MIRA
INFORM REPORT
|
Report Date : |
23.03.2011 |
IDENTIFICATION DETAILS
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Name : |
LUCY ELECTRIC INDIA PRIVATE LIMITED |
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Registered
Office : |
6 F, Vaswani Mansions, 120, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
05.10.2007 |
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Com. Reg. No.: |
11-174754 |
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CIN No.: [Company Identification
No.] |
U31900MH2007PTC174754 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Subject is engaged in manufacturing of low, medium and high voltage
electric product. |
RATING & COMMENTS
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MIRA’s Rating : |
B (27) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 435000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is a company having moderate track. There appears some
accumulated losses recorded by the company. However, trade relations are
reported as fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings with some
caution. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
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A1 |
A1 |
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Risk Category |
ECGC
Classification |
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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 |
INFORMATION DECLINED BY
Management non-cooperative
LOCATIONS
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Registered Office : |
6 F, Vaswani Mansions, 120, |
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E-Mail : |
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Website : |
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Head Office : |
301/ 302, Sarathi Complex, Opposite Nutan Bharat Society Club
Alkapuri, Vadodara – 390 007, |
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Tel. No.: |
91-265-2342251 |
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Fax No.: |
91-265-2342251 |
DIRECTORS
As on 02.07.2010
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Name : |
Mr. Swapnil Kaushik |
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Designation : |
Managing Director |
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Address : |
A 24, Samrajya – 1, Munjmahuda Akota, |
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Date of Birth/Age : |
03.06.1962 |
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Date of Appointment : |
11.04.2008 |
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DIN No.: |
02128092 |
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Name : |
Mr. Henry Thomas Derwent Clark |
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Designation : |
Director |
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Address : |
120, |
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Date of Birth/Age : |
22.07.1962 |
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Date of Appointment : |
05.10.2007 |
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DIN No.: |
00269015 |
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Name : |
Mr. Christopher Robert Levick |
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Designation : |
Director |
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Address : |
12, |
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Date of Birth/Age : |
14.03.1948 |
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Date of Appointment : |
05.10.2007 |
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DIN No.: |
00269085 |
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Name : |
Mr. John Carleton Elliott |
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Designation : |
Director |
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Address : |
Carleton House, |
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Date of Birth/Age : |
20.05.1954 |
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Date of Appointment : |
02.07.2010 |
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DIN No.: |
02645028 |
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Name : |
Mr. Robert Michael Pavrey |
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Designation : |
Director |
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Address : |
501, Chouhan Indira Classic, 5th Floor, TPS – 3, Santacruz
(East), Mumbai – 400 055, |
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Date of Birth/Age : |
16.03.1962 |
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Date of Ceasing : |
31.07.2008 |
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DIN No.: |
00050362 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 02.07.2010
|
Names of Shareholders |
|
No. of Shares |
|
W. Lucy and Company Limited, |
|
13999999 |
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Lucy Electric (EMS) Limited, |
|
1 |
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Total |
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14000000 |
As on 02.07.2010
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Equity Share Breakup |
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Percentage of Holding |
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Category |
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Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Subject is engaged in manufacturing of low, medium and high voltage
electric product. |
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GENERAL INFORMATION
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No. of Employees : |
Information declined by the management |
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Bankers : |
Not Available |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Walker, Chandiok and Company Chartered Accountants |
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Address : |
Engineering Centre, 6th Floor, 9, |
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Tel. No.: |
91-22-23671623 |
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Fax No.: |
91-22-23671624 |
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E-Mail : |
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Holding Company : |
W. Lucy and
Company Limited Address: Eagle Works, |
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Fellow Subsidiaries : |
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CAPITAL STRUCTURE
As on 02.07.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
15000000 |
Equity Shares |
Rs.10/- each |
Rs.150.000 millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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14000000 |
Equity Shares |
Rs.10/- each |
Rs.140.000
millions |
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As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
15000000 |
Equity Shares |
Rs.10/- each |
Rs.150.000 millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
13000000 |
Equity Shares |
Rs.10/- each |
Rs.130.000
millions |
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Note:
Of the above 12999999 Equity Shares of Rs.10
each are held by W. Lucy and Company Limited, the holding company.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
01.01.2009 to
31.03.2010 |
05.10.2007 to
31.12.2008 |
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|
SHAREHOLDERS FUNDS |
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1] Share Capital |
|
130.000 |
72.000 |
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2] Share Application Money |
|
0.000 |
0.000 |
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3] Reserves & Surplus |
|
30.000 |
0.000 |
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4] (Accumulated Losses) |
|
(51.285) |
(18.195) |
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NETWORTH |
|
108.715 |
53.805 |
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LOAN FUNDS |
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1] Secured Loans |
|
0.000 |
0.000 |
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2] Unsecured Loans |
|
0.000 |
0.000 |
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TOTAL BORROWING |
|
0.000 |
0.000 |
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DEFERRED TAX LIABILITIES |
|
0.000 |
0.000 |
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TOTAL |
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108.715 |
53.805 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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63.419 |
27.342 |
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Capital work-in-progress |
|
5.757 |
20.042 |
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INVESTMENT |
|
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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32.785
|
0.287 |
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Sundry Debtors |
|
24.012
|
0.000 |
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Cash & Bank Balances |
|
18.152
|
24.214 |
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Other Current Assets |
|
0.000
|
0.000 |
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Loans & Advances |
|
6.496
|
1.928 |
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Total
Current Assets |
|
81.445
|
26.429 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
|
19.652 |
4.650 |
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Other Current Liabilities |
|
22.254
|
15.270 |
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Provisions |
|
0.000
|
0.088 |
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Total
Current Liabilities |
|
41.906
|
20.008 |
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Net Current Assets |
|
39.539
|
6.421 |
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MISCELLANEOUS EXPENSES |
|
0.000 |
0.000 |
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TOTAL |
|
108.715 |
53.805 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
01.01.2009 to
31.03.2010 |
05.10.2007 to
31.12.2008 |
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SALES |
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Income |
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|
0.777 |
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Other Income |
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TOTAL |
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71.079 |
0.777 |
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Less |
EXPENSES |
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Office Expenses |
|
104.141 |
18.885 |
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Administrative Expenses |
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Advertising Expenses |
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TOTAL |
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104.141 |
18.885 |
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PROFIT BEFORE
TAX |
|
(33.062) |
(18.108) |
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Less |
TAX |
|
0.027 |
0.087 |
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PROFIT AFTER TAX
|
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(33.089) |
(18.195) |
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EARNINGS IN
FOREIGN CURRENCY |
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F.O.B. Value of Export |
|
70.425 |
NA |
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TOTAL EARNINGS |
|
70.425 |
NA |
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IMPORT VALUE |
|
23.709 |
6.975 |
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Earnings Per
Share (Rs.) |
|
(2.54) |
(7.25) |
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KEY RATIOS
|
PARTICULARS |
|
|
01.01.2009 to
31.03.2010 |
05.10.2007 to
31.12.2008 |
|
PAT / Total Income |
(%) |
|
(46.55) |
(2341.70) |
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Return on Total Assets (PBT/Total Assets} |
(%) |
|
(22.82) |
(33.68) |
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Return on Investment (ROI) (PBT/Networth) |
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|
(0.30) |
(0.34) |
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Debt Equity Ratio (Total Liability/Networth) |
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|
0.39 |
0.37 |
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Current Ratio (Current Asset/Current Liability) |
|
|
1.94 |
1.32 |
LOCAL AGENCY FURTHER INFORMATION
Details of Sundry Creditors:
|
Particulars |
|
01.01.2009 to
31.03.2010 (Rs. in millions) |
05.10.2007 to
31.12.2008 (Rs. in millions) |
|
Sundry Creditors |
|
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|
i) Micro, Small
and Medium Enterprises |
|
-- |
-- |
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ii) Others |
|
19.652 |
4.650 |
|
|
|
19.652 |
4.650 |
Note:
The registered office of the company has been shifted from 23rd Floor, Express Tower, Nariman Point, Mumbai – 400 021, Maharashtra to the present address w.e.f. 01.02.2010.
BACKGROUND:
The Company is engaged in manufacturing of low, medium and high voltage
electric product for supply to both the industrial and utility markers
throughout the world and to manufacture the whole Lucy range of electric
products (fused products and switchgears) predominately to supply in an export
market. The Company has not yet started commercial production as at December
31, 2008.
REVIEW OF PRESENT
YEAR OPERATIONS AND FUTURE OUTLOOK:
During the current year, the company has started manufacturing
operations from January-2009. Therefore the figures of current year and
previous year are not comparable. The current year comprises of 15 month period
so as to coincide with the Indian financial year.
During the year the company has made a loss of INR 33.089 millions after
providing for the depreciation of INR 5.151 millions and provision for tax of
INR 0.027 million. The loss is in view of creating the facility gradually until
sales up to critical mass is achieved.
During the year the company has developed successfully a few products
which are supplied to fellow subsidiaries. Other switchgear family products are
under development and are holding prominent chance for the success of the
company.
During the year the human resources are falling gradually in place in
different functions of the company which is strengthening the organization in
critical areas required for smooth functioning and growth of the company. The
organization strength grew from 36 to 82 including contract workmen.
FUTURE OUTLOOK:
The future for the company is very promising as the product development
and establishment is going at a significant pace. From 3 products developed last
year the count has increased to 10 and further development is on. This makes
the future revenue growth very attractive. Besides company has also started
construction of its factory which gives a robust foundation to the growth plan
with option for further increase in revenues with increase in capacity at this
facility.
FIXED ASSETS:
·
Land
·
Plant and Machinery
·
Furniture and Fixtures
·
Office Equipments
·
Computers
·
Vehicles
·
Computer Software
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.44.97 |
|
|
1 |
Rs.73.35 |
|
Euro |
1 |
Rs.63.98 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
2 |
|
--CREDIT LINES |
1~10 |
3 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--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 |
|
27 |
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.