MIRA
INFORM REPORT
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Report Date : |
31.05.2007 |
IDENTIFICATION DETAILS
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Name : |
ELECTROTHERM
INDIA LIMITED |
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Registered
Office : |
A-1, Skylark
Apartment, |
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Country : |
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Financials (as
on) : |
31.03.2006 |
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Date of
Incorporation : |
29.09.1986 |
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Com. Reg. No.: |
04-9126 |
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CIN No.: [Company
Identification No.] |
L24110GJ1986PLC009126 |
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TAN No.: [Tax Deduction
& Collection Account No.] |
AHME00193E |
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Legal Form : |
Public Limited
Liability Company. The company’s shares are listed on the Stock Exchange |
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Line of
Business : |
Manufacturer of Medium Frequency Induction Melting Furnaces, Metal Refining
Konverter, Induction Ladle Refining Furnace, Induction Heating/Hardening
Equipments, Submerged Arc Furnace & a host of allied products. |
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 1500000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a
well-established company having satisfactory track. Trade relations are fair.
General financial position is satisfactory. Payments are usually correct and
as per commitments. The company can
be considered good for normal business dealings at usual trade terms and
conditions. |
LOCATIONS
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Registered
Office : |
Survey No. 72,
Village Palodia, Via- Thaltej, Tal.: Kalol, District: Gandhinagar, |
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Tel. No.: |
91-2717-234553-57/234613-15 |
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Fax No.: |
91-2717-234616/234866 |
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E-Mail.: |
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Website |
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Correspondence
Office : |
A-1, Skylark
Apartment, |
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Tel. No.: |
91-79-26746474/26748855 |
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Fax No.: |
91-79-26740923 |
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Factory 1 : |
Survey No. 72, Village:
Palodia, Tal: Kalol, District: Gandhinagar- 382115, |
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Factory 2 : |
Survey No. 325,
Village: Samakhiyali Taluka, Bhachau, District Kutchh |
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Factory 3 : |
414/1, GIDC Phase
– II, Vatva Industrial Area, Ahmedabad – 382445, |
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Factory 4 : |
Village: Dhank,
Taluka: Upleta, District: |
DIRECTORS
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Name : |
Mr. Mukesh
Bhandari |
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Designation : |
Chairman and
Managing Director |
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Name : |
Mr. Shailesh
Bhandari |
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Designation : |
Whole Time
Director |
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Name : |
Mr. Harish Sharma |
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Designation : |
Whole Time
Director |
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Name : |
Mr. Narendra
Dalal |
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Designation : |
Whole Time
Director |
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Name : |
Mr. Avinash
Bhandari |
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Designation : |
Director |
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Name : |
Mr. Naveen Nakra |
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Designation : |
Director |
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Name : |
Mr. Nilesh Desai |
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Designation : |
Director |
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Name : |
Mr. Madhusudan
Somani |
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Designation : |
Director |
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Name : |
Mr. Ram Singh |
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Designation : |
Director |
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Name : |
Mr. P K Prasad |
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Designation : |
Director |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
|
Names of Shareholders |
No. of Shares |
Percentage of
Holding |
|
Indian Promoters |
3134875 |
65.77 |
|
Banks, Financial
Institutions, Insurance Company, etc. |
150000 |
3.14 |
|
Mutual Funds and
UTI |
20300 |
0.43 |
|
Private Corporate
Bodies |
426125 |
8.94 |
|
NRIs/ OBCs |
58000 |
1.22 |
|
Indian Public |
977075 |
20.50 |
|
TOTAL |
4766375 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Medium Frequency Induction Melting Furnaces, Metal
Refining Konverter, Induction Ladle Refining Furnace, Induction
Heating/Hardening Equipments, Submerged Arc Furnace & a host of allied
products. |
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Products : |
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GENERAL INFORMATION
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Bankers : |
Bank of |
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Facilities : |
-- |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Mehta Lodha and Company Chartered
Accountants |
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Address : |
Ahmedabad |
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Associates : |
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Subsidiaries : |
·
Dharnendra Die
& Engineering Works ·
Faraday Shop ·
Falcon Cables
Private Limited
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CAPITAL STRUCTURE
As on 30.09.2006
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
50000000 |
Equity Shares |
Rs. 10/- each |
Rs. 500.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
21134708 |
Equity Shares |
Rs. 10/- each |
Rs. 211.347 millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES
OF FUNDS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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|
SHAREHOLDERS
FUNDS |
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|
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|
1] Share Capital |
167.700 |
183.263 |
47.664 |
|
|
2] Share
Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves &
Surplus |
269.200 |
169.481 |
42.690 |
|
|
4] (Accumulated
Losses) |
0.000 |
0.000 |
0.000 |
|
NETWORTH
|
436.900 |
352.744 |
90.354 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
1827.900 |
556.118 |
66.230 |
|
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2] Unsecured
Loans |
312.800 |
114.714 |
46.425 |
|
TOTAL BORROWING
|
2140.700 |
670.832 |
112.655 |
|
|
DEFERRED TAX
LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL
|
2577.600 |
1023.576 |
203.009 |
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APPLICATION OF FUNDS
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FIXED ASSETS [Net Block]
|
1527.300 |
715.042 |
91.672 |
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Capital work-in-progress
|
362.700 |
0.000 |
0.000 |
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INVESTMENT
|
0.700 |
0.164 |
0.163 |
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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
|
749.900
|
418.243
|
110.114
|
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Sundry Debtors
|
622.000
|
213.375
|
136.245
|
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Cash & Bank Balances
|
210.400
|
88.112
|
14.674
|
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Other Current Assets
|
0.000
|
0.000
|
0.000
|
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Loans & Advances
|
244.100
|
138.623
|
19.205
|
Total Current Assets
|
1826.400
|
858.353
|
280.238
|
|
Less :
CURRENT LIABILITIES & PROVISIONS
|
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Current Liabilities
|
1100.600
|
527.174
|
163.555
|
|
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Provisions
|
55.300
|
22.809
|
5.509
|
Total Current Liabilities
|
1155.900
|
549.983
|
169.064
|
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Net Current Assets
|
670.500
|
308.370
|
111.174
|
|
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MISCELLANEOUS EXPENSES
|
16.400 |
0.000 |
0.000 |
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TOTAL
|
2577.600 |
1023.576 |
203.009 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
Sales Turnover [including other
income]
|
3792.200 |
1.971 |
584.840 |
|
|
|
|
|
Profit/(Loss) Before Tax
|
292.000 |
147.013 |
10.734 |
Provision for Taxation
|
104.100 |
12.000 |
3.200 |
Profit/(Loss) After Tax
|
187.900 |
135.013 |
7.534 |
|
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|
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Export Value
|
411.103 |
NA |
NA |
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Import Value
|
NA |
155.906 |
43.423 |
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Total Expenditure
|
3782.100 |
1.803 |
559.104 |
SUMMARISED RESULTS
|
PARTICULARS |
|
|
31.03.2007 |
|
Type |
|
|
Full
Year |
|
Sales
Turnover |
|
|
7308.900 |
|
Other
Income |
|
|
33.300 |
|
Total
Income |
|
|
7342.200 |
|
Total
Expenditure |
|
|
6198.700 |
|
Operating
Profit |
|
|
1143.500 |
|
Interest |
|
|
350.300 |
|
Gross
Profit |
|
|
793.200 |
|
Depreciation |
|
|
178.500 |
|
Tax |
|
|
68.400 |
|
Reported
PAT |
|
|
433.500 |
|
Dividend
(%) |
|
|
200.000 |
KEY RATIOS
|
PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
Debt Equity Ratio |
4.39 |
2.28 |
1.40 |
|
Long Term Debt Equity Ratio |
3.36 |
1.64 |
0.63 |
|
Current Ratio |
1.17 |
1.10 |
1.25 |
|
TURNOVER RATIOS |
|
|
|
|
Fixed Assets |
3.00 |
4.39 |
4.20 |
|
Inventory |
6.29 |
7.78 |
6.10 |
|
Debtors |
8.80 |
11.75 |
5.66 |
|
Interest Cover Ratio |
4.18 |
10.25 |
2.20 |
|
Operating Profit Margin (%) |
12.36 |
8.37 |
4.22 |
|
Profit Before Interest and Tax Margin (%) |
10.44 |
7.93 |
3.13 |
|
Cash Profit Margin (%) |
7.03 |
7.02 |
2.29 |
|
Adjusted Net Profit Margin (%) |
5.11 |
6.57 |
1.20 |
|
Return on Capital Employed (%) |
20.73 |
28.92 |
9.43 |
|
Return on Net Worth (%) |
67.78 |
87.78 |
8.66 |
STOCK PRICES
|
Face Value |
Rs.10/- |
|
High |
Rs.307.80/- |
|
Low |
Rs.300.00/- |
LOCAL AGENCY FURTHER INFORMATION
History
Electrotherm
India(EIL), the Ahmedabad based company, was started in the early eighties by two
enterprising brothers Mukesh Bhandari and Shailesh Bhandari, along with Harish
Sharma and Narendra Dalal.
Subject manufactures medium frequency induction melting furnaces, induction
heating and hardening equipment, single electrode DC arc furnaces, secondary
metallurgical equipment like DC ladle refining furnaces, etc. EIL is also into
wind power generation. Since its first order of 350-KW Medium frequency
induction furnace in Jun 1983, it has installed over 300 induction furnaces
allover
Subject has set up a sister concern for
new products like laser cutting machines for cutting stainless steel to very
close tolerances which otherwise is a difficult operation.
Subject has received the prestigious 'Dhatu Nayak' award for the year 1997-98
and 1998-99 for indigenous development, manufacture & Commissioning of
India's largest Medium Frequency Induction Melting Furnace of 7500 KW/15 Ton
capacity for Alloy steel and key contribution to stainless steel and alloy
steel industry by developing indiginously developing cost effective equipment
for manufacturing of stainless steel through induction furnace route
respectively.
The Company also supplied
Operation:
The economy of the country continues to grow at an impressive pace and there is
huge capital outflow in the infrastructure and real estate sectors. The
country's exports are also growing and with the positive policies of the
central and state government, the company has been able to show impressive
growth.
During the year, the Company has achieved a turnover of Rs.3447.210 Millions in
comparison to the turnover of Rs.1837.684 Millions of previous year, showing a
growth of over 88%. Net profit after provision for taxation during the year is
Rs.262.777 Millions against Rs.135.014 Millions during the previous year,
showing an increase of 95%.
Capital Projects:
The company is in the process of implementing its project at
The company has also established manufacturing capabilities to produce Electric
vehicles.
Once fully commissioned the company will have the capacity to sell 150000 TPA
of construction steel, 150000 TPA special steels including stainless steel and
alloy steel, 100000 TPA of Ductile iron pipes, 30MW of captive power and
3,00,000 electric vehicles per annum. In addition, the plant will have captive
capacities of pellets / sponge iron.
The company has identified
Export:
The Company's exports continue to increase each year. During the year, the
export turnover was Rs.411.103 Millions as compared to Rs.338.700 Millions
during the previous year. Several initiatives have been taken which has
resulted in an export order booking of more than Rs.1100.000 Millions. In the
current year as well as in coming years, the company is targeting a growth of
more than 100% on the export front.
Quality & Environment:
The company is now recognized for its superior quality and after sales service.
This emphasis on quality has enabled the company to position its product above
the competitors and Electrotherm brand is now recognized as a symbol of
quality. Electrotherm is recognized as a company which tailors its products
according to the requirements of the customers instead of trying to push the
products which it is comfortable in manufacturing. This customer focus has
earned a good name for the company and the company has a record that none of
its customers ever change their loyalties in favour of its; competitors. In a
short time, all the products which the company launched at its newly
established engineering and steel works at
Foreign Exchange Earning and Outgo:
(Activities Relating to Export:
The Company has been making efforts for direct exports at international level.
Company has executed export orders worth of Rs 379.242 Millions during the year
and has further diversified its export market
Management Discussion and Analysis:
Industrial Overview:
Index of Industrial Production has grown by more than 10% as compared to 6%
three years ago. The double digit robust growth has put the manufacturing
sector back into focus, which had earlier shifted to IT sector and
Pharmaceutical sector.
The Indian economy has continued to record high growth rate in the current year
and there is every reason to believe that 8% GDP growth rate is sustainable.
The growth in infrastructure is continuing rapidly and the country's fiscal
policies will ensure that there is no slow down in the economy.
Electrotherm continues to grow at a fast pace: Second year in a row the company
nearly doubled its turnover as compared to the previous year. Against turnover
of Rs.1860.000 Millions last year, the company clocked an impressive figure of
Rs.3450.000 Millions during the current year. The PBIDT jumped from Rs.170.000
Millions to Rs.450.000 Millions.
The year gone by has been an important year for Electrotherm a year in which
they faced unprecedented competition internationally. They met this challenge
head on has successfully tackled this competition and protected its market
share.
The company is essentially an engineering and manufacturing company. The growth
is being driven by the company's engineering and manufacturing capabilities. At
Electrother m, the company has embarked on establishing a Waste Heat Power
Plant of 30MW at
Future Plan:
The last few years have been very challenging and of great significance for the
company. The company has been undergoing major transformations in its market
segments, business mix, revenue mix and profitability. The company has
undertaken an elaborate exercise to re-engineer its revenue mix towards higher
value added business with a view to improve shareholder value.
From a single product and single market segment company, the company has
matured into a diversified enterprise.
The Engineering, Capital Equipment and Project Division:
The engineering, capital equipment and project division will continue to focus
on providing metallurgical solutions to the industry by making available to
them superior products and technologies. The company expects that exports will
become a major component of revenue in this segment. The existing scale of
operations have demonstrated their project execution and management
capabilities and their strong cash flows in this segment coupled with a huge
reservoir of human and intellectual capital has created a unique opportunity
for future growth. The company has signed an MOU with Beichen Hi Tech
Industrial Park,
Construction Steel Division:
Last year the company entered the construction steel industry by setting up a
steel unit in
Stainless Steel Division:
The company pioneered the growth of stainless steel production in the country
by introducing MRK (Metal refining Konverter) a few years ago and has now
decided to enter stainless steel market by setting up modern facilities in
their
Structure and Alloy Steel Division:
The demand for structural steel and alloy steel continues to grow on account of
huge growth in infrastructure, power sector and automobile sector. With
unprecedented growth taking place in transmission lines, power distribution,
communication and automobiles, the company sees for itself a huge opportunity in
this segment which will become its fourth revenue stream.
Ductile Iron Pipe Division:
Ductile Iron pipes advantages over normal cast iron pipes, HDPE pipes, welded
pipes and concrete pipes due to its superior corrosion resistant properties and
hygienic qualities. There is a huge demand for pipes in the country and
internationally. The company has made a modest entry into this segment by
setting up a state of tile art integrated plant. The entire plant and equipment
has been made with in-house technology, which has ensured very low capital
investment vis-a-vis its competitors. The company sees a huge growth
opportunity in this revenue stream.
Electric and Hybrid Electiric Vehicle Division:
At Electrotherm they have set for ourselves a tremendous pace for innovation
and development, from innovation to evolution, from steel to wheels.
Electrotherm has innovated in all their endeavors to provide the utmost value
to its customers. Electrotherm has completed a successful launch of its
Electric Vehicles in the
Five years ago,
INTERNATIONAL PARTNERSHIPS:
Two years ago, the company entered into a partnership agreement with HYL
Technologies of Mexico, which is now apart of Techint Technologies,
The company has also been allotted land at
Website Details Attached:
Company Profile:
ELECTROTHERM (ET) as a trusted name in foundry and Steel Industry for
providing unmatched technological leadership for nearly two decades.
ELECTROTHERM is renowned for providing sophisticated technologies &
offering customized metallurgical turnkey solutions irrespective of its nature,
size & geographical boundaries. With the new liberalized environment that
has seen a rise in the customer expectations for uncompromising quality
products backed by cost effectiveness & reliability, ET has marched ahead
with impressive performance year after year. Today Electrotherm does not
confine itself to catering only to local patrons but to customers across the
globe.
ELECTROTHERM caters to Ferrous & Non-Ferrous foundries and metal
melting industry by manufacturing Medium Frequency Induction Melting Furnaces,
Metal Refining Konverter, Induction Ladle Refining Furnace, Induction
Heating/Hardening Equipments, Submerged Arc Furnace & a host of allied
products.
ET has achieved market leadership in its core products
because of excellence and dedication towards continuous improvement. Today ET
has a clientele of over 750 installations. Electrotherm has exported its
products to
ET is distinguished by the skill & depth of leadership
/experienced team. Prime importance is given to prompt after sales service.
ET's operations are spread over 30 locations with 6 Regional Offices and
offices at
Research & Development has been the basic strength of
the company right from the date of its inception. Electrotherm takes into
account the specific needs of steel industry and local ambient conditions in designing
equipment. ET's pursuit for newer and better solutions has led to the
development of sophisticated, rugged, efficient, cost-effective & user
friendly equipment for the metallurgical industry. Novel methods of producing
steel are investigated with a view to drastically reduce the heat time and
capital cost associated with the conventional processing methods. The efforts
put in by the team is not gone unnoticed, ET has been conferred with 21
prestigious National awards.
"The urge to delve into future by developing equipment
and process for tomorrow set new industry standards. Always a leader, all these
efforts translated not only into enriched customer satisfaction but also ISO
: 9001 certification by RWTUV Germany."
Mammoth infrastructure nearly two decades of experience in
developing concurrent technologies and the ability to compete globally in the
backdrop of boundaries business opportunities prompted ET to introspect and
fine tune its activities. The result fine tuning and further expanding its reach
by providing most modern technologies feat, man and material any where in the
world in time.
Providing efficient, reliable products, more effective
utilization of its highly trained & experienced manpower & to open up
new vistas in the global market are now priorities on ET's agenda.
All said and done, ET has embarked on a revolutionary
re-shaping of its future growth in the country & around the world. And
absolutely nothing can stop it now…..
History
A dream of technocrat to serve Indian Steel Industry lead to
Inception of Electrotherm (
At a time when capability of multinationals was the only
excepted norm in
Promoters of Electrotherm visualized this gap in technology
and took upon itself indigenous development of Medium Frequency Induction
Melting Furnace at a time when these furnaces were imported into
ET is working towards infusing diversity within the company
as a part of its corporate culture and lays special emphasis on equal
opportunity and fairness. The diversity element will play a vital role in
building future needs to serve all parts of their highly diverse country as
also the disurning entrepreneurs all over the world.
Electrotherm has distinction of manufacturing 3 T to 20 T
Medium Frequency Induction Melting Furnaces for first time in the country. On
rough estimates, over 4 million MT of steel is melted in
Infrastructure
Electrotherm's full-fledged state-of-the-art manufacturing and testing
facilities are spread over an expansive area of 70,000 sq.mtrs at Palodia, on
the outskirts of Ahmedabad. It has well equipped machine / assembly shops facilitated
with the latest CNC machines & host of special purpose machines for better
precision in machining and over all quality of its products.
ET has implemented World Class Manufacturing concepts with focus on
training and Continuous Improvement. ET also has its own in-house competent
information technology department to cater to the total needs of the company.
"TUV CERTIFICATION BODY OF GERMANY" accredits this plant with ISO
9001 certification for well documented Quality Systems and Procedures and for
practicing International Quality standards in every sphere of its activity.
Superior Standards; Ruthless Benchmarking
Electrotherm believes in TQM (Total Quality Management) approach and
therefore each and every component has to pass through stringent Quality
Control procedure. At work in Electrotherm is a quality chain that binds all
parts of their operations- from raw material sourcing to processing, from
research and development to production, from stage wise quality inspection to
delivery.
In fact, every time a customer sources a world class equipment from us,
and they custom-design and deliver it to their satisfaction, that's not the end
of the story for us. It's the beginning of a long and mutually rewarding
industrial relationship. They continue to monitor the performance of the
equipment through frequent client interactions and feedback. This enables us to
continually upgrade their own abilities, and satisfy even the most demanding
clients.
Electrotherm takes pride of being the only company in
To ensure that visualized Quality is built into its
products, ET has a well equipped Quality Assurance department manned by
Mechanical and Electronics Engineers.
ET's works regularly undergo Statutory & Independent
inspections by LLOYDS, UDHE, SGS, INSPECTORATE GRIFFITH, EIL ( ENGINEERS
(INDIA) LIMITED).
The Quality Policy at Electrotherm dictates: "they are
committed to customer satisfaction by providing cost effective, reliable
products and services. For continuous improvement, they rely on training,
design and development." This is a dictum at Et at every level.
ISO-9001 certification is taken by one and all in
Electrotherm as an added responsibility to further its already stringent
quality parameters in their organization at every level so that Electrotherm is
always at the forefront in providing world last equipment.
Core Team
With the opening of barriers in international co-operation
and implementation of new economic policy in
Being a research and development oriented company with
future plans for backward and forward integration, Electrotherm has been
recruiting Graduate/Post Graduate Engineers & Management students from
prime institutes of
With qualified Electrical, Electronics and metallurgy
Engineers, ET is able to offer the customers better productivity and value
added products. Electrotherm can take legitimate pride in the form of having
the largest group of Metallurgical Engineers compared to any Metallurgical
equipment manufacturer in
ET Family comprises of professionals broadly categorized as
follows:
60% of employees possess Engineering and/or Post-Graduate
Qualification
Mechanical Engineers
08%
Metallurgical Engineers
07%
Electrical/Electronics Engineers
39%
Industrial Engineers
02%
Post Graduates
04%
ET is working towards infusing diversity within the company
as a part of its corporate culture and lays special emphasis on equal
opportunity and fairness. The diversity element will play a vital role in building
future needs to serve all parts of their highly diverse country as also the
disurning entrepreneurs all over the world.
Milestones
1982 - ELECTROTHERM started as a servicing unit for Electrical &
Electronic equipment.
1983 - ELECTROTHERM received its First Order of 350 KW/ 500 KG.
1984 - Designed and developed
1989 - ELECTROTHERM enters EXPORTS- Orders from
1992 - Developed & Commissioned India's first Integrated
manufacturing line incorporating MF Induction Melting Furnace, Metal Refining
Konverter and DC Ladle Refining Furnace at Viraj Alloys Limited.
1995 - Developed & Commissioned a 12MT MF Induction Melting Furnace,
15 MT Metal Refining Konverter and 18 MT Twin Electrode DC Ladle Refining
Furnace at Stainless India Jodhpur, a project of Mukund India Limited.
1995 - Developed & commissioned the then Largest M.F. Induction
Melting Furnace of the country at Shah Alloys Limited. (7500KW/15 MT).
1996 - Developed & Commissioned
1997 - Supplied three large MF Induction Melting Furnaces with DC Ladle
Refining Furnace for world's largest billet manufacturing facility through the
route of Induction Melting Furnace at M/s Vishwas Steels,
1999 - Developed & Commissioned Bent Rail Hardening System at
Digvijay Steel Industries, Batala.
1999 - Developed & Commissioned
2001 - 3rd Repeat order of 20 MT Induction Melting Furnace from M/s Shah
Alloys Limited.
2001 - Designed developed and commissioned
2001 - Supplied 20 T furnace in record time of 40 days to Viraj Profiles
Limited.
2001 - Supplied two melting furnaces to Thor Foundry in
2002 - Order of
2002 - Fastest Commissioning of 7.5MW/20T Induction Melting Furnace
within 40 days at Viraj Profiles Limited.
2002 - First indigenous Induction Ladle Refining Furnace of 1MW/12T at
R.L.Steel Limited.
2002 - First induction Ladle Furnace commissioned
2002 - First Continuous Induction Furnace CONTIFUR supplied - a
revolutionary process for economical manufacture of steel. Power consumption and
maintenance cost are much less compared to conventional steel making process
and equipment.
Recognitions
1987 - Young Electronics Engineer of the year award at the hands of
President Giani Zail Singh.
1989 - Special Recognition award for Indigenous Development of
Technology instituted by SIDO, Ministry of Industries at the hands of President
Shri Venkatraman.
1989 - Udyog Patra presented by the then Vice-President of India Shri S.
D. Sharma
1990 - VASVIK Research Award for contribution in the field of Electrical
Sciences & Technology.
1991 - FIE Foundation Award for eminence in the field of Engineering by
Prime Minister Shri Chandra Shekhar.
1993 - IEEMA Award for indigenously developing
1999 - Dhatunayak Award for Designing, Developing and Commissioning
Largest MF Induction Melting Furnace of 20 MT capacity.
2000 - ISO 9001 Certification BY RWTUV
2000 - Awarded by
Awards
IMM-Binatone Award
Special recognition National Award
Udyog Patra
IEEMA Award
Vasvik Research Award and Dhatu Nayak
Award for designing State-of-the-art
Product
Profile:
Electrotherm (ET) is a trusted name in foundry and steel industry for
providing unmatched technological leadership for nearly two decades.
It caters to Ferrous & Non-Ferrous foundries and metal melting
industry by manufacturing Medium Frequency Induction Melting Furnaces, Metal
Refining Konverter, Induction Ladle Refining Furnace, Induction
Heating/Hardening Equipments, Submerged Arc Furnace & a host of allied products.
Medium Frequency Induction Melting / Holding Furnace
Electrotherm caters to ferrous and non-ferrous foundries and to all
segments of steel industry (Mini Steel Plant and Alloy Steel Plant) by manufacturing
Medium Frequency Induction Melting Furnaces ranging from 15 KW/30KG to 25 MW /
50MT.
Metal Refining Konverter (MRK)
MRK is an improved Air-Oxygen-Decarburisation (AOD) converter for making
Stainless Steel
and Alloy Steels. It uses air and nitrogen to reduce..
Electric Arc Furnace (EAF)
Due to the fast escalating costs of raw material and electricity, it has
become essential to adopt a process, which can compensate for high costs of
these inputs...
Ladle Refining Furnace (LRF)
Ladle Refining of liquid is a proven technology to obtain clean steel.
Electrotherm offers Induction Ladle Refining Furnace for lower rating ranging
from 0.5T to 20T and LRF with three electrodes...
Induction Heating & Hardening Equipment (IHH)
The front runners in indigenised induction technology , ET offers high
precision customised Induction Heating & Hardening Systems for any specific
needs Quick heat is...
Induction Ladle Furnace (INDUREF)
Lime based fluxes effectively desulphuries steel and prolonged degassing
by argon purging gives metal properties similar to vacuum treated metal. It can
be used with ..
Continuous Induction Furnace
(CUNT-I-FUR)
Continuous Induction Furnace has overall heat transfer effiency of more
than 85% Lime and dolomite enables dephosphorization. Inductor lining life is
more that 45 days. Carbon..
Research
and Development
Electrotherm offers customer-specific Technological Solutions with the
support of Strong Research & Development (R&D) set-up. R&D has
always been the main thrust for Electrotherm.
Mr.Mukesh Bhandari, CMD of the company, personally steers R&D
activities through his highly professional and efficient management skills.
Their R&D team consists qualified Metallurgists and Electronics wizards.
Their in-house
Extraordinary emphasis and value placed on R&D had not only
delivered excellent results, but also earned accolades and distinction.
Electrotherm received National recognition for Excellence for in-house
technology development. Vasvik Gold Medal recognized Electrotherm's research
competence and proficiency. IEEMA, on the other hand, gave its award for the
Best Indigenously developed product. These awards and recognitions are feathers
in the cap of ET R&D. Dedicated R&D efforts have also lead us to many
Firsts in
Sales
And Services:
ET has wide spread Sales and Service Network with 26 Offices in
ET's Engineers not only give in-time services to customers but also
assist customers to help define their specific needs & increasing their
productivity and efficiency.
A prompt and efficient service rendered by ET's Engineers has helped us
to add more than 750 satisfied customers in their client list. ET has expanded
its network to such an extent that every call is attended within 24 hours
anywhere in
News
Letter:
Transmitter to Steel
By Mukesh Bhandari,
Chairman & Managing Director
Electrotherm (
Objects and achievements giving satisfaction are unique in individuals.
Mental faculty does not accept any level of achievement as a benchmark of
satisfaction. The mind goes on searching for new avenues out of which satisfaction
could be derived. This is a never ending process.., the way of life to any
aspiring individual. This is the basic principle of development in any field;
consider recycled paper or eco-friendly manure from food and agro waste, space
shuttle or supersonic jet, the common factor is dissatisfaction or the urge to
cross over to a new phase.
Engineer As A Tool
The society is not conscious about the role an individual plays in its
development as a discipline. It looks towards the person as a tool whose contribution
is not taken as that of an Engineer but as a man next door. Therefore, by and
large the society considers an Engineer as a tool, which moulds and casts
better living.
I am proud to be an engineer. I am proud to be an engineer because my
mental faculty is a tool, which meets the needs of the society; the nation as a
whole and above all, it gives me satisfaction to that extent.
Engineer Redefined
"Engineer", the term brings to mind a person who has acquired
a degree in Engineering. The executive at the finance desk who crafts by
sizing, exploring, addition, subtracting, scratching, scribbling and
researching to arrive at most practical and balanced application of funds is
also doing a sort of engineering. Similarly, a strategic planning done by a
team, which may not comprise qualified engineers, is also doing a sort of
engineering. A creative artist who designs the ads or s publicity material or
an event manager is an engineer in effect.
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.40.54 |
|
|
1 |
Rs.80.21 |
|
Euro |
1 |
Rs.54.51 |
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 |
|