MIRA
INFORM REPORT
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Report Date : |
12.10.2007 |
IDENTIFICATION DETAILS
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Name : |
KAMTRESS AUTOMATION SYSTEMS PRIVATE LIMITED |
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Formerly Known As : |
KAMTRESS AGENCIES PRIVATE LIMITED |
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Registered Office : |
# 7, Konankunte Industrial Area, |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
21.08.1989 |
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Com. Reg. No.: |
08-10324 |
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CIN No.: [Company
Identification No.] |
U74140KA1989PTC010324 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
BLRK00689D |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacture
and Supply of Automatic / Semi-Automatic / Manual Electroplating Equipment
for Processes in PCB, Surface Finish and the Semiconductor Industries |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 9000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well-established and reputed company having satisfactory
track. Directors are reported as experience and respectable businessmen. Trade
relations are reported as fair. Business is active. Payments are usually
correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
LOCATIONS
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Registered Office : |
# 7, Konankunte Industrial Area, |
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Tel. No.: |
91-80-28436608 / 28436708 /
57721216 |
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Mobile No.: |
91-9342164976 / 9845016033 |
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Fax No.: |
91-80-28436608 / 28436708 |
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E-Mail : |
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Website : |
DIRECTORS
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Name : |
Mr. S. R. Chandrashekar |
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Designation : |
CEO / Managing Director |
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Address : |
C 302 Samrat Apartment, 39th Cross East and D MN. 9th
Block Jayanagar, |
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Date of Birth/Age : |
19.12.1961 |
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Date of Appointment : |
21.10.1990 |
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Name : |
Mr. Lakshmi Chandrashekar |
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Designation : |
Director |
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Address : |
C 302 Samrat Apartment, 39th Cross East and D MN. 9th
Block Jayanagar, |
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Date of Birth/Age : |
10.01.1965 |
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Date of Appointment : |
25.09.1998 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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S.
R. Chandrashekar |
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85000 |
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Equity Share
Breakup |
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Percentage of
Holding |
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Category |
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Directors or relatives of directors |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacture
and Supply of Automatic / Semi-Automatic / Manual Electroplating Equipment
for Processes in PCB, Surface Finish and the Semiconductor Industries |
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Products : |
·
Tri Nickel Chrome Plating Process ·
Plating On Plastic Process ·
Phosphating Process ·
Anodising Process ·
Precious Metal Plating Process ·
Electro Polishing Process ·
Plating on PCBs for -
Through Hole metalization -
Copper Tin Lead Pattern Plate -
Horizontal Panel Plate (From PAL -
Desmear / Blackoxide / Gold Plate |
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Export to : |
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Countries : |
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GENERAL INFORMATION
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Customers : |
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Bankers : |
State Bank of SSI Branch, Punjab National
Bank |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
R Murli Chartered Accountants |
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Address : |
No. 6, Alcazar, |
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Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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200,000 |
Equity Shares |
Rs. 10/- each |
Rs. 2.000 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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85,000 |
Equity Shares |
Rs. 10/- each |
Rs. 0.850 Million |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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0.850 |
0.850 |
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2] Share Application Money |
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0.000 |
0.000 |
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3] Reserves & Surplus |
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1.566 |
1.454 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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2.416 |
2.304 |
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LOAN FUNDS |
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1] Secured Loans |
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2.401 |
4.874 |
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2] Unsecured Loans |
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2.276 |
1.885 |
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TOTAL BORROWING |
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4.677 |
6.759 |
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DEFERRED TAX LIABILITIES |
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0.116 |
0.093 |
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TOTAL |
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7.209 |
9.156 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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4.053 |
4.041 |
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Capital work-in-progress |
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0.000 |
0.000 |
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INVESTMENT |
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0.003 |
0.003 |
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DEFERREX TAX ASSETS |
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0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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7.565 |
1.812 |
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Sundry Debtors |
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15.835 |
27.260 |
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Cash & Bank Balances |
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1.451 |
0.669 |
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Other Current Assets |
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0.000 |
0.000 |
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Loans & Advances |
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1.420 |
0.406 |
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Total
Current Assets |
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26.271 |
30.147 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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22.441 |
24.861 |
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Provisions |
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0.677 |
0.174 |
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Total
Current Liabilities |
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23.118 |
25.035 |
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Net Current Assets |
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3.153 |
5.112 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.000 |
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TOTAL |
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7.209 |
9.156 |
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KEY RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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Debt Equity Ratio (Total Liability/Networth) |
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11.50 |
13.80 |
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Current Ratio (Current Asset/Current Liability) |
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1.14 |
1.20 |
LOCAL AGENCY FURTHER INFORMATION
Bankers Charges Report as per Registry
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Name of the company |
KAMTRESS
AUTOMATION SYSTEMS PRIVATE LIMITED |
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Presented By |
Asst. General
Manager, State Bank of |
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1) Date and description of instrument creating the change |
26.05.1998 General Agreement
for the grant of Small Industrial Advance and Hypothecation of Movable, Book
Debts and assets for Rs 2.200 Millions 26.05.1998 :
Ancillary Agreement No. 1 for Rs. 1.000 Million 26.05.1998 :
Ancillary Agreement No. 3 for Rs. 1.200 Millions All the agreement
relate to same and single charge. |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 2.200
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 |
All present and
future goods, book debts and movables and other assets of the borrower
including documents of title to goods, outstanding monies, receivables,
claims, bills, invoices documents, contracts, engagements, securities,
investments, and rights and present machinery and all future machinery
belonging to or in the possession or under the control possession of the
borrower or of the bank or of any third party whether in India or elsewhere
throughout the world including all such goods, other movable assets as may be
in course of shipment, transit or delivery shall stand hypothecated to the
bank by way of first charge. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Repayment : The
entire loan amount is repayable on demand Interest : 1.50 %
over State Bank of Margin : RM, SFG,
FG, BR : 25 % respectively. |
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5) Name and Address and description of the person entitled to the charge. |
State Bank of SSI Branch, |
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6) Date and brief description of instrument modifying the charge |
-- |
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7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
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Name of the company |
KAMTRESS
AUTOMATION SYSTEMS PRIVATE LIMITED |
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Presented By |
Ms. Lakshmi S.
C., Director |
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1) Date and description of instrument creating the change |
19.10.2002 Agreement of
Hypothecation of goods to secure a demand cash credit dated 19.10.2001 Memorandum of
equitable mortgage of land and building Registered on
07.12.2001 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Cash Credit Limit
: Rs. 0.200 Million |
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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 |
Hypothecation in
favour of Punjab National Bank, Equitable
Mortgage of Land situated at Sy. No.
29/1, B Konanakunte Village, Uttarahalli Hobli, |
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4) Gist of the terms and conditions and extent and operation of the charge. |
As per the terms
of sanction, all the documents executed on 19.10.2001 already filed with R.
O. C. on 16.11.2001 Cash credit limit
is subject to one year repayment. Rate of interest
14.5 % p.a. |
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5) Name and Address and description of the person entitled to the charge. |
Punjab National
Bank |
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6) Date and brief description of instrument modifying the charge |
Date 22.11.2003 Agreement of
Hypothecation of goods to secure a demand cash credit dated 22.11.2003 Agreement of
guarantee and general counter indemnity Letter of
continuity dated 22.11.2003 Extension of
equitable mortgage of land and building Supplemental
agreement. |
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7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
C. C. limit
enhanced form Rs. 1.200 Millions to Rs. 3.000 Millions and Letter of
guarantee limit Rs. 5.000 Millions Rate of Interest
: 13.00 % p.a. Sanction period
one Year. |
AS PER WEBSITE
Incorporated in 1989, subject provides turnkey solutions for all Electroplating
Applications. Headquartered in Bangalore they manufacture and undertake supply
of automatic, semi automatic and manual electroplating equipment for Tri Nickel
Chrome Plating Process, Plating On Plastic Process, Phosphating Process,
Anodising Process, Precious Metal Plating Process, Electro polishing Process,
Plating on PCB for Through Hole metalization, Copper Tin Lead Pattern Plate,
Horizontal Panel Plate (From PAL Hong Kong), Desmear/ Blackoxide/ Gold Plate.
They have successfully deployed these machines in the premises of several
blue-chip companies in
Infrastructure
They are committed to excellence in technical innovation,
teamwork and creating value for their customers and their employees. The
strength of their company lies in its state-of-the-art production unit which is
equipped with the latest machinery and equipment. Kamtress has expanded its
services with full fledged divisions in design, engineering, manufacturing and
software development from where it oversees all its operations as manufacturer
of quality Electroplating Machines. Their team is led By Mr. S.R.
Chandrashekar, who is a pioneer in this field and has more than a decade of
experience and global exposure to the latest technology in planting equipment.
Subject deal in all types of Electroplating Plants
and equipment, Anodising Plants, Electropolishing Plants, Exhaust Systems,
Rectifiers, Effluent Treatment Plant (ETP), Exhaust Fans and Scrubbers.
Subject
provides value added services of the following accessories:
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Plating Rectifiers PLC ready in all ranges.
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Renocell Systems for copper and heavy metal
recovery.
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Reputed make chilled water plants.
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ETP solutions for plating.
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Turnkey solutions for all electroplating
applications.
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In house design and development capabilities.
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Reliable after sales services
Overall, in a nut shell subject is racing towards a bright
future, crossing milestones all the way.
Quality
Backed by experienced professionals, they have engineered to
perfection, some of the best equipment available in the market today. Their
stringent quality control norms and excellent after sales services has helped
them develop a large client base.
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.39.33 |
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1 |
Rs.79.74 |
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Euro |
1 |
Rs.55.74 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
5 |
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PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
4 |
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--LIQUIDITY |
1~10 |
5 |
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--LEVERAGE |
1~10 |
5 |
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--RESERVES |
1~10 |
5 |
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--CREDIT LINES |
1~10 |
5 |
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--MARGINS |
-5~5 |
- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
NO |
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--AFFILIATION |
YES/NO |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
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45 |
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
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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