MIRA INFORM REPORT
|
Report No. : |
333112 |
|
Report Date : |
18.07.2015 |
IDENTIFICATION DETAILS
|
Name : |
LAXMI ORGANIC INDUSTRIES LIMITED |
|
|
|
|
Registered
Office : |
A-22/2/3, MIDC, Mahad, Raigarh – 402309, Maharashtra |
|
Tel No.: |
91-2145-232548 |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2014 |
|
|
|
|
Date of
Incorporation : |
15.05.1989 |
|
|
|
|
Com. Reg. No.: |
11-051736 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.100.050
Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U24200MH1989PLC051736 |
|
|
|
|
TIN No.: |
Not Available |
|
|
|
|
IEC No.: |
0392017369 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUML05098C / MUML04695F |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACL2435R |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacture of Ethyl Acetate, Acetic Acid and Diketene Derivative
Products (DDP). |
|
|
|
|
No. of Employees
: |
500 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (47) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 5500000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
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|
|
|
Litigation : |
Exist |
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|
|
|
Comments : |
Subject is an established company having satisfactory track. Rating takes into consideration company's strong networth base and overall sound financial condition. Further, company has achieved significant increase in its sales turnover in the year under consideration. 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.
ECGC Country Risk Classification List – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
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
|
Rating Agency Name |
CRISIL |
|
Rating |
Long Term Rating = BBB+ |
|
Rating Explanation |
Moderate degree of safety and moderate
credit risk. |
|
Date |
12.01.2015 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short Term Rating = A2 |
|
Rating Explanation |
High degree of safety and low credit risk. |
|
Date |
12.01.2015 |
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
31-03-2013.
INFORMATION PARTED BY (GENERAL DETAILS)
|
Name : |
Mr. Abhishek Kubra |
|
Designation : |
Assistant Manager Finance |
|
Contact No.: |
91-22-4910444 |
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) |
|
Fax No.: |
91-2145-232203/ 04 |
|
E-Mail : |
|
|
Website : |
|
|
Area : |
Owned |
|
Location : |
Industrial |
|
|
|
|
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 |
|
E-Mail : |
|
|
|
|
|
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 |
|
Fax No.: |
31 (0) 174820104 |
|
E-Mail : |
DIRECTORS
As on 24.09.2014
|
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. 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. Rajeev Vasudeo Goenka |
|
Designation : |
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 |
|
|
|
|
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 |
|
|
|
|
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. 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 |
|
|
|
|
Name : |
Mr. Abhishek Kubra |
|
Designation : |
Assistant Manager Finance |
|
|
|
|
Name : |
Mr. Satish Bhandari |
|
Designation : |
Accountant |
MAJOR SHAREHOLDERS
As on 24.09.2014
|
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 Mr. 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 |
|
Rajeev Goenka c Manisha Goenka |
|
13000 |
|
Vishwas Kunte |
|
11500 |
|
Vibha Bhandari |
|
2000 |
|
Avantika Goenka |
|
1260000 |
|
Brady Investments Private Limited, India |
|
188000 |
|
Vishwas Kunte and Aparna V. Kunte |
|
10000 |
|
Aryavrat Goenka |
|
37500 |
|
Hansa K. Agarwal and Kailash Agarwal |
|
192000 |
|
International Finance Corporation (W), India |
|
1005802 |
|
Satwik Mishra |
|
2500 |
|
Sukruti Mishra |
|
2500 |
|
Satyakam Mishra |
|
2500 |
|
Meenu Satyakam Mishra |
|
2500 |
|
Total |
|
10005081 |
Equity Share Break up (Percentage of Total Equity)
As on 24.09.2014
|
Category |
Percentage |
|
Foreign holdings( Foreign institutional investor(s),
Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s)
or Overseas Corporate bodies or Others |
13.60 |
|
Bodies corporate |
1.88 |
|
Directors or relatives of Directors |
84.18 |
|
Other top fifty shareholders |
0.34 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacture of Ethyl Acetate, Acetic Acid and Diketene
Derivative Products (DDP). |
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Products : |
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Brand Names : |
-- |
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Agencies Held : |
-- |
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Exports : |
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Products : |
Acetic Acid |
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Countries : |
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Imports : |
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Products : |
Raw Materials |
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Countries : |
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Terms : |
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Selling : |
Cash and Credit |
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Purchasing : |
Cash and Credit |
PRODUCTION STATUS – NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
End Users
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No. of Employees : |
500 (Approximately) |
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Bankers : |
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Facilities : |
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Auditors 1 : |
|
|
Name : |
Dayal and Lohia Chartered Accountants |
|
Address : |
Kamanwala Chambers, Office No.6 & 7, 1st Floor, Sir P.M.
Road, Fort, Mumbai – 400001, Maharashtra, India |
|
PAN No.: |
AAAFD1548C |
|
|
|
|
Auditors 2 : |
|
|
Name : |
Natvarlal Vepari and Company Chartered Accountants |
|
Address : |
S-6, Oricon House, 4th Floor, 12 K Dubash Marg, Kala Ghoda, Mumbai – 400023, Maharashtra, India |
|
PAN No.: |
AAAFN2322E |
|
|
|
|
Memberships : |
-- |
|
|
|
|
Collaborators : |
-- |
|
|
|
|
Subsidiaries : |
· Cellbion Lifesciences Private Limited CIN No.: U24233MH2007PTC170041 · Laxmi Lifesciences Private Limited CIN No.: U24233MH2013PTC245224 · Laxmi Organic Industries (Europe) BV · Laxmi Petrochem Middle East FZC · Viva Lifesciences Private Limited CIN No.: U24100MH2013PTC245226 · Saideep Traders |
|
|
·
|
|
Enterprises over which
any person KMP is able to exercise
control : |
· Amrutsagar Construction Private Limited · Brady Investments Private Limited · Crescent Oils Private Limited · Enersun Power Tech Private Limited · International Knowledge Park Private Limited · Laxmidevi Nathmal Goenka Charitable Trust · Maharashtra Aldehydes and Chemicals Limited · Merton Finance and Trading · Ojas Dye-Chem (India) Private Limited · Pedestal Finance and Trading Private Limited · Rajeev Goenka HUF · Ravi Goenka HUF · Sherry Exports Private Limited · Zenith Distibutors · Wintech Systems · Varadvinayak Multi Impex Private Limited |
|
|
|
|
Associates and
joint ventures of the reporting enterprise : |
· Suvas Holding Limited, India [U40300MH2000PLC128785] |
CAPITAL STRUCTURE
As on 24.09.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
21000000 |
Equity Shares |
Rs.10/- each |
Rs.210.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10005081 |
Equity Shares |
Rs.10/- each |
Rs.100.050
Million |
|
|
|
|
|
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 |
100.050 |
100.050 |
100.051 |
|
(b) Reserves & Surplus |
1,829.600 |
1,726.910 |
1,477.126 |
|
(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) |
1,929.650 |
1,826.960 |
1,577.177 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
1,074.540 |
1,228.040 |
875.259 |
|
(b) Deferred tax liabilities (Net) |
195.550 |
221.100 |
90.619 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term
provisions |
1.760 |
4.570 |
3.927 |
|
Total Non-current
Liabilities (3) |
1,271.850 |
1,453.710 |
969.805 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
1,327.720 |
406.970 |
34.630 |
|
(b) Trade
payables |
835.390 |
1,082.960 |
780.553 |
|
(c) Other
current liabilities |
348.440 |
379.940 |
251.157 |
|
(d) Short-term provisions |
12.460 |
34.160 |
98.721 |
|
Total Current
Liabilities (4) |
2,524.010 |
1,904.030 |
1,165.061 |
|
|
|
|
|
|
TOTAL |
5,725.510 |
5,184.700 |
3,712.043 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
2,060.920 |
2,148.630 |
1,031.228 |
|
(ii)
Intangible Assets |
2.640 |
4.990 |
7.345 |
|
(iii)
Capital work-in-progress |
58.950 |
30.470 |
422.796 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
33.460 |
28.120 |
19.453 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
276.080 |
244.340 |
22.262 |
|
(e) Other
Non-current assets |
39.520 |
9.780 |
5.243 |
|
Total Non-Current
Assets |
2,471.570 |
2,466.330 |
1,508.327 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
400.013 |
|
(b)
Inventories |
531.240 |
841.740 |
498.902 |
|
(c) Trade
receivables |
2,165.670 |
1,128.880 |
719.581 |
|
(d) Cash
and cash equivalents |
58.790 |
58.020 |
120.744 |
|
(e)
Short-term loans and advances |
494.140 |
684.550 |
461.076 |
|
(f) Other
current assets |
4.100 |
5.180 |
3.400 |
|
Total
Current Assets |
3,253.940 |
2,718.370 |
2,203.716 |
|
|
|
|
|
|
TOTAL |
5,725.510 |
5,184.700 |
3,712.043 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
||
|
|
SALES |
|
|
|
||
|
|
|
Income |
8,102.580 |
5,863.780 |
5,126.432 |
|
|
|
|
Other Income |
15.890 |
18.530 |
-31.509 |
|
|
|
|
TOTAL (A) |
8,118.470 |
5,882.310 |
5,094.923 |
|
|
|
|
|
|
|
||
|
Less |
EXPENSES |
|
|
|
||
|
|
|
Cost of materials consumed |
5,584.480 |
4,086.020 |
3,296.002 |
|
|
|
|
Purchases of stock-in-trade |
457.100 |
195.840 |
123.678 |
|
|
|
|
Changes in inventories of finished goods, work-in-progress
and stock-in-trade |
55.690 |
(108.360) |
(79.428) |
|
|
|
|
Employee benefit expense |
146.590 |
128.500 |
92.667 |
|
|
|
|
Other expenses |
1,183.200 |
1,000.230 |
858.097 |
|
|
|
|
Exceptional items |
0.000 |
(113.670) |
0.000 |
|
|
|
|
TOTAL
(B) |
7,427.060 |
5,188.560 |
4,291.016 |
|
|
|
|
|
|
|
||
|
|
PROFIT/(LOSS)
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
691.410 |
693.750 |
803.907 |
||
|
|
|
|
|
|
||
|
Less |
FINANCIAL
EXPENSES (D) |
223.860 |
122.270 |
130.630 |
||
|
|
|
|
|
|
||
|
|
PROFIT/(LOSS)
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D)
(E) |
467.550 |
571.480 |
673.277 |
||
|
|
|
|
|
|
||
|
Less |
DEPRECIATION/
AMORTISATION (F) |
314.460 |
183.270 |
139.037 |
||
|
|
|
|
|
|
||
|
|
PROFIT/(LOSS)
BEFORE TAX (E-F) (G) |
153.090 |
388.210 |
534.240 |
||
|
|
|
|
|
|
||
|
Less |
TAX (H) |
44.540 |
127.890 |
171.047 |
||
|
|
|
|
|
|
||
|
|
PROFIT/(LOSS)
AFTER TAX (G-H) (I) |
108.550 |
260.320 |
363.193 |
||
|
|
|
|
|
|
||
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
860.733 |
617.048 |
379.030 |
||
|
|
|
|
|
|
||
|
Less |
APPROPRIATIONS |
|
|
|
||
|
|
|
Transfer to General Reserve |
NA |
6.100 |
100.000 |
|
|
|
|
Proposed Dividend |
NA |
9.005 |
21.661 |
|
|
|
|
Tax on Dividend |
NA |
1.530 |
3.514 |
|
|
|
BALANCE CARRIED
TO THE B/S |
NA |
860.733 |
617.048 |
||
|
|
|
|
|
|
||
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
||
|
|
|
Export Earnings |
3214.810 |
2176.980 |
1465.988 |
|
|
|
TOTAL EARNINGS |
3214.810 |
2176.980 |
1465.988 |
||
|
|
|
|
|
|
||
|
|
IMPORTS |
|
|
|
||
|
|
|
Components and spare parts |
37.720 |
73.410 |
121.750 |
|
|
|
|
Raw Materials |
2653.050 |
2001.028 |
1570.991 |
|
|
|
|
Capital Goods |
3.900 |
16.810 |
4.402 |
|
|
|
TOTAL IMPORTS |
2694.670 |
2091.248 |
1697.143 |
||
|
|
|
|
|
|
||
|
|
Earnings /
(Loss) Per Share (Rs.) |
10.85 |
26.02 |
58.73 |
||
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Current Maturities of Long term debt |
268.450 |
244.410 |
176.527 |
|
Cash generated from operations |
NA |
NA |
NA |
|
Net cash flows from (used in) operations |
(442.730) |
(381.050) |
NA |
|
Net cash flows from (used in) operating activities |
(497.070) |
(512.450) |
(102.500) |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT/Sales) |
(%) |
1.34 |
4.44 |
7.08 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/Sales) |
(%) |
8.53 |
11.83 |
15.68 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
2.72 |
7.57 |
16.34 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.08 |
0.21 |
0.34 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
1.38 |
1.03 |
0.69 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.29 |
1.43 |
1.89 |
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 |
100.051 |
100.050 |
100.050 |
|
Reserves & Surplus |
1477.126 |
1726.910 |
1829.600 |
|
Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
1577.177 |
1826.960 |
1929.650 |
|
|
|
|
|
|
long-term borrowings |
875.259 |
1228.040 |
1074.540 |
|
Short term borrowings |
34.630 |
406.970 |
1327.720 |
|
Current maturities of
long-term debts |
176.527 |
244.410 |
268.450 |
|
Total
borrowings |
1086.416 |
1879.420 |
2670.710 |
|
Debt/Equity
ratio |
0.689 |
1.029 |
1.384 |
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 |
5,126.432 |
5,863.780 |
8,102.580 |
|
|
|
14.383 |
38.180 |
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
|
5,126.432 |
5,863.780 |
8,102.580 |
|
Profit |
363.193 |
260.320 |
108.550 |
|
|
7.08% |
4.44% |
1.34% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
No |
|
5 |
Buyer visit details |
-- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
Yes |
|
8 |
Designation of contact person |
Yes |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
No |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
Yes |
|
16 |
No. of employees |
Yes |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
Yes |
|
22 |
Conduct of the banking account |
-- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
Yes |
|
26 |
Turnover of firm for last three years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
Yes |
|
32 |
Litigations that the firm/promoter
involved in |
Yes |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
Yes |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
LITIGATION DETAILS
|
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 CHEMICALS GMBH- |
Respondent:- |
LAXMI ORGANIC INDUSTRIES LIMITED |
|||||||
|
Petn.Adv:- |
RES LEGAL (0) |
|
|
|||||||
|
District:- |
MUMBAI |
|||||||||
|
Bench:- |
SINGLE |
|||||||||
|
Status:- |
Pre-Admission |
Category:- |
LEAVE PETITION UNDER CLAUSE XII |
|||||||
UNSECURED LOANS:
|
Particulars |
31.03.2014 Rs. In Million |
31.03.2013 Rs. In Million |
|
LONG TERM BORROWINGS |
|
|
|
Deferred payment liabilities |
84.890 |
103.810 |
|
SHORT TERM BORROWINGS |
|
|
|
Deposits from shareholders |
59.000 |
6.500 |
|
Deposits from others |
9.100 |
10.500 |
|
Loans and advances from directors |
75.580 |
0.000 |
|
Total |
228.570 |
120.810 |
BACKGROUND:
Subject is the Goenka Group’s flagship company, established in 1989 and is in the business on specialty requirement of the plants, chemicals. The Company primarily manufactures Ethyl Acetate, Acetic Acid and Diketene Derivative Products (DDP). DDP is a specialty chemical group, the technology and business of which has been acquired by subject from Clariant Chemicals India Limited. Subject is currently the only manufacturer of DDP in India. Further subject has successfully commissioned a captive power plant of 5 MW in Mahad which will cater to the existing electricity
FINANCIAL PERFORMANCE REVIEW:
During the year, net sales grew by 38% to Rs.8102.600 Million compared to Rs.5863.800 Million in the previous year. The Operating EBIDT has also increased by 19% to Rs.691.400 Million compared to Rs.580.100 Million in the previous year. PBT declined by 60% to Rs.153.100 Million compared to Rs.388.200 Million 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.
OPERATIONAL REVIEW:
Despite economic slowdown and subdued demand growth, they have increased the top line. However, they had to reduce margins due to severe competitive pressures and accept lower realisation in the ket European market.
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.
The production and sales of ethyl acetate in volume terms have increased by 11% and 15% respectively, whereas there was a significant jump in the production and sales of diketene derivatives which have increase by approx. 31% and 37%. The total sales value has been increased by almost 42%.
During the year, the Company has launched a new product namely acetic anhydride, which was well accepted by the customers. The Company has produced around 8,108 MT of acetic anhydride and has achieved a sales turnover of Rs 473.100 Million.
The trading operations of the European subsidiary - Laxmi Organic Industries (Europe) B.V. have progressed as planned and the operations of the subsidiary was successful in terms of establishing the brand name of Laxmi in the European Market. They are now being considered as the only serious Indian manufacturer of ethyl acetate present in the European market.
However, the market prices in the European market, which is the biggest market in the world for ethyl acetate was very weak. This restricted the Subsidiary from achieving the profitability objectives. In order to mitigate the pricing risk the Subsidiary is now focusing on entering high price Spanish and Turkish markets, for the first time.
The Captive Power Plant, which was commissioned last year, has been yielding the desired results and the company is getting 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 & Development facility under section 35(2AB) of the Income tax Act, 1961 for the year 2014-15.
The Company has received ISO 9001:2008, ISO 14001:2004 and BS OHSAS 18001:2007 Certification with respect to its both plants.
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 Project at Yedgaon is progressing well. All the regulatory clearances have been obtained. The project is expected to take 9 to 12 months for completion. Power generation is expected to start in the last quarter of FY 14-15. Presently the Company is in discussion with few power consumers for potential tie-up towards this project. The gross generation of power is estimated to be 11.52 MU and net generated power estimated will be as per MERC orders depending on the transmission line capacities at the consumption point.
The work on Hydro Power Project at Temghar, which is being managed and controlled by Suvas Holdings Limited (a 51:49 joint Venture between the Company and Hindalco Industries Limited) is also progressing well. All the regulatory clearances except environmental NOC have been obtained by the Company. The project is expected to take 9 to 12 months to complete from the expected date of commencement of construction work by September 2014. The project has come under the ambit of Environmentally Sensitive Area (ESA). They have made a representation to Central Government seeking their approval for this project with respect to this factor. They can target to complete the project by June 2015, if NOC from Environment Department of Maharashtra State is received by July 2014. This project will generate 16 MU gross power generations and 13.62 MU net generations after deductions (as per MERC orders) and 100% of the power will be purchased by Hindalco Industries Limited as per the terms of Power Purchase Agreement.
For both the above projects, the company has tied up the necessary debt funds with lending institutions.
The status quo continues with respect to 10 MW Hydel Project in Himachal Pradesh.
FURTHER OPPORTUNITIES:
The Company will continue to invest resources in developing molecules based on its current chemistries. New products are planned to be launched in FY 14-15.
Additionally, Company is continuously evaluating acquisition opportunities locally and internationally within the chemical space. This is part of the specific strategy of Company to create a third vertical in the specialty chemicals space apart from solvents and diketene derivatives.
Finally, given the size of our current operations Laxmi has increased its distribution business to Africa, Middle East and even locally in India, the primary products, being Ethanol and Acetic Acid.
INDEX OF CHARGE:
|
Sr. No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10552930 |
10/02/2015 |
300,000,000.00 |
RBL Bank Limited |
shahupuri, kolhapur, maharashtra - 416001, india |
C45541364 |
|
2 |
10529018 |
20/10/2014 |
110,000,000.00 |
Aditya Birla Finance Limited |
Indian Rayon Compound,, Veraval, Gujarat - 362266, India |
C32212029 |
|
3 |
10505263 |
04/06/2014 |
80,000,000.00 |
ICICI Bank Limited |
Landmarkrace Cource Circle, Alkapuri, Baroda, Gujarat - 390015, India |
C08570483 |
|
4 |
10505268 |
04/06/2014 |
190,000,000.00 |
ICICI Bank Limited |
Landmarkrace Cource Circle, Alkapuri, Baroda, Gujarat - 390015, India |
C08571903 |
|
5 |
10500537 |
04/06/2014 |
250,000,000.00 |
ICICI Bank Limited |
Landmarkrace Cource Circle, Alkapuri, Baroda, Gujarat - 390015, India |
C05811005 |
|
6 |
10441001 |
12/07/2013 |
542,700,000.00 |
International Finance Corporation |
2121
Pennsylvania Avenue, N.W., Washington Dc, - |
B81097149 |
|
7 |
10327375 |
31/07/2012 * |
500,000,000.00 |
IDBI Bank Limited |
IDBI Towerwtc Complex, Cuffe Parade, Mumbai, Maharashtra - 400005, India |
B56028392 |
|
8 |
10285881 |
22/04/2014 * |
500,000,000.00 |
Yes Bank Limited |
Yes Bank Limited, Senapati Bapat Marg, Elphinston(W), Mumbai, Maharashtra - 400013, India |
C02494987 |
|
9 |
10223277 |
09/12/2011 * |
220,000,000.00 |
IDBI Bank Limited |
IDBI Towerwtc Complex, Cuffe Parade, Mumbai, Maharashtra - 400005, India |
B29210341 |
|
10 |
10184239 |
09/12/2011 * |
200,000,000.00 |
IDBI Bank Limited |
IDBI Towerwtc Complex, Cuffe Parade, Mumbai, Maharashtra - 400005, India |
B29209723 |
|
11 |
10127401 |
22/04/2014 * |
960,000,000.00 |
IDBI Bank Limited |
IDBI Towerwtc Complex, Cuffe Parade, Mumbai, Maharashtra - 400005, India |
C02493484 |
|
12 |
90156108 |
22/04/2014 * |
954,400,000.00 |
State Bank of India |
Industrial Finance Branch, The Arcade, 2nd Floor, World Trade Centre, Cuffe Parade, Colaba, Mumbai, Maharashtra - 400005, India |
C03626660 |
|
13 |
90159458 |
27/08/1999 * |
51,500,000.00 |
State Bank Of India |
Industrial Finance Branch, Killick House; Charanjit Rai, Mumbai, Maharashtra - 400001, India |
- |
|
14 |
90156075 |
19/10/2004 * |
51,500,000.00 |
State Bank Of India |
Commercial Branch, Justice G.N. Vaidya Marg, Mumbai, Maharashtra - 400023, India |
- |
|
15 |
90154950 |
06/06/2000 * |
34,000,000.00 |
State Bank Of India |
Industrial Finance Branch, Killick House; Charanjit Rai, Mumbai, Maharashtra - 400001, India |
- |
|
16 |
90159370 |
12/08/1994 * |
14,500,000.00 |
State Bank Of India |
Industrial Finance Branch, Killick House; Charanjit Rai, Mumbai, Maharashtra - 400001, India |
- |
|
17 |
90159365 |
04/02/1992 |
4,000,000.00 |
State Bank Of India |
Industrial Finance Branch, Killick House; Charanjit Rai, Mumbai, Maharashtra - 400001, India |
- |
|
11 |
10127401 |
22/04/2014 * |
960,000,000.00 |
IDBI Bank Limited |
IDBI Bank Limited, Mittal Court, Nariman Point, Mumbai, Maharashtra - 400021, India |
C02493484 |
*Date of modification Charges
FIXED ASSETS:
Tangible assets
- Land
- Buildings
- Plant and equipment
- Vehicles
- Office equipment
- Computer equipments
- Other equipments
Intangible assets
- 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 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.63.49 |
|
UK Pound |
1 |
Rs.99.43 |
|
Euro |
1 |
Rs.69.13 |
INFORMATION DETAILS
|
Information
Gathered by : |
NYA |
|
|
|
|
Analysis Done by
: |
KIN |
|
|
|
|
Report Prepared
by : |
KVT |
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 |
|
--PROFITABILITY |
1~10 |
4 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER
|
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
47 |
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.