MIRA
INFORM REPORT
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Report Date : |
11.08.2007 |
IDENTIFICATION DETAILS
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Name : |
SHRIRAM FINANCIAL SERVICES HOLDING PRIVATE LIMITED |
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Formerly Known As : |
SHRIRAM CHITS AND INVESTMENTS PRIVATE LIMITED |
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Registered Office : |
123, |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
05.04.1974 |
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Com. Reg. No.: |
18-6588 |
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CIN No.: [Company
Identification No.] |
U65993TN1974PTC006588 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CHES01896G |
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PAN No.: [Permanent
Account No.] |
AABCS2726B |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Providing Investment Services |
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 12000000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well established and reputed company having satisfactory
track. Directors are reported as experienced and respectable businessmen.
Trade relations are reported as fair. Business is active. Payments are
usually correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
LOCATIONS
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Registered Office : |
123, |
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Tel. No.: |
91-44-24990356 |
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Fax No.: |
91-44-24993272 |
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E-Mail : |
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Corporate Office : |
4 Gems Enclave, Malviya Nagar, Jaipur – 302017, |
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Tel. No.: |
91-141-2521693/2521694/3220896/3220898 |
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Fax No.: |
91-141-2521694 |
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Administrative Office : |
Mookambika Complex, 2nd Floor, No. 4, Lady Desikachari
Road, Mylapore, Chennai – 600004, Tamilnadu, India |
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Tel. No.: |
91-44-24990356 / 24993768 |
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Fax No.: |
91-44-24993272 |
DIRECTORS
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Name : |
Mr. |
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Designation : |
Director |
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Address : |
B3E, Regal Palm Gardens, Cee Dee Yes Apartments, Velachery Tambaram
Road, Velachery, Chennai – 600042, Tamilnadu, India |
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Date of Birth/Age : |
05.09.1964 |
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Date of Appointment : |
30.09.2005 |
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Name : |
Mr. Srinivasan Natarajan |
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Designation : |
Director |
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Address : |
New No. 7 [Old No. 4], |
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Date of Birth/Age : |
01.11.1947 |
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Date of Appointment : |
31.01.2007 |
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Other Directorship : |
Binny Limited U17111TN1969PLC005736 Binny Lorze Limited U18102TN1995PLC029737 Binny Engineering Limited L28920TN1995PLC029734 Shree Karthikeya Lamination India Private Limited U25209TN1980PTC008428 Sri Ram Industries Wovon Sacks Private Limited U25900TN1980PTC008374 Shriram Properties Limited U72200TN2000PLC044560 Sheetala Credit And Holdings Private Limited U65993DL1991PTC046692 Calcom Credit And Holding Private Limited U99999DL1991PTC046662 Rajat Chakra Credit And Holdings Private Limited U65993DL1991PTC046693 Saranga Investments And Consultancy Private Limited U65993TN1986PTC013711 Twentieth Century Apco Leasing Private Limited U65921WB1981PTC033966 Alpha Energy Systems Limited U40109AP1995PLC022197 Haldia Coke And Chemicals Limited U15541TN2004PTC054260 Shriram Properties And Infrastructure Private Limited U45209TN2006PTC058619 Twentyfirst Century Infrastructure Private Limited U70102KA2006PTC040762 |
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Name : |
Mr. Rangaswamy Sundararajan |
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Designation : |
Director |
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Address : |
30/A, |
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Date of Birth/Age : |
28.04.1948 |
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Date of Appointment : |
01.07.2005 |
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Name : |
Mr. R. Chandrasekar |
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Designation : |
Director |
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Date of Birth/Age : |
06.01.1963 |
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Date of Appointment : |
30.06.1998 |
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Name : |
Mr. G. Muralidhar |
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Designation : |
Director |
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Date of Birth/Age : |
16.05.1963 |
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Date of Appointment : |
21.05.2003 |
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Date of Ceasing : |
July 2005 |
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Name : |
Mr. R. Swaminathan |
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Designation : |
Director |
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Date of Birth/Age : |
25.05.1956 |
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Date of Appointment : |
21.05.2003 |
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Name : |
Mr. R. Sundara Rajan |
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Designation : |
Director |
KEY EXECUTIVES
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Name : |
Mr. V. Mahalingam |
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Designation : |
Company Secretary |
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Date of Birth/Age : |
22.03.1926 |
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Date of Appointment : |
01.10.1993 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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T. N. Venkatraman |
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1550 |
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R. Thiagarajan |
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2250 |
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A.V.S. Raja |
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1002 |
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Meena Jayaraman |
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550 |
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Bhavani Thiagarajan |
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1599 |
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H. R. Srinivasan |
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7732810 |
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Shriram Holdings [ |
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223000 |
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G. Vijaya |
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175000 |
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George Stephen |
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330000 |
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K. Nagarajan |
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150000 |
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Equity Share
Breakup |
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Category |
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Percentage of
Holding |
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Other top fifty shareholders |
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0.09 |
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Other |
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99.91 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Providing Investment Services |
GENERAL INFORMATION
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Bankers : |
The Kumbakonam
City Union Bank Limited No. 149, T.S.R.
Big Street Kumbakonam |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
K Chartered Accountants |
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Address : |
14, 11th Cross Street, Indira Nagar, Chennai – 600020, |
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Associates/Subsidiaries : |
Shriram Holdings Madras Private Limited U74140TN1993PTC024863 Shriram Enterprises Holdings Private Limited U67120TN1995PTC032082 Shriram Insurance Holdings Private Limited U67200TN2006PTC058644 Shriram Credit Company Limited L65993TN1980PLC008215 Shriram Life Insurance Company Limited L66010AP2005PLC045616 Bharat Re-Insurance Services Private Limited U67200AP1997PTC026646 Shriram Chits Tamilnadu Private Limited U65991TN1989PTC017943 Shriram Chits Private Limited U65992AP1981PTC003312 Shriram Chits [Karnataka] Private Limited U65992KA1990PTC010662 Take Solutions Pte Limited Binny Limited U17111TN1969PLC005736 Binny Lorze Limited U18102TN1995PLC029737 Binny Engineering Limited L28920TN1995PLC029734 Shree Karthikeya Lamination India Private Limited U25209TN1980PTC008428 Sri Ram Industries Wovon Sacks Private Limited U25900TN1980PTC008374 Shriram Properties Limited U72200TN2000PLC044560 Sheetala Credit And Holdings Private Limited U65993DL1991PTC046692 Calcom Credit And Holding Private Limited U99999DL1991PTC046662 Rajat Chakra Credit And Holdings Private Limited U65993DL1991PTC046693 Saranga Investments And Consultancy Private Limited U65993TN1986PTC013711 Twentieth Century Apco Leasing Private Limited U65921WB1981PTC033966 Alpha Energy Systems Limited U40109AP1995PLC022197 Haldia Coke And Chemicals Limited U15541TN2004PTC054260 Shriram Properties And Infrastructure Private Limited U45209TN2006PTC058619 Twentyfirst Century Infrastructure Private Limited U70102KA2006PTC040762 |
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Joint Venture : |
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CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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10,000,000 |
Equity Shares |
Rs. 100/- each |
Rs. 1000.000 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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8,910,810 |
Equity Shares |
Rs. 100/- each |
Rs. 891.081
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
891.081 |
891.081 |
891.081 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
2337.958 |
107.133 |
[3.459] |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
3229.039 |
998.214 |
887.622 |
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LOAN FUNDS |
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1] Secured Loans |
2162.239 |
220.133 |
672.929 |
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2] Unsecured Loans |
0.191 |
606.077 |
0.383 |
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TOTAL BORROWING |
2162.430 |
826.210 |
673.312 |
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DEFERRED TAX LIABILITIES |
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TOTAL |
5391.469 |
1824.424 |
1560.934 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
19.276 |
7.035 |
28.588 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
5385.605 |
1650.158 |
1066.260 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.383 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
0.000
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0.000 |
0.000 |
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Sundry Debtors |
0.000
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0.000 |
0.000 |
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Cash & Bank Balances |
53.554
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87.620 |
207.656 |
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Other Current Assets |
0.000
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0.000 |
0.000 |
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Loans & Advances |
201.860
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120.592 |
376.222 |
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Total
Current Assets |
255.414
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208.212 |
583.878 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
209.604
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18.277 |
87.251 |
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Provisions |
59.222
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22.704 |
30.924 |
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Total
Current Liabilities |
268.826
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40.981 |
118.175 |
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Net Current Assets |
[13.412]
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167.231 |
465.703 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
5391.469 |
1824.424 |
1560.934 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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Sales Turnover |
2893.252 |
200.011 |
181.088 |
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Other Income |
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Total Income |
2893.252 |
200.011 |
181.088 |
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Profit/(Loss) Before Tax |
2267.644 |
110.592 |
17.588 |
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Provision for Taxation |
34.971 |
- |
3.870 |
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Profit/(Loss) After Tax |
2232.673 |
110.592 |
13.718 |
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Expenditures : |
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Payments and Benefits to Employees |
0.000 |
0.000 |
31.069 |
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Interest and Finance Charges |
36.430 |
44.190 |
13.030 |
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Remuneration to directors |
0.450 |
0.000 |
0.279 |
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Other Expenses |
587.780 |
44.822 |
112.121 |
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Depreciation & Amortization |
0.257 |
0.407 |
8.981 |
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Total Expenditure |
624.917 |
89.419 |
165.480 |
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KEY RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
31.03.2004 |
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PAT / Total Income |
(%) |
77.17
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55.29 |
7.58 |
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Net Profit Margin (PBT/Sales) |
(%) |
78.38
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55.29 |
9.71 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
825.53
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51.38 |
2.87 |
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Return on Investment (ROI) (PBT/Networth) |
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0.70
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0.11 |
0.02 |
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Debt Equity Ratio (Total Liability/Networth) |
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0.75
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0.87 |
0.89 |
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Current Ratio (Current Asset/Current Liability) |
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0.95
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5.08 |
4.94 |
LOCAL AGENCY FURTHER INFORMATION
Fixed assets
- Land
- Building
- Furniture and
Fixture
- Office
Equipments
- Vehicles
- Electrical
Equipments
- Computers
Bankers Charges
Report as per Registry
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Name of the company |
Shriram Chits
And Investments Private Limited |
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Presented By |
R. Kannan,
Director |
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1) Date and description of instrument creating the change |
02.05.1983
Hypothecation of Book debts and assets |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 0.500 Million |
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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 |
First charge over
the present and future book debts securities and investments and other
assets. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
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5) Name and Address and description of the person entitled to the charge. |
The Kumbakonam
City Union Bank Limited No. 149, T.S.R.
Big Street Kumbakonam |
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6) Date and brief description of instrument modifying the charge |
-- |
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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. |
-- |
Bank of Maharashtra Limited to Establish Joint Venture with
Shriram Financial Services Holdings Private Limited and Sanlam Limited
12/22/2006
Bank of
Maharashtra Limited announced that the Bank has decided to establish a joint
venture for general insurance business in partnership with M/s. Shriram
Financial Services holdings Private Limited and M/s. Sanlam Limited,
Update to Sanlam Limited’s Equity Buyback on September 7,
2006
09/8/2006
On
September 7, 2006, Sanlam Limited announced that it has repurchased 83,400,000
shares for R1.3 billion, during first half of 2006. The JSE Limited approved
the cancellation of 70,000,000 of the acquired shares during June 2006. The
aggregate buyback since the start of 2005 amounts to 442,000,000 shares at a
total cost of R5.7 billion (R12.97 per share), which reduced the Company’s
issued share capital by 16%. The benefits of the share buyback program are
reflected in both the positive impact on earnings per share and the accretion
in embedded value per share.
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.40.56 |
|
|
1 |
Rs.82.03 |
|
Euro |
1 |
Rs.55.55 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
7 |
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--PROFITABILIRY |
1~10 |
5 |
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--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
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--MARGINS |
-5~5 |
- |
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DEMERIT POINTS |
|
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--BANK CHARGES |
YES/NO |
NO |
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--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
54 |
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. |
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 |
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