IRA INFORM REPORT
|
Report No. : |
318397 |
|
Report Date : |
20.04.2015 |
IDENTIFICATION DETAILS
|
Name : |
LAKSHMI MACHINE WORKS LIMITED |
|
|
|
|
Registered
Office : |
Perianaickenpalayam, SRK Vidyalaya Post, Coimbatore – 641020,
Tamilnadu |
|
Tel. No.: |
91-422-2692371-379 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2014 |
|
|
|
|
Date of
Incorporation : |
14.09.1962 |
|
|
|
|
Com. Reg. No.: |
18-000463 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.112.665 Million |
|
|
|
|
TIN No.: |
Not Available |
|
|
|
|
IEC No.: |
Not Available |
|
|
|
|
CIN No.: [Company Identification
No.] |
L29269TZ1962PLC000463 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
CMBL03078F |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACL5244N |
|
|
|
|
Legal Form : |
A Public Limited Liability Company.
The Company’s Shares are Listed on the Stock Exchanges. |
|
|
|
|
Line of Business
: |
The company is engaged in the manufacturing and selling of textile
spinning machinery, CNC Machine Tools, Heavy castings and parts and
components. |
|
|
|
|
No. of Employees
: |
3495 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Aa (80) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
USD 32000000 |
|
|
|
|
Status : |
Excellent |
|
|
|
|
Payment Behaviour : |
Regular |
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|
|
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Litigation : |
Clear |
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|
Comments : |
Subject is a global player in textile machinery segment. It is well-established
and reputed company having excellent track record. Rating reflects company’s established global presence over a year
backed by its brand leadership in manufacturing customized products and
extensive industry experience of its promoters in textile machinery segment. Rating also reflects company’s strong financial risk profile marked by
adequate liquidity position and decent profitability margins of the company. Trade relations are reported as fair. Business is active. Payment
terms are reported to be regular and as per commitment. In view of long standing business operations backed by its resourceful
promoters, the company can be considered good for normal business dealing 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.
ECGC Country Risk Classification List – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
EXTERNAL AGENCY RATING
NOT AVAILABLE
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
31-03-2014.
INFORMATION PARTED BY (GENERAL DETAILS)
|
Name : |
Not Divulged |
|
Designation : |
Finance Department |
|
Contact No.: |
91-422-3022255 |
|
Date : |
18.04.2015 |
LOCATIONS
|
Registered Office / Marketing Department - Textile Machinery Division: |
Perianaickenpalayam, SRK Vidyalaya Post, Coimbatore – 641020,
Tamilnadu, India |
|
Tel. No.: |
91-422-2692371-379 / 2892371-79 / 6612263 / 6612551/ 3022255/ 6612216/
6612207 |
|
Fax No.: |
91-422-2692541/ 542/ 543/ 2892541 / 42 |
|
E-Mail : |
|
|
Website : |
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|
Location: |
Owned |
|
|
|
|
Corporate Office : |
34-A, Kamaraj Road, Coimbatore – 641018, Tamilnadu, India |
|
Tel. No.: |
91-422-2221680/ 82-87/ 3028100 |
|
Fax No.: |
91-422-2220912 |
|
E-Mail : |
|
|
|
|
|
Factory 1: |
Perianaickenpalayam,
Coimbatore – 641020, Tamilnadu, India |
|
|
|
|
Factory 2: |
Kaniyur, Coimbatore – 641658, Tamilnadu, India |
|
Tel. No.: |
91-421-3983000 |
|
Fax No.: |
91-421-2333270 |
|
|
|
|
Factory 3: |
Muthugoundenpudur, Coimbatore
- 641406, Tamilnadu, India |
|
|
|
|
Factory 4: |
Wind Mill
Division
Udumalpet (TK), Tirupur
District, Tamilnadu, India |
|
|
|
|
Factory 5: |
Machine Tool Division, Foundry Division and Machine Shop
Arasur, Coimbatore – 641407, Tamilnadu, India |
|
Tel No: |
91-421-3021300 /
3022537 / 3983000/ 3022553/ 3022511
|
|
Fax No.: |
91-421-2360029 /
3022577
|
|
E mail: |
mtd_markteting@lmw.co.in
|
|
|
|
|
Factory 6: |
Advanced Technology Centre and Basic Training
Division Ganapathy, Coimbatore - 641006, Tamilnadu, India |
DIRECTORS
As on 31.03.2014
|
Name : |
Mr. Sanjay Jayavarthanavelu |
|
Designation : |
Chairman and Managing Director |
|
Date of Birth/Age : |
44 Years |
|
Qualification : |
MBA |
|
Experience : |
19
Years |
|
Date of Appointment : |
03.06.1994 |
|
|
|
|
Name : |
Mr. M.V. Subbiah |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. S. Pathy |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Basavaraju |
|
Designation : |
Nominee Director of LIC |
|
|
|
|
Name : |
Mr. Aditya Himatsingka |
|
Designation : |
Director |
|
|
|
|
Name : |
Dr. Mukund Govind Rajan |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. V. Sathyakumar |
|
Designation : |
Nominee Director of LIC |
|
|
|
|
Name : |
Mr. R. Rajendran |
|
Designation : |
Director Finance |
|
Date of Birth/Age : |
68 Years |
|
Qualification : |
B.Com; A C A |
|
Experience : |
42 Years |
|
Date of Appointment : |
01.04.1971 |
KEY EXECUTIVES
|
Name : |
Mr. K. Duraisami |
|
Designation : |
Company Secretary |
|
|
|
|
Name : |
Ms. Nivetha |
|
Designation : |
Accounts Executive |
SHAREHOLDING PATTERN
As on 31.03.2015
|
Category of
Shareholder |
No. of Shares |
Percentage
of Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
302247 |
2.68 |
|
|
2891628 |
25.67 |
|
|
3193875 |
28.35 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
3193875 |
28.35 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
1497176 |
13.29 |
|
|
2615 |
0.02 |
|
|
1353237 |
12.01 |
|
|
206679 |
1.83 |
|
|
89388 |
0.79 |
|
|
89388 |
0.79 |
|
|
3149095 |
27.95 |
|
|
|
|
|
|
2283085 |
20.26 |
|
|
|
|
|
|
1357243 |
12.05 |
|
|
698428 |
6.20 |
|
|
584778 |
5.19 |
|
|
7000 |
0.06 |
|
|
4500 |
0.04 |
|
|
240 |
0.00 |
|
|
75781 |
0.67 |
|
|
8948 |
0.08 |
|
|
488309 |
4.33 |
|
|
4923534 |
43.70 |
|
Total Public shareholding (B) |
8072629 |
71.65 |
|
Total (A)+(B) |
11266504 |
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) |
11266504 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
The company is engaged in the manufacturing and selling of textile
spinning machinery, CNC Machine Tools, Heavy castings and parts and
components. |
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Products : |
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Brand Names : |
-- |
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Agencies Held : |
-- |
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Exports : |
Not Available |
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Imports : |
Not Available |
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Terms : |
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Selling : |
Not Available |
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Purchasing : |
Not Available |
PRODUCTION STATUS – NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
3495 (Approximately) |
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Bankers : |
·
Indian Bank, Coimbatore Main Branch, Tamilnadu,
India ·
Bank of Baroda ·
Citibank N.A. ·
HDFC Bank ·
IDBI Bank ·
Standard Chartered Bank ·
Bank of Nova Scotia |
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|
||||||||||||||
|
Facilities : |
-- |
|
|
|
|
Statutory Auditor 1 : |
|
|
Name : |
M.S.
Jagannathan and Visvanathan Chartered Accountants |
|
Address : |
Coimbatore, Tamilnadu, India |
|
|
|
|
Statutory Auditor 2 : |
|
|
|
|
|
Name : |
Subbachar
and Srinivasan Chartered Accountants |
|
Address : |
Coimbatore, Tamilnadu, India |
|
|
|
|
Memberships : |
-- |
|
|
|
|
Collaborators : |
-- |
|
|
|
|
Wholly Owned Subsidiary: |
·
LMW
Textile Machinery (Suzhou) Company Limited |
|
|
|
|
Other related parties-Associates |
·
Dhanuprabha
Agro Private Limited ·
Mahalakshmi
Engineering Holdings Limited ·
Eshaan
Enterprises Limited ·
Quattro
Engineering India Limited ·
Harshini
Textiles Limited ·
Revantha
Holdings Limited ·
Hermes
Academy of Training Limited ·
Revantha
Builders Limited ·
Lakshmi
Cargo Company Limited ·
Revantha
Agro Farms Private Limited ·
LCC Cargo
Holdings Limited ·
Sowbarniha
Resorts Private Limited ·
Lakshmi
Caipo Industries Limited ·
Sri
Kamakoti Kamakshi Textiles Private Limited ·
Lakshmi
Engg and Environment Designs Limited ·
Sri
Lakshmi Vishnu Plastics ·
Lakshmi
Electrical Drives Limited ·
Sudhsruti
Agro Private Limited ·
Lakshmi
Technology and Engg. Industries Limited ·
Super
Sales India Limited ·
Lakshmi
Ring Travellers (CBE) Limited ·
Supreme
Dairy Products India Limited ·
Lakshmi
Electrical Control Systems Limited ·
Starline
Travels Limited ·
Lakshmi
Precision Tools Limited ·
Titan
Paints and Chemicals Limited ·
Lakshmi
Life Sciences Limited ·
Venkatavaradha
Agencies Limited ·
Lakshmi
Vignesh Corporate Services Limited ·
Walzer
Hotels Limited |
CAPITAL STRUCTURE
As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
50000000 |
Equity Shares |
Rs.10/- each |
Rs.500.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
11266504 |
Equity Shares |
Rs.10/- each |
Rs.112.665 Million |
|
|
|
|
|
1102746
equity shares of Rs.10 each were bought back
during the financial year 2010-11
Reconciliation of
number of shares
|
Equity Shares |
Number
of Shares |
|
Shares outstanding at the beginning of the year |
1102746 |
|
Shares issued during the year |
-- |
|
Shares
outstanding at the end of the year |
1102746 |
Shareholders holding
more than 5 percent Equity shares
|
Name of
Shareholder |
Number
of Shares |
% holding |
|
Lakshmi
Cargo Company Limited |
1024218 |
9.09% |
|
Life
Insurance Corporation of India |
956783 |
8.49% |
|
Lakshmi
Technology and Engineering Industries Limited |
66090 |
8.92% |
|
Voltas
Limited |
600000 |
5.33% |
|
The
Lakshmi Mills Company Limited |
520000 |
4.62% |
The Company has issued only one class of Equity share having a par value of Rs.10 per share. Each holder of Equity share is entitled to one vote per share. The Company declares dividends in Indian Rupees. The dividend proposed by the Board of Directors is subject to approval by the shareholders at the Annual General Meeting
FINANCIAL DATA
[all figures are
in Rupees Million]
ABRIDGED BALANCE
SHEET
|
SOURCES OF
FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
112.665 |
112.665 |
112.665 |
|
(b) Reserves & Surplus |
10,931.700 |
9,490.213 |
8,872.405 |
|
(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) |
11,044.365 |
9,602.878 |
8,985.070 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
26.443 |
129.019 |
228.706 |
|
(c) Other long term
liabilities |
2,231.731 |
2,340.351 |
2,664.453 |
|
(d) long-term
provisions |
0.000 |
0.000 |
0.000 |
|
Total Non-current
Liabilities (3) |
2,258.174 |
2,469.370 |
2,893.159 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Trade
payables |
2,921.432 |
2,537.651 |
2,625.423 |
|
(c) Other
current liabilities |
3,538.971 |
3,040.438 |
3,632.371 |
|
(d) Short-term
provisions |
463.305 |
297.777 |
696.805 |
|
Total Current
Liabilities (4) |
6,923.708 |
5,875.866 |
6,954.599 |
|
|
|
|
|
|
TOTAL |
20,226.247 |
17,948.114 |
18,832.828 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current
assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
3,798.745 |
4,305.036 |
4,946.772 |
|
(ii)
Intangible Assets |
30.696 |
60.869 |
28.846 |
|
(iii)
Capital work-in-progress |
27.318 |
132.097 |
103.074 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
1,288.293 |
1,038.250 |
1,540.730 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
223.783 |
249.491 |
321.195 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
170.239 |
|
Total Non-Current
Assets |
5,368.835 |
5,785.743 |
7,110.856 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
2,806.269 |
2,257.027 |
2,153.218 |
|
(c) Trade
receivables |
1,827.895 |
1,200.081 |
1,292.968 |
|
(d) Cash
and cash equivalents |
8,793.924 |
7,496.945 |
6,923.456 |
|
(e)
Short-term loans and advances |
927.639 |
864.130 |
1,071.200 |
|
(f) Other
current assets |
501.685 |
344.188 |
281.130 |
|
Total
Current Assets |
14,857.412 |
12,162.371 |
11,721.972 |
|
|
|
|
|
|
TOTAL |
20,226.247 |
17,948.114 |
18,832.828 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
22,416.230 |
19,171.301 |
21,134.524 |
|
|
|
Other Income |
1,154.845 |
787.156 |
845.077 |
|
|
|
TOTAL (A) |
23,571.075 |
19,958.457 |
21,979.601 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
14,216.298 |
12,014.973 |
13,051.096 |
|
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(269.580) |
(226.181) |
58.188 |
|
|
|
Employees benefits expense |
2,269.155 |
1,795.704 |
1,735.024 |
|
|
|
Other expenses |
3,636.683 |
3,486.198 |
3,711.751 |
|
|
|
Exceptional
item- Voluntary retirement scheme payments |
81.591 |
0.000 |
0.000 |
|
|
|
TOTAL (B) |
19,934.147 |
17,070.694 |
18,556.059 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
3,636.928 |
2,887.763 |
3,423.542 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
5.598 |
3.660 |
50.073 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
3,631.330 |
2,884.103 |
3,373.469 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
1,025.122 |
1,177.206 |
1,139.529 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
2,606.208 |
1,706.897 |
2,233.940 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
769.284 |
532.102 |
863.764 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
1,836.924 |
1,174.795 |
1,370.176 |
|
|
|
|
|
|
|
|
|
Less |
INVESTMENT FLUCTUATION
RESERVE |
155.675 |
(14.494) |
(200.453) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
8846.508 |
8069.832 |
7694.820 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
185.000 |
120.000 |
140.000 |
|
|
|
Dividend |
337.995 |
225.330 |
563.326 |
|
|
|
Tax on Dividend |
57.442 |
38.295 |
91.385 |
|
|
BALANCE CARRIED
TO THE B/S |
10258.670 |
8846.508 |
8069.832 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export of goods on FOB basis |
4755.906 |
2311.133 |
3214.996 |
|
|
|
Technical
Knowhow / Royalty income |
33.835 |
18.867 |
0.000 |
|
|
TOTAL EARNINGS |
4789.741 |
2330.000 |
3214.996 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
486.314 |
482.814 |
602.367 |
|
|
|
Components and Spares Parts |
2226.462 |
1619.691 |
2104.773 |
|
|
|
Capital Goods |
64.497 |
134.354 |
631.209 |
|
|
TOTAL IMPORTS |
2777.273 |
2236.859 |
3338.349 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
163.04 |
104.27 |
121.62 |
|
QUARTERLY RESULTS
|
Particulars |
30.06.2014 (Unaudited) |
30.09.2014 (Unaudited) |
31.12.2014 (Unaudited) |
|
|
1st
Quarter |
2nd
Quarter |
3rd Quarter |
|
Net Sales |
5715.100 |
5893.100 |
5679.800 |
|
Total Expenditure |
5054.400 |
5121.400 |
4961.100 |
|
PBIDT (Excl OI) |
660.600 |
771.700 |
718.800 |
|
Other Income |
269.100 |
262.700 |
254.600 |
|
Operating Profit |
929.700 |
1034.400 |
973.400 |
|
Interest |
1.200 |
02.500 |
2.300 |
|
Exceptional Items |
(9.000) |
(65.800) |
(1.700) |
|
PBDT |
919.600 |
966.200 |
969.400 |
|
Depreciation |
241.700 |
233.000 |
256.600 |
|
Profit Before Tax |
677.900 |
733.200 |
712.800 |
|
Tax |
192.200 |
264.700 |
265.000 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
485.700 |
468.500 |
447.800 |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
|
Net Profit |
485700 |
468.500 |
447.800 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT/Sales) |
(%) |
8.19 |
6.13 |
6.48 |
|
|
|
|
|
|
|
Operating Profit Margin (PBIDT/Sales) |
(%) |
105.15 |
104.11 |
104.00 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
124.64 |
118.96 |
127.87 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
2.13 |
2.08 |
2.45 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.00 |
0.00 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.15 |
2.07 |
1.69 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
Rs.
In Million |
Rs.
In Million |
Rs.
In Million |
|
Share Capital |
112.665 |
112.665 |
112.665 |
|
Reserves & Surplus |
8872.405 |
9490.213 |
10931.700 |
|
|
|
|
|
|
Net
worth |
8985.070 |
9602.878 |
11044.365 |
|
|
|
|
|
|
long-term borrowings |
0.000 |
0.000 |
0.000 |
|
Short term borrowings |
0.000 |
0.000 |
0.000 |
|
Total
borrowings |
0.000 |
0.000 |
0.000 |
|
Debt/Equity
ratio |
0.000 |
0.000 |
0.000 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
Rs.
In Million |
Rs.
In Million |
Rs.
In Million |
|
Sales |
21,134.524 |
19,171.301 |
22,416.230 |
|
|
|
(9.289) |
16.926 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
Rs.
In Million |
Rs.
In Million |
Rs.
In Million |
|
Sales
|
21,134.524 |
19,171.301 |
22,416.230 |
|
Profit |
1,370.176 |
1,174.795 |
1,836.924 |
|
|
6.48% |
6.13% |
8.19% |
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 |
No |
|
10] |
Designation of contact
person |
Yes |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
----------- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
---------- |
|
22] |
Litigations that the firm
/ promoter involved in |
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 |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
LITIGATION DETAILS
|
MADRAS HIGH COURT CASE STATUS
INFORMATION SYSTEM Status of CIVIL MISC. APPEAL 1384 of 2013 THE COMMISSIONER OF
CENTRAL
Vs.
M/S LAKSHMI MACHINE WORKS Pet's
Adv. : M/S.E.VIJAY ANAND
Res's
Adv.
: COIMBATORE Last Listed On
: 7/6/2013
Last Listed On : Friday,
June 07, 2013 Category
: Central Excises and Salt Act, 1944 (1 of 1944)
Case Updated on: Tuesday, July 16,
2013 |
CORPORATE
INFORMATION
Subject is a public company domiciled in India and incorporated under
the provisions of the Companies Act, 1956. Its shares are listed on three stock
exchanges in India. The company is engaged in the manufacturing and selling of
textile spinning machinery, CNC Machine Tools, Heavy castings and parts and
components for Aerospace industry. The company caters to both domestic and
international markets.
OPERATIONS
During the year,
the Company has recorded a turnover of Rs.21651.815 Million (2012-13:
Rs.18643.275 Million) resulting in a Net Profit of Rs.2606.208 Million before
tax (2012-13: Rs.1706.897 Million). Increase in demand for textile machinery in
domestic and international markets, stability in commodity prices, favourable
foreign exchange rates and other input costs have contributed to the increased
turnover and profits respectively.
AWARDS
During 2013-14 the Company has bagged the following Awards:
1)
R &D Awards for the year 2012-13 given by
Textile Machinery Manufacturers Association.
2)
Central Excise Award for making the highest payment
of excise duty and service tax in Coimbatore and an award for being the leading
exporter in Coimbatore for the year 2013-14.
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 31ST DECEMBER 2014
(Rs. In Million)
|
Particulars |
Quarter Ended (Unaudited) |
Quarter Ended (Unaudited) |
Nine Months Ended (Unaudited) |
|
|
31.12.2014 |
30.09.2014 |
31.12.2014 |
|
1. Income
from operations |
|
|
|
|
a) Net sales/ Income from operation (net of excise duty) |
5517.929 |
5690.915 |
16739.670 |
|
b) Other operating income |
161.889 |
202.206 |
548.335 |
|
Total
income from Operations(net) |
5679.818 |
5893.121 |
17288.005 |
|
2.Expenditure |
|
|
|
|
a. Cost of Material Consumed |
3425.579 |
3622.363 |
10880.826 |
|
b. Purchase of Stock-in-trade |
0.000 |
0.000 |
0.000 |
|
c. Changes in inventories of
finished goods, work-in-progress and stock -in-trade |
(5.760) |
(7.637) |
(306.511) |
|
d. Employee benefits expense |
532.945 |
574.343 |
1693.785 |
|
e. Depreciation and Amortisation expense |
256.634 |
232.961 |
731.306 |
|
f. Other
Expenses |
1008.292 |
932.337 |
2868.804 |
|
Total expenses |
5217.690 |
5354.367 |
15868.210 |
|
3. Profit from operations before other income and
financial costs |
462.128 |
538.754 |
1419.795 |
|
4. Other income |
254.621 |
262.726 |
786.408 |
|
5. Profit from ordinary activities before finance costs |
716.749 |
801.480 |
2206.203 |
|
6. Finance costs |
2.293 |
2.484 |
5.923 |
|
7. Net profit/(loss) from ordinary activities
after finance costs but before exceptional items |
714.456 |
798.996 |
2200.280 |
|
8. Exceptional item |
1.677 |
65.808 |
76.466 |
|
9. Profit from ordinary activities before tax
Expense: |
712.779 |
733.188 |
2123.814 |
|
10.Tax expenses |
265.000 |
264.739 |
721.900 |
|
11.Net
Profit / (Loss) from ordinary activities after tax (9-10) |
447.779 |
468.449 |
1401.914 |
|
12.Extraordinary Items (net of tax expense) |
0.000 |
0.000 |
0.000 |
|
13.Net Profit / (Loss) for the period (11 -12) |
447.779 |
468.449 |
1401.914 |
|
14.Paid-up equity share capital (Nominal value Rs.10/- per share) |
112.665 |
122.665 |
112.665 |
|
15. Reserve excluding
Revaluation Reserves as per balance sheet of previous accounting year |
|
|
|
|
16.i) Earnings per share (before extraordinary
items) of Rs.10/- each) (not annualised): |
|
|
|
|
(a) Basic |
39.74 |
41.58 |
124.43 |
|
(b) Diluted |
39.74 |
41.58 |
124.43 |
|
ii) Earnings per share (after extraordinary items) |
|
|
|
|
(a) Basic |
39.74 |
41.58 |
124.43 |
|
(b) Diluted |
39.74 |
41.58 |
124.43 |
|
Particulars |
Quarter Ended ( Unaudited) |
Quarter Ended ( Unaudited) |
Nine Months Ended ( Unaudited) |
|
|
31.12.2014 |
30.09.2014 |
31.12.2014 |
|
A. Particulars of shareholding |
|
|
|
|
1. Public Shareholding |
|
|
|
|
- Number of shares |
8072879 |
8072879 |
8072879 |
|
- Percentage of shareholding |
71.66% |
71.66% |
71.66% |
|
2. Promoters and Promoters group Shareholding- |
|
|
|
|
a) Pledged /Encumbered |
|
|
|
|
Number of shares |
-- |
-- |
-- |
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
-- |
-- |
-- |
|
Percentage of shares (as a % of total share capital of the
company) |
-- |
-- |
-- |
|
|
|
|
|
|
b) Non Encumbered |
|
|
|
|
Number of shares |
3193625 |
3193625 |
3193625 |
|
Percentage of shares (as a % of total shareholding of the promoter
and promoter group) |
100.00% |
100.00% |
100.00% |
|
Percentage of shares (as a % of total share capital of the
company) |
28.35% |
28.35% |
28.35% |
|
|
|
|
|
|
B.
Investor Complaints |
|
|
|
|
Pending at the beginning of the quarter |
|
Nil |
|
|
Receiving during the quarter |
|
Nil |
|
|
Disposed of during the quarter |
|
Nil |
|
|
Remaining unreserved at the end of the quarter |
|
Nil |
|
UNAUDITED SEGMENT
WIE REVENUE, RESULTS AND CAPITAL EMPLOYED
(Rs. In
Million)
|
Particulars |
Quarter
Ended (Unaudited) |
Quarter
Ended (Unaudited) |
Nine Months
Ended (Unaudited) |
|
|
31.12.2014 |
30.09.2014 |
31.12.2014 |
|
1.
Segment Revenue |
|
|
|
|
a )Textjle Machinery
Division |
5153.673 |
5182.591 |
15603.042 |
|
b)Machine Tool and Foundry
Divisions |
562.363 |
758.474 |
1836.599 |
|
c)Advanced Technology
Centre |
58.664 |
46.175 |
134.452 |
|
Total |
5774.700 |
5987.240 |
17574.093 |
|
Less: Inter-segment revenue |
38.610 |
37.086 |
102.525 |
|
Net Sales/Income from Operations |
5736.090 |
5950.154 |
17471.568 |
|
|
|
|
|
|
2.
Segment Result (Profit before Interest and Tax) |
|
|
|
|
a )Textjle Machinery
Division |
511.653 |
508.573 |
1532.201 |
|
b)Machine Tool and
Foundry Divisions |
40.622 |
82.055 |
153.791 |
|
c)Advanced Technology
Centre |
(16.726) |
(37.613) |
(96.631) |
|
Total |
535.549 |
553.015 |
1589.361 |
|
Add : Other un-allocable income net of
Unallocable expenditure |
177.230 |
180.173 |
534.453 |
|
Total Profit Before Tax |
712.779 |
733.188 |
2123.814 |
|
|
|
|
|
|
Profit
before Tax |
|
|
|
|
3.
Capital Employed |
|
|
|
|
a )Textjle Machinery
Division |
8768.589 |
8256.935 |
8768.589 |
|
b)Machine Tool and
Foundry Divisions |
2300.726 |
2260.103 |
2300.726 |
|
c)Advanced Technology
Centre |
41.162 |
57.887 |
41.162 |
|
d) Unallocated |
1335.806 |
1423.577 |
1335.806 |
Notes
1. The above results were reviewed by the Audit Committee and approved by the Board of Directors at their meeting held on February 02, 2015. Statutory Auditors have carried out limited review of the above results.
2. Exceptional item represents Compensation towards Voluntary Retirement scheme opted by Employees.
3. As per the requirement of the provisions of Schedule II of the Companies Act, 2013 the management has adopted the useful lives as per Part C of Schedule II of the Act, with effect from April 01, 2014 for all its fixed assets. Accordingly an additional depreciation for the period ending December 31, 2014 for Rs.11.750 Million has been recognized in the Statement of Profit and Loss. Pursuant to such adoption, in accordance with the transitional provisions under Schedule II of the Act, an amount of Rs.5.676 Million (Net of deferred tax of Rs.2.922 Million) has been recognized in the opening retained earnings, pertaining to assets whose balance useful life as on April 01, 2014 was NIL.
4. Figures of the previous year / periods have been regrouped / rearranged wherever necessary.
INDEX OF CHARGE:
|
Sr. No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
90008971 |
28/03/2002 |
22,174,000.00 |
The South Indian Bank Limited |
Raja Street, Coimbatore, Tamilnadu, India |
- |
|
2 |
90005083 |
15/06/1998 |
3,847,108.00 |
Lloyods Finance Limited |
53; Thiruvenkataswamy Road, R.S. Puram, Coimbatore, Tamil Nadu - 641002, India |
- |
|
3 |
90003230 |
25/02/1998 |
1,000,000.00 |
India Cements Capital Finance Limited |
39 ; State ; Sterling Road, Chennai, Tamil Nadu - 600034, India |
- |
|
4 |
90005072 |
12/12/1997 |
25,000,000.00 |
Vijaya Bank |
Oppanakkara Street, Coimbatore Branch, Coimbatore, Tamilnadu, India |
- |
|
5 |
90005060 |
19/06/1997 * |
80,000,000.00 |
Industrial Development Bank Of India |
IDBI Tower, Cuffe Parade, Mumbai, Maharashtra - 400005, India |
- |
|
6 |
90008418 |
29/06/1998 * |
32,000,000.00 |
Syndicate Bank |
Oppanakara Street, Coimbatore, Tamilnadu - 641001 , India |
- |
|
7 |
90005042 |
07/09/1996 |
5,500,000.00 |
ELGI Finance Limited |
ELGI House, Trichy Road, Coimbatore, Tamil Nadu - 641045, India |
- |
|
8 |
90005033 |
21/12/1995 |
100,000,000.00 |
Industrial Development Bank Of India |
IDBI Tower, Cuffe Parade, Mumbai, Maharashtra - 400005, India |
- |
|
9 |
90005022 |
16/08/1995 |
5,500,000.00 |
ELGI Finance Limited |
ELGI House, Trichy Road, Coimbatore, Tamil Nadu - 641045, India |
- |
|
10 |
90008261 |
13/08/1996 * |
40,000,000.00 |
Syndicate Bank |
Oppanakara Street, Coimbatore, Tamil Nadu - 641001, India |
- |
|
11 |
90005005 |
19/06/1997 * |
3,713,000.00 |
The Tamilnadu Industrial Investment Corporation Limited |
94; Dr. Nanjappa Road, Coimbatore, Tamil Nadu - 641018, India |
- |
|
12 |
90004998 |
06/04/1994 |
9,000,000.00 |
Industrial Development Bank Of India |
IDBI Tower, Cuffe Parade, Mumbai, Maharashtra - 400005, India |
- |
|
13 |
90004976 |
28/03/1992 |
779,160.00 |
Indian Equipment Leasing Limited |
21; Patullos Road, Mumbai, Maharashtra - 400005, India |
- |
|
14 |
90004975 |
25/03/1992 |
584,200.00 |
Indian Equipment Leasing Limited |
21; Patullos Road, Mumbai, Maharashtra - 400005, India |
- |
|
15 |
90004914 |
14/06/1988 * |
58,800,000.00 |
State Bank of India |
Main Branch, Coimbatore, Tamil Nadu - 641018, India |
- |
|
16 |
90004911 |
31/03/1988 * |
50,000,000.00 |
State Bank of India |
Main Branch, Coimbatore, Tamil Nadu - 641018, India |
- |
|
17 |
90004884 |
28/01/1987 * |
46,000,000.00 |
State Bank of India |
Main Branch, Coimbatore, Tamil Nadu - 641018, India |
- |
|
18 |
90002205 |
11/07/1995 * |
990,000.00 |
State Bank of India |
C and I Division, Coimbatore, Tamil Nadu - 641018, India |
- |
|
19 |
90007715 |
19/04/1986 |
630,800.00 |
Syndicate Bank |
Oppanakara Street, Coimbatore, Tamil Nadu - 641001, India |
- |
|
20 |
90007682 |
21/08/1985 |
21,000,000.00 |
Syndicate Bank |
Oppanakara Street, Coimbatore, Tamil Nadu - 641001, India |
- |
|
21 |
90007600 |
18/05/1984 |
194,199.00 |
Syndicate Bank |
Oppanakara Street, Coimbatore, Tamil Nadu - 641001, India |
- |
|
22 |
90002136 |
08/01/1984 |
14,200,000.00 |
State Bank of India |
Coimbatore, Coimbatore, Tamil Nadu - 641018, India |
- |
|
23 |
90007558 |
28/06/1983 |
3,254,000.00 |
Syndicate Bank |
Oppanakara Street, Coimbatore, Tamil Nadu - 641001, India |
- |
|
24 |
90002126 |
09/05/1983 |
490,000.00 |
State Bank of India |
Coimbatore, Coimbatore, Tamil Nadu - 641018, India |
- |
|
25 |
90004820 |
14/03/1983 |
500,000.00 |
State Bank of India |
Coimbatore, Coimbatore, Tamil Nadu - 641018, India |
- |
|
26 |
90007546 |
11/03/1983 |
635,000.00 |
Syndicate Bank |
Oppanakara Street, Coimbatore, Tamil Nadu - 641001, India |
- |
|
27 |
90007517 |
26/11/1982 |
2,500,000.00 |
Life Insurance Corporation Of India |
Yogakshema Jeevan Bima Marg, Bombay, Maharashtra - 400021, India |
- |
|
28 |
90007481 |
23/09/1981 |
2,500,000.00 |
Life Insurance Corporation Of India |
Yogakshema Jeevan Bima Marg, Bombay, Maharashtra - 400021, India |
- |
|
21 |
90007600 |
18/05/1984 |
194,199.00 |
Syndicate Bank |
Oppanakara Street, Coimbatore, Tamil Nadu - 641001, India |
- |
|
22 |
90002136 |
08/01/1984 |
14,200,000.00 |
State Bank of India |
Coimbatore, Coimbatore, Tamil Nadu - 641018, India |
- |
|
23 |
90007558 |
28/06/1983 |
3,254,000.00 |
Syndicate Bank |
Oppanakara Street, Coimbatore, Tamil Nadu - 641001, India |
- |
|
24 |
90002126 |
09/05/1983 |
490,000.00 |
State Bank of India |
Coimbatore, Coimbatore, Tamil Nadu - 641018, India |
- |
|
25 |
90004820 |
14/03/1983 |
500,000.00 |
Syndicate Bank |
Oppanakara Street, Coimbatore, Tamil Nadu - 641001, India |
- |
|
26 |
90007546 |
11/03/1983 |
635,000.00 |
Syndicate Bank |
Oppanakara Street, Coimbatore, Tamil Nadu - 641001, India |
- |
|
27 |
90007517 |
26/11/1982 |
2,500,000.00 |
Life Insurance Corporation Of India |
Yogakshema Jeevan Bima Marg, Bombay, Maharashtra - 400021, India |
- |
|
28 |
90007481 |
23/09/1981 |
2,500,000.00 |
Life Insurance Corporation Of India |
Yogakshema Jeevan Bima Marg, Bombay, Maharashtra - 400021, India |
- |
FIXED ASSETS:
·
Land
·
Buildings
·
Plant
and Equipment
·
Furniture
and Fixtures
·
Office
Equipments
·
Vehicles
·
Technical
Knowhow
·
Software
PRESS RELEASE
LAKSHMI
MACHINE WORKS DROPS AFTER WEAK Q2 OUTCOME
Lakshmi Machine Works lost 3.27% to Rs3,960 at 09:25 IST on BSE after net profit declined 10.3% to
Rs.468.400 Million on 4.8% growth in total income to Rs.6155.800 Million in Q2
September 2014 over Q2 September 2013.
The Q2 result was announced after market hours yesterday, 27
October 2014.
Meanwhile, the S&P BSE Sensex was up 62.15 points or
0.23% at 26,815.05
On BSE, so far 394 shares were traded in the counter as
against average daily volume of 3,099 shares in the past one quarter.
The stock hit a high of Rs4,050 and low of Rs 3,900 so far
during the day. The stock had hit a record high of Rs4,311 on 2 September 2014.
The stock had hit a 52-week low of Rs 2,167.65 on 29 October 2013.
The mid-cap company has equity capital of Rs 12.700 Million.
Face value per share is Rs 10.
Lakshmi Machine Works (LMW) is a leading textile machinery
manufacturer in India and one among the three in the world to produce the
entire range of spinning machinery. It caters to the domestic market as well as
exports the products to Asian and Oceanic regions.
EXPORTS SHOWING SIGNS OF IMPROVEMENT: LAKSHMI MACHINE
In an interview to CNBC-TV18, Rajendran R, Director-Finance, Lakshmi Machine Works shares his views on the company’s Q3 results and his outlook for the upcoming quarters.
LAKSHMI MACHINE WORKS ENTERS INTO AGREEMENT WITH VEEJAY LAKSHMI
ENGINEERING WORKS
Lakshmi Machine Works Ltd has informed BSE that the Company has entered into a
Technology Transfer Agreement on September 26, 2014 with M/s. Veejay Lakshmi Engineering
Works Limited (VeeJay), Coimbatore for obtaining technical knowhow for
manufacture by the Company the Winding Machine, developed by VeeJay.
AIM TO EXPAND FOOTPRINT IN INTL MARKETS: LAKSHMI MACHINE
Rajendran R, CFO of Lakshmi Machine Works said the company would be focusing on exports going forward and is likely to show a growth of 15-20 percent over last year.
Overall, he is hopeful of 10-15 percent revenue growth in FY14-15.
The current order book for the company is around Rs.33000.000 Million crore, out of which Rs.32000.000 Million is for domestic and around Rs.1300.000 Million would be exports, he said.
The stock gained over 43 percent this year. The company has witnessed strong domestic growth despite pricing pressures and is now looking to expand its footprint in the international market.
Below is the transcript of Rajendran R's interview with Reema Tendulkar and Sumaira Abidi on CNBC-TV18.
Sumaira: This time around your numbers were good but your core business which is textile machinery saw quite a big bump up. So you have already done a Rs.1100.000 Million of exports in Q1. How much do you think you could round up in FY15? Could you do Rs.5000.000 Million just in this segment?
A: We have been focussing on exports. What we did in the last year’s financial year, we may be able to show a growth of about 15-20 percent so far as exports performance is concerned.
Reema: What about overall revenues? Do you think the 37 percent growth that you saw in Q1 revenues - are they sustainable for the full year?
A: Compared to the previous corresponding period it is on higher side if we compare the just concluded last Q4, we have not grown. But overall, taking into account the entire current situation, we may grow to 10-15 percent during the financial year 2014-2015.
Sumaira: Can you tell us what your order book currently stands at and what percentage of it is exports?
A: Our order book is nearly about Rs.33000.000 Million. So far the domestic is concerned; we have got an order book of nearly about Rs.32000.000 Million as of end of June 2014.
Reema: It is about 10-15 percent growth that you are expecting in the topline. Can you improve your margins from the current 10-11 percent?
A: We may able to maintain the same level for margins because there is a lot of pressure of inputs as well. Input costs are also going up, material cost as well as power cost is another factor and also the wage cost - all these costs are going up but as we have been introducing new products, we could able to recover a part of the cost. Otherwise we cannot expect much growth in respect of the revenues concerned.
LAKSHMI MACHINE WORKS TO EXPAND CAPACITY
Chennai/ Bangalore
January 27, 2011
Lakshmi Machine Works Limited (LMW), the Coimbatore-based a textile machines and machine tools manufacturer, is on an expansion mode. The company is set to expand its machine tool manufacturing capacity by 25-30 per cent to 150 machines per month from March this year to meet the growing demand.
“The demand for machine tools is increasingly from automobile and general engineering sectors to aerospace, defence and railways this year. Recently, we invested Rs.220.000 Million to double our capacity to 120 machines per month. But this is not enough as we have got huge orders for the next one-year. So, we are planning to increase the capacity further,” I N Bhattacharya, deputy general manager - marketing and sales, LMW LIMITED, said.
LMW manufactures CNC lathes and machining centers for automobile companies, auto component manufacturers as well as Tier 1 and Tier 2 manufacturers of component conversion industry. The company, recently added mother machines in its portfolio and revamped its foundries to churn out castings faster, he said.
LMW is focusing on aerospace, defence and railways in a big way. Hindustan Aeronautics Limited (HAL) is one of the big customers from the aerospace sector for LMW. Its customers from the automobile sector includes Maruti Suzuki, Ashok Leyland, TVS Motors, Sundaram Fastners, Amalgamation Group, Tata Motors, Bosch and other Tier1 and Tier 2 suppliers.
Bhattacharya said the company’s order book position for CNC lathes is very strong currently and it has over Rs 1200.000 Million worth of orders in hand, for which it would take seven months to deliver. The company is likely to close the current fiscal with a total turnover of Rs 1850.000 Million, a growth of 91 per cent over the last year. During the next fiscal it is aiming at a growth of close to 50 per cent. “We witnessed the worst period during the year 2008-09, when our turnover was in the range of Rs.650.000 Million. Last year was a good year, but this year, we are getting huge orders for CNC lathes from the automobile sector,” he said.
He said LMW has launched seven new machines including horizontal machining center and high speed turning center to cater to the huge demand from the automotive industry. It is also coming out with large machines with common applications for sectors like railway, defence and automobile for launch during the next fiscal.
The company would also provide end-to-end solutions in association with its sister concern, Quatro, he added.
CCI
DROPS CASE AGAINST LAKSHMI MACHINE WORKS
New Delhi,
February 20:
Fair trade regulator CCI has closed the case against textile machine
maker Lakshmi Machine for alleged abuse of dominant position in the market for
“sale of spinning machinery for textiles”.
“... despite the fact that the opposite party (Lakshmi Machine Works)
was a dominant player in the relevant market, mere increase in prices by the
opposite party for valid economic reasons for all of its customers cannot
amount to imposing of unfair or discriminatory conditions in purchase or sale
of goods or services,” the Competition Commission of India (CCI) said in its
order dated February 15.
In a complaint filed by Shahi Exports, it was alleged that Lakshmi
Machine Works had increased the price of textile machineries it had ordered.
According to the order, during the arbitration proceedings with the
complainant, Lakshmi Machine Works had submitted that the increase in price was
due to increase in cost of inputs such as raw materials and labour, among
others.
CCI noted that Lakshmi Machine Works had been “increasing the price of
its products at regular intervals and it was not discriminating with any of its
customers but had increased the prices for all of its customers alike”.
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.62.35 |
|
UK Pound |
1 |
Rs.93.10 |
|
Euro |
1 |
Rs.67.13 |
INFORMATION DETAILS
|
Information
Gathered by : |
KMN |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
NKT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
9 |
|
PAID-UP CAPITAL |
1~10 |
8 |
|
OPERATING SCALE |
1~10 |
9 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
9 |
|
--PROFITABILITY |
1~10 |
9 |
|
--LIQUIDITY |
1~10 |
9 |
|
--LEVERAGE |
1~10 |
9 |
|
--RESERVES |
1~10 |
9 |
|
--CREDIT LINES |
1~10 |
9 |
|
--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 |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER
|
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
|
|
|
|
TOTAL |
|
80 |
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.