MIRA INFORM REPORT

                                                           

 

Report Date :

28.12.2007

 

IDENTIFICATION DETAILS

 

Name :

LEXUS SOFTMAC

 

 

Registered Office :

A1-A4, R.S. No. 59, Bamroli Road, Near Sosyo Circle, Off. Udhna Magdalla Road, Surat – 395 017, Gujarat

 

 

Country :

India

 

 

Financials (as on) :

31.03.2007

 

 

Date of Incorporation :

28.03.2000

 

 

Com. Reg. No.:

G47/SRT/27/940 dtd. 27.12.1999

 

 

IEC No.:

3700000057

 

 

Legal Form :

Partnership concern with an unlimited liability of the partners.

 

 

Line of Business :

Manufacturer and Exporter of Diamond Machines.

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Maximum Credit Limit :

USD 198528

 

 

Status :

Good

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

 

Comments :

Subject is a well established concern having satisfactory track records. Partners are highly qualified, experienced, respectable and having satisfactory means of their own. Their trade relations are fair. Payments are correct and as per commitments.

 

The concern can be considered good for normal business dealings at usual trade terms and conditions.

 

LOCATIONS

 

Registered Office :

A1-A4, R.S. No. 59, Bamroli Road, Near Sosyo Circle, Off. Udhna Magdalla Road, Surat-395 017, Gujarat

Tel. No.:

91-261-2631942/2238586

Mobile No.:

91-9879500008 / 9879000062 / 9825385709

Fax No.:

91-261-2631950

E-Mail :

janak@lexus-com.com

sales@lexus-com.com

support@lexus-com.com

Website :

http://www.lexus-com.com

Area :

16000 Sq. fts. (Owned)

 

 

Corporate Office :

1, Ram Ashish, Kadampalli, Near Suflam Soceity, Kadampalli, Timaliawad, Surat- 395001

Tel. No.:

91-261-2238586

Fax No.:

91-261-2236232

 

 

Surat Service Center:

39, Ambica Industries, Co-op. Socierty -2, Opp. Meghna Complex, Udhna Magdalla Road, Surat – 3950017, Guharat, India

Tel No.:

91-261-2238586

 

 

Mumabi Office/Services Center:

"C" wing 305 Kohinoor complex, next to Gulpham Hotel, W.E.Highway, Dahisar (E), Mumabi – 400068, India

Tel No.:

91-22-28488158/28910332

Email:

urvashi@lexus-com.com

 

 

Address:

112 Canterbury Road, Canterbury Vic - 3126, Australia

Tel No.:

91-61-3-9830-5600

Fax No.:

91-61-3-9836-3802

Email:

info@ideal-scope.com

Website

www.ideal-scope.com

 

PARTNERS

 

Name :

Mr. Utpal A. Mistry

Designation :

Partner

Address :

31, Ganesh Park Co-Op. Housing Society, Adajan Road, Surat

Date of Birth/Age :

42 years

Qualification :

BE- Electronics

Experience :

20 years

Date of Joining :

28.03.2000

Tel. No.:

91-9879000062

E-Mail :

utpal@lexus–com.com

 

 

Name :

Mr. Kamal A. Mistry

Designation :

Partner

Address :

17, Ganesh Park Co-Op. Housing Society, Adajan Road, Surat

Date of Birth/Age :

38 years

Experience :

18 years

Date of Joining :

28.03.2000

Tel. No.:

91-9825385709

E-Mail:

kamal@lexus-com.com

 

 

Name :

Ms. Anita J. Mistry

Designation :

Partner

Address :

1, Ganesh Park Co-Op. Housing Society, Adajan Road, Surat

Date of Birth/Age :

41 years

Experience :

16 years

 

KEY EXECUTIVES

 

Name :

Shri Janak A. Mistry

Designation :

MR (Sales/ Marketing/ Admin)

Address :

1-2, Ganesh Park Soc, Nr. Lalji Nager, Adajan Road

Qualification :

B.E. (Mechanical) Gold Medalist

Tel No.:

91-9879500008

Date of Joining :

01.04.2005

Email:

janak@lexus-com.com

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer and Exporter of Diamond Machines.

 

 

Products :

 

 

Brand Names :

Lexus Softmac

 

 

Agencies Held :
  • OctoNus Limited, Russia
  • HRD Equipment,  Belgium
  • Ideal- Scope.com, Australia
  • Rico Tools NV, Belgium
  • BLS Laser SA, Belgium

 

 

Exports :

 

Countries :
  • Armenia
  • Australia
  • Belgium
  • Korea
  • Kuwait
  • Russia
  • Tanzania
  • USA
  • South Africa
  • Dubai

Imports :

 

Countries :
  • Belgium
  • Germany
  • Russia
  • Singapore
  • USA
  • Singapore
  • China
  • Ireland
  • U.K.

 

 

Terms :

 

Selling :

Cash/Credit (30 days)

 

 

Purchasing :

Cash

 

PRODUCTION STATUS

 

Installed Capacity: 1,800 units

 

Actual Production: 950 units

 

 

GENERAL INFORMATION

 

Customers :

End Users

 

 

No. of Employees :

80

 

 

Bankers :
  • HDFC Bank Limited, Parle Point Branch, Surat
  • Bank of Baroda, Sagrampura Branch, Surat
  • Standard Chartered Bank, Surat

 

 

Facilities :

--

 

 

 

Banking Relations :

Satisfactory

 

 

Auditors :

 

Name :

Suresh Surana and Associates

Chartered Accountants

Address :

7th Floor, Belgium Tower, Surat

 

 

Associates/Subsidiaries :
  • Lexus Machine

            76, 77 Ambica Ind. Co. Op. Soc.-2, Udhna Magdalla Road, Surat

            Activity : Machine Manufacturing

 

  • Lexus Software Services

             180, 181, Ambica Ind. Co. Op. Soc. 2, Udhna Magdalla Road, Surat

            Activity : Trading and Services

 

  • LSS (STPi) – 100% EOU

             39, Ambica Ind. Co. Op. Soc. 2, Udhna Magdalla Road, Surat

              Activity : Software Development and Exports

 

  • D. K. Engineers

             27, Navrang Ind. Soc. Udhna Magdalla Road, Surat

              Activity: Machine Manufacturing

 

  • Sun Computer Consultancy

             39, Ground Floor, Ambica Ind. Co. Op. Soc. 2, U.M. Road, Surat

             Activity: Manufacturing

 

  • Mistry Engineering Works

             2/4646, Sagrampura, Surat

             Activity : Manufacturing

 

  • Dzee Tech

        25, Navrang Ind. Soc., Sangrampura, Surat

Activity : Manufacturing

 

  • Aarson Engineers

       76/77-Ambica Indl. Co.op.Soc. 2, Udhna-Kmagdhalla Road, Surat

Activity : Manufacturer and Engineers, Specialists in Planning and Planomilling Jobs

 

CAPITAL STRUCTURE

 

 

Capital Investment :

 

Owned :

Rs.46.761 Millions

Borrowed :

Rs.2.871 Millions

Total :

Rs.49.632 Millions

 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

Particulars

 

31.03.2007

31.03.2006

31.03.2005

Sales Turnover

101.990

85.000

71.328

 

 

 

 

Profit/Loss for the year

19.442

14.913

19.542

 

 

 

 

Export Value

101.990

73.977

60.459

 

 

 

 

Import Value

29.370

21.687

7.961

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

 

 

31.03.2007

SHAREHOLDERS FUNDS

 

 

 

1] Share Capital

 

 

46.761

2] Share Application Money

 

 

0.000

3] Reserves & Surplus

 

 

0.000

4] (Accumulated Losses)

 

 

0.000

NETWORTH

 

 

46.761

LOAN FUNDS

 

 

 

1] Secured Loans

 

 

2.870

2] Unsecured Loans

 

 

0.000

TOTAL BORROWING

 

 

2.870

DEFERRED TAX LIABILITIES

 

 

0.000

 

 

 

 

TOTAL

 

 

46.631

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

 

 

11.614

Capital work-in-progress

 

 

0.000

 

 

 

 

INVESTMENT

 

 

15.651

DEFERREX TAX ASSETS

 

 

0.000

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
 

 

22.117

 

Sundry Debtors
 

 

4.063

 

Cash & Bank Balances
 

 

7.099

 

Other Current Assets
 

 

4.250

 

Loans & Advances
 

 

14.217

Total Current Assets
 

 

51.746

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

 

Current Liabilities
 

 

29.379

 

Provisions
 

 

0.000

Total Current Liabilities
 

 

29.379

Net Current Assets
 

 

22.367

 

 

 

 

MISCELLANEOUS EXPENSES

 

 

0.000

 

 

 

 

TOTAL

 

 

49.632

 

 

PROFIT & LOSS ACCOUNT

 

PARTICULARS

 

 

 

31.03.2007

Sales Turnover[Including Other Income]

 

 

101.990

 

 

 

 

Profit/(Loss) Before Tax

 

 

19.442

Provision for Taxation

 

 

4.984

Profit/(Loss) After Tax

 

 

14.458

 

 

 

 

Expenditures :

 

 

 

Total Expenditure

 

 

82.548

 

 

KEY RATIOS

 

PARTICULARS

 

 

 

 

31.03.2007

PAT / Total Income

(%)
 

 

14.18

 

 
 

 

 

Net Profit Margin

(PBT/Sales)

(%)
 

 

19.06

 

 
 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)
 

 

39.17

 

 
 

 

 

Return on Investment (ROI)

(PBT/Networth)

 
 

 

0.42

 

 
 

 

 

Debt Equity Ratio

(Total Liability/Networth)

 
 

 

0.63

 

 
 

 

 

Current Ratio

(Current Asset/Current Liability)

 
 

 

1.76

 

 

LOCAL AGENCY FURTHER INFORMATION

 

Business:

 

Manufacturer of Single Camera Analyser, Double Camera Plannalyser, Helium Rough Planner, Portable Diamond Planner, Single Spindle Bruter, Double Spindle Bruter, EGS Stick, Barrel Bruting Machine, Auto Bruter, 3G Auto Bruter, Super Auto Bruter, Fancy Auto Bruter, Fancy Bruting Machines, Gluing Station, Precision Girdle Marker, Scaife Lapping Machine, Auto Blicking Machine, Table Steeing Station, Angle Setting Station, Open Top Polishing Mill, Grain Setting Station, Single Station Pneumatic Press, Roundist Faceting Machine, Rpaid Photography System, Avalon, Helium Polish Measuring Machine, Carving Machine and Scouring Machine.

 

Website details:

 

Subject is a 100% Export Oriented Unit.

 

Subject Exports Diamond Processing Equipments.

 

It Imports Camera, Lenses, Pumps and Electronic Components.

 

Subject is in trade terms with the following:

 

Contact Person: Mr. Hitesh Shah

 

Contact Person: Mr. Kishore Virani

 

Contact Person: Mr. Parag Shah

 

Subject is authorized distributor for:

 

 

LEXUS GROUP:

 

Parent Company Nanabhai Hargovandas Iron Work Est. in 1946.

 

Group Turnover: Rs.200.000 millions

Group Assets: Rs.150.000 to 180.000 millions

Group Employees: 200 people

 

 

Global Partners:

 

Octonus Software Limited

Office 103, Building 3A, 2/4 Luzhnetskaya Naberezhhay, Moscow – 119270, Russia

91-7-495-939-5906/545-5719

7-495-932-8815

octonus@next.msu.ru

www.octonus.ru

 

 

Garry Holloway Fine Jewellery

112 Canterbury Road, Canterbury Vic - 3126, Australia

91-61-3-9830-5600

91-61-3-9836-3802

info@ideal-scope.com

www.ideal-scope.com

 

 

Factory:

 

Comdiam Cvba Attn. Mr. Marc Thomassen, Plaslaar 50, 2500 Lier, Belgium

91-32-3-488-06-12

91-32-3-488-06-11

sales@comdiam.com

www.comdiam.com

 

Grensstraat 11, Industries Area, Klein Gent, 2270 Herent, Belgium

91-32-14211868

91-32-14212684

info@ricotools.be

www.ricotools.be

 

Shop Antwerp

 

Comdiam Cvba, Antwerp Sales Office, Attn. Ms. Antje Camps, Hoveniersstraat 22, 2018 Antwerp, Belgium

91-32-3-222-25-55

91-32-3-222-05-59

sales@comdiam.com

 

Vestingsstraat 66 (Near Diamond Bank), 2018 Antwerp, Belgium

91-32-3-233-35-58

91-32-3-233-35-58

info@ricotools.be

 

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 records 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.39.43

UK Pound

1

Rs.78.40

Euro

1

Rs.57.22

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

6

PAID-UP CAPITAL

1~10

6

OPERATING SCALE

1~10

6

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

6

--PROFITABILIRY

1~10

6

--LIQUIDITY

1~10

6

--LEVERAGE

1~10

6

--RESERVES

1~10

6

--CREDIT LINES

1~10

6

--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

YES

--AFFILIATION

YES/NO

YES

--LISTED

YES/NO

NO

--OTHER MERIT FACTORS

YES/NO

YES

TOTAL

 

54

 

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

Unfavourable & favourable factors carry similar weight in credit consideration. 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

NR

In view of the lack of information, we have no basis upon which to recommend credit dealings

No Rating

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions