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|
MIRA INFORM REPORT
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Report No. : |
495561 |
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Report Date : |
06.03.2018 |
IDENTIFICATION DETAILS
|
Name : |
PREETHI KITCHEN APPLIANCES PRIVATE LIMITED |
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Registered
Office : |
Unit No. 506, 5th Floor, Boomerang Chandivali Farm Road, Powai, Mumbai-400072, Maharashtra |
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Tel. No.: |
91-44-24501042 |
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Country : |
India |
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Financials (as
on) : |
31.03.2016 |
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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 : |
INR 1082.070 Million |
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CIN No.: [Company Identification
No.] |
U36993MH2011PTC213827 |
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IEC No.: |
Not Divulged |
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GST No.: |
Not Divulged |
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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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
: |
Subject is engaged in the business of Manufacturing and Selling of Domestic Appliances, such as Mixies, Table Top Grinders, Coffee Makers, Induction Cookers, Electric Rice Cookers, Electric Kettle, Electric Iron Box, Electric Pressure Cooker and Vessels for Induction Cooker. [Registered Activity] |
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No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
A |
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Credit Rating |
Explanation |
Rating Comments |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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Status : |
Satisfactory |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is a subsidiary “Philips India Limited”. It is an established company having satisfactory track record. Management has failed to file its financials for the year 2017 with Registrar of Companies. The rating reflects company’s significant improvement into its business risk profile with healthy infusion of the capital during the financial year 2016 by the promoters, due to which the company has able to successfully wipe-off its accumulated losses during the year. The rating takes into consideration company’s extensive experienced promoters’ established brand presence, diversified product portfolio and strong financial and managerial support from its holding company. This rating strength is partially offset by the continuous losses from its operations and company’s presence in intensely competitive kitchen appliances industry and the susceptibility of its operating profitability to volatility in raw material prices and foreign exchange rates. Payment seems to be slow but correct. In view of aforesaid, the company can be considered for normal 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.
EXTERNAL AGENCY RATING
NOT AVAILABLE
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
31-03-2016.
BIFR (Board for Industrial & Financial Reconstruction) LISTING
STATUS
Subject’s name is not listed as a Sick Unit in
the publicly available BIFR (Board for Industrial & Financial
Reconstruction) list as of 06.03.2018
IBBI (Insolvency and Bankruptcy Board of India) LISTING STATUS
Subject’s name is not listed in the publicly
available IBBI (Insolvency and Bankruptcy Board of India) list as of report
date.
INFORMATION DECLINED BY
|
Name : |
Mr. Pradeep |
|
Designation : |
Accounts Department |
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Contact No.: |
91-44-24501042 |
|
Date : |
04.03.2018 |
MANAGEMENT NON-COOPERATIVE [91-44-24501044/ 45/ 66949600]
LOCATIONS
|
Registered Office : |
Unit No. 506, 5th Floor, Boomerang Chandivali Farm Road, Powai, Mumbai-400072, 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, Rajiv
Gandhi Salai (OMR), |
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Tel. No.: |
91-44-24501042/ 44/ 45/ 66949600/ 66677777 |
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Fax No.: |
91-44-66949648 |
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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, Himachal Pradesh, India |
DIRECTORS
AS ON: 31.03.2017
|
Name : |
Mr. Angarai Dorairjan Aditya Ratnam |
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Designation : |
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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PAN No.: |
AAEPR7786C |
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DIN No.: |
05296020 |
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|
|
|
Name : |
Mr. Rajiv Mathur |
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Designation : |
Director |
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Address : |
1543 Sector -A, Pocket, B and C, Vasant Kunj, New Delhi-110070, India |
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Date of Birth/Age : |
28.08.1959 |
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Qualification : |
CS |
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Date of Appointment : |
09.02.2016 |
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DIN No.: |
06931798 |
KEY EXECUTIVES
|
Name : |
Mr. Nishant Nayan |
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Designation : |
Company Secretary |
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Address : |
B-21, Ground Floor, Fateh Nagar, Delhi-110018, India |
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Date of Appointment : |
07.07.2016 |
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PAN No.: |
ACRPN5013D |
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Name : |
Mr. Pradeep |
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Designation : |
Accounts Department |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.03.2017
|
Names of Equity Shareholders |
|
No. of Shares |
|
Philips India Limited, India [PIL] |
|
49262813 |
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Nominee Shareholders of [PIL] [100 Shares each to 6 shareholders] |
|
600 |
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|
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Total |
|
49263413 |
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Names of Preference Shareholder |
|
No. of Shares |
|
Philips India Limited, India [PIL] |
|
45924527 |
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Total |
|
45924527 |
AS ON: 29.09.2017
|
Equity Share Breakup |
Percentage of Holding |
|
Category |
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|
Promoters – Body Corporate |
100.00 |
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|
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Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in the business of Manufacturing and Selling of Domestic Appliances, such as Mixies, Table Top Grinders, Coffee Makers, Induction Cookers, Electric Rice Cookers, Electric Kettle, Electric Iron Box, Electric Pressure Cooker and Vessels for Induction Cooker. [Registered Activity] |
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Products : |
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Brand Names : |
“PREETHI” |
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Agencies Held : |
Not Divulged |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
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Selling : |
Not Divulged |
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Purchasing : |
Not Divulged |
PRODUCTION STATUS: [NOT AVAILABLE]
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
Information declined by the management |
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Bankers : |
Bank of America |
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Facilities : |
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Auditors : |
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Name : |
B S R and Company LLP Chartered Accountants |
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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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Income-tax
PAN of auditor or auditor's firm : |
AAAFB9852F |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Holding Company : |
Philips India Limited [U31902WB1930PLC006663] |
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Ultimate
Holding company : |
Koninklijke Phillips N.V (KPNV) |
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Fellow Subsidiary companies : |
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CAPITAL STRUCTURE
AS ON: 29.09.2017
Authorised Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
85000000 |
Equity Shares |
INR 10/- each |
INR 850.000 Million |
|
46050000 |
Preference Shares |
INR 10/- each |
INR 460.500 Million |
|
|
|
|
|
|
|
Total |
|
INR 1310.500 Million |
Issued, Subscribed & Paid-up Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
49263413 |
Equity Shares |
INR 10/- each |
INR 492.634
Million |
|
45924527 |
Preference Shares |
INR 10/- each |
INR 459.245
Million |
|
|
|
|
|
|
|
Total |
|
INR 951.879 Million |
AS ON: 31.03.2016
Authorised Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
109100000 |
Equity Shares |
INR 10/- each |
INR 1091.000 Million |
|
12100000 |
Preference Shares |
INR 10/- each |
INR 121.000 Million |
|
|
|
|
|
|
|
Total |
|
INR 1212.000 Million |
Issued, Subscribed & Paid-up Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
96219935 |
Equity Shares |
INR 10/- each |
INR 962.200
Million |
|
11987421 |
Preference Shares |
INR 10/- each |
INR 119.870
Million |
|
|
|
|
|
|
|
Total |
|
INR 1082.070 Million |
FINANCIAL DATA
[all figures are
in INR Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
1082.070 |
142.950 |
143.000 |
|
(b) Reserves and Surplus |
2696.000 |
(4296.000) |
(3128.000) |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending
allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
3778.070 |
(4153.050) |
(2985.000) |
|
|
|
|
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|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
3.000 |
5404.000 |
5404.000 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long-term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term
provisions |
41.000 |
44.000 |
27.000 |
|
Total Non-current
Liabilities (3) |
44.000 |
5448.000 |
5431.000 |
|
|
|
|
|
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(4)
Current Liabilities |
|
|
|
|
(a) Short-term
borrowings |
154.000 |
2540.000 |
2278.000 |
|
(b) Trade
payables |
571.930 |
485.050 |
429.000 |
|
(c) Other current
liabilities |
166.000 |
256.000 |
238.000 |
|
(d) Short-term
provisions |
37.000 |
34.000 |
27.000 |
|
Total Current
Liabilities (4) |
928.930 |
3315.050 |
2972.000 |
|
|
|
|
|
|
TOTAL |
4751.000 |
4610.000 |
5418.000 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
542.000 |
596.000 |
454.000 |
|
(ii)
Intangible Assets |
2343.000 |
3124.000 |
3905.000 |
|
(iii) Tangible assets
capital work-in-progress |
31.000 |
0.000 |
74.000 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d)
Long-term loans and advances |
76.000 |
84.000 |
78.000 |
|
(e) Other Non-current
assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
2992.000 |
3804.000 |
4511.000 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
554.000 |
633.000 |
642.000 |
|
(c) Trade
receivables |
130.000 |
85.000 |
142.000 |
|
(d) Cash and
bank balances |
977.000 |
23.000 |
32.000 |
|
(e)
Short-term loans and advances |
93.000 |
65.000 |
90.000 |
|
(f) Other
current assets |
5.000 |
0.000 |
1.000 |
|
Total
Current Assets |
1759.000 |
806.000 |
907.000 |
|
|
|
|
|
|
TOTAL |
4751.000 |
4610.000 |
5418.000 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
|
SALES |
|
|
|
|
|
Total
Revenue from operations |
4788.000 |
4210.000 |
3551.000 |
|
|
Other Income |
8.000 |
5.000 |
24.000 |
|
|
TOTAL (A) |
4796.000 |
4215.000 |
3575.000 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
2256.000 |
1923.000 |
1945.000 |
|
|
Purchases of
Stock-in-Trade |
590.000 |
691.000 |
185.000 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
82.000 |
(29.000) |
79.000 |
|
|
Employee benefit expense |
409.000 |
366.000 |
303.000 |
|
|
Other expenses |
1046.000 |
834.000 |
1053.000 |
|
|
TOTAL (B) |
4383.000 |
3785.000 |
3565.000 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION (C) |
413.000 |
430.000 |
10.000 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
769.000 |
757.000 |
717.000 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION
(C-D) (E) |
(356.000) |
(327.000) |
(707.000) |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
846.000 |
841.000 |
849.000 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX (E-F) (G) |
(1202.000) |
(1168.000) |
(1556.000) |
|
|
|
|
|
|
|
Less |
TAX (H) |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX (G-H) (I) |
(1202.000) |
(1168.000) |
(1556.000) |
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
300.000 |
252.000 |
181.000 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
49.000 |
25.000 |
137.000 |
|
|
Finished goods |
107.000 |
269.000 |
0.000 |
|
|
Components and spare parts |
0.000 |
0.000 |
22.000 |
|
|
TOTAL IMPORTS |
156.000 |
294.000 |
159.000 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
(82.25) |
(81.71) |
(108.83) |
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
Current Maturities of Long term debt |
NA |
NA |
NA |
|
|
|
|
|
|
Net cash flows from (used in) operations |
559.000 |
605.000 |
(75.000) |
|
|
|
|
|
|
Net cash flows from (used in) operating activities |
557.000 |
599.000 |
(75.000) |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
Average Collection Days (Sundry
Debtors / Income * 365 Days) |
9.91 |
7.37 |
14.60 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry Debtors) |
36.83 |
49.53 |
25.01 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors / Purchases * 365 Days) |
73.35 |
67.73 |
73.51 |
|
|
|
|
|
|
Inventory Turnover (Operating Income / Inventories) |
0.75 |
0.68 |
0.02 |
|
|
|
|
|
|
Asset Turnover (Operating Income / Net Fixed Assets) |
0.14 |
0.12 |
0.00 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
Debt Ratio ((Borrowing
+ Current Liabilities) / Total Assets) |
0.20 |
1.89 |
1.55 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability / Networth) |
0.04 |
(1.91) |
(2.57) |
|
|
|
|
|
|
Current Liabilities to Networth (Current Liabilities / Net Worth) |
0.25 |
(0.80) |
(1.00) |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets / Networth) |
0.77 |
(0.90) |
(1.49) |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial Charges) |
0.54 |
0.57 |
0.01 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
Net Profit Margin ((PAT / Sales) * 100) |
% |
(25.10) |
(27.74) |
(43.82) |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total Assets) * 100) |
% |
(25.30) |
(25.34) |
(28.72) |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth) * 100) |
% |
(31.82) |
28.12 |
52.13 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
Current Ratio (Current
Assets / Current Liabilities) |
1.89 |
0.24 |
0.31 |
|
|
|
|
|
|
Quick Ratio ((Current Assets – Inventories) / Current
Liabilities) |
1.30 |
0.05 |
0.09 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total Assets) |
0.80 |
(0.90) |
(0.55) |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity Capital) |
0.15 |
55.57 |
53.72 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities) |
1.89 |
0.24 |
0.31 |
Total
Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term
debts
FINANCIAL ANALYSIS
[all figures are
in INR Million]
DEBT EQUITY RATIO
|
Particulars |
31.03.2014 |
31.03.2015 |
31.03.2016 |
|
|
(INR
In Million) |
(INR
In Million) |
(INR
In Million) |
|
Share Capital |
143.000 |
142.950 |
1082.070 |
|
Reserves & Surplus |
(3128.000) |
(4296.000) |
2696.000 |
|
Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
(2985.000) |
(4153.050) |
3778.070 |
|
|
|
|
|
|
Long-term borrowings |
5404.000 |
5404.000 |
3.000 |
|
Short term borrowings |
2278.000 |
2540.000 |
154.000 |
|
Total
borrowings |
7682.000 |
7944.000 |
157.000 |
|
Debt/Equity
ratio |
(2.574) |
(1.913) |
0.042 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2014 |
31.03.2015 |
31.03.2016 |
|
|
(INR
In Million) |
(INR
In Million) |
(INR
In Million) |
|
Sales |
3551.000 |
4210.000 |
4788.000 |
|
|
|
18.558 |
13.729 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2014 |
31.03.2015 |
31.03.2016 |
|
|
(INR
In Million) |
(INR
In Million) |
(INR
In Million) |
|
Sales |
3551.000 |
4210.000 |
4788.000 |
|
Profit/ (Loss) |
(1556.000) |
(1168.000) |
(1202.000) |
|
|
(43.82
%) |
(27.74
%) |
(25.10
%) |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
No |
|
5 |
Buyer visit details |
-- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
No |
|
8 |
Designation of contact person |
No |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
Yes |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
No |
|
16 |
No. of employees |
No |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
Yes |
|
22 |
Conduct of the banking account |
-- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
No |
|
26 |
Turnover of firm for last three years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
No |
|
32 |
Litigations that the firm/promoter
involved in |
-- |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
INDEX OF CHARGES: NO CHARGES
EXISTS FOR COMPANY
UNSECURED LOANS
|
PARTICULARS |
31.03.2016 (INR
In Million) |
31.03.2015 (INR
In Million) |
|
LONG-TERM BORROWINGS |
|
|
|
Bonds/debentures |
0.000 |
5400.000 |
|
|
|
|
|
SHORT TERM BORROWINGS |
|
|
|
Other loans and advances, others |
154.000 |
115.000 |
|
|
|
|
|
Total |
154.000 |
5515.000 |
CHANGE OF ADDRESS:
The Registered address of the company has been shifted from Technopolis Knowledge
Park, 2nd Floor, Mahakali Caves Road, Chakala, Andheri (East), Mumbai-400093,
Maharashtra, India to the present address.
BRIEF BACKGROUND OF
THE COMPANY
Subject
was incorporated as on 21 February 2011. It is a subsidiary of Philips India
Limited. The Company sells mixies, table top grinders, coffee makers, induction
cookers, electric rice cookers, electric kettle, electric iron box, electric
pressure cooker and vessels for induction cooker.
BUSINESS PERFORMANCE:
During the year, the Company launched a new series of products in Mixer
Grinder Category during the year - Aries, Taurus and Zodiac –
“A Mixer Grinder that can Chop, Grate and Slice in Seconds, Knead atta in a Minute and Fresh Juice in no time”.
This
is the Company’s first ever platform based launch series developed by the
Innovation and Development Centre of the Company at Chennai. The product is
powered by state-of-the-art Vega W5 Motor which comes with 5 years of Warranty.
The Company has also launched new models in Glass Top Stoves (GTS) and Stainless Steel (SS) categories with a feature of Single Burner to Four Burners to strengthen the category.
The
Company continued to build the relationship with the Trade Partners by
conducting Dealers’ meets across markets. The response received from both the
Trade as well as from the Customers is encouraging.
The Company is on growth track and during the year, achieved growth of 14% over the previous financial year
The Company continued to be recognized by different agencies for its high quality performance in various parameters. During the year, the Company bagged the following Awards:
- “Make in India” Excellence Award 2015 awarded by Krazy Mantra– The Company was the only Brand to receive the award in the Kitchen Appliances Category.
- “W3 Silver Award” awarded by Academy of Interactive and Visual Arts, USA for creative excellence on the Web
- “No.1 Kitchen Appliance Brand” awarded by IBC Info Media (USA) and No. 1 Brand Council
During
the year, the Company successfully completed strategic review on a project
“LEAN” Excellence Phase II at both sites Nalagarh and Chennai. The Company also
successfully completed a project on “TUV OSHA”.
The
outlook for the Company looks positive as the Government Freebies schemes in
Tamilnadu has saturated. The company is optimistic in increasing the Market
share through launch of new models and caters to the customer needs.
The
outlook for the Company looks positive as the Government Freebies schemes in
Tamilnadu has saturated. The company is optimistic in increasing the Market
share through launch of new models and caters to the customer needs.
The Company is continuing its exports through servicing Global Philips organizations and direct exports as well catering to the demands of Indian diaspora in different countries.
FIXED ASSETS:
- Land
- Building
- Computer
- Office
Equipment
- Motor
Vehicles
- Plant and
Machinery
PRESS RELEASES
PREETHI PINS HOPES ON
INDUCTION COOKERS, GRINDERS
AHMEDABAD, JUNE 21,
2016
With cooking gas subsidy gradually being reduced and electricity availability improving in the hinterland, Chennai-based Preethi Kitchen Appliances, a wholly-owned subsidiary of Philips India looks at a robust business opportunity for its appliances like induction cookers along with mixer grinders.
Looking at the robust growth opportunity with changing macro-economic situation, the company looks to increase its market share in the country's INR 2,500-crore-odd mixer grinder industry from current 15 per cent to about 20 per cent in the next five years.
“Electricity availability is a major factor. Also, with subsidy going away, induction will grow faster. They are expanding our reach from Southern Market to Central and Eastern market like Gujarat, Maharashtra and Odisha. During 2012, they had seen a spurt in the induction cooking platforms due to rationing of subsidised gas cylinders. But the same had started declining after the new government lifted the limit on number of cylinders," said Rupendra Yadav, Chief Executive Offier, Preethi Kitchen Appliances Pvt Ltd.
Yadav refused to share the revenue numbers, however, he maintained that the company had achieved 11.5 per cent growth last year, and expects to achieve higher growth this year with increased market presence and new product launches.
The company launched its multi-function Zodiac Mixer Grinder in Gujarat. The company has also applied for a patent for first of its kind centrifugal juicer jar, which is used for fresh fruit juices.
PREETHI KITCHEN
APPLIANCES FLARED HIGH AT INDIA’S MOST TRUSTED SURVEY
CHENNAI, DECMBER 19,
2016
Ranked as “India's Top Most Attractive Brands 2016" across brands in the category in India.
Preethi Kitchen Appliances, industry leader in the category and pioneer in product innovations has been recognized as “India's Most Attractive Brands 2016" in the recent study by TRA, one of the most trusted and recognized reports in India. The prestigious award has been awarded by distinguished brand users and influencers across India. This reflects the support and faith that customers extended on the brand Preethi.
Preethi Kitchen Appliances has been rated as the India’s top most attractive in Kitchen Appliances category. Preethi, since its inception has been upholding its value of honesty and commitment to its consumers across India by delivering continuous and meaningful innovations across 14 categories - Mixer Grinders, Gas stove - Glass top and Stainless Steel, Induction Cook top, Electric Rice Cooker, Table top wet grinders, Electric Pressure Cooker, Hand Blenders, Choppers, Mini Food Processors, Iron Boxes, Kettles, Health Juicers and Coffee Maker available to its customers.
Rupendra Yadav, CEO, Preethi Kitchen Appliances said, “This is a proud moment for us. They are extremely happy that Preethi has been awarded the ‘Most Attractive Brand’ in the kitchen appliances category. While the market witnesses new brands every quarter this survey has shown that consumers’ confide to Preethi for its Core values - Quality, Innovation and After Sales Service. They take this opportunity not only to thank all our consumers who have expressed their faith on the brand and made us Number 1 in the category also to reassure that they will continue to strive hard and deliver our brand promises even better
About Preethi Kitchen Appliances Private Limited
Preethi is India's largest Mixer Grinder brand and a leading Kitchen Appliances company present in over 15 Million homes in India and abroad. Preethi, founded in 1978 has been a pioneer in innovations addressing consumer insights with a range of Kitchen appliances that include Mixer Grinder, Gas Stove, Auto Cooker/Warmer, Table Top Grinder, Induction Cooktop, Coffee Maker, Electric Pressure Cooker, Electric Kettle, Chopper, Hand Blender, Health Juicer and Electric Iron amongst others. Preethi was honored with the prestigious "Make in India" Excellence Award. It was the only brand to receive the award in Kitchen appliances category. Preethi has made its mark across categories in Kitchen Appliances, as a reward for which Preethi was recognized as No1 Kitchen Appliances Brand by IBC Info Media and No. 1 Brand Council (USA). It has three state-of-the-art manufacturing facilities in Himachal Pradesh and Tamilnadu. Also state-of-the-art R&D facility to ensure consumers get innovative and technically advanced products. Preethi mixer grinder has been exported to 18 countries worldwide.
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on 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 |
INR 65.05 |
|
UK Pound |
1 |
INR 89.70 |
|
Euro |
1 |
INR 80.03 |
INFORMATION DETAILS
|
Information
Gathered by : |
SHA |
|
|
|
|
Analysis Done by
: |
NIS |
|
|
|
|
Report Prepared
by : |
RUP |
SCORE FACTORS
|
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 |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
D |
High Risk |
Business dealing not recommended or on
secured terms only |
|
NB |
New Business |
No recommendation can be done due to
business in infancy stage |
|
NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.