MIRA
INFORM REPORT
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Report Date : |
08.10.2007 |
IDENTIFICATION DETAILS
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Name : |
SECURE SYNERGY PRIVATE LIMITED |
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Registered Office : |
153, Vasant Enclave, Rao Tula Ram Marg, |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
24.05.2002 |
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Com. Reg. No.: |
115521 |
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CIN No.: [Company
Identification No.] |
U72200DL2002PTC115521 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DELS15912B DELS15950E |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Subject is an Information Assurance Company, considers
security to be an amalgamation of confidentiality, integrity, availability, non-repudiation,
reliability, access control and authentication. |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
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Maximum Credit Limit : |
USD 200000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is an old and established company having moderate track
records. Company’s profitability is under severe pressure. It has some
accumulated losses. Payments are reported as slow but correct. The company can be considered normal for small business dealings at
usual trade terms and conditions wit slight caution initially. |
LOCATIONS
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Registered Office : |
153, Vasant Enclave, Rao Tula Ram Marg, |
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E-Mail : |
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Website : |
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Corporate Office : |
501, |
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Regional Office: |
406-407, Som Dutt Chambers II, |
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Branches: |
Chennai D.No: 29, F.No: 2C, Prince Arcade, 504, F-2, Teja Enclave, D.No: 9-2, Near
Community Hall, Panduranga Nagar, Mothinagar, Suite No 104, 13th Building, |
DIRECTORS
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Name : |
Mr. Felix Mohan |
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Designation : |
Director |
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Address : |
21, Poorvi Apartments, Poorvi Marg, Vasant Vihar, |
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Date of Birth/Age : |
30.07.1956 |
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Date of Appointment : |
24.05.2002 |
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Name : |
Mr. Jai Palan Santhanam |
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Designation : |
Director |
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Address : |
9315, C -9, Block, Vasant Kunj, |
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Date of Birth/Age : |
29.07.1954 |
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Date of Appointment : |
24.5.2002 |
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Name : |
Mr. Kuldeep Singh Solanki |
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Designation : |
Director |
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Address : |
E – 69, Vasant Vihar, |
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Date of Birth/Age : |
02.01.1956 |
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Date of Appointment : |
23.10.2002 |
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Name : |
Mr. Dev Suman Sindhu |
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Designation : |
Director |
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Address : |
C – 101, New |
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Date of Birth/Age : |
24.08.1975 |
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Date of Appointment : |
01.03.2003 |
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Date of Ceasing: |
21.10.2004 |
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Name : |
Mr. Satyapal Sindhu |
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Designation : |
Director |
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Address : |
53-57, Sector -14, Gurgaon – 122 001, |
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Date of Appointment : |
24.07.2004 |
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Name : |
Mr. Rudra Sen Sindhu |
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Designation : |
Director |
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Address : |
23-25, Rajdoot Marg, |
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Date of Appointment : |
15.02.2005 |
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Name : |
Mr. Ignasius Felix Mohan |
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Designation : |
Executive Director |
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Address : |
Flat No. 6520, Sector –C, Pocket -6 and 7, Vasant Kunj, |
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Date of Birth/Age : |
30.07.1956 |
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Date of Appointment : |
24.05.2002 |
KEY EXECUTIVE
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Name : |
Ashok Arora and Company |
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Designation : |
Company Secretaries |
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Address : |
201, T – 2527, Subhash Nagar, |
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Tel No.: |
91-11-32961509 |
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Mobile No.: |
91-9313004780 |
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E-Mail : |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Mr. Felix Mohan |
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200000 |
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Mr. Jaipalan Santhanam |
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200000 |
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Finlease Maneesha |
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200000 |
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Mr. Rudra Sen Sindhu |
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200000 |
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Mr. Kuldeep Solanki |
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100000 |
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Finstock Abhivandan |
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225000 |
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Adbhut Fincap Private Limited |
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93750 |
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Ajma Trading Private Limited |
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225000 |
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Diversified Medical Services Private Limited |
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312500 |
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Divine Enterprises Private Limited |
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850000 |
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Lovely Life Marketing Private Limited |
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268750 |
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Mahabir Coloni Sers and Promoters Company Private Limited |
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562500 |
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Mystry Finlease Private Limited |
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12500 |
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18750 |
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Priti Marketing Private Limited |
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525000 |
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Rajmani Periwal Investment Company Private Limited |
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562500 |
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Rajmani Securities Private Limited |
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500000 |
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Satsoft ( |
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437500 |
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Today Finlease private Limited |
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225000 |
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True Yealth Consultants Private Limited |
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112500 |
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Versa Industries |
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250000 |
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Category |
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Percentage
of Holding |
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Bodies Corporate (not mentioned above) |
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88.49 |
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Directors or relatives of directors |
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11.51 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Subject is an Information Assurance Company, considers
security to be an amalgamation of confidentiality, integrity, availability,
non-repudiation, reliability, access control and authentication. |
GENERAL INFORMATION
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Bankers : |
²
Bank of ²
Citi Bank, ²
Citi Bank, Mumbai ²
Citi Bank, ²
IDBI Bank Limited, Mumbai |
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Banking
Relations : |
- |
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Auditors : |
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Name : |
Nagar Goel and Chawla Chartered Accountants |
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Address : |
M -53, 2nd Floor, M- Block, Central Market, greater
Kailash, |
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Tel No.: |
91-11-41435260 / 41435261 |
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Fax No.: |
91-11-41435262 |
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E-Mail : |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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6500000 |
Equity Shares |
Rs. 1.00 each |
Rs. 6.500 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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6081250 |
Equity Shares |
Rs. 1.00 each |
Rs. 6.081 Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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6.081 |
6.081 |
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2] Share Application Money |
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64.780 |
57.580 |
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3] Reserves & Surplus |
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36.269 |
36.269 |
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4] (Accumulated Losses) |
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55.626 |
57.879 |
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NETWORTH |
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51.504 |
42.051 |
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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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0.000 |
0.000 |
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TOTAL BORROWING |
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0.000 |
0.000 |
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DEFERRED TAX LIABILITIES |
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0.000 |
0.000 |
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TOTAL |
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51.504 |
42.051 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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6.050 |
6.155 |
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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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26.842 |
25.285 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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5.911 |
5.009 |
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Sundry Debtors |
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36.551 |
22.092 |
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Cash & Bank Balances |
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6.978 |
9.685 |
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Other Current Assets |
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0.000 |
0.000 |
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Loans & Advances |
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3.377 |
3.275 |
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Total
Current Assets |
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52.817 |
40.061 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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33.909 |
29.467 |
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Provisions |
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0.304 |
0.000 |
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Total
Current Liabilities |
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34.213 |
29.467 |
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Net Current Assets |
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18.604 |
10.594 |
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MISCELLANEOUS EXPENSES |
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0.008 |
0.017 |
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TOTAL |
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51.504 |
42.051 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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Sales Turnover |
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100.621 |
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Other Income |
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0.000 |
NA |
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Total Income |
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100.621 |
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Profit/(Loss) Before Tax |
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1.000 |
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Provision for Taxation |
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(1.253) |
NA |
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Profit/(Loss) After Tax |
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2.253 |
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Earnings in Foreign Currency : |
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Earnings – (in USD) |
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52.127 |
13.985 |
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Earnings – (in |
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8.402 |
0.000 |
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Imports : |
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Raw Materials |
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796.498 |
147.712 |
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Stores & Spares |
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5.868 |
1.172 |
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Capital Goods |
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0.000 |
7.800 |
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Total Imports |
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802.366 |
156.684 |
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Expenditures : |
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Total Expenditure |
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99.621 |
NA |
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KEY RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
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2.23 |
NA |
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Net Profit Margin (PBT/Sales) |
(%) |
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0.99 |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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1.69 |
NA |
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Return on Investment (ROI) (PBT/Networth) |
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0.01 |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
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0.66 |
0.70 |
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Current Ratio (Current Asset/Current Liability) |
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1.54 |
1.36 |
LOCAL AGENCY FURTHER INFORMATION
Website details
attached:
VISION & MISSION
To offer Information Assurance across information infrastructures through continuous proactive security and, focused management control."
They believe that the nucleus of any information system is
security-enhanced dependability. Subject, the only-of-its-kind Information
Assurance Company, considers security to be an amalgamation of confidentiality,
integrity, availability, non-repudiation, reliability, access control and
authentication. They emphasize on management- and operations-controlled
security as against the conventional technical controls that networks rely on.
Subject has been set up to provide superior value to its clients through
quality service, innovation, continuous improvement, and strategic alliances
with principals and channel partners alike. Their long-term goal is to help
increase the level of trust customers place in their information systems and
networks through the use of cost-effective security testing, evaluation and
assessment programs.
They continue to build important relationships with government agencies and
industry in a variety of areas to help meet current and future IT security
challenges affecting the nation's critical information infrastructure.
Values
Client's security is their prime concern. Subject is the
first-of-its-kind endeavor in
Subject’s raison d'etre is to pilot clients throughout the challenges they will
face in information security and help them scourge them. Zealously they will
periodically educate clients and at the same time handhold them in their battle
to be secure 24x7. Their energy, experience, drive, and creativity will help
clients build an envious and sturdy security framework that will in turn help
them drastically reduce business risks. Subject will get involved in the
client's information systems at any stage of its lifecycle to form or reshape
its destiny through micro as well as macro security management.
PROPOSITION
Their unique selling proposition is their offerings across the
Information Value Chain (IVC) and providing security assurance on a continuous
basis. Their extensive scalability offerings are summarized by their top-down
approach wherein they can replicate national level military-grade security
frameworks right to the enterprise level and seamlessly integrate data
creation, access, management, analysis and presentation in a secure manner.
Subject is the only player of its kind providing continuous security with an
envious matrix of products and services, backed by certified training and
broad-band consulting. Knowing the typical Indian information infrastructures,
their architectures and the fact that wireless devices are finding widespread
acceptability in the corporate world, they strongly acknowledge the latent
demand waiting to be explored.
Subject through its unique technology consulting practice intends to bridge
this gap. For the end customer, they provide technology consulting through an
"Acting Principal" model wherein they first understand customer needs
and devise a security model in alignment with the principal.
While they are committed to provide world-class security products, what they
also ensure is absolute clarity on their offerings. The objective is to address
two vital issues: first, too many products in each segment tend to confuse
clients, many a times steering them to tread on the wrong path. Historically,
clients who have undergone such exercises have invariably lost humungous
amounts of monies and are stuck with technologies and processes that are
literally difficult to overhaul.
And second, by virtue of being a consulting partner to their clients, they will
be executing their core responsibility of whetting the chosen product in any
given segment - for instance in mandatory access control - and instead allowing
their clients to concentrate on their core businesses.
Acknowledging the business needs very well, they provide customized solutions
through select channel partners, again the best-of-the-breed in each area of
operations that they are in. Over here, the proposition is clearly to create
"value and delight" for channel partners with the ultimate goal to
cajole customers to expect a range of products and services they have never
seen before.
In fact, the beauty of their business lies in being the 'Acting Principal' and
at the same time doubling up as channel partner for the very same principal.
They have a unique proposition of being the first-mile as well as the
last-mile. The last-mile of course, will be delivered through existing players
- channel companies - in the marketplace. The process is already on and the
select channel partners are committed to bring pre-defined value propositions
to the table.
The biggest proposition from subject is the ability to provide "Always-On
Security" which is of paramount importance in today's "always-on
network" environs, especially data centres. Very few companies in the
world have the capability, experience and the vision to chalk out a strategic
offering in this sphere. In the "Always-On Network" environment where
even nanoseconds count, subject is uniquely placed to provide first-of-its-kind
"Pipe Security Services" which will oversee things where no other
company has ever ventured.
Finally, subject is betting on three big areas of businesses - Storage,
Wireless and Portals. These three horizontals are the backbone on which they
plan to roll out a variety of security products and services with loads of
value additions for their clients. Their unwritten motive is to enthrall their
customers with products and services mix and handhold them through next
generation networks, which in turn will call for greater emphasis on
Information Assurance.
Technology Partners
McAfee, Inc.
McAfee is a leading supplier of network security and availability
solutions protecting businesses from security breaches, virus attacks and
blended threats.
Network General
Network General is a leading provider of IT management solutions
designed to integrate and simplify troubleshooting and management across IT
domains, assuring the delivery of IT services.
LogLogic
LogLogic provides the world’s leading enterprise-class platform for collecting,
storing, reporting and alerting on 100 percent of IT log data from virtually
any device, operating system or application
Credant Technologies
Credant Technologies is the market leader in providing software that
enables organizations to control security enterprise-wide for mobile workers.
Credant Technologies
Credant Technologies is the market leader in providing software that enables
organizations to control security enterprise-wide for mobile workers.
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. 39.49 |
|
|
1 |
Rs. 80.41 |
|
Euro |
1 |
Rs. 56.76 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
4 |
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OPERATING SCALE |
1~10 |
2 |
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FINANCIAL CONDITION |
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|
--BUSINESS SCALE |
1~10 |
5 |
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--PROFITABILIRY |
1~10 |
- |
|
---LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
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--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 |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
26 |
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 |
|