MIRA
INFORM REPORT
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Report Date : |
19.02.2011 |
IDENTIFICATION DETAILS
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Name : |
SILCARB RECRYSTALLIZED PRIVATE LIMITED |
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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) : |
31.03.2010 |
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Date of Incorporation : |
25.10.1982 |
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Com. Reg. No.: |
08-005020 |
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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 Carbid Heating Elements of Electric Furnaces. |
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 55000 |
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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 – April 1, 2010
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Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
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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 PARTERED BY (GENERAL DETAILS)
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Name : |
Ms. Gauri |
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Designation : |
Accounts Department |
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Date : |
27.01.2011 |
LOCATIONS
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Registered Office/ Factory/ Sales/ Administration Office : |
No.38 (Old No.63), 17th Cross,
Malleswaram, |
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Tel. No.: |
91-80-23347004/ 23462904/ 23462904 91-8118-329978 (Factory) |
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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 : |
silcarb@vsnl.com |
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Website : |
www.silcarbindia.com
www.silcarb.com |
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Area : |
3000 sq. ft. |
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Location : |
Owned |
DIRECTORS
As on 30.09.2010
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Name : |
Mr. Kramadhati Venkatgiri 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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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 |
KEY EXECUTIVES
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Name : |
Ms. Gauri |
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Designation : |
Accounts Department |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2010
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Names of Shareholders |
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No. of Shares |
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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 |
Equity Share
Breakup (Percentage of Total Equity)
As on 30.09.2010
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Category |
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Percentage of
Holding |
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Directors or relatives of directors |
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100.00 |
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Total
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Silicon Carbid Heating Elements of Electric Furnaces. |
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Products : |
· Three Piece Straight Alpha Rods · Furnaces |
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Exports : |
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Products : |
Silicon Carbid Heating Elements of Electric Furnances |
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Countries : |
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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 : |
L/C, Cash and Credit |
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Purchasing : |
L/C, Cash and Credit |
GENERAL INFORMATION
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Suppliers : |
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Customers : |
End Users
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No. of Employees : |
Approximately 80 (Office 10, Factory 70) |
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Bankers : |
·
State Bank of ·
State Bank of ·
ICICI Bank, Malleswaram Branch, ·
Small Industries Development Bank of · Small Industries Development Bank of India, V Floor, East Wing, Khanija Bhavan, 49, Race Course Road, Bangalore-560001, Karnataka, India |
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Facilities : |
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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 : |
CAPITAL STRUCTURE
As on 31.03.2010
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 |
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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 |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
5.000 |
5.000 |
3.907 |
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2] Share Application Money |
0.233 |
0.533 |
1.626 |
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3] Reserves & Surplus |
8.685 |
8.394 |
8.969 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
13.918 |
13.927 |
14.502 |
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LOAN FUNDS |
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1] Secured Loans |
12.617 |
12.380 |
12.704 |
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2] Unsecured Loans |
1.238 |
1.070 |
2.058 |
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TOTAL BORROWING |
13.855 |
13.450 |
14.762 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
27.773 |
27.377 |
29.264 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
8.634 |
10.286 |
12.413 |
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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 |
0.430 |
0.513 |
0.223 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
14.573 |
14.713 |
11.617 |
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Sundry Debtors |
8.374 |
6.988 |
9.716 |
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Cash & Bank Balances |
0.023 |
0.014 |
0.151 |
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Other Current Assets |
0.000 |
0.000 |
0.000 |
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Loans & Advances |
6.242 |
4.151 |
5.242 |
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Total
Current Assets |
29.212 |
25.866 |
26.726 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
6.277 |
6.803 |
6.789 |
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Other Current Liabilities |
1.895 |
0.444 |
0.107 |
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Provisions |
2.331 |
2.041 |
3.202 |
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Total
Current Liabilities |
10.503 |
9.288 |
10.098 |
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Net Current Assets |
18.709 |
16.578 |
16.628 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
27.773 |
27.377 |
29.264 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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Income (Gross Income) |
40.084 |
36.555 |
36.125 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
2.412 |
1.551 |
2.269 |
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Less/ Add |
DEPRECIATION/
AMORTISATION |
1.748 |
2.208 |
2.641 |
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PROFIT BEFORE
TAX |
0.664 |
[0.657] |
[0.372] |
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Less |
TAX |
0.372 |
0.046 |
0.663 |
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PROFIT AFTER TAX
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0.291 |
[0.611] |
[0.292] |
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Earnings Per
Share (Rs.) |
5.82 |
(12.22) |
NA |
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KEY RATIOS
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PARTICULARS |
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31.03.2010 |
31.03.2009 |
31.03.2008 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
1.75 |
(1.82) |
(0.95) |
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Return on Investment (ROI) (PBT/Networth) |
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0.05 |
(0.05) |
(0.03) |
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Debt Equity Ratio (Total Liability/Networth) |
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1.75 |
1.63 |
1.71 |
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Current Ratio (Current Asset/Current Liability) |
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2.78 |
2.78 |
2.65 |
LOCAL AGENCY FURTHER INFORMATION
TRADE REFERENCES:
·
Hiten Fastners Private Limited
ACTIVITIES AND
FINANCIAL RESULTS:
The Company is not slowly recovering form the recession and sales has
increased to Rs. 40.084 Millions. They once gain sincerely than the
The heating element sales also is expected to increase in the coming
financial year. This is mainly due to the development of high density heating
elements which has shown considerable improvements in the quality. Also, they are able to reduce
prices due to higher efficiency in production.
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Corporate
identity number of the company |
U32104KA1982PTC005020 |
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Name of the
company |
SILCARB RECRYSTALLIZED
PRIVATE LIMITED |
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Address of the registered office or of the principal place of business in |
No.38 (Old No. 63), 17th Cross
Malleswaram, |
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This form is for |
Modification of charge
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Type of charge |
· Movable property (not being pledge) |
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Particular of
charge holder |
Small Industries
Development Bank of India, V Floor, East Wing, Khanija Bhavan, 49, Race
Course Road, Bangalore-560001, Karnataka, India |
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Nature of instrument
creating charge |
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Date of
instrument Creating the charge |
24.06.2009 |
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Amount secured by
the charge |
Rs. 3.450
Millions |
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Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest: Interest- 11.50%
p.a. with monthly rests Penal Interest on
defaulted amounts- 2% p.a. for the period of default Terms of
Repayment: The loan shall be
repaid in 48 monthly installment comprising first 12 monthly installments or
Rs. 0.007 Millions each, next monthly installments of Rs. 0.008 Million each,
next 12 monthly installments of Rs. 0.010 Million each and the final 12
monthly installments of Rs. 0.013 Million each commencing after the
moratorium of 6 months from the date of the first disburemsent of the loan.
The date(s) of such installments shall be January 01- December 01 each year. Margin: As this is an ad
hoc (one time) arrangement to meet the bonafide business expenditure, no
margin is proposed. Extent and
Operation of the charge: Extension of the
charge by way of hypothecation on all the movbales including plant, machinery
and equipment acquired under the existing loan of Rs. 3.000 Millions situated
at the factory of the company located at # 88, Hanumanthe Gowdana Palya, |
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Short particulars
of the property charged (Including location of the property) |
All equipment,
plant, machinery, machinery spares, tools and accessories, office equipment,
computers, furniture, and fixtures acquired by the company.
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Particulars of
Present Modification : |
The company was
given a Term Loan of Rs. 3.000 Millions on 17th February 2006.
Now, the SIDBI sanctioned and disbursed another Rs. 0.450 Million in addition
to the existing Rs. 3.000 Millions Term Loan and, therefore, this enhancement
of Term Loan form Rs. 3.000 Millions to Rs. 3.450 Millions necessitated to
file this modification of charge. |
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Corporate
identity number of the company |
U32104KA1982PTC005020 |
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Name of the
company |
SILCARB
RECRYSTALLIZED PRIVATE LIMITED |
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Address of the registered office or of the principal place of business in |
No.38 (Old No. 63), 17th Cross
Malleswaram, |
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This form is for |
Modification of
charge |
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Type of charge |
· Immovable Property · Book Debts · Movable property (not being pledge) · Floating Charge |
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Particular of
charge holder |
State Bank of E-mail: sbi.007322@sbi.co.in |
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Nature of
instrument creating charge |
Supplemental
Agreement of Loan cum Hypothecation Memorandum for recording
extension of mortgage by deposit title deeds and letter of confirmation for
extension of mortgage by deposit of title deeds (all the above
pertain to the same charge) |
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Date of
instrument Creating the charge |
30.04.2009 |
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Amount secured by
the charge |
Rs.16.000
millions |
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Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest: CC - 1.5% above
SBAR with a minimum of 13.75% p.a. SME CARE (WCDL) -
8% p.a. Terms of
Repayment: CC - Running account
repayable on demand SME CARE (WDCL) -
In installments of Rs.1,66,667/- commencing 6 months after the date of
disbursement Other limits as
per sanction terms Margin: 25% Extent and
Operation of the charge: The charge shall
operate to the extent of Rs.16.000 millions plus interest commission costs
expenses and other charges thereon Others: The said amount
of Rs.16.000 millions comprises Cash Credit (Stocks) Rs.4.500 millions; Cash
Credit (Receivables) Rs.7.000 millions; SME CARE (WCDL) Rs.1.000 million;
Letter of Credit Rs.1.500 millions; Bank Guarantee Rs.2.000 millions |
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Short particulars
of the property charged (Including location of the property) |
First charge by
way of (a) stocks of raw
materials, semi finished and finished goods, plant, machineries, book debts
and other movables present and future stored/installed at premises cited at
item (b) or at any
other place and (c) equitable
mortgage of factory land with building and other structures (existing and to be
constructed) at Sy.No.88, Hanumanthe Gowdana Palya, Srinivasapura village,
Nelamangala Taluk, Bangalore District measuring 1 acre 10 guntas |
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Date of latest
modification prior to the present modification |
15.03.2009 |
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Particulars of
Present Modification : |
By the above, the
amount secured by charge stands enhanced from Rs.15.000 millions to Rs.16.000
millions. (all other terms
and conditions remain unchanged) |
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Name of the company |
SILCARB heating
elements PRIVATE LIMITED |
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Presented By |
Mr. K V Chandrashekar, Managing
Director |
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1) Date and description of instrument creating the change |
February 17,
2006. Deed of Hypothecation executed by the company in favour of small Industries Development Bank of |
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2) Amount secured by the charge/amount owing on the securities of charge |
The Term Loan of
Rs.3.000 millions agreed to be lent and advanced by SIDBI to the company
together with interest, further interest, liquidated damages, costs, charges,
expenses and all other moneys payable by the company to SIDBI in terms of the
Loan Agreement (hereinafter referred to as “Loan agreement”) between the
company of the one part and SIDBI of the other Part. |
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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 |
All equipment, plant,
machinery, and other assets acquired/to be acquired by the company out of the
loan together with all spares, tools and accessories and whether installed or
not and whether now lying or stored in or about or shall hereafter from time
to time during the continuance of the security of these present be brought
into or upon or be stored or be in about all the company factories, premises,
and godown or wherever else the same may be or be held by any party to the
order or disposition of the company in the course of transit or on high seas
or on order, or delivery, howsoever and wheresoever in the possession of the
company. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
The charge
operates as executive charge no above to secure the due repayment and
discharge by the company to SIDBI of the term Loan of Rs.3.000 millions
together with interest, further interest, liquidated damages, costs, charges,
expenses and all other moneys payable by the company under the said loan agreement. The company has
undertaken to keep the hypothecation goods in marketable and good condition
at its own costs and to insure the same in the joint names of the company and
SIDBI. All the goods
hypothecated and all realizations and insurance proceeds thereof and all
documents in respect of the said security are to be kept distinguishable and
held as the exclusive property of SIDBI. The security
created under the said Deed of Hypothecation is to be a continuing security. |
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5) Name and Address and description of the person entitled to the charge. |
Small Industries
Development Bank of India, Having Head Office at SIDBI , 1 Ashoka Marg,
Lucknow – 226 001 Branch at 5th Floor , East Wing, Khanija Bhavan,
Race Course Road, Bangalore – 650 001, Karnataka, India |
fixed assets:
· Land
·
· DG Set
· Vehicles
· Office Equipments
· plant and Machinery
·
· Computer
· Electrical Installations
· Furniture and Fixtures
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.
PRESS RELEASES:
Silcarb
Recrystallized Private Limited announces the launch of their Business Website:
December 9, 2009 -- Silcarb Recrystallized Private Limited, Bengaluru is
delighted to announce the launch of its website
http://www.indiamart.com/silcarb/ that will be of tremendous value to our customers.
The company, is one of the most reputed manufacturers and suppliers of furnaces
and heating elements, has stepped forward to unveil its ultimate goal to make
business as simple as a click through its comprehensive website. The new site
offers detail product information, contact information, user-friendly product
navigation with comprehensive information regarding the company's profile.
Founded under the able guidance of Mr. C. Anand Girish, our company have
acquired immense industry experience by actively providing its qualitative
products a large number of clients. Our company proudly boast an excellent
reputation as international market leader. The company operates a program used
to design and develop wide range of furnaces and heating elements, which
includes: aluminum furnace, melting furnace, tower furnace, low pressure die
casting furnace, bolt heating furnace, forging furnace, high temperature
furnace, gold melting furnace, industrial furnace, silicon carbide heating
elements.
The website is designed and developed with
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.45.18 |
|
|
1 |
Rs.73.04 |
|
Euro |
1 |
Rs.61.43 |
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.