MIRA
INFORM REPORT
|
Report Date : |
12.12.2008 |
IDENTIFICATION
DETAILS
|
Name : |
CETHAR VESSELS LIMITED |
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Registered Office : |
No. 4, Dindugal Road, Tiruchirapalli 620 001, Tamil Nadu |
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Country : |
India |
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Financials (as on) : |
31.03.2008 |
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Date of Incorporation : |
09.11.1981 |
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Com. Reg. No.: |
9067 |
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CIN No.: [Company
Identification No.] |
U28991TN1981PTC009067 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CHEC05058E |
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PAN No.: [Permanent
Account No.] |
AAACC2721M |
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Legal Form : |
A Closely held Public Limited Liability Company |
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Line of Business : |
Manufacturer of FBC Boilers and Steam Generating Accessories. |
RATING &
COMMENTS
|
MIRA’s Rating : |
Aa |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Maximum Credit Limit : |
USD 17000000 |
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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 and reputed company having excellent
track. Fundamentals are strong and healthy. Financial positions is good.
Payments are always correct and as per commitments. The company can be considered good for normal business dealings at
usual trade terms and conditions. It can be considered as a promising business partner in medium to
long-run. |
LOCATIONS
|
Registered Office : |
No. 4, Dindigul Road, Tiruchurapalli 620 001, Tamilnadu, India |
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Tel. No.: |
91-431-2484000 / 2461038 |
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Fax No.: |
91-431-2481079 / 2464301 |
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E-Mail : |
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Website : |
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Head Office : |
Trichy |
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Marketing Office : |
˛ Delhi ˛ Ahmedabad ˛ Indore ˛ Raipur ˛ Kolkatta ˛ Secunderabad ˛ Singapre |
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Factory : |
˛ SF 9/1 Kumaramangalam Village, Mathur – 622 515, Pudukottai Dist., Tamilnadu, India ˛ SF 21/10 And 21/98 Rasipuram Road, Mathur – 622 515, Pudukottai, Tamilnadu, India ˛ SF 113/2 Tiruchi Madurai Main Road, Vaduga Patti Village, Viralimalai, Pudukottai Dist. – 621 316, Tamilnadu, India ˛ SF 132 And 133 Mathur Industrial Estate, Post Mathur – 622 515, Pudukottai Dist., Tamilnadu, India ˛ SF 256 Peramangalam Village, Thuraiyur Taluk, Tiruchirapalli Dist. – 621 006, Tamilnadu, India ˛ SF No. 37,38,39,41 and 42 Trichy-Madurai Main Road, Nagamangalam, Alundur Village, Trichy – 620 012 ˛ No. 4, 5, and 7, Melapachakudi,Boodakudi Village, Viralimalai, Pudukottai – 621 316 ˛ SF No. 204 and 205, Trichy Chennai Highway, No.32, Irungalur Village, Manachanallur taluk, Trichy. |
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Overseas Office : |
·
Cethar Inc, Tel : +1 858 3355 358 ·
25,
International Buisness Park, No: 02-03 German Center, Singapore 609 916 |
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Regional
Operating Branches: |
·
103, R.K. House,
Behind Ship building, C.G. Road, Navarangpura, Ahmedabad - 380 009, Gujarat, India ·
Shantiniketan,
8th Floor, R.no.4, 8, Camac Street,
Kolkata -
700 017, West Bengal, India ·
B - 701/702/703, Citi Point, Andheri - Kurla
Road, J B Nagar, Andheri (E) ·
408, Sethi
Bhawan, 7, Rajendra
Place, New Delhi - 110
008, India ·
103, Gold
Arcade, 3/1, New
Palasia, Indore 452 001,
India ·
306, 2nd Floor,
Eskay Plaza, Near Anand Talkies, New Bombay Market, ·
2006, Emerald
House, 2nd Floor,
1-7-264, Sarojini Devi
Road, Secunderabad - 500 003 ·
Flat No.403, 4th
Floor Yashesvi Apartment 16th Main, 4th Block
Jayanagar, Bangalore – 560 011, India. Tel. No.:- 91-80-42068266 Fax No.:- 91-80-42068123 Email :-
Bangalore@cethar.com |
DIRECTORS
|
Name : |
Mr. Mohanraju G N V |
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Designation : |
Managing Director |
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Address : |
2, Cethar Garden, Tiruchirapalli
620 021, Tamilnadu, India |
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Date of Birth/Age : |
10.07.1948 |
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Qualification : |
B E (Mech) |
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Date of Appointment : |
09.11.1981 |
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Name : |
Mr. Kandasamy Nagalapuram |
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Designation : |
Director |
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Address : |
19 and 20, Cethar Garden, K K Nagar, Tiruchirapalli, India |
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Date of Birth/Age : |
07.04.1957 |
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Date of Appointment : |
12.04.2006 |
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Name : |
Mr. Subburaj Kandasamy |
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Designation : |
Chairman |
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Address : |
15, Cethar Garden, K K Nagar, Tiruchirapalli 620 021, Tamilnadu, India
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Date of Birth/Age : |
02.12.1949 |
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Qualification : |
B E (Mech) |
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Date of Appointment : |
21.03.1988 |
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Name : |
Mr. Karuppa Ponnusamy |
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Designation : |
Director |
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Address : |
1591, Toursdale Drive, Easton 18045, P A, USA |
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Date of Birth/Age : |
27.01.1949 |
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Date of Appointment : |
29.14.2006 |
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Name : |
Mr. Gopinath V Krishnakumar |
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Designation : |
Director |
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Address : |
23, Neelkamal Apartments, Adayar, Chennai 600 020, Tamilnadu, India |
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Date of Birth/Age : |
15.07.1942 |
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Date of Appointment : |
29.04.2006 |
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Name : |
Mr. Krishnamoorthy A |
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Designation : |
Director |
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Address : |
20, Sarvamangala Nagar, Nanganallur, Chennai 600 061, Tamilnadu, India
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Date of Birth/Age : |
17.10.1944 |
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Date of Appointment : |
29.04.2006 |
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Name : |
Mr. Premraj M P |
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Designation : |
Director |
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Address : |
26, Begonia Walk, Singapore 805811 |
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Date of Birth/Age : |
10.05.1942 |
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Date of Appointment : |
29.04.2006 |
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Name : |
Mr. S. Navaneethakrishnan |
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Designation : |
Director |
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Name : |
Mr. PL Sundaram |
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Designation : |
Director |
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Name : |
Mr. N Chandrasekaran |
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Designation : |
Director |
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Address : |
2A, Milestone Apartments, 14, Sriram Nagar South Street, Alwarpet,
Chennai 600 018, Tamilnadu, India |
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Date of Birth/Age : |
23.04.1944 |
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Date of Appointment : |
04.05.2007 |
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Other Directorship: |
EPT Engineering Services Private Limited U74210TN2005PTC055254 Fortune Valley Agro Farms Private Limited U05001TN1995PTC030949 Enmas Process Technologies Private Limited U4010TN1998PTC16124 Enmas Dynetics Limited U74210TN1995PLC031887 Hatsun Agro Product Limited L15499TN1986PLC012747 Psts Heavy Lift And Shift Limited U29309TN1995PLC031089 Cethar Energy Limited U40109TN2006PLC059441 |
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Name : |
Mr. R Thirunavukkarasu |
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Designation : |
Joint Managing Director |
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Qualification : |
M Tech |
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Name : |
Mr. S Srinivasaragavan |
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Designation : |
Director |
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Qualification : |
M S (Energy Engg.) M Tech |
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Name : |
Mr. Kulandaiah Thambithurai |
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Designation : |
Additional Director |
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Address : |
Mark Residence, 12/31, Voc Road, Cantonment, Trichy, Tamilnadu –
620001, India. |
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Date of Birth/Age : |
15.06.1948 |
KEY EXECUTIVES
|
Name : |
Mr. R.Rangaprasad |
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Designation : |
Company Secretary |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
As on 31.05.2008
|
Names of Shareholders |
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No. of Shares |
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Mr. K. Subburaj |
|
2245430 |
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Mr. S. Vimala |
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1449855 |
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Mr. S. Kanagaraj |
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436326 |
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Mr. N.K.Pothiraaj |
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269170 |
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Mr. N. Sridharan |
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181082 |
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Mr. S.F.J. Ango |
|
18601 |
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Mr. B. Vijaya |
|
12199 |
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Mr. B. Bharathi |
|
9317 |
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Mr. S. Kandasamy |
|
9163 |
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Mr. M. Gunaseraran |
|
4730 |
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Mr. P. Venkatesh |
|
4730 |
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Mr. J.M.Ghosh |
|
4730 |
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Mr. P.K.Sinha |
|
4730 |
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Mr. P. V.Kannan |
|
4730 |
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Mr. M. Jayaprakash |
|
4730 |
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Mr. A.S.Raman |
|
4730 |
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Ms. Kirti N. Parakh |
|
4730 |
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Mr. N. Rajaraman |
|
4730 |
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Mr. R. Sekar |
|
4719 |
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Mr. P.V.Krishna Kumar |
|
4136 |
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Mr. K. K. P. |
|
4136 |
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Mr. A.N.C.Shanmugam |
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1100 |
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Total |
|
4687804 |
Equity share breakup (percentage of total equity)
As on 31.03.2008
|
S. No. |
Category |
Percentage |
|
1 |
Directors or relatives of director |
94.07 |
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2 |
Others |
5.93 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of FBC Boilers and Steam Generating
Accessories. |
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Products : |
Ř Bubling Bed Combustion Boilers Ř Waste Heat Recovery Boilers Ř EPC Ř Cooling Towers (under execution)
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Exports : |
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Products : |
v Industrial
Boilers |
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Countries : |
v Bangladesh v Nepal v Nigeria v Sri Lanka v Vietnam |
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Imports : |
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Products : |
v Tubes v Pipes v BQ Plates v Bearings |
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Countries : |
v Germany v Japan v Singapore |
GENERAL
INFORMATION
|
Customers : |
Ř Bridge Stone ACC India Limited, Dhar, Madhya Pradesh Ř Asian Paints (India) Limited, Cuddalore, Tamil Nadu Ř Bihar Sponge Iron Limited, Bihar. Ř Glaxo India Limited, Aligarh, Uttar Pradesh Ř Grasim Industries Limited, Mavoor, Kerala. Ř Hindustan Lever Limited, Orai, Dist., Jalaun, Uttar Pradesh Ř Indian Oil Corporation Limited, Haldia, West Bengal Ř Mitsubishi Heavy Industries Limited, Haldia, West Bengal Ř Modi Rubbers Limited, Meerut, Uttar Pradesh Ř Ranboxy Laboratories Limited, Dewas, Madhya Pradesh Ř Smithkline
Beecham Consumer Health Care, Rajamundry, Andhra Pradesh Ř
Binani
Cement Limited, Rajasthan.
Ř
Century
Cement., Raipur. Ř
Diamond
Cements., Damoh. Ř
Gujarat
Ambuja Cements Limited, Rajasthan. Ř
Kesoram
Cement., Basanth Nagar. Ř
Maihar
Cement., Satna. Ř
Satna Cement
Works., Satna. Ř
Vasavadatta
Cement., Gulbarga. Ř
Maratha
Cements., Chandrapur. Ř
Dalmia
Cement., Tiruchirapalli Ř ITC Agro Tech Limited, Secunderabad. Ř Satyakala Power Project Private Limited, Krishna. Ř Sudha Agro Oil and Chemical Ind. Limited,
Hyderabad. Ř Vijay Agro Products Limited, Vijayawada Ř
Gujarat
Heavy Chemicals Limited, Gujarat. Ř
Shriram
Vinyl and Chemical Industries, Kota. Ř
Tata
Chemicals Limited, Mithapur. Ř
Vam Organic
Chemicals Limited, Gajraula Ř Trichy Distilleries and Chem
Limited,Trichy. Ř Pioneer Distrilleries Limited, Nandad. Ř Southtseas Distilleries Breweries Private
. Limited, Thane. Ř United Distilleries Limited,Gopalganj. Ř Sona Distilleries., Alwar Ř
Ashok Paper
Mills Limited., Darbhanga. Ř
Century Pulp
And Paper., Nainital. Ř
Coastal
Papers Limited, East Godavari. Ř
Emami Paper
Mills Limited., Balasore. Ř
Orient Paper
Mills., Orissa. Ř
Rama
Newsprint and Papers Limited, Surat. Ř
Shree
Bhawani Paper Mills Limited., Rae Bareli. Ř
Sri
Venkatesa Paper and Boards Limited, Madukulam. Ř
Sun Paper
Mills Limited, Cheranmahadevi. Ř
Tamilnadu
Newsprint and Papers Limited, Kaghithapuram. Ř
The Andhra
Pradesh Paper Mills Limited, Rajahmundry. Ř
Servall
Engg. Industries Limited, Vilampatti. Ř Jamkhandi Sugars Limited, Bijapur. Ř Rajashree Sugars and Chemicals Limited., Theni. Ř Sri Bhogawati S.S.K Limited, Kolhapur. Ř The Mysore Sugar Company Limited,Mandya. Ř Unique Sugars Limited., Dhule. Ř
Monnet Power
Limited, Chattisgarh. Ř
Aarthi
Steels Limited, Ludhiana. Ř
Prakash
Industries Limited, Champa. Ř
Raipur
Alloys and Steels Limited, Chattisgarh. Ř
Sponge Iron
India Limited, Khammam. Ř
Vandana
Vidyut Limited, Bilaspur. Ř
Shah Alloys
Limited, Ahmedabad. Ř
Hima Ispat
PrivateLimited, Barbil. Ř Bihar Sponge Iron Limited, Bihar.
Ř
Chattisgarh Electricity
Company Limited, Raipur. Ř
Heg
Limited., Durg. Ř
Steel
Authority of India., Salem. Ř
Harihar
Power and Alloys PrivateLimited, Tiruchirapalli. Ř
Sree
Rengaraaj ISPAT PrivateLimited, Erode. Ř
Jindal
Vijayanagar Steel Limited, Bellary Ř
Garden Silk
Mills.,Gujarat. Ř
Sailakshmi
Industries Limited,Mysore. Ř
VXL India
Limited., New Delhi. Ř
K.G.Denium
Limited, Mettupalayam. Ř
Shri Renuga
Textile., Theni. Ř
Century Pulp
And Paper., Nainital. Ř
Coastal
Papers Limited, East Godavari. Ř
Emami Paper
Mills Limited., Balasore. Ř
Orient Paper
Mills., Orissa. Ř
Rama
Newsprint and Papers Limited, Surat. Ř
Shree
Bhawani Paper Mills Limited., Rae Bareli. Ř
Sri
Venkatesa Paper and Boards Limited, Madukulam. Ř
Sun Paper
Mills Limited, Cheranmahadevi. Ř
Tamilnadu Newsprint
and Papers Limited, Kaghithapuram. Ř
The Andhra
Pradesh Paper Mills Limited, Rajahmundry. Ř
Servall
Engg. Industries Limited, Vilampatti Overseas Clients Ř
Fludor Benin,
South Africa Ř
Ceylon
Petroleum Corporation, Sri Lanka Ř
Bhrikuti
Pulp and Paper, Nepal Ř
Agripesco
CompanyLtd, South Vietnam
Ř
Vink +
Company, Germany Ř
Sun Seed
Nigeria PLC (Zaria Project), Lagos
Ř
Neoluxe
Nepal Limited , Nepal Ř
North Bengal
Grain Industries Ltd , Bangladesh
Ř
Puja Soap
and Household Prod. ( Private ) Ltd, Nepal Ř
Arihant Oils
and Feeds Ltd , Vietnam
Ř
River
Vegetable Oil Company Limited , Nigeria Ř
North Bengal
Grain Ind, Limited , Bangaladesh
Ř
Industrial
Sales and Service, Bangaladesh
Ř
Kumar Metal
Ind, Nigeria Ř
Sri Ram
Sugar Mill, Nepal Ř
Aarthi Sopa and
Chem Ind. ( Private ) Limited, Nepal
Ř
Presscane
Limited, Malawi Ř
Palm Energy
SDN BHD, Malaysia |
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No. of Employees : |
1,500 |
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Bankers : |
Ř Canara Bank Ř The Lakshmi
Vilas Bank Limited Ř The Federal Bank Ř ICICI Limited Ř Consortium Banks Ř Indian Bank, 5E,
Bharathiar Salai, 2 Floor – Jennie Plaza Building, cantonment, Trichy –
620001, Tamilnadu, India. Ř State Bank of
India Ř Andhre Bank Ř IDBI Bank
Limited Ř Indian Overseas
Bank Ř Deutsche Bank
Limited Ř Hong Kong and
Shanghai Banking Corporation Limited. |
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Facilities : |
Secured Loans As
On 31.03.2008
Unsecured loans as
on 31.03.2008
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Banking
Relations : |
Good |
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Auditors : |
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Name : |
L Pandurangan and Company Chartered Accountants |
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Address : |
Plot No. 29, Vyasaraya Nagar, Srirangam, Trichy 620 006, Tamilnadu,
India |
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Memberships : |
Confederation of Indian Industry |
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Collaborators : |
Abco Industries Inc., U.S.A. |
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Associates/Subsidiaries : |
Ř Cethar Consultancy
Services Private Limited U74140TN2005PTC058247 Ř Cethar
Consulting Engineers Private Limited U74910TN2005PTC057913 Ř EPT Engineering
Services Private Limited Ř Fortune Valley
Agro Farms Private Limited Ř Enmas Process
Technologies Private Limited Ř Enmas Dynetics
Limited Ř Hatsun Agro
Product Limited Ř Psts Heavy Lift
And Shift Limited Ř Cethar Energy
Limited U40109TN2006PLC059441 Ř Cethar Industries Limited Ř Pipelines and Process Equipments (Private) Limited Ř Cethar Garments (Private) Limited Ř Agro Products India Ř K. S. and Company |
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Other Companies : |
Ř Micromax Systems
Limited Ř Pipellnes And
Process Equipment Private Limited Ř Cethar
Industrial Limited Ř Trichy
Fabricators Private Limited Ř Cethar
Engineering Services (Pte) Limited |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
8500000 |
Equity shares |
Rs. 100/- each |
Rs. 850.000 millions |
Issued, Subscribed
& Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
4687804 |
Equity shares |
Rs 100/- each |
Rs. 468.780 millions |
Note:
Of the above 4560064 equity shares of Rs.100/- Each have been issued as
fully paid up bonus shares by capitalization of surplus in profit and loss
account.
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
468.780 |
42.616 |
42.616 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
2854.293 |
1843.680 |
915.995 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
3323.073 |
1886.296 |
958.611 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
3911.862 |
1675.531 |
517.075 |
|
|
2] Unsecured Loans |
970.577 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
4882.439 |
1675.531 |
517.075 |
|
|
DEFERRED TAX LIABILITIES |
4.604 |
11.173 |
9.890 |
|
|
|
|
|
|
|
|
TOTAL |
8210.116 |
3573.000 |
1485.576 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
1661.261 |
1234.501 |
448.325 |
|
|
Capital work-in-progress |
1661.565 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
181.839 |
169.774 |
0.576 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
2298.047
|
1814.901 |
1193.841 |
|
|
Sundry Debtors |
6228.739
|
2434.154 |
1139.538 |
|
|
Cash & Bank Balances |
271.522
|
269.996 |
162.387 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
1486.487
|
1263.369 |
579.609 |
|
Total
Current Assets |
10284.795
|
5782.420 |
3075.375 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
4894.021
|
3129.736 |
2038.700 |
|
|
Provisions |
685.323
|
483.959 |
0.000 |
|
Total
Current Liabilities |
5579.344
|
3613.695 |
2038.700 |
|
|
Net Current Assets |
4705.451
|
2168.725 |
1036.675 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
8210.116 |
3573.000 |
1485.576 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
|
|
Sales Turnover |
12253.513 |
10795.713 |
5689.252 |
|
|
Other Income |
126.463 |
60.985 |
35.059 |
|
|
Total Income |
12379.976 |
10856.698 |
5724.311 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
2520.173 |
1444.343 |
898.558 |
|
|
Provision for Taxation |
906.111 |
492.362 |
313.544 |
|
|
Profit/(Loss) After Tax |
1614.062 |
951.981 |
585.014 |
|
|
|
|
|
|
|
|
Imports |
|
|
|
|
|
Raw material |
656.243 |
542.320 |
NA |
|
|
Capital Goods |
532.379 |
0.00 |
NA |
|
|
Total |
1188.622 |
542.320 |
NA |
|
|
|
|
|
|
|
|
Expenditures : |
|
|
|
|
|
|
Cost of sales |
8091.381 |
|
3671.042 |
|
|
Manufacturing distraction and selling expenses |
NA |
|
1124.576 |
|
|
On term loans |
NA |
9412.355 |
5.579 |
|
|
On working capital |
NA |
|
0.726 |
|
|
Depreciation |
220.064 |
|
23.530 |
|
|
Other Expenditure |
1548.358 |
|
0.300 |
|
Total Expenditure |
9859.803 |
9412.355 |
4825.753 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2008 |
31.03.2007 |
31.03.2006 |
|
PAT / Total Income |
(%) |
13.03
|
8.77
|
10.22 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
20.56
|
13.38
|
15.79 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
18.27
|
13.30
|
15.70 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.75
|
0.76
|
0.94 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
3.14
|
1.92
|
2.13 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.84
|
1.60
|
1.51 |
LOCAL AGENCY FURTHER
INFORMATION
History
Incorporated in India, 320 km South of Chennai at Tiruchirappalli, in
the Year 1981. Achieved a sales turnover of USD 76 million in 2004-2005.
Started manufacturing activities in the year 1984. Achieved a sales turnover of
Rs. 14050.000 millions in 2007-2008. Present net worth of the company is Rs.
3323.100 millions.
Financial Performance:
The directors inform that the sales and profit
before tax for the year has increased by 74.60% and 123.82% respectively
compared to the previous year.
PERFORMANCE HIGHLIGHTS
The first traveling grate boiler commission by
the company is working satisfactory.
The company has commissioned 4 power plants
the largest being 43 MW during the year. 11 power plants are under execution.
The BOP division won orders for desalination plant and coal handling systems.
Certification audit was completed to obtain
boiler and pressure vassals manufacturing license for exports to china, audit for
ASME-S, U and PP stamp certification and ISO-9001 Audit have been completed.
Certification are awaited.
The company has signed a license agreement
with M/s. Riley Power Inc., USA for the use of Technical information to design,
manufacturer and sell pulverlzed coal fired steam generators of up to 600 MWe.
Company personnel are provided initial training and assistance in the use of
the software.
The company has total funded and non-funded
facilities aggregating Rs. 13190.000 millions to meet working capital
requirements. In addition terms loan of Rs. 1410.000 millions and foreign
currency loan of ECB US$ 20 millions have been tied up for the ongoing
expansion program.
PROSPECTS
The latest world economic outlook report of
the IMF has pointed out the divergent in world economies. Even as the US
economy is expected to shrink by 0.7% by the last quartr of 2008 and growth in
the Euro Zone expected to fall to just about 0.9% the picture for the emerging
economies is of only a modost decline in
growth 7.5% for emerging Asia this year, with china on 9.3% and India on
7.9% emerging economies have been the engines of growth over the past 5 years
accounting for two third growth today.
The Indian economy continued to expand at a
robust pace during 2007-2008 for the 5th consecutive year. According
to the advance estimates released by Central Statistical Organisation the real
GDP growth rate was placed at 8.7% in 2007-08. the reserve bank of India has projected
GDP growth for 2008-09 in the range of 8% to 8.5% the Government has initiated
a number of Fiscal and monetary measure aimed at reigning in inflation to the
targeted level of 5%
The planning omission envisages capacity
additional of 78577 MW during the eleventh five year plan and 82200 MW during
12th plan. The company is gearing up to lap this opportunity, with
the expansion program scheduled to go on stream by sep.08, raising the capacity
to 8000 MW.
Highlights:
The company has commissioned 27 MWe Power
Plant at Birla Corporation Limited at Chanderia, Rajasthan.
The company has commissioned 27 MWe Capitive
Power Plant at Birla Corporation Limited at Satna, Madhya Pradesh.
The company has commissioned 2 Nos. 125 TPH
AFBC Boilers one at Dalmia Cement (Bharat) Limited, Dalmiapuram.
The company has commissioned 1 No. 110 TPH
AFBC Boiler at SAL Steels Limited, Gandhidam, Gujarat and another at Aarti
Steels Limited, Cuttack, Orrissa.
Other Activities:
Wind Mills
The Wind Mills have generated a total of Rs.
110.400 millions units out of which Rs. 37.200 millions units were sold and the
balance was used in the units at Mathur, Viralimalai and Pullivalam.
The company has installed 1 No. 1.25 MW Wind Mill
at Ukkirankottai Village, Tiruelveli District, Tamil Nadu to meet the power
requirements of the company’s expansion projects.
|
This form is for |
Creation of
charge |
|
Corporate
identity number of the company |
U28991TN1981PLC009067 |
|
Name of the
company |
CETHAR VESSELS LIMITED |
|
Address of the
registered office or of the principal place of business in India of the company |
No. 4, Dindugal Road, Tiruchirapalli 620 001, Tamil Nadu, India. |
|
Type of charge |
Movable property (not being pledge) Others |
|
Particular of
charge holder |
The Hongkong And
Shanghai Banking Corporation Limited 76, Cathedral
Road, Chennai – 600086, Tamilnadu, India. |
|
Nature of description
of the instrument creating or modifying the charge |
October 10,208,
deed of hypothecation agreement for plant and machinery executed by the
company in favour of the The Hongkong And Shanghai Banking Corporation
Limited (hereinafter to as “the Lender”). A certified copy of the said deed
of hypothecation agreement for plant and machinery is enclosed. |
|
Date of
instrument Creating the charge |
10.10.2008 |
|
Amount secured by
the charge |
Rs. 500.000
millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of interest Interest shall be
payable by the company on the banking facilities as per banks tariff subject
however that the bank shall the right to change the rate of interest after
giving notice to the company Terms of repayment In consideration
of banking facilities sanctioned/ to be sanctioned by the bank to the
company, the company has hypothecated and charged to the bank by way of first
paripassu charge as continuing security, the assets mentioned in the deed of
hypothecation to secure the repayments of the advances together with interest
cost and all other charges for asets as at 31.03.2007 excluding assets
exclusively charged in favour of IDFC, ICICI Bank, Canara Bank and Lakshmi
Vilas Bank Limited. Margin The company shall
maintain such margin as may be specified by the bank from time to time. Extent and operation of the charge In case the
company fails to fulfill its obligation under the agreement, the bank shall
be entitled to take possession of the hypothecated properties and sell them
by public auction or private contract and utilize the proceeds in full or
part settlement of its claims. |
|
Short particulars
of the property charged |
First paripassu
charge on all the assets mentioned in the deed of hypothecation 10.10.2008 |
Fixed Assets:
Ř
Land
Ř
Buildings
Ř
Plant And Machinery
Ř
Electronic Data Processing Equipment
Ř
Furniture And Fixtures
Ř
Car / Vehicles
Ř
Capital Work In Progress
As Per Website
Details
Subject are in the fore front of meeting the
requirements of a wide spectrum of industry with their products and services.
Be it Boilers for Power Generation or for Steam Generation in Process
Industries, subject have the expertise and experience of over two decades.
Boiler Auxiliaries that include Fans, Electrostatic Precipitator, Cooling
Towers, Fuel Handling Systems, and Water Treatment Systems are also in the
repertoire.
The company capable personnel have the expertise to build Power Plants whether
Captive or Co-Generation mode, in an EPC Basis. The needs of Industries such as
Paper, Chemical, Steel, Cement, Distilleries, Textiles, Rayons, Sugar, Food,
Petro Chemicals and various other Process industries, can be met by Cethar with
their modern Boiler Technologies.
Technical
Collaboration Agreement with M/s. Riley Power Inc.
Subject has signed a Technical Collaboration Agreement
with M/s. Riley Power Inc. subsidiary of M/s. Babcock Power Inc. Worcester, USA
to design, manufacture and supply Pulverized coal fired boilers for power
plants up to 600 MW operating at sub-critical pressures.
Products
v Natural
circulation Boilers for utility application
v Steam
generation capacity ranging from 45 T/Hr to 1800 T/Hr
v Boilers
for waste to energy applications
v Replacement
pressure parts
v Low
NOx burners – Coal, Oil and Gas
v Pulverizers
/ Mills – Atrita, MPS, Ball tube
v Replacement
parts for burners
v Replacement
parts for mills
v FGD
and SCR for emission control
Services
v Boiler
condition assessment and evaluation
v Unit
performance evaluations
v Commissioning
and start up
v Fuel
conversions
v Training
v In-house
metallurgical laboratory
Salient Features
v Riley
Power Inc. is a subsidiary of Babcock Power Inc. (BPI), USA
v An Original
Equipment manufacturer (OEM) for over 90 years for supplying steam generating
and fuel burning equipment
v For
all types of fossil and waste fuel fired Boilers
v A
leading worldwide supplier of technology, equipment and services to the Power
generation industry
v Leading
technology supplier for SCRs
v Unparalleled
expertise with FGD technology
Cethar Vessels in
Alliance with Harbin Turbine Limited
Harbin Turbine Company Limited (HTC) is one of the largest
backbone enterprises in China built in 1956, with 5500 staffs including more
than 1200 technicians and engineers, from which there are about 400 persons
with senior title. HTC possesses the first class R and D capacity in the steam
turbine manufacturing industry in China. Annual Capacity: 30’000MW.
Harbin
Electrical Machinery Company Limited Established in 1951
3600 sets of facilities
Chinese largest manufacturer in
Turbo-generator (up to 700 MW)
Hydro-turbine (up to 700 MW)
Hydro-generator (up to 700 MW)
A.C (up to 42MW) and D.C (up to 5.5MW) motor
Auxiliary and control equipment
Employee: Approx.7000
Technician:1800 (more than 500 senior engineers, 800
engineers and 2000 technical workers)
Cethar Vessels in
Alliance with Worley Parsons
Leading professional services provider to the Energy,
Resource, and Complex Process Industries. Organised into four Customer Sector
Groups:
Hydrocarbons | Power | Minerals and Metals | Infrastructure
Power
v Coal-Fired
Plants
v Combustion
Turbine/Combined Cycle
v Nuclear
v Transmission
Distribution/Substations
v Air
Quality Control
v Gasification
v Operations
and Maintenance
v Owner’s
Engineer
Director’s
Profile
A visionary with a
mission
This the profile of a person, whose vision, the will power and the entrepreneurial skill, that has made CETHAR, a worthy contributor to the country’s power and energy needs. The word CETHAR was coined by this entrepreneur almost 25 years ago, as he had a dream of venturing into C-Chemical, E-Engineering, T-Textiles, H-Health Care, A-Agencies, and R for Reengineering. Well, today, C stands for Computers or Consultancy.
His flagship company subject, is now a leader in the manufacture of Boilers,
the much-needed component for the power and energy sector. Starting with modest
business, the satisfied Customer list of Cethar Vessels now covers the entire
length and breadth of the country and even abroad. True to the acronym, Cethar
has set their foot successfully into the Textiles, Energy (engineering)
consultancy, Information Technology segments as well and new ventures in the
other sectors are on the drawing board.
The group turnover is around Rs. 6000.000 millions today and a target of
Rs.13000.000 millions for the next financial year, is indeed achievable, as it
seems now. However, the entrepreneur has a much wider vision, to do business of
over Rs. 45000.000 millions (USD 1 Billion) by the year 2011. He firmly
believes that such achievements are not to the credit of an individual but made
possible only by the collective team effort of the well qualified, well
experiences and dedicated CETHAR team.
Subject has their head office at Trichy, with regional offices in all the
Metros and at other important cities/towns. Other group companies of subject
are, Pipelines and Process Equipments (P) Limited, who work on the piping
requirements for a boiler, Cethar Industries, a vertically integrated Knitted
garment manufacturer, Cethar Consulting Engineers for Engineering Projects and
Cethar Consultancy Services as an I.T Solutions provider. This first generation
entrepreneur, whose dream now has made Cethar, a household name especially in
South India, is Mr. K. Subburaj.
A simple and unassuming type, always approachable, Mr.K.Subburaj, is respected
and revered by his colleagues for his sharp business acumen, and attention to
details. A Mechanical Engineer from Thyagaraja College of Engineering, Madurai
(Madras University), Mr. K. Subburaj started his career at ISRO Thumba and
moved on to Bharat Heavy Electricals Limited, Trichy, where he got the hands-on
experience in manufacturing, before his entrepreneurial desire, made him start
his own venture (Pipelines India Limited) as a subcontractor to BHEL.
Mr.K.Subburaj, risked in investing in a new technology (as of 25 years ago) for
Boilers when he started subject and this proved to be a correct decision as
Cethar is now an acknowledged industry leader with their own technology
unmatched by competitors. This profile would have to be enhanced almost
continuously, as Mr.K.Subburaj’s achievements are also continuously growing,
true to his entrepreneurial spirit.
He is also the Chairman of the Cethar group, is a mechanical engineer from Thiagaraja College of Engineering, Madurai, India. He started his career at ISRO Thumba and moved on to Bharat Heavy Electricals Limited, Tiruchirapalli, where he honed and developed his experience as a Production Engineer.
With entrepreneurial foresight and business acumen he then started his own
venture, Pipelines India, as a subcontractor to BHEL and has grown to his
present position.
Mr. G.N.V Mohanraju,
Managing Director
G. N. V. Mohan Raju is the Managing Director of subject and promoter of N. V. Enterprises concerned with Thermal Power Plants. Before venturing into own group of Industries, he worked in Time-Aids India (Private) Limited, ( a TTK Group Company). He was responsible for many planning production and development of components required for WESTCLOX Time pieces between 1969 and 1971. Later he joined BHEL, Tiruchirapalli and underwent many Technical and Management Trainings abroad. With series of such training programmes intensifying his indigeneous skills, he has been acclaimed for a record of commissioning 2 boilers within 18 months of commencing erection. He has made significant contributions to the Cethar group of Industries after quitting BHEL in 1981. He holds a B. E. Mechanical Engineering Degree from the University of Madras.
Mr. Prem Raj, is a successful Engineer combined with a sharp business acumen that has made every business he has handled into huge profit making entities in Singapore, India and many other Far Eastern Countries.
With over Four Decades of rich experience, both in India and Internationally
Prem Raj, is a name to reckon with in the Oil and Gas Industry.
One of his several achievements has been to head an Organization that designs manufactures and Installs large Oil and Gas Platforms for major International Oil giants. The turnover of the organization based in Singapore increased to 800 Million Singapore Dollars (USD 500 M) during his leadership.
At Malaysia, where he headed a Joint Venture Organization, the turnover rose to 350 Million Ringits (USD 95 M) from a mere 28 Million Ringits (USD 7 M) in a matter of just three years, an increase by around 13 times.
Prior to moving to the Far East in 1980, Prem Raj worked with Bharat Heavy
Electricals Limited India in various Senior Management positions. During this
tenure, he was responsible for the transfer of technology for the manufacture
of Nuclear Steam Generators from West Germany.. which could be considered as a
major feather in the cap not only for Prem Raj personally but also for BHEL on
the whole.
Manufacture of key components of Power Generation, be it, Drums, Headers,
Pipelines, or Nuclear Steam Generators, Prem Raj had played an active role as
the Production In-Charge at BHEL. Operation Planning and Control were also
other responsibilities at BHEL.
The Cethar group, a leader in the Power Generation Industry, is fortunate to
benefit from such a vast experience of Prem Raj, as a Director. Prem Raj has
been the guiding factor behind Cethar’s Venture in to the Far Eastern market.
Prem Raj has won a medal of commendation from the National Trade Union Congress
Singapore and was also recognized as “Who Is Who Of Singapore” (By the
Publication – The Peak)
His career graph is illustrated below:
Executive Vice President – Sembcorp
Marine and Offshore Engineering Singapore
Director Sembawang – Thailand
Director Sembawang Alswaget – Saudi
Arabia
Director P.T.Gema Semb Brown
Indonesia
Director Sime Sembcorp Engineering
Malaysia
Director Chiwan Sembcorp Engineering
China
Director Axes Technologies Singapore
Director Macrocomm Convergence,
Singapore
Mr. V. K. Gopinath, an Electrical Engineering graduate from Regional Engineering College Warangal, started his career in BHEL Trichy in 1965 when he joined the Organization as a Graduate Apprentice. He had his initial training in Welding Engineering in Combustion Engineering, USA and ESAB, Sweden. . He had also undergone regular Management training in Premier Institutions in India and abroad. Sri. Gopinath was closely involved in all the stages of Expansion, Modernization, and Technology Development of High Pressuree Boiler plant.. After serving in various capacities in Plant Engineering, Manufacturing and Operations, he ultimately became the Chief Executive of BHEL, Trichy in-charge of the High Pressure Boiler Plant and the Seamless Steel Tube Plant in Trichy, Boiler Auxiliaries Plant in Ranipet, Piping Centre in Chennai and the Valves Plant in Goindwal, Punjab in 1998.
As the Executive Director of BHEL, Trichy Unit, he took the Organization to
Numero Uno position among all the BHEL Units in terms of Turnover, Profits,
Growth, Technology Development and Industrial Relations. . He has been largely
instrumental for the success of Total Quality Management and Enterprise
Resource Planning in BHEL Trichy. Sri. Gopinath has been honoured with the
Kieth Heartly Award by Indian Institute of Welding for his contribution to
welding He was in the Board of Governors of Bharatidasan Institute of
Management for four years.. Sri, Gopinath’s special areas of interest included
Rehabilitation Centre for Mentally challenged children – ARIVALAYAM,
Environmental Care through massive Affoestation, Sports, Tamil Literature and
nurturing of Professional Institutions.
His vast experience in the power industry, concentrating in the fossil
boilers area. During his tenure as the Executive Director of BHEL,
Tiruchirapalli, the organisation attained the top position within the BHEL
group.
He has been honoured for his contribution to the welding industry with The
Keith Heartly award by the Indian Institute of Welding.
Mr. Ponnusamy
Gounder, Director
Mr.Ponnu Gounder has over thirty years experience primarily as Performance Engineering Manager and Project Manager. He possesses a comprehensive knowledge of the requirements for the CFB Boiler engineering and successful execution of projects. He has worked on several CFB projects located in USA, Canada, Poland, Thailand, China and India. He has served in various capacities related to Boiler Performance and Proposals in BHEL, Trichy from 1971 to 1983. Later he joined New York University, New York as an Assistance Research Scientist, after which he served in Pyropower Corporation San Diego, CA.
From 1995 he has been actively involved as the Project Manager and Manager/CFB
Projects for the present. He has been awarded eight patents related to CFB
Boilers. He did pioneering work in the development of utility scale CFB boilers
while working for Pyropower Corporation. In 1990 he was nominated for Ahistrom
Corporation’s Prize (International) for Excellence in Engineering. He holds an
MS degree from New York University, New York (1985) and BE (Hons) degree from
University of Madras (1971).
A pioneer in the
development of utility scale CFB boilers, he has been awarded 8 patents
relating to CFB boilers and was nominated for Ahlstrom corporation’s prize (International)
for excellence in engineering in 1990.
Mr. N. Chandrasekhran
N.Chandrasekaran, gained experience in Boiler, Piping, Engineering, Project Management and exports.
With his vast business management skills, he has been the Promoter Director of
companies such as Enmas Engineering, Enmas Process Technologies and Fichtner
Consulting Engineers.
Mr. A. Krishnamurthy, Director
Mr A. Krishnamurthy is an M.A (Public Administration) and M.B.A with specialization in Financial and Personnel Management. In his four decades of Banking experience starting with a tenure in Reserve Bank of India, Mr A. Krishnamurthy held several territorial and functional jurisdictions as senior executive in Andhra Bank (Govt of India undertaking) heading operational units at Chennai, Hyderabad and Mumbai and as General Manager incharge of Human Resources Development, Credit and Priority sector advances.. He held the post as concurrent chairman of Banking services Recruitment Board of Andhra Pradesh appointed by Govt of India.
He was appointed by RBI as Chairman and Chief Executive officer of Lakshmi
Vilas Bank ltd. which position he held till April 2005. His wide experience and
knowledge in Banking, enabled him to land his expertise as member of various
Advisory Committees of Indian Banks Association, Reserve Bank of India Banks
and several development institutions of central and state governments and as
Convener State Level Bankers Committee, Andhra Pradesh.
He has to his credit a lot of innovations like introducing credit card as a
payment system and steering the activities of Self-Help Groups through Micro
Finance. He has widely travelled and participated and presented papers at
several International and National Seminars. He joined subject as Director on
the Board in the backdrop of his illustrious career in Banking and Finance, to
assist the company to convert its vision to reality with missionary zeal,
strategic planning, labour welfare, employee motivation, customer origination,
profit maximization, corporate governance of highest order and with an eye for
social responsibility.
He is also senior banking official with experience gained at the Reserve Bank of India, Andhra Bank and Lakshmi Villas Bank Limited.
He joined Cethar Vessels Limited as a director to steer the company in
converting its vision of strategic planning, profit maximization and corporate
governance into reality
Mr. N.K.Pothiraaj is a Mechanical Engineer from Thiagaraja College of Engineering, Madurai. He started his career as a Production Engineer in M/s. PIPELINES INDIA (P) LTD., in 1981. He is responsible for making the same a major sub-contractor of BHEL, Trichy, BHEL Piping Center, Chennai. As the Managing Director, he is the proud claimant of a Turnover hike from Rs. 8 lakhs to Rs. 400 lakhs in 20 years period. Later he joined Cethar Industries Limited, as President / Operations from April 2003 to March 2005, and revived and stabilized the operations Cethar Industries at Tirupur. He could be labeled as successful reviver of the industries he was incharge of. Currently, he is a Director, CV(P) Limited Looking after its Finance, BCC, Administrator and Expansion.
He is also Managing Director, started his
career at M/S Pipelines India Private Limited as a production engineer in 1981.
He was instrumental in reviving the company by forming an alliance with BHEL,
Tiruchirapalli and BHEL Chennai, and increasing turnover. Mr Pothiraaj revived and
stabilised the operations of Cethar Industries and is currently a director in
charge of finance, BCC, administration and expansion.
Press Releases
Hisdustanis.Org - Cethar makes a power move
with PE backing
Dec
18, 2007
For private equity (PE) players, mid-sized,
family-owned companies in India still retain their charm. Leading PE firms are
learnt to have evinced interest in a major fund-raising programme by
Trichy-based Cethar Vessels, a Rs 11000.000 millions boiler manufacturer, which
has lined up an ambitious expansion programme to meet the growing demand for
power generation.
Private equity players such as Chryscapital, CVC and UTI Ventures are some of
the names that the closely-held Cethar is learnt to be talking to for
offloading part of the promoter stake. The funds infusion could be in the range
of $50-100 million, according to people close to the development.
The funds would be used up for Cethar’s expansion programme. The boiler maker
had earlier said it would need about Rs 9000.000 millions to build facilities
for boiler auxiliaries and pressure parts. It also plans to raise Rs 5000.000
millions from private equity funds and tie up with banks and institutions for
the remaining amount.
When contacted, K Subburaj, chairman, Cethar Vessels, told ET: “They have
mandated SSKI to find a private equity investor. They are meeting with
Chryscapital. But it is one of the many meetings that SSKI is arranging for us.
It will be at least a month before an investor is finalised.” Cethar is also
likely to soon appoint an audit firm to do financial auditing and get another
investment bank to help arrive at a valuation.
The company has been talking to a number of audit firms, including KPMG, for
the purpose.Sources said Cethar intends to raise private equity money before
March 2008 as it will help the company chip in with additional promoter’s
equity for raising funds from banks and FIs. The company, which reported a
revenue of Rs 11000.000 millions last fiscal and has set its sights on about Rs
17500.000 millions in the current year, has plans to go public before 2009.
The Hindu - Cethar Vessels
Nov
8, 2007
Subject is the flagship company of the Cethar group and was founded in
1981 with its Head office in Tiruchirapalli, India. Growing from its modest
origins, now it has a reputation for supplying reliable products to the energy
sector. With customer focus always at the forefront, new targets and standards
are constantly being set, which is reflected in the quality of the products.
The company has the in-house capacity to produce boiler pressure part
components equivalent to 60,000 MT per year at present and will rise to 100,000
per year by 2008 which would mean boilers for 8000 MW annually.
Added to the manufacturing capacity, is the huge engineering potential
of about 712 engineers and 810 Diploma engineers who contribute to the
technical prowess of the company. The international exposure of the directors
and some of the senior executives will facilitate the company to meet the ever
– changing demands of the customers. The company is worth USD 1.2 billion and
has gross sales of USD 273 million as of 31st March 2007.
Subject have recently signed a technical
collaboration agreement with M/s. Riley Power Inc., USA for Pulverised Coal fired utility boilers of
capacity upto 600 MW. They have also signed MOU with M/s. Harbin Turbine
Company, China for Steam Turbine and generators of capacity upto 600 MW and
Worley Persons, Singapore for Plant engineering and Project management as
associates.
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 :
The 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.
The 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. 48.52 |
|
UK Pound |
1 |
Rs. 72.62 |
|
Euro |
1 |
Rs. 63.76 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
8 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
9 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
8 |
|
--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 |
|
72 |
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, they have no basis upon which to
recommend credit dealings |
No Rating |
|