MIRA INFORM REPORT
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Report Date : |
06.04.2011 |
IDENTIFICATION DETAILS
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Name : |
LOTUS AVIATION TECHNOLOGY PRIVATE LIMITED |
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Registered Office : |
J-3/36, Lower Ground Floor, |
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Country : |
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Financials (as on) : |
31.03.2009 |
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Date of Incorporation : |
27.04.2005 |
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Com. Reg. No.: |
55-035710 |
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CIN No.: [Company
Identification No.] |
U74999HR2005PTC035710 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DELL03617F |
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PAN No.: [Permanent
Account No.] |
AABCL0916C |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Providing IT enabled engineering services that envelope
CAD, - CAE, e-Engineering and software for - Engineering Solutions for the
engineering industries. |
RATING & COMMENTS
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MIRA’s Rating : |
B (28) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 500 |
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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 having moderate track. The company
has incurred a loss in the current year. However, trade relations are fair.
Business is active. Payments are reported to be slow but correct. The company can be considered for business dealings with some caution.
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NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – April 1, 2010
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Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
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A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
LOCATIONS
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Registered Office : |
J-3/36, Lower Ground Floor, |
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E-Mail : |
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Website : |
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Corporate Office : |
E-575A, 1st Floor, G K Part – II, |
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Tel. No.: |
91-11-40581560-62 |
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Fax No.: |
91-11-40581563 |
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E-Mail : |
DIRECTORS
As On 30.09.2009
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Name : |
Ms. Kavita R P Sharma |
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Designation : |
Whole Time Director |
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Address : |
S-219, Greater Kailash – II, |
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Date of Birth/Age : |
09.01.1968 |
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Date of Appointment : |
01.04.2007 |
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DIN No.: |
00514437 |
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Name : |
Mr. Arni Gopalaswamy Krishnaswamy |
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Designation : |
Director |
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Address : |
3B, Vatsalya Apartments, 1A Cross, I.P. Nagar, IInd Phase, |
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Date of Birth/Age : |
26.07.1955 |
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Date of Appointment : |
12.05.2006 |
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Name : |
Mr. Ashok C P Sharma |
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Designation : |
Whole Time Director |
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Address : |
S-219, Greater Kailash – II, |
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Date of Birth/Age : |
18.10.1961 |
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Date of Appointment : |
01.04.2007 |
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DIN No.: |
00518853 |
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Name : |
Mr. Amit Suraj Prakash Gulati |
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Designation : |
Director |
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Address : |
C-93A, Kalkaji, |
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Date of Appointment : |
27.04.2005 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As On 30.09.2009
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Names of Shareholders |
No. of Shares |
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Lotus Mines and Metallic Private Limited – |
9990 |
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Ashok Sharma |
10 |
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Total |
10000 |
As On 25.03.2010
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List of Allottees |
No. of Shares |
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Bhuvneshwari Vyapaar Private Limited – |
100000 |
As On 30.09.2009
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Category |
Percentage |
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Bodies corporate |
99.90 |
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Directors or relatives of Directors |
0.10 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Providing IT enabled engineering services that envelope
CAD, - CAE, e-Engineering and software for - Engineering Solutions for the
engineering industries. |
GENERAL INFORMATION
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No. of Employees : |
30 (approximately) |
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Bankers : |
Not Available |
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Banking
Relations : |
- |
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Auditors : |
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Name : |
A Banshal and Associates Chartered Accountant |
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Address : |
J-3/36, Lower Ground Floor, |
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Tel. No.: |
91-124-4052397-98 |
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Fax No.: |
91-124-4052396 |
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E-Mail : |
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Pan No.: |
AANFA5764E |
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Holding Company : |
CIN: U00368DL2005PTC140325 |
CAPITAL STRUCTURE
As On 31.03.2009
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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50000 |
Equity Shares |
Rs.10/- each |
Rs.0.500 million |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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10000 |
Equity Shares |
Rs.10/- each |
Rs.0.100
million |
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As On 30.09.2009
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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150000 |
Equity Shares |
Rs.10/- each |
Rs. 1.500 million |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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110000 |
Equity Shares |
Rs.10/- each |
Rs. 1.100
million |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2009 |
31.03.2008 |
31.03.2007 |
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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 |
0.031 |
2.168 |
0.000 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
(0.274) |
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NETWORTH |
0.131 |
2.268 |
(0.174) |
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LOAN FUNDS |
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1] Secured Loans |
2.454 |
3.017 |
0.000 |
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2] Unsecured Loans |
0.436 |
0.688 |
0.640 |
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TOTAL BORROWING |
2.890 |
3.705 |
0.640 |
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DEFERRED TAX LIABILITIES |
0.484 |
0.216 |
0.000 |
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TOTAL |
3.505 |
6.189 |
0.466 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
5.063 |
5.534 |
0.000 |
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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 |
0.000
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0.000
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0.000 |
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Sundry Debtors |
0.000
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0.000
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0.000 |
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Cash & Bank Balances |
4.494
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14.398
|
0.003 |
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Other Current Assets |
0.000
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0.000
|
0.000 |
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Loans & Advances |
9.473
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2.200
|
0.479 |
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Total
Current Assets |
13.967
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16.598
|
0.482 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
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Other Current Liabilities |
14.085
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14.587
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0.043 |
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Provisions |
1.449
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1.374
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0.000 |
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Total
Current Liabilities |
15.534
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15.961
|
0.043 |
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Net Current Assets |
(1.567)
|
0.637
|
0.439 |
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MISCELLANEOUS EXPENSES |
0.009 |
0.018 |
0.027 |
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TOTAL |
3.505 |
6.189 |
0.466 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2009 |
31.03.2008 |
31.03.2007 |
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Sales and Other
Income |
1.507 |
24.455 |
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Less |
EXPENSES |
2.755 |
20.109 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
(1.248) |
4.346 |
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Less/ Add |
DEPRECIATION/
AMORTISATION |
0.545 |
0.315 |
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PROFIT BEFORE
TAX |
(1.793) |
4.031 |
NA |
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Less |
TAX |
0.343 |
1.590 |
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PROFIT AFTER TAX
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(2.136) |
2.441 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
2.167 |
(0.274) |
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BALANCE CARRIED
TO THE B/S |
0.031 |
2.167 |
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KEY RATIOS
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PARTICULARS |
|
31.03.2009 |
31.03.2008 |
31.03.2007 |
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PAT / Total Income |
(%) |
(141.74)
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9.98
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NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
(9.42)
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18.21
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NA |
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Return on Investment (ROI) (PBT/Networth) |
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(13.69)
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1.78
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NA |
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Debt Equity Ratio (Total Liability/Networth) |
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140.64
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8.67
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6.83 |
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Current Ratio (Current Asset/Current Liability) |
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0.90
|
1.04
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11.21 |
LOCAL AGENCY FURTHER INFORMATION
The Registered Office of the company has been shifted from K-3/27 DLF
City Phase II Gurgaon,
WEB DETAILS
PROFILE
Subject’s Technical and Software Development, Research and
Development and Manufacturing team consists of highly qualified engineering staff,
who understand the physics of the problem and offer appropriate technology
solutions. With a right combination of the facilities in
Subject’
is envisioned as a Centre of Excellence for engineering services with a
commitment to offer high Quality, cost effective services to global clients.
The Aerospace Service offerings presented herein describe the range of services
relating to Aerospace Industries.
All
the Consultants have Engineering education from the various Aeronautical and
It is
the only exclusively focused Engineering service company with an in-depth
knowledge and experience from amongst the Indian software companies. With core
professionals from Aerospace background in-charge of the operations, combined
with the constant interaction with other Academic Faculty and Industry, Subject
vision is to nurture its core competency in the area of Aeronautics and
Aerospace by reaching out to the Aeronautical and Space Industries worldwide.
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
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.44.45 |
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|
1 |
Rs.71.59 |
|
Euro |
1 |
Rs.63.01 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
4 |
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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 |
4 |
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--PROFITABILIRY |
1~10 |
3 |
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--LIQUIDITY |
1~10 |
3 |
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--LEVERAGE |
1~10 |
3 |
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--RESERVES |
1~10 |
3 |
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--CREDIT LINES |
1~10 |
2 |
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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 |
YES |
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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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28 |
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 |
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 |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or
its officials.