MIRA
INFORM REPORT
|
Report Date : |
02.08.2011 |
IDENTIFICATION DETAILS
|
Name : |
LAKSHMI NARASIMHA TEXTILES PRIVATE LIMITED |
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Registered Office
: |
“Selva Nilayam”, No. 13, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
01.04.2004 |
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Com. Reg. No.: |
18-011073 |
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Capital
Investment / Paid-up Capital : |
Rs.1.000 Million |
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CIN No.: [Company Identification
No.] |
U17111TZ2004PTC011073 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
CMBL03343E CMBL03055D |
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PAN No.: [Permanent Account No.] |
AAACL9718M |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of Cotton Yarn. |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (46) |
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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 50000 |
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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 : |
“Selva Nilayam”, No. 13, |
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Tel. No.: |
Not Available |
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Fax No.: |
Not Available |
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E-Mail : |
DIRECTORS
As on 24.09.2010
|
Name : |
Mr. Varadarajan Lakshminarasimhalu Karadibhavi |
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Designation : |
Director |
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Address : |
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Date of Birth/Age : |
16.08.1932 |
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Date of Appointment : |
01.04.2004 |
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Din No.: |
00028300 |
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Name : |
Mr. Srinivasan Varadarajan Karadibhavi |
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Designation : |
Managing Director |
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Address : |
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Date of Birth/Age : |
13.03.1961 |
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Date of Appointment : |
01.04.2004 |
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Din No.: |
00004103 |
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Name : |
Mr. Jampala Venkatesam Chowdhury |
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Designation : |
Director |
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Address : |
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Date of Birth/Age : |
29.06.1962 |
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Date of Appointment : |
01.04.2004 |
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Din No.: |
00009439 |
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Name : |
Mr. Sridhar Varadaraj |
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Designation : |
Director |
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Address : |
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Date of Birth/Age : |
24.11.1969 |
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Date of Appointment : |
01.04.2004 |
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Din No.: |
00007603 |
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Name : |
Mr. Rangian Jayabal |
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Designation : |
Director |
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Address : |
304 Park View Apartment, 31-A Att Colony, Coimbatore-641018, |
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Date of Birth/Age : |
19.11.1953 |
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Date of Appointment : |
19.08.2010 |
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Din No.: |
00003830 |
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Date of Ceasing: |
24.09.2010 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 24.09.2010
|
Names of Shareholders |
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No. of Shares |
|
Sarojini Varadarajan |
|
2500 |
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Lakshmi Narasimha Holding Private Limited, |
|
7500 |
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Total |
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10000 |
As on 24.09.2010
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Equity Share Breakup |
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Percentage of Holding |
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Category |
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Bodies
corporate |
|
75.00 |
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Directors
or relatives of directors |
|
25.00 |
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Total |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Cotton Yarn. |
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Products : |
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PRODUCTION STATUS AS ON
|
Particulars |
Unit |
Installed
Capacity |
Actual
Production |
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Rotors |
-- |
1440 |
-- |
|
Yarn |
Kgs. |
-- |
35.97 |
GENERAL INFORMATION
|
Bankers : |
IDBI Bank Limited, 72 Mayflower, “E” Castle, Dr. Balasundaram Road,
Coimbatore-641018, Tamilnadu, India |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
M Chartered Accountant |
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Address : |
MSS Memorial Building, |
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Tel. No.: |
91-422-2552367 / 2552841 |
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Fax No.: |
91-422-2543862 |
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E-Mail : |
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Holding Company: |
Lakshmi Narasimha Holdings Private Limited (U65993TZ2002PTC010400) |
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
10000 |
Equity Shares |
Rs.100/- each |
Rs.1.000 Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
10000 |
Equity Shares |
Rs.100/- each |
Rs.1.000 Million |
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 |
1.000 |
1.000 |
1.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
11.974 |
3.302 |
19.374 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
12.974 |
4.302 |
20.374 |
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LOAN FUNDS |
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1] Secured Loans |
15.856 |
19.365 |
23.733 |
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2] Unsecured Loans |
44.384 |
57.372 |
38.543 |
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TOTAL BORROWING |
60.240 |
76.737 |
62.276 |
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DEFERRED TAX LIABILITIES |
0.273 |
2.861 |
3.346 |
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TOTAL |
73.487 |
83.900 |
85.996 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
39.376 |
52.800 |
60.437 |
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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 |
24.940
|
23.539 |
18.214 |
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Sundry Debtors |
3.986
|
2.378 |
2.627 |
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Cash & Bank Balances |
0.294
|
2.220 |
1.929 |
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Other Current Assets |
2.784
|
5.068 |
1.330 |
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Loans & Advances |
5.155
|
6.945 |
7.663 |
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Total
Current Assets |
37.159
|
40.150 |
31.763 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
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Other Current Liabilities |
2.432
|
8.465 |
5.671 |
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Provisions |
0.616
|
0.585 |
0.533 |
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Total
Current Liabilities |
3.048
|
9.050 |
6.204 |
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Net Current Assets |
34.111
|
31.100 |
25.559 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
73.487 |
83.900 |
85.996 |
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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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Income |
274.748 |
236.936 |
236.411 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
16.791 |
(2.647) |
12.001 |
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Less |
FINANCIAL
EXPENSES |
2.760 |
4.891 |
4.670 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
14.031 |
(7.538) |
7.331 |
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Less/ Add |
DEPRECIATION/ AMORTISATION |
7.947 |
8.774 |
8.664 |
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PROFIT / LOSS
BEFORE TAX |
6.084 |
(16.312) |
(1.333) |
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Less |
TAX |
(2.588) |
(0.240) |
(0.393) |
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PROFIT / LOSS
AFTER TAX |
8.672 |
(16.072) |
(0.940) |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
3.301 |
19.373 |
20.313 |
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BALANCE CARRIED
TO THE B/S |
11.973 |
3.301 |
19.373 |
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EARNINGS IN
FOREIGN CURRENCY |
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Export Earnings |
112.183 |
96.433 |
91.885 |
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Earnings Per
Share (Rs.) |
867.20 |
(1607.20) |
(94.00) |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
Net Profit Margin (PBT/Sales) |
(%) |
2.21
|
(6.88) |
(0.56) |
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Return on Total Assets (PBT/Total Assets} |
(%) |
7.95
|
(17.55) |
(1.45) |
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Return on Investment (ROI) (PBT/Networth) |
|
0.47
|
(3.79) |
(0.07) |
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Debt Equity Ratio (Total Liability/Networth) |
|
4.88
|
19.94 |
3.36 |
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Current Ratio (Current Asset/Current Liability) |
|
12.19
|
4.44 |
5.12 |
LOCAL AGENCY FURTHER INFORMATION
PERFORMANCE:
The performance of the company during the year was satisfactory. With a
view to conserving the resources, the directors do not recommend any dividend
for the year ended March 31, 2010.
Bankers Charges
Report as per Registry
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
10102477 |
|
Corporate
identity number of the company |
U17111TZ2004PTC011073 |
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Name of the
company |
LAKSHMI NARASIMHA TEXTILES PRIVATE LIMITED |
|
Address of the registered
office or of the principal place of
business in |
“Selva Nilayam”, No. 13, |
|
Type of charge |
Book Debts Movable Property
(not being pledge) Floating Charge |
|
Particular of
charge holder |
IDBI Bank Limited, 72 Mayflower, “E” Castle, Dr. Balasundaram Road,
Coimbatore-641018, Tamilnadu, India |
|
Email |
|
|
Nature of description
of the instrument creating or modifying the charge |
Deed of
hypothecation dated 11.03.2011 |
|
Date of
instrument Creating the charge |
11.03.2011 |
|
Amount secured by
the charge |
Rs.55.000
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest BBR plus 325 bps
for CC Facility and BBR plus 175 bps for PC/ FBN (present BBR is 9.50%) or as
advised by the bank from time to time. Terms of
Repayment Credit limit by
the banks is in the nature of working capital and payable on demand. Margin 25% for CC and
10% for PC/PCFC Extent and
Operation of the charge The due repayment
and discharge of working capital facilities of Rs.55.000 millions by the
company to the bank are secured by first pari passu charge over the entire
current assets of the company both present and future. |
|
Short particulars
of the property charged |
Current assets
and movable fixed assets both present and future situated in the premises/
godown of the company as mentioned in the instruments of hypothecation. |
|
Date of latest
modification prior to the present modification |
28.03.2008 |
|
Particulars of
the present modification |
The aggregate of working
capital credit facilities is enhanced from Rs.20.000 millions to Rs.55.000
millions and the hypothecation charge is to cover the same. |
Fixed Assets:
- Land Freehold
- Building
- Machinery
- Electrical Machinery
- Office Equipments
- Furniture
- Vehicles
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.44.05 |
|
|
1 |
Rs.72.40 |
|
Euro |
1 |
Rs.63.46 |
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 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
46 |
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.