MIRA
INFORM REPORT
|
Report Date : |
09.08.2008 |
IDENTIFICATION
DETAILS
|
Name : |
KEYSTONE APPLIANCES PRIVATE LIMITED |
|
|
|
|
Registered Office : |
F – 14, MIDC, Ambad, Nashik – 402201, Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as on) : |
31.03.2007 |
|
|
|
|
Date of Incorporation : |
04.12.1995 |
|
|
|
|
Com. Reg. No.: |
11-94958 |
|
|
|
|
CIN No.: [Company
Identification No.] |
U33100MH1995PTC094958 |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business : |
Manufacturer of Car Security Systems. |
RATING &
COMMENTS
|
MIRA’s Rating : |
A |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
USD 180000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well – established and reputed company meeting its normal
commitments timeously. Trade relations are fair. Business is active. General financial
position is satisfactory. The company can be considered good for normal business dealings. |
LOCATIONS
|
Registered Office : |
F – 14, MIDC, Ambad, Nashik – 402201, Maharashtra, India |
|
Tel. No.: |
91-253-2385071/ 72/ 73 |
|
Fax No.: |
91-253-2385079 |
|
E-Mail : |
|
|
|
|
|
Factory : |
A-26 Nice, MIDC Area, Satpur, Nasik -422 010, Maharashtra,
India |
|
Tel. No.: |
91-253-354896 |
|
Fax No.: |
91-253-355296 |
DIRECTORS
|
Name : |
Mr. Suhas C. Doshi |
|
Designation : |
Director |
|
Address : |
Plot No.61 Shri Phal Shankar Nagar, Anandwalli, Nasik – 422012,
Maharashtra, India |
|
Date of Birth/Age : |
15.07.1962 |
|
Date of Appointment : |
30.07.1997 |
|
|
|
|
Name : |
Mrs. Madhavi S. Doshi |
|
Designation : |
Director |
|
Address : |
Plot No.61 Shri Phal Shankar Nagar, Anandwalli, Nasik – 422012,
Maharashtra, India |
|
Date of Birth/Age : |
06.03.1966 |
|
Date of Appointment : |
30.07.1997 |
|
|
|
|
Name : |
Mr. Vilas Chandrakant Jadhav |
|
Designation : |
Director |
|
Address : |
Flat – 10/2, Tulsi Apartment, Behind Akashwani Opposite, Gangapur
Road, Nasik – 422013, Maharashtra, India |
|
Date of Birth/Age : |
26.09.1967 |
|
Date of Appointment : |
04.12.1995 |
|
|
|
|
Name : |
Mr. Vinay Vrajlal Shah |
|
Designation : |
Director |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 21.09.2005)
|
Names of Shareholders |
|
No. of Shares |
|
|
|
|
|
Vilas Chandrakant Jadhav |
|
1010 |
|
Suhas C. Doshi |
|
215700 |
|
Madhavi S. Doshi |
|
111590 |
|
Chimanlal S. Doshi |
|
40000 |
|
Sushila C. Doshi |
|
40000 |
|
Ultimate Electronics Private Limited |
|
40000 |
|
|
|
|
|
Total |
|
448300 |
(As on 20.01.2006)
|
Names of Shareholders |
|
Percentage |
|
|
|
|
|
Suhas C. Doshi |
|
200000 |
(A son 31.03.2007)
|
Category |
|
Percentage |
|
|
|
|
|
Directors or relatives of directors |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Car Security Systems. |
||||||||||
|
|
|
||||||||||
|
Products : |
|
GENERAL
INFORMATION
|
Bankers : |
Satpur Industrial Estate Branch, Satpur, Nasik – 422007, Maharashtra,
India |
|
|
|
|
Banking
Relations : |
Satisfactory |
|
|
|
|
Auditors : |
|
|
Name : |
M. M. Panit and Company Chartered Accountant |
|
Address : |
312, 3rd Floor, Sarda Sankul, M G Road, Nasik – 422001,
Maharashtra, India |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2000000 |
Equity Shares |
Rs.10/- each |
Rs.20.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
648300 |
Equity Shares |
Rs.10/- each |
Rs.6.483 Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2007 |
31.03.2006 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
6.483 |
6.483 |
|
|
2] Share Application Money |
|
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
|
30.414 |
21.322 |
|
|
4] (Accumulated Losses) |
|
0.000 |
0.000 |
|
|
NETWORTH |
|
36.897 |
27.805 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
45.575 |
42.668 |
|
|
2] Unsecured Loans |
|
4.666 |
4.250 |
|
|
TOTAL BORROWING |
|
50.241 |
46.918 |
|
|
DEFERRED TAX LIABILITIES |
|
2.452 |
2.528 |
|
|
|
|
|
|
|
|
TOTAL |
|
89.590 |
77.251 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
28.743 |
26.111 |
|
|
Capital work-in-progress |
|
0.000 |
0.751 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
0.046 |
0.018 |
|
|
DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
20.131
|
27.770 |
|
|
Sundry Debtors |
|
79.575
|
49.230 |
|
|
Cash & Bank Balances |
|
0.111
|
0.078 |
|
|
Other Current Assets |
|
0.000
|
0.000 |
|
|
Loans & Advances |
|
12.218
|
7.578 |
|
Total
Current Assets |
|
112.035
|
84.656 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
|
51.234
|
30.935 |
|
|
Provisions |
|
0.000
|
3.350 |
|
Total
Current Liabilities |
|
51.234
|
34.285 |
|
|
Net Current Assets |
|
60.801
|
50.371 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
89.590 |
77.251 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
|
|
Sales Turnover |
|
467.590 |
376.727 |
|
|
Other Income |
|
0.000 |
0.000 |
|
|
Total Income |
|
467.590 |
376.727 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
|
13.497 |
10.301 |
|
|
Provision for Taxation |
|
0.000 |
0.000 |
|
|
Profit/(Loss) After Tax |
|
13.497 |
10.301 |
|
|
|
|
|
|
|
|
Expenditures : |
|
|
|
|
|
|
Interests |
|
6.688 |
4.151 |
|
|
Depreciation & Amortization |
|
1.359 |
1.209 |
|
|
Other Expenditure |
|
446.046 |
361.066 |
|
Total Expenditure |
|
454.093 |
366.426 |
|
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2007 |
31.03.2006 |
|
PAT / Total Income |
(%) |
|
2.89
|
2.73 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
|
2.89
|
2.73 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
9.59
|
9.30 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
|
0.37
|
0.37 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
|
2.75
|
2.92 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
2.19
|
2.47 |
LOCAL AGENCY
FURTHER INFORMATION
FORM 8:
|
Corporate
identity number of the company |
U33100MH1995PTC094958 |
|
Name of the
company |
KEYSTONE APPLIANCES PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in India of the company |
F – 14, MIDC, Ambad, Nashik – 402201, Maharashtra, India |
|
This form is for |
Modification of charge |
|
Type of charge |
Immovable
Property Any Interests in
immovable property |
|
Particular of
charge holder |
State Bank of India Satpur Industrial Estate Branch, Satpur, Nasik – 422007, Maharashtra,
India |
|
Nature of
instrument creating charge |
Memorandum for
recording extension of mortgage by deposit of title deeds covering limits and
or creation of equipment mortgage on additional properties for existing
limits and enhanced limits and additional facilities. |
|
Date of
instrument Creating the charge |
28.04.2008 |
|
Amount secured by
the charge |
Rs.115.600
Millions |
|
Brief of the principal
terms an conditions and extent and operation of the charge |
Rate of
Interests: Working Capital:
Interests at 1.50% p.a. State Bank Advance Rate (SBAR) with a minimum of
13.75% p.a. rising or falling therewith on daily products with monthly rests. SLC: Interests at
2.50% p.a. State Bank Advance Rate (SBAR) with a minimum of 14.75% p.a.
rising or falling therewith on daily products with monthly rests. TL: Interests at
1.50% p.a. State Bank Advance Rate (SBAR) with a minimum of 13.75% p.a.
rising or falling therewith on daily products with monthly rests. Terms of
Repayment: Working Capital:
Repayable on Demand The Facility which has been sanction on 04.04.2008 is
available for 12 months from that date subject to review every 12 months. Term Loan: The
Term loan will be repaid in quarterly installment commencing from September,
2008 i.e. after a moratorium period of 6 month there will be 36 installments
of Rs.0.277 Million payable monthly plus interests. Margin: Cash Credit Raw
Materials 25%, SIP 40%, Book Debts 40% Term Loan 30% Extent and
operation of the charge: Extension of
equitable mortgage on all that piece and parcel of land together with
hereditaments and premises and building standing thereon and situated lying
and being at Plot No. F-14 admeasuring about 4050 sq. Mtr. In the additional
Nasik Industrial Area of MIDC Withing the village limits of Amad, Tal. and
district Nasik and together with constructed building thereon measuring
2133.725 sq. mtr. Together with open spaces. |
|
Particulars of
the property charged |
Extension of
equitable mortgage on all that piece and parcel of land together with
hereditaments and premises and building standing thereon and situated lying
and being at Plot No. F-14 admeasuring about 4050 sq. Mtr. In the additional
Nasik Industrial Area of MIDC Withing the village limits of Amad, Tal. and
district Nasik and together with constructed building thereon measuring
2133.725 sq. mtr. Together with open spaces. |
|
Particulars of
the present modification |
Original Charge
for Rs.13.300 Millions was created on 01.02.2001, Registered on 19.2.2001,
further modified by enhanced the limit to Rs.16.000 Millions on 06.09.2003,
registered on 06.10.2003 , further modified on 20.01.2004 registered on 29.01.2004 limit reduced to RS.14.200
Millions further modified registered on 29.12.2004 limit enhanced to
Rs.15.700 Millions further modified on 23.01.2006 to Rs.49.000 Millions
further enhanced to Rs.56.100 Millions on 14.05.2007, Now by this present
modification the limits is enhanced to Rs.115.600 Millions. |
NEWS:
KEYSTONE
WINS AWARD
NEW DELHI: Keystone Appliances Private Limited which makes
the `Autocop-XS' remote car alarms, has won an award from the Ministry of Communications
and Information Technology for excellence in electronics for the year 2001-02.
Keystone Appliances was given the award in the consumer
electronics category for its sustained growth in production, quality and
service as well as upgrade on products, the company claimed in a statement.
Autocop brand of car remote alarm has about 82 per cent
market share, it claimed.
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.42.20 |
|
UK Pound |
1 |
Rs.81.48 |
|
Euro |
1 |
Rs.64.27 |
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 |
8 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
|
59 |
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. |
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 |
|