MIRA
INFORM REPORT
|
Report Date : |
13.10.2008 |
IDENTIFICATION
DETAILS
|
Name : |
LAXMI BUILDTECH PRIVATE LIMITED |
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Formerly Known As : |
POSH WEARS PRIVATE LIMITED |
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Registered Office : |
H-33, Green Part Extention, New Delhi – 110016 |
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Country : |
India |
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Financials (as on) : |
31.03.2008 (Provisional) |
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Date of Incorporation : |
16.06.1984 |
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Com. Reg. No.: |
55-18437 |
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CIN No.: [Company
Identification No.] |
U51909DL1984PTC018437 |
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IEC No.: |
0507020707 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DELL02761D |
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PAN No.: [Permanent
Account No.] |
AAACP1549C |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Residential and Commercial Builder |
RATING &
COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Maximum Credit Limit : |
USD 2840000 |
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Status : |
Good |
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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 fine track
records. Trade relations are fair. Business is active. General financial position
is good. Payments are reported as usually correct and as per commitments. The company can be considered good for normal business dealings. |
INFORMATION PARTED
BY
|
Name : |
Mr. Vijay Kapur |
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Designation : |
GM Finance |
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Mob No.: |
91-9899788170 |
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Date : |
19.09.2008 |
LOCATIONS
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Registered Office : |
H-33, Green Part Extention, New Delhi – 110016, India |
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Tel. No.: |
91-11-26155777 |
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Mobile No.: |
91-9899788170 |
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Fax No.: |
91-11-26151777 |
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E-Mail : |
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Website : |
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Area : |
1000 sq. ft. |
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Location : |
Owned |
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Branch 1 : |
3, Munirka Marg, Vasant Vihar, New Delhi |
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Area : |
8000 sq ft |
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Location : |
Owned |
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Branch 2 : |
D – 1, Saket, New Delhi |
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Area : |
230000 sq ft |
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Location : |
Owned |
DIRECTORS
|
Name : |
Mr. Ankush Saluja |
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Designation : |
Director |
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Address : |
H-33, Green Part Extention, New Delhi – 110016, India |
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Date of Birth/Age : |
24.01.1979 |
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Date of Appointment : |
06.12.1999 |
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Name : |
Mr. Vinod Saluja |
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Designation : |
Director |
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Address : |
H-33, Green Part Extention, New Delhi – 110016, India |
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Date of Birth/Age : |
09.12.1953 |
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Date of Appointment : |
31.03.1988 |
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Name : |
Mrs. Archana Saluja |
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Designation : |
Director |
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Address : |
H-33, Green Part Extention, New Delhi – 110016, India |
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Date of Birth/Age : |
07.06.1954 |
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Date of Appointment : |
31.03.1988 |
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Name : |
Mrs. Nidhi Saluja |
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Designation : |
Director |
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Address : |
H-33, Green Part Extention, New Delhi – 110016, India |
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Date of Birth/Age : |
04.10.1982 |
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Date of Appointment : |
01.11.2004 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
AS ON 31.03.2008
|
Names of Shareholders |
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No. of Shares |
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Ankush Saluja |
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124535 |
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Saluja Construction Company Limited |
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99638 |
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Others |
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50229 |
(As on 31.03.2007)
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Category |
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Percentage
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Bodies Corporate |
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41.89 |
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Directors or relatives of directors |
|
58.11 |
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Total |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Residential and Commercial Builder |
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Imports : |
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Products : |
Lifts + Escalators Chillers |
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Countries : |
China |
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Terms : |
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Selling : |
Cash |
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Purchasing : |
L/C |
GENERAL
INFORMATION
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No. of Employees : |
15 |
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Bankers : |
Paliament Street,
New Delhi – 110001, India
108-109, Ansal Towers, New Delhi – 110019, India |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Deepak Gupta and Company Chartered Accountant |
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Address : |
E-335, East of Kailash, New Delhi – 110065, India |
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Name : |
Yogi Associates Chartered Accountant |
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Address : |
E-335, East of Kailash, New Delhi – 110065, India |
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Group Companies : |
·
Chetanya Buildcon Private Limited ·
Saluja Developers Private Limited ·
Ghyan Infrastructure Company Private Limited |
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Sister Consist : |
·
Saluja Construction Company Limited Address : 3, Munirka Marg, Vasant
Vihar, New Delhi |
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Address : |
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CAPITAL STRUCTURE
AS ON 31.03.2008
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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300000 |
Equity Shares |
Rs.100/- each |
Rs.30.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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274520 |
Equity Shares |
Rs.100/- each |
Rs.27.452
Millions |
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FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2008 (Provisional) |
31.03.2007 |
31.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
27.452 |
27.452 |
20.650 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
541.201 |
345.073 |
146.816 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
568.653 |
372.525 |
167.466 |
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LOAN FUNDS |
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1] Secured Loans |
969.891 |
774.165 |
2.964 |
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2] Unsecured Loans |
229.026 |
47.469 |
147.050 |
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TOTAL BORROWING |
1198.917 |
821.634 |
150.014 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
1767.570 |
1194.159 |
317.480 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
6.256 |
5.981 |
7.179 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
49.830 |
49.832 |
49.832 |
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DEFERREX TAX ASSETS |
0.296 |
0.296 |
0.152 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
1496.749
|
1583.521
|
555.108 |
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Sundry Debtors |
0.000
|
0.000
|
0.000 |
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Cash & Bank Balances |
14.375
|
14.531
|
5.686 |
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Other Current Assets |
889.283
|
0.000
|
0.000 |
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Loans & Advances |
0.000
|
141.124
|
152.772 |
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Total
Current Assets |
2400.407
|
1739.176
|
713.566 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
729.043
|
544.612
|
417.314 |
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Provisions |
60.234
|
56.615
|
36.079 |
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Total
Current Liabilities |
789.277
|
601.227
|
453.393 |
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Net Current Assets |
1611.130
|
1137.949
|
260.173 |
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MISCELLANEOUS EXPENSES |
0.058 |
0.101 |
0.144 |
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TOTAL |
1667.570 |
1194.159 |
317.480 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2008 (Provisional) |
31.03.2007 |
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Sales Turnover |
|
596.588 |
371.764 |
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Other Income |
|
5.123 |
0.000 |
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Total Income |
|
601.711 |
371.764 |
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Profit/(Loss) Before Tax |
|
172.097 |
55.402 |
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Provision for Taxation |
|
65.968 |
20.536 |
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Profit/(Loss) After Tax |
|
106.129 |
34.866 |
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Imports : |
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Raw Materials |
|
27.729 |
Nil |
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Expenditures : |
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Cost of Goods Sold |
|
407.858 |
278.726 |
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Administrative Expenses |
|
15.457 |
26.379 |
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Interest |
|
5.310 |
9.956 |
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Depreciation & Amortization |
|
0.944 |
1.257 |
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Other Expenditure |
|
0.045 |
0.044 |
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Total Expenditure |
|
429.614 |
316.362 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2008 |
31.03.2007 |
31.03.2006 |
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PAT / Total Income |
(%) |
17.63 |
9.38
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NA |
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Net Profit Margin (PBT/Sales) |
(%) |
28.84 |
14.90
|
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
07.00 |
3.17
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NA |
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Return on Investment (ROI) (PBT/Networth) |
|
30.26 |
0.15
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NA |
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Debt Equity Ratio (Total Liability/Networth) |
|
3.49 |
3.82
|
3.60 |
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Current Ratio (Current Asset/Current Liability) |
|
3.04 |
2.89
|
1.57 |
LOCAL AGENCY
FURTHER INFORMATION
Trade Reference
Ř Sri Manish Bawa
Mobile No. 91- 9810014660
Ř Sri Amrit Arora
Mobile No. 91- 9810019279
Ř Sri M K Sethi
Mobile No. 91- 9350839838
Bankers Charges
Report as per Registry
|
Name of the
company |
LAXMI BUILDTECH PRIVATE LIMITED |
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Presented By |
Vinod Saluja,
Director |
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1) Date and description of instrument creating the change |
Memorandum of
Entry for Deposit of Title Deeds dated 01.08.2005 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Term Loan of
Rs.150.000 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 |
Mortgage of land
and other immovable property of the company situated at H 33 Green Park Extension,
New Delhi together with all builders and structure thereon first charge basis
to secure the term loan of Rs.150.000 Millions advanced to Life Style
Buildcon Private Limited |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Rate of
interests: Bank Prime Lending Rate minus 0.5% p.a. subject to minimum of
10.5% p.a. with monthly rests payable as and when charged. Repayment:
Repayable in 8 quarterly installment commencing from the quarter ending June
2007 and ending in March 2009. |
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5) Name and Address and description of the person entitled to the charge. |
UCO Bank Paliament Street,
New Delhi – 110001, India |
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6) Date and brief description of instrument modifying the charge |
NA |
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7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
NA |
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.46.32 |
|
UK Pound |
1 |
Rs.83.57 |
|
Euro |
1 |
Rs.65.90 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
7 |
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FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
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--PROFITABILIRY |
1~10 |
6 |
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--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
8 |
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--RESERVES |
1~10 |
7 |
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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 |
NO |
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--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
62 |
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 |
|