MIRA
INFORM REPORT
|
Report Date : |
25.08.2008 |
IDENTIFICATION
DETAILS
|
Name : |
LIZER TECHNOLOGIES LIMITED |
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Formerly Known As : |
EXON ELECTRONICS PRIVATE LIMITED |
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Registered Office : |
124, Free Press House, 215, Nariman Point, Mumbai – 400021,
Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
22.01.1997 |
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Com. Reg. No.: |
11-105324 |
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CIN No.: [Company
Identification No.] |
U31900MH1997PLC105324 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUME04727C |
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PAN No.: [Permanent
Account No.] |
AAACE4860B |
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Legal Form : |
A Closely Held Public Limited Liability Company. |
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Line of Business : |
Manufacturer of High Pressure CNG/ Gas Cylinder. |
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 1200000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well – established company having moderate track. Trade
relations are fair. Profit margin is low. Payments are reported as slow but
correct. The company can be considered normal for business dealings at usual
trade terms and conditions. |
LOCATIONS
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Registered Office/ Factory : |
124, Free Press House, 215, Nariman Point, Mumbai – 400021,
Maharashtra, India |
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Tel. No.: |
91-22-22814232 |
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Fax No.: |
91-22-22885789 |
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E-Mail : |
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Website : |
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Factory : |
Plot EL – 277, Electronic Zone, MIDC, Mahape, TTC Industrial Area,
Mahape, Navi Mumbai, Maharashtra, India |
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Tel No.: |
91-22-2617213/ 7617216 |
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Fax No.: |
91-22-2885789 |
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Email : |
DIRECTORS
|
Name : |
Mr. Ashok J Ramsinghani |
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Designation : |
Chairman cum Managing Director |
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Address : |
121-A Maker Tower Cuff Parade, Mumbai – 400 021, Maharashtra |
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Date of Birth/Age : |
02.02.1948 |
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Date of Appointment : |
04.04.2000 |
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Name : |
Mr. Vishal A Ramsinghani |
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Designation : |
Managing Director |
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Address : |
121-A Maker Tower Cuff Parade, Mumbai – 400 021, Maharashtra |
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Date of Birth/Age : |
06.07.1975 |
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Date of Appointment : |
04.04.2002 |
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Name : |
Mr. Jitendra Natwerlal Patel |
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Designation : |
Director |
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Address : |
B -25, Home CHS Relief Road, Santacurz (west), Mumbai – 400054 ,
Maharahstra |
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Date of Birth/Age : |
29.07.1961 |
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Date of Appointment : |
30.09.2002 |
KEY EXECUTIVES
|
Name : |
Mr. Joseph Benjamin |
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Designation : |
Company Secretary |
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Address : |
Menezes Nirvana, A -12, 2nd Floor, Pitambar Lane Mahim,
Mumbai – 400016, Maharashtra, India |
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Date of Birth/Age : |
25.02.1955 |
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Date of Appointment : |
25.08.2005 |
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Name : |
Mr. Paresh Pandya |
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Designation : |
Company Secretary |
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Address : |
201, Glaxy Arcade, 52 M G Road, Vile Parle (East), Mumbai – 400057,
Maharashtra, India |
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Date of Birth/Age : |
19.03.1965 |
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Date of Appointment : |
24.06.2004 |
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Date of Ceasing: |
02.08.2004 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 24.09.2005)
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Names of Shareholders |
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No. of Shares |
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Mr. Ashok Ramsinghani |
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619500 |
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Mr. Vishal Ramsinghani |
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379500 |
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Mr. Kiran Ramsinghani |
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263000 |
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Mrs. Rashmi Ramsinghani |
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100 |
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Mrs. Rachna Ramsinghani |
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100 |
|
Rama Leasing Company Private Limited |
|
85000 |
|
Vark Industries Private Limited |
|
283000 |
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Mediterrnian Investment Private Limited |
|
6800 |
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Vark Finance Limited |
|
9000 |
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Vark Properties Private Limited |
|
4000 |
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Total |
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1650000 |
(As on 31.03.2007)
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Category |
Percentage |
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Bodies corporate |
32.53 |
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Directors or relative of directors |
67.47 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of High Pressure CNG/ Gas Cylinder. |
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Products : |
Gas cylinder
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GENERAL
INFORMATION
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No. of Employees : |
100 |
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Bankers : |
Backbay
Reclamation Branch, Raheja Chamber, Nariman Point, Mumbai – 400021,
Maharashtra, India
Plot No.10, Sector 9, Gandhidham – 370201, Gujarat, India |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Vijay M Savla Chartered Accountants |
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Address : |
C-19, Shantinath Darshan, L T Road, Dahisar (East), Mumbai – 400068,
Maharashtra |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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1900000 |
Equity shares |
Rs.100/- each |
Rs.190.000 millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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1650000 |
Equity shares |
Rs.100/-
each |
Rs.165.000
millions |
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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 |
165.000 |
165.000 |
165.000 |
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2] Share Application Money |
23.300 |
0.000 |
0.000 |
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3] Reserves & Surplus |
41.858 |
35.906 |
57.941 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
230.158 |
200.906 |
222.941 |
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LOAN FUNDS |
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1] Secured Loans |
136.404 |
39.843 |
63.128 |
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2] Unsecured Loans |
11.000 |
17.900 |
24.600 |
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TOTAL BORROWING |
147.404 |
57.743 |
87.728 |
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DEFERRED TAX LIABILITIES |
12.399 |
15.468 |
16.592 |
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TOTAL |
389.961 |
274.117 |
327.261 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
241.423 |
219.184 |
246.196 |
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Capital work-in-progress |
109.999 |
14.035 |
14.047 |
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INVESTMENT |
3.116 |
4.027 |
4.027 |
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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 |
46.461
|
34.765 |
48.553 |
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Sundry Debtors |
11.250
|
6.690 |
3.472 |
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Cash & Bank Balances |
6.467
|
5.748 |
5.235 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
10.547
|
6.470 |
15.525 |
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Total
Current Assets |
74.725
|
53.673 |
72.785 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
37.002
|
14.709 |
8.070 |
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Provisions |
2.493
|
2.543 |
2.431 |
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Total
Current Liabilities |
39.495
|
17.252 |
10.501 |
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Net Current Assets |
35.230
|
36.421 |
62.284 |
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MISCELLANEOUS EXPENSES |
0.193 |
0.450 |
0.707 |
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TOTAL |
389.961 |
274.117 |
327.261 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Sales Turnover |
151.533 |
140.785 |
130.553 |
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Other Income |
1.559 |
1.297 |
3.674 |
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Total Income |
153.092 |
142.082 |
134.227 |
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Profit/(Loss) Before Tax |
3.449 |
(23.046) |
6.336 |
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Provision for Taxation |
(2.501) |
1.011 |
0.838 |
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Profit/(Loss) After Tax |
5.950 |
24.057 |
5.498 |
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Export Value |
61.180 |
68.863 |
87.089 |
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Expenditures : |
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Raw Material Consumed |
80.483 |
85.901 |
69.089 |
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Purchases made for re-sale |
0.000 |
0.000 |
0.000 |
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Consumption of stores and spares parts |
3.923 |
1.678 |
1.402 |
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Increase/(Decrease) in Finished Goods |
(12.481) |
11.275 |
(11.952) |
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Salaries, Wages, Bonus, etc. |
6.745 |
5.991 |
6.296 |
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Managerial Remuneration |
0.000 |
0.000 |
0.000 |
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Payment to Auditors |
0.072 |
0.050 |
0.057 |
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Interest |
5.625 |
4.156 |
5.214 |
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Insurance Expenses |
0.888 |
1.145 |
1.085 |
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Power & Fuel |
15.967 |
12.815 |
13.541 |
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Depreciation & Amortization |
29.714 |
27.648 |
27.635 |
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Other
Expenditure |
18.707 |
14.469 |
15.524 |
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Total Expenditure |
149.643 |
165.128 |
127.891 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
3.89
|
16.93 |
4.09 |
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Net Profit Margin (PBT/Sales) |
(%) |
2.28
|
(16.36) |
4.85 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
1.09
|
(8.03) |
1.90 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.01
|
(0.11) |
0.02 |
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Debt Equity Ratio (Total Liability/Networth) |
|
0.81
|
0.37 |
0.44 |
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Current Ratio (Current Asset/Current Liability) |
|
1.89
|
3.11 |
6.93 |
LOCAL AGENCY
FURTHER INFORMATION
Form 8:
|
Name of the company |
EXON TECHNOLOGIES LIMITED |
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Presented By |
State Bank of India,
Backbay Reclamation Branch, Mumbai – 400 021, Maharashtra |
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1) Date and
description of instrument creating the change |
· Agreement of loan for Overall limit · Agreement of hypothecation of goods and assets both dated 02.09.2003 creating a single charge |
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2) Amount secured
by the charge/amount owing on the securities of charge |
Rs.139.000
millions |
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3) Short
particular of the property charged. If the property acquired is subject to
charge, date of the acquired of the property should be given |
All present and
future goods, book debts and all other movable assets including documents of
to goods, outstanding moneys , receivables including receivables by way of
cash assistance and / or cash incentives Scheme or any other scheme, claims
including claims by way of refund of customs / excise duties under the Duty
Drawback Credit Scheme, bills, invoices, document, contracts, Policies,
Guarantees, engagement, securities, investments and right and present and all
future machineries belonging to or under the control of the company y,
wherever lying, stored and kept whether in India or elsewhere including such
goods and other movables assets in course of transit / shipment/ delivery. |
|
4) Gist of the
terms and conditions and extent and operation of the charge. |
Interest – As determined by the Bank from
time to time Margin – as prescribed by the Bank from
time to time |
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5) Name and
Address and description of the person entitled to the charge. |
State Bank of India Address: Backbay Reclamation Branch, Raheja
Chamber, Nariman Point, Mumbai – 400 021 |
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6) Date and brief description of instrument
modifying the charge |
NA |
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7) Particulars of
modifications specifying the terms and conditions or the extent of operations
of the charge in which modification is made and the details of the
modification. |
NA |
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Corporate
identity number of the company |
U31900MH1997PLC105324 |
|
Name of the
company |
LIZER TECHNOLOGIES LIMITED |
|
Address of the registered
office or of the principal place of
business in India of the company |
124, Free Press House, 215, Nariman Point, Mumbai – 400021,
Maharashtra, India |
|
This form is for |
Creation of charge |
|
Type of charge |
Immovable
Property Fixed Plant and
Machinery |
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Particular of
charge holder |
State Bank of
India Plot No.10, Sector 9, Gandhidham – 370201, Gujarat, India |
|
Nature of
instrument creating charge |
Foreign Currency
Facility Agreement for USD 5 Million |
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Date of
instrument Creating the charge |
15.06.2007 |
|
Amount secured by
the charge |
Rs.202.600
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interests: Interests Rate
sum of LIBOR Default Interests Rate 2% p.a. Terms of
Repayment: Repayable in 17
Quarterly Installment Margin: NA Extent and
Operation of the charge: The charge shall operates
as first charge on all the piece and parcel of land known as plot no.377-381,
386-390 and 437A (S No.Sector IV Part) in Kandla Special Economics Zone
Gandhidham admeasuring 25206.96 sq. Mtrs. And second charge on the all the
piece and parcel of the land known as Plot No. EL 177 in the Trans Thane
Creak Industrial Area, within limits of Mhape within of navi Mumbai Municipal
Corporation District Thane |
|
Particulars of
the property charged |
First charge
shall operates as first charge on all the piece and parcel of land known as
plot no.377-381, 386-390 and 437A (S No. Sector IV Part) in Kandla Special
Economics Zone Gandhidham admeasuring 25206.96 sq. Mtrs. And second charge on
the all the piece and parcel of the land known as Plot No. EL 177 in the Trans
Thane Creak Industrial Area, within limits of Mhape within of navi Mumbai
Municipal Corporation District Thane |
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.43.38 |
|
UK Pound |
1 |
Rs.81.34 |
|
Euro |
1 |
Rs.64.55 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--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 |
|
52 |
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 |
|