MIRA
INFORM REPORT
|
Report Date : |
06.03.2012 |
IDENTIFICATION DETAILS
|
Name : |
LAXMI PUMPS PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
A -10, MIDC, Gokul Shirgaon, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
22.02.1990 |
|
|
|
|
Com. Reg. No.: |
11-055551 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.1.800 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U29120MH1990PTC055551 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
KLPL00412G |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACL3224C |
|
|
|
|
Legal Form : |
Private limited liability company |
|
|
|
|
Line of Business
: |
The company is engaged in Manufacturing and Assembling of Submersible
Pumps of Various types and Other Parts. |
|
|
|
|
No. of Employees
: |
100 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (45) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 144000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Usually correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well established company having fine track. Trade
relations are fair. Financial position is satisfactory. Payments are usually correct
and as per commitment. The company is doing well. It can be considered good for normal business dealing 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 PARTED BY
|
Name : |
Mr Prakash |
|
Designation : |
Personal Relation Office |
|
Contact No.: |
91-9822095143 |
|
Date : |
05.03.2012 |
LOCATIONS
|
Registered Office/ Factory |
A -10, MIDC, Gokul Shirgaon, Kolhapur- 416234, Madhya Pradesh, India |
|
Tel. No.: |
91-231-2672298 / 2672308 |
|
Mobile No.: |
91-9822095143 (Mr. Prakash) |
|
Fax No.: |
91-231-2672495 |
|
E-Mail : |
|
|
Website : |
|
|
Area : |
3000 Sq. Ft |
|
Location : |
Owned |
DIRECTORS
As on 30.09.2011
|
Name : |
Mr. Rajeev Jaykumar Patil |
|
Designation : |
Managing Director |
|
Address : |
S. No. 360, B-34, Plot No.4, Samratnagar, |
|
Date of Birth/Age : |
05.05.1965 |
|
Date of Appointment : |
01.10.2008 |
|
DIN No.: |
00031522 |
|
|
|
|
Name : |
Mrs. Shubhangi Patil |
|
Designation : |
Director |
|
Address : |
S. No. 360, B-34, Plot No.4, Samratnagar, |
|
Date of Birth/Age : |
28.06.1970 |
|
Qualification : |
BSC |
|
Date of Appointment : |
07.08.2004 |
|
DIN No.: |
00925201 |
|
|
|
|
Name : |
Mr. Sanjiv Patil |
|
Designation : |
Director |
|
Address : |
775/1, Patil Nivas, Civil Line, Solapur- 413001, |
|
Date of Birth/Age : |
25.03.1967 |
|
Qualification : |
CA |
|
Date of Appointment : |
30.09.2006 |
KEY EXECUTIVES
|
Name : |
Mr Prakash |
|
Designation : |
Personal Relation Office |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2011
|
Names of Shareholders |
|
No. of Shares |
|
Rajiv Patil |
|
9930 |
|
Shubhangi Patil |
|
4880 |
|
Vimal Jaykumar Patil |
|
250 |
|
Sarita B. Patil |
|
900 |
|
Ulka Sanjeev Patil |
|
80 |
|
Sanjeev Jaykumar Patil HUF |
|
80 |
|
Sharad K. Thakare |
|
900 |
|
Sanjeev Jaykumar Patil |
|
980 |
|
TOTAL |
|
18000 |
Equity Share Break up (Percentage of Total Equity)
As on 30.09.2011
|
Category |
Percentage |
|
Directors or relatives of Directors |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
The company is engaged in Manufacturing and Assembling of Submersible
Pumps of Various types and Other Parts. |
|
|
|
|
Terms : |
|
|
Selling : |
Credit (60-90 Days) |
|
|
|
|
Purchasing : |
Credit (60 Days) |
GENERAL INFORMATION
|
Suppliers : |
Apple Insulation Wire Private Limited |
|
|
|
|
Customers : |
OEM’s and Distributors |
|
|
|
|
No. of Employees : |
100 (Approximately) |
|
|
|
|
Bankers : |
Bank of Maharashtra, Laxmipuri Branch, |
|
|
|
|
Facilities : |
Total Facilities of Rs.60.000 Millions |
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
K. M. Doshi and Company Chartered Accountant |
|
Address : |
1141, E Ward, Santosh, Skyes Extension, |
|
PAN.: |
AAYPD2578A |
CAPITAL STRUCTURE
As on 30.09.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
25000 |
Equity Share |
Rs.100/- Each |
Rs.2.500 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
18000 |
Equity Share |
Rs.100/-
Each |
Rs.1.800
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 |
1.800 |
1.800 |
1.800 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
34.183 |
26.654 |
23.306 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
35.983 |
28.454 |
25.106 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
35.915 |
25.978 |
25.910 |
|
|
2] Unsecured Loans |
1.263 |
0.902 |
1.939 |
|
|
TOTAL BORROWING |
37.178 |
26.880 |
27.849 |
|
|
DEFERRED TAX LIABILITIES |
5.361 |
4.798 |
3.198 |
|
|
|
|
|
|
|
|
TOTAL |
78.522 |
60.132 |
56.153 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
55.965 |
45.375 |
34.529 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
2.028 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
41.530
|
28.605 |
25.456 |
|
|
Sundry Debtors |
61.827
|
47.875 |
35.629 |
|
|
Cash & Bank Balances |
3.603
|
0.507 |
1.058 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
11.050
|
5.062 |
7.660 |
|
Total
Current Assets |
118.010
|
82.049 |
69.803 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
89.126
|
|
48.247 |
|
|
Other Current Liabilities |
|
|
|
|
|
Provisions |
6.327
|
3.184 |
1.960 |
|
Total
Current Liabilities |
95.453
|
67.292 |
50.207 |
|
|
Net Current Assets |
22.557
|
14.757 |
19.596 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
78.522 |
60.132 |
56.153 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
|
|
|
|
|
|
|
|
Income |
313.576 |
264.339 |
168.490 |
|
|
|
Other Income |
|
|
|
|
|
|
TOTAL |
313.576 |
264.339 |
168.490 |
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX |
7.528 |
3.348 |
1.840 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
418.22 |
-- |
-- |
|
Expected Sales (2011-2012): Rs.450.000 Millions
The above information has been parted by Mr. Prakash
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
2.40
|
1.27 |
1.09 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
3.69
|
3.31 |
3.11 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.24
|
1.22 |
1.39 |
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF SUNDRY CREDITORS
Not Available
OPERATIONS
During the year the company achieved a
turnover (including other income) of Rs.313.576 Millions (Previous Year Rs.264.339
millions) from sale of submersible pumps and all kinds of castings After
providing all the operating expenses, depreciation, provision for taxation and
other expenses the company having profit Rs.7.528 millions (Previous year
Rs.3.348 millions).
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.49.80 |
|
|
1 |
Rs.78.79 |
|
Euro |
1 |
Rs.65.74 |
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 |
4 |
|
--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 |
NO |
|
TOTAL |
|
45 |
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.