MIRA
INFORM REPORT
|
Report Date : |
11.01.2011 |
IDENTIFICATION DETAILS
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Name : |
PRAGATI AUTOMATION PRIVATE LIMITED |
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Formerly Known
As : |
PRAGATI
ENGINEERING WORKS |
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Registered
Office : |
No, 413, IVth Phase, 11th Cross, Peenya Industrial Area, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
05.07.2001 |
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Com. Reg. No.: |
08-29247 |
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CIN No.: [Company Identification
No.] |
U29199KA2001PTC029247 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of Machine Tool Accessories Particularly for CNC Machines
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RATING & COMMENTS
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MIRA’s Rating : |
B (26) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 660000 |
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Status : |
Moderate |
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Payment Behaviour : |
Unknown |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. The company
shows a diminishing trend since the last 3 years with regards to its financials.
However the networth is satisfactory. Trade relations are reported as fair.
Business is active. Payments terms are unknown. The company can be considered for business dealings with some caution
on account of a diminishing trend observed from the available 3 years
financials. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
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A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
LOCATIONS
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Registered Office : |
No, 413, IVth Phase, 11th Cross, Peenya Industrial Area,
Bangalore – 560058, Karnataka, India |
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Tel. No.: |
91-80-28361543 |
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Fax No.: |
91-80-28361549 |
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E-Mail : |
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Website : |
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Indian Representatives : |
Micromatic Machine Tools Private Limited Mumbai Contact
person: P.A.Pandit / Kaushik Bhattacharjee Phone :
+91-22-2871-7271 Micromatic
Machine Tools Private Limited New Contact
person: Ravi Rana / Praveen Choudhary Phone :
+91-11-2202-6874 Micromatic Machine Tools Private Limited Kolkata Contact
person: Jayant Patra Phone :
+91-33-2474-9306 Micromatic Machine Tools Private Limited Chennai Contact
person : B.Harish / Senthil Kumar Phone :
+91-44-2374-0721 44-2374-0921 Micromatic Machine
Tools Private Limited Contact
person : C.Rajesh Phone :
+91-422-2302-821 Micromatic Machine
Tools Private Limited Contact
person : K.R.Raghavendra Phone :
+91-80-2226-3724 Micromatic Machine Tools Private Limited Pune Contact
person : S.N.Kumthekar / R.R.Musani |
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International Representatives : |
Audit CNC Machine Tools Limited Unit 5 & 6
Sacriston Industrial Estate Sacriston, Phone :
+44-191-371-8888 Coin Commercial, S.A. Lolola Bide, 17, 20730 Phone : +34-943-816-550 Deb'Maq Do Brazil Limited Av.Alcantara Machado,
965-Bras Phone : +11- GAPPA PPH, Marek Cichon Phone : +48 41 353 8052
marek.cichon@obrabianie.pl |
DIRECTORS
As On 30.09.2010
|
Name : |
Mr. Ashok Vishwanath Sathe |
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Designation : |
Chairman |
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Address : |
No. 252, 15th ‘D’ Cross, Mahalakshmipuram, 2nd
Stage, 2nd Phase, |
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Date of Birth/Age : |
17.03.1940 |
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Date of Appointment : |
05.07.2001 |
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DIN No. : |
00174204 |
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Name : |
Mr. Atul Suresh Bhirangi |
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Designation : |
Managing Director |
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Address : |
No. 601/80-A, Sterling Residency, New Dollars Colony, RMV 2nd
Stage, |
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Date of Birth/Age : |
28.12.1964 |
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Date of Appointment : |
24.12.2003 |
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DIN No. : |
01204873 |
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Name : |
Mr. Ajit Ramachnadra Kunte |
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Designation : |
Director |
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Address : |
No. 180, Vishranti Apartments, 2nd Floor, |
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Date of Birth/Age : |
26.11.1960 |
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Date of Appointment : |
24.12.2003 |
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DIN No. : |
00897599 |
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Name : |
Mr. Deepak Hanumant Joglekar |
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Designation : |
Director |
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Address : |
No. 20,Ganesh Block, Mahalakshmipuram, |
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Date of Birth/Age : |
05.02.1958 |
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Date of Appointment : |
24.12.2003 |
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DIN No. : |
01204816 |
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Name : |
Ms. Sulabha S Kulkarni |
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Designation : |
Director |
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Address : |
Venkatesh Nilaya, Behind Filter House, Ichalkaranji, |
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Date of Birth/Age : |
31.10.1951 |
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Date of Appointment : |
05.07.2001 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As On 30.09.2010
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Names of Shareholders |
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No. of Shares |
|
Sulabha S Kulkarni |
|
78000 |
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Ashok Vishwanath Sathe |
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78000 |
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Atul S Bhirangi |
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39000 |
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Total |
|
195000 |
As On 30.09.2010
|
Category |
Percentage |
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Directors or relatives of Directors |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Machine Tool Accessories Particularly for CNC Machines
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Products : |
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PRODUCTION STATUS (AS ON 31.03.2010)
Capacities:
Tool Turrents: 600 Nos
per month
ATC: 500 Nos per month
PCC: 300 Nos
per month
GENERAL INFORMATION
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
P. A. Ghatage and Company Chartered Accountant |
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Address : |
NO. 2/10, BDA Flats, |
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Tel. No.: |
91-80-25369900 |
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Mobile No.: |
91-9844152959 |
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Fax No.: |
91-80-25569011 |
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E-Mail : |
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Pan No. : |
AANPG1439N |
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CAPITAL STRUCTURE
As On 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
200000 |
Equity Shares |
Rs. 100/- each |
Rs. 20.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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195000 |
Equity Shares |
Rs. 100/-
each |
Rs. 19.500
Millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
19.500 |
19.500 |
19.500 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
147.441 |
147.115 |
142.603 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
166.941 |
166.615 |
162.103 |
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LOAN FUNDS |
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1] Secured Loans |
355.066 |
285.060 |
347.539 |
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2] Unsecured Loans |
143.009 |
111.577 |
108.213 |
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TOTAL BORROWING |
498.075 |
396.637 |
455.752 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
665.016 |
563.252 |
617.855 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
329.105 |
355.019 |
352.163 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
15.877 |
2.030 |
2.030 |
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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 |
142.957
|
136.371 |
129.800 |
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Sundry Debtors |
179.665
|
131.345 |
211.155 |
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Cash & Bank Balances |
23.146
|
0.877 |
7.936 |
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Other Current Assets |
48.785
|
30.733 |
70.328 |
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Loans & Advances |
24.147
|
30.777 |
16.716 |
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Total
Current Assets |
418.700
|
330.102 |
435.935 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
77.522
|
101.813 |
130.737 |
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Other Current Liabilities |
6.827
|
3.660 |
4.214 |
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Provisions |
14.317
|
18.427 |
37.322 |
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Total
Current Liabilities |
98.666
|
123.900 |
172.273 |
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Net Current Assets |
320.034
|
206.202 |
263.662 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
665.016 |
563.252 |
617.855 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
429.500 |
533.900 |
712.200 |
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Less |
EXPENSES |
381.000 |
477.300 |
632.000 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
48.500 |
56.600 |
80.200 |
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Less/ Add |
DEPRECIATION/
AMORTISATION |
48.200 |
51.700 |
49.500 |
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PROFIT BEFORE
TAX |
0.300 |
4.900 |
30.700 |
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Less |
TAX |
0.000 |
0.400 |
12.000 |
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PROFIT AFTER TAX
|
0.300 |
4.500 |
18.700 |
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Less |
APPROPRIATIONS |
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Dividend including dividend taxes |
0.000 |
0.000 |
5.500 |
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BALANCE CARRIED
TO THE B/S |
0.300 |
4.500 |
13.200 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
Net Profit Margin (PBT/Sales) |
(%) |
0.07
|
0.84 |
2.63 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
0.04
|
0.72 |
3.89 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.00
|
0.03 |
0.19 |
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Debt Equity Ratio (Total Liability/Networth) |
|
3.57
|
3.12 |
3.87 |
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Current Ratio (Current Asset/Current Liability) |
|
4.24
|
2.66 |
2.53 |
LOCAL AGENCY FURTHER INFORMATION
Financial
Performance:
The Company business compare to last year was reduced substantially due to
global recession, especially in machine tool industries.
Future Prospects:
Due to world recession in machine industry market, the Company turnover is reduced from Rs.530.000 millions to Rs. 420.000 millions respectively. The company is expected to improve the business in 2010-1 1 and 201 1-12.
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Corporate
identity number of the company |
U29199KA2001PTC029247 |
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Name of the
company |
Pragati
Automation Private Limited |
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Address of the
registered office or of the principal place of business in |
NO, 413,IVTH
Phase,11th cross, Peenya Industrial Area, |
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This form is for |
Creation of
charge |
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Type of charge |
Book Debts Movable Property Immovable
Property Stocks, etc |
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Particular of
charge holder |
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Nature of instrument
creating charge |
Composite
hypothecation agreement Letter of
undertaking Composite
undertaking - cum-declaration (All the
documents relate to the same charge) |
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Date of
instrument Creating the charge |
15.10.2009 |
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Amount secured by
the charge |
Rs. 17.000
Millions |
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Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest
- Interest @ 3% below BPLR of i.e. 9% p.a. (Present BPLR 12%) Terms of
Repayment - Repayable on demand Margin - As applicable Extent and
Operation of the charge - Charge extends by way of first charge on all the
fixed and current assets throughout the period of sanctioned limits. Others - AD-HOC
FBP FACILITY OF Rs. 17.000 millions |
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Particulars of
the property charged |
Hypothecation of
the whole of the present and future stocks of raw materials, work in process,
semi finished goods and finished goods such as ATC tools turetts, steel rods,
round bars, WIP finished goods, book debts all current assets, packing
materials and stores etc belonging to the company situated at No.
413,/414, IV Phase, 11th cross and Plot No. 19/20, IV Phase, 12th Cross,
Peenya Industrial Area Bangalore & Plot No. 3,4 % 14 Sector M, Phase VI
Parvati Co-op Indl Estate, Yadrav. EM on co's immovable properties situated
at No. 413, 414, IV Phase, 11th Cross, 12th Phase Industrial Area, Bangalore,
Plot No. 19 and 20, 4th Phase, 12th Cross, Peenya Industrial Area, Bangalore
and Plot No. 3,4 and 14, Sector M, Phase VI, Parvati C-op 2nd Estatem Yadrav |
Fixed Assets:
- Building
- Land
- Computers and others
- Machineries
- Office items
- Furniture and Fixtures
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners, controlling
shareholders or senior officers as terrorist or terrorist organization or whom
notice had been received that all financial transactions involving their assets
have been blocked or convicted, found guilty or against whom a judgement or
order had been entered in a proceedings for violating money-laundering,
anti-corruption or bribery or international economic or anti-terrorism sanction
laws or whose assets were seized, blocked, frozen or ordered forfeited for
violation of money laundering or international anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper payments
to government officials for engaging in prohibited transactions or with
designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l Anti-Money
Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws, regulations
or policies that prohibit, restrict or otherwise affect the terms and
conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.45.44 |
|
|
1 |
Rs.70.61 |
|
Euro |
1 |
Rs.58.63 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
2 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
2 |
|
--CREDIT LINES |
1~10 |
3 |
|
--MARGINS |
-5~5 |
-- |
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DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
26 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.