MIRA
INFORM REPORT
|
Report Date : |
21.08.2014 |
IDENTIFICATION DETAILS
|
Name : |
KINETIC COMMUNICATIONS LIMITED |
|
|
|
|
Registered
Office : |
G-92, D-III Block, MIDC, Chinchwad, Pune - 411019, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
15.06.1995 |
|
|
|
|
Com. Reg. No.: |
11-089588 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.42.575
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U74999MH1995PTC089588 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
PNEK05221G PNEK01156B |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACK7632B |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
To design, manufacture, sell, buy, import of electronic hardware
including television set, set top boxes for television, computers, hardware
and software. |
|
|
|
|
No. of Employees
: |
Information denied by management |
RATING & COMMENTS
|
MIRA’s Rating : |
B (33) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a part of “FIRODIA GROUP”. It is an established company
having moderate track. The company possesses a moderate financial profile marked by adequate
networth base along with deterioration of cash balance may be as result of
slow realization of debtors. Management has reported a modest albeit increase in tis sales volume
during FY 2013. The rating also take into consideration the modest scale of operation
amid long standing presence in the industry. Trade relations seems to be fair. Business is active. Payment terms
are reported as slow but correct. In view of experienced promoters, the company can be considered for
business dealings with some caution.
|
NOTES:
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
INDIAN ECONOMIC OVERVIEW
N E W S
As per the latest IMF study, the total weigh of emerging markets in the
GDP of the world on a purchasing power parity basis has seen a sizeable shift. It
highlights how as against 51 % in 2005, the emerging economies now account for
close to 56 % of the global purchasing power GDP as per the latest survey. And
with the emerging economies growing at a faster rate than their developed
counterparts, there are every possibility that the their share goes up further
in the coming years.
Politics and economics are very intricately connected. They tend to
influence each other in ways that could be very complex and far-reaching. The
prospects of the
A study published by Firstpost has revealed that asset classes like real
estate and equities were the biggest beneficiaries of the liberalization
policies. A firm called Ciane Analytics studied returns from assets
including equities, gold, fixed deposits, G-Secs and real estate since 1991. Real
estate outperformed every other asset classes during the 23-year period with an
annualized return of 20 % ! Equities came in second with annualized return of
15.5 % ! However, while these returns may seem mouthwatering, the fact is that
the return from equities adjusted for inflation came down to just 7.1 %.
Some brief news are as under
. R-Power to buy Jaypee’s hydro assets
. Investors await justice in NSEL case
.
. Ukrain’s clashes with rebels hinder MH17 crash investigation
.
..Higher costs weigh down profit growth to slowest in 9 quarters
..Wal-Mart to expand wholesale business in
. GMR group moves to strengthen balance sheet
. Central Bank to sell 4 % stake to Life Insurance Corporation
. Tata Chemicals plans to raise up to Rs 10000 mn.
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2014.
INFORMATION DENIED BY
|
Name : |
Mr. Manish Motwani |
|
Designation : |
Not Divulged |
|
Contact No.: |
91-9823056789 |
|
Date : |
20.08.2014 |
LOCATIONS
|
Registered Office/ Factory : |
G-92, D-III Block, MIDC, Chinchwad, Pune - 411019, |
|
Tel. No.: |
91-20-32502190 / 27474288 / 27474204 / 27474274 / 4212 / 4222 / 4218 /
4221 |
|
Mobile No.: |
91-9823056789 (Mr. M Motwani) |
|
Fax No.: |
91-20-27470568 |
|
E-Mail : |
|
|
Website : |
DIRECTORS
As on 20.09.2013
|
Name : |
Mr. Arun Hastimal Firodia |
|
Designation : |
Director |
|
Address : |
Swaga, Plot No. 20, Pankunwar, Firodia Path, Off S.B. Road, Pune –
411016, Maharashtra, India |
|
Date of Birth/Age : |
23.03.1943 |
|
Date of Appointment : |
01.04.2013 |
|
DIN No.: |
00057324 |
|
|
|
|
Name : |
Mrs. Jayeshree Arun Firodia |
|
Designation : |
Director |
|
Address : |
Swagat, Plot No. 20, SMT Pankunvar, Firodia Path, Pune-411016, |
|
Date of Birth/Age : |
26.01.1943 |
|
Date of Appointment : |
04.09.2007 |
|
DIN No.: |
00328499 |
|
|
|
|
Name : |
Mr. Ajay Raina |
|
Designation : |
Director |
|
Address : |
Building A, Flat No. 201, S. No. 128/1, Resi, 3 Phase, |
|
Date of Birth/Age : |
10.02.1964 |
|
Date of Appointment : |
27.03.2008 |
|
DIN No.: |
02105211 |
|
|
|
|
Name : |
Mr. Dattatraya Sakharam Adhikari |
|
Designation : |
Additional Director |
|
Address : |
H No. 326, |
|
Date of Birth/Age : |
01.06.1958 |
|
Date of Appointment : |
31.03.2012 |
|
DIN No.: |
05312377 |
MAJOR SHAREHOLDERS
As on 20.09.2013
|
Names of Shareholders |
|
No. of Shares |
|
Kinetic Engineering Limited, |
|
16000 |
|
Vepa Murrai |
|
100 |
|
Sanjeev Kulkarni |
|
100 |
|
Prakash Chandra Jain |
|
100 |
|
Saroop Mulchandani |
|
100 |
|
Jayeshree Arun Firodia |
|
2764980 |
|
Manish Mohan Motwani |
|
1468620 |
|
Madhav Kulkarni |
|
7500 |
|
Total |
|
4257500 |
Equity Share Break up (Percentage of Total Equity)
As on 20.09.2013
|
Category |
Percentage |
|
Bodies corporate |
0.37 |
|
Directors or relatives of Directors |
99.63 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
To design, manufacture, sell, buy, import of electronic hardware
including television set, set top boxes for television, computers, hardware
and software. |
||||||
|
|
|
||||||
|
Products : |
|
GENERAL INFORMATION
|
No. of Employees : |
Information denied by management |
|
|
|
|
Bankers : |
State Bank of |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
P.G. Bhagwat Chartered Accountants |
|
Address : |
Suit 101-102, Orchard, Dr. Pai Marg, Baner, Pune - 411045, |
|
Tel No.: |
91-20-27290771 / 27291772 / 27291773 |
|
Fax No.: |
91-20-27290774 |
|
Email ID : |
|
|
Website : |
|
|
PAN No.: |
AAAFB0762E |
CAPITAL STRUCTURE
As on 20.09.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
4300000 |
Equity Shares |
Rs.10/- each |
Rs.43.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
4257500 |
Equity Shares |
Rs.10/- each |
Rs.42.575 Millions
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
42.575 |
42.575 |
42.575 |
|
(b) Reserves & Surplus |
111.011 |
93.103 |
72.643 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total Shareholders’
Funds (1) + (2) |
153.586 |
135.678 |
115.218 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
15.649 |
17.633 |
18.866 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.427 |
|
(c) Other long term liabilities |
1.075 |
3.170 |
1.730 |
|
(d) long-term provisions |
0.000 |
0.000 |
0.000 |
|
Total Non-current Liabilities (3) |
16.724 |
20.803 |
21.023 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Trade payables |
27.800 |
28.954 |
14.125 |
|
(c) Other current
liabilities |
19.324 |
15.954 |
18.016 |
|
(d) Short-term provisions |
5.741 |
0.880 |
0.428 |
|
Total Current Liabilities (4) |
52.865 |
45.788 |
32.569 |
|
|
|
|
|
|
TOTAL |
223.175 |
202.269 |
168.810 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
50.443 |
55.744 |
60.709 |
|
(ii) Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii) Capital
work-in-progress |
0.000 |
0.000 |
0.000 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
15.697 |
15.997 |
15.997 |
|
(c) Deferred tax assets (net) |
0.380 |
0.045 |
0.000 |
|
(d) Long-term Loan and Advances |
5.133 |
2.277 |
1.870 |
|
(e) Other Non-current assets |
0.145 |
0.120 |
0.120 |
|
Total Non-Current Assets |
71.798 |
74.183 |
78.696 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
38.454 |
1.007 |
0.000 |
|
(b) Inventories |
27.816 |
35.731 |
21.624 |
|
(c) Trade receivables |
79.653 |
75.677 |
36.990 |
|
(d) Cash and cash
equivalents |
2.277 |
10.373 |
22.995 |
|
(e) Short-term loans and
advances |
2.749 |
4.497 |
8.024 |
|
(f) Other current assets |
0.428 |
0.801 |
0.481 |
|
Total Current Assets |
151.377 |
128.086 |
90.114 |
|
|
|
|
|
|
TOTAL |
223.175 |
202.269 |
168.810 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
316.783 |
243.87 |
|
|
|
|
Other Income |
0.496 |
0.473 |
|
|
|
|
TOTAL |
317.279 |
244.343 |
211.334 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
276.567 |
205.935 |
171.090 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
BEFORE TAX, DEPRECIATION AND AMORTISATION |
40.712 |
38.408 |
40.244 |
|
|
|
|
|
|
|
|
|
Less |
DEPRECIATION/
AMORTISATION |
7.452 |
7.92 |
7.599 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
BEFORE TAX |
33.260 |
30.488 |
32.645 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
10.371 |
10.028 |
10.776 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
AFTER TAX |
22.889 |
20.460 |
21.869 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
5.38 |
MA |
5.14 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
7.21 |
8.37 |
10.35 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
10.50 |
12.50 |
NA |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
16.06 |
16.37 |
21.36 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.22 |
0.22 |
0.28 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.10 |
0.13 |
0.16 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.86 |
2.80 |
2.77 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
Rs.
In Millions |
Rs.
In Millions |
Rs. In
Millions |
|
Share Capital |
42.575 |
42.575 |
42.575 |
|
Reserves & Surplus |
72.643 |
93.103 |
111.011 |
|
Net
worth |
115.218 |
135.678 |
153.586 |
|
|
|
|
|
|
long-term borrowings |
18.866 |
17.633 |
15.649 |
|
Short term borrowings |
0.000 |
0.000 |
0.000 |
|
Total
borrowings |
18.866 |
17.633 |
15.649 |
|
Debt/Equity
ratio |
0.164 |
0.130 |
0.102 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
Rs.
In Millions |
Rs.
In Millions |
Rs. In
Millions |
|
Total Income |
211.334 |
244.343 |
317.279 |
|
|
|
15.619 |
29.850 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
Rs.
In Millions |
Rs.
In Millions |
Rs.
In Millions |
|
Total Income |
211.334 |
244.343 |
317.279 |
|
Profit |
21.869 |
20.460 |
22.889 |
|
|
10.35% |
8.37% |
7.21% |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
Rs.
In Millions
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
Current maturities of long term debt |
1.984 |
1.233 |
6.551 |
|
Total |
1.984 |
1.233 |
6.551 |
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
----------- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
No |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
---------- |
|
22] |
Litigations that the firm
/ promoter involved in |
---------- |
|
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 |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
No |
UNSECURED LOANS:
|
Particulars |
31.03.2013 Rs. In Millions |
31.03.2012 Rs. In Millions |
|
Long Term Borrowings |
|
|
|
Term loan |
|
|
|
From other
parties |
15.649 |
17.633 |
|
Total |
15.649 |
17.633 |
INDEX OF CHARGE:
|
Sr. No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
90088191 |
18/02/2005 * |
158,000,000.00 |
State Bank Of |
Industrial Finance
Branch Pimpri, Pune, |
- |
|
2 |
90090951 |
18/09/2001 * |
158,000,000.00 |
State Bank Of |
Industrial Finance
Branch, Pimpri, Pune, |
- |
*Date of modification Charges
FIXED ASSETS:
·
Land
·
Building
·
Plant and Machinery
·
Computer
·
Vehicles
·
Furniture and Fixture
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 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.60.73 |
|
|
1 |
Rs.101.48 |
|
Euro |
1 |
Rs.81.04 |
INFORMATION DETAILS
|
Information Gathered
by : |
NYA |
|
|
|
|
Analysis Done by
: |
SUB |
|
|
|
|
Report Prepared
by : |
VNT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
4 |
|
--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 |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
|
|
|
|
TOTAL |
|
33 |
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.