MIRA
INFORM REPORT
|
Report Date : |
03.07.2008 |
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) : |
31.03.2007 |
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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 : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of FBC Boilers and Steam Generating
Accessories. |
RATING &
COMMENTS
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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 7545184 |
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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
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Registered Office : |
No. 4, Dindigul Road, Tiruchurapalli 620 001, Tamilnadu, India |
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Tel. No.: |
91-431-2482452 / 53 / 54/ 2461038 / 039 / 040 / 2484000 |
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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 |
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Overseas Office : |
·
Cethar Inc, Tel : +1 858 3355 358 ·
25,
International Buisness Park, |
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Regional
Operating Branches: |
·
103, R.K. House,
Behind Ship building, ·
Shantiniketan,
8th Floor, R.no.4, ·
B - 701/702/703, CITI POINT ·
408, Sethi
Bhawan, ·
103, Gold
Arcade, ·
306, 2nd floor, ·
2006, Emerald
House, |
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: |
Name of the
Company: EPT Engineering Services Private Limited CIN No.:
U74210TN2005PTC055254 Name of the
Company: Fortune Valley Agro Farms Private Limited CIN No.:
U05001TN1995PTC030949 Name of the
Company: Enmas Process Technologies Private Limited CIN No.:
U4010TN1998PTC16124 Name of the
Company: Enmas Dynetics Limited CIN No.:
U74210TN1995PLC031887 Name of the
Company: Hatsun Agro Product Limited CIN No.:
L15499TN1986PLC012747 Name of the
Company: Psts Heavy Lift And Shift Limited CIN No.:
U29309TN1995PLC031089 Name of the
Company: Cethar Energy Limited CIN No.:
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 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names of Shareholders |
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No. of Shares |
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Mr. Mohanraju |
|
2795 |
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Mrs. Vimala |
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138850 |
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Mr. Kanagaraj |
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39666 |
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Mr. Ramasamy |
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7582 |
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Mr. Gunasekaran |
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10629 |
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Mr. Sridhar |
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16462 |
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Mr. Pothiraj |
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24470 |
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Mr. Subburaj |
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102223 |
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Mr. Elango |
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1691 |
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Mr. Kumar K Seshan |
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16971 |
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Mr. Vijaya |
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1109 |
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Mr. Baskaran |
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9033 |
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Mrs. Deepa |
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9000 |
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Mr. Kuppuraj |
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14866 |
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Mr. Gunasekaran |
|
430 |
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Ms. Bharathi |
|
847 |
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Mr. Venkatesh |
|
430 |
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Mr. Raguraman |
|
374 |
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Mr. Mohan Jagat Ghosh |
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430 |
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Mr. Kumar Pradipta Sinha |
|
430 |
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Mr. Kumar Venkatkrishna |
|
376 |
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Mr. Venkatkannan |
|
430 |
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Mr. Parthiban |
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376 |
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Mr. Jayprakash |
|
430 |
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Mr. Raman |
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430 |
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Mr. Sekar |
|
429 |
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Mr. Parikh Kirit |
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430 |
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Mr. Rajaraman |
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430 |
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Mrs. Sundari |
|
5657 |
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Mr. Shunmugham |
|
100 |
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Mr. Vijayalakshmi M |
|
7000 |
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Mr. Sivakumar M |
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9000 |
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Mr. Sathishekumar M |
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9000 |
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Mr. Saravanaperumal K S |
|
833 |
Equity share breakup (percentage of total equity)
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S. No. |
Category |
Percentage |
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1 |
Directors or relatives of director |
52.90 |
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2 |
Others |
47.10 |
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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 : |
Industrial Boilers |
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Countries : |
Bangladesh, Nepal, Nigeria, Sri Lanka and Vietnam. |
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Imports : |
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Products : |
Tubes & Pipes, BQ Plates and Bearings |
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Countries : |
Germany, Japan and 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 |
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Facilities : |
Working capital limits with Consortium Banks are secured by first
charge on the company’s land, building. Plant and machinery except assets
purchased under term loan from Federal Bank Limited, Canara Bank, The Lakshmi
Vilas Bank Limited and IDFC by hypothecation of raw materials, stores, work –
in – progress and are personally guaranteed by the Board of Directors and
Pipelines and Process Equipments (Private) Limited |
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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 Ř Cethar
Consulting Engineers Private Limited 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 Ř Cethar Industries Limited Ř Pipelines & Process Equipments (Private) Limited Ř Cethar Garments (Private) Limited Ř Agro Products India Ř K. S. & Company |
CAPITAL STRUCTURE
(As on 31.03.2007)
:-
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 |
|
426164 |
Equity shares |
Rs 100/- each |
Rs. 42.616 millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
42.616 |
42.616 |
42.616 |
|
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
1843.680 |
915.995 |
345.559 |
|
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
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NETWORTH |
1886.296 |
958.611 |
388.175 |
|
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LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
1675.531 |
517.075 |
75.650 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
1675.531 |
517.075 |
75.650 |
|
|
DEFERRED TAX LIABILITIES |
11.173 |
9.890 |
0.166 |
|
|
|
|
|
|
|
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TOTAL |
3573.000 |
1485.576 |
463.991 |
|
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APPLICATION OF FUNDS |
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|
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|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
1234.501 |
448.325 |
85.593 |
|
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
169.774 |
0.576 |
0.576 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
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|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
1814.901
|
1193.841 |
494.575 |
|
|
Sundry Debtors |
2434.154
|
1139.538 |
706.680 |
|
|
Cash & Bank Balances |
269.996
|
162.387 |
375.797 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
1263.369
|
579.609 |
103.988 |
|
Total
Current Assets |
5782.420
|
3075.375 |
1681.040 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
3129.736
|
2038.700 |
1303.218 |
|
|
Provisions |
483.959
|
0.000 |
0.000 |
|
Total
Current Liabilities |
3613.695
|
2038.700 |
1303.218 |
|
|
Net Current Assets |
2168.725
|
1036.675 |
377.822 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
3573.000 |
1485.576 |
463.991 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
Sales Turnover |
10795.713 |
5689.252 |
3258.488 |
|
|
Other Income |
60.985 |
35.059 |
26.733 |
|
|
Total Income |
10856.698 |
5724.311 |
3285.221 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
1444.343 |
898.558 |
401.464 |
|
|
Provision for Taxation |
492.362 |
313.544 |
150.512 |
|
|
Profit/(Loss) After Tax |
951.981 |
585.014 |
250.952 |
|
|
|
|
|
|
|
|
Expenditures : |
|
|
|
|
|
|
Cost of sales |
|
3671.042 |
2260.635 |
|
|
Manufacturing distraction and selling expenses |
|
1124.576 |
605.128 |
|
|
On term loans |
|
5.579 |
2.716 |
|
|
On working capital |
|
0.726 |
0.380 |
|
|
Depreciation |
|
23.530 |
14.898 |
|
Total Expenditure |
9412.355 |
4825.453 |
2883.757 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
8.76
|
10.21 |
7.63 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
13.37
|
15.79 |
12.32 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
20.58
|
25.50 |
22.72 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.76
|
0.47 |
1.03 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.80
|
2.66 |
3.55 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.60
|
1.50 |
1.28 |
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. 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 and prospects:
Economic scenario
Provisional data presented in the union budget
06-07, has indicated that on estimated basis, GDP of the country for the year
2005-2006, will be recording 7 % growth and it is projected to reach a GDP
growth of 8 % for the ensuring year. Agriculture registered a growth rate of 3%
while manufacturing and services sectors continued to contribute for good
growth rate. Industrial production recorded 8.8 % growth as against 8 % for
last year. Inflation has been floating around 4 to 4.5 % and finally settled at
3.96%.
External sectors of the economy performed very
well with export touching US$100.6bn, registering 25% growth YOY. Imports
touched US$ 138.11 bn, an increase of 31.5% over last year’s figures resulting
in trade deficit of US$ 39.6 bn. Rupee has been axcillating around 44 to US$
due to increased dollar demand and dollar premium has been around 1.28%. sensex
breached 11000 for the first time FIIS and MFS coming as major buyers.
Prospects
Government of India and the state governments
continue to lay emphasis on the development of infrastructure in the country,
such as airports, roads, power generation and distribution etc. several policy
announcements have been mde by the Government of India on power sector reforms including tax holiday for the power
projects for any ten year within 15 years in respect of any projects completed
before 2010.100% foreign equity has also been permitted in the power generation
project. It is estimated that in the current five year plan period the capacity
addition in power generation will be 50000mws.
The company with decades of long experience
and expertise built up in manufacture and supply of boilders and equipments to
the power project of varied capacities, is confident of reaching higher growth
in the years to come by successfully garnering a major share in the emerging
and potential market by reorienting its business strategies. At the beginning
of the current year the company has orders on hand to the extent of Rs.
11448.200 millions.
The company continued to march on a high note
by scaling new heights on all fronts. Amidst stiff competition and rising
pries, the company could achieve higher turnover and was able to book order.
The company a preferred supplier due to its quality, service and technical
expertise. During the year to cater services in the global market, the company
opened an office at Singapore and a new company was incorporated in USA to take
advantage of the favorable market conditions and sustain the growth of the
company, proactive resurgent actions are being taken for expansion to increase
the capacity and capabilities.
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
110.400 millions units out of which 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.
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
FORM 8:-
|
Name of the company |
CETHAR
VESSELS (PRIVATE) LIMITED |
|||||||||||||||||||||||
|
Presented
By |
DIRECTOR
|
|||||||||||||||||||||||
|
1) Date and description of instrument creating the change |
a) Agreement of cash credit / overdraft / demand loan b) Agreement for inland letter of credit Both Dated 15.07.2004 |
|||||||||||||||||||||||
|
2) Amount secured by the charge/amount owing on the securities of charge |
|
|||||||||||||||||||||||
|
3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
|
|||||||||||||||||||||||
|
4) Gist of the terms and conditions and extent and operation of the charge. |
|
|||||||||||||||||||||||
|
5) Name and Address and description of the person entitled to the charge. |
Federal Bank, Chinnakkadai Street, Tiruchirapalli 620 002 |
|||||||||||||||||||||||
|
6) Date and brief description of instrument modifying the charge |
Agreement for cash credit / overdraft / demand loan Counter guarantee Agreement for inland letter of credit Agreement for negotiable instruments purchased / discounted Link letter All Dated 30.08.2005 |
|||||||||||||||||||||||
|
7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
Rate of Interest: 14% all the existing securities continue to hold good for the enhanced financial facilities Additional security: paripassu first charge on fixed assets of the company comprising
Supply bills drawn on Government / Semi Government Departments/ Undertakings / Reputed JSC’s accompanies by receipted delivery challan. |
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 our
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,
PetroChemicals and various other Process industries, can be met by Cethar with
their modern Boiler Technologies.
Chairman
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.
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 (P) 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.
Director
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
Director
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.
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. A.KRISHNAMOORTHY
Director
Mr A. Krishnamoorthy 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. Krishnamoorthy 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
Director
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: “We have
mandated SSKI to find a private equity investor. We 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
Cethar Vessels Ltd, 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 our 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.
Cethar Vessels Ltd, have recently signed a
technical collaboration agreement with M/s.RILEYPower 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 WorleyParsons, 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 :
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. 43.34 |
|
UK Pound |
1 |
Rs. 86.53 |
|
Euro |
1 |
Rs. 68.54 |
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, we have no basis upon which to
recommend credit dealings |
No Rating |
|