MIRA
INFORM REPORT
|
Report Date : |
10.10.2011 |
IDENTIFICATION DETAILS
|
Name : |
LOVSON EXPORTS LIMITED |
|
|
|
|
Formerly Known
As : |
LOVSON EXPORTS (INDIA) PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
98, Bajaj Bhavan, Nariman Point, Mumbai-400021, Maharashtra |
|
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|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2010 |
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|
|
|
Date of
Incorporation : |
06.01.1987 |
|
|
|
|
Com. Reg. No.: |
11-042095 |
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|
|
Capital
Investment / Paid-up Capital : |
Rs. 13.088 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U51505MH1987PLC042095 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUML01988A |
|
|
|
|
Legal Form : |
A closely held public limited liability company |
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|
Line of Business
: |
Merchant Exporter of Engineering Product for Engineering and
Automobile Sector. |
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|
|
No. of Employees
: |
25 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (30) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 290000 |
|
|
|
|
Status : |
Moderate |
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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 moderate track. There appears
continuous dip in the turnover and profitability of the company. However, trade
relations are reported as fair. Business is active. Payments are reported to
be slow but correct. The company can be considered for business dealings with some caution. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
INFORMATION DECLINED BY
|
Name : |
Mr. Dharmesh |
|
Designation : |
Account Department |
|
Contact No.: |
91-22-42129898 |
|
Date : |
08.10.2011 |
LOCATIONS
|
Registered Office / Head Office : |
98 Bajaj Bhavan, Nariman Point, Mumbai - 400021, |
|
Tel. No.: |
91-22-42129898 |
|
Fax No.: |
91-22-42129844
/ 42129855 |
|
E-Mail : |
|
|
Website : |
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|
Area : |
Owned |
|
|
|
|
Branch Office : |
A/413, Safal Pegasus, 100 ft. Anand Nagar Road Prahlad
Nagar, Ahmedabad -
380051 |
|
Tel. No.: |
91-79-40209898 |
DIRECTORS
AS ON 30.09.2010
|
Name : |
Mr. Jinesh Bharatlal Shah |
|
Designation : |
Managing Director |
|
Address : |
27, CCI Chambers, Dinshaw Watchha Road, Mumbai-400020, Maharashtra,
India |
|
Date of Birth/Age : |
08.06.1966 |
|
Date of Appointment : |
06.02.1992 |
|
DIN No.: |
00340285 |
Other Directorship:
|
S.No. |
CIN |
Name
of the Company |
Current
designation of the director |
Date
of appointment at current designation |
Original
date of appointment |
Company
Status |
Defaulting
status |
|
1 |
U45990GJ1980PTC051043 |
Lovson
Enterprises Private Limited |
Director |
01-06-89 |
01-06-89 |
Active |
NO |
|
2 |
U51505MH1987PLC042095 |
Lovson
Exports Limited. |
Managing
director |
06-02-92 |
06-02-92 |
Active |
NO |
|
3 |
U72900GJ2000PLC053903 |
Lovson
Projects Limited |
Managing
director |
04-07-00 |
04-07-00 |
Active |
NO |
|
Name : |
Ms. Arti Jinesh Shah |
|
Designation : |
Director |
|
Address : |
27, CCI Chambers, Dinshaw Watchha Road, Mumbai-400020, Maharashtra,
India |
|
Date of Birth/Age : |
20.06.1969 |
|
Date of Appointment : |
01.01.1998 |
|
DIN No.: |
01603877 |
Other Directorship:
|
S.No. |
CIN |
Name
of the Company |
Current
designation of the director |
Date
of appointment at current designation |
Original
date of appointment |
Company
Status |
Defaulting
status |
|
1 |
U51505MH1987PLC042095 |
Lovson
Exports Limited. |
Director |
01-01-98 |
01-01-98 |
Active |
NO |
|
2 |
U72900GJ2000PLC053903 |
Lovson
Projects Limited |
Director |
19-05-06 |
19-05-06 |
Active |
NO |
|
Name : |
Ms. Hansa Bharatlal Shah |
|
Designation : |
Director |
|
Address : |
27, CCI Chambers, Dinshaw Watchha Road, Mumbai-400020, Maharashtra,
India |
|
Date of Birth/Age : |
20.10.1944 |
|
Date of Appointment : |
01.01.1998 |
|
DIN No.: |
02384342 |
KEY EXECUTIVES
|
Name : |
Mr. Dharmesh |
|
Designation : |
Account Department |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2010
|
Names of Shareholders |
No. of Shares |
|
Bharatlal G. Shah |
494150 |
|
Parimal B. Shah |
313900 |
|
Jinesh B. Shah |
313800 |
|
Hansa B. Shah |
100 |
|
Pooja P. Shah |
93400 |
|
Aarti J. Shah |
93399 |
|
Lovson Enterprises Private Limited, India |
1 |
|
Total |
1308750 |
AS ON 30.09.2010
|
Category |
Percentage |
|
Directors or relatives of Directors |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Merchant Exporter of Engineering Product for Engineering and Automobile
Sector. |
GENERAL INFORMATION
|
No. of Employees : |
25 (Approximately) |
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Bankers : |
·
Bank of India, Kalbadevi Branch, Round Building,
Shamalda Gandhi Marg, Kalbadevi, Mumbai-400002, Maharashtra, India ·
ICICI Bank ·
Bank of Baroda ·
State Bank of India ·
HDFC Bank |
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Facilities : |
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Banking
Relations : |
-- |
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|
|
|
Auditors : |
|
|
Name : |
C. M. Gabhanalal and Company Chartered Accountants |
|
Address : |
42, Namit Niwas, 30, Dr. D. D. Sathe Marg, Girgaoun,
Mumbai –400004 |
|
Tel. No.: |
91-22-23823923 |
|
PAN No.: |
AAAFC1255D |
|
|
|
|
Joint Venture : |
·
Tizi Foods Limited, (Tanzania) |
CAPITAL STRUCTURE
AS ON 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
5000000 |
Equity Shares |
Rs.10/- each |
Rs. 50.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1308750 |
Equity Shares |
Rs.10/- each |
Rs. 13.088
Millions |
|
|
|
|
|
Note: (436250 Equity shares were bought back in F.
Y. 2009-2010)
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 |
13.088 |
17.450 |
17.450 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
59.580 |
70.289 |
69.312 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
72.668 |
87.739 |
86.762 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
22.983 |
26.999 |
30.955 |
|
|
2] Unsecured Loans |
1.724 |
1.259 |
0.000 |
|
|
TOTAL BORROWING |
24.707 |
28.258 |
30.955 |
|
|
DEFERRED TAX LIABILITIES |
1.966 |
2.418 |
3.123 |
|
|
|
|
|
|
|
|
TOTAL |
99.341 |
118.415 |
120.840 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
25.014 |
24.831 |
26.207 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.175 |
|
|
|
|
|
|
|
|
INVESTMENT |
14.183 |
19.698 |
18.533 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
1.782
|
0.232 |
8.339 |
|
|
Sundry Debtors |
6.149
|
3.412 |
4.586 |
|
|
Cash & Bank Balances |
60.067
|
62.928 |
59.963 |
|
|
Other Current Assets |
1.282
|
4.134 |
2.254 |
|
|
Loans & Advances |
24.771
|
35.389 |
34.212 |
|
Total
Current Assets |
94.051
|
106.095 |
109.354 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
2.196
|
3.421 |
5.265 |
|
|
Other Current Liabilities |
27.346
|
24.655 |
24.827 |
|
|
Provisions |
4.365
|
4.133 |
3.337 |
|
Total
Current Liabilities |
33.907
|
32.209 |
33.429 |
|
|
Net Current Assets |
60.144
|
73.886 |
75.925 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
99.341 |
118.415 |
120.840 |
|
PROFIT & LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Sales |
44.480 |
85.332 |
113.783 |
|
|
|
Income from Operating Activities |
9.572 |
7.601 |
2.145 |
|
|
|
Other Income |
4.920 |
4.207 |
8.934 |
|
|
|
TOTAL |
58.972 |
97.140 |
124.862 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials |
37.645 |
76.111 |
87.191 |
|
|
|
Administrative Expenses |
23.262 |
15.079 |
26.607 |
|
|
|
TOTAL |
60.907 |
91.190 |
113.798 |
|
|
|
|
|
|
|
|
Less |
PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION
AND AMORTISATION |
(1.935) |
5.950 |
11.064 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES |
0.023 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
(1.958) |
5.950 |
11.064 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
3.781 |
3.744 |
3.412 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX |
(5.739) |
2.206 |
7.652 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
(0.608) |
(0.760) |
1.308 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX |
(6.347) |
1.446 |
6.344 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
62.544 |
61.567 |
55.689 |
|
|
|
|
|
|
|
|
|
Less |
Excess
/ Short Provision for Tax |
0.001 |
(0.469) |
(0.466) |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to Capital Redemption Reserve |
(2.434) |
0.000 |
0.000 |
|
|
|
Buy Back of Equity Shares |
(4.362) |
0.000 |
0.000 |
|
|
BALANCE CARRIED
TO THE B/S |
49.402 |
62.544 |
61.567 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
49.593 |
87.876 |
108.943 |
|
|
TOTAL EARNINGS |
49.593 |
87.876 |
108.943 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
(4.73) |
0.56 |
3.36 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
(10.76)
|
1.49 |
5.08 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(12.90)
|
2.59 |
6.73 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(4.82)
|
1.68 |
5.64 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.08)
|
0.03 |
0.09 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.83
|
0.72 |
0.78 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.77
|
3.29 |
3.27 |
LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITORS
DETAILS
(Rs.
In Millions)
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
Sundry Creditors - Others |
2.196 |
3.421 |
5.265 |
FORM 8
|
Corporate identity
number of the company |
U51505MH1987PLC042095 |
|
Name of the
company |
LOVSON EXPORTS
LIMITED. |
|
Address of the
registered office or of the principal place of business in |
98 Bajaj Bhavan, Nariman Point, Mumbai - 400021, Maharashtra, India |
|
This form is for |
Creation of
charge |
|
Type of charge |
Book debts Movable property
(not being pledge) |
|
Particular of
charge holder |
Bank of India, Kalbadevi Branch, Round Building, Shamalda Gandhi Marg,
Kalbadevi, Mumbai-400002, Maharashtra, India |
|
Nature of
instrument creating charge |
Agreement of
Hypothecation |
|
Date of
instrument Creating the charge |
31.05.2011 |
|
Amount secured by
the charge |
Rs. 100.000
Millions |
|
Brief of the principal
terms an conditions and extent and operation of the charge |
Rate of interest 2.50%over Base
Rate Presently 12.50% p.a. or at such rate as may be notified by the Bank
from time to time. Terms of repayment 12 quarterly
installments of Rs.8.333 Millions Margin As required by
the Bank from time to time. Extent and operation of the charge Security and
charge hereby created shall be by way of first charge on all the said
hypothecated assets for due payment as provided in the deed of all monies
including the principal sums, interest/commission costs charges and expenses
and all other monies whatsoever due owing and payable by the Borrower to the
Bank under or in respect of or in connection with or in any wise concerning
or relating to the said facilities agreed to be granted and/or granted by the
Bank to the Others Other borrower and also
for due repayment of all present and future indebtedness and liabilities of
the borrower to the Bank of any kind in any manner whether solely or jointly primary
or collateral accrued or accruing with all relative interest/commission,
charges , costs (between advocate and client) and expenses. Facility and
Limit: Corporate Loan Rs.100.000 millions. |
|
Short particulars
of the property charged (Including location of the property) |
a) All tangible
movable machineries and plant, both present and future on or the premises and
godowns of the borrower at Ahmedabad or wherever else, b) All tangible
movable properties, assets and goods of whatsoever nature of the Borrower
both present and future where so ever situate at Ahmedabad or elsewhere. c) All present
and future book debts, outstanding, money receivables, claims, bills which
are now due and owing or which may any time hereafter during the continuance
of this security become due and owing to the Borrower. |
FIXED ASSETS:
·
Office Building
·
Plant and Machinery
·
Motor Car
·
Computer
·
Wind Turbine Generation
·
Land
·
Furniture and Fixtures
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. 49.13 |
|
|
1 |
Rs. 75.97 |
|
Euro |
1 |
Rs. 65.99 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
30 |
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.