MIRA INFORM REPORT

 

 

Report Date :

19.01.2011

 

IDENTIFICATION DETAILS

 

Name :

LUCKY FORMS PRIVATE LIMITED

 

 

Registered Office :

Gala No.16, Samrat Silk Mills Compound, L.B.S. Marg, Vikhroli (West), Mumbai – 400 079, Maharashtra

 

 

Country :

India

 

 

Financials (as on) :

31.03.2010

 

 

Date of Incorporation :

30.09.2004

 

 

Com. Reg. No.:

11-68955

 

 

CIN No.:

[Company Identification No.]

U26991MH2004PTC068955

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

MUML02388B

 

 

PAN No.:

[Permanent Account No.]

AAACL2684E

 

 

Legal Form :

Private Limited Liability Company 

 

 

Line of Business :

Manufacturer and Trader of Paper Products.

 

RATING & COMMENTS

 

MIRA’s Rating :

B (29)

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Maximum Credit Limit :

USD 50000

 

 

Status :

Moderate

 

 

Payment Behaviour :

Slow but correct

 

 

Litigation :

Clear

 

 

Comments :

Subject is an established company having moderate track. Profitability of the company appears to be low. However trade relations are reported as fair. Business is active. Payments are reported to be slow but correct.

 

The company can be considered for small 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)

India

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

INFORMATION PARTED BY

 

Name :

Mr. Amit

Designation :

Accounts Department

Date :

17.01.2011

 

 

LOCATIONS

 

Registered Office/

Factory :

Gala No.16, Samrat Silk Mills Compound, L.B.S. Marg, Vikhroli (West), Mumbai – 400 079, Maharashtra, India

Tel. No.:

91-22-25784848 / 25774911 / 25974911 / 25784858/ 42002000

Fax No.:

91-22-25772712/ 42002020

E-Mail :

mhjain@vsnl.net

luckyforms@gmail.com

info@luckyforms.com

rakesh@luckyforms.com

Website :

www.luckyforms.net

Area :

10000 Sq. fts

Location :

Owned

 

 

DIRECTORS

 

As on 30.09.2010

 

Name :

Mr. Dilip Mansukhlal Shah

Designation :

Director    

Address :

1103, Adinath Building, Sudha Park, Opposite Shanti Park, Garodia Nagar, Mumbai – 400 077, Maharashtra

Date of Birth/Age :

25.03.1963

Date of Appointment :

30.09.2004

 

 

Name :

Mr. Rakesh M. Shah

Designation :

Director    

Address :

Flat No. 601, 6th Floor, Parasnath Building, Sidha Park, Garodia Nagar, Ghatkopar, Mumbai – 400 077, Maharashtra

Date of Birth/Age :

08.02.1969

Date of Appointment :

30.09.2004

 

 

KEY EXECUTIVES

 

Name :

Mr. Amit

Designation :

Accounts Department

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

As on 30.09.2010

 

Names of Shareholders

 

No. of Shares

 

Dilip Shah

 

22950

Rakesh Shah

 

22970

Bharatiben Shah

 

1000

Mansukhlal D Shah

 

3000

Manisha D Shah

 

2500

Dhruvi Shah

 

2500

Dilip M Shah and Rakesh Shah

 

10

Ayushi Shah

 

10

Dilip M Shah (HUF)

 

10

Rakesh Shah (HUF)

 

10

Devanshu Shah

 

10

Maitry R shah

 

10

Hrishi R. Shah

 

10

Devarsh Infotech (Private) Limited, India

 

10

Total

 

55000

 

As on 30.09.2010

 

Equity Share Breakup

 

Percentage of Holding

Category

 

 

Bodies corporate

 

0.02

Directors or relatives of directors

 

94.47

Other top fifty shareholders

 

5.51

Total

 

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer and Trader of Paper Products.

 

 

Products :

·         Paper Products

·         POS Rolls

·         Printed Paper Products

·         Barcode Solutions

·         RFID Solutions

·         Card Solutions

·         Printed Paper with security features

·         Labeling Solutions

·         OMR Sheets

·         Data Printing

·         Mailing Solutions

·         Ticketing Solutions

·         Thermal Solutions

·         Computer Stationer

 

 

Exports :

 

Products :

Paper Products

Countries :
  • Sri lanka
  • Africa
  • Europe
  • Middle East

 

 

Imports :

 

Products :

Raw material

Countries :

Japan

 

 

Terms :

 

Selling :

L/C, Cash  and Credit

 

 

Purchasing :

L/C, Cash  and Credit

 

PRODUCTION STATUS (As on 31.03.2010)

 

Particulars

 

 

Installed Capacity

(Annual Capacity – ‘000)

Computer Stationery

 

 

196000

 

 

 

 

 

 

GENERAL INFORMATION

 

No. of Employees :

Approximately 45(Office 8, Factory 37)

 

 

Bankers :
  • The Saraswat Co-operative Bank limited, SME Branch, Prabhat Bhavan, 1st Floor, Opposite CILPA, L.B.S. Marg, Vikhroli (West), Mumbai – 400 083, Maharashtra, India
  • The Saraswat Co-operative Bank limited, Central Administrative Office, Apsara Cinema Building, Dr. D. Bhadkamkar Marg, Mumbai – 400 007, Maharashtra, India

 

 

Facilities :

 

Secured loans

31.03.2010

(Rs. In Millions)

31.03.2009

(Rs. in Millions)

Terms Loan from bank

(Secured by hypothecation of plant and machinery and further guaranteed by Directors

5.288

3.473

Cash Credit from Banks

(Secured by hypothecation of Stocks in trade and Debtors, plant and Machinery and further guaranteed by Directors)

33.327

21.713

Total

38.615

25.186

 

Unsecured loans

31.03.2010

(Rs. In Millions)

31.03.2009

(Rs. in Millions)

Short Term Loans

 

 

From Director    

25.109

14.334

From Shareholders

1.851

2.065

Total

26.960

16.399

 

 

 

Banking Relations :

--

 

 

Auditors :

 

Name :

M.H. Jain and Company

Chartered Accountants 

Address :

103, Kothari Niwas, Sanetorium Lane, Ghatkopar (West), Mumbai – 400 086, Maharashtra, India 

Tel. No.:

91-22-25125416/ 23449097

 

 

Associates/Subsidiaries :

Devarsh Infotech Private Limited

Address : Gala No. 16, Mumbai, Maharashtra

Activity : Manufacturer and Exporter of all types of Paper Products and Continuous Products

 

Accurate Graphics Private Limited

Address : Gala No. 15, Mumbai, Maharashtra

Activity : Manufacturer and Exporter of all types of Paper Products and Continuous Products

 

 

CAPITAL STRUCTURE

 

As on 31.03.2010

 

Authorised Capital :

No. of Shares

Type

Value

Amount

75000

Equity Shares 

Rs.100/- each

Rs.7.500 millions

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

55000

Equity Shares 

Rs.100/- each

Rs.5.500 millions

 

 

 

 

 

 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

31.03.2010

31.03.2009

31.03.2008

SHAREHOLDERS FUNDS

 

 

 

1] Share Capital

5.500

5.500

5.500

2] Share Application Money

0.000

0.000

0.000

3] Reserves & Surplus

7.082

5.723

4.669

4] (Accumulated Losses)

0.000

0.000

0.000

NETWORTH

12.582

11.223

10.169

LOAN FUNDS

 

 

 

1] Secured Loans

38.615

25.186

28.261

2] Unsecured Loans

26.960

16.399

15.767

TOTAL BORROWING

65.575

41.585

44.028

DEFERRED TAX LIABILITIES

0.471

0.304

0.422

 

 

 

 

TOTAL

78.628

53.112

54.619

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

7.813

7.061

7.538

Capital work-in-progress

0.000

0.000

0.000

 

 

 

 

INVESTMENT

0.056

0.056

0.056

DEFERREX TAX ASSETS

0.000

0.000

0.000

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories

38.126

29.570

51.715

 

Sundry Debtors

23.365

27.889

25.525

 

Cash & Bank Balances

1.718

2.356

3.499

 

Other Current Assets

15.337

5.394

3.663

 

Loans & Advances

17.620

16.133

13.684

Total Current Assets

96.166

81.342

98.086

Less : CURRENT LIABILITIES & PROVISIONS

 

 

 

 

Sundry Creditors

15.531

20.728

10.158

 

Other Current Liabilities

5.197

10.361

37.747

 

Provisions

4.679

4.258

3.156

Total Current Liabilities

25.407

35.347

51.061

Net Current Assets

70.759

45.995

47.025

 

 

 

 

MISCELLANEOUS EXPENSES

0.000

0.000

0.000

 

 

 

 

TOTAL

78.628

53.112

54.619

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2010

31.03.2009

31.03.2008

 

SALES

 

 

 

 

 

Income

151.229

162.411

126.072

 

 

Other Income

0.645

1.077

0.889

 

 

TOTAL                                     (A)

151.874

163.488

126.961

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

Consumption of Raw Materials

 

118.213

78.728

 

 

Manufacturing Overdrafts

 

21.647

14.927

 

 

Employees Remuneration

145.232

2.963

2.750

 

 

Administrative and Selling Expenses

 

13.129

21.631

 

 

Profit on Sale of Fixed Assets

 

 

[0.244]

 

 

TOTAL                                     (B)

145.232

155.952

117.792

 

 

 

 

 

Less

PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B)      (C)

6.642

7.536

9.169

 

 

 

 

 

Less

FINANCIAL EXPENSES                         (D)

3.274

3.501

3.527

 

 

 

 

 

 

PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D)                                       (E)

3.368

4.035

5.642

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION                     (F)

1.399

1.592

2.108

 

 

 

 

 

 

PROFIT BEFORE TAX (E-F)                               (G)

1.969

2.443

3.534

 

 

 

 

 

Less

TAX                                                                  (I)

0.610

1.218

1.192

 

 

 

 

 

 

PROFIT AFTER TAX (G-I)                                  (J)

1.359

1.225

2.342

 

 

 

 

 

Add

PREVIOUS YEARS’ BALANCE BROUGHT FORWARD

5.724

4.669

2.515

 

 

 

 

 

Less

APPROPRIATIONS

 

 

 

 

 

Transfer to General Reserve

0.000

0.000

0.000

 

 

Proposed Dividend

0.000

0.000

0.000

 

 

Fringe Benefit Tax

0.000

0.171

0.188

 

BALANCE CARRIED TO THE B/S

7.083

5.723

4.669

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

 

 

 

 

 

Export Earnings

33.156

43.105

29.082

 

TOTAL EARNINGS

33.156

43.105

29.082

 

 

 

 

 

 

IMPORTS

 

 

 

 

 

Import Value

21.352

19.023

42.935

 

TOTAL IMPORTS

21.352

19.023

42.935

 

 

 

 

 

 

Earnings Per Share (Rs.)

24.70

22.27

NA

 

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2010

31.03.2009

31.03.2008

PAT / Total Income

(%)

0.89

0.75

1.84

 

 

 

 

 

Net Profit Margin

(PBT/Sales)

(%)

1.30

1.50

2.80

 

 

 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)

1.89

2.76

3.35

 

 

 

 

 

Return on Investment (ROI)

(PBT/Networth)

 

0.16

0.22

0.35

 

 

 

 

 

Debt Equity Ratio

(Total Liability/Networth)

 

7.23

6.86

9.35

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

3.79

2.30

1.92

 

 

LOCAL AGENCY FURTHER INFORMATION

 

trade references:-

 

·         MTNL

 

Bankers Charges Report as per Registry

 

 

Corporate identity number of the company

U26991MH2004PTC068955

Name of the company

LUCKY FORMS PRIVATE LIMITED

Address of the registered office or of the principal place of  business in India of the company

Gala No.16, Samrat Silk Mills Compound, L.B.S. Marg, Vikhroli (West), Mumbai – 400 079, Maharashtra, India

E-Mail: mhjain@vsnl.net

This form is for

Creation of charge

Type of charge

Book Debts

Movable Property

Others (Machinery)

Particular of charge holder

The Saraswat Co-operative Bank limited, SME Branch, Prabhat Bhavan, 1st Floor, Opposite CILPA, L.B.S. Marg, Vikhroli (West), Mumbai – 400 083, Maharashtra, India

E-Mail: kamalax_saraf@hotmail.com

Nature of description of the instrument creating or modifying the charge

Agreement of Hypothecation of Tangible Movable Property.

Date of instrument Creating the charge

06.10.2009

Amount secured by the charge

Rs.3.580 millions

Brief particulars of the principal terms an conditions and extent and operation of the charge

Rate of Interest:

13.50% p.a.

 

Terms of Repayment:

Term loan of Rs.3.580 millions will be payable in 60 monthly installments as follows.

59 monthly installments of Rs.0.060 million each. and last installment of Rs.0.040 million.

 

Margin:

Imported Machinery       25%

Indigenous Machinery    30%

 

Extent and Operation of the charge:

As per the sanction terms. 

Short particulars of the property charged

Hypothecation of Imported and Indigenous Machinery.

 

 

Corporate identity number of the company

u26991mh2004ptc068955

Name of the company

LUCKY FORMS PRIVATE LIMITED

Address of the registered office or of the principal place of  business in India of the company

Gala No.16, Samrat Silk Mills Compound, L.B.S. Marg, Vikhroli (West), Mumbai – 400 079, Maharashtra, India

This form is for

Creation of charge

Type of charge

·         Book Debts

·         Movable property (not being pledge)

Particular of charge holder

The Saraswat Co-operative Bank Limited, Vikhroli (West), Branch, Station Road, Mumbai – 400 083, Maharashtra, India

E-Mail : kamalx_saraf@hotmail.com

Nature of instrument creating charge

Agreement of hypothecation of moveable property

Date of instrument Creating the charge

10.10.2007

Amount secured by the charge

Rs.1.436 millions

Brief of the principal terms an conditions and extent and operation of the charge

Terms of repayment:

36 installments commencing from 10th Day of July

Short particulars of the property charged (Including location of the property)

All tangible movable property including the stocks for the time being whether new or manufactured  or in process of manufacturing and ever tangible movable goods / property / machinery / plant (Both present and future)

 

 

Fixed Assets:

 

·         Buildings

·         Computer

·         Plant and Machinery

·         Office Equipments

·         Motor Vehicles

·         Furniture and Fixtures

·         Laboratory Equipments

 

 

 

 

CMT REPORT (Corruption, Money Laundering & Terrorism]

 

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

 

1]         INFORMATION ON DESIGNATED PARTY

No records exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

 

2]         Court Declaration :

No records exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

 

3]         Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

 

4]         Record on Financial Crime :

            Charges or conviction registered against subject:                                                  None

 

5]         Records on Violation of Anti-Corruption Laws :

            Charges or investigation registered against subject:                                                          None

 

6]         Records on Int’l Anti-Money Laundering Laws/Standards :

            Charges or investigation registered against subject:                                                          None

 

7]         Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

 

8]         Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

 

9]         Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

 

10]        Press Report :

            No press reports / filings exists on the subject.

 

 

CORPORATE GOVERNANCE

 

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

 

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

 

 

CONTRAVENTION

 

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.45.53

UK Pound

1

Rs.72.56

Euro

1

Rs.60.62

 

 

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

3

--LIQUIDITY

1~10

3

--LEVERAGE

1~10

3

--RESERVES

1~10

3

--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

YES

--AFFILIATION

YES/NO

YES

--LISTED

YES/NO

NO

--OTHER MERIT FACTORS

YES/NO

YES

TOTAL

 

29

 

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

-

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.