MIRA INFORM REPORT
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Report Date : |
12.04.2011 |
IDENTIFICATION DETAILS
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Name : |
LAXMI AGRO INDUSTRIAL CONSULTANTS AND EXPORTERS LIMITED |
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Registered
Office : |
Rahul Apartments, 24/24, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
27.01.1977 |
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Com. Reg. No.: |
052018 |
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CIN No.: [Company Identification
No.] |
U74899DL1977PLC052018 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
DELL02168F |
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PAN No.: [Permanent Account No.] |
AAACL0471B |
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Legal Form : |
A Closely Held Public Limited Liability Company. |
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Line of Business
: |
Manufacturer, Exporter and Trader of all Types of Acid Slurry 90%
which is used for a number of commercial and Industrial Applications. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (45) |
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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 449000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track. Trade
relations are reported as fair. Business is active. Payments are reported to
be usually correct 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 |
LOCATIONS
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Registered Office : |
Rahul Apartments, 24/24, |
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Tel. No.: |
91-11-23279988 / 23279022 |
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Fax No.: |
91-11-23267919 |
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E-Mail : |
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Manufacturing Units 1: |
D-15, Industrial Area, Malwan, District Fatehpur – 212664, Uttar
Pradesh. |
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Manufacturing Units 2: |
H1, Industrial Area, UPSIDC, Sikandrabad, District, Bulandshahar,
Uttar Pradesh |
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Manufacturing Units 3: |
Survey No. 153/3, Village Padana, Gandhidham, District Kutch – 370240,
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DIRECTORS
AS ON 30.09.2010
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Name : |
Mr. Vidula Gupta W/o. Sushil Kumar Gupta |
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Designation : |
Joint Managing Director |
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Address : |
Rahul Apartments, 24/24, |
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Date of Birth/Age : |
07.12.1954 |
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Date of Appointment : |
12.08.1986 |
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Name : |
Mr. Gigi Gupta W/o. Late Shri S. P. Gupta |
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Designation : |
Director |
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Address : |
Rahul Apartments, 24/24, |
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Date of Birth/Age : |
19.01.1929 |
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Date of Appointment : |
20.12.1990 |
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Name : |
Mr. Sushil Kumar Gupta |
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Designation : |
Managing Director |
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Address : |
Rahul Apartments, 24/24, |
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Date of Birth/Age : |
21.01.1950 |
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Date of Appointment : |
27.08.1993 |
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Name : |
Mr. N K. Bagle S/o. Shri Tej Bhan |
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Designation : |
Whole Time Director |
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Address : |
III-A-32, Vaishali Apartments, GF -101, Nehru Nagar, |
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Date of Birth/Age : |
08.07.1962 |
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Date of Appointment : |
02.04.1999 |
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Name : |
Mr. Shiv Gupta S/o. Sushil Kunar Gupta |
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Designation : |
Whole Time Director |
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Address : |
Rahul Apartments, 24/24, |
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Date of Birth/Age : |
20.03.1983 |
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Date of Appointment : |
03.07.2006 |
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Name : |
Mrs. Lila Dhar Chopra |
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Designation : |
Director |
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Address : |
W-10, Sector -12, Noida, Gautambuddh Nagar, Uttar Pradesh |
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Date of Birth/Age : |
10.11.1925 |
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Date of Appointment : |
26.09.2008 |
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Name : |
Mr. Vijay Kumar Walia |
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Designation : |
Director |
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Address : |
MS-3/602, Kendriya Vihar, Sector -56, Gurgaon, Haryana |
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Date of Birth/Age : |
21.10.1941 |
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Date of Appointment : |
06.03.2009 |
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Name : |
Mr. Lalit Kumar Sharma S/o Medhini Dhar Sharma |
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Designation : |
Director |
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Address : |
2167 3rd, Sector-D, Pocket-2, Vasant Kunj, |
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Date of Birth/Age : |
15.04.1946 |
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Date of Appointment : |
06.03.2009 |
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Name : |
Mr. Devender Sharma |
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Designation : |
Director |
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Address : |
1/10332-C, |
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Date of Birth/Age : |
30.04.1964 |
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Date of Appointment : |
01.10.2007 |
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Date of Resignation : |
01.03.2009 |
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Name : |
Mr. Rakesh Sharma |
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Designation : |
Director |
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Address : |
319, |
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Date of Birth/Age : |
15.05.1973 |
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Date of Appointment : |
01.10.2007 |
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Date of Resignation : |
01.03.2009 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2010
|
Names of Shareholders |
No. of Shares |
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Rekha Aggarwal Address : A-41, Inderpuri, |
250 |
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Anita Gupta Address : 15-9-A, Sarvapriya Vihar, |
405 |
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Vidhula Gupta Address : Rahul Apartments, |
3200 |
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Radhey Shyam Aggarwal Address : K-024, Hauz Khas, |
50 |
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Sushil Kumar Gupta Address : Rahul Apartments, |
8295 |
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Sushil Gupta (HUF) Address : Rahul Apartments, |
520 |
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Shiv Gupta Address : Rahul Apartments, |
11085 |
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L. D. Chopra Address : W-10, Sector -12, Noida, Gautambuddh Nagar, uttar Pradesh |
50 |
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Rakesh Sharma Address : M-37, Gali No.4, New Mahavir Nagar, |
75 |
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Subodh Kumar Address : A-41, Inderpuri, |
65 |
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N. K. Bagle Address : III-A-32, Vaishali Apartments, GF -101, Nehru Nagar, |
5 |
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Rajinder Bansal Address : 214-R, |
1000 |
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TOTAL |
25000 |
AS ON 30.09.2010
|
Category |
Percentage |
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Directors or
relatives of Directors |
95.00 |
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Other top fifty shareholders |
5.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer, Exporter and Trader of all Types of Acid Slurry 90%
which is used for a number of commercial and Industrial Applications. |
GENERAL INFORMATION
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No. of Employees : |
Not Available |
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Lalit Gupta and Associates Chartered Accountant |
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Address : |
412, Arunachal Building, 19, Barashamba Road, Connaught Place, New
Delhi – 110001, Delhi, India |
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Associates/Subsidiaries : |
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CAPITAL STRUCTURE
AS ON 30.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
25000 |
Equity Shares |
Rs.100/- each |
Rs. 2.500 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
25000 |
Equity Shares |
Rs.100/-
each |
Rs. 2.500
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
2.500 |
2.500 |
2.500 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
109.756 |
88.361 |
41.361 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
112.256 |
90.861 |
43.861 |
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LOAN FUNDS |
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1] Secured Loans |
9.688 |
12.316 |
0.250 |
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2] Unsecured Loans |
2.573 |
5.884 |
49.702 |
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TOTAL BORROWING |
12.261 |
18.200 |
49.952 |
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DEFERRED TAX LIABILITIES |
0.270 |
0.717 |
0.452 |
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TOTAL |
124.787 |
109.778 |
94.265 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
31.316 |
34.511 |
21.394 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.007 |
0.007 |
0.007 |
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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 |
17.051
|
13.934
|
12.524 |
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Sundry Debtors |
68.641
|
60.083
|
70.523 |
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Cash & Bank Balances |
22.865
|
21.083
|
10.666 |
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Other Current Assets |
0.0000
|
0.000
|
0.000 |
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Loans & Advances |
17.561
|
23.342
|
16.447 |
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Total
Current Assets |
126.118
|
118.442
|
110.160 |
|
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
19.867
|
16.323
|
17.463 |
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Other Current Liabilities |
2.224
|
4.402
|
4.497 |
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Provisions |
10.563
|
22.457
|
15.336 |
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Total
Current Liabilities |
32.654
|
43.182
|
37.296 |
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Net Current Assets |
93.464
|
75.260
|
72.864 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
124.787 |
109.778 |
94.265 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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Sales |
1272.401 |
1273.508 |
663.310 |
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Processing Charges |
38.858 |
138.479 |
114.356 |
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Other Income |
5.037 |
2.119 |
0.424 |
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TOTAL (A) |
1316.296 |
1414.106 |
778.090 |
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Less |
EXPENSES |
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|
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Raw material Consumed |
1257.082 |
1307.869 |
712.344 |
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Manufacturing Expenses |
4.591 |
4.606 |
3.302 |
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Personnel expenses |
4.207 |
4.014 |
2.534 |
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Administrative Expenses |
11.041 |
10.681 |
6.256 |
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Selling and Distribution Expenses |
2.435 |
4.466 |
4.884 |
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Increase/ Decrease in stocks |
(4.196) |
(0.744) |
(4.631) |
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TOTAL (B) |
1275.160 |
1330.892 |
724.689 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
41.136 |
83.214 |
53.401 |
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Less |
FINANCIAL
EXPENSES (D) |
2.106 |
6.950 |
6.481 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
39.030 |
76.264 |
46.920 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
7.519 |
6.543 |
2.911 |
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PROFIT BEFORE
TAX (E-F) (G) |
31.511 |
69.721 |
44.009 |
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Less |
TAX (I) |
10.116 |
22.722 |
15.413 |
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PROFIT AFTER TAX
(G-I) (J) |
21.395 |
46.999 |
28.596 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
88.278 |
41.279 |
12.683 |
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BALANCE CARRIED
TO THE B/S |
109.673 |
88.278 |
41.279 |
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|
Earnings Per
Share (Rs.) |
855.83 |
1879.96 |
1143.84 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
1.62
|
3.32 |
3.67 |
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Net Profit Margin (PBT/Sales) |
(%) |
2.47
|
5.47 |
6.63 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
20.00
|
45.58 |
33.45 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.28
|
0.76 |
1.00 |
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Debt Equity Ratio (Total Liability/Networth) |
|
0.40
|
0.67
|
1.98 |
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Current Ratio (Current Asset/Current Liability) |
|
3.86
|
2.74
|
2.95 |
LOCAL AGENCY FURTHER INFORMATION
FINANCIALS:
The Directors are glad to report that the company during the year under
review has been able to better its profitability despite not so encouraging
economic scenario. Keeping in view of the long term and ever increasing working
capital requirements of business, the company wishes to continue with the
policy of conserving the financial resources and accordingly ploughed back the
profit of the year in to business. The directors do not recommend any dividend
for the year under review
FIXED ASSETS:
- Land
- Building
- Plant and
Machinery
- Furniture,
Fixture and Equipments
- Vehicle
Form : 8
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This form is for |
Creation of
charge |
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Corporate
identity number of the company |
U74899DL1977PLC052018 |
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Name of the
company |
LAXMI AGRO INDUSTRIAL
CONSULTANTS AND EXPORTER LIMITED |
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Address of the
registered office or of the principal place of business in |
Rahul Apartments,
24/24, |
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Type of charge |
Book Debts |
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Particular of
charge holder |
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Nature of
description of the instrument creating or modifying the charge |
Agreement for
Loan and Guarantee. (Contract Nos.: 3228852 /54 /56 /58 /61 /66 /70 /72 /76
/77 /81 /83 |
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Date of
instrument Creating the charge |
22.07.2008 |
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Amount secured by
the charge |
Rs. 9.900
millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest : Interest @11.24%
p.a. On delay in the repayment
of interest and /or any other repayment by the company beyond such repayment
due date, the bank shall be entitled to charge an additional interest @ 2%
p.m. or such other rate as may be specified by the bank from time to time on
the entire such outstanding amount due to the bank. Terms of Repayment : The loan is
repayable 47 EMIs of Rs. 0.263 millions (Chassis of Rs. 0.207 millions + Body
of RS. 0.055 millions) starting from 15th September, 2008 and
ending on 15th July, 2012 Margin : As may be stipulated
by bank from time to time. Extent and Operation of the charge : The company
hypothecates to and charges in favour of the bank by way of first and
exclusive charge of the equipment described in Item No. 14 as security for
the repayment/ payment by the company of the loan granted or to be granted to
the company by the bank together with all fees, interest, costs and expenses
incurred/ to be incurred by the bank and all other monies payable or to
become payable by the company to the bank. Others : The bank shall be
absolutely entitled and have full power and authority to sell, assign or
transfer in any manner, in whole or in part, and such manner and on such
terms as the bank may decide, including reserving a right to the bank to
retain its power to proceed against the company on behalf of the purchaser,
assignee or transferee, any or all outstanding dues of the company, to any
third party of the bank’s choice without references to or written intimate to
the company. |
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Short particulars
of the property charged |
Hypothecation of
12 Nos. Vehicles namely, Maker and Model : Tata 4018 (Year of Manufacture
:2008) |
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. 44.20 |
|
|
1 |
Rs. 72.26 |
|
Euro |
1 |
Rs. 63.90 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
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--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
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--CREDIT LINES |
1~10 |
5 |
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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 |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
45 |
This score serves as a reference to assess
SC’s credit risk and to set the amount of credit to be extended. It is
calculated from a composite of weighted scores obtained from each of the major
sections of this report. The assessed factors and their relative weights (as
indicated through %) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend (10%) Operational size
(10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
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 |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.