MIRA INFORM REPORT
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Report Date : |
24.01.2007 |
IDENTIFICATION DETAILS
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Name : |
LAKSHMI CARGO COMPANY
LIMITED |
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Registered Office : |
Unit
5, III Floor, |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
13.12.1991 |
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Com. Reg. No.: |
18-21857 |
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Legal Form : |
Closely
Held Public Limited Liability company. |
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Line of Business : |
The
company is engaged in as Customs House Clearing Agents for clearing and
forwarding operations of goods on behalf of their customers. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
RATING
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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 250000 |
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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 Customs House and Clearing Agents. Directors are reported as experienced,
respectable and having good means of their own. Their trade relations are reported as fair. Financial position is
good. Payments are 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 : |
Unit 5, III Floor, |
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Tel. No.: |
91-44-2855 2625/ 4869/ 2626 |
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Fax No.: |
91-44-28553288 |
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E-Mail : |
lcc.mds@rmt.sprintprg.ems.vsnl.net.in,
sigmal@vsnl.com, icc@lakshmicargo.com, murthy.r@lakshmicargo.com |
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Area : |
2000
sq.fts. |
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Location : |
Leased
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Branches : |
C &
F Divisions:
·
1st
Floor, Jubilee Road Complex No. 616, 1st Main, Vinayaka Nagar, ·
112, ·
1/A-1, ·
No. 616, 1st
Main Vinayaka Nagar, Transport
Divisions:
·
Local
Movement: 1st Floor, New
Siddharpur, ·
1/A-1, Automobile
Work Shop:
·
S F No 501,
Athipadayar Road, Near GKD School, Gopichetty Palayam, Kuppichipalayam,
Coimbatore – 641 020 |
DIRECTORS
|
Name : |
Mrs. Jayavarthanavelu
Rajyalakshmi |
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Designation : |
Chairman |
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Address : |
Pranam,
No.26, |
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Date of Birth/Age : |
23.08.1945 |
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Date of Appointment : |
13.12.1991 |
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Name : |
Mrs. Uttara Ravi |
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Designation : |
Director |
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Address : |
89/190,
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Date of Birth/Age : |
15.03.1966 |
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Date of Appointment : |
13.12.1991 |
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Name : |
Mr. K Soundhar Rajan |
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Designation : |
Director |
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Address : |
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Date of Birth/Age : |
02.05.1948 |
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Name : |
Mr.
Sanjay Jayavarthanavelu |
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Designation : |
Director
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Address : |
Shell
House, 695, |
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Date of Birth/Age : |
15.06.1968 |
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Date of Appointment : |
03.03.2004 |
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Name : |
Mr.
Arun T. Vasu |
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Designation : |
Additional
Director |
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Address : |
No.7,
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Date of Birth/Age : |
27.06.1968 |
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Date of Appointment : |
06.12.2006 |
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Other Directorships : |
T.T.
Enterprises Private Limited T.T.
Insurance Services Private Limited Barefoot
Resorts and Leisure Private Limited Taylor
Clearing and Forwarding Private Limited Indium
Software ( |
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Name : |
Mrs.
Lalitha Devi Sanjay Jayavarthanavelu |
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Designation : |
Additional
Director |
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Address : |
Pranam,
No.26, |
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Date of Birth/Age : |
20.10.1971 |
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Date of Appointment : |
01.11.2006 |
KEY EXECUTIVES
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Name : |
Mr.
S. Prabhakaran |
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Designation : |
Company
Secretary |
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Address : |
B-3,
‘Visranthi’, 6, (Old No. 6), |
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Tel. No. : |
91-44-55290773 |
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Mobile No. : |
91-56113059 |
MAJOR SHAREHOLDERS
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Names of Shareholders |
No. of Shares |
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Mrs. J. Rajyalakshmi |
120000 |
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Mr.
Sanjay Jayavarthanavelu |
999000 |
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Mr.
Sivaliathilakshmi S. Jayavarthan |
80800 |
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Mr. Jaidev S. Jayavarthan |
79000 |
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Mrs. Lalithadevi S.
Jayavathanavelu |
200 |
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Mr. R. Mahendran |
10 |
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Mr. V. Rajakrishnamoorthy |
10 |
BUSINESS DETAILS
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Line of Business : |
The
company is engaged in as Customs House Clearing Agents for clearing and
forwarding operations of goods on behalf of their customers. |
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Products : |
·
Custom House ·
Clearing Agent ·
Tooling ·
Machine Tools ·
Surface Coating
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GENERAL INFORMATION
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No. of Employees : |
85 |
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Bankers : |
Indian Bank -
Ethiraj Salai
Branch, Chennai – 600 105, Tamil Nadu -
Harbour Branch,
Chennai - 600 001, Tamil Nadu -
P. N. Palayam
Branch, -
T. S. Branch, -
ICICI Bank Limited -
Nungambakkam
Branch, Chennai – 600 034 -
Bank
of Baroda, State Bank Road, Coimbatore-641018 State
Bank od |
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Facilities : |
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Banking Relations : |
Satisfactory
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Auditors : |
P. R. Venkatachalam &
Company Chartered Accountants 7
(Old No.24), M.S.
Jagannathan & Visavanthan Chartered
Accountants No.6,
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CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
1000000 |
Equity
Shares |
Rs. 10/- each |
Rs. 10.000 millions |
|
1000000 |
Preference
Shares |
Rs. 10/- each |
Rs. 10.000 millions |
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Total |
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Rs.20.000 millions |
Issued, Subscribed
& Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
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|
1000000 |
Equity
Shares |
Rs. 10/- |
Rs. 10.000 millions |
|
999000 |
9%
Redeemable Cumulative Preference Shares |
Rs.10/- each |
Rs.9.990 millions |
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Total |
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Rs.19.000 millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
19.990 |
19.990 |
10.000 |
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2] Reserves & Surplus |
143.839 |
72.744 |
47.257 |
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NETWORTH
|
163.829 |
92.734 |
57.257 |
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LOAN FUNDS |
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1] Secured Loans |
13.224 |
20.710 |
11.603 |
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2] Unsecured Loans |
5.070 |
1.130 |
0.000 |
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TOTAL
BORROWING
|
18.294 |
21.840 |
11.603 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.945 |
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TOTAL
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182.123 |
114.574 |
69.805 |
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APPLICATION OF FUNDS
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FIXED ASSETS [Net Block]
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35.807 |
33.975 |
22.909 |
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Capital work-in-progress
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0.000 |
0.000 |
0.000 |
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INVESTMENT
|
104.005 |
69.352 |
63.852 |
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CURRENT ASSETS, LOANS & ADVANCES
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Inventories
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5.865 |
3.662 |
0.000 |
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Sundry Debtors
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54.629 |
39.025 |
22.967 |
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Cash & Bank Balances
|
14.689 |
11.331 |
4.500 |
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Other Current Assets
|
0.000 |
0.000 |
3.035 |
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Loans & Advances
|
49.792 |
64.110 |
8.701 |
Total Current Assets
|
124.975 |
118.128 |
39.203 |
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Less : CURRENT LIABILITIES & PROVISIONS
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Current Liabilities
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41.039 |
73.657 |
45.884 |
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Provisions
|
41.625 |
33.224 |
10.275 |
Total Current Liabilities
|
82.664 |
106.881 |
56.159 |
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Net Current
Assets
|
42.311 |
11.247 |
(16.956) |
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TOTAL
|
182.123 |
114.574 |
69.805 |
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PROFIT & LOSS ACCOUNT
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PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
Sales Turnover [including other income]
|
356.860 |
224.510 |
146.271 |
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Profit/(Loss) Before Tax
|
85.768 |
40.894 |
24.308 |
Provision for Taxation
|
23.000 |
28.309 |
8.089 |
Profit/(Loss) After Tax
|
62.768 |
12.585 |
16.219 |
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Export Value
|
8.699 |
NA |
NA |
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Import Value
|
16.249 |
3.749 |
NA |
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Total Expenditure
|
271.092 |
183.616 |
120.771 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
31.03.2004 |
PAT / Total Income
|
(%)
|
17.58
|
5.60 |
11.09
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Net Profit Margin
(PBT/Sales) |
(%) |
24.03
|
18.21 |
16.62
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Return on Total Assets
(PBT/Total Assets} |
(%) |
51.33
|
26.88 |
19.29
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Return on Investment (ROI)
(PBT/Networth) |
|
0.52
|
0.44 |
0.42
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Debt Equity Ratio
(Total Liability/Networth) |
|
0.62
|
1.39 |
2.20
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Current Ratio
(Current Asset/Current
Liability) |
|
1.51
|
1.10 |
0.70
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LOCAL AGENCY FURTHER INFORMATION
Merger of Heritage Printers Limited :
The
scheme of amalgamation of Heritage Printers Limited the wholly owned subsidiary
of the company, with the company was approved by Honerable High Court of Madras
by its order dated 12.04.2006 w.e.f. 01.04.2003. Pursuant to the scheme the
company has taken over the entire business of the amalgamating company
including all its properties both movable and immovable, other assets, debts,
liabilities, duties, obligations etc. and the same has been given effect to
these accounts on ‘Pooling of Interest basis’ as per accounting standard 14
“accounting for Amalgamations”.
Pursuant
to the Scheme of amalgamation the Equity shares held by the Transferee Company
in the transferor Company consulting the entire paid up capital of the
Transferor Company stand Cancelled. The difference between the recorded capital
account and recorded share capital acquired Rs.1.000 million is adjusted
against General Reserve of the Transferee Company. No shares or consideration
was issued/ paid by Transferee Company pursuant to the amalgamation of
Transferor Company.
Operations :
During
the year under review, the company has earned a net profit (before tax) of Rs.
85.769 millions as against a net profit (before tax) of Rs. 40.894 millions in
the previous year.
The
company’s Fixed Assets of important value includes:
·
Land
·
Buildings
·
Furniture and
Fittings
·
Vehicles
·
Office Equipments
·
Lorries LCVS
·
Tools and
Equipments
Website Details :
Subject is one of the group company of reputed Lakshmi Machine Works (LMW). Sigma
Link is a marketing organization dealing with Machine tools, Tooling and
Surface finishing equipments. Sigma Link is also involved in Manufacturing of
Surface finishing Plants.
LMW, the flagship company of the group, manufactures textile machinery and
presently is the third largest manufacturer of textile machinery in the World.
Main focus at Sigma Link is to offer the best products from across
the globe to the Indian market. Sigma Link represents various Principals from
Asia, Europe and
Sigma Link, incorporated in 1992, has already done substantial business in
machine tools and other equipments. Sigma Link endeavors to provide total
service back -up right from equipment selection to after sales service. For
this, a team of dedicated, technically competent engineers specializing in each
product operates through head office at
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 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.44.23 |
|
|
1 |
Rs.87.56 |
|
Euro |
1 |
Rs.57.61 |
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/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 |