MIRA
INFORM REPORT
|
Report Date : |
11.04.2012 |
IDENTIFICATION DETAILS
|
Name : |
KINELECTRO LINES INDIA PRIVATE LIMITED |
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Registered
Office : |
Plot No. 139, Kiadb Industrial Area, Bommasandra 4th Phase,
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
09.04.2008 |
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Com. Reg. No.: |
08-046001 |
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Capital
Investment / Paid-up Capital : |
Rs. 2.093 Millions |
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CIN No.: [Company Identification
No.] |
U28999KA2008PTC046001 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
BLRK08466D |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of Signages and Coffee Harvesting Tools. |
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No. of Employees
: |
60 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (32) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 15000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow But Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a relatively small company having moderate track. Trade relations
are reported as fair. Business is active. Payments are reported to be slow
but correct. 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 – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
India |
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 |
INFORMATION PARTED BY
|
Name : |
Mr. Mohan |
|
Designation : |
Business Co-Ordinary |
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Contact No.: |
91-9448492281 |
|
Date : |
28.03.2012 |
LOCATIONS
|
Registered Office / Factory : |
Plot No. 139, Kiadb Industrial Area, Bommasandra 4th Phase,
Hosur-Jigani Link Road, Bangalore-560099, Karnataka, India |
|
Tel. No.: |
91-80-27839054 / 27835036 |
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Mobile No.: |
91-9448492281 (Mr. Mohan) |
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Fax No.: |
91-80-27839055 |
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E-Mail : |
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Website : |
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Location : |
Owned |
DIRECTORS
AS ON 30.09.2011
|
Name : |
Mr. Chaithanya Aanand |
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Designation : |
Managing Director |
|
Address : |
139, 29th Cross, 7th Block, Jayanagar,
Bangalore-560082, Karnataka, India |
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Date of Birth/Age : |
20.02.1975 |
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Date of Appointment : |
09.04.2008 |
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DIN No.: |
02103147 |
Other Directorship:
|
S.No. |
CIN |
Name
of the Company |
Current
designation of the director |
Date
of appointment at current designation |
Original
date of appointment |
Company
Status |
Defaulting
status |
|
1 |
U28999KA2008PTC046001 |
KINELECTRO
LINES INDIA PRIVATE LIMITED |
Managing
director |
01-04-09 |
09-04-08 |
Active |
NO |
|
2 |
U01403KA2011PTC056991 |
CSS
GROWER SYSTEMS PRIVATE LIMITED |
Director |
09-02-11 |
09-02-11 |
Active |
NO |
|
Name : |
Mr. Indrani Aanand |
|
Designation : |
Director |
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Address : |
139, 29th Cross, 7th Block, Jayanagar, Bangalore-560082,
Karnataka, India |
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Date of Birth/Age : |
23.05.1953 |
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Date of Appointment : |
09.04.2008 |
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DIN No.: |
02095336 |
KEY EXECUTIVES
|
Name : |
Mr. Mohan |
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Designation : |
Business Co-Ordinary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2011
|
Names of Shareholders |
No. of Shares |
|
Chaithanya Aanand |
63305 |
|
Indrani Aanand |
146036 |
|
Total |
209341 |
AS ON 30.09.2011
|
Equity Shares
Break Up |
Percentage |
|
Directors or relatives of Directors |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Signages and Coffee Harvesting Tools. |
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Terms : |
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Selling : |
Cash, Credit (30 Days / 60 Days) |
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Purchasing : |
Cash, Credit (30 Days / 60 Days) |
GENERAL INFORMATION
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Customers : |
·
Wholesalers ·
Retailers ·
End Users ·
OEM’s ·
Industries
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No. of Employees : |
60 (Approximately) |
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Bankers : |
Yes Bank Limited, 9th Floor, Nehru Centre, Discovery of
India, Dr. Annie Besant Road, Worli, Mumbai-400018, Maharashtra, India |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Kiran Raj and Company Chartered Accountant |
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Address : |
203, 6th Cross, 6th Main, BTM-MICO Layout, Bangalore-560076,
Karnataka, India |
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Pan No.: |
AJZPK6752H |
CAPITAL STRUCTURE
AS ON 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
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|
500000 |
Equity Shares |
Rs.10/- each |
Rs. 5.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
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|
209341 |
Equity Shares |
Rs.10/- each |
Rs. 2.093
Millions |
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Note:
Of the above shares 199341 Shares are allotted
as fully paid up pursuant to contract without payments being received in cash.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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|
SHAREHOLDERS FUNDS |
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1] Share Capital |
2.093 |
2.093 |
0.100 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
1.897 |
0.502 |
0.000 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
(0.140) |
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NETWORTH |
3.990 |
2.595 |
(0.040) |
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LOAN FUNDS |
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1] Secured Loans |
0.000 |
0.000 |
0.000 |
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2] Unsecured Loans |
7.327 |
7.643 |
0.113 |
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TOTAL BORROWING |
7.327 |
7.643 |
0.113 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
11.317 |
10.238 |
0.073 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
7.068 |
7.236 |
0.000 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.083 |
0.058 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
0.315
|
0.211 |
0.000 |
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Sundry Debtors |
7.092
|
4.625 |
0.000 |
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Cash & Bank Balances |
0.023
|
0.282 |
0.080 |
|
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
0.651
|
0.654 |
0.003 |
|
Total
Current Assets |
8.081
|
5.772 |
0.083 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
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|
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Sundry Creditors |
2.509
|
1.187 |
0.000 |
|
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Other Current Liabilities |
0.598
|
0.940 |
0.000 |
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Provisions |
0.808
|
0.701 |
0.010 |
|
Total
Current Liabilities |
3.915
|
2.828 |
0.010 |
|
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Net Current Assets |
4.166
|
2.944 |
0.073 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
11.317 |
10.238 |
0.073 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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SALES |
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Income |
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Other Income |
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TOTAL |
27.752 |
18.838 |
0.000 |
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Less |
EXPENSES |
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Office Expenses |
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Administrative Expenses |
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Advertising Expenses |
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TOTAL |
25.669 |
17.854 |
0.139 |
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PROFIT BEFORE
TAX |
2.083 |
0.984 |
(0.139) |
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Less |
TAX |
0.688 |
0.343 |
0.000 |
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PROFIT AFTER TAX
|
1.395 |
0.641 |
(0.139) |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
0.502 |
(0.139) |
0.000 |
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BALANCE CARRIED
TO THE B/S |
1.897 |
0.502 |
(0.139) |
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EARNINGS IN
FOREIGN CURRENCY |
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|
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|
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|
Export Earnings |
0.504 |
0.212 |
0.000 |
|
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TOTAL EARNINGS |
0.504 |
0.212 |
0.000 |
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IMPORTS |
|
|
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|
Raw Materials |
2.142 |
0.424 |
0.000 |
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|
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Capital Goods |
0.000 |
1.647 |
0.000 |
|
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TOTAL IMPORTS |
2.142 |
2.071 |
0.000 |
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|
Earnings Per
Share (Rs.) |
6.66 |
-- |
-- |
|
Expected Sales (2011-2012) : Rs. 40.000 Millions
The above information has been parted by Mr. Mohan.
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
5.03
|
3.40 |
0.00 |
|
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
13.68
|
7.53 |
(167.47) |
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Return on Investment (ROI) (PBT/Networth) |
|
0.52
|
0.38 |
3.48 |
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|
Debt Equity Ratio (Total Liability/Networth) |
|
2.82
|
4.04 |
(3.06) |
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|
Current Ratio (Current Asset/Current Liability) |
|
2.06
|
2.04 |
8.30 |
LOCAL AGENCY FURTHER INFORMATION
|
Check List by Info Agents |
Available in Report (Yes / No) |
|
1. Year of Establishment |
Yes |
|
2. Locality of the firm |
Yes |
|
3. Constructions of the firm |
Yes |
|
4. Premises details |
Yes |
|
5. Type of Business |
Yes |
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6. Line of Business |
Yes |
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7. Promoter’s background |
Yes |
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8. No. of Employees |
Yes |
|
9. Name of person contacted |
Yes |
|
10. Designation of contact person |
Yes |
|
11. Turnover of firm for last three years |
Yes |
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12. Profitability for last three years |
Yes |
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13. Reasons for variation <> 20% |
------- |
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14. Estimation for coming financial year |
Yes |
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15. Capital in the business |
Yes |
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16. Details of sister concerns |
No |
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17. Major suppliers |
No |
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18. Major customers |
No |
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19. Payments terms |
Yes |
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20. Export / Import details |
No |
|
21. Market information |
------ |
|
22. Litigations that the firm / promoter involved |
------ |
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23. Banking Details |
Yes |
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24. Banking facility details |
Yes |
|
25. Conduct of the banking account |
------ |
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26. Buyer visit details |
------ |
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27. Financials, if provided |
Yes |
|
28. Incorporation details, if applicable |
Yes |
|
29. Last accounts filed at ROC |
Yes |
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30. Major Shareholders, if available |
Yes |
OPERATIONAL
HIGHLIGHTS
The Company has
been able to achieve considerable growth in turnover in the second year of its commercial
operations. The Directors expect better performance in the coming years.
No dividends have
been recommended as the company wants to retain its profits for further
expansion of its business activities.
FORM 8
|
Corporate identity
number of the company |
U28999KA2008PTC046001 |
|
Name of the
company |
KINELECTRO LINES
INDIA PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
Plot No. 139, Kiadb Industrial Area, Bommasandra 4th Phase, Hosur-Jigani Link Road, Bangalore-560099, Karnataka, India |
|
This form is for |
Modification of
charge |
|
Type of charge |
Immovable
property Any interest in
immovable property |
|
Particular of
charge holder |
Yes Bank Limited, 9th Floor, Nehru Centre, Discovery of India, Dr. Annie Besant Road, Worli, Mumbai-400018, Maharashtra, India |
|
Nature of
instrument creating charge |
Memorandum of
Equitable Mortgage by deposit of title deeds. Deed of
declaration. |
|
Date of
instrument Creating the charge |
29.04.2011 |
|
Amount secured by
the charge |
Rs. 10.000
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of interest As communicated by
bank from time to time Terms of repayment Unless demanded
earlier at the end of tenor of each facility Margin As communicated
from Bank from time to time. Extent and operation of the charge Exclusive charge
by way of Equitable mortgage of property
situated at: No.139, KIADB Industrial Area, Bommasandra IV Phase,
Jigani Hobli, Bangalore 560099 for INR
10.000 Millions Charge on Current
Assets and all movable fixed assets(Present and Future) for facilities up to
INR 10.000 Millions shall continue in the favor of Yes Bank Limited |
|
Short particulars
of the property charged (Including location of the property) |
No.139, KIADB
Industrial Area, Bommasandra IV Phase, Jigani Hobli, Bangalore 560099 Charge on current
assets and all moveable fixed assets both present and the future for
facilities up to INR 10.000 millions shall continue in the favor of Yes Bank
Limited |
|
Charge
identification number of the charge to be modified |
10283297 |
|
Date of instrument
modifying the charge |
21.04.2011 |
|
Particulars of
the present modification |
Exclusive charge
by way of Equitable mortgage of property
situated at: No.139, KIADB Industrial Area, Bommasandra IV Phase,
Jigani Hobli, Bangalore 560099 for INR
10.000 Millions Charge on Current
Assets and all movable fixed assets(Present and Future) for facilities up to
INR 10.000 Millions shall continue in the favor of Yes Bank Limited |
FIXED ASSETS
·
Land
·
Factory Building
·
Plant and Machinery
·
Motor Vehicles
·
Electrical Installation
·
Furniture and Fixtures
·
Office Equipment
·
Computers and Accessories
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. 51.20 |
|
|
1 |
Rs. 81.50 |
|
Euro |
1 |
Rs. 67.15 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--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 |
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 |
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.