MIRA
INFORM REPORT
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Report Date : |
27.12.2008 |
IDENTIFICATION DETAILS
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Name : |
LAXMI ELECTRONICS MOULDS AND PRECISION ENGINEERING PRIVATE LIMITED |
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Registered
Office : |
# 81 EPIP Area, Whitefield, |
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Country : |
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Financials (as
on) : |
31.03.2008 |
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Date of
Incorporation : |
28.08.1998 |
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Com. Reg. No.: |
08-24140 |
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CIN No.: [Company Identification
No.] |
U31909KA1998PTC024140 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of Plastic Injection Molds and Plastic Molded Components. |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
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Maximum Credit
Limit : |
USD 620000 |
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Status : |
Moderate |
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Payment
Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is a well established company having moderate track. Profit
margin is under severe pressure. Payments are slow but correct. The company
has incurred loss of + Rs.7 millions and may register further loss in the
current year due to unfavorable market conditions. The company can be considered for any normal business dealings at
usual trade terms and conditions with slight caution. |
LOCATIONS
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Registered
Office : |
# 81 EPIP Area, Whitefield, |
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Tel. No.: |
91-80-28416206-8 |
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Fax No.: |
91-80-28416210 |
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E-Mail : |
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Website : |
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Corporate
Office/ Factory : |
B-25, KSSIDC Industrial Estate Mahadevapura, |
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Tel. No.: |
91-80-28416206 |
DIRECTORS
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Name : |
Mr. Chalasani Krishna Anjaneya Kumar |
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Designation : |
Managing Director |
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Address : |
854B, 1st Floor, 3rd Cross, 10th
Main, Indiranagar, II Stage, Bangalore- 560008, Karnataka, India |
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Date of Birth/Age : |
18.09.1965 |
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Date of
Appointment : |
28.08.1998 |
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Name : |
Mrs. Chalasani Padmaja |
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Designation : |
Director |
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Address : |
854B, 1st Floor, 3rd Cross, 10th
Main, Indiranagar, II Stage, Bangalore- 560008, Karnataka, India |
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Date of Birth/Age : |
31.05.1969 |
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Date of
Appointment : |
28.08.1998 |
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Name : |
Mr. B. Narasimha Rao |
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Designation : |
Director |
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Date of
Appointment : |
01.11.2000 |
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Name : |
Mr. N. Vasudevan |
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Designation : |
Director |
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Address : |
No.581, 12th Cross J.P. Nagar, IIIrd Phase, |
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Date of
Appointment : |
01.11.2000 |
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Name : |
Mr. Chetan Patel |
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Designation : |
Director |
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Address : |
No.18, |
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Date of Birth/Age : |
9.09.1959 |
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Date of Appointment : |
29.03.2007 |
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Name : |
Mr. Jawad Nunes |
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Designation : |
Director |
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Address : |
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Date of Birth/Age : |
19.09.1950 |
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Date of Appointment : |
29.03.2007 |
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Name : |
Mr. Michael Shick |
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Designation : |
Director |
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Address : |
No.2400, Somerse Knoll, |
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Date of Birth/Age : |
11.08.1958 |
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Date of Appointment : |
29.03.1997 |
MAJOR SHAREHOLDERS
As on 20.09.2008
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Names of Shareholders (Equity Shares) |
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No.
of Shares |
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C. K. A. Kumar |
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1265019 |
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C. Padmja |
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49500 |
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SMC Mauritius Limited |
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1262969 |
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Total |
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2577488 |
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Names of Shareholders (Preference Shares) |
Type
|
No.
of Shares |
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SMC Mauritius Limited |
Class A |
56819 |
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Class B |
48385 |
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Total |
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105204 |
As on 20.09.2008
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Equity Share Breakup |
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Percentage of Holding |
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Category |
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Directors
or relatives of directors |
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51.00 |
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Other
top fifty shareholders |
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49.00 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business
: |
Manufacturer of Plastic Injection Molds and Plastic Molded
Components. |
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Products : |
Plastic Components, Injection Moulds and Electronic Components etc. |
GENERAL INFORMATION
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No. of Employees
: |
About 190 |
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Bankers : |
Axis Bank Limited, “Nitesh Timesqure” No.8, 1st Floor, |
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Facilities : |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
B.S.R. and Associates Chartered Accountants |
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Address : |
Maruthi Info-Tech Centre, 11-12/ 1, |
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Subsidiaries : |
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Associates : |
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CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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2694500 |
Equity Shares |
Rs.10/- each |
Rs.26.945
Millions |
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105500 |
Preference Shares |
Rs.10/- each |
Rs.1.055
Millions |
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Rs.28.000
Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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2577488 |
Equity Shares |
Rs.10/- each |
Rs.25.775
Millions |
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105204 |
Preference Shares |
Rs.10/- each |
Rs.1.052
Millions |
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Rs.26.827
Millions |
Of the above:
- 180000 bonus shares were issued by capatalisation of general
reserves.
- 1262969 equity shares are held by SMC Mauritius Limited, 1265019 equity
shares are held by CKA Kumar, the Managing Director.
- 105204 Class A and Class B Preference Shares are held by SMC
Mauritius Limited.
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
26.827 |
26.827 |
18.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
97.301 |
102.810 |
15.967 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
124.128 |
129.637 |
33.967 |
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LOAN FUNDS |
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1] Secured Loans |
201.016 |
114.262 |
91.390 |
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2] Unsecured Loans |
0.000 |
3.109 |
4.527 |
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TOTAL BORROWING |
201.016 |
117.371 |
95.917 |
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DEFERRED TAX LIABILITIES |
7.492 |
10.079 |
14.230 |
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TOTAL |
332.636 |
257.087 |
144.114 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
184.406 |
105.461 |
96.717 |
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Capital work-in-progress |
44.539 |
39.635 |
0.689 |
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INVESTMENT |
19.360 |
0.000 |
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 |
37.775
|
34.415 |
34.709 |
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Sundry Debtors |
89.797
|
67.036 |
39.685 |
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Cash & Bank Balances |
20.825
|
52.203 |
2.862 |
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Other Current Assets |
0.000
|
0.000 |
2.101 |
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Loans & Advances |
60.873
|
31.753 |
10.801 |
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Total
Current Assets |
209.270
|
185.407 |
90.158 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
121.801
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69.391 |
36.896 |
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Provisions |
3.138
|
4.025 |
6.554 |
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Total
Current Liabilities |
124.939
|
73.416 |
43.450 |
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Net Current Assets |
84.331
|
111.991 |
46.708 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
332.636 |
257.087 |
144.114 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
|
31.03.2008 |
31.03.2007 |
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Sales Turnover |
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423.152 |
335.500 |
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Other Income |
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0.000 |
0.000 |
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Total Income |
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423.152 |
335.500 |
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Profit/(Loss) Before Tax |
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(7.609) |
5.800 |
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Earnings in Foreign Currency : |
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Export Earnings |
|
298.078 |
228.569 |
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Total Earnings |
|
298.078 |
228.569 |
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Imports : |
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Raw Materials |
|
59.093 |
46.801 |
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Capital Goods |
|
49.260 |
11.535 |
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Total Imports |
|
108.353 |
58.336 |
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Expenditures : |
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Interest |
|
21.149 |
10.410 |
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Depreciation & Amortization |
|
17.894 |
11.930 |
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Other Expenditure |
|
391.718 |
307.360 |
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Total Expenditure |
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430.761 |
329.700 |
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KEY RATIOS
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PARTICULARS |
|
31.03.2008 |
31.03.2007 |
31.03.2006 |
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PAT / Total Income |
(%) |
(1.80) |
1.73 |
NA |
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Net Profit Margin (PBT/Sales) |
(%) |
(1.80) |
1.73 |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
(1.66) |
1.75 |
NA |
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Return on Investment (ROI) (PBT/Networth) |
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(0.06) |
0.04 |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
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2.63 |
1.47 |
4.10 |
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Current Ratio (Current Asset/Current Liability) |
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1.67 |
2.53 |
2.07 |
LOCAL AGENCY FURTHER INFORMATION
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This form is for |
Modification of
charge |
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Charge
identification number of the modified |
10082350 |
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Corporate
identity number of the company |
U31909KA1998PTC024140 |
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Name of the
company |
LAXMI ELECTRONICS MOULDS AND PRECISION ENGINEERING PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in |
# 81 EPIP Area, Whitefield, |
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Type of charge |
Immovable
Property |
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Particular of
charge holder |
Axis Bank Limited, “Nitesh Timesqure” No.8, 1st Floor, E-mail: tr_jairam@vsnl.net |
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Nature of
description of the instrument creating or modifying the charge |
Joint Memorandum
of Entry |
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Date of
instrument Creating the charge |
29.07.2008 |
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Amount secured by
the charge |
Rs.256.902
millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest:
CC – BPLR – 2.5 i.e. 12.75% p.a. at presently EPC = Up to 180
days at BPLR – 5% i.e. 10.50% p.a. Beyond 180 days and up to 270 days – BPLR
i.e. 15.25% p.a. FBP/ FBD – On
demand bills for transit period BPLR-5% i.e. 10.25% p.a. presently Up to 90
days – BPLR – 5% i.e.10.25% p.a. presently Beyond 90 days – BPLR –i.e. ,
15.25% p.a. presently. Inland/ Import
LC/ BG Commission – Bank’s Standard rates. TL/ FCTL – FCL:
LIBOR+650 basis points; Rupee loan: BPLR – 2% i.e. 13.25% p.a. present. Terms of
Repayment: CC – Running account repayable on demand; will be allowed up to
270 days or expiry of contract/ export letter of credit for shipment
whichever is earlier; FBP/ FBD – On due dates. In case of non payment the
bills will be crystallized as per RBI regulation; Inland/ Import LC- Usance
period up to 90 days; BG – period: up to 36 months inclusive of claim period;
WCTL Rs.15.000 millions repayable in 30 monthly installments with initial
moratorium period of 6 months, monthly installment starting from 31.06.09 Margin: LC/ BG –
15% LER – 10% FCTL – 41.18% Extent and
Operation of the charge: The charge shall operate to the extent of Rs.256.902
millions plus interest, commission, costs, expenses and other charges
thereon. Others: The said
amount of Rs.256.902 millions comprise CC/ EPC/ PCFC/ FBP Rs.90.000 millions
(enhanced from 75.000 millions); LC/ BG Rs.15.000 millions (reduced from
Rs.25.000 millions); TL I Rs.76.902 millions; TL II Rs.50.000 millions
continued and existing level. LER Rs.10.000 millions (enhanced from Rs.6.050
millions); and FCTL Rs.10.000 millions; TL III Rs.15.000 millions now
sanctioned. |
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Short particulars
of the property charged |
First charge by
way eq. mortgage of Immovable properties comprising land together with
building and other structures (existing and to be constructed) at (i) Plot
No.53 and 54, Sy. No.154, EPIP, Whitefield Industrial Area, Bangalore; (ii)
Plot No.P-2, Industrial Estate at Dyavasandra, Mahadevapura Post, Bangalore;
(iii) Plot No.81, in Sy. No.150 in EPIP, Whitefield Industrial Area, |
OPERATIONS:
The company has achieved the sales and other Income of Rs.423.152
millions against Rs.335.500 millions reported last year. The company has made a
loss of Rs.7.609 millions as against achieved a profit before Tax of Rs.5.800 millions
reported during the previous year.
FIXED ASSETS:
- Buildings
- Plant and
Machinery
- Computers
- Office
Equipment
- Furniture and
Fixture
- Software
- Non-compete
Fees
- Vehicles
WEBSITE DETAILS:
Profile
Subject is design engineering
based, full service, leading manufacturer of plastic injection molds and
plastic molded components. They provide a single window solution, from concept
to product, for Molds, Molding and Assembly of components for the Electronics,
Consumer Durable, Electrical, Computer Peripheral, Automobile, Packaging and
Closure industries.
The evolution from
PCB Tooling is a tribute to strategic industrial growth that was envisaged when
the company was formed in 1983. Subject produces Compound PCB Punching tools
using standard industry manufacturing processes and materials.
The organization
is structured to provide modular and integrated need driven business solutions
and comprises of Independent Business Units;
> Engineering Design Services
> Mold Making
> Plastic Component Manufacturing
> PCB Tooling
> Contract Manufacturing
The people make
all the difference. A partnership with subject gives you the formidable
combination of the finest engineering minds and the best technology. With their
in-depth knowledge of materials and molding they give the multinational
clientele a distinct competitive edge vis-à-vis international standards of
manufacturing.
They actively
encourage early supplier involvement to help evolve practical,
production-oriented solutions that adhere to tight schedules. Accumulated
know-how in engineering design, molding, component manufacturing and product
assembly, means that they can accelerate the development cycle at any stage.
They offer maximum supply capability in a short time-to-market situation with
uncompromising quality.
Through the
independent business units - Engineering Design, Mold Making, Plastic Injection
Molding, PCB Tooling and Assembly, they provide specialized, highly focused
solutions in each area. You may use any part of the services
independently.
The commitment to
quality deliverables in the fulfillment value chain has earned them consistent
repeat business on account of the;
> Vision to be the best custom molder in the industry
> Cost-effective solutions that enhance the customer's profits
> Satisfied global customers who trust them
> Modern plant with state-of-the-art facilities
> Continuous learning and development
> Short turn around from design to commercial production
> Ability to provide conveyor line assemblies
Seamless
integration in the production and assembly phase, economic viability,
state-of-the-art facility, engineering excellence and ISO certified
manufacturing processes is what they offer. These factors should surely
bring the search for a feasible comprehensive plastic solution partner to a
logical conclusion.
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 |
|
US Dollar |
1 |
Rs.47.89 |
|
|
1 |
Rs.70.84 |
|
Euro |
1 |
Rs.67.37 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
- |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
4 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
35 |
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 |
|