MIRA
INFORM REPORT
|
Report Date : |
28.02.2011 |
IDENTIFICATION DETAILS
|
Name : |
LUMINOUS POWER TECHNOLOGIES PRIVATE LIMITED |
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Formerly Known As : |
SAR SILICON SYSTEMS PRIVATE LIMITED |
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Registered Office : |
C-8 and C-9, Community Centre, New Delhi-110058 |
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Country : |
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Financials (as on) : |
31.03.2009 |
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Date of Incorporation : |
10.06.1988 |
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Com. Reg. No.: |
55-032019 |
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CIN No.: [Company
Identification No.] |
U74899DL1988PTC032019 |
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TAN No.: [Tax
Deduction and Collection Account No.] |
DELS04188C |
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PAN No.: [Permanent
Account No.] |
AACS3561K |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of Solar Invertors, Power Invertors, Power Conditioning
Products, etc. |
RATING & COMMENTS
|
MIRA’s Rating : |
A (66) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
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Maximum Credit Limit : |
USD 7222000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well established and a reputed company having fine track.
Financials position of the company appears to be sound. Trade relations are reported as fair. Business is active. Payments are
reported to be regular 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 |
|
Insignificant |
A1 |
|
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. Ranjeev Kapoor |
|
Designation : |
Finance Manager |
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Contact No.: |
91-11-40778221 |
|
Date : |
23.02.2011 |
LOCATIONS
|
Registered/ Corporate Office : |
C-8 and C-9, Community Centre, New Delhi-110058, |
|
Tel. No.: |
91-11- 40778222/ 221/ 25558911/ 25558913-30 91-11-45500700 (Customer Care) |
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Fax No.: |
91-11-25558912 |
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E-Mail : |
surindra.khanna@luminousindia.com Global
Business Division E-mail: shayan.mukherjee@luminousindia.com Corporate
or Institutional Sales E-mail: ram.tiwari@luminousindia.com Finance E-mail: ranjeev.kapoor@luminousindia.com HR E-mail: kundan.varma@luminousindia.com Marketing E-mail: sridip.banerjee@luminousindia.com For
Trade Enquiry of Higher Capacity Inverters E-mail: ram.tiwari@luminousindia.com For Trade Enquiry of Online UPS E-mail: manish.anand@luminousindia.com For
Trade Enquiry of Line Interactive UPS E-mail: manish.anhal@luminousindia.com |
|
Website : |
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|
Area : |
3000 sq. ft. (Approximately) |
|
Location : |
Owned |
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Factory 1 : |
Lead Acid
Battery /Tubular Unit - I
Village-Ramnagar, P.O. Gagret, Tehsil-Amb,
District-Una, |
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Tel. No.: |
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Factory 2 : |
Unit
– II Plot No. 3, 3-A and 4, Industrial Area,
Gagret, Tehsil-Amb, District Una, Baddi, |
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Factory 3 : |
Unit – III Dev
Nagar, P.O. Gagret, Tehsil-Amb, District – Una, |
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Tel. No.: |
91-1976-240540 |
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Factory 4 : |
Power Electronics Village Malpur, P.O. Bhud, Baddi, Tehsil Nalagarh - – 173205, |
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Factory 5 : |
Mobile 191-C, Industrial Area HPSIDC, Baddi, District Solan – 173 205, |
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Factory 6 : |
Line Interactive
and Online UPS Systems Lang Ming Power Technologies (Shenzhen) Limited, Building B, Da Ken Long Industrial Park, Da Bu Xiang Residential
Area, Guanlan, Bao’an District, Shenzen City, Guangdong Province, PRC Post
Code: 51810 |
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Branch Office : |
Located at: ·
Kapurthala
( ·
·
Jaipur ·
·
Guwahati ·
·
·
Dehradun ·
Sonepat ·
Jind (Haryana) ·
Gurgaon ·
Pune ·
Ahmedabad ·
·
·
·
·
·
·
Kolkatta ·
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DIRECTORS
As on 15.06.2009
|
Name : |
Mr. Rakesh Malhotra |
|
Designation : |
Director |
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Address : |
D-4/32, DLF Phase -1, Gurgaon-122002, |
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Date of Birth/Age : |
09.06.1962 |
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Qualification : |
B. Electronics |
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Experience : |
26 Years |
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Date of Appointment : |
28.03.2001 |
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DIN No.: |
00322648 |
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Name : |
Mr. Madan Lal Malhotra |
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Designation : |
Director |
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Address : |
D-4/32, DLF Phase -1, Gurgaon-122002, |
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Date of Birth/Age : |
02.01.1934 |
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Qualification : |
M.A (Eco) |
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Experience : |
51 Years |
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Date of Appointment : |
01.09.1999 |
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DIN No.: |
01118507 |
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Name : |
Mr. Ajoy Datta |
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Designation : |
Director |
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Address : |
1359, |
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Date of Birth/Age : |
09.03.1945 |
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Qualification : |
B.E (Electronics) |
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Experience : |
29 Years |
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Date of Appointment : |
01.07.2006 |
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DIN No.: |
01974810 |
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Last Employment: |
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Name : |
Mr. Sunil Bhalla |
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Designation : |
Director |
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Address : |
C-4D/21A, Kanakpuri, New Delhi-110058, |
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Date of Birth/Age : |
07.09.1965 |
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Qualification : |
B.E. (Mechanical Engineer) and MBA |
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Experience : |
20 Years |
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Date of Appointment : |
09.07.2007 |
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DIN No.: |
00980040 |
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Name : |
Mr. Navneet Kapoor |
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Designation : |
Director |
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Address : |
B-311, Panchawati Apartments, Vikas Puri, New Delhi-110018, |
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Date of Birth/Age : |
05.10.1970 |
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Qualification : |
B.E. (Electronics) |
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Experience : |
19 Years |
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Date of Appointment : |
09.06.2007 |
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DIN No.: |
00034357 |
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Name : |
Mr. Brij Bhushan Nagpal |
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Designation : |
Director and Chief Finance Officer |
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Address : |
P-2, Ground Floor, Hausz Khas Enclave, New Delhi-110016, |
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Date of Birth/Age : |
50 Years |
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Qualification : |
M.Com, LLB, FCS, CFC ( |
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Experience : |
23 Years |
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Date of Appointment : |
24.09.2007 |
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DIN No.: |
01853613 |
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Last Employment: |
Escorts Limited |
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Name : |
Mr. B.K. Gupta |
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Designation : |
Executive Director |
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Date of Birth/Age : |
58 Years |
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Qualification : |
B.E (Production) and ICWA (I) |
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Experience : |
36 Years |
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Date of Appointment : |
07.12.2007 |
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Last Employment: |
Uttam Galva Steels Limited |
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Name : |
Mr. Genevieve Miang Ing Heng |
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Designation : |
Additional Director |
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Date of Appointment : |
12.06.2007 |
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DIN No.: |
01347129 |
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Name : |
Mr. Josephine Price |
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Designation : |
Director |
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Address : |
Falt B, 2nd BNasement, Grosvenor House, |
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Date of Birth/Age : |
04.02.1954 |
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Date of Appointment : |
12.06.2007 |
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Date of Ceasing : |
23.07.2008 |
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DIN No.: |
00148945 |
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Name : |
Mr. Gary Jit Meng NG |
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Designation : |
Additional Director |
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Address : |
3, Rivervale Link, # 13-28, Siangapore-545119 |
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Date of Birth/Age : |
01.10.1973 |
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Date of Appointment : |
14.10.2009 |
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DIN No.: |
01345204 |
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Name : |
Mr. Randall Edwin Wilbert II |
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Designation : |
Alternate Director |
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Address : |
48, |
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Date of Birth/Age : |
08.06.1972 |
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Date of Appointment : |
14.10.2009 |
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DIN No.: |
02320360 |
KEY EXECUTIVES
|
Name : |
Mr. S. Balachandran |
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Designation : |
Secretary |
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Date of Appointment : |
06.02.2009 |
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Name : |
Mr
C M Navalekar |
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Designation : |
C.T.O
- Power Electronics |
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Date of Birth/Age : |
65 Years |
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Qualification : |
M.Tech(
Elect.Eng.), IIT, |
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Experience : |
38 Years |
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Date of Appointment : |
03.07.2008 |
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|
|
Name : |
Mr.
Arun Nagpal |
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Designation : |
Executive
Director |
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Date of Birth/Age : |
47 Years |
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Qualification : |
B.E
(Mech), MBA ( IIM-Kolkata) |
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Experience : |
25 Years |
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Date of Appointment : |
03.11.2008 |
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Last Employment: |
CEO,
Minda AutoCare Limited |
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|
Name : |
Mr.
Sharad Saxena |
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Designation : |
Ex.
VP-CT and GB |
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Date of Birth/Age : |
55 Years |
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Qualification : |
B.Tech
(Mech.) |
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Experience : |
32
Years |
|
Date of Appointment : |
02.03.2009 |
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Last Employment: |
MD,
Eveready PTY Limited, |
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|
|
|
Name : |
Mr. Gang Chen |
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Designation : |
GM-
Cina Operations |
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Date of Birth/Age : |
50 Years |
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Qualification : |
Engineer |
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Date of Appointment : |
01.07.2007 |
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Last Employment: |
QC
Engineer Horizon Batteries |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 15.06.2009
|
Names of
Shareholders (Equity Shares) |
Address
of the Share Holder |
No.
of Shares |
|
Rakesh Malhotra |
D-4/32, DLF Phase-1, Gurgaon – 122002, |
5474000 |
|
Navneet Kapoor |
B-311, Panchwati Apartments, |
175224 |
|
Sunil Bhalla |
21 A C-4D, Janakpuri, |
120862 |
|
SAR Capital Private Limited, |
WZ-106/101, Sar House, |
6300000 |
|
Madan Lal Malhotra |
D-4/32, DLF Phase-1, Gurgaon – 122002, |
7980 |
|
Nirupama Malhotra |
D-4/32, DLF Phase-1, Gurgaon – 122002, |
1400 |
|
Luminous Power Technologies Employees Welfare |
C-8, C-9, Community Centre, Janakpuri, |
119000 |
|
Total |
|
12198466 |
|
|
|
|
|
Names of
Shareholders (Preference Shares) |
Address
of the Share Holder |
No.
of Shares |
|
Bright Star I Limited, |
9th Floor, Madina Mews, |
803884 |
|
Bright Star II Limited, |
9th Floor, Madina Mews, |
24116 |
|
Total |
|
828000 |
Equity Share Breakup (Percentage of Total Equity)
As on 15.06.2009
|
Category |
|
Percentage of
Holding |
|
Bodies Corporate (Not mentioned above) |
|
51.64 |
|
Directors or relatives of directors |
|
47.38 |
|
Other Top Fifty (50) shareholders (Other than listed above) |
|
0.98 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Solar Invertors, Power Invertors, Power Conditioning
Products, etc. |
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|
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|
Products : |
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Terms : |
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Selling : |
Cash and Credit (30 / 60 / 90 days) |
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Purchasing : |
Cash and Credit (30 / 60 / 90 days) |
GENERAL INFORMATION
|
Customers : |
INDIAN
CORPORATIONS ·
TATA Steel ·
ESCORTS ·
TELCO ·
Jindal Strips Limited ·
L and T ·
Hero Honda TELECOMMUNICATION
COMPANIES MTNL ·
BSNL ·
Bharti Airtel ·
Reliance ·
Hutch ·
Tata Teleservices BANKING AND
FINANCE COMPANIES ·
Reserve Bank of ·
American Express ·
Citi Bank ·
Bank of ·
ABN Amro Bank IT AND SOFTWARE
COMPANIES ·
IBM ·
Wipro ·
HCL Info Systems ·
Tata Consultancy Services ·
STPI ·
Cadence ·
Perot System ·
Aricent software GOVERNMENT
ORGANISATIONS ·
Directrorate of Income Tax ·
Department of Telecommunications ·
·
IMD ·
Indian Navy ·
Hindustan Aeronatical Limited ·
Power Finance Corporation of PRESS AND MEDIA
COMPANIES ·
Prasar Bharti ·
Times of ·
The Pioneer ·
Indian Express ·
·
Business Today ·
HOTELS AND
AIRLINES ·
The Oberoi ·
Hyatt Regency ·
ITC Welcom Group of Hotels ·
AIR ·
Lufthansa MULTI-NATIONAL
CORPORATIONS ·
GE ·
CocaCola ·
Phillips ·
Rolls Royce ·
Avery Dennison ·
Colliers Jardine ·
GAP International MEDICAL AND
DIAGNOSTIC ·
Escorts Heart ·
National Heart and Lung Institute ·
MRI Scan Centre ·
Indian Spinal Injuries Centre ·
Wipro GE Medical Systems ·
SIEMENS ENGINEERING AND
PROJECTS ·
·
Power Grid Corporation of ·
National Hydro Power Corporation ·
SIEMENS ·
Allen Bradley |
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No. of Employees : |
300 (Approximately) |
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
Walker Chandiok and Company Chartered Accountants |
|
Address : |
L 41, Connaught Circus, New Delhi-110 001, |
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Tel. No.: |
91-11-42787070 |
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Fax No.: |
91-11-42787071 |
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|
|
|
Holding Company : |
SAR Capital
Private Limited CIN No.: U65910DL2003PTC119314 |
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Associates/Subsidiaries : |
|
CAPITAL STRUCTURE
As on 15.06.2009
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
19000000 |
Equity Shares |
Rs.10/- each |
Rs.190.000 Millions |
|
850000 |
Preference Shares |
Rs.600/- each |
Rs.510.000 Millions |
|
|
Total |
|
Rs.700.000
Millions |
Issued, Subscribed and Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
12198466 |
Equity Shares |
Rs.10/- each |
Rs.121.985
Millions |
|
828000 |
Compulsorily Fully Convertible Cumulative
Participatory Preference Shares |
Rs.600/-
each |
Rs.496.800
Millions |
|
|
Total |
|
Rs.618.785 Millions |
As on 31.03.2009
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
70000000 |
Equity Shares |
Rs.10/- each |
Rs.700.000 Millions |
|
|
|
|
|
Issued, Subscribed and Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
12198466 |
Equity Shares |
Rs.10/- each |
Rs.121.985
Millions |
|
828000 |
Compulsorily Fully Convertible Cumulative
Participatory Preference Shares |
Rs.600/-
each |
Rs.496.800
Millions |
|
|
Total |
|
Rs.618.785 Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2009 |
31.03.2008 |
31.03.2007 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
618.785 |
514.226 |
16.834 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves and Surplus |
1186.656 |
1038.760 |
287.140 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
1805.441 |
1552.986 |
303.974 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
599.942 |
383.029 |
444.870 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
50.349 |
|
|
TOTAL BORROWING |
599.942 |
383.029 |
495.219 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
2405.383 |
1936.015 |
799.193 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
386.041 |
359.771 |
205.762 |
|
|
Capital work-in-progress |
78.322 |
19.045 |
114.065 |
|
|
|
|
|
|
|
|
INVESTMENT |
72.282 |
34.634 |
0.000 |
|
|
DEFERREX TAX ASSETS |
26.042 |
4.465 |
4.149 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS and ADVANCES |
|
|
|
|
|
|
Inventories |
731.159
|
802.089
|
450.197 |
|
|
Sundry Debtors |
1594.987
|
1555.104
|
715.826 |
|
|
Cash and Bank Balances |
157.091
|
172.782
|
60.952 |
|
|
Other Current Assets |
4.527
|
2.391
|
1.381 |
|
|
Loans and Advances |
339.729
|
277.339
|
78.906 |
|
Total
Current Assets |
2827.493
|
2809.705
|
1307.262 |
|
|
Less : CURRENT
LIABILITIES and PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
605.987
|
|
772.436 |
|
|
Other Current Liabilities |
166.623
|
150.990
|
|
|
|
Provisions |
212.187
|
202.931
|
59.609 |
|
Total
Current Liabilities |
984.797
|
1291.605
|
832.045 |
|
|
Net Current Assets |
1842.696
|
1518.100
|
475.217 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
2405.383 |
1936.015 |
799.193 |
|
PROFIT AND LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2009 |
31.03.2008 |
31.03.2007 |
|
|
|
|
|
|
|
|
|
|
|
Income |
4860.000 |
4110.784 |
2481.046 |
|
|
|
Other Income |
|
41.170 |
30.277 |
|
|
|
TOTAL (A) |
4860.000 |
4151.954 |
2511.323 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
|
NA |
112.533 |
100.442 |
|
|
|
Administrative Expenses |
|
416.511 |
298.059 |
|
|
|
Raw Material Consumed |
|
2740.407 |
1658.781 |
|
|
|
Personnel Expenses |
|
191.733 |
125.910 |
|
|
|
TOTAL (B) |
NA |
3461.184 |
2183.192 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
NA |
690.770 |
328.131 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
NA |
50.170 |
53.116 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
NA |
640.600 |
275.015 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
NA |
46.803 |
26.471 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
391.937 |
593.797 |
248.544 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
(13.690) |
7.746 |
(0.497) |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
405.627 |
586.051 |
249.041 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
671.460 |
284.640 |
66.637 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
NA |
58.605 |
2.500 |
|
|
|
Dividend |
NA |
140.626 |
28.538 |
|
|
BALANCE CARRIED
TO THE B/S |
NA |
671.460 |
284.640 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
|
|
|
|
|
- Basic |
31.29 |
46.88 |
147.94 |
|
|
|
- Diluted |
27.76 |
41.76 |
147.94 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2009 |
31.03.2008 |
31.03.2007 |
|
PAT / Total Income |
(%) |
0.08
|
14.12
|
9.92 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
NA
|
14.44
|
10.02 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
12.20
|
18.73
|
16.43 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.22
|
0.38
|
0.82 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.88
|
1.08
|
4.37 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.87
|
2.18
|
1.57 |
LOCAL AGENCY FURTHER INFORMATION
Note:
The Registered office of the company has been shifted from WZ-106/101
SAR House,
BUSINESS PERFORMANCE:
The year (2008-09) was a tough year for all the Corporations across the
world which witnessed various international bankruptcies, crash in global stock
markets and very wide downward fluctuations in oil, commodities and metal
prices. Though your company has been able to withstand majority of these
pressures and reported a modest 15% growth in turnover from Rs.4150.000
millions in the financial year 07-08 to Rs.4860.000 millions in the current
year, but it could not maintain the trend in profitability and has actually
reported a PAT of Rs.405.600 millions as compared to a PAT of Rs.586.000
millions in the Previous Year due to the shrinkage in margins, higher overheads
and the increased finance costs.
GROWTH PLANS:
The demand for the Company’s product is expected
to sustain and grow. The Profits, however, may not see a pressure in view of
reduction in margins due to fluctuations in oil, commodities and metal prices;
competition for achieving a greater market share, increase in costs due to
change in Sales Mix, expected increase in prices; of critical raw materials;
increase in manpower cost due to greater professionalization of the Company;
wage increase as per industry standards; increase in Depreciation and Finance
cost besides other general factors like the global recession and its
repercussions on our Company. In spite these constraints, the Company see a
bright growth future in the upcoming years.
OVERSEAS OPERATIONS:
The Company had floated a wholly foreign owned subsidiary
namely Lang Ming Power Technologies (Shenzhen) Co. Limited (Lang Ming) in
ACQUISITIONS DURING THE YEAR:
The Company had, during the year, acquired 87.5% stake in a Company
named UD Energy Systems Private Limited, New Delhi on the 16th December, 2008,
which is in the business of, inter alia, design, manufacture, supply,
installation and servicing of all types of Wind-Solar, only Wind and only Solar
photovoltaic power plants. The Company, for the Financial Year 2008-2009
reported a turnover of Rs.33.400 millions and reported a loss after tax of
Rs.2.979 millions for the year. The management is confident that in a couple of
years this company will be able to report a profit.
BONUS ISSUE:
During the year, the company had issued 1,04,55,828 Bonus Shares to the existing
shareholders of the Company in the ratio of 6:1. The Bonus Shares were issued
by the Committee of Directors at their meeting held on 8th August 2008 after
the authority to issue the same was passed by the Shareholders at their AGM
held on 27th June, 2007. The total paid up capital after the Bonus
Issue now stands at 12198466 Equity Shares of Rs.10/- each. Consequent to the
issue of Bonus Shares, the Authorised Capital was increased from Rs.550.000
millions to Rs.700.000 millions.
Bankers Charges Report
as per Registry
|
Corporate
identity number of the company |
U74899DL1988PTC032019 |
|
Name of the
company |
LUMINOUS POWER TECHNOLOGIES PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
C-8 and C-9, Community Centre, New Delhi-110058, E-Mail: s.bala@luminousindia.com |
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
10005370 |
|
Type of charge |
Book Debts Others (1st
pari passu charge over current assets) |
|
Particular of
charge holder |
Standard Chartered Bank, Credit Risk Control, Narain Manzil, 23,
Barakhamba Road, New Delhi – 110 001, India E-Mail: Ashima.Tandon@sc.com |
|
Nature of
description of the instrument creating or modifying the charge |
Supplementary
hypothecation agreement of stocks / book debts / machinery. |
|
Date of
instrument Creating the charge |
15/12/2010 |
|
Amount secured by
the charge |
Rs.850.000
millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest: As per facility
letter dated 22.11.2010 to be amended from time to time. Terms of
Repayment: As per facility
letter dated 22.11.2010 to be amended from time to time. Margin: As per facility
letter dated 22.11.2010 to be amended from time to time. Extent and
Operation of the charge: First pari passu
charge. |
|
Short particulars
of the property charged |
All stock in
trade both P/F consisting of raw material, finished goods, goods in process
of mfg. and other merchandise stored or to be stored at borrower's premises
or godowns and all present and future book debts, outstanding moneys,
receivables, claims, bills etc. shall be hypothecated to the bank by way of
first pari passu charge. |
|
Date of latest
modification prior to the present modification |
31/08/2010 |
|
Particulars of
the present modification |
Bank's first pari
passu charge over all present and future stocks and book debts of the company
already registered for Rs.700.000 millions shall stand enhanced to Rs.850.000
millions. All other terms
and conditions remaining the same. |
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
10115268 |
|
Corporate
identity number of the company |
U74899DL1988PTC032019 |
|
Name of the
company |
LUMINOUS POWER TECHNOLOGIES PRIVATE LIMITED |
|
Address of the registered
office or of the principal place of
business in |
C-8 and C-9, Community Centre, New Delhi-110058, |
|
Type of charge |
Immovable
Property Others |
|
Particular of
charge holder |
ABN Amro Bank N.V, |
|
Nature of
description of the instrument creating or modifying the charge |
Supplemental Deed
of Hypothecation |
|
Date of
instrument Creating the charge |
25.03.2009 |
|
Amount secured by
the charge |
Rs. 250.000
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest As per Sanction
Terms Terms of
Repayment OD : Repayable on
demand STPLR : 12 Months, Export Finance: Maximum 180 Days, LC- Usance :
Validity 180 Days and 1 Year Respectively and BG : 12 months inclusive of
claim period Margin As prescribed by
bank from time to time Extent and
Operation of the charge The charge operates
as security as pari passu first charge on current assets and second pari
passu charge on immovable properties and movable fixed assets with other
lenders Others This is to secure
credit facilities aggregating Rs. 250.000 Millions sanctioned to the company. |
|
Date of latest
modification prior to the present modification |
20.08.2008 |
|
Particulars of
the present modification |
The Credit
facilities aggregating Rs. 250.000 Millions sanctioned to the company shall now
be secured against first pari passu charge on current assets and second pari
passu charge on immovable properties and movable fixed assets with other
lenders Other terms shall remain unchanged. |
|
Name of the company
|
LUMINOUS POWER TECHNOLOGIES PRIVATE LIMITED |
|
Presented By |
Corporation Bank, Industrial Finance Branch, Hindustan Times House, K
B Marg, |
|
1) Date and description of instrument creating the change |
Common deed of hypothecation of movable assets debts dated 01.01.2005 and Reg. on 31.01.2005 |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 100.000 Millions |
|
3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
Hypothecation of Stocks and book debts of the company and other current assets in possession of the company form time to time |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
Rate of Interest shall be 10.50% |
|
5) Name and Address and description of the person entitled to the charge. |
Corporation Bank, Industrial Finance Branch, Hindustan Times House, K
B Marg, |
|
6) Date and brief description of instrument modifying the charge |
First Supplementary Common deed of hypothecation of Movable Asserts/ debts dated 19.11.2005 |
|
7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
The limits standard enhanced from Rs. 100.000 Millions to Rs 270.000 Millions Cash Credit : Rs. 150.000 Millions Import/ Inland/ L/C : Rs/. 100.000 Millions Bank Guarantee : Rs. 20.000 Millions Total : Rs. 270.000 Millions Cash Credit: Rate of Interest shall be 9.25% p.a. being 1.25% below COBAR Import/ Inland LC
and B/G Commission at 50% of the bank’s prescribed rates |
FIXED ASSETS:
·
Land
·
·
Leasehold Improvements
·
Computers
·
Furniture and Fixtures
·
Plant and Machinery
·
Vehicles
·
Brand
·
Computer Software
·
Technical Know-how
WEBSITE DETAILS:
PROFILE:
Subject is a global company delivering high quality power products for home and commercial applications. The company’s portfolio also includes products and services in telecom infrastructure and renewable energy systems like solar, wind and hybrid solutions. Founded in 1988, the group has revenue exceeding US $ 250 million in FY 09-10 and projected to be US $ 500 million by FY 10-11.
The group businesses include Power Backup, Power Storage, Distributed
Power Generation, Renewable and Alternate Energy solutions and Physical
infrastructure solutions for IT and Telecom, Engineering Design and Support
services, Plug-in Hybrid Electric Vehicles and mobile phones and accessories.
Luminous apart from its dominating position in the domestic market has strong
foothold in over 32 countries worldwide. Its Global Technology Centers located
in
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.45.37 |
|
|
1 |
Rs.73.24 |
|
Euro |
1 |
Rs.62.68 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
66 |
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.