MIRA
INFORM REPORT
|
Report Date : |
25.04.2011 |
IDENTIFICATION DETAILS
|
Name : |
KEVIN POWER SOLUTIONS LIMITED |
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Registered Office : |
B-91, Near Satyawati Dharmshala, Vikas Nagar Extension, Uttam Nagar,
New Delhi-110059 |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
07.12.2004 |
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Com. Reg. No.: |
55-131045 |
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CIN No.: [Company
Identification No.] |
U74210DL2004PTC131045 |
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Legal Form : |
A closely held Public Limited Liability Company |
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Line of Business : |
Manufacturer
and Exporter of Large-Scale Electrical Systems like Inverters, Static UPS,
Online UPS, Offline UPS, Home UPS, Sine Wave Inverters and Solar power |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (46) |
|
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 226380 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a well established company having satisfactory track. Trade
relations are reported as fair. Business is active. Payments are reported to
be usually correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
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|
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INFORMATION PARTED BY
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Name : |
Mr. Magodra |
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Designation : |
Assistant Manager |
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Date : |
16.04.2011 |
LOCATIONS
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Registered Office : |
B-91, Near Satyawati Dharmshala, Vikas Nagar Extension, Uttam Nagar,
New Delhi-110059, |
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E-Mail : |
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Website : |
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Factory 1 : |
Plot No.272-273-275, Lakeshari Industrial Area, Bhagwanpur, Roorkee –
247661, uttarkhand |
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Tel. No.: |
91-1332-235216 |
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Fax No.: |
91-1332-235217 |
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Corporate Office : |
D – 117, Sector – 63, Noida, Gauttam Buddha Nagar, |
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Tel. No.: |
91-120-4775779 |
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Fax No.: |
91-120-4775777 |
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E-Mail : |
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Branches : |
Haryana Sco-36, 2nd Floor, Sector – 10 A, Gurgaon-122001, Tel. No.: 91-124-4037619/4039619 Fax No.: 91-124-4039619 Uttar Pradesh 214/3, Karnataka 53/A, 2nd Located at: ·
·
Jalandhar ·
·
Dehradun ·
Panipat ·
Muzaparinagar ·
·
Gaziabad ·
·
Aligadh ·
Jaipur ·
·
·
·
·
Gorankhpur ·
·
·
Allahbad ·
·
·
·
Satna ·
·
·
·
·
Mumbai ·
Nanded ·
·
·
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DIRECTORS
AS ON 30.09.2010
|
Name : |
Mr. Nivesh Chauhan |
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Designation : |
Director |
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Address : |
Plot No. 500, Near Sector – 10 A, Khandsa, Gurgaon-122001, |
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Date of Birth/Age : |
27.02.1979 |
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Date of Appointment : |
07.12.2004 |
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Name : |
Mrs. Anita Rana |
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Designation : |
Driector |
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Address : |
1484, Sector – 10A, Gurgaon-122001, |
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Date of Birth/Age : |
03.09.1967 |
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Date of Appointment : |
07.12.2004 |
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Name : |
Mr. Jagdeep Ravindra Kumar |
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Designation : |
Managing Director |
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Address : |
Khubbanpur, Bhagwan Pur, Hardwar-249401, |
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Date of Birth/Age : |
06.06.1972 |
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Date of Appointment : |
05.10.2009 |
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Name : |
Mr. Nabhdeep Chauhan |
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Designation : |
Additional Director |
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Address : |
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Date of Birth/Age : |
01.07.1979 |
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Date of Appointment : |
05.08.2008 |
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Name : |
Mr. Vishwanath Pratap Singh |
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Designation : |
Additional Director |
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Address : |
C/O, |
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Date of Birth/Age : |
15.07.1976 |
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Date of Appointment : |
05.08.2008 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Anita Rana |
|
108520 |
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Nivesh Chauhan |
|
179125 |
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Vishwanath Pratap Singh |
|
54260 |
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Nabhdeep Chauhan |
|
164598 |
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Jagdeep Ravindra Kumar |
|
531628 |
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Ravindra Pal |
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2 |
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Kamla Rani |
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2 |
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Total |
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1038135 |
Equity Share Breakup (Percentage of Total Equity)
AS ON 30.09.2010
|
Category |
|
Percentage |
|
Directors or relatives of directors |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer
and Exporter of Large-Scale Electrical Systems like Inverters, Static UPS,
Online UPS, Offline UPS, Home UPS, Sine Wave Inverters and Solar power |
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|
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Products : |
·
DSP Sine Wave Inverters ·
DSP Sine Wave Static Ups ·
DSP Sine Wave Online Ups ·
DSP Sine Wave Home Ups ·
DSP Sine Wave Line Interactive Ups ·
Upcoming Launches |
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Terms : |
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Selling : |
Cash,
Credit (30 days, 60 days, 90 days) |
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Purchasing : |
Cash,
Credit (30 days, 60 days, 90 days) |
GENERAL INFORMATION
|
Customers : |
·
Reliance industries ·
Asahi ·
Aiims ·
Maharshi solar ·
Birla group ·
Central electronics Limited. ·
Birla power solutions ·
Savion ·
Onida ·
Power zen micro systems ·
Oscar ·
Applied electronics ·
Amar raja power systems(amron) ·
Vdis ·
Sinetrac ·
Magtron ·
Ibp ·
Richoh power ·
Hp ·
One up systems ( compact ups) ·
Indian oil ·
Amity power products ·
Bpcl ·
D. S. Constructions ·
Retailers |
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No. of Employees : |
800 |
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Bankers : |
State Bank of |
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Facilities : |
Note: Term Loan and Working Capital Loan from Bank are secured by way of
charge by Mortgage of Immovable Properties and Hypothecation of inventories
and Book debts and hypothecation of movable assets fo the company
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Manoj Prabhu and Associates Chartered Accountant |
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Address : |
410, |
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Group Company : |
Address: F-85, Bhadrabad Industrial Area,
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CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
10000000 |
Equity Shares |
Rs.10/- each |
Rs.100.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1038135 |
Equity Shares |
Rs.10/- each |
Rs.10.381Millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
10.381 |
10.381 |
0.850 |
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2] Share Application Money |
0.00 |
0.000 |
0.099 |
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3] Reserves & Surplus |
46.214 |
35.849 |
3.304 |
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4] Share Premium |
0.000 |
0.000 |
1.500 |
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5] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
56.595 |
46.230 |
5.753 |
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LOAN FUNDS |
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1] Secured Loans |
68.054 |
45.935 |
7.305 |
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2] Unsecured Loans |
17.219 |
9.867 |
8.035 |
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TOTAL BORROWING |
85.273 |
55.802 |
15.340 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.020 |
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TOTAL |
141.868 |
102.032 |
21.113 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
41.842 |
28.014 |
12.902 |
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Capital work-in-progress |
0.124 |
4.114 |
0.000 |
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INVESTMENT |
1.784 |
2.500 |
0.000 |
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DEFERREX TAX ASSETS |
(0.607) |
(0.414) |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
105.566
|
84.820 |
15.336
|
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Sundry Debtors |
55.803
|
49.120 |
10.197
|
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Cash & Bank Balances |
7.215
|
0.575 |
2.803
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Other Current Assets |
2.305
|
1.348 |
1.010
|
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Loans & Advances |
10.020
|
5.271 |
2.247
|
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Total
Current Assets |
180.909
|
141.134 |
31.593 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
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Sundry Creditors |
68.990
|
66.198 |
22.616
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Other Current Liabilities |
16.883
|
2.573 |
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Provisions |
4.662
|
6.393 |
0.826
|
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Total
Current Liabilities |
90.535
|
75.164 |
23.442
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Net Current Assets |
90.374
|
65.970 |
8.151
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MISCELLANEOUS EXPENSES |
8.351 |
1.848 |
0.060 |
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TOTAL |
141.868 |
102.032 |
21.113 |
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PROFIT & LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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Income |
298.184 |
263.461 |
46.916 |
|
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Other Income |
1.785 |
1.044 |
6.458 |
|
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TOTAL |
299.969 |
264.505 |
53.374 |
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Less |
EXPENSES |
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Increased / (Decreased) In stock |
0.478 |
(52.820) |
(3.827) |
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Others Expenses |
283.783 |
283.704 |
52.602 |
|
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|
Miscellaneous Expenses Written off |
0.472 |
0.473 |
0.021 |
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TOTAL |
284.733 |
231.357 |
48.796 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
15.236 |
33.148 |
4.578 |
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Less/ Add |
DEPRECIATION/
AMORTISATION |
4.634 |
2.733 |
0.670 |
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PROFIT BEFORE
TAX |
10.602 |
30.415 |
3.908 |
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Less |
TAX |
0.237 |
12.229 |
0.834 |
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PROFIT AFTER TAX
|
10.365 |
18.186 |
3.074 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
3.46
|
6.87 |
5.76
|
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|
Net Profit Margin (PBT/Sales) |
(%) |
3.56
|
11.54 |
8.33
|
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Return on Total Assets (PBT/Total Assets} |
(%) |
4.76
|
17.98 |
8.78
|
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Return on Investment (ROI) (PBT/Networth) |
|
0.19
|
0.66 |
0.68
|
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Debt Equity Ratio (Total Liability/Networth) |
|
3.11
|
2.83 |
6.74
|
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Current Ratio (Current Asset/Current Liability) |
|
1.99
|
1.88 |
1.35
|
LOCAL AGENCY FURTHER INFORMATION
NOTE:
The Registered Office of the company has been shifted from 209, Sunder Kiran 6/41, Karol Bagh, New
Delhi-110005,
Bankers Charges
Report as per Registry
|
Corporate
identity number of the company |
U74210DL2004PLC131045 |
|
Name of the
company |
KEVIN POWER
SOLUTIONS LIMITED |
|
Address of the
registered office or of the principal place of business in |
B-91, Near
Satyawati Dharmshala, Vikas Nagar Extn, Uttam Nagar, New Delhi – 110059,
Delhi, India |
|
This form is for |
Modification of
charge |
|
Type of charge |
Book Debts Immovable
Property Movable Property |
|
Particular of charge
holder |
STATE BANK OF |
|
Nature of
instrument creating charge |
1) Letter Of
Arrangement Sme 1 Dated 31-12-09 2) Supplemental
Agreement Of Loan Cum Hypothecation Sme-4 Date. 31-12-09 3) Letter Of Confirmation
For Creation Of Mortgage Sme-6 Date. 31-12-09 4) Letter Of
Confirmation For Extension Of Mortgage Sme-8 Date. 31-12-09 |
|
Date of
instrument Creating the charge |
31/12/2009 |
|
Amount secured by
the charge |
Rs.90.000
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest 1) On Working
Capital 1% Above Sbar, Present Effective Rate 12.75% P.A. Terms of
Repayment 1) Working
Capital Is Repayable On Demand Margin 1) Raw Material,
Stock In Process, Finished Goods =25% 2)
Receivables=40% Extent and
Operation of the charge Till The
Repayment Of Total Bank Credit Facilities |
|
Short particulars
of the property charged |
Land and Building
Situated At Khasra No-275 Lakeshari Industrial Area Bhagwanpur Roorkee Land Situated At
Khasra No-273 Lakeshari Industrial Area Bhagwanpur Roorkee Residential
Property Situated At D 370 Malviya Nagar Jaipur Rajasthan, As Per Letter Of
Confirmation Sme-6 Dt. 31-12-09 |
|
Date of latest modification
prior to the present modification |
26/12/2008 |
|
Particulars of
the present modification |
FUND BASED EXISTING MODIFIED CASH CREDIT 35.000 Millions 90.000 Millions |
Trade References:
- Videocon
- Mahindra and Mahindra Private Limited
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.44.30 |
|
|
1 |
Rs.70.92 |
|
Euro |
1 |
Rs.64.69 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
46 |
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 |
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 |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.