MIRA
INFORM REPORT
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Report Date : |
05.05.2011 |
IDENTIFICATION DETAILS
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Name : |
LIFELONG INDIA LIMITED |
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Formerly Known As : |
LIFELONG APPLIANCES PRIVATE LIMITED |
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Registered Office : |
D-1, Soami Nagar, South, New Delhi-110017,
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
21.05.1985 |
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Com. Reg. No.: |
55-020988 |
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CIN No.: [Company
Identification No.] |
U32204DL1985PLC020988 |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business : |
Manufacturer of Assemblies, Injection Molded Plastic Components and
Injection Moulding Moulds. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (51) |
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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 1200000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well established and a reputed company having fine track.
Directors are reported to be experienced and respectable businessmen. Trade relations
are reported as fair. Business is active. Payments re reported to be regular
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/ Corporate Office : |
D-1, Soami Nagar, South, New Delhi-110017, |
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Tel. No.: |
91-11-26017063-65 |
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Fax No.: |
91-11-26016805 |
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E-Mail : |
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Website : |
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Factory 1 : |
76, Dharuhera Industrial Area, Dharuhera, Distt. Rewari, |
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Tel. No.: |
91-1274-242208, 242461, 242573, 242460 |
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Fax No.: |
91-1274-242572 |
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E-Mail : |
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Factory 2 : |
Plot 23, Sector 5, IMT Manesar, Guragaon Distt. Guragaon, HAryana,
Idnia |
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Tel. No.: |
91-124-4335800 |
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Fax No.: |
91-124-2291509 |
DIRECTORS
As on 27.09.2010
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Name : |
Mr. Atul Raheja |
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Designation : |
Director |
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Address : |
K-6, Sainik Farm, New Delhi-110062, |
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Date of Birth/Age : |
03.01.1964 |
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Date of Appointment : |
15.05.1987 |
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DIN No.: |
00028071 |
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Name : |
Mr. Jatender Mehta Kumar |
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Designation : |
Director |
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Address : |
Veedaang Farm No. 8, |
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Date of Birth/Age : |
11.04.1949 |
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Date of Appointment : |
03.02.1995 |
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DIN No.: |
00028207 |
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Name : |
Mr. Ravinder Khanna |
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Designation : |
Director |
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Address : |
A-804, Central Park, Sector 42, Gurgaon 122002, |
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Date of Birth/Age : |
26.02.1959 |
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Date of Appointment : |
28.06.2005 |
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DIN No.: |
010005216 |
KEY EXECUTIVES
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Name : |
Mr. Sandeep Sharma |
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Designation : |
Secretary |
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Address : |
B-2069, SGM Nagar, Faridabad-121001, |
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Date of Birth/Age : |
26.02.1977 |
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Date of Appointment : |
02.09.2008 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 27.09.2010
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Names of Shareholders |
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No. of Shares |
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Rajesh Raheja |
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100 |
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Navin Raheja |
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1000 |
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Atul Raheja |
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5077200 |
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Mini Raheja |
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142616 |
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Mohini Vasudev |
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100 |
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Parvinder Kaur |
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100 |
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Jatin Raheja |
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37500 |
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Refam Securities [Private] Limited, |
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3896764 |
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Pritinder Singh |
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10 |
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Hema Singh |
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10 |
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Total |
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9155400 |
As on 27.09.2010
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Category |
Percentage |
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Bodies corporate |
42.56 |
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Directors or relatives of Directors |
57.44 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Assemblies, Injection Molded Plastic Components and
Injection Moulding Moulds. |
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Products : |
·
Plastic Injection Molding Parts And Assemblies ·
Aluminium Pressure Die Casting Parts And
Assemblies ·
Multiple Commodity Parts And Assemblies ·
Plastic Injection Moulds |
GENERAL INFORMATION
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Customers : |
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Bankers : |
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Facilities : |
Note: Term Loan from State Bank of Working Capital Loan from Citi Bank is secured by First
pari-passu charge over current assets of the company and second pari-passu
charge on movable fixed assets of the company. Working capital loan from
State bank of
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Banking
Relations : |
- |
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Auditors : |
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Name : |
Nipun Khurana and Associates Chartered Accountants |
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Address : |
B – 192, |
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Tel. No.: |
91-11-27421201/02 |
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Fax No.: |
91-11-42821206 |
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Associates/Subsidiaries : |
Lifelong Meditech Limited |
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 |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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9155400 |
Equity Shares |
Rs.10/- each |
Rs.91.554 Millions |
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After As on
27.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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11500000 |
Equity Shares |
Rs.10/- each |
Rs.115.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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11445400 |
Equity Shares |
Rs.10/- each |
Rs.114.454 Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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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 |
91.554 |
91.554 |
49.554 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
212.702 |
185.649 |
157.782 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
304.256 |
277.203 |
207.336 |
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LOAN FUNDS |
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1] Secured Loans |
336.865 |
217.794 |
167.018 |
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2] Unsecured Loans |
40.000 |
40.000 |
10.000 |
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TOTAL BORROWING |
376.865 |
257.794 |
177.018 |
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DEFERRED TAX LIABILITIES |
53.566 |
41.867 |
39.679 |
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TOTAL |
734.687 |
576.864 |
424.033 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
615.503 |
329.149 |
334.203 |
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Capital work-in-progress |
45.910 |
154.174 |
27.540 |
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INVESTMENT |
51.186 |
51.186 |
21.186 |
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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 |
92.675
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57.790
|
50.374 |
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Sundry Debtors |
275.415
|
217.263
|
241.531 |
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Cash & Bank Balances |
73.731
|
131.971
|
41.276 |
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Other Current Assets |
0.000
|
0.000
|
0.000 |
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Loans & Advances |
146.482
|
103.118
|
99.193 |
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Total
Current Assets |
588.303
|
510.142
|
432.374 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
534.136
|
356.597 |
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Other Current Liabilities |
7.681
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450.351
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379.509 |
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Provisions |
24.398
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17.436
|
11.761 |
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Total
Current Liabilities |
566.215
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467.787
|
391.270 |
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Net Current Assets |
22.088
|
42.355
|
41.104 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
734.687 |
576.864 |
424.033 |
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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 |
2740.754 |
2155.006 |
1979.771 |
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Other Income |
(1.730) |
(1.533) |
35.893 |
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TOTAL (A) |
2739.024 |
2153.472 |
2015.664 |
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Less |
EXPENSES |
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Cost of Goods Sold |
2259.249 |
1769.518 |
1636.603 |
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Manufacturing Expenses |
145.036 |
97.280 |
101.002 |
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Administrative Expenses |
53.214 |
117.478 |
110.031 |
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Selling Expenses |
133.873 |
52.040 |
47.163 |
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Loss on sale of assets |
0.835 |
0.319 |
0.018 |
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TOTAL (B) |
2592.207 |
2036.635 |
1894.817 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
146.817 |
116.837 |
120.847 |
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Less |
FINANCIAL
EXPENSES (D) |
59.652 |
39.091 |
39.707 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
87.165 |
77.746 |
81.114 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
40.745 |
33.046 |
30.235 |
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PROFIT BEFORE
TAX (E-F) (G) |
46.420 |
44.700 |
50.905 |
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Less |
TAX (H) |
19.292 |
16.769 |
15.760 |
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PROFIT AFTER TAX
(G-H) (I) |
27.128 |
27.931 |
35.145 |
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Less |
APPROPRIATIONS |
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|
Wealth Tax Payment |
0.075 |
0.064 |
0.221 |
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BALANCE CARRIED
TO THE B/S |
27.053 |
27.866 |
34.924 |
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Earnings Per
Share (Rs.) |
2.95 |
5.61 |
9.48 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
0.99
|
1.30
|
1.74 |
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Net Profit Margin (PBT/Sales) |
(%) |
1.69
|
2.07
|
2.57 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
3.86
|
5.33
|
6.64 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.15
|
0.16
|
0.25 |
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Debt Equity Ratio (Total Liability/Networth) |
|
3.10
|
2.62
|
2.74 |
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Current Ratio (Current Asset/Current Liability) |
|
1.04
|
1.09
|
1.11 |
LOCAL AGENCY FURTHER INFORMATION
Performance Review
During the year, the
Net Sales and other income of the company increased to Rs.2739.024 millions
from Rs.2153.472 millions in the previous year, registering an increase of
27.18 % and the Profit before Tax (PBT) increased to Rs.46.420 millions from
Rs.44.700 millions in the previous year registering an increase of 3.85% though
the Profit after Tax (PAT) decreased to Rs.27.128 millions from Rs.27.931
millions, registering a decrease of 2.87 % as compared to last year.
An economic
slowdown hits the non core industries easily. In the last year, the automotive
industry has been badly hit by this economic slowdown globally but now the
automotive industry is on the recovery path. Their principal customer M/s Hero
Honda Motors Limited was the front runner in terms of sale in the two wheeler
segment. The company is confident that the two wheeler segment especially Hero
Honda will keep on growing at this speed and Lifelong India being a major
supplier would participate in this growth.
Exports
During the year,
the Company has shown an increase in the export turnover to Rs.162.000 millions
as compared to Rs.81.737 millions in the previous year, registering an increase
of 98.20%.
The world wide
recession had a deep impact on the auto industry especially in
Form 8:
|
Corporate
identity number of the company |
U32204DL1985PLC020988 |
|
Name of the
company |
LIFELONG INDIA LIMITED |
|
Address of the
registered office or of the principal place of business in |
D-1, Soami Nagar, South, New Delhi-110017 |
|
This form is for |
Modification of charge |
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Type of charge |
Book Debts Movable Property Immovable
Property Any interest in
immovable property |
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Particular of
charge holder |
State Bank of |
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Nature of
instrument creating charge |
i) Supplemental
Agreement of Loan for increase in the Overall Limit ii) Supplemental
Agreement of Hypothecation of Goods and Assets for increase in the Overall
Limit iii) Letter
regarding the grant of individual limits within the Overall Limit iv) Recital
Enhancement |
|
Date of
instrument Creating the charge |
05.11.2009 |
|
Amount secured by
the charge |
Rs. 352.000
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest FBP/FBD : Demand
Bills/Usance Bills - 2.75% below SBAR, Term Loan I - at SBAR, minimum 11.75%
p.a., Term Loan II and Corporate Loan - at 0.50% above SBAR (11.75%), present
effective rate 12.25% p.a. Terms of
Repayment The existing Term
Loan I and Corporate Loan will be repaid as per existing repayment schedule.
The New Term Loan of Rs. 130.000 Millions will be repaid in 20 quarterly
installments with a tenor of 6 years. The first installment will fall due in
October, 2010 and last installment will fall due on July, 2015. First 4
installments of Rs. 1.625 Millions each, second 4 installments of Rs. 3.250
Millions each, Third 4 installments of Rs. 8.125 Millions each and last 8
installments of Rs. 9.750 Millions each. Margin As prescribed by
the bank from time to time. Extent and
Operation of the charge The charge
operates till the repayment of all the dues together with interest and all
other charges in respect of credit facilities availed/to be availed by the
company from the bank. Others i) The above is
to secure the credit facilities provided by the bank to the company as under
: FBP/FBD Limit -
Rs. 30.000 Millions, Term Loan I - Rs. 140.000 Millions, Term Loan II - Rs.
130.000 Millions, Corporate Loan* - Rs. 52.000 Millions, totaling Rs. 352.000
Millions. *present outstanding. ii) All other
terms and conditions per Arrangement Letter No. SBI/OBND/RM-III/2009-10/286
dated 23.10.2009. |
|
Short particulars
of the property charged |
Security Charged For
Securing Working Capital/Corporate Loan : Primary : First
pari-passu charge over the entire current assets of the company including
receivables, both present and future. Collateral : i) First charge
over company's fixed assets at Dharuhera unit, incl. EM of factory land and
building situated at 76, Industrial Area, Dharuhera, Haryana. ii) Extension of
exclusive charge over fixed assets of the company including EM of factory
land and building at Plot No. 7, Industrial Park-II, Phase-I, Salempur Mehdood,
Haridwar, Uttarakhand. Security Charged
For Securing TLS : Exclusive Charge
Over Fixed Assets Of The Company. incl. EM of factory land and building at
Plot No. 7, Ind. Park-II, Phase-I, Salempur Mehdood, Haridwar, Uttarakhand. Collateral :
Second pari-passu charge on entire current assets of the company including
receivables, both present and future. |
|
Particulars of
the property charged |
The credit
facilities enhanced from Rs. 230.000 Millions to Rs. 352.000 Milllions. The enhanced
credit facilities are/shall continue to be secured by : i)
WC/Corp.
Loan - 1st P/P charge on C/A and 1st charge on F/A at Daruhera unit incl. EM
of factory L and B at 76, Indl. Ares, Daruhera and Excl. charge on F/A incl. EM of fac. L and B at Plot No. 7,
Ph.-II, Salempur Mehdood, Haridwar. ii)
TL I/II - Excl. charge on F/A incl. EM of
factory. L and B at Plot No. 7, Ph.-II, Salempur Mehdood and 2nd P/P charge
on C/A of the company |
|
Date of latest
modification prior to the present modification |
06.06.2009 |
Fixed Assets:
- Land
- Building WIP
- Plant and
Machinery
- Air
Conditioner
- Office
Equipment
- Electrical
Equipment
- Computer
- Generator
- Furniture and
fixtures
- Vehicles
- Tempo
- Cycle
- Testing
Equipments
- Moulds
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.44.34 |
|
|
1 |
Rs.70.70 |
|
Euro |
1 |
Rs.65.75 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
51 |
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.