MIRA
INFORM REPORT
|
Report No. : |
345858 |
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Report Date : |
21.10.2015 |
IDENTIFICATION DETAILS
|
Name : |
SHRIRAM DISTRIBUTION SERVICES PRIVATE LIMITED (w.e.f. 01.09.2009) |
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Formerly Known
As : |
MOONSTONE CONSULTANCY PRIVATE LIMITED |
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Registered
Office : |
6th Floor, Mookambika Complex, No.4, Lady Desika Road, Mylapore,
Chennai-600004, Tamilnadu |
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Tel. No.: |
91-44-42895800 |
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Country : |
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Financials (as
on) : |
31.03.2014 |
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Date of Incorporation
: |
01.04.2009 |
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Com. Reg. No.: |
18-071206 |
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Capital
Investment / Paid-up Capital : |
Rs. 34.100 Million |
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CIN No.: [Company Identification
No.] |
U74999TN2009PTC071206 |
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IEC No.: |
0409039454 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
CHES33210C |
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PAN No.: [Permanent Account No.] |
AAGCM0255Q |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Distributor of Chilled, Frozen Products and all Related Activities. |
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No. of Employees
: |
Not Divulged |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (44) |
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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 906300 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a subsidiary of Shriram Venture Limited, incorporated in
the year 2009. It is the distributor of food services which operates
comprising restaurants, fast food chains, hotels and industrial caterers. The company has registered healthy operational performance marked by
top line growth of 18.3% in the FY-14. The company has decent financial base marked by adequate net worth
position along with favorable gap between trade payables and receivables. Further rating takes into consideration company’s captured and
enviable position in food services distribution due to sustained customer
relationship. Some of its major customers are: Pizza Hut, Sodexo, KFC and
TACO BELL. Trade relations are fair. Business is active. Payments are usually
correct. The company can be considered for business dealings at usual trade
terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
India |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
EXTERNAL AGENCY RATING
NOT AVAILABLE
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2015.
INFORMATION DECLINED BY
|
Name : |
Mr. Suresh |
|
Designation : |
Finance Head |
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Contact No.: |
91-44-42895803 |
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Date : |
20.10.2015 |
LOCATIONS
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Registered/ Corporate Office : |
6th Floor, Mookambika Complex, No.4, Lady Desika Road, Mylapore,
Chennai-600004, Tamilnadu, India |
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Tel. No.: |
91-44-42895800 |
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Fax No.: |
91-44-24993272 |
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E-Mail : |
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Website : |
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Distribution Centres : |
Located at: · Chennai Bangalore Ahmedabad Kochi Hyderabad Pune Thane Delhi West Bengal |
DIRECTORS
AS ON 29.09.2014
|
Name : |
Mr. Rathnakumar Gunasekar |
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Designation : |
Whole-time director |
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Address : |
H8/1 Arundale Beach Road, Kalakshetra Colony, Besant Nagar,
Chennai-600090, Tamil Nadu, India |
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Date of Birth/Age : |
06.07.1965 |
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Date of Appointment : |
01.04.2015 |
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PAN No.: |
ACSPR0420K |
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DIN No.: |
02823259 |
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Other Directorship :
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Name : |
Mr. Chandrasekaran Nagarajan |
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Designation : |
Director |
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Address : |
Flat 18 Rajeswari Apartment, New No.58 Old No.25 And 26 Waren Road,
Mylapore, Chennai-600004, Tamil Nadu, India |
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Date of Birth/Age : |
25.05.1960 |
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Date of Appointment : |
01.03.2015 |
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DIN No.: |
01774322 |
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Other Directorship :
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Name : |
Mr. Prasath |
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Designation : |
Director |
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Address : |
51/12, Cee Dee Yes Race View Appartments, Fivefurlong Road, Guindy,
Chennai-600032, Tamil Nadu, India |
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Date of Birth/Age : |
12.04.1966 |
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Date of Appointment : |
28.09.2012 |
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DIN No.: |
02833498 |
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Other Directorship :
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KEY EXECUTIVES
|
Name : |
Mr. Suresh |
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Designation : |
Finance Head |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 29.09.2014
|
Names of Shareholders |
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No. of Shares |
|
Shriram Business Solutions Limited, India |
|
3409995 |
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N. Mani (BH-Shriram Ventures Limited) |
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5 |
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Total |
|
3410000 |
AS ON 29.09.2014
|
Equity Share Breakup |
Percentage of Holding |
|
Category |
|
|
Bodies
corporate |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Distributor of Chilled, Frozen Products and all Related Activities. |
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Brand Names : |
-- |
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Agencies Held : |
-- |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
Not Divulged |
PRODUCTION STATUS: NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
· Bangs Dynamix Pizza Hut Sodexo Taco Bell |
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No. of Employees : |
Not Divulged |
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Bankers : |
·
Yes Bank Limited 9TH Floor, Nehru Centre,
Discovery of India, DR. Annie Besant Road, Worli, Mumbai - 400018,
Maharashtra, India |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Sundar
Srini and Sridhar Chartered Accountants |
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Address : |
1st floor, New No.9,
Rajamannar Street, T. Nagar, Chennai -600017, Tamilnadu, India |
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Income-tax
PAN of auditor or auditor's firm : |
AACFS4576K |
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Memberships : |
-- |
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Collaborators : |
-- |
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Holding Company : |
Shriram
Venture Limited, India (U74900TN1995PLC032506) |
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Fellow Subsidiary Company : |
Shriram
Value Services Limited, India (U63090TN1995PLC033513) |
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Subsidiary Company : |
Airplaza
Retail Holdings Private Limited, India (U52399TN2008PTC066278) |
CAPITAL STRUCTURE
AS ON 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
8,500,000 |
Equity Shares |
Rs. 10/- each |
Rs. 85.000 Million |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
3,410,000 |
Equity Shares |
Rs. 10/- each |
Rs. 34.100
Million |
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FINANCIAL DATA
[all figures are in
Rupees Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
I.
EQUITY AND LIABILITIES |
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|
(1)Shareholders' Funds |
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|
|
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(a) Share Capital |
34.100 |
34.100 |
34.100 |
|
(b) Reserves & Surplus |
283.137 |
276.472 |
267.327 |
|
(c) Money received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
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(2) Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
317.237 |
310.572 |
301.427 |
|
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|
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(3) Non-Current
Liabilities |
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|
(a) Long-term borrowings |
310.000 |
310.000 |
250.000 |
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(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long
term liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term
provisions |
2.923 |
2.975 |
2.362 |
|
Total Non-current
Liabilities (3) |
312.923 |
312.975 |
252.362 |
|
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(4) Current Liabilities |
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|
|
|
(a)
Short term borrowings |
169.194 |
80.695 |
110.832 |
|
(b)
Trade payables |
159.195 |
258.494 |
171.169 |
|
(c)
Other current liabilities |
48.953 |
7.698 |
9.159 |
|
(d) Short-term
provisions |
5.301 |
6.891 |
5.810 |
|
Total Current
Liabilities (4) |
382.643 |
353.778 |
296.970 |
|
|
|
|
|
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TOTAL |
1012.803 |
977.325 |
850.759 |
|
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II.
ASSETS |
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|
|
|
(1) Non-current assets |
|
|
|
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(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
10.006 |
8.105 |
6.136 |
|
(ii)
Intangible Assets |
1.463 |
1.798 |
1.117 |
|
(iii)
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
500.100 |
500.100 |
500.100 |
|
(c) Deferred tax assets (net) |
0.599 |
0.371 |
0.457 |
|
(d) Long-term Loan and Advances |
11.326 |
11.126 |
6.128 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
523.494 |
521.500 |
513.938 |
|
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(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
91.893 |
222.297 |
165.771 |
|
(c)
Trade receivables |
342.385 |
210.590 |
158.363 |
|
(d) Cash
and cash equivalents |
0.383 |
2.087 |
0.341 |
|
(e)
Short-term loans and advances |
54.648 |
16.239 |
12.346 |
|
(f)
Other current assets |
0.000 |
4.612 |
0.000 |
|
Total
Current Assets |
489.309 |
455.825 |
336.821 |
|
|
|
|
|
|
TOTAL |
1012.803 |
977.325 |
850.759 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Turnover |
2954.143 |
2495.635 |
1849.948 |
|
|
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Other Income |
NA |
NA |
NA |
|
|
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TOTAL |
NA |
NA |
NA |
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|
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|
|
|
Less |
EXPENSES |
|
|
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|
|
|
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TOTAL |
NA |
NA |
NA |
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PROFIT BEFORE
TAX |
10.057 |
13.997 |
8.959 |
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|
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Less |
TAX |
3.392 |
4.852 |
2.756 |
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|
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|
PROFIT AFTER TAX
|
6.665 |
9.145 |
6.203 |
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EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
3.716 |
4.982 |
8.508 |
|
|
TOTAL EARNINGS |
3.716 |
4.982 |
8.508 |
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|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
1.95 |
2.68 |
1.82 |
|
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Current Maturities of Long term debt |
NA |
NA |
NA |
|
|
|
|
|
|
Cash Generated from Operations |
NA |
NA |
NA |
|
|
|
|
|
|
Net Cash Flow from (used in) Operations |
(64.141) |
(9.861) |
(39.013) |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT / Sales) |
(%) |
0.23 |
0.37 |
0.34 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
1.96 |
2.94 |
2.56 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.03 |
0.05 |
0.03 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
1.51 |
1.26 |
1.20 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.28 |
1.29 |
1.13 |
Total Liability = Short-term Debt + Long-term Debt + Current Maturities
of Long-term debts
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Share Capital |
34.100 |
34.100 |
34.100 |
|
Reserves & Surplus |
267.327 |
276.472 |
283.137 |
|
Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
301.427 |
310.572 |
317.237 |
|
|
|
|
|
|
Long-term borrowings |
250.000 |
310.000 |
310.000 |
|
Short term borrowings |
110.832 |
80.695 |
169.194 |
|
Total
borrowings |
360.832 |
390.695 |
479.194 |
|
Debt/Equity
ratio |
1.197 |
1.258 |
1.511 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Turnover |
1849.948 |
2495.635 |
2954.143 |
|
|
|
34.903 |
18.372 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Turnover |
1849.948 |
2495.635 |
2954.143 |
|
Profit |
6.203 |
9.145 |
6.665 |
|
|
0.34% |
0.37% |
0.23% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
No |
|
5 |
Buyer visit details |
-- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
Yes |
|
8 |
Designation of contact person |
Yes |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners / Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
Yes |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
No |
|
16 |
No. of employees |
No |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
Yes |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
Yes |
|
22 |
Conduct of the banking account |
-- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
Yes |
|
26 |
Turnover of firm for last three years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
No |
|
32 |
Litigations that the firm/promoter
involved in |
-- |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
10400232 |
19/12/2012 |
165,000,000.00 |
ICICI BANK LIMITED |
LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA- 390015, GUJARAT, INDIA |
B66984790 |
UNSECURED LOANS
|
PARTICULARS |
31.03.2014 (Rs.
In Million) |
31.03.2013 (Rs.
In Million) |
|
LONG-TERM BORROWINGS |
|
|
|
Fully convertible debentures intercorporate |
310.000 |
250.000 |
|
Other loans and advances |
0.000 |
60.000 |
|
|
|
|
|
Total |
310.000 |
310.000 |
OPERATIONS
The turnover of the Company
increased from 2495.600 Million to 2954.100 Million in the current year
registering a 15% growth over the previous year. Due to pressure on pricing profit
before tax came down to INR 10.057 Million against 13.997 Million in the
previous year. The Company is looking to consolidate its operations in the
current year and is looking to divest itself of unprofitable businesses. In
view of the desire to conserve resources, no dividend is being declared.
The Company has not
accepted any deposits from public during the year under consideration. The
Company has no activity relating to conservation of energy or technology
absorption.
COMPANY OVERVIEW
Shriram Distribution
Services Private Limited (referred to as?SDS? or the ?Company?) is a business
process management company leveraging its domain knowledge in the field of
supply chain in the food service industry. The Company has two business models
namely Distribution and CFA formats for food service operators and manages
inventory and distribution for food service industry.
The Company captures an
enviable position in food service distribution due to sustained customer
relationship and delivery efficiency. SDS deals with ambient, chilled, frozen
products through dedicated / leased warehouses and vehicles.
CHANGE OF ADDRESS:
The Registered Office of the company has been shifted from T 11, K.G.
Plaza, 3rd Floor, 41-44, General Patters Road, Chennai-600002, Tamilnadu,
India to the present address w.e.f 17.08.2009
FIXED ASSETS:
Tangible Assets
·
Furniture and Fixtures
Office
Equipment
Computer
Equipments
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 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 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. 64.89 |
|
|
1 |
Rs. 100.39 |
|
Euro |
1 |
Rs. 73.72 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Analysis Done by
: |
TRI |
|
|
|
|
Report Prepared
by : |
IND |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--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 |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
44 |
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 |
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 |
|
-- |
NB |
New Business |
-- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or
its officials.