MIRA
INFORM REPORT
|
Report Date : |
13.01.2012 |
IDENTIFICATION DETAILS
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Name : |
LUXOR INTERNATIONAL PRIVATE LIMITED |
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Registered
Office : |
229, Okhla Industrial Estate, Phase III, New Delhi – 110020 |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
16.07.1980 |
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Com. Reg. No.: |
55-010659 |
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Capital
Investment / Paid-up Capital : |
Rs.10.000 Millions |
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CIN No.: [Company Identification
No.] |
U74899DL1980PTC010659 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
DELL02698D DELL00168A |
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PAN No.: [Permanent Account No.] |
AAACL0282E |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer and Exporter of all types of Writing Instruments. |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (46) |
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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 740000 |
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Status : |
Satisfactory |
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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. 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.
ECGC Country Risk Classification List – September 30, 2011
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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 : |
229, Okhla Industrial Estate, Phase III, New Delhi – 110020, India |
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Tel. No.: |
91-11-41613536 |
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E-Mail : |
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Website : |
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Factory : |
C - 42, Phase No. 2, Noida - 201 305, |
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Tel. No.: |
91-120-3047060/ 3047000 |
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Fax No.: |
91-120-3047023-24 |
DIRECTORS
As on 30.09.2011
|
Name : |
Mr. Vijay Kumar Jain |
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Designation : |
Director |
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Address : |
B – 167, DDA Flats, SFS Flats, Sarita Vihar, New Delhi – 110044, India
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Date of Birth/Age : |
05.06.1936 |
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Date of Appointment : |
08.01.1996 |
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DIN No.: |
00055376 |
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Other Directorship :
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Name : |
Mr. Davinder Kumar Jain |
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Designation : |
Managing Director |
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Address : |
D-19, Nizamuddin East, New Delhi – 110013, India |
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Date of Birth/Age : |
19.02.1943 |
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Date of Appointment : |
15.11.2009 |
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DIN No.: |
00055350 |
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Other Directorship :
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Name : |
Ms. Usha Jain |
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Designation : |
Director |
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Address : |
D-19, Nizamuddin East, New Delhi – 110013, India |
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Date of Birth/Age : |
19.06.1943 |
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Date of Appointment : |
19.01.2002 |
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DIN No.: |
00055364 |
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Other Directorship :
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Name : |
Ms. Pooja Jain |
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Designation : |
Director |
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Address : |
D-19, Nizamuddin East, New Delhi – 110013, India |
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Date of Birth/Age : |
22.10.1974 |
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Date of Appointment : |
01.07.2011 |
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DIN No.: |
00055375 |
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Other Directorship :
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MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2011
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Names of Shareholders |
No. of Shares |
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Usha Jain |
500000 |
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Kumar Jain |
500000 |
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Total |
1000000 |
Equity Share Break up (Percentage of Total Equity)
As on 30.09.2011
|
Category |
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 : |
Manufacturer and Exporter of all types of Writing Instruments. |
PRODUCTION STATUS AS ON 31.03.2011
|
Particulars |
Unit |
Actual
Production |
|
Writing Instruments |
Pcs |
147227634 |
GENERAL INFORMATION
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No. of Employees : |
Not Available |
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Bankers : |
·
Kotak Mahindra Bank Limited, 15-16 Upper Ground
Floor, Ambadeep Building, 14, Kasturba Gandhi Marg, New Delhi – 110 001,
India ·
Lord Krishna Bank Limited, Somdut Chamber, Noida
– 201 301, Uttar Pradesh, India |
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Facilities : |
Notes: 1. Working capital borrowings from Bank of Rs.160.656 Millions
(2009-10: Rs.139.489 Millions) are secured by first charge by way of hypothecation
of stocks/ stores and book debts of the company. There borrowings are further
secured by a second charge by way of hypothecation of movable fixed assets
including plant and machinery and personal guarantee of two of the directors.
2. Other Borrowings: i) Term Loans of Rs.52.216 Millions (2009-10: Rs.60.323 Millions) from
a bank are secured by way of a first mortgage charge on the immovable/
movable fixed assets of the company situated at the companies plant at C-42,
Noida Phase – II, and second charge on all existing and future current assets
of the company and personal guarantee of two of Directors. ii) Vehicle loan of Rs.1.292 Millions (2009-10: Rs.1.285 Millions)
from banks are secured by hypothecation of vehicles purchased thereunder. iii) Term loan installments due within one year iv) Vehicle Loan Installments due within one year |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
S. Kalra and Associates Chartered Accountants |
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Address : |
24, Manak Vihar, I.P Extension II, Delhi – 110095, India |
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Tel. No.: |
91-11-22151632 |
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Fax No.: |
91-11-22142850 |
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PAN.: |
AATPK1847J |
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Related Party : |
·
Kakkar and Brothers ·
Luxor Writing Instruments Private Limited ·
Techink Industries ·
Luxor Foundation ·
Luxor India Private Limited ·
Luxor Nano Technology Private Limited |
CAPITAL STRUCTURE
As on 31.03.2011
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 :
|
No. of Shares |
Type |
Value |
Amount |
|
1000000 |
Equity Shares (Out of the
above 960000 shares issued for consideration other than cash) |
Rs.10/- each |
Rs.10.000
Millions |
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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 |
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|
|
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1] Share Capital |
10.000 |
10.000 |
10.000 |
|
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2] Share Application Money |
123.250 |
123.250 |
123.200 |
|
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3] Reserves & Surplus |
52.529 |
27.704 |
22.481 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
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NETWORTH |
185.779 |
160.954 |
155.681 |
|
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LOAN FUNDS |
|
|
|
|
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1] Secured Loans |
214.164 |
201.013 |
201.024 |
|
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2] Unsecured Loans |
153.600 |
153.600 |
153.600 |
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TOTAL BORROWING |
367.764 |
354.613 |
354.624 |
|
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DEFERRED TAX LIABILITIES |
37.033 |
29.643 |
26.820 |
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TOTAL |
590.576 |
545.210 |
537.125 |
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APPLICATION OF FUNDS |
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|
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FIXED ASSETS [Net Block] |
346.140 |
342.837 |
349.739 |
|
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Capital work-in-progress |
9.606 |
4.851 |
2.923 |
|
|
|
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|
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INVESTMENT |
0.850 |
0.850 |
0.850 |
|
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
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|
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|
|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
160.803
|
108.379
|
82.267 |
|
|
Sundry Debtors |
191.458
|
149.676
|
159.689 |
|
|
Cash & Bank Balances |
4.570
|
2.035
|
3.775 |
|
|
Other Current Assets |
0.000
|
0.000
|
0.000 |
|
|
Loans & Advances |
55.021
|
41.653
|
30.448 |
|
Total
Current Assets |
411.852
|
301.743
|
276.179 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
150.387
|
82.299
|
71.637 |
|
|
Other Current Liabilities |
16.341
|
17.219
|
13.214 |
|
|
Provisions |
11.144
|
5.553
|
7.715 |
|
Total
Current Liabilities |
177.872
|
105.071
|
92.566 |
|
|
Net Current Assets |
233.980
|
196.672
|
183.613 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
590.576 |
545.210 |
537.125 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
922.602 |
565.015 |
575.062 |
|
|
|
Export Incentive |
80.869 |
52.607 |
54.372 |
|
|
|
Other Income |
21.139 |
10.157 |
8.794 |
|
|
|
TOTAL (A) |
1024.610 |
627.779 |
638.228 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Raw Material and Manufacturing and Other Expenses |
715.235 |
402.052 |
410.326 |
|
|
|
Personal Expenses |
138.603 |
102.278 |
90.451 |
|
|
|
Administrative Expenses |
20.842 |
13.638 |
14.846 |
|
|
|
Selling Expenses |
57.607 |
41.335 |
47.309 |
|
|
|
Increase/ Decrease in Stocks |
(6.949) |
(0.143) |
(2.154) |
|
|
|
TOTAL (B) |
925.338 |
559.160 |
560.778 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
99.272 |
68.619 |
77.450 |
|
|
|
|
|
|
|
|
|
Less |
INTEREST &
FINANCIAL EXPENSES (D) |
24.535 |
25.798 |
26.519 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
74.737 |
42.821 |
50.931 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
33.247 |
31.494 |
31.154 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
41.490 |
11.327 |
19.777 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
16.665 |
6.104 |
9.451 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H)
(I) |
24.825 |
5.223 |
10.326 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
27.155 |
21.932 |
11.606 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
51.980 |
27.155 |
21.932 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB Value of Exports |
823.920 |
485.974 |
489.704 |
|
|
TOTAL EARNINGS |
823.920 |
485.974 |
489.704 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials & Components |
206.689 |
117.067 |
78.931 |
|
|
|
Capital Goods |
26.312 |
18.059 |
12.142 |
|
|
TOTAL IMPORTS |
233.001 |
135.126 |
91.073 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
|
|
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
2.42
|
0.83
|
1.62 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
4.50
|
2.00
|
3.44 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
5.47
|
1.76
|
3.16 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.22
|
0.07
|
0.13 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.94
|
2.86
|
2.87 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.32
|
2.87
|
2.98 |
LOCAL AGENCY FURTHER INFORMATION
FINANCIAL RESULTS
During the year there in increase of sales by 63% as compared to last year.
The Profit After tax has also increased from Rs.5.223 Millions to Rs.24.824
Millions. This is mainly because the company’s fixed overheads have spread over
higher value as well as volume of sales.
FORM 8
|
Corporate
identity number of the company |
U74899DL1980PTC010659 |
|
Name of the
company |
LUXOR
INTERNATIONAL PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
229, Okhla
Industrial Estate, Phase Iii, New Delhi – 110020, India Email Id : mahesh.gupta@luxoroffice.com |
|
This form is for |
Modification of charge |
|
Charge
identification (ID) number of the charge to be modified |
10146012 |
|
Type of charge |
Immovable property Book debts Movable property (not being pledge) Current, Movable and Fixed Assets |
|
Particular of
charge holder |
Kotak Mahindra
Bank Limited, 15-16 Upper Ground Floor, Ambadeep Building, 14, Kasturba
Gandhi Marg, New Delhi – 110001, India Email Id : rohan.kapoor@kotak.com |
|
Nature of
instrument creating charge |
Memorandum of
constructive delivery of title deeds dated 12.05.2011 |
|
Date of
instrument Creating the charge |
12.05.2011 |
|
Amount secured by
the charge |
Rs.77.700
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest As per sanction
letter /such other rate as may be prescribed by the bank from time to time Terms of
repayment As per sanction
terms of the facilities sanctioned Margin The Company shall
maintain such margin as may be specified by the bank from time to time Extent and
operation of the charge As per Sanction Letter |
|
Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
First and
exclusive charge on all Current Assets (Both Present and Future) and Movable
fixed assets (Both Present and Future) of the borrower. The Term Loan Limits of Rs.77.700 Millions are
also secured by First and Exclusive charge by way of equitable mortgage of
immovable property described as- all the piece and parcel of land bearing
Plot No. 42, Block C, Phase II, Noida (UP) admeasuring 8100 Sq. Mtrs. |
|
Date of instrument
modifying the charge |
07/05/2011 |
|
Particulars of
the present modification |
The Term Loan
Limit of Rs77.700 Millions is additionally secured by way of eq. mortgage of
immovable property i.e. all the piece and parcel of land bearing Plot No. 42,
Block C, Phase II, Noida (UP) admeasuring 8100 Sq. Mtrs. together with all
Buildings, Structures and Plant and Machinery, if any, affixed to the earth
or permanently affixed to something attached to the earth |
FIXED ASSETS
·
Land
·
·
Plant and Machinery
·
Moulds
·
Office Equipment
·
Computer and Softwares
·
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.51.83 |
|
|
1 |
Rs.79.42 |
|
Euro |
1 |
Rs.65.90 |
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 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--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 |
|
46 |
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.