MIRA
INFORM REPORT
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Report Date : |
12.07.2008 |
IDENTIFICATION
DETAILS
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Name : |
KINETA MINERALS AND METALS LIMITED |
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Registered Office : |
566, Road No. 31, Jublee Hills, Hyderabad – 500 033, Andhra Pradesh |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
06.04.2006 |
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Com. Reg. No.: |
01-49727 |
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CIN No.: [Company
Identification No.] |
U13209AP2006PLC049727 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
HYDK03266E |
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PAN No.: [Permanent
Account No.] |
AACCK7944A |
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Legal Form : |
A closely held public limited liability company. |
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Line of Business : |
Trader of Iron Ore. |
RATING &
COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
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Maximum Credit Limit : |
USD 54000 |
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Status : |
New Company |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a relatively new company and has shown satisfactory
progress in its first year of operations. Trade relations are fair. Business
is active. Payments are reported as usually correct and as per commitments. The company can be considered good for small to mediocre business
dealings initially. |
INFORMATION
DECLINED BY
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Name : |
Mr. Venkat |
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Designation : |
Senior Manager in Accounts |
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Date : |
11.07.2008 |
LOCATIONS
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Registered Office : |
566, Road No. 31, Jublee Hills, Hyderabad – 500 033, Andhra Pradesh,
India |
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Tel. No.: |
91-40-23352673 |
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E-Mail : |
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Area : |
1000 Sq. yard |
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Location : |
Rented |
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Corporate Office : |
Uma Enclave, 5th Floor, Road No.2, Banjara Hills, Hyderabad
– 500 034, Andhra Pradesh, India |
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Tel. No.: |
91-40-23352673 / 74 |
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Fax No.: |
91-40-23352670 |
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Branch Office : |
Located at Bangalore |
DIRECTORS
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Name : |
Mr. T Raj Mohan |
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Designation : |
Director |
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Address : |
No. 566, Road No. 31, Jubilee Hills, Hyderabad – 500 033, Andhra
Pradesh, India |
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Date of Birth/Age : |
09.05.1949 |
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Date of Appointment : |
06.04.2006 |
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Name : |
Mrs.V Bhanumathi |
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Designation : |
Director |
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Address : |
No. 566, Road No. 31, Jubilee Hills, Hyderabad – 500 033, Andhra
Pradesh, India |
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Date of Birth/Age : |
10.01.1971 |
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Date of Appointment : |
06.04.2006 |
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Name : |
Mr. V Balashowry |
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Designation : |
Director |
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Address : |
No. 566, Road No. 31, Jubilee Hills, Hyderabad – 500 033, Andhra
Pradesh, India |
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Date of Birth/Age : |
18.09.1968 |
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Date of Appointment : |
06.04.2006 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
Equity shares Breakup (percentage of total equity)
(As on 29.10.2007)
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Category |
Percentage |
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Directors or relatives of directors |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Trader of Iron Ore. |
GENERAL
INFORMATION
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Bankers : |
State Bank of India Commercial Branch, Bank Street, Kothi, Hyderabad – 500 095, Andhra
Pradesh, India |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Sagar and Associates Chartered Accountants |
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Address : |
6-3-244/5, Sarada Devi Street, Prem Nagar, Khairatabad, Hyderabad –
500 004, Andhra Pradesh, India |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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10000000 |
Equity Shares |
Rs.10/- each |
Rs.100.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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1000000 |
Equity Shares |
Rs.10/- each |
Rs.10.000
millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2007 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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10.000 |
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2] Share Application Money |
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0.827 |
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3] Reserves & Surplus |
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0.000 |
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4] (Accumulated Losses) |
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0.000 |
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NETWORTH |
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10.827 |
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LOAN FUNDS |
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1] Secured Loans |
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64.509 |
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2] Unsecured Loans |
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0.000 |
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TOTAL BORROWING |
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64.509 |
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DEFERRED TAX LIABILITIES |
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0.010 |
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TOTAL |
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75.346 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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2.400 |
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Capital work-in-progress |
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0.000 |
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INVESTMENT |
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0.000 |
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DEFERREX TAX ASSETS |
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0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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46.730 |
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Sundry Debtors |
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0.875 |
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Cash & Bank Balances |
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1.442 |
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Other Current Assets |
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2.940 |
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Loans & Advances |
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25.410 |
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Total
Current Assets |
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77.397 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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4.500 |
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Provisions |
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0.000 |
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Total
Current Liabilities |
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4.500 |
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Net Current Assets |
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72.897 |
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MISCELLANEOUS EXPENSES |
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0.049 |
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TOTAL |
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75.346 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2007 |
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Sales Turnover |
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158.499 |
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Other Income |
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0.008 |
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Total Income |
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158.507 |
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Profit/(Loss) Before Tax |
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2.556 |
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Provision for Taxation |
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0.000 |
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Profit/(Loss) After Tax |
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2.556 |
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Earnings in Foreign Currency : |
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Export Earnings |
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46.730 |
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Expenditures : |
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Raw Material Consumed |
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87.893 |
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Purchases made for re-sale |
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64.788 |
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Consumption of stores and spares parts |
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0.440 |
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Salaries, Wages, Bonus, etc. |
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0.278 |
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Managerial Remuneration |
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2.529 |
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Payment to Auditors |
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0.011 |
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Depreciation & Amortization |
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0.012 |
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Total Expenditure |
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155.951 |
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KEY RATIOS
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PARTICULARS |
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31.03.2007 |
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PAT / Total Income |
(%) |
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1.61 |
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Net Profit Margin (PBT/Sales) |
(%) |
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1.61 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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3.20 |
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Return on Investment (ROI) (PBT/Networth) |
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0.24 |
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Debt Equity Ratio (Total Liability/Networth) |
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6.37 |
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Current Ratio (Current Asset/Current Liability) |
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17.20 |
LOCAL AGENCY
FURTHER INFORMATION
Form No. 8
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Corporate
identity number of the company |
U13209AP2006PLC049727 |
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Name of the
company |
KINETA MINERALS AND METALS LIMITED |
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Address of the registered
office or of the principal place of
business in India of the company |
566, Road No. 31, Jublee Hills, Hyderabad – 500 033, Andhra Pradesh,
India |
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This form is for |
Modification of
charge |
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Type of charge |
·
Immovable
property ·
Book Debts ·
Movable
property (not being pledge) ·
Floating
charge |
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Particular of
charge holder |
State Bank of India Commercial Branch, Bank Street, Koti, Hyderabad – 500 095, Andhra
Pradesh, India |
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Nature of
instrument creating charge |
1.
Supplemental
Agreement of Hypothecation of goods and assets for increase in the overall
limit (Form C. 2-A) 2.
Memorandum
for recording extension of mortgage by deposit of title deeds covering
enhanced limits and creation of equitable mortgage on additional properties
for existing limits and enhanced limits and additional Facilities. 3.
Letter
regarding the grant of individual limits within the overall limit (Form C. 5) 4.
Supplemental
Agreement of Loan for increase in the overall limit. |
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Date of
instrument Creating the charge |
10.02.2007 |
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Amount secured by
the charge |
Rs.760.000
Millions |
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Brief of the
principal terms an conditions and extent and operation of the charge |
·
Rate of
Interest Cash Credit : Upto 180 days 8.75% p.a. beyond 180 days 10.00% p.a. B.G / L.C. – Commission as per instructions. ·
Terms of
repayment Working Capital : Repayable on demand. ·
Margin Raw Materials – 10%, Stocks in process -10%, Finished goods – 10%, B.G
Earnest Money – 10%, Performance and others – 20% ·
Extent and operation
of the charge The charge is operative to the extent of limits sanctioned, interest
and other charges payable thereon. |
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Particulars of
the property charged |
1.
Hypothecation
of exclusive first charge on all the current assets of the company namely
stocks of raw materials, semi finished goods and finished goods, stores and
spares not relating to Plant and Machinery (Consumable stores and spares)
Bills receivables and book debts and all other movable assets of the Company
located at Plot No. 566, Road No. 31, Jubilee Hills, Hyderabad and elsewhere. 2.
The whole of
the movable properties of the company |
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Particulars of
the present modification |
The present limit
of Rs.260.000 millions increased to Rs.760.000 millions. The details of the
limits are as follows: Cash Credit –
Rs.750.000 millions B.G / L.C –
Rs.10.000 millions |
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 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.42.72 |
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UK Pound |
1 |
Rs.84.42 |
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Euro |
1 |
Rs.67.38 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
3 |
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PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
4 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
5 |
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--PROFITABILIRY |
1~10 |
3 |
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--LIQUIDITY |
1~10 |
5 |
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--LEVERAGE |
1~10 |
5 |
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--RESERVES |
1~10 |
4 |
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--CREDIT LINES |
1~10 |
4 |
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--MARGINS |
-5~5 |
- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
YES |
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--AFFILIATION |
YES/NO |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
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38 |
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 |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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