MIRA
INFORM REPORT
|
Report Date : |
12.03.2011 |
IDENTIFICATION DETAILS
|
Name : |
LUXOR INTERNAITONAL PRIVATE LIMITED |
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|
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Registered
Office : |
229, Okhla Industrial Estate, Phase III, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
16.07.1980 |
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Com. Reg. No.: |
55-010659 |
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CIN No.: [Company Identification
No.] |
U74899DL1980PTC010659 |
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TAN No.: [Tax Deduction & Collection
Account No.] |
DELL02698D DELL00168A |
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PAN No.: [Permanent Account No.] |
AAACL0282E |
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|
Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer and Exporter of all types of Writing Instruments. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (42) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 644000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track. Trade relations
are reported to be slow but correct. 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) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
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
|
Registered Office : |
229, Okhla Industrial Estate, Phase III, |
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Tel. No.: |
91-11-41613536 |
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E-Mail : |
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Website : |
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Factory : |
C - 42, Phase No. 2, Noida - 201 305, |
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Tel. No.: |
91-120-3047060/ 3047000 |
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Fax No.: |
91-120-3047023-24 |
DIRECTORS
As on 28.09.2010
|
Name : |
Mr. Davinder Kumar Jain |
|
Designation : |
Managing Director |
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Address : |
D-19, Nizamuddin East, |
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Date of Birth/Age : |
19.02.1943 |
|
Date of Appointment : |
16.11.2009 |
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DIN No.: |
00055350 |
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Name : |
Mr. Vijay Kumar Jain |
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Designation : |
Director |
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Address : |
B – 167, DDA Flats, SFS Flats, Sarita Vihar, |
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Date of Birth/Age : |
05.06.1936 |
|
Date of Appointment : |
08.01.1996 |
|
DIN No.: |
00055376 |
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Name : |
Ms. Usha Jain |
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Designation : |
Director |
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Address : |
D-19, Nizamuddin East, |
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Date of Birth/Age : |
19.06.1943 |
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Date of Appointment : |
19.01.2002 |
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DIN No.: |
00055364 |
KEY EXECUTIVES
|
Name : |
Mrs. Rajeswari Iyer |
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Designation : |
President |
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Date of Birth/Age : |
50 Years |
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Qualification : |
BA, Diploma in Foreign Trade |
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Experience : |
30 Years |
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Date of Appointment : |
01.04.2002 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 28.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Usha Jain |
|
500000 |
|
Davinder Kumar Jain |
|
500000 |
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Total
|
|
1000000 |
As on 28.09.2010
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Directors
or relatives of directors |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturers and Exporter of all types of Writing Instruments. |
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|
PRODUCTION STATUS (AS ON 31.03.2010)
|
Particulars |
Unit |
|
|
Production/
Purchases |
|
Writing Instruments |
Pcs. |
|
|
151678434 |
|
Nibs |
Pcs. |
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|
-- |
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GENERAL INFORMATION
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Bankers : |
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|||||||||||||||||||||||||||
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Facilities : |
Notes: 1. Working capital borrowings from Bank of Rs.139.489 millions (2008-09:
Rs.109.258 millions) are secured by first charge by way of hypothecation of
stocks/ stores and book debts of the company. There borrowings are further
secured by a secured charge by way of hypothecation of movable fixed assets
including plant and machinery and personal guarantee of two of the directors.
2. Other Borrowings: i) Term Loans of Rs.44.503 millions (2008-09: Rs.70.372 millions) from
a bank are secured by way of a first mortgage charge on the immovable/
movable fixed assets of the company situated at the companies plant at C-42,
Noida Phase – II, and personal guarantee of two of Directors. ii) Term Loans of Rs.14.737 millions (2008-09: Rs.20.000 millions)
from another bank are secured by way of First pari passu charge on all
existing and future fixed assets of the company, and second pari passu charge
on all existing and future current assets of the company and first pari passu
charge on land and building situated at Noida and personal guarantee of two
of Directors. iii) Vehicle loan of Rs.1.285 millions (2008-09: Rs.1.395 millions)
from banks are secured by hypothecation of vehicles purchased thereunder. iv) Term loan installments due within one year. |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
S. Kalra and Associates Chartered Accountants |
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Address : |
24, Manek Vihar, I.P. Extension II, |
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Tel. No.: |
91-11-22151632 |
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Fax No.: |
91-11-22142850 |
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Companies under same management : |
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CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
10000000 |
Equity Shares |
Rs.10/- each |
Rs.100.000 millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1000000 |
Equity Shares |
Rs.10/- each |
Rs.10.000
millions |
|
|
|
|
|
(Out of the above 960000 shares issued for consideration other than
cash)
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 |
10.000 |
10.000 |
10.000 |
|
|
2] Share Application Money |
123.250 |
123.200 |
131.600 |
|
|
3] Reserves & Surplus |
27.704 |
22.481 |
12.155 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
160.954 |
155.681 |
153.755 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
201.013 |
201.024 |
197.665 |
|
|
2] Unsecured Loans |
153.600 |
153.600 |
142.500 |
|
|
TOTAL BORROWING |
354.613 |
354.624 |
340.165 |
|
|
DEFERRED TAX LIABILITIES |
29.643 |
26.820 |
21.365 |
|
|
|
|
|
|
|
|
TOTAL |
545.210 |
537.125 |
515.285 |
|
|
|
|
|
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APPLICATION OF FUNDS |
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|
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|
|
|
|
|
|
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FIXED ASSETS [Net Block] |
342.837 |
349.739 |
341.612 |
|
|
Capital work-in-progress |
4.851 |
2.923 |
6.593 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.850 |
0.850 |
0.850 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
108.379
|
82.267 |
70.041 |
|
|
Sundry Debtors |
149.676
|
159.689 |
138.003 |
|
|
Cash & Bank Balances |
2.035
|
3.775 |
7.537 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
41.653
|
30.448 |
33.488 |
|
Total
Current Assets |
301.743
|
276.179 |
249.069 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
99.518
|
84.851 |
59.649 |
|
|
Other Current Liabilities |
17.219
|
13.213 |
13.483 |
|
|
Provisions |
5.553
|
7.715 |
9.707 |
|
Total
Current Liabilities |
105.071
|
92.566 |
82.839 |
|
|
Net Current Assets |
196.672
|
183.613 |
166.230 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
545.210 |
537.125 |
515.285 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
565.015 |
575.062 |
542.496 |
|
|
|
Export Incentive |
52.607 |
54.372 |
60.317 |
|
|
|
Other Income |
10.157 |
8.794 |
2.437 |
|
|
|
TOTAL (A) |
627.779 |
638.228 |
605.250 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Raw Material and Manufacturing and Other Expenses |
402.052 |
410.326 |
402.094 |
|
|
|
Employees Costs/ Establishment Expenses |
102.278 |
90.451 |
75.796 |
|
|
|
Administrative Expenses |
13.638 |
14.846 |
13.521 |
|
|
|
Selling Expenses |
41.335 |
47.309 |
45.701 |
|
|
|
Increase/ Decrease in Stocks |
(0.143) |
(2.154) |
6.381 |
|
|
|
TOTAL (B) |
559.160 |
560.778 |
543.493 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
68.619 |
77.450 |
61.757 |
|
|
|
|
|
|
|
|
|
Less |
INTEREST &
FINANCIAL EXPENSES (D) |
25.798 |
26.519 |
27.146 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
42.821 |
50.931 |
34.611 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
31.494 |
31.154 |
21.918 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
11.327 |
19.777 |
12.693 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
6.104 |
9.451 |
6.053 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
5.223 |
10.326 |
6.640 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
21.932 |
11.606 |
4.966 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
27.155 |
21.932 |
11.606 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB Value of Exports |
485.974 |
489.704 |
485.805 |
|
|
TOTAL EARNINGS |
485.974 |
489.704 |
485.805 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials & Components |
117.067 |
78.931 |
96.942 |
|
|
|
Capital Goods |
18.059 |
12.142 |
13.559 |
|
|
TOTAL IMPORTS |
135.126 |
91.073 |
110.501 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
|
|
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
0.83
|
1.62 |
1.10 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
2.00
|
3.44 |
2.34 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
1.76
|
3.16 |
2.15 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.07
|
0.13 |
0.08 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.86
|
2.87 |
2.75 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.87
|
2.98 |
3.01 |
LOCAL AGENCY FURTHER INFORMATION
FINANCIAL RESULTS:
During the year the Company’s sales lower at Rs.565.015 millions as compared
to Rs.575.061 millions in 2008-09. The Profit after tax was higher at Rs.11.327
millions as compared to Rs.19.776 millions in 2008-09.
FORM 8:
|
Corporate
identity number of the company |
U74899DL1980PTC010659 |
|
Name of the
company |
LUXOR INTERNAITONAL PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
229, Okhla Industrial Estate, Phase III, E-Mail: mahesh.gupta@luxoroffice.com |
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
10172332 |
|
Type of charge |
Immovable
Property Book Debts Movable Property Others (First Charge
on Current Assets) |
|
Particular of
charge holder |
Kotak Mahindra
Bank Limited, 15-16 Upper Ground Floor, Ambadeep Building, 14, Kasturba
Gandhi Marg, New Delhi – 110 001, India E-Mail: prasad.ranade@kotak.com |
|
Nature of
description of the instrument creating or modifying the charge |
MEMORANDUM OF
DEPOSIT OF TITLE DEEDS DATED 14/09/2010 |
|
Date of
instrument Creating the charge |
14/09/2010 |
|
Amount secured by
the charge |
Rs.160.000
millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest:
As per the agreement Terms of
Repayment: As per the agreement Margin: As per
the agreement Extent and
Operation of the charge: As per the agreement |
|
Short particulars
of the property charged |
First charge on
all existing and future current assets of the borrower, second charge on all
existing and future movable fixed assets of the borrower and second charge on
the Immovable property situated at All the piece and parcel of land bearing
Plot No. 42, Block C, Phase II, Noida (Uttar Pradesh) admeasuring 8100
Sq.Mtrs. |
|
Date of latest
modification prior to the present modification |
09/03/2010 |
|
Particulars of the
present modification |
The WC Limit of
Rs.160.000 millions is additionally secured by way second charge by way of
equitable mortgage of immovable property being- All the piece and parcel of
land bearing Plot No. 42, Block C, Phase II, Noida (Uttar Pradesh)
admeasuring 8100 Sq. Mtrs, more particularly described in the MOE together
with all Buildings, Structures and Plant and Machinery, if any, affixed to
the earth or permanently affixed to something attached to the earth. |
FIXED ASSETS:
·
Land
·
·
Plant and Machinery
·
Moulds
·
Office Equipment
·
Computer and Softwares
·
Furniture and Fixtures
·
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.45.21 |
|
|
1 |
Rs.72.55 |
|
Euro |
1 |
Rs.62.43 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--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 |
|
42 |
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.