MIRA INFORM REPORT
|
Report Date : |
05.04.2014 |
IDENTIFICATION DETAILS
|
Name : |
LAXMI ORGANIC INDUSTRIES LIMITED |
|
|
|
|
Registered
Office : |
A-22/2/3, MIDC, Mahad, Raigarh – 402309, Maharashtra |
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Country : |
India |
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|
Financials (as
on) : |
31.03.2013 |
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Date of
Incorporation : |
15.05.1989 |
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|
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Com. Reg. No.: |
11-051736 |
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|
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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 and Exporter of Speciality in Chemicals and Derivatives. |
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|
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No. of Employees
: |
200 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (48) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 7300000 |
|
|
|
|
Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Exist |
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Comments : |
Subject is an established company having satisfactory track record. Profitability of the company is fair. General financial position of
the company seems to be sound and healthy.
Trade relations are fair. Business is active. Payment terms are
reported to be usually correct. The company can be considered 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’s current account deficit for the fiscal third quarter ended September
2013 narrowed to $4.2 billion or 0.9 % of the gross domestic product from $31.9
billion or 6.5 % of GDP a year earlier, thanks to a pick-up in exports and
moderation in gold imports. Manufacturing activity and new orders in India
showed their strongest growth in a year in February. The news comes as a relief
after data showed Asia’s third largest economy grew by a slower-than-expected
4.7 % annually in the three months through December. The HSBC Manufacturing
Purchasing Managers’ Index which gauges the business activity of India’s
factories but not its’ utilities, rose to 52.5 in February, its highest in a
year from 51.4 in January. Overall new orders for factory goods which rose to a
one-year high of 54.9 contributed to the surge. China has emerged as India’s
biggest trading partner in the current financial year replacing the United Arab
Emirates and pushing it to the third spot. India-China trade has reached $49.5
billion with a 8.7 % share in India’s total trade. The US comes second at $46
billion with 8.1 % share during the first nine months of the current financial
year.
The Reserve Bank of India has granted an additional nine months to the
public to exchange currency notes printed before 2005 including Rs 500 and Rs
1,000 denominations, pushing the deadline to January 1, 2015. A day before
dates for the Lok Sabha polls were announced, the government decided to hike
interest rates on fixed deposit schemes offered by post offices up to 0.2 per
cent. The new rates will be effective April, 1. The Supreme Court will resume
hearing on March, 11 Nokia’s appeal against a ruling over transferring
ownership of its local mobile phones plant which is the subject of a tax
dispute to Microsoft Corp.
In the last days of the current Government, another scam has surfaced.
The defence ministry has ordered a probe into Hindustan Aeronautics Limited’s
contracts from Britain’s Rolls-Royce Holdings worth at least $ 1.2 billion. The
Central Bureau of Investigation will look into allegations that over $80
million was paid in kickbacks in a deal signed in 2011. India has asked Boeing
Co. to find a solution for problems with state-owned Air India’s 787
Dreamliners. The aircraft has experienced a series of malfunctions since its
debut in 2011.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
Term Loan : BBB |
|
Rating Explanation |
Moderate degree of safety and moderate
credit risk |
|
Date |
October 2013 |
|
Rating Agency Name |
ICRA |
|
Rating |
Non-Fund based limits : A3+ |
|
Rating Explanation |
Moderate degree of safety and high credit
risk |
|
Date |
October 2013 |
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. Satish Bhandari |
|
Designation : |
Accountant |
|
Contact No.: |
91-9867015954 |
|
Date : |
03.04.2014 |
LOCATIONS
|
Registered Office/ Factory 1: |
A-22/2/3, MIDC, Mahad, Raigarh – 402309, Maharashtra, India |
|
Tel. No.: |
91-2145-232548/ 232205 |
|
Mobile No.: |
91-9867015954 (Mr. Satish) |
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Fax No.: |
91-2145-232203/ 04 |
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E-Mail : |
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|
Website : |
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|
Corporate Office : |
Chandramukhi, 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 |
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E-Mail : |
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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 |
|
|
|
|
Overseas Office : |
Laxmi Organic Industries (Europe)
B.V. Stoelmatter 32, 2292, JL Wateringen, The Netherlands |
|
Tel. No.: |
31 (0) 174820100 |
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Fax No.: |
31 (0) 174820104 |
|
E-Mail : |
DIRECTORS
AS ON 30.09.2013
|
Name : |
Mr. Ravi Vasudeo Goenka |
|
Designation : |
Managing director |
|
Address : |
242-C, Grand Paradi Apartment, August Kranti Marg, Mumbai – 400036,
Maharashtra, India |
|
Date of Birth/Age : |
11.02.1962 |
|
Qualification : |
B. E. (Chemicals) |
|
Experience : |
29 Years |
|
Date of Appointment : |
01.04.2012 |
|
PAN No.: |
AACPG2667D |
|
DIN No.: |
00059267 |
|
|
|
|
Name : |
Mr. Rajeev Vasudeo Goenka |
|
Designation : |
Managing director |
|
Address : |
241-C, 24th Floor, Grand Paradi Apartment, August Kranti
Marg, Mumbai – 400036, Maharashtra, India |
|
Date of Birth/Age : |
04.08.1967 |
|
Qualification : |
B.Com, MBA (Finance and Marketing) |
|
Date of Appointment : |
01.04.2012 |
|
PAN No.: |
AEKPG0054J |
|
DIN No.: |
00059346 |
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|
|
|
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 |
|
PAN No.: |
AACPG2666C |
|
DIN No.: |
00059215 |
|
|
|
|
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 |
|
Qualification : |
Bachelor in Law |
|
Date of Appointment : |
15.05.1989 |
|
DIN No.: |
00064077 |
|
|
|
|
Name : |
Mr. Manish Balkishan Chokhani |
|
Designation : |
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 : |
28.09.2012 |
|
PAN No.: |
AAFPG8219E |
|
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 |
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|
|
|
Name : |
Mr. Arun Keshav Dudhane |
|
Designation : |
Whole-time director |
|
Address : |
A-902, Ravechi Heights, A-Wing, 9th Floor, Plot No. 25,
Sector-7, Kharghar, Navi Mumbai – 410210, Maharashtra, India |
|
Date of Birth/Age : |
03.01.1955 |
|
Qualification : |
Bachelor in Chemical Engineering and Technology Master In Science |
|
Date of Appointment : |
01.04.2012 |
|
DIN No.: |
00202524 |
KEY EXECUTIVES
|
Name : |
Mr. Satish Bhandari |
|
Designation : |
Accountant |
|
|
|
|
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 30.09.2013
|
Names of Shareholders |
|
No. of Shares |
|
Vasodeo Goenka |
|
1685739 |
|
Ravi Goenka |
|
1399510 |
|
Rajeev Goenka |
|
1323000 |
|
Desh Verma |
|
10010 |
|
Uma Shankar Modi |
|
10 |
|
Manisha R. Goenka |
|
788010 |
|
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 |
|
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 30.09.2013
|
Equity Share Breakup |
Percentage of Holding |
|
Category |
|
|
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 and Exporter of Speciality in Chemicals and Derivatives. |
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Products/ Services : |
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Exports : |
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Products : |
Chemicals and Derivatives |
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Countries : |
· Europe · Gulf Country |
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Imports : |
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Products : |
Raw Material |
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Countries : |
· Singapore · China · Malaysia · USA |
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Terms : |
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Selling : |
Cash and Credit |
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Purchasing : |
Cash and Credit |
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
|
Customers : |
End Users |
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No. of Employees : |
200 (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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Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Financial Institution : |
· International Finance Corporation 2121 Pennsylvania Avenue, N.W., Washington DC - 20433,
United States Of America |
|
|
|
|
Auditors : |
|
|
Name : |
Dayal and Lohia Chartered Accountants |
|
Address : |
Kamanwala Chambers, Office No.6 & 7, 1st Floor, Sir
P.M. Road, Fort, Mumbai – 400001, Maharashtra, India |
|
Income-tax
PAN of auditor or auditor's firm : |
AAAFD1548C |
|
|
|
|
Associates : |
· Amrutsagar Constructions Private Limited [U45200MH1995PTC093492] · Alumi Profiles Private Limited [U27200MH1989PTC050451] · Brady Investments Private Limited [U65990MH1990PTC055631] · Crescent Oils Private Limited [U15140MH1979PTC021371] · Sherry Exports Private Limited [U51900MH1991PTC060407] · Enersun Power Tech Private Limited [U40106MH2006PTC166601] · Laxmi Petrochem · Laxmidevi Nathmal Goenka Charitable Trust · Varadvinayak Multi-Impex Private Limited [U51909MH2008PTC186154] · Zenith Distributors · International Knowledge Park Private Limited [U80220MH2003PTC142981] · Maharashtra Aldehydes And Chemicals Limited [U40104MH1982PLC027136] ·
Ojas Dycehem (India) Private Limited
[U24114MH2004PTC021663] |
|
|
|
|
Subsidiary Company
: |
· Cellbion Lifesciences Private Limited [U24233MH2007PTC170041] ·
Laxmi Organic Industries (Europe) B.V. |
|
|
|
|
Joint Venture : |
Suvas Holdings Limited [U40300MH2000PLC128785] |
CAPITAL STRUCTURE
AS ON 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
21,000,000 |
Equity Shares |
Rs. 10/- each |
Rs. 210.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10,005,081 |
Equity Shares |
Rs. 10/- each |
Rs. 100.051
Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders'
Funds |
|
|
|
|
(a) Share Capital |
100.051 |
100.051 |
52.446 |
|
(b) Reserves & Surplus |
1726.908 |
1477.126 |
674.166 |
|
(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) |
1826.959 |
1577.177 |
726.612 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
1228.040 |
875.259 |
457.120 |
|
(b) Deferred tax liabilities (Net) |
221.101 |
90.619 |
94.773 |
|
(c)
Other long term liabilities |
0.000 |
0.000 |
0.000 |
|
(d)
long-term provisions |
15.104 |
3.927 |
3.349 |
|
Total
Non-current Liabilities (3) |
1464.245 |
969.805 |
555.242 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
406.972 |
34.630 |
480.850 |
|
(b)
Trade payables |
1092.025 |
780.553 |
487.841 |
|
(c)
Other current liabilities |
370.965 |
251.157 |
165.919 |
|
(d)
Short-term provisions |
1.635 |
98.721 |
38.655 |
|
Total
Current Liabilities (4) |
1871.597 |
1165.061 |
1173.265 |
|
|
|
|
|
|
TOTAL |
5162.801 |
3712.043 |
2455.119 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
2148.631 |
1031.228 |
936.925 |
|
(ii)
Intangible Assets |
4.995 |
7.345 |
9.696 |
|
(iii)
Capital work-in-progress |
30.467 |
422.796 |
41.561 |
|
(iv) Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
28.117 |
19.453 |
19.453 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan
and Advances |
24.262 |
22.262 |
19.093 |
|
(e)
Other Non-current assets |
8.482 |
5.243 |
0.510 |
|
Total
Non-Current Assets |
2244.954 |
1508.327 |
1027.238 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
400.013 |
0.000 |
|
(b)
Inventories |
841.742 |
498.902 |
417.407 |
|
(c)
Trade receivables |
1128.881 |
719.581 |
651.261 |
|
(d)
Cash and cash equivalents |
59.318 |
120.744 |
50.928 |
|
(e)
Short-term loans and advances |
882.724 |
461.076 |
306.900 |
|
(f)
Other current assets |
5.182 |
3.400 |
1.385 |
|
Total
Current Assets |
2917.847 |
2203.716 |
1427.881 |
|
|
|
|
|
|
TOTAL |
5162.801 |
3712.043 |
2455.119 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from operations |
6292.059 |
5126.432 |
3417.783 |
|
|
|
Other Income |
27.026 |
(31.509) |
23.332 |
|
|
|
TOTAL (A) |
6319.085 |
5094.923 |
3441.115 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
4310.603 |
3296.002 |
2151.295 |
|
|
|
Purchases of stock-in-trade |
186.460 |
123.678 |
55.691 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and stock-in-trade |
(103.436) |
(79.428) |
(97.397) |
|
|
|
Employee benefit expense |
125.061 |
92.667 |
67.154 |
|
|
|
Other expenses |
1210.412 |
858.097 |
693.515 |
|
|
|
Exceptional items |
(113.668) |
0.000 |
(52.400) |
|
|
|
TOTAL (B) |
5615.432 |
4291.016 |
2817.858 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
703.653 |
803.907 |
623.257 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
132.182 |
130.630 |
84.497 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
571.471 |
673.277 |
538.760 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
183.266 |
139.037 |
131.289 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
388.205 |
534.240 |
407.471 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
127.888 |
171.047 |
136.466 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
260.317 |
363.193 |
271.005 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’
BALANCE BROUGHT FORWARD |
617.048 |
379.030 |
217.198 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
6.100 |
100.000 |
100.000 |
|
|
|
Proposed Dividend |
9.005 |
21.661 |
7.867 |
|
|
|
Tax on Dividend |
1.530 |
3.514 |
1.306 |
|
|
BALANCE CARRIED
TO THE B/S |
860.730 |
617.048 |
379.030 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
F.O.B. value of Exports |
2176.977 |
1465.988 |
793.985 |
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Traded Goods |
73.413 |
121.750 |
35.956 |
|
|
|
Raw Materials |
2001.028 |
1570.991 |
1030.347 |
|
|
|
Capital Goods |
16.811 |
4.402 |
0.599 |
|
|
TOTAL IMPORTS |
2091.252 |
1697.143 |
1066.902 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
26.02 |
58.73 |
51.67 |
|
Expected Sales (2013-2014): Rs. 7000.000 Millions
The above information has been parted by Mr. Satish Bhandari
(Accountant)
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
4.12
|
7.13 |
7.88 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
6.17
|
10.42 |
11.92 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
7.61
|
16.34 |
17.02 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.21
|
0.34 |
0.56 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.89
|
0.58 |
1.29 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.56
|
1.89 |
1.22 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
52.446 |
100.051 |
100.051 |
|
Reserves & Surplus |
674.166 |
1477.126 |
1726.908 |
|
Net
worth |
726.612 |
1577.177 |
1826.959 |
|
|
|
|
|
|
long-term borrowings |
457.120 |
875.259 |
1228.040 |
|
Short term borrowings |
480.850 |
34.630 |
406.972 |
|
Total
borrowings |
937.970 |
909.889 |
1635.012 |
|
Debt/Equity
ratio |
1.291 |
0.577 |
0.895 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
3417.783 |
5126.432 |
6292.059 |
|
|
|
49.993 |
22.738 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
3417.783 |
5126.432 |
6292.059 |
|
Profit |
271.005 |
363.193 |
260.317 |
|
|
7.93% |
7.08% |
4.14% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
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 |
Yes |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
Yes |
|
20] |
Export / Import details
(if applicable) |
Yes |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm
/ promoter involved in |
Yes |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
-- |
|
26] |
Buyer visit details |
-- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of Proprietor/Partner/Director,
if available |
Yes |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
LITIGATION DETAILS
|
HIGH COURT OF
BOMBAY |
|
CASE DETAILS BENCH: BOMBAY |
|
Lodging No: LPETNL/294/2012 Filing
Date: 02.04.2012 Reg. No.: LPETN/294/2012 Reg. Date: 02.04.2012 |
|
Main Matter Lodging No: SSL/881/2012
Reg. No.: SS/1027/2012 |
|
Petitioner: NOAHS ARK CHEMICLS GMBH Respondent: LAXMI
ORGANIC INDUSTRIES LIMITED Petn. Adv : RES LEGAL (0) District: MUMBAI |
|
Bench: SINGLE Status: Pre-Admission
Category: LEAVE PETITION UNDER CLAUSE XII |
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
10441001 |
12/07/2013 |
542,700,000.00 |
INTERNATIONAL FINANCE CORPORATION |
2121 PENNSYLVANIA
AVENUE, N.W., WASHINGTON DC, - |
B81097149 |
|
2 |
10327375 |
31/07/2012 * |
500,000,000.00 |
IDBI BANK LIMITED |
IDBI TOWER, WTC COMPLEX, CUFFE PARADE, MUMBAI - 400005, MAHARASHTRA, INDIA |
B56028392 |
|
3 |
10285881 |
28/03/2013 * |
500,000,000.00 |
YES BANK LIMITED |
9TH FLOOR, NEHRU
CENTRE, DISCOVERY OF INDIA, DR. ANNIE BESANT ROAD, WORLI, MUMBAI - |
B73597619 |
|
4 |
10223277 |
09/12/2011 * |
220,000,000.00 |
IDBI BANK LIMITED |
IDBI TOWER, WTC COMPLEX, CUFFE PARADE, MUMBAI - 400005, MAHARASHTRA, INDIA |
B29210341 |
|
5 |
10184239 |
09/12/2011 * |
200,000,000.00 |
IDBI BANK LIMITED |
IDBI TOWER, WTC COMPLEX, CUFFE PARADE, MUMBAI - 400005, MAHARASHTRA, INDIA |
B29209723 |
|
6 |
10127401 |
08/05/2013 * |
960,000,000.00 |
IDBI BANK LIMITED |
IDBI TOWER, WTC COMPLEX, CUFFE PARADE, MUMBAI - 400005, MAHARASHTRA, INDIA |
B76376995 |
|
7 |
90156108 |
24/09/2013 * |
954,400,000.00 |
STATE BANK OF INDIA |
INDUSTRIAL FINANCE BRANCH, THE ARCADE, 2ND FLOOR, WORLD TRADE CENTRE, CUFFE PARADE, COLABA, MUMBAI - 400005, MAHARASHTRA, INDIA |
B87283164 |
|
8 |
90159458 |
27/08/1999 * |
51,500,000.00 |
STATE BANK OF INDIA |
INDUSTRIAL FINANCE BRANCH, THE ARCADE, 2ND FLOOR, WORLD TRADE CENTRE, CUFFE PARADE, COLABA, MUMBAI - 400005, MAHARASHTRA, INDIA |
- |
|
9 |
90156075 |
19/10/2004 * |
51,500,000.00 |
STATE BANK OF INDIA |
INDUSTRIAL FINANCE BRANCH, THE ARCADE, 2ND FLOOR, WORLD TRADE CENTRE, CUFFE PARADE, COLABA, MUMBAI - 400005, MAHARASHTRA, INDIA |
- |
|
10 |
90154950 |
06/06/2000 * |
34,000,000.00 |
STATE BANK OF INDIA |
INDUSTRIAL FINANCE BRANCH, THE ARCADE, 2ND FLOOR, WORLD TRADE CENTRE, CUFFE PARADE, COLABA, MUMBAI - 400005, MAHARASHTRA, INDIA |
- |
|
11 |
90159370 |
12/08/1994 * |
14,500,000.00 |
STATE BANK OF INDIA |
INDUSTRIAL FINANCE BRANCH, THE ARCADE, 2ND FLOOR, WORLD TRADE CENTRE, CUFFE PARADE, COLABA, MUMBAI - 400005, MAHARASHTRA, INDIA |
- |
|
12 |
90159365 |
04/02/1992 |
4,000,000.00 |
STATE BANK OF INDIA |
INDUSTRIAL FINANCE BRANCH, THE ARCADE, 2ND FLOOR, WORLD TRADE CENTRE, CUFFE PARADE, COLABA, MUMBAI - 400005, MAHARASHTRA, INDIA |
- |
* Date of charge modification
UNSECURED LOANS
|
UNSECURED LOANS |
31.03.2013 (Rs.
In Millions) |
31.03.2012 (Rs.
In Millions) |
|
LONG-TERM BORROWINGS |
|
|
|
Deferred payment liabilities |
103.807 |
118.298 |
|
SHORT TERM BORROWINGS |
|
|
|
Deposits from directors |
6.500 |
6.100 |
|
Loans and advances from related parties |
10.500 |
1.000 |
|
|
|
|
|
Total |
120.807 |
125.398 |
CHANGE OF ADDRESS:
The registered office of the company has been shifted from A-22/2/3, MIDC,
Mahad Area, P.O. Mahad, District Raigad – 402309, Thane, Maharashtra, India to
the present w.e.f.01.06.2013.
FINANCIAL
PERFORMANCE REVIEW:
During the year, net sales grew by 24% to Rs.6319.000 Millions compared
to Rs.5095.000 Millions in the previous year.
The Operating EBIDT declined by 27% compared to previous year primarily
due to steep increase in raw material costs which needed to be absorbed by the
company due to competitive pressures. PBT was at Rs.363.000 Millions compared
to Rs.534.000 Millions in the previous year due to lower operating margins and
higher interest and depreciation charges consequent to major capital
expenditure incurred during the year, the benefits of which will accrue from
next year.
ECONOMIC
BACKGROUND:
Following the financial crisis of 2008-09, the Indian Economy had
recovered to grow by 8.4% in 2009-10 and 2010-11. However in 2011-12 GDP slowed
down to 6.2% and declined to 5.0% in 2012-13 as conditions turned adverse due
to a variety of factors, including high current account deficit, high
inflation, high interest rates, slowing global economy, delay in implementation
of projects, poor monsoons and policy logjam.
Global economic conditions too slowed down with growth slipping to 3.2%
in 20011-12 with USA growth by 2.2% and Euro Region growth slipped to negative
at -0.6% with Euro crisis playing out. The Rupee, therefore, became vulnerable
to the USD and Euro currencies. The Indian Corporate performance was therefore
subdued in the light of elevated borrowing costs with high interest rate
coupled with low demand.
OPERATIONAL
REVIEW:
The economic slowdown resulted in a subdued demand growth for our
products and impacted our ability to pass on rising input costs in full and on
time. Despite such adverse macro-economic developments, the company has
performed reasonably well and its performance needs to be appraised in the
backdrop of the general economic scenario.
The strategy adopted by the company to broaden the product portfolio by continuously
investing in speciality niche products and focus on continuous improvement in
operations have helped the company to reduce the impact of the adverse
developments and competitive pressures.
Production and sales of Ethyl Acetate in volume terms increased by 31%
and 29% respectively. Diketene derivatives production and sales volumes dropped
by 8% and 14% primarily due to the poor monsoons that led to a major reduction
in demand in the agriculture segment and higher imports from China by customers
in pharma and colorant segments. They expect to regain volumes in 2013-14
through more new products and better value proposition to our customers.
During the year, they commenced production of Acetic Anhydride, another
new product line that is expected to enhance the business mix of the company in
2013-14.
The trading operations at the European Subsidiary have progressed as
planned. Since incorporation of a fully owned subsidiary namely, Laxmi Organic
Industries (Europe) BV in June 2012, the subsidiary operations have helped
building the image of the company as a manufacturer and supplier of high
quality products. They are now considered at par to the European
Manufacturers/Suppliers for Ethyl Acetate like Ineos, Celanese and Sasol.
As part of the strategy to invest in technologies to reduce the
operating costs, the Captive Power Plant project was successfully commissioned
in September 2012. This investment will benefit the company through
uninterrupted availability of high quality power at a lower cost compared to
public sources.
The performance of the distilleries and windmills has been satisfactory
during the year.
The Company has received the approval for in-house Research and
Development facility under section 35(2AB) of the Income tax Act, 1961 for the
year 2012-13.
The Company has received ISO 9001:2008, ISO 14001:2004 and BS OHSAS
18001:2007 Certification with respect to Ethyl Acetate Plant.
The Diketene Plant also obtained ISO 9001:2008 Certification.
The Company‘s credit ratings by ICRA at ‘BBB’ for long term and ‘A3+’
for short term rating were maintained. The rating agency has also enhanced the
rating on outlook to “Positive”.
The company is constantly looking for diversification opportunities in
the speciality chemicals space to further expand the operating base to mitigate
its exposure to different business risks.
HYDRO POWER
PROJECTS:
The work on Hydro Power Projects at Yedgaon and Temghar in Pune is
progressing well. However, the status quo continues with respect to 10 MW Hydel
Project in Himachal Pradesh.
Necessary approvals are in place and financial closures, tie-ups with
potential consumers and JV partners for sale of electricity generated from
these projects are in progress.
FINANCE:
To meet 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 Company has received full
disbursement of ECB Loan of USD 10.00 Mn sanctioned by International Finance
Corporation (IFC), the investing arm of the World Bank.
The company has been regular in interest payment and repayment of
principal amounts of term loans to lenders.
The working capital limits have been enhanced by State Bank of India,
IDBI Bank Limited and Yes Bank Limited.
CONTINGENT
LIABILITIES:
|
Particulars |
31.03.2013 (Rs.
In Millions) |
31.03.2012 (Rs.
In Millions) |
|
a) Estimated amount of contracts remaining to be executed
on capital account and not provided for |
10.000 |
151.433 |
|
b) Letter of credit & Guarantees issued by bankers
(partly secured by fixed deposits). |
21.264 |
249.780 |
|
c) Outstanding Bills discounted by bank. |
53.672 |
215.704 |
|
d) Claims against the Company not acknowledged as debts and disputed in appeals/court |
|
|
|
i) Modvat Credit on raw material |
34.160 |
36.383 |
|
ii) Demand of MIDC Mahad towards compensation |
0.000 |
0.000 |
|
|
|
|
|
Total |
119.096 |
653.300 |
FIXED ASSETS:
· Land
· Buildings
· Residential building
· Factory building
· Plant and equipment
· Factory equipments
· Furniture and fixtures
· Vehicles
· Motor vehicles
· Office equipment
· Computer equipments
· Other equipments
·
Know-how
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 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. 60.32 |
|
|
1 |
Rs. 100.04 |
|
Euro |
1 |
Rs. 82.65 |
INFORMATION DETAILS
|
Information Gathered
by : |
SVA |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
BVA |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--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 |
YES |
|
--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 |
YES |
|
DEFAULTERS |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
48 |
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.