MIRA
INFORM REPORT
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Report Date : |
21.10.2008 |
IDENTIFICATION DETAILS
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Name : |
STOVE KRAFT PRIVATE LIMITED |
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Registered Office : |
No.28/1, Adjacent To AGS Layout, 3rd |
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Country : |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
28.06.1999 |
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Com. Reg. No.: |
08-25387 |
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CIN No.: [Company
Identification No.] |
U29301KA1999PTC025387 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer and Exporter of LPG Stoves, Pressure Cookers,
Electric Mixer Grinders and Kerosene Wick Stoves |
RATING & COMMENTS
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MIRA’s 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 200000 |
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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. Trade relations are fair. Business is active. General
financial position is satisfactory. Payments are reported as usually correct
and as per commitments. The company can be considered good for normal business dealings. |
INFORMATION PARTED BY
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Name : |
Mr. Vardrajan |
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Designation : |
Vice Presidents |
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Date : |
20.10.2008 |
LOCATIONS
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Registered Office : |
No.28/1, Adjacent To AGS Layout, 3rd Main Road, Arehalli Village,
Uttarahalli, Hobli, Bangalore – 560061, Karnataka, India |
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Tel. No.: |
91-80-26662861 |
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Mobile No.: |
91-98880211666 |
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Fax No.: |
91-80-26669555 |
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E-Mail : |
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Website : |
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Factory : |
58/2, Chickalasandra, |
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Tel. No.: |
91-80-26662861/ 26665319/ 26669555/ 26663256 |
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Fax No.: |
91-80-26669555 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Rajendra J. Gandhi |
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Designation : |
Chairman and Managing Director |
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Address : |
203, Prestige Acropolis Koramangala, |
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Date of Birth/Age : |
27.12.1967 |
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Date of Appointment : |
10.09.2007 |
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Name : |
Mrs. Sunitha R. Gandhi |
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Designation : |
Director |
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Address : |
203, Prestige Acropolis Koramangala, |
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Date of Birth/Age : |
01.08.1971 |
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Date of Appointment : |
10.07.2004 |
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Name : |
Mr. Atul Jindal |
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Designation : |
Director |
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Address : |
House NHo.901, Sector No.21, Ward No.30, Panchkula, - 134115, |
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Date of Birth/Age : |
19.12.1964 |
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Date of Appointment : |
11.04.2008 |
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Name : |
Mr. Sajit Kumar |
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Designation : |
Director |
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Address : |
Flat No.203, SIDB officers Apartment, |
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Date of Birth/Age : |
04.06.1966 |
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Date of Appointment : |
11.04.2008 |
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Email : |
KEY EXECUTIVES
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Name : |
Ganapathi and Mohan |
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Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(As on 29.09.2007)
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Names of Shareholders |
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No. of Shares |
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Rajendra J. Gandhi |
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317500 |
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Sunitha R. Gandhi |
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82500 |
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Total |
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400000 |
(As on 31.03.2007)
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Category |
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Percentage |
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Directors 0or relatives of directors |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of LPG Stoves, Pressure Cookers,
Electric Mixer Grinders and Kerosene Wick Stoves |
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Products : |
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Brand Name : |
'Pigeon’ |
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Exports : |
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Countries : |
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Imports : |
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Countries : |
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PRODUCTION STATUS
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Particulars |
Unit |
Installed
Capacity |
Actual
Production |
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LPG Gas Stove |
Nos. |
260000 |
292812 |
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Pressure Cooker |
Nos. |
600000 |
444042 |
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Non Stick Kitchenware |
Nos. |
NA |
425672 |
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S. S. Kerosene Wisk Stove |
Nos. |
NA |
17504 |
GENERAL INFORMATION
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Bankers : |
SME Credit, Mezzanine Floor,
506-507, Level 5, Prestige Meridian 2, M |
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Facilities : |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
C M M Sharma and Company Chartered Accountant |
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Address : |
No.40, 4th Floor, Laxmi Complex, |
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Memberships : |
EEPC |
CAPITAL STRUCTURE
Authorised Capital:
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No. of Shares |
Type |
Value |
Amount |
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900000 |
Equity Shares |
Rs.10/- each |
Rs.9.000 Millions |
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Issued, Subscribed & Paid-up Capital:
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No. of Shares |
Type |
Value |
Amount |
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400000 |
Equity Shares |
Rs.10/- each |
Rs.4.000
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 |
4.000 |
4.000 |
4.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
35.391 |
22.146 |
14.131 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
39.391 |
26.146 |
18.131 |
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LOAN FUNDS |
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1] Secured Loans |
78.866 |
49.422 |
23.162 |
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2] Unsecured Loans |
4.557 |
5.267 |
2.500 |
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TOTAL BORROWING |
83.423 |
54.689 |
25.662 |
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DEFERRED TAX LIABILITIES |
0.620 |
0.848 |
0.654 |
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TOTAL |
123.434 |
81.683 |
44.447 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
23.230 |
15.421 |
14.971 |
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Capital work-in-progress |
0.025 |
1.237 |
0.000 |
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INVESTMENT |
0.063 |
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 |
116.187
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102.435 |
49.986 |
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Sundry Debtors |
50.009
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26.780 |
13.388 |
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Cash & Bank Balances |
6.939
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2.656 |
1.434 |
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Other Current Assets |
0.000
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0.000 |
0.000 |
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Loans & Advances |
27.454
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12.820 |
4.449 |
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Total
Current Assets |
200.589
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144.691 |
69.257 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
96.261
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77.812 |
40.526 |
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Provisions |
4.217
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2.553 |
0.650 |
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Total
Current Liabilities |
100.478
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80.365 |
41.176 |
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Net Current Assets |
100.111
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64.326 |
28.081 |
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MISCELLANEOUS EXPENSES |
0.005 |
0.699 |
1.395 |
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TOTAL |
123.434 |
81.683 |
44.447 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
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Sales Turnover |
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640.300 |
392.700 |
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Other Income |
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0.000 |
0.000 |
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Total Income |
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640.300 |
392.700 |
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Profit/(Loss) Before Tax |
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18.300 |
10.900 |
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Provision for Taxation |
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5.100 |
2.900 |
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Profit/(Loss) After Tax |
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13.200 |
8.000 |
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Earnings in Foreign Currency : |
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Export Earnings |
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36.862 |
17.393 |
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Other Earnings |
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0.000 |
0.000 |
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Total Earnings |
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36.862 |
17.393 |
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Imports : |
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Raw Materials |
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14.693 |
2.513 |
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Stores & Spares |
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41.005 |
28.026 |
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Capital Goods |
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0.143 |
15.877 |
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Others |
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0.000 |
0.000 |
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Total Imports |
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55.841 |
46.416 |
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Total Expenditure |
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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 |
(%) |
2.06 |
2.04 |
NA |
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Net Profit Margin (PBT/Sales) |
(%) |
2.86 |
2.78 |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
8.18
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6.81 |
NA |
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Return on Investment (ROI) (PBT/Networth) |
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0.46
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0.42 |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
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4.67
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5.17 |
3.69 |
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Current Ratio (Current Asset/Current Liability) |
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1.99
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1.80 |
1.68 |
LOCAL AGENCY FURTHER INFORMATION
Form 8:
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Corporate identity
number of the company |
U29301KA1999PTC025387 |
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Name of the
company |
STOVE KRAFT PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in |
No.28/1, Adjacent To AGS Layout, 3rd Main Road, Arehalli
Village, Uttarahalli, Hobli, Bangalore – 560061, Karnataka, India |
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This form is for |
Creation of charge |
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Type of charge |
Movable Property |
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Particular of
charge holder |
ING Vysya Bank
Limited 22, M |
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Nature of
instrument creating charge |
General
Hypothecation Agreement |
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Date of
instrument Creating the charge |
20.06.2008 |
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Amount secured by
the charge |
Rs.5.000 Millions |
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Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of
Interests: TL: IVRR – 3%
p.a. Terms of
Repayment: TL: Repayable in
24 monthly installment Margin: TL: 15% Extent and operation
of the charge: First Charge on
the machinery purchased to be purchased out of team loan (25 Numbers Power
Press-machinery) |
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Particulars of
the property charged |
25 Numbers Power
Press-machinery purchased to be purchased out of team loan and stored to be
stored at No.58/2, Chickalasandra, |
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Name of the company |
STOVE KRAFT PRIVATE LIMITED |
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Presented By |
Mr. Rajendra Gandhi |
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1) Date and description of instrument creating the change |
Agreement of Hypothecation of Stocks and Book Debts dated 25.06.2005 |
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2) Amount secured by the charge/amount owing on the securities of
charge |
Total Facilities of Rs.55.000 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 |
First Hypothecation of Stock and Book Debts, of the company present
and future |
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4) Gist of the terms and conditions and extent and operation of the
charge. |
Terms of Facility Overdraft: Rs.30.000 Millions Rate of Interests: 9.50% p.a. Packing Credit: Rs.15.000 Millions Rate of Interests: LIBOR + 75 basis points Post shipment Credit – Rs.15.000 Millions Rate of Interests: LIBOR + 75 basis points Letter of Credit : Rs.10.000 Millions Commission 1.5% p.a. |
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5) Name and Address and description of the person entitled to the
charge. |
Standard Chartered Bank |
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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 |
Fixed Assets:
- Land
- Building
- Plant and
Machinery
- Office
Equipment
- Furniture and
Fixture
- Computers
Website Details:
Profile:
Subject was incorporated in the year 1999 and has achieved considerable recognition since its founding in the kitchen appliance industry. The company is a division of Vardhman Group which has over a decade of experience in the same industry. Vardhman Group was established in the year 1991 and the other two companies which are under the Group are Vardhman Enterprises and Pigeon Appliances Private Limited.
Company with its state-of-the-art technology and manufacturing solutions is associated with other multi Product brands as preferred OEM. Advanced technology has been an integral part of the company in the field of manufacturing LPG Stoves, Pressure Cookers, Electric Mixer Grinders and Kerosene Wick Stoves the brand name 'Pigeon'.
The company management is dedicated to cater their prestigious clients with all the leading brand names of kitchen appliances at highly competitive prices. At the same time they offer the highest level of customer care. Excellent management is well spread amidst over 450 happy skilled workforces.
The company already has stamped its class in the Indian
market by producing
They assure with an experience of timely shipments of flawless products. To ensure magnificent range and quality, their management has distributed the entire production process under stringent quality measures. Thus, their sincere hard-work has marked a brand name in the Domestic and International markets.
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.48.83 |
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|
1 |
Rs.85.12 |
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Euro |
1 |
Rs.65.86 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
5 |
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PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
4 |
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--LIQUIDITY |
1~10 |
5 |
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--LEVERAGE |
1~10 |
5 |
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--RESERVES |
1~10 |
5 |
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--CREDIT LINES |
1~10 |
5 |
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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 |
YES |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
|
45 |
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 |
|