MIRA INFORM REPORT

 

 

Report Date :

03.04.2013

 

IDENTIFICATION DETAILS

 

Name :

LINDSAY INTERNATIONAL PRIVATE LIMITED

 

 

Registered Office :

Lindsay Tower, 9th Floor, 13 Nellie Sengupta Sarani, Kolkata – 700087, West Bengal

 

 

Country :

India

 

 

Financials (as on) :

31.03.2012

 

 

Date of Incorporation :

12.08.1996

 

 

Com. Reg. No.:

21-080887

 

 

Capital Investment / Paid-up Capital :

Rs. 17.154 Millions

 

 

CIN No.:

[Company Identification No.]

U17232WB1996PTC080887

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

CALL01301G

 

 

PAN No.:

[Permanent Account No.]

AAACL5347A

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Exporter and Trader of Equipments, Spares, Consumables items to Steel Industry.

 

 

No. of Employees :

Not Available

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba (54)

 

RATING

STATUS

 

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Maximum Credit Limit :

USD 352000

 

 

Status :

Good

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

 

Comments :

Subject is a well-established and a reputed company having a fine track record.

 

The performance capability and financial strength of the company is good.

 

Trade relations are reported as decent. Business is active. Payment terms are regular and as per commitments.

 

The company can be considered for business dealings at usual trade terms and condition.

 

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)

India

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

INDIAN ECONOMIC OVERVIEW

 

India is developing into an open-market economy, yet traces of its past autarkic policies remain. Economic liberalization, including industrial deregulation, privatization of state-owned enterprises, and reduced controls on foreign trade and investment, began in the early 1990s and has served to accelerate the country's growth, which has averaged more than 7% per year since 1997. India's diverse economy encompasses traditional village farming, modern agriculture, handicrafts, a wide range of modern industries, and a multitude of services. Slightly more than half of the work force is in agriculture, but services are the major source of economic growth, accounting for more than half of India's output, with only one-third of its labor force. India has capitalized on its large educated English-speaking population to become a major exporter of information technology services and software workers. In 2010, the Indian economy rebounded robustly from the global financial crisis - in large part because of strong domestic demand - and growth exceeded 8% year-on-year in real terms. However, India's economic growth in 2011 slowed because of persistently high inflation and interest rates and little progress on economic reforms. High international crude prices have exacerbated the government's fuel subsidy expenditures contributing to a higher fiscal deficit, and a worsening current account deficit. Little economic reform took place in 2011 largely due to corruption scandals that have slowed legislative work. India's medium-term growth outlook is positive due to a young population and corresponding low dependency ratio, healthy savings and investment rates, and increasing integration into the global economy. India has many long-term challenges that it has not yet fully addressed, including widespread poverty, inadequate physical and social infrastructure, limited non-agricultural employment opportunities, scarce access to quality basic and higher education, and accommodating rural-to-urban migration.

Source : CIA

 

 

EXTERNAL AGENCY RATING

 

Rating Agency Name

CRISIL

Rating

Short term rating : A2

Rating Explanation

Strong degree of safety and low credit risk.

Date

July 16, 2012

 

 

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/ Head Office :

Lindsay Tower, 9th Floor, 13 Nellie Sengupta Sarani, Kolkata – 700087, West Bengal, India

Tel. No.:

91-33-22523009/ 22521650/ 22529795/ 96/ 22524367/ 22529792/ 93/ 22179539/ 40/ 41

Fax No.:

91-33-22521495/ 22529797

E-Mail :

s.dahlan@lindsayindia.com

lipl@lindsayindia.com

Website :

www.lindsayindia.com

 

 

Camp Office - Kazakhstan

Room No - 104, JSC Mittal Steel Temirtau, 1, Republic Avenue  Temirtau -101407, Karaganda Region, Kazakhstan

Tel. No.:

+7-32139-65692

 

 

Detachment - Goa

No. 167, Next to Sebastian Chapel, Fantainhes, Panjim - 403001, Goa, India

Tel. No.:

91-832-2425231

 

 

DIRECTORS

 

AS ON 24.09.2012

 

Name :

Mr. Kunal Dalmia

Designation :

Managing director

Address :

11, Old Ballygunge, 2nd Lane, Kolkata - 700019, West Bengal, India

Date of Birth/Age :

02.09.1964

Date of Appointment :

12.08.1996

PAN No.:

ADQPD4889H

DIN No.:

00393896

 

 

Name :

Mrs. Alka Dalmia

Designation :

Director

Address :

11, Old Ballygunge, 2nd Lane, Kolkata - 700019, West Bengal, India

Date of Appointment :

05.01.2005

PAN No.:

ADQPD4884L

DIN No.:

00393971

 

 

Name :

Mr. Rajeev Ratan Kanoi

Designation :

Director

Address :

10/2 C, Ballygunge, Palace East, Kolkata - 700019, West Bengal, India

Date of Birth/Age :

30.05.1955

Date of Appointment :

04.11.1996

DIN No.:

00578221

 

 

Name :

Jean Michel Bernard Marc Decruyenaere

Designation :

Additional director

Address :

Rue G. Mabile 183 7021 Havre

Date of Birth/Age :

10.01.1964

Date of Appointment :

23.02.2010

DIN No.:

02973778

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

AS ON 24.09.2012

 

Names of Shareholders

 

No. of Shares

 

Kunal Dalmia

 

96500

Alka Dalmia

 

1190032

ArcelorMittal Design and Engineering Centre Private Limited, India

 

428844

 

 

 

Total

 

1715376

 

 

AS ON 24.09.2012

 

Equity Share Breakup

 

Percentage of Holding

Category

 

 

Bodies corporate

 

25.00

Directors or relatives of directors

 

75.00

Total

 

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

Exporter and Trader of Equipments, Spares, Consumables items to Steel Industry.

 

 

Exports :

 

Countries :

Ø       Indonesia

Ø       Kazakhstan

Ø       Romania

Ø       Canada

Ø       Germany

Ø       France

Ø       Mexico

Ø       Algeria

Ø       South Africa

Ø       Poland, etc.

 

 

GENERAL INFORMATION

 

No. of Employees :

Not Available

 

 

Bankers :

Indusind Bank Limited, Savitri Tower, 3A Upper Wood Street, Kolkata - 700017, West Bengal, India

 

 

Facilities :

 

Secured Loans

31.03.2012

31.03.2011

 

 

(Rs. In Millions)

Loans repayable on demand from banks

6.000

0.000

Total

6.000

0.000

 

 

 

 

 

Banking Relations :

--

 

 

Auditors :

 

Name :

Deloitte Haskins and Sells

Chartered Accountants

Address :

Building Alpha, 1st Floor Block - EP and GP, Sector – V, Salt Lake Electronics Complex, Kolkata – 700091, West Bengal, India

Tel. No.:

91-33-66121000

Fax No.:

91-33-66121001

Income-tax PAN of auditor or auditor's firm :

AADFD5357J

 

 

Enterprises which are owned, or have significant influence

of or are partners with Key

management personnel and their relatives :

Ø       Komex Sp. Z.o.o.

Ø       Arcelor Mittal Design and Engineering Centre Private Limited

Ø       Lindsay Towers Private Limited

 

 

Enterprises in which persons exercises significant influence:

Ø       Alkharsh International Private Limited

Ø       Alkmai Trading Private Limited

Ø       Armasol Properties Private Limited

Ø       Belair Properties Private Limited

Ø       Dallas Towers Private Limited

Ø       Highlife Developers Consultants Private Limited

Ø       Kashi Cold Storage Private Limited

Ø       Laxminiwas and Company (Exports) Private Limited

Ø       Lindsay Towers Private Limited

Ø       Fabulous Properties Private Limited

Ø       Global Steel Engineers Private Limited

Ø       Komex Sp. Z.o.o., Krakow, Poland

 

 

CAPITAL STRUCTURE

 

AS ON 31.03.2012

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

1,750,000

Equity Shares

Rs. 10/- each

Rs. 17.500 Millions

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

1,715,376

Equity Shares

Rs. 10/- each

Rs. 17.154 Millions

 

 

 

 

 

 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

31.03.2012

31.03.2011

31.03.2010

SHAREHOLDERS FUNDS

 

 

 

1] Share Capital

17.154

17.154

12.865

2] Share Application Money

0.000

0.000

17.866

3] Reserves & Surplus

71.079

66.042

48.151

4] (Accumulated Losses)

0.000

0.000

0.000

NETWORTH

88.233

83.196

78.882

LOAN FUNDS

 

 

 

1] Secured Loans

6.000

0.000

0.000

2] Unsecured Loans

0.000

0.000

0.000

TOTAL BORROWING

6.000

0.000

0.000

DEFERRED TAX LIABILITIES

0.000

0.000

0.000

 

 

 

 

TOTAL

94.233

83.196

78.882

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

6.351

6.692

6.151

Capital work-in-progress

0.000

0.000

0.000

 

 

 

 

INVESTMENT

95.230

83.073

35.189

DEFERRED TAX ASSETS

1.771

1.929

1.923

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
147.339

76.216

37.444

 

Sundry Debtors
466.929

294.816

270.438

 

Cash & Bank Balances
24.629

21.545

25.307

 

Other Current Assets
0.000

0.000

0.000

 

Loans & Advances
14.282

4.191

1.572

Total Current Assets
653.179

396.768

334.761

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

 

Sundry Creditors
589.697

373.549

282.092

 

Other Current Liabilities
18.494

7.623

3.604

 

Provisions
54.107

24.094

13.446

Total Current Liabilities
662.298

405.266

299.142

Net Current Assets
(9.119)

(8.498)

35.619

 

 

 

 

MISCELLANEOUS EXPENSES

0.000

0.000

0.000

 

 

 

 

TOTAL

94.233

83.196

78.882

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2012

31.03.2011

31.03.2010

 

SALES

 

 

 

 

 

Income

1558.870

1223.920

1038.842

 

 

Other Income

80.260

37.510

9.517

 

 

TOTAL                                     (A)

1639.130

1261.430

1048.359

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

Operating and Administrative Expenses

 

968.609

 

 

(Increase)/ Decrease in stock of Trading Goods

 

 

(17.423)

 

 

TOTAL                                     (B)

1558.620

1224.430

951.186

 

 

 

 

 

Less

PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B)      (C)

80.510

37.000

97.173

 

 

 

 

 

Less

FINANCIAL EXPENSES                         (D)

0.000

0.000

0.000

 

 

 

 

 

 

PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D)                                       (E)

80.510

37.000

97.173

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION                     (F)

1.500

1.480

1.598

 

 

 

 

 

 

PROFIT BEFORE TAX (E-F)                               (G)

79.010

35.520

95.575

 

 

 

 

 

Less

TAX                                                                  (H)

24.130

11.270

33.640

 

 

 

 

 

 

PROFIT AFTER TAX (G-H)                                (I)

54.880

24.250

61.935

 

 

 

 

 

Add

PREVIOUS YEARS’ BALANCE BROUGHT FORWARD

2.710

0.825

2.266

 

 

 

 

 

Less

APPROPRIATIONS

 

 

 

 

 

Transfer to General Reserve

5.490

2.430

6.193

 

 

Interim Dividend

0.000

0.000

45.029

 

 

Final Dividend

42.880

17.150

3.860

 

 

Tax on Dividend

6.960

2.780

8.294

 

BALANCE CARRIED TO THE B/S

2.260

2.710

0.825

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

 

 

 

 

 

Export on FOB basis

1629.290

1228.080

N.A.

 

 

 

 

 

 

Earnings Per Share (Rs.)

 

 

 

 

Basic

31.99

14.14

48.14

 

Diluted

N.A.

N.A.

45.56

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2012

31.03.2011

31.03.2010

PAT / Total Income

(%)
3.52

1.92

5.91

 

 
 

 

 

Net Profit Margin

(PBT/Sales)

(%)
5.07

2.90

9.20

 

 
 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)
11.98

8.80

28.04

 

 
 

 

 

Return on Investment (ROI)

(PBT/Networth)

 
0.90

0.43

1.21

 

 
 

 

 

Debt Equity Ratio

(Total Debt/Networth)

 
0.07

0.00

0.00

 

 
 

 

 

Current Ratio

(Current Asset/Current Liability)

 
0.99

0.98

1.12

 

 

LOCAL AGENCY FURTHER INFORMATION

 

 

Sr. No.

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

No

10]

Designation of contact person

No

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

Yes

17]

Major suppliers

No

18]

Major customers

No

19]

Payments terms

No

20]

Export / Import details (if applicable)

Yes

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

31]

Date of Birth of Proprietor/Partner/Director, if available

Yes

32]

PAN of Proprietor/Partner/Director, if available

Yes

33]

Voter ID No of Proprietor/Partner/Director, if available

No

34]

External Agency Rating, if available

Yes

 

 

CORPORATE INFORMATION:

 

Subject was incorporated in the year 1996 with an objective to export Indian origin Merchandise to International Market. The Company is a Trading House recognized by the Government of India and also certified by ISO 9001: 2008. The Company's exports to countries like Indonesia, Kazakhstan, Romania, Canada, Germany, France, Mexico, Algeria, South Africa, Poland, etc. The main products exported are engineering items for steel plants.

 

 

FIXED ASSETS:

 

Ø       Buildings

Ø       Office Building

Ø       Plant and Equipment

Ø       Furniture and Fixtures

Ø       Vehicles

Ø       Motor Vehicles

 

 

CMT REPORT (Corruption, Money Laundering & Terrorism]

 

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

 

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 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. 54.33

UK Pound

1

Rs. 82.72

Euro

1

Rs. 69.82

 

 

INFORMATION DETAILS

 

Report Prepared by :

BVA

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

4

PAID-UP CAPITAL

1~10

5

OPERATING SCALE

1~10

7

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

7

--PROFITABILIRY

1~10

6

--LIQUIDITY

1~10

6

--LEVERAGE

1~10

6

--RESERVES

1~10

6

--CREDIT LINES

1~10

7

--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

YES

--AFFILIATION

YES/NO

YES

--LISTED

YES/NO

NO

--OTHER MERIT FACTORS

YES/NO

YES

DEFAULTERS 

 

 

--RBI

YES/NO

NO

--EPF

YES/NO

NO

TOTAL

 

54

 

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

-

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.