MIRA INFORM REPORT

 

 

Report Date :

27.12.2007

 

IDENTIFICATION DETAILS

 

Name :

LEXUS SOFTWARE SERVICES

 

 

Registered Office :

39, Ambica Industrial Society – 2, Opposite Meghna Complex, Udhna Magdalla Road, Surat – 395 017, Gujarat

 

 

Country :

India

 

 

Financials (as on) :

31.03.2007

 

 

Date of Incorporation :

21.04.2002

 

 

IEC No.:

5298003133

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

SRTL00355F

 

 

PAN No.:

[Permanent Account No.]

AABFL5707E

 

 

Legal Form :

Partnership Concern with an unlimited liability of the partners.

 

 

Line of Business :

Trader, Distributor, exporter and Importer of Diamond Processing Machineries and Parts. Software Development and Services related to Diamond Processing Machineries.

 

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 150000

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Usually Correct

 

 

Litigation :

Clear

 

 

Comments :

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

 

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

 

LOCATIONS

 

Registered Office :

39, Ambica Industrial Society – 2, Opposite Meghna Complex, Udhna Magdalla Road, Surat – 395 017, Gujarat, India

Tel. No.:

91-261-2238586

Mobile No.:

91-98795-15046

E-Mail :

janak@lexus-com.com

sales@lexus-com.com

Website :

http://www.lexus-com.com

Area :

4300 sq. ft. [Rented]

 

 

Administrative Office :

A – 1 to A – 4, R. S. No. 59, Beside H P Petrol Pump, Near Sosyo Circle, Bamroli Road, Udhna – Magdalla Road, Surat – 395 017, Gujarat, India  

Tel. No.:

91-261-2631942/ 2238586

Fax No.:

91-261-2631950

Mobile No.  :

91-9879500008

 

 

Correspondence Office :

1, Ram Ashish, Kadampalli, Near Suflam Society, Kadampalli, Timaliawad, Surat – 395 001, Gujarat, India

Tel. No.:

91-261-2688976/ 2683626/ 2238586

 

 

Branch Office :

C – 301, Kohinoor Complex, Western Express Highway, Dahisar [East], Mumbai – 400068, Maharashtra, India

Tel. No.:

91-22-28488158

Area :

800 sq. ft. [Rented]

 

 

Branch and Marketing Office :

109, Parekh Market, Opera House, Mumbai – 400 004, Maharashtra, India

Tel. No.:

91-22-56518042

Area :

300 sq. ft. [Owned]

 

 

Division :

LEXUS SOFTWARE SERVICES

[Software Technology Park]

39, Ambica Industrial Society – 2, Opposite Meghna Complex, Udhna Magdalla Road, Surat – 395 017, Gujarat, India

Tel. No.:

91-261-2238586

Mobile No.:

91-98795-15046

Area :

1200 sq. ft. [Rented]

 

PARTNERS

 

Name :

Mr. Arvindbhai Mistry

Designation :

Managing Partner

Address :

1, Shree Ram Ashish, Near Suflam Society, Kadampalli, Timiliawad, Surat – 395001, Gujarat, India 

Date of Birth/Age :

65 Years

Qualification :

Investor

Experience :

40 Years

 

 

Name :

Mrs. Arunaben A Mistry

Designation :

Partner

Address :

1, Shree Ram Ashish, Near Suflam Society, Kadampalli, Timiliawad, Surat – 395001, Gujarat, India 

Date of Birth/Age :

62 Years

Qualification :

Investor

Experience :

37 Years

 

 

Name :

Mr. Janak A Mistry

Designation :

Partner

Address :

1, Ganesh Park Co-Operative Housing Society, Near Lalji Nagar, Adajan Road, Surat – 395 001, Gujarat, India

Date of Birth/Age :

43 Years

Qualification :

B. E. [Mech]

Experience :

22 Years

 

 

Name :

Mrs. Anita J Mistry

Designation :

Partner

Address :

1, Ganesh Park Co-Operative Housing Society, Near Lalji Nagar, Adajan Road, Surat – 395 001, Gujarat, India

Date of Birth/Age :

39 Years

Qualification :

Investor

Experience :

14 Years

 

 

Name :

Mr. Utpal Arvinbhai Mistry

Designation :

Partner

Address :

34, Ganesh Park Co-Operative Housing Society, Near Lalji Nagar, Adajan Road, Surat – 395 001, Gujarat, India

Date of Birth/Age :

40 Years

Qualification :

B. E. [Ele.]

Experience :

19 Years

 

 

Name :

Mrs. Deepa U. Mistry

Designation :

Partner

Address :

34, Ganesh Park Co-Operative Housing Society, Near Lalji Nagar, Adajan Road, Surat – 395 001, Gujarat, India

Date of Birth/Age :

37 Years

Qualification :

Investor

Experience :

12 Years

 

 

Name :

Kamal A Mistry – HUF

Designation :

Partner

Address :

17, Ganesh Park Co-Operative Housing Society, Near Lalji Nagar, Adajan Road, Surat – 395 001, Gujarat, India

 

 

Name :

Ms. Divya K. Mistry

Designation :

Partner

Address :

17, Ganesh Park Co-Operative Housing Society, Near Lalji Nagar, Adajan Road, Surat – 395 001, Gujarat, India

Date of Birth/Age :

32 Years

Qualification :

Investor

Experience :

7 Years

 

 

Name :

Janak A Mistry – HUF

Designation :

Partner

Address :

1, Ganesh Park Co-Operative Housing Society, Near Lalji Nagar, Adajan Road, Surat – 395 001, Gujarat, India

 

BUSINESS DETAILS

 

Line of Business :

Trader, Distributor, exporter and Importer of Diamond Processing Machineries and Parts. Software Development and Services related to Diamond Processing Machineries.

 

 

Products :
  • Diamond Processing Machineries and Parts
  • Software Development related to Diamond Processing Machineries

 

-          Single Camera Analyser

-          Double Camera Pannalyser

-          Helium Rough Planner

-          Portable Diamond Planner

-          Single Spindle Bruter

-          Double Spindle Bruter

-          ESG Stick

-          Barrel Bruting Machine

-          Auto Bruter

-          3G Auto Bruter

-          Super Auto Bruter

-          Fancy Bruting Machine

-          Gluing Station

-          Precesion Gridle Maker

-          Scaife Lapping Machine

-          Auto Blcoking Machine

-          Table Setting Machine

-          Angle Setting Machine

-          Open Top Polishing Mill

-          Grain Setting Station

-          Single Station Pneumatic Press

-          Roundist Faceting Machine

-          Rapid Photography System

-          Aviation

-          Helium Polish Measuring Machine

-          Carving Machine

-          Scouring Machine     

 

 

Brand Names :

“LEXUS”

 

 

Exports :

 

Products :

Software related to Diamond Processing Machineries 

Countries :

South Africa, UAE and Bangladesh

 

 

Imports :

 

Products :

Diamond Processing Machineries and Parts

Countries :

Belgium, Germany, Russia, Singapore, Taiwan, China, Hongkong, UK and USA

 

 

Terms :

 

Selling :

Cash and Credit upto 30 days maximum basis

 

 

Purchasing :

100% Advance

 

GENERAL INFORMATION

 

Suppliers :
  • Rico Tools NV, Belgium
  • HRD Equipment, Belgium
  • JDS Unifence, USA
  • Teenfoline, France

 

 

Customers :

End Users and Retailers

 

  • Diamond Cut Inc.

 

 

No. of Employees :

60 [In Factory : 50 and In Office : 10]

 

 

Bankers :

v      HDFC Bank Limited

      Parle Point Branch, Surat, Gujarat, India 

 

v      Bank of Baroda

      Sangrampura Branch, Ring Road, Surat, Gujarat, India

 

 

Facilities :

--

 

 

 

Banking Relations :

Satisfactory

 

 

Auditors :

 

Name :

Suresh Surana and Associates

Chartered Accountants

Address :

7th Floor, Belgium Tower, Opposite Linear Bus Stand, Surat, Gujarat, India

Tel. No.:

91-261-3019112 / 20

Fax No.:

91-261-3019284

 

 

Collaborators :

v      Octo Nuts Limited, Russia

v      HRD Equipment, Belgium

v      Ideal – Scope.com, Australia

v      Rico Tools NV, Belgium

v      BLS Laser SA, Belgium 

 

 

Associates :

Lexus Machines

76,77 – Ambica Industrial Co-Op Society 2, Udhna – Magdhalla Road, Surat, Gujarat, India

Formation: 1995

Line of Business: Manufacturing of Diamond Processing Machinery.

 

Lexus SofMac

A-1 to A-4, R. S. No. 59, Beside H P Petrol Pump, Near Sosyo Circle, Bamroli Road, Udhna – Magdalla Road, Surat – 395 017, Gujarat, India

Formation: 2000

Line of Business: Manufacturing of Computer, Hardware and Diamond Processing and other Machinery

Installed Capacity: 1800 units

Actual Production: 950 units

 

LSS (STPi)

39, Ambica Industrial Co-Op Society 2, Udhna –Magdhalla Road, Surat, Gujarat, India

Line of Business: Software Development and Export

 

D. K. Engineers

27, Navrang Industrial Society, Sangrampura, Surat, Gujarat, India

Formation: 1996

Line of Business: Manufacturing Machinery

 

Dzee Technology

25, Navrang Industrial Society, Sangrampura, Surat, Gujarat, India

Line of Business: Manufacturing Unit

 

Sun Computer Consultants

39, Ground Floor, Ambica Industrial Co-Op Society 2, Udhna – Magdhalla Road, Surat, Gujarat, India

Formation: 1996

Line of Business: Manufacturing Unit

 

Mistry Engineering Works

2/4646, Sangrampura, Surat, Gujarat, India

Formation: 1946

Line of Business: Manufacturing Unit

 

Aarson Engineers

76,77 – Ambica Industrial Co-Op Society 2, Udhna – Magdhalla Road, Surat, Gujarat, India

Line of Business: Manufacturing and Engineers, Specialists in Planning and Planomilling Jobs 

 

CAPITAL STRUCTURE

 

Capital Investment :

 

Owned :

Rs. 38.552 Millions

Borrowed :

--

Total :

Rs. 38.552 Millions

 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

 

31.03.2007

31.03.2006

SHAREHOLDERS FUNDS

 

 

 

1] Share Capital

 

38.552

25.323

2] Share Application Money

 

0.000

0.000

3] Reserves & Surplus

 

0.000

0.000

4] (Accumulated Losses)

 

0.000

0.000

NETWORTH

 

38.552

25.323

LOAN FUNDS

 

 

 

1] Secured Loans

 

0.000

0.000

2] Unsecured Loans

 

1.749

1.581

TOTAL BORROWING

 

1.749

1.581

DEFERRED TAX LIABILITIES

 

0.000

0.000

 

 

 

 

TOTAL

 

40.301

26.904

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

 

2.950

2.383

Capital work-in-progress

 

0.000

0.000

 

 

 

 

INVESTMENT

 

6.708

7.606

DEFERREX TAX ASSETS

 

0.000

0.000

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
 

17.243

12.496

 

Sundry Debtors
 

6.114

3.393

 

Cash & Bank Balances
 

4.280

0.558

 

Other Current Assets
 

1.659

0.467

 

Loans & Advances
 

3.010

1.001

Total Current Assets
 

32.306

17.915

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

 

Current Liabilities
 

1.363

0.876

 

Provisions
 

0.300

0.124

Total Current Liabilities
 

1.663

1.000

Net Current Assets
 

30.643

16.915

 

 

 

 

MISCELLANEOUS EXPENSES

 

0.000

0.000

 

 

 

 

TOTAL

 

40.301

26.904

 

PROFIT & LOSS ACCOUNT

 

PARTICULARS

 

 

31.03.2007

31.03.2006

Sales Turnover

 

21.354

27.831

Other Income

 

3.103

8.564

Total Income

 

24.457

36.395

 

 

 

 

Profit/(Loss) Before Tax

 

13.406

24.328

Provision for Taxation

 

0.250

0.757

Profit/(Loss) After Tax

 

13.156

23.571

 

 

 

 

Earnings in Foreign Currency :

 

 

 

 

Export Earnings

 

13.592

23.325

Total Earnings

 

13.592

23.325

 

 

 

 

Imports :

 

 

 

 

Raw Materials

 

4.220

2.068

Total Imports

 

4.220

6.288

 

 

 

 

Expenditures :

 

 

 

 

Cost of Goods Sold

 

4.609

4.903

 

Administrative and Selling Expenses

 

3.230

1.804

 

Interest

 

1.588

2.026

 

Depreciation & Amortization

 

1.329

0.419

 

 

 

0.295

2.915

Total Expenditure

 

11.051

12.067

 

KEY RATIOS

 

PARTICULARS

 

 

 

31.03.2007

31.03.2006

PAT / Total Income

(%)
 

53.79

64.76

 

 
 

 

 

Net Profit Margin

(PBT/Sales)

(%)
 

62.78

87.41

 

 
 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)
 

38.02

119.85

 

 
 

 

 

Return on Investment (ROI)

(PBT/Networth)

 
 

0.35

0.96

 

 
 

 

 

Debt Equity Ratio

(Total Liability/Networth)

 
 

0.09

0.10

 

 
 

 

 

Current Ratio

(Current Asset/Current Liability)

 
 

19.43

17.92

 

LOCAL AGENCY FURTHER INFORMATION

 

Trade Reference

 

v      Diam Soft Inc

Executive Suit, L 2-03, 2nd Floor, Sharjah Intl, Airport Free Zone, P. O. Box – 120157, Sharjah UAE

 

v      Diamond Cut Inc

Lvl 14, Main office Tower, Financial Part Complex, Labuan, Malaysia

 

v      M. Suresh Company [Pty] Limited

243, Cor Main and Fox, Rubinik Building, Suit No. F 5, Johanesberg, South Africa

 

v      S D Diamond Limited Liability Company

Unit 10 A, Smolnaya Street, Moscow, 125493, Russia

 

v      Brilliant Hera Limited

Sena Kalayn Commercial Complex, Plot No. 9, Blk – F, Tangi Gazipur, Dhaka, Bangladesh

 

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

5

PAID-UP CAPITAL

1~10

5

OPERATING SCALE

1~10

5

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

5

--PROFITABILIRY

1~10

5

--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

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

 

45

 

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