MIRA INFORM REPORT
|
Report
Date : |
13.02.2007 |
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 |
|
|
41-55 |
Ba |
Overall operation is considered
normal. Capable to meet normal commitments. |
Satisfactory |
|
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 Head Office : |
15, LML Colony, Ammankulam Road, Coimbatore – 641037,
Tamilnadu, India |
|
Tel.
No.: |
91-422-2210994
/ 2212183 / 2212183 |
|
Fax
No.: |
91-422-2211976 |
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E-Mail
: |
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|
Website
: |
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|
Area : |
12000 sq. ft. |
|
Location : |
Owned |
|
|
|
|
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 |
|
Area : |
100000 sq. ft. |
|
Location : |
Owned |
DIRECTORS
|
Name : |
Mr. S Ravi |
|
Designation
: |
Managing Director |
|
Address
: |
153, Tea
Estate Compound Race Course, Coimbatore - 641018, Tamilnadu, India |
|
Date
of Birth/Age : |
19.03.1963 |
|
Date
of Appointment : |
18.07.1986 |
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|
|
|
Name : |
Mr. M Ramesh |
|
Designation
: |
Director |
|
Address
: |
217-F,
Raheja Enclave 236, Race Course, Coimbatore - 641018, Tamilnadu, India |
|
Date
of Birth/Age : |
30.04.1964 |
|
Date
of Appointment : |
18.07.1986 |
|
|
|
|
Name : |
Dr. G Srinivasan |
|
Designation
: |
Chairman |
|
Address
: |
153, Tea
Estate Compound Race Course, Coimbatore - 641018, Tamilnadu, India |
|
Date
of Birth/Age : |
19.01.1928 |
|
Date
of Appointment : |
15.02.1988 |
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|
|
|
Name : |
Mr. K Gomatheswaran |
|
Designation
: |
Director |
|
Address
: |
5, Balan
Nagar, D Colony, Peelamedu, Coimbatore, Tamilnadu, India |
|
Date
of Birth/Age : |
03.06.1967 |
|
Date
of Appointment : |
05.02.1997 |
|
|
|
|
Name : |
Mr. S
Murli |
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Designation
: |
Whole
Time Director |
|
Address
: |
153, Tea
Estate Compound Race Course, Coimbatore - 641018, Tamilnadu, India |
|
Date
of Birth/Age : |
07.02.1960 |
|
Date
of Appointment : |
28.03.2002 |
KEY EXECUTIVES
|
Name : |
Mr. S Murli |
|
Designation
: |
Company Secretary |
|
Address
: |
153, Tea
Estate Compound Race Course, Coimbatore - 641018, Tamilnadu, India |
|
Date
of Birth/Age : |
07.02.1960 |
|
Date
of Appointment : |
28.03.2002 |
MAJOR SHAREHOLDERS
|
Names
of Shareholders |
|
No. of Shares |
|
Mr. S Ravi |
|
29598 |
|
Mr. M Ramesh |
|
2126 |
|
Dr. G Srinivasan |
|
8985 |
|
Mr. S Murli |
|
20460 |
|
Mr. K Gomatheswaran |
|
7585 |
|
Dr. S.
Manoranjithan |
|
9685 |
|
Dr. Chitra Murali |
|
1945 |
|
Dr. Chitra Ravi |
|
2590 |
|
Mr.
Anandhi Ramesh |
|
425 |
|
Mr.
Shanthiavalliammal |
|
1300 |
|
Mr. K
Sridhar |
|
101 |
|
Mr.
Thulasiammal |
|
200 |
|
Total |
|
85000 |
BUSINESS DETAILS
|
Line
of Business : |
Manufacturers, Importers and Exporters of Precision turned
components/ parts for Automotive and Machine Tool applications. |
|
|
|
|
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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|
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Exports
to : |
Europe, USA and Far East |
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|
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Imports
from : |
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 |
|
|
|
|
Customers
: |
v Ingergell Group, USA / China v S & V Industries, USA |
|
|
|
|
No. of
Employees : |
350 |
|
|
|
|
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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|
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Facilities : |
-- |
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|
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|
Banking Relations : |
Satisfactory |
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|
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Auditors
: |
Mr. G Shankar Chartered Accountants 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 |
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 |
31.03.2004 |
|
|
SHAREHOLDERS
FUNDS |
|
|
|
|
|
1] Share
Capital |
8.500 |
8.500 |
8.500 |
|
|
2] Share
Application Money |
0.000 |
0.000 |
0.000 |
|
|
3]
Reserves & Surplus |
306.334 |
206.329 |
137.369 |
|
|
4]
(Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
NETWORTH
|
314.834 |
214.829 |
145.869 |
|
|
LOAN
FUNDS |
|
|
|
|
|
1]
Secured Loans |
589.765 |
486.707 |
228.115 |
|
|
2]
Unsecured Loans |
14.748 |
10.565 |
5.724 |
|
TOTAL
BORROWING
|
604.513 |
497.272 |
233.839 |
|
|
DEFERRED
TAX LIABILITIES |
79.433 |
68.360 |
33.410 |
|
|
|
|
|
|
|
TOTAL
|
998.780 |
780.461 |
413.118 |
|
|
|
|
|
|
|
APPLICATION OF FUNDS
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block]
|
747.715 |
638.473 |
303.893 |
|
Capital work-in-progress
|
16.438 |
55.630 |
0.000 |
|
|
|
|
|
|
|
INVESTMENT
|
1.940 |
1.940 |
1.941 |
|
DEFERREX TAX ASSETS
|
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES
|
|
|
|
|
|
|
Inventories
|
200.459
|
179.348 |
75.335 |
|
|
Sundry Debtors
|
216.259
|
164.141 |
91.598 |
|
|
Cash & Bank Balances
|
23.224
|
51.242 |
14.925 |
|
|
Other Current Assets
|
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances
|
80.620
|
71.059 |
63.640 |
Total Current Assets
|
520.562
|
465.790 |
245.498 |
|
Less : CURRENT LIABILITIES & PROVISIONS
|
|
|
|
|
|
|
Current Liabilities
|
262.495
|
370.622 |
128.922 |
|
|
Provisions
|
25.380
|
10.750 |
9.292 |
Total Current Liabilities
|
287.875
|
381.372 |
138.214 |
|
Net
Current Assets
|
232.687
|
84.418 |
107.284 |
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES
|
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
TOTAL
|
998.780 |
780.461 |
413.118 |
|
PROFIT & LOSS ACCOUNT
|
PARTICULARS |
|
|
31.03.2004 |
Sales Turnover [including other income]
|
|
|
490.042 |
|
|
|
|
|
Profit/(Loss) Before Tax
|
|
|
36.230 |
Provision for Taxation
|
|
|
-- |
Profit/(Loss) After Tax
|
|
|
36.230 |
|
|
|
|
|
Export Value
|
|
|
397.291 |
|
|
|
|
|
Import Value
|
|
|
103.154 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
31.03.2004 |
PAT / Total Income
|
(%)
|
NA
|
NA |
7.39 |
|
|
|
|
|
|
Net Profit Margin
(PBT/Sales) |
(%) |
NA
|
NA |
7.39 |
|
|
|
|
|
|
Return on Total Assets
(PBT/Total
Assets} |
(%) |
NA
|
NA |
6.59 |
|
|
|
|
|
|
Return on Investment (ROI)
(PBT/Networth) |
|
NA
|
NA |
0.25 |
|
|
|
|
|
|
Debt Equity Ratio
(Total Liability/Networth) |
|
2.83
|
4.09 |
2.55 |
|
|
|
|
|
|
Current Ratio
(Current
Asset/Current Liability) |
|
1.81
|
1.22 |
1.78 |
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 |
|
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 |
|
|
CNC Machine |
13 |
|
|
|
|
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 |
|
|
|
|
1 |
|
|
|
|
1 |
|
|
|
Conventional Machine |
3 |
|
|
|
|
8 |
|
|
|
|
2 |
|
|
|
|
3 |
|
|
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|
5 |
|
|
|
|
2 |
|
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|
|
4 |
|
|
|
|
1 |
|
|
|
|
9 |
|
|
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|
2 |
|
|
|
|
3 |
|
|
|
|
5 |
|
|
|
|
1 |
|
|
|
|
6 |
|
|
|
|
10 |
|
|
|
Testing Equipments |
3 |
|
|
|
|
13 |
|
|
|
|
1 |
|
|
|
|
1 |
|
|
|
|
3 |
|
|
|
|
11 |
|
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. 44.16 |
|
UK Pound |
1 |
Rs. 86.00 |
|
Euro |
1 |
Rs. 57.56 |
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 |
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 |