MIRA
INFORM REPORT
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Report Date : |
13.07.2007 |
IDENTIFICATION DETAILS
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Name : |
KHOSLA PROFIL PRIVATE LIMITED |
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Registered Office : |
251, TTC Industries Area, MIDC, |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
19.04.1989 |
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Com. Reg. No.: |
051429 |
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CIN No.: [Company
Identification No.] |
U99999MH1989PTC051429 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer and Exporter of Industrial Fabrics and Filter
Fabrics used in Tyre Industry, Rubber Industry, Pharmaceutical Industry,
Petrochemical Industry and Defence. |
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 258616 |
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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 company having satisfactory
track records. Directors are reported as experience and respectable businessmen.
Trade relations are reported as fair. Business is active. Payments are
usually correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
LOCATIONS
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Registered Office : |
251, TTC Industries Area, MIDC, |
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Tel. No.: |
91-22-30613061 |
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Fax No.: |
91-22-30613062 |
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E-Mail : |
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Website : |
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Bandra Office : |
3, Laxmi Towers, 8th Floor, B Wing, Behind ICICI Bank,
Bandra Kurla Complex, Bandra (East), Mumbai - 400051, Maharashtra |
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Tel. No.: |
91-22-30613061 |
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Fax No.: |
91-22-30613062 |
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E-Mail : |
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Factory : |
Gut No.201, Village Khupari, Taluka Wada, District Thane, |
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Branches : |
▪ 1048, Munusamy Salai, K K Nagar (West), Chennai – 600078, Tamilnadu ▪
510, Vikas Deep, Plot No.18, Laxmi Nagar
District Centre, Vikas Marg, |
DIRECTORS
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Name : |
Mr. Susham Pramod Khosla |
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Designation : |
Director |
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Address : |
501, Flora, Near |
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Date of Birth/Age : |
04.06.1959 |
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Date of Appointment : |
01.10.1990 |
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Name : |
Mr. Rajkumar |
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Designation : |
Director |
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Address : |
602, Vimal Apartment, Sarvodaya Nagar, Mulund, Mumbai – 400080, |
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Date of Birth/Age : |
07.05.1961 |
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Date of Appointment : |
01.04.1994 |
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Name : |
Mr. Pramod V. Khosla |
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Designation : |
Director |
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Address : |
501, Flora, Near |
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Date of Birth/Age : |
04.09.1955 |
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Date of Appointment : |
27.11.2001 |
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MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Mr. Pramod Kumar Khosla |
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148800 |
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Mr. Padan Kishan Vora |
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100 |
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Mr. Madan Nilkantrao Tipnis |
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2100 |
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Mr. Ved Prakash Khosla (HUF) |
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52250 |
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Mr. Rajkumar Khosla |
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32500 |
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Mr. Sushan P Khosla |
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140000 |
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Master Chaitanya P Khosla |
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4000 |
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Ms. Himani P Khosla |
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16200 |
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Ms. Priyanka P Khosla |
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18450 |
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Mr. Pramod Kumar Khosla (HUF) |
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81605 |
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Khosla Investment Private Limited |
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480000 |
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Category |
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Percentage of
Holding |
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Directors of Relatives of Directors |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of Industrial Fabrics and Filter Fabrics used in Tyre Industry, Rubber Industry, Pharmaceutical Industry, Petrochemical Industry and Defence. |
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Products : |
Filter Fabrics & Industrial Textiles |
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Exports : |
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Countries : |
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GENERAL INFORMATION
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No. of Employees : |
200 (150 Factory, 50 Office) |
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Bankers : |
M/s. Sundaram
Finance Limited No.21, Patullos
Raod, Chennai – 600002, Tamilnadu E-Mail: sf@sundaramfinance.in |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Mr. P.K. Bhuchar Chartered Accountants |
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Address : |
A 1, Silverline, J.B. Nagar, Andheri (East), Mumbai – 400059, |
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Tel. No.: |
91-22-8373162 |
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PAN No.: |
AAAFB0175H |
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Fax No.: |
91-22-8202830 |
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Registration
Number : |
MUM17207 |
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Associates/Subsidiaries : |
© Purity Textile Private Limited 12, Krystal Blue, © Purity Techtextile Private Limited © Khosla Texchem Filters |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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1150000 |
Equity Shares |
Rs.10/- each |
Rs.11.500 millions |
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100000 |
Preferences Shares |
Rs.10/- each |
Rs.1.000 million |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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1025005 |
Equity Shares |
Rs.10/- each |
Rs.10.250
millions |
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100000 |
Preferences Shares |
Rs.10/- each |
Rs.1.000
million |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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11.250 |
11.250 |
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2] Share Application Money |
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0.000 |
0.000 |
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3] Reserves & Surplus |
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53.404 |
46.830 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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64.654 |
58.080 |
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LOAN FUNDS |
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1] Secured Loans |
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124.716 |
115.576 |
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2] Unsecured Loans |
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41.680 |
42.539 |
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TOTAL BORROWING |
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166.396 |
158.115 |
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DEFERRED TAX LIABILITIES |
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9.229 |
8.841 |
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TOTAL |
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240.279 |
225.036 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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99.971 |
82.246 |
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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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0.026 |
0.026 |
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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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63.514 |
77.750 |
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Sundry Debtors |
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113.274 |
91.652 |
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Cash & Bank Balances |
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9.112 |
7.421 |
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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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32.641 |
23.074 |
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Total
Current Assets |
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218.541 |
199.897 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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70.761 |
54.204 |
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Provisions |
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7.771 |
3.939 |
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Total
Current Liabilities |
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78.532 |
58.143 |
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Net Current Assets |
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140.009 |
141.754 |
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MISCELLANEOUS EXPENSES |
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0.273 |
1.010 |
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TOTAL |
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240.279 |
225.036 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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Total Income |
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380.712 |
345.105 |
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Profit/(Loss) Before Tax |
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11.025 |
9.608 |
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Provision for Taxation |
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0.000 |
0.000 |
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Profit/(Loss) After Tax |
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11.025 |
9.608 |
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Total Earnings |
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177.938 |
166.306 |
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Expenditures : |
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Interest |
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13.895 |
15.402 |
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Depreciation & Amortization |
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10.568 |
8.578 |
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Other Expenditure |
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345.224 |
311.517 |
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Total Expenditure |
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369.687 |
335.497 |
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KEY RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
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2.89 |
2.78 |
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Net Profit Margin (PBT/Sales) |
(%) |
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2.89 |
2.78 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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3.46 |
3.40 |
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Return on Investment (ROI) (PBT/Networth) |
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0.17 |
0.16 |
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Debt Equity Ratio (Total Liability/Networth) |
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1.21 |
1.00 |
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Current Ratio (Current Asset/Current Liability) |
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2.78 |
3.43 |
LOCAL AGENCY FURTHER INFORMATION
Subject is in trade
terms with:
© M/s. Pranavaditya Spinning Mills Limited, Malhotra House, 2nd Floor, Opp. GPO., Mumbai – 400 001, Maharashtra, India.
© Indorama Synthetics (India) Limited, The Metropolitan 26-27, Bandra Kurla Complex, Bandra (East), Mumbai – 400 050, Maharashtra, India.
©
Zenith Fibers Limited, 65, Kunj Society,
Alkapuri,
The company’s fixed asset of important value includes –
Leasehold land, factory building, plant and machinery, factory equipment’s, office equipments and furniture and fixtures.
- About Them:
The KHOSLA
PROFIL GROUP comprising KHOSLA PROFIL PVT. LTD. and PURITY TECHTEXTILE PVT. LTD., began operations more than 25 years
ago. Its single-minded focus on innovation and technology has played a vital
role in its emergence as
- Mission & Vision:
- Their Vision
Is To Continuously Improve Their Product Standards At Par With The Best In
The World
- Divisions
The
Company has the following product divisions :
- Mission & Vision : Their
Vision Is To Continuously Improve Their Product Standards At Par With The
Best In The World
- Their Vision Is To Continuously Improve Their Product Standards At
Par With The Best In The World And To Broad Base Their
- Divisions
The
Company has the following product divisions :
Products
Industrial Fabrics for
Belting Fabrics for Mechanical Rubber Goods used in Conveyor Belts, V-Belts, Nylon
Sandwich Belts
Outdoor Fabrics for
Canvas & Ducks used in Tents, Awnings, Covers, Canopies, Tarpaulins, Sail
Cloth Etc.
Filter Fabrics for
Industries: Chemicals, Dyes, Pigments, Drugs & Pharmaceutical, Ceramic
Clays
Form 8 Particular for
creation or modification of charges
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Name of the company |
KHOSLA PROFLI
PRIVATE LIMITED |
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Presented By |
M/s. Sundaram
Finance Limited, No.21, |
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1) Date and description of instrument creating the change |
Loan Agreement
Dated: 28.09.2005 Cont No.: AM –
0233 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.0.900 millions |
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3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
On the security
of 1 No. Earth Moving Equipment. Identify No. G2.
Oct4000DS24BZ |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Rs.1.029 millions
is repayable in 36 monthly installment under Installment: 1-36 Amount: Rs.0.028
million Rate of Interest:
9.7% 1st
Installment falls due on: 28.09.2005 |
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5) Name and Address and description of the person entitled to the charge. |
M/s. Sundaram
Finance Limited No.21, Patullos
Raod, Chennai – 600002 |
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Corporate identity
number (CIN) Foreign company registration number |
U99999MH1989PTC051429 |
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Name of the
Company |
KHOSLA PROFIL
PRIVATE LIMITED |
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Address |
251, TTC Industries Area, MIDC, |
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This form is for |
Creation of
Charge |
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Type of Charge |
Hypothecation |
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Particulars of
the charge holder |
M/s. Sundaram
Finance Limited No.21, Patullos
Raod, Chennai – 600002, Tamilnadu E-Mail: sf@sundaramfinance.in CIN:
U65191TN1954PLC002429 |
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Amount secured by
the charge |
RS.1.780 millions |
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Brief of the
principal terms and conditions |
The total amount
of Rs.2.081 millions is repayable in 36 monthly in 36 monthlys installments. 1sr
installment of Rs.0.057 millions and 35 installments of Rs.0.057 millions
each Rate of Interest – 11.19% |
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Description of
the Instrument charged indicating |
Loan Agreement
Bearing Cont No – BM - 0097 |
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Brif description
of the instrument modifying the charge under section |
Particular of the
property Charged - As Per Schedule
to the Loan Agreement |
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Date of
Instrument |
08.06.2006 |
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
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Indian Rupees |
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US Dollar |
1 |
Rs.40.38 |
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1 |
Rs.82.04 |
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Euro |
1 |
Rs.55.56 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
6 |
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PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
4 |
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--LIQUIDITY |
1~10 |
6 |
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--LEVERAGE |
1~10 |
6 |
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--RESERVES |
1~10 |
5 |
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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 |
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 |
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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48 |
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 |
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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 |
|
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 |
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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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