MIRA
INFORM REPORT
|
Report Date : |
10.03.2008 |
IDENTIFICATION
DETAILS
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Name : |
LAMPEX
ELECTRONICS LIMITED |
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Registered Office : |
6-2/231/B,
Kukatpally, Hyderabad –500072, Andhra Pradesh |
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Country : |
India |
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Financials (as on) : |
31.03.2005 |
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Date of Incorporation : |
01.04.1991 |
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Com. Reg. No.: |
01-12506 |
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CIN No.: [Company
Identification No.] |
L29309AP1991PLC012506 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
HYDL00350A |
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Legal Form : |
A Public Limited
Liability Company. The company’s share are listed on the stock exchanges. |
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Line of Business : |
Manufacturers of
Liquid Crystal Displays, LCD Modules and Mini printers. |
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 280000 |
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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 company having satisfactory track. Trade relations are fair. General
financial position is satisfactory. 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/Corporate
Office : |
6-2/231/B,
Kukatpally, Hyderabad –500072, Andhra Pradesh, India |
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Tel. No.: |
91-40-23157701 [9
lines] |
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Fax No.: |
91-40-23157710 |
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E-Mail : |
General: hr@lampex.com
LCD Sales: sales@lampex.com ESD: esd@lampex.com Semiconductor: semicon@lampex.com |
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Website : |
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National
Distributors : |
MITALI ENTERPRISES SAYALI ELECTRO SYSTEMS B 302, Chandralok co-operative hsg. society,Near V. P. M.
High School, New Nanepada Road, Mulund(E), Mumbai-81.INDIA Tel : 91-22-55972266 Tel Fax: 91-22-25657179 Email:mitali_ent@yahoo.com Contact Person: Mr. Sunil Gogate / Mrs. Neha Garud NDS COMPONENTS Kuber bhaichand's Lane, Opp, Sayaji Girls High School,
Ghadayali Pole, Vadodara,Gujarat. Tel : 91-265-2424995 / 9820131244 (M) Email: nds@vsnl.com Contact Person: Mr. Neelesh
Desai ELMATRONIK SALES CORPORATION Gandhi Peak, N (319) (o)144, Bharathi Salai,Rayapettah,
Chennai-600014, India Tel : 91-44-2848 7346 / 7212 / 6477 Fax : 91-44-2848 7029 Email : escorp@vsnl.com Website: www.indiamart.com/elmatronick Contact Person: Mr. S. Mahendran DRIVE TECHNOLOGIES 198, Somwarpet,Near Duruwal Bridge, Pune-411011, India Tel : 91-20-4329526 / 36 Fax : 91-20-631490 Email: drivetech@eth.net Contact Person: Mr. Pradeep
Parulekar PROMOTIVE ELECTRONICS #15, 1st Floor, Southend Road, Seshadripuram, Banglore-560
020, India. Tele Fax : 91-80-3347959, 3317387 Email : Info@promotiveelectronics.com Contact Person: Mr. Raghavendhra ROTEK ELECTRONICS 15 Narasingapuram Street, Chennai - 600 002, India Tel : 91-44-28534588 / 28535574 Email:rotek@vsnl.com Contact Person: Mr. Gajandhra |
DIRECTORS
|
Name : |
Mr. Nidamarthy
Siva Prasad |
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Designation : |
Managing Director
|
|
Address : |
6-2/231/B, Kukatpally,
Hyderabad –500072, Andhra Pradesh, India |
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Date of
Birth/Age : |
01/03/1969 |
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Date of
Appointment : |
01/04/1991 |
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Name : |
Mr. Nidamarthy
Sushil Kumar |
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Designation : |
Director |
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Address : |
6-2/231/B, Kukatpally,
Hyderabad –500072, Andhra Pradesh, India |
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Date of
Birth/Age : |
4/07/1940 |
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Date of
Appointment : |
1/04/1991 |
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Name : |
Ms. Nidamarthy
Mahalakshmi |
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Designation : |
Director |
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Address : |
6-2/231/B, Kukatpally,
Hyderabad –500072, Andhra Pradesh, India |
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Date of
Birth/Age : |
10/10/1970 |
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Date of
Appointment : |
12/10/1999 |
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Name : |
Mr. Mohammed
Abdul Quadeer Asim |
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Designation : |
Director |
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Address : |
10-1-35/1/2, Masad
Tank, Hyderabad-500028 |
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Date of
Birth/Age : |
26/04/1972 |
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Date of
Appointment : |
29/09/2003 |
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Name : |
Mr. Mohd A Azeem
Atif |
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Designation : |
Director |
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Address : |
10-1-35/1/2,
Masad Tank, Hyderabad-500028 |
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Date of
Birth/Age : |
27/06/1967 |
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Date of
Appointment : |
29/09/2003 |
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Name : |
Mr. Nidamarthy
Siva Prasad |
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Designation : |
Managing Director
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|
Address : |
6-2/231/B,
Kukatpally, Hyderabad –500072, Andhra Pradesh, India |
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Date of
Birth/Age : |
01/03/1969 |
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Date of Appointment
: |
01/04/1991 |
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Name : |
Mr. Nidamarthy
Sushil Kumar |
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Designation : |
Director |
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Address : |
6-2/231/B,
Kukatpally, Hyderabad –500072, Andhra Pradesh, India |
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Date of
Birth/Age : |
4/07/1940 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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N Siva Prasad |
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6860000 |
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N Sushil Kumar |
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280 |
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N Mahalakshmi |
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110320 |
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M A Quadeer Asim |
|
280 |
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M A Azeem Atif |
|
280 |
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N Himagouri |
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28280 |
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Pushpa Ramdas |
|
280 |
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Ramdas Panicker |
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280 |
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Total |
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7000000 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturers of
Liquid Crystal Displays, LCD Modules and Mini printers. |
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Products : |
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Exports : |
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Products : |
Mounted Peizo-Electric Crystals. |
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Countries : |
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GENERAL
INFORMATION
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No. of Employees : |
80 |
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Bankers : |
Sanath Nagar,
Hyderabad-500018, India |
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Facilities : |
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Banking Relations
: |
Satisfactory |
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Auditors : |
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Name : |
T. Raghavendra
and Associates Chartered
Accountants |
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Address : |
G-4, Priya
Apartments, Rajbhavan Road, Somajiguda, Hyderabad – 500082 |
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Tel. No.: |
91-40-55626242 /
55626243 |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
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|
10000000 |
Equity Shares |
Rs. 10/-each |
Rs. 100.000 millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
7000000 |
Equity Shares |
Rs. 10/-each |
Rs. 70.000
millions |
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FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE SHEET
|
SOURCES
OF FUNDS |
31.03.2005 |
31.03.2004 |
31.03.2003 |
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SHAREHOLDERS
FUNDS |
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1] Share Capital |
70.000 |
50.000 |
35.000 |
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2] Share
Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves &
Surplus |
13.128 |
22.759 |
15.794 |
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4] (Accumulated
Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH
|
83.128 |
72.759 |
50.794 |
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LOAN FUNDS |
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|
|
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1] Secured Loans |
42.896 |
0.000 |
0.000 |
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2] Unsecured
Loans |
0.000 |
36.293 |
40.337 |
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TOTAL BORROWING
|
42.896 |
36.293 |
40.337 |
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DEFERRED TAX
LIABILITIES |
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TOTAL
|
126.024 |
109.052 |
91.131 |
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APPLICATION OF FUNDS
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FIXED ASSETS [Net Block]
|
22.957 |
25.185 |
28.354 |
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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
|
89.353
|
70.167 |
68.255 |
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Sundry Debtors
|
33.951
|
28.050 |
10.421 |
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Cash & Bank Balances
|
0.036
|
1.267 |
0.190 |
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Other Current Assets
|
14.139
|
12.928 |
12.881 |
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Loans & Advances
|
2.102
|
0.081 |
0.644 |
Total Current Assets
|
139.581
|
112.493 |
92.391 |
|
Less : CURRENT LIABILITIES & PROVISIONS
|
|
|
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Current Liabilities
|
28.710
|
20.341 |
22.883 |
|
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Provisions
|
7.804
|
8.285 |
6.731 |
Total Current Liabilities
|
36.514
|
28.626 |
29.614 |
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Net Current Assets
|
103.067
|
83.867 |
62.777 |
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MISCELLANEOUS EXPENSES
|
0.000 |
0.000 |
0.000 |
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TOTAL
|
126.024 |
109.052 |
91.131 |
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PROFIT &
LOSS ACCOUNT
|
PARTICULARS |
31.03.2005 |
31.03.2004 |
31.03.2003 |
Sales Turnover [including other income]
|
189.837 |
166.218 |
117.240 |
|
|
|
|
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Profit/ (Loss) Before Tax
|
13.936 |
24.235 |
12.324 |
Provision for Taxation
|
3.867 |
2.270 |
1.059 |
Profit/ (Loss) After Tax
|
10.069 |
21.965 |
11.265 |
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Export Value
|
11.165 |
42.240 |
24.755 |
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Import Value
|
NA |
80.969 |
67.640 |
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|
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Total Expenditure
|
175.901 |
141.984 |
104.916 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2005 |
31.03.2004 |
31.03.2003 |
PAT / Total Income
|
(%)
|
5.30
|
13.21 |
9.60 |
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Net Profit Margin
(PBT/Sales) |
(%) |
7.34
|
14.58 |
10.51 |
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Return on Total Assets
(PBT/Total
Assets} |
(%) |
8.57
|
17.60 |
10.20 |
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Return on Investment (ROI)
(PBT/Networth) |
|
0.16
|
0.33 |
0.24 |
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Debt Equity Ratio
(Total
Liability/Networth) |
|
0.95
|
0.89 |
0.72 |
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Current Ratio
(Current
Asset/Current Liability) |
|
3.82
|
3.92 |
3.11 |
LOCAL AGENCY
FURTHER INFORMATION
Note:
The latest financials available are as per year ended (04-05). Talked to
Mr. Ramdas – General Manager, Finance who is not ready to co-operate to give
any details either general or financial. The Government record does not have
the latest financial of the company.
FIXED ASSETS
- Air Condition
- Computer
- Dies and Tools
- Office Equipment
- Furniture and Fixture
- Machinery
- Motor Cars
- Scooters
- Testing Equipment
- Lift
- Electrical Installations
- Car Shed
|
Name of the
company |
LAMPEX ELECTRONICS LIMITED |
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Presented By |
MR. NIDAMARTHY SIVA PRASAD, MANAGING
DIRECTOR |
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1) Date and
description of instrument creating the change |
Dated 21.02.1999 Cash credit
hypothecation of goods, debts and assets. Hypothecation of goods,
Book dents, security of LC and Guarantee facilities. Agreement for OD
against supply bills, drafts, discounting facilities |
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2) Amount secured
by the charge/amount owing on the securities of charge |
Composite bills
limits in favour of OD against bills with tenor period of 60 days. |
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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 |
Stock in trade of
finished goods, raw materials, stores and spares, WIP for manufacture of liquid
crystal display situated at No. 6-6/1, Hyderabad or in transit. Equitable
mortgage by way of deposit of title deeds of house property belonging to N
Gowri an agari, land situated at Sultanpur, Patancheru belonging to N Sushil
and Lalitha. Personal
guarantee of the director Mr. N
Sushil Kumar and N Siva Prasad. Demand Promissory note Rs. 2.500 Millions |
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4) Gist of the
terms and conditions and extent and operation of the charge. |
Margin of 25 % on
all stocks interest at 3.75 % above SBILPR subject to minimum of 18.75 % p.a.
Charges and
commission etc, applicable time to time, 75 % of amount shown in bills and
invoices with interest at 3.75 % above SBIPLR subject to minimum of 18.75
% |
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5) Name and
Address and description of the person entitled to the charge. |
State Bank of
Hyderabad, Sanath Nagar, Hyderabad-500018 |
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6) Date and brief description of instrument
modifying the charge |
Dated 08.04.2005 Form C – 1 – A,
Supplemental agreement of loan for increase in overall limits Form C 2A,
Supplemental agreement of hypothecation
of goods and assets for increase in the overall limits. Form C3A
Supplemental agreement of pledge of goods and assets for increase in the
overall limits. Form C 4 A
Supplemental deed of guarantee for increase in overall limits Form C 5 Letter
regarding the grant of individual limits within the overall limits Letter confirming
the deposit of title deeds for extension of the existing mortgage. Sanction letter Board resolution
copy. |
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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. |
The overall
limits are enhanced from Rs. 91.843 Millions to Rs. 150.329 Millions. The limits are
revised as follows.
First change by
hypothecation of all stocks of raw materials, stock in process, finished
goods, consumables, spares, book debts, receivables and all other liquid assets
present and future. First charge by
pledge of machinery valued at Rs. 11.449 millions Term loan III
Repayable in 20 quarterly installments of Rs. 0.430 millions with initial
moratorium of three months. Interest : 0.5 %
above SBIPLR presently 11.40 % p.a. with monthly rests. No change in
existing terms and conditions. |
- Financial
The turnover during
2003-04 was Rs. 162.793 Millions as compared to Rs. 113.220 Millions during 2002-03
registering a growth of 44 % the profitability has almost doubled from Rs.
11.265 Millions in the last year to Rs. 21.965 Millions during this year. The
net profitability percentage has also increased from 9.95 % during last year to
13.21 % during this year.
- Software Exports
The decision to
enter the Embedded Software market has been very profitable for the company.
They have already achieved about Rs. 44.347 Millions turnover in software exports
up to end of lat year form the time to time they took registration as a 100 %
EOU in January 2002. They have thus fulfilled the turnover criteria set for
them by the STPI. The company is striving to enhance this area of operations.
- Management
Professionalism and
decentralization of responsibility remain the everyday mantra and in this
exercise they have been helped to a great degree with the implementation of the
ISO 9001:2000. The audit of the ISO certification process is complete and they
should be getting the relevant certificate from TUV RHEINLAND shortly. The
rewards of these efforts should accrue in the coming years.
AS
PER WEBSITE
Subject
is a business solution provider with a global focus. Manufacturing of LCDs, LCD
Modules and Semiconductors have been its thrust areas since its inception in
1991. Its recent foray into the Information Technology Sector through Embedded
Systems and Software development is in tune with its plans for lateral
expansion and globalisation.
State-of-the-art
technology and infrastructure, cutting-edge tools and techniques, pro-active
R&D, sound HR backbone, astute management and marketing strategy have
together helped Subject establish itself as a player in the global markets.
Subject
was incorporated in 1991 as a Private Limited Company and attained the status
of a public limited company on 1st April 2002. A sign that subject intends to
bring to the fore a decade of excellence and expertise and underline its global
presence.
Profile:
Subject
offers a complete line of standard Segment, Alphanumeric, and Graphical and AM
TFT LCDs and LCMs, that are very dependable and cost competitive. Theyhave also
produced many Customized LCD's and LCM's, and offer the best of customer
support.
- 1980 Business established
- Entered the LCD market
- TN Type LCD and LCM production began
- STN Character and Small Graphic Modules, production began Colour LCDs
- Touch screens, introduced
- 2002 Started Software Development Centre
All
manufacturing is done with over 12 years of established processes and quality
control. All of manufacturing facilities are certified to ISO 9002 standards
subject displays are built in a fully automated, state-of-the-art LCD plant
with over 5000sq. ft. of clean rooms, testing and quality control areas.
Subject
products are marketed through a network of marketing associates who are
positioned and geared to handle every little detail that independent sales
representatives can handle. OEM customers from industries as different as
telecom, medical, industrial control, robotics, computers and consumer
appliances continue to be the mainstay of the day-to-day operations.
Staff
understands the intensity of engineering support required in the initial stages
of product design. They provide technical assistance at every stage of the
selection and design process for all standard modules and for all custom
designs.
The
Future:
- Setting up of COG and TAB line assembly for Mono and
Colour LCMs.
- LCD panel manufacturing unit to be set up.
- Setting up of a VLSI development centre.
- Setting up of an Ultra Modern Automated Semiconductor
Packaging line.
- To launch new products in Embedded Systems aimed at
local and international markets.
- To create a massive centralised research and
development facility meeting international quality expectations.
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.40.53 |
|
UK Pound |
1 |
Rs.81.54 |
|
Euro |
1 |
Rs.62.40 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
46 |
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 |
|