MIRA
INFORM REPORT
|
Report Date : |
06.06.2008 |
IDENTIFICATION
DETAILS
|
Name : |
KE TECHNICAL TEXTILES PRIVATE LIMITED |
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Formerly Known as : |
KE – BURGMANN FIBRE INDIA PRIVATE LIMITED |
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Registered Office : |
Plot No. 71, Salua Road, Prem Bazar, P. O. Hijli Co-Operative, Kharagpur – 721306, West Bengal |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
15.11.1990 |
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Com. Reg. No.: |
21-77173 |
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CIN No.: [Company
Identification No.] |
U30006WB1990PTC077173 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CALK03600C |
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PAN No.: [Permanent
Account No.] |
AAACK1317D |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Pluritubular Bags, Textile Tubing, Textile Products for Technical
Uses. |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ba |
|
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 59580 |
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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. Trade relations are fair. Business is active. Payments are reported as
usually correct and as per commitments. The company can be considered good for normal business dealings. |
LOCATIONS
|
Registered Office : |
Plot No. 71, Salua Road, Prem Bazar, P. O. Hijli Co-Operative, Kharagpur – 721306, West Bengal, India |
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Tel. No.: |
91-33-22897020, 2445344 |
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Fax No.: |
91-33-22447918 |
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E-Mail : |
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|
` |
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Factory : |
5, Rameshwar Shaw Road, Kolkata – 700014, West Bengal, India |
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Tel No.: |
91-244-3623, 2445344 |
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Fax No.: |
91-33-2447918 |
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Works Office : |
Prem Bazar, P. O. Hijli Co-Operative,
Kharagpur – 721306, West Bengal, India |
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Tel. No.: |
91-3222-777285 |
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Fax No.: |
91-3222-777284 |
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Chennai Liason Office : |
I – 5, Vysarpadi Industrial Co- Operative Estate, Vysarpadi, Chennai –
600032, Tamilnadu, India |
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Tel No.: |
91-44-5520271, 5520244 |
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Fax No.: |
91-44-5520272 |
DIRECTORS
|
Name : |
Mr. Haresh Shah |
|
Designation : |
Director |
|
Address : |
No. 5, Manickeswari Road, Kilpauk, Chennai – 600004, Tamilnadu, India |
|
Date of Birth/Age : |
01.08.1943 |
|
Date of Appointment : |
15.11.1990 |
|
Name : |
Mr. Sukumar Roy |
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Designation : |
Managing Director |
|
Address : |
Prem Bazar, P. O. Hijli Co-Operative,
Kharagpur – 721306, West Bengal, India |
|
Date of Birth/Age : |
11.07.1937 |
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Date of Appointment : |
15.11.1990 |
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Name : |
Mr. Yasowant Roy |
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Designation : |
Director |
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Address : |
Prem Bazar, P. O. Hijli Co-Operative,
Kharagpur – 721306, West Bengal, India |
|
Date of Birth/Age : |
28.08.1968 |
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Date of Appointment : |
02.06.2000 |
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Name : |
Mr. Niraj Shah |
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Designation : |
Director |
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Address : |
No. 5, Manickeswari Road, Kilpauk, Chennai – 600004, Tamilnadu, India |
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Date of Birth/Age : |
22.05.1970 |
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Date of Appointment : |
02.06.2000 |
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Name : |
Mr. Namit Shah |
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Designation : |
Director |
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Address : |
5B, Dimple Court, 26, Shakespeare Sarani, Kolkata – 700016, West
Bengal, India |
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Date of Birth/Age : |
24.03.1965 |
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Date of Appointment : |
02.06.2000 |
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Name : |
Mr. Viral Shah |
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Designation : |
Nominee Director |
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Address : |
No. 9, Manickeswari Road, Kilpauk, Chennai – 600004, Tamilnadu, India |
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Date of Birth/Age : |
11.11.1974 |
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Date of Appointment : |
07.01.2008 |
KEY EXECUTIVES
|
Name : |
Mr. P V Subramanian |
|
Designation : |
Company Secretary |
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Address : |
81/8, Regent Estate, Kolkata – 700 092, India |
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Tel No.: |
91-33-4141975 |
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Mobile No.: |
91-9830026425 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
As on 30.09.2005
|
Names of Shareholders |
No. of Shares |
|
Keld Ellentoft India Private Limited |
297888 |
|
Mr. Sukumar Roy |
123974 |
|
Mr. Yasowant Roy |
18048 |
|
Mr. Krishna Roy |
73690 |
|
Total |
513600 |
Equity share breakup
(Percentage of total equity)
As on 31.03.2007
|
Sr. No |
Category |
Percentage |
|
1. |
Bodies corporate (not mentioned above) |
52.00 |
|
2. |
Directors or relatives of directors |
48.00 |
|
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Pluritubular Bags, Textile Tubing, Textile Products for Technical
Uses. |
|
|
|
|
Products : |
v
Fibre Glass fabrics for electrical
insulation v
Texturised Fibre Glass fabrics
for thermal insulation v
Fibre Glass fabrics for industrial
application v
Fibre Glass filter fabrics
for molten metal (Aluminium) filtration v
Fibre Glass filter fabrics for boiler houses v
Fibre Glass Scrim fabrics for
construction industry v
Fibre Glass Ropes, Gaskets & Stiching threads. v
Fibre Glass fabrics with various
types of coating v
High temperature resistant Semi
Conducting Fibre Glass fabrics. v
Fibre Glass fabrics for Pressure
Sensitive Adhesive tapes v
Texturised Fibre glass yarn braided
with Brass wire & |
GENERAL
INFORMATION
|
Bankers : |
v State Bank of
India Kharagpur Railway Station Branch, CME Gate, Kharagpur – 721302, West
Bengal, India v Bank of Baroda Kharagpur Branch,
Pushpanjali Apartments, 486/A/241, Malancha Road, Lal Bangla, P O Nimpura,
Kharagpur – 721 304, West Bengal, India |
|
Banking
Relations : |
Satisfactory |
|
|
|
|
Auditors : |
|
|
Name : |
Rohit Shukla and Associates, Chartered Accountants |
|
Address : |
India House, B Block, 7th Floor, 69, Ganesh Chandra Avenue,
Kolkata – 700013, West Bengal, India |
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|
|
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Group Companies
: |
v Keld Ellentoft
India Private Limited v F. Harley and Company
Private Limited v Harley Nirafon
India Private Limited |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1,000,000 |
Equity Shares |
Rs. 10/- each |
Rs. 10.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
513,600 |
Equity Shares |
Rs. 10/- each |
Rs. 5.136
millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2006 |
31.03.2005 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
5.136 |
5.136 |
|
|
2] Share Application Money |
|
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
|
6.780 |
6.227 |
|
|
4] (Accumulated Losses) |
|
0.000 |
0.000 |
|
|
NETWORTH |
|
11.916 |
11.363 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
22.093 |
18.380 |
|
|
2] Unsecured Loans |
|
0.743 |
2.143 |
|
|
TOTAL BORROWING |
|
22.836 |
20.523 |
|
|
DEFERRED TAX LIABILITIES |
|
0.814 |
0.840 |
|
|
|
|
|
|
|
|
TOTAL |
|
35.566 |
32.726 |
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|
|
|
|
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APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
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|
FIXED ASSETS [Net Block] |
|
14.060 |
12.728 |
|
|
Capital work-in-progress |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
|
|
|
|
|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
9.827 |
10.543 |
|
|
Sundry Debtors |
|
15.911 |
12.228 |
|
|
Cash & Bank Balances |
|
1.688 |
2.425 |
|
|
Other Current Assets |
|
0.000 |
0.000 |
|
|
Loans & Advances |
|
3.274 |
3.030 |
|
Total
Current Assets |
|
30.700 |
28.226 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
|
5.325 |
4.308 |
|
|
Provisions |
|
3.869 |
3.920 |
|
Total
Current Liabilities |
|
9.194 |
8.228 |
|
|
Net Current Assets |
|
21.506 |
19.998 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
35.566 |
32.726 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
|
|
Sales Turnover |
|
64.447 |
43.900 |
|
|
Other Income |
|
0.036 |
0.120 |
|
|
Total Income |
|
64.483 |
44.020 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
|
2.249 |
3.160 |
|
|
Provision for Taxation |
|
1.110 |
1.313 |
|
|
Profit/(Loss) After Tax |
|
1.139 |
1.847 |
|
|
|
|
|
|
|
|
Expenditures : |
|
|
|
|
|
|
(Increase / Decrease in stock) |
|
2.601 |
(3.495) |
|
|
Financial Charges |
|
2.356 |
1.333 |
|
|
Depreciation & Amortization |
|
1.928 |
0.992 |
|
|
Other Expenditure |
|
6.885 |
39.690 |
|
Total Expenditure |
|
62.234 |
40.860 |
|
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
|
1.77 |
4.19 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
|
3.49 |
7.19 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
3.49 |
7.18 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
|
0.19 |
0.28 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
|
0.77 |
0.72 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
3.34 |
3.43 |
LOCAL AGENCY FURTHER
INFORMATION
Note:
The Registered Office of the company has been shifted from 5, Rameshwar
Shaw Road, Kolkata – 700014, West Bengal, India to Plot No. 71, Salua Road,
Prem Bazar, P. O. Hijli Co-Operative, Kharagpur
– 721306, West Bengal, India with effect from 01.08.2007
Form 8
|
This form is for |
Modification of
charge |
|
Charge
identification number of the charge to be modified |
80030705 |
|
Corporate
identity number of the company |
U30006WB1990PTC077173 |
|
Name of the
company |
KE TECHNICAL TEXTILES PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in India of the company |
Plot No. 71, Salua Road, Prem Bazar, P. O. Hijli Co-Operative, Kharagpur – 721306, West Bengal, India. |
|
Type of charge |
v
Immovable
property v
Book debts v
]Movable
property (not being pledge) |
|
Particular of
charge holder |
Name : State Bank
of India Address :
Kharagpur Railway Station Branch, CME Gate City : Khargpur State : West
Bengal ISO country code:
IN Pin code : 721302 e-mail ID:sbi.03332@sbi.co.in |
|
Nature of
description of the instrument creating or modifying the charge |
Tripartite agreement dated 15th February, 2008 entered by
and between KE Technical Textiles Private Limited, State Bank of India,
Kharagpur Railway Station Branch and West Bengal Industrial Development
Corporation Limited (WBIDC) |
|
Date of
instrument Creating the charge |
15.02.2008 |
|
Amount secured by
the charge |
Rs. 31.500
millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest 13.5% Terms of
repayment Cash credit for
SBI is for one year and subject to renewal. Margin 25% Extent operation
of the charge The loan shall be
secured by the assets described in point no. 14 and 17 |
|
Short particulars
of the property charged |
Vide this
tripartite agreement dated 15.02.2008 entered by and between the company, SBI
Kharagpur Railway Station Branch and WBIDC; 1) WBIDC has
allowed the company to create 2nd charge only on plant and
machinery as additional security for its overall loan facility of Rs. 31.500
millions from SBI and reciprocally 2) SBI has
allowed the company to create 2nd charge on Land, Building, Plant
and Machinery and current assets as additional security for its term loan
facility of Rs. 14.000 millions from WBIDC. |
|
Date of latest
modification prior to the present modification |
25.04.2007 |
|
Particulars of
the present modification |
Vide this
tripartite agreement dated 15.02.2008 entered by and between the company, SBI
Kharagpur Railway Station Branch and WBIDC; 1) WBIDC has
allowed the company to create 2nd charge only on plant and
machinery as additional security for its overall loan facility of Rs. 31.500
millions from SBI and reciprocally 2) SBI has
allowed the company to create 2nd charge on Land, Building, Plant
and Machinery and current assets as additional security for its term loan
facility of Rs. 14.000 millions from WBIDC. (details in
agreement) |
Form 8
|
Name of the company |
KE TECHNICAL TEXTILES PRIVATE LIMITED |
|
Presented By |
Bank of Baroda |
|
1) Date and description of instrument creating the change |
Hypothecation of
goods dated 10.09.1992 |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 0.825 million |
|
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 |
Hypothecation by
way of 1st charge of raw materials like Polyster yarn, Polyster
fabric, fibre glass yarn, fibre glass fabric, phenolic resin etc; work in
progress, finished goods like pluri tubular bags, (subsequently enlarged by
additional securities of book debts, machinery and mortgage of factory land
and building). |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
The charge
operates as security in favour of the bank for repayment by the company of
all amounts whatsoever payable by the company to the bank under the cash
credit facility with interest and costs as stipulated. In the event of
default by the borrower, in repayment of the loan on demand or in the event
of any other default or irregularity, the bank has a right to appoint receiver
of the charged assets and sell the same. |
|
5) Name and Address and description of the person entitled to the charge. |
Bank of Baroda Kharagpur Branch,
Pushpanjali Apartments, 486/A/241, Malancha Road, Lal Bangla, P O Nimpura, Kharagpur
– 721 304, West Bengal, India |
|
6) Date and brief description of instrument modifying the charge |
a) Supplemental
agreement of hypothecation of goods dated 14.07.2005 for Rs. 20.000 millions b) Supplemental
agreement of hypothecation of book debts dated 14.07.2005 for Rs. 20.000
millions c) Supplemental
agreement of hypothecation of machinery dated
14.07.2005 for Rs. 20.000 millions d) Extension of
mortgage by oral declaration of directors of the company made on 14.07.2005
for Rs. 20.000 millions on company’s factory, land and building (No
instrument executed). |
|
7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
By this
modification the over all limit secured by the charged assets comprising
company’s stocks, goods, book debts, movable machinery and factory land and
building situate at Roop Narayan Pur, Jakpur, Kharagpur by way of first
charge, stands increased to Rs. 20.000 millions consisting of cash credit
(Stocks and Book debts) limit of Rs. 16.000 millions import (Inland / Foreign
sight) Letter of credit of Rs. 3.000 millions and Bank Guarantee limit of Rs.
1.000 million within over all limit of Rs. 20.000 millions. The charge of
hypothecation of machinery is subject to first charge if any in favour of
WBIDC. The company is
liable to pay all amounts and balances due under cash credit facilities on demand
with interest at 11% p.a. (Calculated at 0.5% above BPLR of the bank) with
monthly rests, apart from costs, commissions, charges and expenses. The
company to pay all commissions and charges in respect of Letters of credit
and bank guarantee and to pay outstanding if any with interest at the rate
applicable to cash credit accounts from demand till payment. All other terms
and covenants including Bank’s rights to appoint receiver and sell the
charged assets in the event of default continue to be applicable and be in
force. |
Profile
Subject was part of an Indo-Danish joint venture, set up in the year 1991. In 2001 after financial & management restructuring, the company became independent of its parent company.
The company manufactures Technical Textiles from Fibre Glass, Polyester, Nylon
and other new generation synthetic yarn for use in Lead Acid Batteries, High
temperature, cryogenic, gaseous and corrosive and other hazardous industrial
application areas.
The Company has its own facilities of weaving, processing and coating of fabric with various polymers & resin systems like P.T.F.E, Fluoro elastomers, Acrylic resins, Graphite, Silicone etc..
The company work is undertaken from design stage by the team of qualified personnel. Research and development is an integral part of the company's activity. The team of engineers and consultants are always available, not only for problem resolution but for innovative product development and new designs.
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 :
The 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.
The 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. 42.86 |
|
UK Pound |
1 |
Rs. 83.58 |
|
Euro |
1 |
Rs. 66.17 |
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 |
6 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--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 |
|
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 |
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, they have no basis upon which to
recommend credit dealings |
No Rating |
|