MIRA
INFORM REPORT
|
Report Date : |
30.08.2011 |
IDENTIFICATION DETAILS
|
Name : |
LOGICON ALTERNATE FUELS PRIVATE LIMITED |
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Registered
Office : |
Plot No. R-78, T.T.C. Industrial Area, Rabale, P. O. Ghansoli, Navi
Mumbai – 400 701, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
27.08.2009 |
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Com. Reg. No.: |
11-195274 |
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Capital
Investment / Paid-up Capital : |
Rs.0.100 million |
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CIN No.: [Company Identification
No.] |
U11102MH2009PTC195274 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUML07611C |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer and Importer of CNG Kit / LPG Kit and Accessories. |
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No. of Employees
: |
25 Approximately |
RATING & COMMENTS
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MIRA’s Rating : |
B (26) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 400 |
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Status : |
New Company |
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Payment Behaviour : |
Unknown |
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Litigation : |
Clear |
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Comments : |
Subject is a new company establishing itself gradually. The company
has achieved sizable turnover in its very first year of operation. Trade
relations are reported as fair. Business is active. Payment terms are
unknown. The company can be considered for business dealings with some
caution. |
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
|
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 |
|
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 |
INFORMATION PARTED BY
|
Name : |
Mr. Rajan |
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Designation : |
Assistant Account Manager |
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Date : |
27.08.2011 |
LOCATIONS
|
Registered Office/Factory : |
Plot No. R-78, T.T.C. Industrial Area, Rabale, P. O. Ghansoli, Navi
Mumbai – 400 701, |
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Tel. No.: |
91-22-27898077 / 27892751 |
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Fax No.: |
91-22-27898081 / 27892750 |
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E-Mail : |
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Website : |
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Location : |
Owned |
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Corporate Office : |
47/48, Mahavir Centre, Sector 17, Vashi, Navi Mumbai – 400 703, |
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Tel. No.: |
91-22-27898077 |
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Fax No.: |
91-22-27898081 |
DIRECTORS
As on 30.09.2010
|
Name : |
Ms. Sudha Balachandran Subramanian |
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Designation : |
Director |
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Address : |
Sai Villa, Plot No. 20, |
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Date of Birth/Age : |
09.03.1956 |
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Date of Appointment : |
27.08.2009 |
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DIN No. : |
00414124 |
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Name : |
Mr. Balachandran Ganapathi Subramanian |
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Designation : |
Whole Time Director |
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Address : |
Sai Villa, Plot No. 20, |
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Date of Birth/Age : |
17.10.1950 |
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Date of Appointment : |
27.08.2009 |
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DIN No. : |
00414122 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2010
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Names of Shareholders |
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No. of Shares |
|
Balachandran Ganapathi Subramanian |
|
5000 |
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Sudha Balachandran Subramanian |
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5000 |
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Total |
|
10000 |
As on 30.09.2010
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Equity Share Breakup |
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Percentage of Holding |
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Category |
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Directors
or relatives of directors |
|
100.00 |
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Total |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Importer of CNG Kit / LPG Kit and Accessories. |
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Imports : |
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Products : |
CNG Kit |
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Countries : |
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GENERAL INFORMATION
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Customers : |
·
Wholesalers ·
Retailers ·
End Users ·
Corporate ·
Ashok Leyland ·
·
Mahindra ·
Renault ·
Tata ·
·
JS Auto Private Limited |
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No. of Employees : |
25 Approximately |
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Bankers : |
Indian Overseas Bank Chembur Branch, Fine Arts Cultural Centre, R C Marg, Chembur, Mumbai –
400 071, |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Shah Shah and Shah Chartered Accountant |
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Address : |
502, |
CAPITAL STRUCTURE
After 30.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1000000 |
Equity Shares |
Rs.10/- each |
Rs.10.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
50000 |
Equity Shares |
Rs.10/- each |
Rs.0.500
million |
As on 30.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
100000 |
Equity Shares |
Rs.10/- each |
Rs.1.000 million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
10000 |
Equity Shares |
Rs.10/- each |
Rs.0.100
million |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
|
31.03.2010 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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|
0.100 |
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2] Share Application Money |
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|
0.000 |
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3] Reserves & Surplus |
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|
0.000 |
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4] (Accumulated Losses) |
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|
0.000 |
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NETWORTH |
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|
0.100 |
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LOAN FUNDS |
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1] Secured Loans |
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|
0.000 |
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2] Unsecured Loans |
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|
5.300 |
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TOTAL BORROWING |
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5.300 |
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DEFERRED TAX LIABILITIES |
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0.000 |
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TOTAL |
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5.400 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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0.700 |
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Capital work-in-progress |
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0.000 |
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INVESTMENT |
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0.000 |
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DEFERREX TAX ASSETS |
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|
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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0.000 |
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Sundry Debtors |
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0.000 |
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Cash & Bank Balances |
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|
4.851 |
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Other Current Assets |
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|
0.025 |
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Loans & Advances |
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|
0.000 |
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Total
Current Assets |
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4.876 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
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0.000 |
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Other Current Liabilities |
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0.411 |
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Provisions |
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|
0.000 |
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Total
Current Liabilities |
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0.411 |
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Net Current Assets |
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4.465 |
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MISCELLANEOUS EXPENSES |
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0.235 |
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TOTAL |
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5.400 |
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PROFIT & LOSS
ACCOUNT
|
Particulars |
|
|
31.03.2011 |
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Sales Turnover (Approximately) |
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|
180.000 |
The above information has been parted by Mr. Rajan
KEY RATIOS
|
PARTICULARS |
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31.03.2010 |
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Debt Equity Ratio (Total Liability/Networth) |
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57.11 |
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Current Ratio (Current Asset/Current Liability) |
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11.86 |
LOCAL AGENCY FURTHER INFORMATION
NOTE
The Registered Office of the company has been shifted from 47/48,
Mahavir Centre, Sector 17, Vashi, Navi Mumbai – 400 703,
FINANCIAL RESULTS
The Company is yet to commence commercial activities. In view of this,
no Profit and Loss A/c. is drawn.
TRADE REFERENCES
·
Logicon Engineers Private Limited
FORM 8
|
Corporate identity number of the company |
U11102MH2009PTC195274 |
|
Name of the company |
Logicon Alternate Fuels Private Limited |
|
Address of the registered office or of the principal place of business in |
Plot No. R-78, T.T.C. Industrial Area, Rabale, P. O. Ghansoli, Navi
Mumbai – 400 701, |
|
This form is for |
Creation of charge |
|
Type of charge |
·
Book debts ·
Movable property (not being pledge) |
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Particular of charge holder |
Indian Overseas Bank Chembur Branch, Fine Arts Cultural Centre, R C Marg, Chembur, Mumbai –
400 071, |
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Nature of instrument creating charge |
Letter of Hypothecation in Form110E. |
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Date of instrument Creating the charge |
09.04.2010 |
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Amount secured by the charge |
Rs.54.000 millions |
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Brief of the principal terms an conditions and extent and operation of
the charge |
Rate of Interest Cash Credit : BPLR - 0.75% p.a. Letter of Credit : As per C.O. Circulars. Terms of Repayment Repayable on demand. Margin Cash Credit : 25% on paid stock and 50% on book debts. Letter of Credit : 25% Extent and Operation of the charge The charge is to operate as security, by way of first exclusive charge,
for the due repayment of credit facilities aggregating to Rs.54.000 millions
together with interests, additional interests, costs, charges, expenses and
all other moneys payable by the Company to the Bank in terms of sanction. Others Facility Limit (Rs. in millions) ----------
------------------------ Cash Credit 4.000 Letter of Credit 50.000
----------
54.000 |
|
Short particulars of the property or asset(s) charged (including
complete address and location of the property) |
Hypothecation, by way of first charge, of all the Company's : a)
stocks which are stored or to be stored at the
company's premises or elsewhere and b)
book debts, receivables and other claims which
are due and owing to the company from time to time. |
WEB DETAILS
Profile
Subject is a leader in
Alternate Fuels, as a supplier and service provider to Automotive and Gen-Set
applications and subsequently, for 3-wheelers and heavy automobiles.
Subject offers current technology products and
systems to all leading automobile companies, adhering to applicable Indian and international standards.
The Team
The expertise lies in
· Adopting and integrating
the kit on the car, in terms of fuel consumption, emission, power,
drive-ability, ergonomics and aesthetics
· Guaranteeing
repetitive consistency of fitment
· The ability to
offer service round-the-clock
The core competency is sound technical knowledge
of the basic automotive system, which runs on conventional fuels, giving it a
edge to convert these systems to CNG or LPG mode. The kits offered range from
3-wheeler applications to heavy commercial vehicles, single cylinder engines to
six cylinder engines. Way back in 1992, Subject was the first to optimize and
get Landi Renzo kits approved in
The pilot lot of kits were first imported
and installed on the vehicles. The vehicles were tuned and optimized for use of
CNG as an alternate fuel to Gasoline. The first vehicle to be installed, tuned,
optimised and demonstrated on CNG was done under the onus of subject, alongwith
Gas Authority of India Limited (G.A.I.L). The first vehicle
to be certified by the test agency was duly approved for Fitment, Functionality
and Emission norms. After-sales, service, technical assistance, supply of
spares and expertise in adaptability of kits on automobiles is the core
activity by company. The additional activity undertaken was to develop and
adapt the CNG systems on other non-vehicular applications, viz. Gen-set and Fork-lift applications.
Till 1997, Alternate Fuel was an in-use
vehicle and after-market conversion business. Rigorous follow-up and exchange
of technical know-how and information made the OEMs (Original Equipment
Manufacturers) start it as an OE-fitment, which was initiated by Hindustan Motors, both for Ambassador
and RTV platform.
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 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.45.87 |
|
|
1 |
Rs.75.15 |
|
Euro |
1 |
Rs.66.67 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
2 |
|
--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 |
|
26 |
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.