MIRA INFORM REPORT
|
Report Date : |
09.04.2011 |
IDENTIFICATION DETAILS
|
Name : |
LAXMI BOARD AND PAPER MILLS LIMITED |
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Registered
Office : |
Plot NO.2, MIDC Area, Kalyan, Bhiwandi Road, Saravali, Kalyan,
Thane-421311, Maharashtra |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
25.09.1969 |
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Com. Reg. No.: |
11-014398 |
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CIN No.: [Company Identification
No.] |
U99999MH1969PLC014398 |
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Legal Form : |
A Closely Held Public Limited Liability Company. |
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Line of Business
: |
Manufacturer and Importer of Kraft Paper, Kraft and Test. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (51) |
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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 1000000 |
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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 company having fine track. General
financial position is good. Trade relations are reported as fair. Business is
active. Payments are reported to be regular and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
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A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INFORMATION PARTED BY
|
Name : |
Mr. N. V. Karya |
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Designation : |
Account Manager |
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Contact No.: |
91-2522-280708 |
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Date : |
08.04.2011 |
LOCATIONS
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Registered Office / Factory : |
Plot NO.2, MIDC Area, Kalyan, Bhiwandi Road, Saravali, Kalyan,
Thane-421311, Maharashtra, India |
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Tel. No.: |
91-2522-280641 |
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Fax No.: |
91-2522-280643 |
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E-Mail : |
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Website : |
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Area : |
10000 sq. ft. (Approximately) |
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Location : |
Owned |
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Correspondence Address : |
Ground Floor, Samruddhi Apartments, Road #38, Station Road, Bandra
(West), Mumbai-400050, Maharashtra, India |
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Tel. No.: |
91-22-26552951 / 26552952 / 26552953 |
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Fax No.: |
91-22-26552956 |
DIRECTORS
As On : 29.09.2010
|
Name : |
Mr. Dineshchandra Chandulal |
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Designation : |
Chairman |
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Address : |
Aurum Behind Tata Institute of Social Science, Deonar, Sion Trombay
Road, Mumbai-400088, Maharashtra, India |
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Date of Birth/Age : |
16.10.1938 |
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Date of Appointment : |
12.02.1973 |
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DIN No : |
00167581 |
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Name : |
Mr. Manish Mahendra Patel |
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Designation : |
Director |
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Address : |
12,13 Cross Road, V. V. Mohalla, Near Water Tank, Mysore-570002, India |
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Date of Birth/Age : |
18.05.1959 |
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Date of Appointment : |
26.03.1990 |
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DIN No : |
00128179 |
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Name : |
Mr. Ajay Dinesh Patel |
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Designation : |
Whole Time Director |
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Address : |
Aurum, Behind Tata Institute of Social Science, Deonar, Sion Trombay
Road, Mumbai-400088, Maharashtra, India |
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Date of Birth/Age : |
10.12.1968 |
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Date of Appointment : |
25.06.2004 |
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DIN No : |
00466905 |
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Name : |
Mr. Rajesh Natvarlal Modi |
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Designation : |
Whole Time Director |
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Address : |
701, Neel Sagar, 23-B, Perry Cross Road, Bandra (West), Mumbai-400050,
Maharashtra, India |
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Date of Birth/Age : |
24.02.1954 |
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Date of Appointment : |
24.06.2000 |
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DIN No : |
00167599 |
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Name : |
Mr. Harshad Natvarlal Modi |
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Designation : |
Whole Time Director |
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Address : |
201-B, Ruby Apartment, 7th Road, J.V.P.D. Scheme, Juhu,
Mumbai-400049, Maharashtra, India |
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Date of Birth/Age : |
18.06.1952 |
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Date of Appointment : |
25.06.2004 |
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DIN No : |
00167613 |
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Name : |
Mr. Rachit Rajesh Modi |
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Designation : |
Director |
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Address : |
701, Neel Sagar, 23-B, Perry Cross Road, Bandra (West), Mumbai-400050,
Maharashtra, India |
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Date of Birth/Age : |
01.03.1986 |
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Date of Appointment : |
26.03.2010 |
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DIN No : |
02850945 |
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Name : |
Mr. Jitendra Patel |
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Designation : |
Director |
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Address : |
70, Sopan Building Cooperative Housing Society, Ghorapuri,
Pune-411013, Maharashtra, India |
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Date of Birth/Age : |
02.05.1946 |
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Date of Appointment : |
25.06.2004 |
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DIN No : |
00248302 |
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Name : |
Mr. Kirit N. Modi |
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Designation : |
Director |
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Address : |
17th Floor, B-Wing, EDEN Hall, Dr. A. B. Road, Worli,
Mumbai-400018, Maharashtra, India |
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Date of Birth/Age : |
09.03.1949 |
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Date of Appointment : |
25.06.2004 |
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DIN No : |
00167607 |
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Name : |
Mr. Mishir Rajesh Modi |
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Designation : |
Director |
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Address : |
701, Neel Sagar, 23-B, Perry Cross Road, Bandra (West), Mumbai-400050,
Maharashtra, India |
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Date of Birth/Age : |
09.11.1981 |
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Date of Appointment : |
25.06.2004 |
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DIN No : |
00167594 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 29.09.2010
|
Names of Shareholders |
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No. of Shares |
|
Harshad Modi |
|
540000 |
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Kansika Harshad Modi, Rajul Modi |
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295000 |
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Rajesh Modi, Ila Modi |
|
300000 |
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Mishir Modi, Ila Modi |
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300000 |
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Rachit Modi, Ila Modi |
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300000 |
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Balbindersingh Gill, Gurupiari Gill |
|
159120 |
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Ranbirsingh Gill |
|
71920 |
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Vikramsingh Gill |
|
71920 |
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Sanjay Patel |
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4820 |
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Aparna Patel |
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28900 |
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Preetiben Patel |
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28900 |
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Snehalata Desai |
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19260 |
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Urmila Patel |
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21060 |
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Beena Patel |
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17280 |
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Reena Patel |
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17280 |
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Indiraben Patel |
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18000 |
AS ON 29.09.2010
|
Equity Share
Breakup |
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Percentage of
Holding |
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Category |
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Directors or relatives of directors |
|
85.56 |
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Other top fifty shareholders |
|
34.44 |
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Total
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Importer of Kraft Paper, Kraft and Test. |
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Products : |
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Imports : |
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Products : |
Waste Paper |
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Countries : |
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Terms : |
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Selling : |
Cash, Credit (30/60/90 days) |
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Purchasing : |
L/C, Cash, Credit (30/60/90 days) |
GENERAL INFORMATION
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Customers : |
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No. of Employees : |
500 (Approximately) |
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Bankers : |
v Canara Bank,
Station Road, Kalyan-421301, Maharashtra, India |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Vijay T Parmar and Company Chartered Accountant |
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Address : |
101, Nadhav Building Apartment, Gaushala Road, Shivaji Path, Opposite
Bank of Maharashtra, Kalyan-421301, Maharashtra, India |
CAPITAL STRUCTURE
As On : 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
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|
|
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|
4000000 |
Equity Shares |
Rs. 10/- each |
Rs. 40.000 millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
3600000 |
Equity Shares |
Rs. 10/- each |
Rs. 36.000
millions |
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|
Note : (of the above 1800000 Equity Shares of Rs.10/-
each issued as bonus shares by capitalization of reserve).
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
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1] Share Capital |
36.000 |
18.000 |
18.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
215.020 |
179.725 |
148.524 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
251.020 |
197.725 |
166.524 |
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LOAN FUNDS |
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1] Secured Loans |
211.022 |
196.974 |
244.876 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
211.022 |
196.974 |
244.876 |
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DEFERRED TAX LIABILITIES |
37.749 |
35.377 |
32.899 |
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TOTAL |
499.791 |
430.076 |
444.299 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
234.666 |
246.053 |
260.461 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.001 |
0.001 |
0.001 |
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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 |
117.255
|
48.546 |
95.497 |
|
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Sundry Debtors |
181.820
|
157.797 |
137.175 |
|
|
Cash & Bank Balances |
8.273
|
14.417 |
8.877 |
|
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Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
101.820
|
73.145 |
78.183 |
|
Total
Current Assets |
409.168
|
293.905 |
319.732 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
66.164 |
65.380 |
82.802 |
|
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Other Current Liabilities |
20.847
|
14.221 |
14.870 |
|
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Provisions |
57.033
|
30.282 |
38.223 |
|
Total
Current Liabilities |
144.044
|
109.883 |
135.895 |
|
|
Net Current Assets |
265.124
|
184.022 |
183.837 |
|
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|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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|
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|
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TOTAL |
499.791 |
430.076 |
444.299 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
|
|
|
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|
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|
Income |
1429.809 |
1221.778 |
933.753 |
|
|
|
Other Income |
0.783 |
0.724 |
0.826 |
|
|
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TOTAL (A) |
1430.592 |
1222.502 |
934.579 |
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|
|
|
|
|
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Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Sales |
1143.005 |
1038.820 |
779.654 |
|
|
|
Personal Expenses |
55.236 |
43.681 |
33.461 |
|
|
|
Other Expenses |
97.568 |
37.707 |
27.172 |
|
|
|
TOTAL (B) |
1295.809 |
1120.208 |
840.287 |
|
|
|
|
|
|
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
134.783 |
102.294 |
94.292 |
|
|
|
|
|
|
|
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|
Less |
FINANCIAL
EXPENSES (D) |
23.745 |
28.454 |
26.031 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
111.038 |
73.840 |
68.261 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
17.041 |
16.854 |
16.627 |
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|
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|
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|
PROFIT BEFORE
TAX (E-F) (G) |
93.997 |
56.986 |
51.634 |
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Less |
TAX (H) |
33.873 |
20.177 |
25.024 |
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|
|
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|
PROFIT AFTER TAX
(G-H) (I) |
60.124 |
36.809 |
26.610 |
|
|
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|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
120.242 |
93.041 |
74.696 |
|
|
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|
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|
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Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
6.300 |
4.000 |
3.000 |
|
|
|
Proposed Dividend |
5.400 |
4.500 |
4.500 |
|
|
|
Tax on Dividend |
0.918 |
0.765 |
0.765 |
|
|
|
Short Provision of Tax |
0.511 |
0.343 |
0.000 |
|
|
BALANCE CARRIED
TO THE B/S |
167.237 |
120.242 |
93.041 |
|
|
|
|
|
|
|
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|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
671.362 |
488.668 |
379.982 |
|
|
|
Stores & Spares |
2.766 |
5.583 |
0.000 |
|
|
|
Capital Goods |
5.087 |
7.801 |
1.682 |
|
|
|
Others |
2.728 |
1.013 |
0.000 |
|
|
TOTAL IMPORTS |
681.943 |
503.065 |
381.664 |
|
|
|
|
|
|
|
|
|
|
Earnings Per Share
(Rs.) |
17.36 |
21.82 |
25.10 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
4.20
|
3.01 |
2.85 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
6.57
|
4.66 |
5.53 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
14.81
|
10.55 |
8.90 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.37
|
0.29 |
0.31 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.56
|
1.73 |
2.48 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.84
|
2.67 |
2.35 |
LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITORS
DETAILS
(RS.
IN MILLIONS)
|
Particulars |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
|
|
|
Sundry Creditors |
66.164 |
65.380 |
82.802 |
|
|
|
|
|
|
Total |
66.164 |
65.380 |
82.802 |
OPERATION
Production for the
year has been 54,645 tons against 46 016 tons of previous year's production. Higher
production is on account of continuous running of PM II during the year. During
the year gross income has gone up by 17.03 %from Rs. 1222.500 millions to Rs.
1430.600 millions giving a pretax profit of Rs 93.996 millions compared to Rs. 56.986 millions of
the previous year. This is mainly on account of higher production and better
price realized
compared to the previous year.
Net profit after
interest (Rs. 23.745 millions) and depreciation (Rs 17.041 millions and
provision of income tax (Rs. 31.500 millions) has been Rs. 62.496 millions
against Rs. 39.786 millions of the previous year
FORM 8
|
Corporate
identity number of the company |
U99999MH1969PLC014398 |
|
Name of the
company |
LAXMI
BOARD AND PAPER MILLS LIMITED |
|
Address of the registered
office or of the principal place of
business in |
Plot NO.2, MIDC Area, Kalyan, Bhiwandi Road, Saravali, Kalyan,
Thane-421311, Maharashtra, India |
|
This form is for |
Modification of charge |
|
Type of charge |
v Book debts v Movable property
(not being pledge) v Others |
|
Particular of
charge holder |
Canara Bank, Station Road, Kalyan-421301, Maharashtra, India |
|
Nature of
instrument creating charge |
Supplemental
Common Hypothecation Agreement |
|
Date of instrument
Creating the charge |
01.02.2011 |
|
Amount secured by
the charge |
Rs. 415.300 millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of interest As
per sanction letter Terms of
repayment On Demand.
As per sanction letter Margin As per sanction letter Extent and
operation of the charge Security
to secure various credit facilities together with interest, cost, expenses,
charges, commission etc. etc. |
|
Short particulars
of the property charged (Including location of the property) |
Hypothecation
of stock in trade, raw material such as waste paper, chemicals, dyes, acids,
stores and spares, goods in process, finished goods and packing materials, book
debts, outstanding moneys receivables, claims, bills, contracts, securities,
assets and rights etc. machineries both present and future wherever situated
or in transit. Charge on entire fixed assets |
|
Charge
identification number of the charge to be modified |
90143248 |
|
Date of
instrument modifying the charge |
18.07.2008 |
|
Particulars of
the present modification |
The
Original Charge dated. 1-2-01 was modified from time to time now further modified
on 1-2-2011 enhancing the total facilities to the extent of Rs. 415.300
millions. consisting of CC Rs.185.000 millions, FLC Rs.80.000 millions, BG
Rs. 0.007 million, CDB Rs.5.000 millions, TL Rs.10.000 millions, TL
(sub-limit FLC Rs.60.000 millions) Rs.103.100 millions, TL (Sub-limit FLC
Rs.31.500 millions) Rs.31.500 millions together with interest, cost,
expenses, charges, commission etc. |
FIXED ASSETS
ü Land
ü Buildings
ü Plant and Machinery
ü Office Equipments
ü Furniture and Fixtures
ü Vehicles
TRADE REFERENCE
- Bajrang
Industries, Ahmadabad
- Himanshu
Paper Private Limited, Delhi
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on Corporate
Governance to identify management and governance. These factors often have been
predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.04 |
|
|
1 |
Rs.72.19 |
|
Euro |
1 |
Rs.63.40 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
|
51 |
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 |
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 |
|
-- |
NB |
New Business |
-- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.