MIRA INFORM REPORT

 

 

Report No. :

354525

Report Date :

14.12.2015

 

IDENTIFICATION DETAILS

 

Name :

KK INDIA PETROLEUM SPECIALITIES PRIVATE LIMITED

 

 

Registered Office :

706, Palm Spring Centre, Link Road, Malad (West), Mumbai-400064 Maharashtra

Mobile No.:

91-9820140450 (Mr. Kalpesh Manharlal Modi)

 

 

Country :

India

 

 

Financials (as on) :

31.03.2015

 

 

Date of Incorporation :

11.03.1998

 

 

Com. Reg. No.:

11-113942

 

 

Capital Investment / Paid-up Capital :

Rs. 0.500 Million

 

 

CIN No.:

[Company Identification No.]

U23200MH1998PTC113942

 

 

IEC No.:

0399024506

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

MUMK07309B

 

 

PAN No.:

[Permanent Account No.]

AAACK8544Q

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Indenting agents and Trading in Petroleum and Specialties Chemicals. (Registered Activity)

 

 

No. of Employees :

Information declined by the management 

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba (45)

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Maximum Credit Limit :

USD 74000

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Usually correct

 

 

Litigation :

Clear

 

 

Comments :

Subject is an established company having satisfactory track.

 

For the financial year ended 2015, the company possesses decent operational performance with fair profit margin recorded in the books.

 

Further, rating takes into account of company’s acceptable financial risk profile marked by its adequate networth base, comfortable liquidity position along with fair debt coverage indicators.

 

Trade relations are reported as fair. Business is active. Payments are reported to be usually correct.

 

In view of aforesaid, the company can be considered 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.

 

 

ECGC Country Risk Classification List – March 31, 2015

 

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

India

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

EXTERNAL AGENCY RATING

 

Rating Agency Name

Not Available

Rating

Not Available

Rating Explanation

Not Available

Date

Not Available

 

 

RBI DEFAULTERS’ LIST STATUS

 

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

 

 

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

 

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2015.

 

 

INFORMATION DECLINED BY

 

Name :

Mr. Kalpesh Manharlal Modi

Designation :

Director

Contact No.:

91-9820140450

Date :

11.12.2015

 

 

 

LOCATIONS

 

Registered Office :

706, Palm Spring Centre, Link Road, Malad (West), Mumbai-400064 Maharashtra, India

Tel. No.:

91-22-28764569

Mobile No.:

91-9820140450 (Mr. Kalpesh Manharlal Modi)

Fax No.:

91-22-28762563

E-Mail :

kalpesh@kkindia.net

mayur@kkindia.net

info@kkindia.net

Website :

http://www.kkindia.tradeindia.com

Location :

Owned

 

 

Factory  :

Unit # A/112-118, Synthofine Estate, Off. Aarey Road, Goregaon (East), Mumbai – 400063, Maharashtra, India

Tel. No.:

91-22-28764569/28764570

Fax No.:

91-22-28762563

 

 

DIRECTORS

 

AS ON 31.03.2015

 

Name :

Mr. Kalpesh Manharlal Modi

Designation :

Director

Address :

B – 305, Raj Residency – 1, Mahavir Nagar, Dahanokarwadi, Kandivali (West), Mumbai – 400067, Maharashtra, India

Date of Birth/Age :

09.08.1961

Qualification :

MBA

Date of Appointment :

18.03.1998

DIN No.:

00443445

 

 

Name :

Mrs. Ketan Kalpesh Modi

Designation :

Director

Address :

B – 305, Raj Residency – 1, Mahavir Nagar, Dahanokarwadi, Kandivali (West), Mumbai – 400067, Maharashtra, India

Date of Birth/Age :

04.12.1963

Qualification :

M.com

Date of Appointment :

18.03.1998

DIN No.:

00443557

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

AS ON 30.09.2014

 

Names of Shareholders

 

No. of Shares

Kalpesh Mahharlal Modi

 

20100

Ketna Kalpesh Modi

 

6100

Dhanlaxmi Manharlal Modi

 

19660

Kalpesh Modi HUF

 

1000

Manal Kalpesh Modi

 

1000

Priyam Kalpesh Modi

 

1000

Viral Kalpesh Modi

 

1000

Mayur Kalpesh Modi

 

10

Mayur Modi HUF

 

10

Manan Modi

 

10

Naman Modi

 

10

Manharlal V. Modi HUF

 

100

Total

 

50000

 

Equity Share Break up (Percentage of Total Equity)

 

AS ON 30.09.2014

 

Category

Percentage

Directors or relatives of Directors

100.00

Total

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

Indenting agents and Trading in Petroleum and Specialties Chemicals. (Registered Activity)

 

 

Products :
  • Petrochemical Product Raw Material
  • Lubricant Additive
  • Silicone Fluids
  • Fuel Additives
  • Corrosion Inhibitor
  • Sulfur Based Extreme Pressure Additive
  • Industrial Oils
  • Pharmaceutical Silicon Oil

 

 

Brand Names :

Not Available

 

 

Agencies Held :

Not Available

 

 

Exports :

Not Divulged

 

 

Imports :

Not Divulged

 

 

Terms :

Not Divulged

 

PRODUCTION STATUS: NOT AVAILABLE

 

 

GENERAL INFORMATION

 

Suppliers :

Reference :

Not Divulged

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Maximum Limit Dealt :

Not Divulged

Experience :

Not Divulged

Remark:

Not Divulged

 

 

Customers :

Reference :

Not Divulged

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Maximum Limit Dealt :

Not Divulged

Experience :

Not Divulged

Remark:

Not Divulged

 

 

No. of Employees :

Information declined by the management 

 

 

Bankers :

Banker Name

Citi Bank N. A.

Branch Address

Citi Tower, DR. S.S. Rao Road, Parel, Mumbai – 400012, Maharashtra, India

Person Name (With Designation)

Not Divulged

Contact Number

Not Divulged

Name of Account Holder

Not Divulged

Account Number

Not Divulged

Account Since (Date/Year of Account Opening)

Not Divulged

Average Balance Maintained (If Possible)

Not Divulged

Credit Facilities Enjoyed (If any)

Not Divulged

Account Operation

Not Divulged

Remarks (If any)

Not Divulged

 

 

Facilities :

(Rs. In Million)

SECURED LOAN

As on

31.03.2015

As on

31.03.2014

SHORT TERM BORROWING

 

 

From banks for buyers credit

(secured against directors life insurance police of Rs.27.850 Million previous year secured against 75% of investment and debtors)

0.000

17.458

Total

0.000

17.458

 

Auditors :

 

Name :

Shah Shah and Thakkar

Chartered Accountant

Address :

6th Floor, 3-C Jai Hind Society, DR. A. M. Road, Bhuleshwar, Mumbai – 400002, Maharashtra, India

PAN N Income-tax PAN of auditor or auditor's firm :

ACKFS7363N

 

 

Memberships :

Not Available

 

 

Collaborators :

Not Available

 

 

Associates/Subsidiaries :

--

 

 

CAPITAL STRUCTURE

 

AS ON 31.03.2015

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

50000

Equity Shares

Rs.10/- each

Rs.0.500  Million

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

50000

Equity Shares

Rs.10/- each

Rs.0.500  Million

 

 

 

 

 

 

FINANCIAL DATA

[all figures are in Rupees Million]

 

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

31.03.2015

31.03.2014

31.03.2013

 

 

 

 

I.              EQUITY AND LIABILITIES

 

 

 

(1)Shareholders' Funds

 

 

 

(a) Share Capital

0.500

0.500

0.500

(b) Reserves & Surplus

25.289

21.445

18.619

(c) Money received against share warrants

0.000

0.000

0.000

 

 

 

 

(2) Share Application money pending allotment

0.000

0.000

0.000

Total Shareholders’ Funds (1) + (2)

25.789

21.945

19.119

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

0.000

0.000

0.000

(b) Deferred tax liabilities (Net)

0.000

0.000

0.000

(c) Other long term liabilities

0.000

0.000

0.000

(d) long-term provisions

3.806

3.578

3.148

Total Non-current Liabilities (3)

3.806

3.578

3.148

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

16.620

44.475

26.642

(b) Trade payables

25.675

21.943

30.181

(c) Other current liabilities

3.838

2.045

1.929

(d) Short-term provisions

0.000

0.000

0.000

Total Current Liabilities (4)

46.133

68.463

58.752

 

 

 

 

TOTAL

75.728

93.986

81.019

 

 

 

 

II.          ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

3.493

4.354

5.333

(ii) Intangible Assets

0.000

0.000

0.000

(iii) Capital work-in-progress

0.000

0.000

0.000

(iv) Intangible assets under development

0.000

0.000

0.000

(b) Non-current Investments

0.000

0.000

0.000

(c) Deferred tax assets (net)

0.680

0.680

0.439

(d)  Long-term Loan and Advances

0.720

0.596

0.503

(e) Other Non-current assets

0.000

0.000

0.000

Total Non-Current Assets

4.893

5.630

6.275

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

0.000

0.000

0.000

(b) Inventories

46.372

64.101

60.370

(c) Trade receivables

17.945

15.463

10.294

(d) Cash and cash equivalents

4.586

6.765

2.345

(e) Short-term loans and advances

1.932

2.027

1.735

(f) Other current assets

0.000

0.000

0.000

Total Current Assets

70.835

88.356

74.744

 

 

 

 

TOTAL

75.728

93.986

81.019

 

 

PROFIT & LOSS ACCOUNT

 

 

 

PARTICULARS

31.03.2015

31.03.2014

31.03.2013

 

SALES

 

 

 

 

Income

231.440

224.468

161.378

 

Other Income

1.388

0.778

NA

 

TOTAL (A)

232.828

225.246

NA

 

 

 

 

 

Less

EXPENSES

 

 

 

 

Purchases of Stock-in-Trade

107.614

130.298

 

 

Changes in inventories of finished goods, work-in-progress and Stock-in-Trade

17.728

(3.730)

 

 

Employees benefits expense

27.195

15.316

 

 

Other expenses

66.051

73.012

 

 

TOTAL (B)

218.588

214.896

NA

 

 

 

 

 

Less

PROFIT/ (LOSS)  BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)

14.240

10.350

 

 

 

 

 

 

Less

FINANCIAL EXPENSES (D)

7.140

5.029

 

 

 

 

 

 

 

PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)

7.100

5.321

 

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION (F)

0.727

1.086

 

 

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE TAX (E-F)   (G)

6.373

4.235

2.614

 

 

 

 

 

Less

TAX (H)

1.964

1.409

0.793

 

 

 

 

 

 

PROFIT/ (LOSS)  AFTER TAX  (G-H)   (I)

4.409

2.826

1.821

 

 

 

 

 

Add

PREVIOUS YEARS’ BALANCE BROUGHT FORWARD 

18.744

16.419

NA 

 

 

 

 

 

Add

OPENING GENERAL RESERVE

2.700

2.200

NA

 

 

 

 

 

Add

ADDITION

0.500

0.500

 NA

 

 

 

 

 

Less

APPROPRIATIONS

 

 

 

 

Transfer to General Reserve

0.500

0.500

 NA

 

Adjusted for depreciation

0.564

0.000

 NA

 

Balance Carried to the B/S

25.289

21.445

NA

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

 

 

 

 

Export earning

4.294

12.242

NA

 

TOTAL EARNINGS

4.294

12.242

NA

 

 

 

 

 

 

IMPORT OF MATERIAL

102.002

122.089

 NA

 

 

 

 

 

 

Earnings / (Loss) Per Share (Rs.)

88.18

56.51

NA

 

 

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

 

Particulars

 

31.03.2015

31.03.2014

31.03.2013

Current Maturities of Long term debt

NA

NA

NA

Cash generated from operations

NA

NA

NA

Net cash flows from (used in) operations

NA

NA

NA

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2015

31.03.2014

31.03.2013

Net Profit Margin

(PAT / Sales)

(%)

1.91

1.26

NA

 

 

 

 

 

Operating Profit Margin

(PBIDT/Sales)

(%)

6.15

4.61

NA

 

 

 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)

8.49

4.54

3.24

 

 

 

 

 

Return on Investment (ROI)

(PBT/Networth)

 

0.25

0.19

0.14

 

 

 

 

 

Debt Equity Ratio

(Total Debt /Networth)

 

0.64

2.03

1.39

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

1.54

1.29

1.27

 

 

 

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

 

DEBT EQUITY RATIO

 

Particular

31.03.2013

31.03.2014

31.03.2015

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Share Capital

0.500

0.500

0.500

Reserves & Surplus

18.619

21.445

25.289

Money received against share warrants

0.000

0.000

0.000

 Share Application money pending allotment

0.000

0.000

0.000

Net worth

19.119

21.945

25.789

 

 

 

 

long-term borrowings

0.000

0.000

0.000

Short term borrowings

26.642

44.475

16.620

Total borrowings

26.642

44.475

16.620

Debt/Equity ratio

1.393

2.027

0.644

 

 

YEAR-ON-YEAR GROWTH

 

Year on Year Growth

31.03.2013

31.03.2014

31.03.2015

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Sales

161.378

224.468

231.440

 

 

39.095

3.106

 

 

NET PROFIT MARGIN

 

Net Profit Margin

31.03.2013

31.03.2014

31.03.2015

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Sales

161.378

224.468

231.440

Profit

1.821

2.826

4.409

 

1.13%

1.26%

1.91%

 

 

LOCAL AGENCY FURTHER INFORMATION

 

Sr. No.

Check list by info agents

Available in Report (Yes/No)

1

Year of establishment

Yes

2

Constitution of the entity -Incorporation details

Yes

3

Locality of the entity

Yes

4

Premises details

No

5

Buyer visit details

--

6

Contact numbers

Yes

7

Name of the person contacted

Yes

8

Designation of contact person

Yes

9

Promoter’s background

Yes

10

Date of Birth of Proprietor / Partners / Directors

Yes

11

Pan Card No. of Proprietor / Partners

No

12

Voter Id Card No. of Proprietor / Partners

No

13

Type of business

Yes

14

Line of Business

Yes

15

Export/import details (if applicable)

No

16

No. of employees

No

17

Details of sister concerns

No

18

Major suppliers

No

19

Major customers

No

20

Banking Details

Yes

21

Banking facility details

Yes

22

Conduct of the banking account

--

23

Financials, if provided

Yes

24

Capital in the business

Yes

25

Last accounts filed at ROC, if applicable

Yes

26

Turnover of firm for last three years

Yes

27

Reasons for variation <> 20%

--

28

Estimation for coming financial year

No

29

Profitability for last three years

Yes

30

Major shareholders, if available

Yes

31

External Agency Rating, if available

No

32

Litigations that the firm/promoter involved in

--

33

Market information

--

34

Payments terms

No

35

Negative Reporting by Auditors in the Annual Report

No

 

INDEX OF CHARGES: NO CHARGES EXIST FOR COMPANY

 

 

UNSECURED LOAN

(Rs. In Million)

Particulars

As on

31.03.2015

As on

31.03.2014

SHORT TERM BORROWING

 

 

From directors and related parties

 

27.017

Total

 

27.017

 

 

FIXED ASSETS

 

  • Computer
  • Furniture
  • Plant and Machinery
  • Car

 

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 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.66.79

UK Pound

1

Rs.101.10

Euro

1

Rs.73.10

 

 

INFORMATION DETAILS

 

Information Gathered by :

DIP

 

 

Analysis Done by :

HNA

 

 

Report Prepared by :

KVT

 

 

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

--PROFITABILITY

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

NO

--AFFILIATION

YES/NO

NO

--LISTED

YES/NO

NO

--OTHER MERIT FACTORS

YES/NO

YES

DEFAULTER

 

 

--RBI

YES/NO

NO

--EPF

YES/NO

NO

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

 

--

 

 

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.