MIRA INFORM REPORT
|
Report
Date : |
05.02.2007 |
IDENTIFICATION
DETAILS
|
Name : |
KERALA
STATE ELECTRONICS DEVELOPMENT CORPORATION LIMITED |
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Registered
Office : |
Keltron
House, Vellayambalam, Thiruvananthapuram – 695033, Kerala |
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Country
: |
India |
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Financials
(as on) : |
31.03.2006 |
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Date
of Incorporation : |
29.09.1972 |
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Com.
Reg. No.: |
09-2450 |
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CIN
No.: [Company
Identification No.] |
U74999KL1972SGC002450 |
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TAN
No.: [Tax
Deduction & Collection Account No.] |
TVDK00618C |
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Legal
Form : |
A closely held public limited liability company. It is
owned by Kerala State Government. |
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Line
of Business : |
Manufacturer
and Trader of electrical and electronic items and packing materials. |
RATING & COMMENTS
|
MIRA’s
Rating : |
B |
RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
26-40 |
B |
Unfavourable & favourable
factors carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
Small |
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Maximum
Credit Limit : |
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Status
: |
Moderate |
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Payment
Behaviour : |
Regular |
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Litigation
: |
Clear |
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Comments
: |
Subject
is a company of Kerala State Government having main object to promote
electronic industry in Kerala State. The company assist private entrepreneur
for the development of electronic and software industry. Trade
relations are fair. Payments are usually correct and as per commitments.
Financial position can be regarded as moderate since the company has huge
accumulated losses. At the same time, the company can be regarded for normal
business dealings at usual trade terms and conditions. The company has exposure of Kerala State Government and
can be regarded normal for medium to long run. |
LOCATIONS
|
Registered
Office : |
Keltron
House, Vellayambalam, Trivandrum – 695033, Kerala |
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Tel.
No.: |
91-471-2724444 |
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Fax
No.: |
91-471-2724545 |
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E-Mail
: |
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Website
: |
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Factory
: |
Trivandrum:
Keston Road, Kowdiar, Kerala - 695 003 India Fax:
91-471-2315893 E-mail: info@ksidc.org II Floor
Choice Towers, Manorama Junction, Kerala - 682016 India Fax:
91-484-2323011 |
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Branches
: |
102,
Poonam Chambers, Dr. Annie Besant Road, Worli, Mumbai - 400018 Phone:
91-22 – 24922109/ 24968775/ 24934094/ 24935917 20,
Ballygunj, Circular Road, Kolkata - 700 019 Phone:
91-33 -24765980 /24757871 Travancore
House, Kasturba Gandhi Marg, Bharahtiya Vidya Bhavan, Phone:
91-11 – 23388625/ 23381730/ 23383689 No 52
, St. Johns Road, Bangalore - 560 042 Phone:
91-80 – 25579382 / 25564228 / 25544289 Sudarshan
Buildings, 86, Chamiers Road, Chennai - 600 018 Phone: 91-44-24341261/ 24346330/ 24342006 1-1-300/3,
Ashok Nagar, Syndicate Bank Complex, Hyderabad - 500 020 Phone: 91-40 - 27634537 Bungalow
No.18, SBI Officer's Society, Narayan Nagar, Paladi, Dr. Mahila Milan Mandir,
Ahmedabad - 380 007 Phone: 91-79-26635688/ 26604728 Keltron
House, Vellayambalam, Trivandrum - 695 033 Phone: 91-471 - 2724444 |
DIRECTORS
|
Name : |
Mr. Balakrishnan T. |
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Designation
: |
Chairman |
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Address
: |
Ram Nivas, Bhaktivilasom Road, Vazhuthacaud, Trivandrum –
695014, Kerala, India |
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Date
of Birth/Age : |
03.10.1951 |
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Date
of Appointment : |
16.05.2005 |
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Name : |
Mr. John Mathai |
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Designation
: |
Managing Director |
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Date
of Birth/Age : |
07.10.1946 |
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Address
: |
Malancharuvil, 8, Bhaven Gardens, Kowdiyar P.O.,
Trivandrum |
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Date
of Appointment : |
09.03.2004 |
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Date
of Ceasing : |
16.05.2005 |
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Name : |
Mr. Ram
Kumar V. |
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Designation
: |
Managing Director |
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Date
of Birth/Age : |
10.10.1946 |
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Address
: |
4/328, Revathy, Near Ambala Nagar, Kowdiar P.O.,
Trivandrum – 695003, Kerala |
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Date
of Appointment : |
23.01.2003 |
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PAN
No. : |
00018644 |
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Income-tax
PAN No. : |
ADOPM8843Q |
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Passport
No.: |
E8724508 |
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Voters
ID No. : |
KL/20/134/099097 |
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Tel.
No. : |
91-471-2433950 |
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Fax
No. : |
91-471-2724545 |
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E-mail
: |
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Name : |
Mr. M. Narayanan |
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Designation
: |
Managing Director |
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Date
of Birth/Age : |
01.06.1955 |
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Address
: |
Haviss 4/164, Kowdiar, Trivandrum – 695003,
Kerala |
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Date
of Appointment : |
30.06.2006 |
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PAN
No. : |
00507650 |
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Tel.
No. : |
91-471-2722430 |
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Fax
No. : |
91-471-2724545 |
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Name : |
Mr.
Kurian P. H. |
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Designation
: |
Director |
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Date
of Birth/Age : |
20.01.1959 |
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Address
: |
Pullukkottayil, TC.18/525, TKD Road, Muttada,
Trivandrum |
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Date
of Appointment : |
31.03.2003 |
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Date
of Ceasing : |
15.04.2005 |
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Name : |
Mr. Gyanesh Kumar |
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Designation
: |
Director |
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Address
: |
IInd Cliffdale Apartments, Nanthancode
Trivandrum, Kerala |
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Date
of Birth/Age : |
27.01.1964 |
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Date
of Appointment : |
23.08.2004 |
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Name : |
Mr. Sooraj T O |
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Designation
: |
Director |
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Address
: |
Ushus T C 13 705 2 MRA 180 Vadaykadu, Kunnukuzhy
Vanchiyoor, Trivandrum, Kerala |
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Date
of Birth/Age : |
31.05.1958 |
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Date
of Appointment : |
15.04.2005 |
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|
Name : |
Ms. Aruna
Sundararajan |
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Designation
: |
Director |
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Date
of Birth/Age : |
12.07.1959 |
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Address
: |
TC/34/528, Malathisadan, Gandhimathi Road,
Vattiyurkkavu, Trivandrum |
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Date
of Appointment : |
31.03.2003 |
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Date
of Ceasing : |
26.05.2005 |
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Name : |
Mr.
Sreekantan Nair K |
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Designation
: |
Director |
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Date
of Birth/Age : |
17.06.1944 |
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Address
: |
Eii, Telecom Officers quarters, Law College
Junction, Trivandrum |
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Name : |
Mr.
Sukumar N. P. |
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Designation
: |
Director |
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Date
of Birth/Age : |
20.05.1938 |
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Address
: |
Lakshmi, TC 9/1302, Temple Road, Sasthamangalam,
Trivandrum – 695010, Kerala |
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Date
of Appointment : |
31.12.1999 |
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Name : |
Mr.
Srivasthsan K. R. |
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Designation
: |
Director |
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Date
of Birth/Age : |
08.06.1948 |
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Address
: |
MLR-124, Mangalam Lane, Sasthamangalam,
Trivandrum – 695010, Kerala |
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Date
of Appointment : |
22.01.2001 |
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Name : |
Mr.
Suresh Chandra |
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Designation
: |
Director |
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Date
of Birth/Age : |
30.03.1946 |
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Address
: |
A 5/3, MS Flats, Sector, 13 RK Puram, New Delhi |
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Date
of Appointment : |
23.04.2002 |
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Date
of Ceasing : |
22.12.2004 |
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Name : |
Mr.
Somasekharan Unny P. K. |
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Designation
: |
Director |
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Date
of Birth/Age : |
28.09.1946 |
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Address
: |
Manoj Nivas Mattoor, Kalady, Ernakulam |
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Date
of Appointment : |
23.06.2003 |
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Name : |
Mr. Rajan
T. Joseph |
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Designation
: |
Director |
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Date
of Birth/Age : |
06.05.1951 |
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Address
: |
TC/31/2025, Sreerangam Lane, Sasthamangalam,
Trivandrum |
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Date
of Appointment : |
01.08.2003 |
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|
Name : |
Mr.
Choudhary R.C. |
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Designation
: |
Chairman cum Managing Director |
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Date
of Birth/Age : |
22.10.1941 |
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Address
: |
Aiswarya, TC 13/462, Thampuranmukku, Kunnukuzhi,
Trivandrum |
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Name : |
Ms.
Aswini Kumar Rai |
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Designation
: |
Director |
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Date
of Birth/Age : |
06.05.1964 |
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Address
: |
Apt. No.D 2V, Millennium Apartment, Jagathy,
Trivandrum |
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|
Name : |
Mr.
Jerome S. |
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Designation
: |
Director |
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Date
of Birth/Age : |
05.01.1949 |
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Address
: |
Rajani, Kadappakada, Kollam |
KEY EXECUTIVES
|
Name : |
Mr.
Thomas Mathen |
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Designation
: |
Secretary |
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Date
of Birth/Age : |
29.07.1962 |
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Address
: |
Kuriyil Puthenpeedika, Omallur P.O.,
Pathanamthitta |
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Name : |
Mr. Subramony V. |
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Designation
: |
Secretary |
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Address
: |
TC 60 295, Gokul Fort, Trivandrum – 695023,
Kerala |
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Date
of Birth/Age : |
24.04.1981 |
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Date
of Appointment : |
27.01.2005 |
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E-mail
: |
subramonycs@keltron.org |
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Phone
: |
91-471-2726636 |
MAJOR SHAREHOLDERS
|
Names of Shareholders |
No. of Shares |
|
Government
of Kerala |
10335960 |
|
Mr. John
Mathai |
1 |
|
Mr. Ram
Kumar V. |
1 |
|
Mr.
Sasidharan Pillai P. |
1 |
BUSINESS DETAILS
|
Line
of Business : |
Manufacturer
and Trader of electrical and electronic items and packing materials. |
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Products
: |
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PRODUCTION
STATUS
|
Particulars |
Unit |
Licensed & Installed Capacity |
Actual Production |
|
Switching
Equipments |
Lines |
70000 |
-- |
|
Printed
Circuit Boards |
Msq. |
8000 |
-- |
|
Analisers |
Nos. |
500 |
-- |
|
E. P.
Convertor |
Nos. |
750 |
-- |
|
Transmitters |
Nos. |
4000 |
-- |
|
Binery
Pro-Controllers |
Nos. |
20 |
-- |
|
Panels
Mount Instruments |
Nos. |
2500 |
-- |
|
Pneumatic
Actuators |
Nos. |
750 |
684 |
|
Panels
& Consols |
Nos. |
750 |
37 |
|
Analog
Elec. Control Modules |
Nos. |
7500 |
96 |
|
DDCS |
Rs. in millions |
500.000 |
7.570 |
|
CCTV
Systems |
Nos. / Rs. in millions |
100 |
1.540 |
|
Studio
Broadcast Equipments |
Rs. in millions |
50.000 |
1.564 |
|
Alpha
Numeric Data Display Terminal |
Nos. |
100 |
-- |
|
DRS |
Nos. |
2000 |
-- |
|
RNT |
Nos. |
200 |
-- |
|
Electronic
Equipment for Defence and Elec Control Systems for Ship |
Rs. In millions |
150.000 |
178.123 |
|
Attendance
data management system |
Nos. |
80 |
80 |
|
Electronic
Cash Register |
Nos. |
250 |
-- |
|
VDU’s
colour graphic Terminal, New Data Systems, Battery terminal |
Nos. |
100 |
-- |
|
Electronic
Weighing Machine |
Nos. |
1500 |
-- |
|
Static
Inverter System |
Nos. |
5000 |
|
|
Variable
Speed Drivers |
Nos. |
5000 |
37 |
|
Computer
Systems and peripherals |
Rs. In millions |
20.000 |
1.246 |
GENERAL INFORMATION
|
Suppliers
: |
Akul Fibres Aeropack Corporation Comtech Products Devi Printers Goodwill Hardware Stores Hi-Cool Electronic Industries Kannan Industries Omni Electronics Resistors Manufacturing Company Metal Tech Nalanda Industries Neetha Engineering Works Shakthi Engineering Works Veejay Industries Geetha Engineering Works Sigma Industries |
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No. of
Employees : |
71100 |
|
|
|
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Bankers
: |
State Bank of India State Bank of Travancore Indian Overseas Bank Canara Bank Union Bank of India |
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|
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Banking Relations : |
Satisfactory |
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Auditors
: |
Kumar Biju & Associates Chartered Accountants, Thiruvananthapuram Dhan & Company Chartered Accountants, TC 4/1274, Krishna, Kuravankonam, Trivandrum – 695003,
Kerala PAN No. : AABFD7717J |
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Subsidiaries
: |
Keltron Electro Ceramics Limited CIN No. : U29299KL1974SGC002601 Keltron Component Complex Limited CIN No. : L31904KL1974SGS002630 Keltron Magnetics Limited CIN No. : U74999KL1975SGC002674 Keltron Crystals Limited CIN No. : U31904KL1974FTC002631 Keltron Resistors Limited CIN No. : U32103KL1975SGC002690 Keltron Power Devices Limited CIN No. : U31200KL1979PLC002768 Keltron Counters Limited CIN No. : U29299KL1964PLC002065 Keltron Rectifiers Limited CIN No. : U31109KL1976SGC002791 |
CAPITAL STRUCTURE
Authorised
Capital :
|
No. of
Shares |
Type |
Value |
Amount |
|
10500000 |
Equity
Shares |
Rs. 100/- each |
Rs. 1050.000 millions |
Issued,
Subscribed & Paid-up Capital :
|
No. of
Shares |
Type |
Value |
Amount |
|
10335960 |
Equity
Shares |
Rs. 100/- each |
Rs. 1033.596 millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
SHAREHOLDERS FUNDS |
|
|
|
|
1] Share Capital |
1033.596 |
1033.596 |
799.155 |
|
2] Share
Application Money |
0.000 |
0.000 |
234.441 |
|
3]
Reserves & Surplus |
8.637 |
40.772 |
12.907 |
|
4] (Accumulated
Losses) |
[4856.302] |
[4470.231] |
[3963.656] |
|
NETWORTH |
[3814.069] |
[3395.863] |
[2917.153] |
|
|
|
|
|
|
LOAN FUNDS |
|
|
|
|
1] Secured Loans |
1148.825 |
1349.020 |
1509.016 |
|
2] Unsecured Loans |
2256.326 |
1880.915 |
1613.404 |
|
TOTAL BORROWING |
3405.151 |
3229.935 |
3122.420 |
|
|
|
|
|
TOTAL
|
[408.918] |
[165.928] |
205.267 |
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
98.913 |
111.034 |
120.379 |
|
Capital work-in-progress |
0.257 |
0.000 |
0.000 |
|
|
|
|
|
|
INVESTMENTS |
143.202 |
143.202 |
143.202 |
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
Inventories |
190.964 |
210.642 |
160.384 |
|
Sundry Debtors |
965.695 |
832.658 |
866.298 |
|
Cash & Bank Balances |
204.688 |
158.969 |
166.122 |
|
Other Current Assets |
0.000 |
0.108 |
0.507 |
|
Loans & Advances |
1098.230 |
1058.046 |
1033.226 |
|
Total Current Assets |
2459.577 |
2260.423 |
2226.537 |
|
Less : |
|
|
|
|
Current Liabilities & Provisions |
3115.343 |
2688.943 |
2322.798 |
Total Current Liabilities
|
3115.343 |
2688.943 |
2322.798 |
|
Net Current Assets |
[655.766] |
[428.520] |
[96.261] |
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
4.476 |
8.356 |
37.947 |
|
|
|
|
|
GRAND TOTAL
|
[408.918] |
[165.928] |
205.267 |
PROFIT & LOSS ACCOUNT
|
PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
Sales Turnover [including other income]
|
1180.798 |
969.318 |
910.554 |
|
|
|
|
|
Profit/(Loss) Before Tax
|
[386.071] |
[489.966] |
[494.767] |
Provision for Taxation
|
-- |
-- |
-- |
Profit/(Loss) After Tax
|
[386.071] |
[489.966] |
[494.767] |
|
|
|
|
|
Total Expenditure
|
1566.869 |
1459.284 |
1405.331 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
31.03.2004 |
PAT / Total Income
|
(%)
|
[32.69]
|
[50.54]
|
[54.33]
|
|
|
|
|
|
|
Net Profit Margin
(PBT/Sales) |
(%) |
[32.69]
|
[50.54]
|
[54.33]
|
|
|
|
|
|
|
Return on Total Assets
(PBT/Total
Assets} |
(%) |
[15.08]
|
[20.66]
|
[21.08]
|
|
|
|
|
|
|
Return on Investment (ROI)
(PBT/Networth) |
|
0.10
|
0.14
|
0.16
|
|
|
|
|
|
|
Debt Equity Ratio
(Total
Liability/Networth) |
|
[1.70]
|
[1.74]
|
[1.86]
|
|
|
|
|
|
|
Current Ratio
(Current
Asset/Current Liability) |
|
0.78
|
0.84
|
0.95
|
LOCAL AGENCY FURTHER INFORMATION
Financial Results :
During the year under report, the Corporation registered a
sales income of Rs. 825.100 millions as against Rs. 797.000 millions during the
previous year. The operations have
resulted in a net loss of Rs. 506.600 millions as against Rs. 494.700 millions
during the previous year. The net loss
is remaining high due to provision of interest on irregular CC accounts,
settlement of which is being pursued under OTS with Government help.
Capital Structure :
The Authorised Capital of the company has been increased to
Rs. 1050 millions in the Extra Ordinary General Meeting held on 06.08.2004 and
shares worth Rs. 234.400 millions have been allotted to Government on
23.12.2004. The Balance Sheet as at 31st
March, 2005 shows an accumulated loss of Rs. 4470.200 millions as against the
Share Capital of Rs. 1033.600 millions.
The company has been referred as per Section 15 [1] of the
SICA on 14.07.2002 to the Board for Industrial & Financial Reconstruction
based on the Audited Accounts for the year 1997-98 after adoption by the Annual
General Meeting held on 30.05.2002 and registered as case No. 605/2002. Section 15 [1] of the SICA provides to file
the reference within 60 days of the completion of the duly Audited Accounts for
the year 1997-98 in which the company became sick. BIFR issued show cause notice stating that the reference is time
barred as the application should have been filed within 60 days of the Board
Meeting dated 04.05.2002, as the provision to Section 15 [] provides that if
the Board had sufficient reason to believe that the company has become Sick
before such finalization, the Board shall within 60 days after it had formed
the opinion shall file a reference to BIFR.
BIFR in its meeting held on 31.01.2003, has rejected the reference as
time barred.
The company, as directed by Government, filed an appeal
against the order of the BIFR before AAIFR.
AAIFR vide its order No. AAIFR/APPEAL No. 136/03 dated 08.11.2005 has
set aside the order of BIFR dated 31.01.2003 rejecting their reference as time
barred and allowed the appeal filed by the company and the matter is remanded
back to BIFR.
KELTRON Tool Room
Research & Training Centre [KELTRAC]
The Tool Room is equipped with modern equipments and
machineries. During the year KELTRAC
have started long-term [4 years] courses in Diploma in Tool & Die Making
[DTDM] of which the first batch with 34 trainees started in July 2004. KELTRAC has approached Government of Kerala
for getting approval for autonomous status for the DTDM Courses. The course is also approved by AICTE on 18th
July, 2005.
In addition to the long term courses, they are continuing
short-term courses like CAD, CAM, CNC Programming Course, Advanced Training for
Government Engineering College Staff as part of the Technical Education Quality
Improvement Programme [TEQIP] under ADB Funding. As part of Students Training Programmes, they are conducting
in-plant training and project work activities on short duration basis for the
Engineering students sponsored by the Educational Institutions.
ONE TIME SETTLEMENT OF
DUES OF FINANCIAL INSTITUTIONS AND BANKS
During the year Rs. 30 millions has been sanctioned by
Government as grant for settlement of the dues of Peerless General Finance
& Investment Company. Subsequently,
an agreement was reached with Peerless General Finance & Investment Company
Limited to settle the final installments of Rs. 71 millions at Rs. 50
millions. Government had vide G. O.
[MS] No. 163/05/ID dated 19.12.2005 sanctioned Rs. 40 millions as loan and
directed to pay the balance Rs. 10 millions from the company. Accordingly KIRFB had released Rs. 40
millions on behalf of Government and the settlement was concluded on
27.12.2005, by paying Rs. 50 millions as full and final settlement.
As decided in the meeting with the Consortium Bankers held
by the Hon’ble Minister for Industries on 08.03.2004 a proposal to settle the
dues to the Consortium Bankers at Rs. 578.500 millions i.e. the sanctioned
limit of Rs. 418.000 millions plus the developed LCs and Bank Guarantee settled
by the Banks Rs. 160.500 millions, in two installments in September, 04 and
December, 04 has been submitted to the Government. Government has not taken a decision on the proposal so far.
In the mean time, Consortium Banks have filed case No. OA 19
of 2006 before the Debts Recovery Tribunal, Ernakulam, against the company,
State of Kerala represented by Chief Secretary to Government and Principal
Secretary to Government Industries [D] Department, Government of Kerala for recovering an amount of Rs. 3282.000
millions with 12% interest from 01.12.205 and Rs. 2.100 millions towards
invoked guarantees. They have engaged
Advocate, Mr. T. P. Kelu Nambiar, Ernakulam to defend the case before the Debt
Recovery Tribunal, Ernakulam.
A decision on the One Time Settlement proposal based on the
agreement with Banks reached in a meeting held by the Industries Minister on
08.03.2004, to settle the entire dues at Rs. 578.500 millions is yet to be
taken by the Government. The approval
of the Government for the OTS proposal can avoid the litigation and result in a
saving of about Rs. 2700 millions.
Subsidiary / Associate
Companies :
The year 2004-05 continued to experience the same trend for
the electronic component industry as in the previous year and the performance
of the Subsidiary Companies remained unsatisfactory. Keltron Electro Ceramics Limited registered a net loss of Rs.
2.906 millions as compared to the previous years figure of Rs. 0.645
millions. Keltron Component Complex
Limited has incurred a loss of Rs. 38.474 millions against the previous years’
figure of Rs. 16.522 millions, Keltron Magnetics Limited incurred a loss of Rs.
2.976 millions against the previous years’ figure of Rs. 3.499 millions,
Keltron Crystals Limited also incurred a loss of Rs. 22.490 millions against
the previous years’ figure of Rs. 16.207 millions, Keltron Resistors Limited
registered a loss of Rs. 6.184 millions against the previous years’ loss of Rs.
4.728 millions.
As part of the restructuring of KCCL operations, the OTS
with Financial Institutions was concluded by availing a loan from KIRFB as the
interest free Government loan as envisaged in the approved proposal was not
received. Government settled the loan
by sanctioning a loan of KCCL on 31.03.2005.
KCCL is also referred to BIFR.
BIFR on its hearing held on 22.11.2005 declared the company
as Sick Company and directed the company to submit a Revival Programme. KCCL is formulating a Revival Scheme for
rehabilitation of the company as per the guidelines of BIFR.
Keltron Crystals Limited [KXL] has been incurring huge loses
and referred to BIFR on 19.09.2002.
The operations of Keltron Magnetics Limited, Keltron
Resistors Limited and Keltron Electro Ceramic Limited are also not
satisfactory. These Companies are
facing very severe competition from cheaper imports. As restructuring of these companies is essential for long terms
sustenance, detailed proposals have been submitted to Government.
As viable projects could not be submitted, BIFR ordered
winding up of Keltron Power Devices Limited and referred the matter to High
Court of Kerala. The High Court of
Kerala has ordered the winding up of the company on 14.11.2005 and appointed
the Official Liquidator. On 14.12.2005,
the Official Liquidator took possession of the assets and effects of the
company.
BIFR confirmed the winding up order on the Keltron
Rectifiers Limited and sent the relevant papers to Hon’ble High Court of
Kerala. The case is pending with the
High Court.
In the mean time, Principal Secretary [Industries] convened
a meeting on 30.11.2005 to discuss on the take over of KRCL by District
Industries Centre, Thrissur [DIC] and it was decided that DIC will take over
the assets of the company by 31.12.2005, and Government will undertake to
settle all the liabilities of the company and move to the High Court to wind up
the company. Accordingly, DIC, Trichur
took possession of the assets of the company and the details of the remaining
major liabilities are also furnished to Government.
All the employees of KRCL has been sent on VRS and settled
the dues to Indian Bank and KFC on OTS with funds sanctioned by Government of
Kerala. The remaining major liabilities
are dues of MIT, Sales Tax, Electricity etc.
Though BIFR has ordered the winding up of Keltron Counters
Limited and referred the matter to High Court of Kerala, a stay has been
obtained from High Court of Kerala as ERC has formulated a revival scheme and
the same was approved by Government of Kerala.
Based on the scheme 138 employees have been relieved on Employees
Separation Scheme [ESS] and Rs. 74.449 millions sanctioned by Government of
Kerala has been distributed as benefits.
Government of Kerala vide Letter No. 6225/D3/04/ID dated
12.07.2004 directed the company to issue notice for Social Safety Net Programme
for the remaining employees of the company.
The company issued notice to all remaining employees for SSNP on
15.07.2004. Out of 145 employees 109
opted for SSNP and were separated from the services of the company on
31.08.2004. The remaining employees
started agitation against trade sale and is still continuing. Government of Kerala vide order No. G. O [Ms]
No. 137/2004/ID dated 30.11.2004 sanctioned an amount of Rs. 52.936
millions. The terminal benefits to the
separated employees has been settled.
Fixed Assets :
Land, Buildings, Plant and Machinery, Office Equipments,
Furniture & Fixtures, vehicles, etc.
Established way back in July 1961 to nurture the medium and
large scale industrial sector in the state, subject pervades each and every
industry related activity in Kerala.
It constitutes a group of professionals from various fields
including engineering, management, finance, and law. This team of professionals
having exposure in project planning and management over wide range of
industrial sectors forms the core department of the corporation. They are
closely involved in every project and assists investors in every step.
Subject provides comprehensive support for investors. The
incentive schemes of the state are processed, and constant interaction between
the government and industrial sector is facilitated so that timely and
appropriate support is given to the Industry.
Strategic alliances with leading management consultants,
venture fund managers and financial institutions enables it to provide
value-added services for industries.
- The State's one and only agency
for industrial development and promotion; a company fully owned by the
Government of Kerala.
- Formed in 1961 with the
objective of promoting, stimulating, financing and facilitating the
development of large and medium scale industries in Kerala.
- Promoted 614 projects with an investment outlay
of Rs. 48480.000 millions providing employment to 71100 persons as on
date.
Kerala Venture Capital Fund Private Limited
(KVCF) formed in association with Kerala Financial Corporation (KFC) and Small
Industries Development Bank of India (SIDBI) is dedicated to investing in
higher end sectors like Information Technology and Biotechnology
Subject
acts as facilitator and financier for industries, offers wide assistance in
building a dynamic economy.
The key
areas of its focus include:
v
Identification
of Investment Ideas
v
Translating
Ideas into Concrete Proposals
v
Feasibility
Study, Technology Sourcing, Project Evaluation
v
Financial
Structuring, Loan Syndication
v
Ensuring
Central and State Govt. Clearances
v
Tying
up Requirements in Infrastructure
v
Total
Project Management Support
v
Development
and Administration of Growth Centres
Subject is
a single point contact for all investors of the state and acts as a brand
ambassador of the state spreading its industrial ethos
Allied Supporting Services:
In addition
to the primary support provided to entrepreneurs, subject extends a whole range of pro-investor
services, which include:
v
Single Window Clearance System
Kerala is the first state in the country to introduce the
Single Window Clearance System with statutory backing and subject has been
designated as the Nodal Agency for all governmental clearances at state level
for medium and large-scale industries.
v
Venture Capital Financing
In a bid to encourage entrepreneurship in IT, Biotechnology
and allied sectors, subject in association with SIDBI and KFC has established
Venture Capital Funding as an alternate financial source with a corpus of Rs.
200.000 millions.
v
Capital Subsidy Processing
subject is the operating agency for processing and
disbursement of state investment subsidy for its
assisted
units.
v
Sales Tax Exemption Eligibility Certificate
The
Corporation also issues eligibility certificate for Sales Tax Exemption for
medium and large-scale industries
v
Other Support Services
Equipment
refinance Technology Data Bank with access to National and International data
networks
Subject has
promoted many a pioneer in the corporate sectors which are as follows:
v
KELTRON
v
Hindustan
Latex Limited
v
KMML
v
Tata
Tea Limited
v
Harrisons
Malayalam Limited
v
Kerala
Hitech Industries
v
Malabar
Cements Limited
v
KCPL
v
Excel
Glasses Limited
v
Kerala
Automobiles Limited
v
Cochin
Stock Exchange Limited
v
BSES
Limited
v
The
SEZ at Kochi
Special
Financial Package for IT Industry:
Subject had evolved a special financial package to promote
the IT sector:
New IT unit are eligible for an Investment Subsidy @ 20% of
fixed Capital Investment, subject to a maximum of Rs. 2.5 millions.
75 % of the eligible
subsidy is included in the means of finance as Subsidy Loans, to reduce the
minimum promoter’s contribution in the project. The Subsidy Loan is given at
the term loan rate, for a period of 1 year and will be adjusted against subsidy
released from Government.
Units are eligible for an initial moratorium up to 2 Years,
as per the special package.
A Venture Capital Fund with a corpus of Rs 200 millions has
been formed jointly by the Small Industries Development Bank of India (SIDBI),
Kerala State Industrial Development Corporation Limited. (KSIDC) and Kerala
Financial Corporation (KFC). IT units can avail venture capital assistance from
the fund, if they are otherwise eligible.
|
Name
of the company |
KERALA
STATE ELECTRONICS DEVELOPMENT CORPORATION LIMITED |
|
Presented By |
Shri V. Ram Kumar, Managing Director |
|
1) Date
and description of instrument creating the change |
Unattested
Deed of hypothecation executed by the company on the 16th day of
May 2003 in favour of the Kerala Industrial Revitalisation Fund Board [KIRFB] |
|
2) Amount
secured by the charge/amount owing on the securities of charge |
Rs. 520.200
millions outstanding as on 31.03.2003 on various loans availed by the company
from KIRFB |
|
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 |
Whole of
the movable properties of the company pertaining to switching equipment unit
including movable plant and machinery, machinery spares, tools and
accessories and other movables, both present and future [save and except book
debts] whether installed or not and whether lying loose or in cases or which
are now lying or stored in or about or shall hereafter from time to time
during the continuance of security being brought into or upon or be stored or
be in or about the company’s factories, premises and godowns situated in Plot
No. 36 & 37 comprised in Survey No. 496, Kulathur, Attipra Village,
Trivandrum Taluk, Trivandrum Distirct, Kerala State or wherever elese the
same may be or be held by any party to the order or disposition of the
company or in the course of transit or on high seas or on order, or delivery,
howsoever, and wheresoever in the possession of the company or either by way
of substitution or addition. |
|
4) Gist
of the terms and conditions and extent and operation of the charge. |
a. The charge operates as security, interalia, for the due
repayment by the company to KIRFB of its Term Loan of Rs. 520.200 millions
together with interest @12% per annum additional interest, liquidated
damages, commitment charges, premia on prepayment or on redemption, costs,
charges, expenses and all other moneys payable by the company to KIRFB in
terms of the loan agreement dated 12.04.2000, 13.10.2000, 23.11.2000,
14.05.2001, 18.12.2001, 25.03.2002, 15.04.2002 and 27.09.2002 b. The charge in favour of KIRFB under the said hypothecation
deed is subject to the charges created and / or to the created by the company
in favour of its banks on the company stocks of raw materials, semi finished
and finished goods and consumable stores and book debts and such other
movables as may be specifically permitted to secure its working capital
requirements in the ordinary course of business c. The company has undertaken to keep the goods
hypothecated in marketable and good condition at its own costs and to insure
the same in the joint names of the company and the lenders d. All the goods hypothecated and all realizations and
insurance proceeds thereof and all documents in respect of the said security
are to be kept distinguishable and held as the exclusive property of the
lenders 3. The security created under the said hypothecation deed
is to be a continuing security |
|
5) Name
and Address and description of the person entitled to the charge. |
Kerala Industrial Revitalization Fund Board Office of ERC, 5th Floor, CMD Building, C V
Raman Road, Thycaud Post, Thiruvananthapuram – 695014 |
|
6)
Date and brief description of
instrument modifying the charge |
Agreement
dated 23.07.2005, executed by the company in favour of Kerala Industrial
Revitalization Fund Board for the due repayment by the company to KIRFB of
the loans borrowed vide variou loan agreements. |
|
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
amount borrowed by the company in favour of KIRFB relating to various loan
agreements as mentioned in the above loan agreement dated 23.07.2005 All other
terms and conditions shall remain same. |
WEBSITE DETAILS
KELTRON is one of the few companies
in India which manufactures a wide range of electronic products starting from
discrete components to sub assemblies to equipment and systems. This strength,
combined with the technical man-power resource in research & development,
product development, and turnkey project management, has enabled KELTRON to
emerge as a total solutions provider integrating talent and technology to
design workable solutions to suit the specific needs of its customers
Keltron achieves
Rs.1090 millions turnover during 2005-06 as against Rs.825.100 millions of
2004-2005. The growth rate on sales is 30% .Operating surplus has gone up to
Rs.130 to 140 millions as against Rs. 84.000 millions last year.
List of
Keltron Service Agents in Kerala
|
Agent |
Location
|
Contact
Person & Phone Number |
|
Cybermatics
India Private Limited |
Kasargod, |
Mr. V.V.
Sreedharan |
|
Cell Net |
Wayanad, Malapuram |
Mr. K.S.
Nishad |
|
Companion
Infotech Private Limited 167M,
Vyapara Bhavan, M.C. Road, Koothattukulam, Ernakulam District -686662 |
dukki, Kottayam Rural |
Mr. E. M.
Varghese |
|
Ambadi
Systems & Services |
Alapuzha |
Mr. V.
Jayachandran |
|
Network
Sales Corporation |
Thrissur |
Mr. K. R.
Vinod |
|
Crystal
Computers, |
Palakkad |
Mr. K.
Sabarinathan |
|
Cosmopolitan
Computers |
Kollam |
Mr. K.
Vasanthan |
|
I - Tech
Computers & Electronics |
Pathanamthitta |
Mr. Saju.
C. Nair |
KELTRON
ENTERS INTO AGREEMENT FOR ENVIRONMENTAL MONITORING SYSTEM
Keltron concluded a tie-up with DURAG a German multinational
company for the supply and commissioning of advanced range of environmental
monitoring equipments for various industries.
The memorandum of understanding was signed by Mr. Minhaj
Alam IAS, Managing Director, KSEDC, Mr. Hans Peter Schuldt, Chief Executive
officer and Mr. Roland Zepeck, Director, Durag in presence of Sir Elamaram
Kareem, Honorable Minister of Industries and Sir Ravi. P. Iype, Chief General
Manager and Sri. M. Narayanan, Chief General Manager also were Present on the
occasion
Durag group is a leading manufacturer of pollution
monitoring equipments having proven experience and expertise in providing total
solution for Environmental Monitoring including range of Analyzers for Stack as
well as Ambient Durag are also specialized in Ignitors and Scanners for
Combustion Systems.
The agreement will enable KELTRON to undertake pollution
studies of industries, suggest and provide total solution for Environment
Monitoring including supply of the most appropriate equipments, commission and
provide long term maintenance support at reduced cost. Durag will provide total
support to Keltron in Engineering/Manufacturing/Installation/Commissioning and
long term maintenance of Environmental Monitoring System.
KELTRON CONTROLS is already executing an order for KMML, Chavara for the supply
and commissioning of Ambient and Stack Analyzers at a value of Rs 45
millions.The project will be implemented by KELTRON CONTROL DIVISION, AROOR
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 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.44.09 |
|
UK Pound |
1 |
Rs.86.84 |
|
Euro |
1 |
Rs.57.21 |
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP
CAPITAL |
1~10 |
6 |
|
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 |
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 |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER
MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
36 |
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 |
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 |
|