MIRA INFORM REPORT
|
Report
Date : |
18th
January, 2007 |
IDENTIFICATION
DETAILS
|
Name : |
INDIAN SUGAR AND GENERAL ENGINEERING |
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Division
of : |
SARASWATI INDUSTRIAL SYNDICATE LIMITED |
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Registered
Office : |
Radaur
Road, Yamuna Nagar – 135001, Haryana, India |
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Country
: |
India |
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Financials
(as on) : |
30.09.2005 |
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Date
of Incorporation : |
23.01.1933 |
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Com.
Reg. No.: |
05-97 |
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CIN
No.: [Company
Identification No.] |
L23423HR1933PLC000097 |
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TAN
No.: [Tax
Deduction & Collection Account No.] |
RTKS05672C |
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Legal
Form : |
A Public Limited Company. The Company’s shares are listed
on the Stock Exchange. |
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Line
of Business : |
Manufacturer
and Traders of Sugar, Ingots, Steel Casting, Pressure Vessel and Heat
Exchanger, etc. |
RATING & COMMENTS
|
MIRA’s
Rating : |
A |
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum
Credit Limit : |
USD
6750000 |
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Status
: |
Good |
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Payment
Behaviour : |
Regular |
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Litigation
: |
Clear |
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Comments
: |
Subject is a well – established & diversified company
having fine track. Available information indicates high financial
responsibility of the company. Trade relations are fair. Payments are correct
& as per commitments. The company can be considered good for any normal business
dealings. It can be regarded as a promising business partners in a medium to
long-run. |
LOCATIONS
|
Registered
Office : |
Radaur
Road, Yamuna Nagar – 135001, Haryana |
|
Tel.
No.: |
91-120-4524071 |
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Fax
No.: |
91-120-4529215 |
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Corporate
Office : |
A-4, Sector – 24, Noida – 201301 |
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Tel.
No.: |
91-120-2411289/90 |
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Fax
No.: |
91-120-2412250 |
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E-Mail
: |
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Manufacturing
Office : |
Locations : Yamunanagar, Haryana, India Postal Address: ISGEC,
Yamunanagar - 135 001, Haryana, India Tel.: 91-1732-251700 (20
lines) Fax : 91-1732-250250, 25099 Contacts: Mr. R. D. Madan - Sr.
Vice President Branch
Offices: Mumbai, India Tel : 91-22-22662374,
22665154 Chennai, India Tel # -
+91-44-28523351, 28522775 |
|
Factory
: |
Location: NOIDA, Uttar Pradesh, India Postal Address: A-4,
Sector-24, NOIDA - 201 301, Uttar Pradesh, India Tel.: 91-120-2411289, 2411290 Fax : 91-120-2411362, 2411372, 2412458 E-mail : xydsales@isgec.com Contacts: Mr. L. M. Talwar -
President Mr. Yogesh Marwaha -
(International Marketing) Mr. V. K. Luthra -
(Indian Marketing) Branch Offices: Mumbai, India Tel : 91-22-22662374,
22665154 Chennai, India Tel : 91-44-28523351,
28522775 |
|
Boilers
: |
Location NOIDA,
Uttar Pradesh, India A suburb
of New Delhi Address A-4,
Sector-24, NOIDA - 201 301, Uttar Pradesh, India Tel.:
91-120-2411289, 2411290 Fax :
91-120-2411362, 2411372, 2412458 E-mail : ijtsales@isgec.com Contacts Mr. L. M.
Talwar - President E-mail - lmtalwar@isgec.com Mr. P.L.
Dhar - Advisor E-mail - pldhar@isgec.com Mr.
Yogesh Marwaha - (International Marketing) E-mail - yogeshm@isgec.com Mr. N.
Shastry (Indian Marketing) E-mail - nshastry@isgec.com Branch
Offices Mumbai, India Great
Social Building, Sir Phirozshah Mehta Road, Mumbai - 400 001, India Tel :
91-22-22662374, 22665154 Fax :
91-22-22661899 E-mail - isgecbom@bom8.vsnl.net.in Chennai, India Raji
Building, 730, Anna
Salai, Mount Road, Chennai -
600 006, India Tel :
91-44-28523351, 28522775 Fax :
91-44-28522013, 28522775 e-mail - isgec@md4.vsnl.net.in |
|
Liquified Gas Containers : |
Location: Yamunanagar, Haryana, India Postal Address: ISGEC,
Yamunanagar - 135 001, Tel. : 91-1732-251700 (20 lines) Fax : 91-1732-250250, 250991, 251495 E-mail : pvd_sales@isgec.com Contacts: Mr. J.R. Bhatia - Vice
President Mr. Vivek Khandekar(Marketing) Branch Offices: Mumbai,
India Chennai, India Tel : 91-44-28523351,
28522775 |
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Presses
: |
Location: Yamunanagar, Haryana, India Postal Address: ISGEC,
Yamunanagar - 135 001, Tel. : 91-1732-251700 (20 lines) Fax : 91-1732-250250, 250991, 251495 E-mail : mbd_sales@isgec.com , smp@isgec.com Contacts: Mr. R. D. Madan - Sr.
Vice President Mr. Vivek Nigam - -
(International Marketing) Mr. P. K. Manchanda - -
(Indian Marketing) Branch Offices: Mumbai, India Tel : 91-22-22662374,
22665154 Chennai, India Tel : 91-44-28523351,
28522775 |
|
Iron
Castings : |
Location: Yamunanagar, Haryana, India Postal Address: ISGEC,
Yamunanagar - 135 001, Tel. #: +91-1732-251700
(20 lines) Fax #: +91-1732-250250,
250991, 251495 e-mail Contacts: Mr. R. D. Madan - Sr.
Vice President Branch Offices: Mumbai, India Tel # - +91-22-22662374,
22665154 Chennai, India Tel # - +91-44-28523351,
28522775 |
|
Pressure
Vessels & Heat Exchangers : |
Location: Yamunanagar, Haryana, India Postal Address: ISGEC, Yamunanagar - 135 001, Haryana, India Tel. #: +91-1732-251700 (20 lines) Fax #: +91-1732-250250, 250991, 251495 e-mail Contacts: Mr. J. R.
Bhatia - Vice President Mr. Vivek Khandekar(Marketing) Branch Offices: Mumbai, India Tel # -
+91-22-22662374, 22665154 Chennai,
India |
|
Steel
Casting : |
Location: Muzaffarnagar, Uttar Pradesh, India 114 Kms. (69 miles)
North of New Delhi Postal Address: Village Nara, P.O.
Mansurpur, District Muzaffarnagar - 251 203, (UP), India Tel. : 91-1396 - 252404, 252405,
252406 Fax : 91-1396 - 252324 E-mail : info@upsteels.com Contacts: Mr. V. K.
Goel - Vice President Mr. P. K.
Jain - (Marketing) Branch Offices: Mumbai, India Tel : 91-22-22662374,
22665154 Chennai, India Tel
: 91-44-28523351, 28522775 |
DIRECTORS
|
Name : |
Mr. Aditya Puri |
|
Designation
: |
Joint
Managing Director |
|
Address
: |
D-860,
New Friends Colony, New Delhi – 110065, India |
|
Date
of Birth/Age : |
38 years |
|
Qualification
: |
B. A.
(Hons), B.A. (CANTAB), ECON from Cambridge University (U.K.) |
|
Experience
: |
14 Years |
|
Date
of Appointment : |
01.10.1991 |
|
|
|
|
Name : |
Mr. C R Thompson |
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Designation
: |
Director |
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Address
: |
A-4,
Sector 24, Noida – 201301, Uttar Pradesh, India |
|
Date
of Birth/Age : |
76 years |
|
|
|
|
Name : |
Dr. B. L.
Wadehra |
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Designation
: |
Director |
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Address
: |
M-131,
Greater Kailash II, New Delhi – 110048, India. |
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|
|
|
Name : |
Mr. K. K.
Vij |
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Designation
: |
Director |
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Address
: |
B-40,
Geetanjali Enclave, New Delhi, India |
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|
|
|
Name : |
Mr. Vinod
K Nagpal |
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Designation
: |
Director |
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Address
: |
15,
Ishwar Nagar, New Delhi – 110065, India |
|
Name : |
Mr. Lalit
Mehra |
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Designation
: |
Director |
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Address
: |
128 Golf
Link, New Delhi – 110003, India |
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|
Name : |
Mr. Ranjit Puri |
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Designation
: |
Chairman
and Managing Director |
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Date
of Birth/Age : |
65 years |
|
Qualification
: |
B.
Sc Industrial Management from
Massachusetts Institute of Technology (U.S.A.) |
|
Experience
: |
42 Years |
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Date
of Appointment : |
27.08.1963 |
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|
|
|
Name : |
Mr. S. K.
Khorana |
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Designation
: |
Company
Secretary |
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|
Name : |
Mrs.
Sujata Vardarajan |
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Designation
: |
Director |
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|
Name : |
Mr. Tahir
Hasan |
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Designation
: |
Director |
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|
Audit
Committee : |
|
|
Name : |
Mr. K K
Vij |
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Designation
: |
Chairman |
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|
|
|
Name : |
Mr. Vinod
K Nagpal |
|
Designation
: |
Director |
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|
|
|
Name : |
Mr. Lalit
Mehra |
|
Designation
: |
Director |
KEY EXECUTIVES
|
Name : |
Mr. S K
Khorana |
|
Designation
: |
President
and Company Secretary |
MAJOR SHAREHOLDERS
|
Names
of Shareholders |
No. of Shares |
Percentage of Holding |
|
|
|
|
|
Promoters
|
3578180 |
48.55 |
|
Fls,
Banks and Mutual Funds |
68320 |
0.93 |
|
Others
(Public) |
3723040 |
50.52 |
BUSINESS DETAILS
|
Line
of Business : |
Manufacturer
and Traders of Sugar, Ingots, Steel Casting, Pressure Vessel and Heat
Exchanger, etc. |
|
|
|
|
Products
: |
Pressure Vessels Columns
and Heat Exchangers Ø
Shell
and Tube Heat Exchangers Ø
Pressure
Vessels Ø
Boiler
Drums Ø
Reactors Ø
Columns
and Towers Ø
Boiler
Pressure Parts Ø
Galvanising
Baths on Kettles Ø
Fume
Hoods Presses Ø
Straight
Side Presses-Mechanical Ø
Straight
Side Presses-Hydraulic Ø
‘C’
Frame Presses-Mechanical Boilers Ø
Dump
Grate Boilers Ø
Travelling
Grate Boilers Ø
Atmospheric
Fluidised Bed Combustion Boiler (AFBC) Ø
Circulating
Fluidised Bed Combustion Boiler (CFBC) Ø
Oil/Gas
Fired Boilers Ø
Waste
Heats Recovery Boilers Ø
Deaerators
Ø
Spares Steel Castings – 7325.99 Ø
Hydro
Turbine Castings Ø
Gas
Turbine Castings Ø
Steam
Turbine Castings Ø
Valve
Castings Ø
Mn
Steel Castings Ø
Ni-Hard
Castings Ø
Pump
Castings Ø
General
Castings Sugar Plants and
Machinery Ø
Complete
Cane Sugar Plants Ø
High
Performance Cane Mills Ø
Process
House Equipment Ø
Bagasse
Fired Boilers Ø
Spares
Iron Castings Ø
Castings
for Pump and Compressor Industry Ø
Castings
for Chemical and Dye Stuff Industry Ø
Castings
for Soda Ash Industry Ø
Castings
for Tool and Dies Industry Ø
Castings
for Machine Tools Industry Ø
Castings
for Steel Plant Industry Ø
Castings
for Sugar Industry Liquified Gas Containers General Fabrication Ø
Custom
Job Work (Heavy Engineering Equipment as per client’s Desings and Drawings) |
PRODUCTION STATUS
|
Particulars |
|
Unit |
Installed Capacity |
Actual Production |
|
Sugar
(Cane Crushing per day) |
|
MT |
9,600 |
2,153,782 |
|
Molasses |
|
Qtls. |
-- |
971,034.15 |
|
Steel
Structural, Iron and Steel Pipes and Agricultural Implement |
|
MT |
-- |
655 |
|
C. I.
Castings |
|
MT |
-- |
1745 |
|
Mechanical
Presses |
|
Nos. |
-- |
56 |
|
Chlorine and Other Liquefied Gas Containers |
|
Nos. |
-- |
5733 |
|
Hydraulic
Presses |
|
Nos. |
-- |
15 |
|
Galvanised
Baths |
|
Nos. |
-- |
-- |
|
Pressure
Vessels, Columns and Heat Exchangers |
|
MT |
-- |
4693 |
|
Ingots |
|
MT |
12000 |
935.805 |
|
Steel
Castings |
|
MT |
5000 |
2248.866 |
GENERAL INFORMATION
|
No. of
Employees : |
1500 |
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Bankers
: |
Ø
State
Bank of Patiala, Sugar Mill Area, Yamunanagar, Haryana, India Ø
Standard
Chartered Bank Ø
State
Bank of Travancore Ø
State
Bank of Indore Ø
State
Bank of Hyderabad Ø
Punjab
National Bank Ø Corporation Bank Ø Indian Overseas Bank Ø EXIM Bank Ø IndusInd Bank Ø HSBC Bank Ø ICICI Bank Ø State Bank of Mysore |
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Facilities : |
Secured Loan (Rs. in millions)
Notes :
Unsecured Loan (Rs. in millions)
|
|
|
|
|
Banking Relations : |
Satisfactory |
|
|
|
|
Auditors
: |
Price
Waterhouse Chartered Accountants |
|
Address
: |
Himalya
House, K. G. Marg, New Delhi – 110
001 |
|
|
|
|
Associates/Subsidiaries
: |
Ø
Himachal
Polyolefines Limited Subsidiaries : Ø
The
Saraswati Sugar Mills Limited Ø
ISGEC
Covema Limited Ø ISGEC Exports Limited |
CAPITAL STRUCTURE
Authorised
Capital :
|
No. of
Shares |
Type |
Value |
Amount |
|
85,00,000 |
Equity
Shares |
Rs.10/- each |
Rs.85.000 millions |
Issued,
Subscribed & Paid-up Capital :
|
No. of
Shares |
Type |
Value |
Amount |
|
73,69,540 |
Equity
Shares |
Rs.10/- each |
Rs.73.695 millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
30.09.2005 |
30.09.2004 |
30.09.2003 |
|
|
SHAREHOLDERS
FUNDS |
|
|
|
|
|
1] Share
Capital |
73.695 |
73.700 |
73.700 |
|
|
2]
Reserves & Surplus |
1628.841 |
1485.800 |
1446.500 |
|
NETWORTH
|
1702.536 |
1559.500 |
1520.200 |
|
|
LOAN
FUNDS |
|
|
|
|
|
1]
Secured Loans |
175.042 |
210.700 |
132.200 |
|
|
2]
Unsecured Loans |
193.854 |
297.600 |
306.400 |
|
TOTAL
BORROWING
|
368.896 |
508.300 |
438.600 |
|
|
|
|
|
|
|
TOTAL
|
2071.432 |
2067.800 |
1958.800 |
|
|
|
|
|
|
|
APPLICATION OF FUNDS
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block]
|
542.991 |
336.500 |
330.600 |
|
Capital work-in-progress
|
67.623 |
9.700 |
1.600 |
|
|
|
|
|
|
|
INVESTMENT
|
722.000 |
722.000 |
727.300 |
|
DEFERREX TAX ASSETS
|
5.500 |
0.000 |
0.000 |
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES
|
|
|
|
|
|
|
Inventories
|
1191.446
|
682.400
|
568.600 |
|
|
Sundry Debtors
|
1195.136
|
888.000
|
580.300 |
|
|
Cash & Bank Balances
|
105.926
|
75.200
|
28.000 |
|
|
Other Current Assets
|
0.184
|
0.000
|
0.000 |
|
|
Loans & Advances
|
387.152
|
495.800
|
593.800 |
Total Current Assets
|
2879.844
|
2141.400
|
1770.700 |
|
Less : CURRENT LIABILITIES & PROVISIONS
|
|
|
|
|
|
|
Current Liabilities
|
1896.027
|
947.100
|
784.300 |
|
|
Provisions
|
250.499
|
194.700
|
87.100 |
Total Current Liabilities
|
2146.526
|
1141.800
|
871.400 |
|
Net
Current Assets
|
733.318
|
999.600
|
899.300 |
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES
|
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
TOTAL
|
2071.432 |
2067.800 |
1958.800 |
|
PROFIT & LOSS ACCOUNT
|
PARTICULARS |
30.09.2005 |
30.09.2004 |
30.09.2003 |
Sales Turnover [including other income]
|
4402.870 |
3055.807 |
2641.800 |
|
|
|
|
|
Profit/(Loss) Before Tax
|
267.134 |
97.583 |
55.400 |
Provision for Taxation
|
94.576 |
37.549 |
(99.600) |
Profit/(Loss) After Tax
|
172.558 |
60.034 |
155.000 |
|
|
|
|
|
Export Value
|
652.504 |
541.577 |
518.401 |
|
|
|
|
|
Import Value
|
560.054 |
310.049 |
272.467 |
|
|
|
|
|
Total Expenditure
|
4135.736 |
2958.224 |
2661.271 |
QUARTERLY
|
PARTICULARS |
31.12.2005 (1st Qtr) |
31.03.2006 (2nd Qtr) |
30.06.2006 (3rd Qtr) |
|
Sales Turnover |
1419.400 |
2455.100 |
2134.700 |
|
Other Income |
10.100 |
20.000 |
31.700 |
|
Total Income |
1429.500 |
2475.100 |
2166.400 |
|
Total Expenditure |
1293.000 |
2275.900 |
1985.100 |
|
Operating Profit |
136.500 |
199.200 |
181.300 |
|
Interest |
7.200 |
6.400 |
9.100 |
|
Gross Profit |
129.300 |
192.800 |
172.200 |
|
Depreciation |
20.600 |
23.100 |
25.500 |
|
Tax |
41.000 |
59.400 |
47.900 |
|
Reported PAT |
71.000 |
108.500 |
96.100 |
KEY
RATIOS
|
PARTICULARS |
30.09.2005 |
30.09.2004 |
30.09.2003 |
|
Debt Equity Ratio |
0.27 |
0.31 |
0.82 |
|
Long Term Debt Equity Ratio |
0.16 |
0.21 |
0.59 |
|
Current Ratio |
1.37 |
1.68 |
1.74 |
|
TURNOVER RATIOS |
|
|
|
|
Fixed Assets |
4.15 |
3.44 |
1.86 |
|
Inventory |
4.65 |
4.90 |
2.23 |
|
Debtors |
4.18 |
4.18 |
4.88 |
|
Interest Cover Ratio |
5.06 |
2.31 |
2.04 |
|
Operating Profit Margin (%) |
9.32 |
7.54 |
6.47 |
|
Profit Before Interest and Tax Margin (%) |
7.65 |
5.61 |
4.26 |
|
Cash Profit Margin (%) |
5.63 |
3.89 |
8.29 |
|
Adjusted Net Profit Margin (%) |
3.96 |
1.96 |
6.09 |
|
Return on Capital Employed (%) |
16.09 |
8.54 |
4.96 |
|
Return on Net Worth (%) |
10.58 |
3.90 |
12.89 |
LOCAL AGENCY FURTHER INFORMATION
Operations
The
shareholders will be pleased to see the profit that has been reported.
Business has been exceptionally good during the year. Sales have been 42%
higher than the previous year. The Board had reported that the order booking
stood at a record level one year ago. We are happy to inform the shareholders
that the record has been broken.
Expansion in capacities is being implemented to meet the new challenge.
Economic conditions in the country and overseas presented an opportunity, which
your company was quick to seize. They also presented problems in the form of
acute shortages and unexpected rise in prices of materials, both in India and
overseas. Staff turnover also increased because of better job opportunities in
the country and abroad, and manpower costs had to be increased sharply.
They had reported to you, a year ago, about an industrial relations problem. I
am happy to report that the situation remained calm throughout the year and we
hope that it will remain calm in the future also.
Export billing stands at Rs.65 crores. This was our total sales, domestic and
exports, about a decade ago.
They have been increasing our presence in more and more countries. We have
supplied equipment to 61 countries. New customers were found, during the year,
in Chile and Honduras.
Theyhave also received an order from a German multinational company to supply 2
Presses to their plant in China. We have earlier supplied a Press each to their
plants in Brazil and India. We now have 3 customers in China.
Important export orders include two Bagasse Fired Boilers from Uganda and a Gas
Fired Boiler from Bangladesh. We have recently also booked an order for a
Complete Sugar Plant in Kenya (after the close for the financial year).
Other important export orders include: a) The first orders for Steel Castings
from GE, China; Siemens, Czech Republic; Toshiba Hydro, Japan; Toshiba Power
Systems, Japan and Alstom, Germany.
b) The first order for Pressure Vessels from Chile.
c) The first orders for Chlorine Containers from Argentina, Iran and
Honduras.
d) Repeat orders for Pressure Vessels from Oman.
In order to give a thrust to exports, it has been decided to open branch
offices in Germany and U.S.A.
Important domestic orders include those from the Aditya Birla group and the Jindal
group for Circulating Fluidized Bed Combustion Boilers. The Boiler being
supplied to the Jindal group will be the first boiler in India fired with 'coal
dust'.
Other important domestic orders include orders for Boilers from a number of
major groups in the Sugar Industry like Balrampur Chini Mills and Bajaj
Hindustan.
They also received (after the close of the financial year) an order for first
boiler which will work at pressure of 105 kg/cm2 and deliver 170 TPH. This will
be the largest size and largest pressure boiler ever supplied to the Indian
Sugar Industry. This boiler is to be supplied to Dhampur Sugar.
Also, orders were received for 3 Carbonation Towers from Gujarat Heavy
Chemicals Ltd.
The company has been making sustained efforts to get listed on the Bombay Stock
Exchange. Unfortunately, the Exchange is moving slowly.
The shareholders will also be pleased to read the good performance of the
subsidiary company, Saraswati Sugar Mills Ltd. The Directors' report of the
company is enclosed.
A history of 70 Years.
Customers in 57 Countries, across 6 Continents.
The ISGEC Group comprises
the heavy engineering divisions of the Saraswati Industrial Syndicate Ltd.,
which is a public company.
The Group has its origins in the Saraswati Sugar Mills, which was established
in 1933, with a sugarcane crushing capacity of 400 Tonnes per day. It has grown
into India's largest sugar mill and now crushes 13,000 Tonnes per day. It is
today a subsidiary company.
At the time of the nation's independence, the need for an Indian Capital Goods
Industry was recognized and Isgec was established in 1946. The initial activity
was the manufacture of spares for sugar mills.
In the course of its history, the Company diversified into a range of
engineering products. In 1964 it established a joint venture with John Thompson
of the UK to form ISGEC JOHN THOMPSON.
In 1981, it acquired majority shares in UP STEELS. Both units were subsequently
absorbed into the parent company. Today, the Company has six business units,
namely:
At Yamunanagar, (Haryana) India
:: Isgec (Pressure Vessels & Heat Exchangers)
:: Isgec (Presses)
:: Isgec (Iron Castings)
At Noida, (Uttar Pradesh) India
:: Isgec John Thompson (Boilers)
:: Isgec (Sugar Machinery)
At Muzaffarnagar, (Uttar Pradesh) India
::UP Steels (Steel Castings & Ingots)
Spread over 100 Hectares (250 acres), the Company's manufacturing facilities
have a shop floor area of over 55,000 square meters (66,400 square yards) with
world class manufacturing & testing facilities.
Isgec products have been supplied to reputed companies across 57 countries,
many of whom have placed repeat orders on us. These include:
o ABB, Japan
o Siemens, Germany
o Foster Wheeler, China
o Sumitomo, Japan
o Foster Wheeler, USA
o Valeo, France
o GE Hydro, Canada
o VA Tech, USA
o Luk, Germany
o Wesfarmers Group, Australia
divisions of saraswati industrial syndicate
Ø
ISGEC
Ø
Engineering
Procurement & Construction (EPC)
Ø
Steel
Castings (Uttar Pradesh Steels)
Ø
Saraswati
Sugar Mills
isgec john thompson
Ø
More
than 400 water tube boiler installations
Ø
Wide
Experience in Cogeneration, Captive Power applications
Ø
Technology
for Fossil and Biomass Fired Boilers
- Dump Grate
- Travelling Grate
- Atmospheric Fluidised Bed
- Circulating Fluidised Bed
Ø
Oil/Gas
Fired Boilers
Ø
World
Class manufacturing facilities
Ø
ISO
9001 Certified
infrastructure
Manufacturing Facilities
Ø
Crane
Capacity – 150 tonnes
Ø
Shop
Area 30,000 sq. mtrs ( 36000 sq. yards)
Forming Capabilities
Ø
Rolling
Thickness – 200 mm (8 inches)
Ø
Dished
End Thickness – 125 mm (5 inches)
Drilling Capabilities
Ø
Thickness
– 300 mm (10 inches)
Welding
Ø
Twin
Wire Submerged Arc Welding
Ø
Submerged
Arc Welding
Ø
Metal
Inert Gas Welding
Ø
Tungsten
Inert Gas Welding
Ø
Shielded
Metal Arc Welding
Testing
Ø
Radiography
upto 200 mm (8 inches) thickness
Ø
Tensile
Test including Elevated
Ø
Temperature
Testing upt 800C
Ø
Impact
Testing upto (-) 196C
Ø
Metallurgical
Microscope X-2000 and Photography facility
Ø
Ultrasonic
Testing
Ø
Magnetic
Particle Testing
Ø
Liquid
Penetrant Testing
Heat Treatment
Ø
Four
Oil Fired Furnances
Maximum size : 4500 mm x 4000 mm x 14500 mm (15 ft. x 13ft.
x 48 ft.)
Ø
Local
Stress Relieving by Electrical Resistance Method
Codes & Standards
Ø
ASME
Section 1
Ø
ISO
831
Ø
BS
1113
Ø
Indian
Standards
Engineering Capabilities
Ø
In-house
Engineering facilities – Mechanical, Process, Structural, Electrical, Control
and Instrumentation
Ø
49
Designers
Ø
Fully
Computerized Design Office
Ø
Latest
Design Software
Ø
Stress
Analysis for critical components by Finite Element Method
Ø
Softwares
– Autocad, Autolisp, Cadworx, Ceasar, Staad, Amigo, MS Project – latest
versions
Ø
Project
Management Capability
- Experienced Project Manager,
Engineers, Construction and Commissioning Personnel for efficient Project
Management and on time delivery
- M.S. Project based planning,
scheduling and monitoring
- Sequential supplies ensure
organised construction at site
accreditations
Ø
ISO
9001 Certified
Ø
ASME –
‘U2’, ‘U’ and ‘S’ Stamps
Ø
Lloyds
Class I
A multi-product, multi-division and
multi-location company, The Saraswati Industrial Syndicate manufactures crystal
sugar, sugar plants, ingots and steel castings, pressure vessels and fabricates
specialised items and hydraulic presses.
The company had undertaken the expansion of the Titawi sugar factory and
the Mawana sugar factory. In 1995, the company's Indian Sugar and General
Engineering Corporation (ISGEC) was awarded the ISO 9001 certification by
Lloyds Register of Quality Assurance, UK.
In 1993, the company's subsidiary -- ISGEC Covema Plastics, was granted a
letter of intent for setting up a 2500 tpa sugar plant at Kamoda in the
Kurukshetra district of Haryana. The company exports to the UK, south-east
Asian countries and to the eastern parts of Africa, west Asia and to the
neighbouring countries. The company recently started exporting to Cambodia and
Australia also.
During 1998-99, the company has signed a collaboration agreement with an
Italian Company, Belleli, for manufacture of High Pressure Reactors used in the
fertiliser and refinery industries.
Two major Press Lines were supplied to Krupp JBM Pvt.Ltd. during
1999-2000, which was a major achievement for the company as these were supplied
in a record period of time. The company also supplied a high pressure and
sophisticated Reactor to the Indian Oil Corporation, the order of which was
booked by our Italian collaborator but the fabrication was done in the
company's shops.
An agreement with M/s Foster Wheeler USA for transfer of latest
Circulating Fluidized Bed Boilers technology was signed in 2000-01.The company
has got exports orders for Cupro Nickel and Chrome Ferrite Stainless Steel Heat
Exchanges.
The Company’s Fixed Assets of important value
includes:
- Freehold Land
- Leasehold Land
- Buildings and Roads
- Plant and Machinery
- Furniture and Fixtures
- Vehicles
- Railway Siding and Tramway Lines
- Office Equipments
- Live Stock
CMT REPORT
[Corruption, Money laundering & Terrorism]
The Public Notice information has been collected from
various sources including but not limited to: The Courts, India Prisons
Service, Interpol, etc.
1] INFORMATION ON DESIGNATED PARTY
No
records exist designating subject or any of its beneficial owners, controlling
shareholders or senior officers as terrorist or terrorist organization or whom
notice had been received that all financial transactions involving their assets
have been blocked or convicted, found guilty or against whom a judgement or
order had been entered in a proceedings for violating money-laundering,
anti-corruption or bribery or international economic or anti-terrorism sanction
laws or whose assets were seized, blocked, frozen or ordered forfeited for
violation of money laundering or international anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that
subject is or was the subject of any formal or informal allegations,
prosecutions or other official proceeding for making any prohibited payments or
other improper payments to government officials for engaging in prohibited
transactions or with designated parties.
3] Asset Declaration :
No
records exist to suggest that the property or assets of the subject are derived
from criminal conduct or a prohibited transaction.
4] Record on Financial Crime :
Charges or
conviction registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l Anti-Money
Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No available information
exist that suggest that subject or any of its principals have been formally
charged or convicted by a competent governmental authority for any financial
crime or under any formal investigation by a competent government authority for
any violation of anti-corruption laws or international anti-money laundering
laws or standard.
8] Affiliation with Government :
No record exists to
suggest that any director or indirect owners, controlling shareholders,
director, officer or employee of the company is a government official or a
family member or close business associate of a Government official.
9] Compensation Package :
Our market survey
revealed that the amount of compensation sought by the subject is fair and
reasonable and comparable to compensation paid to others for similar services.
10] Press Report
:
No press reports / filings exists on the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments
on Corporate Governance to identify management and governance. These factors
often have been predictive and in some cases have created vulnerabilities to
credit deterioration.
Our Governance Assessment focuses principally on the
interactions between a company’s management, its Board of Directors,
Shareholders and other financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local
laws, regulations or policies that prohibit, restrict or otherwise affect the
terms and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.25 |
|
UK Pound |
1 |
Rs.87.30 |
|
Euro |
1 |
Rs.57.36 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP
CAPITAL |
1~10 |
7 |
|
OPERATING
SCALE |
1~10 |
7 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS
SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT
LINES |
1~10 |
7 |
|
--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 |
|
63 |
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 |
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 |