE
SYSTEMS PRIVATE LIMITED |
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Registered Office : |
15/1, Mel Ayanabakkam Road, Off Ambattur Vanagram Road,
Chennai-600095, Tamilnadu |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
28.10.1993 |
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Com. Reg. No.: |
18-26107 |
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CIN No.: [Company
Identification No.] |
U29130TN1993PTC026107 |
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IEC No.: |
0400014548 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CHEP02573E |
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PAN No.: [Permanent
Account No.] |
AAACP3936H |
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Legal Form : |
Private Limited
Liability Company |
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Line of Business : |
Manufacture and
Trader of Industrial Machienry |
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 42000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a well
established company having satisfactory track. Trade relations are fair.
Financial position is satisfactory. Payments are
usually correct and as per commitments. The company can be
considered good for normal business dealings at usual trade terms and
conditions. |
INFORMATION PARTED
BY
|
Name : |
Mr. Ashok |
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Designation : |
Account Department |
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Date : |
01.11.2008 |
LOCATIONS
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Registered Office : |
15/1, Mel Ayanabakkam Road, Off Ambattur Vanagram Road,
Chennai-600095, Tamilnadu, India |
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Tel. No.: |
91-44-43537670/ 26532852 |
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Fax No.: |
91-44-26532109/ 26532852 |
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E-Mail : |
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Website : |
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Area : |
120000 sq.ft ( Owned) |
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Factory : |
Shlipcart Industrial Estate, Irrankattukotai, India |
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Area : |
50000 sq.ft ( Owned) |
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Branches : |
Located at Chennai |
DIRECTORS
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Name : |
Mr. S.
Krishnaprasad |
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Designation : |
Director |
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Address : |
3C, 5th
Block, 88, Arcot Road, Vadapalani, Chennai-600026, Tamilnadu, India |
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Date of Birth/Age : |
01.01.1942 |
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Date of Appointment : |
28.10.1993 |
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Name : |
Mr. A.
Kothandaraman |
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Designation : |
Director |
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Address : |
A-10, Visalakshmi
Nagar, Warrew Road, Mylapore, Chennai-600004, Tamilnadu, India |
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Experience : |
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Date of Appointment : |
30.01.1995 |
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Name : |
Mr. Krishnaprasad
Silvakumar |
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Designation : |
Director |
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Address : |
3C, 5th
Block, 88, Arcot Road, Vadapalani, Chennai-600026, Tamilnadu, India |
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Date of Birth/Age : |
28.04.1970 |
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Date of Appointment : |
20.03.1998 |
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Name : |
Mr. Naveed Arshad |
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Designation : |
Director |
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Address : |
2976-B, AM 8th Block, 14th Main Road, Anna
Nagar, Chennai-600026, Tamilnadu, India |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
As On 23.04.2007
|
Names of Shareholders |
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No. of Shares |
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S Krishnaprasad |
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690000 |
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K Sivakumar |
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60000 |
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Total |
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750000 |
Equity Share Breakup (Percentage of Total Equity)
As on 30.09.2007
|
Category |
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Percentage |
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Directors or relatives of directors |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacture and Trader
of Industrial Machienry |
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Exports : |
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Products : |
CNC Machines |
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Countries : |
Czech Republic and Germany |
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Imports : |
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Products : |
CNC Systems |
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Countries : |
Germany |
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Terms : |
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Selling : |
L/C, C/C |
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Purchasing : |
Cash and Credit |
PRODUCTION STATUS
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Particulars |
Unit |
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Actual
Production |
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Machinery and Spares |
Nos. |
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|
1454 |
GENERAL
INFORMATION
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No. of Employees : |
110 |
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Bankers : |
Bank of Maharashtra, T Nagar Branch, Chennai-600017, Tamilnadu, India |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
S K Murthy and Associates Chartered Accountant |
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Address : |
Ground Floor, No. 27, Royal Castle, First Main Road, C.I.T Colony,
Mylapore-600004, Tamilnadu, India |
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Associates/Subsidiaries : |
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CAPITAL STRUCTURE
As on 31.03.2007
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
750000 |
Equity Shares |
Rs. 10/- each |
Rs.7.500 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
400000 |
Equity Shares |
Rs. 10/-
each |
Rs. 4.000
Millions |
As on 23.04.2007
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
750000 |
Equity Shares |
Rs. 10/- each |
Rs.7.500 Millions |
||
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
4.000 |
0.999 |
0.999 |
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2] Share Application Money |
0.000 |
0.500 |
0.000 |
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3] Reserves & Surplus |
4.456 |
2.714 |
1.677 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
8.456 |
4.213 |
2.676 |
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LOAN FUNDS |
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1] Secured Loans |
3.985 |
0.000 |
3.531 |
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2] Unsecured Loans |
3.723 |
2.920 |
2.807 |
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TOTAL BORROWING |
7.708 |
2.920 |
6.338 |
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DEFERRED TAX LIABILITIES |
0.291 |
0.259 |
0.219 |
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TOTAL |
16.455 |
7.392 |
9.233 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
5.722 |
5.967 |
4.354 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
12.802
|
12.507 |
7.544 |
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Sundry Debtors |
9.288
|
7.454 |
5.603 |
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Cash & Bank Balances |
3.650
|
5.021 |
0.621 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
3.392
|
1.938 |
0.804 |
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Total
Current Assets |
29.132
|
26.920 |
14.572 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
15.555
|
24.444 |
8.535 |
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Provisions |
2.844
|
1.051 |
1.158 |
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Total
Current Liabilities |
18.399
|
25.495 |
9.693 |
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Net Current Assets |
10.733
|
1.425 |
4.879 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
16.455 |
7.392 |
9.233 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Sales Turnover |
66.200 |
32.400 |
37.597 |
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Other Income |
0.000 |
0.000 |
0.000 |
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Total Income |
66.200 |
32.400 |
37.597 |
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Profit/(Loss) Before Tax |
6.572 |
1.606 |
0.796 |
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Provision for Taxation |
2.330 |
0.569 |
0.293 |
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Profit/(Loss) After Tax |
4.242 |
1.037 |
0.503 |
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Expenditures : |
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Interest |
0.844 |
1.007 |
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Depreciation & Amortization |
0.622 |
0.363 |
36.801 |
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Other Expenditure |
58.162 |
29.424 |
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Total Expenditure |
59.628 |
30.794 |
36.801 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
6.41
|
3.20 |
1.34 |
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Net Profit Margin (PBT/Sales) |
(%) |
9.92
|
4.96 |
2.12 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
12.17
|
4.89 |
4.20 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.78
|
0.38 |
0.30 |
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Debt Equity Ratio (Total Liability/Networth) |
|
3.09
|
6.74 |
5.99 |
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Current Ratio (Current Asset/Current Liability) |
|
1.58
|
1.06 |
1.50 |
LOCAL AGENCY
FURTHER INFORMATION
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Additional Requirement of Indiamart for Trust-Seal |
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Service Tax No. : AAXP3936H ST 001 |
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Excise Registration No.: XM 002 |
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VAT / TIN : 33121382227 |
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IEC Code : 0400014548 |
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PAN / TAN : AAACP3936H |
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Bank Name :Bank of Maharashtra |
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Bank Address : Chennai-17 |
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Bank A/c. No.: 20011108786 |
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Account Since : 12 Years |
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In case of any affiliations / memberships / certifications : |
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Name : ISO 9001:2000 |
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Type : Quality Management |
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Expiry Date : 14.11.2008 |
Trade References:
·
S E Forge Suzlon Limited
·
Asia Morar works Limited, India
·
Tata Steel
Trade References:
·
Land
·
Factory Building
·
Plant and Machinery
·
Air Conditioner
·
Electrical Fittings
·
Furniture and Fittings
·
Computer
·
Car
·
Motor Cycle
·
Office Equipment
Form 8 Particular for creation or modification of charges
|
Name of the
company |
PRASAD NC
MATCHINE SYSTEMS PRIVATE LIMITED |
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Presented By |
Mr. S. Krishna
Prasad, Director |
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1) Date and description of instrument creating the change |
02.08.2005 Memorandum of record of Equitable Mortgage |
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2) Amount secured by the charge/amount owing on the securities of
charge |
Rs.0.700 millions (Cash Credit) Rs.1.581 millions (Term Loan) Rs.1.527 millions (Bank Guarantee) Total: Rs.3.808 millions |
|
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 |
Equitable
Mortgage of factory land and building admeasuring 38 cents and 5000 sq. ft.
respectively comprised in S. No. 15/1 and Door No.85, Mel Ayanambakkam Road,
Off Ambattur Vanagaram Road, Chennai-95 |
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4) Gist of the terms and conditions and extent and operation of the
charge. |
Corporate
guarantee to secure facilities granted to VHS Mechatronics Services Private
Limited for Rs.3.808 millions |
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5) Name and Address and description of the person entitled to the
charge. |
Bank of
Maharashtra T. Nagar Branch, Chennai-17 |
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6) Date and brief description
of instrument modifying the charge |
NIL |
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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. |
NIL |
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This form is for |
Modification of
charge |
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Charge
identification number of the modified
|
90287008 |
|
Corporate identity
number of the company |
U29130TN1993PTC026107 |
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Name of the
company |
PRASAD NC MACHINE
SYSTEMS PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in India of the company |
15/1, Mel Ayanabakkam Road, Off Ambattur Vanagram Road,
Chennai-600095, Tamilnadu, India |
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Type of charge |
Book Debts Movable Property |
|
Particular of
charge holder |
Bank of Maharashtra, T Nagar Branch, Chennai-600017, Tamilnadu, India |
|
Nature of description
of the instrument creating or modifying the charge |
Composite Deed of
Hypothecation dated 1st September 2007 |
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Date of
instrument Creating the charge |
01.09.2007 |
|
Amount secured by
the charge |
Rs. 122.000
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest
Terms of
Repayment
Margin
Extent and
Operation of the charge The charge will
be first and exclusive charge on all stocks and receivable, plants,
machineries, good both present and future hypothecated to the Bank and also
on the immovable properties on which equitable mortgage has been created by
the borrowers. The charge will operate to the extent of the overall limits,
namely , 122.000 Millions |
|
Short particulars
of the property charged |
Hypothecation of all
stocks and receivables, machineries etc. Demand of
immovable property filed separately. |
|
Date of latest
modification prior to the present modification |
09.11.2006 |
|
Particulars of
the present modification |
Modification of
Charge consequent to the sanctioning of additional facilities such as Project
Cash Credit – Rs. 16.000 Millions Project Term Loan Rs. 25.000 Millions,
Additional bills discounting Rs. 9.500 Millions Additional bills discounting
R.s 9.500 Millions. Additional Letter of Credit Rs. 17.000 Millions
Additional bank Guarantee Rs. 54.500 millions |
AS PER WEBSITE:
The Products
CNC Lathe
The new CNC lathe has design with a vertical bed, fixed tailstock with programmable
quill and concrete filled bed. With the latest Siemens 802D control this
machine has been positioned both commercially and technically.
Standard Accessories
Ø
Standard Accessories
Ø
Hydraulic chuck
Ø
Revolving centre for Tail stock
Ø
Work light, Programming and
Instruction Manual
Ø
Coolant Pump & Chip tray
Ø
Maintenance tools
SPM's (Special Purpose Machines)
PNC has manufactured a wide range of machine tools with special mention
in metal cutting SPM's. The machines are designed sturdy to withstand
increasing demands of the end user. All the machines manufactured so far have
been fully functional to the complete satisfaction of the customer. A list of
SPM’s includes:
Ø
Special purpose double ended
boring machine for machining motor body
Ø
Special purpose profile
slotting machine
Ø
Special purpose pipe bending
machine
Ø
High precision horizontal
surface grinding
Ø
Sensitive universal drilling
machine for drilling vent holes in tyre moulds
Ø
Special purpose bar peeling
machine (bar dia - 80 mm)
Ø
Special purpose 3 station
rotary indexing profile grinding machine
Ø
Tilting & rotary type table
dia - 600
Ø
Automatic key way milling
machine (key way size - 25mm x 150mm)
Ø
Special purpose facing &
centring lathe
Ø
Special purpose constant
surface speed feeding unit
Ø Special purpose hydraulic and pneumatic
press for straightening aluminium
tyre moulds
Ø
Special purpose 6 station
rotary indexing machine
Ø
Way type rotary indexing and
drilling machine
CNC Retrofitting
The organization offers CNC retrofitting jobs in which it modernizes an existing
machine in order to make it more productive and accurate. It reduces the
investment on capital without compromising on the quality of job done.
The work involves:
Ø Dismantling the old machines completely
Ø
Turcite coating of guideways
Ø
Scraping of the moving surfaces
Ø
Design and manufacture of
suitable mechanical brackets
Ø
Interfacing of ATC, Hydraulic
Chucks, Automatic turret, if required
Ø
Manufacture of electrical panel
and interface of the CNC controls
Ø
Laser Calibration machines of
the Retrofitted machine.
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 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.49.25 |
|
UK Pound |
1 |
Rs.80.36 |
|
Euro |
1 |
Rs.62.84 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
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 |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|