MIRA
INFORM REPORT
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Report Date : |
21.04.2007 |
IDENTIFICATION
DETAILS
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Name : |
CERA SANITARYWARE LIMITED |
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Formerly Known As : |
MADHUSUDAN OILS AND FATS LIMITED |
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Registered Office : |
9, GIDC Industrial Estate, Kadi – 382715, District – Mehsana (N.G.),
Gujarat, |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
17.07.1998 |
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Com. Reg. No.: |
034400 |
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CIN No.: [Company
Identification No.] |
L26910GJ1998PLC034400 |
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Legal Form : |
Subject is a public limited liability company. The company’s shares are listed on the Stock Exchanges. |
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Line of Business : |
Pressing and Crushing of all kinds of Oils Seeds and Refining Oils, Converting Oil into Vanaspati Ghee and Deoiled Cake, etc. Manufacturing and Dealing in Soap, Sand, Stone, Marbles
Tiles, Chinaware, Sanitary Materials, etc. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 1100000 |
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Status : |
Good |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a well-established and reputed company having satisfactory
track record. Trade relations are fair. Financial position is satisfactory. Payments
are usually correct and as per commitment. Nothing adverse reported. The company can be considered good for normal business dealings at
usual trade terms and conditions. |
LOCATIONS
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Registered Office : |
9, GIDC Industrial Estate, Kadi – 382715, District – Mehsana (N.G.),
Gujarat, |
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Tel. No.: |
91-2764-242271 / 242329 / 262638 / 262619 / 262874 |
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Mobile No.: |
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Fax No.: |
91-2764 - 242465 |
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E-Mail : |
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Website : |
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Corporate Office : |
“Madhusudan House”, Opposite Navrangpura Telephone Exchange, Ahmedabad – 380 006, Gujarat |
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Form : |
Located at Lamba, District Khambhalia, Jamnagar, Gujarat |
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Plants : |
· 9, GIDC Industrial Estate, Kadi, District Mehsana – 382 715, Gujarat · Lamba & Patelka, Taluka Kalyanpur District, Jamnagar, Gujarat · Village & Taluka Kalyanpur, Dist – Jamnagar, Gujarat |
DIRECTORS
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Name : |
Mr. Vikram Somany |
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Designation : |
Chairman cum Managing Director (w.e.f. 27.11.2001) |
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Address : |
15, India Exchange Place, 2nd Floor, Kolkata – 700 001, West Bengal |
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Date of Birth/Age : |
26.08.1949 / (56 Years) |
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Qualification : |
B.Sc. FCMI (U.K.) |
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Experience : |
32 Years |
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Name : |
Mr. Dhram Prakash Goyal |
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Designation : |
Director |
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Address : |
Sukoon, 23, Kailash Colony, Satellite, Ahmedabad - 380 015, Gujarat |
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Date of Birth/Age : |
19.04.1948 |
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Other directorship
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1. Gujarat Soaps Limited 2. Madhusudhan Industries Limited |
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Date of Appointment : |
17.07.1998 |
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Name : |
Mr. O. P. Bhandari |
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Designation : |
Director |
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Date of Birth/Age : |
01.01.1949 |
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Other directorship :- |
Madhusudhan Cybernetic Private Limited |
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Date of Appointment : |
13.08.2002 |
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Name : |
Mr. N. K. Maheshwari |
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Designation : |
Director |
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Date of Birth/Age : |
19.01.1937 |
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Other directorship :- |
1. Gujarat Soaps Limited 2. Goodluck Ceramics Private Limited 3. Madhusudhan Fiscal Limited |
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Date of Appointment : |
13.08.2002 |
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Name : |
Mr. S. C. Kothari |
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Designation : |
Director (w.e.f. 21.12.2001) |
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Address : |
A-10, Mayur Park Society, Behind Umiya Vijay Bus Stand, Satellite Road, Ahmedabad – 380 015, Gujarat |
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Date of Birth/Age : |
15.12.1950 |
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Name : |
Mr. G. K. Loya |
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Designation : |
Executive Director |
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Date of Birth/Age : |
54 Years |
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Qualification : |
B. E. (Electrical) |
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Experience : |
30 Years |
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Name : |
Shri Sajan Kumar Pasari |
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Designation : |
Chairman-cum- Managing Director |
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Name : |
Shri. Vidush Somany |
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Designation : |
Executive Director |
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Date of Appointment : |
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KEY EXECUTIVES
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Name : |
Mr. T. T. Patel |
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Designation : |
Company Secretary
(w.e.f. 27.11.2001) |
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Name : |
Mr. Rajesh B. Shah |
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Designation : |
C.F.O. |
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Name : |
Mr. Narendra N. Patel |
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Designation : |
G. M. & Company Secretary |
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Name : |
Mr. Prem Kothari |
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Designation : |
Relatives of key management Personnel |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders |
No. of Shares |
Percentage of
Holding |
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NRI |
1250 |
0.02 |
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Financial Institutions / Banks |
284007 |
5.28 |
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Mutual Funds |
425 |
0.01 |
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Promoters |
3137980 |
58.38 |
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Body Corporate |
251522 |
4.68 |
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Others |
1699830 |
31.63 |
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Total |
5375014 |
100.00 |
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BUSINESS DETAILS
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Line of Business : |
Pressing and Curshing of all kinds of Oils Seeds and Refining Oils, Converting Oil into Vanaspati Ghee and Deoiled Cake, etc. Manufacturing and Dealing in Soap, Sand, Stone, Marbles
Tiles, Chinaware, Sanitary Materials, etc. |
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Products : |
ITC Code 691010 00 |
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Product Description : Ceramic Sinks, Wash Basins,Wash Basins Pedestals, Baths, Bidets, Water Closet Pans, Flushing Cisterns, Urinals and Similar Sanitary Fixtures ·
Urinals ·
Bidets ·
Sinks ·
Sensors |
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Imports : |
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Products : |
Ceramic Colour Chemical, Capital Goods and Components |
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Countries : |
Europe against L/C
terms |
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PRODUCTION STATUS
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Particulars |
Units
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Licensed
Capacity |
Installed
Capacity |
Actual
Production |
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Vitreous China Sanitaryware |
MT |
24,000 |
15,000 |
10,249 |
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Non Conventional Energy (WTG) |
MT |
-- |
1 M. W. |
10,47,029 |
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GENERAL
INFORMATION
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Suppliers : |
· Hemosoith and Dubiois GmbH and Company, KG of Germany · Sociati Impianti Termolectrict Industrial spa. of Italy · Gabbrialli SRL of Italy |
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No. of Employees : |
125 |
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Bankers : |
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Facilities : |
Secured Loan
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Banking
Relations : |
Good |
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Auditors : |
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Name : |
Chartered Accountants |
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Address : |
B-2, “Usha Kiran”, Opposite Khanpur Gate, Ahmedabad – 380 001, Gujarat |
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Associates : |
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CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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6000000 |
Equity Share |
Rs.5/- Each |
Rs.30.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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5375014 |
Equity Share |
Rs.5/- Each |
Rs.26.875
Millions |
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FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
26.875 |
26.875 |
26.900 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
255.754 |
202.276 |
186.300 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
282.629 |
229.151 |
213.200 |
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LOAN FUNDS |
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1] Secured Loans |
167.046 |
83.627 |
69.000 |
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2] Unsecured Loans |
33.795 |
51.876 |
66.900 |
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TOTAL BORROWING |
200.841 |
135.503 |
135.900 |
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DEFERRED TAX LIABILITIES |
82.778 |
71.824 |
0.000 |
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TOTAL |
566.248 |
436.478 |
349.100 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
405.861 |
296.902 |
299.400 |
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Capital work-in-progress |
3.075 |
8.904 |
01.800 |
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INVESTMENT |
0.007 |
0.107 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
172.099
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133.904 |
120.000 |
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Sundry Debtors |
135.900
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125.819 |
125.200 |
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Cash & Bank Balances |
26.111
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26.247 |
21.500 |
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Other Current Assets |
0.241
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0.240 |
0.000 |
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Loans & Advances |
67.039
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54.367 |
26.500 |
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Total
Current Assets |
401.390
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340.577 |
293.200 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
203.392
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190.148 |
239.200 |
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Provisions |
41.416
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21.093 |
07.800 |
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Total
Current Liabilities |
244.808
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211.241 |
247.000 |
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Net Current Assets |
156.582
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129.336 |
46.200 |
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MISCELLANEOUS EXPENSES |
0.723 |
1.229 |
01.700 |
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TOTAL |
566.248 |
436.478 |
349.100 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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Sales Turnover |
884.279 |
677.209 |
565.800 |
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Other Income |
6.885 |
4.370 |
04.400 |
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Total Income |
891.164 |
681.579 |
570.200 |
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Profit/(Loss) Before Tax |
89.658 |
39.845 |
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Provision for Taxation |
30.665 |
15.931 |
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Profit/(Loss) After Tax |
58.993 |
23.914 |
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Export Value : |
24.297 |
(24.887) |
N.A. |
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Imports : |
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Raw Materials |
8.919 |
7.273 |
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Stores & Spares |
60.384 |
36.871 |
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Capital Goods |
17.776 |
8.370 |
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Others |
0.000 |
0.000 |
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Total Imports |
87.079 |
52.514 |
N.A. |
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Expenditures : |
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Cost of Goods Sold |
0.000 |
0.000 |
0.000 |
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Manufacturing Expenses |
0.000 |
0.000 |
50.500 |
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Administrative Expenses |
0.000 |
0.000 |
82.000 |
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Raw Material Consumed |
95.168 |
91.051 |
156.800 |
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Purchases made for re-sale |
214.409 |
123.479 |
0.000 |
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Consumption of stores and spares parts |
0.000 |
0.000 |
0.000 |
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Increase/(Decrease) in Finished Goods |
0.000 |
0.000 |
0.000 |
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Salaries, Wages, Bonus, etc. |
118.219 |
100.759 |
86.300 |
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Managerial Remuneration |
0.000 |
0.000 |
0.000 |
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Payment to Auditors |
0.000 |
0.000 |
0.000 |
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Interest |
13.850 |
10.411 |
12.200 |
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Excise Duty |
0.000 |
0.000 |
59.600 |
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Power & Fuel |
0.000 |
0.000 |
38.400 |
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Depreciation & Amortization |
0.000 |
0.000 |
20.600 |
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Other Expenditure |
283.156 |
238.032 |
36.200 |
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Total Expenditure |
724.802 |
563.732 |
542.600 |
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QUARTERLY /
SUMMARISED RESULTS
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PARTICULARS |
30.06.2006 1st
Qtr |
30.09.2006 2nd
Qtr |
31.12.2006 3rd
Qtr |
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Sales Turnover |
225.600 |
246.300 |
257.300 |
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Other Income |
0.400 |
01.100 |
01.800 |
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Total Income |
226.000 |
247.400 |
259.100 |
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Total
Expenditure |
186.300 |
206.000 |
214.000 |
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Operating Profit
|
39.700 |
41.400 |
45.100 |
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Interest |
05.500 |
04.800 |
05.800 |
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Gross Profit |
34.200 |
36.600 |
39.300 |
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Depreciation |
07.400 |
07.400 |
07.400 |
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Tax |
04.000 |
05.100 |
05.000 |
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Reported PAT |
18.700 |
17.800 |
22.400 |
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200606 Quarter 1 --------------- NOTES: 1.The above statement of
unaudited financial results were reviewed by the audit committee and approved
by the board of directors at its meeting held on 31.07.2006. 2.Figures have
been regrouped wherever necessary. 3.The statutory auditors of the company have
carried out a limited review of the unaudited financial results for the quarter
ended 30.06.2006. 4.Status of investor complaints/queries: Pending as on
01.04.2006-3 Received during the quarter-12 Disposed off during the quarter-15
Pending as on 30.06.2006-NIL.
200609 Quarter 2 --------------- Notes Expenditure Includes
(Increase)/Decrease in stock in Trade Rs (26.830)million Consumption of Raw
Material Rs 26.519 million Purchases (Trading) Rs 91.915 million Power &
Fuel Rs 10.680 million Staff Cost Rs 35.529 million Other expenditure Rs 68.154
million Tax Includes Provision for Current Tax Rs 4.763 million Deferred Tax Rs
6.282 million Fringe Benefit Tax Rs 0.350 million EPS is Basic & Diluted
Status of Investor Complaints for the quarter ended September 30, 2006
Complaints Pending at the beginning of the quarter Nil Complaints Received
during the quarter 34 Complaints disposed off during the quarter 34 Complaints
unresolved at the end of the quarter Nil 1. The above statement of Unaudited
Financial Results were reviewed by the Audit Committee on October 30, 2006 and
approved by the Board of Directors at its meeting held on October 31, 2006. 2.
Figures have been regrouped wherever necessary. 3. The Statutory Auditors of
the Company have been carried out a limited review of the Unaudited Financial
Results for the quarter/half year ended September 30, 2006. 4. The Company has
undertaken expansion-cum-modernisation programme which will increase installed
capacity to 24000 MTPA from 15000 MTPA, which has increased deferred tax
liability. The project is expected to be completed within current financial
year.
200612 Quarter 3 --------------- Notes Expenditure Includes
(Increase)/Decrease in stock in Trade Rs (8.250)million Consumption of Raw
Material Rs 29.610 million Purchases (Trading) Rs 68.506 million Power &
Fuel Rs 14.437 million Staff Cost Rs 36.647 million Other expenditure Rs 73.027
million Tax Includes Provision for Current Tax Rs 4.649 million Deferred Tax Rs
4.500 million Fringe Benefit Tax Rs 0.350 million EPS is Basic & Diluted
Status of Investor Complaints for the quarter ended December 31, 2006
Complaints Pending at the beginning of the quarter Nil Complaints Received
during the quarter 27 Complaints disposed off during the quarter 27 Complaints
unresolved at the end of the quarter Nil 1. The above statement of Unaudited
Financial Results were reviewed by the Audit Committee and approved by the
Board of Directors at its meeting held on January 27, 2007. 2. Figures have
been regrouped wherever necessary. 3. The Statutory Auditors of the Company
have been carried out a limited review of the Unaudited Financial Results for
the quarter/nine months ended December 31, 2006.
KEY RATIOS
|
Year |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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Debt –Equity Ratio |
0.66 |
0.61 |
0.68 |
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Long Term Debt-Equity Ratio |
0.35 |
0.32 |
0.41 |
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Current Ratio |
0.97 |
0.96 |
0.99 |
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Turnover Ratio |
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Fixed Assets |
2.00 |
1.85 |
1.65 |
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Inventory |
5.78 |
5.33 |
4.77 |
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Debtors |
6.76 |
5.40 |
5.17 |
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Interest Cover Ratio |
7.45 |
4.83 |
3.16 |
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Operation Profit Margin (%) |
14.75 |
10.53 |
10.45 |
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Profit before Interest and Tax Margin (%) |
11.72 |
7.41 |
6.80 |
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Cash Profit Margin (%) |
9.70 |
6.65 |
6.49 |
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Adjusted Net Profit Margin (%) |
6.67 |
3.53 |
2.85 |
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Return On Capital Empolyed (%) |
24.49 |
14.12 |
11.12 |
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Return On net Worth (%) |
23.06 |
10.80 |
7.76 |
STOCK PRICES
|
Face Value |
Rs.5/- |
|
High |
Rs.126.00/- |
|
Low |
Rs.117.20/- |
LOCAL AGENCY
FURTHER INFORMATION
History
Subject was incorporated on 20th July, 1998 at Ahmedabad in Gujarat under the name and style of Madhusudhan Oils and Fats Limited having Company Registration Number 23758.
The name of the company was changed from Madhusudan Oils and Fats Limited to Cera Sanitaryware Limited w.e.f. 01.11.2002 pursuant to the issue of Fresh Certificate of incorporation by the Registrar of Companies, Gujarat. The name of the company has been changed to reflect the trademark and the business activities in its’ name.
The company is headed by its Chairman Mr. Vikram Somany. The company is engaged in manufacture of Ceramic Sinks, Wash Basins, Wash Basin Pedestals, Baths, Bidets, Water Closet Pans, Flushing Cisterns, Urinals and similar Sanitary fixtures.
Under the scheme of demerger between Madhususdan Industries Limited and Madhusudan Oils and Fats Limited.
The ceramic division and wind farm of Madhusudan Industries Limited demerged from it, w.e.f. 01.04.2001 and takeover by the subject.
Business
Subject is engaged in pressing and curshing of all kinds of Oils Seeds and Refining Oils, Converting Oil into Vanaspati Ghee and Deoiled Cake, etc.
Subject is also engaged in manufacturing and dealing in Soap, Sand, Stone, Marbles Tiles, Chinaware, Sanitary Materials, etc.
The company sells its’ products under the brand name ‘Cera’ Sanitaryware.
After the acquisition of the Ceramic division from MIL, subject altered its memorandum of Association and changed its objects clause, on 16.08.2001.
The company has two units, namely Sanitaryware and Power. The growth of unorganised sector in sanitaryware had been a key factor in the stagnation of growth of manufacturers in the organised sector. The company had launched through its trading division, plastic cisterns and seat covers during the year, which boosted the bottomline of the company.
Subject is the result of demerger from Madhusudan Industries Limited.
The company owns and operates wind farm at Lamba, District Khambhalia, Jamnagar, Gujarat.
Its' products range includes refined oils, vanaspati ghee and de-oiled cake.
.
De-merger/Scheme of Arrangement :-
A Scheme of Arrangement between Madhusudan Industries Limited (MIL) and the company i.e. Madhusudan Oils and Fats Limited (MOFL) for demerger of Ceramic Division of MIL to the company was approved by the Hon’ble Gujarat High Court on 30.10.2001. As per the order of Hon’ble Gujarat High Court on 30.10.2001, the company had issued 53,75,000 equity shares of Rs. 5/- each fully paid to the shareholders of MIL in the ratio of one equity share per every equity shares held by them.
It is in trade terms
with :-
· G. V. Precision Plastic Teckniks Private Limited
· Jaisal Plastics (Mumbai)
· Gagan Enterprises
· Jas Enterprise
· Mahakal Industries
· Jirs Sales Corporation
· Superflo Private Limited
The company’s fixed assets of important value include land (freehold and leasehold), building, plant & machinery, electric plant & installation, laboratory equipments, weighing machinery, furniture, fixture & equipments and vehicles.
Subject employs around 125 persons in its set up comprising of 25 persons in office and 100 persons in factory.
Fixed Assets
- Land
1)
Freehold
2)
Leasehold
·
Building
·
Plant & Machinery
·
Electric Plant
·
Laboratory Equipment
·
Weighing Machinery
·
Furniture, Fixtures & Equipment
·
Vehicles
Sanitaryware Unit
There was overall improvement in productivity at the Plant. The turnover of the
Company in the year under review increased by 32% and the production increased
by 6% due to better yield and improvement in the manufacturing process.
Power Unit
The non-conventional wind power generation in the year was 21,86,320 KWH against
12,30,973 KWH in the previous year. During the year company added 10 WTGs (2.5
M.W.) at Patelka, which enhanced the capacity of the power unit. Thus, the
aggregate installed capacity of power unit now is 3.725 M.W.
Management Discussion and Analysis
Report
(a) Industry Structure and
Developments
Traditionally, the sanitaryware industry in India was
divided into two categories-the organized sector and the unorganized sector.
With the opening up of Indian economy, a third category has also emerged that
of imported sanitaryware. Not to be outdone by this segment, almost all
manufacturers in the organized sector have started importing premium
sanitaryware and marketing it in their own brand name or under the original
brand name. In order to accelerate the growth, the companies are increasing
their range of products.
During the current year, the Company has introduced several new products,
like bath fittings, glass basins, etc. This is apart from the shower range,
which got expanded by addition of new models and also the Sanitaryware range,
which saw the inclusion of several new premium ranges.
The Company also continued to add CERA Bath Studios (Company Display
Centres) in three more cities. In all, now six Bath Studios are functional-at
Ahmedabad, Chandigarh, Bangalore, Kolkata, Kochi and Hyderabad.
(b) Opportunities and
Threats
The growth in housing construction throughout the country offers
great opportunity for the Company. The increasing brand consciousness amongst
the consumers will help Company fare better in the years ahead, supported by
its concerted and continued efforts in brand promotional activities.
The increasing imports of sanitaryware and the likely commencement of new
sanitaryware plants in the country, can cause a threat to the growth rate of
the Company. The sanitaryware manufacturers in the unorganized sector continue
to enjoy duty exemptions, which is not conducive for healthy competition, while
those in the unorganized tiles industry have already been brought on parity by
the Government long back.
Dividend
The Directors recommend a dividend of
Re. 0.90 per share (previous year Re.0.80) on 53,75,014 Equity Shares of Rs.5/-
each fully paid for the year ended 31.03.2006, to be paid subject to approval
by the members at the ensuing Annual General Meeting.
Energy Conservation, Technology Absorption, R & D Cell and Foreign
Exchange Earnings & Outgo
The details required under the Companies (Disclosure of
particulars in the Report of Board of Directors) Rules, 1988 are annexed to
this report.
Web Details Attached :
Company Profile
Launched
in 1980, The Company is a pioneer in the sanitaryware segment in India. The
first sanitaryware company to use natural gas, The Company has been on the
forefront of launching a versatile colour range and introducing the bath suite
concept. It also launched innovative designs and water-saving products. The
twin-flush model launched in India by The Company for the first time, reduces
the water needs of households considerably. WCs designed to flush in just 4
litres of water is another notable innovation by The Company
Based
in Kadi, Gujarat, Cera Sanitaryware Ltd. uses German technology, which has
ensured The Company superiority over
others in quality. Established with an initial capacity of 3,600 MTPA, the
plant has undergone several periodical up gradations and modernizations to
expand to 15,000 MTPA.
To
achieve growth in the rapidly changing retail market in the country, The
company has launched its one of a kind
The Company Bath Studios in Ahmedabad,
Bangalore, Chandigarh, Kolkata, Cochin and Hyderabad. With the opening of the
The company Bath Studios, the discerning consumers, architects and interior
designers can have full view of the The Company premium ranges of WC’s, Wash Basins, Shower Panels, Shower
Cubicles, Bath Tubs, Shower Temples, Whirlpools, CP fittings etc. The Company
Bath Studios will complement its existing network of 400 distributors and 4000
retailers. Several Bathrooms are displayed live, so that the customers can get
a feel of The Company vast range of products.
Soon, The Company will also launch
premium Spanish Tiles in Indian market. The company is poised to become a total
bathroom solutions provider.
Having
shown a growth rate of more than 20% since last 3 years, Cera Sanitaryware Ltd.
today is the fastest growing sanitaryware company in India.
CERA-THE TRENDSETTER
Since its launch in 1980, The Company has been a leader in quality and innovation.
With a wide network of dealers, sub-dealers and nationwide sales force, The
company is best equipped to serve your requirements better and faster.
The Company is manufacturer of a wide range of
Sanitarywares and enjoys a good reputation in the domestic as well as
International markets. It is the first Indian Sanitaryware company to have ISO 9002 and ISO
14001 certifications for its products ensuring you of
International product quality at all times. The Company has a state-of-the-art
production facility in Kadi, at North Gujarat.
Cera Sanitaryware is
• India’s first Sanitaryware manufacturer
to use natural gas fired kilns
• India’s first Sanitaryware manufacturer
to launch its products in 30 different colours
• India’s first Sanitaryware manufacturer
to introduce Bathsuites
• India’s first Sanitaryware manufacturer
to get ISO 9002
• India’s first Sanitaryware manufacturer
to obtain ISO 14001
• India’s first Sanitaryware manufacturer
to produce One-Piece WCs
• India’s first Sanitaryware manufacturer
to market Twin-Flush ceramic cisterns
Ahmedabad
Sales Office
Atul Sanghvi, Vice President (Mktg),
Gaurang Bhatt, Dy. General Manager (Exports),
P.K. Shashidharan, Dy. General Manager (Mktg),
Parthiv Dave, Dy. General Manager (Mktg),
B.K. Desai, Dy. General Manager (Mktg), M : 9879608477
Ajay Gupta, Sr. Manager (Mktg)
Regional Office
Abhay Sapre , Sr. Manager (Sales), M : 9879608475
Mr. Nehale Golwala
Kadi
Key Perosnnel at Factory or Works Office
Mr. M.K. Bhandari, Jt. President (Works)
Mr. S.K. Ghatak, Vice President (R&D)
Mr. R.B. Shah, General Manager (F&C)
Baroda
Chirag Solanki, Sales Executive, M: 9879608479
Pune
Sanjay Jadhav, Asst. Manager (Sales), M: 9823716734
Mumbai
Regional Office
Dilip Kaprani, Sr. Manager (Sales), M: 9819980688
K.S. Kochrekar, Sr. Sales Executive, M: 9820442791
Indore
Mahendra Lowanshi, Sales Executive , M: 9827351985
Ranchi
Ranjay Kumar, Asst. Territory Manager M: 9835321151
Kolkata
Regional office
Ashesh Basu , Area sales Manager, M: 9433009432
Arbindo Ghosh , sales Executive, M: 9433382082
Gargi Bhattacharya , Busi. Dev. Executive, M: 9830221797
Delhi
Regional Office
Malay Chokrabarty, Reg. Sales Manager, M: 9811416616
Sanjay Kumar, Territory Sales Manager, M: 9811823516
Rajiv Chaudhary, Asst. Territory Manager, M: 9811823515 Sandeep Sharma , Sr.
Sales Executive, M: 9811823518
B.P. Sinha, Sales Executive, M: 9811823356
Bangalore
Regional Office
N B Krishnan, Area Sales Manager, M: 9844101721
M Balaraju, Sales Executive, M: 9845749361
Thiruvanathapuram
K. Thulasidas, Asst. Territory Manager, M: 9447129446
Kochi
Regional Office
Abbey Rodrigues, Sr. Manager (Sales), M: 9447129443
M.P. Pradeep, Asst. Territory Manager, M: 9447129444
Thrissur
B. Padamkumar, Asst. Territory Manager, M: 9447129442
Ghaziabad
Rashu Tandon, Sales Executive, M : 9811539314
Jaipur
Pankaj Bhatnagar, Asst. Territory Manager, M: 9829016441
Lucknow
Karunanidhi Hota, Territory Sales Manager, M: 9415409242 Vaibhav Shrivastav,
Sales Executive, M: 9415922643
Siliguri
Subhashish Ghosh, Sales Executive , M: 9434307550
Jalandhar
Manohar Sharma, Sales Executive, M: 9814322135
Ludhiana
Gaurav Jain, Sales Executive, M: 9888495757
Chandigarh
Regional Office
Rakesh Sambyal, Area Sales Manager, M: 9417356322
Dehradun
Debashish Mishra, Area sales Manager, M: 9412059359
Karnal
Gagan khurana, Sales Executive, M: 9315602351
Bhubaneshwar
Rajesh Retnalayam, Sr. Sales Executive, M: 93382 33926
Hyderabad
Regional Office
G.V. Chowdary, Territory Sales Manager, M: 944 0055048
Chennai
A. Venugopal, Area Sales Manager, M: 9444 039471
Kozikode
S. Suresh Babu, Asst. Territory Manager, M: 9447129442
Hubli
Vinay Kalal, Sales Executive, M: 9845435499
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 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.40.97 |
|
UK Pound |
1 |
Rs.82.18 |
|
Euro |
1 |
Rs.56.91 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
|
54 |
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 |
|