MIRA
INFORM REPORT
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Report Date : |
13.03.2008 |
IDENTIFICATION
DETAILS
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Name : |
MAA KALYANI KITCHENWARES LIMITED |
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Registered Office : |
132, Shiv Mandir Gali Maujpur, New Delhi – 110 053 |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
20.04.1993 |
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Com. Reg. No.: |
55-53159 |
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CIN No.: [Company
Identification No.] |
U69199DL1993PLC053159 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DELM10494B |
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PAN No.: [Permanent
Account No.] |
AAACJ0377Q |
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Legal Form : |
A Closely held Public Limited Liability Company. |
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Line of Business : |
Manufacturer and Exporter of Stainless Steel products |
RATING &
COMMENTS
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MIRA’s Rating : |
B |
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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. |
Small |
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Maximum Credit Limit : |
USD 23000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is an old and established company having moderate track. It’s
profitability is under severe pressure and has some accumulated losses.
Payments are reported as slow but correct. The company can be considered for small to mediocre business dealings
with slight caution, initially. |
LOCATIONS
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Registered Office : |
132, Shiv Mandir Gali Maujpur, New Delhi – 110 053, India |
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E-Mail : |
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Website : |
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Factory: |
Plot No. 136, EPIP, HSIDC, Kundli Industrial Area, Phase – 1, Sonepat -110
042, Haryana, India |
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Tel. No.: |
91-130-2219864/2110210 |
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Fax No.: |
91-130-2219864 |
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Corporate Office : |
S-55, Badli Industrial
Area, Phase - I, Delhi-110042, India |
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Tel. No.: |
91 11 27347992 / 27342992 |
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Mobile No.: |
9811533300 / 9811904411 |
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E-Mail : |
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Websites: |
DIRECTORS
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Name : |
Mr. Ashok Kumar Kansal |
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Designation : |
Director |
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Address : |
9-A, Shiv Mandir Gali, Maujpur – 110 053, Delhi, India |
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Date of Birth/Age : |
26.08.1956 |
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Date of Appointment : |
20.04.1993 |
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Name : |
Mr. Krishna Kansal |
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Designation : |
Director |
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Address : |
9-A, Shiv Mandir Gali, Maujpur – 110 053, Delhi, India |
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Date of Birth/Age : |
26.08.1956 |
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Date of Appointment : |
10.08.1993 |
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Name : |
Mr. Gyan Chand Kansal |
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Designation : |
Director |
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Address : |
9-A, Shiv Mandir Gali, Maujpur – 110 053, Delhi, India |
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Date of Birth/Age : |
21.11.1983 |
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Date of Appointment : |
06.10.2003 |
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Name : |
Mr. Vasudev Aggarwal |
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Designation : |
Director |
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Address : |
23 UB Jawahar Nagar, Delhi – 110 007, India |
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Date of Appointment : |
10.08.1993 |
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Date of Ceasing: |
05.04.2004 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders (As on 31.03.2006) |
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No. of Shares |
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Mr. Ashok Kumar Kansal HUF |
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9950 |
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Mr. Ashok Kumar Kansal |
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21200 |
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Mr. Gyan Chsnd Kansal |
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5700 |
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Mr. Gobin Kansal |
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5500 |
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Mr. Krishna Kansal |
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16250 |
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Mrs. Indu Bala |
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4200 |
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Mr. Vasudev Aggarwal |
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100 |
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Total
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62900 |
Equity Shares Breakup (Percentage of Total Equity): [As on 31.03.2006]
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Sr No. |
Category |
Percentage |
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1 |
Directors or relative of directors |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of Stainless Steel products |
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Products : |
· Cutlery · Kitchen Tools · Serving ware · Bar products · Colanders and Mixing Bowls · Two Tone tableware · Cook Ware · Pots and pans · Pet Products |
GENERAL
INFORMATION
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Bankers : |
Indian Overseas Bank Address: Mansarovar Garden Branch Delhi – 110 00145, India |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Vishvesh Goel and Company Chartered Accountants |
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Address : |
F-7, Lajpat Nagar, Delhi – 110 024, India |
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Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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100000 |
Equity Shares |
Rs. 100/- each |
Rs. 10.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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62900 |
Equity Shares |
Rs. 100/- each |
Rs. 6.290
millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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6.290 |
6.290 |
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2] Share Application Money |
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0.000 |
0.000 |
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3] Reserves & Surplus |
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0.000 |
0.000 |
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4] (Accumulated Losses) |
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[0.687] |
[0.010] |
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NETWORTH |
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5.603 |
6.280 |
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LOAN FUNDS |
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1] Secured Loans |
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6.034 |
9.739 |
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2] Unsecured Loans |
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18.956 |
18.241 |
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TOTAL BORROWING |
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24.990 |
27.980 |
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DEFERRED TAX LIABILITIES |
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0.000 |
0.000 |
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DEFERRED REVENUE EXPENDITURE |
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[0.345] |
[0.690] |
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TOTAL |
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30.248 |
33.570 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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8.705 |
13.941 |
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Capital work-in-progress |
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0.000 |
0.000 |
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INVESTMENT |
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0.000 |
0.000 |
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DEFERREX TAX ASSETS |
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0.599 |
0.447 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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49.074 |
47.541 |
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Sundry Debtors |
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9.011 |
17.724 |
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Cash & Bank Balances |
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0.303 |
0.337 |
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Other Current Assets |
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0.000 |
0.000 |
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Loans & Advances |
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7.146 |
7.978 |
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Total
Current Assets |
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65.534 |
73.580 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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44.546 |
54.390 |
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Provisions |
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0.044 |
0.008 |
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Total
Current Liabilities |
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44.590 |
54.398 |
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Net Current Assets |
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20.944 |
19.182 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.000 |
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TOTAL |
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30.248 |
33.570 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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Sales Turnover |
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9.433 |
39.115 |
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Other Income |
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2.811 |
2.442 |
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Total Income |
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12.244 |
41.557 |
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Profit/(Loss) Before Tax |
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[0.785] |
0.461 |
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Provision for Taxation |
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[0.108] |
0.174 |
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Profit/(Loss) After Tax |
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[0.677] |
0.287 |
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Export Value |
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0.553 |
28.221 |
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Expenditures : |
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Raw Material Consumed |
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4.179 |
12.658 |
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Purchases made for re-sale |
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3.519 |
49.172 |
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Increase/(Decrease) in Finished Goods |
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[1.036] |
[40.259] |
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Salaries, Wages, Bonus, etc. |
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0.251 |
2.991 |
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Managerial Remuneration |
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0.240 |
0.180 |
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Payment to Auditors |
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0.020 |
0.015 |
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Interest |
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0.715 |
2.309 |
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Insurance Expenses |
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0.050 |
0.500 |
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Power & Fuel |
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0.539 |
1.664 |
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Depreciation & Amortization |
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1.463 |
1.894 |
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Other Expenditure |
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3.089 |
9.972 |
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Total Expenditure |
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14.065 |
81.355 |
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KEY RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
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[12.08] |
0.69 |
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Net Profit Margin (PBT/Sales) |
(%) |
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[8.32] |
1.17 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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[1.06] |
0.53 |
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Return on Investment (ROI) (PBT/Networth) |
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[0.14] |
0.07 |
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Debt Equity Ratio (Total Liability/Networth) |
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12.42 |
13.12 |
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Current Ratio (Current Asset/Current Liability) |
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1.47 |
1.35 |
LOCAL AGENCY
FURTHER INFORMATION
FORM 8:-
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Name of the
company |
MAA KALYANI KITCHENWARES LIMITED |
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Presented
By |
Indian Overseas
Bank , Mansarovar Garden |
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1) Date and
description of instrument creating the change |
Cash Credit Agreement
dated 09.01.2006 for Rs. 6.000 millions |
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2) Amount secured
by the charge/amount owing on the securities of charge |
Cash Credit of
Rs. 6.000 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 |
The borrower
hypothecation stock of raw materials, WIP / Machinery,
Book Debts, Vehicles. They are of cutlery Kitchenware lying stored at S-55,
Badli Industrial Area, New Delhi,
India |
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4) Gist of the
terms and conditions and extent and operation of the charge. |
The above is to be secure the cash credit limit of Rs. 6.000 millions.
Rate of interest is to be charged directly by RBI from time to time.
Presently minimum rate of interest charge by 12.5% p.a . Margin-25%, and book debts- 40% |
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5) Name and
Address and description of the person entitled to the charge. |
Indian Overseas Bank Address: Mansarovar Garden, Delhi, India |
WEBSITE DETAILS:
Subject is an Indian manufacturer and exporter of Stainless Steel products - Cutlery, Kitchen Tools, Cookwares, Bar Accessories, Tablewares and Utensils best suited for any hospitality Industry or for self use.
“Consumer delightness” is the first responsibility and to provide value to the consumer who benefits from their products and services - they emphasize on total quality management and integrity in everything they do.
"Their Goal" is to maintain efficient and effective manufacturing and delivery methods in order to provide premium quality at competitive prices. They at the company assure immaculate quality products that also promise durability and strength of their stainless steel cookware, kitchenware, kitchen tools and bar accessory. Their products confirm to the international standards and are checked at every stage of manufacturing.
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 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
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Indian Rupees |
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US Dollar |
1 |
Rs.40.44 |
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UK Pound |
1 |
Rs.82.06 |
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Euro |
1 |
Rs.62.90 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
4 |
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PAID-UP CAPITAL |
1~10 |
4 |
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OPERATING SCALE |
1~10 |
3 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
5 |
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--PROFITABILIRY |
1~10 |
--- |
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--LIQUIDITY |
1~10 |
4 |
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--LEVERAGE |
1~10 |
4 |
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--RESERVES |
1~10 |
3 |
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--CREDIT LINES |
1~10 |
3 |
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--MARGINS |
-5~5 |
--- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
YES |
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--AFFILIATION |
YES/NO |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
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30 |
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 |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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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. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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