MIRA
INFORM REPORT
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Report Date : |
27.05.2008 |
IDENTIFICATION
DETAILS
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Name : |
KAPKAN ELECTRONICS PRIVATE LIMITED |
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Registered Office : |
B 101, Mayapuri Industrial Area, Phase I, New Delhi 110064 |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
20.03.2003 |
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Com. Reg. No.: |
55-119458 |
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CIN No.: [Company
Identification No.] |
U32109DL2003PTC119458 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DELK05252C7 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer and Import of Colour and Air Conditioners. |
RATING &
COMMENTS
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MIRAs Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 250000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well established and reputed company having satisfactory
track records. Trade relations are fair. Business is active. Payments are
reported as usually correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
INFORMATION PARTED
BY
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Name : |
Mr. Jayachandra |
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Designation : |
Sec. to Managing Director |
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Contact No.: |
91-9811016120 |
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Date : |
27.05.2008 |
LOCATIONS
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Registered Office : |
B 101, Mayapuri Industrial Area, Phase I, New Delhi 110064,
India |
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Tel. No.: |
91-11-41563112/28115658/ 5462 |
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Fax No.: |
91-11-28116238 |
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Mobile : |
91-9811016120 |
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E-Mail : |
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Locations : |
Owned by director |
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Factory : |
Village Akkanwali, Tehsil Nalagar, Solan, Himachal Pradesh, India |
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Tel No.: |
91-1795-245217 |
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Locations : |
Owned |
DIRECTORS
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Name : |
Mr. Kanish Kumar Khanna |
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Designation : |
Director |
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Address : |
J- 152/A, Rajouri Garden, New Delhi 110027, India |
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Date of Birth/Age : |
07.06.1980 |
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Date of Appointment : |
20.03.2003 |
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Name : |
Ms. Kanika Khanna |
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Designation : |
Director |
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Address : |
J- 152/A, Rajouri Garden, New Delhi 110027, India |
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Date of Appointment : |
20.03.2003 |
KEY EXECUTIVES
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Name : |
M/s Umesh Chand Sharma and Company |
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Designation : |
Company Secretary |
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Address : |
Flat No. 5, 41/41, Punjabi Bagh, New Delhi 110 026, India |
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Tel No .: |
91-22-23281478 |
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Mobile No .: |
91-9811791967 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 31.03.2007)
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Names of Shareholders |
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No. of Shares |
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Kapil Khanna |
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600000 |
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Kanish Khanna |
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710000 |
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Evershine Moulders Limited |
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300000 |
(As on 29.09.2007)
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Category |
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Percentage |
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Bodies corporate |
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34.17 |
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Directors or relatives of directors |
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65.83 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Import of Colour and Air Conditioners. |
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Products : |
· Colour · Air Conditioners |
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Imports : |
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Products : |
Raw Materials |
GENERAL INFORMATION
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Bankers : |
· State Bank of
India Mayapuri Phase II, New Delhi 110064, India |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Sapra Sharma and Associates Chartered Accountants |
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Address : |
23, Prakash Apartments, 5 Ansari Road, Daryaganj, New Delhi 110002,
India |
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Associates/Subsidiaries
: |
· Evershine
Moulders Limited · K-India · K3 Appliances · K3 Electronics
Private Limited |
CAPITAL STRUCTURE
As on 29.09.2007
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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3000000 |
Equity Shares |
Rs. 10/- each |
Rs. 30.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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1990000 |
Equity Shares |
Rs. 10/- each |
Rs. 19.900
Millions |
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FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
19.900 |
19.900 |
19.900 |
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2] Share Application Money |
0.606 |
0.756 |
0.756 |
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3] Reserves & Surplus |
42.135 |
29.036 |
12.407 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
62.641 |
49.692 |
33.063 |
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LOAN FUNDS |
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1] Secured Loans |
13.364 |
23.250 |
24.568 |
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2] Unsecured Loans |
18.247 |
4.252 |
33.720 |
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TOTAL BORROWING |
31.611 |
27.502 |
58.288 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
94.252 |
77.194 |
91.351 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
93.403 |
86.860 |
68.239 |
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Capital work-in-progress |
4.147 |
1.788 |
18.084 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
80.155
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146.469 |
185.973 |
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Sundry Debtors |
147.697
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128.781 |
58.335 |
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Cash & Bank Balances |
5.504
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12.222 |
40.028 |
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Other Current Assets |
0.000
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0.000 |
0.000 |
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Loans & Advances |
28.913
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16.295 |
20.642 |
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Total
Current Assets |
262.269
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303.767 |
304.978 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
265.567
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315.221 |
299.950 |
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Provisions |
0.000
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0.000 |
0.000 |
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Total
Current Liabilities |
265.567
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315.221 |
299.950 |
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Net Current Assets |
[3.298]
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[11.454] |
5.028 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
94.252 |
77.194 |
91.351 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Sales Turnover |
1912.643 |
1902.717 |
1440.815 |
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Other Income |
0.415 |
3.062 |
0.073 |
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Total Income |
1913.058 |
1905.779 |
1440.888 |
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Profit/(Loss) Before Tax |
11.826 |
22.109 |
8.155 |
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Provision for Taxation |
1.727 |
2.076 |
0.640 |
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Profit/(Loss) After Tax |
10.099 |
20.033 |
7.515 |
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Expenditures : |
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Financial Charges |
3.632 |
2.525 |
1.991 |
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Depreciation & Amortization |
11.339 |
10.241 |
6.389 |
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Other Expenditure |
1871.290 |
1858.138 |
1415.973 |
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Total Expenditure |
1886.261 |
1870.904 |
1424.353 |
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KEY RATIOS
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
0.53
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1.05 |
0.52 |
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Net Profit Margin (PBT/Sales) |
(%) |
0.62
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1.05 |
0.57 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
3.28
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5.63 |
2.08 |
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Return on Investment (ROI) (PBT/Networth) |
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0.19
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0.44 |
0.25 |
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Debt Equity Ratio (Total Liability/Networth) |
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4.74
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6.90 |
10.84 |
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Current Ratio (Current Asset/Current Liability) |
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0.99
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0.96 |
1.02 |
LOCAL AGENCY
FURTHER INFORMATION
Form 8:
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Name of the company |
KAPKAN ELECTRONICS PRIVATE LIMITED |
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Presented By |
State Bank of India, Mayapuri, New Delhi |
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1) Date and description of instrument creating the change |
Agreement of loan
for overall limit Form C I, dated 08.02.2005 Agreement of hypothecation good and other
assets form C 2 dated 08.02.2005 Form B dated
08.02.2005 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 49.000
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 |
Property located
at Village Akkanwali, Tehsil Nalagarh, District Solan, Himachal Pradesh Registration No.
1175 dated 24.05.2003 area 6 Bigha 4 Biswa Registration No.
2134, 2135, 2137, 2138 and 2139 area 2 bigha 12 biswa 9 bigha 6 biswa 2
biswa, 10 bigha 2 biswa and 5 biswa respectively dated 27.12.2003 |
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4) Gist of the terms and conditions and extent and operation of the charge. |
First charge on
all the current assets of the company including stocks of raw materials, semi
finished goods, finished goods spares lying in factory / Godown and elsewhere
including goods in transit hypothecation of present and future book debts and
other chargeable current assets of the company. Equitable
mortgage over the property located at [A] village Akkanwali, Tehsil Nalagarh,
Solan, Himachal Pradesh [B] 29, HPSIDC Industrial Area, Baddi Solan, H. P.
and [C] extension of charge over all
the present and future fixed assets of the company Personal
guarantee of all the directors of the company viz. Ms. Kanika Khanna, Mr.
Kishore Khanna and Mr. Kapil Khanna Prospector Neon Industries Rate of interest
at SB I, i.e. 0.75 % above SBAR presently 11.00 % p.a. |
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5) Name and Address and description of the person entitled to the charge. |
State Bank of India, Mayapuri Phase II, New Delhi 110064, India |
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6) Date and brief description of instrument modifying the charge |
NA |
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7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
NA |
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Corporate
identity number of the company |
U32109DL2003PTC119458 |
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Name of the
company |
KAPKAN ELECTRONICS PRIVATE LIMITED |
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Address of the registered
office or of the principal place of
business in India of the company |
B 101, Mayapuri Industrial Area, Phase I, New Delhi 110064,
India |
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This form is for |
Modification of charges |
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Type of charge |
Hypothecation |
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Particular of
charge holder |
State Bank of India, Mayapuri Phase II, New Delhi 110064, India |
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Amount secured by
the charge |
Rs. 49.000
Millions |
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Particulars of
the property charged |
All current and
fixed assets of the company |
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Charge identification
number of the charge to be modified |
90055606 |
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Brief description
of the instrument modifying the charge under section 135 |
C1A, C2A, C5 |
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Date of
instrument modifying the charge |
02.01.2006 |
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Particulars of
the present modification |
Limit increase
from Rs. 49.000 Millions to Rs. 56.100 Millions |
CMT REPORT
(Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
1] INFORMATION ON
DESIGNATED PARTY
No 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 Intl
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No available
information exist that suggest that subject or any of its principals have been
formally charged or convicted by a competent governmental authority for any
financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair and
reasonable and comparable to compensation paid to others for similar services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE
GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a companys management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
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US Dollar |
1 |
Rs.42.56 |
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UK Pound |
1 |
Rs.84.32 |
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Euro |
1 |
Rs.67.08 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
6 |
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PAID-UP CAPITAL |
1~10 |
6 |
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OPERATING SCALE |
1~10 |
6 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
7 |
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--PROFITABILIRY |
1~10 |
5 |
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--LIQUIDITY |
1~10 |
6 |
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--LEVERAGE |
1~10 |
6 |
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--RESERVES |
1~10 |
6 |
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--CREDIT LINES |
1~10 |
6 |
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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 |
NO |
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--AFFILIATION |
YES/NO |
YES |
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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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54 |
This score serves as a reference to assess SCs credit risk and
to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING
EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
|
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 |
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