MIRA
INFORM REPORT
|
Report Date : |
05.08.2008 |
IDENTIFICATION
DETAILS
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Name : |
LEVCON CONTROLS PRIVATE LIMITED |
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Registered Office : |
Rajkamal, 6th Floor, 13 Camac Street, Kolkata – 700 017, West
Bengal |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
04.08.1986 |
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Com. Reg. No.: |
21-41051 |
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CIN No.: [Company
Identification No.] |
U51909WB1986PTC041051 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CALL01630G |
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PAN No.: [Permanent
Account No.] |
AAACL4808N |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of Electronic Level Measuring Instruments. |
RATING &
COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
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Maximum Credit Limit : |
USD 1000 |
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Status : |
Small Company |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is a relatively small company in its field. Trade relations
are fair. Scale of activity is limited. Payments are reported as slow but
correct. The company can be considered for small to mediocre business dealings. |
INFORMATION PARTED
BY
|
Name : |
Mr. A K Chatterji |
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Designation : |
Account Manager |
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Date : |
31.07.2008 |
LOCATIONS
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Registered Office : |
Rajkamal, 6th Floor, 13 Camac Street, Kolkata – 700 017,
West Bengal, India |
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Tel. No.: |
91-33-22832766 / 30225767 / 30229368 |
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Fax No.: |
91-33-22832719 / 22809645 |
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E-Mail : |
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Website : |
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Location : |
Owned |
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Factory : |
138 K, Picnic Garden Road, Kolkata – 700 039, West Bengal, India |
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Tel. No.: |
91-33-2343 4325 / 8528 |
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Fax No.: |
91-33-23442680 |
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Location : |
Owned |
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Representative Office (Mumbai) : |
301, Protoprima Chambers 1, Suren Road, Andheri (East), Mumbai – 400
093, Maharashtra, India |
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Tel. No.: |
91-22-2683 2127 / 2683 3015 |
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Fax No.: |
91-22-2683 3015 |
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Representative Office (Hyderabad) : |
House No. 23/6/121, Haribowli, Hyderabad – 500 265, India |
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Tel. No.: |
91-40-2441 2024 |
DIRECTORS
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Name : |
Mr. Satrajit Gupta |
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Designation : |
Whole Time Director |
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Address : |
11-Hindustan Road, Ground Floor, Kolkata – 700 029, West Bengal, India |
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Date of Birth/Age : |
18.06.1935 |
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Date of Appointment : |
04.08.1986 |
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Election Commission Identity Card No. |
WB / 23 / 149 / 399687 |
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Name : |
Mr. Arun Kumar Ghosh |
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Designation : |
Director |
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Address : |
Aradhana Building, 29- Sadananda Road, Kolkata – 700 026, West Bengal,
India |
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Date of Birth/Age : |
18.11.1938 |
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Date of Appointment : |
01.10.1986 |
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Election Commission Identity Card No. |
WB / 31 / 144 / 291135 |
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Name : |
Mr. Krishna Gupta |
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Designation : |
Director |
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Address : |
11-Hindustan Road, Ground Floor, Kolkata – 700 029, West Bengal, India |
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Date of Birth/Age : |
19.06.1941 |
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Date of Appointment : |
04.08.1986 |
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Name : |
Mr. Satindra Nath Lahiri |
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Designation : |
Director |
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Address : |
68/5B, Ballygunge Place, Kolkata – 700 019, West Bengal, India |
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Date of Birth/Age : |
01.10.1924 |
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Date of Appointment : |
17.05.1993 |
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Name : |
Mr. Jyotirmoyee Ghosh |
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Designation : |
Director |
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Address : |
Aradhana Building, 29- Sadananda Road, Kolkata – 700 026, West Bengal,
India |
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Date of Appointment : |
01.10.1986 |
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Name : |
Mr. Sayak Gupta |
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Designation : |
Whole Time Director |
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Address : |
11-Hindustan Road, Ground Floor, Kolkata – 700 029, West Bengal, India |
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Date of Birth/Age : |
09.08.1973 |
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Date of Appointment : |
20.11.2000 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 29.09.2007)
|
Names of Shareholders |
No. of Shares |
|
Arun Kumar Ghosh |
11200 |
|
Jyotimoyee Ghosh |
12100 |
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Satrajit Gupta |
1900 |
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Satindra Nath Lahiri |
1500 |
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Ibha Lahiri |
1300 |
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Krishna Gupta |
1800 |
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Sayak Gupta |
11050 |
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Jayanta Choudhury |
1700 |
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Sudeshna Ghosh |
1200 |
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Sunil Ranjan Ghosh |
1100 |
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Usha Ghosh |
1100 |
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Sura Bhattacharya |
1200 |
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Steel and Wood Craftna |
150 |
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Arun Kumar Bhaduri |
1100 |
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Ms Shimonty Gupta |
1350 |
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Sagnik Gupta |
1400 |
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Rashmi Gupta |
1350 |
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Ms Monami Gupta |
1600 |
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Total |
54100 |
Equity shares Breakup (percentage of total equity)
(As on 29.09.2007)
|
Category |
Percentage |
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Directors or relatives of Director |
83.00 |
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Other top fifty (50) shareholders |
17.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Electronic Level Measuring Instruments. |
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Products : |
·
Electronic Level Monitoring ·
Controlling Instruments |
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Terms : |
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Selling : |
Cash – New Customer, Credit (90 days) – Government Regular Clients |
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Purchasing : |
Cash, Credit (60 days) – In West Bengal Credit |
GENERAL
INFORMATION
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Customers : |
Government Sectors |
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No. of Employees : |
20 (In Office 3 and In Factory 17) |
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Bankers : |
State Bank of India, Baligung Branch |
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Facilities : |
- |
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Banking
Relations : |
- |
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Auditors : |
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Name : |
S Ghosh and Company Chartered Accountants |
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Address : |
3,Chittranjan Avenue, Kolkata – 700 017, West Bengal, India |
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Associates/Subsidiaries : |
·
Levcon Instruments Private Limited Factory
Address : 41/1/3, Raicharan Ghosh Lane, Kolkata – 700 039, India Tel
No. : 91-33-2343 4954 / 2343 8572 ·
Levcon Valves Private Limited |
CAPITAL STRUCTURE
(As on 31.03.2007)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
49000 |
Equity Shares |
Rs.10/- each |
Rs.0.490 million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
10000 |
Equity Shares |
Rs.10/- each |
Rs.0.100
million |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
0.100 |
0.100 |
0.100 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
0.168 |
0.124 |
0.059 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
0.268 |
0.224 |
0.159 |
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LOAN FUNDS |
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1] Secured Loans |
0.000 |
0.000 |
0.000 |
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2] Unsecured Loans |
0.439 |
0.479 |
0.496 |
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TOTAL BORROWING |
0.439 |
0.479 |
0.496 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
0.707 |
0.703 |
0.655 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
0.036 |
0.049 |
0.053 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
1.092
|
0.907 |
0.790 |
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Sundry Debtors |
1.423
|
1.075 |
0.775 |
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Cash & Bank Balances |
0.379
|
0.312 |
0.292 |
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Other Current Assets |
0.032
|
0.036 |
0.040 |
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Loans & Advances |
0.045
|
0.067 |
0.119 |
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Total
Current Assets |
2.971
|
2.397 |
2.016 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
2.300
|
1.743 |
1.414 |
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Provisions |
0.000
|
0.000 |
0.000 |
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Total
Current Liabilities |
2.300
|
1.743 |
1.414 |
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Net Current Assets |
0.671
|
0.654 |
0.602 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
0.707 |
0.703 |
0.655 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
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Sales Turnover |
|
4.834 |
4.249 |
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Other Income |
|
0.022 |
0.015 |
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Total Income |
|
4.856 |
4.264 |
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Profit/(Loss) Before Tax |
|
0.161 |
0.131 |
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Provision for Taxation |
|
0.076 |
0.049 |
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Profit/(Loss) After Tax |
|
0.085 |
0.082 |
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Expenditures : |
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Manufacturing Expenses |
|
1.306 |
1.267 |
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Administrative Expenses |
|
0.674 |
0.614 |
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Increase/(Decrease) of Stock Raw Material and Components |
|
0.191 |
(0.259) |
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Purchases made for re-sale |
|
2.486 |
1.980 |
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Increase/(Decrease) in Finished Goods |
|
(0.377) |
0.142 |
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Salaries, Wages, Bonus, etc. |
|
0.309 |
0.256 |
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Managerial Remuneration |
|
0.031 |
0.031 |
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Payment to Auditors |
|
0.010 |
0.008 |
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Interest |
|
0.051 |
0.077 |
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Depreciation & Amortization |
|
0.014 |
0.017 |
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Total Expenditure |
|
4.695 |
4.133 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
1.75
|
1.92 |
NA |
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Net Profit Margin (PBT/Sales) |
(%) |
3.33
|
3.08 |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
5.35
|
5.36 |
NA |
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Return on Investment (ROI) (PBT/Networth) |
|
0.60
|
0.58 |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
|
10.22
|
9.92 |
12.01 |
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Current Ratio (Current Asset/Current Liability) |
|
1.29
|
1.38 |
1.43 |
LOCAL AGENCY FURTHER
INFORMATION
Fixed Assets
·
Plant, Machinery and Testing Equipments
·
Furniture and Fixture
·
Computer Machine
Web Details
LEVCON GROUP began operations in 1973 under the name Levcon Instruments Private Limited. The first supply - of Float Operated Level Switches were made to Bharat Heavy Electricals Limited, Bhopal. In the next few years, the Displacer Operated Level Switch and External Cage Level Switches were developed and included in the Product range. Subsequently, Magnetic Level Gauge, Reflex, Transparent, Bicolour, Colourport, Remote, Tubular Level Gauges / Indicators were developed. Today, Levcon Instruments Private Limited, with a host of Level and Flow Measuring / Controlling Instruments has carved a niche for itself through successful installations at over thousand Industrial locations in India and abroad. Levcon Instruments Private Limited is ISO 9001 Certified through LRQA (Lloyds Register of Quality Assurance) and “CONTINUOUS REQUIREMENT OF IMPROVEMENT IN ALL FIELDS” has automatically become the motto of the Organisation and the entire Group.
The first diversification program of LEVCON GROUP was initiated in 1976-77 with the design, development, marketing and supply of Industrial Valves. After 2-3 years of encouraging business and market feedback, the entire Valves division began to operate under Levcon Valves Private Limited from 1979. Today, Levcon Valves Private Limited is manufacturing a wide range of Cast Steel and Cast Iron Industrial Valves and boasts of successful installations at numerous Industrial Locations in India.
The diversification was further extended in the year 1986 when the GROUP started manufacture of Electronic Level Measuring / Controlling Instruments under the name of Levcon Controls Private Limited and Electronic Flow Measuring / Controlling Instruments under the name of Levcon Electronics Private Limited. With successful installations at various Industrial Locations through a wide variety of Electronic Level and Flow Measuring / Controlling Instruments, Levcon Controls Private Limited and Levcon Electronics Private Limited are continuously thriving to include and incorporate modern day advanced technology to their respective Product ranges to cater to the increasing demands of modern day Customers.
Future diversification
programs of LEVCON GROUP include
· Manufacture / marketing of Ultrasonic Level / Flow Detection Instruments
· Manufacture / marketing of Temperature and Humidity Controllers
· Manufacture / marketing of State of the Art Tank Gauges.
· Manufacture / marketing of Pollution Control Instruments
Further
diversification fields / areas of LEVCON GROUP include
· Financial Services
· Consumer Electronics
· Educational Equipment
· Computer Software Services
· Computer Hardware Supply / Services
Very recently, in the year 2003, Levcon Consultants – as a division of Levcon Instruments Private Limited, offering a host of Financial services has been started by LEVCON GROUP.
In the fields / areas mentioned above, the Management of LEVCON GROUP welcomes proposals / suggestions from any Individual / Organisation to further the Objects of Expansion of LEVCON GROUP through Joint Ventures / Joint Association Plans to achieve the goals through a common and mutually agreeable atmosphere which will prove beneficial to all concerned.
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 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.42.40 |
|
UK Pound |
1 |
Rs.83.57 |
|
Euro |
1 |
Rs.66.02 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
32 |
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 |
|