MIRA INFORM
REPORT
|
Report Date : |
12.05.2008 |
IDENTIFICATION
DETAILS
|
Name : |
LAXMI POWER CABLES PRIVATE LIMITED |
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Registered Office : |
Geeta Griha Building, 1st floor, Lohar Chawl, Picket Road, Mumbai
400002, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
23.02.1996 |
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Com. Reg. No.: |
11-97604 |
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CIN No.: [Company
Identification No.] |
U31300MH1996PTC097604 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUML03482D |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of XLPE Cables, PVC Power Control Cables and Flexibles |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 70000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well established and reputed company having satisfactory
track. Trade relations are fair. Business is active. Payments are 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 : |
Geeta Griha Building, 1st floor, Lohar Chawl, Picket Road, Mumbai
400002, Maharashtra, India |
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Tel. No.: |
91-22-22052872 / 22052462 / 22004654 |
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Fax No.: |
91-22-22004652 |
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E-Mail : |
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Factory : |
142, Panchal Udyog Nagar, Bhimpore, Daman [U.T.] 396210 |
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Tel. No.: |
91-260-2220030 |
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Fax No.: |
91-260-2221096 |
DIRECTORS
|
Name : |
Mr. Dhiraj N. Kukreja |
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Designation : |
Director |
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Address : |
201, Vishal Tower, O. T. Section, Ulhasnagar 421005, Maharashtra,
India |
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Date of Appointment : |
20.11.2007 |
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Name : |
Mr. Dunichand Kukreja |
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Designation : |
Director |
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Address : |
402, Vishal Tower, O T Section, Ulhasnagar 421005, Thane, Maharashtra,
India |
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Date of Birth/Age : |
12.07.1963 |
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Name : |
Mr. Dolan M. Kukreja |
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Designation : |
Director |
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Address : |
303, Vishal Tower, O T Section, Ulhasnagar 421005, Thane, Maharashtra,
India |
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Date of Birth/Age : |
15.11.2000 |
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Name : |
Mr. Dinesh Kukreja |
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Designation : |
Director |
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Address : |
306, Vishal Tower, O T Section, Ulhasnagar 421005, Thane, Maharashtra,
India |
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Date of Birth/Age : |
06.12.1981 |
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Name : |
Mr. Sumit Kukreja |
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Designation : |
Director |
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Address : |
303, Vishal Tower, O T, Section, Ulhasnagar 421005, Thane,
Maharashtra, India |
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Date of Birth/Age : |
14.10.1986 |
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Date of Appointment : |
25.02.2005 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names of Shareholders |
|
No. of Shares |
|
Sugnomal Kukreja |
|
18750 |
|
Sugnomal Kukreja HUF |
|
11500 |
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Narain Kukreja |
|
24000 |
|
Narain Kukreja HUF |
|
6500 |
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Dunichand Kukreja |
|
27863 |
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Dhiraj Kukreja |
|
21500 |
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Dinesh Kukreja |
|
71383 |
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Manish Kukreja |
|
21500 |
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Navin Kukreja |
|
30514 |
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Pankaj Kukreja |
|
33524 |
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Suman Kukreja |
|
11500 |
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Sumit Kukreja |
|
21500 |
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Sushil Kukreja |
|
30759 |
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Dunichand Kukreja [HUF] |
|
27626 |
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Dolan Kukreja |
|
41397 |
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Praveen Kukreja |
|
11500 |
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Seema Kukreja |
|
29000 |
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Priyanka Kukreja |
|
11500 |
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Kanchan Kukreja |
|
31000 |
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Manju Kukreja |
|
1500 |
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Geeta Kukreja |
|
11934 |
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Jaya Haryani |
|
1750 |
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Equity Share
Break-up |
|
Percentage of
Holding |
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Directors or relatives of the Directors |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of XLPE Cables, PVC Power Control Cables and Flexibles |
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Products : |
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GENERAL
INFORMATION
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Bankers : |
Ø Syndicate Bank Colaba Branch, 4 & 5, Kartar Bhavan, Arthur Bunder Road,
Colaba, Mumbai 400005, Maharashtra,
India Ø Punjab National Bank,
Ulhasnagar Branch |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
M. K. Panjabi and Company Chartered Accountants |
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Address : |
604, Ashalok, Co-operative Housing Society , Netaji Road, Ulhasnagar 421004,
Maharashtra, India |
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Memberships : |
² Indian Merchants
Chamber [I. M. C.] ² Indian
Electrical and Electronics Manufacturers Association [I.E.E.M.A] |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1250000 |
Equity Shares |
Rs. 10/- each |
Rs. 12.500 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
798000 |
Equity Shares |
Rs. 10/- each |
Rs. 7.980 Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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|
SHAREHOLDERS FUNDS |
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|
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1] Share Capital |
7.980 |
7.980 |
4.980 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
9.533 |
7.238 |
6.006 |
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|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
17.513 |
15.218 |
10.986 |
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LOAN FUNDS |
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1] Secured Loans |
44.618 |
28.459 |
33.399 |
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2] Unsecured Loans |
8.770 |
8.767 |
9.573 |
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TOTAL BORROWING |
53.388 |
37.226 |
42.972 |
|
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
70.901 |
52.444 |
53.958 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
11.212 |
10.782 |
10.601 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.044 |
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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 |
24.432 |
30.773 |
30.775 |
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Sundry Debtors |
72.851 |
21.357 |
31.252 |
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Cash & Bank Balances |
1.926 |
2.403 |
2.429 |
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Other Current Assets |
0.167 |
0.265 |
0.131 |
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Loans & Advances |
5.550 |
4.120 |
2.523 |
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Total
Current Assets |
104.926 |
58.918 |
67.110 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
45.286 |
17.321 |
23.878 |
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Provisions |
0.000 |
0.000 |
0.000 |
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Total
Current Liabilities |
45.286 |
17.321 |
23.878 |
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Net Current Assets |
59.640 |
41.597 |
43.232 |
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MISCELLANEOUS EXPENSES |
0.049 |
0.065 |
0.081 |
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TOTAL |
70.901 |
52.444 |
53.958 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
|
|
Sales Turnover (including other income) |
|
277.549 |
139.784 |
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Total Income |
|
277.549 |
139.784 |
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Profit/(Loss) Before Tax |
|
2.294 |
20.063 |
|
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Provision for Taxation |
|
0.000 |
0.000 |
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Profit/(Loss) After Tax |
|
2.294 |
20.063 |
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Expenditures : |
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Interest |
|
2.470 |
2.489 |
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Depreciation & Amortization |
|
0.804 |
0.749 |
|
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Other Expenditure |
|
275.254 |
119.718 |
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Total Expenditure |
|
278.528 |
122.956 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
0.82 |
14.35 |
NA |
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Net Profit Margin (PBT/Sales) |
(%) |
0.82 |
14.35 |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
1.97 |
28.78 |
NA |
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Return on Investment (ROI) (PBT/Networth) |
|
0.13 |
1.31 |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
|
5.63 |
3.58 |
6.08
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Current Ratio (Current Asset/Current Liability) |
|
2.31 |
3.40 |
2.81
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LOCAL AGENCY
FURTHER INFORMATION
Form 8
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This Form is for |
Modification of charge |
|
Charge
identification number of the charge to be modified |
90141414 |
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Corporate
identity number of the company |
U31300MH1996PTC097604 |
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Name of the company
|
LAXMI POWER
CABLES PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in India of the company |
Geeta Griha Building, 1st floor, Lohar Chawl, Picket Road,
Mumbai 400002, Maharashtra, India |
|
Type of charge |
Immovable property |
|
Particular of
charge holder |
Syndicate bank Colaba Branch, 4 & 5, Kartar Bhavan, Arthur Bunder Road,
Colaba, Mumbai 400005, Maharashtra,
India |
|
Nature of
description of the instrument creating or modifying the charge |
Extension of memorandum of equitable mortgage dated 08.08.2007 for Rs.
173.500 Millions [sanctioned to Marco Cables Private Limited] |
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Date of
instrument Creating the charge |
08.08.2007 |
|
Amount secured by
the charge |
Rs. 173.500
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
[a] Rate of
interest The property
being mortgaged shall stand as security for the various facilities sanctioned
to Marco Cables Private Limited together with interest, additional interest
etc as specified in the charge registered earlier. [b] Terms of
repayment As specified in
the earlier agreement [c] extent and
operation of the charge the Bank shall
have first charge on the property charged |
|
Short particulars
of the property charged |
Plot of land
bearing Survey No. 195/5 and Plot No. 142 admeasuring about 1425 sq. mts.
Situated at Panchal Udyog Nagar, Village Bhimpore, Nani Daman. Other properties are not belonging to the
Company |
|
Date of latest
modification prior to the present modification |
NA |
|
Particulars of
the present modification |
By the present
modification the Company confirms and extends the mortgage already created
for the entire present facility of Rs. 173.500 Millions sanctioned to Marco
Cables Private Limited. All the terms
and conditions were already filed and registered with ROC. |
|
Name of the company |
LAXMI POWER
CABLES PRIVATE LIMITED |
|
Presented By |
LAXMI POWER CABLES PRIVATE LIMITED AND PUNJAB NATIONAL BANK,
ULHASNAGAR BRANCH |
|
1) Date and description of instrument creating the change |
03.01.2001 Equitable mortgage by deposit of title deeds |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 10.800
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
and factory building situated on Plot No. 142, Panchal Udyog Nagar, Bhimpore,
Daman |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
Nature of
Facility Cash Credit
[hypothecation] Rs. 6.400
Millions Term Loan Rs. 2.400
Millions Letter of
Guarantee Rs.
2.000 Millions
--------------------------------- Rs. 10.800
Millions ----------------------------------- interest : As per
Bank’s norms |
|
5) Name and Address and description of the person entitled to the charge. |
Punjab National
Bank Ulhasnagar Branch |
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6) Date and brief description of instrument modifying the charge |
NA |
|
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. |
NA |
AS PER WEBSITE
DETAILS:
PROFILE:
Subject is a reputed manufacturer, exporter,
importer and supplier of
1.1 KV, XLPE, PVC Power & Control Cables, Flexible
& Aerial Bunched Cables branded as 'HMT' (Highly Modernized Technology).
All the products are developed to obtain higher level of performance in terms
of reliability, durability and interchangeability. Their complete range of
products include - Cross linked Polyethylene Cables, House Wire/
Sheathed and Unsheathed with Copper and Aluminum Conductor, Panel Wiring/
Flexible/ Solid Single Core and Copper Conductor Cords, Flexible Multicore,
Power Cables, Control Cables, Flexible 3 Core Flat Cables, All Types of FRLS
Cables, AAC/ ACSR/ AAAC Conductors and Aerial Bunch Cables.
They have always tried to offer tech savvy products, which are highly
performance oriented and could meet highest level of expectations of their
customers. Their aim is to reach the acme of perfection by engineering products
that are not only innovative but also high in quality.
Products
Special heat resisting insulation for 85°C operation i.e.
HR-85 is also available with them. They also manufacture customized products as
per given specifications of the customers.
There are uncountable benefits of their range of 'HMT' cables, such as:
³
High resistance to aging under severe conditions.
³
Highly moisture proof.
³
High resistance to most of the chemicals, acids or
alkalies, solvents liquid fuels, greases and oils, which may come in contact
with cables surface.
³
Self extinguishing and flame retardant.
³
High dielectric strength.
³
High resistance to D.C. voltage effects.
³
High resistance to abrasion.
³
Good mechanical strength even under high temperature or
rough usage.
³
Super smooth surface, neat and pleasant appearance.
Their Quality
They take care of quality right from the procurement of raw
materials to the final stage of the manufacturing. They have their own in-house
testing laboratory which is well-equipped with the latest equipments. All tests
are carried out according to international measurements of quality. The testing
machines are of international standard and ranges from ovens, melt flow index
apparatus, Kelvin's bridge mega meters to water bath with temperature control
special test equipments. With all these facilities and under keen supervision,
they are manufacturing the best range of Crosslinked Polyethylene Cables, House
Wire/ sheathed & unsheathed with copper and aluminum conductor, Panel
wiring/ flexible/ solid single core & copper conductor cords, Flexible
multicore, Power cables, Control Cables, Flexible 3 core flat cables, all types
of FRLS cables, AAC/ ACSR/ AAAC conductors and Aerial Bunch Cables.
Their Infrastructure
Their core strength lies in their team of experts and rich infrastructure. On the basis of these two elements they are enriched with the capability to handle bulk orders with ease combined with the consistent level of quality. As any dynamic organization, their aim is to generate best products and win faith of their customers.
CMT REPORT
(Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners, controlling
shareholders or senior officers as terrorist or terrorist organization or whom
notice had been received that all financial transactions involving their assets
have been blocked or convicted, found guilty or against whom a judgement or
order had been entered in a proceedings for violating money-laundering,
anti-corruption or bribery or international economic or anti-terrorism sanction
laws or whose assets were seized, blocked, frozen or ordered forfeited for
violation of money laundering or international anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper payments
to government officials for engaging in prohibited transactions or with
designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority for
any financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
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. 41.38 |
|
UK Pound |
1 |
Rs. 80.76 |
|
Euro |
1 |
Rs. 63.89 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
45 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this
report. The assessed factors and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING
EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|