|
|
|
MIRA INFORM REPORT
|
Report No. : |
493438 |
|
Report Date : |
23.02.2018 |
IDENTIFICATION DETAILS
|
Name : |
KAMACHI INDUSTRIES LIMITED [w.e.f. 10.11.2016] |
|
|
|
|
Formerly Known
As : |
KAMACHI SPONGE AND POWER CORPORATION LIMITED |
|
|
|
|
Registered
Office : |
ABC Trade Centre, (Inside Devi Theotre Complex), Old No. 50, (New
No.39), 3rd Floor, Anna Salai, Chennai – 600002, Tamilnadu |
|
Tel. No.: |
91-44-42961164 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2017 |
|
|
|
|
Date of
Incorporation : |
08.10.2003 |
|
|
|
|
Com. Reg. No.: |
18-051727 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
INR 2029.196 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U27106TN2003PLC051727 |
|
|
|
|
IEC No.: [Import-Export Code No.] |
0405024606 |
|
|
|
|
TIN No: |
33211202194 |
|
|
|
|
GSTN : [Goods & Service Tax
Registration No.] |
33AACCK6172C1ZW |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
|
|
|
|
PAN No.: [Permanent Account No.] |
AACCK6172C |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer Sponge iron, iron ore, M.S. Billets, TMT Bars and
Generation of 70 MW Coal based thermal power plant. [Registered Activity] |
|
|
|
|
No. of Employees
: |
Information denied by the management |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
|
MIRA’s Rating : |
C |
|
Credit Rating |
Explanation |
Rating Comments |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow and delayed |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Kamachi Industries Limited is to manufacturer Sponge iron, iron ore,
M.S. Billets, TMT Bars and Generation of 70 MW Coal based thermal power
plant. The Company was incorporated in the year 2003 and is based in Chennai,
Tamil Nadu. It is having moderate track record. The company is continuously incurring heavy losses from its
operational activities which has resulted into partial erosion of its net
worth. The rating takes into account huge borrowings recorded by the company
which acts as a threat to the liquidity position of the company. As per indirect source we could also find that company has continued
delays in servicing term loan obligations during the 12 months ended December
2017 because of a tight liquidity position. Payments terms are seems to be slow and delayed. The company can be considered for business
dealings on fully safe and secured 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
|
Country Name |
Previous Rating (30.09.2017) |
Current Rating (31.12.2017) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
INDIA RATING |
|
Rating |
Term Loan = D |
|
Rating Explanation |
The company is in default or expected to be
in default soon |
|
Date |
January, 2018 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2016.
BIFR (Board for Industrial & Financial Reconstruction) LISTING STATUS
Subject’s name is not listed as a Sick Unit in
the publicly available BIFR (Board for Industrial & Financial
Reconstruction) list as of 23.02.2018.
IBBI (Insolvency and Bankruptcy Board of India) LISTING STATUS
Subject’s name is not listed in the publicly
available IBBI (Insolvency and Bankruptcy Board of India) list as of report
date.
INFORMATION DENIED BY
|
Name : |
Mr. Kothari |
|
Designation : |
Director |
|
Contact No.: |
91-44-42961164 |
|
Date : |
21.02.2018 |
MANAGEMENT NON-COOPERATIVE (Tel. No.91-44-42961100)
LOCATIONS
|
Registered / Head Office: |
ABC Trade Centre, (Inside Devi Theotre Complex), Old No. 50, (New
No.39), 3rd Floor, Anna Salai, Chennai – 600002, Tamilnadu, India |
|
Tel. No.: |
91-44-42961100 |
|
Fax No.: |
91-44-42961122 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Corporate Office : |
# 664, T.H. Road, Tondiarpet, Chennai - 600081, Tamilnadu, India |
|
Tel. No.: |
91-44-25910855/ 25910850 / 42961100 – 130 (except 129) |
|
Fax No.: |
91-44-25917603 |
|
E-Mail : |
|
|
|
|
|
Factory : |
Survey No.86, 115-119, 123, Pathapalayam Village, S.R. Kandigai Post,
Gummidipoondi – 601201, Tamilnadu, India |
|
Tel. No.: |
91-44-25910855/ 25910850 |
DIRECTORS
AS ON 31.03.2017
|
Name : |
Ms. Sardarmal Kothari |
||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Designation : |
Managing Director |
||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Address : |
New No. 10, Old No. 13, Sylvan Lodge, Colony Ist Cross Street, Kilpauk, Chennai - 600010, Tamilnadu, India |
||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Date of Birth/Age : |
03.10.1958 |
||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Date of Appointment : |
08.10.2003 |
||||||||||||||||||||||||||||||||||||||||||||||||||||
|
PAN No.: |
AADPK9902A |
||||||||||||||||||||||||||||||||||||||||||||||||||||
|
DIN No.: |
01168374 |
||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Other Directorship:
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Name : |
Mr. Vinod Kothari |
||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Designation : |
Whole-Time Director |
||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Address : |
New No. 10/ Old No. 13, Sylvan Lodge Colony, 1st Cross Street Kilpauk, Chennai - 600010, Tamilnadu, India |
||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Date of Birth/Age : |
05.12.1972 |
||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Date of Appointment : |
11.02.2004 |
||||||||||||||||||||||||||||||||||||||||||||||||||||
|
PAN No.: |
AADPK8080H |
||||||||||||||||||||||||||||||||||||||||||||||||||||
|
DIN No.: |
00215412 |
||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Other Directorship:
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Name : |
Mr. Rakesh Kothari |
||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Designation : |
Whole-Time Director |
||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Address : |
Old No.13, New No.10, Sylvan Lodge Colony, 1st Cross Street, Chennai - 600010, Tamilnadu, India |
||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Date of Birth/Age : |
05.09.1984 |
||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Date of Appointment : |
01.11.2014 |
||||||||||||||||||||||||||||||||||||||||||||||||||||
|
DIN No.: |
00356748 |
||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Other Directorship:
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Name : |
Mr. Vijay Kothari |
||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Designation : |
Whole-Time Director |
||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Address : |
New No. 10, Old No. 13, Sylvan Lodge Colony, 1st Cross Street, Kilpauk, Chennai - 600010, Tamilnadu, India |
||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Date of Birth/Age : |
12.06.1979 |
||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Date of Appointment : |
01.11.2014 |
||||||||||||||||||||||||||||||||||||||||||||||||||||
|
DIN No.: |
01168551 |
||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Other Directorship:
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Name : |
Mr. Anand Kumar Tripathi |
||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Designation : |
Whole-Time Director |
||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Address : |
Flat No. 404, Mansoravar Neelkanth Heights, Pokhran Road No. 2, Thane (West)-400607, Maharashtra, India |
||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Date of Appointment : |
09.12.2017 |
||||||||||||||||||||||||||||||||||||||||||||||||||||
|
DIN No.: |
06625250 |
||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Other Directorship:
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Name : |
Mr. Parthiban Ramadoss |
||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Designation : |
Whole-Time Director |
||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Address : |
9/9, Manickam Street Choolai Chennai 600112 Tn In |
||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Date of Appointment : |
09.12.2017 |
||||||||||||||||||||||||||||||||||||||||||||||||||||
|
DIN No.: |
07736581 |
||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Name : |
Mr. Kuppusamy Rajendran |
||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Designation : |
Whole-Time Director |
||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Address : |
26/B5, Panneer Nagar, Mogappair East, Mogappair, Chennai-600037, Tamilnadu, India |
||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Date of Appointment : |
09.12.2017 |
||||||||||||||||||||||||||||||||||||||||||||||||||||
|
DIN No.: |
07779922 |
||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Name : |
Mr. Ghisulal Kothari |
||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Designation : |
Director |
||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Address : |
New No. 10, Old No. 13, Sylvan Lodge, Colony, I Cross Street, Kilpauk, Chennai - 600010, Tamilnadu, India |
||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Date of Birth/Age : |
04.12.1950 |
||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Date of Appointment : |
08.10.2003 |
||||||||||||||||||||||||||||||||||||||||||||||||||||
|
DIN No.: |
01168461 |
||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Other Directorship:
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Name : |
Mr. Kewalchand Meghraj Kothari |
||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Designation : |
Director |
||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Address : |
New No. 10, Old No. 13, Sylvan Lodge, Colony 1st Cross Street, Kilpauk, Chennai, 600010, Tamilnadu, India |
||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Date of Birth/Age : |
15.06.1961 |
||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Date of Appointment : |
08.10.2003 |
||||||||||||||||||||||||||||||||||||||||||||||||||||
|
PAN No.: |
AADPK8674K |
||||||||||||||||||||||||||||||||||||||||||||||||||||
|
DIN No.: |
01789704 |
||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Other Directorship:
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Name : |
Mr. Shantilal Meghraj Kothari |
||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Designation : |
Director |
||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Address : |
New No 10, Old No 13, Sylvan Lodge Colony, First Cross Street, Kilpauk, Chennai - 600010, Tamilnadu, India |
||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Date of Birth/Age : |
01.05.1953 |
||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Date of Appointment : |
08.10.2003 |
||||||||||||||||||||||||||||||||||||||||||||||||||||
|
DIN No.: |
01789941 |
||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Other Directorship:
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Name : |
Mr. Ajit Kumar Chordia |
||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Designation : |
Director |
||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Address : |
12, Ekambaranar Street, Chengalpattu – 603001, Tamilnadu, India |
||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Date of Birth/Age : |
01.12.1976 |
||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Date of Appointment : |
02.07.2016 |
||||||||||||||||||||||||||||||||||||||||||||||||||||
|
DIN No.: |
03533139 |
||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Other Directorship:
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Name : |
Mr. Naresh Kumar Sinha |
||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Designation : |
Director |
||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Address : |
Flat No. 121, Vinayak Appartments, C58/19,Sector-62, Gautam Budh Nagar, Noida-201307, Uttar Pradesh India |
||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Date of Appointment : |
28.08.2017 |
||||||||||||||||||||||||||||||||||||||||||||||||||||
|
DIN No.: |
07232243 |
||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Other Directorship:
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Name : |
Ms. Sharmila Kothari |
||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Designation : |
Director |
||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Address : |
New No.13, Old No.10, 1st Cross Street, Sylvan Lodge Colony, Kilpauk, Chennai - 600010, Tamilnadu, India |
||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Date of Birth/Age : |
18.05.1974 |
||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Date of Appointment : |
12.08.2015 |
||||||||||||||||||||||||||||||||||||||||||||||||||||
|
DIN No.: |
07260939 |
||||||||||||||||||||||||||||||||||||||||||||||||||||
KEY EXECUTIVES
|
Name : |
Mr. Varadarajan Anantha Subramanian |
|
Designation : |
Company Secretary |
|
Address : |
Flat T-5, Block C, Sudarshan Acres Appar Street, New Perungalathur, Chennai-600063, Tamilnadu, India |
|
Date of Appointment : |
20.09.2016 |
|
PAN No.: |
BAYPS0340C |
MAJOR SHAREHOLDERS
AS ON 31.03.2017
NOTE: SHAREHOLDER DETAILS FILES ATTACHED
AS ON 20.09.2017
|
Equity Share
Break up |
Percentage |
|
Category |
|
|
Promoters - Individual/Hindu Undivided Family – Indian |
3.47 |
|
Promoters - Bodies corporate |
90.16 |
|
Public/Other than promoters - Individual/Hindu Undivided Family – Indian |
0.42 |
|
Public/Other than promoters - Individual/Hindu Undivided Family – Non-resident Indian (NRI) |
1.27 |
|
Public/Other than promoters - Individual/Hindu Undivided Family – Bodies corporate |
4.68 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer Sponge iron, iron ore, M.S. Billets, TMT Bars and
Generation of 70 MW Coal based thermal power plant. [Registered Activity] |
||||||
|
|
|
||||||
|
Products / Services
: |
|
||||||
|
|
|
||||||
|
Brand Names : |
Not Available |
||||||
|
|
|
||||||
|
Agencies Held : |
Not Available |
||||||
|
|
|
||||||
|
Exports : |
Not Divulged |
||||||
|
|
|
||||||
|
Imports : |
Not Divulged |
||||||
|
|
|
||||||
|
Terms : |
Not Divulged |
PRODUCTION STATUS – (NOT AVAILABLE)
GENERAL INFORMATION
|
Suppliers : |
|
||||||||||||||||||||||
|
|
|
||||||||||||||||||||||
|
Customers : |
|
||||||||||||||||||||||
|
|
|
||||||||||||||||||||||
|
No. of Employees : |
Information denied by the management |
||||||||||||||||||||||
|
|
|
||||||||||||||||||||||
|
Bankers : |
|
||||||||||||||||||||||
|
|
|
||||||||||||||||||||||
|
Facilities : |
|
|
Auditors : |
|
|
Name : |
Deloitte Haskins and Sells Chartered Accountants |
|
Address : |
ASV Ramana Tower, 52, Venkatnarayana Road, T Nagar, Chennai, Tamilnadu, India |
|
PAN No.: |
AACFD3771D |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Enterprises which
are owned, or have significant influence of or are partners with Key
management personnel and their relatives : |
CIN No.: U27104TN1990PTC019711
CIN No.: U27105TN1995PLC030850
CIN No.: U63023TN2005PLC055189
CIN No.: U27310TN2008PTC067964
CIN No.: U27310TN2011PTC078952
CIN No.: U65993WB1993PTC136508
CIN No.: U40108TN2011PLC082135
CIN No.: U27107GA2002PLC003121 |
CAPITAL STRUCTURE
AS ON 20.09.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
178500000 |
Equity Shares |
INR 10/- each |
INR 1785.000 Million |
|
26500000 |
Preference Share |
INR 10/- each |
INR 265.000 Million |
|
|
Total |
|
INR 2050.000
Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
178083571 |
Equity Shares |
INR 10/- each |
INR 1780.836 Million |
|
24836046 |
Preference Share |
INR 10/- each |
INR 248.360 Million |
|
|
Total |
|
INR 2029.196
Million |
FINANCIAL DATA
[all figures are
INR Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
2029.196 |
2023.196 |
1640.786 |
|
(b) Reserves and Surplus |
(1425.453) |
(868.925) |
(542.119) |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending
allotment |
0.000 |
0.000 |
0.000 |
|
Total Shareholders’
Funds (1) + (2) |
603.743 |
1154.271 |
1098.667 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
3923.082 |
4820.276 |
5698.540 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long-term
liabilities |
682.065 |
493.003 |
502.326 |
|
(d) long-term
provisions |
54.490 |
46.428 |
10.065 |
|
Total Non-current
Liabilities (3) |
4659.637 |
5359.707 |
6210.931 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short-term borrowings |
3099.355 |
2061.032 |
1948.399 |
|
(b) Trade
payables |
3738.072 |
4410.323 |
3806.478 |
|
(c) Other
current liabilities |
1656.510 |
1464.081 |
1228.155 |
|
(d) Short-term
provisions |
6.488 |
2.800 |
0.943 |
|
Total Current
Liabilities (4) |
8500.425 |
7938.236 |
6983.975 |
|
|
|
|
|
|
TOTAL |
13763.805 |
14452.214 |
14293.573 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
8021.708 |
8185.962 |
8528.408 |
|
(ii) Intangible
Assets |
0.313 |
1.112 |
2.025 |
|
(iii) Tangible assets
capital work-in-progress |
3.265 |
124.915 |
6.306 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d)
Long-term loans and advances |
238.305 |
212.178 |
157.394 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
8263.591 |
8524.167 |
8694.133 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
2377.524 |
2019.887 |
2282.550 |
|
(c) Trade
receivables |
1841.449 |
2823.014 |
2283.131 |
|
(d) Cash and
bank balances |
251.327 |
313.633 |
359.439 |
|
(e) Short-term
loans and advances |
958.358 |
689.690 |
613.910 |
|
(f) Other
current assets |
71.556 |
81.823 |
60.410 |
|
Total
Current Assets |
5500.214 |
5928.047 |
5599.440 |
|
|
|
|
|
|
TOTAL |
13763.805 |
14452.214 |
14293.573 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
SALES |
|
|
|
|
|
Total
Revenue from operations |
11598.207 |
11874.772 |
11904.507 |
|
|
Other Income |
76.001 |
94.534 |
146.260 |
|
|
TOTAL |
11674.208 |
11969.306 |
12050.767 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
5276.780 |
5587.386 |
5921.540 |
|
|
Purchases of
Stock-in-Trade |
2404.398 |
2455.147 |
2548.140 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
334.187 |
174.467 |
(177.307) |
|
|
Employee benefit expense |
265.349 |
205.829 |
204.243 |
|
|
CSR expenditure |
0.000 |
0.000 |
1.253 |
|
|
Other expenses |
2408.803 |
2293.229 |
2280.357 |
|
|
TOTAL |
10689.517 |
10716.058 |
10778.226 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
984.691 |
1253.248 |
1272.541 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
1188.769 |
1225.830 |
1247.412 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
(204.078) |
27.418 |
25.129 |
|
|
|
|
|
|
|
Less |
DEPRECIATION/
AMORTISATION |
352.450 |
354.224 |
355.934 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
(556.528) |
(326.806) |
(330.805) |
|
|
|
|
|
|
|
Less |
TAX |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
(556.528) |
(326.806) |
(330.805) |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
2240.985 |
3219.414 |
3633.417 |
|
|
Components and spare
parts |
19.020 |
0.479 |
51.650 |
|
|
TOTAL IMPORTS |
2260.005 |
3219.893 |
3685.067 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
(2.74) |
(1.61) |
(1.63) |
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Maturities of Long term debt |
1188.431 |
1038.934 |
869.415 |
|
Net cash flows from (used in) operations |
826.512 |
1703.331 |
1960.321 |
|
Net cash flows from (used in) operating activities |
824.455 |
1701.515 |
1964.453 |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days (Sundry
Debtors / Income * 365) |
57.95 |
86.77 |
70.00 |
|
|
|
|
|
|
Account Receivables Turnover (Income /
Sunday Debtors) |
6.30 |
4.21 |
5.21 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors / Purchases * 365 Days) |
177.63 |
200.16 |
164.04 |
|
|
|
|
|
|
Inventory Turnover (Operating Income / Inventories) |
0.41 |
0.62 |
0.56 |
|
|
|
|
|
|
Asset Turnover (Operating Income / Net Fixed Assets) |
0.12 |
0.15 |
0.15 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio ((Borrowing
+ Current Liabilities) / Total Assets) |
0.99 |
0.95 |
0.95 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability / Networth) |
13.60 |
6.86 |
7.75 |
|
|
|
|
|
|
Current Liabilities to Networth (Current Liabilities / Net Worth) |
14.08 |
6.88 |
6.36 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets / Networth) |
13.29 |
7.20 |
7.77 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial Charges) |
0.83 |
1.02 |
1.02 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Net Profit Margin [(PAT
/ Sales) * 100] |
% |
(4.80) |
(2.75) |
(2.78) |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total Assets) * 100) |
% |
(4.04) |
(2.26) |
(2.31) |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth) * 100) |
% |
(92.18) |
(28.31) |
(30.11) |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio (Current
Assets / Current Liabilities) |
0.65 |
0.75 |
0.80 |
|
|
|
|
|
|
Quick Ratio ((Current Assets – Inventories) / Current
Liabilities) |
0.37 |
0.49 |
0.47 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total Assets) |
0.04 |
0.08 |
0.08 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity Capital) |
4.05 |
3.91 |
5.19 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities) |
0.65 |
0.75 |
0.80 |
Total
Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term
debts
FINANCIAL ANALYSIS
[all figures are
INR Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
(INR
In Million) |
(INR
In Million) |
(INR
In Million) |
|
Share Capital |
1640.786 |
2023.196 |
2029.196 |
|
Reserves & Surplus |
(542.119) |
(868.925) |
(1425.453) |
|
Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
1098.667 |
1154.271 |
603.743 |
|
|
|
|
|
|
Long-term borrowings |
5698.540 |
4820.276 |
3923.082 |
|
Short term borrowings |
1948.399 |
2061.032 |
3099.355 |
|
Current maturities of
long-term debts |
869.415 |
1038.934 |
1188.431 |
|
Total
borrowings |
8516.354 |
7920.242 |
8210.868 |
|
Debt/Equity
ratio |
7.752 |
6.862 |
13.600 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
(INR
In Million) |
(INR
In Million) |
(INR
In Million) |
|
Sales |
11904.507 |
11874.772 |
11598.207 |
|
|
|
(0.250) |
(2.329) |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
(INR
In Million) |
(INR
In Million) |
(INR
In Million) |
|
Sales |
11904.507 |
11874.772 |
11598.207 |
|
Profit/ (Loss) |
(330.805) |
(326.806) |
(556.528) |
|
|
(2.78%) |
(2.75%) |
(4.80%) |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
No |
|
5 |
Buyer visit details |
-- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
Yes |
|
8 |
Designation of contact person |
Yes |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
Yes |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
No |
|
16 |
No. of employees |
No |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
Yes |
|
22 |
Conduct of the banking account |
-- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
Yes |
|
26 |
Turnover of firm for last three years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
Yes |
|
32 |
Litigations that the firm/promoter
involved in |
-- |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
CORPORATE
INFORMATION:
The company (Formerly known as Kamachi Sponge and Power Corporation Limited), incorporated in 2003, is an Integrated Steel Plant equipped with state-of--art facilities to offer Structural Steel in world class standards. This integrated Steel Plant comprises of all the required facilities to manufacture 120,000 M.T. of Sponge Iron, 205,000 M.T. of Steel Billets, 500,000 M.T. of TMT Bars with 10 MW Waste Heat Recovery and 70 MW Thermal Power Plants, for Captive Consumption and sale to Tamilnadu Electricity Board and group captive consumers.
FINANCIAL RESULTS:
Total income from operations during the year was INR 11674.208 million as compared to INR 11969.306 million in the previous year signifying a decrease by 2%. The EBITDA for the year was INR 984.691 million compared to INR 1253.248 million during the previous year and the company sustained a Net Loss of INR 556.528 million for the year against a net loss of INR 326.806 million in the previous year.
Due to the above, the accumulated loss of the company is INR 1425.453 million resulting in exceeding the 50% of the total net worth of the company of INR 603.743 million and the company has not made any cash loss during the year.
The major reason for decline in revenue is attributed to the general trendpost 2011 wherein global prices of steel began to decline, marking the beginning of a down turn in the global steel industry triggered by slowdown in global demand and over capacities in a number of countries including China. By July 2015, prices had fallen by 50% compared to January 2011 - their lowest in decades, as cheap imports flooded world steel markets. This significant structural asymmetry between demand and supply also affected large number of Indian companies leading to surge in imports resulting in weak pricing conditions, low profitability, lower capacity utilization and even closure of capacities in some cases.
INDUSTRY SCENARIO:
In 2016-17, India produced 101.20 MT (provisional) of crude steel and attained the position of 3rd largest steel producer in the world, after China and Japan. At the present growing rate, India can attain the position of No. 2 overtaking Japan. However, the Per Capita steel consumption in India is low at around 61 kg as against the world average of around 208 kg. This justifies the need for a rapid increase in capacity and production of steel in the years to come. As per the present projections, it is expected that India will emerge as the 2nd largest steel producer soon. India has accordingly, fixed a target of 300 million tonne production capacity by 2025.
As per the Steel Policy released by the Ministry of Steels dated 08th May 2017, the Indian Steel Industry contributes approximately 2% of the Country’s GDP and provides direct employment of about 5 Lakh people and an Indirect Employment of about 20 Lakh people. As on March 2016, there were 308 sponge iron producers that use iron ore/ pellets and non-coking coal/gas providing feedstock for steel production; 47 electric arc furnaces & 1128 induction furnaces that use sponge iron and/or melting scrap to produce semi-finished steel and 1392 re-rollers that rolls out semi-finished steel into finished steel products for consumer end use.
OPERATIONAL
PERFORMANCE
During the year, the operational performance was as follows:
i) Sponge Iron Plant
The Sponge Iron Unit produced 139876 MT of Sponge Iron during the year under report as against previous year's production of 141807 MT and achieved a capacity utilisation of 116.56%.
ii) Steel Melting
Shop
The Steel Melting Shop produced 175228 MT of Steel Billets during the year under report as against previous year's production of 167379 MT and achieved a capacity utilisation of 77.71%.
iii) Rolling Mill
The Rolling Mill produced 187222 MT of TMT Bars during the year under report as against previous years’ production of 139147 MT and achieved a capacity utilisation of 36.66%.
iv) 70 MW Captive
Power Plant
The 70 MW Captive Power Plant generated 492455632 KWH during the year under report as against previous years generation of 557398069 KWH and achieved a capacity utilisation of 83.75%
v) 10 MW Waste Heat
Recovery Power Plant
The total power generation of 10 MW Waste Heat Recovery Plant was 59862510 KWH as against 54407150 KWH of the previous year and achieved a capacity utilisation of 90.43%.
UNSECURED LOANS:
|
PARTICULAR |
31.03.2017 INR In Million |
31.03.2016 INR In Million |
|
Short-term
borrowings |
|
|
|
Term loans from banks |
57.364 |
180.000 |
|
Total |
57.364 |
180.000 |
INDEX OF CHARGE:
|
SNo |
SRN |
Charge Id |
Charge Holder Name |
Date of Creation |
Date of Modification |
Date of Satisfaction |
Amount |
Address |
|
1 |
B83815431 |
10428921 |
PUNJAB NATIONAL BANK |
27/05/2013 |
30/07/2013 |
- |
82300000.0 |
150, Luz Church Road, Mylapore, Chennai-600004, Tamilnadu, India |
|
2 |
B83815803 |
10416739 |
PUNJAB NATIONAL BANK |
26/03/2013 |
30/07/2013 |
- |
2350000000.0 |
150, Luz Church Road, Mylapore, Chennai-600004, Tamilnadu, India |
|
3 |
B83817908 |
10156584 |
PUNJAB NATIONAL BANK |
03/04/2009 |
30/07/2013 |
- |
5250000000.0 |
150, Luz Church Road, Mylapore, Chennai-600004, Tamilnadu, India |
|
4 |
B84339142 |
80063471 |
STATE BANK OF MYSORE |
07/06/2006 |
30/07/2013 |
- |
100000000.0 |
Industrial Finance Branch 576, Anna Salai, Teynampet, Chennai-600006, Tamilnadu, India |
|
5 |
G53583829 |
80021222 |
PUNJAB NATIONAL BANK |
18/02/2006 |
09/06/2017 |
- |
6596600000.0 |
150, Luz Church Road, Mylapore, Chennai-600004, Tamilnadu, India |
|
6 |
B84450675 |
80063472 |
STATE BANK OF INDIA |
25/02/2005 |
30/07/2013 |
- |
305000000.0 |
Industrial Finance Branch 155, Anna Salai, Chennai-600002, Tamilnadu, India |
|
7 |
G35728021 |
10586215 |
Andhra Bank |
05/08/2015 |
- |
07/02/2017 |
520000000.0 |
48/39, Wavoo Mansion, Rajaji Salai,Chennai-600001, Tamilnadu, India |
|
8 |
G23635568 |
10586349 |
Punjab National Bank |
05/08/2015 |
14/08/2015 |
10/11/2016 |
520000000.0 |
150, Luz Church Road, Mylapore, Chennai-600004, Tamilnadu, India |
|
9 |
C52227519 |
10361268 |
TATA CAPITAL FINANCIAL SERVICES LIMITED |
27/04/2012 |
- |
28/04/2015 |
1440000.0 |
One Forbes, Dr. V. B. Gandhi Marg, Fort, Mumbai-400001, Maharashtra, India |
|
10 |
C52287331 |
10360315 |
TATA CAPITAL FINANCIAL SERVICES LIMITED |
27/04/2012 |
- |
28/04/2015 |
1440000.0 |
One Forbes, Dr. V. B. Gandhi Marg, Fort, Mumbai-400001, Maharashtra, India |
FIXED ASSETS:
Tangible Asset:
- Land
- Building
- Plant and equipment
- Factory equipments
- Furniture and Fixture
- Computer
- Vehicles
Intangible Asset:
- Computer software
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 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
|
INR |
|
US Dollar |
1 |
INR 64.05 |
|
|
1 |
INR 90.41 |
|
Euro |
1 |
INR 79.83 |
INFORMATION DETAILS
|
Information
Gathered by : |
SHW |
|
|
|
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
BHG |
SCORE FACTORS
|
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 |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
D |
High Risk |
Business dealing not recommended or on
secured terms only |
|
NB |
New Business |
No recommendation can be done due to
business in infancy stage |
|
NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.