MIRA
INFORM REPORT
|
Report Date : |
19.10.2011 |
IDENTIFICATION DETAILS
|
Name : |
KARTEEK FORROMET PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
19, Ganjawala Building, 2nd floor, Plot No.160, Dr. M.G.
Mahimtura Marg, Girgaon, 3rd Kumbharwada Lane, Mumbai-400004,
Maharashtra. |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
25.06.2008 |
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Com. Reg. No.: |
11-183977 |
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Capital
Investment / Paid-up Capital : |
Rs.0.200 million |
|
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|
|
CIN No.: [Company Identification
No.] |
U27106MH2006PTC183977 |
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|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMK18536A |
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|
|
PAN No.: [Permanent Account No.] |
AADCK4241K |
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|
Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer and Trader of Ferrous and Non Ferrous metal. |
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|
No. of Employees
: |
Approximately 15 |
RATING & COMMENTS
|
MIRA’s Rating : |
B (27) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 1500000 |
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|
Status : |
Moderate |
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|
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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. Profitability of the
company appears to be low. However, 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
cautions. |
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 – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INFORMATION PARTED BY
|
Name : |
Mr. Ritesh Angara |
|
Designation : |
Director |
|
Contact No.: |
91-9867177522 |
|
Date : |
13.10.2011 |
LOCATIONS
|
Registered Office : |
19, Ganjawala Building, 2nd floor, Plot No.160, Dr. M.G.
Mahimtura Marg, Girgaon, 3rd Kumbharwada Lane, Mumbai-400004,
Maharashtra, India. |
|
Tel. No.: |
91-22-66362491/ 66362490 |
|
Mobile No.: |
91-9867177522 (Mr. Ritesh Angara) |
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Fax No.: |
91-22-23877055 |
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E-Mail : |
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|
Website : |
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Area : |
450 Sq.ft. |
|
Location : |
Rented |
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|
|
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Factory : |
Gala No. 94, Kolhi-Chinchoti, Post-Kaman, N H No. 8, Naigaon (East),
Tal. Vasai, District Thane, Mumbai – 401 208, |
|
Area : |
2500 Sq. ft. |
|
Location : |
Rented |
DIRECTORS
(AS ON 30.09.2010)
|
Name : |
Mr. Ritesh Ramlal Angara |
|
Designation : |
Director |
|
Address : |
19, |
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Date of Birth/Age : |
04.09.1979 |
|
Date of Appointment : |
25.06.2008 |
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DIN No : |
02186168 |
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|
|
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Name : |
Mr. Nilesh Ramlal Angara |
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Designation : |
Director |
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Address : |
19, |
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Date of Birth/Age : |
04.04.1982 |
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Date of Appointment : |
25.06.2008 |
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DIN No : |
02184998 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(AS ON 30.09.2010)
|
Names of Shareholders |
|
No. of Shares |
|
Mr. Ritesh Ramlal Angara |
|
5000 |
|
Mr. Nilesh Ramlal Angara |
|
5000 |
|
Mr. Ramlal Mavaji Jain |
|
2000 |
|
Mrs. Kishoridevi Ramlal Jain |
|
2000 |
|
Ms. Nirmala Nilesh Angara |
|
4000 |
|
Ms. Rita Ritesh Angara |
|
2000 |
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|
|
|
|
Total |
|
20000 |
Equity Share Breakup
(AS ON 30.09.2010)
|
Category |
|
Percentage |
|
Directors or relatives of directors |
|
100.00 |
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|
|
|
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Total
|
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Trader of Ferrous and Non Ferrous metal. |
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Products : |
·
Pipes and Tubes ·
Sheets and Plates ·
Pipe Fittings ·
Flanges ·
Bar and Wire ·
Structural Steel |
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Terms : |
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Selling : |
Cash and Credit |
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Purchasing : |
Cash and Credit |
GENERAL INFORMATION
|
Suppliers : |
Bharat
Heavy Electrical Limited |
|||||||||
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Customers : |
·
Projects ·
Jai Balaji Industries Limited, ·
Lanxess ABS Limited, Moxi ·
Department of Atomic Energy, ·
Baramati Agro Limited, Indrapur ·
Indian Petrochemicals Limited, Vadodara ·
Gujarat Anjan Cements Limited, Bhuj ·
Garden Reach Shipbuilders and Engrs Limited,
Kolkata ·
Swati Spentose Private Limited, Vapi ·
Philips Carbon Black Limited, Mundra ·
Rainbow Papers Limited, Indrad ·
Reliance Industries Limited, Ahmedabad ·
Plantx Engineers, ·
Alok Industries Limited, Silvassa ·
KBK Chem-Engineering Private Limited, Pune ·
Mukand Limited, Hospet ·
Nocil Limited, Taloja, Navi Mumbai ·
Reliance Industries Limited |
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No. of Employees : |
Approximately 15 |
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Bankers : |
HDFC Bank Limited, HDFC House, Senapati Bapat Marg, Lower Parel
(west), Mumbai-400013, |
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Facilities : |
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Banking
Relations : |
--- |
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Auditors : |
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Name : |
Mr. Ratan Mehta and Company Chartered Accountant |
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Address : |
11/12, Rajmudra Building, 1st floor,119/21, Bhandari
Street, Near Goal Deval Temple, Mumbai-400004, Maharashtra, India. |
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Income-tax PAN of auditor or auditor’s firm : |
AAGPM4136M |
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|
|
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Associates/Subsidiaries : |
·
Karteek Metal Line of Business:
Manufacturer and Trader of Ferrous and Non Ferrous metals ·
Harihar Pipe Industries Line of Business: Manufacturer and Trader
of Ferrous and Non Ferrous metals ·
Metro Steel Industries Line of Business: Manufacturer and Trader
of Ferrous and Non Ferrous metals ·
TTRUE Steel Line of Business: Manufacturer and Trader
of Ferrous and Non Ferrous metals |
CAPITAL STRUCTURE
(As On 31.03.2010)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
50000 |
Equity Share |
Rs.10/- each |
Rs.0.500 million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
20000 |
Equity Share |
Rs.10/- each |
Rs.0.200
million |
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|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
0.200 |
0.200 |
|
|
2] Share Application Money |
|
0.000 |
0.000 |
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|
3] Reserves & Surplus |
|
0.182 |
0.084 |
|
|
4] (Accumulated Losses) |
|
0.000 |
0.000 |
|
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NETWORTH |
|
0.382 |
0.284 |
|
|
LOAN FUNDS |
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|
|
|
|
1] Secured Loans |
|
0.000 |
0.000 |
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2] Unsecured Loans |
|
9.583 |
5.125 |
|
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TOTAL BORROWING |
|
9.583 |
5.125 |
|
|
DEFERRED TAX LIABILITIES |
|
0.000 |
0.000 |
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|
|
|
|
|
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TOTAL |
|
9.965 |
5.409 |
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|
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|
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
|
0.000 |
0.000 |
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Capital work-in-progress |
|
0.000 |
0.000 |
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INVESTMENT |
|
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
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|
|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
11.784 |
2.963 |
|
|
Sundry Debtors |
|
7.115 |
19.450 |
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|
Cash & Bank Balances |
|
0.339 |
0.213 |
|
|
Other Current Assets |
|
0.000 |
0.000 |
|
|
Loans & Advances |
|
1.385 |
0.491 |
|
Total
Current Assets |
|
20.623 |
23.117 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
10.634 |
17.684 |
|
|
Other Current Liabilities |
|
0.000 |
0.000 |
|
|
Provisions |
|
0.046 |
0.053 |
|
Total
Current Liabilities |
|
10.680 |
17.737 |
|
|
Net Current Assets |
|
9.943 |
5.380 |
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|
MISCELLANEOUS EXPENSES |
|
0.022 |
0.029 |
|
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|
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|
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TOTAL |
|
9.965 |
5.409 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
|
|
|
|
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|
|
TOTAL INCOME |
|
26.440 |
31.255 |
|
|
|
|
|
|
|
Less |
TOTAL
EXPENDITURE (Including Financial Charges) |
|
26.296 |
31.118 |
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
|
0.144 |
0.137 |
|
|
|
|
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|
Less |
TAX |
|
0.046 |
0.053 |
|
|
|
|
|
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PROFIT AFTER TAX
|
|
0.098 |
0.084 |
|
|
|
|
|
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|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
|
0.084 |
0.000 |
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
|
0.182 |
0.084 |
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
4.89 |
4.21 |
|
Particulars |
|
|
31.03.2011 |
|
Sales Turnover |
|
|
40.000 |
Expected Sales (2011-2012) : Rs.45.000 millions.
The above information has been parted by Mr. Ritesh Angara.
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
|
0.37 |
0.27 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
0.70 |
0.59 |
|
|
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|
Return on Investment (ROI) (PBT/Networth) |
|
|
0.38 |
0.48 |
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|
Debt Equity Ratio (Total Liability/Networth) |
|
|
53.04 |
80.50 |
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|
Current Ratio (Current Asset/Current Liability) |
|
|
1.93 |
1.30 |
LOCAL AGENCY FURTHER INFORMATION
|
Check List by Info
Agents |
Available in
reports |
|
1) Year of
Establishment |
Yes |
|
2) Locality of
the Firm |
Yes |
|
3) Constitution
of the Firm |
Yes |
|
4) Premises
Details |
Yes |
|
5) Type of
Business |
Yes |
|
6) Line of
Business |
Yes |
|
7) Promoter’s
Background |
--------- |
|
8) No. of
Employees |
Yes |
|
9) Name of
person contacted |
Yes |
|
10) Designation
of contact person |
Yes |
|
11) Turnover of
firm of last two years |
Yes |
|
12)
Profitability for last three years |
No |
|
13) Reasons for
variations <> 20% |
No |
|
14) Estimation
for coming financial year |
Yes |
|
15) Capital in
the business |
Yes |
|
16) Details of
Sister concern |
Yes |
|
17) Major
Suppliers |
No |
|
18) Major
Customers |
Yes |
|
19) Payments
terms |
Yes |
|
20) Export / Import
details (if applicable) |
No |
|
21) Market
Information |
--------- |
|
22) Litigation
that the firm / promoter involved |
--------- |
|
23) Banking
Details |
Yes |
|
24) Banking
facility Details |
No |
|
25) Conduct of
the banking account |
--------- |
|
26) Buyer visit
details |
--------- |
|
27) Financials,
if provided |
Yes |
|
28)
Incorporation details, if applicable |
---------- |
|
29) Last account
field at ROC |
---------- |
|
30) Major
Shareholders, if available |
---------- |
TRADE REFERNCES:
·
Bharat Heavy Electrical Limited - Supplier
·
Reliance Industries
Limited - Customer
FORM 8:
|
Corporate
identity number of the company |
U27106MH2008PTC183977 |
|
Name of the
company |
KARTEEK FERROMET
PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
19, Ganjawala
Building, 2nd flooe, Plot No. 162, M.G. Mahimtura Marg, Girgaon,
Kumbharwada, Mumbai-400004, Maharashtra, India, Email Id: sales@kfpl.co.in |
|
This form is for |
Creation of
Charge |
|
Type of charge |
·
Book
debts ·
Movable
Property ·
Floating
charge |
|
Particular of
charge holder |
HDFC Bank
Limited, HDFC Bank Housesenapati Bapat Marg, Lower Parel (west), Mumbai-400013,
Email Id: rbbform8@hdfcbank.com |
|
Nature of
instrument creating charge |
Letter of
Hypothecation |
|
Date of
instrument Creating the charge |
20.12.2010 |
|
Amount secured by
the charge |
Rs.2.500 milions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
a) Rate of Interest : Interest at the rate as may be
communicated by the Bank from time to time. b) Terms of Repayment: On demand. c)
Margin
: Company should at al the times during the
continuance of this security maintain the said debts of a sufficient amount
to provide the margin of security as may from time to time advised by the
Bank. d) Extent and Operation of the charge Hypothecation by way of First Charge on
Company’s Stock and Boom Debts etc., to secure as a continuing security as
mentioned below for the repayment of Rs.2.500 millions, together with
interest, costs, charges, expenses and other moneys due and payable by the
Company to the Bank. e) Others NIL |
|
Short Particulars
of the property charged |
i)
Stock
in trade, consisting of raw materials, goods in process of manufacturing
finished goods, and other merchandise whatsoever being movable properties. ii) All the debts, that is al the book debts,
outstanding, monies receivables, claims, bills, invoice documents, contracts,
guarantees, and rights. |
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.49.14 |
|
|
1 |
Rs.77.58 |
|
Euro |
1 |
Rs.67.58 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
2 |
|
--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 |
|
27 |
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.