MIRA INFORM REPORT
|
Report Date : |
12.04.2013 |
IDENTIFICATION DETAILS
|
Name : |
LAXMI ORGANIC INDUSTRIES LIMITED |
|
|
|
|
Registered
Office : |
A-22/2/3, MIDC, Mahad Area, P.O. Mahad, District Raigad – 402309,
Maharashtra |
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|
|
Country : |
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|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
15.05.1989 |
|
|
|
|
Com. Reg. No.: |
11-051736 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
Rs.100.051
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U24200MH1989PLC051736 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUML05098C / MUML04695F |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACL2435R |
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|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Manufacturer of Acetyls and Diketene Derivatives. |
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|
|
|
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 6300000 |
|
|
|
|
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 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. |
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 1: |
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 : |
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|
|
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Factory 2: |
Plot No.B-2/2, 3/1/1, 3/1/2 MIDC Mahad, District Raigad – 402309,
Maharashtra, India |
|
Tel. No.: |
91-2145-233302/ 233417/ 233161 |
|
Fax No.: |
91-2145-233418 |
DIRECTORS
(AS ON 28.09.2012)
|
Name : |
Mr. Vasudeo Nathmal Goenka |
|
Designation : |
Director |
|
Address : |
242-C, Grand Paradi Apartment, August Kranti Marg, Mumbai – 400036,
Maharashtra, India |
|
Date of Birth/Age : |
14.01.1940 |
|
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 Birth/Age : |
11.02.1962 |
|
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 Birth/Age : |
04.08.1967 |
|
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 Birth/Age : |
20.08.1938 |
|
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 Birth/Age: |
15.01.1950 |
|
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 Birth/Age: |
03.01.1955 |
|
Date of Appointment : |
01.11.2010 |
|
DIN No. : |
00202524 |
KEY EXECUTIVES
|
Name : |
Mr. R. K. Mehta |
|
Designation : |
Finance Manager |
|
|
|
|
Name : |
Mr. Aniket Bavchandbhai Hirpara |
|
Designation : |
Secretary |
|
Address : |
B-103, Orchid, Agrawal and Doshi Complex, Kaul’s Heritage City,
Bhabhola, Vasai (West), Thane – 401202, Maharashtra, India |
|
Date of Birth/ Age : |
15.07.1982 |
|
Date of Appointment : |
01.09.2012 |
|
PAN No. : |
ABPPH4615N |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(AS ON 28.09.2012)
|
Names of Shareholders |
|
No. of Shares |
|
|
|
|
|
Vasodeo Goenka |
|
1394619 |
|
Ravi Goenka |
|
1399510 |
|
Rajeev Goenka |
|
1323000 |
|
Desh Verma |
|
10010 |
|
Uma Shankar Modi |
|
10 |
|
Manisha R. Goenka |
|
788010 |
|
Vimla Devi Goenka |
|
291120 |
|
Sandeep Ruia |
|
100 |
|
Sandeep Ruia |
|
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 |
|
281000 |
|
Ravi Goenka – HUF |
|
425000 |
|
Niharika Goenka |
|
470000 |
|
Aditi Goenka |
|
730000 |
|
Rajiv Goenka and Manisha Goenka |
|
13000 |
|
Vishwas Kunte |
|
11500 |
|
Vibha Bhandari |
|
2000 |
|
Avantika Goenka |
|
1260000 |
|
Brady Investments Private Limited, India |
|
198000 |
|
Vishwas Kunte and Aparna V. Kunte |
|
10000 |
|
Master Aryavrat Goenka |
|
37500 |
|
Hansa K. Agarwal and Kailash Agarwal |
|
192000 |
|
International Finance Corporation (W), USA |
|
1005802 |
|
|
|
|
|
Total |
|
10005081 |
(AS ON 30.09.2012)
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] |
|
13.60 |
|
Bodies corporate |
|
1.98 |
|
Directors or relatives of directors |
|
84.18 |
|
Other top fifty shareholders |
|
0.24 |
|
|
|
|
|
Total
|
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Acetyls and Diketene Derivatives. |
||||||
|
|
|
||||||
|
Products : |
|
PRODUCTION STATUS (AS ON 31.03.2012)
|
Particulars |
Unit |
#Licensed Capacity |
Installed Capacity |
Actual Production |
|
|
|
|
|
|
|
Acetic Acid |
M.T. |
NA |
10350 |
-- |
|
Acetaldehyde |
M.T. |
NA |
8280 |
-- |
|
Ethyl Acetate |
M.T. |
NA |
120750 |
68350 |
|
Denatured Anhydrous - Ethyl Alcohol |
KL. |
NA |
5500 |
-- |
|
Ethyl Alcohol (Distillery)* |
KL. |
NA |
9450 |
11617 |
|
Diketene and Derivatives |
M.T. |
NA |
10000 |
9627 |
# As certified by the Management.
Industrial Licence not required for the company's products and hence
licensed capacities are not stated.
1* Ethyl Alcohol production capacity arrived at after due consideration
of seasonal impact.
GENERAL INFORMATION
|
No. of Employees : |
150 (Approximately) |
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|
Bankers : |
· Yes Bank Limited 9th Floor, Nehru
Centre, Discovery of India, Dr. Annie Besant Road, Worli, Mumbai – 400018,
Maharashtra, India ·
Ing Vysya Bank Limited Mittal Towers, A-Wing,
Ground Floor, 210 Nariman Point, Mumbai - 400021, Maharashtra, India ·
State Bank of India 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 |
|||||||||||||||||||||||||||
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|
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|
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 |
|
|
|
|
Joint Venture : |
· Suvas Holdings Limited |
|
|
|
|
Other Related Parties : |
·
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 · International Knowledge Park Private Limited · Laxmi Bioenergie Limited · Laxmi Petrochem · Amrut Sagar Construction Private Limited · Enersun Power Tech Private Limited · Crescent Oils Private Limited · Ojas Dye-Chem (India) Private Limited · Alumi Profiles Private Limited · Varadvinayak Multi Impex Private Limited |
CAPITAL STRUCTURE
(AS ON 28.09.2012)
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 |
|
|
|
|
|
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 |
100.051 |
52.446 |
52.446 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
1477.126 |
674.166 |
412.335 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
1577.177 |
726.612 |
464.781 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
784.490 |
777.868 |
524.571 |
|
|
2] Unsecured Loans |
125.399 |
160.102 |
196.415 |
|
|
TOTAL BORROWING |
909.889 |
937.970 |
720.986 |
|
|
DEFERRED TAX LIABILITIES |
90.619 |
94.773 |
84.806 |
|
|
|
|
|
|
|
|
TOTAL |
2577.685 |
1759.355 |
1270.573 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
1038.573 |
946.621 |
899.931 |
|
|
Capital work-in-progress |
422.796 |
41.562 |
7.948 |
|
|
|
|
|
|
|
|
INVESTMENT |
419.465 |
19.453 |
59.915 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
498.902
|
417.407
|
163.586
|
|
|
Sundry Debtors |
719.581
|
651.261
|
381.745
|
|
|
Cash & Bank Balances |
120.744
|
50.928
|
42.408
|
|
|
Other Current Assets |
8.644
|
1.895
|
0.000
|
|
|
Loans & Advances |
483.338
|
325.993
|
204.887
|
|
Total
Current Assets |
1831.209
|
1447.484
|
792.626
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditor |
780.553
|
487.841
|
470.347
|
|
|
Other Current Liabilities |
251.157
|
165.920
|
13.501
|
|
|
Provisions |
102.648
|
42.004
|
5.999
|
|
Total
Current Liabilities |
1134.358
|
695.765
|
489.847
|
|
|
Net Current Assets |
696.851
|
751.719
|
302.779
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
2577.685 |
1759.355 |
1270.573 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from operations |
5126.432 |
3417.783 |
2126.501 |
|
|
|
Other Income |
15.810 |
23.332 |
15.197 |
|
|
|
TOTAL (A) |
5142.242 |
3441.115 |
2141.698 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
3296.002 |
2151.295 |
|
|
|
|
Purchases of stock-in-trade |
123.678 |
55.691 |
|
|
|
|
Changes in inventories of finished goods, work-in-progress and
stock-in-trade |
(79.427) |
(97.397) |
1915.584 |
|
|
|
Employee benefit expense |
92.667 |
67.154 |
|
|
|
|
Other expenses |
905.416 |
693.515 |
|
|
|
|
Exceptional Income |
0.000 |
(52.400) |
|
|
|
|
TOTAL (B) |
4338.336 |
2817.858 |
1915.584 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
803.906 |
623.257 |
226.114 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
130.630 |
84.497 |
27.611 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
673.276 |
538.760 |
198.503 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
139.037 |
131.289 |
60.717 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
534.239 |
407.471 |
137.786 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
171.046 |
136.466 |
41.544 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
363.193 |
271.005 |
96.242 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
379.030 |
217.198 |
176.954 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
100.000 |
100.000 |
50.000 |
|
|
|
Proposed Dividend |
21.661 |
7.867 |
5.144 |
|
|
|
Tax on Dividend |
3.514 |
1.306 |
0.854 |
|
|
BALANCE CARRIED
TO THE B/S |
617.048 |
379.030 |
217.198 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
1465.988 |
793.985 |
477.193 |
|
|
TOTAL EARNINGS |
1465.988 |
793.985 |
477.193 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
1570.991 |
1030.347 |
874.310 |
|
|
|
Traded Goods |
121.750 |
35.956 |
19.760 |
|
|
|
Capital Goods |
4.402 |
0.599 |
6.621 |
|
|
TOTAL IMPORTS |
1697.143 |
1066.902 |
900.691 |
|
|
|
|
|
|
|
|
|
|
Earnings Per Share
(Rs.) |
58.73 |
51.67 |
18.35 |
|
%2012-Apr-2013_files/image001.gif){kind=small}
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
7.06
|
7.88
|
4.49
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
10.42
|
11.92
|
6.48
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
18.62
|
17.02
|
8.14
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.34
|
0.56
|
0.30
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debts/Networth) |
|
0.58
|
1.29
|
1.55
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.61
|
2.08
|
1.62
|
LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITORS
DETAILS:
|
Particulars |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
(Rs. In Millions) |
||
|
|
|
|
|
|
Sundry Creditors |
780.553
|
487.841
|
470.347
|
|
|
|
|
|
|
Total |
780.553
|
487.841
|
470.347
|
|
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 |
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 |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director,
if available |
No |
|
34] |
External Agency Rating, if available |
Yes |
UNSECURED LOANS
|
Particulars |
31.03.2012 |
31.03.2011 |
|
|
(Rs. In Millions) |
|
|
|
|
|
|
Deferred sales tax loan |
118.299 |
129.252 |
|
Deposits from directors |
6.100 |
6.100 |
|
Loans and advances from others |
1.000 |
24.750 |
|
|
|
|
|
Total |
125.399 |
160.102 |
ECONOMIC BACKGROUND
Following the
financial crisis of 2008-09, the Indian Economy did well and recovered to grow
by 8.4% p.a. in the subsequent two years. However, conditions turned adverse in
FY-12 with GDP growth slowing down to 6.5% and industrial growth in particular
to 2.8%. There was also slow down in investment and gross fixed capital
formation rate came down to 32% in FY-12. Inflationary pressures remained in
the economy and monetary tightening has witnessed limited and slow pass
through, but definitely had a positive impact on inflation. The overall demands
remain subdued with the government trying to rein in the budget deficits.
Global economic
conditions too were challenging with growth slipping with USA growing by 1.7%
(3.2%) and Euro Zone by 1.4% (1.9%). The Euro crisis of Sovereign debt and Bank
financials are still in the process of resolution. Quantitative easing in the
USA and LTRO (Long Term Refinancing Operations) in Euro enabled the flow of
liquidity to provide boost to Bank lending.
Indian Economy was
affected in various ways. Trade flows got impacted. Volatility was seen in FII
flows. Indian Rupee became vulnerable and saw depreciation. Commodity prices
declined. Inflation remains sticky. Financial and Equity markets saw downward
trend.
Against this
background of extremely challenging economic and financial conditions, your
company was able to buck the trend and show better financial performance.
FINANCIAL PERFORMANCE
The revenue from
operations achieved for the year was Rs.5536.200 Millions, representing a
growth of around 46% over the previous year. The growth in sales has been the
result of successful completion of the Ethyl Acetate capacity expansion project
in Nov 2011. Availability of additional volumes and our focus on exploring new
markets for ethyl acetate and also Diketene based products helped exports grow
substantially by 67%.
EBITDA grew by
about 45% during the year to Rs.803.900 Millions from Rs.554.400 of previous
year. Net profit before tax during the year was Rs.534.200 Millions against
Rs.355.000 Millions in the previous year, the profit after tax increased by
about 59% to Rs.363.200 Millions compared to previous year of Rs.229.000
Millions (adjusting exceptional item).
OPERATIONS REVIEW AND OUTLOOK
2011-12 has been a
challenging year for our economy the after effects of the Japanese Tsunami, the
debt crisis in Eurozone, political upraising against oppressive regimes in
Middle East and supply constraints as a result of postponement / cancellation
of investment programs for basic raw materials which have typically longer
gestation period all had a major adverse impact globally. Suppliers resorted to
abrupt steep price increases for raw materials due to supply constraints and
margins, especially for industrial products slipped.
While the emerging
economies were uniformly affected, impact on Indian economy was further
worsened due to the emerging political crisis as a sequel to numerous scandals
and corruption becoming public and the civil society raising against the
polity. The GDP growth started tapering down rapidly, inflation has been in
double digits at the consumer end, the rupee steadily declined against major
currencies since Oct 2011 and rating agencies downgraded the sovereign rating
of India.
The company turned
in excellent results. The strategic direction the company has been taking and
implementing over the past few years have helped the company to insulate itself
to a large extent from the adverse effect of negative developments in the economy.
Production of
Ethyl Acetate has increased by 23% to 68351 MT in F.Y. 2011-12. The production
of Diketene also increased by about 24% to 9640 M.T. in F.Y. 2011-12 compared
to last year. The company’s products have been accepted in the Japanese market,
a clear acknowledgement of the company’s quality and product development
skills.
The Ethyl Acetate
Capacity Expansion projects was completed and commissioned in November 2011.
The Captive Power
Plant project is under final stage of commissioning and is expected to be
operational in early July, 2012. The Captive Power Plant is being set up as an
Undertaking for generation of power in accordance with section 80-IA of the
Income Tax Act, 1961.
The project for
doubling the capacity of Diketene and derivatives is progressing as per plans.
In order to
strengthen our presence and have direct access to discerning customers in
Europe, the company established wholly owned subsidiary in Rotterdam in The
Netherlands. The subsidiary will market the company’s products and also offer a
boutique of speciality solvents and chemicals through the trading route to
consumers in Europe.
The company has
received approval of in-house Research and Development facility under section
35(2AB) of the Income tax Act, 1961 for the year 2011-12.
The company has
obtained ISO 9001:2008 certification in respect of Diketene derivatives
products manufactured at Unit-2 at Mahad and Research and Development Unit.
The company has
received improved credit rating from ICRA Limited. Now, the company’s long term
rating is ICRA- BBB and short term rating is A3+. The rating agency has also
enhanced outlook to Positive. The company will strive hard to further improve
the rating in current year.
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.
FINANCE
The ambitious
growth plans for new product manufacture, capacity increase of existing products
and market development activities globally, the company has been exploring
various options for raising funds with
an appropriate mixture of equity and debt. The International Finance
Corporation, the investing arm of the World Bank have taken an equity interest
of about 10% post issue and have also sanctioned loans of USD 10 Mn to be drawn
on need basis.
The company has
been regular in interest payment and repayment of principal amounts of term
loans to IDBI Bank Limited
The working
capital limits have been renewed/ enhanced by State Bank of India, IDBI Bank
Limited and Yes Bank Limited. During the year the company has availed term loan
of USD 11.3 Millions from IDBI Bank Limited.
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 |
Creation
of charge |
|
Type of charge |
Book Debts Movable Property Floating Charges |
|
Particular of
charge holder |
ING Vysya Bank Limited Mittal Towers, A-Wing, Ground Floor, 210 Nariman Point, Mumbai – 400021,
Maharashtra, India CIN No.: L85110KA1930PLC000124 |
|
Nature of
instrument creating charge |
Deed of General
Hypothecation. |
|
Date of
instrument Creating the charge |
31.01.2013 |
|
Amount secured by
the charge |
Rs.600.000
Millions |
|
Brief of the
principal terms and conditions and extent and operation of the charge |
Terms of repayment
: CC : On Demand WCDL(Sub limit to
CC) : Max 3 years (inclusive of claim period) PCL/PCFC(Sub
limit to CC) : Maximum 90 days PSL/EBRD/AACB
(Sub limit to CC) : Maximum up to 150 days. ILC/FLC/LuT (Sub limit
to CC) : ILC/FLC : Maximum tenor of 120days.LuT/FLC+ LUT : Maximum tenor of
180days. BG(Sub limit to
CC) : Max 3 years(inclusive of claim period) SBLC : Max tenor
of 1 year from date disbursement. Margin : CC/WCDL: 25% on
stocks and 30% on book debts(up to 90 days) PCL/PCFC(Sub
limit to CC) : 10% PSL/EBRD/AACB(Sub
limit to CC) :Nil ILC/FLC/LUT (Sub
limit to CC) : Nil BG(Sub limit to
CC) : Nil SBLC : Nil Extent and
operation of the charge : First pari passu
charge on entire current assets of the company (both present and future)
along with other member banks under Multiple banking arrangement. Second pari passu
charge over other movable fixed assets both present and future along with
other member banks under Multiple Banking Arrangement. Others: CC : Rs.300.000
Millions WCDL(Sub limit to
CC) : Rs.(240.000) Millions PCL/PCFC/PSL/EBRD/AACB(Sub
limit to CC): Rs.(300.000) Millions ILC/FLC/LUT(Sub
limit to CC): Rs.(300.000) Millions BG(Sub limit to
CC) : Rs.(50.000) Millions SBLC : Rs.300.000
Millions |
|
Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
The whole of the
Current Assets of the company namely, stocks of raw materials, stocks in process,
semi-finished goods, stores and spares not relating to Plant and Machinery
(Consumable Stores and Spares), Bills Receivable and Book-debts and all other
assets and movables both present and future. The whole of the
movable assets of the company(other than the current assets) including but
not limited to the movable machinery, consumable stores and spares relating
to plant and machinery, equipment, vehicles, computers, furniture, fixtures
wherever situated or whether in transit, both in present and future at various places. |
FIXED ASSETS:
·
Lease Hold Land
·
·
Office Premises
·
Plant and Machinery
·
Furniture and Fixtures
·
Office Equipments
·
Computers
·
Air Conditioner
·
Vehicles
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.54.46 |
|
|
1 |
Rs.83.13 |
|
Euro |
1 |
Rs.70.99 |
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.