MIRA INFORM REPORT

 

 

Report Date :

16.05.2011

 

IDENTIFICATION DETAILS

 

Name :

KATEEL ENGINEERING INDUSTRY PRIVATE LIMITED

 

 

Registered Office :

19/20, R. Bhadrappa Estate, Magadi Main Road, Kamakshipalya, Bangalore-560079, Karnataka

 

 

Country :

India

 

 

Financials (as on) :

31.03.2010

 

 

Date of Incorporation :

12.11.1983

 

 

Com. Reg. No.:

08 - 005677

 

 

Capital Investment / Paid-up Capital :

Rs. 0.510 Million

 

 

CIN No.:

[Company Identification No.]

U74200KA1983PTC005677

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

BLRK05331E/ BLRK01292E/ BLRK00885D

 

 

PAN No.:

[Permanent Account No.]

AAACK67530

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Manufacturer and Exporter of Critical Engineering Equipments.

 

 

No. of Employees :

60 (Approximately)

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba (45)

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Maximum Credit Limit :

USD 87000

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Usually Correct

 

 

Litigation :

Clear

 

 

Comments :

Subject is an established company having satisfactory track. Trade relations are fair. Business is active. Payments are reported to be usually correct and as per commitments.

 

The company can be considered normal for business dealings at usual trade terms and conditions.

 

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 – June 30, 2010

 

Country Name

Previous Rating

(01.04.2010)

Current Rating

(30.06.2010)

India

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

INFORMATION PARTED BY

 

Name :

Mr. Halatpa

Designation :

Marketing Manager

Contact No.:

91-9342134356

Date :

14.05.2011

 

 

LOCATIONS

 

Registered Office :

19/20, R. Bhadrappa Estate, Magadi Main Road, Kamakshipalya, Bangalore-560079, Karnataka, India

Tel. No.:

91-80-23481305

Mobile No.:

91-9342134356 ( Mr. Halatpa)

Fax No.:

91-80-23218044

E-Mail :

laptopdsc@Yahoo.Co.In

kei@Gmail.Com

Website :

www.kateel.com

Location :

Owned

 

 

Factory  :

223, 80 Feet Outer Ring Road, Nagarbhavi, 6th Block, 2nd Stage, Bangalore – 560072, Karnataka, India

Tel. No.:

91-80-23484179/ 23210850/ 23481305/ 23484179

Fax No.:

91-80-23481305/ 23218044

E-Mail :

info@kateel.com

 

 

DIRECTORS

As on 30.09.2010

 

Name :

Mr. Kalalu  Narayana Bhat Shankar

Designation :

Director

Qualification :

BE

Date of Appointment :

12.11.1983

DIN No.:

01841828

 

 

Name :

Mr. Chakrakodi  Mahalingeshwara Shastri

Designation :

Director

Qualification :

BE

Date of Appointment :

12.11.1983

DIN No.:

01841841

 

 

Name :

Mr. Hiremagalur Venkatadri  Ramaswamy

Designation :

Director

Qualification :

BE

Date of Appointment :

12.11.1983

DIN No.:

01841852

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2010

 

Names of Shareholders

No. of Shares

Percentage of Holding

Kalalu  Narayana Bhat Shankar

 

1700

Chakrakodi  Mahalingeshwara Shastri

 

1700

Hiremagalur Venkatadri  Ramaswamy

 

1700

Total

 

5100

 

 

As on 30.09.2010

Equity Share Break up (Percentage of Total Equity)

 

Category

Percentage

Directors or relatives of Directors

100.00

Total

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer and Exporter of Critical Engineering Equipments.

 

 

Products :
  • Disc Breaks
  • Drum Brakes
  • Thrusters
  • Gear Boxes
  • Hydraulic Units
  • Valves

Exports :

 

Products :

Critical Engineering.

Countries :

Malaysia

 

 

Terms :

 

Selling :

L/C and Credit (30 Days)

 

 

Purchasing :

L/C and Credit (30 Days)

 

 

GENERAL INFORMATION

 

Customers :

Retailers and OEM’s

 

  • Larsen and Toubro Limited
  • Port of Chennai
  • Elecon Engineering Company Limited
  • Paradip Port Trust
  • Tata Steel
  • MACMET
  • Rollfom Equipments
  • Assomac Machines Limited
  • APAR
  • ACL
  • Brunton-Wolf
  • Finolex
  • Kay Kay Ind. Corp
  • KEI Wires and Cables
  • MPI Group
  • Neihoff
  • Polycab
  • SPG Cables Limitd
  • Sterlite
  • Supermac
  • Usha Martin
  • Virjay Profiles Limited
  • V Weld Equipment
  • Ambuja Cement
  • Deccan Cements Limited
  • ACC

 

 

No. of Employees :

60 (Approximately)

 

 

Bankers :

v      Syndicate Bank, Muniswamappa Building, Bazar St; Yeshwathpur, Bangalore – 560022, Karnataka, India

v      Kotak Mahindra, Bangalore, India

 

 

Facilities :

Secured Loan

As on

31.03.2010

(Rs. in

Millions)

As on

31.03.2009

(Rs. in

Millions)

Syndicate Bank

 

 

Cash Credit

(Against Hypothecation of stocks of Raw Materials, Semi finished and Finished Goods)

4.804

6.266

Term Loan

(Against Hypothecation of Machineries)

3.584

4.470

Total

8.388

10.736

Un Secured Loan

As on

31.03.2010

(Rs. in

Millions)

As on

31.03.2009

(Rs. in

Millions)

Kotak Mahindra, Bangalore

 

 

Car Loan

0.349

1.280

Total

0.349

1.280

 

 

 

Banking Relations :

--

 

 

Auditors :

 

Name :

Raja Gopal and Badri Narayann

Chartered Accountant

Address :

No.25, Padmashree Mansions, 2nd Floor, I Cross, Sampige Road, Malleswaram, Bangalore – 560003, Karnataka, India

Tel. No.:

91-80-23440987/ 23310811/ 23313911

Mobile No.:

 

Fax No.:

91-80-23313666

E-Mail :

rajgobadri@dataone.in

PAN.:

AACFR5386A

 

 

CAPITAL STRUCTURE

As on 31.03.2010

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

10000

Equity Shares

Rs.100/- each

Rs. 1.000 Million

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

5100

Equity Shares

Rs.100/- each

Rs. 0.510 Million

 

Note:

 

5100 Equity Shares of Rs. 100/- each fully paid (Advance towards share capital – 0.044 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

0.510

0.510

0.510

2] Share Application Money

0.044

0.044

0.044

3] Reserves & Surplus

21.256

20.033

16.099

4] (Accumulated Losses)

0.000

0.000

0.000

NETWORTH

21.810

20.587

16.653

LOAN FUNDS

 

 

 

1] Secured Loans

8.388

10.736

0.550

2] Unsecured Loans

0.349

1.280

0.000

TOTAL BORROWING

8.737

12.016

0.550

DEFERRED TAX LIABILITIES

0.000

0.000

0.000

 

 

 

 

TOTAL

30.547

32.603

17.203

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

8.877

9.410

7.386

Capital work-in-progress

0.000

0.000

0.000

 

 

 

 

INVESTMENT

0.000

0.000

0.001

DEFERREX TAX ASSETS

0.669

0.588

0.282

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
9.655

9.265

4.992

 

Sundry Debtors
8.925

10.372

7.686

 

Cash & Bank Balances
3.757

3.365

5.074

 

Other Current Assets
0.000

0.000

0.000

 

Loans & Advances
5.142

4.779

8.002

Total Current Assets
27.479

27.781

25.754

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

 

Sundry Creditors
5.480

4.703

10.823

 

Other Current Liabilities
0.000

0.000

0.000

 

Provisions
0.998

0.473

5.397

Total Current Liabilities
6.478

5.176

16.220

Net Current Assets
21.001

22.605

9.534

 

 

 

 

MISCELLANEOUS EXPENSES

0.000

0.000

0.000

 

 

 

 

TOTAL

30.547

32.603

17.203

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2010

31.03.2009

31.03.2008

 

SALES

 

 

 

 

 

Income (Gross Sales)

62.073

57.109

84.457

 

 

Other Income

0.000

0.000

0.000

 

 

TOTAL                                    

NA

NA

NA

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

Office Expenses

 

 

 

 

Administrative Expenses

 

 

 

 

 

Advertising Expenses

 

 

 

 

 

TOTAL                                    

NA

NA

NA

 

 

 

 

 

 

PROFIT BEFORE TAX              

1.832

1.402

3.516

 

 

 

 

 

Less

TAX                                                                 

0.609

0.483

1.601

 

 

 

 

 

 

PROFIT AFTER TAX                            

1.223

0.919

1.915

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

 

 

 

 

 

Exports of goods (FOB)

1.603

1.544

2.008

 

TOTAL EARNINGS

1.603

3.147

3.552

 

 

 

 

 

 

IMPORTS

 

 

 

 

 

Raw Materials

1.510

5.939

10.613

 

TOTAL IMPORTS

1.510

5.939

10.613

 

 

 

 

 

 

Earnings Per Share (Rs.)

NA

NA

NA

 

Expected Sales (2010-11) : Rs. 70.000 Millions

 

Expected Sales (2011-12) : Rs. 80.000 Millions

 

The above information has been parted by Mr. Halatpa

 

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2010

31.03.2009

31.03.2008

PAT / Total Income

(%)
NA

NA

NA

 

 
 

 

 

Net Profit Margin

(PBT/Sales) (Gross Sales)

(%)
2.95

2.45

4.16

 

 
 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)
5.04

3.80

10.61

 

 
 

 

 

Return on Investment (ROI)

(PBT/Networth)

 
0.08

0.07

0.21

 

 
 

 

 

Debt Equity Ratio

(Total Liability/Networth)

 
0.70

0.83

1.58

 

 
 

 

 

Current Ratio

(Current Asset/Current Liability)

 
4.24

5.37

1.59

 

 

LOCAL AGENCY FURTHER INFORMATION

 

Financial Results:

 

During the Year, the company made of profit Rs. 1.832 Millions after providing depreciation of Rs.1.569 Millions the by making cash profits of Rs. 3.401 Millions. The company has provided Rs. 0.627 Millions towards provision for taxation.

 

Their Directors do not recommend any dividend since company is poised to expand its activity to enhance its performance further

 

 

Contingent Liabilities:

 

Particulars

As on

31.03.2010

(Rs. in

Millions

As on

31.03.2009

(Rs. in

Millions

Bank Guarantees

3.000

2.000

Total

3.000

2.000

 

 

 

 

 

Form 8:

 

Corporate identity number of the company

U74200KA1983PTC005677

Name of the company

KATEEL ENGINEERING INDUSTRY PRIVATE LIMITED

Address of the registered office or of the principal place of  business in India of the company

19/20, R. Bhadrappa Estate, Magadi Main Road, Kamakshipalya, Bangalore-560079, Karnataka, India

This form is for

Modification of charge

Charge identification (ID) number of the charge to be modified

10072692

Type of charge

Immovable Property

Book Debts

Movable Property

Floating Charge

Particular of charge holder

Syndicate Bank, Muniswamappa Building, Bazar St; Yeshwathpur, Bangalore – 560022, Karnataka, India

Nature of instrument creating charge

Composite Hypothecation Agreement.

Confirmation of Creation of Second/ Subsequent Equitable Mortgage.

 

(Both the above pertain to the same charge)

Date of instrument Creating the charge

08.05.2010

Amount secured by the charge

Rs. 12.500 Millions

Brief of the principal terms an conditions and extent and operation of the charge

Rate of Interest

12% p. a Subject to revision from time to time.

 

Terms of Repayment

SOD - Running account repayable on demand

Other limits as per existing/sanction terms

 

Margin

SOD ; 25%

BG ; 25% Cash Margin

DBD/CDD; As per the Bank Norms.

 

Extent and Operation of the charge

The charge shall operate to the extent of entire loan amount plus interest, cost, commission, expenses and other charges if any thereon.

 

Others

The said amount of Rs. 12.500 Millions comprises of SOD; Rs. 9.500 Millions, BG; Rs. 2.000 Millions ( both continued at the existing level) and DBD/ CDD Rs. 1.000 Millions now sanctioned.

Short particulars of the property or asset(s) charged (including complete address and location of the property)
  • First charge by way of (a) hypothecation of stocks of raw materials, finished & unfinished goods & Plant, Machinery, Fixtures, Machinery, Furniture, book debts & other movables both
  • present and future stored / installed at No.223  80 ft., Outer Ring Road, Nagarbhavi, 6th Block,2nd Stage, Bangalore-560072 or at any other place and
  • (b) Equitable Mortgage of all that piece and parcel of Industrial shed building constructed on site No.A-44 (a) situate at Kumbalgod Industrial Estate including front and side open space and additional
  • land allotted in the northern side of the land, open space, etc., morefully described at Schedule A of the Equitable mortgage letter

Date of instrument modifying the charge

27.03.2008

Particulars of the present modification

By the above the charge amount stands enhanced from Rs. 11.500 Millions to Rs. 12.500 Millions

 

(All other terms & conditions remains unchanged)

 

 

Fixed Assets:

 

v      Building

v      Plant and Machinery

v      Tools and accessories

v      Electrical Installation

v      Furniture and Fixtures

v      Office Equipment

v      Computer and Peripharals

v      Vehicles

 

 

Web Details:

 

Profile:

 

Subject was founded in 1984 with a vision of being a high quality supplier of critical engineering components. Their vision is matched by their determination and dedication to exceed customer expectations in the levels of service and product quality. Since 2002, our quality management system for the design, manufacture and supply of braking systems has been assessed and approved to be in compliance with ISO 9001:2000.

 

Their products are exported to Europe and Australia

 

The wide range of our products finds special industrial use in the following areas:

 

  • Steel Mills
  • Wind Turbines
  • Material Handling
  • Textile Machinery
  • Earth-moving equipment

 

and pretty much any industrial application that involves stopping or starting of machinery

 

 

 

 

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.44.91

UK Pound

1

Rs.73.05

Euro

1

Rs.64.03

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

5

PAID-UP CAPITAL

1~10

5

OPERATING SCALE

1~10

5

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

5

--PROFITABILIRY

1~10

5

--LIQUIDITY

1~10

5

--LEVERAGE

1~10

5

--RESERVES

1~10

5

--CREDIT LINES

1~10

5

--MARGINS

-5~5

--

DEMERIT POINTS

 

 

--BANK CHARGES

YES/NO

NO

--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

NO

--LISTED

YES/NO

NO

--OTHER MERIT FACTORS

YES/NO

YES

TOTAL

 

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

 

 

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

-

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.