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MIRA
INFORM REPORT
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Report Date : |
09.01.2007 |
IDENTIFICATION
DETAILS
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Name : |
LAKELAND
CHEMICALS (INDIA) LIMITED |
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Registered Office : |
12,
Swami CHS Limited, Sector-13, Khanda Colony, New Panvel-410206, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
13.04.2004 |
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Com. Reg. No.: |
11-146040 |
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CIN No.: [Company
Identification No.] |
L24110MH2004PLC146040 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUML05684A |
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PAN No.: [Permanent
Account No.] |
AABCL1023F |
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Legal Form : |
Closely
held Public Limited Liability Company. |
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Line of Business : |
Manufacturers
of Textile Chemicals |
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 : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject
is just a three years old company but doing good business. Directors are
reported as experienced 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 : |
12,
Swami CHS Limited, Sector-13, Khanda Colony, New Panvel, New Bombay-410206,
Maharashtra, India |
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E-Mail : |
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Branches
: |
101,
Vasan Udyog Bhavan, Opposite Phoenix High Street, Senapati Bapat Marg, Lower
Parel (West), Mumbai-400013, Maharashtra |
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Tel.
No.: |
91-22-24961555 |
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Fax
No.: |
91-22-24981555 |
DIRECTORS
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Name : |
Mr.
Vijay N. Athalye |
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Designation : |
Managing
Director |
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Address : |
84,
Vaibhav Apartments, Opposite Agar Bazar, Dadar, Mumbai-400028, Maharashtra,
India |
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Date of Birth/Age : |
15.01.1950 |
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Date of Appointment : |
13.04.2004 |
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Name : |
Mr.
Deepak P. Tikekar |
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Designation : |
Director |
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Address : |
12,
Swami samarth P No.23, Sector-13, Khanda Colony, New Panvel-410200, Mumbai,
Maharashtra, India |
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Date of Birth/Age : |
08.04.1953 |
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Date of Appointment : |
13.04.2004 |
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Name : |
Mr.
Rajendar M. Kulkarni |
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Designation : |
Director |
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Address : |
722/48/49,
Laxmi Park, Pune-411030, Maharashtra, India |
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Date of Birth/Age : |
26.11.1956 |
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Date of Appointment : |
15.11.2005 |
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Name : |
Paul
Mc Cormack |
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Designation : |
Director |
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Address : |
4,
Manur Road, Astley, Manshester, England M297FE |
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Date of Birth/Age : |
29.07.1967 |
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Date of Appointment : |
10.01.2005 |
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Name : |
Mt.
Philip Even Clark |
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Designation : |
Director |
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Address : |
24,
Skipton, Avenue Chadderzon, Oldham, England 0L90QA |
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Date of Birth/Age : |
10.12.1951 |
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Date of Appointment : |
10.01.2005 |
MAJOR SHAREHOLDERS
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Names
of Shareholders |
No. of Shares |
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Mr.
Vijay N. Athalye |
197500 |
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Mr.
Deepak Tikekar |
185000 |
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Lakeland
Laboratories Limited |
367500 |
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Total |
750000 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers
of Textile Chemicals |
PRODUCTION
STATUS
|
Particulars |
Unit |
Licensed Capacity |
Installed Capacity |
Actual Production |
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Chemicals |
Kgs |
NA |
5000 MTPA |
275.624 |
GENERAL
INFORMATION
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Bankers : |
Janakalyan Sahakari Bank Limited 140, Vivek Darshan, Sindhi Society, Opposite Bhakti Bhavan, Chembur, Mumbai-400071 Canara Bank, Fort, Mumbai-400001 |
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Facilities : |
Secured
Loans
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Banking Relations : |
Satisfactory |
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Auditors : |
B. A.
Ved & Company |
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Address : |
C/10,
Vrandavan Vatika, Jamnadas Adukia Road, Kandivali (West), Mumbai-400067,
Maharashtra, India |
CAPITAL STRUCTURE
Authorised
Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
2000000 |
Equity
Shares |
Rs.10/- each |
Rs.20.000 millions |
Issued,
Subscribed & Paid-up Capital :
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No.
of Shares |
Type |
Value |
Amount |
|
1084500 |
Equity
Shares |
Rs.10/- each |
Rs.18.545 millions |
FINANCIAL DATA
[all figures are in Rupees
Millions]
ABRIDGED
BALANCE SHEET
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SOURCES OF FUNDS |
|
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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18.045 |
10.545 |
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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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9.030 |
0.000 |
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4] (Accumulated Losses) |
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0.000 |
(0.467) |
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NETWORTH |
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27.075 |
10.078 |
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LOAN FUNDS |
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1] Secured Loans |
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76.229 |
42.372 |
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2] Unsecured Loans |
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20.288 |
17.116 |
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TOTAL BORROWING |
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96.517 |
59.488 |
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DEFERRED TAX LIABILITIES |
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0.000 |
0.000 |
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TOTAL |
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123.592 |
69.566 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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53.515 |
51.396 |
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Capital work-in-progress |
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10.423 |
0.000 |
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INVESTMENT |
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1.099 |
1.000 |
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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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26.863 |
9.830 |
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Sundry Debtors |
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46.589 |
13.466 |
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Cash & Bank Balances |
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1.790 |
0.962 |
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Other Current Assets |
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0.000 |
0.000 |
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Loans & Advances |
|
2.689 |
1.948 |
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Total Current Assets |
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77.931 |
26.206 |
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Less : CURRENT LIABILITIES & PROVISIONS |
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Current Liabilities |
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18.718 |
9.545 |
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Provisions |
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1.010 |
0.000 |
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Total Current Liabilities |
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19.728 |
9.545 |
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Net Current Assets |
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58.203 |
16.661 |
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MISCELLANEOUS EXPENSES |
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0.352 |
0.509 |
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TOTAL |
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123.592 |
69.566 |
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PROFIT
& LOSS ACCOUNT
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PARTICULARS |
|
31.03.2006 |
31.03.2005 |
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Sales Turnover [including other income] |
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215.282 |
22.081 |
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Profit/(Loss)
Before Tax |
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9.529 |
0.467 |
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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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9.529 |
0.467 |
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Export
Value |
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8.025 |
0.917 |
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Import
Value |
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NA |
0.042 |
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Total
Expenditure |
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205.753 |
21.614 |
KEY
RATIOS
|
PARTICULARS |
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31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
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4.43 |
2.11 |
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Net
Profit Margin (PBT/Sales) |
(%) |
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4.43 |
2.11 |
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Return
on Total Assets (PBT/Total
Assets} |
(%) |
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7.25 |
0.60 |
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Return
on Investment (ROI) (PBT/Networth) |
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0.35 |
0.05 |
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Debt
Equity Ratio (Total
Liability/Networth) |
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4.29 |
6.85 |
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Current
Ratio (Current
Asset/Current Liability) |
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3.95 |
2.74 |
LOCAL AGENCY FURTHER
INFORMATION
Company’s
fixed assets include Land, Factory Buildings, Plant and Machinery, Electric
Installation, Lab Equipments, Office Equipments, Fire Extinguishers, Furniture
and Fixtures, Computer, Motor Car and Factory Equipments.
Form
8 Particular for creation or modification of charges
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Name of the company |
LAKELAND CHEMICALS (INDIA) LIMITED |
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Presented By |
Lakeland Chemicals (India) Limited And
Janakalyan Sahakari Bank Limited |
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1) Date and description of instrument creating the change |
Registered Mortgage Deed dated 16.11.2004 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.43.500 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 |
Land and Building at factory premises situated at Mandap Village, Taluka- Khalapur, District-Raigad owned by Lakeland Chemicals (India) Limited. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Facility : Cash Credit Limit : Rs.15.000 millions Margin : 25% R.O.I. : 13.5% p.a. |
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5) Name and Address and description of the person entitled to the charge. |
Janakalyan Sahakari Bank Limited 140, Vivek Darshan, Sindhi Society, Opposite Bhakti Bhavan, Chembur, Mumbai-400071 |
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6) Date and brief description of instrument modifying the charge |
N.A. |
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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. |
N.A. |
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.44.42 |
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UK
Pound |
1 |
Rs.85.79 |
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Euro |
1 |
Rs.57.80 |
SCORE &
RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
2 |
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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 |
5 |
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--LEVERAGE |
1~10 |
5 |
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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 |
|
42 |
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 |
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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 |
|
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 |
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<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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