MIRA
INFORM REPORT
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Report Date : |
06.09.2008 |
IDENTIFICATION
DETAILS
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Name : |
LEXIS TOOLING SYSTEMS PRIVATE LIMITED |
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Registered Office : |
No.617, 1st Main, 4th Sector, HSR Layout,
Bangalore – 560 034, Karnataka |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
22.06.2000 |
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Com. Reg. No.: |
027325 |
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CIN No.: [Company
Identification No.] |
U02922KA2000PTC027325 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CMBL03462E |
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PAN No.: [Permanent
Account No.] |
AAACL6858Q |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of Tool Holding Systems. |
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 4825 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company has incurred loss of Rs.4 Millions
in 2006-07. Thus its profit margin is under severe pressure. Payments are
slow but correct. The company can be considered for small to mediocre business dealings at
usual trade terms and conditions. |
LOCATIONS
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Registered Office : |
No.617, 1st Main, 4th Sector, HSR Layout,
Bangalore – 560 034, Karnataka, India. |
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Tel. No.: |
91-80-25726272 |
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Fax No.: |
91-80-25727168 |
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E-Mail : |
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Website : |
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Factory : |
7/ 301, Eloor Road, Eloor Post, Pollachi Main Road, Coimbatore – 641
032, Tamilnadu, India. |
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Tel. No.: |
91-422-2610571 (3 Lines) |
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Fax No.: |
91-422-2610840 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Rajan K Sachariah |
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Designation : |
Director |
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Address : |
15445, Old Cutler Road, Miami, Florida 33157, United States of
America. |
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Date of Birth/Age : |
22.06.1938 |
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Date of Appointment : |
22.06.2000 |
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Name : |
Mr. H R Suresh |
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Designation : |
Director |
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Address : |
99, 13th Main Nagendra Block, Mysore Bank Colony, Bangalore
– 560 026, Karnataka, India. |
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Date of Birth/Age : |
21.11.1973 |
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Date of Appointment : |
26.07.2002 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
As on 30.09.2005
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Names of Shareholders |
No. of Shares |
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Mr. Rajan K Sachariah |
29900 |
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Mr. H R Suresh |
100 |
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Total |
30000 |
Equity share Breakup (Percentage of total Equity)
As on 11.07.2007
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Category |
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Percentage |
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Directors or relatives of directors |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Tool Holding Systems. |
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GENERAL
INFORMATION
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Bankers : |
Main Branch State Bank Road, Coimbatore – 641 018, Tamilnadu, India.
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
K. Badri Narayanan Chartered Accountants |
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Address : |
366 A, Alagesan Road, Saibaba Colony, Coimbatore – 641 011, Tamilnadu,
India. |
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Associates/Subsidiaries : |
NIL |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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500000 |
Equity Shares |
Rs.10/- Each |
Rs.5.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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30000 |
Equity Shares |
Rs.10/- Each |
Rs.0.300
Million |
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FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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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 |
0.300 |
0.300 |
0.300 |
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2] Share Application Money |
4.700 |
4.700 |
3.276 |
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3] Reserves & Surplus |
0.000 |
0.264 |
0.268 |
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4] (Accumulated Losses) |
(4.035) |
0.000 |
0.000 |
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NETWORTH |
0.965 |
5.264 |
3.844 |
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LOAN FUNDS |
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1] Secured Loans |
8.381 |
0.770 |
0.000 |
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2] Unsecured Loans |
61.732 |
58.068 |
0.066 |
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TOTAL BORROWING |
70.113 |
58.838 |
0.066 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.010 |
0.014 |
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TOTAL |
71.078 |
64.112 |
3.924 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
61.460 |
60.208 |
0.171 |
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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 |
8.038
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3.715 |
0.566 |
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Sundry Debtors |
2.567
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0.739 |
0.775 |
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Cash & Bank Balances |
1.218
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1.088 |
4.828 |
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Other Current Assets |
0.000
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0.000 |
0.000 |
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Loans & Advances |
2.233
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1.491 |
0.206 |
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Total
Current Assets |
14.056
|
7.033 |
6.375 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
4.188
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2.998 |
2.540 |
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Provisions |
0.250
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0.131 |
0.082 |
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Total
Current Liabilities |
4.438
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3.129 |
2.622 |
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Net Current Assets |
9.618
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3.904 |
3.753 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
71.078 |
64.112 |
3.924 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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Sales Turnover |
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5.185 |
7.049 |
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Other Income |
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0.104 |
0.000 |
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Total Income |
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5.289 |
7.049 |
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Profit/(Loss) Before Tax |
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0.123 |
0.225 |
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Provision for Taxation |
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0.127 |
0.091 |
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Profit/(Loss) After Tax |
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(0.004) |
0.134 |
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Expenditures : |
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Financial Charges |
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0.007 |
0.004 |
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Depreciation & Amortization |
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0.050 |
0.046 |
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Other Expenditure |
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5.109 |
6.774 |
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Total Expenditure |
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5.166 |
6.824 |
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KEY RATIOS
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
NA
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(0.08) |
1.90 |
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Net Profit Margin (PBT/Sales) |
(%) |
NA
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2.37 |
3.19 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
NA
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0.18 |
3.44 |
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Return on Investment (ROI) (PBT/Networth) |
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NA
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0.02 |
0.06 |
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Debt Equity Ratio (Total Liability/Networth) |
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77.25
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11.77 |
0.70 |
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Current Ratio (Current Asset/Current Liability) |
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3.17
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2.25 |
2.43 |
LOCAL AGENCY
FURTHER INFORMATION
FORM 8
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This form is for |
Creation of
charge |
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Corporate
identity number of the company |
U02922KA2000PTC027325 |
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Name of the company
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LEXIS TOOLING SYSTEMS PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
No.617, 1st Main, 4th Sector, HSR Layout,
Bangalore – 560 034, Karnataka, India. |
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Type of charge |
Hypothecation |
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Particular of
charge holder |
Main Branch State Bank Road, Coimbatore – 641 018, Tamilnadu, India. E-Mail: sbicbegs@md4.vsnl.net.in |
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Nature of description
of the instrument creating or modifying the charge |
1.Agreement of
Loan cum Hypothecation 2.Letterevidencing
creation of Equitable Mortgage |
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Date of
instrument Creating the charge |
07.07.2006 |
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Amount secured by
the charge |
Rs.13.000 Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Export Packing
Credit – Rs.8.000 Millions Internet @ 275% below LC Limit –
Rs.4.000 Millions
SBI Advance Rate Effective
Rate 8% p.a. Bank Guarantee
Limit – Rs.1.000 Million Margin – 25% |
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Description of
the property charged indicating whether it is a charged on |
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Particulars of
the property charged |
1.Raw Materials
Stock in Process and Finished Goods and Receivables 2.Land and
Buildings belonging to the company located at 7/301, Eloor Road, Eloor Post, Pollachi
Main Road, Coimbatore – 641 032, Tamilnadu, India. |
WEBSITE DETAILS
Subject is an affiliate of Centaur Precision Tools Inc., USA an ISO 9001-2000 company. Centaur is the source for state-of-the-art precision engineered toolholding systems. Centaur products include Toolholding Collets, Collet Chucks, CNC Toolholders, VDI Toolholders, Tapping Systems and Power Milling Chucks.
Subject is leading manufacturer of tool holding systems in India. A nationwide network of sales and marketing offices, enables easy reach of their products anywhere in India. Lexis, a trusted partner for tool holding systems to many reputed Indian and international companies.
The fact that it is one of the largest exporters of collets globally speaks volumes about the quality and precision of its products. They are exported to Europe, USA, Canada, South America and other parts of Asia.
Manufacturing facility
Subject has an extensive range of products which are manufactured to DIN, ANSI and other international standards. To ensure availability of the entire range at all times, without compromising on quality, Subject has established a state-of-the-art manufacturing facility. Located at Coimbatore, the facility occupies 11 acres. The facility has easy access to surface, air and sea transport.
Every process of design, manufacturing and testing can be completed at this vast plant. Swiss, Japanese and German machines are being used to a large extent, operated by internationally qualified and trained personnel. The facility comprises of Research and development department that helps to improve, innovate and create new products Design studio equipped with high-end workstations and qualified engineers.
Raw material sourced from reputed international manufacturers of high grade spring steel.
The products are manufactured on state of the art CNC Machines.
Other facilities are fluidised bed furnace for hardening, 24 hour power backup and replenishing the ground water by rain harvesting systems
Quality Assurance
They understand how much the quality and accuracy of the end product matters to you. That is why, at Subject, right from the raw material to every procedure in manufacturing to the extensive testing they do, everything is geared towards producing zero defect products with guaranteed tolerances.
Each manufacturing process passes rigid quality checks through high precision gauges. SQC techniques are used for quality assurance where necessary. Subject adheres to internationally accepted quality systems and procedures and periodical quality audits are carried out to ensure compliance.
When you use tool holding systems from Lexis you are assured of
- Top notch quality
- Precision engineering
- The industry's strictest tolerances
- Easy availability of a wide range of products
- After sales support
- Competitive pricing
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
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Indian Rupees |
|
US Dollar |
1 |
Rs.44.37 |
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UK Pound |
1 |
Rs.78.09 |
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Euro |
1 |
Rs.63.41 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
5 |
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PAID-UP CAPITAL |
1~10 |
3 |
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OPERATING SCALE |
1~10 |
3 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
3 |
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--PROFITABILIRY |
1~10 |
-- |
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--LIQUIDITY |
1~10 |
4 |
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--LEVERAGE |
1~10 |
4 |
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--RESERVES |
1~10 |
4 |
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--CREDIT LINES |
1~10 |
3 |
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--MARGINS |
-5~5 |
-- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
NO |
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--AFFILIATION |
YES/NO |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
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29 |
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 |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
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71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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