MIRA
INFORM REPORT
|
Report Date : |
21st
June, 2006. |
IDENTIFICATION
DETAILS
|
Name : |
K. P.
I. OVERSEAS PRIVATE LIMITED |
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Registered Office : |
38,
Nishant Kunj, Main Road, Pitam Pura, New Delhi – 110 034, India |
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Country : |
India |
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Financials (as on) : |
31.03.2005 |
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Date of Incorporation : |
03.12.1998 |
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Com. Reg. No.: |
55-97295 |
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CIN No.: [Company
Identification No.] |
U51215DL1998PTC097295 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DELK03784E |
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Legal Form : |
Private
Limited Liability Company |
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Line of Business : |
Trading
cum Manufacturing of Volatile corrosion inhibitors like VCI Paper, rust
Preventive VCI Films, VCI Emitters, VCI Master batches, VCI Oil & Wax, VCI
Wipes, Rust Preventive Oil and Non – VCI Packaging Products. |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Unfavourable & favourable factors carry
similar weight in credit consideration. Capability to overcome financial
difficulties seems comparatively below average/normal. |
Small |
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Maximum Credit Limit : |
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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 small company having moderate track. Trade relations are fair. Financial
position is moderate. Payments are reported as slow but correct. The company
can be considered for small to mediocre business dealings at usual trade
terms and conditions. |
LOCATIONS
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Registered Office : |
38,
Nishant Kunj, Main Road, Pitam Pura, New Delhi – 110 034, India |
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Tel. No.: |
91-11-27190595/
27194917 |
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Fax No.: |
91-11-27194917/
27013033 |
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E-Mail : |
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Website: |
DIRECTORS
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Name : |
Mr.
Bansal Vijay |
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Designation : |
Director |
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Address : |
29,
Sharda Niketan, Saraswati Vihar, Delhi – 110 034, India. |
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Date of Birth/Age : |
09.06.1952 |
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Date of Appointment : |
03.12.1998 |
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Name : |
Mr.
Goyal Rakesh |
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Designation : |
Director |
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Address : |
B – 1/
507, Varun Apartments, Plot No. 12, Sector – 9, Rohini, Delhi – 110 085. |
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Date of Birth/Age : |
21.05.1971 |
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Date of Appointment : |
03.12.1998 |
MAJOR SHAREHOLDERS
|
Names
of Shareholders |
No. of Shares |
|
Bansal
Vijay |
6500 |
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Goyal
Rakesh |
6500 |
BUSINESS DETAILS
|
Line of Business : |
Trading
cum Manufacturing of Volatile corrosion inhibitors like VCI Paper, rust
Preventive VCI Films, VCI Emitters, VCI Master batches, VCI Oil & Wax, VCI
Wipes, Rust Preventive Oil and Non – VCI Packaging Products. |
GENERAL
INFORMATION
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No. of Employees : |
10 |
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Bankers : |
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Facilities : |
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Banking Relations : |
-- |
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Auditors : |
S.
Bhatnagar & Associates |
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Qualification: |
Charted
Accountant |
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Address: |
Flat
No. 12, 2nd Floor, Sheel Tara House, 4866/24, Ansari Road, Darya
Ganj, New Delhi – 110 002. |
CAPITAL STRUCTURE
Authorised
Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
250000 |
Equity
Shares |
Rs. 10/- each |
Rs. 2.500 Millions |
Issued,
Subscribed & Paid-up Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
13000 |
Equity
Shares |
Rs. 10/- each |
Rs. 0.130 Millions |
FINANCIAL DATA
[all figures are in Rupees
Millions]
ABRIDGED
BALANCE SHEET
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SOURCES OF FUNDS |
|
31.03.2005 |
31.03.2004 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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0.130 |
0.130 |
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2] Share Application Money |
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0.031 |
0.081 |
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3] Reserves & Surplus |
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0.276 |
0.232 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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0.437 |
0.443 |
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LOAN FUNDS |
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1] Secured Loans |
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0.017 |
0.111 |
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2] Unsecured Loans |
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1.593 |
1.683 |
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TOTAL BORROWING |
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1.610 |
1.794 |
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DEFERRED TAX LIABILITIES |
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0.038 |
0.022 |
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TOTAL |
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2.085 |
2.259 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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0.513 |
0.539 |
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Capital work-in-progress |
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0.000 |
0.000 |
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INVESTMENT |
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0.000 |
0.000 |
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DEFERREX TAX ASSETS |
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0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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0.345 |
0.260 |
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Sundry Debtors |
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1.594 |
1.245 |
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Cash & Bank Balances |
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0.590 |
0.570 |
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Other Current Assets |
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0.000 |
0.000 |
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Loans & Advances |
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0.016 |
0.036 |
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Total Current Assets |
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2.545 |
2.111 |
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Less : CURRENT LIABILITIES & PROVISIONS |
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Current Liabilities |
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0.938 |
0.371 |
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Provisions |
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0.042 |
0.028 |
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Total Current Liabilities |
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0.980 |
0.399 |
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Net Current Assets |
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1.565 |
1.712 |
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MISCELLANEOUS EXPENSES |
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0.007 |
0.008 |
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TOTAL |
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2.085 |
2.259 |
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PROFIT
& LOSS ACCOUNT
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PARTICULARS |
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31.03.2005 |
31.03.2004 |
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Sales Turnover [including other
income] |
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6.079 |
5.171 |
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Profit/(Loss)
Before Tax |
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0.095 |
0.093 |
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Provision
for Taxation |
|
0.020 |
0.022 |
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Profit/(Loss)
After Tax |
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0.075 |
0.071 |
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Total
Expenditure |
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5.984 |
5.078 |
KEY
RATIOS
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PARTICULARS |
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31.03.2005 |
31.03.2004 |
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PAT / Total Income |
(%) |
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1.23 |
1.37 |
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Net
Profit Margin (PBT/Sales) |
(%) |
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1.56 |
1.80 |
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Return
on Total Assets (PBT/Total
Assets} |
(%) |
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3.11 |
3.51 |
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Return on
Investment (ROI) (PBT/Networth) |
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0.22 |
0.21 |
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Debt
Equity Ratio (Total
Liability/Networth) |
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5.93 |
4.95 |
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Current
Ratio (Current
Asset/Current Liability) |
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2.60 |
5.29 |
LOCAL AGENCY FURTHER
INFORMATION
Fixed
Assets:
Car,
Computer, Air Conditioner, Rewinding Machine, Fax machine, Telephone Instrument
etc.
AS
PER WEBSITE:
Profile
KPI Overseas (P) Limited is the business partner of Metro Manufacturing Ltd., Ireland
(U.K.) for manufacturing & marketing of their volatile corrosion inhibitor,
rust preventive oil and other rust preventive products in India. They provide
products for rust prevention. It is a solutions for rust preventive packaging
for domestic & export shipments for a number of reputed industries.
What are VCIs?
VCIs are the critical formulations impregnated or extruded into different
materials are known as Volatile Corrosion Inhibitor (VCI).
VCIs combat corrosion by preventing acids and high humidity from accelerating
energy loss in metallic substances.
This is achieved by both contact and volatile inhibitors, which form a thin
protective layer on the surface of the metal. This molecular layer is
self-replenishing to give long term protection, but need not be wiped away
before the metal item can be put to its's intended use.
The volatile nature of the inhibitors allows all surfaces of irregular shaped
items to be protected.
VCI Paper
- Substances
from 40 g/m˛ to 150 g/m˛ base papers.
- Individual
impregrnations, linked to the metals to be protected:-
Ferrous - galvanised-coloured metals. - Barrier
and polythene coated VCI papers are available to retain protection within
the pack and to prevent the ingress of external corrosive impurities.
- Excellent
physical flexibility for easy moulding.
- Available
in reels, sheets, bags and special constructions.
Economic
options as inner wrappers, covers, interleaves, sleeves or liners.
VCI Films
- Thickness
from 25 micron to 200 micron in wide variety of translucent colours.
- In-built
multi metal VCI's for all metals.
- Wide
variety of translucent colours available, all allowing visual inspection
of the items protected without opening the pack.
- Heat
shrinkable, stretch, high-slip and standard polythene constructions
available.
- Special
constuctions available in modest quantities.
- Unrivaled
combination of polythene barrier properties and corrosion protection.
- Heat
sealable and suitable for use in automated polythene packaging equipment.
- Available
in all forms and sizes of bags, tubing and sheeting.
- Compatible
use with corrosion inhibitor papers.
- Ideal
for component bags, carton or case liners, pallet covers, interleaves,
sleeves; all tailored to customer's specific requirements.
All VCI
paper and film based products can be printed on one side and are available with
VCI action on one or both sides, the latter being standard. They can also be
recycled or removed with other waste materials of the same type (i.e.Packaging
paper or film).
VCI
Masterbatches
Masterbatch is a prepared concentrate product used to deliver colours or
performance enhancing additives into basic plastic, paints, inks etc.
In the case of plastics most masterbatches are of the coloured type but they
may contain other additives such as UV stabilisers, antistatic, fillers,
blowing agents ,anti blocking agents, VCIs and many other chemicals.
VCI Oils
& Waxes
Oils and waxes provide superior protection to standard rust preventatives by
providing a unique anti-corrosion environment. Combining high quality contact
corrosion inhibitors with specialised volatile corrosion inhibitors the
complete corrosion protection system is offered. Oils have the special property
of neutralizing potential fingerprint corrosion, water displacing & can be
applied by spraying, brush or dipping. They are suitable for engines, gearboxes
and inaccessible metal systems, pumps, compressors and hydraulic systems, fuel
tanks and axle assemblies, export packing of parts and components.
VCI
Emitters
VCI Emitters contain impregnated board enclosed in an easy to install plastic
holder. These effective and environmental friendly volatile corrosion
inhibitors offer continuous corrosion protection to a range of metals in
various enclosed environments. These can be used to protect electrical boxes
and cabinets, tool and spare part boxes, control panels, switch gear and relay
cabins, instrumentation and scientific equipment, alarm, monitoring and
lighting systems, long-term storage of parts and components, inside tanks and
equipment where VCI source requires removal following storage.
VCI
Wipes
VCI Wipes are ideal for a range of uses and are suitable for both industrial
and commercial applications. They are capable of cleaning tools, office
equipment, spare parts, machinery, components etc., while removal of light
surface rust and corrosion protection is also assured
Non-VCI
Packaging Products
Their specialty non VCI packaging products include seamless HDPE fabric
laminated Kraft papers & bags up to 3000MM width.
Usage
Providing the metal items are clean, dry and free from corrosion when packed in
VCI materials, long term protection can be expected over a number of years if their
usage recommendations are followed. A network of stockists and distributors is
available to assess the protection requirements of a wide a range of metals and
materials can be tailored to suit customers' preferred packaging methods.
Quality
KPI is dedicated to total quality commitment. They maintain lab facilities for
in house corrosion testing & quality assurance. They are backed by Metpro
which are pioneers in the field of corrosion protection systems &
solutions. Their accredited lab facilities are available to us for a detailed
& in-depth evaluation
Clients
Hero Honda motors Ltd., Bhushan Steel & Strips Ltd., Shriram Pistons &
Rings Limited, to name a few.
Health and Safety Standards
All their products are FDA Aproved, non toxic and nitrite free.
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 |
Rs.46.01 |
|
UK
Pound |
1 |
Rs.84.93 |
|
Euro |
1 |
Rs.58.30 |
SCORE &
RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
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PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
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FINANCIAL CONDITION |
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|
--BUSINESS SCALE |
1~10 |
4 |
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--PROFITABILIRY |
1~10 |
4 |
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--LIQUIDITY |
1~10 |
4 |
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--LEVERAGE |
1~10 |
4 |
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--RESERVES |
1~10 |
4 |
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--CREDIT LINES |
1~10 |
4 |
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--MARGINS |
-5~5 |
- |
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DEMERIT POINTS |
|
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
|
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
NO |
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--AFFILIATION |
YES/NO |
NO |
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--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
|
38 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit
history (10%) Market
trend (10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial
base with the strongest capability for timely payment of interest and principal
sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No
caution needed for credit transaction. It has above average (strong)
capability for payment of interest and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are
regarded healthy. General unfavourable factors will not cause fatal effect.
Satisfactory capability for payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable
to meet normal commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors
carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
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 |