MIRA INFORM REPORT
|
Report Date : |
10.03.2014 |
IDENTIFICATION DETAILS
|
Name : |
KINECO KAMAN COMPOSITES – INDIA PRIVATE LIMITED (w.e.f. 23.10.2012) |
|
|
|
|
Formerly Known
As : |
GANESHA COMPOSITES PRIVATE LIMITED |
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Registered
Office : |
Plot No. 60, Pilerne Industrial Estate, Pilerne, Bardez – 403511, Goa |
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Country : |
India |
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Financials (as
on) : |
31.03.2013 |
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Date of
Incorporation : |
12.09.2012 |
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Com. Reg. No.: |
24-007223 |
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Capital
Investment / Paid-up Capital : |
Rs. 44.775 Millions |
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CIN No.: [Company Identification
No.] |
U25203GA2012PTC007223 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
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No. of Employees
: |
Information Decline by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
B (26) |
|
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 : |
USD140000 |
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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 relatively new company having moderate track record. The company has incurred loss from its operational activities in its
first year of business operation. However, trade relations are improving. Business is active. Payment
terms are slow. 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
The worst is over for India’s economy with gross domestic product likely
to expand 5 %to 5.5 % this year and more than 6 % in 2015, according to Moody’s
Analytics. Concerns over the rupee and current account deficit are under
control, said the agency. Ratings firm Crisil has forecast 6 % growth for
2014/15 up from the estimated 4.8 % for 2013/14. Total economic growth,
infrastructure bottlenecks and lack of transparency and consistency in foreign
direct investment policies seem to have taken a toll on India’s attractiveness
as an investment destination, says an Ernst & Young survey. Projects
with FDI component fell 16.4 % across the globe in 2012 from the previous
year. The drop in India was steeper at 21 %. State run carrier Air India
is doling out free tickets to its 24000 employees, even as it expects to incur
a loss of Rs 39000 mn this financial year and has a debt of Rs 350000 mn.
550000 number of jobs generated across India in 2013, a fall of 0.4 % as
compared to with a year earlier. The National Capital Region has a
one-fourth share in total jobs created, according to a study by industry lobby
group Assochem, Banks, real estate, automobile and telecommunications sectors
are showing a rise of job creation. $ 805 mn investments by venture capital
firms in India during 2013, registering a drop of about 18 % over the previous
year. The Information Technology and IT-Enabled Services Industry retained
its status as the favourable venture capital investors in 2013. Pakistan has
temporarily banned gold imports for the second time in six months, as it tries
to stem smuggling into India. India’s import duty on gold is 10 % and curbs on
purchases have dried up legal imports into what used to be the world’s biggest
bullion buyers. The World Gold Council puts the amount smuggled into India at
upto 200 tonnes in 2013. The Reserve Bank of India has proposed that unclaimed
bank deposits estimated to be about Rs 35000 mn be used for education and
awareness among depositors. According to the plan, deposits that have not
been claimed for at least 10 years will be transferred to the scheme.
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
31-03-2012.
INFORMATION DECLINED
Management non-cooperative (Tel. No.: 91-832-6648888)
LOCATIONS
|
Registered Office : |
Plot No. 60, Pilerne Industrial Estate, Pilerne, Bardez – 403511, Goa,
India |
|
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 : |
DIRECTORS
As on: 15.10.2013
|
Name : |
Mr. Sanjay Khatau Asher |
|
Designation : |
Director |
|
Address : |
32, Mody Street, Fort, Mumbai – 400001, Maharashtra, India |
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Date of Birth/Age : |
26.11.1963 |
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Date of Appointment : |
12.09.2012 |
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DIN No.: |
00008221 |
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|
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Name : |
Mr. Shekhar Ravindra Sardessai |
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Designation : |
Chairman and Managing director |
|
Address : |
G-1, Excel Residency, Tonca Caranzalem, North Goa – 403002, Goa, India
|
|
Date of Birth/Age : |
07.07.1967 |
|
Date of Appointment : |
02.11.2012 |
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DIN No.: |
00016446 |
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|
|
Name : |
Mr. Vinay Balavsaheb Jagtap |
|
Designation : |
Director |
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Address : |
Riverdale Appartments, G-3, Opposite Football Ground, Betim Porvorim,
North Goa – 403521, Goa, India |
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Date of Birth/Age : |
13.04.1970 |
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Date of Appointment : |
02.11.2012 |
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DIN No.: |
02573058 |
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Name : |
Mr. James Carl Larwood Jr |
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Designation : |
Director |
|
Address : |
8, Roberts Road, Simsbury – 06070, Connecticut |
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Date of Birth/Age : |
09.11.1957 |
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Date of Appointment : |
02.11.2012 |
|
DIN No.: |
06411754 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 15.10.2013
|
Names of Shareholders |
|
No. of Shares |
|
Kineco Private Limited, India |
|
3313350 |
|
Kaman Aerospace Group Inc, Connecticut |
|
1164150 |
|
|
|
|
|
Total |
|
4477500 |
Equity Share Break up (Percentage of Total Equity)
As on: 15.10.2013
|
Category |
|
Percentage |
|
|
|
|
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
26.00 |
|
Bodies corporate |
|
74.00 |
|
|
|
|
|
Total
|
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
|
GENERAL INFORMATION
|
No. of Employees : |
Information Decline by the management |
|
|
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Bankers : |
Not Available |
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Banking
Relations : |
-- |
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Auditors : |
|
|
Name : |
Deloitte Haskins and Sells Chartered Accountants |
|
Address : |
12, Dr. Annie Besant Road, Opposite Shiv Sagar Estate, Worli, Mumbai –
400018, Maharashtra, India |
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Tel. No.: |
91-22-61854000 |
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Fax No.: |
91-22-61854501 |
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PAN No.: |
AACFD4815A |
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Holding Company: |
Kineco Private Limited |
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Subsidiaries : |
Kineco Alte Train Technologies Private Limited |
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Entitles who can exercise significant influence being a major
shareholders: |
Kaman Aerospace Group Inc. |
CAPITAL STRUCTURE
As on: 15.10.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
5000000 |
Equity Shares |
Rs.10/- each |
Rs. 50.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
4477500 |
Equity Shares |
Rs.10/- each |
Rs. 44.775
Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES
OF FUNDS |
|
|
31.03.2013 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
|
44.775 |
|
(b) Reserves & Surplus |
|
|
(8.277) |
|
(c) Money received against
share warrants |
|
|
0.000 |
|
|
|
|
|
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(2) Share Application money
pending allotment |
|
|
0.000 |
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Total
Shareholders’ Funds (1) + (2) |
|
|
36.498 |
|
|
|
|
|
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(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
|
25.600 |
|
(b) Deferred tax liabilities
(Net) |
|
|
0.000 |
|
(c) Other long term
liabilities |
|
|
0.000 |
|
(d) long-term provisions |
|
|
0.000 |
|
Total
Non-current Liabilities (3) |
|
|
25.600 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
|
|
0.000 |
|
(b) Trade payables |
|
|
1.376 |
|
(c) Other current liabilities |
|
|
0.534 |
|
(d) Short-term provisions |
|
|
0.000 |
|
Total
Current Liabilities (4) |
|
|
1.910 |
|
|
|
|
|
|
TOTAL |
|
|
64.008 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
|
|
50.243 |
|
(ii) Intangible Assets |
|
|
0.000 |
|
(iii) Capital work-in-progress |
|
|
0.073 |
|
(iv) Intangible assets under
development |
|
|
0.000 |
|
(b) Non-current Investments |
|
|
0.000 |
|
(c) Deferred tax assets (net) |
|
|
0.000 |
|
(d) Long-term Loan and Advances |
|
|
0.077 |
|
(e) Other Non-current assets |
|
|
0.000 |
|
Total
Non-Current Assets |
|
|
50.393 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
|
0.000 |
|
(b) Inventories |
|
|
1.631 |
|
(c) Trade receivables |
|
|
10.264 |
|
(d) Cash and cash equivalents |
|
|
1.580 |
|
(e) Short-term loans and
advances |
|
|
0.140 |
|
(f) Other current assets |
|
|
0.000 |
|
Total
Current Assets |
|
|
13.615 |
|
|
|
|
|
|
TOTAL |
|
|
64.008 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
|
31.03.2013 |
|
|
|
SALES |
|
|
|
|
|
|
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Gross Turnover |
|
|
1.571 |
|
|
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Other Income |
|
|
NA |
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TOTAL |
|
|
NA |
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|
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|
Less |
EXPENSES |
|
|
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TOTAL |
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|
NA |
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PROFIT BEFORE
TAX |
|
|
NA |
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Less |
TAX |
|
|
NA |
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|
PROFIT / (LOSS)
AFTER TAX |
|
|
(13.048) |
|
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|
|
Earnings Per
Share (Rs.) |
|
|
(7.09) |
|
KEY RATIOS
|
PARTICULARS |
|
|
|
31.03.2013 |
|
Debt Equity Ratio (Total Debt/Networth) |
|
|
|
0.70 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
|
7.12 |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES
OF LONG-TERM DEBT DETAILS: NOT AVAILABLE
|
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 |
No |
|
10] |
Designation of contact person |
No |
|
11] |
Turnover of firm for last one year |
Yes |
|
12] |
Profitability for last one year |
Yes |
|
13] |
Reasons for variation <> 20% |
-- |
|
14] |
Estimation for coming financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
Yes |
|
20] |
Export / Import details (if applicable) |
No |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm / promoter involved in |
-- |
|
23] |
Banking Details |
No |
|
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 LOAN
(Rs.
In Millions)
|
Particulars |
As on 31.03.2013 |
|
Long term
borrowings |
|
|
Loans and advance from related parties |
25.600 |
|
|
|
|
Total |
25.600 |
PERFORMANCE
HIGHLIGHTS:
After successful execution of the Joint Venture agreement on 20th September, 2012, the Joint venture formally became operational on 2nd November, 2012 under the name and style of Kineco Kaman Composites- India Private Limited (KKCI). This was followed by an official inauguration of the upgraded JV facility and launch of the JV into the market on 08th January, 2013. The Company has started its operations and the gross turnover for the period was Rs. 1.570 million.
Note: The Registered
Office of the company has been shifted from C/o, M/S Crawford Bayley and
Company, 4th Floor, State Bank Buildings, N.G. N. Vaidya Marg, Fort, Mumbai –
400023, Maharashtra, India to the present address w.e.f. 20.02.2013.
Note: No Charges Exist for Company
FIXED ASSETS
- Plant and Equipment
- Furniture and Fixture
- Office Equipment
- Leasehold Land
- Buildings
- Computers
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 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. 60.99 |
|
|
1 |
Rs. 102.08 |
|
Euro |
1 |
Rs. 84.52 |
INFORMATION DETAILS
|
Information
Gathered by : |
HTL |
|
|
|
|
Report Prepared
by : |
DPH |
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 |
4 |
|
--PROFITABILIRY |
1~10 |
- |
|
--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 |
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 |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
26 |
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.