MIRA
INFORM REPORT
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Report Date : |
18.06.2007 |
IDENTIFICATION DETAILS
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Name : |
LNV TECHNOLOGY PRIVATE LIMITED |
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Registered Office : |
New No.25, Old No.13, |
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Country : |
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Financials (as on) : |
31.03.2004 |
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Date of Incorporation : |
13.02.2001 |
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Com. Reg. No.: |
18-46617 |
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CIN No.: [Company
Identification No.] |
U29296TN2001PTC046617 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CHEL02210F |
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PAN No.: [Permanent
Account No.] |
AAACL6394M |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturers and Suppliers of Machineries for Industries of Coal, Cement,
Mineral Processing, Power Plants and allied industries. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 140000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well-established and reputed company having satisfactory
track. Directors are reported as experienced and respectable businessmen.
Trade relations are reported as fair. Business is active. Payments are
usually correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
LOCATIONS
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Registered Office : |
New No.25, Old No.13, |
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Tel. No.: |
91-44-42049249/ 59/ 69/ 79/ 52049259 |
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Fax No.: |
91-44-42049289/ 52049289 |
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E-Mail : |
csm@lnvt.com, lnvtechnology@lnvt.com, lnvt@touchtelindia.com |
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Website : |
DIRECTORS
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Name : |
Mr. V Chanorasekhara Rao |
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Designation : |
Managing Director |
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Address : |
A-2 32-33, Adisree Apartment, Nungambakkam, Chennai-600034, Tamilnadu |
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Date of Birth/Age : |
22.05.1954 |
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Date of Appointment : |
13.02.2001 |
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Name : |
Mr. A Ramakrishnan |
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Designation : |
Director |
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Name : |
Mr. Hans Jorgen Nielsen |
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Designation : |
Chairman Cum Managing Director |
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Address : |
C/o LVTechnology Public Company Limited, Bangalore-10310, Tamilnadu |
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Date of Appointment : |
13.02.2001 |
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Name : |
Mr. A Kutumba Rao |
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Designation : |
Director |
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Address : |
8-2-595/3/5A, Laneopp Taj Krishna, |
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Date of Appointment : |
26.09.2003 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
No. of Shares |
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Mr. V Chandrasekhara Rao |
171735 |
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LV Technology Company Limited |
165000 |
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Mr. V Chandrasekhara Rao |
171735 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers and Suppliers of Machineries for Industries of Coal,
Cement, Mineral Processing, Power Plants and allied industries. |
GENERAL INFORMATION
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Customers : |
v
BCL Chanderia v
Holcim Lanka v
JP Rawa II v
Lakshmi Cement v
Maihar Cement v
Manikargh Cement v
Myhome Cement Coal Mill v
Century Cement II v
ACC Gagal – C Mill 3 and 4 v
ACC Gagal – E Mill v
ACC Kymore v
ACC Wadi Raw Mill v
BCL Raeberi v
Centrury Cement v
Dalmia Cement v
JP Cement v
Mangalam Cement v
Sourashtra Cement v
Sri Vishnu Cement v
KCP Limited v
v
RC III v
Rajshree Cement I v
Adithya Cement |
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Bankers : |
v
ICICI Bank v
State Bank of |
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Banking Relations
: |
Satisfactory |
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Auditors : |
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Name : |
Rao Narayan Associates Chartered Accountants |
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Address : |
10, |
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Tel. No.: |
91-44-24991004 |
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Fax No.: |
91-44-24660943 |
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E-Mail : |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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400000 |
Equity Shares |
Rs.10/- each |
Rs.4.000 millions |
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10000 |
Preference Shares |
Rs.100/- each |
Rs.1.000 millions |
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Total |
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Rs.5.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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336735 |
Equity Shares |
Rs.10/- each |
Rs.3.367 millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2004 |
31.03.2003 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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3.367 |
3.367 |
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2] Share Application Money |
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0.000 |
0.000 |
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3] Reserves & Surplus |
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32.701 |
6.803 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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36.068 |
10.170 |
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LOAN FUNDS |
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1] Secured Loans |
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0.000 |
0.000 |
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2] Unsecured Loans |
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0.000 |
0.000 |
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TOTAL BORROWING |
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0.000 |
0.000 |
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DEFERRED TAX LIABILITIES |
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0.000 |
0.000 |
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TOTAL |
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36.068 |
10.170 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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2.756 |
1.636 |
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Capital work-in-progress |
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0.000 |
0.000 |
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INVESTMENT |
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0.000 |
0.000 |
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DEFERREX TAX ASSETS |
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0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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3.128 |
0.750 |
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Sundry Debtors |
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10.821 |
11.943 |
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Cash & Bank Balances |
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32.071 |
1.315 |
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Other Current Assets |
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30.174 |
19.009 |
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Loans & Advances |
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0.000 |
0.000 |
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Total
Current Assets |
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76.194 |
33.017 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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42.975 |
24.591 |
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Provisions |
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0.000 |
0.000 |
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Total
Current Liabilities |
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42.975 |
24.591 |
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Net Current Assets |
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33.219 |
8.426 |
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MISCELLANEOUS EXPENSES |
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0.093 |
0.108 |
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TOTAL |
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36.068 |
10.170 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2004 |
31.03.2003 |
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Total Income |
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127.970 |
61.835 |
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Profit/(Loss) Before Tax |
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46.729 |
8.951 |
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Provision for Taxation |
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13.307 |
3.030 |
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Profit/(Loss) After Tax |
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33.422 |
5.921 |
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Total Earnings |
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19.770 |
NA |
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Expenditures : |
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Depreciation & Amortization |
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0.606 |
0.640 |
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Other Expenditure |
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80.635 |
52.244 |
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Total Expenditure |
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81.241 |
52.884 |
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KEY RATIOS
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PARTICULARS |
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31.03.2004 |
31.03.2003 |
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PAT / Total Income |
(%) |
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26.12 |
9.57 |
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Net Profit Margin (PBT/Sales) |
(%) |
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36.51 |
14.47 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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59.19 |
25.83 |
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Return on Investment (ROI) (PBT/Networth) |
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1.29 |
0.88 |
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Debt Equity Ratio (Total Liability/Networth) |
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1.19 |
2.42 |
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Current Ratio (Current Asset/Current Liability) |
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1.77 |
1.34 |
LOCAL AGENCY FURTHER INFORMATION
Company’s
Performance :
The company has done well during the year the total turnover achieved
during the year amounts to Rs.127.97 millions and the net profit is Rs.46.728 millions.
The company had procured twenty five projects out of which sixteen projects
were executed during the financial year 2003-2004. the firm order booking
during the year amounted to Rs.144.53 millions and turnover achieved amounted
to Rs.127.97 millions showing the performance fo 88.54% of total order booked.
The prospects fo the company during the next financial year are expected to be
brighter and show the same growth as achieved in the previous year.
Fixed Assets :
v
Furniture
v
Air conditioner
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Electrical fittings
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Office equipment
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Computers
v
Vehicle
Website Details :
Subject is a professionally managed organization, established to
engineer solutions in the field of Limestone, Cement, Coal, Slag, Fly Ash and
Mineral Processing Industry.
- Moderation of Vertical Roller Mills &
Ball Mills Systems
- Upgradation and Modification of cyclones
- Pyro Processing System, Roller Press
- New Grinding Field Plants
- Plant Evaluations
Subject was established in 2001, and is an associate company of LV Technology
Public Co. Ltd.,
They, at LNV Technology in India is staffed with highly qualified and
experienced engineers to shoulder the responsibilities ands provide expert guidance
in undertaking the task of process and engineering solutions in the field of
limestone, cement, coal, slag, fly ash and mineral processing industry.
They Offer Expertise In The Following Areas:
They provide various modification activities for cement and mineral processing
industries like upgradation or retrofitting of an existing machinery to an
v
Ball Mill Classifier's upper part is same as of
vertical roller mills.
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The lower part of the ball mill classifier is a
fluidized bed improving material distribution in the air stream improving the
efficiency of the classifier.
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The fluidized bed allows the feed to the classifier
to be at ground level, eliminating the bucket elevator, resulting in a very
simple layout and cost-effectiveness in civil work.
Retrofitting of
Retrofitting of
Retrofitting of
Retrofitting of
To offer
To offer low pressure drop, high efficiency cyclone for preheater towers in the
cement industry to reduce the pressure drop and consequently power savings and
production enhanecment.
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Results from the kiln upgrade at the Shahroud plant, Iran |
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Before |
After |
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Production (tpd) |
2400 |
2800 |
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Heat cons. (kcal/kg) |
750 |
740 |
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Dp preheater (mbar) |
54 |
58 |
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Co preheater out (%) |
0.30 |
0.10-0.15 |
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Results from the kiln upgrade at the Chinfon Halphong plant, Veitnam |
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Before |
After Step 1 |
After new |
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Production (tpd) |
4300 |
4600 |
4600(4800) |
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Heat cons. (kcal/kg) |
815 |
800 |
800 |
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Dp preheater (mbar) |
68 |
76 |
63 |
They provide upgradation services, plant evaluations, efficiency improvement
services, capacity enhancement services for cement and mineral processing
industries.
To offer plant auditing to identify potential areas of capacity
enhancement / power savings.
Process and Layout Engineering :
To provide complete process and layout engineering as required for
improving the operational efficiency of the plant.
To identify the usage of waste fuel availability, cost effectiveness for
providing engineering modifications-solutions for usage of the same.
To offer new grinding unit for limestone, coal, cliner, slang &
flyash.
New Pyro System :
To offer new pyro system (Preheater, Kilns, Kilns Burner)
Their activities have been successfully channelized to provide various
benefits like :
v
Increased production
v
Reduction in power consumption
v
Reduced wear and tear
v
Cost effectiveness
v
Better control of products fineness
v
Better particle size distribution which results in
better burn ability
Their Expertise
Product Excellence targeted by continuous improvement in design and
supply of equipment adhering to system based working
They are committed to maintain high quality of supply and prompt
services. They believe in developing long term relations with customers.
They are bound with concept of making every member in their organization
responsible for maintaining high standards of quality in all aspects of
operations of the organization
They have expertise in Complete process engineering, layout engineering,
product engineering, design engineering and supply.
During last 4 years they, LNV Technology Private Ltd., received orders from the
world's second largest cement manufacturing company Holcim Group, to upgrade
and close circuit the existing 4 nos of cement mills at Holcim (Lanka) Ltd.,
plants in Srilanka. They extend their services to European countries like:
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 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
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Indian Rupees |
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US Dollar |
1 |
Rs.40.76 |
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|
1 |
Rs.80.67 |
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Euro |
1 |
Rs.54.58 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
5 |
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PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
4 |
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--LIQUIDITY |
1~10 |
5 |
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--LEVERAGE |
1~10 |
5 |
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--RESERVES |
1~10 |
5 |
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--CREDIT LINES |
1~10 |
5 |
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--MARGINS |
-5~5 |
-- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
YES |
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--AFFILIATION |
YES/NO |
YES |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
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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 |
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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/normal. |
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 |
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