|
Report Date : |
18.07.2012 |
IDENTIFICATION DETAILS
|
Name : |
LRC SPECIALITY CHEMICALS PRIVATE LIMITED |
|
|
|
|
Registered Office : |
D 9/4, TTC MIDC Industrial Area, Village Kukshet, Turbhe, Navi Mumbai
- 400705, |
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Country : |
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|
|
|
Financials (as on) : |
31.03.2011 |
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|
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Date of Incorporation : |
03.06.2004 |
|
|
|
|
Com. Reg. No.: |
11-146732 |
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|
|
CIN No.: [Company Identification No.] |
U24100MH2004PTC146732 |
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|
|
Capital
Investment / Paid-up Capital : |
Rs.10.000 Millions |
|
|
|
|
TAN No.: [Tax Deduction & Collection Account No.] |
MUML05725G |
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|
|
|
PAN No.: [Permanent Account No.] |
AABCL0694F |
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|
|
|
Legal Form : |
Private Limited Liability Company |
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|
|
Line of Business : |
Manufacturer of Chemicals used in Construction Industries, Agro
Industries, etc. |
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|
|
No. of Employees
: |
Information denied by the management. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (43) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 260000 |
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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 an established company having satisfactory track. The
company has incurred a loss in the current year i.e. 2010-11. However,
networth appears to be satisfactory. 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
|
Name : |
Mr. Srinivasan |
|
Designation : |
Head in Finance |
|
Contact No.: |
91-22-27670847 |
|
Date : |
17.07.2012 |
LOCATIONS
|
Registered Office/ Factory : |
D 9/4, TTC MIDC Industrial Area, Village Kukshet, Turbhe, Navi Mumbai
- 400705, |
|
Tel. No.: |
91-22-27682752/27670847 |
|
Fax No.: |
91-22-27614820 |
|
E-Mail : |
|
|
Website : |
DIRECTORS
AS ON 30.09.2011
|
Name : |
Mr. Jaysankar Vaideswar Sankar |
|
Designation : |
Director |
|
Address : |
20, Sai – Villa, |
|
Date of Birth/Age : |
28.09.1947 |
|
Date of Appointment : |
03.06.2004 |
|
Din No.: |
00285526 |
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|
|
|
Name : |
Girija Jaysankar |
|
Designation : |
Director |
|
Address : |
20, Sai – Villa, |
|
Date of Birth/Age : |
16.01.1954 |
|
Date of Appointment : |
01.07.2005 |
|
Din No.: |
00296473 |
|
|
|
|
Name : |
Rajalakshmi Subramania Sankar |
|
Designation : |
Director |
|
Address : |
20, Sai – Villa, |
|
Date of Birth/Age : |
02.08.1921 |
|
Date of Appointment : |
03.06.2004 |
|
Din No.: |
00296511 |
KEY EXECUTIVES
|
Name : |
Mr. Srinivasan |
|
Designation : |
Head in Finance |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2011
|
Names of Shareholders |
|
No. of Shares |
|
Rajalakshmi Subramania Sankar |
|
50000 |
|
Jaysankar Vaideswar Sankar |
|
50000 |
|
|
|
|
|
Total |
|
100000 |
AS ON 30.09.2011
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Directors
or relatives of directors |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Chemicals used in Construction Industries, Agro
Industries, etc. |
GENERAL INFORMATION
|
Suppliers : |
· KCTEX International Limited · Koppers Carboo Materials and Chemicals Private Limited · Ramniklal S. Gosalia and Company · Sumtiomo Shoji Plastics · AH Chemicals · Chakiat Agencies Private Limited · Flora Chemicals · Intercargo · Metalogix · Windson Chemicals Private Limited |
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Customers : |
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No. of Employees : |
Information denied by the management. |
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Bankers : |
·
Citi
Bank N. A. , Citigroup Centre, Bandra Kurla Complex, Bandra (East),
Mumbai-400051, Maharashtra, India ·
ICICI Bank Limited |
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Facilities : |
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Banking
Relations : |
-- |
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|
|
|
Auditors : |
|
|
Name : |
K.K. Varghese and Company Chartered Accountants |
|
Address : |
102, Sai Deep, 1st Floor, Opposite Vaishali Hotel, Chembur,
Mumbai – 400071, |
|
Pan No.: |
AAAPV3658H |
CAPITAL STRUCTURE
AS ON 30.09.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
100000 |
Equity Shares |
Rs.100/- each |
Rs.10.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
100000 |
Equity Shares |
Rs.100/- each |
Rs.10.000 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 |
10.000 |
10.000 |
10.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
57.279 |
62.000 |
42.593 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
67.279 |
72.000 |
52.593 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
9.683 |
12.320 |
33.817 |
|
|
2] Unsecured Loans |
6.478 |
0.832 |
3.812 |
|
|
3] Term Loan |
3.400 |
5.000 |
0.000 |
|
|
TOTAL BORROWING |
19.561 |
18.152 |
37.629 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
86.840 |
90.152 |
90.222 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
54.378 |
43.610 |
35.059 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
3.127 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
23.604 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
45.657
|
25.923 |
14.343
|
|
|
Sundry Debtors |
222.121
|
150.975 |
115.020
|
|
|
Cash & Bank Balances |
6.551
|
1.322 |
0.885
|
|
|
Other Current Assets |
26.033
|
19.642 |
16.050
|
|
|
Loans & Advances |
23.341
|
28.723 |
0.791
|
|
Total
Current Assets |
323.703
|
226.585 |
147.089 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
186.763
|
110.864 |
84.778 |
|
|
Other Current Liabilities |
84.836
|
49.242 |
5.567
|
|
|
Provisions |
19.642
|
19.937 |
28.335
|
|
Total
Current Liabilities |
291.241
|
180.043 |
118.680 |
|
|
Net Current Assets |
32.462
|
46.542 |
28.409
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.023 |
|
|
|
|
|
|
|
|
TOTAL |
86.840 |
90.152 |
90.222 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
708.073 |
538.337 |
556.478 |
|
|
|
Service Income |
0.000 |
0.000 |
0.081 |
|
|
|
Other Income |
0.453 |
0.743 |
0.509 |
|
|
|
TOTAL (A) |
708.526 |
539.080 |
557.068 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Material Consumed |
573.346 |
415.444 |
435.829 |
|
|
|
Direct Labour |
18.446 |
13.459 |
6.750 |
|
|
|
Direct Expenses |
35.019 |
20.411 |
41.202 |
|
|
|
Other Operating Expenses |
6.823 |
5.638 |
3.945 |
|
|
|
Remuneration and Professional Fee |
7.854 |
6.952 |
3.132 |
|
|
|
Selling Expenses |
1.520 |
3.485 |
3.388 |
|
|
|
Employees Benefit |
4.357 |
3.828 |
1.805 |
|
|
|
Rates & Taxes Paid |
5.890 |
4.534 |
5.248 |
|
|
|
Vehicle Expenses |
1.500 |
1.259 |
0.959 |
|
|
|
Conveyance & Traveling Expenses |
1.509 |
2.695 |
1.904 |
|
|
|
Transportation & Others |
30.066 |
10.314 |
3.705 |
|
|
|
Insurance Charges |
2.254 |
0.707 |
0.492 |
|
|
|
Repairs & Maintenance |
4.864 |
8.534 |
4.970 |
|
|
|
Profit/Loss on sale of asset |
(0.036) |
0.000 |
0.148 |
|
|
|
TOTAL (B) |
693.412 |
497.260 |
513.477 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
15.114 |
41.820 |
43.591 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
13.940 |
8.737 |
11.216 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
1.174 |
33.083 |
32.375 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
4.685 |
3.619 |
2.998 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
(3.511) |
29.464 |
29.377 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
1.170 |
10.057 |
12.377 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
(4.681) |
19.407 |
17.000 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
(46.81) |
294.64 |
171.10 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
(0.66)
|
3.60 |
3.05
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(0.50)
|
5.47 |
5.27
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(0.93)
|
10.90 |
16.12
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.05)
|
0.41 |
0.55
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
4.62
|
2.75 |
1.25
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.11
|
1.25 |
1.23
|
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 |
186.763
|
110.864 |
84.778 |
PARTIAL DETAILS OF
SUNDRY CREDITORS:
|
Particulars |
31.03.2011 (Rs. in millions) |
31.03.2010 (Rs. in millions) |
31.03.2009 (Rs. in millions) |
|
KCTEX International Limited |
21.372 |
0.000 |
0.000 |
|
Koppers Carboo Materials and Chemicals Private Limited |
10.504 |
11.344 |
14.257 |
|
Ramniklal S. Gosalia and Company |
10.281 |
4.786 |
4.940 |
|
Sumtiomo Shoji Plastics |
14.107 |
6.355 |
3.425 |
|
AH Chemicals |
1.613 |
2.214 |
0.000 |
|
Chakiat Agencies Private Limited |
2.739 |
0.111 |
0.028 |
|
Flora Chemicals |
2.283 |
0.000 |
0.000 |
|
Intercargo |
1.756 |
0.042 |
1.167 |
|
Metalogix |
2.934 |
1.711 |
0.007 |
|
Windson Chemicals Private Limited |
3.540 |
0.000 |
0.000 |
|
Check List by
Info Agents |
Available in
Report (Yes / No) |
|
1) Year of Establishment |
Yes |
|
2) Locality of the firm |
Yes |
|
3) Constitutions of the firm |
Yes |
|
4) Premises details |
No |
|
5) Type of Business |
Yes |
|
6) Line of Business |
Yes |
|
7) Promoter’s background |
Yes |
|
8) No. of employees |
No |
|
9) Name of person contacted |
Yes |
|
10) Designation of contact person |
Yes |
|
11) Turnover of firm for last three years |
Yes |
|
12) Profitability for last three years |
Yes |
|
13) Reasons for variation <> 20% |
-- |
|
14) Estimation for coming financial year |
No |
|
15) Capital in the business |
Yes |
|
16) Details of sister concerns |
No |
|
17) Major suppliers |
Yes |
|
18) Major customers |
Yes |
|
19) Payments terms |
No |
|
20) Export / Import details (if applicable) |
No |
|
21) Market information |
-- |
|
22) Litigations that the firm / promoter involved in |
-- |
|
23) Banking Details |
Yes |
|
24) Banking facility details |
Yes |
|
25) Conduct of the banking account |
-- |
|
26) Buyer visit details |
-- |
|
27) Financials, if provided |
Yes |
|
28) Incorporation details, if applicable |
Yes |
|
29) Last accounts filed at ROC |
Yes |
|
30) Major Shareholders, if available |
Yes |
FINANCIAL HIGHLIGHTS:
During the year
the company earned total income from sales and service of Rs.708.073 millions
as compared to Rs.558.338 millions for the previous year. The loss before
interest and depreciation stood at Rs.15.114 millions as compared to profit of
Rs.41.820 millions for the previous year. After providing for depreciation and
interest, the loss stood at Rs.3.511 millions compared to profit of Rs.29.464
millions for the previous year
BANKERS CHARGES
REPORT AS PER REGISTRY
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
80056286 |
|
Corporate
identity number of the company |
U24100MH2004PTC146732 |
|
Name of the
company |
LRC SPECIALITY
CHEMICALS PRIVATE LIMITED |
|
Address of the registered
office or of the principal place of
business in |
D 9/4, TTC MIDC Industrial Area, Village Kukshet, Turbhe, Navi Mumbai
- 400705, |
|
Type of charge |
Book Debts Movable Property
[not being pledge] Floating Charge |
|
Particular of
charge holder |
CITI Bank N. A. ,
Citigroup Centre, Bandra Kurla Complex, Bandra (East), Mumbai-400051,
Maharashtra, India |
|
Email |
|
|
Nature of description
of the instrument creating or modifying the charge |
Deed of
Modification |
|
Date of
instrument Creating the charge |
07.04.2011 |
|
Amount secured by
the charge |
Rs.150.000
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest Interest to be
charged at such rate/s as may be determined by the Bank from time to time. Terms of
Repayment On Demand Margin As may be
stipulated by the Bank from time to time. Extent and
Operation of the charge a) The goods
debts and assets of the Borrower being hypothecated to the Bank as described
in Column No.15 as and by way of first exclusive charge as security for the repayment
of the loan together with all interest, liquidated damages, premia on
repayment or on redemption, costs, charges and other expenses payable by the
Borrower to the Bank. b) Clause 3.2 of the principal GSA shall be modified Others Modified GSA shall
stand modified and read as Schedule IA annexed to the Deed of Modification
dated 07th April, 2011. |
|
Short particulars
of the property charged |
The whole of
movable assets, including plant and machinery, both present and future,
stocks of raw materials, goods in process of manufacture All the
borrower's present and future book debts, outstanding monies, receivables,
claims, bills, investments, right to or on movable properties and moveable
assets |
|
Date of latest
modification prior to the present modification |
11.03.2011 |
|
Particulars of
the present modification |
The Bank has now
increased the credit facilities from Rs.120.000 Millions to Rs.150.000
Millions against the security of the Borrower's goods, debts and movable
assets. |
FIXED ASSETS:
v
Furniture and Fixtures
v
Air Conditioner
v
Plant and machinery
v
Motor car
v
Typewriter
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.55.15 |
|
|
1 |
Rs.86.30 |
|
Euro |
1 |
Rs.67.73 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Report Prepared
by : |
TPT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--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 |
|
43 |
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.