MIRA INFORM REPORT

 

 

Report Date :

21.11.2013

 

IDENTIFICATION DETAILS

 

Name :

LAXMAN KADVA AND SONS PRIVATE LIMITED

 

 

Formerly Known As :

MISTRY LAXMAN KADVA MACHINES PRIVATE LIMITED

 

 

Registered Office :

Udyog Nagar, Opposite Gas Godown, Surendranagar-363002, Gujarat

 

 

Country :

India

 

 

Financials (as on) :

31.03.2013

 

 

Date of Incorporation :

15.01.2001

 

 

Com. Reg. No.:

04-039163

 

 

Capital Investment / Paid-up Capital :

Rs.1.000 Million

 

 

CIN No.:

[Company Identification No.]

U29225GJ2001PTC039163

 

 

TIN CST No.:

24580101915 Dt. 17.09.2005

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Manufacturer and Exporter of Bandsaw Machines and Grinding Machines.

 

 

No. of Employees :

100 (Approximately)

 

RATING & COMMENTS

 

MIRA’s Rating :

B (31)

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Maximum Credit Limit :

USD 64000

 

 

Status :

Moderate

 

 

Payment Behaviour :

Slow but corrct

 

 

Litigation :

Clear

 

 

Comments :

Subject is an established company having moderate track record.

 

There appears drastic dip in sales and profit of the company in 2013.

 

However, trade relations are fair. Business is active. Payment term are slow but correct.

 

The company can be considred for business dealings with some caution.

 

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

 

 

ECGC Country Risk Classification List – March 31st, 2013

 

Country Name

Previous Rating

(31.12.2012)

Current Rating

(31.03.2013)

India

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

INDIAN ECONOMIC OVERVIEW

 

The current downturn provides an opportunity to push ahead with reforms to accelerate growth, says the latest India Development Update report released by the World Bank. The report says that the adverse effects of rupee depreciation are likely to be offset by the gains in the exports performance due to improved external competitiveness. Since May this year, the local currency has depreciated substantially and fell to a record level of Rs 68.85 to a dollar on August, 28.

 

A stagflation like situation appears to have arisen as inflation jumped to an eight month high of 6.46 % for the month of September. It is up from 6.10 % in August. Growth continues to be muted with factory output plunging to 0.6  % in August. Onion prices have risen nearly 300 % from last September. Vegetables cost nearly 90 % more than they did last year. Wake up to the economic contribution of slum dwellers. They contribute more than 7.5 % to the country’s gross domestic product, according to a recent study conducted in 50 top cities.

 

136000 estimated number of jobs created during the second quarter of the current financial year. 50000 estimated number of additional jobs in the field of corporate social responsibility in the coming years.

 

The International Finance Corporation expects to come out with its rupee linked bonds issue before the end of 2013 as a part of its plan to raise $ 1 billion. The Apple iPhone 5c (Rs 41900 for 16 GB variant) and 5s (Rs 53500 for 16GB variant) has been launched in India from 1st November.

 

The Land Acquisition Act to provide just and fair compensation to farmers will come into force from January 1 next year, said Rural Development Minister Jairam Ramesh. The Act replaces a 119 year old registration. The Securities and Exchange Board of India has approved the trading of currency futures on the Bombay Stock Exchange. The exchange plans to launch the currency futures platform with advanced trading technology by the end of November.

 

 

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 PARTED BY

 

Name :

Mr. Solanki

Designation :

Accounts Departments

Contact No.:

91-2752-224726

Date :

09.11.2013

 

 

LOCATIONS

 

Registered Office /Factory:

Udyog Nagar, Opposite Gas Godown, Surendranagar-363002, Gujarat, India

Tel. No.:

91-2752-224726/ 228161

Mobile No.:

91-9825790247 (Mr. Jastin Solanki)

Fax No.:

91-2752-231381

E-Mail :

laxson@laxsonbandsaw.com

Website :

www.laxsonbandsaw.com

Area :

3500 sq. mtr.

Location :

Owned

 

 

DIRECTORS

 

As on 03.09.2013

 

Name :

Mr. Shashikant Bhagwanjibhai Umrania

Designation :

Director

Address :

Butbhavani Krupa, Amizara Park, Vimalnath Society, Surendranagar-363002, Gujarat, India.

Date of Birth/Age :

28.11.1956

Qualification :

B. Com

Date of Appointment :

15.01.2001

DIN No.:

00247211

 

 

Name :

Mr. Rajendra Bhagwanjibhai Umrania

Designation :

Director

Address :

52 Alka Society, New Junction Road, Surendranagar-363002, Gujarat, India.

Date of Birth/Age :

14.04.1965

Qualification :

B. E.

Date of Appointment :

15.01.2001

DIN No.:

00247216

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

As on 03.09.2013

 

Names of Shareholders

No. of Shares

Shashikant Bhagwanjibhai Umrania

7550

Rajendra Bhagwanjibhai Umrania

7650

Sadhanaben S. Umrania

5100

Alpaben R. Umrania

13100

Shashikant Bhagwanjibhai Umrania (HUF)

17300

Rajendra Bhagwanjibhai Umrania (HUF)

17300

Rasiklal R. Parmar

3000

Yatrik Hemantbhai Rasania

4000

Nehal Yatrikbhai Rasania

4000

Pushpaben H.Umarania

5000

Shyam Rajendrabhai Umraniya (Minor)

5500

Lajja Shashikantbhai Umraniya (Minor)

7000

Dhatri Rajendrabhai Umraniya

3500

 

 

Total

 100000

 

As on 03.09.2013

 

Equity Share Break up (Percentage of Total Equity)

 

Category

Percentage

Directors or relatives of Directors

100.00

Total

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer, Exporter and Importer of Bandsaw Machines and Grinding Machines.

 

 

Products :
  • Hydraulic Heavy Duty Double Column Bandsaw Machines (Automatic)
  • Hydraulic Heavy Duty Double Column Bandsaw Machines (Semi Automatic)
  • Horizontal Metal Cutting Bandsaw Machines (Manually Operated and Semi-automatically Operated Machines)
  • Bandsaw Cutting Machine

1.        Accessories:- Chip Conveyors, A.C. Drive for Infinitely Variable Speed Control, Bundle Cutting Attachment, Job Roller Stand, Variable Vise Pressure for thin walled job, Wire Brush, etc.

 

 

Exports :

 

Products :

Finish Goods

Countries :
  • Saudi Arabia
  • UAE
  • Korea

 

 

Terms :

 

Selling :

Credit (30 Days )

 

 

Purchasing :

Credit (30 Days )

 

 

GENERAL INFORMATION

 

Suppliers :
  • Ajay Foundry
  • Ambica Wood Industries
  • Am It Tools and Packaging Company
  • Amol Engineering Private Limited
  • Anand Electoplators
  • Anmol Cast Industries
  • Apollo Engineers
  • Arihant Sales Corporation
  • Arihant Traders
  • Asia Packaging
  • Asian Industries - S'nagar
  • B.R, Steel Tubes
  • Balram Sales Corporation
  • Bhagavati Electrical
  • Bhagyalaxmi Spring Works
  • Bhavani Trading Company
  • Bhavanividhyut Karyalaya
  • Bipico Industries Tools Private Limited
  • C. Das and Sons
  • Cetron Transmission Company
  • Chamunda Gas Agencies
  • Chimanlal and Company
  • Devam Enterprise
  • Dilip Engineering
  • Dipak Industries
  • Dipti Engineering
  • Hetal Trading Company
  • Hi- Flex Hydraulics Private Limited
  • Indofeb Engineers and Traders
  • Intergrated Databases Limited
  • Island Hydraulics Private Limited
  • Jatin Industries
  • Jay Tools
  • Jayant Hardware Mart
  • Jyoti Cnc Automation Private Limited

 

 

Customers :

End Users and Dealer

 

  • Active Engineering Company
  • Alankar Steel Corporation
  • Army Base Workshop
  • Directore Technical Education
  • Divine Leboratory Services
  • Durga Forge Private Limited
  • Kaypee Machines Private Limited
  • Klaus Waren Ftxyures Private Limited
  • Mahrndhra Enterprises
  • Margen Impex Limited
  • Nima Engineering Private Limited
  • Parth Equipment Limited
  • Sandeep Matalcraft Private Limited
  • Steelcast Limited
  • T.J Casting

 

 

No. of Employees :

100 (Approximately)

 

 

Bankers :

Punjab National Bank, Surendranagar, Gujarat, India.

 

 

Facilities :

SECURED LOANS

31.03.2013

(Rs. in Millions)

31.03.2012

(Rs. in Millions)

LONG TERM BORROWINGS

 

 

Loan from shareholders

0.161

1.257

 

 

 

SHORT TERM BORROWINGS

 

 

Loan from Bank ODFD A/c

0.000

0.140

 

 

 

Total

0.161

1.397

 

Banking Relations :

--

 

 

Auditors :

 

Name :

M.K. Shah and Company

Chartered Accountant

Address :

401, Mahakant, Opposite V.S. Hospital, Ahmedabad-380006, Gujarat, India.

Tel. No.:

91-79-26575220/26575296

E-Mail :

mkshahca@hotmail.com

PAN.:

ABIPS3381B

 

 

Sister Concern :

SB Machine Tool

Address: Plot No. 30/35, Jintan Udyognagar, Surendranagar, Gujarat, India.

Line of Business: Manufacturer of Bandsaw Machines and Grinding Machines.

 

 

CAPITAL STRUCTURE

 

As on 31.03.2013

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

100000

Equity Shares

Rs.10/- each

Rs.1.000 Million

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

100000

Equity Shares

Rs.10/- each

Rs.1.000 Million

 

 

 

 

 

 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

31.03.2013

31.03.2012

31.03.2011

 

I.        EQUITY AND LIABILITIES

 

 

 

(1)Shareholders' Funds

 

 

 

(a) Share Capital

1.000

1.000

1.000

(b) Reserves & Surplus

15.041

13.320

9.688

(c) Money received against share warrants

0.000

0.000

0.000

 

 

 

 

(2) Share Application money pending allotment

0.000

0.000

0.000

Total Shareholders’ Funds (1) + (2)

16.041

14.320

10.688

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

0.161

1.257

2.708

(b) Deferred tax liabilities (Net)

0.580

0.516

0.337

(c) Other long term liabilities

0.000

0.000

0.000

(d) long-term provisions

0.000

0.000

0.000

Total Non-current Liabilities (3)

0.741

1.773

3.045

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

0.000

0.140

2.138

(b) Trade payables

3.018

2.670

3.368

(c) Other current liabilities

2.962

1.159

3.461

(d) Short-term provisions

0.850

3.500

2.000

Total Current Liabilities (4)

6.830

7.469

10.967

 

 

 

 

TOTAL

23.612

23.562

24.700

 

 

 

 

II.      ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

7.143

7.686

4.581

(ii) Intangible Assets

0.000

0.000

0.000

(iii) Capital work-in-progress

0.000

0.000

0.000

(iv) Intangible assets under development

0.000

0.000

0.000

(b) Non-current Investments

0.000

0.000

0.000

(c) Deferred tax assets (net)

0.000

0.000

0.000

(d)  Long-term Loan and Advances

0.281

0.085

0.097

(e) Other Non-current assets

0.000

0.000

0.000

Total Non-Current Assets

7.424

7.771

4.678

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

0.000

0.000

0.000

(b) Inventories

6.150

5.595

4.303

(c) Trade receivables

3.236

3.570

5.461

(d) Cash and cash equivalents

5.500

2.696

5.696

(e) Short-term loans and advances

1.302

3.930

4.832

(f) Other current assets

0.000

0.000

0.000

Total Current Assets

16.188

15.791

20.292

 

 

 

 

TOTAL

23.612

23.562

24.700

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2013

31.03.2012

31.03.2011

 

 

SALES

 

 

 

 

 

Income

29.837

42.922

36.153

 

 

Other Income

0.595

1.707

1.509

 

 

TOTAL                                    

30.432

44.629

37.662

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

Office Expenses

 

 

Administrative Expenses

 

 

 

 

 

Advertising Expenses

 

 

 

 

 

TOTAL                                    

28.301

41.966

35.911

 

 

 

 

 

 

PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION

2.131

2.663

1.751

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION        

1.199

1.147

0.688

 

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE TAX 

0.932

1.516

1.063

 

 

 

 

 

Less

TAX                                                     

(0.789)

(2.117)

(1.216)

 

 

 

 

 

 

PROFIT/ (LOSS)  AFTER TAX

1.721

3.633

2.279

 

 

 

 

 

 

Earnings / (Loss) Per Share (Rs.)

17.21

36.33

22.79

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2013

31.03.2012

31.03.2011

 

PAT / Total Income

(%)
5.65

8.14

6.05

 

 
 

 

 

Net Profit Margin

(PBT/Sales)

(%)
3.12

3.53

2.94

 

 
 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)
3.95

6.43

4.26

 

 
 

 

 

Return on Investment (ROI)

(PBT/Networth)

 
0.06

0.10

0.09

 

 
 

 

 

Debt Equity Ratio

(Total Debt/Networth)

 
0.01

0.10

0.45

 

 
 

 

 

Current Ratio

(Current Asset/Current Liability)

 
2.37

2.11

1.85

 

 

LOCAL AGENCY FURTHER INFORMATION

 

Sr. No.

Check List by Info Agents

Available in Report (Yes / No)

1]

Year of Establishment

Yes

2]

Locality of the firm

Yes

3]

Constitutions of the firm

Yes

4]

Premises details

Yes

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

Yes

18]

Major customers

Yes

19]

Payments terms

Yes

20]

Export / Import details (if applicable)

Yes

21]

Market information

-----

22]

Litigations that the firm / promoter involved in

-----

23]

Banking Details

Yes

24]

Banking facility details

No

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

No

 

 

INDEX OF CHARGES

 

No Charges Exist for Company

 

 

FINANCIAL RESULTS

 

The total income during the year Rs.30.432 millions as compared to the previous year's total income of Rs.44.629 millions. The net profit of the company was Rs.1.721 millions as against previous year's net profit of Rs.3.633 millions. With a view to conserve reserves, the Directors do not recommend any dividend.

 

 

FIXED ASSETS:

 

  • Land
  • Air conditioner
  • Air cooler
  • C V T 350KVA
  • Computers
  • Cycle
  • ELE. DIG METER
  • EPABX
  • Factory Shed
  • Fan
  • Fax Machine
  • Fire Extinguisher
  • Freez
  • Furniture
  • Hero Honda
  • Inverter SU –Kam
  • Luna Super
  • Mobile Phone
  • Plant and Machinery
  • Power UPS
  • Rolling Shutters
  • Servo Stablizers
  • Typewriter
  • Water Filter

 

 

CMT REPORT (Corruption, Money Laundering & Terrorism]

 

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

 

1]         INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

 

2]         Court Declaration :

No exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

 

3]         Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

 

4]         Record on Financial Crime :

            Charges or conviction registered against subject:                                                              None

 

5]         Records on Violation of Anti-Corruption Laws :

            Charges or investigation registered against subject:                                                          None

 

6]         Records on Int’l Anti-Money Laundering Laws/Standards :

            Charges or investigation registered against subject:                                                          None

 

7]         Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

 

8]         Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

 

9]         Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

 

10]        Press Report :

            No press reports / filings exists on the subject.

 

 

CORPORATE GOVERNANCE

 

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

 

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

 

 

CONTRAVENTION

 

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.62.59

UK Pound

1

Rs.100.77

Euro

1

Rs.84.71

 

 

INFORMATION DETAILS

 

Information Gathered by :

PLK

 

 

Report Prepared by :

ANK

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

4

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

4

--LEVERAGE

1~10

4

--RESERVES

1~10

4

--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

YES

--AFFILIATION

YES/NO

NO

--LISTED

YES/NO

NO

--OTHER MERIT FACTORS

YES/NO

YES

DEFAULTER

 

 

--RBI

YES/NO

NO

--EPF

YES/NO

NO

TOTAL

 

31

 

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

 

Financial condition (40%)            Ownership background (20%)                 Payment record (10%)

Credit history (10%)                    Market trend (10%)                                Operational size (10%)

 

 

RATING EXPLANATIONS

 

RATING

STATUS

 

 

PROPOSED CREDIT LINE

>86

Aaa

Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums

 

Unlimited

71-85

Aa

Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums

 

Large

56-70

A

Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums

 

Fairly Large

41-55

Ba

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

 

Satisfactory

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

 

Small

11-25

Ca

Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity

 

Limited with full security

<10

C

Absolute credit risk exists. Caution needed to be exercised

 

 

Credit not recommended

--

NB

                                       New Business

 

--

 

 

 

 

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

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