MIRA
INFORM REPORT
|
Report Date : |
06.07.2011 |
IDENTIFICATION DETAILS
|
Name : |
LUCID COLLOIDS LIMITED (W.E.F. 28.11.2000) |
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Formerly Known
As : |
LUCID COLLOIDS PRIVATE LIMITED |
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Registered
Office : |
401, Navbharat Estate, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
23.05.1996 |
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Com. Reg. No.: |
11-99800 |
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Capital
Investment/ Paid-up Capital: |
Rs.78.750 Millions |
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CIN No.: [Company Identification
No.] |
U24311MH1996PLC099800 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUML04395G |
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PAN No.: [Permanent Account No.] |
AAACL2673B |
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Legal Form : |
A closely held public limited liability company |
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Line of Business
: |
Manufacturing, Marketing and Distribution of Guar Gum and Allied
Hydrocolloid Gums. |
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No. of
Employees: |
250 (Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (47) |
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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 1500000 |
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Status : |
Satisfactory |
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Payment
Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a well established
company having satisfactory track. Trade relations are reported as fair.
Business is active. Payments are reported to be usually correct and as per
commitments. The company can be
considered normal for 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) |
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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/Corporate
Office : |
401, Navbharat Estate, |
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Tel. No.: |
91-22-24158059 |
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Fax No.: |
91-22-24158074 / 75 |
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E-Mail : |
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Website : |
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Factory 1 : |
B 5/7, Marudhar Industrial Area, Basni, |
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Tel. No.: |
91-291-2740213 / 22720213 |
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Fax No.: |
91-291-2740398 / 22720398 |
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Factory 2: |
Located at |
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Sales Offices |
·
595, Pocket E, Mayur Vihar, Phase II, Tel No. 91-11-22781087 E Mail :
luciddel@lucidgroup.com ·
1252/19, P. M. Laxmiah Layout, Opp. Raheja Park
Apartments, Magadi Road, Chord Road, Vijay Nagar, Bangalore – 560 040,
Karnataka Tel. No. 91-80-23109120 Mobile No. 98441 53256 E Mail :
lucidban@lucidgroup.com ·
A/220, Popular Plaza, Someshwar Complex – 1,
Satellite Road, Ahmedabad – 380 015, Tel No. : 91-79-26775494 Mobile No. : 98241 13077 E Mail :
lucidahm@lucidgroup.com |
DIRECTORS
As on 27.09.2010
|
Name : |
Mr. Uday C. Merchant |
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Designation : |
Managing Director |
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Address : |
9A, Suraj Apartments, 68, F. L.
Jagmohandas Marg, |
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Date of Birth/Age
: |
26.11.1958 |
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Date of
Appointment : |
23.05.1996 |
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DIN No.: |
00389598 |
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Name : |
Mrs. Shailaja U. Merchant |
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Designation : |
Whole Time Director |
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Address : |
9A, Suraj Apartments, 68, F. L.
Jagmohandas Marg, |
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Date of
Birth/Age : |
19.11.1958 |
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Date of
Appointment : |
01.01.2011 |
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DIN No.: |
00389482 |
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Name : |
Mr. Marezban P. Bharucha |
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Designation : |
Director |
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Address : |
7/E, |
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Date of
Birth/Age : |
29.10.1948 |
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Date of
Appointment : |
15.03.2000 |
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DIN No: |
00361911 |
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Name : |
Mrs. Anima B. Kapadia |
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Designation : |
Director |
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Address : |
Gita, ‘B’ Wing, Flat No. 68, 8th
Floor, |
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Date of
Birth/Age : |
04.07.1951 |
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Date of
Appointment : |
12.06.2000 |
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DIN No.: |
00095831 |
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Name : |
Mr. Sudhir G. Kulkarni |
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Designation : |
Whole Time Director |
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Address : |
2/3, Ellora Cooperative Housing Society, Vishnu Nagar, Dombivli
(West) , Thane – 421201 |
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Date of
Birth/Age : |
03.08.1951 |
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Date of
Appointment : |
12.06.2003 |
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DIN No.: |
00460322 |
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Name : |
Mr. Bharat S. Parikh |
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Designation : |
Whole Time Director |
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Address : |
A/7, Neelkanth Jyot, Plot No. 168, |
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Date of
Birth/Age : |
22.11.1949 |
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Date of Appointment
: |
12.06.2003 |
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DIN No.: |
00389776 |
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Name : |
Mr. Nikunj C Dhuldhoya |
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Designation : |
Whole Time Director |
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Address : |
22, Amit Tata Cooperative Housing Society Limited, 1104 Murari Ghag
Marg, Prabhadevi, Mumbai – 400025, |
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Date of
Birth/Age : |
12.11.1948 |
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Date of
Appointment : |
12.06.2003 |
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DIN No.: |
00460068 |
MAJOR SHAREHOLDERS
As on 27.09.2010
|
Names of Shareholders |
No. of Shares |
|
Uday C. Merchant |
848181 |
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|
398529 |
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Lucid Technologies Private Limited, Mumbai, |
1 |
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Lucid Flavitalia Private Limited, Mumbai, |
1 |
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Visa Holdings Private Limited, Mumbai, |
2785501 |
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|
1 |
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Uday C. Merchant and |
1679400 |
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Uday C. Merchant HUF and |
201380 |
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Shailaja U Merchant and Uday C. Merchant |
444400 |
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Kunal U. Merchant |
1183950 |
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|
273600 |
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Dhruti A. Vashi |
76 |
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Uday C. Merchant (HUF) |
3990 |
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Kunal U. Merchant and Sushila C Merchant |
990 |
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Uday C. Merchant and Sushila C Merchant |
55000 |
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Total |
7875000 |
Equity share breakup
(percentage of total equity)
(As on
30.09.2010)
|
Category |
Percentage |
|
Bodies corporate |
35.37 |
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Directors or relatives of directors |
62.02 |
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Others |
2.61 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business
: |
Manufacturing, Marketing and Distribution of Guar Gum and Allied
Hydrocolloid Gums. |
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Products : |
·
Alginate ·
Carob ·
Carrageenan ·
Cassia Gum ·
Citric Acid ·
Plant Equipment ·
Sesbania ·
Sesbania Gum ·
Stabiliser ·
Soluble Polymer ·
Yeast |
PRODUCTION STATUS AS ON 31.03.2010
|
Particulars |
Unit |
|
Installed
Capacity |
Actual
Production |
|
Electricity |
Kwh |
|
-- |
911 |
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Furnace Oil |
Kg |
|
-- |
55 |
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LPG |
Kg |
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-- |
9 |
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Guar Gum Powder |
M.T. |
|
18000 |
14509908 |
GENERAL INFORMATION
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No. of Employees
: |
250 (Approximately) |
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Bankers : |
Bank of Nariman Point Branch, |
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Facilities : |
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Banking
Relations : |
Satisfactory |
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Auditors : |
Kalyaniwalla and Mistry Chartered Accountant |
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Address: |
Kalpataru Heritage, 127, |
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Tel. No.: |
91-22-61587200 |
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Fax No.: |
91-22-22673964 |
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Subsidiaries: |
Lucid Colloids Middle |
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Associates: |
Taiyo Lucid Private Limited (TLPL) |
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Enterprises over
control exists : |
·
Lucid Flavitalia Private Limited Activity: It manufactures and distributes
flavours and flavour pastes. The manufacturing facilities are located at ·
Lucid Technologies Private Limited Activity: It offers consultancy,
troble-shooting, project consultancy and other services to the food
processing industry in ·
Visa Holdings Private Limited ·
Lucid |
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
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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|
7875000 |
Equity Shares |
Rs.10/- Each |
Rs.78.750 Millions |
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FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
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1] Share Capital |
78.750 |
78.750 |
78.750 |
|
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
290.227 |
254.565 |
243.024 |
|
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
368.977 |
333.315 |
321.774 |
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LOAN FUNDS |
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1] Secured Loans |
577.507 |
355.659 |
347.050 |
|
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
577.507 |
355.659 |
347.050 |
|
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DEFERRED TAX LIABILITIES |
10.593 |
8.917 |
8.526 |
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|
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TOTAL |
957.077 |
697.891 |
677.350 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
211.398 |
157.890 |
149.436 |
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Capital work-in-progress |
22.862 |
12.300 |
1.352 |
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INVESTMENT |
82.003 |
80.010 |
80.010 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
327.120
|
183.628 |
154.236
|
|
|
Sundry Debtors |
324.998
|
281.589 |
226.780
|
|
|
Cash & Bank Balances |
11.486
|
10.166 |
4.579
|
|
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Other Current Assets |
37.834
|
39.461 |
55.350
|
|
|
Loans & Advances |
39.669
|
34.636 |
64.594
|
|
Total
Current Assets |
741.107
|
549.480 |
505.539 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
40.418
|
13.959 |
17.946 |
|
|
Other Current Liabilities |
54.728
|
84.519 |
41.041 |
|
|
Provisions |
5.147
|
3.311 |
0.000 |
|
Total
Current Liabilities |
100.293
|
101.789 |
58.987 |
|
|
Net Current Assets |
640.814
|
447.691 |
446.552 |
|
|
|
|
|
|
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|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
957.077 |
697.891 |
677.350 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
1222.628 |
1458.311 |
831.461 |
|
|
|
Export Incentives |
49.556 |
58.504 |
33.457 |
|
|
|
Other Income |
33.594 |
30.069 |
15.508 |
|
|
|
TOTAL (A) |
1305.778 |
1546.884 |
880.426 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Material Consumed |
918.415 |
1031.280 |
609.665 |
|
|
|
Cost of Trading Goods Sold |
79.746 |
52.194 |
46.715 |
|
|
|
Administrative and other expenses |
246.141 |
318.138 |
178.120 |
|
|
|
Inventory Change |
(68.232) |
(4.776) |
(8.236) |
|
|
|
TOTAL (B) |
1176.070 |
1396.836 |
826.264 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
129.708 |
150.048 |
54.162 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
36.111 |
48.122 |
27.365 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
93.597 |
101.926 |
26.797 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
22.429 |
20.502 |
20.283 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
71.168 |
81.424 |
6.514 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
21.685 |
23.816 |
(0.422) |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
49.483 |
57.608 |
6.936 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
32.579 |
26.838 |
38.829 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
2.717 |
5.800 |
0.500 |
|
|
|
Interim Dividend |
11.813 |
39.375 |
15.750 |
|
|
|
Tax on Distributed Profit |
2.008 |
6.692 |
2.677 |
|
|
BALANCE CARRIED
TO THE B/S |
65.524 |
32.579 |
26.838 |
|
|
|
|
|
|
|
|
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|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
879.528 |
1019.529 |
454.256 |
|
|
|
Import Commission Received |
0.000 |
0.000 |
0.705 |
|
|
TOTAL EARNINGS |
879.528 |
1019.529 |
454.961 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
6.243 |
7.170 |
1.603 |
|
|
|
Trading Goods |
21.817 |
39.720 |
33.003 |
|
|
TOTAL IMPORTS |
28.060 |
46.890 |
34.606 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
6.28 |
7.32 |
0.88 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
3.79
|
3.72 |
0.79
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
5.82
|
5.58 |
0.78
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
7.47
|
11.51 |
0.93
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.19
|
0.24 |
0.02
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.84
|
1.40 |
1.26
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
7.39
|
5.40 |
8.57
|
LOCAL AGENCY FURTHER INFORMATION
Results of
Operation:
The company has achieved a total turnover of Rs. 1272.184 Millions as against
Rs. 1516.815 Millions in corresponding previous year. The reduction was due to
the severe global recession during late 2008 and lasting up to end 2009,
especially in the Oil and Gas industry in
Joint Venture:
Taiyo Lucid Private Limited, the joint venture promoted by the company
has started yielding good returns by way of Dividends and they are optimistic
to get same kind of robust results in coming years as well.
Investment in
Wholly owned subsidiary in Sharjah, UAE
In July, 2009 the Company has set up a 100% wholly owned subsidiary in
Sharjah under the name, “Lucid colloids Middle East Fze” to achieve logical and
marketing efficiencies. The total quantum of investment amounts to AED 150000
(About Rs. 1.950 Millions).
Investment in
wholly owned subsidiary in
The company is contemplating
incorporating a wholly owned subsidiary in the
CURRENT YEAR AND
FUTURE OUTLOOK
The Company continues to enjoy the status as preferred supplier with
certain key customers in the global market. This has helped significantly in
maintaining the turn over and profitability. The company continues its
multi-pronged strategy of strengthening existing customer relations, forming
new alliances with potential end users, expanding its product portfolio through
addition of new value-added products by in-house research and development
efforts, improving efficiencies and extending market reach by strengthening its
supply chain.
During the year under report, the company has revamped and upgraded the
existing plant and equipments to implement best practice in the industry. The
Company has been sanctioned a Term Loan to implement the capacity expansion and
modernisation by installing new equipments and infrastructure as well as enhancement
in its Working Capital Limits. The Company expects to increase capacity of
value added products in the coming years.
The Company’s efforts in various areas of research and development
including Agri research have started yielding benefits. New value-added
products manufactured on a commercial
scales have been well accepted in both international and domestic markets. The
Agri research activities of the Company undertaken over the last five years
have enabled the Company to ensure and secure a strong supplier base of
valuable high yielding Guar Seeds from Rajasthan and Haryana and to interact
directly with the farming community and help them implement good farming
practices. The Company’s Organic Guar Project is progressing well and the
Company has recently received Organic Certification. During 2010-11, the
Company has involved 700+ farmers in Rajasthan to produce Organic Guar Seeds.
During the current year, the Company will introduce Organic Certified Guar Gum
to the global market for use in the food industry. This project is expected to
exponentially expand over the next 3 years.
The Company has received recognition status as a “Trading House” under
the current Foreign Trade Policy of the Government of India. The Company continues
to be ISO 9001, 14001 and 22000 certified. During the year, the Company has
passed several audits carried out by existing and potential customers with
flying colours.
The Company has achieved a turn over of Rs. 940.000 Millions during the
period April 2010 to August 2010 as against Rs. 440.000 Millions of the
corresponding period of previous year. The long term future out look of the
Company is good. The Company is now in the process of enhancing future capacity
of manufacturing new products by upgrading the existing plant and installing
new equipment. The Company has approached its Bankers for sanction of
additional Term Loan to implement the planned capital expansion and installing
new machineries and as well as enhancing its working capital loan. On
completion of the planned expansion, the Company expects an increase in
capacity of value added products which will enhance the turn over and
profitability of the Company.
Contingent
Liabilities:
a) Claim against the company not acknowledged as debts:
Income – Tax demands disputed by the company Rs. 7.370 Millions
(Previous year Rs. 7.370 Millions)
b) Guarantee given by company’s bankers on behalf of the company
(against counter guarantee given by the company) in favour of Sales Tax
Authorities Rs. 0.005 Million (Previous year Rs. 0.005 Million)
c) Joint Venture Capital Commitments:
i)
The company has entered into a joint Venture
Agreement (“JVA”) with i) Taiyo Kagaku Company Limited, Japan (“TKC”) and (ii)CBC Company Limited, Japan
(“CBC”) to establish a Joint Venture Company (“JVC”) in India- Taiyo Lucid
Private Limited (“TLPL”), wherein the company has a 40% share in the equity
share capital of TLPL.
ii)
The amount of contracts entered into by the JVC
(TLPL) and remaining to be executed on capital account, to the extent not
provide for as at the balance sheet date, is estimated to be Rs. Nil (Previous
year Rs. 0.211 Million) The company’s 40% share therein amounts to Rs. Nil
(Previous year Rs. 0.084 Million)
iii)
Bond executed by the JVC (TLPL) amounting to Rs.
20.000 Millions (Previous year Rs. 20.000 Millions) in favour of the
Central Excise Authorities for receipt
of Plant and Machinery and dispatch of goods without payment of excise duty.
The company’s 40% share therein amounts to Rs. 8.000 Millions (Previous year
Rs. 8.000 Millions)
iv)
Standby letter of credit executed by the JVC (TLPL)
Rs. Nil (Previous year Rs. 15.219) The company’s 40% share therein amounts to
Rs. Nil (Previous year Rs. 6.088 Millions)
v)
Guarantee given by the bank to the JVC (TLPL) Rs. 0.200
Million (Previous year Rs. 0.200 Million). The company’s 40% share therein
amounts to Rs. 0.080 Million (Previous year Rs. 0.080 Million)
vi)
Demand raised by the Income- tax authorities on JVC
(TLPL) Rs. 0.752 Millions (Previous year Rs. 0.752 Million) the company’s 40%
share therein amounts to Rs. 0.301 Millions (Previous year Rs. 0.301 Million)
Form No. 8
|
Corporate
identity number of the company |
U24311MH1996PLC099800 |
|
Name of the
company |
LUCID COLLOIDS LIMITED |
|
Address of the registered
office or of the principal place of
business in |
401, Navbharat Estate, |
|
This form is for |
Modification of
charge |
|
Charge
Identification Number of the charge to be modified |
80002428 |
|
Type of charge |
·
Immovable
Property |
|
Particular of
charge holder |
Bank of Nariman Point Branch, |
|
Nature of
instrument creating charge |
Supplemental
Memorandum of Entry |
|
Date of
instrument Creating the charge |
10.02.2011 |
|
Amount secured by
the charge |
Rs. 10.02.2011 |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
·
Rate
of interest As stipulated by the bank form time to time ·
Terms
of repayment As stipulated by the bank form time to time ·
Margin As stipulated by the bank form time to time ·
Extent
and operation of the charge Creation of Mortgage of Title Deeds to secure various loans and
working capital facilites granted by Bank of Baroda |
|
Short Particulars of the property or assets
charges (Including complete address and location of the property) |
Company’s
immovable properties At B-5, B-6, B-7, |
|
Date of last
modification prior to the present modification |
21.03.2009 |
|
Particulars of
the present modification |
By Present
modification, charge is increased to Rs. 955.900 Millions |
|
Corporate
identity number of the company |
U24311MH1996PLC099800 |
|||||||||||||||||||||||||||
|
Name of the
company |
LUCID COLLOIDS LIMITED |
|||||||||||||||||||||||||||
|
Address of the
registered office or of the principal place of business in |
401, Navbharat Estate, |
|||||||||||||||||||||||||||
|
This form is for |
Modification of
charge |
|||||||||||||||||||||||||||
|
Type of charge |
·
Book
debts ·
Movable
property (not being pledge) |
|||||||||||||||||||||||||||
|
Particular of
charge holder |
Bank of Nariman Point Branch, |
|||||||||||||||||||||||||||
|
Nature of
instrument creating charge |
Supplemental Composite
Agreement of hypothecation of goods, book debts, movable machinery and
vehicles |
|||||||||||||||||||||||||||
|
Date of
instrument Creating the charge |
17.03.2009 |
|||||||||||||||||||||||||||
|
Amount secured by
the charge |
Rs.698.200
millions |
|||||||||||||||||||||||||||
|
Brief of the principal
terms an conditions and extent and operation of the charge |
·
Rate
of interest Interest : 1.50% over Prime lending rate of the bank per annum with
monthly rests ·
Terms
of repayment Term - I, (Fresh) II PC/PCFC/CC- Cum FBP/UFBP/FCBD/PSDL Inland / Import LC Inland Guarantee Forward Contract ·
Margin 25% on Stock 25% on Book Debts ·
Extent
and operation of the charge Bank of Baroda B/O Nariman Point Branch Mumbai first charge holder ·
Others
(Rs. in millions)
|
|||||||||||||||||||||||||||
|
Particulars of
the property charged |
Goods, Book
Debts, Moveable Machinery and vehicles |
|||||||||||||||||||||||||||
|
Particulars of
the present modification |
Charge increased
to Rs.698.200 millions |
Fixed Assets
·
·
Buildings
·
Plant and Machinery
·
Furniture, Fixtures and Fittings
·
Office Equipment
·
Computers
·
Vehicles
·
Computer Software
Web Details
Subject is a premier
manufacturer of Guar Gum, other hydrocolloids and their derivatives based in
Subject was previously
known as Indian Gum Industries, a joint venture Company with Cesalpinia S. p. A
of
The State-of-the-art
plant is located in
The Head office is
located in
Subject is also a Joint
Venture partner in Taiyo Lucid Private Limited, a Joint venture between Lucid
and Taiyo Kagaku Company of
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.44.50 |
|
|
1 |
Rs.71.25 |
|
Euro |
1 |
Rs.64.40 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
47 |
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.