MIRA
INFORM REPORT
|
Report Date : |
18.03.2011 |
IDENTIFICATION DETAILS
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Name : |
KYORI OREMIN LIMITED |
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Registered
Office : |
4th Floor, “My Home Jupally”, Green Lands, Ameerpet, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
14.09.2007 |
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Com. Reg. No.: |
055522 |
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CIN No.: [Company Identification
No.] |
U13209AP2007PLC055522 |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Manufacturer and Trader of Minerals, Ores Refractors, Coal and Carbon Graphite. |
RATING & COMMENTS
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MIRA’s Rating : |
B (28) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 568000 |
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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 a company having moderate track. The company is progressing
well. Trade relations are reported as fair. Business is active. Payments are
reported to be slow. The company can be considered for business dealings with some caution.
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NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – April 1, 2010
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Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
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A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
LOCATIONS
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Registered/ Corporate Office : |
4th Floor, “My Home Jupally”, Green Lands, Ameerpet, |
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Tel. No.: |
91-40-30582324/ 30584501/
40020113 |
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Fax No.: |
91-40-30584466 |
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E-Mail : |
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Website : |
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Overseas
Office : |
PT. KOL
Resources Wisma Nusantara, 26th Floor Jl.
M.H. Thamrin 59, |
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Tel. No.: |
+62 21 392 5657 |
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Fax No.: |
+62 21 392 5526 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Ishoo Narang |
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Designation : |
Managing Director |
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Address : |
13, Sterling Parade View, Jyothi Cly Aoc Centre, Secunderabad – 500 009,
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Date of Birth/Age : |
20.09.1970 |
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Date of Appointment : |
06.10.2007 |
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DIN No.: |
00459544 |
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Name : |
Mr. Chandulal Patel |
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Designation : |
Director |
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Address : |
202 Pancha Ratna Apartments, |
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Date of Birth/Age : |
21.03.1967 |
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DIN No.: |
00459484 |
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Name : |
Mr. Rudraraju Srinivas Shah |
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Designation : |
Director |
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Address : |
12938, Cedar, Glen Vlane, Herndon 20171 |
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Date of Birth/Age : |
08.09.1969 |
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DIN No.: |
00314352 |
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Name : |
Mr. Yunus Zia |
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Designation : |
Director |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Trader of Minerals, Ores Refractors, Coal and Carbon Graphite. |
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GENERAL INFORMATION
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Vijendra Tiwari and Company Chartered Accountants |
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Address : |
15-1-503/D/4, 3rd Floor, Ashok Market, Feelkhana, |
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Tel. No.: |
91-40-24615990 |
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Mobile No.: |
91-9440404543 |
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E-Mail : |
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Associates
: |
PT. KOL Resources Address: Wisma Nusantara, 26th Floor Jl. M.H. Thamrin 59, Tel. No.: +62 21 392 5657 Fax No.: +62 21 392 5526 E-Mail: pt_kol@kyori.in |
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
15000000 |
Equity Shares |
Rs.10/- each |
Rs.150.000 millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
12000000 |
Equity Shares |
Rs.10/- each
|
Rs.120.000
millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
120.000 |
120.000 |
80.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
22.029 |
6.646 |
5.947 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
142.029 |
126.646 |
85.947 |
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LOAN FUNDS |
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1] Secured Loans |
354.410 |
126.972 |
69.453 |
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2] Unsecured Loans |
6.000 |
6.000 |
6.000 |
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TOTAL BORROWING |
360.410 |
132.972 |
75.453 |
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DEFERRED TAX LIABILITIES |
0.078 |
0.113 |
0.112 |
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TOTAL |
502.517 |
259.731 |
161.512 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
5.410 |
5.034 |
4.891 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
6.731 |
3.719 |
0.000 |
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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 |
112.826
|
204.357 |
91.256 |
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Sundry Debtors |
388.965
|
178.377 |
0.246 |
|
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Cash & Bank Balances |
74.778
|
95.904 |
35.305 |
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Other Current Assets |
0.777
|
0.222 |
0.146 |
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Loans & Advances |
194.054
|
148.808 |
64.593 |
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Total
Current Assets |
771.400
|
627.668 |
191.546 |
|
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Less : CURRENT
LIABILITIES & PROVISIONS |
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|
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Sundry Creditors |
247.016
|
364.690 |
2.122 |
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Other Current Liabilities |
30.783
|
11.522 |
32.486 |
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Provisions |
3.225
|
0.478 |
0.317 |
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Total
Current Liabilities |
281.024
|
376.690 |
34.925 |
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Net Current Assets |
490.376
|
250.978 |
156.621 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
502.517 |
259.731 |
161.512 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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Gross Sales |
1328.582 |
711.234 |
148.790 |
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Other Income |
20.563 |
3.264 |
0.888 |
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TOTAL (A) |
1349.145 |
714.498 |
149.678 |
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Less |
EXPENSES |
|
|
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Increase/ Decrease in Stock |
91.532 |
(113.101) |
(91.256) |
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Purchases |
911.007 |
549.275 |
119.283 |
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Direct Expenses |
220.523 |
189.382 |
92.025 |
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Salaries and Administrative Expenses |
19.743 |
16.792 |
7.962 |
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Selling Expenses |
28.486 |
24.653 |
6.006 |
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General Expenses |
10.747 |
8.966 |
2.030 |
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TOTAL (B) |
1282.038 |
675.967 |
136.050 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
67.107 |
38.531 |
13.628 |
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Less |
FINANCIAL
EXPENSES (D) |
42.335 |
36.189 |
4.211 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
24.772 |
2.342 |
9.417 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
0.643 |
0.601 |
0.298 |
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PROFIT BEFORE
TAX (E-F) (G) |
24.129 |
1.741 |
9.119 |
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Less |
TAX (H) |
8.746 |
1.043 |
3.171 |
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PROFIT AFTER TAX
(G-H) (I) |
15.383 |
0.698 |
5.948 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
6.646 |
5.948 |
-- |
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BALANCE CARRIED
TO THE B/S |
22.029 |
6.646 |
5.948 |
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Earnings Per
Share (Rs.) |
1.28 |
NA |
NA |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
1.14
|
0.10 |
3.97 |
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Net Profit Margin (PBT/Sales) |
(%) |
1.82
|
0.24 |
6.13 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
3.11
|
0.28 |
4.64 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.17
|
0.01 |
0.11 |
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Debt Equity Ratio (Total Liability/Networth) |
|
2.74
|
4.02 |
1.28 |
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Current Ratio (Current Asset/Current Liability) |
|
2.74
|
1.67 |
5.48 |
LOCAL AGENCY FURTHER INFORMATION
Note:
The registered office of the company has been shifted from
'D' Block, 2nd Floor, 105, Surya Towers, S.P. Road, Secunderabad –
500 003, Andhra Pradesh to the present 21.06.2010.
OPERATING RESULTS:
The Company during the financial year 2009-10 has made turnover of
Rs.1328.582 millions compared with the previous year figure of Rs.711.234
millions. The Company during the financial year 2009-10 has made net profit of
Rs.15.383 millions compared with previous year net profit of Rs.0.698 million.
FORM 8:
|
Corporate
identity number of the company |
U13209AP2007PLC055522 |
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Name of the
company |
KYORI OREMIN LIMITED |
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Address of the
registered office or of the principal place of business in |
4th Floor, “My Home Jupally”, Green Lands, Ameerpet, E-Mail: hyd.sudheer@gmail.com |
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This form is for |
Modification of
charge |
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Charge identification
number of the modified |
10090816 |
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Type of charge |
Book Debts Movable Property Floating Charge Others (Exclusive
charge on all current assets) |
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Particular of
charge holder |
State Bank of E-Mail: sa.09103@sbi.co.in |
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Nature of
description of the instrument creating or modifying the charge |
1.Supplemental Agreement
of hypothecation of goods and assets for increase in the overall limit dated
07/10/2010 2.Supplemental
Agreement of Loan for increase in the overall limit dated 07/10/2010 3 Letter
regarding the grant of individual limits with in the overall limit dated
07/10/2010- C 5 |
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Date of
instrument Creating the charge |
07/10/2010 |
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Amount secured by
the charge |
Rs.1067.000
millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest: CC-6.75% above
Base Rate Effective- Present Rate 14.25% LC/BG -as per extant instructions Terms of
Repayment: CC: Repayable on
demand/ renewable for every 12 months LC/BG:-Repayable
on demand/ renewable for every 12 months Margin: Raw materials, SIP
and FG -25% Receivables -25% (maximum cover
period 60 days) LC-20% Bank
Guarantees-10% advances for
suppliers and transporters - 30% Extent and
Operation of the charge:
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Short particulars
of the property charged |
Security:-(A)
Primary- Exclusive charge on all current assets of the company |
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Date of latest
modification prior to the present modification |
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Particulars of
the present modification |
WC Limits
(Existing and proposed):
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FIXED ASSETS:
·
Computer and Peripherals
·
Furniture and Fixtures
·
Vehicle (Car)
·
Two Wheelers
·
Equipments
·
Miscellaneous Assets
WEBSITE DETAILS:
PROFILE:
Subject is a
Colossus formed by convergence of professionals whose interests span Mining,
Logistics Management, Transportation, Infrastructure Development,
COAL powers life and will be a vital element of the energy future.
According to the Planning Commission, Government of India, Coal and Lignite
would account for 50% of the energy requirements by the year 2010 creating 30%
more demand than supply. This deficit can be filled through Imports, which
involves liaison with local bodies, moving coal from the mines to destination,
etc.
With expertise in logistics management for over a decade, subject is a
unique "Energy Resources Management" company that ensures continuous
and seamless management of services. Unique, as it analyzes various aspects of
a customers business like, the frequency of material requirement,
consumption/demand patterns throughout a year, most feasible logistics model,
etc.
Subject is a one stop energy solution provider to the Power, Cement and
Steel sectors that trigger Infrastructure and economy of any nation. Strategic
location, good relationship with Coal producing countries, core expertise and a
seamless logistics network enable subject to deliver at the lowest COP. This
competency of subject and flexibility to focus more on one’s core business has
catapulted subject as preferred ERM partner for industrial customers.
KOLians’ team relentless efforts fuelling subject there’s only one way to
go from procurement and delivery to mining and refining, expansion and
acquisitions, turn-key solutions, etc. and emerge as a Leader in Energy
Resources Management.
MANAGEMENT:
Subject is driven
by a passionate team of intellectuals who are customer focused and bring with
them Concentration, Discipline, Decisiveness, High Energy levels and Integrity
besides professional experience ranging as high as 25 years.
Board
Subject is promoted
by:
Mr. Ishoo Narang
Managing Director of
subject, Mr. Narang is a Computer Engineer by qualification. He promoted Jumbo
Mining Limited, a company mining ceramic raw material and steered it from a
modest beginning in 1998, to a market leader in just half a decade. In year
2007, Jumbo Mining was sold to a French multinational, Imerys Pigments Pte
Limited, a 4 Billion Euro company.
Mr. Yunus Zia
Head of India Builders Corporation (IBC), among
Mr. Chandulal
Patel
Founder of C.H. Patel Agency - exclusive sales organizers for The India
Cements Limited and Visaka Cement Industries Limited since 15 years for
Mr. Shah Rudra Raju
Mr. Rudra Raju has done his Master of Science from
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] 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.45.24 |
|
|
1 |
Rs.72.57 |
|
Euro |
1 |
Rs.63.00 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
2 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
28 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this
report. The assessed factors and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.