MIRA
INFORM REPORT
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Report Date : |
21.11.2008 |
IDENTIFICATION DETAILS
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Name : |
PURITY TECHTEXTILES PRIVATE LIMITED |
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Registered Office : |
2B, Laxmi Tower, 8th Floor, B Wing, Behind ICICI Bank, Bandra Kurla Complex, Bandra
[East], Mumbai 400051, Maharashtra |
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Country : |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
29.12.1999 |
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Com. Reg. No.: |
123352 |
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CIN No.: [Company
Identification No.] |
U17110MH1999PTC123352 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMP11929B |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of Filter Fabrics, Technical Fabrics, Outdoor Fabrics
etc. |
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 100000 |
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Status : |
Good |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
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Comments : |
Subject is a well established company having satisfactory track. Trade relations are fair. Financial position is good. 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 : |
2B, Laxmi Tower, 8th Floor, B Wing, Behind ICICI Bank, Bandra Kurla Complex, Bandra
[East], Mumbai 400051, Maharashtra, India |
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Tel. No.: |
91-22-30613061 |
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Fax No.: |
91-22-30613062 |
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E-Mail : |
purity@vsnl.com [Corporate Email ID] kpplsales@puritytex.com [Filter Fabrics] kpplindustrial@puritytex.com [Industrial Fabrics] kpplexports@puritytex.com [Outdoor Fabrics] |
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Website : |
DIRECTORS
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Name : |
Mr. Pramod Khosla |
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Designation : |
Director |
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Address : |
501, Flora Villa, Near |
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Date of Birth/Age : |
04.09.1955 |
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Date of Appointment : |
29.12.1999 |
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Name : |
Mr. Vedprakash Khosla |
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Designation : |
Director |
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Address : |
501, Flora Villa, Near |
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Date of Birth/Age : |
01.01.1925 |
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Date of Appointment : |
29.12.1999 |
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Name : |
Susham Pramod Khosla |
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Designation : |
Director |
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Address : |
501, Flora Villa, Near |
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Date of Birth/Age : |
04.06.1959 |
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Date of Appointment : |
06.09.2004 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders [As on 31.03.2007] |
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No. of Shares |
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Pramod Khosla |
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100 |
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Ved Prakash Khosla |
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100 |
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Susham Khosla |
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45000 |
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Total |
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45200 |
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Equity Share
Break-up [As on 31.03.2007] |
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Percentage of
Holding |
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Directors or relatives of the Directors |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Filter Fabrics, Technical Fabrics, Outdoor Fabrics
etc. |
GENERAL INFORMATION
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No. of Employees : |
70 |
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Bankers : |
The North Kanara G.S. B. Co-operative Bank Limited A – 15, Jagruti Co-operative Housing Society, |
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Facilities : |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
M. Azam Chartered Accountants |
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Address : |
503 Wing A, Vrundavan Apartments, Syndicate, Kalyan 421301, |
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Associates/Subsidiaries : |
Khosla Profil Private Limited |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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250000 |
Equity Shares |
Rs. 10/- each |
Rs. 2.500 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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45200 |
Equity Shares |
Rs. 10/-
each |
Rs. 0.452
Million |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
0.452 |
0.452 |
0.452 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
21.005 |
17.352 |
14.210 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
21.457 |
17.804 |
14.662 |
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LOAN FUNDS |
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1] Secured Loans |
18.660 |
20.559 |
1.495 |
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2] Unsecured Loans |
0.250 |
0.000 |
0.000 |
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TOTAL BORROWING |
18.910 |
20.559 |
1.495 |
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DEFERRED TAX LIABILITIES |
0.247 |
0.387 |
0.323 |
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TOTAL |
40.614 |
38.750 |
16.480 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
28.919 |
27.078 |
3.943 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.099 |
0.099 |
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 |
11.936
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13.840 |
8.421 |
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Sundry Debtors |
29.406
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27.689 |
21.327 |
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Cash & Bank Balances |
2.790
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3.168 |
3.367 |
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Other Current Assets |
0.000
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0.000 |
0.000 |
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Loans & Advances |
13.646
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11.880 |
9.702 |
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Total
Current Assets |
57.778
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56.577 |
42.817 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
43.686
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43.755 |
29.960 |
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Provisions |
2.499
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1.290 |
0.399 |
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Total
Current Liabilities |
46.185
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45.045 |
30.359 |
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Net Current Assets |
11.593
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11.532 |
12.458 |
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MISCELLANEOUS EXPENSES |
0.003 |
0.041 |
0.079 |
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TOTAL |
40.614 |
38.750 |
16.480 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Sales Turnover |
89.296 |
71.384 |
60.866 |
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Profit/(Loss) Before Tax |
4.733 |
4.097 |
5.089 |
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Provision for Taxation |
1.081 |
0.955 |
0.483 |
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Profit/(Loss) After Tax |
3.652 |
3.142 |
4.606 |
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Expenditures : |
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Interest |
3.116 |
2.094 |
1.229 |
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Depreciation & Amortization |
1.520 |
0.865 |
0.399 |
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Other Expenditure |
79.927 |
64.328 |
54.149 |
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Total Expenditure |
84.563 |
67.287 |
55.777 |
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KEY RATIOS
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
4.09
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4.40 |
7.57 |
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Net Profit Margin (PBT/Sales) |
(%) |
5.30
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5.74 |
8.36 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
5.46
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4.89 |
10.88 |
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Return on Investment (ROI) (PBT/Networth) |
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0.22
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0.23 |
0.35 |
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Debt Equity Ratio (Total Liability/Networth) |
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3.03
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3.68 |
2.17 |
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Current Ratio (Current Asset/Current Liability) |
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1.25
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1.26 |
1.41 |
LOCAL AGENCY FURTHER INFORMATION
Fixed Assets
·
Furniture and Fixtures
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Plant and Machinery
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Computers
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Office Equipments
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Motor Car
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Freehold Property
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Leasehold Property
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Office Premises
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Electrical Installation Kudus
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Computers
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Factory Equipment
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Year in retrospect:
The Company achieved sales of Rs. 89.296
Millions during the year, compared to Rs. 71.384 Millions during the previous
year. The Company earned a profit of Rs.
3.652 Millions after tax and deferred tax provision compared to Net Profit of
Rs. 3.142 Millions during the previous year.
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Name of the company |
PURITY
TECHTEXTILES PRIVATE LIMITED |
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Presented By |
The North Kanara
G.S.B. Co-operative Bank Limited, Mahim, Mumbai 400016 |
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1) Date and description of instrument creating the change |
No instrument was executed.
However, the equitable mortgage has been created by way of deposit of
title deeds on 21.10.2005 |
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2) Amount secured by the charge/amount owing on the securities of
charge |
Rs. 20.500 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 |
All that piece and parcel of land [together with factory standing
thereon] situated at Village Kudus, Taluka Wada, District Thane, Portion A of the said Land: Gut No. Area H-R-P 141 1-82-0 -------------- 1-82-0 ------------ Sub division and Sun Registration office Bhiwandi and Division and
District Thane and Zilla Parishad Thane belonging to the Borrower. Portion B of the said Land: Gut No. Area H-R-P 140 1-28-9 -------------- 1-28-9 ------------ Sub Division and Sun Registration office Bhiwandi and Division and
District Thane and Zilla Parishad Thane belonging to the Borrower. |
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4) Gist of the terms and conditions and extent and operation of the
charge. |
To secure do repayment of credit facilities together with costs,
charges, interest and expenses thereon granted by the bank to the borrower. |
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5) Name and Address and description of the person entitled to the
charge. |
The North Kanara G.S.B. Co-operative Bank Limited, Mahim, Mumbai
400016 |
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This form is for |
Modification of
charge |
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Charge
identification number of the modified |
90354186 |
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Corporate identity
number of the company |
U17110MH1999PTC123352 |
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Name of the
company |
PURITY
TECHTEXTILES PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in |
2B, |
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Type of charge |
Immovable property |
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Particular of
charge holder |
NKGSB
Co-operative Bank Limited A – 15, Jagruti
Co-operative Housing Society, E-mail: m.g.kalelkar.associates@gmail.com
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Nature of
description of the instrument creating or modifying the charge |
No instrument was
executed. However, the equitable
mortgage has been extended over the immovable properties. |
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Date of
instrument Creating the charge |
21.01.2008 |
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Amount secured by
the charge |
Rs. 53.500
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest As may be
decided, from time to time, by the Bank. Margin As may be
decided, from time to time, by the Bank. Extent and
Operation of the charge To secure the due
repayment of Term Loan of Rs. 50.500 Millions and renewal Cash Credit
facility of Rs. 3.000 Millions, both aggregating to Rs. 53.500 Millions
granted by the bank to the company. |
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Short particulars
of the property charged |
Immovable properties
belonging to the company more particularly as per described |
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Date of latest
modification prior to the present modification |
21.10.2005 |
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Particulars of
the present modification |
By this
modification, the charge has been enhanced from Rs. 20.500 Millions to Rs.
53.500 Millions [being Term loan of Rs. 50.500 Millions and renewal cash
credit facility of Rs. 3.000 Millions] Therefore the
overall charge now stands at Rs. 53.500 Millions |
AS PER WEBSITE DETAILS
PROFILE
The KHOSLA PROFIL GROUP comprising KHOSLA PROFIL PRIVATE LIMITED and PURITY TECHTEXTILE PRIVATE LIMITED
began operations more than 25 years ago. Its single-minded focus on innovation
and technology has played a vital role in its emergence as
An ISO 9001:2000 company, it has the enviable distinction of being the only
producer of specialty fabrics with fully integrated inhouse manufacturing
facility right from fiber, yarn, fabrics and finished to made ups in Asia.
Khosla
Profil is a preferred supplier to domestic and export markets that require
technically complex application of industrial fabrics.
Khosla
Profil’s corporate headquarters is located in the commercial capital of
Khosla
Profil has evolved into a multi-product and multi-locational organisation, with
state-of-the-art plants at Wada and
The
company has branch and sales offices and agents located in all major industrial
cities of
The year 1995 marked the beginning of ‘PURITY TECHTEXTILE PRIVATE
LIMITED.’ a dedicated fabrication/stitching plant in
Khosla
Profil is a member of IFAI (Industrial Fabrics Association International), BTRA
(Bombay Textile Research Association), SASMIRA (The Silk & Art Silk Mills
Research Association), TEXPROCIL (The Cotton Textiles Export Promotion
Council), SRTEPC (The Synthetic & Rayon Export Promotion Council), Textile
Committee and Indian Merchant Chambers.
With
an extensive sales network and large international client base, Khosla Profil
is now poised to take a giant leap forward in the world of industrial fabrics
and filters.
Divisions:
The Company has the following
Product Divisions:
·
Filter Fabrics Division
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Technical Fabrics Division
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Outdoor Fabrics Division
PRODUCTS:
Industrial Fabrics for
Belting Fabrics for Mechanical Rubber Goods used in Conveyor Belts, V-Belts, Nylon Sandwich Belts
Outdoor Fabrics for
Canvas and Ducks used in Tents, Awnings, Covers, Canopies, Tarpaulins, Sail Cloth Etc.
Filter Fabrics for
Industries: Chemicals, Dyes, Pigments, Drugs and Pharmaceutical, Ceramic
Clays
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 |
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US Dollar |
1 |
Rs. 50.52 |
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|
1 |
Rs. 75.54 |
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Euro |
1 |
Rs. 63.12 |
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 |
6 |
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OPERATING SCALE |
1~10 |
6 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
6 |
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--LIQUIDITY |
1~10 |
6 |
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--LEVERAGE |
1~10 |
6 |
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--RESERVES |
1~10 |
6 |
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--CREDIT LINES |
1~10 |
6 |
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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 |
NO |
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--AFFILIATION |
YES/NO |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
|
54 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this report.
The assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General unfavourable
factors will not cause fatal effect. Satisfactory capability for payment of
interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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