MIRA
INFORM REPORT
|
Report Date : |
10.11.2012 |
IDENTIFICATION DETAILS
|
Name : |
PAKONA ENGINEERS ( |
|
|
|
|
Registered
Office : |
1st Floor, Wadia Charities Building, 22/D, S A Brelvi Road, Fort, Mumbai – 400023, Maharashtra. |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
05.09.1986 |
|
|
|
|
Com. Reg. No.: |
11-040834 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
Rs. 25.570 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U29290MH1986PTC040834 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMP15032D / MUMP13133B |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer and Exporter of Packaging Machinery |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (50) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 1044000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a established company having satisfactory track.
Financially company performance seems good. Trade relations are reported to be
fair. Business is active. Payments are reported to be regular and as per
commitments. The company can be considered for normal business dealings at usual
trade terms and conditions. |
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 – June 30, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
India is developing into an open-market economy, yet traces
of its past autarkic policies remain. Economic liberalization, including
industrial deregulation, privatization of state-owned enterprises, and reduced
controls on foreign trade and investment, began in the early 1990s and has
served to accelerate the country's growth, which has averaged more than 7% per
year since 1997. India's diverse economy encompasses traditional village
farming, modern agriculture, handicrafts, a wide range of modern industries,
and a multitude of services. Slightly more than half of the work force is in
agriculture, but services are the major source of economic growth, accounting
for more than half of India's output, with only one-third of its labor force.
India has capitalized on its large educated English-speaking population to
become a major exporter of information technology services and software
workers. In 2010, the Indian economy rebounded robustly from the global
financial crisis - in large part because of strong domestic demand - and growth
exceeded 8% year-on-year in real terms. However, India's economic growth in
2011 slowed because of persistently high inflation and interest rates and
little progress on economic reforms. High international crude prices have
exacerbated the government's fuel subsidy expenditures contributing to a higher
fiscal deficit, and a worsening current account deficit. Little economic reform
took place in 2011 largely due to corruption scandals that have slowed
legislative work. India's medium-term growth outlook is positive due to a young
population and corresponding low dependency ratio, healthy savings and
investment rates, and increasing integration into the global economy. India has
many long-term challenges that it has not yet fully addressed, including
widespread poverty, inadequate physical and social infrastructure, limited
non-agricultural employment opportunities, scarce access to quality basic and
higher education, and accommodating rural-to-urban migration.
|
Source
: CIA |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter in
the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
LOCATIONS
|
Registered Office/ Sales Office/ Head Office : |
1st Floor, Wadia Charities Building, 22/D, S A Brelvi Road, Fort, Mumbai – 400023, Maharashtra, India |
|
Tel. No.: |
91-22-22854138/22826751/22048660/ 22814990 |
|
Fax No.: |
91-22-22876171 |
|
Email: |
|
|
Website: |
|
|
|
|
|
Factory : |
971/3, G.I.D.C. Makarpura Industrial Estate, Baroda- 390010, Gujarat, India |
|
Tel. No.: |
91-265-2643889/2638225 |
|
Fax No.: |
91-265-2638520 |
|
Email: |
DIRECTORS
AS ON 30.09.2011
|
Name : |
Mr. Ashok Jayantilal Kothari |
|
Designation : |
Managing Director |
|
Address : |
206, Panchsheel “C” Road, Churchgate, Mumbai- 400020, Maharashtra, India |
|
Date of Birth/Age : |
25.12.1943 |
|
Date of Appointment : |
01.04.2006 |
|
DIN No.: |
00124520 |
Other Directorship:
|
S.No. |
CIN/LLPIN |
Name
of the Company/ LLP |
Current
designation of the Director/ Designated Partner |
Date
of appointment at current designation |
Original
date of appointment |
Date
of cessation |
Company/
LLP Status |
Defaulting
status |
|
1 |
U67120MH1987PTC045260 |
KOTHARI
TECHNICAL SERVICES PRIVATE LIMITED |
Director |
11/11/1987 |
11/11/1987 |
- |
Active |
NO |
|
2 |
U29199GJ1999PTC035771 |
KAPIS
ENGINEERS PRIVATE LIMITED |
Director |
13/04/1999 |
13/04/1999 |
- |
Active |
NO |
|
3 |
L29290MH2000NPL127775 |
INSTITUTE
OF PACKAGING MACHINERY MANUFACTURERS OF INDIA |
Director |
18/07/2000 |
18/07/2000 |
- |
Active
In Progress |
NO |
|
4 |
U65990MH1941PTC003300 |
INDUSTRIAL
DEVELOPMENT AND INVESTMENT COMPANY PRIVATE LIMITED |
Director |
03/09/2004 |
03/09/2004 |
- |
Active |
NO |
|
5 |
U29290MH1986PTC040834 |
PAKONA
ENGINEERS (INDIA) PRIVATE LIMITED |
Managing
director |
01/04/2006 |
01/04/2006 |
- |
Active |
NO |
|
6 |
U29195MH2003PTC142977 |
TRIANGLE
MACHINES PRIVATE LIMITED |
Director |
26/02/2007 |
26/02/2007 |
- |
Amalgamated |
NO |
|
7 |
U74930MH2008FTC178932 |
COLUMBIA-PAKONA
ENGINEERING PRIVATE LIMITED |
Director |
15/02/2008 |
15/02/2008 |
- |
Active |
NO |
|
8 |
U45203MH2010PTC204156 |
OCEANMINT
DEVELOPERS PRIVATE LIMITED |
Director |
23/06/2011 |
23/06/2011 |
10/04/2012 |
Active |
NO |
|
Name : |
Mr. Rohitkumar Jashwantlal Shah |
|
Designation : |
Whole Time Director |
|
Address : |
38/Green Park Society, Makarpura, Baroda-390010, Gujarat, India |
|
Date of Birth/Age : |
19.09.1955 |
|
Date of Appointment : |
06.05.1991 |
|
DIN No.: |
01142855 |
Other Directorship:
|
S.No. |
CIN/LLPIN |
Name of the
Company/ LLP |
Current
designation of the Director/ Designated Partner |
Date of
appointment at current designation |
Original date of
appointment |
Company/ LLP
Status |
Defaulting
status |
|
1 |
U29290MH1986PTC040834 |
PAKONA ENGINEERS
(INDIA) PRIVATE LIMITED |
Whole-time
director |
06/05/1991 |
06/05/1991 |
Active |
NO |
|
2 |
U29199GJ1999PTC035771 |
KAPIS ENGINEERS
PRIVATE LIMITED |
Director |
13/04/1999 |
13/04/1999 |
Active |
NO |
|
3 |
U29199GJ2002PTC041773 |
PAKONA
MAINTENANCE SERVICES PRIVATE LIMITED |
Director |
30/12/2002 |
30/12/2002 |
Active |
NO |
|
4 |
U29195MH2003PTC142977 |
TRIANGLE
MACHINES PRIVATE LIMITED |
Director |
04/11/2003 |
04/11/2003 |
Amalgamated |
NO |
|
5 |
U36941GJ1988PTC011573 |
FLEXELL COMPUTER
FORMS PRIVATE LIMITED |
Managing
director |
30/11/2006 |
30/11/2006 |
Active |
|
Name : |
Mr. Rahul Ashok Kothari |
|
Designation : |
Whole Time Director |
|
Address : |
206, Panchsheel “C” Road, Churchgate, Mumbai- 400020, Maharashtra, India |
|
Date of Birth/Age : |
28.09.1975 |
|
Date of Appointment : |
01.04.2006 |
|
DIN No.: |
00124557 |
Other Directorship:
|
S.No. |
CIN/LLPIN |
Name
of the Company/ LLP |
Current
designation of the Director/ Designated Partner |
Date
of appointment at current designation |
Original
date of appointment |
Date
of cessation |
Company/
LLP Status |
Defaulting
status |
|
1 |
U29199GJ2002PTC041773 |
PAKONA
MAINTENANCE SERVICES PRIVATE LIMITED |
Director |
30/12/2002 |
30/12/2002 |
- |
Active |
NO |
|
2 |
U29195MH2003PTC142977 |
TRIANGLE
MACHINES PRIVATE LIMITED |
Director |
04/11/2003 |
04/11/2003 |
- |
Amalgamated |
NO |
|
3 |
U29290MH1986PTC040834 |
PAKONA
ENGINEERS (INDIA) PRIVATE LIMITED |
Whole-time
director |
01/04/2006 |
01/04/2006 |
- |
Active |
NO |
|
4 |
U74930MH2008FTC178932 |
COLUMBIA-PAKONA
ENGINEERING PRIVATE LIMITED |
Director |
15/02/2008 |
15/02/2008 |
- |
Active |
NO |
|
5 |
U70109MH2010PTC202505 |
DELIGHT
PROPERTIES PRIVATE LIMITED |
Director |
08/05/2010 |
08/05/2010 |
- |
Active |
NO |
|
6 |
U67120MH1987PTC045260 |
KOTHARI
TECHNICAL SERVICES PRIVATE LIMITED |
Director |
19/07/2010 |
19/07/2010 |
- |
Active |
NO |
|
7 |
U45203MH2010PTC204156 |
OCEANMINT
DEVELOPERS PRIVATE LIMITED |
Director |
23/06/2011 |
23/06/2011 |
10/04/2012 |
Active |
NO |
|
Name : |
Ms. Rekha Ashok Kothari |
|
Designation : |
Whole Time Director |
|
Address : |
206, Panchsheel “C” Road, Churchgate, Mumbai- 400020, Maharashtra, India |
|
Date of Birth/Age : |
10.09.1945 |
|
Date of Appointment : |
01.04.2006 |
|
DIN No.: |
00124575 |
Other Directorship:
|
S.No. |
CIN/LLPIN |
Name
of the Company/ LLP |
Current
designation of the Director/ Designated Partner |
Date
of appointment at current designation |
Original
date of appointment |
Company/
LLP Status |
Defaulting
status |
|
1 |
U67120MH1987PTC045260 |
KOTHARI
TECHNICAL SERVICES PRIVATE LIMITED |
Director |
11/08/1999 |
11/08/1999 |
Active |
NO |
|
2 |
U29290MH1986PTC040834 |
PAKONA
ENGINEERS (INDIA) PRIVATE LIMITED |
Whole-time
director |
01/04/2006 |
01/04/2006 |
Active |
NO |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2011
Note: Shareholder details
file attach.
AS ON 30.09.2011
|
Equity Shares
Break Up |
Percentage of
Holding |
|
Directors or relatives of Directors |
77.00 |
|
Other top fifty shareholders |
23.00 |
|
TOTAL |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Packaging Machinery |
||||||
|
|
|
||||||
|
Products : |
|
PRODUCTION STATUS (AS ON : 31.03.2010)
|
Particulars |
Unit |
Actual
Production |
|
Packaging Machines and Accessories, Spares |
No |
1209 |
|
Concrete Block Making Machines and Accessories, Spares |
No |
18357 |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
|||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||
|
Bankers : |
·
Citi Bank N.A., Trent House, 2nd
Floor, G Block, Plot No. C-60, Bandra Kurla Complex, Bandra (East),
Mumbai-400051, Maharashtra, India |
|||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Ketan Shantilal Jhaveri Chartered Accountants |
|
Address : |
02nd Floor, |
|
Tel. No.: |
91-22-22662968 |
|
Fax No.: |
91-22-56318367 |
|
PAN No.: |
AADPJ0906D |
|
|
|
|
Subsidiaries : |
Pakona Engineers FZE |
CAPITAL STRUCTURE
AS ON 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
500000 |
Equity Shares |
Rs.100/- each |
Rs. 50.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
255700 |
Equity Shares |
Rs.100/-
each |
Rs. 25.570
Millions |
|
|
|
|
|
NOTES
a)
12500 Shares out of the
Issued, Subscribed and Paid up Share Capital were allotted in the last five years
pursuant to the various Schemes of Amalgamation without payments being received
being received in cash.
b)
Details of Shareholders
holding more than 5% shares in the Company:
|
Name of the
shareholders |
No of Equity
Shares |
|
Ashok Kothari |
119,247 |
|
|
46.64% |
|
Rekha Kothari |
32708 |
|
|
12.79% |
|
Rahul Kothari |
15748 |
|
|
6.16% |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
25.570 |
25.570 |
25.530 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
235.540 |
173.398 |
129.394 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
261.110 |
198.968 |
154.924 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
89.122 |
50.217 |
72.976 |
|
|
2] Unsecured Loans |
50.735 |
47.880 |
38.885 |
|
|
TOTAL BORROWING |
139.857 |
98.097 |
111.861 |
|
|
DEFERRED TAX LIABILITIES |
9.666 |
9.450 |
7.625 |
|
|
|
|
|
|
|
|
TOTAL |
410.633 |
306.515 |
274.410 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
166.419 |
139.098 |
113.384 |
|
|
Capital work-in-progress |
9.072 |
11.366 |
0.218 |
|
|
|
|
|
|
|
|
INVESTMENT |
25.757 |
25.757 |
25.757 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
189.943
|
168.979 |
132.420 |
|
|
Sundry Debtors |
84.726
|
60.461 |
83.349 |
|
|
Cash & Bank Balances |
10.614
|
45.219 |
50.675 |
|
|
Other Current Assets |
0.007
|
0.126 |
0.000 |
|
|
Loans & Advances |
38.253
|
24.839 |
17.619 |
|
Total
Current Assets |
323.543
|
299.624 |
284.063 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
32.842
|
55.972 |
50.705 |
|
|
Other Current Liabilities |
59.159
|
69.007 |
71.503 |
|
|
Provisions |
22.157
|
44.351 |
26.804 |
|
Total
Current Liabilities |
114.158
|
169.330 |
149.012 |
|
|
Net Current Assets |
209.385
|
130.294 |
135.051 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
410.633 |
306.515 |
274.410 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from Operations |
684.474 |
591.443 |
551.557 |
|
|
|
Other Operational Income |
NA |
NA |
1.972 |
|
|
|
Other Income |
NA |
NA |
9.309 |
|
|
|
TOTAL (A) |
NA |
NA |
562.838 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Material and Manufacturing Expenses |
NA |
NA |
293.881 |
|
|
|
Employees Emoluments |
|
|
79.796 |
|
|
|
Selling, Distribution, Administrative and Other Expenses |
|
|
73.528 |
|
|
|
TOTAL (B) |
NA |
NA |
447.205 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
128.039 |
136.432 |
115.633 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
9.517 |
8.534 |
8.536 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
118.522 |
127.898 |
107.097 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
9.939 |
7.641 |
6.627 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
108.583 |
120.257 |
100.470 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
34.511 |
40.618 |
34.631 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
74.072 |
79.639 |
65.839 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
1.844 |
7.839 |
7.389 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
50.000 |
50.000 |
30.000 |
|
|
|
Proposed Dividend |
10.228 |
30.660 |
30.315 |
|
|
|
Tax on Proposed Dividend |
1.659 |
4.974 |
5.074 |
|
|
BALANCE CARRIED
TO THE B/S |
14.029 |
1.844 |
7.839 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
NA |
NA |
267.575 |
|
|
|
Engineering and Technical Services |
NA |
NA |
0.571 |
|
|
TOTAL EARNINGS |
NA |
NA |
268.146 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Brought out Component |
NA |
NA |
36.055 |
|
|
TOTAL IMPORTS |
NA |
NA |
36.055 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
289.68 |
311.70 |
260.66 |
|
%20PRIVATE%20LIMITED%20-%20200012%2010-Nov-2012_files/image001.gif){kind=small}
%20PRIVATE%20LIMITED%20-%20200012%2010-Nov-2012_files/image002.gif){kind=small}
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
NA
|
NA |
11.70 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
15.86
|
20.33 |
18.22 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
22.16
|
27.41 |
25.28 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.42
|
0.60 |
0.65 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.01
|
1.39 |
1.73 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.83
|
1.77 |
1.91 |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
----- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details (if
applicable) |
Yes |
|
21] |
Market information |
----- |
|
22] |
Litigations that the firm
/ promoter involved in |
----- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
----- |
|
26] |
Buyer visit details |
----- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of Proprietor/Partner/Director,
if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
No |
OPERATIONS
During the year, there had been smooth operations throughout the year.
The company’s Revenue from Operations increased by 15.73% from Rs. 591.443
Millions to Rs. 684.474 Millions, however profit before Taxation has decreased from
Rs. 120.257 Millions to Rs. 108.583 Millions.
The company’s pipe making machine division at Savli saw some successful
installations absorbing the technology of M/s. Mario Croci E Figli S.R.L Italy.
The company had smooth transformation of technical data from them.
Sluggish economic conditions coupled with depreciation in value of Rupee
against US Dollar, resulted in substantial drop in orders on hand as well as
increased the cost of imported bought out components.
The company has taken various steps to reduce cost and improve
profitability. The company continues to focus on new development in Original
Equipment and Export market to enhance capacity utilization to have overall
cost competitive position in market.
FORM 8
|
Corporate
identity number of the company |
U29290MH1986PTC040834 |
|
Name of the
company |
PAKONA ENGINEERS
(INDIA) PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
01st Floor,
Wadiacharities Building, 22/D S A Brelvi Road, Mumbai-400023, Maharashtra,
India |
|
This form is for |
Creation of
charge |
|
Type of charge |
·
Immovable
property |
|
Particular of
charge holder |
Citi Bank N.A., Trent House, 2nd Floor, G Block, Plot No.
C-60, Bandra Kurla Complex, Bandra (East), Mumbai-400051, Maharashtra, India |
|
Nature of
instrument creating charge |
Memorandum Of
Entry. |
|
Date of
instrument Creating the charge |
24.09.2012 |
|
Amount secured by
the charge |
Rs. 147.500
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of interest Interest as may
be stipulated by the bank from time to time. Terms of repayment On Demand. Margin As may be stipulated
by the Bank from time to time. Extent and operation of the charge The Company
created mortgage by deposit of title deeds with the Bank in respect of
immovable properties as security for repayment of its Credit facility of
Rs.147.500 Millions, together with interest, additional interest, liquidated
damages, commitment charges, premia on repayment or on redemption, costs,
expenses and other monies due and payable by the Company to the Citibank N.A. |
|
Short particulars
of the property charged (Including location of the property) |
Land and Building
on Immovable property situated at 917/2 and 917/3, GIDC, Makarpura Industrial
Estate, Baroda-390010. Land and Building
on Immovable property situated at Unit No. 101 and 108, 1st Floor, Wadia
Building, Fort, Mumbai-400023. Land and Building
on Immovable property situated at A-1/901/7, GIDC, Makarpura Industrial
Estate, Baroda. |
FIXED ASSETS
· Land
· Factory Building
· Plant and Machinery
· Electrical Installation
· Furniture and Fixture
· Office equipments
· Patterns
· Office Premises
· Computer
· Vehicles
· 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,
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. 54.34 |
|
|
1 |
Rs. 86.96 |
|
Euro |
1 |
Rs. 69.42 |
INFORMATION DETAILS
|
Report Prepared
by : |
DPT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
-- |
|
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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
50 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this report.
The assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General unfavourable
factors will not cause fatal effect. Satisfactory capability for payment of
interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
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.