MIRA
INFORM REPORT
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Report Date : |
05.04.2007 |
IDENTIFICATION
DETAILS
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Name : |
MAITHAN CERAMIC LIMITED |
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Registered Office : |
3F, East India House, 20, British Indian Street, Kolkata –
700 068, West Bengal |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
06.02.1963 |
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Com. Reg. No.: |
21-25751 |
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CIN No.: [Company
Identification No.] |
U26919WB1963PTC025751 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CALM00214E |
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PAN No.: [Permanent
Account No.] |
AABCM7759A |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
The company is engaged in manufacturing of refractory bricks,
blocks tiles and similar refractory ceramic constructional goods such as more
specially high alumina refractory up to 90% alumina, basic refractory
including magnesi castable and director branded refractory, insulating
refractory up to 95% alumina purity and in low iron quality, high alumina and
basic castable, ramming masses and gunning mixes, high alumina pourcing
refractory and pre cast pre fired shape. |
RATING &
COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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/normal. |
Small |
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Maximum Credit Limit : |
USD 1000000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow by average of 30 days |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. Directors are reported as experienced, respectable and having satisfactory means of their own. Their trade relations are fair. Profit margin is very low. Payments are reported as slow and delayed. The company can be considered for small to mediocre business
dealings at usual trade terms and conditions. |
LOCATIONS
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Registered Office : |
3F, East India House, 20, British Indian Street, Kolkata –
700 068, West Bengal, India |
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Tel. No.: |
91–33– 22430759/7560/7561/2483998/0585/0759/0760/ 0761 |
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Fax No.: |
91–33–243 0585/243 0565 |
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E-Mail : |
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Website : |
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Area : |
2600 Sq. ft - Owned |
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Location : |
Commercial |
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Factory 1 : |
Post Chirkunda, Dhanbad – 828 202, Jharkhand |
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Tel. No.: |
91-33-22430759/ 22430760/ 22430761 |
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Fax No.: |
91-33-22430585 |
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E-Mail : |
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Area : |
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Location : |
Owned |
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Head Office/ Factory/ Warehouse : |
Chirkunda- 828202, Jharkhand, Distric Dhanbad. |
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Tel. No.: |
91-6540-293344-47/3005 |
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Fax No.: |
91-6540-292191 |
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E-Mail : |
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Website : |
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Area : |
Owned |
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Location : |
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Marketing Office (South India) : |
T-4, Mangalam Chambers, 25 KH Double Road, Bangalore-560027, India |
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Tel. No.: |
91-80-22993758 |
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Fax No.: |
91-80-22121087 |
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Email : |
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Zonal Marketing Agencies : |
Thermo Technologies
Private Limited (Northern India) Address : M165, Shastri Nagar,.Delhi
110 052, India Tel. No.:91 11
2365 5608, 2364 6078, 2364 3538 Fax :91 11 2365
6077 Contact Person :
Mr. Deepak Kaul Western Ceramet
(Western India) Address : 4, Ganesh
Kripa, Near Gurukul Society, Panchpakhdi, Tel. No.: 91 22
2534 9544, 2541 6148 Fax : 91 22 2541
6148 Contact Person :
Mr. PB Godbole GV Incorporate
(Central India) Address : F202
Jagat Plaza, 2nd Floor, Law College Square, Tel. No.: 91 712
2532964, 2537101 Fax : 91 712
2536482 Contact Person :
Mr. Sukesh Gandhi Sanro
Refractories & Minerals (Western India) Address : 6,
Saraswati Society, New Kesanbagh, Vasna Road, Tel. No.: 91 265
2253206, 2253279 Fax : 91 265
2253279 Contact Person : Mr. Vinod Mendiratta |
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Branches : |
Located at : v CL-5, Basanti Colony, Rourkela – 769 011, Orissa v Qr. # M-89, M. P. Housing Board, Padamnabipur, District Durg, Madhya Pradesh v Door # 59-4-75, Munseet Street, Malkapuram, Vishakhapatnam – 530 031, Andhra Pradesh v 307, Laxmi Plaza, Laxmi Industrial Estate, New link Road, Andheri (West), Mumbai-400053 o Tel No. : 91-22-56952793/56952429 o Mobile No.: 91-9821070896 o Fax No. : 91-22-56952428 v Email
: maithan@vsnl.net |
DIRECTORS
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Name : |
Mr. Basant Kumar Agarwalla |
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Designation : |
Chairman |
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Address : |
2C, Mangalam, 35, Ahiri Pukur Road, Kolkata-700019, West Bengal |
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Date of Birth/Age : |
06.02.1946 |
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Date of Appointment : |
01.01.1970 |
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Name : |
Mr. Jagdish Prasad Agarwalla |
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Designation : |
Managing Director |
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Address : |
2C, Mangalam, 35, Ahiri Pukur Road, Kolkata-700019, West Bengal |
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Date of Birth/Age : |
10.04.1947 |
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Qualification : |
B.Com |
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Date of Appointment : |
10.01.1999 |
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Other Directorship: |
v Maithan Alloys Limited v Maithan Coal Company Private Limited v Mangalam Construction Limited v Shreenathji Ispat Limited |
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Name : |
Mr. Binod Kumar Agarwalla |
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Designation : |
Director |
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Address : |
2C, Mangalam, 35, Ahiri Pukur Road, Kolkata-700019, West Bengal |
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Date of Birth/Age : |
02.09.1956 |
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Date of Appointment : |
01.01.1999 |
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Name : |
Mr. Amit Kumar Agarwalla |
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Designation : |
Director |
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Address : |
2C, Mangalam, 35, Ahiri Pukur Road, Kolkata-700019, West Bengal |
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Date of Birth/Age : |
27.08.1971 |
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Date of Appointment : |
04.05.1994 |
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Name : |
Mr. Vishal Agarwalla |
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Designation : |
Director |
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Address : |
2C, Mangalam, 35, Ahiri Pukur Road, Kolkata-700019, West Bengal |
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Date of Birth/Age : |
16.09.1971 |
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Date of Appointment : |
04.05.1994 |
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Name : |
Mr. Aditya Agarwalla |
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Designation : |
Director |
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Address : |
2C, Mangalam, 35, Ahiri Pukur Road, Kolkata-700019, West Bengal |
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Date of Birth/Age : |
28.12.1974 |
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Date of Appointment : |
01.08.2003 |
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Name : |
Mr. Anil Kumar Agarwalla |
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Designation : |
Wholetime Director |
KEY EXECUTIVES
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Name : |
Mr. Basant Kumar Agarwalla |
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Designation : |
Chief Executive Officer |
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Address : |
Post Chirkunda –828202, District Dhanbad. |
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Date of Birth/Age : |
06.02.1946 |
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Qualification : |
B.Sc. |
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Experience : |
38 years |
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Other Directorship: |
v Maithan Alloys Limited v Maithan Coal Company Private Limited v Mangalam Construction Limited v Shreenathji Ispat Limited v Trimurti Ispat Limited |
MAJOR SHAREHOLDERS
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Names of Shareholders |
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No. of Shares |
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Mr. Rajendra Prasad Agarwalla |
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7200 |
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Mr. Kishanlal Agarwalla |
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6600 |
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Mrs. Chandrawali Debi Agarwalla |
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6600 |
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Mr. Raghunath Agarwalla |
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6600 |
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Mrs. Mani Debi Agarwalla |
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6600 |
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Mr. Basudeo Agarwalla |
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6600 |
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Mrs. Uma Devi Agarwalla |
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6600 |
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Mr. Gajanand Agarwalla |
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6600 |
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Mr. Basant Kumar Agarwalla |
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6600 |
BUSINESS DETAILS
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Line of Business : |
The company is engaged in manufacturing of refractory bricks,
blocks tiles and similar refractory ceramic constructional goods such as more
specially high alumina refractory up to 90% alumina, basic refractory
including magnesia castable and director branded refractory, insulating
refractory up to 95% alumina purity and in low iron quality, high alumina and
basic castable, ramming masses and gunning mixes, high alumina pourcing
refractory and pre cast pre fired shape. |
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Products : |
v Bricks & Shapes Magnesia Carbon v High Alumina Bricks & Shapes v Magnesite Bricks & Shapes v |
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Brand Names : |
“MAITHAN” |
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Agencies Held : |
v Mortex (India), 1-A, East India House, 20, Abdul Hamid Street, Kolkata-700069 v D D Dutta And Sons, 7, Swallow Lane, Room#88, 2nd Floor, Kolkata-700001 v Reftech Services, 718/21, Joshi Road,Karol Bagh, New Delhi-110005 v Western Ceramet, Mumbai v Southern Refrectories And Minerals, 57, Triplicane High Road, Chennai-600005, v Sanro Refractories And Minerals, A/130, Raajlaxmi Complex, Old Padre Raod, Baroda-390015 v Refractory And Mineral, (I), C-50 Preet Vihaar, Vikas Marg, 1st Floor, Delhi-110092. v All Ret (India),# 107, 3rd Main Raod, Industrial Suburbs, Stage Ii, Tumkar Road, Yeshwanthpor, Bangalore-560022. |
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Exports : |
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Countries : |
Bangladesh, Oman and Sri Lanka. |
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Imports : |
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Countries : |
Australia, China, Germany, Ireland and Israel |
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Terms : |
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Selling : |
Cash, Credit and L/C terms. |
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Purchasing : |
Cash, Credit and L/C terms. |
PRODUCTION STATUS
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Particulars |
Unit |
InstalledCapacity |
Actual
Production |
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Refractory Bricks- Pcs |
M/T |
72000 |
8490237 |
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Mortar, Grog and Processed |
M/T |
67500 |
23200 |
GENERAL
INFORMATION
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Customers : |
Wholesalers and Manufacturers v Graphite India Limited v Hindalco Industries Limited v Rashtriya Ispat Nigam Limited v Hindustan National Glass & Industries Limited v Ispat Metallics Limited v Steel Authority of India Limited v Tata Iron & Steel Company Limited v Visheswara Iron and Steel Limited v SPL
Limited |
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No. of Employees : |
150- |
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Bankers : |
v Dena Bank, Asansol Branch, Asansol, West Bengal v Dena Bank, Park Street Branch, Kolkata - 700 016, West Bengal v State
Bank of India, SPL Commercial Branch, Dhanbad |
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Facilities : |
-- |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
A. K. Gutgutia & Company Chartered Accountants |
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Address : |
135-A, Biplabi Rash Behari, Basu Road, Kolkata-700001,
West Bengal |
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Associates/Subsidiaries : |
v Anjanay Ferro Alloys Limited v Maithan Alloys Limited v Maithan Coal Company Private Limited v Maithan Industries Limited v Maithan Minerals Private Limited v Maithan Refractory Private Limited v Mangalam Construction Limited v Shreenathji Ispat Limited v Singhbhum Refractory v Maithan Smelters Limited v Maithan International v Maithan Steel and Power Limited v Ralbrix
Limited |
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Parent Company : |
v Maithan Group Company |
CAPITAL STRUCTURE
Authorised Capital:
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No. of Shares |
Type |
Value |
Amount |
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9000000 |
Equity shares |
Rs. 10 each |
Rs 90.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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8526583 |
Equity shares |
Rs. 10 each |
Rs. 85.266 millions |
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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85.266 |
85.266 |
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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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184.310 |
159.082 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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269.576 |
244.348 |
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LOAN FUNDS |
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1] Secured Loans |
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97.568 |
148.107 |
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2] Unsecured Loans |
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0.305 |
0.505 |
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TOTAL BORROWING |
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97.873 |
148.612 |
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DEFERRED TAX LIABILITIES |
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7.178 |
10.984 |
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TOTAL |
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374.627 |
403.944 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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103.561 |
105.895 |
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Capital work-in-progress |
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0.000 |
7.402 |
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INVESTMENT |
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0.000 |
7.402 |
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DEFERREX TAX ASSETS |
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0.000 |
0.040 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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254.526 |
299.643 |
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Sundry Debtors |
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153.707 |
188.543 |
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Cash & Bank Balances |
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3.424 |
25.994 |
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Other Current Assets |
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0.000 |
0.518 |
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Loans & Advances |
|
41.720 |
48.602 |
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Total
Current Assets |
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453.377 |
563.300 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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154.584 |
226.604 |
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Provisions |
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27.727 |
46.089 |
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Total
Current Liabilities |
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182.311 |
272.693 |
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Net Current Assets |
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271.066 |
290.607 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.000 |
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TOTAL |
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374.627 |
403.944 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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Sales Turnover |
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1057.652 |
1031.418 |
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Total Income |
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1057.652 |
1031.418 |
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Profit/(Loss) After Tax |
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67.490 |
85.277 |
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Expenditures : |
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Interest |
|
7.492 |
10.105 |
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Depreciation & Amortization |
|
20.053 |
20.788 |
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Other Expenditure |
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962.617 |
915.248 |
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Total Expenditure |
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990.162 |
946.141 |
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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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PAT / Total Income |
(%) |
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6.38 |
8.26 |
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Debt Equity Ratio (Total Liability/Networth) |
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|
0.67 |
1.11 |
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Current Ratio (Current Asset/Current Liability) |
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2.48 |
2.06 |
LOCAL AGENCY
FURTHER INFORMATION
Form 8 Particular for creation or modification of charges
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Name of the
company |
Maithan Ceramic
Limited |
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Presented By |
Mr. Jagdish
Prasad Agarwalla |
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1) Date and
description of instrument creating the change |
Original charge
was created on 11.02.2004 on the basis of documents executed by the company
on 15.12.2003 to guarantee advance extended to the company subsequently the charge
extended to the company on 05.08.2004 are as follows : Supplemental
agreement of loan for increase in overall limit C.1A Supplemental
agreement of loan for increase in overall limit –C-1A Supplemental
agreement of hypothecation of goods and assets for increase in the overall
limit C-2A Letter regarding
limits within overall limit C2A Resolution dated
15.07.2004. C-4A |
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2) Amount secured
by the charge/amount owing on the securities of charge |
Rs.245.000
millions for : Cash Credit
Rs.185.000 millions Letter of credit
Rs.110.000 millions Bank Guarantee
Rs.5.000 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 |
The company’s entire
present and future inventory and receivables will be hypothecated to the
bank. First charge over
entire fixed assets of the company present as well as future. Hypothecation of
all movables and immovable assets, book debts and other asserts whether
present or future with restrictions against creation of any further charge
thereon for all the indebtedness and liabilities of the borrower to the bank
present and future. Hypothecation of
all present and future goods, book debts, movables and other assets such as
outstanding money receivables, claims, bills invoices, documents, contracts,
engage3ments, security investments, rights and present machinery’s vehicles
and all future machinery’s and vehicles belonging to or in the possession or
under the control of the borrower wherever in Chirkunda or elsewhere lying,
stored and kept and whether in possession of the borrower or of the bank or
any third party whether in India or elsewhere including all such goods,
movables and other assets as may be
in course of shipment, transit or delivery shall remain charged to the bank. Equitable
mortgage in favour of bank by deposit of title deeds in the company immovable
properties consisting of land, building, fixed plant and machinery, furniture
and fixture. |
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4) Gist of the
terms and conditions and extent and operation of the charge. |
Cash Credit
(Stocks) Margin 25% Cash Credit (Book
Debt) Margin 30% L.C./B.G. Margin
10% The entire
advance as repayable on demand with interest as applicable until the date of
actual repayment. Interest to be applied @ 1.50% above SBAR present effective
rate will be 11.75% the rate of interest mentioned above is subject to charge
a per bank’s/ RBI’s directives from time to time. |
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5) Name and Address
and description of the person entitled to the charge. |
State Bank of
India, Specialized Commercial Branch, Bank More, Dhanabad |
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6) Date and brief description of instrument
modifying the charge |
17.01.2005 Supplemental agreement
of loan for increase in overall limit –C-1A Supplemental
agreement of hypothecation of goods and assets for increase in the overall
limit C-2A Letter regarding
limits within overall limit C-5 Resolution dated
14.01.2005 Confirmation
letter for creation of Equitable mortgage 17.01.2005. |
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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. |
Renewal of the
limit was done under term and condition described in the sanction letter
no.SCB/CM/04-05/500 dated 13.01.2005 and the revised limits were as under :
The entire
advance as repayable on demand with interest as applicable until the date of
actual repayment. |
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Name of the
company |
Maithan Ceramic
Limited |
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Presented By |
Mr. Jagdish
Prasad Agarwalla |
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1) Date and
description of instrument creating the change |
Original charge was
created on 11.02.2004 on the basis of documents executed by the company on
15.12.2003 to guarantee advance extended to the company subsequently the
charge extended to the company on 05.08.2004 are as follows : General agreement
of hypothecation for working capital Pledge letter
with list of machineries charged to the bank. Letter of
undertaking by the company not to create any further charge COC 245 Resolution of
company’s board showing intent to create charge over the assets of the
company including equitable mortgage of land and building. |
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2) Amount secured
by the charge/amount owing on the securities of charge |
Rs.325.000
millions for : Cash Credit
Rs.185.000 millions Letter of credit
Rs.110.000 millions Bank Guarantee Rs.30.000
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 |
The company’s entire
present and future inventory and receivables will be hypothecated to the
bank. First charge over
entire fixed assets of the company present as well as future. Hypothecation of
all movables and immovable assets, book debts and other asserts whether
present or future with restrictions against creation of any further charge
thereon for all the indebtedness and liabilities of the borrower to the bank
present and future. Hypothecation of
all present and future goods, book debts, movables and other assets such as
outstanding money receivables, claims, bills invoices, documents, contracts,
engage3ments, security investments, rights and present machinery’s vehicles
and all future machinery’s and vehicles belonging to or in the possession or
under the control of the borrower whether in Chirkunda or elsewhere lying,
stored and kept and whether in possession of the borrower or of the bank or
any third party whether in India or elsewhere including all such goods,
movables and other assets as may be
in course of shipment, transit or delivery shall remain charged to the bank. Equitable
mortgage in favour of bank by deposit of title deeds in the company immovable
properties consisting of land, building, fixed plant and machinery, furniture
and fixture. |
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4) Gist of the
terms and conditions and extent and operation of the charge. |
Cash Credit
(Stocks) Margin 25% Cash Credit (Book
Debt) Margin 30% L.C./B.G. Margin
10% The entire
advance as repayable on demand with interest as applicable until the date of
actual repayment. Interest to be applied @ 1.50% above SBAR present effective
rate will be 11.75% the rate of interest mentioned above is subject to charge
a per bank’s/ RBI’s directives from time to time. |
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5) Name and
Address and description of the person entitled to the charge. |
State Bank of
India, Specialized Commercial Branch, Bank More, Dhanabad |
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|
6) Date and brief description of instrument
modifying the charge |
05.08.2004 Supplemental
General agreement of hypothecation for working capital Resolution of the
company’s board dated 15.07.2004 showing intent to create charge over the
assets of the company including equitable mortgage of land and building. |
||||||||||
|
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. |
Bank guarantee
limit has been enhanced from Rs.30.000 millions to Rs.50.000 millions and
consequently overall limit will go up from Rs.325.000 millions to Rs.345.000
millions as under :
Margin for the
B/G limit is 10%. The entire advance as repayable on demand with interest as applicable
until the date of actual repayment. |
Basic Refractories
Special Magcarbon
The SPECIAL MAG
CARBON series of resin bonded magnesia carbon bricks is a blend of high crystal
size seawater magnesia, fused magnesia and high purity graphite flakes. These
are suitable for use in the vulnerable areas of EOF, EAF/EBT, VAD/LRF/AOD.
These products outperform others due to their excellent corrosion and oxidation
resistance, resistance to spalling and high hot strength.
Oxidation Resistant Magcarbon
Subject offers the
‘R’ series of magnesia carbon refractories suitable for use in the areas where
the prime criteria for selection is good oxidation resistance. These are manufactured
with the addition of multi-antioxidants and special attention is paid to the
control of particle size. This series is suggested for use in EOF tuyere
surroundings, converter lancing, UHP/EBT/EAF hot spots and slag line, VAD/LRF
slag line and bottom.
Dense Magcarbon
This is an
economical range of products for use in non-vulnerable areas of converters,
EBT/EAF and LRF slag line. These bricks outperform fired products due to their
non wetting characteristic. These can be supplied in metal clad quality also.
Slag/Metal Line Magcarbon
The ‘SSL’ and ‘ML’
range of resin bonded low cost magnesia carbon refractories are suitable for
use in steel ladles and bottom except impact areas. These products display high
non-wetting characteristic and resistance to metal erosion.
Alumina Magnesia Carbon
Entirely developed
through indigenous research, Alumina Magnesia Carbon refractories are tailor
made for specific LF/LRF/VAD/VD applications. Due to their unique chemistry
they restrict joint openings in service and act as a monolithic lining thereby
restricting metal penetration. Its unique chemistry imparts high pyroplasticity
to the refractory thereby making it an ideal solution for ladle impact areas.
Today AMC bricks are an integral part of Maithan’s ladle management solutions.
Magnesite
This range of fired
and chemically bonded magnesite bricks is suitable for use in backup
applications of EAF, LD converter, steel ladle and can be supplied with or
without steel clad.
Dense Magnesite
Normal dense fired
magnesite bricks up to 92% MgO are supplied for utilities such as EAF sub
hearth and working lining, hot metal mixer wear out lining and converter back
up.
Low
Iron Magnesite
With the increased
focus on fuel efficiency in glassmaking and increase in furnace life
necessitated by economy, the use of high purity magnesite bricks in glass
regenerator has become universal. Maithan offers the MGIS range of low iron
high purity Magnesite bricks manufactured with high grade Sea water and
sintered natural magnesia. These refractories are distinguished by their high
density and resistance to alkali, sulphur, silica carry over and fume attack.
Solutions based on this range can be tailor made depending on the cost
economics, capacity and life expectancy of a glass furnace.
Magnesite Chrome
Conventional and
dense fired conventional Magnesia chrome bricks are offered for utilities such
as steel ladle, LRF, AOD, VOD, EAF/EOF for back up and working lining
applications.
Chrome Magnesite
In this range subject
offers general purpose varieties for back up application, reheating furnace and
other non ferrous industries.
Direct Bonded Magnesite Chrome
The DBMC range is
based on high grade magnesite chrome co-sinter and fired at a very high
temperature. These are very good corrosion, erosion and thermal shock resistant
bricks suitable for non-ferrous applications and AOD working lining. For the
cement rotary kiln burning zone, a superior product, MCL DBMCA has been
developed.
Magnesia Alumina Spinel
The MGAL range is
specifically designed for chrome free rotary cement kiln. These are
manufactured from very high grade sintered magnesia and electro fused spinel
and are capable of a high coatability in service.
Design:
Starting with a comprehensive appraisal of the operating
conditions and previous supply, they partner with the customer to design a
customized refractory solution utilizing modern tools such as CAD. The emphasis
for any design is on the cost/performance aspect of the refractory under service.
.
Application,
Inspection and Maintenance: Through
turnkey and refractory management contracts, they ensure technically correct
installation of the refractory lining using specialized equipment. They
supervise the operations on a continuous basis to understand the lining wear
patterns and zoning requirements and maintain the lining with cost effective
hot repair solutions for prolonged life.
Analysis:
Post mortem analysis of the worn out refractories are
carried out at their R&D center to gain an insight into the wear mechanism
and process-refractory interactions during service. This enables them to design
better products for the future and underscores their commitment to continuous
development.
Apart from these
technical services, they provide critical services such as inventory management
for the customer and often link remuneration for long term contracts to
performance/output so as to optimize the customer’s refractory costs. Some of
their industry specific services are as follows:
Iron and Steel :
Blast furnace trough lining based on Al2O3-SiC-C
castables applied and maintained using sophisticated mixing/conveying
equipment. Ladle management with balanced lining utilizing both shaped and
unshaped refractories. Design and application of coreless induction furnace
lining with neutral and basic ramming mixes for usage with both ferrous and
non-ferrous melting.
Glass
Design of refractory solutions depending on the quality of glass
produced. Manufacturing of machined melter blocks and feeder channels, which
are pre-assembled and individually marked for faster installation at the
customer’s end.
Cement
With a product range encompassing the entire requirement of
a cement plant from the pre-heater to the cooler, they can design and supply
refractories for any type of cement manufacturing. Using XRD and XRF analysis
of the cement clinker they provide customized solutions for individual cement
kiln operations.
Subject research and
development effort underscores their overall quality consciousness and aims at
establishing a technological leadership for their products and solutions in the
market. Working in sync with their operations and customers, the R&D group
ensures that they have their finger on the market pulse. The key to successful
research lies in their research wing that is equipped with state of the art
equipment such as XRD, XRF, HMOR, RUL, Creep and PLC machines imported from
Germany and a host of other indigenous equipment. Pilot scale trials supplement
core research through simulated manufacturing runs and evaluation of new and
existing products in real conditions. The emphasis is to search for alternative
solutions in the lab and scale up the results in the shortest possible time to
commercially viable products. Subject also co-operates with external agencies
such as the Central Glass & Ceramic Research Institute in the areas of
fundamental research and new product development.
Sustainable
research has paid rich dividends in the form of path breaking products, which
have proven their mettle commercially and have replaced expensive imports in
the Indian market.
v
High purity calcium aluminate cement and
derivatives
v
Vibrocast insulations with bulk density
as low as 0.4 gms/cc
v
Multi utility monolithic for EOF gunning
and steel launder
v
Alumina-SiC-Carbon refractories for ladle
impact and wear areas
v
Precast and prefired well block and
seating block for extended ladle life
v
High abrasion resistance rolling mill
hearth lining
v Silica bonded
self flow castables
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.42.90 |
|
UK Pound |
1 |
Rs.84.69 |
|
Euro |
1 |
Rs.57.21 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
4 |
|
--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 |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
35 |
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 |
|