MIRA
INFORM REPORT
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Report Date : |
05.07.2011 |
IDENTIFICATION DETAILS
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Name : |
LRC SPECIALITY CHEMICALS PRIVATE LIMITED |
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Registered Office : |
D 9/4, TTC MIDC Industrial Area, Village Kukshet, Turbhe, Navi Mumbai
- 400705, |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
03.06.2004 |
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Com. Reg. No.: |
11-146732 |
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CIN No.: [Company Identification No.] |
U24100MH2004PTC146732 |
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Capital
Investment / Paid-up Capital : |
Rs.10.000 Millions |
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TAN No.: [Tax Deduction & Collection Account No.] |
MUML05725G |
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PAN No.: [Permanent Account No.] |
AABCL0694F |
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Legal Form : |
Private Limited Liability Company. |
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Line of Business : |
Manufacturer of chemicals used in construction industries, agro
industries, etc. |
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No. of Employees
: |
50 [Approximately] |
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 288000 |
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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
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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/ Factory : |
D 9/4, TTC MIDC Industrial Area, Village Kukshet, Turbhe, Navi Mumbai
- 400705, |
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Tel. No.: |
91-22-27682752/27670847 |
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Fax No.: |
91-22-27614820 |
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E-Mail : |
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Website : |
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Location : |
Leased |
DIRECTORS
AS ON 30.09.2010
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Name : |
Mr. Sankar Vaideshwar Jaysankar |
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Designation : |
Director |
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Address : |
20, Sai – Villa, |
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Date of Birth/Age : |
28.09.1947 |
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Date of Appointment : |
03.06.2004 |
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Name : |
Mr. Girija Jaysankar |
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Designation : |
Director |
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Address : |
20, Sai – Villa, |
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Date of Birth/Age : |
16.01.1954 |
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Date of Appointment : |
01.07.2005 |
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Name : |
Mr. Rajisabkar P. S. |
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Designation : |
Director |
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Address : |
20, Sai – Villa, |
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Date of Birth/Age : |
02.08.1921 |
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Date of Appointment : |
03.06.2004 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2010
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Names of Shareholders |
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No. of Shares |
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Sankar Vaideshwar Jaysankar |
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49999 |
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Rajisabkar P. S. |
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50000 |
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Asha Goenka |
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1 |
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Total |
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100000 |
As on 30.09.2010
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Equity Share
Breakup |
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Percentage of
Holding |
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Category |
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Directors or relatives of directors |
|
100.00 |
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Total
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of chemicals used in construction industries, agro
industries, etc. |
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Exports : |
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Products : |
Chemicals |
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Countries : |
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Imports : |
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Products : |
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Countries : |
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Terms : |
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Selling : |
L/C, Credit |
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Purchasing : |
L/C, Credit |
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
50 (Approximately |
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Bankers : |
CITI Bank N. A. ,
Citigroup Centre, Bandra Kurla Complex, Bandra [East], Mumbai – 400051,
Maharashtra, India |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
J K Varghese and Company Chartered Accountants |
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Address : |
102, Sai Deep, 1st Floor, Opposite Vaishali Hotel, Chembur,
Mumbai – 400071, |
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Pan No.: |
AAAPV3658H |
CAPITAL STRUCTURE
As on 30.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
100,000 |
Equity Shares |
Rs.100/- Each |
Rs.10.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
100,000 |
Equity Shares |
Rs.100/- Each |
Rs.10.000 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 |
10.000 |
10.000 |
10.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
62.000 |
42.593 |
25.483 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
72.000 |
52.593 |
35.484 |
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LOAN FUNDS |
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1] Secured Loans |
12.320 |
33.817 |
2.887 |
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2] Unsecured Loans |
0.832 |
3.812 |
2.898 |
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TOTAL BORROWING |
13.152 |
37.629 |
5.785 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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Term Loan of Citi Bank |
5.000 |
0.000 |
0.000 |
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TOTAL |
90.152 |
90.222 |
41.269 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
43.611 |
35.059 |
25.908 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
3.127 |
1.550 |
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DEFERREX TAX ASSETS |
0.000 |
23.604 |
19.582 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
25.923
|
14.343
|
19.798 |
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Sundry Debtors |
150.975
|
115.020
|
106.192 |
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Cash & Bank Balances |
1.322
|
0.885
|
0.875 |
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Other Current Assets |
47.824
|
16.050
|
11.579 |
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Loans & Advances |
0.541
|
0.791
|
0.628 |
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Total
Current Assets |
226.585
|
147.089
|
139.072 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
110.864
|
84.778 |
80.347 |
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Other Current Liabilities |
50.749
|
5.567
|
20.602 |
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Provisions |
18.431
|
28.335
|
43.941 |
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Total
Current Liabilities |
180.044
|
118.68
|
144.89 |
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Net Current Assets |
46.541
|
28.409
|
(5.817) |
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MISCELLANEOUS EXPENSES |
0.000 |
0.023 |
0.046 |
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TOTAL |
90.152 |
90.222 |
41.269 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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Income |
538.338 |
556.478 |
372.713 |
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Service Income |
0.000 |
0.081 |
6.472 |
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Other Income |
0.744 |
0.509 |
3.400 |
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TOTAL (A) |
539.082 |
557.068 |
382.585 |
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Less |
EXPENSES |
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Cost of Material Consumed |
415.444 |
435.829 |
310.023 |
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Direct Labour |
13.459 |
6.750 |
5.491 |
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Direct Expenses |
20.411 |
41.202 |
23.882 |
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Other Operating Expenses |
5.638 |
3.945 |
2.956 |
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Remuneration and Professional Fee |
6.953 |
3.132 |
1.971 |
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Selling Expenses |
3.485 |
3.388 |
1.526 |
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Employees Benefit |
3.828 |
1.805 |
1.272 |
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Rates & Taxes Paid |
4.534 |
5.248 |
3.589 |
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Vehicle Expenses |
1.259 |
0.959 |
0.633 |
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Conveyance & Traveling Exp. |
2.694 |
1.904 |
0.941 |
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Transportation & Others |
10.314 |
3.705 |
7.279 |
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Insurance Charges |
0.707 |
0.492 |
0.464 |
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Repairs & Maintenance |
8.536 |
4.970 |
1.634 |
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Profit/Loss on sale of asset |
0.000 |
0.148 |
0.071 |
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TOTAL (B) |
497.262 |
513.477 |
361.732 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
41.820 |
43.591 |
20.853 |
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Less |
FINANCIAL
EXPENSES (D) |
8.737 |
11.216 |
8.655 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
33.083 |
32.375 |
12.198 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
3.619 |
2.998 |
1.830 |
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PROFIT BEFORE
TAX (E-F) (G) |
29.464 |
29.377 |
10.368 |
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Less |
TAX (H) |
10.057 |
12.377 |
2.992 |
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PROFIT AFTER TAX
(G-H) (I) |
19.407 |
17.000 |
7.376 |
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Earnings Per
Share (Rs.) |
294.64 |
171.10 |
- |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
3.60
|
3.05
|
1.92 |
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Net Profit Margin (PBT/Sales) |
(%) |
5.47
|
5.27
|
2.78 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
10.90
|
16.12
|
6.28 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.41
|
0.55
|
0.29 |
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Debt Equity Ratio (Total Liability/Networth) |
|
2.68
|
1.25
|
4.24 |
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Current Ratio (Current Asset/Current Liability) |
|
1.26
|
1.23
|
0.95 |
LOCAL AGENCY FURTHER INFORMATION
Financial
Highlights:
During the year
the company earned total income from sales and service of Rs.538.338 millions
as compared to Rs.556.559 millions for the previous yea. The profit before
interest and depreciation stood at Rs.41.820 millions as compared to Rs.43.592
millions for the previous year After providing for depreciation and interest,
profit before tax stood at Rs.29.464 millions compared to Rs.29.378 millions
for the previous year
Fixed Assets
v
Furniture and Fixtures
v
Air Conditioner
v
Plant and machinery
v
Motor car
v
Typewriter
Form 8;
|
Corporate
identity number of the company |
U24100MH2004PTC146732 |
|
Name of the
company |
LRC SPECIALITY
CHEMICALS PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
D-9/4 TTC MIDC |
|
This form is for |
Modification of
charge |
|
Type of charge |
|
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Particular of
charge holder |
Citi Bank N. A. Citigroup Centre,
Bandra Kurla Complex, Bandra (E), Mumbai – 400051, |
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Nature of
instrument creating charge |
Deed of
Modification |
|
Date of
instrument Creating the charge |
07.09.2009 |
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Amount secured by
the charge |
Rs. 80.000
Millions |
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Brief of the principal
terms an conditions and extent and operation of the charge |
Rate of Interest Interest to be
charged at such rate/s as may be determined by the Bank from time to time. Terms of
Repayment On demand Margin Margin may be stipulated
by Bank from time to time. Extent and
operation of the charge The goods debts
and assets of the Borrower being hypothecated to the Bank as described in
Column No.15 as and by way of first exclusive charge as security for the
repayment of the loan together with all interest, liquidated damages, premia
on repayment or on redemption, costs, charges and other expenses payable by
the Borrower to the Bank. |
|
Particulars of
the property charged |
(i)
The
whole of movable assets, including plant and machinery, both present and
future, stocks of raw materials, goods in process of manufacture -- As per
Annexure attached ---- (ii)
All
the borrower's present and future book debts, outstanding monies,
receivables, claims, bills, investments, right to or on movable properties
and moveable assets (iii)
Indo
Straits Private Limited present and future stocks of raw materials, goods in
process of manufacture, semi-finished goods and all finished and manufactured
goods and articles (iv)
Indo
Straits Private Limited present and future book debts, outstanding monies, receivables, claims,
bills, investments, right to or on movable properties and moveable assets |
|
Particulars of
the present modification |
The Bank has now increased
the credit facilities from Rs.60.000 Millions to Rs.80.000 millions against
the security of the Borrower's goods, debts and movable assets. |
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.44.45 |
|
|
1 |
Rs.71.52 |
|
Euro |
1 |
Rs.64.62 |
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 |
5 |
|
--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 |
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 |
|
-- |
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.