MIRA INFORM REPORT
|
Report Date : |
06.06.2011 |
IDENTIFICATION DETAILS
|
Name : |
CAST CRAFT PRIVATE LIMITED |
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|
|
Registered
Office : |
No.49, Industrial Suburb, Yeshwanthpur, Bangalore – 560022, Karnataka |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
28.01.2003 |
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|
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|
Com. Reg. No.: |
031515 |
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|
|
Capital Investment
/ Paid-up Capital : |
Rs.19.606
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U27106KA2003PTC031515 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
BLRC05510B |
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|
PAN No.: [Permanent Account No.] |
AACCC0851E |
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|
Legal Form : |
Private Limited Liability Company. |
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Line of Business
: |
Manufacturers of Actuators and Special Purpose Machines. |
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|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (30) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 130000 |
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|
Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established profitability of the company appears to be
low. However, trade relations are report ed as fair. Business is active.
Payments are reported to be slow but correct. The company can be considered for business dealings with some
caution. |
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 – April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
|
|
A1 |
A1 |
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|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered Office : |
No.49, Industrial Suburb, Yeshwanthpur, Bangalore – 560022, Karnataka,
India |
|
Tel. No.: |
91-80-23578255/ 22221493 |
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Fax No.: |
91-80-41276257 |
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E-Mail : |
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Website : |
DIRECTORS
(AS ON 30.09.2010)
|
Name : |
Mr. Sanjeev Suresh Nadkarni |
|
Designation : |
Director |
|
Address : |
Ayodhya, 211/2p, Road 7/F, Kalyaninagar, Pune – 411006, Maharashtra,
India |
|
Date of Birth/Age : |
11.12.1965 |
|
Date of Appointment : |
28.01.2003 |
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|
|
|
Name : |
Mr. Kudarikoti S. Swami |
|
Designation : |
Director |
|
Address : |
Sai Nivas, No.16, 2nd Cross,
RMV Extension, Bangalore – 560080, Karnataka, India c |
|
Date of Birth/Age : |
02.06.1968 |
|
Date of Appointment : |
18.01.2006 |
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|
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|
Name : |
Mr. Sridhar Balaram |
|
Designation : |
Director |
|
Address : |
No.40, 20th Main Road, 2nd Block, Rajajinagar –
560010, Karnataka, India |
|
Date of Birth/Age : |
24.02.1969 |
|
Date of Appointment : |
28.01.2003 |
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|
|
|
Name : |
Mr. Govindan Venkatesan |
|
Designation : |
Director |
|
Address : |
No.403, Raheja Arbor, 15, St. Johns Road, Bangalore – 560042, Karnataka, India |
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Date of Birth/Age : |
27.11.1968 |
|
Date of Appointment : |
28.04.2004 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(AS ON 30.09.2010)
|
Names of Shareholders |
|
No. of Shares |
|
|
|
|
|
Sridhar Balaram |
|
131257 |
|
Sanjeev Suresh Nadkarni |
|
18004 |
|
Kudarikoti S. Swami |
|
26436 |
|
Govindan Venkatesan |
|
20358 |
|
|
|
|
|
Total |
|
196055 |
(AS ON 30.09.2010)
|
Category |
|
Percentage |
|
|
|
|
|
Directors or relatives of directors |
|
100.00 |
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|
|
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Total
|
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturers of Actuators and Special Purpose Machines. |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
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|
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Bankers : |
· Axis Bank Limited M G Road Branch, 'Esquire Centre', No.9, M G Road,
Bangalore - 560001, Karnataka, India |
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Banking
Relations : |
-- |
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Auditors : |
|
|
Name : |
Balkrishna and Company Chartered Accountant |
|
Address : |
No.97/3-2, 13th Cross, 8th Main, Wilson Garden,
Bangalore – 560030, Karnataka, India |
CAPITAL STRUCTURE
(AS ON 31.03.2010)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
200000 |
Equity Share |
Rs.100/- each |
Rs.20.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
196055 |
Equity Share |
Rs.100/- each |
Rs.19.606 Millions
|
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
19.606 |
19.606 |
18.719 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
12.030 |
6.934 |
2.569 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
31.636 |
26.540 |
21.288 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
29.579 |
26.422 |
2.500 |
|
|
2] Unsecured Loans |
0.000 |
0.400 |
1.437 |
|
|
TOTAL BORROWING |
29.579 |
26.822 |
3.937 |
|
|
DEFERRED TAX LIABILITIES |
1.277 |
0.844 |
0.287 |
|
|
|
|
|
|
|
|
TOTAL |
62.492 |
54.206 |
25.512 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
25.328 |
26.390 |
16.061 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
2.744 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
21.074
|
9.619 |
7.038 |
|
|
Sundry Debtors |
12.228
|
29.498 |
1.450 |
|
|
Cash & Bank Balances |
0.654
|
0.249 |
1.189 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
18.319
|
4.411 |
2.854 |
|
Total
Current Assets |
52.275
|
43.777 |
12.531 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditor |
15.585
|
14.245 |
2.077 |
|
|
Other Current Liabilities |
0
|
0 |
0.407 |
|
|
Provisions |
2.370
|
1.833 |
0.742 |
|
Total
Current Liabilities |
17.955
|
16.078 |
3.226 |
|
|
Net Current Assets |
34.320
|
27.699 |
9.305 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.100 |
0.117 |
0.146 |
|
|
|
|
|
|
|
|
TOTAL |
62.492 |
54.206 |
25.512 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
95.788 |
75.694 |
26.643 |
|
|
|
Other Income |
1.477 |
0.040 |
0.483 |
|
|
|
TOTAL (A) |
97.265 |
75.734 |
27.126 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Materials |
38.573 |
33.793 |
6.992 |
|
|
|
Salary and Other Operating Expenses |
45.047 |
30.784 |
15.438 |
|
|
|
TOTAL (B) |
83.620 |
64.577 |
22.430 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
13.645 |
11.157 |
4.696 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
3.596 |
1.762 |
0.385 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
10.049 |
9.395 |
4.311 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
2.335 |
2.822 |
2.534 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE TAX
(E-F) (G) |
7.714 |
6.573 |
1.777 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
2.619 |
2.208 |
0.851 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
5.095 |
4.365 |
0.926 |
|
|
|
|
|
|
|
|
|
|
Export Value |
88.253 |
65.490 |
8.053 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
25.99 |
22.26 |
4.95 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
5.24
|
5.76 |
3.41 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
8.05
|
8.68 |
6.67 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
9.94
|
9.37 |
6.22 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.24
|
0.25 |
0.08 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.50
|
1.62 |
0.34 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.91
|
2.72 |
3.88 |
LOCAL AGENCY FURTHER INFORMATION
NOTE:
The Registered Office of the company has been shifted from No.148/A,
Industrial suburb, 1st Stage, Yeshwanthapur, Bangalore, Karnataka,
India, to the present address w.e.f. 20.12.2006
FORM 8:
|
Corporate
identity number of the company |
U27106KA2003PTC031515 |
|
Name of the
company |
Cast Craft
Private Limited |
|
Address of the
registered office or of the principal place of business in |
No. 49,
Industrial Suburb, Yeashwanthpur, Bangalore – 560022, Karnataka, India |
|
This form is for |
Modification of charge |
|
Type of charge |
Book debts Movable property (not being pledge) Floating charge |
|
Particular of
charge holder |
Axis Bank Limited M G Road Branch,
'Esquire Centre', No.9, M G
Road, Bangalore – 560001,
Karnataka, India |
|
Nature of
instrument creating charge |
Amendment Cum
Link Agreement |
|
Date of
instrument Creating the charge |
28.03.2011 |
|
Amount secured by
the charge |
Rs.52.000
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest: CC - BR+ 5.25% p.a.
ie., 14% p.a.; EPC/FBN/FBD: Up to 180 days - BR+ 3.25% p.a. i.e., 12% p.a.;
Beyond 180 days - BR+ 7.75% p.a. i.e., 16.50% p.a.; TL I and II - BR+ 6.25%
p.a.at Presently15% p.a. Terms of
repayment: Cash Credit -
Running account repayable on demand Other limits - as
per existing/sanction terms Margin: As per bank norms Extent and operation of the charge The charge shall
operate to the extent of entire loan amount plus interest, commission, costs,
expenses and other charges thereon. Others: The said amount
of Rs.52.000 Millions comprises CC Rs.25.000 Millions (EPC/FBN/FBD as a sub
limit of cash credit Rs.25.000 Millions) and TL I of Rs.15.000 Millions; TL
II of Rs.12.000 Millions. |
|
Particulars of
the property charged |
Hypothecation by way
of first charge on entire Current assets and Fixed assets of the company
including stocks of raw materials, semi finished goods, finished goods, book
debts, plant, machinery, and
other movables, present and future Stored/ installed at No.49, Industrial
Suburb, Yeshwanthpur, Bangalore - 560022 or at any other place. |
|
Particulars of
the present modification |
By the above, the
charge amount is renewed aggregating at Rs.52.000 Millions and the basis of
charging interest is changed from Prime Lending Rate Method to Base Rate
concept. (All other terms,
condition and securities remain unchanged) |
FIXED ASSETS
· Plant and Machinery
· Furniture and Fixture
· Computers
WEBSITE DETAILS:
PROFILE:
Subject is an ISO 9001: 2000 company with a concept visional
towards ‘Value Added Solutions’. It is a fully integrated machining cum
assembly enterprise with a business focus centered on value addition in the
ferrous and non-ferrous segment. They also believe in developing vendors
through extensive networking adhering to the predefined quality standards.
Located at Yeshwanthpur, the Industrial epicenter of
Bangalore, India, Cast Craft enjoys convenient logistical support. The facility
has a covered floor area of 12,000 sq. feet.
Company specializes in the areas of precision machining,
assemblies / sub-assemblies and development of high profile components. This
focus has been developed through an extensive project plan with inputs gathered
from numerous international trade fairs, seminars and advisory from
techno-commercial experts in the field.
Company has equipped itself with the state of the art
machinery and skilled resources to meet the industry requirements. They at
company believe in interacting and working with the clients closely to
understand their need. Hence it is the endeavor to offer customised solutions
to optimize and enhance one’s operational efficiency.
SERVICES
Precision machining of Castings, Forgings, Bars and Fabricated
products coupled with heat treatment, grinding, honing, hard chromium/Nikel
plating operations based on product requirements.
New product development on a turn key basis.
Product sourcing in fully machined, sub-assembled, ready to
assemble condition.
TEAM
Mr. S. Balaram
Industrialist/ Managing Director of Galvano Castings Private
Limited, an ISO 9001-2000 Company, with over 15 years of experience in the
Foundry and Machine Tool Industry. Sridhar’s professional strengths include
extensive International Market exposure in Ferrous and Non-Ferrous metals,
Product/Vendor development.
Mr. G. Venkatesan
An Electrical and Electronics Engineer from PSG College of
Technology, Coimbatore with Post graduation in Business Management. Venkatesan
has 12 years of Industry Experience in the areas of Procurement, Commodity
Marketing, Finance, Logistics and Supply Chain Management. Venkatesan has
worked for 7 years with ITC Limited, the Indian Arm of BAT Industries, UK. ITC
Limited is one of India’s top 10 Business Concerns.
Mr. K. S. Swami
A Business Management graduate with more than 12 years of
experience in the Banking and Finance industry. His expertise lies in Costing
models, Credit risk management and HR. Swami oversees all commercial and
purchase decisions of Cast Craft.
Mr. Sanjeev Nadkarni
A Business Management Professional with more than 12 years
of experience in Information Technology, Financial Services, with strong
Entrepreneurial abilities. Sanjeev is the CEO of Sahir Projects, a Software Services
Company servicing clients in the North American Process Control Industry.
Sanjeev is also a director in Kaynet Finance, a leading Stock Broking /
Financial Services company in Pune, India.
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.44.85 |
|
|
1 |
Rs.73.29 |
|
Euro |
1 |
Rs.64.89 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
2 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
30 |
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.