MIRA
INFORM REPORT
|
Report Date : |
16.08.2007 |
IDENTIFICATION DETAILS
|
Name : |
SHARADA CERAMICS PRIVATE LIMITED |
|
|
|
|
Registered Office : |
387, SIDCO Industrial Estate, Ambathur,
Chennai 600098, Tamilnadu |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.03.2006 |
|
|
|
|
Date of Incorporation : |
27.12.1996 |
|
|
|
|
Com. Reg. No.: |
18-37217 |
|
|
|
|
CIN No.: [Company
Identification No.] |
U26101TN1996PTC037217 |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business : |
Manufacturers and
Exporters of Refractories and Castables |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 24000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well established and reputed company having satisfactory
track. Directors are reported as experienced and respectable businessmen.
Trade relations are reported as fair. Business is active. Payments are
usually correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
LOCATIONS
|
Registered Office : |
387, SIDCO Industrial Estate, Ambathur,
Chennai 600098, |
|
Tel. No.: |
91-44-26254365 / 26358941
/ 26254366 |
|
Fax No.: |
91-44-26256319 /
26257220 / 26253271 |
|
E-Mail : |
|
|
Website : |
DIRECTORS
|
Name : |
Mr. R. Sathyawageeswaran |
|
Designation : |
Managing Director |
|
Address : |
D 127/4, I |
|
Date of Birth/Age : |
06.05.1955 |
|
Date of Appointment : |
27.12.1996 |
|
|
|
|
Name : |
Ms. S. Meenakshi Eswaran |
|
Designation : |
Director |
|
Address : |
D 127/4, I |
|
Date of Birth/Age : |
19.12.1962 |
|
Date of Appointment : |
27.12.1996 |
|
|
|
|
Name : |
Mr. K. Bal Krishnan |
|
Designation : |
Director |
|
Address : |
Plot No. 198, Anna Nagar, Extension, Chennai – 600101, |
|
Date of Birth/Age : |
18.06.1960 |
|
Date of Appointment : |
17.04.1997 |
KEY EXECUTIVES
|
Name : |
Mr. C namasivayam |
|
Designation : |
Company Secretary |
|
Address : |
F – 3, Emerald Square, 180 Bharathidasan Street, Baskar Colony,
Saligramam, Chennai – 600093, Tamilnadu, India |
|
Tel No. : |
91-44-65640024 / 45542250 |
|
Fax No. : |
91-944006343 |
|
Email :7 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
|
Names of Shareholders |
|
No. of Shares |
|
R. Sathyawagheeswaran |
|
20000 |
|
S. Meenakshi Eswaran |
|
20000 |
|
K. Bal Krishnan |
|
20000 |
|
R. Sathyawageeswaran |
|
20000 |
|
R. Sathyawageeswaran - HUF |
|
20000 |
|
Total |
|
100000 |
|
|
|
|
|
Equity Share
Breakup |
|
|
|
Category |
|
Percentage of
Holding |
|
Directors or relatives of directors |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturers and
Exporters of Refractories and Castables |
|
|
|
|
Products : |
|
|
|
|
|
Exports : |
|
|
Countries : |
|
GENERAL INFORMATION
|
Customers : |
|
|
|
|
|
No. of Employees : |
98 |
|
|
|
|
Bankers : |
Canara Bank, Anna Nagar East Branch, Chennai – 600102, ICICI Bank Limited HDFC Bank Limited Citi Bank NA |
|
|
|
|
Banking
Relations : |
Satisfactory |
|
|
|
|
Auditors : |
|
|
Name : |
Srivatsa and Atheya Chartered Accountants |
|
Address : |
No. 15, Kasturi Estate, |
|
|
|
|
Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
100,000 |
Equity Shares |
Rs. 10/- each |
Rs. 1.000 Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
100,000 |
Equity Shares |
Rs. 10/- each |
Rs. 1.000 Million |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2006 |
31.03.2005 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
1.000 |
1.000 |
|
|
2] Share Application Money |
|
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
|
5.113 |
3.519 |
|
|
4] (Accumulated Losses) |
|
0.000 |
0.000 |
|
|
NETWORTH |
|
6.113 |
4.519 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
3.734 |
2.103 |
|
|
2] Unsecured Loans |
|
0.433 |
0.913 |
|
|
TOTAL BORROWING |
|
4.167 |
3.016 |
|
|
DEFERRED TAX LIABILITIES |
|
|
|
|
|
|
|
|
|
|
|
TOTAL |
|
10.280 |
7.535 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
2.440 |
1.627 |
|
|
Capital work-in-progress |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
4.369 |
4.284 |
|
|
Sundry Debtors |
|
15.845 |
15.987 |
|
|
Cash & Bank Balances |
|
0.010 |
0.015 |
|
|
Other Current Assets |
|
0.000 |
0.000 |
|
|
Loans & Advances |
|
9.888 |
5.460 |
|
Total
Current Assets |
|
30.112 |
25.746 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
|
21.432 |
18.750 |
|
|
Provisions |
|
0.840 |
1.088 |
|
Total
Current Liabilities |
|
22.272 |
19.838 |
|
|
Net Current Assets |
|
7.840 |
5.908 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
10.280 |
7.535 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
|
Sales Turnover |
|
119.200 |
103.900 |
|
Other Income |
|
0.277 |
0.000 |
|
Total Income |
|
119.477 |
103.900 |
|
|
|
|
|
|
Profit/(Loss) Before Tax |
|
2.434 |
0.775 |
|
Provision for Taxation |
|
0.840 |
0.000 |
|
Profit/(Loss) After Tax |
|
1.594 |
0.775 |
|
|
|
|
|
|
Earnings in Foreign Currency : |
|
|
|
|
Total Earnings |
|
2.895 |
3.404 |
|
|
|
|
|
|
Imports : |
|
|
|
|
Total Imports |
|
22.008 |
16.292 |
|
|
|
|
|
|
Expenditures : |
|
|
|
|
Total Expenditure |
|
117.043 |
103.125 |
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
|
1.33 |
0.75 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
|
2.04 |
0.75 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
7.48 |
2.73 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
|
0.40 |
0.17 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
|
4.33 |
5.06 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
1.35 |
1.30 |
LOCAL AGENCY FURTHER INFORMATION
Bankers Charges
Report as per Registry
|
Name of the company |
SHARADA CERAMICS
PRIVATE LIMITED |
|
Presented By |
Canara Bank, Anna
Nagar East Branch, Chennai – 600102, |
|
1) Date and description of instrument creating the change |
Hypothecation of
Stock Agreement dated 30.01.2000 Hypothecation of
Book Debts Agreement dated 30.01.2000 Hypothecation of
machineries agreement dated 30.01.2000 |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Nature of
facility : Open Cash Credit Rs. 0.500 Million Letter of Credit
Rs. 0.500 Million Total Rs. 1.000
Million |
|
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 |
Security :
Hypothecation of stock stored at No. 387 SIDCO Industrial Estate, Ambattur,
Chennai – 600 098, Hypothecation of Book debts arising out of Genuine trade transaction Hypothecation of machineries, etc. |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
Interest @ 14.75
% p.a. |
|
5) Name and Address and description of the person entitled to the charge. |
Canara Bank, Anna Nagar East Branch, Chennai – 600102, |
|
6) Date and brief description of instrument modifying the charge |
Supplemental
collateral security agreement dated : 24.01.2006 |
|
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. |
Total limits enhanced
from Rs. 6.500 Millions to Rs. 14.500 Millions |
AS PER WEBSITE
Setting
New Benchmark in Quality
Sharadaa Ceramics has evolved a Quality Policy that ensures nothing but the best enters or leaves its premises. Starting from material sourcing to dispatch of finished products, everything mirrors the organization's quest for quality. Quality at Sharadaa is not a tactic brought about by competitive pressures, but a result of a desire to deliver to its customer the best value for money.
Actually, Sharadaa's perception of quality is not just
confined to product but includes the whole operating team covering services and
customer relations. Further, every employee from Top Management down to field
operatives, is trained to view quality more as a consequence of teamwork rather
than the task entrusted to the quality control department.
- All the way through their corporate journey, they have shown a rare and remarkable reverence to relationships.
- They have taken extra care to ensure that every entity that they transact business with, gains in every way.
- Their impressive growth is mainly due to their closeness with end users backed-up by structured problem solving approach.
- Today, Sharadaa Ceramics is an ISO 9001:2000 certified company that has made its presence felt in a big way in an explosively competitive market environment.
People
Their Biggest Asset
Another hallmark of Sharadaa is its committed workforce. Through intensive training programmes, each employee is attuned to understand what the customer needs and strive to fulfill them in the most cost-effective manner.
Sharadaa's team of high-caliber ceramic professionals, backed by a robust infra-structure, provides adequate technical support to the customer during and after installation of the products.
In short, there exists a systemic, well-knit mechanism that makes easy all stages of business- from enquiry to order execution from design to dryout for the customer.
The Core
Strength
·
Application centric product development
approach
·
Operatives’ involvement in process
quality assurance
·
Marketing engineers function as service
engineers to end users
·
High intensity homogenised mixer for
manufacturing castable
·
Laboratory testing in line with
BIS/ASTM Standards
·
Industry focused specialists in the
field
·
Technical tie-up with RDCIS / ARCI /
Overseas Consultants
·
Undertaking turnkey Refractory
engineering /installation services
·
Approval from leading consultants
·
Just-in-time deliveries by Direct
Distribution Network
Year incorporated : 1996
Promoter : R V Refractories
The
Castable Refractories
Medium / High Purity Dense Castables High Alumina Castables Insulating Castables Low Cement / Ultra Low Cement Castables Gel Bonded / Phosphate Bonded Castables
Precast Shapes
Lances / Darts / TFCDS / Burner Blocks / Reheat Furnace Bottom Blocks.
Exothermic / Insulating Sleeves
Product Strength
Insulating Castable based on Perlite / Vermiculite / Ceramic Fibre & Rotary Kiln Calcined aggregates for Coke Oven Doors / Fired Heaters/ Boilers / Ducts
Low cement Castables for Cement / Sponge Kilns.
Industries Served
Steel
Cement
Petrochemical
Ferrous / Non Ferrous Foundries
Sponge Iron
Projects
Reheating Furnaces
Consultants Approval
Engineers India Limited
Mecon
Avant Garde
Holtec
Sponge Iron Consultants
Plant Locations & Products
Ambattur, Chennai – 98 – Low Cement Castables – 600 MT/ Month Exothermic Sleeves - 100000 Nos./Month
Manufacturing Facilities – Bond / Castable Intensive Mixing machine , Vacuum Forming Plant.
Thiruvellore, Chennai – Conventional / Insul. Castables – 500MT / Month Precast Shapes, 100 MT / Month
Manufacturing Facilities – Bond / Castable Mixing, Paddle Mixer / Vibrator/Hydraulic Press and Batch Type Kilns.
Thiruvarur – South India – High Alumina Cement Insulating aggregate
Calcined Kaolin
Perlite / Vermiculite - 400MT / Month Insulation Bricks -50MT /Month.
Manufacturing Facilities – Noduliser / Rotary Kiln / Ball Mill Castable Mixing equipments. Roll Crusher / Magnetic Drum. Hydraulic Press/Batch Type Kilns (GasFired
Test Facilities – In-house Chemical Analysis By Wet Method.
Physical Properties – Apparent Porosity, Bulk Density, Water Absorption.
Mechanical Properties – Compressive /Crushing Strength PLC upto 17000C HMOR 14000C Thermal Conductivity 12000C Hot / Cold Abrasion Resistance Thermal Shock Resistance External XRD/XRF
Testing Equipments
- Compressive Strength Testing Machine 2000KN Capacity.
- HMOR Furnace upto 1400°C
- Muffle Furnace upto 1700°C
- Thermal Dilatometer upto 1400°C
- Hot wire Thermal Conductivity apparatus upto 1200°C
- Chemical by Wet Method
- Electronic Balance
- Moisture tester
- Permeability Tester
- Abrasion tester.
- Drying Ovens upto 130°C
- Muffle Furnace upto 1100°C
- Gas analyser
Core Strength
- Creativity and Innovation in Product Development / In Low cost Raw Material Production
- Hands on Experience
- Expertise in Installation Services
Quality Management System : ISO 9001 Certification by DNV
Turnover of Sharadaa Ceramics & Group companies
2003 – 2004 – US$ 2 Million
2004 – 2005 – US$ 4 Million
2005 –
2006 – US$ 5 million
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No 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.41.57 |
|
|
1 |
Rs.82.14 |
|
Euro |
1 |
Rs.55.74 |
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 |
6 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--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 |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
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 |
Unfavourable & favourable factors carry similar weight in credit
consideration. 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 |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|