MIRA INFORM REPORT
|
Report Date : |
04.04.2013 |
IDENTIFICATION DETAILS
|
Name : |
PREETHI KITCHEN APPLIANCES PRIVATE LIMITED |
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Registered
Office : |
Technopolis Knowledge Park, 2nd Floor, Mahakali Caves Road, Chakala, Andheri (East), Mumbai – 400093, Maharashtra |
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Country : |
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Financials (as
on) : |
31.03.2012 |
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Date of
Incorporation : |
21.02.2011 |
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Com. Reg. No.: |
11-213827 |
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Capital
Investment / Paid-up Capital : |
Rs. 143.000 Millions |
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CIN No.: [Company Identification
No.] |
U36993MH2011PTC213827 |
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PAN No.: [Permanent Account No.] |
AAFCP8830K |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer and Seller of Domestic Appliances. |
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No. of Employees
: |
Management Non Co-operative |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca (12) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
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Status : |
Moderate |
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Payment Behaviour : |
Slow and Delayed |
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Litigation : |
Clear |
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Comments : |
Subject is a relatively new company having a moderate track record. The company has completed its first year of business operation and
achieved sizeable turnover. The company also recorded huge accumulated losses. The external
borrowing seems to be huge. However, business is active. Payments are reported to be slow and delayed. The company can be considered for business dealings on a safe and
secured trade terms and condition. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
INDIAN ECONOMIC OVERVIEW
India is developing into an open-market economy, yet traces
of its past autarkic policies remain. Economic liberalization, including
industrial deregulation, privatization of state-owned enterprises, and reduced
controls on foreign trade and investment, began in the early 1990s and has
served to accelerate the country's growth, which has averaged more than 7% per
year since 1997. India's diverse economy encompasses traditional village farming,
modern agriculture, handicrafts, a wide range of modern industries, and a
multitude of services. Slightly more than half of the work force is in
agriculture, but services are the major source of economic growth, accounting
for more than half of India's output, with only one-third of its labor force.
India has capitalized on its large educated English-speaking population to
become a major exporter of information technology services and software
workers. In 2010, the Indian economy rebounded robustly from the global
financial crisis - in large part because of strong domestic demand - and growth
exceeded 8% year-on-year in real terms. However, India's economic growth in
2011 slowed because of persistently high inflation and interest rates and
little progress on economic reforms. High international crude prices have
exacerbated the government's fuel subsidy expenditures contributing to a higher
fiscal deficit, and a worsening current account deficit. Little economic reform
took place in 2011 largely due to corruption scandals that have slowed
legislative work. India's medium-term growth outlook is positive due to a young
population and corresponding low dependency ratio, healthy savings and
investment rates, and increasing integration into the global economy. India has
many long-term challenges that it has not yet fully addressed, including
widespread poverty, inadequate physical and social infrastructure, limited
non-agricultural employment opportunities, scarce access to quality basic and
higher education, and accommodating rural-to-urban migration.
|
Source
: CIA |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION DENIED BY
|
Name : |
Mr. Niroy |
|
Designation : |
Deputy Manager |
|
Contact No.: |
91-44-24501042/ 44 |
|
Date : |
03.04.2013 |
LOCATIONS
|
Registered Office : |
Technopolis Knowledge Park, 2nd Floor, Mahakali Caves
Road, Chakala, Andheri (East), Mumbai – 400093, Maharashtra, India |
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Tel. No.: |
Not Available |
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Fax No.: |
Not Available |
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E-Mail : |
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Website : |
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Corporate Office : |
Futura Tech Park, Q4 , 4th Floor, Block B #334, OMR Sholinganallur, Chennai – 600119, Tamilnadu, India |
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Factory 1 : |
Natham Ekattur Road, Thalambur Village, Chengalpet (TK), Kancheepuram District – 603103, Tamilnadu, India |
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Factory 2 : |
Village Sallewal, Bharatgarh Road, Nalagarh, District – Solan – 174101, Himmachal Pradesh, India |
DIRECTORS
As on: 13.08.2012
|
Name : |
Mr. Rajiv Jivanlal Wani |
|
Designation : |
Director |
|
Address : |
A13, Jai Kiriti Co-operative Housing Society, 76 Turel
Pakhadi Road, Mumbai – 400064, Maharashtra, India |
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Date of Birth/Age : |
14.12.1958 |
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Date of Appointment : |
21.02.2011 |
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DIN No.: |
01275869 |
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Name : |
Mr. Vijay Srinivasan |
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Designation : |
Managing director |
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Address : |
Door No. 29, B Block, 4th Floor, 2nd Street, Cenotaph Road, Alwarpet, Chennai –
600018, Tamilnadu, India |
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Date of Birth/Age : |
11.02.1971 |
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Qualification : |
MBA (Faculty of Management Studies, University of Delhi) |
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Experience : |
17 Years |
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Date of Appointment : |
13.08.2012 |
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DIN No.: |
01748313 |
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Name : |
Mr. Angarai Dorairjan Aditya Ratnam |
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Designation : |
Additional director |
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Address : |
B-1/001 Ananda Apartments, Sector 48, Noida – 201301, Uttar Pradesh,
India |
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Date of Birth/Age : |
25.04.1960 |
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Date of Appointment : |
05.06.2012 |
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DIN No.: |
05296020 |
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Name : |
Mr. Nandakishore Raman |
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Designation : |
Additional director |
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Address : |
D 100, Second Floor, Anand Niketan, New Delhi – 110021, India |
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Date of Birth/Age : |
25.04.1955 |
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Date of Appointment : |
10.12.2012 |
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DIN No.: |
06445449 |
KEY EXECUTIVES
|
Name : |
Mr. Achuthan R. |
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Designation : |
Secretary |
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Address : |
25, VGP Selva Nagar Extension, Velachery, Chennai – 600042, Tamilnadu,
India |
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Date of Birth/Age : |
23.10.1979 |
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Date of Appointment : |
17.02.2012 |
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PAN No.: |
AMEPR0253N |
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|
Name : |
Mr. Niroy |
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Designation : |
Deputy Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 13.08.2012
|
Names of Shareholders |
No. of Shares |
Remarks |
|
Rajiv Jivanlal Wani |
100 |
Held as Nominal
Shareholders for Philips Electronics India Limited |
|
Gaurav Malik |
100 |
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|
Philips Electronics India Limited, India |
14294860 |
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|
Harihar Subramaniak |
100 |
Held as Nominal
Shareholder for Philips Limited |
|
Rajeev Chopra |
100 |
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T. K. Das |
100 |
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Yashwant Mahadik |
100 |
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Vijay Srinivasan |
100 |
Equity Share Break up (Percentage of Total Equity)
As on: 13.08.2012
|
Category |
Percentage |
|
Bodies corporate |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Seller of Domestic Appliances. |
PRODUCTION STATUS AS ON 31.03.2012
|
Particulars |
|
Unit |
Installed Capacity |
Actual
Production |
|
Jars |
|
Pieces |
4083333 |
3276014 |
|
Injection Moulding |
|
- |
2333333 |
1837852 |
|
Mixer grinder |
|
Pieces |
1633333 |
1287350 |
|
Motor |
|
Pieces |
1050000 |
763126 |
|
Induction cook tops |
|
Pieces |
816667 |
627393 |
|
Electric irons |
|
Pieces |
128333 |
105318 |
|
Electric rice cookers |
|
Pieces |
128333 |
103685 |
|
Spares, scraps and accessories |
|
- |
116667 |
96900 |
|
S. S. Jar |
|
Pieces |
87500 |
68321 |
|
Coffee Maker |
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Pieces |
46667 |
32346 |
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Wet Grinder |
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Pieces |
29167 |
23001 |
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Electric Pressure Cooker |
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Pieces |
4083 |
2758 |
GENERAL INFORMATION
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No. of Employees : |
Management Non Co-operative |
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Bankers : |
Not Available |
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Facilities : |
(Rs.
In Millions)
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
B.S.R. and Company Chartered Accountant |
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Address : |
Building No-10, 8th Floor, Tower-B, DLF Cyber City, Phase II, Gurgaon – 122002, Haryana, India |
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PAN.: |
AAAFB9852F |
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Memberships : |
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Holding Company : |
Philips Electronics India Limited |
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Ultimate Holding
Company : |
Koninklijke Philips Electronics N.V.(KPENV) |
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Overseas Fellow
Subsidiary Companies : |
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CAPITAL STRUCTURE
As on: 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
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|
15000000 |
Equity Shares |
Rs.10/- each |
Rs. 150.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
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|
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|
14294860 |
Equity Shares |
Rs.10/- each |
Rs. 143.000
Millions |
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FINANCIAL DATA
[all figures are in
Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
|
31.03.2012 |
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|
SHAREHOLDERS FUNDS |
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|
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|
1] Share Capital |
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|
143.000 |
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2] Share Application Money |
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|
0.000 |
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3] Reserves & Surplus |
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|
857.000 |
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4] (Accumulated Losses) |
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|
(789.000) |
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NETWORTH |
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|
211.000 |
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|
LOAN FUNDS |
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|
1] Secured Loans |
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|
2.000 |
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2] Unsecured Loans |
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|
5881.000 |
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|
TOTAL BORROWING |
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|
5883.000 |
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DEFERRED TAX LIABILITIES |
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|
0.000 |
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|
|
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|
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TOTAL |
|
|
6094.000 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
|
|
5959.000 |
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Capital work-in-progress |
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|
0.000 |
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|
|
|
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INVESTMENT |
|
|
0.000 |
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DEFERREX TAX ASSETS |
|
|
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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|
508.000 |
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Sundry Debtors |
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|
195.000 |
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Cash & Bank Balances |
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|
29.000 |
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Other Current Assets |
|
|
0.000 |
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Loans & Advances |
|
|
198.000 |
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Total
Current Assets |
|
|
930.000 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
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|
Sundry Creditors |
|
|
543.000 |
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Other Current Liabilities |
|
|
211.000 |
|
|
Provisions |
|
|
41.000 |
|
Total
Current Liabilities |
|
|
795.000 |
|
|
Net Current Assets |
|
|
135.000 |
|
|
|
|
|
|
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|
MISCELLANEOUS EXPENSES |
|
|
0.000 |
|
|
|
|
|
|
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TOTAL |
|
|
6094.000 |
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PROFIT & LOSS ACCOUNT
|
|
PARTICULARS |
|
|
31.03.2012 |
|
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|
GROSS INCOME |
|
|
4381.000 |
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|
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Less |
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
|
|
|
|
|
|
Administrative Expenses |
|
|
|
|
|
|
Advertising Expenses |
|
|
5170.000 |
|
|
|
TOTAL |
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|
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|
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|
PROFIT/ (LOSS)
BEFORE TAX |
|
|
(789.000) |
|
|
|
|
|
|
|
|
|
Less |
TAX |
|
|
0.000 |
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|
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|
PROFIT/ (LOSS)
AFTER TAX |
|
|
(789.000) |
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|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
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|
Exports at F.O.B |
|
|
81.000 |
|
|
TOTAL EARNINGS |
|
|
81.000 |
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|
IMPORTS |
|
|
|
|
|
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|
Raw Materials |
|
|
898.000 |
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|
|
Finished Goods |
|
|
5.000 |
|
|
TOTAL IMPORTS |
|
|
903.000 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
|
(64.25) |
|
KEY RATIOS
|
PARTICULARS |
|
|
|
31.03.2012 |
|
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Return on Total Assets (PBT/Total Assets} |
(%) |
|
|
(11.45) |
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Return on Investment (ROI) (PBT/Networth) |
|
|
|
(3.74) |
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|
Debt Equity Ratio (Total Debt /Networth) |
|
|
|
27.88 |
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|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
|
1.17 |
LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITOR
DETAILS
|
Particular |
31.03.2012 |
|
Creditors due small micro enterprises |
177.000 |
|
Creditors due others |
366.000 |
|
Total |
543.000 |
|
Sr. No. |
Check List by Info
Agents |
Available in Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact person |
Yes |
|
11] |
Turnover of firm for last one year |
Yes |
|
12] |
Profitability for last one year |
Yes |
|
13] |
Reasons for variation <> 20% |
---------------------- |
|
14] |
Estimation for coming financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details (if applicable) |
No |
|
21] |
Market information |
---------------------- |
|
22] |
Litigations that the firm / promoter involved in |
---------------------- |
|
23] |
Banking Details |
No |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking account |
---------------------- |
|
26] |
Buyer visit details |
---------------------- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if applicable |
Yes |
|
29] |
Last accounts filed at ROC |
Yes |
|
30] |
Major Shareholders, if available |
Yes |
|
31] |
Date of Birth of Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
No |
BUSINESS PERFORMANCE:
Since this is the first year of operation of the Company they do not have any comparative figures. The results of current year form the benchmark for coming years. In the backdrop of the state government of Tamil Nadu s announcement in April 2011, to distribute Free Mixer grinders, table top grinders and fans to beneficiaries the Company’s performance during the year was modest. Despite the depressed performance in the core Mixer Grinder category, influenced by early weak trade sentiment, which affected sales of this category in Tamil Nadu. The Company has recorded the sales of Rs 4381.000 millions during period. Of the total sales around 67% is coming from the sale of Mixer Grinder and around 20% from sale of Induction Cook Tops Other categories showed relatively weaker performance due to disturbances in market environment in Andhra Pradesh and revised approbation norms in the main export markets of the United Arab Emirates (UAE).
Going forward, the Company aims to regain its share in the Mixer Grinder business with new models and improved features. The response of the trade has also been encouraging given the revised outlook for the free distribution by the Government in the coming years. Revised thrust is provided for categories such as Garment Care and Induction Cook Tops with focused promotional efforts. The Company is also planning to diversify its product portfolio as well as explore new markets with a view to reduce the excessive dependence on either geography or one product category. The commitment to drive local innovation continues, including further expanding industrial footprint in Nalagarh - Excise Free zone in Himachal Pradesh and commercial footprint in emerging export markets.
A slew of new models across categories was developed and introduced during the financial period February 2011- March 2012. Notable introductions included the new Preethi Steel Lavender and the Preethi Power One in Mixer Grinders along with improvements in Motors with Aluminium winding. In addition, the Companyss manufacturing units contributed to Kitchen Appliances development for brand Philips with introductions in Mixer Grinders (HL 1645) and Induction Cook Tops .
New products for India and export markets are in the pipeline for introduction in the Financial Year 2012-
The Company continues to invest in people quality with a vision to develop Chennai as the innovation hub for Kitchen Appliances in South East Asia Region. It also aims to provide a global platform for developing new and innovative products for both the domestic and international markets in association with Philips global hubs in Brazil, Klagenfurt in Austria and Shanghai in China.
BRIEF BACKGROUND OF
THE COMPANY
Subject was incorporated as on February 21, 2011. It is a wholly owned subsidiary of Philips Electronics India Limited. The Company sells mixies, table top grinders, coffee makers, Induction cookers, electric rice cookers, electric kettle, electric iron, electric pressure cooker and vessels for induction cooker.
UNSECURED LOAN
(Rs in Millions)
|
Particular |
|
As
on 31.03.2012 |
|
Fully convertible debentures unsecured |
|
5400.000 |
|
Deposits related parties unsecured |
|
481.000 |
|
Total |
|
5881.000 |
FIXED ASSETS
- Office equipments
- Building
- Factory equipments
- Computer equipments,
- Furniture and Fixtures
- Motor vehicles
- Leasehold properties
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 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 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. 54.39 |
|
|
1 |
Rs. 82.05 |
|
Euro |
1 |
Rs. 69.59 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
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|
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Report Prepared
by : |
UDS |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
2 |
|
PAID-UP CAPITAL |
1~10 |
2 |
|
OPERATING SCALE |
1~10 |
2 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
1 |
|
--PROFITABILIRY |
1~10 |
1 |
|
--LIQUIDITY |
1~10 |
1 |
|
--LEVERAGE |
1~10 |
1 |
|
--RESERVES |
1~10 |
1 |
|
--CREDIT LINES |
1~10 |
1 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
--DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
12 |
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.