MIRA
INFORM REPORT
|
Report Date : |
02.01.2012 |
IDENTIFICATION DETAILS
|
Name : |
L S R SPECIALITY OILS PRIVATE LIMITED |
|
|
|
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Registered
Office : |
A-7/8, Amul Commercial Premises, 1st Road, Chembur,
Mumbai-400071, Maharashtra |
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|
Country : |
India |
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|
|
Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
30.04.1992 |
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Com. Reg. No.: |
11-066603 |
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Capital
Investment / Paid-up Capital : |
Rs. 3.000 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U15140MH1992PTC066603 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUML01676D |
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|
Legal Form : |
Private Limited Liability Company |
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|
Line of Business
: |
Manufacturer and Supplier of lubricant oil |
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|
No. of Employees
: |
Information not given by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (50) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 890000 |
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|
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|
Status : |
Satisfactory |
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|
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a well established company having satisfactory track. The
company is doing well. Trade relations are reported as fair. Business is
active. Payments are reported to be usually correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
INFORMATION DECLINED BY
|
Name : |
Mr. Benny D’Souza |
|
Designation : |
Administrative Officer |
|
Contact No.: |
91-22-66868507 |
|
Date : |
30.12.2011 |
LOCATIONS
|
Registered Office : |
A-7/8, Amul Commercial Premises, 1st Road, Chembur,
Mumbai-400071, Maharashtra, India |
|
Tel. No.: |
91-22-66868507 / 25286896 |
|
Fax No.: |
91-22-25282264 |
|
E-Mail : |
DIRECTORS
AS ON 29.09.2011
|
Name : |
Mr. Kumar Raju Nandimandalam |
|
Designation : |
Managing Director |
|
Address : |
B 11, Dattaguru Society, Deonar Village Road, Mumbai-400088,
Maharashtra, India |
|
Date of Birth/Age : |
25.06.1967 |
|
Date of Appointment : |
30.04.1992 |
|
DIN No.: |
00829724 |
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 |
U15140MH1992PTC066603 |
L S
R SPECIALITY OILS PRIVATE LIMITED |
Managing
director |
30-04-92 |
30-04-92 |
Active |
NO |
|
2 |
U24233MH1980PTC023229 |
LSR
LUBRICANTS PRIVATE LIMITED |
Managing
director |
01-04-11 |
20-04-10 |
Active |
NO |
|
Name : |
Mr. Sreedhar Raju Nandimandalam |
|
Designation : |
Director |
|
Address : |
B 10, Dattaguru Society, Deonar Village Road, Mumbai-400088,
Maharashtra, India |
|
Date of Birth/Age : |
18.04.1937 |
|
Date of Appointment : |
01.04.1996 |
|
DIN No.: |
00840905 |
|
|
|
|
Name : |
Mr. Chengal Raju Nandimandalam |
|
Designation : |
Director |
|
Address : |
B 10, Dattaguru Society, Deonar Village Road, Mumbai-400088,
Maharashtra, India |
|
Date of Birth/Age : |
16.03.1969 |
|
Date of Appointment : |
01.04.1996 |
|
DIN No.: |
01864938 |
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 |
U24233MH1980PTC023229 |
LSR
LUBRICANTS PRIVATE LIMITED |
Director |
01-04-11 |
03-10-80 |
Active |
NO |
|
2 |
U15140MH1992PTC066603 |
L S
R SPECIALITY OILS PRIVATE LIMITED |
Director |
01-04-96 |
01-04-96 |
Active |
NO |
KEY EXECUTIVES
|
Name : |
Mr. Benny D’Souza |
|
Designation : |
Administrative Officer |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 29.09.2011
|
Names of Shareholders |
No. of Shares |
|
N Chengal Raju |
14550 |
|
N Kumar Raju |
7650 |
|
N. Sreedhar Raju |
7500 |
|
V Madhuri Raju |
300 |
|
Total |
30000 |
AS ON 29.09.2011
|
Equity Shares
Break Up |
Percentage |
|
Directors or relatives of Directors |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Supplier of lubricant oil |
GENERAL INFORMATION
|
Customers : |
v Indian Additives
Limited v Lanka IOC PLC v Nandan Petrochem
Private Limited v Traxxon
Petroleums v Afton Chemical
Asia v Shell India
Markets Private Limtied v Total Oil India
Limited v SGS India
Private Limited v Dhruvi
Enterprises |
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No. of Employees : |
Information not given by the management |
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|||||||||||||||||||||
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Bankers : |
v Kotak Mahindra
Bank Limited v ICICI Bank
Limited v IDBI Bank
Limited v State Bank of
India, Chembur |
|||||||||||||||||||||
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
|
|
Name : |
P. V. Ratnam Chartered Accountant |
|
Address : |
403, Privik Residency, Steet No.4, HMT Nagar, Nacharam,
Hyderabad-500076, Andhra Pradesh, India |
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Tel. No.: |
91-40-65454938 |
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Mobile No.: |
91-9581124123 / 9866004600 |
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E-Mail : |
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Pan No.: |
AASPP6650R |
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Enterprises controlled by key management personnel / relatives of key
management personnel : |
·
LSR Chemicals ·
LSR Lubricants Private Limited |
CAPITAL STRUCTURE
AS ON 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
30000 |
Equity Shares |
Rs.100/- each |
Rs. 3.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
30000 |
Equity Shares |
Rs.100/- each |
Rs. 3.000 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 |
3.000 |
3.000 |
3.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
220.981 |
164.875 |
133.579 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
223.981 |
167.875 |
136.579 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
73.634 |
4.162 |
14.596 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
3.800 |
|
|
TOTAL BORROWING |
73.634 |
4.162 |
18.396 |
|
|
DEFERRED TAX LIABILITIES |
3.679 |
2.483 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
301.294 |
174.520 |
154.975 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
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|
|
|
|
|
|
|
|
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|
FIXED ASSETS [Net Block] |
112.512 |
77.421 |
81.948 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
119.959 |
71.717 |
52.873 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
29.620
|
2.245 |
0.000 |
|
|
Sundry Debtors |
53.416
|
30.841 |
16.315 |
|
|
Cash & Bank Balances |
3.363
|
0.602 |
0.183 |
|
|
Other Current Assets |
51.643
|
32.813 |
21.144 |
|
|
Loans & Advances |
46.272
|
23.774 |
17.658 |
|
Total
Current Assets |
184.314
|
90.275 |
55.300 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
57.843
|
31.189 |
18.053 |
|
|
Other Current Liabilities |
5.207
|
3.472 |
2.589 |
|
|
Provisions |
52.443
|
30.236 |
14.508 |
|
Total
Current Liabilities |
115.493
|
64.897 |
35.150 |
|
|
Net Current Assets |
68.821
|
25.378 |
20.150 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.002 |
0.004 |
0.004 |
|
|
|
|
|
|
|
|
TOTAL |
301.294 |
174.520 |
154.975 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
121.423 |
|
|
|
|
Other Income |
|
|
|
|
|
|
TOTAL |
223.792 |
121.423 |
82.951 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
|
59.131 |
|
|
|
|
Administrative Expenses |
|
|
|
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL |
NA |
59.131 |
NA |
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
83.010 |
62.292 |
31.285 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
NA |
30.996 |
NA |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
NA |
31.296 |
NA |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
-- |
1043.20 |
-- |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
NA
|
25.77 |
NA |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
27.97
|
37.15 |
22.79 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.37
|
0.37 |
0.23 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.86
|
0.43 |
0.39 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.60
|
1.39 |
1.57 |
LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDIOTRS
DETAILS
(Rs.
In Millions)
|
Particulars |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
Sundry Creditors |
|
|
|
|
Sundry Creditors for Suppliers and Services |
21.396 |
9.021 |
2.120 |
|
Sundry Creditors for Others |
36.447 |
22.168 |
15.933 |
|
Total |
57.843 |
31.189 |
18.053 |
MANUFACTURING:
They have enough lube oil Production capacity to take care of future
requirements. At present, they are operating the Lube Plants on a day shift
basis as the lube oil industry is highly competitive and the increase in sales
demand is only marginal. In spite of unfavorable conditions, they have achieved
a growth rate of 12% over the last year. They are putting all efforts to
achieve a better growth rate during the next year.
MARKETING:
They have started marketing of high tech lube additives of Afton Chemical
India Private Limited, (a USA based Multinational Company) on the basis of
imports from their Associate Companies in Europe. They have been successful in
catering to major lube oil manufacturers. During the current year, they have
achieved a turnover of Rs. 88.800 millions by marketing these high tech lube
additives only. They expect to achieve at least 50% growth rate during the next
year.
FUTURE:
Over the years, their dedicated services have been well recognized by
their customers and they expect that there will be a good growth of their
business in the coming years. Presently, they are also planning to diversify
into the other ranges of oil products.
CONTINGENT
LIABILITIES NOT PROVIDED FOR: (AS ON 31.03.2011)
Disputed Income Tax liability Rs. 1.200 Millions for which appeal has
been filed against the Company before Hon’able High Court at Mumbai by the
Income Tax Department.
FORM 8
|
Corporate
identity number of the company |
U15140MH1992PTC066603 |
|
Name of the
company |
L S R SPECIALITY OILS
PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
A-7/8amul
Commercial Premises, 1st Road Chembur, Mumbai-400071, Maharashtra, India |
|
This form is for |
Modification of
charge |
|
Type of charge |
Book debts Movable property
(not being pledge) Others |
|
Particular of
charge holder |
Kotak Mahindra
Bank Limited, 36-38A, Nariman Bhavan, 227,D, Nariman Point, Mumbai-400021,
Maharashtra, India |
|
Nature of
instrument creating charge |
Supplemental Deed
of Hypothecation. |
|
Date of
instrument Creating the charge |
19.07.2011 |
|
Amount secured by
the charge |
Rs. 80.000
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of interest As per the Terms
of the Bank's SL dated 30.06.2011 Terms of repayment As per the Terms
of the Bank's SL dated 30.06.2011 Extent and operation of the charge First and
exclusive charge by way of Hypothecation on all existing and future Current assets
and Movable fixed assets of the Borrower, in favour of Kotak Mahindra Bank,
to secure the repayment of financial facilities granted by the Bank to the
Borrower. |
|
Short particulars
of the property charged (Including location of the property) |
The whole of the
Borrower's Current assets and Movable fixed assets, both present and future
more particularly described in Schedule III to the Deed of Hypothecation. |
|
Charge
identification number of the charge to be modified |
10067010 |
|
Particulars of the
present modification |
Bank had granted
facilities of Rs. 60.000 millions to the Borrower which was secured by way of
Hypothecation on Current assets and Moveable fixed assets of the Company on
03.02.2011. Now bank has enhance Buyers Credit facility from Rs. 60.000
millions to Rs. 80.000 millions to the Company and the said charge is
modified and extended to the enhance total facilities of Rs. 80.000 millions. |
FIXED ASSETS
v
Land
v
Building
v
Plant and Machinery
v
Storage Tank
v
Laboratory Equipment
v
Air conditioner
v
Furniture
v
Office Equipment
v
Fax Machine
v
Computers
v
Vehicles
v
Cycle
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. 53.26 |
|
|
1 |
Rs. 82.09 |
|
Euro |
1 |
Rs. 68.90 |
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 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
7 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
50 |
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.