MIRA
INFORM REPORT
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Report Date : |
03.05.2008 |
IDENTIFICATION
DETAILS
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Name : |
K K CHEMICALS INDUSTRIES |
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Registered Office : |
1, Riddhi Industrial Estate, Gorai Pada, Vasai (East), Thane -401 208,
Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
1997 |
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Legal Form : |
Partnership concern with an Unlimited Liability of the Partners. |
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Line of Business : |
Manufacturer and Exporter of Mold Release Agents, Mold Release Spray,
Silicone Mold Release, Mold Release Coating, Silicone Softeners, Silicone
Antifoams and other silicon based products. |
RATING &
COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 38000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well – established and reputed concern having
satisfactory track. Trade relations are fair. Business is active. Payments
are reported as usually correct and as per commitments. The concern can be considered normal for business dealings at usual
trade terms and conditions. The management claims that the subject has been converted to a Private
Limited Company w.e.f May 2008 under the name of KK Chempro India Private
Limited, but the same has still not been reflected as per the Government
Records. |
INFORMATION PARTED
BY
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Name : |
Mr. Nitin Sethi |
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Designation : |
Partner |
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Contact No.: |
91-9821490993 |
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Date : |
03.05.2008 |
LOCATIONS
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Registered Office /Factory : |
1, Riddhi Industrial Estate, Gorai Pada, Vasai (East), Thane -401 208,
Maharashtra , India |
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Tel. No.: |
91-250-2454523 / 013 / 3296582 |
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Mobile No.: |
91-9821490993 |
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Fax No.: |
91-250-2454013 |
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E-Mail : |
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Website : |
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Area : |
3300 Sq.fts (approximately) |
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Location : |
Rented |
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Godown: |
489, Waden Nagar, Vasai Taluka, No. 2, Goraipada, Vasai (East), Thane,
Maharashtra, India |
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Area : |
5000 (approximately) |
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Location : |
Rented |
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Sales Office : |
225, New Small Estate , Malad Link Road, Malad (West), Mumbai – 400 064,
Maharashtra, India |
PARTNERS
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Name : |
Mr. Nitin Sethi |
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Designation : |
Partners |
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Date of Birth/Age : |
36 years |
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Qualification : |
B E Chem , PGDM (Adv Marketing) |
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Name : |
Mr. Sumant Agarwal |
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Designation : |
Partner |
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Date of Birth/Age : |
36 years |
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Qualification : |
B E Chem |
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Name : |
Mr. Mukesh Gupta |
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Designation : |
Partner |
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Date of Birth/Age : |
43 years |
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Qualification : |
B.Com |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of Mold Release Agents, Mold Release Spray,
Silicone Mold Release, Mold Release Coating, Silicone Softeners, Silicone
Antifoams and other silicon based products. |
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Exports : |
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Products : |
All Products |
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Countries : |
Pakistan |
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Imports : |
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Products : |
Raw Materials |
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Countries : |
USA, Europe, Spain, Germany |
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Terms : |
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Selling : |
Cash, Credit (60 days) |
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Purchasing : |
L/C (90 days), Credit (60-90 days), Advance , T/T |
GENERAL
INFORMATION
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Suppliers : |
· Dow Corning India Private Limited · Xpro India Private Limited · Clariant Functional · Lubrizol India Private Limited · Degussa India |
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Customers : |
· India Acrylics · Hindustan Latex · PRS Perm Seal |
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No. of Employees : |
15 (7 in Office and 8 in Factory) |
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Bankers : |
· ICICI Bank, Borivali Branch, Mumbai, Maharashtra, India · ING Vysya Bank, Vasai (West) Branch, Maharashtra, India |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Madan Parihar and Associates Chartered Accountants |
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Address : |
Borivali (East), Mumbai, Maharashtra, India |
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Associates/Subsidiaries : |
K K Speciality Silicones Annual Sales – Rs. 10.000 millions Activities: Manufacturing Future
Programmes: · Working with new companies to develop new applications · Export Growth in manufacturing |
CAPITAL STRUCTURE
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Capital Investment : |
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Owned : |
Rs. 9.469 millions |
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Borrowed : |
---- |
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Total : |
Rs. 9.469 millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
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Particulars |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Sales Turnover |
41.101 |
19.498 |
15.835 |
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Profit/(Loss) Before Tax |
0.993 |
0.535 |
0.315 |
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Provision for Taxation |
0.355 |
0.215 |
0.098 |
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Profit/(Loss) After Tax |
0.638 |
0.320 |
0.217 |
Sales (2007-08) Rs. 70.000 millions
LOCAL AGENCY
FURTHER INFORMATION
Note:
· From 1st May 2008 – K K Chemicals Industries has been converted to Private Limited Company under the name – K K Chempro India Private Limited.
· Mr. Mukesh Gupta, Partner of the concern is also Director of Kundan Industries Limited and turnover of this company was USD 25 millions.
WEBSITES DETAILS:
The concern, a Partnership firm, was incorporated in August 1998, as
"Chemicals Division " of M/s Kundan Industries Limited. The partners
of the concern are Mr. Sumant Agrawal, Mr. Nitin Sethi and Mr. Mukesh Gupta.
The concern was established with the sole purpose of manufacturing and
supplying Silicone based
products and other specialty chemicals to various industries.
Beginning its operation with the manufacture and marketing of Silicone emulsions for mould release
in rubber Industry, the concern today has captured about 25% of the Indian
Market in the category, manufacturing around 200 Mt. of Silicone emulsion per annum. Presently, the concern is regarded as
one of the leading manufacturers of Silicone
and Non Silicone based
emulsions for Rubber, Textile, Paper and Petroleum Industries.
Besides manufacturing Silicone
based products and other specialty chemicals, the concern is also the sole
distributor for M/s Dow Corning India Private Limited 's Dimethyl Poly siloxane
Fluid (Western India) and Silicone Paper Coating System (all India basis) as
also the distributors of M/s Clariant (Functional Chemicals Division) for their
Textile and Paint products.
The concern follows a high quality standard for all its products. The
entire product and process for the manufacture of silicon based emulsions are
developed through in-house R and D efforts. The concern has a full-fledged
research, development, design and engineering laboratory where careful research
and formulation of the materials and the products are done. The products are
then released in the market with proper Lab analysis reports.
Some of the products that the concern manufactures are:
· Thread Lubricant Emulsion, Amino-Silicone Emulsions as softeners for Textiles
· Silicone Antifoam Compounds, Activated Silicone Fluids, Mould Release Spray for Rubber and Plastic Industry
· Spinneret Sprays for POY manufacturers
· Rust Remover Sprays for Industrial Applications.
The concern is the manufacturer and exporter of mold release agents,
mold release spray, silicone mold release, mold release coating, silicone
softeners, silicone antifoams and other silicon based products.
Product Range
Mold Release Emulsions and Spray
Mold Release Agent ( Silicone Emulsions ) : Available in various
concentrations from 20% to 65% total solid w/w it is used as mold Release and
shining agents for all types of rubber molded products.
Mold Release Sprays ( Silicone Based ) : Basically used in Plastic Industry.
Available in various grades, viz. Standard,
Paintable, High Release (HR) and Semi Permanent (SP).
Spinnerette Sprays ( Silicone Based ) : Used in POY manufacturing Units. Grade
- SPIN-20
Speciality Silicone textile Softeners and Antifoams
Silicone Antifoams : Available in both as Antifoam Compound ( 100%) and
as Antifoam Emulsions in various concentration from 15% to 35% w/w total solid.
Amino Silicone Softeners : Available in various types such as Standard
Hydrophilic for terry towels / hosiery, Premium Softness- non yellowing,
Specialty- ep-epoxy modified for improved crease resistance, bounciness and
water repellency and Thread Lubricant Emulsions - high molecular wt. Silicone
fluid emulsion for use as sewing thread lubricant.
The concern have been awarded Distributorship by M/s Dow Corning India
Private. Limited for Dimethyl Polysiloxane Fluid for the Western India Zone and
Silicone Paper Coating System for all India basis. The concern have also
started Marketing Specialty Dow Corning products for Paper making Industry and
Oil/Petroleum Industry. The concern have recently been awarded Distributorship
by M/s Clariant (Functional Chemicals Division) for their Textile products.
Target Markets
The target market for the concern include African Countries such as
Ivory Coast, Tanzania, South Africa and Egypt, Asian countries such as
Bangladesh, Sri lanka, Pakistan, China, Iran, UAE, European nations such as
Italy, Germany, Russia and Australia .
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 concern 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 concern’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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.40.65 |
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UK Pound |
1 |
Rs.80.35 |
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Euro |
1 |
Rs.62.78 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
5 |
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PAID-UP CAPITAL |
1~10 |
6 |
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OPERATING SCALE |
1~10 |
6 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
7 |
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--PROFITABILIRY |
1~10 |
5 |
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--LIQUIDITY |
1~10 |
6 |
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--LEVERAGE |
1~10 |
6 |
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--RESERVES |
1~10 |
6 |
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--CREDIT LINES |
1~10 |
5 |
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--MARGINS |
-5~5 |
--- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
NO |
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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 |
YES |
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--AFFILIATION |
YES/NO |
YES |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
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52 |
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
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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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. |
Small |
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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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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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