MIRA
INFORM REPORT
|
Report Date : |
12.04.2008 |
IDENTIFICATION
DETAILS
|
Name : |
CRAFTSMAN
AUTOMATION PRIVATE LIMITED |
|
|
|
|
Registered Office : |
15, LML Colony, Ammankulam
Road, Coimbatore – 641037, Tamilnadu |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as on) : |
31.03.2007 |
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|
|
|
Date of Incorporation : |
18.07.1986 |
|
|
|
|
Com. Reg. No.: |
18-01816 |
|
|
|
|
CIN No.: [Company
Identification No.] |
U28991TZ1986PTC001816 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
CMBC03708F |
|
|
|
|
PAN No.: [Permanent
Account No.] |
AABCC2461K |
|
|
|
|
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 : |
Aa |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
USD 1736988 |
|
|
|
|
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 records. 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, P.
N. Palayam, Ammankulam Road, Coimbatore – 641037, Tamilnadu, India |
|
Tel. No.: |
91-422-2210994 /
2212183 |
|
Fax No.: |
91-422-2211976 /
2210976 |
|
E-Mail : |
saravanan@craftsmanautomation.com
craftsman@craftsmanautomation.com |
|
Websites: |
|
|
Area : |
12000 sq. ft. |
|
Location : |
Owned |
|
|
|
|
Factory : |
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 v 110, SIDCO Industrial Estate,
Malumichampatti, Coimbatore v 24-A/1-C, Sidco Industrial Estate,
Ambattur, Chennai 600098 v Plot No. M-3[P], Large Sector, Sriramput
Gamharia, Saratkela, Jamshedpur, Jharkhand 832108 |
|
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 |
|
|
|
|
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 |
|
|
|
|
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 Murali |
|
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 |
|
|
|
|
Name : |
Mr. Sivakumar
Tiruvettipuram Deenadayalan |
|
Designation : |
Director |
|
Address : |
R -701, Purva
Park Apartment, No 53 MSO Colony , Cox Town , Bangalore – 560 005, Karnataka,
India |
|
Date of Birth/Age : |
22.07.1973 |
|
Date of Appointment : |
28.01.2008 |
|
|
|
|
Name : |
Mr. Srinivasan
Murali |
|
Designation : |
Director |
|
Address : |
Old No. 153 New
No. 209, Tea Estate Compound Race Course, Coimbatore – 641 018, Tamil Nadu,
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
/ SHAREHOLDING PATTERN
|
Names of Shareholders [As on 31.03.2007] |
|
No. of Shares |
|
Mr. S Ravi |
|
303750 |
|
Mr. S Murali |
|
60750 |
|
Mr. K
Gomatheswaran |
|
40500 |
|
Total |
|
405000 |
Equity Shares Breakup (Percentage of Total Equity): [As on 31.03.2006]:-
|
Sr No. |
Category |
Percentage |
|
1 |
Directors or relative of directors |
100.00 |
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. |
|
|
|
|
Exports : |
|
|
Countries : |
Europe, USA, East
Asia and China |
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|
|
|
Imports : |
|
|
Countries : |
Europe and Far
East |
|
|
|
|
Terms : |
|
|
Selling : |
L/C (60 days),
DA, Contract, Credit (30-60 days) |
|
|
|
|
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 : |
500 |
|
|
|
|
Bankers : |
v
State Bank
of India, Commercial Branch, Coimbatore, India v
Export-Import
Bank Limited, Floor 21, Centre One Building, World Trade Centre, Cuffe
Parade, Mumbai – 400 005, Maharashtra, India v
Export
Import Bank of India, UTI House, 1st Floor, 29, Rajaji Salai,
Chennai 600001 v
IDBI Bank
Limited, Coimbatore-641018, India v
Indian Bank,
P N Palayam Branch, Coimbatore-641037, India v Tamilnadu Industrial Investment
Corporation Limited, Coimbatore North Branch, Coimbatore – 641018, India v The Bank of Nova Scotia, Coimbatore
Branch, 1547, Classic Towers, Trichy Road, Coimbatore – 641 018, Tamil Nadu,
India |
|
|
|
|
Banking
Relations : |
Good |
|
|
|
|
Auditors : |
|
|
Name : |
Mr. G Shankar Chartered
Accountants |
|
Address : |
38-1, Raghupathy
Layout, Saibaba Colony, Coimbatore – 64101, Tamilnadu, India |
|
|
|
|
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 |
|
500000 |
Equity Shares |
Rs. 100/- each |
Rs. 50.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
405000 |
Equity Shares |
Rs. 100/- each |
Rs. 40.500 Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
40.500 |
8.500 |
8.500 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
393.747 |
306.333 |
206.329 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
434.247 |
314.833 |
214.829 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
806.983 |
589.765 |
486.706 |
|
|
2] Unsecured Loans |
18.040 |
14.748 |
10.565 |
|
|
TOTAL BORROWING |
825.023 |
604.513 |
497.271 |
|
|
DEFERRED TAX LIABILITIES |
100.185 |
79.433 |
68.360 |
|
|
|
|
|
|
|
|
TOTAL |
1359.455 |
998.779 |
780.460 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
1056.146 |
747.715 |
638.473 |
|
|
Capital work-in-progress |
0.000 |
16.438 |
55.630 |
|
|
|
|
|
|
|
|
INVESTMENT |
1.940 |
1.940 |
1.940 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
280.195
|
200.459 |
179.348 |
|
|
Sundry Debtors |
301.827
|
216.259 |
164.141 |
|
|
Cash & Bank Balances |
59.536
|
23.223 |
51.241 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
199.692
|
80.620 |
71.058 |
|
Total
Current Assets |
841.250
|
520.561 |
465.788 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
469.047
|
262.495 |
370.621 |
|
|
Provisions |
70.834
|
25.380 |
10.750 |
|
Total
Current Liabilities |
539.881
|
287.875 |
381.371 |
|
|
Net Current Assets |
301.369
|
232.686 |
84.417 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
1359.455 |
998.779 |
780.460 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
Sales Turnover |
1505.114 |
1145.176 |
810.040 |
|
|
Other Income |
0.000 |
0.000 |
0.000 |
|
|
Total Income |
1505.114 |
1145.176 |
810.040 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
NA |
136.457 |
114.660 |
|
|
Provision for Taxation |
NA |
0.000 |
0.000 |
|
|
Profit/(Loss) After Tax |
110.768 |
136.457 |
114.660 |
|
|
|
|
|
|
|
|
Export Value |
969.471 |
741.152 |
564.404 |
|
|
|
|
|
|
|
|
Total Imports |
238.790 |
116.564 |
306.751 |
|
|
|
|
|
|
|
|
Expenditures : |
|
|
|
|
|
|
Interest |
NA |
47.766 |
26.459 |
|
|
Depreciation & Amortization |
NA |
58.632 |
45.789 |
|
|
Other Expenditure |
NA |
902.321 |
614.131 |
|
Total Expenditure |
NA |
1008.719 |
686.379 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
7.35
|
11.92 |
14.15 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
NA
|
11.92 |
14.15 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
NA
|
10.75 |
9.89 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
NA
|
0.43 |
0.53 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
3.14
|
2.83 |
4.09 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.55
|
1.81 |
1.22 |
LOCAL AGENCY
FURTHER INFORMATION
FORM 8:-
|
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. |
|
Corporation identity number or foreign company registrations number of
the company |
U28991TZ1986PTC001816 |
|
Name of the company |
CRAFTSMAN
AUTOMATION PRIVATE LIMITED |
|
Address |
15
LML Colony P N Palayam Coimbatore – 641 037, Tamil Nadu,. India |
|
This Form is for |
Modification of charge |
|
Type of Charges |
Others |
|
Particular of the charge holder
|
State Bank of India Address: Commercial Branch, Coimbatore –641 018, Tamil Nadu, India Email ID: sbi.07536@sbi.co.in
|
|
Amount Secure by the charge |
Rs. 130.000 millions |
|
Brief of the principal terms and conditions and extent and operation
of the charge |
Modification to extend Pari passu first charge over the entire current
asset of the company between IB, IDBI, SBI and Exim in respect of the working
capital facilities granted by them. |
|
Description of the property charge whether it is a charge on |
Others |
|
Particulars of the Property charged
|
Memorandum of Pari passu agreement dated 02.06.2006 between IB, IDBI,
SBI and Exim in respect of the working capital facilities granted by them. |
|
Particulars of the present modification |
Modification to extend the on Pari passu first charge over the entire
current assets of the company Rs. 130.000 millions dated 02.06.2006 |
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. 39.94 |
|
UK Pound |
1 |
Rs. 78.81 |
|
Euro |
1 |
Rs. 63.05 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
8 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
9 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
8 |
|
--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 |
|
72 |
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 |
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