MIRA
INFORM REPORT
|
Report Date : |
28.05.2011 |
IDENTIFICATION DETAILS
|
Name : |
KEHEMS ENGINEERING PRIVATE LIMITED |
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Registered
Office : |
Village Umarikheda, 12th |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
04.10.1994 |
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Com. Reg. No.: |
10-008693 |
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Capital
Investment / Paid-up Capital : |
Rs.54.976 Millions |
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CIN No.: [Company Identification
No.] |
U74210MP1994PTC008693 |
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|
TAN No.: [Tax Deduction &
Collection Account No.] |
BLPK00578E |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of HVAC Products. |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (31) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 314000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is a joint venture between Kehems Consultants Private Limited
and Ciat It is an established company having moderate track. Trade relations
are reported as fair. Business is active. Payments are reported to be slow
but correct. The company can be considered for small to mediocre 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 – June 30, 2010
|
Country Name |
Previous Rating (01.04.2010) |
Current Rating (30.06.2010) |
|
|
A1 |
A1 |
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Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
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 |
LOCATIONS
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Registered Office/Head Office : |
Village Umarikheda, 12th |
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Tel. No.: |
91-731-4228333 / 306 |
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Fax No.: |
91-731-4228342 |
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E-Mail : |
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Website : |
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Correspondence Address : |
4 B, |
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Tel. No.: |
91-731-2402624 |
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Branches : |
Located at :
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DIRECTORS
As on 30.09.2010
|
Name : |
Mr. Deepak Kemkar |
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Designation : |
Director |
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Address : |
Village Umarikheda, 12th |
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Date of Birth/Age : |
25.08.1949 |
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Date of Appointment : |
04.10.1994 |
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DIN No. : |
00280498 |
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Name : |
Mrs. Surekha Kemkar |
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Designation : |
Director |
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Address : |
Village Umarikheda, 12th |
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Date of Birth/Age : |
15.09.1952 |
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Date of Appointment : |
04.10.1994 |
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DIN No. : |
00969972 |
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Name : |
Mr. Dominique De Gelis |
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Designation : |
Director |
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Address : |
16, Chemin Des Sayettes Corenc, France, 98700 |
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Date of Birth/Age : |
21.11.1954 |
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Date of Appointment : |
21.03.2007 |
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DIN No. : |
02564003 |
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Name : |
Mr. Dominique Larger |
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Designation : |
Director |
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Address : |
17, Rue Alexandra Dumas, St. Germain En Laye – 78100, |
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Date of Birth/Age : |
06.10.1944 |
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Date of Appointment : |
21.03.2007 |
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DIN No. : |
02564031 |
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Name : |
Mr. Christian Lenotre |
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Designation : |
Director |
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Address : |
163, Chemin De La Santoline, Le Bar Sur Loup – 06620, |
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Date of Birth/Age : |
01.10.1953 |
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Date of Appointment : |
21.03.2007 |
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DIN No. : |
02884722 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Kehems Consultants Private Limited ( |
|
2748815 |
|
Compagnie Industrielle, d’ Applications Thermiques (Ciat |
|
2748815 |
|
Total |
|
5497630 |
As on 30.09.2010
|
Category |
Percentage |
|
Foreign holdings( Foreign institutional investor(s),
Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s)
or Overseas Corporate bodies or Others |
50.00 |
|
Bodies corporate |
50.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of HVAC Products. |
GENERAL INFORMATION
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Customers : |
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
L. N. Dube Chartered Accountant |
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Address : |
15-B, Ratlam Kothi Compound, |
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Tel. No.: |
91-731-2516308 |
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Associates/Subsidiaries : |
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CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
5600000 |
Equity Shares |
Rs.10/- each |
Rs.56.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
5497630 |
Equity Shares |
Rs.10/-each |
Rs.54.976
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
54.976 |
54.976 |
54.976 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
23.436 |
21.635 |
18.802 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
78.412 |
76.611 |
73.778 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
20.902 |
25.325 |
10.956 |
|
|
2] Unsecured Loans |
0.253 |
0.591 |
0.681 |
|
|
TOTAL BORROWING |
21.155 |
25.916 |
11.637 |
|
|
DEFERRED TAX LIABILITIES |
0.522 |
0.600 |
0.633 |
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|
|
|
|
|
|
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TOTAL |
100.089 |
103.127 |
86.048 |
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APPLICATION OF FUNDS |
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|
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|
|
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|
|
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FIXED ASSETS [Net Block] |
6.235 |
5.914 |
6.013 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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|
|
|
|
|
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INVESTMENT |
7.000 |
7.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
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|
Inventories |
11.507
|
29.987 |
26.564 |
|
|
Sundry Debtors |
53.220
|
53.326 |
39.352 |
|
|
Cash & Bank Balances |
3.676
|
4.101 |
6.314 |
|
|
Other Current Assets |
0.044
|
0.055 |
0.176 |
|
|
Loans & Advances |
56.477
|
58.286 |
56.320 |
|
Total
Current Assets |
124.924
|
145.755 |
128.726 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
28.004
|
34.639 |
22.867 |
|
|
Other Current Liabilities |
10.066
|
20.903 |
25.824 |
|
|
Provisions |
0.000
|
0.000 |
0.000 |
|
Total
Current Liabilities |
38.070
|
55.542 |
48.691 |
|
|
Net Current Assets |
86.854
|
90.213 |
80.035 |
|
|
|
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|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
100.089 |
103.127 |
86.048 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
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SALES |
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Income |
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|
Other Income |
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|
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|
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TOTAL (A) |
101.835 |
162.172 |
138.028 |
|
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Less |
EXPENSES |
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|
Office Expenses |
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Administrative Expenses |
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Advertising Expenses |
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TOTAL (B) |
98.427 |
157.000 |
128.851 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
3.408 |
5.172 |
9.177 |
|
|
|
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|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (D) |
0.810 |
0.766 |
0.729 |
|
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PROFIT BEFORE
TAX (C-D) (E) |
2.598 |
4.406 |
8.448 |
|
|
|
|
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|
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|
Less |
TAX (F) |
0.797 |
1.573 |
2.749 |
|
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|
|
|
PROFIT AFTER TAX
(E-F) (G) |
1.801 |
2.833 |
5.699 |
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IMPORTS |
|
|
|
|
|
|
|
Capital Goods |
1.849 |
NA |
8.487 |
|
|
TOTAL IMPORTS |
1.849 |
NA |
8.487 |
|
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|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
0.47 |
0.76 |
1.04 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
1.77
|
1.75 |
4.13 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
1.98
|
2.90 |
6.27 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.03
|
0.06 |
0.11 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.75
|
1.06 |
0.82 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.28
|
2.62 |
2.64 |
LOCAL AGENCY FURTHER INFORMATION
FORM 8 :
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
90203293 |
|
Corporate
identity number of the company |
U74210MP1994PTC008693 |
|
Name of the
company |
KEHEMS ENGINEERING PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
Village Umarikheda, 12th |
|
Type of charge |
Book Debts Movable Property Immovable
property |
|
Particular of
charge holder |
Dena Bank, Shalimar Corporate Branch, South Tukoganj, Indore – 452001,
Madhya Pradesh, India |
|
Nature of description
of the instrument creating or modifying the charge |
Unattested
Memorandum of Modification of Hypothecation agreement from companies dated
26.02.2009 |
|
Date of
instrument Creating the charge |
26.02.2009 |
|
Amount secured by
the charge |
Rs.70.500
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest
: Cash Credit
(Hypo) : BPLR plus one with monthly rest. PCH cum FBP (Sub limit)
: BPLR-2.5% up to 270 days and BPLR+3.5% above to 270 days Bank Guarantee :
Commission as per HO guidelines. Terms of
Repayment : Cash Credit
(Hypo) : One year or on demand PCH cum FBP (Sub
limit) : One year or on demand. Bank Guarantee :
One year or on demand Margin : Cash Credit
(Hypo) : 25%on stock and 40% on book debts Bank Guarantee :
15% (Regular and
specific) Extent and
Operation of the charge : Cash Credit
(Hypo) : Rs.40.000 Millions PCH cum FBP (Sub
limit) : (Rs.10.000 Millions) Bank Guarantee :
Rs.16.000 Millions (Regular) Bank Guarantee :
Rs.14.500 Millions (Specific) Total : Rs.70.500
Millions |
|
Short particulars
of the property charged |
Hypothecation of
entire raw material, work in progress, finished good and stores and spares of
the company stored in the factory or any other godown or else where and
whether in the possession of the company or not present and future . Entire
all other current assets of the company. Hypothecation of fixed assts of the
company. Em of Flat B-23, |
|
Date of latest
modification prior to the present modification |
17.11.2006 |
|
Particulars of
the present modification |
Total Limit has
been increased from Rs.54.000 millions to Rs. 70.500 Millions. Detail are as
under: Cash Credit
(Hypo) : Rs.40.000 Millions PCH cum FBP (Sub
limit) : (Rs.10.000 Millions) Bank Guarantee :
Rs.16.000 Millions (Regular) Bank Guarantee :
Rs.14.500 Millions (Specific) Total : Rs.70.500
Millions |
CHANGE OF ADDRESS
:
Registered office of the company has been shifted from 303-Kothari
Manor, 10, Diamond Colony,
FIXED ASSETS
- Air
Conditioner
- Vehicles
- Computers
- Fax Machine
- Flat at
Mumbai
- Furniture and
Fixtures
- Godown
- Heat Pump
- Office
Equipments
- Plant and
Machinery
- Refrigerator
- Scooter
- Television
Set
- Tools and
Tackles
- Xerox Machine
WEBSITE DETAILS
COMPANY PROFILE
In 1994 realizing the conceptual
demand and future business prospects in
With their mission of optimizing, conserving and economizing
energy they are committed to
provide their customers and suppliers with global excellence. They are the
nation's leading provider of integrated cost-saving energy solutions to
commercial, industrial and institutional customers.
Kehems started as Engineering and Contracting firm
in field of HVAC and Thermal
Engineering. Kehems with its specialization in Thermal Engineering has
an unmatched engineering strength and experience in diverse areas of thermal
engineering, which is used to add value to HVAC projects by customer specific
creative engineering. Kehems Contracting operations throughout the country are
based on dedicated project specific management and execution team and not a
permanent area specific team. This allows concentrated work execution and gives
better results to the client.
Partners
Today Kehems represents the consortium of following companies :
- CIAT
- CRISTOPIA
ENERGY SYSTEMS (I) PRIVATE LIMITED
- CIAT
Kehems is in 50:50 joint venture
with M/s CIAT S.A, France. . M/s
CIAT is a 70 years old company manufacturing comprehensive range of HVAC
products. CIAT has 8 Manufacturing Plants in Europe and Asia including
Cristopia Energy Systems (I) Private
Limited a technical joint venture
between Subject and CRISTOPIA FRANCE, a wholly owned
subsidiary of CIAT France. Cristopia Energy Systems (I) Private Limited is the
manufacturer of Thermal Energy Storage Systems in
Part of 50 : 50 joint venture of CIAT and KEHEMS, CIAT INDIA DIVISION
offers State-of-the-art “CIAT” Water Cooled Screw Chillers assembled in India.
CIAT India’s Guarantee for these machines is backed by CIAT France
international guarantee. The assembly of all equipment is in accordance with
quality norms specified by CIAT.
Infrastructure
Kehems head office is centrally located in
Services
Kehems also provides After Sales Services and
is renowned in offering attractive annual maintenance contracts after the
guarantee period of its products is over.
High performance, long service life and full reliability are the common
denominators for their product range. The
company is continuously in the process of upgrading its existing products and
introducing new products for the industry.
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.45.21 |
|
|
1 |
Rs.74.30 |
|
Euro |
1 |
Rs.64.40 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
31 |
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.