MIRA
INFORM REPORT
|
Report Date : |
10.04.2007 |
IDENTIFICATION
DETAILS
|
Name : |
VEERAS INFOTEK
PRIVATE LIMITED |
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Registered Office : |
# 5-B, Kences
Towers, No. 1, Ramkrishnan Street, off North Usman Road, T. Nagar, Chennai – 600017,
Tamilnadu |
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Country : |
India |
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Financials (as on) : |
31.03.2005 |
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Date of Incorporation : |
04.03.1999 |
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Com. Reg. No.: |
18-42010 |
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CIN No.: [Company
Identification No.] |
U72200TN1999PTC042010 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CHEV02347C |
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PAN No.: [Permanent
Account No.] |
AAACV9345E |
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Legal Form : |
Private Limited
Liability Company |
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Line of Business : |
Sales and
Services of Computer Hardware |
RATING &
COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 15000 |
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Status : |
Good |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a well
established company having satisfactory track. Trade relations are fair. Payments
are usually correct and as per commitments. Financial
position is satisfactory. The company can be considered normal for business
dealings at usual trade terms and conditions. |
LOCATIONS
|
Registered Office : |
# 5-B, Kences Towers,
No. 1, Ramkrishna Street, off North Usman Road, T. Nagar, Chennai – 600017,
Tamilnadu, India |
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Tel. No.: |
91-44-28144789 /
42210000 |
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Fax No.: |
91-44-28144986 |
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E-Mail : |
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Website : |
DIRECTORS
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Name : |
Mr. Sudarshan
Ranganathan |
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Designation : |
Managing
Director |
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Address : |
C-2, Aditya, 21, Malaviya
Avenue, Chennai – 600041, Tamilnadu, India |
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Date of Appointment : |
04.03.1999 |
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Name : |
Mrs. Rekha
Sudarsan |
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Designation : |
Director |
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Address : |
C-2, Aditya, 21,
Malaviya Avenue, Chennai – 600041, Tamilnadu, India |
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Date of Appointment : |
08.03.1999 |
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Name : |
Mr. Ranganathan |
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Designation : |
Director |
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Address : |
C-2, Aditya, 21,
Malaviya Avenue, Chennai – 600041, Tamilnadu, India |
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Date of Appointment : |
04.03.1999 |
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Name : |
Mr. G Ramanan |
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Designation : |
Director |
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Address : |
33/3, Lake View
Road, T Nagar, Chennai – 600041, Tamilnadu, India |
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Date of Appointment : |
08.03.1999 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names of
Shareholders |
|
No. of Shares |
|
Mr. Sudarshan
Ranganathan |
|
16010 |
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Mrs. Rekha
Sudarsan |
|
10 |
BUSINESS DETAILS
|
Line of Business : |
Sales and
Services of Computer Hardware |
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Products : |
Software Hardware Security
Solutions Authentication and Identity
Management High
Availability Solution |
GENERAL
INFORMATION
|
Customers : |
Amadsoft India
Limited Intimate Clothing
Private Limited Taarak India
Private Limited Gina Enterprises Login InfoTech Private Limited Wipro Limited Geologinal Survey
of India Gland Pharma Gulf Oil
Corporation Limited Innova Solutions Virchow
Laboratories Biological E Limited
HBL Nife Power
Power Systems Limited Sri Omkar System Rite Hawks
Systems Simos peripherals
Private Limited Trimex Minerals
Private Limited Will Computers
and Communications Private Limited Xpress Computers Aircel
Limited |
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No. of Employees : |
30 |
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Bankers : |
ICICI Bank HDFC Bank Limited Corporation bank Andhra Bank HSBC Bank The Federal Bank
Limited T. Nagar Branch Chennai - 600017 |
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Facilities : |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Gopinath and
Sharma Chartered
Accountants |
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Address : |
New No. 13(Old
No. 7), Nandanam Extension, 1st Street, Chennai – 600035 Office at
Secunderabad, Cochin, Bangalore, Mumbai, New Delhi, Kolkata |
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Tel. No.: |
91-44-24347440,
2436034 |
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Fax No.: |
91-44-24320992 |
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E-Mail : |
CAPITAL STRUCTURE
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 |
|
16020 |
Equity Shares |
Rs. 10/- each |
Rs. 0.160 Millions |
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Share Premium
Account |
|
Rs. 0.336 millions |
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Total
|
|
Rs. 0.496 Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2005 |
31.03.2004 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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0.496 |
0.496 |
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2] Share Application Money |
|
0.000 |
0.000 |
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3] Reserves & Surplus |
|
3.665 |
1.623 |
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4] (Accumulated Losses) |
|
0.000 |
0.000 |
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NETWORTH |
|
4.161 |
2.119 |
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LOAN FUNDS |
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1] Secured Loans |
|
12.379 |
3.160 |
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2] Unsecured Loans |
|
0.069 |
0.309 |
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TOTAL BORROWING |
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12.448 |
3.469 |
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DEFERRED TAX LIABILITIES |
|
0.498 |
0.130 |
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TOTAL |
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17.107 |
5.718 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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6.379 |
2.750 |
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Capital work-in-progress |
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0.000 |
0.000 |
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INVESTMENT |
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0.000 |
0.000 |
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DEFERREX TAX ASSETS |
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0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
|
0.215 |
2.196 |
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Sundry Debtors |
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42.718 |
14.649 |
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Cash & Bank Balances |
|
0.774 |
0.512 |
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Other Current Assets |
|
0.000 |
0.000 |
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Loans & Advances |
|
9.133 |
5.058 |
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Total
Current Assets |
|
52.840 |
22.415 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
|
40.308 |
18.569 |
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Provisions |
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1.834 |
1.004 |
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Total
Current Liabilities |
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42.142 |
19.573 |
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Net Current Assets |
|
10.698 |
2.842 |
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MISCELLANEOUS EXPENSES |
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0.030 |
0.126 |
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TOTAL |
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17.107 |
5.718 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2005 |
31.03.2004 |
|
Sales Turnover |
|
144.294 |
256.102 |
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Other Income |
|
0.000 |
0.000 |
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Total Income |
|
144.294 |
256.102 |
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Profit/(Loss) Before Tax |
|
3.240 |
0.623 |
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Provision for Taxation |
|
1.198 |
0.242 |
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Profit/(Loss) After Tax |
|
2.042 |
0.381 |
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Total Expenditure |
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20.175 |
14.259 |
KEY RATIOS
|
PARTICULARS |
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31.03.2005 |
31.03.2004 |
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PAT / Total Income |
(%) |
|
1.41 |
0.14 |
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Net Profit Margin (PBT/Sales) |
(%) |
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2.24 |
0.24 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
|
5.47 |
2.47 |
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Return on Investment (ROI) (PBT/Networth) |
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|
0.77 |
0.29 |
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Debt Equity Ratio (Total Liability/Networth) |
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13.11 |
10.87 |
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Current Ratio (Current Asset/Current Liability) |
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1.25 |
1.14 |
LOCAL AGENCY
FURTHER INFORMATION
Fixed
Assets
v
Computer
v
Office
Equipments
v
Cellular and
Pagers
v
Air conditioners
v
Vehicles
v
Electrical
Fittings
v
Furniture and
Fittings
|
Name of the company |
VEERAS INFOTEK
PRIVATE LIMITED |
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|
Presented By |
Mr.
Sudarshan Ranganathan Director |
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1) Date and description of instrument creating the change |
Agreement for Hypothecation of Book debts at 26.11.1999. Security Delivery letter dated 26.11.1999 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 1.000 Millions |
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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 by way of first charge, all the book dents outstanding, money receivables, claims and bills which are due now and owing to the company by any person, firm company or by governments or any other authority. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
The Federal Bank Limited have the first charge on the assets mortgaged / hypothecated. Interest is payable as per the rates of the Federal bank Limited Periodical statements as required by t he Bank Should be submitted |
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5) Name and Address and description of the person entitled to the charge. |
The Federal Bank
Limited T. Nagar Branch Chennai - 600017 |
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6) Date and brief description of instrument modifying the charge |
Agreement for Hypothecation of Book debts dated 10.08.2001 Security Delivery letter dated 10.08.2001 Demand Promissory Note dated 10.08.2001 |
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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 federal Bank limited continue to have the first charge on the assets mortgage / hypothecated |
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Name of the company |
VEERAS INFOTEK
PRIVATE LIMITED |
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Presented By |
Veeras Infotek Private Limited and The Federal Bank Limited |
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1) Date and description of instrument creating the change |
Agreement for Hypothecation of Book debts at 26.11.1999. Security Delivery letter dated 26.11.1999 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 1.000 Millions |
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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 by way of first charge, all the book dents outstanding, money receivables, claims and bills which are due now and owing to the company by any person, firm company or by governments or any other authority. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
The Federal Bank Limited have the first charge on the assets mortgaged / hypothecated. Interest is payable as per the rates of the Federal bank Limited Periodical statements as required by t he Bank Should be submitted |
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5) Name and Address and description of the person entitled to the charge. |
The Federal Bank
Limited T. Nagar Branch Chennai - 600017 |
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6) Date and brief description of instrument modifying the charge |
Agreement for Hypothecation of cash credit / overdraft / demand loan dated 30th December, 2004 Security Delivery letter dated 30.12.2004 Demand Promissory Note dated 30.12.2004 Agreement of Hypothecaion fixed assets dated 30.12.2004 |
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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. |
Mortgage of the Fixed Assets of the company, hypothecation of Stock in trade such as computer software and peripherals (both present and future) book debts, and receivables (both present and future) by way of first charge in favour of the Federal Bank Limited The directors have given their personal guarantee Directors personal properties are given as security The Federal Bank Limited continue to have the first charge on the assets already mortgaged / hypothecated. |
WEBSITE DETAILS
Overview
At Veeras Infotek, they believe in swiftly meeting customer
needs with innovation. From custom solutions to a world of support and
services, they explore new ways of making technology work efficiently for you.
Their People are highly skilled professional in various
current and emerging technologies. Every employee of theirs is driven by the
motto: Only the best will do. They constantly train and induct their people to
the latest technologies, giving them the skills and the dedication to extract
the best.
There are no limits, no boundaries, no excuses - every
project presents possibilities and challenges. And yes, they provide the right
solution but that's just the beginning. They give you competent service and
support, leaving you free to focus on the business.
Mission
To empower organizations to use Information Technology as a
potent business strategy by itself.
Vision
To provide IT solutions, not only to optimize business
processes but also enhance scalability, reliability and availability.
Quality Policy
They at VIPL stand committed to: -
Excel in providing latest Information Technology product
solutions and Services through continuous process improvements leading to
highest customer satisfaction.
Keep up the delivery commitment each and every time by
effective planning and execution.
Always maintain mutually beneficial relationships with all
their suppliers and Business Partners.
Provide better facility of Work Environment, Infrastructure
and Training in the organization which will pave the way for achieving the
desired goals and objectives.
Business Groups
To offer value to customer's IT needs Veeras Infotek Private
Limited operates as three business groups with executives trained and
specialized in the respective domain areas namely Infrastructure Business
Group, NetSecure & Availability Business group and Veeras Professional
Services group.
What can Veeras do for you?
One of the key things which is in question today for most
organizations is about adopting technology standards when they get into
creation of an IT infrastructure. Though change is a constant, CHANGING a
technology platform is not an easy task. Most organizations suffer when it
comes to inter-operability between applications, databases and operating
systems. This is due to short term fixes that most applications and
technologies provide and hence easier to implement and adopt. This by itself
becomes a huge issue when the organization grows, the requirements have grow
manifold, IT has become the Key enabler for decision making but the required
data is not available in the form and format that helps in easier decision
making. What was a boon a few years earlier has now become the bane of the
organization. Veeras Infotek helps organizations develop a long term plan which
can alleviate these issues and help in a continuous smooth deployment of the
technology. They could help in making the IT a key strategic differentiator for
the organization.
An organization which has an IT vision, has decided on a
course of action would require capable, trustworthy and an agile company to
implement and manage it. The needs of the organization during the various
stages of its vision path have to be recognized, understood and implemented.
The initial stage would be about individual productivity, group collaboration,
data availability and functional discipline. Once they start seeing the
benefits they would like to have inter-group collaboration, data consolidation
across groups, speed of access to resources and enable workflow. They then would
move onto remove the geographical divide by extending the network beyond the
office floor. It is not private anymore. Offices across the country are enabled
through high speed connectivity; sale outs at each office are available
centrally, empowerment of the worker through information, decision making
cycles have become shorter, work transforms from the manual to the digital and
productivity reaches a new high. Enabling this would require an architecture,
technology and applications that are secure, scalable and reliable during this
period of transformation. Veeras Infotek would assist in implementing this
Infrastructure from the architecture and the technology part of it leaving you
to decide on the right applications for the business processes.
MILESTONES
Best Partner For South - Symantec 2002
Regional Reseller of the Year - Microsoft 2002
Best Partner for Customer Satisfaction - Microsoft 2003
Best Partner SMB Markets Chennai - Hewlett Packard 2004
First's to Their Credit For The Year 2004.
No.1 Partner For Adobe In Tamil Nadu
No.1 Mcafee License Sales In Tamil Nadu
No.1 Partner For Veritas For Tamil Nadu
No.1 Partner For Macromedia In Tamil Nadu
Fortinets Authorized Partner
No.1 Partner For Sybase In Tamil Nadu
No.1 Partner For Symantec In Tamil Nadu
First Integrated Security Gateway Implementation On A Leading Psu Bank
Sonicwall Silver Medallion Partner Member
Back To Back Dq Week Best Software Solution Vendor South
Leading Citrix Solution Advisor Program Member
Microsoft Gold Certified Partner - Member
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.42.86 |
|
UK Pound |
1 |
Rs.84.40 |
|
Euro |
1 |
Rs.57.53 |
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 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
51 |
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 |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average/normal. |
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 |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|