MIRA INFORM REPORT

 

 

Report Date :

28.12.2011

 

IDENTIFICATION DETAILS

 

Name :

LEXUS SOFTMAC

 

 

Registered Office :

A1-A4, R. S. No. 59, Bamroli Road, Near Sosyo Circle, Off. Udhna Magdalla Road, Surat – 395017, Gujarat

 

 

Country :

India

 

 

Financials (as on) :

31.03.2011

 

 

Date of Incorporation :

28.03.2000

 

 

Com. Reg. No.:

G47/SRT/27/940 dtd. 27.12.1999

 

 

Capital Investment / Paid-up Capital :

Rs.101.846 Millions

 

 

IEC No.:

3700000057

 

 

Legal Form :

Partnership concern with an unlimited liability of the partners

 

 

Line of Business :

Manufacturer and Exporter of Diamond Processing Machines.

 

 

No. of Employees :

230 ( 30In Office, 180 In Factory and 20 In Branches ) (Approximately)

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba (54)

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Maximum Credit Limit :

USD 407384

 

 

Status :

Good

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

 

Comments :

Subject is a well established concern having satisfactory track. Partners are highly qualified, experienced, respectable and having satisfactory means of their own. Their trade relations are fair. Payments are correct and as per commitments.

 

The concern can be considered good for normal business dealings at usual trade terms and conditions.

 

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)

India

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

INFORMATION PARTED BY

 

Name :

Shri Janak Mistry

Designation :

Chief Executive Officer

Contact No.:

91-9879500008

Date :

23.12.2011

 

 

LOCATIONS

 

Registered Office / Administrative Office :

A1-A4, R. S. No. 59, Bamroli Road, Near Sosyo Circle, Off. Udhna Magdalla Road, Surat – 395017, Gujarat

Tel. No.:

91-261-2631942/2238586

Fax No.:

91-261-2631950

Mobile No.:

91-9879500008 (Mr. Janak Mistry)

E-Mail :

janak@lexus-com.com

sales@lexus-com.com

support@lexus-com.com

Website :

http://www.lexus-com.com

Area :

16000 sq. fts. (Owned)

 

 

Corporate Office :

1, Ram Ashish, Kadampalli, Near Suflam Soceity, Kadampalli, Timaliawad, Surat- 395001

Tel. No.:

91-261-2238586

Fax No.:

91-261-2236232

 

 

Surat Service Center:

39, Ambica Industries, Co-op. Socierty -2, Opp. Meghna Complex, Udhna Magdalla Road, Surat – 3950017, Guharat, India

Tel No.:

91-261-2238586

 

 

Mumabi Office/Services Center:

"C" wing 305 Kohinoor complex, next to Gulpham Hotel, W.E.Highway, Dahisar (E), Mumabi – 400068, India

Tel No.:

91-22-28488158/28910332

Email:

urvashi@lexus-com.com

 

 

Address:

112 Canterbury Road, Canterbury Vic - 3126, Australia

Tel No.:

91-61-3-9830-5600

Fax No.:

91-61-3-9836-3802

Email:

info@ideal-scope.com

Website

www.ideal-scope.com

 

 

PARTNERS

 

AS ON 31.03.2011

 

Name :

Mr. Utpal A. Mistry

Designation :

Partner (C.E.O)

Address :

31,32,33,34, Ganesh Park Co-Op. Housing Soc., Adajan Road, Surat, Gujarat

Date of Birth/Age :

43 years

Qualification :

BE- Electronics

Experience :

20 years

Date of Joining:

28.03.2000

Tel No.:

91-9879000062

Email:

utpal@lexus–com.com

 

 

Name :

Mr. Kamal A. Mistry

Designation :

Partner, Tech L.Q.C.

Address :

17,18,19,20, Ganesh Park Co-Op. Housing Soc., Adajan Road, Surat, Gujarat

Date of Birth/Age :

39 years

Experience :

20 years

Date of Joining:

28.03.2000

Tel No.:

91-9825385709

Email:

kamal@lexus-com.com

 

 

KEY EXECUTIVES

 

Name :

Mr. Janak A. Mistry

Designation :

Chief Executive Officer

Address :

1-2, Ganesh Park Soc, Nr. Lalji Nager, Adajan Road

Qualification :

B.E. (Mechanical) Gold Medalist

Tel No.:

91-9879500008

Date of Joining :

01.04.2005

Email:

janak@lexus-com.com

 

 

AS ON 31.03.2011

 

Equity Share Breakup

 

Percentage of Holding

Category

 

 

Directors or relatives of directors

 

100.00

 

Total

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer and Exporter of Diamond Processing Machines.

 

 

Products :

 

 

Brand Names :

Lexus Softmac

 

 

Agencies Held :
  • OctoNus Limited, Russia
  • HRD Equipment,  Belgium
  • Ideal- Scope.com, Australia
  • Rico Tools NV, Belgium
  • BLS Laser SA, Belgium

 

 

Exports :

 

                             Products :

Diamond Machines

Countries :

China, Japan, African Countries, European Countries

Imports :

 

                             Products :

Raw materials

Countries :

US, Canada, European Countries

 

 

Terms :

 

Selling :

Advance and Credit (30 Days)

 

 

Purchasing :

Cash, Credit (30 Days)

 

 

GENERAL INFORMATION

 

Supplier :

·         Rishi Laser Limited

·         Schneider Kreuznch

·         Teem Photonics

·         Leica Mikrosysteme Vertrib Gmbh

·         Allied Vision Technologies Canada Incorporation

 

 

Customers :

·         Karp Impex Limited

·         Facet Polishing Works Private Limited

·         K P Sanghvi and Sons

·         Shree Ramkrishna Exports

 

 

No. of Employees :

230 ( 30In Office, 180 In Factory and 20 In Branches ) (Approximately)

 

 

Bankers :
  • HDFC Bank Limited, Parle Point Branch, Surat
  • Bank of Baroda, Sagrampura Branch, Surat
  • Standard Chartered Bank, Gondal Road, Surat

 

 

Facilities:

Vehicle Loan Rs. 2.257 millions From HDFC Bank

 

Banking Relations :

--

 

 

Auditors :

 

Name :

Suresh Surana and Associates

Chartered Accountants

Address :

7th Floor, Belgium Tower, Surat

 

 

Associates/Subsidiaries :

Name: Lexus Machine

Address: 76,77 Ambica Ind. Co. Op. Soc-2, udhna Magdalla Road, Surat, Gujarat, India

Year of Establishment: 1995

Activity: Machine Manufacturing

 

 

 

Name: Lexus Software Services

Address: 180, 181, Ambica Ind. Co. Op. Soc-2, udhna Magdalla Road, Surat, Gujarat, India

Year of Establishment: 1997

Activity: Trading and Services

 

 

 

Name: LSS (STPi) – 100% EOU,

Address: 39, Ambica Ind. Co. Op. Soc-2, udhna Magdalla Road, Surat, Gujarat, India

Activity: Software Development and Exports

 

 

 

Name: D. K. Engineers

Address:27, Navrang Ind. Soc., Sangrampura, Surat, Gujarat, India

Year of Establishment: 1996

Activity: Machine Manufacturing

 

 

 

Name: Dzee Tech

Address: 25, Navrang Ind. Soc., Sangrampura, Surat, Gujarat, India

 

 

 

Name: Sun Computer Cons.,

Address: 39, Ground Floor, Ambica Ind. Co.Op.Sco-2., U. M. Road, Surat, Gujarat, India 

Year of Establishment: 1996

 

 

 

Name: Mistry Engineering Works

Address: 2/4646, Sagrampura, Surat, Gujarat, India 

Year of Establishment: 1946

 

 

 

Name:  Aarson Engineers

Address: 76/77-Ambica Indl. Co.op.Soc. 2, Udhna-Kmagdhalla Road, Surat, Gujarat, India

Activity: Manufacturer and Engineers, Specialists in Planning and Planomilling Jobs

 

 

CAPITAL STRUCTURE

 

AS ON 31.03.2011

 

Capital Investment :

Rs. In Millions

 

 

Capital

101.846

 

 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

31.03.2011

31.03.2010

31.03.2009

SHAREHOLDERS FUNDS

 

 

 

1] Capital

101.846

94.727

90.739

2] Share Application Money

0.000

0.000

0.000

3] Reserves & Surplus

0.000

0.000

0.000

4] (Accumulated Losses)

0.000

0.000

0.000

NETWORTH

101.846

94.727

90.739

LOAN FUNDS

1] Secured Loans

4.643

4.236

3.064

2] Unsecured Loans

 

 

 

TOTAL BORROWING

4.643

4.236

3.064

DEFERRED TAX LIABILITIES

0.000

0.000

0.000

 

 

 

 

TOTAL

106.489

98.963

93.803

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

10.867

10.576

9.290

Capital work-in-progress

0.000

0.000

0.000

 

 

 

 

INVESTMENT

43.389

40.110

18.601

DEFERREX TAX ASSETS

0.000

0.000

0.000

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
53.460

52.171

60.036

 

Sundry Debtors
1.365

2.159

11.740

 

Cash & Bank Balances
11.431

13.467

3.707

 

Other Current Assets
14.213

13.387

6.356

 

Loans & Advances

0.000

0.000

0.000

Total Current Assets
80.469

81.184

81.839

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

 

Sundry Creditors

0.000

0.000

0.000

 

Other Current Liabilities
28.236

32.907

15.927

 

Provisions

0.000

0.000

0.000

Total Current Liabilities
28.236

32.907

15.927

Net Current Assets
52.233

48.277

65.912

 

 

 

 

MISCELLANEOUS EXPENSES

0.000

0.000

0.000

 

 

 

 

TOTAL

106.489

98.963

93.803

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2011

31.03.2010

31.03.2009

 

SALES

 

 

 

 

 

Sales

168.805

158.821

121.090

 

 

Other Income

12.525

3.676

0.583

 

 

TOTAL                                     (A)

181.330

162.497

121.673

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

Cost of Materials

134.429

137.129

101.505

 

 

TOTAL                                     (B)

134.429

137.129

101.505

 

 

 

 

 

Less

PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B)      (C)

46.901

25.368

20.168

 

 

 

 

 

Less

FINANCIAL EXPENSES                         (D)

11.759

0.568

0.684

 

 

 

 

 

 

PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D)                                       (E)

35.142

24.800

19.484

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION                     (F)

1.839

1.837

1.818

 

 

 

 

 

 

PROFIT BEFORE TAX (E-F)                               (G)

33.303

22.963

17.666

 

 

 

 

 

Less

TAX                                                                  (H)

7.666

4.020

3.045

 

 

 

 

 

 

PROFIT AFTER TAX (G-H)                                (I)

25.637

18.943

14.621

 

 

 

 

 

 

Earnings Per Share (Rs.)

--

--

--

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2011

31.03.2010

31.03.2009

PAT / Total Income

(%)
14.13

11.65

12.01

 

 
 

 

 

Net Profit Margin

(PBT/Sales)

(%)
19.72

14.45

14.58

 

 
 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)
36.46

25.02

19.38

 

 
 

 

 

Return on Investment (ROI)

(PBT/Networth)

 
0.32

0.24

0.19

 

 
 

 

 

Debt Equity Ratio

(Total Liability/Networth)

 
0.32

0.39

0.20

 

 
 

 

 

Current Ratio

(Current Asset/Current Liability)

 
2.84

2.46

5.13

 

 

LOCAL AGENCY FURTHER INFORMATION

 

Website details:

 

Subject is a 100% Export Oriented Unit.

 

Subject exports diamond processing equipments and software.

 

It imports camera, lenses, pumps and electronic components.

 

Subject is in trade terms with the following:

 

  • Venus Jewel, Venus Estate, Laldarwaja, Sumul Dairy Road, Surat

Contact Person: Mr. Hitesh Shah

 

  • Karp Impex Limited, Karp House, Laldarwaja, Surat

Contact Person: Mr. Kishore Virani

 

  • K. Girdharlal, K.G. House, Umiya Mata Chowk, A. K. Road, Surat

Contact Person : Mr. Parag Shah

 

Subject is authorized distributor for:

 

  • Octo Nuts Limited, Russia
  • HRD Equipment, Belgium
  • Ideal-Scope.com, Australia
  • Rico Tools NV, Belgium
  • BLS Laser SA, Belgium

 

LEXUS GROUP:

 

Parent Company Nanabhai Hargovandas Iron Work Est. in 1946.

 

Group Turnover: Rs. 200.000 millions

Group Assets: Rs. 150.000 to 180.000 millions

Group Employees: 200 people

 

 

 

Global Partners :

 

Octonus Software Limited

Office 103, Building 3A, 2/4 Luzhnetskaya Naberezhhay, Moscow – 119270, Russia

91-7-495-939-5906/545-5719

7-495-932-8815

octonus@next.msu.ru

www.octonus.ru

 

 

Garry Holloway Fine Jewellwry

112 Canterbury Road, Canterbury Vic - 3126, Australia

91-61-3-9830-5600

91-61-3-9836-3802

info@ideal-scope.com

www.ideal-scope.com

 

 

 

Factory :

 

Comdiam Cvba Attn. Mr. Marc Thomassen, Plaslaar 50, 2500 Lier, Belgium

91-32-3-488-06-12

91-32-3-488-06-11

sales@comdiam.com

www.comdiam.com

 

Grensstraat 11, Industries Area, Klein Gent, 2270 Herent, Belgium

91-32-14211868

91-32-14212684

info@ricotools.be

www.ricotools.be

 

 

Shop Antwerp

 

Comdiam Cvba, Antwerp Sales Office, Attn. Ms. Antje Camps, Hoveniersstraat 22, 2018 Antwerp, Belgium

91-32-3-222-25-55

91-32-3-222-05-59

sales@comdiam.com

 

 

Vestingsstraat 66 (Near Diamond Bank), 2018 Antwerp, Belgium

91-32-3-233-35-58

91-32-3-233-35-58

info@ricotools.be

 

 

 

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.52.89

UK Pound

1

Rs.82.71

Euro

1

Rs.69.15

 

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

6

PAID-UP CAPITAL

1~10

6

OPERATING SCALE

1~10

6

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

6

--PROFITABILIRY

1~10

6

--LIQUIDITY

1~10

6

--LEVERAGE

1~10

6

--RESERVES

1~10

6

--CREDIT LINES

1~10

6

--MARGINS

-5~5

--

DEMERIT POINTS

 

 

--BANK CHARGES

YES/NO

YES

--LITIGATION

YES/NO

NO

--OTHER ADVERSE INFORMATION

YES/NO

NO

MERIT POINTS

 

 

--SOLE DISTRIBUTORSHIP

YES/NO

NO

--EXPORT ACTIVITIES

YES/NO

YES

--AFFILIATION

YES/NO

YES

--LISTED

YES/NO

NO

--OTHER MERIT FACTORS

YES/NO

YES

TOTAL

 

54

 

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

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.