|
Report Date : |
26.11.2012 |
IDENTIFICATION DETAILS
|
Name : |
LAKOZY MOTORS PRIVATE LIMITED |
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|
|
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Registered
Office : |
167 Vidyanagari Margkalina Santacruz (East), Mumbai – 400098, |
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Country : |
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|
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|
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Financials (as
on) : |
31.03.2012 |
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Date of
Incorporation : |
10.01.1985 |
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Com. Reg. No.: |
11-035035 |
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|
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Capital
Investment/ Paid-up Capital: |
Rs.9.250 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U34100MH1985PTC035035 |
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|
|
|
Legal Form : |
Private Limited Liability Company |
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|
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Line of Business
: |
Trading and Distributing of Automobiles |
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No. of
Employees: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (32) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 172000 |
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|
|
Status : |
Moderate |
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|
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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. The company
has recorded huge external borrowings. The 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 caution.
|
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 – June 30, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
|
Source
: CIA |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
SE 2B |
|
Rating Explanation |
High Performance capability and moderate
financial strength. |
|
Date |
22.12.2011 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
LOCATIONS
|
Registered Office : |
167 Vidyanagari Margkalina Santacruz (East), Mumbai – 400098, |
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Tel. No.: |
91- 22- 2654 1004/5/6 |
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Fax No.: |
91 -22- 2654 0183 |
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E-Mail : |
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Website : |
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Branch Office : |
262, Okhla Industrial Estate, Phase III, |
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Tel. No.: |
91-11 4525 2525 |
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Fax No.: |
91-11- 4525 2113 |
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E-Mail : |
DIRECTORS
As on 30.09.2011
|
Name : |
Mr. Dwarkanath Krishnan Nair |
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Designation : |
Director |
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Address : |
603/604, Green Acres, Lokhandwala Complex, Andheri, Mumbai – 400058, |
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Date of Appointment : |
10.01.1985 |
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Din No.: |
00014801 |
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Other Directorship:
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Name : |
Mr. Shanta Dwarkanath Nair |
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Designation : |
Director |
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Address : |
603/604, Green Acres, Lokhandwala Complex, Andheri, Mumbai – 400058, |
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Date of Appointment : |
28.01.1993 |
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Din No.: |
00014806 |
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Other Directorship:
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Name : |
Mr. Rohit Dwarkanath Nair |
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Designation : |
Director |
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|
Address : |
603/604, Green Acres, Lokhandwala Complex, Andheri, Mumbai – 400058, |
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Date of Appointment : |
28.01.1993 |
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Din No.: |
00014811 |
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Other Directorship:
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MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2011
|
Names of Shareholders |
|
No. of Shares |
|
Shanta Dwarkanath Nair |
|
29830 |
|
Rohit Dwarkanath Nair |
|
45170 |
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|
|
|
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Total |
|
75000 |
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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|
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Total
|
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Trading and Distributing of Automobiles |
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|
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GENERAL INFORMATION
|
No. of Employees : |
Not Available |
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Bankers : |
· Bank of India, Bandra Kural Complex Brnach, Star House, C-5, "G" Block, Bandra Kurla Complex, Bandra (East),, Mumbai - 400051, Maharashtra, India · Bank of India, Andheri Corporate Banking Branch M. D. I. Building, 28, S. V. Road, Andheri (W), Mumbai - 400058, Maharashtra, India · Barclays Bank · HDFC Bank · ICICI Bank |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
D. Kothary and Company Chartered Accountant |
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Address : |
149, Behram Mahal, 2nd Floor, 534, Dhobi Talao, Mumbai
-400002, |
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Pan No.: |
AAAFD2013L |
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|
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Associates : |
·
Aquest Auto Private Limited |
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|
|
|
|
·
Laakozy Clean Technology Private Limited ·
Autopia Motors Private Limited |
CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
110000 |
Equity Shares |
Rs.100/- each |
Rs.11.000 Millions |
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|
|
|
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
75000 |
Equity Shares |
Rs.100/- each |
Rs.7.500
Millions |
|
35000 |
Add: Equity Shares |
Rs.50/- each |
Rs.1.750
Millions |
|
|
|
|
|
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Total |
|
Rs.9.250 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 |
9.250 |
7.500 |
7.500 |
|
|
2] Share Application Money |
0.000 |
10.000 |
0.000 |
|
|
3] Reserves & Surplus |
33.662 |
24.742 |
24.760 |
|
|
04] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
42.912 |
42.242 |
32.260 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
30.867 |
33.446 |
31.984 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.479 |
|
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TOTAL BORROWING |
30.867 |
33.446 |
32.463 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
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TOTAL |
73.779 |
75.688 |
64.723 |
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|
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APPLICATION OF FUNDS |
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|
|
|
|
|
|
|
|
|
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FIXED ASSETS [Net Block] |
18.825 |
19.512 |
21.348 |
|
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Capital work-in-progress |
2.544 |
0.000 |
0.000 |
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|
|
|
|
|
|
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INVESTMENT |
10.292 |
10.323 |
10.741 |
|
|
DEFERREX TAX ASSETS |
1.111 |
1.045 |
1.009 |
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|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
13.057
|
10.929 |
11.303 |
|
|
Sundry Debtors |
28.314
|
30.446 |
28.313 |
|
|
Cash & Bank Balances |
3.242
|
2.410 |
1.868 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
33.226
|
36.422 |
31.157 |
|
Total
Current Assets |
77.839
|
80.207 |
72.641 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
13.690
|
12.707 |
13.204 |
|
|
Other Current Liabilities |
22.221
|
22.902 |
28.132 |
|
|
Provisions |
1.461
|
0.871 |
1.302 |
|
Total
Current Liabilities |
37.372
|
36.480 |
42.638 |
|
|
Net Current Assets |
40.467
|
43.727 |
30.003 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.540 |
1.081 |
1.622 |
|
|
|
|
|
|
|
|
TOTAL |
73.779 |
75.688 |
64.723 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
421.089 |
373.153 |
308.785 |
|
|
|
Other Income |
13.143 |
8.936 |
6.533 |
|
|
|
TOTAL |
434.232 |
382.089 |
315.318 |
|
|
|
|
|
|
|
|
|
EXPENSES |
427.900 |
373.987 |
309.286 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
8.394 |
7.730 |
7.597 |
|
|
|
|
|
|
|
|
|
|
FINANCIAL
EXPENSES |
5.053 |
4.337 |
4.521 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
3.341 |
3.393 |
3.076 |
|
|
|
|
|
|
|
|
|
|
DEPRECIATION/
AMORTISATION |
2.147 |
2.599 |
2.640 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
1.194 |
0.794 |
0.435 |
|
|
|
|
|
|
|
|
|
|
TAX |
0.523 |
0.234 |
0.647 |
|
|
|
|
|
|
|
|
|
|
PROFIT(LOSS)
AFTER TAX |
0.671 |
0.560 |
(0.212) |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
8.94 |
7.47 |
|
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
0.15 |
0.15 |
(0.07) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
0.28 |
0.21 |
0.14 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.20 |
0.80 |
0.46 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.02 |
0.02 |
0.01 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.59 |
1.66 |
2.33 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.08 |
2.20 |
1.70 |
LOCAL AGENCY FURTHER INFORMATION
|
Available
in Report [Yes/No] |
|
|
Year
of Establishment |
Yes |
|
Locality
of the Firm |
Yes |
|
Constitution
of the firm |
Yes |
|
Premises
details |
No |
|
Type
of Business |
Yes |
|
Line
of Business |
Yes |
|
Promoters
background |
Yes |
|
No.
of Employees |
No |
|
Name
of Person Contacted |
No |
|
Designation
of contact person |
No |
|
Turnover
of firm for last three years |
Yes |
|
Profitability
for last three years |
Yes |
|
Reasons
for variation <> 20% |
- |
|
Estimation
for coming financial year |
No |
|
Capital
the business |
Yes |
|
Details
of sister concerns |
Yes |
|
Major
Suppliers |
No |
|
Major
Customers |
No |
|
Payment
Terms |
No |
|
Export
/ Import Details [If Applicable] |
No |
|
Market
Information |
- |
|
Litigations
that the firm / promoter involved in |
- |
|
Banking
Details |
Yes |
|
Banking
Facility Details |
No |
|
Conduct
of the banking account |
- |
|
Buyer
visit details |
- |
|
Financials,
if provided |
Yes |
|
Incorporation
details, if applicable |
Yes |
|
Last
accounts filed at ROC |
No |
|
Major
Shareholders, if applicable |
Yes |
|
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
PAN
of Proprietor/Partner/Director, if available |
No |
|
Voter
ID No of Proprietor/Partner/Director, if available |
No |
|
External Agency Rating,
if available |
Yes |
PERFORMANCE:
The year saw the company
improve its revenues by 12.85% to
Rs. 421.100 Millions from Rs. 373.200 Millions and saw its pre-tax profit increase
by 50.48% to Rs. 1.194 Millions from Rs. 0.794 Millions This performance was
achieved despite the general slowdown in the Indian economy.
The Company's IOCL Gas
Station was a star performer among the company's divisions showing a 25.41% jump in its revenues and a 23 11% increase in EBITDA.
This jump in revenues was the result of the company's stringent efforts in new
customer acquisition.
The luxury market segment
was particularly hit by the severe slowdown in the automobile market, however
the directors are pleased to inform you that the company's
The Company decided to
refocus its efforts to the aforementioned divisions and closed its Swaaraj
Mazda activities due to certain issues with supply and support from the
principal company.
The company is also an
investor in two companies, which have had a mixed year. Aquest Auto closed down
its Nissan operations towards the end of
the year which put some pressure on its margins. Toyota
Lakozy, the company's JVC with TTC Japan improved its performance over the
previous year and added new facilities to handle the increase in sales and
service. The company fully expects Toyota Lakozy to add additional facilities
in the coming years as part of its growth strategy.
OUTLOOK
The company's IOCL Gas
Station has seen a remarkable increase in its revenues and activities
undertaken by the division are expected to increase its volumes twofold in the coming
year. The company also expects the construction of office and other facilities
to be completed during the coming year which will enable additional revenues
streams through food franchises and other add-on activity providers.
The company has revamped
its
The Company see a lot of
potential in its joint venture company Toyota Lakozy Auto Private Limited which
is further expected to improve its current performance with the advent of
FORM 8
|
Corporate
identity number of the company |
U34100MH1985PTC035035 |
|
Name of the
company |
LAKOZY
MOTORS PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
167 Vidyanagari Margkalina Santacruz (East), Mumbai – 400098, Email: admin@lakozy.com |
|
This form is for |
Modification of charge |
|
Charge identification (ID) number of the charge to be
modified |
10030653 |
|
Type of charge |
· Book debts · Movable property (not being pledge) |
|
Particular of
charge holder |
Bank of India, Bandra Kural Complex Brnach, Star House, C-5, "G" Block, Bandra Kurla Complex, Bandra (East),, Mumbai - 400051, Maharashtra, India Email: admin@lakozy.com |
|
Nature of
instrument creating charge |
Supplemental deed of hypothecation |
|
Date of
instrument Creating the charge |
13.01.2012 |
|
Amount secured by
the charge |
Rs. 40.000 Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Term
of Payment: CC : On Demand. Margin 25% Against stock and 30% against book debts |
|
Short particulars
of the property charged (Including location of the property) |
All
tangible movable machineries and plant both present and future wheresover
situate, b)
All tangible movable properties and assets and stocks of whatsoever nature of
the borrower (both present and future). c)
All books debts of the Company. |
|
Date of last modification prior to the present modification |
01.06.2009 |
|
Particulars of the present modification |
By
the present modification, the principal amount of charge on hypothecated
assets is increased from Rs.35.000 Millions to Rs.40.000 Millions. Revised
Facilities and Limits: A) Fund Based: 1) CC Rs.35.000 Millions, B) Non Fund
Based: Bank Guarantee Rs.5.000 Millions , Aggregate ( A+ B) Rs.40.000
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 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.55.34 |
|
|
1 |
Rs.88.30 |
|
Euro |
1 |
Rs.71.37 |
INFORMATION DETAILS
|
Report Prepared
by : |
BYI |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
32 |
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.