MIRA
INFORM REPORT
|
Report Date : |
02.04.2012 |
IDENTIFICATION DETAILS
|
Name : |
LAXMI BOARD AND PAPER MILLS LIMITED |
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Registered
Office : |
Plot No.2, MIDC Area, Kalyan, |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
25.09.1969 |
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Com. Reg. No.: |
11-014398 |
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Capital
Investment / Paid-up Capital : |
Rs.36.000
Millions |
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CIN No.: [Company Identification
No.] |
U99999MH1969PLC014398 |
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|
Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Manufacturer and Importer of Kraft Paper, Kraft and Test. |
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No. of Employees
: |
500 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (51) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 company having fine track. General
financial position is good. Trade relations are reported as fair. Business is
active. Payments are 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.
INFORMATION DECLINED BY
|
Name : |
Mr. Hitesh Patel |
|
Designation : |
Executive Legal Officer |
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Contact No.: |
91-2522-280641 |
|
Date : |
29.03.2012 |
LOCATIONS
|
Registered Office / Factory : |
Plot No.2, MIDC Area, Kalyan, Bhiwandi Road, Saravali, Kalyan,
Thane-421311, Maharashtra, India |
|
Tel. No.: |
91-2522-280641 |
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Fax No.: |
91-2522-280643 |
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E-Mail : |
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Website : |
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Area : |
10000 sq. ft. (Approximately) |
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Location : |
Owned |
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Correspondence Address : |
Ground Floor, Samruddhi Apartments, Road #38, Station Road, Bandra (West),
Mumbai-400050, Maharashtra, India |
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Tel. No.: |
91-22-26552951 / 26552952 / 26552953 |
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Fax No.: |
91-22-26552956 |
DIRECTORS
As on 28.09.2011
|
Name : |
Mr. Dineshchandra Chandulal |
|
Designation : |
Chairman |
|
Address : |
Aurum Behind Tata Institute of Social Science, Deonar, Sion Trombay
Road, Mumbai-400088, Maharashtra, India |
|
Date of Birth/Age : |
16.10.1938 |
|
Date of Appointment : |
12.02.1973 |
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DIN No : |
00167581 |
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|
Name : |
Mr. Manish Mahendra Patel |
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Designation : |
Director |
|
Address : |
12,13 Cross Road, V. V. Mohalla, Near Water Tank, Mysore-570002, India |
|
Date of Birth/Age : |
18.05.1959 |
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Date of Appointment : |
26.03.1990 |
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DIN No : |
00128179 |
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Name : |
Mr. Ajay Dinesh Patel |
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Designation : |
Whole Time Director |
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Address : |
Aurum, Behind Tata Institute of Social Science, Deonar, Sion Trombay
Road, Mumbai-400088, Maharashtra, India |
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Date of Birth/Age : |
10.12.1968 |
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Date of Appointment : |
25.06.2004 |
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DIN No : |
00466905 |
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Name : |
Mr. Rajesh Natvarlal Modi |
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Designation : |
Whole Time Director |
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Address : |
701, Neel Sagar, 23-B, Perry Cross Road, Bandra (West), Mumbai-400050,
Maharashtra, India |
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Date of Birth/Age : |
24.02.1954 |
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Date of Appointment : |
24.06.2000 |
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DIN No : |
00167599 |
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|
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Name : |
Mr. Harshad Natvarlal Modi |
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Designation : |
Whole Time Director |
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Address : |
201-B, Ruby Apartment, 7th Road, J.V.P.D. Scheme, Juhu,
Mumbai-400049, Maharashtra, India |
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Date of Birth/Age : |
18.06.1952 |
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Date of Appointment : |
25.06.2004 |
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DIN No : |
00167613 |
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Name : |
Mr. Rachit Rajesh Modi |
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Designation : |
Director |
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Address : |
701, Neel Sagar, 23-B, Perry Cross Road, Bandra (West), Mumbai-400050,
Maharashtra, India |
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Date of Birth/Age : |
01.03.1986 |
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Date of Appointment : |
26.03.2010 |
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DIN No : |
02850945 |
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Name : |
Mr. Jitendra Patel |
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Designation : |
Director |
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Address : |
70, Sopan Building Cooperative Housing Society, Ghorapuri, Pune-411013,
Maharashtra, India |
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Date of Birth/Age : |
02.05.1946 |
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Date of Appointment : |
25.06.2004 |
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DIN No : |
00248302 |
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Name : |
Mr. Kirit N. Modi |
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Designation : |
Director |
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Address : |
17th Floor, B-Wing, EDEN Hall, Dr. A. B. Road, Worli,
Mumbai-400018, Maharashtra, India |
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Date of Birth/Age : |
09.03.1949 |
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Date of Appointment : |
25.06.2004 |
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DIN No : |
00167607 |
KEY EXECUTIVES
|
Name : |
Mr. Hitesh Patel |
|
Designation : |
Executive Legal Officer |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 28.09.2011
|
Names of Shareholders |
|
No. of Shares |
|
Ranbirsingh Gill |
|
71920 |
|
Vikramsingh Gill |
|
71920 |
|
Amrita Punja |
|
56160 |
|
Balbirkaur Gill |
|
23400 |
|
Jagirkaur Gill |
|
46800 |
|
Jagjitkaur Gill |
|
46800 |
|
Sukhbirsingh Mangat |
|
23400 |
|
Sanjay Patel |
|
49820 |
|
Amit Patel |
|
49820 |
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Prafulchandra Patel, Pratibha Patel and Shishir Patel |
|
40000 |
|
Pratibha Patel and Shaileja Patel |
|
12640 |
|
Shaileja Patel and Dipu Patel |
|
27640 |
|
Shishir Patel and Smila Patel |
|
72080 |
|
Aparna Patel |
|
28900 |
|
Preetiben Patel |
|
28900 |
|
Snehalata Desai |
|
19260 |
|
Ajay Patel |
|
67300 |
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Avani Patel |
|
17300 |
|
Manish Patel |
|
52245 |
|
Meeta Patel |
|
24920 |
As on 28.09.2011
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Directors
or relatives of directors |
|
81.88 |
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Others
|
|
18.12 |
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Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Importer of Kraft Paper, Kraft and Test. |
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Products : |
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GENERAL INFORMATION
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No. of Employees : |
500 (Approximately) |
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Bankers : |
Canara Bank, Station Road, Kalyan-421301, Maharashtra, India |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
Vijay T Parmar and Company Chartered Accountant |
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Address : |
101, Nadhav Building Apartment, Gaushala Road, Shivaji Path, Opposite
Bank of Maharashtra, Kalyan-421301, Maharashtra, India |
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Tel. No.: |
95251-2311009 |
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Mobile No.: |
91-9821416960 |
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Fax No.: |
95251-2317655 |
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E-Mail : |
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Pan No.: |
ABOPP2499R |
CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
4000000 |
Equity Shares |
Rs.10/- each |
Rs.40.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
3600000 |
Equity Shares |
Rs.10/- each |
Rs.36.000
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
36.000 |
36.000 |
18.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
273.842 |
215.020 |
179.725 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
309.842 |
251.020 |
197.725 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
257.418 |
211.022 |
196.974 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
257.418 |
211.022 |
196.974 |
|
|
DEFERRED TAX LIABILITIES |
36.690 |
37.749 |
35.377 |
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|
|
|
|
|
|
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TOTAL |
603.950 |
499.791 |
430.076 |
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|
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APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
222.128 |
234.666 |
246.053 |
|
|
Capital work-in-progress |
56.636 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.001 |
0.001 |
0.001 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
142.754
|
117.255
|
48.546 |
|
|
Sundry Debtors |
199.800
|
181.820
|
157.797 |
|
|
Cash & Bank Balances |
15.155
|
8.273
|
14.417 |
|
|
Other Current Assets |
0.000
|
0.000
|
0.000 |
|
|
Loans & Advances |
170.051
|
101.820
|
73.145 |
|
Total
Current Assets |
527.760
|
409.168
|
293.905 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
94.995
|
66.164 |
65.380 |
|
|
Other Current Liabilities |
18.313
|
20.847
|
14.221 |
|
|
Provisions |
89.267
|
57.033
|
30.282 |
|
Total
Current Liabilities |
202.575
|
144.044
|
109.883 |
|
|
Net Current Assets |
325.185
|
265.124
|
184.022 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
603.950 |
499.791 |
430.076 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
1756.707 |
1372.155 |
1221.778 |
|
|
|
Other Income |
1.336 |
0.782 |
0.724 |
|
|
|
TOTAL (A) |
1758.043 |
1372.937 |
1222.502 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Consumption Materials Changes Inventories |
1076.772 |
763.156 |
|
|
|
|
Manufacturing Service Cost |
497.756 |
380.065 |
1120.208 |
|
|
|
Employee Related Expenses |
56.835 |
44.965 |
|
|
|
|
Administrative Selling Other Expenses |
65.610 |
107.623 |
|
|
|
|
TOTAL (B) |
1696.973 |
1295.809 |
1120.208 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
61.070 |
77.128 |
102.294 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
25.001 |
23.745 |
28.454 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
36.069 |
53.383 |
73.840 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
16.355 |
17.041 |
16.854 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
19.714 |
36.342 |
56.986 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
30.441 |
34.383 |
20.177 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
(10.727) |
1.959 |
36.809 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
167.237 |
120.242 |
93.041 |
|
|
|
|
|
|
|
|
|
|
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
|
|
4.000 |
|
|
|
Proposed Dividend |
13.297 |
12.618 |
4.500 |
|
|
|
Tax on Dividend |
|
|
0.765 |
|
|
|
Short Provision of Tax |
|
|
0.343 |
|
|
BALANCE CARRIED
TO THE B/S |
143.213 |
109.583 |
120.242 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
|
671.362 |
488.668 |
|
|
|
Stores & Spares |
NA |
2.766 |
5.583 |
|
|
|
Capital Goods |
|
5.087 |
7.801 |
|
|
|
Others |
|
2.728 |
1.013 |
|
|
TOTAL IMPORTS |
NA |
681.943 |
503.065 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
(2.97) |
0.54 |
21.82 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
(0.61)
|
0.14 |
3.01 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
1.12
|
2.65 |
4.66 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
2.63
|
5.64 |
10.55 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.06
|
0.14 |
0.29 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.48
|
1.41 |
1.73 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.60
|
2.84 |
2.67 |
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF SUNDRY CREDITORS:
|
Particulars |
31.03.2011 (Rs. in millions) |
31.03.2010 (Rs. in millions) |
31.03.2009 (Rs. in millions) |
|
Sundry Creditors |
94.995
|
66.164 |
65.380 |
BANKERS CHARGES
REPORT AS PER REGISTRY
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
90143248 |
|
Corporate
identity number of the company |
U99999MH1969PLC014398 |
|
Name of the
company |
LAXMI BOARD AND
PAPER MILLS LIMITED |
|
Address of the registered
office or of the principal place of
business in |
Plot No.2, MIDC Area, Kalyan, Bhiwandi Road, Saravali, Kalyan,
Thane-421311, Maharashtra, India |
|
Type of charge |
Book Debts Movable Property
[not being pledge] Others |
|
Particular of
charge holder |
Canara Bank, Station Road, Kalyan-421301, Maharashtra, India |
|
Email |
|
|
Nature of
description of the instrument creating or modifying the charge |
Supplemental
common hypothecation agreement |
|
Date of
instrument Creating the charge |
08.10.2011 |
|
Amount secured by
the charge |
Rs.505.300
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest As per sanction
letter Terms of
Repayment As per sanction
letter Margin As per sanction
letter Extent and
Operation of the charge Security to
secure various credit facilities together with interest, cost, expenses,
charges, commission etc. etc. |
|
Short particulars
of the property charged |
Hypo. of stock in
trade, raw material such as waste paper, chemicals, dyes, acids, stores and
spares, goods in process, finished goods
and packing materials Book debts, outstanding
moneys receivables, claims, bills, contracts, securities, assets and rights
etc. machineries both present and
future wherever situated or in transit. Charge on entire fixed assets Entire current
assets as collateral security. |
|
Particulars of
the present modification |
The Original
Charge dated. 1-2-01 was modified from time to time now further modified on
8-10-2011 enhancing the total facilities to the extent of Rs. 505.300
millions. consisting of CC Rs.200.000 millions, FLC Rs.80.000 millions, BG
Rs. 0.700 millions, CDB Rs.5.000 millions, TL Rs.10.000 millions, TL
Rs.103.100 millions (sub-limit FLC Rs.60.000 millions), TL Rs.31.500 millions
(Sub-limit FLC Rs.31.500 millions) and new TL of Rs. 750 millions together
with interest, cost, expenses, charges, commission etc. |
FIXED ASSETS
·
Land
·
Buildings
·
Plant and Machinery
·
Office Equipments
·
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.51.15 |
|
|
1 |
Rs.81.80 |
|
Euro |
1 |
Rs.68.34 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
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.