MIRA
INFORM REPORT
|
Report Date : |
15.09.2008 |
IDENTIFICATION
DETAILS
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Correct Name : |
ACE CALDERYS LIMITED |
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Formerly known as : |
ACE REFRACTORIES LIMITED |
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Registered Office : |
Katni Refractories Works, P O Katni, Katni – 483 504, Madhya Pradesh |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
12.08.2005 |
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Com. Reg. No.: |
17865 |
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CIN No.: [Company
Identification No.] |
U02692MP2005PLC017865 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
NGPA03775C |
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PAN No.: [Permanent
Account No.] |
AAFCA3610G |
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Legal Form : |
A closely held Public Limited Liability Company |
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Line of Business : |
Provider of Refractory Management Services |
RATING &
COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
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Maximum Credit Limit : |
USD 7000000 |
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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 fine track
records. Trade relations are fair. Business is active. General financial position
is good. Payments are reported as usually correct and as per commitments. The company can be considered good for any normal business dealings. It can be regarded as a promising business partner in medium to long –
run. |
INFORMATION PARTED
BY
|
Name : |
Mr. P P Singh |
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Designation : |
Manager in Finance |
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Contact No.: |
91-9371160550 |
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Date : |
05.09.2008 |
LOCATIONS
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Registered Office : |
Katni Refractories Works, P O Katni, Katni – 483 504, Madhya Pradesh ,
India |
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Tel. No.: |
91-762-2224564 |
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Mobile No.: |
91-9371160550 (Mr. P P Singh) |
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Fax No.: |
91-762-2224561 |
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E-Mail : |
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Website : |
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Location : |
Owned |
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Corporate Office : |
Thapar House Ground and First Floor, Temple Road Civil Lines, Nagpur 440 001 India |
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Tel. No.: |
91-712-252 8506 / 2560944 / 5-2560948 |
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Fax No.: |
91-712-253 0885 |
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Branches : |
· 307, So Lucky Corner, Opposite Holy Family Church; Andheri-(E), Mumbai – 400099, Maharashtra, India Tel No.: 91-22-28270504 Fax No.: 91-22-28377095 · Flat No. 207, 2nd Floor, New Delhi House 27, Barakhamba Road, New Delhi – 110001, India Tel No.: 91-11-41571131 / 41571132 Fax No.: 91-11-23312682 · Nandi Commercial 14b , Camac Street , 3rd Floor Kolkata 700 017, West Bengal, India Tel No.: 91-33-22893901 / 22893902 / 22893903 Fax No.: 91-33-22893904 · Karaka Building No. 1 Ashram Road, Navrangpura, Ahmedabad-380009, Gujarat, India Tel No.: 91-79-26582648 / 26587643 Fax No.: 91-79-26587503 ·
Meco House 47, Mount Road, Chennai-600002, Tamil
Nadu, India Fax No.: 91-44-28532-818 |
DIRECTORS
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Name : |
Mr. Umesh Chanderdeveshwar |
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Designation : |
Director |
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Address : |
3 Tapasya Apartments, Cement
Road, Shivaji Nagar, Nagpur – 440
010, Maharashtra, India |
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Date of Birth/Age : |
08.10.1948 |
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Date of Appointment : |
27.09.2005 |
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E-Mail - ID: |
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Name : |
Ms. Renuka Ramnath |
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Designation : |
Director |
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Address : |
701, Radhika Apartments, Off. Sayani Road, Prabhadevi, Mumbai – 400 025,
Maharashtra0, India |
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Date of Birth/Age : |
14.09.1961 |
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Date of Appointment : |
08.12.2005 |
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E-Mail ID : |
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Name : |
Mr. Chandwani Sumit |
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Designation : |
Director |
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Address : |
701, 7th Floor, ICICI Apartments, 1165-B, Near Kirti
College, Dadar (West), Mumbai 0 400 028, Maharashtra, India |
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Date of Birth/Age : |
11.11.1967 |
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Date of Appointment : |
12.08.2005 |
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E-Mail ID : |
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Name : |
Mr. Chotaibee Mukesh |
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Designation : |
Director |
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Address : |
102, West Block R J Gardens Apartments, 17th E Cross , Eswara
Layout, Bangalore – 560 038, Karnataka, India |
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Date of Birth/Age : |
28.05.1968 |
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Date of Appointment : |
12.08.2005 |
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E-Mail ID : |
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Name : |
Mr. Jalan Shweta |
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Designation : |
Flat No. 2, 302, Vishal Villa, Plot 167, Shivaji Park, Pandurang Naik,
Road, Dadar West, Mumbai – 400 028,
Maharashtra, India |
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Address : |
29.01.1976 |
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Date of Appointment : |
12.08.2005 |
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E-Mail ID: |
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Name : |
Mr. Sunaysubhash mathure |
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Designation : |
Director |
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Address : |
Mathure House, Gaondevi Nagar,
Naupada – 400 602, Thane District, Maharashtra, India |
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Date of Birth/Age : |
02.12.1971 |
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Date of Appointment : |
16.11.2005 |
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E-Mail ID: |
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Name : |
Mr. Ravi Kumar Sinha |
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Designation : |
Director |
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Address : |
B -2/6, Vasant Vihar, R K Puram, New Delhi – 110 057, India |
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Date of Birth/Age : |
28.10.1947 |
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Date of Appointment : |
26.07.2006 |
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E-Mail ID: |
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Name : |
Mr. Dimitar Hristov Draganov |
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Designation : |
Director |
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Address : |
13 Rue Ruhmkorff Paris 75017 |
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Date of Birth/Age : |
18.05.1971 |
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Date of Cessation: |
16.06.2008 |
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Name : |
Mr. Christian Louis Marie Marin |
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Designation : |
Director |
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Address : |
1 Bis Rue Du Docteur Rousseau Epernay 51200 |
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Date of Birth/Age : |
24.12.1966 |
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Date of Appointment : |
16.06.2008 |
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Name : |
Mr. Christophe Gerard Joseph Gerault |
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Designation : |
Director |
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Address : |
43 45 Luttichertrasse Koln 50674 |
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Date of Birth/Age : |
12.08.1975 |
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Date of Appointment : |
16.06.2008 |
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Name : |
Mr. P M Devaiah |
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Designation : |
Director |
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Address : |
C/o – ICICi Venture Funds
Management Company Limited, 3rd Floor, Raheja Plaza, 17
Commissariat Road, Bangalore – 560
025, Karnataka, India |
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Date of Appointment : |
12.08.2005 |
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Name : |
Mr. Christian Schank |
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Designation : |
Director |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names of Shareholders |
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No. of Shares |
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Mr. Siddharth Kumar |
|
7276 |
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Mr. D K Singh |
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5370 |
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Mr. Umesh Chander Deveshwar |
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11250 |
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Mr. Biswanath Biswas |
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5750 |
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Mr. S M Suresh |
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1000 |
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Mr.
Supravo Kundu |
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1150 |
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Mr. Santanu Basak |
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1000 |
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Mr. Santosh Kumar Agrahari |
|
5370 |
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Mr. Indra Nath Chakraborty |
|
2400 |
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Mr. Parveen Agarwal |
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3500 |
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Mr. Tapan Kumar Biswas |
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2685 |
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Mr. Aralimarad Basavaraj |
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1038 |
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Mr. Praveen Aharwal |
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1870 |
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Mr. Asis Das Gupta |
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2074 |
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Mr. Rajeev Kumar Laharia |
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1200 |
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Mr. V S Kalamkar |
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1382 |
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Mr. Chinmoy Sur |
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1308 |
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Mr. Alok Nagar |
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5000 |
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Mr. Gururaj M Wadki |
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1210 |
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Mr.
Chinmay Basu |
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1382 |
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Mr. Siddharth Kumar |
|
4366 |
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Mr. Pratap Singh Khokhar |
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1244 |
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Mr. P G Varghese |
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1036 |
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Mr. Manoj
Maharana |
|
64 |
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Mr. Parimal
Jayantilal Shukla |
|
195 |
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Mr. V S
Kalamkar |
|
1935 |
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Mr. Pratap
Singh Khokhar |
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1935 |
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Mr. Sushil
Kumar Sen |
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1659 |
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Mr. A
Easwaranmoorthy |
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784 |
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Mr. Manir Uz Zaman |
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830 |
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Mr. R Chokkar |
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1453 |
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Mr. Santanu Basak |
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1106 |
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Mr. Umesh
Chander Deveshwar |
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35000 |
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Mr.
Asis Das Gupta |
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2903 |
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Others |
|
40008 |
List of
Allottees:-
|
Names of Allottees |
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No. of Shares |
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Mr. Samir Kar |
|
244 |
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Mr. P S Khokhar |
|
2074 |
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Mr. Umesh Chander Deveshwar |
|
20000 |
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Mr. T B Mukherjee |
|
692 |
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Mr. Gaurang D Shah |
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100 |
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Mr. Dhananjay Vayeda |
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64 |
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Mr. Vijay Kumar Pandey |
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244 |
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Mr. Rajeev kumar Laharia |
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1680 |
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Mr. Alok Nagar |
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4296 |
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Mr. S Seetharaman |
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170 |
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Mr. N S Hyderali |
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314 |
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Mr. Mohan Rangnathan |
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200 |
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Total
|
30078 |
Equity Share Breakup (Percentage of Total Equity):-
|
Category (As on 31.03.2007) |
Percentage |
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Nationalized or Other Bank |
12.33 |
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Venture capital |
56.82 |
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Foreign Holdings (Foreign Institutional
Investor(s), Foreign Companie(s), Foreign Financial Institution(s), Non –
Resident Indian(s) or Overseas Corporate Bodies or Others |
29.70 |
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Directors or relative of directors |
0.31 |
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Other top fifty (50) shareholders |
0.79 |
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Others |
0.05 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Provider of Refractory Management Services |
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Products : |
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GENERAL
INFORMATION
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Customers : |
INTERNATIONAL CLIENTS (A) BINDER (Calcium Aluminate Cements) ·
Arabian Refractories Factory Company, Dammam -
Saudi Arabia ·
AL GHANIM SPECIALITIES COMPANY W.L.L.- Kuwait ·
Na'aman Refractories -Israel ·
Mathios Refractories SA, - Greece ·
Thermal Ceramics - England ·
Christy Refractory - USA ·
The Associated Refractories Manufacturer SDN BHD -
Malayisa ·
SIAM Refractory Thailand ·
ORIND REFRACTORIES - China ·
Dalian Morgan Refractories - China ·
Azar Refractories Limited . - Iran ·
Iran Refractories Company - Iran ·
NASOOZIN ENGINEERING AND PRODUCTION COMPANY -
IRAN ·
KHUZESTAN REFRACTORY COMPANY - Iran ·
NEGIN TEJARAT OFOGH - Iran ·
NOURMETEC FOR BUILDING MATERIALS - EGYPT ·
Maref Spa - Italy ·
Linco Baxo Refractory, Italy ·
Trent Refractories, England ·
Hanse Refractories and Minerals Limited ., Pusan - S
KOREA ·
Iwatani Corporation - Japan (B) STEEL INDUSTRY ·
Saudi Iron and Steel Company, HADEED - Saudi Arabia ·
Gulf Ferro Alloy Company (SABAYEK), Dammam - Saudi Arabia ·
Qatar Steel Company, Doha - Qatar ·
Sharq Sohar Steel Rolling Mills - Oman ·
Tema Steel Company
Limited ., GHANA ·
Intrinsic Resources - Ghana ·
Egyptian Iron and Steel Company - Egypt ·
Mittal Steel - ANNABA - Algeria ·
Mittal Steel, South Africa ·
Mittal Steel - Czech Republic (Novahut) ·
Mittal Steel - Kazakisthan - ( Karmet ) ·
Mittal Steel - Canada (SIDBEC) ·
Mittal Steel - Romania ( SIDEX) ·
Bangladesh Steel Re-rolling Mill., Dhaka -
Bangladesh ·
Rahim Steel Mills Company (P) Limited . - Bangladesh (C) CEMENT INDUSTRIES · Ras Al Khaimah Cement Company - United Arab Emirates · Rasyut Cement - Oman · Eastern Province Cement Company (EPCC) - Saudi Arabia · Saudi Cement Company - Saudi Arabia · Hima Cement Limited ., Uganda · Athi River Mining - Kenya · Tororo Cement - Uganda · Udayapur Cement Limited . - Nepal · Hetuada Cement Limited . - Nepal · Lucky Cement Company Limited . - Pakistan · Pahang Cement Company - Malaysia · Lafarge Surma- Bangladesh · Grand Cement Manufacturing Corp. - Philipplies · Benue Cement - Nigeria · Chattak Cement Company Limited .- Bangladesh · National Qatar Cement Company (SAQ) - Qatar (D) PETROCHEMICAL INDUSTRY · Kuwait National Petroleum Company (KNPC)- Kuwait · Qatar Petrochemical Company Limited . (QSC), Doha, -Qatar · Qatar Gas Company, Doha - Qatar · Qatar Petroleum Company, Doha - Qatar · Saint Gobain Norpro Corporation - USA · Saint Gobain Norpro GmbH - Germany ( E) MISCELLANEOUS · Qatar Fertilizer Company (SAQ) - Qatar · Alexandria Carbon Black Company SAE, Alexandria - EGYPT · Pan African Paper Mills Limited ., Webuye- KENYA · Athi River Mining - Tanzania · Mowatt Refractories, Sydney- AUSTRALIA · Thai Carbon Black Company - Thailand · PT INDO Bharat - Indonesia · Haycarb Limited. - Sri-Lanka · Mirigama Lanka Pvt. Limited .- Sri Lanka · PT Mapalus Charkol Company - Indonesia INDIAN CLIENTS Cement · Mawmluh Cherra Cement, Meghalaya. · Shree Cements, Beawar. · Tata Chemicals Limited, Mithapur. · Tata Iron and Steel Companies. · The Associated Cement Companies Limited. Non-Ferrous · INDAL, Belgaum. · INDAL, Taloja. · Jaipur Metals and Electricals, Jaipur. Sterlite Industries Limited, Pune. · United Phosphorous Limited Ankleshwar. · Hindalco Carbon and Chemicals Carbon Corporation Limited Nasik. · Hindustan Electrographites Limited, Bhopal. · Philips Carbon Black Limited , Durgapur. · Graphite India Limited HFCL, Namrup. · Iffco, Aonla. · MFC Limited ., Mangalore. · Tata Chemicals Limited, Babrala. Steel · Essar Steel, Hazaria. · Jindal Strips Limited , Raigarh. · Mondovi Pellets, Goa. · Monnet Ispat, Raipur. · Nippon Denro Ispat Limited ., Pen. · Simplex Engineering, Calcutta. · Seas Goa Limited ., Goa. · TISCO, Jamshedpur. · Vikram Ispat Limited ., Raigarh. · ACC-NIHON Castings Limited, Nagpur. · Refineries and Petrochemicals · Bharat Petroleum Limited, Trombay. · Gujarat Refineries Limited, Baroda. Other Industries · ISRO. · PSLV Heat Shield, Shriharikota. · Heavy Water Plant, Tuticorn. · HPCL, Hirakud. · Tata Ceramic Limited, Cochin. · Kudremukh Iron Ore Cos. Limited, Bangalore. |
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No. of Employees : |
450 : (400 in Office and 50 in Factory) |
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Bankers : |
· Union Bank of India, 239, Vidhan Bhavan Marg, Nariman Point, Mumbai – 400 021, Maharashtra, India · ICICI Bank, Nagpur, Maharashtra, India · State Bank of India, Corporate Accounts Group Branch, Voltas House, 23 JN Heredia Marg, Mumbai – 400 001, Maharashtra, India |
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Facilities: |
· Cash Credit – Rs. 200.000 millions (State Bank of India) · Cash Credit - Rs. 100.000 millions (ICICI Bank Limited) |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
S R Batliboi and Associates Chartered Accountants |
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Address : |
6th Floor, Express Tower, Nariman Point, Mumbai – 400 021,
Maharashtra, India |
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Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
(As on 31.03.2007)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
11000000 |
Equity Shares |
Rs. 10/- each |
Rs.110.000 millions |
|
40000000 |
Preference Shares |
Rs. 10/- each |
Rs.400.000 millions |
|
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Total
|
Rs.510.000
millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
10116241 |
Equity Shares |
Rs. 10/- each |
Rs.101.162
millions |
|
40000000 |
Preference Shares |
Rs. 10/- each |
Rs.400.000
millions |
|
|
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Total |
Rs.501.162 millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2007 |
31.03.2006 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
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1] Share Capital |
|
500.234 |
500.000 |
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2] Share Application Money |
|
0.000 |
0.000 |
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3] Reserves & Surplus |
|
732.153 |
566.253 |
|
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4] (Accumulated Losses) |
|
0.000 |
0.000 |
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NETWORTH |
|
1232.387 |
1066.253 |
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LOAN FUNDS |
|
|
|
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|
1] Secured Loans |
|
1318.954 |
1492.330 |
|
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2] Unsecured Loans |
|
0.000 |
28.987 |
|
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TOTAL BORROWING |
|
1318.954 |
1521.317 |
|
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DEFERRED TAX LIABILITIES |
|
105.650 |
41.390 |
|
|
|
|
|
|
|
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TOTAL |
|
2656.991 |
2628.960 |
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APPLICATION OF FUNDS |
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|
|
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|
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FIXED ASSETS [Net Block] |
|
2008.100 |
2039.341 |
|
|
Capital work-in-progress |
|
2.085 |
69.900 |
|
|
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|
|
|
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INVESTMENT |
|
13.300 |
0.000 |
|
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DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
|
|
|
|
|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
358.108 |
400.340 |
|
|
Sundry Debtors |
|
475.967 |
382.868 |
|
|
Cash & Bank Balances |
|
122.315 |
66.755 |
|
|
Other Current Assets |
|
0.000 |
0.000 |
|
|
Loans & Advances |
|
113.539 |
114.718 |
|
Total
Current Assets |
|
1069.929 |
964.681 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
|
418.731 |
440.242 |
|
|
Provisions |
|
25.944 |
14.520 |
|
Total
Current Liabilities |
|
444.675 |
454.762 |
|
|
Net Current Assets |
|
625.254 |
509.919 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
8.252 |
9.800 |
|
|
|
|
|
|
|
|
TOTAL |
|
2656.991 |
2628.960 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
|
|
Sales Turnover |
|
2909.232 |
1406.249 |
|
|
Other Income |
|
51.908 |
14.919 |
|
|
Total Income |
|
2961.140 |
1421.168 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
|
275.683 |
119.500 |
|
|
Provision for Taxation |
|
98.193 |
42.989 |
|
|
Profit/(Loss) After Tax |
|
177.490 |
76.511 |
|
|
|
|
|
|
|
|
Export Value |
|
479.736 |
224.445 |
|
|
|
|
|
|
|
|
Expenditures : |
|
|
|
|
|
|
Raw Material Consumed |
|
1227.118 |
854.336 |
|
|
Purchases made for re-sale |
|
598.126 |
60.780 |
|
|
Consumption of stores and spares parts |
|
4.078 |
1.995 |
|
|
Increase/(Decrease) in Finished Goods |
|
[42.191] |
[21.375] |
|
|
Salaries, Wages, Bonus, etc. |
|
126.365 |
63.500 |
|
|
Managerial Remuneration |
|
4.780 |
2.895 |
|
|
Payment to Auditors |
|
1.383 |
0.900 |
|
|
Interest |
|
137.979 |
68.045 |
|
|
Insurance Expenses |
|
2.852 |
1.166 |
|
|
Power & Fuel |
|
102.813 |
54.178 |
|
|
Depreciation & Amortization |
|
185.783 |
94.179 |
|
|
Other Expenditure |
|
336.371 |
121.069 |
|
Total Expenditure |
|
2685.457 |
1301.668 |
|
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2007 |
31.03.2006 |
|
PAT / Total Income |
(%) |
|
5.99 |
5.38 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
|
9.48 |
8.50 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
8.91 |
3.89 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
|
0.22 |
0.11 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
|
1.43 |
1.85 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
2.41 |
2.12 |
LOCAL AGENCY
FURTHER INFORMATION
Form 8:-
|
Name of the company |
ACE REFRACTORIES LIMITED |
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Presented By |
Mr. P M Devaiah, Director |
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1) Date and description of instrument creating the change |
Deed of
hypothecation dated September, 27, 2005, executed between the company and
state bank of India. |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 1050.000
millions |
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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 |
Hypothecation of
all present and future goods book debts sand all other movable assets of the
borrower including documents of title
to the goods, outstanding moneys, receivables including
receivables by way of cash
assistance and / or cash incentives under the Cash
Incentive Scheme or any other scheme claims including claims by way of refund of customs / excise duties
under the duty Drawback Credit scheme or any other scheme , bills, invoices,
documents, contracts,
insurance policies, guarantees, engagements, securities, investments and rights and the present
machinery listed in the schedule hereunto
and all future machinery belonging to or in the possession or under the control of the
borrower wherever lying stored and kept
and whether in possession of
the borrower wherever lying stored
and kept and whether in possession of the borrower or of the bank
or of any third party
whether in India or elsewhere
throughout the world (including all such goods, other movable assets as may
be in course of shipment transit or delivery ) Hereinafter referred to as
“the said goods and assets”). For term loan of
Rs. 500.000 millions: First pari-passu charge on all fixed assets including
movable plant and machinery and
second pari-passu charge on all
current assets. For working
capital loan of Rs. 550.000 millions: First pari-passu charge on all
current assets and second Pari-passu charge on all fixed assets
including movable plant and machinery. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Interest : On cash credit: As applicable to
SBAr. Presently @ 10.25% p.a on term loan @ 8.00 %
p.a during the first year, reset annually with a spread of 2.25%
below SBAr , subject to a minimum of 8.00% p.a with monthly rests. Margins:
Term Loan
Repayable in 23 quarterly installments of Rs. 21.000 millions and 24th
(final installments) o Rs. 17.000 millions commencing from the end of 12
(Twelve) months from date of
first drawdown (The day on which
loans are disbursed to the Ace Refractories limited). |
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5) Name and Address and description of the person entitled to the charge. |
State Bank of
India, Corporate Accounts Group Branch, Voltas House, 23 JN Heredia Marg,
Mumbai – 400 001, Maharashtra, India |
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Corporate
identity number of the company |
U02692MP2005PLC017865 |
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Name of the
company |
ACE CALDERYS
LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
Katni Refractories Works, P O Katni, Katni – 483 504, Madhya Pradesh ,
India |
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This form is for |
Modification of
charge |
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Type of charge |
· Book Debts · Movable Property · Floating Charge |
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Particular of
charge holder |
State Bank of India,
Corporate account Group Branch,
Voltas House, 23 JN Heredia Marg,
Mumbai – 400 001, Maharashtra, India E-Mail: subrata.b@sbi.co.in |
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Nature of
instrument creating charge |
Limit sanction letter
dated 25.04.2008 |
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Date of
instrument Creating the charge |
25.04.2008 |
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Amount secured by
the charge |
Rs. 450.000
millions |
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Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest : At SBAR Terms of Repayment : One year with
discretion in favour of bank fro renewal Margin : Margin @ 30% of
raw material, semi finished goods, finished goods and book debts. Extent and Operation of the charge : Hypothecation of
stocks, stores and book debts. |
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Short Particulars
of the property charged |
Hypothecation of
stocks spares and book debts of the company. |
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Particulars of
the present modification |
The working
capital limit has been reduced to INr
450 millions from INR 550 millions. The charge is secured with hypothecation
of stocks of raw materials, work in progress, finished goods and book debts
for securing the working capital limit of Rs. 450.000 millions. The company
has to obtain prior consent of the bank before creating charge on any of the
fixed assets of the company. The final secured
amount of SBI is Rs. 450.000 millions. |
TRADE REFERENCES:
-
· BSCL
· Jindal Steel
· ACC Concrete
Website details:-
Manufacturing Infrastructure
Subject has 2 manufacturing plants located in Katni (Madhya Pradesh) and Nagpur (Maharashtra.
Katni
Binders, Bricks,’
Conventional Castables,
Pre Cast Shapes
65,000 MT
Nagpur
Basic monilithics, Castables,
Blast Furnace Taphole Clays,
Ramming Masses and BF Trough Castables
60,000 MT
Currently these resources can produce over 120,000 MT of Monolithics, Shaped Refractories and Bricks.
Stringent Quality Control measures at all stages of manufacture from raw material selection, in process and packing are carried out routinely at plant based testing laboratories.
Mission
Aim to be a Total Refractory Solutions Company by providing a comprehensive range of services and products.
Provide highest quality products and customer service.
Strive to become a Technology and Market leader of monolithic refractories in the world.
Be a leader in refractories and ceramics through continuous innovation, upgradation of product quality, introduction of new products and expansion of markets.
Provide promising career and personal development opportunities to all employees.
Achieve fair return on capital employed by promoting productivity in all activities.
Industries served
Innovative and high performance refractory materials have been developed and are manufactured for application in a wide variety of process plants used for mineral and process industries of every description. Many of these products have been recommended for use by international project consultants as substitutes for imported materials.
Unlike most other Indian manufacturers we have chosen to address the requirements of a wide range of industries including:
Iron and Steel
· Blast Furnace Trough and Tap Hole
· EAF
· Tundish
· Ladle
· Foundries
· Converter
· Sponge Iron
Cement
· Kilns
· Preheater cyclones
· Riser duct
· Calcinator
· Tertiary Air Duct
· Firing hood
· Cooler
Non-ferrous
· Boilers
· Incinerators
· Induction furnaces
· Combustion chambers
· Graphitising / Baking Furnace
· Carbon black furnace
· Lime kilns
Induction Furnaces
· Induction furnaces
· Spout
· Working lining
· Throat
· Patching material
· Back-up hearth
· Cover
Petrochemicals
· CO boiler
· Fluid catalytic cracker
· Fired heaters
· HDS reactor
· Hydrocracking unit
· Catalytic reforming unit
· Sulphur recovery unit
Fertilizer
· Primary performers
· Secondary performers
· Waste heat boiler
Power
· Steam generators
· Gas generators
· Boilers
· Preheaters
Other Industries :
· Ceramics
· Tunnel kilns
· Burners
Achievements
· The only refractory company in India, which provides Total Refractory Management Services.
· Pioneer in Calcium Aluminate Cement and Refractory Castable
· Pioneer in introducing Conventional and Low Cement Gunning Materials in India
· Pioneer in Plastic Refractories in India
· India's largest producer of castables and a leader in Asia.
· The only producer of international quality Calcium Aluminate Binders in India.
· A leading Indian exporter of aluminous and alumino - silicate Catalyst Bed Supports.
· Three fold increase in production in the last decade.
· Sales turnover which increased over seven fold in the same period.
· A leading authority on alumina and alumino - silicate refractories.
Services Offered
Subject is involved in all aspects of refractory management, application and installation, from concept to commissioning. Services are customised and include tailor made formulations, products and services based on specific needs. These include:
· Study of service conditions
· Material Selection
· Selection of refractories for service conditions envisaged to ensure optimum performance
· Product tailoring including vendor development
· Procurement Inspection and expediting
· Contracting
· Documenting
· Design and Engineering
· Study of basic drawings
· Heat flow calculations
· Energy Conservation Design (single and composite)
· Anchor designing and spacing (metallic as well as ceramic)
· Work drawings preparation
· Bill of material
· Manufacture and Supply
· Application
· Installation and Heatup
· Performance Evaluation
· Trouble shooting and Failure analysis
· Rehabilitation
Strengths
· Ability to anticipate improbables and find practical solutions.
· Access to technical expertise and installation equipments throughout the country and abroad.
· Ready availability of special products for critical applications comparable with the best in India and abroad.
· In-house manufacturing facilities capable of meeting large project requirements as well as short term
needs for maintenance.
· Flexible approach which gives as much importance to minor problems as well as turnkey jobs.
· An integrated approach which saves time and effort of customers and inconvenience of liaisoning between
consultant, product suppier, installation contractor and test laboratory.
· Familiarity with refractory needs and problems of a wide cross-section of industries.
Quality Assurance
· Subject has an extensive and comprehensive control and quality monitoring system.
· Apart from Periodic Quality Audits undertaken by supervising functions, every week the company institutes Random Testing of product samples delivered by it to markets all over the country.
· That's not all. The personnel at plants and labs are provided training in the latest testing methods and in standardisation and calibration of testing equipment, on a biannual basis.
· As a result of this and the overall systems approach in the organisation, Ace Refractories has been awarded the ISO 9001:2000 certificate for "Management Systems".
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.45.77 |
|
UK Pound |
1 |
Rs.80.67 |
|
Euro |
1 |
Rs.64.20 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
5 |
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PAID-UP CAPITAL |
1~10 |
7 |
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OPERATING SCALE |
1~10 |
7 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
9 |
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--PROFITABILIRY |
1~10 |
6 |
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--LIQUIDITY |
1~10 |
8 |
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--LEVERAGE |
1~10 |
8 |
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--RESERVES |
1~10 |
8 |
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--CREDIT LINES |
1~10 |
7 |
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--MARGINS |
-5~5 |
--- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
|
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
YES |
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--AFFILIATION |
YES/NO |
YES |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
|
65 |
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
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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 |
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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 |
|
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 |
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