MIRA
INFORM REPORT
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Report Date : |
14.12.2011 |
IDENTIFICATION DETAILS
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Name : |
SILCARB RECRYSTALLIZED PRIVATE LIMITED (w.e.f. 29.10.2007)
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Formerly Known
As : |
SILCARB HEATING ELEMENTS PRIVATE LIMITED |
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Registered
Office : |
No.38 (Old No.63), 17th Cross,
Malleswaram, |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
25.10.1982 |
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Com. Reg. No.: |
08-005020 |
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Capital
Investment / Paid-up Capital : |
Rs.5.000 millions |
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CIN No.: [Company Identification
No.] |
U32104KA1982PTC005020 |
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IEC No.: |
0707025893 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
BLRS03468D |
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PAN No.: [Permanent Account No.] |
AABCS9826L |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of Silicon Carbide Heating Elements. |
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No. of Employees
: |
65 (Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (46) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 66000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track. Trade
relations are reported as fair. Business is active. Payments are reported to be
usually correct and as per commitments. The company can be considered for business dealings at usual trade
terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – September 30, 2011
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Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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A1 |
A1 |
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Risk Category |
ECGC Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INFORMATION PARTED BY
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Name : |
Mr. Kramadhati Venkatagiri Chandrasekhar |
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Designation : |
Managing Director |
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Contact No.: |
91-9844024155 |
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Date : |
13.12.2011 |
LOCATIONS
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Registered Office/ Sales Office/ Administration Office : |
No.38 (Old No.63), 17th Cross,
Malleswaram, |
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Tel. No.: |
91-80-23347004/ 23462904 |
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Mobile No.: |
91-9342962040 (Mr. Anand C. Girish) 91-9844024155 (Mr. K.V. Chanedrashekar) |
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Fax No.: |
91-80-23341563/ 23312458 |
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E-Mail : |
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Website : |
www.silcarbindia.com
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Area : |
3000 sq. ft. |
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Location : |
Owned |
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Factory : |
Located at: v
Nelamangala
Taluk, |
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Tel. No.: |
91-8118-329978 |
DIRECTORS
As on 15.06.2011
|
Name : |
Mr. Kramadhati Venkatagiri Chandrasekhar |
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Designation : |
Managing Director |
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Address : |
No.38, 17th Cross, Malleswaram, |
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Date of Birth/Age : |
17.07.1944 |
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Qualification : |
B.E. |
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Date of Appointment : |
01.05.1984 |
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DIN No.: |
01649307 |
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Name : |
Mr. Anand Girish Chandrasekhar |
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Designation : |
Director |
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Address : |
No.38, 17th Cross, Malleswaram, |
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Date of Birth/Age : |
01.07.1974 |
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Qualification : |
B.E. |
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Date of Appointment : |
15.11.2001 |
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DIN No.: |
02423290 |
KEY EXECUTIVES
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Name : |
Ms. Gauri |
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Designation : |
Accounts Department |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 15.06.2011
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Names of Shareholders |
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No. of Shares |
|
Iqbal Basith |
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584 |
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K.V. Chandrashekar |
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13445 |
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K.V. Chandrashekar |
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640 |
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Omar Basith |
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530 |
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Arshita Basith |
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371 |
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Anand Chandrashekar |
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19335 |
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K.V. Chandrashekar (HUF) |
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15095 |
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Total
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50000 |
As on 15.06.2011
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Equity Share Breakup |
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Percentage of Holding |
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Category |
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Directors
or relatives of directors |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Silicon Carbide Heating Elements. |
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Products : |
v Three Piece Straight Alpha Rods v Furnaces |
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Exports : |
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Products : |
Silicon Carbid Heating Elements of Electric Furnaces |
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Countries : |
v
v
v
v
v
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Imports : |
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Products : |
Raw Materials |
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Countries : |
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Terms : |
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Selling : |
Cash and Credit |
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Purchasing : |
Cash and Credit |
GENERAL INFORMATION
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Suppliers : |
v Kaveri Cargo International |
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Customers : |
End Users v Durga Auto Products |
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No. of Employees : |
65 (Approximately) |
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Bankers : |
v
State Bank of v
State Bank of v
ICICI Bank, Malleswaram Branch, v
Small Industries Development Bank of v Small Industries Development Bank of India, V Floor, East Wing, Khanija Bhavan, 49, Race Course Road, Bangalore – 560 001, Karnataka, India v
State Bank of |
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Facilities : |
Cash Credit – Rs.10.000 millions
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Rajgopal and Badri Narayanan Chartered Accountants |
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Address : |
No.25, |
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Tel. No.: |
91-80-23440987/ 23310811/ 23313911 |
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Fax No.: |
91-80-23313666 |
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E-Mail : |
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Income-tax
PAN of auditor or auditor's firm : |
AACFR5386A |
CAPITAL STRUCTURE
As on 15.06.2011
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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50000 |
Equity Shares |
Rs.100/- each |
Rs.5.000 millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
|
50000 |
Equity Shares |
Rs.100/- each |
Rs.5.000 millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
5.000 |
5.000 |
5.000 |
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2] Share Application Money |
0.233 |
0.233 |
0.533 |
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3] Reserves & Surplus |
11.309 |
8.686 |
8.394 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
16.542 |
13.919 |
13.927 |
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LOAN FUNDS |
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1] Secured Loans |
21.457 |
12.617 |
12.380 |
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2] Unsecured Loans |
1.308 |
1.238 |
1.070 |
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TOTAL BORROWING |
22.765 |
13.855 |
13.450 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
39.307 |
27.774 |
27.377 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
17.017 |
8.634 |
10.286 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.313 |
0.431 |
0.513 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
18.331 |
14.573 |
14.713 |
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Sundry Debtors |
13.246 |
8.374 |
6.988 |
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Cash & Bank Balances |
0.013 |
0.023 |
0.014 |
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Other Current Assets |
0.000 |
0.000 |
0.000 |
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Loans & Advances |
15.237 |
6.242 |
4.151 |
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Total
Current Assets |
46.827 |
29.212 |
25.866 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
17.318 |
6.277 |
6.803 |
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Other Current Liabilities |
3.928 |
1.895 |
0.444 |
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Provisions |
3.604 |
2.331 |
2.041 |
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Total
Current Liabilities |
24.850 |
10.503 |
9.288 |
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Net Current Assets |
21.977 |
18.709 |
16.578 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
39.307 |
27.774 |
27.377 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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GROSS INCOME |
82.435 |
40.084 |
36.555 |
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PROFIT/
(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
5.286 |
2.402 |
1.551 |
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Less/ Add |
DEPRECIATION/
AMORTISATION |
1.867 |
1.738 |
2.208 |
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PROFIT/ (LOSS)
BEFORE TAX |
3.419 |
0.664 |
(0.657) |
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Less |
TAX |
0.787 |
0.373 |
(0.046) |
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PROFIT/ (LOSS)
AFTER TAX |
2.632 |
0.291 |
(0.611) |
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EXPORT VALUE |
6.446 |
1.458 |
1.263 |
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Earnings/ (Loss)
Per Share (Rs.) |
52.64 |
5.82 |
(12.22) |
Expected Sales (2011-2012): Rs.85.000 millions
The above information has been parted by Mr. Kramadhati Venkatagiri
Chandrasekhar (Managing Director).
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
Net Profit Margin (PBT/Sales) |
(%) |
4.15
|
1.66 |
(1.80) |
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Return on Total Assets (PBT/Total Assets} |
(%) |
5.36 |
1.75 |
(1.82) |
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Return on Investment (ROI) (PBT/Networth) |
|
0.21 |
0.05 |
(0.05) |
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Debt Equity Ratio (Total Liability/Networth) |
|
2.88 |
1.75 |
1.63 |
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Current Ratio (Current Asset/Current Liability) |
|
1.88 |
2.78 |
2.78 |
LOCAL AGENCY FURTHER INFORMATION
|
Check List by Info Agents |
Available in Report (Yes / No) |
|
1) Year of
Establishment |
Yes |
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2) Locality of
the firm |
Yes |
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3) Constitutions
of the firm |
Yes |
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4) Premises
details |
Yes |
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5) Type of
Business |
Yes |
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6) Line of
Business |
Yes |
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7) Promoter’s
background |
-- |
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8) No. of
employees |
Yes |
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9) Name of person
contacted |
Yes |
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10) Designation
of contact person |
Yes |
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11) Turnover of
firm for last three years |
Yes |
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12) Profitability
for last three years |
-- |
|
13) Reasons for
variation <> 20% |
-- |
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14) Estimation
for coming financial year |
Yes |
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15) Capital in
the business |
Yes |
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16) Details of
sister concerns |
-- |
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17) Major
suppliers |
Yes |
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18) Major
customers |
Yes |
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19) Payments
terms |
Yes |
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20) Export /
Import details (if applicable) |
Yes |
|
21) Market
information |
-- |
|
22) Litigations
that the firm / promoter involved in |
-- |
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23) Banking
Details |
Yes |
|
24) Banking
facility details |
Yes |
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25) Conduct of
the banking account |
-- |
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26) Buyer visit
details |
-- |
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27) Financials,
if provided |
No |
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28) Incorporation
details, if applicable |
-- |
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29) Last accounts
filed at ROC |
-- |
|
30) Major
Shareholders, if available |
-- |
ACTIVITIES AND FINANCIAL RESULTS
The company has had a
record breaking year. The maximum sales achieved in any year Rs.82.435
millions. Total exports Rs.6.446 millions which is another record. They have
also developed large Central Melting Furnaces as well as new range of Tower
Melting Furnaces which has been successfully introduced to the market. They
therefore expect the next financial year to be even better in terms of revenues
and profits. On the heating elements front, exports have increased, they had
projected an increase of about 200% in export orders last year, but the actual
increase is 450%. And they are receiving larger enquiries from countries like
The company is also
embarked on development of additional new projects such as high density Silicon
Carbide Crucibles for the jewellery industry for melting Gold and Silver. This
is a very large market and they hope to achieve substantial sales during the
next financial year. The company is also developing technical ceramic products
for the air-craft industry which are import substitutes.
CONTINGENT
LIABILITY: (AS ON 31.03.2011)
v
Amount of Counter Guarantees to Bank in respect of
Guarantees issued by them on behalf of the Company amounted to Rs.0.969
million.
FORM 8:
|
Corporate
identity number of the company |
U32104KA1982PTC005020 |
|
Name of the
company |
SILCARB RECRYSTALLIZED PRIVATE LIMITED |
|
Address of the registered
office or of the principal place of
business in |
No.38 (Old No.63), 17th Cross,
Malleswaram, E-Mail: rajgopalbadri@gmail.com |
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
80055207 |
|
Type of charge |
Immovable
Property Book Debts Floating Charge Others (Bills
Receivable) |
|
Particular of
charge holder |
State Bank of E-Mail: pkpande1@gmail.com |
|
Nature of
description of the instrument creating or modifying the charge |
Letter of
agreement Supplemental agreement
of loan cum hypothecation |
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Date of
instrument Creating the charge |
24.08.2011 |
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Amount secured by
the charge |
Rs.25.700
millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest: WC-6.50% above
base rate - base rate 10% = 16.50% TL = 7% above
base rate - base rate 10% = 17% Terms of
Repayment: WC repayable on
demand and subject to renewal every 12 months. TL to be repaid
within 59 monthly installments (commencing from January-2011 to July-2015). Margin: Working Capital -
25%. Non fund based
limits - 25% Extent and
Operation of the charge: The lender bank
has first and sole charge on the assets of the Company. |
|
Short particulars
of the property charged |
No immovable
property is proposed. The loan is secured by hypothecation of stocks, RM,
SMG, FG and receivables. |
|
Date of latest
modification prior to the present modification |
20.09.2010 |
|
Particulars of
the present modification |
The existing CC limit
(against stock) of Rs.5.500 millions increased Rs.11.000 millions, CC limit
(against receivables) of Rs.8.000 millions increased to Rs.9.000 millions. TL
of Rs.3.700 millions considered afresh. BG Rs.2.000 millions. |
|
Corporate identity
number of the company |
U32104KA1982PTC005020 |
|
Name of the
company |
SILCARB
RECRYSTALLIZED PRIVATE LIMITED |
|
Address of the registered office or of the principal place of business in |
No.38 (Old No.63), 17th Cross, Malleswaram,
E-Mail: rajgopalbadri@gmail.com |
|
This form is for |
Modification of
charge |
|
Charge identification (ID) number of the charge to be modified |
80055207 |
|
Type of charge |
Movable property (not being pledge) |
|
Particular of
charge holder |
State Bank of E-Mail: pkpande1@gmail.com |
|
Nature of
instrument creating charge |
Letter of
agreement |
|
Date of
instrument Creating the charge |
20.09.2010 |
|
Amount secured by
the charge |
Rs.19.200
millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest: WC-6.50% above
base rate - present rate14%. TL = 14.5% (7% above base rate). Terms of
Repayment: WC repayable on
demand and subject to renewal every 12 months. TL to be repaid
within 59 monthly installments (commencing from January-2011 to July-2015) Margin: Fund based
limit-25% TL-31% Extent and
Operation of the charge: The lender bank
has first and sole charge on the immovable assets of the Company. |
|
Short particulars
of the property charged (Including location of the property) |
No immovable
property is proposed. The loan is secured by hypothecation of stocks, RM,
SMG, FG and receivables. |
|
Particulars of
Present Modification : |
The existing CC
limit (against stock) of Rs.4.500 millions increased Rs.5.500 millions, CC limit
(against receivables) of Rs.7.000 millions increased to Rs.8.000 millions.
WCDL of Rs.1.000 million ceased. TL of Rs.3.700 millions considered afresh.
LC of Rs.1.500 millions ceased. |
TRADE REFERENCES:
v Durga Auto Products
v Kaveri Cargo International
fixed assets:
v Land
v
v
v plant and Machinery
v DG Set
v Computer
v Office Equipments
v Electrical Installations
v Furniture and Fixtures
v Vehicles
WEBSITE DETAILS:
PROFILE:
Subject has been in
the field of manufacturing Silicon Carbide Heating Elements for the past two
decades, with its plant located at
Subject having established itself as a quality supplier of Silicon carbide
Heating elements over the past two decades, has now introduced a
state-of-the-art technology furnaces for various applications.
Subject has specialised in patenting furnaces for melting and holding of
non-ferrous metals, wire galvanising furnaces, lead baths, all of which work on
energy efficient systems, reducing the energy consumed by almost 30% over the
conventional systems.
The company is also looking for world
wide representatives who can market the products effectively.
INFRASTRUCTURE:
Located in the suburbs of
Working on advanced ceramic as applied to heating systems continuous quality
and product improvements are a part of the activity.
The company is constantly improving quality systems and is ISO 9001:2000
certified by UKAS, RAB.
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners, controlling
shareholders or senior officers as terrorist or terrorist organization or whom
notice had been received that all financial transactions involving their assets
have been blocked or convicted, found guilty or against whom a judgement or
order had been entered in a proceedings for violating money-laundering,
anti-corruption or bribery or international economic or anti-terrorism sanction
laws or whose assets were seized, blocked, frozen or ordered forfeited for
violation of money laundering or international anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper payments
to government officials for engaging in prohibited transactions or with
designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.53.40 |
|
|
1 |
Rs.83.32 |
|
Euro |
1 |
Rs.70.44 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
46 |
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 |
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 |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or
its officials.