MIRA
INFORM REPORT
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Report Date : |
09.06.2008 |
IDENTIFICATION
DETAILS
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Name : |
SILVERLINE LIGHTING AND EXIM [INDIA] PRIVATE LIMITED |
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Formerly Known As : |
SILVERLINE SYSTEMS PRIVATE LIMITED |
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Registered Office : |
Plot 266-A Road, 10 Jubilee Hills, Hyderabad – 500033, Andhra Pradesh |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
11.07.1985 |
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Com. Reg. No.: |
01-5644 |
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CIN No.: [Company
Identification No.] |
U29219AP1985PTC005644 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
HYDS05043D |
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PAN No.: [Permanent
Account No.] |
AAFCS6352K |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of light fixtures for underwater and landscape lighting |
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 12000 |
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Status : |
Small Company |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a relatively small company meeting its smaller commitments
usually on time. Trade relations are fair. Scale of activity is limited. The company can be considered good for small to mediocre business
dealings. |
INFORMATION PARTED
BY
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Name : |
Miss Swetha |
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Designation : |
Director [Marketing] |
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Date : |
05.06.2008 |
LOCATIONS
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Registered Office : |
Plot 266-A Road, 10 Jubilee Hills, Hyderabad – 500033, Andhra Pradesh,
India |
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Tel. No.: |
91-40-23608682 / 23608700 |
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Fax No.: |
91-40-23608682 / 23608700 |
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E-Mail : |
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Website : |
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Area : |
500 sq. ft. [Owned] |
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Factory : |
Jeedimetla, Hyderabad, Andhra Pradesh |
DIRECTORS
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Name : |
Mr. Goutham Koka |
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Designation : |
Director |
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Address : |
Plot 266-A Road, 10 Jubilee Hills, Hyderabad – 500033, Andhra Pradesh,
India |
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Date of Birth/Age : |
22.04.1954 |
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Qualification : |
BE. MIE. |
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Date of Appointment : |
11.07.1985 |
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Name : |
Mrs. K. Manjula |
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Designation : |
Director |
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Date of Birth/Age : |
50 Years |
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Qualification : |
B A |
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Date of Appointment : |
27.01.1992 |
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Name : |
Miss Swetha Koka |
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Designation : |
Director |
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Address : |
Plot 266-A Road, 10 Jubilee Hills, Hyderabad – 500033, Andhra Pradesh,
India |
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Date of Birth/Age : |
27 Years |
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Qualification : |
BE MBA |
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Date of Appointment : |
02.09.2005 |
KEY EXECUTIVES
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Name : |
N V S S Suryanarayana Rao |
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Designation : |
Company Secretary |
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Address : |
No. 10, Door No. 3-6-20, Thirumala Apartments, Skyline Theatre Lane,
Himayatnagar, Hyderabad – 500029 |
SHAREHOLDING
PATTERN
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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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of light fixtures for underwater and landscape lighting |
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Imports : |
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Countries : |
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Terms : |
Advance TYT / On delivery 100
% advance |
GENERAL
INFORMATION
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Customers : |
Clubs Chiran Fort Club, Hyderabad The Country Club, Hyderabad Ranchi Club, Ranchi Hotels Taj Group of Hotels Taj Chandigarh, Chandigarh Taj Malabar, Cochin School Indian School of Business, Hyderabad St. Peter’s School, Hyderabad Hi Tech Model School, Hyderabad Exports City Club Hotel, Nepal Builders Emaar Builders Jade Gardens, Raheja Group, Bangalore Prestige Estates & Properties, Bangalore India Builders, Bangalore Architects Kishore Pradhan, Mumbai Aniket Bhagat, Ahmedabad Arun Kumar & Associates, Mumbai Industries Infosys Technologies Limited –
Hyderabad, Bangalore, Chennai, Mysore, Pune, Bhuvaneshwar Wipro Technologies - Chennai,
Bangalore, Pune Dr. Reddy's Research Foundation, Hyderabad Residences Chandrababu Naidu, Ex-CM of
A.P. Vijay Mallya, UB Group G.V.Krishna Reddy, Taj GVK Hotels Major Projects Diamond District, Bangalore Acropolis, Bangalore Adarsh Residency, Bangalore Farm Houses Sanghi Industries, Sanghinagar,
AP Gold Coin Farms, Bangalore GVK Farm House, Gandipet
Consultants Integrated Digital Solutions Private Limited, Delhi Gilton Electricals, Chandigarh Watco India, Kolkatta Light & Sound Shows Taramati Baradari, Hyderabad Chandragiri Fort, Tirupati Gwalior Fort, Gwalior Other Projects D Kishore, Jayabheri Group, Hyderabad Ashok Vir, Hyderabad Suket Gujral, Hyderabad Convention Centre & Hotels Marriott, Hyderabad Hyderabad International Convention Centre |
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No. of Employees : |
20 |
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Bankers : |
HDFC Bank |
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Facilities : |
L/C, Loan |
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Banking Relations
: |
Satisfactory |
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Auditors : |
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Name : |
P. Murali and Company Chartered Accountants |
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Address : |
6-3-655/2/3. Somajiguda, Hyderabad – 500082, Andhra Pradesh,
India |
CAPITAL STRUCTURE
AS ON 30.09.2007
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
20000 |
Equity Shares |
Rs. 100/- each |
Rs. 2.000 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
|
19533 |
Equity Shares |
Rs. 100/- each |
Rs. 1.953
Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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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 |
1.953 |
0.992 |
0.614 |
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2] Share Application Money |
0.000 |
0.000 |
0.350 |
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3] Reserves & Surplus |
0.373 |
0.215 |
0.169 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
2.326 |
1.207 |
1.133 |
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LOAN FUNDS |
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1] Secured Loans |
0.000 |
0.000 |
0.000 |
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2] Unsecured Loans |
0.036 |
0.910 |
0.385 |
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TOTAL BORROWING |
0.036 |
0.910 |
0.385 |
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DEFERRED TAX LIABILITIES |
0.147 |
0.149 |
0.145 |
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TOTAL |
2.509 |
2.266 |
1.663 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
1.176 |
1.274 |
0.549 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
2.221
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0.944 |
0.657 |
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Sundry Debtors |
2.018
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1.060 |
1.098 |
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Cash & Bank Balances |
0.418
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0.871 |
0.107 |
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Other Current Assets |
0.000
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0.000 |
0.000 |
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Loans & Advances |
0.534
|
0.371 |
0.291 |
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Total
Current Assets |
5.191
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3.246 |
2.153 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
3.860
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2.256 |
1.042 |
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Provisions |
0.000
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0.000 |
0.000 |
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Total
Current Liabilities |
3.860
|
2.256 |
1.042 |
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Net Current Assets |
1.331
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0.990 |
1.111 |
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MISCELLANEOUS EXPENSES |
0.002 |
0.002 |
0.003 |
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TOTAL |
2.509 |
2.266 |
1.663 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
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Sales Turnover |
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21.097 |
4.936 |
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Other Income |
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0.363 |
0.034 |
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Total Income |
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21.460 |
4.970 |
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Profit/(Loss) Before Tax |
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0.328 |
0.101 |
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Provision for Taxation |
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0.170 |
0.055 |
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Profit/(Loss) After Tax |
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0.158 |
0.046 |
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Expenditures : |
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Financial Charges |
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0.047 |
0.042 |
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Depreciation |
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0.181 |
0.168 |
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Change in Stock |
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[1.277] |
[0.287] |
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Other Expenditure |
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22.181 |
4.946 |
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Total Expenditure |
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21.132 |
4.869 |
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KEY RATIOS
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
0.74
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0.93 |
NA |
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Net Profit Margin (PBT/Sales) |
(%) |
1.55
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2.05 |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
5.15
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2.24 |
NA |
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Return on Investment (ROI) (PBT/Networth) |
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0.14
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0.08 |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
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1.67
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2.62 |
1.26 |
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Current Ratio (Current Asset/Current Liability) |
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1.34
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1.44 |
2.07 |
LOCAL AGENCY
FURTHER INFORMATION
Trade Reference
- ITC Group,
Gurgaon
- Taj Group
- Integrated
Digital Services Private Limited
Bankers Charges
Report as per Registry
|
This form is for |
Creation of
charge |
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Corporate
identity number of the company |
U29219AP1985PTC005644 |
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Name of the
company |
SILVERLINE LIGHTING AND EXIM [INDIA] PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
Plot 266-A Road, 10 Jubilee Hills, Hyderabad – 500033, Andhra Pradesh,
India |
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Type of charge |
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Particular of
charge holder |
Centurion Bank of
Punjab Limited 6-3-698/A, Pavani
Plaza, Panjagutta, Hyderabad – 500082, Andhra Pradesh, India |
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Nature of
description of the instrument creating or modifying the charge |
Agreement of hypothecation
goods, vehicles, plant and machinery, stocks and book debts Memorandum of
deposit of creation of mortgage [creation of equitable mortgage] |
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Date of
instrument Creating the charge |
11.03.2008 |
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Amount secured by
the charge |
Rs. 6.500 Millions
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest CC – 13.5 % TI – 13.5 % Terms of
Repayment Terms of
Repayment – 48 months [4 Years] Margin Stocks – 25 % Book debts 30 % Term loan – 28 % Extent and
Operation of the charge Hypothecation of
goods, vehicles, plant and machinery, stocks and book debts and memorandum of
deposit of title deeds of the company property situated at Plot No. 3,
Admeasuring 6113 sq. yards in Phase V, IDA, Jeedimetla, Hyderabad |
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Short particulars
of the property charged |
Hypothecation of
Goods, Vehicles, Plant and Machinery, Stock and Book debts and memorandum of
deposit of title deeds of the company property situated at Plot No. 3, Adm.
6113 sq. yards in Phase V, IDA, Jeedimetla, Hyderabad |
As Per Website
“OLYMPIA LIGHTING” (A unit of Silverline Systems Private Limited, formed in 1991) - one of the leading manufacturers of light fixtures for underwater and landscape lighting
At Olympia subject offer a diverse selection of products specially designed to satisfy the exterior lighting requirements. Many variations in light sources, mounting conditions or other requests may be achieved thru custom modifications of the standard product.
Economical in terms of power consumption, safe & compact, Olympia Lighting equipments are infact easy to handle and maintain.
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.42.79 |
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UK Pound |
1 |
Rs.83.77 |
|
Euro |
1 |
Rs.66.71 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
5 |
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PAID-UP CAPITAL |
1~10 |
4 |
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OPERATING SCALE |
1~10 |
3 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
5 |
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--PROFITABILIRY |
1~10 |
2 |
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--LIQUIDITY |
1~10 |
4 |
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--LEVERAGE |
1~10 |
4 |
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--RESERVES |
1~10 |
3 |
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--CREDIT LINES |
1~10 |
3 |
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--MARGINS |
-5~5 |
- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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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 |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
|
33 |
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 |
|