MIRA INFORM REPORT

 

 

Report Date :

25.04.2012

 

IDENTIFICATION DETAILS

 

Name :

LASER SPECTRA SERVICES INDIA PRIVATE LIMITED

 

 

Registered Office :

80/10, I Floor, Raj Towers, M.S. Ramaiah Main Road, Mathikere, Bangalore – 560054, Karnataka, India

 

 

Country :

India

 

 

Financials (as on) :

31.03.2011

 

 

Date of Incorporation :

 13.02.2002

 

 

Com. Reg. No.:

21-030112

 

 

Capital Investment / Paid-up Capital :

Rs.0.100 Million

 

 

CIN No.:

[Company Identification No.]

U33201KA2002PTC030112

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

BLRL01538F

 

 

PAN No.:

[Permanent Account No.]

AAACL8691F

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Newport Corporation, USA – All kinds of Lasers, Solar Simulators, QE System etc., Horiba Instrument Incorporated – Fluorescence, Optical Spectroscopy, Horiba Jobin Yvon SAS, France – Thin Film, Raman and SPRi applied Photophysics Limited, UK – Laser Flash Photolysis  

 

 

No. of Employees :

19 (Approximately)

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba (45)

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

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

Satisfactory

 

Maximum Credit Limit :

USD 52000

 

 

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.

 

ECGC Country Risk Classification List – September 30, 2011

 

Country Name

Previous Rating

(30.06.2011)

Current Rating

(30.09.2011)

India

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

 

 

 

 

 

 

 

 

 

 

 

INFORMATION PARTED BY

 

Name :

N Raja Palani Kumar

Designation :

Director – Marketing

Date :

25.04.2012

 

 

LOCATIONS

 

Registered Office :

80/10, I Floor, Raj Towers, M.S. Ramaiah Main Road, Mathikere, Bangalore – 560054, India

Tel. No.:

91-80-23576907

Fax No.:

91-80-23576904

E-Mail :

Iss@bgl.vsnl.net.in

Website :

www.laser-spectra.com

Area :

2500 Sq ft

Location :

Rented

 

 

DIRECTORS

 

As on 30.09.2011

 

Name :

Mr. Morrison Sajjanam Morrison

Designation :

Director

Address :

24, Road No. 2, Venkatachari Nagar, Lottagolla Hall – 1, Bangalore – 560094, Karnataka, India

Date of Birth/Age :

30.06.1959

Date of Appointment :

13.02.2002

DIN No.:

01848502

 

 

Name :

Mr. Sarojini Morrison

Designation :

Director

Address :

24, Road No. 2, Venkatachari Nagar, Lottagolla Hall – 1, Bangalore – 560094, Karnataka, India

Date of Birth/Age :

02.06.1965

Date of Appointment :

01.04.2004

DIN No.:

01871045

 

 

Name :

Mr. Navaneethan Raja Palani Kumar

Designation :

Director

Address :

No. 46, 8th Cross Road, SBM Colony, Mathikere, Bangalore – 560054, Karnataka, India

Date of Birth/Age :

16.05.1961

Date of Appointment :

13.02.2002

DIN No.:

01806395

 

 

Name :

Mr. Thiyagarajan Sivakami

Designation :

Director

Address :

No. 46, 8th Cross Road, SBM Colony, Mathikere, Bangalore – 560054, Karnataka, India

Date of Birth/Age :

01.06.1966

Date of Appointment :

01.04.2004

DIN No.:

01938788

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

As on 30.09.2011

 

Names of Shareholders

 

No. of Shares

Morrison Sajjanam Morrison

 

5490

Sarojini Morrison

 

10

Navaneethan Raja Palani Kumar

 

4490

Thiyagarajan Sivakami

 

10

TOTAL

 

10000

 

Equity Share Break up (Percentage of Total Equity)

 

As on 30.09.2011

 

Category

Percentage

Directors or relatives of Directors

100.00

Total

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

Newport Corporation, USA – All kinds of Lasers, Solar Simulators, QE System etc., Horiba Instrument Incorporated – Fluorescence, Optical Spectroscopy, Horiba Jobin Yvon SAS, France – Thin Film, Raman and SPRi applied Photophysics Limited, UK – Laser Flash Photolysis  

 

 

Agencies Held :
  • Newport Corporation, USA
  • Horiba Instruments Inc, USA
  • Horiba Jobin Yvon SAS
  • Applied Photophysics Limited, UK

 

 

Terms :

 

Purchasing :

L/C

 

 

GENERAL INFORMATION

 

No. of Employees :

19 (Approximately)

 

 

Bankers :

State Bank of India, SSI Branch, Kumara Park, S C Road, Sechadripuram, Bangalore – 560020, Karnataka, India

 

 

Facilities :

Secured Loan

As on

31.03.2011

(Rs. in

Millions)

As on

31.03.2010

(Rs. in

Millions)

HDFC Car Loan – Honda

0.192

0.449

HDFC Car Loan – Innova 

0.276

0.603

Total

0.468

1.052

 

 

Unsecured Loan

As on

31.03.2011

(Rs. in

Millions)

As on

31.03.2010

(Rs. in

Millions)

From Directors

0.070

0.070

Total

0.070

0.070

 

Banking Relations :

--

 

 

Auditors :

 

Name :

D S Mani and Company

Chartered Accountant

Address :

3, 4th Cross, Vivekanandnagar, Bangalore – 560033, Karnataka, India

Tel. No.:

91-80-25800943

E-Mail :

edsmani@yahoo.com

PAN.:

AGQPM9612E

 

 

CAPITAL STRUCTURE

 

As on 31.03.2011

 

Authorised Capital :

No. of Shares

Type

Value

Amount

50000

Equity Shares

Rs.10/- each

Rs.0.500 Millions

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

10000

Equity Shares

Rs.10/- each

Rs.0.100 Million

 

 

 

 

 

 

 

 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

31.03.2011

31.03.2010

31.03.2009

SHAREHOLDERS FUNDS

 

 

 

1] Share Capital

0.100

0.100

0.100

2] Share Application Money

1.601

0.600

0.600

3] Reserves & Surplus

11.184

7.196

3.903

4] (Accumulated Losses)

0.000

0.000

0.000

NETWORTH

12.885

7.896

4.603

LOAN FUNDS

 

 

 

1] Secured Loans

0.468

1.052

1.561

2] Unsecured Loans

0.070

0.070

0.070

TOTAL BORROWING

0.538

1.122

1.631

DEFERRED TAX LIABILITIES

0.000

0.000

0.000

 

 

 

 

TOTAL

13.423

9.018

6.234

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

1.597

1.952

2.129

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
0.000

0.000

0.000

 

Sundry Debtors
0.000

0.000

0.000

 

Cash & Bank Balances
0.119

0.054

1.089

 

Other Current Assets
0.000

0.000

0.000

 

Loans & Advances
14.830

9.277

5.635

Total Current Assets
14.949

9.331

6.724

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

 

Sundry Creditors
0.896

0.000

0.000

 

Other Current Liabilities
0.404

0.770

1.899

 

Provisions
1.823

1.495

0.720

Total Current Liabilities
3.123

2.265

2.619

Net Current Assets
11.826

7.066

4.105

 

 

 

 

MISCELLANEOUS EXPENSES

0.000

0.000

0.000

 

 

 

 

TOTAL

13.423

9.018

6.234

 

 

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2011

31.03.2010

31.03.2009

 

SALES

 

 

 

 

 

Income

39.331

24.760

21.803

 

 

Other Income

 

 

 

 

 

TOTAL                                     (A)

39.331

24.760

21.803

 

 

 

 

 

Less

EXPENSES

 

 

 

Office Expenses

33.165

19.532

19.271

 

 

Administrative Expenses

 

 

 

 

 

Advertising Expenses

 

 

 

 

 

TOTAL                                     (B)

33.165

19.532

19.271

 

 

 

 

 

 

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

6.166

5.228

2.532

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION                     (F)

0.354

0.440

0.226

 

 

 

 

 

 

PROFIT BEFORE TAX (E-F)                               (G)

5.812

4.788

2.306

 

 

 

 

 

Less

TAX                                                                  (H)

1.823

 1.495

0.994

 

 

 

 

 

 

PROFIT AFTER TAX (G-H)                                (I)

3.989

3.293

1.312

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

38.227

23.922

20.934

 

 

 

 

 

 

Earnings Per Share (Rs.)

399.00

330.00

131.00

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2011

31.03.2010

31.03.2009

PAT / Total Income

(%)
10.14

13.30

6.02

 

 
 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)
35.13

42.44

26.05

 

 
 

 

 

Return on Investment (ROI)

(PBT/Networth)

 
0.45

0.61

0.50

 

 
 

 

 

Debt Equity Ratio

(Total Liability/Networth)

 
0.28

0.43

0.50

 

 
 

 

 

Current Ratio

(Current Asset/Current Liability)

 
4.79

4.12

2.57

 

 

LOCAL AGENCY FURTHER INFORMATION

 

 

Check List by Info Agents

Available in Report (Yes / No)

1) Year of Establishment

Yes

2) Locality of the firm

Yes

3) Constitutions of the firm

Yes

4) Premises details

No

5) Type of Business

Yes

6) Line of Business•

Yes

7) Promoter’s background

Yes

8) No. of employees

Yes

9) Name of person contacted

Yes

10) Designation of contact person

Yes

11) Turnover of firm for last three years

Yes

12) Profitability for last three years

Yes

13) Reasons for variation <> 20%

--

14) Estimation for coming financial year

No

15) Capital in the business

Yes

16) Details of sister concerns

No

17) Major suppliers

No

18) Major customers

No

19) Payments terms

Yes

20) Export / Import details (if applicable)

No

21) Market information

--

22) Litigations that the firm / promoter

--

23) Banking Details

Yes

24) Banking facility details

Yes

25) Conduct of the banking account

--

26) Buyer visit details

--

27) Financials, if provided

Yes

28) Incorporation details, if applicable

Yes

29) Last accounts filed at ROC

Yes

30) Major Shareholders, if available

Yes

 

 Fixed Assets

 

  • Computer and Software
  • Furniture and Fixture
  • Motor Vehicle

 

CMT REPORT (Corruption, Money Laundering & Terrorism]

 

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

 

1]         INFORMATION ON DESIGNATED PARTY

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

 

2]         Court Declaration :

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

 

3]         Asset Declaration :

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

 

4]         Record on Financial Crime :

            Charges or conviction registered against subject:                                                  None

 

5]         Records on Violation of Anti-Corruption Laws :

            Charges or investigation registered against subject:                                                          None

 

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

            Charges or investigation registered against subject:                                                          None

 

7]         Criminal Records

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

 

8]         Affiliation with Government :

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

 

9]         Compensation Package :

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

 

10]        Press Report :

            No press reports / filings exists on the subject.

 

 

CORPORATE GOVERNANCE

 

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

 

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

 

 

CONTRAVENTION

 

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

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.52.79

UK Pound

1

Rs.85.17

Euro

1

Rs.69.53

 

 

INFORMATION DETAILS

 

Report Prepared by :

MYI

 

 

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

5

--PROFITABILIRY

1~10

5

--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

YES

--AFFILIATION

YES/NO

NO

--LISTED

YES/NO

NO

--OTHER MERIT FACTORS

YES/NO

YES

TOTAL

 

45

 

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.