MIRA
INFORM REPORT
|
Report Date : |
05.07.2008 |
IDENTIFICATION
DETAILS
|
Name : |
INDIAN COMMERCE AND INDUSTRIES COMPANY PRIVATE LIMITED |
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Registered Office : |
57 (Old No.29), Prakasam Road, Broadway, Chennai – 600108, Tamilnadu |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
23.03.1937 |
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Com. Reg. No.: |
18-000915 |
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CIN No.: [Company
Identification No.] |
U91110TN1937PTC000915 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CHEI00022B |
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PAN No.: [Permanent
Account No.] |
AAACI2112G |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer, Trader and Importer of Iron and Steel. |
RATING &
COMMENTS
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MIRA’s Rating : |
Ba |
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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 460000 |
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Status : |
Good |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a well established company having satisfactory track.
Financial position is good. Payments are usually correct and as per
commitments. The company is doing well. It can be considered good for normal business dealings at usual trade
terms and conditions. |
INFORMATION PARTED
BY
|
Name : |
Mr. Padmanabhan |
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Contact No.: |
91-9884124900 |
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Date : |
27.06.2008 |
LOCATIONS
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Registered Office Corporate Office : |
57 (Old No.29), Prakasam Road, Broadway, Chennai – 600108, Tamilnadu,
India |
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Tel. No.: |
91-44-25231477/ 25263687 |
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Fax No.: |
91-44-25228833 |
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E-Mail : |
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Website : |
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Branch Office : |
Secunderabad Phone: 91-40-27507758/ 27505907 Fax: 91-44-27501942 E-Mail : kowthahyd@rediffmail.com
No.57, (old 29), Broadway, Chennai - 600108. India. Phone : 91-44-2523 1477 / 2526 3687 Fax :91-44-25228833 E-Mail: beehive@vsnl.com 831, (old 406), T.H. Road, Chennai - 600019. India. Phone: 91-44-2573 3558 Fax : 91-44-2573 3017 Vijayawada Ramavarappadu, Vijayawada – 521108, Andhra Pradesh. India. Phone : 91-866-284 2324 / 284 2326 Fax : 91-866-284 2123 E-Mail : kowthavja@rediffmail.com |
DIRECTORS
|
Name : |
Mr. C. Ravindra |
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Designation : |
Director |
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Address : |
68 (Old No.40) Uenkata Maistry Street, George Town Chennai – 600001,
Tamilnadu, India |
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Date of Birth/Age : |
01.12.1963 |
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Qualification : |
M. Com |
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Date of Appointment : |
11.04.1982 |
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Email : |
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Name : |
Mr. C. Rameshkumar |
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Designation : |
Director |
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Address : |
6 (Old No.,2)Palat Madhavan Road, Mahali Nagar, Chennai – 600034,
Tamilnadu, India |
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Date of Birth/Age : |
06.06.1957 |
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Qualification : |
M. Engineer |
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Date of Appointment : |
14.07.1983 |
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Email : |
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Name : |
Mr. K. L. Manohar |
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Designation : |
Director |
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Address : |
6-1-294/10, Padmarao Nagar, Secunderabad – 50025, Andhra Pradesh,
India |
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Date of Birth/Age : |
16.04.1940 |
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Qualification : |
M. Engineer |
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Date of Appointment : |
13.09.1964 |
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Email : |
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Name : |
Mr. Srinivasan Cuddalore |
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Designation : |
Director |
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Address : |
68 (Old No.40) Uenkata Maistry Street, George Town Chennai – 600001,
Tamilnadu, India |
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Date of Birth/Age : |
30.08.1928 |
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Date of Appointment : |
31.07.1950 |
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Date of Ceasing : |
29.07.2005 |
KEY EXECUTIVES
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Name : |
Mr. G. S. Santhanagopalan |
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Designation : |
Company Secretary |
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Address : |
Z-14 (Old No.242)First Street, Anna Nagar (West), Chennai – 600040,
Tamilnadu, India |
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Date of Birth/Age : |
27.06.1952 |
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Date of Appointment : |
18.05.1998 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 30.09.2005)
|
Names of Shareholders |
|
No. of Shares |
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Mr. BVSL Krishna Kishore |
|
825 |
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Mr. BVK Ramalingeswaradu |
|
825 |
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Mrs. K. Padmavathi |
|
1210 |
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Mr. K L Manohar |
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1000 |
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Kowtha Kamleshwari |
|
760 |
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Mr. K. V. Krishnakumari |
|
1157 |
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Mr. KNT Sundari |
|
1157 |
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Mrs. K. Padmavathi |
|
1157 |
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Mrs. Srilalitha |
|
1157 |
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Mrs. K. Kamala |
|
1157 |
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Mr. K L Manohar |
|
5645 |
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Mr. C. Ravindra HUF |
|
4920 |
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Mr. Ramesh Kumar |
|
1351 |
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Mrs. S. Gowri |
|
825 |
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Mr. C. Ramesh |
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19140 |
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Mr. C, Ravindran |
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1921 |
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Mrs. R Eavindra and C Ravindra |
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10300 |
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C. Ravindra and Ramalakshmi HUF |
|
9120 |
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Kowtha Business Syndicate KBS Private Limited |
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5000 |
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Beethive Engineering and Allied Industries Private Limited |
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5000 |
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Other/ Relatives of Directors |
|
1373 |
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Total |
|
75000 |
(As on 31.03.2007)
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Category |
|
Percentage |
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Bodies Corporate (not mentioned above) |
|
13.40 |
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Directors or relatives of directors |
|
84.40 |
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Others top fifty Shareholders (other than listed above) |
|
2.20 |
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Total |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer, Trader and Importer of Iron and Steel. |
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Products : |
Steel Buildings (Pre-engineered / Conventional / Space Frame). Technological Structures ( Conveyor supports / Chimneys / Hoppers / Bunkers / Silos / Bins). Tankages (Mild steel and Stainless steel). Towers (Transmission line / Communication / Flood light). Pressure Vessels (Carbon steel and stainless steel). Piping and Ductings. Fabricated frames for machines. Any custom-built component involving fabrication / machining / casting. Carbon steel, Alloy steel, Stainless steel and Iron
castings. |
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Imports : |
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Products : |
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Countries : |
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Terms : |
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Selling : |
L/C |
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Purchasing : |
L/C |
GENERAL
INFORMATION
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Customers : |
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Bankers : |
Chennai Main Branch, 231, NSC Bose Road, Chennai – 600001, Tamilnadu,
India |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
V. Sountardrajan and Associates Chartered Accountant |
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Address : |
Ground Floor, Rear Emarald Estate, 6/3 II Canal Cross Road, Gandhi
Nagar Adyar, Chennai – 600020, Tamilnadu, India |
CAPITAL STRUCTURE
Authorised Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
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|
|
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|
100000 |
Equity Shares |
Rs.100/- each |
Rs.10.000 Millions |
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Issued, Subscribed & Paid-up Capital:
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No. of Shares |
Type |
Value |
Amount |
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|
75000 |
Equity Shares |
Rs.100/-
each |
Rs.7.500
Millions |
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FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
7.500 |
5.000 |
5.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
83.936 |
60.692 |
43.736 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
91.436 |
65.692 |
48.736 |
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LOAN FUNDS |
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1] Secured Loans |
22.391 |
30.258 |
29.560 |
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2] Unsecured Loans |
29.129 |
36.955 |
31.116 |
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TOTAL BORROWING |
51.520 |
67.213 |
60.676 |
|
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DEFERRED TAX LIABILITIES |
1.648 |
1.676 |
1.130 |
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TOTAL |
144.604 |
134.581 |
110.542 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
36.067 |
29.777 |
12.426 |
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Capital work-in-progress |
0.000 |
0.000 |
1.692 |
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INVESTMENT |
0.495 |
0.480 |
0.243 |
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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 |
126.582
|
96.054 |
93.964 |
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Sundry Debtors |
72.988
|
47.304 |
45.977 |
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Cash & Bank Balances |
24.013
|
22.689 |
14.555 |
|
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Other Current Assets |
0.834
|
0.715 |
0.641 |
|
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Loans & Advances |
137.371
|
73.622 |
52.349 |
|
Total
Current Assets |
361.788
|
240.384 |
207.486 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
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Current Liabilities |
206.013
|
112.865 |
100.900 |
|
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Provisions |
47.733
|
23.195 |
10.405 |
|
Total
Current Liabilities |
253.746
|
136.060 |
111.305 |
|
|
Net Current Assets |
108.042
|
104.324 |
96.181 |
|
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
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TOTAL |
144.604 |
134.581 |
110.542 |
|
PROFIT & LOSS ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
|
|
|
|
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Sales Turnover |
727.762 |
492.864 |
459.904 |
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Other Income |
30.142 |
26.414 |
11.627 |
|
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Total Income |
757.904 |
519.278 |
471.531 |
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|
|
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Profit/(Loss) Before Tax |
51.036 |
32.083 |
16.288 |
|
|
Provision for Taxation |
23.404 |
12.563 |
7.671 |
|
|
Profit/(Loss) After Tax |
27.632 |
19.522 |
8.617 |
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Expenditures : |
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|
|
|
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Financial Charges |
0.000 |
9.819 |
8.329 |
|
|
Depreciation & Amortization |
0.000 |
4.229 |
1.847 |
|
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Other Expenditure |
706.868 |
473.147 |
445.067 |
|
Total Expenditure |
706.868 |
487.195 |
455.243 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
3.64
|
6.18 |
1.83 |
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|
Net Profit Margin (PBT/Sales) |
(%) |
7.01
|
6.51 |
3.54 |
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
12.83
|
11.87 |
7.41 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.56
|
0.49 |
0.33 |
|
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|
Debt Equity Ratio (Total Liability/Networth) |
|
3.34
|
3.09 |
3.53 |
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|
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|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.42
|
1.77 |
1.86 |
LOCAL AGENCY
FURTHER INFORMATION
Trade Reference:
- Sri Ramco Lanka Private Limited
- Associated Construction
- CFE Limited
Form 8:
|
Corporate
identity number of the company |
U91110TN1937PTC000915 |
|
Name of the
company |
INDIAN COMMERCE AND INDUSTRIES |
|
Address of the
registered office or of the principal place of business in India of the company |
Beehive Building 57, Prakasam Road, Broadway, Chennai – 600108,
Tamilnadu, India |
|
This form is for |
Creation of charge |
|
Type of charge |
Movable Property (not being pledge) |
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Particular of
charge holder |
Chennai Main Branch, 231, NSC Bose Road, Chennai – 600001, Tamilnadu,
India |
|
Nature of
instrument creating charge |
Deed of
Hypothecation – Honda CRV, Car |
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Date of
instrument Creating the charge |
15.03.2007 |
|
Amount secured by
the charge |
Rs.1.200 Millions |
|
Brief of the principal
terms an conditions and extent and operation of the charge |
Rate of
Interests: 10.5% Terms of
repayment: Repayable in 24
monthly installment of Rs.0.056 Million Margin: Rs.0.649 Millions
Extent and
Operation of the charge: Borrower should
keep the vehicle comprehensively insured with Bank clause for market value or
10% above the loan amount outstanding. The vehicle
purchased by the borrower shall remain hypothecation to the bank by a first charge
as security for the payment by the borrower to the Bank. |
|
Particulars of
the property charged |
Honda CRV Car –
TN01 AE 7602 |
|
Particulars of
the present modification |
NA |
Website Details
Profile:
Subject the flagship Company of the BEEHIVE KOWTHA GROUP was founded in 1907. From a humble beginning
as a Trading Company, the Group has grown into one of the largest Steel
Construction & Project Engineering Companies in South India with
full-fledged fabrication shops at Madras, Vijayawada and Hyderabad and a Steel
Foundry at Vijayawada. The Group has adequate equipment and resources for
setting up full-fledged fabrication shops at a number of project sites
simultaneously, in addition to its base workshops.
The Steel
Foundry specializes in wear-resistant Low, Medium and High Alloy Castings of
various grades, Manganese Steel, Stainless Steel, Stainless Steel, Grey Iron,
SG Iron Hematite, Nihard and Silicon Iron (for Acid Plants) Castings. The Group
is managed by second and third generation entrepreneurs, well qualified and
experienced in Management of Engineering Enterprises.
Execution
of large volume contracts with tight completion schedules and high standards of
quality has been the forte of the Group. With a CADD equipped Engineering
Office manned by qualified and experienced Engineers and Draughtsman and with a
vast array of data acquired over nine decades, the Company is equipped to
develop Engineering details for any project at short notice.
As a
major Engineering Contractor specializing in Steel buildings, Technological,
Technological Structures, Tankages, process Equipment, Towers, Piping and Steel
Castings, the Group has the patronage of most of the leading architects,
Engineering consultants and project authorities in south India.
With
firm plans to augment the manufacturing facilities and enlarge its operating
base, the Group is on the threshold of becoming a EPC Contractor in South
India. The plans on the anvil include entry into Environmental Engineering,
Equipment Erection, Civil Construction and Engineering Consultancy.
Having
executed a number of export contracts for Fabricated Structures, Steel
Buildings and Process Equipment, Castings and Transmission Line Tower
Components, the Group is planning a major thrust in the Export front.
Promoters:
The Group was founded by Shri. Kowtha Suryanarayan
Row Pantulu, the Scion of a leading business family in Vijayawada in
1907. He was joined by Mr. C. A.
CHETTIAR a few years later and the two, promoted a steel foundry and
structural fabrication shop in Madras. The next generation enlarged the areas
of activities by adding manufacturing facilities at Vijayawada and Hyderabad.
They ventured into large volume fabrication and erection contracts over the
entire Southern sub-continent. They have been joined in the business by the
third generation during the past 10 years.
The Directors are assisted by a team of Senior and Middle
level Managers with collectively exhaustive expertise and experience in steel
construction and foundry. The Group is committed to Human Resource Development
and has on-going programmers of continuing education and training.
CMT REPORT
(Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners, controlling
shareholders or senior officers as terrorist or terrorist organization or whom
notice had been received that all financial transactions involving their assets
have been blocked or convicted, found guilty or against whom a judgement or
order had been entered in a proceedings for violating money-laundering,
anti-corruption or bribery or international economic or anti-terrorism sanction
laws or whose assets were seized, blocked, frozen or ordered forfeited for
violation of money laundering or international anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper payments
to government officials for engaging in prohibited transactions or with
designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE
GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.43.21 |
|
UK Pound |
1 |
Rs.85.72 |
|
Euro |
1 |
Rs.67.92 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
|
54 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this
report. The assessed factors and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING
EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|