MIRA INFORM REPORT
|
Report Date : |
12.06.2014 |
IDENTIFICATION DETAILS
|
Name : |
LAKSHMI PRECISION SCREWS LIMITED |
|
|
|
|
Registered
Office : |
46/1, Mile Stone, Hissar Road, Rohtak – 124001, Haryana |
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Country : |
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|
|
|
|
Financials (as
on) : |
31.03.2013 |
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|
|
|
Date of
Incorporation : |
27.12.1968 |
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|
|
|
Com. Reg. No.: |
05-004977 |
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|
|
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Capital
Investment / Paid-up Capital : |
Rs.109.417 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L35999HR1968PLC004977 |
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|
|
|
IEC No.: |
3393002155 |
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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 Exchange. |
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|
Line of Business
: |
Manufacturer of Machine Screws, SHCS, CSK, BHCS, SSS, HHB,
HHS, H. Nuts and Allen Key. |
|
|
|
|
No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
B (28) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 4130000 |
|
|
|
|
Status : |
Moderate |
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|
|
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having a moderate track record. The rating reflects weak liquidity position of the company, which is mainly
driven by the company’s high working capital requirements, large debt
repayment obligation, and on-going debt-funded capital expenditure. However, trade relations are fair. Business is active. Payments are
slow but correct. The company can be considered 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 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
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
US investment bank
Goldman Sachs has upgraded its outlook on Indian markets as it expects
positive impact of the election cycle.
India’s economy may grow
4.7 % in the current financial year, lower than the official estimate of 4.9 %,
Fitch Rating said. The global rating agency expects the economy to pick up in
the next two financial years.
Global ratings
agency Standard & Poor said increasing focus by India Inc on lowering debt
is likely to improve their credit profiles.
Singapore (1.1
million Indian tourists in 2012), Thailand (one million), the United Arab
Emirates ().98 million) and Malaysia ().82 million) emerged as the preferred
holidays hotspots for Indians. The total figure is expected to increase to 1.93
million by 2017, according to the latest Eurmonitor international report.
There is a $29.34 bn
outward foreign direct investment by domestic companies between April and
January of 2013/14 which has seen some signs of recovery according to a Care
Ratings report.
There are 264 number
of new companies being set up every day on average during 2014. Most of them
are registered in Mumbai. India had 1.38 million registered companies at the
end of January, 2014.
Twitter like
messaging service Weibo Corporation has filed to raise $ 500 million via a US
initial public offering. Alibaba, which owns a stake in Weibo is expected to
raise about $ 15 billion New York this year in the highest profile Internet IPO
since Facebook’s in 2012.
Bharti Airtel has
raised Rs.2,453.2 crore (350 million Swiss Francs) by selling six-year bonds at
a coupon rate of three per cent and maturing in 2020. This is the largest ever
bond offering by an Indian company in Swiss Francs. Bharat Petroleum
Corporation raised 175 million Swiss Francs by selling five year bonds at 2.98
% coupon rate in February.
Indian Oil
Corporation plans to invest Rs 7650 crore in setting up a petrochemical complex
at its almost complete Paradip refinery in Odhisha in three to four years. The
company board is set to consider the setting up of a 700000 tonne per annum
polypropylene plant at an estimated cost at Rs.3150 crore.
Global chief
information officers at gathering in Bangalore in April to meet Indian startups
at an event called Tech50 Watchout for Little Eye Labs-Facebook type deals in
the making.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long Term Rating: D |
|
Rating Explanation |
Expected to be in default. |
|
Date |
12.02.2014 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short Term Rating: D |
|
Rating Explanation |
Expected to be in default. |
|
Date |
12.02.2014 |
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
MANAGEMENT NON – COOPERATIVE (91-124-4200492)
LOCATIONS
|
Registered
Office/ Factory 1 : |
46/1, Mile
Stone, |
|
Tel. No.: |
91-1262-248288/
248289/ 249920/ 248790/ 249923/ 248092/ 248793/ 248894 |
|
Fax No.: |
91-1262-248297/
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 |
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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, |
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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, M.G. Road, Bangalore - 560001, Karnataka,
India Tel:
91-80-25588587 Pune Address
: 40, Rahul Chambers, Kasar Wadi, Pune – 411034, Maharashtra,
India Tel.
No.: 91-20-27145231 |
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|
|
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Export Office/ Factory 5 : |
N.H. 10,
Delhi Road, Kharawar By Pass, Rohtak - 124 001, Haryana, India |
|
Tel. No.: |
91-1262-305102/
305231/ 305232 |
|
E-Mail : |
DIRECTORS
(AS ON 31.03.2013)
|
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. |
|
|
|
|
Name : |
Mr.
Rajesh Jain |
|
Designation : |
Director |
|
Qualification : |
B.E. (Technical) |
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|
|
|
Name : |
Mrs.
Sushila Devi Jain |
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Designation : |
Director |
|
Address : |
C/o. Nav Bharat House, |
|
Qualification : |
Matriculate |
|
|
|
|
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. Bhagwan Das Narang |
|
Designation : |
Director |
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|
Name : |
Mr. Yudhishir Lal Madan |
|
Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. Naveen Kakkar |
|
Designation : |
Company Secretary and Compliance Officer |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(AS ON 31.03.2014)
|
Category of
Shareholder |
Total
No. of Shares |
Total
Shareholding as a % of Total No. of Shares |
|
(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 |
|
|
|
|
|
|
|
|
700 |
0.01 |
|
|
1925 |
0.02 |
|
|
1250 |
0.01 |
|
|
3875 |
0.04 |
|
|
|
|
|
|
296160 |
2.71 |
|
|
|
|
|
|
1955934 |
17.88 |
|
|
1733787 |
15.85 |
|
|
40891 |
0.37 |
|
|
2150 |
0.02 |
|
|
38741 |
0.35 |
|
|
4026772 |
36.80 |
|
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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GENERAL INFORMATION
|
No. of Employees : |
Information declined by the management |
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Bankers : |
· Canara Bank, Rohtak. ·
State Bank of India, New Delhi. |
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Facilities : |
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Banking
Relations : |
-- |
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|
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Statutory Auditors : |
|
|
Name : |
V.
R. Bansal and Associates Chartered
Accountants |
|
Address : |
Noida,
|
|
|
|
|
Cost Auditors : |
|
|
Name : |
HMVN and Associates Chartered Accountant |
|
Address : |
Delhi, India |
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|
|
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Subsidiary: |
·
Indian Fasteners Limited |
|
|
|
|
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 and Wires Private Limited · Nav Bharat Industries · Nav Bharat Agencies · Shiv Industries · Swadesh Engineering Industries · Sudhir Automotive Industries Private Limited · United Engineers ·
Universal Enterprises ·
Universal Precision Screws (UPS) |
CAPITAL STRUCTURE
(AS ON 31.03.2013)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
24970000 |
Equity Shares |
Rs.10/- each |
Rs.249.700 Millions |
|
30000 |
9.5% Cumulative Preference Shares |
Rs.10/- each |
Rs.0.300 Million |
|
|
|
|
|
|
|
Total |
|
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 31.03.2013 |
|
|
Number |
Amount |
|
|
Equity shares outstanding at the beginning of the year |
10941667 |
Rs.109.417 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.10.9417 Millions |
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 2013, the amount of per share dividend recognized as distributions to equity shareholders is Rs.0.80 (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
Details of
shareholders holding more than 5% shares in the Company is set out below:
|
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 |
600655 |
5 |
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 |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders'
Funds |
|
|
|
|
(a) Share Capital |
109.417 |
109.417 |
109.417 |
|
(b) Reserves & Surplus |
923.016 |
889.184 |
836.308 |
|
(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) |
1032.433 |
998.601 |
945.725 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
318.588 |
382.632 |
384.536 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
24.955 |
33.318 |
|
(c) Other long term
liabilities |
10.856 |
11.609 |
6.918 |
|
(d) long-term provisions |
10.374 |
7.887 |
6.028 |
|
Total Non-current
Liabilities (3) |
339.818 |
427.083 |
430.800 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term
borrowings |
1751.873 |
1339.487 |
913.169 |
|
(b) Trade payables |
504.980 |
735.467 |
914.474 |
|
(c) Other current
liabilities |
618.836 |
558.077 |
425.637 |
|
(d) Short-term provisions |
43.721 |
26.756 |
47.963 |
|
Total Current Liabilities
(4) |
2919.410 |
2659.787 |
2301.243 |
|
|
|
|
|
|
TOTAL |
4291.661 |
4085.471 |
3677.768 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
876.509 |
1006.982 |
902.741 |
|
(ii) Intangible Assets |
4.184 |
3.552 |
4.505 |
|
(iii) Capital
work-in-progress |
5.406 |
3.182 |
11.170 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
42.737 |
42.737 |
42.737 |
|
(c) Deferred tax assets (net) |
1.176 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
39.672 |
27.360 |
61.783 |
|
(e) Other Non-current
assets |
1.614 |
2.652 |
2.526 |
|
Total Non-Current Assets |
971.298 |
1086.465 |
1025.462 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
2349.212 |
2038.755 |
1737.239 |
|
(c) Trade receivables |
659.074 |
678.653 |
632.878 |
|
(d) Cash and cash
equivalents |
112.521 |
98.279 |
90.983 |
|
(e) Short-term loans
and advances |
145.368 |
128.049 |
142.559 |
|
(f) Other current
assets |
54.188 |
55.270 |
48.647 |
|
Total Current Assets |
3320.363 |
2999.006 |
2652.306 |
|
|
|
|
|
|
TOTAL |
4291.661 |
4085.471 |
3677.768 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from Operations |
3195.927 |
3434.858 |
3104.227 |
|
|
|
Other Income |
15.080 |
10.891 |
32.010 |
|
|
|
TOTAL (A) |
3211.007 |
3445.749 |
3136.237 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
1278.771 |
1407.344 |
1315.210 |
|
|
|
Purchases of Traded goods |
6.595 |
9.729 |
9.422 |
|
|
|
Purchases of semi finished goods |
127.124 |
151.076 |
136.957 |
|
|
|
Employee benefits expense |
597.888 |
550.509 |
476.584 |
|
|
|
Other Expenses |
854.892 |
987.212 |
881.036 |
|
|
|
Changes in inventories of finished goods, work in progress
and Stock in Trade |
(224.914) |
(221.473) |
(173.103) |
|
|
|
Prior Period Items |
(7.699) |
0.000 |
0.000 |
|
|
|
TOTAL (B) |
2632.657 |
2884.397 |
2646.106 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
578.350 |
561.352 |
490.131 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
314.326 |
253.966 |
183.466 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
264.024 |
307.386 |
306.665 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
211.528 |
221.679 |
181.168 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
52.496 |
85.707 |
125.497 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
10.439 |
11.977 |
36.695 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
42.057 |
73.730 |
88.802 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
530.432 |
479.577 |
414.350 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
0.000 |
3.800 |
4.500 |
|
|
|
Proposed Dividend |
8.753 |
16.413 |
16.413 |
|
|
|
Corporate
Dividend on Tax |
1.488 |
2.662 |
2.662 |
|
|
BALANCE CARRIED
TO THE B/S |
562.248 |
530.432 |
479.577 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
494.318 |
611.532 |
511.900 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
311.249 |
383.368 |
328.100 |
|
|
|
Stores & Spares |
45.934 |
72.429 |
45.800 |
|
|
|
Capital Goods |
12.850 |
55.627 |
124.100 |
|
|
|
Others |
18.384 |
45.056 |
51.500 |
|
|
TOTAL IMPORTS |
388.417 |
556.480 |
549.500 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
3.84 |
6.74 |
8.12 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
1.31
|
2.14 |
2.83 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
1.64
|
2.50 |
4.04 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
1.24
|
2.12 |
3.46 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.05
|
0.09 |
0.13 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
2.01
|
1.72 |
1.37 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.14
|
1.13 |
1.15 |
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 |
109.417 |
109.417 |
109.417 |
|
Reserves & Surplus |
836.308 |
889.184 |
923.016 |
|
Net
worth |
945.725 |
998.601 |
1032.433 |
|
|
|
|
|
|
long-term borrowings |
384.536 |
382.632 |
318.588 |
|
Short term borrowings |
913.169 |
1339.487 |
1751.873 |
|
Total
borrowings |
1297.705 |
1722.119 |
2070.461 |
|
Debt/Equity
ratio |
1.372 |
1.725 |
2.005 |
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 |
3104.227 |
3434.858 |
3195.927 |
|
|
|
10.651 |
-6.956 |
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 |
3104.227 |
3434.858 |
3195.927 |
|
Profit |
88.802 |
73.730 |
42.057 |
|
|
2.86% |
2.15% |
1.32% |
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 |
No |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact person |
No |
|
11] |
Turnover of firm for last three years |
Yes |
|
12] |
Profitability for last three years |
Yes |
|
13] |
Reasons for variation <> 20% |
----- |
|
14] |
Estimation for coming financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details (if applicable) |
No |
|
21] |
Market information |
----- |
|
22] |
Litigations that the firm / promoter
involved in |
----- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking account |
----- |
|
26] |
Buyer visit details |
----- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if applicable |
Yes |
|
29] |
Last accounts filed at ROC |
Yes |
|
30] |
Major Shareholders, if available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of Proprietor/Partner/Director, if
available |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director,
if available |
No |
|
34] |
External Agency Rating, if available |
Yes |
UNSECURED LOANS
|
Particulars |
31.03.2013 |
31.03.2012 |
|
|
(Rs. In Millions) |
|
|
LONG TERM
BORROWINGS |
|
|
|
Term Loans |
|
|
|
From Other Parties |
9.123 |
28.247 |
|
Loans and Advances
from Related Parties |
|
|
|
From Directors * |
18.072 |
15.072 |
|
From Others * |
24.202 |
21.702 |
|
SHORT TERM
BORROWINGS |
|
|
|
Deposits |
|
|
|
Fixed Deposits from Directors and others |
63.800 |
28.800 |
|
Other loans and advances- from a Company |
31.500 |
10.000 |
|
|
|
|
|
Total |
146.697 |
103.821 |
OPERATIONS:
During the
financial year 2012-13 the Company has earned revenue from operations of
Rs.3203.600 Millions (Previous year
Rs.3434.9000 Millions ). During the year net profit of the Company has been
remain to Rs.42.057 Millions.
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 continue 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 and will see the growth in
the financial year 2013 -14.
MANAGEMENT DISCUSSION AND ANALYSIS REPORT
INDUSTRY STRUCTURE
AND DEVELOPMENTS
The last financial
year was a depressed year for the Indian Economy. The GDP growth was confined
to 4.8 % upto March 2013. India’s index of Industrial Production (IIP) grew by
2.5 per cent in March 2013. The automobile sector, prime customer of the
Company has also a tough time in the previous year. The overall growth in
domestic sales during the financial year 2012-13 was 2.61 percent over the same
period of last year. During the financial year 2012-13, overall automobile
exports registered de-growth of (-) 1.34 percent compared to the same period of
last year.
However for the
FY2013-14, the estimates with respect to growth in GDP are positive. Inflation
being in decline mode, the expected rate cut by RBI and other factors like
normal monsoon, decrease in international prices of crude oil etc. hopefully
will help to sustain a 6% to 6.5% growth in the GDP in the current fiscal year.
FUTURE OUTLOOK
The last year was
not quite enthusiastic year for the industry. However, the experts are
predicting a recovery in the current year. The economist is predicting a growth
of 6% to 6.5% in the GDP of Indian. The automobile sector, major customer of
fasteners industry, is also aggressive despite the dismal growth in the
previous year and have their expansion plans for the Indian market.
FINANCIAL REVIEW
The Company
performance was affected by the overall slowdown in the Industry. Though there
is a minor fall in the net revenue but the Company is able to maintain the
EBIT. However the higher interest cost has led to a decline in the Net Profit.
The details of the financial performance of the Company are appearing in the
Balance Sheet, Profit and Loss Account and Other Financial Statements, etc.
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge
Creation/ Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10428946 |
31/05/2013 |
63,500,000.00 |
CORPORATION BANK |
ZONAL OFFICE,
NEBSARAI, SOUTH, NEW DELHI, DELHI - |
B76215409 |
|
2 |
10413945 |
28/02/2013 |
29,500,000.00 |
INTEC CAPITAL
LIMITED |
701,MANJUSHA, 57
NEHRU PLACE, NEW DELHI, DELHI - |
B71492615 |
|
3 |
10389973 |
30/11/2012 |
21,400,000.00 |
INTEC CAPITAL
LIMITED |
701,MANJUSHA, 57
NEHRU PLACE, NEW DELHI, DELHI - |
B63313159 |
|
4 |
10374029 |
04/08/2012 |
1,700,000.00 |
STATE BANK OF
INDIA |
ROHTAK BRANCH,
ROHTAK, HARYANA - 124001, INDIA |
B57064503 |
|
5 |
10369109 |
02/01/2013 * |
250,000,000.00 |
HARYANA STATE
INDUSTRIAL AND INFRASTRUCTURE DEVELO |
C-13&14,
SECTOR-6, PANCHKULA, HARYANA - 134109, INDIA |
B65165292 |
|
6 |
10354198 |
08/05/2012 |
650,000.00 |
State Bank of
India |
ROHTAK BRANCH,
ROHTAK, HARYANA - 124001, INDIA |
B39147624 |
|
7 |
10343965 |
21/03/2012 |
650,000.00 |
State Bank of
India |
ROHTAK BRANCH,
ROHTAK, HARYANA - 124001, INDIA |
B35728146 |
|
8 |
10325491 |
29/12/2011 |
450,000.00 |
STATE BANK OF
INDIA |
ROHTAK, ROHTAK,
HARYANA - 124001, INDIA |
B28729135 |
|
9 |
10320107 |
25/11/2011 |
500,000.00 |
State Bank of
India |
ROHTAK, ROHTAK,
HARYANA - 124001, INDIA |
B26276683 |
|
10 |
10312592 |
05/10/2011 |
1,250,000.00 |
STATE BANK OF
INDIA |
ROHTAK, ROHTAK,
HARYANA - 124001, INDIA |
B23358914 |
|
11 |
10247675 |
02/11/2010 |
50,000,000.00 |
IDBI BANK LIMITED |
INDIAN RED CROSS
SOCIETY BUILDING, 1-RED CROSS ROAD, NEW DELHI, DELHI - 110001, INDIA |
A97455885 |
|
12 |
10249083 |
07/11/2013 * |
1,644,000,000.00 |
CANARA BANK |
NEAR POWER
HOUSE, DELHI ROAD, ROHTAK, HARYANA - 1 |
B89378475 |
|
13 |
10224037 |
04/02/2011 * |
100,000,000.00 |
IDBI BANK
LIMITED |
INDIAN RED CROSS
SOCIETY BUILDING, 1-RED CROSS ROAD, NEW DELHI, DELHI - 110001, INDIA |
B04989471 |
|
14 |
10217579 |
26/04/2010 |
800,000.00 |
STATE BANK OF
INDIA |
INDUSTIRAL AREA,
HISSAR ROAD, ROHTAK, Haryana - 1 |
A84620871 |
|
15 |
10191067 |
04/12/2009 |
500,000.00 |
STATE BANK OF
INDIA |
INDUSTRIAL AREA,
ROHTAK, HARYANA - 124001, INDIA |
A75396994 |
|
16 |
10175383 |
18/08/2009 |
1,650,000.00 |
STATE BANK OF
INDIA |
INDUSTRIAL AREA,
ROHTAK, HARYANA - 124001, INDIA |
A69797223 |
|
17 |
10167730 |
26/02/2013 * |
39,740,000.00 |
Canara Bank |
OPP. POWER
HOUSE, DELHI ROAD,, ROHTAK, HARYANA - |
B69148385 |
|
18 |
10138341 |
05/05/2010 * |
100,000,000.00 |
IDBI BANK
LIMITED |
INDIAN RED CROSS
SOCIETY BUILDING, 1-RED CROSS ROAD, NEW DELHI, DELHI - 110001, INDIA |
A85024834 |
|
19 |
10072480 |
22/10/2007 * |
241,912,080.00 |
UNIT TRUST OF
INDIA INVESTMENT ADVISORY SERVICES L |
UTI TOWER GN BLOCKBANDRA
KURLA COMPLEX, BANDRA EAST, MUMBAI, MAHARASHTRA - 400051, INDIA |
A38573119 |
|
20 |
10049177 |
14/03/2007 |
140,000,000.00 |
ICICI BANK
LIMITED |
LANDMARKRACE
COURCE CIRCLE, ALKAPURI, BARODA, GUJARAT - 390015, INDIA |
A14660930 |
|
21 |
90051699 |
17/03/2006 * |
40,000,000.00 |
ICICI BANK LTD |
C-23, G BLOCK,
BANDRA KURLA COMPLEX, BANDRA (EAST), MUMBAI, MAHARASHTRA - 400051, INDIA |
- |
|
22 |
90046145 |
10/01/2012 * |
1,900,000,000.00 |
CANARA BANK |
OPP. POWER HOUSE,
DELHI ROAD,, ROHTAK, HARYANA - |
B31284987 |
|
23 |
90045887 |
02/08/2011 * |
1,668,400,000.00 |
CANARA BANK |
OPP. POWER
HOUSE, DELHI ROAD, ROHTAK, HARYANA - 124001, INDIA |
B19609510 |
* Date of charge modification
FIXED ASSETS:
·
· Factory Buildings
· Office Premises – Leasehold and Freehold
· Plant and Machinery
· Effluent Treatment Plant
· Furniture and Fixtures
· Electric Fittings and Installations
· Office Equipment’s
· Computer and Computer Software
· Vehicles
· Weighing Scales
· Fire Extinguishers
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.59.33 |
|
|
1 |
Rs.99.42 |
|
Euro |
1 |
Rs.80.32 |
INFORMATION DETAILS
|
Information
Gathered by : |
HTL |
|
|
|
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
KVT |
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 |
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 |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
28 |
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.