MIRA
INFORM REPORT
|
Report Date : |
21.11.2011 |
IDENTIFICATION DETAILS
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Name : |
KK INDIA PETROLEUM SPECIALITIES PRIVATE LIMITED |
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Registered Office : |
706, Palm Spring Centre, |
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Country : |
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Financials (as on) : |
31.03.2011 |
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Date of Incorporation : |
11.03.1998 |
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Com. Reg. No.: |
11-113942 |
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Capital
Investment / Paid-up Capital : |
Rs.0.500 Million |
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CIN No.: [Company
Identification No.] |
U23200MH1998PTC113942 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMK07309B |
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PAN No.: [Permanent
Account No.] |
AAACK8544Q |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Indenting agents and Trading in Petroleum and Specialties Chemicals
and Trading and Investments into Securities. |
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No. of Employees
: |
40 (Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (45) |
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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 64000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track. Trade
relations are reported as fair. Business is active. Payments are reported to be
usually correct and as per commitments. The company can be considered normal for 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.
INFORMATION PARTED BY
|
Name : |
Mr. Kalpesh Modi |
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Designation : |
Director |
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Contact No.: |
91-9820140450 |
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Date : |
19.11.2011 |
LOCATIONS
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Registered Office : |
706, Palm Spring Centre, |
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Tel. No. : |
91-22-40949000 |
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Fax No. : |
91-22-40949099 |
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E-Mail : |
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Website : |
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Corporate Office : |
Unit # A/112-118, Synthofine
Estate, Off. Aarey Road, Goregaon (East), Mumbai – 400063, |
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Tel. No.: |
91-22-28764569/28764570 |
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Fax No.: |
91-22-28762563 |
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E-Mail : |
DIRECTORS
As on 29.09.2011
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Name : |
Mr. Kalpesh Manharlal Modi |
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Designation : |
Director |
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Address : |
B – 305, Raj Residency – 1, Mahavir Nagar, Dahanokarwadi, Kandivali (W),
Mumbai – 400067, Maharashtra, India |
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Date of Birth/Age : |
09.08.1961 |
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Date of Appointment : |
18.03.1998 |
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DIN : |
00443445 |
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Name : |
Mrs. Ketna Kalpesh Modi |
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Designation : |
Director |
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Address : |
B – 305, Raj Residency – 1, Mahavir Nagar, Dahanokarwadi, Kandivali
(W), Mumbai – 400067, Maharashtra, India |
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Date of Birth/Age : |
04.12.1963 |
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Date of Appointment : |
18.03.1998 |
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DIN : |
00443557 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 29.09.2011
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Names of Shareholders |
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No. of Shares |
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Mr. Kalpesh Manharlal Modi |
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20100 |
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Mrs. Ketna Kalpesh Modi |
|
6100 |
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Mrs. DhanLaxmi Manharlal Modi |
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19660 |
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Mr. Kalpesh Modi HUF |
|
1000 |
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Mr. Manal Kalpesh Modi |
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1000 |
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Mr. Priyam Kalpesh Modi |
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1000 |
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Mr. Viral Kalpesh Modi |
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1000 |
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Mr. Mayur Kalpesh Modi |
|
10 |
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Mr. Mayur Modi HUF |
|
10 |
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Mr. Manan Modi |
|
10 |
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Mr. Naman Modi |
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10 |
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Mr. Manharlal V. Modi HUF |
|
100 |
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Total |
|
50000 |
As on 29.09.2011
Equity Share Break up (Percentage of Total Equity)
|
Category |
|
Percentage |
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Directors or relatives of directors |
|
100.00 |
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Total |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Indenting agents and Trading in Petroleum and Specialties Chemicals
and Trading and Investments into Securities. |
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Products : |
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GENERAL INFORMATION
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Suppliers : |
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No. of Employees
: |
40 (Approximately) |
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Mukesh P. Shah and Company Chartered Accountants |
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Address : |
12, Damodar Niwas, 2nd Floor, 32/34, |
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Tel. No. : |
91-22-23886293 |
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Fax No. : |
91-22-23822633 |
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E-Mail : |
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PAN No.: |
AAGFM5242C |
CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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50000 |
Equity Shares |
Rs.10/- each |
Rs.0.500 million |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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50000 |
Equity Shares |
Rs.10/- each |
Rs.0.500 million |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
0.500 |
0.500 |
0.500 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
15.381 |
12.233 |
11.162 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
15.881 |
12.733 |
11.662 |
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LOAN FUNDS |
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1] Secured Loans |
3.860 |
0.000 |
1.166 |
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2] Unsecured Loans |
9.850 |
4.600 |
2.027 |
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TOTAL BORROWING |
13.710 |
4.600 |
3.193 |
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DEFERRED TAX LIABILITIES |
0.471 |
0.504 |
0.499 |
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TOTAL |
30.062 |
17.837 |
15.354 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
4.285 |
4.411 |
6.009 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
26.139
|
23.372
|
19.939
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Sundry Debtors |
12.651
|
9.538
|
3.749
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Cash & Bank Balances |
3.062
|
4.234
|
0.787
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Other Current Assets |
0.000
|
0.000
|
0.000 |
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Loans & Advances |
4.490
|
4.473
|
4.010
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Total
Current Assets |
46.342
|
41.617
|
28.485
|
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
17.515
|
24.539
|
15.828
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Current Liabilities |
0.000 |
0.000 |
0.000 |
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Provisions |
3.050
|
3.652
|
3.312 |
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Total
Current Liabilities |
20.565
|
28.191
|
19.140
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Net Current Assets |
25.777
|
13.426
|
9.345
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
30.062 |
17.837 |
15.354 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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SALES |
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Income |
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Other Income |
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TOTAL |
145.583 |
91.041 |
72.505 |
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Less |
EXPENSES |
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Office Expenses |
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Administrative Expenses |
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Advertising Expenses |
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TOTAL |
141.181 (Including
depreciation and Financial Charges) |
87.441 |
68.514 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
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Less |
FINANCIAL
EXPENSES |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
|
3.600 |
3.991 |
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Less/ Add |
DEPRECIATION/
AMORTISATION |
|
1.730 |
1.706 |
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PROFIT BEFORE
TAX |
4.402 |
1.870 |
2.285 |
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Less |
TAX |
1.367 |
0.805 |
0.522 |
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PROFIT AFTER TAX
|
3.035 |
1.065 |
1.763 |
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EARNINGS IN
FOREIGN CURRENCY |
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Indenting Commissions |
8.104 |
9.511 |
6.449 |
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Export |
1.099 |
2.930 |
2.140 |
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TOTAL EARNINGS |
9.203 |
12.441 |
8.589 |
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Earnings Per
Share (Rs.) |
62.96 |
21.41 |
35.27 |
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Particulars |
|
|
31.03.2011 |
|
Sales Turnover (Approximately) |
|
|
145.000 |
The above information has been parted by Mr. Kalpesh Modi.
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
2.08
|
1.17
|
2.43
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Return on Total Assets (PBT/Total Assets} |
(%) |
8.69
|
4.06
|
6.62
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Return on Investment (ROI) (PBT/Networth) |
|
0.28
|
0.15
|
0.20
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Debt Equity Ratio (Total Liability/Networth) |
|
2.16
|
2.58
|
1.92
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Current Ratio (Current Asset/Current Liability) |
|
2.25
|
1.48
|
1.49
|
LOCAL AGENCY FURTHER INFORMATION
|
Check List by Info Agents |
Available in Report (Yes / No) |
|
1) Year of Establishment |
YES |
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2) Locality of the firm |
YES |
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3) Constitutions of the firm |
YES |
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4) Premises details |
YES |
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5) Type of Business |
YES |
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6) Line of Business• |
YES |
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7) Promoter’s background |
-- |
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8) No. of employees |
YES |
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9) Name of person contacted |
YES |
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10) Designation of contact person |
YES |
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11) Turnover of firm for last three years |
YES |
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12) Profitability for last three years |
NO |
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13) Reasons for variation <> 20% |
NO |
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14) Estimation for coming financial year |
NO |
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15) Capital in the business |
YES |
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16) Details of sister concerns |
NO |
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17) Major suppliers |
YES |
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18) Major customers |
NO |
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19) Payments terms |
NO |
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20) Export / Import details (if applicable) |
NO |
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21) Market information |
-- |
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22) Litigations that the firm / promoter |
-- |
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23) Banking Details |
YES |
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24) Banking facility details |
NO |
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25) Conduct of the banking account |
-- |
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26) Buyer visit details |
-- |
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27) Financials, if provided |
NO |
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28) Incorporation details, if applicable |
-- |
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29) Last accounts filed at ROC |
-- |
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30) Major Shareholders, if available |
-- |
DETAILS OF SUNDRY
CREDITORS:
(Rs.
In Millions)
|
Particulars |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
Sundry creditors and other |
17.515 |
24.539 |
15.828 |
|
Total |
17.515 |
24.539 |
15.828 |
NOTE :
Registered office address of the company has been shifted from A/118
Synthofine Estate, Off Aarey Road Goregaon East, Mumbai – 400063,
OPERATIONS:
During the year, several multinational companies has appointed the
company as indenting agents as well as distributors for their specialties
products based on petroleum, etc in India.
During the year, Turnover of the company has been increased to Rs.145.583
Millions as compared to Rs.91.040 Millions in previous year. Profit of the
company has been increased to Rs.3.035 Millions as compared to 1.064 Millions
in previous year. Further the company had taken various steps to improve
activities of the company. In view of Various strategic steps, the company has
continued with the trading activates. The management of the company is
confident of gradual and consistent increase in turnover for the company in the
year ahead.
FORM 8:
|
Corporate
identity number of the company |
U23200MH1998PTC113942 |
|
Name of the
company |
KK INDIA
PETROLEUM SPECIALITIES PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
706, Palm Spring
Centre, |
|
This form is for |
Creation of
charge |
|
Type of charge |
|
|
Particular of
charge holder |
Citibank N. A., Cititower, Dr. S. S. Rao Road, Parel, Mumbai
- 400012, Maharashtra, India |
|
Nature of
instrument creating charge |
Deed of
Hypothecation |
|
Date of
instrument Creating the charge |
12.10.2010 |
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Amount secured by
the charge |
Rs.5.000 millions |
|
Brief of the principal
terms an 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 – As may be stipulated
by Bank from time to time. Extent and
Operation of the charge – Hypothecation by
way of first exclusive charge on Stocks, Book Debts and Receivables of the
Company as security for repayment of Rs.5.000 millions, together with
interest, liquidated damages, costs, charges and expenses and all other
moneys due and payable by the Company to the Bank. |
|
Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
Hypothecation of
stocks, book-debts and receivable of the company. |
FIXED ASSETS:
- Plant and
Machinery
- Computer
- Furniture and
Fixture
- Car
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No 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.51.35 |
|
|
1 |
Rs.80.97 |
|
Euro |
1 |
Rs.69.26 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
45 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this report.
The assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General unfavourable
factors will not cause fatal effect. Satisfactory capability for payment of
interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with full
security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
- |
NB |
New Business |
- |
This report is issued at your request without any risk
and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its
officials.