MIRA
INFORM REPORT
|
Report Date : |
04.04.2007 |
IDENTIFICATION
DETAILS
|
Name : |
CRAFTSMAN
AUTOMATION PRIVATE LIMITED |
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Registered Office : |
15, LML Colony,
Ammankulam Road, Coimbatore – 641037, Tamilnadu |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
18.07.1986 |
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Com. Reg. No.: |
18-01816 |
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CIN No.: [Company
Identification No.] |
U28991TZ1986PTC001816 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CMBC03708F |
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PAN No.: [Permanent
Account No.] |
AABCC2461K |
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Legal Form : |
Private Limited
Liability Company |
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Line of Business : |
Manufacturers, Importers
and Exporters of Precision turned components/parts for Automotive and Machine
Tool applications. |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ba |
|
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 1250000 |
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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 concern having fine track. Directors are reported as
experienced, respectable and resourceful businessmen. Their trade relations
are fair. Payments are usually correct and as per commitments. The concern can
be considered good for normal business dealings at usual trade terms and
conditions. |
LOCATIONS
|
Registered Office : |
15, LML Colony,
Ammankulam Road, Coimbatore – 641037, Tamilnadu, India |
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Tel. No.: |
91-422-2210994 /
2212183 / 2212183 |
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Fax No.: |
91-422-2211976 |
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E-Mail : |
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Website : |
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Area : |
12000 sq. ft. |
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Location : |
Owned |
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Factory 1 : |
v 15, LML Colony, Ammankulam Road, Coimbatore
– 641037, Tamilnadu, India v E-43 SIDCO Industrial Estate, Kurichi,
Coimbatore-641021 (Foundry Unit) v 123/4, Sangothi Palayam Road, Arasur Post,
Coimbatore-641407 v 1251-B, Avanashi Road, Peelamedu,
Coimbatore-641045 v No-8, D & E Industrial Area, Sector-1,
Pithampur, Dhar District, Madhya Pradesh |
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Area : |
100000 sq. ft. |
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Location : |
Owned |
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DIRECTORS
|
Name : |
Mr. S Ravi |
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Designation : |
Managing Director
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Address : |
153, Tea Estate Compound
Race Course, Coimbatore - 641018, Tamilnadu, India |
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Date of Birth/Age : |
19.03.1963 |
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Date of Appointment : |
18.07.1986 |
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Name : |
Mr. M Ramesh |
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Designation : |
Director |
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Address : |
217-F, Raheja Enclave
236, Race Course, Coimbatore - 641018, Tamilnadu, India |
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Date of Birth/Age : |
30.04.1964 |
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Date of Appointment : |
18.07.1986 |
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Name : |
Dr. G Srinivasan |
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Designation : |
Chairman |
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Address : |
153, Tea Estate
Compound Race Course, Coimbatore - 641018, Tamilnadu, India |
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Date of Birth/Age : |
19.01.1928 |
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Date of Appointment : |
15.02.1988 |
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Name : |
Mr. K
Gomatheswaran |
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Designation : |
Director |
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Address : |
5, Balan Nagar, D
Colony, Peelamedu, Coimbatore, Tamilnadu, India |
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Date of Birth/Age : |
03.06.1967 |
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Date of Appointment : |
05.02.1997 |
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Name : |
Mr. S Murli |
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Designation : |
Whole Time
Director |
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Address : |
153, Tea Estate
Compound Race Course, Coimbatore - 641018, Tamilnadu, India |
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Date of Birth/Age : |
07.02.1960 |
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Date of Appointment : |
28.03.2002 |
KEY EXECUTIVES
|
Name : |
Mr. S Murli |
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Designation : |
Company Secretary
|
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Address : |
153, Tea Estate
Compound Race Course, Coimbatore - 641018, Tamilnadu, India |
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Date of Birth/Age : |
07.02.1960 |
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Date of Appointment : |
28.03.2002 |
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MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names of Shareholders |
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No. of Shares |
|
Mr. S Ravi |
|
29598 |
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Mr. M Ramesh |
|
2126 |
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Dr. G Srinivasan |
|
8985 |
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Mr. S Murli |
|
20460 |
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Mr. K
Gomatheswaran |
|
7585 |
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Dr. S.
Manoranjithan |
|
9685 |
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Dr. Chitra Murali
|
|
1945 |
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Dr. Chitra Ravi |
|
2590 |
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Mr. Anandhi
Ramesh |
|
425 |
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Mr.
Shanthiavalliammal |
|
1300 |
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Mr. K Sridhar |
|
101 |
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Mr. Thulasiammal |
|
200 |
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Total |
|
85000 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturers,
Importers and Exporters of Precision turned components/ parts for Automotive
and Machine Tool applications. |
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Products : |
v
Gear and
Gears Boxes v
Machined
Castings v
Automobile
Parts v
Air
Compressor Parts v
Actuators v
Jigs and
Fixtures v Tools and Dies etc. |
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Exports : |
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Countries : |
Europe, USA and
Far East |
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Imports : |
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Products : |
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Countries : |
Europe and Far
East |
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Terms : |
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Selling : |
L/C (60 days),
DA, Contract, Credit (30-60 days) |
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Purchasing : |
L/C at Sight, DA,
DP, Advance Payments, Credit (30-90 days) |
GENERAL
INFORMATION
|
Suppliers : |
v
Peekay Steel
Casting Private Limited, Nallalam v
Bhagndati
Spherocast Limited, Ahmedabad v Tool Shoppe, Coimbatore |
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Customers : |
v
Ingergell
Group, USA / China v S & V Industries, USA |
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No. of Employees : |
350 |
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Bankers : |
v
State Bank
of India, Commercial Branch, Coimbatore v
Export-Import
Bank Limited, Chennai-600001 v
IDBI Bank
Limited, Coimbatore-641018 v
Indian Bank,
P N Palayam Branch, Coimbatore-641037 v Tamilnadu Industrial Investment
Corporation Limited, Coimbatore North Branch, Coimbatore - 641018 |
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Facilities : |
-- |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Mr. G Shankar Chartered
Accountants |
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Address : |
38-1, Raghupathy
Layout, Saibaba Colony, Coimbatore – 64101, Tamilnadu, India |
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Associates/Subsidiaries : |
v
Mastercraft
Engineers Private Limited v
Integra Automation
Private Limited, Chennai v
Ashwinram
Spinning Mills Private Limited, Coimbatore v Alphacraft Private Limited, Coimbatore |
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CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
100,000 |
Equity Shares |
Rs. 100/- each |
Rs. 10.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
85,000 |
Equity Shares |
Rs. 100/- each |
Rs. 8.500 Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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|
|
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1] Share Capital |
|
8.500 |
8.500 |
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2] Share Application Money |
|
0.000 |
0.000 |
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3] Reserves & Surplus |
|
306.333 |
206.329 |
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4] (Accumulated Losses) |
|
0.000 |
0.000 |
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NETWORTH |
|
314.833 |
214.829 |
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LOAN FUNDS |
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1] Secured Loans |
|
589.765 |
486.706 |
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2] Unsecured Loans |
|
14.748 |
10.565 |
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TOTAL BORROWING |
|
604.513 |
497.271 |
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DEFERRED TAX LIABILITIES |
|
79.433 |
68.360 |
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TOTAL |
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998.779 |
780.460 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
|
747.715 |
638.473 |
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Capital work-in-progress |
|
16.438 |
55.630 |
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INVESTMENT |
|
1.940 |
1.940 |
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DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
|
200.459 |
179.348 |
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Sundry Debtors |
|
216.259 |
164.141 |
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Cash & Bank Balances |
|
23.223 |
51.241 |
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Other Current Assets |
|
0.000 |
0.000 |
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Loans & Advances |
|
80.620 |
71.058 |
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Total
Current Assets |
|
520.561 |
465.788 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
|
262.495 |
370.621 |
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Provisions |
|
25.380 |
10.750 |
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Total
Current Liabilities |
|
287.875 |
381.371 |
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Net Current Assets |
|
232.686 |
84.417 |
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MISCELLANEOUS EXPENSES |
|
0.000 |
0.0000 |
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TOTAL |
|
998.779 |
780.460 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
|
|
Sales Turnover |
|
1145.176 |
810.040 |
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Total Income |
|
1145.176 |
810.040 |
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Profit/(Loss) After Tax |
|
136.457 |
114.660 |
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Earnings in Foreign Currency : |
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Total Earnings |
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741.152 |
564.404 |
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Expenditures : |
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Interest |
|
47.766 |
26.459 |
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Depreciation & Amortization |
|
58.632 |
45.789 |
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Other Expenditure |
|
902.321 |
614.131 |
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Total Expenditure |
|
1008.719 |
686.379 |
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KEY RATIOS
|
PARTICULARS |
|
|
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
|
11.91 |
14.15 |
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Debt Equity Ratio (Total Liability/Networth) |
|
|
0.91 |
1.77 |
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Current Ratio (Current Asset/Current Liability) |
|
|
1.80 |
1.22 |
LOCAL AGENCY
FURTHER INFORMATION
Undertakes Job
works on CNC Machining (Wirecut EDM, Turnign, Vertical and Horizontal)
Approx. Yearly
production is about 400000 Nos Totally
Is also equipped with
own foundry/casting unit producing different kinds of iron /grey-iron/steel
castings/ forgings; has recently started production of aluminum sand castings.
Imports (About 20
%) Raw Materials for own USE; Has installed imported Machines as well
Export about 90 %
of Production.
|
Name of the
company |
CRAFTSMAN AUTOMATION PRIVATE LIMITED |
|
Presented By |
Mr. S Murli, Whole Time Director and
Company Secretary |
|
1) Date and
description of instrument creating the change |
Agreement for Hypothecation
of goods and assets dated 08.08.2003 Agreement for
pledge of goods and assets dated 08.08.2003 Letter regarding
grant of individual limits within the overall limit. |
|
2) Amount secured
by the charge/amount owing on the securities of charge |
Rs. 77.500
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 |
Pari Passu charge
with Indian Bank on all existing machineries for loan of Rs. 42.500 Millions
taken over from Bank of Nova Scotia and proposed machineries to be procured
out of additional term loan of Rs. 35.000 Millions and also on all the other
fixed assets of the company. |
|
4) Gist of the
terms and conditions and extent and operation of the charge. |
Margin for Term
Loan 25 % Margin for One
Time LC Limit 25 % Repayment of Term
Loan of Rs. 42.500 Millions in quarterly installments of Rs. 2.500 Millions
each from October 2003 and the balance of Rs. 12.500 Millions in October
2006. Repayment of Term
Loan of Rs. 35.000 Millions in 20 quarterly installments of Rs. 1.75 Millions
each from April 2004. Interest at
SBMTLR presently 11 % with monthly rests. One time LC Limit
of Rs. 44.000 Millions with the over limit of Rs. 77.500 Millions. |
|
5) Name and
Address and description of the person entitled to the charge. |
State Bank of
India Commercial Branch
Coimbatore –
641018 |
|
6) Date and brief description of instrument
modifying the charge |
Letter from State
Bank of India dated 19.02.2005 ceding second charge on fixed assets. |
AS PER WEBSITE
|
PRODUCTS
The company Manufacture and supply
the following Products to customers specifications.
v Gear
Boxes / Reducers / Actuators
v Sub
Assemblies for Machinery (Textile, Industrial)
v Machined
Parts - Made from Cast Iron, S.G. Iron, Steel Castings, Stainless Castings Aluminium
- Sand/gravity die castings.
Note:
1. Their dedicated technical team
is devoted to the development of patterns with vendors procurement of castings from various
suitable foundries.
2. Sub Assemblies for Machinery
(Textile, Industrial)
|
Machines |
Types |
Quantity |
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CNC Machine |
13 |
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26 |
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16 |
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5 |
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Sheet Metal Machines |
1 |
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3 |
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3 |
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1 |
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1 |
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2 |
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1 |
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2 |
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1 |
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Gear Shop Macine |
1 |
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3 |
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2 |
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1 |
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1 |
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Conventional Machine |
3 |
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8 |
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2 |
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3 |
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5 |
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2 |
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4 |
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1 |
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9 |
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2 |
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3 |
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5 |
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1 |
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6 |
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10 |
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Testing Equipments |
3 |
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|
13 |
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1 |
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1 |
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3 |
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11 |
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QUALITY
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||||||||||||||||||||||||||||||||||||||||||||||||||||
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.43.13 |
|
UK Pound |
1 |
Rs.85.36 |
|
Euro |
1 |
Rs.57.64 |
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 |
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 |
|
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/normal. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|