MIRA
INFORM REPORT
|
Report Date : |
23.10.2008 |
IDENTIFICATION DETAILS
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Name : |
LAKSHMAN TOOLS PRIVATE LIMITED |
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Registered Office : |
M-42, Lajpat Nagar – II, |
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Country : |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
21.02.1997 |
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Com. Reg. No.: |
55-85320 |
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CIN No.: [Company
Identification No.] |
U29113DL1997PTC085320 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
RTKL00945A |
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PAN No.: [Permanent
Account No.] |
AAACL2382D |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer and Exporter of High Quality Fasteners, Nuts and Bolts, Bi-hex
screws, hex flange bolts screws, socket head cap bolt screws etc. |
RATING & COMMENTS
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MIRA’s Rating : |
Ca |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
USD 75000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow and delayed |
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Litigation : |
Unknown |
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Comments : |
Financial position of the company is moderate having substantial
accumulated losses. Payments are reported as slow and delayed. The company can be considered for small to mediocre business dealings
at usual trade terms and conditions. No clean credit granted, initially. |
LOCATIONS
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Registered Office : |
M-42, Lajpat Nagar – II, New Delhi – 110 024, India |
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E-Mail : |
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Website : |
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Correspondence Address : |
1220, B-1, Vasant Kunj New Delhi-110070, India |
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Tel. No.: |
91-11-26122513/514 |
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Fax No.: |
91-11-26122516 |
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E-Mail : |
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Corporate Office : |
N -14/5, DLF – II, Gurgaon – 122 002, Haryana, India |
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Tel. No.: |
91-124-2363413 / 2363414 / 2363415 |
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Fax No.: |
91-124-2363415 / 4059509 |
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Factory : |
A 201, Arvind Chambers, Sai Service Centre, Western Express Highway,
Andheri (East), Mumbai – 400 069, Maharashtra, India |
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Tel. No.: |
91-22-66144242 |
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E-Mail : |
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Factory 2 : |
Village Barota. P.O. Sohna, Gurgaon, Haryana – 122 103, India |
DIRECTORS
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Name : |
Mrs. Kanchan Wali |
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Designation : |
Director |
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Address : |
401, King Apartment, Juhu, Mumbai – 400 049, Maharashtra, India |
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Date of Appointment : |
11.04.1998 |
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Name : |
Mr. Subhash Wali |
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Designation : |
Director |
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Address : |
401, King Apartment, Juhu, Mumbai – 400 049, Maharashtra, India |
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Date of Appointment : |
11.04.1998 |
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Name : |
Mr. Suresh Raina |
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Designation : |
Director |
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Address : |
B-10/7371 Vasant Kunj, New Delhi, India |
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Date of Appointment : |
21.02.1997 |
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Name : |
Mrs. Ruchi Raina |
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Designation : |
Director |
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Address : |
B-10/7371 Vasant Kunj, New Delhi, India |
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Date of Appointment : |
21.02.1997 |
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Name : |
Mr. Saket Subhash Wali |
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Designation : |
Director |
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Address : |
401, King Apartment, Juhu, Mumbai – 400 049, Maharashtra, India |
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Date of Birth/Age : |
11.08.1979 |
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Date of Appointment : |
28.11.2007 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(As on 29.09.2007)
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Names of Shareholders |
No. of Shares |
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Suresh Raina |
195750 |
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Ruchi Raina |
25620 |
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Rajesh Rain |
1650 |
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Kanchan Wali |
125000 |
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Anil Raina (NRI) |
92755 |
Equity shares Breakup (percentage of total equity)
(As on 29.09.2007)
|
Category |
Percentage |
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Directors or relatives of directors |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of High Quality Fasteners, Nuts and Bolts,
Bi-hex screws, hex flange bolts screws, socket head cap bolt screws etc. |
GENERAL INFORMATION
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Bankers : |
·
Union Bank of India Zaveri Bazar Branch, Bankatesh Bhavan, 1st
Floor, Mirza Street, Zaveri Bazar, Mumbai – 400 003, Maharashtra, India ·
UCO Bank Worli Branch, Century Bhawan, Dr. Anne
Besant Road, Mumbai – 400 025, Maharashtra, India ·
Central
Bank of India 70-Janpath, New Delhi, India |
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Facilities : |
Note Secured by Hypothecation Mortgage of all the existing and future fixed
assets of the Company, Stock in trade and Book Debts and collaterally secured
by the mortgage of freehold and flats belonging to Directors and the personal
guarantee of directors of the Company.
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Banking
Relations : |
Unknown |
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Auditors : |
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Name : |
Umesh Chand and Company Chartered Accountants |
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Address : |
1315 Ansal Tower, 38 Nehru Place, New Delhi – 110 019, India |
CAPITAL STRUCTURE
(As on 29.09.2007)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1500000 |
Equity Shares |
Rs.10/- each |
Rs.15.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1500000 |
Equity Shares |
Rs.10/- each |
Rs.15.000 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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1] Share Capital |
15.000 |
15.000 |
15.000 |
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2] Share Application Money |
10.929 |
11.253 |
0.000 |
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3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
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4] (Accumulated Losses) |
(10.913) |
(13.942) |
(16.293) |
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NETWORTH |
15.016 |
12.311 |
(1.293) |
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LOAN FUNDS |
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1] Secured Loans |
16.583 |
0.000 |
16.700 |
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2] Unsecured Loans |
18.473 |
19.674 |
18.972 |
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TOTAL BORROWING |
35.056 |
19.674 |
35.672 |
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DEFERRED TAX LIABILITIES |
1.945 |
2.695 |
2.740 |
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TOTAL |
52.017 |
34.680 |
37.119 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
28.879 |
24.402 |
25.640 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
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 |
23.563
|
18.393 |
16.498 |
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Sundry Debtors |
13.316
|
14.236 |
11.067 |
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Cash & Bank Balances |
0.646
|
1.522 |
1.477 |
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Other Current Assets |
0.000
|
0.000 |
0.00 |
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Loans & Advances |
9.539
|
3.225 |
2.879 |
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Total
Current Assets |
47.064
|
37.376 |
31.921 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
24.063
|
28.246 |
22.291 |
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Provisions |
0.782
|
0.235 |
0.000 |
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Total
Current Liabilities |
24.845
|
28.481 |
22.291 |
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Net Current Assets |
22.219
|
8.895 |
9.630 |
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MISCELLANEOUS EXPENSES |
0.919 |
1.383 |
1.849 |
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TOTAL |
52.017 |
34.680 |
37.119 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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|
31.03.2006 |
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Sales Turnover |
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|
46.395 |
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Other Income |
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|
0.000 |
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Total Income |
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|
46.395 |
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Profit/(Loss) Before Tax |
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|
2.554 |
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Provision for Taxation |
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|
0.203 |
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Profit/(Loss) After Tax |
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|
2.351 |
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Total Expenditure |
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|
43.841 |
KEY RATIOS
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PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
NA
|
5.07 |
NA |
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Net Profit Margin (PBT/Sales) |
(%) |
NA
|
5.51 |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
NA
|
4.13 |
NA |
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Return on Investment (ROI) (PBT/Networth) |
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NA
|
0.21 |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
|
3.99
|
3.91 |
(44.83) |
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Current Ratio (Current Asset/Current Liability) |
|
1.89
|
1.31 |
1.43 |
LOCAL AGENCY FURTHER INFORMATION
Form No. 8
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Name of the company |
LAKSHMAN TOOLS PRIVATE LIMITED |
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Presented By |
Central Bank of India,
70-Janpath, New Delhi |
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1) Date and description of instrument creating the change |
Loan cum
Hypothecation Agreement (animal, live stocks, plants, equipments, machineries
etc) dated 16.03.2001 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.1.245 millions
for WCTL |
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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 |
All present and future
fixed assets, plants and machinery etc. First charge on
entire Book Assets of the Company in Bank’s favour. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Interest of 4%
above PLR minimum 16.5% p.a. |
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5) Name and Address and description of the person entitled to the charge. |
Central Bank of
India 70-Janpath, New
Delhi |
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6) Date and brief description of instrument modifying the charge |
Nil |
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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. |
Nil |
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Corporate
identity number of the company |
U29113DL1997PTC085320 |
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Name of the
company |
LAKSHMAN TOOLS PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
M-42, Lajpat Nagar – II, New Delhi – 110 024, India |
|
This form is for |
Creation of
charge |
|
Type of charge |
Movable property
(not being pledge) |
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Particular of
charge holder |
Union Bank of India Zaveri Bazar Branch, Bankatesh Bhavan, 1st Floor, Mirza
Street, Zaveri Bazar, Mumbai – 400 003, Maharashtra, India |
|
Nature of
instrument creating charge |
Term Loan
Agreement (SD-19) (Hypothecation of
Movables) |
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Date of
instrument Creating the charge |
04.01.2008 |
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Amount secured by
the charge |
Rs.4.500 millions
|
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Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest Interest at the
rate of 14.75% per annum with monthly rests or at such other rates/s as may
be prescribed by the Bank from time to time. Terms of
repayment No. of
Instalments : 6 Amount of
Instalments : Rs.0.075 million Tenure : 5 Years Repayment of
Instalments : Commencing from March, 2008 Margin As per Sanction
Terms. Extent and
operation of the charge To secure the
Term Loan – I of Rs.4.500 millions granted by the Bank to the Company. |
|
Particulars of
the property charged |
The Borrower
Hypothecates and Charges to the Bank: ·
Machineries
·
All
the tangible movable machinery and plant of the borrower together with
spares, tools and accessories and other movables both present and future
belonging to the Borrower and stored at their premises at village Barota,
Dist. Gurgaon or wherever else the same may be including in transit. |
Fixed Assets
·
Free Hold Land
·
Factory Building
·
Plant and Machinery
·
Tools and Equipment
·
Vehicles
·
Furniture and Fixtures
·
Computer
·
Office Equipment
Web Details
Rhino Fasteners is a leading full-line industrial fastener distributor and manufacturer
of bolts, nuts, screws, rivets and all types of special formed parts. They
provide top quality small fasteners at fair prices and logical quantities. They
offer to Save Time and Money for the customers.
The
knowledge and experience in the fastener industry is second to none. Rhino is a
recognized leader in the design and manufacture of fasteners and precision
components. The leading automobile and industrial equipment companies utilize
the products in critical performance and precision applications.
Rhino Fasteners have stood for excellence in quality, service and value. Technology is
the foundation of the business. The innovative cold forming methods and unique
secondary operations, coupled with highly skilled, experienced and motivated
work force help them meet the expectations of the customers.
Customers
are thehighest priority. Customers want suppliers that can provide a great
variety of high quality, low cost products and provide delivery and service
that maximizes their assembly uptime and success and minimizes uncontrolled
"spills", warranty costs and other functionality. Rhino consistently
delivers on its promise.
Business Activity
Specializing in Customized Cold forging that finds
application in Engineering, Automobile and Agriculture Industry. Many machine
parts can be Cold Forged with the special purpose machines.
All this can be achieved in the most effective way to manufacture
machine parts conforming to the best Quality standards.
Quality Policy
RHINO’ Fasteners are manufactured under
a strict Quality Control Program – Raw material Inspection, In-process
Inspection, on-line Inspection of finished products with a modern Quality
Assurance Lab – a fool-proof system of checks and controls at every step with
value added services that ensures compliance to product specifications and
performance criteria.
The quality and calibration systems are in full compliance
with ISO 9001. It is the continued commitment to achieve zero defects and
provide the highest quality in the industry.
It's no secret that subject has won the admiration and support of OEM customers
and distributors and fastener suppliers. Truly recognition it deserves
resulting from its long history of bringing diversified quality manufactured
products since its inception in 1999.
As part of the strict quality assurance program, the fasteners are required to
pass several critical inspections during and after manufacturing. Parts are randomly
selected, inspected and analyzed using advanced statistical techniques and they
have full SPC (Statistical Process Control) capability. In addition to visual
and dimensional inspections, each lot of fasteners is subjected to a series of
metallurgical and physical testing. These include micro/macro evaluation,
hardness, shear, tensile, torque, fatigue, stress durability and other tests as
required by contract
They take great pride in the level of quality and service they provide.
Delivering world-class quality parts is more then just a catch phrase and
quality statement. It is an essential and continuous part of every transaction,
manufacturing operation, process, and telephone call from first contact to
final delivery and installation of each product.
Optimum quality necessitates the use of the most up-to-date testing and control
systems. Extensive and systematic testing procedures during all phases of
production ensure the high quality of RHINO products.
A commitment to Uncompromising Quality, Responsive Service and Competitive
Pricing.
Introduction
Quality-Manufacturer of High Tensile Steel Fasteners, looking for new
growth opportunities. They are a group of young Engineers and MBA graduate
entrepreneurs working to cater to the needs of the industrial and automotive
sector in India. They are manufacturing many different types of High Tensile
Fasteners suitable for applications in all types of industries and automobile
companies.
They are a relatively new company, having started the operation from the year,
1999. Despite having been in production for a relatively short time they have
made significant inroads in the OEM customer segment.
- A new
state-of-art plant at Gurgaon, near Delhi
- Latest Imported
automatic machinery from Japan and USA
- Dedicated and
complete in-house secondary operations
- In-house
facilities for Tooling, Hardening and Surface Coatings
- A full
fledged quality control department headed by a Quality Manager
- Inspection at
every stage with 100% trace ability
- Highly
Experienced professionals
Subject is dedicated to manufacturing the FINEST QUALITY ‘RHINO’ Brand High Tensile Fasteners
for a variety of Industrial and Automotive Equipments, produced by major OEM’s.
They are a Commercial fastener specialist and have achieved a compounded annual
growth rate of 18% since our start in 1999.
Subject is also supplying Fastener products in the automobile After-Market
through the Dealer Network all over India.
Subject has earned an outstanding reputation as supplier of original,
cost efficient fastener products. Customers have come to count on the expertise
in problem solving and the willingness to work hand-in hand with their staff of
project, design and manufacturing engineers.
The corporate Headquarters complex in Gurgaon, Haryana, near Delhi along with
another facility in Ludhiana, Punjab contains a total of 50,000 square feet of
manufacturing space.
Future Plans
Uncompromising Quality, Responsive
service, competitive pricing
A committed team of subject employees looks ahead to a
bright future. The expansion program started assures that subject is well
positioned to develop fresh markets for Fastener products far into the
twenty-first century. With a strong financial position and a highly dedicated,
highly productive work force, Subject faces the future with confidence and an
eager anticipation of continued higher earnings and robust growth.
·
To become an approved regular supplier
to all major Automobile/ Industrial engineering companies in India.
·
Computerization / Automation of
inventory systems.
·
Implementation of ERP system.
Through
continuous innovation, modern equipment, dedication to the customer and
concentration on productivity from a highly motivated work force, Subject will
distinguish itself as a leading producer of quality Fasteners products. Subject
is committed to providing customers with the highest quality levels at the most
competitive prices.
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 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.49.29 |
|
UK Pound |
1 |
Rs.80.40 |
|
Euro |
1 |
Rs.63.35 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
- |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
- |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
23 |
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 |
|