MIRA
INFORM REPORT
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Report Date : |
07.09.2007 |
IDENTIFICATION DETAILS
|
Name : |
BHILAI
ENGINEERING CORPORATION LIMITED |
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Registered
Office : |
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Country
: |
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Financials
(as on) : |
31.03.2006 |
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Date
of Incorporation : |
03.12.1960 |
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Com.
Reg. No.: |
10-913 |
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CIN
No.: [Company Identification No.] |
L29111MP1960PLC000913 |
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TAN
No.: [Tax Deduction & Collection Account No.] |
JBPB00010D |
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Legal
Form : |
A
Closely Held Public Limited Liability Company. |
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Line
of Business : |
Manufacturing
and Selling of Grey Iron Castings, Carbon Alloy, Steel Castings, Equipments, Single
Super Phosphate, Sulphuric Acid, Sodium Flouride, Plant Growth Regulators,
Acid Slurry, Trigger, Fabricated Steel Structural, Tomato, Papaya, Mango
Pulps and Concentrates. |
RATING & COMMENTS
|
MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Maximum Credit Limit : |
USD 1300000 |
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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 satisfactory track. Financial
position of the company is satisfactory. Payments are usually correct and as
per commitments. Payments are reported as slow by average 30 days. The
company can be considered normal for business dealings at usual trade terms
and conditions. |
LOCATIONS
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Registered
Office : |
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Tel.
No.: |
91-788-2381134
/ 2381135 / 2381136 / 2381137 / 2381138 / 2385001 |
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Fax
No.: |
91-788-2381140
/ 2381141 |
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E-Mail
: |
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Website
: |
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Head
Office : |
39/2, Nehrunagar East, Bhilai 490022 |
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Tel
No.: |
91-788-2292352, 2292281,
2292179, 2393294 |
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Fax
No.: |
91-788-2292814 |
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Corporate
Office : |
31,
Maker Chambers III, Nariman Point, Mumbai – 400 021, |
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Tel.
No.: |
91-22-2871331/2831724/2043647/2844208/22883768/22816859 |
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Fax
No.: |
91-22-2873611 |
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E-Mail
: |
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Factory : |
v
v
BEC Fertilizers, Sirgitti Industrial Complex, Bilaspur, Madhya
Pradesh v
BEC (Projects Division), Urla Industrial Area, v
BEC Foods, Village Kuthrel, v
BEC Fertilizers II, Village Kuthrel, Tulja Deoli, Pulgaon – Dist
Wardha v
283-292 Uria Industrial Area, Uria, |
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Branches
: |
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Engineering
Division |
Post
Box No. 31, Bhilai 490 001 |
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Tel
No.: |
91-788-2285001
/ 5 |
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Fax
No.: |
91-788-2381141 |
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Foods
Division |
BEC Foods, Village Kuthrel, Dist. Durg 491001 BEC Fertilizers |
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Regional Offices: |
Mumbai:
Fax: 91-33-22827061 |
DIRECTORS
|
Name : |
Mr. Balwant Rai Jain |
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Designation : |
Director |
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Address : |
63, Nehru Nagar [East], Bhilai, Durg – 490020, Chattisgarh |
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Date of Birth/Age : |
30.09.1924 |
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Date of Appointment : |
20.09.2001 |
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Name : |
Mr. Narendra Kumar Jain |
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Designation : |
Director |
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Address : |
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Date of Birth/Age : |
15.01.1936 |
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Date of Appointment : |
29.09.2001 |
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Name : |
Mr. Surendra Kumar Jain |
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Designation : |
Director |
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Address : |
13 Masjid Moth Commercial Complex, |
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Date of Birth/Age : |
24.04.1942 |
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Date of Appointment : |
29.09.2001 |
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Name : |
Mr. Arvind Kumar Jain |
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Designation : |
Joint Managing Director |
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Address : |
43 Nehru nagar Bhilai, Durg – 490020, Chhattisgarh |
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Date of Birth/Age : |
31.10.1946 |
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Date of Appointment : |
30.04.2007 |
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Name : |
Mr. Veenu Jain |
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Designation : |
Joint Managing Director |
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Address : |
31 Maker Chambers, 3rd Floor Nariman Point, Mumbai –
400021, |
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Date of Birth/Age : |
30.09.1954 |
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Date of Appointment : |
29.09.1979 |
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Name : |
Mr. Pramod Kumar Jain |
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Designation : |
Director |
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Address : |
41/1, Nehru Nagar [East], Bhilai, Durg – 490020, |
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Date of Birth/Age : |
31.07.1947 |
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Date of Appointment : |
25.08.1986 |
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Name : |
Mr. Ashish Jain |
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Designation : |
Director |
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Address : |
43, Nehru Nagar [East], Bhilai, Durg – 490020, |
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Date of Birth/Age : |
27.02.1976 |
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Date of Appointment : |
30.09.2000 |
KEY EXECUTIVES
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Name : |
Mr. Satya Prakash Gupta |
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Designation : |
Company Secretary |
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Address : |
32/8, Nehru nagar [West], Bhilai, Durg – 490020, |
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Date of Birth/Age : |
02.02.1960 |
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Date of Appointment : |
01.08.2002 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Reco Agricultural and Industries Private Limited |
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646999 |
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Bhilai Management Services Private Limited |
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639399 |
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Bhilai Investments Limited |
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370168 |
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Balka Services Private Limited |
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643799 |
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Kriner Services Private Limited |
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640999 |
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Novel Products Limited |
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115460 |
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Sudha Investments Limited |
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390050 |
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Surge Services Private Limited |
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641200 |
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Veenu Jain |
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9614 |
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Surendra Kumar Jain |
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10815 |
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Surendra Kumar Jain – HUF |
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69538 |
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Poonam Jain |
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11599 |
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Arvind Kumar Jain |
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67944 |
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Priyanka Jain |
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1600 |
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Unit Trust of |
|
99999 |
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BEC Impex International Private Limited |
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23800 |
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Equity Share
Breakup |
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Category |
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Percentage of
Holding |
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Public Financial Companies |
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2.12 |
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Bodies corporate |
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90.11 |
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Directors or relatives of directors |
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7.71 |
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Other top fifty shareholders |
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0.06 |
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Total |
|
100.00 |
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BUSINESS DETAILS
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Line of Business : |
Manufacturing
and Selling of Grey Iron Castings, Carbon Alloy, Steel Castings, Equipments, Single
Super Phosphate, Sulphuric Acid, Sodium Fluoride, Plant Growth Regulators,
Acid Slurry, Trigger, Fabricated Steel Structural, Tomato, Papaya, Mango
Pulps and Concentrates. |
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Products : |
Item Code No (ITC Code) Product Description Single Super Phosphate 310310 Steel Equipments 730840 Iron & Steel Casting 730890 |
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Exports : |
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Countries : |
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Imports : |
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Countries : |
Europe
and |
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Terms : |
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Purchasing : |
L/C
terms |
PRODUCTION STATUS
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Particulars |
Unit |
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Installed
Capacity |
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Single Super Phosphate (SSP) |
MT |
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201000 |
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Granulated SSP |
MT |
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45000 |
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N.P.K |
MT |
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- |
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Equipment & Fab. Steel
Struct. |
MT |
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16490 |
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Carbon Alloys Steel |
MT |
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10000 |
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Tomato, Mango, Guava, Papaya
Pulp & Concentrate & Consumer Products |
MT |
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8500 |
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Sulphuric Acid |
MT |
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78000 |
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Oxygen Gas |
Cu.M |
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|
500000 |
GENERAL INFORMATION
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Suppliers : |
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No. of Employees : |
2200 |
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Bankers : |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
P C
Bafna & Company Chartered
Accountants |
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Address : |
Ganjpara,
Durg, Madhya Pradesh |
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Tel. No.: |
91-788-2323182/2329738 |
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Associates/Subsidiaries : |
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CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
11,500,000 |
Equity Shares |
Rs 10/- each |
Rs. 115.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
4,719,320 |
Equity Shares |
Rs 10/- each |
Rs. 47.193 millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES
OF FUNDS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
SHAREHOLDERS FUNDS |
|
|
|
|
1] Share Capital |
47.193 |
47.193 |
47.200 |
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2] Reserves & Surplus |
282.631 |
247.870 |
237.300 |
NETWORTH
|
329.824 |
295.063 |
284.500 |
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LOAN FUNDS |
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|
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1] Secured Loans |
908.451 |
673.907 |
740.300 |
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2] Unsecured Loans |
187.633 |
137.439 |
16.200 |
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TOTAL
BORROWING |
1096.084 |
811.346 |
756.500 |
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Deferred Tax Liability |
14.275 |
0.000 |
0.000 |
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GRAND
TOTAL
|
1440.183 |
1106.409 |
1041.000 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
292.591 |
251.795 |
251.100 |
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Capital work-in-progress |
5.495 |
3.926 |
4.800 |
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INVESTMENTS |
17.101 |
14.138 |
13.600 |
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Deferred Tax Assets |
0.000 |
1.871 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
|
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Inventories |
723.464 |
631.097 |
484.600 |
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Sundry Debtors |
713.825 |
476.434 |
505.400 |
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Cash & Bank Balances |
141.973 |
112.226 |
88.500 |
|
Other Current Assets |
5.268 |
7.480 |
0.000 |
|
Loans & Advances |
240.529 |
172.586 |
249.100 |
|
Total Current Assets |
1825.059 |
1399.823 |
1327.600 |
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Less : |
|
|
|
|
Current Liabilities |
689.605 |
565.144 |
556.100 |
Provisions
|
10.458 |
0.000 |
0.000 |
Total
Current Liabilities
|
700.063 |
565.144 |
556.100 |
Net Current
Assets
|
1124.996 |
834.679 |
771.500 |
|
|
|
|
|
|
Miscellaneous Expenses |
0.000 |
0.000 |
0.000 |
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|
|
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GRAND
TOTAL
|
1440.183 |
1106.409 |
1041.000 |
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
|
Sales Turnover |
2306.443 |
1953.202 |
1552.753 |
|
|
Other Income |
12.715 |
18.813 |
-- |
|
|
Total Income |
2319.158 |
1972.015 |
1552.753 |
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|
|
|
Profit/(Loss) Before Tax |
60.063 |
16.866 |
(8.300) |
|
|
Provision for Taxation |
9.183 |
1.275 |
(2.300) |
|
|
Profit/(Loss) After Tax |
50.880 |
15.591 |
(6.000) |
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|
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Earnings in Foreign Currency : |
|
|
|
|
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Total Earnings |
NA |
309.661 |
186.435 |
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|
|
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Imports : |
|
|
|
|
|
|
Raw Materials |
NA |
94.917 |
61.768 |
|
|
Stores & Spares |
NA |
1.176 |
8.067 |
|
Total Imports |
NA |
96.093 |
69.835 |
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|
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Expenditures : |
|
|
|
|
|
|
Raw Material Consumed |
992.076 |
1027.421 |
955.393 |
|
|
Consumption of stores and spares parts |
541.269 |
331.897 |
0.000 |
|
|
Increase/(Decrease) in Finished Goods |
[20.752] |
[135.371] |
0.000 |
|
|
Salaries, Wages, Bonus, etc. |
136.386 |
120.021 |
0.000 |
|
|
Managerial Remuneration |
2.161 |
0.979 |
0.000 |
|
|
Payment to Auditors |
0.466 |
0.392 |
0.000 |
|
|
Interest |
77.841 |
84.976 |
83.400 |
|
|
Insurance Expenses |
3.290 |
4.262 |
0.000 |
|
|
Power & Fuel |
97.370 |
104.837 |
0.000 |
|
|
Depreciation & Amortization |
35.512 |
38.247 |
40.713 |
|
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Other Expenditure |
393.476 |
377.488 |
481.509 |
|
Total Expenditure |
2259.095 |
1955.149 |
1561.015 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
PAT / Total Income |
(%) |
2.19
|
0.79 |
0.39 |
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|
Net Profit Margin (PBT/Sales) |
(%) |
2.60
|
0.86 |
0.53 |
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
2.84
|
1.02 |
0.53 |
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|
Return on Investment (ROI) (PBT/Networth) |
|
0.18
|
0.06 |
0.03 |
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|
Debt Equity Ratio (Total Liability/Networth) |
|
5.45
|
4.67 |
4.61 |
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|
Current Ratio (Current Asset/Current Liability) |
|
2.61
|
2.48 |
2.39 |
LOCAL AGENCY FURTHER INFORMATION
Fixed Assets
- Buildings
- Plant & Machinery
- Electricity and
Telephone Installations
- Furniture
- Fixtures and Equipment
- Vehicles and Computers
Bankers Charges
Report as per Registry
|
Name of the company |
BHILAI ENGINEERING CORPORATION
LIMITED |
|
Presented By |
Mr. Arvind Kumar
Jain, Director |
|
Date and description of instrument creating the change |
Deed of Hypothecation
dated 21.04.1969 for Cash Credit Limit of Rs. 0.100 Million in favour of
United Commercial bank, Bhilai Charge created on 21.04.1969 |
|
Date and brief description of instrument modifying the charge |
Supplementary deed
of Hypothecation dated 20.09.1978 – Increasing the Cash Credit Limit and
charge to Rs. 0.700 Million in favour of United Commercial Bank, Bhilai |
|
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. |
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|
This form is for |
Creation of
charge |
|
Corporate
identity number of the company |
L29111MP1960PLC000913 |
|
Name of the
company |
BHILAI
ENGINEERING CORPORATION LIMITED |
|
Address of the
registered office or of the principal place of business in |
|
|
Type of charge |
Movable
Property |
|
Particular of
charge holder |
Central Bank of Civic Centre
Branch Bhilai – 490006,
Chattisgarh |
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Nature of
description of the instrument creating or modifying the charge |
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|
Date of
instrument Creating the charge |
01.03.2007 |
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Amount secured by
the charge |
Rs. 103.800
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest BPLR + 0.50 % Terms of
repayment Entire term loan
should be repaid in 60 monthly installments of Rs. 1.730 Millions and commencing
from April 2007 Margin 50 % on Civil
works, 25 % on Machinery Extent operation
of the charge 100 % |
|
Short particulars
of the property charged |
Charge on Block
assets present and future |
As per website
History
Milestones
1998-99
- Full range
of crusher castings for export to
- Fabricated
bogies for Bangladesh Railways
- Pusher
machine for coke oven plant of Konark coke
- Pig casting
machining of 12
- Hydraulic
Feeder breaker
1997-98
- Mantle for
Crushers
- High holding
capacity fabricated Anchors for oil rigs
- Crusher
parts for exports to
- Segments for
continuous caster of JVSL steel plant
1996-97
- Top Cone
Material Hopper
- Cross
Transfer & Runnout Roller Table
- Top Charging
Equipment For Mini Blast Furnace
- Coal
Charging Car 7.0 M Coke Oven
- Electric
Loco 7.0 M Coke Oven
1994-95
- Doors, Door
Body & Doors Frames for
- Grab Bucket
Assembly
- Bogie Frame
wds-6
- Coal
Charging Car 4.5 M Coke Oven
- Coke Guide
Car 4.5 M Coke Oven
- Twin Angle Large
1993-94
- Tundish for
Slab Caster
- Tundish Car
- Dummy Bar
Top Charging Equipment
- Process
& Cut off Roller Table
- Slag Pot
Tilting Car
- Equipment
for Slag Grannulation Plant
1992-93
- Sinter Fine
Disposal System
- Fabricated
Switches & Crossing
- Couplers
- Driving Arm
- Pallet Frame
- S.G. Iron
Pallet
- Hopper
Rotating Mechanism assembly Pallet Assembly
- Skip
Charging System
- Grids &
Coloumns For Blast Furnace.
- Pig Casting
Machine
- Top Charging
Equipment
- Spray Type
Saturator
- Coke Ovens
- Final Cooler
1992-93
- Dewatering
Drum Assembly
- Distributor
& Blow Down Boxes
- Slag Laddle
Car
- Lower Rotary
Hopper
- Pig Moulds
- Top &
Bottom Roll Chock assemblies
- 1.5 Cu.M.
Capacity Grab Bucket
- 100 Ton Iron
Iron Ladle
- 140 Ton
Teeming Ladle
- Cast Manganese
Steel Crossing Body
- Inlet
Trunion
- Electric
Loco for 4.5 M Coke Oven
- Movable
Hopper Winch
1991-92
- Supply of
Feeder Breaker to SECL
- Manufacture
of Coke Oven Machines including Quenching Cars and Locos
- Hot Coil
Conveying Systems for TISCO
- Cold Rolling
Mill equipment's to Steelco,
- Package for
RSP's modernisation (second Phase) including design, manufacture and
supply of 16 nos of 140T Hot Metal Ladle Cars
1990-91
- Total Blast
Furnace equipment, including Top Charging equipment, Burden Distributors,
Rocking
- Runners, Jib
Crane and Tuyere Stock
- Manufacture
of Ingot Buggy for Blooming and Billet Mill of BSP
- Different
types of Wagon for Steel plants.
1989-90
- Manufacture,
control assembly and supply of Hoogovens design of Grids and Columns for
Blast Furnace Stoves.
- Stacker
Reclaimer for L&T for Khaperkhada Thermal Power Station
- Design and
manufacture of Mudgun for 2000 M3 Blast Furnace of BSP
- Furnace
equipment for Hindustan Zinc Limited (700 tonnes)
- Manufacture
of Triaxle mounted CoCo Bogies and fabricated BoBo Bogies for Indian
Railways.
It’s
products range include :-
·
Pig Iron
·
Steel
·
Steel Scrap
·
Gases
·
Sulphuric Acid
·
HDPE Packing Bags
·
Tomato Paste/Puree
·
Mango Pulp/Concentrate
·
Guava Pulp
·
Tamarind
·
Amla
·
Papaya
·
Chillie Paste
·
Garlic Paste
·
Ginger Paste
·
Onion Paste
·
Mix Fruits
·
Pink Guava
·
Mango
·
Tomato
Amalgamation
The
petition of merger scheme of BEC Industries Limited with the company w.e.f. 01.04.1999
as approved by Board of Directors in its meeting held on 24.08.1999 was pending
with Honourable Chhattisgarh High Court. The merger effect shall be taken soon
after the scheme was approved by the Honourable Chhattisgarh High Court.
Engineering &
Projects
Subject,
the flagship company of the BEC Group, has evolved over four decades into a
company, manufacturing core sector industries - Steel, Mining, Railways,
Cement, Process Industries, Defence & Port Equipment.
The
company has built up an impressive track record in taking up the challenges of
In
fact, it is the accent on quality and strict adherence to delivery schedules
that have earned BEC the trust of well-known national and international
organisations like SAIL, MECON,TISCO, EIL, Mannesman Demag, MAN GHH,
Mitsubishi, Hoogovens, SMS and Paul Wurth
In
their endeavour to achieve ISO 9000 quality standards, BEC's entire quality
assurance system is tailored to stringent standards. The efforts bore fruit
when BEC was chosen to be among the very first suppliers of materials to TISCO
under the self-certificate scheme.
Products
made by the BEC Group have won markets around the world. The high quality of
engineering products and special steel castings made by BEC for Steel Plants,
Railways, Mining and Cement Plants have won the confidence of industries in
Japan Russia, Middle East, Africa, Egypt, Iran, USA and UK.
In
fact, BEC Impex International Private Limited was set up to cater to the
demands of the international market. With exports of over 6000 tonnes of
castings and total product exports worth over Rs. 500 million in three years.
Achievements, in terms of products developed, ISO 9002 Quality Standards and
Technological breakthroughs.
Today,
the BEC Group of Companies is looking ahead to times full of promise. With a
spirit of adventure and a dedication to technical excellence that permeates
within their committed work force of over 2000 individuals.
A
spirit that has been their strength in the past. Taking us into hitherto
untrodden fields in the core sectors of Indian economy. A spirit that keeps us
facing challenges in the present. Growing strengthening their technical
expertise in every existing area of interest.
It
is this spirit of adventure which, I hope, will endure and prove their mettle.
For,
as the degree of competition grows in all the fields of business, they have to
excel. It is, after all, excellence that will help us make their mark in the
world.
Yes,
the future beckons. And they are poised to win. Because theirs was, is and will
always be a company that derives its strengths not just from technology, but
from its human resources.
A Profile of the BEC Group
The BEC
Group has, since its inception more than 40 years ago, steadily expanded to
grow both in size and diversity. Today it comprises dynamic companies that span
a wide variety of business from engineering to construction, agrochemicals to
consumer products.
The
driving force in every case has been singular - the urge towards greater
technical excellence, more advanced technology - to stay always a step ahead of
time.
Every
unit of the group has sought to consolidate its expertise in its own areas of
operation. But the group has grown not just through addition of these strengths
- it has grown far stronger through synergies established between them.
Bhilai
Engineering Corporation Limited (BEC) is a diversified industrial group engaged
in Engineering, Fertilizer, Food Processing, Plant Growth Regulators,
Construction and Exports. About 2000 people are working at various places. BEC
group is run by experienced professionals and has a turnover of about 150
Crores ($ 50 Million).
Engineering
& Projects Division has Steel foundry, Iron foundry, Machine shop equipped
for heavy jobs and Equipment fabrication shops at Bhilai. Equipment are manufactured
for Steel Plants, Coal, Power & Cement Industries and Bogie frames for the
Railways. BEC has collaborations with two German Companies, one British Company
and one French Company for Mining, Coke Ovens, Ball Mills and other equipment.
BEC
undertakes total project implementation including Civil, Structural &
Mechanical erection. BEC has recently undertaken detailing and fabrication of a
30,000 tons Blast Furnace, Sintering plant structures and equipment for a
Steel Plant. BEC has also been engaged in several other projects.
Fertilizer
and Agro Chemicals Division BEC has a SSP Fertilizer unit at Bilaspur for
manufacture of 110,000 tons per year of Single Superphosphate and 40,000 tons
of Sulphuric Acid. With an American collaboration, BEC also manufactures Plant
Growth Regulators. These help in phenomenal growth in the plants.
Food Processing Plant A modern Food
Processing Unit is engaged in the manufacture of Tomato, Mango, Guava and
Papaya Pulp and concentrates in aseptic packaging. A large scale agricultural
extension project has been in operation for last several years for development
of hybrid varieties of tomatoes and other items.
Bhilai
Engineering Corporation Limited, the flagship company of the BEC Group, has
evolved over four decades into a company, manufacturing core sector industries
- Steel, Mining, Railways, Cement, Process Industries, Defense & Port
Equipment.
BEC has
built up an impressive track record in taking up the challenges of
In fact, it is the accent on
quality and strict adherence to delivery schedules that have earned BEC the
trust of well-known national and international organisations like SAIL,
MECON,TISCO, EIL, Mannesman Demag, MAN GHH, Mitsubishi, Hoogovens, SMS and Paul
Wurth.
In
their endeavour to achieve ISO 9000 quality standards, BEC's entire quality
assurance system is tailored to stringent standards. The efforts bore fruit
when BEC was chosen to be among the very first suppliers of materials to TISCO
under the self-certificate scheme.
Products
made by the BEC Group have won markets around the world. The high quality of
engineering products and special steel castings made by BEC for Steel Plants,
Railways, Mining and Cement Plants have won the confidence of industries in
Japan Russia, Middle East, Africa, Egypt, Iran, USA and UK.
In
fact, BEC Impex International Private Limited was set up to cater to the
demands of the international market. With exports of over 6000 tonnes of
castings and total product exports worth over Rs. 500 million in three years.
Group Companies
Vishva
Vishal Engineering Limited (VVEL)
This
Group Company is engaged in the manufacture of "State of the Art"
Refractory for Steel plants, cement plants and Petro-Chemical Plants. The Company
manufactures Ultra Low Cement and No Cement Castables, Pre-Cast Refractory
Shapes, it also manufactures Basic Refractory Monolithic, the product range of
which includes Magnesite Ramming Masses of various qualities for high capacity
, high power Electric Arc Furnaces, Monolithic for Induction Furnaces, Gunning
and Spraying Compounds.
This Group Company is engaged in the manufacture of Pipes using the latest
& most advanced technology of the HIGH FREQUENCY INDUCTION WELDING process.
The product range from 6 mm to 63 mm nominal bore pipes in A, B & C class
categories.
This group Company is engaged in the manufacture of LPG Cylinders for domestic
and industrial use. The Company has an extensive range of products which
includes Scooter Wheel Rims, Compressor Shells for Refrigerators & Air
Conditioners, Ammunition Boxes for Defense and host of other Deep Drawn and
Pressed Components.
This Group Company is engaged in Structural Fabrication and Erection of
Steel Structures. Its services touch the very core sector industries in
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.40.71 |
|
|
1 |
Rs.82.26 |
|
Euro |
1 |
Rs.55.66 |
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 |
9 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--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 |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
64 |
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 |
|