MIRA INFORM REPORT

 

 

Report Date :

02.05.2007

 

 

IDENTIFICATION DETAILS

 

Name :

LSI SYSTEMS (India) PRIVATE LIMITED

 

 

Registered Office :

105, Allied House, Local Shopping Centre, Madangir, New Delhi – 110 062

 

 

Country :

India

 

 

Financials (as on) :

31.03.2005

 

 

Date of Incorporation :

12.05.2000

 

 

Com. Reg. No.:

105666

 

 

CIN No.:

[Company Identification No.]

U32109DL2000PTC105666

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

DELL02023A

 

 

PAN No.:

[Permanent Account No.]

AAACL5560B

 

 

Legal Form :

Private Limited Company

 

 

Line of Business :

Distributors and suppliers of Lighting and Lighting Control Systems.

 

 

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 :

 

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

 

Comments :

Subject is a well-established and reputed company having satisfactory track.  Directors are reported as experience 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

 

Registered Office :

105, Allied House, Local Shopping Centre, Madangir, New Delhi – 110 062

Tel. No.:

91-11-41649021 / 26057237

Fax No.:

91-11-41649020

E-Mail :

lsiindia@vsnl.com; info@lsiindia.com

Website :

www.lsiindia.com

Location :

Commercial

 

 

Corporate Office 1 :

208, Gokul Arcade – B Building, Subhash Road, Vile Parle (East), Mumbai – 400 057, Maharashtra, India

Tel. No.:

91-22-66914481

Fax No.:

91-22-66914482

E-Mail :

lsimum@ankhnet.net

 

 

Corporate Office 2 :

F – 5, East of Kailash, New Delhi – 110 065, India

Tel. No.:

91-11-41623361, 41623362

Fax No.:

91-11-26288888

E-Mail :

eurolite@vsnl.net

 

DIRECTORS

 

Name :

Mr. Parmod Kakar

Designation :

Director

Address :

E – 310, East of Kailash, New Delhi – 110 065

Date of Birth/Age :

18.04.1958

Date of Appointment :

20.05.2000

 

 

Name :

Mr. Akash Kakar

Designation :

Director

Address :

E – 310, East of Kailash, New Delhi – 110 065

Date of Birth/Age :

26.09.1970

Date of Appointment :

20.05.2000

 

 

Name :

Mr. Sanjiv Nangia

Designation :

Director

Address :

S – 44, Greater Kailash, Part – II New Delhi – 110 048

Date of Birth/Age :

30.11.1959

Date of Appointment :

20.05.2000

 

 

Name :

Mr. Philip Dunlan Levis, Foreigner

Designation :

Director

Address :

2nd Floor, 31, Village Enclave, Happy Vakjay, Hong Kong

Date of Appointment :

01.12.2000

 

KEY EXECUTIVES

 

Name :

M/s Ashok Kumar and Company,

Designation :

Company Secretaries

(Mr. Ashok Kumar, Practicing Company secretary, C.P. No. 3546)

Address :

C – 2 / 324, Yamuna Vihar, Delhi – 110 053

Mobile No.:

91-9873394570, 9911494570

E-Mail :

Ak.pcs@indiatimes.com

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

Names of Shareholders

No. of Shares

Percentage of Holding

Mr. Parmod Kakar

10,480

10.48

Mr. Akash Kakar

6,000

6.00

Mrs. Nandini Kakar

6,005

6.01

Mrs. Geetu Kakar

16,505

16.51

Mr. Sanjiv Nangia

11,010

11.01

Mr. Philip Dunlan Levis, Foreigner

50,000

50.00

Total

1,00,000

100.00

 

BUSINESS DETAILS

 

Line of Business :

Distributors and suppliers of Lighting and Lighting Control Systems.

 

 

Products :
  • Lighting and Lighting Control Systems
  • Audio Video
  • Video Displays and Video Walls
  • Presentation Systems
  • Entertainment and Audio / Visual Systems
  • Lighting Control and Dimming

 

 

Exports :

 

Products :
  • Lighting and Lighting Control Systems
  • Audio Video
  • Video Displays and Video Walls
  • Presentation Systems
  • Entertainment and Audio / Visual Systems
  • Lighting Control and Dimming

 

Countries :

Hong Kong, Saudi Arabia, China

 

 

Imports :

 

Products :

Lighting Systems, Fiber Optic Lighting System, Control System

Countries :

USA, Italy, Australia, Denmark, Czech Republic, France, Germany,  UK

 

 

Terms :

 

Selling :

Cash against Delivery

 

GENERAL INFORMATION

 

Customers :

 

  • Hyatt Reg3ency Hotel, Kolkata
  • Sahara Star, Mumbai
  • Hotel Sea Princess, Mumbai
  • ITC Mughal Sheraton, New Delhi
  • Taj Hotel, Goa
  • Hotel Radisson, MBD, Noida
  • Taj Malabar, Cochin
  • SRS World, Faridabad
  • Liberty Showroom, Mumbai
  • INOX, Bangalore
  • PVR Cinema, Hyderabad

 

Overseas Projects:

  • American Club, Singapore
  • BGCA Building, Hong Kong
  • LA Café, Hong Kong
  • National Shipping Company of Saudi Arabia
  • BAT, China
  • Harbour Plaza
  • Hong Kong Station
  • Rocco Design limited
  • Émigré Restaurant, Singapore

 

 

Bankers :

ICICI Bank Limited

Hong Kong Shanghai Banking Corporation

 

 

 

Banking Relations :

Satisfactory

 

 

Auditors :

 

Name :

M/s M K Arora and Company

Chartered Accountants

Address :

57, First Floor, Mall Road, Kingsway Camp, Delhi – 110 009

Tel. No.:

91-11-27601057, 27601059

 

 

CAPITAL STRUCTURE

 

Authorised Capital :

No. of Shares

Type

Value

Amount

1,00,000

Equity Shares

Rs. 10.00 Each

Rs. 1.000 million

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

1,00,000

Equity Shares

Rs. 10.00 Each

Rs. 1.000 million

 

 

 

 

 

 

 

 

 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

 

31.03.2005

31.03.2004

SHAREHOLDERS FUNDS

 

 

 

1] Share Capital

 

1.000

1.000

2] Share Application Money

 

0.000

0.000

3] Reserves & Surplus

 

2.443

2.0661.000

4] (Accumulated Losses)

 

0.000

0.000

NETWORTH

 

3.443

3.066

LOAN FUNDS

 

 

 

1] Secured Loans

 

0.528

0.21

2] Unsecured Loans

 

0.776

0.833

TOTAL BORROWING

 

1.304

1.754

DEFERRED TAX LIABILITIES

 

0.000

0.015

 

 

 

 

TOTAL

 

4.747

4.835

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

 

1.624

1.886

Capital work-in-progress

 

0.000

0.000

 

 

 

 

INVESTMENT

 

0.000

0.000

DEFERREX TAX ASSETS

 

0.001

0.000

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
 

1.938

2.137

 

Sundry Debtors
 

8.914

8.438

 

Cash & Bank Balances
 

2.736

0.745

 

Other Current Assets
 

0.216

0.267

 

Loans & Advances
 

0.544

1.154

Total Current Assets
 

14.348

12.741

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

 

Current Liabilities
 

10.926

9.369

 

Provisions
 

0.300

0.430

Total Current Liabilities
 

11.226

9.799

Net Current Assets
 

3.122

2.942

 

 

 

 

MISCELLANEOUS EXPENSES

 

0.000

0.007

 

 

 

 

TOTAL

 

4.747

4.835

 

 

 

 

 

 

 

 

 

 

 

 

PROFIT & LOSS ACCOUNT

 

PARTICULARS

 

 

31.03.2005

31.03.2004

Sales Turnover

 

40.048

21.311

Other Income

 

0.083

0.133

Total Income

 

40.131

21.444

 

 

 

 

Profit Before Tax

 

0.777

1.055

Provision for Taxation

 

0.300

0.430

Profit/(Loss) After Tax

 

0.477

0.625

 

 

 

 

Total Expenditure

 

39.354

20.389

 

KEY RATIOS

 

PARTICULARS

 

 

 

31.03.2005

31.03.2004

PAT / Total Income

(%)
 

1.19

2.91

 

 
 

 

 

Net Profit Margin

(PBT/Sales)

(%)
 

1.94

4.95

 

 
 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)
 

2.99

4.27

 

 
 

 

 

Return on Investment (ROI)

(PBT/Networth)

 
 

13.85

20.38

 

 
 

 

 

Current Ratio

(Current Asset/Current Liability)

 
 

1.28

1.30

 

 
 

 

 

Quick Ratio

 
 

1.11

1.08

 

 
 

 

 

Debt Equity Ratio

(Total Liability/Networth)

 
 

0.38

0.57

 

 
 

 

 

Current Liabilities / Networth

 
 

3.26
3.20

 

 
 

 
 

Fixed Asset / Networth

 
 

0.47
0.62

 

 
 

 
 

Average Collection Days

 
 

81.24
144.52

 

 
 

 
 

Account Receivables Turnover

 
 

4.49
2.53

 

 
 

 
 

Inventory Turnover

 
 

20.66
9.97

 

 
 

 
 

Asset Turnover

 
 

24.66
11.30

.

 

 

 

 

 

 

 

 

 

LOCAL AGENCY FURTHER INFORMATION

Website details Attached:

Subject commenced operations in June 1990. With the established of Concern in Hong Kong, to complement the activities of its sister company Friendly Light Limited, which had been a established in 1988 to represent a number of well known American and Europeon light fitting manufacturers.

 

In line with the groups intention to gradually expand throughout Asia, new operations were established in Singapore, in January 1992, in Malaysia, in March 1994, and India , in April 2000 to provide better service to their clients throughout Asia.

 

The group employs a team of full time technical staff. Including designers and engineers, supported by excellent workshop and engineering facilities and enjoys a good reputation amongst the architects, interior designers and specialist consultants and specifies throughout Asia.

 

Through their offices and nominated representatives and sub-distributors, they are able to provide full technical support on any project in the region.

 

Subject fulfills a speciliased role and can offer consultation, design, supply and installation services in all of the following areas making it, one of the religion’s leaders in its field. 

 

  • Architectural Lighting Control for hotels, restaurants, Private residences, shopping centres, auditoria and other buildings requiring sophisticated control of lighting, especially within Public areas.

 

  • Presentation and Control Systems for conference rooms, show suites, boardrooms, training rooms, lectures theatres and other auditoria.

 

  • Display systems including videowalls, monitor display and video, film and slide projection for exhibitions, general advertising, promotions, business presentations, shopping areas, educational and entertainment venues.

 

  • Leisure and Entertainment systems for museums, theme parks, visitors’ centres, live entertainment and private residences.

 

  • Video and audio Distribution for commercial buildings, shopping complexes, airports, stadium, hotels, restaurants, clubs and bars.

 

  • Interactive Systems and custom software for point of sale, staff training, general systems control, point of information and database integration.

 

  • Stage Lighting and Sound for theatres, live entertainment venues and architectural applications.

 

  • Architectural, Decorative and Landscape Light Fittings for all hotel, commercial, residential and specialist applications.

 

  • Lasers and Effects including graphics, smells, smoke, water and mirror for discotheques, shopping centres, exhibitions, interior and exterior entertainment venues, and architectural applications.

 

  • Maintenance services for lamps and light fittings and CCTV Systems, including cleaning, lamp changing, preventative and general maintenance, and specialist electrical installation work.

 

  • Computer services, including networking and web page design and construction for entertainment business, directories and online databases.

 

Concern’s exhibition at the Light India International fair held in September 2005.  Products from well known Europeon / American companies such as iGuzzini (Italy), Artemide (Italy), WE-EF (Germany), iLight (U.K.), Color Kinetics (USA) were presented at this fair.

 

 

Subject is an Authorized Distributor for the following companies

Name of the Company                                     Products

AMX, USA                                                         Control System

Color Kinetics, USA                                           Full Spectrum LED Lighting

Super Vision International, USA                          Fiber Optic Lighting System

Ardee Lighting, USa                                           Cove Lighting

Artemide, Italy                                                   Interior, exterior and Decorative Lighting

Fabbian, Italy                                                     Decorative lightings

Vistosi, Italy                                                      Decorative Lightings

Selecon, New Zealand                                        Stage, Effect Lighting

SCE, France                                                     Decorative Lighting

LUMASCAPE, Australia                                     Exterior Lighting

Preciosa, Czech Republic                                   Decorative Crystal Chandeliers

Martin, Denmark                                                Effects Lighting

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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. 40.57

UK Pound

1

Rs. 80.97

Euro

1

Rs. 55.19

 

 

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

6

--PROFITABILIRY

1~10

4

--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

NO

--AFFILIATION

YES/NO

NO

--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/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

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