MIRA
INFORM REPORT
|
Report Date : |
29.06.2007 |
IDENTIFICATION DETAILS
|
Name : |
KITCHEN GRACE INDIA PRIVATE LIMITED |
|
|
|
|
Registered Office : |
Shree Gajanan Prasad, C.T.S. No. 111 / 8, Anand Colony, Off Income Tax lane, Pune - 411 004, Maharashtra, India |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.03.2006 |
|
|
|
|
Date of Incorporation : |
01.07.1997 |
|
|
|
|
Com. Reg. No.: |
25-12659 |
|
|
|
|
CIN No.: [Company
Identification No.] |
U29299PN1998PTC012659 |
|
|
|
|
IEC No.: |
3198006911 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
PNEK01362E |
|
|
|
|
PAN No.: [Permanent
Account No.] |
AAACK6998G |
|
|
|
|
Legal Form : |
Private Limited liability company |
|
|
|
|
Line of Business : |
Manufacturer, Trader, Dealer, Distributor, Exporter and Importer of various types and sizes of Kitchen Cabitnets, Wardrobes and other Furniture Components. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD41000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
No Complaints |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well-established and progressive company having satisfactory track. Directors are reported as experienced, respectable and having satisfactory means of their own. Their trade relations are fair. Payments are reported as correct and as per commitments. It can be considered normal for your business dealings against usual trade terms and conditions. Your proposed business dealings of USD 60000 can be considered against D/A or D/P terms. |
LOCATIONS
|
Registered Office : |
Shree Gajanan Prasad, C.T.S. No. 111 / 8, Anand Colony, Off Income Tax lane, Pune - 411 004, Maharashtra, India |
|
Tel. No.: |
91-20-5443120/5441367 |
|
Fax No.: |
91-20-5422767 |
|
E-Mail : |
|
|
Website : |
|
|
Area : |
600 sq. fts |
|
Location : |
Owned |
|
|
|
|
Factory 1 : |
Gat No. 116, Village Dhanori, Taluka Khed, Alandi Market Road, Dist - Pune - 412105, Maharashtra, India |
|
Fax No.: |
91-2135-232274 / 46 |
|
Area : |
10000 sq. fts. |
|
Location : |
Owned |
DIRECTORS
|
Name : |
Mr. Shenal Kishorlal Vasani |
|
Designation : |
Managing Director |
|
Address : |
1, Aparnali
Society, Opp. BMCC, Pune – 411 004, |
|
Date of Birth/Age : |
14.10.1946 |
|
Date of Appointment : |
01.07.1998 |
|
|
|
|
Name : |
Mr. Prabhakar Shantaram Vaishampayan |
|
Designation : |
Director |
|
Address : |
Bandish 39,
Manisha Society, Karvenagar, Pune – 411 052, |
|
Date of Birth/Age : |
30.07.1940 |
|
Date of Appointment : |
01.07.1998 |
|
|
|
|
Name : |
Sonam Snehal
Vasani |
|
Designation : |
Directors |
|
Address : |
1, Aparnali
Society, Opp. BMCC, Pune – 411 004, |
|
Date of Birth/Age : |
09.02.1983 |
|
Date of Appointment : |
01.11.1998 |
|
|
|
|
Name : |
Mr. Bharati Snehal Vasanti |
|
Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. Jayavant Bhagwan Bhave |
|
Designation : |
Company Secretary |
|
|
|
|
Name : |
Amruta Borlikar |
|
Designation : |
Office
Coordinator |
|
Tel No.: |
91-20-25511172/255123454 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
|
Names of Shareholders |
No. of Shares |
|
Mr. Snehal Kishorilal Vasani |
330000 |
|
Mr. Bharat Shenal Vasani |
10000 |
|
Ms. Tejal Snehal Vasani |
5000 |
|
Mr. Soam Snehal Vasani |
5000 |
|
|
|
|
Total |
350000 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer, Trader, Dealer, Distributor, Exporter and Importer of various types and sizes of Kitchen Cabitnets, Wardrobes and other Furniture Components. |
|
|
|
|
Imports From: |
Ø
Masco Mobillario S. L., Carretera De Alcala La
Real S/N, 23660 Alcaudete ( Ø
Pfeiderer Holzwerkstoffe Gmbh & Company,
Ingolstaedter Strasse 51, D 92318 Ø
Tivapan, Ambachtenstraat 68, 8870 Ø
Bhutan Board Exports Limited, Ø
Fitz Egger, Merbok SDN, |
|
|
|
|
Terms : |
|
|
Selling : |
Cash or Credit (30 days) |
|
|
|
|
Purchasing : |
L/C, Cash or Credit (30 days) |
PRODUCTION STATUS
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
|
Kitchen Cabinets |
Nos |
-- |
Approximately 40000 Cabinets p. a. |
15000 Casbinets |
GENERAL INFORMATION
|
No. of Employees : |
40 |
|
||||||||||||||
|
|
|
|
||||||||||||||
|
Bankers : |
Ø HDFC Bank Ø
State Bank of |
|
||||||||||||||
|
|
|
|
||||||||||||||
|
Facilities : |
|
|
|
|
|
|
Banking
Relations : |
Satisfactory |
|
|
|
|
Auditors : |
|
|
Name : |
L B Bapat & Associates Chartered Accountants |
|
Address : |
Shakuntal, 46/ |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
5,00,000 |
Equity Shares |
Rs. 10/- each |
Rs. 5.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
3,50,000 |
Equity Shares |
Rs. 10/- each |
Rs. 3.500 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 |
3.500 |
8.898 |
3.500 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
6.758 |
5.398 |
4.811 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
10.258 |
8.898 |
8.311 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.347 |
0.751 |
3.386 |
|
|
2] Unsecured Loans |
9.371 |
8.493 |
6.682 |
|
|
TOTAL BORROWING |
9.718 |
9.244 |
10.068 |
|
|
DEFERRED TAX LIABILITIES |
0.779 |
0.668 |
0.673 |
|
|
|
|
|
|
|
|
TOTAL |
20.755 |
18.810 |
19.052 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
9.654 |
10.145 |
11.186 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
3.475 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
6.809
|
7.558 |
9.924 |
|
|
Sundry Debtors |
3.852
|
4.280 |
1.924 |
|
|
Cash & Bank Balances |
1.789
|
2.052 |
0.513 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
1.965
|
2.280 |
2.097 |
|
Total
Current Assets |
14.415
|
16.170 |
14.458 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
5.413
|
6.245 |
5.532 |
|
|
Provisions |
1.376
|
1.260 |
1.060 |
|
Total
Current Liabilities |
6.789
|
7.505 |
6.592 |
|
|
Net Current Assets |
7.626
|
8.665 |
7.866 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
20.755 |
18.810 |
19.052 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
|
Sales Turnover |
20.834 |
23.362 |
20.863 |
|
|
Other Income |
0.185 |
0.000 |
0.000 |
|
|
Total Income |
21.019 |
23.362 |
20.863 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
2.147 |
2.148 |
1.530 |
|
|
Provision for Taxation |
0.787 |
1.561 |
0.350 |
|
|
Profit/(Loss) After Tax |
1.360 |
0.587 |
1.180 |
|
|
|
|
|
|
|
|
Imports : |
|
|
|
|
|
|
Raw Materials |
1.049 |
0.247 |
0..000 |
|
|
Stores & Spares |
0.049 |
0.000 |
0.000 |
|
|
Capital Goods |
0.000 |
0.147 |
0.000 |
|
|
Others |
|
|
1.566 |
|
Total Imports |
1.098 |
0.394 |
1.566 |
|
|
|
|
|
|
|
|
Total Expenditure |
17.574 |
21.214 |
19.838 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
PAT / Total Income |
(%) |
6.47
|
2.51 |
6.720 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
10.31
|
9.19 |
9.458 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
7.79
|
8.16 |
0.090 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.21
|
0.24 |
0.278 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.61
|
1.88 |
2.004 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.12
|
2.15 |
2.193 |
LOCAL AGENCY FURTHER INFORMATION
Business :
It is in trade terms with:
Ø
Akruti Kitchens & Furniture, Mumbai - 400
007,
Ø
Innerspace Modular Concepts, Mumbai - 400 053,
Ø
The Cabinet Studio,
Ø
Linus Consultants Private Limited,
Ø
Modular Concepts,
Ø Bath & Lits, Jaipur - 302 001, Rajasthan
Ø
Hiramoti Impex Private Limited, Kolkata - 700
071,
Website details attached :
Company Profile :
Kitchen Grace has been promoted by Snehal Vasani. Snehal, an architect by profession has 30 years of experience behind him and is in the kitchen manufacturing business since 1988.
The company today, has a team of well qualified design and engineering individuals who continuously strive to make product innovations and improvements.
Some of the well known names, whose kitchens have been
executed by our company are Sachin Tendulkar, The Kirloskar family, Deutsche
Bank, Sterlite, Standard Chartered Bank to name a few.
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners, controlling
shareholders or senior officers as terrorist or terrorist organization or whom
notice had been received that all financial transactions involving their assets
have been blocked or convicted, found guilty or against whom a judgement or
order had been entered in a proceedings for violating money-laundering,
anti-corruption or bribery or international economic or anti-terrorism sanction
laws or whose assets were seized, blocked, frozen or ordered forfeited for
violation of money laundering or international anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper payments
to government officials for engaging in prohibited transactions or with
designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market survey
revealed that the amount of compensation sought by the subject is fair and
reasonable and comparable to compensation paid to others for similar services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.40.75 |
|
|
1 |
Rs.81.63 |
|
Euro |
1 |
Rs.54.79 |
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 |
|