MIRA
INFORM REPORT
|
Report Date : |
12.09.2008 |
IDENTIFICATION
DETAILS
|
Name : |
KINECO PRIVATE LIMITED |
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Registered Office : |
Plot No. 41, Pilerne Industrial Estate, Pilerne Bardez, Goa - 403511 |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
11.10.1994 |
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Com. Reg. No.: |
24-1672 |
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CIN No.: [Company
Identification No.] |
U24134GA1994PTC001672 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
BLRK05538B |
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PAN No.: [Permanent
Account No.] |
AABCM8681P |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturing of children furniture made out of Fibre Reinforced
Plastic. |
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 110000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track records.
Company’s profitability is under severe pressure. It continues to incur
losses. General financial position is moderate having good amount of
accumulated losses. Payments are reported as slow but correct. The company can be considered for small to mediocre business dealings
with slight caution, initially. |
LOCATIONS
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Registered Office/Factory : |
Plot No. 41, Pilerne Industrial Estate, Pilerne Bardez, Goa - 403511 |
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Tel. No.: |
91-832-6648888 |
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Fax No.: |
91-832-6648889 |
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E-Mail : |
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Website : |
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Head Office/Factory : |
60, Pilerne Industrial Estate, Pilerene, Bardez, Goa - 403511 |
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Tel. No.: |
91-832 - 6648888 |
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Fax No.: |
91-832 - 6648889 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Kabir Gama – Roy |
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Designation : |
Director |
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Address : |
Moksha Villa, La – Citadel Colony, Dona Paula, North Goa, Goa – 403004 |
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Date of Birth/Age : |
25.06.1943 |
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Date of Appointment : |
11.10.1994 |
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Name : |
Mr. Shekar R. Sardesai |
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Designation : |
Director |
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Address : |
G – 1, Excel Residency, Tonca Caranzalem, North Goa, Goa - 403002 |
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Date of Birth/Age : |
07.07.1967 |
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Date of Appointment : |
11.10.1994 |
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Name : |
Mr. Thomas Quinn |
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Designation : |
Director |
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Address : |
371, Mardol, Alleluia Building, Altinho, Panaji, Goa,
India |
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Date of Birth/Age : |
05.02.1937 |
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Date of Appointment : |
09.03.1999 |
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Name : |
Mr. Shyamsunder Gopinath Datkar |
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Designation : |
Director |
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Address : |
B – 004, Hari Om Sadan, Ratan Nagar, 4 – Bungloes, Andheri (West),
Mumbai – 400053, Maharashtra |
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Date of Birth/Age : |
25.08.1958 |
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Date of Appointment : |
07.06.2001 |
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Name : |
Mr. Subhash Shriram Lakkad |
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Designation : |
Director |
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Address : |
Bunglow No. A – 2, IIT Campus, Powaiu, Mumbai – 400076, Maharashtra |
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Date of Birth/Age : |
15.01.1943 |
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Date of Appointment : |
07.06.2004 |
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Name : |
Mr. Rui Alfonso |
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Designation : |
Director |
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Address : |
Weatherford Oil Tool Middle East Limited, P O Box No. 4627, Dubai, UAE |
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Date of Birth/Age : |
25.08.1958 |
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Date of Appointment : |
07.06.2001 |
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Name : |
Mr. Thomas Quinn |
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Designation : |
Director |
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Address : |
5370, Soundside Drive, Gulf Breeze, Florida, USA |
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Date of Birth/Age : |
30.07.1946 |
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Date of Appointment : |
08.02.1999 |
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Name : |
Mr. Roabin Harish Mazumdar |
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Designation : |
Director |
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Address : |
3, Sangrajka House, 558 Adenwala Road, Matunga, Mumbai – 400029,
Maharashtra |
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Date of Birth/Age : |
23.04.1959 |
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Date of Appointment : |
03.04.2005 |
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Name : |
Mr. Pranay Vinubhai Shah |
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Designation : |
Director |
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Address : |
142, Clover Water Garden 69, Kalyani Nagar Road No. 7, Pune – 411006,
Maharashtra |
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Date of Birth/Age : |
26.07.1954 |
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Date of Appointment : |
03.04.2005 |
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Name : |
Mr. Prashant Baburao Naik |
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Designation : |
Director |
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Date of Birth/Age : |
01.09.1970 |
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Date of Appointment : |
26.09.2007 |
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Name : |
Mr. Vijay Sinai Suriagi Hede |
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Designation : |
Director |
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Date of Birth/Age : |
02.09.1951 |
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Date of Appointment : |
21.04.2006 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
AS ON 31.03.2007
|
Names of Shareholders |
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No. of Shares |
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Mr. Kabir John Lobo Gama Roy |
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25656 |
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Mr. Shekhar Ravindra Priolker |
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51221 |
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Mr. Shashikant Rajaram Priolker |
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6386 |
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Mr. Rui Alfonso |
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29167 |
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Mr. Tom Quinn |
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5984 |
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Mr. Diana D’ Souza |
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6302 |
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Mr. Martinez Michela Dehoz |
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16621 |
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Mr. Sanjay Guha |
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8338 |
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Mr. Maria Veronics Johana Zaat |
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5548 |
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Mr. Roabin Harish Mzumdar |
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15660 |
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Mr. Pranay Vinubhai Shah |
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12 |
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Mr. Shivand Salgocar |
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29105 |
AS ON 31.03.2007
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Equity Share
Breakup |
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Percentage of
Holding |
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Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
33.00 |
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Directors or relatives of directors |
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67.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing of children furniture made out of Fibre
Reinforced Plastic. |
GENERAL
INFORMATION
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Customers : |
v Indian Railways v Hindustan
Aeronautics Limited v Goodrich
Corporation, USA v Automobile
Corporation Goa Limited v TVS Iritzar |
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No. of Employees : |
About 100 |
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Bankers : |
v
EDC of Goa, Panaji v State Bank of India, Commercial Brach Patto, Panaji – 403001, Goa v Small Industrial Development Corporation Limited v Oriental Bank of Commerce v ICICI Bank Limited, Panaji, Goa |
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Facilities : |
- |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
JKP and Associates Chartered Accountant |
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Address : |
Plot No. C – 8, Lane – 3, St Mary’s Colony, Miramar, Panaji – 403001,
Goa |
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Tel. No.: |
91-832-2465195 |
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Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
AS ON 31.03.2007
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
200000 |
Equity Shares |
Rs. 100/- Each |
Rs. 20.000
Millions |
|
500000 |
Preference Shares |
Rs. 100/- Each |
Rs. 50.000
Millions |
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Total |
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Rs.
70.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
200000 |
Equity Shares |
Rs. 100/- Each |
Rs. 20.000 Millions |
|
200000 |
Equity Shares |
Rs. 100/- Each |
Rs. 20.000 Millions |
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Total |
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Rs. 40.000 Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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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 |
40.000 |
40.000 |
17.089 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
44.149 |
44.149 |
43.763 |
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4] (Accumulated Losses) |
(61.968) |
(24.021) |
0.000 |
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NETWORTH |
22.181 |
60.128 |
60.852 |
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LOAN FUNDS |
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1] Secured Loans |
99.104 |
126.377 |
63.917 |
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2] Unsecured Loans |
15.752 |
7.593 |
7.386 |
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TOTAL BORROWING |
114.856 |
133.970 |
71.303 |
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DEFERRED TAX LIABILITIES |
5.615 |
3.564 |
5.529 |
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TOTAL |
142.652 |
197.662 |
137.684 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
125.453 |
104.671 |
53.081 |
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Capital work-in-progress |
0.000 |
11.556 |
17.054 |
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INVESTMENT |
0.104 |
0.107 |
0.106 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.459 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
30.828
|
80.132 |
28.412 |
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Sundry Debtors |
17.761
|
28.854 |
77.047 |
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Cash & Bank Balances |
10.839
|
19.447 |
1.769 |
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Other Current Assets |
1.183
|
0.277 |
0.084 |
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Loans & Advances |
20.511
|
10.865 |
3.836 |
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Total
Current Assets |
81.122
|
139.575 |
111.148 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
61.614
|
56.340 |
42.006 |
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Provisions |
2.413
|
1.907 |
2.158 |
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Total
Current Liabilities |
64.027
|
58.247 |
44.164 |
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Net Current Assets |
17.095
|
81.328 |
66.984 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
142.652 |
197.662 |
137.684 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
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Sales Turnover and Other Income |
130.659 |
122.541 |
122.540 |
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Total Income |
130.659 |
122.541 |
122.540 |
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Profit/(Loss) Before Tax |
(37.946) |
(38.474) |
10.253 |
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Provision for Taxation |
0.000 |
0.955 |
[1.634] |
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Profit/(Loss) After Tax |
(37.946) |
(39.429) |
11.887 |
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Earnings in Foreign Currency : |
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Export Earnings |
NA |
32.353 |
22.397 |
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Total Earnings |
NA |
32.353 |
22.397 |
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Imports : |
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Raw Materials |
7.250 |
34.878 |
0.409 |
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Stores & Spares |
0.054 |
0.023 |
0.000 |
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Capital Goods |
0.548 |
11.725 |
0.000 |
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Total Imports |
7.852 |
46.626 |
0.409 |
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Expenditures : |
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Other Expenditure |
168.605 |
161.015 |
112.287 |
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Total Expenditure |
168.605 |
161.015 |
112.287 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
(29.04)
|
(32.17) |
9.70 |
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Net Profit Margin (PBT/Sales) |
(%) |
(29.04)
|
(31.39) |
8.36 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
(18.36)
|
(15.75) |
6.24 |
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Return on Investment (ROI) (PBT/Networth) |
|
(1.71)
|
(0.63) |
0.16 |
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Debt Equity Ratio (Total Liability/Networth) |
|
8.06
|
3.19 |
1.89 |
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Current Ratio (Current Asset/Current Liability) |
|
1.26
|
2.39 |
2.51 |
LOCAL AGENCY
FURTHER INFORMATION
Form 8
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Name of the company |
KINECO PRIVATE LIMITED |
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Presented
By |
Mr. Shekar R. Sardesai |
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1) Date and description of instrument creating the change |
Unattested Deed
of Hypothecation dated 15.10.2005 Credit facility
application |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 0.190 Million
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3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
Hypothecation of
vehicle – Ford lkon model – 2001 Vehicle Reg. No.
GA – 01 – R 2452 |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Monthly EMI of Rs.
0.017 Million per month interest rate @ 12.95% pr annum |
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5) Name and Address and description of the person entitled to the charge. |
ICICI Bank
Limited, Panaji, Goa |
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6) Date and brief description of instrument modifying the charge |
Not Applicable |
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7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
Not Applicable |
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Corporate identity
number of the company |
U24134GA1994PTC001672 |
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Name of the
company |
KINECO PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
Plot No. 41, Pilerne Industrial Estate, Pilerne Bardez, Goa - 403511 |
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Type of charge |
Equitable
mortgage or mortgage of property by depositing the title deeds |
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Particular of
charge holder |
State Bank of India, Commercial Brach Patto, Panaji – 403001, Goa |
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Amount secured by
the charge |
Rs. 4.000
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Interest @ 2%
above SBAR (i. e. 11.50%) Effective Rate @ 13.75% |
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Short particulars
of the property charged |
All Current Assets
with margin as under Raw Material –
25% Work in Process –
35% Finished Goods –
25% Book Debts –
33.33% |
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Date of latest
modification prior to the present modification |
09.06.2006 |
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Particulars of
the present modification |
Second charge is
created by the company in favour of EDC Limited, Panaji, Goa on all its
existing as well as future movable assets subject to first charge of SBI
Commercial Branch |
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] on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority for
any financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE
GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.45.44 |
|
UK Pound |
1 |
Rs.79.62 |
|
Euro |
1 |
Rs.63.48 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
- |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
|
32 |
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 |
|