MIRA INFORM REPORT
|
Report Date : |
27.05.2013 |
IDENTIFICATION DETAILS
|
Name : |
LAKSHMI PRECISION SCREWS LIMITED |
|
|
|
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Registered
Office : |
46/1, Mile Stone, |
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Country : |
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Financials (as
on) : |
31.03.2012 |
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|
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Date of
Incorporation : |
27.12.1968 |
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|
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Com. Reg. No.: |
05-004977 |
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Capital
Investment/ Paid-up Capital: |
Rs.109.417 Millions |
|
|
|
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CIN No.: [Company Identification
No.] |
L35999HR1968PLC004977 |
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|
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IEC No.: |
3393002155 |
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|
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TAN No.: [Tax Deduction &
Collection Account No.] |
RTKL00578E |
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Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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Line of Business
: |
Manufacturer of Machine Screws, SHCS, CSK, BHCS, SSS, HHB,
HHS, H. Nuts and Allen Key. |
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|
|
|
No. of
Employees: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (27) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 3990000 |
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|
Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having A moderate track record. But the external borrowings of the company appear to be increasing
over years. The profits have dipped during 2012. However, trade relations are reported as fair. Business is active.
Payments are reported to be slow. The company can be considered for business dealing with great 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 |
|
Restricted |
C2 |
|
Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
D (Cash Credit) |
|
Rating Explanation |
This rating are in default or are expected to be default soon. |
|
Date |
October 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 /
Factory 1 : |
46/1, Mile
Stone, |
|
Tel. No.: |
91-1262-248288
/ 248289 / 249920/ 248790 / 249923 / 248092/248793 / 248894 |
|
Fax No.: |
91-262-248297/248695/248863/270334/248948/249922 |
|
E-Mail : |
lps_screws@sm3.sprintrpg.ems.vsnl.net.in |
|
Website : |
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Corporate Office |
501 A and 501 B, 5th Floor, Tower-A, |
|
Tel No.: |
91-124 – 4200492 |
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Factory 2: |
Northern |
|
Tel. No.: |
91-1262-248288/248289/249920/248790/259230-34 |
|
Fax No.: |
91-1262-248297/249922 |
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E-Mail : |
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Factory 3: |
Plot No-153,Sector-3,IMT
Manesar, Gurgaon -122050, |
|
Tel. No.: |
91-124-2291781 |
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Factory 4: |
Plot No. 257, Sector-6, IMT
Manesar, Gurgaon -122050, |
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Tel. No.: |
91-124-4009860 |
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Factory:
5 |
N.H.10, |
|
Tel. No.: |
91-1262 – 305231/305232 |
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Branch Office : |
Address
: 146, New Cycle Market, Jhandewalan Extension, New Delhi-110 055, Tel:
91-11 –23527642 Mumbai Address
: 153-Wing-A, Mittal Tower, Nariman Point, Mumbai - 400 021, Tel:
91-22-56370984-85 Kolkata Address
: 8, Tel:
91-33-22310754 Address
: 305-A, Mittal Tower, 3rd Floor, Tel:
91-80-25588587 Pune Address
: 40, Rahul Chambers, Kasar Wadi, Pune – 411 034, Tel.
No.: 91-20-27145231 |
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|
|
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Export Office Factory 5 : |
N.H. 10, |
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Tel. No.: |
91-1262-305102/305231/305232 |
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E-Mail : |
DIRECTORS
As on 31.03.2012
|
Name : |
Mr.
Lalit Kumar Jain |
|
Designation : |
Chairman
and Managing Director |
|
Address : |
C/o. Nav Bharat House, |
|
Qualification : |
B.E. |
|
|
|
|
Name : |
Mr.
Dinesh Kumar Jain |
|
Designation : |
Vice
Chairman and Managing Director |
|
Address : |
764/28, Bharat Colony, |
|
Qualification : |
B.Com |
|
|
|
|
Name : |
Mr. Vijay
Kumar Jain |
|
Designation : |
Joint
Managing Director |
|
Address : |
C/o. Nav Bharat House, |
|
Qualification : |
B.A. |
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|
|
|
Name : |
Mr.
Rajesh Jain |
|
Designation : |
Director |
|
Qualification : |
B.E. (Technical) |
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|
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|
Name : |
Mrs.
Sushila Devi Jain |
|
Designation : |
Director |
|
Address : |
C/o. Nav Bharat House, |
|
Qualification : |
Matriculate |
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|
|
|
Name : |
Mr.
Jamshedji Rustomji Desai |
|
Designation : |
Director |
|
Address : |
C-37, Pamposh Enclave, |
|
Qualification : |
M. E. Graduate |
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|
|
|
Name : |
Mr.
Keshwa Nand Rattan |
|
Designation : |
Director |
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|
|
|
Name : |
Mr.
Ajay Kumar Chakraborty |
|
Designation : |
Director |
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|
|
|
Name : |
Mr. Bhupendranath Vidyanath Bhargava |
|
Designation : |
Director |
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|
|
|
Name : |
Mr. Bhagwan Das Narang |
|
Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. Naveen Kakkar |
|
Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.03.2013
|
Category of Shareholder |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
6880287 |
62.88 |
|
|
30733 |
0.28 |
|
|
6911020 |
63.16 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
6911020 |
63.16 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
601355 |
5.50 |
|
|
1925 |
0.02 |
|
|
1250 |
0.01 |
|
|
604530 |
5.53 |
|
|
|
|
|
|
377773 |
3.45 |
|
|
|
|
|
|
2052585 |
18.76 |
|
|
950813 |
8.69 |
|
|
44946 |
0.41 |
|
|
2150 |
0.02 |
|
|
42796 |
0.39 |
|
|
3426117 |
31.31 |
|
Total Public shareholding (B) |
4030647 |
36.84 |
|
Total (A)+(B) |
10941667 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts
have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
10941667 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Machine Screws, SHCS, CSK, BHCS, SSS, HHB,
HHS, H. Nuts and Allen Key. |
||||
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Products : |
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PRODUCTION STATUS (AS ON 31.03.2011)
|
Particulars |
Unit |
#Licensed
Capacity |
# #Installed
Capacity |
@Actual
Production |
|
High Tensile Fasteners |
M Tons |
23146 |
19148 |
(8505) |
Note:
# Not required for the industry.
# # Installed capacity is as certified by the management.
@ Actual production is on the basis of raw materials
consumed less scrap material.
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
|
|
|
|
Bankers : |
Canara Bank, Rohtak. State Bank of |
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|
|
|
Facilities : |
LONG TERM
BORROWINGS Term Loans from
Bank (secured) (i) Term loans are from Canara Bank, Indian Overseas Bank,
IDBI Bank Limited, State Bank of (ii) Details of term loans from Canara Bank and security furnished are as under: Rs. in Millions
Details of term loans from Indian Overseas Bank and security furnished are as under:
Details of term loans from IDBI Bank Limited and security furnished are as under:
Details of term loans from State Bank of
Details of term loans from ICICI Bank Limited and security furnished are as under:
Terms of repayments:
Period and amount overdue and unpaid as on the Balance Sheet date: a) Out of installment of $333000 due on 21.03.2012 in respect of foreign currency term loan(ECB) from ICICI Bank Ltd, a sum of $ 176250 remains unpaid as on 31.03.2012 b) Interest accrued and due Rs.1.785 remain unpaid as on the date of Balance Sheet. Term Loans from other parties (secured) Term Loan from Intec Capital Limited is secured to the extent of cash collateral security of Rs. 5.460 and has been shown under the secured term loan from other parties and balance under unsecured term loan from other parties in note no. 4(d). Terms of repayments
Working capital limits from banks (secured) 1) Working capital limits are in consortium with Canara
Bank and State Bank of charge against hypothecation of entire chargeable current assets i.e stock and book debts (present and future) of the Company and pari passu second charge on fixed assets of the Company consisting of land and building, plant and machinery and other fixed assets including capital work in progress (present and future) and guaranteed by some of Directors of the Company and their relatives. Working capital limits from consortium banks are further secured by way of equitable mortgage of: # Second pari passu charge on 10640 square yards of Land and Building standing in the name of Smt. Sushila Devi Jain, Director of the Company, situated at NH - 10, Hissar Road, Rohtak. # Second pari passu charge on Land and Building 4.6125 acres situated at Mauza Kharawar, Tehsil - Sampla, District - Rohtak, Haryana in the name of Shri Nikhlesh Jain and Shri Saurabh Jain # Second pari passu charge with working capital consortium members on Dies and Tools capitalised during financial year 2010-2011 2) Aggregate amount of loans guaranteed by the Directors of the Company and their relatives (Rs.) 3) Period and amount of overdue and unpaid as on the Balance Sheet date:
b. Other loans and advances from a Company (unsecured) (i) Other loans and advances received from a Company are repayable on demand. (ii) Interest accrued and due Rs.0.738 remained unpaid as on the Balance sheet date. |
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Banking
Relations : |
-- |
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|
|
|
Auditors : |
|
|
Name : |
V.
R. Bansal and Associates Chartered
Accountants |
|
Address : |
Noida,
|
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|
Subsidiary: |
Indian Fasteners Limited |
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|
|
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Associates |
· Amit Screws Private Limited · Hanumat Wire Udyog Private Limited · J C Fasteners Limited · LPS Bossard Private Limited (Joint Venture) · LPS Bossard Information System Private Limited (Joint Venture) · Lakshmi Extrusion Limited · LPS Fasteners & Wires Private Limited · Nav Bharat Industries · Nav Bharat Agencies · Shiv Industries · Swadesh Engineering Industries · Sudhir Automotive Industries Private Limited · United Engineers ·
Universal Enterprises |
CAPITAL STRUCTURE
AS ON 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
25000000 |
Equity Shares |
Rs.10/- each |
Rs.250.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10941667 |
Equity Shares |
Rs.10/- each |
Rs.109.417
Millions |
|
|
|
|
|
Reconciliation of the
number of shares outstanding at the beginning and at the end of the year:
|
Particular |
As on 31.03.2012 |
|
|
Number |
Amount |
|
|
Equity shares outstanding at the beginning of the year |
10941667 |
Rs.10.941 Millions |
|
Equity shares issued during the year |
- |
- |
|
Equity shares bought back during the year |
- |
- |
|
Equity shares outstanding at the end of the year |
10941667 |
Rs.10.941 Millions |
c. Terms/right
attached to equity shares:
The Company has issued equity shares having a par value of Rs. 10/- per share. Each holder of equity shares is entitled to one vote per share.
The Company declares and pays dividends in Indian rupees. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting.
During the year ended 31st March 2012, the amount of per share dividend recognized as distributions to equity shareholders is Rs.1.50 (Previous Year Rs.1.50)
In the event of liquidation of the Company, the holders of equity shares will be entitled to receive remaining assets of the Company after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders
|
Particular |
31.03.2012 |
|
|
Name of
Shareholders |
No. |
% of holding |
|
Shri Rajesh Jain |
1430804 |
13 |
|
Shri Lalit Kumar Jain |
1159600 |
11 |
|
Shri Vijay Kumar Jain |
1132593 |
10 |
|
M/s Reliance Capital Trustee Company Limited |
|
|
|
A/c Reliance Long Term Equity Fund |
900000 |
8 |
As per of the Company, including its register of shareholders/members and other declarations received from shareholders regarding beneficial interest, the above shareholding represents both legal and beneficial ownership of shares.
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 |
109.417 |
109.417 |
109.417 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
889.184 |
836.308 |
765.626 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
998.601 |
945.725 |
875.043 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
1499.607 |
1220.130 |
1138.544 |
|
|
2] Unsecured Loans |
103.821 |
77.574 |
60.062 |
|
|
TOTAL BORROWING |
1603.428 |
1297.704 |
1198.606 |
|
|
DEFERRED TAX LIABILITIES |
24.955 |
33.318 |
18.225 |
|
|
|
|
|
|
|
|
TOTAL |
2626.984 |
2276.747 |
2091.874 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
1010.534 |
907.246 |
589.788 |
|
|
Capital work-in-progress |
3.182 |
11.170 |
5.180 |
|
|
|
|
|
|
|
|
INVESTMENT |
42.737 |
42.736 |
42.737 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
2038.755
|
1737.238 |
1547.848
|
|
|
Sundry Debtors |
678.653
|
632.878 |
535.351
|
|
|
Cash & Bank Balances |
98.279
|
90.983 |
97.168
|
|
|
Other Current Assets |
57.920
|
51.174 |
19.854
|
|
|
Loans & Advances |
155.409
|
204.342 |
159.588
|
|
Total
Current Assets |
3029.016
|
2716.615 |
2359.809 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
854.156
|
914.474 |
636.093
|
|
|
Other Current Liabilities |
569.686
|
432.555 |
224.273
|
|
|
Provisions |
34.643
|
53.991 |
47.003
|
|
Total
Current Liabilities |
1458.485
|
1401.020 |
907.369 |
|
|
Net Current Assets |
1570.531
|
1315.595 |
1452.440 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
1.729 |
|
|
|
|
|
|
|
|
TOTAL |
2626.984 |
2276.747 |
2091.874 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
3434.858 |
3104.227 |
2279.772 |
|
|
|
Joint Work Receipts |
0.000 |
0.000 |
2.182 |
|
|
|
Other Income |
10.891 |
32.010 |
16.112 |
|
|
|
TOTAL (A) |
3445.749 |
3136.237 |
2298.066 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
1407.344 |
|
|
|
|
|
Purchases of Traded goods |
9.729 |
9.422 |
|
|
|
|
Purchases of semi finished goods |
151.076 |
136.957 |
1934.863 |
|
|
|
Employee benefits expense |
550.509 |
476.584 |
|
|
|
|
Other Expenses |
987.212 |
881.036 |
|
|
|
|
Changes in inventories of finished goods, work in progress
and Stock in Trade |
(221.472) |
(173.103) |
|
|
|
|
TOTAL (B) |
2884.398 |
2646.106 |
1934.863 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
561.351 |
490.131 |
363.203 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
249.720 |
183.466 |
153.428 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
311.631 |
306.665 |
209.775 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
221.679 |
181.168 |
123.908 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
89.952 |
125.497 |
85.567 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
16.222 |
36.695 |
32.806 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
73.730 |
88.802 |
52.761 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
479.577 |
414.350 |
374.389 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
3.800 |
4.500 |
0.000 |
|
|
|
Proposed Dividend |
16.413 |
16.413 |
10.941 |
|
|
|
Corporate
Dividend on Tax |
2.662 |
2.662 |
1.859 |
|
|
BALANCE CARRIED
TO THE B/S |
530.432 |
479.577 |
414.350 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
611.532 |
511.900 |
355.300 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
383.368 |
328.100 |
163.300 |
|
|
|
Stores & Spares |
72.429 |
45.800 |
6.000 |
|
|
|
Capital Goods |
55.627 |
124.100 |
12.500 |
|
|
|
Others |
45.056 |
51.500 |
29.300 |
|
|
TOTAL IMPORTS |
556.480 |
549.500 |
211.100 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
6.74 |
8.12 |
4.82 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2012 |
30.09.2012 |
31.12.2012 |
|
Type |
1st
Quarter |
2nd Quarter |
3rd Quarter |
|
Net Sales |
849.000 |
806.800 |
762.100 |
|
Total Expenditure |
703.900 |
672.000 |
621.600 |
|
PBIDT (Excl OI) |
145.200 |
134.800 |
140.500 |
|
Other Income |
03.200 |
03.500 |
04.100 |
|
Operating Profit |
148.400 |
138.300 |
144.500 |
|
Interest |
66.600 |
74.900 |
76.200 |
|
PBDT |
81.800 |
63.400 |
68.300 |
|
Depreciation |
55.600 |
48.400 |
57.800 |
|
Profit Before Tax |
26.300 |
15.100 |
10.500 |
|
Tax |
06.900 |
02.500 |
(00.900) |
|
Profit After Tax |
19.400 |
12.500 |
11.400 |
|
Net Profit |
19.400 |
12.500 |
11.400 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
2.14 |
2.83 |
2.30 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
2.62 |
4.06 |
3.75 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
2.23 |
3.46 |
3.72 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.09 |
0.13 |
0.09 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
3.06 |
2.85 |
2.41 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.08 |
1.94 |
2.60 |
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 |
Yes |
|
Conduct
of the banking account |
- |
|
Buyer
visit details |
- |
|
Financials,
if provided |
Yes |
|
Incorporation
details, if applicable |
Yes |
|
Last
accounts filed at ROC |
Yes |
|
Major
Shareholders, if applicable |
No |
|
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 |
OPERATIONS:
During the financial year 2011-12 the Company has achieved turnover of Rs.3386.600 Millions (Previous year Rs.3059.700 Millions), recording a growth of approx.11%. During the year net profit of the Company has been remain under pressure to Rs.73.731 Millions against Rs.888.02 Millions in the previous year.
Supply of fasteners to replacement and original equipment segments, wherein the Company holds a key position; continue to be the area of focus of the company. In order to meet the increased demand, the company has sufficient installed capacity. The Company continues to follow its philosophy to provide the high quality products at the lowest cost, coupled with excellent customer services. The market is witnessing fierce competition. All efforts were made under Total Quality Management, Total Productivity Management and Six Sigma Umbrella to continuously improve the cost, quality, delivery and competitiveness. The Company’s products are well accepted in the market. In brief, all customers of the Company are on growth path and Company is confident to meet their increased demand. The volume growth in domestic market is expected to be in the region of 15% for 2012-13.
FUTURE OUTLOOK
However, the outlook for the year 2012-13 is positive and
industry is expected to grow decently.
·
· Sales of trucks and buses, a key indicator of economic activity, rose 18.2 percent in 2011-12 and are seen growing 9 to 11 per cent in this fiscal year.
·
· Commercial Vehicles is projected to grow by 9 to 11 per cent in FY13.
·
The performance of the fastener industry is linked to the automobile sector. The growth of the automobile sector is dependent on the performance of the economy The economic outlook is better than Previous year Country is looking a revival of growth of the economy which is expected around 6.5% to 7% during financial year 2012-13. In this positive scenario the company foresee a platform to gain the momentum of growth
FIXED ASSETS:
- Factory Buildings
- Office Premises – Leasehold and Freehold
- Plant and Machinery
- Effluent Treatment Plant
- Furniture and Fixtures
- Electric Fittings and Installations
- Office Equipments
- Computer and Computer Software
- Vehicles
- Weighing Scales
- Fire Extinguishers
AS PER WEBSITE DETAILS
PROFILE
The
company is a high tensile manufacturing unit which was established in the year 1972.
The Company is a pioneer in providing fastening technology globally having
Joint Ventures, License Agreements, and Alliances with different fastening
companies globally. It is also catering the needs of various sectors such as
Wind Energy, Oil and Gas, Locomotives, Automobiles, Agriculture Equipments
(Tractors),
The
Company is located in Rohtak (Haryana) which has a close proximity being just
sixty Kms. from the National Capital,
However,
collectively all the four units of this Company are spread over an area of 1,
00,000 square meters and have a total production capacity of 25,000 metric tons
(MT) per annum. The Company expects that its production capacity will be rising
10% every year. The companies manufacturing units and warehouses were built
keeping in view the close proximity of its Ancillaries, Raw Material providers
and National Highways.
The
Company looks upon while upholding the needs of its clients for providing most
favorable blend of quality and cost effectiveness. The core competency of this
Group lies in its ability to resource quality material and manufacture complete
custom design solution. The Global vision and providing fastener solutions for
more than three decades has now made The Company one of the Global Leaders for
manufacturing high tensile precision fasteners and cold forged components.
The
Company is one of the largest exporters of fasteners in
The Company is constantly researching to enhance its quality of the
products keeping in mind the increasing expectations of the customers and the
Company’s brand. The Company is delighted and thankful to all its customers for
regular support and its guidan.
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.55.60 |
|
|
1 |
Rs.83.98 |
|
Euro |
1 |
Rs.71.94 |
INFORMATION DETAILS
|
Report Prepared
by : |
TPT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
27 |
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.