MIRA
INFORM REPORT
|
Report Date : |
06.04.2013 |
IDENTIFICATION DETAILS
|
Name : |
LAXMI ORGANIC INDUSTRIES LIMITED |
|
|
|
|
Registered
Office : |
A-22/2/3, MIDC, Mahad Area, P.O. Mahad, District Raigad – 402309, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
15.05.1989 |
|
|
|
|
Com. Reg. No.: |
11-051736 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
Rs.52.446
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U24200MH1989PLC051736 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUML05098C / MUML04695F |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACL2435R |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer of Acetyls and Diketene Derivatives. |
|
|
|
|
No. of Employees
: |
150 (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 2900000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having a satisfactory track record. Latest
financials of the company are not available. Mr. R. K. Mehta denied to
disclose any information about the company. From the previous year financial
the company seems to be performing well. Trade relations are reported as
fair. Business is active. Payment terms are unknown. The company can be considered normal for business dealings at usual
trade terms and conditions. Note : Due to technical error in the government sites, we hereby provide you the report with available details and we would provide you with a on the same company as soon as we get the additional information. |
NOTES:
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
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 |
ICRA |
|
Rating |
Term Loan: BBB (Upgraded from BBB-) |
|
Rating Explanation |
Moderate degree of safety, it carry moderate
credit risk. |
|
Date |
July 2012 |
|
Rating Agency Name |
ICRA |
|
Rating |
Letter of Credit: A3+ (upgraded from A3) |
|
Rating Explanation |
Moderate degree of safety, it carry moderate
credit risk. |
|
Date |
July 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.
INFORMATION DECLINED BY
|
Name : |
Mr. R. K. Mehta |
|
Designation : |
Finance Manager |
|
Contact No.: |
91-2145-232548 |
|
Date : |
05.04.2013 |
LOCATIONS
|
Registered Office/ Factory : |
A-22/2/3, MIDC, Mahad Area, P.O. Mahad, District Raigad – 402309,
Maharashtra, India |
|
Tel. No.: |
91-2145-232548/ 232205 |
|
Fax No.: |
91-2145-232203/ 04 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Corporate Office : |
Chandermukhi, 3rd Floor, Nariman Point, Mumbai – 400021,
Maharashtra, India |
|
Tel. No.: |
91-22-49104444/ 22853753/ 5176/ 5177/ 22851316 (4 Lines) |
|
Fax No.: |
91-22-22853752/ 22850033 |
|
E-Mail : |
DIRECTORS
(AS ON 05.09.2011)
|
Name : |
Mr. Vasudeo Nathmal Goenka |
|
Designation : |
Director |
|
Address : |
242-C, Grand Paradi Apartment, August Kranti Marg, Mumbai – 400036,
Maharashtra, India |
|
Date of Appointment : |
15.05.1989 |
|
DIN No.: |
00059215 |
|
|
|
|
Name : |
Mr. |
|
Designation : |
Managing Director |
|
Address : |
242-C, Grand Paradi Apartment, August Kranti Marg, Mumbai – 400036,
Maharashtra, India |
|
Date of Appointment : |
15.05.1989 |
|
DIN No.: |
00059267 |
|
|
|
|
Name : |
Mr. Rajeev Vasudeo Goenka |
|
Designation : |
Joint Managing Director |
|
Address : |
241-C, 24th Floor, Grand Paradi Apartment, August Kranti
Marg, Mumbai – 400036, Maharashtra, India |
|
Date of Appointment : |
12.08.1994 |
|
DIN No.: |
00059346 |
|
|
|
|
Name : |
Mr. Desh Kedarnath Verma |
|
Designation : |
Director |
|
Address : |
West View 87, Woodhouse Road, Colaba, Mumbai – 400005, Maharashtra,
India |
|
Date of Appointment : |
15.05.1989 |
|
DIN No.: |
00064077 |
|
|
|
|
Name : |
Mr. Manish Balkishan Chokhani |
|
Designation : |
Additional Director |
|
Address : |
161, Silver Arch, Petit Hall Compound, 66 L Jagmohandas Marg,
Nepeansea Road, Mumbai – 400006, Maharashtra, India |
|
Date of Birth/Age : |
14.10.1966 |
|
Date of Appointment : |
30.03.2012 |
|
DIN No. : |
00204011 |
|
|
|
|
Name : |
Mr. Omprakash Venkatswamy Bundellu |
|
Designation : |
Director |
|
Address : |
Flat No.192, Jolly Maker Apartment II, Cuffe Parade, Mumbai – 400005,
Maharashtra, India |
|
Date of Appointment : |
21.02.2011 |
|
DIN No. : |
00032950 |
|
|
|
|
Name : |
Mr. Arun Keshav Dudhane |
|
Designation : |
Whole-time Director |
|
Address : |
4, Pagariya Colony, Bansilal Nagar, Aurangabad – 431001, Maharashtra,
India |
|
Date of Appointment : |
01.11.2010 |
|
DIN No. : |
00202524 |
KEY EXECUTIVES
|
Name : |
Mr. R. K. Mehta |
|
Designation : |
Finance Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(AS ON 05.09.2011)
|
Names of Shareholders |
No. of shares
Fully Paid-up Rs.10/- each |
No. of Shares
Partly Paid-up Rs.1/- each |
|
|
|
|
|
V.D. Goenka |
286150 |
1108469 |
|
Ravi Goenka |
1064310 |
335200 |
|
Rajeev Goenka |
937800 |
385200 |
|
Desh Verma |
10010 |
-- |
|
Uma Shankar Mod |
10 |
-- |
|
Manisha R. Goenka |
443010 |
345000 |
|
Vimla Devi Goenka |
166120 |
125000 |
|
Sandeep Ruia |
100 |
-- |
|
Sandeep Ruia – HUF |
100 |
-- |
|
Seema Ruia and Sanjay Ruia |
100 |
-- |
|
Sanjay Ruia and Seema Ruia |
100 |
-- |
|
Pushpa Devi Ruia and Sandeep Ruia |
100 |
-- |
|
Nilesh Ruparel (NRI) |
12500 |
-- |
|
Brij Mohan Mishra (NRI) |
100000 |
-- |
|
Suman Mishra (NRI) |
50000 |
-- |
|
Mast. Harshvardhan Goenka |
96000 |
185000 |
|
Ravi Goenka – HUF |
225000 |
200000 |
|
Niharika Goenka |
100000 |
370000 |
|
Aditi Goenka |
420000 |
310000 |
|
Rajiv Goenka and Manisha Goenka |
13000 |
-- |
|
Vishwas Kunte |
11500 |
-- |
|
Vibha Bhandari |
2000 |
-- |
|
Avantika Goenka |
540000 |
720000 |
|
Brady Investments Private Limited |
110000 |
88000 |
|
Vishwas Kunte and Aparna V. Kunte |
10000 |
-- |
|
Master Aryavrat Goenka |
37500 |
-- |
|
Hansa K. Agarwal and Kailash Agarwal |
192000 |
-- |
|
|
|
|
|
Total |
4827410 |
4171869 |
(AS ON 30.09.2011)
Equity Shares Break – up
|
Category |
|
Percentage |
|
|
|
|
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
3.10 |
|
Bodies corporate |
|
2.27 |
|
Directors or relatives of directors |
|
93.63 |
|
Other top fifty shareholders |
|
1.00 |
|
|
|
|
|
Total
|
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Acetyls and Diketene Derivatives. |
||||||||||
|
|
|
||||||||||
|
Products : |
|
PRODUCTION STATUS (AS ON 31.03.2011)
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
|
|
|
|
|
|
|
Acetic Acid |
M.T. |
NA |
34000 |
-- |
|
Acetaldehyde |
M.T. |
NA |
23000 |
-- |
|
Ethyl Acetate |
M.T. |
NA |
60000 |
55740 |
|
Denatured Anhydrous - Ethyl Alcohol |
KL. |
NA |
13200 |
-- |
|
Ethyl Alcohol (Distillery)* |
KL. |
NA |
9450 |
5345 |
|
Diketene and Derivatives |
M.T. |
NA |
10000 |
7799 |
# As certified by the Management.
Industrial Licence not required for the company's products and hence
licensed capacities are not stated.
* Ethyl Alcohol production capacity arrived at after due consideration
of seasonal impact.
GENERAL INFORMATION
|
No. of Employees : |
150 (Approximately) |
|||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||
|
Bankers : |
·
State Bank of Industrial Finance Branch, 2nd Floor, The Arcade, World
Trade Centre, Cuffe Parade, Mumbai – 400005, Maharashtra, India ·
IDBI Bank Limited, IDBI Tower, WTC Complex, Cuffe Parade, Mumbai – 400005, Maharashtra,
India ·
Standard Chartered Bank ·
ICICI Bank Limited ·
HDFC Bank Limited ·
Kotak Mahindra Bank Limited |
|||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||
|
Facilities : |
|
|||||||||||||||||||||||||||
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Dayal and Lohia Chartered Accountant |
|
Address : |
Kamanwala Chambers, 1st Floor, Office No. 6 and 7, Sir P.M.
Road, Fort, Mumbai – 400001, Maharashtra, India |
|
PAN No.: |
AAAFD1548C |
|
|
|
|
Associates : |
·
Laxmi Natural Products Private Limited · Brady Investments Private Limited ·
· Zenith Distributors · Laxmi Capital Services Private Limited · Pedestal Finance and Trading Company · Anugrah Investments Limited · Aqua Mischief Private Limited · Krishna Medows Private Limited · Unity Portfolio Private Limited · Laxmidevi Nathmal Goenka Charitable Trust. · Laxmi Tank Terminal Private Limited · Suvas Holdings Limited · International Knowledge Park Private Limited · Laxmi Bioenergie Limited · Laxmi Petrochem · Amrut Sagar Construction Private Limited · Enersun Power Tech Private Limited |
CAPITAL STRUCTURE
(AS ON 05.09.2011)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
21000000 |
Equity Shares |
Rs.10/- each |
Rs.210.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10005081 |
Equity Shares |
Rs.10/- each |
Rs.100.051
Millions |
|
|
|
|
|
(AS ON 31.03.2011)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
21000000 |
Equity Shares |
Rs.10/- each |
Rs.210.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
4827410 |
Equity Shares (Fully Paid Up) |
Rs.10/- each |
Rs.48.274
Millions |
|
4171869 |
Equity Shares (Partly Paid Up) |
Re.1/- each |
Rs.4.172
Millions |
|
|
|
|
|
|
|
Total |
|
Rs.52.446 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 |
52.446 |
52.446 |
50.526 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
674.166 |
412.335 |
286.955 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
726.612 |
464.781 |
337.481 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
895.038 |
524.571 |
295.320 |
|
|
2] Unsecured Loans |
168.738 |
196.415 |
137.077 |
|
|
TOTAL BORROWING |
1063.776 |
720.986 |
432.397 |
|
|
DEFERRED TAX LIABILITIES |
94.773 |
84.806 |
67.663 |
|
|
|
|
|
|
|
|
TOTAL |
1885.161 |
1270.573 |
837.541 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
946.621 |
899.931 |
478.480 |
|
|
Capital work-in-progress |
41.561 |
7.948 |
7.943 |
|
|
|
|
|
|
|
|
INVESTMENT |
19.453 |
59.915 |
16.576 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
417.407
|
163.586
|
198.942 |
|
|
Sundry Debtors |
651.261
|
381.745
|
273.331 |
|
|
Cash & Bank Balances |
50.928
|
42.408
|
54.312 |
|
|
Other Current Assets |
0.000
|
0.000
|
0.000 |
|
|
Loans & Advances |
327.208
|
204.887
|
141.334 |
|
Total
Current Assets |
1446.804
|
792.626
|
667.919 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditor |
522.291
|
470.347
|
|
|
|
Other Current Liabilities |
8.940
|
13.501
|
330.421 |
|
|
Provisions |
38.727
|
5.999
|
2.956 |
|
Total
Current Liabilities |
569.958
|
489.847
|
333.377 |
|
|
Net Current Assets |
876.846
|
302.779
|
334.542 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.680 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
1885.161 |
1270.573 |
837.541 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
3417.783 |
2126.501 |
2063.030 |
|
|
|
Other Income |
23.332 |
15.197 |
7.188 |
|
|
|
TOTAL (A) |
3441.115 |
2141.698 |
2070.218 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Consumption Materials Changed Inventories |
2225.721 |
1561.711 |
|
|
|
|
Manufacturing Services Cost |
330.299 |
129.568 |
|
|
|
|
Employees Related Expenses |
67.154 |
44.766 |
1934.774 |
|
|
|
Administrative, Selling and other Expenses |
263.573 |
179.539 |
|
|
|
|
Exceptional Income |
(52.400) |
0.000 |
|
|
|
|
TOTAL (B) |
2834.347 |
1915.584 |
1934.774 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
606.768 |
226.114 |
135.444 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
68.007 |
27.611 |
40.855 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
538.761 |
198.503 |
94.589 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
131.289 |
60.717 |
58.242 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
407.472 |
137.786 |
36.347 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
136.467 |
41.544 |
16.110 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
271.005 |
96.242 |
20.237 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
217.199 |
176.955 |
159.674 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
100.000 |
50.000 |
0.000 |
|
|
|
Dividend |
7.867 |
5.144 |
2.526 |
|
|
|
Tax on Dividend |
1.306 |
0.854 |
0.430 |
|
|
BALANCE CARRIED
TO THE B/S |
379.031 |
217.199 |
176.955 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
793.985 |
477.193 |
560.170 |
|
|
TOTAL EARNINGS |
793.985 |
477.193 |
560.170 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
1030.529 |
874.310 |
588.451 |
|
|
|
Traded Goods |
8.594 |
19.760 |
31.470 |
|
|
|
Capital Goods |
0.599 |
6.621 |
1.102 |
|
|
TOTAL IMPORTS |
1039.722 |
900.691 |
621.023 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
51.67 |
18.35 |
4.01 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
7.88
|
4.49
|
0.98 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
11.92
|
6.48
|
1.76 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
17.02
|
8.14
|
3.17 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.56
|
0.30
|
0.11 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.46
|
1.55
|
1.28 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.54
|
1.62
|
2.00 |
LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITORS
DETAILS:
|
Particulars |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
(Rs. In Millions) |
||
|
|
|
|
|
|
Sundry Creditors
|
|
|
|
|
- Creditors Due Small Micro
Enterprises |
0.000 |
0.000 |
NA |
|
- Creditors Due Others |
522.291
|
470.347
|
NA |
|
|
|
|
|
|
Total |
522.291
|
470.347
|
NA |
|
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 |
Yes |
|
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 |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
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 |
No |
|
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 |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director,
if available |
No |
|
34] |
External Agency Rating, if available |
Yes |
UNSECURED LOANS
|
Particulars |
31.03.2011 |
31.03.2010 |
|
|
(Rs. In Millions) |
|
|
|
|
|
|
Rupee term loans others unsecured |
137.888 |
0.000 |
|
Fixed deposits unsecured |
6.100 |
8.100 |
|
Deferred Sales tax |
0.000 |
145.067 |
|
Other debt unsecured |
24.750 |
43.249 |
|
|
|
|
|
Total |
168.738 |
196.415 |
FINANCIAL PERFORMANCE
In the year 2010-11 the company has achieved substantial growth, both in
turnover and profits.
The net turnover
increased to Rs.3417.800 Millions in FY 2011 from Rs.2126.500 Millions in FY 2010.
This growth of approx 61% was on account of the full year sales of the Diketene
business acquired in the last fiscal and which went on regular commercial
stream from April 2010 as well as the organic growth in the core Ethyl Acetate
business.
Net profit after
tax during the year was Rs.271.000 Millions against Rs.96.200 Millions in the
previous year. Profit after tax increased by 181.70 % compared to previous
financial year
PERFORMANCE REVIEW
During FY 2011 the
company’s performance in all areas have shown significant gains. During the
year, the company became a truly multi-product multi–operating set up with the
successful absorption of the Diketene and derivatives business.
The new unit set
up in the last operating quarter of FY 2010 for Diketene and Derivative
products performed to full potential. The plant which was commissioned last
year produced 7872 M.T. of Diketene Derivative products during the year.
The customers of
erstwhile Clariant from whom your company bought out the business of Diketene
have been more than satisfied with the quality, delivery and business focus
achieved by your company. The company is facing a severe challenge from
suppliers of diketene derivative products from China whose prices are
unrealistically low and un-remunerative. Increased availability of local
production and business focus of your company’s marketing team are aimed at
mitigating this challenge to some extent.
The company has
been successful in introducing process improvements and also product
development. Certain key under-performing old equipments were replaced to
improve process efficiencies.
A new Research and
Development facility has been set up exclusively for new product development
and process optimization. The Directors are happy to inform you that the R and
D facility has been recognized by the Government of India as a ‘Recognized R
and D Unit’ by DSIR in March 2011.
The successful
absorption of the complex manufacturing process, customer acceptance of the existing
products and expectations of new product development have enabled your company
to propose an ambitious plan to double the capacity of Diketene and Derivatives
business by the end of the current fiscal. Benefits from the proposed expansion
would be expected to accrue from the first quarter of next fiscal.
Buoyant market
conditions, Brand Loyalty and focus on differentiated market approaches helped
your company grow the core Ethyl Acetate business by about 29% in volume terms
(55,740 metric tones in FY 2011 vs. 43,239 MT in FY 2010). The company proposes
to increase the capacity of Ethyl Acetate from the current 60,000 MT per annum
to 100,000 MT during the current fiscal year.
The company
continued not to produce Acetic Acid because of availability of Acetic Acid at
prices lower than the cost of production.
The operations of
the Wind Mills at Sangli in Maharashtra and Chitradurga in Karnataka were
satisfactory. The Distillery at Satara also achieved higher production as
compared to last year.
During the year,
the company achieved yet another milestone – the company successfully
implemented an ERP program on SAP platform. The implementation was completed
within expected project costs and timelines. The ERP program was stabilized
within two months of implementation and has been stable at the transaction
level. Key management reports for day to day operations are in place. During
this fiscal, the company proposes to further develop operating reports.
The core of the
above results has been the contribution of the people across all functions and
levels. The company is in the process of inducting required talent and
competencies in Marketing, Production, R & D, Finance and Costing. Several
initiatives have been taken for training and development of human resources.
Internal communication has been strengthened to make the teams fully aware of
the plans and progress which has led to higher level of involvement and
unlocking the hidden potential of the employees.
FINANCE
The company has
been regular in interest payment and principal amounts of term loans to IDBI
Bank Limited and Standard Chartered Bank. The term loan from Standard Chartered
Bank has been fully repaid.
The working
capital limits have been renewed/ enhanced by State Bank of India and IDBI Bank
Limited. During the year the company has availed additional working capital
limit from Yes Bank Limited.
CONTINGENT LIABILITIES NOR PROVIDED FOR
|
Particulars |
31.03.2011 |
31.03.2010 |
|
|
(Rs. In
Millions) |
|
|
|
|
|
|
Estimated amount of contracts remaining to be executed on capital account and not provided for |
161.290 |
6.327 |
|
Letter of credit and Guarantees issued by bankers (partly secured by fixed deposits). |
215.764 |
109.285 |
|
Outstanding Bills discounted by bank. |
77.230 |
16.303 |
|
Claims against the Company not acknowledged as debts and disputed in appeals/court |
|
|
|
- Modvat Credit on raw material |
19.400 |
14.115 |
|
- Demand of MIDC Mahad towards compensation. |
0.672 |
0.672 |
FORM 8:
|
Corporate
identity number of the company |
U24200MH1989PLC051736 |
|
Name of the
company |
LAXMI ORGANIC INDUSTRIES LIMITED |
|
Address of the
registered office or of the principal place of business in |
A-22/2/3 MIDC Mahad Area, P O
Mahad, District Raigad, Thane, Maharashtra, India |
|
This form is for |
Modification
of charge |
|
Charge identification
(ID) number of the charge to be modified |
90156108 |
|
Type of charge |
Immovable property |
|
Particular of
charge holder |
State Bank of India Industrial Finance Branch, 2nd Floor, The Arcade World Trade Centre, Cuffe
Parade, Mumbai – 400005, Maharashtra, India |
|
Nature of
instrument creating charge |
Entry no. 626 -
To create equitable mortgage by deposit of title deeds. |
|
Date of
instrument Creating the charge |
09/12/2011 |
|
Amount secured by
the charge |
Rs.904.400
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of interest
: As per sanction
terms and conditions. Terms of repayment
: As per sanction
terms and conditions. Margin : As per sanction
terms and conditions. Extent and
operation of the charge : As per sanction
terms and conditions. Others: As per sanction
terms and conditions. |
|
Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
2nd Mortgage /
Hypothecation Charge on pari-passu basis with IDBI Bank on the company's
fixed assets consisting of land, building, plant and machinery situated at
A-22/2/3, A-22/2/3 (part) and A-22/2/2 MIDC, Mahad, District Raigad, and Plot no. 795/1(Old Gat No. 1049) at
Chimangaon, Teh. Koregaon, District Satara (Maharashtra). Extension of 2nd
charge on pari-passu Basis with IDBI on Diketene Plant Situated at Plat No.
B/2/2, 3/1/1 and 3/1/2 at Mahad, District Raigadh, Maharashtra. |
|
Particulars of
the present modification |
Now by this
modification charge extended on the immovable properties of the Company for
Rs.840.000 Millions out of the total facilities granted for various
facilities for Rs.904.400 Millions. |
FIXED ASSETS:
·
Lease Hold Land
·
·
Building (Residential)
·
Office Premises
·
Plant and Machinery
·
Furniture and Fixtures
·
Office Equipments
·
Computers
·
Air Conditioner
·
Vehicles
·
Storage Terminal
·
Wind Mill
·
Technical Know-how and
Non Compete Fees
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.54.65 |
|
|
1 |
Rs.82.41 |
|
Euro |
1 |
Rs.70.08 |
INFORMATION DETAILS
|
Information Gathered
by : |
SVA |
|
|
|
|
Report Prepared
by : |
NIT |
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 |
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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
NO |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
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.