MIRA INFORM REPORT

 

 

Report Date :

08.09.2011

 

IDENTIFICATION DETAILS

 

Name :

LYNX SYNERGY AND SOLUTIONS PRIVATE LIMITED

 

 

Registered Office :

A-307 Virwani Industrial Estate, Western Express Highway, Goregaon East, Mumbai – 400 063, Maharashtra

 

 

Country :

India

 

 

Financials (as on) :

31.03.2010

 

 

Date of Incorporation :

15.01.1998

 

 

Com. Reg. No.:

11-113007

 

 

Capital Investment / Paid-up Capital :

Rs.0.400 million

 

 

CIN No.:

[Company Identification No.]

U51395MH1998PTC113007

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

MUML04397B

 

 

PAN No.:

[Permanent Account No.]

AAACL2681B

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Dealer and Distributor of Office Automation Products such as Fax Machine, Printers, EPABX etc.

 

 

No. of Employees :

16 Approximately

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba (43)

 

RATING

STATUS

 

PROPOSED CREDIT LINE

41-55

Ba

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

Satisfactory

 

Maximum Credit Limit :

USD 14000

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Usually Correct

 

 

Litigation :

Clear

 

 

Comments :

Subject is an 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.

 

INFORMATION PARTED BY

 

Name :

Mr. R K Jain

Designation :

Chief Accountant

Contact No.:

91-9819684297

Date :

06.09.2011

 

 

LOCATIONS

 

Registered Office :

A-307 Virwani Industrial Estate, Western Express Highway, Goregaon East, Mumbai – 400 063, Maharashtra, India

Tel. No.:

91-22-66201201

Mobile No.:

91-9819684297 (Mr. R K Jain)

Fax No.:

91-22-66201200

E-Mail :

nitin@lynx.co.in

jain_rk28@yahoo.co.in

solution@lynx.co.in

Website :

http://www.lynx.co.in

Area :

1200 Sq. ft.

Location :

Owned

 

 

DIRECTORS

 

As on 28.09.2010

 

Name :

Mr. Nitin Rasiklal Shah

Designation :

Chairman cum Managing Director

Address :

404/B, Shirin Sohrab Palace, Nariman Road, Vile Parle East, Mumbai – 400 057, Maharashtra, India

Date of Birth/Age :

31.10.1962

Date of Appointment :

15.01.1998

DIN No. :

02099306

 

 

Name :

Mrs. Sangita Nitin Shah

Designation :

Whole Time Director

Address :

404/B, Shirin Sohrab Palace, Nariman Road, Vile Parle East, Mumbai – 400 057, Maharashtra, India

Date of Birth/Age :

13.06.1966

Date of Appointment :

02.04.2004

DIN No. :

02107478

 

 

Name :

Mr. Rajesh Kumar

Designation :

Director

Address :

901, Maitri Anand, Plot No. 53, Louis Wadi, Farrow Nagar, Wagle Estate, Thane – 400 604, Maharashtra, India 

Date of Birth/Age :

24.12.1964

Date of Ceasing :

01.10.2008

DIN No. :

02099340

 

 

Name :

Mrs. Geeta Rajesh Kumar

Designation :

Director

Address :

901, Maitri Anand, Off Eastern Express Highway , Louis Wadi, Thane – 400 604, Maharashtra, India 

Date of Birth/Age :

29.12.1968

Date of Ceasing :

01.10.2008

DIN No.:

02099327

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

As on 28.09.2010

 

Names of Shareholders

 

No. of Shares

Nitin Rasiklal Shah

 

20000

Sangita Nitin Shah

 

20000

Total

 

40000

 

As on 28.09.2010

 

Equity Share Breakup

 

Percentage of Holding

Category

 

 

Directors or relatives of directors

 

100.00

Total

 

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

Dealer and Distributor of Office Automation Products such as Fax Machine, Printers, EPABX etc.

 

 

Products :

Product Description

ITC Code

Computers

84714101.10

Telephones

85171101

EPABX and KTS

85173000.10

 

 

Agencies Held :

·         Panasonic

·         Polycom

 

 

Terms :

 

Selling :

Credit

 

 

Purchasing :

Credit (7 days)

 

 

GENERAL INFORMATION

 

Customers :

·         Corporates

·         Lupin Limited

·         Essar Group

·         Tata Asset Management Limited

·         Arcadia Shares and Stock Brokers Private Limited

·         Share Khan

·         Monginis Foods Private Limited

·         Microscan Computers Private Limited

·         Hi Media Labs Private Limited

·         Shreenath Hyundia

·         Sundaram Multi PAP Limited

·         Haribhakti and Company

·         Vakrangee Softwares Limited

·         Arya Vidya Mandir School

·         Utpal Sanghvi School

·         OILCO Services (I) Limited

·         Compuage Infocom

·         Velji Dosabhai and Sons Private Limited

 

 

No. of Employees :

16 Approximately

 

 

Bankers :

HDFC Bank, Charni Road Branch

 

 

Facilities :

Unsecured Loans

As on 31.03.2010

Rs. in millions

As on 31.03.2009

Rs. in millions

Lynx Systems and Services Private Limited

0.000

0.752

Nitin R Shah

0.030

0.256

Sangita N Shah

0.042

0.220

Total

0.072

1.228

 

 

 

Banking Relations :

--

 

 

Auditors :

 

Name :

Rashmee Associates

Chartered Accountant

Address :

203 Laxmi Bhuvan, 2nd Floor, 4/6 Bora Bazar Street, Fort, Mumbai – 400 001, Maharashtra, India

 

 

CAPITAL STRUCTURE

 

As on 28.09.2010

 

Authorised Capital :

No. of Shares

Type

Value

Amount

100000

Equity Shares

Rs.10/- each

Rs.1.000 million

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

40000

Equity Shares

Rs.10/- each

Rs.0.400 million

 

 

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

 

 

 

1] Share Capital

0.400

0.400

0.400

2] Share Application Money

0.000

0.000

0.000

3] Reserves & Surplus

3.022

2.409

2.016

4] (Accumulated Losses)

0.000

0.000

0.000

NETWORTH

3.422

2.809

2.416

LOAN FUNDS

 

 

 

1] Secured Loans

0.000

0.000

0.000

2] Unsecured Loans

0.072

1.228

1.525

TOTAL BORROWING

0.072

1.228

1.525

DEFERRED TAX LIABILITIES

0.042

0.069

0.108

 

 

 

 

TOTAL

3.536

4.106

4.049

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

1.240

1.388

0.709

Capital work-in-progress

0.000

0.000

0.000

 

 

 

 

INVESTMENT

0.000

0.000

0.000

DEFERREX TAX ASSETS

0.000

0.000

0.000

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
1.155

2.077

2.015

 

Sundry Debtors
8.393

5.196

5.574

 

Cash & Bank Balances
0.902

1.120

0.933

 

Other Current Assets
0.270

0.305

0.144

 

Loans & Advances
0.825

1.112

0.770

Total Current Assets
11.545

9.810

9.436

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

 

Sundry Creditors

4.691

3.764

3.898

 

Other Current Liabilities
4.292

3.080

1.993

 

Provisions
0.266

0.248

0.205

Total Current Liabilities
9.249

7.092

6.096

Net Current Assets
2.296

2.718

3.340

 

 

 

 

MISCELLANEOUS EXPENSES

0.000

0.000

0.000

 

 

 

 

TOTAL

3.536

4.106

4.049

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2010

31.03.2009

31.03.2008

 

SALES

 

 

 

 

 

Gross Turnover

29.458

28.418

37.398

 

 

 

 

 

 

PROFIT BEFORE TAX

1.221

0.674

0.838

 

 

 

 

 

Less

TAX                                                                 

0.378

0.281

0.297

 

 

 

 

 

 

PROFIT AFTER TAX

0.843

0.393

0.541

 

 

 

 

 

Add

PREVIOUS YEARS’ BALANCE BROUGHT FORWARD

2.159

1.791

1.248

 

 

 

 

 

Less

INCOME TAX ADJUSTMENT

0.230

0.000

0000

 

 

 

 

 

Add

EXCESS PROVISION FOR GRATUITY WRITTEN BACK

0.000

0.000

0.027

 

 

 

 

 

Less

APPROPRIATIONS

 

 

 

 

 

Transfer to General Reserve

0.025

0.025

0.025

 

BALANCE CARRIED TO THE B/S

2.747

2.159

1.791

 

 

 

 

 

 

Earnings Per Share (Rs.)

21.08

--

--

 

 

Particulars

 

 

 

31.03.2011

Sales Turnover (Approximately)

 

 

32.500

 

The above information has been parted by Mr. R K Jain

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2010

31.03.2009

31.03.2008

Return on Total Assets

(PBT/Total Assets}

(%)
9.55

6.02

8.26

 

 
 

 

 

Return on Investment (ROI)

(PBT/Networth)

 
0.36

0.24

0.35

 

 
 

 

 

Debt Equity Ratio

(Total Liability/Networth)

 
2.72

2.96

3.15

 

 
 

 

 

Current Ratio

(Current Asset/Current Liability)

 
1.25

1.38

1.55

 

 

LOCAL AGENCY FURTHER INFORMATION

 

DETAILS OF SUNDRY CREDITORS

 

Particulars

As on 31.03.2010

Rs. in millions

As on 31.03.2009

Rs. in millions

As on 31.03.2008

Rs. in millions

Sundry Creditors

4.691

3.764

3.898

Total

4.691

3.764

3.898

 

NOTE

 

The Registered Office of the company has been shifted from 406 Bhagyalaxmi, 4th Floor, Kennedy Bridge, Opera House, Mumbai – 400 004, Maharashtra, India to the present address w.e.f. 01.01.2011.    

 

TRADE REFERENCES

 

·         ONGC

·         IDBI Bank - Head Office 

 

BUSINESS

 

The Gross Turnover of the company for the year ended 31st March 2010 were at Rs.29.458 millions including Service Charges of Rs.4.946 millions [previous year Rs.28.418 millions including Service of Rs.4.555 millions].  The Profit/Loss after depreciation and provision for Income Tax for the relevant period were Rs.0.843 million [previous year 0.393 million. The turnover of sales for the year had gone up during the year due to sincere and hard work put in by the Directors.

 

FIXED ASSETS

 

·         Air Conditioner

·         Computers

·         Furniture and Fixtures

·         Motor Car Honda City

·         Office Equipments

 

CMT REPORT (Corruption, Money Laundering & Terrorism]

 

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

 

1]         INFORMATION ON DESIGNATED PARTY

No records exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

 

2]         Court Declaration :

No records exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

 

3]         Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

 

4]         Record on Financial Crime :

            Charges or conviction registered against subject:                                                  None

 

5]         Records on Violation of Anti-Corruption Laws :

            Charges or investigation registered against subject:                                                          None

 

6]         Records on Int’l Anti-Money Laundering Laws/Standards :

            Charges or investigation registered against subject:                                                          None

 

7]         Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

 

8]         Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

 

9]         Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

 

10]        Press Report :

            No press reports / filings exists on the subject.

 

 

CORPORATE GOVERNANCE

 

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

 

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

 

 

CONTRAVENTION

 

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.46.02

UK Pound

1

Rs.73.61

Euro

1

Rs.64.78

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

5

PAID-UP CAPITAL

1~10

5

OPERATING SCALE

1~10

5

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

4

--PROFITABILIRY

1~10

4

--LIQUIDITY

1~10

5

--LEVERAGE

1~10

5

--RESERVES

1~10

5

--CREDIT LINES

1~10

5

--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

NO

--AFFILIATION

YES/NO

NO

--LISTED

YES/NO

NO

--OTHER MERIT FACTORS

YES/NO

YES

TOTAL

 

43

 

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

-

 

 

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

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