MIRA INFORM REPORT
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Report Date : |
06.01.2012 |
IDENTIFICATION DETAILS
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Name : |
LARS ENVIRO PRIVATE LIMITED |
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Registered
Office : |
218, Bajaj Nagarsouth Ambalari Road, Nagpur – 400015, Maharashtra |
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Country : |
India |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
25.06.1997 |
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Com. Reg. No.: |
11-109003 |
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Capital
Investment / Paid-up Capital : |
Rs. 12.500 Millions |
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CIN No.: [Company Identification
No.] |
U29197MH1997PTC109003 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
NGPL00081E |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Service Provider in Environmental Engineering and Management filed. |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
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MIRA’s Rating : |
B (29) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 70000 |
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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. Profitability
of the company appears to be low. 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
cautions. |
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 – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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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 / Head Office : |
218, Bajaj Nagarsouth Ambalari Road, Nagpur – 400015, Maharashtra,
India |
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Tel. No.: |
91-712-2224140/2224130 |
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Fax No.: |
91-712-2235567 |
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E-Mail : |
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Website : |
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Coimbatore Office : |
5/425B, R.V. Nagar,
Karamadai-641104, Coimbatore, Tamilnadu, India |
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Fax No.: |
91-4254-273710 |
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E-Mail : |
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Dharwad Office : |
Yaligar Building, 1st Floor, Mahendrakar Chawl,
1st Cross, Dharwad-580008, Karnataka, Bangalore, India |
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Fax No.: |
91-836-2444464 |
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E-Mail : |
DIRECTORS
AS ON 30.09.2011
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Name : |
Mr. Loveen Biharilal Vaswani |
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Designation : |
Chairman Cum Managing Director |
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Address : |
32 Puranik Layout, Bharat Nagar, Nagpur – 440033, Maharashtra, India |
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Date of Birth/Age : |
12.06.1946 |
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Date of Appointment : |
25.06.1997 |
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DIN No.: |
01570157 |
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Name : |
Mr. Biharilal Hassanand Vaswani |
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Designation : |
Managing Director |
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Address : |
32 Puranik Layout, Bharat Nagar, Nagpur – 440033, Maharashtra, India |
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Date of Birth/Age : |
10.01.1976 |
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Date of Appointment : |
30.09.2003 |
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DIN No.: |
01570522 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2011
|
Names of Shareholders |
|
No. of Shares |
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Biharilal Vaswani |
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988000 |
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Vandana Vaswani |
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511872 |
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Vaswani Loveen |
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128 |
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Total |
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1500000 |
AS ON 30.09.2011
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Equity Shares
Break Up |
Percentage |
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Directors or relatives of Directors |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Service Provider in Environmental Engineering and Management filed. |
GENERAL INFORMATION
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Customers : |
·
A B Grain
Spirit Limited ·
A B Sugars
Limited ·
Agarwal
Breweries and Textiles Limited ·
Agribiotech
Industries Limited ·
Agribiotech
Industries Limited ·
Anand
Distilleries Private Limited ·
Arian Breweries
and Distillaries Limited ·
Bajaj
Hindusthan Limited ·
Bannari Amman
Sugars Limited ·
Bhandara Dairy ·
Bhavani
Distillery and Chemicals Limited ·
Carlsberg
Breweries Private Limited ·
Burdur Sugar Factory ·
Burn Philip
India Limited ·
Brihan
Maharashtra Sugar Syndicate Limited |
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No. of Employees : |
Not Available |
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Bankers : |
Bank of Maharashtra, Dharampeth Branch, Dharampeth Nagpur – 440010,
Maharashtra, India |
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Facilities : |
Notes : ·
*Secured by way of pledge of term deposit of Rs.
5.000 millions in the name of the company ·
**Secured by way of inventory and receivables
related to A.P. Oil Federation. ·
*Additional Collateral Security : 1.
Personal Guarantee by Mr. B.L. Vaswaani, Mr. L.B.
Vaswani and Mrs. V.B. Vaswan 2.
Hypothecation of fixed assets of the company. 3.
Additional charge on current assets (stock and
Debtors and Counter Guarantee of the company) 4.
Equitable mortgage of House property jointly
owned by Mr. B.L. Vaswani and Mr. V.B. Vaswani situated at Bharat Nagar,
Nagpur |
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Banking
Relations : |
---- |
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Auditors : |
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Name : |
Bhasin Datar Associates Chartered Accountant |
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Address : |
Fo 5, Amarjyoti Palace, Dhantoli, Nagpur – 440012, Maharashtra, India |
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PAN No.: |
AABFB7178F |
CAPITAL STRUCTURE
AS ON 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
|
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1150000 |
Equity Shares |
Rs.10/- each |
Rs. 11.500 Millions |
|
100000 |
10% Preference Shares |
Rs.10/- each |
Rs. 1.000 Million |
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Total |
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Rs. 12.500
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
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|
1150000 |
Equity Shares |
Rs.10/- each |
Rs.11.500
Millions |
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100000 |
10% Preference Shares |
Rs.10/- each |
Rs. 1.000
Million |
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Total |
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Rs. 12.500 Millions |
AFTER : 30.08.2011
Authorised Capital : Rs. 20.000 Millions
Issued, Subscribed & Paid-up Capital : Rs. 15.000
Millions
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
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 |
12.500 |
12.500 |
12.500 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
4.967 |
0.125 |
0.000 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
(4.080) |
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NETWORTH |
17.467 |
12.625 |
8.420 |
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LOAN FUNDS |
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1] Secured Loans |
14.639 |
5.127 |
6.156 |
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2] Unsecured Loans |
6.200 |
3.303 |
3.110 |
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TOTAL BORROWING |
20.839 |
8.430 |
9.266 |
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DEFERRED TAX LIABILITIES |
0.485 |
0.331 |
0.178 |
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TOTAL |
38.791 |
21.386 |
17.864 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
2.839 |
1.669 |
1.364 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.042 |
0.030 |
0.069 |
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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 |
2.360
|
0.000 |
2.788 |
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Sundry Debtors |
57.328
|
30.922 |
25.365 |
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Cash & Bank Balances |
11.547
|
9.961 |
7.621 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
10.414
|
6.452 |
7.320 |
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Total
Current Assets |
81.649
|
47.335 |
43.094 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
17.713
|
8.247 |
8.697 |
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Other Current Liabilities |
17.674
|
12.945 |
13.122 |
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Provisions |
10.352
|
6.456 |
4.844 |
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Total
Current Liabilities |
45.739
|
27.648 |
26.663 |
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Net Current Assets |
35.910
|
19.687 |
16.431 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
38.791 |
21.386 |
17.864 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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Income |
203.078 |
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Other Income |
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TOTAL (A) |
203.078 |
102.439 |
86.475 |
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Less |
EXPENSES |
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Office Expenses |
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Administrative Expenses |
189.394 |
91.330 |
75.656 |
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Advertising Expenses |
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TOTAL (B) |
189.394 |
91.330 |
75.656 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
13.684 |
11.109 |
10.819 |
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Less |
FINANCIAL
EXPENSES (D) |
1.695 |
1.284 |
1.559 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
11.989 |
9.825 |
9.260 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
0.651 |
0.500 |
0.410 |
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PROFIT BEFORE
TAX (E-F) (G) |
11.338 |
9.325 |
8.850 |
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Less |
TAX (H) |
4.303 |
3.658 |
1.382 |
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PROFIT AFTER TAX
(G-H) (I) |
7.035 |
5.667 |
7.468 |
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Earnings Per
Share (Rs.) |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
3.46
|
5.53 |
8.63 |
|
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
13.41
|
19.02 |
19.90 |
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|
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|
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|
Return on Investment (ROI) (PBT/Networth) |
|
0.64
|
0.73 |
1.05 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
3.81
|
2.85 |
4.26 |
|
|
|
|
|
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|
Current Ratio (Current Asset/Current Liability) |
|
1.78
|
1.71 |
1.61 |
LOCAL AGENCY FURTHER INFORMATION
FINANCIAL RESULTS
The year 2009-10
was an eventful year for their company wherein they clocked their highest
turnover since
their
inception. They were able to achieve their objective of increasing their turnover
and achieved 100% y-y growth. They were able to cater to new clients other then
distillery/brewery such as palm oil. They also expanded their geographical each
and have a pan India presence. Last year the export market was quite dull, but
they are hopeful that things will change in the coming year and we shall strive
to reach out to newer regions.
AS PER WEBSITE
DETAILS
LARSEN ENGINEERS, A 50-year-old multi
disciplinary engineering firm, from Rochester, U.S.A., which has many
Engineering Excellence Awards of US government to its credit. M/s Larsen
Engineers introduced the concept of fixed film anaerobic reactor for
distillery-spent wash in India about 18 years ago.
ARTAS
AS, ARTAS is one of the major Environmental Engineering company
from Turkey. It has emerged as a reliable partner for institutions thinking
critically and seeking for enduring solutions. Artas is a company who had
set off aiming to create applications caring for life, water, earth and air.
Utilizing limited resources most efficiently, respecting other living creatures
when consuming, re-allocating resources by recycling, constitute their firms
environmental mentality. In this context, Artas’s mission is to raise
consciousness of our customers with respect to environmental issues and to
develop and apply contemporary ‘green’ and ‘blue’ solutions. Artas’s
strength is its policy of offering tailor-made solutions fitting their
customers needs, instead of just selling standard products. In order to achieve
it’s commitment, it has established a structure by putting multiple engineering
disciplines and huge experience together.
OUTLOOK RESOURCES INC., CANAD Outlook
Resources INC. is a project management company dedicated to the creation of
environmentally sound projects that focus on the sustainable development of
renewable resources.
OUTLOOK and LARS ENVIRO are working together for marketing, promotion and
execution of Biogas Plants, where LARS will give the entire technical backup
and OUTLOOK will build the system of Biogas Plant in Canada and U.S.
BIOGAS TECHNOLOGY LIMITED U.K. Biogas
Technology Limited. brings together the resources and expertise to lift the
burden of risk, liability and finance faced by landfill site operators, with
the recognition of landfill gas methane as a potent contributor to the
reduction of global green house effect and global warming, Biogas Technology
Limited has been able to provide high quality engineering and technical skills
required to successfully capture, recover and process landfill gas and create
carbon credits which contributes to the world wide efforts to reduce global
warming.
LARS ENVIRO has joined hands with Biogas
Technology Limited to offer complete range for services for CDM projects. Their
services includes registration, developing methodology, validation and sale of
carbon credits from upcoming and existing projects which reduces emissions of
green house gases.
ENVIROCARE LABS PRIVATE LIMITED INDIA Envirocare
is a project engineering company which is widely into effluent management
services. The research team has invented one of the efficient technologies
termed as ANFIL technology for medium strength effluent generation industries,
such as soft drink, food and beverage etc.
LARS ENVIRO has an exclusive association with them for promotion
and marketing of the ANFIL technology along with them throughout the globe.
They are taking care to give due emphasis, for harnessing of energy
conservative and economical biological processes for effluent treatment.
FIXED ASSETS
·
Furniture and Fixtures
·
Vehicles
·
Patent, dies and Moulds
·
Computers
·
Office equipments
·
Plant and Machinery
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. 52.78 |
|
|
1 |
Rs. 82.33 |
|
Euro |
1 |
Rs. 68.19 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
2 |
|
--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 |
|
29 |
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.