MIRA INFORM REPORT

 

 

Report Date :

21.01.2011

 

IDENTIFICATION DETAILS

 

Name :

LEXI PRIVATE LIMITED (w.e.f. 22.03.2000)

 

 

Formerly Known As :

LEXI PENS (INDIA) PRIVATE LIMITED

 

 

Registered Office :

B -33, 6th Floor, New Link Road, Andheri West, Mumbai – 400053, Maharashtra

 

 

Country :

India

 

 

Financials (as on) :

31.03.2010

 

 

Date of Incorporation :

22.03.2001

 

 

Com. Reg. No.:

11-131336

 

 

CIN No.:

[Company Identification No.]

U36991MH2001PTC131336

 

 

Legal Form :

Private Limited Liability Company 

 

 

Line of Business :

Manufacturer and Exporter of High Quality Precision Tip Plastic Ball Pens, Plastic Gel Pens, Metal Pens and Refills

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba (52)

 

RATING

STATUS

PROPOSED CREDIT LINE

 

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

 

Maximum Credit Limit :

USD 1800000

 

 

Status :

Good

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

 

Comments :

Subject is a well established and a reputed company having fine track. Financial position of the company appears to be sound.

 

Directors are reported to be experienced and respectable businessmen. Trade relations are reported as fair. Business is active. Payments are reported to be regular and as per commitments.

 

The company can be considered 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)

India

A1

A1

 

 

 

 

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

INFORMATION DECLINED BY

 

Name :

Mr. Vinay

Designation :

Accounts Department 

Date :

20.01.2011

 

 

LOCATIONS

 

Registered Office/Factory :

B-33, 6th Floor, Lexi Centre, Off Link Road, Andheri West, Mumbai – 400053, Maharashtra

Tel. No.:

91-22-26733700

Fax No.:

91-22-26733773

E-Mail :

cbshri@lexipens.com

exports@lexipens.com 

Website :

www.lexipens.com

 

 

DIRECTORS

 

(AS ON 13.08.2010)

 

Name :

Mr. Vinod Lakshmandas Sachdev

Designation :

Managing Director

Address :

603, Natasha Towers, Juhu Versova, Link Road, Andheri (West), Mumbai - 400 061, Maharashtra, India

Date of Birth/Age :

29.05.1959

Date of Appointment :

22.03.2001

 

 

Name :

Mr. Harsh Vinod Sachdev

Designation :

Director    

Address :

603, Natasha Towers, Juhu Versova, Link Road, Andheri (West), Mumbai - 400 061, Maharashtra, India

Date of Birth/Age :

06.03.1986

Date of Appointment :

07.07.2009

 

 

KEY EXECUTIVES

 

Name :

Mr. Vinay

Designation :

Accounts Department 

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

(AS ON 13.08.2010)

 

Names of Shareholders

 

No. of Shares

 

 

 

Vinod Lakshmandas Sachdev

 

165325

shikha Sachdeva

 

8000

Harsh Sachdeva

 

5

Bhagwan Chawla

 

1

Sanjeev Yadav

 

1

Kisan Thakur

 

1

Chandrabhan Srivastva

 

1

 

 

 

Total

 

173334

 

 

(AS ON 30.09.2010)

 

Category

 

Percentage

 

 

 

Directors or relatives of directors

 

10.00

 

 

 

Total

 

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer and Exporter of High Quality Precision Tip Plastic Ball Pens, Plastic Gel Pens, Metal Pens and Refills

 

 

Products :

§            Writing Instruments

§            Plastic Pens

§            Metal Pens

§            Corporate Promotional Pens

§            Opaque Pens

 

 

PRODUCTION STATUS (AS ON 31.03.2010)

 

Particulars

 

Unit

Actual Production

 

 

 

Ball Pens

Nos.

2,090.50 Lacs

Refills

Nos.

191.41 Lacs

 

 

GENERAL INFORMATION

 

No. of Employees :

Not divulged by the management.

 

 

Bankers :

§            State Bank of India

Industrial Finance Branch, Sakinaka, Mumbai – 400072, Maharashtra, India

 

 

Facilities :

Secured Loan

31.03.2010

31.03.2009

 

 

(Rs. In Millions)

Advance from State Bank of India

 

 

Cash Credit

--

3.383

 

 

 

Total

--

3.383

 

Bank borrowings are secured by way of Hypothecation of entire current assets of the company and Equitable Mortgage over Companies Land and building at E-106, Ansa Industrial Estate, Sakinaka, Andheri, Mumbai Equitable Mortgage Factory land and building

 

 

 

 

Banking Relations :

--

 

 

Auditors :

 

Name :

J. C. Desai and Company

Chartered Accountant

Address :

610 – A, Commerce House, 140 Nagindas Master Road, Fort, Mumbai – 400001, Maharashtra, India

Mobile No.:

91-9323469428

 

 

CAPITAL STRUCTURE

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

200000

Equity  Shares

Rs.100/- each

Rs.20.000 millions

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

173334

Equity  Shares

Rs.100/- each

Rs.17.333 millions

 

 

 

 

 

NOTE:

 

[Of the above, 86,667 (86,667) equity shares, fully paid up have been issued as bonus shares by capitalization of the general reserve and share premium]

 

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

17.333

17.333

17.333

2] Share Application Money

0.000

0.000

0.000

3] Reserves & Surplus

444.666

334.801

242.373

4] (Accumulated Losses)

0.000

0.000

0.000

NETWORTH

461.999

352.134

259.706

LOAN FUNDS

 

 

 

1] Secured Loans

0.000

3.383

4.504

2] Unsecured Loans

0.000

0.000

0.000

TOTAL BORROWING

0.000

3.383

4.504

DEFERRED TAX LIABILITIES

1.301

0.948

0.037

 

 

 

 

TOTAL

463.300

356.465

264.247

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

146.927

79.871

79.508

Capital work-in-progress

88.164

26.359

8.483

 

 

 

 

INVESTMENT

0.000

0.000

0.000

DEFERREX TAX ASSETS

0.000

0.000

0.000

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
78.786
97.750
143.562

 

Sundry Debtors
47.698
19.590
7.724

 

Cash & Bank Balances
86.926
98.325
17.615

 

Other Current Assets
0.000
0.000
0.000

 

Loans & Advances
102.353
81.238
81.683

Total Current Assets
315.763

296.903

250.584

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

 

Sundry Creditor
67.675
32.996
61.219

 

Other Current Liabilities
13.113
11.917
12.661

 

Provisions
6.776
1.770
0.470

Total Current Liabilities
87.564
46.683
74.350

Net Current Assets
228.199
250.220
176.234

 

 

 

 

MISCELLANEOUS EXPENSES

0.010

0.015

0.022

 

 

 

 

TOTAL

463.300

356.465

264.247

 

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

 

31.03.2010

31.03.2009

31.03.2008

 

SALES

 

 

 

 

 

Income

752.587

560.931

500.165

 

 

Other Income

38.378

18.064

10.725

 

 

TOTAL                                     (A)

790.965

578.995

510.890

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

Manufacturing Expenses

52.972

30.073

25.150

 

 

Administrative Expenses

95.240

58.383

54.534

 

 

Raw Material Consumed

375.533

246.459

339.828

 

 

Increase/(Decrease) in Finished Goods

17.984

65.297

(56.159)

 

 

Salaries, Wages, Bonus, etc.

57.448

43.215

42.116

 

 

TOTAL                                     (B)

599.177

443.427

405.469

 

 

 

 

 

Less

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

191.788

135.568

105.421

 

 

 

 

 

Less

FINANCIAL EXPENSES                         (D)

2.246

1.358

4.361

 

 

 

 

 

 

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

189.542

134.210

101.060

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION                     (F)

35.801

22.119

22.021

 

 

 

 

 

 

PROFIT BEFORE TAX (E-F)                               (G)

153.741

112.091

79.039

 

 

 

 

 

Less

TAX                                                                  (H)

40.485

14.544

9.210

 

 

 

 

 

 

PROFIT AFTER TAX (G-H)                                (I)

113.256

97.547

69.829

 

 

 

 

 

Add

PREVIOUS YEARS’ BALANCE BROUGHT FORWARD

300.633

218.004

160.244

 

 

 

 

 

Less

APPROPRIATIONS

 

 

 

 

 

Transfer to General Reserve

20.000

9.800

7.000

 

 

Interim Dividend

2.600

4.333

4.333

 

 

Tax on Interim Dividend

0.442

0.736

0.736

 

 

Income Tax of Earlier Year

0.351

0.049

0.000

 

BALANCE CARRIED TO THE B/S

390.496

300.633

218.004

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

 

 

 

 

 

Export Earnings

356.885

184.699

104.270

 

TOTAL EARNINGS

356.885

184.699

104.270

 

 

 

 

 

 

IMPORTS

 

 

 

 

 

Raw Materials

18.091

18.819

1.268

 

 

Capital Goods

122.223

26.635

6.454

 

TOTAL IMPORTS

140.314

45.454

7.722

 

 

 

 

 

 

Earnings Per Share (Rs.)

653.31

562.77

402.86

 

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2010

31.03.2009

31.03.2008

PAT / Total Income

(%)
14.32

16.85
13.66

 

 
 

 
 

Net Profit Margin

(PBT/Sales)

(%)
20.43

19.98
15.08

 

 
 

 
 

Return on Total Assets

(PBT/Total Assets}

(%)
33.23

27.80
23.94

 

 
 

 
 

Return on Investment (ROI)

(PBT/Networth)

 
0.33

0.32
0.30

 

 
 

 
 

Debt Equity Ratio

(Total Liability/Networth)

 
0.19

0.14
0.30

 

 
 

 

 

Current Ratio

(Current Asset/Current Liability)

 

3.61

6.36
3.37

 

 

LOCAL AGENCY FURTHER INFORMATION

 

sundry creditors details:

 

Particulars

31.03.2010

31.03.2009

 

31.03.2008

 

(Rs. in millions)

 

 

Sundry creditors

67.675

32.996

61.219

 
 
 

 

 

 

OPERATION

 

The turnover during the year 2009-10 was at Rs.752.587 Millions compared to Rs.560.932 Millions recorded during the year 2008-09, an increase of 34.17% in turnover vis-ŕ-vis the previous year. The Profit after tax stands at Rs.113.256 Millions for 2009-2010. Company has strengthened its Sales network in India to sustain an upswing in the turnover and to facilitate the new product launches. During the period under report there was considerable improvement in Export Sales. The export sale, which was Rs.184.700 Millions during the year 2008-09 has gone upto Rs.356.900 Millions during the year 2009-10, an increase of 93% over the previous year figure. Efforts are continuing to further augment the contribution from export sales to the total turnover of the company. The company continues to enforce quality control measures for the products of the Company to ensure brand loyalty from customers. Launch of new products are planned to ensure a further increase in Company’s market share of writing instruments in India. It is expected that the measures initiated by the management will continue to yield the desired growth in Sales and the profits.

 

 

FORM 8

 

Corporate identity number of the company

U36991MH2001PTC131336

Name of the company

LEXI PENS (INDIA) PRIVATE LIMITED

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

B -33, 6th Floor, New Link Road, Andheri West, Mumbai – 400053, Maharashtra, India

This form is for

Modification of charge

Type of charge

·         Book debts

·         Movable property (not being pledge)

·         Others - Plant and Machinery

Particular of charge holder

State Bank of India,

Industrial Finance Branch, Sakinaka, Mumbai – 400072, Maharashtra, India

Email : kamalax_saraf@hotmail.com  

Nature of instrument creating charge

A) Supplemental general agreement for the grant of small industrial advances and hypothecation of goods, book-debts, and other assets (w.c.f )

B) Ancillary agreement no. 1

C) Ancillary agreement no. 6

All the above agreements constitute a single modification.

Date of instrument Creating the charge

06.03.2007

Amount secured by the charge

Rs.150.000 millions

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

Rate of interest

1.25% below the State Bank of India advance rate with a minimum of 9.75% p. a.

 

Margin

Raw material                   :  25%

Stock in process              :  25%

Finished goods                :  40%

Receivables (60 days)     :  33%

Letter of credit                  :  25%

Guarantees                      :  25%

 

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

All present and future goods, book debts, movables and other assets of the borrower including documents of title to goods and other assets such as outstandings moneys, receivables, claims, bills, invoices, documents, contracts, engagements, securities, investments and rights and the present and all future machinery

Particulars of the Present modification

Now by the Present modification Dated 06.03.2007. The limit has been increased by Rs.11.000 Millions making Total Rs.150.000 Millions.

 

 

Fixed Assets

 

·         Land and Building

·         Furniture and Fixtures

·         Plant and Machinery

·         Moulds, Dies and Tools

·         Office Equipment

·         Vehicles

 

 

 

 

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.45.58

UK Pound

1

Rs.72.73

Euro

1

Rs.61.45

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

5

PAID-UP CAPITAL

1~10

6

OPERATING SCALE

1~10

6

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

6

--PROFITABILIRY

1~10

6

--LIQUIDITY

1~10

6

--LEVERAGE

1~10

5

--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

 

52

 

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.