MIRA
INFORM REPORT
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Report Date : |
03.05.2011 |
IDENTIFICATION DETAILS
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Name : |
SNAM ALLOYS PRIVATE LIMITED |
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Registered Office : |
21 (E),
Industrial Estate, Attibele, Anekal Taluk, |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
05.11.1985 |
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Com. Reg. No.: |
08-7257 |
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CIN No.: [Company
Identification No.] |
U27101KA1985PTC007257 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
BLRS01125F |
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PAN No.: [Permanent
Account No.] |
AACCS7473G |
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Legal Form : |
Private Limited
Liability Company |
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Line of Business : |
Manufacturer, Importer,
Exporter and Trader of Alloys, Silicons and Carbides, etc. |
RATING & COMMENTS
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MIRA’s Rating : |
A (65) |
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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 1000000 |
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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 a reputed company having fine track
records. Financial position of the company appears to be sound. Directors are
reported to be experienced and respectable businessmen. Trade relations are reported as fair.
Business is active. Payments are reported to be regular and as per
commitments. The company can be considered normal 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
|
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 |
LOCATIONS
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Registered
Office : |
21 (E),
Industrial Estate, Attibele, Anekal Taluk, |
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Tel. No.: |
91-80-25587710 |
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Fax No.: |
91-80-41320199/
91-413-2699199 |
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E-Mail : |
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Website : |
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Factory : |
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Tel. No.: |
91-413-2699440/2699106 |
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Fax No.: |
91-413-2699199 |
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Area : |
13 acres |
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Location : |
Owned |
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Corporate Office : |
40-A, 1st
Cross, Gupta Layout, Bangalore-560008, |
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Tel. No.: |
91-80-25587710 |
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Fax No.: |
91-4344-276880 |
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E-Mail : |
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Area : |
1500 sq. ft. |
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Location : |
Rented |
DIRECTORS
As on 24.07.2010
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Name : |
Mr. Muralidhar
Dhuddu |
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Designation : |
Whole Time
Director |
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Address : |
116, 1st
Cross, |
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Date of Birth/Age : |
25.11.1951 |
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Qualification : |
FCA |
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Date of Appointment : |
05.11.1985 |
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Name : |
Mr. Sivaraman Thammanur Venkatesan |
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Designation : |
Director |
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Address : |
No. 18, 2nd Cross, Kumaran Nagar, Lawspet, |
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Date of Birth/Age : |
02.06.1943 |
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Qualification : |
B.E. |
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Date of Appointment : |
05.11.1985 |
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Name : |
Mr. Naik Dayanand Hiriadka |
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Designation : |
Director |
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Address : |
Lakxmidaya, 126, Charles Campbell Road, Cox Town, Bangalore- 560005,
Karnataka, India. |
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Date of Birth/Age : |
14.02.1938 |
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Qualification : |
PGDEE |
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Date of Appointment : |
05.11.1985 |
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Name : |
Mr. Srikanth Sivaraman |
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Designation : |
Director |
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Address : |
Plot No. 1,2 and 23, 24, Door No. 18 Second Cross, Kumaran Nagar, Lawspet,
Pondicherry-605008, |
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Date of Birth/Age : |
04.09.1970 |
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Date of Appointment : |
01.08.2010 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 24.07.2010
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Names of Shareholders |
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No. of Shares |
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Muralidhar Dhuddu |
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25616 |
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Sivaraman Thammanur Venkatesan |
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25616 |
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Naik Dayanand Hiriadka |
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25616 |
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Vasumati
Sivaraman |
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6384 |
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Saraswati D. Naik |
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6384 |
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Veena Muralidhar |
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6384 |
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Total |
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96000 |
As on 24.07.2010
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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 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer, Importer,
Exporter and Trader of Alloys, Silicons and Carbides, etc. |
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Products : |
· Ferro Graphite Recarboriser · Incoulants |
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PRODUCTION STATUS (AS ON 31.03.2010)
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Particulars |
Unit |
Installed
Capacity |
Actual
Production |
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Installed Capacity |
MT |
18000 |
-- |
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Ferro Silicon |
MT |
-- |
10281.86 |
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Ferro Silicon Magnesium |
MT |
-- |
7899.58 |
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Graphite |
MT |
-- |
0.00 |
GENERAL INFORMATION
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Bankers : |
State Bank of |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
S. Anantha and
Company Chartered
Accountants |
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Address : |
S. V. Complex, 2nd
Floor, No. 55, K. R. Road, Basavanagudi, Bangalore-560004, Karnataka, India |
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Tel. No.: |
91-80-26520758/41469306 |
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Fax No.: |
91-80-26620057/
26603052 |
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E-Mail : |
CAPITAL STRUCTURE
As on 24.07.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
96000 |
Equity Shares |
Rs.100/- each |
Rs.9.600 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
96000 |
Equity Shares |
Rs.100/- each |
Rs.9.600 Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
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 |
9.600 |
9.600 |
9.600 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
257.760 |
172.694 |
101.922 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
267.360 |
182.294 |
111.522 |
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LOAN FUNDS |
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1] Secured Loans |
243.021 |
162.353 |
83.236 |
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2] Unsecured Loans |
13.205 |
12.991 |
8.666 |
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TOTAL BORROWING |
256.226 |
175.344 |
91.902 |
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DEFERRED TAX LIABILITIES |
11.179 |
0.144 |
0.305 |
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TOTAL |
534.765 |
357.782 |
203.729 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
218.791 |
157.187 |
38.951 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
10.723 |
10.724 |
10.740 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
167.915
|
113.357
|
58.918 |
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Sundry Debtors |
217.742
|
100.641
|
129.557 |
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Cash & Bank Balances |
8.144
|
10.659
|
6.306 |
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Other Current Assets |
0.000
|
0.000
|
0.000 |
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Loans & Advances |
34.739
|
79.329
|
27.566 |
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Total
Current Assets |
428.540
|
303.986
|
222.347 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
72.820
|
96.692 |
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Other Current Liabilities |
44.872
|
12.776
|
66.105 |
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Provisions |
5.597
|
4.647
|
2.204 |
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Total
Current Liabilities |
123.289
|
114.115
|
68.309 |
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Net Current Assets |
305.251
|
189.871
|
154.038 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
534.765 |
357.783 |
203.729 |
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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 |
1320.197 |
1673.383 |
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Other Income |
4.470 |
0.317 |
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TOTAL (A) |
1324.667 |
1673.700 |
NA |
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Less |
EXPENSES |
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Raw Material Consumed |
751.217 |
1202.698 |
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Change in Opening and Closing Stock |
(6.948) |
(17.496) |
NA |
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Manufacturing, Administrative and Selling Expenses |
417.287 |
349.767 |
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TOTAL (B) |
1161.556 |
1534.969 |
NA |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
163.111 |
138.731 |
NA |
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Less |
FINANCIAL
EXPENSES (D) |
10.537 |
15.388 |
NA |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
152.574 |
123.343 |
NA |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
24.276 |
5.617 |
NA |
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PROFIT BEFORE
TAX (E-F) (G) |
128.298 |
117.726 |
NA |
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Less |
TAX (H) |
43.233 |
46.954 |
NA |
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PROFIT AFTER TAX
(G-H) (I) |
85.065 |
70.772 |
26.718 |
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EARNINGS IN
FOREIGN CURRENCY |
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FOB Value of Exports U-II |
451.103 |
986.268 |
287.069 |
|
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Freight on Exports U-II |
9.017 |
25.107 |
7.863 |
|
|
|
FOB Value of Exports EOU |
96.526 |
0.000 |
11.357 |
|
|
|
Freight on Exports EOU |
1.294 |
0.000 |
0.386 |
|
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TOTAL EARNINGS |
557.940 |
1011.375 |
306.675 |
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IMPORTS |
|
|
|
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|
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Raw Materials |
398.787 |
725.473 |
420.969 |
|
|
|
Capital Goods |
4.739 |
0.759 |
0.000 |
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TOTAL IMPORTS |
403.526 |
726.232 |
420.969 |
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Earnings Per
Share (Rs.) |
886.10 |
737.20 |
278.31 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
6.42
|
4.23 |
NA |
|
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Net Profit Margin (PBT/Sales) |
(%) |
9.72
|
7.04 |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
19.82
|
25.53 |
NA |
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Return on Investment (ROI) (PBT/Networth) |
|
0.48
|
0.65 |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
|
1.42
|
1.59 |
1.44 |
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|
Current Ratio (Current Asset/Current Liability) |
|
3.47
|
2.66 |
3.25 |
LOCAL AGENCY FURTHER INFORMATION
Operations:
They have achieved a gross sales turnover of Rs.1320.197 millions out of
this, export of sales are Rs.557.940 millions. They have made a production of
10281 MT of Ferro Silicon, 7899 MT of Ferro Silicon Magnesium.
They have made a profit before tax of Rs.128.298 millions and have
generated a cash surplus of Rs.152.574 millions.
Bankers Charges
Report as per Registry
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
80036101 |
|
Corporate
identity number of the company |
U27101KA1985PTC007257 |
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Name of the
company |
SNAM ALLOYS
PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in |
21 (E),
Industrial Estate, Attibele, Anekal Taluk, |
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Type of charge |
Book Debts Movable Property
(not being pledge) Floating Charge Immovable
Property |
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Particular of
charge holder |
State Bank of |
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Email |
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Nature of
description of the instrument creating or modifying the charge |
Supplemental
agreement of hypothecation of goods and assets for increase in the overall
limit form c-2a; letter regarding the grant of individual limits within the
overall limit form c-5 and memorandum for recording extension of mortgage by
deposit of title deeds form - b (all pertain to the same charge) |
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Date of
instrument Creating the charge |
24.01.2011 |
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Amount secured by
the charge |
Rs.602.100
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest Snam Alloys
Private Limited: WCL - at 5.50% above br, effective rate 13.10% p.a. At monthly
rests. Snam Abrasives
Private Limited: as per annexure i enclosed. Terms of
Repayment Snam Alloys: WCL
- on demand. Advance is for a period of 12 months. Margin RM/components/consumables/spares
- 25% Sip/fg/receivables
- 30% Extent and
Operation of the charge Exclusive first
charge on the assets of the company and to the full extent. Company current
assets and other movables cover to the extent of Rs. 604.300 Millions and
immovable property cover to the extent of Rs. 602.100 Millions. Others Snam Alloys
Private Limited limit Rs. 506.700 Millions and Snam Abrasives Private Limited
limit Rs. 95.400 Millions, total Rs. 602.100 Millions. (Balance amount
of Rs. 97.600 Millions (TL) separate charge registered for original limit and
for the reduced limit (present o/s) is being filed now, vide charge id no.
10134886). |
|
Short particulars
of the property charged |
I)
Hypo.
of company's present and future movable fixed assets and current assets like
stocks, raw materials, semi finished and finished goods, book debts,
receivables, outstanding monies, bills, rights, II)
stores,
components, furniture and fittings; other movables, plant and machinery,
vehicles and assets to be purchased out of bank finance III)
EM of
immovable property situated at No. 75/1, 86/5, 80/2, 86/6, 81/1B, 74/3, 80/1,
81/2, 74/2 village No. 55, Kariyannickam Nittapakkam Panchayathi, |
|
Date of latest
modification prior to the present modification |
06.11.2008 |
|
Particulars of
the present modification |
The amount
secured by the charge stands increased to Rs. 602.100 Millions. Above
continue for the enhanced limit. All other terms and conditions remain
unchanged. |
Fixed Assets:
v Land
v Building
v Plant and Machinery
v Lab Equipments
v Air Conditioners
v Vehicles
v Furniture
v Computers
v Office Appliances
v Factory Equipments
v Car
v Software
v Electric Installation
v Lab Equipments
v Air pollution control system
v Inspection Equipments
v Instrumentation and Monitoring Equipments
v Capital Work in Progress
WEBSITE DETAILS
THE BEGINNINGS
What started out as a venture of 3
technocrats to manufacture 500 tons of silicon carbide grew to a position of
strength and respectability.
Snam group of companies consists of the following companies:
- Snam
Abrasives Private Limited, manufacturing Abrasive grade Silicon Carbide
and Synthetic Saw Grade -diamonds.
- Snam
Micro Abrasives Private Limited Manufacturing micro grit Silicon Carbide
- Snam
Alloys Private Limited, manufacturing Ferro Silicon, Ferro Silicon
Magnesium and Inoculants
Snam Alloys now sells in more than
30 countries and across five continents. In 2006 Snam Alloys has also started
manufacturing operations at its joint venture plant in
Snam Alloys caters to the
requirements of Cast Iron and Ductile Iron foundries around the world. Snam is
now planning to have one more manufacturing facility in the world to cater to
its ever-growing customer base.
Hawk-eyed Quality Control
Being accredited with the ISO 9001
certification is enough proof of the highest quality in Snam’s manufacture of
Ferro Silicon, Ferro Silicon Magnesium and Inoculants.
- Snam
believes in stringent quality checks at various stage of manufacture.
- From
unloading, docketing and storage of raw materials to the crushing and
sizing of the final product.
- So
each product goes through several quality checks before it leaves the
factory
- Moreover
the laboratory houses the most modern and well-calibrated instruments
manned by competent and highly trained engineers who monitor quality
scrupulously.
Snam Alloys – uniqueness
- Snam
Alloys is the only producer in
Magnesium and Ferro Silicon based Inoculants. - The
only producer that has tuned its operations to cater to the need of the
foundry industries.
- The
only producer in
- The
only producer of inoculants by alloying active ingredients in molten Ferro
Silicon. Hence the customer is assured of supplier characteristics,
consistent quality and excellent performance capabilities.
AWARDS AND CERTIFICATES
1. ISO 9001: 2000 Certification
2. Best Vendor Award from Nelcast Limited
3. Certificate of Approval from Dgp Hinoday Industries
4. Best Exporter Award from Eepc
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] 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.44.30 |
|
|
1 |
Rs.73.90 |
|
Euro |
1 |
Rs.65.57 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
|
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
|
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.