MIRA
INFORM REPORT
|
Report Date : |
29.05.2008 |
IDENTIFICATION
DETAILS
|
Name : |
KPL INTERNATIONAL LIMITED |
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|
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Formerly Known As : |
KANORIA PETROPRODUCTS LIMITED |
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Registered Office : |
10th
Floor, Indraprakash, 21, Barakhamba Road, New Delhi - 110 001 |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
17.04.1974 |
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Com. Reg. No.: |
55-29068 |
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CIN No.: [Company
Identification No.] |
U23209DL1974PLC029068 |
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|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company. |
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Line of Business : |
Traders,
Exporter, Importer, Marketers and International Indenting Agents of Chemicals,
Plastics and Engineering Goods. |
RATING &
COMMENTS
|
MIRA’s Rating : |
A |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
USD 820372 |
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|
Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well-established company having satisfactory track. Trade relations are fair. General financial position is satisfactory. Payments are usually correct and as per commitments. The company can be considered good for any normal business dealings at usual trade terms and conditions. |
INFORMATION PARTED
BY
|
Name : |
Mr. P R Ayag |
|
Date : |
29.05.2008 |
LOCATIONS
|
Registered Office : |
10th
Floor, Indraprakash, 21, Barakhamba Road, New Delhi - 110 001, India |
|
Tel. No.: |
91-11-23317569/584/23716580
/ 81 / 83 / 23755174 / 23722582 / 23356471 / 5456 / 8754 / 23320519 / 0331 /
7614 |
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Fax No.: |
91-11-23355824
/ 23717203 |
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E-Mail : |
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Website : |
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Area: |
3500
sq. fts. |
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Corporate Office : |
Statesman House, 10th Floor, A Wing, 148, Barakhamba Road, New Delhi 110 001, India |
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Tel. No.: |
91-11-23317569/ 23317584 |
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Fax No.: |
91-11-23355824 |
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E-Mail : |
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Warehouse : |
Located
at :- ·
Delhi
·
Mumbai,
Maharashtra · Chennai, Tamilnadu |
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Branches : |
Located
at : Mumbai Ř
Bangar
Nagar, Near Durgesh Deep, Thane Bhiwandi Road, Kalher – 421 302, Bhiwandi,
District Thane, Maharashtra, India Tel. No.: 91-2522-270325 / 270058 Fax No.: 91-2522-273996 E-Mail : kplmumbai@vsnl.com Chennai Ř
23-C,
North Boag Road, T. Nagar, Chennai – 600 017, Tamil Nadu, India Tel. No.: 91-44-28281787 / 28260618 Fax No.: 91-44-28260618 E-Mail : kanoria@md4.vsnl.net.in Kolkata Ř
Park
Plaza, 71, Park Street, Kolkata – 700 016, West Bengal, India Tel. No.: 91-33-22499472 / 73 / 74 Fax No.: 91-33-22499466 E-Mail : cimpex@cal2.vsnl.net.in Ahmedabad Ř
Rakhial
Road, Ahmedabad – 380 023, Gujarat, India Tel. No.: 91-79-22742627 / 28 / 29 Fax No.: 91-79-22744374 E-Mail : anand_kpl@yahoo.com |
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Overseas Office : |
Located
at
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DIRECTORS
|
Name : |
Mr.
S. K. Kak |
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Designation : |
Managing Director |
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Address : |
Flat No.
203, Laxmi Apartments, Sector 9, Rohini, New Delhi 110 085, India |
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Date of Birth : |
31.03.1956 |
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Date of Appointment : |
07.11.2003 |
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Other Directorships : |
CIN
No. : U25209DL1985PLC042111
CIN No. : U74899DL1980PLC010716 |
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|
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Name : |
Mr.
Suman J. Khaitan |
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Designation : |
Chairman |
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Address : |
W-13,
Greater Kailash Part II, New Delhi 110 048, India |
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Date of Birth : |
09.02.1959 |
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Date of Appointment : |
17.11.1991 |
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|
|
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Name : |
Mr.
R. V. Kanoria |
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Designation : |
Director |
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Address : |
A-45,
Vasant Marg, Vasant Vihar, New Delhi 110 057, India |
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Date of Birth : |
23.02.1955 |
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Date of Appointment : |
03.09.2001 |
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|
|
|
Name : |
Mr.
V. N. Dalmia |
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Designation : |
Director |
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Name : |
Mr.
S. T. Devare |
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Designation : |
Director |
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Name : |
Mr.
M. R. Mehta |
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Designation : |
Director |
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Address : |
7F, Meghdoot,
12, Rowland Road, Kolkata 700 020, West Bengal, India |
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Date of Birth : |
20.12.1947 |
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Date of Appointment : |
23.12.1994 |
KEY EXECUTIVES
|
Name : |
Ms. Kavita Srivastava |
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Designation : |
Company
Secretary |
|
Address : |
G-2, Sector 5/23, Vaishali, Ghaziabad, Uttar Pradesh, India |
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Date of Birth/Age : |
01.04.1980 |
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Date of Appointment : |
02.02.2004 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
As on 30.09.2005
|
Names of Shareholders |
|
No. of Shares |
|
|
|
|
|
Vardhman Limited (Preference Shares) |
|
46 |
As on 30.09.2007
|
Names of Shareholders |
|
Percentage of
Holding |
|
|
|
|
|
Bodies Corporate |
|
97.45 |
|
Director or Relatives of Directors |
|
0.66 |
|
Other Top Fifty (50) shareholders |
|
0.76 |
|
Others |
|
1.13 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Traders,
Exporter, Importer, Marketers and International Indenting Agents of Chemicals,
Plastics and Engineering Goods. |
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Products : |
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Exports : |
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Products : |
All Products |
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Countries : |
South Africa, China |
GENERAL
INFORMATION
|
No. of Employees : |
About
80 |
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Bankers : |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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|
Name : |
Singhi
and Company Chartered
Accountants |
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Address : |
402, Pragati
House, 47-48, Nehru Place, New Delhi 110 019, India |
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Holding Company: |
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Subsidiaries : |
CIN NO.: U25209DL1985PLC042111
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Associates : |
Ř
Kanoria
Chemicals & Industries Limited n Renukoot Chemical Works
Division n Ankleshwar Chemical Works
Division n Power Generation Division n Salt Works Division Ř
Aekta
Limited Ř
NID
Limited Ř
Kanoria
Polymers Limited Ř
KPL
(Europe) SA, Switzerland |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
9970000 |
Equity Shares |
Rs. 10/- each |
Rs. 99.700 millions |
|
3000 |
Preference Shares |
Rs. 100/- each |
Rs. 0.300 million |
|
|
Total |
|
Rs. 100.000
millions |
As on 31.03.2007
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1519100 |
Equity Shares |
Rs. 10/- each |
Rs. 15.191 millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
15.191 |
15.191 |
15.191 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
189.902 |
130.385 |
89.703 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
205.093 |
145.576 |
104.894 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
157.310 |
86.140 |
1.338 |
|
|
2] Unsecured Loans |
7.900 |
5.400 |
6.427 |
|
|
TOTAL BORROWING |
165.210 |
91.540 |
7.765 |
|
|
DEFERRED TAX LIABILITIES |
25.588 |
14.430 |
1.153 |
|
|
|
|
|
|
|
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TOTAL |
395.891 |
251.546 |
113.812 |
|
|
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|
|
|
|
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APPLICATION OF FUNDS |
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|
|
|
|
|
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|
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FIXED ASSETS [Net Block] |
287.130 |
166.563 |
17.703 |
|
|
Capital work-in-progress |
0.000 |
0.023 |
0.000 |
|
|
|
|
|
|
|
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INVESTMENT |
39.406 |
37.824 |
52.200 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
74.879
|
56.633 |
34.952 |
|
|
Sundry Debtors |
73.159
|
50.321 |
40.539 |
|
|
Cash & Bank Balances |
5.156
|
1.758 |
5.767 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
78.473
|
54.995 |
39.218 |
|
Total
Current Assets |
231.667
|
163.707 |
120.476 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
99.576
|
70.896 |
38.685 |
|
|
Provisions |
62.736
|
45.675 |
37.882 |
|
Total
Current Liabilities |
162.312
|
116.571 |
76.567 |
|
|
Net Current Assets |
69.355
|
47.136 |
43.909 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
395.891 |
251.546 |
113.812 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
Sales Turnover |
535.897 |
324.472 |
348.907 |
|
|
Other Income |
7.908 |
17.102 |
4.052 |
|
|
Total Income |
543.805 |
341.574 |
352.959 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
87.360 |
62.541 |
64.765 |
|
|
Provision for Taxation |
0.000 |
0.000 |
0.000 |
|
|
Profit/(Loss) After Tax |
87.360 |
62.541 |
64.765 |
|
|
|
|
|
|
|
|
Expenditures : |
|
|
|
|
|
|
Raw Material Consumed |
29.628 |
11.114 |
0.000 |
|
|
Purchases made for re-sale |
371.264 |
215.530 |
238.260 |
|
|
Increase/(Decrease) in Finished Goods |
(24.077) |
(15.905) |
(3.781) |
|
|
Salaries, Wages, Bonus, etc. |
22.973 |
19.516 |
18.671 |
|
|
Managerial Remuneration |
2.286 |
1.855 |
1.452 |
|
|
Payment to Auditors |
0.272 |
0.140 |
0.176 |
|
|
Interest |
6.786 |
4.223 |
1.339 |
|
|
Insurance Expenses |
0.935 |
1.142 |
1.030 |
|
|
Depreciation & Amortization |
10.667 |
3.421 |
2.497 |
|
|
Other Expenditure |
35.708 |
37.996 |
28.549 |
|
Total Expenditure |
456.445 |
279.032 |
288.194 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
16.06
|
18.31 |
18.35 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
16.06
|
18.31 |
18.35 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
15.65
|
16.99 |
34.02 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.42
|
0.43 |
0.61 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.72
|
2.53 |
1.81 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.42
|
1.40 |
1.57 |
LOCAL AGENCY
FURTHER INFORMATION
FORM 8
|
This form is for |
Modification of charge |
|
Whether charge is modified in favour of asset reconstruction company (ARC) of assignee |
No |
|
Charge Identification (ID) number of the charge to be modified |
80000493 |
|
Corporation identity number (CIN) or foreign company registrations number of the company |
U23209DL1974PLC029068 |
|
Name of the company |
KPL INTERNATIONAL LIMITED |
|
Address |
10th
Floor, Indraprakash, 21, Barakhamba Road, New Delhi - 110 001, India |
|
Type of Charges |
Immovable property |
|
Whether consortium finance is involved |
No |
|
Whether joint charge involved |
No |
|
Number of charge holder(s) |
1 |
|
Particular of the charge holder |
HDFC Bank Limited HDFC Bank House, Senapati Bapat Marg, Lower Parel (West), Mumbai 400 013, Maharashtra, India |
|
Nature or description of the instrument creating or modifying the charge |
Memorandum recording transaction of creation of equitable mortgage by deposit of title deeds by constructive delivery |
|
Date of the instrument creating charge |
18.01.2007 |
|
Whether charge created or modified outside India |
No |
|
Amount Secure by the charge |
Rs. 179.500 millions |
|
Brief particulars of the principal terms and conditions and extent and operation of the charge |
Rate of Interest: interest at the rate as may be communicated by the Bank from time to time Terms of repayment: on demand Margin: company shall at all times during the continuance of this security maintain the said debts of a sufficient amount f provide the margin of security as may from time to time advised by the Bank Extent and operation of the charge: the company accorded and gave its oral consent to Bank to continue to hold and retain the title deed by way of constructive delivery in respect of its immovable properties as mentioned under item no, 14 as security for repayment of principal, interest, liquidated damages, costs, charges and expenses. |
|
Short particulars of the Property charged |
Office premises at 10th Floor, A wing, Statesman House, 21 Barakhamba Road, New Delhi 110001, India (area 6205 sq. ft.) |
|
Whether any of the property or interest therein under reference is not registered in the name of the company |
No |
|
Date of latest modification prior to the present modification |
14.06.2005 |
|
Particulars of the present modification |
The equitable mortgage now stands increased from Rs. 41.000 millions to Rs. 179.500 millions |
The
company’s fixed assets of important value include Building, Furniture and
Fixture, Office and Other Equipments and Vehicles.
History
Commenced its operations in 1990 KPL International Limited was formerly known as Kanoria Petroproducts. KPL is primarily engaged in marketing quality products mainly in the field of Chemicals,Plastics and Engineering Goods sourced from globally recognized manufacturers.
The company is having technial collaboration with some of the well known
leaders in the Chemical Industry like Krebs & Co., AG of Switzerland,Kureha
Chemicals of Japan,Fredrich UHDE GmbH of Germany,Asahi Glass of Japan,Perstrop
of Sweden etc. Apart from this,the group has been exporting its products across
the globe and is thus well experienced with the dynamics of the global as also
the Indian market.
The company has set up a representative office in Europe and Shanghai,China.
The activities at Shanghai office includes quality assurance,trade
documentation and other business services. The company's entire operations was
accredited with ISO 9002.
AS PER WEB
Profile
Subject established nearly two decades ago, is a professionally
managed international business company. Major activity of the company is marketing quality products -
chemicals, paper, polymers and allied products sourced from globally acclaimed
manufacturers in Indian subcontinent. Over the years, KPL has expanded its operations
to cover sourcing of
products for the international markets as well as market research services,
sourcing tie-ups and
advice on business development strategies.
KPL derives its strength from strong ethical practices, long term commitment,
capability and willingness to invest in market development. KPL has kept
pace with time and has steadily invested in developing a reliable logistics
chain. This is supported by a state of art SAP R3 enterprise planning software
that provides real time access to critical business information.
KPL has a deep understanding of both Indian and International markets.
It is associated with over 35 global majors to market their products in the
Indian subcontinent.
KPL caters to the requirements of over 1400 customers spread all over
the Indian subcontinent and overseas.
The understanding of international markets and business processes
enables KPL to effectively nurture the chemistry of partnerships.
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.42.85 |
|
UK Pound |
1 |
Rs.84.74 |
|
Euro |
1 |
Rs.67.36 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
66 |
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. |
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 |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|