MIRA INFORM REPORT
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Report No. : |
312228 |
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Report Date : |
14.03.2015 |
IDENTIFICATION DETAILS
|
Name : |
LALITHA CHEM INDUSTRIES PRIVATE LIMITED |
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Registered
Office : |
Ground Floor, Siddhi Apartment, B Wing, Manav Mandir Complex, Sector 7,
Ambadi Road, Vasai Road, Vasai (East), Thane – 401202, Maharashtra |
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Country : |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
11.12.1990 |
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Com. Reg. No.: |
11-059381 |
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Capital Investment
/ Paid-up Capital : |
Rs.43.400
Million |
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CIN No.: [Company Identification
No.] |
U24100MH1990PTC059381 |
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TIN No.: |
Not Available |
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IEC No.: |
Not Available |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUML01728G |
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PAN No.: [Permanent Account No.] |
AAACL2445B |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer and Exporter of CPVC Compound. |
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No. of Employees
: |
100 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (47) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
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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 satisfactory track record. General financial position of the company is good. Trade relations are reported as fair. Business is active. Payment
terms are reported to be usually correct. The company can be considered normal 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.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long Term Rating = BBB- (Upgraded from BB+) |
|
Rating Explanation |
Moderate degree of safety. It carry moderate credit risk. |
|
Date |
05.08.2015 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short Term Rating = A3 (Upgraded from A4+) |
|
Rating Explanation |
Moderate degree of safety. It carry higher credit risk. |
|
Date |
05.08.2015 |
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
31-03-2014.
INFORMATION PARTED BY
|
Name : |
Mrs. Veena Subray Hosmane |
|
Designation : |
Director |
|
Contact No.: |
91-9820054643 |
|
Date : |
12.03.2015 |
LOCATIONS
|
Registered Office / Head Office : |
Ground Floor, Siddhi Apartment, B Wing, Manav Mandir Complex, Sector 7,
Ambadi Road, Vasai Road, Vasai (East), Thane – 401202, Maharashtra,
India |
|
Tel. No.: |
91-250-2333377 / 2392429/ 2390625/ 2392428 / 2392428 / 2392414 |
|
Mobile No.: |
91-9820054643 (Mr. Subray Hosmane) |
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Fax No.: |
91-250-2390117 |
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E-Mail : |
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Website : |
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Factory : |
Plot No.32P, Nanji Industrial Estate, Kharar Pada, Silvassa, Dadra
and |
DIRECTORS
As on 30.09.2014
|
Name : |
Mr. Subray Sadashiv Hosmane |
|
Designation : |
Director |
|
Address : |
Bungalow No.1, Suvilas, Dewan and Shah Housing, |
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Date of Appointment : |
19.03.1993 |
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DIN No.: |
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PAN No.: |
AAAPH3969B |
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|
Name : |
Mrs. Veena Subray Hosmane |
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Designation : |
Director |
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Address : |
Bungalow No.1, Suvilas, Dewan and Shah Housing, |
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Date of Birth/Age : |
26.07.1963 |
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Date of Appointment : |
25.03.2009 |
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DIN No.: |
00047190 |
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PAN No.: |
AAAPH8435N |
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|
|
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Name : |
Mrs. Lalitha Sadashiv Hosmane |
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Designation : |
Director |
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Address : |
Bungalow No.1, Suvilas, Dewan and Shah Housing, |
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Date of Birth/Age : |
21.11.1927 |
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Date of Appointment : |
11.12.1993 |
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DIN No.: |
00047270 |
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PAN No.: |
AAAPH8434P |
KEY EXECUTIVES
|
Name : |
Ms. Arti |
|
Designation : |
Account Department |
MAJOR SHAREHOLDERS
As on 30.09.2014
|
Names of Shareholders |
|
No. of Shares |
|
Lalitha Hosmane |
|
1890000 |
|
Veena Hosmane |
|
558200 |
|
Subray Hosmane |
|
1703200 |
|
Gajanan Bhat |
|
17200 |
|
Lalitha Hosmane Jointly Subray Hosmane |
|
60000 |
|
Ambalal Patel |
|
200 |
|
Navin A. Patel |
|
200 |
|
Geeta Sudhakar |
|
1000 |
|
Suma Subray Hosmane |
|
50000 |
|
Subra Catal Chem Private Limited |
|
60000 |
|
Total |
|
4340000 |
Equity Share Break up (Percentage of Total Equity)
As on 30.09.2014
|
Category |
Percentage |
|
Bodies corporate |
1.38 |
|
Directors or relatives of Directors |
98.62 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of CPVC Compound. |
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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 : |
Finished Goods |
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Countries : |
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Imports : |
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Products : |
Raw Material |
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Countries : |
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Terms : |
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Selling : |
Cash, Cheque and Credit |
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Purchasing : |
Cash, Cheque and Credit |
PRODUCTION STATUS – NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
100 (Approximately) |
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Bankers : |
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Facilities : |
-- |
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Auditors : |
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Name : |
Keshav Chaubey and Company Chartered Accountants |
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Address : |
124/2, Ostval Ornate, Jesal Park, Near Jain Derasar, Bhayandar (East),
Thane – 401105, Maharashtra, India |
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PAN No.: |
AAAPC9359C |
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Memberships : |
-- |
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Collaborators : |
-- |
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Sister Concern : |
Not Divulged |
CAPITAL STRUCTURE
As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
5000000 |
Equity Shares |
Rs.10/- each
|
Rs.50.000 Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
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|
4340000 |
Equity Shares |
Rs.10/- each |
Rs.43.400 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 |
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|
|
|
(1)Shareholders' Funds |
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|
|
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(a) Share Capital |
43.400 |
43.400 |
38.400 |
|
(b) Reserves & Surplus |
236.377 |
192.031 |
150.178 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
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|
|
|
|
|
(2) Share Application money pending
allotment |
0.000 |
0.000 |
5.000 |
|
Total
Shareholders’ Funds (1) + (2) |
279.777 |
235.431 |
193.578 |
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(3)
Non-Current Liabilities |
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|
|
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(a) long-term borrowings |
2.871 |
2.662 |
2.092 |
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(b) Deferred tax liabilities (Net) |
3.432 |
5.510 |
9.226 |
|
(c) Other long term
liabilities |
73.859 |
38.894 |
55.863 |
|
(d) long-term
provisions |
0.000 |
0.000 |
0.000 |
|
Total Non-current
Liabilities (3) |
80.162 |
47.066 |
67.181 |
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(4)
Current Liabilities |
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(a) Short
term borrowings |
331.799 |
267.638 |
297.513 |
|
(b) Trade
payables |
213.377 |
99.657 |
112.575 |
|
(c) Other
current liabilities |
0.000 |
0.000 |
0.000 |
|
(d) Short-term
provisions |
6.115 |
25.170 |
1.702 |
|
Total Current
Liabilities (4) |
551.291 |
392.465 |
411.790 |
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TOTAL |
911.230 |
674.962 |
672.549 |
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II.
ASSETS |
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(1)
Non-current assets |
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(a) Fixed
Assets |
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(i)
Tangible assets |
51.810 |
56.581 |
43.734 |
|
(ii)
Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii)
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
0.000 |
0.000 |
0.000 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
51.810 |
56.581 |
43.734 |
|
|
|
|
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(2) Current
assets |
|
|
|
|
(a)
Current investments |
97.400 |
22.965 |
22.965 |
|
(b)
Inventories |
299.203 |
201.172 |
178.696 |
|
(c) Trade
receivables |
288.298 |
323.748 |
288.865 |
|
(d) Cash
and cash equivalents |
15.203 |
7.012 |
27.528 |
|
(e) Short-term
loans and advances |
0.000 |
0.000 |
0.000 |
|
(f) Other
current assets |
159.316 |
63.484 |
110.761 |
|
Total
Current Assets |
859.420 |
618.381 |
628.815 |
|
|
|
|
|
|
TOTAL |
911.230 |
674.962 |
672.549 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
2,272.585 |
1,920.371 |
16,583.250 |
|
|
|
Other Income |
17.629 |
9.890 |
NA |
|
|
|
TOTAL (A) |
2,290.214 |
1,930.261 |
NA |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
1,819.637 |
1,639.795 |
|
|
|
|
Changes in Inventories of finished goods, work-in-progress and
stock-in-trade |
9.701 |
(52.563) |
|
|
|
|
Employee Benefits Expenses |
6.407 |
6.290 |
|
|
|
|
Other Expenses |
348.452 |
238.801 |
|
|
|
|
TOTAL (B) |
2,184.197 |
1,832.323 |
NA |
|
|
|
|
|
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|
PROFIT/(LOSS)
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
106.017 |
97.938 |
|
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
32.462 |
28.541 |
|
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D)
(E) |
73.555 |
69.397 |
49.473 |
|
|
|
|
|
|
|
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|
Less |
DEPRECIATION/
AMORTISATION (F) |
7.743 |
7.539 |
7.539 |
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|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
BEFORE TAX (E-F) (G) |
65.812 |
61.858 |
41.934 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
21.538 |
19.924 |
0.000 |
|
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|
|
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|
|
|
PROFIT/(LOSS)
AFTER TAX (G-H) (I) |
44.274 |
41.934 |
41.934 |
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|
|
|
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|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
186.574 |
144.640 |
110.490 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
230.848 |
186.574 |
144.640 |
|
|
|
|
|
|
|
|
|
|
Earnings / (Loss)
Per Share (Rs.) |
11.53 |
10.92 |
8.89 |
|
Expected Sales (2014-2015): Rs.2300.000 Million
The above information has been parted by Mrs. Veena Subray Hosmane
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT/Sales) |
(%) |
1.95 |
2.18 |
0.25 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/Sales) |
(%) |
4.67 |
5.10 |
NA |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
7.22 |
9.16 |
6.24 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.24 |
0.26 |
0.22 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
1.20 |
1.15 |
1.55 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.56 |
1.58 |
1.53 |
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 |
38.400 |
43.400 |
43.400 |
|
Reserves & Surplus |
150.178 |
192.031 |
236.377 |
|
Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money
pending allotment |
5.000 |
0.000 |
0.000 |
|
Net
worth |
193.578 |
235.431 |
279.777 |
|
|
|
|
|
|
Long Term borrowings |
2.092 |
2.662 |
2.871 |
|
Short Term borrowings |
297.513 |
267.638 |
331.799 |
|
Total
borrowings |
299.605 |
270.300 |
334.670 |
|
Debt/Equity
ratio |
1.548 |
1.148 |
1.196 |
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 |
16,583.250 |
1,920.371 |
2,272.585 |
|
|
|
(88.420) |
18.341 |
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
|
16,583.250 |
1,920.371 |
2,272.585 |
|
Profit |
41.934 |
41.934 |
44.274 |
|
|
0.25% |
2.18% |
1.95% |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS NOT AVAILABLE
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact
person |
Yes |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
----------- |
|
14] |
Estimation for coming
financial year |
Yes |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
No |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
Yes |
|
20] |
Export / Import details (if
applicable) |
Yes |
|
21] |
Market information |
---------- |
|
22] |
Litigations that the firm
/ promoter involved in |
---------- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
---------- |
|
26] |
Buyer visit details |
---------- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of Proprietor/Partner/Director,
if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
Yes |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
FIXED ASSETS:
- Land
- Factory Building
- Plant and Machinery
- Pipe Fittings and Valves
- Storage Tank
- Fire Extinguisher
- Bore Well
- Electrical Fittings
- Furniture and Fixture
- Laboratory/Testing Equipment
- Office Equipment
- Office Premises (Siddhi)
- Office Premises (Prabhu)
- Computer Systems
- Delivery Van
- Air Conditioners
- Transformer
- Bicycle
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist organization
or whom notice had been received that all financial transactions involving
their assets have been blocked or convicted, found guilty or against whom a
judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction registered
against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling shareholders,
director, officer or employee of the company is a government official or a
family member or close business associate of a Government official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on Corporate
Governance to identify management and governance. These factors often have been
predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.57 |
|
|
1 |
Rs.93.57 |
|
Euro |
1 |
Rs.65.95 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
VNT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILITY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--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 |
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 |
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.