July 26, 2014
Mumbai
Logix Microsystems Limited
 
Ratings Suspended
 
Total Bank Loan Facilities Rated Rs.150 Million
Long Term Rating Suspended
Short Term Rating Suspended
(Refer to Annexure 1 for Facility-wise details)

CRISIL has suspended its ratings on the bank facilities of Logix Microsystems Ltd (Logix; part of the Logix group). The suspension of ratings is on account of non-cooperation by Logix with CRISIL's efforts to undertake a review of the ratings outstanding. Despite repeated requests by CRISIL, Logix is yet to provide adequate information to enable CRISIL to assess Logix's ability to service its debt. The suspension reflects CRISIL's inability to maintain a valid rating in the absence of adequate information. CRISIL considers information availability risk as a key credit factor in its rating process and non-sharing of information as a first signal of possible credit distress, as outlined in its criteria 'Information Availability Risk in Credit Ratings'

About the Group

CRISIL has combined the business and financial profiles of Logix and its subsidiaries in the US, Europe, and Singapore, namely, Homestar LLC, IzmoCRM Inc, Midrange Software Pte Ltd, Logix Americas Inc, Izmo Media USA, Homestar Systems Inc, and Izmo Europe BVBA. All the entities, collectively referred to as the Logix group, provide automotive business solutions.
 
Incorporated in 1995 by Mr. Sanjay Soni, Logix provides software and web solutions to automotive dealers in Europe and the US. The company provides customised web marketing platforms, including online stores, car animation and graphics, and online marketing tools under its brand, Izmocars.

Annexure 1 - Details of various bank facilities
Current facilities Previous facilities
Facility Amount (Rs.Million) Rating Facility Amount (Rs.Million) Rating
Bank Guarantee 5 Suspended Bank Guarantee 5 CRISIL D
Cash Credit 10 Suspended Cash Credit 10 CRISIL D
Letter of Credit 5 Suspended Letter of Credit 5 CRISIL D
Long Term Loan 20 Suspended Long Term Loan 20 CRISIL D
Packing Credit 110 Suspended Packing Credit 110 CRISIL D
Total 150 -- Total 150 --
Media Contacts
Analytical Contacts
Customer Service Helpdesk
Tanuja Abhinandan
Communications and Brand Management
CRISIL Limited
Phone: +91 22 3342 1818
Email:tanuja.abhinandan@crisil.com

Jyoti Parmar
Communications and Brand Management
CRISIL Limited
Phone: +91 22 3342 1835
E-mail: jyoti.parmar@crisil.com

Mohit Makhija
Director - CRISIL Ratings
Phone:+91 124 672 2000
Email: mohit.makhija@crisil.com


Sameer Charania
Associate Director - CRISIL Ratings
Phone:+91 22 40978213
Email: sameer.charania@crisil.com
Timings: 10.00 am TO 7.00 pm
Toll free Number:1800 267 1301
Email: CRISILratingdesk@crisil.com


 

Note:
This rating rationale is transmitted to you for the sole purpose of dissemination through your newspaper / magazine / agency. The rating rationale may be used by you in full or in part without changing the meaning or context thereof but with due credit to CRISIL. However, CRISIL alone has the sole right of distribution of its rationales for consideration or otherwise through any media including websites, portals etc.

Crisil complexity levels are assigned to various types of financial instruments. The crisil complexity levels are available on www.crisil.com/complexity-levels.investors are advised to refer to the crisil complexity levels for instruments that they desire to invest in. Investors may also call the Customer Service Helpdesk with queries on specific instruments.


About CRISIL LIMITED
CRISIL is a global analytical company providing ratings, research, and risk and policy advisory services. We are India's leading ratings agency. We are also the foremost provider of high-end research to the world's largest banks and leading corporations.

About CRISIL Ratings
CRISIL Ratings is India's leading rating agency. We pioneered the concept of credit rating in India in 1987. With a tradition of independence, analytical rigour and innovation, we have a leadership position. We have rated over 75,000 entities, by far the largest number in India. We are a full-service rating agency. We rate the entire range of debt instruments: bank loans, certificates of deposit, commercial paper, non-convertible debentures, bank hybrid capital instruments, asset-backed securities, mortgage-backed securities, perpetual bonds, and partial guarantees. CRISIL sets the standards in every aspect of the credit rating business. We have instituted several innovations in India including rating municipal bonds, partially guaranteed instruments and microfinance institutions. We pioneered a globally unique and affordable rating service for Small and Medium Enterprises (SMEs).This has significantly expanded the market for ratings and is improving SMEs' access to affordable finance. We have an active outreach programme with issuers, investors and regulators to maintain a high level of transparency regarding our rating criteria and to disseminate our analytical insights and knowledge.

CRISIL PRIVACY NOTICE
CRISIL respects your privacy. We use your contact information, such as your name, address, and email id, to fulfil your request and service your account and to provide you with additional information from CRISIL and other parts of McGraw Hill Financial you may find of interest.
For further information, or to let us know your preferences with respect to receiving marketing materials, please visit www.crisil.com/privacy. You can view McGraw Hill Financial's Customer Privacy Policy at http://www.mhfi.com/privacy.
Last updated: May, 2013

Disclaimer:A CRISIL rating reflects CRISIL's current opinion on the likelihood of timely payment of the obligations under the rated instrument and does not constitute an audit of the rated entity by CRISIL. CRISIL ratings are based on information provided by the issuer or obtained by CRISIL from sources it considers reliable. CRISIL does not guarantee the completeness or accuracy of the information on which the rating is based. A CRISIL rating is not a recommendation to buy, sell, or hold the rated instrument; it does not comment on the market price or suitability for a particular investor. All CRISIL ratings are under surveillance. Ratings are revised as and when circumstances so warrant. CRISIL is not responsible for any errors and especially states that it has no financial liability whatsoever to the subscribers / users / transmitters / distributors of this product. CRISIL Ratings rating criteria are available without charge to the public on the CRISIL web site, www.crisil.com. For the latest rating information on any instrument of any company rated by CRISIL, please contact CRISIL RATING DESK at CRISILratingdesk@crisil.com, or at (+91 22) 3342 3000.

July 26, 2014

http://www.crisil.com