MIRA
INFORM REPORT
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Report Date : |
21.11.2007 |
IDENTIFICATION
DETAILS
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Name : |
SARAYU SOFTECH PRIVATE LIMITED |
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Registered Office : |
562/640, SY. No. 10, Bilekahallibannerghatta Road, Bangalore – 560076,
Karnataka |
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Country : |
India |
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Financials (as on) : |
31.03.2004 |
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Date of Incorporation : |
01.02.2002 |
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Com. Reg. No.: |
030073 |
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CIN No.: [Company
Identification No.] |
U72200KA2002PTC030073 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
BLRS11326A |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Development and Marketing of I. T. Related Products. |
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 93108 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Slow but Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company and a part of Sarayu Group, a small
sized group in Bangalore. Company’s latest financials are missing from the government
registry, and the management so far remained non-cooperative. Payments are
reported as slow but correct. The company can be considered for small to mediocre business dealings
at usual trade terms and conditions. |
LOCATIONS
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Registered Office : |
562/640, SY. No. 10, Bilekahallibannerghatta Road, Bangalore – 560076,
Karnataka, India |
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Tel. No.: |
91-80-26782958/59 |
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Fax No.: |
91-80-26785960 |
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E-Mail : |
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Head Office: (Bangalore) |
562/640, Bilekehalli, Bannerghatta Road, Bangalore – 560076,
Karnataka, India |
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Tel. No.: |
91-80-26782958/26782959 |
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Fax No.: |
91-80-26782960 |
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Chennai Office : |
IV Floor, No. 25, Dr. Radhakrishnan Road, Mylapore, Chennai – 600004,
Tamilnadu, India |
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Tel. No.: |
91-44-43129191/42109833 |
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Fax No.: |
91-44-42088559 |
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DIRECTORS
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Name : |
Mr. Suresh K. Dholakia |
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Designation : |
Board of Director |
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Date of Birth/Age : |
50 years |
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Qualification : |
CMD |
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Name : |
Mr. Pradeep H. Sonawala |
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Designation : |
Director |
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Qualification : |
BSEE(Gujarat), MSEE(Idaho) |
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Experience : |
20 years |
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Name : |
Mr. Mahendra Zaveri |
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Designation : |
Director |
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Qualification : |
Entrepreneur |
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Experience : |
20 years |
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Name : |
Mr. C. S. Rao |
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Designation : |
Director |
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Qualification : |
PG in Telecom |
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Experience : |
25years |
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BUSINESS DETAILS
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Line of Business : |
Development and Marketing of I. T. Related Products. |
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Products : |
·
Range includes Wireless Audio ·
Video player streamer for PDA and PC compass board ·
Display control board ·
Eagle board etc. |
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Exports : |
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Countries : |
USA |
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GENERAL
INFORMATION
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Suppliers : |
Mantra Broadband Private Limited |
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Customers : |
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FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2004 |
31.03.2003 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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23.000 |
16.379 |
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2] Share Application Money |
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0.000 |
0.000 |
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3] Reserves & Surplus |
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0.277 |
0.022 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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23.277 |
16.400 |
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LOAN FUNDS |
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1] Secured Loans |
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0.000 |
0.000 |
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2] Unsecured Loans |
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13.486 |
0.029 |
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TOTAL BORROWING |
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13.486 |
0.029 |
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DEFERRED TAX LIABILITIES |
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0.000 |
0.000 |
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TOTAL |
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36.763 |
16.429 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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4.479 |
0.039 |
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Capital work-in-progress |
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31.802 |
15.842 |
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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 |
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0.000 |
0.000 |
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Sundry Debtors |
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0.849 |
0.572 |
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Cash & Bank Balances |
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0.000 |
0.000 |
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Other Current Assets |
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4.549 |
0.000 |
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Loans & Advances |
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3.500 |
1.385 |
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Total
Current Assets |
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8.898 |
1.957 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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8.593 |
1.629 |
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Provisions |
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0.020 |
0.002 |
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Total
Current Liabilities |
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8.613 |
1.631 |
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Net Current Assets |
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0.285 |
0.326 |
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MISCELLANEOUS EXPENSES |
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0.197 |
0.222 |
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TOTAL |
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36.763 |
16.429 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2004 |
31.03.2003 |
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Sales Turnover |
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6.592 |
3.445 |
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Other Income |
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0.000 |
0.000 |
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Total Income |
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6.592 |
3.445 |
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Profit/(Loss) Before Tax |
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0.274 |
0.024 |
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Provision for Taxation |
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0.020 |
0.002 |
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Profit/(Loss) After Tax |
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0.254 |
0.022 |
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Expenditures : |
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Personnel Cost |
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4.411 |
0.254 |
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Administrative Expenses |
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1.626 |
3.127 |
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Raw Material Consumed |
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0.000 |
0.000 |
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Purchases made for re-sale |
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0.000 |
0.000 |
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Consumption of stores and spares parts |
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0.000 |
0.000 |
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Increase/(Decrease) in Finished Goods |
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0.000 |
0.000 |
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Salaries, Wages, Bonus, etc. |
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0.000 |
0.000 |
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Managerial Remuneration |
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0.000 |
0.000 |
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Payment to Auditors |
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0.000 |
0.000 |
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Interest |
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0.000 |
0.000 |
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Insurance Expenses |
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0.000 |
0.000 |
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Power & Fuel |
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0.000 |
0.000 |
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Depreciation & Amortization |
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0.254 |
0.014 |
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Mis. Expenses Amortised |
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0.026 |
0.026 |
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Other Expenditure |
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0.000 |
0.000 |
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Total Expenditure |
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6.317 |
3.421 |
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KEY RATIOS
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PARTICULARS |
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31.03.2004 |
31.03.2003 |
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PAT / Total Income |
(%) |
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3.85 |
0.64 |
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Net Profit Margin (PBT/Sales) |
(%) |
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4.16 |
0.70 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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2.05 |
1.20 |
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Return on Investment (ROI) (PBT/Networth) |
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0.01 |
0.00 |
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Debt Equity Ratio (Total Liability/Networth) |
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0.95 |
0.12 |
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Current Ratio (Current Asset/Current Liability) |
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1.03 |
1.20 |
LOCAL AGENCY
FURTHER INFORMATION
Website
details:
Management Team
Suresh
K Dholakia - Chairman & Managing Director
Suresh Dholakia has been an innovator in high-tech for more
than 20 years. He founded three successful start-ups in communications
software, semiconductors and CAE tools. He has held Executive, Engineering and
Operations Management roles. Suresh received his MSCS from the University of
Minnesota and his BSEE from Gujarat University.
Pradeep
H. Sonawala - Director on Board
Mr. Sonawala began his career in Engineering at Caterpillar
Inc. in Peoria IL. He worked in engine simulation for 13 years and was joint
signatory to a patent application in viscous damper design. He relocated to
Bombay as Director of Sales and Marketing at Hinditron and later was appointed
COO of Hinditron Tektronix Ltd. for 8 years. He was managing director of
Inventa India and the founder of Apson group of companies. SBMT (GoI) selected
Apson to commercialize India's first indigenous cardiac pacemaker in 1997.
Pradeep serves on the board of several companies in the Electronics and IT
Industry. He was president, IMDA-Karnataka Chapter and Convener, Electronics
and IT Chapter of CII. He received awards for contribution to the electronics
Industry from Governor of Karnataka and from President of India. He is a Paul
Harris Fellow. Pradeep received his BSEE from Gujarat and MSEE from University
of Idaho.
Mahendra
Zaveri - Director on Board
I am pleased to see SSPL's first newsletter being published.
5 years after the company's incorporation, they have now grown to the extent of
100+ employees, wherein it is difficult for an employee to know about
Companywide Projects and activities of which his / her colleagues are part of.
This newsletter is an initial step to keep the employees educated about the
various projects / activities of the company. I congratulate all those who are
part of this newsletter.
Engineering Team
Dr. Sundar - Chief Technical Officer
Dr. Sundar is a specialist in communications systems
architecture. He has over 18 years of industry and academic experience in the
field of embedded systems, SoC architectures, speech technologies, DSP and
VoIP. Sundar received his Ph.D in Electrical Engineering and Computer Science
where he was also a Professor and MSEE from Indian Institute of Technology, Madras,
India, and his BSEE from Indian Institute of Science, Bangalore, India.
Dr
Rangarao Kaluri - Vice President – Engineering
Prof K.V.Ranga Rao has obtained his B.E from Andhra University,
M.E from School of Automation at IISc Bangalore, MS from US Naval Post Graduate
School at California and a Ph.D. from Indian Institute of Technology, Madras.
Dr.Ranga Rao has published more than 20 papers in International journals and
conferences. He has Author of International Publication Book from John Wiley
DSP for Practicing Engineers. Dr.Ranga Rao has served DRDO, NSTL, RCI, GMR
Vasavi Infotech, Satyam Computer Services Ltd, IIIT Hyderabad and other reputed
organizations.
B
Saravanan - Director Engineering
Saravanan is with Sarayu since inception in 2002 and
currently heads their Chennai division of Sarayu Softech. He started his career
as a Research Engineer with Central Research Laboratories, Bharat Electronics,
Bangalore where he was involved in HF Trancievers development for the Indian
Armed Forces. Later he had worked in Analog Devices, Bangalore for a couple of
years before moving to RealChip, Chennai. Saravanan has nearly 12 years
experience in DSP Software Development for various applications like Multimedia
codecs, VoIP, Baseband Modems, Trancievers etc. He hold a BE degree in
Electronics and Communication Engineering from University of Madras and MTech
in Digital Systems and Communication Engineering from National Institute of Technology,
Calicut, India.
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 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.39.34 |
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UK Pound |
1 |
Rs.80.72 |
|
Euro |
1 |
Rs.57.71 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
3 |
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PAID-UP CAPITAL |
1~10 |
4 |
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OPERATING SCALE |
1~10 |
4 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
5 |
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--PROFITABILIRY |
1~10 |
3 |
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--LIQUIDITY |
1~10 |
5 |
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--LEVERAGE |
1~10 |
5 |
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--RESERVES |
1~10 |
4 |
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--CREDIT LINES |
1~10 |
4 |
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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 |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
NO |
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--AFFILIATION |
YES/NO |
YES |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
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37 |
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 |
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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 |
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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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