MIRA
INFORM REPORT
|
Report Date : |
25.11.2006 |
IDENTIFICATION
DETAILS
|
Name : |
KITCHEN
APPLIANCES INDIA LIMITED |
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Registered Office : |
171
C, Mittal Court, Nariman Point, Mumbai 400021 |
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Country : |
India |
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Financials (as on) : |
30.06.2005 |
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Date of Incorporation : |
23.08.1995 |
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Com. Reg. No.: |
11-131152 |
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CIN No.: [Company
Identification No.] |
U00389KA1995PLC018614/U9999MH2001PTC131152 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMK11732A |
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PAN No.: [Permanent
Account No.] |
AAACK7417L |
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Legal Form : |
A
Closely Held Public Limited Liability Company |
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Line of Business : |
Manufacturers
of Kitchen Appliances, Television, Refrigerator and Air Cooler. |
RATING & COMMENTS
|
MIRAs Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
41-55 |
Ba |
Overall operation is considered normal.
Capable to meet normal commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD
8500000 |
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Status : |
Good |
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Payment Behaviour : |
Regular
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Litigation : |
Clear |
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Comments : |
Subject
is indirectly backed by Videocon Group, a leading manufacturing of consumer
electronics and brand owners of Videocon. Videocon recently acquired
Thompson, France Financial
position of the company is satisfactory. Trade relations are fair. Payments
are correct and as per commitments. The company is doing well. It can
be considered good for any normal business dealings at usual trade terms. It can
be regarded as a promising business partner in a medium to long run. |
LOCATIONS
|
Registered/Corporate Office : |
171
C, Mittal Court, Nariman Point, Mumbai 400021 |
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Administrative
Office : |
1601, Maker Chambers V, Nariman Point, Mumbai 400021, Maharashtra,
India |
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Factory
1 : |
C 6,
Ashok Steel Compound, 159 C S T Road, Kalina, Santacruz (East), Mumbai
400094 |
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Tel.
No.: |
91-22-26526431/26526274 |
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Fax
No.: |
91-22-26528826/26527052 |
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Factory
2 : |
Colour Television Plant : Salt
Lake City, Kolkata, West Bengal, India |
DIRECTORS
|
Name : |
Mr.
Dhoot Nandalal Venugopal |
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Designation : |
Director
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Address : |
Station
Road, Gangapur Gin Compound, Ahmednagar 414001 |
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Date of Birth/Age : |
30.09.1951 |
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Date of Appointment : |
15.05.1998 |
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Name : |
Mr.
Subramanian Padmanabhan |
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Designation : |
Director
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Address : |
30
Vishrambau g Society, Senapati Bapat Marg, Pune 411030 |
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Date of Birth/Age : |
01.09.1939 |
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Date of Appointment : |
23.08.1995 |
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Name : |
Mr.
Rahul Amarnath Sethi |
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Designation : |
Director
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Address : |
Sector
A Plot No. 40, N 1 CIDCO, Aurangabad 431003 |
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Date of Birth/Age : |
02.12.1951 |
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Date of Appointment : |
23.08.1995 |
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Name : |
Mr.
Malpani Avinash |
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Designation : |
Director |
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Address : |
50 B,
Gangadeep, Garihat Road, Kolkata 7000009 |
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Date of Appointment : |
23.08.1995 |
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Name : |
Mr.
Hiren Narendra Shah |
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Designation : |
Director
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Address : |
B 4,
Sambhaji Nagar, Padmavati Nagar Cooperative, Pune 411043 |
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Date of Birth/Age : |
29.06.1976 |
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Date of Appointment : |
01.12.2005 |
MAJOR SHAREHOLDERS
|
Names
of Shareholders |
No. of Shares |
|
Videocon International Limited |
4406000 |
|
Videocon
Appliances Limited |
4406000 |
|
Videocon
Petroleum Limited |
6089000 |
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Videocon
Exports Limited |
5514000 |
|
Shree
Dhoot Trading & Agencies Limited |
5957000 |
|
Rajkumar
Engineering Private Limited |
1106930 |
|
Mr. S.
Padmanabhan |
10 |
|
Mr.
Rahul Sethi |
10 |
|
Mr.
Nabankur Gupta |
10 |
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Mr. V.
G. Shilvant |
10 |
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Mr.
Avinash Malpani |
10 |
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Mr.
Ajit Dhanankar |
10 |
|
Mr. J
B Kanlaykar |
10 |
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M/s.
Macotax Consultants Private Limited |
332000 |
|
M/s. R
N Dhoot Investment Company Private Limited |
332000 |
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M/s.
Keshar Dhoot Investment Company Private Limited |
1373000 |
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M/s.
Dhoot Brothers Investment Company Private Limited |
1484000 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturers
of Kitchen Appliances, Television, Refrigerator and Air Cooler. |
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Products : |
Kitchen
Appliances The
companys product range include : v
Room
Air Conditioners v
Microwave
Oven v
Evaporative
type Room Air Cooler v
Blender
cum Mixer Grinder v
Water
Purifier based on Ultra-Violet technology v
Wet
& Dry Mopper (Floor Care Products) v
Kitchen
Appliances v
--Heat
Appliances v
--Blender
Juicer v
Television v
Refrigerator v
Air
Cooler |
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PRODUCTION
STATUS
|
Particulars |
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Actual Production |
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Electrical and Electronic Appliances |
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|
2230990 |
GENERAL
INFORMATION
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No. of Employees : |
1500 |
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Bankers : |
v
State
Bank of India v
The
Bank of Rajasthan Limited v
The
Jammu & Kashmir Bank Limited v
Societe
Generale v
Dena
Bank v
Indian
Overseas Bank v
The
Lord Krishna Bank Limited v
State
Bank of Mysore v
Bank
of Maharashtra v
Allahabad
Bank v
Lord Krishna Bank Limited, 201, BNG
House, Near Central Cinema, D N Road, Fort, Mumbai 400001 v
State Bank of India, Corporate
Accountant Group Branch, Nariman Point, Mumbai 400021 |
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Facilities : |
Secured
Loan FCNRB
Term Loan Rs. 377.913 Millions Working
Capital Loans from Banks Rs. 955.946 Millions Vehicle
Loans from Banks Rs. 2.633 Millions Unsecured
Loan Interests
free loans from promoter Rs. 200.000 Millions |
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Banking Relations : |
Satisfactory |
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Auditors : |
Kadam
& Company Chartered
Accountants, |
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Address: |
Ahmednagar,
College Road, Kothi Near Badve Petrol Pump, Ahmednagar 414001, Maharashtra,
India |
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Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
Authorised
Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
31000000 |
Equity
Shares |
Rs. 10/- Each |
Rs. 310.000 Millions |
Issued,
Subscribed & Paid-up Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
31000000 |
Equity
Shares |
Rs. 10/- Each |
Rs. 310.000 Millions |
FINANCIAL DATA
[all figures are in Rupees
Millions]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
30.06.2005 |
30.06.2004 |
30.06.2003 |
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|
SHAREHOLDERS FUNDS |
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|
|
|
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1] Share Capital |
310.000 |
310.000 |
310.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
1811.614 |
1477.777 |
1197.792 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
2121.614 |
1787.777 |
1507.792 |
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LOAN FUNDS |
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1] Secured Loans |
1336.493 |
1541.531 |
1216.071 |
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2] Unsecured Loans |
200.000 |
388.368 |
364.500 |
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TOTAL BORROWING |
1536.493 |
1929.899 |
1580.571 |
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DEFERRED TAX LIABILITIES |
126.778 |
94.482 |
55.130 |
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TOTAL |
3784.885 |
3812.158 |
3143.493 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
1259.346 |
1196.650 |
743.932 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
29.970 |
29.960 |
29.960 |
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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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|
|
|
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Inventories |
1848.900
|
1817.672 |
1607.316 |
|
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Sundry Debtors |
1829.867
|
1794.391 |
1394.755 |
|
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Cash & Bank Balances |
382.303
|
366.590 |
510.021 |
|
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Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
154.602
|
132.398 |
264.613 |
|
Total Current Assets |
4215.672
|
4111.051 |
3776.705 |
|
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Less : CURRENT LIABILITIES & PROVISIONS |
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|
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Current Liabilities |
1654.715
|
1473.970 |
1368.038 |
|
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Provisions |
65.388
|
51.533 |
39.066 |
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Total Current Liabilities |
1720.103
|
1525.503 |
1407.104 |
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Net Current Assets |
2495.569
|
2585.548 |
2369.601 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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|
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|
|
|
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TOTAL |
3784.885 |
3812.158 |
3143.493 |
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PROFIT
& LOSS ACCOUNT
|
PARTICULARS |
30.06.2005 |
30.06.2004 |
30.06.2003 |
|
Sales Turnover [including other income] |
12318.434 |
10662.619 |
8972.074 |
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|
|
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Profit/(Loss)
Before Tax |
375.724 |
328.014 |
285.886 |
|
Provision
for Taxation |
42.796 |
49.352 |
62.244 |
|
Profit/(Loss)
After Tax |
332.928 |
278.662 |
223.642 |
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|
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Export
Value |
NA |
0.646 |
NA |
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Import
Value |
433.647 |
535.426 |
NA |
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|
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Total
Expenditure |
11942.709 |
10334.605 |
8686.188 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2005 |
31.03.2004 |
31.03.2003 |
|
PAT / Total Income |
(%) |
2.70
|
2.61 |
2.49 |
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Net
Profit Margin (PBT/Sales) |
(%) |
3.05
|
3.07 |
3.18 |
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Return
on Total Assets (PBT/Total
Assets} |
(%) |
6.86 |
6.11 |
6.32 |
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Return
on Investment (ROI) (PBT/Networth) |
|
0.17
|
0.18 |
0.18 |
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|
|
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Debt
Equity Ratio (Total
Liability/Networth) |
|
1.53
|
1.93 |
1.98 |
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|
|
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Current
Ratio (Current
Asset/Current Liability) |
|
2.45
|
2.69 |
2.68 |
LOCAL AGENCY
FURTHER INFORMATION
HISTORY
Subject
was incorporated on 23rd August, 1995 at Bangalore in Karnataka
having Company Registration Number 18614.
The
companys registered office was shifted from Bangalore in Karnataka to Mumbai
in Maharashtra w.e.f. 08.03.2001 and obtained a new Company Registration Number
131152.
BUSINESS
Subject
is engaged in as Manufacturers of Kitchen Appliances, Television, Refrigerator
and Air Cooler.
The
company is in the business of marketing Home Appliances like Microwave Oven, Evaporative type Room Air
Cooler, Mixer Grinder, Ultra-Violet technology based domestic Water Purifier
and a host of kitchen gadgest like Hand Mixer, Stick Blender, Iron, Sandwitch
Toaster, Pizza Maker, Waffle Maker, Citrus Juicer, Juice Extractor, Coffee
Maker and markets these appliances under the brand name Kenstar
The
companys fixed assets of important value include land, building, plant and
machinery, computers, furniture and fixtures, office equipment and vehicles.
Operation
During
the year the overall performance of the company has been satisfactory. The sale
and profitability has increased to the satisfaction. The company strives to
improve its market share and as a part of its strategy the company emphasis on
launching innovative models to satisfy the needs of its customer. The network
of distributor across the country and prompt and satisfactory after sales
services are the strengths of the company. The company management expects more
satisfactory results during the company year.
|
Name of the company |
KITCHEN
APPLIANCES INDIA LIMITED |
|
1) Date and description of instrument creating the change |
Dated 01.01.2001 Hypothecation of plant and machinery |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 140.000 millions |
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3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
All the borrowers book debts outstanding and receivable All the borrowers goods including stock in trade and products All the borrowers plant and machinery |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
Import LC as per FEDAI Rules Import LC RS. 100+2% Margin Cash Credit Raw Material 30% Spares 33.33% Finished Goods 33.33% Stock in progress 33.33% Receivable 40.00% LC Cash margin 20% by way of cash |
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5) Name and Address and description of the person entitled to the charge. |
Lord Krishna Bank Limited, 201, BNG House, Near Central Cinema, D N Road, Fort, Mumbai - 400001 |
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6) Date and brief description of instrument modifying the charge |
Dated 20.11.2002 Supplemental deed of hypothecation of additional limit |
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7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
The original charge created on 01.01.2001 for Rs. 140.000 Millions has now been modified and increased to Rs. 176.000 Millions upon sanction of additional credit limit of Rs. 36.000 Millions to the borrower All the movables specified in the principal deed of hypothecation shall constitute security to the original advance and that the principal All other terms and conditions shall remain the same |
Form 8 Particular for creation or modification of
charges
|
Corporation identity number or foreign company registrations number of the company |
U99999MH2001PTC131152 |
|
Name of the company |
KITCHEN APPLIANCES INDIA LIMITED |
|
Address |
171
C, Mittal Court, Nariman Point, Mumbai 400021 |
|
This Form is for |
Modification Charge |
|
Particular of the charge holder |
State Bank of India, Corporate Accountant Group Branch, Nariman Point, Mumbai 400021 |
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Amount Secure by the charge |
Rs. 900.000 Millions |
|
Description of the property charge whether it is a charge on |
Immovable, Stock in trade, Book Debts and other |
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Modification charge Charge identification number of the charge to be modified |
80005328 |
|
Date of instrument modifying the charge |
14.06.2006 |
|
Particulars of the present modification |
The company continue to hold the existing title deed by construction delivery and new title deeds over the immovable properties to secure its credit facilities of Rs. 3250.000 Millions |
CMT REPORT [Corruption, Money
laundering & Terrorism]
The
Public Notice information has been collected from various sources including but
not limited to: The Courts, India Prisons Service, Interpol, etc.
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 Intl 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
companys 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.44.87 |
|
UK
Pound |
1 |
Rs.85.99 |
|
Euro |
1 |
Rs.58.15 |
SCORE &
RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
54 |
This score serves as a reference to assess SCs 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 |
Unfavourable & favourable factors
carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
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 |
|
NR |
In view of the lack of information, we
have no basis upon which to recommend credit dealings |
No Rating |
|