MIRA
INFORM REPORT
|
Report Date : |
11.12.2008 |
IDENTIFICATION
DETAILS
|
Name : |
SHRIRAM VERITECH SOLUTIONS PRIVATE LIMITED |
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Formerly Known As : |
Shriram
Holographics Private limited |
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Registered Office : |
42-B, 4th Floor 23 K G Marg, Himalaya House, New Delhi –
110 001 |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
18.03.1993 |
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Com. Reg. No.: |
55-52670 |
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CIN No.: [Company
Identification No.] |
U74899DL1993PTC052670 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
Dels29901e |
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PAN No.: [Permanent
Account No.] |
Aaacs2261a |
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Legal Form : |
Private Limited Liability Company
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Line of Business : |
Provider of customized security solutions to brand owners
facing the menace of counterfeits. |
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 23000 |
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Status : |
Moderate |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
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Comments : |
Subject is an old and established company having moderate track.
Company’s profitability is under severe pressure and has some accumulated losses.
However no complaints have been heard so far. The company can be considered for small to mediocre business dealings.
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LOCATIONS
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Registered Office : |
42-B, 4th Floor 23 K G Marg, Himalaya House, New Delhi –
110 001 |
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Tel. No.: |
91-11-23715430 |
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Fax No.: |
91-11-23715430 / 4261635 |
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E-Mail : |
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Website : |
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Corporate Office : |
B-1, Sector-6, Noida-201 301, Gautam Budha Nagar, Uttar Pradesh, India |
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Tel. No.: |
91 – 120-4247450, 4247451 |
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Fax No.: |
91-120-4261635 |
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E-Mail : |
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Branches : |
Located
at :- ·
Ahmedabad ·
Jaipur ·
Chandigarh ·
Bangalore ·
Kanpur ·
Kolkata ·
Chennai ·
Hyderabad ·
Delhi ·
Mumbai ·
Pune |
DIRECTORS
|
Name : |
Mr. Ram Charat |
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Designation : |
Director |
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Address : |
26 Sardar Patel Marg, New Delhi – 110 021 |
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Date of Birth/Age : |
01.01.1918 |
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Date of Appointment : |
02.05.2002 |
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Date of Ceasing : |
15.05.2007 |
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Name : |
Mr. Deepak Shriram |
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Designation : |
Director |
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Address : |
26 Sardar Patel Marg, New Delhi – 110 021 |
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Date of Birth/Age : |
24.03.1942 |
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Date of Appointment : |
18.03.1993 |
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Name : |
Mr. Luv D Shriram |
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Designation : |
Director |
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Address : |
26 Sardar Patel Marg, New Delhi – 110 021 |
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Date of Birth/Age : |
02.08.1972 |
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Date of Appointment : |
03.09.2007 |
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Name : |
Mr. Pradeep Dinodia |
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Designation : |
Director |
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Address : |
A-9 A, Maharani Bagh, New delhi – 110 065, India |
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Date of Birth/Age : |
02.12.1953 |
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Date of Appointment : |
02.05.2002 |
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Name : |
Mr. Rajindra Lal Saigal |
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Designation : |
Director |
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Address : |
A -64 First Floor, Madhuban, New Delhi – 110 092, India |
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Date of Birth/Age : |
17.11.1924 |
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Date of Appointment : |
02.05.2002 |
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Name : |
Mr. Ramesh Babu Sharma |
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Designation : |
Director |
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Address : |
Aashirwad 4587/3, Ansari Road, Darya Ganj, New Delhi – 110 002, India |
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Date of Birth/Age : |
13.12.1952 |
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Date of Appointment : |
02.05.2008 |
KEY EXECUTIVES
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Name : |
Mr. Girinder Kumar |
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Designation : |
Secretary |
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Address : |
C – 508 Prabha Apartment Plot No. 11 Sector – 23, Dwarka New Delhi –
110 075 |
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Date of Birth/Age : |
03.10.1968 |
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Date of Appointment : |
02.05.2002 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names of Shareholders |
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No. of Shares |
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Mr. Deepak Shriram |
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11934 |
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Mr. Luv Shriram |
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24786 |
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Mr. Aashish Taneja |
|
4590 |
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Mrs. Anjali Taneja |
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4590 |
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Names of Allotees (As on 05.09.2006) |
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No. of Shares |
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Mr. Luv Shriram |
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22032 |
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Mr. Deepak Shriram |
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10608 |
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Mr. Aashish Taneja |
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4080 |
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Mrs. Anjali Taneja |
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4080 |
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Total |
40800 |
AS ON 30.09.2007
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Equity Share
Breakup |
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Percentage of
Holding |
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Category |
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Directors or relatives of directors |
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80.00 |
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Other top fifty shareholders |
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20.00 |
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Total
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Provider of customized security solutions to brand owners
facing the menace of counterfeits. |
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Products : |
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GENERAL
INFORMATION
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Bankers : |
Syndicate Bank,
Mayapuri, New Delhi – 110 064, India |
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Banking
Relations : |
---- |
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Auditors : |
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Name : |
B R Gupta and Company Chartered Accountants |
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Address : |
A – 10, Bathla Apartments, 43 I P Extension, Patparganj, Delhi - 110
092, India |
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Tel No.: |
91-11-2731341 |
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Holding Company : |
Shriram Automotive Products Limited CIN : U34300DL1982PLC014285 |
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Associates/Subsidiaries : |
NIL |
CAPITAL STRUCTURE
AS ON 30.09.2007
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
500000 |
Equity Shares |
Rs. 100/- Each |
Rs. 50.000 millions |
Issued, Subscribed
& Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
45900 |
Equity Shares |
Rs. 100/- Each |
Rs. 4.590 millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
4.590 |
0.510 |
0.510 |
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2] Share Application Money Pending Allotment |
0.000 |
0.025 |
0.025 |
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3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
[0.512] |
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NETWORTH |
4.590 |
0.535 |
0.023 |
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LOAN FUNDS |
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1] Secured Loans |
6.581 |
0.000 |
0.000 |
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2] Unsecured Loans |
0.300 |
0.000 |
0.000 |
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TOTAL BORROWING |
6.881 |
0.000 |
0.000 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
11.471 |
0.535 |
0.023 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
10.725 |
0.000 |
0.000 |
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Capital work-in-progress |
0.000 |
0.000 |
0.019 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.130 |
0.020 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
3.324 |
0.000 |
0.000 |
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Sundry Debtors |
6.935 |
0.000 |
0.000 |
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Cash & Bank Balances |
0.896 |
0.010 |
0.010 |
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Other Current Assets |
0.000 |
0.000 |
0.000 |
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Loans & Advances |
2.233 |
0.000 |
0.000 |
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Total
Current Assets |
13.388 |
0.010 |
0.010 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
11.992 |
0.014 |
0.006 |
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Provisions |
0.952 |
0.000 |
0.000 |
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Total
Current Liabilities |
12.944 |
0.014 |
0.006 |
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Net Current Assets |
0.444 |
[0.004] |
0.004 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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Profit & Loss a/C |
0.172 |
0.519 |
0.000 |
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TOTAL |
11.471 |
0.535 |
0.023 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
|
31.03.2006 |
31.03.2005 |
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Interest on FDR |
|
0.000 |
0.000 |
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Profit/(Loss) Before Tax |
|
[0.009] |
[0.012] |
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Provision for Taxation |
|
[0.002] |
[0.002] |
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Profit/(Loss) After Tax |
|
[0.007] |
[0.010] |
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Expenditures : |
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Payment to Auditors |
|
0.006 |
0.005 |
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Bank Charges |
|
NA |
0.001 |
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Printing & Stationery |
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NA |
0.004 |
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Filling Fees |
|
0.003 |
0.002 |
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Total Expenditure |
|
0.009 |
0.012 |
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Note:
The accounts for the year show a loss of Rs. 0.009 million before tax as
against a loss of Rs. 0.012 million during the previous year.
KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
NA
|
0.00 |
0.00 |
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Net Profit Margin (PBT/Sales) |
(%) |
NA
|
0.00 |
0.00 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
NA
|
[30.00] |
[41.38] |
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Return on Investment (ROI) (PBT/Networth) |
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NA
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[0.02] |
[0.52] |
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Debt Equity Ratio (Total Liability/Networth) |
|
4.32
|
0.03 |
0.26 |
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Current Ratio (Current Asset/Current Liability) |
|
1.03
|
0.71 |
1.67 |
LOCAL AGENCY FURTHER
INFORMATION
Fixed ASSETES;-
·
Air Conditioner
·
Electrical Installation
·
Furniture and Fixtures
·
Electrical Generators
·
Plant and Machinery
·
Office Equipments
·
Computers
· Vehicle
·
Tools and Equipments
FORM 8:-
|
Corporate
identity number of the company |
U74899DL1993PTC052670 |
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Name of the
company |
SHRIRAM VERITECH SOLUTIONS PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
42-B, 4th Floor 23 K G Marg, Himalaya House , New Delhi – 110
001 |
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This form is for |
Creation of
charge |
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Type of charge |
· Movable property (not being Pledge) |
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Particular of
charge holder |
Syndicate Bank,
Mayapuri, New Delhi – 110 064, India E-Mail: ca_rcg@yahoo.co.in |
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Nature of
instrument creating charge |
Composite
hypothecation agreement dated 01.12.2007 |
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Date of
instrument Creating the charge |
01.12.2007 |
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Amount secured by
the charge |
Rs. 1.550
millions |
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Brief of the principal
terms an conditions and extent and operation of the charge |
Rate of interest
@1.50% p.a BPLR of the Bank with a
minimum of 14.50% p.a at monthly rest or at such rate(s) as may be specified
by the bank from time to time. Term of repayment: Principal amount
to be repaid in 43 month after holiday @ Rs. 30000 .p.m. from April 08 to March 09, Rs.
35000 p.m. from April 2009
to March 2010, Rs. 40000 from April 2010 to March 2011 and seven installment
of Rs. 42000 from April 2011 to Oct 2011. interest to be services as and when
the same is debited to the loan account every month. Margin: 215% Extent and
Operation of the charge: 100% Others: The above is to
secure all amounts payable under a term Loan of Rs. 1.550 millions granted to
the company together with all interest, costs, charges,. Expenses, etc. |
|
Short particulars
of the property charged (Including location of the property) |
Hypothecation of
the following machineries acquired or to be
out of the term loan granted
by the bank installed / to be installed at company’s premises at B- 1,
Sector, Noida, Uttar Pradesh or at any other palace (s) including those in
transit : No. RY 230A
Automatic Flexo Printing Machine with rubber roller No. FQ 320
Slitting Machine Collaterally secured by all existing machineries of the
company. |
Website details:-
Subject is a part of the Shriram Group of Companies (erstwhile DCM), one
of the largest industrial houses in India. The Group employs over 50,000
people, and the annual turnover exceeds USD 1.5 billion (Rs. 100000 millions).
The Group comprises of various Companies manufacturing a wide range of
products such as Automotive Components, Plastics, Textiles, Sugar, Consumer
Durables, Chemicals, Computers (Hardware / Software) and Apparel etc.
Subject (formerly Shriram Holographics) was started in 1994 and was initially
engaged in International Trading / Marketing of Holograms to Corporates. In
1999, a `state-of-the-art’ manufacturing facility was set up at Noida, UP.
Over the years, subject has firmly established itself in the Indian
market place by supplying innovative products to customers covering a wide
range of industries.
The Company has a young and dynamic team of qualified professionals who
thoroughly understand the requirements of the customer.
With years of business experience and a testimony of hundreds of satisfied
customers, subject has indeed come a long way.
1994 Operations
started under the name Shriram Holographics; a division of Shriram Automotive
Products Limited .
Dec. 1, 1998 Became ‘Full Founder Member’ of HoMAI ( Hologram Manufacturers’
Association of India )
Nov. 1, 1999 Set up state-of-the-art manufacturing facility for Holograms at Noida (
UP, India )
Jan. 1, 2000 Became ‘Full Member’ of IHMA ( International Hologram Manufacturers’
Association )
Dec. 12, 2003 ISO / QMS Certification
May 21, 2005 Expanded into Printing field with the addition of 2 Flexo Printing lines
April 1, 2006 ‘Hived off’ as Shriram Holographics Private. Limited .
2008 Change of
corporate identity; birth of SHRIRAM
VERITECH SOLUTIONS PL.
2008 Acquisition of
brand new High Security 24,000 dpi KINEMAX
Dotmatrix Mastering System from Poland
Accreditations
In its endeavor to continuously improve its Systems and Procedures,
subject has achieved the following certifications:
ISO 9001 : 2000
( Since 11.12.2003 ) Quality Management System
ISO 14001 : 2004
( Since 11.12.2003 ) Environment Management System
OHSAS 18001 : 1999
( Since 11.12.2003 ) Occupational Health and Safety Management System
Their company has in place a complete system for not only managing the
quality of its' products but also to ensure that the same is done through
eliminating adverse impact on environment. At the same time, we also care for
health and safety of our people and have in place a fully documented system for
the same.
All the above certifications are from TUV NORD, Germany; one of
the top 3 Certification agencies in the world.
Full Founder Member of HoMAI ( Hologram Manufacturers Association of India ) since Dec. 1, 1998.
The Indian Hologram Industry is largely governed by HoMAI which the only
association of its kind in India. Almost all the leading Hologram Companies in
India are Members of this association.
Full Member of IHMA
( International Hologram Manufacturers Association ) since Jan. 1, 2000.
IHMA is the only worldwide body for Hologram manufacturers and its
membership includes Hologram Companies from all over the world.
CMT REPORT
(Corruption, Money Laundering and 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.49.12 |
|
UK Pound |
1 |
Rs.72.59 |
|
Euro |
1 |
Rs.63.52 |
SCORE and RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
2 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--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 |
|
|
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
27 |
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 and 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 and 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 |
|