MIRA
INFORM REPORT
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Report Date : |
15.11.2008 |
IDENTIFICATION
DETAILS
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Name : |
LAKELAND CHEMICALS INDIA LIMITED |
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Registered Office : |
12 Swami Samath CHS LTDSEC – 13, Khanda Colony, New Panvel, Navi
Mumbai - 410206, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
30.04.2004 |
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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 : |
Public Limited Liability
Company. The Company Share are listed on stock exchange. |
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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 242000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Account Officer – Mr. Bhandari wants to know original inquir’s name
before he parts details. Subject is a well established company having satisfactory track
records. Trade relations are fair. Payments are usually correct and as per
commitments. The concern can be considered normal for business dealings at usual
trade terms and conditions. |
LOCATIONS
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Registered Office : |
12 Swami Samath CHS LTDSEC – 13, Khanda Colony, New Panvel, Navi
Mumbai - 410206, Maharashtra |
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E-Mail : |
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Website : |
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Head Office : |
101, Vasan Udyog Bhavan, Opp. Phoenix High Street, Senapati Bapat
Marg, Lower Parel (West), Mumbai – 400013, Maharashtra, India |
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Tel. No.: |
91-22- 24961555 |
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Fax No.: |
91-22- 24981555 |
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E-Mail : |
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Sales Office : |
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Works : |
Madap Village, Tal.
Khalapur, Dist. Raigad, Maharashtra |
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Tel. No.: |
91- 2192-
276081/ 82 |
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 |
KEY EXECUTIVES
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Name : |
Mr. M. Vartak |
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Designation : |
Operation Director |
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Email : |
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Name : |
Mr. R. K. Jhanjee |
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Designation : |
Exce. Vice President |
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Email : |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
AS ON 29.09.2007
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Names of Shareholders |
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No. of Shares |
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Mr. Vijay Athalye |
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1038300 |
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Mrs. Kamalini M. Shevade |
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5000 |
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Mr. Saroj Vasant Tikekar |
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10000 |
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Mr. Vasanth Tikekar |
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10000 |
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Mr. Yash Tikekar |
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10000 |
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Mr. Rajendra Kulkarni |
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5000 |
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Lakeland Laboratories Limited |
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980070 |
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Mr. Arun Chankar |
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40000 |
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Total |
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2098370 |
AS ON 29.09.2007
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Equity Share
Breakup |
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Percentage of
Holding |
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Category |
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Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
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46.71 |
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Directors or relatives of directors |
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51.38 |
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Other top fifty shareholders |
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1.91 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers of
Textile Chemicals |
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Products : |
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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 (Main) Branch, Warden House, P.M. Road, Fort, Mumbai-400001 |
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Facilities : |
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Banking Relations
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Good |
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Auditors : |
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Name : |
B A Ved and Company Chartered Accountant |
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Address : |
C/ 10, Vrandavan Vatika, Jamnadas Adukia Road, Kandivali (West),
Mumbai – 400067, Maharashtra, India |
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Associates/Subsidiaries : |
NIL |
CAPITAL STRUCTURE
AS ON 29.09.2007
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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3000000 |
Equity Shares |
Rs. 10/- Each |
Rs.30.000
Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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2000300 |
Equity Shares |
Rs. 10/- Each |
Rs.20.003 Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
20.003 |
18.045 |
10.545 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
28.466 |
9.030 |
0.000 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
(0.466) |
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NETWORTH |
48.469 |
27.075 |
10.079 |
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LOAN FUNDS |
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1] Secured Loans |
151.878 |
76.229 |
42.372 |
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2] Unsecured Loans |
43.689 |
20.537 |
17.116 |
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TOTAL BORROWING |
195.567 |
96.766 |
59.488 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
244.036 |
123.841 |
69.567 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
113.101 |
53.515 |
51.396 |
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Capital work-in-progress |
13.048 |
10.423 |
0.000 |
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INVESTMENT |
1.099 |
1.099 |
1.000 |
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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 |
46.920
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26.864 |
9.830 |
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Sundry Debtors |
79.759
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46.589 |
13.466 |
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Cash & Bank Balances |
1.039
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1.790 |
0.962 |
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Other Current Assets |
0.000
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0.000 |
0.000 |
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Loans & Advances |
16.130
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2.688 |
1.949 |
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Total
Current Assets |
143.848
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77.931 |
26.207 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
27.827
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18.469 |
9.545 |
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Provisions |
1.996
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1.010 |
0.000 |
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Total
Current Liabilities |
29.823
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19.479 |
9.545 |
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Net Current Assets |
114.025
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58.452 |
16.662 |
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MISCELLANEOUS EXPENSES |
2.763 |
0.352 |
0.509 |
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TOTAL |
244.036 |
123.841 |
69.567 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Sales Turnover |
278.163 |
215.282 |
22.080 |
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Other Income |
0.000 |
0.000 |
0.001 |
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Total Income |
278.163 |
215.282 |
22.081 |
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Profit/(Loss) Before Tax |
14.561 |
9.529 |
0.467 |
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Provision for Taxation |
8.125 |
1.988 |
0.000 |
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Profit/(Loss) After Tax |
6.436 |
7.541 |
0.467 |
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Earnings in Foreign Currency : |
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Export Earnings |
10.644 |
8.025 |
0.918 |
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Imports : |
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Raw Materials |
3.299 |
0.074 |
0.042 |
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Expenditures : |
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Raw Material Consumed |
166.590 |
134.791 |
17.402 |
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Purchases made for re-sale |
4.237 |
3.077 |
0.902 |
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Consumption of stores and spares parts |
0.839 |
0.000 |
0.000 |
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Increase/(Decrease) in Finished Goods |
10.451 |
(9.720) |
(4.873) |
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Salaries, Wages, Bonus, etc. |
7.076 |
6.209 |
0.332 |
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Managerial Remuneration |
1.188 |
0.711 |
0.150 |
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Payment to Auditors |
0.065 |
0.045 |
0.045 |
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Interest |
17.263 |
1.079 |
1.299 |
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Insurance Expenses |
0.531 |
0.179 |
0.026 |
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Power & Fuel |
10.618 |
6.218 |
1.078 |
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Depreciation & Amortization |
8.054 |
3.455 |
0.409 |
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Other Expenditure |
36.690 |
49.707 |
4.843 |
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Total Expenditure |
263.602 |
205.753 |
21.614 |
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KEY RATIOS
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
02.31
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03.50 |
02.11 |
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Net Profit Margin (PBT/Sales) |
(%) |
05.23
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04.42 |
02.11 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
05.23
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06.61 |
00.59 |
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Return on Investment (ROI) (PBT/Networth) |
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0.30
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0.35 |
0.04 |
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Debt Equity Ratio (Total Liability/Networth) |
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2.39
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4.29 |
6.84 |
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Current Ratio (Current Asset/Current Liability) |
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4.82
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4.00 |
2.74 |
LOCAL AGENCY
FURTHER INFORMATION
HISTORY
Subject. is a joint venture
company having technical and financial participation of Lakeland Laboratories Limited., (U.K.)., The Company has set up a
modern state-of-the- art manufacturing plant 80
km from Mumbai. The plant
is equipped with computerized process control, innovative R and D centre,
Quality assurance and Application labs, all located in the
factory premises at KHALAPUR near Mumbai. Day to day operations of the
plant are managed by an able and motivated team of highly qualified technical
personnel. The Company has a team of expert personnel having vast
experience in their own fields.
Performance Review
and Growth
During the year, the company achieved a sale of Rs.278.16 Millions, an
increase in growth by 34.24% over the previous year. Your company is poised to
achieve its targeted results, and looks forward to consolidate its position in
the market and emerge as a leader.
Fixed Assets
1. Land and Land Development
2. Factory Building
3. Plant and Machinery
4. Electric Installation
5. Lab Equipments
6. Fire Extinguishers
7. Furniture Fixtures
8. Computers
9. Air Conditioner
10. Motor Car
11. Scooter Car
12. Scooter
13. Waiting Machine
14. Mobile
15. Factory Equipments
16. Fork Lift
17. Technological Know How
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] 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.49.46 |
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UK Pound |
1 |
Rs.73.17 |
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Euro |
1 |
Rs.62.96 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
6 |
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PAID-UP CAPITAL |
1~10 |
6 |
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OPERATING SCALE |
1~10 |
6 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
6 |
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--LIQUIDITY |
1~10 |
6 |
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--LEVERAGE |
1~10 |
6 |
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--RESERVES |
1~10 |
6 |
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--CREDIT LINES |
1~10 |
6 |
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--MARGINS |
-5~5 |
- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
YES |
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--AFFILIATION |
YES/NO |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
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54 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING
EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>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 |
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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 |
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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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