Laxmi& Patel ShanabhaiDarubhai& Co

Year ending: 31
Mar
Rs. Crore

Laxmi Protein
Patel
Products
ShanabhaiDarubhai
2008- 2009- 2010- 2008- 2009- 201009
10
11
09
10
11
Audit Audit Audit Audit Audit Audit
ed
ed
ed
ed
ed
ed
12
12
12
12
12
12
85.16 151.89 127.00 15.46 18.10 14.32
2.21
5.86
4.57
0.80
1.22
0.83
2.60% 3.86% 3.60% 5.17% 6.74% 5.80%
1.32
1.56
2.66
0.69
0.95
0.83
0.20
0.27
0.27
0.12
0.11
0.10

No. of months
Net Sales
PBDIT
PBDIT Margin (%)
Interest
Depreciation
Operating Profit after
interest
and
deprecation
0.69
4.03
1.64 -0.01
0.16 -0.10
Non-operating
income
0.03
0.10
0.22
0.23
0.22
0.33
PAT
0.49
1.60
1.19
0.17
0.27
0.16
PATMargin (%)
0.58% 1.05% 0.94% 1.10% 1.49% 1.12%
Cash Profits Pre
Dividend
0.69
1.88
1.44
0.29
0.38
0.22
Net fixed assets
4.40
5.82 13.83
0.77
0.74
0.61
Paid-up Capital
2.57
2.57
4.57
0.70
0.78
0.20
Net Worth
3.80
4.74 17.08
0.70
0.78
0.20
Tangible Net worth
(TNW)
3.77
4.69
7.83
0.70
0.78
0.20
Adjusted
TNW
(ATNW)
7.93 10.20 14.45
4.77
5.61
4.09
Long term debt (A)
4.63
6.17 13.80
4.11
4.85
3.89
Borrowings
from
Directors (B)
Short term debt
(STD)(other
than
regular WC) (C)
0.00
0.00
0.00
0.00
0.00
0.00
Working
Capital
Bank Finance (D)
8.70 11.64 29.81
3.28
2.91
2.80
Deferred
Tax
0.38
0.46
0.49
0.02
0.02
0.01

Liability (E)
Total
Debt
(A+B+C+D+E)
TOL/TNW
Total Debt/TNW
Total Debt /ATNW
Contingent liabilities
TOL
(incl.
contingencies)/
ATNW
Current ratio
DSCR
Interest cover
Total debt/ PBDIT
Total Debt/ Cash
profits
Term Debt/ Cash
Profits
Average
Payment
Period
Average Collection
Period
Average
Holding
Period

13.71
5.24
3.64
1.73
0.00

18.27
7.13
3.90
1.79
0.00

44.10
6.20
5.63
3.05
0.00

7.41
13.17
10.59
1.55
0.00

7.78
11.55
9.97
1.39
0.00

6.70
46.45
33.50
1.64
0.00

1.97
1.28
--1.67
6.20

2.74
1.20
--3.76
3.12

2.90
1.24
--1.72
9.65

1.08
1.80
6.80
1.16
9.26

0.75
2.19
8.60
1.28
6.38

1.32
1.65
3.75
1.00
8.07

19.87

9.72

30.62

25.55

20.47

30.45

6.71

3.28

9.58

14.17

12.76

17.68

22.82

35.39

6.35

44.46

26.87

62.46

31.93

42.92

42.68

88.53

75.42

28.80

46.03

31.38

60.34

64.45

34.69

87.43

Assessment of CC/WCDL
(Rs. Crore)
SN
Particulars
.
A.
Turnover achieved in the previous year
(FY11)
B.
Turnover estimated for the current year
(FY12)
C.
Increase in turnover estimated over the
previous year (%)
D.
Working capital requirement estimated @
30% of estimated turnover for the current year
E.
Maximum Possible Bank Funding 4/5th of

LPPPL

PSD

126.66

14.32

140.00

16.00

10.53%

11.73%

42.0

4.8

33.6

3.84

working capital as assessed under D. above

F.
Limits enjoyed by the borrower from other
25.00
banks
G.
Maximum possible funding from Kotak Bank
8.60
(E F)
H.
Limits proposed
5.00
*Since PSD is a takeover proposal, we are keeping other bank
zero

0.00*
3.84
3.00
facility as

LPPPL: The company achieved net sales of Rs.126.66crore in FY11. The

company estimates growth of approx. 14.47%y/y in FY12 and accordingly
net sales is estimated to be Rs.140.00 crore. As per the turnover method,
MPBF works to be Rs.8.60crore against which the company has requested
for sanction of WCDL limit of Rs.5.00 crore for a maximum tenor of 90
days. This would be backed by DP.
PSD: The company achieved net sales of Rs.14.31crore in FY11. The
company estimates growth of approx 11.73% in FY12 and accordingly net
sales is estimated to be Rs.16.00crore. As per the turnover method, MPBF
works out to be Rs.3.84crore against which the company has requested for
sanction of CC limit of Rs.3.00 crore which will be takeover of existing CC
limit of Rs. 3.00 crore enjoyed by the company with HDFC Bank. This
would be backed by DP.
Assessment of Trade Credit (LPPPL)
We are proposing trade credit limit of Rs. 5.00 Crores as the company
imports Raw Tur dal from African countries like Malawi and Mozambique
to the tune of Rs. 25-30 Crores in a year. Sine there is no LC involved in the
import transactions we are keeping Trade credit limit interchangeable with
WCDL thereby restricting our exposure to Rs. 5 crores which is well within
the MPBF calculated above.
Assessment of ForexFwd (LPPPL)
Assuming that the company would cover at least 20% of its estimated forex
dealings for FY12 with us, the limit requirements for a 12 months tenor for
LPPPL would be Rs. 0.96 crore (16.00% of (20% of Rs.30.00 crore)).
Accordingly, we propose sanction of forward cover limit of Rs. 1.00 crore
for a maximum tenor of 12 months to LPPPL.

Banco Products I Ltd

Financial Performance:
Year ending: 31
200820092010Mar
09
10
11
Rs. Crore
Audite Audite Audite
d
d
d
No. of months
12
12
12
Standalone
Net Sales
292.65 412.49 460.79
PBDIT
57.25 105.14
93.40
PBDIT Margin (%)
19.56
25.49
20.27
%
%
%
Interest
2.61
2.15
8.72
Depreciation
8.77
9.54
12.97
Operating
Profit
after interest and
deprecation
45.87
93.45
71.71
Non-operating
income
2.05
4.83
2.71
PAT
41.48
78.41
58.83
PAT Margin (%)
14.17
19.01
12.77
%
%
%
Cash Profits Pre
Dividend
51.76
88.28
72.34
Net fixed assets
79.50
85.62 109.09
Paid up Capital
14.30
14.30
14.30
Net worth
169.35 231.06 264.85
Tangible Net worth
(TNW)
169.07 230.80 263.22
Adjusted
TNW
(ATNW)
168.43 102.47 133.79
Long term debt (A)
2.33
0.02
37.63
Short term debt
(STD)(other
than
regular WC) (B)
0.00
0.00
0.00
Working
Capital
Bank Finance (C)
6.99
96.10
75.11
Deferred
Tax
Liability (D)
8.63
9.00
9.74

Total
Debt
(A+B+C+D)
TOL/TNW
Total Debt/TNW
Total Debt /ATNW
Contingent
Liabilities
TOL
(incl.
contingencies)/
ATNW
Current ratio
DSCR
Interest cover
Total debt/ PBDIT
Total Debt/ Cash
profits
Term Debt/ Cash
Profits
Average
Payment
Period
Average Collection
Period
Average
Holding
Period

17.95
0.36
0.11
0.11

105.12
0.71
0.46
1.03

122.48
0.75
0.47
0.92

6.58

15.02

16.78

0.40
2.84
153.24
21.93
0.31

1.76
1.12
883.80
48.90
1.00

1.60
1.43
46.05
10.71
1.31

0.35

1.19

1.69

0.05

0.00

0.52

42.32

62.13

51.66

74.96

72.35

67.57

64.08

64.19

76.52

Assessment of WCDL
Sr.
Particulars
No
.
I.
Turnover achieved in the previous year FY
11
J.
Turnover estimated for the current year FY
12
K.
Increase in turnover estimated over the
previous year (%)
L.
Working capital requirement estimated @ 30%
of estimated turnover for the current year
M.
Maximum Possible Bank Funding 4/5th of

Amt.
(Rs.
Crore)
460.79
507.00
10%
152.10
122.00

N.
O.
P.

working capital as assessed under D. above

Limits enjoyed by the borrower from other
banks
Maximum possible funding from Kotak Bank
(E F)
Limits proposed

111.65
10.35
15.00

The company achieved net sales of Rs.460.79 crore during FY11. Assuming
10% growth, net sales of the company during FY12 should be approx.
Rs.507.00 crore. As per the turnover method, MPBF works out to Rs.122.00
crore against which it has requested for WCDL of Rs.15.00 crore. WCDL
limit shall be backed by DP. While the company enjoys fund based WC
limits of Rs.111.65 crore from other banks, it may utilize our limit for
interest arbitrage purpose.
Assessment of Purchase Bill Discounting/ Invoice Financing - Purchase
The company procures its raw materials through imports as well as from the
domestic market. The domestic to import purchase has been roughly in the
ratio of 65:35. The company does not avail of any bill discounting facilities
presently. It makes advance payments to suppliers like Sterlite, Hindustan
Zinc, and Essar but gets credit from SSI units for their supplies. Normally
the company makes payments out of CC limits. The company may utilize
bill discounting facility going forward in case of favorable interest rate under
this facility, in which case it may ask for a higher tenor. Thus, while the
average payment period is around 45 days, we are proposing tenor of 90
days for bill discounting.
The raw material purchase during FY12 would be approx. Rs.305.00 crore
as under:
Sr.
No.
(a)
(b)
(c)
(d)
(e)
(f)

Particulars

Amt. (Rs.
Crore)
Gross purchase estimated for the FY 11-12
305.00
(60% of net sales)
Import purchases out of (a) above @35%
107.00
Domestic Purchases out of (a) above @65%
198.00
Total Purchase under credit
118.00
Usance Period days
90 days
No. of rotations (360/e)
4

(g)
(h)
(i)
(j)
(k)

Eligible Limit (d/f)

Limit enjoyed by the borrower from other
banks
Maximum possible funding from Kotak Bank
(g-h)
Proposed
limits

Purchase
Bill
Discounting
Proposed limits Invoice Financing
Purchase

30.00
111.65
--20.00
(15.00)

Assuming 20% of total purchase under LC and copper purchase of approx.

Rs.40.00 crore on advance payment basis, purchase under credit would be
approx. Rs.118.00 crore. The company enjoys fund based working capital
limits of Rs.111.65.00 crore from other banks. However, it may use our
limits for interest arbitrage purpose. Accordingly, we propose PBD limit of
Rs.20.00 crore for a maximum tenor of 90 days.
In respect of suppliers where proper bill of exchange is not raised, the
company wants us to discount the invoices raised by such suppliers. Hence
Invoice financing - purchase limit of Rs.15 crore as a sub-limit has been
proposed. While the company enjoys FB limits of Rs.111.65 crore from
other banks, it may utilize our limits for interest arbitrage purpose.
Assessment of Sales Bill Discounting / Invoice Financing - Sales
Sr.
Particulars
No
.
(a) Gross Domestic sales estimated in FY 2011-12
(70% of sales)
(b) Total Domestic Sales under credit
(c) Usance period
(d) No. of rotations (360/c)
(e) Eligible limits Sales Bill Discounting (b/d)
(f) Limits enjoyed by the borrower from other
banks
(g) Proposed limit Sales Bill Discounting /
Sales invoice financing

Amt.
(Rs.
Crore)
355.00
355.00
90 days
4
88.75
111.65
20.00

Domestic sales under credit are estimated to be approx. Rs.355.00 crore. The
company presently has a collection period of around 2.5 months for which it
enjoys fund based limits of Rs.111.65.00 crore from other banks. It would
prefer utilizing our limit if the same is cost-effective. Accordingly we
propose renewal cum enhancement SBD/Invoice financing sales limit to
Rs.20.00 crore for a maximum tenor of 90 days.
Assessment of EPC/PCFC/FBP/FBD
Sr.
No.
(a)
(b)
(c)
(d)
(e)
(f)
(g)
(h)

Particulars

Amt.
(Rs.
Crore)
Export Estimated for the FY 2011-12 (30% of 152.00
net sales)
FOB value
152.00
Exports value less profit margin on FOB 137.00
valued @ 10%
Time involved in processing /execution of
180
order (in days)
No. of rotation (360/c)
2
Eligible EPC limit (b/e)
68.50
Limit enjoyed by borrower from other banks
111.65
Proposed limits
20.00

BPIL exports approximately 30% of the total sales. Accordingly, the export
sales would be Rs.152.00 crore in FY12 (based on total sales estimates of
Rs.507.00 crore). Although the company enjoys fund based working capital
facility of Rs.111.65.00 crore from other banks, it would utilize our limits
for interest arbitrage purpose. We therefore propose renewal cum
enhancement of EPC/PCFC/FBP/FBD limit for a maximum tenor of 180
days.
Letter of Credit
SN
.

Particular

(a)

Total

RM

consumption

estimated

Amt.
(Rs.
Crore)
305.00

(b)
(c)
(d)
(e)
(f)
(g)

during FY12
Purchase under LC (20% of total
purchase inland/foreign)
Usance Period & Lead Time
No. of Rotation (360/d)
Eligible Limits (b/d)
Limit enjoyed by borrower with other
banks
Proposed limit

61.00
90
4
15.25
10.11
20.00

Total purchase under LC is estimated at Rs.61.00 crore for FY12.

Accordingly, the company has requested for LC limit of Rs.20.00 crore with
90 days usance. The company would either import the raw materials or
procure them locally depending upon the costeffectiveness under each
route at any given point of time. To enable the company to do so, we
recommend flexibility to the company by way of inter-changeability
between Inland and Foreign LC limits.

Sumeet industries Limited

Financial Performance:
Year ending: 31 Mar
Rs. in Crore
No. of months
Net Sales
PBDIT
PBDIT Margin (%)
Interest
Depreciation
Operating Profit after interest
and deprecation
Non-operating income
PAT
PAT Margin (%)
Cash Profits Pre Dividend
Net fixed assets
Paid up Capital
Share Application Money
Net Worth
Tangible Net worth (TNW)
Adjusted TNW (ATNW)
Long term debt (A)
Short term debt (STD)(other
than regular WC) (B)
Working Capital Bank Finance
(C)
Total Debt (A+B+C)

2008- 2009- 2010- 201109

10
11
12
Audite Audite Audite Audite
d
d
d
d
12
12
12
12
816.0
158.47 364.35 820.31
6
16.21 18.56 53.51 61.00
10.23
7.48
5.09% 6.52%
%
%
4.87 7.79 8.32 16.49
3.26 6.43 11.69 12.02
8.08

4.34

33.50 32.50

-1.73 12.44 7.80 2.24

3.82 11.06 34.16 28.33
3.47
2.41% 3.04% 4.16%
%
7.75 23.21 49.73 40.35
360.4
152.10 189.92 191.43
2
39.99 39.99 39.99 68.29
--2.50 8.70 8.70
197.1
61.91 70.54 105.54
2
197.1
61.63 70.26 105.35
2
197.1
61.63 70.26 105.35
2
240.5
112.46 142.76 141.45
5
---

---

---

---

146.0
3
386.5
145.52 267.70 267.38
8
33.06 124.94 125.92

TOL/TNW
Total Debt/TNW
Total Debt /ATNW
Contingent liabilities
TOL (incl. contingencies)/
ATNW
Current ratio
Interest cover
Total debt/ PBDIT
Total Debt/ Cash Profits
Term Debt/ Cash Profit
Average Payment Period
Average Collection Period
Average Holding Period

2.48 4.11 2.83

2.36 3.81 2.54
2.36 3.81 2.54
32.66 52.93 70.27

2.09
1.96
1.96
0.00

3.01

4.87

2.09

1.52
3.33
8.98
18.78
14.51
18.70
14.01
86.41

1.15 1.35 1.45

2.38 6.43 3.70
14.42 5.00 6.34
11.53 5.38 9.58
6.15 2.84 5.96
11.30 6.72 8.69
36.49 26.56 29.97
60.14 37.89 53.83

3.49

Assessment for Fund Based / WCDL limit

As per the turnover method, the limit works out as under.
Sr. Particulars
No
.
(a) Turnover achieved in FY11
(b) Turnover achieved for the current year - FY12
(c) Turnover estimated for the current year - FY13
(d) Increase in turnover estimated over the previous year (%)
(e) Working capital requirement estimated @ 30% of
estimated turnover for the current year
(f) Maximum Possible Bank Funding 4/5th of working
capital as assessed above
(g) Limits enjoyed by the borrower from other banks
(h) Buyers Credit Limit enjoyed by the borrower from other
banks
(i) Maximum possible funding from Kotak Bank (f-g-h)
(j) Limit proposed WCDL
(k) Limit proposed Buyers Credit I RM - Unsecured
(l) Limit proposed Buyers Credit II RM - against 100%
cash margin

Amt.
(Rs.
Crore)
820.31
816.06
933.34
14.37%
280.00
224.00
57.00
180.00
--5.00
10.00
10.00

The total borrowing of the company would remain within the Drawing
Power. Our limits would be utilized by the company only for interest
arbitrage purposes.
Assessment of Letter of Credit/buyers Credit:
Sr. Particulars
No.
(a)
(b)
(c)
(d)
(e)
(f)
(g)
(h)
(i)

Total RM consumption estimated during FY13

Purchase under Import LC 60%
Maximum Usance period
Lead time
No of rotation (360/(c+d))
Eligible Limits (b/e)
Limit enjoyed by borrower with other bank
Limits proposed by KMBL LC I - RM (unsecured)
Limits proposed by KMBL LC II - RM (against 100%

Amt.
(Rs.
Crore)
744.29
443.88
180
--2
221.94
180.00
10.00
10.00

cash margin)
Total limit proposed

20.00